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OROPLATA RESOURCES COMMENTARY ASANKO GOLD Looks to capitalize on lithium demand in Nevada / 3 SEC modernizing archaic disclosure rules / 4 Responds to critical K2 report / 5

AUGUST 1–7, 2016 / VOL. 102 ISSUE 25 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM Colombian Goldcorp VP Bergeron Mines’ Nevada talks plans for Coffee acquisition SITE VISIT | Gold major acquires Kaminak Gold in Yukon sends shares soaring

GOLD | Historic drill highlights include 6 metres at 33.49 grams gold per tonne

BY TRISH SAYWELL [email protected]

obert Carrington has spent a good part of his career in Nevada and has helped find Ra number of deposits that became producing mines, including Twin Creek, now owned by Newmont Mining (NYSE: NEM), and the Lucerne and Billie the Kid depos- its, owned by Comstock Mining (NYSE-MKT: LODE). The geologist also happens to be a fourth-generation Nevadan. His family has been involved in mining for many more generations than that and his degree, not surpris- Goldcorp’s executive vice-president of corporate affairs and sustainability, Brent Bergeron, at the Coffee gold project’s work camp in the Yukon. PHOTO BY MATTHEW KEEVIL See COLOMBIAN / 13

“WE HAVE AN OPPORTUNITY TO INVEST wide] at having six to eight large- PM40069240 BY MATTHEW KEEVIL scale industrial complexes, with [email protected] ALL OVER THE WORLD, AND I SEE THIS AS an aggregate production rate of DAWSON CITY, YUKON A GREAT JURISDICTION.” between 3 to 4 million oz. gold per year,” Bergeron says. BRENT BERGERON t’s an exciting time in Canada’s “We’re constantly reviewing our EXECUTIVE VP OF CORPORATE AFFAIRS, GOLDCORP Yukon Territory. On July 20, portfolio to divest any assets that Goldcorp (TSX: G; NYSE: don’t fit, and looking at assets like IGG) completed its acquisition of to meet Goldcorp’s executive vice- grading 1.45 grams gold per tonne Coffee that are consistent with our explorer Kaminak Gold and its president of corporate affairs and for 2.2 million contained oz. gold. strategy of partnering with junior multimillion-ounce Coffee gold sustainability, Brent Bergeron. Previous heap-leach metallurgical mining companies to identify de- project, 130 km south of Dawson “One of the main benefits for studies indicate 86% life-of-mine veloping districts with exploration City along the western bank of the Goldcorp was the way this project gold recoveries. potential,” he says. Yukon River. The entrance of a was developed by the Kaminak In early 2016, Kaminak tabled During a helicopter flight to the senior gold producer anywhere in team, which really spiked our in- a feasibility study for Coffee that top of Coffee’s Supremo deposit, Canada is always big news in min- terest,” Bergeron said during a would require $317 million in pre- Bergeron discussed Goldcorp’s ing circles, but it’s even bigger in a presentation, commenting that it production capital to develop an near-term plans for the project. territory that’s yet to host a major was not only with respect to techni- operation that would crank out Kaminak had pitched a more hard-rock gold mining camp. cal aspects of the project, but also 193,000 oz. annually over a 10-year modest development plan to reflect In July as part of a media tour, The on the consultative and social side. mine life at all-in sustaining costs the recent downturn in the gold Northern Miner flew by helicopter “We have an opportunity to in- of US$550 per oz. gold. market, but had hoped to produce into the historic Coffee camp, which vest all over the world, and I see Assuming a US$1,150 per oz. gold first gold by 2019, which would was abuzz following a vote from this as a great jurisdiction, with price and a US78¢ Canadian dollar, have necessitated major permitting Kaminak shareholders that saw a lot of support from government the project generates a $455-million, this year. 99% support for the acquisition. and local communities,” he said. “I after-tax net present value at a 5% Kaminak’s feasibility study had Even the geological staff, busy with like investing dollars where there discount rate and a 37% internal only involved 44% of Coffee’s global a drill program at the site, seemed is consistency and transparency.” rate of return. Annual after-tax in-situ gold ounces of 63.7 million happy at the news. The acquisition Coffee’s potential as a heap-leach free cash flow is an estimated $93 indicated tonnes at 1.45 grams gold is a $520-million, all-share transac- gold mine for oxide reserves has million. per tonne for 3 million contained oz. tion and represents a 3% dilution been established. The structurally “When we take a look at our op- gold, with much of it open at depth. for Goldcorp shareholders. hosted hydrothermal gold deposit erating model, we’re going through Most of the gold outside the mine Helicopters hovered overhead as has good grades, with probable some changes in terms of our plans. the media tour pulled into camp reserves totalling 46 million tonnes We’re probably looking [company- See GOLDCORP / 2

KLONDIKE GOLD: PULLS UP NICE RESULTS NEAR DAWSON CITY / 16

1 2 3 4 5 11 13 14 16_Aug1_Main .indd 1 2016-07-26 8:23 PM 2 AUGUST 1–7, 2016 / THE NORTHERN MINER WWW.NORTHERNMINER.COM

Flying into Goldcorp’s Coffee gold camp, 130 km south of Dawson City, Yukon. PHOTO BY MATTHEW KEEVIL Goldcorp VP Bergeron talks plans for Coffee

GOLDCORP From 1 IN JUNE, GOLDCORP WAS REPORTEDLY plan, however, is hosted in little- explored sulphide or transitional IN WHITEHORSE material. TO BEGIN “Having a large company like us come in and work with the techni- CONVERSATIONS cal team really decreases the risk WITH THE YUKON involved in building and develop- ing the project,” Bergeron said as GOVERNMENT ON we walked along one of the many ITS REGULATORY trenches that mark the extensive Cof- PROCESS. fee orebodies. “We offer the financial strength and flexibility to develop the project and unlock significant resource potential across the prop- “There are quite a few projects that erty. That’s part of what we want to are adjacent to Coffee, and we’re al- do over the short- and long-term.” ways looking at possibilities that will Kaminak’s surveying generated allow us to build a camp and be here many gold-in-soil anomaly targets. for the long-term,” Bergeron said. The regional Dawson Range avoided “We’re definitely watching junior glaciation during the last ice age, so explorers, and when it’s appropri- glacial erosion and deposition of ate we will make those investments till, or outwash sediments, did not and work with them to develop occur. Such undisturbed surface opportunities. We want to make material has led to a 90% success sure that we’re moving [promising Many older buildings at the Coffee camp are reminders of the Yukon’s gold mining history. PHOTO BY MATTHEW KEEVIL rate in underlying bedrock drilling. projects] forward.” Flying around Coffee, work camps While Goldcorp appears commit- Kaminak team for “great work” in are spotted at the 185 sq. km Boule- ted to developing a mining camp pursuing permits. vard gold project next door, which is at Coffee, Kaminak’s development “We’ll pursue quartz mining and held by Independence Gold (TSXV: schedule is unclear. Will the project water permits simultaneously … IGO). Goldcorp picked up a 19.9% still hit production by 2019? During a companies have done it separately position in the junior in June, which conversation in the well-stocked core in the Yukon, which probably puts again speaks to the major's view of shack, Bergeron said the plan seems you in the position of five years the region as a district-scale play. “aggressive,” but complimented the for permitting,” Bergeron said of Goldcorp's recent discussions with the Yukon government. ONTARIO GOLD EXPLORATION: “The process is set up for the same time, however, and this gives you $30K-$500K+, S.W. of Timmins on Porcupine Swayze the ability to cut down your time fault beside past producing mines. Own/explore 10/15 line … investing in a lot of the work nearly contiguous sq. m. staked near 3 past mines (with up front will help us pursue an ag- min. $4k-$90K budget/yr.) Areas selected from aerial gressive permitting strategy. We do not want to delay the project, but we survey data (’84 $4m. 108 sq. m.): samples (1.5 – 16g, want to make sure we’re starting off Au); $1m. new work; favourable fault (same angle as on the right foot with government mine-cost $50k, min $20k/yr. explor. budget, 4 sq. m.-); and First Nations.” & contiguous or close proximity to mines. Recently Goldcorp shares have traded open for staking. Much ongoing exploration in in a 52-week range of $13.55 to $26.56, and last closed at $23.73. immediate area. New mine being readied for gold The company has 10 mines in the production and mill to service area in development on Americas and expects to produce adjoining property. Usable roads; rail accessible. up to 3 million oz. gold this year. It (Coinvest / diversified junior ?) Call 416-733-2696 or has 832.3 million shares outstand- email: [email protected] S.V.P. ing for an $18.7-billion market capitalization. TNM An outcrop at Goldcorp’s Coffee gold project in the Yukon. PHOTO BY MATTHEW KEEVIL

1 2 3 4 5 11 13 14 16_Aug1_Main .indd 2 2016-07-26 8:23 PM GLOBAL MINING NEWS THE NORTHERN MINER / AUGUST 1–7, 2016 3 Oroplata picks up lithium brine project in Western Nevada Basin TECHNOLOGY METALS | Lithium a breath of fresh air for veteran mineral hunter Craig Alford

A rendering of Faraday Future’s planned US$1-billion electric car plant that is under construction in North Las Vegas, Nevada. FARADAY FUTURE

Oroplata Resources’ lithium property in central Nevada’s Railroad Valley. OROPLATA RESOURCES

BY TRISH SAYWELL United States Geological Survey highlighted by strong geochemical [email protected] (USGS) first identified as “lithium results.” rich” in the 1970s, and which Al- The geologist notes that sam- hinese billionaire Jia Yueting ford says “could rival the Clayton pling dry sediment in the basin has dresses like Steve Jobs and Valley.” Clayton Valley is home to returned lithium values ranging thinks like Elon Musk. Albemarle’s (NYSE: ALB) Silver from 50 ppm to 247 ppm, and that CThe Beijing-based entrepreneur, Peak lithium brine mine, the only the higher lithium values concen- who made his money initially in producing lithium mine in the U.S., trated almost entirely over a 64 by online video streaming and wire- and Pure Energy Minerals’ (TSXV: 26 km section that contains the less telecoms, is confident that a PE) Clayton Valley South lithium WNB project. California-based company he backs brine project. “It doesn’t take a genius to identify called Faraday Future will produce Oroplata says WNB could host this as a very good lithium explora- Faraday Future’s electric car concept, the FFZero1. FARADAY FUTURE its first electric car as early as 2018 lithium-bearing brines in aquifers tion target,” he says. “The valley was from a US$1-billion factory it is beneath the valley floor. The sur- known to contain a 550 sq. km lake for many years. Alford says that and you couldn’t even see across building in North Las Vegas. rounding country rock are Tertiary- that subsequently evaporated over “the flow rate is going to define the the street for the smog … when I Faraday’s planned 3-million- age volcanics — good source rocks the Pleistocene epoch. Thus we know economics of a project. was landing at the airport I couldn’t square-foot manufacturing facil- for lithium — and the basin is size- that it is truly a closed basin, with “Our drill program is not yet final- see the tarmac until I was 50 metres ity is not far from where Tesla is able, with coincident geochemical fairly high evaporation rates, and it’s ized, but we want to employ the best above it.” putting the finishing touches on its and geophysical anomalies. got positive lithium geochemistry.” technology, not just for drilling, but And while most of his career has massive Gigafactory, outside Reno, Alford notes that Railroad Valley The geology, meanwhile, was also for production,” he says. “I’ve focused on base metals and gold Nev., which will make lithium-ion is one of the longest topographically similar to that of Clayton Valley had discussions with some of the (he has evaluated projects for Teck batteries for the 500,000 electric closed drainage basins in Nevada and to basins in Argentina and Chile, industry professionals out there, Resources, Zijin Mining and China vehicles the carmaker plans to churn and is as big as the Salinas Grandes, where fairly young volcanic tuffs and and everyone is sort of learning as Railway, among others) — and has out annually later this decade. an enormous salt flat in central- flows are thought to be the source they go. I’ve talked to some people worked in South America, Africa In January, Faraday unveiled its northern Argentina’s Salta and Ju- of the lithium. “The geothermally who have done auger sampling, and the former Soviet Republics latest concept car at the Consumer juy provinces, 70 km southeast of circulating water — or water that diamond drilling, air rotary water — lithium is a breath of fresh air Electronics Show in Las Vegas. The Orocobre’s (TSX: ORL) flagship has come down from the mountains core — so there are many different for Alford. sleek, single-occupant FFZero1 looks Olaroz project. and into these basins — has, over methods being deployed.” “I love gold, but it’s really an- like a cross between a Batmobile time, leached the lithium out of the Lithium could drive a whole new noying to be a victim of the price and Chevrolet’s third-generation volcanics, which is now trapped in industry in North America — which cycle, because often gold gets Corvette. “THE UPCOMING the basin.” has lagged other parts of the world, moved by knee-jerk reactions in “Faraday has fairly ambitious DEMAND FOR While the southwestern U.S. has he says. Australia, Chile, Argentina, the marketplace, like Brexit, or plans,” Craig Alford, president and a lot of characteristics in common Zimbabwe, Portugal and Brazil suddenly the Chinese economy CEO of Oroplata Resources (US- LITHIUM FOR with the large areas of lithium brine were the largest lithium producers doesn’t look good, so the price of OTC: ORRP) tells The Northern ELECTRIC VEHICLES in South America, the U.S. has much between 2010 and 2015, accord- gold gets jerked around. Lithium Miner. “Apart from the plant north better transportation, skilled labour ing to Statista, a company based in is sort of out of the cycle — we of Las Vegas, they seem to be plan- IS UNSERVICEABLE and electrical grid infrastructure, Hamburg, Germany, that tracks see it’s in demand that isn’t going ning another car plant north of San FROM CURRENT Alford points out. statistics online. to slow down, especially over the Francisco.” LITHIUM Oroplata says its planned drilling “The space is maturing … it’s kind next decade. It’s really nice to be That suits Alford and his manage- program will be optimized both of like a new gold rush,” Alford says. involved with a commodity that ment team at Oroplata Resources PRODUCTION in technology and location, so as Elon Musk has said that Tesla we don’t see yet to be a victim of just fine. WORLDWIDE.” to best test the brine horizons and would need to consume the entire external circumstances, like the ups Last month the junior acquired examine the basin’s overall reservoir lithium market to meet its demands and downs in Europe or Asia. We a lithium brine project in south- CRAIG ALFORD potential. Geophysics will also look of 500,000 Model 3s by 2018, he adds, see a steady build for the electric western Nevada, 257 km from Las PRESIDENT AND CEO, into the lateral extent of the brine and Chinese demand for lithium has vehicle market.” Vegas and 362 km from Reno, that OROPLATA RESOURCES horizons. The program would be been another factor behind the surge With lithium, Alford can also is about equidistant from Tesla’s designed to produce a resource and in the lithium market, driven by think big. Gigafactory and Faraday’s proposed advance economic analysis by test- the country’s desire for electric cars “I was just driving around Cali- manufacturing plant. “The Railroad Valley basin is ing brine flow rates. and buses to cut down on pollution. fornia last week and I saw a number “I see the electric vehicle as the real interesting — there is a bull’s-eye Alford says he’d like to try some (In the year’s first quarter, lithium of Tesla vehicles,” he says. “It is catalyst that will drive demand for anomaly of lithium there — particu- of the drilling technology he has carbonate prices were up 47% from quite stunning to be behind a car lithium,” Alford says in a telephone larly in the dry sediment samples seen in the oil industry, where he the average price in 2015, Oroplata in traffic with no exhaust pipe … interview from his home in Thun- that the USGS collected over a num- worked for a time. “I was doing wells states in a news release.) all you have to do is daydream of der Bay. “The upcoming demand ber of years,” he says. “Looking at where I would go down vertically a “China is even thinking about a world using electric vehicles and for lithium for electric vehicles is the USGS geophysical database and kilometre and a half and horizontal enacting California-style legislation all kinds of possibilities occur — unserviceable from current lithium the thousands of samples, we noted for 3 km — it blew my mind that to promote zero-emission vehicles,” ‘gas stations’ that just swap out production worldwide.” there was a large coincident anomaly. this technology existed, because we Alford says. “I was in Beijing in the your battery … solar photoelectric “Just imagine if the electric ve- In any exploration, when you’re have little of that in the hard-rock summer of 2015, and there were paint jobs that could recharge your hicle market starts to take up 10% looking at targets with potential, a industry,” he says. “It might be a smoggy days when the pollution batteries as you park or drive. For to 25% of the total vehicle market,” geologist loves to see the geochem, waste of time to do aircore rotary index hit 750, which is essentially a lot of us this seems like a pretty he muses. “This is why lithium pro- geology and geophysics line up, drilling, or even diamond drilling, not compatible with human life, appealing world.” TNM duction has to come online, and and you get the ‘Holy Trinity’ of because what you end up with is a fast … a 1% penetration by electric coincident anomalies.” small-diameter hole … if you’ve vehicles into the gasoline vehicle Alford modelled his search for got a brine horizon that you can market translates to 70,000 tonnes gravity lows on the work Pure En- pump out, you’re going to want a of lithium.” ergy did in the Clayton Valley. “Pure large-diameter hole … the best way Alford says the Western Nevada Energy was clever — they didn’t look is to employ drilling technology Basin (WNB) project is situated at the current topography — they of the oil industry, because your to provide lithium to the electric looked at the geophysics, and that deposit is a salty well — called a vehicle market. The project, 151 km allowed them to understand the “brine” — and the most efficient northeast of Tonopah, is in central morphology of the ancient basin. way of getting it out is through a Global Leader Nevada’s Railroad Valley, a desert They identified the keel of the -ba larger-diameter well.” Your Technical Services Partner in Geochemistry and Metallurgy basin in the state that stretches 130 sin — like the keel of a boat — the As an example, he says, if you For more information, scan this QR km long from north to south, and area where perhaps the brine is best have a 20- to 30-metre brine horizon code or visit www.alsglobal.com up to 32 km wide. collected, so I looked at Railroad that extends for a strike length of Phone: +1 604-984-0221 The project covers the south- Valley in the same fashion and I a few kilometres and you put in a RIGHT SOLUTION S RIGHT PARTNER central portion of an area that the saw this large gravity low, and it was horizontal well, you could use it

1 2 3 4 5 11 13 14 16_Aug1_Main .indd 3 2016-07-26 8:23 PM 4 AUGUST 1–7, 2016 / THE NORTHERN MINER WWW.NORTHERNMINER.COM EDITORIAL OP-ED GLOBAL MINING NEWS · SINCE 1915 www.northernminer.com Komatsu scooping up New SEC reporting rules Joy Global for US$2.9B to ‘level playing field’ COMMENTARY | After 34 years, U.S. miners to M&A | Komatsu and Caterpillar set to dominate get some resource reporting relief global mining equipment business GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA ust in time to create even more excitement urrently, U.S. mining companies [email protected] at the massive, once-every-four-years mining com- from listing in the EDITOR-IN-CHIEF: MINExpo International convention panies must United States. As the John Cumming, MSC (GEOL) Jin Las Vegas in September, Tokyo-based Creport to investors former corporate sec- [email protected] manufacturing giant Komatsu has struck a and the public on retary of Newmont EDITOR, SPECIAL PROJECTS: friendly, blockbuster deal to acquire storied their mineral prop- Mining, I can attest Alisha Hiyate, BA (POLI SCI, HIST) Milwaukee-based underground mining erties in compliance that the regulations [email protected] BY JEFFREY REESER SENIOR STAFF WRITER: BY JOHN CUMMING equipment manufacturer Joy Global for with an overlapping Special to The Northern Miner created a significant Trish Saywell, BA, MA, MSC (JOUR) [email protected] US$2.9 billion in cash, plus the assumption of and archaic mineral disadvantage for our [email protected] US$800 million in debt. disclosure regime set company in demon- WESTERN EDITOR: By this time next year, Komatsu and its out in Industry Guide 7, strating its competitive Matthew Keevil, BA (ECON AND POLI SCI) larger U.S. rival Caterpillar will control at least a quarter of the global which was last updated in 1982. value to global investors. This is [email protected] mining equipment business, valued at US$50 billion annually. The Guide 7 regime has become because the rules are not only more STAFF WRITERS: In explaining its bid for Joy Global, Komatsu argues that the beaten- counterproductive to the goals of restrictive for U.S. companies, but Lesley Stokes, BSC (GEOL) [email protected] down mining equipment business will continue to be depressed in the full disclosure, and increasingly the outdated regulatory regime near-term, but will pick up considerably in 2019 and beyond, “driven by inconsistent with mineral report- also includes an exemption that al- Salma Tarikh, BSC (PSYCH), MA (JOUR) [email protected] population growth and rapid urbanization around the world.” ing and disclosure standards used lows Canadian-listed companies to COPY EDITOR: There’s plenty of corporate history in this deal. in the rest of the world. ignore those reporting restrictions Isa Cunanan, BSC As a manufacturer of all kinds of heavy and industrial equipment, In June, after more than 30 years imposed on U.S.-listed companies. (Health Sci. and Prof. Writing Comm.) Komatsu has engaged in mining equipment manufacturing since the and repeated efforts by various Canadian listed companies can [email protected] company was founded in 1921, but stepped things up in the 1990s by professional organizations and instead follow their own global PRODUCTION EDITOR: buying several mining equipment and distribution businesses in major mining companies to modern- reporting guideline (National David Perri, BA [email protected] mining regions worldwide. ize the rules, the Securities and Instrument 43-101) when they Today, Komatsu generates annual revenue of US$4.3 billion from Exchange Commission (SEC) has file their mineral reports in the WEB EDITOR: its mining equipment business, but this is only from surface mining proposed to replace Guide 7 with United States. Thus, returning Adrian Pocobelli, MA (ENGL) [email protected] equipment, and doesn’t include “super large-sized” loading equipment comprehensive mineral reporting to the example of Newmont, the ADVERTISING: for surface mining. regulations. miner’s Canadian-filed peers not Joe Crofts Joy Global’s history stretches back even further, with its core P&H (416) 510-6816 business having been founded in 1884 by Alonzo Pawling and Henry [email protected] Harnischfeger in Milwaukee, Wis., leading in the 1890s to a product THE CURRENT SYSTEM HAS PLACED Michael Winter line that included earth-moving machines for construction and mining U.S. MINING COMPANIES AT A SEVERE (416) 510-6772 operations. In 1919, Joseph Joy founded Joy Machine Co. in Evansville, [email protected] COMPETITIVE DISADVANTAGE IN THE Ind., and soon developed the first mechanical loader: model 4BU. PRODUCTION MANAGER: Jessica Jubb The year 2012 was a milestone, with P&H Mining Equipment and Joy GLOBAL MARKETPLACE AS COMPARED (416) 510-5213 Mining Machinery becoming Joy Global. The surface equipment would TO THEIR PEERS IN OTHER COUNTRIES [email protected] be branded P&H and the underground equipment, Joy. CIRCULATION/CUSTOMER SERVICE: Looking ahead at the coming boom in terms of mining techniques, INCLUDING CANADA. Laura Arnold Komatsu says, the “economic rationale will call for use of larger (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456 equipment in surface mining as well as further development of [email protected] underground mining.” The current system has placed only have an advantage in being SUBSCRIPTION SALES: With Joy Global, Komatsu gets a company that is focused on U.S. mining companies at a severe able to use the modern reporting Dan Bond underground mining equipment manufacturing and servicing, plus competitive disadvantage in the standards outside the U.S., they (416) 510-6741 material handling, with annual revenues of US$3.2 billion through its global marketplace, as compared also can adopt those same modern (Toll free) 1-888-502-3456, ext. 43715 [email protected] premium brands of P&H, Joy and Montabert. to their peers in other countries (and broader) mineral reporting After so many years, Komatsu will finally become a meaningful including Canada, Australia, standards in their U.S. filings with REPRINTS: (416) 510-6768 participant in underground mining globally. South Africa, the European Union, the SEC, while their U.S. counter- [email protected] At the same time, Joy Global’s lineup of surface mining equipment Chile, Hong Kong and Russia, parts have been forced to exclude ADDRESSES: includes rope shovels, super large wheel loaders, draglines and drills where regulators have adopted resources from their U.S. filings. Toronto Head Office: that Komatsu does not offer. Komatsu says Joy Global’s lineup of rope the global standards established To add to the confusion, the SEC 38 Lesmill Road, Unit 2 shovels and super large wheel loaders “pair well” with the super large by the Committee for Mineral has had a practice of allowing U.S. Toronto, ON, M3B 2T5 (416) 510-6768 electric dump truck Komatsu makes, and will “generate synergies in Reserves International Reporting companies to disclose resources [email protected] sales and services.” (CRIRSCO). Under the CRIRSCO and material exploration results Western Bureau: Komatsu expects to close the acquisition by April 2017, assuming global standards, mining compa- on their websites, but not in their 303 West 5th Avenue no rival bid appears. If they give their approval in a vote, Joy Global nies can report their proven and quarterly and annual reports filed Vancouver, BC, V5Y 1J6 stockholders would receive US$28.30 per share in cash, or a 20% probable “reserves” in addition to with the SEC, thus creating con- (604) 688-9908 premium to the share price a day before the offer. reporting on the broader category tradictory statements between SUBSCRIPTION RATES: Canada: Komatsu says it will operate Joy Global with its 12,000 employees as a of mineral “resources” and material company websites and their public C$120.00 one year; separate, wholly owned subsidiary, and will keep the iconic Joy Global exploration results. filings. 5% G.S.T. to CDN orders. brand names. Reserves are generally defined A simple comparison of New- 7% P.S.T. to BC orders The two companies’ product lines will integrate well, Komatsu says, as those mineral deposits that mont’s reserves and resource re- 13% H.S.T. to ON, NF orders 14% H.S.T. to PEI orders “expanding options for customers worldwide, as Komatsu can now the company knows can be “eco- porting is illustrative. In its 2015 15% H.S.T. to NB, NS orders offer the underground mining equipment and super large-sized loading nomically and legally extracted or annual report, Newmont reported U.S.A.: equipment of which Joy Global is a leading provider.” produced,” which must be based on 73.7 million oz. of proven and US$120.00 one year Foreign: Joy Global’s board of directors, which has unanimously approved a “bankable” or “final” feasibility probable gold reserves as of Dec. 31, US$157.00 one year the deal, said that in making its determination, it “considered the study performed on the deposit. 2015. Separately, at the same date GST Registration # 809744071RT001 challenging market conditions the company believes are likely to Such final feasibility studies re- Newmont reported “gold mineral- (ISSN 0029-3164) persist. The mining industry continues to face cyclical headwinds quire multiple years and multiple ized material of 2,192 million tons CANADA POST: from oversupplied commodities and lower end-user demand resulting millions of dollars to complete. at an average grade of .017 oz. per Return undeliverable Canadian addresses to in cash-flow restrictions for most producers, creating an increasingly Mineral resources are a more ton.” This “mineralized material” Circulation Dept. challenging environment. We are also seeing structural changes in the broad category of mineral prop- essentially includes mineral re- c/o The Northern Miner U.S. and China coal industry.” (More than half Joy Global’s sales come erty that include mineral deposits sources that cannot be reported as 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5 from the ailing coal sector.) that have reasonable prospects for such. Note that Newmont cannot Komatsu’s offer — the largest in its history — is not subject to any eventual economic extraction, but report the mineralized material Publication Mail Agreement #40069240 financing conditions, and the company had total assets of US$25 billion which may not be at the highest in terms of ounces of contained Periodicals Postage Rates paid at and total equity of US$14 billion as of March 31, 2016, with an “A” confidence level required to be gold, as they do with reserves. This Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls credit rating from S&P, and “A2” from Moody’s. categorized as a reserve, because requires that the reader multiply Blvd, Niagara Falls, N.Y. 14304. The last notable M&A among mining equipment manufacturers was no such final feasibility study has the number of tons by the grade per U.S. POSTMASTER: Caterpillar’s purchase of rival Bucyrus International in 2011 for US$8 been performed on the deposit. ton (which Newmont cannot do in send address corrections to: billion, during the height of the last commodity boom. TNM For mining companies and their its reporting), resulting in another Northern Miner Box 1118 investors, mineral resources repre- 37.2 million oz., or approximately Niagara Falls, N.Y. 14304.-7118 sent an important measure of the one-third of the total mineral re- long-term prospects and viability source that Newmont owns, which DEPARTMENTS of the deposit, and the company as it cannot report as such. Careers...... 13 Mining Jobs...... 15 a whole. Contrary to the CRIRSCO After decades under the old THE NORTHERN MINER is published weekly Editorial...... 4 Professional Directory...... 12 standard, Guide 7 generally lim- regime, Newmont and its peers by BIG Mining L.P., a division of Glacier Media Metal Prices...... 7 Stock Tables...... 6-10 its U.S. mining companies from can look forward to a new regula- Inc., a leading Canadian media company with interests in business-to-business information informing its investors and the tory environment on the horizon. services. From time to time we make our COMPANY INDEX public about its mineral resources On June 16, 2016, the SEC issued subscription list available to select companies in the same terms as it describes its a 296-page proposed rulemaking, and organizations­ whose products or services Albemarle...... 3 Goldcorp...... 1 Lupaka Gold...... 11 reserves, thus artificially depriving wherein it proposes to rescind may interest you. If you do not wish your contact Anglogold Ashanti. . . 13 Independence Gold. . . 2 Newmont Mining . . . . 1 information to be made available, please contact these companies from describing Guide 7 and replace it with a new us by one of the following methods: Phone: Argonaut Gold. . . . .14 K2 & Associates Orocobre...... 3 Asanko Gold...... 5 Investment Oroplata Resources. . . 3 the prospectivity of its properties. subpart 1300 of Regulation S-K. 1-888-502-3456; Fax: (416) 447-7658; Mail to: There is no doubt that the out- Privacy Officer, The Northern Miner, 38 Lesmill Colombian Mines. . .1,13 Management. . . . . 5 Pure Energy Minerals. . 3 See SEC / 5 Road, Unit 2, Toronto, ON M3B 2T5. Comstock Mining. . . . 1 Klondike Gold. . . . .16 Teck Resources. . . . .13 dated regulations have dissuaded

1 2 3 4 5 11 13 14 16_Aug1_Main .indd 4 2016-07-26 8:23 PM GLOBAL MINING NEWS THE NORTHERN MINER / AUGUST 1–7, 2016 5

A stockpile at Asanko Gold’s namesake flagship gold mine in Ghana’s Ashanti region, 250 km northwest of the capital Accra. ASANKO GOLD Asanko fires back after allegations from K2 Investment GHANAIAN GOLD | New Asanko mine could produce 2.3M oz. gold over 12 years

BY MATTHEW KEEVIL ASANKO SAYS THAT K2 HAS BEEN SHORT tions that the Nkran deposit was signs of improvement as a result of [email protected] becoming thinner and more dis- receiving part of the new contractor VANCOUVER SELLING STOCK AND THAT ITS NEGATIVE continuous at depth.” fleet during the quarter to replace REPORT WAS LIKELY INTENDED TO Asanko also notes that K2 has the second-hand fleet we started the sanko Gold (TSX: AKG; been “short selling” stock, and that pre-strip with back in early 2015,” NYSE-MKT: AKG) has re- TEMPORARILY DRIVE DOWN ASANKO’S its negative report was likely in- he added. ported its inaugural produc- SHARE PRICE. tended to temporarily drive down Canaccord Genuity analyst Rahul Ation quarter at its Asanko gold mine Asanko’s share price. Paul suggested that the quarterly in Ghana, but it is also busy coun- This short position is no secret. performance indicates that Asanko’s tering criticism about its technical report that claims Asanko’s stock one mine plan, resource estimation The K2 report includes the following resource model is “performing well,” reporting from Toronto-based hedge could be overvalued by as much as and its 2016 production guidance. line: “Disclosure: K2 & Associates with head grades and recoveries fund K2 & Associates Investment 90%, based on net asset value calcu- The company noted that K2 has re- has a short position in the shares of beating his estimates. Management. lations. The investment critique was lied on “anonymous authors” whose Asanko Gold.” “Preliminary reconciliation data Asanko hit commercial produc- based on historic technical informa- credentials have not been disclosed Meanwhile, Asanko released its for [the quarter] suggests that the tion at its namesake operation in tion (not compliant with National and reiterated that an independent quarterly results on July 20 and grade control model is reconciling early April after completing the Instrument 43-101 standards) and review was conducted by Red Kite reiterated production guidance that positively with the block model,” US$295-million development ahead a feasibility study Asanko released Mine Finance before it extended a calls for between 90,000 and 100,000 Paul wrote on July 20. of schedule. Asanko’s first phase of in early 2014. US$150-million loan in 2014. oz. gold during the second half of the Canaccord has a “speculative mining will focus on the Obotan K2 has cited inconsistencies in re- Asanko added that it has com- year. The company produced 36,000 buy” rating on Asanko, along with project, which includes the Nkran source reporting between Asanko’s pleted 34,000 metres of drilling oz. during the reporting period, a $6.75-per-share price target. Paul pit and four satellite deposits. figures and data published by the below Resolute’s “old floor” at the and said it had 7,833 oz. gold doré also noted “significant recent insider This first phase of production is previous mine operator, Resolute Nkran open pit. in inventory at a US$10.2-million buying” by Breese and chairman expected to total 2.34 million oz. Mining. The report notes that cur- “K2 omits to mention that in market value. Colin Steyn. over a 12.4-year mine life based rent Nkran resource estimates con- comparing [our 2014 resource es- “In the last few weeks of June, as Asanko shares have traded in a on reserves of 2.5 million oz. gold tain six times more gold ounces than timate] with an estimate developed anticipated, we encountered the 52-week range of $1.77 to $5.89 per hosted within 36.7 million tonnes previous resources released before 17 years ago by a former owner, main ore zone and have seen dilution share, and closed at $4.85 per share grading 2.15 grams gold per tonne. Resolute “forfeited” the asset. K2 Resolute, there has been a substantial and ore losses drop to a more normal at press time. The company has 197 Asanko is scheduled to produce also noted that Resolute claimed increase in information gathered level resulting in higher feed grades million shares outstanding for a 190,000 oz. gold annually. ore zones at Nkran become “thinner from subsequent drilling at depth,” to the processing plant,” president $974-million market capitalization, The trouble with K2 emerged and more discontinuous” at depth, Asanko said. “This information, and CEO Peter Breese said during and reported US$44 million in cash in late June when the hedge fund while Asanko has said the opposite. which wasn’t available to Resolute, a conference call. and working capital balances at the published an unsolicited, 42-page Asanko has defended the phase- clearly contradicts prior assump- “Our mining efficiency is showing end of June. TNM

New SEC reporting rules We have Young Mining

SEC From 4 detailed disclosure for individual with global industry standards. For Professionals in Montreal, too properties; that reason, although the proposed Once finalized, the new regula- • Require that all such mineral re- regulations would benefit from LETTER TO THE EDITOR | JPME founded in 2013 tions are intended to modernize porting be based on, and accurately simplification in several aspects, the reporting regulations governing reflect information and support- reforming Guide 7 demonstrates a had the pleasure of reading your As a group, we hold regular U.S.-based public mining companies ing documentation prepared by a substantial step in supporting the recent article, “Young Mining meetings and seminars on vari- and include the following significant qualified person (QP); and U.S. mining industry in the U.S. Professionals Toronto Branch ous topics related to mining and changes: • Require companies to obtain a and placing U.S. mining companies IGrows,” (T.N.M., July 18–24/16). energy that affect youth in our • Replace Item 102 and Guide 7 technical report summary from the on a more level playing field with This is a great initiative that industry. The events have been with a single standard requiring QP summarizing for each material non-U.S. mining companies. should be celebrated, as our indus- sponsored by Osisko Gold Roy- companies to disclose all material property exploration results, min- Comments to the proposed rule- try needs to attract young minds alties, PwC, Fasken Martineau, mining operations; eral resources or mineral reserves. making are due to the SEC by Aug. as it faces increasing challenges. Tugliq Energy, Partners in Per- • Require companies to disclose Although the proposed regulations 26, 2016. I also wanted to inform you formance and Falco Resources. mineral resources and material are extensive and may impose an of the existence of the Montreal You can find more information exploration results in addition to increased administrative burden on — Based in Denver, Jeffrey Reeser is chapter of Young Mining Pro- on our group at www.jpme.org. its reserves; U.S. mining companies by requiring a member in the Energy and Natural fessionals group, named Les • Permit disclosure of mineral re- their technical and legal staffs to Resources and Business Practice Jeunes Professionnels Mines & Joseph de la Plante, serves to be based on either a pre- interpret and comply with a lengthy Groups of law firm Sherman & How- Énergie. The group was founded VP of corporate development, liminary or final feasibility study; and entirely new reporting regime, ard (www.shermanhoward.com). He by my colleagues and me in 2013 Osisko Gold Royalties, • Provide updated definitions of it is likely that the regulations will has more than 20 years of experi- following the intense and very Montreal mineral reserves and mineral re- be well received, as they are in- ence as an executive and general public debate on mining taxes sources; tended to provide investors and the counsel in the mining and technol- and royalties in Quebec. • Require disclosure for mining public with more comprehensive ogy industries, and can be reached operations as a whole and more information in better alignment at [email protected].

