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Warrant Sheets for Companies as of October 14th 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   VGZ.WT.U 22-Oct-11   FNV.WT.A -36.87   CCP.WT 4432   PIC.WT 0.005   XMF.WT.A 431.6%   PIC.WT 0.005 $0.45 Bargain
The last day the warrants  Adherex Technologies   TCM.WT 27-Oct-11   FNV.WT.B -26.14   PIC.WT 2064   XMF.WT.A 0.005   ROZ.WT 414.2%   MOB.WT 0.02 $0.76 Bargain
can be exercised. If Agnico-Eagle   PDL.WT.B 28-Oct-11   K.WT.C -17.18   XYM.WT 1982   TCM.WT 0.005   SBI.WT 374.2%   XMF.WT.A 0.005 $0.12 Bargain
warrants aren't being  Ainsworth Lumber Co Ltd   XYM.WT 31-Oct-11   PNP.WT -13.49   TCM.WT 1500   CTF.WT 0.005   APV.WT.A 260.9%   HCF.WT 0.035 $0.46 Bargain
exercised then they Air Canada cl A   CCP.WT 2-Nov-11   XMF.WT.A -12.37   PPF.WT 1480   GMC.WT.A 0.005   APV.WT 260.9%   GCI.WT 0.01 $0.12 Bargain
must be sold the day  Air Canada cl B   GCM.WT.A 3-Nov-11   YCM.WT.A -11.78   GCI.WT 900   PPF.WT 0.005   AA.WT 233.9%   LRT.WT.A 0.025 $0.29 Bargain
before the expiry date. Andina Minerals Inc   GMC.WT 3-Nov-11   ANS.WT -10.42   CTF.WT 810   RML.WT 0.005   LRT.WT.A 232.7%   MNP.WT 0.015 $0.14 Bargain
The longer the time to  Argonaut Gold Ltd   TAO.WT 5-Nov-11   TMB.WT -9.36   OUS.WT 750   CNM.WT 0.005   LRT.WT 232.7%   HGI.WT 0.04 $0.34 Bargain
expiry the more ARISE Technologies Corp   URB.WT.B 10-Nov-11   DPM.WT -7.14   PDL.WT.B 560   CCP.WT 0.005   NQ.WT 231.8%   SBI.WT 0.03 $0.25 Bargain
valuable the warrants. ARISE Technologies Corp   TXG.WT 12-Nov-11   KAT.WT -7   FCS.WT.A 503.5   GCM.WT.A 0.005   AHX.WT 225.5%   TCM.WT 0.005 $0.04 Bargain
  Astral Mining Corp   KAT.WT 20-Nov-11   CMT.WT.A -6.65   HCF.WT 335.14   GMC.WT 0.005   REC.WT 219.9%   OUS.WT 0.01 $0.06 Bargain
Leverage Augen Gold Cor   HCF.WT 30-Nov-11   MGA.WT.A -6.08   KAT.WT 300   KAT.WT 0.005   GMC.WT.A 211.1%   ENI.WT 0.075 $0.45 Bargain
The leverage of a warrant Bankers Petroleum   PPF.WT 30-Nov-11   K.WT.D. -5.68   HGI.WT 237.75   MLR.WT.B 0.005   GMC.WT.B 211.1%   FCS.WT.A 0.02 $0.11 Bargain
is a measure of how much Bennett Environmental Inc   REC.WT 30-Nov-11   NBD.WT -5.36   URB.WT.B 198   PDL.WT.B 0.005   GMC.WT 211.1%   TRL.WT 0.12 $0.58 Bargain
you can increase your Brick Group   FCS.WT.A 2-Dec-11   MGA.WT -5.18   CNM.WT 190   URB.WT.B 0.005   BBB.WT 193.5%   GAA.WT 0.55 $2.58 Bargain
exposure to a share if Bridgeport Ventures Inc   CTF.WT 2-Dec-11   PNP.WT.A -4.99   YCM.WT.A 144   XYM.WT 0.005   MNP.WT 193.1%   BPV.WT.A 0.025 $0.11 Bargain
you bought warrants Bridgeport Ventures Inc   FT.WT.A 3-Dec-11   P.WT -4.97   GCM.WT.A 115   YCM.WT.A 0.005   CZY.WT 178.0%   PWC.WT 0.05 $0.23 Bargain
instead of making a Brigus Gold Corp   PIC.WT 15-Dec-11   GMC.WT.B -4.78   TMB.WT 105.6   GCI.WT 0.01   MOB.WT 170.4%   CTF.WT.A 0.12 $0.53 Bargain
