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Warrant Sheets for Companies as of June 17th 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   FEI.WT 20-Jun-11   FNV.WT.A -39.28   RF.WT 4252   RF.WT 0.005   CMT.WT 268.9%   PIC.WT 0.025 $0.61 Bargain
The last day the warrants  Adherex Technologies   FSS.WT 30-Jun-11   FNV.WT.B -28.55   EDV.WT.C 2478.54   URB.WT.B 0.005   AHX.WT 229.5%   RF.WT 0.005 $0.08 Bargain
can be exercised. If Agnico-Eagle   OBF.WT 30-Jun-11   K.WT.C -17.27   OBF.WT 2170   CMT.WT 0.005   REC.WT 227.2%   OUS.WT 0.06 $0.96 Bargain
warrants aren't being  Ainsworth Lumber Co Ltd   BSC.WT 7-Jul-11   EDV.WT.C -14.75   SIN.WT 867.33   XMF.WT.A 0.005   AA.WT 166.1%   GCI.WT 0.025 $0.37 Bargain
exercised then they Air Canada cl A   FGX.WT.C 29-Jul-11   PNP.WT -12.89   PPF.WT 825   CCJ.WT.B 0.005   SFF.WT 155.5%   URB.WT.B 0.005 $0.07 Bargain
must be sold the day  Air Canada cl B   DNA.WT 29-Jul-11   XMF.WT.A -12.19   CCP.WT 794.67   CCJ.WT.A 0.005   XMF.WT.A 154.0%   HGI.WT 0.03 $0.42 Bargain
before the expiry date. Alange Energy Corp   SCI.WT 4-Aug-11   YCM.WT.A -11.64   XYM.WT 724   EMC.WT 0.005   VZX.WT 151.5%   XYM.WT 0.015 $0.19 Bargain
The longer the time to  Andina Minerals Inc   EDV.WT.C 7-Aug-11   ANS.WT -9.53   FSS.WT 659.33   FEI.WT 0.005   NQ.WT 150.7%   HCF.WT 0.095 $0.97 Bargain
expiry the more Argonaut Gold Ltd   GPD.WT 15-Aug-11   TMB.WT -8.3   CTF.WT 510   FEI.WT.A 0.005   BWR.WT.A 138.9%   LRT.WT.A 0.035 $0.27 Bargain
valuable the warrants. ARISE Technologies Corp   EMC.WT 15-Aug-11   CCJ.WT.A -8.21   BSC.WT 493.6   GMC.WT 0.005   APV.WT.A 129.6%   CNM.WT 0.04 $0.27 Bargain
  ARISE Technologies Corp   CCJ.WT.A 17-Aug-11   K.WT.B -7.76   PIC.WT 458.4   OBF.WT 0.005   APV.WT 129.6%   SIN.WT 0.015 $0.07 Bargain
Leverage Astral Mining Corp   RBN.WT.A 25-Aug-11   DPM.WT -7.43   EIT.WT.A 401.14   VZX.WT 0.01   CNM.WT 122.7%   MOB.WT 0.05 $0.24 Bargain
The leverage of a warrant Augen Gold Cor   GTE.WT 28-Aug-11   KAT.WT -6.88   GCI.WT 398   REC.WT 0.01   YNG.WT 122.4%   VZX.WT 0.01 $0.04 Bargain
is a measure of how much Avalon Rare Metals Inc   K.WT.B 7-Sep-11   NGD.WT.A -6.1   HGI.WT 356   CTF.WT 0.01   LRT.WT.A 120.3%   LRT.WT 0.055 $0.23 Bargain
you can increase your Bankers Petroleum   PGM.WT 11-Sep-11   NGD.WT.B -6.1   RBN.WT.A 269   RML.WT 0.01   LRT.WT 120.3%   FSS.WT 0.015 $0.06 Bargain
exposure to a share if Banro Corp   SIN.WT 15-Sep-11   MGA.WT.A -5.97   URB.WT.B 266   PPF.WT 0.01   TMD.WT 120.2%   REC.WT 0.01 $0.04 Bargain
you bought warrants Bennett Environmental Inc   GPF.WT.A 15-Sep-11   K.WT.D. -5.42   GPF.WT.A 180.62   KAT.WT 0.01   RML.WT 108.3%   IVA.WT 0.065 $0.22 Bargain
instead of making a Blue Ribbon   BAA.WT 17-Sep-11   MGA.WT -5.07   GMF.WT 174.62   EDV.WT.C 0.01   GLD.WT 104.4%   CTF.WT 0.01 $0.03 Bargain
direct investment. It is  BNS Split Corp II   IVA.WT 20-Sep-11   GMC.WT.B -4.65   OUS.WT 168.33   GMC.WT.B 0.01   YCM.WT.A 103.7%   FEO.WT.B 0.07 $0.16 Bargain
calculated dividing the  Breakwater Resources   EIT.WT.A 20-Sep-11   P.WT -4.63   KAT.WT 162   XYM.WT 0.015   MND.WT 94.0%   LQD.WT 0.15 $0.34 Bargain
