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Warrant Sheets for Companies as of Aug 12th, 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   RBN.WT.A 25-Aug-11   FNV.WT.A -33.19   CCP.WT 4586   CCP.WT 0.005   PCT.WT 237.4%   CCP.WT 0.005 $0.55 Bargain
The last day the warrants  Adherex Technologies   GTE.WT 28-Aug-11   FNV.WT.B -22.46   RF.WT 3940   SIN.WT 0.005   NQ.WT 213.4%   SIN.WT 0.005 $0.45 Bargain
can be exercised. If Agnico-Eagle   K.WT.B 7-Sep-11   K.WT.C -16.51   CMT.WT 3598   CTF.WT 0.005   AHX.WT 196.9%   PIC.WT 0.01 $0.80 Bargain
warrants aren't being  Ainsworth Lumber Co Ltd   PGM.WT 11-Sep-11   PNP.WT -13.21   SIN.WT 2590   CNM.WT 0.005   NTC.WT 178.2%   MOB.WT 0.01 $0.53 Bargain
exercised then they Air Canada cl A   SIN.WT 15-Sep-11   XMF.WT.A -12.3   RBN.WT.A 2104   PPF.WT 0.005   XMF.WT.A 173.7%   CTF.WT 0.005 $0.19 Bargain
must be sold the day  Air Canada cl B   GPF.WT.A 15-Sep-11   YCM.WT.A -11.78   PPF.WT 1542   CCJ.WT.B 0.005   REC.WT 166.6%   CNM.WT 0.005 $0.19 Bargain
before the expiry date. Andina Minerals Inc   BAA.WT 17-Sep-11   ANS.WT -9.8   PIC.WT 1100   RBN.WT.A 0.005   PAU.WT 163.5%   XYM.WT 0.01 $0.32 Bargain
The longer the time to  Argonaut Gold Ltd   EIT.WT.A 20-Sep-11   TMB.WT -8.75   XYM.WT 1019   RF.WT 0.005   CMT.WT 143.0%   PPF.WT 0.005 $0.16 Bargain
expiry the more ARISE Technologies Corp   IVA.WT 20-Sep-11   CCJ.WT.A -7.16   CTF.WT 992   KAT.WT 0.005   CNM.WT 141.0%   GCI.WT 0.025 $0.68 Bargain
valuable the warrants. ARISE Technologies Corp   CMT.WT 25-Sep-11   DPM.WT -7   EIT.WT.A 940   RML.WT 0.005   CCJ.WT.B 133.9%   EIT.WT.A 0.015 $0.32 Bargain
  Astral Mining Corp   AVL.WT 30-Sep-11   KAT.WT -6.79   GMF.WT 510   XMF.WT.A 0.005   KAT.WT 131.4%   HGI.WT 0.08 $0.98 Bargain
Leverage Augen Gold Cor   RF.WT 30-Sep-11   K.WT.B -6.02   GCI.WT 379.2   CMT.WT 0.005   WLT.WT 130.7%   HCF.WT 0.075 $0.90 Bargain
The leverage of a warrant Avalon Rare Metals Inc   CLQ.WT 30-Sep-11   MGA.WT.A -5.12   K.WT.B 275.54   FEI.WT.A 0.005   AA.WT 129.8%   LQD.WT 0.055 $0.54 Bargain
is a measure of how much Bankers Petroleum   FEI.WT.A 30-Sep-11   NGD.WT.A -5.01   KAT.WT 268   GMC.WT 0.005   LRT.WT.A 122.3%   LRT.WT.A 0.04 $0.28 Bargain
you can increase your Banro Corp   EDR.WT 7-Oct-11   NGD.WT.B -4.72   CNM.WT 216   GMC.WT.A 0.005   LRT.WT 122.3%   CCJ.WT.B 0.005 $0.03 Bargain
exposure to a share if Bennett Environmental Inc   GMF.WT 14-Oct-11   K.WT.D. -4.71   URB.WT.B 200   GTE.WT 0.005   MOB.WT 120.2%   RBN.WT.A 0.005 $0.03 Bargain
you bought warrants Blue Ribbon   TID.WT 16-Oct-11   MGA.WT -4.05   HCF.WT 156.67   URB.WT.B 0.005   FRN.WT 117.6%   CVZ.WT 0.08 $0.32 Bargain
instead of making a Breakwater Resources   VGZ.WT.S 22-Oct-11   GMC.WT.B -3.97   GTE.WT 141.47   PIC.WT 0.01   PTA.WT 117.2%   ANS.WT 0.1 $0.38 Bargain
direct investment. It is  Brick Group   TCM.WT 27-Oct-11   PNP.WT.A -3.85   MOB.WT 131   MOB.WT 0.01   PTA.WT.A 117.2%   WAI.WT 0.035 $0.10 Bargain
