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                Stocks in                  1 Month          
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 51,465,336.50   ELR.WT  25-Apr-08   CMP.WT.B -14.67   26-Nov-08 178   LRG.WT  0.005   CNM.WT  258.3%   CNM.WT  1.27 $13.55 Bargain
The last day the warrants can be exercised. If Ascendant Copper Corp 8,494,868.88   SRD.WT  25-Apr-08   FNV.WT -12.8   20-Feb-09 106   ECG.WT  0.005   LS.WT 233.6%   TCP.WT 0.25 $2.40 Bargain
warrants aren't being exercised then they Global Agribusiness Trust 37,400,000.00   CALS.W 30-Apr-08   PNP.WT  -11.86   31-Oct-09 88.89   IMR.WT.A  0.005   AVK.WT  216.3%   GRE.WT 0.09 $0.83 Bargain
must be sold the day before the expiry date. Atlas Minerals 33,209,730.12   EQN.WT  6-May-08   DML.WT.A  -9.15   21-Mar-10 81   SRD.WT  0.005   GPE.WT  193.3%   EPD.WT 0.145 $1.20 Bargain
The longer the time to expiry the more Acuity Small Cap 25,400,000.00   MSV.WT  18-May-08   DPM.WT  -8.85   19-May-08 64.9   ENR.WT  0.01   P.WT  176.3%   FTF.WT  0.2 $1.63 Bargain
valuable the warrants. Avnel Gold Mining 22,312,309.95   IMZ.WT  19-May-08   TMB.WT -8.68   12-Nov-10 56.55   MIZ.WT.A  0.01   AMR.WT 168.6%   RNZ.WT.B 0.05 $0.34 Bargain
  Argenta Oil & Gas 24,197,250.00   YRI.WT.B 29-May-08   MVG.WT  -8.05   15-Jan-10 42.33   CSM.WT  0.01   AMR.WT.A 168.6%   TMB.WT 0.35 $2.03 Bargain
Leverage Baja Mining Corp 148,728,259.68   AZA.WT 31-May-08   NGD.WT.A  -7.94   30-Jun-09 41.73   CMS.WT 0.02   MEB.WT  163.4%   ENR.WT  0.01 $0.05 Bargain
The leverage of a warrant is a measure Bear Creek Mining 372,978,564.75   NSU.WT  29-Jun-08   UXG.WT  -7.83   28-Feb-11 37   ACX.WT  0.02   ZAZ.WT 162.0%   ASF.WT  0.15 $0.63 Bargain
of how much you can increase your Bordeaux Energy 28,474,622.40   KRI.WT  3-Aug-08   SMX.WT  -7.7   30-Jul-10 36.9   AZA.WT 0.02   FXI.WT  159.4%   CBB.WT  0.14 $0.58 Bargain
exposure to a share if you bought warrants Baffinland Iron Mns Corp 274,620,446.00   BDO.WT  6-Aug-08   G.WT.G  -7.57   30-Jan-09 36.9   SMX.WT  0.03   PIE.WT  153.2%   MIZ.WT.A  0.01 $0.04 Bargain
instead of making a direct investment. It Bioniche Life Sciences Inc  48,135,256.26   GCE.WT.A  11-Aug-08   SKR.WT.A -7.23   14-Jun-10 36.21   GPE.WT  0.03   MIZ.WT.A  152.3%   PME.WT  0.15 $0.51 Bargain
is calculated dividing the current share Bankers Petroleum 582,542,339.60   IMG.WT  12-Aug-08   CSM.WT  -6.97   1-Dec-08 34   ACX.WT.A  0.03   ENR.WT  149.7%   FTF.WT  0.2 $0.64 Bargain
