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Valuing Warrants Companies with  Market Cap   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 Inc 26,482,074.92   OYM.WT  31-Jul-09   AEM.WT.U 9.2   BCM.WT 356.00   DIO.WT 0.005   DIO.WT 547.3%   DIO.WT 0.005 $0.56 Bargain
The last day the warrants  Agnico-Eagle 9,660,509,794.56   BCM.WT 01-Aug-09   TCM.WT  6.90   LIM.WT 352.00   LIM.WT 0.005   CUX.WT  502.0%   LIM.WT 0.005 $0.17 Bargain
can be exercised. If Global Agribusiness Trust 17,000,000.00   SLW.WT  05-Aug-09   SLW.WT  5.97   BCM.WT.A 178.00   NRK.WT 0.005   AMR.WT.A 483.9%   NRK.WT 0.005 $0.05 Bargain
warrants aren't being  Atlas Minerals 505,859.69   OCO.WT 12-Sep-09   SLW.WT.A  4.47   DIO.WT 150.00   CMS.WT 0.005   AMR.WT 483.9%   CCJ.WT.B 0.02 $0.12 Bargain
exercised then they Ainsworth Lumber 93,501,940.48   IMR.WT  14-Sep-09   MFL.WT 4.26   IMR.WT  66.00   CCJ.WT.A  0.005   RNZ.WT.B 388.4%   CMS.WT 0.005 $0.03 Bargain
must be sold the day  Acuity Small Cap 13,902,000.00   BCM.WT.A 15-Sep-09   PRE.WT 3.50   IMR.WT.A  66.00   CUX.WT  0.005   EF.WT 366.6%   CCJ.WT.A  0.005 $0.02 Bargain
before the expiry date. Avnel Gold Mining 9,502,462.68   PIE.WT  18-Sep-09   CWB.WT 2.70   GMC.WT.B  58.00   CCJ.WT  0.005   LS.WT 353.2%   CUX.WT  0.005 $0.02 Bargain
The longer the time to  Banro Corp 128,714,852.28   RNZ.WT.B 26-Sep-09   OSK.WT.A 1.55   OYM.WT  52.00   EMC.WT 0.005   PIE.WT  331.9%   NGD.WT.A  0.325 $1.15 Bargain
expiry the more Bear Creek Mining 98,713,500.94   GD.WT 30-Sep-09   ANS.WT 1.04   PDL.WT 42.92   AMR.WT.A 0.005   NRK.WT 283.2%   QUA.WT  0.33 $1.17 Bargain
valuable the warrants. Baffinland Iron Mns Corp 115,399,300.01   CXX.WT 05-Oct-09   CSI.WT 0.90   CCJ.WT.A  42.00   MCG.WT 0.005   MCG.WT 197.3%   GMC.WT.B  0.01 $0.03 Bargain
  Bankers Petroleum 546,961,996.50   HDG.WT 17-Oct-09   ML.WT.A 0.87   CCJ.WT  42.00   OSU-WT.B 0.005   CEK.WT 189.9%   CCJ.WT  0.005 $0.02 Bargain
Leverage Brick Group 48,212,308.37   DIO.WT 30-Oct-09   BNK.WT.A  0.53   CXX.WT 40.00   EF.WT 0.005   AVK.WT  185.3%   GD.WT 0.07 $0.21 Bargain
The leverage of a warrant Breakwater Resources 189,774,114.04   CHQ.WT.B 01-Nov-09   BNK.WT  0.41   QUA.WT  31.33   OSU-WT.A 0.005   CMS.WT 173.9%   GPD.WT 0.09 $0.27 Bargain
is a measure of how much Copernican British Banks Fund 28,447,444.20   PRP.WT  02-Nov-09   BWR.WT.A 0.16   CMS.WT 30.00   BCM.WT 0.005   OCO.WT 171.2%   CEK.WT 0.015 $0.04 Bargain
