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Warrant Sheets for Companies as of Sept 30th 2011

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              Stocks in                  1 Month          
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   EDR.WT 7-Oct-11   FNV.WT.A -37.09   CCP.WT 4474   PIC.WT 0.005   XMF.WT.A 747.4%   PIC.WT 0.005 $0.38 Bargain
The last day the warrants  Adherex Technologies   GMF.WT 14-Oct-11   FNV.WT.B -26.36   GMF.WT 2144   XMF.WT.A 0.005   SBI.WT 374.5%   XMF.WT.A 0.005 $0.28 Bargain
can be exercised. If Agnico-Eagle   TID.WT 16-Oct-11   K.WT.C -16.43   PIC.WT 2112   CNM.WT 0.005   AHX.WT 253.2%   MOB.WT 0.015 $0.71 Bargain
warrants aren't being  Ainsworth Lumber Co Ltd   VGZ.WT.U 22-Oct-11   PNP.WT -13.74   XYM.WT 2046   GCI.WT 0.005   NQ.WT 231.8%   FCS.WT.A 0.01 $0.21 Bargain
exercised then they Air Canada cl A   TCM.WT 27-Oct-11   XMF.WT.A -12.2   GCI.WT 1780   MLR.WT.B 0.005   REC.WT 210.7%   CNM.WT 0.005 $0.07 Bargain
must be sold the day  Air Canada cl B   PDL.WT.B 28-Oct-11   YCM.WT.A -11.81   PPF.WT 1496   CTF.WT 0.005   MNP.WT 183.8%   GCI.WT 0.005 $0.07 Bargain
before the expiry date. Andina Minerals Inc   XYM.WT 31-Oct-11   ANS.WT -10.25   FCS.WT.A 1025   PPF.WT 0.005   ROZ.WT 167.2%   SBI.WT 0.03 $0.25 Bargain
The longer the time to  Argonaut Gold Ltd   CCP.WT 2-Nov-11   TMB.WT -9.6   CTF.WT 824   RML.WT 0.005   CZY.WT 162.2%   HCF.WT 0.035 $0.20 Bargain
expiry the more ARISE Technologies Corp   GCM.WT.A 3-Nov-11   KAT.WT -7.39   PDL.WT.B 536   YCM.WT.A 0.005   BBB.WT 160.6%   BPV.WT.A 0.025 $0.12 Bargain
valuable the warrants. ARISE Technologies Corp   GMC.WT 3-Nov-11   CMT.WT.A -6.94   HCF.WT 328.57   CCP.WT 0.005   MOB.WT 156.7%   MNP.WT 0.035 $0.16 Bargain
  Astral Mining Corp   TAO.WT 5-Nov-11   DPM.WT -6.83   KAT.WT 222   URB.WT.B 0.005   PCT.WT 153.9%   PYC.WT 0.17 $0.78 Bargain
Leverage Augen Gold Cor   URB.WT.B 10-Nov-11   MGA.WT.A -6.12   CNM.WT 210   GMC.WT 0.005   BPV.WT.A 153.4%   CVZ.WT 0.07 $0.28 Bargain
The leverage of a warrant Bankers Petroleum   TXG.WT 12-Nov-11   QUX.WT -5.83   URB.WT.B 196   GMC.WT.A 0.005   BPV.WT 153.4%   GAA.WT 0.65 $2.63 Bargain
is a measure of how much Bennett Environmental Inc   KAT.WT 20-Nov-11   NBD.WT -5.71   OUS.WT 168   GMF.WT 0.005   APV.WT.A 150.5%   PWC.WT 0.05 $0.20 Bargain
you can increase your Brick Group   HCF.WT 30-Nov-11   PNP.WT.A -5.24   TCM.WT 158.75   KAT.WT 0.005   APV.WT 150.5%   FEO.WT.A 0.05 $0.18 Bargain
exposure to a share if Bridgeport Ventures Inc   PPF.WT 30-Nov-11   MGA.WT -5.22   YCM.WT.A 138   MGA.WT 0.005   YCM.WT.A 145.6%   MLR.WT.B 0.005 $0.02 Bargain
you bought warrants Bridgeport Ventures Inc   REC.WT 30-Nov-11   P.WT -5.17   HGI.WT 129   PDL.WT.B 0.005   LRT.WT 142.4%   VGZ.WT.U 0.7 $2.28 Bargain
