Get Adobe Flash player

Providing internationally focused gold investors with free
news and ideas on how to invest and speculate safely and proactively.

          (please visit our sponsors as money is donated to help Kiva

          Canadian Warrants has now helped out 94 businesses thanks to all of you!

If you find this site informative please donate to keep this site free by going here as every  donation helps us keep up with hosting costs. Thanks to all that have donated!


Live Charts:
Gold

Silver
Platinum
Palladium
Mobile

Warrant Sheets for Companies as of July 22nd, 2011

***opinions based on calculations only****

Go here for reduced version for mobile phones

Sign Up For Alerts to

        New Warrants trading.

Good sites for US warrants are:

Amex Stock Warrants

NYSE Euronext Stock Warrants

Nasdaq Stock Warrants W

Nasdaq Stock Warrants Z

OTCBB Stock Warrants W

OTCBB Stock Warrants Z

thanks to

http://www.equitywatcher.com/

 Our Sponsors

Calculators

Black-Scholes analysis (no dividends)

Black-Scholes analysis (with dividends)

Warrants binomial model calculator Small Pop Up Calculator

              Stocks in                  1 Month          
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   FGX.WT.C 29-Jul-11   FNV.WT.A -35.46   CCP.WT 4830   PPF.WT 0.005   PGM.WT 407.2%   PPF.WT 0.005 $0.27 Bargain
The last day the warrants  Adherex Technologies   DNA.WT 29-Jul-11   FNV.WT.B -24.73   RF.WT 4150   CNM.WT 0.005   AHX.WT 225.4%   PIC.WT 0.015 $0.82 Bargain
can be exercised. If Agnico-Eagle   SCI.WT 4-Aug-11   K.WT.C -15.31   EDV.WT.C 2693.13   RF.WT 0.005   NQ.WT 219.5%   MOB.WT 0.02 $0.99 Bargain
warrants aren't being  Ainsworth Lumber Co Ltd   EDV.WT.C 7-Aug-11   EDV.WT.C -14.55   PPF.WT 1730   AHX.WT 0.005   PCT.WT 204.8%   CNM.WT 0.005 $0.19 Bargain
exercised then they Air Canada cl A   GPD.WT 15-Aug-11   PNP.WT -12.48   SIN.WT 1351   CCJ.WT.B 0.005   XMF.WT.A 171.7%   HGI.WT 0.02 $0.44 Bargain
must be sold the day  Air Canada cl B   EMC.WT 15-Aug-11   XMF.WT.A -12.28   XYM.WT 1080   CCP.WT 0.005   MOB.WT 160.6%   OUS.WT 0.025 $0.55 Bargain
before the expiry date. Alange Energy Corp   CCJ.WT.A 17-Aug-11   YCM.WT.A -11.68   PIC.WT 767.33   RML.WT 0.005   ROZ.WT 142.2%   RF.WT 0.005 $0.07 Bargain
The longer the time to  Andina Minerals Inc   RBN.WT.A 25-Aug-11   ANS.WT -9.3   HGI.WT 525   XMF.WT.A 0.005   YCM.WT.A 137.3%   SIN.WT 0.01 $0.13 Bargain
expiry the more Argonaut Gold Ltd   GTE.WT 28-Aug-11   CCJ.WT.A -8.21   GCI.WT 490   GTE.WT 0.005   YEL.WT 127.7%   GCI.WT 0.02 $0.21 Bargain
valuable the warrants. ARISE Technologies Corp   K.WT.B 7-Sep-11   TMB.WT -7.99   GMF.WT 454   CCJ.WT.A 0.005   REC.WT 127.1%   AHX.WT 0.005 $0.03 Bargain
  ARISE Technologies Corp   PGM.WT 11-Sep-11   KAT.WT -6.83   EIT.WT.A 425.43   CMT.WT 0.005   VZX.WT 126.5%   CCJ.WT.B 0.005 $0.03 Bargain
Leverage Astral Mining Corp   SIN.WT 15-Sep-11   DPM.WT -6.06   OUS.WT 362   EMC.WT 0.005   ILC.WT 124.4%   LRT.WT.A 0.04 $0.19 Bargain
The leverage of a warrant Augen Gold Cor   GPF.WT.A 15-Sep-11   MGA.WT.A -5.92   KAT.WT 334   FEI.WT.A 0.005   CCJ.WT.B 121.0%   HCF.WT 0.15 $0.63 Bargain
