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Warrant Sheets for Companies as of July 8th, 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   FGX.WT.C 29-Jul-11   FNV.WT.A -39.12   CCP.WT 4888   PPF.WT 0.005   NQ.WT 219.5%   PIC.WT 0.025 $0.83 Bargain
The last day the warrants  Adherex Technologies   DNA.WT 29-Jul-11   FNV.WT.B -28.39   RF.WT 4102   CCP.WT 0.005   AHX.WT 219.0%   PPF.WT 0.005 $0.13 Bargain
can be exercised. If Agnico-Eagle   SCI.WT 4-Aug-11   K.WT.C -15.98   EDV.WT.C 2671.67   RF.WT 0.005   REC.WT 201.5%   HGI.WT 0.02 $0.51 Bargain
warrants aren't being  Ainsworth Lumber Co Ltd   EDV.WT.C 7-Aug-11   EDV.WT.C -14.57   XYM.WT 2170   CCJ.WT.B 0.005   ILC.WT 192.5%   CCP.WT 0.005 $0.11 Bargain
exercised then they Air Canada cl A   GPD.WT 15-Aug-11   PNP.WT -12.6   PPF.WT 1670   XYM.WT 0.005   XMF.WT.A 170.9%   GCI.WT 0.02 $0.35 Bargain
must be sold the day  Air Canada cl B   EMC.WT 15-Aug-11   XMF.WT.A -12.18   GMF.WT 754   XMF.WT.A 0.005   VZX.WT 154.6%   SIN.WT 0.02 $0.34 Bargain
before the expiry date. Alange Energy Corp   CCJ.WT.A 17-Aug-11   YCM.WT.A -11.72   SIN.WT 682.5   KAT.WT 0.005   AA.WT 152.4%   RF.WT 0.005 $0.08 Bargain
The longer the time to  Andina Minerals Inc   RBN.WT.A 25-Aug-11   ANS.WT -9.39   HGI.WT 532   URB.WT.B 0.005   YEL.WT 145.0%   MOB.WT 0.01 $0.16 Bargain
expiry the more Argonaut Gold Ltd   GTE.WT 28-Aug-11   CCJ.WT.A -8.21   GCI.WT 505.5   CCJ.WT.A 0.005   YCM.WT.A 133.3%   OUS.WT 0.055 $0.65 Bargain
valuable the warrants. ARISE Technologies Corp   K.WT.B 7-Sep-11   TMB.WT -7.45   PIC.WT 466.4   CMT.WT 0.005   APV.WT.A 131.0%   HCF.WT 0.145 $1.17 Bargain
  ARISE Technologies Corp   PGM.WT 11-Sep-11   KAT.WT -6.95   EIT.WT.A 363.5   EMC.WT 0.005   APV.WT 131.0%   PAK.WT 0.08 $0.44 Bargain
Leverage Astral Mining Corp   SIN.WT 15-Sep-11   DPM.WT -6.57   KAT.WT 310   FEI.WT.A 0.005   BWR.WT.A 128.2%   CNM.WT 0.035 $0.18 Bargain
The leverage of a warrant Augen Gold Cor   GPF.WT.A 15-Sep-11   K.WT.B -6.47   GPF.WT.A 272.22   GMC.WT 0.005   ROZ.WT 125.4%   GPF.WT.A 0.045 $0.22 Bargain
is a measure of how much Avalon Rare Metals Inc   BAA.WT 17-Sep-11   MGA.WT.A -5.96   CTF.WT 256.5   GTE.WT 0.005   CZY.WT 123.9%   IVA.WT 0.02 $0.10 Bargain
you can increase your Bankers Petroleum   IVA.WT 20-Sep-11   MGA.WT -5.06   URB.WT.B 254   MOB.WT 0.01   GLD.WT 120.0%   VZX.WT 0.01 $0.05 Bargain
exposure to a share if Banro Corp   EIT.WT.A 20-Sep-11   NGD.WT.A -4.81   FGX.WT.C 241.75   VZX.WT 0.01   CNM.WT 116.1%   ILC.WT 0.035 $0.16 Bargain
you bought warrants Bennett Environmental Inc   CMT.WT 25-Sep-11   NGD.WT.B -4.81   RBN.WT.A 184.33   REC.WT 0.01   EMC.WT 105.8%   EIT.WT.A 0.04 $0.18 Bargain
instead of making a Blue Ribbon   RF.WT 30-Sep-11   GMC.WT.B -4.65   OUS.WT 176.36   RML.WT 0.01   SFF.WT 103.9%   PYC.WT 0.5 $1.74 Bargain
direct investment. It is  Breakwater Resources   AVL.WT 30-Sep-11   K.WT.D. -4.48   GTE.WT 159.84   EDV.WT.C 0.01   RML.WT 100.2%   LRT.WT.A 0.04 $0.12 Bargain
