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Canaccord Genuity is the global capital markets group of Canaccord Genuity Group Inc. (CF : TSX | CF. : LSE)

The recommendations and opinions expressed in this research report accurately reflect the research analyst’s personal, independent and objective

views about any and all the companies and securities that are the subject of this report discussed herein.

Mineral Exploration Review

Canadian Equity Research

20 January 2016

Stock prices reflect close of market on 19

January 2016 unless otherwise stated.

In this issue…

Please note: we do not provide ratings, estimates

or target prices for our Global Watch List

Eric Zaunscherb | Analyst | Canaccord Genuity Corp. (Canada) | [email protected] | 1.416.869.7299

Rick Breger | Associate | Canaccord Genuity Corp. (Canada) | [email protected] | 1.416.687.6362

2016 - The lift-off after the lift-off? As anyone exposed to the small cap mining sector knows, 2015 was another

annus horribilus. Year over year, metals have collapsed in US dollar terms: gold

(-15%), silver (-20%), nickel (-40%), iron (-38%), zinc (-26%), copper (-22%) and

aluminium (-18%). Indices of sector performance have followed suit including

the S&P/TSX Global Gold Index (-31%), S&P/TSX Global Base Metal (-47%) and

S&P/TSX Venture Composite (-29%). The main culprits included dampened

demand as the Chinese economic outlook declined, mine over-production, rising

metal inventories, a buoyant US dollar running up to the first rate hike, a spiking

VIX on market turmoil, and deflated volumes reflecting reduced industry activity

and fund availability.

We are, however, cautiously optimistic. It is a fact that previous cycles bottomed

around year-end, benefiting from various seasonal factors. With the US dollar

looking toppy as further rate hikes are pushed out, the Chinese investor

potentially turning to gold in an unstable environment, base metal supply and

demand heading toward equilibrium through 2016, and the seasonal influx of

exploration-oriented funds, we may be poised for a rotation of interest back into

the small cap mining sector.

We highlight the Canaccord Genuity mining team’s formal top picks for the next

six to twelve months but also introduce the 2016 Global Watch List, a group of

19 speculative, unrated companies that the Canaccord Genuity global mining

team has identified. The goal has been to identify companies that offer above-

average opportunities to appreciate over the following year, based on successful

project advancement and development, while incorporating diversity in terms of

locale, commodity, stage and management.

The 2015 Global Watch List was off 12.3% through the year but outperformed

its benchmark, the S&P/TSX Venture Composite Index by 24.4% and the

S&P/TSX Composite Index by 6.5%. Importantly, the Global Watch List ended the

year demonstrating volatility equal to that of the broad S&P/TSX Composite

Index, far bettering the standard deviations recorded by other related indices – a

testament to stock selection and diversification.

We provide a calendar of potentially catalytic company events over the next

year.

We monitor over 300 companies and 1,000 projects across a number of

commodities to track what the market pays per unit metal on an in situ basis.

Until the market perceives sufficient information to transition to discounted cash

flow analysis, in situ metrics provide a powerful tool to value early stage

projects, follow their progression through exploration and development, and

trace industry valuation trends by commodity.

Market and Commodities Snapshot 2

Global Pre-Cash F low Mining Research 3

Mineral Exploration & Development Sector

In Review 4

Outlook 6

Team Sector Top Picks 14

2015 Global Watch List Performance 15

2016 Global Watch List 17

2016 Global Watch List Constituents

Amarillo Gold Corporation 18

Arena Minerals Inc 20

Auryn Resources Inc. 23

Berkeley Energia Ltd. 25

Cardinal Resources Ltd. 28

Columbus Gold Corporation 30

Gold Standard Ventures Corp. 32

Goldquest Mining Corp. 34

Integra Gold Corp. 36

Kivalliq Energy Corporation 39

Nevada Copper Corp. 41

Oklo Resources Limited 43

Pure Gold Mining Inc. 45

Savary Gold Corp. 48

Shore Gold Inc. 51

SolGold Plc 53

TriStar Gold Inc. 56

True Gold Mining, Inc. 58

Western Lithium USA Corp. 61

Potential Catalyst Calendar 63

Canaccord Genuity In Situ Metrics

Introduction 64

Summary 65

Gold 66

Silver 69

Copper 71

Diamond 73

Iron 75

Nickel 77

PGM 79

Uranium 81

Zinc 83

For important information, please see the Important Disclosures beginning on page 85 of this document.

mailto:[email protected]


Figure 1: Market and Commodities Snapshot

Source: Bloomberg, Canaccord Genuity estimates

In S itu Va lue S&P/TSX Ve nture Composite da ily volume for the we e k

EV/a ttributa ble unit me ta l (US$ ) 18 - Ja n- 16 YTD WoW Da te Volume

CG Gold In Situ (EV/oz) 15.13 - 20.9% - 27.3% Tuesday 12-Jan-16 94,987,629

CG Silver In Situ (EV/oz) 0.94 10.1% 13.2% Wednesday 13-Jan-16 92,797,894

CG Copper In Situ (EV/t) 21.75 - 11.2% - 11.8% Thursday 14-Jan-16 90,201,133

CG Diamond In Situ (EV/ct) 9.61 - 10.4% - 3.0% Friday 15-Jan-16 95,712,397

CG Iron In Situ (EV/t) 0.06 0.0% 0.0% Monday 18-Jan-16 55,534,811

CG Nickel In Situ (EV/t) 109 - 10.9% - 6.5%

CG PGM In Situ (EV/oz) 3.84 - 37.6% - 8.7% Tota l 4 2 9 ,2 3 3 ,8 6 4

CG Uranium In Situ (EV/lb) 0.56 - 12.9% - 9.9% Ave ra ge Da ily Volume 8 5 ,8 4 6 ,7 7 3

CG Zinc In Situ (EV/t) 15.13 17.5% - 2.0%

Va lue S&P/TSX Ve nture Composite volume a nd va lue

Inde x 18 - Ja n- 16 YTD WoW*

S&P/TSX Venture Composite Index 485 - 7.7% - 4.4%

S&P/TSX Composite Index 11,942 - 8.2% - 3.1%

S&P/TSX Global Gold Index 132 1.6% - 3.8%

Market Vectors JR Gold Miner 17.95 - 6.6% - 7.1%

S&P/TSX Diversified Metals & Mining 253 - 27.9% - 8.9%

(SPDR) Streettracks Gold Trust 104.08 2.6% - 0.6%

IShares Comex Gold Trust 10.51 2.7% - 0.6%

AMEX Gold Bugs 107 - 4.0% - 6.2%

VIX Index 27.02 48.4% 11.2%

DXY Curncy 98.96 0.3% 0.2%

Ca na c c ord Ge nuity c ommodity pric e a nd c urre nc y fore c a sts

Curre nt va lue

2 0 14 A 2 0 15 E 2 0 16 E Long- Te rm 18 - Ja n- 16 YTD WOW*

Gold US$/oz 1266 1155 1162 1,243 1,089 2.6% - 0.5%

Silver US$/oz 19.08 15.79 15.82 17.00 13.96 0.7% 0.7%

WWW Rough Diamond Index 228 195 245 254 183 - 1.3% 0.0%

WWW Polished Diamond Index 136 124 144 155 122 - 0.4% - 0.2%

Platinum US$/oz 1385 1061 900 1,250 821 - 8.1% - 2.8%

Palladium US$/oz 803 703 550 700 495 - 12.1% 3.3%

Aluminum US$/lb 0.85 0.75 0.70 0.85 0.68 - 0.7% 2.3%

Copper US$/lb 3.11 2.50 2.08 2.75 1.99 - 7.0% 0.0%

Nickel US$/lb 7.66 5.39 4.02 7.00 3.88 - 2.5% 3.9%

Zinc US$/lb 0.98 0.88 0.71 0.90 0.67 - 6.6% 1.3%

Lead US$/lb 0.95 0.81 0.74 0.85 0.73 - 10.3% 0.8%

Uranium US$/lb 46.58 48.09 55.00 70.00 34.85 0.0% 1.8%

Molybdenum US$/lb 11.42 6.73 4.50 7.00 5.23 - 0.8% - 0.9%

Cobalt US$/lb 14.40 13.58 11.00 12.50 10.73 - 1.2% 0.0%

C$/US$ 0.91 0.77 0.77 0.77 0.69 - 5.0% - 2.4%

A$/US$ 0.90 0.75 0.72 0.70 0.69 - 5.8% - 1.8%

US$/Euro 1.33 1.11 1.10 1.20 1.09 0.3% 0.3%

WoW (week over week)

In Situ Metrics: The basket of companies varies over time.

CG - Canaccord Genuity

% Cha nge

% Cha nge

% Cha nge


20 January 2016 2

Figure 2: Global Exploration & Development Research Universe

Source: FactSet, Canaccord Genuity estimates

Priced 19 January 2016

Anal y st Ini ti ati on Cur rent

Return

Si nce

Ini ti ati on Jan 1/15 YTD Sh. o/s Mark et Ini ti ati on

Company Sy mb Ex Rati ng $ (Local ) (Local ) % (Local ) % return P ($) Pro j 'd (%) Hi ($) Lo ($) M Cap ($M) Date

Alexco Resource Corp. AXR T SPEC BUY C EZ $2.85 $0.42 (85.44%) $0.60 (30.8%) $0.80 92.77% $0.81 $0.34 77.3 $32.1 30-Nov-09

Asanko Gold, Inc. AKG T SPEC BUY C RP $2.12 $1.91 (9.91%) $1.80 6.1% $2.75 43.98% $2.55 $1.59 197.0 $376.3 6-Feb-14

Atacama Pacific Gold Corporation ATM T-V HOLD C EZ $0.90 $0.14 (84.11%) $0.27 (46.0%) $0.20 39.86% $0.35 $0.12 65.1 $9.3 29-Jun-14

Atalaya Mining plc ATYM AIM SPEC BUY £ NH £5.35 £0.88 (83.55%) £1.57 (44.0%) £1.55 76.14% £1.80 £0.58 116.7 £102.7 18-Feb-11

Atlantic Gold Corp. AGB T SPEC BUY C EZ $0.28 $0.34 21.43% $0.25 38.8% $0.60 76.47% $0.38 $0.17 115.5 $39.3 4-May-15

Bear Creek Mining Corporation BCM T-V SPEC BUY C EZ $2.87 $0.53 (81.53%) $1.42 (62.7%) $1.50 183.02% $1.94 $0.50 93.1 $49.3 29-Jun-14

Belo Sun Mining Corp. BSX T SPEC BUY C EZ $0.22 $0.22 0.00% $0.21 7.3% $0.70 218.18% $0.29 $0.15 359.4 $79.1 2-Sep-14

Canadian Zinc Corporation CZN T SPEC BUY C KF $0.47 $0.08 (82.80%) $0.21 (61.9%) $0.20 150.00% $0.24 $0.05 218.0 $17.4 1-Nov-13

Dacian Gold Ltd. DCN AU SPEC BUY A RS/TM $0.48 $0.80 66.67% $0.28 187.9% $1.25 56.25% $0.93 $0.34 132.4 $105.9 6-Sep-15

Dalradian Resources Inc. DNA T SPEC BUY C EZ $0.55 $0.68 23.64% $0.74 (8.1%) $1.10 61.76% $1.16 $0.62 215.3 $146.4 27-Nov-14

Finders Resources Limited FND AU BUY A TM/RS $0.18 $0.12 (31.43%) $0.15 (20.0%) $0.25 108.33% $0.17 $0.11 677.9 $81.3 19-Feb-14

Galaxy Resources Limited GXY AU SPEC BUY A RS/TM $0.09 $0.18 94.44% $0.03 600.0% $0.16 (8.57%) $0.21 $0.02 1264.4 $221.3 17-Dec-15

General Mining Corporation Limited GMM AU SPEC BUY A RS/TM $0.20 $0.28 40.00% $0.00 5,986.0% $0.40 42.86% $0.31 $0.00 310.7 $87.0 17-Dec-15

Highfield Resources Limited HFR AU BUY A TM $0.41 $1.68 309.76% $0.63 166.7% $2.30 36.90% $2.08 $0.69 310.6 $521.8 7-May-14

Kaminak Gold Corporation Class A KAM T-V SPEC BUY C EZ $1.09 $0.83 (23.85%) $0.77 7.8% $1.50 80.72% $1.15 $0.61 171.2 $142.1 30-Jan-15

Kennady Diamonds, Inc. KDI T-V SPEC BUY C EZ $3.42 $2.70 (21.05%) $4.60 (41.3%) $3.50 29.63% $5.95 $2.35 46.9 $126.6 17-Aug-15

Marathon Gold Corporation MOZ T SPEC BUY C EZ $0.21 $0.16 (23.81%) $0.30 (46.7%) $0.30 87.50% $0.38 $0.11 93.3 $14.9 13-Oct-15

Orezone Gold Corporation ORE AU HOLD C EZ $0.48 $0.25 (47.92%) $0.50 (50.0%) $0.30 20.00% $0.61 $0.22 117.4 $29.3 19-Dec-12

Orocobre Limited ORE AU BUY A RS/TM $1.93 $2.54 31.61% $2.78 (8.6%) $3.40 33.86% $2.95 $1.33 169.0 $429.3 22-Oct-12

Premier Gold Mines Limited PG T SPEC BUY C EZ $2.84 $2.46 (13.38%) $1.89 30.2% $3.50 42.28% $2.92 $1.64 174.7 $429.8 29-Jun-14

Pretium Resources Inc. PG T SPEC BUY C EZ $7.27 $6.10 (16.09%) $6.71 (9.1%) $9.50 55.74% $9.00 $5.57 144.6 $882.0 23-Feb-15

Roxgold Inc. ROG T-V SPEC BUY C RP $0.67 $0.75 11.94% $0.55 36.4% $0.85 13.33% $0.84 $0.51 324.1 $243.1 17-Mar-14

Seabridge Gold Inc. SEA T SPEC BUY T TL $8.10 $8.42 3.95% $8.81 (4.4%) $15.50 84.09% $13.55 $4.34 52.1 $438.5 22-May-14

Syrah Resources Limited SYR AU BUY A RS $2.79 $3.53 26.52% $3.13 13.0% $6.45 82.72% $4.70 $2.39 231.3 $816.4 11-Oct-13

Torex Gold Resources Inc. TXG T SPEC BUY T RP $1.31 $1.19 (9.16%) $1.23 (3.3%) $1.80 51.26% $1.65 $0.85 785.4 $934.7 10-Nov-14

Vimy Resources Limited VMY AU SPEC BUY A TM/RS $0.33 $0.30 (9.09%) $0.43 (29.4%) $0.70 133.33% $0.44 $0.24 228.5 $68.5 29-Nov-15

R – Restricted

EZ – Eric Zaunscherb; KF - Kyle Franklin; RP - Rahul Paul; TL – Tony Lesiak: employed by Canaccord Genuity Corp.

RS – Reg Spencer, TM - Tim McCormack: employed by Canaccord Genuity (Australia) Limited.

NH - Nick Hatch: employed by Canaccord Genuity Limited (UK).

Past performance may not be indicative of future results.

Further information on the methodologies used to derive our target prices, and the risks that could impede achievement of these targets, is available upon request.

Disclosure information for all Canaccord Genuity research coverage can be found at http://disclosures.canaccordgenuity.com/en/pages/default.aspx.

12-mo Target 52-wk


20 January 2016 3

Mineral Exploration & Development Sector Review

Another annus horribilus. How much longer must we endure this downturn? Year over

year, metals have collapsed in US dollar terms: gold (-15%), silver (-20%), nickel (-40%),

iron (-38%), zinc (-26%), copper (-22%) and aluminium (-18%). Indices of sector

performance have followed suit: S&P/TSX Global Gold Index (-31%), S&P/TSX Global

Base Metal (-47%) and S&P/TSX Venture Composite (-29%). The main culprits include:

Demand dampened by the decline in the Chinese economic outlook, driver of

metal consumption throughout the now moribund super-cycle, and the

deceleration of intensity of use as the Chinese economy shifts to consumer-

driven from infrastructure investment and export-driven,

Mine over-production with rising metal inventories,

A perpetually postponed US rate hike supporting a buoyant US dollar, taking

DXY up 7% over the past year,

A volatile market signalling risk-off, with VIX climbing 24% over the past year

but hitting a peak in August not seen since the Great Financial Crisis in late

2008, and

Constrained liquidity (collapsing sector volumes, see Figure 1) and funding

(sagging resource fund values and net redemptions).

As in the past, we look to the S&P/TSX Venture Composite Index as a proxy for the

junior resource industry (currently 34% mining and 12% oil & gas on a quoted market

value basis). As per Figure 3, the current venture downturn is now the longest and

deepest correction in the last four decades, declining 78% from the preceding peak

over a 58 month period. If China’s economic emergence, which spurred the now

famous super-cycle (Figure 4), was the longest party then surely the sector has now

suffered the longest hangover.

Figure 3: S&P/TSX Venture Composite and Predecessor Downturns – The Longest Hangover

Source: TSX Datagroup, Bloomberg, Canaccord Genuity estimates

Past performance may not be indicative of future results


20 January 2016 4

Figure 4: S&P/TSX Venture Composite and Predecessor Cycles rebased – “The Longest Party” is

being followed by “The Longest Hangover”


Past performance may not be indicative of future results

Cold comfort was found in companies with exposure to quality assets in producer

countries benefiting from a collapsing currency, most specifically Australia, Canada and

Brazil where gold was actually up in local currencies by 1%, 4% and 31%, respectively.

Demonstrating that selective exposure may be productive even in down markets, top

small cap performers over the past year include:

Orinoco Gold (OGX:ASX, Not rated, +151%),

Dacian Gold (DCN:ASX, Rated Speculative Buy by Reg Spencer and Tim

McCormack, +124%),

Claude Resources (CRJ:TSX, Rated Speculative Buy by Rahul Paul, +115%),

Highfield Resources (HFR:ASX, Rated Buy by Tim McCormack, +136%),

Newmarket Gold (NMI:TSX, Not rated, +58%),

Sabina Gold & Silver (SBB:TSX, Not rated, 45%), and

Atlantic Gold (AGB:TSX, Rated Speculative Buy by Eric Zaunscherb, +31%).

On the other end of the spectrum, notable failures, largely for reasons related to

operational execution, have included (with 1-year share price performance):

Midway Gold (MDW:TSX, Not rated, -90%),

Rubicon Minerals (RMX:TSX, Not rated, -98%), and

Luna Gold (LGC:TSX, Not rated, -88%).


20 January 2016 5

Mineral Exploration & Development Sector Outlook

The industry holds its collective breath awaiting the inevitable return to the good times

of the right side of Figure 4, repeating the mantra, “The sector is cyclical, the sector is

cyclical, the sector is cyclical…” The Northern Miner editorial for 2 December bemoans

the deep layoffs in the industry, itemizing thousands of workers laid off. At Anglo

American’s (AAL:LSE, Rated Hold by Nick Hatch) 8 December Investor Day, Chief

Executive Mark Cutifani announced management’s intent to reduce the company’s

payroll from a targeted 135,000 positions at year-end 2015 to 50,000 at the

conclusion of its restructuring efforts.

We do not doubt that the mineral sector is cyclical, as global economies resume

growth, uneconomic operations close, struggling companies reinvent themselves,

supply and demand pass through equilibrium, inventories decline and prices eventually

rebound. The key word is “eventually”; we cannot declare when the bottom will occur

with certainty. Unfortunately, some of those holding their breath asphyxiate while

others get into the medicinal marijuana business… and inhale. Regardless, from

looking at Figure 4 one may expect a relatively long, drawn-out bottom lasting 18 to 24

months in which stock selection will rule.

Most likely, the biggest factor to consider with regard to the timing of the sector

rebound is the US dollar call. The long-awaited rate hike of 15 December, the first hike

since 2006, is now history. As expected, our Canaccord Genuity strategists have their

own views on the way forward. New York-based Tony Dwyer, in his Industry Overview

published 7 January, notes the pressure that the broad market is under given the

current doom-and-gloom: “Commodities remain under heavy pressure, the Middle East

is a powder keg, North Korea claims to have a hydrogen bomb, China is devaluing its

currency and [has been] limit down…”.

Dwyer sticks with his view of a stronger market, looking for a 2016 S&P 500 target of

2,360, based largely on historically low valuations, a solid view of the US economy and

a paucity of investment alternatives. His four favourite metrics (see the publication for

the details) give him confidence that the prevailing pessimism is priced in and that “the

fundamental and historical backdrop[s] favor the intermediate-term upside potential”.

He favours the Financial, Consumer Discretionary and Info Tech sectors but also

believes that sectors like Energy and Materials, that have been under the most

pressure, are likely to see some relief in 1H16.

Montreal-based strategist Martin Roberge is more sanguine about the resources sector

(The Quantitative Strategist – Outlook 2016, published 7 January). Although he sees

global GDP growth stuck at ~3%, he expects central banks to support monetary

reflation with fiscal stimuli, as well as a US dollar soft-landing as further rate rises get

pushed out into the future. Recent FOMC rate change probabilities have indeed shifted

outward. He considers China “on target to achieve a soft landing with strength in the

service economy offsetting manufacturing weakness”. He re-emphasized his

Overweight call on the resource sector, specifically base and precious metals, as the

sector historically outperformed through reflation years and valuations are at or below

2000 and 2008 levels (Figure 5). With regard to base metals, supply and demand are

returning to balance as capex austerity impinges upon production growth, Chinese

demand is rebounding and visible inventories have turned down (e.g. copper, Figure 6).

With regard to gold equities, Roberge is optimistic citing a return to supply-demand

balance, historical outperformance during US dollar weakness and a rising inflation

environment, and historically low valuations. He highlights the outperformance of gold

equities in the gradual rate tightening environment of 1986 to 1987 (Figure 7).

Additionally, exposure to gold equities may provide a hedge against spreading credit

defaults and rising geopolitical risk. He consequently views gold equities as one of his

three good contrarian investments for 2016.


20 January 2016 6

Figure 5: Canadian resource sector valuation levels at or below 2000 and 2008 lows - attractive

Source: Thomson Reuters Datastream, Canaccord Genuity estimates

Figure 6: Copper price and visible inventories - pricing does not reflect 2015 inventory decline



20 January 2016 7

Figure 7: Roberge: Not all Fed tightening cycles are alike...

Source: Thomson Reuters Datastream, Canaccord Genuity estimates

Aside from the US dollar performance and outlook, the performance and outlook for

the Chinese yuan (RMB) is also germane. The softening Chinese economic outlook and

equity market volatility have depressed the RMB. Leading US Republican candidates

have beat the protectionist drum leading to trade war concerns. Both could lead

Chinese (and other) investors towards gold as a hedge.

In general, we need supportive metal and related equity markets, weaker USD and

higher risk tolerance, strong industry activity and news flow, and positive funds flow to

fund activity. As we have stated before, US dollar denominated metal prices and the

mining equities have been terribly weak for almost five years. But metal supply and

demand have been returning to equilibrium and visible inventories have been trending

downward (Figure 6); prices should begin to respond. As shown in Figure 8, the DXY is

trading near the top of its range and may be toppy if the expectation of a gradual,

shallow US rate rise trajectory comes to fruition. Market volatility, as measured by the

VIX, maybe settling down from the peak seen in September 2015, perhaps heralding

increasing risk tolerance.

Based on surveys by SNL Metals & Mining, industry exploration activity has declined

steadily over the past three years, now estimated at US$8.8 billion in 2015 down from

US$20.5 billion in 2012 (Figure 9). Although the proportion of industry exploration

focused on late stage exploration has declined marginally, the residual exploration

emphasis has shifted dramatically to mine site exploration from grassroots exploration

(Figure 10). In general, late stage and mine site exploration activities are producer-

funded while grassroot exploration is largely funded by small cap companies reliant

upon specialist venture capital funds and retail investors.


20 January 2016 8

Figure 8: DXY range-bound and VIX declining?

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Figure 9: Global exploration budget vs. indexed metal prices

Source: SNL Metals & Mining, 2015 Corporate Exploration Strategies


20 January 2016 9

Figure 10: Proportion of global exploration budgets by stage

Source: SNL Metals & Mining, 2015 Corporation Exploration Strategies

Based on fund flows tracked by Canaccord Genuity Corp. (Canada) analyst Scott Chan

(December ‘15 industry fund flows; fund flows slowed at year-end, published 19

January 2016), mining industry fund flows are trending negatively (Figure 11). Natural

Resources Equity funds AUM shrinkage continued in December, while redemptions

have also accelerated. Precious Metals Equity funds’ AUM and redemptions have also

accelerated negatively.

The TSX and TSX-V are the dominant mining exchanges globally. Historically, two-thirds

to three-quarters of funds raised globally for the mining sector are raised through the

two Canadian exchanges. As shown in Figure 12, 2015 mining value traded fell short of

2014 levels (-17%). The bulk of value traded consists mostly of large caps on the main

board. Venture trading is off 49% relative to 2014. Mining value raised has diminished

sharply over the last five years. TSX mining value raised in 2015 fell 19%, but Venture

mining value raised fell40% relative to 2014 amounts.


