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Warrant Sheets for Companies as of January 14th, 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 Astral Mining Corp   SBN.WT.A 17-Jan-11   FNV.WT.A -44.95   RF.WT 1089.5   XMF.WT.A 0.005   REC.WT 213.7%   RF.WT 0.02 $0.73 Bargain
The last day the warrants  Aberdeen International Inc   WFS.WT.A 17-Jan-11   DML.WT.A -20.5   HAP.WT 897   CCJ.WT 0.005   XMF.WT.A 206.6%   IVA.WT 0.015 $0.51 Bargain
can be exercised. If ALLBANC SPLIT CORP...   CMP.WT.A 25-Jan-11   K.WT.C -15.38   SBN.WT.A 865   CCJ.WT.A 0.005   XMF.WT 206.6%   XMF.WT.A 0.005 $0.14 Bargain
warrants aren't being  Air Canada   HAP.WT 31-Jan-11   OSU.WT.B -15.22   EDV.WT.C 772.53   CCJ.WT.B 0.005   AVL.WT 163.8%   CNM.WT 0.025 $0.53 Bargain
exercised then they Air Canada   CCJ.WT 08-Feb-11   EDV.WT.C -14.18   TYF.WT 617.33   FEI.WT 0.005   CNM.WT 149.2%   XYM.WT 0.07 $1.18 Bargain
must be sold the day  Andina Minerals Inc   CSI.WT 13-Feb-11   XMF.WT.A -11.93   OCB.WT 334   OSU.WT.B 0.005   ZAZ.WT 148.6%   PPF.WT 0.1 $1.04 Bargain
before the expiry date. Agnico-Eagle   MID.WT 15-Feb-11   YCM.WT.A -11.44   WFS.WT.A 334   WFS.WT.A 0.005   MOB.WT 148.3%   OCB.WT 0.035 $0.35 Bargain
The longer the time to  Ainsworth Lumber   UXG.WT 22-Feb-11   PNP.WT -11.39   IVA.WT 228   XMF.WT 0.005   VZX.WT 145.4%   FRN.WT 0.06 $0.37 Bargain
expiry the more ARISE Technologies Corp.   TCP.WT 28-Feb-11   SBN.WT.A -10.48   TBP.WT 224.75   VZX.WT 0.01   CLQ.WT 127.4%   HCF.WT 0.12 $0.69 Bargain
valuable the warrants. Avalon Rare Metals Inc   XMF.WT 28-Feb-11   WFS.WT.A -9.76   COX.WT 192   GMC.WT 0.01   CZY.WT 113.9%   ABK.WT 0.65 $3.63 Bargain
  Banro Corp   YCM.WT 28-Feb-11   XMF.WT -9.43   XYM.WT 158.71   FEI.WT.A 0.01   CEK.WT 108.0%   VZX.WT 0.01 $0.05 Bargain
Leverage Bennett Environmental...   DML.WT.A 01-Mar-11   YCM.WT -8.94   DML.WT.A 131.94   HAP.WT 0.01   USA.WT 105.4%   GMF.WT 0.11 $0.53 Bargain
The leverage of a warrant Baffinland Iron Mns Corp   FR.WT.B 05-Mar-11   ANS.WT -8.8   UXG.WT 119.17   SBN.WT.A 0.01   AA.WT 103.5%   REC.WT 0.02 $0.09 Bargain
is a measure of how much Bankers Petroleum   UTC.WT 21-Mar-11   CCJ.WT.A -8.29   XMF.WT.A 114   IVA.WT 0.015   MGT.WT.U 102.9%   OBF.WT 0.135 $0.56 Bargain
you can increase your Brigus Gold Corp.   OSU.WT.B 21-Mar-11   TMB.WT -7.49   XMF.WT 114   TYF.WT 0.015   FRN.WT 100.4%   GMC.WT 0.01 $0.04 Bargain
exposure to a share if Brick Group   NEW.WT 31-Mar-11   KAT.WT -7.07   GMF.WT 105.45   CMT.WT 0.015   GMC.WT 99.4%   TYF.WT 0.015 $0.05 Bargain
you bought warrants BNS Split Corp II   MSP.WT 31-Mar-11   DPM.WT -6.89   TCP.WT 101.7   RF.WT 0.02   GMC.WT.A 99.4%   LRT.WT.A 0.105 $0.34 Bargain
instead of making a Breakwater Resources   EIF.WT 07-Apr-11   NGD.WT.A -6.49   PPF.WT 98.3   REC.WT 0.02   GMC.WT.B 99.4%   BSC.WT 1.28 $3.99 Bargain
direct investment. It is  Coalcorp Mining   CIQ.WT 15-Apr-11   NGD.WT.B -6.49   HCF.WT 97.17   GMC.WT.B 0.02   ROZ.WT 97.9%   NEW.WT 0.7 $2.12 Bargain
