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Warrant Sheets for Companies as of July 29th, 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   SCI.WT 4-Aug-11   FNV.WT.A -35.05   CCP.WT 4798   PPF.WT 0.005   PGM.WT 407.8%   PPF.WT 0.005 $0.25 Bargain
The last day the warrants  Adherex Technologies   EDV.WT.C 7-Aug-11   FNV.WT.B -24.32   RF.WT 4350   CNM.WT 0.005   AHX.WT 238.3%   PIC.WT 0.015 $0.62 Bargain
can be exercised. If Agnico-Eagle   GPD.WT 15-Aug-11   K.WT.C -16.4   EDV.WT.C 2424.89   RF.WT 0.005   NQ.WT 219.1%   CNM.WT 0.005 $0.19 Bargain
warrants aren't being  Ainsworth Lumber Co Ltd   EMC.WT 15-Aug-11   EDV.WT.C -14.8   XYM.WT 2126   CCJ.WT.B 0.005   PCT.WT 217.8%   RF.WT 0.005 $0.18 Bargain
exercised then they Air Canada cl A   CCJ.WT.A 17-Aug-11   PNP.WT -12.83   PPF.WT 1704   RML.WT 0.005   XMF.WT.A 169.9%   MOB.WT 0.02 $0.56 Bargain
must be sold the day  Air Canada cl B   RBN.WT.A 25-Aug-11   XMF.WT.A -12.27   SIN.WT 1340   CCP.WT 0.005   PAU.WT 141.2%   LQD.WT 0.055 $0.56 Bargain
before the expiry date. Andina Minerals Inc   GTE.WT 28-Aug-11   YCM.WT.A -11.73   PIC.WT 745   XMF.WT.A 0.005   CCJ.WT.B 126.8%   OUS.WT 0.05 $0.47 Bargain
The longer the time to  Argonaut Gold Ltd   K.WT.B 7-Sep-11   ANS.WT -9.8   RBN.WT.A 549   XYM.WT 0.005   CCJ.WT.A 126.8%   GCI.WT 0.04 $0.24 Bargain
expiry the more ARISE Technologies Corp   PGM.WT 11-Sep-11   TMB.WT -8.3   EIT.WT.A 483   CCJ.WT.A 0.005   MOB.WT 124.8%   CCJ.WT.B 0.005 $0.03 Bargain
valuable the warrants. ARISE Technologies Corp   SIN.WT 15-Sep-11   CCJ.WT.A -8.21   KAT.WT 324   CMT.WT 0.005   REC.WT 124.2%   LRT.WT.A 0.04 $0.19 Bargain
  Astral Mining Corp   GPF.WT.A 15-Sep-11   K.WT.B -6.89   CNM.WT 276   EMC.WT 0.005   LQD.WT 114.6%   SIN.WT 0.01 $0.05 Bargain
Leverage Augen Gold Cor   BAA.WT 17-Sep-11   KAT.WT -6.88   CTF.WT 253.5   FEI.WT.A 0.005   ILC.WT 112.0%   HGI.WT 0.075 $0.33 Bargain
The leverage of a warrant Avalon Rare Metals Inc   IVA.WT 20-Sep-11   DPM.WT -6.71   GCI.WT 249.75   GMC.WT 0.005   ROZ.WT 109.0%   PGM.WT 0.41 $1.27 Bargain
is a measure of how much Bankers Petroleum   EIT.WT.A 20-Sep-11   MGA.WT.A -5.98   URB.WT.B 248   GMC.WT.A 0.005   GLD.WT 108.3%   PYC.WT 0.28 $0.83 Bargain
you can increase your Banro Corp   CMT.WT 25-Sep-11   MGA.WT -5.08   GMF.WT 228   GTE.WT 0.005   VZX.WT 106.0%   PCT.WT 0.035 $0.10 Bargain
exposure to a share if Bennett Environmental Inc   RF.WT 30-Sep-11   K.WT.D. -4.9   OUS.WT 180   KAT.WT 0.005   CNM.WT 105.6%   HCF.WT 0.11 $0.27 Bargain
you bought warrants Blue Ribbon   AVL.WT 30-Sep-11   GMC.WT.B -4.7   GTE.WT 165.3   URB.WT.B 0.005   YCM.WT.A 102.1%   FRN.WT 0.15 $0.33 Bargain
instead of making a Breakwater Resources   CLQ.WT 30-Sep-11   NGD.WT.A -4.67   HGI.WT 135.6   SIN.WT 0.01   FRN.WT 100.9%   ILC.WT 0.03 $0.06 Bargain
direct investment. It is  Brick Group   FEI.WT.A 30-Sep-11   NGD.WT.B -4.67   GPF.WT.A 131.37   REC.WT 0.01   RML.WT 98.9%   PMD.WT 0.35 $0.73 Bargain
calculated dividing the  Bridgeport Ventures Inc   EDR.WT 7-Oct-11   PNP.WT.A -4.33   SCI.WT 124   EDV.WT.C 0.01   WAI.WT 97.3%   FEO.WT.A 0.1 $0.21 Bargain
