Canadian Stock Warrant Values 2007

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Warrant Values as of Aug 10th 2007 Company Fundamentals- Market Cap, P/E and EPS

COMPANY NAME

Stocks in 1 Month

(click on the company name for

Latest U. S. Canadian U. S. Canadian Expiration Exercise Exercise Wts Price the money Historic Fair

number of warrants trading, Insider Warrant Symbol Stock Symbol Warrant Date Price Price per Leverage     of   (Intrinsic Volatility Warrant Market Comments

company website and warrant PRs.)

Activity CUSIP NO Stock Symbol Warrant Symbol US$ Cdn$ Share

Common

Value) Annualized Price Value

Calstar Oil & Gas

C.CALS 13135U 11 2 CLGSF.pk C.CALS CALS.wt.b 28-Sep-07 $0.65 1 14 0.14 -0.51 197 0.01 $0.00 Very Overvalued

Futura Loyalty Group V.FUT 373686 11 2 V.FUT FUT.wt 1-Jan-08 $1.10 1 10 0.1 -1.00 93.1 0.01 $0.00 Very Overvalued

Tiomin Resources

T.TIO 887901 17 1 TMIRF.pk

T.TIO

TIO.wt 7-Dec-07 $0.37 1 8.67 0.13 -0.24 86.9 0.015 $0.00 Very Overvalued

Envoy Communs Group Inc

T.ECG 29413B 11 3 ECGI T.ECG ECG.wt 20-Feb-09 $9.00 5 33 3.3 -41.70 24.5 0.02 $0.00 Very Overvalued

Silverwing Energy Inc

T.SVW 83149P 11 0 SVWGF.pk T.SVW SVW.wt 22-Feb-08 $2.25 1 9.67 0.29 -1.96 79.7 0.03 $0.00 Very Overvalued

Yellow Pages Income Fund T.YLO 985569 13 6 YLWPF.pk T.YLO-UN YLO.wt 14-Dec-07 $17.50 1 440.33 13.21 -4.29 17.6 0.03 $0.00 Very Overvalued

Southern Era Diamonds

T.SDM 84415N 11 0 SDMFF.pk

T.SDM

SDMWF.pk SDM.wt 17-Nov-08 $2.00 1 13.5 0.54 -1.46 107 0.04 $0.08 Bargain

Medical Intelligence Tech

V.MIZ 58458F 12 7 V.MIZ MIZ.wt 28-Sep-07 $0.80 1 12.67 0.57 -0.23 79.1 0.045 $0.01 Very Overvalued

Palo Duro Energy

V.PDE 69744M 11 5 PDE.wt 23-Mar-09 $0.50 1 3.56 0.16 -0.34 128.2 0.045 $0.06 Undervalued

Lateegra

V.LRG 59318A 11 8 LRGFF.PK V.LRG LRG.wt 1-Dec-08 $1.50 1 6 0.3 -1.20 121.3 0.05 $0.05 Fair Value

Ascendant Copper Corp T.ACX 043503 11 9 ASCPF.pk T.ACX ACX.wt 21-Nov-10 $2.50 1 5.83 0.35 -2.15 92.4 0.06 $0.08 Undervalued

Canadian Income Mgmt Tr

T.CNM 13607T 11 4 T.CNM-UN CNM.wt 28-Feb-12 $2.60 1 7.5 0.45 -2.15 146.5 0.06 $0.35 Bargain

S M T C Mfg Corp of Can T.SMX 78458Q 12 1 SMTX T.SMX SMX.wt 4-Mar-09 $9.25 5 9.77 2.93 -43.32 121.5 0.06 $0.19 Bargain

Mesa Uranium Corp

V.MZU 59066W 11 4 MSAUF.pk V.MZU MZU.wt 21-Dec-07 $0.75 1 5.31 0.345 -0.41 83.4 0.065 $0.01 Very Overvalued

Medical Intelligence Tech

V.MIZ 58458F 13 5 V.MIZ MIZ.wt.a 20-Oct-08 $0.85 1 8.14 0.57 -0.28 79.1 0.07 $0.13 Bargain