calculated dividing the  Brick Group   CLQ.WT 30-Sep-11   P.WT -4.36   MOB.WT 141   GMC.WT.B 0.01   MND.WT 97.2%   BPV.WT.A 0.015 $0.04 Bargain
current share price by Bridgeport Ventures Inc   FEI.WT.A 30-Sep-11   PNP.WT.A -4.1   IVA.WT 126.5   BPV.WT.A 0.015   USA.WT 95.0%   AHX.WT 0.015 $0.03 Bargain
the current price of the  Bridgeport Ventures Inc   EDR.WT 7-Oct-11   RML.WT -3.81   K.WT.B 83.81   AHX.WT 0.015   TMD.WT 94.8%   FEO.WT.A 0.1 $0.23 Bargain
warrant. Brigus Gold Corp   GMF.WT 14-Oct-11   MGT.WT.U -3.6   HCF.WT 82.41   GMF.WT 0.015   PAK.WT 93.3%   REC.WT 0.01 $0.02 Bargain
  Brigus Gold Corp   TID.WT 16-Oct-11   NOT.WT -3.4   GMC.WT 70   YNG.WT 0.015   ECU.WT 92.0%   RBN.WT.A 0.06 $0.13 Bargain
Intrinsic Value C A Bancorp Cdn Rlty Fin Corp   VGZ.WT.S 22-Oct-11   RF.WT -3.24   XMF.WT.A 64   MGA.WT 0.015   PGM.WT 90.6%   LQD.WT 0.18 $0.38 Bargain
The difference between  Calvista Gold Corp.   TCM.WT 27-Oct-11   GTE.WT -3.23   PNP.WT 48   MGA.WT.A 0.015   PCT.WT 85.4%   LRT.WT 0.035 $0.07 Bargain
the exercise price and Canada Lithium Corp.   PDL.WT.B 28-Oct-11   FRO.WT -2.75   TMB.WT 41.36   HGI.WT 0.02   PTA.WT 85.1%   TMD.WT 0.5 $0.99 Bargain
the actual trading price  Canadian Income Mgmt Tr   XYM.WT 31-Oct-11   GMC.WT.A -2.65   YCM.WT.A 39   GCI.WT 0.02   PTA.WT.A 85.1%   FEO.WT.B 0.1 $0.19 Bargain
of the common stock. Canadian Western Bank   CCP.WT 2-Nov-11   YNG.WT -2.55   GCM.WT.A 38.75   SIN.WT 0.02   PNP.WT.B 85.0%   CVZ.WT 0.13 $0.23 Bargain
Once the common has  Canoe Go Canada Income Fund   GCM.WT.A 3-Nov-11   PVG.WT -2.54   CCJ.WT.B 38   IVA.WT 0.02   PNP.WT.A 85.0%   LPK.WT 0.115 $0.20 Bargain
gone over the exercise Caza Gold Corp   GMC.WT 3-Nov-11   PDL.WT.B -2.51   CCJ.WT.A 38   CTF.WT 0.02   PNP.WT 85.0%   AC.WT 0.47 $0.75 Bargain
price the warrants are  CC&L Conservative Income   TAO.WT 5-Nov-11   EMC.WT -2.49   EMC.WT 38   YCM.WT.A 0.02   KAT.WT 83.5%   AA.WT 0.09 $0.14 Bargain
said to be 'in the money'. Chesapeake Gold   URB.WT.B 10-Nov-11   GMC.WT -2.4   GMC.WT.B 35   GMC.WT.A 0.02   CCJ.WT.B 82.6%   USO.WT 0.06 $0.09 Bargain
  Citadel Income Fund   TXG.WT 12-Nov-11   CCP.WT -2.31   FNV.WT.B 34.88   GCM.WT.A 0.02   CCJ.WT.A 82.6%   AC.WT 0.47 $0.73 Bargain
Volatility Claude Resources   KAT.WT 20-Nov-11   CCJ.WT.B -2.31   CNM.WT 34.29   PIC.WT 0.025   GMC.WT.A 80.3%   CZY.WT 0.12 $0.17 Undervalued
The higher the volatility  CMP Gold Trust   PPF.WT 30-Nov-11   CMP.WT.B -2.24   DNA.WT 32.8   PMI.WT.A 0.03   GMC.WT 80.3%   FGX.WT.C 0.04 $0.05 Undervalued
rating the higher the price Coalcorp Mining   HCF.WT 30-Nov-11   GCM.WT.A -2.2   SCI.WT 31.91   CNM.WT 0.035   GMC.WT.B 80.3%   ALE.WT 0.075 $0.10 Undervalued
of the warrant will be. Coalcorp Mining   REC.WT 30-Nov-11   GCI.WT -1.89   YNG.WT 30   ILC.WT 0.035   RED.WT 80.2%   NQ.WT 0.5 $0.68 Undervalued
A measure of actual  Commerce Split Corp unit   CTF.WT 2-Dec-11   VGZ.WT.S -1.8   BPV.WT.A 29.33   LRT.WT 0.035   TMB.WT 79.6%   FGX.WT.B 1.5 $2.00 Undervalued
stock price changes over  Compton Petroleum Corp   FT.WT.A 3-Dec-11   RNX.WT -1.68   PDL.WT.B 26.6   EIT.WT.A 0.04   RNX.WT 78.6%   CMP.WT.B 1.45 $1.92 Undervalued