20 January 2016 10

Figure 11: Overall fund redemptions and AUM shrinkage stabilizing?

Source: Source: IFIC, Canaccord Genuity


20 January 2016 11

Figure 12: TSX and TSX-Venture volumes and equity raised


Mining Value Traded (C$)

Mining Equity Raised (C$)

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20 January 2016 12

Figure 13: 2-Month Returns of the S&P/TSX-V Composite Index


On the basis of weak exploration industry activity evidenced by TSX and TSX Venture

funds traded and raised for the sector, it is not surprising that we have not yet seen the

cycle bottom of the S&P/TSX Venture Composite Index (Figure 4). It is a fact, however,

that previous cycles have bottomed around year-end, benefiting from the seasonality

detailed in Figure 13. Looking at over three decades of data, two-month returns from

the beginning of December average 9.0%, providing a positive return nine times out of

ten. The next best month for two-month returns is January, averaging 7.7% and a

positive return half the time. This seasonality coincides with the conclusion of year-end

tax loss selling, recommencement of exploration post the Christmas season and the

influx of capital via flow-through fund investments in Canada. With the US dollar looking

toppy as further rate hikes are pushed out, the Chinese investor potentially turning to

gold in an unstable environment, base metal supply and demand heading toward

equilibrium through 2016, and the seasonal influx of exploration-oriented funds, we

may be poised for a rotation of interest back into the small cap mining sector. Of

course, we were similarly inclined last year – a form of Seasonal Affective Disorder

perhaps?


20 January 2016 13

METALS AND MINING TOP PICKS

Amongst the mining team’s formal coverage, the Canaccord Genuity Canadian Focus

List harbours some of our top picks. Our top picks are summarized below in Figure 14.

Figure 14: Canaccord Genuity mining team current top picks

Source: Company Reports, Canaccord Genuity estimates


20 January 2016 14

2015 GLOBAL WATCH LIST

The annual Canaccord Genuity Global Watch List was first published in 2008. The

Global Watch List is designed to highlight speculative, unrated companies with strong,

proven management and active exploration and development programs on high-quality

assets. The goal has been to identify companies that offer above-average opportunities

to appreciate over the following year based on successful project advancement and

development. The number of companies in the basket has varied greatly over time but

the intent has always been to incorporate diversity in terms of locale, commodity, stage

and management. The constituents of the Global Watch List are sourced from the

members of Canaccord Genuity’s global mining team. Note that we do not provide

ratings, estimates or target prices for companies on our Global Watch List.

Figure 15: 2015 Canaccord Genuity Global Watch List


2015 Global Watch Lis t

Incept ion Curren t Since Last 12

Company Name Ticker Exchange 10-Nov-14 18-Jan -16 incept ion months YTD Commodity Locale

Talisman Mining Limited TLM ASX $0.16 $0.45 190.1% 198.5% 209.1% Ni W. Australia

Orinoco Gold Ltd. OGX ASX $0.09 $0.16 89.6% 163.4% 200.6% Au Brazil

NexGen Energy Ltd. NXE TSX-V $0.42 $0.76 81.0% 133.8% 100.0% U Saskatchewan

Atlantic Gold Corp. AGB TSX-V $0.22 $0.34 54.5% 28.3% 38.8% Au Nova Scota

Kaminak Gold Corporation Class A KAM TSX-V $0.60 $0.83 38.3% -5.7% 7.8% Au Yukon

MAG Silver Corp. MAG TSX $7.27 $9.53 31.1% -5.4% 0.1% Ag Mexico

Reservoir Minerals Inc. RMC TSX-V $3.36 $3.65 8.6% -16.7% -7.8% Cu-Au Serbia

Lucapa Diamond Co. Ltd. LOM ASX $0.37 $0.30 -18.4% 0.0% -1.3% Diamonds Angola

Eurasian Minerals Inc. EMX TSX-V $0.78 $0.54 -30.8% -40.7% -38.6% Diverse Global

Calibre Mining Corp. CXB TSX-V $0.10 $0.07 -32.0% -54.7% -54.7% Au-Cu-Ag Nicaragua

Marathon Gold Corporation MOZ TSX $0.29 $0.16 -44.8% -42.9% -46.7% Au Newfoundland

Lydian International Ltd. LYD TSX $0.54 $0.25 -54.6% -56.3% -47.9% Au Armenia

Talon Metals Corp. TLO TSX $0.32 $0.14 -56.3% -40.4% -46.2% Ni-Cu-PGM Minnesota

Pure Gold Mining Inc. PGM TSX-V $0.24 $0.10 -58.3% -69.2% -69.7% Au Ontario

Western Lithium USA Corporation WLC TSX $0.78 $0.32 -59.6% -37.0% -40.6% Lithium NV & Argentina

Nevada Copper Corp. NCU TSX $1.45 $0.56 -61.4% -58.2% -66.1% Cu Nevada

Wellgreen Platinum Ltd WG TSX $0.53 $0.20 -63.2% -71.3% -71.3% PGM-Ni-Cu British Columbia

Constantine Metal Resources Ltd. CEM TSX-V $0.14 $0.05 -64.3% -66.7% -70.6% Zn-Cu-Ag Alaska

Balmoral Resources Ltd. BAR TSX $1.08 $0.37 -66.2% -62.4% -65.9% Ni & Au Quebec

Vendetta Mining Corp. VTT TSX-V $0.19 $0.06 -68.1% -38.8% -52.0% Pb-Zn Queensland

Aureus Mining Inc. AUE TSX $0.37 $0.10 -73.0% -71.4% -69.2% Au Liberia

2015 Global Watch Lis t ( Indexed) 100.0 87.7 -12.3% -26.4% -24.2%

S&P/TSX Venture Index 765.5 485.1 -36.6% -27.3% -30.3%

a 24.4% 0.9% 6.1%

S&P/TSX Composite Index 14,710 11,942 -18.8% -16.5% -18.4%

GDXJ ETF 27.4 26.1 -4.8% -24.7% -6.0%

S&P/TSX Global Gold Index 136.2 131.6 -3.3% -27.2% -9.7%

S&P/TSX Div. Metals & Mining Index 688.6 252.6 -63.3% -56.5% -63.1%

% ChangePrice C$

-100%

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20 January 2016 15

Figure 16: 2015 CG Global Watch List performance relative to sector benchmarks


The 2015 Global Watch List constituents are listed in Figure 15 with performance since

inception. We have closed the 2015 Global Watch List effective 18 January 2016.

Clearly the Australian exchange rate helped our top two performers but so did

delivering on their projects. Overall, high-quality projects showed well through the year.

Sovereign risk and the base metal collapse largely explain the bottom-quartile

performers.

Although off 12.3% through the year, the 2015 Global Watch List outperformed its

benchmark, the S&P/TSX Venture Composite Index by 24.4% and the S&P/TSX

Composite by 6.5% (Figure 16). The pure gold entities, the S&P/TSX Global Gold Index

and the GDXJ ETF outperformed the 2015 CG WL by 9.0% and 7.5%, respectively. The

S&P/TSX Diversified Metals & Mining Index was vastly outperformed by all. Most

importantly, the 2015 CG WL ended the year demonstrating volatility equal to that of

the broad S&P/TSX Composite Index (standard deviation of 5.7), far bettering the

standard deviations recorded by S&P/TSX Venture Composite Index (10.6), GDXJ ETF

(10.7), S&P/TSX Global Gold Index (14.6) and S&P/TSX Diversified Metals & Mining

Index (22.9) – a testament to stock selection and diversification.


20 January 2016 16

2016 GLOBAL WATCH LIST AND ITS CONSTITUENTS

Carrying on our tradition, we have inaugurated the 2016 Canaccord Genuity Global

Watch List. Consistent with the previous mandate, we seek companies with

management exhibiting all the necessary skillsets (technical, financial and managerial),

as well as financial capacity to move forward, active projects with the potential to be

lower quartile in costs and upper quartile in growth, and acceptable sovereign risk. To

build a good representative basket of small cap companies with the attributes we seek,

we have polled our global metals and mining research analyst team for their best

uncovered ideas. These are summarized in Figure 17 with company profiles in the

following pages. The 19 companies provide exploration and development exposure

diverse in terms of commodity, locale and stage (all pre-cash flow). We will track their

performance over the following year.

Figure 17: 2016 Canaccord Genuity Global Watch List


2016 Global Watch Lis t

Incept ion Curren t Since Last 12

Company Name Ticker Exchange 19-Jan -16 19-Jan -16 incept ion months YTD Commodity Locale

Amarillo Gold Corporation AGC TSX-V $0.06 $0.06 0.0% -3.1% -7.4% Au Brazil

Arena Minerals Inc AN TSX-V $0.18 $0.18 0.0% 38.5% 83.7% Cu Chile

Auryn Resources Inc. AUG TSX-V $1.01 $1.01 0.0% -6.5% 6.3% Au Nunavut

Berkeley Energia Ltd BKY AIM $0.50 $0.50 0.0% 98.3% 85.7% U Spain

Cardinal Resources Ltd. CDV ASX $0.13 $0.13 0.0% 165.8% 262.6% Au Ghana

Columbus Gold Corporation CGT TSX-V $0.34 $0.34 0.0% -30.6% -19.0% Au NV & French Guiana

Gold Standard Ventures Corp. GSV TSX-V $0.80 $0.80 0.0% 40.4% 60.0% Au Nevada

Goldquest Mining Corp. GQC TSX-V $0.13 $0.13 0.0% 13.0% 30.0% Au Dominican Republic

Integra Gold Corp. ICG TSX-V $0.32 $0.32 0.0% 14.5% 61.5% Au Quebec

Kivalliq Energy Corporation KIV TSX-V $0.08 $0.08 0.0% -51.5% -51.5% U Nunavut

Nevada Copper Corp. NCU TSX-V $0.53 $0.53 0.0% -61.9% -67.9% Cu Nevada

Oklo Resources Limited OKU ASX $0.06 $0.06 0.0% -6.5% -47.8% Au Mali

Pure Gold Mining Inc. PGM TSX-V $0.10 $0.10 0.0% -67.3% -70.3% Au Ontario

Savary Gold Corp. SCA TSX-V $0.03 $0.03 0.0% -13.2% 32.0% Au Burkina Faso

Shore Gold Inc. SGF TSX-V $0.20 $0.20 0.0% -16.7% -11.1% D Saskatchewan

SolGold Plc SOLG AIM $0.04 $0.04 0.0% -36.2% -37.0% Cu-Au Ecuador

TriStar Gold Inc. TSG TSX-V $0.17 $0.17 0.0% 13.8% 17.9% Au Brazil

True Gold Mining, Inc. TGM TSX-V $0.24 $0.24 0.0% 11.6% -5.9% Au Burkina Faso

Western Lithium USA Corporation WLC TSX-V $0.34 $0.34 0.0% -32.0% -35.8% Li Argentina & Nevada

% ChangePrice C$


20 January 2016 17

Amarillo Gold Corp.

(AGC: TSX-V : C$0.06 | Not Rated)

Contact: Eric Zaunscherb +1 416 869 7299

[email protected]

We do not provide a rating, estimates or a target price for Amarillo Gold Corp.

Amarillo Gold is a Vancouver-based actively conducting gold exploration in Brazil for

over twelve years. The company is guided by President & CEO Buddy Doyle, who joined

Amarillo Gold in February 2004. Mr. Doyle has over 30 years of experience in mineral

exploration and has seen two substantial projects from discovery through production

decision. At Kennecott Canada Exploration Inc. he was Exploration Manager/Vice

President where, leading a staff that numbered up to 100 individuals, he was

responsible for diamond exploration in North America from 1992 to 2004, leading the

team that discovered the Diavik diamond deposits. Prior to transferring to Kennecott

Canada, Mr. Doyle was a key member of the Kennecott Exploration Australia team that

discovered the multi-million ounce Minifie gold deposits at Lihir (1987 to 1988).

Within its exploration project portfolio in Brazil, Amarillo’s primary asset is the Mara

Rosa gold project in the state of Gois, located ~335km northwest of Brasilia. The

project encompasses 65,000 ha of exploration permits and 2,600 ha of mining

permits. Local infrastructure is excellent, with paved road access from Brasilia. The

project straddles a greenstone belt with a shear hosted meso-thermal gold

mineralized system of Neo-Proterozoic age.

An October 2011 prefeasibility study (PFS) focused on the Posse deposit within the

Mara Rosa project, with a 2P reserve of 17.1Mt averaging 1.72 g/t Au for 945 Koz

contained, at a 0.5 g/t Au cut-off grade. The US$181M initial capex, 2.5 Mt/a open-

pit project would produce an average 123,000 oz/a at US$524/oz production cost

over an initial 7-year life. At US$1,200/oz Au and 1.90:1 Brazilian Real exchange

rate, the PFS project generates an after-tax NPV(5%) of US$179M and 27% IRR.

Gold recoveries in excess of 93% were achieved using conventional carbon in leach

(CIL) technology with the addition of a simple pre-oxidation stage prior to the CIL

circuit. The additional stage addresses the refractory gold telluride component in

the mineralisation, estimated at ~25% of the total. The flow-sheet and recovery rate

were confirmed in further testing conducted in 2012.

An April 2013 geotechnical study indicated that the footwall slope can safely be

increased as compared to the nominal 40 degree slope used in the PFS. If all other

assumptions in the PFS remain fixed, this represents a decrease in strip ratios from

8:1 used in the PFS to approximately 6.5:1, which implies a smaller footprint and

lower cost or a deeper pit. This, plus exploration potential to the north and

demonstrable ore-grade mineralization in the Saddle zone not previously included

in the PFS, suggest potential upside to the PFS reserve.

Amarillo Gold recently announced a legal decision allowing the company to resume

the stalled licensing process commenced in May 2012. Management is now

working to expedite its preliminary license (LP) application and targets the granting

of its LP in Q1/16, a potentially catalytic event.

Through the sector downturn, Amarillo Gold has continued to move forward, funded

via a 5,000 oz gold loan facility, approximately one-half of which has been drawn.

The facility must be repaid on the earliest of 1) a change of control of the Company;

2) three months following a declaration of commercial production at Mara Rosa; or

3) July 31, 2019. The facility bears a coupon of 12% and interest may be accrued.

An analyst has not visited the properties held by Amarillo Gold in the last two years.

Amarillo Gold Corp.

Source: FactSet

Priced 19 January

Shares OS (M): 69.9

Shares FD (M): 74.3

Market Cap. (M): $4.4

Working Cap. (M): -$1.1

30-Day Avg Daily Volume (K): 27.0

President: Buddy James Doyle

Co. Website: http://www.amarillogold.com

Co. Telephone: +1.604.689.1799


20 January 2016 18


Figure 18: Amarillo Gold project location map

Source: Company Reports

Figure 19: Mara Rosa gold project – historic pit (central and bottom right) and down-dip extension

(top left)



20 January 2016 19

Arena Minerals Inc.

(AGC: TSX-V : C$0.18 | Not Rated)


[email protected]

We do not provide a rating, estimates or a target price for Arena Minerals Inc.

Arena Minerals is a Toronto-based project generator focused on the highly prospective

but largely untested area east of Antofagasta, Chile, surrounded by producing copper

mines. William Randall, Arena Minerals’ President and CEO, is an experienced

geologist born and raised in Argentina but educated in Canada. In 2013, Arena

Minerals (formerly Antofagasta Gold and Windamere Ventures) agreed to an option to

earn an 80% interest in a maximum of 50,000 ha, chosen at its discretion, of the

300,000 ha Atacama Copper property owned by an industrial minerals group that did

not explore for base metals. The vendor retains a 3% NSR royalty. The area boasts

excellent infrastructure, is situated at relatively low altitudes and straddles ~120km of

the north south striking Chilean Copper Belt. The property size has been reduced to

~92,000 ha and approximately 85% of the project is now subject to joint ventures with

partners Teck (TCK.B:TSX, rated Sell by Peter Bures), Japan Oil Gas and Mineral

Exploration Company (JOGMEC, Not rated) and B2Gold (BTO:TSX, rated Buy by Rahul

Paul). The partners will spend over US$56M over the next few years, exceeding the

commitments required to exercise the underlying option.

Arena recently provided an update from Phase 1 exploration on the ground covered

by a joint venture agreement with JOGMEC. JOGMEC is spending a minimum of

US$16M in two stages over a six-year period to acquire up to a 60% interest in

10,000 ha to be selected from 30,000 ha of the Atacama Copper property. Arena is

the operator of the joint exploration program, supplying the majority of its

infrastructure and workforce over the period. Results from the first 40 holes of 88

holes drilled totalling 14,900m have been released with the remainder expected in

Q1/16. In the northwestern portion of the Pampa Union block, Hole PU-RC-39

intersected a lithocap, alteration and pyrite shell characteristic of a porphyry

system. Permitting of a 241-hole follow up program has been accelerated to test

the discovery.

Teck Resources (Chile) is spending US$19.5M in two stages over a six-year period

to earn a 60% interest in the Solitario and Paciencia North prospects, portions of

the Atacama Copper property proximal to the operating Spence mine owned by BHP

Billiton (BLT:LSE, rated Buy by Nick Hatch). Teck has commenced the third drill

program this year, employing two RC rigs and targeting copper porphyry

mineralization.

B2Gold has an option to earn up to 60% in the Pampa Paciencia and Cerro Barco

properties, comprising 27,341ha of the Atacama Copper property, requiring a

minimum spend of US$20.5M over a five-year period. B2Gold recently released

initial drill results from a 12-hole, 2,124m drill program on Pampa Paciencia,

targeting epithermal gold silver mineralization. Drilling focused on one vein, which

has been encountered in trenching and shallow drill holes over a 2.8km strike

length at an average spacing of ~500m, and remains open to depth and to the

east. Follow up drilling is planned.

Finally, Arena also has the 3,400 ha Pampas El Peñon project, which is located less

than 1 km from Yamana's (YRI:TSX, rated BUY by Tony Lesiak) Augusta Victoria

project, part of the El Peñon mine complex.

An analyst has not visited the properties held by Arena Minerals in the last two years.

Arena Minerals Inc.

Source: FactSet

Priced 19 January

Shares OS (M): 80.1

Shares FD (M): 97.3


Working Cap. (M): $0.0


President: William C. W. Randall

Co. Website: www.arenaminerals.com

Co. Telephone: +1.416.309.2697


20 January 2016 20


Figure 20: Arena Minerals’ project location map. Note the significant infrastructure and proximity

to operating mines.



20 January 2016 21

Figure 21: Atacama Copper project joint ventures



20 January 2016 22

Auryn Resources Inc.

(AUG: TSX-V : C$1.01 | Not Rated)


[email protected]

We do not provide a rating, estimates or a target price for Auryn Resources Inc.

Auryn Resources recently completed the acquisition of North Country Gold Corp.,

consolidating the ownership of the Committee Bay gold project in Nunavut. The project

covers 217,600ha and straddles a 300km long greenstone belt with demonstrable

potential for significant gold mineralization. Committee Bay is situated ~180km

northeast of Agnico Eagle’s (AEM:TSX, rated Buy by Tony Lesiak) Meadowbank gold

mine. Auryn is a Vancouver-based company with a management team lead by Ivan

Bebek and Shawn Wallace, the team behind Asanko Gold (formerly Keegan Resources,

AKG:TSX, rated Speculative Buy by Rahul Paul) and Cayden Resources, which was

acquired by Agnico Eagle in November 2014 for $205M. Its technical team has tapped

into extensive Newmont Mining (NEM:NYSE, Not rated) alumni experience.

The previous operator focused largely on the Three Bluffs deposit within the

Committee Bay project. Three Bluffs hosts 1.85Mt Indicated averaging 8.42 g/t for

502 Koz contained plus 3.35Mt Inferred averaging 7.16 g/t for 773 Koz contained.

Of total ounces, approximately 57% are considered amenable to underground

mining while the remainder would be encompassed in an open pit. Despite the

seemingly remote location of the project, the previous operator had established

considerable infrastructure including a 100-person camp and multiple airstrips in

the project area.

Although management acknowledges exploration significant upside to depth and

proximal to Three Bluffs, the company considers assessment of regional exploration

within the sizeable land package a priority. Aside from multiple, drill-ready targets

that have had minimal drill-testing, management has highlighted 115 rock samples

grading greater than 5g/t Au that fall across nine broad areas that have not had any

follow up first pass drilling within a 200m radius.

This summer, Auryn geologists employed Rotary Air Blast (RAB) drilling to cost-

effectively explore the West Plains structure in the southwest portion of the

Committee Bay project. The program successfully demonstrated gold mineralization

over 1.8km of a 6km IP anomaly. Highlight intersections from this summer’s

program include 16.76m of 10.36g/t Au (including 12.19m of 13.89g/t Au) and

28.96m of 1.41g/t Au in Hole 15WPPR001, and 27.43m @ 2.97g/t Au (including

10.67m of 5.45g/t Au) in Hole 15WPPR027. The high-grade mineralization

encountered appears to have a sub-vertical plunge and remains open at depth.

A till sampling program from the southwest region of the Committee Bay project was

designed to identify exploration vectors over gold targets identified in Auryn’s

prospectivity analysis. Till covers an estimated 95% of the total belt. The program

identified five new significant gold-in-till anomalies ranging from 1 km to 10 km in

length, three of which constitute a newly recognized corridor extending for over 20

km southward from the Raven prospect. Collectively, these till anomalies constitute

a focus for continued exploration within the southwest region.

An analyst has not visited the properties held by Auryn Resources in the last two years.

Auryn Resources Inc.

Source: FactSet

Priced 19 January

Shares OS (M): 48.8

Shares FD (M): 57.3




President: Shawn Kristen Wallace

Co. Website: www.aurynresources.com

Co. Telephone: +1.778.729.0600


20 January 2016 23


Figure 22: Auryn Resources’ Committee Bay project location map


Figure 23: Committee Bay target area



20 January 2016 24

Berkeley Energia Ltd.

(BKY: AIM : £0.25 | Not Rated)


[email protected]

We do not provide a rating, estimates or a target price for Berkeley Energia Ltd.

Berkeley Energia is advancing the Salamanca uranium project, situated approximately

3 hours west of Madrid in an historic uranium mining district in Spain. The company

has offices in London and Perth with listings on AIM and the ASX. Managing Director

Paul Atherley is a mining engineer with extensive mining industry and finance

experience, having held senior executive and board positions. He is backed by a solid

Spanish team with technical, legal and finance experience, as well as a robust board,

two members of which were involved in the sale of uranium developer Mantra

Resources to Russian-based uranium miner ARMZ for A$1 billion in 2011.

In November 2015, Berkeley published the results of a Prefeasibility Study (PFS)

incorporating the newly discovered Zona 7 deposit along with the Retortillo and

Alameda deposits. The addition transformed the economics of the Salamanca

project due to its higher grade and strong metallurgy. The new deposit reduced

operating costs and initial capital requirements relative to previous studies.

After the 7 January Retortillo resource estimate increase, the total project hosts a

Global resource of 83.0 Mt averaging 495 ppm (0.0495%) for 90.5 Mlb U3O8 at a

200 ppm cut-off grade. The PFS outlined an 18-year project with an initial capex of

US$81.4 M to produce 3.0 Mlb/a at US$20.30/lb LOM cash cost. At a long-term

uranium price of US$65/lb, the project boasts an after-tax NPV(8%) of US$871.3 M

and 93% IRR.

Berkeley has now received all required the European Union, National, Regional and

Provincial level approvals required to commence initial infrastructure development

at Retortillo, where production is scheduled to commence. With the Mining Licence

and Environmental Licence already obtained, the final approvals comprise the

locally issued Urbanism Licence and the Construction Authorisation by the Ministry

of Industry, Energy and Tourism. Management targets receipt of final permits, as

well as funding and offtake agreements, well ahead of the targeted commencement

of construction in mid-2016

A technical review of all aspects of the PFS is ongoing to identify opportunities to

enhance the project economics through further optimisation and capital and

operating cost reductions. More specifically, management sees room for

improvement in operating costs through improvements in the material handling

scheduling, strip ratio, the mining unit rates and the fixed costs associated with

grade control drilling and assaying. The decline of the Euro and deflation in goods

and services in Spain may also benefit project economics. An update in optimization

is expected early in the New Year, while results of Definitive Feasibility Study are

anticipated in May 2016.

Berkeley is trading at US$0.88/lb U3O8 M+I and US$0.50/lb U3O8 Global as

compared to peer means of US$1.09/lb U3O8 M+I and US$0.64/lb U3O8 Global,

respectively.

An analyst has not visited the properties held by Berkeley Energia in the last two years.

Berkeley Energia Ltd.

Source: FactSet

Priced 19 January

Shares OS (M): 181.8

Shares FD (M): 209.6

Market Cap. (M): £44.5

Working Cap. (M): £6.1


Executive Director: Paul Atherley

Co. Website: www.berkeleyenergia.com

Co. Telephone: +44.207.478.3900


20 January 2016 25


Figure 24: Salamanca uranium project location map


Figure 25: Salamanca uranium project layout



20 January 2016 26

Figure 26: Salamanca uranium project resources



20 January 2016 27

Cardinal Resources Ltd.