Redcorp Ventures V.RDV 757268 16 4 RDV.wt 10-Jul-09 $0.65 1 5.71 0.4 -0.25 57 0.07 $0.07 Fair Value

Glencairn Gold Corp T.GGG 379462 11 2 GLE T.GGG GLECW.pk GGG.wt 26-Nov-08 $1.25 1

5.07

0.38 -0.87

133.8

0.075 $0.12 Bargain

Energentia Resources

V.ENR 29268P 11 8 V.ENR ENR.wt 14-Feb-09 $0.75 1 3.25 0.26 -0.49 159.6 0.08 $0.13 Bargain

M G M Energy

T.MGX 55276L 11 2 T.MGX MGX.wt.b 30-Sep-07 $6.00 1 31.25 2.5 -3.50 44.4 0.08 $0.00 Very Overvalued

Visible Gold Mines

V.VGD 92834E 11 6 V.VGD VGD.wt 17-Jul-09 $0.50 1

4.38

0.35 -0.15

119.6

0.08 $0.19 Bargain

I M A Exploration

V.IMR 449664 30 9 IMR V.IMR IMR.wt 14-Sep-09 $3.45 1 5.18 0.44 -3.01 69.3 0.085 $0.01 Very Overvalued

Gold Point Energy Corp

V.GPE 380956 17 7 V.GPE GPE.wt 29-Dec-08 $0.50 1 3 0.27 -0.23 80.2 0.09 $0.05 Overvalued

Fralex Therapeutics Inc V.FXI 49381E 11 3 V.FXI FXI.wt 14-Feb-09 $4.00 1 9.7 0.97 -3.03 16 0.1 $0.00 Very Overvalued

Metrobridge Networks

V.MEB 59165A 11 2 V.MEB MEB.wt 26-Jul-09 $0.65 1 4.4 0.44 -0.21 71.3 0.1 $0.13 Undervalued

Oromonte V.ORR 687083 11 3 ORMOF.PK V.ORR ORR.wt 17-Nov-08 $0.75 1 2

0.2

-0.55

129.4

0.1 $0.05 Very Overvalued

RailPower

T.P 750758 11 2 T.P P.wt 12-Feb-10 $1.25 1 4.3 0.43 -0.82 100.3 0.1 $0.16 Bargain

Rye Patch Gold

V.RPM 783727 11 8 V.RPM RPM.wt 19-Jul-09 $0.75 1 5.5 0.55 -0.20 91.5 0.1 $0.23 Bargain

Ascendant Copper Corp

T.ACX 043503 12 7 ASCPF.pk T.ACX ACX.wt.a 22-Jun-09 $0.65 1 3.18 0.35 -0.30 92.4 0.11 $0.12 Fair Value

I M A Exploration

V.IMR 450913 11 6 IMR V.IMR IMR.wt.A 21-Mar-10 $3.80 1 4 0.44 -3.36 69.3 0.11 $0.02 Very Overvalued

Strait Gold Corp

V.SRD 86258R 11 6 V.SRD SRD.wt 25-Apr-08 $0.30 1 2.48 0.31 0.01 46.8 0.125 $0.06 Very Overvalued

International Nickel

T.INV 465790 11 1 T.INV INV.wt 18-Nov-08 $2.25 1 8.46 1.1 -1.15 96.4 0.13 $0.26 Bargain

New Gold Inc.

T.NGD 644535 11 4 NGD T.NGD NGD.wt 29-Feb-08 $12.00 1

51.11

6.9

-5.10

37.9

0.135 $0.03 Very Overvalued

Grande Cache Coal

T.GCE 38655X 11 3 T.GCE GCE.wt 11-Aug-08 $1.60 1 6.67 1 -0.60 62.9 0.15 $0.11 Overvalued

Blue Sky Uranium

V.BSK 096049 11 9 V.BSK BSK.wt 23-Mar-09 $1.30 1 3.52 0.58 -0.72 51 0.165 $0.03 Very Overvalued

Bankers Petroleum

T.BNK 066286 11 3 BNKFF.pk T.BNK BNK.wt 10-Nov-09 $0.95 1 2.44 0.44 -0.51 104.4 0.18 $0.18 Fair Value

