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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 Astral Mining Corp   SCP.WT 31-Dec-10   AEM.WT.U 28.90   OGE.WT 2000   XMF.WT.A 0.005   XMF.WT.A 235.9%   RF.WT 0.02 $0.68 Bargain
The last day the warrants  Aberdeen International Inc   OGE.WT 31-Dec-10   SLW.WT.U 17.2   RF.WT 1062   XMF.WT 0.005   XMF.WT 235.9%   XMF.WT.A 0.005 $0.14 Bargain
can be exercised. If ALLBANC SPLIT CORP...   PLS.WT 08-Jan-11   CWB.WT 14.77   HAP.WT 896   CCJ.WT 0.005   VZX.WT 222.3%   XYM.WT 0.065 $1.31 Bargain
warrants aren't being  Air Canada   SBN.WT.A 17-Jan-11   FR.WT.B 9   EDV.WT.C 759.12   CCJ.WT.A 0.005   NQ.WT 194.4%   ZAZ.WT 0.015 $0.17 Bargain
exercised then they Air Canada   WFS.WT.A 17-Jan-11   WTN.WT 8.82   TYF.WT 610   CCJ.WT.B 0.005   REC.WT 176.5%   GMF.WT 0.12 $1.27 Bargain
must be sold the day  Andina Minerals Inc   CMP.WT.A 25-Jan-11   EIF.WT 7.5   TBP.WT 422.5   FEI.WT 0.005   ZAZ.WT 160.5%   CNM.WT 0.02 $0.18 Bargain
before the expiry date. Agnico-Eagle   HAP.WT 31-Jan-11   CSI.WT 6.46   OCB.WT 194.5   OGE.WT 0.005   EMC.WT 149.2%   OCB.WT 0.06 $0.51 Bargain
The longer the time to  Ainsworth Lumber   CCJ.WT 08-Feb-11   DPM.WT.A 6.07   XYM.WT 172.31   OSU.WT.B 0.005   CZY.WT 131.3%   HCF.WT 0.115 $0.78 Bargain
expiry the more ARISE Technologies Corp.   CSI.WT 13-Feb-11   MFL.WT 5.85   COX.WT 159.67   FEI.WT.A 0.01   LRT.WT.A 125.9%   FRN.WT 0.05 $0.21 Bargain
valuable the warrants. Avalon Rare Metals Inc   MID.WT 15-Feb-11   BNK.WT.A 5.16   SBN.WT.A 156.73   HAP.WT 0.01   LRT.WT 125.9%   ABK.WT 1.1 $4.39 Bargain
  Banro Corp   UXG.WT 22-Feb-11   BWR.WT.A 5.1   PLS.WT 147.00   PLS.WT 0.01   TXG.WT 117.9%   LRT.WT.A 0.09 $0.34 Bargain
Leverage Bennett Environmental...   TCP.WT 28-Feb-11   TCM.WT 4.57   TCP.WT 143.86   WFS.WT.A 0.01   PAU.WT 116.4%   REC.WT 0.02 $0.07 Bargain
The leverage of a warrant Baffinland Iron Mns Corp   XMF.WT 28-Feb-11   EDR.WT 3.33   OBF.WT 134.12   ZAZ.WT 0.015   RML.WT 115.5%   TCP.WT 0.07 $0.25 Bargain
is a measure of how much Bankers Petroleum   YCM.WT 28-Feb-11   CKG.WT 3.2   WFS.WT.A 126   TYF.WT 0.015   RED.WT 114.2%   TYF.WT 0.015 $0.05 Bargain
you can increase your Brigus Gold Corp.   DML.WT.A 01-Mar-11   TAO.WT 3.15   DML.WT.A 107.64   URB.WT.B 0.015   CEK.WT 112.1%   BSC.WT 1.6 $5.49 Bargain
exposure to a share if Brick Group   FR.WT.B 05-Mar-11   ML.WT.A 2.76   CIQ.WT 102.61   CMT.WT 0.015   ROZ.WT 110.8%   GLW.WT 0.295 $0.94 Bargain
you bought warrants BNS Split Corp II   UTC.WT 21-Mar-11   PDL.WT.A 2.25   HCF.WT 102.43   RF.WT 0.02   CNM.WT 107.7%   FSS.WT 0.18 $0.57 Bargain
instead of making a Breakwater Resources   OSU.WT.B 21-Mar-11   CMP.WT.A 1.9   GMF.WT 99.5   CNM.WT 0.02   MGT.WT.U 107.3%   OBF.WT 0.085 $0.25 Bargain
direct investment. It is  Coalcorp Mining   NEW.WT 31-Mar-11   ROZ.WT 1.68   XMF.WT.A 81   REC.WT 0.02   GMC.WT.B 105.9%   CIQ.WT 0.115 $0.33 Bargain