current share price by Brick Group   CMT.WT 25-Sep-11   PNP.WT.A -4.39   FGX.WT.C 159.17   SIN.WT 0.015   CZY.WT 91.1%   CCP.WT 0.03 $0.06 Bargain
the current price of the  Bridgeport Ventures Inc   RF.WT 30-Sep-11   RML.WT -3.75   HCF.WT 127.16   FSS.WT 0.015   FRO.WT 90.0%   SFF.WT 0.055 $0.11 Bargain
warrant. Bridgeport Ventures Inc   AVL.WT 30-Sep-11   MGT.WT.U -3.68   K.WT.B 81.88   AHX.WT 0.015   BPV.WT.A 89.8%   PWC.WT 0.2 $0.40 Bargain
  Brigus Gold Corp   CLQ.WT 30-Sep-11   GTE.WT -3.52   GMC.WT 70   MGA.WT 0.015   BPV.WT 89.8%   FEO.WT.A 0.1 $0.20 Bargain
Intrinsic Value Brigus Gold Corp   FEI.WT.A 30-Sep-11   NOT.WT -3.39   XMF.WT.A 62   YNG.WT 0.02   CVZ.WT 88.8%   AHX.WT 0.015 $0.03 Bargain
The difference between  C A Bancorp Cdn Rlty Fin Corp   EDR.WT 7-Oct-11   PVG.WT -3   MB.WT 59.21   GMC.WT.A 0.02   EW.WT 87.2%   TMD.WT 0.5 $0.98 Bargain
the exercise price and Calvista Gold Corp.   GMF.WT 14-Oct-11   PDL.WT.B -2.99   IVA.WT 49.08   PIC.WT 0.025   USA.WT 87.1%   BSC.WT 0.1 $0.19 Bargain
the actual trading price  Canada Lithium Corp.   TID.WT 16-Oct-11   CCP.WT -2.91   FNV.WT.B 38.31   GCI.WT 0.025   ECU.WT 87.0%   AA.WT 0.095 $0.17 Bargain
of the common stock. Canadian Income Mgmt Tr   VGZ.WT.S 22-Oct-11   CMP.WT.B -2.79   CCJ.WT.B 38   MTO.WT 0.025   PAK.WT 85.3%   PAK.WT 0.2 $0.36 Bargain
Once the common has  Canadian Western Bank   TCM.WT 27-Oct-11   GMC.WT.A -2.65   CCJ.WT.A 38   YCM.WT.A 0.025   YEL.WT 81.0%   CVZ.WT 0.2 $0.35 Bargain
gone over the exercise Canoe Go Canada Income Fund   PDL.WT.B 28-Oct-11   FRO.WT -2.6   TID.WT 37   HGI.WT 0.03   FRN.WT 80.5%   EIT.WT.A 0.035 $0.06 Bargain
price the warrants are  Caza Gold Corp   XYM.WT 31-Oct-11   YNG.WT -2.6   PNP.WT 35.17   CCP.WT 0.03   GMC.WT.A 79.8%   FRN.WT 0.15 $0.25 Bargain
said to be 'in the money'. CC&L Conservative Income   CCP.WT 2-Nov-11   EMC.WT -2.52   GMC.WT.B 35   TID.WT 0.03   GMC.WT 79.8%   FRO.WT 0.245 $0.41 Bargain
  Chesapeake Gold   GCM.WT.A 3-Nov-11   RF.WT -2.49   YCM.WT.A 34.4   MGA.WT.A 0.03   GMC.WT.B 79.8%   RBN.WT.A 0.04 $0.07 Bargain
Volatility Citadel Income Fund   GMC.WT 3-Nov-11   VGZ.WT.S -2.4   CNM.WT 32.5   LRT.WT.A 0.035   FT.WT.A 78.7%   AC.WT 0.49 $0.68 Undervalued
The higher the volatility  Claude Resources   TAO.WT 5-Nov-11   GMC.WT -2.4   EMC.WT 32   EIT.WT.A 0.035   ST.WT 77.6%   BPV.WT.A 0.05 $0.07 Undervalued
rating the higher the price CMP Gold Trust   URB.WT.B 10-Nov-11   CCJ.WT.B -2.31   MOB.WT 31.8   CNM.WT 0.04   FEO.WT.B 76.4%   AC.WT 0.49 $0.67 Undervalued
of the warrant will be. Coalcorp Mining   TXG.WT 12-Nov-11   GCM.WT.A -2.15   SCI.WT 30.61   RBN.WT.A 0.04   FEO.WT.A 76.4%   YNG.WT 0.02 $0.03 Undervalued
A measure of actual  Coalcorp Mining   KAT.WT 20-Nov-11   NBD.WT -2.14   TMB.WT 28.46   PMI.WT.A 0.04   KAT.WT 76.2%   NQ.WT 0.5 $0.66 Undervalued
stock price changes over  Commerce Split Corp unit   HCF.WT 30-Nov-11   GCI.WT -2.05   RML.WT 25   APV.WT 0.04   PCT.WT 74.8%   ST.WT 0.275 $0.36 Undervalued