is a measure of how much Avalon Rare Metals Inc   BAA.WT 17-Sep-11   K.WT.B -5.8   FGX.WT.C 279.71   GMC.WT 0.005   CCJ.WT.A 121.0%   LQD.WT 0.15 $0.60 Bargain
you can increase your Bankers Petroleum   EIT.WT.A 20-Sep-11   MGA.WT -5.02   RBN.WT.A 277.5   KAT.WT 0.005   GLD.WT 116.8%   EIT.WT.A 0.035 $0.13 Bargain
exposure to a share if Banro Corp   IVA.WT 20-Sep-11   GMC.WT.B -4.66   CTF.WT 255.5   URB.WT.B 0.005   PAU.WT 115.2%   PGM.WT 0.45 $1.43 Bargain
you bought warrants Bennett Environmental Inc   CMT.WT 25-Sep-11   NGD.WT.A -4.48   CNM.WT 250   SIN.WT 0.01   CNM.WT 115.0%   GPF.WT.A 0.09 $0.23 Bargain
instead of making a Blue Ribbon   RF.WT 30-Sep-11   NGD.WT.B -4.48   URB.WT.B 242   REC.WT 0.01   EMC.WT 107.9%   NTC.WT 0.04 $0.10 Bargain
direct investment. It is  Breakwater Resources   AVL.WT 30-Sep-11   PNP.WT.A -3.98   GTE.WT 170.27   XYM.WT 0.01   LQD.WT 104.1%   VZX.WT 0.015 $0.04 Bargain
calculated dividing the  Brick Group   CLQ.WT 30-Sep-11   RML.WT -3.84   GPF.WT.A 140.56   EDV.WT.C 0.01   RML.WT 102.7%   FEO.WT.A 0.1 $0.21 Bargain
current share price by Bridgeport Ventures Inc   FEI.WT.A 30-Sep-11   K.WT.D. -3.81   PNP.WT 100.8   GMC.WT.B 0.01   AA.WT 99.9%   ILC.WT 0.05 $0.11 Bargain
the current price of the  Bridgeport Ventures Inc   EDR.WT 7-Oct-11   P.WT -3.7   K.WT.B 87.32   PIC.WT 0.015   ALE.WT 92.8%   ALE.WT 0.05 $0.10 Bargain
warrant. Brigus Gold Corp   GMF.WT 14-Oct-11   NOT.WT -3.39   MOB.WT 80   VZX.WT 0.015   APV.WT.A 90.6%   PCT.WT 0.035 $0.07 Bargain
  Brigus Gold Corp   TID.WT 16-Oct-11   MGT.WT.U -3.34   HCF.WT 79.67   YCM.WT.A 0.015   APV.WT 90.6%   GMF.WT 0.025 $0.05 Bargain
Intrinsic Value C A Bancorp Cdn Rlty Fin Corp   VGZ.WT.S 22-Oct-11   RF.WT -3   GMC.WT 69   YNG.WT 0.015   FRN.WT 90.5%   PYC.WT 0.4 $0.78 Bargain
The difference between  Calvista Gold Corp.   TCM.WT 27-Oct-11   GTE.WT -2.81   YCM.WT.A 54.67   MOB.WT 0.02   CMT.WT 89.5%   GAA.WT 0.64 $1.23 Bargain
the exercise price and Canada Lithium Corp.   PDL.WT.B 28-Oct-11   GMC.WT.A -2.66   GPD.WT 53   HGI.WT 0.02   RED.WT 85.5%   GAA.WT 0.64 $1.16 Bargain
the actual trading price  Canadian Income Mgmt Tr   XYM.WT 31-Oct-11   CCP.WT -2.6   XMF.WT.A 44   GCI.WT 0.02   PDL.WT.B 84.4%   FEO.WT.B 0.1 $0.18 Bargain
of the common stock. Canadian Western Bank   CCP.WT 2-Nov-11   YNG.WT -2.55   CCJ.WT.B 38   CTF.WT 0.02   TID.WT 83.3%   PDL.WT.B 0.16 $0.28 Bargain
Once the common has  Canoe Go Canada Income Fund   GCM.WT.A 3-Nov-11   EMC.WT -2.5   CCJ.WT.A 38   GPD.WT 0.02   PTA.WT 82.3%   P.WT 0.81 $1.38 Bargain
gone over the exercise Caza Gold Corp   GMC.WT 3-Nov-11   GMC.WT -2.41   DNA.WT 37   GMC.WT.A 0.02   PTA.WT.A 82.3%   FRN.WT 0.15 $0.25 Bargain
price the warrants are  CC&L Conservative Income   TAO.WT 5-Nov-11   NBD.WT -2.4   EMC.WT 36   MGA.WT 0.02   BAA.WT 82.3%   MNP.WT 0.035 $0.06 Bargain
said to be 'in the money'. Chesapeake Gold   URB.WT.B 10-Nov-11   CCJ.WT.B -2.31   GMC.WT.B 34.5   MGA.WT.A 0.02   DNA.WT 82.2%   LPK.WT 0.14 $0.20 Undervalued
  Citadel Income Fund   TXG.WT 12-Nov-11   GCM.WT.A -2.3   RML.WT 32   OUS.WT 0.025   FEO.WT.A 80.8%   TMD.WT 0.5 $0.71 Undervalued
Volatility Claude Resources   KAT.WT 20-Nov-11   FRO.WT -2.25   FNV.WT.B 31.53   GMF.WT 0.025   FEO.WT.B 80.8%   LRT.WT 0.1 $0.14 Undervalued
