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Warrant Sheets for Companies as of December 31st, 2010

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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   PLS.WT 08-Jan-11   AEM.WT.U 29.35   RF.WT 1050.5   PLS.WT 0.005   VZX.WT 207.2%   RF.WT 0.02 $0.58 Bargain
The last day the warrants  Aberdeen International Inc   SBN.WT.A 17-Jan-11   SLW.WT.U 18.98   HAP.WT 890   XMF.WT.A 0.005   XMF.WT.A 197.8%   OCB.WT 0.05 $0.47 Bargain
can be exercised. If ALLBANC SPLIT CORP...   WFS.WT.A 17-Jan-11   CWB.WT 14.36   EDV.WT.C 753.76   XMF.WT 0.005   XMF.WT 197.8%   XYM.WT 0.07 $0.90 Bargain
warrants aren't being  Air Canada   CMP.WT.A 25-Jan-11   FR.WT.B 10.9   TYF.WT 461   OSU.WT.B 0.005   NQ.WT 191.4%   OBF.WT 0.09 $0.61 Bargain
exercised then they Air Canada   HAP.WT 31-Jan-11   WTN.WT 9.05   PLS.WT 298.00   FEI.WT 0.005   REC.WT 191.0%   GMF.WT 0.105 $0.70 Bargain
must be sold the day  Andina Minerals Inc   CCJ.WT 08-Feb-11   EIF.WT 7.55   OCB.WT 232.4   CCJ.WT 0.005   ZAZ.WT 158.9%   HCF.WT 0.11 $0.72 Bargain
before the expiry date. Agnico-Eagle   CSI.WT 13-Feb-11   CSI.WT 6.82   TBP.WT 210.5   CCJ.WT.A 0.005   AVL.WT 151.5%   TCP.WT 0.1 $0.36 Bargain
The longer the time to  Ainsworth Lumber   MID.WT 15-Feb-11   DPM.WT.A 6.13   XYM.WT 161.43   CCJ.WT.B 0.005   MOB.WT 148.3%   CTF.WT 0.06 $0.11 Bargain
expiry the more ARISE Technologies Corp.   UXG.WT 22-Feb-11   MFL.WT 5.92   COX.WT 146.15   HAP.WT 0.01   TMD.WT 140.9%   XMF.WT.A 0.005 $0.08 Bargain
valuable the warrants. Avalon Rare Metals Inc   TCP.WT 28-Feb-11   TCM.WT 5.6   DML.WT.A 136.39   WFS.WT.A 0.01   EMC.WT 140.1%   CIQ.WT 0.16 $0.46 Bargain
  Banro Corp   XMF.WT 28-Feb-11   BWR.WT.A 5.28   WFS.WT.A 136   GMC.WT 0.01   MGT.WT.U 133.4%   GMC.WT 0.01 $0.05 Bargain
Leverage Bennett Environmental...   YCM.WT 28-Feb-11   BNK.WT.A 5.23   OBF.WT 129.89   FEI.WT.A 0.01   LRT.WT.A 133.0%   ABK.WT 1.01 $4.08 Bargain
The leverage of a warrant Baffinland Iron Mns Corp   DML.WT.A 01-Mar-11   CKG.WT 4.55   SBN.WT.A 119.33   VZX.WT 0.01   LRT.WT 133.0%   NEW.WT 0.8 $2.11 Bargain
is a measure of how much Bankers Petroleum   FR.WT.B 05-Mar-11   EDR.WT 3.7   GMF.WT 112.86   URB.WT.B 0.015   CEK.WT 130.1%   CNM.WT 0.025 $0.23 Bargain
you can increase your Brigus Gold Corp.   UTC.WT 21-Mar-11   TAO.WT 3   HCF.WT 106.36   ZAZ.WT 0.015   CZY.WT 122.4%   FSS.WT 0.25 $0.76 Bargain
exposure to a share if Brick Group   OSU.WT.B 21-Mar-11   ML.WT.A 2.97   TCP.WT 103.2   RF.WT 0.02   RED.WT 112.0%   GMC.WT.B 0.02 $0.05 Bargain
you bought warrants BNS Split Corp II   NEW.WT 31-Mar-11   PDL.WT.A 2.64   CTF.WT 86.83   TYF.WT 0.02   RML.WT 110.4%   BSC.WT 1.44 $5.37 Bargain
instead of making a Breakwater Resources   MSP.WT 31-Mar-11   AVL.WT 2.61   URB.WT.B 86   GMC.WT.B 0.02   PAU.WT 109.4%   ZAZ.WT 0.015 $0.18 Bargain