you can increase your Copernican World Banks Fund 10,877,479.02   BNK.WT  10-Nov-09   USA.WT -0.02   GD.WT 27.71   CXX.WT 0.005   VKY.WT  156.0%   AVK.WT  0.01 $0.03 Bargain
exposure to a share if Coalcorp Mining 36,331,480.29   OSK.WT 15-Nov-09   SLW.WT.B  -0.03   DAV.WT 27.00   DAV.WT 0.005   LIM.WT 153.6%   PTM.WT 0.165 $0.39 Bargain
you bought warrants Caspian Energy 9,130,035.45   OSK.WT.A 17-Nov-09   GBG.WT.A -0.12   FR.WT.A 25.50   IMR.WT  0.005   YNG.WT 151.6%   FEI.WT 0.02 $0.04 Bargain
instead of making a Claymore Gold Bullion Trust 360,000,000.00   DML.WT  24-Nov-09   GD.WT -0.16   PRP.WT  24.00   IMR.WT.A  0.005   CCJ.WT.B 138.3%   EMC.WT 0.005 $0.01 Bargain
direct investment. It is  Challenger Energy Corp 21,474,305.20   LS.WT 29-Nov-09   VKY.WT  -0.18   EMC.WT 22.00   OYM.WT  0.005   CCJ.WT.A  138.3%   PLS.WT 0.37 $0.72 Bargain
calculated dividing the  Chesapeake Gold 163,582,833.19   SLW.WT.A  30-Nov-09   SSL.WT -0.24   MCG.WT 21.00   PRP.WT  0.005   CCJ.WT  138.3%   AMR.WT.A 0.005 $0.01 Bargain
current share price by C M P Gold Trust 31,904,625.20   LIM.WT 03-Dec-09   PLS.WT -0.25   DPM.WT  17.00   GMC.WT.B  0.01   OYM.WT  132.9%   GMC.WT.A  0.035 $0.06 Bargain
the current price of the  Creston Moly 18,152,722.05   EF.WT 11-Dec-09   CEK.WT -0.38   HRG.WT 17.00   AVK.WT  0.01   OSU-WT.B 125.0%   MGT.WT.U  0.35 $0.58 Bargain
warrant. Canadian Income Mgmt Tr 1,235,377.17   PDL.WT 11-Dec-09   AMR.WT.A -0.38   GMC.WT.A  16.57   AMR.WT 0.01   OSU-WT.A 125.0%   EET.WT.A 0.04 $0.07 Bargain
  Coxe Commodity Strategy Fund 213,673,808.60   AMR.WT 28-Dec-09   ECU.WT -0.39   GMC.WT  16.57   BCM.WT.A 0.01   GPD.WT 121.7%   DPM.WT.A  0.55 $0.87 Bargain
Intrinsic Value Copernican Int'l Premium Dividend Fund  20,695,563.02   AMR.WT.A 31-Dec-09   BAA.WT -0.40   UXG.WT  16.50   HDG.WT 0.01   CXX.WT 121.3%   CWB.WT 5.5 $8.59 Bargain
The difference between  Claude Resources 85,503,980.10   YRI.WT.C 17-Feb-10   LS.WT -0.40   OCO.WT 16.00   OCO.WT 0.01   EMC.WT 120.8%   BNK.WT.A  1.25 $1.85 Undervalued
the exercise price and Ceres Global Ag Corp 75,298,507.20   DAV.WT 20-Feb-10   NBD.WT -0.47   PHC.WT 15.50   CEK.WT 0.015   HDG.WT 119.3%   GMC.WT  0.035 $0.05 Undervalued
the actual trading price  Colossus Minerals 159,489,794.90   VKY.WT  22-Feb-10   K.WT.B  -0.48   MAR.WT 15.40   HRG.WT 0.015   EET.WT.A 116.3%   MCG.WT 0.005 $0.01 Undervalued
