EAGLE EAST DISCOVERY SHOWS PROMISE / 3 LUNDIN MINING: Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

IN FOCUS TECHNOLOGY METALS Vanadium, graphite, lithium, REEs and more / 7–9 VTEM™ | ZTEM™ | Gravity | Magnetics

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JULY 18–24, 2016 / VOL. 102 ISSUE 23 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM Centerra Sparton banks on vanadium unveils TECHNOLOGY METALS | Junior commissions 8 MW hour vanadium battery for Chinese utility US$1.1B BY TRISH SAYWELL [email protected] bid for

ver the course of his 54 years Thompson in the business, Canadian geologist and engineer Lee OBarker has had many rewarding Creek moments. In the early 1970s he recognized M&A | A gold mine in and staked the Montviel carbonate- Canada would lower hosted rare earth deposit in Quebec and in the 1980s found several firm's geopolitical risk gold discoveries in Ontario and Newfoundland, including the Fenn- BY MATTHEW KEEVIL Gibb deposit near Matheson, Ont., [email protected] with colleague Denis Villeneuve, VANCOUVER the Pine Cove deposit at Baie Verte in Newfoundland with Peter Dim- enterra Gold (TSX: CG; US- mell, and the Elmtree deposit in OTC: CAGDF) has been shop- the Bathurst area with Don Hoy ping for gold assets in Canada, and George Murphy. Cand on July 5 the company found a fit Diamond exploration took up in debt-heavy Thompson Creek Met- most of his time in the 1990s. Barker als (TSX: TCM; US-OTC: TCPTF) conducted the initial diamond and its Mount Milligan copper-gold exploration work at Diavik in the mine, 145 km northwest of Prince Northwest Territories for Aber George in central British Columbia. Resources and West Viking Explo- The project team in front of the 8 MW hour vanadium flow battery at the Zhangbei renewable energy project in February, 180 The total transaction value is ration, generating the geophysical km north of Beijing, from left: chief technical officer Huang Mianyan, project coordinator Lee Barker and commercial manager pegged at US$1.1 billion, but very Charles Ge. SPARTON RESOURCES database that led to the discoveries little of it will end up in the hands of all of the kimberlite pipes found of Thompson Creek shareholders. on the Diavik property to date. (His more than 500,000 oz. gold at the “DEMAND FOR VANADIUM IS GOING TO In fact, Centerra’s big expense will original work was so successful that Luxi gold mine in southwestern be outstanding bond obligations he was the first person introduced China’s Yunnan province), then GO UP BECAUSE THESE BATTERIES ... ARE See CENTERRA / 3 and recognized by Robert Gann- to secondary uranium production A COMMERCIAL SOLUTION TO LARGE- icott during his official presentation (through which Sparton’s man- at the Diavik's opening ceremony agement team made contacts and SCALE ENERGY STORAGE.” PM40069240 in 2003.) relationships with China’s National LEE BARKER Barker left Aber Resources in Nuclear Agency), and more recently PRESIDENT AND CEO, SPARTON RESOURCES 1993 to join SouthernEra and be- to vanadium, a key industrial alloy came involved in that company’s and technology metal. kimberlite discoveries in South Over the last five years, Sparton’s projects, which Sparton says could Earlier this year, VanSpar com- Africa, Angola and the Northwest 90.4%-owned subsidiary, VanSpar, be developed as low-cost, open-pit missioned an 8-megawatt-hour Territories, before leaving in 2000 has negotiated acquisition agree- vanadium mines. vanadium flow battery used by to operate as an independent con- ments on primary vanadium de- The high-grade vanadium de- the North China State Grid Co. sultant on several diamond projects posits in China’s Jiangxi province posits are just half the equation, at the Chinese utility’s Zhangbei in Angola and elsewhere. that are hosted in black shale rocks, however. The endgame for Spar- project, 180 km north of Beijing. But his focus on gold and dia- where grades average 0.9% vana- ton, Barker says, is to become a Zhangbei is the world’s largest mond discoveries in North Amer- dium pentoxide (V2O5). vertically integrated producer of renewable energy project, Barker ica and Africa shifted continents Sparton has yet to pull the trigger vanadium redox batteries, also says, and integrates wind and solar when he joined Sparton Resources on the asset purchase agreements it known as vanadium flow batteries. power, energy storage and smart (TSXV: SRI) as president and CEO has signed with the owners of the The vanadium batteries are alterna- grid transmission technologies. and initiated the junior’s explo- deposits, but is hosting site visits tives to lithium-ion batteries and Zhangbei has been designed as ration programs in China, first for several investor groups that are used in the longer-term, grid-scale See SPARTON / 2 in gold, (the company drilled off interested in taking stakes in the storage of solar and wind energy.

NOUVEAU MONDE: ADVANCES QUEBEC GRAPHITE PROJECT / 16

1 2 3 4 5 7 8 9 14 16_July18_Main.indd 1 2016-07-12 7:59 PM 2 JULY 18–24, 2016 / THE NORTHERN MINER WWW.NORTHERNMINER.COM

Vanadium pentoxide (98.5% pure) at the Rentian processing plant in China’s Jiangxi province. SPARTON RESOURCES A driller working on the Quankeng vanadium property in Jiangxi province. SPARTON RESOURCES Sparton banks on Vanadium

SPARTON From 1 that flows between tanks through a based out of Europe, another out limited, the technology possesses a slag is also used to recover vana- stack of fuel cells in which an elec- of the U.S. and two are from Asia. key advantage in its longevity that dium.) By contrast, the Quankeng an energy infrastructure project in trochemical reaction takes place and “Some of them are project venture could drive a much lower cost, based and Dong Du deposits are hosted China’s efforts to provide cleaner electricity is released. capital companies, some are private on levelized cost of storage (LCOS), in “black shales” and are actually and greener energy in time for the The electrolyte does not degrade equity firms and some are high net- over the entire lifetime.” cleaner and purer, and the vanadium 2022 Winter Olympics, which has over time and the system can be worth individuals involved in the In fact, Barker says, vanadium flow grade higher in most cases than the several competition sites near the charged and discharged simulta- energy industry. They are doing batteries “are much cheaper than overall content in the rock units massive renewable energy produc- neously, Barker says. In addition, their due diligence now.” lithium units on an LCOS basis.” hosting the magnetite-related types, tion and storage facility. it will have no problem serving the Barker is confident that the emerg- The advantage of flow batteries Barker says. Vanadium production “There has been significant social Winter Olympics in China, as it can ing vanadium flow battery business relative to Li-ion, Goldman’s report from these deposits is simpler and unrest generated by the poor air operate in temperatures from plus will accelerate demand for good continues, “is that their lifetime is uses far less energy than from the quality in urban China centres, so 55ºC to -40ºC. “You’ll never see a sources of vanadium. governed by years, not cycles,” which magnetite-hosted ones, he says. the Chinese government is really vanadium flow battery under the “Demand for vanadium is going “allows for unique flexibility when These black shales are old marine going out of its way to mitigate the hood of a Tesla or a Chevy Volt, but to go up generally because these bat- planning for load variability.” sediments that are also rich in car- problem and moving to cleaner, non you will see them in renewable en- teries are becoming more and more “While other technologies may bon, he adds, noting that the free fossil fuel-based sources of energy,” ergy installations around the world,” popular and really are a commercial need to be operated within a narrow carbon content is up to 15–20%, Barker says. “The general feeling that Barker says. “Lithium ion is fine for solution to large-scale energy stor- range of parameters, certain flow and the rocks burn. This makes China has a bad record on pollution small and mobile applications in age,” he says, estimating that up to batteries can be cycled several times them favoured in cement produc- is certainly justified, but currently things like consumer electronics and 20% of all the vanadium produced a day and at temperatures slightly tion, because when they are fed into they’re probably doing more to rectify electric vehicles. But vanadium flow as early as 2025 is going to be used above other technologies.” cement kilns the burnable carbon the situation and spending far more is undoubtedly a better way to go for in making vanadium flow batter- The Goldman study adds that the generates free energy and less oil money on renewable and clean en- large-scale electrical storage needs, ies, up from 3%. There are only 10 energy capacity of a flow battery or gas is needed to heat the kilns. ergy than most other industrialized especially in large solar and wind significant manufacturers of these depends on the size of electrolyte These rock units are referred to as countries worldwide.” energy installations like Zhangbei, batteries worldwide: three in the tanks, and could be “scaled quite “stone coal” in China. In May, the client of VanSpar’s Their use for cement rock is wide- subsidiary in China, Jiujiang Sparton spread, Barker explains, and the Vanadium Trade and Tech Co. (JJSP), “THE GENERAL FEELING THAT CHINA HAS A BAD RECORD ON waste from vanadium production received $3.2 million from North POLLUTION IS CERTAINLY JUSTIFIED, BUT CURRENTLY THEY’RE from this material can be sold to China Grid Co. for commissioning PROBABLY DOING MORE TO RECTIFY THE SITUATION AND local cement manufacturers for more the large vanadium redox battery revenue, while eliminating the need installed at Zhangbei, and Barker SPENDING FAR MORE MONEY ON RENEWABLE AND CLEAN for tailing facilities to store waste. says the Chinese utility is reviewing ENERGY THAN MOST OTHER INDUSTRIALIZED COUNTRIES.” This would save a lot in a vanadium a proposal for a three-year monitor- production operation, Barker says. ing and maintenance program that LEE BARKER Sparton’s test work also shows that would make $900,000 in annual PRESIDENT AND CEO, SPARTON RESOURCES one-third of the carbon could be revenues for Sparton through JJSP. converted into coke as a by-product, “The North China State Grid is the and sold for steelmaking. largest electric utility in the world where you need large storage capacity U.S., three in Europe and four in large if space is not a constraint.” “The Xiushui area deposits are and feeds electricity into Beijing and to allow 24/7 electricity delivery.” Asia, he says. While Sparton makes inroads with unique, and the ones we’ve evaluated Tianjin — serving about 60 million Barker says Sparton has the ex- In addition to having a longer the State Grid in northern China on are 25% higher grade in vanadium people,” Barker says. “Zhangbei is clusive right, without a deadline, life cycle, vanadium flow batteries its vanadium redox battery com- than the average grade for these types in a big, open valley — an excellent to acquire the private company that are not susceptible to overheating missioning support program, the of stone coal vanadium deposits place for solar and wind because produced the 8 MW hour vana- and catching fire, like their lithium company has also been mandated elsewhere in China,” Barker says. the wind channels down the valley. dium flow battery used at Zhangbei. counterparts, Barker says, and can be by the local government in Jiangxi “There are a number of these types They’ve developed the world’s larg- (Sparton paid for commissioning fully recycled, whereas lithium-ion province’s Xiushui county, as the of deposits in other parts of China, est renewable energy demonstration the battery, not its make.) batteries cannot. exclusive consolidator of vanadium but the average grade is 0.7% V2O5, site. It’s 200 square kilometres. They “We’re talking to several investor In an October 2015 report entitled projects in the area. whereas those in Xiushui average have spent US$2 billion on phase one groups — a couple of them are in- “The Great Battery Race,” Goldman The company has preliminary 0.9%. They can therefore be more and are working on second and third terested in only the battery business Sachs describes flow batteries as agreements in place to buy several profitable to develop. We also know phases now. They are evaluating a and a couple of others are interested “the elephant in the room for Li-ion vanadium deposits with grades from battery-makers that vanadium number of different large batteries in the vanadium mining project to evangelicals,” and says the advantage averaging 0.8% to 2.0% V2O5. The products from them are the preferred for energy storage.” source vanadium, and there’s one of flow batteries is “a high number two deposits the company is most source for making electrolyte due to Vanadium flow batteries store en- that is interested in both,” Barker of cycle lives, implying greater use interested in are called Quankeng their low impurity content.” ergy in a liquid vanadium electrolyte says, adding that two groups are and longer lifetimes.” and Dong Du, where drill results As clean energy use grows, the “Vanadium redox batteries are have been positive. Dongdu has a demand for various energy storage known for their stability — they National Instrument 43-101 com- batteries will increase, Barker says, can be charged and discharged up pliant potential target resource of and Sparton aims to position itself to 100,000 times with negligible 326,552 tonnes of contained V2O5 in these fields of advanced battery degradation — and are also differ- (36.5 million tonnes grading 0.895% technology, related metal production entiated by the ability to discharge V2O5 at a 0.5% V2O5 cut-off grade). and energy storage applications. almost instantly,” the Goldman Both the deposits are open along “It’s hugely exciting right now,” report states. strike and down dip. he says. “Klaus Schwab, the founder “Only 79 megawatts have been Barker points out that most va- of the World Economic Forum, said Global Leader installed to date, but flow batteries, nadium produced internationally is in February this year that ‘batteries Your Technical Services Partner in Geochemistry and Metallurgy particularly those based on vana- hosted in magnetite concentrations and energy storage are the core of For more information, scan this QR dium, are seeing increased funding in layered intrusive rocks, such as in the Fourth Industrial Revolution.’ code or visit www.alsglobal.com and research and development focus South Africa’s Bushveld complex, We completely agree and firmly Phone: +1 604-984-0221 at a number of start-ups,” the report and in parts of Russia and China, believe that vanadium-based flow continues. “While capital costs at where it is extracted as a by-product batteries will play a role in these RIGHT SOLUTION S RIGHT PARTNER present are high and deployments of iron ore production. (Steel mill developments.” TNM

1 2 3 4 5 7 8 9 14 16_July18_Main.indd 2 2016-07-12 7:59 PM GLOBAL MINING NEWS THE NORTHERN MINER / JULY 18–24, 2016 3 Lundin Mining discovery to extend Eagle mine life

NICKEL-COPPER EXPLORATION | ‘We continue to be excited about what we’re hitting,’ CEO Conibear says

BY MATTHEW KEEVIL per tonne, 1.7 grams platinum per The current resource is expected to [email protected] tonne and 1.3 grams palladium per extend the mine life by three years. VANCOUVER tonne. The deposit is now defined Based on metal prices of US$8 over 480 metres long, 40 metres to per lb. nickel and US$3 per lb. cop- undin Mining’s (TSX: LUN; 50 metres high, and 20 metres to per, the Eagle East plan features a US-OTC: LUNMF) high-grade 25 metres wide. US$181-million after-tax net present Eagle East nickel-copper dis- Exploration is ongoing to define value at an 8% discount rate, and Lcovery is on track to extend the life any mineralization to the north a 40% internal rate of return. The of its Eagle mine in western Mar- and east, while drilling also found payback period would be one year, quette County of Michigan’s Upper a “deeper-seated target” down-dip while average combined by-product Peninsula. The company has tabled in a vertical gabbro complex in cash costs during the Eagle and a maiden resource and preliminary basements rocks. Eagle East production period are economic assessment (PEA) on the According to Lundin’s PEA, ac- an estimated US$1.83 per lb. nickel. satellite mineralization, which it cess to Eagle East would require a Lundin has already seen enough expects will “significantly increase” spiral ramp to be developed from the to move Eagle East into its next nickel and copper production at the bottom of the mine, while prelimi- development stage, with a feasi- operation by 2020. nary [metallurgical] test work shows bility study expected by year-end Lundin acquired Eagle in a no modifications would be needed and ramp development expected US$325-million deal with Rio to the Humboldt processing plant in July. The company has allocated Tinto (NYSE: RIO) in June 2013. or “current concentrate-marketing another US$12 million to the project The project was in an advanced- arrangements.” for 2016. development state at the time, and The company says that pre-pro- Lundin shares have traded in a carried an eight-year mine life. duction capital at Eagle East would 52-week range of $2.98 to $5.26 per According to Lundin’s 2015 re- be US$95 million, with most ear- share, and closed at $4.71 at press source and reserve statements, Eagle An aerial view of drill rigs at Lundin Mining’s Eagle East project (foreground), and the marked for ramp access, ventilation time. The company has 720 million hosts 4.5 million proven and prob- Eagle nickel-copper mine (background) in Michigan's Upper Peninsula. LUNDIN MINING raises, level development and new shares outstanding for a $3.5-billion able tonnes grading 2.9% nickel and mine equipment. market capitalization. 2.4% copper, and 129,000 contained up with and 35,000 metres of dia- erty: five are infill-drilling on the The PEA assumes that building Scotiabank analyst Orest Wowko- tonnes nickel and 109,000 contained mond drilling in 67 holes to locate Eagle East deposit; one is step-out the access ramp to Eagle East would daw said the PEA is a “modest posi- tonnes copper. and define the deposit. drilling and deep drilling down the begin in the third quarter, which tive for [Lundin] shares,” and added The mine’s production this year “We continue to be excited about feeder pipe to see if it can pick up would lead to production in the that the company offers “excellent could total between 21,000 and what we’re hitting, with high grade more on Eagle East; and the seventh first quarter of 2020. exposure to [copper-zinc-nickel] 24,000 tonnes nickel, and 20,000 at depth a couple kilometres away,” rig is drilling new targets. The high-grade mineralization markets at a relatively low develop- and 23,000 tonnes copper. president and CEO Paul Conibear The inferred resource at Eagle would be blended with the lower- ment and balance-sheet risk profile, After the acquisition, Lundin said during a first-quarter confer- East stands at 1.2 million tonnes at grade material from the main ore- and an attractive valuation.” Scotia- management commented on Eagle ence call. 5.2% nickel, 4.3% copper, 0.5 gram body, which would “significantly” bank has a $5.50-per-share, one-year East's significant potential, followed Lundin has seven rigs on the prop- gold per tonne, 15.8 grams silver boost nickel and copper production. price target on the company. TNM Centerra unveils US$1.1B bid for Thompson Creek

CENTERRA From 1 “The transaction limits our ex- investment.” $7.48 per share at press time. The lieve that the Royal Gold stream and posure to Kyrgyzstan, which is If the bid goes through, Centerra company has 242 million shares the high levels of debt significantly totalling nearly US$900 million. not viewed as a top-tier mining expects its pro-forma annual gold outstanding for a $2-billion market limit the value to Centerra’s equity Under the agreement, Thompson jurisdiction from a capital markets production will jump to between capitalization. holders,” Paul wrote on July 6. Creek shares will be exchanged for perspective, and we believe we’ll 675,000 and 725,000 oz. gold at Thompson Creek shares last trad- “In that regard, we are surprised 0.0988 of a Centerra share, or a 33% be well positioned for a re-rating all-in sustaining costs ranging from ed at 73¢ within a 52-week range of that Centerra paid a premium to premium based on the companies’ moving forward,” Perry said. “Based US$850 to US$925 per oz. gold. 16¢ to 95¢. With 222.8 million shares [Thompson Creek] equity and debt closing prices at the time of signing. on multiples we currently trade at a Perry also sees upside in Thomp- outstanding, the market capitaliza- holders, and was not successful The offer values Thompson Creek discount to our intermediate gold son Creek’s largely defunct mo- tion is $175 million. in renegotiating the [gold] stream at US$140 million, while existing peer group, and the integration of lybdenum business unit, which Canaccord Genuity analyst Rahul further. A more prudent outcome, shareholders would own 8% of the a high-quality Canadian asset will includes the Endako integrated Paul was not impressed by the terms in our opinion, would have been to pro-forma company. serve us well in terms of reducing mine facility in B.C., the Thomp- of Centerra’s offer, and dropped his wait for bankruptcy proceedings or Centerra would finance the ac- and re-balancing our overall geo- son Creek mine in Idaho and the price target from $10 to $7.50 per further restructuring of the debt and quisition with US$460 million cash- political risk profile.” Langeloth metallurgical facility in share after the news. stream, which may have resulted in on-hand, US$300 million in new The other obstacle Centerra is Pennsylvania. Both mines are on “We see meaningful value in the asset being available for a more credit facilities and a US$170-million overcoming is a stream that has care and maintenance, though the [Mount Milligan], however, we be- attractive price.” TNM equity issuance. entitled Royal Gold (TSX: RGL; Langeloth toll-processing business “Being able to acquire an asset NASDAQ: RGLD) to 52.3% of the is expected to “cover expenses.” that has the calibre and top-notch life-of-mine gold production at “We’ve retained the moly unit in geography of Mount Milligan on Mount Milligan, which turned the this deal because it offers important an accretive basis in this market operation into more of a copper asset optionality moving forward,” Perry Appointment Notice environment is definitely a unique for its operator. said. “We see it running as an inter- opportunity,” Centerra president But Royal Gold has agreed to nally funded business, and suffice Mr. Marc Murnaghan, Chief Executive Officer and CEO Scott Perry said during a amend its stream to 35% of total to say there is a lot of upside here and Director of Polaris Infrastructure Inc., conference call. gold production in return for 18.8% if the market turns. We’ll look to is pleased to announce the appointment of “Projects of this quality are rarely of total copper output. bring that to fruition when we hit Thomas Ogryzlo to its Board of Directors. available, and it will allow us to Under the amended stream agree- a better price cycle.” create a leading intermediate gold ment, Centerra’s revenue split at Centerra shares have traded Mr. Ogryzlo is Interim CEO of Baja Mining Corp. and a Corporate Director. He has over fifty producer with robust free cash flows. Mount Milligan is expected to be within a 52-week range of $5.51 to Thomas Ogryzlo Geographically we will be much 70% gold and 30% copper, assuming $8.67 per share, and fell 7%, or 53¢, years of experience with mining, energy and more balanced, and we estimate US$1,351 per oz. gold and US$2.21 after news of the deal, en route to industrial projects, with responsibility for all aspects of that half our net asset value will per lb. copper. The mine should pro- development, financing, engineering, construction and be domiciled in North America,” duce between 240,000 and 270,000 operations. From 2000 to 2010, Mr. Ogryzlo was Vice President he added. oz. gold, and 55 million and 65 – Latin America, of Ram Power, Corp., predecessor company One of Centerra’s goals in acquir- million lb. copper in 2016. to Polaris Infrastructure Inc. As a result of his ten plus years ing a mine in Canada is lowering Royal Gold may have agreed to in a senior leadership role at the San Jacinto project, in its geopolitical risk. The company’s the amendment for fear of losing Nicaragua, Mr. Ogryzlo brings considerable operating current sole producing asset is the the Mount Milligan stream entirely. experience and government relations expertise. Kumtor gold mine in Kyrgyzstan, Thompson Creek had been walking a Mr. Ogryzlo holds a Bachelor of Mechanical Engineering which provides strong cash flow fine line towards bankruptcy, which degree from McGill University in Montreal and speaks Spanish, but also generates severe political could have allowed any potential Portuguese and French. Mr. Ogryzlo has served as a Director headaches. post-bankruptcy acquirer to avoid of more than 20 public companies including: Franco Nevada In early June, the Kyrgyzstan the original streaming agreement. Mining Corp., Vista Gold, Aura Minerals, Birim Goldfields, government launched a criminal “We’ve essentially agreed with Tiomin Resources and Atlas Corp. probe against the company, and Royal Gold to lower the gold stream barred several of its employees from at Mount Milligan in exchange Polaris Infrastructure is a Toronto-based company engaged in leaving the country. for a copper stream,” Perry said. the operation, acquisition and development of renewable energy The government eventually “The renegotiation means we’re projects in Latin America. Currently, the Company operates a 72MW granted Centerra two permits to taking ownership of the mine as geothermal project located in Nicaragua. Polaris Infrastructure keep Kumtor running throughout a heavily gold-weighted asset. The shares are listed on the TSX and trade under the symbol PIF. the second half, but the company’s amendment is basically neutral to stock continued to reflect extra net asset value, so neither party will www.polarisinfrastructure.com political risk. receive an impairment against their

1 2 3 4 5 7 8 9 14 16_July18_Main.indd 3 2016-07-12 7:59 PM 4 JULY 18–24, 2016 / THE NORTHERN MINER WWW.NORTHERNMINER.COM EDITORIAL GLOBAL MINING NEWS · SINCE 1915 www.northernminer.com Young Mining Professionals’ new Toronto branch grows GROUP PUBLISHER/ PUBLISHER: NETWORKING | Rub elbows at Hy's with Munk, Anthony Vaccaro, CFA, MBA [email protected] Lassonde, McEwen and Kaplan Cheryl and Rob McEwen (centre) at the announcement ceremony at Laurentian University in Sudbury. LAURENTIAN UNIVERSITY EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) [email protected] nyone who spends time in both of Canada’s biggest mining EDITOR, SPECIAL PROJECTS: centres will quickly pick up on McEwens gift $10M Alisha Hiyate, BA (POLI SCI, HIST) [email protected] Athe differences in culture between the two mining communities. Vancouver is SENIOR STAFF WRITER: to Laurentian Trish Saywell, BA, MA, MSC (JOUR) generally younger, more outdoorsy and [email protected] entrepreneurial, while Toronto is broadly GIVING BACK | Mining magnate and his wife WESTERN EDITOR: BY JOHN CUMMING older, urban and more corporate. In provide funds to support architecture school Matthew Keevil, BA (ECON AND POLI SCI) [email protected] Vancouver, mining types will brag about [email protected] what they did after work and socialize hilanthropists Rob and Cher- mining magnate Rob McEwen STAFF WRITERS: regularly in the Howe Street district, while in Toronto they’ll yl McEwen have invested said. “This School’s focus on green Lesley Stokes, BSC (GEOL) [email protected] brag about how many hours they’ve worked, and dutifully head $10 million in Laurentian and sustainable design, rooted in straight home after leaving the office. PUniversity’s School of Architecture, northern landscapes and com- Salma Tarikh, BSC (PSYCH), MA (JOUR) [email protected] And so it’s no surprise that it was in Vancouver that the Young which will now be known as the munity, is creating unique op- COPY EDITOR: Mining Professionals (YMP) group was founded in 2007 by three McEwen School of Architecture, portunities for the next generation Isa Cunanan, BSC 30-something accountants and mining executives named Greg D. in Sudbury, Ont. of architects.” (Health Sci. and Prof. Writing Comm.) Smith, Scott Jeffrey and Rohan Hazelton — all with various ties The funds will be used to help “We are already seeing the im- [email protected] to the mining industry in Vancouver, particularly to accounting complete the school’s $45-mil- pact the school has had on north- PRODUCTION EDITOR: giant KPMG. lion facility and enhance student ern communities in its first three David Perri, BA [email protected] The trio continues as the branch’s sole directors to this day, experience at the institution. years, and we look forward to with help from executive officers Daniel Dickson, Geoff Miachika, “Investing in Laurentian’s the innovation and excellence in WEB EDITOR: Devon Thiara, Jennifer Poirier and Andrew Nelson, as well as School of Architecture is a thrill- design these young leaders will Adrian Pocobelli, MA (ENGL) [email protected] corporate sponsors KPMG, Endeavour Silver, Goldcorp and law ing and proud moment for us,” achieve in years to come.” TNM ADVERTISING: firm Cassels Brock. Joe Crofts Their goal was to create a group where keen mining professionals (416) 510-6816 aged 25 to 39 and out of school for a few years could get together [email protected] to obtain the skills, support and knowledge to better advance their Michael Winter careers, develop industry contacts and identify career and mining- OP-ED (416) 510-6772 [email protected] related investment opportunities. Since then, YMP in Vancouver has had several events a year, PRODUCTION MANAGER: ranging from dinner speeches by local mining luminaries to social Jessica Jubb Canadian IPOs (416) 510-5213 lunches at the Vancouver Club and pro-am golf tournaments. Their [email protected] most recent gathering was a Distinguished Speaker event with newly CIRCULATION/CUSTOMER SERVICE: installed Goldcorp president and CEO David Garofalo. MIA in flat market, Laura Arnold Meanwhile back in Toronto, a young mining professional named (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456 Stephen Stewart — currently CEO of junior gold explorer Orefinders [email protected] Resources and CEO of private mining group Minerx — had been PwC survey says SUBSCRIPTION SALES: familiar with YMP’s many years of success in Vancouver, looked Dan Bond around for a similar group in Toronto and came up empty-handed. (416) 510-6741 Undaunted, Stewart decided he wanted to start a YMP branch FACTS ‘N’ FIGURES | Widespread uncertainty (Toll free) 1-888-502-3456, ext. 43715 [email protected] in Toronto that would run independently, but in harmony with scaring away new equity the Vancouver branch. He contacted YMP’s founders and they set REPRINTS: (416) 510-6768 him up with Michael Woeller and Micheal Long, who are both The following is an edited release the lack of potential new issues in [email protected] accountants with KPMG. The three of them co-founded YMP’s from PwC. For more information, the pipeline is indicative of that.” ADDRESSES: Toronto branch in 2015, with help from executive officers Sophia please visit www.pwc.com. Global market uncertainty after Toronto Head Office: Harquail and Jamie Litchen. the U.K. vote to leave the European 38 Lesmill Road, Unit 2 YMP’s Toronto branch is sponsored by KPMG, Barrick Gold, nvestors hoping for a rebound Union has poured cold water on Toronto, ON, M3B 2T5 (416) 510-6768 Minerx and Cassels Brock. Franco-Nevada has also been an event in the Canadian market for any enthusiasm for IPOs in the [email protected] sponsor, and Hy’s Steakhouse has been a location sponsor. initial public offerings (IPOs) near term, Braunsteiner says. But Western Bureau: YMP’s Toronto branch was launched on a high note with their Iwill have to wait a little longer, a weak pulse from the IPO mar- 303 West 5th Avenue first gathering in October: a Distinguished Speaker event with according to a PwC survey. ket doesn’t mean that Canadian Vancouver, BC, V5Y 1J6 Barrick Gold founder Peter Munk in an intimate dinner setting A single new issue of $550,000 equity markets are in ill health, (604) 688-9908 at the posh Hy’s Steakhouse in Toronto, where 30 or so young on the Canadian Securities Ex- Braunsteiner hastens to point out. SUBSCRIPTION RATES: Canada: mining professionals got to speak informally with legend himself change (CSE) was the only IPO In fact, the opposite is true. C$120.00 one year; and hear his career advice. Stewart says Munk told him he might on any Canadian exchange in the Before the post-Brexit vote 5% G.S.T. to CDN orders. get a hundred such speaking invitations a year, but only accepts second quarter of 2016, the survey swoon, the Canadian equity mar- 7% P.S.T. to BC orders 1% of them. showed. There was no new equity ket had been on a solid upward 13% H.S.T. to ON, NF orders 14% H.S.T. to PEI orders YMP’s Toronto branch followed up with similar speaker events at issued on either the TSX or the swing, he says, and the market 15% H.S.T. to NB, NS orders Hy’s in February and June, with Franco Nevada co-founder Pierre TSX Venture exchanges during for secondary offerings had been U.S.A.: Lassonde and McEwen Mining CEO Rob McEwen holding court the quarter. gaining ground. In fact, the pre- US$120.00 one year Foreign: and dispensing hard-won wisdom. Next up is another speaker night This first half, two new issues viously moribund mining sector US$157.00 one year on Oct. 6 with Thomas Kaplan, the billionaire gold investor and on the CSE generated just over $1 enjoyed activity, where companies GST Registration # 809744071RT001 chairman of investment firm Electrum Group. million — one of the lowest half- in mid-stage development have (ISSN 0029-3164) Not a bad record for a one-year-old group. year totals for Canadian exchanges. been attracting buyers to second- CANADA POST: If you’re an eager-beaver young mining professional in Canada By comparison, 13 new issues ary issues. Return undeliverable Canadian addresses to and would like to join either branch, YMP has a website at www. from a diverse list of industries What will it take to get the Ca- Circulation Dept. youngminingprofessionals.com, but the two branches conduct much raised $1.4 billion in new equity nadian IPO market back on track? c/o The Northern Miner of their business through separate LinkedIn accounts. on all Canadian exchanges in the “It’s not that there’s a shortage 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5 There’s no membership fee, but you need to ask to join the group. first half of 2015. of investors,” Braunsteiner says. YMP Toronto has 101 members on LinkedIn while YMP Vancouver The pipeline of potential new “What’s missing is any sense of Publication Mail Agreement #40069240 has 241, so Toronto has some catching up to do. TNM issues doesn’t give much hope certainty about the future. Every Periodicals Postage Rates paid at for optimism in the short term, region, every country, is reviewing Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls PwC national IPO leader Dean its economic outlook. In Canada, Blvd, Niagara Falls, N.Y. 14304. Braunsteiner says. there’s concern about the housing U.S. POSTMASTER: DEPARTMENTS “Over the past decade or more, market. Until some of those clouds send address corrections to: Careers...... 14 Mining Jobs...... 15 the Canadian IPO market has dissipate, we can’t expect too much Northern Miner Box 1118 usually been driven by one or two from the IPO market.” Niagara Falls, N.Y. 14304.-7118 Editorial...... 4 Professional Directory...... 13 Metal Prices...... 12 Stock Tables...... 6,10-12 sector engines that helped power PwC has conducted its survey the entire market,” he says. “For of the IPO market in Canada for many years, it was the mining more than 15 years. The reports COMPANY INDEX sector, where both mature com- are issued on a quarterly basis THE NORTHERN MINER is published weekly panies and juniors kept the TSX to provide information to the by BIG Mining L.P., a division of Glacier Media Adamera Minerals...... 14 Pure Energy Minerals...... 9 and the Venture busy. Oil and corporate sector, investors, the Inc., a leading Canadian media company with Avalon Advanced Materials...... 9 Rio Tinto...... 3 interests in business-to-business information Centerra Gold...... 1 Royal Gold ...... 3 gas issues also played a part. For media and others that will help services. From time to time we make our Commerce Resources...... 9 Sparton Resources...... 1 a while, income trusts drove the them put the market into better subscription list available to select companies market. Then real estate invest- perspective. For the purposes of and organizations­ whose products or services Flinders Resources...... 5 Tantalex Resources ...... 9 may interest you. If you do not wish your contact Largo Resources...... 7 Tasman Metals...... 5 ment trusts had their day in the the survey, investment vehicles information to be made available, please contact Lomiko Metals...... 9 Tesla Motors...... 5,16 sun. Recently, we’ve seen special such as structured products are us by one of the following methods: Phone: Lundin Mining...... 3 Thompson Creek Metals ...... 1 purpose acquisition companies not considered IPOs because they 1-888-502-3456; Fax: (416) 447-7658; Mail to: Privacy Officer, The Northern Miner, 38 Lesmill Nemaska Lithium ...... 9 Western Uranium ...... 9 get the spotlight. But today, there’s do not represent new equity raised Road, Unit 2, Toronto, ON M3B 2T5. Nouveau Monde Mining...... 16 Zenyatta Ventures...... 9 no single driver of the market and for operating companies. TNM