1 2 3 4 5 11 13 14 16_Aug1_Main .indd 5 2016-07-26 8:23 PM 6 AUGUST 1–7, 2016 / THE NORTHERN MINER WWW.NORTHERNMINER.COM MARKET NEWS

TORONTO STOCK EXCHANGE / JULY 18–22 A state of emergency imposed in Turkey recovered in the quarter (1.58 million carats) brokered private placement at $1.02 per share a $500,000 non-brokered private placement after a failed military coup, an attack at a were 26% lower than in the same quarter of on July 18. Corvus Gold issued 2.55 million announced earlier this month was oversub- shopping mall in Germany that left nine the previous year, due to lower processing common shares with no warrant, represent- scribed, and had increased to $1 million. (The people dead and the week-long Republican volumes and lower recovered grades. ing 2.8% of its outstanding common shares. company is no longer accepting subscrip- National Convention in Cleveland, Ohio, Lucara Diamond finished 28¢ higher at The financing’s sole participant was Osisko tions.) About $400,000 of the funds will be where Donald Trump accepted his party’s $3.77 per share after announcing a special Mining, and the proceeds will speed up ex- used to define drill targets on its Canariaco nomination as president, contributed to dividend. The board approved $172 million ploration at Corvus Gold’s North Bullfrog Sur copper-gold deposit and Quebrada Verde widespread volatility in the stock market. returned to shareholders in a special dividend project in Nevada. copper-gold target, both in Peru. The rest On the economic front, Canada reported its of 45¢ per share to holders of the company’s Candente Copper advanced 21% to 17¢ will supplement working capital and general inflation rate in June rose 1.5% year-on-year. common shares. The special dividend will per share after the company reported that corporate purposes. TNM The S&P/TSX Composite Index fell 1.6% to be paid in addition to the company’s exist- 14,600.66 and the S&P/TSX Capped Diversi- ing 2016 quarterly dividend of 2¢ per share. TSX GREATEST PERCENTAGE CHANGE TSX GREATEST VALUE CHANGE fied Metals & Mining Index dropped 2% to The total dividend of 47¢ per share will be finish at 632.72. The S&P/TSX Global Mining paid on Sept. 15. Elsewhere in the diamond VOLUME WEEK VOLUME WEEK Index lost 2.4% to 64.85, the S&P/TSX Global space, Mountain Province Diamonds’ shares (000s) HIGH LOW CLOSE CHANGE (000s) CLOSE CHANGE Argex Titanium RGX 6471 0.11 0.06 0.10 + 46.2 Silver Wheaton SLW 7058 34.39 + 0.74 Gold Index ended 1.9% lower at 261.62 and climbed 15¢ to $6.25. Wellgreen Plat WG 1018 0.49 0.38 0.49 + 24.1 Dundee Prec Mt DPM 3544 3.93 + 0.38 the spot gold price declined 1.1%, or US$15 Shares of Corvus Gold were up 16¢ to Nautilus Mnrls NUS 947 0.13 0.11 0.13 + 23.8 Dominion Diam DDC 666 11.70 + 0.38 per oz., to US$1,322.10 per oz. $1.26. The junior closed a $2.6-million non- Dynasty Met&Mn DMM 1148 0.21 0.15 0.19 + 23.3 Lucara Diam LUC 4232 3.77 + 0.28 Shares of Dominion Diamond rose 38¢ to Candente Coppr DNT 694 0.18 0.13 0.17 + 21.4 Lundin Mng LUN 13449 5.31 + 0.22 $11.70. The company reported that the A-21 Largo Res LGO 267 0.60 0.47 0.57 + 21.3 Corvus Gold KOR 378 1.26 + 0.16 TSX MOST ACTIVE ISSUES Redhawk Res RDK 44 0.07 0.05 0.06 + 20.0 Mountain Prov MPV 286 6.25 + 0.15 pipe in the Northwest Territories is develop- Gran Colombia GCM 29346 0.16 0.12 0.15 + 20.0 Tanzania Rlty TNX 240 1.49 + 0.15 VOLUME WEEK ing according to plan, and that it expects IC Potash ICP 2562 0.12 0.08 0.10 + 18.8 Torex Gold TXG 2015 25.45 + 0.15 (000s) HIGH LOW CLOSE CHANGE run-of-mine production in 2016 will total Columbus Gold CGT 1367 0.77 0.64 0.74 + 17.5 Mines Manage MGT 10 1.85 + 0.14 7.1 million carats from 2.2 million tonnes Gran Colombia GCM 29346 0.16 0.12 0.15 + 0.03 Stonegate Agri ST 131 0.02 0.02 0.02 - 25.0 Agrium AGU 1308 121.47 - 2.39 First Quantum FM 27217 10.63 9.53 9.99 - 0.22 Cardero Res CDU 199 0.20 0.16 0.17 - 21.4 Agnico Eagle AEM 2627 70.66 - 1.89 mined. In addition to the 7.1 million carats B2Gold BTO 22139 3.86 3.52 3.69 - 0.11 Western Copper WRN 761 1.29 1.05 1.05 - 18.0 Seabridge Gld SEA 469 16.11 - 1.87 produced from run of mine ore, there will be Kinross Gold K 21746 7.12 6.44 6.57 - 0.30 Vista Gold VGZ 383 2.13 1.70 1.75 - 15.5 First Majestic FR 5427 20.49 - 1.20 a small amount of production from coarse ore Yamana Gold YRI 18397 7.72 6.94 7.14 - 0.43 Alexco Res AXR 899 2.49 2.04 2.13 - 14.8 Endeavour Mng EDV 1243 22.22 - 1.12 rejects, Dominion said. In the second quarter, Barrick Gold ABX 17541 28.23 25.89 27.03 - 0.66 Levon Res Ltd LVN 515 0.52 0.43 0.45 - 14.4 Silver Std Res SSO 3329 17.36 - 1.07 Teck Res TCK.B 17035 18.60 16.53 17.85 - 0.72 McEwen Mng MUX 3185 5.99 4.87 5.12 - 14.1 Kirkland Lk Gd KGI 2595 10.71 - 0.96 volumes (0.54 million tonnes processed) were Eldorado Gold ELD 16841 6.36 5.60 5.68 - 0.59 Mawson Res MAW 138 0.28 0.22 0.22 - 14.0 Teck Res TCK.A 8 18.08 - 0.92 5% lower than in the same quarter the year Nemaska Lith NMX 15889 1.22 0.89 1.10 - 0.11 Serabi Gold SBI 233 0.10 0.00 0.10 - 13.0 Detour Gold DGC 3873 31.24 - 0.88 before due to lower ore availability. Diamonds Trevali Mng TV 13945 0.93 0.77 0.92 + 0.13 Freegold Vent FVL 130 0.20 0.18 0.18 - 12.2 Alamos Gold AGI 2882 11.47 - 0.88

TSX VENTURE EXCHANGE / JULY 18–22 The S&P/TSX Venture Composite Index edged calculations assume a 5 gram gold cut-off. private placement on July 25, comprised of begin an 8,000-metre drill program at its up 3.61 points, or 0.5%, to a 769.97-point Makena Resources saw 20.9 million shares 750,000 units consisting of one share and Candelones Extension gold-copper deposit in close. Spot gold prices declined for the second traded before closing down 1¢ to 3¢ per share, one-half warrant, at 20¢ per unit. Each whole the Dominican Republic. The volcanogenic week in a row, falling US$14.72, or 1.1%, to after announcing it would drill up to five holes warrant is exercisable within 24 months at massive sulphide deposit hosts an inferred US$1,322.73 per oz., as expectations grow in August at its Patterson uranium prospect 40¢ per share. Cava plans to use the money resource of 5.3 million tonnes of 5.27 grams for the U.S. Federal Reserve to hike interest in Saskatchewan’s Athabasca basin. The 30 sq. for its landholdings in Quebec’s Casa Berardi gold and 0.4% copper for 894,097 oz. gold rates later this year. Comex prices remained km property borders projects such as Fission area with joint-venture partner Explorers Al- and 41.2 million lb. copper, using a 3.5 gram steady at US$2.23 per lb. copper. Uranium’s Patterson Lake South, Purepoint liance, a private company based in Toronto. gold cut-off. The company rose 22¢ to 66¢ Shares of K92 Mining rose 66¢, or 152%, Uranium Group and Cameco’s Smart Lake, Junior explorer Unigold is scheduled to per share. TNM to $1.93, after closing a $12.5-million private and NexGen Energy’s Rook 1. In June, Makena placement to help restart underground min- picked up 41 sq. km of ground prospective TSX-V GREATEST PERCENTAGE CHANGE TSX-V GREATEST VALUE CHANGE ing at its Kainantu gold project in Papua New for diamonds in the northwestern part of the Guinea. The former Barrick Gold operation basin, near De Beers Canada’s diamond option VOLUME WEEK VOLUME WEEK was shuttered in 2009 and sold to K92 in from CanAlaska Uranium. The partners are (000s) HIGH LOW CLOSE CHANGE (000s) CLOSE CHANGE March 2015 for an initial US$2 million, and awaiting kimberlite indicator mineral results Altitude Res ALI 45 0.07 0.02 0.07 + 225.0 K92 Mng Inc KNT 10493 1.93 + 0.66 a potential US$60-million payment. In the from over 100 glacial samples at surface. Trident Gold TTG.H 376 0.02 0.01 0.02 + 200.0 Cava Res CVA 172 0.60 + 0.37 Pedro Res PED.H 77 0.20 0.07 0.20 + 185.7 Mason Graphite LLG 1548 1.17 + 0.27 financing K92 issued 12.5 million units at $1 Shares of Cava Resources rose 37¢ to 60¢ Freeport Res FRI 173 0.07 0.00 0.06 + 175.0 Unigold UGD 932 0.66 + 0.22 per unit, consisting of a share and one-half per share. The company completed a $150,000 Cava Res CVA 172 0.60 0.22 0.60 + 160.9 Anfield Nickel ANF 1432 1.75 + 0.21 warrant. Each whole warrant is exercisable Martina Mnls MTN.H 115 0.05 0.02 0.05 + 150.0 Golden Dawn Ml GOM 9926 0.40 + 0.20 within a year at $1.50 per share, which could TSX-V MOST ACTIVE ISSUES Savant Expl SVT 3305 0.03 0.00 0.03 + 150.0 Orla Mng Ltd OLA 582 0.87 + 0.17 Sultan Mnrls APX 535 0.12 0.01 0.10 + 100.0 Monarques Res MQR 3282 0.62 + 0.17 accelerate if the company’s shares close at $2 VOLUME WEEK Red Moon Potsh RMK 80 0.09 0.03 0.06 + 100.0 Archon Mineral ACS 1 1.85 + 0.15 or greater for 10 trading days. The company (000s) HIGH LOW CLOSE CHANGE Stroud Res SDR 105 0.01 0.01 0.01 + 100.0 Delrand Res DRN.H 10 0.65 + 0.13 aims to begin production soon at the project’s Makena Res MKN 20882 0.03 0.02 0.03 - 0.01 Inform Res IRR 200 0.04 0.02 0.04 - 73.3 MacMillan Mnls MMX 247 1.15 - 1.29 Noram Vent NRM 15996 0.09 0.07 0.08 + 0.02 MacMillan Mnls MMX 247 1.28 1.04 1.15 - 52.9 Abitibi Royalt RZZ 57 8.63 - 0.68 Irumafimpa deposit, and is working to boost First Mg Fin FF 11328 1.22 1.01 1.07 - 0.10 resources at the adjacent Kora and Eutompi Ross River RRM.H 1453 0.03 0.01 0.02 - 50.0 Avino Silver ASM 610 3.35 - 0.53 K92 Mng Inc KNT 10493 1.99 1.28 1.93 + 0.66 Black Mam Mtls BMM 11 0.09 0.08 0.08 - 42.3 CanAlaska Uran CVV 1160 0.94 - 0.34 deposits. The epithermal systems have a com- Golden Dawn GOM 9926 0.40 0.20 0.40 + 0.20 Gonzaga Res GN 100 0.04 0.04 0.04 - 41.7 Brazil Res BRI 3478 2.62 - 0.33 bined indicated resource of 560,000 tonnes of Gold Bulln Dev GBB 9453 0.14 0.10 0.13 + 0.03 Falcon Gold FG 249 0.02 0.00 0.02 - 40.0 Chesapeake Gld CKG 304 5.15 - 0.26 12.6 grams gold per tonne for 230,000 oz. gold. IDM Mining IDM 8653 0.26 0.19 0.21 - 0.05 Thunder Mtn Gd THM 81 0.15 0.10 0.10 - 36.7 Mirasol Res MRZ 338 2.59 - 0.19 Victoria Gold VIT 7632 0.78 0.69 0.73 - 0.01 Inferred resources add 4.9 million tonnes of Aurgent Gold AUR 43 0.09 0.00 0.07 - 36.4 Flinders Res FDR 267 0.61 - 0.16 Arctic Star ADD 7490 0.05 0.03 0.04 + 0.02 Jazz Res JZR 10 0.15 0.10 0.10 - 34.5 Lara Expl LRA 438 1.25 - 0.16 7.5 grams gold for 1.2 million oz. gold. Both Pure Nickel NIC 7001 0.03 0.02 0.03 + 0.01 Tasman Metals TSM 335 0.41 0.27 0.27 - 34.1 Gold Std Vents GSV 636 2.07 - 0.15

U.S. MARKETS / JULY 18–22

U.S. equities continued higher, helped by per share, after reporting its second-quarter of its 2016 iron ore guidance of 350 million in Mexico’s Sonora state. More recently, the encouraging U.S. economic data and better- operational results on July 21. BMO analysts tonnes, but dropped its previous 2017 guid- company agreed to buy 14.9 million Belo Sun than-expected corporate earnings. The S&P David Gagliano and Edward Sterck note the ance of 380 million to 400 million tonnes. Mining shares in an underwritten public of- 500 Index rose 0.6% to a 2,175.03 high. The results were largely in line with their forecasts, Agnico Eagle Mines lost US$2.34 per fering to keep its 19.2% interest in the junior. Dow Jones Industrial Average advanced 0.3% with the exception of iron ore pellets and coal, share to finish at US$53.73, after an armed Agnico will pay 85¢ per share, for a total to 18,570.85, while the Nasdaq Composite which fell below expectations. Second-quarter robbery at the company’s La India gold mine consideration of $12.7 million. TNM Index climbed 1.4% to 5,100.16. The gold iron ore output totalled 86.6 million tonnes, spot price, however, fell 1.1%, or US$15 per roughly 2.5 million tonnes lower than a year U.S. GREATEST PERCENTAGE CHANGE U.S. GREATEST VALUE CHANGE oz., to US$1,322.10. The September contract ago due to lower production. Pellet production, for crude oil retreated 2.3% to US$44.19 per excluding Samarco’s attributable production, VOLUME WEEK VOLUME WEEK barrel, and the September contract for Brent fell nearly 18% year-over-year to 10 million (000s) HIGH LOW CLOSE CHANGE (000s) CLOSE CHANGE Natural Res Pt* NRP 280 22.74 19.77 21.21 + 3.2 MartinMarietta* MLM 1891 198.25 + 0.68 crude dropped 2.7% to US$45.69 per barrel, tonnes. Coal output came in at 1.5 million Vedanta* VEDL 1200 10.09 9.31 10.09 + 2.5 Natural Res Pt* NRP 280 21.21 + 0.66 after rising oversupply concerns. tonnes, down 25% over the same period last Sibanye Gold* SBGL 7156 17.90 16.63 17.47 + 2.3 Sibanye Gold* SBGL 7156 17.47 + 0.39 McEwen Mining shares declined 15% to year. Vale expects to achieve the lower end Dominion Diam* DDC 1027 9.04 8.58 8.90 + 1.6 Vedanta* VEDL 1200 10.09 + 0.25 US$3.90. On July 25, the miner published Vale* VALE.P 28680 4.34 4.09 4.26 + 1.4 Black Hills* BKH 1244 63.00 + 0.18 Trecora Res* TREC 122 11.74 10.89 11.53 + 0.7 Dominion Diam* DDC 1027 8.90 + 0.14 second-quarter production results for its Silver Wheaton* SLW 23864 26.56 25.24 26.15 + 0.5 Silver Wheaton* SLW 23864 26.15 + 0.13 producing San Jose asset in Argentina and U.S. MOST ACTIVE ISSUES Stillwater Mg* SWC 6301 13.61 12.30 13.40 + 0.4 Trecora Res* TREC 122 11.53 + 0.08 El Gallo in Mexico. It churned out 27,888 VOLUME WEEK MartinMarietta* MLM 1891 200.30 195.18 198.25 + 0.3 Vale* VALE.P 28680 4.26 + 0.06 oz. gold and 875,006 oz. silver, or 39,555 (000s) HIGH LOW CLOSE CHANGE Black Hills* BKH 1244 63.27 61.52 63.00 + 0.3 Stillwater Mg* SWC 6301 13.40 + 0.05 equivalent oz. gold, relatively in line with Freeport McMo* FCX 146373 13.15 11.69 12.67 - 0.44 McEwen Mng* MUX 18091 4.62 3.73 3.90 - 15.0 Agrium* AGU 3002 92.39 - 3.36 Vale* VALE 130422 5.44 5.05 5.31 - 0.05 Intrepid Pots* IPI 5105 1.53 1.29 1.30 - 12.8 Agnico Eagle* AEM 8217 53.73 - 2.34 the 39,164 equivalent oz. gold produced in Barrick Gold* ABX 82484 21.66 19.84 20.55 - 0.85 Seabridge Gld* SA 4211 14.08 11.94 12.26 - 11.7 Seabridge Gld* SA 4211 12.26 - 1.63 the same period last year. McEwen expects to Alcoa* AA 72719 10.94 10.35 10.57 - 0.35 HudBay Mnls* HBM 1251 5.51 4.70 4.82 - 11.6 Rio Tinto* RIO 16207 31.35 - 1.51 achieve its 2016 guidance of 144,000 equivalent Yamana Gold* AUY 53261 5.93 5.32 5.43 - 0.42 Eldorado Gold* EGO 25947 4.88 4.25 4.32 - 10.9 Franco-Nevada* FNV 2573 73.78 - 1.39 oz. gold. The debt-free company ended June United States S* X 53223 21.77 19.69 21.16 - 0.52 Primero Mng* PPP 4827 2.41 2.12 2.17 - 9.6 Chevron* CVX 27661 105.66 - 1.37 IAMGOLD* IAG 49326 4.93 4.42 4.62 - 0.11 Alamos Gold* AGI 7289 9.59 8.50 8.73 - 8.4 First Majestic* AG 24620 15.59 - 1.18 with US$57 million in cash and bullion. It Kinross Gold* KGC 48706 5.47 4.93 5.00 - 0.31 Endeavr Silver* EXK 10475 4.86 4.16 4.47 - 8.0 Goldcorp* GG 32823 18.31 - 0.98 will release its financial results in August. Hecla Mining* HL 47842 6.27 5.64 6.02 - 0.18 Yamana Gold* AUY 53261 5.93 5.32 5.43 - 7.2 Barrick Gold* ABX 82484 20.55 - 0.85 Brazilian giant Vale rose 1.4% to US$4.26 Potash Corp SK* POT 45821 17.49 16.89 16.97 - 0.29 First Majestic* AG 24620 17.05 14.95 15.59 - 7.0 NACCO Ind* NC 58 58.26 - 0.85

6_Aug1_MarketNews.indd 6 2016-07-26 5:43 PM GLOBAL MINING NEWS · SINCE 1915 THE NORTHERN MINER / AUGUST 1–7, 2016 7 METALS, MINING AND MONEY MARKETS

SPOT PRICES COURTESY OF SCOTIABANK PRODUCER AND DEALER PRICES TSX WARRANTS

Tuesday, July 26, 2016 Thermal Coal CAPP: US$39.50 per short ton Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb Precious Metals Price (US$/oz.) Change Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 18/22 Gold 1321.25 -31.60 US$41.10 Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb Silver $19.68 -0.67 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$8.70 TSX Bulletin 2013-0377 for calculation. To Apr 16/17 26/19 Platinum $1072.00 -21.00 Coal: CME Group Central Appalachian Futures Aug. 2016: Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug Palladium $674.00 +59.00 US$39.50 Sept. 2016: US$39.50 26/17 25/18 Cobalt: US$11.73/lb. Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul Base Metals Price (US$/tonne) Change Copper: US$2.23/lb. 31/17 Nickel $10330.00 -125.00 Copper: CME Group Futures Aug. 2016: US$2.222/lb.; Sept. Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 Copper $4914.50 +31.00 2016: US$2.223/lb GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun TSX VENTURE WARRANTS Lead $1835.50 -9.00 Ferro-Chrome: US$1.94/kg 7/18 Zinc $2232.00 -19.50 Ferro Titanium: US$3.80/kg Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 FerroTungsten: US$26.87/kg 18/19 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Ferrovanadium: US$19.33/kg HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 LME WAREHOUSE LEVELS Iridium: NY Dealer Mid-mkt US$560/tr oz. Lithium Americas Corp (LAC.WT) - One Warrant to purchase to Apr 07/19 Iron Ore 62% Fe CFR China-S: US$55.80/tonne one common share of the Issuer at $0.90 until expiry Goldstar Minerals Inc (GDM.RT) - 1 Rt to buy sh @ 0.04 ti Aug Metal stocks (in tonnes) held in London Metal Exchange ware- Iron Ore Fines: US$54.72/tonne Lydian International Limited (LYD.WT) - One Warrant to pur- 17/16 houses at opening, July 25, 2016 (change from July 18, 2016 Iron Ore Pellets: US$78.52/tonne chase one additional ordinary share of the Issuer at $0.36 per Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 in brackets): Lead: US$0.84/lb. share until expiry Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Aluminium Alloy 11940 (-40) Magnesium: US$1.99/kg 21/21 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 Mission Gold Aluminium 2319150 (+7100) Manganese: US$1.65/kg (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Northern Dynasty Minerals Ltd. J (NDM.WT.A) - Wt buys sh @ Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec Copper 221350 (-8075) Molybdenum Oxide: US$6.69/lb. $0.55 to Jul 9/20 15/17 Lead 187350 (+1000) Phosphate Rock: US$115.00/tonne Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 Nickel 373608 (-3372) Potash: US$269.00/tonne $0.55 to Jun 10/21 West African Resources (WAF.WT) - Wt buys sh @ $0.4 to Jan Tin 5970 (0) Rhodium: Mid-mkt US$650.00/tr. oz. Northern Dynasty Minerals Ltd. J (NDM.WT) - Wt buys sh @ $3 17/17 Zinc 436800 (-1475) Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$19.71 per oz.; Handy & to Sep 14/17 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr Harman Fabricated: US$24.64 per oz. Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 17/19 Tantalite Ore : US$132.01/kg Tin: US$8.06/lb. Uranium: U3O8, Trade Tech spot price: US$25.25; The UX NORTH AMERICAN STOCK EXCHANGE INDICES Consulting Company spot price: US$25.25/lb. Zinc: US$1.02/lb. 52-week Prices current July 26, 2016 Index Jul 22 Jul 21 Jul 20 Jul 19 Jul 18 High Low S&P/TSX Composite 14600.66 14565.83 14533.57 14524.61 14532.40 15527.30 12400.15 S&P/TSXV Composite 769.97 766.20 754.76 768.62 763.74 1050.26 883.52 S&P/TSX 60 850.34 848.02 847.36 846.03 846.53 896.74 709.99 TSX SHORT POSITIONS TSX VENTURE SHORT POSITIONS S&P/TSX Global Gold 261.62 259.96 251.90 267.51 268.59 218.90 149.29 S&P/TSX Metals & Mining 632.72 637.45 628.79 628.08 644.37 954.68 691.69

Short positions outstanding as of Jul 18, 2016 (with changes Short positions outstanding as of Jul 18, 2016 (with changes from Jul 04, 2016) from Jul 04, 2016) NEW 52-WEEK HIGHS AND LOWS JULY 18–22, 2016 Largest short positions Largest short positions Lundin Mng LUN 44627483 -300695 7/4/2016 First Mg Fin FF 6540556 2270220 7/4/2016 200 New Highs Columbus Gold Interconnect Pedro Res Terrax Mnrls* Potash Corp SK POT 37038874 2833644 7/4/2016 Westkam Gold WKG 6008600 1677700 6/16/2016 Aben Res Copper North M* INV Metals Philippine Mtl* Thunderstruck Kinross Gold K 24397756 887217 7/4/2016 Integra Gold ICG 1720832 -47927 7/4/2016 Aben Res* Corvus Gold INV Metals* Playfair Mng Timmins Gold Corvus Gold* InZinc Mining* Prism Res Timmins Gold* New Gold NGD 23229239 -547706 7/4/2016 Orezone Gold ORE 1698500 1687000 6/16/2016 Agave Silver* Alexandria Min Delrand Res K92 Mng Inc Rainforest Res* Transition Mtl Brazil Res BRI 954746 79146 7/4/2016 First Quantum FM 20713831 -5394941 7/4/2016 Alexandria Min* Desert Star* K92 Mng Inc* Red Eagle Mng Tres-Or Res B2Gold BTO 20278539 196030 7/4/2016 Bear Creek Mng BCM 922110 689210 7/4/2016 ALQ Gold Dundee Prec Mt Latin Am Mnls Red Moon Potsh Trigen Res Gran Colombia GCM 19285800 18423100 7/4/2016 Gold Reserve GRZ 889600 -104200 6/16/2016 Alturas Mnrls East Africa Latin Am Mnls* Red Pine Expl Trueclaim Expl Eldorado Gold ELD 18213852 -1245707 7/4/2016 Santacruz Silv SCZ 825400 -2159874 7/4/2016 Anconia Res East Africa * Lincoln Mng Resource Cap Trueclaim Expl* Suncor Energy SU 12310101 -2749539 7/4/2016 Pure Energy PE 494637 409137 6/16/2016 Anfield Res* Elysee Dev Loncor Res* Resource Cap* Unigold Goldcorp G 10953117 994285 7/4/2016 Rye Patch Gold RPM 365728 14628 6/16/2016 Asante Gold* Emgold Mng Lundin Mng Rio Silver Unigold* Vedanta* Thompson Creek TCM 10684862 1691800 7/4/2016 Pure Gold Mg PGM 353700 230327 6/16/2016 Astorius Res Eurotin Malbex Res RJK Explor Atacama Pac Gd* Excalibur Res MartinMarietta* Rockcliff Cop Vena Res HudBay Mnls HBM 9884344 -1515524 7/4/2016 Algold Res ALG 321369 319065 7/4/2016 Atlantic Gold Excalibur Res* Mason Graphite Rokmaster Res Vena Res* Centerra Gold CG 9173873 6388692 7/4/2016 Red Pine Expl RPX 318400 318200 6/16/2016 Augustine Vent Frontline Gold Mason Graphite* Romulus Res Vulcan Mnrls Detour Gold DGC 9093355 -1146313 7/4/2016 ATAC Res ATC 260500 -39900 7/4/2016 Auryn Res* G4G Res* MetalCorp Rotation Mnls West Af Res Barrick Gold ABX 8812523 -54192 7/4/2016 Jaguar Mng JAG 229128 121748 6/16/2016 AZ Mining Galway Mtls Minera Alamos Rupert Res Whitehaven Coa* Largest increase in short position Largest increase in short position Bell Copper Galway Mtls* Monarques Res Samex Mng* X-Terra Res Gran Colombia GCM 19285800 18423100 7/4/2016 First Mg Fin FF 6540556 2270220 7/4/2016 Bellhaven Cp&G* Genesis Mtls Monarques Res* San Marco Res* Xander Res Centerra Gold CG 9173873 6388692 7/4/2016 Orezone Gold ORE 1698500 1687000 6/16/2016 Berkeley Egy* Geodex Mnrls Moneta Porcpn Sandspring Res Zincore Mtls Giyani Gold Montego Res Sandspring Res* Zincore Mtls* Alamos Gold AGI 8067270 2847793 7/4/2016 Westkam Gold WKG 6008600 1677700 6/16/2016 Bitterroot Res* BlackEagle Dev Giyani Gold* Natural Res Pt* Satori Res 22 New Lows Potash Corp SK POT 37038874 2833644 7/4/2016 Bear Creek Mng BCM 922110 689210 7/4/2016 BrightRock Gld* GMV Minerals Nevado Res Savant Expl Alpha Nat Res* Mandalay Res MND 2327925 2074225 7/4/2016 Pure Energy PE 494637 409137 6/16/2016 Brionor Res GMV Minerals* New Jersey Mng* Sego Res Aurora Gold* Largest decrease in short position Largest decrease in short position Brunswick Res Gold Resource* NewCastle Gold* Senator Mnrls Avarone Metals* Stornoway Diam SWY 311867 -15446928 7/4/2016 Santacruz Silv SCZ 825400 -2159874 7/4/2016 Camino Mnls Golden Dawn Ml Newmarket Gold Serengeti Res California Gld IAMGOLD IMG 7754674 -6207999 7/4/2016 Oceanus Res OCN 10000 -1087900 6/16/2016 Camino Mnls* Golden Dawn Ml* Newmarket Gold* Sibanye Gold* Cameco Corp* Dundee Prec Mt DPM 1896413 -5420200 7/4/2016 Marlin Gold MLN 500 -332300 6/16/2016 Candente Coppr Golden Eagle* NGEx Res Signature Res Cassidy Vents* First Quantum FM 20713831 -5394941 7/4/2016 Probe Metals PRB 10300 -293200 6/16/2016 Candente Gold* Golden Mnls NGEx Res* Silver Wheaton* CIM Intl Grp Canstar Res Golden Mnls* Nrthn Shield Skeena Res Confedertn Mls* Nemaska Lith NMX 431700 -4557800 7/4/2016 Golden Dawn Ml GOM 161500 -288000 6/16/2016 Canterra Mnls Golden Star Nthrn Sphere Skeena Res* Golden Star* Cantex Mn Dev* Golden Star* Nubian Res Skyharbour Res GoviEx Uranium Cariboo Rose Golden Tag NV Gold Slam Explor* Intact Gold Carube Copper Goldeye Expl Oceanic Iron O* Sona Res* Intact Gold* Carube Copper* Greencastle Rs Orca Gold* Spanish Mtn Gd Intigold Mines* DAILY METAL PRICES Castle Res Handeni Gold* Oriental Non F Spanish Mtn Gd* Kivalliq Enrgy Cava Res Heron Res Orla Mng Ltd Sparton Res Li3 Energy* Cava Res* Homestake Res Orocobre Sparton Res* Matica Ent Daily Metal Prices Cda Strtgc Met Homestake Res* Oroplata Res* Stillwater Mg* Medinah Mnrls* Date Jul 25 Jul 22 Jul 21 Jul 20 Jul 19 Cda Strtgc Met * HTI Ventures Otis Gold Stornoway Diam Nevada Egy Mtl* BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Cda Zinc Mtls IDM Mining* Otis Gold* Stratton Res Nrthn Vertex* Al Alloy 1545/1570 1500/1525 1500/1525 1500/1525 Chiboug Ind Mn Independence G Pac Potash* Sultan Mnrls Osisko Gold* Aluminum 1600.50/1612 1599.50/1612 1594/1611 1608/1624 1500/1525 Coeur Mng* Independence G* Pan Global Res Taranis Res Royal Gold* Copper 4919/4930 4955/4965 4953/4965 4899.50/4916 1642/1655 Colombia Crest Inform Res Pancontinental Teras Res* Tarku Res Lead 1841/1854 1845/1856 1852/1861 1822/1832 4936/4958 Colombian Mins Inspiration Mg Parallel Mng Terrax Mnrls Nickel 10435/10495 10650/16090 10660/10700 10440/10475 1854/1864 Tin 17770/17725 17790/17800 17830/17825 17670/17650 10550/10615 CANADIAN GOLD MUTUAL FUNDS Zinc 2254/2258 2262/2266 2252/2262 2231.50/2232 17825/17800 Fund Jul 22 ($) Jul 15 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Prec Mtls Fd MF 28.56 29.14 -0.58 -1.99 79.83 2.78 213.50 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) BMO Prec Mtls Fd A 22.50 23.02 -0.53 -2.29 82.40 2.40 79.26 Gold AM 1315.00 1323.20 1322.00 1325.60 1332.20 BMO ZGD 13.23 13.62 -0.40 -2.92 92.70 0.63 38.10 Gold PM 1313.15 1320.75 1321.15 1315.90 1330.90 BMO ZJG 10.58 11.23 -0.65 -5.77 106.65 0.60 79.66 Silver 19.41 19.70 19.34 19.70 19.90 CIBC Prec Metal Fd A 14.12 14.41 -0.29 -2.01 68.46 2.62 68.81 Platinum 1068.00 1092.00 1089.00 1067.00 1086.00 Dyn Prec Metls Fd A 8.74 -0.48 -5.38 99.51 2.66 471.14 Palladium 682.00 684.00 676.00 649.00 648.00 Horizons HEP 34.82 -0.89 -2.53 83.61 0.80 IGMacGloPrecMetCl A 11.08 11.23 -0.15 -1.35 99.80 2.76 109.60 EXCHANGE RATES iShares XGD 16.34 16.66 -0.32 -1.91 95.09 0.61 836.51 Mac Prec Met Cl A 62.81 63.73 -0.92 -1.44 102.40 2.51 151.26 Date Jul 22 Jul 21 Jul 20 Jul 19 Jul 18 NB Prec Met Fd Inv 15.91 16.26 -0.35 -2.15 92.70 2.46 46.35 US$ in C$ 1.3129 1.3087 1.3060 1.3022 1.2945 RBC GblPreMetFd A 38.83 39.75 -0.92 -2.32 92.02 2.13 475.31 C$ in US$ 0.7617 0.7641 0.7656 0.7679 0.7725 Sentry Pre Met Fd A 52.58 -2.22 -4.16 93.18 2.90 271.54 Sprott Gold&PrMinFdA 49.36 -2.26 -4.52 92.35 3.19 288.29 Exchange rates (Quote Media, July 22, 2016) Sprott SilverEquCl A 8.37 -0.36 -4.28 119.85 3.23 81.27 C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand TD PreciousMetalsInv 48.37 49.53 -1.16 -2.34 88.24 2.26 183.88 1.0195 0.6937 80.8200 14.1235 10.8855 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5807 5.0841 51.1515 0.7520 865.5170 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3395 0.9111 106.0845 18.5424 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7626 6.6754 67.1535 0.9870 1136.0000 GLOBAL MINING NEWS · SINCE 1915

