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Warrant Sheets for Companies as of Aug 5th, 2011

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Valuing Warrants Companies with    Canadian Expiration   Canadian the money   Canadian     Canadian     Canadian Historic   Canadian   Fair  
  Trading Warrants   Warrant Date   Warrant (Intrinsic   Warrant Leverage   Warrant Warrant   Warrant Volatility   Warrant Warrant Market Comments
      Symbol     Symbol Value)   Symbol     Symbol Price   Symbol Annualized   Symbol Price Value  
Expiration Date Aberdeen International   GPD.WT 15-Aug-11   FNV.WT.A -35.59   CCP.WT 4750   CNM.WT 0.005   PGM.WT 408.6%   CNM.WT 0.005 $0.19 Bargain
The last day the warrants  Adherex Technologies   EMC.WT 15-Aug-11   FNV.WT.B -24.86   RF.WT 4100   PPF.WT 0.005   NQ.WT 219.1%   PIC.WT 0.015 $0.49 Bargain
can be exercised. If Agnico-Eagle   CCJ.WT.A 17-Aug-11   K.WT.C -16.64   XYM.WT 1920   CCJ.WT.B 0.005   PCT.WT 211.1%   PPF.WT 0.005 $0.14 Bargain
warrants aren't being  Ainsworth Lumber Co Ltd   RBN.WT.A 25-Aug-11   PNP.WT -13.13   PPF.WT 1660   RF.WT 0.005   AHX.WT 204.7%   MOB.WT 0.02 $0.54 Bargain
exercised then they Air Canada cl A   GTE.WT 28-Aug-11   XMF.WT.A -12.27   SIN.WT 1340   RML.WT 0.005   XMF.WT.A 169.9%   GCI.WT 0.04 $0.67 Bargain
must be sold the day  Air Canada cl B   K.WT.B 7-Sep-11   YCM.WT.A -11.8   EIT.WT.A 890.67   CCP.WT 0.005   PAU.WT 146.3%   LQD.WT 0.055 $0.56 Bargain
before the expiry date. Andina Minerals Inc   PGM.WT 11-Sep-11   ANS.WT -9.97   PIC.WT 727   XMF.WT.A 0.005   REC.WT 140.8%   OUS.WT 0.05 $0.37 Bargain
The longer the time to  Argonaut Gold Ltd   SIN.WT 15-Sep-11   TMB.WT -8.66   RBN.WT.A 678   CCJ.WT.A 0.005   CCJ.WT.B 132.0%   CCJ.WT.B 0.005 $0.03 Bargain
expiry the more ARISE Technologies Corp   GPF.WT.A 15-Sep-11   CCJ.WT.A -8.21   GMF.WT 550   CMT.WT 0.005   CCJ.WT.A 132.0%   SIN.WT 0.01 $0.06 Bargain
valuable the warrants. ARISE Technologies Corp   BAA.WT 17-Sep-11   DPM.WT -7.42   CTF.WT 498   EMC.WT 0.005   WLT.WT 124.2%   IVA.WT 0.02 $0.12 Bargain
  Astral Mining Corp   IVA.WT 20-Sep-11   KAT.WT -7.17   CNM.WT 278   GMC.WT 0.005   LQD.WT 114.6%   LRT.WT.A 0.04 $0.23 Bargain
Leverage Augen Gold Cor   EIT.WT.A 20-Sep-11   K.WT.B -7.13   KAT.WT 266   GMC.WT.A 0.005   MOB.WT 114.2%   RF.WT 0.005 $0.03 Bargain
The leverage of a warrant Avalon Rare Metals Inc   CMT.WT 25-Sep-11   MGA.WT.A -6   GCI.WT 239.25   KAT.WT 0.005   WAI.WT 109.8%   PGM.WT 0.3 $1.15 Bargain
is a measure of how much Bankers Petroleum   RF.WT 30-Sep-11   NGD.WT.A -5.29   URB.WT.B 206   GTE.WT 0.005   ILC.WT 107.8%   HGI.WT 0.075 $0.26 Bargain
you can increase your Banro Corp   AVL.WT 30-Sep-11   NGD.WT.B -5.29   GPF.WT.A 204   URB.WT.B 0.005   CNM.WT 105.6%   LPK.WT 0.16 $0.50 Bargain
exposure to a share if Bennett Environmental Inc   CLQ.WT 30-Sep-11   K.WT.D. -5.14   OUS.WT 170   XYM.WT 0.005   YCM.WT.A 102.9%   PYC.WT 0.28 $0.77 Bargain
you bought warrants Blue Ribbon   FEI.WT.A 30-Sep-11   MGA.WT -5.1   GTE.WT 147.43   FEI.WT.A 0.005   NTC.WT 102.0%   WAI.WT 0.035 $0.10 Bargain