instead of making a Brigus Gold Corp   FCS.WT.A 2-Dec-11   K.WT.D. -4.93   PNP.WT 126   XYM.WT 0.005   LRT.WT.A 142.4%   LRT.WT 0.06 $0.19 Bargain
direct investment. It is  Brigus Gold Corp   CTF.WT 2-Dec-11   GMC.WT.B -4.77   MOB.WT 90   FCS.WT.A 0.01   RML.WT 139.3%   LRT.WT.A 0.07 $0.22 Bargain
calculated dividing the  Brixton Metals   FT.WT.A 3-Dec-11   CCP.WT -4.38   TMB.WT 80   REC.WT 0.01   VZX.WT 137.2%   GAA.WT 0.65 $2.02 Bargain
current share price by Calvista Gold Corp.   PIC.WT 15-Dec-11   CMP.WT.B -4.3   DPM.WT 74.27   PNP.WT 0.01   USO.WT 134.0%   CZY.WT 0.04 $0.12 Bargain
the current price of the  Canadian Income Mgmt Tr   XRG.WT 21-Dec-11   NGD.WT.A -4.18   XMF.WT.A 60   YNG.WT 0.01   MLR.WT.B 126.0%   RED.WT 0.03 $0.09 Bargain
warrant. Canoe Go Canada Income Fund   MFL.WT 31-Dec-11   NGD.WT.B -4.18   GMC.WT 47   MOB.WT 0.015   RED.WT 122.2%   LQD.WT 0.17 $0.47 Bargain
  Caza Gold Corp   OUS.WT 16-Jan-12   RML.WT -3.86   GMC.WT.A 47   WAI.WT 0.015   AA.WT 121.1%   CTF.WT 0.005 $0.01 Bargain
Intrinsic Value CC&L Conservative Income   GCI.WT 30-Jan-12   MGT.WT.U -3.82   MGA.WT 42.73   VZX.WT 0.015   CNM.WT 118.1%   GAA.WT.A 0.8 $1.96 Bargain
The difference between  Chesapeake Gold   MGA.WT 12-Feb-12   PDL.WT.B -3.82   PYC.WT 35.24   PMI.WT.A 0.015   CVZ.WT 115.9%   OUS.WT 0.045 $0.11 Bargain
the exercise price and Citadel Income Fund   ML.WT 16-Feb-12   FRO.WT -3.55   MLR.WT.B 32   APV.WT 0.015   FEO.WT.A 115.7%   VGZ.WT.U 0.7 $1.69 Bargain
the actual trading price  Claude Resources   CKG.WT 23-Feb-12   NOT.WT -3.54   PWC.WT 30   GMC.WT.B 0.015   FEO.WT.B 115.7%   PCT.WT 0.02 $0.04 Bargain
of the common stock. CMP Gold Trust   XMF.WT.A 28-Feb-12   GCI.WT -3.1   RML.WT 29   PCT.WT 0.02   NTC.WT 112.4%   TRL.WT 0.12 $0.26 Bargain
Once the common has  Commerce Split Corp unit   CNM.WT 28-Feb-12   HGI.WT -2.97   TID.WT 29   BBB.WT 0.02   FED.WT 104.4%   P.WT 0.5 $1.08 Bargain
gone over the exercise Compton Petroleum Corp   YCM.WT.A 28-Feb-12   GMC.WT.A -2.77   YNG.WT 28.5   ILC.WT 0.02   KAT.WT 102.1%   BBB.WT 0.02 $0.04 Bargain
price the warrants are  Continental Gold   TMB.WT 29-Feb-12   YNG.WT -2.72   XRG.WT 18.97   YEL.WT 0.02   GMC.WT 100.8%   LGC.WT 0.05 $0.10 Bargain
said to be 'in the money'. Crocodile Gold   BNK.WT.A 1-Mar-12   TCM.WT -2.65   ANS.WT 17.5   PTA.WT.A 0.02   GMC.WT.A 100.8%   NQ.WT 0.2 $0.38 Bargain
  Dundee Precious Metals   GMC.WT.A 6-Mar-12   ML.WT -2.6   FNV.WT.B 16.85   MGA.WT.A 0.02   GMC.WT.B 100.8%   LPK.WT 0.165 $0.30 Bargain
Volatility Dundee Precious Metals   FNV.WT 13-Mar-12   GAA.WT.A -2.55   GMC.WT.B 15.67   TID.WT 0.02   ILC.WT 100.5%   VGZ.WT.U 0.7 $1.26 Bargain
The higher the volatility  East West Petroleum Corp   HGI.WT 30-Mar-12   GCM.WT.A -2.54   NGD.WT.B 15.46   BPV.WT.A 0.025   VGZ.WT.U 98.8%   NTC.WT 0.04 $0.07 Bargain