price by the current price of the warrant. Blue Sky Uranium 6,944,375.00   SGA.WT  28-Aug-08   ECG.WT  -6.35   26-Jan-09 31.6   IMR.WT  0.03   SMX.WT  149.4%   AVK.WT  0.1 $0.30 Bargain
  Breakwater Resources 443,369,003.70   FCR.WT  31-Aug-08   CCJ.WT.A  -5.91   17-Aug-11 29.29   PDE.WT  0.03   MGA.WT.A  143.2%   NGD.WT.A  1.75 $5.18 Bargain
Intrinsic Value Calstar Oil & Gas Ltd 9,316,299.09   NEM.WT  31-Aug-08   PME.WT  -5.74   26-Sep-09 23.2   RDV.WT  0.03   MGA.WT  143.2%   ZAZ.WT 0.25 $0.71 Bargain
The difference between the exercise price and Copernican British Banks Fund 106,470,000.00   U.WT.A  15-Sep-08   ASF.WT  -5.65   20-Oct-08 22   DNR.WT  0.04   VSKY.WT  137.8%   FXI.WT  0.1 $0.28 Bargain
the actual trading price of the common stock. Coalcorp Mining 223,244,107.32   NG.WT  1-Oct-08   GUR.WT  -5.55   14-Feb-09 21   BDO.WT  0.04   LRG.WT  134.2%   CMS.WT 0.02 $0.05 Bargain
Once the common has gone over the exercise Challenger Energy Corp 108,002,540.80   EOS.WT 2-Oct-08   CBB.WT  -4.93   25-Apr-08 20   CALS.W 0.04   SRD.WT  118.5%   P.WT  0.105 $0.26 Bargain
price the warrants are said to be 'in the money'. Chesapeake Gold 136,269,007.55   MIZ.WT.A  20-Oct-08   MGA.WT.A  -4.87   2-Oct-08 19.13   TRT.WT 0.045   TMB.WT 116.7%   TRT.WT 0.045 $0.11 Bargain
  Creston Moly 39,195,138.18   NSU.WT.A  25-Oct-08   DPF.WT  -4.7   17-Mar-09 17.73   RNZ.WT.B 0.05   ACX.WT  113.1%   PIE.WT  0.1 $0.24 Bargain
Volatility Canadian Income Mgmt Tr 1,705,171.50   SVM.WT  26-Oct-08   CMP.WT.A -4.66   9-May-10 15   VGD.WT  0.06   ACX.WT.A  113.1%   IMZ.WT  0.1 $0.22 Bargain
The higher the volatility rating the higher  Ceres Global Ag Corp 137,500,000.00   EDV.WT  10-Nov-08   MGA.WT  -3.87   29-Jun-08 14.64   ICX.WT  0.06   RPM.WT  112.8%   FGX.WT 1.13 $2.36 Bargain
the price of the warrant will be. Colossus Minerals 75,381,337.20   FR.WT  10-Nov-08   GMC.WT.B  -3.78   16-Apr-09 14.32   HDG.WT 0.065   CSI.WT 112.6%   SMX.WT  0.03 $0.06 Bargain
A measure of actual stock price changes over a Central Sun Mining 141,126,461.62   ORR.WT  17-Nov-08   IMR.WT.A  -3.4   14-Sep-09 13.5   RPM.WT  0.07   TOR.WT  106.5%   RML.WT 0.44 $0.89 Bargain
specific period of time. Historical volatility Davie Yards 168,490,000.00   INV.WT  18-Nov-08   FRE.WT -3.38   8-Feb-11 13.46   TOR.WT  0.08   AZA.WT 106.4%   AGB.WT 1 $2.01 Bargain
is calculated by using the standard deviation Denison Mines 1,372,659,365.40   YRI.WT.A 20-Nov-08   PNP.WT.A  -3.36   31-May-08 12.5   CCJ.WT.A  0.085   BSK.WT  102.6%   LRG.WT  0.005 $0.01 Bargain