calculated dividing the  Bridgeport Ventures Inc   PDL.WT.B 28-Oct-11   P.WT -3.82   GPF.WT.A 123.14   XYM.WT 0.01   TFA.WT.A 116.1%   IVA.WT 0.02 $0.06 Bargain
current share price by Bridgeport Ventures Inc   XYM.WT 31-Oct-11   RML.WT -3.77   PNP.WT 119.33   REC.WT 0.01   SFF.WT 115.5%   GMF.WT 0.02 $0.06 Bargain
the current price of the  Brigus Gold Corp   CCP.WT 2-Nov-11   GTE.WT -3.67   IVA.WT 113   GMC.WT.B 0.01   RML.WT 112.5%   GPF.WT.A 0.105 $0.30 Bargain
warrant. Brigus Gold Corp   GCM.WT.A 3-Nov-11   MGT.WT.U -3.67   HGI.WT 108.88   MGA.WT 0.01   LQD.WT 112.2%   LPK.WT 0.16 $0.44 Bargain
  Brixton Metals   GMC.WT 3-Nov-11   NBD.WT -3.63   OUS.WT 85.33   EIT.WT.A 0.015   IVA.WT 110.6%   LRT.WT 0.1 $0.24 Bargain
Intrinsic Value C A Bancorp Cdn Rlty Fin Corp   TAO.WT 5-Nov-11   NOT.WT -3.48   GMC.WT 56   AHX.WT 0.015   AVL.WT 108.3%   PAK.WT 0.12 $0.29 Bargain
The difference between  Calvista Gold Corp.   URB.WT.B 10-Nov-11   RF.WT -3.47   GMC.WT.A 56   VZX.WT 0.015   TID.WT 107.6%   PYC.WT 0.28 $0.67 Bargain
the exercise price and Canada Lithium Corp.   TXG.WT 12-Nov-11   PVG.WT -3.29   TMB.WT 54.17   PNP.WT 0.015   WAI.WT 105.5%   OUS.WT 0.09 $0.21 Bargain
the actual trading price  Canadian Income Mgmt Tr   KAT.WT 20-Nov-11   PDL.WT.B -3.06   YCM.WT.A 48   YCM.WT.A 0.015   YCM.WT.A 101.7%   PCT.WT 0.035 $0.08 Bargain
of the common stock. Canadian Western Bank   PPF.WT 30-Nov-11   CCP.WT -2.82   XMF.WT.A 40   IVA.WT 0.02   ANS.WT 101.2%   NTC.WT 0.1 $0.22 Bargain
Once the common has  Canoe Go Canada Income Fund   HCF.WT 30-Nov-11   GMC.WT.A -2.8   CCJ.WT.B 38   GMF.WT 0.02   BBB.WT 100.1%   TFA.WT.A 0.055 $0.12 Bargain
gone over the exercise Caza Gold Corp   REC.WT 30-Nov-11   FRO.WT -2.72   GCM.WT.A 36.67   YEL.WT 0.02   YEL.WT 98.8%   FRN.WT 0.15 $0.29 Bargain
price the warrants are  CC&L Conservative Income   CTF.WT 2-Dec-11   EMC.WT -2.53   PDL.WT.B 34.4   PMI.WT.A 0.02   VZX.WT 98.2%   FEO.WT.A 0.1 $0.19 Bargain
said to be 'in the money'. Chesapeake Gold   FT.WT.A 3-Dec-11   YNG.WT -2.52   RML.WT 30   YNG.WT 0.02   PDL.WT.B 98.1%   AHX.WT 0.015 $0.03 Bargain
  Citadel Income Fund   PIC.WT 15-Dec-11   PMD.WT -2.47   MGA.WT 30   GCM.WT.A 0.02   ILC.WT 97.1%   NGD.WT.B 0.05 $0.09 Bargain
Volatility Claude Resources   XRG.WT 21-Dec-11   GMC.WT -2.4   GMC.WT.B 28   MGA.WT.A 0.02   GLD.WT 94.5%   GAA.WT 0.64 $1.17 Bargain
The higher the volatility  CMP Gold Trust   MFL.WT 31-Dec-11   MB.WT -2.32   FNV.WT.B 24.54   GCI.WT 0.025   RED.WT 94.3%   PWC.WT 0.18 $0.33 Bargain
rating the higher the price Coalcorp Mining   OUS.WT 16-Jan-12   CMP.WT.B -2.31   YNG.WT 23.75   ILC.WT 0.025   FED.WT 92.9%   TMD.WT 0.5 $0.86 Bargain
of the warrant will be. Commerce Split Corp unit   GCI.WT 30-Jan-12   GCI.WT -2.29   NGD.WT.B 22.66   MNP.WT 0.025   CVZ.WT 91.1%   NGD.WT.A 3.35 $5.50 Bargain
A measure of actual  Compton Petroleum Corp   MGA.WT 12-Feb-12   XYM.WT -2.25   ANS.WT 22   K.WT.B 0.025   BAA.WT 90.9%   VGZ.WT.S 0.98 $1.57 Bargain