rating the higher the price Endeavour Financial   NGD.WT.B 3-Apr-12   PIC.WT -2.53   BEV.WT 15.31   TFA.WT.A 0.025   VGZ.WT.U 98.8%   TFA.WT.A 0.025 $0.04 Bargain
of the warrant will be. Endeavour Silver Corp   PVG.WT 8-Apr-12   PPF.WT -2.52   TXG.WT 15.29   AHX.WT 0.025   VGZ.WT.U 98.8%   TXG.WT 0.085 $0.15 Bargain
A measure of actual  Ethiopian Potash   PNP.WT 16-Apr-12   PVG.WT -2.52   BPV.WT.A 14.4   SBI.WT 0.03   VGZ.WT.U 98.8%   FNV.WT.A 6.55 $11.27 Bargain
stock price changes over  Faircourt Gold Income   MGT.WT.U 20-Apr-12   GMC.WT -2.52   K.WT.C 13.9   RED.WT 0.03   WAI.WT 97.3%   FNV.WT.B 0.35 $0.58 Bargain
a specific period of time.  Faircourt Split Trust   GMC.WT.B 27-Apr-12   PMD.WT -2.5   EW.WT 13.17   APV.WT.A 0.03   MND.WT 97.2%   FGX.WT.B 1.8 $2.96 Bargain
Historical volatility is  Feronia Inc   RED.WT 29-Apr-12   OUS.WT -2.44   RED.WT 11.50   EW.WT 0.03   CRJ.WT 97.1%   CNL.WT 1.05 $1.66 Bargain
calculated by using the  Focus Metals Inc   BEV.WT 7-May-12   RNX.WT -2.35   TRL.WT 11.25   TMB.WT 0.03   LQD.WT 96.8%   WAI.WT 0.015 $0.02 Bargain
standard deviation of an Formation Metals   MTO.WT 15-May-12   MLR.WT.B -2.34   ZAZ.WT 11   HCF.WT 0.035   PAU.WT 95.7%   AHX.WT 0.025 $0.04 Bargain
underlying stock price. Fortune Minerals Ltd.   CZY.WT 22-May-12   PNP.WT.B -2.24   GCM.WT.A 10.93   MNP.WT 0.035   TID.WT 93.3%   K.WT.D. 2.44 $3.63 Undervalued
  Franco-Nevada   ROZ.WT 28-May-12   TRL.WT -2.15   MGA.WT.A 10.68   PTA.WT.B 0.035   MGT.WT.U 92.7%   RPG.WT 0.055 $0.08 Undervalued
In the Money Franco-Nevada   PMI.WT.A 28-May-12   GCM.WT -2.01   FRO.WT 10.5   PTA.WT 0.035   GLD.WT 91.9%   FEO.WT.B 0.11 $0.16 Undervalued
When the price of the  Franco-Nevada   ADM.WT 2-Jun-12   XYM.WT -1.77   CVZ.WT 10.14   CZY.WT 0.04   PMI.WT 91.9%   NGD.WT.A 3.36 $4.94 Undervalued
common is higher than  Frontier Rare Earths Ltd   AAB.WT 6-Jun-12   BEV.WT -1.76   LGC.WT 10   NTC.WT 0.04   PMI.WT.A 91.9%   CRK.WT 0.16 $0.23 Undervalued
the exercise price Galane Gold   MGA.WT.A 6-Jun-12   PAK.WT -1.71   TFA.WT.A 10   TCM.WT 0.04   WLT.WT 91.1%   TMD.WT.A 0.5 $0.73 Undervalued
  Gazit America In   TAB.WT 11-Jun-12   CRK.WT -1.66   FT.WT.A 9.65   OUS.WT 0.045   FMS.WT 91.0%   GG.WT 0.12 $0.17 Undervalued
At the Money Gazit America In   APV.WT 11-Jun-12   GAA.WT -1.62   SBI.WT 9   SND.WT 0.045   BRD.WT 89.5%   BPV.WT 0.21 $0.29 Undervalued
When the price of the  Gazit America Inc.   TIC.WT 15-Jun-12   CNM.WT -1.55   QUX.WT 8.68   GCM.WT.A 0.045   BRD.WT.A 89.5%   AC.WT 0.22 $0.29 Undervalued
underlying is equivalent Geovic Mining Corp   YNG.WT 20-Jun-12   VGZ.WT.U -1.52   SND.WT 8.67   PWC.WT 0.05   PVG.WT 86.5%   FMS.WT 0.15 $0.20 Undervalued
or close to the strike price. Geovic Mining Corp   WLT.WT 28-Jun-12   URB.WT.B -1.52   MGT.WT.U 8.55   FEO.WT.A 0.05   TAB.WT 86.4%   FT.WT.A 0.085 $0.11 Undervalued