of an underlying stock price Dynamite Resources 4,283,750.00   CSM.WT  26-Nov-08   CCJ.WT  -3.11   12-Aug-08 12.13   GRE.WT 0.09   TRT.WT 100.1%   MGA.WT.A  0.85 $1.67 Bargain
  DPF India Opportunities Fund 195,000,000.00   LRG.WT  1-Dec-08   QUA.WT  -3.09   28-Feb-12 10.71   SRY.WT  0.09   SRL.WT  99.8%   CSI.WT 0.68 $1.30 Bargain
In the Money Dundee Precious Metals 374,119,905.75   MR.WT  11-Dec-08   MLY.WT  -3.06   9-Nov-09 10.58   OYM.WT  0.095   SRL.WT.A  99.8%   URB.WT.A  0.45 $0.85 Bargain
When the price of the common is higher than  Envoy Communs Group Inc 26,553,172.25   EPM.WT  23-Dec-08   OCF.WT  -3.06   13-Aug-10 10.4   AVK.WT  0.1   PDE.WT  99.1%   MGA.WT  0.95 $1.65 Bargain
the exercise price Endeavour Mining Cap 166,912,323.80   GPE.WT  29-Dec-08   IMR.WT  -3.05   4-Mar-09 10.33   FXI.WT  0.1   VGD.WT  97.3%   FGX.WT 1.13 $1.96 Bargain
  Etruscan Resources 286,794,664.68   RNZ.WT.A 29-Dec-08   FXI.WT  -3   4-May-09 10.33   PIE.WT  0.1   HDG.WT 96.5%   PNP.WT  0.78 $1.34 Bargain
At the Money Eastern Platinum Limited 2,135,689,792.00   URB.WT  11-Jan-09   OSK.WT -2.95   18-May-08 10.28   IMZ.WT  0.1   PNP.WT  95.1%   FRE.WT 0.72 $1.21 Bargain
When the price of the underlying is equivalent Energentia Resources 15,069,180.00   MDN.WT  14-Jan-09   FTF.WT  -2.87   30-Jun-10 10.22   INV.WT  0.1   PNP.WT.A  95.1%   SKR.WT.A 0.25 $0.40 Bargain
or close to the strike price. Enervest Energy and Oil Sands  41,039,642.49   SKR.WT.A 26-Jan-09   FTF.WT  -2.87   14-Feb-09 10   MEB.WT  0.1   PDL.WT 93.9%   URB.WT  0.4 $0.64 Bargain
  European Premium Dividend 82,000,000.00   BWR.WT  28-Jan-09   SRL.WT.A  -2.81   26-Jul-09 10   BSK.WT  0.1   INV.WT  93.3%   DPM.WT  1.6 $2.51 Bargain
Exercise ratio European Minerals Corp 296,885,704.18   FTF.WT  30-Jan-09   FR.WT.A -2.65   29-Feb-12 9.49   ORR.WT  0.1   RML.WT 92.7%   GBG.WT  0.75 $1.16 Bargain
The number of warrants related to one share Equinox Minerals 2,738,820,974.08   ENR.WT  14-Feb-09   UF.WT -2.46   30-Nov-10 9.35   P.WT  0.105   BWR.WT  92.3%   GD.WT 0.85 $1.27 Undervalued
and specifies the amount of underlying that Erdene Gold 56,510,960.49   FXI.WT  14-Feb-09   RML.WT -2.45   18-Nov-08 9.1   SWY.WT  0.105   SRY.WT  89.2%   KAT.WT  7.12 $10.10 Undervalued
the owner of a single warrant is entitled to First Capital Realty 1,701,804,798.54   ECG.WT  20-Feb-09   ACX.WT  -2.39   25-Mar-10 8.7   CMP.WT.B 0.105   DNR.WT  88.1%   PNP.WT.A  1.4 $1.95 Undervalued
