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Warrant Sheets for Companies as of February 3rd, 2012

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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   MGA.WT 12-Feb-12   USA.WT -75.1   HGI.WT 905   PIC.WT 0.005   USA.WT 570.5%   SBI.WT 0.005 $0.08 Bargain
The last day the warrants  Adherex Technologies   ML.WT 16-Feb-12   FNV.WT.A -31.25   TMB.WT 808   XMF.WT.A 0.005   APV.WT.A 390.3%   HCS.WT 0.12 $1.87 Bargain
can be exercised. If Agnico-Eagle   CKG.WT 23-Feb-12   K.WT.C -20.86   ML.WT 372   GCI.WT 0.005   APV.WT 390.3%   NTC.WT 0.005 $0.07 Bargain
warrants aren't being  Ainsworth Lumber Co Ltd   CNM.WT 28-Feb-12   FNV.WT.B -20.52   PNP.WT 372   VZX.WT 0.005   SWA.WT 255.8%   FRN.WT 0.015 $0.20 Bargain
exercised then they Air Canada cl A   XMF.WT.A 28-Feb-12   PNP.WT -13.14   CNM.WT 292   CTF.WT 0.005   AHX.WT 247.9%   GAA.WT 0.14 $0.85 Bargain
must be sold the day  Air Canada cl B   YCM.WT.A 28-Feb-12   XMF.WT.A -12.45   EIT.WT.B 171.25   GMC.WT.A 0.005   XMF.WT.A 240.8%   SWA.WT 0.15 $0.81 Bargain
before the expiry date. Andina Minerals Inc   TMB.WT 29-Feb-12   YCM.WT.A -11.86   YCM.WT.A 128   PPF.WT 0.005   SBI.WT 240.7%   PWC.WT 0.04 $0.20 Bargain
The longer the time to  Argonaut Gold Ltd   BNK.WT.A 01-Mar-12   AEM.WT.U -11.82   NGD.WT.B 119.2   CNM.WT 0.005   VZX.WT 223.6%   GAA.WT 0.14 $0.63 Bargain
expiry the more ARISE Technologies Corp   ENI.WT 01-Mar-12   ANS.WT -10.65   DPM.WT 97   RML.WT 0.005   NQ.WT 211.2%   FEO.WT.B 0.06 $0.26 Bargain
valuable the warrants. ARISE Technologies Corp   GMC.WT.A 06-Mar-12   K.WT.D. -10.46   HCS.WT 95.17   TCM.WT 0.005   PAU.WT 189.3%   K.WT.D. 1.11 $4.59 Bargain
  Armistice Resources Corp   CTF.WT.A 08-Mar-12   CMT.WT.A -8.88   NTC.WT 70   CCP.WT 0.005   MLR.WT.B 166.2%   AZD.WT 0.01 $0.04 Bargain
Leverage Astral Mining Corp   FNV.WT 13-Mar-12   AUM.WT -8.68   YNG.WT 61   GCM.WT.A 0.005   FRN.WT 165.0%   CZY.WT 0.01 $0.04 Bargain
The leverage of a warrant Augen Gold Cor   HGI.WT 30-Mar-12   TMB.WT -7.96   MGA.WT 60   GMC.WT 0.005   ROZ.WT 151.8%   CVZ.WT 0.05 $0.19 Bargain
is a measure of how much Azure Dynamics   NGD.WT.B 03-Apr-12   MGA.WT.A -6.02   PNP.WT.A 53.14   KAT.WT 0.005   RED.WT 150.8%   VZX.WT 0.015 $0.05 Bargain
you can increase your Bankers Petroleum   PVG.WT 09-Apr-12   DPM.WT -5.3   PYC.WT 46.26   MLR.WT.B 0.005   MNP.WT 146.3%   MLR.WT.B 0.005 $0.02 Bargain
exposure to a share if Bennett Environmental Inc   PNP.WT 16-Apr-12   MGA.WT -5.12   PWC.WT 44   PDL.WT.B 0.005   CVZ.WT 144.2%   MOB.WT 0.05 $0.16 Bargain
you bought warrants Brick Group   MGT.WT.U 20-Apr-12   P.WT -4.93   COX.WT.A 39.55   URB.WT.B 0.01   PCT.WT 138.8%   BPV.WT.A 0.035 $0.09 Bargain
