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Warrant Sheets for Companies as of July 1st 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   BSC.WT 7-Jul-11   FNV.WT.A -39   RF.WT 4106   RF.WT 0.005   CMT.WT 258.8%   PIC.WT 0.02 $0.94 Bargain
The last day the warrants  Adherex Technologies   FGX.WT.C 29-Jul-11   FNV.WT.B -28.27   EDV.WT.C 2478.54   XYM.WT 0.005   NQ.WT 218.9%   HGI.WT 0.03 $0.60 Bargain
can be exercised. If Agnico-Eagle   DNA.WT 29-Jul-11   K.WT.C -16.77   CCP.WT 2400   PPF.WT 0.005   AHX.WT 218.3%   RF.WT 0.005 $0.10 Bargain
warrants aren't being  Ainsworth Lumber Co Ltd   SCI.WT 4-Aug-11   EDV.WT.C -14.75   XYM.WT 2140   CMT.WT 0.005   REC.WT 201.5%   XYM.WT 0.005 $0.09 Bargain
exercised then they Air Canada cl A   EDV.WT.C 7-Aug-11   PNP.WT -12.73   PPF.WT 1670   XMF.WT.A 0.005   ILC.WT 180.7%   SIN.WT 0.02 $0.35 Bargain
must be sold the day  Air Canada cl B   GPD.WT 15-Aug-11   XMF.WT.A -12.18   GMF.WT 752.67   CCJ.WT.B 0.005   VZX.WT 177.2%   GCI.WT 0.04 $0.50 Bargain
before the expiry date. Alange Energy Corp   EMC.WT 15-Aug-11   YCM.WT.A -11.62   SIN.WT 675.5   KAT.WT 0.005   AA.WT 170.6%   MOB.WT 0.02 $0.24 Bargain
The longer the time to  Andina Minerals Inc   CCJ.WT.A 17-Aug-11   ANS.WT -9.45   PIC.WT 586.5   URB.WT.B 0.005   XMF.WT.A 162.3%   HCF.WT 0.105 $1.19 Bargain
expiry the more Argonaut Gold Ltd   RBN.WT.A 25-Aug-11   CCJ.WT.A -8.21   HGI.WT 364.33   CCJ.WT.A 0.005   YEL.WT 148.6%   OUS.WT 0.06 $0.64 Bargain
valuable the warrants. ARISE Technologies Corp   GTE.WT 28-Aug-11   TMB.WT -7.7   CTF.WT 338   EMC.WT 0.005   YCM.WT.A 135.1%   PPF.WT 0.005 $0.05 Bargain
  ARISE Technologies Corp   K.WT.B 7-Sep-11   K.WT.B -7.26   KAT.WT 334   FEI.WT.A 0.005   APV.WT.A 134.8%   IVA.WT 0.02 $0.13 Bargain
Leverage Astral Mining Corp   PGM.WT 11-Sep-11   DPM.WT -7.19   EIT.WT.A 288.2   GMC.WT 0.005   APV.WT 134.8%   CNM.WT 0.035 $0.19 Bargain
The leverage of a warrant Augen Gold Cor   SIN.WT 15-Sep-11   KAT.WT -6.83   FGX.WT.C 274.29   VZX.WT 0.01   BWR.WT.A 130.2%   VZX.WT 0.01 $0.05 Bargain
is a measure of how much Avalon Rare Metals Inc   GPF.WT.A 15-Sep-11   MGA.WT.A -6.01   GPF.WT.A 265.56   CCP.WT 0.01   GLD.WT 119.7%   LRT.WT.A 0.035 $0.17 Bargain
you can increase your Bankers Petroleum   BAA.WT 17-Sep-11   MGA.WT -5.11   GCI.WT 261.5   REC.WT 0.01   CZY.WT 119.4%   CCP.WT 0.01 $0.05 Bargain
exposure to a share if Banro Corp   IVA.WT 20-Sep-11   NGD.WT.A -5.05   URB.WT.B 248   RML.WT 0.01   EMC.WT 113.3%   ILC.WT 0.04 $0.17 Bargain
you bought warrants Bennett Environmental Inc   EIT.WT.A 20-Sep-11   NGD.WT.B -5.05   RBN.WT.A 220   EDV.WT.C 0.01   SFF.WT 109.7%   PYC.WT 0.5 $1.73 Bargain
instead of making a Blue Ribbon   CMT.WT 25-Sep-11   K.WT.D. -4.92   BSC.WT 184.51   GMC.WT.B 0.01   RML.WT 108.5%   EIT.WT.A 0.05 $0.17 Bargain
direct investment. It is  BNS Split Corp II   RF.WT 30-Sep-11   P.WT -4.83   OUS.WT 162.17   BPV.WT.A 0.015   PAK.WT 104.9%   BPV.WT.A 0.015 $0.05 Bargain