(CDV: ASX : A$0.13 | Not Rated)

Contact: Tim McCormack +61 2 9263 2701

[email protected]

We do not provide a rating, estimates or a target price for Cardinal Resources.

Cardinal Resources is an Australian gold exploration company, with a focus on a suite

of gold properties in Ghana, West Africa. Drilling at its Namdini project has returned

numerous wide zones of gold mineralisation and an exciting diamond drilling program

has commenced with results from the first hole pending. Namdini is located in the

north of Ghana, near the Burkina Faso border and has power, water and road access

all within 30km from the project. CDV is well funded (~A$5m cash on hand), and owns

two drill rigs in-country which allows for low-cost exploration. The company has a well-

credentialed Board and management team assembled with vast extensive West

African experience. The next six months should see steady news flow as CDV tests the

ultimate potential of the Namdini orebody.

Drilling to date at Namdini: CDV has been reporting broad zones of gold

mineralization nearby and underneath active artisanal workings at Namdini for ~12

months. Some of the more impressive results include 99m at 1.21g/t, 83m at

1.41g/t, 67m at 3.1g/t and 32m at 2.5g/t gold. The mineralised trend is

interpreted to have a strike length of +1.1km and drilling to date has confirmed

widths of +100m from near surface. Depth extents are largely untested at this

stage and diamond drilling is underway to test continuity.

Current drilling and plan going forward: CDV has completed a maiden diamond drill

hole at its Namdini project to a depth of 362m. Assays are expected within 2 weeks

but logging has indicated 231m of sulphide bearing volcaniclastic rocks (similar to

that seen in RC drilling) and 64m of sulphide bearing quartz diorites in a newly

identified zone. Both zones have good potential to be gold bearing and highlight the

near-term release of results as a potential short-term catalyst for the stock. Further

diamond holes are planned to assess the gold potential at deeper levels within the

Namdini project. CDV plan to drill a further 6,000m of RC and up to 2,000m of

diamond to properly test the strike and depth extents of the orebody. We should

see plenty of positive news flow in the next six months from the program, which is

already demonstrating a considerable endowment of gold.

Quality Board and now attracting new investors: The company has recently

bolstered its Board with the appointment of Mark Thomas (ex Macquarie Bank and

specialist West African financier) and Simon Jackson (ex Redback Mining

CFO/Corporate Development) as Non-Executive Directors. Further, Mark Connelly

(ex CEO Papillion and COO Endeavor Mining) has recently accepted the position of

Non-Executive Chairman. The recent capital raising has also seen US Global

Investors become substantial holders along with Macquarie Bank.

Subranum project to be tested further: We also expect to see the company test its

Subranum project in central Ghana which has gold anomalies defined over a 5.2km

strike length. CDV has planned a systematic diamond drilling program at regular

intervals to test the continuity and plunge of mineralization.

An analyst has not visited the properties held by Cardinal Resources in the last two

years.

Cardinal Resources Ltd.

Source: FactSet

Priced 19 January






Managing Director: Archie Koimtsidis

Co. Website: www.cardinalresources.com.au

Co. Telephone: +61.8.9322.6600


20 January 2016 28


Figure 27: CDV project location map


Figure 28: Namdini cross section showing a 128m mineralised width



20 January 2016 29

Columbus Gold Corp.

(CGT: TSX-V : C$0.34 | Not Rated)


[email protected]

We do not provide a rating, estimates or a target price for Columbus Gold Corp.

Vancouver-based Columbus Gold has an experienced management team headed by

Chairman and CEO Robert Guistra and Chief Operating Officer Rock Lefrançois. The

company has two primary, wholly owned gold assets, Paul Isnard in French Guiana and

Eastside in Nevada. Eastside benefits from the guidance of Andy Wallace, principal of

Cordex Exploration, which was credited with the discovery of nine gold discoveries in

Nevada. Columbus Gold has received conditional approval to list on the TSX.

Activities on the Paul Isnard gold project are focused on the Montagne d’Or deposit,

hosting an estimated 83.2 Mt Indicated averaging 1.45 g/t Au (3.9 Moz contained)

and 22.4 Mt Inferred averaging 1.55 g/t Au (1.1 Moz contained), utilizing a 0.4 g/t

Au cut-off grade. The deposit has been defined over 2.3 km strike and to an

average depth of 250 m, open to depth and to the west. Mineralization is hosted in

closely spaced sub-parallel east-west-striking and steeply south dipping gold-sulfide

bearing horizons.

The ongoing four-rig infill drill program seeks to upgrade a portion of the Indicated

resource to the Measured category while also attempting to build a resource in the

overlying saprolite layer. The July 2015 PEA outlined a project producing an average

273,000 oz/a over the first ten years at an AISC of US$711/oz. With an initial

capex estimated at US$366M and a US$1,200/oz gold price, the PEA project

generates an after-tax NPV(5%) of US$451M and 23% IRR. The French Government

recently approved the use of cyanide at another gold project in French Guiana.

Management targets completion of a feasibility study (FS) for Montagne d’or by

year-end 2016. Nord Gold (NORD:LSE, Not rated) is funding the FS as part of a

minimum US$30M program, pursuant to which they can earn a 50.01% interest in

Montagne d'Or. Nord Gold project expenditures amounted to US$16M in 2014 for a

total of ~US$22M in total to date. Commencement of a study on the potential to

connect Montagne d’Or to the national grid is imminent, which could show up to a

45% reduction in project energy costs.

Columbus Gold holds a significant project portfolio in Nevada. The marquee project

in Nevada is the wholly owned Eastside project covering 58.7 km2. The west central

location is excellent with surface water available, highway US95 and a powerline

passing through the property, and an easy 32 km access from Tonopah. A 12,298

m, 51-hole RC drill program was completed in the fall and successfully

demonstrated the presence of extensive oxide gold mineralization first encountered

at surface. Of the 51 holes drilled, 46 hit intended targets and all encountered gold

mineralization. Highlight intersections include 152.4 m of 0.71 g/t Au, including

28.9 m of 2.16 g/t Au and 3 m of 10.88 g/t in Hole ES-80, and 109 m of 0.69 g/t

including 10.8 m of 2.30 g/t and 18.2 m of 1.32 g/t plus 10.6 m of 1.49 g/t in Hole

ES-83.

The Eastside property fully encompasses a twelve by three km belt of young (~7.2

Ma) overlapping, rhyolite flow dome complexes. Management is planning the next

phase of drilling, which is expected to include deep core drilling to further examine

gold mineralization at depth. Detailed mapping and sampling suggest numerous

additional targets outside of the area of the recent drill program.

An analyst has not visited the properties held by Columbus Gold in the last two years.

Columbus Gold Corp.

Source: FactSet

Priced 19 January






President: Robert Guistra

Co. Website: www.columbusgoldcorp.com

Co. Telephone: +1.604.634.0970


20 January 2016 30


Figure 29: Paul Isnard gold project, French Guiana


Figure 30: Eastside gold project, Nevada



20 January 2016 31

Gold Standard Ventures Corp.

(GSV: TSX-V : C$0.80 | Not Rated)


[email protected]

We do not provide a rating, estimates or a target price for Gold Standard Ventures

Corp.

Gold Standard Ventures is a well-funded exploration company targeting high grade

underground refractory ore and low grade open pit heap leach-able ore in the under-

explored, ‘fourth’ window (Railroad Dome) of the Carlin Trend of north-central Nevada.

Its significant land package and technical team attracted a C$16.2 M strategic

investment by OceanaGold Corp. (OGC:TSX, rated Hold by Reg Spencer) in May 2015.

The Pinion and Dark Star prospects in the SE part of the land package were

acquired at the end of Q1/14. In May 2014, GSV sold its portfolio of non-core early

exploration assets to Tanqueray Exploration Ltd. (TQY : TSX-V │Not rated) to focus

on the advancement of its Railroad-Pinion gold project. With this transaction, GSV

transitioned its technical staff from Mr. Mathewson, who joined TQY but was

retained as a Technical Advisor, to a team including Mac Jackson, Steven Kohler

and John Norby, all of whom have relevant experience within the Carlin Trend of

successful exploration programs leading to discoveries including Leeville/Turf, Fiber

Line, Mike, Gold Quarry expansion.

Their land package constitutes the second-largest land package within the highly

coveted Carlin Trend of Northern Nevada which has grown over the past 5 years

from 2,555 ha originally to 11,555 ha. According to GSV, their land package

represents the second largest within the Carlin Trend. Other significant land holders

in the Carlin District include Newmont Mining Co. Ltd. (NEM:NYSE, not rated) and

Barrick Gold Corp. (ABX:TSX, rated Buy by Tony Lesiak).

The Railroad Dome is at a lower erosional level than the other more developed

domes such as Rain, Maggie Creek and the Richmond as the Tertiary intrusives

actually outcrop in this window along the Carlin Trend. Both the low grade

potentially open pit heap leach (Pinion and Dark Star) and the higher grade

underground refractory ore targets (North Bullion) are located along the flanks of

the dome.

An initial resource estimate (Sep 2014, APEX, 0.14 g/t Au cut-off) based on 342 RC

and 15 core holes for the Pinion gold project generated an Indicated resource of

423 Koz grading 0.63 g/t Au with an additional 1.0 Moz grading 0.57 g/t Au. Typical

of the Carlin Trend, the gold is hosted in a multi-lithic collapse breccia.

GSV generated an additional resource (Inferred, 375 Koz grading 0.51 g/t Au) at

the Dark Star project. Recently (November 10), GSV announced results from drilling

north of the Dark Star which returned 157 m @ 1.51 g/t Au within an oxidized zone

within units similar to that hosting gold at Dark Star. The units hosting gold at Dark

Star are unconventional for the Carlin Trend as they are Pennsylvanian-Permian

(younger) bio-clastic debris flow conglomerates (not calcareous units).

An analyst has not visited the properties held by Gold Standard Ventures Corp. in the

last two years.

Gold Standard Ventures Corp.

Source: FactSet

Priced 19 January






President: Jonathan Charles Timothy Awde

Co. Website: www.goldstandardv.com

Co. Telephone: +1.604.669.5702


20 January 2016 32


Figure 31: GSV has grown its land package to the second largest in the Carlin Trend (11,555 ha)


Figure 32: View looking north-northwest of GSV’s property package with location of known

operating gold mines



20 January 2016 33

Goldquest Mining Corp.

(GQC: TSX-V : C$0.13 | Not Rated)


[email protected]

We do not provide a rating, estimates or a target price for Goldquest Mining Corp.

Goldquest Mining is a Canadian exploration and development company focused on the

advancement of its wholly owned Romero gold and copper project within its Tireo

property package in the Dominican Republic. Chairman Bill Fisher and CEO Julio

Espaillat were instrumental in the advancement of the Cerro de Maimón project to

production, which took three to four years to go from the feasibility study stage to

production.

GQC recently (November 6) closed a private placement for a total of C$3.5 M at

C$0.11/unit where 1 unit includes one share plus a ½ warrant (C$0.18, 3 year).

GQC management believe they are well funded to complete a pre-feasibility study

(PFS) at their flagship Romero gold-copper project.

Subsequent to the closing of the financing, GQC announced the commissioning of

both a PFS (Q2/16E) and a feasibility study (FS, Q4/16E) with Met-Chem Canada

based out of Montreal as the lead consultant. Met-Chem were involved in the

development of the Cerro Maimón copper-gold bearing volcanic-hosted massive

sulphide deposit currently operated by Perilya (PEM:ASX, Not rated) also in the

Dominican Republic.

The 2015 PEA envisages a 2,500 t/d underground operation (bulk tonnage and cut

and fill methods) with ramp only access feeding a copper concentrate plant

requiring US$140-145 M upfront capex with a significant portion (50%) directed to

the plant, on-site infrastructure and development. On-site operating costs are

forecast to be US$54/t of ore, or US$78/t of ore including transportation, refining,

royalties and sustaining capital.

GQC reported the remainder of the results from a 6-hole, PFS 2015 drill program at

Romero designed to gather data for advanced metallurgical test-work and upgrade

inferred material to the M&I category. Highlights included 223.8 m grading 3.03 g/t

Au with 1.22% Cu, which included 27.3 m grading 11.05 g/t Au with 2.38% Cu (LTP-

165).

The Romero project currently hosts 19.4 Mt of Indicated resource grading 2.63 g/t

Au with 0.63% Cu containing ~1.65 Moz of gold and ~270 Mlbs of copper plus an

additional 10.0 Mt of Inferred material grading 1.64 g/t Au with 0.36% Cu

containing ~0.53 Moz of gold and ~80 Mlbs of copper.

An analyst has not visited the properties held by Goldquest Mining Corp. in the last two

years.

Goldquest Mining Corp.

Source: FactSet

Priced 19 January






President: Julio Espaillat

Co. Website: http://www.goldquestcorp.com

Co. Telephone: +1.416.583.5606


20 January 2016 34


Figure 33: Romero gold-copper underground project – Mineral resource estimate

Source: Canaccord Genuity estimates

Figure 34: Romero gold-copper underground project – Conceptual development timeline



20 January 2016 35

Integra Gold Corp.

(ICG: TSX-V : C$0.32 | Not Rated)


[email protected]

We do not provide a rating, estimates or a target price for Integra Gold Corp.

Integra Gold is advancing the 3,665 ha Lamaque gold project located immediately east

of the venerable Val d’Or gold district situated 550 km northwest of Montreal, Quebec.

The project is wholly owned by Integra, subject to a 2% NSR royalty, (1% purchasable).

The company is focused on resource expansion and exploration in the southern portion

of the project, while the northern portion includes the fully permitted Sigma-Lamaque

Milling Facility (a 2,200 t/d mill and tailings facility), which serviced the two deposits

that historically produced over 9 Moz combined. Vancouver-based Chairman George

Salamis and President Stephen de Jong lead a strong technical team at Integra.

Integra delivered a resource update for the Triangle Zone on the Lamaque South

project in November 2015 and has consistently shown strong resource growth. A

significant portion of the success Integra has had at Triangle relates to the

recognition that much of the gold mineralization lies in steeply dipping (60 to 70

degrees) “C” structures in addition to the previously known shallower dipping “C

Flat” structures. This structural control is similar to that known at the historic

Lamaque Main Plug and may be a guide to future exploration on similar intrusive

plugs within the project grounds.

The company is currently conducting a 100,000 m drill program with seven rigs

testing the Triangle Zone and the No 4 Plug target. Underground development via a

ramp access is progressing with a view to conducting underground drilling.

Management anticipates conclusion of the next Triangle resource estimate in Q3

2016, which will incorporate results from 60,000 to 70,000 m of new drilling.

Integra recently completed an infill program on the Parallel Zone, which is located 2

km northwest of Triangle and less than 800 m from the company's milling facility.

Parallel Zone drilling was supportive of the company’s geological model and the

idea that high-grade Parallel mineralization may be supplemental to Triangle

mineralization in an operation.

A PEA published in February 2015 did not incorporate the considerable resources

added to Lamaque South in 2015 or resources from Lamaque North. At

US$1,175/oz Au and a 1.14 C$/US$ exchange rate, the study generated an after-

tax NPV(5%) of C$113.5M and 59% IRR. An updated PEA is expected in H2/16.

Integra has both federal and provincial level environmental permits in place and

provincial exploration and mining permits either in place or expected in the near

future, potentially benefiting development timelines.

In August 2015, Integra closed a C$14.6M strategic investment by Eldorado Gold

(ELD:TSX, rated Buy by Rahul Paul). At 31 August 2015, Integra had $26.5M

working capital and no debt.

Integra borrowed a page from Rob McEwen’s book while at Goldcorp (G:TSX, rated

Buy by Tony Lesiak), providing reams of exploration and mining data to the public to

elicit exploration ideas. The Goldcorp Challenge had a profound affect upon

exploration in the Red Lake district. Integra has launched the Gold Rush Challenge,

uploading 75 years of data with $1M to be won for productive exploration concepts.

The competition concludes in March 2016, with finalists to be announced at the

PDAC Convention in Toronto. Integra received over 100 complete submissions from

1,342 participants making up 95 teams from over 83 countries.

An analyst has not visited the properties held by Integra Gold in the last two years.

Integra Gold Corp.

Source: FactSet

Priced 19 January






President: Stephen de Jong

Co. Website: www.integragold.com

Co. Telephone: +1.604.629.0891


20 January 2016 36


Figure 35: Lamaque Project zone locations, Val d'Or, Quebec


Figure 36: Lamaque Project resources, November 2015



20 January 2016 37

Figure 37: Lamaque South Property – Triangle Zone Schematic Section 296400mE



20 January 2016 38

Kivalliq Energy Corp.

(KIV: TSX : C$0.08 | Not Rated)


[email protected]

We do not provide a rating, estimates or a target price for Kivalliq Energy.

Vancouver-based Kivalliq Energy has assembled a portfolio of wholly owned uranium

exploration projects in Nunavut and Saskatchewan. CEO Jim Paterson and President

Jeff Ward head a strong and experienced management team guided by an equally

impressive technical board led by Chairman John Robins. Despite a negative

environment for uranium exploration post the Fukushima melt-down, Kivalliq has been

successful in raising funds, expanding its resource base and making discoveries.

Kivalliq’s primary asset is the Angilak property in Nunavut. The 101,111 ha project

covers a number of deposits, zones and prospects including the Lac 50 Trend. Lac

50 currently hosts a near surface deposit of 2.83 Mt inferred averaging 0.69%

U3O8 containing 43.3 Mlb. Kivalliq has a strong relationship with the local

community, signing the first comprehensive agreement to explore for uranium on

Inuit Owned Land in Nunavut. Under the agreement, Nunavut Tunngavik

Incorporated owns 1M Kivalliq shares, has an interest in adjacent mineral permits,

receives annual advanced royalty payments of $50,000, a $1 M cash payment

upon completion of a NI 43-101 measured resource report of ≥12 Mlb and can

participate with a 25% project interest or choose a 7.5% net profits royalty on

delivery of a feasibility study. In lieu of royalties to the Government of Canada, an

underlying 12% net profits royalty is payable on Inuit Owned Land to NTI.

Angilak exploration through 2015 successfully identified near surface uranium

mineralization on the Dipole-RIB Trend, located approximately 25 km southwest of

Lac 50 deposit and highlighted by a prominent two km long very low frequency

electromagnetic (VLF-EM) conductor and a coincident 3.4 km long uranium-in-soil

geochemical anomaly. A preliminary 9-hole drill program returned multiple intervals

of significant mineralization that require follow-up in 2016. Drill results demonstrate

that Lac 50-type mineralization exists in multiple trends at Angilak.

France’s national uranium giant, AREVA, unsuccessfully attempted to gain approval

from the Nunavut Impact Review Board (NIRB) for construction of the Kiggavik

uranium project located approximately 80 km west of Baker Lake. The proposed

Kiggavik operation would include four open pit mines and an underground mine

producing approximately 7.8 Mlb/a U3O8 over an estimated 15-year mine life. The

project hosts resources of 22.2 Mt averaging 0.27% U3O8 or 133.9 Mlb contained.

The primary reason for NIRB’s rejection of AREVA’s proposed operation in May

2015 was the lack of a start date and ambiguous timelines. The panel invited

AREVA to resubmit its application once a proposed start date can be provided.

The 13,711 ha Hatchet Lake property in Saskatchewan covers the northeastern

extension of the prospective Western Wollaston Tectonic Domain, which hosts

significant uranium mineralization in the eastern Athabasca Basin. Kivalliq

inexpensively acquired a 100% interest in the project. The company is conducting

data compilation and preliminary exploration with a view to defining drill targets.

Roughrider Exploration (REL:TSX-V, Not rated) has an option to earn a 50% interest

in the 200,677 ha Genesis property in Saskatchewan, which Kivalliq staked

northeast of Hatchet Lake. Exploration in 2014 and 2015 has outlined numerous

high priority targets for basement hosted uranium.

An analyst has not visited the properties held by Kivalliq Energy in the last two years.

Kivalliq Energy Corp.

Source: FactSet

Priced 19 January






President: Jeff Ward

Co. Website: http://www.kivalliqenergy.com

Co. Telephone: +1.604.646.4527


20 January 2016 39


Figure 38: Kivalliq Energy project locations, Nunavut and Saskatchewan


Figure 39: Dipole-RIB targets, Angilak project, Nunavut



20 January 2016 40

Nevada Copper Corp.

(NCU: TSX : C$0.53 | Not Rated)

Contact: Kyle Franklin +1 416 687 5323

[email protected]

We do not provide a rating, estimates or a target price for Nevada Copper.

Nevada Copper Corporation is a Vancouver-based copper development company

whose primary asset is its 100%-owned Pumpkin Hollow project located in Nevada.

Pumpkin Hollow is a large, advanced stage development property with substantial

reserves and resources including copper, gold and silver. The company’s current focus

is on development of its integrated 6,500 t/d underground operation and the

development of the permitted 63,500 t/d open pit operation with construction

expected early 2016 and production in 2018.

Nevada Copper’s wholly owned Pumpkin Hollow project is located approximately 13

km southeast of the town of Yerington, Nevada in Lyon County. The deposit is a high

grade IOCG chalcopyrite-magnetite skarn. The area boasts good infrastructure

amenable to large-scale mining development, including grid power, paved road

access, city water supply, access to local mining workforce, and rail access within

20 km of the property boundary.

Total 2P reserves stand at 5 billion pounds of copper. The Eastern Underground

deposit has combined 2P reserves of 32.6Mt grading 1.38% copper and containing

approximately 0.85 billion pounds of copper. The Western Open Pit deposit contains

4.2 billion pounds of 2P reserves contained in 539Mt grading 0.41% copper

equivalent. The deposit remains open in multiple areas. The integrated option

envisages a 23-year mine life producing 200-250Mlbs copper per year, with year

two production exceeding 350Mlbs.

The company received all necessary permits in August and purchased private lands

in October. The project is now fully permitted and construction ready. Also in 2015,

NCU completed an integrated open pit feasibility study. The production sized

underground shaft is presently also completed.

In 2016, the company will focus on financing (Red Kite facility recently amended,

supportive shareholder Pala Investments also brings development experience),

engineering, and construction of the 70,000 t/d integrated project with a targeted

production ramp-up at the end of 2017.

An analyst has not visited the properties held by Nevada Copper in the last two years.

Nevada Copper Corp.

Source: FactSet

Priced 19 January

Shares OS (M): 80.5

Shares FD (M): 88.1




President: Giulio T. Bonifacio, CPA

Co. Website: http://www.nevadacopper.com

Co. Telephone: +1.604.683.8992


20 January 2016 41


Figure 40: Pumpkin Hollow layout


Figure 41: NCU 2P reserve summary



20 January 2016 42

Oklo Resources Ltd.

(OKU: ASX : A$0.06 | Not Rated)

Contact: Reg Spencer +61 2 9263 2701

[email protected]

We do not provide a rating, estimates or a target price for Oklo Resources.

Oklo Resources is an Australian gold exploration company whose focus is a suite of

gold exploration properties located in south-western Mali. The company acquired 100%

interests in the projects in late 2013 from Compass Gold Corp in a scrip-based

transaction with a total value of A$4M. The licences cover a combined area of 1,389

km2, with exploration targeting open pittable gold resources. Priority targets are located

at Dandoko, Socaf and Yanfolila. The company’s exploration efforts are led by Dr.

Madani Diallo, a +30 year veteran in West African gold exploration who was involved in

a number of large scale discoveries throughout the region including Sadiloa, Morila,

Syama and Essakane.

Dandoko (100%) covers 134km2, and is located within the highly endowed

Kenieba Inlier, part of the Senegali-Malian Shear Zone (SMSZ). The SMSZ hosts a

number of large deposits including Randgold’s 17 Moz Loulo-Gounkoto complex,

and Endeavour Mining’s 3.8 Moz Tabakoto operation. B2 Gold’s +5 Moz Fekola

development project is located 35km to the west of the project. OKU is targeting

major NNE splays of the SMSZ, which is a similar setting to the large deposits at

Tabakoto and Gounkoto. There are numerous prospects within the project area, all

featuring extensive gold in soil anomalies and artisanal workings, adjacent to NNE

structural trends which remain poorly explored. Key targets include:

Disse, which features artisanal workings over 880m strike with coincident gold

in soil anomalies. Initial drilling in 2013 returned significant gold mineralisation

(e.g., 16m at 2.3 g/t from 158m), with follow-up aircore in 2015 confirming

extensions to known mineralisation, with results including 21m at 5.67 g/t

from 33m (including 3m at 21 g.t from 51m) and 3m at 12.8 g/t from 39m. A

recently announced RC hole (RCDK015-028) intersected 5.62 g/t over 29m.

Mineralogy at Disse suggests similar characteristics to other large deposits in

the Kenieba Inlier, with gold mineralisation hosted in silicified quartz

tourmaline sandstones. Two structures have been defined for follow up RC

drilling.