instead of making a Breakwater Resources   EDR.WT 7-Oct-11   GMC.WT.B -4.74   K.WT.B 136.61   SIN.WT 0.01   GLD.WT 99.1%   AHX.WT 0.015 $0.03 Bargain
direct investment. It is  Brick Group   GMF.WT 14-Oct-11   PNP.WT.A -4.63   IVA.WT 135   CTF.WT 0.01   FRN.WT 99.1%   FRN.WT 0.15 $0.33 Bargain
calculated dividing the  Bridgeport Ventures Inc   TID.WT 16-Oct-11   P.WT -3.94   HGI.WT 131.33   REC.WT 0.01   LRT.WT.A 98.7%   PCT.WT 0.04 $0.09 Bargain
current share price by Bridgeport Ventures Inc   VGZ.WT.S 22-Oct-11   RML.WT -3.82   PNP.WT 124.67   GMC.WT.B 0.01   LRT.WT 98.7%   PAK.WT 0.115 $0.23 Bargain
the current price of the  Brigus Gold Corp   TCM.WT 27-Oct-11   GTE.WT -3.73   HCF.WT 113.3   PIC.WT 0.015   VZX.WT 96.3%   LRT.WT 0.1 $0.18 Bargain
warrant. Brigus Gold Corp   PDL.WT.B 28-Oct-11   MGT.WT.U -3.68   MOB.WT 69   AHX.WT 0.015   RML.WT 95.9%   PAU.WT 0.2 $0.36 Bargain
  C A Bancorp Cdn Rlty Fin Corp   XYM.WT 31-Oct-11   NBD.WT -3.59   GMC.WT 53   VZX.WT 0.015   RED.WT 94.5%   TFA.WT.A 0.055 $0.10 Bargain
Intrinsic Value Calvista Gold Corp.   CCP.WT 2-Nov-11   NOT.WT -3.46   GMC.WT.A 53   EIT.WT.A 0.015   TFA.WT.A 93.2%   FEO.WT.A 0.1 $0.18 Bargain
The difference between  Canada Lithium Corp.   GCM.WT.A 3-Nov-11   RF.WT -3.25   PDL.WT.B 49.43   RBN.WT.A 0.015   GPD.WT 91.1%   CVZ.WT 0.08 $0.14 Bargain
the exercise price and Canadian Income Mgmt Tr   GMC.WT 3-Nov-11   PVG.WT -3.12   YCM.WT.A 46.67   YCM.WT.A 0.015   CMT.WT 90.8%   TMD.WT 0.5 $0.81 Bargain
the actual trading price  Canadian Western Bank   TAO.WT 5-Nov-11   PDL.WT.B -3.04   XMF.WT.A 46   MGA.WT 0.015   IVA.WT 90.6%   TMD.WT.A 0.55 $0.83 Bargain
of the common stock. Canoe Go Canada Income Fund   URB.WT.B 10-Nov-11   CCP.WT -3   TMB.WT 41.75   PNP.WT 0.015   PDL.WT.B 89.9%   GAA.WT 0.64 $0.96 Bargain
Once the common has  Caza Gold Corp   TXG.WT 12-Nov-11   GMC.WT.A -2.74   GPD.WT 41.33   MOB.WT 0.02   PTA.WT 89.0%   ILC.WT 0.025 $0.04 Undervalued
gone over the exercise CC&L Conservative Income   KAT.WT 20-Nov-11   FRO.WT -2.57   CCJ.WT.B 38   IVA.WT 0.02   PTA.WT.A 89.0%   GAA.WT 0.64 $0.94 Undervalued
price the warrants are  Chesapeake Gold   PPF.WT 30-Nov-11   EMC.WT -2.52   CCJ.WT.A 38   YEL.WT 0.02   BAA.WT 88.8%   HCF.WT 0.1 $0.14 Undervalued
said to be 'in the money'. Citadel Income Fund   HCF.WT 30-Nov-11   YNG.WT -2.51   RML.WT 36   GMF.WT 0.02   TAB.WT 87.2%   FEO.WT.B 0.11 $0.14 Undervalued
  Claude Resources   REC.WT 30-Nov-11   PMD.WT -2.49   EMC.WT 33   PMI.WT.A 0.02   USA.WT 86.5%   AEM.WT.U 15.6 $20.01 Undervalued
Volatility CMP Gold Trust   CTF.WT 2-Dec-11   GMC.WT -2.49   FNV.WT.B 32.26   MGA.WT.A 0.02   YEL.WT 86.5%   GPD.WT 0.03 $0.04 Undervalued
The higher the volatility  Coalcorp Mining   FT.WT.A 3-Dec-11   MB.WT -2.44   GMC.WT.B 26.5   YNG.WT 0.02   TID.WT 85.2%   P.WT 0.9 $1.14 Undervalued
rating the higher the price Coalcorp Mining   PIC.WT 15-Dec-11   CMP.WT.B -2.44   YNG.WT 24.5   ILC.WT 0.025   SFF.WT 84.3%   VGZ.WT.S 0.98 $1.22 Undervalued