1 2 3 4 5 7 8 9 14 16_July18_Main.indd 4 2016-07-12 7:59 PM GLOBAL MINING NEWS THE NORTHERN MINER / JULY 18–24, 2016 5 Flinders eyes Tasman merger to tap emerging green economy SWEDISH SYNERGY | Spotlight on specialty materials graphite, lithium

BY MATTHEW KEEVIL [email protected] VANCOUVER

wo years ago Flinders Re- sources (TSXV: FDR; US- OTC: FLNXF) was flying high Tas the “only Western producer of natural flake graphite” at its his- toric Woxna mine, 8 km northwest of the town of Edsbyn, Sweden. The company held its opening cer- emony in September 2014, and the 100,000-tonne-per-year operation is capable of cranking out nearly 10,000 tonnes of 90% carbon graphite concentrate annually. Plunging industrial metal markets cut the celebration short, however, with declining global flake graphite demand pushing prices to four- year lows of less than US$700 per tonne by mid-2015. Flinders opted to put Woxna’s return to production on hold, but a recent resurgence in green en- ergy investments — along with a merger — has management opti- mistic again. “Potential customers for our cur- rent end products are sort of on the cusp of putting their finger on the trigger,” president and CEO Blair Way says during an interview. “We restarted Woxna with the full intention of catering to the refractory end-user, which was a sizable industry, but it ended up shrinking alongside the global steel business. There really didn’t end The processing plant at Flinders Resources’ Woxna graphite mine in Sweden. FLINDERS RESOURCES up being much of a market to sell into,” he says. whether that’s graphite, lithium, Meanwhile, Flinders is looking nese technology partner” to final- 2D Fab’s “proprietary low environ- Buzz around electric vehicles cobalt or other elements. What we at vertical integration at Woxna to ize a flow sheet for battery-grade mental footprint manufacturing and lithium-ion battery demand, hear from potential customers is work its way up the value-add chain. graphite, which is based on the technology,” which uses a low-en- driven by companies like Tesla Mo- basically a shopping list of what The company is working towards on- “world’s only commercially proven ergy, hydro-mechanical exfoliation tors (NASDAQ: TSLA), has brought they need to produce these energy site, battery-grade spherical graph- purification methods.” process. the spotlight back onto the graphite solutions,” Way says. ite production, and announced in Way says that “the truth is that “We’re working with a Swedish industry, and spurred furious ral- “It’s the new integrated model March it would apply to re-permit even if we were producing a high- company that’s using our flotation lies in other specialty materials like where we go beyond mining and Woxna to lift throughput rates and purity graphite product right now, concentrate in research on gra- lithium. Flinders is now looking to work with the customer to fill tech- incorporate additions to the process- we’d be hard-pressed to sell it outside phene production,” Way says. “The work its way up the value-add chain nological need. Investors are big ing circuit. of Japan. There really aren’t battery strategy is finding real, commercial and market itself as an integrated right now on Tesla, which has done Traditional natural flake graphite cells being manufactured anywhere applications for the technology. technology provider. a very good job of raising the pro- pricing was pegged at US$800 per outside of Korea, China and Japan. Graphene is essentially a one-mol- The company’s big move was to file of the sector. We’re looking at tonne in early 2016, while graphite But now, we’re speaking with com- ecule thick layer of graphite that revisit a proposed merger with Tas- becoming a more integral part of market analyst Benchmark Minerals panies in Europe and they’re saying has exceptional thermal strength man Metals (TSXV: TSM; US-OTC: the new-world economy,” he adds. indicates that natural flake battery- they want to get into the business. and electrical characteristics. There TASIF), which owns the Norra Karr Tasman released a prefeasibility grade spherical graphite products We’re positioning ourselves for the has been research on applying the heavy rare earth element (REE) study on Norra Karr in early 2015 command prices ranging from market growth in Europe and North technology to construction mate- deposit, 300 km southwest of Stock- that outlines a US$378-million US$3,000 to US$4,500 per tonne. America.” rials and industrial processes that holm, Sweden. The companies an- development, which would have “We’d always planned to pursue As for more speculative graphite I think are much more achievable nounced a deal in late June wherein the “the capacity to be a long- the value-add side of the equation, applications, Flinders has partnered over a shorter term than some of Tasman shareholders would receive term producer of the most critical and we had an established high- with Sweden-based 2D Fab AB the more speculative ideas like cell 0.5 a share of Flinders for each share heavy REEs, plus other critical purity flow sheet to build on,” Way under the government-run Svenskt phone screens.” held. The pro-forma company would metals, including zirconium and says. “We struggled to find orga- Grafen to explore graphene tech- Flinders has traded within a 52- be rebranded as Kinetic Materials. hafnium.” The company also re- nizations in North America and nologies. In 2015, the companies week window of 12¢ to 77¢, and “We’re bringing these companies cently completed test work on Europe that really understood the received US$280,000 million in closed at 70¢ per share at press time. together and we’re going to relaunch nepheline-feldspar by-product, industry, and so we ended up going funding to analyze advanced in- The company has 47 million shares as a technology resource provider. which could represent near-term to China, which supplies the major- dustrial applications for Woxna’s outstanding for a $34-million mar- We envision ourselves working opportunities to supply Europe’s ity of natural flake graphite to the graphite. ket capitalization, and reported with end-users to provide them paint, building product, ceramic battery sector.” In late April, Flinders reported cash of US$2.2 million at the end value-added specialty materials, and glass markets. Flinders is working with a “Chi- that graphene was produced using of April. TNM

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TORONTO STOCK EXCHANGE / JULY 4–8 Toronto equities soared during the first week fully permitted,” Lee added. Port Hope plant accepted a new collective Creek Metals for US$1.1 billion. Thompson of July, despite the Canadian economy unex- Gold junior Kerr Mines rose 45% to 15¢ agreement. The three-year contract includes Creek operates the Mount Milligan mine in pectedly losing 700 jobs in June. However, the per share, after reporting on July 7 that the a 7% wage increase over the term. The previ- B.C., and combined with Centerra’s Kum- number of people seeking jobs also dropped, Toronto Stock Exchange has extended its ous contract expired on June 30. Port Hope tor gold mine in Kyrgyzstan could lower pushing the unemployment rate down 0.1% delisting review of its shares for another is Canada’s only uranium conversion facility Centerra’s geographic risk. The offer values to 6.8%. The S&P/TSX Composite Index rose 30 days, after a 60-day extension on May 9. that makes uranium hexafluoride and the each Thompson share at 79¢, marking a 1.4% to 14,259.84. The S&P/TSX Global Gold Kerr — focused on developing the McGarry only commercial supplier of uranium dioxide 32% premium over its July 4 close. This is Index added 9.2% to finish at 275.55, thanks gold project in Ontario’s Virginiatown — first conversion services. Centerra’s second foray into Canada, after to higher gold prices. Spot gold advanced announced its shares were under review in Centerra Gold shares slipped 14¢ to $7.56, its joint venture on Premier Gold’s Trans- 1.8%, or US$23.50 per oz., to US$1,365.40. March. after its bid to acquire debt-laden Thompson Canada property in Ontario last year. TNM The S&P/TSX Global Mining Index jumped Franco-Nevada, a gold-focused royalty 6.2% to 65.92, while the S&P/TSX Capped and stream company, topped the value gains, TSX GREATEST PERCENTAGE CHANGE TSX GREATEST VALUE CHANGE Diversified Metals & Mining Index added advancing $5.15 per share to $103.39. The stock 4.2% to finish at 609.04. is up 58% year-to-date. Franco Nevada will VOLUME WEEK VOLUME WEEK Prophecy Development, previously known report its second-quarter results on Aug. 8. (000s) HIGH LOW CLOSE CHANGE (000s) CLOSE CHANGE Prophecy Coal PCY 68 5.48 2.10 5.00 + 90.8 Franco-Nevada FNV 2919 103.39 + 5.15 as Prophecy Coal, led the percentage winners, Uranium producer Cameco fell 41¢ to $13.78 Tanzania Rlty TNX 1187 1.70 0.88 1.40 + 60.9 Agnico Eagle AEM 4232 72.84 + 3.70 gaining 91% to close at $5 per share. “The per share. After markets closed on July 8, it Levon Res Ltd LVN 3079 0.47 0.29 0.46 + 58.6 First Majestic FR 8240 20.80 + 3.25 company is not aware of any undisclosed reported that 230 unionized employees at its Rio Novo Gold RN 363 0.30 0.18 0.29 + 50.0 Silver Wheaton SLW 11169 33.64 + 3.23 material information,” Prophecy’s execu- Kerr Mines KER 2336 0.15 0.12 0.15 + 45.0 MAG Silver MAG 1534 19.12 + 2.83 tive chairman John Lee said in an emailed Minco Gold MMM 1099 0.55 0.35 0.50 + 44.5 Torex Gold TXG 5580 25.89 + 2.79 TSX MOST ACTIVE ISSUES Minco Silver MSV 1362 1.82 1.29 1.82 + 44.4 Pan Am Silver PAA 3413 23.96 + 2.68 response. In its latest release, dated June 16, Solitario Ex&R SLR 116 1.04 0.72 1.01 + 44.3 Endeavour Mng EDV 2679 24.56 + 2.63 VOLUME WEEK the company said it had started a sampling Black Iron BKI 925 0.05 0.04 0.05 + 42.9 Prophecy Coal PCY 68 5.00 + 2.38 (000s) HIGH LOW CLOSE CHANGE program at the Paca deposit on its Pulacayo Nthn Dynasty NDM 6713 0.57 0.39 0.56 + 40.0 Alamos Gold AGI 7792 13.42 + 2.31 silver-zinc-lead project in southern Bolivia. Kinross Gold K 43758 7.56 6.75 7.23 + 0.89 Talon Metals TLO 53 0.10 0.00 0.08 - 20.0 Agrium AGU 1138 116.34 - 0.55 Gran Colombia GCM 39734 0.16 0.10 0.14 + 0.04 Contintl Prec CZQ 2 0.27 0.00 0.27 - 19.7 Altius Mnrls ALS 271 10.27 - 0.53 It expects to analyze 90 samples from an B2Gold BTO 38657 3.90 3.34 3.89 + 0.65 Cardero Res CDU 120 0.25 0.18 0.19 - 17.4 Cameco Corp CCO 3995 13.78 - 0.41 area within the Paca resource boundary, First Quantum FM 35536 10.02 9.04 9.29 + 0.22 Potash Ridge PRK 3619 0.27 0.22 0.23 - 16.7 Potash Corp SK POT 12374 20.59 - 0.41 that was not part of the current inferred re- Yamana Gold YRI 34622 7.77 7.04 7.70 + 0.98 General Moly GMO 2 0.52 0.00 0.44 - 13.7 Vista Gold VGZ 878 2.20 - 0.27 source estimate of 1.3 million tonnes at 444 Eldorado Gold ELD 23057 6.59 6.05 6.57 + 0.76 Eastern Platin ELR 721 1.08 0.91 0.93 - 12.3 Almaden Mnls AMM 512 1.93 - 0.17 Barrick Gold ABX 22629 30.45 28.22 29.08 + 1.50 Argex Titanium RGX 636 0.05 0.04 0.04 - 11.1 Great Panther GPR 5147 1.97 - 0.17 equivalent grams silver. The results should Teck Res TCK.B 21598 18.43 16.80 17.66 + 0.65 Vista Gold VGZ 878 2.60 1.97 2.20 - 10.9 TMAC Resources TMR 630 14.79 - 0.16 be out later this month. “Pulacayo is one of Thompson Creek TCM 19185 0.75 0.56 0.72 + 0.18 Nemaska Lith NMX 13187 1.29 1.15 1.20 - 9.8 Lucara Diam LUC 4524 3.33 - 0.15 very few high-quality silver projects that are Suncor Energy SU 18578 36.93 35.90 36.28 + 0.44 Lithium Amer LAC 6337 1.15 0.97 1.00 - 8.3 Centerra Gold CG 11400 7.56 - 0.14

TSX VENTURE EXCHANGE / JULY 4–8 The S&P/TSX Venture Composite Index traded before landing up 9¢ to 14¢ per day to 1,100 and 1,500 tonnes per day in gold. Assays from 1,600 metres of drill- gained 21.68 points, or 3%, to a 752.12-point share on strong quarterly production at the fourth and eighth years of operation. ing and the rest of the trench samples is close, boosted by stronger gold and silver its Mupane gold mine in northeastern Bo- Shares of Equitas Resources rose 4¢ to pending. The property includes 8.6 mil- prices. Spot gold gained 1.9%, or US$25, tswana. The company began underground 12¢ on assay results from surface trench- lion indicated tonnes at 0.77 gram gold to US$1,366.33 per oz. — its highest level mining in April at the main Tau orebody, ing at its Cajueiro gold project in central for 214,000 oz. gold. Inferred resources since March 2014 — while Comex silver where higher grades helped produce 7,855 Brazil. Results include 24.3 grams gold in bedrock and saprolite add 9.5 million hit two-year highs, up 2.6%, or US50¢, to oz. gold for the three months ending June per tonne over 2 metres, and 18.9 grams tonnes of 0.66 gram gold for 203,500 oz. US$20.09 per oz. silver. Comex copper fell 30 — an increase of 2,027 oz. on the previ- gold over 2 metres. A separate trenching gold, and 1.4 million tonnes at 1.78 grams 4.5%, or US10¢, to US$2.12 per lb., as the ous quarter. interval returned 12 metres of 1.42 grams gold for 78,400 oz. gold. TNM U.S. dollar climbed on strong U.S. jobs data. Galane is also working to reignite pro- Abitibi Royalties led the value-added duction at its Galaxy gold mine, one of the TSX-V GREATEST PERCENTAGE CHANGE TSX-V GREATEST VALUE CHANGE category, with shares rising $1.79, or 22%, oldest mining operations in South Africa, to $9.95, on strong gold prices and news of which saw 1.3 million oz. gold produced VOLUME WEEK VOLUME WEEK acquiring a 1% net smelter return royalty between 1884 and 2001. The company (000s) HIGH LOW CLOSE CHANGE (000s) CLOSE CHANGE (NSR) at Frontline Gold’s Menderes gold acquired the asset last November, and Zincore Mtls ZNC.H 114 0.04 0.01 0.03 + 200.0 Abitibi Royalt RZZ 111 9.95 + 1.79 project in Turkey. Abitibi paid Frontline plans to begin a prefeasibility study that Galane Gold GG 20668 0.19 0.06 0.14 + 180.0 Tudor Gold TUD 114 2.27 + 0.78 Gold Mtn Mng GUM 2303 0.27 0.12 0.27 + 125.0 Avino Silver ASM 729 3.73 + 0.58 $20,000 in exchange for the royalty, which outlines a two-stage expansion of existing Pedro Res PED.H 104 0.15 0.07 0.14 + 115.4 Brazil Res BRI 5245 2.81 + 0.46 brings its total NSR interest on the project mine infrastructure from 500 tonnes per Takara Res TKK 2547 0.09 0.04 0.09 + 112.5 Bear Creek Mng BCM 2067 3.30 + 0.39 to 3%. Frontline plans to drill up to 3,000 Caracara Silvr CSV 8926 0.02 0.01 0.02 + 100.0 Mirasol Res MRZ 519 2.68 + 0.30 metres at the project by October. The holes TSX-V MOST ACTIVE ISSUES Stroud Res SDR 5647 0.02 0.01 0.01 + 100.0 Goldrock Mines GRM 2581 1.47 + 0.27 New Destiny Mg NED 1900 0.01 0.01 0.01 + 100.0 Southern Arc SA 538 0.66 + 0.26 would target possible extensions of the veins VOLUME WEEK Tanzania Mnls TZM 2203 0.02 0.01 0.01 + 100.0 Brixton Mtls BBB 262 0.94 + 0.26 found at Eldorado Gold’s Efemcukuru gold (000s) HIGH LOW CLOSE CHANGE Amador Gold AGX.H 1003 0.01 0.00 0.01 + 100.0 Anfield Nickel ANF 1586 1.49 + 0.19 mine, which is contiguous to Frontline’s Galane Gold GG 20668 0.19 0.06 0.14 + 0.09 Vendome Res VDR 710 0.02 0.01 0.01 - 50.0 Gold Reserve GRZ 159 5.20 - 0.75 Equitas Res EQT 16306 0.13 0.08 0.12 + 0.04 Mezzotin Mnrls MEZ 67 0.01 0.01 0.01 - 50.0 Nexgen Energy NXE 1769 2.47 - 0.19 claims on three sides. Abitibi owns royalties First Mg Fin FF 15217 0.95 0.80 0.87 + 0.11 on various mineralized zones at Agnico Signal Expl SNL.H 554 0.30 0.16 0.16 - 46.7 American Lith LI 487 0.68 - 0.19 MX Gold MXL 11099 0.29 0.21 0.27 + 0.05 Philippine Mtl PHI 79 0.12 0.06 0.06 - 45.0 Confedertn Mls CFM 134 0.45 - 0.15 Eagle Mines and Yamana Gold’s Canadian Calibre Mng CXB 10657 0.27 0.15 0.23 + 0.09 Alloycorp Mng AVT 1223 0.07 0.04 0.05 - 43.8 Signal Expl SNL.H 554 0.16 - 0.14 Malartic gold mine in Malartic, Que., and Inca One Gold IO 10440 0.05 0.04 0.05unch 0.00 Velocity Mnrls VLC.H 11 0.16 0.00 0.09 - 40.0 Pac Booker Min BKM 10 1.02 - 0.13 owns shares in both gold majors. Frontline Nrthn Superior SUP 9878 0.03 0.02 0.03 + 0.01 Discovery-Corp DCY 161 0.04 0.03 0.03 - 37.5 Bacanora Mnls BCN 139 1.50 - 0.11 Metanor Res MTO 9110 0.09 0.08 0.08 unch 0.00 shares were off a cent to 2¢. Stockport Expl SPT 290 0.05 0.02 0.03 - 37.5 Coronet Mtls CRF 565 0.37 - 0.10 Caracara Silvr CSV 8926 0.02 0.01 0.02 + 0.01 Mustang Mnrls MUM 933 0.02 0.00 0.01 - 33.3 Bravada Gold BVA 670 0.27 - 0.10 Galane Gold saw 20.7 million shares Goldstream Mnl GSX.H 8301 0.02 0.01 0.01 unch 0.00 Shoshoni Gold SHJ 495 0.01 0.01 0.01 - 33.3 Diamcor Mng DMI 150 1.08 - 0.09

U.S. MARKETS / JULY 5–8

U.S. equities drove higher for a second week clined 71% during the reported period, after an indicated resource of 27.7 million tonnes of US$89.25 on news of an agreement to acquire as investors recovered from post-Brexit jitters. curtailed production prompted by lower lead 1.8 grams gold for 1.56 million oz. gold, and 18 U.S. agricultural retail locations, with The Dow Jones Industrial Average advanced and zinc prices. The company expects to keep an inferred resource of 2.9 million tonnes of US$150 million in annual revenue. Agrium’s 197.37 points, or 1.1%, to 18,146.74 points, and its 2016 production guidance of 33.8 million 1.3 grams gold for 125,000 oz. gold. president and CEO Chuck Magro said the the S&P 500 Index gained 26.95 points, or to 36.8 million equivalent oz. silver. Shares of potash producer and distribu- locations are in regions where the company 1.3%, to 2,129.9 points. The Nasdaq Composite Iamgold saw 48.7 million shares change tor Agrium lost US$1.48 before closing at has “limited presence.” TNM rose 94.19 points, or 1.9%, to 4,956.76 points. hands before closing up US37¢ to US$4.84 Part of the gains were due to speculation per share after drill results from its Boto gold U.S. GREATEST PERCENTAGE CHANGE U.S. GREATEST VALUE CHANGE on whether the U.S. Federal Reserve might exploration project in eastern Senegal. The delay an interest rate hike to December, boost- company drilled four deep diamond holes VOLUME WEEK VOLUME WEEK ing gold and silver prices 1.9% and 2.6% to that tested beneath the current resource pit (000s) HIGH LOW CLOSE CHANGE (000s) CLOSE CHANGE DRDGOLD* DRD 5814 8.80 5.99 8.75 + 35.4 MartinMarietta* MLM 3728 196.70 + 7.57 US$1,366.33 per oz. gold and US$20.09 per shell, with one hole intercepting 84 metres Natural Res Pt* NRP 353 17.89 13.97 17.19 + 18.9 Natural Res Pt* NRP 353 17.19 + 2.73 oz. silver. of 4.12 grams gold per tonne, including 22 Endeavr Silver* EXK 18030 4.72 3.99 4.70 + 15.5 DRDGOLD* DRD 5814 8.75 + 2.29 Gold companies were among the top-value metres of 11.25 grams gold. The project hosts Harmony Gold* HMY 31668 4.47 3.74 4.46 + 14.7 AngloGold Ash* AU 25835 20.84 + 1.80 gainers as gold regained investors’ favour: Fortuna Silvr* FSM 10255 8.80 7.19 8.69 + 14.2 Sibanye Gold* SBGL 11502 15.74 + 1.45 McEwen Mng* MUX 30127 4.74 3.91 4.70 + 14.1 Coeur Mng* CDE 30942 12.61 + 1.35 DRDGold shares rose US$2.29 to US$8.75, Coeur Mng* CDE 30942 12.69 10.93 12.61 + 12.0 First Majestic* AG 31914 15.97 + 1.17 AngloGold Ashanti shares climbed US$1.80 U.S. MOST ACTIVE ISSUES Alamos Gold* AGI 13122 10.31 8.76 10.31 + 11.6 Fortuna Silvr* FSM 10255 8.69 + 1.08 to US$20.84 and Sibanye Gold gained US$1.45 VOLUME WEEK Hecla Mining* HL 50100 6.08 5.20 6.05 + 11.2 Alamos Gold* AGI 13122 10.31 + 1.07 to US$15.74 per share. (000s) HIGH LOW CLOSE CHANGE Sibanye Gold* SBGL 11502 15.84 14.01 15.74 + 10.1 Silver Wheaton* SLW 44174 25.79 + 1.01 Shares of Coeur Mining rose US$1.35 to Freeport McMo* FCX 169957 11.50 10.27 11.20 - 0.15 Intrepid Pots* IPI 6529 1.49 1.18 1.34 - 6.9 Agrium* AGU 2462 89.25 - 1.48 Barrick Gold* ABX 118631 23.47 21.65 22.32 + 0.11 Teck Res* TCK 38425 14.45 12.90 13.55 - 5.8 Black Hills* BKH 1722 62.61 - 1.47 US$12.61 on strong quarterly production re- Vale* VALE 109309 5.23 4.68 4.95 - 0.21 Dominion Diam* DDC 2221 9.51 8.64 8.97 - 5.2 Mosaic* MOS 21087 25.48 - 1.09 sults from its global operations. The company Alcoa* AA 107064 9.88 9.03 9.82 + 0.27 Potash Corp SK* POT 47935 16.77 15.62 15.79 - 4.3 Teck Res* TCK 38425 13.55 - 0.83 produced 4 million oz. silver and 92,726 oz. Kinross Gold* KGC 93995 5.81 5.05 5.53 + 0.17 Mosaic* MOS 21087 26.87 24.45 25.48 - 4.1 Potash Corp SK* POT 47935 15.79 - 0.71 gold, up 17.6% and 18.8%, compared to its United States S* X 74035 19.09 16.70 19.03 + 0.76 Vale* VALE 109309 5.23 4.68 4.95 - 4.1 Southern Copp* SCCO 6566 25.77 - 0.67 Yamana Gold* AUY 65476 5.95 5.25 5.90 + 0.42 Vale* VALE.P 31970 4.12 3.75 3.93 - 3.7 Dominion Diam* DDC 2221 8.97 - 0.49 first quarter. Silver production from Coeur’s Hecla Mining* HL 50100 6.08 5.20 6.05 + 0.61 Cameco Corp* CCJ 7427 11.05 10.34 10.57 - 3.3 Suncor Energy* SU 18927 27.84 - 0.38 silver stream on CBH Resources’ Endeavor Newmont Mng* NEM 48770 41.46 39.47 41.14 + 0.80 Southern Copp* SCCO 6566 26.58 24.91 25.77 - 2.5 Cameco Corp* CCJ 7427 10.57 - 0.36 silver and base metal mine in Australia de- IAMGOLD* IAG 48741 4.89 4.23 4.84 + 0.37 Black Hills* BKH 1722 64.58 61.57 62.61 - 2.3 Vale* VALE 109309 4.95 - 0.21

6_July18_MarketNews.indd 6 2016-07-12 8:04 PM SPECIAL FOCUS TECHNOLOGY METALS

The Campbell pit at Largo Resources’ Maracas Menchen vanadium mine in Brazil. PHOTO BY SALMA TARIKH Largo is ‘all smiles’ in Brazil SITE VISIT | Vanadium producer ramps up Maracas to full production

BY SALMA TARIKH [email protected] MARACAS, BRAZIL

bout an hour’s drive from Maracas — the city of flowers — is the first producing vana- Adium mine in Brazil’s northeastern state of Bahia. Toronto-based Largo Resources’ (TSX: LGO) Maracas Menchen is also one of the world’s newest vanadium mines. The Maracas property lies about 250 km southwest of Bahia’s capital, Salvador, the vibrant centre of Afro- Brazilian culture. From Salvador, nicknamed the land of happiness, the distance to the project is 405 km via a paved secondary road. That includes the 50 km from Maracas. The landscape varies from low mountains to flat plains during the five-hour drive from Salvador’s international airport. We pass Feira de Santana, Bahia’s second-largest city after Salvador, and traverse several smaller cities, slowing down by the geomorphological rock site in Itatim. Night falls as we reach the rustic town of Maracas. Early the next morning, we head to Largo’s flagship asset. Maracas Menchen hit commercial production in October 2014, and recently ramped up to full produc- tion of 800 tonnes a month, or 9,600 tonnes vanadium pentoxide (V2O5) a year. “We have the highest ore grade and the highest concentrate grade of any known vanadium producing facility in the world,” Mark Smith, At Largo Resources’ Maracas Menchen vanadium mine in Brazil, from left: Kurt Menchen, advisor; Robert Campbell, vice-president of exploration; Paulo Misk, president of Largo’s CEO and president, says Brazil operations; Mauricio Colleti, mine manager; and Mark Smith, president and CEO. PHOTO BY SALMA TARIKH during a mid-June presentation at the site. Largo has spent a decade trans- quisa Mineral (CBPM) discovered Between 1984 and 1987, the private Around this time, “the [Berlin Reserves at the main Campbell forming the Maracas property into the vanadium-rich titaniferous engineering firm systematically Wall] came down and Russia needed pit total 18.4 million tonnes grading a high-quality vanadium producer. magnetite occurrence in 1980 on explored the property, completing money, and was selling everything. 1.2% V2O5. That’s more than double It started its journey in October what’s now part of the Maracas another 4,020 metres in 39 holes. And metal prices went right into the industry’s average. 2006, signing an option agreement property, while exploring the Rio In 1990, Odebrecht created a new the toilet,” Andy Campbell, Largo’s Based on Largo’s 2016 reserve with Brazilian companies Vale Jacare mafic to ultramafic intru- joint venture with Caemi (now Vale) vice-president of exploration, says. estimate and new mine plan, (NYSE: VALE) and Odebrecht to sion. It drilled 1,100 metres in 14 and completed engineering studies “The project was put on hold.” Maracas Menchen can deliver acquire 90% of the Maracas property exploration holes. in the following years, with an aim In 2005, Campbell made his first 9,600 tonnes annually over a 15- for US$10 million. Four years later, CBPM formed to build a mine. That never happened year life. The ore contains 29.5% Before Vale and Odebrecht's a joint venture with Odebrecht. due to low prices. See LARGO / 8 magnetics (magnetite), yielding involvement, geologists at state- an average concentrate grade of owned Companhia Baiana de Pes- 3.3% V2O5. Largo is guiding 2016 production of 7,639 tonnes to 8,639 tonnes (16.8 million to 19 million lb.). Average cash-operating costs should come in at US$3.71 per lb., based on a Brazilian real to U.S. dollar exchange rate of 3.59. In June, the mine churned out a high of 801 tonnes, surpassing its May production of 780 tonnes. Unit production costs were US$3.54 Introducing the per lb., while the real/U.S. dollar Underground motor grader exchange rate was 3.42. With the improved vanadium price, trading mid-June at above US$4 per lb., Maracas Menchen is getting closer to turning a profit. “We are on the cusp of it right now because our costs are actually better than we had projected in our budgets and forecast … the price is now giving us a 50¢ to 60¢ cushion, in terms of being higher than our unit cost of production,” Smith says. Offering investors exposure to lithium and other critical metals Without specifying when Maracas Email: (705) 476-4500 Menchen would generate cash, the Email: [email protected] executive says it should happen www.AvalonAdvancedMaterials.com soon. “I can taste it. That is how www.millertechnology.com close we are.”