The higher the volatility  CMP Gold Trust   PPF.WT 30-Nov-11   GCI.WT -2.2   TMB.WT 30.85   PNP.WT 0.025   USA.WT 79.6%   KSK.WT 0.105 $0.14 Undervalued
rating the higher the price Coalcorp Mining   HCF.WT 30-Nov-11   PDL.WT.B -1.97   YNG.WT 30   SBI.WT 0.03   CZY.WT 79.2%   PAU.WT 0.18 $0.24 Undervalued
of the warrant will be. Coalcorp Mining   REC.WT 30-Nov-11   VGZ.WT.S -1.77   PDL.WT.B 28.31   EIT.WT.A 0.035   LRT.WT.A 78.6%   NQ.WT 0.5 $0.66 Undervalued
A measure of actual  Commerce Split Corp unit   CTF.WT 2-Dec-11   CMP.WT.B -1.77   SCI.WT 28.08   PCT.WT 0.035   LRT.WT 78.6%   ROZ.WT 0.6 $0.76 Undervalued
stock price changes over  Compton Petroleum Corp   FT.WT.A 3-Dec-11   GCM.WT -1.77   CMT.WT 25   MNP.WT 0.035   EW.WT 77.1%   WLT.WT 8.94 $11.14 Undervalued
a specific period of time.  Continental Gold   PIC.WT 15-Dec-11   PVG.WT -1.76   NGD.WT.B 21.04   FGX.WT.C 0.035   IVA.WT 76.9%   FGX.WT.B 1.63 $2.01 Undervalued
Historical volatility is  Crocodile Gold   XRG.WT 21-Dec-11   RNX.WT -1.72   TID.WT 20.6   APV.WT.A 0.035   NTC.WT 75.9%   FRO.WT 0.28 $0.35 Undervalued
calculated by using the  Dalradian Resources Inc   MFL.WT 31-Dec-11   GAA.WT.A -1.6   MGA.WT 19.55   APV.WT 0.035   TAB.WT 75.4%   SND.WT 0.15 $0.18 Undervalued
standard deviation of an Dundee Precious Metals   OUS.WT 16-Jan-12   HGI.WT -1.5   MGA.WT.A 19.55   LRT.WT.A 0.04   MGA.WT.B 74.3%   MND.WT 0.37 $0.43 Undervalued
underlying stock price. Dundee Precious Metals   GCI.WT 30-Jan-12   CRK.WT -1.48   GCM.WT.A 17.29   NTC.WT 0.04   MGA.WT 74.3%   SSL.WT.A 0.79 $0.92 Undervalued
  East West Petroleum Corp   MGA.WT 12-Feb-12   CMT.WT -1.43   GMC.WT.A 17.25   PTA.WT 0.04   MGA.WT.A 74.3%   VGZ.WT.S 0.98 $1.11 Undervalued
In the Money ECU Silver Mining Inc   ML.WT 16-Feb-12   PAK.WT -1.39   DPM.WT 16.25   RBN.WT.A 0.04   FRO.WT 72.7%   FNV.WT 7.7 $8.66 Undervalued
When the price of the  EMC Metals Corp   CKG.WT 23-Feb-12   PPF.WT -1.35   PYC.WT 15.75   PMI.WT.A 0.04   BNK.WT.A 69.3%   SBI.WT 0.03 $0.03 Undervalued
common is higher than  Endeavour Financial   CNM.WT 28-Feb-12   CNM.WT -1.35   SBI.WT 14.33   GCM.WT.A 0.04   SND.WT 68.7%   TAB.WT 0.1 $0.11 Undervalued
the exercise price Endeavour Mining Corp   YCM.WT.A 28-Feb-12   URB.WT.B -1.29   ANS.WT 13.5   PTA.WT.A 0.045   KSK.WT 68.4%   CWB.WT 17.19 $18.73 Fair Market Value
  Endeavour Silver Corp   XMF.WT.A 28-Feb-12   VGZ.WT.S -1.27   MGT.WT.U 13.27   ILC.WT 0.05   ML.WT.A 65.0%   DPM.WT.A 5.85 $6.36 Fair Market Value
At the Money EnerVest Diversified Income Trust   TMB.WT 29-Feb-12   BEV.WT -1.26   BEV.WT 13.11   ALE.WT 0.05   ML.WT 65.0%   GLD.WT 0.25 $0.27 Fair Market Value
When the price of the  Ethiopian Potash   BNK.WT.A 1-Mar-12   PYC.WT -1.2   K.WT.C 12.84   TFA.WT.A 0.05   RNX.WT 64.9%   NGD.WT.A 3.08 $3.35 Fair Market Value
underlying is equivalent Faircourt Gold Income   GMC.WT.A 6-Mar-12   XYM.WT -1.2   CLQ.WT 11.5   TID.WT 0.05   PMI.WT 63.5%   BRK.WT 1.61 $1.74 Fair Market Value
or close to the strike price. Faircourt Gold Income   FNV.WT 13-Mar-12   EW.WT -1.16   PWC.WT 11.44   NGD.WT.B 0.05   PMI.WT.A 63.5%   FT.WT.A 0.71 $0.77 Fair Market Value