Peak Gold V.PIK 70468J 11 4 V.PIK PIK.wt 3-Apr-12 $1.50 1 2.65

0.53

-0.97 54.1 0.2 $0.12 Overvalued

Stingray Resources V.SRY 860838 11 9 SGYRF.PK V.SRY SRY.wt 24-Apr-09 $1.80 1 4.4 0.88 -0.92 55.1 0.2 $0.09 Very Overvalued

Terrane Metals

T.TRX 88103A 11 6 V.TRX TRX.wt 21-Jun-12 $0.85 1 2.35 0.47 -0.38 68.4 0.2 $0.22 Fair Value

Bankers Petroleum

T.BNK 066286 12 1 T.BNK BNK.wt.A 1-Mar-12 $0.90 1 2 0.44 -0.46 104.4 0.22 $0.29 Undervalued

Metallic Ventures Gold T.MVG 591253 12 5 MTLVF.pk T.MVG MVG.wt 17-Mar-09 $10.00 1 9.32 2.05 -7.95 60.4 0.22 $0.03 Very Overvalued

Bordeaux Energy

V.BDO 099535 11 4 BDOXF.pk V.BDO BDO.wt 6-Aug-08 $0.90 1 2.61 0.6 -0.30 82.7 0.23 $0.13 Overvalued

Olympus Pacific Minerals Inc

T.OYM 68162Q 11 1 OLYMF.PK T.OYM OYM.wt 31-Jul-09 $0.90 1 nt 0.6 -0.30 60.8 0.25 $0.14 Overvalued

Palmarejo Silver & Gold V.PJO 69672B 11 5 PJOFF.pk V.PJO PJO.wt 19-Oct-07 $12.50 1 41

10.25

-2.25 23.1 0.25 $0.01 Very Overvalued

Stornoway Diamonds

T.SWY 86222Q 12 9 SWYDF.PK T.SWY SWY.wt 12-Apr-09 $1.50 1

3.6

0.9

-0.60 21.5 0.25 $0.01 Very Overvalued

T O R R Canada Inc

T.TOR 891326 11 8 TORFF.pk T.TOR TOR.wt 2-Nov-09 $0.65 1 2.73 0.71 0.06 57.2 0.26 $0.28 Fair Value

First Majestic Silver Corp

V.FR 32076V 11 1 FRMSF.PK V.FR FR.wt 10-Nov-08 $6.50 1

15.48

4.18 -2.32

63

0.27 $0.64 Bargain

Urbana T.URB 91707P 11 7 T.URB URB.wt 11-Jan-09 $3.75 1

11.81

3.19 -0.56 41.3 0.27 $0.51 Bargain

Urbana

T.URB 91707P 12 5 T.URB URB.wt.a 12-Jul-09 $3.75 1 11.6 3.19 -0.56 41.3 0.275 $0.63 Bargain

Bioniche Life Sciences Inc T.BNC 09063P 12 5 T.BNC BNC.wt 13-Mar-09 $1.40 1 2.82 0.79 -0.61 45.5 0.28 $0.06 Very Overvalued

Minco Silver

T.MSV 60254C 12 6 MISVF.pk

T.MSV

MSV.wt 18-May-08 $3.45 1 7.24 2.1 -1.35 63.8 0.29 $0.17 Overvalued

European Minerals Corp T.EPM G3192Y 11 8 EPMCF.PK. T.EPM EPM.wt 23-Dec-08 $1.20 $1.26 1 4.1 1.23 -0.03 57.5 0.3 $0.35 Undervalued

Titan Uranium

V.TUE 88832T 12 1 TUEFF.pk V.TUE TUE.wt.A 21-Oct-07 $1.35 1 3.55 1.1 -0.25 59.6 0.31 $0.04 Very Overvalued

Ivory Energy

V.IV 46589L 11 3 V.IV IV.wt 18-Jul-12 $1.00 1 2.43 0.85 -0.15 100.1 0.35 $0.63 Bargain

Australian Solomons Gold

T.SGA Q8271C 11 8 T.SGA SGA.wt 28-Aug-08 $1.71 1 3.89 1.4 -0.31 23.1 0.36 $0.06 Very Overvalued