1 2 3 4 5 7 8 9 14 16_July18_Main.indd 7 2016-07-12 8:00 PM 8 JULY 18–24, 2016 / THE NORTHERN MINER TECHNOLOGY METALS WWW.NORTHERNMINER.COM Largo is ‘all smiles’ in Brazil

LARGO From 7 the company’s cash crunch from the slow ramp-up at Maracas, lower visit to the property. (Largo at that metal prices and looming debt pay- time was exploring a gold project ments. in Ecuador.) He spearheaded a $75.2-million “This was all grasslands for cattle,” private placement last May, and the Canadian geologist recalls, ges- renegotiated the debt package with turing at Largo’s towering processing Maracas’ lenders, including Brazil’s facility. “From here all the way out Development Bank and commer- there,” he points to the horizon. cial banks Itau, Votorantim and Campbell reveals he initially liked Bradesco. the Maracas property because the In March 2016, Largo reworked historic database indicated high va- the terms with its lenders again to nadium grades and platinum group waive all repayments due this year. It elements. “I thought, ‘Wow, this will also raised another US$26.8 million be interesting, I got platinum and ($36.6 million) in a non-brokered vanadium.’ And this vanadium is private placement, with its largest very high grade. So that was what shareholder Arias Resource Capital intrigued me.” Management LP. Through that -fi Campbell recommended the proj- nancing, the New York-based private ect to Largo’s former president and equity firm pushed its 46.3% interest CEO Mark Brennan. From there, he in Largo to a little under 60%. led the validation of the database us- The latest financing should cover ing modern techniques, noting the all of Largo’s expenses for this year, results came back “dead on.” This Smith notes, adding he is always helped him put together a model looking to raise more funds. “If and resource estimate in November we raise capital right now, it will 2006, a month after Largo signed a simply be to provide a cushion for 90% option on the Maracas project. our treasury. It is not because we The junior bought the remainder in are in dire need for capital.” December 2012 for US$8 million. Processing facilities at Largo Resources’ Maracas Menchen vanadium mine in Brazil. PHOTO BY SALMA TARIKH From 2007 to 2015, the company, Breaking rock focusing solely on vanadium, ran Back at the office, Campbell points the magnetics, your grade goes up.” In its solid form, vanadium is vanadium should drop. various exploration programs, in- at a slide with a cross section of the This enables Largo to reject up to a silvery-white ductile metal. The Looking at vanadium consump- cluding 1,000 line-kilometres of line main pit. “It’s really simple geology,” 40% of the material, before running two saleable vanadium products are tion, 91% of the vanadium produced cutting, ground magnetics, induced he says. The Jacare layered sill — it through the mill, followed by wet ferrovandium, which makes 90% of goes into steel production, of which polarization and lithogeochemical which covers the 40 km strike length magnetic separation and filtration the market, and vanadium pentoxide half goes into creating high-strength studies. It drilled 35,682 metres in of the Macaras property — contains to create concentrate grading above flakes. (Users can convert flakes low alloy (HSLA), where demand 256 holes, with most of the holes mostly gabbros and lesser amounts 3% V2O5. From there, a conveyor into ferrovandium by adding iron.) is growing. concentrated on the Campbell pit of pyroxenites, anorthosites and system adds sodium sulphate and Most of the vanadium produced “Although the steel market in (named after Andy Campbell). magnetite bodies. sodium carbonate to the concentrate goes into steel as an alloy, making general doesn’t feel healthy right The pit outline extends 400 metres The magnetite has 97% of the before sending it into a 90-metre the steel stronger, lighter and more now, specialty steel is a high-growth along strike and to a vertical depth vanadium and occurs as massive long kiln, responsible for roasting durable. area,” Smith says. of over 350 metres. Largo plans to and banded magnetite, and the the materials at 1,100°C. “Adding 500 grams of vanadium The demand for HSLA steel, mine the pit down to 300 metres. magnetite pyroxenite in the deposit. Inside the kiln, which is described to a tonne of steel could increase mainly vanadium and niobium, There are another five satellite de- The massive magnetite contains as twice as hot as the surface of the the steel’s strength by up to 40%,” is growing in the automotive and posits on the 285 sq. km property. more iron ore and vanadium than sun, the vanadium oxidizes and Misk adds. aerospace industries. Largo applied for its first permits the magnetite pyroxenite. As a result, becomes attracted to the sodium, The main source of vanadium “Twenty years ago there was zero in 2010 and began construction in it is heavier and more magnetic. and turns into a soluble salt. is layered mafic to ultramafic -in percent HSLA steel used in the pro- June 2012. Campbell pulls out a pen to show Next it is cooled, regrinded and trusions. It could also occur in duction of automobiles. Today about Start-up capital for the mine how a sample of massive magnetite leached. It is at this stage that va- sediment-hosted deposits and be half of the steel that goes into auto- came in at US$248 million, largely attracts its metal tip. nadium becomes a liquid, Paulo mined as a by-product in fossil fuel mobiles is HSLA. Experts suggest in-line with the original estimate. Largo uses a team of hydraulic Misk, Largo’s president of Brazil and uranium mining. that within three to five years it will First V2O5 production kicked off in excavators, large front-end loaders operations, points out. go up to 80%,” Smith says, driven August 2014. and 40-tonne haul trucks to extract The “liquid vanadium” goes GLENCORE IS TWO by the need to make cars more fuel- Smith became Largo’s president the magnetite ore. through filtration and desilication efficient by making them lighter. and CEO in April 2015, after Bren- The ore goes through a relatively to lower the silica content. Largo YEARS INTO A SIX- Largo notes that aircrafts account nan retired. The engineer by training complicated process to produce V2O5 then uses ammonium sulphate YEAR 100% OFF- for 7% of the vanadium market held the same position at Molycorp, flakes, starting with three stages of to precipitate the vanadium into and that figure is rising, as aircraft a rare earth metals miner, from 2008 crushing followed by dry magnetic a solid again. After flash-drying TAKE AGREEMENT manufacturers use higher amounts to 2012. He also runs NioCorp De- separation. and removing ammonium, it WITH LARGO. of titanium-vanadium alloys in velopments, which is developing a “The neat thing about this is the produces V2O5. newer models. niobium-scandium-titanium project magnetics [magnetite] is in layers,” In the last step, Largo melts the While vanadium redox batteries in Nebraska. Campbell enthuses. The dry mag V2O5 in another furnace and pours Some significant vanadium pro- make up a small percent of the mar- Smith recalls that the moment he segregates the magnetic part of the the melt onto a wheel, which pro- ducers include primary producers ket, Smith predicts it will represent walked into the door at Largo, he material from the waste. “Obvi- duces the flakes. It then packs the Maracas and Glencore’s Rhovan the largest growth area for vanadium started raising money to alleviate ously, because the vanadium is in flakes. operation in South Africa and co- in the future, as solar and wind Glencore International (LSE: producers Kachkanar in Russia and operations become more prevalent. GLEN) picks up all the flakes three Panzhihua in China. “We always want power when the times a week from site under a six- In 2014, the world’s three top wind isn’t blowing and the sun isn’t year, 100% off-take agreement. The vanadium suppliers were China, shining. And of course, it is hard to contract has four years remaining. with 53%; South Africa, 20%; and generate power in those times. So While pleased to have Glencore Russia, 17%. Others accounted for when the wind is blowing and the as a partner to market the product, the remaining 10%. sun is shining, you want to gener- Smith points out that Glencore only The global supply in 2014 was ate as much power as possible. That needs the V2O5 to be 98% pure, and 95,000 tonnes. Largo’s CEO reckons power is stored in these vanadium pays market price for that. supply should be 15,000 to 20,000 redox batteries,” Smith says. This doesn’t reflect the value of tonnes less this year, given the recent Given the estimated uptick in de- the quality of Largo’s 99.5% V2O5 slump in vanadium prices, which mand and decrease in supply, Largo product, Smith says. “And we think sank to US$2.40 per lb in December projects a deficit in the vanadium it deserves a better price.” 2015. This resulted in bankruptcies market should emerge in 2018, as Building But he notes there has been much in South Africa, steel furnace shut- supply fails to meet demand. This interest for the company’s high- downs in China and the Chinese should help push up the vanadium a Green quality vanadium from producers, importing iron ore for their steel price near US$5 per pound. including Japanese steelmakers and production, as iron ore prices also But for now, Largo is focused vanadium redox battery-makers. were pummelled. on sustaining the mine’s produc- Economy About 64% of vanadium’s global tion rate, bringing down costs and V is for vanadium supply is a co-product of iron ore, improving safety. The company is Vanadium is the twenty-third ele- with China being the largest co- the region’s largest employer, with ment on the periodic table. Spanish- producer. “The problem is that now, 303 employees and 280 contractors. Mexican mineralogist Andres Manu- iron ore prices have come down The employees reside in Maracas, el del Rio Fernandez first discovered so badly, they can’t sell this stuff with Largo bussing them from the it in 1801 and named it erythronium, because it is too expensive,” Camp- town to site. but dismissed it, thinking it was bell says. After the tour of the Maracas impure chromium. Swedist chemist Iron ore mined in China costs Menchen operation, Smith reveals Nils Sefstrom rediscovered it in 1830, US$125 per tonne, exceeding the that “people always ask me what I and fittingly called it Vanadis, after spot price of US$52 per tonne. Due like about Brazil, and I tell them: the the Scandinavian goddess of beauty. to expensive domestic production, people. They are warm and friendly, TSXV: LMR OTCQX: LMRMF Oxidized vanadium undergoes co- Chinese steelmakers have been and if you give them the resources, lour changes when shaken with a importing seaborne iron ore from they will do their best. It’s all smiles www.lomiko.com • www.lomikotechnologies.com zinc-mercury amalgam. Brazil and Australia, which costs here.” The yellow solution turns green, US$50 per tonne to produce. Largo shares closed July 8 at 44¢, [email protected] blue and purple, as zinc adds the Largo says that as China imports within a 52-week range of 11¢ to electrons back into vanadium. more iron ore, its coproduction of 80¢. TNM

1 2 3 4 5 7 8 9 14 16_July18_Main.indd 8 2016-07-12 8:00 PM GLOBAL MINING NEWS TECHNOLOGY METALS THE NORTHERN MINER / JULY 18–24, 2016 9

PLUGGED IN TECH-METAL JUNIORS Exploration and development on the cutting edge From graphite to vanadium, high- through 2022. tech minerals and metals are sure to The company expects to restart see growing use in the future from production at its fully permitted applications such as smart phones, cars Sunday mine complex in Colorado and energy storage. Here’s a look at a this year. few of the juniors that are getting ready to meet that demand. Western Uranium also has six other past-producing mines in Colorado AVALON ADVANCED MATERIALS and Utah. In addition, through its takeover of Avalon Rare Metals has become Black Range Minerals last year, the Avalon Advanced Materials (TSX: company acquired proprietary in situ AVL), reflecting the junior’s focus on uranium extraction technology called lithium and tin-indium. “ablation.” In preparation for a preliminary The junior plans to use the low-cost, economic assessment (PEA) at its environmentally friendly technology Separation Rapids lithium project near at its Sunday Complex and market it Kenora, Ont., Avalon is developing a to other miners. hydrometallurgical process to make The Sunday Complex contains lithium hydroxide for use in lithium measured and indicated resources of ion batteries from petalite. 1 million lb. U3O8 and 6.1 million lb.

The junior aims to complete a V2O5 in 203,170 short tons grading

feasibility study next year. Separation 0.25% U3O8 and 1.49% V2O5. Inferred Rapids hosts a historic resource of 10 resources add 264,604 tons at 0.36% U O and 2.16% V O . million tonnes grading 1.4% Li2O. 3 8 2 5 Avalon is also working on a PEA at its past-producing East Kemptville tin- ZENYATTA VENTURES indium project near Yarmouth, Nova Scotia. Drillers at Pure Energy Minerals’ Clayton Valley lithium project in Nevada. PURE ENERGY MINERALS Responding to requests from potential clients for more graphite East Kemptville contains 18.5 million pentoxide sourced by its subsidiary samples from its Albany project in indicated tonnes grading 0.176% in the Democratic Republic of the northern Ontario, Zenyatta Ventures tin, 0.17% zinc and 0.064% copper. Congo, United Materials Congo. In (TSXV: ZEN) is building a pilot plant for Inferred resource adds 17 million June, United signed a deal with a the project. tonnes grading 0.15% tin, 0.12% zinc local mining co-operative to supply The plant will also help the junior and 0.06% copper. technical expertise and equipment determine the most efficient flow in return for exclusive access to local sheet for Albany’s ultra high-purity, production of tantalum. COMMERCE RESOURCES hydrothermal graphite — information Tantalex has already received its that will be required for an upcoming Commerce Resources (TSXV: CCE) first 1,500 kg shipment of Ta O and prefeasibility study. is working on a prefeasibility study 2 5 arranged for buyers. for its Ashram rare earth project in A PEA last June projected that 30,000 northern Quebec’s Nunavik region. The junior has a phased agreement tonnes of high-purity (99.9%) graphite to acquire prospecting licences could be produced annually at Albany In June, the junior received a grant in Namibia from Reydev Mining. over a 22-year mine life for an initial from Quebec’s mines ministry and However no work has been capex of US$412 million. The open-pit from the Fonds de recherche du completed on the project in the last mine would have an after-tax NPV of Quebec, Nature et technologie, year and future work will depend on US$438 million (at a 10% discount to study and optimize tailings funding. It’s also attempting to renew rate) and a 24% IRR. management at Ashram. the licence at its Mayoko tantalum- Albany hosts indicated resources of The Ashram prefeasibility study will niobium project in the DRC. 25.1 million tonnes grading 3.9% include results from the tailings study, graphitic carbon for 977,000 tonnes as well as an updated resource. graphite. Inferred resources add 20.1 A seam hosting 2% uranium and high-grade vanadium (the black rock) at Western WESTERN URANIUM Measured resources at the project Uranium’s past-producing Sunday mine in Colorado. WESTERN URANIUM million tonnes grading 2.2% graphitic total 1.6 million tonnes grading 1.77% Earlier this year, Western Uranium carbon. total rare earth oxides (TREO), 28 NEMASKA LITHIUM for lithium-ion batteries. The five-year (CSE: WUC) landed a uranium supply million indicated tonnes grading 1.9% supply deal depends on Pure Energy contract with a U.S. utility for delivery Soon to graduate to the TSX, TREO and 220 million tonnes of 1.88% showing the technical and economic beginning in 2018 and lasting Nemaska Lithium (TSXV: NMX) is TREO. viability of Clayton Valley South. building a $38-million first-phase A 2012 PEA estimated that an open- production plant at its Whabouchi The junior is testing a processing pit mine at Ashram would have a 25- spodumene project in Quebec. technology that could dramatically year life and cost $763 million to build. speed up production from lithium The plant, which will produce The study calculated a $2.3-billion brines. If test work is positive, it will 500 tonnes of high-purity lithium pre-tax net present value and 44% be included in the PEA, along with an hydroxide annually using a internal rate of return (IRR). updated resource. proprietary process, should be Global recruitment and Commerce also holds the Upper Fir complete before year-end. Clayton Valley South hosts inferred tantalum-niobium deposit in British resources of 816,000 tonnes The plant will be partly funded by compensation advisory Columbia. lithium carbonate equivalent in five a $12-million advance payment for mineralized zones of varying grades - 35 years in mining and metals Whabouchi product from Johnson and saturated thicknesses. - 4,500+ completed searches Matthey Battery Materials and a LOMIKO METALS - 93% retention rate $13-million grant from Sustainable Lomiko Metals (TSXV: LMR) is Development Technology Canada. - 60 global offices planning a resource update for the La TANTALEX RESOURCES Loutre graphite project in Quebec this Nemaska plans to bring a strategic Tantalex Resources (CSE: TTX) is now Email [email protected] or summer. partner on board to help finance the in the business of supplying tantalum project to commercial production. visit bedfordresources.com today An initial resource released in February pegged indicated resources The junior expects to start at La Loutre at 18.4 million indicated construction of the mine, tonnes of flake graphite grading concentrator and hydromet plant 3.19% graphitic carbon. Inferred in early 2017, with commercial resources add 16.7 million tonnes production starting in the third grading 3.75% graphitic carbon. quarter of 2018. The updated resource will include A recent feasibility study pegged a high-grade zone that returned up initial capex at Whabouchi at $549 to 28.5 metres of 16.53% graphitic million, with a $1.2-billion after-tax carbon. NPV, 30.3% IRR and 26-year mine life. Probable reserves stand at 27.3 million Lomiko has a right to earn up to 100% tonnes grading 1.53% Li O. of La Loutre and the nearby Lac des 2 Îles project from Canada Strategic Metals. PURE ENERGY MINERALS In April, Lomiko also acquired the Pure Energy Minerals (TSXV: PE) right to earn up to 70% interest in expects to release a preliminary Critical Elements’ Bourier lithium economic assessment for its Clayton project in Quebec. Valley South lithium brine project in Lomiko also owns 40% of Graphene Nevada before year-end. Energy Storage Devices. The company landed a deal last September to supply electric carmaker Tesla with lithium hydroxide

1 2 3 4 5 7 8 9 14 16_July18_Main.indd 9 2016-07-12 8:00 PM 10 JULY 18–24, 2016 / THE NORTHERN MINER WWW.NORTHERNMINER.COM

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: JULY 4–8, 2016 STOCK TABLES

(100s) Week 12-month (100s) Week 12-month (100s) Week 12-month (100s) Week 12-month Stock Exc Volume High Low Last Change High Low Stock Exc Volume High Low Last Change High Low Stock Exc Volume High Low Last Change High Low Stock Exc Volume High Low Last Change High Low