Diabarou features artisanal workings over a 1.0 x 1.2km area, which has

revealed gold bearing quartz veins up to 3m wide over a 600m strike. Drilling

beneath workings has previously returned wide zones including 12m at 1.5 g/t

from 49m, 3m at 3.38 g/t from 68m and 20m at 1.34 g/t from 96m. More

recently, sampling of bedrock material at the bottom of artisanal workings has

returned grades up to 68 g/t. RC drilling was planned to commence in Q4/15

with additional results expected mid-February

The Yanfolila project is located in South Mali, 45km north of Avnel’s 2.1 Moz

Kalana deposit and 35km east of Hummingbird’s 1.8Moz Komana project. First

pass RC drilling in 2012 returned broad zones of ore grade mineralisation with

results including 26.5m at 3.59 g/t, 26m at 7.17 g/t and 10.1m at 3.79 g/t. Only

700m of the potential 2.5km strike have been drill tested. Recent aircore drilling

has confirmed the presence of bedrock mineralisation, with follow-up RC programs

planned to commence before the end of 2015.

An analyst has not visited the properties held by Oklo Resources in the last two years.

Oklo Resources Ltd.

Source: FactSet

Priced 19 January






Managing Director: Simon Taylor

Co. Website: www.okloresources.com

Co. Telephone: +61.2.8823.3100


20 January 2016 43


Figure 42: OKU project location map


Figure 43: Senegali-Malian shear zone – major deposits and Dandoko location



20 January 2016 44

Pure Gold Mining Inc.

(PGM: TSX-V : C$0.10 | Not Rated)


[email protected]

We do not provide a rating, estimates or a target price for Pure Gold Mining Inc.

Vancouver-based Pure Gold Mining has a strong, technically oriented management

team and experienced board of directors. Management is headed by Darin Labrenz, an

experienced geologist and former VP Business Development with Terrane Metals Corp.

(acquired by Thompson Creek Metals for $650M in 2012) and former Chief Geologist

at the Campbell Mine in the prolific Red Lake Gold District, northwestern Ontario. The

company is focused on its wholly owned Madsen Gold Project in Red Lake.

Through acquisitions, Pure Gold created a land package of +50 sq km straddling

~12 km of the Madsen Mine Trend within the Red Lake District. The Trend

produced ~2.45 Moz of gold (1935-1974 and 1998-1999) at an average grade of

9.49 g/t. Total Red Lake District gold production currently exceeds 28 Moz. In

addition to the land package and associated extensive database, Pure Gold

acquired an operational headframe, 1,275 m shaft with development on 27 levels,

and permitted 500 t/d mill and tailings management facility. The property currently

hosts 3.24 Mt Indicated averaging 8.93 g/t (928 Koz contained) and 0.79 Mt

inferred averaging 11.74 g/t (297 Koz contained).

Over the last 15 years, the Red Lake camp has undergone a renaissance, largely

through the recognition of high grade gold mineralization associated with the

intersection of a key ultramafic-mafic contact with second-order structures. The

result has been the discovery of a number of new high grade gold zones, including

Goldcorp's High Grade Zone at the Red Lake Mine, the Bruce Channel System at the

Cochenour Mine, the F2 Gold System at Rubicon's Phoenix Mine, and Goldcorp’s

HG Young discovery.

Historical gold production on the Madsen Gold Trend has been associated with the

Main Madsen Tuffs at or near a key unconformity. Taking into account the modern

recognition of high grade mineralization associated with the ultramafic-mafic

contact, an earlier operator discovered the 8 Zone but was focused on near-term

production.

In 2016, Pure Gold will drill test and advance near-surface high-grade targets

associated with the prospective mafic-ultramafic folded stratigraphy to the north

and west of the historic mine workings. In addition, the company will advance

evolving near-mine targets that have developed out of recent structural

interpretation and modelling. A minimum 6,000 m winter drill program should

commence this month. Engineering studies are ongoing to assess the existing

mining and milling infrastructure, assess potential development opportunities

within the existing resource base and nearby prospects, and design additional drill

programs to potentially upgrade and expand the current mineral resource.

Pure Gold recently sold the eastern-most portion of its land package, 28 mining

claims totaling 513 ha, to Premier Gold (PG:TSX, Buy). These claims do not include

any of the existing infrastructure, resources or exploration targets based on current

geological models. In exchange for these non-core lands, consideration to be

received includes $2.5 M in cash and Premier Gold shares equivalent to $2.5 M

based on the 20-day VWAP prior to closing. In addition, Pure Gold will retain a 1%

NSR on an unspecified “majority” portion of the Buffalo Claims, 50% of which is

purchasable by Premier Gold for $1.0 M.

An analyst has visited the properties held by Pure Gold Mining and was partially

reimbursed for travel expenses.

Pure Gold Mining Inc.

Source: FactSet

Priced 19 January






President: Darin Labrenz

Co. Website: www.puregoldmining.ca

Co. Telephone: +1.604.646.8000


20 January 2016 45


Figure 44: Madsen Gold project, Red Lake District, Ontario


Figure 45: Madsen Gold project exploration targets



20 January 2016 46

Figure 46: Madsen Gold project resources


Figure 47: Madsen Gold project resources



20 January 2016 47

Savary Gold Corp.

(SCA: TSX-V : C$0.03 | Not Rated)


[email protected]

We do not provide a rating, estimates or a target price for Savary Gold Corp.

Toronto-based Savary Gold has exposure to a portion of the Houndé greenstone belt in

southwestern Burkina Faso that extends for over 300 km north-south and hosts a

number of gold deposits including SEMAFO’s (SMF:TSX, Not rated) 2.4 Moz Mana,

Roxgold’s (ROG:TSX-V, rated Speculative Buy by Rahul Paul) 0.8Moz Yaramoko,

Endeavour’s (EDV:TSX, rated Buy by Rahul Paul) 2.1Moz Vindaloo and Orezone’s

(ORE:TSX, Hold) 430 Koz Bondi. President and CEO Don Dudek is an exceptional

geologist with over 30 years of experience and progressively more responsible industry

roles. Prior to his current position, he served as Senior Vice President, Technical

Services for Endeavour Mining while managing a feasibility study for the Houndé gold

project in Burkina Faso, and Senior Vice President Exploration of Avion Gold.

In a global exploration and development context, the Houndé greenstone belt in

southwestern Burkina Faso is gaining in prominence as new deposits are

discovered and new mines are developed. Savary optioned 100% of four adjoining

licences covering 500 km2 from Endeavour Mining. In September 2014, Savary and

Sarama Resources (TSX-V:SWA, Not rated), pooled their adjoining projects to form

the 750 km2 Karankasso joint venture owned by Savary (65% and operator) and

Sarama (35%). Sarama also owns the South Houndé gold project (29.13 Mt

inferred averaging 1.6 g/t Au for 1.5 Moz) adjoining to the east, in which Acacia

Mining (formerly African Barrick Gold) is earning a 70% interest by funding US$14M

in exploration expenditures. Acacia also controls properties to the north and south.

The Karankasso project spans 45 km of strike length of prospective structure with

multiple parallel shears zones and coincident geophysical and geochemical

anomalies. The 2015 14,515 m Reverse Circulation drill program tested five

modelled zones and six newly developed targets along approximately 33 km of

strike with encouraging results.

The Kueredougou North, Kueredougou, Kueredougou West and Diosso South zones

are connected by a single geophysical anomaly that can be traced for 18 km and is

open to the north and south. The Kien East and Koure East sulphide zones lie along

a single 20+ km long trend, while Kien East is situated at a structural intersection.

Management is excited by the felsic intrusion hosted Serakoro 1 West, Karangosso

and Highway QP zones, which represent a potential 20+ km long gold system.

In August, Savary published a maiden inferred resource estimate amounting to 9.2

Mt averaging 2.28 g/t Au for 671,000 oz contained at a 0.5 g/t Au cut-off grade.

Most mineralized zones outlined to date remain open along strike and to depth.

Most of the major mineralized trends that have been identified remain untested.

In preparation for the next drill program, field mapping and prospecting are ongoing

proximal to the known zones and near interpreted structural intersections where

wider zones of mineralization may occur. IP gradient surveys are also being carried

out north of the Karangosso Zone, both north and south of the Kueredougou West

Trend Zone and south of the Diosso South Zone, into the northern part of the

Serakoro 1 concession. In total, approximately 250 line km of IP surveys will be

completed.

An analyst has not visited the properties held by Savary Gold in the last two years.

Savary Gold Corp.

Source: FactSet

Priced 19 January






President: Don Dudek

Co. Website: www.savarygold.com

Co. Telephone: +1.647.401.9138


20 January 2016 48


Figure 48: Karankasso Gold project, Burkina Faso


Figure 49: Karankasso Gold project resources



20 January 2016 49

Figure 50: Karankasso Gold project exploration targets. Note that targets marked with a blue “X”

were not tested in the most recent drill program.



20 January 2016 50

Shore Gold Inc.

(SGF: TSX-V : C$0.20 | Not Rated)


[email protected]

We do not provide a rating, estimates or a target price for Shore Gold Inc.

Shore Gold’s primary focus is advancement of the contiguous Star and Fort à la Corne

Joint Venture diamond projects located 60 km east of Prince Albert, Central

Saskatchewan. Entrepreneur Ken MacNeill is President and CEO of Shore, while

George Read heads the experienced technical team as Senior Vice President,

Exploration and Development.

The Fort à la Corne (FALC) diamond district hosts 70 known kimberlite bodies of

which approximately 70% are diamondiferous. Shore Gold is exposed to the FALC

diamond district via two land packages. The 119 claim, 22,224 ha FALC-JV property

is owned 68% by Shore Gold (operator) and 32% by a subsidiary of Newmont Mining

(NEM:NYSE, Not ratd), diluted down from an original 40% through project

expenditures. Shore Gold also holds 100% of the adjoining property package of 23

claims covering 9,280 ha, plus a further 65 claims nearby covering 19,006 ha.

The Star and Orion South pipes are the focus of Shore Gold’s advanced efforts. In

November, Shore Gold announced the results for a 12-hole Large Diameter Drilling

program on the Orion South pipe. All 12 holes successfully intersected anticipated

diamondiferous horizons with diamond grades consistent with previous modelling.

The holes were strategically sited to 1) assist in moving inferred resources to the

indicated category, 2) add grade data to confirm or enhance modeled grade

distributions, and 3) capture some or all of 11 isolated historical holes previously

unincorporated into the resource estimate. In all three aspects, the program was

successful, resulting in a revised mineral resource estimate.

The Orion South deposit hosts a resource estimated at 200.2 Mt indicated

averaging 0.14 ct/t (27.2 Mct) plus 72.1 Mt inferred averaging 0.07 ct/t (5.2 Mct)

and is situated entirely within the FALC-JV property. The Star pipe, straddling the

boundary between the wholly owned Shore property and the FALC-JV property,

currently hosts 193.0 Mt indicated averaging 0.15 ct/t (28.2 Mct) plus 56.9 Mt

inferred averaging 0.11 ct/t (6.4 Mct).

Based on a June 2015 diamond parcel valuation, Star deposit modelled valuations

ranged from US$183 to US$333/ct while Orion South deposit modelled valuations

ranged from US161 to US$191/ct. The WWW Rough Diamond Index has fallen

~21% since the valuation but the weak Canadian dollar benefits margins.

An August 2011 feasibility study focused on a 20-year operation producing 34.4

Mct (averaging US$242/ct), commencing with production from the Star open pit.

Management intends to re-optimise the open pit mining plans for the project using

the updated mineral resource estimates and updated diamond prices. Despite the

relatively low gross value per tonne of the project deposits and relatively thick

overburden, it is important to recognize relatively low mining costs, coarse diamond

distributions (i.e., more larger stones), potential presence of fancies (gem quality

colours) and higher value Type IIa diamonds, and the exploration potential of the

extensive land package.

At the end of 2015, Shore Gold successfully closed a private placement on a

bought deal basis of 11.5M flow-through shares at $0.23 per share and 3.7M

common shares at $0.19 per share, for aggregate gross proceeds of $3.3M. Going

forward, we look to receipt of a positive environmental decision from the Province of

Saskatchewan – a positive federal decision was reached in December 2014.

Shore Gold Inc.

Source: FactSet

Priced 19 January






President: Kenneth Earl MacNeill

Co. Website: http://www.shoregold.com

Co. Telephone: +1.306.664.2202


20 January 2016 51


An analyst has visited the properties held by Shore Gold and was partially reimbursed

for travel expenses. Figure 51: Shore Gold diamond project location, Saskatchewan


Figure 52: Shore Gold diamond project footprint



20 January 2016 52

SolGold plc.

(SOLG: AIM : £0.02 | Not Rated)


[email protected]

We do not provide a rating, estimates or a target price for SolGold plc.

The Cascabel porphyry copper-gold project in Ecuador is Brisbane-based SolGold’s

primary asset within a portfolio of exploration projects in Ecuador, Solomon Islands

and Australia. Aside from considerable industry experience, management, the board

and close investors bring significant corporate ownership, representing approximately

37% of outstanding common shares. Executive Director Nicholas Mather has over 25

years of experience in exploration and resource company management.

The Cascabel porphyry copper-gold project is located in Ecuador, approximately 180

km north of Quito. The project is owned by Exploraciones Novomining S.A (ENSA),

which in turn is owned 85% by SolGold (operater) and 15% by Cornerstone Capital

(CGP:TSX, Not rated). The concessions cover 50 km2 under an Ecuadorean

Advanced Exploration permit, which expires September 2018 but is renewable for 4

years before requiring a phase change application to Economic Evaluation.

Elevations at Cascabel vary from 750 m to 2,100 mASL and the project may be

accessed by trail from the village of Santa Cecilia where a short gravel road

connects to the national paved highway and railway systems.

Cascabel covers an under-explored portion of the extensive Andean Copper Belt,

which ranges from Panama in the north, to Colombia and then southward through

Chile. The Junin project, a JV between the government of Ecuador and CODELCO

hosting 982 Mt averaging 0.89% Cu and 0.04% Mo, is located approximately 60 km

south of Cascabel. Junin has encountered robust opposition from local communities

and NGOs. Cascabel sits outside of the nearby Reserva Cotacachi Cayapas, has

commenced a solid community engagement program and employs numerous local

workers. Efforts on the part of the Government of Ecuador and the advancement of

the Fruta del Norte gold project by Lundin Gold (LUG:TSX, Not rated) have improved

the perception of Ecuador’s mining investment climate.

ENSA has conducted extensive preliminary exploration activities including mapping,

prospecting, soil geochemical surveying and geophysical surveying. The company

has successfully discovered significant porphyry Cu-Au mineralization within a

diorite or quartz-diorite intrusive body called Alpala. Recent Hole 12 has intersected

1,312 m grading 0.67% Cu and 0.63 g/t Au (1.05% CuEq), including 576 m grading

1.03% Cu and 1.19 g/t Au (1.75% CuEq). This follows earlier drill intersections

including Hole 5 (collared 75 m NW of Hole 12), which cut 1,306 m averaging

0.62% Cu and 0.54 g/t Au (including 552 m grading 1.03% Cu and 1.05 g/t Au),

and Hole 9 (collared 190 m NNW of Hole 12), which cut 1,327 m grading 0.57% Cu

and 0.74 g/t Au (including 772 m grading 0.80% Cu and 1.19 g/t Au).

SolGold is proceeding with a two-rig drill program designed to infill and expand the

Alpala Central body with one rig while the other tests other potential porphyry

targets like Aguinaca (2 km northeast of Alpala Central) and Trivino Hill (750 m

north of Hole 5 at Alpala Central). Management believes that drilling on Alpala

Central has outlined a body 800 m by 300 m and up to 1,800 m in vertical extent.

At 3 t/m3, such a body could have a mass of over 1,000 Mt. Through 2016,

management targets completion of a maiden resource estimate for Alpala Central,

metallurgical testing, preliminary mine and plant design, and completion of a

preliminary economic assessment.

An analyst has visited the properties held by SolGold and was partially reimbursed for

travel expenses.

SolGold plc.

Source: FactSet

Priced 19 January



Market Cap. (M): £14.2

Working Cap. (M): -£0.9

30-Day Avg Daily Volume (K): 2,080.5

Executive Director: Nicholas Mather

Co. Website: www.solgold.com.au

Co. Telephone: +61.7.3303.0660


20 January 2016 53


Figure 53: Cascabel project location, Northern Ecuador. Note the proximity of highway, railway,

national grid and port (Esmeraldas).


Figure 54: Cascabel target locations



20 January 2016 54

Figure 55: Cascabel longitudinal section showing potential underground exploration concept


Figure 56: Cascabel project access trail to the community of Santa Cecilia

Source: Canaccord Genuity


20 January 2016 55

TriStar Gold Inc.

(TSG: TSX-V : C$0.17 | Not Rated)

Contact: Rick Breger +1 416 687 6362

[email protected]

We do not provide a rating, estimates or a target price for TriStar Gold.

TriStar Gold (TSG) is a company that advances gold projects from exploration to

production. Its primary focus is Castelo de Sonhos (CDS) in Para State, Brazil. CDS is a

gold paleo-placer hosted in a folded band of conglomerates that outcrops on a plateau

where extensive garimpeiro workings (see Figure 57) produced an estimated 300,000

oz of gold in the 1980s. TSG controls the mineral rights that cover the entire 16 km of

outcrop and the down-dip extensions of the conglomerate band. Through an option

agreement, TSG can acquire 100% of the property.

The company recently completed a non-brokered private placement offering for gross

proceeds of $1.2M; in conjunction with the private placement, TSG also added to its

senior management team. Funds will be used for the 2016 field program of drilling and

trenching to validate the new management’s model for the resource potential at CDS,

and toward option agreement payments that bring the company closer to 100%

ownership.

The current NI 43-101 for the project presents indicated resources of 182,000 oz

Au (2.8 Mt averaging 2.03 g/t Au) and inferred resources of 98,000 oz Au (1.4 Mt

averaging 2.13 g/t Au). These resources are tightly constrained by the available

drilling and span only a small portion of the mineralized target. Evidence that

supports the view that the resource potential is much larger than the current 43-

101 estimate include: (a) the gold soil anomaly is very closely aligned with the

conglomerate outcrop over its entire length, and (b) to date, the 140 TSG drill holes

that tested parts of the conglomerate band have all encountered at least 2m of 0.5

g/t Au, and several encountered more than 10m with grades reaching several

grams per tonne. With no barren holes, the mineralization remains open in all

directions. An updated technical report highlighting the property’s resource

potential is expected in Q1 2016.

Although there is evidence of hydrothermal gold at CDS, TSG’s new management

and technical team believes that this reflects short-scale remobilization of gold

deposited at the same time as the conglomerates. The size of Castelo de Sonhos

and its tectonic position both point to a near-shore depositional environment; this

is also consistent with the correlations between gold grade and the proportion and

size of the conglomerate pebbles. The age and geology of the CDS conglomerates

make them a close cousin of the Jacobina deposits of Yamana (YRI-T, C$5.50, BUY

by Tony Lesiak) and the Tarkwa deposits of Gold Fields (GFI-J, Not Rated).

With the private placement now complete, Nick Appleyard has been appointed

Director, President and CEO of TSG; Appleyard was CEO of Chaparral Gold until it

was acquired by Waterton Global Resource Management in February 2015. Mo

Srivastava has been appointed as Vice President; Srivastava is a mining industry

consultant with more than 30 years of experience in geostatistics and resource

estimation from exploration through production. Scott Brunsdon has been

appointed CFO, bringing with him more than 25 years of mining industry

management experience. Tony Brown and Mark Cannuli will serve as technical

advisors to TSG. This new TSG team was the core management of Chaparral Gold

and its predecessor, International Minerals Corp. Mark Jones, the previous CEO

and President of TSG, will remain as Executive Chairman of the Board.

An analyst has not visited the properties held by TriStar Gold Inc. in the last two years.

TriStar Gold Inc.

Source: FactSet

Priced 19 January






President: Nick Appleyard

Co. Website: http://www.tristargold.com

Co. Telephone: +1.281.579.3400


20 January 2016 56


Figure 57: Garimpeiro workings at Castelo de Sonhos


Figure 58: Gold in soil and lithology map at Castello de Sonhos.

Inset: Yellow regions show limits of current resource estimate with red dots showing drill hole collars.

Source: Company reports


20 January 2016 57

True Gold Mining Inc.

(TGM: TSX-V : C$0.24 | Not Rated)


[email protected]

We do not provide a rating, estimates or a target price for True Gold Mining Inc.

Vancouver-based True Gold Mining is developing the Karma gold mine in northwestern

Burkina Faso. The project is on-budget and on-track, estimated at 77% complete, with

first gold pour expected in March 2016. CEO Christian Milau and COO David Laing are

veterans of Endeavour Mining (EDV:TSX, rated Buy by Rahul Paul), and were intimately

involved in that multi-mine company’s growth. The board, chaired by Oxygen Capital’s

Mark O’Dea, is a supportive blend of experienced technical, managerial and financial

acumen.

True Gold owns an effective 90% interest in the Karma gold mine, after accounting

for the government’s 10% carried interest and royalties. Mine development is

following a revised December 2014 feasibility study (FS) focused on a probable

reserve of 33.2 Mt averaging 0.89 g/t containing 949,000 oz Au in five open pits.

Oxide ore will be processed through a central heap leach facility. The FS operation

is projected to produce 97,000 oz/a over an 8.5-year mine life, or +110,000 oz/a

over the first five years averaging ~US$700/oz AISC. At US$1,250/oz Au, the

project generates an after-tax NPV(5%) of US$199M, an IRR of 46.3% and payback

of 1.3 years. The project benefits from simple open pit mining at a low strip ratio

and strong metallurgical attributes, with rapid leaching and projected gold

recoveries averaging 87.2% LOM.

Exploration potential on the project is significant and the company’s geologists have

refined their exploration model, seeking additional structurally controlled, orogenic

hydrothermal deposits. Over 45 high priority targets have been identified on the

866 km2 concessions. This potential is underscored by the efficient discovery of

near-surface oxide gold mineralization at North Kao, which currently amounts to

360 Koz at an average 0.79 g/t Au (plus additional transitional and sulphide

mineralization). An October PEA for North Kao demonstrated an after-tax NPV(5%)

of US$69.6M and a 213% IRR with production commencing 2022. Slotting North

Kao earlier into the Karma mine plan may have a positive economic impact.

In August 2014, True Gold entered into a stream agreement with Franco-Nevada

(FM:TSX, rated Buy by Peter Bures) and Sandstorm Gold (SSL:TSX, rated Buy by

Rahul Paul). The US$100M agreement requires True Gold to purchase and deliver

100,000 oz Au over five years, starting March 31, 2016, and thereafter 6.5% of

equivalent production at Karma. True Gold will receive 20% of the spot price of gold

for each ounce delivered. In addition, True Gold holds the option to increase funding

by up to US$20M. If the option is exercised in full, True Gold would deliver an

additional 30,000 oz Au on a fixed payment schedule. Management considers

construction of Karma to be fully funded considering US$40M remaining spend

offset by US$22M cash plus US$16M remaining under the stream agreement plus

US$20M unused stream increase option. An additional US$10M equipment

financing facility was sourced on 11 January. While the stream agreement was

unpopular amongst investors when initially struck, the arrangement has proven

beneficial as the price of gold has weakened and True Gold has executed on its

development plans.

New management initiatives in community relations have successfully allowed

development to progress in the wake of earlier interruptions that caused damages

and delays.

An analyst has not visited the properties held by True Gold in the last two years.

True Gold Mining Inc.

Source: FactSet

Priced 19 January






President: Christian Milau

Co. Website: www.truegoldmining.com

Co. Telephone: +1.604.801.5020


20 January 2016 58


Figure 59: Karma gold mine location, Burkina Faso


Figure 60: Karma gold mine layout



20 January 2016 59

Figure 61: Aerial view of Karma gold mine, 77% complete and on target for first gold pour (Q1/16).


Figure 62: Karma gold mine exploration upside



20 January 2016 60

Western Lithium USA Corp.

(WLC: TSX : C$0.34 | Not Rated)


[email protected]

We do not provide a rating, estimates or a target price for Western Lithium USA Corp.

The “lithium theme” may be gaining mindshare on the back of increasing lithium prices

as e-car sales gain traction (e.g., Tesla, TSLA:NASDAQ, Not rated). The share price of

Orecobre (ORE:ASX, rated Buy by Reg Spencer and Tim McCormack), for example,

performed well in December as its Olaroz lithium production facility continued to ramp

up production and Argentina lifted economic restrictions and controls. In September

2015, Western Lithium merged with Lithium Americas Corp. Tom Hodgson has

emerged as CEO bringing extensive experience in banking, finance, and money

management. Former Western Lithium CEO Jay Chmelauskas remains on the team as

President of the combined company’s US lithium division.