stock price changes over  Continental Gold   ML.WT 16-Feb-12   GCM.WT.A -2.24   PYC.WT 20.61   SBI.WT 0.03   RN.WT 90.9%   PTA.WT 0.04 $0.06 Bargain
a specific period of time.  Crocodile Gold   CKG.WT 23-Feb-12   CCJ.WT.B -2.24   DPM.WT 20.53   WAI.WT 0.035   CLQ.WT 89.1%   GAA.WT 0.64 $0.97 Bargain
Historical volatility is  Dundee Precious Metals   CNM.WT 28-Feb-12   VGZ.WT.S -2.23   TCM.WT 16.06   PCT.WT 0.035   TAB.WT 88.3%   WRN.WT 0.6 $0.90 Bargain
calculated by using the  Dundee Precious Metals   XMF.WT.A 28-Feb-12   HGI.WT -1.94   TID.WT 15.4   PTA.WT.A 0.035   USA.WT 87.5%   FEO.WT.B 0.11 $0.16 Undervalued
standard deviation of an East West Petroleum Corp   YCM.WT.A 28-Feb-12   QUX.WT -1.91   MGA.WT.A 15   APV.WT 0.035   USO.WT 85.3%   K.WT.D. 2.47 $3.55 Undervalued
underlying stock price. ECU Silver Mining Inc   TMB.WT 29-Feb-12   RNX.WT -1.81   K.WT.C 14.89   LRT.WT.A 0.04   FCO.WT 85.3%   VGZ.WT.S 0.98 $1.40 Undervalued
  Endeavour Financial   BNK.WT.A 1-Mar-12   EIT.WT.A -1.8   LQD.WT 13.64   PTA.WT 0.04   GMC.WT 83.1%   FED.WT 0.21 $0.29 Undervalued
In the Money Endeavour Silver Corp   GMC.WT.A 6-Mar-12   PIC.WT -1.8   CLQ.WT 12.38   CLQ.WT 0.04   GMC.WT.A 83.1%   FNV.WT.B 0.265 $0.37 Undervalued
When the price of the  EnerVest Diversified Income Trust   FNV.WT 13-Mar-12   GCM.WT -1.73   BEV.WT 12.22   APV.WT.A 0.04   GMC.WT.B 83.1%   PAU.WT 0.4 $0.55 Undervalued
common is higher than  Ethiopian Potash   HGI.WT 30-Mar-12   VGZ.WT.S -1.72   FRO.WT 12   MTO.WT 0.04   LPK.WT 82.7%   RN.WT 0.44 $0.58 Undervalued
the exercise price Faircourt Gold Income   NGD.WT.B 3-Apr-12   PPF.WT -1.71   PWC.WT 11.28   NGD.WT.B 0.05   FEO.WT.A 82.2%   GLD.WT 0.21 $0.28 Undervalued
  Feronia Inc   PVG.WT 8-Apr-12   GAA.WT.A -1.65   CVZ.WT 11.13   TID.WT 0.05   FEO.WT.B 82.2%   YEL.WT 0.02 $0.03 Undervalued
At the Money Formation Metals   PNP.WT 16-Apr-12   PNP.WT.B -1.59   SBI.WT 10.33   LQD.WT 0.055   APV.WT.A 82.0%   AVL.WT 1 $1.29 Undervalued
When the price of the  Fortress Energy Inc   MGT.WT.U 20-Apr-12   CRK.WT -1.59   PVG.WT 10.08   TFA.WT.A 0.055   APV.WT 82.0%   FGX.WT.B 1.85 $2.38 Undervalued
underlying is equivalent Fortune Minerals Ltd.   GMC.WT.B 27-Apr-12   BEV.WT -1.55   ADM.WT 10   CZY.WT 0.055   ROZ.WT 81.5%   QUX.WT 2.75 $3.53 Undervalued
or close to the strike price. Franco-Nevada   RED.WT 29-Apr-12   ML.WT -1.52   PNP.WT.A 9.68   BPV.WT.A 0.06   MGA.WT.B 79.0%   SSL.WT.A 0.66 $0.85 Undervalued
  Franco-Nevada   BEV.WT 7-May-12   OUS.WT -1.5   MGT.WT.U 9.51   TMB.WT 0.06   MGA.WT 79.0%   FNV.WT.A 6.2 $7.72 Undervalued
Exercise ratio Franco-Nevada   MTO.WT 15-May-12   URB.WT.B -1.31   LRT.WT.A 9.5   NOT.WT 0.065   MGA.WT.A 79.0%   AEM.WT.U 21.77 $27.10 Undervalued
The number of warrants  Frontier Rare Earths Ltd   CZY.WT 22-May-12   TCM.WT -1.3   YEL.WT 9.25   HCF.WT 0.075   KSK.WT 77.7%   AR.WT 1.7 $2.10 Undervalued
related to one share and Gazit America In   ROZ.WT 28-May-12   CMT.WT -1.3   REC.WT 9.00   SFF.WT 0.075   EDR.WT 76.7%   EDV.WT.A 0.7 $0.83 Undervalued
