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Warrant Sheets for Companies as of May 20th 2011

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

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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   CEK.WT 28-May-11   FNV.WT.A -38.61   RF.WT 4400   RF.WT 0.005   AHX.WT 222.2%   RF.WT 0.005 $0.33 Bargain
The last day the warrants  Adherex Technologies   OCB.WT 31-May-11   FNV.WT.B -27.88   OCB.WT 2368   VZX.WT 0.005   XMF.WT.A 208.6%   CNM.WT 0.015 $0.31 Bargain
can be exercised. If Agnico-Eagle   COX.WT 31-May-11   K.WT.C -17.45   COX.WT 1866   XMF.WT.A 0.005   REC.WT 205.0%   OUS.WT 0.075 $1.03 Bargain
warrants aren't being  Ainsworth Lumber Co Ltd   VST.WT 5-Jun-11   EDV.WT.C -14.87   OBF.WT 1116   CCJ.WT.B 0.005   VZX.WT 138.4%   GPF.WT.A 0.05 $0.67 Bargain
exercised then they Air Canada cl A   ABK.WT 6-Jun-11   XMF.WT.A -12.15   XYM.WT 1084   OCB.WT 0.005   AA.WT 137.6%   PIC.WT 0.05 $0.64 Bargain
must be sold the day  Air Canada cl B   RTU.WT 8-Jun-11   PNP.WT -12.04   EDV.WT.C 939.91   GMC.WT 0.005   YNG.WT 130.3%   HGI.WT 0.06 $0.56 Bargain
before the expiry date. Alange Energy Corp   G.WT.G 9-Jun-11   YCM.WT.A -11.27   PPF.WT 435   CCJ.WT.A 0.005   CNM.WT 123.0%   HCF.WT 0.09 $0.75 Bargain
The longer the time to  Allbanc Split Corp.    FEI.WT 20-Jun-11   ANS.WT -9.05   ABK.WT 312.95   CEK.WT 0.005   BPV.WT.A 114.1%   VZX.WT 0.005 $0.04 Bargain
expiry the more Andina Minerals Inc   FSS.WT 30-Jun-11   CCJ.WT.A -8.21   FSS.WT 282.86   CMT.WT 0.005   BPV.WT 114.1%   GCI.WT 0.075 $0.52 Bargain
valuable the warrants. Argonaut Gold Ltd   OBF.WT 30-Jun-11   K.WT.B -7.94   SIN.WT 278.2   COX.WT 0.005   CCJ.WT.B 111.3%   XYM.WT 0.01 $0.07 Bargain
  ARISE Technologies Corp   BSC.WT 7-Jul-11   TMB.WT -7.7   CTF.WT 257.5   EMC.WT 0.005   CCJ.WT.A 111.3%   XMF.WT.A 0.005 $0.03 Bargain
Leverage ARISE Technologies Corp   DNA.WT 29-Jul-11   DPM.WT -6.74   GPF.WT.A 240.8   FEI.WT 0.005   PDL.WT.B 109.4%   SIN.WT 0.05 $0.26 Bargain
The leverage of a warrant Astral Mining Corp   FGX.WT.C 29-Jul-11   KAT.WT -6.7   PIC.WT 234   FEI.WT.A 0.005   USO.WT 102.9%   MOB.WT 0.055 $0.25 Bargain
is a measure of how much Augen Gold Cor   SCI.WT 4-Aug-11   MGA.WT.A -5.9   GMF.WT 226   XYM.WT 0.01   NQ.WT 98.2%   GMF.WT 0.05 $0.22 Bargain
you can increase your Avalon Rare Metals Inc   EDV.WT.C 7-Aug-11   NGD.WT.A -5.87   HGI.WT 187.5   REC.WT 0.01   RPG.WT 97.7%   ABK.WT 0.2 $0.88 Bargain
exposure to a share if Bankers Petroleum   GPD.WT 15-Aug-11   NGD.WT.B -5.87   GCI.WT 145.33   OBF.WT 0.01   GLD.WT 94.5%   CCJ.WT.B 0.005 $0.02 Bargain
you bought warrants Banro Corp   EMC.WT 15-Aug-11   K.WT.D. -5.6   OUS.WT 134.67   GMC.WT.B 0.01   ROZ.WT 94.3%   PPF.WT 0.02 $0.08 Bargain
instead of making a Bennett Environmental Inc   CCJ.WT.A 17-Aug-11   MGA.WT -5   HCF.WT 133.89   RML.WT 0.01   EDR.WT 93.5%   RPG.WT 0.08 $0.25 Bargain
direct investment. It is  Blue Ribbon   RBN.WT.A 25-Aug-11   GMC.WT.B -4.52   RBN.WT.A 111.8   CNM.WT 0.015   TAB.WT 91.1%   BSC.WT 0.64 $1.94 Bargain