calculated dividing the  Caspian Energy   HBB.WT 15-Apr-11   K.WT.B -5.87   ABK.WT 95.00   EMC.WT 0.02   LRT.WT.A 97.3%   TCP.WT 0.1 $0.28 Bargain
current share price by CANADIAN HIGH INCOME...   TYF.WT 29-Apr-11   G.WT.G -5.58   CTF.WT 86.5   CNM.WT 0.025   LRT.WT 97.3%   UXG.WT 0.06 $0.16 Bargain
the current price of the  Chesapeake Gold   TBP.WT 29-Apr-11   CCJ.WT -5.49   OBF.WT 85.11   CEK.WT 0.025   VST.WT 94.5%   PDL.WT.B 1.01 $2.70 Bargain
warrant. C M P Gold Trust   NOM.WT 30-Apr-11   MGA.WT.A -5.33   GMC.WT 72   DML.WT.A 0.025   NQ.WT 93.4%   FSS.WT 0.295 $0.70 Bargain
  Compton Petroleum Corp.   IE.WT 15-May-11   GLW.WT -5.12   CIQ.WT 60.3   KAT.WT 0.025   CRJ.WT 92.5%   TBP.WT 0.04 $0.09 Bargain
Intrinsic Value Canadian Income Mgmt Tr   CEK.WT 28-May-11   K.WT.D. -4.68   NEW.WT 60.06   GMC.WT.A 0.03   RML.WT 90.1%   GMC.WT.A 0.03 $0.06 Bargain
The difference between  Coxe Commodity Strategy Fund   OCB.WT 31-May-11   MGA.WT -4.43   KAT.WT 57.2   RML.WT 0.03   PDL.WT.B 88.6%   GAA.WT 1.15 $2.13 Bargain
the exercise price and Claude Resources   COX.WT 31-May-11   GMC.WT.B -4.28   OSU.WT.B 56   URB.WT.B 0.03   OSU.WT.B 82.3%   CTF.WT 0.06 $0.11 Bargain
the actual trading price  Ceres Global Ag Corp   VST.WT 05-Jun-11   BIM.WT -3.95   CNM.WT 50   YCM.WT 0.03   FEI.WT.A 78.7%   GMC.WT.B 0.02 $0.04 Bargain
of the common stock. Colossus Minerals   ABK.WT 06-Jun-11   P.WT -3.92   URB.WT.B 44   OCB.WT 0.035   FEI.WT 78.7%   CIQ.WT 0.2 $0.36 Bargain
Once the common has  Citadel Income Fund   RTU.WT 08-Jun-11   RML.WT -3.65   UTC.WT 43.33   TBP.WT 0.04   MND.WT 73.0%   CRJ.WT 0.75 $1.35 Bargain
gone over the exercise Canadian Western Bank   G.WT.G 09-Jun-11   NOT.WT -3.06   BSC.WT 39.1   EDV.WT.C 0.04   FR.WT.B 73.0%   ZAZ.WT 0.14 $0.25 Bargain
price the warrants are  CAZA GOLD CORP COM   FEI.WT 20-Jun-11   PNP.WT.A -2.89   GMC.WT.B 36   YCM.WT.A 0.045   PNP.WT.B 71.8%   LRT.WT 0.17 $0.29 Bargain
said to be 'in the money'. Denison Mines   OBF.WT 30-Jun-11   UXG.WT -2.85   YCM.WT 35.33   COX.WT 0.05   PNP.WT.A 71.8%   TXG.WT 0.335 $0.56 Bargain
  Dalradian Resources Inc   FSS.WT 30-Jun-11   CCJ.WT.B -2.39   FSS.WT 34.47   APV.WT.A 0.055   PNP.WT 71.8%   AVL.WT 2.18 $3.57 Bargain
Volatility Dundee Precious Metals   BSC.WT 07-Jul-11   YNG.WT -2.31   GLW.WT 27.89   APV.WT 0.055   FRO.WT 71.7%   NQ.WT 0.385 $0.62 Bargain
The higher the volatility  ECU Silver Mining Inc.    FGX.WT.C 29-Jul-11   GMC.WT.A -2.28   FEI.WT 27   FRN.WT 0.06   PMI.WT 71.3%   CZY.WT 0.19 $0.29 Bargain
rating the higher the price Endeavour Silver Corp.   DNA.WT 29-Jul-11   EMC.WT -2.27   CMT.WT 26.33   UXG.WT 0.06   PMI.WT.A 71.3%   GAA.WT 1.15 $1.76 Bargain
of the warrant will be. Endeavour Financial   SCI.WT 04-Aug-11   MGT.WT.U -2.26   MSP.WT 24.65   CTF.WT 0.06   NOM.WT 70.6%   SCI.WT 0.47 $0.70 Bargain