  Geovic Mining Corp   DPM.WT 29-Jun-12   PYC.WT -1.51   ADM.WT 8.5   LGC.WT 0.05   TRL.WT 85.1%   BRD.WT 0.48 $0.62 Undervalued
Exercise ratio Global Adv Tele&Utilities Inc Fd   MND.WT 6-Aug-12   CTF.WT -1.43   PNP.WT.A 8.4   TAB.WT 0.05   RPG.WT 84.5%   AC.WT 0.22 $0.28 Undervalued
The number of warrants  GMIncome & Growth Fund    FED.WT 9-Sep-12   FCO.WT -1.42   PMI.WT.A 8.33   RPG.WT 0.055   TFA.WT.A 83.9%   AEM.WT.U 19.47 $25.02 Undervalued
related to one share and Gran Colombia Gold Corp   QUX.WT 10-Sep-12   RN.WT -1.4   CMP.WT.B 7.64   SFF.WT 0.055   CKG.WT 83.6%   CRJ.WT 0.8 $1.01 Undervalued
specifies the amount of  Gran Colombia Gold Corp   CNL.WT 12-Sep-12   ADM.WT -1.4   TAB.WT 7.6   LRT.WT 0.06   CRK.WT 82.6%   TMD.WT 0.57 $0.72 Undervalued
underlying that the owner GT Canada   TFA.WT.A 21-Oct-12   EW.WT -1.36   CZY.WT 7.5   AA.WT 0.06   URB.WT.B 82.1%   ILC.WT 0.02 $0.02 Undervalued
of a single warrant is  Harvest Canadian Inc & Gr Fund   VGZ.WT.U 22-Oct-12   PWC.WT -1.3   GG.WT 7.5   NOT.WT 0.065   USA.WT 82.0%   AA.WT 0.06 $0.07 Undervalued
entitled to buy. International Lithium   PNP.WT.A 23-Oct-12   LPK.WT -1.3   GAA.WT 7.15   CVZ.WT 0.07   GCM.WT 81.2%   FNV.WT 6.8 $8.28 Undervalued
  Katanga Mining   AC.WT 28-Oct-12   MB.WT -1.29   GAA.WT 7.15   LRT.WT.A 0.07   GCM.WT.A 81.2%   PPF.WT 0.005 $0.01 Undervalued
Time Value Kinross   AC.WT 28-Oct-12   GMF.WT -1.28   NOT.WT 7.15   NGD.WT.B 0.07   TXG.WT 81.2%   PVG.WT 1.45 $1.75 Undervalued
The time value is the  Kinross     FRO.WT 17-Nov-12   XRG.WT -1.26   YEL.WT 7   HGI.WT 0.07   SNG.WT 80.7%   SNG.WT 0.34 $0.41 Undervalued
difference between the Kiska Metals   PTA.WT.A 19-Nov-12   WRN.WT -1.24   PVG.WT 6.88   PAK.WT 0.075   P.WT 80.5%   DPM.WT 0.11 $0.13 Undervalued
current warrant price  Lanesborough REIT   PWC.WT 25-Nov-12   KSK.WT -1.21   AC.WT 6.73   KSK.WT 0.075   LPK.WT 80.3%   SSL.WT.A 0.45 $0.53 Undervalued
and its intrinsic value. Lanesborough REIT   NGD.WT.C 28-Nov-12   ZAZ.WT -1.15   AC.WT 6.68   TXG.WT 0.085   GAA.WT 79.2%   SSL.WT 0.53 $0.61 Undervalued
The time value is to be  Liquid Nutrition Group   RML.WT 29-Nov-12   TID.WT -1.1   NTC.WT 6.5   FT.WT.A 0.085   GAA.WT 79.2%   FED.WT 0.105 $0.12 Undervalued
interpreted as the Luna Gold   SBI.WT 2-Dec-12   BPV.WT.A -1.04   K.WT.D. 6.38   ZAZ.WT 0.1   GAA.WT.A 79.2%   DPM.WT.A 5.08 $5.73 Undervalued
consideration paid for  Lupaka Gold Corp.   RNX.WT 16-Dec-12   VGZ.WT.U -1.02   CNL.WT 6.32   USO.WT 0.1   ML.WT.A 78.3%   SLW.WT.U 14.29 $16.00 Undervalued
the advantage that the M Split Corp   ZAZ.WT 19-Dec-12   TIC.WT -1   WRN.WT 6.31   ANS.WT 0.1   ML.WT 78.3%   PAK.WT 0.075 $0.08 Undervalued
warrant buyer has over  Macusani Yellowcake   BPV.WT.A 20-Dec-12   BRD.WT -0.92   AAB.WT 6.29   FRO.WT 0.1   AC.WT 76.7%   GCM.WT 0.17 $0.18 Fair Market Value