calculated dividing the  BNS Split Corp II   GTE.WT 28-Aug-11   RML.WT -3.78   EIT.WT.A 97.68   AHX.WT 0.015   EMC.WT 89.8%   FEO.WT.A 0.07 $0.21 Bargain
current share price by Breakwater Resources   K.WT.B 7-Sep-11   MGT.WT.U -3.58   GMC.WT 96   YNG.WT 0.015   GCM.WT 89.6%   AHX.WT 0.015 $0.04 Bargain
the current price of the  Brick Group   PGM.WT 11-Sep-11   PNP.WT.A -3.54   KAT.WT 90   VST.WT 0.015   RED.WT 89.6%   OCB.WT 0.005 $0.01 Bargain
warrant. Bridgeport Ventures Inc   GPF.WT.A 15-Sep-11   P.WT -3.49   CNM.WT 87.33   PPF.WT 0.02   MND.WT 89.0%   YNG.WT 0.015 $0.04 Bargain
  Bridgeport Ventures Inc   SIN.WT 15-Sep-11   PVG.WT -3.45   BSC.WT 80.22   MNP.WT 0.02   PGM.WT 86.3%   BPV.WT.A 0.07 $0.20 Bargain
Intrinsic Value Brigus Gold Corp   BAA.WT 17-Sep-11   NOT.WT -3.23   XMF.WT.A 70   CTF.WT 0.02   EW.WT 86.2%   PDL.WT.B 0.13 $0.35 Bargain
The difference between  Brigus Gold Corp   IVA.WT 20-Sep-11   PDL.WT.B -3.11   PNP.WT 59.2   GMC.WT.A 0.02   GMC.WT.A 85.0%   REC.WT 0.01 $0.03 Bargain
the exercise price and C A Bancorp Cdn Rlty Fin Corp   EIT.WT.A 20-Sep-11   GTE.WT -2.73   URB.WT.B 56.8   KAT.WT 0.02   GMC.WT.B 85.0%   TAB.WT 0.1 $0.25 Bargain
the actual trading price  Calvista Gold Corp.   CMT.WT 25-Sep-11   YNG.WT -2.59   EMC.WT 54   APV.WT 0.025   GMC.WT 85.0%   IVA.WT 0.07 $0.17 Bargain
of the common stock. Canada Lithium Corp.   RF.WT 30-Sep-11   GMC.WT.A -2.52   K.WT.B 53.92   URB.WT.B 0.025   ECU.WT 84.4%   RBN.WT.A 0.1 $0.20 Bargain
Once the common has  Canadian Income Mgmt Tr   AVL.WT 30-Sep-11   EMC.WT -2.41   GMC.WT.B 48   EDV.WT.C 0.025   USA.WT 84.4%   TMD.WT 0.65 $1.28 Bargain
gone over the exercise Canadian Res Income Trust   CLQ.WT 30-Sep-11   CCJ.WT.B -2.31   IVA.WT 44.29   APV.WT.A 0.03   TMD.WT 82.6%   FSS.WT 0.035 $0.07 Bargain
price the warrants are  Canadian Western Bank   FEI.WT.A 30-Sep-11   GMC.WT -2.27   FGX.WT.C 39.12   FSS.WT 0.035   GPD.WT 82.0%   EW.WT 0.13 $0.23 Bargain
said to be 'in the money'. Canoe Go Canada Income Fund   EDR.WT 7-Oct-11   VGZ.WT.S -2.15   CCJ.WT.B 38   PTA.WT 0.035   CMT.WT 77.6%   EIT.WT.A 0.155 $0.27 Bargain
  Caspian Energy   GMF.WT 14-Oct-11   FRO.WT -2.07   CCJ.WT.A 38   PTA.WT.A 0.035   SFF.WT 76.6%   MNP.WT 0.02 $0.03 Bargain
Volatility Caza Gold Corp   TID.WT 16-Oct-11   MRS.WT -2.05   CEK.WT 38   MGA.WT 0.035   APV.WT.A 75.4%   FEO.WT.B 0.1 $0.16 Bargain
The higher the volatility  Chesapeake Gold   VGZ.WT.S 22-Oct-11   FEI.WT -1.96   DNA.WT 34.6   PGM.WT 0.04   APV.WT 75.4%   GAA.WT.A 0.75 $1.23 Bargain
rating the higher the price Citadel Income Fund   TCM.WT 27-Oct-11   COX.WT -1.92   CMT.WT 34   MTO.WT 0.04   BWR.WT.A 75.1%   LRT.WT.A 0.065 $0.11 Bargain
of the warrant will be. Claude Resources   PDL.WT.B 28-Oct-11   RF.WT -1.75   FNV.WT.B 31.44   GTE.WT 0.04   PAU.WT 75.1%   P.WT 1.06 $1.74 Bargain
A measure of actual  CMP Gold Trust   XYM.WT 31-Oct-11   GAA.WT.A -1.74   YCM.WT.A 30.75   YCM.WT.A 0.04   DNA.WT 74.8%   DNA.WT 0.05 $0.08 Bargain
stock price changes over  Coalcorp Mining   MRS.WT 3-Nov-11   VGZ.WT.S -1.65   MOB.WT 29.09   NTC.WT 0.045   FCO.WT 74.4%   FGX.WT.B 1.64 $2.54 Bargain
a specific period of time.  Coalcorp Mining   GMC.WT 3-Nov-11   GCM.WT -1.6   YNG.WT 27.33   NGD.WT.B 0.045   SND.WT 74.3%   SBI.WT 0.05 $0.08 Bargain