instead of making a Bridgeport Ventures Inc   GMC.WT.B 27-Apr-12   GMC.WT.B -4.81   GMC.WT.A 38   XYM.WT 0.01   RML.WT 135.9%   PTA.WT.A 0.005 $0.01 Bargain
direct investment. It is  Bridgeport Ventures Inc   RED.WT 29-Apr-12   PNP.WT.A -4.64   GMC.WT.B 38   YCM.WT.A 0.01   PTA.WT.A 127.3%   PAK.WT 0.03 $0.08 Bargain
calculated dividing the  Brigus Gold Corp   EIT.WT.B 30-Apr-12   RML.WT -3.89   BEV.WT 35.4   MOB.WT 0.01   PTA.WT.B 127.3%   MNP.WT 0.065 $0.17 Bargain
current share price by Brigus Gold Corp   COX.WT.A 30-Apr-12   CMP.WT.B -3.85   GAA.WT 33.31   OUS.WT 0.01   PTA.WT 127.3%   LQD.WT 0.1 $0.26 Bargain
the current price of the  Brixton Metals   BEV.WT 07-May-12   MGT.WT.U -3.77   GAA.WT 33.31   AHX.WT 0.01   AA.WT 126.0%   EIT.WT.B 0.08 $0.20 Bargain
warrant. Calvista Gold Corp.   MTO.WT 15-May-12   FRO.WT -3.42   SBI.WT 33   REC.WT 0.01   ILC.WT 124.5%   K.WT.C 0.8 $2.04 Bargain
  Canadian Income Mgmt Tr   CZY.WT 22-May-12   NBD.WT -3.39   MGT.WT.U 31.69   YNG.WT 0.015   SFF.WT 122.4%   PYC.WT 0.115 $0.29 Bargain
Intrinsic Value Canadian Premium Select Inc Fnd   PMI.WT.A 28-May-12   NOT.WT -3.19   CZY.WT 31   MNP.WT 0.015   BPV.WT.A 119.6%   LRT.WT.A 0.12 $0.28 Bargain
The difference between  Caza Gold Corp   ROZ.WT 28-May-12   NGD.WT.A -3.08   ADM.WT 29   GMC.WT.B 0.015   BPV.WT 119.6%   ILC.WT 0.015 $0.03 Bargain
the exercise price and Chesapeake Gold   ADM.WT 02-Jun-12   NGD.WT.B -3.08   PTA.WT.A 27   PMI.WT.A 0.015   FEO.WT.B 118.9%   LRT.WT 0.1 $0.21 Bargain
the actual trading price  Citadel Income Fund   AAB.WT 06-Jun-12   HGI.WT -2.95   MOB.WT 26   MGA.WT 0.015   FEO.WT.A 118.9%   WAI.WT 0.04 $0.08 Bargain
of the common stock. Claude Resources   MGA.WT.A 06-Jun-12   GMC.WT.A -2.81   ENI.WT 24.52   BBB.WT 0.015   TFA.WT.A 115.5%   NQ.WT 0.2 $0.39 Bargain
Once the common has  CMP Gold Trust   TAB.WT 11-Jun-12   YNG.WT -2.7   MLR.WT.B 23   PCT.WT 0.02   WAI.WT 115.2%   P.WT 0.35 $0.67 Bargain
gone over the exercise Colossus Minerals Inc   APV.WT 11-Jun-12   GAA.WT.A -2.53   RML.WT 23   YEL.WT 0.02   CZY.WT 113.6%   GLD.WT 0.12 $0.22 Bargain
price the warrants are  Commerce Split Corp unit   TIC.WT 15-Jun-12   MLR.WT.B -2.39   ROZ.WT 23   ILC.WT 0.02   TAB.WT 111.8%   PAU.WT 0.1 $0.17 Bargain
said to be 'in the money'. Compton Petroleum Corp   YNG.WT 20-Jun-12   RNX.WT -2.32   FNV.WT.B 22.68   RPG.WT 0.02   AZD.WT 106.7%   VGZ.WT.U 0.76 $1.30 Bargain
  Continental Gold   WLT.WT 28-Jun-12   PYC.WT -2.18   FRN.WT 21.33   APV.WT.A 0.025   AZ.WT 105.0%   GG.WT 0.17 $0.29 Bargain