the direct investor. It Manas Petroleum Corp   SFF.WT 21-Dec-12   BRD.WT.A -0.91   GAA.WT.A 6.19   ADM.WT 0.1   YEL.WT 76.6%   BRK.WT 1.56 $1.63 Fair Market Value
is greatest when the  Mandalay Resources Corp   WRN.WT 22-Dec-12   MOB.WT -0.9   ST.WT 6.12   FED.WT 0.105   YNG.WT 75.1%   CKG.WT 7.65 $7.92 Fair Market Value
warrants are 'at the money' MEGA Brands Inc   EW.WT 22-Dec-12   MGA.WT.B -0.9   MNP.WT 6   AAB.WT 0.105   AC.WT 74.5%   AR.WT 1.48 $1.53 Fair Market Value
but decreases as the Mega Uranium   SND.WT 23-Dec-12   CNL.WT -0.86   FNV.WT.A 5.79   FEO.WT.B 0.11   CNL.WT 72.6%   TAO.WT 2.48 $2.52 Fair Market Value
exercise date draws closer. Mega Uranium   APV.WT.A 23-Dec-12   LQD.WT -0.75   LPK.WT 5.76   DPM.WT 0.11   FT.WT.A 72.6%   EDR.WT 5.78 $5.84 Fair Market Value
The decreased value is  Mega Uranium   MOB.WT 24-Dec-12   AHX.WT -0.74   ILC.WT 5.75   MTO.WT 0.115   PDL.WT.B 72.4%   MFL.WT 9.5 $9.53 Fair Market Value
called time decay and  Melior Resources Inc   AR.WT 29-Dec-12   FEO.WT.B -0.74   PTA.WT.A 5.75   TRL.WT 0.12   PWC.WT 72.0%   MND.WT 0.34 $0.34 Fair Market Value
decreases at a faster  Mercator Minerals Ltd   VZX.WT 5-Jan-13   AC.WT -0.73   P.WT 5.66   GG.WT 0.12   TIC.WT 70.4%   SND.WT 0.045 $0.04 Fair Market Value
pace as the expiry date Mercator Minerals Ltd   CMP.WT.B 25-Jan-13   LRT.WT -0.72   FNV.WT 5.58   PMI.WT 0.12   FRN.WT 70.0%   GLD.WT 0.18 $0.18 Fair Market Value
draws closer. Metanor Resources   ML.WT.A 29-Jan-13   AC.WT -0.72   REC.WT 5.50   FCO.WT 0.12   PAK.WT 68.9%   ML.WT.A 0.69 $0.68 Fair Market Value
  Minefinders Corp   SNG.WT 10-Feb-13   YEL.WT -0.71   RNX.WT 5.42   RNX.WT 0.12   SFF.WT 68.2%   ZAZ.WT 0.1 $0.10 Fair Market Value
  Mines Management    GG.WT 1-Mar-13   CVZ.WT -0.69   FGX.WT.B 5.35   MGA.WT.B 0.125   BNK.WT.A 67.2%   RML.WT 0.005 $0.00 Fair Market Value
  New Gold Inc.   KSK.WT 23-Mar-13   ROZ.WT -0.69   FEO.WT.A 5.3   BEV.WT 0.13   KSK.WT 65.3%   MB.WT 0.15 $0.14 Fair Market Value
  New Gold Inc.   YEL.WT 25-Mar-13   GAA.WT -0.68   KSK.WT 5.27   FMS.WT 0.15   PTA.WT.B 64.1%   BRD.WT.A 0.68 $0.63 Fair Market Value
  New Gold Inc.   NTC.WT 31-Mar-13   FCS.WT.A -0.67   PAK.WT 5.2   MB.WT 0.15   PTA.WT 64.1%   VZX.WT 0.015 $0.01 Fair Market Value
  Norbord   USO.WT 18-Apr-13   PTA.WT -0.64   VGZ.WT.U 4.97   PAU.WT 0.15   PTA.WT.A 64.1%   USA.WT 0.45 $0.40 Overvalued
  Noront Resources Ltd   ST.WT 29-Apr-13   MTO.WT -0.63   VGZ.WT.U 4.97   PNP.WT.A 0.15   ZAZ.WT 63.7%   WRN.WT 0.35 $0.31 Overvalued
  North American Palladium Ltd.   CVZ.WT 11-May-13   AA.WT -0.60   VGZ.WT.U 4.97   XRG.WT 0.155   MTO.WT 62.1%   PAU.WT 0.15 $0.13 Overvalued
  North American Tungsten   FMS.WT 13-May-13   FMS.WT -0.57   VGZ.WT.U 4.97   CRK.WT 0.16   EDR.WT 61.5%   BNK.WT.A 1.62 $1.29 Overvalued
  Northquest Ltd    CRJ.WT 22-May-13   SFF.WT -0.56   RPG.WT 4.91   FRN.WT 0.16   WRN.WT 60.8%   TAB.WT 0.05 $0.04 Overvalued
