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Warrant Sheets for Companies as of Aug 19th, 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   RBN.WT.A 25-Aug-11   CMT.WT -300.29   CCP.WT 4610   PIC.WT 0.005   NQ.WT 211.3%   PIC.WT 0.005 $0.71 Bargain
The last day the warrants  Adherex Technologies   GTE.WT 28-Aug-11   FNV.WT.A -32.66   RF.WT 3940   CCP.WT 0.005   ILC.WT 192.1%   CCP.WT 0.005 $0.52 Bargain
can be exercised. If Agnico-Eagle   K.WT.B 7-Sep-11   FNV.WT.B -21.93   EIT.WT.A 2700   SIN.WT 0.005   MNP.WT 186.1%   SIN.WT 0.005 $0.30 Bargain
warrants aren't being  Ainsworth Lumber Co Ltd   PGM.WT 11-Sep-11   K.WT.C -15.36   SIN.WT 2550   XYM.WT 0.005   AHX.WT 181.0%   XYM.WT 0.005 $0.22 Bargain
exercised then they Air Canada cl A   SIN.WT 15-Sep-11   PNP.WT -13.33   PIC.WT 2171   EIT.WT.A 0.005   NTC.WT 179.1%   GCI.WT 0.015 $0.59 Bargain
must be sold the day  Air Canada cl B   GPF.WT.A 15-Sep-11   XMF.WT.A -12.3   RBN.WT.A 2022   CNM.WT 0.005   XMF.WT.A 172.8%   EIT.WT.A 0.005 $0.13 Bargain
before the expiry date. Andina Minerals Inc   BAA.WT 17-Sep-11   YCM.WT.A -11.77   XYM.WT 1972   CTF.WT 0.005   REC.WT 171.0%   CNM.WT 0.005 $0.12 Bargain
The longer the time to  Argonaut Gold Ltd   EIT.WT.A 20-Sep-11   ANS.WT -10.1   PPF.WT 1504   PPF.WT 0.005   CMT.WT.A 165.7%   CTF.WT 0.005 $0.12 Bargain
expiry the more ARISE Technologies Corp   IVA.WT 20-Sep-11   TMB.WT -9.05   CTF.WT 950   CCJ.WT.B 0.005   CMT.WT 165.7%   PPF.WT 0.005 $0.11 Bargain
valuable the warrants. ARISE Technologies Corp   CMT.WT 25-Sep-11   KAT.WT -7.29   GCI.WT 616.67   RML.WT 0.005   PAU.WT 165.1%   HGI.WT 0.08 $1.51 Bargain
  Astral Mining Corp   AVL.WT 30-Sep-11   DPM.WT -6.75   K.WT.B 493.32   RF.WT 0.005   LRT.WT.A 150.4%   MOB.WT 0.03 $0.49 Bargain
Leverage Augen Gold Cor   RF.WT 30-Sep-11   MGA.WT.A -6.04   GMF.WT 420.8   KAT.WT 0.005   LRT.WT 150.4%   HCF.WT 0.07 $0.73 Bargain
The leverage of a warrant Avalon Rare Metals Inc   CLQ.WT 30-Sep-11   K.WT.B -5.85   KAT.WT 242   GMC.WT.A 0.005   PCT.WT 148.2%   MNP.WT 0.025 $0.21 Bargain
is a measure of how much Bankers Petroleum   FEI.WT.A 30-Sep-11   MGA.WT -5.14   URB.WT.B 212   RBN.WT.A 0.005   AA.WT 143.3%   TRL.WT 0.055 $0.42 Bargain
you can increase your Banro Corp   EDR.WT 7-Oct-11   PNP.WT.A -4.83   CNM.WT 206   XMF.WT.A 0.005   KAT.WT 139.3%   PYC.WT 0.2 $0.94 Bargain
exposure to a share if Bennett Environmental Inc   GMF.WT 14-Oct-11   GMC.WT.B -4.71   HCF.WT 163.14   CMT.WT 0.005   RML.WT 133.7%   LRT.WT.A 0.075 $0.30 Bargain
you bought warrants Blue Ribbon   TID.WT 16-Oct-11   GTE.WT -4.31   GTE.WT 133.04   FEI.WT.A 0.005   WLT.WT 128.3%   GMF.WT 0.025 $0.10 Bargain
instead of making a Breakwater Resources   VGZ.WT.S 22-Oct-11   RF.WT -4.05   GCM.WT.A 128.33   GCM.WT.A 0.005   TFA.WT.A 127.7%   LRT.WT 0.07 $0.27 Bargain
direct investment. It is  Brick Group   TCM.WT 27-Oct-11   MGT.WT.U -3.88   GPF.WT.A 120   GMC.WT 0.005   CNM.WT 126.1%   GPF.WT.A 0.11 $0.41 Bargain