calculated dividing the  Breakwater Resources   AVL.WT 30-Sep-11   GMC.WT.B -4.67   IVA.WT 126.5   AHX.WT 0.015   CNM.WT 102.4%   LRT.WT 0.035 $0.11 Bargain
current share price by Brick Group   CLQ.WT 30-Sep-11   PNP.WT.A -4.23   HCF.WT 113.24   CTF.WT 0.015   ROZ.WT 100.0%   PAK.WT 0.15 $0.44 Bargain
the current price of the  Bridgeport Ventures Inc   FEI.WT.A 30-Sep-11   RML.WT -3.79   K.WT.B 90.3   GMF.WT 0.015   MND.WT 95.1%   GPF.WT.A 0.045 $0.13 Bargain
warrant. Bridgeport Ventures Inc   EDR.WT 7-Oct-11   MGT.WT.U -3.54   MOB.WT 80   YNG.WT 0.015   USA.WT 93.9%   RBN.WT.A 0.05 $0.12 Bargain
  Brigus Gold Corp   GMF.WT 14-Oct-11   NOT.WT -3.41   GMC.WT 67   MGA.WT 0.015   TMD.WT 93.8%   LQD.WT 0.15 $0.34 Bargain
Intrinsic Value Brigus Gold Corp   TID.WT 16-Oct-11   PVG.WT -3.34   XMF.WT.A 64   MGA.WT.A 0.015   ECU.WT 90.8%   BSC.WT 0.275 $0.62 Bargain
The difference between  C A Bancorp Cdn Rlty Fin Corp   VGZ.WT.S 22-Oct-11   GTE.WT -3.32   PNP.WT 45.4   PIC.WT 0.02   PGM.WT 90.7%   CVZ.WT 0.13 $0.27 Bargain
the exercise price and Calvista Gold Corp.   TCM.WT 27-Oct-11   RF.WT -3.22   YCM.WT.A 44   SIN.WT 0.02   PNP.WT.B 85.9%   AHX.WT 0.015 $0.03 Bargain
the actual trading price  Canada Lithium Corp.   PDL.WT.B 28-Oct-11   CCP.WT -2.75   SCI.WT 42.55   MOB.WT 0.02   PNP.WT.A 85.9%   REC.WT 0.01 $0.02 Bargain
of the common stock. Canadian Income Mgmt Tr   XYM.WT 31-Oct-11   GMC.WT.A -2.67   TMB.WT 40.95   IVA.WT 0.02   PNP.WT 85.9%   AA.WT 0.09 $0.16 Bargain
Once the common has  Canadian Western Bank   CCP.WT 2-Nov-11   YNG.WT -2.59   FNV.WT.B 39.99   YCM.WT.A 0.02   KAT.WT 82.9%   TMD.WT 0.5 $0.90 Bargain
gone over the exercise Canoe Go Canada Income Fund   GCM.WT.A 3-Nov-11   FRO.WT -2.55   GTE.WT 39.4   GMC.WT.A 0.02   GMC.WT.A 81.2%   FGX.WT.C 0.035 $0.06 Bargain
price the warrants are  Caza Gold Corp   GMC.WT 3-Nov-11   PDL.WT.B -2.52   EMC.WT 39   GTE.WT 0.02   GMC.WT 81.2%   FEO.WT.B 0.08 $0.14 Bargain
said to be 'in the money'. CC&L Conservative Income   TAO.WT 5-Nov-11   CMP.WT.B -2.51   CNM.WT 38.29   HGI.WT 0.03   GMC.WT.B 81.2%   FEO.WT.A 0.1 $0.17 Bargain
  Chesapeake Gold   URB.WT.B 10-Nov-11   EMC.WT -2.49   CCJ.WT.B 38   PMI.WT.A 0.03   RED.WT 80.2%   AC.WT 0.47 $0.75 Bargain
Volatility Citadel Income Fund   TXG.WT 12-Nov-11   GMC.WT -2.42   CCJ.WT.A 38   CNM.WT 0.035   BPV.WT.A 80.1%   AC.WT 0.47 $0.73 Bargain
The higher the volatility  Claude Resources   KAT.WT 20-Nov-11   GCM.WT.A -2.32   GMC.WT.B 33.5   LRT.WT.A 0.035   BPV.WT 80.1%   NQ.WT 0.5 $0.73 Undervalued
rating the higher the price CMP Gold Trust   HCF.WT 30-Nov-11   CCJ.WT.B -2.31   BPV.WT.A 30.33   LRT.WT 0.035   TID.WT 77.2%   FRO.WT 0.2 $0.29 Undervalued
of the warrant will be. Coalcorp Mining   PPF.WT 30-Nov-11   VGZ.WT.S -2.27   DNA.WT 30.2   FGX.WT.C 0.035   PMI.WT 76.4%   PWC.WT 0.22 $0.31 Undervalued
A measure of actual  Coalcorp Mining   REC.WT 30-Nov-11   RNX.WT -1.93   YNG.WT 27.67   GCI.WT 0.04   PMI.WT.A 76.4%   EDV.WT.A 0.6 $0.80 Undervalued
stock price changes over  Commerce Split Corp unit   CTF.WT 2-Dec-11   GCM.WT -1.79   PDL.WT.B 26.53   ILC.WT 0.04   FRO.WT 76.3%   FGX.WT.B 1.5 $1.99 Undervalued
