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Warrant Sheets for Companies as of Aug 26th, 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   K.WT.B 7-Sep-11   CMT.WT -302.07   CCP.WT 4540   CCP.WT 0.005   XMF.WT.A 229.8%   CCP.WT 0.005 $0.39 Bargain
The last day the warrants  Adherex Technologies   PGM.WT 11-Sep-11   FNV.WT.A -32.86   RF.WT 4000   SIN.WT 0.005   NQ.WT 211.3%   SIN.WT 0.005 $0.26 Bargain
can be exercised. If Agnico-Eagle   SIN.WT 15-Sep-11   FNV.WT.B -22.13   EIT.WT.A 2778   XYM.WT 0.005   AHX.WT 189.6%   HGI.WT 0.03 $1.43 Bargain
warrants aren't being  Ainsworth Lumber Co Ltd   GPF.WT.A 15-Sep-11   K.WT.C -14.65   SIN.WT 2580   EIT.WT.A 0.005   ILC.WT 187.0%   XYM.WT 0.005 $0.21 Bargain
exercised then they Air Canada cl A   BAA.WT 17-Sep-11   PNP.WT -13.31   XYM.WT 1990   CNM.WT 0.005   MNP.WT 183.8%   PIC.WT 0.015 $0.61 Bargain
must be sold the day  Air Canada cl B   EIT.WT.A 20-Sep-11   XMF.WT.A -12.3   PPF.WT 1472   CTF.WT 0.005   NTC.WT 180.2%   GCI.WT 0.015 $0.54 Bargain
before the expiry date. Andina Minerals Inc   IVA.WT 20-Sep-11   YCM.WT.A -11.82   GMF.WT 1056   PPF.WT 0.005   REC.WT 178.8%   EIT.WT.A 0.005 $0.16 Bargain
The longer the time to  Argonaut Gold Ltd   CMT.WT 25-Sep-11   ANS.WT -10.14   CTF.WT 942   CCJ.WT.B 0.005   PAU.WT 175.3%   CNM.WT 0.005 $0.13 Bargain
expiry the more ARISE Technologies Corp   AVL.WT 30-Sep-11   TMB.WT -9.25   K.WT.B 771.55   KAT.WT 0.005   CMT.WT.A 166.2%   CTF.WT 0.005 $0.10 Bargain
valuable the warrants. ARISE Technologies Corp   CLQ.WT 30-Sep-11   KAT.WT -7.09   PIC.WT 720   XMF.WT.A 0.005   CMT.WT 166.2%   PPF.WT 0.005 $0.09 Bargain
  Astral Mining Corp   RF.WT 30-Sep-11   DPM.WT -6.85   GCI.WT 616.67   RML.WT 0.005   LRT.WT 151.1%   MOB.WT 0.03 $0.49 Bargain
Leverage Augen Gold Cor   FEI.WT.A 30-Sep-11   MGA.WT.A -6.04   HGI.WT 301.33   RF.WT 0.005   LRT.WT.A 151.1%   HCF.WT 0.055 $0.76 Bargain
The leverage of a warrant Avalon Rare Metals Inc   EDR.WT 7-Oct-11   CMT.WT.A -5.22   KAT.WT 282   GMC.WT.A 0.005   KAT.WT 147.3%   GMF.WT 0.01 $0.09 Bargain
is a measure of how much Bankers Petroleum   GMF.WT 14-Oct-11   K.WT.B -5.14   CNM.WT 218   CMT.WT 0.005   AA.WT 142.6%   MNP.WT 0.025 $0.17 Bargain
you can increase your Banro Corp   TID.WT 16-Oct-11   MGA.WT -5.14   HCF.WT 210.91   FEI.WT.A 0.005   PCT.WT 140.1%   PYC.WT 0.19 $1.06 Bargain
exposure to a share if Bennett Environmental Inc   VGZ.WT.S 22-Oct-11   PNP.WT.A -4.81   URB.WT.B 200   GCM.WT.A 0.005   WAI.WT 138.1%   NTC.WT 0.035 $0.19 Bargain
you bought warrants Breakwater Resources   TCM.WT 27-Oct-11   GMC.WT.B -4.74   GCM.WT.A 126.67   GMC.WT 0.005   USO.WT 136.6%   LRT.WT 0.04 $0.21 Bargain
instead of making a Brick Group   PDL.WT.B 28-Oct-11   CCP.WT -4.05   IVA.WT 100   MGA.WT 0.005   RML.WT 132.5%   CVZ.WT 0.075 $0.34 Bargain
direct investment. It is  Bridgeport Ventures Inc   XYM.WT 31-Oct-11   MGT.WT.U -3.98   OUS.WT 85.44   URB.WT.B 0.005   TFA.WT.A 132.4%   LQD.WT 0.1 $0.44 Bargain