Volatility Coxe Commodity Strategy Fund   DPM.WT 29-Jun-12   ML.WT -2.14   SND.WT 18.25   APV.WT 0.03   MGA.WT.B 101.8%   TAB.WT 0.04 $0.07 Bargain
The higher the volatility  Crocodile Gold   MND.WT 06-Aug-12   PMD.WT -2.05   PMI.WT.A 18.00   MGA.WT.A 0.03   MGA.WT 101.8%   HNT.WT 1.57 $2.49 Bargain
rating the higher the price Dundee Precious Metals   FED.WT 09-Sep-12   GCM.WT -2.03   ZAZ.WT 17.13   HCF.WT 0.03   MGA.WT.A 101.8%   COX.WT.A 0.22 $0.34 Bargain
of the warrant will be. Dundee Precious Metals   QUX.WT 10-Sep-12   BEV.WT -1.98   FRO.WT 16.86   LRT.WT.A 0.03   BBB.WT 100.7%   PTA.WT.B 0.045 $0.07 Bargain
A measure of actual  East West Petroleum Corp   CNL.WT 12-Sep-12   MB.WT -1.77   GAA.WT.A 16.57   BPV.WT.A 0.035   NTC.WT 95.8%   AZ.WT 0.11 $0.16 Undervalued
stock price changes over  Endeavour Financial   TFA.WT.A 21-Oct-12   PAK.WT -1.7   MTO.WT 16.5   WAI.WT 0.035   EW.WT 92.4%   PMD.WT 0.45 $0.66 Undervalued
a specific period of time.  Energy Income Fund   VGZ.WT.U 22-Oct-12   TRL.WT -1.65   MGA.WT.A 15   PTA.WT.A 0.04   YEL.WT 91.4%   FEO.WT.A 0.195 $0.28 Undervalued
Historical volatility is  EnerVest   PNP.WT.A 23-Oct-12   CRK.WT -1.65   CMP.WT.B 14.87   TMB.WT 0.04   K.WT.D. 90.5%   TMD.WT.A 0.31 $0.44 Undervalued
calculated by using the  Ethiopian Potash   AC.WT 28-Oct-12   PNP.WT.B -1.64   BPV.WT.A 14.86   SBI.WT 0.04   K.WT.C 90.5%   BPV.WT 0.26 $0.36 Undervalued
standard deviation of an Faircourt Gold Income   AC.WT 28-Oct-12   GAA.WT -1.60   TFA.WT.A 14   RED.WT 0.04   KSK.WT 90.1%   TFA.WT.A 0.01 $0.01 Undervalued
underlying stock price. Feronia Inc   FRO.WT 17-Nov-12   WRN.WT -1.53   K.WT.C 13.93   PTA.WT 0.045   RN.WT 89.2%   TMD.WT.B 0.4 $0.54 Undervalued
  Focus Metals Inc   PTA.WT.A 19-Nov-12   FCO.WT -1.42   PAK.WT 13.33   EW.WT 0.045   GLD.WT 88.0%   LGC.WT 0.135 $0.18 Undervalued
In the Money Formation Metals   PWC.WT 25-Nov-12   ADM.WT -1.38   AC.WT 13.05   PNP.WT 0.05   LRT.WT.A 85.4%   PTA.WT 0.045 $0.06 Undervalued
When the price of the  Franco-Nevada   NGD.WT.C 28-Nov-12   RN.WT -1.36   AC.WT 12.95   FCS.WT.A 0.05   LRT.WT 85.4%   PCT.WT 0.01 $0.01 Undervalued
common is higher than  Franco-Nevada   RML.WT 29-Nov-12   EW.WT -1.31   TAB.WT 12.5   PTA.WT.B 0.05   GCM.WT 84.3%   SNG.WT 0.4 $0.50 Undervalued
the exercise price Franco-Nevada   SBI.WT 02-Dec-12   VGZ.WT.U -1.29   RED.WT 12.50   TFA.WT.A 0.05   PMD.WT 82.6%   FMS.WT 0.08 $0.10 Undervalued
  Frontier Rare Earths Ltd   RNX.WT 16-Dec-12   CSI.WT.A -1.29   AAB.WT 12.4   CZY.WT 0.05   MND.WT 80.6%   APV.WT.A 0.01 $0.01 Undervalued
At the Money Galane Gold   ZAZ.WT 19-Dec-12   KSK.WT -1.26   EW.WT 11   NTC.WT 0.06   PMI.WT 80.5%   USA.WT 0.4 $0.48 Undervalued