a specific period of time.  Compton Petroleum Corp   FT.WT.A 3-Dec-11   VGZ.WT.S -1.77   CMT.WT 24   TID.WT 0.04   FEO.WT.B 75.3%   ALE.WT 0.075 $0.10 Undervalued
Historical volatility is  Continental Gold   PIC.WT 15-Dec-11   PPF.WT -1.65   TID.WT 23   APV.WT 0.04   FEO.WT.A 75.3%   CMP.WT.B 1.4 $1.78 Undervalued
calculated by using the  Crocodile Gold   XRG.WT 21-Dec-11   GAA.WT.A -1.6   BEV.WT 21.5   NTC.WT 0.04   IVA.WT 75.3%   PNP.WT.B 0.66 $0.84 Undervalued
standard deviation of an Dalradian Resources Inc   MFL.WT 31-Dec-11   BEV.WT -1.6   PGM.WT 21.25   PGM.WT 0.04   PTA.WT 74.9%   SCI.WT 0.165 $0.21 Undervalued
underlying stock price. Dundee Precious Metals   OUS.WT 16-Jan-12   GCI.WT -1.54   RML.WT 21   MTO.WT 0.04   PTA.WT.A 74.9%   SSL.WT 0.59 $0.74 Undervalued
  Dundee Precious Metals   GCI.WT 30-Jan-12   CRK.WT -1.52   MGA.WT 20.61   GPF.WT.A 0.045   RNX.WT 74.2%   USO.WT 0.06 $0.07 Undervalued
In the Money East West Petroleum Corp   MGA.WT 12-Feb-12   NBD.WT -1.49   MGA.WT.A 20.61   PTA.WT 0.045   ALE.WT 72.9%   NGD.WT.A 2.9 $3.51 Undervalued
When the price of the  ECU Silver Mining Inc   ML.WT 16-Feb-12   CMT.WT -1.43   NGD.WT.B 18.09   PTA.WT.A 0.045   CVZ.WT 72.7%   ECU.WT 0.43 $0.52 Undervalued
common is higher than  EMC Metals Corp   CKG.WT 23-Feb-12   PAK.WT -1.4   GMC.WT.A 16.75   EIT.WT.A 0.05   FT.WT.A 72.1%   TAB.WT 0.1 $0.12 Undervalued
the exercise price Endeavour Financial   CNM.WT 28-Feb-12   XYM.WT -1.3   K.WT.C 13.36   RBN.WT.A 0.05   TMB.WT 70.3%   CZY.WT 0.12 $0.14 Undervalued
  Endeavour Mining Corp   YCM.WT.A 28-Feb-12   VGZ.WT.S -1.27   ADM.WT 13.11   PNP.WT 0.05   PCT.WT 68.8%   TXG.WT 0.445 $0.52 Undervalued
At the Money Endeavour Silver Corp   XMF.WT.A 28-Feb-12   CNM.WT -1.26   DPM.WT 13.02   DNA.WT 0.05   FED.WT 67.7%   SSL.WT.A 0.55 $0.64 Undervalued
When the price of the  EnerVest Diversified Income Trust   TMB.WT 29-Feb-12   URB.WT.B -1.26   PYC.WT 12.8   APV.WT.A 0.055   ML.WT.A 67.6%   FT.WT.A 0.58 $0.67 Undervalued
underlying is equivalent Ethiopian Potash   BNK.WT.A 1-Mar-12   PNP.WT.B -1.23   ANS.WT 12.75   NGD.WT.B 0.055   ML.WT 67.6%   AEM.WT.U 21.15 $24.17 Undervalued
or close to the strike price. Faircourt Gold Income   GMC.WT.A 6-Mar-12   EW.WT -1.15   LRT.WT.A 11.43   OUS.WT 0.06   CCJ.WT.B 65.9%   XRG.WT 0.68 $0.77 Undervalued
  Faircourt Gold Income   FNV.WT 13-Mar-12   PGM.WT -1.15   LRT.WT 11.43   USO.WT 0.06   CCJ.WT.A 65.9%   SFF.WT 0.085 $0.09 Undervalued
Exercise ratio Feronia Inc   HGI.WT 30-Mar-12   ML.WT -1.14   FRO.WT 10.25   NOT.WT 0.065   TAB.WT 65.7%   BWR.WT.A 0.62 $0.68 Undervalued
The number of warrants  Formation Metals   NGD.WT.B 3-Apr-12   PYC.WT -1.1   PVG.WT 10.18   SBI.WT 0.07   LRT.WT.A 65.5%   CWB.WT 16.9 $18.55 Undervalued
related to one share and Fortress Energy Inc   PVG.WT 8-Apr-12   HGI.WT -1.07   PMI.WT.A 9.67   CLQ.WT 0.07   LRT.WT 65.5%   WLT.WT 8.8 $9.65 Undervalued