  Oceanic Iron Ore Corp   ILC.WT 24-May-13   VGZ.WT.U -0.52   FCO.WT 4.83   LPK.WT 0.165   SND.WT 60.3%   NGD.WT.B 0.07 $0.05 Overvalued
  Oceanic Iron Ore Corp   MLR.WT.B 5-Jun-13   WAI.WT -0.51   LRT.WT 4.67   ST.WT 0.165   ANS.WT 60.3%   HGI.WT 0.07 $0.05 Overvalued
  Omega Advisors U.S. Cap App Fd   TRL.WT 14-Jun-13   HCF.WT -0.5   ML.WT 4.67   PYC.WT 0.17   FRO.WT 60.0%   EDV.WT.A 0.55 $0.41 Overvalued
  Pacific & Western Credit Corp   PAU.WT 5-Jul-13   EDV.WT.A -0.5   FMS.WT 4.53   LQD.WT 0.17   MFL.WT 59.4%   K.WT.C 1.12 $0.83 Overvalued
  Papuan Precious Metals Corp   FNV.WT.B 8-Jul-13   NTC.WT -0.49   LQD.WT 4.41   GCM.WT 0.17   RNX.WT 58.7%   ROZ.WT 0.31 $0.21 Overvalued
  Petroamerica Oil Corp   PNP.WT.B 11-Jul-13   ST.WT -0.49   FED.WT 4.38   GLD.WT 0.18   SLW.WT.U 58.1%   ST.WT 0.165 $0.11 Overvalued
  Petroamerica Oil Corp   ANS.WT 29-Jul-13   SBI.WT -0.48   WAI.WT 4.33   NQ.WT 0.2   RN.WT 58.0%   QUX.WT 1.05 $0.66 Overvalued
  Petroamerica Oil Corp   BBB.WT 12-Aug-13   PMI.WT.A -0.48   LRT.WT.A 4   MGT.WT.U 0.2   MGA.WT.B 57.9%   NGD.WT.C 0.6 $0.35 Overvalued
  PetroMagdalena Energy Corp   K.WT.C 3-Sep-13   LRT.WT.A -0.47   PNP.WT.B 3.94   BPV.WT 0.21   MGA.WT 57.9%   PMD.WT 0.3 $0.16 Overvalued
  Petromanas Energy In   SLW.WT.U 5-Sep-13   PTA.WT.A -0.47   BBB.WT 3.75   AC.WT 0.22   MGA.WT.A 57.9%   RN.WT 0.32 $0.17 Overvalued
  Petromanas Energy Inc   FRN.WT 8-Sep-13   MNP.WT -0.46   CRK.WT 3.69   AC.WT 0.22   EW.WT 57.4%   CMP.WT.B 1.4 $0.70 Very Overvalued
  Pinetree Capital   LGC.WT 29-Sep-13   RPG.WT -0.45   EDV.WT.A 3.64   PMD.WT 0.3   TAO.WT 56.8%   PTA.WT.B 0.035 $0.02 Very Overvalued
  Pinetree Capital   VGZ.WT.U 22-Oct-13   FEO.WT.A -0.39   AR.WT 3.53   ML.WT 0.3   NOT.WT 56.7%   VGZ.WT.U 0.7 $0.33 Very Overvalued
  Pinetree Capital   GAA.WT 30-Nov-13   TMD.WT.A -0.39   GCM.WT 3.47   ROZ.WT 0.31   FCO.WT 55.8%   USO.WT 0.1 $0.05 Very Overvalued
  Premium Income Corp    AEM.WT.U 2-Dec-13   TAB.WT -0.34   SFF.WT 3.45   RN.WT 0.32   QUX.WT 54.6%   YEL.WT 0.02 $0.01 Very Overvalued
  Pretium Resources   NBD.WT 24-Dec-13   AAB.WT -0.34   VZX.WT 3.33   PNP.WT.B 0.32   TMD.WT.A 54.6%   PMI.WT 0.12 $0.05 Very Overvalued
  Prima Colombia   EDV.WT.A 4-Feb-14   PMI.WT -0.33   PMD.WT 3.33   NBD.WT 0.33   TMD.WT 54.6%   WLT.WT 10.96 $4.30 Very Overvalued
  Primary Corp.   FCO.WT 8-Mar-14   FRN.WT -0.3   PTA.WT.B 3.29   SNG.WT 0.34   SSL.WT.A 54.1%   FRN.WT 0.16 $0.06 Very Overvalued
  Primero Mining Corp   GAA.WT.A 14-Apr-14   APV.WT -0.3   PTA.WT 3.29   MND.WT 0.34   SSL.WT 54.1%   FCO.WT 0.12 $0.04 Very Overvalued
  Propel Multi-Strategy Fund   SSL.WT 23-Apr-14   PCT.WT -0.29   MTO.WT 3.26   FNV.WT.B 0.35   PMD.WT 52.5%   AAB.WT 0.105 $0.03 Very Overvalued
  Quadra FNX Mining Ltd   MNP.WT 6-May-14   FED.WT -0.29   NGD.WT.A 3.22   WRN.WT 0.35   LGC.WT 52.3%   NBD.WT 0.33 $0.08 Very Overvalued