When the price of the  Gazit America In   BPV.WT.A 20-Dec-12   ROZ.WT -1.22   CVZ.WT 10.2   SND.WT 0.06   PMI.WT.A 80.5%   RN.WT 0.3 $0.35 Undervalued
underlying is equivalent Gazit America In   SFF.WT 21-Dec-12   AHX.WT -1.2   K.WT.D. 10.04   FEO.WT.A 0.065   GMC.WT.A 79.1%   RED.WT 0.02 $0.02 Undervalued
or close to the strike price. Gazit America Inc.   EW.WT 22-Dec-12   CNM.WT -1.14   XMF.WT.A 10   PWC.WT 0.065   GMC.WT.B 79.1%   USO.WT 0.025 $0.03 Undervalued
  Geovic Mining Corp   WRN.WT 22-Dec-12   BRD.WT -1.08   RNX.WT 9.71   SFF.WT 0.07   GG.WT 78.4%   EDV.WT.A 0.74 $0.83 Undervalued
Exercise ratio Geovic Mining Corp   APV.WT.A 23-Dec-12   BRD.WT.A -1.07   FMS.WT 9.25   ADM.WT 0.07   MOB.WT 76.1%   VGZ.WT.U 0.76 $0.85 Undervalued
The number of warrants  Global Adv Tele&Utilities Inc Fd   SND.WT 23-Dec-12   PWC.WT -1.04   P.WT 8.77   TAB.WT 0.07   AUM.WT 75.1%   MGA.WT.B 0.1 $0.11 Undervalued
related to one share and Golden Minerals Company   MOB.WT 24-Dec-12   LPK.WT -1   USO.WT 8.4   FCO.WT 0.07   USO.WT 72.9%   NGD.WT.A 4.15 $4.60 Undervalued
specifies the amount of  Gran Colombia Gold Corp   AR.WT 29-Dec-12   MOB.WT -0.95   ILC.WT 8   LRT.WT 0.08   PWC.WT 70.6%   GAA.WT.A 0.3 $0.32 Fair Market Value
underlying that the owner GT Canada   VZX.WT 05-Jan-13   CVZ.WT -0.89   QUX.WT 7.53   LGC.WT 0.08   PAK.WT 69.8%   SSL.WT 0.87 $0.93 Fair Market Value
of a single warrant is  Horn Petroleum Corp   CMP.WT.B 25-Jan-13   BPV.WT.A -0.88   AZD.WT 7.5   NGD.WT.B 0.08   LQD.WT 68.0%   BRK.WT 2.03 $2.16 Fair Market Value
entitled to buy. Huntingdon REIT   ML.WT.A 29-Jan-13   ZAZ.WT -0.88   ST.WT 7.45   KSK.WT 0.08   LGC.WT 64.6%   DPM.WT.A 6.68 $7.06 Fair Market Value
  International Lithium   SNG.WT 10-Feb-13   AC.WT -0.84   TRL.WT 7.4   FRO.WT 0.09   FED.WT 63.1%   CKG.WT 2.1 $2.20 Fair Market Value
Time Value Kinross   GG.WT 01-Mar-13   AC.WT -0.83   FNV.WT.A 6.93   NOT.WT 0.1   FMS.WT 62.7%   LPK.WT 0.28 $0.29 Fair Market Value
The time value is the  Kinross     KSK.WT 23-Mar-13   LQD.WT -0.82   LQD.WT 6.8   ROZ.WT 0.1   LPK.WT 62.2%   RPG.WT 0.06 $0.06 Fair Market Value
difference between the Kiska Metals   YEL.WT 25-Mar-13   TIC.WT -0.82   KSK.WT 6.8   HGI.WT 0.1   RPG.WT 61.7%   FNV.WT.A 6.31 $6.50 Fair Market Value
current warrant price  Lanesborough REIT   NTC.WT 31-Mar-13   MGA.WT.B -0.8   ANS.WT 6.75   CVZ.WT 0.1   TMB.WT 61.2%   FNV.WT 11.73 $11.92 Fair Market Value
and its intrinsic value. Lanesborough REIT   USO.WT 18-Apr-13   VGZ.WT.U -0.79   WRN.WT 6.74   PAK.WT 0.1   P.WT 60.6%   NGD.WT.B 0.01 $0.01 Fair Market Value
The time value is to be  Liquid Nutrition Group   ST.WT 29-Apr-13   YEL.WT -0.68   FED.WT 6.57   ENI.WT 0.1   FRO.WT 59.6%   SSL.WT.A 0.75 $0.76 Fair Market Value