calculated dividing the  Caspian Energy   MSP.WT 31-Mar-11   BRK.WT 1.68   XMF.WT 81   GMC.WT.B 0.02   GMC.WT 105.9%   LRT.WT 0.11 $0.30 Bargain
current share price by CANADIAN HIGH INCOME...   EIF.WT 07-Apr-11   MAI.WT 1.61   URB.WT.B 80.67   GMC.WT 0.02   GMC.WT.A 105.9%   NEW.WT 0.8 $2.20 Bargain
the current price of the  Chesapeake Gold   CIQ.WT 15-Apr-11   FGX.WT.B 1.55   CTF.WT 79.38   VZX.WT 0.02   FRN.WT 103.9%   GMC.WT.B 0.02 $0.05 Bargain
warrant. C M P Gold Trust   HBB.WT 15-Apr-11   AC.WT 1.35   KAT.WT 67.5   TBP.WT 0.02   GLD.WT 102.7%   GMC.WT 0.02 $0.05 Bargain
  Compton Petroleum Corp.   TYF.WT 29-Apr-11   AC.WT 1.35   OSU.WT.B 58   KAT.WT 0.02   YNG.WT 97.0%   RED.WT 0.075 $0.18 Bargain
Intrinsic Value Canadian Income Mgmt Tr   TBP.WT 29-Apr-11   BAA.WT 1.33   FSS.WT 56.61   RML.WT 0.03   MAI.WT 93.3%   XRG.WT 0.4 $0.91 Bargain
The difference between  Coxe Commodity Strategy Fund   NOM.WT 30-Apr-11   NBD.WT 1.3   ABK.WT 55.90   EMC.WT 0.03   USA.WT 93.1%   SCI.WT 0.32 $0.64 Bargain
the exercise price and Claude Resources   IE.WT 15-May-11   SUE.WT 1.26   NEW.WT 52.39   CEK.WT 0.03   CLQ.WT 90.2%   TXG.WT 0.4 $0.81 Bargain
the actual trading price  Ceres Global Ag Corp   CEK.WT 28-May-11   FNV.WT 1.05   UXG.WT 50   DML.WT.A 0.03   AVL.WT 89.6%   GAA.WT 1.15 $2.32 Bargain
of the common stock. Colossus Minerals   OCB.WT 31-May-11   AVL.WT 0.96   CNM.WT 46   EDV.WT.C 0.04   XRG.WT 87.9%   CZY.WT 0.185 $0.37 Bargain
Once the common has  Citadel Income Fund   COX.WT 31-May-11   FT.WT.A 0.83   UTC.WT 42.69   FRN.WT 0.05   FEI.WT.A 87.5%   BPV.WT.A 0.13 $0.25 Bargain
gone over the exercise Canadian Western Bank   VST.WT 05-Jun-11   QUX.WT 0.81   GMC.WT.B 35   YCM.WT.A 0.05   FEI.WT 87.5%   NQ.WT 0.385 $0.73 Bargain
price the warrants are  CAZA GOLD CORP COM   ABK.WT 06-Jun-11   FGX.WT.C 0.77   GMC.WT 35   SBN.WT.A 0.055   OSU.WT.B 85.5%   HBB.WT 0.495 $0.92 Bargain
said to be 'in the money'. Denison Mines   RTU.WT 08-Jun-11   NOM.WT 0.71   BSC.WT 31.16   OCB.WT 0.06   FT.WT.A 84.5%   RML.WT 0.03 $0.05 Bargain
  Dalradian Resources Inc   G.WT.G 09-Jun-11   RTU.WT 0.69   CMT.WT 28.67   COX.WT 0.06   MGA.WT.B 77.6%   GAA.WT 1.15 $1.90 Bargain
Volatility Dundee Precious Metals   FEI.WT 20-Jun-11   BIM.WT.A 0.64   PNP.WT 25.86   PGM.WT 0.06   MGA.WT.A 77.6%   CTF.WT 0.065 $0.11 Bargain
The higher the volatility  ECU Silver Mining Inc.    FSS.WT 30-Jun-11   CLQ.WT 0.63   HBB.WT 25.43   BIM.WT 0.06   MGA.WT 77.6%   URZ.WT 0.83 $1.24 Undervalued
rating the higher the price Endeavour Silver Corp.   OBF.WT 30-Jun-11   HBB.WT 0.59   FEI.WT 24   XYM.WT 0.065   WFS.WT.A 75.4%   FGX.WT.C 0.75 $1.10 Undervalued
of the warrant will be. Endeavour Financial   BSC.WT 07-Jul-11   CRJ.WT 0.54   ZAZ.WT 23.33   CTF.WT 0.065   PLS.WT 74.4%   MGT.WT.U 0.73 $1.04 Undervalued