direct investment. It is  Coalcorp Mining   EIF.WT 07-Apr-11   CMP.WT.A 2.05   XMF.WT.A 83   CMT.WT 0.02   CLQ.WT 108.0%   HBB.WT 0.52 $0.94 Bargain
calculated dividing the  Caspian Energy   CIQ.WT 15-Apr-11   QUX.WT 1.81   XMF.WT 83   CEK.WT 0.02   USA.WT 105.1%   GLW.WT 0.28 $0.83 Bargain
current share price by CANADIAN HIGH INCOME...   HBB.WT 15-Apr-11   BAA.WT 1.8   UXG.WT 76.38   REC.WT 0.02   CNM.WT 104.9%   GMC.WT.A 0.04 $0.08 Bargain
the current price of the  Chesapeake Gold   TYF.WT 29-Apr-11   ROZ.WT 1.78   CIQ.WT 75.25   DML.WT.A 0.025   GMC.WT 104.1%   SCI.WT 0.4 $0.62 Bargain
warrant. C M P Gold Trust   TBP.WT 29-Apr-11   BRK.WT 1.74   GMC.WT 72   CNM.WT 0.025   GMC.WT.B 104.1%   RML.WT 0.03 $0.05 Bargain
  Compton Petroleum Corp.   NOM.WT 30-Apr-11   MAI.WT 1.65   OSU.WT.B 68   EMC.WT 0.025   GMC.WT.A 104.1%   LRT.WT.A 0.035 $0.37 Bargain
Intrinsic Value Canadian Income Mgmt Tr   IE.WT 15-May-11   FGX.WT.B 1.54   ABK.WT 60.93   KAT.WT 0.03   FRN.WT 104.0%   IVA.WT 0.375 $0.60 Bargain
The difference between  Coxe Commodity Strategy Fund   CEK.WT 28-May-11   FNV.WT 1.26   NEW.WT 52.39   RML.WT 0.03   ROZ.WT 99.1%   FRN.WT 0.05 $0.22 Bargain
the exercise price and Claude Resources   OCB.WT 31-May-11   AC.WT 1.25   KAT.WT 47.67   LRT.WT.A 0.035   OSU.WT.B 94.1%   XRG.WT 0.5 $0.92 Bargain
the actual trading price  Ceres Global Ag Corp   COX.WT 31-May-11   AC.WT 1.25   UTC.WT 43.86   EDV.WT.C 0.04   XRG.WT 82.6%   REC.WT 0.02 $0.06 Bargain
of the common stock. Colossus Minerals   VST.WT 05-Jun-11   SUE.WT 1.24   CNM.WT 42.8   TBP.WT 0.04   AA.WT 81.3%   RED.WT 0.075 $0.16 Bargain
Once the common has  Citadel Income Fund   ABK.WT 06-Jun-11   CLQ.WT 1.19   FSS.WT 41.8   GMC.WT.A 0.04   WFS.WT.A 81.0%   GAA.WT 1.15 $2.55 Bargain
gone over the exercise Canadian Western Bank   RTU.WT 08-Jun-11   NOM.WT 1.07   GMC.WT.B 36   AA.WT 0.045   PLS.WT 80.5%   GAA.WT 1.15 $2.13 Bargain
price the warrants are  CAZA GOLD CORP COM   G.WT.G 09-Jun-11   NBD.WT 1.04   BSC.WT 35.22   OCB.WT 0.05   CRJ.WT 79.0%   MGT.WT.U 0.96 $2.03 Bargain
said to be 'in the money'. Denison Mines   FEI.WT 20-Jun-11   URZ.WT 0.95   ZAZ.WT 25.33   YCM.WT.A 0.05   URZ.WT 77.4%   TXG.WT 0.42 $0.65 Bargain
  Dalradian Resources Inc   OBF.WT 30-Jun-11   FT.WT.A 0.92   FEI.WT 25   FRN.WT 0.05   FT.WT.A 76.5%   LRT.WT 0.16 $0.33 Bargain
Volatility Dundee Precious Metals   FSS.WT 30-Jun-11   FGX.WT.C 0.76   HBB.WT 24.33   CTF.WT 0.06   MND.WT 75.6%   CZY.WT 0.24 $0.38 Bargain
The higher the volatility  ECU Silver Mining Inc.    BSC.WT 07-Jul-11   BIM.WT.A 0.73   PNP.WT 23   PGM.WT 0.06   GLD.WT 72.3%   NQ.WT 0.385 $0.73 Bargain
rating the higher the price Endeavour Silver Corp.   FGX.WT.C 29-Jul-11   NGD.WT.C 0.68   CCJ.WT 23   APV.WT 0.06   BAA.WT 71.2%   RTU.WT 0.71 $0.89 Undervalued
of the warrant will be. Endeavour Financial   DNA.WT 29-Jul-11   HBB.WT 0.65   CCJ.WT.A 23   COX.WT 0.065   FEI.WT.A 70.1%   FGX.WT.C 0.84 $1.06 Undervalued