current share price by Bridgeport Ventures Inc   GMF.WT 14-Oct-11   P.WT -3.87   IVA.WT 119   GMC.WT.B 0.01   PMD.WT 96.0%   PAK.WT 0.115 $0.24 Bargain
the current price of the  Brigus Gold Corp   TID.WT 16-Oct-11   RML.WT -3.82   HCF.WT 105.18   PIC.WT 0.015   CMT.WT 90.8%   AHX.WT 0.015 $0.03 Bargain
warrant. Brigus Gold Corp   VGZ.WT.S 22-Oct-11   MGT.WT.U -3.71   K.WT.B 99.1   AHX.WT 0.015   PTA.WT 88.4%   IVA.WT 0.02 $0.04 Bargain
  C A Bancorp Cdn Rlty Fin Corp   TCM.WT 27-Oct-11   NOT.WT -3.41   MOB.WT 65   VZX.WT 0.015   PTA.WT.A 88.4%   LPK.WT 0.25 $0.48 Bargain
Intrinsic Value Calvista Gold Corp.   PDL.WT.B 28-Oct-11   NBD.WT -3.04   GMC.WT 61   YCM.WT.A 0.015   AA.WT 87.7%   TFA.WT.A 0.065 $0.11 Bargain
The difference between  Canada Lithium Corp.   XYM.WT 31-Oct-11   GTE.WT -3.01   GMC.WT.A 61   MGA.WT 0.015   PDL.WT.B 86.9%   VZX.WT 0.015 $0.03 Bargain
the exercise price and Canadian Income Mgmt Tr   CCP.WT 2-Nov-11   CCP.WT -2.76   YCM.WT.A 51.33   YNG.WT 0.015   APV.WT.A 85.8%   GAA.WT 0.64 $1.10 Bargain
the actual trading price  Canadian Western Bank   GCM.WT.A 3-Nov-11   GMC.WT.A -2.7   XMF.WT.A 46   MOB.WT 0.02   APV.WT 85.8%   FEO.WT.B 0.1 $0.17 Bargain
of the common stock. Canoe Go Canada Income Fund   GMC.WT 3-Nov-11   YNG.WT -2.55   PNP.WT 43.4   IVA.WT 0.02   LRT.WT.A 83.5%   GAA.WT 0.64 $1.07 Bargain
Once the common has  Caza Gold Corp   TAO.WT 5-Nov-11   PDL.WT.B -2.52   CCJ.WT.B 38   YEL.WT 0.02   LRT.WT 83.5%   EIT.WT.A 0.03 $0.05 Bargain
gone over the exercise CC&L Conservative Income   URB.WT.B 10-Nov-11   EMC.WT -2.52   CCJ.WT.A 38   RBN.WT.A 0.02   SFF.WT 83.4%   CVZ.WT 0.1 $0.15 Bargain
price the warrants are  Chesapeake Gold   TXG.WT 12-Nov-11   GMC.WT -2.45   RML.WT 37   CTF.WT 0.02   NTC.WT 83.1%   TMD.WT 0.5 $0.74 Undervalued
said to be 'in the money'. Citadel Income Fund   KAT.WT 20-Nov-11   FRO.WT -2.36   TMB.WT 37   PMI.WT.A 0.02   USA.WT 83.0%   LRT.WT 0.1 $0.15 Undervalued
  Claude Resources   PPF.WT 30-Nov-11   CCJ.WT.B -2.31   PDL.WT.B 33.17   MGA.WT.A 0.02   TAB.WT 82.0%   TAB.WT 0.1 $0.14 Undervalued
Volatility CMP Gold Trust   HCF.WT 30-Nov-11   PVG.WT -2.28   EMC.WT 33   ILC.WT 0.03   RED.WT 78.1%   PAU.WT 0.25 $0.36 Undervalued
The higher the volatility  Coalcorp Mining   REC.WT 30-Nov-11   GCM.WT.A -2.28   GMC.WT.B 30.5   EIT.WT.A 0.03   MGA.WT.B 77.9%   P.WT 0.8 $1.14 Undervalued
rating the higher the price Coalcorp Mining   CTF.WT 2-Dec-11   PMD.WT -2.21   YNG.WT 30   SBI.WT 0.03   MGA.WT 77.9%   FGX.WT.B 1.52 $1.93 Undervalued
of the warrant will be. Commerce Split Corp unit   FT.WT.A 3-Dec-11   VGZ.WT.S -2.05   FNV.WT.B 29.59   PCT.WT 0.035   MGA.WT.A 77.9%   XRG.WT 0.8 $1.00 Undervalued
A measure of actual  Compton Petroleum Corp   PIC.WT 15-Dec-11   GCI.WT -2.01   CMT.WT 25   MNP.WT 0.035   FEO.WT.A 77.0%   PDL.WT.B 0.12 $0.15 Undervalued
stock price changes over  Continental Gold   XRG.WT 21-Dec-11   RF.WT -2   MGA.WT 22.42   PTA.WT.A 0.035   FEO.WT.B 77.0%   SBI.WT 0.03 $0.04 Undervalued