a specific period of time.  Continental Gold   PIC.WT 15-Dec-11   GCM.WT -1.67   CMT.WT 25   LRT.WT.A 0.04   ALE.WT 78.3%   PWC.WT 0.22 $0.29 Undervalued
Historical volatility is  Crocodile Gold   XRG.WT 21-Dec-11   PPF.WT -1.65   MGA.WT 23.94   FGX.WT.C 0.04   FEO.WT.A 78.1%   EDV.WT.A 0.71 $0.92 Undervalued
calculated by using the  Dalradian Resources Inc   MFL.WT 31-Dec-11   GAA.WT.A -1.6   MGA.WT.A 23.94   PTA.WT 0.04   FEO.WT.B 78.1%   TMB.WT 0.11 $0.14 Undervalued
standard deviation of an Dundee Precious Metals   OUS.WT 16-Jan-12   BEV.WT -1.53   NGD.WT.B 20.38   NTC.WT 0.04   ML.WT.A 77.4%   PNP.WT.B 0.71 $0.91 Undervalued
underlying stock price. Dundee Precious Metals   GCI.WT 30-Jan-12   CRK.WT -1.44   PGM.WT 20.25   APV.WT 0.04   ML.WT 77.4%   FRN.WT 0.15 $0.19 Undervalued
  East West Petroleum Corp   MGA.WT 12-Feb-12   CMT.WT -1.43   RML.WT 19   PGM.WT 0.04   PMI.WT 76.9%   SSL.WT.A 0.62 $0.77 Undervalued
In the Money ECU Silver Mining Inc   ML.WT 16-Feb-12   CNM.WT -1.4   GMC.WT.A 17.5   GPF.WT.A 0.045   PMI.WT.A 76.9%   TAB.WT 0.1 $0.12 Undervalued
When the price of the  EMC Metals Corp   CKG.WT 23-Feb-12   HGI.WT -1.36   DPM.WT 15.33   APV.WT.A 0.045   BPV.WT.A 75.9%   ST.WT 0.265 $0.32 Undervalued
common is higher than  Endeavour Financial   CNM.WT 28-Feb-12   PAK.WT -1.32   BEV.WT 15.31   PTA.WT.A 0.045   BPV.WT 75.9%   ECU.WT 0.41 $0.50 Undervalued
the exercise price Endeavour Mining Corp   XMF.WT.A 28-Feb-12   VGZ.WT.S -1.3   ANS.WT 13.05   MTO.WT 0.045   IVA.WT 75.3%   GMF.WT 0.015 $0.02 Undervalued
  Endeavour Silver Corp   YCM.WT.A 28-Feb-12   URB.WT.B -1.23   K.WT.C 13.02   NGD.WT.B 0.05   EW.WT 74.9%   SSL.WT 0.74 $0.89 Undervalued
At the Money EnerVest Diversified Income Trust   TMB.WT 29-Feb-12   PGM.WT -1.19   TID.WT 12.86   PNP.WT 0.05   TID.WT 74.2%   CTF.WT 0.02 $0.02 Undervalued
When the price of the  Ethiopian Potash   BNK.WT.A 1-Mar-12   XYM.WT -1.15   PYC.WT 12.8   DNA.WT 0.05   FT.WT.A 74.0%   NGD.WT.A 2.9 $3.46 Undervalued
underlying is equivalent Faircourt Gold Income   GMC.WT.A 6-Mar-12   LPK.WT -1.11   ADM.WT 11.04   OUS.WT 0.055   BNK.WT.A 72.7%   SND.WT 0.11 $0.13 Undervalued
or close to the strike price. Faircourt Gold Income   FNV.WT 13-Mar-12   PYC.WT -1.1   LRT.WT 10.71   RBN.WT.A 0.06   TAB.WT 72.1%   PCT.WT 0.075 $0.09 Undervalued
  Feronia Inc   HGI.WT 30-Mar-12   PNP.WT.B -1.1   FRO.WT 10.57   USO.WT 0.06   MGA.WT.B 71.2%   ROZ.WT 0.7 $0.81 Undervalued
Exercise ratio Formation Metals   NGD.WT.B 3-Apr-12   ZAZ.WT -1.07   GPD.WT 10.42   NOT.WT 0.065   MGA.WT 71.2%   TXG.WT 0.53 $0.62 Undervalued
The number of warrants  Fortress Energy Inc   PVG.WT 8-Apr-12   EW.WT -1.06   PVG.WT 10.16   SBI.WT 0.07   MGA.WT.A 71.2%   PNP.WT.A 0.27 $0.31 Undervalued
related to one share and Fortune Minerals Ltd.   PNP.WT 16-Apr-12   NBD.WT -1.05   LPK.WT 9.91   TID.WT 0.07   CMT.WT 69.9%   BRK.WT 1.58 $1.79 Undervalued