calculated dividing the  Bridgeport Ventures Inc   CCP.WT 2-Nov-11   RML.WT -3.87   PNP.WT 84.5   GMF.WT 0.01   WLT.WT 128.9%   ILC.WT 0.02 $0.09 Bargain
current share price by Brigus Gold Corp   GCM.WT.A 3-Nov-11   P.WT -3.86   GPF.WT.A 81.88   REC.WT 0.01   CNM.WT 126.1%   CCJ.WT.B 0.005 $0.02 Bargain
the current price of the  Brigus Gold Corp   GMC.WT 3-Nov-11   NBD.WT -3.85   MGA.WT 56.36   AHX.WT 0.01   MOB.WT 121.0%   PAK.WT 0.1 $0.34 Bargain
warrant. Brixton Metals   TAO.WT 5-Nov-11   RF.WT -3.75   TMB.WT 55   K.WT.B 0.01   CLQ.WT 118.2%   TRL.WT 0.055 $0.18 Bargain
  C A Bancorp Cdn Rlty Fin Corp   URB.WT.B 10-Nov-11   NOT.WT -3.48   GMC.WT.A 52   GMC.WT.B 0.01   FRN.WT 116.8%   LRT.WT.A 0.075 $0.24 Bargain
Intrinsic Value Calvista Gold Corp.   TXG.WT 12-Nov-11   K.WT.D. -3.15   GMC.WT 52   PIC.WT 0.015   IVA.WT 115.2%   TFA.WT.A 0.05 $0.16 Bargain
The difference between  Canada Lithium Corp.   KAT.WT 20-Nov-11   FRO.WT -3   PDL.WT.B 46.38   GCI.WT 0.015   CVZ.WT 114.6%   WAI.WT 0.03 $0.09 Bargain
the exercise price and Canadian Income Mgmt Tr   PPF.WT 30-Nov-11   HGI.WT -2.96   YCM.WT.A 45.33   PMI.WT.A 0.015   CCJ.WT.B 113.9%   GAA.WT 0.64 $1.97 Bargain
the actual trading price  Canadian Western Bank   HCF.WT 30-Nov-11   PDL.WT.B -2.79   MOB.WT 41.67   VZX.WT 0.015   GLD.WT 110.8%   LPK.WT 0.16 $0.49 Bargain
of the common stock. Canoe Go Canada Income Fund   REC.WT 30-Nov-11   MB.WT -2.77   XMF.WT.A 40   YNG.WT 0.015   TID.WT 107.5%   ZAZ.WT 0.1 $0.27 Bargain
Once the common has  Caza Gold Corp   CTF.WT 2-Dec-11   GCI.WT -2.75   CCJ.WT.B 38   YCM.WT.A 0.015   SFF.WT 107.1%   RED.WT 0.02 $0.05 Bargain
gone over the exercise CC&L Conservative Income   FT.WT.A 3-Dec-11   GMC.WT.A -2.74   TID.WT 30.8   ILC.WT 0.02   PDL.WT.B 104.3%   GPF.WT.A 0.16 $0.41 Bargain
price the warrants are  Chesapeake Gold   PIC.WT 15-Dec-11   QUX.WT -2.7   PYC.WT 29.74   RED.WT 0.02   LPK.WT 104.1%   GAA.WT 0.64 $1.51 Bargain
said to be 'in the money'. Citadel Income Fund   XRG.WT 21-Dec-11   GAA.WT.A -2.69   YNG.WT 28.67   YEL.WT 0.02   AVL.WT 103.9%   NGD.WT.B 0.1 $0.20 Bargain
  Claude Resources   MFL.WT 31-Dec-11   PPF.WT -2.64   TCM.WT 27.45   IVA.WT 0.02   PMI.WT 103.8%   PWC.WT 0.12 $0.23 Bargain
Volatility CMP Gold Trust   OUS.WT 16-Jan-12   YNG.WT -2.57   RML.WT 26   PNP.WT 0.02   PMI.WT.A 103.8%   FRN.WT 0.15 $0.29 Bargain
The higher the volatility  Coalcorp Mining   GCI.WT 30-Jan-12   PMD.WT -2.5   GMC.WT.B 26   MGA.WT.A 0.02   PTA.WT.B 101.8%   PCT.WT 0.03 $0.06 Bargain
rating the higher the price Commerce Split Corp unit   MGA.WT 12-Feb-12   CMP.WT.B -2.5   DPM.WT 23.29   MNP.WT 0.025   PTA.WT 101.8%   OUS.WT 0.09 $0.17 Bargain
of the warrant will be. Compton Petroleum Corp   ML.WT 16-Feb-12   GMC.WT -2.49   TRL.WT 21.64   TID.WT 0.025   PTA.WT.A 101.8%   NGD.WT.A 4.32 $7.57 Bargain
A measure of actual  Compton Petroleum Corp   CKG.WT 23-Feb-12   PVG.WT -2.42   ANS.WT 18.6   HGI.WT 0.03   GMC.WT.A 98.0%   K.WT.D. 3.2 $5.50 Bargain