Western Lithium’s primary asset is the Cauchari-Olaroz lithium project in Jujuy

province, Argentina. The company is negotiating a joint venture agreement on the

back of an August 2015 Heads of Agreement formed with POSCO, South Korea’s

largest steel company. POSCO, with a stated intent to become a lithium producer,

would contribute proprietary lithium extraction technologies to produce lithium

carbonate and /or lithium hydroxide, while Western Lithium would contribute

lithium brines from the Cauchari-Olaroz property. The efficacy of POSCO’s lithium

extraction technologies was successfully established in a large-scale demonstration

plant through 2015, with 99.99% purity and +90% recoveries anticipated.

Successful conclusion of an agreement may see development of a first stage that

could produce up to 2,500 t/a lithium carbonate equivalent (LCE) in 2017, with the

project potentially ramping up to 20,000 t/a LCE thereafter.

Next in the project pipeline is Western Lithium’s Kings Valley lithium project in

Nevada, which hosts lithium-bearing clay deposits. Kings Valley Stage 1 (of 5) has a

proven and probable reserve of 27.135 Mt grading 0.395% Lithium, 3.88%

Potassium and 1.36% Sodium, which could support annual production of 26,000 t

lithium carbonate, 90,000 t potassium sulfate and 100,000 t of sodium sulfate

based on a 2014 prefeasibility study. Test programs continue at the company’s

demonstration plant Germany, with a view to providing operating criteria for a

commercial scale facility. Management targets commencement of a Definitive

Feasibility Study in 2016 followed by commencement of production as early as

2019.

Management targets achieving positive cash flow for its Hectatone organoclay

business in Nevada by the end of 2016. The wholly owned subsidiary manufactures

organoclay products used in complex oil and gas exploration, animal feed, coating

and building products, environmental application products, and other applications.

During 2015, Hectatone commissioned a world-class production facility with an

annual practical capacity of 24,000 tons of organoclay products per annum.

In December 2015, Western Lithium closed the final tranche of a private placement

raising US$5M with Bangchak Petroleum Public Company Limited. Bangchak is a

Thai energy company with a demonstrable interest in sustainable energy

technologies and practices.

An analyst has not visited the properties held by Western Lithium in the last two years.

Western Lithium USA Corp.

Source: FactSet

Priced 19 January






President: Tom Hodgson

Co. Website: http://www.westernlithium.com

Co. Telephone: +1.604.221.7982


20 January 2016 61


Figure 63: Western Lithium reserves and resources


Figure 64: Cauchari-Olaroz lithium project location


Figure 65: Kings Valley lithium project location, Nevada



20 January 2016 62

POTENTIAL CATALYST CALENDAR

Figure 66: Potential Company Catalysts

Source: Company Reports, Canaccord Genuity estimates

Note that dates are approximate and representative, e.g. Q3/16 may be represented by Sep-16 and H1/16 may be represented by Jun-16.

Date Company Event

Jan-16 Chesapeake Gold Metates updated PFS

Jan-16 Falco Resources Horne 5 resource update

Jan-16 Kennady Diamonds Maiden Kelvin resource

Jan-16 Lundin Gold Fruta del Norte development deal with Ecuador

Jan-16 NGEx Resources Los Helados and Josemaria PEA

Jan-16 Platinum Group Metals WBJV Project 1 first production

Jan-16 Premier Gold South Arturo commences production

Feb-16 Balmoral Resources Grasset resource estimate

Feb-16 TriStar Gold Updated Castle of Dreams technical report

Mar-16 Pretivm Brucejack project capex update

Mar-16 Alexco Resource Flame & Moth water licence amendment hearing

Mar-16 Amarillo Gold Mara Rosa LP grant

Mar-16 Avnel Gold Kalana DFS

Mar-16 Belo Sun Volta Grande Instalation License

Mar-16 Berkeley Energia Salamanca project permitting

Mar-16 Continental Gold Buritica feasibility study

Mar-16 Orex Minerals Corneto resource update

Mar-16 Orezone Gold Cabinet approval of Bombore mining permit

Mar-16 Peregrine Diamonds Chidliak (CH-7) diamond valuations

Mar-16 Peregrine Diamonds Maiden CH-7 & revised CH-6 resource estimates

Mar-16 Premier Gold Hardrock resource update

Mar-16 True Gold Mining Karma first pour

Apr-16 Falco Resources Horne 5 PEA

Apr-16 Platinum Group Metals Waterberg resource update

May-16 Berkeley Energia Salamanca project DFS complete

Jun-16 Alexco Resource Optimized Keno Hill mine model

Jun-16 Balmoral Resources Martiniere resource update

Jun-16 Continental Gold Approval of amended Buritica EIA

Jun-16 Dalradian Resources Curraghinalt resource update

Jun-16 Denison Mines Wheeler River PEA

Jun-16 Eastmain Resources Eau Claire PEA

Jun-16 Integra Gold Triangle PEA

Jun-16 Kennady Diamonds Kelvin PEA

Jun-16 Lundin Gold Fruta del Norte feasibility study

Jun-16 Marathon Gold Valentine resource update

Jun-16 NexGen Energy Arrow maiden resource

Jun-16 Peregrine Diamonds Chidliak PEA

Jun-16 Pershing Gold Relief Canyon PEA

Jun-16 Premier Gold Hardrock feasibility study

Jun-16 Reservoir Minerals Timok PEA

Jun-16 Roxgold Yaramoko first pour

Jun-16 Rubicon Minerals New resource and Project Implementation Plan for Phoenix

Jun-16 Sabina Gold & Silver Final Back River FEIS hearings

Jul-16 TriMetals Mining Final hearing under Malku Khota International Arbitration against Bolivia

Sep-16 Bear Creek Mining Final hearing under Santa Ana International Arbitration against Peru

Sep-16 Dalradian Resources Curraghinalt feasibility study

Sep-16 Lundin Gold Fruta del Norte permitting

Sep-16 Mountain Province Gahcho Kue first production

Sep-16 Premier Gold South Arturo resource update

Sep-16 Premier Gold McCoy-Cove resource update

Sep-16 Sunridge Gold Asmara Phase 1A commencement of production

Sep-16 TriStar Gold Castle of Dreams resource update

Dec-16 Aquila Resources Back Forty feasibility study

Dec-16 Columbus Gold Montagne d'Or feasibility study

Dec-16 Lundin Gold Fruta del Norte production decision

Dec-16 Premier Gold Hasaga resource update

Dec-16 Sabina Gold & Silver Back River Project Certificate

Dec-16 Western Copper & Gold Casino permits


20 January 2016 63

CANACCORD GENUITY IN SITU METRICS

In our view, as mineral exploration projects advance from discovery to development

project, project parameters become apparent to the market, usually crystalizing in the

form of a technical study complete with discounted cash flow and sensitivity analyses.

Prior to that, however, the market relies on several less rigorous metrics. We have

found in situ metrics useful over time, specifically the enterprise value of a company

(market capitalization plus debt, preferred equity and minority interests, less working

capital) per unit metal in the ground or in situ. There is a large range of variability

around the average valuation, reflecting the attributes of the individual companies and

their projects. These attributes include perceived margin (high cost versus low cost,

open pit versus underground, infrastructure), growth potential, ability to finance,

sovereign risk and M&A potential. The variation from the average is often illustrative

and may highlight valuation opportunities and threats, while the trends in in situ

averages over time are illustrative in themselves. Please note that while we strive to

populate our databases with information as accurate as possible, much of the financial

data is pulled from public market data that may or may not reflect recent financings,

share consolidations, and numerous other criteria and considerations.

Figure 67 summarizes the in situ metrics. In the pages following, we present the

current and historical arithmetic averages as follows:

EV/oz for gold (120 companies and 341 projects)

EV/oz for silver (32 companies and 188 projects)

EV/t for copper (44 companies and 123 projects)

EV/ct for diamonds (11 companies and 26 projects)

EV/t for iron (21 companies and 60 projects)

EV/t for nickel (16 companies and 33 projects)

EV/oz for platinum group metals (8 companies and 16 projects)

EV/lb for uranium (35 companies and 158 projects)

EV/t for zinc (17 companies and 65 projects)


20 January 2016 64

Figure 67: Enterprise Value In Situ Metrics for Small Cap Mining

Source: Company Reports, Bloomberg, FactSet, Canaccord Genuity estimates

Current

18/01/2016 Week Month Quarter YearGold Equities Mean Enterprise Value (US$/oz):

Proven + Probable Reserves $72.26 -4.9% -0.2% 16.9% 38.0%

Measured + Indicated Resources $33.07 -13.8% -10.3% -20.8% -18.7%

Global Resources (Non NI 43-101 Compl iant Measure) $15.13 -27.3% -18.4% -30.6% -18.2%

Gold (London PM Fix, US$/oz): $1,089 -0.5% 2.7% -7.0% -11.2%

Silver Equities Mean Enterprise Value (US$/oz):

Proven + Probable Reserves $3.63 -26.2% -7.0% -23.3% -38.4%

Measured + Indicated Resources $1.65 -9.6% 5.3% -13.7% -36.8%

Global Resources (Non NI 43-101 Compl iant Measure) $0.94 13.2% 16.4% -3.3% -22.1%

Si lver (London Fix, US$/oz): $13.96 0.7% 0.3% -11.9% -15.4%

Copper Equities Mean Enterprise Value (US$/t):



Copper (LME, US$/lb): $1.99 0.0% -6.9% -15.9% -28.6%

Diamond Equities Mean Enterprise Value (US$/ct):

Proven + Probable Reserves $38.32 -1.8% -5.6% 3.8% -36.7%



Diamond Price (Rough Diamond Index*, 2004=100): 183.27 0.0% -1.3% -5.0% -17.7%

Diamond Price (Pol ished Diamond Index*, 2004=100): 122.29 -0.2% 0.0% -2.9% -9.6%

Iron Equities Mean Enterprise Value (US$/t):

Proven + Probable Reserves $0.49 38.2% 76.9% 243.3% 19.2%

Measured + Indicated Resources $0.09 -3.7% 35.8% -13.0% -37.9%

Global Resources (Non NI 43-101 Compl iant Measure) $0.07 12.0% 21.9% -4.8% -31.1%

Iron (62% Fe, China CFR, US$/t): $42.00 -0.2% 10.8% -24.7% -64.1%

Nickel Equities Mean Enterprise Value (US$/t):

Proven + Probable Reserves $644 -6.1% -15.3% -21.8% -50.8%

Measured + Indicated Resources $214 -6.3% -8.4% -24.2% -39.5%

Global Resources (Non NI 43-101 Compl iant Measure) $109 -6.5% -10.3% -23.1% -52.1%

Nickel (LME, US$/t): $8,558 3.9% -1.7% -17.3% -43.1%

PGM (Platinum Group Metals) Equities Mean Enterprise Value (US$/oz):



Platinum (LME, US$/oz): $821 -2.81% -2.31% -18.95% -33.91%

Uranium Equities Mean Enterprise Value (US$/lb):



Uranium (NYMEX UxC U3O8 Swap Futures , US$/lb): $34.85 0.3% -3.6% -7.7% -1.6%

Zinc Equities Mean Enterprise Value (US$/t):

Measured + Indicated Resources $24.45 44.1% 40.8% 8.2% -16.0%

Global Resources (Non NI 43-101 Compl iant Measure) $15.13 -2.0% 19.1% 4.0% -17.3%

Zinc (LME SHG, US$/lb): $0.67 1.3% -3.1% -15.9% -30.2%

Change %

Enterprise Value = market capitalization + long-term debt - working capital + preference shares + minority interest. Resources are inclusive of reserves.*polishedprices.com Composite Rough (PLPHROAI) and Polished (PLPH0AAI) Diamond Indices


20 January 2016 65

Figure 68: CG Gold In Situ Valuations



20 January 2016 66

Figure 69: CG Gold In Situ Valuations


SummaryGold Price (US$/oz) $1,089 EV In Situ - Gold EV In Situ - Gold Equivalent (3)

Copper Price (US$/lb) $1.99 Proven & Probable (US$/oz) $72.26 Proven & Probable (US$/oz) $64.81

# of Companies 145 Measured & Indicated (US$/oz) $33.07 Measured & Indicated (US$/oz) $30.76

# of Projects 285 Global Resources (4) (US$/oz) $15.13 Global Resources (4) (US$/oz) $14.03

Company Name ↓ TickerLocal

CurrencyPrice (1) Shares O/S

Market

Cap. (1)

Working

Capital (6)

Enterprise

Value (2)Project Location(s)

Gold

Exposure (5)

per share M of shares M US$ M US$ M Au AuEq (3) US$/oz Au US$/oz AuEq (3) Au AuEq (3) US$/oz Au US$/oz AuEq (3) Au AuEq (3) US$/oz Au US$/oz AuEq (3) (%)

African Gold Group, Inc. AGG-CA CAD 0.04 250.5 8.77 -$0.6 $6.6 Mali 0.0 0.0 1.3 1.3 $5 $5 2.3 2.3 $3 $3 100%

Alexandria Minerals Corporation AZX-CA CAD 0.03 268.1 8.04 $0.6 $5.0 Quebec 0.0 0.0 0.9 1.3 $5 $4 1.8 2.2 $3 $2 81%

Almaden Minerals Ltd. AMM-CA CAD 0.83 78.1 64.79 $3.2 $41.4 Mexico 0.0 0.0 1.6 2.9 $25 $14 2.0 3.5 $21 $12 58%

AM Gold Inc. AMG-CA CAD 0.15 3.0 0.45 $1.3 -$1.0 Peru & Yukon 0.0 0.0 0.0 0.0 2.0 2.0 -$1 -$1 100%

Amara Mining plc AMA-GB GBP 0.07 420.4 31.32 $12.0 $28.3 Cote d'Ivoire & Sierra Leone 3.9 3.9 $7 $7 7.4 7.4 $4 $4 10.1 10.1 $3 $3 100%

Amarillo Gold Corporation AGC-CA CAD 0.07 69.9 4.90 -$0.8 $8.2 Brazil 0.9 0.9 $9 $9 1.4 1.4 $6 $6 1.9 1.9 $4 $4 100%

Anova Metals Ltd. AWV-AU AUD 0.04 324.9 12.35 $0.9 $7.6 Nevada 0.0 0.0 0.5 0.5 $17 $17 1.0 1.0 $7 $7 100%

Asanko Gold, Inc. AKG-CA CAD 2.00 197.0 393.99 $120.0 $270.1 Ghana 5.3 5.3 $51 $51 8.0 8.0 $34 $34 10.4 10.4 $26 $26 100%

Ascot Resources Ltd. AOT-CA CAD 0.86 112.9 96.56 $3.9 $62.6 British Columbia 0.0 0.0 2.5 2.7 $25 $23 4.0 4.5 $16 $14 89%

Astur Gold Corp. AST-CA CAD 0.01 36.8 0.37 -$8.2 $8.4 Spain 0.0 0.0 0.9 0.9 $9 $9 1.1 1.1 $8 $8 100%

ATAC Resources Ltd. ATC-CA CAD 0.34 117.8 40.05 $12.2 $15.4 Yukon 0.0 0.0 0.5 0.5 $30 $30 0.8 0.8 $19 $19 100%

Atacama Pacific Gold Corporation ATM-CA CAD 0.14 65.1 9.11 -$0.3 $6.6 Chile 3.7 3.7 $2 $2 5.3 5.3 $1 $1 5.9 5.9 $1 $1 100%

Atlantic Gold Corp. AGB-CA CAD 0.34 115.5 39.27 $8.6 $18.4 Nova Scotia 0.6 0.6 $30 $30 1.0 1.0 $19 $19 2.0 2.0 $9 $9 100%

Aureus Mining Inc. AUE-CA CAD 0.10 541.8 54.18 -$14.4 $139.8 Liberia 0.9 0.9 $151 $151 1.5 1.5 $91 $91 2.8 2.8 $50 $50 100%

Aurvista Gold Corporation AVA-CA CAD 0.03 69.5 2.29 $0.0 $1.6 Quebec 0.0 0.0 0.2 0.2 $7 $7 3.0 3.0 $1 $1 100%

Auryn Resources Inc. AUG-CA CAD 1.05 48.8 51.27 $3.9 $31.4 Nunavut 0.0 0.0 0.7 0.7 $46 $46 1.6 1.6 $19 $19 100%

Avala Resources Ltd. AVZ-CA CAD 0.04 43.6 1.87 $0.6 $0.7 Serbia 0.0 0.0 2.5 2.5 $0 $0 6.6 11.7 $0 $0 56%

Avnel Gold Mining Limited AVK-CA CAD 0.21 304.3 63.91 $11.0 $18.5 Mali 0.0 0.0 2.2 2.2 $8 $8 2.3 2.3 $8 $8 100%

Banro Corporation BAA-CA CAD 0.23 252.2 57.99 -$57.8 $338.7 DRC 2.9 2.9 $116 $116 7.7 7.7 $44 $44 13.0 13.0 $26 $26 100%

Banyan Gold Corp. BYN-CA CAD 0.03 19.1 0.57 $0.0 $0.4 Yukon 0.0 0.0 0.0 0.0 0.4 0.4 $1 $1 93%

Barisan Gold Corporation BG-CA CAD 0.02 44.0 0.79 -$0.9 $1.4 Indonesia 0.0 0.0 0.0 0.0 0.3 0.4 $4 $4 92%

Batero Gold Corp. BAT-CA CAD 0.06 115.2 6.34 $8.2 -$3.9 Colombia 0.0 0.0 2.5 3.1 -$2 -$1 3.0 3.8 -$1 -$1 80%

Bellhaven Copper & Gold Inc. BHV-CA CAD 0.04 18.3 0.64 $0.0 $0.5 Colombia & Panama 0.0 0.0 0.0 0.0 1.6 2.4 $0 $0 67%

Belo Sun Mining Corp. BSX-CA CAD 0.24 359.4 84.45 $6.6 $51.6 Brazil 3.8 3.8 $14 $14 5.2 5.2 $10 $10 6.7 6.7 $8 $8 100%

Brazil Resources Inc. BRI-CA CAD 0.44 84.2 36.61 $1.1 $24.1 Brazil & Alaska 0.0 0.0 2.7 3.3 $9 $7 7.0 8.6 $3 $3 81%

Calibre Mining Corp. CXB-CA CAD 0.07 222.9 15.16 $0.8 $9.6 Nicaragua 0.0 0.0 0.0 0.0 1.1 1.3 $9 $7 85%

Calico Resources Corp. CKB-CA CAD 0.09 102.4 9.53 $0.2 $6.4 Oregon 0.0 0.0 1.7 1.7 $4 $4 1.7 1.7 $4 $4 96%

Canarc Resource Corp. CCM-CA CAD 0.06 191.6 11.50 -$0.1 $8.0 British Columbia & Mexico 0.0 0.0 0.6 0.7 $13 $12 1.3 1.4 $6 $6 98%

Candente Gold Corp. CDG-CA CAD 0.02 96.2 1.73 -$1.0 $2.2 Mexico 0.0 0.0 0.0 0.0 0.1 0.1 $27 $20 75%

Carlisle Goldfields Limited CGJ-CA CAD 0.54 54.8 29.61 $2.3 $18.1 Manitoba 0.0 0.0 2.8 2.8 $7 $7 5.0 5.0 $4 $4 100%

Cassidy Gold Corp. CDX-CA CAD 0.02 490.1 8.82 -$1.4 $7.4 Guinea 0.0 0.0 0.7 0.7 $11 $11 1.0 1.0 $8 $8 100%

Centamin plc CEY-GB GBP 0.63 1152.1 722.95 $310.3 $721.6 Burkina Faso 0.0 0.0 1.9 1.9 $386 $386 3.2 3.2 $223 $223 100%

Chesapeake Gold Corp. CKG-CA CAD 1.75 44.0 77.07 $18.8 $35.9 Mexico 0.0 0.0 19.6 29.0 $2 $1 20.8 30.5 $2 $1 68%

Clifton Star Resources Inc. CFO-CA CAD 0.20 48.2 9.40 $9.7 -$3.2 Quebec 1.9 1.9 -$2 -$2 3.3 3.3 -$1 -$1 5.0 5.0 -$1 -$1 100%

Columbus Gold Corporation CGT-CA CAD 0.35 141.7 50.01 $4.1 $30.4 French Guiana 0.0 0.0 3.7 3.7 $8 $8 4.8 4.8 $6 $6 100%

Condor Gold plc CNR-GB GBP 0.19 45.8 8.70 $4.8 $7.5 Nicaragua 0.7 0.7 $11 $11 1.1 1.1 $7 $7 3.1 3.4 $2 $2 91%

Continental Gold Inc CNL-CA CAD 1.47 129.6 190.44 $31.4 $99.8 Colombia 0.0 0.0 4.5 4.7 $22 $21 9.0 9.5 $11 $11 95%

Corvus Gold Inc. KOR-CA CAD 0.41 84.4 34.62 $2.9 $21.0 Nevada 0.0 0.0 0.6 0.6 $38 $35 2.0 2.1 $10 $10 96%

Dacian Gold Ltd. DCN-AU AUD 0.77 132.4 101.91 $2.8 $67.3 Australia 0.0 0.0 1.2 1.2 $58 $58 3.0 3.0 $22 $22 100%

Dalradian Resources Inc. DNA-CA CAD 0.70 215.3 150.72 $15.1 $88.7 Northern Ireland 0.0 0.0 1.0 1.0 $88 $88 3.5 3.5 $25 $25 100%

Detour Gold Corporation DGC-CA CAD 16.23 171.0 2775.90 $189.4 $2,147.8 Ontario 14.4 14.4 $149 $149 4.9 4.9 $442 $442 5.4 5.4 $396 $396 100%

East Asia Minerals Corporation EAS-CA CAD 0.01 168.7 1.69 -$0.9 $2.1 Indonesia 0.0 0.0 0.0 0.0 3.3 3.5 $1 $1 94%

Equitas Resources Corp. EQT-CA CAD 0.08 78.3 6.26 $0.0 $4.4 Brazil 0.0 0.0 0.1 0.1 $34 $34 0.3 0.3 $15 $15 100%

Eastmain Resources Inc. ER-CA CAD 0.35 133.9 46.87 $3.5 $28.8 Quebec 0.0 0.0 1.0 1.0 $30 $30 1.6 1.6 $18 $18 100%

Eco Oro Minerals Corp. EOM-CA CAD 0.35 95.5 33.44 $0.8 $22.3 Colombia 0.0 0.0 3.0 3.2 $7 $7 5.5 5.8 $4 $4 94%

Edgewater Exploration Ltd. EDW-CA CAD 0.02 104.7 2.09 -$0.1 $1.5 Spain & Ghana 0.0 0.0 1.0 1.0 $1 $1 2.0 2.0 $1 $1 100%

Euromax Resources Ltd. EOX-CA CAD 0.39 116.8 45.34 -$8.0 $39.3 Bulgaria, Macedonia & Serbia 2.0 3.6 $20 $11 2.9 5.2 $14 $8 5.4 7.7 $7 $5 71%

Everton Resources Inc. EVR-CA CAD 0.01 50.4 0.40 $0.0 $0.3 Dominican Republic 0.0 0.0 0.0 0.0 0.0 0.1 $8 $4 48%

Exeter Resource Corporation XRC-CA CAD 0.45 88.4 39.78 $18.0 $9.4 Chile 0.0 0.0 23.2 34.3 $0 $0 25.1 37.2 $0 $0 67%

Explor Resources Inc. EXS-CA CAD 0.10 73.5 7.35 -$1.6 $6.6 Ontario 0.0 0.0 0.6 0.6 $11 $11 1.1 1.1 $6 $6 100%

Falco Resources Ltd. FPC-CA CAD 0.25 110.0 26.95 $1.9 $16.6 Quebec 0.0 0.0 0.0 0.0 2.1 2.6 $8 $6 82%

First Mining Finance Corp FF-CA CAD 0.38 286.8 107.54 -$0.5 $74.6 Newfoundland & Ontario 0.0 0.0 5.3 5.6 $14 $13 7.3 7.7 $10 $10 96%

Gabriel Resources Ltd. GBU-CA CAD 0.17 384.2 65.31 $15.7 $72.0 Romania 10.1 10.7 $7 $7 17.6 18.6 $4 $4 20.4 21.5 $4 $3 95%

Gogold Resources, Inc. GGD-CA CAD 0.99 162.2 160.60 $11.0 $127.0 Mexico 0.0 0.0 1.1 1.5 $113 $87 1.4 1.7 $92 $74 80%

Gold Road Resources Limited GOR-AU AUD 0.38 693.5 260.06 $35.9 $142.9 Western Australia 0.0 0.0 4.5 4.5 $32 $32 6.1 6.1 $23 $23 100%

Gold Standard Ventures Corp. GSV-CA CAD 0.85 167.8 142.60 $10.7 $87.5 Nevada 0.0 0.0 0.4 0.4 $207 $207 1.8 1.9 $48 $45 94%

Golden Queen Mining Co. Ltd. GQM-CA CAD 0.96 99.9 95.93 $43.3 $135.0 California 0.5 0.6 $274 $226 0.8 0.9 $176 $145 0.9 1.1 $153 $125 82%