A measure of actual  Exchange Income   SCI.WT 04-Aug-11   PNP.WT.B 0.64   CCJ.WT.B 23   APV.WT.A 0.065   FEI.WT 70.1%   CEK.WT 0.02 $0.03 Undervalued
stock price changes over  EMC Metals   EDV.WT.C 07-Aug-11   CRJ.WT 0.6   YCM.WT.A 22.4   XYM.WT 0.07   ST.WT 69.0%   VZX.WT 0.01 $0.01 Undervalued
a specific period of time.  First Capital Realty...   EMC.WT 15-Aug-11   TXG.WT 0.54   CMT.WT 22   PDP.WT 0.07   FRO.WT 68.4%   BPV.WT.A 0.15 $0.19 Undervalued
Historical volatility is  Fortress Energy Inc   GPD.WT 15-Aug-11   RTU.WT 0.54   MSP.WT 19.31   SBN.WT.A 0.075   FR.WT.B 66.9%   FGX.WT.B 2.33 $3.01 Undervalued
calculated by using the  Faircourt Gold Income   CCJ.WT.A 17-Aug-11   USA.WT 0.5   MID.WT 19.23   RED.WT 0.075   ECU.WT 66.4%   FRO.WT 0.74 $0.98 Undervalued
standard deviation of an Franco-Nevada   PDP.WT 28-Aug-11   FSS.WT 0.45   GLW.WT 18.36   OBF.WT 0.09   IE.WT 65.3%   AA.WT 0.045 $0.06 Undervalued
underlying stock price. First Majestic Silver Corp   K.WT.B 07-Sep-11   MID.WT 0.44   RTU.WT 18.08   NGD.WT.B 0.09   PGM.WT 65.3%   NGD.WT.A 2.84 $3.32 Undervalued
  FERONIA INC COM   PGM.WT 11-Sep-11   BPV.WT 0.4   GMC.WT.A 18   TCP.WT 0.1   MRS.WT 63.1%   URZ.WT 1.35 $1.81 Undervalued
In the Money FRONTIER RARE EARTH...   BAA.WT 17-Sep-11   ECU.WT 0.39   SCI.WT 17.88   BIM.WT 0.1   GCM.WT 63.0%   MND.WT 0.16 $0.23 Undervalued
When the price of the  FRONT STREET STRATEGIC...   IVA.WT 20-Sep-11   PDL.WT.B 0.39   ANS.WT 16.67   TID.WT 0.1   MGA.WT.B 62.0%   AC.WT 1.24 $1.47 Undervalued
common is higher than  Fortune Minerals Limited   CMT.WT 25-Sep-11   NEW.WT 0.34   EMC.WT 15.2   GMF.WT 0.105   MGA.WT.A 62.0%   AC.WT 1.24 $1.47 Undervalued
the exercise price Goldcorp   RF.WT 30-Sep-11   EDV.WT.A 0.31   PGM.WT 15   UXG.WT 0.105   MGA.WT 62.0%   ST.WT 0.73 $0.87 Undervalued
  Gazit America Inc.   AVL.WT 30-Sep-11   IVA.WT 0.28   BIM.WT 14.3   HCF.WT 0.11   SUE.WT 61.8%   AEM.WT.U 33.7 $37.24 Undervalued
At the Money Great Basin   CLQ.WT 30-Sep-11   SCI.WT 0.28   TID.WT 14   YCM.WT 0.13   PNP.WT.B 60.0%   MGA.WT.B 0.435 $0.49 Undervalued
When the price of the  GRAN COLOMBIA GOLD CORP   PDL.WT.A 30-Sep-11   ST.WT 0.28   RML.WT 13.5   MGA.WT.A 0.135   PNP.WT.A 60.0%   BAA.WT 1.79 $2.00 Undervalued
underlying is equivalent Augen Gold Corp.   FEI.WT.A 30-Sep-11   GLD.WT 0.27   FGX.WT.C 12.61   MTO.WT 0.14   PNP.WT 60.0%   CRJ.WT 0.99 $1.27 Undervalued
or close to the strike price. Geovic Mining Corp   EDR.WT 07-Oct-11   NQ.WT 0.26   FEI.WT.A 12.5   YNG.WT 0.145   GPD.WT 59.7%   AVL.WT 2.87 $3.92 Undervalued
  HORIZONS AP INCOME PLUS...   GMF.WT 14-Oct-11   SSL.WT 0.2   LRT.WT.A 12.43   PMI.WT.A 0.145   BPV.WT.A 58.5%   ECU.WT 0.67 $0.78 Undervalued
Exercise ratio HARVEST BANKS &...   TID.WT 16-Oct-11   CZY.WT 0.17   G.WT.G 11.92   BPV.WT.A 0.15   BPV.WT 58.5%   BIM.WT.A 0.73 $0.81 Undervalued