of the warrant will be. Commerce Split Corp unit   XRG.WT 21-Dec-11   GCI.WT -2.43   PYC.WT 22.14   GPD.WT 0.03   FEO.WT.A 81.5%   SSL.WT.A 0.69 $0.86 Undervalued
A measure of actual  Compton Petroleum Corp   MFL.WT 31-Dec-11   XYM.WT -2.4   CMT.WT 22   SBI.WT 0.03   FEO.WT.B 81.5%   FCO.WT 0.32 $0.39 Undervalued
stock price changes over  Continental Gold   OUS.WT 16-Jan-12   GCM.WT.A -2.36   NGD.WT.B 21.58   MNP.WT 0.03   LPK.WT 81.3%   SBI.WT 0.03 $0.04 Undervalued
a specific period of time.  Crocodile Gold   GCI.WT 30-Jan-12   CCJ.WT.B -2.31   MGA.WT 21.21   CLQ.WT 0.03   FCO.WT 80.6%   K.WT.D. 2.3 $2.77 Undervalued
Historical volatility is  Dundee Precious Metals   MGA.WT 12-Feb-12   VGZ.WT.S -2.25   TCM.WT 19.38   WAI.WT 0.035   AA.WT 77.7%   NTC.WT 0.1 $0.12 Undervalued
calculated by using the  Dundee Precious Metals   ML.WT 16-Feb-12   HGI.WT -2.15   CLQ.WT 18   PTA.WT 0.035   ROZ.WT 74.2%   TXG.WT 0.45 $0.52 Undervalued
standard deviation of an East West Petroleum Corp   CKG.WT 23-Feb-12   QUX.WT -2.02   TID.WT 16.4   PTA.WT.A 0.035   MGT.WT.U 73.0%   SND.WT 0.1 $0.12 Undervalued
underlying stock price. ECU Silver Mining Inc   CNM.WT 28-Feb-12   RNX.WT -1.98   GCM.WT.A 16.04   GCI.WT 0.04   MGA.WT.B 72.4%   VZX.WT 0.015 $0.02 Undervalued
  EMC Metals Corp   XMF.WT.A 28-Feb-12   EIT.WT.A -1.91   MGA.WT.A 15.91   LRT.WT.A 0.04   MGA.WT 72.4%   SSL.WT 0.86 $0.98 Undervalued
In the Money Endeavour Financial   YCM.WT.A 28-Feb-12   PIC.WT -1.84   K.WT.C 15.06   PCT.WT 0.04   MGA.WT.A 72.4%   FGX.WT.B 1.6 $1.81 Undervalued
When the price of the  Endeavour Silver Corp   TMB.WT 29-Feb-12   GCM.WT -1.83   LQD.WT 13.82   APV.WT 0.04   FED.WT 72.1%   FT.WT.A 0.38 $0.42 Undervalued
common is higher than  EnerVest Diversified Income Trust   BNK.WT.A 1-Mar-12   VGZ.WT.S -1.75   DPM.WT 13.78   GCM.WT.A 0.04   VGZ.WT.S 71.2%   DPM.WT.A 4.58 $5.07 Undervalued
the exercise price Ethiopian Potash   GMC.WT.A 6-Mar-12   PPF.WT -1.7   ANS.WT 13.53   NGD.WT.B 0.045   VGZ.WT.S 71.2%   SLW.WT.U 16.71 $17.92 Fair Market Value
  Faircourt Gold Income   FNV.WT 13-Mar-12   GAA.WT.A -1.65   SBI.WT 13   APV.WT.A 0.045   VGZ.WT.S 71.2%   FNV.WT 7.98 $8.52 Fair Market Value
At the Money Feronia Inc   HGI.WT 30-Mar-12   PNP.WT.B -1.63   BEV.WT 12.06   OUS.WT 0.05   VGZ.WT.S 71.2%   NQ.WT 0.5 $0.53 Fair Market Value
When the price of the  Formation Metals   NGD.WT.B 3-Apr-12   CRK.WT -1.61   FRO.WT 11.6   TID.WT 0.05   AVL.WT 71.0%   GLD.WT 0.25 $0.26 Fair Market Value
underlying is equivalent Fortress Energy Inc   PVG.WT 8-Apr-12   BEV.WT -1.58   ADM.WT 10.78   MTO.WT 0.05   ANS.WT 70.9%   CWB.WT 17.11 $17.58 Fair Market Value
or close to the strike price. Fortune Minerals Ltd.   PNP.WT 16-Apr-12   ML.WT -1.57   PWC.WT 10.56   K.WT.B 0.05   APV.WT.A 70.7%   CTF.WT 0.01 $0.01 Fair Market Value
  Franco-Nevada   MGT.WT.U 20-Apr-12   OUS.WT -1.5   REC.WT 10.00   LQD.WT 0.055   APV.WT 70.7%   BWR.WT.A 0.61 $0.63 Fair Market Value
Exercise ratio Franco-Nevada   GMC.WT.B 27-Apr-12   URB.WT.B -1.47   MGT.WT.U 10   TFA.WT.A 0.055   EDR.WT 70.5%   USA.WT 0.43 $0.43 Fair Market Value