Financial information provided by Fundata Canada Inc. ©Fundata Canada Inc. All rights reserved LEGEND STAFF INVESTMENT POLICY Re-Publishing License A – Australian Stock Exchange The Northern Miner does not permit any editorial employee to file stories about Own your moment in the press with a C – CNSX Canadian National companies in which the writer owns shares. Editorial employees are also not Stock Exchange permitted to take part in initial public offerings or to engage in short selling. Re-Publishing License for any article J – Johannesburg Stock Exchange printed in The Northern Miner or L – London Stock Exchange posted on our website. Basic M – Mexico Stock Exchange CONVERSIONS OF WEIGHTS & MEASURES N – New York Stock Exchange 1 troy ounce = 31.1 grams 1 gram per (metric) tonne = 0.02917 troy Re-Publishing License cost: $525 O – U.S. over-the-counter 1 kilogram = 32.15 troy ounces ounces per (short) ton Q – NASDAQ or U.S. OTC 1 kilogram = 2.2046 pounds = 0.03215 troy ounces per (metric) T – Toronto Stock Exchange 1 (metric) tonne = 1,000 kilograms tonne V – TSX Venture Exchange 1 (metric) tonne = 2,204.6 pounds 1 kilometre = 0.6214 miles X – NYSE Alternext U.S. 1 (short) ton = 2,000 pounds 1 hectare = 2.47 acres Contact: [email protected] or 416-510-6768 * – Denotes price in U.S.$ 1 (metric) tonne = 1.1023 (short) tons

7_Aug1_MMMM.indd 7 2016-07-26 5:45 PM 8 AUGUST 1–7, 2016 / THE NORTHERN MINER WWW.NORTHERNMINER.COM

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: JULY 18–22, 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