specifies the amount of  Fortune Minerals Ltd.   PNP.WT 16-Apr-12   GPF.WT.A -1.07   GCM.WT.A 9.64   GCM.WT.A 0.07   ST.WT 65.5%   DPM.WT.A 4.82 $5.27 Fair Market Value
underlying that the owner Franco-Nevada   MGT.WT.U 20-Apr-12   ADM.WT -1.07   MGT.WT.U 9.58   ALE.WT 0.075   EDR.WT 64.5%   BRK.WT 1.79 $1.92 Fair Market Value
of a single warrant is  Franco-Nevada   GMC.WT.B 27-Apr-12   ZAZ.WT -1.03   PWC.WT 9.55   PCT.WT 0.075   EW.WT 63.8%   GAA.WT 1.25 $1.33 Fair Market Value
entitled to buy. Franco-Nevada   RED.WT 29-Apr-12   FCO.WT -1   NOT.WT 9.08   K.WT.B 0.075   YNG.WT 63.4%   FRN.WT 0.15 $0.16 Fair Market Value
  Frontier Rare Earths Ltd   BEV.WT 7-May-12   BPV.WT.A -0.95   FEI.WT.A 9   FEO.WT.B 0.08   FRN.WT 63.3%   PNP.WT.A 0.27 $0.28 Fair Market Value
Time Value Gazit America In   MTO.WT 15-May-12   KSK.WT -0.9   CMP.WT.B 8.92   SFF.WT 0.085   AC.WT 63.2%   ML.WT.A 1.93 $1.99 Fair Market Value
The time value is the  Gazit America In   CZY.WT 22-May-12   EIT.WT.A -0.86   CLQ.WT 8.71   YEL.WT 0.085   TXG.WT 60.8%   FNV.WT 5.25 $5.35 Fair Market Value
difference between the Gazit America Inc.   PMI.WT.A 28-May-12   RN.WT -0.85   VZX.WT 8.5   AA.WT 0.09   AVL.WT 60.6%   SLW.WT.U 15.4 $15.76 Fair Market Value
current warrant price  Geovic Mining Corp   ROZ.WT 28-May-12   IVA.WT -0.84   REC.WT 8.50   SND.WT 0.09   ZAZ.WT 60.5%   MFL.WT 7.55 $7.64 Fair Market Value
and its intrinsic value. Geovic Mining Corp   ADM.WT 2-Jun-12   MGA.WT.B -0.79   PNP.WT.A 8.41   ADM.WT 0.09   RN.WT 60.2%   ST.WT 0.27 $0.27 Fair Market Value
The time value is to be  Geovic Mining Corp   AAB.WT 6-Jun-12   TID.WT -0.77   NTC.WT 7.75   FEO.WT.A 0.1   AC.WT 60.1%   AVL.WT 3.15 $3.15 Fair Market Value
interpreted as the Global Adv Tele&Utilities Inc Fd   MGA.WT.A 6-Jun-12   VGZ.WT.S -0.77   GAA.WT.A 7.38   TAB.WT 0.1   GPD.WT 58.8%   EDR.WT 4.55 $4.57 Fair Market Value
consideration paid for  GMIncome & Growth Fund    TAB.WT 11-Jun-12   MTO.WT -0.77   CVZ.WT 7.23   BEV.WT 0.1   KSK.WT 58.1%   RN.WT 0.5 $0.50 Fair Market Value
the advantage that the Gold Participation and Income Fund   APV.WT 11-Jun-12   DNA.WT -0.74   FNV.WT 6.86   HCF.WT 0.105   BAA.WT 57.3%   TAO.WT 2.56 $2.56 Fair Market Value
warrant buyer has over  Golden Predator   TIC.WT 15-Jun-12   GMF.WT -0.71   SBI.WT 6.64   TMB.WT 0.105   WRN.WT 56.3%   BAA.WT 1.54 $1.53 Fair Market Value
the direct investor. It Gran Colombia Gold Corp   YNG.WT 20-Jun-12   PWC.WT -0.7   FGX.WT.B 6.4   PAU.WT 0.115   XRG.WT 55.6%   GAA.WT 1.25 $1.23 Fair Market Value
is greatest when the  Gran Colombia Gold Corp   WLT.WT 28-Jun-12   GAA.WT -0.67   XRG.WT 6.38   CZY.WT 0.12   SBI.WT 55.5%   PCT.WT 0.075 $0.07 Fair Market Value
warrants are 'at the money' Gran Tierra Energy   DPM.WT 29-Jun-12   YEL.WT -0.67   LQD.WT 6.33   CVZ.WT 0.13   MTO.WT 54.9%   MND.WT 0.53 $0.52 Fair Market Value
but decreases as the GT Canada   MND.WT 6-Aug-12   MOB.WT -0.65   K.WT.D. 6.22   RPG.WT 0.13   PAU.WT 54.8%   RED.WT 0.14 $0.14 Fair Market Value
exercise date draws closer. Harvest Canadian Inc & Gr Fund   FED.WT 9-Sep-12   FEO.WT.B -0.65   ZAZ.WT 6.1   RED.WT 0.14   MGT.WT.U 54.4%   BNK.WT.A 4.9 $4.59 Fair Market Value