The number of warrants  Franco-Nevada   RED.WT 29-Apr-12   TCM.WT -1.44   PMI.WT.A 10.00   CZY.WT 0.055   ADM.WT 69.3%   MFL.WT 8.92 $8.99 Fair Market Value
related to one share and Frontier Rare Earths Ltd   BEV.WT 7-May-12   CMT.WT -1.44   PVG.WT 9.87   SFF.WT 0.055   KSK.WT 68.5%   TAO.WT 2.79 $2.83 Fair Market Value
specifies the amount of  Gazit America In   MTO.WT 15-May-12   PAK.WT -1.34   CVZ.WT 9.38   GPF.WT.A 0.06   EMC.WT 68.1%   ML.WT.A 1.5 $1.50 Fair Market Value
underlying that the owner Gazit America In   CZY.WT 22-May-12   PYC.WT -1.3   LRT.WT.A 9.25   BPV.WT.A 0.06   SND.WT 67.6%   BRK.WT 1.5 $1.48 Fair Market Value
of a single warrant is  Gazit America Inc.   ROZ.WT 28-May-12   VGZ.WT.S -1.25   YEL.WT 9.25   NOT.WT 0.065   CZY.WT 67.5%   RED.WT 0.14 $0.14 Fair Market Value
entitled to buy. Geovic Mining Corp   PMI.WT.A 28-May-12   EW.WT -1.22   FEI.WT.A 9   PDL.WT.B 0.07   CLQ.WT 66.4%   BAA.WT 1.67 $1.64 Fair Market Value
  Geovic Mining Corp   ADM.WT 2-Jun-12   CNM.WT -1.21   PNP.WT.A 8.9   HGI.WT 0.075   CVZ.WT 66.0%   FRO.WT 0.175 $0.17 Fair Market Value
Time Value Geovic Mining Corp   AAB.WT 6-Jun-12   ZAZ.WT -1.19   MNP.WT 8.83   CVZ.WT 0.08   PNP.WT.B 65.8%   PDL.WT.B 0.07 $0.07 Fair Market Value
The time value is the  Global Adv Tele&Utilities Inc Fd   MGA.WT.A 6-Jun-12   RN.WT -1.17   GAA.WT 8.58   TMB.WT 0.08   PNP.WT.A 65.8%   AVL.WT 0.9 $0.85 Fair Market Value
difference between the GMIncome & Growth Fund    TAB.WT 11-Jun-12   RBN.WT.A -1.16   GAA.WT 8.58   AA.WT 0.09   PNP.WT 65.8%   EDR.WT 5.27 $5.02 Fair Market Value
current warrant price  Gold Participation and Income Fund   APV.WT 11-Jun-12   LPK.WT -1.01   NOT.WT 8.31   EW.WT 0.09   GCM.WT 65.6%   MND.WT 0.37 $0.35 Fair Market Value
and its intrinsic value. Golden Predator   TIC.WT 15-Jun-12   ADM.WT -1.01   BPV.WT.A 7.83   LRT.WT 0.1   GCM.WT.A 65.6%   MNP.WT 0.03 $0.03 Fair Market Value
The time value is to be  Gran Colombia Gold Corp   YNG.WT 20-Jun-12   GMF.WT -1   LPK.WT 7.75   FEO.WT.A 0.1   FRO.WT 65.6%   NGD.WT.A 2.91 $2.73 Fair Market Value
interpreted as the Gran Colombia Gold Corp   WLT.WT 28-Jun-12   KSK.WT -0.95   PGM.WT 7.43   HCF.WT 0.1   GMC.WT 65.0%   WRN.WT 0.7 $0.65 Fair Market Value
consideration paid for  Gran Tierra Energy   DPM.WT 29-Jun-12   BPV.WT.A -0.93   GAA.WT.A 7.31   NTC.WT 0.1   GMC.WT.A 65.0%   BNK.WT.A 3 $2.80 Fair Market Value
the advantage that the GT Canada   MND.WT 6-Aug-12   FCO.WT -0.91   ZAZ.WT 7.07   SND.WT 0.1   GMC.WT.B 65.0%   PVG.WT 0.95 $0.87 Fair Market Value
warrant buyer has over  Harvest Canadian Inc & Gr Fund   FED.WT 9-Sep-12   PWC.WT -0.9   CMP.WT.B 6.98   PMI.WT 0.1   TXG.WT 64.9%   ADM.WT 0.115 $0.10 Fair Market Value
the direct investor. It International Lithium   QUX.WT 10-Sep-12   MOB.WT -0.87   K.WT.D. 6.68   USO.WT 0.1   USO.WT 64.4%   CZY.WT 0.055 $0.05 Fair Market Value
is greatest when the  Ivanhoe Australia   CNL.WT 12-Sep-12   TID.WT -0.86   PAK.WT 6.61   RPG.WT 0.105   CRJ.WT 64.4%   EDV.WT.A 0.68 $0.61 Overvalued
warrants are 'at the money' Katanga Mining   TFA.WT.A 21-Oct-12   IVA.WT -0.8   FNV.WT.A 6.31   FEO.WT.B 0.11   TMD.WT 63.4%   PTA.WT 0.035 $0.03 Overvalued