The number of warrants  HARVEST CDN INCOME AND...   TCM.WT 27-Oct-11   MB.WT 0.15   CEK.WT 11   CIQ.WT 0.16   YCM.WT 56.7%   CWB.WT 14.53 $16.51 Undervalued
related to one share and Ivanhoe Energy   PDL.WT.B 29-Oct-11   MND.WT 0.13   TMB.WT 10.97   MND.WT 0.16   YCM.WT.A 56.7%   SUE.WT 1.21 $1.40 Undervalued
specifies the amount of  IVANHOE AUSTRALIA LTD   XYM.WT 31-Oct-11   G.WT.G 0.13   NGD.WT.B 10.76   LRT.WT 0.16   TMB.WT 53.5%   PAU.WT 0.24 $0.28 Undervalued
underlying that the owner Kinross   GMC.WT 03-Nov-11   AR.WT 0.12   IVA.WT 9.73   PNP.WT 0.18   GAA.WT 53.1%   MAI.WT 1.64 $1.94 Undervalued
of a single warrant is  Katanga Mining   MRS.WT 03-Nov-11   MSP.WT 0.12   PDP.WT 8.86   ANS.WT 0.18   GAA.WT 53.1%   BPV.WT 0.52 $0.58 Undervalued
entitled to buy. Canadian Life Companies...   TAO.WT 05-Nov-11   TCP.WT 0.07   K.WT.C 8.63   MGA.WT 0.18   GLW.WT 52.4%   CLQ.WT 1.18 $1.31 Undervalued
  Lanesborough REIT   URB.WT.B 10-Nov-11   DNA.WT 0.05   YCM.WT 8.62   GPD.WT 0.195   NOT.WT 51.9%   ROZ.WT 1.88 $2.13 Undervalued
Time Value Minera Andes Inc.   TXG.WT 12-Nov-11   CIQ.WT 0.04   FRN.WT 8   PTA.WT.A 0.205   BRD.WT.A 51.6%   USA.WT 0.52 $0.58 Undervalued
The time value is the  Mega Brands Inc.   KAT.WT 20-Nov-11   PAU.WT 0.04   K.WT.B 7.86   AAB.WT 0.21   BRD.WT 51.6%   UTC.WT 0.44 $0.48 Fair Market Value
difference between the Minefinders Corp. Ltd.   HCF.WT 30-Nov-11   UTC.WT 0.04   MGA.WT.A 7.34   PMI.WT 0.22   APV.WT.A 50.8%   MID.WT 0.53 $0.51 Fair Market Value
current warrant price  Mega Uranium   REC.WT 30-Nov-11   VST.WT 0   XRG.WT 6.90   VST.WT 0.23   APV.WT 50.8%   CMP.WT.A 2.05 $2.09 Fair Market Value
and its intrinsic value. MINES MANAGEMENT INC.   CTF.WT 02-Dec-11   RN.WT -0.03   CMP.WT.A 6.85   CZY.WT 0.24   DML.WT.A 50.6%   PDL.WT.B 1.3 $1.20 Fair Market Value
The time value is to be  MINT Income Fund   FT.WT.A 03-Dec-11   ML.WT -0.03   BEV.WT 6.83   PAU.WT 0.24   TXG.WT 50.6%   NOM.WT 1.15 $1.16 Fair Market Value
interpreted as the Mercator Minerals Ltd   XRG.WT 21-Dec-11   MGA.WT.B -0.04   DPM.WT 6.7   FSS.WT 0.25   KAT.WT 49.4%   PTA.WT.A 0.205 $0.20 Fair Market Value
consideration paid for  GT Canada Medical...   MFL.WT 31-Dec-11   APV.WT.A -0.05   VZX.WT 6.5   MB.WT 0.265   CKG.WT 48.1%   EDV.WT.A 0.98 $0.96 Fair Market Value
the advantage that the Medoro Resources Ltd.   BIM.WT 31-Jan-12   PMI.WT -0.06   FNV.WT 6.16   MRS.WT 0.275   NOM.WT 48.0%   PDL.WT.A 2.62 $2.82 Fair Market Value
warrant buyer has over  THE CANADIAN SHIELD FUND   MGA.WT 12-Feb-12   BRD.WT.A -0.09   BPV.WT.A 6   GLW.WT 0.28   MTO.WT 47.4%   MB.WT 0.265 $0.29 Fair Market Value
the direct investor. It Metanor Resources   ML.WT 16-Feb-12   BRD.WT -0.1   YNG.WT 5.93   NOT.WT 0.28   TAO.WT 46.9%   EIF.WT 7.35 $7.68 Fair Market Value
is greatest when the  Norbord   CKG.WT 23-Feb-12   BSC.WT -0.12   IE.WT 5.79   BEV.WT 0.3   PMI.WT 46.8%   BRD.WT.A 0.89 $0.92 Fair Market Value