Golden Rim Resources Ltd GMR-AU AUD 0.00 1438.5 1.44 $3.5 -$2.9 Burkina Faso 0.0 0.0 0.0 0.0 0.2 0.2 -$16 -$16 100%

Goldgroup Mining Inc. GGA-CA CAD 0.10 167.1 15.87 -$1.0 $14.7 Mexico 0.0 0.0 0.5 0.8 $32 $18 0.9 1.4 $16 $11 70%

Goldquest Mining Corp. GQC-CA CAD 0.14 177.7 24.88 $1.7 $15.4 Dominican Republic 0.0 0.0 1.6 2.2 $9 $7 2.2 3.0 $7 $5 73%

Goldrock Mines Corp. GRM-CA CAD 0.18 102.6 18.47 $3.2 $9.6 Argentina 1.5 1.5 $6 $6 2.5 4.6 $4 $2 3.5 5.7 $3 $2 61%

Gryphon Minerals Limited GRY-AU AUD 0.05 401.3 21.67 $12.7 $1.6 Burkina Faso 0.8 0.8 $2 $2 3.0 3.0 $1 $1 3.7 3.7 $0 $0 100%

Guyana Goldfields Inc. GUY-CA CAD 3.48 152.4 530.48 -$5.8 $494.9 Guyana 3.5 3.5 $142 $142 6.8 6.8 $73 $73 8.9 8.9 $55 $55 100%

Harte Gold Corp. HRT-CA CAD 0.08 306.4 22.98 $0.1 $15.8 Ontario 0.0 0.0 0.3 0.3 $52 $52 0.4 0.4 $40 $40 100%

Helio Resource Corp. HRC-CA CAD 0.03 230.7 6.92 -$0.1 $4.8 Tanzania & Namibia 0.0 0.0 0.6 0.6 $8 $8 0.6 0.6 $8 $8 100%

Homestake Resource Corporation HSR-CA CAD 0.02 56.2 1.29 -$0.9 $1.8 British Columbia 0.0 0.0 0.1 0.1 $14 $13 1.0 1.3 $2 $1 77%

Hummingbird Resources plc HUM-GB GBP 0.13 107.0 13.37 -$17.4 $36.5 Liberia & Mali 0.6 0.6 $65 $65 4.5 4.5 $8 $8 7.0 7.0 $5 $5 100%

IDM Mining Ltd. IDM-CA CAD 0.07 100.1 7.01 -$1.2 $6.0 British Columbia 0.0 0.0 0.4 0.4 $16 $16 0.5 0.5 $13 $13 100%

Independence Gold Corp. IGO-CA CAD 0.06 43.8 2.54 $4.4 -$2.7 British Columbia 0.0 0.0 0.0 0.0 0.4 0.6 -$6 -$4 73%

Integra Gold Corp. ICG-CA CAD 0.32 360.9 113.70 $19.9 $58.4 Quebec 0.0 0.0 1.2 1.2 $50 $50 2.2 2.2 $27 $27 100%

International Tower Hill Mines Ltd. ITH-CA CAD 0.31 116.3 36.41 $7.5 $17.6 Alaska 10.1 10.1 $2 $2 15.6 15.6 $1 $1 20.1 20.1 $1 $1 100%

INV Metals Inc. INV-CA CAD 0.11 49.4 5.58 $9.4 -$5.6 Ecuador 1.1 1.3 -$5 -$4 2.0 2.3 -$3 -$2 2.2 3.0 -$3 -$2 72%

Kaminak Gold Corporation Class A KAM-CA CAD 0.83 171.2 142.07 $3.5 $94.4 Yukon 0.0 0.0 2.8 2.8 $33 $33 4.9 4.9 $19 $19 100%

KEFI Minerals Plc KEFI-GB GBP 0.00 2621.6 8.26 -$1.2 $32.6 Ethiopia & Saudi Arabia 1.0 1.0 $31 $31 1.8 1.8 $18 $18 2.0 2.0 $16 $16 100%

Kerr Mines Inc. KER-CA CAD 0.03 128.5 3.21 -$14.6 $17.1 Arizona & Quebec 0.3 0.3 $67 $67 0.4 0.4 $48 $48 1.4 1.4 $12 $12 100%

Kilo Goldmines Ltd. KGL-CA CAD 0.08 64.1 4.81 $1.4 $2.0 DRC 0.0 0.0 0.0 0.0 1.2 1.2 $2 $2 100%

Proven + Probable Reserves Measured & Indicated Resources

Contained Gold

(Moz)EV/oz

Contained Gold

(Moz)EV/oz

Global Resources (4)

EV/ozContained Gold

(Moz)


20 January 2016 67

Figure 70: CG Gold In Situ Valuations (Continued)


Laurion Mineral Exploration Inc. LME-CA CAD 0.01 105.1 0.84 -$0.9 $1.4 Nevada & Ontario 0.0 0.0 0.0 0.0 0.0 0.0 $139 $139 100%

Lincoln Mining Corporation LMG-CA CAD 0.02 15.9 0.32 -$2.7 $5.1 Nevada & California 0.0 0.0 0.1 0.1 $38 $38 0.5 0.5 $11 $11 100%

Loncor Resources Inc. LN-CA CAD 0.04 84.4 2.96 -$1.6 $3.7 DRC 0.0 0.0 0.0 0.0 1.0 1.0 $4 $4 100%

Luna Gold Corp. LGC-CA CAD 0.04 285.4 9.99 $15.3 $40.5 Brazil 2.3 2.3 $17 $17 3.6 3.6 $11 $11 4.7 4.7 $9 $9 100%

Lundin Gold Inc. LUG-CA CAD 4.09 101.3 414.15 $29.2 $256.1 Ecuador 0.0 0.0 7.2 7.2 $35 $35 9.8 9.8 $26 $26 100%

Lupaka Gold Corp. LPK-CA CAD 0.05 92.5 4.16 -$0.7 $3.5 Peru 0.0 0.0 1.7 2.0 $2 $2 3.0 3.3 $1 $1 90%

Lydian International Ltd. LYD-CA CAD 0.25 184.6 45.24 $8.7 $22.5 Armenia 2.4 2.6 $9 $9 3.0 3.2 $7 $7 5.1 5.3 $4 $4 95%

Magellan Minerals Ltd. MNM-CA CAD 0.03 182.7 5.48 -$3.2 $7.0 Brazil 0.0 0.0 0.7 0.7 $11 $11 2.2 2.2 $3 $3 100%

Marathon Gold Corporation MOZ-CA CAD 0.16 93.3 14.93 $1.6 $8.9 Newfoundland & Idaho 0.0 0.0 1.1 1.1 $8 $8 1.3 1.3 $7 $7 100%

Merrex Gold Inc. MXI-CA CAD 0.17 181.6 30.87 -$3.9 $25.1 Mali 0.0 0.0 0.2 0.2 $165 $165 0.3 0.3 $83 $83 100%

Midas Gold Corp. MAX-CA CAD 0.28 160.8 44.23 $6.5 $24.0 Idaho 4.6 4.7 $5 $5 5.5 5.6 $4 $4 6.5 6.7 $4 $4 98%

Midway Gold Corp. MDWCQ USD 0.00 180.2 0.11 -$29.9 $83.3 Nevada 0.3 0.3 $250 $250 3.0 3.0 $28 $28 4.1 4.1 $21 $21 100%

Minnova Corp. MCI-CA CAD 0.40 18.1 7.25 -$2.6 $7.6 Manitoba 0.0 0.0 0.3 0.3 $27 $27 0.7 0.7 $11 $11 100%

NewCastle Gold Ltd. NCA-CA CAD 0.22 71.9 15.82 -$1.5 $14.3 California 0.0 0.0 4.2 4.2 $3 $3 5.0 5.0 $3 $3 100%

Newstrike Resources Ltd. NR-CA CAD 0.02 26.6 0.53 $0.0 $0.4 Mexico 0.0 0.0 1.9 1.9 $0 $0 1.9 2.0 $0 $0 95%

Nighthawk Gold Corp. NHK-CA CAD 0.07 58.5 4.09 $0.3 $2.5 NWT 0.0 0.0 0.0 0.0 2.1 2.1 $1 $1 100%

Northern Dynasty Minerals Ltd. NDM-CA CAD 0.31 221.9 68.80 $0.6 $46.8 Alaska 0.0 0.0 70.6 195.7 $1 $0 107.8 290.5 $0 $0 37%

Northern Freegold Resources Ltd. NFR-CA CAD 0.04 29.0 1.25 $0.2 $0.7 Yukon 0.0 0.0 1.3 1.5 $1 $0 3.3 4.8 $0 $0 68%

NovaCopper, Inc. NCQ-CA CAD 0.25 105.0 26.25 $17.8 $0.3 Colombia 0.0 0.0 5.1 10.5 $0 $0 11.2 28.3 $0 $0 39%

NovaGold Resources Inc. NG-CA CAD 5.46 319.3 1743.51 $130.0 $1,150.2 Alaska & BC 19.6 26.5 $59 $43 23.5 32.6 $49 $35 27.9 40.1 $41 $29 69%

Oban Mining Corporation OBM-CA CAD 1.00 58.7 58.69 $54.2 -$13.7 Quebec 0.0 0.0 1.9 1.9 -$7 -$7 3.6 3.6 -$4 -$4 100%

Orca Gold, Inc. ORG-CA CAD 0.14 76.8 10.75 $14.2 -$14.9 Sudan 0.0 0.0 1.1 1.1 -$13 -$13 1.6 1.6 -$10 -$10 100%

Orezone Gold Corporation ORE-CA CAD 0.25 117.4 29.34 $5.6 $14.6 Burkina Faso 1.5 1.5 $10 $10 4.9 4.9 $3 $3 5.7 5.7 $3 $3 100%

Paramount Gold Nevada Corp PZG USD 1.05 8.5 8.94 $8.7 $0.2 Nevada 0.0 0.0 3.4 3.8 $0 $0 5.9 6.5 $0 $0 91%

Pershimco Resources, Inc. PRO-CA CAD 0.12 264.6 31.76 $15.5 $20.3 Panama 0.5 0.5 $42 $39 0.7 0.9 $29 $23 0.7 0.9 $28 $23 80%

Pershing Gold Corporation PGLC USD 3.23 21.7 70.17 $10.1 $60.1 Nevada 0.0 0.0 0.7 0.7 $81 $81 0.8 0.8 $74 $74 100%

Peruvian Precious Metals Corp. PPX-CA CAD 0.05 250.0 11.25 -$1.8 $9.6 Peru 0.0 0.0 0.0 0.0 0.4 0.7 $22 $15 67%

Phoenix Gold Limited PXG-AU AUD 0.15 470.1 70.51 $2.8 $45.7 Western Australia 1.2 1.2 $40 $40 2.1 2.1 $22 $22 3.9 3.9 $12 $12 100%

Pilot Gold Inc. PLG-CA CAD 0.26 107.3 27.91 $10.2 $31.5 Turkey & Nevada 0.0 0.0 1.6 2.8 $20 $11 2.3 4.4 $14 $7 52%

Pinecrest Resources Ltd. PCR-CA CAD 0.04 54.8 2.19 $1.2 $0.3 Ghana 0.0 0.0 0.0 0.0 1.1 1.1 $0 $0 100%

Premier Gold Mines Limited PG-CA CAD 2.48 174.7 433.26 $59.1 $239.4 Ontario & Nevada 0.2 0.2 $1,485 $1,456 4.1 4.2 $58 $57 6.2 6.2 $39 $38 99%

Pretium Resources Inc. PVG-CA CAD 6.70 144.6 968.76 $321.8 $669.9 Idaho 7.5 7.9 $89 $85 36.2 44.5 $19 $15 51.6 63.3 $13 $11 81%

Primero Mining Corp. P-CA CAD 2.98 163.9 488.31 $18.2 $381.7 Mexico 0.5 0.7 $833 $587 1.1 1.5 $363 $248 1.1 1.6 $353 $242 69%

Pure Gold Mining Inc. PGM-CA CAD 0.10 125.7 12.57 $1.5 $7.1 Ontario 0.0 0.0 0.9 0.9 $8 $8 1.2 1.2 $6 $6 100%

Red 5 Limited RED-AU AUD 0.06 761.9 42.66 $17.5 $10.8 Philippines 0.7 0.7 $16 $15 1.0 1.0 $11 $11 1.3 1.3 $8 $8 98%

Red Eagle Mining Corporation RD-CA CAD 0.29 180.7 52.41 $4.6 $31.6 Colombia 0.4 0.4 $78 $78 0.5 0.5 $66 $66 0.6 0.6 $51 $51 100%

Red Pine Exploration Inc. RPX-CA CAD 0.04 69.2 2.77 -$0.2 $2.1 Ontario 0.0 0.0 0.0 0.0 1.1 1.1 $2 $2 100%

Rio Novo Gold, Inc. RN-CA CAD 0.09 137.7 12.39 -$3.1 $11.6 Brazil & Colombia 0.8 0.8 $15 $15 1.2 1.2 $10 $10 2.8 2.8 $4 $4 99%

Rockhaven Resources Ltd. RK-CA CAD 0.13 105.2 13.14 $1.3 $7.8 Yukon 0.0 0.0 0.0 0.0 1.4 1.9 $6 $4 70%

Roxgold Inc. ROG-CA CAD 0.75 324.1 243.06 $31.0 $164.4 Burkina Faso 0.8 0.8 $217 $217 0.8 0.8 $202 $202 1.1 1.1 $151 $151 100%

Rubicon Minerals Corporation RMX-CA CAD 0.03 394.9 9.87 $27.2 $96.6 Ontario 0.0 0.0 0.1 0.1 $907 $907 0.4 0.4 $234 $234 100%

Rugby Mining Limited RUG-CA CAD 0.06 54.4 3.27 $0.1 $2.2 Nevada 0.0 0.0 0.3 0.4 $7 $6 0.4 0.5 $6 $5 82%

Rye Patch Gold Corp. RPM-CA CAD 0.13 144.4 18.05 $4.1 $8.3 Nevada 0.0 0.0 1.6 1.9 $5 $4 2.4 2.9 $3 $3 84%

Sabina Gold & Silver Corp. SBB-CA CAD 0.61 199.7 121.81 $14.8 $69.3 Nunavut 2.5 2.5 $28 $28 5.3 5.3 $13 $13 7.2 7.2 $10 $10 100%

Sandspring Resources Ltd. SSP-CA CAD 0.14 82.6 11.15 $2.7 $5.0 Guyana 4.1 4.7 $1 $1 6.9 7.8 $1 $1 10.0 11.1 $1 $0 90%

Northern Superior Resources Inc. SUP-CA CAD 0.02 189.6 3.41 $1.6 $0.7 Quebec 0.0 0.0 0.0 0.0 0.6 0.6 $1 $1 100%

Sarama Resources Ltd. SWA-CA CAD 0.07 95.2 6.95 $0.7 $4.1 Burkina Faso 0.0 0.0 0.0 0.0 0.2 0.2 $17 $17 100%

Savary Gold Corp. SCA-CA CAD 0.03 126.7 4.18 $0.0 $2.9 Burkina Faso 0.0 0.0 0.0 0.0 0.4 0.4 $7 $7 100%

Seabridge Gold Inc. SEA-CA CAD 9.90 52.1 515.54 $5.3 $349.8 BC, NWT & Nevada 44.4 66.0 $8 $5 58.7 100.4 $6 $3 90.0 161.3 $4 $2 56%

Serabi Gold PLC SRB-GB GBP 0.03 656.4 18.87 $2.6 $24.6 Brazil 0.0 0.0 0.2 0.2 $106 $103 0.7 0.7 $35 $34 96%

SnipGold Corp. SGG-CA CAD 0.05 37.8 2.00 -$0.5 $1.9 British Columbia 0.0 0.0 2.2 3.2 $1 $1 2.2 3.3 $1 $1 67%

Southern Arc Minerals Inc. SA-CA CAD 0.33 10.9 3.64 $4.4 -$3.6 Indonesia 0.0 0.0 0.0 0.0 1.5 2.2 -$2 -$2 67%

Spanish Mountain Gold Ltd. SPA-CA CAD 0.03 218.1 6.54 -$0.8 $5.4 British Columbia 0.0 0.0 3.5 3.5 $2 $2 7.0 7.1 $1 $1 98%

Sutter Gold Mining Inc. SGM-CA CAD 0.04 123.6 4.95 -$21.2 $49.1 California 0.0 0.0 0.1 0.1 $806 $806 0.2 0.2 $259 $259 100%

Terraco Gold Corp. TEN-CA CAD 0.10 143.6 14.36 $0.0 $9.8 Idaho 0.0 0.0 0.8 0.8 $12 $12 0.9 0.9 $11 $11 100%

Timberline Resources Corporation TBR-CA CAD 0.18 13.3 2.37 $0.0 $1.6 Nevada 0.0 0.0 1.5 1.7 $1 $1 1.9 2.1 $1 $1 90%

TMAC Resources, Inc. TMR-CA CAD 6.10 77.6 473.45 $83.6 $245.1 Nunavut 3.5 3.5 $69 $69 4.5 4.5 $54 $54 5.9 5.9 $41 $41 100%

Torex Gold Resources Inc. TXG-CA CAD 1.22 785.4 958.25 $76.8 $888.4 Mexico 4.2 4.2 $214 $209 4.8 4.9 $186 $182 9.3 12.0 $96 $74 77%

Treasury Metals Inc. TML-CA CAD 0.40 80.5 32.20 -$3.8 $26.2 Ontario 0.0 0.0 1.1 1.2 $23 $22 1.4 1.5 $18 $17 96%

TriMetals Mining, Inc. TMI-CA CAD 0.06 135.7 8.55 $3.0 $4.6 Chile & Nevada 0.0 0.0 1.0 4.2 $5 $1 1.9 12.9 $2 $0 14%

TriStar Gold Inc. TSG-CA CAD 0.18 105.0 18.90 $0.1 $12.9 Brazil 0.0 0.0 0.2 0.2 $71 $71 0.3 0.3 $46 $46 100%

True Gold Mining, Inc. TGM-CA CAD 0.25 398.5 99.63 -$2.0 $70.0 Burkina Faso 1.0 1.0 $74 $74 2.6 2.6 $27 $27 5.0 5.0 $14 $14 100%

Unigold Inc. UGD-CA CAD 0.15 29.5 4.27 $0.6 $2.3 Dominican Republic 0.0 0.0 0.0 0.0 3.0 3.1 $1 $1 97%

Victoria Gold Corp. VIT-CA CAD 0.16 361.1 57.78 $6.8 $33.0 Yukon & Nevada 2.3 2.3 $14 $14 3.0 3.0 $11 $11 3.3 3.3 $10 $10 100%

Vista Gold Corp. VGZ-CA CAD 0.42 82.7 34.32 $16.0 $7.7 Australia, Mexico & California 6.0 6.0 $1 $1 9.6 9.7 $1 $1 12.5 12.6 $1 $1 99%

West African Resources Ltd WAF-CA CAD 0.07 304.2 21.29 $0.0 $14.7 Burkina Faso 0.0 0.0 0.7 0.7 $20 $20 2.7 3.4 $5 $4 79%

West Kirkland Mining Inc. WKM-CA CAD 0.04 308.1 11.71 $0.4 $7.6 Utah, Nevada & Ontario 0.6 0.7 $14 $11 0.8 1.0 $10 $8 0.9 1.2 $8 $6 80%

WPC Resources Inc. WPQ-CA CAD 0.04 68.5 2.40 -$0.3 $1.9 Nunavut 0.0 0.0 0.6 0.6 $3 $3 1.2 1.2 $2 $2 100%

Yorbeau Resources, Inc. Class A YRB.A-CA CAD 0.07 243.7 17.06 -$0.2 $12.0 Quebec 0.0 0.0 0.4 0.4 $30 $30 0.6 0.6 $19 $19 100%

MEAN - All (US$/oz): $103 $95 $50 $48 $25 $23

MEDIAN - All (US$/oz): $24 $22 $11 $11 $7 $6

ADJUSTED MEAN - within 3σ (7) (US$/oz): $72 $65 $33 $31 $15 $14

Notes:

1. Priced in loca l currency.

2. Enterprise Value = Market Cap. + LT Debt + Pref. Shares + Minori ty Interest - Working Capita l .

3. AuEq = gold equiva lent on a gross bas is (no recovery factors ) us ing current spot metal prices .

4. Global resources (not a compl iant measure) include 43-101 compl iant Measured, Indicated and Inferred resources .

5. Gold exposure = percentage of gold equiva lent global resource that i s gold (Au/AuEq).

6. Uses quarterly data i f ava i lable, otherwise uses semi or annual data.

7. Adjusted mean is corrected to compensate for outl iers us ing datapoints within 3 s tandard deviations of the population mean.

Sources: FactSet, Bloomberg, Company reports, Canaccord Genuity estimates


20 January 2016 68

Figure 71: CG Silver In Situ Valuations



20 January 2016 69

Figure 72: CG Silver In Situ Valuations


SummarySilver Price (US$/oz) $13.96 EV In Situ - Silver EV In Situ - Silver Equivalent (3)

Gold Price (US$/oz) $1,089 Proven & Probable (US$/oz) $3.63 Proven & Probable (US$/oz) $1.92



Company Name Ticker ↓Local

Currency

Price

(1)

Shares

O/S

Market

Cap. (1)

Working

Capital (6)

Enterprise


Silver

Exposure (5)

per share M of shares M US$ M US$ M Ag AgEq (3) Ag AgEq (3) Ag AgEq (3) Ag AgEq (3) Ag AgEq (3) Ag AgEq (3) (%)

Alexco Resource Corp AXR-T CAD 0.45 77.3 34.8 $8.3 $15.7 Yukon 0 0 36 62 $0.44 $0.25 44 75 $0.36 $0.21 58%

Argentex Mining Corp ATX-V CAD 0.04 85.3 3.0 $0.0 $2.06 Argentina 0 0 21 39 $0.10 $0.05 26 49 $0.08 $0.04 52%

Aurcana Corp AUN-V CAD 0.13 84.6 10.6 -$44.1 $51.40 Texas & Mexico 0 0 23 40 $2.28 $1.29 30 50 $1.70 $1.03 61%

Avino Silver & Gold Mines Ltd ASM-V CAD 1.12 36.4 40.8 $8.6 $28.56 Mexico 0 0 14 34 $2.09 $0.84 36 80 $0.80 $0.36 45%

Bear Creek Mining Corp BCM-V CAD 0.51 93.1 47.5 $22.0 $10.74 Peru 291 560 $0.04 $0.02 156 282 $0.07 $0.04 232 421 $0.05 $0.03 55%

Coeur Mining Inc CDE-US USD 1.90 137.0 260.2 $347.1 $454.10 Global 304 540 $1.49 $0.84 431 688 $1.05 $0.66 497 858 $0.91 $0.53 58%

Defiance Silver Corp DEF-V CAD 0.06 62.8 3.8 -$0.2 $2.83 Mexico 0 0 0 0 17 18 $0.17 $0.16 94%

Endeavour Silver Corp EDR-T CAD 1.60 102.7 164.2 $20.4 $92.78 Mexico 13 71 $7.05 $1.31 82 160 $1.14 $0.58 132 248 $0.70 $0.37 53%

First Majestic Silver Corp FR-T CAD 3.91 155.5 608.1 -$13.0 $454.69 Mexico 120 176 $3.79 $2.58 159 212 $2.85 $2.14 412 659 $1.10 $0.69 62%

Fortuna Silver Mines Inc FVI-T CAD 3.10 129.2 400.6 $112.6 $203.79 Peru & Mexico 41 79 $4.93 $2.58 7 15 $30.09 $13.46 84 155 $2.42 $1.31 54%

Fresnillo Plc FRES-LN GBP 6.75 736.9 4970.3 $1,078.5 $6,841.87 Mexico 582 1,585 $11.75 $4.32 1,233 3,498 $5.55 $1.96 2,167 5,578 $3.16 $1.23 39%

Golden Minerals Co AUM-T CAD 0.26 53.3 13.6 $0.3 $9.10 Argentina & Mexico 0 0 47 62 $0.20 $0.15 96 131 $0.09 $0.07 73%

Great Panther Silver Ltd GPR-T CAD 0.57 141.7 80.8 $25.9 $29.74 Mexico 0 0 9 15 $3.49 $1.97 19 39 $1.54 $0.77 50%

Hecla Mining Co HL-US USD 1.62 378.1 612.5 $165.5 $957.80 Alaska, Idaho & Mexico 173 481 $5.55 $1.99 338 1,185 $2.83 $0.81 484 1,587 $1.98 $0.60 31%

Herencia Resources Plc HER-LN GBP 0.00 4,266.6 2.3 -$0.6 $9.73 Chile 0 0 10 40 $1.02 $0.24 14 62 $0.69 $0.16 23%

Hochschild Mining Plc HOC-LN GBP 0.40 505.6 202.2 $122.0 $705.25 Peru, Argentina & Mexico 89 184 $7.94 $3.84 249 1,133 $2.83 $0.62 410 1,792 $1.72 $0.39 23%