  Ram Power Corp   PTA.WT.B 9-May-14   SND.WT -0.28   TMD.WT.A 3.22   SSL.WT.A 0.45   NGD.WT.A 52.0%   APV.WT.A 0.03 $0.01 Very Overvalued
  RedWater Energy   RPG.WT 19-May-14   USO.WT -0.28   AEM.WT.U 3.22   USA.WT 0.45   NGD.WT.B 52.0%   MGT.WT.U 0.2 $0.04 Very Overvalued
  Reliant Gold Corp   BRK.WT 27-May-14   ILC.WT -0.26   PCT.WT 3   BRD.WT 0.48   NGD.WT.C 52.0%   PTA.WT 0.035 $0.01 Very Overvalued
  Rio Novo Gold Inc    LPK.WT 28-Jun-14   TMD.WT -0.24   MB.WT 2.88   P.WT 0.5   GG.WT 50.0%   CMT.WT.A 3 $0.58 Very Overvalued
  Rodinia Oil Corp   PYC.WT 30-Jun-14   PTA.WT.B -0.24   TMD.WT 2.82   TMD.WT.A 0.5   TCM.WT 49.4%   NOT.WT 0.065 $0.01 Very Overvalued
  Royal Nickel Corporation   FGX.WT.B 30-Jun-14   LGC.WT -0.2   SNG.WT 2.82   SSL.WT 0.53   BRK.WT 49.0%   KSK.WT 0.075 $0.01 Very Overvalued
  Rusoro Mining   USA.WT 10-Jul-14   TFA.WT.A -0.2   BRD.WT 2.67   EDV.WT.A 0.55   AAB.WT 48.3%   REC.WT 0.01 $0.00 Very Overvalued
  Sandstorm Gold   CMT.WT.A 23-Aug-14   GG.WT -0.2   RN.WT 2.66   TMD.WT 0.57   TMB.WT 46.1%   YCM.WT.A 0.005 $0.00 Very Overvalued
  Sandstorm Gold   K.WT.D. 17-Sep-14   REC.WT -0.20   AA.WT 2.58   NGD.WT.C 0.6   XRG.WT 46.0%   ANS.WT 0.1 $0.01 Very Overvalued
  Sandstorm Metals   AA.WT 7-Oct-14   BBB.WT -0.18   TAO.WT 2.46   GAA.WT 0.65   ADM.WT 45.6%   CCP.WT 0.005 $0.00 Very Overvalued
  Seafield Resources   PTA.WT 8-Oct-14   APV.WT.A -0.18   FEO.WT.B 2.41   GAA.WT 0.65   AR.WT 45.5%   TIC.WT 1 $0.13 Very Overvalued
  Serabi Mining   BPV.WT 10-Oct-14   RED.WT -0.16   NBD.WT 2.39   BRD.WT.A 0.68   FNV.WT.A 45.1%   MGA.WT.B 0.125 $0.01 Very Overvalued
  Silver Range   MGA.WT.B 26-Oct-14   CZY.WT -0.15   CRJ.WT 2.38   ML.WT.A 0.69   FNV.WT.B 45.1%   XRG.WT 0.155 $0.02 Very Overvalued
  Silver Wheaton   GLD.WT 27-Oct-14   VZX.WT -0.15   SSL.WT.A 2.33   VGZ.WT.U 0.7   FNV.WT 45.1%   PMI.WT.A 0.015 $0.00 Very Overvalued
  Star Portfolio Corp   BRD.WT 19-Nov-14   BPV.WT -0.14   SLW.WT.U 2.17   VGZ.WT.U 0.7   DPM.WT 44.9%   APV.WT 0.015 $0.00 Very Overvalued
  Stonegate Agricom Ltd   BRD.WT.A 19-Nov-14   NQ.WT -0.10   BNK.WT.A 2.16   VGZ.WT.U 0.7   DPM.WT.A 44.9%   SFF.WT 0.055 $0.00 Very Overvalued
  TAG Oil Ltd   NOT.WT 16-Dec-14   PAU.WT -0.10   CMT.WT.A 2.07   VGZ.WT.U 0.7   MB.WT 43.2%   EW.WT 0.03 $0.00 Very Overvalued
  Tembec   NQ.WT 21-Dec-14   VGZ.WT.U -0.02   ROZ.WT 2.06   GAA.WT.A 0.8   ST.WT 42.8%   FRO.WT 0.1 $0.01 Very Overvalued
  Thompson Creek Metals   PMI.WT 23-Feb-15   TXG.WT 0   CKG.WT 2.03   CRJ.WT 0.8   K.WT.D. 41.3%   PNP.WT.B 0.32 $0.02 Very Overvalued
  Titan Medical   LRT.WT 5-Mar-15   FT.WT.A 0.02   ML.WT.A 2.03   TIC.WT 1   K.WT.C 41.3%   TCM.WT 0.04 $0.00 Very Overvalued
  Titan Medical Inc   RN.WT 8-Mar-15   GLD.WT 0.07   NQ.WT 2.00   CNL.WT 1.05   PIC.WT 41.1%   MTO.WT 0.115 $0.00 Very Overvalued
