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Warrant Sheets for Companies as of May 13th 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   CEK.WT 28-May-11   FNV.WT.A -39.95   OCB.WT 2340   CCJ.WT.B 0.005   REC.WT 205.0%   AV.WT 0.01 $0.29 Bargain
The last day the warrants  Adherex Technologies   OCB.WT 31-May-11   FNV.WT.B -29.22   RF.WT 2162   VZX.WT 0.005   XMF.WT.A 192.5%   RF.WT 0.015 $0.32 Bargain
can be exercised. If Agnico-Eagle   COX.WT 31-May-11   K.WT.C -18.19   COX.WT 1856   XMF.WT.A 0.005   AHX.WT 183.5%   CNM.WT 0.01 $0.15 Bargain
warrants aren't being  Ainsworth Lumber Co Ltd   VST.WT 5-Jun-11   EDV.WT.C -14.83   OBF.WT 1110   GMC.WT 0.005   VZX.WT 140.6%   XYM.WT 0.015 $0.22 Bargain
exercised then they Air Canada cl A   ABK.WT 6-Jun-11   PNP.WT -12.14   XYM.WT 1082   OCB.WT 0.005   CCJ.WT.B 138.0%   MOB.WT 0.065 $0.83 Bargain
must be sold the day  Air Canada cl B   RTU.WT 8-Jun-11   XMF.WT.A -12.1   EDV.WT.C 957.08   CCJ.WT.A 0.005   CCJ.WT.A 138.0%   PPF.WT 0.075 $0.88 Bargain
before the expiry date. Alange Energy Corp   G.WT.G 9-Jun-11   YCM.WT.A -11.39   PPF.WT 346   CEK.WT 0.005   YNG.WT 128.9%   GPF.WT.A 0.06 $0.68 Bargain
The longer the time to  Allbanc Split Corp.    FEI.WT 20-Jun-11   ANS.WT -8.9   GMF.WT 227.6   CMT.WT 0.005   CNM.WT 123.0%   HGI.WT 0.1 $1.07 Bargain
expiry the more Andina Minerals Inc   FSS.WT 30-Jun-11   K.WT.B -8.68   ABK.WT 205.70   COX.WT 0.005   GLD.WT 120.3%   XMF.WT.A 0.005 $0.05 Bargain
valuable the warrants. Argonaut Gold Ltd   OBF.WT 30-Jun-11   CCJ.WT.A -8.21   CTF.WT 205.2   EMC.WT 0.005   GMC.WT.B 117.3%   HCF.WT 0.075 $0.65 Bargain
  ARISE Technologies Corp   BSC.WT 7-Jul-11   TMB.WT -7.64   GPF.WT.A 200.5   FEI.WT 0.005   GMC.WT 117.3%   VZX.WT 0.025 $0.16 Bargain
Leverage ARISE Technologies Corp   FGX.WT.C 29-Jul-11   DPM.WT -7.08   PIC.WT 180.77   FEI.WT.A 0.005   GMC.WT.A 117.3%   GMF.WT 0.05 $0.30 Bargain
The leverage of a warrant Astral Mining Corp   DNA.WT 29-Jul-11   KAT.WT -6.72   SIN.WT 174   RF.WT 0.01   PDL.WT.B 114.3%   SIN.WT 0.075 $0.44 Bargain
is a measure of how much Augen Gold Cor   SCI.WT 4-Aug-11   K.WT.D. -6.34   HCF.WT 158   XYM.WT 0.01   BPV.WT.A 112.5%   IVA.WT 0.005 $0.03 Bargain
you can increase your Avalon Rare Metals Inc   EDV.WT.C 7-Aug-11   NGD.WT.A -6   RBN.WT.A 157.86   AHX.WT 0.01   BPV.WT 112.5%   LRT.WT.A 0.08 $0.45 Bargain
exposure to a share if Bankers Petroleum   GPD.WT 15-Aug-11   NGD.WT.B -6   GCI.WT 152.67   REC.WT 0.01   AA.WT 109.8%   GCI.WT 0.005 $0.03 Bargain
you bought warrants Banro Corp   EMC.WT 15-Aug-11   MGA.WT.A -5.86   HGI.WT 148   GMC.WT.B 0.01   MND.WT 106.3%   REC.WT 0.03 $0.13 Bargain