direct investment. It is  Brigus Gold Corp   XRG.WT 21-Dec-11   CCP.WT -4.59   DPM.WT 71.45   OUS.WT 0.01   VZX.WT 158.1%   FEO.WT.A 0.05 $0.21 Bargain
calculated dividing the  Brixton Metals   MFL.WT 31-Dec-11   QUX.WT -4.55   MOB.WT 67.5   ILC.WT 0.01   BPV.WT.A 154.8%   TFA.WT.A 0.025 $0.10 Bargain
current share price by Calvista Gold Corp.   OUS.WT 16-Jan-12   CMP.WT.B -4.1   ENI.WT 65.33   YNG.WT 0.01   BPV.WT 154.8%   LRT.WT 0.07 $0.28 Bargain
the current price of the  Canadian Income Mgmt Tr   GCI.WT 30-Jan-12   RML.WT -3.88   PNP.WT 50.33   REC.WT 0.01   TFA.WT.A 147.8%   PAK.WT 0.15 $0.57 Bargain
warrant. Canoe Go Canada Income Fund   MGA.WT 12-Feb-12   MGT.WT.U -3.81   GMC.WT.A 44   MNP.WT 0.015   PCT.WT 147.7%   PYC.WT 0.17 $0.62 Bargain
  Caza Gold Corp   ML.WT 16-Feb-12   FRO.WT -3.7   GMC.WT 44   VZX.WT 0.015   PAK.WT 138.2%   GAA.WT 0.55 $1.96 Bargain
Intrinsic Value CC&L Conservative Income   CKG.WT 23-Feb-12   PDL.WT.B -3.7   YNG.WT 40   GMC.WT.B 0.015   NTC.WT 131.6%   ILC.WT 0.01 $0.03 Bargain
The difference between  Chesapeake Gold   XMF.WT.A 28-Feb-12   NOT.WT -3.46   CTF.WT.A 33.75   APV.WT 0.015   ILC.WT 131.2%   CZY.WT 0.04 $0.13 Bargain
the exercise price and Citadel Income Fund   CNM.WT 28-Feb-12   NGD.WT.A -3.2   PYC.WT 32   MGA.WT 0.015   RML.WT 128.8%   BBB.WT 0.02 $0.06 Bargain
the actual trading price  Citadel Income Fund   YCM.WT.A 28-Feb-12   NGD.WT.B -3.2   PWC.WT 29.8   MOB.WT 0.02   USO.WT 128.0%   CVZ.WT 0.085 $0.23 Bargain
of the common stock. Claude Resources   TMB.WT 29-Feb-12   PIC.WT -3.01   MLR.WT.B 28   FCS.WT.A 0.02   SNG.WT 123.7%   NTC.WT 0.04 $0.10 Bargain
Once the common has  CMP Gold Trust   ENI.WT 1-Mar-12   GCI.WT -3   XMF.WT.A 26   BBB.WT 0.02   RED.WT 121.6%   GAA.WT.A 0.8 $1.91 Bargain
gone over the exercise Commerce Split Corp unit   BNK.WT.A 1-Mar-12   PVG.WT -2.9   RML.WT 25   PCT.WT 0.02   YCM.WT.A 117.4%   P.WT 0.48 $1.14 Bargain
price the warrants are  Compton Petroleum Corp   GMC.WT.A 6-Mar-12   GMC.WT.A -2.78   TXG.WT 20   YEL.WT 0.02   FED.WT 116.2%   VGZ.WT.U 0.66 $1.57 Bargain
said to be 'in the money'. Continental Gold   CTF.WT.A 8-Mar-12   GAA.WT.A -2.6   MGA.WT 16.36   PMI.WT.A 0.02   TRL.WT 116.0%   TMD.WT.A 0.3 $0.71 Bargain
  Coxe Commodity Strategy Fund   FNV.WT 13-Mar-12   PPF.WT -2.6   ANS.WT 15.8   MGA.WT.A 0.02   PAU.WT 114.4%   RED.WT 0.03 $0.07 Bargain
Volatility Crocodile Gold   HGI.WT 30-Mar-12   YNG.WT -2.6   NGD.WT.B 15.73   LRT.WT.A 0.025   KAT.WT 114.3%   PCT.WT 0.02 $0.04 Bargain
The higher the volatility  Dundee Precious Metals   NGD.WT.B 3-Apr-12   GMC.WT -2.53   BEV.WT 15.62   BPV.WT.A 0.025   YEL.WT 114.0%   CTF.WT 0.005 $0.01 Bargain
rating the higher the price Dundee Precious Metals   PVG.WT 8-Apr-12   OUS.WT -2.5   FNV.WT.B 15.4   TFA.WT.A 0.025   BRD.WT.A 112.9%   GG.WT 0.15 $0.31 Bargain