a specific period of time.  Crocodile Gold   MFL.WT 31-Dec-11   HGI.WT -1.83   PYC.WT 22.36   GCI.WT 0.04   IVA.WT 76.9%   SSL.WT.A 0.67 $0.82 Undervalued
Historical volatility is  Dundee Precious Metals   OUS.WT 16-Jan-12   RNX.WT -1.82   TID.WT 22.2   LRT.WT.A 0.04   BAA.WT 76.8%   GPD.WT 0.07 $0.08 Undervalued
calculated by using the  Dundee Precious Metals   GCI.WT 30-Jan-12   GCM.WT -1.75   NGD.WT.B 20.66   PTA.WT 0.04   CZY.WT 76.7%   VGZ.WT.S 0.98 $1.15 Undervalued
standard deviation of an East West Petroleum Corp   MGA.WT 12-Feb-12   CMP.WT.B -1.73   GPD.WT 19   APV.WT 0.04   TFA.WT.A 75.6%   GPF.WT.A 0.095 $0.11 Undervalued
underlying stock price. ECU Silver Mining Inc   ML.WT 16-Feb-12   GAA.WT.A -1.6   GCM.WT.A 17.71   GCM.WT.A 0.04   YEL.WT 75.2%   NQ.WT 0.5 $0.58 Undervalued
  EMC Metals Corp   CKG.WT 23-Feb-12   CRK.WT -1.59   MGA.WT.A 16.82   OUS.WT 0.05   GPD.WT 75.0%   SND.WT 0.14 $0.16 Undervalued
In the Money Endeavour Financial   CNM.WT 28-Feb-12   VGZ.WT.S -1.55   DPM.WT 15.07   GMF.WT 0.05   LPK.WT 74.7%   WLT.WT 8.95 $10.24 Undervalued
When the price of the  Endeavour Mining Corp   XMF.WT.A 28-Feb-12   PPF.WT -1.48   LQD.WT 13.82   TID.WT 0.05   ANS.WT 73.6%   CZY.WT 0.055 $0.06 Undervalued
common is higher than  Endeavour Silver Corp   YCM.WT.A 28-Feb-12   CMT.WT -1.43   BEV.WT 13.17   NGD.WT.B 0.05   EMC.WT 70.9%   DPM.WT.A 5.15 $5.76 Undervalued
the exercise price EnerVest Diversified Income Trust   TMB.WT 29-Feb-12   BEV.WT -1.38   SBI.WT 13   CLQ.WT 0.05   SND.WT 70.3%   FNV.WT 8.1 $9.00 Undervalued
  Ethiopian Potash   BNK.WT.A 1-Mar-12   XYM.WT -1.37   K.WT.C 13   APV.WT.A 0.05   GMC.WT 70.2%   FRO.WT 0.24 $0.27 Undervalued
At the Money Faircourt Gold Income   GMC.WT.A 6-Mar-12   PNP.WT.B -1.33   CLQ.WT 12.8   MTO.WT 0.05   GMC.WT.A 70.2%   SSL.WT 0.83 $0.92 Undervalued
When the price of the  Feronia Inc   FNV.WT 13-Mar-12   PIC.WT -1.3   PMI.WT.A 11.25   PNP.WT 0.05   GMC.WT.B 70.2%   MND.WT 0.37 $0.41 Undervalued
underlying is equivalent Formation Metals   HGI.WT 30-Mar-12   PAK.WT -1.28   PWC.WT 11.11   LQD.WT 0.055   EW.WT 69.7%   AEM.WT.U 15.85 $17.21 Fair Market Value
or close to the strike price. Fortress Energy Inc   NGD.WT.B 3-Apr-12   ML.WT -1.28   ANS.WT 11   CZY.WT 0.055   FED.WT 68.8%   GLD.WT 0.23 $0.25 Fair Market Value
  Fortune Minerals Ltd.   PVG.WT 8-Apr-12   URB.WT.B -1.26   YEL.WT 10.5   SCI.WT 0.055   FRO.WT 68.8%   MNP.WT 0.035 $0.04 Fair Market Value
Exercise ratio Franco-Nevada   PNP.WT 16-Apr-12   PYC.WT -1.24   REC.WT 10.50   SFF.WT 0.06   BNK.WT.A 67.8%   BRK.WT 1.55 $1.67 Fair Market Value
The number of warrants  Franco-Nevada   MGT.WT.U 20-Apr-12   CNM.WT -1.22   ADM.WT 10.17   BPV.WT.A 0.06   RNX.WT 66.9%   CWB.WT 17.19 $18.15 Fair Market Value
related to one share and Franco-Nevada   GMC.WT.B 27-Apr-12   MB.WT -1.22   PNP.WT.A 9.86   TFA.WT.A 0.065   KSK.WT 66.5%   FT.WT.A 0.59 $0.62 Fair Market Value
specifies the amount of  Frontier Rare Earths Ltd   RED.WT 29-Apr-12   EW.WT -1.14   MGT.WT.U 9.84   NOT.WT 0.065   CVZ.WT 66.0%   GMF.WT 0.05 $0.05 Fair Market Value