  Feronia Inc   HGI.WT 30-Mar-12   IVA.WT -1.12   REC.WT 10.50   DNA.WT 0.05   FED.WT 62.1%   SSL.WT 0.98 $1.05 Fair Market Value
Exercise ratio Formation Metals   NGD.WT.B 3-Apr-12   LPK.WT -1.1   NTC.WT 10.38   CLQ.WT 0.06   BPV.WT 61.9%   AR.WT 1.99 $2.10 Fair Market Value
The number of warrants  Fortress Energy Inc   PVG.WT 8-Apr-12   ZAZ.WT -1.05   ADM.WT 10.24   BPV.WT.A 0.06   BPV.WT.A 61.9%   RED.WT 0.14 $0.15 Fair Market Value
related to one share and Fortune Minerals Ltd.   PNP.WT 16-Apr-12   ML.WT -1.02   MNP.WT 9.86   MTO.WT 0.06   ADM.WT 59.8%   USA.WT 0.52 $0.54 Fair Market Value
specifies the amount of  Franco-Nevada   MGT.WT.U 20-Apr-12   PNP.WT.B -0.98   LRT.WT.A 9.5   SFF.WT 0.065   TMB.WT 58.6%   AAB.WT 0.155 $0.16 Fair Market Value
underlying that the owner Franco-Nevada   GMC.WT.B 27-Apr-12   ADM.WT -0.97   NOT.WT 9.38   NOT.WT 0.065   FT.WT.A 58.0%   AEM.WT.U 21.5 $22.25 Fair Market Value
of a single warrant is  Franco-Nevada   RED.WT 29-Apr-12   OUS.WT -0.95   PNP.WT.A 9.16   YEL.WT 0.085   USO.WT 58.0%   BWR.WT.A 0.62 $0.64 Fair Market Value
entitled to buy. Frontier Rare Earths Ltd   BEV.WT 7-May-12   FCO.WT -0.95   FEI.WT.A 9   K.WT.B 0.085   GCM.WT 57.8%   TXG.WT 0.6 $0.62 Fair Market Value
  Gazit America In   MTO.WT 15-May-12   MB.WT -0.94   PVG.WT 8.95   GPF.WT.A 0.09   GCM.WT.A 57.8%   MFL.WT 9.22 $9.37 Fair Market Value
Time Value Gazit America In   CZY.WT 22-May-12   RN.WT -0.93   GAA.WT 8.65   AA.WT 0.09   P.WT 57.7%   TAO.WT 2.79 $2.83 Fair Market Value
The time value is the  Gazit America Inc.   ROZ.WT 28-May-12   BPV.WT.A -0.9   GAA.WT 8.65   EW.WT 0.09   EDR.WT 57.2%   ML.WT.A 2.08 $2.09 Fair Market Value
difference between the Geovic Mining Corp   PMI.WT.A 28-May-12   KSK.WT -0.77   FRO.WT 8.39   FEO.WT.A 0.1   SFF.WT 55.6%   SLW.WT.U 20.8 $20.95 Fair Market Value
current warrant price  Geovic Mining Corp   ADM.WT 2-Jun-12   VGZ.WT.S -0.77   BPV.WT.A 8.33   FEO.WT.B 0.1   MND.WT 55.4%   EDR.WT 6.8 $6.79 Fair Market Value
and its intrinsic value. Geovic Mining Corp   AAB.WT 6-Jun-12   PWC.WT -0.74   LPK.WT 8.21   LRT.WT 0.1   AAB.WT 55.0%   BAA.WT 2.36 $2.31 Fair Market Value
The time value is to be  Global Adv Tele&Utilities Inc Fd   MGA.WT.A 6-Jun-12   MTO.WT -0.74   KSK.WT 7.9   TAB.WT 0.1   GMC.WT 53.6%   PAK.WT 0.115 $0.11 Fair Market Value
interpreted as the GMIncome & Growth Fund    TAB.WT 11-Jun-12   MGA.WT.B -0.7   TCM.WT 7.67   USO.WT 0.1   GMC.WT.A 53.6%   EDV.WT.A 0.7 $0.67 Fair Market Value
consideration paid for  Gold Participation and Income Fund   APV.WT 11-Jun-12   GAA.WT -0.67   CMP.WT.B 7.56   KSK.WT 0.105   GMC.WT.B 53.6%   FGX.WT.C 0.035 $0.03 Fair Market Value
the advantage that the Golden Predator   TIC.WT 15-Jun-12   MOB.WT -0.65   GAA.WT.A 7.38   PAK.WT 0.115   SSL.WT.A 53.0%   AVL.WT 2.83 $2.63 Fair Market Value
warrant buyer has over  Gran Colombia Gold Corp   YNG.WT 20-Jun-12   LQD.WT -0.65   AHX.WT 7   CZY.WT 0.12   SSL.WT 53.0%   XRG.WT 0.95 $0.87 Fair Market Value
the direct investor. It Gran Colombia Gold Corp   WLT.WT 28-Jun-12   GMF.WT -0.65   CVZ.WT 6.92   ADM.WT 0.125   PNP.WT.B 52.9%   AC.WT 0.47 $0.43 Fair Market Value