AuRico Metals T 740 1.17 1.10 1.13 - 0.01 1.22 0.49 Centamin T 139 2.76 2.64 2.72 - 0.01 2.87 1.08 Endeavr Silver* N 10475 4.86 4.16 4.47 - 0.39 5.13 1.00 A Aurora Gold* O 696 0.01 0.00 0.00 - 0.00 0.02 0.00 Centaurus Diam* O 184 0.23 0.12 0.23 + 0.02 0.34 0.02 Endeavr Silver T 1379 6.31 5.43 5.87 - 0.39 6.67 1.46 92 Resources V 944 0.16 0.13 0.14 - 0.02 0.28 0.03 Aurvista Gold* O 167 0.27 0.21 0.23 - 0.03 0.27 0.02 Centenera Mng V 703 0.28 0.21 0.28 + 0.04 0.29 0.02 Endurance Gold V 124 0.07 0.06 0.07 + 0.01 0.08 0.02 Abacus Mng &Ex V 447 0.05 0.05 0.05 - 0.01 0.08 0.04 Auryn Res* O 608 3.10 2.75 3.05 + 0.25 3.00 0.70 Centerra Gold T 8237 7.60 6.67 7.40 - 0.12 8.67 5.51 Energizer Res* O 266 0.06 0.05 0.06 - 0.00 0.10 0.03 Abcourt Mines* O 82 0.09 0.08 0.09 + 0.00 0.10 0.02 Austin Res V 1024 0.02 0.02 0.02 - 0.01 0.04 0.01 Centurion Mnls V 1817 0.09 0.07 0.09 + 0.02 0.18 0.04 Energizer Res T 1441 0.08 0.07 0.08 + 0.01 0.13 0.03 Abcourt Mines V 441 0.12 0.11 0.12 + 0.01 0.13 0.03 Avalon Adv Mat* O 405 0.19 0.17 0.17 - 0.00 0.26 0.07 Century Global T 277 0.22 0.20 0.20 - 0.02 0.36 0.15 Energy Fuels* X 868 2.32 2.17 2.26 - 0.02 4.67 1.81 Aben Res* O 152 0.20 0.16 0.20 + 0.04 100.52 0.03 Avalon Adv Mat T 1215 0.26 0.23 0.24 + 0.01 0.33 0.10 Chalice Gold M T 31 0.19 0.18 0.19 + 0.01 0.21 0.09 Energy Fuels T 345 3.00 2.85 2.96 + 0.01 6.05 2.47 Aben Res V 919 0.28 0.20 0.25 + 0.05 0.27 0.06 Avarone Metals 563 0.07 0.06 0.07 - 0.01 0.14 0.02 Chalice Gold M* O 23 0.15 0.13 0.13 - 0.03 0.17 0.08 Engold Mines V 414 0.05 0.04 0.05 + 0.01 0.08 0.02 Aberdeen Intl* O 224 0.13 0.10 0.12 - 0.01 0.16 0.07 Avino Silver V 610 4.00 3.21 3.35 - 0.53 4.05 1.03 Champion Bear V 91 0.10 0.07 0.08 - 0.02 0.11 0.03 Entree Gold* X 379 0.32 0.29 0.31 - 0.01 0.40 0.17 Aberdeen Intl T 310 0.16 0.14 0.16 + 0.01 0.24 0.10 Avino Silver* X 4572 3.05 2.46 2.56 - 0.52 3.14 0.71 Champion Iron* O 30 0.18 0.18 0.18 - 0.00 0.23 0.09 Entree Gold T 121 0.41 0.38 0.38 - 0.02 0.53 0.25 Abitibi Royalt V 57 9.69 8.61 8.63 - 0.68 9.95 1.53 Avnel Gold T 1074 0.36 0.34 0.35 + 0.01 0.36 0.18 Champion Iron T 769 0.25 0.23 0.24 - 0.01 0.30 0.11 Equitas Res V 3222 0.11 0.10 0.10 - 0.02 0.22 0.05 ABT Holdings* O 17 0.76 0.61 0.70 - 0.06 0.81 0.05 Avrupa Mnls V 258 0.15 0.13 0.15 + 0.01 0.17 0.07 Chantrell Vent V 494 0.15 0.10 0.10 - 0.05 0.19 0.06 Equitas Res* O 575 0.09 0.08 0.08 - 0.01 0.17 0.02 Adamera Mnls V 764 0.10 0.08 0.09 - 0.02 0.14 0.01 Axmin Inc* O 360 0.03 0.03 0.03 - 0.00 0.06 0.00 Chesapeake Gld* O 140 4.25 3.25 3.83 - 0.34 5.03 1.05 Equitorial Ex V 1318 0.06 0.05 0.06 + 0.01 0.13 0.02 Adamera Mnls* O 114 0.08 0.06 0.07 - 0.01 0.10 0.01 AZ Mining T 713 1.90 1.74 1.86 + 0.11 1.90 0.22 Chesapeake Gld V 304 5.51 4.25 5.15 - 0.26 6.50 1.39 Era Res Inc V 12 0.39 0.00 0.34 - 0.06 0.50 0.09 Advanced Expl* O 8 0.00 0.00 0.00 - 0.00 0.01 0.00 Azarga Uranium T 73 0.30 0.27 0.28 - 0.02 0.40 0.26 Chevron* N 27661 106.75 104.87 105.66 - 1.37 107.58 69.58 Erdene Res Dev* O 55 0.25 0.24 0.25 - 0.00 0.42 0.08 African Gold V 2805 0.11 0.09 0.11 + 0.02 0.11 0.03 Azarga Uranium* O 61 0.23 0.20 0.23 + 0.02 0.29 0.18 Chiboug Ind Mn V 466 0.26 0.11 0.17 + 0.04 0.26 0.03 Eskay Mng V 175 0.26 0.24 0.24 - 0.01 0.26 0.01 African Queen V 242 0.11 0.08 0.10 + 0.02 0.14 0.01 Azimut Expl V 91 0.39 0.36 0.37 - 0.01 0.44 0.10 Chieftain Mtls V 26 0.16 0.13 0.13 - 0.03 0.23 0.03 Ethos Gold* O 50 0.27 0.27 0.27 - 0.04 0.32 0.09 Agnico Eagle T 2627 73.00 67.98 70.66 - 1.89 73.97 27.63 Azincourt Uran* O 41 0.05 0.05 0.05 - 0.00 0.07 0.02 Chilean Metals* O 40 0.15 0.14 0.14 + 0.00 0.15 0.00 Ethos Gold V 144 0.38 0.34 0.37 + 0.02 0.41 0.13 Agnico Eagle* N 8217 56.22 52.05 53.73 - 2.34 57.06 21.00 Azincourt Uran V 17 0.07 0.07 0.07 + 0.01 0.09 0.04 Chilean Metals V 60 0.19 0.15 0.15 - 0.02 0.19 0.02 Eurasian Mnls* X 227 0.83 0.75 0.81 + 0.01 1.03 0.35 Agrium T 1308 125.00 120.46 121.47 - 2.39 139.43 104.70 China Gold Int T 1091 2.63 2.33 2.44 - 0.16 2.72 1.60 Eureka Res V 312 0.10 0.07 0.10 + 0.01 0.13 0.04 Agrium* N 3002 96.61 92.01 92.39 - 3.36 106.76 79.94 B China Mnls Mng* O 52 0.01 0.00 0.01 + 0.01 0.02 0.00 EurOmax Res* O 6 0.34 0.31 0.33 - 0.01 0.46 0.15 Aguila Amer Gd* O 31 0.08 0.05 0.05 - 0.02 0.08 0.03 China Mnls Mng V 72 0.02 0.00 0.01 - 0.01 0.02 0.01 EurOmax Res T 5 0.45 0.00 0.45 - 0.01 0.62 0.21 Aguila Amer Gd V 296 0.10 0.07 0.08 - 0.02 0.14 0.03 B2Gold* X 17071 3.00 2.69 2.81 - 0.13 3.09 0.60 Cibolan Gold* O 98 0.08 0.05 0.07 - 0.01 0.15 0.03 European Metal* O 5220 0.00 0.00 0.00 + 0.00 0.01 0.00 Alabama Graph* O 241 0.13 0.10 0.12 + 0.02 0.18 0.08 B2Gold T 22139 3.86 3.52 3.69 - 0.11 4.00 0.86 CIM Intl Grp 6 1.05 0.00 1.03 - 0.05 1.50 1.00 Eurotin V 12 0.09 0.09 0.09 + 0.01 1.00 0.03 Alabama Graph V 2193 0.16 0.13 0.15 + 0.02 0.24 0.11 Bacanora Mnls V 223 1.50 1.38 1.45 - 0.06 2.04 1.17 CKR Carbon V 168 0.09 0.08 0.09 + 0.01 0.16 0.06 Everest Vent V 98 0.73 0.67 0.73 + 0.02 0.95 0.09 Alacer Gold T 4256 3.45 3.05 3.22 - 0.27 3.64 2.08 Baja Mng* O 243 0.01 0.01 0.01 - 0.00 0.03 0.00 Claim Post Res V 670 0.04 0.02 0.03 - 0.01 0.06 0.01 Everton Res* O 16 0.06 0.04 0.05 - 0.00 0.07 0.00 Alamos Gold T 2882 12.43 11.08 11.47 - 0.88 13.65 3.27 Balmoral Res T 830 0.95 0.86 0.95 + 0.01 1.02 0.33 Clifton Mng* O 231 0.16 0.12 0.16 + 0.04 0.18 0.05 Evolving Gold 12 0.41 0.00 0.36 - 0.04 0.50 0.04 Alamos Gold* N 7289 9.59 8.50 8.73 - 0.80 10.41 2.27 Balmoral Res* O 416 0.74 0.65 0.72 - 0.01 0.79 0.23 Cloud Peak En* N 4315 2.80 2.45 2.56 - 0.19 4.79 1.08 Evolving Gold* O 3 0.32 0.28 0.28 - 0.04 0.38 0.02 Alberta Star* O 1 0.23 0.00 0.23 - 0.01 0.24 0.12 Bama Gold 583 0.10 0.05 0.10 - 0.01 0.20 0.05 CMC Metals* O 10 0.11 0.09 0.09 - 0.02 0.11 0.07 Evrim Res V 315 0.30 0.28 0.28 - 0.01 0.35 0.10 Alcoa* N 72719 10.94 10.35 10.57 - 0.35 11.50 6.14 Banro* X 10452 0.46 0.38 0.41 - 0.05 0.48 0.15 Coeur Mng* N 25159 14.00 12.23 13.42 - 0.29 14.00 1.62 Excalibur Res* O 18 0.08 0.07 0.08 + 0.03 0.08 0.00 Aldershot Res V 74 0.03 0.03 0.03 - 0.01 0.05 0.01 Banro T 1500 0.60 0.50 0.53 - 0.07 0.62 0.21 Colibri Res V 10 0.18 0.14 0.14 - 0.05 0.21 0.02 Excalibur Res 325 0.11 0.09 0.11 + 0.01 0.11 0.01 Aldever Res* O 28 0.05 0.05 0.05 - 0.01 0.20 0.05 Bard Vent V 377 0.04 0.03 0.04 + 0.01 0.04 0.01 Colombia Crest V 2916 0.03 0.02 0.02 + 0.01 0.03 0.01 Excellon Res T 1751 1.27 1.12 1.15 - 0.14 1.44 0.20 Aldever Res V 838 0.08 0.07 0.07 - 0.01 0.30 0.07 Barisan Gold V 3014 0.04 0.03 0.03 - 0.01 0.05 0.02 Colombian Mins V 341 0.23 0.14 0.19 + 0.04 0.23 0.02 Excellon Res* O 342 0.97 0.86 0.87 - 0.08 1.13 0.14 Aldridge Mnrls V 582 0.25 0.22 0.24 - 0.02 0.28 0.12 Barisan Gold* O 64 0.03 0.02 0.02 - 0.00 0.03 0.01 Colonial Coal V 667 0.11 0.08 0.09 - 0.04 0.18 0.02 Excelsior Mng* O 98 0.28 0.26 0.26 - 0.02 0.31 0.12 Aldrin Res* O 73 0.09 0.09 0.09 - 0.01 0.15 0.06 Barkerville Go V 759 0.73 0.67 0.70 - 0.01 0.76 0.20 Colorado Res V 2732 0.60 0.44 0.45 - 0.13 0.60 0.05 Excelsior Mng V 475 0.38 0.34 0.35 - 0.02 0.40 0.19 Aldrin Res V 185 0.13 0.10 0.10 - 0.03 0.15 0.08 Barkerville Go* O 275 0.56 0.52 0.53 - 0.01 0.60 0.15 Colorado Res* O 279 0.46 0.35 0.35 - 0.08 0.47 0.04 Exeter Res* X 1061 1.36 1.19 1.24 - 0.13 1.47 0.29 Alexander Nubi V 515 0.07 0.06 0.06 - 0.01 0.10 0.04 Barrick Gold* N 82484 21.66 19.84 20.55 - 0.85 23.47 5.91 Colt Res V 2007 0.07 0.06 0.06 - 0.01 0.19 0.06 Exeter Res T 256 1.76 1.57 1.61 - 0.17 1.90 0.39 Alexander Nubi* O 434 0.05 0.04 0.05 + 0.01 0.06 0.03 Barrick Gold T 17541 28.23 25.89 27.03 - 0.66 30.45 7.89 Colt Res* O 54 0.05 0.04 0.05 + 0.01 0.15 0.04 Explor Res* O 109 0.13 0.12 0.13 + 0.01 0.18 0.03 Alexandria Min V 6174 0.12 0.09 0.12 + 0.03 0.12 0.02 Barsele Min V 1687 1.02 0.83 0.95 - 0.05 1.07 0.08 Columbus Gold* O 464 0.58 0.48 0.54 + 0.05 0.58 0.23 Explor Res V 3595 0.18 0.15 0.17 + 0.01 0.24 0.04 Alexandria Min* O 1351 0.10 0.07 0.09 + 0.03 0.10 0.01 Barsele Min* O 62 0.72 0.64 0.69 - 0.06 0.77 0.05 Columbus Gold T 1367 0.77 0.64 0.74 + 0.11 0.76 0.31 Explorex Res 38 0.15 0.00 0.13 - 0.03 0.18 0.05 Alexco Res* X 3574 1.92 1.56 1.63 - 0.29 2.07 0.22 Batero Gold V 394 0.20 0.15 0.15 - 0.05 0.21 0.05 Commerce Res V 201 0.08 0.07 0.07 - 0.01 0.13 0.06 Falco Res V 389 1.01 0.97 0.99 + 0.02 1.25 0.21 Alexco Res T 899 2.49 2.04 2.13 - 0.37 2.73 0.35 Battle Mtn Gld V 35 0.57 0.53 0.53 - 0.02 0.68 0.09 Commerce Res* O 30 0.05 0.05 0.05 - 0.01 0.10 0.04 Falcon Gold V 249 0.02 0.00 0.02 - 0.01 0.05 0.01 Algold Res V 538 0.35 0.30 0.35 + 0.06 0.40 0.07 Battle Mtn Gld* O 18 0.44 0.39 0.39 - 0.02 0.52 0.06 Comstock Mng* X 2051 0.43 0.36 0.38 - 0.05 0.70 0.33 Far Res 171 0.10 0.09 0.10 - 0.02 0.15 0.02 Alianza Min* O 32 0.12 0.10 0.10 - 0.03 0.17 0.07 Bayhorse Silvr* O 29 0.11 0.10 0.11 + 0.00 0.14 0.03 Comstock Mtls V 45 0.28 0.00 0.28 + 0.01 0.34 0.05 Fieldex Expl V 645 0.03 0.02 0.03 + 0.01 0.05 0.01 Alianza Min V 464 0.17 0.14 0.15 - 0.02 0.21 0.10 Bayhorse Silvr V 179 0.15 0.13 0.14 - 0.02 0.20 0.05 Comstock Mtls * O 45 0.24 0.20 0.20 - 0.02 0.26 0.10 Firebird Res V 117 0.03 0.03 0.03 - 0.01 0.05 0.01 Alix Res V 612 0.10 0.09 0.09 - 0.01 0.18 0.04 Bayswater Uran V 459 0.05 0.05 0.05 - 0.01 0.07 0.01 Condor Res V 196 0.11 0.00 0.10 - 0.01 0.12 0.02 Firma Holdings* O 57 0.08 0.05 0.08 + 0.03 0.25 0.02 Alix Res* O 41 0.07 0.07 0.07 - 0.00 0.12 0.03 Bayswater Uran* O 38 0.03 0.03 0.03 + 0.00 0.05 0.00 Confedertn Mls V 174 0.50 0.39 0.49 + 0.06 0.90 0.20 First Bauxite V 90 0.05 0.04 0.04 - 0.01 0.08 0.03 Alliance Mng V 2245 0.03 0.03 0.03 + 0.01 0.04 0.01 BC Moly V 30 0.07 0.06 0.06 - 0.02 0.23 0.03 Conquest Res V 972 0.06 0.05 0.05 - 0.02 0.07 0.01 First Liberty* O 5272 0.00 0.00 0.00 + 0.00 0.00 0.00 Alliance Res* D 1745 18.58 17.27 17.65 - 0.18 26.18 9.95 BCM Res V 26 0.24 0.00 0.23 - 0.01 0.32 0.02 Cons Woodjam V 211 0.08 0.06 0.06 - 0.01 0.09 0.02 First Majestic T 5427 22.19 19.53 20.49 - 1.20 22.34 3.50 Almaden Mnls T 133 1.88 1.70 1.77 - 0.10 2.30 0.65 Bear Creek Mng V 688 3.22 2.90 3.17 + 0.06 3.77 0.50 CONSOL Energy* N 21395 17.28 16.26 17.04 - 0.15 19.44 4.54 First Majestic* N 24620 17.05 14.95 15.59 - 1.18 17.24 2.40 Almaden Mnls* X 1752 1.45 1.30 1.35 - 0.10 1.83 0.48 Bearing Res V 814 0.06 0.04 0.05 + 0.01 0.06 0.04 Constant Mtl V 381 0.14 0.11 0.12 - 0.01 0.15 0.05 First Mexican V 356 0.04 0.03 0.04 + 0.01 0.07 0.02 Almadex Min* O 203 0.35 0.31 0.32 - 0.02 0.37 0.01 Beaufield Res V 806 0.14 0.10 0.11 - 0.02 0.16 0.03 Contintl Gold* O 100 2.80 2.43 2.51 - 0.27 3.31 0.88 First Mg Fin V 11328 1.22 1.01 1.07 - 0.10 1.31 0.25 Almadex Min V 226 0.46 0.41 0.41 - 0.03 0.48 0.13 Beaufield Res* O 246 0.10 0.07 0.09 - 0.01 0.12 0.03 Contintl Gold T 1533 3.66 3.16 3.28 - 0.34 4.32 1.28 First Mg Fin * O 8150 0.94 0.77 0.83 - 0.08 1.02 0.19 Almonty Ind V 312 0.35 0.30 0.34 + 0.03 0.86 0.21 Beeston Ent* O 30 0.00 0.00 0.00 + 0.00 0.01 0.00 Contintl Prec* O 9 0.25 0.21 0.25 + 0.04 0.27 0.18 First Point T 294 0.10 0.09 0.10 + 0.01 0.14 0.04 Alpha Nat Res* O 14985 0.01 0.00 0.01 - 0.00 0.09 0.00 Bell Copper V 179 0.07 0.05 0.06 - 0.01 0.07 0.01 Contintl Prec T 4 0.32 0.00 0.27 - 0.03 0.38 0.25 First Quantum T 27217 10.63 9.53 9.99 - 0.22 13.42 2.15 Alset Energy V 2393 0.35 0.24 0.29 - 0.07 0.84 0.02 Bell Copper* O 15 0.05 0.03 0.05 + 0.03 0.06 0.00 Copper Ck Gold V 38 0.09 0.06 0.08 + 0.02 0.10 0.05 Fission Uran T 1991 0.74 0.71 0.73 - 0.01 0.86 0.53 Alta Vista Vnt 727 0.07 0.05 0.06 - 0.01 0.25 0.02 Bellhaven Cp&G V 86 0.35 0.25 0.25 - 0.05 0.40 0.03 Copper Fox Mtl V 900 0.15 0.13 0.13 - 0.01 0.24 0.11 Fission Uran* O 854 0.57 0.54 0.55 - 0.02 0.66 0.39 Altai Res V 159 0.04 0.00 0.04 - 0.01 0.09 0.03 Bellhaven Cp&G* O 60 0.27 0.19 0.19 - 0.05 0.27 0.02 Copper Fox Mtl* O 33 0.11 0.09 0.09 - 0.02 0.17 0.08 Fjordland ExpV 736 0.11 0.09 0.10 - 0.02 0.17 0.01 Altair Res Inc V 382 0.22 0.20 0.22 + 0.03 0.70 0.08 Belo Sun Mng T 1333 0.91 0.87 0.89 - 0.01 1.10 0.15 Copper Lake Rs V 114 0.06 0.05 0.06 + 0.01 0.06 0.03 Flinders Res V 267 0.76 0.51 0.61 - 0.16 0.77 0.12 Alternative ER* O 22 0.05 0.04 0.05 + 0.00 0.06 0.02 Berkeley Egy* O 46 0.67 0.51 0.60 + 0.09 0.55 0.31 Copper Mtn Mng* O 13 0.44 0.41 0.44 - 0.00 0.70 0.23 Flinders Res* O 247 0.58 0.42 0.44 - 0.12 0.61 0.09 Altiplano Mnls V 46 0.20 0.16 0.17 + 0.01 0.22 0.04 Berkwood Res V 2816 0.07 0.05 0.07 + 0.02 0.08 0.01 Copper North M* O 22 0.15 0.13 0.14 + 0.01 0.15 0.10 Focus Graphite V 415 0.13 0.11 0.13 + 0.01 0.30 0.07 Altitude Res V 45 0.07 0.02 0.07 + 0.05 0.21 0.02 Besra Gold* O 119 0.01 0.00 0.01 + 0.00 0.02 0.00 Copper North M V 31 0.19 0.18 0.18 + 0.01 0.50 0.13 Focus Graphite* O 362 0.10 0.08 0.09 + 0.00 0.23 0.04 Altius Mnrls T 197 10.43 9.94 10.20 - 0.02 14.45 7.39 Bethpage Cap V 14 0.09 0.06 0.06 - 0.01 0.10 0.03 Copper One * O 16 0.11 0.11 0.11 - 0.04 0.17 0.02 Focus Vent V 182 0.11 0.10 0.10 - 0.01 0.22 0.05 Alto Vent V 41 0.06 0.00 0.06 + 0.01 0.09 0.02 BHK Mining V 63 0.06 0.05 0.05 + 0.01 0.10 0.03 Copper One V 71 0.18 0.15 0.17 + 0.01 0.30 0.03 Foran Mng V 349 0.22 0.18 0.19 - 0.03 0.27 0.05 Altura Mng Ltd* O 52 0.14 0.12 0.12 - 0.04 0.30 0.00 Big North Grap V 1134 0.03 0.00 0.03 + 0.01 0.06 0.02 Copperbank Res* O 19 0.06 0.04 0.06 + 0.00 0.06 0.01 Formation Mtls T 286 0.54 0.45 0.49 - 0.05 0.63 0.09 Alturas Mnrls V 611 0.05 0.03 0.05 + 0.02 0.03 0.01 Bison Gold Res V 5 0.13 0.13 0.13 - 0.05 0.38 0.10 Copperbank Res 183 0.07 0.00 0.07 + 0.02 0.07 0.03 Forsys Metals T 453 0.07 0.06 0.07 + 0.01 0.21 0.05 Alumina Inc* O 54 4.40 4.00 4.00 - 0.40 4.73 2.70 Bitterroot Res* O 166 0.04 0.00 0.04 + 0.01 0.05 0.02 Coral Gold V 180 0.36 0.32 0.36 + 0.03 0.38 0.05 Fort St J Nick V 32 0.09 0.00 0.09 - 0.01 0.25 0.05 ALX Uranium* O 60 0.08 0.07 0.07 - 0.01 0.10 0.03 Black Hills* N 1244 63.27 61.52 63.00 + 0.18 64.58 36.81 Corazon Gold V 55 0.26 0.25 0.25 - 0.01 0.30 0.18 Fortescue Mtls* O 6 3.12 2.90 3.06 - 0.15 3.31 1.00 Am Creek Res V 699 0.10 0.09 0.09 - 0.01 0.12 0.03 Black Iron T 250 0.04 0.04 0.04 - 0.01 0.06 0.03 Cordoba Mnls V 262 0.81 0.71 0.72 - 0.09 1.00 0.10 Fortuna Silvr T 1964 11.29 10.07 10.60 - 0.55 11.77 2.65 Am CuMo Mng V 1033 0.12 0.10 0.11 + 0.01 0.16 0.06 Black Mam Mtls V 11 0.09 0.08 0.08 - 0.06 0.13 0.02 Cordoba Mnls* O 28 0.64 0.57 0.57 - 0.07 0.79 0.08 Fortuna Silvr* N 4929 8.68 7.71 8.07 - 0.54 9.03 2.00 Am CuMo Mng* O 457 0.09 0.08 0.09 + 0.01 0.12 0.04 Black Widow Rs V 578 0.07 0.06 0.07 + 0.01 0.08 0.01 Corex Gold V 817 0.16 0.14 0.14 - 0.02 0.21 0.03 Fortune Mnrls T 733 0.11 0.10 0.11 + 0.01 0.14 0.02 AM Gold V 20 0.20 0.00 0.20 + 0.02 0.45 0.07 BlackEagle Dev 6 0.10 0.05 0.10 + 0.05 0.05 0.03 Cornerstone Ca V 613 0.06 0.05 0.06 + 0.01 0.08 0.02 Forum Uranium V 1077 0.09 0.08 0.08 - 0.01 0.20 0.04 Am Manganese* O 60 0.05 0.04 0.05 + 0.01 0.05 0.01 Blackheath Res V 43 0.11 0.09 0.11 + 0.01 0.18 0.08 Cornerstone Ca* O 221 0.05 0.03 0.04 + 0.01 0.06 0.01 Four River V 39 0.31 0.28 0.28 - 0.02 0.39 0.05 Amarc Res V 319 0.10 0.08 0.09 + 0.02 0.11 0.04 Blind Crk Res V 1064 0.08 0.07 0.08 + 0.01 0.08 0.03 Coronet Mtls V 69 0.39 0.34 0.39 + 0.02 0.51 0.03 Fox River Res* O 29 0.04 0.03 0.03 - 0.01 0.04 0.02 Amarc Res* O 65 0.07 0.06 0.06 + 0.00 0.08 0.02 BLOX Inc* O 250 0.02 0.01 0.02 + 0.01 0.25 0.01 Coronet Mtls* O 41 0.31 0.26 0.26 - 0.03 0.40 0.02 Fox River Res 275 0.05 0.00 0.05 - 0.01 0.06 0.03 Amarillo Gold V 72 0.40 0.34 0.37 - 0.01 0.42 0.04 Blue Rvr Res V 4335 0.07 0.05 0.06 + 0.01 0.08 0.03 Corsa Coal V 185 0.09 0.06 0.07 - 0.02 0.10 0.02 Franco-Nevada* N 2573 76.49 72.57 73.78 - 1.39 80.22 38.20 Amazing OG* O 50 0.60 0.57 0.60 + 0.03 1.15 0.29 Blue Sky Uran V 119 0.48 0.36 0.41 - 0.08 0.50 0.04 Corvus Gold T 378 1.30 1.16 1.26 + 0.16 1.30 0.33 Franco-Nevada T 2134 99.62 94.73 97.04 - 0.14 104.19 49.96 Amer Vanadium* O 142 0.03 0.01 0.02 - 0.00 0.08 0.00 Bluestone Res V 120 0.23 0.00 0.20 - 0.03 0.23 0.05 Corvus Gold* O 119 1.02 0.89 0.95 + 0.06 1.02 0.25 Franklin Mng* O 63 0.00 0.00 0.00 - 0.00 0.01 0.00 Amer Vanadium V 564 0.04 0.00 0.03 + 0.01 0.10 0.02 Bold Vent V 437 0.05 0.03 0.05 + 0.01 0.06 0.02 Cougar Mnls V 67 0.49 0.45 0.46 - 0.03 0.82 0.08 Freegold Vent T 130 0.20 0.18 0.18 - 0.03 0.27 0.05 American Lith V 463 0.73 0.55 0.58 - 0.14 1.62 0.05 BonTerra Res* O 19 0.30 0.27 0.27 - 0.03 0.37 0.08 Crazy Horse Res* O 161 0.02 0.01 0.01 - 0.01 0.02 0.00 Freeport McMo* N 146373 13.15 11.69 12.67 - 0.44 15.39 3.52 American Pot 156 0.05 0.00 0.04 - 0.01 0.50 0.03 BonTerra Res V 683 0.40 0.35 0.36 - 0.04 0.51 0.09 Critical Elem* O 282 0.48 0.44 0.45 + 0.02 0.58 0.10 Freeport Res V 173 0.07 0.00 0.06 + 0.04 0.09 0.01 Americas Petro V 713 0.24 0.22 0.23 - 0.01 0.30 0.15 Bowmore Expl V 410 0.15 0.14 0.14 - 0.02 0.15 0.03 Critical Elem V 1231 0.64 0.57 0.58 + 0.02 0.75 0.14 Fresnillo plc* O 11 25.20 