stock price changes over  Continental Gold   CNM.WT 28-Feb-12   GCM.WT.A -2.37   FNV.WT.B 17.25   MOB.WT 0.03   GMC.WT 98.0%   VGZ.WT.S 0.98 $1.66 Bargain
a specific period of time.  Crocodile Gold   XMF.WT.A 28-Feb-12   CCJ.WT.B -2.31   RED.WT 16.75   WAI.WT 0.03   GMC.WT.B 98.0%   GAA.WT.A 0.8 $1.34 Bargain
Historical volatility is  Dundee Precious Metals   YCM.WT.A 28-Feb-12   TRL.WT -2.31   FRO.WT 15.24   PCT.WT 0.03   PMD.WT 95.9%   PTA.WT.B 0.04 $0.06 Bargain
calculated by using the  Dundee Precious Metals   TMB.WT 29-Feb-12   OUS.WT -2.31   PWC.WT 14.75   BBB.WT 0.03   YEL.WT 95.4%   FEO.WT.A 0.1 $0.15 Bargain
standard deviation of an East West Petroleum Corp   BNK.WT.A 1-Mar-12   XYM.WT -2.05   MGA.WT.A 14.09   CZY.WT 0.03   LQD.WT 94.0%   TCM.WT 0.275 $0.42 Bargain
underlying stock price. ECU Silver Mining Inc   GMC.WT.A 6-Mar-12   PIC.WT -2.05   BPV.WT.A 13.83   BPV.WT.A 0.03   USA.WT 92.3%   WRN.WT 0.52 $0.79 Bargain
  Endeavour Financial   FNV.WT 13-Mar-12   RNX.WT -2.04   NGD.WT.B 13.27   SBI.WT 0.03   RN.WT 88.7%   PMD.WT 0.35 $0.52 Undervalued
In the Money Endeavour Silver Corp   HGI.WT 30-Mar-12   PYC.WT -1.85   K.WT.C 12.95   APV.WT 0.03   MTO.WT 87.8%   FGX.WT.B 2 $2.95 Undervalued
When the price of the  EnerVest Diversified Income Trust   NGD.WT.B 3-Apr-12   GCM.WT -1.84   ZAZ.WT 12.5   NTC.WT 0.035   APV.WT.A 87.5%   GLD.WT 0.18 $0.26 Undervalued
common is higher than  Ethiopian Potash   PVG.WT 8-Apr-12   VGZ.WT.S -1.81   PMI.WT.A 12.33   PTA.WT 0.035   APV.WT 87.5%   REC.WT 0.01 $0.01 Undervalued
the exercise price Faircourt Gold Income   PNP.WT 16-Apr-12   PNP.WT.B -1.81   BEV.WT 11.61   PTA.WT.A 0.035   FEO.WT.A 85.9%   FNV.WT.B 0.38 $0.55 Undervalued
  Feronia Inc   MGT.WT.U 20-Apr-12   GAA.WT -1.76   PVG.WT 11.2   LRT.WT 0.04   FEO.WT.B 85.9%   QUX.WT 2.1 $3.01 Undervalued
At the Money Formation Metals   GMC.WT.B 27-Apr-12   NGD.WT.B -1.73   ADM.WT 11.09   PTA.WT.B 0.04   FED.WT 85.8%   PTA.WT 0.035 $0.05 Undervalued
When the price of the  Fortress Energy Inc   RED.WT 29-Apr-12   NGD.WT.A -1.73   REC.WT 11.00   APV.WT.A 0.04   RED.WT 84.9%   SSL.WT.A 0.6 $0.85 Undervalued
underlying is equivalent Fortune Minerals Ltd.   BEV.WT 7-May-12   ML.WT -1.71   CLQ.WT 10.91   TFA.WT.A 0.05   KSK.WT 84.0%   K.WT.C 1.34 $1.89 Undervalued
or close to the strike price. Franco-Nevada   MTO.WT 15-May-12   CNL.WT -1.66   CVZ.WT 10.53   TMB.WT 0.05   BBB.WT 83.9%   PAU.WT 0.3 $0.42 Undervalued
  Franco-Nevada   CZY.WT 22-May-12   BEV.WT -1.66   CZY.WT 9.83   HCF.WT 0.055   VZX.WT 83.8%   TMD.WT 0.5 $0.69 Undervalued
Exercise ratio Franco-Nevada   PMI.WT.A 28-May-12   CRK.WT -1.54   SBI.WT 9.83   TRL.WT 0.055   ZAZ.WT 83.4%   FNV.WT.A 7.4 $10.13 Undervalued
The number of warrants  Frontier Rare Earths Ltd   ROZ.WT 28-May-12   CNM.WT -1.51   FEI.WT.A 9   CLQ.WT 0.055   PNP.WT.B 83.2%   CRJ.WT 0.69 $0.93 Undervalued
related to one share and Gazit America In   ADM.WT 2-Jun-12   IVA.WT -1.5   NTC.WT 8.57   SFF.WT 0.06   PNP.WT.A 83.2%   RN.WT 0.37 $0.48 Undervalued