specifies the amount of  Gazit America In   PMI.WT.A 28-May-12   PAK.WT -1.29   FEI.WT.A 9   HGI.WT 0.08   PNP.WT.B 76.3%   TMD.WT.A 0.75 $0.88 Undervalued
underlying that the owner Gazit America Inc.   ADM.WT 2-Jun-12   PYC.WT -1.29   MNP.WT 8.8   CVZ.WT 0.08   PNP.WT.A 76.3%   DPM.WT.A 5.05 $5.92 Undervalued
of a single warrant is  Geovic Mining Corp   AAB.WT 6-Jun-12   VGZ.WT.S -1.24   PMI.WT.A 8.75   PMI.WT 0.08   PNP.WT 76.3%   MND.WT 0.295 $0.34 Undervalued
entitled to buy. Geovic Mining Corp   MGA.WT.A 6-Jun-12   EW.WT -1.23   CMP.WT.B 8.51   OUS.WT 0.09   QUX.WT 74.3%   P.WT 0.86 $1.01 Undervalued
  Geovic Mining Corp   TAB.WT 11-Jun-12   CNM.WT -1.19   NOT.WT 8   EW.WT 0.09   TIC.WT 73.6%   VZX.WT 0.015 $0.02 Undervalued
Time Value Global Adv Tele&Utilities Inc Fd   APV.WT 11-Jun-12   ZAZ.WT -1.17   GAA.WT 7.71   ANS.WT 0.1   PMI.WT 73.5%   AA.WT 0.12 $0.14 Undervalued
The time value is the  GMIncome & Growth Fund    TIC.WT 15-Jun-12   RN.WT -1.11   GAA.WT 7.71   LRT.WT 0.1   PMI.WT.A 73.5%   FCO.WT 0.32 $0.36 Undervalued
difference between the Gold Participation and Income Fund   YNG.WT 20-Jun-12   RBN.WT.A -1.11   LPK.WT 7.13   NTC.WT 0.1   VGZ.WT.S 73.1%   CMP.WT.B 1.5 $1.66 Undervalued
current warrant price  Gran Colombia Gold Corp   WLT.WT 28-Jun-12   LPK.WT -1.11   ZAZ.WT 7.07   FEO.WT.A 0.1   VGZ.WT.S 73.1%   ILC.WT 0.025 $0.03 Undervalued
and its intrinsic value. Gran Colombia Gold Corp   DPM.WT 29-Jun-12   ADM.WT -1.09   BPV.WT.A 7   RPG.WT 0.1   VGZ.WT.S 73.1%   TXG.WT 0.54 $0.59 Undervalued
The time value is to be  Gran Tierra Energy   MND.WT 6-Aug-12   GMF.WT -1.01   ML.WT 6.89   SND.WT 0.1   VGZ.WT.S 73.1%   USA.WT 0.475 $0.52 Undervalued
interpreted as the GT Canada   FED.WT 9-Sep-12   KSK.WT -0.98   ZAZ.WT 6.8   PDL.WT.B 0.1   MGT.WT.U 72.9%   BRD.WT.A 0.6 $0.65 Fair Market Value
consideration paid for  Harvest Canadian Inc & Gr Fund   QUX.WT 10-Sep-12   BPV.WT.A -0.96   FNV.WT.A 6.74   USO.WT 0.1   YNG.WT 71.5%   FNV.WT 10.19 $11.11 Fair Market Value
the advantage that the International Lithium   CNL.WT 12-Sep-12   FCO.WT -0.95   PAK.WT 6.67   GPF.WT.A 0.105   GCM.WT 70.2%   NQ.WT 0.5 $0.55 Fair Market Value
warrant buyer has over  Ivanhoe Australia   TFA.WT.A 21-Oct-12   PWC.WT -0.94   GAA.WT.A 6.58   FEO.WT.B 0.11   GCM.WT.A 70.2%   SLW.WT.U 19.6 $21.18 Fair Market Value
the direct investor. It Katanga Mining   VGZ.WT.S 22-Oct-12   MOB.WT -0.91   K.WT.D. 6.27   PAK.WT 0.12   WRN.WT 70.2%   FT.WT.A 0.5 $0.54 Fair Market Value
is greatest when the  Kinross   PNP.WT.A 23-Oct-12   TID.WT -0.81   AC.WT 6.13   AA.WT 0.12   BPV.WT 70.0%   GCM.WT 0.255 $0.27 Fair Market Value
warrants are 'at the money' Kinross   AC.WT 28-Oct-12   IVA.WT -0.8   AC.WT 6.13   TAB.WT 0.13   BPV.WT.A 70.0%   SSL.WT 0.88 $0.94 Fair Market Value
but decreases as the Kinross     AC.WT 28-Oct-12   GPF.WT.A -0.8   PGM.WT 6   ADM.WT 0.13   FRO.WT 68.5%   MB.WT 0.14 $0.15 Fair Market Value
exercise date draws closer. Kiska Metals   FRO.WT 17-Nov-12   MGA.WT.B -0.77   XRG.WT 5.99   MB.WT 0.14   NOT.WT 68.3%   BWR.WT.A 0.61 $0.63 Fair Market Value