Historical volatility is  Commerce Split Corp unit   TAO.WT 5-Nov-11   CMP.WT.B -1.55   PDL.WT.B 26.08   GPF.WT.A 0.05   CLQ.WT 72.3%   FGX.WT.C 0.25 $0.38 Bargain
calculated by using the  Compton Petroleum Corp   URB.WT.B 10-Nov-11   CRK.WT -1.46   PGM.WT 24.5   PIC.WT 0.05   FRN.WT 71.1%   GAA.WT 1.25 $1.89 Bargain
standard deviation of an Continental Gold   TXG.WT 12-Nov-11   RNX.WT -1.42   GMC.WT.A 24   SIN.WT 0.05   YEL.WT 70.9%   FRN.WT 0.18 $0.27 Undervalued
underlying stock price. Coxe Commodity Strategy Fund   KAT.WT 20-Nov-11   CMT.WT -1.38   MNP.WT 22.5   GMF.WT 0.05   RML.WT 70.5%   AA.WT 0.095 $0.14 Undervalued
  Crocodile Gold   HCF.WT 30-Nov-11   BEV.WT -1.34   RML.WT 22   DNA.WT 0.05   MRS.WT 70.2%   MND.WT 0.36 $0.53 Undervalued
In the Money Dalradian Resources Inc   PPF.WT 30-Nov-11   PAK.WT -1.33   GTE.WT 21.53   SBI.WT 0.05   TIC.WT 69.9%   CVZ.WT 0.1 $0.14 Undervalued
When the price of the  Dundee Precious Metals   REC.WT 30-Nov-11   PPF.WT -1.3   G.WT.G 21.4   PMI.WT.A 0.05   KAT.WT 69.0%   NQ.WT 0.5 $0.71 Undervalued
common is higher than  Dundee Precious Metals   CTF.WT 2-Dec-11   CNM.WT -1.29   TID.WT 20.83   SFF.WT 0.05   ALE.WT 67.3%   CZY.WT 0.08 $0.11 Undervalued
the exercise price East West Petroleum Corp   FT.WT.A 3-Dec-11   ZAZ.WT -1.23   NGD.WT.B 20.29   PNP.WT 0.05   PCT.WT 66.5%   SND.WT 0.1 $0.14 Undervalued
  ECU Silver Mining Inc   PIC.WT 15-Dec-11   XYM.WT -1.16   VST.WT 17.67   MGA.WT.A 0.05   ST.WT 66.4%   BPV.WT 0.32 $0.44 Undervalued
At the Money EMC Metals Corp   XRG.WT 21-Dec-11   VGZ.WT.S -1.15   BEV.WT 16.07   MOB.WT 0.055   CRJ.WT 66.4%   CMP.WT.B 1.65 $2.22 Undervalued
When the price of the  Endeavour Financial   MFL.WT 31-Dec-11   GCI.WT -1.1   VZX.WT 16   HGI.WT 0.06   FEO.WT.A 66.1%   PAU.WT 0.13 $0.17 Undervalued
underlying is equivalent Endeavour Mining Corp   OUS.WT 16-Jan-12   URB.WT.B -1.08   SCI.WT 15.35   TID.WT 0.06   FEO.WT.B 66.1%   GAA.WT 1.25 $1.62 Undervalued
or close to the strike price. Endeavour Silver Corp   GCI.WT 30-Jan-12   ADM.WT -1.06   DPM.WT 14.24   LRT.WT.A 0.065   MGT.WT.U 65.7%   MB.WT 0.18 $0.23 Undervalued
  EnerVest Diversified Income Trust   MGA.WT 12-Feb-12   PGM.WT -1.02   RTU.WT 13.71   FEO.WT.A 0.07   WRN.WT 65.5%   SSL.WT.A 0.36 $0.44 Undervalued
Exercise ratio Ethiopian Potash   ML.WT 16-Feb-12   GPF.WT.A -0.98   K.WT.C 13.35   BPV.WT.A 0.07   XRG.WT 65.4%   TXG.WT 0.425 $0.52 Undervalued
The number of warrants  Faircourt Gold Income   CKG.WT 23-Feb-12   ML.WT -0.87   TMB.WT 12.84   IVA.WT 0.07   AVL.WT 65.2%   USO.WT 0.1 $0.12 Undervalued
related to one share and Faircourt Gold Income   CNM.WT 28-Feb-12   FCO.WT -0.86   ADM.WT 11.9   OUS.WT 0.075   P.WT 63.2%   K.WT.D. 2.22 $2.64 Undervalued
specifies the amount of  Feronia Inc   XMF.WT.A 28-Feb-12   NBD.WT -0.86   MGA.WT 11.82   GCI.WT 0.075   LRT.WT.A 61.4%   FCO.WT 0.35 $0.40 Undervalued
underlying that the owner Formation Metals   YCM.WT.A 28-Feb-12   EW.WT -0.85   ANS.WT 11.8   RPG.WT 0.08   LRT.WT 61.4%   CRK.WT 0.2 $0.23 Undervalued