calculated dividing the  Bridgeport Ventures Inc   PDL.WT.B 28-Oct-11   RML.WT -3.87   HGI.WT 116.88   GTE.WT 0.005   WAI.WT 124.9%   LQD.WT 0.15 $0.53 Bargain
current share price by Bridgeport Ventures Inc   XYM.WT 31-Oct-11   K.WT.D. -3.86   IVA.WT 113   MGA.WT 0.005   MOB.WT 120.9%   CCJ.WT.B 0.005 $0.02 Bargain
the current price of the  Brigus Gold Corp   CCP.WT 2-Nov-11   NBD.WT -3.85   OUS.WT 86.22   URB.WT.B 0.005   SFF.WT 119.7%   ILC.WT 0.025 $0.09 Bargain
warrant. Brigus Gold Corp   GCM.WT.A 3-Nov-11   CCP.WT -3.7   PNP.WT 83.5   REC.WT 0.01   PTA.WT 118.6%   CVZ.WT 0.08 $0.27 Bargain
  Brixton Metals   GMC.WT 3-Nov-11   P.WT -3.62   GMC.WT.A 58   GMC.WT.B 0.01   PTA.WT.B 118.6%   TFA.WT.A 0.05 $0.16 Bargain
Intrinsic Value C A Bancorp Cdn Rlty Fin Corp   TAO.WT 5-Nov-11   NOT.WT -3.46   GMC.WT 58   GCI.WT 0.015   PTA.WT.A 118.6%   PAK.WT 0.105 $0.32 Bargain
The difference between  Calvista Gold Corp.   URB.WT.B 10-Nov-11   CMT.WT.A -3.44   MGA.WT 56.36   AHX.WT 0.015   FRN.WT 118.5%   GAA.WT 0.64 $1.89 Bargain
the exercise price and Canada Lithium Corp.   TXG.WT 12-Nov-11   QUX.WT -2.9   TMB.WT 49.17   VZX.WT 0.015   TRL.WT 116.4%   LPK.WT 0.16 $0.42 Bargain
the actual trading price  Canadian Income Mgmt Tr   KAT.WT 20-Nov-11   PDL.WT.B -2.9   YCM.WT.A 48.67   K.WT.B 0.015   CCJ.WT.B 113.1%   GAA.WT 0.64 $1.52 Bargain
of the common stock. Canadian Western Bank   PPF.WT 30-Nov-11   FRO.WT -2.85   PDL.WT.B 45   YCM.WT.A 0.015   IVA.WT 110.6%   WAI.WT 0.035 $0.08 Bargain
Once the common has  Canoe Go Canada Income Fund   HCF.WT 30-Nov-11   GCI.WT -2.75   MOB.WT 41.67   IVA.WT 0.02   LQD.WT 110.1%   NTC.WT 0.1 $0.23 Bargain
gone over the exercise Caza Gold Corp   REC.WT 30-Nov-11   GMC.WT.A -2.71   XMF.WT.A 40   YEL.WT 0.02   AVL.WT 107.8%   ANS.WT 0.1 $0.22 Bargain
price the warrants are  CC&L Conservative Income   CTF.WT 2-Dec-11   NGD.WT.B -2.68   CCJ.WT.B 38   PMI.WT.A 0.02   PDL.WT.B 107.1%   PWC.WT 0.12 $0.27 Bargain
said to be 'in the money'. Chesapeake Gold   FT.WT.A 3-Dec-11   NGD.WT.A -2.68   TID.WT 31.2   YNG.WT 0.02   TID.WT 106.7%   AHX.WT 0.015 $0.03 Bargain
  Citadel Income Fund   PIC.WT 15-Dec-11   HGI.WT -2.65   PYC.WT 29.5   PNP.WT 0.02   USO.WT 105.0%   OUS.WT 0.09 $0.19 Bargain
Volatility Claude Resources   XRG.WT 21-Dec-11   MB.WT -2.64   GMC.WT.B 29   MGA.WT.A 0.02   GMC.WT.A 104.4%   IVA.WT 0.02 $0.04 Bargain
The higher the volatility  CMP Gold Trust   MFL.WT 31-Dec-11   YNG.WT -2.53   RML.WT 26   MNP.WT 0.025   GMC.WT.B 104.4%   FRN.WT 0.15 $0.29 Bargain
rating the higher the price Coalcorp Mining   OUS.WT 16-Jan-12   PMD.WT -2.52   TCM.WT 24.27   GMF.WT 0.025   GMC.WT 104.4%   PCT.WT 0.03 $0.06 Bargain
of the warrant will be. Commerce Split Corp unit   GCI.WT 30-Jan-12   PPF.WT -2.48   DPM.WT 23.57   ILC.WT 0.025   BBB.WT 104.2%   PTA.WT 0.035 $0.06 Bargain
A measure of actual  Compton Petroleum Corp   MGA.WT 12-Feb-12   PVG.WT -2.48   YNG.WT 23.5   TID.WT 0.025   YCM.WT.A 102.3%   NGD.WT.B 0.075 $0.13 Bargain
stock price changes over  Compton Petroleum Corp   ML.WT 16-Feb-12   GMC.WT -2.46   FNV.WT.B 21.95   MOB.WT 0.03   VZX.WT 99.7%   K.WT.D. 2.74 $4.57 Bargain