A measure of actual  Exchange Income   EDV.WT.C 07-Aug-11   MOB.WT -2.05   GMC.WT.A 24   PGM.WT 0.06   URZ.WT 69.7%   HBB.WT 0.56 $0.83 Undervalued
stock price changes over  EMC Metals   GPD.WT 15-Aug-11   GMC.WT -2.03   YCM.WT.A 23.56   NGD.WT.B 0.06   BPV.WT.A 69.5%   MND.WT 0.16 $0.24 Undervalued
a specific period of time.  First Capital Realty...   EMC.WT 15-Aug-11   CMP.WT.B -2.01   CCJ.WT 23   XYM.WT 0.07   BPV.WT 69.5%   MGT.WT.U 0.8 $1.11 Undervalued
Historical volatility is  Fortress Energy Inc   CCJ.WT.A 17-Aug-11   RF.WT -1.96   CCJ.WT.A 23   BIM.WT 0.08   PGM.WT 64.8%   TID.WT 0.275 $0.38 Undervalued
calculated by using the  Faircourt Gold Income   PDP.WT 28-Aug-11   FNV.WT -1.95   CCJ.WT.B 23   AA.WT 0.085   WFS.WT.A 63.8%   AA.WT 0.085 $0.11 Undervalued
standard deviation of an Franco-Nevada   K.WT.B 07-Sep-11   FEI.WT -1.87   HBB.WT 22.5   MOB.WT 0.09   MRS.WT 63.8%   XRG.WT 0.85 $1.14 Undervalued
underlying stock price. First Majestic Silver Corp   PGM.WT 11-Sep-11   ZAZ.WT -1.72   PNP.WT 21.88   PPF.WT 0.1   EDR.WT 63.7%   FRO.WT 0.65 $0.86 Undervalued
  FERONIA INC COM   BAA.WT 17-Sep-11   COX.WT -1.65   EMC.WT 20.5   TCP.WT 0.1   PTA.WT 62.9%   IE.WT 0.4 $0.53 Undervalued
In the Money FRONTIER RARE EARTH...   IVA.WT 20-Sep-11   BEV.WT -1.61   BIM.WT 19.38   MGA.WT.A 0.1   PTA.WT.A 62.9%   MAI.WT 1.23 $1.61 Undervalued
When the price of the  FRONT STREET STRATEGIC...   CMT.WT 25-Sep-11   GAA.WT -1.54   FGX.WT.C 19.31   LRT.WT.A 0.105   GLD.WT 61.8%   URZ.WT 1.5 $1.96 Undervalued
common is higher than  Fortune Minerals Limited   RF.WT 30-Sep-11   FRO.WT -1.52   G.WT.G 17.39   GMF.WT 0.11   ST.WT 61.4%   ROZ.WT 1.48 $1.92 Undervalued
the exercise price Goldcorp   AVL.WT 30-Sep-11   MRS.WT -1.47   RTU.WT 17.3   PDP.WT 0.11   FT.WT.A 59.7%   BPV.WT.A 0.16 $0.21 Undervalued
  Gazit America Inc.   CLQ.WT 30-Sep-11   CNM.WT -1.35   ANS.WT 16   HCF.WT 0.12   BAA.WT 59.6%   FGX.WT.C 0.52 $0.67 Undervalued
At the Money Great Basin   PDL.WT.A 30-Sep-11   URB.WT.B -1.18   PGM.WT 15.5   OBF.WT 0.135   GPD.WT 59.6%   CLQ.WT 0.84 $1.04 Undervalued
When the price of the  GRAN COLOMBIA GOLD CORP   FEI.WT.A 30-Sep-11   CMT.WT -1.16   SCI.WT 15.47   ZAZ.WT 0.14   ECU.WT 58.9%   EDV.WT.A 0.97 $1.18 Undervalued
underlying is equivalent Augen Gold Corp.   EDR.WT 07-Oct-11   PGM.WT -1.07   MID.WT 15.39   RED.WT 0.14   IE.WT 57.7%   RTU.WT 0.74 $0.89 Undervalued
or close to the strike price. Geovic Mining Corp   GMF.WT 14-Oct-11   ABK.WT -1.03   NGD.WT.B 14.18   YNG.WT 0.145   TAO.WT 56.7%   FGX.WT.B 2.15 $2.58 Undervalued
  HORIZONS AP INCOME PLUS...   TID.WT 16-Oct-11   HAP.WT -1.03   FEI.WT.A 13.5   PMI.WT.A 0.15   SUE.WT 56.7%   PTA.WT 0.225 $0.27 Undervalued
Exercise ratio HARVEST BANKS &...   TCM.WT 27-Oct-11   TBP.WT -1.01   CMP.WT.A 12.86   GPD.WT 0.15   XRG.WT 56.5%   UTC.WT 0.45 $0.53 Undervalued
The number of warrants  HARVEST CDN INCOME AND...   PDL.WT.B 29-Oct-11   XYM.WT -0.89   RML.WT 11.67   MTO.WT 0.15   PDP.WT 56.5%   FT.WT.A 0.81 $0.95 Undervalued