A measure of actual  Exchange Income   FGX.WT.C 29-Jul-11   MID.WT 0.46   SCI.WT 22.5   AA.WT 0.065   AA.WT 74.0%   MAI.WT 1.58 $2.27 Undervalued
stock price changes over  EMC Metals   DNA.WT 29-Jul-11   BPV.WT 0.45   BIM.WT 22.33   TCP.WT 0.07   MND.WT 73.2%   FGX.WT.B 2.25 $3.05 Undervalued
a specific period of time.  First Capital Realty...   SCI.WT 04-Aug-11   TXG.WT 0.41   YCM.WT.A 22   GMC.WT.A 0.07   GPD.WT 73.0%   RTU.WT 0.76 $1.02 Undervalued
Historical volatility is  Fortress Energy Inc   EDV.WT.C 07-Aug-11   USA.WT 0.41   MID.WT 21.27   APV.WT 0.07   CRJ.WT 72.1%   MGA.WT.B 0.41 $0.54 Undervalued
calculated by using the  Faircourt Gold Income   EMC.WT 15-Aug-11   NGD.WT.C 0.4   MSP.WT 21.24   RED.WT 0.075   ST.WT 71.9%   IVA.WT 0.45 $0.59 Undervalued
standard deviation of an Franco-Nevada   GPD.WT 15-Aug-11   NEW.WT 0.34   CCJ.WT 19   APV.WT.A 0.075   URZ.WT 69.0%   MB.WT 0.265 $0.34 Undervalued
underlying stock price. First Majestic Silver Corp   CCJ.WT.A 17-Aug-11   SCI.WT 0.33   CCJ.WT.A 19   PDP.WT 0.08   MRS.WT 68.9%   NGD.WT.A 2.65 $3.39 Undervalued
  FERONIA INC COM   PDP.WT 28-Aug-11   URZ.WT 0.33   CCJ.WT.B 19   OBF.WT 0.085   BAA.WT 66.3%   CRJ.WT 0.92 $1.16 Undervalued
In the Money FRONTIER RARE EARTH...   K.WT.B 07-Sep-11   EDV.WT.A 0.33   SCP.WT 17.46   LRT.WT.A 0.09   BPV.WT.A 65.5%   COX.WT 0.06 $0.07 Undervalued
When the price of the  FRONT STREET STRATEGIC...   PGM.WT 11-Sep-11   SCP.WT 0.29   GLW.WT 17.19   MGA.WT.A 0.09   BPV.WT 65.5%   ST.WT 0.7 $0.86 Undervalued
common is higher than  Fortune Minerals Limited   BAA.WT 17-Sep-11   NQ.WT 0.26   RTU.WT 17.09   NGD.WT.B 0.095   GCM.WT 65.0%   UTC.WT 0.45 $0.55 Undervalued
the exercise price Goldcorp   IVA.WT 20-Sep-11   GLD.WT 0.25   FGX.WT.C 14.13   TID.WT 0.1   ECU.WT 64.9%   BAA.WT 1.28 $1.56 Undervalued
  Gazit America Inc.   CMT.WT 25-Sep-11   ST.WT 0.24   TID.WT 14   LRT.WT 0.11   PNP.WT.B 63.6%   ROZ.WT 1.75 $2.11 Undervalued
At the Money Great Basin   RF.WT 30-Sep-11   ECU.WT 0.23   PGM.WT 13.33   HCF.WT 0.115   PNP.WT.A 63.6%   PAU.WT 0.26 $0.31 Undervalued
When the price of the  GRAN COLOMBIA GOLD CORP   AVL.WT 30-Sep-11   FSS.WT 0.19   TMB.WT 13.21   CIQ.WT 0.115   PNP.WT 63.6%   MND.WT 0.185 $0.22 Undervalued
underlying is equivalent Augen Gold Corp.   CLQ.WT 30-Sep-11   IVA.WT 0.18   EMC.WT 13.17   GMF.WT 0.12   PGM.WT 63.6%   AVL.WT 1.56 $1.84 Undervalued
or close to the strike price. Geovic Mining Corp   PDL.WT.A 30-Sep-11   SSL.WT 0.18   RML.WT 12.17   PMI.WT.A 0.12   IE.WT 63.2%   SUE.WT 1.22 $1.42 Undervalued
  HORIZONS AP INCOME PLUS...   FEI.WT.A 30-Sep-11   MB.WT 0.15   G.WT.G 12.1   YCM.WT 0.125   SUE.WT 61.6%   AC.WT 1.34 $1.56 Undervalued
Exercise ratio HARVEST BANKS &...   EDR.WT 07-Oct-11   CZY.WT 0.13   FEI.WT.A 12   BPV.WT.A 0.13   TMB.WT 60.2%   AC.WT 1.34 $1.56 Undervalued
The number of warrants  HARVEST CDN INCOME AND...   GMF.WT 14-Oct-11   MND.WT 0.12   ANS.WT 11.96   YNG.WT 0.13   FR.WT.B 58.9%   GMC.WT.A 0.07 $0.08 Undervalued