The decreased value is  Lanesborough REIT   PTA.WT.A 19-Nov-12   MTO.WT -0.77   MTO.WT 5.88   RED.WT 0.14   PAK.WT 67.8%   CKG.WT 4.05 $4.23 Fair Market Value
called time decay and  Lanesborough REIT   PWC.WT 25-Nov-12   BRD.WT -0.75   CZY.WT 5.82   AAB.WT 0.145   HGI.WT 67.3%   CWB.WT 17.1 $17.61 Fair Market Value
decreases at a faster  Liquid Nutrition Group   NGD.WT.C 28-Nov-12   BRD.WT.A -0.67   AAB.WT 5.72   FRN.WT 0.15   XRG.WT 66.6%   EDR.WT 6.74 $6.87 Fair Market Value
pace as the expiry date Lupaka Gold Corp.   RML.WT 29-Nov-12   VGZ.WT.S -0.64   TFA.WT.A 5.55   FRO.WT 0.15   FT.WT.A 66.5%   PGM.WT 0.4 $0.41 Fair Market Value
draws closer. M Split Corp   SBI.WT 2-Dec-12   LQD.WT -0.62   RNX.WT 5.45   KSK.WT 0.15   TMD.WT 65.8%   TAO.WT 2.79 $2.82 Fair Market Value
  Macusani Yellowcake   RNX.WT 16-Dec-12   GAA.WT -0.61   FGX.WT.B 5.33   ZAZ.WT 0.15   TMD.WT.A 65.8%   TCM.WT 0.48 $0.49 Fair Market Value
  Manas Petroleum Corp   ZAZ.WT 19-Dec-12   HCF.WT -0.59   VZX.WT 5.33   ZAZ.WT 0.15   SBI.WT 65.6%   MFL.WT 10.96 $10.99 Fair Market Value
  Mandalay Resources Corp   ZAZ.WT 19-Dec-12   YEL.WT -0.58   EW.WT 5.11   MGA.WT.B 0.155   BRD.WT.A 64.8%   ML.WT.A 1.53 $1.53 Fair Market Value
  MEGA Brands Inc   BPV.WT.A 20-Dec-12   CNL.WT -0.57   P.WT 5.08   LPK.WT 0.16   BRD.WT 64.8%   RPG.WT 0.1 $0.10 Fair Market Value
  Mega Uranium   SFF.WT 21-Dec-12   FEO.WT.B -0.53   WRN.WT 5.05   PWC.WT 0.18   EW.WT 64.7%   BRK.WT 1.35 $1.33 Fair Market Value
  Mega Uranium   WRN.WT 22-Dec-12   CVZ.WT -0.51   ST.WT 4.91   BEV.WT 0.18   TCM.WT 64.4%   SNG.WT 1 $0.99 Fair Market Value
  Mega Uranium   EW.WT 22-Dec-12   SIN.WT -0.51   SND.WT 4.9   PNP.WT.A 0.185   RNX.WT 63.8%   BAA.WT 2.11 $2.06 Fair Market Value
  Mercator Minerals Ltd   SND.WT 23-Dec-12   LRT.WT -0.49   WAI.WT 4.86   MGT.WT.U 0.185   CRK.WT 62.1%   BRD.WT 0.69 $0.65 Fair Market Value
  Mercator Minerals Ltd   APV.WT.A 23-Dec-12   PTA.WT -0.45   ILC.WT 4.8   CRK.WT 0.19   RPG.WT 61.9%   SFF.WT 0.075 $0.07 Fair Market Value
  Metanor Resources   MOB.WT 24-Dec-12   CTF.WT -0.44   PMD.WT 4.78   RNX.WT 0.2   CZY.WT 61.9%   SND.WT 0.1 $0.09 Fair Market Value
  Minefinders Corp   AR.WT 29-Dec-12   AA.WT -0.44   QUX.WT 4.73   FED.WT 0.21   ML.WT.A 61.6%   CRK.WT 0.19 $0.17 Overvalued
  Mines Management    VZX.WT 5-Jan-13   WRN.WT -0.43   AVL.WT 4.61   GLD.WT 0.21   ML.WT 61.6%   XRG.WT 0.67 $0.59 Overvalued
  New Gold Inc.   CMP.WT.B 25-Jan-13   SFF.WT -0.42   KSK.WT 4.27   ST.WT 0.22   BNK.WT.A 61.4%   FRO.WT 0.15 $0.13 Overvalued
  New Gold Inc.   ML.WT.A 29-Jan-13   FEI.WT.A -0.42   CNL.WT 4.26   PMD.WT 0.23   GTE.WT 60.6%   REC.WT 0.01 $0.01 Overvalued
  New Gold Inc.   SNG.WT 10-Feb-13   TIC.WT -0.41   FNV.WT 4.1   GCM.WT 0.255   TXG.WT 60.0%   PVG.WT 0.96 $0.83 Overvalued
  Norbord   KSK.WT 23-Mar-13   ST.WT -0.4   PTA.WT.A 4   FNV.WT.B 0.265   SSL.WT.A 59.2%   VGZ.WT.S 0.98 $0.82 Overvalued