interpreted as the Luna Gold   CVZ.WT 11-May-13   ST.WT -0.68   FEO.WT.B 6.5   MTO.WT 0.105   AC.WT 58.4%   ZAZ.WT 0.08 $0.08 Fair Market Value
consideration paid for  Lupaka Gold Corp.   FMS.WT 13-May-13   MTO.WT -0.67   SFF.WT 6.33   TXG.WT 0.105   WRN.WT 58.4%   AR.WT 4.38 $4.40 Fair Market Value
the advantage that the M Split Corp   CRJ.WT 22-May-13   GAA.WT -0.66   AEM.WT.U 6.02   AA.WT 0.11   ADM.WT 58.0%   BNK.WT.A 3.2 $3.19 Fair Market Value
warrant buyer has over  Macusani Yellowcake   ILC.WT 24-May-13   HNT.WT -0.64   SWA.WT 6   FT.WT.A 0.11   ANS.WT 56.5%   PVG.WT 4.41 $4.40 Fair Market Value
the direct investor. It Manas Petroleum Corp   HCS.WT 31-May-13   AA.WT -0.63   VZX.WT 6   ZAZ.WT 0.11   AC.WT 56.5%   SLW.WT.U 17.48 $17.25 Fair Market Value
is greatest when the  Mandalay Resources Corp   MLR.WT.B 05-Jun-13   PTA.WT -0.62   CRK.WT 6   USO.WT 0.115   BRD.WT.A 55.9%   AEM.WT.U 6 $5.89 Fair Market Value
warrants are 'at the money' MEGA Brands Inc   RAK.WT 09-Jun-13   FEO.WT.B -0.61   GG.WT 5.76   ANS.WT 0.12   BRD.WT 55.9%   ML.WT.A 0.95 $0.93 Fair Market Value
but decreases as the Mega Uranium   TRL.WT 14-Jun-13   HRN.WT -0.61   RPG.WT 5.75   FEO.WT.B 0.12   MGT.WT.U 54.6%   FGX.WT.B 1.8 $1.74 Fair Market Value
exercise date draws closer. Mega Uranium   PAU.WT 05-Jul-13   SBI.WT -0.59   YEL.WT 5.67   AAB.WT 0.12   YCM.WT.A 54.2%   RAK.WT 0.08 $0.08 Fair Market Value
The decreased value is  Mega Uranium   FNV.WT.B 08-Jul-13   HCS.WT -0.58   NBD.WT 5.52   DPM.WT 0.135   CNM.WT 53.2%   MND.WT 0.38 $0.36 Fair Market Value
called time decay and  Melior Resources Inc   PNP.WT.B 11-Jul-13   SFF.WT -0.56   HNT.WT 5.32   RNX.WT 0.14   ZAZ.WT 52.6%   TV.WT 0.5 $0.45 Overvalued
decreases at a faster  Mercator Minerals Ltd   ANS.WT 29-Jul-13   TMD.WT.A -0.51   FCO.WT 5.27   TRL.WT 0.14   YNG.WT 52.5%   AHX.WT 0.015 $0.01 Overvalued
pace as the expiry date Mercator Minerals Ltd   BBB.WT 12-Aug-13   FMS.WT -0.51   FGX.WT.B 5.24   GLD.WT 0.14   VGZ.WT.U 52.2%   BBB.WT 0.07 $0.06 Overvalued
draws closer. Metanor Resources   K.WT.C 03-Sep-13   LRT.WT -0.5   LRT.WT 5   FED.WT 0.15   VGZ.WT.U 52.2%   CSI.WT.A 2.45 $2.15 Overvalued
  Mines Management    SLW.WT.U 05-Sep-13   PTA.WT.A -0.48   VGZ.WT.U 4.88   PMI.WT 0.17   VGZ.WT.U 52.2%   AC.WT 0.105 $0.09 Overvalued
  New Gold Inc.   FRN.WT 08-Sep-13   MNP.WT -0.43   VGZ.WT.U 4.88   MGA.WT.B 0.17   BEV.WT 50.6%   ENI.WT 0.21 $0.17 Overvalued
  New Gold Inc.   HRN.WT 20-Sep-13   WAI.WT -0.43   VGZ.WT.U 4.88   FMS.WT 0.185   RAK.WT 50.0%   CNL.WT 1.89 $1.47 Overvalued