warrants are 'at the money' NewGrowth Corp.   XMF.WT.A 28-Feb-12   RED.WT -0.12   REC.WT 5.75   SSL.WT.A 0.305   PMI.WT.A 46.8%   RN.WT 0.95 $0.95 Fair Market Value
but decreases as the New Gold Inc.   CNM.WT 28-Feb-12   REC.WT -0.14   MGA.WT 5.51   ADM.WT 0.35   ADM.WT 46.7%   TCM.WT 6.41 $6.05 Fair Market Value
exercise date draws closer. Norsemont Mining Inc.   YCM.WT.A 28-Feb-12   VZX.WT -0.14   PDL.WT.B 5.3   NGD.WT.C 0.36   RN.WT 46.6%   PNP.WT.B 1.85 $1.91 Fair Market Value
The decreased value is  Noront Resources Ltd.   TMB.WT 29-Feb-12   PTA.WT.A -0.14   RED.WT 5.07   IVA.WT 0.375   AAB.WT 46.4%   CKG.WT 5.9 $5.42 Fair Market Value
called time decay and  Northquest Ltd   BNK.WT.A 01-Mar-12   GMF.WT -0.15   ML.WT 4.96   NQ.WT 0.385   MAI.WT 44.9%   EDR.WT 3.75 $3.85 Fair Market Value
decreases at a faster  OLEARY BRLC PLUS INC...   GMC.WT.A 06-Mar-12   AAB.WT -0.17   GAA.WT 4.90   TMB.WT 0.39   CMT.WT 44.9%   MFL.WT 6.12 $6.19 Fair Market Value
pace as the expiry date OLEARY ADV TACT GLOB...   FNV.WT 13-Mar-12   APV.WT -0.17   GAA.WT 4.9   SCI.WT 0.4   PTA.WT.A 44.8%   FT.WT.A 0.97 $1.01 Fair Market Value
draws closer. Orsu Metals    NGD.WT.B 03-Apr-12   FRN.WT -0.2   ADM.WT 4.69   SSL.WT 0.4   UXG.WT 44.8%   SLW.WT.U 24.6 $22.21 Fair Market Value
  Primero Mining Corp   PNP.WT 16-Apr-12   SSL.WT.A -0.2   FNV.WT.A 4.56   GLD.WT 0.41   EDR.WT 44.0%   BRK.WT 1.8 $1.90 Fair Market Value
  Papuan Precious Metals...   MGT.WT.U 20-Apr-12   IE.WT -0.21   FGX.WT.B 4.55   TXG.WT 0.42   WTN.WT 43.4%   DPM.WT.A 6.48 $6.96 Fair Market Value
  North American Palladium Ltd.   GMC.WT.B 27-Apr-12   PMI.WT.A -0.21   FRO.WT 4.53   MGA.WT.B 0.435   ANS.WT 41.7%   BNK.WT.A 5.4 $5.36 Fair Market Value
  Petrolifera Petroleum...   URZ.WT 27-Apr-12   CEK.WT -0.23   MGT.WT.U 4.29   UTC.WT 0.44   CSI.WT 41.5%   ML.WT.A 2.91 $3.07 Fair Market Value
  Peregrine Metals Ltd.   RED.WT 29-Apr-12   HCF.WT -0.3   PNP.WT.A 4.27   IE.WT 0.47   BIM.WT.A 41.2%   WTN.WT 9.13 $9.29 Fair Market Value
  Polaris Minerals   BEV.WT 07-May-12   OBF.WT -0.31   AA.WT 4.11   XRG.WT 0.5   BIM.WT 41.2%   FR.WT.B 10.9 $10.93 Fair Market Value
  Petromanas Energy Inc   MTO.WT 15-May-12   LRT.WT.A -0.32   K.WT.D. 4.03   BWR.WT.A 0.51   MFL.WT 40.5%   BWR.WT.A 0.51 $0.55 Fair Market Value
  Pinetree Capital   CZY.WT 22-May-12   RNX.WT -0.33   TXG.WT 3.98   HBB.WT 0.52   DPM.WT.A 40.0%   CSI.WT 6.92 $6.83 Fair Market Value
  PETROAMERICA OIL CORP   ROZ.WT 28-May-12   CTF.WT -0.34   AAB.WT 3.95   BPV.WT 0.52   DPM.WT 40.0%   COX.WT 0.065 $0.04 Overvalued
  Quadra FNX Mining Ltd.   PMI.WT.A 28-May-12   GAA.WT -0.36   GPD.WT 3.85   USA.WT 0.52   DNA.WT 38.7%   UXG.WT 0.105 $0.08 Overvalued
  REC MINERALS CORP   ADM.WT 02-Jun-12   OCB.WT -0.38   DNA.WT 3.83   MID.WT 0.53   NGD.WT.A 38.7%   MSP.WT 0.55 $0.40 Overvalued
  Redwater Energy Corp   AAB.WT 06-Jun-12   TID.WT -0.41   NOT.WT 3.5   MSP.WT 0.55   NGD.WT.C 38.7%   EMC.WT 0.025 $0.02 Overvalued