of the common stock. Copper Mesa Mining 2,085,169.78   CHQ.WT 06-Mar-10   WTN.WT -0.52   NRK.WT 15.00   CCJ.WT.B 0.02   EET.WT 116.3%   BNK.WT  0.6 $0.81 Undervalued
Once the common has  Crosshair Exploration & Mining Corp 21,905,863.40   IMR.WT.A  21-Mar-10   HDG.WT -0.52   EET.WT 14.00   FEI.WT 0.02   WTN.WT 115.7%   ML.WT  0.5 $0.66 Undervalued
gone over the exercise Davie Yards 16,827,237.00   FR.WT.A 25-Mar-10   PRP.WT  -0.53   HDG.WT 13.50   PHC.WT 0.02   ANS.WT 115.7%   BWR.WT.A 0.185 $0.24 Undervalued
price the warrants are  Dioro Exploration 68,685,307.50   OSU-WT.A 11-Apr-10   PTM.WT -0.58   FEI.WT 12.50   EET.WT 0.02   FEI.WT 113.5%   PRE.WT 4.93 $6.27 Undervalued
said to be 'in the money'. Denison Mines 436,267,650.95   MAR.WT 17-Apr-10   MTO.WT -0.59   AVK.WT  12.00   PIE.WT  0.025   PHC.WT 111.5%   WTN.WT 1.45 $1.84 Undervalued
  DPF India Opportunities Fund 117,092,220.00   QUA.WT  08-May-10   TRX.WT  -0.60   OSK.WT 11.67   GMC.WT.A  0.035   MGT.WT.U  107.9%   BAA.WT 0.8 $1.01 Undervalued
Volatility Dundee Precious Metals 182,400,806.06   CMS.WT 09-May-10   VAE.WT -0.60   OSU-WT.B 11.00   GMC.WT  0.035   ZAZ.WT 106.7%   USA.WT 0.08 $0.10 Undervalued
The higher the volatility  ECU Silver Mining Inc.  156,449,678.00   MCG.WT 27-May-10   OYM.WT  -0.64   OSU-WT.A 11.00   NGD.WT.B  0.035   BWR.WT.A 102.5%   ZAZ.WT 0.08 $0.09 Undervalued
rating the higher the price Endeavour Financial 139,743,749.86   PHC.WT 27-Jun-10   NRK.WT -0.68   CCJ.WT.B 10.50   EET.WT.A 0.04   BCM.WT.A 99.6%   FNV.WT 4.9 $5.60 Undervalued
of the warrant will be. Etruscan Resources 44,559,736.20   AVK.WT  30-Jun-10   OCO.WT -0.74   KAT.WT  9.71   GLW.WT 0.045   BCM.WT 99.6%   IE.WT  0.25 $0.29 Undervalued
A measure of actual  EarthFirst 2,066,076.36   VAE.WT 21-Jul-10   CMS.WT -0.75   NGD.WT.A  9.42   RNZ.WT.B 0.05   TMB.WT 98.2%   TCM.WT  7.75 $8.62 Undervalued
stock price changes over  EMC Metals 7,542,765.67   NRK.WT 30-Sep-10   GPD.WT -0.76   NGD.WT.B  8.74   MAR.WT 0.05   BNK.WT.A  97.6%   ML.WT.A 1.24 $1.37 Fair Market Value
a specific period of time.  European Premium Dividend 12,328,463.00   GBG.WT.A 15-Oct-10   GLW.WT -0.77   CHQ.WT 8.00   CHQ.WT 0.05   BNK.WT  97.6%   CSI.WT 1.35 $1.43 Fair Market Value
Historical volatility is  Fortress Energy Inc 6,730,447.00   EET.WT 02-Nov-10   CRJ.WT -0.83   MGA.WT.A  7.42   YNG.WT 0.06   USA.WT 94.9%   AEM.WT.U 24.88 $26.14 Fair Market Value