underlying that the owner Gazit America In   BEV.WT 7-May-12   IVA.WT -1.12   TCM.WT 9.6   GPD.WT 0.07   TID.WT 65.9%   PTA.WT 0.04 $0.04 Fair Market Value
of a single warrant is  Gazit America In   MTO.WT 15-May-12   RN.WT -1.08   FRO.WT 9.33   K.WT.B 0.07   MGT.WT.U 64.6%   TXG.WT 0.48 $0.50 Fair Market Value
entitled to buy. Gazit America Inc.   CZY.WT 22-May-12   VGZ.WT.S -1.05   PVG.WT 9.29   HGI.WT 0.075   ADM.WT 64.2%   BWR.WT.A 0.62 $0.64 Fair Market Value
  Geovic Mining Corp   ROZ.WT 28-May-12   ZAZ.WT -1.05   LRT.WT.A 9.25   AA.WT 0.09   AVL.WT 63.8%   ML.WT.A 1.77 $1.82 Fair Market Value
Time Value Geovic Mining Corp   PMI.WT.A 28-May-12   ADM.WT -1.03   NOT.WT 9.08   EW.WT 0.09   USO.WT 63.7%   AR.WT 1.8 $1.84 Fair Market Value
The time value is the  Geovic Mining Corp   ADM.WT 2-Jun-12   OUS.WT -1   FEI.WT.A 9   GPF.WT.A 0.095   GCM.WT 62.1%   MFL.WT 8.92 $9.07 Fair Market Value
difference between the Global Adv Tele&Utilities Inc Fd   AAB.WT 6-Jun-12   MOB.WT -0.95   GAA.WT 8.65   FEO.WT.A 0.1   GCM.WT.A 62.1%   NGD.WT.A 2.89 $2.94 Fair Market Value
current warrant price  GMIncome & Growth Fund    MGA.WT.A 6-Jun-12   LPK.WT -0.95   GAA.WT 8.65   FEO.WT.B 0.1   VGZ.WT.S 61.3%   EDR.WT 5.7 $5.76 Fair Market Value
and its intrinsic value. Gold Participation and Income Fund   TAB.WT 11-Jun-12   BPV.WT.A -0.91   MNP.WT 8.43   CVZ.WT 0.1   VGZ.WT.S 61.3%   TAO.WT 2.79 $2.83 Fair Market Value
The time value is to be  Golden Predator   APV.WT 11-Jun-12   KSK.WT -0.89   BPV.WT.A 8.17   LRT.WT 0.1   VGZ.WT.S 61.3%   SLW.WT.U 18.35 $18.33 Fair Market Value
interpreted as the Gran Colombia Gold Corp   TIC.WT 15-Jun-12   FCO.WT -0.81   ZAZ.WT 8   TAB.WT 0.1   VGZ.WT.S 61.3%   BAA.WT 2.1 $2.07 Fair Market Value
consideration paid for  Gran Colombia Gold Corp   YNG.WT 20-Jun-12   PWC.WT -0.8   CVZ.WT 7.8   NTC.WT 0.1   EDR.WT 58.6%   USA.WT 0.51 $0.48 Fair Market Value
the advantage that the Gran Tierra Energy   WLT.WT 28-Jun-12   EIT.WT.A -0.78   CMP.WT.B 7.58   USO.WT 0.1   SBI.WT 58.6%   AVL.WT 1.87 $1.75 Fair Market Value
warrant buyer has over  GT Canada   DPM.WT 29-Jun-12   MGA.WT.B -0.76   GAA.WT.A 7.38   TMB.WT 0.1   TMB.WT 58.4%   CNL.WT 1.41 $1.31 Fair Market Value
the direct investor. It Harvest Canadian Inc & Gr Fund   MND.WT 6-Aug-12   MTO.WT -0.75   PAK.WT 7.13   HCF.WT 0.11   TXG.WT 58.4%   K.WT.D. 2.48 $2.31 Fair Market Value
is greatest when the  International Lithium   FED.WT 9-Sep-12   LQD.WT -0.74   EW.WT 6.78   PAK.WT 0.115   PAK.WT 58.3%   AAB.WT 0.15 $0.14 Fair Market Value
warrants are 'at the money' Ivanhoe Australia   QUX.WT 10-Sep-12   GAA.WT -0.67   FNV.WT.A 6.66   PMI.WT 0.115   TMD.WT 57.6%   FED.WT 0.31 $0.28 Fair Market Value
but decreases as the Katanga Mining   CNL.WT 12-Sep-12   SIN.WT -0.64   FGX.WT.B 6.4   PDL.WT.B 0.12   TMD.WT.A 57.6%   BNK.WT.A 4.1 $3.72 Fair Market Value
exercise date draws closer. Kinross   TFA.WT.A 21-Oct-12   YEL.WT -0.64   RNX.WT 6.38   ADM.WT 0.12   FT.WT.A 57.6%   WRN.WT 0.91 $0.79 Overvalued
