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Warrant Sheets for Companies as of November 18th, 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   HCF.WT 30-Nov-11   FNV.WT.A -70.57   PIC.WT 2007   CNM.WT 0.005   SBI.WT 437.3%   MOB.WT 0.01 $0.20 Bargain
The last day the warrants  Adherex Technologies   REC.WT 30-Nov-11   FNV.WT.B -59.65   PPF.WT 1510   PIC.WT 0.005   XMF.WT.A 403.6%   SBI.WT 0.01 $0.14 Bargain
can be exercised. If Agnico-Eagle   PPF.WT 30-Nov-11   K.WT.C -33.11   GCI.WT 948   APV.WT 0.005   APV.WT 362.6%   LRT.WT 0.035 $0.32 Bargain
warrants aren't being  Ainsworth Lumber Co Ltd   FCS.WT.A 2-Dec-11   PNP.WT -22.38   CTF.WT 780   XMF.WT.A 0.005   APV.WT.A 362.6%   PYC.WT 0.145 $1.08 Bargain
exercised then they Air Canada cl A   CTF.WT 2-Dec-11   XMF.WT.A -18.83   FCS.WT.A 679.33   GMC.WT.B 0.005   REC.WT 240.6%   LRT.WT.A 0.06 $0.33 Bargain
must be sold the day  Air Canada cl B   FT.WT.A 3-Dec-11   YCM.WT.A -13.29   OUS.WT 310.4   CTF.WT 0.005   RED.WT 230.0%   GAA.WT 0.67 $3.65 Bargain
before the expiry date. Andina Minerals Inc   PIC.WT 15-Dec-11   AUM.WT -12.41   TMB.WT 267   GMC.WT.A 0.005   LRT.WT 227.5%   EIT.WT.B 0.09 $0.40 Bargain
The longer the time to  Argonaut Gold Ltd   XRG.WT 21-Dec-11   ANS.WT -11.89   CNM.WT 216   MGA.WT 0.005   LRT.WT.A 227.5%   GAA.WT 0.67 $2.89 Bargain
expiry the more ARISE Technologies Corp   MFL.WT 31-Dec-11   TMB.WT -11.7   XRG.WT 174.00   MGA.WT.A 0.005   NQ.WT 192.4%   FEO.WT.A 0.05 $0.20 Bargain
valuable the warrants. ARISE Technologies Corp   OUS.WT 16-Jan-12   K.WT.D. -10.82   EIT.WT.B 151   MLR.WT.B 0.005   MNP.WT 189.4%   MNP.WT 0.03 $0.12 Bargain
  Armistice Resources Corp   GCI.WT 30-Jan-12   CMT.WT.A -9.33   HCF.WT 149.5   PPF.WT 0.005   USO.WT 185.0%   NTC.WT 0.01 $0.04 Bargain
Leverage Astral Mining Corp   MGA.WT 12-Feb-12   DPM.WT -8.43   HGI.WT 139.38   RML.WT 0.005   VZX.WT 184.7%   GAA.WT.A 0.8 $2.96 Bargain
The leverage of a warrant Augen Gold Cor   ML.WT 16-Feb-12   NBD.WT -6.96   MOB.WT 125   YCM.WT.A 0.005   WAI.WT 173.8%   RED.WT 0.04 $0.14 Bargain
is a measure of how much Azure Dynamics   CKG.WT 23-Feb-12   MGA.WT.A -6.25   YCM.WT.A 122   MOB.WT 0.01   PCT.WT 164.6%   CNM.WT 0.005 $0.02 Bargain
you can increase your Bankers Petroleum   CNM.WT 28-Feb-12   MGA.WT -6.14   PNP.WT 114   SBI.WT 0.01   SNG.WT 157.6%   AZD.WT 0.015 $0.05 Bargain
exposure to a share if Bennett Environmental Inc   XMF.WT.A 28-Feb-12   PNP.WT.A -6.08   ENI.WT 62   NTC.WT 0.01   FCO.WT 145.0%   LQD.WT 0.105 $0.33 Bargain
you bought warrants Brick Group   YCM.WT.A 28-Feb-12   GMC.WT.B -5.18   GMC.WT.B 52   VZX.WT 0.01   BBB.WT 137.6%   FCO.WT 0.12 $0.36 Bargain
instead of making a Bridgeport Ventures Inc   TMB.WT 29-Feb-12   QUX.WT -4.79   GMC.WT.A 52   BPV.WT.A 0.01   NOT.WT 135.9%   PWC.WT 0.025 $0.07 Bargain