I C S Copper Systems Ltd

V.ICX 449664 11 9

V.ICX

ICX.wt 4-May-09 $1.30 1 2.14 0.79 -0.51 74.5 0.37 $0.20 Overvalued

Kinross

T.K 496902 15 6 KGC T.K KRSGF.pk K.wt 5-Dec-07 $15.00 3 11.79 13.8 -31.20 42.5 0.39 $0.32 Overvalued

Avnel Gold Mining T.AVK G0683R 12 3 T.AVK AVK.wt 30-Jun-10 $1.06 1 1.75 0.7 -0.36 56.3 0.4 $0.20 Very Overvalued

Fortune Minerals

T.FT 34967D 13 5 FTMDF.PK T.FT FT.wt 26-Jul-09 $3.75 1 6.28 2.51 -1.24 83.1 0.4 $0.89 Bargain

International Minerals Corp T.IMZ 460061 12 0 IMZLF.pk T.IMZ IMZ.wt 19-May-08 $6.88 1 14.5 5.8 -1.08 19.9 0.4 $0.14 Very Overvalued

Sentry Select Primary Metals

T.PME 81733D 11 3 T.PME PME.wt 30-Jun-09 $12.00 1 17.86 7.5 -4.50 30.6 0.42 $0.40 Fair Value

European Minerals Corp

T.EPM G3192Y 14 2 EPMCF.PK.

T.EPM

EPMJF.pk EPM.wt.b 21-Mar-11 $1.55 1 2.89 1.23 -0.32 57.5 0.425 $0.50 Undervalued

Coalcorp Mining

T.CCJ 190135 13 7 CCJFF.pk T.CCJ CCJ.wt.A 17-Aug-11 $8.40 1 9.88 4.25 -4.15 26 0.43 $0.27 Overvalued

Acuity Small Cap

T.ASF 00509R 10 6 T.ASF ASF.wt 15-Jan-10 $12.00 1 19.79 9.5 -2.50 50 0.48 $2.52 Bargain

Endeavour Silver Corp T.EDR 29258Y 11 1 EDRGF.pk T.EDR EDWGF.pk EDR.wt 24-Oct-07 $5.25 1 10.43 5.11 -0.14 49.4 0.49 $0.41 Overvalued

Copernican British Banks Fund

T.CBB 21727V 11 7 T.CBB-UN CBB.wt 14-Jun-10 $10.00 1 19.7 9.85 -0.15 n 0.5 $2.26 Bargain

European Minerals Corp

T.EPM G3192Y 12 6 EPMCF.PK. T.EPM EPMWF.pk EPM.wt.a 11-Apr-10 $1.20 1 2.37 1.23 0.03 57.5 0.52 $0.51 Fair Value

Nevsun Resources

T.NSU 64156L 15 0 NSU T.NSU NSU.wt.a 25-Oct-08 $3.00 1

4.07

2.36 -0.64

58

0.58 $0.44 Overvalued

TSO3 Inc

T.TOS 873015 13 5 T.TOS TOS.wt 9-Mar-09 $3.00 1 3.92 2.35 -0.65 56.8 0.6 $0.52 Overvalued

Eastern Platinum Limited

T.ELR 276855 11 1 ELRFF.pk T.ELR ELR.wt 25-Apr-08 $2.00 1 4.02 2.49 0.49 38.6 0.62 $0.65 Fair Value

Nevsun Resources

T.NSU 64156L 13 5 NSU T.NSU NSUWF.pk NSU.wt 29-Jun-08 $3.25 1 3.69 2.36 -0.89 58 0.64 $0.29 Very Overvalued

Geovic Mining Corp

V.GMC 377903 14 1 GVCM.pk V.GMC GMC.wt.b 27-Apr-12 $5.00 1 3.91 2.54 -2.46 68.5 0.65 $1.13 Bargain

MDN Inc

T.MDN 31943B 12 6 T.MDN MDN.wt 14-Jan-09 $1.00 1 1.88 1.3 0.30 47.3 0.69 $0.47 Overvalued

Ivanhoe Energy T.IE G5221G 11 7 IVAN.pk T.IE IE.wt 15-May-11 $2.93 1 2.94 2.06 -0.87 48.5 0.7 $0.65 Fair Value