a specific period of time.  Continental Gold   CKG.WT 23-Feb-12   GCM.WT.A -2.36   TRL.WT 21.82   PCT.WT 0.03   CVZ.WT 99.3%   PTA.WT.B 0.045 $0.07 Bargain
Historical volatility is  Crocodile Gold   CNM.WT 28-Feb-12   CCJ.WT.B -2.31   ANS.WT 19   BBB.WT 0.03   GLD.WT 95.0%   NGD.WT.A 3.79 $6.19 Bargain
calculated by using the  Dundee Precious Metals   XMF.WT.A 28-Feb-12   TRL.WT -2.3   NGD.WT.B 16.43   BPV.WT.A 0.03   ANS.WT 94.6%   CMT.WT.A 5.05 $8.13 Bargain
standard deviation of an Dundee Precious Metals   YCM.WT.A 28-Feb-12   OUS.WT -2.24   CLQ.WT 16.17   SBI.WT 0.03   PMI.WT 93.1%   FEO.WT.A 0.1 $0.16 Bargain
underlying stock price. East West Petroleum Corp   TMB.WT 29-Feb-12   CMP.WT.B -2.2   PWC.WT 15.83   CLQ.WT 0.03   PMI.WT.A 93.1%   BBB.WT 0.03 $0.05 Bargain
  ECU Silver Mining Inc   BNK.WT.A 1-Mar-12   XYM.WT -2.14   MGA.WT.A 14.09   APV.WT 0.03   YEL.WT 92.6%   TMD.WT 0.5 $0.77 Bargain
In the Money Endeavour Financial   GMC.WT.A 6-Mar-12   GAA.WT.A -2.1   BPV.WT.A 13.67   WAI.WT 0.035   PMD.WT 91.5%   GAA.WT.A 0.8 $1.22 Bargain
When the price of the  Endeavour Silver Corp   FNV.WT 13-Mar-12   RNX.WT -2.07   K.WT.C 13.31   PTA.WT 0.035   CLQ.WT 90.0%   QUX.WT 2 $3.01 Bargain
common is higher than  EnerVest Diversified Income Trust   HGI.WT 30-Mar-12   PIC.WT -1.94   FRO.WT 11.67   PTA.WT.A 0.035   LPK.WT 88.0%   VGZ.WT.S 0.98 $1.47 Bargain
the exercise price Ethiopian Potash   NGD.WT.B 3-Apr-12   VGZ.WT.S -1.9   ML.WT 11.55   MTO.WT 0.04   RN.WT 87.1%   PDL.WT.B 0.08 $0.11 Undervalued
  Faircourt Gold Income   PVG.WT 8-Apr-12   GCM.WT -1.83   BEV.WT 11.44   PTA.WT.B 0.045   KSK.WT 86.7%   RPG.WT 0.07 $0.10 Undervalued
At the Money Feronia Inc   PNP.WT 16-Apr-12   PNP.WT.B -1.83   MNP.WT 10.4   APV.WT.A 0.045   USA.WT 86.0%   FGX.WT.B 2.05 $2.81 Undervalued
When the price of the  Formation Metals   MGT.WT.U 20-Apr-12   EIT.WT.A -1.77   PMI.WT.A 10.25   TFA.WT.A 0.05   APV.WT.A 84.3%   PMD.WT 0.35 $0.47 Undervalued
underlying is equivalent Fortress Energy Inc   GMC.WT.B 27-Apr-12   TCM.WT -1.72   PVG.WT 10.02   TRL.WT 0.055   APV.WT 84.3%   ZAZ.WT 0.15 $0.19 Undervalued
or close to the strike price. Fortune Minerals Ltd.   RED.WT 29-Apr-12   ML.WT -1.69   SBI.WT 10   CZY.WT 0.055   FED.WT 84.2%   PMI.WT 0.08 $0.10 Undervalued
  Franco-Nevada   BEV.WT 7-May-12   BEV.WT -1.69   CMT.WT 9.7   TMB.WT 0.06   CRJ.WT 82.2%   GLD.WT 0.25 $0.31 Undervalued
Exercise ratio Franco-Nevada   MTO.WT 15-May-12   PYC.WT -1.6   CVZ.WT 9.5   SFF.WT 0.065   PNP.WT.B 82.0%   SSL.WT.A 0.62 $0.76 Undervalued
The number of warrants  Franco-Nevada   CZY.WT 22-May-12   CRK.WT -1.58   ADM.WT 9.12   NOT.WT 0.065   PNP.WT.A 82.0%   AR.WT 2.27 $2.74 Undervalued
related to one share and Frontier Rare Earths Ltd   PMI.WT.A 28-May-12   CNM.WT -1.57   FEI.WT.A 9   HCF.WT 0.07   PNP.WT 82.0%   AEM.WT.U 24.35 $29.14 Undervalued
specifies the amount of  Gazit America In   ROZ.WT 28-May-12   GMF.WT -1.48   MGT.WT.U 8.92   LRT.WT 0.07   FCO.WT 82.0%   FEO.WT.B 0.11 $0.13 Undervalued