Barrick Gold T 22629 30.45 28.22 29.08 + 1.50 30.45 7.89 Cougar Mnls V 37 0.52 0.48 0.52 + 0.04 0.82 0.08 Gold Bulln Dev V 1848 0.10 0.08 0.09 + 0.01 0.16 0.02 A Barrick Gold* N 118631 23.47 21.65 22.32 + 0.11 23.47 5.91 Crazy Horse Res V 231 0.02 0.02 0.02 + 0.01 0.07 0.01 Gold Fields* N 28087 5.73 5.11 5.66 + 0.48 5.56 2.04 92 Resources V 1272 0.18 0.15 0.17 - 0.02 0.28 0.03 Barsele Min* O 29 0.61 0.54 0.60 + 0.06 0.61 0.05 Cresval Cap V 33 0.05 0.04 0.05 + 0.01 0.06 0.01 Gold Jub Cap V 547 0.15 0.13 0.14 - 0.01 0.28 0.07 Abacus Mng &Ex V 904 0.05 0.05 0.05 + 0.01 0.08 0.04 Barsele Min V 490 0.92 0.73 0.92 + 0.17 0.84 0.08 Critical Elem* O 512 0.51 0.41 0.41 - 0.10 0.58 0.10 Gold Lakes* O 1088 1.22 0.94 1.20 + 0.09 1.25 0.03 Abcourt Mines* O 110 0.10 0.08 0.09 + 0.01 0.10 0.02 Batero Gold V 968 0.20 0.14 0.19 + 0.05 0.20 0.05 Critical Elem V 1816 0.64 0.50 0.56 - 0.07 0.75 0.14 Gold Mng USA* O 1837 0.01 0.01 0.01 - 0.00 0.19 0.01 Abcourt Mines V 4213 0.13 0.11 0.12 + 0.02 0.13 0.03 Battle Mtn Gld V 353 0.63 0.53 0.55 - 0.03 0.68 0.09 Crown Mining V 96 0.17 0.10 0.16 - 0.01 0.20 0.03 Gold Mtn Mng V 2303 0.27 0.12 0.27 + 0.15 0.18 0.02 Aben Res* O 89 0.14 0.12 0.13 + 0.01 100.52 0.03 Battle Mtn Gld* O 68 0.49 0.42 0.42 - 0.04 0.52 0.06 Crystal Pk Min* O 8 0.27 0.24 0.24 - 0.02 0.32 0.11 Gold Reach Res V 432 0.19 0.14 0.15 - 0.04 0.21 0.08 Aben Res V 798 0.18 0.14 0.17 + 0.04 0.21 0.06 Bayhorse Silvr* O 61 0.12 0.10 0.12 + 0.02 0.14 0.03 Crystal Pk Min V 86 0.35 0.00 0.32 - 0.02 0.42 0.13 Gold Reserve* O 314 4.64 3.92 4.00 - 0.45 5.90 2.19 Aberdeen Intl* O 111 0.13 0.00 0.11 - 0.02 0.16 0.07 Bayswater Uran* O 17 0.04 0.00 0.04 + 0.01 0.05 0.00 Currie Rose Rs V 280 0.02 0.02 0.02 + 0.01 0.03 0.01 Gold Reserve V 159 5.95 5.10 5.20 - 0.75 8.00 3.06 Aberdeen Intl T 345 0.18 0.15 0.16 - 0.01 0.24 0.10 Bayswater Uran V 3334 0.07 0.04 0.07 + 0.02 0.06 0.01 Cypress Dev V 462 0.16 0.14 0.16 + 0.01 0.20 0.02 Gold Resource* X 6660 4.86 3.61 4.86 + 0.96 4.69 1.14 Abitibi Royalt V 111 9.95 8.27 9.95 + 1.79 9.90 1.53 BCM Res V 25 0.24 0.17 0.24 + 0.09 0.32 0.02 Cypress Dev* O 104 0.12 0.11 0.12 + 0.01 0.16 0.01 Gold Ridge Exp V 188 0.11 0.09 0.09 - 0.01 0.14 0.01 ABT Holdings* O 5 0.70 0.00 0.62 - 0.07 0.81 0.05 Bear Creek Mng V 2067 3.77 3.10 3.30 + 0.39 3.77 0.50 Cyprium Mng V 2646 0.10 0.07 0.10 + 0.04 0.19 0.06 Gold Std Vents* X 4768 2.10 1.65 1.89 - 0.06 2.10 0.26 Acacia Mining* O 1 6.82 6.25 6.82 + 0.57 6.82 2.40 Bearclaw Cap V 344 0.04 0.03 0.04 - 0.01 0.06 0.02 Gold Std Vents V 1144 2.73 2.15 2.44 + 0.04 2.73 0.40 Adamera Mnls V 1643 0.11 0.09 0.11 + 0.01 0.14 0.01 Beaufield Res* O 130 0.11 0.09 0.11 + 0.00 0.11 0.02 Gold Torrent* O 43 0.69 0.40 0.69 + 0.24 0.62 0.14 Adamera Mnls* O 154 0.09 0.00 0.09 + 0.01 0.10 0.01 Beaufield Res V 650 0.15 0.12 0.13 + 0.01 0.15 0.03 D-F Goldbelt Emp V 363 0.05 0.04 0.05 - 0.01 0.10 0.02 Bell Copper V 70 0.06 0.04 0.05 - 0.01 0.07 0.01 Adriana Res V 499 0.12 0.11 0.11 + 0.01 0.15 0.08 Dajin Res V 1014 0.19 0.15 0.17 - 0.02 0.30 0.06 Goldcliff Res V 675 0.04 0.00 0.04 + 0.01 0.04 0.01 Advance Gold V 38 0.07 0.00 0.06 - 0.01 0.10 0.01 Bellhaven Cp&G V 68 0.30 0.00 0.23 - 0.02 0.40 0.03 Dajin Res* O 1808 0.15 0.12 0.13 - 0.02 0.24 0.04 Goldcorp T 17566 26.56 25.14 25.99 + 1.27 26.56 13.55 African Gold V 5098 0.10 0.08 0.09 + 0.01 0.11 0.03 Bellhaven Cp&G* O 19 0.18 0.17 0.18 - 0.00 0.27 0.02 Dakota Ter Res* O 127 0.12 0.00 0.10 - 0.00 0.20 0.05 Goldcorp* N 42188 20.38 19.29 19.93 + 0.25 20.38 9.46 African Queen V 1841 0.12 0.10 0.11 + 0.01 0.14 0.01 Belmont Res V 2548 0.11 0.08 0.09 + 0.01 0.12 0.02 Daleco Res* O 82 0.04 0.03 0.03 - 0.01 0.10 0.01 Golden Arrow V 5684 1.19 0.82 0.92 + 0.15 1.19 0.17 Africo Res T 110 1.03 0.00 1.02 - 0.01 1.05 0.30 Belo Sun Mng T 7271 1.10 0.89 0.96 + 0.09 1.10 0.15 Dalradian Res* O 746 0.85 0.73 0.80 - 0.03 1.04 0.45 Golden Cariboo V 100 0.08 0.07 0.08 - 0.01 0.08 0.03 Agave Silver* O 21 0.08 0.06 0.06 - 0.01 0.08 0.01 Belvedere Res V 152 0.06 0.05 0.05 - 0.01 0.09 0.01 Dalradian Res T 6839 1.09 0.98 1.06 + 0.08 1.32 0.62 Golden Dawn Ml V 2134 0.21 0.19 0.19 - 0.01 0.21 0.07 Agave Silver V 208 0.12 0.08 0.08 + 0.01 0.12 0.01 Berkeley Egy* O 13 0.52 0.47 0.51 + 0.04 0.55 0.31 Damara Gold V 297 0.06 0.00 0.06 + 0.02 0.12 0.04 Golden Dawn Ml* O 31 0.14 0.13 0.14 + 0.01 0.14 0.06 Agnico Eagle T 4232 73.32 70.55 72.84 + 3.70 73.32 27.63 Besra Gold* O 743 0.00 0.00 0.00 - 0.00 0.02 0.00 Danakali* O 340 0.34 0.32 0.33 - 0.01 0.35 0.17 Golden Eagle* O 157 0.02 0.00 0.02 - 0.00 0.03 0.00 Agnico Eagle* N 10045 56.50 54.39 55.84 + 0.24 56.50 21.00 Bison Gold Res V 24 0.16 0.12 0.13 + 0.02 0.38 0.10 Darnley Bay V 245 0.15 0.12 0.12 - 0.03 0.18 0.01 Golden Goliath V 3700 0.09 0.06 0.08 + 0.02 0.14 0.01 Agrium T 1138 118.48 114.05 116.34 - 0.55 139.99 104.70 Black Hills* N 1722 64.58 61.57 62.61 - 1.47 64.58 36.81 Debut Dmds 52 0.03 0.02 0.02 - 0.01 0.03 0.01 Golden Goliath* O 251 0.06 0.04 0.06 + 0.02 0.10 0.00 Agrium* N 2462 91.96 87.62 89.25 - 1.48 107.75 79.94 Black Iron T 925 0.05 0.04 0.05 + 0.02 0.06 0.03 Decade Res V 614 0.11 0.10 0.10 - 0.01 0.13 0.01 Golden Hope* O 5 0.16 0.16 0.16 + 0.00 0.50 0.12 Alabama Graph* O 78 0.13 0.11 0.11 - 0.01 0.18 0.08 Blackheath Res V 55 0.11 0.00 0.10 - 0.03 0.21 0.08 Decade Res* O 112 0.08 0.07 0.07 - 0.01 0.10 0.00 Golden Matrix* O 8219 0.00 0.00 0.00 + 0.00 3000.00 0.00 Alacer Gold T 7480 3.64 3.22 3.41 + 0.33 3.64 2.08 Blue Rvr Res V 1352 0.05 0.04 0.05 + 0.01 0.08 0.03 Defiance Silvr* O 522 0.38 0.27 0.33 + 0.05 0.38 0.04 Golden Mnls T 1354 1.18 0.96 1.07 + 0.23 1.22 0.19 Alamos Gold T 7792 13.45 11.60 13.42 + 2.31 13.00 3.27 Blue Sky Uran V 163 0.25 0.17 0.24 + 0.06 0.31 0.04 Defiance Silvr V 1917 0.48 0.39 0.44 + 0.06 0.48 0.06 Golden Mnls* X 9051 0.91 0.66 0.84 - 0.04 0.94 0.13 Alamos Gold* N 13122 10.31 8.76 10.31 + 1.07 9.98 2.27 Bluestone Res V 16 0.13 0.12 0.12 - 0.01 0.17 0.05 Del Toro Silvr* O 350 0.00 0.00 0.00 + 0.00 0.04 0.00 Golden Peak Mn V 335 0.07 0.06 0.07 + 0.01 0.09 0.05 Alberta Star* O 56 0.21 0.18 0.18 + 0.00 0.21 0.12 Bold Vent V 345 0.06 0.05 0.06 + 0.01 0.06 0.02 Denison Mines* X 1310 0.57 0.53 0.53 - 0.01 0.67 0.35 Golden Queen* O 1064 1.47 1.25 1.38 + 0.09 1.56 0.48 Alchemist Mng 100 0.06 0.05 0.05 - 0.06 0.10 0.01 BonTerra Res* O 34 0.28 0.27 0.28 + 0.01 0.37 0.08 Desert Star V 168 0.08 0.05 0.08 + 0.03 0.16 0.03 Golden Queen T 332 1.90 1.68 1.78 + 0.15 2.00 0.65 Alcoa* N 107064 9.88 9.03 9.82 + 0.27 11.50 6.14 BonTerra Res V 1135 0.38 0.35 0.38 + 0.03 0.51 0.09 Detour Gold T 5374 35.93 33.18 34.46 + 2.14 35.93 10.62 Golden Reign V 1871 0.32 0.28 0.30 + 0.04 0.34 0.07 Alderon Iron* O 23 0.09 0.00 0.08 - 0.02 0.19 0.05 Brakpan Vents 15 0.04 0.00 0.04 + 0.01 0.06 0.02 Diamante Min* O 14 0.42 0.30 0.35 - 0.07 0.85 0.17 Golden Secret V 295 0.50 0.47 0.49 - 0.02 0.67 0.02 Aldershot Res V 106 0.05 0.04 0.04 + 0.01 0.05 0.01 Bravada Gold V 670 0.35 0.22 0.27 - 0.10 0.40 0.02 Diamcor Mng V 150 1.19 1.03 1.08 - 0.09 1.25 0.65 Golden Star T 1258 1.01 0.88 1.00 + 0.17 1.05 0.21 Aldever Res* O 12 0.08 0.06 0.06 + 0.00 0.20 0.06 Bravada Gold* O 120 0.27 0.20 0.21 - 0.05 0.31 0.01 Diamcor Mng* O 96 0.91 0.81 0.83 - 0.07 0.96 0.46 Golden Star* X 20213 0.78 0.65 0.76 + 0.07 0.84 0.14 Aldridge Mnrls V 145 0.28 0.24 0.28 + 0.04 0.27 0.12 Braveheart Res V 175 0.07 0.00 0.07 + 0.02 0.08 0.02 Dios Expl V 106 0.13 0.10 0.13 + 0.01 0.19 0.05 Golden Tag V 190 0.07 0.07 0.07 - 0.01 0.09 0.02 Aldrin Res V 108 0.12 0.11 0.11 - 0.01 0.16 0.08 Bravo Multinat* O 2092 0.03 0.02 0.02 - 0.00 0.10 0.02 Discovery-Corp V 161 0.04 0.03 0.03 - 0.02 0.08 0.03 Golden Valley V 3011 0.30 0.25 0.30 + 0.05 0.32 0.07 Alexander Nubi V 533 0.07 0.06 0.06 - 0.01 0.10 0.04 Bravura Vent 46 0.26 0.23 0.26 + 0.04 0.25 0.02 DNI Metals* O 21 0.04 0.03 0.03 - 0.00 0.10 0.03 Goldex Res V 37 0.85 0.74 0.80 - 0.05 0.90 0.10 Alexandria Min* O 642 0.06 0.05 0.06 + 0.01 0.06 0.01 Brazil Res V 5245 3.16 2.52 2.81 + 0.46 3.16 0.38 Dolly Vard Sil* O 230 0.51 0.46 0.51 + 0.03 0.56 0.08 Goldeye Expl V 621 0.05 0.04 0.05 - 0.01 0.06 0.02 Alexandria Min V 4549 0.09 0.07 0.08 + 0.01 0.09 0.02 BrightRock Gld* O 223 0.00 0.00 0.00 + 0.00 0.00 0.00 Dolly Vard Sil V 430 0.66 0.60 0.66 + 0.03 0.74 0.11 Goldgroup Mng* O 2450 0.30 0.20 0.26 + 0.04 0.30 0.03 Alexco Res* X 6212 1.99 1.67 1.83 - 0.05 1.99 0.22 Britannia Mng* O 43 0.00 0.00 0.00 - 0.00 0.01 0.00 Dominion Diam T 1144 12.09 11.25 11.70 + 0.27 17.40 9.96 Goldgroup MngT 2687 0.39 0.25 0.33 + 0.05 0.39 0.05 Alexco Res T 1633 2.73 2.15 2.35 + 0.25 2.73 0.35 Brixton Mtls* O 117 0.73 0.52 0.73 + 0.21 0.76 0.03 Dominion Diam* N 2221 9.51 8.64 8.97 - 0.49 13.32 7.27 GoldON Res V 74 0.22 0.17 0.17 - 0.05 0.36 0.03 Alianza Min V 347 0.19 0.17 0.17 - 0.02 0.21 0.10 Brixton Mtls V 262 0.95 0.70 0.94 + 0.26 0.98 0.05 Double Crn Res* O 2891 0.01 0.01 0.01 - 0.00 0.02 0.01 GoldQuest Mng V 3438 0.56 0.46 0.56 + 0.09 0.55 0.09 Alianza Min* O 167 0.15 0.13 0.13 - 0.01 0.17 0.07 Brunswick Res V 14 0.03 0.02 0.03 + 0.01 0.04 0.01 Doubleview Cap V 530 0.10 0.08 0.08 - 0.01 0.16 0.06 Goldrea Res* O 22 0.08 0.07 0.07 - 0.01 0.08 0.02 Alix Res V 1809 0.11 0.09 0.09 - 0.02 0.18 0.04 Bryn Res* O 55 0.01 0.01 0.01 + 0.00 0.01 0.00 DRDGOLD* N 5814 8.80 5.99 8.75 + 2.29 8.29 1.10 Goldrock Mines V 2581 1.53 1.23 1.47 + 0.27 1.44 0.15 Alliance Mng V 1393 0.03 0.02 0.02 - 0.01 0.04 0.01 Buccaneer Gold V 50 0.03 0.03 0.03 - 0.01 0.04 0.02 Duncan Park H V 2510 0.02 0.02 0.02 + 0.01 0.02 0.01 Goldsource Min*O 1443 0.40 0.36 0.40 + 0.04 0.40 0.11 Alliance Res* D 1716 18.28 15.50 17.47 + 1.50 26.18 9.95 Buenaventura* N 9529 13.00 11.72 12.96 + 0.58 12.91 3.30 Dundee Prec Mt T 2483 3.75 3.15 3.44 + 0.36 3.75 0.84 Goldsource MinV 1968 0.52 0.47 0.52 + 0.04 0.51 0.13 Alloycorp Mng* O 1 0.03 0.00 0.03 - 0.04 0.07 0.04 Bullfrog Gold* O 549 0.10 0.07 0.09 + 0.02 0.10 0.01 Duran Vent * O 28 0.08 0.00 0.08 + 0.00 0.09 0.07 Goldstar Mnls V 38 0.05 0.04 0.05 + 0.01 0.07 0.01 Alloycorp Mng V 1223 0.07 0.04 0.05 - 0.04 0.30 0.04 Bullion Gld Res V 15 0.12 0.00 0.12 + 0.04 0.15 0.05 Dynacor Gld Mn T 306 2.14 2.04 2.06 - 0.04 2.32 1.30 Goldstrike Res V 3943 0.26 0.19 0.23 + 0.04 0.34 0.07 Almaden Mnls* X 5000 1.83 1.43 1.47 - 0.19 1.83 0.48 Burey Gold* O 387 0.06 0.00 0.06 + 0.02 0.06 0.04 DynaResource* O 1 1.50 1.41 1.41 - 0.09 2.00 0.80 GoldTrain Res 4 0.13 0.00 0.13 + 0.01 0.20 0.08 Almaden Mnls T 512 2.30 1.89 1.93 - 0.17 2.30 0.65 Dynasty Gold V 841 0.02 0.02 0.02 + 0.01 0.02 0.01 GoviEx Uranium* O 210 0.16 0.08 0.13 + 0.05 0.16 0.08 Almadex Min V 384 0.45 0.39 0.45 + 0.06 0.46 0.13 Dynasty Met&Mn* O 99 0.15 0.10 0.14 + 0.05 0.48 0.08 GoviEx Uranium 1519 0.20 0.10 0.17 + 0.07 0.20 0.04 Almadex Min* O 361 0.35 0.29 0.35 + 0.05 0.36 0.01 C Gowest Gold* O 510 0.16 0.12 0.14 + 0.02 0.16 0.04 Dynasty Met&Mn T 1754 0.19 0.14 0.18 + 0.03 0.60 0.10 Gowest Gold V 3159 0.20 0.16 0.18 + 0.02 0.20 0.05 Almonty Ind V 79 0.31 0.28 0.29 - 0.02 0.86 0.21 Cache Expl V 40 0.11 0.10 0.10 - 0.01 0.16 0.06 Eagle Graphite* O 106 0.05 0.03 0.04 - 0.00 0.06 0.01 Alpha Nat Res* O 7002 0.02 0.01 0.01 - 0.00 0.27 0.01 GPM Metals V 1043 0.53 0.44 0.45 + 0.02 0.50 0.08 Cadan Res V 97 0.06 0.05 0.05 - 0.01 0.09 0.03 Eagle Plains V 529 0.16 0.15 0.16 - 0.01 0.17 0.05 Gran Colombia* O 1112 0.12 0.07 0.11 + 0.02 0.24 0.04 Alphamin Res V 463 0.28 0.27 0.27 - 0.01 0.28 0.14 Cadillac Vent V 318 0.04 0.04 0.04 + 0.01 0.04 0.01 East Africa V 1969 0.25 0.19 0.23 + 0.04 0.25 0.03 Alset Energy V 1390 0.53 0.41 0.43 - 0.03 0.84 0.02 Gran Colombia T 39734 0.16 0.10 0.14 + 0.04 0.31 0.06 Caledonia Mng* Q 171 1.21 0.97 1.08 + 0.11 1.21 0.48 East Africa * O 0 0.18 0.00 0.18 + 0.05 0.18 0.02 Grande Portage V 55 0.09 0.09 0.09 + 0.01 0.14 0.04 Alta Vista Vnt 798 0.07 0.00 0.06 + 0.02 0.25 0.02 Caledonia Mng T 379 1.59 1.29 1.39 + 0.14 1.59 0.66 Eastern Platin* O 55 0.82 0.72 0.72 - 0.10 1.21 0.47 Altai Res V 673 0.05 0.04 0.04 - 0.01 0.09 0.03 Graphite Corp* O 106 0.01 0.01 0.01 - 0.00 0.02 0.00 Calibre Mng V 10657 0.27 0.15 0.23 + 0.09 0.27 0.06 Eastern Platin T 721 1.08 0.91 0.93 - 0.13 1.65 0.61 Graphite One V 4818 0.10 0.08 0.08 - 0.02 0.18 0.07 Altair Res Inc V 262 0.26 0.22 0.23 - 0.02 0.70 0.06 Calico Res V 2263 0.17 0.13 0.17 + 0.04 0.17 0.06 Eastfield Res V 171 0.04 0.00 0.04 + 0.01 0.05 0.02 Altan Nev Mnls V 1382 0.04 0.02 0.03 + 0.01 0.05 0.01 Graphite One* O 1496 0.09 0.06 0.06 - 0.03 0.14 0.05 California Gld V 271 0.71 0.58 0.65 - 0.02 1.80 0.20 Eco Oro Mnls T 367 0.41 0.27 0.34 + 0.05 0.70 0.25 Gray Rock Res V 60 0.06 0.04 0.06 + 0.02 0.09 0.02 Alternative ER V 20 0.06 0.00 0.06 - 0.01 0.08 0.03 Callinex Mines V 648 0.38 0.33 0.34 - 0.02 0.54 0.23 Ecuador Gold V 91 0.40 0.31 0.31 - 0.02 0.48 0.10 Alternative ER* O 5 0.06 0.04 0.04 - 0.01 0.06 0.02 Great Panther T 5147 2.60 1.94 1.97 - 0.17 2.82 0.40 Callinex Mines* O 566 0.30 0.25 0.26 - 0.03 0.44 0.17 Ecuador Gold* O 16 0.31 0.30 0.30 + 0.02 0.33 0.13 Great Panther* X 25637 2.00 1.50 1.52 - 0.20 2.25 0.30 Altitude Res V 15 0.08 0.08 0.08 + 0.01 0.21 0.02 Cameco Corp* N 7427 11.05 10.34 10.57 - 0.36 14.79 10.31 Edgewater Expl V 110 0.03 0.02 0.03 - 0.01 0.04 0.01 Altius Mnrls T 271 11.11 10.17 10.27 - 0.53 14.52 7.39 Great Quest Fe V 35 0.18 0.14 0.17 + 0.03 0.53 0.11 Cameco Corp T 3995 14.39 13.47 13.78 - 0.41 19.32 13.47 Edgewater Expl* O 36 0.02 0.02 0.02 + 0.00 0.03 0.01 Great Quest Fe* O 9 0.13 0.09 0.13 + 0.04 0.39 0.09 Alto Vent V 307 0.07 0.05 0.06 - 0.01 0.09 0.02 Camino Mnls V 67 0.21 0.14 0.20 + 0.02 0.21 0.07 El Capitan Prc* O 1947 0.05 0.04 0.04 - 0.00 0.10 0.03 Alturas Mnrls V 286 0.03 0.00 0.03 + 0.01 0.02 0.01 Great Rock Dev* O 10 0.01 0.00 0.01 + 0.00 0.02 0.00 Camino Mnls* O 3 0.16 0.00 0.16 + 0.02 0.16 0.05 Elcora Res V 138 0.43 0.38 0.38 + 0.02 0.75 0.15 Great Thunder V 7135 0.16 0.09 0.13 + 0.04 0.24 0.01 Alumina Inc* O 65 4.01 3.86 3.99 + 0.02 4.73 2.70 Canada Coal V 15 0.03 0.03 0.03 - 0.01 0.05 0.01 Eldorado Gold* N 34454 5.07 4.57 5.04 + 0.33 5.16 1.87 ALX Uranium V 494 0.10 0.09 0.10 + 0.02 0.15 0.06 Eldorado Gold T 23057 6.59 6.05 6.57 + 0.76 6.65 2.67 Green Valley M V 283 0.02 0.02 0.02 - 0.01 0.05 0.01 Canadian Zeol* O 50 0.30 0.23 0.30 + 0.05 0.30 0.06 Greencastle RsV 286 0.15 0.12 0.15 + 0.02 0.14 0.05 ALX Uranium* O 100 0.08 0.06 0.07 + 0.01 0.10 0.03 Canadian Zeol V 1173 0.41 0.32 0.38 + 0.07 0.41 0.07 Eloro Mnrls V 86 0.35 0.28 0.35 + 0.06 0.33 0.09 Am Creek Res V 1085 0.11 0.09 0.11 + 0.02 0.12 0.03 Ely Gold & Mnl V 182 0.14 0.12 0.14 + 0.02 0.17 0.04 Greenland M&En* O 128 0.03 0.01 0.02 - 0.01 0.17 0.00 CanAlaska Uran V 1181 1.55 1.27 1.45 + 0.10 1.55 0.09 Greenshield ExV 2 0.03 0.00 0.03 - 0.01 0.05 0.01 Am CuMo Mng V 987 0.12 0.11 0.12 - 0.01 0.16 0.06 CanAlaska Uran* O 328 1.15 0.95 1.13 + 0.11 1.20 0.06 Emerita Res V 1054 0.09 0.07 0.08 - 0.01 0.17 0.02 Am CuMo Mng* O 60 0.09 0.08 0.09 + 0.00 0.12 0.04 Empire Rock V 37 0.25 0.22 0.25 + 0.02 0.27 0.04 Grizzly Discvr V 132 0.06 0.05 0.05 - 0.01 0.10 0.01 Canamex Res* O 545 0.05 0.04 0.04 - 0.01 0.05 0.02 Grizzly Gold* O 96 0.21 0.10 0.19 - 0.01 0.21 0.01 AM Gold V 65 0.20 0.00 0.17 - 0.03 0.45 0.07 Canarc Res T 4267 0.09 0.08 0.09 + 0.02 0.15 0.04 Encanto Potash V 1496 0.11 0.09 0.10 + 0.01 0.18 0.05 Am Manganese* O 209 0.05 0.03 0.04 - 0.00 0.05 0.01 Endeavour Mng T 2679 24.58 22.45 24.56 + 2.63 24.42 4.35 Group Ten Mtls V 5342 0.06 0.02 0.04 + 0.02 0.06 0.01 Canarc Res* Q 2385 0.09 0.06 0.07 - 0.01 0.12 0.03 GTA Res & Mng V 1128 0.10 0.08 0.10 + 0.02 0.10 0.02 Amador Gold V 1003 0.01 0.00 0.01 + 0.01 0.02 0.01 Canasil Res V 1481 0.49 0.43 0.49 + 0.05 0.48 0.03 Endeavour Mng* O 134 18.88 16.98 18.80 + 1.63 18.88 4.40 Amarc Res V 360 0.10 0.08 0.10 + 0.02 0.11 0.04 Endeavr Silver* N 18030 4.72 3.99 4.70 + 0.63 4.67 1.00 Guerrero Vents V 341 0.03 0.00 0.02 - 0.01 0.04 0.01 Cancana Res V 190 0.19 0.17 0.19 + 0.01 0.29 0.13 Gungnir Res V 555 0.05 0.04 0.04 + 0.01 0.05 0.01 Amarillo Gold V 556 0.42 0.31 0.38 + 0.08 0.42 0.04 Candelaria Mg V 172 0.21 0.16 0.17 - 0.03 0.21 0.06 Endeavr Silver T 3375 6.14 5.19 6.12 + 1.04 6.04 1.46 Amato Expl V 292 0.07 0.05 0.05 - 0.02 0.07 0.01 Endurance Gold V 456 0.06 0.06 0.06 - 0.01 0.08 0.02 Gungnir Res* O 347 0.04 0.03 0.04 - 0.00 0.04 0.00 Candente Coppr T 1203 0.16 0.12 0.14 + 0.02 0.16 0.03 Gunpoint Expl V 10 0.32 0.28 0.28 + 0.01 0.32 0.13 Amazing OG* O 19 0.65 0.50 0.65 + 0.05 1.18 0.29 Candente Gold V 794 0.09 0.05 0.08 + 0.03 0.09 0.01 Energizer Res* O 310 0.06 0.05 0.06 - 0.00 0.10 0.03 Amer Vanadium V 341 0.03 0.03 0.03 - 0.01 0.10 0.02 Energizer Res T 2120 0.08 0.07 0.08 + 0.01 0.13 0.03 Guyana Gldflds T 6503 9.63 9.01 9.32 + 0.06 10.35 2.48 Candente Gold* O 10 0.06 0.05 0.05 + 0.02 0.06 0.00 Hard Creek Ni V 96 0.04 0.03 0.04 + 0.01 0.06 0.01 American Lith V 487 0.93 0.68 0.68 - 0.19 1.62 0.05 CaNickel Mng V 110 0.10 0.00 0.10 + 0.03 0.14 0.03 Energy Fuels* X 857 2.43 2.20 2.26 - 0.13 4.71 1.81 American Pot* O 1 0.03 0.00 0.03 - 0.05 0.24 0.03 Energy Fuels T 406 3.13 2.86 2.96 + 0.05 6.09 2.47 Hard Creek Ni* O 5 0.02 0.02 0.02 - 0.00 0.05 0.00 Canoe Mng Vent V 405 0.04 0.03 0.04 + 0.01 0.09 0.02 Harmony Gold* N 31668 4.47 3.74 4.46 + 0.57 4.42 0.53 Americas Petro V 874 0.24 0.22 0.24 + 0.01 0.31 0.15 Canstar Res V 470 0.12 0.09 0.10 - 0.01 0.12 0.03 Engold Mines V 139 0.05 0.04 0.05 - 0.01 0.08 0.02 Americas Silvr T 10040 0.45 0.39 0.40 + 0.04 0.45 0.09 Entree Gold* X 666 0.32 0.30 0.30 - 0.01 0.40 0.17 Harte Gold T 3534 0.31 0.29 0.30 + 0.01 0.35 0.05 Canterra Mnls V 231 0.07 0.06 0.07 + 0.01 0.07 0.03 Hawkeye Gld&Di V 338 0.08 0.06 0.06 - 0.02 0.10 0.03 Americas Silvr* O 2729 0.34 0.29 0.32 + 0.00 0.34 0.04 Cantex Mn Dev V 178 0.10 0.05 0.07 - 0.02 0.10 0.03 Entree Gold T 471 0.43 0.38 0.40 + 0.01 0.53 0.25 Amerigo Res* O 38 0.13 0.11 0.12 + 0.00 0.34 0.07 Equitas Res V 16306 0.13 0.08 0.12 + 0.04 0.22 0.05 Hawkeye Gld&Di* O 80 0.07 0.05 0.05 - 0.01 0.07 0.05 Canyon Copper V 187 0.03 0.02 0.03 + 0.01 0.04 0.01 Hecla Mining* N 50100 6.08 5.20 6.05 + 0.61 5.77 1.45 Amex Expl V 1416 0.05 0.03 0.04 - 0.01 0.08 0.02 Canyon Gold* O 147 0.20 0.06 0.08 - 0.04 0.54 0.02 Equitas Res* O 608 0.10 0.06 0.08 + 0.01 0.17 0.02 AMI Res V 98 0.09 0.00 0.09 + 0.01 0.09 0.03 Equitorial Ex V 1495 0.06 0.05 0.06 + 0.02 0.13 0.02 Hellix Vent* O 83 0.03 0.02 0.03 - 0.00 0.06 0.00 Cap-Ex Iron V 1869 0.10 0.05 0.09 + 0.04 0.07 0.01 Heron Res T 372 0.15 0.14 0.14 + 0.01 0.16 0.07 Anaconda Mng T 5537 0.11 0.08 0.10 + 0.02 0.11 0.04 Capstone Mng T 5820 0.96 0.82 0.87 + 0.02 1.20 0.27 Era Res Inc V 17 0.37 0.28 0.37 + 0.08 0.50 0.09 Anaconda Mng* O 278 0.08 0.06 0.06 + 0.00 0.08 0.02 Erdene Res Dev T 1615 0.36 0.30 0.33 + 0.01 0.55 0.11 Heron Res* O 356 0.13 0.11 0.11 - 0.02 0.13 0.05 Caracara Silvr V 8926 0.02 0.01 0.02 + 0.01 0.02 0.01 Highbank Res V 1803 0.06 0.05 0.05 - 0.01 0.21 0.04 Anconia Res V 156 0.07 0.06 0.06 - 0.01 0.08 0.01 Cardero Res T 120 0.25 0.18 0.19 - 0.04 0.26 0.08 Erdene Res Dev* O 43 0.28 0.24 0.27 + 0.03 0.42 0.08 Anfield Nickel V 1586 1.60 1.32 1.49 + 0.19 1.79 0.52 Erin Ventures* O 31 0.03 0.03 0.03 + 0.00 0.08 0.03 Highland Copp V 77 0.09 0.09 0.09 + 0.01 0.18 0.07 Cardero Res* O 48 0.17 0.13 0.14 - 0.03 0.18 0.05 Hinterland Mtl V 554 0.06 0.05 0.05 - 0.01 0.12 0.01 Anfield Res* O 100 0.20 0.00 0.20 + 0.04 0.20 0.06 Cariboo Rose V 198 0.08 0.07 0.08 + 0.01 0.08 0.03 Erin Ventures V 340 0.05 0.04 0.04 - 0.01 0.11 0.04 Angel Gold* O 26 0.11 0.09 0.09 - 0.02 0.11 0.01 Eskay Mng V 357 0.26 0.21 0.25 + 0.01 0.26 0.01 Hochschild Mg* O 259 3.04 2.52 2.86 + 0.22 3.04 0.59 Carlin Gold V 139 0.04 0.04 0.04 + 0.01 0.04 0.01 Homestake Res* O 39 0.14 0.12 0.14 + 0.02 0.14 0.01 Angel Gold V 187 0.15 0.12 0.12 - 0.01 0.15 0.01 Carmax Mng V 79 0.04 0.03 0.03 - 0.01 0.06 0.02 Ethos Gold* O 63 0.32 0.30 0.30 - 0.01 0.32 0.09 Angkor Gold V 96 0.48 0.43 0.46 + 0.01 0.59 0.38 Ethos Gold V 340 0.41 0.35 0.39 - 0.01 0.41 0.13 Homestake Res V 1004 0.20 0.17 0.18 + 0.01 0.20 0.01 Carpathian Gld* O 589 0.06 0.05 0.06 + 0.01 0.07 0.00 Honey Badger E V 2474 0.05 0.03 0.05 + 0.01 0.04 0.01 Anglo American* O 49 10.02 0.00 10.02 + 0.02 13.65 3.13 Cartier Iron 233 0.11 0.08 0.10 + 0.03 0.11 0.01 Eurasian Mnls V 84 1.20 1.00 1.10 + 0.04 1.34 0.48 Anglo American* O 244 5.04 4.58 4.85 - 0.14 5.76 1.57 Eurasian Mnls* X 309 0.95 0.84 0.84 - 0.00 1.03 0.35 