  Noront Resources Ltd   YEL.WT 25-Mar-13   PTA.WT.A -0.37   RPG.WT 3.9   PYC.WT 0.28   SSL.WT 59.2%   NGD.WT.C 0.49 $0.41 Overvalued
  North American Palladium Ltd.   NTC.WT 31-Mar-13   WAI.WT -0.37   TAB.WT 3.85   ECU.WT 0.285   ECU.WT 59.0%   RF.WT 0.005 $0.00 Overvalued
  North American Tungsten   USO.WT 18-Apr-13   TMD.WT.A -0.37   LRT.WT 3.8   MND.WT 0.295   SND.WT 58.6%   TAB.WT 0.13 $0.10 Overvalued
  Northquest Ltd    ST.WT 29-Apr-13   MNP.WT -0.35   FEO.WT.A 3.6   BPV.WT 0.305   MTO.WT 57.8%   DPM.WT 0.4 $0.32 Overvalued
  Oceanic Iron Ore Corp   CVZ.WT 11-May-13   PMI.WT.A -0.33   FED.WT 3.57   AC.WT 0.31   MB.WT 56.2%   K.WT.C 1.04 $0.82 Overvalued
  Oceanic Iron Ore Corp   CRJ.WT 22-May-13   NTC.WT -0.31   SFF.WT 3.53   AC.WT 0.31   PWC.WT 56.2%   RED.WT 0.14 $0.11 Overvalued
  Omega Advisors U.S. Cap App Fd   ILC.WT 24-May-13   LRT.WT.A -0.3   PTA.WT 3.5   FCO.WT 0.32   CRJ.WT 56.0%   PDL.WT.B 0.1 $0.08 Overvalued
  Pacific & Western Credit Corp   CCJ.WT.B 5-Jun-13   SBI.WT -0.3   CRK.WT 3.47   ML.WT 0.35   GCI.WT 54.1%   PMD.WT 0.23 $0.18 Overvalued
  Papuan Precious Metals Corp   PAU.WT 5-Jul-13   ECU.WT -0.3   GCM.WT 3.45   PAU.WT 0.4   ADM.WT 53.4%   SBI.WT 0.03 $0.02 Overvalued
  Peregrine Metals   FNV.WT.B 8-Jul-13   FEO.WT.A -0.3   EDV.WT.A 3.43   PGM.WT 0.4   NGD.WT.B 53.3%   AC.WT 0.31 $0.24 Overvalued
  Petroamerica Oil Corp   PNP.WT.B 11-Jul-13   RPG.WT -0.29   TXG.WT 3.43   DPM.WT 0.4   NGD.WT.A 53.3%   AC.WT 0.31 $0.23 Overvalued
  Petroamerica Oil Corp   ANS.WT 29-Jul-13   APV.WT -0.28   NTC.WT 3.4   RN.WT 0.44   NGD.WT.C 53.3%   BNK.WT.A 3.5 $2.58 Overvalued
  PetroMagdalena Energy Corp   BBB.WT 12-Aug-13   PCT.WT -0.27   NGD.WT.A 3.38   USA.WT 0.475   AR.WT 53.2%   WLT.WT 8.95 $6.66 Overvalued
  Petromanas Energy In   K.WT.C 3-Sep-13   TMD.WT -0.27   AR.WT 3.35   TCM.WT 0.48   SIN.WT 53.2%   GAA.WT.A 0.8 $0.59 Overvalued
  Petromanas Energy Inc   SLW.WT.U 5-Sep-13   XRG.WT -0.26   FRN.WT 3.33   NGD.WT.C 0.49   SLW.WT.U 53.0%   PTA.WT.A 0.035 $0.03 Overvalued
  Pinetree Capital   FRN.WT 8-Sep-13   CLQ.WT -0.25   VGZ.WT.S 3.27   TMD.WT 0.5   ZAZ.WT 53.0%   PMI.WT 0.08 $0.06 Overvalued
  Pinetree Capital   VGZ.WT.S 22-Oct-13   ILC.WT -0.22   FEO.WT.B 3.27   NQ.WT 0.5   DPM.WT.A 51.7%   PNP.WT.B 0.63 $0.43 Overvalued
  Pinetree Capital   GAA.WT 30-Nov-13   PMI.WT -0.22   VGZ.WT.S 3.27   FT.WT.A 0.5   DPM.WT 51.7%   AAB.WT 0.145 $0.10 Overvalued
  Premium Income Corp    AEM.WT.U 2-Dec-13   AC.WT -0.21   VGZ.WT.S 3.27   ROZ.WT 0.52   MND.WT 51.7%   CNL.WT 1.5 $0.99 Overvalued
  Pretium Resources   NBD.WT 24-Dec-13   TAB.WT -0.19   VGZ.WT.S 3.27   NBD.WT 0.52   EDV.WT.A 51.5%   CZY.WT 0.055 $0.04 Overvalued
  Prima Colombia   EDV.WT.A 4-Feb-14   AC.WT -0.18   TMD.WT 3.26   TXG.WT 0.54   PVG.WT 51.1%   KSK.WT 0.15 $0.10 Overvalued
  Primary Corp.   ECU.WT 20-Feb-14   EDV.WT.A -0.17   FCO.WT 3.09   WRN.WT 0.6   SNG.WT 50.0%   MNP.WT 0.025 $0.02 Overvalued
  Primero Mining Corp   CWB.WT 2-Mar-14   AAB.WT -0.16   RED.WT 3.00   BRD.WT.A 0.6   PMD.WT 50.0%   NOT.WT 0.065 $0.04 Overvalued