buy. Faircourt Gold Income 20,240,000.00   SMX.WT  4-Mar-09   MGT.WT.U  -2.37   10-Nov-08 8.7   NSU.WT  0.11   BNC.WT  88.0%   EOS.WT 0.45 $0.62 Undervalued
  Franco-Nevada 1,868,160,000.00   TOS.WT  9-Mar-09   GRE.WT -2.25   15-Dec-09 8.52   MVG.WT  0.11   ORR.WT  82.1%   AMR.WT 0.2 $0.27 Undervalued
Time Value First Majestic Silver Corp 234,977,590.95   BNC.WT  13-Mar-09   BCM.WT -2.25   24-Apr-09 8.33   SGA.WT  0.12   GD.WT 81.4%   DML.WT.A  6.49 $8.67 Undervalued
The time value is the difference between the Front Street Resource Perf. Fund 122,573,635.98   MVG.WT  17-Mar-09   FR.WT  -2.15   31-May-10 8.14   CBB.WT  0.14   NGD.WT.A  78.1%   GPE.WT  0.03 $0.04 Undervalued
current warrant price and its intrinsic value. Fortune Minerals 77,674,251.20   SRL.WT  19-Mar-09   FT.WT  -2.15   30-Oct-09 8.14   EPD.WT 0.145   ERD.WT  78.0%   SRY.WT  0.09 $0.12 Undervalued
The time value is to be interpreted as the Focused Global Trends Fund 35,466,066.00   BSK.WT  23-Mar-09   U.WT.A  -2.14   10-Jul-09 8   ASF.WT  0.15   RNZ.WT.B 77.2%   SRL.WT  0.32 $0.42 Undervalued
consideration paid for the advantage that the Fralex Therapeutics Inc 21,082,397.00   PDE.WT  23-Mar-09   BIM.WT  -2.06   11-Jan-09 7.93   PME.WT  0.15   RNZ.WT.A 77.2%   CMP.WT.A 1.2 $1.56 Undervalued
warrant buyer has over the direct investor. It Goldcorp 26,885,294,214.20   ELR.WT.A  28-Mar-09   EPD.WT -1.8   15-Sep-08 7.89   IV.WT  0.15   CMS.WT 76.2%   PDL.WT 2.3 $2.92 Undervalued
is greatest when the warrants are 'at the money' Great Basin 648,231,523.20   SWY.WT  12-Apr-09   GMC.WT.A  -1.78   31-Jul-10 7.19   PIK.WT  0.155   KRI.WT  75.8%   PEG.WT 0.5 $0.63 Undervalued
but decreases as exercise date draws closer. Grande Cache Coal Corp 243,297,159.20   MLY.WT  16-Apr-09   MPM.WT  -1.65   12-Jul-09 7.04   FT.WT  0.16   IE.WT  75.6%   FNV.WT 4.1 $5.03 Undervalued
The decreased value is called time decay and  Distinction Group 75,679,770.40   GBG.WT  17-Apr-09   EET.WT -1.64   11-Dec-09 6.67   AAB.WT 0.18   GCE.WT.A  75.1%   MLY.WT  0.31 $0.37 Undervalued
decreases at a faster pace as the expiry date Geovic Mining Corp 122,863,501.36   BAJ.WT  19-Apr-09   NSU.WT  -1.64   17-Aug-09 6.25   CCJ.WT  0.185   BAJ.WT  74.8%   TCM.WT  9.5 $11.34 Undervalued
draws closer. Gold Point Energy Corp 4,957,723.80   SRY.WT  24-Apr-09   GMC.WT  -1.53   25-Jan-11 6.12   FTF.WT  0.2   DPM.WT  74.2%   IMG.WT  0.26 $0.31 Undervalued
  Global Uranium 48,848,510.00   ICX.WT  4-May-09   ZAZ.WT -1.45   26-Oct-08 5.93   FTF.WT  0.2   DML.WT.A  72.9%   AAB.WT 0.18 $0.21 Undervalued