related to one share and Ivanhoe Energy   TID.WT 16-Oct-11   PNP.WT.B 0.12   MGA.WT.A 10.51   PNP.WT 0.14   YCM.WT 56.7%   GCM.WT 0.99 $1.14 Undervalued
specifies the amount of  IVANHOE AUSTRALIA LTD   TCM.WT 27-Oct-11   MSP.WT 0.12   GMC.WT.A 10   UXG.WT 0.15   YCM.WT.A 56.7%   SCP.WT 0.26 $0.30 Undervalued
underlying that the owner Kinross   PDL.WT.B 29-Oct-11   PAU.WT 0.05   NGD.WT.B 9.89   MTO.WT 0.16   GLW.WT 56.6%   CWB.WT 14.88 $16.96 Undervalued
of a single warrant is  Katanga Mining   XYM.WT 31-Oct-11   PDL.WT.B 0   K.WT.C 9.39   AAB.WT 0.175   DML.WT.A 55.4%   MID.WT 0.48 $0.54 Undervalued
entitled to buy. Canadian Life Companies...   GMC.WT 03-Nov-11   VST.WT -0.01   YCM.WT 8.8   FSS.WT 0.18   NOT.WT 54.9%   CLQ.WT 0.67 $0.76 Undervalued
  Lanesborough REIT   MRS.WT 03-Nov-11   APV.WT.A -0.04   K.WT.B 8.27   CZY.WT 0.185   VST.WT 53.9%   FT.WT.A 0.84 $0.95 Undervalued
Time Value Minera Andes Inc.   TAO.WT 05-Nov-11   UTC.WT -0.05   XRG.WT 8.25   MND.WT 0.185   CMT.WT 53.7%   BPV.WT 0.58 $0.65 Undervalued
The time value is the  Mega Brands Inc.   URB.WT.B 10-Nov-11   RN.WT -0.05   DPM.WT 8.1   GPD.WT 0.185   UXG.WT 53.5%   AEM.WT.U 33.75 $37.63 Undervalued
difference between the Minefinders Corp. Ltd.   TXG.WT 12-Nov-11   DNA.WT -0.05   IVA.WT 7.89   MGA.WT 0.2   GAA.WT 53.0%   DPM.WT.A 6.27 $6.97 Undervalued
current warrant price  Mega Uranium   KAT.WT 20-Nov-11   GMF.WT -0.06   FRN.WT 7.8   PTA.WT.A 0.23   GAA.WT 53.0%   BIM.WT.A 0.66 $0.72 Fair Market Value
and its intrinsic value. MINES MANAGEMENT INC.   HCF.WT 30-Nov-11   PMI.WT -0.07   CMP.WT.A 7.72   PMI.WT 0.24   APV.WT.A 51.9%   PDL.WT.A 2.21 $2.44 Fair Market Value
The time value is to be  MINT Income Fund   REC.WT 30-Nov-11   MGA.WT.B -0.09   PDP.WT 7.5   MRS.WT 0.25   APV.WT 51.9%   CMP.WT.A 1.8 $1.95 Fair Market Value
interpreted as the Mercator Minerals Ltd   CTF.WT 02-Dec-11   REC.WT -0.11   BPV.WT.A 7.31   VST.WT 0.25   RNX.WT 50.0%   FNV.WT 5.25 $5.73 Fair Market Value
consideration paid for  Medoro Resources Ltd.   FT.WT.A 03-Dec-11   RED.WT -0.11   REC.WT 7.25   ANS.WT 0.25   BRD.WT.A 49.8%   EDR.WT 3.25 $3.49 Fair Market Value
the advantage that the THE CANADIAN SHIELD FUND   XRG.WT 21-Dec-11   IE.WT -0.11   CEK.WT 6.83   PAU.WT 0.26   BRD.WT 49.8%   USA.WT 0.45 $0.48 Fair Market Value
warrant buyer has over  Metanor Resources   MFL.WT 31-Dec-11   PTA.WT.A -0.13   BEV.WT 6.33   SCP.WT 0.26   PMI.WT 48.8%   BWR.WT.A 0.495 $0.53 Fair Market Value
the direct investor. It Norbord   BIM.WT 31-Jan-12   VZX.WT -0.14   YNG.WT 6.31   MB.WT 0.265   PMI.WT.A 48.8%   EIF.WT 7.15 $7.64 Fair Market Value
is greatest when the  NewGrowth Corp.   MGA.WT 12-Feb-12   APV.WT -0.16   FNV.WT 6.3   SSL.WT.A 0.275   AAB.WT 47.4%   GLD.WT 0.35 $0.37 Fair Market Value
warrants are 'at the money' New Gold Inc.   ML.WT 16-Feb-12   TCP.WT -0.18   IE.WT 6.27   NOT.WT 0.28   NOM.WT 47.1%   BRK.WT 1.74 $1.84 Fair Market Value