direct investment. It is  Bridgeport Ventures Inc   ENI.WT 1-Mar-12   P.WT -4.74   MGA.WT 49.09   APV.WT.A 0.01   PAU.WT 129.3%   ZAZ.WT 0.1 $0.28 Bargain
calculated dividing the  Brigus Gold Corp   BNK.WT.A 1-Mar-12   NGD.WT.A -4.59   MGA.WT.A 49.09   GCI.WT 0.01   GMC.WT.B 123.9%   WAI.WT 0.04 $0.11 Bargain
current share price by Brigus Gold Corp   GMC.WT.A 6-Mar-12   NGD.WT.B -4.57   PWC.WT 48.4   REC.WT 0.01   GMC.WT.A 123.9%   PMD.WT 0.45 $1.20 Bargain
the current price of the  Brixton Metals   CTF.WT.A 8-Mar-12   RML.WT -4.47   PYC.WT 39.79   TMB.WT 0.01   AHX.WT 123.9%   PAK.WT 0.055 $0.14 Bargain
warrant. Calvista Gold Corp.   FNV.WT 13-Mar-12   CMP.WT.B -4.47   COX.WT.A 36.84   YNG.WT 0.01   FEO.WT.A 119.7%   VZX.WT 0.01 $0.03 Bargain
  Canadian Income Mgmt Tr   HGI.WT 30-Mar-12   MGT.WT.U -3.89   ML.WT 32.8   AZD.WT 0.015   FEO.WT.B 119.7%   ENI.WT 0.08 $0.20 Bargain
Intrinsic Value Canoe Go Canada Income Fund   NGD.WT.B 3-Apr-12   PIC.WT -3.8   BEV.WT 32.5   FCS.WT.A 0.015   MGT.WT.U 117.8%   AZ.WT 0.035 $0.08 Bargain
The difference between  Caza Gold Corp   PVG.WT 9-Apr-12   FRO.WT -3.61   YNG.WT 31   PMI.WT.A 0.015   FRN.WT 117.1%   XRG.WT 0.02 $0.05 Bargain
the exercise price and Chesapeake Gold   PNP.WT 16-Apr-12   NOT.WT -3.58   BPV.WT.A 30   PNP.WT 0.015   PMD.WT 115.5%   VGZ.WT.U 0.59 $1.30 Bargain
the actual trading price  Citadel Income Fund   MGT.WT.U 20-Apr-12   PVG.WT -3.3   DPM.WT 29.17   XRG.WT 0.02   CRK.WT 112.4%   RPG.WT 0.04 $0.08 Bargain
of the common stock. Citadel Income Fund   GMC.WT.B 27-Apr-12   HGI.WT -3.28   NGD.WT.B 26.33   PCT.WT 0.02   NTC.WT 108.5%   FT.WT.A 0.035 $0.07 Bargain
Once the common has  Claude Resources   RED.WT 29-Apr-12   GMC.WT.A -3.11   CTF.WT.A 26   YEL.WT 0.02   CZY.WT 104.4%   HNT.WT 1.46 $2.85 Bargain
gone over the exercise CMP Gold Trust   EIT.WT.B 30-Apr-12   YNG.WT -2.94   FT.WT.A 24.29   PTA.WT.A 0.02   GAA.WT 103.9%   PCT.WT 0.02 $0.04 Bargain
price the warrants are  Colossus Minerals Inc   COX.WT.A 30-Apr-12   GCI.WT -2.74   MLR.WT.B 23   ILC.WT 0.02   GAA.WT 103.9%   SWA.WT 0.06 $0.12 Bargain
said to be 'in the money'. Commerce Split Corp unit   BEV.WT 7-May-12   PPF.WT -2.69   RML.WT 22   PWC.WT 0.025   GAA.WT.A 103.9%   BPV.WT.A 0.01 $0.02 Bargain
  Compton Petroleum Corp   MTO.WT 15-May-12   MLR.WT.B -2.52   NTC.WT 21   PTA.WT 0.025   PTA.WT.B 102.4%   COX.WT.A 0.225 $0.42 Bargain
Volatility Continental Gold   CZY.WT 22-May-12   ML.WT -2.45   XMF.WT.A 18   OUS.WT 0.025   PTA.WT 102.4%   GLD.WT 0.12 $0.22 Bargain
The higher the volatility  Coxe Commodity Strategy Fund   PMI.WT.A 28-May-12   RNX.WT -2.39   FNV.WT.B 17.14   AHX.WT 0.025   PTA.WT.A 102.4%   CRK.WT 0.095 $0.17 Bargain