underlying that the owner Gazit America In   ADM.WT 2-Jun-12   URB.WT.B -1.44   YEL.WT 8.75   RPG.WT 0.07   FEO.WT.A 81.8%   RN.WT 0.44 $0.53 Undervalued
of a single warrant is  Gazit America Inc.   AAB.WT 6-Jun-12   VGZ.WT.S -1.4   PNP.WT.A 8.35   LRT.WT.A 0.075   FEO.WT.B 81.8%   VZX.WT 0.015 $0.02 Undervalued
entitled to buy. Geovic Mining Corp   MGA.WT.A 6-Jun-12   PAK.WT -1.34   NOT.WT 8.31   NGD.WT.B 0.075   GCM.WT 78.5%   PAU.WT 0.4 $0.47 Undervalued
  Geovic Mining Corp   TAB.WT 11-Jun-12   EW.WT -1.32   REC.WT 8.00   HGI.WT 0.08   GCM.WT.A 78.5%   AA.WT 0.12 $0.14 Undervalued
Time Value Geovic Mining Corp   APV.WT 11-Jun-12   SIN.WT -1.29   GAA.WT 7.92   CVZ.WT 0.08   ZAZ.WT 78.0%   CRJ.WT 0.78 $0.90 Undervalued
The time value is the  Global Adv Tele&Utilities Inc Fd   TIC.WT 15-Jun-12   IVA.WT -1.24   GAA.WT 7.92   PDL.WT.B 0.08   RED.WT 77.9%   CRK.WT 0.155 $0.18 Undervalued
difference between the GMIncome & Growth Fund    YNG.WT 20-Jun-12   RBN.WT.A -1.22   ZAZ.WT 7.53   PMI.WT 0.08   HGI.WT 77.5%   DPM.WT.A 5.14 $5.87 Undervalued
current warrant price  Gold Participation and Income Fund   WLT.WT 28-Jun-12   LPK.WT -1.2   MTO.WT 7.5   OUS.WT 0.09   PAK.WT 76.6%   MND.WT 0.295 $0.34 Undervalued
and its intrinsic value. Gran Colombia Gold Corp   DPM.WT 29-Jun-12   GAA.WT -1.17   XRG.WT 7.25   EW.WT 0.09   QUX.WT 75.9%   MB.WT 0.12 $0.13 Undervalued
The time value is to be  Gran Colombia Gold Corp   MND.WT 6-Aug-12   RN.WT -1.14   PAK.WT 7.24   NTC.WT 0.1   TIC.WT 75.8%   P.WT 0.83 $0.92 Undervalued
interpreted as the Gran Tierra Energy   FED.WT 9-Sep-12   CNL.WT -1.14   CMP.WT.B 7.15   ANS.WT 0.1   EDR.WT 74.5%   FNV.WT 10.38 $11.44 Undervalued
consideration paid for  GT Canada   QUX.WT 10-Sep-12   ZAZ.WT -1.12   TFA.WT.A 6.8   FEO.WT.A 0.1   BPV.WT.A 72.6%   FED.WT 0.23 $0.25 Fair Market Value
the advantage that the Harvest Canadian Inc & Gr Fund   CNL.WT 12-Sep-12   ADM.WT -1.11   GAA.WT.A 6.75   SND.WT 0.1   BPV.WT 72.6%   SSL.WT 0.81 $0.88 Fair Market Value
warrant buyer has over  International Lithium   TFA.WT.A 21-Oct-12   FCO.WT -1.05   LPK.WT 6.56   USO.WT 0.1   MGA.WT.B 72.4%   TCM.WT 0.3 $0.33 Fair Market Value
the direct investor. It Ivanhoe Australia   VGZ.WT.S 22-Oct-12   MOB.WT -1   AAB.WT 6.42   PAK.WT 0.105   MGA.WT 72.4%   EDV.WT.A 0.74 $0.80 Fair Market Value
is greatest when the  Katanga Mining   PNP.WT.A 23-Oct-12   BPV.WT.A -0.99   AC.WT 6.21   GPF.WT.A 0.11   MGA.WT.A 72.4%   WRN.WT 0.71 $0.77 Fair Market Value
warrants are 'at the money' Kinross   AC.WT 28-Oct-12   KSK.WT -0.94   AC.WT 6.17   FEO.WT.B 0.11   ML.WT.A 72.3%   SLW.WT.U 20.6 $21.99 Fair Market Value
but decreases as the Kinross   AC.WT 28-Oct-12   PWC.WT -0.9   K.WT.D. 6.07   PWC.WT 0.12   ML.WT 72.3%   TXG.WT 0.67 $0.72 Fair Market Value
exercise date draws closer. Kinross     FRO.WT 17-Nov-12   VGZ.WT.S -0.9   QUX.WT 6.02   AA.WT 0.12   RPG.WT 72.0%   USA.WT 0.54 $0.58 Fair Market Value
The decreased value is  Kiska Metals   PTA.WT.A 19-Nov-12   TID.WT -0.9   PGM.WT 5.83   MB.WT 0.12   VGZ.WT.S 71.9%   BWR.WT.A 0.61 $0.64 Fair Market Value