Erdene Gold T.ERD 29480Q 11 8 ERDGF.pk T.ERD ERD.wt 15-Jun-09 $1.60 1 1.76 1.27 -0.33 51.8 0.72 $0.29 Very Overvalued

Great Basin

T.GBG 45107L 11 8 GBN T.GBG GBG.wt 17-Apr-09 $3.50 1 3.73 2.8 -0.70

41.9

0.75 $0.46 Overvalued

Sprott Molybdenum Participation Corp

T.MLY 852067 11 5 T.MLY MLY.wt 16-Apr-09 $7.50 1

5.97

4.6 -2.90

32.2

0.77 $0.20 Very Overvalued

Eastern Platinum Limited

T.ELR 276855 12 9 ELRFF.pk

T.ELR

ELR.wt.A 28-Mar-09 $1.80 1 2.54 2.49 0.69 38.6 0.98 $0.95 Fair Value

Rio Narcea Gold

T.RNG 766909 13 9 RNO T.RNG RNWTF.pk RNG.wt 11-Sep-08 $5.00 1 5.34 5.5 0.50 2.6 1.03 $0.77 Overvalued

Iamgold

T.IMG 459875 11 8 IAG T.IMG IMG.wt 12-Aug-08 $3.75 2.381 3.67 9.43 0.50 28.5 1.08 $2.46 Bargain

Baja Mining Corp

T.BAJ 05709R 11 1 BAJFF.pk T.BAJ BAJ.wt 13-Apr-09 $1.15 1 1.87 2.06 0.91 60.8 1.1 $1.13 Fair Value

Global Uranium T.GUR 380680 11 6 T.GUR GUR.wt 30-Jun-10 $10.25 1 5.24 6.55 -3.70 64.6 1.25 $2.18 Bargain

Mines Management

T.MGT 603432 11 3 T.MGT MGT.wt.U 20-Apr-12 $5.75 $6.05 1 3.02 3.8 -2.25 47.9 1.26 $1.25 Fair Value

Equinox Minerals T.EQN 29445L 11 3 T.EQN EQN.wt 6-May-08 $2.30 1

2.66

3.43 1.13

49.9

1.29 $1.31 Fair Value

Coalcorp Mining

T.CCJ 190135 11 1 CCJFF.pk T.CCJ CCJ.wt 8-Feb-11 $5.60 1 3.2 4.25 -1.35 26 1.33 $0.65 Very Overvalued

Northern Orion Resources

T.NNO 665575 12 2 NTO T.NNO NTOWF.pk NNO.wt.a 17-Feb-10 $6.00 1 3.93 5.23 -0.77 42.8 1.33 $1.38 Fair Value

Geovic Mining Corp

V.GMC U37397 11 1 GVCM.pk V.GMC GMC.wt.a 6-Mar-12 $3.00 1 1.81 2.54 -0.46 68.5 1.4 $1.41 Fair Value

Salazar Resources

V.SRL 794007 11 2 V.SRL SRL.wt 19-Mar-09 $1.50 1 1.7 2.55 1.05 108.3 1.5 $1.66 Undervalued

Baffinland Iron Mns Corp

T.BIM 056620 11 5 T.BIM BIM.wt 31-Jan-12 $5.50 1 2.39 3.75 -1.75 47 1.57 $1.25 Overvalued

Breakwater Resources

T.BWR 106902 15 8 BWLRF.ob T.BWR BWLWF.pk BWR.wt 28-Jan-09 $1.00 1 1.59 2.55 1.55 81.4 1.6 $1.73 Fair Value

New Gold Inc.