but decreases as the Kinross   VGZ.WT.S 22-Oct-12   GPF.WT.A -0.78   CZY.WT 6.09   PAK.WT 0.115   TMD.WT.A 63.4%   QUX.WT 2.44 $2.17 Overvalued
exercise date draws closer. Kinross   PNP.WT.A 23-Oct-12   MGA.WT.B -0.78   ML.WT 6.08   ADM.WT 0.115   PAK.WT 63.0%   TAB.WT 0.13 $0.12 Overvalued
The decreased value is  Kinross     AC.WT 28-Oct-12   MTO.WT -0.78   FGX.WT.B 5.94   TAB.WT 0.13   EW.WT 61.5%   YEL.WT 0.02 $0.02 Overvalued
called time decay and  Kiska Metals   AC.WT 28-Oct-12   BRD.WT -0.76   EW.WT 5.89   RED.WT 0.14   RNX.WT 59.6%   FED.WT 0.27 $0.23 Overvalued
decreases at a faster  Lanesborough REIT   FRO.WT 17-Nov-12   BRD.WT.A -0.75   TFA.WT.A 5.73   KSK.WT 0.14   FT.WT.A 59.5%   AR.WT 2 $1.70 Overvalued
pace as the expiry date Lanesborough REIT   PTA.WT.A 19-Nov-12   VGZ.WT.S -0.75   AAB.WT 5.59   AAB.WT 0.145   RN.WT 59.3%   CKG.WT 4.45 $3.69 Overvalued
draws closer. Liquid Nutrition Group   PWC.WT 25-Nov-12   LQD.WT -0.74   VZX.WT 5.33   FRN.WT 0.15   SBI.WT 58.6%   GPF.WT.A 0.06 $0.05 Overvalued
  Lupaka Gold Corp.   NGD.WT.C 28-Nov-12   GAA.WT -0.72   QUX.WT 5.3   CRK.WT 0.15   TIC.WT 58.5%   VGZ.WT.S 0.98 $0.81 Overvalued
  M Split Corp   RML.WT 29-Nov-12   HCF.WT -0.67   AC.WT 5.26   ANS.WT 0.15   PMI.WT 58.4%   VGZ.WT.S 0.98 $0.79 Overvalued
  Macusani Yellowcake   SBI.WT 2-Dec-12   YEL.WT -0.67   XRG.WT 5.25   MB.WT 0.15   PMI.WT.A 58.4%   GCM.WT 0.24 $0.19 Overvalued
  Manas Petroleum Corp   RNX.WT 16-Dec-12   CNL.WT -0.67   AC.WT 5.24   ZAZ.WT 0.15   BEV.WT 57.7%   CRJ.WT 0.68 $0.53 Overvalued
  Mandalay Resources Corp   ZAZ.WT 19-Dec-12   FEO.WT.B -0.66   RNX.WT 5.1   LPK.WT 0.16   BPV.WT 57.6%   CRK.WT 0.15 $0.12 Overvalued
  MEGA Brands Inc   BPV.WT.A 20-Dec-12   CVZ.WT -0.65   ILC.WT 5   FRO.WT 0.175   BPV.WT.A 57.6%   BRD.WT 0.53 $0.41 Overvalued
  Mega Uranium   SFF.WT 21-Dec-12   SIN.WT -0.64   SND.WT 4.95   MGA.WT.B 0.175   YNG.WT 56.5%   REC.WT 0.01 $0.01 Overvalued
  Mega Uranium   WRN.WT 22-Dec-12   LRT.WT -0.63   FNV.WT 4.94   BEV.WT 0.18   PVG.WT 55.7%   AAB.WT 0.145 $0.10 Overvalued
  Mega Uranium   EW.WT 22-Dec-12   PTA.WT -0.62   ST.WT 4.73   PWC.WT 0.18   WRN.WT 55.5%   RN.WT 0.43 $0.30 Overvalued
  Mercator Minerals Ltd   SND.WT 23-Dec-12   CTF.WT -0.57   AVL.WT 4.72   MGT.WT.U 0.185   P.WT 55.1%   GMF.WT 0.02 $0.01 Overvalued
  Mercator Minerals Ltd   APV.WT.A 23-Dec-12   AA.WT -0.55   KSK.WT 4.64   FNV.WT.B 0.19   MND.WT 54.5%   CNL.WT 1.51 $0.99 Overvalued
  Metanor Resources   MOB.WT 24-Dec-12   WRN.WT -0.52   CNL.WT 4.52   PAU.WT 0.2   SSL.WT.A 54.1%   AC.WT 0.38 $0.25 Overvalued
  Minefinders Corp   AR.WT 29-Dec-12   SFF.WT -0.52   P.WT 4.51   RNX.WT 0.2   SSL.WT 54.1%   BPV.WT 0.305 $0.20 Overvalued
  Mines Management    VZX.WT 5-Jan-13   FEI.WT.A -0.51   MTO.WT 4.5   PNP.WT.A 0.21   CRK.WT 54.1%   PMD.WT 0.23 $0.15 Overvalued
  New Gold Inc.   CMP.WT.B 25-Jan-13   TIC.WT -0.48   WAI.WT 4.43   ST.WT 0.22   ZAZ.WT 53.0%   WLT.WT 8.95 $5.69 Overvalued
  New Gold Inc.   ML.WT.A 29-Jan-13   ST.WT -0.46   PMD.WT 4.39   PMD.WT 0.23   KAT.WT 52.7%   BEV.WT 0.18 $0.11 Overvalued