  New Gold Inc.   LGC.WT 29-Sep-13   NTC.WT -0.4   CKG.WT 4.85   PAU.WT 0.195   RNX.WT 49.6%   SFF.WT 0.03 $0.02 Overvalued
  Norbord   VGZ.WT.U 22-Oct-13   RPG.WT -0.38   TMD.WT.A 4.81   BEV.WT 0.2   FCO.WT 49.4%   VGZ.WT.U 0.76 $0.59 Overvalued
  Noront Resources Ltd   SWA.WT 02-Nov-13   AAB.WT -0.38   CNL.WT 4.49   PYC.WT 0.2   WLT.WT 49.3%   GCM.WT 0.215 $0.16 Overvalued
  North American Tungsten   TV.WT 08-Nov-13   TMD.WT -0.36   LPK.WT 4.46   ML.WT 0.21   CRJ.WT 49.2%   AC.WT 0.105 $0.08 Overvalued
  Northquest Ltd    GAA.WT 30-Nov-13   SND.WT -0.35   LGC.WT 4.44   CTF.WT.A 0.215   ML.WT.A 48.6%   TMD.WT 0.6 $0.44 Overvalued
  Oceanic Iron Ore Corp   AEM.WT.U 02-Dec-13   PCT.WT -0.33   MNP.WT 4.31   LQD.WT 0.22   ML.WT 48.6%   FNV.WT.B 0.3 $0.21 Overvalued
  Oceanic Iron Ore Corp   NBD.WT 24-Dec-13   PMI.WT.A -0.33   LRT.WT.A 4.17   BPV.WT 0.23   EDV.WT.A 47.2%   PMI.WT 0.17 $0.12 Overvalued
  Pacific & Western Credit Corp   EDV.WT.A 04-Feb-14   APV.WT -0.32   HRN.WT 3.87   GG.WT 0.25   TV.WT 47.0%   AUM.WT 4.32 $2.75 Overvalued
  Papuan Precious Metals Corp   AUM.WT 20-Feb-14   TFA.WT.A -0.31   PVG.WT 3.8   FRN.WT 0.26   SND.WT 46.8%   BRD.WT.A 0.4 $0.23 Overvalued
  Petroamerica Oil Corp   FCO.WT 08-Mar-14   SWA.WT -0.3   RAK.WT 3.75   PNP.WT.A 0.27   TRL.WT 45.0%   NBD.WT 0.185 $0.11 Overvalued
  Petroamerica Oil Corp   GAA.WT.A 14-Apr-14   EIT.WT.B -0.29   TMD.WT.B 3.73   GCM.WT 0.28   SSL.WT 44.7%   AA.WT 0.09 $0.05 Overvalued
  Petroamerica Oil Corp   SSL.WT 23-Apr-14   VGZ.WT.U -0.29   FNV.WT 3.73   MB.WT 0.285   SSL.WT.A 44.7%   MB.WT 0.14 $0.07 Overvalued
  PetroMagdalena Energy Corp   MNP.WT 06-May-14   FED.WT -0.29   EDV.WT.A 3.53   MGT.WT.U 0.3   HRN.WT 44.4%   BRD.WT 0.445 $0.23 Overvalued
  Petromanas Energy In   PTA.WT.B 09-May-14   FRN.WT -0.28   WAI.WT 3.5   CRK.WT 0.3   MTO.WT 43.7%   QUX.WT 2 $1.02 Overvalued
  Petromanas Energy Inc   RPG.WT 19-May-14   ILC.WT -0.26   PNP.WT.B 3.32   ST.WT 0.3   AEM.WT.U 43.5%   NGD.WT.C 0.75 $0.37 Very Overvalued
  Pinetree Capital   BRK.WT 27-May-14   TAB.WT -0.26   SNG.WT 3.23   NQ.WT 0.31   PNP.WT.B 43.2%   CRJ.WT 0.65 $0.31 Very Overvalued
  Pinetree Capital   LPK.WT 28-Jun-14   FEO.WT.A -0.26   PMD.WT 3.22   AC.WT 0.35   PNP.WT 43.2%   EW.WT 0.04 $0.02 Very Overvalued
  Pinetree Capital   PYC.WT 30-Jun-14   TMD.WT.B -0.26   PTA.WT.B 3   AC.WT 0.38   PNP.WT.A 43.2%   WLT.WT 12 $5.43 Very Overvalued
  Pretium Resources   FGX.WT.B 30-Jun-14   LRT.WT.A -0.25   PTA.WT 3   PMD.WT 0.4   NOT.WT 42.7%   WRN.WT 0.285 $0.12 Very Overvalued
  Prima Colombia   USA.WT 10-Jul-14   RED.WT -0.25   NOT.WT 3   RN.WT 0.4   NGD.WT.A 41.9%   SND.WT 0.02 $0.01 Very Overvalued