  Propel Multi-Strategy Fund   FCO.WT 8-Mar-14   SND.WT -0.15   CKG.WT 2.94   BWR.WT.A 0.61   MNP.WT 50.0%   BPV.WT 0.305 $0.19 Overvalued
  Quadra FNX Mining Ltd   BWR.WT.A 9-Apr-14   USO.WT -0.15   AEM.WT.U 2.85   PNP.WT.B 0.63   ZAZ.WT 49.7%   CRJ.WT 0.77 $0.50 Overvalued
  Ram Power Corp   GAA.WT.A 14-Apr-14   REC.WT -0.15   PNP.WT.B 2.84   GAA.WT 0.64   TMB.WT 49.1%   ST.WT 0.22 $0.14 Overvalued
  RedWater Energy   SSL.WT 23-Apr-14   APV.WT.A -0.13   MB.WT 2.75   GAA.WT 0.64   BEV.WT 49.0%   ROZ.WT 0.52 $0.30 Overvalued
  Reliant Gold Corp   MNP.WT 6-May-14   TFA.WT.A -0.12   BRD.WT.A 2.7   SSL.WT.A 0.66   MFL.WT 48.1%   ECU.WT 0.285 $0.16 Overvalued
  Rio Novo Gold Inc    RPG.WT 19-May-14   VZX.WT -0.12   FT.WT.A 2.62   XRG.WT 0.67   AAB.WT 47.9%   KAT.WT 0.005 $0.00 Overvalued
  Rodinia Oil Corp   BRK.WT 27-May-14   CZY.WT -0.1   RN.WT 2.59   BRD.WT 0.69   CNL.WT 47.5%   MGA.WT.B 0.155 $0.08 Overvalued
  Royal Nickel Corporation   LPK.WT 28-Jun-14   ROZ.WT -0.1   BRD.WT 2.35   EDV.WT.A 0.7   P.WT 46.4%   TIC.WT 1 $0.51 Overvalued
  Rusoro Mining   PYC.WT 30-Jun-14   GPD.WT -0.09   NGD.WT.C 2.31   TMD.WT.A 0.75   AEM.WT.U 45.8%   USO.WT 0.1 $0.05 Very Overvalued
  Sandstorm Gold   FGX.WT.B 30-Jun-14   CRJ.WT -0.08   PCT.WT 2.29   CRJ.WT 0.77   XYM.WT 45.4%   ADM.WT 0.13 $0.06 Very Overvalued
  Sandstorm Gold   USA.WT 10-Jul-14   AHX.WT -0.08   TAO.WT 2.29   GAA.WT.A 0.8   PPF.WT 43.1%   PNP.WT.A 0.185 $0.08 Very Overvalued
  Sandstorm Metals   K.WT.D. 17-Sep-14   RED.WT -0.05   ROZ.WT 2.27   P.WT 0.86   URB.WT.B 42.6%   ZAZ.WT 0.15 $0.06 Very Overvalued
  SCITI Trust   AA.WT 7-Oct-14   BPV.WT -0.03   MND.WT 2.2   SSL.WT 0.88   CKG.WT 41.6%   BEV.WT 0.18 $0.07 Very Overvalued
  Seafield Resources   PTA.WT 8-Oct-14   FED.WT 0   TIC.WT 2.2   PVG.WT 0.96   PIC.WT 41.3%   BPV.WT.A 0.06 $0.02 Very Overvalued
  Serabi Mining   BPV.WT 10-Oct-14   FRN.WT 0.07   PMI.WT 2.19   VGZ.WT.S 0.98   ST.WT 40.9%   RML.WT 0.005 $0.00 Very Overvalued
  Silver Range   MGA.WT.B 26-Oct-14   NQ.WT 0.17   TMD.WT.A 2.17   VGZ.WT.S 0.98   K.WT.D. 39.7%   VGZ.WT.S 0.98 $0.31 Very Overvalued
  Silver Wheaton   GLD.WT 27-Oct-14   PAU.WT 0.28   SSL.WT.A 2.11   VGZ.WT.S 0.98   K.WT.C 39.7%   RNX.WT 0.2 $0.06 Very Overvalued
  Star Portfolio Corp   BRD.WT.A 19-Nov-14   GLD.WT 0.32   ECU.WT 2.11   VGZ.WT.S 0.98   K.WT.B 39.7%   ZAZ.WT 0.15 $0.04 Very Overvalued
  Stonegate Agricom Ltd   BRD.WT 19-Nov-14   GAA.WT 0.4   CRJ.WT 2.04   AVL.WT 1   OUS.WT 39.6%   ML.WT 0.35 $0.09 Very Overvalued
  TAG Oil Ltd   NOT.WT 16-Dec-14   PGM.WT 0.43   AHX.WT 2   SNG.WT 1   EIT.WT.A 38.9%   NBD.WT 0.52 $0.14 Very Overvalued
  Tembec   NQ.WT 21-Dec-14   MND.WT 0.47   BAA.WT 1.98   TIC.WT 1   CCP.WT 38.5%   TID.WT 0.05 $0.01 Very Overvalued
  Thompson Creek Metals   PMI.WT 23-Feb-15   USA.WT 0.51   NBD.WT 1.95   K.WT.C 1.04   HCF.WT 36.4%   CLQ.WT 0.04 $0.01 Very Overvalued
  Titan Medical   LRT.WT 5-Mar-15   FT.WT.A 0.55   MGA.WT.B 1.92   BRK.WT 1.35   AC.WT 36.2%   APV.WT.A 0.04 $0.01 Very Overvalued