calculated by using the  Flaherty & Crumrine 47,605,132.47   HRG.WT 08-Nov-10   YRI.WT.C -0.88   PTM.WT 7.09   PDL.WT 0.065   PTM.WT 94.4%   FNV.WT.A 5.25 $5.31 Fair Market Value
standard deviation of an Faircourt Gold Income 18,768,000.00   CUX.WT  21-Nov-10   OSK.WT -0.90   EET.WT.A 7.00   GD.WT 0.07   BAA.WT 93.5%   MFL.WT 4.9 $4.88 Fair Market Value
underlying stock price. Int'l Fin. Income and Growth Trust 5,230,981.80   PTM.WT 16-Dec-10   AVK.WT  -0.94   YRI.WT.C 6.57   RML.WT 0.07   MAR.WT 89.5%   SLW.WT  1.2 $1.20 Fair Market Value
  Franco-Nevada 2,708,100,000.00   SLW.WT.B  22-Dec-10   FR.WT.B -0.95   GPD.WT 6.44   KAT.WT  0.07   ML.WT  85.3%   SSL.WT 0.245 $0.24 Fair Market Value
In the Money First Majestic Silver Corp 209,971,171.80   PLS.WT 08-Jan-11   AMR.WT -0.99   IE.WT  6.20   CHQ.WT.B 0.07   ML.WT.A 85.3%   OSK.WT.A 1.83 $1.76 Fair Market Value
When the price of the  Front Street Resource Perf. Fund 71,549,435.32   CCJ.WT  08-Feb-11   OSU-WT.A -1.15   RML.WT 5.71   TRX.WT  0.075   QUA.WT  84.7%   SLW.WT.A  0.95 $0.92 Fair Market Value
common is higher than  Focused Global Trends Fund 14,758,719.15   CSI.WT 13-Feb-11   PIE.WT  -1.30   CHQ.WT.B 5.71   USA.WT 0.08   KAT.WT  83.6%   NBD.WT 0.56 $0.49 Overvalued
the exercise price Goldcorp 30,257,953,529.16   UXG.WT  22-Feb-11   DIO.WT -1.33   TMB.WT 5.58   ZAZ.WT 0.08   PRP.WT  83.0%   K.WT.C  4.99 $4.20 Overvalued
  Great Basin 54,111,008.00   DML.WT.A  01-Mar-11   DPM.WT.A  -1.38   FNV.WT 5.51   GPD.WT 0.09   GD.WT 81.2%   GBG.WT.A 0.39 $0.32 Overvalued
At the Money Global Banks Premium Income Trust  13,429,440.78   FR.WT.B 05-Mar-11   IE.WT  -1.38   PLS.WT 5.41   TMB.WT 0.095   PLS.WT 81.1%   G.WT.G  9.66 $7.86 Overvalued
When the price of the  Distinction Group 59,056,587.60   OSU-WT.B 21-Mar-11   RNZ.WT.B -1.48   FNV.WT.A 5.14   FR.WT.A 0.1   RML.WT 79.5%   K.WT.B  2.65 $2.13 Overvalued
underlying is equivalent CC&L Global Financials Fund II  60,919,362.96   IE.WT  15-May-11   OSU-WT.B -1.50   GLW.WT 5.11   NGD.WT.C 0.11   NBD.WT 79.1%   ECU.WT 0.27 $0.21 Overvalued
or close to the strike price. Gold Wheaton 323,355,083.64   CEK.WT 28-May-11   EET.WT.A -1.57   CEK.WT 5.00   DPM.WT  0.11   DAV.WT 77.4%   SLW.WT.U 2.75 $2.18 Overvalued