T.NGD 644535 12 2 NGD T.NGD NGD.wt.a 28-Jun-17 $15.00 1 4.06 6.9 -8.10 37.9 1.7 $2.57 Bargain

Mega Uranium

T.MGA 58516W 11 2 T.MGA MGA.wt 12-Feb-12 $6.15 1 2.85 4.98 -1.17 42.2 1.75 $1.74 Fair Value

Mega Uranium

T.MGA 58516W 12 0 T.MGA MGA.wt.a 6-Jun-12 $7.00 1 2.85 4.98 -2.02 42.2 1.75 $1.61 Fair Value

Metallica Resources

T.MR 59125J 12 0 MRB T.MR MRBWF.pk MR.wt 11-Dec-08 $3.10 1

2.68

4.9

1.80 28.2 1.83 $2.03 Undervalued

Silver Wheaton T.SLW 828336 12 3 SLW T.SLW SLWAF.pk SLW.wt.a 30-Nov-09 $5.50 5 1.55 14.19 -13.31 45.3 1.83 $1.89 Fair Value

Geovic Mining Corp V.GMC 373686 12 0 GVCM.pk V.GMC GVCMW.pk GMC.wt 3-Nov-11 $2.75 1 1.31

2.54

-0.21 68.5 1.94 $1.41 Overvalued

Silver Wheaton

T.SLW 828336 11 5 SLW T.SLW SLWWF.pk SLW.wt 5-Aug-09 $4.00 5

1.38

14.19 -5.81

45.3

2.05 $2.12 Fair Value

Khan Resources T.KRI 496902 13 1 KHRIF.pk T.KRI KRI.wt 3-Aug-08 $1.90 1 1.67 3.58 1.68 59.8 2.15 $1.86 Overvalued

Neo Material Tchnlgys Inc

T.NEM 64045Y 11 6 NEMFF.pk T.NEM NEM.wt 31-Aug-08 $2.50 1 2.02 4.42 1.92 39.2 2.19 $2.08 Fair Value

Skye Resources

T.SKR 83081N 11 5 SKRZF.pk T.SKR SKR.wt 13-Mar-08 $12.36 1 5.57 12.25 -0.11 64.5 2.2 $2.52 Undervalued

U S Gold

T.UXG 912023 11 6 UXG T.UXG UXG.wt 22-Feb-11 $10.00 $10.52 1 3.2 7.13 -3.39 43 2.23 $1.74 Overvalued

Kinross T.K 51818R 11 3 KGC T.K K.wt.b 7-Sep-11 $10.00 2.24871 2.61 13.8 -8.69 42.5 2.35 $3.16 Undervalued

Dundee Precious Metals

T.DPM 265269 12 6 T.DPM DPM.wt 29-Jun-12 $15.00 1 3.58 8.6 -6.40 29.1 2.4 $1.27 Overvalued

Uranium Participation

T.U 917017 12 1 URPTF.pk T.U URPZF.pk U.wt.a 15-Sep-08 $12.00 1 4.28 10.7 -1.30 43.2 2.5 $1.66 Overvalued

Chesapeake Gold

V.CKG 165184 11 0 CHPGF.pk V.CKG CKG.wt 23-Feb-12 $8.00 1 2.15 6.59 -1.41 5 3.07 $0.40 Very Overvalued

Northern Orion Resources

T.NNO 665575 11 4 NTO T.NNO NTWWF.pk NNO.wt 29-May-08 $2.00 1 1.6 5.23 3.23 42.8 3.27 $3.31 Fair Value

Quadra Mining T.QUA 747319 11 9 QADMF.PK T.QUA QUA.wt 8-May-10 $20.00 1 4.32 14.69 -5.31 101.6 3.4 $8.33 Bargain

Mercator Minerals Ltd T.ML 587582 11 5 T.ML ML.wt 16-Feb-12 $4.00 1 1.79 6.55 2.55 57.8 3.65 $4.24 Undervalued

Kinross

T.K 496902 16 4 KGC T.K K.wt.a 22-Oct-07 $1.90 2.24871 1.42 13.8 9.53 42.5 4.33 $5.30 Undervalued

Yamana Gold      T.YRI 98462Y 14 2 AUY T.YRI AUYWF.pk YRI.wt.A 20-Nov-08 $2.50 1.666667 1.52 11.85 7.68 41.6 4.69 $5.71 Undervalued

NovaGold Resources

T.NG 66987E 13 1 NG T.NG NG.wt.A 7-Jan-08 $12.10 1 3.27 16.9 4.80 31.1 5.17 $5.09 Fair Value

Endeavour Mining Cap T.EDV G3040R 12 5 EDVMF.pk T.EDV EDVWF.pk EDV.wt 10-Nov-08 $5.50 1 1.62 9.88 4.38 50.9 6.1 $4.97 Overvalued