  New Gold Inc.   KSK.WT 23-Mar-13   PTA.WT.A -0.45   CRK.WT 4.27   GCM.WT 0.24   BRD.WT 52.3%   BRD.WT.A 0.7 $0.41 Overvalued
  Norbord   YEL.WT 25-Mar-13   WAI.WT -0.42   SFF.WT 4.27   GLD.WT 0.25   BRD.WT.A 52.3%   AC.WT 0.38 $0.22 Overvalued
  Noront Resources Ltd   NTC.WT 31-Mar-13   TMD.WT.A -0.41   WRN.WT 4.19   FED.WT 0.27   AAB.WT 52.1%   ANS.WT 0.15 $0.08 Overvalued
  North American Palladium Ltd.   USO.WT 18-Apr-13   MNP.WT -0.41   FRN.WT 4   PYC.WT 0.28   GCI.WT 51.3%   KSK.WT 0.14 $0.08 Overvalued
  North American Tungsten   ST.WT 29-Apr-13   PMI.WT.A -0.40   TAB.WT 4   PGM.WT 0.3   SLW.WT.U 50.3%   XRG.WT 0.75 $0.41 Overvalued
  Northquest Ltd    CVZ.WT 11-May-13   NTC.WT -0.39   RPG.WT 3.95   BPV.WT 0.305   MNP.WT 50.0%   AA.WT 0.09 $0.05 Overvalued
  Oceanic Iron Ore Corp   CRJ.WT 22-May-13   LRT.WT.A -0.38   TXG.WT 3.91   ECU.WT 0.305   PMD.WT 50.0%   ROZ.WT 0.57 $0.30 Overvalued
  Oceanic Iron Ore Corp   ILC.WT 24-May-13   SBI.WT -0.36   PTA.WT 3.71   FCO.WT 0.32   MTO.WT 49.9%   MB.WT 0.15 $0.08 Overvalued
  Omega Advisors U.S. Cap App Fd   CCJ.WT.B 5-Jun-13   ECU.WT -0.32   PTA.WT.A 3.71   MND.WT 0.37   XRG.WT 49.8%   FNV.WT.A 6.25 $3.11 Very Overvalued
  Pacific & Western Credit Corp   PAU.WT 5-Jul-13   FEO.WT.A -0.31   LRT.WT 3.7   FT.WT.A 0.38   QUX.WT 48.9%   PNP.WT.B 0.75 $0.37 Very Overvalued
  Papuan Precious Metals Corp   FNV.WT.B 8-Jul-13   RPG.WT -0.31   NTC.WT 3.6   AC.WT 0.38   ECU.WT 47.2%   PMI.WT 0.1 $0.05 Very Overvalued
  Peregrine Metals   PNP.WT.B 11-Jul-13   APV.WT -0.27   AEM.WT.U 3.54   AC.WT 0.38   NOT.WT 43.0%   NGD.WT.C 0.45 $0.22 Very Overvalued
  Petroamerica Oil Corp   ANS.WT 29-Jul-13   PCT.WT -0.26   FCO.WT 3.41   TCM.WT 0.39   TMB.WT 42.3%   USO.WT 0.1 $0.05 Very Overvalued
  Petroamerica Oil Corp   K.WT.C 3-Sep-13   TMD.WT -0.26   FEO.WT.A 3.4   ML.WT 0.4   GTE.WT 40.2%   SFF.WT 0.055 $0.03 Very Overvalued
  PetroMagdalena Energy Corp   SLW.WT.U 5-Sep-13   XRG.WT -0.26   EDV.WT.A 3.4   USA.WT 0.43   EDV.WT.A 39.9%   CMP.WT.B 1.8 $0.82 Very Overvalued
  Petromanas Energy In   FRN.WT 8-Sep-13   CLQ.WT -0.26   NGD.WT.A 3.34   RN.WT 0.43   MFL.WT 39.5%   MGA.WT.B 0.175 $0.08 Very Overvalued
  Petromanas Energy Inc   VGZ.WT.S 22-Oct-13   ILC.WT -0.25   RED.WT 3.29   TXG.WT 0.45   AR.WT 39.4%   K.WT.C 1.02 $0.43 Very Overvalued
  Pinetree Capital   GAA.WT 30-Nov-13   PMI.WT -0.25   GCM.WT 3.21   NGD.WT.C 0.45   AEM.WT.U 39.0%   ZAZ.WT 0.15 $0.06 Very Overvalued
  Pinetree Capital   AEM.WT.U 2-Dec-13   AC.WT -0.21   TMD.WT 3.18   TMD.WT 0.5   BNK.WT.A 38.7%   ECU.WT 0.305 $0.13 Very Overvalued
  Pinetree Capital   NBD.WT 24-Dec-13   TAB.WT -0.2   FT.WT.A 3.13   NQ.WT 0.5   CNL.WT 38.5%   RPG.WT 0.105 $0.04 Very Overvalued
  Premium Income Corp    EDV.WT.A 4-Feb-14   AC.WT -0.2   FEO.WT.B 3.09   NBD.WT 0.52   DPM.WT.A 36.3%   PWC.WT 0.18 $0.07 Very Overvalued
  Pretium Resources   ECU.WT 20-Feb-14   EDV.WT.A -0.19   TMD.WT.A 2.89   BRD.WT 0.53   DPM.WT 36.3%   GAA.WT.A 0.8 $0.32 Very Overvalued