  Geovic Mining Corp 59,683,557.88   G.WT.G  09-Jun-11   CXX.WT -1.60   BNK.WT  4.83   PTM.WT 0.165   CHQ.WT 77.2%   YNG.WT 0.06 $0.05 Overvalued
Exercise ratio Sentry Select Global Real Estate 17,581,736.25   FEI.WT 20-Jun-11   FEI.WT -1.75   K.WT.C  4.41   MTO.WT 0.17   CHQ.WT.B 77.2%   AMR.WT 0.01 $0.01 Overvalued
The number of warrants  Global Uranium 22,011,723.44   EET.WT.A 06-Aug-11   DAV.WT -1.87   MGA.WT  4.41   BIM.WT  0.17   BIM.WT  75.0%   OSK.WT 0.6 $0.42 Overvalued
related to one share and Stone Agribusiness 24,794,638.25   GPD.WT 15-Aug-11   PHC.WT -1.94   MGT.WT.U  4.40   BWR.WT.A 0.185   SSL.WT 74.8%   SLW.WT.B  3.76 $2.59 Overvalued
specifies the amount of  High Desert Gold Corp 970,712.64   EMC.WT 15-Aug-11   ZAZ.WT -1.97   DML.WT  4.39   MGA.WT.A  0.19   GMC.WT.B  72.6%   MGA.WT.A  0.19 $0.13 Overvalued
underlying that the owner High River Gold Mines 150,499,386.62   CCJ.WT.A  17-Aug-11   ML.WT  -2.13   G.WT.G  4.29   UXG.WT  0.2   GMC.WT.A  72.6%   TRX.WT  0.075 $0.05 Overvalued
of a single warrant is  Ivanhoe Energy 433,040,839.85   K.WT.B  07-Sep-11   GMC.WT  -2.17   CUX.WT  4.00   SSL.WT 0.245   GMC.WT  72.6%   RML.WT 0.07 $0.04 Overvalued
entitled to buy. I M A Exploration 17,203,581.12   BAA.WT 17-Sep-11   CCJ.WT.B -2.29   EF.WT 4.00   IE.WT  0.25   TRX.WT  71.7%   UXG.WT  0.2 $0.12 Overvalued
  Kinross 15,283,516,790.77   TCM.WT  27-Oct-11   GMC.WT.A  -2.42   DML.WT.A  3.86   ECU.WT 0.27   DML.WT.A  71.7%   YRI.WT.C 0.84 $0.50 Overvalued
Time Value Katanga Mining 140,281,594.84   GMC.WT  03-Nov-11   CUX.WT  -2.48   OSK.WT.A 3.83   CRJ.WT 0.32   DML.WT  71.7%   FR.WT.B 0.8 $0.46 Overvalued
The time value is the  Labrador Iron Mines 65,381,273.76   KAT.WT  20-Nov-11   EMC.WT -2.57   GBG.WT.A 3.79   MGA.WT  0.32   CSI.WT 70.6%   NGD.WT.B  0.035 $0.02 Overvalued
difference between the Added Capital 7,957,657.25   MFL.WT 31-Dec-11   EF.WT -2.58   ML.WT  3.74   NGD.WT.A  0.325   HRG.WT 66.9%   OSU-WT.B 0.005 $0.00 Overvalued
current warrant price  Marathon PGM 23,236,197.60   BIM.WT  31-Jan-12   PDL.WT -2.86   K.WT.B  3.69   QUA.WT  0.33   IE.WT  66.4%   PHC.WT 0.02 $0.01 Overvalued
and its intrinsic value. Melco China Resorts (Holding) Ltd. 9,181,131.12   MGA.WT  12-Feb-12   YNG.WT -2.89   SLW.WT.U 3.63   MGT.WT.U  0.35   MGA.WT.A  65.4%   NGD.WT.C 0.11 $0.06 Overvalued
The time value is to be  Mega Uranium 264,031,992.12   ML.WT  16-Feb-12   CHQ.WT.B -3.10   ZAZ.WT 3.50   PLS.WT 0.37   MGA.WT  65.4%   EET.WT 0.02 $0.01 Overvalued