Houston Lake V 563 0.30 0.24 0.25 - 0.04 0.40 0.13 Cartier Res V 283 0.16 0.13 0.15 + 0.02 0.16 0.04 HudBay Mnls T 7825 6.70 6.02 6.38 + 0.21 10.33 2.26 Anglo Pac Grp T 1 1.50 1.50 1.50 + 0.02 1.90 1.07 Carube Copper V 64 0.14 0.13 0.14 + 0.01 0.20 0.05 Eureka Res V 323 0.09 0.08 0.08 - 0.02 0.13 0.04 Anglo-Can Mng V 272 0.03 0.00 0.03 + 0.01 0.03 0.01 EurOmax Res* O 61 0.32 0.31 0.31 + 0.00 0.46 0.15 Hudson Res V 147 0.42 0.40 0.42 + 0.02 0.55 0.34 Cascadero Copp V 1565 0.08 0.07 0.08 - 0.01 0.12 0.02 Hudson Res* O 32 0.32 0.29 0.29 - 0.01 0.41 0.26 AngloGold Ash* N 25835 20.94 18.71 20.84 + 1.80 20.55 5.64 Cassius Vents V 458 0.04 0.03 0.04 + 0.01 0.04 0.01 European Metal* O 10802 0.00 0.00 0.00 - 0.00 0.01 0.00 Antioquia Gold* O 31 0.07 0.06 0.06 - 0.01 0.08 0.03 Everest Vent V 12 0.88 0.80 0.83 - 0.05 0.95 0.09 Hunt Mng V 80 0.25 0.20 0.21 - 0.04 0.35 0.02 Castle Mtn Mng V 4136 0.82 0.74 0.80 + 0.05 0.82 0.18 Hunt Mng* O 31 0.17 0.14 0.17 + 0.03 0.22 0.01 Antipodes Gold V 42 0.04 0.00 0.04 + 0.01 0.04 0.01 Castle Peak Mg V 433 0.07 0.04 0.04 - 0.01 0.07 0.01 Everton Res* O 95 0.06 0.04 0.06 + 0.01 0.07 0.00 Apogee Silver V 55 0.38 0.30 0.38 + 0.10 0.58 0.11 Castle Res 48 0.28 0.00 0.28 + 0.18 1.50 0.05 Evolving Gold 80 0.44 0.37 0.43 + 0.05 0.50 0.04 Apogee Silver* O 12 0.26 0.21 0.26 + 0.05 0.45 0.08 Cava Res V 16 0.09 0.07 0.09 + 0.02 0.15 0.04 Evolving Gold* O 13 0.33 0.28 0.32 + 0.03 0.38 0.02 I-J-K Appia Energy 33 0.22 0.17 0.17 - 0.05 0.30 0.01 Caza Gold V 48 0.07 0.04 0.07 + 0.02 0.07 0.02 Excalibur Res 246 0.07 0.05 0.07 + 0.01 0.07 0.01 Apple Cap Inc V 20 0.38 0.35 0.36 - 0.05 0.44 0.15 CB Gold V 54 0.12 0.10 0.10 - 0.02 0.15 0.03 Excellon Res T 2012 1.44 1.16 1.32 + 0.09 1.44 0.20 I-Minerals V 122 0.33 0.28 0.31 + 0.03 0.37 0.16 Applied Mrnls* O 141 0.19 0.14 0.15 - 0.04 0.52 0.11 Cda Carbon* O 136 0.22 0.21 0.22 - 0.00 0.28 0.18 Excellon Res* O 308 1.04 0.89 1.02 + 0.02 1.13 0.14 I-Minerals* O 3 0.23 0.23 0.23 + 0.00 0.28 0.14 AQM Copper V 300 0.12 0.11 0.11 + 0.01 0.15 0.03 Cda Carbon V 184 0.29 0.27 0.28 + 0.01 0.42 0.23 Excelsior Mng* O 24 0.29 0.28 0.28 - 0.01 0.31 0.12 IAMGOLD* N 48741 4.89 4.23 4.84 + 0.37 4.82 1.15 Aquila Res* O 227 0.18 0.15 0.16 + 0.02 0.20 0.09 Cda Rare Earth V 288 0.03 0.03 0.03 - 0.01 0.04 0.02 Excelsior Mng V 242 0.38 0.37 0.37 + 0.01 0.40 0.19 IAMGOLD T 17495 6.37 5.63 6.33 + 0.98 6.29 1.50 Aquila Res T 133 0.23 0.20 0.23 + 0.03 0.27 0.12 Cda Strtgc Met * O 70 0.09 0.08 0.09 + 0.01 0.08 0.01 Exeter Res* X 3789 1.47 1.21 1.36 + 0.04 1.47 0.29 Iberian Mnrls V 612 0.06 0.05 0.06 + 0.01 0.11 0.04 Arak Res V 22 0.03 0.02 0.03 + 0.01 0.07 0.02 Cda Strtgc Met V 937 0.12 0.10 0.12 + 0.02 0.13 0.03 Exeter Res T 712 1.90 1.58 1.75 + 0.12 1.90 0.39 IC Potash* O 63 0.06 0.05 0.05 - 0.00 0.19 0.03 Arbitrage Expl 68 0.12 0.00 0.12 + 0.04 0.11 0.01 Cda Zinc Mtls V 674 0.25 0.20 0.25 + 0.06 0.24 0.10 Explor Res* O 397 0.13 0.10 0.13 + 0.01 0.18 0.03 IC Potash T 1429 0.08 0.07 0.08 + 0.01 0.23 0.04 Arch Coal* O 444 0.30 0.21 0.24 - 0.05 10.35 0.11 Cdn Intl Mnrls V 720 0.05 0.00 0.05 - 0.01 0.13 0.01 Explor Res V 6504 0.18 0.13 0.16 + 0.02 0.24 0.04 Iconic Mnls V 702 0.38 0.27 0.37 + 0.09 0.45 0.03 Arco Res V 70 0.08 0.07 0.07 + 0.01 0.08 0.03 Cdn Metals 123 0.28 0.00 0.26 - 0.01 0.44 0.06 Explorex Res 99 0.13 0.12 0.13 + 0.01 0.19 0.05 IDM Mining V 4979 0.26 0.20 0.24 + 0.02 0.26 0.07 Arena Mnls V 524 0.26 0.24 0.24 - 0.02 0.34 0.15 Cdn Platinum V 2599 0.03 0.02 0.02 + 0.01 0.03 0.01 Fairmont Res V 555 0.21 0.19 0.19 + 0.01 0.23 0.02 IDM Mining* O 1327 0.20 0.16 0.19 + 0.00 0.20 0.04 Argentex Mng V 657 0.12 0.08 0.12 + 0.02 0.13 0.02 Cdn Zinc T 4033 0.35 0.28 0.34 + 0.07 0.34 0.06 Falco Res V 965 1.08 0.97 0.99 + 0.03 1.25 0.21 IEMR Res V 373 0.02 0.02 0.02 - 0.01 0.06 0.01 Argentex Mng* O 805 0.09 0.06 0.09 + 0.01 0.10 0.01 Cdn Zinc* Q 1069 0.27 0.21 0.26 + 0.04 0.27 0.04 Fancamp Expl V 202 0.05 0.05 0.05 - 0.01 0.05 0.02 iMetal Res V 7 0.06 0.00 0.06 - 0.01 0.10 0.03 Argentum Silvr V 75 0.07 0.05 0.07 + 0.01 0.12 0.02 Centamin T 602 2.79 2.44 2.77 + 0.49 2.79 1.07 Finore Mng 183 0.04 0.03 0.03 - 0.02 0.06 0.01 IMPACT Silver V 1317 1.02 0.85 0.97 + 0.19 1.02 0.11 Argex Titanium T 636 0.05 0.04 0.04 - 0.01 0.17 0.02 Centenera Mng V 250 0.22 0.00 0.20 - 0.03 0.29 0.02 Fire River Gol* O 1 0.04 0.00 0.04 + 0.04 0.77 0.00 Impala Platnm* O 231 3.67 3.48 3.59 + 0.01 4.24 1.45 Argex Titanium* O 1028 0.04 0.03 0.03 - 0.01 0.12 0.01 Centenera Mng* O 10 0.22 0.16 0.16 - 0.07 0.22 0.02 Firesteel Res V 134 0.03 0.03 0.03 - 0.01 0.03 0.01 Imperial Metal* O 3 5.89 4.71 5.34 + 0.63 7.54 2.81 Argonaut Gold T 5757 4.45 3.97 4.31 + 0.51 4.45 0.78 Centerra Gold T 11400 8.13 7.20 7.56 - 0.14 8.67 5.51 Firma Holdings* O 182 0.05 0.04 0.04 - 0.00 0.25 0.02 Imperial Metal T 295 8.50 6.52 6.84 + 0.47 9.98 3.92 Argonaut Gold* O 218 3.38 2.95 3.32 + 0.30 3.38 0.53 Central Iron V 125 0.02 0.02 0.02 + 0.01 0.02 0.01 First Colombia* O 11113 0.00 0.00 0.00 - 0.00 0.00 0.00 Inca One Gold* O 266 0.04 0.03 0.04 + 0.00 0.15 0.03 Arian Silver* O 611 0.02 0.01 0.02 + 0.01 0.42 0.00 Centurion Mnls V 4040 0.06 0.05 0.06 - 0.01 0.18 0.04 First Liberty* O 3250 0.00 0.00 0.00 + 0.00 0.00 0.00 Inception Mng * O 7 0.60 0.00 0.50 - 0.10 0.66 0.20 Arianne Phosph V 175 1.00 0.93 0.98 + 0.04 1.25 0.68 Century Global T 18 0.25 0.24 0.24 + 0.01 0.36 0.15 First Majestic T 8240 20.93 18.70 20.80 + 3.25 20.05 3.50 Independence G V 1080 0.34 0.31 0.34 + 0.03 0.34 0.06 Arianne Phosph* O 45 0.77 0.71 0.77 + 0.06 0.98 0.52 Cerro Grande* O 371 0.02 0.02 0.02 + 0.00 0.05 0.00 First Majestic* N 31914 16.03 13.98 15.97 + 1.17 15.39 2.40 Independence G* O 229 0.26 0.24 0.26 + 0.02 0.26 0.04 Armor Mnrls V 40 0.85 0.40 0.52 - 0.08 0.85 0.12 Chalice Gold M T 792 0.20 0.17 0.19 + 0.04 0.21 0.09 First Mg Fin V 15217 0.95 0.80 0.87 + 0.11 0.95 0.25 Indigo Expl V 23 0.03 0.03 0.03 + 0.01 0.04 0.01 Arrowstar Res V 96 0.10 0.07 0.10 + 0.03 0.13 0.04 Chalice Gold M* O 41 0.16 0.14 0.16 + 0.02 0.15 0.08 First Mg Fin * O 12188 0.73 0.57 0.68 + 0.05 0.73 0.19 Infrastructure* O 336 0.01 0.01 0.01 - 0.00 0.02 0.01 Asanko Gold T 7963 5.89 4.90 5.54 + 0.60 5.89 1.77 Champion Iron* O 86 0.18 0.18 0.18 + 0.00 0.23 0.09 First Point T 517 0.14 0.09 0.11 + 0.02 0.14 0.04 Inspiration Mg 23 0.07 0.00 0.07 + 0.02 0.10 0.02 Asanko Gold* X 5493 4.52 3.67 4.24 + 0.34 4.53 1.27 Champion Iron T 333 0.24 0.22 0.23 + 0.01 0.30 0.11 First Quantum T 35536 10.02 9.04 9.29 + 0.22 16.48 2.15 Inspiration Mg* O 3 0.05 0.00 0.05 + 0.02 0.10 0.01 Asante Gold 79 0.26 0.15 0.15 - 0.05 0.26 0.05 Chantrell Vent V 305 0.15 0.12 0.14 - 0.01 0.18 0.06 Fission Uran T 2365 0.72 0.69 0.71 + 0.02 1.01 0.53 Intact Gold* O 35 0.08 0.05 0.06 - 0.01 0.14 0.05 Ascot Res V 943 1.42 1.18 1.25 + 0.05 1.71 0.80 Chesapeake Gld* O 246 5.03 3.99 4.03 - 0.21 5.03 1.05 Fission Uran* O 1157 0.55 0.52 0.54 + 0.00 0.80 0.39 Intact Gold V 2337 0.08 0.08 0.08 - 0.01 0.18 0.02 Ashburton Vent V 2287 0.05 0.04 0.04 - 0.01 0.07 0.01 Chesapeake Gld V 379 6.50 5.24 5.40 + 0.01 6.50 1.39 Fjordland Exp V 1270 0.14 0.10 0.13 + 0.01 0.17 0.01 Integra Gold* O 3232 0.70 0.62 0.68 - 0.00 0.70 0.18 Ashburton Vent* O 336 0.04 0.03 0.04 + 0.01 0.06 0.00 Chevron* N 36712 105.00 102.14 104.77 + 0.62 105.00 69.58 Flinders Res V 444 0.77 0.58 0.71 + 0.13 0.77 0.12 Integra Gold V 7269 0.88 0.81 0.87 + 0.07 0.86 0.23 Asiamet Res V 95 0.04 0.04 0.04 + 0.01 0.08 0.01 Chiboug Ind Mn V 883 0.13 0.07 0.07 - 0.01 0.15 0.03 Flinders Res* O 417 0.58 0.44 0.55 + 0.09 0.58 0.09 Intigold Mines V 454 0.08 0.06 0.07 - 0.01 0.22 0.06 Aston Bay V 93 0.40 0.39 0.39 - 0.01 0.49 0.10 Chieftain Mtls V 138 0.20 0.15 0.15 - 0.01 0.23 0.03 Focus Graphite V 569 0.14 0.11 0.13 + 0.03 0.30 0.07 Intl Bethl Mng V 65 0.03 0.02 0.03 + 0.01 0.10 0.02 Astorius Res V 201 0.07 0.07 0.07 + 0.01 0.07 0.01 Chilean Metals* O 369 0.15 0.11 0.15 + 0.04 0.15 0.00 Focus Vent V 665 0.11 0.09 0.10 + 0.01 0.24 0.05 Intl Lithium* O 43 0.21 0.15 0.18 + 0.03 0.55 0.01 ATAC Res V 1129 0.88 0.82 0.84 + 0.01 0.88 0.26 Chilean Metals V 125 0.19 0.14 0.18 + 0.03 0.19 0.02 Foran Mng V 354 0.23 0.20 0.20 - 0.02 0.27 0.05 Intl Lithium V 941 0.27 0.20 0.21 - 0.01 0.38 0.03 Atacama Pac Gd* O 38 0.35 0.00 0.35 + 0.02 0.35 0.09 Chimata Gold V 78 0.03 0.00 0.03 - 0.01 0.07 0.01 Formation Mtls T 331 0.54 0.49 0.50 - 0.02 0.63 0.09 Intl Millm Mng V 698 0.08 0.05 0.08 + 0.02 0.08 0.05 Athabasca Mnls V 273 0.24 0.22 0.23 - 0.04 0.62 0.15 China Gold Int T 1458 2.63 2.38 2.62 + 0.28 2.72 1.52 Forsys Metals T 609 0.06 0.06 0.06 + 0.01 0.22 0.05 Intl Montoro V 343 0.03 0.03 0.03 + 0.01 0.08 0.02 Athabasca Mnls* O 14 0.18 0.18 0.18 + 0.00 0.46 0.12 China Mnls Mng* O 100 0.01 0.00 0.01 + 0.01 0.01 0.00 Fortescue Mtls* O 26 2.96 2.70 2.96 + 0.20 2.89 1.00 Intl Samuel Ex V 461 0.10 0.00 0.10 + 0.01 0.15 0.05 Athabasca Nclr V 609 0.12 0.08 0.10 - 0.03 0.17 0.02 China Mnls Mng V 654 0.02 0.01 0.02 + 0.01 0.02 0.01 Fortuna Silvr T 5235 11.47 9.71 11.30 + 2.27 10.83 2.65 Intl Star* O 2332 0.00 0.00 0.00 + 0.00 0.00 0.00 Athena Silver* O 337 0.15 0.09 0.13 - 0.01 0.15 0.02 Cibolan Gold* O 21 0.07 0.05 0.05 - 0.01 0.15 0.03 Fortuna Silvr* N 10255 8.80 7.19 8.69 + 1.08 8.34 2.00 Intl Tower Hil* X 3217 1.05 0.82 1.02 + 0.10 1.05 0.18 Atico Mng V 832 0.48 0.45 0.47 - 0.01 0.56 0.16 CIM Intl Grp 28 1.13 1.00 1.13 + 0.01 1.50 1.00 Fortune Mnrls* O 304 0.08 0.00 0.08 + 0.00 0.11 0.01 Intl Tower Hil T 348 1.35 1.05 1.31 + 0.16 1.35 0.26 Atico Mng* O 75 0.37 0.33 0.34 - 0.03 0.43 0.12 CKR Carbon V 297 0.08 0.07 0.08 + 0.01 0.18 0.06 Fortune Mnrls T 978 0.11 0.10 0.11 + 0.01 0.14 0.02 Intrepid Pots* N 6529 1.49 1.18 1.34 - 0.10 11.17 0.65 Atlanta Gold V 128 0.09 0.00 0.08 + 0.01 0.11 0.05 Clear Mtn Res V 18 0.23 0.18 0.19 - 0.04 0.40 0.10 Forum Uranium V 962 0.10 0.09 0.09 - 0.01 0.20 0.04 INV Metals T 314 0.63 0.00 0.58 + 0.04 0.80 0.08 Atlanta Gold* O 12 0.07 0.07 0.07 + 0.01 0.09 0.03 Clifton Mng* O 708 0.12 0.11 0.12 + 0.01 0.18 0.05 Forum Uranium* O 615 0.08 0.06 0.08 + 0.02 0.14 0.03 INV Metals* O 31 0.41 0.35 0.41 + 0.07 0.58 0.08 Atlantic Gold V 733 0.76 0.69 0.76 + 0.04 0.74 0.17 Cloud Peak En* N 4032 2.29 2.03 2.22 - 0.04 4.79 1.08 Four River V 19 0.35 0.33 0.33 - 0.03 0.39 0.05 Inventus Mg V 152 0.34 0.30 0.31 - 0.02 0.35 0.02 Atlatsa Res T 124 0.13 0.09 0.10 + 0.01 0.13 0.03 CMC Metals* O 6 0.11 0.10 0.11 + 0.01 0.10 0.07 Fox River Res* O 10 0.04 0.04 0.04 - 0.00 0.04 0.02 InZinc Mining V 333 0.13 0.11 0.12 - 0.01 0.13 0.04 Atlatsa Res* O 183 0.10 0.07 0.08 - 0.00 0.10 0.02 CMC Metals V 413 0.14 0.12 0.14 + 0.01 0.32 0.05 Franco-Nevada* N 3873 80.22 75.45 79.28 + 0.56 80.22 38.20 InZinc Mining* O 70 0.10 0.09 0.09 - 0.00 0.10 0.03 Atna Res Ltd* O 102 0.00 0.00 0.00 + 0.00 0.08 0.00 Coeur Mng* N 30942 12.69 10.93 12.61 + 1.35 12.25 1.62 Franco-Nevada T 2919 104.19 98.24 103.39 + 5.15 104.19 49.96 Ireland* O 157 0.25 0.21 0.22 - 0.01 0.39 0.13 Augustine Vent 257 0.14 0.11 0.14 + 0.01 0.14 0.03 Colibri Res V 22 0.18 0.13 0.17 + 0.01 0.21 0.02 Franklin Mng* O 1 0.00 0.00 0.00 - 0.00 0.00 0.00 Iron South Mng V 162 0.09 0.09 0.09 + 0.03 0.09 0.04 Aura Mnls T 242 0.28 0.22 0.25 + 0.03 0.31 0.06 Colombia Crest* O 176 0.01 0.00 0.01 + 0.00 0.01 0.00 Freegold Vent T 311 0.23 0.20 0.21 + 0.01 0.27 0.05 Ironside Res V 250 0.13 0.11 0.12 + 0.03 0.27 0.05 Aura Silver Rs V 949 0.04 0.04 0.04 + 0.01 0.04 0.01 Colombia Crest V 290 0.02 0.01 0.01 - 0.01 0.02 0.01 Freeport McMo* N 169957 11.50 10.27 11.20 - 0.15 17.50 3.52 Irving Res 55 0.25 0.00 0.20 + 0.04 0.25 0.11 Auramex Res V 114 0.02 0.00 0.02 + 0.01 0.03 0.01 Colombian Mins V 306 0.14 0.07 0.14 + 0.06 0.14 0.02 Fresnillo plc* O 67 26.65 23.26 24.65 + 1.35 26.65 8.70 Irving Res* O 6 0.15 0.00 0.15 + 0.03 0.15 0.09 Aurania Res V 17 0.60 0.55 0.60 + 0.05 0.60 0.30 Colorado Res V 1756 0.56 0.47 0.56 + 0.09 0.56 0.05 Frontier Rr Er* O 1 0.02 0.01 0.01 - 0.00 0.15 0.00 Itoco Mg Corp* O 232 0.21 0.10 0.11 - 0.10 1.10 0.08 Aurcana Corp V 2909 0.55 0.35 0.48 + 0.15 0.55 0.09 Colorado Res* O 302 0.43 0.38 0.43 + 0.04 0.42 0.04 Frontline Gold V 656 0.03 0.02 0.03 - 0.01 0.03 0.01 Ivanhoe Mines* O 443 0.83 0.78 0.81 - 0.02 0.89 0.36 Aurcana Corp* O 619 0.42 0.26 0.37 + 0.11 0.42 0.07 Colt Res V 4115 0.06 0.06 0.06 + 0.01 0.22 0.06 Fura Emeralds V 118 0.14 0.12 0.14 + 0.01 0.25 0.08 Ivanhoe Mines T 3102 1.08 1.01 1.08 + 0.07 1.13 0.53 Aureus Mng* O 124 0.08 0.06 0.08 + 0.02 0.33 0.03 Columbus Gold* O 808 0.53 0.47 0.49 - 0.00 0.58 0.23 Jaguar Mng* O 1291 0.45 0.35 0.42 + 0.04 0.45 0.07 Aureus Mng T 11591 0.10 0.08 0.09 + 0.01 0.55 0.05 Columbus Gold T 1101 0.68 0.60 0.64 + 0.01 0.75 0.31 Jaguar Mng V 1504 0.58 0.50 0.55 + 0.05 0.58 0.12 AuRico Metals T 2420 1.14 1.01 1.09 + 0.07 1.15 0.47 G-H Jaxon Mnls V 192 0.08 0.06 0.08 + 0.02 0.09 0.01 AuRico Metals * O 1122 0.87 0.75 0.85 + 0.05 0.90 0.34 Commander Res V 239 0.07 0.06 0.06 + 0.01 0.07 0.01 Commerce Res* O 164 0.06 0.05 0.06 + 0.00 0.10 0.04 G&S Minerals* O 217 0.00 0.00 0.00 + 0.00 0.00 0.00 Jayden Res V 58 0.10 0.00 0.10 + 0.03 0.14 0.03 Aurion Res V 713 0.40 0.31 0.38 + 0.08 0.40 0.04 Comstock Mng* X 5403 0.47 0.36 0.45 + 0.08 0.70 0.33 Gabriel Res T 1770 0.74 0.48 0.63 + 0.16 0.74 0.12 Jazz Res V 25 0.15 0.15 0.15 + 0.04 0.23 0.08 Aurora Gold* O 68 0.01 0.01 0.01 + 0.00 0.02 0.01 Comstock Mtls V 878 0.33 0.27 0.32 + 0.06 0.33 0.05 Gainey Capital V 201 0.19 0.15 0.17 + 0.02 0.30 0.10 Jubilee Gold V 13 0.75 0.00 0.75 + 0.18 0.75 0.30 Aurvista Gold* O 119 0.18 0.11 0.17 + 0.06 0.18 0.02 Comstock Mtls * O 228 0.26 0.19 0.22 + 0.02 0.26 0.10 Galane Gold V 20668 0.19 0.06 0.14 + 0.09 0.19 0.03 K92 Mng Inc V 2504 1.16 1.01 1.07 - 0.02 1.33 0.87 Aurvista Gold V 1568 0.23 0.15 0.22 + 0.08 0.23 0.03 Condor Res V 864 0.11 0.09 0.10 + 0.01 0.12 0.02 Galantas Gold* O 103 0.08 0.08 0.08 + 0.01 0.13 0.06 K92 Mng Inc* O 541 0.95 0.78 0.82 - 0.08 1.03 0.75 Auryn Res* O 938 2.65 2.38 2.48 - 0.17 2.65 0.70 Confedertn Mls V 134 0.55 0.45 0.45 - 0.15 0.90 0.20 Galantas Gold V 997 0.13 0.11 0.11 - 0.01 0.18 0.07 Kaizen Discvry V 745 0.26 0.20 0.25 + 0.06 0.28 0.08 Avalon Adv Mat* O 249 0.18 0.15 0.16 - 0.00 0.26 0.07 Confedertn Mls* O 8 0.42 0.36 0.36 - 0.04 0.42 0.38 Galena Intl Rs V 291 0.14 0.12 0.12 - 0.01 0.15 0.02 Kaizen Discvry* O 7 0.16 0.16 0.16 - 0.00 0.19 0.06 Avalon Adv Mat T 717 0.22 0.20 0.22 + 0.01 0.33 0.10 Conquest Res V 181 0.03 0.03 0.03 + 0.01 0.04 0.01 Galore Res V 122 0.02 0.02 0.02 + 0.01 0.03 0.01 Kaminak Gold* O 455 2.21 2.10 2.17 + 0.05 2.21 0.47 Avarone Metals 1934 0.08 0.07 0.07 - 0.01 0.14 0.02 Cons Woodjam V 389 0.07 0.05 0.07 + 0.01 0.09 0.02 Galway Mtls* O 10 0.11 0.10 0.11 + 0.02 0.12 0.06 Kaminak Gold V 1888 2.88 2.73 2.81 + 0.11 2.88 0.61 Avino Silver V 729 3.78 3.37 3.73 + 0.58 3.78 1.03 CONSOL Energy* N 26984 16.90 15.03 16.24 - 0.16 20.89 4.54 Galway Mtls V 568 0.17 0.15 0.17 + 0.02 0.18 0.09 Kapuskasing Gd V 185 0.05 0.05 0.05 - 0.01 0.07 0.02 Avino Silver* X 5839 2.91 2.55 2.87 + 0.23 2.91 0.71 Constant Mtl V 578 0.14 0.10 0.14 + 0.04 0.15 0.05 GAR Limited 184 0.04 0.03 0.04 + 0.01 0.10 0.01 Karmin Expl V 6 0.32 0.24 0.32 + 0.03 0.36 0.15 Avnel Gold T 1019 0.34 0.31 0.34 + 0.03 0.36 0.18 Contintl Gold* O 218 3.31 2.82 3.01 + 0.11 3.31 0.88 Garibaldi Res * O 83 0.09 0.08 0.09 + 0.01 0.13 0.03 Karnalyte ResT 136 1.99 1.60 1.99 + 0.16 4.15 0.52 Avrupa Mnls V 513 0.16 0.11 0.16 + 0.05 0.17 0.07 Contintl Gold T 3967 4.32 3.76 3.88 + 0.25 4.32 1.28 Garibaldi Res V 671 0.12 0.10 0.12 + 0.02 0.18 0.05 KAT Expl* O 57856 0.00 0.00 0.00 - 0.00 0.00 0.00 Axiom Mng* O 93 0.18 0.17 0.18 + 0.01 0.20 0.01 Contintl Prec* O 1 0.20 0.20 0.20 + 0.00 0.27 0.18 Gem Intl Res V 167 0.15 0.12 0.15 + 0.03 0.15 0.04 Kennady Diam V 102 4.30 4.04 4.25 - 0.05 5.15 2.35 Axmin Inc V 303 0.03 0.00 0.03 + 0.01 0.03 0.01 Contintl Prec T 2 0.27 0.00 0.27 - 0.07 0.38 0.25 General Moly T 2 0.52 0.00 0.44 - 0.07 0.79 0.22 Kerr Mines* O 287 0.12 0.07 0.11 + 0.04 0.12 0.01 AZ Mining T 1314 1.88 1.71 1.80 + 0.14 1.88 0.22 Copper Ck Gold V 257 0.07 0.00 0.06 - 0.01 0.10 0.05 General Moly* X 409 0.39 0.34 0.36 - 0.00 0.65 0.15 Kerr Mines T 2336 0.15 0.12 0.15 + 0.05 0.15 0.02 Azarga Uranium* O 203 0.24 0.24 0.24 + 0.00 0.29 0.18 Copper Fox Mtl V 2269 0.16 0.13 0.14 + 0.02 0.24 0.11 Genius Props 1381 0.04 0.03 0.03 - 0.01 0.07 0.02 Kesselrun Res V 512 0.31 0.27 0.27 + 0.02 0.35 0.02 Azimut Expl V 255 0.44 0.38 0.44 + 0.04 0.44 0.10 Copper Fox Mtl* O 152 0.11 0.08 0.10 - 0.01 0.17 0.08 Gensource Pot V 719 0.09 0.08 0.09 + 0.01 0.12 0.04 Khalkos Expl V 155 0.14 0.12 0.14 + 0.02 0.26 0.05 Azincourt Uran* O 83 0.05 0.04 0.05 + 0.01 0.07 0.02 Copper Mtn Mng* O 136 0.42 0.00 0.40 + 0.03 0.81 0.23 Geologix Expl* O 447 0.11 0.08 0.10 + 0.02 0.11 0.01 Khan Res 67 0.84 0.82 0.82 - 0.02 0.88 0.34 Azteca Gold* O 311 0.00 0.00 0.00 + 0.00 0.01 0.00 Copper Mtn Mng T 2048 0.58 0.51 0.56 + 0.07 1.10 0.33 Geologix Expl V 2333 0.14 0.09 0.12 + 0.04 0.14 0.02 Kilo Goldmines V 634 0.15 0.12 0.14 + 0.02 0.17 0.04 Copper North M V 122 0.21 0.13 0.13 - 0.02 0.50 0.13 Geomega Res V 202 0.18 0.14 0.17 - 0.01 0.23 0.06 Kincora Copper V 837 0.04 0.03 0.04 + 0.01 0.06 0.02 B Copper North M* O 3 0.11 0.00 0.11 - 0.00 0.12 0.10 Gespeg Cop Res V 431 0.06 0.05 0.05 + 0.01 0.06 0.02 Kings Bay Gold V 228 0.07 0.00 0.07 - 0.03 0.15 0.05 Copper One V 1019 0.30 0.15 0.21 - 0.04 0.30 0.03 Giyani Gold* O 116 0.10 0.09 0.09 - 0.01 0.11 0.02 Kingsmen Res* O 25 0.10 0.07 0.10 + 0.04 0.10 0.02 B2Gold* X 30037 3.00 2.59 2.97 + 0.17 2.95 0.60 Copperbank Res* O 21 0.05 0.03 0.05 + 0.01 0.06 0.01 Gldn Predator* O 88 0.71 0.64 0.68 - 0.02 0.79 0.06 Kinross Gold* N 93995 5.81 5.05 5.53 + 0.17 5.82 1.31 B2Gold T 38657 3.90 3.34 3.89 + 0.65 3.81 0.86 Copperbank Res 386 0.07 0.05 0.06 + 0.02 0.07 0.03 Gldn Predator V 749 0.96 0.82 0.86 - 0.08 1.03 0.07 Kinross Gold T 43758 7.56 6.75 7.23 + 0.89 7.56 1.79 Bacanora Mnls V 139 1.63 1.50 1.50 - 0.11 2.04 1.17 Coral Gold V 370 0.35 0.31 0.35 + 0.04 0.38 0.05 Glen Eagle Res V 73 0.11 0.10 0.10 - 0.01 0.16 0.03 Kirkland Lk Gd* O 162 9.62 8.25 9.25 + 0.85 9.62 3.12 Baja Mng* O 47 0.01 0.01 0.01 - 0.00 0.03 0.00 Corazon Gold V 42 0.26 0.00 0.26 + 0.03 0.30 0.18 Glencore Plc* O 997 4.37 4.01 4.28 + 0.18 7.81 1.95 Kirkland Lk Gd T 5269 12.39 10.90 12.07 + 1.43 12.39 4.49 Balmoral Res T 2001 1.02 0.90 0.92 + 0.04 1.02 0.33 Cordoba Mnls V 1896 0.92 0.79 0.84 - 0.02 1.00 0.10 Global Cop Grp V 168 0.05 0.04 0.05 + 0.01 0.06 0.04 Kiska Metals* O 256 0.08 0.06 0.07 + 0.01 0.09 0.01 Balmoral Res* O 1064 0.79 0.69 0.71 - 0.04 0.79 0.23 Corex Gold V 578 0.19 0.15 0.17 + 0.03 0.21 0.03 Global Mnrls V 5 0.22 0.00 0.22 + 0.03 0.30 0.03 Kiska Metals V 1089 0.10 0.08 0.09 + 0.01 0.12 0.01 Bama Gold 4 0.09 0.00 0.08 - 0.03 0.20 0.07 Cornerstone Ca V 956 0.06 0.04 0.06 + 0.02 0.08 0.02 Globex Mng T 812 0.43 0.37 0.38 - 0.03 0.51 0.17 Klondex Mns T 2099 5.69 4.85 5.56 + 0.87 5.69 2.56 Bandera Gold V 321 0.02 0.01 0.01 - 0.01 0.02 0.01 Cornerstone Ca* O 244 0.04 0.03 0.04 - 0.00 0.06 0.01 Globex Mng* O 18 0.34 0.30 0.30 - 0.04 0.38 0.13 Klondike Gold* O 57 0.23 0.21 0.22 + 0.02 0.32 0.06 Bannerman Res* O 244 0.03 0.02 0.02 - 0.01 0.04 0.01 Cornerstone Mt V 300 0.04 0.04 0.04 - 0.01 0.04 0.01 GMCI Corp* O 3 2.40 0.00 2.30 - 0.20 2.51 0.20 Klondike Silv* O 78 0.08 0.05 0.07 + 0.02 0.08 0.01 Banro* X 9855 0.39 0.30 0.39 + 0.07 0.39 0.15 Coro Mining T 2014 0.11 0.10 0.11 + 0.01 0.21 0.02 GMV Minerals V 478 0.34 0.29 0.29 - 0.02 0.35 0.05 Klondike Silv V 745 0.10 0.08 0.09 + 0.03 0.10 0.01 Banro T 2490 0.50 0.39 0.50 + 0.12 0.49 0.21 Coronet Mtls V 565 0.51 0.37 0.37 - 0.10 0.51 0.03 GobiMin V 57 0.48 0.45 0.45 - 0.03 0.48 0.27 Knick Expl V 503 0.05 0.03 0.04 - 0.01 0.05 0.01 Banyan Gold V 94 0.08 0.06 0.06 - 0.01 0.09 0.02 Coronet Mtls* O 415 0.40 0.28 0.29 - 0.08 0.40 0.02 GoGold Res T 2382 1.35 1.27 1.33 + 0.10 1.65 0.94 Kombat Copper V 1528 0.08 0.06 0.07 + 0.01 0.10 0.02 Barkerville Go* O 552 0.60 0.50 0.57 + 0.04 0.60 0.15 Corsa Coal V 276 0.09 0.06 0.08 + 0.01 0.11 0.02 Gold & Silver* O 2182 0.02 0.01 0.01 + 0.00 1000.00 0.00 Komet Resource V 36 0.44 0.40 0.43 - 0.02 0.50 0.29 Barkerville Go V 2819 0.76 0.64 0.75 + 0.12 0.76 0.20 Corvus Gold T 250 1.18 1.06 1.14 + 0.05 1.18 0.33 Gold Bulln Dev* O 117 0.08 0.05 0.06 + 0.01 0.11 0.01 Kootenay Silvr V 3838 0.45 0.40 0.45 + 0.05 0.50 0.17