is greatest when the  Gran Tierra Energy   DPM.WT 29-Jun-12   TID.WT -0.65   RNX.WT 6.74   RPG.WT 0.125   PNP.WT.A 52.9%   CNL.WT 1.7 $1.55 Fair Market Value
warrants are 'at the money' GT Canada   MND.WT 6-Aug-12   YEL.WT -0.64   EW.WT 6.56   CVZ.WT 0.13   PNP.WT 52.9%   BNK.WT.A 4.28 $3.85 Overvalued
but decreases as the Harvest Canadian Inc & Gr Fund   FED.WT 9-Sep-12   PIC.WT -0.63   FNV.WT.A 6.47   TMB.WT 0.13   TMD.WT 52.7%   FED.WT 0.38 $0.32 Overvalued
exercise date draws closer. International Lithium   QUX.WT 10-Sep-12   LRT.WT -0.62   TFA.WT.A 6.3   LPK.WT 0.14   TXG.WT 52.3%   WRN.WT 1.05 $0.90 Overvalued
The decreased value is  Ivanhoe Australia   CNL.WT 12-Sep-12   FEO.WT.B -0.61   PAK.WT 6.17   RED.WT 0.14   TFA.WT.A 52.1%   K.WT.D. 2.89 $2.43 Overvalued
called time decay and  Katanga Mining   TFA.WT.A 21-Oct-12   PTA.WT -0.61   FGX.WT.B 6.01   PMI.WT 0.14   VGZ.WT.S 52.0%   AA.WT 0.09 $0.07 Overvalued
decreases at a faster  Kinross   VGZ.WT.S 22-Oct-12   AA.WT -0.56   VZX.WT 6   HCF.WT 0.15   VGZ.WT.S 52.0%   CMP.WT.B 1.75 $1.46 Overvalued
pace as the expiry date Kinross   PNP.WT.A 23-Oct-12   SIN.WT -0.53   ZAZ.WT 6   LQD.WT 0.15   VGZ.WT.S 52.0%   CRJ.WT 0.85 $0.71 Overvalued
draws closer. Kinross     AC.WT 28-Oct-12   BRD.WT -0.51   ML.WT 5.96   FRN.WT 0.15   VGZ.WT.S 52.0%   TFA.WT.A 0.05 $0.04 Overvalued
  Kiska Metals   AC.WT 28-Oct-12   FEI.WT.A -0.51   PMI.WT.A 5.88   SND.WT 0.15   MTO.WT 52.0%   YEL.WT 0.085 $0.07 Overvalued
  Lanesborough REIT   FRO.WT 17-Nov-12   CVZ.WT -0.5   AAB.WT 5.81   AAB.WT 0.155   CLQ.WT 51.3%   AC.WT 0.47 $0.37 Overvalued
  Lanesborough REIT   PTA.WT.A 19-Nov-12   BRD.WT.A -0.5   K.WT.D. 5.78   PDL.WT.B 0.16   CRJ.WT 51.2%   BPV.WT 0.3 $0.23 Overvalued
  Liquid Nutrition Group   PWC.WT 25-Nov-12   SFF.WT -0.47   LQD.WT 5.67   MGT.WT.U 0.165   ECU.WT 50.6%   PWC.WT 0.18 $0.14 Overvalued
  Lupaka Gold Corp.   NGD.WT.C 28-Nov-12   CTF.WT -0.44   TAB.WT 5.5   MGA.WT.B 0.17   MGT.WT.U 50.5%   QUX.WT 3.38 $2.65 Overvalued
  M Split Corp   RML.WT 29-Nov-12   PTA.WT.A -0.44   PGM.WT 5.33   MB.WT 0.175   MNP.WT 50.0%   REC.WT 0.01 $0.01 Overvalued
  Macusani Yellowcake   SBI.WT 2-Dec-12   DNA.WT -0.4   P.WT 5.31   PAU.WT 0.18   LPK.WT 50.0%   BEV.WT 0.19 $0.14 Overvalued
  Manas Petroleum Corp   RNX.WT 16-Dec-12   ST.WT -0.39   FNV.WT 5.14   PWC.WT 0.18   RN.WT 49.4%   VGZ.WT.S 0.98 $0.75 Overvalued
  Mandalay Resources Corp   ZAZ.WT 19-Dec-12   EIT.WT.A -0.38   XRG.WT 5.02   BEV.WT 0.19   WRN.WT 49.4%   CCP.WT 0.005 $0.00 Overvalued
  MEGA Brands Inc   BPV.WT.A 20-Dec-12   LRT.WT.A -0.37   AC.WT 4.94   RNX.WT 0.19   BEV.WT 49.3%   CKG.WT 4.6 $3.46 Overvalued
  Mega Uranium   SFF.WT 21-Dec-12   GPF.WT.A -0.37   AC.WT 4.91   FNV.WT.B 0.195   SBI.WT 48.8%   PTA.WT 0.04 $0.03 Overvalued
  Mega Uranium   WRN.WT 22-Dec-12   PMI.WT.A -0.37   IVA.WT 4.67   ZAZ.WT 0.2   ANS.WT 48.6%   GAA.WT.A 0.8 $0.58 Overvalued
  Mega Uranium   EW.WT 22-Dec-12   NTC.WT -0.34   ST.WT 4.63   CRK.WT 0.2   ZAZ.WT 48.4%   NGD.WT.C 0.4 $0.28 Overvalued
  Mercator Minerals Ltd   SND.WT 23-Dec-12   MNP.WT -0.33   CNL.WT 4.52   ANS.WT 0.2   GPD.WT 47.6%   MGA.WT.B 0.17 $0.12 Overvalued