called time decay and  Lanesborough REIT   PWC.WT 25-Nov-12   MGA.WT.B -0.82   RNX.WT 5.81   AAB.WT 0.12   VGZ.WT.S 71.9%   K.WT.C 1.25 $1.31 Fair Market Value
decreases at a faster  Lanesborough REIT   NGD.WT.C 28-Nov-12   CTF.WT -0.8   FNV.WT.A 5.72   ADM.WT 0.125   VGZ.WT.S 71.9%   NQ.WT 0.5 $0.52 Fair Market Value
pace as the expiry date Liquid Nutrition Group   RML.WT 29-Nov-12   LQD.WT -0.75   CZY.WT 5.36   TAB.WT 0.13   VGZ.WT.S 71.9%   TMD.WT.A 0.75 $0.79 Fair Market Value
draws closer. Lupaka Gold Corp.   SBI.WT 2-Dec-12   BRD.WT -0.7   VZX.WT 5.33   RED.WT 0.14   TAB.WT 71.8%   VGZ.WT.S 0.98 $1.01 Fair Market Value
  M Split Corp   RNX.WT 16-Dec-12   MTO.WT -0.7   P.WT 5.28   MGA.WT.B 0.14   NOT.WT 71.8%   CWB.WT 17.15 $17.66 Fair Market Value
  Macusani Yellowcake   ZAZ.WT 19-Dec-12   BRD.WT.A -0.69   LRT.WT 5   LQD.WT 0.15   FT.WT.A 71.3%   BAA.WT 1.78 $1.82 Fair Market Value
  Manas Petroleum Corp   BPV.WT.A 20-Dec-12   FEO.WT.B -0.68   LQD.WT 5   FRN.WT 0.15   FRO.WT 70.7%   BRK.WT 1.4 $1.42 Fair Market Value
  Mandalay Resources Corp   SFF.WT 21-Dec-12   YEL.WT -0.68   ILC.WT 5   ZAZ.WT 0.15   YNG.WT 70.6%   CKG.WT 4.34 $4.42 Fair Market Value
  MEGA Brands Inc   WRN.WT 22-Dec-12   LRT.WT -0.65   FGX.WT.B 4.97   FRO.WT 0.15   EW.WT 70.2%   MFL.WT 10.53 $10.71 Fair Market Value
  Mega Uranium   EW.WT 22-Dec-12   CVZ.WT -0.64   CNL.WT 4.89   CRK.WT 0.155   XRG.WT 69.5%   ML.WT.A 1.45 $1.47 Fair Market Value
  Mega Uranium   SND.WT 23-Dec-12   PTA.WT -0.61   RPG.WT 4.86   LPK.WT 0.16   ROZ.WT 68.5%   TAO.WT 2.79 $2.82 Fair Market Value
  Mega Uranium   APV.WT.A 23-Dec-12   HCF.WT -0.58   AVL.WT 4.78   RNX.WT 0.16   MND.WT 68.0%   EDR.WT 6.7 $6.68 Fair Market Value
  Mercator Minerals Ltd   MOB.WT 24-Dec-12   WRN.WT -0.58   EW.WT 4.78   BEV.WT 0.18   WRN.WT 67.9%   FCO.WT 0.32 $0.32 Fair Market Value
  Mercator Minerals Ltd   AR.WT 29-Dec-12   AA.WT -0.54   LRT.WT.A 4.67   MGT.WT.U 0.185   BAA.WT 67.1%   FNV.WT.B 0.3 $0.30 Fair Market Value
  Metanor Resources   VZX.WT 5-Jan-13   SFF.WT -0.52   SND.WT 4.5   KSK.WT 0.19   MTO.WT 66.9%   GCM.WT 0.275 $0.27 Fair Market Value
  Minefinders Corp   CMP.WT.B 25-Jan-13   FEI.WT.A -0.51   CRK.WT 4.32   PYC.WT 0.2   TCM.WT 66.3%   FNV.WT.A 7.4 $6.78 Fair Market Value
  Mines Management    ML.WT.A 29-Jan-13   XRG.WT -0.50   FNV.WT 4.08   ML.WT 0.2   RNX.WT 64.0%   SFF.WT 0.065 $0.06 Fair Market Value
  New Gold Inc.   SNG.WT 10-Feb-13   ST.WT -0.46   WRN.WT 4.04   PNP.WT.A 0.2   CRK.WT 62.7%   CMP.WT.B 1.79 $1.64 Fair Market Value
  New Gold Inc.   KSK.WT 23-Mar-13   WAI.WT -0.45   PTA.WT 4   FED.WT 0.23   BNK.WT.A 62.5%   YEL.WT 0.02 $0.02 Fair Market Value
  New Gold Inc.   YEL.WT 25-Mar-13   SBI.WT -0.45   BBB.WT 4   GLD.WT 0.25   TMD.WT 61.6%   AVL.WT 0.82 $0.73 Overvalued
  Norbord   NTC.WT 31-Mar-13   PTA.WT.A -0.44   PTA.WT.A 4   ST.WT 0.26   TMD.WT.A 61.6%   BRD.WT 0.6 $0.52 Overvalued
  Noront Resources Ltd   USO.WT 18-Apr-13   TMD.WT.A -0.43   ST.WT 4   GCM.WT 0.275   GTE.WT 61.5%   FT.WT.A 0.5 $0.44 Overvalued