The decreased value is  International Lithium   QUX.WT 10-Sep-12   QUX.WT -0.62   TAB.WT 6   EW.WT 0.14   CLQ.WT 53.9%   WRN.WT 0.86 $0.80 Fair Market Value
called time decay and  Ivanhoe Australia   CNL.WT 12-Sep-12   BRD.WT -0.61   TCM.WT 5.94   FNV.WT.B 0.14   EDV.WT.A 52.7%   AR.WT 1.53 $1.41 Fair Market Value
decreases at a faster  Katanga Mining   VGZ.WT.S 22-Oct-12   LRT.WT -0.6   FNV.WT.A 5.9   PAK.WT 0.15   EDV.WT.C 52.7%   PMI.WT 0.15 $0.14 Fair Market Value
pace as the expiry date Kinross   PNP.WT.A 23-Oct-12   BRD.WT.A -0.6   GPD.WT 5.82   LQD.WT 0.15   CRJ.WT 52.4%   USA.WT 0.47 $0.43 Fair Market Value
draws closer. Kinross   AC.WT 28-Oct-12   PTA.WT -0.59   MTO.WT 5.75   FRN.WT 0.15   SSL.WT 52.3%   CRJ.WT 0.74 $0.67 Fair Market Value
  Kinross     AC.WT 28-Oct-12   LQD.WT -0.55   ML.WT 5.72   PMI.WT 0.15   SSL.WT.A 52.3%   PMI.WT.A 0.03 $0.03 Overvalued
  Kiska Metals   FRO.WT 17-Nov-12   AA.WT -0.55   P.WT 5.66   AAB.WT 0.15   USO.WT 52.1%   GLD.WT 0.21 $0.18 Overvalued
  Lanesborough REIT   PTA.WT.A 19-Nov-12   SIN.WT -0.53   ILC.WT 5.63   PDL.WT.B 0.15   GCM.WT 50.9%   K.WT.D. 2.45 $2.16 Overvalued
  Lanesborough REIT   PWC.WT 25-Nov-12   FEI.WT.A -0.51   RNX.WT 5.35   SCI.WT 0.165   GCM.WT.A 50.9%   CTF.WT 0.015 $0.01 Overvalued
  Liquid Nutrition Group   NGD.WT.C 28-Nov-12   TMD.WT -0.49   SND.WT 5.33   GPD.WT 0.165   MOB.WT 50.0%   YEL.WT 0.085 $0.07 Overvalued
  M Split Corp   RML.WT 29-Nov-12   CTF.WT -0.48   AAB.WT 5.27   KSK.WT 0.18   LQD.WT 50.0%   MB.WT 0.185 $0.16 Overvalued
  Macusani Yellowcake   SBI.WT 2-Dec-12   CVZ.WT -0.46   AC.WT 4.91   MGA.WT.B 0.18   MNP.WT 50.0%   SBI.WT 0.07 $0.06 Overvalued
  Manas Petroleum Corp   RNX.WT 16-Dec-12   ST.WT -0.45   AC.WT 4.89   MB.WT 0.185   SND.WT 49.5%   BPV.WT 0.3 $0.25 Overvalued
  Mandalay Resources Corp   ZAZ.WT 19-Dec-12   SFF.WT -0.44   PAK.WT 4.67   CRK.WT 0.195   PWC.WT 48.2%   GAA.WT.A 0.8 $0.67 Overvalued
  MEGA Brands Inc   BPV.WT.A 20-Dec-12   NTC.WT -0.44   QUX.WT 4.55   FRO.WT 0.2   VGZ.WT.S 47.9%   SND.WT 0.09 $0.07 Overvalued
  Mega Uranium   SFF.WT 21-Dec-12   PTA.WT.A -0.42   GAA.WT 4.43   ZAZ.WT 0.2   VGZ.WT.S 47.9%   ZAZ.WT 0.2 $0.15 Overvalued
  Mega Uranium   WRN.WT 22-Dec-12   MNP.WT -0.4   GAA.WT 4.43   RNX.WT 0.2   VGZ.WT.S 47.9%   FED.WT 0.38 $0.28 Overvalued
  Mega Uranium   EW.WT 22-Dec-12   GPD.WT -0.38   FEO.WT.B 4.38   ANS.WT 0.2   VGZ.WT.S 47.9%   VGZ.WT.S 0.98 $0.73 Overvalued
  Mercator Minerals Ltd   SND.WT 23-Dec-12   LRT.WT.A -0.35   EW.WT 4.29   GLD.WT 0.21   PDL.WT.B 47.6%   CMT.WT 0.005 $0.00 Overvalued
  Mercator Minerals Ltd   APV.WT.A 23-Dec-12   WRN.WT -0.34   CNL.WT 4.22   MGT.WT.U 0.215   ANS.WT 47.6%   CKG.WT 4.61 $3.31 Overvalued
  Metanor Resources   MOB.WT 24-Dec-12   RBN.WT.A -0.33   TXG.WT 3.91   PWC.WT 0.22   MGA.WT.B 45.5%   RPG.WT 0.13 $0.09 Overvalued
  Minefinders Corp   AR.WT 29-Dec-12   TIC.WT -0.33   ST.WT 3.89   PNP.WT.A 0.27   MGA.WT 45.5%   CNL.WT 1.74 $1.20 Overvalued