10 11_July18_StockTables.indd 10 2016-07-12 7:44 PM GLOBAL MINING NEWS THE NORTHERN MINER / JULY 18–24, 2016 11

STOCK TABLES

(100s) Week 12-month (100s) Week 12-month (100s) Week 12-month (100s) Week 12-month Stock Exc Volume High Low Last Change High Low Stock Exc Volume High Low Last Change High Low Stock Exc Volume High Low Last Change High Low Stock Exc Volume High Low Last Change High Low

KWG Res 3143 0.03 0.02 0.03 - 0.01 0.04 0.01 Nexus Gold V 514 0.05 0.04 0.05 + 0.01 0.14 0.04 Rainy Mtn Royl* O 24 0.04 0.03 0.03 - 0.00 0.04 0.02 Talon Metals T 53 0.10 0.00 0.08 - 0.02 0.15 0.07 NGEx Res* O 12 0.82 0.67 0.79 + 0.07 0.83 0.37 Randgold Res* D 9865 126.55 114.97 122.32 + 4.71 126.55 54.88 Tamino Mnrls* O 1737 0.00 0.00 0.00 - 0.00 0.01 0.00 NGEx Res T 247 1.07 0.94 1.05 + 0.15 1.09 0.44 Randgold Res* O 1 120.75 0.00 120.75 + 14.10 106.65 57.00 Tanager Energy V 51 0.09 0.09 0.09 - 0.01 0.10 0.02 L Nickel One Res V 543 0.10 0.07 0.10 + 0.02 0.18 0.07 Randsburg Intl V 40 0.02 0.02 0.02 + 0.01 0.02 0.01 Tango Mining V 2289 0.07 0.06 0.06 - 0.01 0.08 0.01 Nickel One Res* O 90 0.06 0.06 0.06 - 0.00 0.10 0.06 Rapier Gold V 196 0.08 0.07 0.07 + 0.01 0.10 0.02 Tantalex Res 3491 0.11 0.07 0.07 - 0.04 0.11 0.01 Labrador Iron T 837 13.80 12.40 13.64 + 1.23 17.44 6.85 Nicola Mg Inc* O 42 0.14 0.12 0.13 + 0.01 0.14 0.03 Rare Element* O 614 0.11 0.09 0.11 + 0.00 0.48 0.06 Tanzania Mnls V 2203 0.02 0.01 0.01 + 0.01 0.02 0.01 Lago Dourado V 36 0.15 0.11 0.15 + 0.04 0.15 0.05 Nicola Mg Inc V 3226 0.17 0.16 0.16 - 0.01 0.20 0.05 Red Eagle Mng V 2351 0.84 0.76 0.77 + 0.03 0.89 0.25 Tanzania Rlty T 1187 1.70 0.88 1.40 + 0.53 1.70 0.24 Lake Victoria* O 122 0.01 0.01 0.01 - 0.00 0.07 0.01 Nighthawk Gold V 1252 0.40 0.35 0.38 + 0.04 0.40 0.04 Red Eagle Mng* O 701 0.64 0.59 0.61 - 0.02 0.91 0.18 Tanzania Rlty* X 8561 1.32 0.65 1.09 + 0.34 1.32 0.17 Lakeside Mnrls V 2151 0.04 0.01 0.01 - 0.01 0.04 0.01 Niocan Inc V 61 0.10 0.08 0.08 - 0.01 0.18 0.04 Red Hut V 72 0.14 0.13 0.13 + 0.01 0.15 0.01 Taranis Res V 82 0.12 0.10 0.12 + 0.03 0.12 0.03 Lancaster Cap V 112 0.28 0.20 0.28 + 0.08 0.32 0.06 Niocorp Dev T 613 0.95 0.87 0.88 + 0.02 1.14 0.51 Red Pine Expl V 1925 0.20 0.17 0.17 - 0.02 0.20 0.03 Tartisan Res 70 0.07 0.05 0.05 - 0.03 0.10 0.01 Lara Expl V 958 1.52 1.13 1.30 + 0.10 1.52 0.20 Niocorp Dev* O 392 0.73 0.62 0.69 + 0.00 0.87 0.37 Redhawk Res T 114 0.05 0.05 0.05 + 0.01 0.10 0.04 Tasca Res V 91 0.12 0.08 0.12 + 0.04 0.12 0.00 Laramide Res T 348 0.26 0.23 0.23 - 0.02 0.38 0.15 Nippon Dragon V 318 0.09 0.08 0.08 + 0.01 0.15 0.03 Redhill Res V 238 0.70 0.00 0.70 + 0.05 0.70 0.06 Taseko Mines T 771 0.73 0.63 0.71 + 0.08 0.88 0.35 Largo Res* O 104 0.41 0.00 0.36 + 0.02 0.62 0.08 Noble Mnl Expl V 705 0.02 0.02 0.02 + 0.01 0.03 0.01 Redstar Gold V 1490 0.06 0.05 0.05 - 0.01 0.07 0.03 Taseko Mines* X 1595 0.57 0.47 0.55 + 0.04 0.70 0.23 Largo Res T 997 0.54 0.44 0.44 - 0.03 0.80 0.11 Noka Res V 2817 0.15 0.11 0.12 - 0.03 0.21 0.03 Latin Am Mnls V 592 0.24 0.20 0.24 + 0.04 0.24 0.05 Regency Gold V 58 0.05 0.00 0.05 + 0.02 0.05 0.01 Tasman Metals* O 362 0.30 0.19 0.29 + 0.10 0.51 0.06 Latin Am Mnls* O 88 0.18 0.11 0.18 + 0.06 0.18 0.06 Noram Vent V 5708 0.08 0.06 0.06 - 0.01 0.12 0.01 Regulus Res V 625 1.37 1.23 1.25 - 0.04 1.44 0.19 Tasman Metals V 477 0.40 0.27 0.38 + 0.12 0.58 0.09 Laurion Mnl Ex V 2550 0.02 0.01 0.02 + 0.01 0.03 0.01 Noranda Alum* O 153 0.07 0.06 0.06 + 0.01 5.04 0.02 Reliant Gold V 1237 0.04 0.04 0.04 + 0.01 0.04 0.01 Teck Res T 19 19.55 18.00 18.52 + 0.47 19.55 5.69 Laurion Mnl Ex* O 56 0.01 0.00 0.01 - 0.00 0.04 0.00 Noront Res V 799 0.32 0.30 0.31 - 0.02 0.51 0.28 Renaissance Gd V 336 0.49 0.40 0.42 - 0.04 0.49 0.11 Teck Res* N 38425 14.45 12.90 13.55 - 0.83 14.45 2.56 Lepanto Con Mg* O 20 0.01 0.00 0.01 + 0.00 0.02 0.00 Nortec Mnls V 330 0.04 0.03 0.04 - 0.01 0.08 0.02 Renaissance Gd* O 100 0.37 0.30 0.32 - 0.01 0.38 0.08 Teck Res T 21598 18.43 16.80 17.66 + 0.65 18.43 3.65 Levon Res Ltd T 3079 0.47 0.29 0.46 + 0.17 0.42 0.09 North Am Nickl* O 18 0.07 0.06 0.06 + 0.00 0.18 0.05 Renforth Res 1663 0.04 0.03 0.03 + 0.01 0.05 0.01 Telson Res V 32 0.21 0.17 0.20 + 0.03 0.25 0.04 Levon Res Ltd * O 422 0.34 0.22 0.34 + 0.10 0.32 0.07 North Am Nickl V 133 0.08 0.07 0.08 + 0.01 0.23 0.07 Resource Cap V 112 0.14 0.10 0.14 + 0.06 0.12 0.02 Teranga Gold T 10251 1.23 1.13 1.23 + 0.08 1.25 0.38 Lexam VG Gold* O 1104 0.23 0.18 0.20 + 0.00 0.23 0.04 North Am Pall T 18 5.23 4.90 5.07 - 0.12 18.00 3.85 Resource Cap* O 59 0.09 0.06 0.09 + 0.03 0.08 0.02 Teras Res V 358 0.18 0.14 0.14 - 0.01 0.18 0.03 Lexam VG Gold T 918 0.29 0.24 0.25 + 0.01 0.29 0.05 North Am Pall* O 13 4.06 0.00 3.90 + 0.01 12.76 2.71 Reunion Gold V 647 0.03 0.02 0.03 + 0.01 0.03 0.01 Terraco Gold V 962 0.16 0.12 0.15 - 0.01 0.16 0.07 Li3 Energy* O 371 0.02 0.02 0.02 + 0.00 0.04 0.01 North Am Ptash V 90 0.08 0.00 0.08 + 0.01 0.15 0.03 Revelo Res V 730 0.11 0.08 0.10 + 0.02 0.14 0.04 Terrax Mnrls* O 309 0.45 0.35 0.41 + 0.04 0.45 0.17 Libero Mg Corp V 168 0.20 0.14 0.14 - 0.06 0.20 0.02 North Arrow Mn V 109 0.22 0.18 0.20 + 0.01 0.50 0.12 Rhyolite Res V 163 0.25 0.20 0.25 + 0.06 0.25 0.09 Terrax Mnrls V 2492 0.57 0.43 0.57 + 0.15 0.57 0.23 Liberty Star* O 87470 0.00 0.00 0.00 - 0.00 0.01 0.00 North Springs* O 542 0.44 0.26 0.39 - 0.02 40.00 0.10 Richmont Mines* X 1987 10.17 9.28 9.86 + 0.37 10.17 2.27 Teslin Rvr Res V 194 0.36 0.31 0.35 + 0.01 0.43 0.20 Lincoln Mng V 397 0.09 0.07 0.09 + 0.02 0.10 0.02 Northcliff Res T 6783 0.13 0.10 0.11 + 0.01 0.15 0.06 Richmont Mines T 1686 13.22 12.25 12.80 + 0.81 13.22 3.14 Teuton Res V 505 0.30 0.24 0.28 + 0.04 0.33 0.04 Lion One Mtls V 176 0.96 0.84 0.95 + 0.10 0.96 0.24 Northn Empire V 258 0.20 0.16 0.18 + 0.03 0.22 0.06 Rio Novo Gold T 363 0.30 0.18 0.29 + 0.10 0.30 0.07 Teuton Res* O 66 0.23 0.17 0.22 + 0.04 0.25 0.03 Lion One Mtls* O 72 0.74 0.65 0.73 + 0.08 0.74 0.18 Northn Empire* O 37 0.15 0.13 0.15 + 0.03 0.15 0.04 Rio Novo Gold* O 32 0.23 0.13 0.22 + 0.08 0.23 0.06 Theia Res V 13 0.16 0.11 0.11 - 0.05 0.16 0.05 Lions Gate Mtl 10 0.05 0.00 0.03 - 0.02 0.06 0.01 Northquest V 69 0.26 0.26 0.26 - 0.01 0.35 0.07 Rio Silver V 1311 0.07 0.05 0.06 + 0.02 0.07 0.02 Themac Res V 59 0.05 0.04 0.04 - 0.01 0.10 0.01 Lithium Amer* O 2210 0.85 0.75 0.76 - 0.08 0.87 0.34 Norvista Cap V 303 0.18 0.14 0.18 + 0.04 0.24 0.08 Rio Tinto* N 21468 31.67 29.98 31.59 + 0.02 41.69 21.89 Thompson Creek* O 6039 0.58 0.41 0.55 + 0.09 0.73 0.07 Lithium Amer T 6337 1.15 0.97 1.00 - 0.09 1.15 0.26 Nouveau Monde V 814 0.32 0.28 0.30 - 0.02 0.38 0.13 Rio Tinto* O 2 30.71 29.80 30.25 - 0.46 40.80 21.90 Thompson Creek T 19185 0.75 0.56 0.72 + 0.18 0.95 0.16 Lithium Corp* O 361 0.09 0.08 0.09 + 0.00 0.13 0.02 NovaCopper* X 1544 0.62 0.49 0.61 + 0.09 0.86 0.15 Rio Tinto* O 5 36.41 0.00 36.38 + 2.09 39.53 25.47 Thor Expl V 296 0.12 0.10 0.12 + 0.01 0.14 0.02 Lithium Expl* O 2675 0.00 0.00 0.00 - 0.00 0.45 0.00 NovaCopper T 106 0.79 0.68 0.78 + 0.13 1.08 0.20 Rise Res Inc 94 0.20 0.18 0.20 + 0.02 0.23 0.11 Thunder Mtn Gd* O 120 0.14 0.09 0.11 - 0.01 0.15 0.02 Logan Res V 13 0.12 0.10 0.12 + 0.02 0.15 0.04 NovaGold Res* X 20728 7.27 6.28 7.12 + 0.33 7.27 2.65 Riverside Res* O 148 0.38 0.32 0.36 + 0.04 0.38 0.08 Thunder Mtn Gd V 16 0.23 0.12 0.12 - 0.04 0.23 0.07 Lomiko Mtls V 547 0.04 0.04 0.04 - 0.01 0.05 0.03 NovaGold Res T 2649 9.43 8.61 9.30 + 1.39 9.43 3.42 Riverside Res V 525 0.49 0.44 0.47 + 0.05 0.49 0.12 Thunderstruck V 107 0.05 0.00 0.05 + 0.01 0.05 0.01 Lomiko Mtls* O 229 0.04 0.03 0.03 - 0.00 0.04 0.02 Novo Res V 640 1.00 0.91 0.97 - 0.03 1.30 0.44 Robex Res V 1006 0.13 0.10 0.13 + 0.01 0.17 0.05 Thunderstruck* O 12 0.04 0.04 0.04 + 0.00 0.04 0.04 Loncor Res* O 107 0.19 0.12 0.19 + 0.05 0.19 0.01 Novo Res* O 230 0.85 0.70 0.72 - 0.12 1.00 0.33 Rochester Res* O 6 0.09 0.00 0.09 + 0.04 0.09 0.01 Till Capital V 1 4.25 0.00 4.20 - 0.05 6.60 3.28 Loncor Res T 84 0.25 0.16 0.25 + 0.05 0.25 0.02 NQ Explor V 44 0.02 0.01 0.02 + 0.01 0.02 0.01 Rochester Res V 43 0.11 0.08 0.11 + 0.01 0.11 0.03 Till Capital* D 2 3.30 3.15 3.30 + 0.10 5.43 2.76 Lone Star Gold* O 175 0.01 0.00 0.00 + 0.00 0.01 0.00 NRG Metals V 122 0.12 0.09 0.09 - 0.01 0.18 0.02 Rock Tech Lith* O 5 0.35 0.24 0.35 + 0.11 0.35 0.02 Timberline Res V 95 0.61 0.51 0.51 - 0.07 0.72 0.16 Lonmin plc* O 26 3.42 2.80 3.10 + 0.30 150.00 0.55 NRG Metals* O 110 0.09 0.06 0.09 + 0.03 0.11 0.01 Rock Tech Lith V 540 0.50 0.37 0.46 + 0.12 0.47 0.03 Timberline Res* O 477 0.45 0.39 0.41 - 0.04 0.78 0.08 Lowell Copper V 106 0.25 0.22 0.25 - 0.08 0.39 0.12 Nrthn Freegold V 854 0.29 0.22 0.25 + 0.04 0.29 0.04 Rockex Mng 25 0.13 0.08 0.11 - 0.01 0.75 0.02 Timmins Gold* X 13352 0.48 0.41 0.45 - 0.03 0.51 0.07 Lucara Diam T 4524 3.48 3.22 3.33 - 0.15 4.37 1.42 Nrthn Freegold* O 13 0.20 0.17 0.19 + 0.02 0.20 0.02 Rockhaven Res V 519 0.29 0.23 0.28 + 0.05 0.29 0.10 Timmins Gold T 7722 0.60 0.54 0.58 + 0.11 0.64 0.11 Luna Gold* O 570 0.19 0.14 0.17 + 0.01 0.19 0.02 Nrthn Graphite V 168 0.50 0.42 0.42 - 0.08 0.63 0.16 Rockwell Diam* O 138 0.09 0.08 0.08 - 0.01 0.19 0.05 Tinka Res V 563 0.24 0.22 0.23 - 0.01 0.27 0.09 Luna Gold T 1142 0.25 0.19 0.23 + 0.03 0.25 0.03 Nrthn Graphite* O 177 0.38 0.32 0.32 - 0.05 0.47 0.12 Rockwell Diam T 149 0.12 0.10 0.10 - 0.01 0.25 0.07 Tintina Res V 70 0.13 0.00 0.13 + 0.02 0.11 0.04 Lundin Gold T 1056 6.00 5.55 5.96 + 0.43 6.51 3.46 Nrthn Lion V 41 0.15 0.00 0.15 + 0.06 0.16 0.03 Rogue Res* O 67 0.05 0.05 0.05 - 0.01 0.11 0.04 Tintina Res* O 85 0.10 0.08 0.10 + 0.01 0.09 0.03 Lundin Mng T 11921 4.79 4.48 4.74 + 0.38 5.26 2.98 Nrthn Superior V 9878 0.03 0.02 0.03 + 0.01 0.04 0.01 Rogue Res V 702 0.06 0.06 0.06 - 0.01 0.16 0.03 Tirex Res* O 324 0.10 0.08 0.08 + 0.00 0.17 0.05 Lupaka Gold V 1914 0.23 0.17 0.17 - 0.01 0.23 0.04 Nrthn Vertex V 127 0.46 0.41 0.46 + 0.04 0.47 0.13 Romios Gold Rs* O 20 0.08 0.06 0.07 + 0.01 0.08 0.01 Tirex Res V 429 0.13 0.10 0.10 + 0.01 0.22 0.07 Lydian Intl* O 188 0.33 0.29 0.30 - 0.01 0.39 0.13 Nrthn Vertex* O 11 0.35 0.34 0.35 - 0.01 0.42 0.15 Rosita Mg Corp V 1697 0.09 0.06 0.08 + 0.01 0.09 0.01 TMAC Resource* O 58 12.00 11.35 11.44 - 0.56 13.63 9.26 Lydian Intl T 4290 0.43 0.36 0.37 - 0.01 0.53 0.19 NSGold V 26 0.10 0.00 0.10 + 0.03 0.10 0.03 Rouge Res V 740 0.57 0.45 0.50 - 0.05 0.60 0.03 TMAC Resources T 630 15.11 14.78 14.79 - 0.16 17.73 4.85 Lynas Corp* O 324 0.06 0.03 0.05 + 0.00 0.10 0.02 Nthn Dynasty T 6713 0.57 0.39 0.56 + 0.16 0.67 0.28 Roughrider Exp V 112 0.15 0.12 0.14 + 0.02 0.15 0.05 TNR Gold V 407 0.06 0.05 0.05 - 0.01 0.09 0.01 Nthn Dynasty* X 5335 0.45 0.30 0.42 + 0.08 0.53 0.20 Roxgold* O 408 1.30 1.13 1.30 + 0.17 1.28 0.42 TomaGold V 1680 0.16 0.14 0.15 - 0.01 0.16 0.04 Nthrn Sphere* O 1 0.23 0.00 0.23 - 0.14 0.39 0.07 Roxgold V 3755 1.71 1.55 1.68 + 0.15 1.67 0.54 Tombstone Expl* O 1090 0.02 0.01 0.01 - 0.00 0.02 0.01 M Nthrn Sphere 177 0.45 0.00 0.45 + 0.11 0.53 0.10 Royal Gold T 114 104.15 94.75 103.15 + 10.10 104.15 35.46 Torex Gold T 5580 26.61 2.35 25.89 + 2.79 26.61 8.50 Nubian Res V 37 0.07 0.04 0.07 + 0.03 0.10 0.01 Royal Gold* D 8439 80.36 72.82 79.36 + 4.89 80.36 24.68 Torex Gold* O 735 1.87 1.76 1.83 - 16.47 19.30 6.74 Macarthur Mnl* O 458 0.06 0.05 0.05 - 0.00 0.14 0.02 NuLegacy Gold* O 930 0.30 0.24 0.26 - 0.04 0.32 0.06 Royal Nickel* O 36 0.35 0.31 0.34 + 0.03 0.50 0.10 Tower Res V 981 0.07 0.05 0.07 + 0.02 0.07 0.01 Macarthur Mnl V 2973 0.09 0.07 0.07 - 0.02 0.18 0.02 NuLegacy Gold V 2100 0.36 0.32 0.33 - 0.03 0.39 0.08 Royal Nickel T 2889 0.45 0.42 0.44 + 0.02 0.63 0.12 Transatlan Mng V 572 0.05 0.04 0.05 + 0.01 0.15 0.03 MacDonald Mns V 6136 0.02 0.01 0.02 + 0.01 0.02 0.01 Nunavik Nickel V 161 0.20 0.13 0.19 + 0.05 0.27 0.03 Royal Rd Mnrls V 639 0.18 0.10 0.16 + 0.07 0.18 0.04 Transition Mtl V 110 0.19 0.17 0.17 - 0.02 0.19 0.06 MAG Silver T 1534 19.21 17.81 19.12 + 2.83 18.90 8.13 OceanaGold T 9594 5.56 5.12 5.34 + 0.41 5.56 1.79 Royal Sapphire V 11 0.06 0.00 0.06 - 0.01 0.07 0.02 Treasury Metal T 1136 0.65 0.57 0.65 + 0.07 0.65 0.32 Magellan Gold* O 186 0.28 0.25 0.27 + 0.02 0.35 0.04 OceanaGold* O 24 4.26 3.92 4.15 + 0.22 4.26 1.43 RT Minerals V 38 0.18 0.00 0.17 - 0.01 0.30 0.05 Trecora Res* N 117 10.84 10.05 10.80 + 0.17 16.50 8.17 MagIndustries* O 140 0.01 0.00 0.00 - 0.00 0.20 0.00 Oceanic Iron O V 89 0.24 0.19 0.19 - 0.05 0.25 0.08 RTG Mining T 47 0.61 0.55 0.61 + 0.10 0.70 0.33 Trevali Mng* O 581 0.50 0.43 0.48 + 0.05 0.75 0.18 Magnus Intl* O 790 0.00 0.00 0.00 - 0.00 0.00 0.00 Oceanus Res V 314 0.29 0.26 0.29 + 0.01 0.35 0.14 Rubicon Mnrls* O 2895 0.04 0.03 0.04 + 0.00 1.02 0.01 Trevali Mng T 9077 0.65 0.57 0.63 + 0.07 0.97 0.25 Majescor Res V 104 0.08 0.00 0.08 + 0.01 0.15 0.02 Oceanus Res* O 234 0.23 0.20 0.23 + 0.01 0.26 0.17 Rugby Mng V 896 0.38 0.28 0.38 + 0.08 0.38 0.03 Tri Origin Exp V 576 0.07 0.00 0.07 + 0.01 0.08 0.02 Makena Res* O 261 0.04 0.03 0.03 - 0.01 0.04 0.01 Odin Mng & Exp V 152 0.74 0.66 0.70 + 0.01 0.85 0.21 Rupert Res V 254 0.84 0.71 0.78 - 0.02 0.87 0.02 Trident Gold V 580 0.02 0.01 0.02 + 0.01 0.02 0.01 Makena Res V 3550 0.04 0.03 0.04 - 0.01 0.05 0.01 Odin Mng & Exp* O 13 0.58 0.54 0.54 - 0.03 0.58 0.17 Rusoro Mng* O 114 0.11 0.08 0.09 - 0.01 0.13 0.02 TriMetals Mng T 1223 0.35 0.28 0.29 - 0.01 0.36 0.04 Mammoth Res V 1155 0.02 0.02 0.02 - 0.01 0.03 0.01 Olivut Res* O 46 0.30 0.23 0.27 + 0.02 0.30 0.05 Rusoro Mng V 333 0.12 0.11 0.11 - 0.02 0.19 0.03 TriMetals Mng* O 291 0.25 0.22 0.23 - 0.02 0.28 0.03 Mandalay Res T 4034 1.35 1.15 1.23 + 0.04 1.35 0.59 Olivut Res V 126 0.39 0.30 0.35 - 0.02 0.42 0.08 Rye Patch Gold* O 881 0.37 0.32 0.35 - 0.02 0.37 0.08 TriMetals Mng* O 82 0.27 0.23 0.24 - 0.03 0.32 0.06 Manitou Gold V 51 0.11 0.09 0.09 - 0.03 0.11 0.02 Omineca Mg &Ml V 610 0.09 0.07 0.09 + 0.02 0.11 0.01 Rye Patch Gold V 1883 0.46 0.41 0.45 - 0.02 0.46 0.11 Trinity Res* O 10 0.05 0.00 0.05 - 0.03 1.50 0.05 Margaux Res V 41 0.24 0.23 0.23 - 0.01 0.29 0.11 Opawica Expl V 23 0.12 0.00 0.12 + 0.01 0.15 0.02 Trinity Valley V 166 0.03 0.00 0.03 + 0.01 0.04 0.01 Maritime Res V 93 0.28 0.26 0.27 - 0.03 0.31 0.08 Orbite Tech T 4240 0.35 0.31 0.34 + 0.03 0.53 0.20 Trio Gold Corp V 3258 0.02 0.01 0.01 - 0.01 0.02 0.01 Marlin Gold* O 37 0.50 0.42 0.42 - 0.02 0.52 0.10 Orbite Tech* O 74 0.26 0.24 0.26 + 0.02 0.40 0.15 S TriStar Gold V 354 0.39 0.30 0.35 + 0.05 0.40 0.10 Marlin Gold V 68 0.65 0.51 0.60 + 0.08 0.68 0.15 Orca Gold V 925 0.45 0.32 0.39 + 0.05 0.45 0.12 TriStar Gold* O 74 0.28 0.23 0.27 + 0.04 0.32 0.10 MartinMarietta* N 3728 198.23 185.70 196.70 + 7.57 195.80 108.31 Orca Gold* O 49 0.32 0.25 0.31 + 0.06 0.32 0.08 Sabina Gd&Slvr* O 3056 1.13 0.87 0.99 + 0.10 1.55 0.24 Troy Res* O 49 0.49 0.41 0.46 + 0.05 0.56 0.13 Mason Graphite* O 117 0.65 0.60 0.65 + 0.01 0.64 0.21 Orefinders Res V 422 0.07 0.05 0.05 - 0.01 0.08 0.01 Sabina Gd&Slvr T 8935 1.47 1.16 1.28 + 0.17 1.87 0.32 True North Gem V 951 0.10 0.09 0.10 - 0.01 0.20 0.07 Mason Graphite V 489 0.85 0.77 0.83 + 0.06 0.85 0.30 Oremex Silver V 1495 0.10 0.05 0.08 + 0.03 0.10 0.01 Sage Gold V 691 0.07 0.06 0.07 + 0.01 0.09 0.03 Trueclaim Expl V 1084 0.03 0.02 0.02 + 0.01 0.04 0.01 Matachewan Con V 14 0.36 0.00 0.36 + 0.01 0.49 0.17 Oremex Silver* O 104 0.10 0.06 0.09 + 0.03 0.10 0.00 Saint Jean V 3206 0.04 0.03 0.03 - 0.01 0.07 0.02 Tsodilo Res V 19 0.74 0.69 0.73 - 0.01 1.03 0.54 Matamec Expl V 1447 0.07 0.05 0.07 + 0.02 0.07 0.02 Orestone Mng V 150 0.03 0.00 0.03 - 0.01 0.04 0.01 Salazar Res V 91 0.12 0.00 0.12 + 0.01 0.16 0.03 Tudor Gold V 114 2.50 1.50 2.27 + 0.78 2.50 0.03 Matamec Expl* O 69 0.05 0.03 0.05 + 0.01 0.06 0.01 Orezone Gold V 1985 1.25 1.06 1.08 - 0.06 1.25 0.22 Samex Mng* O 531 0.00 0.00 0.00 + 0.00 0.00 0.00 Turquoise HIl T 4353 4.67 4.40 4.57 + 0.20 4.68 2.30 Maudore Mnrls* O 41 0.01 0.00 0.00 - 0.00 0.01 0.00 Orezone Gold* O 106 0.95 0.82 0.82 - 0.12 0.95 0.16 San Gold Corp* O 822 0.00 0.00 0.00 - 0.00 0.01 0.00 Turquoise HIl* N 11685 3.57 3.36 3.50 + 0.02 3.66 1.55 Mawson Res* O 140 0.22 0.19 0.21 - 0.00 0.24 0.12 Oriental Non F 50 0.40 0.39 0.39 - 0.01 0.40 0.27 San Marco Res V 201 0.20 0.00 0.20 + 0.05 0.20 0.02 TVI Pacific T 625 0.03 0.02 0.03 + 0.01 0.04 0.01 Mawson Res T 117 0.29 0.25 0.28 - 0.01 0.30 0.16 Oro East Mg* O 68 0.02 0.01 0.01 - 0.00 0.06 0.00 Sandspring Res V 2108 0.75 0.61 0.72 + 0.15 0.75 0.11 Typhoon Expl V 434 0.13 0.09 0.13 + 0.04 0.13 0.03 MAX Res V 27 0.08 0.00 0.07 + 0.01 0.11 0.04 Oroco Res V 2369 0.06 0.04 0.05 + 0.02 0.05 0.01 Sandspring Res* O 829 0.59 0.45 0.56 + 0.07 0.59 0.08 Maxwell Res* O 24 0.01 0.01 0.01 - 0.00 0.07 0.00 Oroco Res* O 184 0.04 0.03 0.04 + 0.02 0.04 0.01 Sandstorm Gold* X 10527 5.10 4.47 4.90 + 0.26 5.10 1.94 Maya Gold &Sil V 1379 0.18 0.16 0.17 + 0.01 0.26 0.10 Orofino Mnrls V 181 0.25 0.19 0.19 - 0.06 0.25 0.05 Sandstorm Gold T 2447 6.64 5.85 6.39 + 0.58 6.64 2.82 U-V McEwen Mng* N 30127 4.74 3.91 4.70 + 0.58 4.74 0.65 Oroplata Res* O 1195 1.61 0.77 1.19 - 0.21 1.70 0.25 Santa Fe Gold* O 7049 0.07 0.01 0.05 + 0.03 0.09 0.00 McEwen Mng T 4652 6.18 5.25 6.14 + 1.20 6.18 0.84 Orosur Mng T 1772 0.30 0.23 0.30 + 0.08 0.30 0.10 Santacruz Silv V 3171 0.53 0.46 0.50 + 0.09 0.63 0.09 U3O8 Corp T 1872 0.03 0.02 0.03 + 0.01 0.05 0.02 MDN Inc V 596 0.08 0.06 0.07 + 0.01 0.08 0.01 Orvana Mnrls T 800 0.24 0.22 0.23 + 0.02 0.30 0.11 Sarama Res V 765 0.24 0.20 0.20 - 0.04 0.24 0.05 U3O8 Corp* O 246 0.03 0.02 0.03 + 0.01 0.04 0.01 MDN Inc* O 51 0.06 0.05 0.05 + 0.01 0.06 0.01 Orvana Mnrls* O 98 0.18 0.17 0.17 - 0.01 0.24 0.07 Sarissa Res* O 4293 0.01 0.00 0.00 + 0.00 0.02 0.00 Ucore Rare Mtl* O 298 0.33 0.30 0.32 + 0.01 0.35 0.15 Meadow Bay Gd* O 420 0.07 0.06 0.07 + 0.01 0.17 0.04 Osisko Gold * O 98 13.62 13.13 13.27 - 0.23 13.62 8.88 Satori Res V 181 0.15 0.11 0.15 + 0.02 0.15 0.02 Ucore Rare Mtl V 374 0.43 0.40 0.41 + 0.01 0.45 0.20 Meadow Bay Gd T 852 0.09 0.08 0.09 + 0.01 0.24 0.06 Osisko Gold* N 164 13.80 12.91 13.62 - 0.02 13.80 8.88 Saturn Mnrls V 857 0.10 0.09 0.09 - 0.01 0.22 0.09 Ultra Lithium V 651 0.25 0.16 0.20 - 0.01 0.35 0.05 Mechel* N 314 1.78 1.68 1.77 + 0.05 2.48 1.23 Osisko Gold T 2279 17.89 16.91 17.78 + 0.89 17.75 12.39 Savary Gold V 2977 0.15 0.11 0.14 + 0.01 0.15 0.02 Ultra Lithium* O 17 0.18 0.16 0.16 - 0.01 0.27 0.06 Medallion Res* O 1026 0.03 0.01 0.03 + 0.00 0.04 0.01 Otis Gold* O 188 0.15 0.11 0.13 + 0.01 0.15 0.04 Savary Gold* O 163 0.11 0.07 0.11 + 0.03 0.11 0.06 Umbral Enrgy 2201 0.06 0.04 0.05 + 0.01 0.10 0.02 Medallion Res V 5786 0.04 0.03 0.04 + 0.01 0.06 0.01 Otis Gold V 1098 0.19 0.16 0.17 + 0.01 0.19 0.05 Scandium Int M* O 378 0.14 0.12 0.13 - 0.00 0.17 0.06 Unigold V 508 0.48 0.36 0.44 + 0.05 0.48 0.08 Medgold Res V 1406 0.17 0.13 0.15 - 0.01 0.25 0.05 OZ Minerals* O 3 4.47 4.27 4.47 + 0.20 4.47 2.29 Scorpio Gold V 1417 0.10 0.09 0.10 + 0.01 0.12 0.05 Unigold* O 7 0.33 0.31 0.33 + 0.02 0.33 0.06 Medinah Mnrls* O 9996 0.01 0.01 0.01 - 0.00 0.03 0.01 ScoZinc Mg V 1 0.66 0.00 0.66 - 0.09 1.25 0.40 United Res Hdg* O 79 0.03 0.03 0.03 - 0.00 0.09 0.01 Mega Uranium T 1700 0.15 0.14 0.14 - 0.01 0.20 0.05 Seabridge Gld T 749 20.71 18.55 19.59 + 0.62 20.71 4.34 United Silver* O 2842 0.01 0.00 0.00 - 0.00 0.01 0.00 Mega Uranium* O 276 0.12 0.11 0.11 + 0.01 0.15 0.04 P-Q Seabridge Gld* N 6120 15.88 14.27 15.02 + 0.11 15.88 3.31 United States A* X 788 0.27 0.20 0.25 + 0.04 0.75 0.16 Mercator Mnls* O 66 0.00 0.00 0.00 - 0.00 0.03 0.00 Searchlight* O 248 0.11 0.09 0.09 - 0.01 0.42 0.01 United States S* N 74035 19.09 16.70 19.03 + 0.76 21.49 6.15 Merrex Gold V 791 0.25 0.21 0.22 - 0.01 0.31 0.10 Pac Bay Mnrls V 47 0.07 0.05 0.06 - 0.01 0.10 0.03 Select Sands V 461 0.27 0.20 0.25 - 0.03 0.49 0.20 Unity Energy V 234 0.30 0.17 0.21 - 0.02 0.48 0.05 Meryllion Res 123 0.03 0.02 0.03 + 0.01 0.03 0.01 Pac Booker Min* O 6 0.99 0.00 0.84 - 0.16 2.80 0.45 Semafo T 10620 7.33 6.45 7.25 + 1.05 7.33 2.46 Ur-Energy T 167 0.79 0.71 0.76 - 0.01 1.02 0.60 Mesa Expl V 85 0.10 0.00 0.08 - 0.01 0.11 0.01 Pac Booker Min V 10 1.30 0.00 1.02 - 0.13 3.00 0.63 Senator Mnrls V 48 0.50 0.48 0.50 + 0.05 0.50 0.04 Ur-Energy* X 1208 0.62 0.55 0.59 - 0.01 0.77 0.44 Mesa Expl* O 11 0.07 0.00 0.07 + 0.01 0.06 0.01 Pac Imperial V 652 0.05 0.00 0.04 + 0.02 0.05 0.01 Sennen Potash V 23 0.12 0.00 0.12 + 0.01 0.28 0.09 Uracan Res V 435 0.07 0.05 0.07 + 0.02 0.08 0.01 MetalCorp V 813 0.03 0.02 0.02 + 0.01 0.03 0.01 Pac Iron Ore V 3 0.18 0.00 0.18 + 0.02 0.39 0.11 Serabi Gold T 83 0.11 0.00 0.11 + 0.03 0.09 0.04 Uracan Res* O 365 0.05 0.03 0.05 - 0.00 0.06 0.00 Metalex Vent V 198 0.08 0.06 0.07 + 0.01 0.11 0.04 Pac North West* O 43 0.05 0.03 0.04 - 0.00 0.06 0.00 Serengeti Res V 2017 0.10 0.08 0.10 + 0.02 0.11 0.02 Uragold Bay Rs V 6172 0.26 0.17 0.22 + 0.06 0.26 0.02 Metallis Res V 128 0.26 0.23 0.25 + 0.02 0.28 0.02 Pac Ridge Expl* O 21 0.07 0.05 0.05 - 0.01 0.07 0.01 Shamrock Ent 177 0.05 0.05 0.05 + 0.01 0.05 0.01 Uranium Energy* X 2617 0.97 0.90 0.92 - 0.02 1.60 0.65 Metalo Manuf 21 1.20 0.80 1.05 + 0.05 1.50 0.30 Pac Topaz V 175 0.21 0.16 0.20 + 0.03 0.29 0.06 Sherritt Intl T 2712 0.87 0.82 0.86 + 0.06 2.07 0.53 Uranium Res* D 661 1.81 1.58 1.67 - 0.03 16.08 1.39 Metalore Res T 20 3.59 0.00 2.71 + 0.11 3.59 1.26 Paladin Energy T 1657 0.21 0.19 0.19 - 0.01 0.27 0.15 Shore Gold T 324 0.20 0.18 0.19 + 0.01 0.25 0.13 Uranium Valley V 33 0.22 0.12 0.22 + 0.07 0.22 0.04 Metals Creek* O 115 0.12 0.11 0.12 + 0.00 0.14 0.05 Palamina Corp* O 53 0.15 0.12 0.14 - 0.01 0.15 0.08 Shoshoni Gold V 495 0.01 0.01 0.01 - 0.01 0.03 0.01 Uravan Mnrls V 1271 0.39 0.29 0.34 + 0.03 0.39 0.05 Metals Creek V 182 0.15 0.14 0.15 + 0.01 0.20 0.05 Palamina Corp V 166 0.20 0.14 0.18 + 0.02 0.20 0.06 Sibanye Gold* N 11502 15.84 14.01 15.74 + 1.45 16.63 4.07 US Energy* D 509 2.84 1.70 2.31 + 0.56 4.86 0.67 Mexus Gold* O 8817 0.05 0.04 0.05 - 0.01 0.07 0.00 Pan Am Silver* D 20885 18.42 16.80 18.36 + 0.96 18.41 5.38 Sienna Res* O 36 0.17 0.16 0.17 + 0.01 0.19 0.01 US Precious M* O 1642 0.02 0.01 0.02 + 0.00 0.15 0.00 Mezzotin Mnrls V 67 0.01 0.01 0.01 - 0.01 0.01 0.01 Pan Am Silver T 3413 24.03 22.26 23.96 + 2.68 23.89 7.77 Sienna Res V 4898 0.24 0.20 0.23 + 0.03 0.25 0.01 US Tungsten* O 172 0.00 0.00 0.00 + 0.00 0.01 0.00 Midas Gold T 7499 1.18 0.94 1.05 + 0.13 1.18 0.25 Pan Global Res V 72 0.03 0.02 0.03 + 0.01 0.04 0.01 Sierra Iron Or V 57 0.29 0.25 0.28 + 0.01 0.50 0.22 USCorp* O 249 0.02 0.01 0.01 - 0.00 0.03 0.00 Midas Gold* O 5100 0.90 0.72 0.82 + 0.01 0.90 0.16 Pancontinental V 86 0.05 0.03 0.04 + 0.01 0.04 0.01 Sierra Metals T 208 1.39 1.28 1.33 + 0.02 1.80 0.84 Vale* N 31970 4.12 3.75 3.93 - 0.15 4.90 1.55 Midland Expl V 171 1.12 0.85 1.05 + 0.15 0.95 0.45 Pancontinental* O 196 0.04 0.02 0.03 + 0.01 0.03 0.00 Sierra Metals* O 21 1.07 0.99 1.07 + 0.03 1.40 0.69 Vale* N 109309 5.23 4.68 4.95 - 0.21 6.26 2.13 Midnight Sun V 204 0.12 0.09 0.12 + 0.02 0.24 0.08 Panex Res* O 1542 0.00 0.00 0.00 - 0.00 0.01 0.00 Sierra Res* O 2685 0.00 0.00 0.00 - 0.00 0.01 0.00 Valencia Vent V 137 0.08 0.00 0.08 - 0.01 0.40 0.08 Midway Gold* O 2984 0.01 0.00 0.00 - 0.00 0.01 0.00 Pangolin Dia V 556 0.14 0.12 0.14 + 0.01 0.22 0.03 Signal Expl V 554 0.30 0.16 0.16 - 0.14 0.30 0.01 Valencia Vent* O 3 0.05 0.00 0.05 - 0.14 0.20 0.05 MillenMin Vent V 51 0.10 0.06 0.07 + 0.01 0.10 0.01 Panoro Mnrls V 311 0.18 0.17 0.17 - 0.01 0.21 0.09 Signature Res V 791 0.07 0.05 0.07 + 0.02 0.09 0.01 Valley High Mg* O 3387 0.01 0.00 0.01 + 0.00 0.01 0.00 Millrock Res* O 280 0.39 0.34 0.39 + 0.02 0.39 0.11 Parallel Mng V 287 0.14 0.14 0.14 + 0.03 0.14 0.05 Silver Bear Rs T 3731 0.32 0.28 0.30 + 0.03 0.32 0.02 Vanadiumcorp* O 29 0.05 0.03 0.03 - 0.01 0.05 0.01 Millrock Res V 568 0.51 0.44 0.49 + 0.03 0.51 0.15 Paramount Gold* X 1625 2.93 1.58 2.74 + 1.03 2.93 0.93 Silver Bull Re* O 4585 0.19 0.14 0.15 - 0.02 0.19 0.02 Vanadiumcorp V 402 0.05 0.05 0.05 - 0.01 0.06 0.02 Millstream Min V 56 0.08 0.07 0.07 + 0.01 0.16 0.01 Parlane Res V 201 0.17 0.12 0.17 + 0.06 0.21 0.01 Silver Bull Re T 1990 0.25 0.19 0.20 - 0.01 0.25 0.04 Vantex Res V 648 0.04 0.03 0.04 + 0.01 0.04 0.01 Milner Con Slv V 434 0.07 0.03 0.04 + 0.01 0.07 0.02 Pasinex Res 349 0.13 0.10 0.11 + 0.03 0.13 0.03 Silver Dragon* O 322 0.04 0.03 0.03 - 0.00 0.05 0.01 Vedanta* N 1153 8.73 7.78 8.68 + 0.64 9.43 3.52 Minaurum Gold V 423 0.14 0.11 0.11 + 0.01 0.14 0.04 Passprt Potash* O 47 0.01 0.00 0.00 - 0.00 0.27 0.00 Silver Falcon* O 50639 0.00 0.00 0.00 - 0.00 0.00 0.00 Velocity Mnrls V 11 0.16 0.00 0.09 - 0.06 0.20 0.05 Minco Gold* X 7333 0.42 0.25 0.38 + 0.11 0.40 0.10 Patriot Gold* O 1061 0.23 0.17 0.22 - 0.01 0.23 0.03 Silver Grail V 305 0.13 0.09 0.13 + 0.06 0.13 0.02 Vena Res V 421 0.06 0.05 0.05 + 0.01 0.07 0.04 Minco Gold T 1099 0.55 0.35 0.50 + 0.15 0.55 0.12 Peabody Enrgy* O 1013 1.71 1.38 1.63 + 0.08 41.10 0.55 Silver Mtn Mns V 1162 0.05 0.02 0.04 + 0.02 0.05 0.01 Vendetta Mng V 215 0.09 0.09 0.09 - 0.01 0.14 0.05 Minco Silver T 1362 1.82 1.29 1.82 + 0.56 1.70 0.32 Peat Res V 35 0.05 0.04 0.04 - 0.01 0.07 0.01 Silver Predatr V 124 0.08 0.07 0.08 + 0.01 0.09 0.01 Vendome Res V 710 0.02 0.01 0.01 - 0.01 0.03 0.01 Minco Silver* O 429 1.35 0.95 1.35 + 0.28 1.28 0.26 Pedro Res V 104 0.15 0.07 0.14 + 0.08 0.15 0.01 Silver Range V 761 0.24 0.17 0.21 + 0.06 0.24 0.02 Verde Potash T 82 0.32 0.21 0.29 - 0.03 0.48 0.13 Minecorp Egy V 94 0.10 0.09 0.09 - 0.01 0.18 0.01 Pelangio Expl* O 419 0.06 0.04 0.06 + 0.01 0.06 0.01 Silver Scott* O 186 0.01 0.01 0.01 + 0.00 0.01 0.00 Veris Gold* O 22 0.01 0.00 0.00 + 0.00 0.03 0.00 Minera Alamos V 545 0.14 0.13 0.14 + 0.01 0.18 0.07 Pelangio Expl V 1805 0.08 0.06 0.08 + 0.02 0.07 0.01 Silver Shield 299 0.09 0.03 0.08 - 0.01 0.17 0.01 Victoria Gold V 6427 0.65 0.53 0.59 + 0.08 0.65 0.11 Mineral Mtn V 350 0.39 0.00 0.38 + 0.05 0.37 0.08 Pele Mtn Res* O 21 0.03 0.02 0.02 - 0.01 0.04 0.02 Silver Spruce V 3286 0.08 0.06 0.08 + 0.02 0.10 0.04 Victory Res V 908 0.05 0.04 0.05 + 0.01 0.09 0.02 Mineral Mtn* O 75 0.30 0.24 0.29 + 0.04 0.26 0.04 Pele Mtn Res V 164 0.04 0.00 0.04 + 0.01 0.06 0.03 Silver Std Res T 5151 19.27 17.15 19.01 + 2.24 19.27 5.28 Victory Vent V 141 0.04 0.03 0.03 - 0.01 0.06 0.01 Mines Manage* X 1358 1.34 1.10 1.33 + 0.15 1.27 0.11 Peregrine Diam T 5510 0.32 0.21 0.29 + 0.06 0.32 0.09 Silver Std Res* D 15730 14.86 13.24 14.58 + 1.00 14.86 3.66 Virginia Enrgy V 28 0.05 0.00 0.05 - 0.01 0.10 0.04 Mines Manage T 30 1.80 1.50 1.57 + 0.17 1.80 0.17 Perseus Mng T 3216 0.67 0.56 0.65 + 0.15 0.67 0.27 Silver Wheaton T 11169 33.77 31.35 33.64 + 3.23 33.51 14.51 Virginia Enrgy* O 4 0.04 0.00 0.03 - 0.01 0.08 0.02 Minnova Corp V 18 0.90 0.73 0.73 - 0.07 0.90 0.18 Pershing Gold* D 3160 4.98 4.34 4.93 + 0.54 5.95 3.04 Silver Wheaton* N 44174 25.90 24.04 25.79 + 1.01 25.62 10.04 Viscount Mng V 273 0.77 0.70 0.74 + 0.01 0.91 0.16 Miranda Gold V 2950 0.18 0.12 0.16 + 0.07 0.18 0.06 Pershing Res* O 52 0.06 0.04 0.06 + 0.01 0.06 0.02 Silvercorp Met T 6087 3.88 3.02 3.87 + 0.93 3.78 0.60 Visible Gold M V 1450 0.05 0.04 0.05 + 0.01 0.08 0.02 Mirasol Res V 519 2.74 2.35 2.68 + 0.30 2.74 0.72 Peruvian Prc M* O 300 0.05 0.03 0.05 + 0.01 0.10 0.02 Silvercorp Met* O 3353 2.98 2.25 2.97 + 0.70 2.91 0.41 Vista Gold* X 12273 2.05 1.53 1.66 - 0.19 2.09 0.24 Mitchell Res V 40 0.06 0.00 0.12 - 0.02 0.14 0.02 Philex Mng* O 54 0.21 0.13 0.21 + 0.08 0.21 0.05 Silvermet V 318 0.04 0.04 0.04 - 0.01 0.09 0.02 Vista Gold T 878 2.60 1.97 2.20 - 0.27 2.73 0.31 Mitchell Res* O 0 0.00 0.00 0.02 - 0.02 0.05 0.02 Philippine Mtl V 79 0.12 0.06 0.06 - 0.05 0.12 0.01 SinoCoking Cl* D 90 0.32 0.28 0.32 + 0.02 1.48 0.26 Voltaic Min V 168 0.46 0.35 0.46 + 0.12 0.52 0.03 Molycorp* O 1458 0.04 0.03 0.03 + 0.00 0.15 0.02 Pilot Gold T 1713 0.82 0.72 0.75 + 0.01 0.83 0.22 Sirios Res V 1451 0.41 0.36 0.40 + 0.01 0.51 0.07 Vulcan Mnrls V 315 0.04 0.03 0.04 + 0.01 0.04 0.02 Monarques Res V 2968 0.40 0.34 0.37 + 0.03 0.45 0.06 Pilot Gold* O 878 0.63 0.55 0.58 - 0.02 0.64 0.06 Sirios Res* O 415 0.31 0.27 0.30 + 0.01 0.39 0.07 VVC Expl V 1009 0.05 0.04 0.05 + 0.01 0.05 0.01 Moneta Porcpn* O 367 0.23 0.16 0.19 + 0.03 0.23 0.05 Pine Cliff En* O 6 0.70 0.67 0.70 + 0.03 1.05 0.51 Skeena Res* O 52 0.10 0.00 0.10 + 0.03 0.10 0.04 Moneta Porcpn T 4090 0.30 0.21 0.26 + 0.04 0.30 0.07 Pine Cliff En T 1609 0.94 0.88 0.89 - 0.04 1.38 0.61 Skeena Res V 5474 0.13 0.09 0.12 + 0.03 0.13 0.06 Montan Mg V 867 0.04 0.03 0.03 + 0.01 0.16 0.02 Pinecrest Res V 250 0.23 0.21 0.21 - 0.01 0.25 0.03 Slam Explor V 241 0.09 0.07 0.07 - 0.02 0.12 0.01 W-Z Montana Gold 239 0.10 0.07 0.09 + 0.01 0.10 0.02 Pistol Bay Mng V 172 0.08 0.06 0.07 + 0.01 0.08 0.01 Solitario Ex&R T 116 1.04 0.72 1.01 + 0.31 1.04 0.57 Montero Mg&Ex V 101 0.05 0.04 0.05 + 0.01 0.08 0.01 Pitchblack Res V 4 0.09 0.00 0.09 - 0.04 0.20 0.05 Solitario Ex&R* X 1682 0.82 0.54 0.79 + 0.19 0.82 0.40 WAI Cap Invest V 12 0.03 0.02 0.03 + 0.01 0.05 0.02 Monument Mng V 2144 0.19 0.13 0.17 + 0.04 0.19 0.08 PJSC Polyus Gd* O 4 36.40 36.00 36.40 + 0.15 37.59 13.70 Sona Res V 609 0.07 0.04 0.06 + 0.01 0.09 0.01 Walker River V 1904 0.07 0.05 0.06 + 0.02 0.08 0.02 Morro Bay V 2388 0.02 0.01 0.02 + 0.01 0.05 0.01 Plata Latina V 232 0.09 0.06 0.09 + 0.04 0.07 0.01 Sonora Gld & S V 41 0.07 0.06 0.06 - 0.01 0.08 0.01 Wallbridge Mng T 243 0.08 0.07 0.07 - 0.01 0.10 0.02 Mosaic* N 21087 26.87 24.45 25.48 - 1.09 45.98 22.02 Plateau Uran V 806 0.32 0.28 0.28 - 0.03 0.45 0.24 Sonoro Mtls V 285 0.12 0.09 0.12 + 0.03 0.13 0.04 Walter Energy* O 565 0.08 0.06 0.07 - 0.00 0.15 0.01 Mountain Boy V 952 0.05 0.04 0.05 + 0.01 0.05 0.01 Plateau Uran* O 93 0.25 0.22 0.23 - 0.02 0.35 0.18 Source Expl V 395 0.03 0.03 0.03 + 0.01 0.05 0.01 Waseco Res V 699 0.07 0.05 0.07 + 0.02 0.07 0.02 Mountain Prov T 245 6.37 5.93 6.32 + 0.35 6.60 3.38 Platinum Gp Mt T 1609 4.95 4.40 4.50 + 0.16 5.25 1.35 Southern Arc V 538 0.90 0.49 0.66 + 0.26 1.00 0.24 Wealth Mnrls* O 534 0.68 0.55 0.68 + 0.00 0.83 0.10 Mountain Prov* D 138 4.88 4.56 4.85 + 0.25 5.10 2.47 Platinum Gp Mt* X 4162 3.98 3.34 3.46 - 0.50 4.04 0.96 Southern Arc* O 114 0.66 0.30 0.53 + 0.23 0.66 0.17 Wealth Mnrls V 1201 0.88 0.71 0.85 + 0.02 1.06 0.14 Mundoro Cap* O 35 0.13 0.10 0.10 + 0.00 0.13 0.03 Playfair Mng V 130 0.10 0.06 0.10 + 0.04 0.09 0.02 Southern Copp* N 6566 26.58 24.91 25.77 - 0.67 31.31 21.55 Wellgreen Plat* O 1080 0.46 0.38 0.39 - 0.03 0.46 0.12 Mundoro Cap V 59 0.16 0.13 0.14 + 0.01 0.18 0.04 Playfair Mng* O 43 0.08 0.04 0.08 + 0.04 0.05 0.01 Southern Silvr V 1751 0.49 0.37 0.38 - 0.08 0.49 0.03 Wellgreen Plat T 2439 0.62 0.49 0.51 + 0.01 0.62 0.16 Murchison Min 470 0.03 0.03 0.03 - 0.01 0.04 0.01 PNG Gold V 497 0.02 0.00 0.01 - 0.01 0.02 0.01 Southern Silvr* O 521 0.37 0.29 0.30 - 0.07 0.39 0.02 Wesdome Gold T 7448 2.20 1.98 2.10 + 0.12 2.15 0.89 Mustang Mnrls V 933 0.02 0.00 0.01 - 0.01 0.02 0.01 Polaris Mater T 56 1.29 1.18 1.29 + 0.14 2.29 1.11 SouthGobi Res T 14 0.25 0.25 0.25 - 0.01 0.72 0.21 West Af Res V 1904 0.22 0.17 0.21 + 0.02 0.22 0.05 MX Gold* O 1345 0.22 0.16 0.20 + 0.02 0.23 0.07 PolyMet Mng* X 329 0.79 0.75 0.78 - 0.01 1.28 0.55 Spanish Mtn Gd* O 526 0.09 0.07 0.08 - 0.00 0.09 0.01 West Kirkland V 1912 0.15 0.12 0.14 + 0.01 0.14 0.04 MX Gold V 11099 0.29 0.21 0.27 + 0.05 0.29 0.10 Portage Res* O 2948 0.00 0.00 0.00 - 0.00 0.01 0.00 Spanish Mtn Gd V 3007 0.11 0.09 0.11 + 0.02 0.11 0.02 West Red Lake* O 183 0.21 0.18 0.20 + 0.01 0.26 0.02 Myson Group* O 116 0.02 0.01 0.02 + 0.01 0.18 0.00 Potash Corp SK T 12374 21.80 20.43 20.59 - 0.41 38.25 20.03 Sparton Res V 341 0.07 0.06 0.07 + 0.01 0.07 0.01 West Red Lake 682 0.29 0.24 0.27 + 0.01 0.34 0.01 Potash Corp SK* N 47935 16.77 15.62 15.79 - 0.71 29.56 14.64 Sparton Res* O 54 0.05 0.04 0.05 + 0.01 0.05 0.00 Western Copper* X 808 1.03 0.90 0.94 + 0.04 1.03 0.20 Potash Ridge T 3619 0.27 0.22 0.23 - 0.05 0.50 0.03 Spearmint Res V 1858 0.05 0.04 0.04 - 0.01 0.06 0.01 Western Copper T 884 1.35 1.20 1.22 + 0.12 1.35 0.29 N-O Potash Ridge* O 269 0.20 0.17 0.17 - 0.03 0.38 0.02 Sphinx Res V 1220 0.04 0.03 0.04 + 0.01 0.05 0.01 Western Pac Rs V 225 0.03 0.00 0.03 + 0.01 0.03 0.01 Precipitate Gl V 1318 0.33 0.27 0.28 - 0.02 0.37 0.06 Spruce Ridge R V 1241 0.04 0.03 0.03 - 0.01 0.06 0.01 Western Pac Rs* O 43 0.02 0.01 0.02 + 0.02 0.02 0.00 NACCO Ind* N 59 57.12 54.53 56.62 + 0.46 61.29 40.04 Premier Gold M T 6314 4.49 3.94 4.33 + 0.50 4.49 1.65 St Augustine T 560 0.12 0.11 0.12 + 0.02 0.14 0.07 Western Troy C V 81 0.04 0.03 0.03 - 0.01 0.05 0.01 Namibia Rare E T 60 0.11 0.09 0.10 + 0.01 0.17 0.04 Premium Expl* O 31 0.00 0.00 0.00 - 0.00 0.04 0.00 Stakeholdr Gld* O 38 0.31 0.30 0.30 + 0.00 0.46 0.05 Western Uran 9 2.50 1.84 2.00 - 0.35 5.00 1.20 Napier Vent* O 60 0.25 0.23 0.25 + 0.02 0.26 0.19 Pretium Res* N 9938 12.10 11.26 11.93 + 0.24 12.10 4.00 Stakeholdr Gld V 309 0.40 0.38 0.40 + 0.04 0.62 0.04 Western Uran* O 6 1.76 1.36 1.53 - 0.23 2.67 1.19 Natural Res Pt* N 353 17.89 13.97 17.19 + 2.73 34.80 5.00 Pretium Res T 4207 15.69 14.61 15.55 + 1.09 15.69 5.57 Standard Graph V 1281 0.09 0.08 0.09 + 0.01 0.13 0.01 Westhaven Vent V 202 0.15 0.11 0.15 - 0.02 0.16 0.04 Nautilus Mnrls* O 827 0.09 0.08 0.09 - 0.00 0.37 0.08 Primero Mng T 8769 3.42 2.95 3.32 + 0.63 4.90 1.94 Stans Energy* O 166 0.02 0.01 0.01 + 0.00 0.04 0.01 Westkam Gold* O 473 0.07 0.05 0.05 + 0.00 0.07 0.01 Navis Res Corp* O 5 0.01 0.00 0.00 - 0.01 0.03 0.01 Primero Mng* N 12612 2.63 2.14 2.54 + 0.10 3.90 1.41 Star Gold* O 3 0.06 0.06 0.06 + 0.00 0.15 0.05 Westkam Gold V 6538 0.08 0.07 0.07 - 0.01 0.09 0.02 Nemaska Lith T 13187 1.29 1.15 1.20 - 0.13 1.97 0.17 ProAm Expl V 77 0.02 0.00 0.02 + 0.01 0.02 0.01 Starcore Intl T 492 0.91 0.83 0.89 + 0.09 0.91 0.25 Westmoreland* D 1000 10.05 9.03 9.45 - 0.55 18.23 3.44 Nemaska Lith* O 780 1.15 0.88 0.93 - 0.11 1.50 0.13 Probe Metals V 454 1.17 1.10 1.14 + 0.01 1.26 0.33 Starr Peak Exp V 320 0.08 0.08 0.08 + 0.01 0.19 0.05 WestMountain* O 5 0.15 0.08 0.08 - 0.07 0.20 0.04 Nevada Clean M* O 202 0.02 0.02 0.02 + 0.00 0.05 0.00 Probe Metals* O 173 0.95 0.85 0.88 - 0.07 0.95 0.24 Stellar Africa V 3091 0.08 0.00 0.06 + 0.02 0.08 0.01 White Metal Rs V 219 0.11 0.00 0.06 - 0.01 0.13 0.02 Nevada Copper T 281 0.76 0.64 0.72 + 0.10 1.49 0.45 Prophecy Coal T 68 5.48 2.10 5.00 + 2.38 6.50 1.00 Stelmine Can V 1 0.10 0.00 0.10 + 0.02 0.15 0.05 White Mtn Engy* O 309 0.11 0.09 0.10 - 0.01 0.40 0.07 Nevada Egy Mtl* O 1462 0.10 0.08 0.09 - 0.01 0.20 0.06 Prophecy Coal* O 7 4.05 0.00 3.83 + 2.40 4.00 1.25 Stillwater Mg* N 8803 12.76 11.77 12.73 + 0.48 12.84 4.99 Whitehaven Coa* O 7 1.00 0.74 1.00 + 0.26 0.91 0.25 Nevada Egy Mtl V 1117 0.14 0.10 0.11 - 0.03 0.26 0.01 Prosper Gold V 642 0.39 0.33 0.36 + 0.03 0.39 0.06 Stina Res 58 0.17 0.15 0.15 - 0.03 0.19 0.11 Wildcat Expl V 344 0.10 0.08 0.08 - 0.01 0.16 0.02 Nevada Expl * O 620 0.39 0.29 0.34 + 0.02 0.61 0.08 Prospero Silvr V 6 0.19 0.14 0.19 + 0.06 0.17 0.05 Stina Res* O 23 0.13 0.13 0.13 - 0.00 0.19 0.06 Williams Creek V 1665 0.04 0.04 0.04 + 0.01 0.04 0.01 Nevada Expl V 765 0.50 0.42 0.45 + 0.06 0.94 0.05 PUF Vent Inc 404 0.07 0.05 0.05 - 0.01 0.24 0.04 Stockport Expl V 290 0.05 0.02 0.03 - 0.02 0.06 0.01 Wincash Apolo* O 20 0.10 0.07 0.09 + 0.02 0.25 0.06 Nevada Sunrise* O 250 0.25 0.22 0.23 - 0.02 0.28 0.09 Puma Expl V 1080 0.09 0.07 0.08 + 0.02 0.12 0.03 Stornoway Diam T 10537 1.00 0.90 0.99 + 0.04 1.08 0.65 Winston Gld Mg 108 0.12 0.10 0.12 + 0.02 0.13 0.10 Nevada Sunrise V 804 0.31 0.29 0.29 + 0.01 0.37 0.13 Pure Energy* O 1363 0.58 0.50 0.56 + 0.00 0.91 0.18 Stratabd Mnr V 63 0.02 0.02 0.02 + 0.01 0.02 0.01 Wolfden Res V 1150 0.14 0.13 0.13 - 0.01 0.19 0.05 Nevada Zinc V 364 0.34 0.30 0.33 - 0.01 0.43 0.19 Pure Energy V 2030 0.75 0.65 0.74 + 0.05 1.15 0.22 Strateco Res* O 56 0.01 0.01 0.01 + 0.00 0.30 0.00 Wolverine Mnls V 487 0.10 0.07 0.10 + 0.04 0.33 0.07 Nevsun Res* X 5274 3.12 2.85 2.94 - 0.08 3.80 2.27 Pure Gold Mg* O 268 0.57 0.51 0.54 - 0.01 0.60 0.05 Strategic Metl V 978 0.80 0.58 0.63 + 0.07 0.80 0.24 Worldwide Res V 86 0.03 0.02 0.03 + 0.01 0.06 0.01 Nevsun Res T 2763 3.96 3.71 3.81 + 0.02 4.81 3.27 Pure Gold Mg V 1219 0.73 0.68 0.71 + 0.01 0.76 0.07 Stratton Res V 311 0.42 0.36 0.41 + 0.04 0.42 0.07 WPC Res V 1302 0.10 0.07 0.09 + 0.01 0.12 0.03 New Carolin Gd V 2938 0.11 0.09 0.10 - 0.01 0.15 0.04 Pure Nickel V 3929 0.02 0.02 0.02 - 0.01 0.04 0.01 Strikepoint Gd* O 46 0.16 0.14 0.16 + 0.02 0.19 0.08 X-Terra Res V 1305 0.27 0.19 0.27 + 0.04 0.25 0.06 New Carolin Gd* O 254 0.09 0.07 0.08 - 0.01 0.12 0.03 Purepoint Uran V 678 0.08 0.00 0.08 + 0.01 0.13 0.02 Strikepoint Gd V 76 0.23 0.18 0.22 + 0.04 0.55 0.05 Xander Res V 171 0.46 0.40 0.45 + 0.05 0.46 0.21 New Colombia* O 1146 0.02 0.02 0.02 + 0.00 0.05 0.00 Q-Gold Res V 245 0.13 0.10 0.11 - 0.01 0.14 0.01 Stroud Res V 5647 0.02 0.01 0.01 + 0.01 0.02 0.01 Xiana Mng V 27 0.04 0.03 0.04 + 0.01 0.06 0.03 New Destiny Mg V 1900 0.01 0.01 0.01 + 0.01 0.02 0.01 QMC Quantum Ml V 611 0.08 0.04 0.07 + 0.03 0.05 0.01 Sulliden Mng T 347 0.41 0.38 0.40 + 0.03 0.45 0.19 Ximen Mng V 2370 0.10 0.07 0.10 + 0.04 0.15 0.02 New Dimen Res V 63 0.14 0.00 0.14 + 0.01 0.19 0.04 QMX Gold V 718 0.08 0.06 0.08 + 0.02 0.11 0.01 Suncor Energy T 18578 36.93 35.90 36.28 + 0.44 40.35 27.32 Ximen Mng* O 64 0.06 0.04 0.06 + 0.02 0.11 0.01 New Gold* X 26212 5.00 4.46 4.86 + 0.11 5.00 1.76 QMX Gold* O 136 0.06 0.04 0.06 + 0.02 0.08 0.01 Suncor Energy* N 18927 28.62 27.58 27.84 - 0.38 30.70 18.71 XLI Tech Inc* O 1923 0.04 0.03 0.03 - 0.00 1.50 0.02 New Gold T 9974 6.52 5.99 6.35 + 0.70 6.52 2.52 Quartz Mtn Res V 66 0.06 0.05 0.06 + 0.01 0.05 0.01 Sunridge Gold* O 23 0.03 0.02 0.02 + 0.00 0.29 0.01 Xtierra V 1308 0.07 0.04 0.07 + 0.03 0.06 0.01 New Gold* O 225 0.09 0.07 0.08 + 0.00 0.28 0.03 Quaterra Res V 644 0.07 0.06 0.07 + 0.01 0.15 0.05 Sunvest Mnrls V 52 0.12 0.00 0.09 - 0.03 0.55 0.01 Xtra-Gold Res* O 62 0.43 0.37 0.38 - 0.03 0.43 0.12 New Jersey Mng* O 262 0.11 0.09 0.11 + 0.01 0.12 0.02 Quaterra Res* O 508 0.06 0.05 0.05 + 0.00 0.11 0.04 Superior Mng* O 60 0.01 0.00 0.00 - 0.01 0.01 0.00 Xtra-Gold Res T 93 0.56 0.49 0.51 - 0.04 0.56 0.18 New Klondike* O 1 0.00 0.00 0.00 + 0.00 0.00 0.00 Quest Rare Mnl* O 24 0.12 0.00 0.11 - 0.01 0.20 0.03 Sutter Gold V 164 0.08 0.06 0.06 - 0.02 0.16 0.04 Yamana Gold T 34622 7.77 7.04 7.70 + 0.98 7.70 1.89 New Milln Iron T 686 0.08 0.07 0.08 + 0.01 0.15 0.05 Quest Rare Mnl T 604 0.16 0.15 0.15 - 0.01 0.25 0.06 Sutter Gold* O 285 0.07 0.05 0.05 - 0.00 0.13 0.02 Yamana Gold* N 65476 5.95 5.25 5.90 + 0.42 5.91 1.38 New Oroperu V 99 0.52 0.42 0.45 - 0.03 0.52 0.09 Quinto Real V 22 0.15 0.11 0.15 + 0.01 0.16 0.01 Syrah Res* O 5 4.69 4.50 4.60 + 0.05 4.90 1.81 Yanzhou Coal* N 141 6.59 6.18 6.55 + 0.08 6.76 3.66 NewCastle Gold* O 90 0.63 0.57 0.59 + 0.00 0.62 0.14 Yorbeau Res T 1642 0.11 0.09 0.11 + 0.02 0.15 0.06 Newlox Gold 374 0.03 0.02 0.03 + 0.01 0.06 0.02 Zadar Vent V 1433 0.14 0.11 0.14 + 0.01 0.26 0.01 Newmarket Gold T 3279 3.99 3.67 3.89 + 0.09 4.10 0.80 R T Zazu Metals T 129 0.21 0.19 0.21 + 0.04 0.33 0.09 Newmarket Gold* O 753 3.08 2.85 2.98 - 0.02 3.14 0.61 Zenyatta Vent V 191 0.72 0.66 0.68 - 0.03 1.78 0.63 Newmont Mng* N 48770 41.46 39.47 41.14 + 0.80 41.46 15.39 Rackla Mtls V 46 0.14 0.00 0.13 - 0.01 0.14 0.05 Tahoe Res* N 13078 16.56 15.04 16.48 + 0.85 16.29 6.48 Zenyatta Vent* O 31 0.56 0.00 0.51 - 0.04 1.33 0.47 Newport Expl V 282 0.37 0.26 0.27 - 0.08 0.38 0.19 Rackla Mtls* O 2 0.09 0.08 0.09 + 0.02 0.11 0.03 Tahoe Res T 8209 21.60 19.53 21.53 + 2.18 21.13 9.45 Zephyr Mnls* O 23 0.30 0.27 0.30 + 0.03 0.30 0.15 Nexgen Energy* O 152 2.08 1.88 1.90 - 0.16 2.25 0.41 Radisson Mng V 143 0.15 0.13 0.15 + 0.01 0.16 0.09 Tajiri Res V 501 0.04 0.03 0.04 + 0.01 0.06 0.01 Zephyr Mnls V 82 0.39 0.31 0.38 + 0.04 0.39 0.08 Nexgen Energy V 1769 2.69 2.45 2.47 - 0.19 2.86 0.56 Rainforest Res* O 5 2.20 0.00 2.10 + 0.20 2.20 0.30 Takara Res V 2547 0.09 0.04 0.09 + 0.05 0.09 0.02 Zimtu Capital V 154 0.25 0.23 0.24 + 0.01 0.38 0.12 Next Gen Mtls 51 0.13 0.12 0.12 - 0.01 0.18 0.01 Rainmaker Res V 232 0.11 0.07 0.11 + 0.04 0.25 0.07 Taku Gold* O 73 0.10 0.08 0.10 + 0.01 0.13 0.01 Zincore Mtls V 114 0.04 0.01 0.03 + 0.02 0.04 0.01 Next Gen Mtls* O 18 0.10 0.08 0.10 + 0.02 0.14 0.08 Rainy Mtn Royl V 27 0.05 0.05 0.05 + 0.01 0.08 0.03 Taku Gold 40 0.14 0.11 0.14 + 0.04 0.22 0.02 Zonte Mtls V 175 0.10 0.08 0.08 + 0.01 0.15 0.02