  North American Palladium Ltd.   ST.WT 29-Apr-13   MNP.WT -0.41   SFF.WT 3.62   AC.WT 0.29   MGT.WT.U 61.2%   PVG.WT 1 $0.87 Overvalued
  North American Tungsten   CVZ.WT 11-May-13   AC.WT -0.41   TAB.WT 3.62   AC.WT 0.29   CZY.WT 60.6%   FRO.WT 0.15 $0.13 Overvalued
  Northquest Ltd    CRJ.WT 22-May-13   TIC.WT -0.41   NTC.WT 3.5   MND.WT 0.295   BRD.WT 60.0%   NOT.WT 0.065 $0.06 Overvalued
  Oceanic Iron Ore Corp   ILC.WT 24-May-13   LRT.WT.A -0.4   KSK.WT 3.47   TCM.WT 0.3   BRD.WT.A 60.0%   XRG.WT 0.51 $0.44 Overvalued
  Oceanic Iron Ore Corp   CCJ.WT.B 5-Jun-13   NTC.WT -0.4   WAI.WT 3.43   FNV.WT.B 0.3   ECU.WT 60.0%   PGM.WT 0.4 $0.34 Overvalued
  Omega Advisors U.S. Cap App Fd   TRL.WT 14-Jun-13   AC.WT -0.4   FRN.WT 3.33   ECU.WT 0.3   SBI.WT 57.8%   SNG.WT 0.74 $0.58 Overvalued
  Pacific & Western Credit Corp   PAU.WT 5-Jul-13   PMI.WT.A -0.40   EDV.WT.A 3.3   BPV.WT 0.305   AR.WT 57.5%   RML.WT 0.005 $0.00 Overvalued
  Papuan Precious Metals Corp   FNV.WT.B 8-Jul-13   VGZ.WT.S -0.4   NGD.WT.A 3.25   FCO.WT 0.32   TXG.WT 57.1%   BNK.WT.A 2.5 $1.91 Overvalued
  Peregrine Metals   PNP.WT.B 11-Jul-13   RPG.WT -0.38   FEO.WT.A 3.2   PMD.WT 0.35   PWC.WT 56.3%   BRD.WT.A 0.7 $0.52 Overvalued
  Petroamerica Oil Corp   ANS.WT 29-Jul-13   FEO.WT.A -0.33   FED.WT 3.17   DPM.WT 0.35   MB.WT 56.1%   NGD.WT.C 0.64 $0.48 Overvalued
  Petroamerica Oil Corp   BBB.WT 12-Aug-13   ECU.WT -0.32   VGZ.WT.S 3.16   PAU.WT 0.4   GCI.WT 54.8%   VGZ.WT.S 0.98 $0.74 Overvalued
  Petroamerica Oil Corp   K.WT.C 3-Sep-13   CLQ.WT -0.32   VGZ.WT.S 3.16   PGM.WT 0.4   SIN.WT 53.1%   BPV.WT.A 0.03 $0.02 Overvalued
  PetroMagdalena Energy Corp   SLW.WT.U 5-Sep-13   PCT.WT -0.28   VGZ.WT.S 3.16   RN.WT 0.44   NGD.WT.B 52.8%   PTA.WT.A 0.035 $0.03 Overvalued
  Petromanas Energy In   FRN.WT 8-Sep-13   TMD.WT -0.28   VGZ.WT.S 3.16   TMD.WT 0.5   NGD.WT.A 52.8%   CNL.WT 1.3 $0.93 Overvalued
  Petromanas Energy Inc   VGZ.WT.S 22-Oct-13   APV.WT -0.27   TMD.WT 3.14   NQ.WT 0.5   NGD.WT.C 52.8%   AC.WT 0.29 $0.20 Overvalued
  Pinetree Capital   GAA.WT 30-Nov-13   ILC.WT -0.25   PTA.WT.B 3.11   FT.WT.A 0.5   SSL.WT.A 51.5%   KSK.WT 0.19 $0.13 Overvalued
  Pinetree Capital   AEM.WT.U 2-Dec-13   PMI.WT -0.25   MB.WT 3.04   XRG.WT 0.51   SSL.WT 51.5%   PNP.WT.B 0.61 $0.42 Overvalued
  Pinetree Capital   NBD.WT 24-Dec-13   TAB.WT -0.25   TXG.WT 2.97   NBD.WT 0.52   SLW.WT.U 51.3%   PMI.WT.A 0.02 $0.01 Overvalued
  Premium Income Corp    EDV.WT.A 4-Feb-14   GAA.WT -0.23   FCO.WT 2.97   USA.WT 0.54   SND.WT 51.2%   DPM.WT 0.35 $0.23 Overvalued
  Pretium Resources   ECU.WT 20-Feb-14   AAB.WT -0.23   FEO.WT.B 2.91   BRD.WT 0.6   TMB.WT 50.1%   WLT.WT 9 $5.86 Overvalued
  Prima Colombia   CWB.WT 2-Mar-14   SND.WT -0.22   AR.WT 2.82   BWR.WT.A 0.61   SNG.WT 50.0%   BPV.WT 0.305 $0.19 Overvalued
  Primary Corp.   FCO.WT 8-Mar-14   PTA.WT.B -0.21   PMD.WT 2.8   PNP.WT.B 0.61   ADM.WT 49.2%   AC.WT 0.29 $0.18 Overvalued
  Primero Mining Corp   BWR.WT.A 9-Apr-14   USO.WT -0.21   CKG.WT 2.8   SSL.WT.A 0.62   PVG.WT 49.0%   REC.WT 0.01 $0.01 Overvalued