of a single warrant is  Fortress Energy Inc   TMB.WT 29-Feb-12   OBF.WT -0.84   PNP.WT.A 10.57   CZY.WT 0.08   BAA.WT 61.0%   DPM.WT.A 5.21 $5.91 Undervalued
entitled to buy. Fortress Energy Inc   BNK.WT.A 1-Mar-12   BPV.WT.A -0.82   PVG.WT 9.73   ALE.WT 0.08   FT.WT.A 60.3%   G.WT.G 2.22 $2.46 Undervalued
  Fortune Minerals Ltd.   GMC.WT.A 6-Mar-12   BRD.WT -0.82   SBI.WT 9.6   YEL.WT 0.085   VST.WT 60.0%   ST.WT 0.36 $0.40 Undervalued
Time Value Franco-Nevada   FNV.WT 13-Mar-12   GAA.WT -0.81   FEI.WT 9   HCF.WT 0.09   MTO.WT 59.9%   XRG.WT 0.7 $0.77 Undervalued
The time value is the  Franco-Nevada   HGI.WT 30-Mar-12   BRD.WT.A -0.81   FEI.WT.A 9   LRT.WT 0.09   CRK.WT 59.9%   AEM.WT.U 20.65 $22.63 Undervalued
difference between the Franco-Nevada   NGD.WT.B 3-Apr-12   KSK.WT -0.8   CVZ.WT 8.9   AA.WT 0.095   PTA.WT 58.9%   CWB.WT 16.6 $18.24 Undervalued
current warrant price  Front Str Strategic Yield   PVG.WT 8-Apr-12   HGI.WT -0.75   REC.WT 8.50   MRS.WT 0.095   PTA.WT.A 58.9%   BNK.WT.A 5.3 $5.80 Fair Market Value
and its intrinsic value. Frontier Rare Earths Ltd   PNP.WT 16-Apr-12   RN.WT -0.75   BPV.WT.A 8.29   TAB.WT 0.1   RNX.WT 58.3%   RED.WT 0.12 $0.13 Fair Market Value
The time value is to be  Gazit America In   MGT.WT.U 20-Apr-12   MTO.WT -0.74   MGA.WT.A 8.27   RBN.WT.A 0.1   SBI.WT 57.3%   CRJ.WT 0.95 $1.03 Fair Market Value
interpreted as the Gazit America In   GMC.WT.B 27-Apr-12   GMF.WT -0.7   CMP.WT.B 8.15   FEO.WT.B 0.1   PNP.WT.B 56.8%   BRK.WT 1.35 $1.44 Fair Market Value
consideration paid for  Gazit America Inc.   RED.WT 29-Apr-12   LRT.WT -0.68   GAA.WT.A 7.68   CVZ.WT 0.1   PNP.WT.A 56.8%   USA.WT 0.4 $0.43 Fair Market Value
the advantage that the Geovic Mining Corp   BEV.WT 7-May-12   MGA.WT.B -0.68   NTC.WT 7.22   SND.WT 0.1   PNP.WT 56.8%   WLT.WT 9.5 $10.14 Fair Market Value
warrant buyer has over  Geovic Mining Corp   MTO.WT 15-May-12   MOB.WT -0.65   GPD.WT 7.13   USO.WT 0.1   VGZ.WT.S 56.7%   BWR.WT.A 0.42 $0.44 Fair Market Value
the direct investor. It Geovic Mining Corp   CZY.WT 22-May-12   VGZ.WT.S -0.65   FRO.WT 7.03   ADM.WT 0.1   VGZ.WT.S 56.7%   MFL.WT 7.46 $7.91 Fair Market Value
is greatest when the  Global Adv Tele&Utilities Inc Fd   ROZ.WT 28-May-12   PTA.WT -0.59   RNX.WT 7.02   RED.WT 0.12   VGZ.WT.S 56.7%   SLW.WT.U 17.99 $19.00 Fair Market Value
warrants are 'at the money' GMIncome & Growth Fund    PMI.WT.A 28-May-12   YEL.WT -0.57   EW.WT 6.92   PCT.WT 0.12   VGZ.WT.S 56.7%   TID.WT 0.06 $0.06 Fair Market Value
but decreases as the Gold Participation and Income Fund   ADM.WT 2-Jun-12   FEO.WT.B -0.56   TAB.WT 6.9   K.WT.B 0.12   TID.WT 56.2%   AR.WT 1.67 $1.76 Fair Market Value
exercise date draws closer. Goldcorp   AAB.WT 6-Jun-12   AA.WT -0.54   PMI.WT.A 6.80   PDL.WT.B 0.13   FED.WT 55.0%   ML.WT.A 2.1 $2.21 Fair Market Value
The decreased value is  Golden Predator   MGA.WT.A 6-Jun-12   PNP.WT.B -0.54   K.WT.D. 6.55   EW.WT 0.13   TMB.WT 54.7%   NGD.WT.A 2.4 $2.52 Fair Market Value
called time decay and  Gran Colombia Gold Corp   TAB.WT 11-Jun-12   SFF.WT -0.54   MTO.WT 6.5   PAU.WT 0.13   MFL.WT 53.6%   BAA.WT 1.1 $1.15 Fair Market Value