  Mines Management    VZX.WT 5-Jan-13   PMI.WT.A -0.31   KSK.WT 3.89   ST.WT 0.27   MGA.WT.A 45.5%   PTA.WT 0.045 $0.03 Overvalued
  New Gold Inc.   CMP.WT.B 25-Jan-13   FEO.WT.A -0.3   EDV.WT.A 3.85   BSC.WT 0.275   ADM.WT 44.7%   PVG.WT 0.9 $0.59 Overvalued
  New Gold Inc.   ML.WT.A 29-Jan-13   SBI.WT -0.29   USO.WT 3.75   FCO.WT 0.28   PVG.WT 44.6%   APV.WT.A 0.055 $0.03 Overvalued
  New Gold Inc.   KSK.WT 23-Mar-13   ALE.WT -0.28   CRK.WT 3.74   BPV.WT 0.3   DNA.WT 44.3%   TMB.WT 0.105 $0.07 Overvalued
  Norbord   YEL.WT 25-Mar-13   OUS.WT -0.27   SFF.WT 3.71   MNP.WT 0.3   RPG.WT 43.4%   NGD.WT.C 0.42 $0.27 Overvalued
  Noront Resources Ltd   NTC.WT 31-Mar-13   RPG.WT -0.25   RPG.WT 3.65   GCM.WT 0.305   BRD.WT.A 42.9%   TCM.WT 1.62 $1.02 Overvalued
  North American Palladium Ltd.   USO.WT 18-Apr-13   APV.WT -0.25   WRN.WT 3.62   FED.WT 0.38   BRD.WT 42.9%   ML.WT 0.5 $0.31 Overvalued
  North American Tungsten   ST.WT 29-Apr-13   FGX.WT.C -0.23   FCO.WT 3.57   NGD.WT.C 0.42   BRK.WT 42.6%   P.WT 0.56 $0.34 Overvalued
  Northquest Ltd    CVZ.WT 11-May-13   AAB.WT -0.21   PTA.WT 3.56   ECU.WT 0.43   TIC.WT 42.3%   QUX.WT 3.15 $1.92 Overvalued
  Oceanic Iron Ore Corp   CRJ.WT 22-May-13   SND.WT -0.2   PTA.WT.A 3.56   TXG.WT 0.445   SLW.WT.U 41.4%   ROZ.WT 0.7 $0.42 Overvalued
  Oceanic Iron Ore Corp   ILC.WT 24-May-13   PIC.WT -0.19   FEO.WT.A 3.5   AC.WT 0.47   NGD.WT.A 41.2%   NGD.WT.B 0.055 $0.03 Overvalued
  Omega Advisors U.S. Cap App Fd   CCJ.WT.B 5-Jun-13   EDV.WT.A -0.19   PNP.WT.B 3.44   AC.WT 0.47   NGD.WT.C 41.2%   PAU.WT 0.115 $0.07 Overvalued
  Pacific & Western Credit Corp   PAU.WT 5-Jul-13   MB.WT -0.19   NGD.WT.A 3.43   USA.WT 0.47   NGD.WT.B 41.2%   BRD.WT.A 0.75 $0.41 Overvalued
  Papuan Precious Metals Corp   FNV.WT.B 8-Jul-13   CLQ.WT -0.19   RED.WT 3.43   PYC.WT 0.5   PYC.WT 40.3%   RNX.WT 0.2 $0.11 Overvalued
  Peregrine Metals   PNP.WT.B 11-Jul-13   USO.WT -0.18   AR.WT 3.42   TMD.WT 0.5   P.WT 39.6%   BRD.WT 0.85 $0.41 Very Overvalued
  Petroamerica Oil Corp   ANS.WT 29-Jul-13   REC.WT -0.17   FRN.WT 3.2   NQ.WT 0.5   BNK.WT.A 39.3%   YCM.WT.A 0.02 $0.01 Very Overvalued
  Petroamerica Oil Corp   K.WT.C 3-Sep-13   PCT.WT -0.17   CZY.WT 3.08   RN.WT 0.5   NTC.WT 38.2%   TID.WT 0.04 $0.02 Very Overvalued
  Petromanas Energy In   SLW.WT.U 5-Sep-13   PMI.WT -0.16   ALE.WT 2.93   ML.WT 0.5   BEV.WT 38.1%   VGZ.WT.S 0.98 $0.44 Very Overvalued
  Petromanas Energy Inc   FRN.WT 8-Sep-13   CNL.WT -0.16   AEM.WT.U 2.88   NBD.WT 0.5   CRK.WT 37.8%   RML.WT 0.01 $0.00 Very Overvalued
  Pinetree Capital   VGZ.WT.S 22-Oct-13   ILC.WT -0.15   RN.WT 2.8   MND.WT 0.53   URB.WT.B 36.9%   APV.WT 0.04 $0.02 Very Overvalued
  Pinetree Capital   GAA.WT 30-Nov-13   TAB.WT -0.13   VGZ.WT.S 2.79   SSL.WT.A 0.55   CMP.WT.B 36.9%   GCM.WT 0.305 $0.12 Very Overvalued
  Pinetree Capital   AEM.WT.U 2-Dec-13   APV.WT.A -0.13   VGZ.WT.S 2.79   P.WT 0.56   HCF.WT 36.8%   XMF.WT.A 0.005 $0.00 Very Overvalued
  Premium Income Corp    NBD.WT 24-Dec-13   VZX.WT -0.12   VGZ.WT.S 2.79   FT.WT.A 0.58   MFL.WT 36.3%   KSK.WT 0.18 $0.07 Very Overvalued