of the warrant will be. East West Petroleum Corp   PNP.WT 16-Apr-12   HGI.WT -2.49   GMC.WT.B 14.67   WAI.WT 0.025   BRD.WT 112.9%   LQD.WT 0.17 $0.35 Bargain
A measure of actual  Endeavour Financial   MGT.WT.U 20-Apr-12   PMD.WT -2.47   EW.WT 14.33   AHX.WT 0.025   PDL.WT.B 112.2%   ROZ.WT 0.1 $0.20 Bargain
stock price changes over  Energy Income Fund   GMC.WT.B 27-Apr-12   GCM.WT.A -2.44   BPV.WT.A 14   PTA.WT 0.025   CRJ.WT 111.2%   FGX.WT.B 1.71 $3.38 Bargain
a specific period of time.  Ethiopian Potash   RED.WT 29-Apr-12   MLR.WT.B -2.36   K.WT.C 13.6   APV.WT.A 0.025   FT.WT.A 109.5%   CNL.WT 1.2 $2.34 Bargain
Historical volatility is  Faircourt Gold Income   COX.WT.A 30-Apr-12   RNX.WT -2.3   XRG.WT 12.96   PTA.WT.A 0.025   YNG.WT 109.1%   AA.WT 0.1 $0.19 Bargain
calculated by using the  Faircourt Split Trust   BEV.WT 7-May-12   ML.WT -2.11   TRL.WT 12.83   TMB.WT 0.025   CVZ.WT 108.7%   NQ.WT 0.2 $0.38 Bargain
standard deviation of an Feronia Inc   MTO.WT 15-May-12   XYM.WT -2.09   ML.WT 12.6   SBI.WT 0.03   ML.WT.A 107.7%   BPV.WT 0.15 $0.28 Bargain
underlying stock price. Focus Metals Inc   CZY.WT 22-May-12   PYC.WT -2.06   MGA.WT.A 12.27   RED.WT 0.03   ML.WT 107.7%   BRD.WT.A 0.38 $0.71 Bargain
  Formation Metals   ROZ.WT 28-May-12   PNP.WT.B -1.99   ZAZ.WT 12.2   RPG.WT 0.03   WAI.WT 105.4%   TXG.WT 0.065 $0.12 Bargain
In the Money Fortune Minerals Ltd.   PMI.WT.A 28-May-12   TRL.WT -1.96   MNP.WT 12   PTA.WT.B 0.03   FMS.WT 105.4%   QUX.WT 1.37 $2.49 Bargain
When the price of the  Franco-Nevada   ADM.WT 2-Jun-12   GCM.WT -1.91   LRT.WT.A 11.8   EW.WT 0.03   MGT.WT.U 105.2%   WRN.WT 0.35 $0.61 Bargain
common is higher than  Franco-Nevada   AAB.WT 6-Jun-12   BEV.WT -1.72   ADM.WT 11.57   PNP.WT 0.03   AAB.WT 104.6%   FT.WT.A 0.105 $0.18 Bargain
the exercise price Franco-Nevada   MGA.WT.A 6-Jun-12   GAA.WT -1.67   RED.WT 10.67   HCF.WT 0.035   CMT.WT.A 101.8%   GMC.WT.A 0.005 $0.01 Bargain
  Frontier Rare Earths Ltd   TAB.WT 11-Jun-12   CNM.WT -1.65   PNP.WT.A 10.07   HGI.WT 0.04   GLD.WT 101.8%   LGC.WT 0.05 $0.08 Bargain
At the Money Galane Gold   APV.WT 11-Jun-12   CRK.WT -1.64   ILC.WT 10   CZY.WT 0.04   PTA.WT.B 98.8%   RPG.WT 0.03 $0.05 Bargain
When the price of the  Gazit America In   TIC.WT 15-Jun-12   URB.WT.B -1.51   TFA.WT.A 9.8   NTC.WT 0.04   PTA.WT 98.8%   AC.WT 0.21 $0.35 Bargain
underlying is equivalent Gazit America In   YNG.WT 20-Jun-12   TCM.WT -1.5   FRO.WT 9.47   PWC.WT 0.05   PTA.WT.A 98.8%   FEO.WT.B 0.11 $0.19 Bargain
or close to the strike price. Gazit America Inc.   WLT.WT 28-Jun-12   CTF.WT -1.5   LGC.WT 9.2   FEO.WT.A 0.05   AC.WT 98.6%   NGD.WT.A 3.76 $6.27 Bargain
  Geovic Mining Corp   DPM.WT 29-Jun-12   RN.WT -1.5   FCO.WT 9.17   LGC.WT 0.05   FEO.WT.A 97.0%   VGZ.WT.U 0.66 $1.09 Bargain