specifies the amount of  Gazit America In   AAB.WT 6-Jun-12   URB.WT.B -1.5   YEL.WT 8.5   NOT.WT 0.065   PNP.WT 83.2%   GCM.WT 0.225 $0.29 Undervalued
underlying that the owner Gazit America Inc.   MGA.WT.A 6-Jun-12   TCM.WT -1.45   PNP.WT.A 8.45   MTO.WT 0.07   GCM.WT 83.1%   TXG.WT 0.37 $0.47 Undervalued
of a single warrant is  Geovic Mining Corp   TAB.WT 11-Jun-12   GMF.WT -1.44   MNP.WT 8.4   CVZ.WT 0.075   GCM.WT.A 83.1%   CMT.WT.A 5.1 $6.50 Undervalued
entitled to buy. Geovic Mining Corp   APV.WT 11-Jun-12   AHX.WT -1.41   NOT.WT 8   LRT.WT.A 0.075   CRJ.WT 83.1%   P.WT 0.68 $0.87 Undervalued
  Geovic Mining Corp   TIC.WT 15-Jun-12   EIT.WT.A -1.38   CMT.WT 7.92   PDL.WT.B 0.08   PAK.WT 82.4%   PDL.WT.B 0.08 $0.10 Undervalued
Time Value Global Adv Tele&Utilities Inc Fd   YNG.WT 20-Jun-12   PAK.WT -1.36   CMP.WT.B 7.91   RPG.WT 0.085   FCO.WT 81.9%   RPG.WT 0.085 $0.11 Undervalued
The time value is the  GMIncome & Growth Fund    WLT.WT 28-Jun-12   VGZ.WT.S -1.31   MGT.WT.U 7.75   OUS.WT 0.09   EDR.WT 81.8%   MB.WT 0.11 $0.13 Undervalued
difference between the Gold Participation and Income Fund   DPM.WT 29-Jun-12   EW.WT -1.3   ML.WT 7.63   EW.WT 0.09   ANS.WT 81.7%   AR.WT 2.14 $2.58 Undervalued
current warrant price  Gran Colombia Gold Corp   MND.WT 6-Aug-12   LPK.WT -1.25   PGM.WT 7.61   LQD.WT 0.1   HGI.WT 81.1%   MND.WT 0.295 $0.36 Undervalued
and its intrinsic value. Gran Colombia Gold Corp   FED.WT 9-Sep-12   RN.WT -1.23   PAK.WT 7.4   PAK.WT 0.1   YCM.WT.A 79.7%   VGZ.WT.S 0.98 $1.17 Undervalued
The time value is to be  GT Canada   QUX.WT 10-Sep-12   FCO.WT -1.19   XRG.WT 7.39   ZAZ.WT 0.1   TRL.WT 79.5%   EDV.WT.A 0.7 $0.83 Undervalued
interpreted as the Harvest Canadian Inc & Gr Fund   CNL.WT 12-Sep-12   SIN.WT -1.14   LQD.WT 7.2   NGD.WT.B 0.1   RPG.WT 78.4%   PGM.WT 0.31 $0.37 Undervalued
consideration paid for  International Lithium   TFA.WT.A 21-Oct-12   PWC.WT -1.03   LRT.WT 7.13   FEO.WT.A 0.1   NOT.WT 78.2%   FEO.WT.B 0.11 $0.13 Undervalued
the advantage that the Ivanhoe Australia   VGZ.WT.S 22-Oct-12   ADM.WT -1.03   GAA.WT 7.05   ANS.WT 0.1   VGZ.WT.S 77.9%   ANS.WT 0.1 $0.12 Undervalued
warrant buyer has over  Katanga Mining   PNP.WT.A 23-Oct-12   MOB.WT -1   GAA.WT 7.05   PMI.WT 0.1   VGZ.WT.S 77.9%   ML.WT.A 1.26 $1.46 Undervalued
the direct investor. It Kinross   AC.WT 28-Oct-12   ZAZ.WT -1   AC.WT 6.84   SND.WT 0.1   VGZ.WT.S 77.9%   SSL.WT 0.8 $0.93 Undervalued
is greatest when the  Kinross   AC.WT 28-Oct-12   BPV.WT.A -0.99   AC.WT 6.8   USO.WT 0.1   VGZ.WT.S 77.9%   FNV.WT 10.1 $11.59 Undervalued
warrants are 'at the money' Kinross     FRO.WT 17-Nov-12   KSK.WT -0.96   TFA.WT.A 6.7   FRO.WT 0.105   YNG.WT 76.4%   AEM.WT.U 26.24 $30.01 Undervalued
but decreases as the Kiska Metals   PTA.WT.A 19-Nov-12   TID.WT -0.91   ILC.WT 6.5   MB.WT 0.11   TAB.WT 74.9%   FED.WT 0.21 $0.24 Undervalued
exercise date draws closer. Lanesborough REIT   PWC.WT 25-Nov-12   CTF.WT -0.84   LPK.WT 6.25   FEO.WT.B 0.11   ML.WT.A 74.8%   DPM.WT.A 5.15 $5.76 Undervalued