a specific period of time.  Compton Petroleum Corp   REC.WT 30-Nov-11   QUX.WT -2.04   PDL.WT.B 23.4   NGD.WT.B 0.04   CLQ.WT 73.3%   RN.WT 0.43 $0.54 Undervalued
Historical volatility is  Continental Gold   PPF.WT 30-Nov-11   RNX.WT -1.98   MGA.WT 23.33   PTA.WT 0.04   MGA.WT.B 72.3%   TXG.WT 0.4 $0.50 Undervalued
calculated by using the  Crocodile Gold   CTF.WT 2-Dec-11   FEI.WT -1.96   NGD.WT.B 22.25   PGM.WT 0.04   MGA.WT 72.3%   ALE.WT 0.065 $0.08 Undervalued
standard deviation of an Dalradian Resources Inc   FT.WT.A 3-Dec-11   VGZ.WT.S -1.9   BEV.WT 21.1   PTA.WT.A 0.045   MGA.WT.A 72.3%   ECU.WT 0.425 $0.53 Undervalued
underlying stock price. Dundee Precious Metals   PIC.WT 15-Dec-11   PPF.WT -1.75   CMT.WT 21   MOB.WT 0.05   ROZ.WT 71.8%   GAA.WT 1.25 $1.50 Undervalued
  Dundee Precious Metals   XRG.WT 21-Dec-11   GAA.WT.A -1.69   YNG.WT 20   BPV.WT.A 0.05   MTO.WT 71.3%   TAB.WT 0.1 $0.12 Undervalued
In the Money East West Petroleum Corp   MFL.WT 31-Dec-11   BEV.WT -1.64   PGM.WT 18.25   NTC.WT 0.05   WRN.WT 69.8%   SSL.WT 0.59 $0.67 Undervalued
When the price of the  ECU Silver Mining Inc   OUS.WT 16-Jan-12   GCM.WT -1.62   GMC.WT.A 17.5   LRT.WT 0.055   SND.WT 69.7%   CWB.WT 15.9 $17.97 Undervalued
common is higher than  EMC Metals Corp   GCI.WT 30-Jan-12   CRK.WT -1.5   DNA.WT 13.82   SFF.WT 0.055   KSK.WT 69.6%   WLT.WT 8.01 $9.08 Undervalued
the exercise price Endeavour Financial   MGA.WT 12-Feb-12   BSC.WT -1.48   K.WT.C 13.77   APV.WT.A 0.055   PWC.WT 69.3%   MB.WT 0.165 $0.19 Undervalued
  Endeavour Mining Corp   ML.WT 16-Feb-12   CMT.WT -1.45   DPM.WT 12.62   OUS.WT 0.06   GPD.WT 69.2%   BWR.WT.A 0.61 $0.69 Undervalued
At the Money Endeavour Silver Corp   CKG.WT 23-Feb-12   ML.WT -1.43   ANS.WT 12.35   FGX.WT.C 0.06   FED.WT 67.2%   PVG.WT 0.95 $1.06 Undervalued
When the price of the  EnerVest Diversified Income Trust   CNM.WT 28-Feb-12   VGZ.WT.S -1.4   ADM.WT 12   ILC.WT 0.06   CRJ.WT 64.7%   BRK.WT 1.58 $1.75 Undervalued
underlying is equivalent Ethiopian Potash   XMF.WT.A 28-Feb-12   PNP.WT.B -1.39   GCM.WT.A 11.67   USO.WT 0.06   PNP.WT.B 64.7%   DPM.WT.A 4.5 $5.00 Undervalued
or close to the strike price. Faircourt Gold Income   YCM.WT.A 28-Feb-12   PAK.WT -1.37   MGA.WT.A 11.67   PNP.WT 0.06   PNP.WT.A 64.7%   FGX.WT.B 1.7 $1.89 Undervalued
  Faircourt Gold Income   TMB.WT 29-Feb-12   HGI.WT -1.32   GTE.WT 10.9   IVA.WT 0.065   PNP.WT 64.7%   ML.WT.A 1.5 $1.67 Undervalued
Exercise ratio Feronia Inc   BNK.WT.A 1-Mar-12   CNM.WT -1.3   LRT.WT.A 10.29   ALE.WT 0.065   PGM.WT 64.6%   EDV.WT.A 0.65 $0.71 Undervalued
The number of warrants  Formation Metals   GMC.WT.A 6-Mar-12   GPF.WT.A -1.28   REC.WT 10.00   GPF.WT.A 0.065   EMC.WT 64.6%   GPF.WT.A 0.065 $0.07 Undervalued
related to one share and Fortress Energy Inc   FNV.WT 13-Mar-12   PGM.WT -1.27   PVG.WT 10   GMF.WT 0.065   RNX.WT 63.5%   GAA.WT 1.25 $1.34 Fair Market Value
specifies the amount of  Fortress Energy Inc   HGI.WT 30-Mar-12   EIT.WT.A -1.23   MTO.WT 9.4   NOT.WT 0.065   RED.WT 63.5%   SND.WT 0.1 $0.11 Fair Market Value