specifies the amount of  Franco-Nevada   MGT.WT.U 20-Apr-12   FCO.WT -1   PAK.WT 9.75   ALE.WT 0.075   CVZ.WT 69.3%   XRG.WT 0.95 $1.07 Undervalued
underlying that the owner Franco-Nevada   GMC.WT.B 27-Apr-12   ADM.WT -0.98   REC.WT 9.50   PCT.WT 0.075   FED.WT 66.0%   DPM.WT.A 5.25 $5.86 Undervalued
of a single warrant is  Franco-Nevada   RED.WT 29-Apr-12   IVA.WT -0.97   PWC.WT 9.45   PAK.WT 0.08   TXG.WT 65.2%   SFF.WT 0.08 $0.09 Undervalued
entitled to buy. Frontier Rare Earths Ltd   BEV.WT 7-May-12   BPV.WT.A -0.96   LRT.WT.A 9.38   SFF.WT 0.08   FRN.WT 64.1%   WLT.WT 8.61 $9.63 Undervalued
  Gazit America In   MTO.WT 15-May-12   ML.WT -0.95   PMI.WT.A 9.33   YEL.WT 0.085   FRO.WT 62.7%   AEM.WT.U 20.97 $23.27 Undervalued
Time Value Gazit America In   CZY.WT 22-May-12   MOB.WT -0.84   NOT.WT 9.23   K.WT.B 0.085   KSK.WT 62.4%   BWR.WT.A 0.62 $0.68 Fair Market Value
The time value is the  Gazit America Inc.   ROZ.WT 28-May-12   RN.WT -0.84   MGT.WT.U 9.19   AA.WT 0.09   CLQ.WT 62.2%   CWB.WT 16.8 $18.34 Fair Market Value
difference between the Geovic Mining Corp   PMI.WT.A 28-May-12   KSK.WT -0.81   NTC.WT 9.13   CLQ.WT 0.095   AC.WT 61.3%   USA.WT 0.45 $0.49 Fair Market Value
current warrant price  Geovic Mining Corp   ADM.WT 2-Jun-12   VGZ.WT.S -0.8   VZX.WT 9   GPD.WT 0.095   EDR.WT 60.9%   VGZ.WT.S 0.98 $1.07 Fair Market Value
and its intrinsic value. Geovic Mining Corp   AAB.WT 6-Jun-12   TID.WT -0.78   FEI.WT.A 9   FEO.WT.A 0.1   ZAZ.WT 60.8%   AVL.WT 2.58 $2.80 Fair Market Value
The time value is to be  Global Adv Tele&Utilities Inc Fd   MGA.WT.A 6-Jun-12   GPF.WT.A -0.77   PNP.WT.A 8.89   FEO.WT.B 0.1   BAA.WT 60.8%   AR.WT 1.75 $1.88 Fair Market Value
interpreted as the GMIncome & Growth Fund    TAB.WT 11-Jun-12   MTO.WT -0.75   CMP.WT.B 8.8   TAB.WT 0.1   YNG.WT 60.5%   FT.WT.A 0.7 $0.74 Fair Market Value
consideration paid for  Gold Participation and Income Fund   APV.WT 11-Jun-12   MGA.WT.B -0.74   CLQ.WT 7.47   TMB.WT 0.11   XRG.WT 60.2%   ML.WT.A 2.1 $2.20 Fair Market Value
the advantage that the Golden Predator   TIC.WT 15-Jun-12   EIT.WT.A -0.73   GAA.WT.A 7.38   SND.WT 0.11   ST.WT 59.9%   P.WT 0.71 $0.74 Fair Market Value
warrant buyer has over  Gran Colombia Gold Corp   YNG.WT 20-Jun-12   PWC.WT -0.72   FNV.WT 6.94   LPK.WT 0.115   USO.WT 59.6%   SLW.WT.U 17.93 $18.57 Fair Market Value
the direct investor. It Gran Colombia Gold Corp   WLT.WT 28-Jun-12   GMF.WT -0.69   CVZ.WT 6.92   PAU.WT 0.115   WRN.WT 57.9%   PAU.WT 0.115 $0.12 Fair Market Value
is greatest when the  Gran Tierra Energy   DPM.WT 29-Jun-12   GAA.WT -0.67   SBI.WT 6.57   ADM.WT 0.115   DNA.WT 57.7%   EDR.WT 5.96 $6.06 Fair Market Value
warrants are 'at the money' GT Canada   MND.WT 6-Aug-12   YEL.WT -0.64   FGX.WT.B 6.45   CZY.WT 0.12   AC.WT 57.6%   TAO.WT 2.79 $2.84 Fair Market Value
but decreases as the Harvest Canadian Inc & Gr Fund   FED.WT 9-Sep-12   LRT.WT -0.63   ILC.WT 6.14   EW.WT 0.12   PAU.WT 57.1%   YEL.WT 0.085 $0.09 Fair Market Value
exercise date draws closer. International Lithium   QUX.WT 10-Sep-12   DNA.WT -0.61   ML.WT 6.1   CVZ.WT 0.13   CRJ.WT 56.3%   GLD.WT 0.21 $0.21 Fair Market Value