  Prima Colombia   CWB.WT 2-Mar-14   AAB.WT -0.19   VGZ.WT.S 2.81   TMD.WT.A 0.55   URB.WT.B 35.7%   FNV.WT.B 0.19 $0.07 Very Overvalued
  Primary Corp.   FCO.WT 8-Mar-14   SND.WT -0.18   VGZ.WT.S 2.81   DPM.WT 0.55   OUS.WT 35.5%   EIT.WT.A 0.015 $0.01 Very Overvalued
  Primero Mining Corp   BWR.WT.A 9-Apr-14   USO.WT -0.16   VGZ.WT.S 2.81   ROZ.WT 0.57   ML.WT.A 35.2%   TIC.WT 1 $0.31 Very Overvalued
  Propel Multi-Strategy Fund   GAA.WT.A 14-Apr-14   REC.WT -0.15   VGZ.WT.S 2.81   BWR.WT.A 0.61   ML.WT 35.2%   ST.WT 0.22 $0.06 Very Overvalued
  Quadra FNX Mining Ltd   SSL.WT 23-Apr-14   APV.WT.A -0.15   AR.WT 2.76   GAA.WT 0.64   RPG.WT 35.1%   NGD.WT.B 0.045 $0.01 Very Overvalued
  Ram Power Corp   MNP.WT 6-May-14   TFA.WT.A -0.14   FED.WT 2.74   GAA.WT 0.64   NGD.WT.A 34.8%   PTA.WT.A 0.035 $0.01 Very Overvalued
  RedWater Energy   RPG.WT 19-May-14   VZX.WT -0.12   BRD.WT 2.72   EDV.WT.A 0.68   NGD.WT.C 34.8%   PNP.WT.A 0.21 $0.05 Very Overvalued
  Reliant Gold Corp   BRK.WT 27-May-14   CZY.WT -0.12   CKG.WT 2.56   CRJ.WT 0.68   NGD.WT.B 34.8%   BPV.WT.A 0.06 $0.01 Very Overvalued
  Rio Novo Gold Inc    LPK.WT 28-Jun-14   ROZ.WT -0.11   RN.WT 2.51   SSL.WT.A 0.69   CKG.WT 34.0%   TCM.WT 0.39 $0.09 Very Overvalued
  Rodinia Oil Corp   PYC.WT 30-Jun-14   GPD.WT -0.1   MB.WT 2.5   WRN.WT 0.7   TAO.WT 33.6%   RNX.WT 0.2 $0.04 Very Overvalued
  Royal Nickel Corporation   FGX.WT.B 30-Jun-14   CRJ.WT -0.07   PNP.WT.B 2.49   BRD.WT.A 0.7   K.WT.D. 33.0%   EW.WT 0.09 $0.02 Very Overvalued
  Rusoro Mining   USA.WT 10-Jul-14   AHX.WT -0.05   PAU.WT 2.45   XRG.WT 0.75   K.WT.C 33.0%   MGT.WT.U 0.185 $0.03 Very Overvalued
  Sandstorm Gold   K.WT.D. 17-Sep-14   RED.WT -0.04   USO.WT 2.4   PNP.WT.B 0.75   K.WT.B 33.0%   CLQ.WT 0.03 $0.01 Very Overvalued
  Sandstorm Gold   AA.WT 7-Oct-14   BPV.WT -0.03   AHX.WT 2.33   GAA.WT.A 0.8   MB.WT 32.7%   VGZ.WT.S 0.98 $0.14 Very Overvalued
  Sandstorm Metals   PTA.WT 8-Oct-14   FED.WT -0.01   TAO.WT 2.29   SSL.WT 0.86   AC.WT 32.2%   RML.WT 0.005 $0.00 Very Overvalued
  SCITI Trust   BPV.WT 10-Oct-14   FRN.WT 0   PCT.WT 2.25   P.WT 0.9   TCM.WT 31.7%   NBD.WT 0.52 $0.07 Very Overvalued
  Seafield Resources   MGA.WT.B 26-Oct-14   NQ.WT 0.05   CRJ.WT 2.25   AVL.WT 0.9   PPF.WT 30.9%   CCP.WT 0.005 $0.00 Very Overvalued
  Serabi Mining   GLD.WT 27-Oct-14   PAU.WT 0.09   BAA.WT 2.24   PVG.WT 0.95   PWC.WT 30.2%   XMF.WT.A 0.005 $0.00 Very Overvalued
  Silver Wheaton   BRD.WT 19-Nov-14   GLD.WT 0.15   AA.WT 2.22   VGZ.WT.S 0.98   ST.WT 29.8%   TID.WT 0.05 $0.01 Very Overvalued
  Star Portfolio Corp   BRD.WT.A 19-Nov-14   GAA.WT 0.22   NGD.WT.C 2.16   VGZ.WT.S 0.98   PIC.WT 29.5%   APV.WT.A 0.045 $0.00 Very Overvalued
  Stonegate Agricom Ltd   NOT.WT 16-Dec-14   PGM.WT 0.23   ROZ.WT 2.14   VGZ.WT.S 0.98   AC.WT 28.4%   DPM.WT 0.55 $0.04 Very Overvalued
  TAG Oil Ltd   NQ.WT 21-Dec-14   MND.WT 0.32   SSL.WT.A 2.09   VGZ.WT.S 0.98   HGI.WT 25.2%   PMI.WT.A 0.02 $0.00 Very Overvalued
  Tembec   PMI.WT 23-Feb-15   USA.WT 0.38   ECU.WT 2.07   TIC.WT 1   BRK.WT 25.2%   NOT.WT 0.065 $0.00 Very Overvalued