The decreased value is  Lanesborough REIT   NGD.WT.C 28-Nov-12   GAA.WT -0.82   P.WT 6.09   ADM.WT 0.11   ML.WT 74.8%   BBB.WT 0.03 $0.03 Undervalued
called time decay and  Liquid Nutrition Group   RML.WT 29-Nov-12   MGA.WT.B -0.82   GAA.WT.A 6.01   PWC.WT 0.12   QUX.WT 74.3%   CRK.WT 0.16 $0.17 Fair Market Value
decreases at a faster  Lupaka Gold Corp.   SBI.WT 2-Dec-12   VGZ.WT.S -0.81   AAB.WT 5.85   AA.WT 0.12   BAA.WT 73.4%   AA.WT 0.12 $0.13 Fair Market Value
pace as the expiry date M Split Corp   RNX.WT 16-Dec-12   LQD.WT -0.78   QUX.WT 5.83   TAB.WT 0.13   TIC.WT 72.8%   BRK.WT 1.31 $1.42 Fair Market Value
draws closer. Macusani Yellowcake   ZAZ.WT 19-Dec-12   LRT.WT -0.72   RNX.WT 5.82   AAB.WT 0.13   XRG.WT 72.5%   NOT.WT 0.065 $0.07 Fair Market Value
  Manas Petroleum Corp   BPV.WT.A 20-Dec-12   BRD.WT -0.71   FNV.WT.A 5.69   MGA.WT.B 0.135   BPV.WT.A 71.7%   SLW.WT.U 21.5 $22.91 Fair Market Value
  Mandalay Resources Corp   SFF.WT 21-Dec-12   FEO.WT.B -0.7   WRN.WT 5.5   FRN.WT 0.15   BPV.WT 71.7%   NQ.WT 0.5 $0.52 Fair Market Value
  MEGA Brands Inc   WRN.WT 22-Dec-12   BRD.WT.A -0.7   K.WT.D. 5.42   LPK.WT 0.16   FT.WT.A 71.4%   PVG.WT 0.9 $0.94 Fair Market Value
  Mega Uranium   EW.WT 22-Dec-12   YEL.WT -0.68   FGX.WT.B 5.04   GPF.WT.A 0.16   TCM.WT 71.2%   VGZ.WT.S 0.98 $1.02 Fair Market Value
  Mega Uranium   SND.WT 23-Dec-12   MTO.WT -0.67   VZX.WT 5   CRK.WT 0.16   WRN.WT 70.9%   BWR.WT.A 0.58 $0.59 Fair Market Value
  Mega Uranium   APV.WT.A 23-Dec-12   CVZ.WT -0.61   EW.WT 5   RNX.WT 0.165   EW.WT 70.1%   EDR.WT 7.5 $7.75 Fair Market Value
  Mercator Minerals Ltd   MOB.WT 24-Dec-12   PTA.WT -0.61   SND.WT 4.95   KSK.WT 0.17   BNK.WT.A 69.3%   USA.WT 0.52 $0.53 Fair Market Value
  Mercator Minerals Ltd   AR.WT 29-Dec-12   WRN.WT -0.59   AVL.WT 4.78   GLD.WT 0.18   TXG.WT 69.2%   BAA.WT 2.5 $2.54 Fair Market Value
  Metanor Resources   VZX.WT 5-Jan-13   AA.WT -0.55   MTO.WT 4.71   BEV.WT 0.18   MND.WT 68.3%   MFL.WT 10.75 $10.83 Fair Market Value
  Minefinders Corp   CMP.WT.B 25-Jan-13   FEI.WT.A -0.51   TXG.WT 4.62   PYC.WT 0.19   RNX.WT 67.8%   NGD.WT.C 0.58 $0.59 Fair Market Value
  Mines Management    ML.WT.A 29-Jan-13   SFF.WT -0.5   CNL.WT 4.49   PNP.WT.A 0.2   ROZ.WT 67.8%   TAO.WT 2.79 $2.81 Fair Market Value
  New Gold Inc.   SNG.WT 10-Feb-13   AC.WT -0.5   CRK.WT 4.44   MGT.WT.U 0.2   MGA.WT.B 67.7%   PMI.WT 0.1 $0.10 Fair Market Value
  New Gold Inc.   KSK.WT 23-Mar-13   AC.WT -0.49   WAI.WT 4.17   FED.WT 0.21   MGA.WT 67.7%   CKG.WT 4.25 $4.13 Fair Market Value
  New Gold Inc.   YEL.WT 25-Mar-13   TIC.WT -0.49   FNV.WT 4.17   GCM.WT 0.225   MGA.WT.A 67.7%   BNK.WT.A 2.5 $2.40 Fair Market Value
  Norbord   NTC.WT 31-Mar-13   LRT.WT.A -0.47   SFF.WT 4.17   AC.WT 0.25   ECU.WT 67.5%   BRD.WT 0.54 $0.52 Fair Market Value
  Noront Resources Ltd   USO.WT 18-Apr-13   MNP.WT -0.46   PTA.WT 4.14   AC.WT 0.25   AR.WT 67.4%   FT.WT.A 0.38 $0.36 Fair Market Value
  North American Palladium Ltd.   ST.WT 29-Apr-13   SBI.WT -0.46   PTA.WT.A 4.14   TCM.WT 0.275   MGT.WT.U 64.9%   SND.WT 0.1 $0.10 Fair Market Value