  Titan Medical Inc   RN.WT 8-Mar-15   FGX.WT.B 0.81   USO.WT 1.9   CMP.WT.B 1.5   AC.WT 35.9%   PMI.WT.A 0.02 $0.00 Very Overvalued
  Titanium Corp. Inc   MB.WT 30-Mar-15   TXG.WT 0.81   SLW.WT.U 1.89   CNL.WT 1.5   CMP.WT.B 34.5%   EW.WT 0.09 $0.01 Very Overvalued
  Torex Gold Resources Inc   P.WT 19-Jul-15   SSL.WT.A 0.9   AA.WT 1.88   ML.WT.A 1.53   CTF.WT 34.1%   MGT.WT.U 0.185 $0.02 Very Overvalued
  Touchstone Exploration Inc   GCM.WT 24-Aug-15   AVL.WT 1.01   APV.WT 1.86   AR.WT 1.7   TAO.WT 33.6%   XMF.WT.A 0.005 $0.00 Very Overvalued
  Trafina Energy Ltd   PCT.WT 21-Sep-15   NGD.WT.C 1.19   GLD.WT 1.76   FGX.WT.B 1.85   BRK.WT 32.9%   YNG.WT 0.02 $0.00 Very Overvalued
  Tuscany Intl Drilling Inc   SSL.WT.A 19-Oct-15   SSL.WT 1.2   CWB.WT 1.75   BAA.WT 2.11   NBD.WT 32.5%   APV.WT 0.035 $0.00 Very Overvalued
  U S Silver Corp   VGZ.WT.S 22-Oct-15   AR.WT 1.41   SNG.WT 1.75   K.WT.D. 2.47   PGM.WT 31.8%   PNP.WT 0.015 $0.00 Very Overvalued
  Urbana Corp   DPM.WT.A 20-Nov-15   BRK.WT 2.05   PAU.WT 1.70   QUX.WT 2.75   FNV.WT.B 29.8%   CMT.WT 0.005 $0.00 Very Overvalued
  US Oil Sands Inc.    FEO.WT.A 30-Nov-15   ML.WT.A 2.33   DPM.WT.A 1.63   TAO.WT 2.79   FNV.WT.A 29.8%   FEI.WT.A 0.005 $0.00 Very Overvalued
  Vega Resources    GAA.WT 30-Nov-15   BAA.WT 2.48   APV.WT.A 1.63   NGD.WT.A 3.35   FNV.WT 29.8%   GCM.WT.A 0.02 $0.00 Very Overvalued
  Vista Gold   FEO.WT.B 30-Nov-15   BNK.WT.A 2.78   BRK.WT 1.62   BNK.WT.A 3.5   GAA.WT 29.4%   GMC.WT 0.005 $0.00 Very Overvalued
  Vista Gold   TMD.WT 10-Dec-15   TAO.WT 3.91   SSL.WT 1.58   CKG.WT 4.05   GAA.WT 29.4%   GMC.WT.A 0.005 $0.00 Very Overvalued
  Vista Gold   LRT.WT.A 23-Dec-15   CKG.WT 4.96   ML.WT.A 1.58   DPM.WT.A 5.05   GAA.WT.A 29.4%   GMC.WT.B 0.01 $0.00 Very Overvalued
  Vista Gold   PMD.WT 22-Feb-16   DPM.WT.A 6.2   EDR.WT 1.55   FNV.WT.A 6.2   RBN.WT.A 29.1%   GTE.WT 0.005 $0.00 Very Overvalued
  Vuzix Corp   PAK.WT 14-Mar-16   EDR.WT 6.84   MFL.WT 1.45   EDR.WT 6.74   GMF.WT 28.2%   K.WT.B 0.025 $0.00 Very Overvalued
  Walter Energy   CRK.WT 24-Mar-16   BWR.WT.A 9.81   BNK.WT.A 1.39   WLT.WT 8.95   PYC.WT 24.0%   MGA.WT 0.01 $0.00 Very Overvalued
  West African Iron Ore Corp   AHX.WT 30-Mar-16   FNV.WT 10.89   BPV.WT 1.38   FNV.WT 10.19   RF.WT 20.3%   MGA.WT.A 0.02 $0.00 Very Overvalued
  Western Copper   WAI.WT 31-Mar-16   MFL.WT 15.93   USA.WT 1.33   MFL.WT 10.96   GPF.WT.A 19.7%   MTO.WT 0.04 $0.00 Very Overvalued
  Xinergy Ltd   LQD.WT 13-May-16   AEM.WT.U 16.44   BWR.WT.A 1.21   CWB.WT 17.1   FGX.WT.B 18.1%   TMB.WT 0.06 $0.00 Very Overvalued
  Yukon-Nevada Gold   TMD.WT.A 21-Jun-16   SLW.WT.U 16.56   NQ.WT 1.14   SLW.WT.U 19.6   CWB.WT 16.4%   URB.WT.B 0.005 $0.00 Very Overvalued
  Zazu Metals Corp   FNV.WT.A 16-Jun-17   CWB.WT 17.72   WLT.WT 1.02   AEM.WT.U 21.77   BWR.WT.A 7.6%   YCM.WT.A 0.015 $0.00 Very Overvalued
      NGD.WT.A 28-Jun-17   WLT.WT 51.86   BBB.WT nt   BBB.WT nt   FEI.WT.A 5.0%   BBB.WT nt $0.05 Not Trading