Impact Silver Corp IPT-V CAD 0.12 68.1 8.2 $1.2 $4.46 Mexico 0 0 5 8 $0.98 $0.56 5 9 $0.89 $0.49 55%

Kootenay Silver Inc KTN-V CAD 0.18 79.4 13.9 $1.3 $8.27 Mexico 0 0 40 123 $0.21 $0.07 53 158 $0.16 $0.05 33%

Mag Silver Corp MAG-T CAD 9.53 69.4 661.4 $77.7 $377.96 Mexico 0 0 57 104 $6.68 $3.62 141 349 $2.69 $1.08 40%

Mcewen Mining Inc MUX-T CAD 1.50 274.4 411.6 $30.0 $253.59 Argentina, Mexico & Nevada 0 38 $6.69 87 1,131 $2.91 $0.22 187 3,508 $1.36 $0.07 5%

Minco Silver Corp MSV-T CAD 0.41 59.6 24.2 $43.8 -$17.12 China 50 60 -$0.34 -$0.29 76 92 -$0.23 -$0.19 127 158 -$0.14 -$0.11 80%

Northair Silver Corp INM-V CAD 0.06 150.1 8.7 $2.3 $3.68 Mexico 0 0 51 61 $0.07 $0.06 63 75 $0.06 $0.05 84%

Pan American Silver Corp PAA-T CAD 8.74 151.7 1325.6 $420.1 $498.72 Latin America 296 618 $1.69 $0.81 733 1,089 $0.68 $0.46 1,014 1,605 $0.49 $0.31 63%

Santacruz Silver Mining Ltd SCZ-V CAD 0.10 102.9 10.1 -$7.0 $25.08 Mexico 0 0 13 32 $1.88 $0.78 43 96 $0.58 $0.26 45%

Scorpio Mining Corp SPM-T CAD 0.07 347.2 22.6 $11.0 $10.90 Mexico & Idaho 26 35 $0.43 $0.31 83 158 $0.13 $0.07 111 210 $0.10 $0.05 53%

Silver Bear Resources Inc SBR-T CAD 0.03 161.3 4.0 -$8.3 $11.10 Russia 0 0 23 23 $0.47 $0.47 56 56 $0.20 $0.20 100%

Silver Bull Resources Inc SVBL-US USD 0.03 159.1 4.1 $1.2 $2.91 Mexico 0 0 94 346 $0.03 $0.01 94 350 $0.03 $0.01 27%

Silver Standard Resources Inc SSO-T CAD 6.47 80.8 522.9 $373.1 $260.78 Americas 555 1,159 $0.47 $0.23 1,179 1,897 $0.22 $0.14 1,513 2,560 $0.17 $0.10 59%

Silvercorp Metals Inc SVM-T CAD 0.70 169.1 118.4 $43.9 $102.05 China & BC 79 148 $1.30 $0.69 128 296 $0.80 $0.35 212 497 $0.48 $0.21 43%

Tahoe Resources Inc THO-T CAD 10.68 227.1 2425.9 $66.2 $1,614.26 Guatemala 337 571 $4.80 $2.83 420 3,668 $3.84 $0.44 490 3,901 $3.30 $0.41 13%

Zazu Metals Corp ZAZ-T CAD 0.14 55.4 7.5 $0.7 $4.48 US 0 0 29 242 $0.15 $0.02 36 315 $0.13 $0.01 11%

MEAN - All (US$/oz): $3.63 $1.92 $2.50 $1.07 $0.90 $0.36

MEDIAN - All (US$/oz): $2.74 $1.31 $1.00 $0.45 $0.58 $0.21

ADJUSTED MEAN - within 3σ (US$/oz): $3.63 $1.92 $1.54 $0.64 $0.90 $0.36

Notes:



3. AgEq = s i lver equiva lent on a gross bas is (no recovery factors ) us ing current spot metal prices .


5. Si lver exposure = percentage of s i lver equiva lent global resource that i s s i lver (Ag/AgEq).



Global Resources (4)

Contained Silver

(Moz)EV/oz EV/oz

Contained Silver

(Moz)EV/oz

Contained Silver

(Moz)

Proven + Probable Reserves Measured & Indicated Resources


20 January 2016 70

Figure 73: CG Copper In Situ Valuations



20 January 2016 71

Figure 74: CG Copper In Situ Valuations


SummaryCopper Price (US$/lb) $1.99 EV In Situ - Copper EV In Situ - Copper Equivalent (3)

# of Companies 44 Measured & Indicated (US$/t) $26.32 Measured & Indicated (US$/t) $16.31

# of Projects 123 Global Resources (4) (US$/t) $21.75 Global Resources (4) (US$/t) $11.00


Currency

Price

(1)Shares O/S

Market

Cap. (1)

Working

Capital (6)

Enterprise


Copper

Exposure (5)

per share M of shares M US$ M US$ M Cu CuEq (3) Cu CuEq (3) Cu CuEq (3) Cu CuEq (3) (%)

Abacus Mining & Exploration Corp AME-V CAD 0.05 214.2 9.64 $1.1 $9.4 British Columbia 0.3 0.5 $30 $20 0.4 0.5 $27 $18 66%

Africo Resources Ltd ARL-T CAD 0.43 71.3 30.31 $45.4 -$24.5 Democratic Republic of Congo 0.5 1.1 -$45 -$22 0.9 1.9 -$28 -$13 46%

Alexandria Minerals Corp AZX-V CAD 0.03 268.1 8.04 $0.6 $5.0 Manitoba, Quebec & Ontario 0.1 0.1 $74 $41 0.1 0.1 $67 $35 53%

AQM Copper Inc AQM-V CAD 0.04 141.0 5.36 $1.8 $1.9 Peru 1.0 1.2 $2 $2 1.1 1.2 $2 $2 88%

Atalaya Mining plc EMD-T CAD 2.00 116.7 233.36 $0.0 $160.7 Spain & Slovakia 0.9 1.0 $174 $154 0.9 1.2 $172 $134 78%

Candente Copper Corp DNT-T CAD 0.03 151.7 5.01 -$1.1 $4.5 Peru 3.4 4.0 $1 $1 4.1 4.7 $1 $1 86%

Catalyst Copper Corp CCY-V CAD 0.13 34.7 4.34 $0.1 $3.0 Mexico 1.0 1.1 $3 $3 1.7 1.9 $2 $2 90%

Copper Fox Metals Inc CUU-V CAD 0.13 410.6 51.33 $2.1 $35.2 British Columbia 3.3 5.9 $11 $6 5.2 9.0 $7 $4 58%

Coro Mining Corp COP-T CAD 0.02 159.4 3.19 -$6.0 $8.9 Chile & Argentina 0.3 0.4 $30 $23 0.3 0.4 $28 $22 77%

Crazy Horse Resources Inc CZH-V CAD 0.01 48.6 0.24 $0.2 -$0.1 Luzon, Philippines 1.2 1.6 $0 $0 2.1 2.8 $0 $0 74%

Entree Gold Inc ETG-T CAD 0.26 147.3 38.31 $25.0 $8.1 Mongolia & Nevada 4.2 4.7 $2 $2 8.6 10.8 $1 $1 80%

Eurasian Minerals Inc EMX-V CAD 0.54 73.5 39.69 $1.8 $25.6 Russia 0.0 0.0 1.2 1.7 $21 $15 71%

Excelsior Mining Corp MIN-V CAD 0.19 138.4 26.30 $1.2 $16.9 Arizona 2.2 2.2 $8 $8 2.5 2.5 $7 $7 100%

Exeter Resource Corp XRC-T CAD 0.45 88.4 39.78 $18.0 $9.4 Chile 2.6 8.5 $4 $1 2.8 9.2 $3 $1 31%

Foran Mining Corp FOM-V CAD 0.06 90.8 5.45 $1.0 $2.7 Saskatchewan 0.2 0.4 $15 $7 0.3 0.7 $8 $4 46%

Geologix Explorations Inc GIX-T CAD 0.02 161.9 3.24 $0.5 $2.2 Mexico 0.4 0.9 $6 $2 0.4 1.0 $5 $2 44%

Getty Copper Inc GTC-V CAD 0.02 108.4 1.63 $0.0 $1.1 British Columbia 0.4 0.4 $3 $3 0.5 0.6 $2 $2 98%

Gold Reach Resources Ltd GRV-V CAD 0.08 38.6 3.09 $0.3 $1.8 British Columbia 0.3 0.6 $6 $3 0.7 1.3 $3 $1 54%

Golden Cross Resources Ltd GCR-AU AUD 0.08 101.1 7.58 $0.4 $4.8 NSW, Australia 0.1 0.2 $43 $23 0.2 0.3 $30 $17 57%

Heatherdale Resources Ltd HTR-V CAD 0.01 138.3 1.38 -$1.8 $2.8 Alaska 0.1 0.2 $53 $16 0.1 0.3 $35 $11 30%

Herencia Resources plc HER-AIM GBP 0.00 4,266.6 2.35 -$0.6 $9.7 Chile 0.0 0.0 $286 $262 0.1 0.1 $149 $136 91%

Los Andes Copper Ltd LA-V CAD 0.08 218.1 17.44 -$0.1 $12.1 Chile 3.9 4.2 $3 $3 5.0 5.4 $2 $2 92%

Majescor Resources Inc MJX-V CAD 0.03 14.3 0.36 -$0.1 $0.3 Haiti, Quebec & Madagascar 0.0 0.0 0.4 0.5 $1 $1 84%

Metminco Ltd MNC-AU AUD 0.00 2,975.3 8.93 $1.2 $4.9 Chile & Peru 4.9 5.8 $1 $1 6.8 7.8 $1 $1 87%

Nevada Copper Corp NCU-T CAD 0.56 80.5 45.08 -$21.1 $146.2 Nevada 2.5 2.9 $60 $51 3.1 3.6 $47 $41 86%

Ngex Resources Inc NGQ-T CAD 0.66 187.7 122.95 $2.6 $82.1 Argentina 7.6 11.0 $11 $7 11.6 17.4 $7 $5 66%

Northern Dynasty Minerals Ltd NDM-T CAD 0.31 221.9 68.80 $0.6 $46.8 Alaska 25.0 45.5 $2 $1 36.6 69.9 $1 $1 52%

Novacopper Inc NCQ-T CAD 0.25 105.0 26.25 $17.8 $0.3 Alaska 0.9 1.6 $0 $0 3.6 4.4 $0 $0 82%

Oracle Mining Corp OMN-T CAD 0.01 65.1 0.65 -$8.7 $14.5 Arizona 0.1 0.1 $136 $111 0.2 0.2 $79 $65 83%

Orsu Metals Corp OSU-T CAD 0.02 182.7 3.65 $9.0 -$7.2 Kazakhstan 0.2 0.2 -$46 -$46 0.2 0.2 -$39 -$39 100%

Panoro Minerals Ltd PML-V CAD 0.11 220.6 24.93 $0.0 $17.2 Peru 1.2 1.5 $14 $11 3.5 4.9 $5 $4 73%

Polymet Mining Corp POM-T CAD 1.01 277.5 280.26 -$67.7 $260.8 Minnesota 1.7 4.3 $157 $60 2.2 5.8 $117 $45 38%

Quaterra Resources Inc QTA-V CAD 0.06 193.5 11.61 $5.2 $3.3 Nevada & Mexico 0.7 0.7 $5 $4 1.8 2.0 $2 $2 88%

Redhawk Resources Inc RDK-T CAD 0.04 157.7 6.31 -$0.1 $5.0 Arizona 1.0 1.1 $5 $4 1.6 1.7 $3 $3 93%

Reservoir Minerals Inc RMC-V CAD 3.65 47.8 174.35 $25.2 $94.8 Serbia 0.0 0.0 0.8 1.1 $124 $85 68%

Rex Minerals Ltd RXM-AU AUD 0.06 220.5 12.35 $7.8 $0.7 South Australia 0.0 0.0 2.0 2.4 $0 $0 84%

Salazar Resources Ltd SRL-V CAD 0.06 63.5 3.49 -$2.2 $4.6 Ecuador 0.1 0.4 $33 $12 0.2 0.6 $23 $8 36%

Serengeti Resources Inc SIR-V CAD 0.02 54.6 1.26 $0.0 $0.9 British Columbia 0.6 1.0 $2 $1 1.1 1.9 $1 $0 60%

St Augustine Gold And Copper Ltd SAU-T CAD 0.10 726.8 72.68 $4.4 $45.7 Philippines 2.5 5.1 $19 $9 2.9 5.9 $16 $8 49%

Sunridge Gold Corp SGC-V CAD 0.28 209.9 57.73 $4.1 $43.5 Eritrea 0.3 0.8 $126 $56 0.4 0.9 $99 $47 47%

Themac Resources Group Ltd MAC-V CAD 0.01 79.4 1.03 -$44.0 $46.6 New Mexico 0.7 1.0 $67 $47 0.7 1.0 $67 $47 70%

Tintina Resources Inc TAU-V CAD 0.07 222.5 15.13 $5.8 $4.6 Montana 0.5 0.6 $9 $7 0.6 0.7 $8 $6 82%

Western Copper And Gold Corp WRN-T CAD 0.31 94.2 28.73 $8.1 $11.7 Yukon 2.2 5.3 $5 $2 4.6 10.9 $3 $1 42%

Yellowhead Mining Inc YMI-T CAD 0.03 123.8 3.71 $1.3 $1.3 British Columbia 2.4 2.7 $1 $0 2.6 3.0 $0 $0 88%

MEAN - All (US$/t): $32.80 $22.45 $25.16 $16.64

MEDIAN - All (US$/t): $6.69 $5.23 $4.94 $3.23

ADJUSTED MEAN - within 3σ (7) (US$/t): $26.32 $16.31 $21.75 $11.00

Notes:



3. CuEq = copper equiva lent on a gross bas is (no recovery factors ) us ing current spot metal prices .

4. Global Resources (not a compl iant measure) include 43-101 compl iant Measured, Indicated and Inferred resources .

5. Copper exposure = percentage of copper equiva lent global resource that i s copper (Cu/CuEq).




EV/tContained Copper

(Mt)EV/t

Contained Copper

(Mt)

Measured & Indicated Resources Global Resources (4)


20 January 2016 72

Figure 75: CG Diamond In Situ Valuations



20 January 2016 73

Figure 76: CG Diamond In Situ Valuations


SummaryComposite Rough Diamond Index 183.27

Composite Polished Diamond Index 122.29 Proven & Probable (US$/ct) $38.32

# of Companies 11 Measured & Indicated (US$/ct) $13.34

# of Projects 26 Global Resources (5) (US$/ct) $9.61

Resources & Reserves EV/carat Representative Global


Currency

Price

(1)Shares O/S

Market Cap.

(1)

Working

Capital (6)

Enterprise

Value (2)Project Location(s) 2P (3) M & I (4) Global (5) 2P (3) M & I (4) Global (5) Grade Value Rock Value

per share M of shares M US$ M US$ M M cts M cts M cts US$/ct US$/ct US$/ct ct/t US$/ct US$/t

Diamcor Mining Inc. DMI-CA CAD 0.85 43.14 36.7 ($1.16) $28.55 South Africa 0.0 0.0 1.0 $29.41 0.02 186 4

Dominion Diamond Corporation DDC-CA CAD 14.50 85.29 1,236.7 $643.33 $347.54 NWT 21.2 128.3 147.8 $16.36 $2.71 $2.35 1.21 124 151

Gem Diamonds Limited GEMD-GB GBP 1.00 138.30 138.3 $51.38 $221.49 Botswana, DRC 0.0 17.8 24.0 $12.47 $9.21 0.08 527 40

Lucara Diamond Corp. LUC-CA CAD 2.08 379.98 790.4 $138.81 $405.65 Botswana, Lesotho 5.1 7.7 10.6 $79.01 $52.74 $38.16 0.15 394 61

Mountain Province Diamonds Inc. MPV-CA CAD 3.82 158.97 607.3 ($17.38) $554.31 NWT 0.0 27.7 36.7 $20.04 $15.11 1.66 117 194

North Arrow Minerals Inc. NAR-CA CAD 0.16 54.16 8.4 $3.20 $2.58 Nunavut 0.0 0.0 20.9 $0.12 0.54 26 14

Peregrine Diamonds Ltd. PGD-CA CAD 0.11 353.33 37.1 $3.10 $22.45 NWT, Nunavut 0.0 13.1 21.7 $1.71 $1.04 1.25 118 147

Petra Diamonds Limited PDL-GB GBP 0.76 522.80 397.3 $195.00 $803.72 South Africa, Tanzania 41.0 165.5 223.3 $19.60 $4.86 $3.60 0.17 191 33

Shore Gold Inc. SGF-CA CAD 0.20 274.29 53.5 $1.44 $35.40 Saskatchewan 0.0 57.0 68.3 $0.62 $0.52 0.13 207 27

Stornoway Diamond Corporation SWY-CA CAD 0.71 732.31 519.9 $172.31 $349.38 Quebec, Nunavut 0.0 30.3 69.8 $11.54 $5.01 0.60 122 73

Tango Mining Limited TGV-CA CAD 0.01 153.43 0.8 $0.59 $0.81 Botswana 0.0 0.0 0.7 $1.16 0.04 260 12

MEAN - All (US$/ct): $38.32 $13.34 $9.61

MEDIAN - All (US$/ct): $19.60 $8.20 $3.60

ADJUSTED MEAN - within 3σ (7) (US$/ct): $38.32 $13.34 $9.61

Notes:



3. 2P: Proven and Probable Reserves (NI 43-101 Compl iant)

4. M & I: Measured and Indicated Resources (NI 43-101 Compl iant)




Sources: FactSet, Bloomberg, Company Reports, Canaccord Genuity estimates


20 January 2016 74

Figure 77: CG Iron In Situ Valuations



20 January 2016 75

Figure 78: CG Iron In Situ Valuations


SummaryEV In Situ - Iron

Iron Price (US$/t) $42.00 Proven & Probable (US$/t) $0.49

# of Companies 22 Measured & Indicated (US$/t) $0.09

# of Projects 58 Global Resources (5) (US$/t) $0.07


Currency Price (1) Shares O/S

Market

Cap. (1)

Working

Capital (2)

Enterprise


Contained

IronEV/t

Contained

IronEV/t

Contained

IronEV/t

per share M of shares M US$ M US$ M Mt Fe US$/t Fe Mt Fe US$/t Fe Mt Fe US$/t Fe

Adriana Resources Inc. ADI-CA CAD 0.10 157.6 15.76 $22.6 -$17.4 Quebec 573.0 -$0.03 2458.0 -$0.01 3273.3 -$0.01

Alderon Iron Ore Corp. ADV-CA CAD 0.08 132.1 9.91 $21.1 $37.4 Labrador 148.0 $0.25 283.5 $0.13 399.1 $0.09

Atlas Iron Limited AGO-AU AUD 0.01 2669.8 37.38 $4.5 $279.4 Western Australia 287.4 $0.97 442.2 $0.63 690.1 $0.40

BC Iron Limited BCI-AU AUD 0.08 196.2 15.30 $20.3 -$9.7 Western Australia 87.5 -$0.11 303.3 -$0.03 692.7 -$0.01

Bellzone Mining PLC BZM-GB GBP 0.00 1119.6 5.04 -$2.3 $18.2 Guinea 32.4 $0.56 415.4 $0.04 1737.8 $0.01

Black Iron Inc. BKI-CA CAD 0.04 160.7 5.63 $14.1 -$4.0 Ukraine 71.3 -$0.06 104.1 -$0.04 133.0 -$0.03

Cap-Ex Iron Ore Ltd. CEV-CA CAD 0.01 36.4 0.29 $0.2 $0.0 Nunavut 0.0 0.0 2102.4 $0.00

Centaurus Metals Limited CTM-AU AUD 0.00 523.9 2.10 $0.1 $1.4 Brazil 14.4 $0.10 30.1 $0.05 63.2 $0.02

Century Global Commodities Corporation FER-CA CAD 0.27 98.8 26.97 $18.6 Quebec 6.3 $2.93 1489.7 $0.01 3462.4 $0.01

Champion Iron Ltd. CIA-CA CAD 0.15 198.3 30.34 $4.4 $16.5 Quebec 150.4 $0.11 292.3 $0.06 1803.1 $0.01

Equatorial Resources Limited EQX-AU AUD 0.27 124.4 33.60 $28.5 -$5.4 Congo 0.0 11.7 -$0.46 244.9 -$0.02

Ferrexpo plc FXPO-GB GBP 0.19 588.6 111.84 $131.7 $629.4 Ukraine 432.3 $1.46 1459.4 $0.43 2093.8 $0.30

IRC Limited 1029-HK HKD 0.14 6155.9 867.98 $19.1 $327.3 Russia 186.4 $1.76 256.6 $1.28 340.3 $0.96

Iron Road Ltd IRD-AU AUD 0.10 581.9 58.19 $1.7 $38.3 South Australia 322.1 $0.12 422.8 $0.09 585.3 $0.07

KazaX Minerals Inc. KZX-CA CAD 0.02 217.7 3.27 -$38.6 $68.6 Kazakhstan 0.0 143.6 $0.48 165.5 $0.41

MacArthur Minerals Ltd. MMS-CA CAD 0.02 81.6 1.63 $0.8 $0.3 Western Australia 20.2 $0.02 7.2 $0.04 9.2 $0.03

Mount Gibson Iron Limited MGX-AU AUD 0.18 1091.3 196.43 $236.5 -$101.3 Western Australia 8.2 -$12.29 74.0 -$1.37 95.9 -$1.06

New Millennium Iron Corp. NML-CA CAD 0.06 181.1 10.86 $16.4 -$8.8 Labrador, Quebec 458.1 -$0.02 4937.2 $0.00 6828.1 $0.00

Oceanic Iron Ore Corp. FEO-CA CAD 0.10 42.3 4.23 -$1.2 $4.5 Quebec 437.9 $0.01 410.4 $0.01 474.0 $0.01

Sundance Resources Limited SDL-AU AUD 0.01 3302.6 23.12 -$26.3 $75.3 Cameroon, Congo 289.4 $0.26 574.8 $0.13 1694.2 $0.04

West African Minerals Corporation WAFM-GB GBP 0.02 381.2 6.19 $6.1 $2.8 Cameroon 0.0 0.0 69.1 $0.04

Zanaga Iron Ore Co. Ltd. ZIOC-GB GBP 0.02 278.8 4.53 $9.7 -$3.2 Congo 348.6 -$0.01 766.4 $0.00 1091.8 $0.00

MEAN - All (US$/t): -$0.22 $0.07 $0.06

MEDIAN - All (US$/t): $0.10 $0.04 $0.01

ADJUSTED MEAN - within 2σ (6) (US$/t): $0.49 $0.09 $0.07

Notes:




4. M&I: Measured and Indicated Resources (43-101 compliant).



Sources: FactSet, Bloomberg, Company Reports, Canaccord Genuity estimates

2P Reserves M & I Resources (4) Global Resources (5)


20 January 2016 76

Figure 79: CG Nickel In Situ Valuations



20 January 2016 77

Figure 80: CG Nickel In Situ Valuations


SummaryNickel Price (LME, US$/t) $8,558 EV In Situ - Nickel EV In Situ - Nickel Equivalent (3)

Copper Price (LME (US$/lb) $1.99 Proven & Probable (US$/t) $644 Proven & Probable (US$/t) $626

# of Companies 16 Measured & Indicated (US$/t) $214 Measured & Indicated (US$/t) $115

# of Projects 33 Global Resources (4) (US$/t) $109 Global Resources (4) (US$/t) $67


Currency

Price

(1)Shares O/S

Market Cap.