  North American Tungsten   CVZ.WT 11-May-13   NTC.WT -0.45   BBB.WT 4   ST.WT 0.29   SSL.WT.A 64.6%   CWB.WT 17.18 $16.32 Fair Market Value
  Northquest Ltd    CRJ.WT 22-May-13   WAI.WT -0.45   RPG.WT 3.88   MND.WT 0.295   SSL.WT 64.6%   KAT.WT 0.005 $0.00 Fair Market Value
  Oceanic Iron Ore Corp   ILC.WT 24-May-13   PTA.WT.A -0.44   LRT.WT.A 3.8   PAU.WT 0.3   FRO.WT 62.2%   TMD.WT.A 0.75 $0.70 Fair Market Value
  Oceanic Iron Ore Corp   CCJ.WT.B 5-Jun-13   XRG.WT -0.43   ST.WT 3.79   BPV.WT 0.3   CZY.WT 61.5%   USO.WT 0.1 $0.09 Fair Market Value
  Omega Advisors U.S. Cap App Fd   TRL.WT 14-Jun-13   PMI.WT.A -0.42   KSK.WT 3.76   ML.WT 0.3   SND.WT 60.8%   XRG.WT 0.51 $0.48 Fair Market Value
  Pacific & Western Credit Corp   PAU.WT 5-Jul-13   TMD.WT.A -0.41   PTA.WT.B 3.63   PGM.WT 0.31   BRD.WT 60.3%   YEL.WT 0.02 $0.02 Fair Market Value
  Papuan Precious Metals Corp   FNV.WT.B 8-Jul-13   HCF.WT -0.4   TAB.WT 3.58   FCO.WT 0.32   BRD.WT.A 60.3%   PMI.WT.A 0.015 $0.01 Fair Market Value
  Peregrine Metals   PNP.WT.B 11-Jul-13   ST.WT -0.4   EDV.WT.A 3.41   PMD.WT 0.35   MFL.WT 60.2%   AVL.WT 0.85 $0.76 Overvalued
  Petroamerica Oil Corp   ANS.WT 29-Jul-13   RPG.WT -0.39   GCM.WT 3.38   DPM.WT 0.35   NGD.WT.B 59.9%   CMP.WT.B 1.58 $1.43 Overvalued
  Petroamerica Oil Corp   BBB.WT 12-Aug-13   FEO.WT.A -0.35   FED.WT 3.38   RN.WT 0.37   NGD.WT.A 59.9%   SFF.WT 0.06 $0.05 Overvalued
  Petroamerica Oil Corp   K.WT.C 3-Sep-13   ECU.WT -0.34   FRN.WT 3.33   TXG.WT 0.37   NGD.WT.C 59.9%   CZY.WT 0.03 $0.03 Overvalued
  PetroMagdalena Energy Corp   SLW.WT.U 5-Sep-13   VGZ.WT.S -0.31   VGZ.WT.S 3.26   FNV.WT.B 0.38   GAA.WT 59.9%   AC.WT 0.25 $0.19 Overvalued
  Petromanas Energy In   FRN.WT 8-Sep-13   PCT.WT -0.27   MB.WT 3.26   FT.WT.A 0.38   GAA.WT 59.9%   XMF.WT.A 0.005 $0.00 Overvalued
  Petromanas Energy Inc   VGZ.WT.S 22-Oct-13   PMI.WT -0.27   VGZ.WT.S 3.26   NBD.WT 0.41   GAA.WT.A 59.9%   BRD.WT.A 0.69 $0.52 Overvalued
  Pinetree Capital   GAA.WT 30-Nov-13   APV.WT -0.27   VGZ.WT.S 3.26   ECU.WT 0.44   CRK.WT 59.4%   FCO.WT 0.32 $0.24 Overvalued
  Pinetree Capital   AEM.WT.U 2-Dec-13   TMD.WT -0.26   VGZ.WT.S 3.26   TMD.WT 0.5   PWC.WT 59.1%   PNP.WT.B 0.6 $0.44 Overvalued
  Pinetree Capital   NBD.WT 24-Dec-13   TAB.WT -0.26   TMD.WT 3.18   NQ.WT 0.5   MB.WT 58.2%   CNL.WT 1.3 $0.94 Overvalued
  Premium Income Corp    EDV.WT.A 4-Feb-14   ILC.WT -0.25   NGD.WT.A 3.07   ROZ.WT 0.5   CNL.WT 57.3%   BPV.WT.A 0.03 $0.02 Overvalued
  Pretium Resources   ECU.WT 20-Feb-14   AAB.WT -0.24   FEO.WT.A 3   XRG.WT 0.51   SBI.WT 56.3%   RML.WT 0.005 $0.00 Overvalued
  Prima Colombia   CWB.WT 2-Mar-14   PTA.WT.B -0.21   FT.WT.A 2.95   WRN.WT 0.52   SLW.WT.U 54.6%   VZX.WT 0.015 $0.01 Overvalued
  Primary Corp.   FCO.WT 8-Mar-14   USO.WT -0.21   PMD.WT 2.86   USA.WT 0.52   GCI.WT 53.8%   KSK.WT 0.17 $0.11 Overvalued
  Primero Mining Corp   BWR.WT.A 9-Apr-14   CLQ.WT -0.2   PNP.WT.B 2.82   BRD.WT 0.54   ADM.WT 53.3%   BPV.WT 0.3 $0.19 Overvalued