23.40 23.76 - 0.59 26.65 8.70 Americas Silvr T 4840 0.39 0.34 0.37 - 0.02 0.45 0.09 Brakpan Vents 4 0.02 0.00 0.02 - 0.02 0.06 0.02 Crown Mining V 37 0.16 0.12 0.13 - 0.02 0.20 0.03 Frontline Gold V 1951 0.04 0.03 0.04 + 0.01 0.03 0.01 Americas Silvr* O 928 0.30 0.26 0.28 - 0.02 0.34 0.04 Bravada Gold V 80 0.27 0.00 0.26 - 0.02 0.40 0.02 Crystal Pk Min* O 59 0.22 0.19 0.20 - 0.02 0.32 0.11 Fura Emeralds V 991 0.17 0.13 0.16 + 0.02 0.25 0.08 Amerigo Res* O 19 0.13 0.12 0.13 + 0.00 0.26 0.07 Bravada Gold* O 50 0.23 0.19 0.19 - 0.04 0.31 0.01 Crystal Pk Min V 59 0.29 0.26 0.26 - 0.02 0.42 0.13 Amex Expl V 524 0.04 0.00 0.04 + 0.01 0.08 0.02 Braveheart Res V 14 0.08 0.05 0.05 - 0.02 0.08 0.02 CWN M’g Acq V 29 0.24 0.13 0.24 + 0.11 0.25 0.11 G-H Anaconda Mng T 548 0.11 0.09 0.10 + 0.01 0.11 0.04 Bravo Multinat* O 3700 0.03 0.02 0.02 - 0.01 0.10 0.02 Cypress Dev* O 314 0.14 0.11 0.13 - 0.01 0.16 0.01 Anaconda Mng* O 68 0.08 0.07 0.07 - 0.01 0.08 0.02 Brazil Res V 3478 2.97 2.44 2.62 - 0.33 3.16 0.38 Cypress Dev V 776 0.17 0.14 0.17 + 0.01 0.20 0.02 Gabriel Res T 739 0.68 0.65 0.67 + 0.01 0.74 0.12 Andes Gold* O 195 0.01 0.00 0.01 - 0.00 1.00 0.00 Britannia Mng* O 95 0.00 0.00 0.00 + 0.00 0.01 0.00 Cyprium Mng V 1137 0.10 0.08 0.10 - 0.01 0.15 0.06 Gainey Capital V 68 0.18 0.16 0.18 + 0.02 0.30 0.10 Anfield Nickel V 1432 1.75 1.54 1.75 + 0.21 1.79 0.52 Brixton Mtls* O 44 0.81 0.69 0.76 + 0.04 0.92 0.03 Galane Gold V 3660 0.19 0.14 0.16 + 0.02 0.19 0.03 Anfield Res* O 116 0.22 0.18 0.19 + 0.01 0.22 0.06 Brixton Mtls V 95 1.00 0.90 1.00 + 0.01 1.20 0.05 D-F Galena Intl Rs V 544 0.15 0.10 0.15 + 0.05 0.15 0.02 Angel Gold V 215 0.13 0.10 0.12 - 0.01 0.15 0.01 Brookmount Exp* O 1071 0.01 0.00 0.01 + 0.00 0.01 0.00 Galore Res V 177 0.03 0.02 0.03 + 0.01 0.03 0.01 Angkor Gold V 22 0.46 0.44 0.44 - 0.02 0.56 0.38 Brunswick Res V 40 0.04 0.04 0.04 + 0.01 0.04 0.01 Dajin Res V 1962 0.18 0.16 0.18 + 0.02 0.30 0.07 Galway Gold V 714 0.07 0.05 0.06 + 0.01 0.10 0.04 Anglo American* O 42 10.95 9.75 10.51 - 0.54 12.68 3.13 Bryn Res* O 4 0.01 0.00 0.01 + 0.00 0.01 0.00 Dajin Res* O 1680 0.14 0.11 0.14 + 0.02 0.24 0.05 Galway Mtls* O 22 0.12 0.00 0.12 + 0.02 0.12 0.06 Anglo American* O 811 5.52 4.75 5.03 - 0.49 5.76 1.57 Buenaventura* N 5062 12.96 12.02 12.71 - 0.02 13.10 3.30 Dakota Ter Res* O 397 0.07 0.05 0.05 - 0.01 0.20 0.05 Garibaldi Res * O 38 0.09 0.08 0.08 - 0.01 0.13 0.03 Anglo-Can Mng V 230 0.02 0.02 0.02 - 0.01 0.03 0.01 Buffalo Coal V 1732 0.02 0.01 0.02 + 0.01 0.05 0.01 Daleco Res* O 59 0.03 0.00 0.03 - 0.00 0.10 0.01 Garibaldi Res V 365 0.10 0.09 0.09 - 0.01 0.18 0.05 AngloGold Ash* O 0 20.10 0.00 20.10 - 1.03 21.13 6.45 Bullfrog Gold* O 543 0.12 0.08 0.09 - 0.03 0.12 0.01 Dalradian Res* O 293 0.84 0.76 0.80 - 0.02 1.04 0.45 GB Minerals V 34 0.10 0.09 0.10 + 0.02 0.12 0.02 AngloGold Ash* N 19826 21.34 19.85 21.05 + 0.05 21.42 5.64 Bullion Gld Res V 25 0.13 0.00 0.10 - 0.03 0.15 0.05 Dalradian Res T 6198 1.09 1.00 1.06 + 0.01 1.32 0.62 Gear Intl* O 5724 0.00 0.00 0.00 + 0.00 0.00 0.00 Antioquia Gold* O 65 0.08 0.06 0.06 - 0.02 0.08 0.03 Burey Gold* O 80 0.07 0.05 0.07 + 0.02 0.07 0.04 Danakali* O 322 0.36 0.29 0.29 - 0.07 0.37 0.17 Gem Intl Res V 145 0.14 0.00 0.12 - 0.01 0.15 0.04 Antioquia Gold V 177 0.10 0.09 0.09 - 0.01 0.11 0.04 Darnley Bay V 85 0.15 0.00 0.15 + 0.02 0.18 0.01 General Moly T 9 0.45 0.00 0.45 + 0.01 0.65 0.22 Antipodes Gold V 82 0.03 0.03 0.03 + 0.01 0.04 0.01 C Decade Res V 212 0.10 0.08 0.08 - 0.02 0.13 0.01 General Moly* X 376 0.35 0.32 0.34 - 0.02 0.57 0.15 Antofagasta* O 13 6.60 6.20 6.48 + 0.35 9.73 5.24 Defiance Silvr* O 219 0.36 0.30 0.35 + 0.03 0.38 0.04 Genesis Mtls V 452 0.24 0.18 0.24 + 0.04 0.23 0.05 Apogee Silver V 39 0.36 0.31 0.35 - 0.02 0.58 0.11 Cache Expl V 247 0.18 0.15 0.16 - 0.02 0.18 0.06 Defiance Silvr V 592 0.48 0.38 0.46 + 0.05 0.48 0.06 Genius Props 1091 0.04 0.03 0.03 - 0.01 0.07 0.02 Apogee Silver* O 30 0.28 0.24 0.24 - 0.04 0.45 0.08 Cadan Res V 48 0.06 0.04 0.06 + 0.01 0.09 0.03 Del Toro Silvr* O 268 0.00 0.00 0.00 - 0.00 0.03 0.00 Geologix Expl* O 160 0.09 0.08 0.08 - 0.00 0.11 0.01 Appia Energy 103 0.26 0.22 0.22 - 0.03 0.30 0.01 Caledonia Mng T 107 1.59 1.47 1.55 + 0.02 1.59 0.66 Delrand Res V 10 0.65 0.52 0.65 + 0.13 0.65 0.10 Geomega Res V 5259 0.15 0.09 0.11 - 0.03 0.23 0.06 Apple Cap Inc V 12 0.43 0.38 0.38 - 0.03 0.44 0.15 Caledonia Mng* Q 146 1.21 1.12 1.19 - 0.00 1.23 0.48 Denison Mines* X 558 0.57 0.54 0.55 - 0.01 0.67 0.35 Geomega Res* O 56 0.14 0.08 0.08 - 0.06 0.16 0.03 Applied Mrnls* O 30 0.18 0.16 0.16 - 0.02 0.52 0.11 Calibre Mng V 1697 0.22 0.17 0.20 - 0.02 0.27 0.06 Desert Star V 21 0.09 0.07 0.07 - 0.02 0.16 0.03 Gespeg Cop Res V 29 0.05 0.04 0.04 - 0.01 0.06 0.02 AQM Copper V 405 0.14 0.12 0.14 + 0.03 0.15 0.03 California Gl* O 4 0.50 0.50 0.50 - 0.03 0.55 0.45 Detour Gold T 3873 32.47 30.32 31.24 - 0.88 35.93 10.62 Getty Copper V 619 0.03 0.02 0.02 - 0.01 0.04 0.02 Aquila Res* O 250 0.19 0.16 0.18 + 0.01 0.20 0.09 Callinex Mines* O 233 0.30 0.25 0.29 + 0.03 0.44 0.17 Diamcor Mng V 101 1.15 1.05 1.12 + 0.06 1.25 0.65 GFK Res V 68 0.14 0.00 0.13 - 0.01 0.14 0.03 Aquila Res T 442 0.25 0.21 0.21 - 0.01 0.27 0.12 Callinex Mines V 523 0.39 0.34 0.37 + 0.02 0.54 0.23 Diamcor Mng* O 79 0.85 0.81 0.85 + 0.04 0.96 0.46 GGL Res* O 3 0.02 0.02 0.02 - 0.01 0.03 0.01 Arak Res V 84 0.04 0.03 0.04 + 0.01 0.07 0.02 Cameco Corp* N 7135 10.80 10.28 10.35 - 0.44 14.79 10.31 Diamond Disc* O 91 0.00 0.00 0.00 - 0.00 0.00 0.00 GGL Res V 143 0.04 0.03 0.03 - 0.01 0.05 0.01 Arbitrage Expl 51 0.08 0.00 0.08 + 0.02 0.12 0.01 Cameco Corp T 3566 14.01 13.55 13.60 - 0.36 19.32 13.47 Diamond Fields V 106 0.02 0.02 0.02 + 0.01 0.03 0.01 Giyani Gold* O 111 0.14 0.10 0.14 + 0.04 0.14 0.02 Arch Coal* O 497 0.46 0.38 0.41 + 0.03 10.35 0.11 Cameo Res V 2244 0.05 0.05 0.05 + 0.01 0.10 0.02 Dios Expl V 102 0.14 0.11 0.14 + 0.01 0.19 0.05 Giyani Gold V 407 0.20 0.13 0.19 + 0.07 0.19 0.06 Archon Mineral V 1 1.85 0.00 1.85 + 0.15 2.10 1.30 Camino Mnls V 389 0.28 0.17 0.28 + 0.11 0.25 0.07 Discovery-Corp V 238 0.03 0.03 0.03 - 0.01 0.08 0.03 Gldn Predator V 512 0.93 0.81 0.88 - 0.01 1.03 0.07 Arctic Star V 7490 0.05 0.03 0.04 + 0.02 0.10 0.01 Camino Mnls* O 85 0.21 0.00 0.21 + 0.06 0.17 0.05 DNI Metals 217 0.05 0.04 0.05 - 0.01 0.10 0.04 Gldn Predator* O 38 0.72 0.63 0.65 - 0.02 0.79 0.06 Arena Mnls* O 85 0.14 0.00 0.13 - 0.03 0.25 0.12 Canadian Zeol V 649 0.37 0.32 0.37 + 0.06 0.41 0.08 DNI Metals* O 13 0.04 0.03 0.03 - 0.00 0.10 0.03 Glen Eagle Res V 426 0.12 0.10 0.12 + 0.01 0.16 0.03 Arena Mnls V 1612 0.21 0.17 0.18 - 0.03 0.34 0.15 Canadian Zeol* O 10 0.24 0.24 0.24 - 0.03 0.30 0.06 Dolly Vard Sil* O 72 0.51 0.45 0.47 - 0.00 0.56 0.08 Glencore Plc*O 443 4.92 4.43 4.80 - 0.03 6.94 1.95 Argentex Mng V 55 0.12 0.00 0.10 - 0.02 0.13 0.02 CanAlaska Uran* O 242 0.94 0.68 0.70 - 0.27 1.20 0.06 Dolly Vard Sil V 194 0.64 0.59 0.61 + 0.01 0.74 0.11 Global Gold* O 421 0.03 0.02 0.02 + 0.01 0.05 0.00 Argentex Mng* O 167 0.09 0.06 0.08 + 0.00 0.10 0.01 CanAlaska Uran V 1160 1.28 0.85 0.94 - 0.34 1.55 0.09 Dominion Diam T 666 11.76 11.22 11.70 + 0.38 17.40 9.96 Globex Mng T 319 0.40 0.37 0.39 - 0.01 0.51 0.17 Argentum Silvr V 557 0.11 0.00 0.09 - 0.03 0.12 0.02 Canamex Res* O 758 0.04 0.04 0.04 - 0.00 0.05 0.02 Dominion Diam* N 1027 9.04 8.58 8.90 + 0.14 13.32 7.27 Globex Mng* O 22 0.31 0.30 0.30 - 0.02 0.38 0.13 Argex Titanium T 6471 0.11 0.06 0.10 + 0.03 0.14 0.02 Canarc Res T 1774 0.10 0.09 0.09 - 0.01 0.15 0.04 Dorex Mnrls V 204 0.03 0.00 0.03 + 0.01 0.04 0.01 GMCI Corp* O 1 2.28 0.00 2.28 - 0.02 2.51 0.20 Argex Titanium* O 268 0.09 0.05 0.07 + 0.02 0.11 0.01 Canarc Res* Q 974 0.08 0.07 0.07 - 0.01 0.12 0.03 Double Crn Res* O 4802 0.02 0.01 0.02 + 0.01 0.02 0.01 GMV Minerals* O 10 0.27 0.21 0.27 + 0.06 0.26 0.06 Argonaut Gold T 4842 3.81 3.30 3.38 - 0.38 4.45 0.78 Canasil Res V 1722 0.50 0.45 0.49 - 0.02 0.51 0.03 Doubleview Cap V 868 0.09 0.08 0.09 + 0.01 0.16 0.06 GMV Minerals V 739 0.35 0.28 0.35 + 0.03 0.35 0.05 Argonaut Gold* O 239 2.92 2.52 2.59 - 0.31 3.38 0.53 Cancana Res V 76 0.26 0.23 0.25 - 0.02 0.30 0.13 DRDGOLD* N 2873 7.78 6.90 7.34 - 0.09 9.03 1.10 GobiMin V 18 0.49 0.45 0.45 - 0.04 0.49 0.27 Argus Metals* O 4 0.06 0.05 0.05 - 0.01 0.06 0.01 Candelaria Mg V 199 0.35 0.32 0.32 - 0.03 0.37 0.06 Dundee Prec Mt T 3544 4.13 3.50 3.93 + 0.38 4.13 0.84 GoGold Res T 909 1.23 1.12 1.15 - 0.08 1.65 0.94 Argus Metals V 38 0.09 0.00 0.09 + 0.01 0.11 0.02 Candente Coppr T 694 0.18 0.13 0.17 + 0.03 0.18 0.03 Duran Vent V 185 0.12 0.10 0.12 + 0.01 0.20 0.07 Gold & Silver* O 2839 0.01 0.01 0.01 - 0.00 1000.00 0.00 Arian Silver* O 885 0.02 0.01 0.02 + 0.00 0.42 0.00 Candente Gold* O 100 0.06 0.06 0.06 + 0.01 0.06 0.00 Durango Res V 537 0.10 0.09 0.09 - 0.01 0.21 0.03 Gold Bulln Dev* O 1676 0.11 0.08 0.09 + 0.02 0.11 0.01 Arianne Phosph V 216 1.01 0.96 0.97 - 0.03 1.25 0.68 Canex Energy V 2482 0.04 0.02 0.03 + 0.01 0.09 0.01 Durango Res* O 42 0.08 0.06 0.06 - 0.01 0.15 0.02 Gold Bulln Dev V 9453 0.14 0.10 0.13 + 0.03 0.16 0.02 Arianne Phosph* O 154 0.78 0.73 0.73 - 0.04 0.98 0.52 Canex Energy* O 26 0.03 0.01 0.03 + 0.01 0.06 0.01 DuSolo Fertil* O 6 0.03 0.03 0.03 - 0.00 0.18 0.02 Gold Fields* N 28258 6.05 5.53 5.88 - 0.02 6.13 2.04 Armor Mnrls V 66 0.60 0.42 0.60 + 0.10 0.85 0.12 CaNickel Mng* O 11 0.07 0.07 0.07 + 0.02 0.08 0.01 DV Resources V 196 0.04 0.03 0.04 - 0.01 0.06 0.03 Gold Jub Cap V 427 0.16 0.14 0.14 - 0.01 0.28 0.07 Arrowstar Res V 50 0.14 0.11 0.11 - 0.04 0.15 0.04 CaNickel Mng V 52 0.11 0.09 0.11 + 0.03 0.14 0.03 Dynacor Gld Mn T 220 2.05 1.96 2.01 - 0.04 2.32 1.30 Gold Lakes* O 1860 0.86 0.54 0.84 + 0.29 0.81 0.01 Asanko Gold T 4118 5.53 4.77 5.03 - 0.33 5.89 1.77 Canoe Mng Vent V 223 0.05 0.04 0.04 - 0.01 0.09 0.02 Dynasty Gold V 807 0.02 0.02 0.02 - 0.01 0.03 0.01 Gold Mng USA* O 1387 0.01 0.01 0.01 + 0.00 0.19 0.00 Asanko Gold* X 2518 4.26 3.65 3.82 - 0.34 4.53 1.27 Canstar Res V 237 0.13 0.10 0.11 - 0.02 0.13 0.03 Dynasty Met&Mn* O 79 0.15 0.11 0.14 + 0.02 0.40 0.08 Gold Mtn Mng V 1242 0.46 0.31 0.36 + 0.04 0.49 0.02 Asante Gold 52 0.22 0.16 0.16 - 0.07 0.27 0.05 Canterra Mnls V 253 0.09 0.06 0.09 + 0.02 0.08 0.03 Dynasty Met&Mn T 1148 0.21 0.15 0.19 + 0.04 0.60 0.10 Gold Resource* X 4268 5.60 4.77 5.04 - 0.38 5.60 1.14 Asante Gold* O 52 0.17 0.17 0.17 + 0.02 0.17 0.05 Cantex Mn Dev* O 139 0.07 0.05 0.07 - 0.00 0.07 0.02 Eagle Graphite V 439 0.05 0.04 0.05 + 0.01 0.07 0.02 Gold Ridge Exp V 80 0.08 0.00 0.08 - 0.01 0.14 0.01 Asbestos Corp V 2 0.14 0.00 0.14 - 0.04 0.30 0.13 Canyon Gold* O 104 0.20 0.10 0.20 + 0.09 0.54 0.02 Eagle Graphite* O 44 0.04 0.03 0.04 + 0.01 0.06 0.01 Gold Std Vents* X 2355 1.69 1.55 1.57 - 0.11 2.10 0.32 Ascot Res V 1091 1.90 1.60 1.86 - 0.04 2.00 0.80 Cap-Ex Iron V 923 0.10 0.09 0.09 - 0.01 0.11 0.01 Eagle Plains V 863 0.15 0.13 0.14 - 0.01 0.17 0.05 Gold Std Vents V 636 2.20 2.03 2.07 - 0.15 2.73 0.42 Asiamet Res V 168 0.05 0.04 0.05 + 0.01 0.08 0.01 Capstone Mng T 2328 0.92 0.84 0.90 + 0.01 1.05 0.27 East Africa V 879 0.25 0.19 0.25 + 0.05 0.25 0.03 Gold Torrent* O 5 0.59 0.59 0.59 - 0.02 0.69 0.20 Asian Minl Res V 144 0.03 0.02 0.03 + 0.01 0.06 0.02 Caracara Silvr V 1748 0.03 0.02 0.03 - 0.01 0.03 0.01 East Africa * O 188 0.18 0.15 0.18 + 0.03 0.18 0.02 Goldcorp* N 32823 19.42 17.87 18.31 - 0.98 20.38 9.46 Aston Bay V 303 0.47 0.42 0.46 - 0.01 0.49 0.10 Cardero Res T 199 0.20 0.16 0.17 - 0.05 0.26 0.08 Eastern Platin* O 8 0.70 0.66 0.66 - 0.04 1.07 0.47 Goldcorp T 10607 25.24 23.33 24.09 - 0.87 26.56 13.55 Astorius Res V 148 0.15 0.00 0.14 + 0.03 0.15 0.01 Cardero Res* O 62 0.15 0.12 0.12 - 0.03 0.18 0.05 Eastern Platin T 250 0.90 0.85 0.88 - 0.02 1.45 0.61 Golden Arrow V 1949 0.96 0.84 0.91 + 0.02 1.19 0.17 Astur Gold V 305 0.05 0.00 0.04 - 0.01 0.10 0.01 Cariboo Rose V 204 0.09 0.07 0.09 + 0.02 0.08 0.03 Eastfield Res V 161 0.04 0.04 0.04 - 0.01 0.05 0.02 Golden Arrow* O 386 0.74 0.63 0.69 + 0.01 1.12 0.13 ATAC Res V 496 0.88 0.80 0.88 + 0.04 0.88 0.26 Carlin Gold V 14 0.05 0.05 0.05 + 0.01 0.05 0.01 Eastmain Res T 1973 0.62 0.56 0.62 + 0.03 0.67 0.28 Golden Cariboo V 35 0.08 0.00 0.08 + 0.01 0.08 0.03 Atacama Pac Gd* O 49 0.38 0.31 0.34 + 0.03 0.38 0.09 Carmax Mng V 64 0.04 0.03 0.03 - 0.01 0.06 0.02 Eco Oro Mnls T 91 0.38 0.33 0.38 + 0.05 0.70 0.25 Golden Dawn Ml V 9926 0.40 0.20 0.40 + 0.20 0.31 0.07 Atacama Pac Gd V 116 0.50 0.45 0.45 - 0.03 0.50 0.14 Carpathian Gld* O 344 0.06 0.04 0.04 - 0.02 0.07 0.00 Ecuador Gold V 113 0.41 0.35 0.38 + 0.03 0.48 0.10 Golden Dawn Ml* O 106 0.29 0.16 0.29 + 0.13 0.23 0.06 Athabasca Mnls* O 92 0.18 0.17 0.17 - 0.01 0.36 0.12 Carpathian Gld 8202 0.08 0.06 0.06 - 0.01 0.09 0.01 Ecuador Gold* O 45 0.29 0.26 0.29 + 0.04 0.33 0.13 Golden Eagle* O 160 0.03 0.01 0.02 + 0.01 0.03 0.00 Athena Silver* O 20 0.13 0.10 0.13 - 0.00 0.15 0.02 Cartier Iron 243 0.09 0.00 0.08 - 0.01 0.11 0.01 Edgewater Expl V 349 0.03 0.02 0.02 - 0.01 0.04 0.01 Golden Goliath* O 148 0.07 0.06 0.06 - 0.01 0.10 0.00 Atico Mng V 207 0.47 0.44 0.44 - 0.03 0.53 0.16 Cartier Res V 203 0.14 0.12 0.13 - 0.01 0.16 0.04 El Capitan Prc* O 4299 0.05 0.04 0.04 + 0.00 0.10 0.03 Golden Hope* O 9 0.21 0.18 0.18 - 0.01 0.47 0.12 Atico Mng* O 38 0.37 0.33 0.33 - 0.03 0.39 0.12 Carube Copper* O 56 0.11 0.09 0.11 + 0.02 0.11 0.07 El Nino Vent* O 25 0.03 0.02 0.02 - 0.01 0.04 0.00 Golden Hope V 152 0.27 0.24 0.27 + 0.05 0.60 0.16 Atlanta Gold V 103 0.09 0.08 0.08 + 0.01 0.11 0.05 Carube Copper V 691 0.20 0.11 0.18 + 0.05 0.17 0.05 Elcora Res V 225 0.40 0.37 0.39 + 0.02 0.75 0.15 Golden Matrix* O 80233 0.02 0.00 0.00 - 0.00 3000.00 0.00 Atlanta Gold* O 8 0.07 0.07 0.07 + 0.00 0.09 0.03 Cascadero Copp V 1269 0.08 0.07 0.07 - 0.01 0.12 0.02 Elcora Res* O 38 0.31 0.29 0.30 - 0.00 0.55 0.20 Golden Mnls T 849 1.51 1.13 1.27 + 0.12 1.51 0.19 Atlantic Gold V 271 0.83 0.79 0.81 + 0.03 0.83 0.17 Cassidy Vents* O 83 0.03 0.02 0.02 - 0.01 0.35 0.02 Eldorado Gold* N 25947 4.88 4.25 4.32 - 0.53 5.16 1.87 Golden Mnls* X 9502 1.16 0.90 0.97 + 0.08 1.16 0.13 Atlatsa Res T 477 0.10 0.09 0.10 + 0.01 0.13 0.03 Castle Mtn Mng V 847 0.84 0.78 0.78 - 0.04 0.84 0.18 Eldorado Gold T 16841 6.36 5.60 5.68 - 0.59 6.71 2.67 Golden Queen T 783 1.47 1.32 1.37 - 0.09 2.00 0.65 Atlatsa Res* O 165 0.08 0.07 0.08 + 0.00 0.10 0.02 Castle Res 9 0.29 0.00 0.29 + 0.07 1.50 0.05 Electra Stone V 1471 0.05 0.04 0.04 - 0.01 0.12 0.04 Golden Queen* O 1438 1.14 1.01 1.05 - 0.08 1.56 0.48 Atna Res Ltd* O 46 0.00 0.00 0.00 + 0.00 0.07 0.00 Cava Res V 172 0.60 0.22 0.60 + 0.37 0.48 0.04 Eloro Mnrls V 78 0.39 0.33 0.33 - 0.07 0.40 0.09 Golden Reign V 866 0.29 0.23 0.24 - 0.06 0.34 0.07 Augustine Vent 943 0.16 0.13 0.15 + 0.02 0.15 0.03 Cda Carbon* O 135 0.24 0.22 0.22 - 0.00 0.28 0.18 Ely Gold & Mnl* O 257 0.10 0.09 0.10 - 0.00 0.12 0.03 Golden Secret V 373 0.50 0.41 0.42 - 0.14 0.67 0.02 Augyva Mng V 759 0.13 0.09 0.10 + 0.01 0.13 0.09 Cda Carbon V 1529 0.32 0.28 0.30 + 0.02 0.42 0.23 Elysee Dev V 112 0.34 0.29 0.29 - 0.02 0.34 0.17 Golden Sh Mng V 460 0.18 0.00 0.14 - 0.04 0.26 0.03 Aura Silver Rs V 2444 0.04 0.04 0.04 + 0.01 0.04 0.01 Cda Rare Earth* O 15 0.02 0.02 0.02 + 0.00 0.03 0.01 Emerita Res V 617 0.10 0.08 0.10 + 0.01 0.17 0.02 Golden Star T 3165 1.46 1.20 1.32 + 0.07 1.46 0.21 Auramex Res V 145 0.03 0.02 0.03 + 0.01 0.03 0.01 Cda Rare Earth V 70 0.03 0.03 0.03 - 0.01 0.04 0.02 Emgold Mng V 768 0.05 0.04 0.04 - 0.01 0.05 0.01 Golden Star* X 27338 1.13 0.91 1.00 + 0.04 1.13 0.14 Aurcana Corp V 620 0.46 0.40 0.44 + 0.01 0.55 0.09 Cda Strtgc Met V 2623 0.13 0.11 0.13 + 0.02 0.13 0.03 Emgold Mng* O 72 0.03 0.00 0.03 - 0.00 0.03 0.00 Goldex Res V 45 0.87 0.00 0.70 - 0.14 0.90 0.10 Aurcana Corp* O 129 0.35 0.31 0.33 + 0.00 0.42 0.07 Cda Strtgc Met * O 49 0.10 0.08 0.10 + 0.02 0.09 0.01 Empire Rock V 14 0.21 0.00 0.20 - 0.05 0.27 0.04 Goldeye Expl V 1590 0.07 0.06 0.06 + 0.01 0.07 0.02 Aureus Mng* O 70 0.07 0.00 0.07 + 0.01 0.33 0.03 Cdn Intl Mnrls V 662 0.05 0.04 0.04 - 0.01 0.13 0.01 Encanto Potash* O 863 0.08 0.07 0.08 + 0.00 0.14 0.03 Goldgroup Mng* O 1598 0.28 0.25 0.26 - 0.02 0.30 0.03 Aureus Mng T 6078 0.09 0.08 0.09 + 0.01 0.55 0.05 Cdn Metals 150 0.29 0.20 0.20 - 0.09 0.44 0.06 Encanto Potash V 1722 0.11 0.09 0.10 - 0.01 0.18 0.05 Goldgroup Mng T 1482 0.36 0.33 0.34 - 0.02 0.39 0.05 Aurgent Gold V 43 0.09 0.00 0.07 - 0.04 0.11 0.02 Cdn Zinc T 2584 0.41 0.34 0.36 - 0.04 0.41 0.06 Endeavour Mng T 1243 23.26 21.30 22.22 - 1.12 24.69 4.35 GoldON Res V 15 0.21 0.15 0.21 + 0.06 0.36 0.03 AuRico Metals * O 141 0.90 0.84 0.87 - 0.04 0.91 0.34 Cdn Zinc* Q 543 0.31 0.26 0.28 - 0.03 0.32 0.04 Endeavour Mng* O 61 17.82 16.34 16.86 - 1.14 18.88 4.40 GoldQuest Mng V 2891 0.60 0.53 0.55 - 0.02 0.62 0.09