The decreased value is  Kinross   VGZ.WT.S 22-Oct-12   LRT.WT -0.63   K.WT.D. 6.29   RPG.WT 0.12   FCO.WT 57.1%   BEV.WT 0.18 $0.16 Overvalued
called time decay and  Kinross     PNP.WT.A 23-Oct-12   CVZ.WT -0.62   XRG.WT 6.20   SND.WT 0.14   SSL.WT.A 56.9%   RED.WT 0.14 $0.12 Overvalued
decreases at a faster  Kiska Metals   AC.WT 28-Oct-12   FEO.WT.B -0.6   CZY.WT 6.09   RED.WT 0.14   SSL.WT 56.9%   CKG.WT 4.63 $3.95 Overvalued
pace as the expiry date Lanesborough REIT   AC.WT 28-Oct-12   GMF.WT -0.6   VZX.WT 6   FRN.WT 0.15   MND.WT 56.9%   NTC.WT 0.1 $0.09 Overvalued
draws closer. Lanesborough REIT   FRO.WT 17-Nov-12   PTA.WT -0.6   TFA.WT.A 5.92   AAB.WT 0.15   BEV.WT 56.0%   QUX.WT 3.45 $2.90 Overvalued
  Liquid Nutrition Group   PTA.WT.A 19-Nov-12   BRD.WT -0.6   TAB.WT 5.9   ZAZ.WT 0.15   PNP.WT.B 55.5%   EDV.WT.A 0.65 $0.54 Overvalued
  Lupaka Gold Corp.   PWC.WT 25-Nov-12   BRD.WT.A -0.59   AAB.WT 5.73   MB.WT 0.17   PNP.WT.A 55.5%   CRJ.WT 0.72 $0.59 Overvalued
  M Split Corp   NGD.WT.C 28-Nov-12   TID.WT -0.57   PGM.WT 5.59   MGA.WT.B 0.175   PNP.WT 55.5%   ROZ.WT 0.57 $0.45 Overvalued
  Macusani Yellowcake   RML.WT 29-Nov-12   AA.WT -0.55   ILC.WT 5.5   BEV.WT 0.18   CRJ.WT 55.4%   AC.WT 0.395 $0.31 Overvalued
  Manas Petroleum Corp   SBI.WT 2-Dec-12   VGZ.WT.S -0.55   ML.WT 5.44   PWC.WT 0.18   ML.WT.A 55.4%   USO.WT 0.1 $0.08 Overvalued
  Mandalay Resources Corp   RNX.WT 16-Dec-12   GPF.WT.A -0.54   AC.WT 5.39   KSK.WT 0.18   ML.WT 55.4%   VGZ.WT.S 0.98 $0.76 Overvalued
  MEGA Brands Inc   ZAZ.WT 19-Dec-12   FEI.WT.A -0.51   AC.WT 5.37   RNX.WT 0.185   RN.WT 55.1%   GCM.WT 0.27 $0.20 Overvalued
  Mega Uranium   BPV.WT.A 20-Dec-12   SFF.WT -0.48   LPK.WT 5.2   MGT.WT.U 0.185   AAB.WT 55.1%   YEL.WT 0.02 $0.01 Overvalued
  Mega Uranium   SFF.WT 21-Dec-12   CTF.WT -0.48   CNL.WT 5.18   CRK.WT 0.19   P.WT 53.6%   AA.WT 0.09 $0.06 Overvalued
  Mega Uranium   WRN.WT 22-Dec-12   ST.WT -0.44   P.WT 5.16   ANS.WT 0.2   PMI.WT 52.7%   ADM.WT 0.12 $0.08 Overvalued
  Mercator Minerals Ltd   EW.WT 22-Dec-12   HCF.WT -0.43   MTO.WT 5   FNV.WT.B 0.21   PMI.WT.A 52.7%   CMP.WT.B 1.75 $1.21 Overvalued
  Mercator Minerals Ltd   SND.WT 23-Dec-12   PTA.WT.A -0.43   FNV.WT 4.93   PNP.WT.A 0.22   CLQ.WT 51.8%   AC.WT 0.395 $0.27 Overvalued
  Metanor Resources   APV.WT.A 23-Dec-12   TMD.WT.A -0.42   SFF.WT 4.5   GLD.WT 0.23   BPV.WT 50.8%   REC.WT 0.01 $0.01 Overvalued
  Minefinders Corp   MOB.WT 24-Dec-12   NTC.WT -0.39   PTA.WT.A 4.43   FRO.WT 0.24   BPV.WT.A 50.8%   BPV.WT 0.3 $0.19 Overvalued
  Mines Management    AR.WT 29-Dec-12   LRT.WT.A -0.38   QUX.WT 4.41   LPK.WT 0.25   CRK.WT 50.1%   BRD.WT 0.65 $0.42 Overvalued
  New Gold Inc.   VZX.WT 5-Jan-13   MNP.WT -0.38   ST.WT 4.24   PAU.WT 0.25   MNP.WT 50.0%   ANS.WT 0.2 $0.13 Overvalued
  New Gold Inc.   CMP.WT.B 25-Jan-13   PMI.WT.A -0.38   FEO.WT.A 4   ST.WT 0.25   ECU.WT 49.6%   FCO.WT 0.47 $0.28 Overvalued
  New Gold Inc.   ML.WT.A 29-Jan-13   WAI.WT -0.38   FEO.WT.B 4   GCM.WT 0.27   ZAZ.WT 48.8%   PVG.WT 1.1 $0.66 Overvalued