  Pretium Resources   EDV.WT.A 4-Feb-14   FRN.WT -0.12   VGZ.WT.S 2.79   SSL.WT 0.59   NOT.WT 36.2%   NBD.WT 0.5 $0.17 Very Overvalued
  Prima Colombia   ECU.WT 20-Feb-14   ROZ.WT -0.12   TMD.WT 2.72   EDV.WT.A 0.6   AEM.WT.U 35.8%   GMF.WT 0.015 $0.01 Very Overvalued
  Primary Corp.   CWB.WT 2-Mar-14   HCF.WT -0.11   GCM.WT 2.66   DPM.WT 0.6   WLT.WT 34.6%   CRK.WT 0.195 $0.06 Very Overvalued
  Primero Mining Corp   FCO.WT 8-Mar-14   PAU.WT -0.11   MB.WT 2.64   BWR.WT.A 0.62   MB.WT 34.4%   AAB.WT 0.15 $0.05 Very Overvalued
  Propel Multi-Strategy Fund   BWR.WT.A 9-Apr-14   BSC.WT -0.1   PAU.WT 2.52   PNP.WT.B 0.66   CNL.WT 33.6%   BEV.WT 0.1 $0.03 Very Overvalued
  Quadra FNX Mining Ltd   GAA.WT.A 14-Apr-14   CZY.WT -0.08   FT.WT.A 2.47   XRG.WT 0.68   AR.WT 33.5%   VGZ.WT.S 0.98 $0.30 Very Overvalued
  Ram Power Corp   SSL.WT 23-Apr-14   AHX.WT -0.05   CRJ.WT 2.47   ROZ.WT 0.7   CKG.WT 33.2%   ADM.WT 0.09 $0.02 Very Overvalued
  RedWater Energy   MNP.WT 6-May-14   BPV.WT -0.05   NBD.WT 2.42   CRJ.WT 0.74   AAB.WT 32.9%   TIC.WT 1 $0.28 Very Overvalued
  Reliant Gold Corp   RPG.WT 19-May-14   ECU.WT -0.03   PCT.WT 2.4   BRD.WT.A 0.75   DPM.WT.A 32.8%   EW.WT 0.14 $0.03 Very Overvalued
  Rio Novo Gold Inc    BRK.WT 27-May-14   RED.WT -0.02   TAO.WT 2.38   GAA.WT.A 0.8   DPM.WT 32.8%   CLQ.WT 0.07 $0.02 Very Overvalued
  Rodinia Oil Corp   PYC.WT 30-Jun-14   GLD.WT 0.04   BAA.WT 2.38   BRD.WT 0.85   GTE.WT 32.5%   PNP.WT 0.05 $0.01 Very Overvalued
  Royal Nickel Corporation   FGX.WT.B 30-Jun-14   FED.WT 0.07   CKG.WT 2.37   WRN.WT 0.86   TAO.WT 30.7%   PTA.WT.A 0.045 $0.01 Very Overvalued
  Rusoro Mining   USA.WT 10-Jul-14   AC.WT 0.1   NGD.WT.C 2.37   PVG.WT 0.9   GCI.WT 29.3%   FNV.WT.A 6.1 $0.99 Very Overvalued
  Sandstorm Metals   K.WT.D. 17-Sep-14   AC.WT 0.11   AA.WT 2.28   VGZ.WT.S 0.98   QUX.WT 29.1%   K.WT.C 1.14 $0.18 Very Overvalued
  Sandstorm Resources Ltd.   AA.WT 7-Oct-14   XRG.WT 0.14   TIC.WT 2.17   VGZ.WT.S 0.98   FCO.WT 28.7%   PDL.WT.B 0.15 $0.02 Very Overvalued
  Sandstorm Resources Ltd.   PTA.WT 8-Oct-14   SCI.WT 0.15   SSL.WT.A 2.16   VGZ.WT.S 0.98   PIC.WT 27.1%   NTC.WT 0.04 $0.01 Very Overvalued
  SCITI ROCS Trust   BPV.WT 10-Oct-14   SSL.WT.A 0.22   FED.WT 2.16   VGZ.WT.S 0.98   K.WT.D. 26.4%   FCO.WT 0.28 $0.04 Very Overvalued
  SCITI Trust   MGA.WT.B 26-Oct-14   CRJ.WT 0.23   ECU.WT 2.14   TIC.WT 1   K.WT.C 26.4%   MNP.WT 0.3 $0.04 Very Overvalued
  Seafield Resources   GLD.WT 27-Oct-14   NQ.WT 0.25   AVL.WT 2.13   K.WT.C 1.14   K.WT.B 26.4%   ANS.WT 0.2 $0.02 Very Overvalued
  Serabi Mining   BRD.WT.A 19-Nov-14   GAA.WT 0.27   APV.WT 2.13   GAA.WT 1.25   TCM.WT 26.4%   CCJ.WT.B 0.005 $0.00 Very Overvalued
  Silver Wheaton   BRD.WT 19-Nov-14   USA.WT 0.37   YEL.WT 2.12   GAA.WT 1.25   BSC.WT 24.8%   MGA.WT.B 0.18 $0.02 Very Overvalued
  Star Portfolio Corp   NOT.WT 16-Dec-14   TXG.WT 0.44   BRD.WT.A 2.12   CMP.WT.B 1.4   GAA.WT 23.0%   KAT.WT 0.005 $0.00 Very Overvalued