Exercise ratio Geovic Mining Corp   MND.WT 6-Aug-12   FCO.WT -1.45   SBI.WT 9   SND.WT 0.05   FEO.WT.B 97.0%   FMS.WT 0.125 $0.20 Bargain
The number of warrants  Geovic Mining Corp   FED.WT 9-Sep-12   ADM.WT -1.44   YEL.WT 9   TAB.WT 0.055   SFF.WT 95.6%   CRK.WT 0.16 $0.26 Bargain
related to one share and Global Adv Tele&Utilities Inc Fd   QUX.WT 10-Sep-12   VGZ.WT.U -1.42   RPG.WT 8.67   SFF.WT 0.055   KSK.WT 95.4%   VZX.WT 0.015 $0.02 Bargain
specifies the amount of  Gran Colombia Gold Corp   CNL.WT 12-Sep-12   PAK.WT -1.37   MGT.WT.U 8.6   FCO.WT 0.06   URB.WT.B 95.3%   GLD.WT 0.14 $0.22 Bargain
underlying that the owner Gran Colombia Gold Corp   TFA.WT.A 21-Oct-12   EW.WT -1.32   FT.WT.A 8.38   TXG.WT 0.065   PMI.WT 94.5%   CRJ.WT 0.7 $1.07 Bargain
of a single warrant is  GT Canada   VGZ.WT.U 22-Oct-12   PWC.WT -1.31   GAA.WT 8.36   NOT.WT 0.065   PMI.WT.A 94.5%   SSL.WT.A 0.55 $0.84 Bargain
entitled to buy. Harvest Canadian Inc & Gr Fund   PNP.WT.A 23-Oct-12   LPK.WT -1.3   GAA.WT 8.36   LRT.WT 0.07   RNX.WT 94.2%   LPK.WT 0.165 $0.25 Bargain
  International Lithium   AC.WT 28-Oct-12   MB.WT -1.19   PVG.WT 8.35   KSK.WT 0.07   QUX.WT 92.1%   FED.WT 0.12 $0.18 Undervalued
Time Value Katanga Mining   AC.WT 28-Oct-12   KSK.WT -1.18   NOT.WT 8.31   ADM.WT 0.07   AC.WT 92.0%   AC.WT 0.21 $0.31 Undervalued
The time value is the  Kinross   FRO.WT 17-Nov-12   WRN.WT -1.12   CVZ.WT 7.88   ENI.WT 0.075   MND.WT 90.8%   EDV.WT.A 0.6 $0.88 Undervalued
difference between the Kinross     PTA.WT.A 19-Nov-12   ROZ.WT -1.08   CMP.WT.B 7.79   NGD.WT.B 0.075   PNP.WT.B 88.3%   GCM.WT 0.165 $0.23 Undervalued
current warrant price  Kiska Metals   PWC.WT 25-Nov-12   BPV.WT.A -1.05   SND.WT 7.7   MTO.WT 0.075   PNP.WT.A 88.3%   AAB.WT 0.11 $0.15 Undervalued
and its intrinsic value. Lanesborough REIT   NGD.WT.C 28-Nov-12   ZAZ.WT -1.03   QUX.WT 7.58   CVZ.WT 0.085   PNP.WT 88.3%   WAI.WT 0.025 $0.03 Undervalued
The time value is to be  Lanesborough REIT   RML.WT 29-Nov-12   BRD.WT -1.02   CZY.WT 7.5   FRO.WT 0.095   TIC.WT 87.5%   K.WT.D. 2.72 $3.61 Undervalued
interpreted as the Liquid Nutrition Group   SBI.WT 2-Dec-12   BRD.WT.A -1.01   FEO.WT.A 7   ROZ.WT 0.1   LQD.WT 86.7%   ML.WT.A 0.91 $1.21 Undervalued
consideration paid for  Luna Gold   RNX.WT 16-Dec-12   XRG.WT -0.96   TAB.WT 6.91   AA.WT 0.1   CKG.WT 86.5%   SND.WT 0.05 $0.07 Undervalued
the advantage that the Lupaka Gold Corp.   ZAZ.WT 19-Dec-12   TIC.WT -0.95   WRN.WT 6.66   ZAZ.WT 0.1   WRN.WT 86.3%   NGD.WT.B 0.075 $0.10 Undervalued
warrant buyer has over  M Split Corp   BPV.WT.A 20-Dec-12   VGZ.WT.U -0.92   NTC.WT 6.63   USO.WT 0.1   CRK.WT 85.7%   FNV.WT.A 6.95 $9.12 Undervalued
the direct investor. It Macusani Yellowcake   SFF.WT 21-Dec-12   MOB.WT -0.9   PMI.WT.A 6.50   ANS.WT 0.1   FRN.WT 85.4%   AHX.WT 0.025 $0.03 Undervalued