decreases at a faster  Gran Tierra Energy   APV.WT 11-Jun-12   DNA.WT -0.52   FEO.WT.A 6.29   GPD.WT 0.15   AR.WT 52.7%   SCI.WT 0.475 $0.49 Fair Market Value
pace as the expiry date GT Canada   TIC.WT 15-Jun-12   CVZ.WT -0.51   FNV.WT 6.01   AAB.WT 0.15   SLW.WT.U 52.5%   VGZ.WT.S 0.98 $1.02 Fair Market Value
draws closer. Harvest Canadian Inc & Gr Fund   YNG.WT 20-Jun-12   FEI.WT.A -0.51   CZY.WT 6   BEV.WT 0.15   MB.WT 52.2%   SSL.WT 0.51 $0.53 Fair Market Value
  International Lithium   WLT.WT 28-Jun-12   TID.WT -0.44   FGX.WT.B 5.96   EIT.WT.A 0.155   NTC.WT 51.3%   AVL.WT 3.5 $3.56 Fair Market Value
  Ivanhoe Australia   DPM.WT 29-Jun-12   LRT.WT.A -0.43   MRS.WT 5.96   FRN.WT 0.18   BRD.WT.A 50.6%   EDR.WT 5.1 $5.17 Fair Market Value
  Katanga Mining   MND.WT 6-Aug-12   NTC.WT -0.43   FNV.WT.A 5.87   MB.WT 0.18   BRD.WT 50.6%   WRN.WT 1.14 $1.15 Fair Market Value
  Kinross   FED.WT 9-Sep-12   PTA.WT.A -0.42   RPG.WT 5.75   PMI.WT 0.18   PMI.WT 50.5%   FNV.WT 6.05 $5.94 Fair Market Value
  Kinross   QUX.WT 10-Sep-12   CTF.WT -0.4   XRG.WT 5.74   CLQ.WT 0.18   PMI.WT.A 50.5%   TIC.WT 0.85 $0.82 Fair Market Value
  Kinross     CNL.WT 12-Sep-12   EDV.WT.A -0.31   ML.WT 5.69   FNV.WT.B 0.18   BRK.WT 50.4%   ALE.WT 0.08 $0.08 Fair Market Value
  Kiska Metals   VGZ.WT.S 22-Oct-12   ALE.WT -0.3   AAB.WT 5.2   MGA.WT.B 0.19   CEK.WT 50.3%   ECU.WT 0.42 $0.40 Fair Market Value
  Lanesborough REIT   PNP.WT.A 23-Oct-12   IVA.WT -0.27   TCM.WT 5.05   ABK.WT 0.2   MOB.WT 50.0%   AC.WT 0.56 $0.53 Fair Market Value
  Lanesborough REIT   AC.WT 28-Oct-12   SBI.WT -0.27   LRT.WT.A 4.92   CRK.WT 0.2   CVZ.WT 50.0%   CKG.WT 4.59 $4.29 Fair Market Value
  M Split Corp   AC.WT 28-Oct-12   ST.WT -0.27   SND.WT 4.9   GLD.WT 0.2   FEI.WT 50.0%   CNL.WT 1.7 $1.58 Fair Market Value
  Macusani Yellowcake   FRO.WT 17-Nov-12   GPD.WT -0.27   PTA.WT 4.71   PAK.WT 0.2   FEI.WT.A 50.0%   GLD.WT 0.2 $0.19 Fair Market Value
  Manas Petroleum Corp   PTA.WT.A 19-Nov-12   RPG.WT -0.26   PTA.WT.A 4.71   RNX.WT 0.225   SSL.WT.A 49.8%   RTU.WT 0.96 $0.89 Fair Market Value
  Mandalay Resources Corp   NGD.WT.C 28-Nov-12   PMI.WT.A -0.26   FEO.WT.B 4.4   KSK.WT 0.235   SSL.WT 49.8%   TAO.WT 2.4 $2.22 Fair Market Value
  Medoro Resources Ltd   RML.WT 29-Nov-12   CEK.WT -0.26   CNL.WT 4.4   FGX.WT.C 0.25   YCM.WT.A 49.2%   PNP.WT.B 1 $0.90 Overvalued
  MEGA Brands Inc   SBI.WT 2-Dec-12   PIC.WT -0.25   GAA.WT 4.32   ANS.WT 0.25   ZAZ.WT 48.9%   AC.WT 0.56 $0.50 Overvalued
  Mega Uranium   RNX.WT 16-Dec-12   MNP.WT -0.24   GAA.WT 4.32   PNP.WT.A 0.28   KSK.WT 48.6%   ROZ.WT 1 $0.88 Overvalued
  Mega Uranium   ZAZ.WT 19-Dec-12   APV.WT -0.24   AC.WT 4.29   ZAZ.WT 0.3   RN.WT 48.3%   QUX.WT 3.55 $3.08 Overvalued
  Mega Uranium   BPV.WT.A 20-Dec-12   VST.WT -0.24   AC.WT 4.29   BPV.WT 0.32   ADM.WT 46.7%   TCM.WT 2.05 $1.74 Overvalued
  Mercator Minerals Ltd   SFF.WT 21-Dec-12   AAB.WT -0.22   P.WT 4.25   TMB.WT 0.335   DPM.WT.A 46.2%   FT.WT.A 0.7 $0.58 Overvalued
  Mercator Minerals Ltd   EW.WT 22-Dec-12   FEO.WT.A -0.21   QUX.WT 4.21   FCO.WT 0.35   DPM.WT 46.2%   GCM.WT 0.6 $0.51 Overvalued