but decreases as the Norsemont Mining Inc.   CKG.WT 23-Feb-12   CIQ.WT -0.2   FRO.WT 5.7   GLW.WT 0.295   KAT.WT 47.1%   EDV.WT.A 0.95 $0.99 Fair Market Value
exercise date draws closer. Noront Resources Ltd.   XMF.WT.A 28-Feb-12   FRN.WT -0.21   PDL.WT.B 5.42   BEV.WT 0.3   MB.WT 46.7%   PNP.WT.B 1.52 $1.59 Fair Market Value
The decreased value is  Northquest Ltd   CNM.WT 28-Feb-12   HCF.WT -0.22   RED.WT 5.27   TMB.WT 0.305   MTO.WT 46.4%   ML.WT.A 2.74 $2.86 Fair Market Value
called time decay and  OLEARY BRLC PLUS INC...   YCM.WT.A 28-Feb-12   SSL.WT.A -0.22   PNP.WT.A 5.25   ADM.WT 0.31   FRO.WT 46.0%   MFL.WT 6 $6.12 Fair Market Value
decreases at a faster  OLEARY ADV TACT GLOB...   TMB.WT 29-Feb-12   PMI.WT.A -0.22   ML.WT 4.76   SCI.WT 0.32   PTA.WT.A 45.8%   WTN.WT 8.9 $9.06 Fair Market Value
pace as the expiry date O'Leary Canadian Equity Income   BNK.WT.A 01-Mar-12   ML.WT -0.24   MGA.WT 4.73   GLD.WT 0.35   ADM.WT 44.9%   FR.WT.B 9 $9.03 Fair Market Value
draws closer. Orsu Metals    GMC.WT.A 06-Mar-12   AAB.WT -0.24   FGX.WT.B 4.71   SSL.WT 0.355   DPM.WT.A 44.6%   ECU.WT 0.65 $0.64 Fair Market Value
  Primero Mining Corp   FNV.WT 13-Mar-12   CEK.WT -0.25   ADM.WT 4.71   NGD.WT.C 0.36   DPM.WT 44.6%   CKG.WT 4.2 $4.10 Fair Market Value
  Papuan Precious Metals...   NGD.WT.B 03-Apr-12   BRD.WT.A -0.31   GAA.WT 4.62   NQ.WT 0.385   TAO.WT 44.4%   CSI.WT 6.6 $6.47 Fair Market Value
  North American Palladium Ltd.   PNP.WT 16-Apr-12   BRD.WT -0.32   GAA.WT 4.62   XRG.WT 0.4   RN.WT 43.9%   PNP.WT.A 0.69 $0.67 Fair Market Value
  Petrolifera Petroleum...   MGT.WT.U 20-Apr-12   OCB.WT -0.33   LRT.WT.A 4.61   TXG.WT 0.4   WTN.WT 43.5%   YNG.WT 0.13 $0.13 Fair Market Value
  Peregrine Metals Ltd.   GMC.WT.B 27-Apr-12   LRT.WT.A -0.34   FNV.WT.A 4.56   MGA.WT.B 0.41   ANS.WT 43.3%   TCM.WT 5.25 $5.02 Fair Market Value
  Polaris Minerals   URZ.WT 27-Apr-12   CTF.WT -0.39   RNX.WT 4.45   IVA.WT 0.45   EDR.WT 43.2%   BNK.WT.A 5.54 $5.30 Fair Market Value
  Petromanas Energy Inc   RED.WT 29-Apr-12   TID.WT -0.41   MGT.WT.U 4.38   UTC.WT 0.45   CKG.WT 42.4%   NOM.WT 0.89 $0.84 Fair Market Value
  Pinetree Capital   BEV.WT 07-May-12   AR.WT -0.41   AAB.WT 4.34   USA.WT 0.45   CSI.WT 42.1%   BRD.WT.A 0.78 $0.74 Fair Market Value
  PETROAMERICA OIL CORP   MTO.WT 15-May-12   FEI.WT.A -0.43   K.WT.D. 4.09   IE.WT 0.45   NGD.WT.A 41.4%   PTA.WT.A 0.23 $0.21 Fair Market Value
  Platinum Group   CZY.WT 22-May-12   BPV.WT.A -0.45   URZ.WT 4.01   RNX.WT 0.47   NGD.WT.C 41.4%   IE.WT 0.45 $0.42 Fair Market Value
  Quadra FNX Mining Ltd.   ROZ.WT 28-May-12   GCM.WT -0.5   NOM.WT 3.89   MID.WT 0.48   NGD.WT.B 41.4%   RN.WT 0.97 $0.90 Fair Market Value
  REC MINERALS CORP   PMI.WT.A 28-May-12   MTO.WT -0.55   TXG.WT 3.85   HBB.WT 0.495   MFL.WT 40.9%   TAO.WT 3.68 $3.35 Fair Market Value