underlying that the owner Fortune Minerals Ltd.   NGD.WT.B 3-Apr-12   URB.WT.B -1.17   NOT.WT 9.38   FEO.WT.B 0.07   DNA.WT 63.4%   AEM.WT.U 20.51 $21.77 Fair Market Value
of a single warrant is  Franco-Nevada   PVG.WT 8-Apr-12   ZAZ.WT -1.17   PWC.WT 9.3   SBI.WT 0.07   TAB.WT 63.0%   EDR.WT 3.9 $4.12 Fair Market Value
entitled to buy. Franco-Nevada   PNP.WT 16-Apr-12   OBF.WT -1.15   ML.WT 9.18   GCM.WT.A 0.07   PDL.WT.B 62.7%   GAA.WT.A 0.8 $0.85 Fair Market Value
  Franco-Nevada   MGT.WT.U 20-Apr-12   XYM.WT -1.14   PNP.WT.A 9.17   GTE.WT 0.07   EDR.WT 61.9%   FNV.WT 4.92 $5.15 Fair Market Value
Time Value Front Str Strategic Yield   GMC.WT.B 27-Apr-12   EW.WT -1.14   BPV.WT.A 9   CLQ.WT 0.08   MGT.WT.U 61.8%   GMF.WT 0.065 $0.07 Fair Market Value
The time value is the  Frontier Rare Earths Ltd   RED.WT 29-Apr-12   ADM.WT -1.05   FEI.WT 9   K.WT.B 0.08   PAU.WT 61.7%   SCI.WT 0.23 $0.24 Fair Market Value
difference between the Gazit America In   BEV.WT 7-May-12   SIN.WT -1.03   FEI.WT.A 9   PCT.WT 0.085   PMI.WT 61.2%   FT.WT.A 0.79 $0.81 Fair Market Value
current warrant price  Gazit America In   MTO.WT 15-May-12   FCO.WT -0.99   VZX.WT 8.5   YEL.WT 0.085   PMI.WT.A 61.2%   CMT.WT 0.005 $0.01 Fair Market Value
and its intrinsic value. Gazit America Inc.   CZY.WT 22-May-12   BPV.WT.A -0.95   FRO.WT 8.16   HCF.WT 0.095   TMB.WT 60.6%   MFL.WT 6.3 $6.41 Fair Market Value
The time value is to be  Geovic Mining Corp   ROZ.WT 28-May-12   PWC.WT -0.94   CMP.WT.B 8.14   AA.WT 0.095   AC.WT 60.5%   BAA.WT 1 $1.01 Fair Market Value
interpreted as the Geovic Mining Corp   PMI.WT.A 28-May-12   VGZ.WT.S -0.9   CLQ.WT 8.13   FEO.WT.A 0.1   ALE.WT 60.5%   SLW.WT.U 13.05 $13.22 Fair Market Value
consideration paid for  Geovic Mining Corp   ADM.WT 2-Jun-12   KSK.WT -0.87   TCM.WT 7.91   BSC.WT 0.1   ZAZ.WT 60.1%   FED.WT 0.4 $0.40 Fair Market Value
the advantage that the Global Adv Tele&Utilities Inc Fd   AAB.WT 6-Jun-12   MTO.WT -0.77   PMI.WT.A 7.63   TAB.WT 0.1   TXG.WT 60.1%   K.WT.D. 2.41 $2.39 Fair Market Value
warrant buyer has over  GMIncome & Growth Fund    MGA.WT.A 6-Jun-12   GAA.WT -0.76   GAA.WT.A 7.26   SND.WT 0.1   TID.WT 59.3%   NGD.WT.A 2.2 $2.18 Fair Market Value
the direct investor. It Gold Participation and Income Fund   TAB.WT 11-Jun-12   MGA.WT.B -0.75   FNV.WT 7.26   ADM.WT 0.1   AC.WT 59.2%   SSL.WT.A 0.53 $0.53 Fair Market Value
is greatest when the  Golden Predator   APV.WT 11-Jun-12   WRN.WT -0.74   XRG.WT 7.06   BEV.WT 0.1   SBI.WT 58.4%   WRN.WT 0.77 $0.76 Fair Market Value
warrants are 'at the money' Gran Colombia Gold Corp   TIC.WT 15-Jun-12   PIC.WT -0.73   SBI.WT 6.57   RPG.WT 0.11   AVL.WT 57.8%   CNL.WT 1.85 $1.78 Fair Market Value
but decreases as the Gran Colombia Gold Corp   YNG.WT 20-Jun-12   DNA.WT -0.73   LRT.WT 6.55   DNA.WT 0.11   GCM.WT 57.8%   AVL.WT 2.48 $2.36 Fair Market Value
exercise date draws closer. Gran Tierra Energy   WLT.WT 28-Jun-12   RN.WT -0.7   MGT.WT.U 6.51   PAU.WT 0.115   GCM.WT.A 57.8%   CMP.WT.B 1.5 $1.42 Fair Market Value
The decreased value is  GT Canada   DPM.WT 29-Jun-12   YEL.WT -0.69   LQD.WT 6.33   RED.WT 0.12   BAA.WT 56.7%   FGX.WT.C 0.06 $0.06 Fair Market Value