  Titanium Corp. Inc   MB.WT 30-Mar-15   SSL.WT.A 0.09   PAU.WT 2.00   QUX.WT 1.05   OUS.WT 41.0%   PTA.WT.A 0.02 $0.00 Very Overvalued
  Torex Gold Resources Inc   P.WT 19-Jul-15   SNG.WT 0.11   APV.WT 2   K.WT.C 1.12   PNP.WT.B 41.0%   RNX.WT 0.12 $0.00 Very Overvalued
  Touchstone Exploration Inc   GCM.WT 24-Aug-15   MND.WT 0.27   SSL.WT 1.98   CMP.WT.B 1.4   PNP.WT 41.0%   BEV.WT 0.13 $0.00 Very Overvalued
  Trafina Energy Ltd   PCT.WT 21-Sep-15   CRJ.WT 0.3   BRD.WT.A 1.88   PVG.WT 1.45   PNP.WT.A 41.0%   ML.WT 0.3 $0.01 Very Overvalued
  Trimel Pharmaceuticals Corp   SSL.WT.A 19-Oct-15   USA.WT 0.35   FRN.WT 1.88   AR.WT 1.48   CMT.WT.A 40.3%   ADM.WT 0.1 $0.00 Very Overvalued
  Tuscany Intl Drilling Inc   VGZ.WT.U 22-Oct-15   ML.WT.A 0.4   NGD.WT.C 1.8   BRK.WT 1.56   CTF.WT 40.2%   URB.WT.B 0.005 $0.00 Very Overvalued
  U S Silver Corp   DPM.WT.A 20-Nov-15   SSL.WT 0.47   MND.WT 1.76   BNK.WT.A 1.62   EDV.WT.A 40.1%   GCM.WT.A 0.045 $0.00 Very Overvalued
  Urbana Corp   GAA.WT 30-Nov-15   FGX.WT.B 0.58   BPV.WT 1.71   FGX.WT.B 1.8   NBD.WT 39.7%   GMC.WT 0.005 $0.00 Very Overvalued
  US Oil Sands Inc.    FEO.WT.A 30-Nov-15   AR.WT 0.73   MGA.WT.B 1.69   K.WT.D. 2.44   AEM.WT.U 36.1%   GMC.WT.A 0.005 $0.00 Very Overvalued
  Vega Resources    FEO.WT.B 30-Nov-15   BNK.WT.A 1.13   EDR.WT 1.63   TAO.WT 2.48   FGX.WT.B 34.5%   GMC.WT.B 0.015 $0.00 Very Overvalued
  Vista Gold   TMD.WT 10-Dec-15   BRK.WT 1.45   DPM.WT.A 1.61   CMT.WT.A 3   CMP.WT.B 34.4%   GMF.WT 0.005 $0.00 Very Overvalued
  Vista Gold   LRT.WT.A 23-Dec-15   NGD.WT.C 1.82   BRK.WT 1.57   NGD.WT.A 3.36   GCI.WT 33.6%   KAT.WT 0.005 $0.00 Very Overvalued
  Vista Gold   PMD.WT 22-Feb-16   TAO.WT 2.5   AHX.WT 1.56   DPM.WT.A 5.08   BEV.WT 32.7%   MGA.WT 0.005 $0.00 Very Overvalued
  Vista Gold   PAK.WT 14-Mar-16   DPM.WT.A 4.92   MFL.WT 1.52   EDR.WT 5.78   PPF.WT 31.9%   MGA.WT.A 0.02 $0.00 Very Overvalued
  Vuzix Corp   CRK.WT 24-Mar-16   EDR.WT 5.84   TIC.WT 1.5   FNV.WT.A 6.55   FCS.WT.A 25.0%   PDL.WT.B 0.005 $0.00 Very Overvalued
  Walter Energy   AHX.WT 30-Mar-16   FNV.WT 5.91   GLD.WT 1.47   FNV.WT 6.8   PYC.WT 25.0%   PNP.WT 0.01 $0.00 Very Overvalued
  West African Iron Ore Corp   WAI.WT 31-Mar-16   CKG.WT 7.5   USO.WT 1.25   CKG.WT 7.65   HGI.WT 24.6%   PNP.WT.A 0.15 $0.00 Very Overvalued
  Western Copper   LQD.WT 13-May-16   MFL.WT 9.47   USA.WT 1.13   MFL.WT 9.5   CCP.WT 19.7%   TID.WT 0.02 $0.00 Very Overvalued
  Xinergy Ltd   TMD.WT.A 21-Jun-16   SLW.WT.U 11.69   PMI.WT 1.04   WLT.WT 10.96   HCF.WT 19.1%   TMB.WT 0.03 $0.00 Very Overvalued
  Yukon-Nevada Gold   FNV.WT.A 16-Jun-17   AEM.WT.U 17.22   APV.WT.A 1   SLW.WT.U 14.29   GMF.WT 15.5%   XYM.WT 0.005 $0.00 Very Overvalued
  Zazu Metals Corp   NGD.WT.A 28-Jun-17   WLT.WT 34.32   WLT.WT 0.65   AEM.WT.U 19.47   XYM.WT 10.7%   YNG.WT 0.01 $0.00 Very Overvalued