  Propel Multi-Strategy Fund   GAA.WT.A 14-Apr-14   SND.WT -0.18   AR.WT 2.79   BWR.WT.A 0.58   SIN.WT 53.1%   SNG.WT 0.93 $0.59 Overvalued
  Quadra FNX Mining Ltd   SSL.WT 23-Apr-14   RED.WT -0.17   CKG.WT 2.78   NGD.WT.C 0.58   TMD.WT 53.0%   AC.WT 0.25 $0.16 Overvalued
  Ram Power Corp   MNP.WT 6-May-14   CZY.WT -0.16   RN.WT 2.76   SSL.WT.A 0.6   TMD.WT.A 53.0%   CLQ.WT 0.055 $0.03 Overvalued
  RedWater Energy   PTA.WT.B 9-May-14   ROZ.WT -0.16   BRD.WT 2.76   PNP.WT.B 0.6   EDV.WT.A 52.6%   DPM.WT 0.35 $0.19 Overvalued
  Reliant Gold Corp   RPG.WT 19-May-14   APV.WT.A -0.15   CRJ.WT 2.74   GAA.WT 0.64   PVG.WT 51.4%   FRO.WT 0.105 $0.06 Overvalued
  Rio Novo Gold Inc    BRK.WT 27-May-14   REC.WT -0.14   FEO.WT.B 2.73   GAA.WT 0.64   TMB.WT 51.3%   WLT.WT 11.95 $6.32 Overvalued
  Rodinia Oil Corp   LPK.WT 28-Jun-14   BBB.WT -0.13   PCT.WT 2.67   P.WT 0.68   SNG.WT 50.0%   IVA.WT 0.02 $0.01 Overvalued
  Royal Nickel Corporation   PYC.WT 30-Jun-14   VZX.WT -0.13   AEM.WT.U 2.57   CRJ.WT 0.69   K.WT.D. 47.4%   PTA.WT.A 0.035 $0.02 Very Overvalued
  Rusoro Mining   FGX.WT.B 30-Jun-14   TFA.WT.A -0.12   FCO.WT 2.53   BRD.WT.A 0.69   K.WT.C 47.4%   ST.WT 0.29 $0.14 Very Overvalued
  Sandstorm Gold   USA.WT 10-Jul-14   EDV.WT.A -0.11   NBD.WT 2.38   EDV.WT.A 0.7   K.WT.B 47.4%   TAB.WT 0.13 $0.06 Very Overvalued
  Sandstorm Gold   CMT.WT.A 23-Aug-14   FRN.WT -0.1   ROZ.WT 2.34   TMD.WT.A 0.75   URB.WT.B 47.2%   ROZ.WT 0.5 $0.23 Very Overvalued
  Sandstorm Metals   K.WT.D. 17-Sep-14   BPV.WT -0.09   NGD.WT.C 2.29   GAA.WT.A 0.8   DPM.WT.A 46.5%   PNP.WT.A 0.2 $0.09 Very Overvalued
  SCITI Trust   AA.WT 7-Oct-14   FED.WT -0.04   TAO.WT 2.29   SSL.WT 0.8   DPM.WT 46.5%   AAB.WT 0.13 $0.06 Very Overvalued
  Seafield Resources   PTA.WT 8-Oct-14   NQ.WT 0.05   SSL.WT.A 2.27   AVL.WT 0.85   XYM.WT 46.3%   ECU.WT 0.44 $0.19 Very Overvalued
  Serabi Mining   BPV.WT 10-Oct-14   GPF.WT.A 0.08   MND.WT 2.2   PVG.WT 0.9   P.WT 45.7%   ML.WT 0.3 $0.12 Very Overvalued
  Silver Range   MGA.WT.B 26-Oct-14   PAU.WT 0.12   BRD.WT.A 2.16   SNG.WT 0.93   PPF.WT 44.9%   TIC.WT 1 $0.39 Very Overvalued
  Silver Wheaton   GLD.WT 27-Oct-14   GLD.WT 0.14   TMD.WT.A 2.12   VGZ.WT.S 0.98   AAB.WT 44.4%   MGA.WT.B 0.135 $0.05 Very Overvalued
  Star Portfolio Corp   BRD.WT 19-Nov-14   CRJ.WT 0.29   MGA.WT.B 2.07   VGZ.WT.S 0.98   CKG.WT 44.0%   ADM.WT 0.11 $0.04 Very Overvalued
  Stonegate Agricom Ltd   BRD.WT.A 19-Nov-14   MND.WT 0.32   TIC.WT 2.01   VGZ.WT.S 0.98   AC.WT 42.9%   SBI.WT 0.03 $0.01 Very Overvalued
  TAG Oil Ltd   NOT.WT 16-Dec-14   FT.WT.A 0.32   APV.WT 2   VGZ.WT.S 0.98   ST.WT 40.2%   RF.WT 0.005 $0.00 Very Overvalued
  Tembec   NQ.WT 21-Dec-14   PGM.WT 0.36   USO.WT 1.9   TIC.WT 1   EIT.WT.A 40.1%   NBD.WT 0.41 $0.12 Very Overvalued
  Thompson Creek Metals   PMI.WT 23-Feb-15   SSL.WT.A 0.4   GLD.WT 1.89   ML.WT.A 1.26   BEV.WT 40.1%   VGZ.WT.S 0.98 $0.28 Very Overvalued
  Titan Medical   LRT.WT 5-Mar-15   TXG.WT 0.41   BAA.WT 1.86   CNL.WT 1.3   PIC.WT 39.5%   RNX.WT 0.165 $0.05 Very Overvalued