  Redwater Energy Corp   ADM.WT 02-Jun-12   AA.WT -0.57   LRT.WT 3.77   BWR.WT.A 0.495   DNA.WT 40.3%   SLW.WT.U 22.9 $20.47 Overvalued
  Rusoro Mining   AAB.WT 06-Jun-12   LRT.WT -0.59   QUX.WT 3.71   MSP.WT 0.5   BIM.WT.A 38.9%   K.WT.D. 4.59 $4.02 Overvalued
  RODINIA OIL CORP   MGA.WT.A 06-Jun-12   OBF.WT -0.6   DNA.WT 3.67   FRO.WT 0.5   BIM.WT 38.9%   EMC.WT 0.03 $0.03 Overvalued
  Canadian Resources...   APV.WT 11-Jun-12   PDP.WT -0.6   GPD.WT 3.57   BPV.WT 0.58   BSC.WT 36.7%   SSL.WT 0.355 $0.31 Overvalued
  S Split Corp.   YNG.WT 20-Jun-12   G.WT.G -0.61   NGD.WT.A 3.55   DNA.WT 0.6   SLW.WT.U 36.5%   RNX.WT 0.47 $0.39 Overvalued
  SCITI ROCS TRUST   WTN.WT 28-Jun-12   GPD.WT -0.68   NOT.WT 3.36   ECU.WT 0.65   IVA.WT 36.5%   MSP.WT 0.5 $0.41 Overvalued
  Sprott Resource Corp   DPM.WT 29-Jun-12   GAA.WT -0.69   P.WT 3.26   BIM.WT.A 0.66   BWR.WT.A 36.3%   QUX.WT 4.25 $3.39 Overvalued
  Silver Wheaton   MND.WT 06-Aug-12   PLS.WT -0.78   PMI.WT.A 3.21   CLQ.WT 0.67   XYM.WT 35.0%   NGD.WT.C 0.36 $0.27 Overvalued
  Sandstorm Resources Ltd.   QUX.WT 10-Sep-12   ADM.WT -0.79   AR.WT 3.15   PNP.WT.A 0.69   URB.WT.B 34.6%   PDL.WT.B 1.2 $0.88 Overvalued
  Stonegate Agricom Ltd.   SUE.WT 06-Oct-12   XYM.WT -0.8   CZY.WT 3.14   ST.WT 0.7   ML.WT.A 34.4%   BRD.WT 1.02 $0.73 Overvalued
  Sulliden Gold Corp. Ltd.   PNP.WT.A 23-Oct-12   XMF.WT.A -0.81   MRS.WT 3.13   MGT.WT.U 0.73   ML.WT 34.4%   DPM.WT 1.15 $0.83 Overvalued
  TAG OIL LTD   AC.WT 28-Oct-12   TYF.WT -0.85   VZX.WT 3   FGX.WT.C 0.75   NBD.WT 34.0%   FRO.WT 0.5 $0.36 Overvalued
  T BOONE PICKENS ENERGY...   AC.WT 28-Oct-12   XRG.WT -0.90   EDV.WT.A 2.98   RTU.WT 0.76   AEM.WT.U 33.9%   AA.WT 0.065 $0.04 Overvalued
  Thompson Creek Metals   FRO.WT 17-Nov-12   RNX.WT -0.91   PDL.WT.A 2.94   BRD.WT.A 0.78   EDV.WT.A 33.5%   ML.WT 0.79 $0.54 Overvalued
  Trident Performance Corp   NGD.WT.C 28-Nov-12   BSC.WT -0.98   AVL.WT 2.92   NBD.WT 0.78   EDV.WT.C 33.5%   G.WT.G 3.73 $2.57 Overvalued
  Tuscany Intl. Drilling...   RML.WT 29-Nov-12   HAP.WT -1.04   SSL.WT.A 2.84   ML.WT 0.79   P.WT 33.4%   SSL.WT.A 0.275 $0.19 Overvalued
  Tembec   BIM.WT.A 10-Dec-12   CMP.WT.B -1.1   MTO.WT 2.84   NEW.WT 0.8   PDP.WT 32.7%   AAB.WT 0.175 $0.12 Overvalued
  Terrane Metals   BPV.WT.A 16-Dec-12   CMT.WT -1.12   AA.WT 2.77   URZ.WT 0.83   TCM.WT 31.7%   FNV.WT.A 7.25 $4.69 Overvalued
  Torex Gold Resources Inc   RNX.WT 16-Dec-12   PGM.WT -1.2   BAA.WT 2.76   FT.WT.A 0.84   PDL.WT.A 31.6%   VZX.WT 0.02 $0.01 Overvalued
  IA CLARINGTON ASTON...   ZAZ.WT 19-Dec-12   ABK.WT -1.29   PTA.WT.A 2.7   NOM.WT 0.89   PDL.WT.B 31.6%   PMI.WT 0.24 $0.15 Overvalued
  Urbana Corporation   APV.WT.A 23-Dec-12   URB.WT.B -1.29   CKG.WT 2.67   CRJ.WT 0.92   TID.WT 31.3%   NBD.WT 0.78 $0.49 Overvalued
  Uranerz Energy Corporati...   AR.WT 29-Dec-12   MRS.WT -1.4   AC.WT 2.65   EDV.WT.A 0.95   FNV.WT 29.5%   NGD.WT.B 0.095 $0.06 Overvalued