rating the higher the price Crocodile Gold   ROZ.WT 28-May-12   OUS.WT -2.36   PNP.WT.A 17.1   MNP.WT 0.03   AZ.WT 100.1%   PIC.WT 0.005 $0.01 Bargain
of the warrant will be. Dundee Precious Metals   ADM.WT 2-Jun-12   GCM.WT -2.3   ADM.WT 15.64   CZY.WT 0.03   CNM.WT 98.8%   SNG.WT 0.53 $0.92 Bargain
A measure of actual  Dundee Precious Metals   AAB.WT 6-Jun-12   GAA.WT.A -2.24   K.WT.C 15.49   PTA.WT.B 0.03   ZAZ.WT 98.6%   FEO.WT.B 0.11 $0.18 Bargain
stock price changes over  East West Petroleum Corp   MGA.WT.A 6-Jun-12   CRK.WT -2.02   SBI.WT 14.5   LRT.WT 0.035   MND.WT 98.2%   HGI.WT 0.065 $0.11 Bargain
a specific period of time.  Endeavour Financial   APV.WT 11-Jun-12   TRL.WT -2   TRL.WT 13.83   AZ.WT 0.035   TAB.WT 97.8%   GG.WT 0.15 $0.25 Bargain
Historical volatility is  Energy Income Fund   TAB.WT 11-Jun-12   PMD.WT -1.92   PVG.WT 13.41   FT.WT.A 0.035   BPV.WT.A 97.6%   CZY.WT 0.03 $0.05 Bargain
calculated by using the  EnerVest   TIC.WT 15-Jun-12   BEV.WT -1.91   SWA.WT 12.5   BBB.WT 0.035   BPV.WT 97.6%   LGC.WT 0.115 $0.18 Bargain
standard deviation of an Ethiopian Potash   YNG.WT 20-Jun-12   PNP.WT.B -1.8   ZAZ.WT 12   TFA.WT.A 0.035   FED.WT 96.2%   TMD.WT.A 0.55 $0.86 Bargain
underlying stock price. Faircourt Gold Income   WLT.WT 28-Jun-12   AEM.WT.U -1.8   ANS.WT 11.8   SFF.WT 0.035   AZD.WT 96.1%   WRN.WT 0.21 $0.32 Bargain
  Faircourt Split Trust   DPM.WT 29-Jun-12   PYC.WT -1.79   PMI.WT.A 10.67   RED.WT 0.04   SFF.WT 95.6%   CNL.WT 1.55 $2.30 Undervalued
In the Money Feronia Inc   MND.WT 6-Aug-12   PAK.WT -1.74   CZY.WT 9.83   WAI.WT 0.04   MGA.WT.B 92.4%   USO.WT 0.1 $0.15 Undervalued
When the price of the  Focus Metals Inc   FED.WT 9-Sep-12   PWC.WT -1.73   LRT.WT 9.71   RPG.WT 0.04   MGA.WT 92.4%   NOT.WT 0.27 $0.40 Undervalued
common is higher than  Formation Metals   QUX.WT 10-Sep-12   RN.WT -1.67   AC.WT 9.68   KSK.WT 0.04   MGA.WT.A 92.4%   VGZ.WT.U 0.59 $0.87 Undervalued
the exercise price Fortune Minerals Ltd.   CNL.WT 12-Sep-12   CNM.WT -1.59   AC.WT 9.6   NGD.WT.B 0.04   FRO.WT 91.1%   TMD.WT 0.6 $0.85 Undervalued
  Franco-Nevada   TFA.WT.A 21-Oct-12   CSI.WT.A -1.56   SND.WT 9.56   ROZ.WT 0.04   YCM.WT.A 88.9%   LPK.WT 0.21 $0.29 Undervalued
At the Money Franco-Nevada   VGZ.WT.U 22-Oct-12   WRN.WT -1.52   WRN.WT 9.33   SND.WT 0.045   EW.WT 88.8%   APV.WT 0.005 $0.01 Undervalued
When the price of the  Franco-Nevada   PNP.WT.A 23-Oct-12   VGZ.WT.U -1.52   KSK.WT 9.13   FEO.WT.A 0.05   GLD.WT 88.0%   FCS.WT.A 0.015 $0.02 Undervalued
underlying is equivalent Frontier Rare Earths Ltd   AC.WT 28-Oct-12   ADM.WT -1.49   QUX.WT 8.92   ML.WT 0.05   AA.WT 87.6%   HCF.WT 0.08 $0.11 Undervalued
or close to the strike price. Galane Gold   AC.WT 28-Oct-12   FCO.WT -1.48   FRO.WT 8.67   PAK.WT 0.055   YEL.WT 87.2%   NQ.WT 0.2 $0.27 Undervalued