is greatest when the  Manas Petroleum Corp   WRN.WT 22-Dec-12   AC.WT -0.86   AC.WT 6.48   FT.WT.A 0.105   GG.WT 84.8%   AR.WT 1.73 $2.25 Undervalued
warrants are 'at the money' Mandalay Resources Corp   EW.WT 22-Dec-12   MGA.WT.B -0.86   AC.WT 6.38   FEO.WT.B 0.11   BNK.WT.A 84.7%   SSL.WT 0.67 $0.87 Undervalued
but decreases as the MEGA Brands Inc   SND.WT 23-Dec-12   FCS.WT.A -0.85   P.WT 6.31   AAB.WT 0.11   PVG.WT 84.5%   SLW.WT.U 14.7 $18.69 Undervalued
exercise date draws closer. Mega Uranium   APV.WT.A 23-Dec-12   LQD.WT -0.85   AAB.WT 6.27   DPM.WT 0.11   FRO.WT 83.8%   MND.WT 0.31 $0.39 Undervalued
The decreased value is  Mega Uranium   MOB.WT 24-Dec-12   AC.WT -0.84   CNL.WT 6.2   RNX.WT 0.115   XRG.WT 82.1%   PPF.WT 0.005 $0.01 Undervalued
called time decay and  Mega Uranium   AR.WT 29-Dec-12   AHX.WT -0.84   GAA.WT.A 6.13   TRL.WT 0.12   TXG.WT 81.6%   PVG.WT 1.15 $1.42 Undervalued
decreases at a faster  Melior Resources Inc   VZX.WT 5-Jan-13   GAA.WT -0.73   RNX.WT 6.09   CTF.WT.A 0.12   GCM.WT 81.4%   VGZ.WT.U 0.66 $0.82 Undervalued
pace as the expiry date Mercator Minerals Ltd   CMP.WT.B 25-Jan-13   CVZ.WT -0.73   KSK.WT 6.07   FED.WT 0.12   GCM.WT.A 81.4%   AEM.WT.U 18.79 $23.05 Undervalued
draws closer. Mercator Minerals Ltd   ML.WT.A 29-Jan-13   LRT.WT -0.71   GG.WT 6   PMI.WT 0.12   CNL.WT 81.0%   TMD.WT 0.57 $0.69 Undervalued
  Metanor Resources   SNG.WT 10-Feb-13   YEL.WT -0.67   REC.WT 6.00   FMS.WT 0.125   MGA.WT.B 80.9%   BRD.WT 0.6 $0.71 Undervalued
  Minefinders Corp   GG.WT 1-Mar-13   FEO.WT.B -0.65   LPK.WT 5.76   MGA.WT.B 0.125   MGA.WT 80.9%   PTA.WT.B 0.03 $0.04 Undervalued
  Mines Management    KSK.WT 23-Mar-13   PTA.WT -0.65   FGX.WT.B 5.7   BEV.WT 0.13   MGA.WT.A 80.9%   BNK.WT.A 2 $2.31 Undervalued
  New Gold Inc.   YEL.WT 25-Mar-13   MTO.WT -0.65   ST.WT 5.67   GLD.WT 0.14   WLT.WT 79.8%   ZAZ.WT 0.1 $0.11 Undervalued
  New Gold Inc.   NTC.WT 31-Mar-13   FMS.WT -0.64   FNV.WT.A 5.49   PAK.WT 0.15   GAA.WT 79.1%   FNV.WT 6.95 $7.86 Undervalued
  New Gold Inc.   USO.WT 18-Apr-13   AA.WT -0.54   FNV.WT 5.49   GG.WT 0.15   GAA.WT 79.1%   DPM.WT.A 4.84 $5.43 Undervalued
  Norbord   ST.WT 29-Apr-13   SFF.WT -0.54   K.WT.D. 5.45   BPV.WT 0.15   GAA.WT.A 79.1%   BRK.WT 1.46 $1.63 Undervalued
  Noront Resources Ltd   CVZ.WT 11-May-13   WAI.WT -0.5   VGZ.WT.U 5.42   ML.WT 0.15   TAB.WT 79.0%   FNV.WT.B 0.385 $0.41 Fair Market Value
  North American Palladium Ltd.   FMS.WT 13-May-13   MNP.WT -0.49   VGZ.WT.U 5.42   FRN.WT 0.15   P.WT 78.6%   ST.WT 0.18 $0.19 Fair Market Value
  North American Tungsten   CRJ.WT 22-May-13   NTC.WT -0.49   VGZ.WT.U 5.42   PNP.WT.A 0.15   PWC.WT 78.5%   PTA.WT 0.025 $0.03 Fair Market Value