called time decay and  Harvest Canadian Inc & Gr Fund   MND.WT 6-Aug-12   XRG.WT -0.67   GPD.WT 6.2   CZY.WT 0.12   ANS.WT 55.5%   SBI.WT 0.07 $0.07 Fair Market Value
decreases at a faster  International Lithium   FED.WT 9-Sep-12   MOB.WT -0.66   K.WT.D. 6.11   TMB.WT 0.13   PVG.WT 54.6%   CRJ.WT 0.76 $0.72 Fair Market Value
pace as the expiry date Ivanhoe Australia   QUX.WT 10-Sep-12   BRD.WT -0.66   TAB.WT 6   PMI.WT 0.14   RN.WT 54.5%   MND.WT 0.53 $0.49 Fair Market Value
draws closer. Katanga Mining   CNL.WT 12-Sep-12   GMF.WT -0.65   NTC.WT 6   EW.WT 0.14   CCJ.WT.B 54.2%   BNK.WT.A 4.86 $4.47 Fair Market Value
  Kinross   VGZ.WT.S 22-Oct-12   BRD.WT.A -0.65   FNV.WT.A 5.9   FNV.WT.B 0.145   CCJ.WT.A 54.2%   BPV.WT 0.3 $0.27 Overvalued
  Kinross   PNP.WT.A 23-Oct-12   LRT.WT -0.64   FGX.WT.B 5.62   LQD.WT 0.15   PTA.WT 53.5%   TAO.WT 2.8 $2.48 Overvalued
  Kinross     AC.WT 28-Oct-12   FEO.WT.B -0.62   FEO.WT.B 5.5   FRN.WT 0.15   PTA.WT.A 53.5%   TID.WT 0.03 $0.03 Overvalued
  Kiska Metals   AC.WT 28-Oct-12   PTA.WT -0.62   P.WT 5.44   MGA.WT.B 0.15   VGZ.WT.S 50.8%   USA.WT 0.43 $0.38 Overvalued
  Lanesborough REIT   FRO.WT 17-Nov-12   TMD.WT -0.59   AAB.WT 5.2   AAB.WT 0.15   VGZ.WT.S 50.8%   CKG.WT 4.66 $4.08 Overvalued
  Lanesborough REIT   PTA.WT.A 19-Nov-12   TID.WT -0.58   QUX.WT 5.18   PDL.WT.B 0.15   VGZ.WT.S 50.8%   AR.WT 1.55 $1.35 Overvalued
  Liquid Nutrition Group   PWC.WT 25-Nov-12   RBN.WT.A -0.57   RNX.WT 5.1   GPD.WT 0.15   VGZ.WT.S 50.8%   PCT.WT 0.085 $0.07 Overvalued
  M Split Corp   NGD.WT.C 28-Nov-12   LQD.WT -0.55   CVZ.WT 4.65   MB.WT 0.165   CRK.WT 50.7%   GLD.WT 0.2 $0.17 Overvalued
  Macusani Yellowcake   RML.WT 29-Nov-12   AA.WT -0.53   SND.WT 4.6   CRK.WT 0.18   ML.WT.A 50.7%   PMI.WT 0.14 $0.12 Overvalued
  Manas Petroleum Corp   SBI.WT 2-Dec-12   SFF.WT -0.51   AC.WT 4.55   KSK.WT 0.19   ML.WT 50.7%   PNP.WT.B 0.6 $0.50 Overvalued
  Mandalay Resources Corp   RNX.WT 16-Dec-12   FEI.WT.A -0.51   AC.WT 4.53   PWC.WT 0.2   MOB.WT 50.0%   CRK.WT 0.18 $0.15 Overvalued
  MEGA Brands Inc   ZAZ.WT 19-Dec-12   CVZ.WT -0.47   SFF.WT 4.36   PAK.WT 0.2   LQD.WT 50.0%   RED.WT 0.12 $0.09 Overvalued
  Mega Uranium   BPV.WT.A 20-Dec-12   CTF.WT -0.45   GAA.WT 4.36   CVZ.WT 0.2   ILC.WT 50.0%   PAU.WT 0.115 $0.09 Overvalued
  Mega Uranium   SFF.WT 21-Dec-12   NTC.WT -0.45   GAA.WT 4.36   GLD.WT 0.2   MNP.WT 50.0%   RML.WT 0.01 $0.01 Overvalued
  Mega Uranium   WRN.WT 22-Dec-12   PTA.WT.A -0.45   EW.WT 4.36   RNX.WT 0.2   ADM.WT 47.2%   VGZ.WT.S 0.98 $0.72 Overvalued
  Mercator Minerals Ltd   EW.WT 22-Dec-12   ST.WT -0.43   CNL.WT 4.32   ANS.WT 0.2   EDV.WT.A 45.8%   CZY.WT 0.12 $0.09 Overvalued
  Mercator Minerals Ltd   SND.WT 23-Dec-12   GPD.WT -0.41   TXG.WT 4.25   SCI.WT 0.23   EDV.WT.C 45.8%   CLQ.WT 0.08 $0.06 Overvalued
  Metanor Resources   APV.WT.A 23-Dec-12   LRT.WT.A -0.39   CRK.WT 4.17   PNP.WT.A 0.23   NTC.WT 44.7%   EW.WT 0.14 $0.10 Overvalued
  Minefinders Corp   MOB.WT 24-Dec-12   PMI.WT.A -0.30   NGD.WT.A 4.05   FRO.WT 0.245   TAO.WT 44.1%   APV.WT.A 0.055 $0.04 Overvalued