  Norbord   KSK.WT 23-Mar-13   SBI.WT -0.36   SND.WT 4   PYC.WT 0.28   WLT.WT 47.6%   RN.WT 0.52 $0.31 Overvalued
  Noront Resources Ltd   YEL.WT 25-Mar-13   TCM.WT -0.36   KSK.WT 3.94   BPV.WT 0.3   MTO.WT 47.2%   SFF.WT 0.06 $0.04 Overvalued
  North American Palladium Ltd.   NTC.WT 31-Mar-13   RBN.WT.A -0.35   FRN.WT 3.93   FED.WT 0.31   WRN.WT 46.1%   MB.WT 0.17 $0.10 Overvalued
  North American Tungsten   USO.WT 18-Apr-13   TMD.WT -0.27   PTA.WT 3.88   PMD.WT 0.35   SLW.WT.U 46.0%   GAA.WT.A 0.8 $0.45 Overvalued
  Northquest Ltd    ST.WT 29-Apr-13   RPG.WT -0.27   RPG.WT 3.79   ECU.WT 0.35   BRD.WT 44.0%   NGD.WT.C 0.45 $0.26 Overvalued
  Oceanic Iron Ore Corp   CVZ.WT 11-May-13   APV.WT -0.26   WRN.WT 3.71   MND.WT 0.37   BRD.WT.A 44.0%   MGA.WT.B 0.175 $0.10 Overvalued
  Oceanic Iron Ore Corp   CRJ.WT 22-May-13   PCT.WT -0.25   LRT.WT 3.7   AC.WT 0.395   TIC.WT 41.7%   CRK.WT 0.19 $0.10 Overvalued
  Omega Advisors U.S. Cap App Fd   ILC.WT 24-May-13   FEO.WT.A -0.25   PMD.WT 3.69   AC.WT 0.395   XRG.WT 40.9%   VGZ.WT.S 0.98 $0.54 Overvalued
  Pacific & Western Credit Corp   CCJ.WT.B 5-Jun-13   EDV.WT.A -0.24   NTC.WT 3.65   PGM.WT 0.41   KAT.WT 40.3%   ECU.WT 0.35 $0.18 Overvalued
  Papuan Precious Metals Corp   PAU.WT 5-Jul-13   ECU.WT -0.24   TXG.WT 3.63   NBD.WT 0.43   ST.WT 39.9%   PNP.WT.B 0.75 $0.39 Overvalued
  Peregrine Metals   FNV.WT.B 8-Jul-13   PMI.WT -0.23   NGD.WT.A 3.57   NGD.WT.C 0.45   CNL.WT 39.9%   ZAZ.WT 0.15 $0.08 Overvalued
  Petroamerica Oil Corp   PNP.WT.B 11-Jul-13   TIC.WT -0.22   EDV.WT.A 3.48   FCO.WT 0.47   YNG.WT 39.6%   PWC.WT 0.18 $0.09 Overvalued
  Petroamerica Oil Corp   ANS.WT 29-Jul-13   ILC.WT -0.21   CRK.WT 3.47   TXG.WT 0.48   PVG.WT 37.8%   RNX.WT 0.185 $0.09 Overvalued
  PetroMagdalena Energy Corp   K.WT.C 3-Sep-13   CNL.WT -0.2   RED.WT 3.36   TMD.WT 0.5   QUX.WT 37.7%   KSK.WT 0.18 $0.09 Very Overvalued
  Petromanas Energy In   SLW.WT.U 5-Sep-13   USO.WT -0.16   AEM.WT.U 3.35   NQ.WT 0.5   EDV.WT.A 36.8%   ST.WT 0.25 $0.13 Very Overvalued
  Petromanas Energy Inc   FRN.WT 8-Sep-13   CLQ.WT -0.16   AR.WT 3.23   ML.WT 0.5   EDV.WT.C 36.8%   BRD.WT.A 0.85 $0.42 Very Overvalued
  Pinetree Capital   VGZ.WT.S 22-Oct-13   REC.WT -0.15   TMD.WT 3.16   USA.WT 0.51   URB.WT.B 36.4%   EW.WT 0.09 $0.04 Very Overvalued
  Pinetree Capital   GAA.WT 30-Nov-13   AAB.WT -0.14   GCM.WT 3.15   RN.WT 0.52   NOT.WT 36.4%   PMI.WT 0.115 $0.05 Very Overvalued
  Pinetree Capital   AEM.WT.U 2-Dec-13   APV.WT.A -0.14   VGZ.WT.S 3.01   DPM.WT 0.55   DPM.WT.A 36.2%   FNV.WT.A 6 $2.40 Very Overvalued
  Premium Income Corp    NBD.WT 24-Dec-13   TAB.WT -0.13   VGZ.WT.S 3.01   ROZ.WT 0.57   DPM.WT 36.2%   PTA.WT.A 0.035 $0.01 Very Overvalued
  Pretium Resources   EDV.WT.A 4-Feb-14   CZY.WT -0.12   VGZ.WT.S 3.01   FT.WT.A 0.59   GTE.WT 35.5%   TCM.WT 0.9 $0.34 Very Overvalued
  Prima Colombia   ECU.WT 20-Feb-14   VZX.WT -0.11   VGZ.WT.S 3.01   BWR.WT.A 0.62   AEM.WT.U 33.8%   TID.WT 0.05 $0.02 Very Overvalued