related to one share and Ivanhoe Energy   XYM.WT 31-Oct-11   WTN.WT -0.81   TMB.WT 10.87   MND.WT 0.16   TXG.WT 56.2%   MB.WT 0.27 $0.32 Undervalued
specifies the amount of  IVANHOE AUSTRALIA LTD   GMC.WT 03-Nov-11   BSC.WT -0.79   K.WT.B 10.56   BPV.WT.A 0.16   ANS.WT 55.6%   AC.WT 1.26 $1.46 Undervalued
underlying that the owner Kinross   MRS.WT 03-Nov-11   TYF.WT -0.74   FRN.WT 10   PNP.WT 0.165   YCM.WT 55.5%   AC.WT 1.26 $1.44 Undervalued
of a single warrant is  Katanga Mining   TAO.WT 05-Nov-11   GCM.WT -0.72   K.WT.C 9.66   LRT.WT 0.17   YCM.WT.A 55.5%   PNP.WT.B 1.49 $1.71 Undervalued
entitled to buy. Canadian Life Companies...   URB.WT.B 10-Nov-11   ADM.WT -0.72   MGA.WT.A 9.27   GLW.WT 0.175   MGA.WT.B 55.5%   AEM.WT.U 27.1 $30.78 Undervalued
  Lanesborough REIT   TXG.WT 12-Nov-11   RNX.WT -0.71   DPM.WT 9.01   CZY.WT 0.19   MGA.WT.A 55.5%   NGD.WT.A 2.05 $2.33 Undervalued
Time Value Minera Andes Inc.   KAT.WT 20-Nov-11   GPD.WT -0.64   VZX.WT 8.5   MRS.WT 0.19   MGA.WT 55.5%   CKG.WT 5.7 $6.43 Undervalued
The time value is the  Mega Brands Inc.   PPF.WT 30-Nov-11   MTO.WT -0.6   FNV.WT 8.01   AAB.WT 0.195   DNA.WT 54.2%   CWB.WT 15.36 $17.28 Undervalued
difference between the Minefinders Corp. Ltd.   HCF.WT 30-Nov-11   BPV.WT.A -0.56   IE.WT 7.83   CIQ.WT 0.2   TID.WT 54.0%   SUE.WT 1.24 $1.39 Undervalued
current warrant price  Mega Uranium   REC.WT 30-Nov-11   GAA.WT -0.54   CEK.WT 7.6   ANS.WT 0.2   AAB.WT 53.9%   PDL.WT.A 3 $3.32 Undervalued
and its intrinsic value. MINES MANAGEMENT INC.   CTF.WT 02-Dec-11   AA.WT -0.53   PDL.WT.B 7.32   PTA.WT.A 0.215   KAT.WT 53.6%   BAA.WT 1.25 $1.37 Fair Market Value
The time value is to be  MINT Income Fund   FT.WT.A 03-Dec-11   OBF.WT -0.51   REC.WT 7.25   PTA.WT 0.225   GCM.WT 53.0%   BPV.WT 0.51 $0.56 Fair Market Value
interpreted as the Mercator Minerals Ltd   XRG.WT 21-Dec-11   LRT.WT -0.51   TID.WT 6.65   NOT.WT 0.23   RED.WT 52.9%   DPM.WT.A 5.18 $5.72 Fair Market Value
consideration paid for  GT Canada Medical...   MFL.WT 31-Dec-11   TMD.WT -0.51   PDP.WT 6.55   MGA.WT 0.23   MAI.WT 51.9%   ST.WT 0.58 $0.64 Fair Market Value
the advantage that the Medoro Resources Ltd.   BIM.WT 31-Jan-12   NGD.WT.C -0.49   ADM.WT 5.67   SSL.WT.A 0.24   MTO.WT 51.3%   EDR.WT 2.6 $2.83 Fair Market Value
warrant buyer has over  THE CANADIAN SHIELD FUND   MGA.WT 12-Feb-12   PDP.WT -0.48   BEV.WT 5.63   PAU.WT 0.24   UXG.WT 51.0%   ECU.WT 0.54 $0.58 Fair Market Value
the direct investor. It Metanor Resources   ML.WT 16-Feb-12   BRD.WT -0.45   BPV.WT.A 5.25   MB.WT 0.27   BRK.WT 50.8%   BIM.WT.A 0.87 $0.93 Fair Market Value
is greatest when the  Norbord   CKG.WT 23-Feb-12   BRD.WT.A -0.44   XRG.WT 5.22   ADM.WT 0.27   BRD.WT.A 50.8%   PMI.WT 0.3 $0.32 Fair Market Value
warrants are 'at the money' NewGrowth Corp.   XMF.WT.A 28-Feb-12   FEI.WT.A -0.42   FNV.WT.A 4.93   TID.WT 0.275   DML.WT.A 50.2%   PNP.WT.A 0.75 $0.80 Fair Market Value