instead of making a Bennett Environmental Inc   CCJ.WT.A 17-Aug-11   MGA.WT -4.96   GMC.WT 108   OBF.WT 0.01   EMC.WT 104.9%   OUS.WT 0.02 $0.08 Bargain
direct investment. It is  Blue Ribbon   RBN.WT.A 25-Aug-11   GMC.WT.B -4.46   FSS.WT 104.74   RML.WT 0.01   PGM.WT 99.6%   AHX.WT 0.55 $2.00 Bargain
calculated dividing the  BNS Split Corp II   GTE.WT 28-Aug-11   RML.WT -3.76   OUS.WT 101.4   CNM.WT 0.015   USA.WT 92.1%   RBN.WT.A 0.07 $0.25 Bargain
current share price by Breakwater Resources   K.WT.B 7-Sep-11   PNP.WT.A -3.64   EIT.WT.A 96.52   FEO.WT.A 0.015   RED.WT 91.5%   BPV.WT.A 0.06 $0.21 Bargain
the current price of the  Brick Group   PGM.WT 11-Sep-11   MGT.WT.U -3.52   BSC.WT 92.98   MNP.WT 0.02   EDR.WT 89.6%   BSC.WT 0.01 $0.03 Bargain
warrant. Bridgeport Ventures Inc   GPF.WT.A 15-Sep-11   PVG.WT -3.4   KAT.WT 89   YNG.WT 0.02   GPD.WT 87.8%   URB.WT.B 0.18 $0.56 Bargain
  Bridgeport Ventures Inc   SIN.WT 15-Sep-11   NOT.WT -3.23   CNM.WT 87.33   KAT.WT 0.02   NQ.WT 87.0%   FEI.WT.A 0.02 $0.06 Bargain
Intrinsic Value Brigus Gold Corp   BAA.WT 17-Sep-11   P.WT -3.03   XMF.WT.A 80   PPF.WT 0.025   TMD.WT 83.4%   AAB.WT 0.01 $0.03 Bargain
The difference between  Brigus Gold Corp   IVA.WT 20-Sep-11   PDL.WT.B -2.7   GMC.WT.B 54   CTF.WT 0.025   GCM.WT 80.3%   EW.WT 0.3 $0.77 Bargain
the exercise price and C A Bancorp Cdn Rlty Fin Corp   EIT.WT.A 20-Sep-11   GTE.WT -2.64   EMC.WT 52   EDV.WT.C 0.025   TAB.WT 78.1%   LRT.WT 0.55 $1.15 Bargain
the actual trading price  Calvista Gold Corp.   CMT.WT 25-Sep-11   YNG.WT -2.54   URB.WT.B 48.33   URB.WT.B 0.03   BAA.WT 75.7%   ABK.WT 0.065 $0.13 Bargain
of the common stock. Canada Lithium Corp.   RF.WT 30-Sep-11   GMC.WT.A -2.46   PNP.WT 47.67   GMC.WT.A 0.03   KAT.WT 75.5%   FGX.WT.C 1.2 $2.30 Bargain
Once the common has  Canadian Income Mgmt Tr   AVL.WT 30-Sep-11   EMC.WT -2.42   K.WT.B 45.49   PTA.WT.A 0.03   PCT.WT 74.4%   PGM.WT 0.01 $0.02 Bargain
gone over the exercise Canadian Res Income Trust   CLQ.WT 30-Sep-11   MRS.WT -2.35   IVA.WT 45.29   PTA.WT 0.035   SND.WT 74.4%   MND.WT 0.1 $0.18 Bargain
price the warrants are  Canadian Western Bank   FEI.WT.A 30-Sep-11   CCJ.WT.B -2.31   FGX.WT.C 44.18   PGM.WT 0.04   CMT.WT 73.5%   FRN.WT 0.07 $0.12 Bargain
said to be 'in the money'. Canoe Go Canada Income Fund   EDR.WT 7-Oct-11   VGZ.WT.S -2.29   CMT.WT 43   MGA.WT 0.04   RML.WT 73.3%   GMC.WT.B 0.1 $0.17 Bargain
  Caspian Energy   GMF.WT 14-Oct-11   GMC.WT -2.21   CEK.WT 40   MTO.WT 0.04   FCO.WT 70.2%   TMD.WT 0.22 $0.37 Bargain
Volatility Caza Gold Corp   TID.WT 16-Oct-11   CMP.WT.B -2.19   CCJ.WT.B 38   YCM.WT.A 0.04   P.WT 70.1%   BPV.WT 0.005 $0.01 Bargain
The higher the volatility  Chesapeake Gold   VGZ.WT.S 22-Oct-11   RF.WT -2.13   CCJ.WT.A 38   PMI.WT.A 0.045   FEO.WT.A 70.0%   FGX.WT.B 1.62 $2.50 Bargain