  Gazit America In   FRO.WT 17-Nov-12   CTF.WT -1.39   YEL.WT 8.5   TAB.WT 0.055   ML.WT.A 86.9%   EDV.WT.A 0.63 $0.83 Undervalued
Exercise ratio Gazit America In   PTA.WT.A 19-Nov-12   KSK.WT -1.37   CMP.WT.B 8.3   ADM.WT 0.055   ML.WT 86.9%   PTA.WT.B 0.03 $0.04 Undervalued
The number of warrants  Gazit America Inc.   PWC.WT 25-Nov-12   EW.WT -1.26   REC.WT 8.00   LRT.WT.A 0.06   KSK.WT 86.6%   APV.WT.A 0.01 $0.01 Undervalued
related to one share and Geovic Mining Corp   NGD.WT.C 28-Nov-12   HNT.WT -1.24   EW.WT 7.86   SWA.WT 0.06   AUM.WT 86.1%   CSI.WT.A 2.4 $2.84 Undervalued
specifies the amount of  Geovic Mining Corp   RML.WT 29-Nov-12   BPV.WT.A -1.2   PAK.WT 7.82   BEV.WT 0.06   PMI.WT 83.1%   PTA.WT 0.025 $0.03 Undervalued
underlying that the owner Global Adv Tele&Utilities Inc Fd   SBI.WT 2-Dec-12   LPK.WT -1.19   RED.WT 7.75   HGI.WT 0.065   PMI.WT.A 83.1%   AR.WT 2.22 $2.53 Undervalued
of a single warrant is  Golden Minerals Company   RNX.WT 16-Dec-12   ROZ.WT -1.1   GAA.WT 7.70   EW.WT 0.07   PAK.WT 82.4%   NGD.WT.A 3.75 $4.28 Undervalued
entitled to buy. Gran Colombia Gold Corp   ZAZ.WT 19-Dec-12   GAA.WT -1.1   GAA.WT 7.7   ENI.WT 0.08   ROZ.WT 82.4%   OUS.WT 0.025 $0.03 Undervalued
  GT Canada   BPV.WT.A 20-Dec-12   ZAZ.WT -1.08   RPG.WT 7.63   HCF.WT 0.08   RN.WT 80.5%   SSL.WT.A 0.67 $0.76 Undervalued
Time Value Harvest Canadian Inc & Gr Fund   SFF.WT 21-Dec-12   MOB.WT -1.07   LQD.WT 7.05   AA.WT 0.08   CVZ.WT 80.0%   BRD.WT 0.415 $0.47 Undervalued
The time value is the  Huntingdon REIT   WRN.WT 22-Dec-12   AC.WT -1.05   RNX.WT 7   MTO.WT 0.08   GG.WT 78.8%   DPM.WT.A 5.62 $6.37 Undervalued
difference between the International Lithium   EW.WT 22-Dec-12   AHX.WT -1   GAA.WT.A 6.88   EIT.WT.B 0.09   WRN.WT 78.5%   RN.WT 0.185 $0.21 Undervalued
current warrant price  Kinross   APV.WT.A 23-Dec-12   AC.WT -1   P.WT 6.47   CRK.WT 0.095   RPG.WT 78.4%   SSL.WT 0.77 $0.87 Undervalued
and its intrinsic value. Kinross     SND.WT 23-Dec-12   VGZ.WT.U -0.99   TFA.WT.A 6.43   ZAZ.WT 0.1   TFA.WT.A 78.3%   MND.WT 0.38 $0.43 Undervalued
The time value is to be  Kiska Metals   MOB.WT 24-Dec-12   MB.WT -0.99   ROZ.WT 6.25   USO.WT 0.1   MOB.WT 78.0%   FED.WT 0.15 $0.17 Undervalued
interpreted as the Lanesborough REIT   AR.WT 29-Dec-12   BRD.WT -0.98   K.WT.D. 6.13   PMI.WT 0.1   RNX.WT 77.7%   ML.WT.A 0.82 $0.89 Fair Market Value
consideration paid for  Lanesborough REIT   VZX.WT 5-Jan-13   BRD.WT.A -0.94   AZD.WT 6   PNP.WT.A 0.1   TIC.WT 76.6%   BBB.WT 0.035 $0.04 Fair Market Value
the advantage that the Liquid Nutrition Group   CMP.WT.B 25-Jan-13   MGA.WT.B -0.87   VGZ.WT.U 5.97   RNX.WT 0.1   USA.WT 76.4%   FGX.WT.B 1.95 $2.11 Fair Market Value