  Rusoro Mining   MGA.WT.A 06-Jun-12   GCM.WT -0.42   QUX.WT 3.49   DNA.WT 0.6   NGD.WT.B 38.7%   G.WT.G 3.85 $2.88 Overvalued
  Royal Nickel Corp   APV.WT 11-Jun-12   FEI.WT.A -0.43   NGD.WT.A 3.41   ECU.WT 0.67   VST.WT 38.4%   NGD.WT.B 0.09 $0.05 Overvalued
  RODINIA OIL CORP   YNG.WT 20-Jun-12   BPV.WT.A -0.5   P.WT 3.38   RTU.WT 0.71   RNX.WT 38.0%   FNV.WT 5.4 $4.69 Overvalued
  Canadian Resources...   WTN.WT 28-Jun-12   MTO.WT -0.56   NOM.WT 3.32   ST.WT 0.73   SLW.WT.U 37.7%   IE.WT 0.47 $0.37 Overvalued
  S Split Corp.   DPM.WT 29-Jun-12   LRT.WT -0.57   AR.WT 3.32   BIM.WT.A 0.73   BEV.WT 37.3%   ML.WT 0.8 $0.55 Overvalued
  SCITI ROCS TRUST   MND.WT 06-Aug-12   AA.WT -0.57   MTO.WT 3.18   FRO.WT 0.74   TCM.WT 36.3%   ADM.WT 0.35 $0.22 Overvalued
  Silver Wheaton   QUX.WT 10-Sep-12   PDP.WT -0.58   RNX.WT 3.07   NBD.WT 0.78   PDL.WT.A 35.2%   PNP.WT.A 0.97 $0.83 Overvalued
  Sandstorm Resources Ltd.   SUE.WT 06-Oct-12   GPD.WT -0.59   PTA.WT.A 2.98   NEW.WT 0.8   PDL.WT.B 35.2%   K.WT.D. 4.69 $3.69 Overvalued
  Stonegate Agricom Ltd.   PNP.WT.A 23-Oct-12   ADM.WT -0.61   URZ.WT 2.93   ML.WT 0.8   URB.WT.B 34.5%   AAB.WT 0.21 $0.15 Overvalued
  Sulliden Gold Corp. Ltd.   AC.WT 28-Oct-12   XYM.WT -0.7   MND.WT 2.88   FGX.WT.C 0.84   NBD.WT 34.2%   DNA.WT 0.6 $0.32 Overvalued
  TAG OIL LTD   AC.WT 28-Oct-12   XRG.WT -0.75   EDV.WT.A 2.87   RNX.WT 0.87   BSC.WT 33.3%   QUX.WT 4.8 $4.20 Overvalued
  T BOONE PICKENS ENERGY...   FRO.WT 17-Nov-12   PLS.WT -0.76   MRS.WT 2.84   BRD.WT.A 0.89   EDV.WT.A 33.1%   P.WT 1.36 $0.74 Overvalued
  Thompson Creek Metals   NGD.WT.C 28-Nov-12   TYF.WT -0.78   AC.WT 2.78   RN.WT 0.95   EDV.WT.C 33.1%   AR.WT 1.39 $1.05 Overvalued
  Trident Performance Corp   RML.WT 29-Nov-12   XMF.WT.A -0.81   AC.WT 2.78   GCM.WT 0.95   BWR.WT.A 33.0%   RNX.WT 0.87 $0.54 Overvalued
  Tuscany Intl. Drilling...   BIM.WT.A 10-Dec-12   CMP.WT.B -0.95   APV.WT 2.75   MGT.WT.U 0.96   PDP.WT 32.3%   NGD.WT.C 0.36 $0.27 Overvalued
  Tembec   BPV.WT.A 16-Dec-12   PGM.WT -1.1   LRT.WT 2.72   PNP.WT.A 0.97   P.WT 32.2%   SSL.WT.A 0.305 $0.21 Overvalued
  Titan Medical Inc.   RNX.WT 16-Dec-12   HAP.WT -1.1   PMI.WT.A 2.72   FT.WT.A 0.97   IVA.WT 31.9%   APV.WT.A 0.065 $0.04 Overvalued
  Torex Gold Resources Inc   ZAZ.WT 19-Dec-12   CMT.WT -1.11   NGD.WT.C 2.69   EDV.WT.A 0.98   MB.WT 30.9%   GCM.WT 0.95 $1.14 Overvalued
  IA CLARINGTON ASTON...   APV.WT.A 23-Dec-12   URB.WT.B -1.21   PDL.WT.A 2.63   CRJ.WT 0.99   AR.WT 30.8%   SSL.WT 0.4 $0.33 Overvalued
  Urbana Corporation   MOB.WT 24-Dec-12   ABK.WT -1.24   SSL.WT.A 2.62   ABK.WT 1.01   QUX.WT 30.5%   BRD.WT 1.1 $0.91 Overvalued
  Uranerz Energy Corporati...   AR.WT 29-Dec-12   FRO.WT -1.25   CZY.WT 2.58   K.WT.B 1.07   AEM.WT.U 29.9%   NBD.WT 0.78 $0.47 Overvalued
  US Silver Corp   VZX.WT 05-Jan-13   GAA.WT -1.36   APV.WT.A 2.54   BRD.WT 1.1   SSL.WT 29.8%   PMI.WT 0.22 $0.15 Overvalued