  Primary Corp.   CMT.WT.A 23-Aug-14   PTA.WT.B -0.22   RN.WT 2.97   XRG.WT 0.4   NGD.WT.B 41.9%   DPM.WT 0.1 $0.04 Very Overvalued
  Primero Mining Corp   K.WT.D. 17-Sep-14   APV.WT.A -0.2   MGA.WT.B 2.97   LPK.WT 0.4   NGD.WT.C 41.9%   FED.WT 0.07 $0.03 Very Overvalued
  Quadra FNX Mining Ltd   AA.WT 07-Oct-14   USO.WT -0.19   CSI.WT.A 2.94   COX.WT.A 0.445   BNK.WT.A 41.3%   TRL.WT 0.25 $0.09 Very Overvalued
  Rackla Metals   PTA.WT 08-Oct-14   PMI.WT -0.18   MB.WT 2.92   NBD.WT 0.45   TMD.WT.A 39.5%   HRN.WT 0.23 $0.08 Very Overvalued
  Ram Power Corp   BPV.WT 10-Oct-14   PAU.WT -0.15   NGD.WT.A 2.87   PNP.WT.B 0.5   TMD.WT.B 39.5%   KSK.WT 0.05 $0.02 Very Overvalued
  RedWater Energy   MGA.WT.B 26-Oct-14   CZY.WT -0.14   BRD.WT.A 2.8   WRN.WT 0.56   TMD.WT 39.5%   APV.WT 0.015 $0.00 Very Overvalued
  Rio Novo Gold Inc    GLD.WT 27-Oct-14   CRJ.WT -0.13   CMT.WT.A 2.75   SNG.WT 0.6   CMT.WT.A 39.1%   YEL.WT 0.03 $0.01 Very Overvalued
  Rodinia Oil Corp   AZ.WT 31-Oct-14   GG.WT -0.12   GLD.WT 2.71   FNV.WT.B 0.65   AAB.WT 38.4%   CRK.WT 0.1 $0.02 Very Overvalued
  Royal Nickel Corporation   AZD.WT 18-Nov-14   VZX.WT -0.11   GCM.WT 2.65   BRD.WT.A 0.74   SNG.WT 38.3%   CMP.WT.B 0.75 $0.16 Very Overvalued
  Rusoro Mining   BRD.WT.A 19-Nov-14   LGC.WT -0.1   TV.WT 2.6   MND.WT 0.75   PVG.WT 37.4%   PMI.WT.A 0.015 $0.00 Very Overvalued
  Sandstorm Gold   BRD.WT 19-Nov-14   BBB.WT -0.09   BRD.WT 2.52   P.WT 0.75   CRK.WT 36.8%   PNP.WT.B 0.56 $0.09 Very Overvalued
  Sandstorm Gold   NOT.WT 16-Dec-14   NQ.WT -0.08   PAU.WT 2.50   USA.WT 0.75   DPM.WT.A 36.2%   FCO.WT 0.11 $0.02 Very Overvalued
  Sandstorm Metals   NQ.WT 21-Dec-14   AZ.WT -0.08   AZ.WT 2.5   SSL.WT.A 0.76   DPM.WT 36.2%   RML.WT 0.005 $0.00 Very Overvalued
  Sarama Resources Ltd   PMI.WT 23-Feb-15   AZD.WT -0.07   PCT.WT 2.5   TMD.WT.A 0.76   HCS.WT 34.4%   ST.WT 0.11 $0.01 Very Overvalued
  Seafield Resources   LRT.WT 05-Mar-15   RAK.WT 0   TMD.WT 2.48   GAA.WT 0.76   SLW.WT.U 32.7%   CMT.WT.A 1.55 $0.10 Very Overvalued
  Serabi Mining   RN.WT 08-Mar-15   BPV.WT 0.02   AUM.WT 2.39   GAA.WT 0.8   AR.WT 32.1%   NOT.WT 0.27 $0.01 Very Overvalued
  Silver Range   MB.WT 30-Mar-15   CTF.WT.A 0.02   BBB.WT 2.36   EDV.WT.A 0.87   NBD.WT 31.9%   ROZ.WT 0.005 $0.00 Very Overvalued
  Silver Wheaton   P.WT 19-Jul-15   EDV.WT.A 0.11   CRJ.WT 2.26   BRD.WT 0.95   CSI.WT.A 31.7%   AAB.WT 0.05 $0.00 Very Overvalued
  Stonegate Agricom Ltd   GCM.WT 24-Aug-15   QUX.WT 0.11   NQ.WT 2.10   SSL.WT 1   TIC.WT 31.7%   FRO.WT 0.07 $0.00 Very Overvalued
  Tembec   PCT.WT 21-Sep-15   COX.WT.A 0.12   SLW.WT.U 2.04   NGD.WT.C 1.11   ST.WT 30.7%   ADM.WT 0.03 $0.00 Very Overvalued