  US Silver Corp   VZX.WT 05-Jan-13   TBP.WT -1.55   AC.WT 2.65   RN.WT 0.97   FNV.WT.A 29.5%   TBP.WT 0.02 $0.01 Overvalued
  Utility Corp.   CMP.WT.B 25-Jan-13   COX.WT -1.67   NGD.WT.C 2.61   GCM.WT 0.99   QUX.WT 29.2%   UXG.WT 0.15 $0.09 Overvalued
  U S Gold   ML.WT.A 29-Jan-13   CNM.WT -1.68   TCM.WT 2.58   K.WT.B 1.01   AR.WT 28.8%   APV.WT.A 0.075 $0.04 Overvalued
  Vast Exploration Inc.   ST.WT 29-Apr-13   GAA.WT -1.69   ST.WT 2.49   BRD.WT 1.02   SSL.WT 28.2%   TID.WT 0.1 $0.06 Overvalued
  Vuzix Corp   CRJ.WT 22-May-13   FRO.WT -1.75   MB.WT 2.45   ABK.WT 1.1   SSL.WT.A 28.2%   CEK.WT 0.03 $0.02 Overvalued
  World Financial Split...   CCJ.WT.B 05-Jun-13   BEV.WT -1.85   EIF.WT 2.45   GAA.WT 1.15   CWB.WT 27.5%   P.WT 1.36 $0.72 Overvalued
  Western Canadian Coal...   PAU.WT 05-Jul-13   FEI.WT -1.88   MND.WT 2.43   GAA.WT 1.15   BEV.WT 27.4%   AR.WT 1.3 $0.67 Overvalued
  M SPLIT CORP CAPITAL...   GLW.WT 08-Jul-13   ZAZ.WT -1.9   APV.WT 2.43   DPM.WT 1.15   ABK.WT 26.4%   DNA.WT 0.6 $0.28 Very Overvalued
  Xinergy Ltd.   PNP.WT.B 11-Jul-13   OGE.WT -2   BRD.WT.A 2.41   PDL.WT.B 1.2   AC.WT 25.8%   ADM.WT 0.31 $0.14 Very Overvalued
  COMMERCE SPLIT CORP...   ANS.WT 29-Jul-13   GMC.WT -2.05   PNP.WT.B 2.38   SUE.WT 1.22   AC.WT 25.5%   PNP.WT 0.14 $0.06 Very Overvalued
  Yukon-Nevada Gold   K.WT.C 03-Sep-13   YNG.WT -2.18   CRJ.WT 2.33   BAA.WT 1.28   GMF.WT 25.0%   K.WT.C 2 $0.79 Very Overvalued
  Zazu Metals Corp   SLW.WT.U 05-Sep-13   EMC.WT -2.29   MGA.WT.B 2.29   AR.WT 1.3   K.WT.D. 24.7%   NOT.WT 0.28 $0.11 Very Overvalued
      FRN.WT 08-Sep-13   GMC.WT.A -2.3   RN.WT 2.27   AC.WT 1.34   K.WT.C 24.7%   MRS.WT 0.25 $0.09 Very Overvalued
      GAA.WT 30-Nov-13   CCJ.WT.B -2.41   APV.WT.A 2.27   AC.WT 1.34   K.WT.B 24.7%   PMI.WT.A 0.12 $0.04 Very Overvalued
      AEM.WT.U 02-Dec-13   UXG.WT -2.5   AEM.WT.U 2.26   P.WT 1.36   SCP.WT 24.4%   TMB.WT 0.305 $0.10 Very Overvalued
      NBD.WT 24-Dec-13   RF.WT -2.51   SSL.WT 2.2   PNP.WT.B 1.52   BNK.WT.A 23.6%   VST.WT 0.25 $0.07 Very Overvalued
      EDV.WT.A 04-Feb-14   K.WT.D. -2.52   CLQ.WT 2.13   AVL.WT 1.56   SBN.WT.A 22.2%   MGA.WT.A 0.09 $0.02 Very Overvalued
      ECU.WT 20-Feb-14   MGT.WT.U -2.55   EDR.WT 2.13   MAI.WT 1.58   BRK.WT 21.3%   K.WT.B 1.01 $0.27 Very Overvalued
      CWB.WT 02-Mar-14   PNP.WT.A -2.88   GCM.WT 2.12   BSC.WT 1.6   NEW.WT 20.1%   URB.WT.B 0.015 $0.00 Very Overvalued
      BWR.WT.A 09-Apr-14   NOT.WT -3.06   BIM.WT.A 2.03   BRK.WT 1.74   G.WT.G 19.5%   PGM.WT 0.06 $0.01 Very Overvalued
      SSL.WT 23-Apr-14   P.WT -3.57   VST.WT 1.98   ROZ.WT 1.75   CMP.WT.A 19.2%   ANS.WT 0.25 $0.05 Very Overvalued
      BRK.WT 27-May-14   RML.WT -3.64   NQ.WT 1.97   CMP.WT.A 1.8   CMP.WT.B 19.2%   APV.WT 0.07 $0.01 Very Overvalued
      FGX.WT.B 30-Jun-14   K.WT.B -3.71   FT.WT.A 1.94   K.WT.C 2   COX.WT 18.2%   FEI.WT.A 0.01 $0.00 Very Overvalued