  High Desert Gold Corp 7,920,000.00   SRL.WT.A  31-May-09   IMG.WT  -1.42   21-Nov-10 5.75   AMR.WT 0.2   DML.WT  72.9%   SVM.WT  4 $4.66 Undervalued
  High River Gold Mines 865,314,647.40   ERD.WT  15-Jun-09   YNG.WT -1.4   31-May-09 5.67   TRX.WT  0.2   BDO.WT  71.8%   VGD.WT  0.06 $0.07 Undervalued
  I C S Copper Systems Ltd 16,699,154.40   ACX.WT.A  22-Jun-09   NSU.WT.A  -1.39   25-Oct-08 5.37   SRL.WT.A  0.21   SWY.WT  71.1%   K.WT.B  4.1 $4.74 Undervalued
  Ivanhoe Energy 425,800,890.24   PME.WT  30-Jun-09   INV.WT  -1.34   30-Apr-08 5.25   BNC.WT  0.23   AAB.WT 70.1%   BNK.WT  0.54 $0.62 Undervalued
  Iamgold 2,200,877,273.07   RDV.WT  10-Jul-09   LRG.WT  -1.33   10-Jul-10 5.21   TCP.WT 0.25   GBG.WT  69.6%   BNK.WT.A  0.72 $0.83 Undervalued
  I M A Exploration 21,325,356.24   URB.WT.A  12-Jul-09   IE.WT  -1.17   15-Nov-09 5   ZAZ.WT 0.25   NG.WT  69.2%   DML.WT  9.1 $10.47 Undervalued
  International Minerals Corp 617,199,006.49   VGD.WT  17-Jul-09   SGA.WT  -1.14   6-Aug-08 5   SKR.WT.A 0.25   SGA.WT  68.9%   HRG.WT 0.82 $0.93 Undervalued
  International Nickel 43,906,575.44   RPM.WT  19-Jul-09   CHQ.WT -1.11   2-Nov-10 4.87   MDN.WT  0.255   BNK.WT  68.4%   TOR.WT  0.08 $0.09 Undervalued
  Ivory Energy 15,667,070.58   FT.WT  26-Jul-09   CKG.WT  -1.11   1-Aug-09 4.85   IMG.WT  0.26   BNK.WT.A  68.4%   GCE.WT.A  1.72 $1.87 Fair Market Value
  Kinross 13,230,666,392.42   MEB.WT  26-Jul-09   HRG.WT -1.06   17-Apr-09 4.8   ERD.WT  0.29   KAT.WT  68.1%   MR.WT  2.01 $2.17 Fair Market Value
  Katanga Mining 1,171,312,140.00   OYM.WT  31-Jul-09   SRY.WT  -1.05   18-Sep-09 4.75   PIK.WT  0.295   ICX.WT  66.7%   QUA.WT  4 $4.23 Fair Market Value
  Khan Resources 68,584,386.39   BCM.WT 1-Aug-09   SWY.WT  -1.05   28-Aug-08 4.75   EF.WT 0.3   URB.WT.A  64.8%   NEM.WT  1.42 $1.47 Fair Market Value
  Labrador Iron Mines 154,307,554.35   SLW.WT  5-Aug-09   TOS.WT  -1.04   13-Mar-12 4.68   NSU.WT.A  0.3   URB.WT  64.8%   ELR.WT.A  1.55 $1.59 Fair Market Value
  Lateegra 4,637,500.55   DNR.WT  17-Aug-09   TCP.WT -1   12-Apr-09 4.29   MLY.WT  0.31   CSM.WT  64.5%   EQN.WT  2.64 $2.68 Fair Market Value
  M D N Inc 83,905,431.65   OCO.WT 12-Sep-09   PIK.WT  -0.92   20-Feb-10 4.24   SRL.WT  0.32   MGT.WT.U  63.8%   FCR.WT  10.4 $10.60 Fair Market Value
  Metrobridge Networks  4,989,611.04   IMR.WT  14-Sep-09   PIK.WT  -0.92   8-May-10 4.23   MSV.WT  0.32   IV.WT  63.0%   LIR.WT 1.09 $1.10 Fair Market Value