warrant buyer has over  Luna Gold   ML.WT.A 29-Jan-13   LQD.WT -0.86   VGZ.WT.U 5.97   ANS.WT 0.1   GCM.WT 75.2%   BRK.WT 2 $2.14 Fair Market Value
the direct investor. It Lupaka Gold Corp.   SNG.WT 10-Feb-13   CVZ.WT -0.86   VGZ.WT.U 5.97   LQD.WT 0.105   LQD.WT 72.5%   VGZ.WT.U 0.59 $0.63 Fair Market Value
is greatest when the  M Split Corp   GG.WT 1-Mar-13   FCS.WT.A -0.76   FNV.WT.A 5.81   FEO.WT.B 0.11   PNP.WT.B 71.5%   CKG.WT 5.35 $5.61 Fair Market Value
warrants are 'at the money' Macusani Yellowcake   KSK.WT 23-Mar-13   XRG.WT -0.75   FEO.WT.A 5.8   LGC.WT 0.115   PNP.WT.A 71.5%   SLW.WT.U 15.25 $15.96 Fair Market Value
but decreases as the Manas Petroleum Corp   YEL.WT 25-Mar-13   FEO.WT.B -0.73   ILC.WT 5.75   TRL.WT 0.115   PNP.WT 71.5%   BRD.WT.A 0.45 $0.47 Fair Market Value
exercise date draws closer. Mandalay Resources Corp   NTC.WT 31-Mar-13   YEL.WT -0.72   GG.WT 5.73   AAB.WT 0.115   RML.WT 71.5%   FNV.WT 10.03 $10.41 Fair Market Value
The decreased value is  MEGA Brands Inc   USO.WT 18-Apr-13   LRT.WT -0.71   LRT.WT.A 5.67   FCO.WT 0.12   ADM.WT 70.0%   SND.WT 0.045 $0.05 Fair Market Value
called time decay and  Mega Uranium   ST.WT 29-Apr-13   PTA.WT -0.68   CNL.WT 5.57   GLD.WT 0.12   LGC.WT 69.8%   XMF.WT.A 0.005 $0.01 Fair Market Value
decreases at a faster  Mega Uranium   CVZ.WT 11-May-13   FMS.WT -0.66   TV.WT 5.53   FMS.WT 0.125   MFL.WT 69.2%   P.WT 0.53 $0.53 Fair Market Value
pace as the expiry date Mega Uranium   FMS.WT 13-May-13   MTO.WT -0.64   VZX.WT 5.5   MGA.WT.B 0.125   BRD.WT 68.7%   USA.WT 0.415 $0.41 Fair Market Value
draws closer. Melior Resources Inc   CRJ.WT 22-May-13   SBI.WT -0.62   PTA.WT.A 5.5   AC.WT 0.125   BRD.WT.A 68.7%   PAU.WT 0.13 $0.13 Fair Market Value
  Mercator Minerals Ltd   ILC.WT 24-May-13   AA.WT -0.62   LPK.WT 5.48   AC.WT 0.125   FMS.WT 67.5%   CRJ.WT 0.7 $0.68 Fair Market Value
  Mercator Minerals Ltd   MLR.WT.B 5-Jun-13   SFF.WT -0.61   AAB.WT 5.48   PAU.WT 0.13   PWC.WT 67.2%   GCM.WT 0.145 $0.14 Fair Market Value
  Metanor Resources   TRL.WT 14-Jun-13   MNP.WT -0.56   TAB.WT 5.45   PYC.WT 0.145   BNK.WT.A 67.1%   BNK.WT.A 2.92 $2.77 Fair Market Value
  Minefinders Corp   PAU.WT 5-Jul-13   NTC.WT -0.56   SFF.WT 5.43   GCM.WT 0.145   LPK.WT 66.2%   QUX.WT 1.16 $1.11 Fair Market Value
  Mines Management    FNV.WT.B 8-Jul-13   ST.WT -0.55   ST.WT 5.41   GG.WT 0.15   CRJ.WT 64.7%   AEM.WT.U 11.35 $10.63 Fair Market Value
  New Gold Inc.   PNP.WT.B 11-Jul-13   PTA.WT.A -0.54   HNT.WT 5.35   FED.WT 0.15   TMB.WT 64.2%   MFL.WT 7.05 $6.65 Fair Market Value
  New Gold Inc.   ANS.WT 29-Jul-13   VGZ.WT.U -0.5   MNP.WT 5.33   TV.WT 0.15   ILC.WT 63.0%   TV.WT 0.15 $0.14 Fair Market Value
  New Gold Inc.   BBB.WT 12-Aug-13   TAB.WT -0.5   FCO.WT 5.25   CVZ.WT 0.15   FT.WT.A 62.1%   CVZ.WT 0.15 $0.12 Overvalued