  Mercator Minerals Ltd   APV.WT.A 23-Dec-12   ALE.WT -0.32   QUX.WT 4.46   ST.WT 0.24   PAK.WT 46.8%   ADM.WT 0.125 $0.08 Overvalued
  Metanor Resources   MOB.WT 24-Dec-12   SBI.WT -0.32   MTO.WT 4.33   GLD.WT 0.25   WLT.WT 45.7%   PVG.WT 1.2 $0.81 Overvalued
  Minefinders Corp   AR.WT 29-Dec-12   PCT.WT -0.28   SFF.WT 4.31   SCI.WT 0.25   FCO.WT 45.1%   SCI.WT 0.25 $0.16 Overvalued
  Mines Management    VZX.WT 5-Jan-13   GPD.WT -0.28   ILC.WT 4.2   GCM.WT 0.265   AVL.WT 45.1%   CZY.WT 0.12 $0.08 Overvalued
  New Gold Inc.   CMP.WT.B 25-Jan-13   VGZ.WT.S -0.27   SND.WT 4   PNP.WT.A 0.275   YNG.WT 44.1%   EW.WT 0.09 $0.06 Overvalued
  New Gold Inc.   ML.WT.A 29-Jan-13   FEO.WT.A -0.26   FEO.WT.A 3.9   FRO.WT 0.28   KAT.WT 44.0%   GCM.WT 0.265 $0.17 Overvalued
  New Gold Inc.   KSK.WT 23-Mar-13   RPG.WT -0.25   FEO.WT.B 3.9   FCO.WT 0.28   SLW.WT.U 42.9%   ECU.WT 0.44 $0.27 Overvalued
  Norbord   YEL.WT 25-Mar-13   APV.WT -0.25   CRK.WT 3.85   BPV.WT 0.3   BRD.WT 42.9%   ML.WT 0.5 $0.31 Overvalued
  Noront Resources Ltd   NTC.WT 31-Mar-13   TMD.WT -0.24   LRT.WT 3.8   MND.WT 0.37   BRD.WT.A 42.9%   TID.WT 0.05 $0.03 Overvalued
  North American Palladium Ltd.   USO.WT 18-Apr-13   RBN.WT.A -0.23   RPG.WT 3.8   FED.WT 0.38   XRG.WT 41.7%   BRD.WT 0.77 $0.46 Overvalued
  North American Tungsten   ST.WT 29-Apr-13   PMI.WT -0.22   FCO.WT 3.75   PYC.WT 0.4   CNL.WT 39.0%   RN.WT 0.56 $0.34 Overvalued
  Northquest Ltd    CVZ.WT 11-May-13   TIC.WT -0.2   ALE.WT 3.7   NGD.WT.C 0.4   CRK.WT 38.6%   RPG.WT 0.125 $0.07 Overvalued
  Oceanic Iron Ore Corp   CRJ.WT 22-May-13   ILC.WT -0.17   EDV.WT.A 3.59   ECU.WT 0.44   TIC.WT 38.5%   RNX.WT 0.19 $0.11 Overvalued
  Oceanic Iron Ore Corp   ILC.WT 24-May-13   TAB.WT -0.17   RED.WT 3.50   PGM.WT 0.45   NOT.WT 38.0%   CVZ.WT 0.13 $0.08 Overvalued
  Omega Advisors U.S. Cap App Fd   CCJ.WT.B 5-Jun-13   REC.WT -0.15   PTA.WT 3.5   NBD.WT 0.45   RPG.WT 37.9%   VGZ.WT.S 0.98 $0.56 Overvalued
  Pacific & Western Credit Corp   PAU.WT 5-Jul-13   TFA.WT.A -0.14   FRN.WT 3.47   AC.WT 0.47   CVZ.WT 37.5%   PNP.WT.B 0.95 $0.54 Overvalued
  Papuan Precious Metals Corp   FNV.WT.B 8-Jul-13   USO.WT -0.14   NGD.WT.A 3.42   AC.WT 0.47   GTE.WT 37.3%   PMI.WT 0.14 $0.08 Overvalued
  Peregrine Metals   PNP.WT.B 11-Jul-13   APV.WT.A -0.13   VGZ.WT.S 3.3   TMD.WT 0.5   ST.WT 36.6%   TCM.WT 1.2 $0.66 Overvalued
  Petroamerica Oil Corp   ANS.WT 29-Jul-13   VZX.WT -0.11   WRN.WT 3.3   NQ.WT 0.5   PVG.WT 35.8%   BRD.WT.A 0.85 $0.46 Overvalued
  Petroamerica Oil Corp   K.WT.C 3-Sep-13   ECU.WT -0.11   VGZ.WT.S 3.3   ML.WT 0.5   NGD.WT.A 35.8%   NGD.WT.B 0.05 $0.03 Overvalued
  Petromanas Energy In   SLW.WT.U 5-Sep-13   CLQ.WT -0.11   VGZ.WT.S 3.3   IVA.WT 0.51   NGD.WT.C 35.8%   ST.WT 0.24 $0.13 Overvalued
  Petromanas Energy Inc   FRN.WT 8-Sep-13   AAB.WT -0.1   VGZ.WT.S 3.3   USA.WT 0.52   NGD.WT.B 35.8%   MB.WT 0.175 $0.09 Overvalued
  Pinetree Capital   VGZ.WT.S 22-Oct-13   CZY.WT -0.1   TMD.WT 3.22   DPM.WT 0.55   URB.WT.B 35.2%   USO.WT 0.1 $0.05 Overvalued
  Pinetree Capital   GAA.WT 30-Nov-13   FRN.WT -0.08   TXG.WT 3.13   RN.WT 0.56   QUX.WT 34.7%   FCO.WT 0.28 $0.14 Very Overvalued
  Pinetree Capital   AEM.WT.U 2-Dec-13   SND.WT -0.07   GCM.WT 3.13   ROZ.WT 0.6   EDV.WT.A 33.9%   CTF.WT 0.02 $0.01 Very Overvalued