  Northquest Ltd    ILC.WT 24-May-13   SBI.WT -0.48   VGZ.WT.U 5.42   CRK.WT 0.16   SSL.WT.A 78.3%   MFL.WT 9.76 $9.73 Fair Market Value
  Oceanic Iron Ore Corp   MLR.WT.B 5-Jun-13   ST.WT -0.48   TMD.WT.A 5.2   PAU.WT 0.16   SSL.WT 78.3%   TAO.WT 2.64 $2.62 Fair Market Value
  Oceanic Iron Ore Corp   TRL.WT 14-Jun-13   PTA.WT.A -0.48   FMS.WT 4.88   LPK.WT 0.165   USA.WT 78.0%   CKG.WT 7.4 $7.08 Fair Market Value
  Omega Advisors U.S. Cap App Fd   PAU.WT 5-Jul-13   PMI.WT.A -0.47   PAK.WT 4.87   GCM.WT 0.165   SND.WT 76.1%   PAU.WT 0.16 $0.15 Fair Market Value
  Pacific & Western Credit Corp   FNV.WT.B 8-Jul-13   LRT.WT.A -0.46   MTO.WT 4.73   PYC.WT 0.17   LPK.WT 73.0%   PMD.WT 0.3 $0.26 Overvalued
  Papuan Precious Metals Corp   PNP.WT.B 11-Jul-13   RPG.WT -0.46   FED.WT 4.42   LQD.WT 0.17   SLW.WT.U 72.8%   USA.WT 0.475 $0.41 Overvalued
  Petroamerica Oil Corp   ANS.WT 29-Jul-13   TMD.WT.A -0.44   LRT.WT 4.21   MB.WT 0.17   RPG.WT 69.7%   PNP.WT.B 0.43 $0.37 Overvalued
  Petroamerica Oil Corp   BBB.WT 12-Aug-13   VGZ.WT.U -0.42   PTA.WT 4.2   ST.WT 0.18   EDV.WT.A 68.9%   K.WT.C 1.09 $0.90 Overvalued
  Petroamerica Oil Corp   K.WT.C 3-Sep-13   TAB.WT -0.34   PTA.WT.A 4.2   NQ.WT 0.2   MTO.WT 68.0%   KSK.WT 0.07 $0.06 Overvalued
  PetroMagdalena Energy Corp   SLW.WT.U 5-Sep-13   PMI.WT -0.32   GCM.WT 4.18   MGT.WT.U 0.2   TCM.WT 67.6%   NGD.WT.C 0.55 $0.45 Overvalued
  Petromanas Energy In   FRN.WT 8-Sep-13   AAB.WT -0.31   BBB.WT 4   AC.WT 0.21   EW.WT 67.4%   SNG.WT 0.8 $0.65 Overvalued
  Petromanas Energy Inc   LGC.WT 29-Sep-13   APV.WT -0.31   VZX.WT 4   AC.WT 0.21   TAO.WT 65.3%   MB.WT 0.17 $0.14 Overvalued
  Pinetree Capital   VGZ.WT.U 22-Oct-13   FEO.WT.A -0.3   LQD.WT 3.82   XRG.WT 0.25   CNM.WT 65.2%   DPM.WT 0.11 $0.09 Overvalued
  Pinetree Capital   GAA.WT 30-Nov-13   FRN.WT -0.3   SFF.WT 3.82   RN.WT 0.285   MFL.WT 64.8%   XRG.WT 0.25 $0.18 Overvalued
  Pinetree Capital   AEM.WT.U 2-Dec-13   PCT.WT -0.29   CRK.WT 3.81   TMD.WT.A 0.3   PMD.WT 64.4%   YEL.WT 0.02 $0.01 Overvalued
  Premium Income Corp    NBD.WT 24-Dec-13   EDV.WT.A -0.29   EDV.WT.A 3.68   PMD.WT 0.3   AR.WT 63.6%   GMC.WT.B 0.015 $0.01 Overvalued
  Pretium Resources   EDV.WT.A 4-Feb-14   SND.WT -0.29   PNP.WT.B 3.51   MND.WT 0.31   VGZ.WT.U 63.0%   CMT.WT.A 4.75 $3.23 Overvalued
  Prima Colombia   FCO.WT 8-Mar-14   TMD.WT -0.29   PTA.WT.B 3.5   NBD.WT 0.33   VGZ.WT.U 63.0%   ML.WT 0.15 $0.10 Overvalued
  Primary Corp.   GAA.WT.A 14-Apr-14   ILC.WT -0.28   PMD.WT 3.43   WRN.WT 0.35   VGZ.WT.U 63.0%   FRN.WT 0.15 $0.09 Overvalued
  Primero Mining Corp   SSL.WT 23-Apr-14   HCF.WT -0.27   AR.WT 3.33   BRD.WT.A 0.38   VGZ.WT.U 63.0%   USO.WT 0.1 $0.06 Overvalued
  Propel Multi-Strategy Fund   MNP.WT 6-May-14   PTA.WT.B -0.25   FEO.WT.B 3.18   FNV.WT.B 0.385   NOT.WT 60.4%   CMP.WT.B 1.4 $0.75 Overvalued