but decreases as the New Gold Inc.   CNM.WT 28-Feb-12   GMF.WT -0.4   PNP.WT.A 4.81   NGD.WT.C 0.28   RNX.WT 50.0%   BRK.WT 1.98 $2.08 Fair Market Value
exercise date draws closer. Norsemont Mining Inc.   YCM.WT.A 28-Feb-12   CTF.WT -0.36   YNG.WT 4.76   FSS.WT 0.295   NOT.WT 49.4%   USA.WT 0.44 $0.46 Fair Market Value
The decreased value is  Noront Resources Ltd.   TMB.WT 29-Feb-12   HCF.WT -0.34   GAA.WT 4.75   PMI.WT 0.3   TMB.WT 49.0%   MGA.WT.B 0.385 $0.40 Fair Market Value
called time decay and  Northquest Ltd   BNK.WT.A 01-Mar-12   OCB.WT -0.31   GAA.WT 4.75   GLD.WT 0.33   AR.WT 48.9%   ML.WT.A 3.42 $3.56 Fair Market Value
decreases at a faster  OLEARY BRLC PLUS INC...   GMC.WT.A 06-Mar-12   DNA.WT -0.29   FRO.WT 4.74   TXG.WT 0.335   CKG.WT 48.6%   NOM.WT 1.9 $1.97 Fair Market Value
pace as the expiry date OLEARY ADV TACT GLOB...   FNV.WT 13-Mar-12   AAB.WT -0.27   LRT.WT.A 4.71   SSL.WT 0.345   SLW.WT.U 47.4%   PMI.WT.A 0.15 $0.16 Fair Market Value
draws closer. Orsu Metals    NGD.WT.B 03-Apr-12   LRT.WT.A -0.26   K.WT.D. 4.71   VST.WT 0.35   RN.WT 46.8%   EIF.WT 8.01 $8.19 Fair Market Value
  Primero Mining Corp   PNP.WT 16-Apr-12   CEK.WT -0.26   FGX.WT.B 4.67   BEV.WT 0.38   GAA.WT 46.3%   WTN.WT 9.21 $9.43 Fair Market Value
  Papuan Precious Metals...   MGT.WT.U 20-Apr-12   SSL.WT.A -0.21   GPD.WT 4.67   NQ.WT 0.385   GAA.WT 46.3%   BWR.WT.A 0.485 $0.49 Fair Market Value
  North American Palladium Ltd.   GMC.WT.B 27-Apr-12   PPF.WT -0.17   TXG.WT 4.63   MGA.WT.B 0.385   ADM.WT 45.9%   FR.WT.B 8.91 $9.03 Fair Market Value
  Petrolifera Petroleum...   URZ.WT 27-Apr-12   APV.WT -0.17   MGT.WT.U 4.36   IE.WT 0.4   EDV.WT.A 44.3%   PTA.WT.A 0.215 $0.22 Fair Market Value
  Peregrine Metals Ltd.   RED.WT 29-Apr-12   PTA.WT -0.15   ML.WT 4.33   TMB.WT 0.415   CMT.WT 44.0%   BNK.WT.A 6.4 $6.41 Fair Market Value
  Polaris Minerals   BEV.WT 07-May-12   RN.WT -0.15   NGD.WT.A 4.15   MSP.WT 0.43   BEV.WT 43.0%   BRD.WT.A 0.65 $0.65 Fair Market Value
  Petromanas Energy Inc   MTO.WT 15-May-12   VZX.WT -0.12   NOT.WT 4.09   USA.WT 0.44   YNG.WT 42.7%   CMP.WT.A 1.01 $1.01 Fair Market Value
  Pinetree Capital   CZY.WT 22-May-12   RED.WT -0.12   MGA.WT 4.03   UTC.WT 0.45   APV.WT.A 42.0%   CSI.WT 5.69 $5.71 Fair Market Value
  PROPEL MULTI STRATEGY...   ROZ.WT 28-May-12   REC.WT -0.11   MRS.WT 4   SCI.WT 0.47   APV.WT 42.0%   TCM.WT 6.42 $6.40 Fair Market Value
  PETROAMERICA OIL CORP   PMI.WT.A 28-May-12   MGA.WT.B -0.11   ZAZ.WT 3.79   BWR.WT.A 0.485   CNL.WT 41.2%   ANS.WT 0.2 $0.20 Fair Market Value
  Quadra FNX Mining Ltd.   ADM.WT 02-Jun-12   TCP.WT -0.08   AAB.WT 3.74   TMD.WT 0.5   PDL.WT.A 40.7%   TAO.WT 3.95 $3.90 Fair Market Value
  REC MINERALS CORP   AAB.WT 06-Jun-12   PMI.WT.A -0.08   QUX.WT 3.52   BPV.WT 0.51   PAU.WT 40.7%   MFL.WT 5.23 $5.08 Fair Market Value
  Redwater Energy Corp   MGA.WT.A 06-Jun-12   APV.WT.A -0.05   PMI.WT.A 3.47   FGX.WT.C 0.52   BIM.WT.A 40.6%   AR.WT 1.69 $1.62 Fair Market Value