  Primary Corp.   CWB.WT 2-Mar-14   SND.WT -0.11   PNP.WT.B 2.89   GAA.WT 0.64   PPF.WT 33.8%   NGD.WT.B 0.05 $0.02 Very Overvalued
  Primero Mining Corp   FCO.WT 8-Mar-14   ROZ.WT -0.1   PCT.WT 2.86   GAA.WT 0.64   TAO.WT 33.6%   RBN.WT.A 0.02 $0.01 Very Overvalued
  Propel Multi-Strategy Fund   BWR.WT.A 9-Apr-14   AC.WT -0.08   AVL.WT 2.82   EDV.WT.A 0.65   NGD.WT.A 32.9%   CTF.WT 0.02 $0.01 Very Overvalued
  Quadra FNX Mining Ltd   GAA.WT.A 14-Apr-14   TFA.WT.A -0.07   FED.WT 2.68   BRD.WT 0.65   NGD.WT.C 32.9%   NBD.WT 0.43 $0.13 Very Overvalued
  Ram Power Corp   SSL.WT 23-Apr-14   WRN.WT -0.07   MB.WT 2.56   SSL.WT.A 0.67   NGD.WT.B 32.9%   TIC.WT 1 $0.31 Very Overvalued
  RedWater Energy   MNP.WT 6-May-14   AC.WT -0.07   FCO.WT 2.53   CRJ.WT 0.72   AR.WT 32.6%   RPG.WT 0.12 $0.04 Very Overvalued
  Reliant Gold Corp   RPG.WT 19-May-14   AHX.WT -0.05   CKG.WT 2.52   PNP.WT.B 0.75   OUS.WT 31.2%   ML.WT 0.5 $0.14 Very Overvalued
  Rio Novo Gold Inc    BRK.WT 27-May-14   SCI.WT -0.05   BRD.WT 2.46   P.WT 0.8   AC.WT 30.6%   CLQ.WT 0.05 $0.01 Very Overvalued
  Rodinia Oil Corp   LPK.WT 28-Jun-14   RED.WT -0.03   NBD.WT 2.46   XRG.WT 0.8   CKG.WT 30.4%   SCI.WT 0.055 $0.01 Very Overvalued
  Royal Nickel Corporation   PYC.WT 30-Jun-14   FRN.WT -0.01   USO.WT 2.4   GAA.WT.A 0.8   PWC.WT 29.2%   FNV.WT.B 0.21 $0.05 Very Overvalued
  Rusoro Mining   FGX.WT.B 30-Jun-14   GPD.WT -0.01   FT.WT.A 2.37   SSL.WT 0.83   PIC.WT 29.0%   RML.WT 0.005 $0.00 Very Overvalued
  Sandstorm Gold   USA.WT 10-Jul-14   BPV.WT -0.01   CRJ.WT 2.36   BRD.WT.A 0.85   NBD.WT 28.8%   APV.WT.A 0.05 $0.01 Very Overvalued
  Sandstorm Gold   K.WT.D. 17-Sep-14   FED.WT 0.08   NGD.WT.C 2.3   TCM.WT 0.9   RPG.WT 27.9%   CCP.WT 0.005 $0.00 Very Overvalued
  Sandstorm Metals   AA.WT 7-Oct-14   PAU.WT 0.10   TAO.WT 2.29   WRN.WT 0.91   K.WT.D. 27.5%   K.WT.C 1.2 $0.22 Very Overvalued
  SCITI ROCS Trust   PTA.WT 8-Oct-14   NQ.WT 0.10   TIC.WT 2.28   VGZ.WT.S 0.98   K.WT.C 27.5%   PNP.WT.A 0.22 $0.04 Very Overvalued
  SCITI Trust   BPV.WT 10-Oct-14   CRJ.WT 0.1   RN.WT 2.25   VGZ.WT.S 0.98   K.WT.B 27.5%   VGZ.WT.S 0.98 $0.17 Very Overvalued
  Seafield Resources   MGA.WT.B 26-Oct-14   GLD.WT 0.13   AA.WT 2.22   VGZ.WT.S 0.98   MB.WT 27.0%   BPV.WT.A 0.06 $0.01 Very Overvalued
  Serabi Mining   GLD.WT 27-Oct-14   GAA.WT 0.27   ROZ.WT 2.16   VGZ.WT.S 0.98   GCI.WT 27.0%   DPM.WT 0.55 $0.09 Very Overvalued
  Silver Wheaton   BRD.WT 19-Nov-14   QUX.WT 0.27   SSL.WT.A 2.04   TIC.WT 1   MFL.WT 26.9%   XMF.WT.A 0.005 $0.00 Very Overvalued
  Star Portfolio Corp   BRD.WT.A 19-Nov-14   PGM.WT 0.29   ECU.WT 2.03   PVG.WT 1.1   TCM.WT 26.2%   MGT.WT.U 0.185 $0.02 Very Overvalued
  Stonegate Agricom Ltd   NOT.WT 16-Dec-14   MND.WT 0.38   AHX.WT 2   K.WT.C 1.2   AC.WT 25.1%   PMI.WT.A 0.02 $0.00 Very Overvalued
  TAG Oil Ltd   NQ.WT 21-Dec-14   SSL.WT.A 0.41   BAA.WT 1.99   CNL.WT 1.41   BRK.WT 24.5%   TMB.WT 0.1 $0.00 Very Overvalued
  Tembec   PMI.WT 23-Feb-15   USA.WT 0.43   PAU.WT 1.98   FGX.WT.B 1.52   HGI.WT 24.4%   APV.WT 0.04 $0.00 Very Overvalued