  Norbord   K.WT.C 3-Sep-13   WAI.WT -0.48   FMS.WT 5.04   FRO.WT 0.15   QUX.WT 60.6%   TRL.WT 0.115 $0.08 Overvalued
  Noront Resources Ltd   SLW.WT.U 5-Sep-13   SWA.WT -0.46   FGX.WT.B 4.95   FRN.WT 0.15   SND.WT 60.4%   DPM.WT 0.3 $0.22 Overvalued
  North American Tungsten   FRN.WT 8-Sep-13   PMI.WT.A -0.45   MGT.WT.U 4.93   CTF.WT.A 0.15   EDV.WT.A 59.2%   K.WT.D. 2.15 $1.57 Overvalued
  Northquest Ltd    LGC.WT 29-Sep-13   RPG.WT -0.45   LGC.WT 4.87   MB.WT 0.165   SSL.WT.A 57.4%   FMS.WT 0.125 $0.09 Overvalued
  Oceanic Iron Ore Corp   VGZ.WT.U 22-Oct-13   LRT.WT.A -0.44   MTO.WT 4.75   RN.WT 0.185   SSL.WT 57.4%   AHX.WT 0.025 $0.02 Overvalued
  Oceanic Iron Ore Corp   SWA.WT 2-Nov-13   EIT.WT.B -0.42   AZ.WT 4.71   ST.WT 0.185   XRG.WT 56.3%   TFA.WT.A 0.035 $0.02 Overvalued
  Omega Advisors U.S. Cap App Fd   TV.WT 8-Nov-13   TIC.WT -0.41   PTA.WT 4.4   NQ.WT 0.2   AR.WT 55.1%   EW.WT 0.07 $0.05 Overvalued
  Pacific & Western Credit Corp   GAA.WT 30-Nov-13   FRN.WT -0.4   CVZ.WT 4.33   WRN.WT 0.21   VGZ.WT.U 55.0%   BPV.WT 0.23 $0.16 Overvalued
  Papuan Precious Metals Corp   AEM.WT.U 2-Dec-13   AAB.WT -0.4   FNV.WT 4.18   LPK.WT 0.21   VGZ.WT.U 55.0%   AUM.WT 3.03 $1.99 Overvalued
  Petroamerica Oil Corp   NBD.WT 24-Dec-13   FEO.WT.A -0.38   AEM.WT.U 4.07   COX.WT.A 0.225   VGZ.WT.U 55.0%   MB.WT 0.165 $0.11 Overvalued
  Petroamerica Oil Corp   EDV.WT.A 4-Feb-14   APV.WT -0.37   FED.WT 4   BPV.WT 0.23   MTO.WT 54.5%   AA.WT 0.08 $0.05 Overvalued
  Petroamerica Oil Corp   AUM.WT 20-Feb-14   PCT.WT -0.36   GCM.WT 4   NOT.WT 0.27   CNL.WT 52.0%   FNV.WT.A 7.21 $4.53 Overvalued
  PetroMagdalena Energy Corp   FCO.WT 8-Mar-14   COX.WT.A -0.32   PMD.WT 3.78   DPM.WT 0.3   ANS.WT 51.4%   KSK.WT 0.04 $0.02 Overvalued
  Petromanas Energy In   GAA.WT.A 14-Apr-14   PMI.WT -0.3   RN.WT 3.73   NBD.WT 0.3   DPM.WT.A 51.3%   MGA.WT.B 0.125 $0.07 Overvalued
  Petromanas Energy Inc   SSL.WT 23-Apr-14   SND.WT -0.29   EDV.WT.A 3.71   MND.WT 0.38   DPM.WT 51.3%   FRO.WT 0.15 $0.09 Overvalued
  Pinetree Capital   MNP.WT 6-May-14   TV.WT -0.29   PTA.WT.B 3.67   FNV.WT.B 0.38   SWA.WT 50.0%   NGD.WT.B 0.04 $0.02 Overvalued
  Pinetree Capital   PTA.WT.B 9-May-14   ILC.WT -0.27   TMD.WT.A 3.55   BRD.WT 0.415   MLR.WT.B 50.0%   PMI.WT 0.1 $0.06 Overvalued
  Pinetree Capital   RPG.WT 19-May-14   GG.WT -0.26   CRK.WT 3.53   USA.WT 0.415   TRL.WT 49.3%   FRN.WT 0.15 $0.08 Overvalued
  Premium Income Corp    BRK.WT 27-May-14   PTA.WT.B -0.24   TMD.WT 3.25   PMD.WT 0.45   BRK.WT 47.9%   PNP.WT.B 0.57 $0.29 Overvalued
  Pretium Resources   LPK.WT 28-Jun-14   TFA.WT.A -0.24   BRD.WT 3.2   BRD.WT.A 0.45   NGD.WT.A 47.6%   WLT.WT 10.09 $5.28 Overvalued
  Prima Colombia   PYC.WT 30-Jun-14   NQ.WT -0.23   WAI.WT 3.13   MGT.WT.U 0.45   NGD.WT.B 47.6%   YEL.WT 0.02 $0.01 Very Overvalued