  Quadra FNX Mining Ltd   PTA.WT.B 9-May-14   USO.WT -0.25   AEM.WT.U 3.18   PNP.WT.B 0.43   ZAZ.WT 60.4%   TAB.WT 0.055 $0.03 Overvalued
  Ram Power Corp   RPG.WT 19-May-14   LGC.WT -0.24   NGD.WT.A 3.14   USA.WT 0.475   ADM.WT 59.7%   FCO.WT 0.06 $0.03 Overvalued
  RedWater Energy   BRK.WT 27-May-14   FED.WT -0.22   BRD.WT.A 3.11   P.WT 0.48   ST.WT 59.2%   WLT.WT 10.96 $5.82 Overvalued
  Reliant Gold Corp   LPK.WT 28-Jun-14   TFA.WT.A -0.21   PCT.WT 3   GAA.WT 0.55   NGD.WT.A 59.2%   APV.WT.A 0.025 $0.01 Very Overvalued
  Rio Novo Gold Inc    PYC.WT 30-Jun-14   GG.WT -0.2   WAI.WT 3   GAA.WT 0.55   NGD.WT.B 59.2%   RNX.WT 0.115 $0.05 Very Overvalued
  Rodinia Oil Corp   FGX.WT.B 30-Jun-14   APV.WT.A -0.19   TMD.WT 2.74   SSL.WT.A 0.55   NGD.WT.C 59.2%   YNG.WT 0.01 $0.00 Very Overvalued
  Royal Nickel Corporation   USA.WT 10-Jul-14   REC.WT -0.19   CRJ.WT 2.66   NGD.WT.C 0.55   TMB.WT 58.6%   MGA.WT.B 0.125 $0.06 Very Overvalued
  Rusoro Mining   CMT.WT.A 23-Aug-14   RED.WT -0.18   RN.WT 2.63   TMD.WT 0.57   TMD.WT.A 56.3%   PMI.WT 0.12 $0.05 Very Overvalued
  Sandstorm Gold   K.WT.D. 17-Sep-14   BBB.WT -0.17   MB.WT 2.57   EDV.WT.A 0.6   TMD.WT 56.3%   PNP.WT.A 0.15 $0.06 Very Overvalued
  Sandstorm Gold   AA.WT 7-Oct-14   CZY.WT -0.15   ROZ.WT 2.55   BRD.WT 0.6   RN.WT 55.6%   SFF.WT 0.055 $0.02 Very Overvalued
  Sandstorm Metals   PTA.WT 8-Oct-14   BPV.WT -0.15   NBD.WT 2.5   VGZ.WT.U 0.66   FCO.WT 55.5%   RN.WT 0.285 $0.11 Very Overvalued
  Seafield Resources   BPV.WT 10-Oct-14   VZX.WT -0.14   TAO.WT 2.35   VGZ.WT.U 0.66   PIC.WT 55.3%   NOT.WT 0.065 $0.02 Very Overvalued
  Serabi Mining   MGA.WT.B 26-Oct-14   ENI.WT -0.1   BPV.WT 2.33   VGZ.WT.U 0.66   LGC.WT 52.8%   APV.WT 0.015 $0.01 Very Overvalued
  Silver Range   GLD.WT 27-Oct-14   NQ.WT -0.10   SSL.WT.A 2.29   VGZ.WT.U 0.66   ANS.WT 52.1%   RML.WT 0.005 $0.00 Very Overvalued
  Silver Wheaton   BRD.WT.A 19-Nov-14   PAU.WT -0.10   BNK.WT.A 2.28   SSL.WT 0.67   BRK.WT 50.1%   MGT.WT.U 0.2 $0.06 Very Overvalued
  Star Portfolio Corp   BRD.WT 19-Nov-14   COX.WT.A -0.08   SLW.WT.U 2.21   CRJ.WT 0.7   MLR.WT.B 50.0%   VGZ.WT.U 0.66 $0.18 Very Overvalued
  Stonegate Agricom Ltd   NOT.WT 16-Dec-14   CNL.WT -0.06   MND.WT 2.16   GAA.WT.A 0.8   CTF.WT.A 46.1%   CNM.WT 0.005 $0.00 Very Overvalued
  TAG Oil Ltd   NQ.WT 21-Dec-14   TXG.WT 0   NGD.WT.C 2.15   SNG.WT 0.8   CTF.WT 46.1%   EW.WT 0.03 $0.01 Very Overvalued
  Tembec   PMI.WT 23-Feb-15   CTF.WT.A 0.05   GLD.WT 2.14   ML.WT.A 0.91   K.WT.D. 45.6%   FRO.WT 0.095 $0.02 Very Overvalued
  Thompson Creek Metals   LRT.WT 5-Mar-15   FT.WT.A 0.08   AA.WT 2.10   TIC.WT 1   K.WT.C 45.6%   NBD.WT 0.33 $0.08 Very Overvalued
  Titan Medical   RN.WT 8-Mar-15   VGZ.WT.U 0.08   ML.WT.A 2.08   K.WT.C 1.09   DPM.WT.A 44.5%   TIC.WT 1 $0.22 Very Overvalued