10 11_July18_StockTables.indd 11 2016-07-12 7:44 PM 12 JULY 18–24, 2016 / THE NORTHERN MINER WWW.NORTHERNMINER.COM METALS, MINING AND MONEY MARKETS

SPOT PRICES COURTESY OF SCOTIABANK PRODUCER AND DEALER PRICES TSX WARRANTS TSX VENTURE WARRANTS

Tuesday, July 12, 2016 Thermal Coal CAPP: US$39.50 per short ton Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Precious Metals Price (US$/oz.) Change Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Gold 1352.85 +8.10 US$40.50 TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Silver $20.35 +0.62 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$8.80 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul Mission Gold (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Platinum $1093.00 +38.00 Coal: CME Group Central Appalachian Futures July 2016: 31/17 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec Palladium $615.00 +12.00 US$39.50 Aug. 2016: US$39.50 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 15/17 Cobalt: US$10.77/lb. Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar NexGen Energy (NXE.WT) - Wt buys sh @ $0.65 to Mar 26/16 Base Metals Price (US$/tonne) Change Copper: US$2.08/lb. 18/19 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 Nickel $10325.00 +285.00 Copper: CME Group Futures July 2016: US$2.11/lb.; Aug. HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 West African Resources (WAF.WT) - Wt buys sh @ $0.4 to Jan Copper $4806.50 +58.00 2016: US$2.11/lb MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 17/17 Lead $1857.00 +38.00 Ferro-Chrome: US$1.77/kg New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr Zinc $2183.00 +42.50 Ferro Titanium: US$3.50/kg Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 17/19 FerroTungsten: US$23.12/kg Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr Ferrovanadium: US$14.70/kg 18/22 21/21 LME WAREHOUSE LEVELS Iridium: NY Dealer Mid-mkt US$520/tr oz. Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul Iron Ore 62% Fe CFR China-S: US$50.60/tonne 17/17 Iron Ore Fines: US$56.46/tonne Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$5 to Oct 19/15 Metal stocks (in tonnes) held in London Metal Exchange ware- (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 houses at opening, July 11, 2016 (change from July 4, 2016 in Iron Ore Pellets: US$72.89/tonne Lead: US$0.77/lb. Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov brackets): 26/17 Aluminium Alloy 11900 (0) Magnesium: US$2.03/kg Manganese: US$2.01/kg Northern Dynasty Minerals Ltd. J (NDM.WT) - Wt buys sh @ $3 Aluminium 2344175 (-30900) to Sep 14/17 Copper 222600 (+34200) Molybdenum Oxide: US$7.71/lb. Phosphate Rock: US$115.00/tonne Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb Lead 184525 (-625) 26/19 Nickel 377736 (-378) Potash: US$269.00/tonne Tin 6045 (-5) Rhodium: Mid-mkt US$660.00/tr. oz. Zinc 439575 (-2525) Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$17.53 per oz.; Handy & NORTH AMERICAN STOCK EXCHANGE INDICES Harman Fabricated: US$21.91 per oz. Tantalite Ore : US$191.35/kg 52-week Tin: US$7.71/lb. Uranium: U3O8, Trade Tech spot price: US$28.00; The UX Index Jul 08 Jul 07 Jul 06 Jul 05 Jul 04 High Low Consulting Company spot price: US$28.00/lb. S&P/TSX Composite 14259.84 14134.46 14231.06 14219.57 14258.87 15527.30 12400.15 Zinc: US$0.90/lb. S&P/TSXV Composite 752.12 747.79 757.65 750.09 747.82 1050.26 883.52 Prices current June 21, 2016 S&P/TSX 60 827.27 820.76 826.29 826.56 829.10 896.74 709.99 S&P/TSX Global Gold 275.55 268.08 276.27 268.64 263.32 218.90 149.29 S&P/TSX Metals & Mining 609.04 595.85 600.53 605.62 621.54 954.68 691.69