The decreased value is  Ivanhoe Australia   CNL.WT 12-Sep-12   PTA.WT -0.6   K.WT.D. 6.09   RED.WT 0.14   SBI.WT 55.2%   GAA.WT 1.25 $1.25 Fair Market Value
called time decay and  Katanga Mining   VGZ.WT.S 22-Oct-12   MB.WT -0.59   RNX.WT 6   HCF.WT 0.145   LRT.WT.A 54.8%   MFL.WT 8.35 $8.30 Fair Market Value
decreases at a faster  Kinross   PNP.WT.A 23-Oct-12   FEO.WT.B -0.58   ZAZ.WT 5.9   RPG.WT 0.145   LRT.WT 54.8%   BAA.WT 1.63 $1.60 Fair Market Value
pace as the expiry date Kinross   AC.WT 28-Oct-12   AA.WT -0.55   TCM.WT 5.89   BEV.WT 0.145   SND.WT 54.7%   CRJ.WT 0.91 $0.89 Fair Market Value
draws closer. Kinross     AC.WT 28-Oct-12   FEI.WT.A -0.51   FNV.WT.A 5.88   FRN.WT 0.15   MTO.WT 54.1%   FNV.WT 5.17 $5.07 Fair Market Value
  Kiska Metals   FRO.WT 17-Nov-12   CVZ.WT -0.5   TAB.WT 5.8   AAB.WT 0.15   PDL.WT.B 53.5%   WRN.WT 0.9 $0.88 Fair Market Value
  Lanesborough REIT   PTA.WT.A 19-Nov-12   BRD.WT -0.5   AAB.WT 5.8   PDL.WT.B 0.15   RN.WT 53.1%   RED.WT 0.14 $0.14 Fair Market Value
  Lanesborough REIT   PWC.WT 25-Nov-12   LQD.WT -0.49   EW.WT 5.75   PMI.WT 0.16   EDV.WT.A 52.3%   GAA.WT 1.25 $1.18 Fair Market Value
  Liquid Nutrition Group   NGD.WT.C 28-Nov-12   BRD.WT.A -0.49   LQD.WT 5.61   FNV.WT.B 0.16   EDV.WT.C 52.3%   ML.WT 0.5 $0.47 Fair Market Value
  Lupaka Gold Corp.   RML.WT 29-Nov-12   SFF.WT -0.43   MTO.WT 5.56   FRO.WT 0.175   SSL.WT.A 52.1%   RNX.WT 0.22 $0.21 Fair Market Value
  M Split Corp   SBI.WT 2-Dec-12   PTA.WT.A -0.43   SND.WT 5.18   LQD.WT 0.18   SSL.WT 52.1%   PTA.WT 0.04 $0.04 Fair Market Value
  Macusani Yellowcake   RNX.WT 16-Dec-12   CTF.WT -0.42   P.WT 5.13   KSK.WT 0.18   AVL.WT 51.9%   FED.WT 0.34 $0.31 Fair Market Value
  Manas Petroleum Corp   ZAZ.WT 19-Dec-12   MNP.WT -0.41   AC.WT 5   MGA.WT.B 0.18   GPD.WT 51.9%   MND.WT 0.53 $0.48 Overvalued
  Mandalay Resources Corp   BPV.WT.A 20-Dec-12   SIN.WT -0.39   XRG.WT 4.99   MB.WT 0.185   GCM.WT 51.3%   APV.WT.A 0.045 $0.04 Overvalued
  MEGA Brands Inc   SFF.WT 21-Dec-12   TMD.WT -0.39   AC.WT 4.98   CRK.WT 0.19   GCM.WT.A 51.3%   CNL.WT 1.65 $1.41 Overvalued
  Mega Uranium   WRN.WT 22-Dec-12   NTC.WT -0.39   QUX.WT 4.59   ZAZ.WT 0.2   VGZ.WT.S 50.8%   K.WT.D. 2.63 $2.22 Overvalued
  Mega Uranium   EW.WT 22-Dec-12   LRT.WT.A -0.38   ST.WT 4.53   ANS.WT 0.2   VGZ.WT.S 50.8%   SCI.WT 0.22 $0.19 Overvalued
  Mega Uranium   SND.WT 23-Dec-12   GPD.WT -0.35   CNL.WT 4.51   GLD.WT 0.21   VGZ.WT.S 50.8%   BNK.WT.A 4.8 $3.99 Overvalued
  Mercator Minerals Ltd   APV.WT.A 23-Dec-12   PIC.WT -0.33   GAA.WT 4.43   MGT.WT.U 0.21   VGZ.WT.S 50.8%   PMI.WT 0.16 $0.13 Overvalued
  Mercator Minerals Ltd   MOB.WT 24-Dec-12   PMI.WT.A -0.32   GAA.WT 4.43   PWC.WT 0.22   MOB.WT 50.0%   SBI.WT 0.07 $0.06 Overvalued
  Metanor Resources   AR.WT 29-Dec-12   OUS.WT -0.3   KSK.WT 4.39   RNX.WT 0.22   LQD.WT 50.0%   PMI.WT.A 0.03 $0.02 Overvalued
  Minefinders Corp   VZX.WT 5-Jan-13   ST.WT -0.3   USO.WT 4.33   SCI.WT 0.22   LPK.WT 50.0%   BPV.WT 0.3 $0.23 Overvalued