  Titan Medical Inc   MB.WT 30-Mar-15   GLD.WT 0.1   NQ.WT 2.00   PVG.WT 1.15   DPM.WT 44.5%   PTA.WT.A 0.025 $0.01 Very Overvalued
  Titanium Corp. Inc   P.WT 19-Jul-15   SNG.WT 0.24   FRN.WT 2   CNL.WT 1.2   FGX.WT.B 41.4%   REC.WT 0.01 $0.00 Very Overvalued
  Torex Gold Resources Inc   GCM.WT 24-Aug-15   CRJ.WT 0.26   CKG.WT 1.98   QUX.WT 1.37   GCI.WT 41.1%   PMI.WT.A 0.02 $0.00 Very Overvalued
  Touchstone Exploration Inc   PCT.WT 21-Sep-15   SSL.WT.A 0.3   BRD.WT 1.97   CMP.WT.B 1.4   MB.WT 40.6%   ADM.WT 0.07 $0.00 Very Overvalued
  Trafina Energy Ltd   SSL.WT.A 19-Oct-15   MND.WT 0.34   MGA.WT.B 1.95   BRK.WT 1.46   COX.WT.A 39.3%   BEV.WT 0.13 $0.01 Very Overvalued
  Trimel Pharmaceuticals Corp   VGZ.WT.U 22-Oct-15   USA.WT 0.37   SSL.WT 1.88   FGX.WT.B 1.71   HGI.WT 39.1%   MTO.WT 0.075 $0.00 Very Overvalued
  U S Silver Corp   DPM.WT.A 20-Nov-15   SSL.WT 0.68   PAU.WT 1.88   AR.WT 1.73   FNV.WT.A 39.0%   ANS.WT 0.1 $0.00 Very Overvalued
  Urbana Corp   GAA.WT 30-Nov-15   FGX.WT.B 0.69   BRK.WT 1.68   BNK.WT.A 2   FNV.WT 39.0%   CCP.WT 0.005 $0.00 Very Overvalued
  US Oil Sands Inc.    FEO.WT.A 30-Nov-15   ML.WT.A 0.89   DPM.WT.A 1.62   TAO.WT 2.64   FNV.WT.B 39.0%   GCM.WT.A 0.005 $0.00 Very Overvalued
  Vega Resources    FEO.WT.B 30-Nov-15   AR.WT 1.26   TIC.WT 1.55   K.WT.D. 2.72   OUS.WT 38.7%   GMC.WT 0.005 $0.00 Very Overvalued
  Vista Gold   TMD.WT 10-Dec-15   BRK.WT 1.45   MFL.WT 1.5   NGD.WT.A 3.76   AEM.WT.U 38.6%   KAT.WT 0.005 $0.00 Very Overvalued
  Vista Gold   LRT.WT.A 23-Dec-15   BNK.WT.A 2.19   USO.WT 1.5   CMT.WT.A 4.75   BEV.WT 38.3%   MGA.WT 0.015 $0.00 Very Overvalued
  Vista Gold   PMD.WT 22-Feb-16   TAO.WT 2.61   CMT.WT.A 1.37   DPM.WT.A 4.84   PPF.WT 37.9%   MGA.WT.A 0.02 $0.00 Very Overvalued
  Vista Gold   PAK.WT 14-Mar-16   NGD.WT.C 2.8   SNG.WT 1.36   FNV.WT.A 6.95   NBD.WT 37.8%   MLR.WT.B 0.005 $0.00 Very Overvalued
  Vuzix Corp   CRK.WT 24-Mar-16   DPM.WT.A 4.61   AHX.WT 1.33   FNV.WT 6.95   ENI.WT 37.5%   PDL.WT.B 0.005 $0.00 Very Overvalued
  Walter Energy   AHX.WT 30-Mar-16   FNV.WT 6.13   APV.WT 1.33   CKG.WT 7.4   CMP.WT.B 34.7%   PNP.WT 0.03 $0.00 Very Overvalued
  West African Iron Ore Corp   WAI.WT 31-Mar-16   CKG.WT 6.63   USA.WT 1.12   MFL.WT 9.76   HCF.WT 32.3%   TMB.WT 0.025 $0.00 Very Overvalued
  Western Copper   LQD.WT 13-May-16   MFL.WT 9.68   PMI.WT 1.08   WLT.WT 10.96   PYC.WT 27.8%   URB.WT.B 0.005 $0.00 Very Overvalued
  Xinergy Ltd   TMD.WT.A 21-Jun-16   SLW.WT.U 13.28   WLT.WT 0.81   SLW.WT.U 14.7   FCS.WT.A 25.0%   XYM.WT 0.005 $0.00 Very Overvalued
  Yukon-Nevada Gold   FNV.WT.A 16-Jun-17   AEM.WT.U 14.41   APV.WT.A 0.8   AEM.WT.U 18.79   CCP.WT 22.7%   YCM.WT.A 0.005 $0.00 Very Overvalued
  Zazu Metals Corp   NGD.WT.A 28-Jun-17   WLT.WT 49.31   COX.WT.A nt   COX.WT.A nt   XYM.WT 22.0%   COX.WT.A nt $1.05 Very Overvalued