  Rusoro Mining   APV.WT 11-Jun-12   FRN.WT 0   RNX.WT 3.37   ECU.WT 0.54   BIM.WT 40.6%   RN.WT 0.93 $0.86 Fair Market Value
  Royal Nickel Corp   YNG.WT 20-Jun-12   PTA.WT.A 0   SSL.WT.A 3.29   HBB.WT 0.56   DPM.WT.A 39.8%   ML.WT 1.03 $0.93 Fair Market Value
  RODINIA OIL CORP   WTN.WT 28-Jun-12   TID.WT 0.02   DNA.WT 3.27   ST.WT 0.58   DPM.WT 39.8%   QUX.WT 4.88 $4.42 Fair Market Value
  Canadian Resources...   DPM.WT 29-Jun-12   IVA.WT 0.05   P.WT 3.26   DNA.WT 0.6   EIF.WT 38.7%   MID.WT 0.67 $0.60 Fair Market Value
  S Split Corp.   MND.WT 06-Aug-12   PAU.WT 0.05   NGD.WT.C 3.04   ABK.WT 0.65   EDV.WT.C 38.7%   SSL.WT 0.345 $0.30 Overvalued
  SCITI ROCS TRUST   QUX.WT 10-Sep-12   CIQ.WT 0.06   APV.WT.A 3   FRO.WT 0.65   IVA.WT 38.5%   SLW.WT.U 19 $16.10 Overvalued
  Silver Wheaton   CNL.WT 12-Sep-12   ST.WT 0.06   APV.WT 3   BRD.WT.A 0.65   URB.WT.B 37.6%   GCM.WT 0.9 $0.76 Overvalued
  Sandstorm Resources Ltd.   SUE.WT 06-Oct-12   PMI.WT 0.07   MND.WT 2.97   MID.WT 0.67   TMD.WT 37.1%   TMD.WT 0.5 $0.39 Overvalued
  Stonegate Agricom Ltd.   PNP.WT.A 23-Oct-12   CZY.WT 0.08   EDV.WT.A 2.97   RNX.WT 0.68   NGD.WT.A 35.8%   GLD.WT 0.33 $0.26 Overvalued
  Sulliden Gold Corp. Ltd.   AC.WT 28-Oct-12   MSP.WT 0.10   CRJ.WT 2.91   NEW.WT 0.7   NGD.WT.C 35.8%   MSP.WT 0.43 $0.33 Overvalued
  TAG OIL LTD   AC.WT 28-Oct-12   PNP.WT.B 0.11   LRT.WT 2.91   K.WT.B 0.7   NGD.WT.B 35.8%   RNX.WT 0.68 $0.48 Overvalued
  T BOONE PICKENS ENERGY...   FRO.WT 17-Nov-12   MND.WT 0.15   AR.WT 2.87   RTU.WT 0.74   BWR.WT.A 35.5%   K.WT.D. 3.53 $2.47 Overvalued
  Thompson Creek Metals   PTA.WT.A 19-Nov-12   VST.WT 0.16   URZ.WT 2.85   CRJ.WT 0.75   TCM.WT 35.5%   SSL.WT.A 0.24 $0.17 Overvalued
  Trident Performance Corp   NGD.WT.C 28-Nov-12   FSS.WT 0.17   CZY.WT 2.79   PNP.WT.A 0.75   MB.WT 35.3%   FNV.WT 3.75 $2.58 Overvalued
  Tuscany Intl. Drilling...   RML.WT 29-Nov-12   MB.WT 0.17   PTA.WT.A 2.79   MGT.WT.U 0.8   AC.WT 34.7%   MOB.WT 0.09 $0.06 Overvalued
  Tembec   BIM.WT.A 10-Dec-12   SSL.WT 0.19   RED.WT 2.71   FT.WT.A 0.81   XYM.WT 34.5%   VST.WT 0.35 $0.23 Overvalued
  Titan Medical Inc.   BPV.WT.A 16-Dec-12   GLD.WT 0.19   BAA.WT 2.7   NBD.WT 0.82   AEM.WT.U 34.4%   PAU.WT 0.24 $0.16 Overvalued
  Torex Gold Resources Inc   RNX.WT 16-Dec-12   IE.WT 0.2   MTO.WT 2.7   CLQ.WT 0.84   P.WT 33.6%   NGD.WT.C 0.28 $0.18 Overvalued
  IA CLARINGTON ASTON...   ZAZ.WT 19-Dec-12   CNL.WT 0.2   AC.WT 2.69   XRG.WT 0.85   AC.WT 32.9%   AAB.WT 0.195 $0.12 Overvalued
  Urbana Corporation   APV.WT.A 23-Dec-12   FGX.WT.C 0.21   AC.WT 2.69   BIM.WT.A 0.87   MFL.WT 32.4%   ADM.WT 0.27 $0.16 Overvalued
  Uranerz Energy Corporati...   MOB.WT 24-Dec-12   ECU.WT 0.21   ST.WT 2.69   GCM.WT 0.9   ML.WT.A 31.1%   PNP.WT 0.165 $0.10 Overvalued
  US Silver Corp   AR.WT 29-Dec-12   XRG.WT 0.24   BRD.WT.A 2.69   BRD.WT 0.9   ML.WT 31.1%   NBD.WT 0.82 $0.47 Overvalued