  Mines Management    AR.WT 29-Dec-12   TIC.WT -0.3   RPG.WT 3.95   ST.WT 0.275   BRD.WT.A 43.5%   BRD.WT.A 0.58 $0.39 Overvalued
  New Gold Inc.   VZX.WT 5-Jan-13   MNP.WT -0.3   ST.WT 3.89   ML.WT 0.28   BRD.WT 43.5%   MGA.WT.B 0.15 $0.09 Overvalued
  New Gold Inc.   CMP.WT.B 25-Jan-13   SBI.WT -0.29   FEO.WT.A 3.85   MGT.WT.U 0.295   IVA.WT 43.3%   KSK.WT 0.19 $0.12 Overvalued
  New Gold Inc.   ML.WT.A 29-Jan-13   RPG.WT -0.29   KSK.WT 3.84   BPV.WT 0.3   TIC.WT 43.1%   TCM.WT 1.16 $0.68 Overvalued
  Norbord   KSK.WT 23-Mar-13   FGX.WT.C -0.28   RED.WT 3.75   FCO.WT 0.3   USO.WT 43.0%   ROZ.WT 0.75 $0.37 Very Overvalued
  Noront Resources Ltd   YEL.WT 25-Mar-13   FEO.WT.A -0.27   FRN.WT 3.67   ZAZ.WT 0.3   MB.WT 42.5%   BRD.WT 0.8 $0.39 Very Overvalued
  North American Palladium Ltd.   NTC.WT 31-Mar-13   ALE.WT -0.27   USO.WT 3.67   MNP.WT 0.3   FCO.WT 42.0%   RPG.WT 0.11 $0.05 Very Overvalued
  North American Tungsten   USO.WT 18-Apr-13   APV.WT -0.24   PAK.WT 3.65   TXG.WT 0.4   XRG.WT 39.0%   GCM.WT 0.52 $0.24 Very Overvalued
  Northquest Ltd    ST.WT 29-Apr-13   SND.WT -0.22   RN.WT 3.6   FED.WT 0.4   NOT.WT 38.9%   PMI.WT.A 0.04 $0.02 Very Overvalued
  Oceanic Iron Ore Corp   CVZ.WT 11-May-13   AAB.WT -0.22   ZAZ.WT 3.6   NGD.WT.C 0.4   SSL.WT 38.7%   VGZ.WT.S 0.98 $0.44 Very Overvalued
  Oceanic Iron Ore Corp   CRJ.WT 22-May-13   EDV.WT.A -0.19   EDV.WT.A 3.55   ECU.WT 0.425   SSL.WT.A 38.7%   ILC.WT 0.06 $0.03 Very Overvalued
  O'Leary BrIC-Plus Inc&Growth Fd   ILC.WT 24-May-13   PCT.WT -0.19   ALE.WT 3.54   RN.WT 0.43   CNL.WT 37.8%   APV.WT 0.04 $0.02 Very Overvalued
  Omega Advisors U.S. Cap App Fd   CCJ.WT.B 5-Jun-13   IVA.WT -0.18   WRN.WT 3.52   USA.WT 0.43   WLT.WT 37.7%   NBD.WT 0.5 $0.21 Very Overvalued
  Pacific & Western Credit Corp   PAU.WT 5-Jul-13   USO.WT -0.18   PNP.WT.B 3.52   AC.WT 0.49   AAB.WT 37.6%   NGD.WT.C 0.4 $0.16 Very Overvalued
  Papuan Precious Metals Corp   FNV.WT.B 8-Jul-13   ILC.WT -0.17   ILC.WT 3.5   AC.WT 0.49   BRK.WT 36.8%   PNP.WT.A 0.23 $0.09 Very Overvalued
  Peregrine Metals   PNP.WT.B 11-Jul-13   REC.WT -0.15   AR.WT 3.45   TMD.WT 0.5   RPG.WT 35.4%   XRG.WT 0.5 $0.20 Very Overvalued
  Petroamerica Oil Corp   ANS.WT 29-Jul-13   PMI.WT -0.15   FCO.WT 3.37   NQ.WT 0.5   SLW.WT.U 35.4%   AAB.WT 0.15 $0.06 Very Overvalued
  Petroamerica Oil Corp   K.WT.C 3-Sep-13   CLQ.WT -0.15   PTA.WT 3.25   NBD.WT 0.5   BNK.WT.A 33.8%   ML.WT 0.28 $0.11 Very Overvalued
  Petromanas Energy In   SLW.WT.U 5-Sep-13   TAB.WT -0.13   BAA.WT 3.11   XRG.WT 0.5   NGD.WT.A 33.2%   ADM.WT 0.1 $0.04 Very Overvalued
  Petromanas Energy Inc   FRN.WT 8-Sep-13   VZX.WT -0.12   AEM.WT.U 2.96   GCM.WT 0.52   NGD.WT.C 33.2%   FCO.WT 0.3 $0.11 Very Overvalued
  Pinetree Capital   VGZ.WT.S 22-Oct-13   CZY.WT -0.12   PTA.WT.A 2.89   SSL.WT.A 0.53   NGD.WT.B 33.2%   ZAZ.WT 0.3 $0.11 Very Overvalued
  Pinetree Capital   GAA.WT 30-Nov-13   APV.WT.A -0.12   CZY.WT 2.79   MND.WT 0.53   CKG.WT 33.1%   QUX.WT 2.49 $0.82 Very Overvalued