  Mines Management    CMP.WT.B 25-Jan-13   VGZ.WT.S -0.3   CRK.WT 4.26   ST.WT 0.265   MNP.WT 50.0%   MB.WT 0.185 $0.14 Overvalued
  New Gold Inc.   ML.WT.A 29-Jan-13   ALE.WT -0.29   FEO.WT.A 4.2   PNP.WT.A 0.27   P.WT 48.0%   GAA.WT.A 0.8 $0.60 Overvalued
  New Gold Inc.   KSK.WT 23-Mar-13   SBI.WT -0.29   FEO.WT.B 4.2   FCO.WT 0.28   PWC.WT 47.3%   CKG.WT 4.61 $3.43 Overvalued
  New Gold Inc.   YEL.WT 25-Mar-13   RBN.WT.A -0.27   SFF.WT 4.06   GCM.WT 0.29   NTC.WT 46.2%   TCM.WT 1.68 $1.24 Overvalued
  Norbord   NTC.WT 31-Mar-13   QUX.WT -0.26   PTA.WT 3.75   BPV.WT 0.3   BEV.WT 45.6%   VGZ.WT.S 0.98 $0.72 Overvalued
  Noront Resources Ltd   USO.WT 18-Apr-13   RPG.WT -0.25   WRN.WT 3.58   MNP.WT 0.3   ANS.WT 45.5%   RN.WT 0.6 $0.43 Overvalued
  North American Palladium Ltd.   ST.WT 29-Apr-13   APV.WT -0.24   FCO.WT 3.57   FED.WT 0.34   MGT.WT.U 45.4%   FRO.WT 0.175 $0.12 Overvalued
  North American Tungsten   CVZ.WT 11-May-13   FEO.WT.A -0.23   FRN.WT 3.53   ECU.WT 0.41   TIC.WT 44.0%   CCJ.WT.B 0.005 $0.00 Overvalued
  Northquest Ltd    CRJ.WT 22-May-13   WRN.WT -0.23   EDV.WT.A 3.51   NGD.WT.C 0.435   BRK.WT 43.5%   EW.WT 0.12 $0.08 Overvalued
  Oceanic Iron Ore Corp   ILC.WT 24-May-13   TIC.WT -0.19   NGD.WT.A 3.51   USA.WT 0.45   RPG.WT 42.8%   ZAZ.WT 0.2 $0.14 Overvalued
  Oceanic Iron Ore Corp   CCJ.WT.B 5-Jun-13   PCT.WT -0.18   TXG.WT 3.47   NBD.WT 0.45   SLW.WT.U 42.6%   PVG.WT 0.98 $0.67 Overvalued
  Omega Advisors U.S. Cap App Fd   PAU.WT 5-Jul-13   PMI.WT -0.17   RED.WT 3.43   AC.WT 0.47   NOT.WT 41.0%   QUX.WT 3.2 $2.15 Overvalued
  Pacific & Western Credit Corp   FNV.WT.B 8-Jul-13   ILC.WT -0.16   PNP.WT.B 3.38   AC.WT 0.47   PYC.WT 40.9%   XYM.WT 0.005 $0.00 Overvalued
  Papuan Precious Metals Corp   PNP.WT.B 11-Jul-13   REC.WT -0.16   CZY.WT 3.33   PYC.WT 0.5   AAB.WT 39.2%   AAB.WT 0.15 $0.10 Overvalued
  Peregrine Metals   ANS.WT 29-Jul-13   FGX.WT.C -0.16   PTA.WT.A 3.33   TMD.WT 0.5   NGD.WT.A 39.1%   NGD.WT.C 0.435 $0.27 Overvalued
  Petroamerica Oil Corp   K.WT.C 3-Sep-13   USO.WT -0.14   AR.WT 3.3   NQ.WT 0.5   PVG.WT 39.1%   NGD.WT.B 0.05 $0.03 Overvalued
  Petroamerica Oil Corp   SLW.WT.U 5-Sep-13   TAB.WT -0.14   VGZ.WT.S 3.27   ML.WT 0.5   NGD.WT.C 39.1%   RPG.WT 0.145 $0.09 Overvalued
  Petromanas Energy In   FRN.WT 8-Sep-13   AAB.WT -0.13   VGZ.WT.S 3.27   TXG.WT 0.53   NGD.WT.B 39.1%   KSK.WT 0.18 $0.11 Overvalued
  Petromanas Energy Inc   VGZ.WT.S 22-Oct-13   APV.WT.A -0.12   VGZ.WT.S 3.27   MND.WT 0.53   CNL.WT 38.9%   CLQ.WT 0.095 $0.05 Overvalued
  Pinetree Capital   GAA.WT 30-Nov-13   VZX.WT -0.11   VGZ.WT.S 3.27   DPM.WT 0.55   WLT.WT 37.6%   GCM.WT 0.29 $0.17 Overvalued
  Pinetree Capital   AEM.WT.U 2-Dec-13   SND.WT -0.1   RPG.WT 3.24   RN.WT 0.6   URB.WT.B 37.3%   NTC.WT 0.04 $0.02 Overvalued
  Pinetree Capital   NBD.WT 24-Dec-13   CLQ.WT -0.09   PAU.WT 3.22   SSL.WT.A 0.62   CMP.WT.B 37.2%   VGZ.WT.S 0.98 $0.54 Overvalued
  Premium Income Corp    EDV.WT.A 4-Feb-14   FRN.WT -0.07   GCM.WT 3.21   BWR.WT.A 0.62   HCF.WT 36.0%   XMF.WT.A 0.005 $0.00 Overvalued