  Utility Corp.   VZX.WT 05-Jan-13   UTC.WT 0.24   TMD.WT 2.68   DPM.WT 0.9   QUX.WT 29.4%   APV.WT.A 0.055 $0.03 Overvalued
  U S Gold   CMP.WT.B 25-Jan-13   NQ.WT 0.32   PTA.WT 2.67   RN.WT 0.93   BSC.WT 27.6%   COX.WT 0.05 $0.03 Overvalued
  Vast Exploration Inc.   ML.WT.A 29-Jan-13   BPV.WT 0.34   AA.WT 2.65   EDV.WT.A 0.97   NBD.WT 27.0%   P.WT 1.25 $0.57 Very Overvalued
  Vuzix Corp   ST.WT 29-Apr-13   AR.WT 0.35   AVL.WT 2.61   PDL.WT.B 1.01   BRD.WT 26.6%   RML.WT 0.03 $0.01 Very Overvalued
  World Financial Split...   CRJ.WT 22-May-13   EDV.WT.A 0.38   AEM.WT.U 2.53   CMP.WT.A 1.01   CSI.WT 26.1%   RED.WT 0.14 $0.06 Very Overvalued
  Western Canadian Coal...   CCJ.WT.B 05-Jun-13   USA.WT 0.38   MB.WT 2.48   ML.WT 1.03   BNK.WT.A 25.6%   PGM.WT 0.06 $0.03 Very Overvalued
  M SPLIT CORP CAPITAL...   PAU.WT 05-Jul-13   SCI.WT 0.4   PDL.WT.A 2.46   GAA.WT 1.15   PPF.WT 25.0%   BRD.WT 0.9 $0.34 Very Overvalued
  Xinergy Ltd.   GLW.WT 08-Jul-13   TXG.WT 0.42   NOM.WT 2.44   GAA.WT 1.15   SSL.WT 24.7%   DNA.WT 0.6 $0.22 Very Overvalued
  COMMERCE SPLIT CORP...   PNP.WT.B 11-Jul-13   ML.WT 0.46   PNP.WT.B 2.42   MAI.WT 1.23   SSL.WT.A 24.7%   DPM.WT 0.9 $0.32 Very Overvalued
  Yukon-Nevada Gold   ANS.WT 29-Jul-13   NEW.WT 0.47   CKG.WT 2.4   SUE.WT 1.24   K.WT.D. 23.0%   CEK.WT 0.025 $0.01 Very Overvalued
  Zazu Metals Corp   K.WT.C 03-Sep-13   RTU.WT 0.5   MGA.WT.B 2.39   BAA.WT 1.25   K.WT.C 23.0%   MRS.WT 0.19 $0.06 Very Overvalued
      SLW.WT.U 05-Sep-13   MID.WT 0.56   EDR.WT 2.35   P.WT 1.25   K.WT.B 23.0%   NGD.WT.B 0.06 $0.02 Very Overvalued
      FRN.WT 08-Sep-13   CRJ.WT 0.58   TCM.WT 2.34   AC.WT 1.26   ABK.WT 23.0%   NOT.WT 0.23 $0.08 Very Overvalued
      GAA.WT 30-Nov-13   HBB.WT 0.6   SSL.WT 2.29   AC.WT 1.26   SBN.WT.A 22.5%   URB.WT.B 0.03 $0.01 Very Overvalued
      AEM.WT.U 02-Dec-13   CLQ.WT 0.85   EIF.WT 2.26   BSC.WT 1.28   NEW.WT 21.5%   BEV.WT 0.38 $0.11 Very Overvalued
      NBD.WT 24-Dec-13   BIM.WT.A 0.85   RN.WT 2.26   ROZ.WT 1.48   OBF.WT 21.4%   G.WT.G 2.31 $0.65 Very Overvalued
      EDV.WT.A 04-Feb-14   PDL.WT.B 0.89   MOB.WT 2.22   PNP.WT.B 1.49   CWB.WT 21.3%   PDP.WT 0.11 $0.03 Very Overvalued
      ECU.WT 20-Feb-14   FT.WT.A 0.89   ECU.WT 2.15   URZ.WT 1.5   G.WT.G 21.1%   FNV.WT.A 6.1 $1.30 Very Overvalued
      CWB.WT 02-Mar-14   FGX.WT.B 0.99   NQ.WT 2.13   AR.WT 1.69   FNV.WT 20.5%   K.WT.C 1.72 $0.29 Very Overvalued
      BWR.WT.A 09-Apr-14   CMP.WT.A 0.99   FT.WT.A 2.09   K.WT.C 1.72   FNV.WT.A 20.5%   TMB.WT 0.415 $0.06 Very Overvalued
      SSL.WT 23-Apr-14   BAA.WT 1.18   GCM.WT 2.09   NOM.WT 1.9   TCP.WT 20.0%   FEI.WT.A 0.01 $0.00 Very Overvalued
      BRK.WT 27-May-14   AC.WT 1.19   MAI.WT 2.03   BRK.WT 1.98   TBP.WT 18.6%   GPD.WT 0.15 $0.02 Very Overvalued
      FGX.WT.B 30-Jun-14   AC.WT 1.19   ROZ.WT 1.96   NGD.WT.A 2.05   FSS.WT 17.8%   APV.WT 0.055 $0.01 Very Overvalued