  Titan Medical Inc   RN.WT 8-Mar-15   AVL.WT 0.46   BNK.WT.A 1.86   BRK.WT 1.31   AEM.WT.U 38.9%   MTO.WT 0.07 $0.01 Very Overvalued
  Titanium Corp. Inc   MB.WT 30-Mar-15   SNG.WT 0.46   PMI.WT 1.85   K.WT.C 1.34   CCP.WT 38.7%   TID.WT 0.025 $0.00 Very Overvalued
  Torex Gold Resources Inc   P.WT 19-Jul-15   USA.WT 0.48   ML.WT.A 1.82   CMP.WT.B 1.58   OUS.WT 38.2%   EW.WT 0.09 $0.02 Very Overvalued
  Touchstone Exploration Inc   GCM.WT 24-Aug-15   SSL.WT 0.78   SLW.WT.U 1.8   FGX.WT.B 2   AC.WT 37.5%   AHX.WT 0.01 $0.00 Very Overvalued
  Trafina Energy Ltd   PCT.WT 21-Sep-15   FGX.WT.B 1.02   PAU.WT 1.73   QUX.WT 2.1   PGM.WT 37.3%   APV.WT.A 0.04 $0.01 Very Overvalued
  Trimel Pharmaceuticals Corp   SSL.WT.A 19-Oct-15   BRK.WT 1.27   BRK.WT 1.73   AR.WT 2.14   BRK.WT 36.5%   BEV.WT 0.18 $0.02 Very Overvalued
  Tuscany Intl Drilling Inc   VGZ.WT.S 22-Oct-15   ML.WT.A 1.29   SSL.WT 1.7   BAA.WT 2.5   HCF.WT 36.4%   YNG.WT 0.015 $0.00 Very Overvalued
  U S Silver Corp   DPM.WT.A 20-Nov-15   AR.WT 1.48   AA.WT 1.67   BNK.WT.A 2.5   PYC.WT 36.0%   K.WT.B 0.01 $0.00 Very Overvalued
  Urbana Corp   GAA.WT 30-Nov-15   BNK.WT.A 2.28   CWB.WT 1.67   TAO.WT 2.79   FNV.WT.B 35.5%   PNP.WT 0.02 $0.00 Very Overvalued
  US Oil Sands Inc.    FEO.WT.A 30-Nov-15   BAA.WT 2.53   DPM.WT.A 1.58   K.WT.D. 3.2   FNV.WT.A 35.5%   APV.WT 0.03 $0.00 Very Overvalued
  Vega Resources    FEO.WT.B 30-Nov-15   TAO.WT 2.78   CMT.WT.A 1.55   CKG.WT 4.25   FNV.WT 35.5%   MGT.WT.U 0.2 $0.00 Very Overvalued
  Vista Gold   TMD.WT 10-Dec-15   CKG.WT 3.81   EDR.WT 1.51   NGD.WT.A 4.32   CTF.WT 34.3%   GMC.WT.A 0.005 $0.00 Very Overvalued
  Vista Gold   LRT.WT.A 23-Dec-15   NGD.WT.C 4.27   APV.WT.A 1.5   CMT.WT.A 5.1   TAO.WT 33.6%   CMT.WT 0.005 $0.00 Very Overvalued
  Vista Gold   PMD.WT 22-Feb-16   DPM.WT.A 4.9   MFL.WT 1.46   DPM.WT.A 5.15   CMP.WT.B 33.3%   FEI.WT.A 0.005 $0.00 Very Overvalued
  Vista Gold   PAK.WT 14-Mar-16   BWR.WT.A 5.8   SNG.WT 1.41   FNV.WT.A 7.4   NBD.WT 32.9%   GCM.WT.A 0.005 $0.00 Very Overvalued
  Vuzix Corp   CRK.WT 24-Mar-16   EDR.WT 7.73   ECU.WT 1.39   EDR.WT 7.5   GMF.WT 30.4%   GMC.WT 0.005 $0.00 Very Overvalued
  Walter Energy   AHX.WT 30-Mar-16   FNV.WT 10.14   BPV.WT 1.38   FNV.WT 10.1   GPF.WT.A 28.8%   GMC.WT.B 0.01 $0.00 Very Overvalued
  West African Iron Ore Corp   WAI.WT 31-Mar-16   MFL.WT 10.74   USA.WT 1.23   MFL.WT 10.75   FGX.WT.B 26.8%   MGA.WT 0.005 $0.00 Very Overvalued
  Western Copper   LQD.WT 13-May-16   CWB.WT 14.65   BWR.WT.A 1.21   WLT.WT 11.95   CWB.WT 20.9%   MGA.WT.A 0.02 $0.00 Very Overvalued
  Xinergy Ltd   TMD.WT.A 21-Jun-16   SLW.WT.U 19.54   NQ.WT 1.10   CWB.WT 17.18   RF.WT 20.3%   TMB.WT 0.05 $0.00 Very Overvalued
  Yukon-Nevada Gold   FNV.WT.A 16-Jun-17   AEM.WT.U 21.94   WLT.WT 0.74   SLW.WT.U 21.5   BWR.WT.A 7.5%   URB.WT.B 0.005 $0.00 Very Overvalued
  Zazu Metals Corp   NGD.WT.A 28-Jun-17   WLT.WT 49.22   AHX.WT 0.19   AEM.WT.U 26.24   FEI.WT.A 5.0%   YCM.WT.A 0.015 $0.00 Very Overvalued