  Utility Corp.   CMP.WT.B 25-Jan-13   MRS.WT -1.41   MB.WT 2.45   GAA.WT 1.15   SSL.WT.A 29.8%   TAO.WT 3.7 $3.21 Overvalued
  U S Gold   ML.WT.A 29-Jan-13   CNM.WT -1.53   ST.WT 2.44   GAA.WT 1.15   ML.WT.A 27.7%   GLD.WT 0.41 $0.35 Overvalued
  Vast Exploration Inc.   ST.WT 29-Apr-13   TBP.WT -1.58   EIF.WT 2.39   NOM.WT 1.15   ML.WT 27.7%   HAP.WT 0.01 $0.00 Very Overvalued
  Vuzix Corp   CRJ.WT 22-May-13   MGT.WT.U -1.63   BRD.WT.A 2.36   CLQ.WT 1.18   YNG.WT 27.4%   EDV.WT.C 0.04 $0.00 Very Overvalued
  World Financial Split...   CCJ.WT.B 05-Jun-13   BEV.WT -1.7   RN.WT 2.34   SUE.WT 1.21   AC.WT 26.6%   TYF.WT 0.02 $0.01 Very Overvalued
  Western Canadian Coal...   PAU.WT 05-Jul-13   COX.WT -1.75   GCM.WT 2.29   AC.WT 1.24   TID.WT 26.2%   PLS.WT 0.005 $0.00 Very Overvalued
  M SPLIT CORP CAPITAL...   GLW.WT 08-Jul-13   TMD.WT -1.85   TCM.WT 2.28   AC.WT 1.24   CWB.WT 25.9%   TBP.WT 0.04 $0.01 Very Overvalued
  Xinergy Ltd.   PNP.WT.B 11-Jul-13   ZAZ.WT -1.87   AEM.WT.U 2.27   PDL.WT.B 1.3   AC.WT 25.7%   DML.WT.A 0.025 $0.00 Very Overvalued
  COMMERCE SPLIT CORP...   ANS.WT 29-Jul-13   FEI.WT -1.88   MGA.WT.B 2.26   URZ.WT 1.35   ABK.WT 25.1%   WFS.WT.A 0.01 $0.00 Very Overvalued
  Yukon-Nevada Gold   K.WT.C 03-Sep-13   UXG.WT -1.98   PNP.WT.B 2.24   P.WT 1.36   CCJ.WT 25.0%   SBN.WT.A 0.075 $0.00 Very Overvalued
  Zazu Metals Corp   SLW.WT.U 05-Sep-13   GMC.WT -2.03   BAA.WT 2.23   AR.WT 1.39   CCJ.WT.A 25.0%   URB.WT.B 0.015 $0.01 Very Overvalued
  Zazu Metals Corp   FRN.WT 08-Sep-13   MOB.WT -2.05   CRJ.WT 2.22   DPM.WT 1.4   CCJ.WT.B 25.0%   XMF.WT 0.005 $0.00 Very Overvalued
      GAA.WT 30-Nov-13   YNG.WT -2.14   VST.WT 2.17   BSC.WT 1.44   XYM.WT 24.1%   OSU.WT.B 0.005 $0.00 Very Overvalued
      AEM.WT.U 02-Dec-13   GMC.WT.A -2.28   AVL.WT 2.16   MAI.WT 1.64   SBN.WT.A 24.1%   KAT.WT 0.03 $0.00 Very Overvalued
      NBD.WT 24-Dec-13   EMC.WT -2.3   CKG.WT 2.13   BAA.WT 1.79   BRK.WT 22.3%   FEI.WT 0.005 $0.00 Very Overvalued
      EDV.WT.A 04-Feb-14   PNP.WT.A -2.36   ECU.WT 2   BRK.WT 1.8   K.WT.D. 21.8%   PNP.WT 0.18 $0.07 Very Overvalued
      ECU.WT 20-Feb-14   K.WT.D. -2.39   SSL.WT 2   PNP.WT.B 1.85   K.WT.C 21.8%   CCJ.WT 0.005 $0.00 Very Overvalued
      CWB.WT 02-Mar-14   CCJ.WT.B -2.39   NQ.WT 1.97   ROZ.WT 1.88   K.WT.B 21.8%   CCJ.WT.A 0.005 $0.00 Very Overvalued
      BWR.WT.A 09-Apr-14   RF.WT -2.74   BIM.WT.A 1.96   CMP.WT.A 2.05   FNV.WT 20.7%   CCJ.WT.B 0.005 $0.00 Very Overvalued
      SSL.WT 23-Apr-14   NOT.WT -3.02   CWB.WT 1.95   K.WT.C 2.19   FNV.WT.A 20.7%   YCM.WT.A 0.05 $0.00 Very Overvalued
      BRK.WT 27-May-14   P.WT -3.4   EDR.WT 1.95   FGX.WT.B 2.33   NEW.WT 20.1%   CMT.WT 0.02 $0.00 Very Overvalued
      FGX.WT.B 30-Jun-14   K.WT.B -3.58   BRD.WT 1.91   PDL.WT.A 2.62   BNK.WT.A 19.6%   ANS.WT 0.18 $0.04 Very Overvalued
      USA.WT 10-Jul-14   RML.WT -3.6   NBD.WT 1.88   NGD.WT.A 2.84   G.WT.G 19.0%   PGM.WT 0.06 $0.03 Very Overvalued