      USA.WT 10-Jul-14   MAI.WT 1.25   CLQ.WT 1.96   FGX.WT.B 2.15   RF.WT 16.1%   MTO.WT 0.15 $0.01 Very Overvalued
      MAI.WT 19-Aug-14   SUE.WT 1.25   BRD.WT 1.94   AVL.WT 2.18   SCI.WT 16.0%   K.WT.B 0.7 $0.05 Very Overvalued
      K.WT.D. 17-Sep-14   URZ.WT 1.28   CWB.WT 1.9   G.WT.G 2.31   COX.WT 14.9%   MGA.WT.A 0.1 $0.00 Very Overvalued
      AA.WT 07-Oct-14   ROZ.WT 1.57   VST.WT 1.89   EDR.WT 2.6   GLW.WT 14.4%   BIM.WT 0.08 $0.00 Very Overvalued
      PTA.WT 08-Oct-14   NBD.WT 1.76   MFL.WT 1.88   PDL.WT.A 3   HCF.WT 13.8%   GLW.WT 0.175 $0.00 Very Overvalued
      BPV.WT 09-Oct-14   BRK.WT 1.86   PAU.WT 1.88   ML.WT.A 3.42   CMP.WT.A 13.7%   CCJ.WT 0.005 $0.00 Very Overvalued
      MGA.WT.B 26-Oct-14   NOM.WT 1.88   NBD.WT 1.87   K.WT.D. 3.53   CMP.WT.B 13.7%   CCJ.WT.A 0.005 $0.00 Very Overvalued
      GLD.WT 27-Oct-14   AVL.WT 2.10   TAO.WT 1.84   FNV.WT 3.75   OCB.WT 13.7%   CCJ.WT.B 0.005 $0.00 Very Overvalued
      BRD.WT.A 19-Nov-14   QUX.WT 2.24   SUE.WT 1.81   TAO.WT 3.95   HBB.WT 13.6%   CMT.WT 0.015 $0.00 Very Overvalued
      BRD.WT 19-Nov-14   EDR.WT 2.51   BIM.WT.A 1.78   QUX.WT 4.88   RTU.WT 13.5%   DML.WT.A 0.025 $0.00 Very Overvalued
      NOT.WT 16-Dec-14   PDL.WT.A 3.14   PMI.WT 1.73   DPM.WT.A 5.18   FGX.WT.C 13.5%   EDV.WT.C 0.04 $0.00 Very Overvalued
      NQ.WT 21-Dec-14   ML.WT.A 3.46   BPV.WT 1.65   MFL.WT 5.23   FGX.WT.B 13.5%   EMC.WT 0.02 $0.00 Very Overvalued
      PMI.WT 23-Feb-15   TAO.WT 3.68   SLW.WT.U 1.65   CSI.WT 5.69   GMF.WT 12.7%   FEI.WT 0.005 $0.00 Very Overvalued
      LRT.WT 05-Mar-15   BWR.WT.A 4.73   DPM.WT.A 1.57   CKG.WT 5.7   HAP.WT 12.2%   HAP.WT 0.01 $0.00 Very Overvalued
      RN.WT 08-Mar-15   MFL.WT 4.84   BRK.WT 1.44   FNV.WT.A 6.1   WTN.WT 11.9%   KAT.WT 0.025 $0.00 Very Overvalued
      MB.WT 30-Mar-15   DPM.WT.A 4.86   FR.WT.B 1.4   BNK.WT.A 6.4   TYF.WT 11.6%   MGA.WT 0.23 $0.00 Very Overvalued
      P.WT 19-Jul-15   CKG.WT 5.69   WTN.WT 1.35   TCM.WT 6.42   MSP.WT 10.9%   OSU.WT.B 0.005 $0.00 Very Overvalued
      GCM.WT 24-Aug-15   CSI.WT 5.70   BNK.WT.A 1.35   EIF.WT 8.01   CIQ.WT 10.3%   SBN.WT.A 0.01 $0.00 Very Overvalued
      SSL.WT.A 19-Oct-15   TCM.WT 6   CSI.WT 1.35   FR.WT.B 8.91   CCJ.WT 10.0%   WFS.WT.A 0.005 $0.00 Very Overvalued
      DPM.WT.A 20-Nov-15   BNK.WT.A 6.28   ML.WT.A 1.3   WTN.WT 9.21   CCJ.WT.A 10.0%   XMF.WT 0.005 $0.00 Very Overvalued
      GAA.WT 30-Nov-15   EIF.WT 8.08   USA.WT 1.23   CWB.WT 15.36   CCJ.WT.B 10.0%   YCM.WT 0.03 $0.00 Very Overvalued
      TMD.WT 10-Dec-15   FR.WT.B 9.01   BWR.WT.A 1.22   SLW.WT.U 19   UTC.WT 8.6%   YCM.WT.A 0.045 $0.00 Very Overvalued
      LRT.WT.A 23-Dec-15   SLW.WT.U 11.38   GLD.WT 1.17   AEM.WT.U 27.1   CTF.WT 8.3%   YNG.WT 0.145 $0.00 Very Overvalued
      FNV.WT.A 16-Jun-17   CWB.WT 15.23   CMP.WT.B nt   CMP.WT.B nt   MID.WT 8.0%   CMP.WT.B nt $0.78 Not Trading
      NGD.WT.A 28-Jun-17   AEM.WT.U 21.31   CNL.WT nt   CNL.WT nt   EMC.WT 7.8%   CNL.WT nt $1.96 Not Trading