  Pretium Resources   ECU.WT 20-Feb-14   ECU.WT -0.06   TMD.WT 2.92   ROZ.WT 0.7   AR.WT 35.8%   MGA.WT.B 0.18 $0.09 Overvalued
  Prima Colombia   CWB.WT 2-Mar-14   CNL.WT -0.06   AEM.WT.U 2.89   FT.WT.A 0.7   CRK.WT 34.7%   BEV.WT 0.145 $0.07 Very Overvalued
  Primary Corp.   FCO.WT 8-Mar-14   BPV.WT -0.06   ALE.WT 2.87   EDV.WT.A 0.71   BRD.WT.A 34.5%   NBD.WT 0.45 $0.21 Very Overvalued
  Primero Mining Corp   BWR.WT.A 9-Apr-14   HCF.WT -0.05   NBD.WT 2.79   PNP.WT.B 0.71   BRD.WT 34.5%   BRD.WT.A 0.8 $0.37 Very Overvalued
  Propel Multi-Strategy Fund   GAA.WT.A 14-Apr-14   AHX.WT -0.05   FED.WT 2.56   P.WT 0.71   TAO.WT 33.6%   APV.WT 0.04 $0.02 Very Overvalued
  Quadra FNX Mining Ltd   SSL.WT 23-Apr-14   CZY.WT -0.05   MB.WT 2.53   SSL.WT 0.74   MB.WT 33.4%   BRD.WT 0.9 $0.37 Very Overvalued
  Ram Power Corp   MNP.WT 6-May-14   PAU.WT -0.03   YEL.WT 2.47   GAA.WT.A 0.8   AEM.WT.U 33.1%   TIC.WT 1 $0.36 Very Overvalued
  RedWater Energy   RPG.WT 19-May-14   RED.WT -0.02   AVL.WT 2.46   BRD.WT.A 0.8   ADM.WT 32.7%   CRK.WT 0.19 $0.07 Very Overvalued
  Reliant Gold Corp   BRK.WT 27-May-14   EDV.WT.A -0.01   CKG.WT 2.41   WRN.WT 0.9   GTE.WT 32.5%   PTA.WT.A 0.045 $0.01 Very Overvalued
  Rio Novo Gold Inc    LPK.WT 28-Jun-14   GLD.WT 0.07   APV.WT 2.38   BRD.WT 0.9   CKG.WT 32.1%   VGZ.WT.S 0.98 $0.25 Very Overvalued
  Rodinia Oil Corp   PYC.WT 30-Jun-14   FED.WT 0.12   RN.WT 2.35   CRJ.WT 0.91   MFL.WT 31.8%   YCM.WT.A 0.02 $0.00 Very Overvalued
  Royal Nickel Corporation   FGX.WT.B 30-Jun-14   AC.WT 0.14   NGD.WT.C 2.34   XRG.WT 0.95   DPM.WT.A 31.2%   PDL.WT.B 0.15 $0.03 Very Overvalued
  Rusoro Mining   USA.WT 10-Jul-14   AC.WT 0.15   AHX.WT 2.33   VGZ.WT.S 0.98   DPM.WT 31.2%   PNP.WT 0.05 $0.01 Very Overvalued
  Sandstorm Metals   K.WT.D. 17-Sep-14   SCI.WT 0.15   TIC.WT 2.31   VGZ.WT.S 0.98   QUX.WT 29.6%   RML.WT 0.01 $0.00 Very Overvalued
  Sandstorm Resources Ltd.   AA.WT 7-Oct-14   NQ.WT 0.20   ROZ.WT 2.29   PVG.WT 0.98   TCM.WT 28.7%   TID.WT 0.07 $0.01 Very Overvalued
  Sandstorm Resources Ltd.   PTA.WT 8-Oct-14   ROZ.WT 0.27   TAO.WT 2.29   VGZ.WT.S 0.98   GCI.WT 28.7%   K.WT.C 1.23 $0.16 Very Overvalued
  SCITI ROCS Trust   BPV.WT 10-Oct-14   GAA.WT 0.27   CRJ.WT 2.29   VGZ.WT.S 0.98   PPF.WT 26.4%   DPM.WT 0.55 $0.06 Very Overvalued
  SCITI Trust   MGA.WT.B 26-Oct-14   SSL.WT.A 0.39   PCT.WT 2.27   TIC.WT 1   PIC.WT 25.6%   ANS.WT 0.2 $0.02 Very Overvalued
  Seafield Resources   GLD.WT 27-Oct-14   MND.WT 0.41   BAA.WT 2.26   K.WT.C 1.23   K.WT.D. 24.4%   MNP.WT 0.3 $0.03 Very Overvalued
  Serabi Mining   BRD.WT.A 19-Nov-14   USA.WT 0.43   AA.WT 2.22   GAA.WT 1.25   K.WT.C 24.4%   ADM.WT 0.115 $0.01 Very Overvalued
  Silver Wheaton   BRD.WT 19-Nov-14   CRJ.WT 0.48   SSL.WT.A 2.18   GAA.WT 1.25   K.WT.B 24.4%   FCO.WT 0.28 $0.02 Very Overvalued
  Star Portfolio Corp   NOT.WT 16-Dec-14   TXG.WT 0.54   ECU.WT 2.17   CMP.WT.B 1.45   FCO.WT 24.4%   FNV.WT.A 6.1 $0.45 Very Overvalued