  Propel Multi-Strategy Fund   GAA.WT.A 14-Apr-14   REC.WT -0.17   GCM.WT 2.8   GAA.WT 0.64   EDV.WT.A 47.9%   ML.WT 0.2 $0.12 Overvalued
  Quadra FNX Mining Ltd   SSL.WT 23-Apr-14   CZY.WT -0.16   PNP.WT.B 2.74   GAA.WT 0.64   MFL.WT 47.5%   ECU.WT 0.3 $0.18 Overvalued
  Ram Power Corp   MNP.WT 6-May-14   APV.WT.A -0.15   AEM.WT.U 2.67   NGD.WT.C 0.64   URB.WT.B 47.2%   SND.WT 0.1 $0.06 Overvalued
  RedWater Energy   PTA.WT.B 9-May-14   BBB.WT -0.13   RED.WT 2.64   ROZ.WT 0.64   DPM.WT.A 47.1%   USO.WT 0.1 $0.05 Overvalued
  Reliant Gold Corp   RPG.WT 19-May-14   RED.WT -0.13   PMI.WT 2.56   TXG.WT 0.67   DPM.WT 47.1%   ST.WT 0.26 $0.13 Very Overvalued
  Rio Novo Gold Inc    BRK.WT 27-May-14   VZX.WT -0.12   RN.WT 2.52   BRD.WT.A 0.7   CNL.WT 46.3%   TAB.WT 0.13 $0.06 Very Overvalued
  Rodinia Oil Corp   LPK.WT 28-Jun-14   TFA.WT.A -0.11   PCT.WT 2.5   WRN.WT 0.71   GAA.WT 46.1%   CZY.WT 0.055 $0.03 Very Overvalued
  Royal Nickel Corporation   PYC.WT 30-Jun-14   FRN.WT -0.1   BRD.WT 2.5   EDV.WT.A 0.74   GAA.WT 46.1%   TIC.WT 1 $0.46 Very Overvalued
  Rusoro Mining   FGX.WT.B 30-Jun-14   BPV.WT -0.09   FT.WT.A 2.4   SNG.WT 0.74   GAA.WT.A 46.1%   ROZ.WT 0.64 $0.29 Very Overvalued
  Sandstorm Gold   USA.WT 10-Jul-14   ROZ.WT -0.08   CRJ.WT 2.38   TMD.WT.A 0.75   XYM.WT 46.0%   SBI.WT 0.03 $0.01 Very Overvalued
  Sandstorm Gold   CMT.WT.A 23-Aug-14   EDV.WT.A -0.06   AHX.WT 2.33   CRJ.WT 0.78   BEV.WT 44.8%   PNP.WT.A 0.2 $0.09 Very Overvalued
  Sandstorm Metals   K.WT.D. 17-Sep-14   AHX.WT -0.05   TAO.WT 2.29   GAA.WT.A 0.8   AEM.WT.U 44.1%   RED.WT 0.14 $0.06 Very Overvalued
  SCITI Trust   AA.WT 7-Oct-14   FED.WT -0.02   BAA.WT 2.21   SSL.WT 0.81   P.WT 43.8%   MGA.WT.B 0.14 $0.06 Very Overvalued
  Seafield Resources   PTA.WT 8-Oct-14   NQ.WT 0.05   SSL.WT.A 2.18   AVL.WT 0.82   K.WT.D. 42.9%   RF.WT 0.005 $0.00 Very Overvalued
  Serabi Mining   BPV.WT 10-Oct-14   GPF.WT.A 0.18   APV.WT 2.17   P.WT 0.83   K.WT.C 42.9%   KAT.WT 0.005 $0.00 Very Overvalued
  Silver Range   MGA.WT.B 26-Oct-14   PAU.WT 0.19   MND.WT 2.14   VGZ.WT.S 0.98   K.WT.B 42.9%   AAB.WT 0.12 $0.04 Very Overvalued
  Silver Wheaton   GLD.WT 27-Oct-14   GLD.WT 0.21   BRD.WT.A 2.14   VGZ.WT.S 0.98   PPF.WT 42.9%   TID.WT 0.025 $0.01 Very Overvalued
  Star Portfolio Corp   BRD.WT 19-Nov-14   CRJ.WT 0.26   ECU.WT 2.1   VGZ.WT.S 0.98   ST.WT 42.6%   VGZ.WT.S 0.98 $0.24 Very Overvalued
  Stonegate Agricom Ltd   BRD.WT.A 19-Nov-14   MND.WT 0.3   TMD.WT.A 2.09   VGZ.WT.S 0.98   PIC.WT 41.4%   NBD.WT 0.52 $0.12 Very Overvalued
  TAG Oil Ltd   NOT.WT 16-Dec-14   AVL.WT 0.32   TIC.WT 2.09   PVG.WT 1   CKG.WT 40.1%   RNX.WT 0.16 $0.03 Very Overvalued
  Tembec   NQ.WT 21-Dec-14   PGM.WT 0.33   MGA.WT.B 1.99   TIC.WT 1   EIT.WT.A 39.1%   ADM.WT 0.125 $0.02 Very Overvalued
  Thompson Creek Metals   PMI.WT 23-Feb-15   SSL.WT.A 0.39   USO.WT 1.95   K.WT.C 1.25   CCP.WT 38.5%   BEV.WT 0.18 $0.03 Very Overvalued
  Titan Medical   LRT.WT 5-Mar-15   FT.WT.A 0.4   ROZ.WT 1.95   CNL.WT 1.3   AC.WT 38.3%   APV.WT.A 0.045 $0.01 Very Overvalued