  Pinetree Capital   AEM.WT.U 2-Dec-13   FSS.WT -0.11   BRD.WT.A 2.66   BRD.WT.A 0.58   CMP.WT.B 32.7%   P.WT 0.62 $0.19 Very Overvalued
  Premium Income Corp    NBD.WT 24-Dec-13   PAU.WT -0.10   PAU.WT 2.65   SSL.WT 0.59   NBD.WT 31.7%   TIC.WT 1 $0.31 Very Overvalued
  Pretium Resources   EDV.WT.A 4-Feb-14   NGD.WT.C -0.1   VGZ.WT.S 2.65   PNP.WT.B 0.6   BEV.WT 31.4%   VGZ.WT.S 0.98 $0.30 Very Overvalued
  Prima Colombia   ECU.WT 20-Feb-14   AHX.WT -0.05   VGZ.WT.S 2.65   DPM.WT 0.6   K.WT.D. 30.6%   PDL.WT.B 0.15 $0.04 Very Overvalued
  Primero Mining Corp   CWB.WT 2-Mar-14   FRN.WT -0.05   VGZ.WT.S 2.65   BWR.WT.A 0.61   K.WT.C 30.6%   RNX.WT 0.2 $0.06 Very Overvalued
  Propel Multi-Strategy Fund   FCO.WT 8-Mar-14   BPV.WT -0.05   VGZ.WT.S 2.65   P.WT 0.62   K.WT.B 30.6%   USO.WT 0.06 $0.02 Very Overvalued
  Quadra FNX Mining Ltd   BWR.WT.A 9-Apr-14   RED.WT -0.05   TMD.WT 2.52   EDV.WT.A 0.65   P.WT 29.8%   XMF.WT.A 0.005 $0.00 Very Overvalued
  Ram Power Corp   GAA.WT.A 14-Apr-14   ROZ.WT -0.03   CKG.WT 2.52   ROZ.WT 0.75   GCI.WT 29.3%   K.WT.C 1.07 $0.29 Very Overvalued
  RedWater Energy   SSL.WT 23-Apr-14   ECU.WT 0   FED.WT 2.43   CRJ.WT 0.76   URB.WT.B 29.2%   MNP.WT 0.3 $0.08 Very Overvalued
  Reliant Gold Corp   MNP.WT 6-May-14   AC.WT 0.02   AVL.WT 2.37   WRN.WT 0.77   GAA.WT 28.5%   ANS.WT 0.2 $0.05 Very Overvalued
  Rio Novo Gold Inc    RPG.WT 19-May-14   AC.WT 0.03   AA.WT 2.32   FT.WT.A 0.79   GAA.WT 28.5%   NTC.WT 0.05 $0.01 Very Overvalued
  Rodinia Oil Corp   BRK.WT 27-May-14   GLD.WT 0.04   MGA.WT.B 2.31   GAA.WT.A 0.8   GAA.WT.A 28.5%   NGD.WT.B 0.04 $0.01 Very Overvalued
  Royal Nickel Corporation   FGX.WT.B 30-Jun-14   HCF.WT 0.08   CRJ.WT 2.3   BRD.WT 0.8   DPM.WT.A 27.4%   FNV.WT.A 6.05 $0.88 Very Overvalued
  Rusoro Mining   USA.WT 10-Jul-14   OUS.WT 0.1   NBD.WT 2.29   PVG.WT 0.95   DPM.WT 27.4%   PTA.WT 0.04 $0.01 Very Overvalued
  Sandstorm Metals   K.WT.D. 17-Sep-14   CRJ.WT 0.15   SLW.WT.U 2.26   VGZ.WT.S 0.98   MFL.WT 27.0%   YEL.WT 0.085 $0.01 Very Overvalued
  Sandstorm Resources Ltd.   AA.WT 7-Oct-14   SCI.WT 0.17   APV.WT 2.25   VGZ.WT.S 0.98   GTE.WT 26.9%   BEV.WT 0.1 $0.01 Very Overvalued
  Sandstorm Resources Ltd.   PTA.WT 8-Oct-14   GAA.WT 0.18   ECU.WT 2.24   VGZ.WT.S 0.98   AEM.WT.U 25.1%   TMB.WT 0.13 $0.01 Very Overvalued
  SCITI ROCS Trust   BPV.WT 10-Oct-14   TCM.WT 0.18   NGD.WT.C 2.23   VGZ.WT.S 0.98   AR.WT 25.1%   GPD.WT 0.15 $0.01 Very Overvalued
  SCITI Trust   MGA.WT.B 26-Oct-14   SSL.WT.A 0.19   TIC.WT 2.2   BAA.WT 1   OUS.WT 25.0%   PPF.WT 0.01 $0.00 Very Overvalued
  Seafield Resources   GLD.WT 27-Oct-14   FED.WT 0.22   SSL.WT.A 2.19   TIC.WT 1   HCF.WT 24.4%   MTO.WT 0.025 $0.00 Very Overvalued
  Serabi Mining   BRD.WT.A 19-Nov-14   NQ.WT 0.25   PMI.WT 2.18   K.WT.C 1.07   TCM.WT 22.5%   VGZ.WT.S 0.98 $0.08 Very Overvalued
  Silver Wheaton   BRD.WT 19-Nov-14   USA.WT 0.32   TAO.WT 2.14   TCM.WT 1.16   QUX.WT 22.1%   MGT.WT.U 0.295 $0.02 Very Overvalued
  Star Portfolio Corp   NOT.WT 16-Dec-14   TXG.WT 0.4   AHX.WT 2   GAA.WT 1.25   PIC.WT 19.9%   DNA.WT 0.11 $0.01 Very Overvalued