  Stonegate Agricom Ltd   NQ.WT 21-Dec-14   MND.WT 0.46   SLW.WT.U 2.07   FGX.WT.B 1.5   GAA.WT 23.0%   VGZ.WT.S 0.98 $0.09 Very Overvalued
  TAG Oil Ltd   PMI.WT 23-Feb-15   FGX.WT.B 0.55   SSL.WT 2.02   AR.WT 1.53   GAA.WT.A 23.0%   PGM.WT 0.04 $0.00 Very Overvalued
  Tembec   LRT.WT 5-Mar-15   SSL.WT 0.6   AHX.WT 2   BAA.WT 1.54   HGI.WT 22.8%   DPM.WT 0.6 $0.04 Very Overvalued
  Thompson Creek Metals   RN.WT 8-Mar-15   FT.WT.A 0.63   PMI.WT 1.93   TCM.WT 1.62   OUS.WT 22.4%   MGT.WT.U 0.215 $0.01 Very Overvalued
  Titan Medical   MB.WT 30-Mar-15   TCM.WT 0.63   BRD.WT 1.87   CNL.WT 1.74   NBD.WT 22.3%   FNV.WT.B 0.14 $0.01 Very Overvalued
  Titanium Corp. Inc   P.WT 19-Jul-15   AR.WT 0.74   CWB.WT 1.82   BRK.WT 1.79   SIN.WT 20.7%   GPD.WT 0.165 $0.01 Very Overvalued
  Torex Gold Resources Inc   GCM.WT 24-Aug-15   NGD.WT.C 0.95   EDR.WT 1.78   ML.WT.A 1.93   RF.WT 20.3%   NOT.WT 0.065 $0.00 Very Overvalued
  Touchstone Exploration Inc   PCT.WT 21-Sep-15   BAA.WT 1.5   ROZ.WT 1.73   K.WT.D. 2.45   GPF.WT.A 20.0%   URB.WT.B 0.005 $0.00 Very Overvalued
  Tuscany Intl Drilling Inc   SSL.WT.A 19-Oct-15   BRK.WT 1.76   MGA.WT.B 1.7   TAO.WT 2.56   PPF.WT 19.3%   GMC.WT.A 0.02 $0.00 Very Overvalued
  U S Silver Corp   VGZ.WT.S 22-Oct-15   ML.WT.A 1.86   MFL.WT 1.66   NGD.WT.A 2.9   XYM.WT 16.8%   YNG.WT 0.015 $0.00 Very Overvalued
  Urbana Corp   DPM.WT.A 20-Nov-15   TAO.WT 2.5   DPM.WT.A 1.62   AVL.WT 3.15   EIT.WT.A 15.5%   CCJ.WT.A 0.005 $0.00 Very Overvalued
  US Oil Sands Inc.    FEO.WT.B 30-Nov-15   CKG.WT 2.94   APV.WT.A 1.55   QUX.WT 3.15   FNV.WT 15.3%   DNA.WT 0.05 $0.00 Very Overvalued
  Vega Resources    FEO.WT.A 30-Nov-15   AVL.WT 3.10   BRK.WT 1.54   EDR.WT 4.55   FNV.WT.A 15.3%   EDV.WT.C 0.01 $0.00 Very Overvalued
  Vista Gold   GAA.WT 30-Nov-15   FNV.WT 4   BPV.WT 1.52   CKG.WT 4.61   FNV.WT.B 15.3%   EMC.WT 0.005 $0.00 Very Overvalued
  Vista Gold   TMD.WT 10-Dec-15   BNK.WT.A 4.51   NQ.WT 1.50   DPM.WT.A 4.82   CWB.WT 13.4%   FEI.WT.A 0.005 $0.00 Very Overvalued
  Vista Gold   LRT.WT.A 23-Dec-15   EDR.WT 4.52   MND.WT 1.49   BNK.WT.A 4.9   RBN.WT.A 13.1%   GCM.WT.A 0.07 $0.00 Very Overvalued
  Vista Gold   ALE.WT 22-Feb-16   DPM.WT.A 4.56   ML.WT.A 1.48   FNV.WT 5.25   FGX.WT.C 12.8%   GMC.WT 0.005 $0.00 Very Overvalued
  Vuzix Corp   PAK.WT 14-Mar-16   BWR.WT.A 6.22   WLT.WT 1.45   FNV.WT.A 6.1   FGX.WT.B 12.8%   GMC.WT.B 0.01 $0.00 Very Overvalued
  Walter Energy   CRK.WT 24-Mar-16   MFL.WT 7.52   BNK.WT.A 1.4   MFL.WT 7.55   SCI.WT 10.8%   GTE.WT 0.02 $0.00 Very Overvalued
  Western Copper   AHX.WT 30-Mar-16   SLW.WT.U 12.62   BWR.WT.A 1.2   WLT.WT 8.8   CCP.WT 10.5%   K.WT.B 0.075 $0.00 Very Overvalued
  Xinergy Ltd   LQD.WT 13-May-16   AEM.WT.U 15.33   GLD.WT 1.14   SLW.WT.U 15.4   FEI.WT.A 10.0%   MGA.WT 0.015 $0.00 Very Overvalued
  Yukon-Nevada Gold   FNV.WT.A 16-Jun-17   CWB.WT 16.8   USA.WT 1.13   CWB.WT 16.9   CTF.WT 8.3%   MGA.WT.A 0.015 $0.00 Very Overvalued
  Zazu Metals Corp   NGD.WT.A 28-Jun-17   WLT.WT 83.24   MNP.WT 0.97   AEM.WT.U 21.15   GMF.WT 5.0%   MTO.WT 0.04 $0.00 Very Overvalued