NEW 52-WEEK HIGHS AND LOWS JULY 4–8, 2016 TSX SHORT POSITIONS TSX VENTURE SHORT POSITIONS 452 New Highs California Gl* Fresnillo plc* Loncor Res* Pelangio Expl Starcore Intl Short positions outstanding as of Jul 04, 2016 (with changes Short positions outstanding as of Jul 04, 2016 (with changes Abcourt Mines Camino Mnls* Gabriel Res Lonmin plc* Pelangio Expl* Stellar Africa from Jun 16, 2016) from Jun 16, 2016) Abcourt Mines* Canadian Zeol Galane Gold Luna Gold Peregrine Diam Strategic Metl Largest short positions Largest short positions Abitibi Royalt Canadian Zeol* Geologix Expl Luna Gold* Perseus Mng Stratton Res Lupaka Gold Philex Mng* Lundin Mng LUN 44928178 -64453 6/16/2016 First Mg Fin FF 4270336 386898 6/16/2016 Acacia Mining* Canasil Res Geologix Expl* Stroud Res Agave Silver Candente Coppr Gespeg Cop Res MacDonald Mns Plata Latina Swift Res Potash Corp SK POT 34205230 -336729 6/16/2016 Integra Gold ICG 3005876 1193276 6/1/2016 Agave Silver* Candente Gold GGL Res MAG Silver Playfair Mng Tahoe Res Santacruz Silv SCZ 2985274 2911574 6/16/2016 First Quantum FM 26108772 197010 6/16/2016 Agnico Eagle Candente Gold* Global Mnrls Mandalay Res Playfair Mng* Tahoe Res* New Gold NGD 23776945 -3197090 6/16/2016 Orezone Gold ORE 1698500 1687000 6/16/2016 Agnico Eagle* Canstar Res Gold Fields* MartinMarietta* Premier Gold M Takara Res Kinross Gold K 23510539 2209821 6/16/2016 Oceanus Res OCN 1097900 1085900 6/1/2016 Alacer Gold Cap-Ex Iron Gold Mtn Mng Mason Graphite Pretium Res Tantalex Res B2Gold BTO 20082509 -1360595 6/16/2016 Nexgen Energy NXE 1078005 -80095 6/16/2016 Alamos Gold Carlin Gold Gold Resource* Mason Graphite* Pretium Res* Tanzania Rlty Eldorado Gold ELD 19459559 1193299 6/16/2016 Noram Vent NRM 1000800 994700 6/1/2016 Alamos Gold* Cartier Iron Gold Std Vents Maudore Mnrls* Prophecy Coal Tanzania Rlty* Stornoway Diam SWY 15758795 5145857 6/16/2016 Gold Reserve GRZ 993800 85300 6/1/2016 Aldershot Res Cassius Vents Gold Std Vents* McEwen Mng Prophecy Coal* Tasman Metals* Suncor Energy SU 15059640 -1970227 6/16/2016 Brazil Res BRI 875600 -344015 6/16/2016 Aldridge Mnrls Castle Mtn Mng Gold Torrent* McEwen Mng* Prospero Silvr Teck Res Castle Peak Mg Goldcorp MDN Inc* Pure Nickel* IAMGOLD IMG 13962673 2172033 6/16/2016 Focus Graphite FMS 623522 -43278 6/1/2016 Alexandria Min Teras Res Castle Res Goldcorp* Meryllion Res QMC Quantum Ml Terraco Gold HudBay Mnls HBM 11399868 3289371 6/16/2016 Inca One Gold IO 405000 404800 6/1/2016 Alexco Res Alexco Res* Cda Strtgc Met * Golden Arrow Mesa Expl* QMC Quantum Ml* Terrax Mnrls Detour Gold DGC 10239668 -22962 6/16/2016 Rye Patch Gold RPM 365728 14628 6/16/2016 Almaden Mnls Cda Zinc Mtls Goldgroup Mng Metalore Res Quartz Mtn Res Terrax Mnrls* Goldcorp G 9958832 1828334 6/16/2016 Marlin Gold MLN 332800 -239200 6/1/2016 Alturas Mnrls Cdn Platinum Goldgroup Mng* Mezzotin Mnrls Rainforest Res* Thompson Creek* Thompson Creek TCM 8993062 172500 6/16/2016 ATAC Res ATC 300400 -61500 6/16/2016 Amarillo Gold Cdn Zinc GoldQuest Mng Midas Gold Randgold Res* Thunder Mtn Gd Teck Res TCK.B 8969013 145040 6/16/2016 Lupaka Gold LPK 295000 295000 6/1/2016 Americas Silvr Cdn Zinc* Goldrock Mines Midas Gold* Red Pine Expl Tintina Res Largest increase in short position Largest increase in short position Americas Silvr* Centamin Goldsource Min Midland Expl Redhill Res Tintina Res* Teranga Gold TGZ 6565278 6284037 6/16/2016 Santacruz Silv SCZ 2985274 2911574 6/16/2016 AMI Res Chalice Gold M* Goldsource Min* Millrock Res Renaissance Gd Torex Gold Chesapeake Gld Goldstream Mnl Millrock Res* Resource Cap Stornoway Diam SWY 15758795 5145857 6/16/2016 Orezone Gold ORE 1698500 1687000 6/16/2016 Anaconda Mng Treasury Metal Chesapeake Gld* GoldTrain Res Milner Con Slv Resource Cap* HudBay Mnls HBM 11399868 3289371 6/16/2016 Integra Gold ICG 3005876 1193276 6/1/2016 Anaconda Mng* Tudor Gold Chilean Metals GoviEx Uranium Minco Gold* Reunion Gold Typhoon Expl Guyana Gldflds GUY 4833100 3237220 6/16/2016 Oceanus Res OCN 1097900 1085900 6/1/2016 Anglo-Can Mng AngloGold Ash* Chilean Metals* GoviEx Uranium* Minco Silver Revolver Res* Unigold Sandstorm Gold SSL 5810806 2531900 6/16/2016 Noram Vent NRM 1000800 994700 6/1/2016 Arbitrage Expl China Mnls Mng* Gowest Gold Minco Silver* Rhyolite Res Unigold* Largest decrease in short position Largest decrease in short position Arcus Dev Grp CMC Metals* Gowest Gold* Mineral Mtn Richmont Mines United Silver* Torex Gold TXG 1052851 -12011815 6/16/2016 West Af Res WAF 2500 -397500 6/1/2016 Argonaut Gold Coeur Mng* GPM Metals Mineral Mtn* Richmont Mines* Uragold Bay Rs Nevsun Res NSU 977014 -8149745 6/16/2016 Copper Fox Mtl CUU 0 -385700 6/1/2016 Argonaut Gold* Colombia Crest* Greencastle Rs Mines Manage Rio Novo Gold Uranium Valley Rio Novo Gold* New Gold NGD 23776945 -3197090 6/16/2016 Brazil Res BRI 875600 -344015 6/16/2016 Armor Mnrls Colombian Mins Grizzly Gold* Mines Manage* Uravan Mnrls Minnova Corp Rio Silver Alamos Gold AGI 5219477 -2368056 6/16/2016 Alix Res AIX 150000 -248500 6/1/2016 Asanko Gold Colorado Res GTA Res & Mng US Energy* Colorado Res* Gunpoint Expl Miranda Gold Riverside Res Suncor Energy SU 15059640 -1970227 6/16/2016 Marlin Gold MLN 332800 -239200 6/1/2016 Asante Gold Victoria Gold Comstock Mtls Harmony Gold* Mirasol Res Riverside Res* Astorius Res Waseco Res Comstock Mtls * Hecla Mining* Moneta Porcpn Rochester Res Atacama Pac Gd Wellgreen Plat Confedertn Mls Heron Res* Moneta Porcpn* Rochester Res* Atacama Pac Gd* Wellgreen Plat* Contintl Gold Hochschild Mg* Montana Gold Rock Tech Lith Atlantic Gold Wesdome Gold Contintl Gold* Homestake Res Monument Mng Rock Tech Lith* Atlatsa Res* West Kirkland Copper North M Homestake Res* Mundoro Cap* Rockcliff Cop DAILY METAL PRICES Aurcana Corp Western Copper Copper One Honey Badger E New Gold Rockhaven Res Western Copper* Aurcana Corp* IAMGOLD New Gold* Roxgold Daily Metal Prices Copper One * Western Pac Rs Aurion Res Coronet Mtls IAMGOLD* New Oroperu Roxgold* Date Jul 11 Jul 8 Jul 7 Jul 6 Jul 5 Aurvista Gold Western Pac Rs* Coronet Mtls* IDM Mining NewCastle Gold* Royal Gold Westkam Gold* BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Aurvista Gold* Royal Gold* Corvus Gold IDM Mining* Newmont Mng* Whitehaven Coa* Al Alloy 1525/1550 1525/1550 1525/1550 1525/1550 1525/1550 Avino Silver Nighthawk Gold Royal Rd Mnrls Corvus Gold* IMPACT Silver Williams Creek Aluminum 1652.50/1662 1640/1652 1636.50/1646.50 1623/1634.50 1622/1633 Avino Silver* Independence G* Northisle C&G Rugby Mng Defiance Silvr X-Terra Res Avnel Gold Integra Gold Northn Empire* San Marco Res Copper 4745.50/4761 4709/4719 4724/4740 4705/4726 4840/4861.50 Defiance Silvr* Xtierra Axmin Inc Detour Gold Integra Gold* NovaGold Res San Marco Res* Lead 1815.50/1824 1815/1823 1829.50/1840 1789/1790 1820/1828 Xtra-Gold Res AZ Mining DRDGOLD* Intl Millm Mng NovaGold Res* Sandspring Res Nickel 10085/10105 9730/9795 9805/9810 9670/9700 10080/10120 Yamana Gold Azimut Expl Dundee Prec Mt Intl Tower Hil NQ Explor Sandspring Res* Tin 17700/17725 17700/17675 17725/17675 17545/17400 18140/18075 Yamana Gold* B2Gold East Africa Intl Tower Hil* Nrthn Abitibi Sandstorm Gold Zinc 2149.50/2154 2122/2123 2110/2113 2061/2065 2111/2114 Zephyr Mnls B2Gold* East Africa * InZinc Mining* Nrthn Freegold Sandstorm Gold* Zephyr Mnls* Balmoral Res Eloro Mnrls Iron South Mng NV Gold* Sarama Res Zincore Mtls Balmoral Res* Endeavour Mng Ironside Res OceanaGold Satori Res PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Banro Endeavour Mng* Irving Res OceanaGold* Seabridge Gld 23 New Lows Gold AM 1358.25 1356.10 1367.10 1370.00 1344.75 Bard Vent Endeavr Silver Jaguar Mng Oceanus Res* Seabridge Gld* ABE Resources Gold PM 1357.10 1354.25 1356.70 1366.25 1350.75 Barkerville Go Endeavr Silver* Jaguar Mng* Orca Gold Semafo Atacama Pac Gd* Barkerville Go* Burey Gold* Silver 20.47 19.72 19.95 20.43 19.73 Era Res Inc* Jubilee Gold Orca Gold* Serabi Gold Barrick Gold Cameco Corp Platinum 1087.00 1082.00 1086.00 1070.00 1063.00 Eskay Mng Kaminak Gold Oremex Silver Shamrock Ent Barrick Gold* Ethos Gold Kaminak Gold* Orezone Gold Silver Bull Re CIM Intl Grp Palladium 621.00 606.00 608.00 596.00 604.00 Barsele Min Ethos Gold* Kenna Res Orezone Gold* Silver Grail Eloro Mnrls* Barsele Min* Excalibur Res Kerr Mines Oriental Non F Silver Mtn Mns European Metal* Batero Gold Excellon Res Kerr Mines* Orla Mng Ltd Silver Range Goldcliff Res EXCHANGE RATES Bayswater Uran Exeter Res Kings Bay Gold Oroco Res Silver Std Res Hawkeye Gld&Di* Bear Creek Mng Exeter Res* Kingsmen Res* Oroco Res* Silver Std Res* Intact Gold* Date Jul 08 Jul 07 Jul 06 Jul 05 Jul 04 Beaufield Res Fairmont Res* Kinross Gold Orocobre Silver Wheaton MagIndustries* US$ in C$ 1.3040 1.3003 1.2959 1.2980 1.2847 Beaufield Res* First Liberty* Kirkland Lk Gd Orosur Mng Silver Wheaton* Maudore Mnrls* C$ in US$ 0.7669 0.7691 0.7716 0.7703 0.7784 Belo Sun Mng First Majestic Kirkland Lk Gd* Osisko Gold Silvercorp Met MGX Minerals* Black Hills* First Majestic* Klondex Mns OZ Minerals* Silvercorp Met* Nautilus Mnrls* Exchange rates (Quote Media, July 08, 2016) Bluestone Res* First Mg Fin Klondike Silv Pac Ridge Expl* Skeena Res Nevada Egy Mtl C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand Bravura Vent First Mg Fin * Klondike Silv* Palamina Corp Skeena Res* Nevada Egy Mtl* 1.0134 0.6940 77.1300 14.1979 11.1545 Brazil Res First Point Lakeside Mnrls Pan Am Silver Solitario Ex&R Nickel One Res C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won Buenaventura* Flinders Res Lara Expl Pan Am Silver* Solitario Ex&R* Nickel One Res* Bullfrog Gold* Flinders Res* Latin Am Mnls Pancontinental Southern Arc Northern Uran 0.5921 5.1270 51.4555 0.7542 881.4425 Caledonia Mng Fortescue Mtls* Latin Am Mnls* Pancontinental* Southern Arc* PNG Gold US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand Caledonia Mng* Fortuna Silvr Lion One Mtls Parallel Mng Spanish Mtn Gd Western Potash 1.3210 0.9049 100.5590 18.5084 Calibre Mng Fortuna Silvr* Lion One Mtls* Paramount Gold* Spanish Mtn Gd* Western Troy C* US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won Calico Res Franco-Nevada Lithium Amer Pasinex Res Sparton Res Westhaven Vent* 0.7719 6.6881 67.1395 0.9831 1149.6400 California Gld Franco-Nevada* Loncor Res Pedro Res Sparton Res*

CANADIAN GOLD MUTUAL FUNDS Financial information provided by Fundata Canada Inc. ©Fundata Canada Inc. All rights reserved Fund Jul 08 ($) Jul 01 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) LEGEND STAFF INVESTMENT POLICY AGF Prec Mtls Fd MF 30.00 2.64 9.65 53.94 2.80 183.87 BMO Prec Mtls Fd A 23.77 1.91 8.72 56.88 2.40 67.89 A – Australian Stock Exchange The Northern Miner does not permit any editorial employee to file stories about BMO ZGD 0.98 7.81 59.03 0.63 87.61 C – CNSX Canadian National companies in which the writer owns shares. Editorial employees are also not BMO ZJG 1.01 9.82 64.95 0.60 64.40 Stock Exchange permitted to take part in initial public offerings or to engage in short selling. CIBC Prec Metal Fd A 0.74 5.34 42.58 2.62 58.46 J – Johannesburg Stock Dyn Prec Metls Fd A 9.06 0.94 11.58 67.32 2.66 384.78 Exchange Horizons HEP 1.26 3.79 53.90 0.80 L – London Stock Exchange CONVERSIONS OF WEIGHTS & MEASURES IGMacGloPrecMetCl A 11.49 1.03 9.90 65.08 2.76 87.23 M – Mexico Stock Exchange iShares XGD 17.21 1.43 9.05 60.83 0.61 676.80 N – New York Stock Exchange 1 troy ounce = 31.1 grams 1 gram per (metric) tonne = 0.02917 troy Mac Prec Met Cl A 65.03 6.11 10.38 66.46 2.51 124.69 O – U.S. over-the-counter 1 kilogram = 32.15 troy ounces ounces per (short) ton NB Prec Met Fd Inv 16.87 1.30 8.35 61.26 2.46 39.57 Q – NASDAQ or U.S. OTC 1 kilogram = 2.2046 pounds = 0.03215 troy ounces per (metric) RBC GblPreMetFd A 41.14 3.55 9.44 63.61 2.13 405.97 T – Toronto Stock Exchange 1 (metric) tonne = 1,000 kilograms tonne Sentry Pre Met Fd A 54.05 6.09 12.69 61.18 2.92 229.07 V – TSX Venture Exchange 1 (metric) tonne = 2,204.6 pounds 1 kilometre = 0.6214 miles Sprott Gold&PrMinFdA 3.85 8.52 58.37 3.19 235.71 X – NYSE Alternext U.S. 1 (short) ton = 2,000 pounds 1 hectare = 2.47 acres Sprott SilverEquCl A 0.69 9.40 75.43 3.23 61.07 * – Denotes price in U.S.$ 1 (metric) tonne = 1.1023 (short) tons TD PreciousMetalsInv 51.25 4.85 10.45 55.46 2.26 151.01

12_July18_MMMM.indd 12 2016-07-12 7:50 PM GLOBAL MINING NEWS THE NORTHERN MINER / JULY 18–24, 2016 13

PROFESSIONAL DIRECTORY

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13_July18_ProDirectory .indd 13 2016-07-12 7:47 PM 14 JULY 18–24, 2016 / THE NORTHERN MINER WWW.NORTHERNMINER.COM Adamera CEO touts stronger capital markets for gold juniors

STOCK PRICE | Up from 1¢ in January to 10¢, company now has money to explore

BY MATTHEW KEEVIL “PEOPLE SUDDENLY [email protected] VANCOUVER SAW VALUE IN THE FACT THAT OUR damera Minerals’ (TSXV: ADZ; US-OTC: DDNFF) PROJECTS ARE president and CEO Mark LOCATED NEXT AKolebaba tells a story about his TO A MILL THAT IS junior gold company over the past two years that is familiar to many RUNNING LOW ON others, with his management team ORE.” forced to forego salaries to keep the lights on and maintain rights MARK KOLEBABA in properties they believe have a PRESIDENT AND CEO, bright future. ADAMERA MINERALS After recent financings, however, it looks like Adamera is back in ac- and if you’re looking for that you tion at its historic Oversight gold probably want to do something project on the border of B.C. and with EM to get a strong vantage Washington State. point.” Adamera has raised $1 million By collecting structural and geo- over the past two months, and closed logical data, Adamera gained a bet- a $600,000, non-brokered private ter understanding of the regional placement on June 20. The financ- geology, and staked land around ing involves 12 million units at Overlook over the past 12 months. 5¢, with each unit consisting of a “We understand our model very share and a warrant exercisable at well there, and we’re seeing our 10¢ for 18 months. The company’s target develop on a geochemical stock has jumped off a 1¢-per-share and geophysical level. We think low in January to 10¢ per share at Tailings from Kinross Gold’s Kettle River mill, as seen from Adamera Minerals’ Oversight gold project in Washington. ADAMERA MINERALS we’re seeing a part of the original press time. Overlook deposit that has been “I could see the interest in the have enough money to get back to ing Kettle River mill, which could couldn’t make that model fit due faulted,” Kolebaba says. “Everything larger gold companies coming back doing real exploration programs.” run out of ore by year-end. to a lack of volcanics and contact is aligning in terms of structure to start the year, but it was still a Adamera’s portfolio includes five At the historic Overlook deposit, metamorphic in the system. We now right now, and we’re taking that struggle at the time for us to raise properties in Washington’s “Repub- Echo Bay Mines generated 280,000 think these deposits are stratabound knowledge and applying it to expand any money … the significant change lic district,” but what it considers its oz. gold in the 1990s. and sedimentary hosted.” our land position.” for us was during the Prospectors & most promising targets are on the In 2014, Adamera drill tested a Adamera spent the past year con- The company has cash for more Developers Association of Canada Oversight and Flag Hill properties, magnetic target at Oversight and ducting low-cost geochemical and exploration, including diamond- convention this year,” Kolebaba says. which sit between the Torado and cut massive magnetite-sulphides modelling work at the site, and drilling the new target and add- “I went out to do that financing Republic grabens that have con- similar to the property’s previously on a month ago developed a high- ing airborne geophysics over its and it blossomed into something strained most major gold discoveries mined zones. priority target, 100 metres south expanded holdings. that was oversubscribed. Then our in the region. “We thought we were dealing of the historic Overlook deposit. Adamera has 81.3 million shares stock price shot up, and people sud- Oversight is in the Cook Moun- with skarn, and clearly it’s not,” Geophysical work helped Adamera outstanding for an $8.5-million denly saw value in the fact that our tain mining district along an exist- Kolebaba says. “Echo Bay came up pinpoint a geophysical anomaly press time market capitalization. projects are located next to a mill ing haul road, 5 km from Kinross with the idea it was a volcanogenic that coincides with “significant soil “It’s been a long time since we that is running low on ore. Now we Gold’s (TSX: K; NYSE: KGC) operat- massive sulphide deposit, but we geochemistry” results. saw the light at the end of the “We needed to apply techniques tunnel,” Kolebaba said. “It was that hadn’t been used in the past, really a tough go with our share and nobody had flown airborne price down, and it’s really nice electromagnetic (EM) surveys,” to get that recognition for our Hecla goes hostile on Kolebaba continues. “Part of what belief in the project and area after we’re looking for are massive sul- many of us haven’t been paid in Dolly Varden in $12M bid phides that carry high-grade gold, two years.” TNM

M&A | Junior urges shareholders to take no action CAREER OPPORTUNITIES BY SALMA TARIKH ing loan from Hecla Canada and Varden needs to be debt free, she [email protected] Robert Gipson, two of its largest adds, noting the new loan brings the shareholders, at 14.3% and 13.6%. company a step closer in reaching olly Varden Silver (TSXV: The six-month loan provides $2.5 that goal. DV; US-OTC: DOLLF) million and bears a 4% annual inter- Moore didn’t immediately return shares have surged more than est rate. About $2.1 million would requests for comment. D45% since Hecla Mining (NYSE: HL) help repay the $2-million Hecla- Responding to the Hecla bid, made a hostile takeover bid for all Gipson loan, which matures on Oct. Dolly Varden advises shareholders of the junior’s shares that it doesn’t 1, 2016, and has a 5% annual interest to take no action. It expects to ap- CAREERS ADVERTISING RATES currently own. rate. The junior would use the rest of point a special committee to help $12.65 per agate line. On June 27, Hecla proposed to buy the proceeds to pay a 2.5% finder’s its board evaluate the formal offer. Minimum size 2 columns x 1” $354.20. each Dolly Varden share for 69¢ in fee, as well as working capital. The major has entered into sup- Closing date is 10 days prior to publication date. cash, marking a 55% premium over As part of the Sprott-K2 loan, port agreements with shareholders, the junior’s June 24 close of 44.5¢, Dolly Varden would offer 2.5 million who collectively hold 2.5 million All Canadian orders subject to applicable taxes. and a 97% premium over the prior warrants so that holders could buy Dolly Varden shares and 1.25 mil- For further Careers advertising information contact: 20 trading days. one share for 30¢ over two years. (It lion Dolly Varden warrants. The A day later, the junior’s shares offered the same amount of warrants major and those shareholders hold Joe Crofts 416-510-6816, opened on the TSX Venture at 74¢, in the Hecla-Gipson loan.) a combined 5.1 million shares and [email protected], before settling at 64¢ in midday Dolly Varden says restrictions 2.5 million warrants, or 34.4% of trading. in the old loan won’t let it issue Dolly Varden’s shares on a fully Toll free North America: In a release, Hecla’s president and securities without Hecla’s approval, diluted basis. (The warrants have a 1-888-502-3456, (ext. 43729) CEO Phillips Baker said Dolly Var- noting the new loan offers “flex- 30¢ strike price and are exercisable Fax: 416-447-7658 den could become a notable silver ibility” to raise equity and repay until Sept. 30, 2018.) producer, but that he’s concerned the new lenders. The offer calls for tendering more with the current board’s “value The junior’s board has had several than half of the shares, which are destruction for shareholders.” discussions with Hecla this year not owned by Hecla. Baker argues Dolly Varden’s new about options to repay the old loan The 88 sq. km Dolly Varden proj- loan would result in “substantial — including converting the debt to ect sits in the historic silver-rich dilution.” To protect Hecla’s equity equity, a loan extension and equity namesake mining camp north of interest in the junior, the major is financing — but failed to reach an Alice Arm, within the prolific Stew- offering to acquire Dolly Varden agreement, it says. art complex. Resumes Wanted and expects to spend $12 million After a difficult restructuring A 2015 silver resource estimate on Looking for a career in the mining and on the transaction. period last year, Dolly Varden is the project’s four known deposits — exploration industries? On June 13, Dolly Varden signed emerging as a leaner firm, with a Dolly Varden, North Star, Torbrit agreements with three lenders — focus on its namesake silver proj- and Wolf — include 31.8 million Post your resume for FREE on the website that specializes Sprott Resource Lending Partner- ect in northern B.C., the junior’s indicated oz. (3.1 million tonnes at in recruitment for mining companies and ship, another Sprott affiliate and president and interim CEO Rosie 321.6 grams silver per tonne) and suppliers... you’ll be glad you did. the K2 Principal Fund — for a new Moore said in a release. To real- 10.8 million inferred oz. (900,000 Visit www.northernminerjobs.com today short-term loan to repay its exist- ize the company’s potential, Dolly tonnes at 373.3 grams silver). TNM

1 2 3 4 5 7 8 9 14 16_July18_Main.indd 14 2016-07-12 8:04 PM GLOBAL MINING NEWS THE NORTHERN MINER / JULY 18–24, 2016 15

www.northernminerjobs.com

Ontario Ministry of Northern Senior Mine Engineer Engineer – Projects & Planning Development & Mines Aggregate/ Dubreuilville, Ontario, Canada Dubreuilville, Ontario, Canada Industrial Mineral Specialist Ontario, Canada Reporting to the Chief Engineer, the Senior Mine Engineer, will be Reporting to the Superintendent – Projects & Planning, the Engineer – The Ministry of Northern Development and Mines is seeking a talented responsible for overseeing activities related to supporting the operations Projects & Planning role will be responsible for planning, coordinating professional with sand, gravel and bedrock aggregates expertise to and to ensure service and/or operating standards are met. The Senior and monitoring site engineering activities; lead the design and develop- become part of its Earth Resources and Geoscience Mapping team. Mine Engineer will also design and develop processes, practices and ment of engineering projects, ensuring completion on time and within Bring your technical expertise in geology to the Ontario Geological methodologies, and planning in mine engineering. budget. They also review production plans to ensure targets are met and Survey, Earth Resources and Geoscience Mapping Section, where you goals achieved, developing alternate plans when required. will play a key role in the section’s aggregate/industrial mineral mapping program.

Community Relations Liaison Maintenance Planner Metallurgist Saskatoon, Saskatchewan, Canada Dubreuilville, Ontario, Canada Dubreuilville, Ontario, Canada

Cameco Corporation and AREVA Resources Canada Inc., as part of its Atha- Reporting to the Mechanical Superintendent the Maintenance Planner Reporting to the Mill Superintendent, the Metallurgist will be accountable basca Community Relations program, are seeking a full-time Community provides leadership and is responsible to develop, implement and main- for providing metallurgical expertise and technical support to ensure Liaison to work out of the community of Fond du Lac Denesuline First Nation. tain reliability based maintenance strategies based on preventive and efficient and optimum plant performance to meet production objectives This position is one of three Community Liaison positions for Black Lake predictive maintenance to ensure maximum availability and production. of the Island Gold Mine. Denesuline First Nation, Fond du Lac Denesuline First Nation, Hatchet Lake Denesuline First Nation, Wollaston, Stony Rapids, Camsell Portage and Uranium City. This position’s primary responsibility will be to the Fond du Lac Denesuline First Nation, Camsell Portage and Uranium City.

Financial Controller Lab Manager Technologist II, Metallurgy Rouyn-Noranda, Québec, Langley, BC. Canada Saskatoon, Saskatchewan, Canada Canada

Financial Controller wanted for junior mining company operating The lab manager’s job will be to schedule the staffs’ time to ensure Reporting to the metallurgists, you will be responsible for the operation and near Rouyn-Noranda and expected to start production within the next efficient use of lab equipment. You will train lab technicians and assistants maintenance of an ICP-MS radium analyser, as well as other field and few months. on the correct use of lab equipment, as well as ensuring that employees laboratory testing and equipment. Experience in analytical technique is a follow industry standards and safety regulations for handling and must. You will conduct test work and report findings in an accurate and disposing of test samples. consistent manner.

Regional Director, Northern Region Artisanal Gold Programme Officer Mineral Exploration and Sudbury, Ontario, Canada Ottawa, Canada Development Program Specialist Sudbury, Ontario, Canada As Regional Director in the Operations Division of the Ministry of Labour, you will lead the delivery of occupational health and safety and Partnership Africa Canada (PAC) is a global leader in developing innovative Mineral Exploration and Development with the Ministry of Northern employment standards programs for the Northern Region, which includes approaches to strengthen natural resource governance in high-risk and Development and Mines is seeking a strong team leader to join the North Bay, Sault Ste. Marie, Sudbury, Thunder Bay and Timmins. conflict regions. For 30 years, PAC has collaborated with partners to promote Mineral Development and Lands Branch as Mineral Exploration and policy dialogue and solutions for sustainable development. The Just Gold Development Program Specialist. project aims to develop an independent, equitable and sustainable system that brings legal, conflict-free and traceable gold from artisanal mine sites in the Democratic Republic of Congo to international markets.

Regional Manager Industrial Mine Planning Engineer / Mineral Exploration and Minerals, Exploration & Technician Development Consultant Development Canada British Columbia, Canada Timmins, On. Canada

Reporting to the Director Competence Center Materials – Canada Region, In this role, you will use your expertise to provide complex specialist Are you looking for an exciting opportunity in one of Canada’s most prolific this position is responsible for leading the Mineral Exploration & Resource underground planning services that support quarterly and annual and active mining areas? If so, consider this exceptional opportunity with Development team as well as the development, planning and execution projections. Your responsibilities will encompass all aspects of the mine’s the Ministry of Northern Development and Mines. of exploration projects on schedule, on budget, in alignment with the value chain, from mining reserves and resources to the production of Playing a key role in the monitoring and stimulation of exploration, you will Company’s exploration strategy and in close coordination with internal quality ore for processing. lead and deliver the mineral exploration and development program, guiding and external stakeholders. components through the regulatory process.

Geotechnical Engineer Mine Technologist Chief Mining Engineer Rainy River, Ontario, Timmins, ON. Canada Nevada, USA

Do you want to be part of the development and start-up of one of Canada’s Lake Shore Gold Corporation is seeking a Mine Technologist to support The Chief Mining Engineer is responsible for the development and premier mining operations? We are looking for dynamic individuals to join the Engineering department at our Timmins Mine site. General duties will implementation of practical mine plans which allow for orderly development our team and live in our community as we pursue this exciting project. A include assisting in the long and short range designs for all three mines and exploitation of economically minable ore reserves. Oversees the competitive salary, performance bonus plan, and benefits, will be provided. within the Timmins West Complex. development of holistic long and short range mine plans including mine services, infrastructure, and production. Supervises all technical personnel related to Mine Engineering, including contractors.

For full job details visit www.northernminerjobs.com and enter the Job Name in the search field

15-JULY18_NEW-MiningJobs.indd 15 16-07-12 2:21 PM 16 JULY 18–24, 2016 / THE NORTHERN MINER WWW.NORTHERNMINER.COM Nouveau Monde outlines economics for Matawinie GRAPHITE | Matawinie near Montreal may become North America’s next graphite mine, Desaulniers says

BY LESLEY STOKES have is basically the same thing — [email protected] our graphite has 97% purity, so we VANCOUVER have premiums in all the different graphite products.” ric Desaulniers, president According to Benchmark’s report, and CEO of Nouveau Monde Tesla’s US$5-billion Gigafactory in Mining (TSXV: NOU; US- Nevada could require up to 129,000 EOTC: NMGRF), reckons that lithium tonnes of flake graphite per year, explorers aren’t the only ones that assuming 40 kilograms of flake stand to benefit from Tesla Motors graphite is used per 24 kilowatt per (NASDAQ: TSLA), Volkswagen and hour of battery power. other automakers’ mandates to ramp Another 551,000 tonnes of flake up electric vehicle production — graphite could also be on order graphite producers could also get for Volkswagen, as the company swept along for the ride. plans to produce 30 electric-powered From his office in L’Ange-Gardien, vehicle models by 2025, and sell 2 Que., Desaulniers tells The Northern to 3 million of them per year, the Miner during a phone interview that report states. although graphite is largely used in Desaulniers says the carmakers steelmaking, it’s also vital for the have a preference for local, green lithium-ion batteries that carmakers Bagging graphite from the crusher as part of a 12-tonne bulk sample in 2015 at Nouveau Monde Mining’s Matawinie graphite graphite sources, which is why use to power their electric vehicles. project in Quebec, 130 km north of Montreal. NOUVEAU MONDE MINING Nouveau Monde plans to include “Historically, the price of graphite Matawinie’s carbon footprint in follows the iron ore price, but instead the project’s pre-feasibility study, of collapsing over the last few years, “OUR GOAL IS TO MAKE OURSELVES zones could be part of the mine’s due early next year. graphite prices drifted down slowly OUT TO BE AN ATTRACTIVE TARGET FOR ‘pension plan.’” “Nobody else quantifies the op- and stayed flat,” he says. “Graphite IMERYS, OR THEIR 100 CUSTOMERS THAT Graphite comes in two forms: eration’s carbon footprint in their in lithium batteries used to account natural graphite from mines and studies, but for us and Tesla, it’s for 9% of graphite demand, and now WILL SPECIFICALLY WANT THE SAME KIND synthetic graphite from petroleum really important to demonstrate it’s grown to 25% … which has kept OF GRAPHITE.” coke, with 70% of global supply that we’re green and carbon neu- the graphite price steady relative to sourced from China. tral,” he says. “At the property, we iron ore.” ERIC DESAULNIERS But Desaulniers says not all forms have easy access to hydroelectric Desaulniers says that Nouveau PRESIDENT AND CEO, NOUVEAU MONDE of graphite are created equal or used power, public roads and existing Monde aims to produce by 2021 at for the same purpose. infrastructure, and we’re close to its Matawinie graphite property, 130 Nouveau Monde recently deliv- $660 per tonne graphite. For example, a Benchmark Min- potential customers, which are all km north of Montreal, with the in- ered a preliminary economic as- The deposit is located along the eral Intelligence report states that strong advantages for an operation tention to become a leading graphite sessment on Matawinie’s West Zone western edge of a 14 km long, cir- flake graphite constitutes 45% of with a low environmental footprint.” supplier for North America’s bur- deposit, which has in-pit resources cular-shaped geophysical conduc- global supply, used mostly in lith- Nouveau Monde is working to- geoning lithium-ion battery market. of 22.3 million indicated tonnes tor within highly metamorphosed ium-ion batteries and other green wards developing a metallurgical The property is located 120 km of 4.3% graphite and 15.5 million sedimentary rocks bordering a technologies because of its unique flow sheet for producing spherical east of Imerys Graphite & Carbon’s inferred tonnes of 4.6% graphite, magmatic pluton. properties. graphite — a value-added finished Lac des Îles mine, the only producing using a 2.5% graphite cut-off. The company has identified two The product can be sold at differ- product that lithium-ion batteries graphite mine in North America. The study envisages a 28-year other deposits along the anomaly: ent prices depending on the size and require for anode material. The open-pit operation has been mine life, producing 50,000 tonnes the South-West zone and South- purity of the flake, ranging from “You need to bend the flake and active since 1989, and produces of graphite annually at 97.1% purity. East zone. Total resources for the US$2,308 per tonne for “jumbo” make it into a dense ball of graphite between 20,000 and 25,000 tonnes Based on an average sales price of southern zones stand at 26.3 million flakes to US$1,198 per tonne for that has the exact shape and density graphite per year. US$1,492-per-tonne graphite, the indicated tonnes of 3.7% graphite, “fine” flakes, which are over 50-mesh the batteries require,” he says. “Out- “We set out to find something after-tax net present value for the and 19.2 million inferred tonnes of and under 100-mesh in size. side China there’s no production of similar to Lac des Îles simply because project, at an 8% discount rate, 3.7% graphite, using a 2.5% graphite “After all these years, Lac des Îles spherical graphite, so we believe the they have only four or five years of stands at $237 million, whereas cut-off. is still one of the most profitable next big thing for us is to master this production left,” Desaulniers says. the after-tax internal rate of return “This is probably one of the biggest mines in Quebec because of its process and make the final product “Our goal is to make ourselves out is 24.7%. graphite deposits in North America, large-flake size and high purity of at the mine ourselves.” to be an attractive target for Imerys, Capital expenses for the project and if we kept drilling we could the carbon. Because of that they’ve He also reckons that graphite or their 100 customers that will are estimated at $145 million, in- increase it,” Desaulniers says. “But created their own niche market and mining in Quebec is gaining a lot specifically want the same kind of cluding a $22-million contingency, we decided that the West Zone is were never in competition with of attention and support from both graphite.” whereas operating costs ring in at more economic, and the southern the Chinese,” he adds. “What we local and federal governments. He notes that Canada’s Prime Minister Justin Trudeau recently spoke at a conference in Montreal about his government’s priority to make Quebec’s electric vehicle industry — from rock to finished product SAVE UP TO 50% OFF — much like its aerospace industry. WITH SITE LICENSE “Just last year we went from no- body to having one of the largest deposits in North America that now THE NORTHERN MINER TEAM ACCOUNTS demonstrates very good econom- ics,” Desaulniers says. “So we see ourselves as being part of something greater to come.” Save Up to 50% with He notes that Nouveau Monde The Northern Miner Group has $2.6 million in cash — enough Account Subscriptions to complete this year’s 6,000-metre drill program, which will upgrade more of the West Zone’s resource Each member of your team can have their into the indicated category, in prepa- own access to reliable, timely and informed ration for the project’s prefeasibility analysis of global mining and exploration study. He notes that 30% of the com- activity. pany’s shares are held by govern- ment-funded organizations and Quebec-based institutions such as For pricing and other inquiries Sidex, Le Fonds de solidarité FTQ, please email Dan Bond at Sodémex and the Canada-wide Des- jardins Group. [email protected] He adds that the company is in “no rush” to seek out financing, or call 1-888-502-3456 ext. 43715 but will look to raise another $10 million within the next year, which should take the project through a feasibility study. Shares of Nouveau Monde have traded within a 52-week range of Trusted provider of global mining & 12¢ to 38¢, and closed at 30¢ at press exploration intelligence since 1915. time. The company has 64.4 million shares outstanding for a $20-million market capitalization. TNM

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