      MAI.WT 19-Aug-14   BIM.WT -4.07   SUE.WT 1.85   AVL.WT 2.87   OBF.WT 18.9%   BIM.WT 0.1 $0.00 Very Overvalued
      K.WT.D. 17-Sep-14   GMC.WT.B -4.28   PAU.WT 1.81   ML.WT.A 2.91   CMP.WT.A 17.8%   TID.WT 0.1 $0.03 Very Overvalued
      AA.WT 07-Oct-14   MGA.WT -4.36   PMI.WT 1.8   TAO.WT 3.7   CMP.WT.B 17.8%   FEI.WT.A 0.01 $0.00 Very Overvalued
      PTA.WT.A 08-Oct-14   GLW.WT -4.86   MFL.WT 1.78   EDR.WT 3.75   OCB.WT 17.8%   TMB.WT 0.39 $0.07 Very Overvalued
      BPV.WT 09-Oct-14   MGA.WT.A -5.26   TAO.WT 1.78   G.WT.G 3.85   RF.WT 17.2%   PDP.WT 0.07 $0.00 Very Overvalued
      MGA.WT.B 26-Oct-14   NGD.WT.A -5.32   MAI.WT 1.77   K.WT.D. 4.69   TCP.WT 16.9%   K.WT.C 2.19 $0.56 Very Overvalued
      GLD.WT 27-Oct-14   NGD.WT.B -5.32   FT.WT.A 1.77   QUX.WT 4.8   COX.WT 16.4%   YCM.WT 0.13 $0.00 Very Overvalued
      BRD.WT.A 19-Nov-14   CCJ.WT -5.49   BPV.WT 1.73   FNV.WT 5.4   HBB.WT 15.6%   K.WT.B 1.07 $0.21 Very Overvalued
      BRD.WT 19-Nov-14   DPM.WT -5.62   CLQ.WT 1.69   BNK.WT.A 5.4   SCI.WT 15.1%   MGA.WT.A 0.135 $0.01 Very Overvalued
      NOT.WT 16-Dec-14   KAT.WT -7.07   ROZ.WT 1.65   CKG.WT 5.9   TBP.WT 14.5%   BEV.WT 0.3 $0.06 Very Overvalued
      NQ.WT 21-Dec-14   TMB.WT -7.72   SLW.WT.U 1.58   MFL.WT 6.12   CIQ.WT 13.6%   DPM.WT 1.4 $0.65 Very Overvalued
      PMI.WT 23-Feb-15   CCJ.WT.A -8.29   BRK.WT 1.52   TCM.WT 6.41   HCF.WT 13.5%   YNG.WT 0.145 $0.00 Very Overvalued
      LRT.WT 05-Mar-15   YCM.WT -8.88   DPM.WT.A 1.45   DPM.WT.A 6.48   HAP.WT 12.9%   MGA.WT 0.18 $0.00 Very Overvalued
      RN.WT 08-Mar-15   ANS.WT -9   BNK.WT.A 1.41   CSI.WT 6.92   GMF.WT 12.9%   FNV.WT.A 7.3 $2.08 Very Overvalued
      MB.WT 30-Mar-15   XMF.WT -9.59   ML.WT.A 1.36   FNV.WT.A 7.3   MSP.WT 12.2%   GPD.WT 0.195 $0.03 Very Overvalued
      P.WT 19-Jul-15   WFS.WT.A -10.07   WTN.WT 1.35   EIF.WT 7.35   RTU.WT 10.7%   NOT.WT 0.28 $0.10 Very Overvalued
      GCM.WT 24-Aug-15   SBN.WT.A -10.18   FR.WT.B 1.32   WTN.WT 9.13   FSS.WT 10.4%   MTO.WT 0.14 $0.01 Very Overvalued
      SSL.WT.A 19-Oct-15   PNP.WT -10.86   USA.WT 1.27   FR.WT.B 10.9   FGX.WT.B 9.6%   MRS.WT 0.275 $0.07 Very Overvalued
      DPM.WT.A 20-Nov-15   YCM.WT.A -11.38   BWR.WT.A 1.27   CWB.WT 14.53   FGX.WT.C 9.6%   APV.WT 0.06 $0.01 Very Overvalued
      GAA.WT 30-Nov-15   K.WT.C -13.09   CSI.WT 1.27   SLW.WT.U 24.6   UTC.WT 9.5%   PMI.WT.A 0.145 $0.04 Very Overvalued
      TMD.WT 10-Dec-15   EDV.WT.C -14.25   GLD.WT 1.15   AEM.WT.U 33.7   MID.WT 8.3%   VST.WT 0.23 $0.05 Very Overvalued
      LRT.WT.A 23-Dec-15   OSU.WT.B -15.16   MOB.WT nt   MOB.WT nt   CTF.WT 7.5%   MOB.WT nt $0.06 Not Trading
      FNV.WT.A 16-Jun-17   DML.WT.A -20.18   TMD.WT nt   TMD.WT nt   TYF.WT 6.4%   TMD.WT nt nt Not Trading
      NGD.WT.A 28-Jun-17   FNV.WT.A -41.74   CMP.WT.B nt   CMP.WT.B nt   EIF.WT 5.9%   CMP.WT.B nt $1.69 Not Trading