  Stonegate Agricom Ltd   NQ.WT 21-Dec-14   MND.WT 0.43   FT.WT.A 1.99   GAA.WT 1.25   HGI.WT 19.7%   NOT.WT 0.065 $0.00 Very Overvalued
  TAG Oil Ltd   PMI.WT 23-Feb-15   CNL.WT 0.49   SSL.WT 1.97   ML.WT.A 1.5   XYM.WT 18.9%   FNV.WT.B 0.145 $0.01 Very Overvalued
  Tembec   LRT.WT 5-Mar-15   FGX.WT.B 0.5   EDR.WT 1.96   CMP.WT.B 1.5   GPF.WT.A 16.8%   YCM.WT.A 0.025 $0.00 Very Overvalued
  Thompson Creek Metals   RN.WT 8-Mar-15   SSL.WT 0.57   PCT.WT 1.94   AR.WT 1.55   FNV.WT 14.9%   DPM.WT 0.6 $0.01 Very Overvalued
  Titan Medical   MB.WT 30-Mar-15   FT.WT.A 0.77   YEL.WT 1.94   BRK.WT 1.58   FNV.WT.A 14.9%   KAT.WT 0.01 $0.00 Very Overvalued
  Titanium Corp. Inc   P.WT 19-Jul-15   AR.WT 0.84   BRD.WT 1.93   FGX.WT.B 1.7   FNV.WT.B 14.9%   PTA.WT.A 0.045 $0.00 Very Overvalued
  Torex Gold Resources Inc   GCM.WT 24-Aug-15   BAA.WT 0.95   CWB.WT 1.9   CNL.WT 1.85   RF.WT 14.2%   CCJ.WT.B 0.005 $0.00 Very Overvalued
  Touchstone Exploration Inc   PCT.WT 21-Sep-15   ML.WT.A 1.57   GCM.WT 1.88   NGD.WT.A 2.2   CWB.WT 14.0%   GMC.WT.A 0.02 $0.00 Very Overvalued
  Tuscany Intl Drilling Inc   SSL.WT.A 19-Oct-15   BRK.WT 1.6   MFL.WT 1.79   K.WT.D. 2.41   BSC.WT 14.0%   K.WT.B 0.08 $0.00 Very Overvalued
  U S Silver Corp   VGZ.WT.S 22-Oct-15   AVL.WT 2.28   ROZ.WT 1.73   AVL.WT 2.48   SIN.WT 13.0%   PNP.WT 0.06 $0.00 Very Overvalued
  Urbana Corp   DPM.WT.A 20-Nov-15   TAO.WT 2.4   ML.WT.A 1.71   QUX.WT 2.49   FSS.WT 12.6%   CCJ.WT.A 0.005 $0.00 Very Overvalued
  US Oil Sands Inc.    FEO.WT.B 30-Nov-15   FNV.WT 3.72   DPM.WT.A 1.68   TAO.WT 2.8   EIT.WT.A 12.4%   EDV.WT.C 0.01 $0.00 Very Overvalued
  Vega Resources    FEO.WT.A 30-Nov-15   CKG.WT 3.74   BRK.WT 1.65   EDR.WT 3.9   RBN.WT.A 11.8%   EMC.WT 0.005 $0.00 Very Overvalued
  Vista Gold   GAA.WT 30-Nov-15   EDR.WT 4.06   APV.WT.A 1.64   DPM.WT.A 4.5   CCP.WT 11.1%   FEI.WT 0.005 $0.00 Very Overvalued
  Vista Gold   TMD.WT 10-Dec-15   DPM.WT.A 4.32   WLT.WT 1.52   CKG.WT 4.66   FGX.WT.B 10.9%   FEI.WT.A 0.005 $0.00 Very Overvalued
  Vista Gold   LRT.WT.A 23-Dec-15   BNK.WT.A 4.39   NQ.WT 1.50   BNK.WT.A 4.86   FGX.WT.C 10.9%   GCM.WT.A 0.07 $0.00 Very Overvalued
  Vista Gold   ALE.WT 22-Feb-16   BWR.WT.A 6.21   BPV.WT 1.5   FNV.WT 4.92   FEI.WT 10.0%   GMC.WT 0.005 $0.00 Very Overvalued
  Vuzix Corp   PAK.WT 14-Mar-16   MFL.WT 6.28   MND.WT 1.43   FNV.WT.A 6.05   FEI.WT.A 10.0%   GMC.WT.B 0.01 $0.00 Very Overvalued
  Walter Energy   CRK.WT 24-Mar-16   MB.WT 9.27   BNK.WT.A 1.39   MFL.WT 6.3   PPF.WT 9.9%   GTE.WT 0.07 $0.00 Very Overvalued
  Western Copper   AHX.WT 30-Mar-16   SLW.WT.U 10.27   MNP.WT 1.32   WLT.WT 8.01   SCI.WT 9.6%   MGA.WT 0.015 $0.00 Very Overvalued
  Xinergy Ltd   LQD.WT 13-May-16   AEM.WT.U 14.97   BWR.WT.A 1.21   SLW.WT.U 13.05   CTF.WT 9.2%   MGA.WT.A 0.03 $0.00 Very Overvalued
  Yukon-Nevada Gold   FNV.WT.A 16-Jun-17   CWB.WT 16.2   GLD.WT 1.18   CWB.WT 15.9   GMF.WT 8.6%   OBF.WT 0.005 $0.00 Very Overvalued
  Zazu Metals Corp   NGD.WT.A 28-Jun-17   WLT.WT 78.23   USA.WT 1.12   AEM.WT.U 20.51   OBF.WT 8.0%   PGM.WT 0.04 $0.00 Very Overvalued