8-10_Aug1_StockTables.indd 8 2016-07-26 4:54 PM GLOBAL MINING NEWS THE NORTHERN MINER / AUGUST 1–7, 2016 9

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

Goldrea Res* O 34 0.07 0.07 0.07 - 0.00 0.08 0.02 Nemaska Lith T 15889 1.22 0.89 1.10 - 0.11 1.97 0.18 Pistol Bay Mng V 91 0.06 0.00 0.06 - 0.01 0.08 0.01 Goldrea Res 79 0.10 0.08 0.09 - 0.01 0.12 0.03 L Nemaska Lith* O 1058 0.95 0.68 0.84 - 0.09 1.50 0.15 PJSC Polyus Gd* O 3 36.00 0.00 35.25 - 0.75 37.59 13.70 Goldrock Mines V 1276 1.49 1.30 1.39 - 0.07 1.55 0.15 Labrador Iron T 830 15.16 14.10 14.76 - 0.54 17.44 6.85 Nevada Copper T 900 0.62 0.53 0.59 - 0.02 1.35 0.45 PJX Res V 160 0.19 0.16 0.16 - 0.02 0.23 0.13 Goldsource Min* O 701 0.43 0.36 0.37 - 0.05 0.45 0.11 Lago Dourado V 63 0.16 0.15 0.15 - 0.03 0.18 0.05 Nevada Egy Mtl* O 713 0.09 0.08 0.08 - 0.00 0.20 0.06 Plata Latina V 1300 0.07 0.05 0.06 + 0.01 0.12 0.01 Goldsource Min V 953 0.55 0.47 0.48 - 0.05 0.57 0.13 Lake Victoria* O 224 0.01 0.01 0.01 - 0.00 0.07 0.01 Nevada Egy Mtl V 1013 0.12 0.10 0.11 + 0.01 0.26 0.01 Plateau Uran V 306 0.31 0.27 0.27 - 0.04 0.45 0.24 Goldstar Mnls V 331 0.05 0.04 0.05 + 0.01 0.07 0.01 Lamelee Iron V 43 0.02 0.00 0.02 + 0.01 0.04 0.01 Nevada Expl * O 202 0.35 0.30 0.32 - 0.03 0.61 0.08 Plateau Uran* O 159 0.24 0.20 0.20 - 0.04 0.35 0.18 Goldstrike Res V 5344 0.33 0.24 0.26 - 0.02 0.34 0.07 Lara Expl V 438 1.48 1.18 1.25 - 0.16 1.52 0.20 Nevada Expl V 194 0.45 0.40 0.40 - 0.03 0.94 0.05 Platinum Gp Mt T 356 4.30 3.92 3.94 - 0.09 5.25 1.35 Gonzaga Res V 100 0.04 0.04 0.04 - 0.03 0.06 0.01 Laramide Res T 566 0.25 0.22 0.24 - 0.03 0.38 0.15 Nevada Sunrise* O 252 0.23 0.19 0.20 - 0.03 0.28 0.09 Platinum Gp Mt* X 1593 3.30 3.00 3.02 - 0.10 4.04 0.96 Gossan Res V 136 0.04 0.03 0.04 + 0.01 0.05 0.02 Largo Res* O 29 0.45 0.35 0.45 + 0.07 0.59 0.08 Nevada Sunrise V 590 0.30 0.24 0.27 - 0.01 0.37 0.13 Playfair Mng V 637 0.10 0.08 0.10 + 0.03 0.10 0.02 GoviEx Uranium* O 303 0.13 0.00 0.12 - 0.02 0.16 0.08 Largo Res T 267 0.60 0.47 0.57 + 0.10 0.77 0.11 Nevado Res V 635 0.08 0.06 0.07 + 0.01 0.08 0.01 Polaris Mater T 497 1.27 1.20 1.26 + 0.05 2.25 1.00 GoviEx Uranium V 783 0.18 0.15 0.16 - 0.02 0.19 0.15 Latin Am Mnls V 1426 0.48 0.29 0.39 + 0.10 0.48 0.05 Nevsun Res* X 3439 3.05 2.90 2.93 - 0.12 3.80 2.27 PolyMet Mng* X 434 0.79 0.75 0.75 - 0.03 1.28 0.55 Gowest Gold* O 284 0.15 0.12 0.14 - 0.00 0.16 0.04 Latin Am Mnls* O 166 0.36 0.23 0.30 + 0.07 0.36 0.06 Nevsun Res T 2939 3.95 3.80 3.86 - 0.09 4.81 3.27 PolyMet Mng T 13 1.01 0.96 0.98 - 0.03 1.71 0.76 Gowest Gold V 1050 0.19 0.17 0.18 + 0.01 0.20 0.05 Laurion Mnl Ex V 849 0.02 0.01 0.02 + 0.01 0.02 0.01 New Carolin Gd V 1404 0.09 0.08 0.08 - 0.01 0.15 0.04 Portage Res* O 2190 0.00 0.00 0.00 - 0.00 0.01 0.00 GPM Metals V 321 0.53 0.47 0.48 - 0.03 0.57 0.08 Laurion Mnl Ex* O 26 0.01 0.01 0.01 + 0.00 0.02 0.00 New Carolin Gd* O 135 0.07 0.06 0.06 - 0.01 0.12 0.03 Potash Corp SK T 9017 22.79 22.11 22.29 - 0.06 36.64 20.03 GPM Metals* O 28 0.43 0.37 0.37 - 0.06 0.43 0.07 LeadFX Inc* O 23 0.27 0.23 0.23 - 0.03 0.41 0.11 New Colombia* O 7616 0.02 0.01 0.01 - 0.00 0.05 0.00 Potash Corp SK* N 45821 17.49 16.89 16.97 - 0.29 28.20 14.64 Gran Colombia* O 1794 0.13 0.09 0.11 + 0.01 0.21 0.04 Legend Gold* O 16 0.04 0.03 0.04 + 0.01 0.05 0.01 New Gold* O 273 0.07 0.05 0.05 - 0.01 0.28 0.03 Potash Ridge T 925 0.25 0.22 0.23 - 0.01 0.50 0.03 Gran Colombia T 29346 0.16 0.12 0.15 + 0.03 0.28 0.06 Legend Gold V 142 0.05 0.04 0.04 - 0.01 0.06 0.02 New Gold T 7025 6.20 5.59 5.79 - 0.27 6.57 2.52 Potash Ridge* O 63 0.19 0.16 0.18 - 0.01 0.38 0.02 Grande Portage V 113 0.20 0.00 0.16 - 0.03 0.20 0.04 Levon Res Ltd * O 153 0.40 0.33 0.37 - 0.01 0.42 0.07 New Gold* X 19168 4.77 4.28 4.39 - 0.30 5.01 1.76 Precipitate Gl V 455 0.30 0.26 0.29 + 0.01 0.37 0.06 Granite Ck Gld V 53 0.04 0.03 0.03 - 0.01 0.05 0.01 Levon Res Ltd T 515 0.52 0.43 0.45 - 0.08 0.54 0.09 New Guinea Gld* O 681 0.00 0.00 0.00 + 0.00 0.00 0.00 Premier Gold M T 3042 4.38 3.97 4.32 + 0.04 4.49 1.65 Graphite Corp* O 328 0.01 0.00 0.01 + 0.00 0.02 0.00 Lexam VG Gold* O 581 0.23 0.19 0.21 - 0.01 0.23 0.04 New Jersey Mng* O 1068 0.13 0.11 0.12 + 0.01 0.13 0.02 Premium Expl* O 8 0.01 0.00 0.00 - 0.00 0.04 0.00 Graphite One V 1836 0.10 0.08 0.09 - 0.01 0.18 0.07 Lexam VG Gold T 584 0.29 0.25 0.28 - 0.01 0.29 0.05 New Nadina V 26 0.11 0.00 0.10 - 0.03 0.18 0.05 Pretium Res* N 5870 11.61 10.41 10.91 - 0.55 12.41 4.00 Graphite One* O 293 0.08 0.06 0.07 - 0.01 0.14 0.05 Libero Mg Corp V 29 0.15 0.14 0.15 + 0.02 0.20 0.02 New Oroperu V 93 0.42 0.40 0.42 + 0.02 0.52 0.09 Pretium Res T 3166 15.10 13.60 14.35 - 0.48 16.17 5.57 Gray Rock Res V 152 0.08 0.06 0.07 - 0.02 0.09 0.02 Lincoln Mng V 100 0.11 0.09 0.11 + 0.02 0.11 0.02 New World Res V 36 0.11 0.08 0.11 + 0.04 0.11 0.01 Prime Meridian V 84 0.14 0.10 0.10 - 0.05 0.18 0.05 Great Bear Res V 90 0.35 0.25 0.28 - 0.02 0.35 0.05 Lion One Mtls V 134 0.93 0.86 0.93 + 0.02 0.96 0.24 NewCastle Gold* O 48 0.65 0.60 0.60 - 0.04 0.65 0.14 Prime Meridian* O 84 0.11 0.07 0.07 - 0.04 0.12 0.05 Great Lakes Gr* O 95 0.06 0.05 0.05 - 0.00 0.09 0.04 Lion One Mtls* O 39 0.72 0.67 0.69 + 0.01 0.74 0.18 Newmarket Gold T 2149 4.14 3.78 3.83 - 0.21 4.14 0.80 Primero Mng T 2379 3.12 2.77 2.87 - 0.23 4.41 1.94 Great Lakes Gr V 390 0.07 0.06 0.07 - 0.01 0.13 0.06 Lithium Amer* O 1743 0.77 0.69 0.72 - 0.02 0.87 0.34 Newmarket Gold* O 503 3.20 2.88 2.94 - 0.20 3.20 0.61 Primero Mng* N 4827 2.41 2.12 2.17 - 0.23 3.38 1.41 Great Panther* X 9733 1.38 1.28 1.34 - 0.02 2.25 0.30 Lithium Amer T 4591 0.98 0.90 0.93 - 0.05 1.15 0.26 Newmont Mng* N 34632 41.63 39.05 41.27 - 0.06 41.68 15.39 Prism Res V 52 0.17 0.15 0.17 + 0.01 0.17 0.04 Great Quest Fe* O 10 0.12 0.12 0.12 - 0.01 0.34 0.09 Lithium Corp* O 704 0.09 0.08 0.08 + 0.00 0.13 0.02 Newport Expl V 371 0.24 0.20 0.21 - 0.01 0.38 0.19 Prize Mng V 165 0.03 0.03 0.03 - 0.01 0.03 0.02 Great Quest Fe V 102 0.18 0.15 0.16 - 0.01 0.52 0.11 Lithium Expl* O 9724 0.01 0.00 0.01 + 0.00 0.45 0.00 Newstrike Res V 28 0.05 0.05 0.05 - 0.01 0.08 0.02 Probe Metals* O 129 0.84 0.81 0.81 - 0.01 0.95 0.24 Great Rock Dev* O 250 0.01 0.00 0.01 - 0.00 0.02 0.00 LKA Gold* O 9 0.40 0.35 0.40 + 0.01 0.53 0.10 Nexgen Energy T 4041 2.54 2.28 2.37 - 0.14 2.86 0.56 Probe Metals V 563 1.09 1.04 1.06 - 0.01 1.26 0.33 Great Western* O 341 0.00 0.00 0.00 + 0.00 0.00 0.00 Lode-Star Mg* O 35 0.04 0.04 0.04 - 0.01 0.05 0.01 Nexgen Energy* O 372 1.93 1.78 1.80 - 0.12 2.25 0.41 Prophecy Coal T 20 5.00 3.99 4.37 - 0.13 6.50 1.00 Greatbanks Res V 8 0.03 0.03 0.03 - 0.01 0.04 0.01 Loncor Res* O 15 0.20 0.18 0.18 + 0.00 0.20 0.01 Nexus Gold V 409 0.05 0.04 0.05 + 0.01 0.14 0.04 Prophecy Coal* O 8 3.60 3.15 3.43 - 0.03 4.05 1.25 Green Swan Cap V 259 0.08 0.06 0.06 - 0.01 0.14 0.01 Loncor Res T 21 0.25 0.24 0.24 + 0.01 0.25 0.02 NGEx Res* O 32 1.00 0.00 0.89 + 0.08 1.00 0.37 Prosper Gold V 424 0.36 0.28 0.31 - 0.05 0.39 0.06 Green Valley M V 363 0.02 0.02 0.02 - 0.01 0.05 0.01 Lone Star Gold* O 447 0.01 0.00 0.01 + 0.00 0.01 0.00 NGEx Res T 841 1.35 1.00 1.15 + 0.10 1.35 0.44 Prospero Silvr V 99 0.19 0.14 0.18 + 0.05 0.21 0.05 Greencastle Rs V 272 0.18 0.15 0.15 - 0.02 0.18 0.05 Lonmin plc* O 19 3.15 2.70 2.82 - 0.38 121.50 0.55 Nickel One Res V 117 0.09 0.08 0.09 - 0.01 0.18 0.07 Pure Energy V 1018 0.78 0.71 0.75 - 0.03 1.15 0.26 Grenville Gold V 83 0.18 0.13 0.13 - 0.05 0.18 0.06 Lorraine Coppr V 206 0.09 0.08 0.08 - 0.01 0.13 0.04 Nighthawk Gold V 1291 0.39 0.33 0.35 - 0.01 0.40 0.04 Pure Energy* O 794 0.61 0.54 0.58 - 0.03 0.91 0.21 Grizzly Discvr V 329 0.05 0.05 0.05 - 0.01 0.10 0.01 Lowell Copper V 43 0.31 0.30 0.31 + 0.02 0.39 0.12 Niocorp Dev T 360 0.97 0.91 0.96 + 0.04 1.14 0.51 Pure Gold Mg V 1212 0.71 0.63 0.63 - 0.07 0.76 0.07 Grizzly Gold* O 40 0.20 0.11 0.19 + 0.02 0.21 0.01 Lucara Diam T 4232 3.79 3.45 3.77 + 0.28 4.37 1.42 Niocorp Dev* O 290 0.75 0.71 0.75 + 0.03 0.87 0.37 Pure Gold Mg* O 343 0.56 0.47 0.48 - 0.07 0.60 0.05 GTA Res & Mng V 189 0.10 0.08 0.08 - 0.03 0.16 0.02 Luna Gold* O 283 0.19 0.16 0.17 - 0.02 0.20 0.02 Nippon Dragon V 117 0.09 0.08 0.09 + 0.01 0.15 0.03 Pure Nickel V 7001 0.03 0.02 0.03 + 0.01 0.04 0.01 Guerrero Vents V 291 0.03 0.02 0.03 + 0.01 0.04 0.01 Lundin Gold T 696 5.60 5.28 5.54 + 0.01 6.51 3.46 Noble Metal Gr V 8 0.01 0.01 0.01 + 0.01 0.01 0.01 Pure Nickel* O 316 0.02 0.01 0.01 - 0.01 0.03 0.00 Gungnir Res* O 65 0.03 0.03 0.03 - 0.00 0.04 0.00 Lundin Mng T 13449 5.40 4.93 5.31 + 0.22 5.40 2.98 Noka Res V 735 0.12 0.11 0.11 + 0.01 0.21 0.03 Q-Gold Res V 170 0.11 0.00 0.08 - 0.03 0.14 0.01 Gunpoint Expl V 53 0.30 0.30 0.30 + 0.02 0.32 0.13 Lupaka Gold V 493 0.17 0.14 0.15 - 0.01 0.23 0.04 Noram Vent V 15996 0.09 0.07 0.08 + 0.02 0.12 0.01 QMC Quantum Ml V 1212 0.07 0.06 0.06 - 0.01 0.08 0.01 Noranda Alum* O 186 0.06 0.05 0.05 - 0.01 5.04 0.02 QMX Gold V 191 0.08 0.06 0.07 - 0.01 0.11 0.01 Guyana Gldflds T 4345 8.81 7.71 7.97 - 0.69 10.35 2.48 Lydian Intl* O 273 0.30 0.28 0.30 + 0.01 0.35 0.13 Nortec Mnls V 127 0.05 0.04 0.05 + 0.01 0.08 0.02 Quartz Mtn Res V 15 0.04 0.04 0.04 - 0.01 0.06 0.01 Handa Copper V 241 0.06 0.05 0.05 - 0.01 0.07 0.03 Lydian Intl T 3725 0.40 0.36 0.40 + 0.02 0.47 0.19 North Am Nickl* O 23 0.07 0.07 0.07 + 0.00 0.18 0.05 Quaterra Res* O 852 0.06 0.05 0.05 - 0.01 0.09 0.04 Happy Ck Mnrls V 126 0.17 0.14 0.15 - 0.02 0.19 0.08 Lynas Corp* O 282 0.06 0.06 0.06 + 0.00 0.10 0.02 North Am Nickl V 888 0.10 0.08 0.09 + 0.01 0.23 0.07 Quest Rare Mnl* O 87 0.12 0.09 0.09 - 0.02 0.20 0.03 Hard Creek Ni* O 101 0.03 0.02 0.03 + 0.01 0.05 0.00 North Am Pall T 39 5.65 5.35 5.35 - 0.30 14.00 3.85 Quest Rare Mnl T 518 0.15 0.13 0.14 - 0.01 0.25 0.06 Hard Creek Ni V 276 0.05 0.03 0.04 + 0.01 0.06 0.01 M North Am Pall* O 12 4.36 4.07 4.12 - 0.18 10.40 2.71 Quinto Real V 56 0.12 0.11 0.12 + 0.01 0.16 0.01 Harmony Gold* N 19327 4.55 4.05 4.32 - 0.19 4.72 0.53 Macarthur Mnl V 2147 0.07 0.06 0.07 - 0.01 0.18 0.02 North Am Ptash V 55 0.10 0.08 0.08 - 0.01 0.15 0.03 Harte Gold T 2558 0.30 0.26 0.28 - 0.01 0.35 0.05 North Arrow Mn V 71 0.24 0.19 0.22 + 0.01 0.46 0.12 Hawkeye Gld&Di V 31 0.08 0.00 0.07 + 0.01 0.10 0.03 Macarthur Mnl* O 32 0.05 0.05 0.05 - 0.01 0.14 0.02 R MacDonald Mns V 2002 0.02 0.01 0.02 + 0.01 0.02 0.01 North Springs* O 1105 0.27 0.09 0.09 - 0.12 40.00 0.09 Heatherdale Rs V 51 0.06 0.00 0.06 - 0.01 0.07 0.01 MacMillan Mnls V 247 1.28 1.04 1.15 - 1.29 2.88 0.32 Northcliff Res T 504 0.13 0.11 0.12 - 0.01 0.15 0.06 Rackla Mtls V 25 0.14 0.00 0.14 + 0.01 0.14 0.05 Hecla Mining* N 47842 6.27 5.64 6.02 - 0.18 6.34 1.45 MAG Silver T 1117 20.49 19.10 19.65 - 0.69 20.68 8.17 Northern Uran V 248 0.02 0.02 0.02 + 0.01 0.04 0.01 Rackla Mtls* O 23 0.11 0.00 0.09 - 0.02 0.11 0.03 Helio Res V 259 0.06 0.05 0.05 - 0.02 0.08 0.02 Magellan Gold* O 57 0.22 0.16 0.20 - 0.03 0.35 0.04 Northisle C&G V 1762 0.12 0.08 0.10 - 0.02 0.14 0.02 Rae-Wallace Mg* O 528 0.01 0.00 0.00 - 0.00 0.01 0.00 Hellix Vent* O 97 0.04 0.03 0.04 + 0.01 0.06 0.00 Majescor Res* O 50 0.06 0.06 0.06 - 0.00 0.09 0.01 Northn Empire V 566 0.23 0.19 0.20 - 0.01 0.27 0.06 Rainforest Res* O 9 2.35 2.00 2.10 - 0.10 2.35 0.30 Hemcare Health* O 6 0.09 0.00 0.06 + 0.00 0.25 0.02 Majestic Gold V 190 0.07 0.00 0.07 + 0.01 0.12 0.04 Northn Empire* O 104 0.22 0.17 0.17 - 0.05 0.22 0.04 Rainmaker Res V 135 0.10 0.09 0.10 - 0.01 0.25 0.07 Heron Res* O 880 0.11 0.10 0.10 - 0.01 0.13 0.05 Makena Res V 20882 0.03 0.02 0.03 - 0.01 0.05 0.01 Norvista Cap V 297 0.23 0.18 0.21 + 0.01 0.24 0.08 Rainy Mtn Royl V 8 0.06 0.05 0.05 - 0.01 0.08 0.03 Heron Res T 1038 0.17 0.14 0.15 - 0.01 0.17 0.07 Malbex Res V 315 0.46 0.38 0.46 + 0.07 0.50 0.20 Nouveau Monde V 616 0.29 0.27 0.27 - 0.02 0.38 0.13 Rambler Ml &Mg V 100 0.08 0.07 0.08 + 0.01 0.25 0.05 Highbank Res V 447 0.07 0.07 0.07 + 0.01 0.21 0.04 Mandalay Res T 2040 1.19 1.13 1.14 - 0.03 1.35 0.59 NovaCopper* X 499 0.65 0.56 0.60 - 0.02 0.86 0.15 Randgold Res* O 0 114.11 0.00 113.70 - 6.30 120.75 57.00 Highway 50 Gld* O 95 0.19 0.16 0.19 - 0.00 0.19 0.05 Manitou Gold V 264 0.10 0.07 0.10 + 0.01 0.12 0.02 NovaCopper T 17 0.83 0.77 0.77 - 0.01 1.08 0.20 Randgold Res* D 3846 118.15 112.66 115.87 - 1.23 126.55 54.88 Hinterland Mtl V 330 0.06 0.05 0.05 - 0.02 0.12 0.01 Marathon Gold T 658 0.51 0.46 0.48 - 0.01 0.53 0.11 NovaGold Res* X 10711 7.14 6.19 6.36 - 0.64 7.29 2.79 Rare Earth Mnl* O 1 3.00 2.75 3.00 + 0.25 5.75 2.75 Hochschild Mg* O 232 3.06 2.78 3.06 + 0.09 3.24 0.59 Margaux Res V 1045 0.25 0.18 0.25 + 0.02 0.29 0.11 NovaGold Res T 1670 9.28 8.13 8.37 - 0.71 9.56 3.63 Rare Element* O 193 0.11 0.09 0.10 - 0.00 0.48 0.06 Homestake Res* O 138 0.18 0.14 0.17 + 0.00 0.18 0.01 Maritime Res V 1162 0.27 0.21 0.27 + 0.02 0.31 0.08 Novo Res* O 212 0.71 0.65 0.68 - 0.00 1.00 0.33 Rathdowney Res V 207 0.20 0.18 0.20 + 0.02 0.26 0.11 Homestake Res V 3729 0.23 0.18 0.21 + 0.01 0.23 0.01 Marlin Gold* O 133 0.47 0.40 0.45 - 0.02 0.52 0.10 NRG Metals V 1701 0.10 0.07 0.10 + 0.01 0.18 0.02 RB Energy* O 26 0.00 0.00 0.00 - 0.00 0.01 0.00 Honey Badger E V 1437 0.04 0.03 0.04 + 0.01 0.05 0.01 Marlin Gold V 186 0.60 0.55 0.55 - 0.05 0.68 0.15 NRG Metals* O 4 0.07 0.00 0.07 - 0.02 0.11 0.01 Red Eagle Mng V 3357 0.90 0.80 0.86 + 0.06 0.90 0.25 HTI Ventures V 1202 0.73 0.48 0.54 + 0.05 0.70 0.00 Martina Mnls V 115 0.05 0.02 0.05 + 0.03 0.05 0.02 Nrthn Freegold V 247 0.29 0.24 0.27 - 0.03 0.29 0.04 Red Eagle Mng* O 521 0.70 0.62 0.66 + 0.05 0.91 0.18 HudBay Mnls T 6835 7.07 6.19 6.31 - 0.75 8.81 2.26 MartinMarietta* N 1891 200.30 195.18 198.25 + 0.68 200.30 108.31 Nrthn Freegold* O 36 0.21 0.17 0.21 - 0.00 0.23 0.02 Red Hut V 85 0.10 0.08 0.10 + 0.01 0.15 0.01 HudBay Mnls* N 1251 5.51 4.70 4.82 - 0.63 6.77 1.56 Mason Graphite* O 445 0.96 0.68 0.88 + 0.20 0.96 0.21 Nrthn Graphite V 152 0.47 0.40 0.40 - 0.05 0.63 0.16 Red Moon Potsh V 80 0.09 0.03 0.06 + 0.03 0.09 0.02 Hudson Res V 177 0.43 0.41 0.43 - 0.02 0.55 0.34 Mason Graphite V 1548 1.25 0.89 1.17 + 0.27 1.25 0.30 Nrthn Graphite* O 154 0.34 0.30 0.31 - 0.04 0.47 0.12 Red Pine Expl V 1611 0.23 0.19 0.23 + 0.04 0.22 0.03 Hudson Res* O 8 0.33 0.31 0.33 + 0.01 0.41 0.26 Masuparia Gold V 20 0.05 0.00 0.05 + 0.01 0.08 0.03 Nrthn Iron V 803 0.02 0.00 0.02 + 0.01 0.03 0.01 Red Tiger Mng V 71 0.08 0.07 0.07 - 0.01 0.10 0.02 Hunt Mng* O 44 0.18 0.18 0.18 - 0.00 0.22 0.01 Matachewan Con V 38 0.39 0.31 0.37 + 0.07 0.49 0.17 Nrthn Lion* O 2 0.09 0.08 0.08 - 0.01 0.10 0.02 Redhawk Res T 44 0.07 0.05 0.06 + 0.01 0.10 0.04 Matamec Expl* O 47 0.05 0.04 0.05 + 0.01 0.06 0.01 Nrthn Lion V 16 0.12 0.00 0.11 - 0.02 0.16 0.03 Redstar Gold V 4121 0.10 0.09 0.09 - 0.01 0.10 0.03 I-J-K Maudore Mnrls* O 1 0.00 0.00 0.00 + 0.00 0.01 0.00 Nrthn Mnrls &E* O 3 0.03 0.03 0.03 + 0.00 0.14 0.02 Regency Gold V 63 0.04 0.00 0.03 - 0.02 0.05 0.01 Maverix Mtls* O 18 0.95 0.80 0.90 - 0.01 1.01 0.80 Nrthn Shield V 3579 0.26 0.18 0.23 + 0.06 0.26 0.01 Regulus Res V 160 1.41 0.00 1.36 + 0.05 1.44 0.19 I-Minerals V 44 0.30 0.29 0.30 - 0.01 0.37 0.16 Mawson Res* O 93 0.19 0.16 0.19 - 0.00 0.24 0.12 Nrthn Vertex V 187 0.46 0.45 0.45 - 0.01 0.47 0.13 Renaissance Gd* O 66 0.34 0.30 0.34 + 0.01 0.38 0.08 IAMGOLD T 12829 6.41 5.77 6.07 - 0.05 6.49 1.53 Mawson Res T 138 0.28 0.22 0.22 - 0.04 0.30 0.16 Nrthn Vertex* O 3 0.37 0.00 0.37 - 0.01 0.42 0.15 Renaissance Gd V 156 0.45 0.38 0.44 + 0.01 0.49 0.11 IAMGOLD* N 49326 4.93 4.42 4.62 - 0.11 4.95 1.15 MAX Res V 64 0.07 0.07 0.07 - 0.01 0.11 0.05 Nthn Dynasty* X 3289 0.55 0.44 0.44 - 0.06 0.58 0.20 Resource Cap* O 45 0.15 0.11 0.15 + 0.04 0.11 0.02 IC Potash* O 340 0.09 0.07 0.07 + 0.00 0.14 0.03 Maya Gold &Sil V 5120 0.16 0.14 0.15 - 0.01 0.25 0.10 Nthn Dynasty T 1405 0.67 0.54 0.59 - 0.06 0.76 0.28 Resource Cap V 129 0.21 0.14 0.19 + 0.03 0.16 0.02 IC Potash T 2562 0.12 0.08 0.10 + 0.02 0.18 0.04 Mazarin V 37 0.02 0.02 0.02 - 0.01 0.03 0.01 NuLegacy Gold* O 708 0.26 0.20 0.20 - 0.04 0.32 0.06 Reunion Gold V 324 0.03 0.02 0.02 - 0.01 0.03 0.01 Iconic Mnls V 968 0.41 0.27 0.38 + 0.03 0.45 0.03 MBMI Res* O 4 0.00 0.00 0.00 + 0.00 0.00 0.00 NuLegacy Gold V 2375 0.34 0.27 0.27 - 0.04 0.39 0.08 Revelo Res V 525 0.10 0.09 0.09 - 0.01 0.13 0.04 Idaho North* O 28 0.08 0.08 0.08 - 0.00 0.10 0.06 McEwen Mng* N 18091 4.62 3.73 3.90 - 0.69 4.92 0.65 NV Gold V 98 0.13 0.00 0.13 + 0.01 0.13 0.03 Richmont Mines* X 1459 10.14 9.20 9.75 - 0.09 10.20 2.27 IDM Mining* O 1434 0.21 0.15 0.16 - 0.04 0.21 0.04 McEwen Mng T 3185 5.99 4.87 5.12 - 0.84 6.44 0.84 NX Uranium* O 32 0.02 0.02 0.02 + 0.00 0.04 0.01 Richmont Mines T 1013 13.22 12.01 12.83 + 0.09 13.35 3.14 IDM Mining V 8653 0.26 0.19 0.21 - 0.05 0.26 0.07 MDN Inc V 1358 0.07 0.06 0.06 + 0.01 0.08 0.01 O.T. Mining* O 15 0.05 0.04 0.04 - 0.01 0.09 0.02 Rio Novo Gold T 65 0.21 0.19 0.21 + 0.02 0.30 0.07 iMetal Res V 3 0.05 0.00 0.05 - 0.01 0.10 0.03 MDN Inc* O 68 0.05 0.04 0.04 - 0.01 0.06 0.01 OceanaGold T 7805 4.92 4.42 4.49 - 0.36 5.56 1.79 Rio Silver V 292 0.08 0.06 0.08 + 0.01 0.08 0.02 IMPACT Silver V 610 1.02 0.93 0.95 - 0.03 1.09 0.11 Meadow Bay Gd* O 365 0.07 0.05 0.07 + 0.01 0.17 0.04 OceanaGold* O 13 3.79 3.43 3.43 - 0.39 4.26 1.43 Rio Tinto* N 16207 33.03 30.47 31.35 - 1.51 41.69 21.89 Impala Platnm* O 132 3.81 3.50 3.68 - 0.14 4.24 1.45 Meadow Bay Gd T 677 0.09 0.08 0.09 + 0.01 0.24 0.06 Oceanic Iron O V 51 0.20 0.00 0.20 - 0.05 0.25 0.08 Rio Tinto* O 10 32.40 31.20 31.20 - 1.66 40.80 21.90 Imperial Metal* O 15 5.64 5.38 5.61 - 0.01 6.64 2.81 Mechel* N 188 1.82 1.70 1.71 - 0.08 2.48 1.23 Oceanus Res V 328 0.29 0.24 0.26 - 0.03 0.35 0.14 Rio Tinto* O 3 37.23 36.14 36.14 - 0.84 39.53 25.47 Imperial Metal T 214 7.32 6.99 7.28 + 0.03 8.82 3.92 Medallion Res* O 50 0.02 0.02 0.02 - 0.01 0.04 0.01 Oceanus Res* O 323 0.22 0.18 0.19 - 0.03 0.26 0.17 Rise Res Inc 425 0.18 0.15 0.18 + 0.02 0.23 0.11 Inca One Gold V 3021 0.05 0.00 0.05 + 0.01 0.17 0.04 Medallion Res V 61 0.03 0.03 0.03 - 0.01 0.06 0.02 Odin Mng & Exp V 107 0.79 0.69 0.71 + 0.01 0.85 0.21 Riverside Res* O 75 0.34 0.30 0.34 + 0.01 0.38 0.08 Inca One Gold* O 69 0.04 0.03 0.04 + 0.00 0.13 0.03 Medgold Res V 1841 0.15 0.13 0.14 - 0.01 0.25 0.05 Odin Mng & Exp* O 91 0.56 0.53 0.56 + 0.02 0.58 0.17 Riverside Res V 207 0.44 0.40 0.44 + 0.03 0.49 0.12 Independence G V 1636 0.43 0.31 0.39 + 0.08 0.43 0.06 Medinah Mnrls* O 4463 0.01 0.01 0.01 - 0.00 0.03 0.01 Olivut Res* O 16 0.25 0.24 0.24 - 0.02 0.30 0.05 RJK Explor V 2822 0.18 0.01 0.17 + 0.02 0.25 0.05 Independence G* O 40 0.33 0.23 0.31 + 0.07 0.33 0.04 Mega Uranium T 890 0.14 0.14 0.14 + 0.01 0.20 0.05 Olivut Res V 20 0.33 0.30 0.32 - 0.02 0.42 0.08 Robex Res V 610 0.13 0.11 0.13 + 0.01 0.17 0.05 Indigo Expl V 220 0.03 0.03 0.03 - 0.01 0.04 0.01 Mega Uranium* O 268 0.11 0.10 0.10 - 0.01 0.15 0.04 Omineca Mg &Ml V 72 0.09 0.07 0.07 - 0.02 0.11 0.01 Rochester Res* O 6 0.09 0.08 0.08 - 0.01 0.09 0.01 Inform Res V 200 0.04 0.02 0.04 - 0.11 0.40 0.05 Melkior Res V 941 0.04 0.03 0.03 - 0.01 0.06 0.01 Orbite Tech T 5431 0.45 0.40 0.42 + 0.02 0.53 0.20 Rochester Res V 11 0.10 0.08 0.10 + 0.02 0.11 0.03 Infrastructure* O 330 0.01 0.01 0.01 - 0.00 0.02 0.01 Merrex Gold V 533 0.23 0.19 0.20 - 0.03 0.31 0.10 Orbite Tech* O 157 0.34 0.31 0.32 + 0.00 0.40 0.15 Rock Tech Lith* O 8 0.53 0.44 0.44 - 0.09 0.53 0.02 Inspiration Mg 45 0.10 0.05 0.09 + 0.03 0.10 0.02 Merrex Gold* O 35 0.16 0.15 0.15 - 0.01 0.24 0.10 Orca Gold* O 3 0.33 0.29 0.30 + 0.01 0.33 0.08 Rock Tech Lith V 224 0.68 0.57 0.58 - 0.10 0.70 0.03 Inspiration Mg* O 24 0.07 0.02 0.06 + 0.01 0.10 0.01 Meryllion Res 29 0.02 0.02 0.02 - 0.01 0.03 0.01 Orefinders Res V 455 0.06 0.05 0.06 - 0.01 0.08 0.01 Rockcliff Cop V 403 0.10 0.08 0.08 + 0.01 0.10 0.02 Intact Gold* O 104 0.06 0.04 0.06 - 0.00 0.14 0.05 Mesa Expl* O 8 0.11 0.09 0.09 - 0.01 0.14 0.01 Oremex Silver V 546 0.07 0.06 0.06 - 0.02 0.10 0.01 Rockex Mng 31 0.06 0.00 0.06 + 0.01 0.75 0.02 Integra Gold* O 1571 0.65 0.58 0.62 - 0.01 0.70 0.18 Mesa Expl V 70 0.12 0.10 0.11 - 0.01 0.17 0.01 Oremex Silver* O 137 0.07 0.05 0.05 - 0.01 0.10 0.00 Rockhaven Res V 170 0.27 0.24 0.25 + 0.01 0.29 0.10 Integra Gold V 3402 0.82 0.76 0.80 - 0.01 0.89 0.23 MetalCorp V 330 0.04 0.03 0.03 - 0.01 0.04 0.01 Orestone Mng V 1124 0.03 0.02 0.02 - 0.01 0.04 0.01 Rockland Mnls V 56 0.09 0.08 0.08 - 0.02 0.11 0.01 Interconnect V 45 0.14 0.00 0.14 + 0.05 0.14 0.05 Metallis Res V 134 0.26 0.20 0.20 - 0.05 0.28 0.02 Orex Expl V 1888 0.04 0.03 0.03 - 0.01 0.05 0.01 Rockwell Diam T 181 0.11 0.10 0.10 - 0.01 0.25 0.07 Intigold Mines V 500 0.08 0.06 0.07 + 0.01 0.21 0.06 Metalo Manuf 22 0.99 0.75 0.75 - 0.24 1.50 0.30 Orex Mnrls V 1501 0.88 0.81 0.86 - 0.01 0.93 0.11 Rogue Res* O 90 0.05 0.05 0.05 + 0.01 0.11 0.04 Intl Lithium* O 32 0.16 0.14 0.15 - 0.01 0.55 0.02 Metalore Res T 2 2.65 0.00 2.50 - 0.10 3.59 1.26 Orex Mnrls* O 106 0.67 0.64 0.66 - 0.01 0.70 0.26 Rogue Res V 564 0.06 0.06 0.06 - 0.01 0.16 0.03 Intl Lithium V 680 0.21 0.18 0.19 - 0.03 0.38 0.03 Metals Creek V 1584 0.13 0.10 0.10 - 0.04 0.20 0.05 Orezone Gold V 1755 1.04 0.96 0.99 - 0.03 1.25 0.22 Rokmaster Res V 3767 0.05 0.03 0.04 + 0.01 0.05 0.01 Intl Millm Mng V 994 0.09 0.08 0.08 - 0.01 0.10 0.05 Metals Creek* O 84 0.10 0.07 0.07 - 0.03 0.14 0.05 Orezone Gold* O 280 0.79 0.75 0.76 - 0.04 0.95 0.16 Romios Gold Rs* O 53 0.07 0.00 0.06 - 0.00 0.08 0.01 Intl Montoro V 927 0.03 0.02 0.03 + 0.01 0.08 0.02 Mexus Gold* O 9695 0.07 0.04 0.06 - 0.00 0.07 0.00 Oriental Non F 62 0.56 0.39 0.56 + 0.17 0.51 0.27 Romulus Res V 87 0.17 0.12 0.12 - 0.05 0.17 0.07 Intl Samuel Ex V 405 0.10 0.08 0.10 - 0.01 0.15 0.05 MGX Minerals 165 0.19 0.18 0.19 + 0.01 0.70 0.08 Orla Mng Ltd V 582 0.90 0.52 0.87 + 0.17 0.80 0.08 Rosita Mg Corp* O 50 0.08 0.08 0.08 - 0.01 0.10 0.01 Intl Tower Hil* X 1679 1.20 1.02 1.04 - 0.10 1.40 0.18 Micrex Dev V 63 0.03 0.02 0.02 - 0.01 0.03 0.01 Oro East Mg* O 462 0.02 0.01 0.01 - 0.00 0.06 0.00 Rosita Mg Corp V 1194 0.12 0.10 0.11 - 0.01 0.14 0.01 Intl Tower Hil T 232 1.56 1.35 1.39 - 0.09 1.82 0.26 Midas Gold* O 1941 0.81 0.66 0.72 - 0.07 0.90 0.16 Oroco Res V 171 0.05 0.04 0.04 - 0.01 0.06 0.01 Ross River V 1453 0.03 0.01 0.02 - 0.02 0.03 0.01 Intrepid Pots* N 5105 1.53 1.29 1.30 - 0.19 9.89 0.65 Midas Gold T 1988 1.04 0.87 0.96 - 0.07 1.18 0.25 Oroco Res* O 26 0.04 0.02 0.02 - 0.01 0.04 0.01 Rotation Mnls V 210 0.25 0.15 0.25 + 0.10 0.20 0.02 INV Metals T 1376 1.02 0.81 0.90 + 0.05 1.02 0.08 Midland Expl V 154 1.07 0.95 1.06 - 0.01 1.12 0.45 Orocobre T 535 4.92 4.19 4.40 - 0.37 4.92 1.33 Rouge Res V 338 0.48 0.40 0.44 - 0.04 0.60 0.03 INV Metals* O 13 0.77 0.65 0.65 + 0.07 0.77 0.08 Midnight Sun V 100 0.11 0.11 0.11 - 0.01 0.24 0.08 Oroplata Res* O 4151 2.04 1.64 1.83 + 0.11 2.04 0.25 Roughrider Exp V 50 0.13 0.09 0.10 - 0.03 0.15 0.05 Inventus Mg * O 199 0.24 0.20 0.21 + 0.02 0.28 0.20 Midway Gold* O 455 0.00 0.00 0.00 + 0.00 0.01 0.00 Orosur Mng T 221 0.29 0.28 0.28 - 0.02 0.32 0.10 Roxgold* O 249 1.22 1.13 1.20 + 0.03 1.33 0.42 Inventus Mg V 391 0.30 0.26 0.27 + 0.01 0.35 0.02 MillenMin Vent V 17 0.11 0.09 0.11 + 0.03 0.14 0.01 Orvana Mnrls T 329 0.27 0.25 0.25 - 0.02 0.30 0.11 Roxgold V 2180 1.63 1.46 1.60 + 0.09 1.73 0.54 InZinc Mining V 155 0.17 0.14 0.14 - 0.02 0.18 0.04 Millrock Res* O 113 0.40 0.33 0.36 - 0.01 0.40 0.11 Orvana Mnrls* O 23 0.20 0.19 0.19 - 0.02 0.24 0.07 Royal Gold* D 3416 81.65 76.93 79.32 - 1.22 83.61 24.68 InZinc Mining* O 30 0.12 0.11 0.11 - 0.00 0.12 0.03 Millrock Res V 199 0.51 0.44 0.47 - 0.03 0.51 0.15 Osisko Gold* N 198 13.34 12.48 12.55 - 0.70 13.80 8.88 Royal Nickel* O 57 0.34 0.32 0.32 - 0.02 0.50 0.10 Ireland* O 429 0.30 0.24 0.27 + 0.06 0.39 0.13 Minaurum Gold V 163 0.13 0.10 0.13 + 0.01 0.14 0.04 Osisko Gold T 1907 17.42 16.39 16.49 - 0.66 17.90 12.58 Royal Std Mnrl* O 218 0.00 0.00 0.00 - 0.00 0.00 0.00 Iron South Mng V 91 0.20 0.18 0.19 + 0.01 0.20 0.04 Minco Gold* X 1092 0.36 0.31 0.32 - 0.01 0.42 0.10 Otis Gold* O 217 0.16 0.12 0.16 + 0.02 0.16 0.04 RT Minerals V 99 0.20 0.13 0.18 + 0.05 0.30 0.05 Ironside Res V 112 0.16 0.14 0.14 - 0.02 0.24 0.05 Minco Gold T 108 0.46 0.41 0.42 - 0.02 0.55 0.12 Otis Gold V 777 0.22 0.17 0.20 + 0.02 0.22 0.06 RTG Mining T 143 0.60 0.56 0.58 - 0.02 0.70 0.33 Irving Res 39 0.26 0.00 0.22 - 0.06 0.35 0.11 Minco Silver T 399 1.83 1.66 1.71 - 0.15 2.05 0.32 OZ Minerals* O 1 5.14 4.76 4.76 - 0.35 5.28 2.29 Rubicon Mnrls* O 1041 0.04 0.03 0.04 - 0.00 0.99 0.01 Irving Res* O 4 0.20 0.17 0.17 - 0.03 0.27 0.09 Minco Silver* O 105 1.42 1.26 1.32 - 0.10 1.54 0.26 Rubicon Mnrls T 1715 0.06 0.05 0.05 + 0.01 1.29 0.02 Itoco Mg Corp* O 115 0.11 0.09 0.10 + 0.01 1.10 0.08 Minera Alamos V 523 0.29 0.19 0.27 + 0.09 0.24 0.07 P-Q Rugby Mng V 320 0.35 0.31 0.31 - 0.01 0.39 0.03 Ivanhoe Mines* O 552 0.89 0.84 0.87 - 0.00 0.92 0.36 Mineral Mtn V 115 0.40 0.00 0.37 - 0.03 0.41 0.08 Running Fox Rs* O 15 0.01 0.01 0.01 - 0.00 0.02 0.00 Pac Arc Res V 378 0.02 0.01 0.01 - 0.01 0.05 0.01 Ivanhoe Mines T 2631 1.16 1.10 1.13 - 0.01 1.19 0.53 Mineral Mtn* O 103 0.32 0.28 0.28 - 0.04 0.32 0.04 Running Fox Rs V 126 0.03 0.03 0.03 + 0.01 0.03 0.01 Pac Bay Mnrls V 56 0.07 0.00 0.07 + 0.01 0.10 0.03 J.A.G. Mines V 232 0.03 0.02 0.02 - 0.01 0.03 0.01 MineralRite* O 3375 0.00 0.00 0.00 - 0.00 0.00 0.00 Rupert Res V 371 0.90 0.72 0.80 + 0.08 0.90 0.02 Pac Booker Min* O 7 0.82 0.81 0.82 - 0.02 1.93 0.45 Jaguar Mng V 932 0.55 0.52 0.54 + 0.01 0.58 0.12 Mines Manage* X 580 1.40 1.22 1.31 - 0.04 1.40 0.11 Rusoro Mng* O 111 0.10 0.08 0.09 + 0.01 0.13 0.02 Pac Imperial V 1082 0.04 0.03 0.03 - 0.01 0.05 0.01 Jaguar Mng* O 510 0.43 0.40 0.40 + 0.00 0.45 0.07 Mines Manage T 10 1.85 1.61 1.85 + 0.14 1.98 0.17 Rusoro Mng V 318 0.13 0.12 0.12 + 0.01 0.19 0.03 Pac Iron Ore V 5 0.17 0.00 0.17 - 0.01 0.39 0.11 Jaxon Mnls V 352 0.07 0.00 0.05 - 0.03 0.09 0.01 Minfocus Expl V 35 0.04 0.04 0.04 + 0.01 0.05 0.01 Rye Patch Gold* O 393 0.36 0.29 0.32 - 0.02 0.37 0.08 Pac North West* O 19 0.04 0.04 0.04 - 0.00 0.06 0.00 Jayden Res V 155 0.19 0.00 0.17 - 0.05 0.23 0.03 Minnova Corp V 43 0.90 0.80 0.80 - 0.09 0.90 0.18 Rye Patch Gold V 1251 0.45 0.39 0.43 - 0.02 0.47 0.11 Miranda Gold V 738 0.15 0.13 0.14 + 0.01 0.18 0.06 Pac Ridge Expl V 114 0.09 0.07 0.09 + 0.01 0.10 0.02 Jazz Res V 10 0.15 0.10 0.10 - 0.05 0.23 0.08 Pac Ridge Expl* O 22 0.06 0.06 0.06 - 0.00 0.07 0.01 K92 Mng Inc V 10493 1.99 1.28 1.93 + 0.66 1.90 0.87 Mirasol Res V 338 2.80 2.34 2.59 - 0.19 2.85 0.72 S Mkango Res V 65 0.07 0.07 0.07 - 0.01 0.11 0.03 Pac Topaz V 211 0.24 0.20 0.20 - 0.04 0.29 0.06 K92 Mng Inc* O 2607 1.54 1.00 1.49 + 0.50 1.44 0.75 Paget Mrnls V 38 0.09 0.07 0.07 - 0.02 0.09 0.01 Kaizen Discvry V 472 0.24 0.20 0.21 - 0.02 0.28 0.08 Molycorp* O 1458 0.04 0.03 0.03 + 0.00 0.15 0.02 Sabina Gd&Slvr T 3780 1.26 1.13 1.15 - 0.09 1.87 0.32 Paladin Energy T 4950 0.24 0.19 0.20 + 0.01 0.27 0.15 Sabina Gd&Slvr* O 1216 0.97 0.86 0.87 - 0.09 1.55 0.24 Kaizen Discvry* O 13 0.16 0.15 0.16 - 0.00 0.19 0.06 Monarques Res* O 219 0.48 0.35 0.47 + 0.11 0.45 0.04 Palamina Corp* O 15 0.13 0.12 0.12 - 0.00 0.15 0.08 Salazar Res V 49 0.13 0.12 0.13 + 0.01 0.16 0.03 Kaminak Gold* O 295 2.10 2.02 2.07 - 0.02 2.21 0.47 Monarques Res V 3282 0.63 0.44 0.62 + 0.17 0.58 0.06 Palamina Corp V 23 0.19 0.00 0.19 + 0.02 0.20 0.06 Salazar Res* O 3 0.08 0.08 0.08 - 0.00 0.11 0.03 Kaminak Gold V 1194 2.74 2.69 2.69 - 0.02 2.88 0.61 Moneta Porcpn* O 738 0.26 0.21 0.26 + 0.03 0.26 0.05 Palladon Vent* O 125 0.00 0.00 0.00 - 0.00 0.01 0.00 Samex Mng* O 510 0.00 0.00 0.00 + 0.00 0.00 0.00 Kapuskasing Gd V 1163 0.05 0.04 0.05 + 0.01 0.07 0.02 Moneta Porcpn T 3256 0.34 0.28 0.33 + 0.03 0.33 0.07 Pan Am Silver T 2012 24.89 22.89 23.95 - 0.69 25.00 7.77 San Marco Res* O 45 0.15 0.15 0.15 + 0.01 0.15 0.01 Karnalyte Res T 166 2.36 2.02 2.07 - 0.14 4.15 0.52 Monster Mng V 50 0.14 0.08 0.09 + 0.03 0.30 0.05 Montan Mg* O 1031 0.06 0.02 0.05 + 0.02 0.09 0.01 Pan Am Silver* D 11494 19.11 17.51 18.19 - 0.83 19.30 5.38 San Marco Res V 212 0.22 0.18 0.18 - 0.01 0.23 0.02 Kazax Mnls V 1158 0.02 0.01 0.01 - 0.01 0.05 0.01 Montan Mg V 6738 0.08 0.04 0.07 + 0.03 0.16 0.02 Pan Global Res V 217 0.05 0.04 0.04 + 0.01 0.05 0.01 Sanatana Diam V 623 0.03 0.00 0.02 - 0.01 0.04 0.01 Kennady Diam V 23 4.25 4.10 4.10 - 0.10 4.40 2.35 Montego Res 43 0.15 0.10 0.11 + 0.01 0.15 0.09 Pancontinental V 275 0.06 0.00 0.06 + 0.01 0.05 0.01 Sandspring Res V 1247 0.86 0.71 0.78 + 0.06 0.86 0.11 Kerr Mines* O 102 0.11 0.08 0.10 - 0.00 0.12 0.01 Montero Mg&Ex V 88 0.04 0.04 0.04 - 0.01 0.08 0.01 Panex Res* O 105 0.00 0.00 0.00 - 0.00 0.01 0.00 Sandspring Res* O 367 0.66 0.54 0.58 + 0.04 0.66 0.08 Kerr Mines T 1110 0.14 0.10 0.13 - 0.01 0.16 0.02 Monument Mng V 709 0.17 0.15 0.16 - 0.01 0.19 0.08 Pangolin Dia V 514 0.13 0.11 0.12 - 0.01 0.22 0.03 Sandstorm Gold* X 6184 5.27 4.75 5.18 + 0.01 5.40 1.94 Kesselrun Res V 803 0.40 0.36 0.36 - 0.04 0.43 0.02 Morro Bay V 354 0.02 0.01 0.01 - 0.01 0.03 0.01 Panoro Mnrls V 1299 0.19 0.17 0.19 + 0.02 0.21 0.09 Sandstorm Gold T 1510 6.89 6.20 6.81 + 0.07 7.08 2.82 Khalkos Expl V 70 0.14 0.13 0.14 + 0.01 0.26 0.05 Morumbi Res V 130 0.03 0.03 0.03 - 0.01 0.07 0.02 Para Resources V 484 0.25 0.22 0.23 - 0.01 0.36 0.06 Santa Fe Gold* O 798 0.05 0.02 0.05 + 0.02 0.08 0.00 Kilo Goldmines V 217 0.14 0.12 0.14 + 0.03 0.17 0.04 Mosaic* N 25611 29.58 28.24 28.28 - 0.41 45.36 22.02 Parallel Mng V 323 0.16 0.14 0.15 - 0.01 0.16 0.05 Santacruz Silv V 2243 0.45 0.39 0.42 - 0.01 0.63 0.09 Kilo Goldmines* O 43 0.11 0.09 0.11 + 0.02 0.13 0.03 Mountain Boy* O 215 0.03 0.03 0.03 + 0.00 0.04 0.00 Paramount Gold* X 1057 2.44 2.03 2.14 - 0.26 2.93 0.93 Sarama Res V 1658 0.24 0.19 0.23 + 0.03 0.24 0.05 Kincora Copper V 1197 0.04 0.00 0.04 - 0.01 0.06 0.02 Mountain Prov* D 113 4.80 4.63 4.75 + 0.03 5.10 2.47 Parlane Res V 32 0.17 0.17 0.17 + 0.01 0.21 0.01 Sarissa Res* O 687 0.00 0.00 0.00 - 0.00 0.02 0.00 Kings Bay Gold V 20 0.09 0.08 0.08 - 0.01 0.15 0.05 Mountain Prov T 286 6.27 6.01 6.25 + 0.15 6.60 3.38 Pasinex Res 419 0.11 0.10 0.10 - 0.04 0.14 0.03 Satori Res V 160 0.18 0.15 0.15 - 0.02 0.18 0.02 Kingsmen Res* O 40 0.07 0.07 0.07 - 0.00 0.10 0.02 Mundoro Cap* O 68 0.09 0.09 0.09 + 0.00 0.13 0.03 Passprt Potash* O 72 0.00 0.00 0.00 - 0.00 0.27 0.00 Saturn Mnrls V 752 0.10 0.09 0.09 - 0.01 0.22 0.09 Kinross Gold* N 48706 5.47 4.93 5.00 - 0.31 5.82 1.31 Mundoro Cap V 418 0.14 0.10 0.10 - 0.03 0.18 0.04 Patriot Gold* O 298 0.19 0.16 0.16 - 0.02 0.23 0.03 Savant Expl V 3305 0.03 0.00 0.03 + 0.02 0.02 0.01 Kinross Gold T 21746 7.12 6.44 6.57 - 0.30 7.56 1.79 MX Gold* O 990 0.21 0.16 0.18 - 0.02 0.23 0.07 Peabody Enrgy* O 786 2.00 1.66 1.85 - 0.08 41.10 0.55 Savary Gold V 6254 0.14 0.09 0.11 - 0.04 0.15 0.02 Kirkland Lk Gd* O 103 9.12 7.92 8.16 - 0.87 9.62 3.12 MX Gold V 4313 0.26 0.22 0.23 - 0.02 0.29 0.10 Pedro Res V 77 0.20 0.07 0.20 + 0.13 0.15 0.01 Savary Gold* O 334 0.11 0.08 0.08 - 0.02 0.12 0.06 Kirkland Lk Gd T 2595 11.86 10.32 10.71 - 0.96 12.39 4.51 Myson Group* O 100 0.01 0.01 0.01 - 0.00 0.07 0.00 Pelangio Expl* O 115 0.05 0.04 0.05 + 0.01 0.06 0.01 Saville Res V 28 0.02 0.01 0.01 - 0.01 0.04 0.01 Kiska Metals* O 170 0.09 0.06 0.07 - 0.01 0.09 0.01 Pele Mtn Res* O 85 0.03 0.03 0.03 + 0.00 0.04 0.02 Scandium Int M* O 121 0.13 0.13 0.13 - 0.01 0.17 0.06 Kiska Metals V 1414 0.11 0.09 0.09 - 0.01 0.12 0.01 N-O Peregrine Diam T 1400 0.24 0.22 0.23 + 0.01 0.32 0.09 Scientific Mts V 2937 0.10 0.07 0.10 + 0.01 0.10 0.07 Klondex Mns T 876 5.84 5.45 5.66 + 0.04 6.00 2.56 Perseus Mng T 1227 0.64 0.55 0.56 - 0.05 0.67 0.27 ScoZinc Mg V 64 1.06 0.90 0.95 + 0.10 1.25 0.40 Klondike Gold V 539 0.35 0.30 0.33 + 0.02 0.42 0.08 NACCO Ind* N 58 59.46 57.50 58.26 - 0.85 61.29 40.04 Pershimco Res V 982 0.25 0.21 0.23 + 0.01 0.25 0.09 Seabridge Gld* N 4211 14.08 11.94 12.26 - 1.63 15.88 3.31 Klondike Gold* O 43 0.27 0.23 0.26 + 0.01 0.32 0.06 Namibia Rare E T 37 0.11 0.10 0.11 + 0.01 0.17 0.04 Pershing Gold* D 1020 4.92 4.49 4.51 - 0.33 5.50 3.04 Seabridge Gld T 469 18.30 15.59 16.11 - 1.87 20.71 4.34 Klondike Silv* O 4 0.07 0.00 0.07 + 0.01 0.08 0.01 Napier Vent V 25 0.31 0.30 0.30 - 0.04 0.34 0.15 Peruvian Prc M* O 200 0.05 0.04 0.05 + 0.01 0.10 0.02 Search Mnls V 142 0.09 0.07 0.07 - 0.01 0.11 0.04 Klondike Silv V 382 0.10 0.08 0.08 - 0.01 0.10 0.01 Napier Vent* O 27 0.26 0.23 0.23 - 0.03 0.26 0.19 Philex Mng* O 62 0.15 0.00 0.15 - 0.02 0.21 0.05 Searchlight* O 285 0.10 0.09 0.09 - 0.01 0.42 0.01 Knick Expl V 729 0.04 0.03 0.04 + 0.01 0.05 0.01 Natural Res Pt* N 280 22.74 19.77 21.21 + 0.66 34.80 5.00 Pilot Gold* O 627 0.57 0.50 0.54 - 0.03 0.64 0.06 Sego Res V 249 0.05 0.03 0.04 + 0.01 0.05 0.01 Komet Resource V 119 0.36 0.33 0.33 - 0.02 0.50 0.29 Nautilus Mnrls T 947 0.13 0.11 0.13 + 0.03 0.41 0.10 Pilot Gold T 1069 0.73 0.66 0.70 - 0.03 0.83 0.22 Select Sands V 572 0.28 0.23 0.24 - 0.02 0.49 0.20 Kootenay Silvr V 1472 0.47 0.42 0.46 + 0.02 0.50 0.17 Nautilus Mnrls* O 554 0.10 0.08 0.10 + 0.01 0.32 0.08 Pine Cliff En T 1680 0.97 0.87 0.92 + 0.03 1.36 0.61 Semafo T 6321 6.91 5.89 6.16 - 0.61 7.39 2.46 KWG Res 1033 0.03 0.02 0.03 - 0.01 0.04 0.01 Navis Res Corp 15 0.02 0.00 0.02 + 0.02 0.03 0.00 Pinecrest Res V 2375 0.24 0.22 0.23 - 0.01 0.26 0.03 Senator Mnrls V 51 0.58 0.50 0.51 + 0.01 0.58 0.04