  Metanor Resources   WRN.WT 22-Dec-12   ABK.WT -0.19   SFF.WT 4.2   FED.WT 0.35   MGA.WT.B 46.0%   RNX.WT 0.225 $0.19 Overvalued
  Minefinders Corp   SND.WT 23-Dec-12   SND.WT -0.19   CRK.WT 3.95   MND.WT 0.36   MGA.WT 46.0%   TMB.WT 0.335 $0.27 Overvalued
  Mines Management    APV.WT.A 23-Dec-12   XRG.WT -0.18   PAK.WT 3.85   SSL.WT.A 0.36   MGA.WT.A 46.0%   CTF.WT 0.02 $0.02 Overvalued
  New Gold Inc.   MOB.WT 24-Dec-12   REC.WT -0.17   NGD.WT.A 3.8   ST.WT 0.36   CZY.WT 45.8%   PCT.WT 0.12 $0.10 Overvalued
  New Gold Inc.   AR.WT 29-Dec-12   CLQ.WT -0.17   APV.WT 3.8   FRO.WT 0.36   TXG.WT 44.9%   LRT.WT 0.09 $0.07 Overvalued
  New Gold Inc.   VZX.WT 5-Jan-13   OCB.WT -0.16   TXG.WT 3.76   NGD.WT.C 0.38   PVG.WT 43.3%   PNP.WT.A 0.28 $0.21 Overvalued
  Norbord   CMP.WT.B 25-Jan-13   ECU.WT -0.16   RED.WT 3.58   USA.WT 0.4   AAB.WT 43.1%   RN.WT 0.6 $0.44 Overvalued
  Noront Resources Ltd   ML.WT.A 29-Jan-13   RBN.WT.A -0.15   LRT.WT 3.56   BWR.WT.A 0.42   CNL.WT 40.8%   VGZ.WT.S 0.98 $0.68 Overvalued
  North American Palladium Ltd.   KSK.WT 23-Mar-13   PCT.WT -0.14   MGT.WT.U 3.54   ECU.WT 0.42   ANS.WT 40.3%   PMI.WT 0.18 $0.12 Overvalued
  North American Tungsten   YEL.WT 25-Mar-13   SIN.WT -0.13   CLQ.WT 3.5   TXG.WT 0.425   WLT.WT 40.2%   PVG.WT 0.93 $0.62 Overvalued
  Northquest Ltd    NTC.WT 31-Mar-13   EIT.WT.A -0.13   ST.WT 3.42   SCI.WT 0.475   ML.WT.A 40.0%   BRD.WT.A 0.59 $0.38 Overvalued
  Oceanic Iron Ore Corp   USO.WT 18-Apr-13   USO.WT -0.13   EDV.WT.A 3.42   NQ.WT 0.5   ML.WT 40.0%   DPM.WT 0.58 $0.35 Overvalued
  Oceanic Iron Ore Corp   ST.WT 29-Apr-13   VZX.WT -0.12   KSK.WT 3.4   NBD.WT 0.5   NOT.WT 39.5%   GPD.WT 0.15 $0.09 Overvalued
  O'Leary Adv Tact Gl Corp Bd Fd   CVZ.WT 11-May-13   APV.WT.A -0.12   ZAZ.WT 3.4   NOT.WT 0.5   QUX.WT 39.4%   EDV.WT.A 0.64 $0.35 Overvalued
  O'Leary BrIC-Plus Inc&Growth Fd   CRJ.WT 22-May-13   PMI.WT -0.11   YEL.WT 3.35   SSL.WT 0.51   FRO.WT 39.0%   AAB.WT 0.15 $0.08 Overvalued
  Omega Advisors U.S. Cap App Fd   ILC.WT 24-May-13   FSS.WT -0.1   FRN.WT 3.33   ML.WT 0.55   GAA.WT.A 38.3%   PGM.WT 0.04 $0.02 Overvalued
  Papuan Precious Metals Corp   CCJ.WT.B 5-Jun-13   WRN.WT -0.08   FCO.WT 3.26   AC.WT 0.56   GAA.WT 38.3%   APV.WT.A 0.03 $0.02 Overvalued
  Peregrine Metals   PAU.WT 5-Jul-13   RED.WT -0.07   APV.WT.A 3.17   AC.WT 0.56   GAA.WT 38.3%   NTC.WT 0.045 $0.02 Overvalued
  Petroamerica Oil Corp   FNV.WT.B 8-Jul-13   FED.WT -0.07   AR.WT 3.07   MGT.WT.U 0.57   BEV.WT 36.9%   NGD.WT.C 0.38 $0.19 Overvalued
  Petroamerica Oil Corp   PNP.WT.B 11-Jul-13   FGX.WT.C -0.05   TIC.WT 3.06   DPM.WT 0.58   IVA.WT 36.0%   VGZ.WT.S 0.98 $0.50 Overvalued
  Petromanas Energy In   ANS.WT 29-Jul-13   AHX.WT -0.04   AHX.WT 3   BRD.WT.A 0.59   GPF.WT.A 35.9%   BEV.WT 0.15 $0.07 Very Overvalued
  Petromanas Energy Inc   K.WT.C 3-Sep-13   TAB.WT -0.04   PAU.WT 3.00   GCM.WT 0.6   NGD.WT.A 35.3%   PTA.WT 0.035 $0.02 Very Overvalued
  Pinetree Capital   SLW.WT.U 5-Sep-13   CNL.WT -0.02   WRN.WT 2.96   RN.WT 0.6   NGD.WT.C 35.3%   FED.WT 0.35 $0.16 Very Overvalued
  Pinetree Capital   FRN.WT 8-Sep-13   PAU.WT -0.01   PNP.WT.B 2.96   BSC.WT 0.64   NGD.WT.B 35.3%   BRD.WT 0.84 $0.38 Very Overvalued