  Thompson Creek Metals   LRT.WT 5-Mar-15   TXG.WT 0.44   PMI.WT 1.96   BRK.WT 1.55   CMP.WT.B 22.8%   NOT.WT 0.065 $0.00 Very Overvalued
  Titan Medical   RN.WT 8-Mar-15   FT.WT.A 0.6   MND.WT 1.92   CMP.WT.B 1.75   PYC.WT 21.7%   XYM.WT 0.005 $0.00 Very Overvalued
  Titan Medical Inc   MB.WT 30-Mar-15   FGX.WT.B 0.68   MGA.WT.B 1.9   ML.WT.A 1.77   RF.WT 20.3%   YCM.WT.A 0.015 $0.00 Very Overvalued
  Titanium Corp. Inc   P.WT 19-Jul-15   XRG.WT 0.76   SLW.WT.U 1.88   AR.WT 1.8   GAA.WT 18.0%   CCJ.WT.A 0.005 $0.00 Very Overvalued
  Torex Gold Resources Inc   GCM.WT 24-Aug-15   SSL.WT 0.79   BRD.WT.A 1.88   AVL.WT 1.87   GAA.WT 18.0%   CMT.WT 0.005 $0.00 Very Overvalued
  Touchstone Exploration Inc   PCT.WT 21-Sep-15   AR.WT 1.32   APV.WT 1.88   BAA.WT 2.1   GAA.WT.A 18.0%   EDV.WT.C 0.01 $0.00 Very Overvalued
  Trafina Energy Ltd   SSL.WT.A 19-Oct-15   NGD.WT.C 1.33   CWB.WT 1.77   K.WT.D. 2.48   FNV.WT 17.4%   EMC.WT 0.005 $0.00 Very Overvalued
  Tuscany Intl Drilling Inc   VGZ.WT.S 22-Oct-15   BRK.WT 1.54   SSL.WT 1.65   TAO.WT 2.79   FNV.WT.A 17.4%   FEI.WT.A 0.005 $0.00 Very Overvalued
  U S Silver Corp   DPM.WT.A 20-Nov-15   AVL.WT 1.68   BRK.WT 1.64   NGD.WT.A 2.89   FNV.WT.B 17.4%   GCM.WT.A 0.04 $0.00 Very Overvalued
  Urbana Corp   FEO.WT.A 30-Nov-15   ML.WT.A 1.72   EDR.WT 1.64   QUX.WT 3.45   GPF.WT.A 15.3%   GMC.WT 0.005 $0.00 Very Overvalued
  US Oil Sands Inc.    GAA.WT 30-Nov-15   BAA.WT 2.05   BPV.WT 1.63   BNK.WT.A 4.1   HCF.WT 13.7%   GMC.WT.A 0.005 $0.00 Very Overvalued
  Vega Resources    FEO.WT.B 30-Nov-15   TAO.WT 2.78   DPM.WT.A 1.61   CKG.WT 4.63   CWB.WT 12.4%   GMC.WT.B 0.01 $0.00 Very Overvalued
  Vista Gold   TMD.WT 10-Dec-15   BNK.WT.A 3.63   MFL.WT 1.57   DPM.WT.A 5.15   EIT.WT.A 11.3%   GTE.WT 0.005 $0.00 Very Overvalued
  Vista Gold   LRT.WT.A 23-Dec-15   CKG.WT 3.69   ML.WT.A 1.54   EDR.WT 5.7   SIN.WT 11.2%   K.WT.B 0.07 $0.00 Very Overvalued
  Vista Gold   PMD.WT 22-Feb-16   DPM.WT.A 5.04   APV.WT.A 1.5   FNV.WT.A 6   GMF.WT 9.8%   KAT.WT 0.005 $0.00 Very Overvalued
  Vista Gold   PAK.WT 14-Mar-16   EDR.WT 5.73   WLT.WT 1.49   FNV.WT 8.1   SCI.WT 8.8%   MGA.WT 0.015 $0.00 Very Overvalued
  Vuzix Corp   CRK.WT 24-Mar-16   BWR.WT.A 6.22   BNK.WT.A 1.46   MFL.WT 8.92   CTF.WT 8.0%   MGA.WT.A 0.02 $0.00 Very Overvalued
  Walter Energy   AHX.WT 30-Mar-16   AEM.WT.U 7.71   GLD.WT 1.41   WLT.WT 8.95   FGX.WT.B 7.5%   MTO.WT 0.05 $0.00 Very Overvalued
  West African Iron Ore Corp   WAI.WT 31-Mar-16   FNV.WT 7.95   NQ.WT 1.20   AEM.WT.U 15.85   CCP.WT 7.0%   PNP.WT 0.05 $0.00 Very Overvalued
  Western Copper   LQD.WT 13-May-16   MFL.WT 8.96   BWR.WT.A 1.2   CWB.WT 17.19   RBN.WT.A 7.0%   URB.WT.B 0.005 $0.00 Very Overvalued
  Xinergy Ltd   TMD.WT.A 21-Jun-16   SLW.WT.U 15.16   USA.WT 1.16   SLW.WT.U 18.35   XYM.WT 6.8%   YNG.WT 0.015 $0.00 Very Overvalued
  Yukon-Nevada Gold   FNV.WT.A 16-Jun-17   CWB.WT 16.45   TMD.WT.A nt   TMD.WT.A nt   FEI.WT.A 5.0%   TMD.WT.A nt $0.76 Not Trading
  Zazu Metals Corp   NGD.WT.A 28-Jun-17   WLT.WT 88.54   WAI.WT nt   WAI.WT nt   BWR.WT.A 3.4%   WAI.WT nt $0.11 Not Trading