8-10_Aug1_StockTables.indd 9 2016-07-26 4:54 PM 10 AUGUST 1–7, 2016 / THE NORTHERN MINER WWW.NORTHERNMINER.COM 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

Sennen Potash V 18 0.13 0.11 0.13 + 0.01 0.28 0.09 Stria Lithium V 212 0.11 0.09 0.11 + 0.01 0.18 0.02 TomaGold V 896 0.15 0.13 0.14 - 0.01 0.16 0.04 Venture Mnrls* O 14 0.03 0.03 0.03 + 0.00 0.04 0.01 Serabi Gold T 233 0.10 0.00 0.10 - 0.02 0.12 0.04 Strikepoint Gd V 116 0.22 0.20 0.22 + 0.02 0.55 0.05 Tombstone Expl* O 291 0.02 0.01 0.02 + 0.00 0.02 0.01 Verde Potash T 27 0.28 0.25 0.27 + 0.01 0.48 0.13 Serengeti Res V 3214 0.15 0.09 0.14 + 0.04 0.13 0.02 Strikepoint Gd* O 9 0.17 0.16 0.17 + 0.00 0.19 0.08 Tonogold Res* O 51 0.03 0.03 0.03 - 0.00 0.07 0.01 Veris Gold* O 1367 0.00 0.00 0.00 - 0.00 0.03 0.00 Shamrock Ent 130 0.05 0.05 0.05 - 0.01 0.05 0.01 Strongbow Expl V 54 0.18 0.17 0.18 - 0.02 0.25 0.05 Torex Gold T 2015 25.97 23.60 25.45 + 0.15 26.61 9.10 Victoria Gold V 7632 0.78 0.69 0.73 - 0.01 0.80 0.12 Sherritt Intl T 1762 0.91 0.85 0.86 - 0.05 1.66 0.53 Stroud Res V 105 0.01 0.01 0.01 + 0.01 0.02 0.01 Tower Res V 418 0.08 0.07 0.08 + 0.01 0.10 0.01 Victory Nickel 604 0.04 0.00 0.03 - 0.02 0.05 0.02 Shore Gold T 1176 0.22 0.20 0.22 + 0.03 0.25 0.13 Sulliden Mng T 234 0.47 0.42 0.42 - 0.05 0.47 0.19 Transatlan Mng V 357 0.06 0.05 0.06 + 0.01 0.15 0.03 Victory Vent V 2416 0.05 0.03 0.04 + 0.01 0.06 0.01 Sibanye Gold* N 7156 17.90 16.63 17.47 + 0.39 17.90 4.07 Sultan Mnrls V 535 0.12 0.01 0.10 + 0.05 0.20 0.05 Transition Mtl V 204 0.25 0.18 0.22 + 0.04 0.25 0.06 Virginia Enrgy V 255 0.04 0.00 0.04 + 0.01 0.10 0.04 Sibanye Gold* O 1 4.35 4.22 4.35 + 0.13 4.35 1.28 Suncor Energy T 10725 36.32 35.67 36.00 - 0.08 40.35 27.32 Treasury Metal T 762 0.65 0.59 0.61 - 0.02 0.65 0.32 Viscount Mng V 1263 0.72 0.67 0.70 + 0.01 0.91 0.16 Sidney Resrces* O 405 0.01 0.01 0.01 - 0.00 0.02 0.00 Suncor Energy* N 13321 27.99 27.06 27.38 - 0.53 30.70 18.71 Trecora Res* N 122 11.74 10.89 11.53 + 0.08 15.00 8.17 Vista Gold* X 5179 1.66 1.29 1.31 - 0.29 2.09 0.25 Sienna Res* O 31 0.16 0.14 0.14 - 0.02 0.19 0.01 Sunridge Gold* O 1133 0.03 0.02 0.03 + 0.01 0.29 0.01 Trevali Mng* O 488 0.71 0.60 0.68 + 0.06 0.71 0.18 Vista Gold T 383 2.13 1.70 1.75 - 0.32 2.73 0.33 Sienna Res V 2106 0.22 0.18 0.19 - 0.03 0.25 0.01 Sunvest Mnrls V 66 0.10 0.00 0.10 - 0.01 0.55 0.01 Trevali Mng T 13945 0.93 0.77 0.92 + 0.13 0.93 0.25 Voltaic Min V 91 0.45 0.37 0.44 + 0.04 0.52 0.03 Sierra Iron Or V 142 0.33 0.30 0.33 + 0.03 0.50 0.22 Sutter Gold* O 97 0.06 0.04 0.05 + 0.00 0.13 0.02 Tri Origin Exp V 249 0.07 0.00 0.07 + 0.01 0.08 0.02 Vulcan Mnrls V 209 0.08 0.00 0.04 - 0.01 0.08 0.02 Sierra Metals T 51 1.64 1.40 1.48 - 0.08 1.80 0.84 Sutter Gold V 125 0.07 0.06 0.06 - 0.01 0.16 0.04 Trident Gold V 376 0.02 0.01 0.02 + 0.01 0.02 0.01 Sierra Metals* O 19 1.24 1.09 1.13 - 0.07 1.40 0.69 Syrah Res* O 29 4.38 3.49 3.80 - 0.65 4.90 1.81 Trigen Res V 75 0.08 0.08 0.08 + 0.02 0.08 0.03 Sierra Res* O 54033 0.00 0.00 0.00 - 0.00 0.01 0.00 TriMetals Mng T 317 0.34 0.29 0.34 + 0.04 0.36 0.04 W-Z Signal Expl V 25 0.16 0.16 0.16 - 0.06 0.30 0.01 T TriMetals Mng* O 72 0.25 0.22 0.25 + 0.02 0.28 0.03 Walker Lane* O 1 0.34 0.25 0.34 + 0.09 0.71 0.19 Signature Res V 1353 0.10 0.05 0.08 + 0.03 0.10 0.01 TriMetals Mng* O 94 0.27 0.19 0.24 - 0.03 0.32 0.06 Walker River V 1523 0.08 0.06 0.06 - 0.01 0.08 0.02 Silver Bear Rs T 1367 0.31 0.26 0.30 + 0.02 0.32 0.02 Tahoe Res* N 6545 15.98 14.74 15.10 - 0.77 16.84 6.48 Trinity Res* O 85 0.05 0.04 0.04 + 0.01 1.50 0.04 Wallbridge Mng T 458 0.09 0.08 0.08 + 0.01 0.10 0.02 Silver Bull Re* O 3038 0.16 0.14 0.16 + 0.01 0.19 0.02 Tahoe Res T 4569 20.83 19.25 19.87 - 0.62 22.05 9.45 Trinity Valley V 160 0.02 0.02 0.02 - 0.01 0.04 0.01 War Eagle Mg V 169 0.03 0.02 0.02 + 0.01 0.03 0.01 Silver Bull Re T 1596 0.21 0.18 0.21 + 0.01 0.25 0.04 Tajiri Res V 388 0.04 0.03 0.03 - 0.01 0.06 0.01 Trio Resources* O 17 0.00 0.00 0.00 + 0.00 0.00 0.00 Waseco Res V 74 0.06 0.05 0.05 - 0.01 0.07 0.02 Silver Dragon* O 360 0.03 0.03 0.03 - 0.00 0.05 0.01 Takara Res V 402 0.10 0.08 0.09 + 0.01 0.10 0.02 TriStar Gold* O 54 0.30 0.28 0.29 + 0.01 0.32 0.10 Wealth Mnrls* O 493 0.79 0.67 0.70 - 0.01 0.83 0.10 Silver Mtn Mns V 165 0.04 0.03 0.04 + 0.01 0.05 0.01 Taku Gold 68 0.14 0.00 0.13 + 0.02 0.22 0.02 TriStar Gold V 175 0.39 0.36 0.39 + 0.03 0.40 0.10 Wealth Mnrls V 1413 1.04 0.87 0.96 + 0.06 1.06 0.14 Silver Predatr V 845 0.07 0.06 0.06 - 0.01 0.09 0.01 Tanzania Rlty T 240 1.61 1.33 1.49 + 0.15 1.70 0.24 True North Gem V 1904 0.09 0.08 0.08 - 0.01 0.20 0.07 Wellgreen Plat* O 789 0.38 0.28 0.37 + 0.06 0.46 0.12 Silver Range V 553 0.24 0.17 0.18 + 0.01 0.24 0.02 Tanzania Rlty* X 3696 1.24 1.02 1.12 + 0.07 1.32 0.17 Trueclaim Expl V 1077 0.05 0.03 0.04 + 0.01 0.05 0.01 Wellgreen PlatT 1018 0.49 0.38 0.49 + 0.10 0.62 0.16 Silver Shield 139 0.09 0.06 0.07 - 0.01 0.17 0.01 Taranis Res V 100 0.15 0.09 0.10 - 0.02 0.15 0.04 Tudor Gold V 14 2.00 1.90 1.94 + 0.03 2.50 0.03 Wesdome Gold T 1648 2.02 1.90 1.93 - 0.09 2.20 0.89 Silver Spruce* O 3 0.05 0.00 0.05 + 0.01 0.08 0.02 Tarku Res V 18 0.07 0.00 0.07 - 0.01 0.10 0.02 Tungsten Corp* O 144 0.00 0.00 0.00 - 0.00 0.00 0.00 West Af Res V 3534 0.24 0.21 0.24 + 0.03 0.24 0.05 Silver Std Res T 3329 18.70 16.68 17.36 - 1.07 19.53 5.28 Tasca Res V 183 0.11 0.10 0.11 - 0.02 0.12 0.00 Turquoise HIl* N 10579 3.60 3.44 3.49 - 0.08 3.67 1.55 West High Yld V 100 0.22 0.21 0.21 - 0.03 0.39 0.17 Silver Std Res* D 10113 14.39 12.78 13.22 - 1.02 14.93 3.66 Taseko Mines* X 1009 0.64 0.60 0.63 + 0.01 0.70 0.23 Turquoise HIl T 3544 4.69 4.46 4.58 - 0.04 4.72 2.30 West Kirkland V 413 0.15 0.12 0.14 - 0.01 0.15 0.04 Silver Wheaton T 7058 34.62 33.06 34.39 + 0.74 34.64 14.51 Taseko Mines T 416 0.83 0.78 0.82 + 0.02 0.88 0.35 TVI Pacific* O 318 0.02 0.01 0.02 - 0.00 0.03 0.00 West Melville V 25 0.40 0.35 0.35 - 0.05 0.45 0.08 Silver Wheaton* N 23864 26.56 25.24 26.15 + 0.13 26.56 10.04 Tasman Metals* O 199 0.32 0.20 0.21 - 0.11 0.41 0.06 Tyhee Gold* O 31 0.00 0.00 0.00 + 0.00 0.01 0.00 West Red Lake* O 140 0.21 0.16 0.19 - 0.02 0.26 0.02 Tasman Metals V 335 0.41 0.27 0.27 - 0.14 0.54 0.09 Silvercorp Met T 3134 3.91 3.33 3.59 - 0.31 4.02 0.60 West Red Lake 480 0.27 0.22 0.25 - 0.02 0.34 0.01 Teck Res T 8 19.10 17.40 18.08 - 0.92 19.55 5.69 Silvercorp Met* O 1481 3.01 2.56 2.71 - 0.30 3.11 0.41 U-V Western Copper* X 346 1.01 0.80 0.81 - 0.18 1.04 0.20 Teck Res* N 32581 14.38 12.62 13.58 - 0.79 14.55 2.56 Silvermet V 1160 0.04 0.03 0.03 - 0.01 0.06 0.02 Western Copper T 761 1.29 1.05 1.05 - 0.23 1.35 0.29 Teck Res T 17035 18.60 16.53 17.85 - 0.72 18.90 3.65 U.S. Lithium* O 632 0.06 0.05 0.06 + 0.00 0.15 0.01 Silverore Mns* O 23 0.04 0.03 0.03 - 0.01 0.20 0.01 Western Pac Rs V 221 0.04 0.02 0.02 - 0.01 0.04 0.01 Telferscot Res 1500 0.01 0.01 0.01 - 0.01 0.02 0.01 U3O8 Corp* O 535 0.03 0.02 0.03 + 0.00 0.04 0.01 SinoCoking Cl* D 217 0.45 0.33 0.37 + 0.02 1.27 0.26 Western Pac Rs* O 95 0.02 0.02 0.02 - 0.01 0.04 0.00 Telson Res * O 9 0.15 0.15 0.15 + 0.00 0.17 0.07 UC Res* O 7 0.02 0.00 0.00 + 0.00 0.03 0.00 Sirios Res V 1492 0.45 0.38 0.44 + 0.05 0.51 0.07 Western Potash T 1167 0.17 0.15 0.17 + 0.02 0.30 0.14 Telson Res V 57 0.25 0.20 0.23 + 0.03 0.25 0.04 Ucore Rare Mtl V 966 0.44 0.40 0.42 + 0.03 0.45 0.20 Sirios Res* O 223 0.33 0.00 0.32 + 0.01 0.39 0.07 Western Troy C V 181 0.03 0.03 0.03 - 0.01 0.05 0.01 Tembo Gold V 396 0.06 0.04 0.05 + 0.01 0.06 0.01 Ucore Rare Mtl* O 270 0.33 0.31 0.32 + 0.01 0.35 0.15 Skeena Res* O 93 0.12 0.10 0.12 + 0.00 0.12 0.04 Western Uran 21 2.50 2.25 2.25 - 0.25 5.00 1.20 Tembo Gold* O 242 0.04 0.04 0.04 - 0.00 0.05 0.01 UEX Corp T 1057 0.24 0.22 0.22 - 0.02 0.29 0.11 Skeena Res V 2158 0.16 0.14 0.16 + 0.02 0.16 0.06 1.94 1.70 1.70 - 0.24 2.67 1.19 Teranga Gold T 3714 1.16 1.01 1.07 - 0.07 1.25 0.38 Ultra Lithium V 142 0.22 0.19 0.19 - 0.01 0.35 0.05 Western Uran* O 10 Skyharbour Res V 3125 0.40 0.06 0.34 + 0.10 0.36 0.08 Westhaven Vent V 115 0.15 0.11 0.14 - 0.02 0.16 0.04 Slam Explor V 315 0.10 0.09 0.09 - 0.03 0.14 0.01 Teras Res* O 297 0.13 0.11 0.13 - 0.01 0.13 0.02 Umbral Enrgy 1309 0.05 0.04 0.05 + 0.01 0.10 0.02 Teras Res V 206 0.17 0.14 0.15 - 0.02 0.18 0.03 Unigold V 932 0.69 0.44 0.66 + 0.22 0.60 0.08 Westkam Gold* O 540 0.06 0.05 0.05 - 0.01 0.07 0.01 Solitario Ex&R T 97 1.05 0.90 0.98 + 0.06 1.05 0.57 Westkam Gold V 4343 0.07 0.06 0.06 - 0.01 0.09 0.02 Solitario Ex&R* X 555 0.79 0.69 0.75 + 0.03 0.82 0.40 Terraco Gold V 843 0.16 0.14 0.15 - 0.01 0.16 0.07 Unigold* O 60 0.51 0.35 0.51 + 0.16 0.42 0.06 Terrax Mnrls* O 62 0.61 0.54 0.59 + 0.06 0.61 0.17 United Silver* O 637 0.00 0.00 0.00 - 0.00 0.01 0.00 Westminster RsV 437 0.08 0.07 0.07 - 0.01 0.18 0.01 Sona Res* O 100 0.05 0.05 0.05 + 0.00 0.05 0.00 Westmoreland* D 626 10.29 9.49 9.59 - 0.69 17.13 3.44 Sonora Gld & S V 519 0.06 0.05 0.06 + 0.01 0.08 0.01 Terrax Mnrls V 1962 0.82 0.69 0.77 + 0.08 0.81 0.23 United States A* X 218 0.27 0.23 0.25 - 0.00 0.73 0.16 Teryl Res Corp* O 190 0.01 0.01 0.01 - 0.00 0.01 0.00 United States S* N 53223 21.77 19.69 21.16 - 0.52 21.90 6.15 WestMountain* O 124 0.10 0.09 0.10 + 0.02 0.20 0.04 Southern Arc* O 17 0.57 0.49 0.51 - 0.06 0.66 0.17 White Metal Rs V 173 0.08 0.07 0.08 + 0.01 0.13 0.02 Southern Arc V 150 0.72 0.65 0.68 - 0.02 1.00 0.24 Teslin Rvr Res V 733 0.36 0.29 0.29 - 0.03 0.43 0.20 Unity Energy V 299 0.19 0.16 0.18 - 0.01 0.48 0.05 Tesoro Mnrls V 1213 0.06 0.05 0.06 + 0.01 0.06 0.01 Ur-Energy* X 964 0.60 0.55 0.56 - 0.04 0.77 0.44 White Mtn Engy* O 85 0.10 0.08 0.09 + 0.00 0.40 0.07 Southern Copp* N 3833 26.48 25.76 26.26 - 0.16 31.31 21.55 Wildcat Expl V 787 0.09 0.07 0.07 - 0.03 0.16 0.02 Southern Silvr V 1223 0.47 0.34 0.46 + 0.08 0.49 0.03 Teuton Res* O 14 0.20 0.19 0.19 - 0.01 0.25 0.03 Ur-Energy T 187 0.78 0.72 0.74 - 0.03 1.02 0.60 Teuton Res V 186 0.29 0.26 0.27 - 0.01 0.33 0.04 Uracan Res* O 43 0.06 0.05 0.05 - 0.00 0.06 0.00 Winston Gld Mg* O 25 0.12 0.10 0.10 - 0.02 0.12 0.12 Southern Silvr* O 322 0.35 0.26 0.34 + 0.04 0.39 0.02 Wolfden Res V 219 0.13 0.12 0.12 - 0.02 0.19 0.05 Spanish Mtn Gd V 2980 0.17 0.13 0.15 + 0.03 0.17 0.02 Theia Res V 3 0.12 0.11 0.12 + 0.02 0.16 0.05 Uragold Bay Rs V 2504 0.30 0.24 0.25 - 0.04 0.30 0.02 Themac Res V 81 0.06 0.05 0.06 + 0.01 0.10 0.01 Uranium Energy* X 1879 0.96 0.90 0.93 - 0.00 1.48 0.65 Wolverine Mnls V 30 0.11 0.00 0.11 + 0.02 0.33 0.07 Spanish Mtn Gd* O 433 0.12 0.10 0.11 + 0.02 0.12 0.01 WPC Res* O 70 0.07 0.07 0.07 + 0.00 0.08 0.06 Sparton Res V 470 0.07 0.07 0.07 + 0.01 0.07 0.01 Thompson Creek* O 2004 0.56 0.49 0.54 - 0.01 0.73 0.07 Uranium Res* D 799 1.67 1.49 1.55 - 0.12 16.08 1.39 Thompson Creek T 3728 0.73 0.64 0.72 + 0.01 0.95 0.16 Uranium Valley V 11 0.22 0.00 0.19 - 0.06 0.35 0.04 X-Terra Res V 301 0.31 0.25 0.31 + 0.07 0.30 0.06 Sparton Res* O 137 0.06 0.04 0.05 + 0.00 0.06 0.00 Xander Res V 272 0.48 0.39 0.48 + 0.03 0.48 0.21 Spearmint Res V 2014 0.04 0.03 0.03 - 0.01 0.06 0.01 Thor Expl V 234 0.13 0.12 0.13 + 0.01 0.14 0.02 Uravan Mnrls V 458 0.30 0.21 0.25 - 0.06 0.39 0.05 Thunder Mtn Gd* O 332 0.10 0.07 0.07 - 0.01 0.15 0.02 US Precious M* O 1508 0.02 0.01 0.02 + 0.00 0.12 0.00 Ximen Mng V 454 0.17 0.13 0.15 - 0.03 0.18 0.02 St Augustine T 83 0.11 0.11 0.11 + 0.01 0.14 0.07 XLI Tech Inc* O 1886 0.04 0.02 0.02 - 0.01 1.50 0.02 Stakeholdr Gld* O 76 0.35 0.32 0.33 - 0.03 0.46 0.05 Thunder Mtn Gd V 81 0.15 0.10 0.10 - 0.06 0.23 0.07 US Rare Earths* O 60 0.27 0.12 0.14 + 0.02 1.50 0.01 Till Capital* D 111 3.65 3.11 3.24 + 0.14 4.77 2.76 US Tungsten* O 83 0.00 0.00 0.00 - 0.00 0.01 0.00 Xtra-Gold Res* O 24 0.36 0.32 0.32 - 0.01 0.43 0.12 Stakeholdr Gld V 30 0.45 0.41 0.42 - 0.03 0.62 0.04 Xtra-Gold Res T 18 0.47 0.42 0.42 - 0.05 0.56 0.18 Standard Graph V 1281 0.08 0.07 0.08 + 0.01 0.13 0.01 Timberline Res V 84 0.50 0.44 0.49 - 0.01 0.72 0.16 USCorp* O 58 0.01 0.01 0.01 + 0.00 0.03 0.00 Yamana Gold T 18397 7.72 6.94 7.14 - 0.43 7.83 1.89 Standard Graph* O 132 0.06 0.06 0.06 - 0.00 0.09 0.00 Timberline Res* O 189 0.40 0.32 0.37 - 0.02 0.59 0.08 Vale* N 28680 4.34 4.09 4.26 + 0.06 4.79 1.55 Yamana Gold* N 53261 5.93 5.32 5.43 - 0.42 5.99 1.38 Standard Metal* O 23 0.15 0.09 0.15 - 0.01 0.90 0.01 Timmins Gold T 7009 0.75 0.63 0.63 - 0.07 0.75 0.11 Vale* N 130422 5.44 5.05 5.31 - 0.05 6.26 2.13 Yanzhou Coal* N 173 6.68 6.27 6.37 - 0.24 7.02 3.66 Stans Energy* O 151 0.02 0.01 0.01 - 0.00 0.03 0.01 Timmins Gold* X 12131 0.58 0.48 0.49 - 0.06 0.58 0.07 Valencia Vent V 1100 0.09 0.09 0.09 + 0.01 0.40 0.08 Zadar Vent * O 29 0.12 0.12 0.12 - 0.00 0.20 0.06 Starcore Intl T 596 0.82 0.63 0.78 - 0.02 0.91 0.25 Tinka Res* O 299 0.19 0.17 0.17 - 0.01 0.22 0.07 ValGold Res V 154 0.06 0.04 0.06 + 0.01 0.07 0.01 Zazu Metals T 67 0.24 0.21 0.23 - 0.01 0.33 0.09 Stellar Africa V 576 0.05 0.04 0.04 - 0.01 0.08 0.01 Tinka Res V 521 0.24 0.22 0.23 - 0.01 0.27 0.09 Valley High Mg* O 8331 0.01 0.00 0.00 - 0.00 0.02 0.00 Zazu Metals* O 59 0.18 0.17 0.17 - 0.01 0.24 0.08 Sterling Grp* O 160 0.04 0.03 0.03 - 0.01 0.04 0.01 Tintina Res V 245 0.12 0.09 0.09 - 0.03 0.13 0.04 Vanadiumcorp* O 73 0.04 0.03 0.04 - 0.00 0.05 0.01 Zenyatta Vent V 139 0.71 0.65 0.70 + 0.01 1.78 0.63 Stillwater Mg* N 6301 13.61 12.30 13.40 + 0.05 13.61 4.99 Tintina Res* O 176 0.10 0.07 0.07 - 0.03 0.10 0.03 Vanadiumcorp V 292 0.06 0.05 0.05 - 0.01 0.06 0.02 Zenyatta Vent* O 18 0.53 0.00 0.53 + 0.00 1.33 0.47 Stina Res 141 0.16 0.11 0.16 + 0.03 0.19 0.11 Tirex Res* O 175 0.09 0.07 0.09 + 0.00 0.16 0.05 Vantex Res V 387 0.04 0.00 0.04 + 0.01 0.04 0.01 Zephyr Mnls* O 2 0.30 0.30 0.30 - 0.00 0.30 0.15 Stockport Expl* O 10 0.01 0.01 0.01 - 0.00 0.04 0.00 Tirex Res V 193 0.12 0.10 0.11 + 0.01 0.22 0.07 Vatic Vent V 82 0.15 0.11 0.11 - 0.02 0.24 0.04 Zephyr Mnls V 174 0.41 0.35 0.36 - 0.04 0.42 0.08 Stockport Expl V 10 0.02 0.02 0.02 - 0.01 0.06 0.01 Titanium Corp V 233 0.60 0.45 0.54 + 0.08 1.54 0.31 Vedanta* N 1200 10.09 9.31 10.09 + 0.25 9.92 3.52 Zimtu Capital V 65 0.25 0.24 0.24 - 0.01 0.38 0.12 Stonegate Agri* O 100 0.01 0.01 0.01 - 0.00 0.03 0.00 TMAC Resource* O 26 11.70 11.25 11.48 - 0.20 13.63 9.26 Vena Res* O 10 0.04 0.04 0.04 - 0.00 0.04 0.00 Zincore Mtls V 268 0.05 0.02 0.03 + 0.01 0.05 0.01 Stonegate Agri T 131 0.02 0.02 0.02 - 0.01 0.04 0.01 TMAC Resources T 673 15.15 14.48 15.08 - 0.02 17.73 5.25 Vena Res V 793 0.10 0.06 0.09 + 0.03 0.10 0.04 Mtls V 39 0.07 0.00 0.07 - 0.01 0.15 0.02 Stornoway Diam T 11039 1.20 1.03 1.15 + 0.13 1.20 0.65 TNR Gold V 312 0.06 0.05 0.05 - 0.01 0.09 0.01 Vendetta Mng V 250 0.10 0.09 0.09 + 0.01 0.13 0.05 Zonte Stratton Res V 454 0.64 0.52 0.60 + 0.06 0.64 0.07 Toachi Mg Inc V 135 0.38 0.35 0.38 + 0.03 0.43 0.03 Vendome Res V 244 0.02 0.01 0.01 - 0.01 0.03 0.01

BID-ASK — JULY 18–22, 2016

12-MONTH 12-MONTH 12-MONTH STOCK EXC BID ASK LAST HIGH LOW STOCK EXC BID ASK LAST HIGH LOW STOCK EXC BID ASK LAST HIGH LOW

37 Capital One C 0.06 1.63 0.15 0.20 0.05 Gentor Res V 0.01 0.02 0.01 0.04 0.01 Oronova Res V 0.08 0.11 0.08 0.08 0.03 Acme Res Corp V 0.01 0.03 0.02 0.03 0.01 GFM Res V 0.02 0.10 0.02 0.03 0.02 Oxford Res V 0.02 0.03 0.03 Acme Res Inc V 0.05 0.07 0.05 0.07 0.02 Global Cobalt V 0.02 0.02 0.02 0.08 0.01 Pac Cascade V 0.01 0.02 0.01 0.02 0.01 Advance Gold V 0.06 0.07 0.07 0.10 0.01 Global Cop Grp V 0.05 0.05 0.05 0.06 0.04 Pac Link Mng V 0.01 0.08 0.02 0.03 0.01 African Metals V 0.06 0.09 0.09 0.11 0.02 God’s Lake Res C 0.05 ... 0.08 0.10 0.01 Palisades Vent V 0.05 0.06 0.05 0.08 0.03 Aftermath Slvr V ... 0.01 0.01 0.03 0.01 Gold Reserve V 5.43 5.70 5.74 8.00 3.06 Pantheon Vent V 0.11 0.11 0.10 Aida Minerals C 0.06 0.15 0.15 0.23 0.08 Golden Band V ... 0.01 0.01 0.01 0.01 Philippine Mtl V 0.06 0.09 0.06 0.12 0.01 Alberta Star V 0.20 0.22 0.20 0.23 0.16 Golden Harp V 0.18 0.22 0.16 0.28 0.03 Phoenix Gold V ... 0.01 0.01 0.01 0.01 Alderon Iron* X ... 0.40 0.14 0.52 0.12 GoldTrain Res C 0.15 0.15 0.15 0.20 0.08 Phoenix Metals V 0.19 0.20 0.21 0.21 0.02 Alexandra Cap C 0.03 ... 0.03 0.03 0.03 Graniz Mondal V 0.04 0.05 0.05 0.05 0.01 Portofino Res V 0.07 0.12 0.07 0.13 0.06 Allante Potash V 0.03 0.10 0.03 0.06 0.01 Gravis Energy C ... 0.02 0.01 ProAm Expl V 0.02 0.03 0.02 0.02 0.01 Alpha Nat Res* N 0.23 0.24 0.24 4.16 0.20 Green Arrow V 0.03 0.04 0.04 0.10 0.03 Randsburg Intl V 0.01 0.02 0.02 0.02 0.01 Altan Rio Mnls V 0.01 0.02 0.02 0.03 0.01 Greenshield Ex V 0.03 0.05 0.03 0.05 0.01 Rare Element* X 0.11 0.16 0.15 0.89 0.06 Am Manganese V 0.04 0.05 0.05 0.07 0.01 Greywacke Expl C 0.04 ... 0.04 0.04 0.01 Ravencrest Res C 0.02 ... 0.02 0.02 0.01 Amanta Res V 0.01 0.02 0.01 Harvest Gold V 0.04 0.12 0.04 0.05 0.01 Razore Rock Res C ... 0.05 0.05 0.08 0.01 Anthem United V 0.24 0.30 0.24 0.43 0.14 Highbury Proj V 0.18 ... 0.20 0.20 0.10 Red Oak Mg V 0.02 0.03 0.01 0.03 0.01 APAC Res Inc C 0.05 0.12 0.05 0.11 0.03 Highvista Gold V ... 0.16 0.17 Red Rock Enrgy V 0.01 0.02 0.01 0.03 0.01 Arch Coal* N ...... 0.58 15.00 0.58 HiHo Silver C ... 0.02 0.01 0.01 0.01 Redhill Res V 0.75 0.80 0.80 0.80 0.06 Arrowhead Gold C 0.01 ... 0.03 0.05 0.03 Homeland Egy V ... 0.01 0.01 0.01 0.01 Redzone Res V 0.13 0.23 0.12 0.25 0.06 Artha Res V 0.13 0.15 0.12 0.20 0.01 Icon Explor V 0.02 0.03 0.02 0.03 0.01 Remo Res V 0.09 0.15 0.09 0.10 0.04 Astar Mnls V 0.10 ... 0.10 0.15 0.09 IGC Res V 0.01 0.01 0.01 0.02 0.01 Resolve Vent V 0.14 0.18 0.14 0.30 0.04 Ateba Res C ... 0.01 0.01 0.01 0.01 Jasper Mng V 0.05 0.08 0.06 0.08 0.02 Revolver Res V 0.20 0.25 0.20 0.27 0.07 Atlantic Ind V 0.01 0.05 0.01 0.01 0.01 JDF Explor Inc C 0.01 0.05 0.01 0.02 0.01 Rheingold Expl C 0.03 0.10 0.04 0.05 0.01 Atlatsa Res* X ...... 0.06 0.45 0.06 Jet Gold V 0.04 0.08 0.06 0.06 0.03 Rhyolite Res V 0.19 0.35 0.22 0.25 0.09 Balto Res V 0.02 0.03 0.02 0.03 0.01 Jet Metal V 0.10 0.10 0.09 0.15 0.04 River Wild Exp C 0.01 ... 0.01 0.01 0.01 Bandera Gold V 0.01 0.01 0.01 0.02 0.01 Jubilee Gold V 0.54 4.00 0.75 0.75 0.30 Rockridge Cap V 0.26 0.35 0.25 0.57 0.05 Banks Island V 0.01 0.01 0.01 0.17 0.01 Kairos Cap V 0.02 0.04 0.02 0.03 0.01 Rodinia Lithm V 0.02 0.02 0.01 0.05 0.01 Barksdale Cap V 0.01 0.04 0.01 0.02 0.01 Karmin Expl V 0.25 0.32 0.32 0.36 0.15 Rubicon Mnrls* X ...... 0.03 1.35 0.03 BCGold V 0.05 0.07 0.05 0.13 0.03 Karoo Expl V 0.01 0.02 0.01 0.02 0.01 Samco Gold V 0.03 0.04 0.03 0.18 0.02 BE Res V ... 0.34 0.35 Kermode Res V 0.02 0.02 0.02 0.02 0.01 Savoy Vent V ...... 0.16 Bearclaw Cap V 0.04 0.06 0.04 0.06 0.02 Kestrel Gold V 0.02 0.02 0.02 0.07 0.01 Scavo Res C 0.36 0.57 0.36 0.54 0.26 Benz Cap V 0.02 0.03 0.03 0.12 0.01 Kitrinor Mtls V 0.01 0.02 0.01 0.02 0.01 SG Spirit Gold V 0.11 ... 0.09 0.20 0.05 Big Bar Res V 0.08 0.50 0.10 La Imperial C 0.03 0.05 0.05 0.05 0.01 SGX Res V 0.02 0.02 0.02 0.05 0.01 Big Wind Cap C 0.10 0.16 0.10 0.10 0.01 Lakeside Mnrls V 0.01 0.02 0.01 0.04 0.01 Silver Phoenix C 0.01 0.24 0.10 0.10 0.01 Bird River Res C 0.03 0.09 0.05 0.07 0.02 Lancaster Cap V 0.13 0.28 0.28 0.32 0.06 Silver Pursuit V 0.07 0.09 0.07 0.13 0.02 Black Bull Res V ... 0.01 0.01 Lateral Gold V 0.11 0.16 0.14 0.18 0.07 Sky Ridge V 0.27 0.39 0.27 0.30 0.03 Boss Power V 0.17 0.20 0.17 0.17 0.17 Leeta Gold V 0.04 0.10 0.04 0.05 0.03 Sniper Res V 0.01 0.01 0.01 0.07 0.01 Buccaneer Gold V 0.03 0.04 0.03 0.04 0.02 Leo Res C 0.01 0.03 0.01 0.01 0.01 Spada Gold V 0.20 0.50 0.20 0.60 0.20 Bullman Mnls V 0.05 0.09 0.09 0.09 0.03 Lions Gate Mtl C 0.06 0.08 0.06 0.06 0.01 Squire Mg Ltd C 0.10 0.14 0.10 0.19 0.10 Canada Coal V 0.03 0.04 0.04 0.05 0.01 Logan Res V 0.15 0.15 0.12 0.15 0.04 Standard Toll V ... 0.01 0.01 0.10 0.01 Canuc Res V 0.23 0.29 0.25 0.30 0.05 Lovitt Res V 0.05 0.12 0.05 0.05 0.02 Starr Peak Exp V 0.07 0.08 0.07 0.19 0.05 Carrie Arran V 0.05 ... 0.05 0.07 0.05 Lucky Mnls V 0.05 0.08 0.07 0.11 0.05 Stone Ridge Ex C 0.11 0.15 0.11 0.14 0.10 Cascade Res V 0.02 0.04 0.02 0.05 0.02 Madeira Mrnls V 0.02 0.10 0.03 0.03 0.02 Strata Mnls V 0.01 0.02 0.01 0.05 0.01 Cassidy Gold V 0.01 0.02 0.02 0.04 0.01 MAG Silver* X 12.52 13.30 12.52 14.40 6.12 Stratabd Mnr V 0.01 0.02 0.01 0.02 0.01 Cassius Vents V 0.03 0.05 0.04 0.04 0.01 Mainstream Mnl V ... 0.01 0.01 Sunrise Res V 0.01 0.02 0.01 0.05 0.01 Celtic Minrls C ...... 0.01 Manado Gold V 0.01 0.01 0.03 0.05 0.03 Sunset Cove Mg V 0.01 0.01 0.01 0.01 0.01 Central Iron V 0.01 0.02 0.02 0.02 0.01 Match Capital V 0.01 0.04 0.01 0.01 0.01 Swift Res V 0.03 0.10 0.03 0.05 0.01 Chimata Gold V 0.02 0.03 0.03 0.06 0.01 MaxTech Vent C 0.24 ... 0.24 0.26 0.05 Talmora Diamd C 0.01 ... 0.01 0.01 0.01 Chinapintza Mg V 0.01 0.02 0.01 0.01 0.01 McLaren Res C ... 0.01 0.01 0.01 0.01 Tearlach Res V 0.08 0.15 0.08 0.16 0.02 Cicada Vents V 0.01 0.01 0.01 0.02 0.01 Mega Copper V 0.05 0.12 0.05 0.05 0.02 Teryl Res Corp V 0.01 0.02 0.02 0.02 0.01 Clear Mtn Res V 0.19 0.27 0.19 0.40 0.10 Metallum Res V 0.03 0.06 0.12 Tiger Intl V 0.13 0.25 0.13 0.25 0.12 Cliffs Nat Res* N 1.45 3.20 1.43 7.17 0.98 Midasco Cap V 0.07 0.09 0.07 0.13 0.07 Tiller Res V 0.03 0.07 0.03 0.07 0.02 Clydesdale Res V 0.04 0.10 0.05 0.08 0.01 Midnight Star C 0.06 0.15 0.06 0.10 0.06 Tintina Mines V 0.06 0.17 0.06 0.12 0.04 CMX Gold & Sil C 0.09 0.10 0.10 0.10 0.05 Millstream Min V 0.06 0.07 0.07 0.16 0.01 Tri-River Vent V 0.03 0.07 0.03 0.17 0.03 CNRP Mng C 0.01 0.04 0.01 0.01 0.01 Mindoro Res V 0.01 0.01 0.01 0.01 0.01 Trio Gold Corp V 0.01 0.02 0.01 0.02 0.01 Comet Inds V 1.60 2.00 1.75 1.75 1.20 Minsud Res V 0.06 ... 0.06 0.09 0.06 Troy Enrgy V 0.02 0.07 0.05 0.05 0.01 Compliance Egy V 0.03 0.03 0.03 0.25 0.03 Moag Copper C ...... 0.08 0.12 0.08 True Grit Res V 0.01 0.05 0.01 0.03 0.01 Cons Westview V 0.34 0.50 0.35 0.45 0.22 Montana Gold C 0.09 0.10 0.10 0.10 0.02 Tsodilo Res V 0.57 0.70 0.70 1.03 0.54 Cornerstone Mt V 0.04 0.04 0.04 0.04 0.01 Morgan Res V 0.01 0.01 0.01 0.03 0.01 UC Res V 0.01 0.02 0.02 0.03 0.01 Crestwell Res C 0.04 0.10 0.13 0.14 0.08 Mountain Lake C ... 0.01 0.01 0.01 0.01 United Coal C ... 0.01 0.01 Cresval Cap V 0.04 0.04 0.04 0.06 0.01 Natan Res V 0.17 0.27 0.25 0.25 0.05 Universal Vent V 0.40 ... 0.45 Cricket Res V 0.01 0.04 0.01 0.03 0.01 Navy Res V 0.23 0.30 0.24 0.30 0.06 Vangold Res V 0.01 0.02 0.02 0.02 0.01 Desert Gold V 0.11 0.15 0.10 0.35 0.08 Nebu Res V 0.01 0.02 0.01 0.03 0.01 Vela Minerals V 0.04 0.09 0.05 0.08 0.02 DGS Mnls C 0.04 0.09 0.04 0.06 0.03 Network Expl V 0.17 0.23 0.17 0.22 0.02 Venerable Vent V 0.01 0.04 0.02 0.02 0.01 E-Energy Vent V ... 0.01 0.01 New Klondike V 0.01 0.01 0.01 0.02 0.01 Volcanic Mtls V 0.14 0.20 0.17 0.17 0.04 El Nino Vent V 0.04 0.04 0.04 0.04 0.01 Nickel North V 0.02 0.03 0.02 0.02 0.01 Wabi Expl C 0.05 0.06 0.05 0.06 0.03 Enfield Expl C ...... 0.01 0.01 0.01 Norsemont Cap C 0.26 0.32 0.26 0.31 0.07 Westridge Res V 0.02 0.03 0.02 0.02 0.01 European Metal C ... 0.01 0.01 0.01 0.01 North Am Tung V ... 0.01 0.01 0.02 0.01 Weststar Res C 0.04 0.06 0.06 0.06 0.01 Finlay Minrls V 0.06 0.07 0.06 0.06 0.02 NSGold V 0.09 0.12 0.10 0.10 0.03 Whistler Gold V 0.02 0.28 0.02 0.02 0.01 Finore Mng C 0.03 0.06 0.06 0.06 0.01 NSS Res Inc C ...... 0.20 0.20 0.20 Wolfeye Res V 0.25 ... 0.25 Fire River Gol V 0.03 0.07 0.09 0.75 0.03 Open Gold V 0.01 0.01 0.01 Xmet Inc V 0.01 0.02 0.01 0.01 0.01 First Idaho V 0.08 0.14 0.12 0.12 0.05 Oracle Mng V 0.01 0.01 0.01 0.07 0.01 Zara Res C 0.01 0.02 0.01 0.10 0.01 G4G Res V 0.07 0.12 0.08 0.11 0.03 Organic Potash C 0.02 0.05 0.02 0.09 0.01 Zena Mng V 0.06 0.10 0.06 0.10 0.05 GAR Limited C 0.03 0.10 0.05 0.10 0.01 Orofino Mnrls V 0.16 0.48 0.15 0.25 0.05 Zinco Mng V 0.05 0.07 0.05 0.08 0.01