  Primary Corp.   FGX.WT.B 30-Jun-14   APV.WT.A -0.20   APV.WT 3   SNG.WT 0.53   NGD.WT.C 47.6%   ST.WT 0.185 $0.08 Very Overvalued
  Primero Mining Corp   USA.WT 10-Jul-14   BPV.WT -0.2   PNP.WT.B 3   P.WT 0.53   YNG.WT 47.3%   NGD.WT.C 0.69 $0.30 Very Overvalued
  Propel Multi-Strategy Fund   CMT.WT.A 23-Aug-14   RED.WT -0.2   BRD.WT.A 2.96   TMD.WT.A 0.55   P.WT 46.3%   SFF.WT 0.035 $0.01 Very Overvalued
  Quadra FNX Mining Ltd   K.WT.D. 17-Sep-14   AZ.WT -0.19   CSI.WT.A 2.91   PNP.WT.B 0.57   CSI.WT.A 45.9%   CMP.WT.B 1.35 $0.52 Very Overvalued
  Ram Power Corp   AA.WT 7-Oct-14   USO.WT -0.19   AR.WT 2.86   VGZ.WT.U 0.59   TMD.WT.A 45.6%   TIC.WT 1 $0.37 Very Overvalued
  RedWater Energy   PTA.WT 8-Oct-14   BBB.WT -0.18   NGD.WT.A 2.81   VGZ.WT.U 0.59   TMD.WT 45.6%   FNV.WT.B 0.38 $0.13 Very Overvalued
  Reliant Gold Corp   BPV.WT 10-Oct-14   REC.WT -0.17   MB.WT 2.73   VGZ.WT.U 0.59   SLW.WT.U 44.6%   TAB.WT 0.055 $0.02 Very Overvalued
  Rio Novo Gold Inc    MGA.WT.B 26-Oct-14   CZY.WT -0.17   GLD.WT 2.71   TMD.WT 0.6   AAB.WT 43.6%   MGT.WT.U 0.45 $0.14 Very Overvalued
  Rodinia Oil Corp   GLD.WT 27-Oct-14   EDV.WT.A -0.16   NOT.WT 2.67   EDV.WT.A 0.63   WLT.WT 43.5%   CTF.WT.A 0.15 $0.04 Very Overvalued
  Royal Nickel Corporation   AZ.WT 31-Oct-14   VZX.WT -0.16   FEO.WT.B 2.64   GAA.WT 0.67   TV.WT 41.9%   PNP.WT.A 0.1 $0.03 Very Overvalued
  Rusoro Mining   AZD.WT 18-Nov-14   FED.WT -0.15   CRJ.WT 2.57   GAA.WT 0.67   AC.WT 41.3%   PTA.WT.A 0.02 $0.01 Very Overvalued
  Sandstorm Gold   BRD.WT 19-Nov-14   PAU.WT -0.15   CKG.WT 2.52   SSL.WT.A 0.67   ST.WT 40.8%   ILC.WT 0.02 $0.01 Very Overvalued
  Sandstorm Gold   BRD.WT.A 19-Nov-14   LGC.WT -0.15   PCT.WT 2.5   NGD.WT.C 0.69   NBD.WT 40.2%   K.WT.C 0.85 $0.18 Very Overvalued
  Sandstorm Metals   NOT.WT 16-Dec-14   GAA.WT -0.14   NBD.WT 2.49   CRJ.WT 0.7   AC.WT 40.0%   AC.WT 0.125 $0.02 Very Overvalued
  Sarama Resources Ltd   NQ.WT 21-Dec-14   CTF.WT.A -0.13   SNG.WT 2.45   PVG.WT 0.7   OUS.WT 37.5%   NBD.WT 0.3 $0.06 Very Overvalued
  Seafield Resources   PMI.WT 23-Feb-15   AZD.WT -0.1   BBB.WT 2.43   SSL.WT 0.77   HNT.WT 37.1%   RNX.WT 0.1 $0.02 Very Overvalued
  Serabi Mining   LRT.WT 5-Mar-15   TMD.WT.A -0.05   AUM.WT 2.41   GAA.WT.A 0.8   PYC.WT 36.9%   ADM.WT 0.055 $0.01 Very Overvalued
  Silver Range   RN.WT 8-Mar-15   ENI.WT -0.05   AA.WT 2.38   ML.WT.A 0.82   CKG.WT 36.5%   ML.WT 0.05 $0.01 Very Overvalued
  Silver Wheaton   MB.WT 30-Mar-15   HCF.WT -0.04   USO.WT 2.25   K.WT.C 0.85   AEM.WT.U 36.1%   AC.WT 0.125 $0.02 Very Overvalued
  Stonegate Agricom Ltd   P.WT 19-Jul-15   FT.WT.A -0.04   SLW.WT.U 2.18   TIC.WT 1   K.WT.D. 35.5%   AAB.WT 0.115 $0.01 Very Overvalued