  Stonegate Agricom Ltd   NQ.WT 21-Dec-14   XRG.WT 0.54   FT.WT.A 2.14   FGX.WT.B 1.5   NBD.WT 24.0%   NOT.WT 0.065 $0.00 Very Overvalued
  TAG Oil Ltd   PMI.WT 23-Feb-15   FGX.WT.B 0.62   BRD.WT.A 2.13   BRK.WT 1.58   HGI.WT 23.9%   KAT.WT 0.005 $0.00 Very Overvalued
  Tembec   LRT.WT 5-Mar-15   FT.WT.A 0.7   APV.WT.A 2.11   BAA.WT 1.63   OUS.WT 23.7%   PGM.WT 0.04 $0.00 Very Overvalued
  Thompson Creek Metals   RN.WT 8-Mar-15   SSL.WT 0.77   MGA.WT.B 1.98   CNL.WT 1.65   GPF.WT.A 21.6%   GPD.WT 0.095 $0.00 Very Overvalued
  Titan Medical   MB.WT 30-Mar-15   TCM.WT 0.89   SLW.WT.U 1.94   TCM.WT 1.68   GAA.WT 21.4%   URB.WT.B 0.005 $0.00 Very Overvalued
  Titanium Corp. Inc   P.WT 19-Jul-15   NGD.WT.C 1.19   BRD.WT 1.89   AR.WT 1.75   GAA.WT 21.4%   DNA.WT 0.05 $0.00 Very Overvalued
  Torex Gold Resources Inc   GCM.WT 24-Aug-15   AR.WT 1.28   SSL.WT 1.82   ML.WT.A 2.1   GAA.WT.A 21.4%   FNV.WT.B 0.16 $0.00 Very Overvalued
  Touchstone Exploration Inc   PCT.WT 21-Sep-15   BAA.WT 1.57   CWB.WT 1.82   AVL.WT 2.58   RF.WT 20.3%   GMC.WT.A 0.02 $0.00 Very Overvalued
  Tuscany Intl Drilling Inc   SSL.WT.A 19-Oct-15   BRK.WT 1.62   PMI.WT 1.75   K.WT.D. 2.63   SIN.WT 19.1%   MGT.WT.U 0.21 $0.00 Very Overvalued
  U S Silver Corp   VGZ.WT.S 22-Oct-15   ML.WT.A 2.05   BRK.WT 1.66   TAO.WT 2.79   EIT.WT.A 15.3%   MTO.WT 0.045 $0.00 Very Overvalued
  Urbana Corp   DPM.WT.A 20-Nov-15   AVL.WT 2.75   DPM.WT.A 1.61   NGD.WT.A 2.9   RBN.WT.A 13.1%   YNG.WT 0.015 $0.00 Very Overvalued
  US Oil Sands Inc.    FEO.WT.A 30-Nov-15   TAO.WT 2.78   EDR.WT 1.61   QUX.WT 3.2   FNV.WT 12.5%   CCJ.WT.A 0.005 $0.00 Very Overvalued
  Vega Resources    FEO.WT.B 30-Nov-15   CKG.WT 3.1   MFL.WT 1.58   CKG.WT 4.61   FNV.WT.A 12.5%   CMT.WT 0.005 $0.00 Very Overvalued
  Vista Gold   GAA.WT 30-Nov-15   FNV.WT 3.88   WLT.WT 1.48   BNK.WT.A 4.8   FNV.WT.B 12.5%   EDV.WT.C 0.01 $0.00 Very Overvalued
  Vista Gold   TMD.WT 10-Dec-15   BNK.WT.A 3.88   BPV.WT 1.47   FNV.WT 5.17   CWB.WT 11.9%   EMC.WT 0.005 $0.00 Very Overvalued
  Vista Gold   LRT.WT.A 23-Dec-15   DPM.WT.A 5.18   ML.WT.A 1.45   DPM.WT.A 5.25   FGX.WT.C 11.6%   FEI.WT.A 0.005 $0.00 Very Overvalued
  Vista Gold   ALE.WT 22-Feb-16   EDR.WT 6.02   NQ.WT 1.40   EDR.WT 5.96   FGX.WT.B 11.6%   GCM.WT.A 0.02 $0.00 Very Overvalued
  Vuzix Corp   PAK.WT 14-Mar-16   BWR.WT.A 6.21   MND.WT 1.4   FNV.WT.A 6.1   CCP.WT 11.6%   GMC.WT 0.005 $0.00 Very Overvalued
  Walter Energy   CRK.WT 24-Mar-16   MFL.WT 8.18   USA.WT 1.31   MFL.WT 8.35   FEI.WT.A 10.0%   GMC.WT.B 0.01 $0.00 Very Overvalued
  Western Copper   AHX.WT 30-Mar-16   AEM.WT.U 15.11   BNK.WT.A 1.3   WLT.WT 8.61   CTF.WT 9.0%   GTE.WT 0.005 $0.00 Very Overvalued
  Xinergy Ltd   LQD.WT 13-May-16   SLW.WT.U 15.62   GLD.WT 1.29   CWB.WT 16.8   SCI.WT 8.1%   K.WT.B 0.085 $0.00 Very Overvalued
  Yukon-Nevada Gold   FNV.WT.A 16-Jun-17   CWB.WT 16.6   BWR.WT.A 1.2   SLW.WT.U 17.93   XYM.WT 7.3%   MGA.WT 0.015 $0.00 Very Overvalued
  Zazu Metals Corp   NGD.WT.A 28-Jun-17   WLT.WT 83.12   MNP.WT 0.87   AEM.WT.U 20.97   GMF.WT 6.7%   MGA.WT.A 0.015 $0.00 Very Overvalued
  Zazu Metals Corp