  Titan Medical Inc   RN.WT 8-Mar-15   SNG.WT 0.45   NGD.WT.C 1.93   BRK.WT 1.4   OUS.WT 38.2%   EW.WT 0.09 $0.01 Very Overvalued
  Titanium Corp. Inc   MB.WT 30-Mar-15   USA.WT 0.53   CMT.WT.A 1.92   ML.WT.A 1.45   PGM.WT 38.1%   CLQ.WT 0.03 $0.00 Very Overvalued
  Torex Gold Resources Inc   P.WT 19-Jul-15   TXG.WT 0.69   NBD.WT 1.88   BAA.WT 1.78   AAB.WT 37.6%   MTO.WT 0.04 $0.00 Very Overvalued
  Touchstone Exploration Inc   GCM.WT 24-Aug-15   SSL.WT 0.77   SLW.WT.U 1.85   CMP.WT.B 1.79   BRK.WT 37.5%   GMC.WT.A 0.005 $0.00 Very Overvalued
  Trafina Energy Ltd   PCT.WT 21-Sep-15   FGX.WT.B 1.13   SNG.WT 1.76   QUX.WT 2   HCF.WT 37.3%   RBN.WT.A 0.005 $0.00 Very Overvalued
  Trimel Pharmaceuticals Corp   SSL.WT.A 19-Oct-15   BRK.WT 1.27   AA.WT 1.75   FGX.WT.B 2.05   AC.WT 35.9%   XMF.WT.A 0.005 $0.00 Very Overvalued
  Tuscany Intl Drilling Inc   VGZ.WT.S 22-Oct-15   ML.WT.A 1.31   CWB.WT 1.75   AR.WT 2.27   CTF.WT 34.2%   MGT.WT.U 0.185 $0.00 Very Overvalued
  U S Silver Corp   DPM.WT.A 20-Nov-15   BNK.WT.A 1.78   SSL.WT 1.67   BNK.WT.A 2.5   CMP.WT.B 34.1%   YNG.WT 0.02 $0.00 Very Overvalued
  Urbana Corp   GAA.WT 30-Nov-15   BAA.WT 1.81   BNK.WT.A 1.66   K.WT.D. 2.74   TAO.WT 33.6%   APV.WT 0.03 $0.00 Very Overvalued
  US Oil Sands Inc.    FEO.WT.A 30-Nov-15   AR.WT 1.9   GLD.WT 1.62   TAO.WT 2.79   NBD.WT 32.4%   K.WT.B 0.015 $0.00 Very Overvalued
  Vega Resources    FEO.WT.B 30-Nov-15   TAO.WT 2.78   BRK.WT 1.62   NGD.WT.A 3.79   RBN.WT.A 30.5%   PNP.WT 0.02 $0.00 Very Overvalued
  Vista Gold   TMD.WT 10-Dec-15   NGD.WT.C 3.32   DPM.WT.A 1.61   CKG.WT 4.34   GMF.WT 29.8%   GMC.WT.B 0.01 $0.00 Very Overvalued
  Vista Gold   LRT.WT.A 23-Dec-15   CKG.WT 4.14   ML.WT.A 1.59   CMT.WT.A 5.05   PYC.WT 29.5%   CMT.WT 0.005 $0.00 Very Overvalued
  Vista Gold   PMD.WT 22-Feb-16   DPM.WT.A 5   EDR.WT 1.53   DPM.WT.A 5.14   FNV.WT 26.9%   FEI.WT.A 0.005 $0.00 Very Overvalued
  Vista Gold   PAK.WT 14-Mar-16   BWR.WT.A 6.23   PAU.WT 1.48   EDR.WT 6.7   FNV.WT.B 26.9%   GCM.WT.A 0.005 $0.00 Very Overvalued
  Vuzix Corp   CRK.WT 24-Mar-16   EDR.WT 6.66   MFL.WT 1.48   FNV.WT.A 7.4   FNV.WT.A 26.9%   GMC.WT 0.005 $0.00 Very Overvalued
  Walter Energy   AHX.WT 30-Mar-16   FNV.WT 10.34   APV.WT.A 1.44   WLT.WT 9   FGX.WT.B 22.0%   GTE.WT 0.005 $0.00 Very Overvalued
  West African Iron Ore Corp   WAI.WT 31-Mar-16   MFL.WT 10.62   BPV.WT 1.34   FNV.WT 10.38   RF.WT 20.3%   MGA.WT 0.005 $0.00 Very Overvalued
  Western Copper   LQD.WT 13-May-16   CWB.WT 15.99   USA.WT 1.28   MFL.WT 10.53   GPF.WT.A 19.9%   MGA.WT.A 0.02 $0.00 Very Overvalued
  Xinergy Ltd   TMD.WT.A 21-Jun-16   SLW.WT.U 18.79   BWR.WT.A 1.22   CWB.WT 17.15   CWB.WT 17.1%   TMB.WT 0.06 $0.00 Very Overvalued
  Yukon-Nevada Gold   FNV.WT.A 16-Jun-17   AEM.WT.U 19.54   NQ.WT 1.10   SLW.WT.U 20.6   BWR.WT.A 7.4%   URB.WT.B 0.005 $0.00 Very Overvalued
  Zazu Metals Corp   NGD.WT.A 28-Jun-17   WLT.WT 44.7   WLT.WT 0.93   AEM.WT.U 24.35   FEI.WT.A 5.0%   YCM.WT.A 0.015 $0.00 Very Overvalued