  Tembec   GCM.WT 24-Aug-15   TMD.WT 0.05   TIC.WT 2.1   QUX.WT 1.16   K.WT.C 35.5%   PVG.WT 0.7 $0.07 Very Overvalued
  Titan Medical   PCT.WT 21-Sep-15   GLD.WT 0.1   SSL.WT.A 2.01   CMP.WT.B 1.35   HGI.WT 34.8%   CMT.WT.A 4 $0.32 Very Overvalued
  Titan Medical Inc   SSL.WT.A 19-Oct-15   CRJ.WT 0.13   ML.WT.A 2   HNT.WT 1.46   CMT.WT.A 33.8%   PMI.WT.A 0.015 $0.00 Very Overvalued
  Titanium Corp. Inc   VGZ.WT.U 22-Oct-15   SSL.WT.A 0.2   MGA.WT.B 1.95   CNL.WT 1.55   PIC.WT 30.4%   GCI.WT 0.01 $0.00 Very Overvalued
  Touchstone Exploration Inc   DPM.WT.A 20-Nov-15   USA.WT 0.33   PAU.WT 1.92   FGX.WT.B 1.95   MB.WT 29.8%   GMC.WT.B 0.005 $0.00 Very Overvalued
  Trafina Energy Ltd   GAA.WT 30-Nov-15   MND.WT 0.37   MND.WT 1.87   BRK.WT 2   PVG.WT 29.6%   MTO.WT 0.08 $0.00 Very Overvalued
  Trevali Mining Corp.   FEO.WT.A 30-Nov-15   SNG.WT 0.38   SSL.WT 1.75   K.WT.D. 2.15   CMP.WT.B 28.8%   REC.WT 0.01 $0.00 Very Overvalued
  Trimel Pharmaceuticals Corp   FEO.WT.B 30-Nov-15   FGX.WT.B 0.45   BNK.WT.A 1.75   AR.WT 2.22   PPF.WT 27.1%   ROZ.WT 0.04 $0.00 Very Overvalued
  U S Silver Corp   TMD.WT 10-Dec-15   ML.WT.A 0.6   MFL.WT 1.65   CSI.WT.A 2.4   BEV.WT 26.0%   ANS.WT 0.1 $0.00 Very Overvalued
  US Oil Sands Inc.    LRT.WT.A 23-Dec-15   SSL.WT 0.64   PMI.WT 1.6   BNK.WT.A 2.92   FCS.WT.A 25.0%   BEV.WT 0.06 $0.00 Very Overvalued
  Vega Resources    PMD.WT 22-Feb-16   CNL.WT 1.14   DPM.WT.A 1.56   AUM.WT 3.03   FNV.WT 22.6%   CTF.WT 0.005 $0.00 Very Overvalued
  Vista Gold   PAK.WT 14-Mar-16   NGD.WT.C 1.53   CMT.WT.A 1.55   NGD.WT.A 3.75   FNV.WT.A 22.6%   GMC.WT.A 0.005 $0.00 Very Overvalued
  Vista Gold   CRK.WT 24-Mar-16   AR.WT 1.86   NGD.WT.C 1.53   CMT.WT.A 4   FNV.WT.B 22.6%   MGA.WT 0.005 $0.00 Very Overvalued
  Vista Gold   AHX.WT 30-Mar-16   BRK.WT 1.99   NQ.WT 1.50   CKG.WT 5.35   COX.WT.A 21.0%   MGA.WT.A 0.005 $0.00 Very Overvalued
  Vuzix Corp   WAI.WT 31-Mar-16   BNK.WT.A 2.73   APV.WT.A 1.5   DPM.WT.A 5.62   FGX.WT.B 18.4%   MLR.WT.B 0.005 $0.00 Very Overvalued
  Walter Energy   LQD.WT 13-May-16   DPM.WT.A 5.5   BRK.WT 1.5   MFL.WT 7.05   ENI.WT 17.3%   PNP.WT 0.015 $0.00 Very Overvalued
  West African Iron Ore Corp   TMD.WT.A 21-Jun-16   CKG.WT 5.5   FRN.WT 1.47   FNV.WT.A 7.21   GCI.WT 15.1%   PPF.WT 0.005 $0.00 Very Overvalued
  Western Copper   CSI.WT.A 8-Nov-16   MFL.WT 6.62   BPV.WT 1.3   FNV.WT 10.03   HCF.WT 13.5%   RML.WT 0.005 $0.00 Very Overvalued
  Xinergy Ltd   HNT.WT 31-Dec-16   FNV.WT 9.89   USA.WT 1.28   WLT.WT 10.09   EIT.WT.B 12.3%   TMB.WT 0.01 $0.00 Very Overvalued
  Yukon-Nevada Gold   FNV.WT.A 16-Jun-17   SLW.WT.U 12.96   AHX.WT 1   AEM.WT.U 11.35   CTF.WT.A 6.8%   YCM.WT.A 0.005 $0.00 Very Overvalued
  Zazu Metals Corp   NGD.WT.A 28-Jun-17   WLT.WT 45.47   WLT.WT 0.84   SLW.WT.U 15.25   CTF.WT 6.8%   YNG.WT 0.01 $0.00 Very Overvalued