(1)

Working

Capital (6)

Enterprise


Nickel

Exposure (5)

per share M of shares M US$ M US$ M Ni NiEq (3) Ni NiEq (3) Ni NiEq (3) Ni NiEq (3) Ni NiEq (3) Ni NiEq (3) (%)

Amur Minerals Corp. AMC-L GBP 0.06 460.3 26.69 $11.19 $26.91 Russia 0.22 0.24 $123 $110 0.29 0.33 $92 $82 0.65 0.72 $41 $38 91%

Canickel Mining Limited CML-T CAD 0.03 37.52 1.13 -$52.36 $53.14 Manitoba 0.04 0.04 $1,416 $1,416 0.05 0.05 $1,138 $1,138 0.12 0.12 $451 $451 100%

Corazon Mining Limited CZN-A AUD 0.00 441.64 1.77 $1.34 -$0.12 Manitoba 0.00 0.00 0.06 0.06 -$2 -$2 0.08 0.08 -$1 -$1 100%

Duketon Mining Ltd DKM-A AUD 0.09 82.52 7.43 $4.93 $0.17 Western Australia 0.00 0.00 0.02 0.03 $7 $6 0.03 0.04 $5 $4 77%

First Point Minerals Corp. FPX-T CAD 0.06 105.80 5.82 $0.79 $3.22 British Columbia 0.00 0.00 1.44 1.44 $2 $2 2.53 2.53 $1 $1 100%

Horizonte Minerals Plc HZM-T CAD 0.02 671.20 13.42 $0.00 $9.25 Brasil 0.35 0.37 $26 $25 0.96 1.02 $10 $9 1.26 1.36 $7 $7 93%

Marifi l Mines Limited MFM-V CAD 0.01 94.91 1.23 -$0.25 $1.13 Argentina 0.00 0.00 0.01 0.02 $85 $67 0.02 0.02 $60 $50 83%

Mustang Minerals Corp. MUM-V CAD 0.01 256.48 1.28 $0.11 $0.78 Manitoba 0.00 0.00 0.09 0.12 $8 $7 0.10 0.13 $8 $6 79%

North American Palladium Ltd PDL-T CAD 3.98 58.13 231.35 $25.96 $141.31 Ontario 0.02 0.12 $8,669 $1,162 0.06 0.52 $2,286 $272 0.08 0.63 $1,866 $225 12%

Polymet Mining Corp. POM-T CAD 1.01 277.49 280.26 -$67.73 $260.79 Minnesota 0.21 0.43 $1,242 $612 0.34 0.79 $776 $330 0.46 1.06 $564 $246 44%

Poseidon Nickel Limited POS-A AUD 0.04 759.95 29.64 -$0.74 $48.71 Australia 0.05 0.05 $1,055 $1,055 0.12 0.12 $403 $403 0.30 0.30 $161 $161 100%

Royal Nickel Corporation RNX-T CAD 0.16 131.09 20.32 $9.10 $7.24 Quebec & Ontario 3.17 3.25 $2 $2 4.40 4.51 $2 $2 5.70 5.84 $1 $1 98%

Sama Resources Inc. SME-V CAD 0.10 108.00 11.12 $0.07 $7.59 Ivory Coast & Guinea 0.00 0.00 0.02 0.03 $372 $261 0.06 0.08 $130 $92 71%

Talon Metals Corp. TLO-T CAD 0.14 123.57 17.30 -$5.78 $17.69 Minnesota 0.00 0.00 0.07 0.08 $261 $229 0.11 0.12 $167 $146 88%

Victory Nickel Inc. NI-T CAD 0.01 57.64 0.58 -$10.66 $13.20 Manitoba, Albert & Quebec 0.00 0.00 0.33 0.33 $40 $40 0.42 0.42 $32 $32 100%

Wellgreen Platinum Ltd WG-T CAD 0.20 125.43 24.46 $0.35 $16.50 Yukon 0.00 0.00 0.92 1.41 $18 $12 2.94 4.57 $6 $4 64%

MEAN - All (US$/t): $1,791 $626 $344 $179 $219 $91

MEDIAN - All (US$/t): $1,055 $612 $63 $54 $37 $35

ADJUSTED MEAN - within 2σ (7) (US$/t): $644 $626 $214 $115 $109 $67

Notes:

1. Priced in local currency.


3. NiEq = nickel equiva lent on a gross bas is (no recovery factors ) us ing current spot metal prices .


5. Nickel exposure = percentage of nickel equiva lent global resource that i s nickel (Ni/NiEq).




Contained Nickel

(Mt)EV/t

Proven & Probable Reserves Measured & Indicated Resources Global Resources (4)

Contained Nickel

(Mt)EV/t

Contained Nickel

(Mt)EV/t


20 January 2016 78

Figure 81: CG PGM In Situ Valuations



20 January 2016 79

Figure 82: CG PGM In Situ Valuations


SummaryPlatinum Price (US$/oz) $820.85 EV In Situ - Platinum EV In Situ - Platinum Equivalent (3)



Company Name ↓ Ticker Currency Price

(1) Shares O/S

Market

Cap. (1)

Working

Capital (6)

Enterprise


Platinum

Exposure (5)

per share M of shares M US$ M US$ M Pt PtEq (3) Pt PtEq (3) Pt PtEq (3) Pt PtEq (3) (%)

Jubilee Platinum plc JLP-GB GBP 0.03 896.2 29.57 -$2.1 $44.9 South Africa, Australia 1.96 1.96 $22.86 $22.86 22.33 22.33 $2.01 $2.01 100%

NKWE Platinum Limited NKP-AU AUD 0.07 896.3 59.16 $6.7 $11.7 South Africa 5.74 5.74 $2.03 $2.03 10.49 10.49 $1.11 $1.11 100%

Pacific North West Capital Corp. PFN-CA CAD 0.02 60.6 1.09 $0.1 $0.6 South Africa 0.63 2.35 $0.97 $0.26 0.79 2.82 $0.77 $0.22 28%

Platina Resources Limited PGM-AU AUD 0.04 166.7 6.17 $0.5 $3.7 Greenland, Australia 1.18 2.64 $3.17 $1.41 2.70 16.70 $1.38 $0.22 16%

Platinum Group Metals Ltd. PTM-CA CAD 0.16 775.9 124.15 $73.1 $138.5 South Africa 7.62 17.18 $18.18 $8.06 16.98 38.28 $8.16 $3.62 44%

Polymet Mining Corp. POM-CA CAD 1.01 277.5 280.26 -$67.7 $260.8 Minnesota 1.04 15.05 $249.74 $17.33 1.46 16.61 $178.52 $15.70 9%

Wellgreen Platinum Ltd WG-CA CAD 0.20 125.4 24.46 $0.3 $16.5 Yukon, Ontario 2.69 19.02 $6.14 $0.87 9.07 30.85 $1.82 $0.53 29%

Wesizwe Platinum Limited WEZ-ZA ZAR 0.41 1,627.8 667.41 $45.9 $188.8 South Africa 12.20 12.20 $15.48 $15.48 16.23 16.23 $11.63 $11.63 100%

MEAN - All (US$/oz): $39.82 $8.54 $25.68 $4.38

MEDIAN - All (US$/oz): $10.81 $5.05 $1.91 $1.56

ADJUSTED MEAN - within 2σ (7) (US$/oz): $9.83 $8.54 $3.84 $2.76

Notes:



3. PtEq = platinum equiva lent on a gross bas is (no recovery factors ) us ing current spot metal prices .


5. Platinum Exposure = percentage of platinum equiva lent resource that i s platinum (Pt/PtEq).




Measured & Indicated Resources Global Resources (4)

Contained Platinum

(Moz)

Contained Platinum

(Moz)EV/ozEV/oz


20 January 2016 80

Figure 83: CG Uranium In Situ Valuations



20 January 2016 81

Figure 84: CG Uranium In Situ Valuations


SummaryUranium Price (US$/lb) $34.75 EV In Situ - Uranium

# of Companies 28 Measured & Indicated (US$/lb) $0.90

# of Projects 170 Global Resources (4) (US$/lb) $0.56

Company Name ↓ Ticker Currency Price

(1) Shares O/S

Market Cap.

(1)

Working

Capital (5)

Enterprise


Contained

U3O8EV/lb

Contained

U3O8EV/lb

per share M of shares M US$ M US$ M M lb US$/lb U3O8 M lb US$/lb U3O8

Anfield Resources Inc. ARY-V CAD 0.10 40.6 4.19 -$1.14 $7.23 Utah 4.6 $1.56 5.2 $1.40

Aura Energy Limited AEE-AU AUD 0.02 410.5 6.57 $0.38 $4.13 Sweden & Mauritania 1.6 $2.58 8,079.2 $0.00

Azarga Uranium Corp. Class A AZZ-T CAD 0.26 60.3 15.69 -$3.04 $16.23 Colorado & South Dakota 20.0 $0.81 31.2 $0.52

Bannerman Resources Limited BMN-AU AUD 0.03 701.9 19.65 -$7.17 $22.77 Namibia 164.5 $0.14 270.1 $0.08

Berkeley Energia Ltd BKY-AU AUD 0.51 181.8 91.81 $9.65 $53.48 Spain 62.1 $0.86 109.5 $0.49

Cauldron Energy Limited CXU AUD 0.10 271.1 27.11 $0.69 $17.95 Western Australia & Argentina 0.0 21.5 $0.83

Continental Precious Minerals Inc. CZQ-T CAD 0.31 11.7 3.57 $4.43 -$1.97 Sweden 18.1 -$0.11 1,162.9 $0.00

Deep Yellow Limited DYL-AU AUD 0.01 1,931.3 17.38 $2.93 $9.03 Namibia & Australia 47.6 $0.19 105.9 $0.09

Denison Mines Corp. DML-T CAD 0.60 518.4 311.06 $13.69 $200.59 Saskatchewan, Mongolia & Zambia 108.1 $1.86 197.1 $1.02

Energy Fuels Inc. EFR-T CAD 2.83 45.3 128.10 $43.08 $78.82 Utah, Colorado, Queensland 97.8 $0.81 130.4 $0.60

Energy Resources of Australia Ltd. Class A ERA-AU AUD 0.34 517.7 176.03 $265.10 -$144.06 Northern Territory, Australia 299.5 -$0.48 446.2 -$0.32

Fission Uranium Corp. FCU-T CAD 0.63 386.7 243.64 $4.60 $163.23 Saskatchewan 81.1 $2.01 108.3 $1.51

Forsys Metals Corp. FSY-T CAD 0.10 134.9 13.49 -$0.56 $9.72 Namibia 166.2 $0.06 183.0 $0.05

Jet Metal Corp. JET-V CAD 0.09 26.6 2.39 $1.32 $0.33 Wyoming, Labrador 3.2 $0.10 7.8 $0.04

Kivall iq Energy Corporation KIV-V CAD 0.08 216.8 16.26 $1.46 $9.74 Nunavut 0.0 43.1 $0.23

Laramide Resources Ltd. LAM-T CAD 0.24 91.2 21.88 -$2.42 $17.50 New Mexico, Queensland & Utah 43.3 $0.40 62.3 $0.28

Mega Uranium Ltd. MGA-T CAD 0.07 281.9 19.73 $0.47 $13.12 Queensland & Western Australia 13.9 $0.94 17.1 $0.77

Paladin Energy Ltd PDN-AU AUD 0.23 1,712.7 393.92 $206.70 $614.26 Namibia, Malawi & Australia 334.8 $1.83 461.9 $1.33

Pele Mountain Resources Inc. GEM-V CAD 0.04 196.4 7.85 -$0.80 $6.21 Ontario 22.6 $0.28 60.4 $0.10

Peninsula Energy Limited PEN-AU AUD 0.98 176.0 172.45 $24.87 $95.95 Wyoming, South Africa 33.4 $2.87 95.9 $1.00

Plateau Uranium Inc. PLU-V CAD 0.36 40.6 14.63 $0.73 $9.34 Peru 52.0 $0.18 124.0 $0.08

Skyharbour Resources Ltd. SYH-V CAD 0.03 89.0 2.67 $0.27 $1.57 Saskatchewan 0.0 7.0 $0.23

Toro Energy Limited TOE-AU AUD 0.06 2,005.2 128.33 $9.01 $84.89 Western Australia 64.6 $1.31 80.5 $1.05

U3O8 Corp. UWE-T CAD 0.02 272.0 5.44 -$0.71 $4.46 Guyana, Colombia & Argentina 15.8 $0.28 47.0 $0.09

UEX Corporation UEX-T CAD 0.15 246.0 35.67 $4.36 $20.22 Saskatchewan 69.9 $0.29 86.5 $0.23

Uranium Resources Plc URA-LN GBP 0.00 757.6 2.65 -$1.55 $5.45 Tanzania 0.0 2.0 $2.71

Ur-Energy Inc. URE-T CAD 0.85 130.2 110.66 -$4.08 $106.40 Wyoming 22.1 $4.82 28.5 $3.73

Vimy Resources Limited VMY-AU AUD 0.33 228.5 75.39 $4.31 $47.53 Western Australia 23.8 $2.00 75.4 $0.63

MEAN - All (US$/lb): $1.07 $0.67

MEDIAN - All (US$/lb): $0.81 $0.38

ADJUSTED MEAN - within 3σ (6) (US$/lb): $0.90 $0.56

Notes:



3. M&I: Measured and Indicated resources (NI 43-101 Compl iant).




Sources: FactSet, Bloomberg, Company Reports, Canaccord Genuity Estimates

M & I Resources (3) Global Resources (4)


20 January 2016 82

Figure 85: CG Zinc In Situ Valuations



20 January 2016 83

Figure 86: CG Zinc In Situ Valuations


SummaryZinc Price (US$/lb) $0.67 EV In Situ - Zinc EV In Situ - Zinc Equivalent (3)

Gold Price (US$/oz) $1,089 Proven & Probable (US$/t) $63.01 Proven & Probable (US$/t) $33.63

# of Companies 14 Measured & Indicated (US$/t) $24.45 Measured & Indicated (US$/t) $8.39

# of Projects 58 Global Resources (4) (US$/t) $15.13 Global Resources (4) (US$/t) $7.89


Currency

Price

(1)Shares O/S

Market

Cap. (1)

Working

Capital (6)

Enterprise


Zinc

Exposure (5)

per share M of shares M US$ M US$ M Zn ZnEq (3) Zn ZnEq (3) Zn ZnEq (3) Zn ZnEq (3) Zn ZnEq (3) Zn ZnEq (3) (%)

Canada Zinc Metals Corp. CZX-V CAD 0.13 152.4 19.05 $5.8 $7.32 Northeast BC 0.000 0.000 1.064 1.299 $7 $6 2.267 2.743 $3 $3 83%

Canadian Zinc Corporation CZN-T CAD 0.10 218.0 21.80 $2.0 $13.04 Northwest Territories 0.491 1.045 $27 $12 1.019 2.014 $13 $6 1.914 3.588 $7 $4 53%

Chieftain Metals Corp. CFB-V CAD 0.05 16.8 0.89 -$18.0 $23.16 Tulsequah River, BC 0.308 0.590 $75 $39 0.442 0.840 $52 $28 0.526 0.989 $44 $23 53%

Firestone Ventures Inc. FV-V CAD 0.01 36.8 0.18 -$0.5 $0.64 Guatemala & Nevada 0.000 0.000 0.141 0.193 $5 $3 0.150 0.206 $4 $3 73%

Foran Mining Corporation FOM-V CAD 0.06 90.8 5.45 $1.0 $2.71 Canada 0.000 0.000 0.371 0.911 $7 $3 0.707 1.698 $4 $2 42%

Heatherdale Resources Ltd. HTR-V CAD 0.01 138.3 1.38 -$1.8 $2.82 Southwest Alaska 0.000 0.000 0.098 0.259 $29 $11 0.141 0.385 $20 $7 37%

InZinc Mining Ltd. IZN-V CAD 0.05 72.2 3.61 $0.6 $1.85 Utah 0.000 0.000 0.329 0.425 $6 $4 1.321 1.741 $1 $1 76%

Ironbark Zinc Ltd IBG-AU AUD 0.04 443.2 18.61 $1.4 $11.37 Greenland 0.000 0.000 2.708 2.987 $4 $4 3.653 4.016 $3 $3 91%

Rathdowney Resources Ltd. RTH-V CAD 0.17 118.1 19.84 -$0.2 $13.83 Poland 0.000 0.000 0.000 0.000 1.349 1.743 $10 $8 77%

SLAM Exploration Ltd. SXL-V CAD 0.08 16.3 1.35 -$0.2 $1.09 New Brunswick 0.000 0.000 0.212 0.262 $5 $4 0.342 0.450 $3 $2 76%

Sunridge Gold Corp. SGC-V CAD 0.28 209.9 57.73 $4.1 $43.51 Asmara, Eritrea 0.568 1.390 $77 $31 0.733 1.789 $59 $24 0.845 2.324 $51 $19 36%

Trevali Mining Corporation TV-T CAD 0.34 325.6 110.70 $3.5 $139.26 NB, Manitoba & Peru 0.000 0.000 1.207 1.934 $115 $72 2.734 4.470 $51 $31 61%

Xtierra Inc. XAG-V CAD 0.01 116.4 0.58 -$1.0 $1.43 Zacatecas, Mexico 0.019 0.028 $74 $51 0.117 0.287 $12 $5 0.203 0.490 $7 $3 41%

Zazu Metals Corporation ZAZ-T CAD 0.14 55.4 7.48 $0.7 $4.48 Northern Alaska 0.000 0.000 1.466 2.018 $3 $2 1.929 2.641 $2 $2 73%

MEAN - All (US$/t): $63.01 $33.63 $24.45 $13.29 $15.13 $7.89

MEDIAN - All (US$/t): $74.46 $35.28 $7.31 $5.00 $5.55 $3.02

ADJUSTED MEAN - within 3σ (7) (US$/t): $63.01 $33.63 $24.45 $8.39 $15.13 $7.89

Proven + Probable Reserves Measured & Indicated Resources Global Resources (4)

Contained Zinc

(Mt)EV/t EV/t

Contained Zinc

(Mt)EV/t

Contained Zinc

(Mt)


20 January 2016 84

Appendix: Important Disclosures

Analyst CertificationEach authoring analyst of Canaccord Genuity whose name appears on the front page of this research hereby certifies that (i) therecommendations and opinions expressed in this research accurately reflect the authoring analyst’s personal, independent andobjective views about any and all of the designated investments or relevant issuers discussed herein that are within such authoringanalyst’s coverage universe and (ii) no part of the authoring analyst’s compensation was, is, or will be, directly or indirectly, related to thespecific recommendations or views expressed by the authoring analyst in the research.Analysts employed outside the US are not registered as research analysts with FINRA. These analysts may not be associated persons ofCanaccord Genuity Inc. and therefore may not be subject to the FINRA Rule 2241 and NYSE Rule 472 restrictions on communicationswith a subject company, public appearances and trading securities held by a research analyst account.

Distribution of Ratings:Global Stock Ratings (as of 01/20/16)Rating Coverage Universe IB Clients

# % %Buy 588 63.09% 31.63%Hold 255 27.36% 12.94%Sell 30 3.22% 3.33%Speculative Buy 59 6.33% 59.32%

932* 100.0%*Total includes stocks that are Under Review

Canaccord Genuity Ratings SystemBUY: The stock is expected to generate risk-adjusted returns of over 10% during the next 12 months.

HOLD: The stock is expected to generate risk-adjusted returns of 0-10% during the next 12 months.

SELL: The stock is expected to generate negative risk-adjusted returns during the next 12 months.

NOT RATED: Canaccord Genuity does not provide research coverage of the relevant issuer.“Risk-adjusted return” refers to the expected return in relation to the amount of risk associated with the designated investment or therelevant issuer.Risk QualifierSPECULATIVE: Stocks bear significantly higher risk that typically cannot be valued by normal fundamental criteria. Investments in thestock may result in material loss.Online DisclosuresUp-to-date disclosures may be obtained at the following website (provided as a hyperlink if this report is being read electronically)http://disclosures.canaccordgenuity.com/EN/Pages/default.aspx; or by sending a request to Canaccord Genuity Corp. Research, Attn:Disclosures, P.O. Box 10337 Pacific Centre, 2200-609 Granville Street, Vancouver, BC, Canada V7Y 1H2; or by sending a requestby email to [email protected]. The reader may also obtain a copy of Canaccord Genuity’s policies and proceduresregarding the dissemination of research by following the steps outlined above.General Disclosures“Canaccord Genuity” is the business name used by certain wholly owned subsidiaries of Canaccord Genuity Group Inc., includingCanaccord Genuity Inc., Canaccord Genuity Limited, Canaccord Genuity Corp., and Canaccord Genuity (Australia) Limited, an affiliatedcompany that is 50%-owned by Canaccord Genuity Group Inc.The authoring analysts who are responsible for the preparation of this research are employed by Canaccord Genuity Corp. a Canadianbroker-dealer with principal offices located in Vancouver, Calgary, Toronto, Montreal, or Canaccord Genuity Inc., a US broker-dealerwith principal offices located in New York, Boston, San Francisco and Houston, or Canaccord Genuity Limited., a UK broker-dealer withprincipal offices located in London (UK) and Dublin (Ireland), or Canaccord Genuity (Australia) Limited, an Australian broker-dealer withprincipal offices located in Sydney and Melbourne.The authoring analysts who are responsible for the preparation of this research have received (or will receive) compensation based upon(among other factors) the Corporate Finance/Investment Banking revenues and general profits of Canaccord Genuity. However, such


20 January 2016 85

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As a result, the designatedinvestments discussed in this research may not be eligible for sale in some jurisdictions. This research is not, and under nocircumstances should be construed as, a solicitation to act as a securities broker or dealer in any jurisdiction by any person or companythat is not legally permitted to carry on the business of a securities broker or dealer in that jurisdiction. This material is prepared forgeneral circulation to clients and does not have regard to the investment objectives, financial situation or particular needs of anyparticular person. Investors should obtain advice based on their own individual circumstances before making an investment decision.To the fullest extent permitted by law, none of Canaccord Genuity, its affiliated companies or any other person accepts any liabilitywhatsoever for any direct or consequential loss arising from or relating to any use of the information contained in this research.For Canadian Residents:This research has been approved by Canaccord Genuity Corp., which accepts sole responsibility for this research and its disseminationin Canada. Canaccord Genuity Corp. is registered and regulated by the Investment Industry Regulatory Organization of Canada (IIROC)and is a Member of the Canadian Investor Protection Fund. Canadian clients wishing to effect transactions in any designated investmentdiscussed should do so through a qualified salesperson of Canaccord Genuity Corp. in their particular province or territory.For United States Persons:Canaccord Genuity Inc., a US registered broker-dealer, accepts responsibility for this research and its dissemination in the United States.This research is intended for distribution in the United States only to certain US institutional investors. US clients wishing to effecttransactions in any designated investment discussed should do so through a qualified salesperson of Canaccord Genuity Inc. Analystsemployed outside the US, as specifically indicated elsewhere in this report, are not registered as research analysts with FINRA. Theseanalysts may not be associated persons of Canaccord Genuity Inc. and therefore may not be subject to the FINRA Rule 2241 and NYSERule 472 restrictions on communications with a subject company, public appearances and trading securities held by a research analystaccount.For United Kingdom and European Residents:This research is distributed in the United Kingdom and elsewhere Europe, as third party research by Canaccord Genuity Limited,which is authorized and regulated by the Financial Conduct Authority. This research is for distribution only to persons who are EligibleCounterparties or Professional Clients only and is exempt from the general restrictions in section 21 of the Financial Services andMarkets Act 2000 on the communication of invitations or inducements to engage in investment activity on the grounds that it is beingdistributed in the United Kingdom only to persons of a kind described in Article 19(5) (Investment Professionals) and 49(2) (High NetWorth companies, unincorporated associations etc) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005(as amended). It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons. 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by an affiliate of CGWI for circulation to its institutional clients and also CGWI. Its contents have been approved by CGWI and we areproviding it to you on the basis that we believe it to be of interest to you. This statement should be read in conjunction with your clientagreement, CGWI's current terms of business and the other disclosures and disclaimers contained within this research. If you are in anydoubt, you should consult your financial adviser.CGWI is licensed and regulated by the Guernsey Financial Services Commission, the Jersey Financial Services Commission and the Isleof Man Financial Supervision Commission. CGWI is registered in Guernsey and is a wholly owned subsidiary of Canaccord Genuity GroupInc.For Australian Residents:This research is distributed in Australia by Canaccord Genuity (Australia) Limited ABN 19 075 071 466 holder of AFS Licence No234666. To the extent that this research contains any advice, this is limited to general advice only. Recipients should take into accounttheir own personal circumstances before making an investment decision. Clients wishing to effect any transactions in any financialproducts discussed in the research should do so through a qualified representative of Canaccord Genuity (Australia) Limited. CanaccordGenuity Wealth Management is a division of Canaccord Genuity (Australia) Limited.For Singapore Residents:This research is distributed pursuant to 32C of the Financial Advisers under an arrangement between each of the Canaccord Genuityentities that publish research and Canaccord Genuity Singapore Pte. Ltd who is an exempt financial adviser under section 23(1)(d) ofthe Financial Advisers Act. This research is only intended for persons who fall within the definition of accredited investor, expert investoror institutional investor as defined under section 4A of the Securities and Futures Act. It is not intended to be distributed or passed on,directly or indirectly, to any other class of persons. Recipients of this report can contact Canaccord Genuity Singapore Pte. Ltd. (ContactTel: +65 6854 6150) in respect of any matters arising from, or in connection with, the research.For Hong Kong Residents:This research is distributed in Hong Kong by Canaccord Genuity (Hong Kong) Limited which is licensed by the Securities and FuturesCommission. This research is only intended for persons who fall within the definition of professional investor as defined in the Securitiesand Futures Ordinance. It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons. Recipients ofthis report can contact Canaccord Genuity (Hong Kong) Limited. (Contact Tel: +852 3919 2561) in respect of any matters arising from, orin connection with, this research.Additional information is available on request.Copyright © Canaccord Genuity Corp. 2016. – Member IIROC/Canadian Investor Protection Fund

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All rights reserved. All material presented in this document, unless specifically indicated otherwise, is under copyright to CanaccordGenuity Corp., Canaccord Genuity Limited, Canaccord Genuity Inc or Canaccord Genuity Group Inc. None of the material, nor its content,nor any copy of it, may be altered in any way, or transmitted to or distributed to any other party, without the prior express writtenpermission of the entities listed above.


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