      USA.WT 10-Jul-14   BIM.WT -4.16   CWB.WT 1.93   PDL.WT.A 2.21   OCB.WT 17.7%   GPD.WT 0.185 $0.03 Very Overvalued
      MAI.WT 19-Aug-14   GMC.WT.B -4.3   NBD.WT 1.91   FGX.WT.B 2.25   RF.WT 17.3%   MTO.WT 0.16 $0.02 Very Overvalued
      K.WT.D. 17-Sep-14   MGA.WT -4.41   SUE.WT 1.85   NGD.WT.A 2.65   TCP.WT 16.9%   MGA.WT 0.2 $0.02 Very Overvalued
      AA.WT 07-Oct-14   GLW.WT -4.93   BRD.WT 1.84   ML.WT.A 2.74   HBB.WT 15.7%   HAP.WT 0.01 $0.00 Very Overvalued
      PTA.WT.A 08-Oct-14   MGA.WT.A -5.31   TAO.WT 1.83   EDR.WT 3.25   TBP.WT 14.5%   XMF.WT 0.005 $0.00 Very Overvalued
      BPV.WT 09-Oct-14   CCJ.WT -5.51   ECU.WT 1.82   TAO.WT 3.68   SCI.WT 14.0%   CMT.WT 0.015 $0.00 Very Overvalued
      MGA.WT.B 26-Oct-14   NGD.WT.A -5.6   MAI.WT 1.81   G.WT.G 3.73   HCF.WT 13.5%   BEV.WT 0.3 $0.01 Very Overvalued
      GLD.WT 27-Oct-14   NGD.WT.B -5.6   MFL.WT 1.81   CKG.WT 4.2   CIQ.WT 13.1%   PLS.WT 0.01 $0.00 Very Overvalued
      BRD.WT.A 19-Nov-14   DPM.WT -5.68   PAU.WT 1.73   QUX.WT 4.25   HAP.WT 12.9%   PDP.WT 0.08 $0.00 Very Overvalued
      BRD.WT 19-Nov-14   KAT.WT -7.15   ROZ.WT 1.72   K.WT.D. 4.59   UTC.WT 12.2%   BIM.WT 0.06 $0.00 Very Overvalued
      NOT.WT 16-Dec-14   TMB.WT -7.97   BPV.WT 1.64   FNV.WT 5.25   MSP.WT 12.1%   CCJ.WT 0.005 $0.00 Very Overvalued
      NQ.WT 21-Dec-14   CCJ.WT.A -8.31   SLW.WT.U 1.62   TCM.WT 5.25   TYF.WT 11.9%   CCJ.WT.A 0.005 $0.00 Very Overvalued
      PMI.WT 23-Feb-15   YCM.WT -8.9   PMI.WT 1.6   BNK.WT.A 5.54   OGE.WT 11.9%   CCJ.WT.B 0.005 $0.00 Very Overvalued
      LRT.WT 05-Mar-15   ANS.WT -9.01   BRK.WT 1.54   MFL.WT 6   OBF.WT 11.4%   DML.WT.A 0.03 $0.00 Very Overvalued
      RN.WT 08-Mar-15   XMF.WT -9.6   DPM.WT.A 1.49   DPM.WT.A 6.27   FGX.WT.C 11.2%   EDV.WT.C 0.04 $0.00 Very Overvalued
      MB.WT 30-Mar-15   WFS.WT.A -10.17   FR.WT.B 1.39   CSI.WT 6.6   FGX.WT.B 11.2%   FEI.WT 0.005 $0.00 Very Overvalued
      P.WT 19-Jul-15   SBN.WT.A -10.51   ML.WT.A 1.37   EIF.WT 7.15   FSS.WT 10.4%   KAT.WT 0.02 $0.00 Very Overvalued
      GCM.WT 24-Aug-15   PNP.WT -11.38   WTN.WT 1.36   FNV.WT.A 7.25   RTU.WT 10.1%   OGE.WT 0.005 $0.00 Very Overvalued
      SSL.WT.A 19-Oct-15   YCM.WT.A -11.4   BNK.WT.A 1.36   WTN.WT 8.9   CCJ.WT 10.0%   OSU.WT.B 0.005 $0.00 Very Overvalued
      DPM.WT.A 20-Nov-15   K.WT.C -13.22   GLD.WT 1.29   FR.WT.B 9   CCJ.WT.A 10.0%   SBN.WT.A 0.055 $0.00 Very Overvalued
      GAA.WT 30-Nov-15   EDV.WT.C -14.23   CSI.WT 1.28   CWB.WT 14.88   CCJ.WT.B 10.0%   WFS.WT.A 0.01 $0.00 Very Overvalued
      LRT.WT.A 23-Dec-15   OSU.WT.B -15.21   USA.WT 1.27   SLW.WT.U 22.9   MID.WT 9.9%   YCM.WT 0.125 $0.00 Very Overvalued
      FNV.WT.A 16-Jun-17   DML.WT.A -20.7   BWR.WT.A 1.27   AEM.WT.U 33.75   CTF.WT 8.2%   YCM.WT.A 0.05 $0.00 Very Overvalued
      NGD.WT.A 28-Jun-17   FNV.WT.A -41.95   CMP.WT.B nt   CMP.WT.B nt   EIF.WT 7.0%   CMP.WT.B nt $1.72 Not Trading