interpreted as the Mines Management 35,029,178.80   CKG.WT  23-Feb-12   IMR.WT  -3.12   DPM.WT.A  3.40   GBG.WT.A 0.39   IMR.WT  62.9%   RNZ.WT.B 0.05 $0.03 Overvalued
consideration paid for  Mercator Minerals Ltd 202,249,554.54   TMB.WT 29-Feb-12   LIM.WT -3.24   RNZ.WT.B 3.40   DML.WT  0.44   IMR.WT.A  62.9%   MTO.WT 0.17 $0.07 Very Overvalued
the advantage that the Markland AGF Precious Metals...  14,707,599.30   BNK.WT.A  01-Mar-12   IMR.WT.A  -3.47   TRX.WT  3.33   ML.WT  0.5   NGD.WT.A  61.9%   CRJ.WT 0.32 $0.13 Very Overvalued
warrant buyer has over  Metanor Resources 32,372,690.62   GMC.WT.A  06-Mar-12   RML.WT -3.60   FR.WT.B 3.19   DML.WT.A  0.5   NGD.WT.B  61.9%   KAT.WT  0.07 $0.03 Very Overvalued
the direct investor. It Norbord 384,256,038.62   FNV.WT 13-Mar-12   EET.WT -3.72   CWB.WT 3.04   DPM.WT.A  0.55   NGD.WT.C 61.9%   MGA.WT  0.32 $0.13 Very Overvalued
is greatest when the  New Gold Inc. 651,292,682.76   NGD.WT.B  03-Apr-12   CKG.WT  -3.73   AMR.WT.A 3.00   NBD.WT 0.56   PRE.WT 60.7%   EF.WT 0.005 $0.00 Very Overvalued
warrants are 'at the money' Northrock Resources 1,025,119.88   MGT.WT.U  20-Apr-12   HRG.WT -3.75   BIM.WT  2.91   BNK.WT  0.6   UXG.WT  60.3%   TMB.WT 0.095 $0.03 Very Overvalued
but decreases as the Oilsands Canada Corp 13,241,799.48   GMC.WT.B  27-Apr-12   MCG.WT -3.90   NGD.WT.C 2.78   OSK.WT 0.6   MTO.WT 59.9%   DPM.WT  0.11 $0.04 Very Overvalued
exercise date draws closer. Oroco Resource Corp 4,414,963.36   MTO.WT 15-May-12   CHQ.WT -4.00   SLW.WT.B  2.65   ANS.WT 0.7   PDL.WT 59.2%   PDL.WT 0.065 $0.02 Very Overvalued
The decreased value is  O'Leary Global Income Opp Fund 128,443,000.00   MGA.WT.A  06-Jun-12   G.WT.G  -4.29   BAA.WT 2.58   BAA.WT 0.8   ECU.WT 57.3%   GLW.WT 0.045 $0.01 Very Overvalued
called time decay and  O'Leary Canadian Equity Income 28,798,946.40   YNG.WT 20-Jun-12   GMC.WT.B  -4.42   AEM.WT.U 2.5   FR.WT.B 0.8   DPM.WT.A  56.5%   CKG.WT  2.45 $0.56 Very Overvalued
decreases at a faster  O'Leary Global Infrastructure 54,738,800.00   TRX.WT  21-Jun-12   FR.WT.A -4.45   MTO.WT 2.41   YRI.WT.C 0.84   DPM.WT  56.5%   ANS.WT 0.7 $0.08 Very Overvalued
pace as the expiry date O'Leary Global Income Opp Fund 113,467,500.00   WTN.WT 28-Jun-12   BCM.WT.A -4.47   CRJ.WT 2.41   SLW.WT.A  0.95   FR.WT.B 52.1%   DML.WT.A  0.5 $0.06 Very Overvalued