  Pinetree Capital   VGZ.WT.S 22-Oct-13   SSL.WT.A -0.01   AEM.WT.U 2.95   EDV.WT.A 0.64   TAO.WT 34.4%   ADM.WT 0.1 $0.04 Very Overvalued
  Premium Income Corp    GAA.WT 30-Nov-13   FRN.WT 0   TMD.WT 2.94   TMD.WT 0.65   CKG.WT 34.2%   K.WT.C 1.09 $0.42 Very Overvalued
  Pretium Resources   AEM.WT.U 2-Dec-13   MB.WT 0   BAA.WT 2.93   XRG.WT 0.7   CMP.WT.B 34.1%   YEL.WT 0.085 $0.03 Very Overvalued
  Prima Colombia   NBD.WT 24-Dec-13   QUX.WT 0   VGZ.WT.S 2.91   FT.WT.A 0.7   URB.WT.B 33.9%   ML.WT 0.55 $0.20 Very Overvalued
  Primero Mining Corp   EDV.WT.A 4-Feb-14   CZY.WT 0.03   VGZ.WT.S 2.91   GAA.WT.A 0.75   K.WT.D. 33.2%   NBD.WT 0.5 $0.18 Very Overvalued
  Propel Multi-Strategy Fund   ECU.WT 20-Feb-14   HCF.WT 0.05   VGZ.WT.S 2.91   BRD.WT 0.84   K.WT.C 33.2%   PMI.WT.A 0.05 $0.02 Very Overvalued
  Quadra FNX Mining Ltd   CWB.WT 2-Mar-14   TMD.WT 0.06   VGZ.WT.S 2.91   TIC.WT 0.85   K.WT.B 33.2%   SFF.WT 0.05 $0.02 Very Overvalued
  Ram Power Corp   FCO.WT 8-Mar-14   GLD.WT 0.07   MB.WT 2.78   PVG.WT 0.93   BNK.WT.A 30.8%   CLQ.WT 0.18 $0.06 Very Overvalued
  RedWater Energy   BWR.WT.A 9-Apr-14   BPV.WT 0.08   USO.WT 2.7   CRJ.WT 0.95   G.WT.G 30.3%   NGD.WT.B 0.045 $0.01 Very Overvalued
  Reliant Gold Corp   GAA.WT.A 14-Apr-14   OUS.WT 0.1   SSL.WT.A 2.67   RTU.WT 0.96   GTE.WT 30.1%   FRO.WT 0.36 $0.11 Very Overvalued
  Rio Novo Gold Inc    SSL.WT 23-Apr-14   TIC.WT 0.1   CKG.WT 2.59   VGZ.WT.S 0.98   AC.WT 30.0%   KSK.WT 0.235 $0.07 Very Overvalued
  Rodinia Oil Corp   MNP.WT 6-May-14   GAA.WT 0.13   NBD.WT 2.55   VGZ.WT.S 0.98   PAK.WT 28.7%   MGA.WT.B 0.19 $0.05 Very Overvalued
  Royal Nickel Corporation   RPG.WT 19-May-14   NGD.WT.C 0.13   ALE.WT 2.5   VGZ.WT.S 0.98   TCM.WT 28.2%   OBF.WT 0.01 $0.00 Very Overvalued
  Rusoro Mining   BRK.WT 27-May-14   AC.WT 0.2   RN.WT 2.5   VGZ.WT.S 0.98   AEM.WT.U 27.2%   VGZ.WT.S 0.98 $0.23 Very Overvalued
  Sandstorm Metals   FGX.WT.B 30-Jun-14   AC.WT 0.2   NGD.WT.C 2.4   PNP.WT.B 1   AC.WT 27.2%   FNV.WT.A 6.2 $1.21 Very Overvalued
  Sandstorm Resources Ltd.   USA.WT 10-Jul-14   USA.WT 0.37   TAO.WT 2.39   ROZ.WT 1   OUS.WT 25.0%   PAK.WT 0.2 $0.04 Very Overvalued
  Sandstorm Resources Ltd.   K.WT.D. 17-Sep-14   SSL.WT 0.37   BRD.WT.A 2.34   P.WT 1.06   MNP.WT 25.0%   ZAZ.WT 0.3 $0.05 Very Overvalued
  SCITI ROCS Trust   AA.WT 7-Oct-14   NQ.WT 0.42   CRJ.WT 2.23   K.WT.C 1.09   ILC.WT 25.0%   APV.WT 0.025 $0.00 Very Overvalued
  SCITI Trust   PTA.WT 8-Oct-14   SCI.WT 0.42   MND.WT 2.22   BAA.WT 1.1   EDV.WT.A 24.5%   GMC.WT.A 0.02 $0.00 Very Overvalued
  Seafield Resources   BPV.WT 10-Oct-14   MND.WT 0.47   AA.WT 2.21   WRN.WT 1.14   EDV.WT.C 24.5%   PTA.WT.A 0.035 $0.00 Very Overvalued
  Serabi Mining   MGA.WT.B 26-Oct-14   TXG.WT 0.47   MGA.WT.B 2.16   GAA.WT 1.25   GCI.WT 21.9%   GMC.WT.B 0.01 $0.00 Very Overvalued
  Silver Wheaton   GLD.WT 27-Oct-14   ROZ.WT 0.49   AVL.WT 2.02   GAA.WT 1.25   FGX.WT.B 20.9%   MGT.WT.U 0.57 $0.05 Very Overvalued
  Star Portfolio Corp   BRD.WT.A 19-Nov-14   BSC.WT 0.5   FED.WT 1.94   BRK.WT 1.35   FGX.WT.C 20.9%   MRS.WT 0.095 $0.01 Very Overvalued