  Thompson Creek Metals   LRT.WT 5-Mar-15   FT.WT.A 0.39   BRD.WT.A 2.06   K.WT.C 1.02   NBD.WT 22.7%   ML.WT 0.4 $0.01 Very Overvalued
  Titan Medical   RN.WT 8-Mar-15   FGX.WT.B 0.45   TIC.WT 2.02   ML.WT.A 1.5   CMP.WT.B 21.8%   APV.WT 0.04 $0.00 Very Overvalued
  Titan Medical Inc   MB.WT 30-Mar-15   TXG.WT 0.46   SLW.WT.U 2.01   BRK.WT 1.5   PYC.WT 21.2%   RBN.WT.A 0.015 $0.00 Very Overvalued
  Titanium Corp. Inc   P.WT 19-Jul-15   SSL.WT.A 0.48   PMI.WT 2   CNL.WT 1.51   RF.WT 20.3%   CCJ.WT.A 0.005 $0.00 Very Overvalued
  Torex Gold Resources Inc   GCM.WT 24-Aug-15   AVL.WT 0.65   NBD.WT 1.93   FGX.WT.B 1.6   FNV.WT 20.1%   YCM.WT.A 0.015 $0.00 Very Overvalued
  Touchstone Exploration Inc   PCT.WT 21-Sep-15   NGD.WT.C 0.71   MGA.WT.B 1.8   BAA.WT 1.67   FNV.WT.A 20.1%   CMT.WT 0.005 $0.00 Very Overvalued
  Trafina Energy Ltd   SSL.WT.A 19-Oct-15   SSL.WT 0.86   MND.WT 1.76   CMP.WT.B 1.8   FNV.WT.B 20.1%   MGA.WT 0.015 $0.00 Very Overvalued
  Tuscany Intl Drilling Inc   VGZ.WT.S 22-Oct-15   AR.WT 1.02   CWB.WT 1.75   AR.WT 2   EIT.WT.A 17.0%   MGA.WT.A 0.02 $0.00 Very Overvalued
  U S Silver Corp   DPM.WT.A 20-Nov-15   BRK.WT 1.35   BNK.WT.A 1.7   K.WT.D. 2.3   GPF.WT.A 15.8%   EMC.WT 0.005 $0.00 Very Overvalued
  Urbana Corp   FEO.WT.A 30-Nov-15   ML.WT.A 1.43   SSL.WT 1.67   QUX.WT 2.44   GAA.WT 15.0%   PNP.WT 0.015 $0.00 Very Overvalued
  US Oil Sands Inc.    GAA.WT 30-Nov-15   BAA.WT 1.62   DPM.WT.A 1.66   TAO.WT 2.79   GAA.WT 15.0%   GCM.WT.A 0.04 $0.00 Very Overvalued
  Vega Resources    FEO.WT.B 30-Nov-15   BNK.WT.A 2.73   EDR.WT 1.63   NGD.WT.A 2.91   GAA.WT.A 15.0%   GMC.WT 0.005 $0.00 Very Overvalued
  Vista Gold   TMD.WT 10-Dec-15   TAO.WT 2.78   APV.WT 1.63   BNK.WT.A 3   RBN.WT.A 14.9%   GMC.WT.A 0.005 $0.00 Very Overvalued
  Vista Gold   LRT.WT.A 23-Dec-15   CKG.WT 3.4   ML.WT.A 1.62   CKG.WT 4.45   SIN.WT 13.5%   GMC.WT.B 0.01 $0.00 Very Overvalued
  Vista Gold   PMD.WT 22-Feb-16   DPM.WT.A 4.33   BRK.WT 1.57   DPM.WT.A 4.58   HCF.WT 12.6%   YNG.WT 0.02 $0.00 Very Overvalued
  Vista Gold   PAK.WT 14-Mar-16   EDR.WT 4.99   MFL.WT 1.56   EDR.WT 5.27   CWB.WT 12.1%   KAT.WT 0.005 $0.00 Very Overvalued
  Vuzix Corp   CRK.WT 24-Mar-16   BWR.WT.A 6.14   BPV.WT 1.54   FNV.WT.A 6.25   GMF.WT 11.2%   MTO.WT 0.05 $0.00 Very Overvalued
  Walter Energy   AHX.WT 30-Mar-16   FNV.WT 7.41   APV.WT.A 1.44   FNV.WT 7.98   FGX.WT.B 11.2%   TMB.WT 0.08 $0.00 Very Overvalued
  West African Iron Ore Corp   WAI.WT 31-Mar-16   MFL.WT 8.89   GLD.WT 1.4   MFL.WT 8.92   CTF.WT 11.0%   GTE.WT 0.005 $0.00 Very Overvalued
  Western Copper   LQD.WT 13-May-16   AEM.WT.U 9.79   USA.WT 1.26   WLT.WT 8.95   CCP.WT 7.5%   URB.WT.B 0.005 $0.00 Very Overvalued
  Xinergy Ltd   TMD.WT.A 21-Jun-16   SLW.WT.U 14.35   BWR.WT.A 1.2   AEM.WT.U 15.6   XYM.WT 7.4%   K.WT.B 0.05 $0.00 Very Overvalued
  Yukon-Nevada Gold   FNV.WT.A 16-Jun-17   CWB.WT 15.89   NQ.WT 1.10   SLW.WT.U 16.71   FEI.WT.A 5.2%   XYM.WT 0.005 $0.00 Very Overvalued
  Zazu Metals Corp   NGD.WT.A 28-Jun-17   WLT.WT 43.2   WLT.WT 0.91   CWB.WT 17.11   BWR.WT.A 4.4%   FEI.WT.A 0.005 $0.00 Very Overvalued