draws closer. Osisko Exploration 1,786,315,615.00   DPM.WT  29-Jun-12   MGA.WT  -4.59   BNK.WT.A  2.32   SLW.WT  1.2   FR.WT.A 52.1%   BIM.WT  0.17 $0.02 Very Overvalued
  Orsu Metals  25,119,007.49   PRE.WT 12-Jul-12   MGT.WT.U  -4.89   PRE.WT 2.29   ML.WT.A 1.24   GBG.WT.A 51.5%   FR.WT.A 0.1 $0.01 Very Overvalued
  Olympus Pacific Minerals Inc 60,422,149.06   NGD.WT.C 28-Nov-12   FNV.WT -5.00   CSI.WT 2.15   BNK.WT.A  1.25   SLW.WT  50.0%   MAR.WT 0.05 $0.00 Very Overvalued
  North American Palladium Ltd. 242,080,105.77   RML.WT 29-Nov-12   BIM.WT  -5.01   SLW.WT.A  2.10   CSI.WT 1.35   SLW.WT.A  50.0%   OSU-WT.A 0.005 $0.00 Very Overvalued
  Phoenix Coal Inc. 46,502,563.08   ZAZ.WT 19-Dec-12   MAR.WT -5.23   ECU.WT 2.07   WTN.WT 1.45   SLW.WT.U 50.0%   BCM.WT.A 0.01 $0.00 Very Overvalued
  Primary Petroleum 2,467,397.30   ML.WT.A 29-Jan-13   CCJ.WT  -5.39   TCM.WT  2.05   OSK.WT.A 1.83   SLW.WT.B  50.0%   HDG.WT 0.01 $0.00 Very Overvalued
  Polaris Minerals 106,409,204.00   CRJ.WT 22-May-13   MGA.WT.A  -5.59   PIE.WT  2.00   CKG.WT  2.45   TCM.WT  48.9%   OCO.WT 0.01 $0.00 Very Overvalued
  Pinetree Capital 228,486,339.12   CCJ.WT.B 05-Jun-13   NGD.WT.C -5.94   YNG.WT 1.92   K.WT.B  2.65   CWB.WT 47.4%   PIE.WT  0.025 $0.00 Very Overvalued
  Petro Rubiales Energy 2,384,774,215.80   ANS.WT 29-Jun-13   KAT.WT  -7.82   MFL.WT 1.89   SLW.WT.U 2.75   OSK.WT.A 45.3%   DML.WT  0.44 $0.00 Very Overvalued
  ProSep 7,733,214.12   GLW.WT 08-Jul-13   UXG.WT  -7.89   WTN.WT 1.88   SLW.WT.B  3.76   OSK.WT 45.3%   BCM.WT 0.005 $0.00 Very Overvalued
  Platinum Group 79,345,149.39   K.WT.C  03-Sep-13   CCJ.WT.A  -8.19   SSL.WT 1.78   FNV.WT 4.9   CKG.WT  45.0%   CHQ.WT 0.05 $0.00 Very Overvalued
  Quadra Mining 1,023,652,865.40   SLW.WT.U 05-Sep-13   BCM.WT -8.72   CKG.WT  1.74   MFL.WT 4.9   CRJ.WT 43.9%   CHQ.WT.B 0.07 $0.00 Very Overvalued
  CA Bancorp Cdn Realty Fin. Corp 71,213,575.40   AEM.WT.U 02-Dec-13   DML.WT  -9.44   USA.WT 1.69   PRE.WT 4.93   GLW.WT 43.6%   CXX.WT 0.005 $0.00 Very Overvalued
  Rusoro Mining 158,604,649.20   NBD.WT 24-Dec-13   QUA.WT  -9.66   SLW.WT  1.66   K.WT.C  4.99   YRI.WT.C 37.7%   DAV.WT 0.005 $0.00 Very Overvalued
  Ranaz Corp 6,134,594.67   ECU.WT 20-Feb-14   K.WT.C  -9.99   NBD.WT 1.59   FNV.WT.A 5.25   G.WT.G  35.4%   HRG.WT 0.015 $0.00 Very Overvalued
  Sprott Resource Corp 257,125,883.36   CWB.WT 02-Mar-14   TMB.WT