  Premium Income Corp    NBD.WT 24-Dec-13   AHX.WT -0.05   PTA.WT.A 3.11   TXG.WT 0.6   EDV.WT.C 33.9%   CLQ.WT 0.06 $0.03 Very Overvalued
  Pretium Resources   EDV.WT.A 4-Feb-14   HCF.WT -0.05   AR.WT 3.08   BWR.WT.A 0.62   TAO.WT 33.6%   BPV.WT.A 0.06 $0.03 Very Overvalued
  Prima Colombia   ECU.WT 20-Feb-14   FGX.WT.C -0.04   CZY.WT 2.96   GAA.WT 0.64   CKG.WT 33.5%   FNV.WT.A 6.11 $2.61 Very Overvalued
  Primary Corp.   CWB.WT 2-Mar-14   RED.WT -0.01   AEM.WT.U 2.80   GAA.WT 0.64   OUS.WT 32.9%   RBN.WT.A 0.04 $0.02 Very Overvalued
  Primero Mining Corp   FCO.WT 8-Mar-14   BPV.WT 0   PNP.WT.B 2.65   EDV.WT.A 0.7   PWC.WT 32.8%   APV.WT.A 0.035 $0.01 Very Overvalued
  Propel Multi-Strategy Fund   BWR.WT.A 9-Apr-14   PAU.WT 0.01   USO.WT 2.65   FT.WT.A 0.71   PPF.WT 32.4%   ZAZ.WT 0.2 $0.08 Very Overvalued
  Quadra FNX Mining Ltd   GAA.WT.A 14-Apr-14   EDV.WT.A 0.01   NGD.WT.C 2.63   BRD.WT 0.77   DPM.WT.A 32.3%   CRK.WT 0.2 $0.08 Very Overvalued
  Ram Power Corp   SSL.WT 23-Apr-14   WRN.WT 0.01   MB.WT 2.57   SSL.WT.A 0.79   DPM.WT 32.3%   NBD.WT 0.45 $0.17 Very Overvalued
  RedWater Energy   MNP.WT 6-May-14   AC.WT 0.11   YEL.WT 2.53   GAA.WT.A 0.8   AR.WT 32.0%   YCM.WT.A 0.015 $0.01 Very Overvalued
  Reliant Gold Corp   RPG.WT 19-May-14   ROZ.WT 0.12   NBD.WT 2.49   P.WT 0.81   AEM.WT.U 30.4%   TIC.WT 1 $0.30 Very Overvalued
  Rio Novo Gold Inc    BRK.WT 27-May-14   AC.WT 0.12   ROZ.WT 2.42   CRJ.WT 0.85   AC.WT 29.7%   FNV.WT.B 0.195 $0.06 Very Overvalued
  Rodinia Oil Corp   LPK.WT 28-Jun-14   QUX.WT 0.12   CKG.WT 2.42   BRD.WT.A 0.85   NBD.WT 29.6%   PNP.WT.A 0.275 $0.07 Very Overvalued
  Royal Nickel Corporation   PYC.WT 30-Jun-14   GLD.WT 0.14   FED.WT 2.39   XRG.WT 0.95   PIC.WT 29.5%   VGZ.WT.S 0.98 $0.25 Very Overvalued
  Rusoro Mining   FGX.WT.B 30-Jun-14   SCI.WT 0.15   RN.WT 2.36   PNP.WT.B 0.95   MFL.WT 29.3%   RML.WT 0.005 $0.00 Very Overvalued
  Sandstorm Metals   USA.WT 10-Jul-14   FED.WT 0.16   TIC.WT 2.3   VGZ.WT.S 0.98   BRK.WT 29.2%   DPM.WT 0.55 $0.10 Very Overvalued
  Sandstorm Resources Ltd.   K.WT.D. 17-Sep-14   NQ.WT 0.18   TAO.WT 2.29   SSL.WT 0.98   GCI.WT 26.9%   PTA.WT.A 0.045 $0.01 Very Overvalued
  Sandstorm Resources Ltd.   AA.WT 7-Oct-14   CNL.WT 0.19   APV.WT.A 2.29   VGZ.WT.S 0.98   CMP.WT.B 26.8%   SFF.WT 0.065 $0.01 Very Overvalued
  SCITI ROCS Trust   PTA.WT 8-Oct-14   TCM.WT 0.2   APV.WT 2.29   VGZ.WT.S 0.98   TCM.WT 25.8%   ANS.WT 0.2 $0.03 Very Overvalued
  SCITI Trust   BPV.WT 10-Oct-14   GAA.WT 0.27   MGA.WT.B 2.28   VGZ.WT.S 0.98   HGI.WT 24.2%   PMI.WT.A 0.04 $0.01 Very Overvalued
  Seafield Resources   MGA.WT.B 26-Oct-14   CRJ.WT 0.3   PAU.WT 2.25   TIC.WT 1   K.WT.D. 23.4%   XMF.WT.A 0.005 $0.00 Very Overvalued
  Serabi Mining   GLD.WT 27-Oct-14   PGM.WT 0.4   CRJ.WT 2.24   WRN.WT 1.05   K.WT.C 23.4%   K.WT.C 1.3 $0.17 Very Overvalued
  Silver Wheaton   BRD.WT 19-Nov-14   MND.WT 0.41   AVL.WT 2.19   PVG.WT 1.2   K.WT.B 23.4%   XYM.WT 0.01 $0.00 Very Overvalued
  Star Portfolio Corp   BRD.WT.A 19-Nov-14   USA.WT 0.49   BRD.WT 2.19   TCM.WT 1.2   AC.WT 22.7%   IVA.WT 0.51 $0.05 Very Overvalued