8-10_Aug1_StockTables.indd 10 2016-07-26 4:54 PM GLOBAL MINING NEWS THE NORTHERN MINER / AUGUST 1–7, 2016 11 Lupaka’s Invicta to hit commercial production in November PERU DEVELOPMENT | Raises US$6.1 million from Pandion Mine Finance

BY TRISH SAYWELL MKS Pamp is one of the world’s [email protected] largest buyers of concentrate, El- lis says (“they don’t own mines, upaka Gold (TSXV: LPK) they just trade in minerals”), and says a recent US$6.1-million Ospraie “has been in mining for a gold purchase agreement with long time.” LNew York-based Pandion Mine He says that “this is Pandion’s Finance will get the construction first deal, so that’s why you prob- of its Invicta polymetallic mine in ably don’t know an awful lot about Peru across the finish line. them. It was set up in the last quarter The proceeds — paid out in two of last year … they’ve formed this tranches of US$1.8 million and organization to vet projects and US$4.3 million — would be enough invest in them.” to develop a mine, upgrade safety One of Lupaka’s first tasks, once and efficiency, build access roads Invicta is up and running, will be and start mining operations. to assess the best way forward in Lupaka Gold’s president and CEO terms of incorporating a process- Gordon Ellis tells The Northern ing plant. Miner that contractors will be used “There are two plants within in all aspects of the mining opera- 100 km being built that are fully tion, and that the company should permitted for 350 tonnes per day, reach commercial production in and they haven’t got supplies of November. ore — they’re building them on The junior intends to ramp up spec,” he says. operations to 350 tonnes per day “The first one, we could buy the as quickly as possible. whole plant for a really low cost “There’s no reason why we because the owners have gotten In front of the portal at Lupaka Gold’s Invicta gold-silver-copper-lead-zinc project in Peru, from left: Joe Archibald, Pandion Mine shouldn’t run at 350 tonnes per into a fight and want to sell … the Finance president; Julio Castenada, Lupaka country manager; Tim Swendseid, RPM Engineering president of consulting for the day by the time we start 2017,” he alternative is to build a plant from Americas; and Gordon Elis, Lupaka president and CEO. LUPAKA GOLD says in a telephone interview from scratch, which would take longer. his Vancouver office. But the joy of that would be to al- The prepaid forward gold pur- low us to build it closer to the site, “THERE’S NO chase deal with Pandion announced which would also reduce shipping REASON WHY WE at the end of June is an attractive costs, and we’re permitted for 1,000 way to finance Lupaka’s Peruvian tonnes per day.” SHOULDN’T RUN AT project, Ellis says, not only because Lupaka picked up the Invicta 350 TONNES PER it is non-dilutive to shareholders, project through its October 2012 but because it has a fixed end-date. acquisition of Andean American DAY BY THE TIME “This is not a royalty agreement Gold. The project, 120 km from WE START 2017.” that goes on forever,” he says. “We Lima, had been explored and de- GORDON ELLIS don’t pay anything for the first 15 veloped by several previous owners PRESIDENT AND CEO, LUPAKA GOLD months and we only pay them a since the mid-1990s. Lupaka esti- small percent of what we produce mates that previous owners poured for the next 45 months, and we’re more than $15 million into mine done. It’s gone, it’s clean, there is development. no residual.” The company completed its and blend it,” he continues. “They Ellis adds that Pandion is inter- second run-of-mine bulk test in can make use of some of the other ested in putting up the funds needed December and achieved good re- stuff they get from other suppliers, to acquire or build a processing coveries in concentrate streams so it’s attractive to off-takers.” plant, and Lupaka is weighing the — returning 87.5% gold, 91.2% The second bulk test consisted of options. silver, 91.5% copper, 90.03% lead run-of-mine material from the At- “Pandion doesn’t really want to and 90.1% zinc. “The recoveries enea vein. The sample was blended do just the US$6-million financing we got were good, and they’re just from 80% run-of-mine material and — they want to finance us for the first-time recoveries — they haven’t 20% from a low-grade stockpile plant and anything else we want to been optimized by any means.” after developing existing workings. do,” he says, noting that the outfit The first bulk sample in October Cash flow from Invicta will be has an excellent pedigree in the 2015 produced a copper, lead and used to grow the operation. There commodities sector. zinc concentrate that was sold to are numerous zones outside of the The New York-headquartered an off-taker, and “we actually made Atenea vein that contain mineral- Mineralization in the Atenea vein at Lupaka Gold’s Invicta project in Peru. LUPAKA GOLD group is made up of Pandion Man- money,” Ellis says. “In the second ization, and the targeted Atenea agement (the former leaders of Jef- one, the buyer said he just wanted resource could increase, as devel- per tonne for just over 30,000 oz. characteristics as the segment in fries LLC metals finance business); a copper concentrate, so we put the opment offers access to high-grade a year) was developed from the the mine plan.” MKS PAMP Group, a global pre- whole thing through as a copper intercepts and underground drill 3,400-metre level and up, Ellis At 350 tonnes per day, he adds, cious metals and financial services concentrate, and once again the sites. In addition, based on gold and says. “Drill results indicate that the Invicta could operate for between company based in Switzerland; recoveries were high. copper within the under-explored mineralization extends at least as 10 and 15 years based on the current and Ospraie Management, an asset “The nicest thing about it is that quartz-sulphide vein zones, the far below the 3,400 level as it does measured and indicated resource management firm focused on com- the concentrate is exceptionally company says Invicta could expand. above. In addition, there is a well- in the Atenea zone. modities that has seeded more than clean, it has little in the way of con- An initial six-year mine plan defined section of measured and Proceeds from Invicta will also 20 funds and directly invested more taminants, so buyers can pay well (which sets out the block mine indicated directly along strike to be used for more exploration at its than US$1.5 billion in privately for it because they can mix it with plan for 680,000 tonnes at a grade the northeast that is within a few other projects in Peru — Josnitaro held metals and mining companies. some of their less clean concentrate of 8.83 grams equivalent oz. gold hundred metres, and of the same and Crucero. TNM

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12_Aug1_ProDirectory.indd 12 2016-07-26 4:52 PM GLOBAL MINING NEWS THE NORTHERN MINER / AUGUST 1–7, 2016 13 Colombian Mines’ Nevada acquisition sends shares soaring

A sample from one of the two new zones discovered while building a decline at A loader dumps material near the portal at Colombian Mines’ Pamlico gold project in Nevada. COLOMBIAN MINES Colombian Mines’ Pamlico gold property in Nevada. COLOMBIAN MINES

COLOMBIAN From 1 “IT’S NOT QUITE LIKE FINDING GOLD Anglo pulled the plug on the joint venture and Conquistador evapo- ingly, comes from the University of BARS ON THE GROUND, BUT IT’S PRETTY rated in a puff of smoke,” Carrington Nevada’s Mackay School of Mines, DARN CLOSE. YOU CAN WALK DOWN THE remembers. Anglo stuck around, in Reno. however, and by 2006 had made So it’s no wonder that the co- DECLINE AND SEE VISIBLE GOLD — IT’S discoveries at La Colosa, Gramalote, founder, president and CEO of PRETTY DIFFICULT TO FIND THOSE KINDS Quinchia and La Mina, some of Colombian Mines (TSXV: CMJ; OF PROJECTS IN NEVADA TODAY.” which Carrington claims had been US-OTC: CMBPF) — a prospect Conquistador properties. generator he co-founded in the ROBERT CARRINGTON “The only one they could not South American country in 2006, PRESIDENT AND CEO, COLOMBIAN MINES get was Yarumalito,” he adds. “I and took public in 2008 — has al- actually started negotiating for the ways kept his eye out for interesting Yarumalito property in November properties back home. structures in there that could po- Mines are to do large-diameter core geological potential was immense 2005, as we knew we were going to This year the stars aligned and tentially be economic.” drilling, basic engineering (“to make and under-explored, so he looked put a company together … Yarum- Carrington closed Colombian’s The zones contain coarse visible sure the decline is where it needs to for large lode projects in safer areas. alito was Colombian Mines’ first first deal in Nevada — an option gold in brecciated vein material be relative to the orebody”) and a A joint venture with Placer Dome acquisition in Colombia, and is still agreement with a private party for with abundant iron oxides, and bulk sample. The seller was about to lasted until 1995, when it cut back considered a core asset.” Pamlico, a gold project in the famous will be a priority for independent start a fully permitted, 1,000-tonne globally on exploration. His partner Yarumalito may be one of the Walker Lane trend, 20 km south- sampling. “Neither of the two zones bulk sample, before his health de- then dropped out, and Carrington company’s core assets, but the mar- east of Hawthorne and 86 km from discovered in the decline had been teriorated and permitting bogged sold the company later that year to ket cheered its Pamlico option deal Yerington, a district known for at found with drilling, so there is a lot him down. If all goes according to what became Conquistador Mines, announced on July 19, driving up least four copper porphyry deposits. of potential for more discoveries on plan, a bulk sample could start later a Vancouver-based junior. its shares 57% to 22¢. “The private seller was a friend the property,” he says. this year. (Carrington says that “we “Conquistador went from 30¢ to The company’s 53 million com- of my father’s, and an old classmate The volcanic rocks at Pamlico need to make sure the permits are over $9 on the Colombian assets they mon shares are tightly held, with of mine from university was one of are juxtaposed against sedimen- spot perfect.”) acquired,” says Carrington, who the 17 largest shareholders owning the seller’s consultants,” Carrington tary rocks in complex structural A drill program could be partly stayed on as a manager until 1996. 70% of the stock. says. “His lifelong dream was to turn settings, with numerous low-angle funded by selling one of the com- Conquistador joint-ventured with Its institutional investors include it into a gold-producing property. and high-angle faults mapped on pany’s non-core assets in Colom- AngloGold Ashanti (NYSE: AU) European funds, and its largest He poured US$3 million into it and the property. A series of high- bia — Anori. The sale is in the and Mineros de Antioquia (now corporate shareholder is Teck Re- did a 650-metre decline — almost to angle faults host the majority of works already and should bring in Mineros), Colombia’s largest gold sources (TSX: TCK.B; NYSE: TCK), the ore zone — and then his health the better gold mineralization US$800,000. “That wouldn’t nec- producer. which Carrington says holds 2.2 started failing.” identified so far. essarily be enough to complete a “In 2000, when gold hit its low, million shares. TNM Under the new option agreement, The property hasn’t seen any diamond drill program,” Carrington Colombian can acquire 100% of deep drilling and the vertical ex- says, “but it would be a big chunk Pamlico for US$4 million in cash, tent of oxidation is unknown, of it, because the holes are only go- including advance minimum royal- although Carrington and his team ing to be between 80 metres and 90 CAREER OPPORTUNITIES ties and production royalties (a 4% say that a nearby water well sug- metres deep.” net smelter return royalty [NSR]) gests that favourable oxidized Meanwhile in Colombia — “in within four years, or by paying mineralization could extend at a perfect world and assuming we US$7.5 million in cash, including least 244 metres below surface. have sufficient financing this year” advance minimum royalties and “Pamlico is known as a high-grade — the company will initiate a drill production royalties, so long as district, and around 1886 there campaign at its Mercedes gold- annual payments are equal to or were newspaper stories of Pamlico silver-copper project, undertake exceed US$250,000. The 4% NSR producing ore that ran over 4,000 more drilling at its El Dovio gold- can be brought down to 1% by pay- grams gold a tonne,” Carrington silver-copper project and complete a CAREERS ADVERTISING RATES ing the seller US$1 million for each says. “It wasn’t huge tonnage, but resource estimate and a preliminary $12.65 per agate line. percentage point. at those kinds of grades, it doesn’t economic assessment of its Yarum- Minimum size 2 columns x 1” $354.20. In addition to the 29 historic holes take a lot of tonnes.” alito gold-copper project. Closing date is 10 days prior to publication date. drilled by the seller between 2010 Carrington says there are two “We’re no less committed to ad- and 2013, two previous owners of semi-parallel veins at the project vancing the Colombia projects,” he All Canadian orders subject to applicable taxes. the property completed 74 holes, that dip towards each other at a steep says. “It was just that Pamlico was For further Careers advertising information contact: bringing the total to 103 for 8,900 angle and both veins are known to something that — assuming we com- metres. Highlights of the seller’s contain high-grade gold, and should plete all the regulatory acrobatics Joe Crofts 416-510-6816, drill holes included 6 metres grad- intersect at depth. we have to do — we can potentially [email protected], ing 33.49 grams gold per tonne; In the bigger picture, he says, “a see production there in a relatively 2.3 metres of 165.49 grams gold; 3 lot of mineralization that you see short time line, much faster than Toll free North America: metres of 21.28 grams; 5.3 metres in the Pamlico district indicates you would reasonably expect to 1-888-502-3456, (ext. 43729) of 36.85 grams; and 7.6 metres of a porphyry system at depth,” and build El Dovio or Mercedes.” Fax: 416-447-7658 21.76 grams. “there’s a very good possibility that Carrington has worked in Co- “Pamlico is the rare situation there is a gold or copper porphyry lombia since 1992. where it’s not quite like finding gold on the property. “I had a geologist working for my bars on the ground, but it’s pretty “Pamlico is to the southeast along consulting company who got me darn close,” Carrington says. “The strike of Walker Lane and Walker interested, so we formed a private fact that you can walk down the Lane is a large structural lineament company that I funded, and we decline and see visible gold — it’s — it’s actually a structural corridor,” charged off into Colombia,” Car- pretty difficult to find those projects he says. “It’s several miles wide, and rington recalls. in Nevada today, particularly with depending on how far you want to “We were working on a 2 million Resumes Wanted the exploration upside that this push it, there are some workers in oz. placer project he had the data Looking for a career in the mining and project has.” the industry who feel Walker Lane for, and the last time we saw the exploration industries? One of the interesting things, he extends from Texas into northern property, the pilot was yanking up adds, is that the vendor discovered California and Oregon. It is cer- on the controls and saying: ‘They’re Post your resume for FREE on the website that specializes two gold-bearing zones as he drove tainly one of Nevada’s largest gold shooting at us’ … living proof that in recruitment for mining companies and the decline, and neither of them were lineaments, and almost by default God takes care of fools and idiots.” suppliers... you’ll be glad you did. intersected in previous drilling, “so one of the world’s largest.” By that point, Carrington says, he there are additional gold-bearing The next steps for Colombian had figured out that the country’s Visit www.northernminerjobs.com today

1 2 3 4 5 11 13 14 16_Aug1_Main .indd 13 2016-07-26 7:54 PM 14 AUGUST 1–7, 2016 / THE NORTHERN MINER WWW.NORTHERNMINER.COM Argonaut misses on Q2 production

MEXICAN GOLD | Analysts downgrade stock ratings and price targets after run-up

BY SALMA TARIKH ARGONAUT [email protected] ATTRIBUTES THE rgonaut Gold (TSX: AR) has MISS TO LOWER- revised its full-year produc- tion guidance after missing THAN-ANTICIPATED Aits second-quarter output goal, GRADES AT ITS and gold analysts have responded by lowering their expectations on MEXICAN MINES: EL the stock. CASTILLO AND LA On July 14, the miner reported COLORADA. delivering 29,237 equivalent oz. gold during the second quarter. This came below the expected 34,500 to 36,500 equivalent oz. mining higher-grade areas at both gold. operations. Argonaut attributes the miss Quarterly gold-equivalent pro- to lower grades at its Mexican duction dropped 38% to 15,358 mines: El Castillo in Durango oz. at El Castillo, and fell 7% to and La Colorada in Sonora. It 13,819 oz. at La Colorada, despite says it discovered more lower- the mining of higher gold grades Argonaut Gold’s El Castillo gold mine in Mexico. ARGONAUT GOLD grade areas, which delayed it from than the same period last year. Desjardins analyst Michael Par- kin says the higher gold grade at El Castillo came from more high- 100 grade sulphide and transitional ore. Years These ores have a lower recovery rate compared to oxide ore, which OBAL MINING N OF GL EWS contributed to the weak quarterly output. (The mine reported a gold grade of 0.41 gram per tonne, up from last year’s 0.31 gram.) To boost throughput at El Cas- Try the World’s Leading Mining Publication tillo, Argonaut has relocated an idle crusher from La Colorada to El Castillo, with commission- FREE FOR 4 WEEKS ing expected in August, Mackie Research analyst Ryan Hanley writes. This should increase El Cas- tillo’s crushing capacity to 6,000 It’s going to make a BIG difference. tonnes per day from 5,000 tonnes per day. Argonaut says the higher crushing capacity, coupled with mining higher grades, should set El Castillo up for a stronger second half this year. But Hanley is skeptical, based on the operation’s prior perfor- mance. He notes that given the company ended June with US$54.1 million in cash, it should have enough funds to cover San Agustin’s US$42.6-million start-up costs. In the third quarter Argonaut expects to receive a permitting decision for the project, which sits 10 km from the El Castillo mine. After a soft second quarter, Ar- gonaut has tightened its 2016 gold- equivalent production to 130,000 to 135,000 oz., from 130,000 to 140,000 oz. previously. Hanley has downgraded his COMPLETE UP-TO-DATE TRUSTWORTHY “hold” rating on the stock to “sell,” with a $3 target. He says that since the stock’s recent price run-up, it has traded above its peer group average on a price to net asset value basis. The Northern Miner takes a 360 The industry doesn’t take a break Reporting with integrity since 1915, He points out that El Castillo degree look at the industry and and neither does The Northern The Northern Miner writers travel has a short mine life, and most delivers prioritized, reliable news Miner. New articles are published to mining projects world-wide and cash the company has will help and analysis to our readers. No every day and delivered to our deliver authoritative, rst-hand build San Agustin. angle is left uncovered. readers’ inboxes with a daily email insight. BMO analyst Brian Quast writes newsletter. that “given the strong run-up and therefore shrinking return to our target price, we are downgrading AR to ‘market perform’ from ‘out- perform,’ and keeping our $4.75 Register your 4-week free trial at: target price.” Desjardins’ Parkin has trimmed northernminer.com/subscribe/freetrial.aspx his $4.40 target to $4 per share, reiterating a “hold-speculative” For more information about The Northern Miner, or for help on registering rating. to your free one month trial, please contact Customer Service at: The stock closed July 18 at $3.63, [email protected] or call 1-888-502-3456 up 198%, or $2.41, year-to-date. Argonaut will release its second- quarter financials on Aug. 11. TNM

1 2 3 4 5 11 13 14 16_Aug1_Main .indd 14 2016-07-26 7:54 PM GLOBAL MINING NEWS THE NORTHERN MINER / AUGUST 1–7, 2016 15

www.northernminerjobs.com

Ontario Ministry of Northern Chief Mine Engineer Engineer – Projects & Planning Development & Mines Aggregate/ Timmins, ON. Canada Dubreuilville, Ontario, Canada Industrial Mineral Specialist Ontario, Canada Working with a core team you will be responsible for life-of-mine planning, Reporting to the Superintendent – Projects & Planning, the Engineer – The Ministry of Northern Development and Mines is seeking a talented engineering quality controls, and integrity of the plans and planning Projects & Planning role will be responsible for planning, coordinating professional with sand, gravel and bedrock aggregates expertise to process. The role includes the short term mine planning process, production and monitoring site engineering activities; lead the design and develop- become part of its Earth Resources and Geoscience Mapping team. forecast evaluations, annual budgeting and production performance ment of engineering projects, ensuring completion on time and within Bring your technical expertise in geology to the Ontario Geological measurement; focused on ounces produced not tons, cost savings rather budget. They also review production plans to ensure targets are met and Survey, Earth Resources and Geoscience Mapping Section, where you than cost management, ore quality preservation initiatives, resource goals achieved, developing alternate plans when required. will play a key role in the section’s aggregate/industrial mineral mapping optimization influence, equipment utilization and manpower distribution program. optimization, capital expenditure validation and reconciliation.

Senior Mine Engineer Maintenance Planner Metallurgist Dubreuilville, Ontario, Canada Dubreuilville, Ontario, Canada Dubreuilville, Ontario, Canada

Reporting to the Chief Engineer, the Senior Mine Engineer, will be Reporting to the Mechanical Superintendent the Maintenance Planner Reporting to the Mill Superintendent, the Metallurgist will be accountable responsible for overseeing activities related to supporting the operations provides leadership and is responsible to develop, implement and main- for providing metallurgical expertise and technical support to ensure and to ensure service and/or operating standards are met. The Senior tain reliability based maintenance strategies based on preventive and efficient and optimum plant performance to meet production objectives Mine Engineer will also design and develop processes, practices and predictive maintenance to ensure maximum availability and production. of the Island Gold Mine. methodologies, and planning in mine engineering.

Community Relations Liaison Lab Manager Technologist II, Metallurgy Saskatoon, Saskatchewan, Canada Langley, BC. Canada Saskatoon, Saskatchewan, Canada Cameco Corporation and AREVA Resources Canada Inc., as part of its Atha- basca Community Relations program, are seeking a full-time Community 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 Liaison to work out of the community of Fond du Lac Denesuline First Nation. 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 This position is one of three Community Liaison positions for Black Lake on the correct use of lab equipment, as well as ensuring that employees laboratory testing and equipment. Experience in analytical technique is a Denesuline First Nation, Fond du Lac Denesuline First Nation, Hatchet Lake follow industry standards and safety regulations for handling and must. You will conduct test work and report findings in an accurate and Denesuline First Nation, Wollaston, Stony Rapids, Camsell Portage and disposing of test samples. consistent manner. Uranium City. This position’s primary responsibility will be to the Fond du Lac Denesuline First Nation, Camsell Portage and Uranium City.

Job Assay Laboratory Manager Calgary Area Hunting? Available Tenure-Track The successful candidate will have a firm grasp of the Get found managerial skills required to run an assay laboratory. This Faculty Position by the best includes wet chemistry, fire assay, ICP and AA spectrometry, In economic geology at the rank of Assistant or Associate Professor employers. and an all-round knowledge of lab operations. You are highly Department of Earth Sciences, Carleton University, Ottawa motivated and have a practical knowledge of Good Upload your Laboratory Practices (GLPs). Previous managerial experience • Candidates must have demonstrated expertise, experience and research interests in the field of economic or resource geology will be considered an asset. Other terms of employment resume to and resource evaluation. may be discussed during the interview process. northernminer- • Preference will be given to candidates with expertise in Resource Evaluation and business management related to jobs.com Please send your resume to [email protected]. economic geology. today. Loring Labs is an Equal Opportunity Employer. • Candidates must have a Ph.D. in Earth Sciences, have demonstrated excellence in teaching, possess a strong commitment to research and scholarship, as reflected in peer-reviewed publications, have strong connections with industry, and be engaged in a research area that has a strong field component. • Applications should include curriculum vitae, a cover letter, and Recruit smarter with mining jobs a teaching dossier including teaching experience, a statement outlining current and future research interests, and the names and addresses {including e-mail addresses) of three referees. One listing is all you need • Please send application by email in one single PDF document Print Edition. Circulated to TNM 20K+ readership to the attention of: Chair, Department of Earth Sciences, Carleton University, 1125 Colonel By Drive, Ottawa, Ontario, K1S 5B6 c/o Mrs. Sheila Thayer ([email protected]). industry Job Boards + 4 • The deadline for applications is September 30, 2016. Further information on the Department, undergraduate and CAMiniNAng JoDIurANnal graduate programs, the Ottawa-Geoscience Centre (OCGC), available research facilities within the OCGC can be obtained at www.earthsci.carleton.ca and www.iggrc.carleton.ca. Email [email protected] or call 416-510-6772 and For full description see: northernminerjobs.com/jobs/Carleton start recruiting smarter today or earthsci.carleton.ca/node/902

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15-Aug1_NEW-MiningJobs.indd 15 16-07-26 5:26 PM 16 AUGUST 1–7, 2016 / THE NORTHERN MINER WWW.NORTHERNMINER.COM Klondike Gold’s quest for the motherlode in the Yukon EXPLORATION | Klondike hits 5.1 grams gold per tonne over 14.3 metres outside Dawson City, Yukon

BY LESLEY STOKES [email protected] DAWSON CITY, YUKON londike Gold’s (TSXV: KG) president and CEO Peter Tallman reckons his com- Kpany may have found the mother- lode just 20 km south of the prolific Klondike goldfields, outside Yukon’s historic Dawson City, where past production yielded over 20 million oz. of placer gold. The company has been drilling at its 138 sq. km Lone Star property since May, where a recent hole into the Nugget zone returned 5.1 grams gold per tonne over 14.3 metres in quartz veins hosted within mafic schists — the same rocks that flank the once bustling, placer mining town. The Northern Miner caught up with Tallman at the company’s core shack outside Dawson to look Peter Tallman, president and CEO of Klondike Gold, at the company’s core shack outside Dawson City, Yukon. PHOTO BY LESLEY STOKES at the rocks and discuss why he’s convinced he knows where the “Giustra asked me to look at geological controls they have, so we gold is. the property and more or less give can fine-tune our targeting criteria “In 2014, I was looking at the him an indication of what kind of in future programs.” SUBSCRIPTION FORM regional geophysical map from potential was still there,” he says. The veins occur in the hanging the Yukon Geological Survey, and “My answer to him was that there’s wall of a fault plugged with young Save there’s an obvious fault system that huge potential. The Yukon was the mafic dykes, which Tallman pre- Over 40% cuts the Klondike schist within the flavour of the day when Underworld dicts may link up with a larger off of the cover goldfields,” he says. “There are a Resources discovered the Golden structure 200 metres east that falls 3 Easy Ways to Order: whole series of horsetail fractures Saddle deposit and Kinross Gold in line with nearby productive  Fax this form to: 416-447-7658  Call Toll Free: price! that extend into Eldorado creek, took over … the project has been placer creeks. 1-888-502-3456  Order online at www.northernminer.com the richest portion of the goldfields, orphaned in the middle of nowhere, He notes there are two placer and I thought, ‘well, that has to be but if it had been found on the gold sources in the Klondike, and PLEASE SEND MY SUBSCRIPTION OPTION AS INDICATED BELOW the source of the Klondike, that’s outskirts of Dawson, on a road refers to the goldfields as “the larg- what brought the gold.’” with power, it would’ve already est, unexplained geochemical gold Your subscription to The Northern Miner will include our Tallman laid the data alongside been mined.” anomaly on the planet.” authoritative weekly newspaper in either Print or Digital placer claims and found a pattern Golden Saddle has an inferred The first source resulted from Edition format. Please select your format preference, as * between mining and where the pro- resource of 9.8 million tonnes of an event that occurred 3.5 million well as the subscription level you'd like to access. PRINT DIGITAL spective faults crosscut the valleys. 2.67 grams gold for 840,000 oz. years ago, when a glacial lobe —   “There are so many instances gold. which had blocked off the Yukon The Northern Miner BASIC Canada  $114 $114 where these faults cut a creek, and In his first year, Tallman settled River farther south and created a Weekly and daily news, daily E-NewsLetter, downstream there are productive the company’s debts, disposed of “bathtub” of water over the Klond- press releases, 4 issues of Mining Markets US  $114 $114 Magazine, 2 Issues of Diamonds in Canada International  $151 $114 placer claims, whereas upstream its non-core assets, consolidated ike — catastrophically broke. Magazine, 1-year article archives. there’s nothing … that’s a demon- 100% ownership of key claims and “The Yukon River was flowing strable source of Klondike gold rolled back the stock. into B.C., but the dam created by The Northern Miner EXECUTIVE Canada  $229 $229 right there,” he says. “And those Under the new management, the glacier undercut the river, so Includes all the content from the Basic service, PLUS a database of detailed company, property US  $229 $229 structures intercept our entire Klondike conducted its first pass when it broke it was like pulling and personnel pro les, article archive dating International  $269 $229 property, so the question we have on drilling at Nugget last year, the plug on a bathtub, and it all back to 1987, and personal topic alerts. right now is: Where can we go in targeting surface mineralization turned around and flushed out to Canadians (excl. ON, NB, NL, NS, PEI) add 5% GST, BC residents add 7% PST, ON, NB, the geology to find something of in chip samples, which returned Alaska,” he says. “The water eroded NL residents add 13% HST, NS residents add 15% HST, PEI residents add 14% HST *Add $6 for shipping and handling economic size?” up to 8 grams gold over 4.3 metres, away the soft mica in the schists SUBSCRIBER INFORMATION and left behind the heavier material like the gold and quartz, which are Name “IF GOLDEN SADDLE HAD BEEN FOUND the white channel gravels mined all ON THE OUTSKIRTS OF DAWSON, ON around the Klondike.” Email (Required for Daily News Service) A ROAD WITH POWER, IT WOULD’VE Since then, he says, the neigh- bouring creeks have cut away the Company Title ALREADY BEEN MINED.” bedrock and redeposited the gold PETER TALLMAN farther downstream, making the Address PRESIDENT AND CEO, KLONDIKE GOLD second source of placer gold in the region. City Prov/State Postal/Zip Code Country “The white channel gravel came locally from the schists, it’s basically Tel Fax Tallman says Klondike is the first and 13 other samples that ranged a big bulk sample of the whole area,” company to fully assess the Nugget between 5 and 30.5 grams gold. he says. “But the gold in individual MY PAYMENT PREFERENCE IS: zone target, where mineralization The 400-metre, six-hole program creeks, particularly up Eldorado, di-  Cheque Enclosed to THE NORTHERN MINER (Payment must accompany order) occurs within two zones of paral- intercepted two east-trending veins rectly comes from bedrock sources,  VISA  MasterCard  Amex lel, east-trending quartz veins that over a 100-metre strike length, and those we can trace.” average 5 metres wide. which returned true thickness in- Tallman adds that studies out of Bulldozer trenching in the early tervals of 7.7 metres of 4.6 grams the University of British Columbia Credit Card # Expiry Date 1990s and in 2005 uncovered the gold, 6.1 metres of 5.3 grams gold suggest the white channel gravels veins, but follow-up drilling in three and 3 metres of 5.7 grams gold. represent an erosional surface up Name on Card: holes in 2007 by Klondike, under The current program is work- to 500 metres thick. He says the former management, missed the ing to extend the mineralization figure may be more like 200 metres, Signature (must be signed to be valid) target because they were drilled and test targets at depth and along but this impact means less in the  Make my service continuous! I’ll never miss another issue. parallel to mineralization. strike, by drilling 11 holes totalling bigger picture. By requesting continuous service now, my subscription to The Northern Miner will renew automatically “They were basically drilling 1,000 metres. The latest drill results “If there’s an orogenic vein system every year and my service will never be interrupted. I may cancel my subscription at any time down the snout of these quartz vein have doubled the mineralization — which we know can extend to systems, so they never found any strike to 200 metres, and Tallman 7 km and more in the vertical — continuity to the mineralization, says mineralization appears to gain then we know there’s an immense PLEASE INDICATE YOUR CONNECTION WITH THE MINERAL RESOURCES INDUSTRY nor could they figure out the geol- strength to the east. amount of gold still trapped in the  Mining Company  Mining Services  Exploration  Investor ogy,” he says. “If this was Timmins, “The veins are separated by 10 rocks somewhere. All I want to do is (Head Of ce)  Manufacturer/  Processing  Institutional (School, and there’s an outcrop with visible metres of intervening material, but find at least a million ounces herded  Mining Company Distributor or equip.  Oil and Gas Library, Assn. ... etc) gold, there would have been 20 drill the easternmost holes show that up in the corner somewhere, and the (Operations supplies, etc. Services  Other, please holes plugged into it at least, and the two zones have coalesced, and odds of that here are really good.” Personnel)  Plant  Oil and Gas Exec. specify  Mining Company  Engineering and or Head Of ce there’s hardly any work done here.” the entire interval is mineralized,” Klondike has traded within a 52- (Other) Research  Government ______Tallman stepped in as the com- he says. “It’s not about individual week range of 8¢ to 42¢ per share, pany’s president and CEO in 2014, veins, but it’s the volume of veins and closed at 32¢ per share at press MONEY BACK GUARANTEE: handpicked by Vancouver-based that makes it. So what we’re look- time. The company has 46 million If I am not satis ed with The Northern Miner, or northernminer.com I can financier Frank Giustra, who has ing for are cases where lots of veins shares outstanding for a $14.7-mil- cancel at any time and receive a refund for any undelivered issues. a 20% stake in the company. were generated and what kind of lion market capitalization. TNM

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