  Stonegate Agricom Ltd   BRD.WT 19-Nov-14   CRJ.WT 0.52   FT.WT.A 1.91   FGX.WT.B 1.64   BSC.WT 20.2%   ANS.WT 0.25 $0.02 Very Overvalued
  TAG Oil Ltd   NOT.WT 16-Dec-14   FT.WT.A 0.54   SLW.WT.U 1.9   CMP.WT.B 1.65   NBD.WT 17.2%   FNV.WT.B 0.18 $0.01 Very Overvalued
  Tembec   NQ.WT 21-Dec-14   AR.WT 0.62   PMI.WT 1.89   AR.WT 1.67   ABK.WT 16.7%   URB.WT.B 0.025 $0.00 Very Overvalued
  Thompson Creek Metals   PMI.WT 23-Feb-15   FGX.WT.B 0.73   SSL.WT 1.88   CNL.WT 1.7   COX.WT 16.6%   GMC.WT 0.005 $0.00 Very Overvalued
  Titan Medical   LRT.WT 5-Mar-15   RTU.WT 0.86   ECU.WT 1.88   TCM.WT 2.05   HGI.WT 16.1%   K.WT.B 0.12 $0.01 Very Overvalued
  Titanium Corp. Inc   RN.WT 8-Mar-15   BAA.WT 1.06   NQ.WT 1.84   ML.WT.A 2.1   HCF.WT 16.0%   MTO.WT 0.04 $0.00 Very Overvalued
  Torex Gold Resources Inc   MB.WT 30-Mar-15   BRK.WT 1.22   CWB.WT 1.83   K.WT.D. 2.22   FNV.WT 15.7%   PNP.WT 0.05 $0.00 Very Overvalued
  Touchstone Exploration Inc   P.WT 19-Jul-15   TCM.WT 1.36   ROZ.WT 1.82   G.WT.G 2.22   FNV.WT.A 15.7%   GTE.WT 0.04 $0.00 Very Overvalued
  Tuscany Intl Drilling Inc   GCM.WT 24-Aug-15   G.WT.G 1.75   BPV.WT 1.81   NGD.WT.A 2.4   FNV.WT.B 15.7%   KAT.WT 0.02 $0.00 Very Overvalued
  U S Silver Corp   PCT.WT 21-Sep-15   ML.WT.A 2.13   PCT.WT 1.79   TAO.WT 2.4   PIC.WT 15.3%   NOT.WT 0.5 $0.01 Very Overvalued
  Urbana Corp   SSL.WT.A 19-Oct-15   TAO.WT 2.13   MFL.WT 1.71   AVL.WT 3.5   RF.WT 15.2%   RML.WT 0.01 $0.00 Very Overvalued
  US Oil Sands Inc.    VGZ.WT.S 22-Oct-15   AVL.WT 3.46   EDR.WT 1.69   QUX.WT 3.55   PPF.WT 15.0%   CCJ.WT.A 0.005 $0.00 Very Overvalued
  Vast Exploration Inc   DPM.WT.A 20-Nov-15   CKG.WT 3.9   GCM.WT 1.67   CKG.WT 4.59   GMF.WT 14.2%   CEK.WT 0.005 $0.00 Very Overvalued
  Vega Resources    FEO.WT.A 30-Nov-15   BWR.WT.A 4.15   BRK.WT 1.64   EDR.WT 5.1   XYM.WT 11.4%   CMT.WT 0.005 $0.00 Very Overvalued
  Vista Gold   FEO.WT.B 30-Nov-15   FNV.WT 4.39   BRD.WT 1.64   DPM.WT.A 5.21   CWB.WT 10.3%   COX.WT 0.005 $0.00 Very Overvalued
  Vista Gold   GAA.WT 30-Nov-15   DPM.WT.A 5.01   DPM.WT.A 1.59   BNK.WT.A 5.3   OBF.WT 9.7%   EDV.WT.C 0.025 $0.00 Very Overvalued
  Vista Gold   TMD.WT 10-Dec-15   EDR.WT 5.02   NOT.WT 1.54   FNV.WT 6.05   RBN.WT.A 8.8%   EMC.WT 0.005 $0.00 Very Overvalued
  Vista Gold   LRT.WT.A 23-Dec-15   BNK.WT.A 5.71   BNK.WT.A 1.52   FNV.WT.A 6.2   RTU.WT 8.0%   FEI.WT 0.005 $0.00 Very Overvalued
  Vuzix Corp   ALE.WT 22-Feb-16   MFL.WT 7.75   ML.WT.A 1.49   MFL.WT 7.46   OCB.WT 7.4%   FEI.WT.A 0.005 $0.00 Very Overvalued
  Walter Energy   PAK.WT 14-Mar-16   SLW.WT.U 14.96   WLT.WT 1.39   WLT.WT 9.5   SIN.WT 6.7%   MGA.WT 0.035 $0.00 Very Overvalued
  Western Copper   CRK.WT 24-Mar-16   AEM.WT.U 15.28   USA.WT 1.33   CWB.WT 16.6   FSS.WT 6.6%   MGA.WT.A 0.05 $0.00 Very Overvalued
  Xinergy Ltd   AHX.WT 30-Mar-16   CWB.WT 16.42   GLD.WT 1.33   SLW.WT.U 17.99   SCI.WT 6.4%   VST.WT 0.015 $0.00 Very Overvalued
  Yukon-Nevada Gold   FNV.WT.A 16-Jun-17   WLT.WT 87.37   BWR.WT.A 1.27   AEM.WT.U 20.65   CTF.WT 6.0%   YCM.WT.A 0.04 $0.00 Very Overvalued
  Zazu Metals Corp   NGD.WT.A 28-Jun-17   ILC.WT nt   ILC.WT nt   ILC.WT nt   EIT.WT.A 5.8%   ILC.WT nt nt Not Trading