  Mega Uranium 329,287,085.88   PIE.WT  18-Sep-09   BSK.WT  -0.89   10-Oct-10 4.22   GMC.WT.B  0.32   MR.WT  62.9%   ACX.WT  0.02 $0.02 Fair Market Value
  Mines Management 69,468,843.84   RNZ.WT.B 26-Sep-09   PIE.WT  -0.88   17-Jul-09 4.17   DAV.WT 0.33   UXG.WT  60.8%   ICX.WT  0.06 $0.06 Fair Market Value
  Medical Intelligence Tech 19,401,202.92   GD.WT 30-Sep-09   P.WT  -0.86   6-Mar-10 4.11   TMB.WT 0.35   TCM.WT  60.4%   ML.WT  7.5 $7.53 Fair Market Value
  Mercator Minerals Ltd 752,945,395.44   HDG.WT 17-Oct-09   FGX.WT -0.8   23-Mar-09 4.1   URB.WT  0.4   K.WT.B  59.5%   ELR.WT  1.24 $1.22 Fair Market Value
  Sprott Molybdenum Part. Corp. 197,528,105.28   DIO.WT 30-Oct-09   FGX.WT -0.8   28-Jun-17 4.03   EPM.WT  0.4   HRG.WT 57.9%   OCF.WT  1 $0.98 Fair Market Value
  Markland AGF Precious Metals...  20,210,000.00   FGX.WT 30-Oct-09   DNR.WT  -0.75   16-Apr-12 4.03   BWR.WT  0.415   ML.WT  57.6%   UF.WT 0.65 $0.64 Fair Market Value
  Metallica Resources 454,788,322.92   GRE.WT 31-Oct-09   AZA.WT -0.75   29-Dec-08 4   RML.WT 0.44   PEG.WT 57.1%   BWR.WT  0.415 $0.40 Fair Market Value
  Minco Silver 102,419,233.14   TOR.WT  2-Nov-09   ERD.WT  -0.73   31-Jul-09 4   URB.WT.A  0.45   YRI.WT.A 56.5%   FR.WT.A 0.5 $0.48 Fair Market Value
  Metallic Ventures Gold 101,383,415.25   FRE.WT 9-Nov-09   AVK.WT  -0.71   3-Dec-09 3.99   EOS.WT 0.45   YRI.WT.C 56.5%   SLW.WT  2.55 $2.46 Fair Market Value
  Neo Material Tchnlgys Inc 308,375,696.62   BNK.WT  10-Nov-09   BDO.WT  -0.7   9-Mar-09 3.92   GUR.WT  0.46   YRI.WT.B 56.5%   YRI.WT.A 7.69 $7.40 Fair Market Value
  NovaGold Resources 795,806,793.03   OSK.WT 15-Nov-09   ICX.WT  -0.68   29-Jun-12 3.84   EET.WT 0.485   ELR.WT.A  56.4%   YRI.WT.C 4.5 $4.33 Fair Market Value
  New Gold Inc. 260,865,002.02   DML.WT  24-Nov-09   AGB.WT -0.65   22-Jun-09 3.83   EPM.WT.B  0.49   ELR.WT  56.4%   BAJ.WT  0.53 $0.50 Fair Market Value
  Nevsun Resources 189,206,108.42   LS.WT 29-Nov-09   LIR.WT -0.65   27-Apr-12 3.81   EPM.WT.A  0.495   TRX.WT  56.2%   CHQ.WT 0.8 $0.75 Fair Market Value
  Oilsands Canada Corp 35,950,000.00   SLW.WT.A  30-Nov-09   ORR.WT  -0.64   14-Jan-09 3.8   PEG.WT 0.5   SKR.WT.A 56.1%   EF.WT 0.3 $0.28 Fair Market Value
  Oromonte 3,377,390.72   LIR.WT 3-Dec-09   MIZ.WT.A  -0.63   3-Apr-12 3.74   FR.WT.A 0.5   SVM.WT  56.0%   IE.WT  0.8 $0.74 Fair Market Value
  Osisko Exploration 771,832,962.45   EF.WT 11-Dec-09   IV.WT  -0.63   19-Mar-09 3.72   FR.WT  0.5   GMC.WT.B  55.8%   YRI.WT.B 7.48 $6.91 Fair Market Value