Silver Wheaton

T.SLW 828336 13 1 SLW T.SLW SLWBF.pk SLW.wt.b 22-Dec-10 $10.00 1 1.82 14.19 4.19 45.3 7.8 $7.13 Fair Value

Denison Mines (1)

T.DML 248356 12 3 DMLCF.pk T.DML DML.wt.A 1-Mar-11 $30.00 1 2.7 27.01 -2.99 46.3 10 $9.73 Fair Value

NovaGold Resources

T.NG 66987E 11 5 NG

T.NG

NGRWF.pk NG.wt 1-Oct-08 $7.00 1 1.66 16.9 9.90 31.1 10.18 $10.29 Fair Value

Goldcorp

T.G 390124 11 3 GG T.G GG.wt G.wt.G 9-Jun-11 $30.75 1 2.53 26.52 -4.23 39.4 10.5 $8.30 Overvalued

Thompson Creek Metals

T.TCM 884768 11 0 BLEFF.pk T.TCM TCM.wt 27-Oct-11 $9.00 1 1.61 18 9.00 66.1 11.19 $12.78 Undervalued

Katanga Mining T.KAT 49373T 12 8 KATFF.pk T.KAT KAT.wt 20-Nov-11 $8.50 1 1.68 20 11.50 38.3 11.87 $13.49 Undervalued

Denison Mines (1)

T.DML 248356 11 5 DMLCF.pk T.DML DML.wt 24-Nov-09 $15.00 1 2.09 27.01 12.01 46.3 12.9 $14.88 Undervalued

First Capital Realty

T.FCR 35168Q 11 4 FCRGF.pk T.FCR FCR.wt 31-Aug-08 $11.80 1 1.93 25.55 13.75 30.9 13.26 $14.37 Fair Value

Stelco Inc T.STE 858525 14 0 SECNF.pk T.STE SECWF.pk STE.wt 31-Mar-13 $11.00 1 1.77 27.4 16.40 95.5 15.51 $23.85 Bargain

Pan American Silver

T.PAA 697900 12 4 PAAS T.PAA PAAWF.pk PAA.wt 20-Feb-08 $12.00 1 1.68 29.32 17.32 37.9 17.46 $17.64 Fair Value

Agnico Eagle

T.AEM 008474 13 2 AEM T.AEM AEMLW AEM.wt.u 14-Nov-07 $19.00 $19.99 1 1.73 47.42 27.43 38.6 27.36 $27.69 Fair Value

D P F India Opportunities

T.DPF-UN 26138Y 11 3 T.DPF-UN DPF.wt 14-Aug-10 $12.50 1

nt

nt nt

nt

nt nt not trading yet

VisionSky Corp C.VSKY 92833V 11 9 C.VSKY VSKY.w 22-Feb-10 $0.65 1 nt 0.25 -0.40 18.6 nt nt not trading yet

(To sort click on the column headings in blue)
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Notes

(1) Stock close adjusted to reflect puchase of multiple shares. Eg. Dennison Mines end of day share price multiplied by 2.88

(2) AEM and MGT's warrants and trade in US funds. They have been converted to Cdn$ for calculations.

The intrinsic value is market price of shares minus exercise price of warrant.

Fair market value is calculated using the Binominal American version of Black-Scholes calculations on *historic volatility for the past month annualized.

Leverage is market price of shares divided by market price of warrant.

*Historic volatility is the deviation of the stock price over a one month, multiplied by (262 days) to produce an annualized volatility level.A volatile market therefore has a larger standard deviation of stock price and therefore gives the warrants a higher value. High volatility mayshow a reversal in a trend or could be a reaction to news put out by the company. High volatility can cause sharp price reversals.

***All comments are based on calculations alone and not a recommendation to buy. Fair is 10% either way, undervalued is 11% - 50%, bargain over 50%. Overvalued is 11% - 50% over and very over valued is over 50%.

Good sites for US warrants are:

Amex Stock Warrants

NYSE Stock Warrants

Nasdaq Stock Warrants W

Nasdaq Stock Warrants Z

OTCBB Stock Warrants W

OTCBB Stock Warrants Z

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