  Titan Medical   SSL.WT.A 19-Oct-15   GLD.WT 0.13   FEO.WT.A 2   VGZ.WT.U 1.55   CKG.WT 29.6%   BEV.WT 0.05 $0.00 Very Overvalued
  Titan Medical Inc   VGZ.WT.U 22-Oct-15   ENI.WT 0.15   BPV.WT 2   VGZ.WT.U 1.57   CNL.WT 29.4%   HGI.WT 0.01 $0.00 Very Overvalued
  Titan Medical Inc   DPM.WT.A 20-Nov-15   TV.WT 0.2   AR.WT 1.98   VGZ.WT.U 1.8   GAA.WT 27.9%   ANS.WT 0.2 $0.00 Very Overvalued
  Titanium Corp. Inc   GAA.WT 30-Nov-15   MND.WT 0.34   ML.WT.A 1.96   TMD.WT 1.89   GAA.WT 27.9%   CNM.WT 0.005 $0.00 Very Overvalued
  Touchstone Exploration Inc   FEO.WT.B 30-Nov-15   FGX.WT.B 0.38   SSL.WT.A 1.95   CRJ.WT 2   GAA.WT.A 27.9%   CTF.WT.A 11.5 $0.05 Very Overvalued
  Trafina Energy Ltd   FEO.WT.A 30-Nov-15   SNG.WT 0.44   MND.WT 1.76   ML.WT.A 2.03   MB.WT 27.8%   GMC.WT.A 0.005 $0.00 Very Overvalued
  Trevali Mining Corp.   TMD.WT 10-Dec-15   SSL.WT.A 0.44   BNK.WT.A 1.73   GAA.WT.A 2.1   FNV.WT.A 26.5%   GMC.WT.B 0.005 $0.00 Very Overvalued
  Trimel Pharmaceuticals Corp   LRT.WT.A 23-Dec-15   SSL.WT 0.85   SSL.WT 1.68   TIC.WT 2.45   FNV.WT 26.5%   MGA.WT 0.005 $0.00 Very Overvalued
  U S Silver Corp   PMD.WT 22-Feb-16   ML.WT.A 0.86   TIC.WT 1.68   K.WT.C 3.2   FNV.WT.B 26.5%   MGA.WT.A 0.02 $0.00 Very Overvalued
  US Oil Sands Inc.    PAK.WT 14-Mar-16   CNL.WT 0.98   PMI.WT 1.59   PVG.WT 4.15   HNT.WT 26.2%   MGT.WT.U 0.065 $0.00 Very Overvalued
  Vega Resources    CRK.WT 24-Mar-16   BRK.WT 2.05   NGD.WT.C 1.59   CNL.WT 4.32   CMP.WT.B 21.3%   ML.WT 0.005 $0.00 Very Overvalued
  Vista Gold   AHX.WT 30-Mar-16   CKG.WT 2.18   APV.WT.A 1.5   CMP.WT.B 4.38   PYC.WT 21.1%   MTO.WT 0.02 $0.00 Very Overvalued
  Vista Gold   WAI.WT 31-Mar-16   NGD.WT.C 2.92   BRK.WT 1.5   QUX.WT 4.41   HGI.WT 20.3%   PNP.WT 0.005 $0.00 Very Overvalued
  Vista Gold   LQD.WT 13-May-16   BNK.WT.A 3.18   DPM.WT.A 1.45   AR.WT 6   BRK.WT 18.8%   PNP.WT.A 0.035 $0.00 Very Overvalued
  Vuzix Corp   TMD.WT.A 21-Jun-16   AR.WT 4.19   AA.WT 1.33   FGX.WT.B 6.31   FGX.WT.B 15.9%   RNX.WT 0.07 $0.00 Very Overvalued
  Walter Energy   CSI.WT.A 08-Nov-16   PVG.WT 4.26   USA.WT 1.2   BRK.WT 6.68   QUX.WT 15.5%   TIC.WT 1 $0.00 Very Overvalued
  West African Iron Ore Corp   TMD.WT.B 22-Dec-16   DPM.WT.A 6.45   APV.WT 1   K.WT.D. 11.5   COX.WT.A 12.4%   TMB.WT 0.005 $0.00 Very Overvalued
  Western Copper   HNT.WT 31-Dec-16   FNV.WT 11.75   AHX.WT 0.91   BNK.WT.A 11.73   EIT.WT.B 9.8%   XMF.WT.A 0.005 $0.00 Very Overvalued
  Yukon-Nevada Gold   FNV.WT.A 16-Jun-17   SLW.WT.U 15.44   WLT.WT 0.72   TAO.WT 12   ENI.WT 7.6%   YCM.WT.A 0.005 $0.00 Very Overvalued
  Zazu Metals Corp   NGD.WT.A 28-Jun-17   WLT.WT 47.09   CTF.WT.A 0.35   NGD.WT.A 17.48   CTF.WT.A 4.2%   YNG.WT 0.005 $0.00 Very Overvalued