  Olympus Pacific Minerals Inc 73,598,050.02   PDL.WT 11-Dec-09   BNC.WT  -0.62   12-Feb-10 3.71   TOS.WT  0.5   GMC.WT.A  55.8%   MSV.WT  0.32 $0.29 Fair Market Value
  RailPower 34,903,228.62   UF.WT 15-Dec-09   KRI.WT  -0.61   8-Nov-10 3.59   BAJ.WT  0.53   GMC.WT  55.8%   SLW.WT.A  2.44 $2.21 Fair Market Value
  Palo Duro Energy 12,631,747.52   AMR.WT 28-Dec-09   CMS.WT -0.6   19-Jul-09 3.57   BNK.WT  0.54   NSU.WT.A  54.5%   SLW.WT.B  9.65 $8.43 Overvalued
  North American Palladium Ltd. 315,715,629.60   AMR.WT.A 31-Dec-09   EF.WT -0.6   29-Nov-12 3.52   GMC.WT.A  0.58   NSU.WT  54.5%   RPM.WT  0.07 $0.06 Overvalued
  Petro Rubiales Energy 911,874,397.75   ASF.WT  15-Jan-10   DAV.WT -0.6   30-Jun-10 3.5   GMC.WT  0.6   PME.WT  54.2%   SRL.WT.A  0.21 $0.18 Overvalued
  Primary Petroleum 16,754,708.99   P.WT  12-Feb-10   URB.WT.A  -0.58   13-Mar-09 3.39   UF.WT 0.65   IMG.WT  54.0%   MGT.WT.U  1.7 $1.44 Overvalued
  Peak Gold 420,814,009.68   YRI.WT.C 17-Feb-10   URB.WT  -0.58   2-Nov-09 3.38   CSI.WT 0.68   PIK.WT  53.4%   NG.WT  2.39 $2.03 Overvalued
  Sentry Select Primary Metals 109,550,000.00   DAV.WT 20-Feb-10   AMR.WT -0.58   17-Oct-09 3.38   FRE.WT 0.72   PIK.WT  53.4%   G.WT.G  15.2 $12.62 Overvalued
  Pinetree Capital 312,735,672.72   VSKY.WT  22-Feb-10   ENR.WT  -0.54   1-Mar-11 3.21   BNK.WT.A  0.72   CHQ.WT 52.6%   INV.WT  0.1 $0.08 Overvalued
  Quadra Mining 851,936,876.05   CHQ.WT 6-Mar-10   ACX.WT.A  -0.54   19-Dec-12 3.2   YNG.WT 0.73   MLY.WT  52.5%   HDG.WT 0.065 $0.05 Overvalued
  Redcorp Ventures 31,896,365.04   IMR.WT.A  21-Mar-10   OYM.WT  -0.52   1-Oct-08 3.18   KRI.WT  0.74   EQN.WT  51.6%   PIK.WT  0.155 $0.12 Overvalued
  Rusoro Mining 599,594,414.30   FR.WT.A 25-Mar-10   AAB.WT -0.51   25-Jan-13 3.14   GBG.WT  0.75   LIR.WT 51.3%   BCM.WT 1.7 $1.30 Overvalued
  Ranaz Corp 40,910,499.52   EPM.WT.A  11-Apr-10   RPM.WT  -0.5   30-Sep-09 3.06   DPF.WT  0.75   IMR.WT  50.8%   IV.WT  0.15 $0.11 Overvalued
  Rye Patch Gold 6,462,154.25   QUA.WT  8-May-10   RNZ.WT.B -0.49   22-Feb-11 3.05   PNP.WT  0.78   IMR.WT.A  50.8%   U.WT.A  1.25 $0.91 Overvalued
  Australian Solomons Gold 31,566,404.49   CMS.WT 9-May-10   MEB.WT  -0.49   15-Jun-09 3   UXG.WT  0.79   U.WT.A  49.9%   MPM.WT  1.65 $1.18 Overvalued
  Skye Resources 348,726,682.20   FGX.WT 31-May-10   EPM.WT.B  -0.49   31-Jan-12 2.84   CHQ.WT 0.8   FRE.WT 49.7%   EDV.WT  2.75 $1.94 Overvalued
  Silver Wheaton 3,548,470,480.00   CBB.WT  14-Jun-10   HDG.WT -0.43   13-Feb-11