  Stonegate Agricom Ltd   NOT.WT 16-Dec-14   SSL.WT.A 0.56   FT.WT.A 2.18   K.WT.C 1.3   MB.WT 22.1%   APV.WT 0.035 $0.00 Very Overvalued
  TAG Oil Ltd   NQ.WT 21-Dec-14   XRG.WT 0.57   PCT.WT 2.14   BRK.WT 1.61   GAA.WT 21.1%   DNA.WT 0.05 $0.00 Very Overvalued
  Tembec   PMI.WT 23-Feb-15   TXG.WT 0.58   AA.WT 2.11   FGX.WT.B 1.63   GAA.WT 21.1%   GPD.WT 0.02 $0.00 Very Overvalued
  Thompson Creek Metals   LRT.WT 5-Mar-15   FGX.WT.B 0.74   MND.WT 2   CNL.WT 1.7   GAA.WT.A 21.1%   TMB.WT 0.13 $0.01 Very Overvalued
  Titan Medical   RN.WT 8-Mar-15   FT.WT.A 0.75   BRD.WT.A 1.99   CMP.WT.B 1.75   RF.WT 20.3%   MGT.WT.U 0.165 $0.01 Very Overvalued
  Titanium Corp. Inc   MB.WT 30-Mar-15   SSL.WT 0.94   SSL.WT.A 1.92   AR.WT 1.99   PYC.WT 19.9%   NOT.WT 0.065 $0.00 Very Overvalued
  Torex Gold Resources Inc   P.WT 19-Jul-15   NGD.WT.C 1.52   ECU.WT 1.91   ML.WT.A 2.08   HCF.WT 19.1%   GTE.WT 0.005 $0.00 Very Overvalued
  Touchstone Exploration Inc   GCM.WT 24-Aug-15   BRK.WT 1.6   BAA.WT 1.87   BAA.WT 2.36   FNV.WT 18.4%   CCJ.WT.A 0.005 $0.00 Very Overvalued
  Trafina Energy Ltd   PCT.WT 21-Sep-15   AR.WT 1.62   CWB.WT 1.8   TAO.WT 2.79   FNV.WT.A 18.4%   CMT.WT 0.005 $0.00 Very Overvalued
  Tuscany Intl Drilling Inc   SSL.WT.A 19-Oct-15   ML.WT.A 1.98   SLW.WT.U 1.8   AVL.WT 2.83   FNV.WT.B 18.4%   EDV.WT.C 0.01 $0.00 Very Overvalued
  U S Silver Corp   VGZ.WT.S 22-Oct-15   BAA.WT 2.29   PMI.WT 1.68   K.WT.D. 2.89   GPF.WT.A 17.4%   EMC.WT 0.005 $0.00 Very Overvalued
  Urbana Corp   DPM.WT.A 20-Nov-15   AVL.WT 2.59   BPV.WT 1.67   NGD.WT.A 3.08   SIN.WT 13.8%   FEI.WT.A 0.005 $0.00 Very Overvalued
  US Oil Sands Inc.    FEO.WT.A 30-Nov-15   TAO.WT 2.78   BRK.WT 1.61   QUX.WT 3.38   CWB.WT 13.0%   GCM.WT.A 0.04 $0.00 Very Overvalued
  Vega Resources    GAA.WT 30-Nov-15   CKG.WT 3.14   WLT.WT 1.59   BNK.WT.A 4.28   GMF.WT 9.7%   GMC.WT 0.005 $0.00 Very Overvalued
  Vista Gold   FEO.WT.B 30-Nov-15   BNK.WT.A 3.75   SSL.WT 1.55   CKG.WT 4.6   EIT.WT.A 9.6%   GMC.WT.A 0.02 $0.00 Very Overvalued
  Vista Gold   TMD.WT 10-Dec-15   DPM.WT.A 5.69   MFL.WT 1.55   DPM.WT.A 5.85   FGX.WT.B 8.6%   GMC.WT.B 0.01 $0.00 Very Overvalued
  Vista Gold   LRT.WT.A 23-Dec-15   BWR.WT.A 6.21   DPM.WT.A 1.53   FNV.WT.A 6.11   FGX.WT.C 8.6%   K.WT.B 0.085 $0.00 Very Overvalued
  Vista Gold   ALE.WT 22-Feb-16   EDR.WT 6.75   EDR.WT 1.52   EDR.WT 6.8   CTF.WT 7.7%   KAT.WT 0.005 $0.00 Very Overvalued
  Vuzix Corp   PAK.WT 14-Mar-16   FNV.WT 7.54   ML.WT.A 1.43   FNV.WT 7.7   SCI.WT 7.7%   MGA.WT 0.02 $0.00 Very Overvalued
  Walter Energy   CRK.WT 24-Mar-16   MFL.WT 9.26   BNK.WT.A 1.43   WLT.WT 8.94   XYM.WT 7.3%   MGA.WT.A 0.02 $0.00 Very Overvalued
  Western Copper   AHX.WT 30-Mar-16   AEM.WT.U 14.69   NQ.WT 1.36   MFL.WT 9.22   CCP.WT 7.3%   MTO.WT 0.06 $0.00 Very Overvalued
  Xinergy Ltd   LQD.WT 13-May-16   CWB.WT 17.01   GLD.WT 1.36   CWB.WT 17.19   RBN.WT.A 5.5%   PNP.WT 0.025 $0.00 Very Overvalued
  Yukon-Nevada Gold   FNV.WT.A 16-Jun-17   SLW.WT.U 18.2   USA.WT 1.25   SLW.WT.U 20.8   FEI.WT.A 5.4%   URB.WT.B 0.005 $0.00 Very Overvalued
  Zazu Metals Corp   NGD.WT.A 28-Jun-17   WLT.WT 96.37   BWR.WT.A 1.2   AEM.WT.U 21.5   BWR.WT.A 3.1%   YNG.WT 0.015 $0.00 Very Overvalued