rating the higher the price Citadel Income Fund   TCM.WT 27-Oct-11   FRO.WT -2.07   FNV.WT.B 34.07   NTC.WT 0.045   FEO.WT.B 70.0%   GAA.WT 0.55 $0.84 Bargain
of the warrant will be. Claude Resources   PDL.WT.B 28-Oct-11   COX.WT -1.97   DNA.WT 33.6   GMF.WT 0.05   ECU.WT 69.6%   NQ.WT 0.05 $0.07 Undervalued
A measure of actual  CMP Gold Trust   XYM.WT 31-Oct-11   FEI.WT -1.96   FEO.WT.A 29.33   SBI.WT 0.05   LRT.WT.A 69.5%   P.WT 0.32 $0.45 Undervalued
stock price changes over  Coalcorp Mining   GMC.WT 3-Nov-11   VGZ.WT.S -1.79   YCM.WT.A 27.75   DNA.WT 0.05   LRT.WT 69.5%   USO.WT 0.36 $0.49 Undervalued
a specific period of time.  Coalcorp Mining   MRS.WT 3-Nov-11   GCM.WT -1.69   MOB.WT 26   NGD.WT.B 0.05   SFF.WT 69.5%   FEO.WT.B 0.1 $0.14 Undervalued
Historical volatility is  Commerce Split Corp unit   TAO.WT 5-Nov-11   CRK.WT -1.52   G.WT.G 25.15   APV.WT.A 0.05   YEL.WT 68.0%   TXG.WT 0.385 $0.52 Undervalued
calculated by using the  Compton Petroleum Corp   URB.WT.B 10-Nov-11   BEV.WT -1.51   RML.WT 24.5   APV.WT 0.05   TIC.WT 66.6%   OBF.WT 0.095 $0.13 Undervalued
standard deviation of an Continental Gold   TXG.WT 12-Nov-11   PPF.WT -1.35   TMB.WT 24.22   MGA.WT.A 0.05   APV.WT.A 65.6%   PDL.WT.B 1.7 $2.24 Undervalued
underlying stock price. Coxe Commodity Strategy Fund   KAT.WT 20-Nov-11   CMT.WT -1.34   PGM.WT 24   MOB.WT 0.055   APV.WT 65.6%   FSS.WT 0.095 $0.12 Undervalued
  Crocodile Gold   HCF.WT 30-Nov-11   RNX.WT -1.32   YNG.WT 23.25   GPF.WT.A 0.06   VST.WT 65.5%   CMP.WT.B 0.095 $0.11 Undervalued
In the Money Dalradian Resources Inc   PPF.WT 30-Nov-11   GAA.WT -1.30   BEV.WT 22.4   BPV.WT.A 0.06   MGT.WT.U 64.6%   RED.WT 0.18 $0.21 Undervalued
When the price of the  Dundee Precious Metals   REC.WT 30-Nov-11   CNM.WT -1.29   PDL.WT.B 21.11   SFF.WT 0.06   ST.WT 64.0%   WLT.WT 1.5 $1.72 Undervalued
common is higher than  Dundee Precious Metals   CTF.WT 2-Dec-11   PAK.WT -1.29   MGT.WT.U 20.8   PNP.WT 0.06   DNA.WT 61.8%   GLD.WT 19.77 $22.49 Undervalued
the exercise price East West Petroleum Corp   FT.WT.A 3-Dec-11   VGZ.WT.S -1.29   MNP.WT 19.5   PIC.WT 0.065   TMB.WT 61.2%   CNL.WT 0.155 $0.18 Undervalued
  ECU Silver Mining Inc   PIC.WT 15-Dec-11   QUX.WT -1.25   SCI.WT 18.97   LRT.WT.A 0.065   PTA.WT 59.7%   BEV.WT 1.44 $1.59 Undervalued
At the Money EMC Metals Corp   XRG.WT 21-Dec-11   ZAZ.WT -1.25   GMC.WT.A 18   IVA.WT 0.07   PTA.WT.A 59.7%   EIT.WT.A 16.3 $18.02 Undervalued
When the price of the  Endeavour Financial   MFL.WT 31-Dec-11   XYM.WT -1.18   NGD.WT.B 18   RBN.WT.A 0.07   ROZ.WT 58.6%   GAA.WT 0.38 $0.42 Undervalued
underlying is equivalent Endeavour Mining Corp   OUS.WT 16-Jan-12   ABK.WT -1.07   RTU.WT 13.73   HGI.WT 0.075   PNP.WT.A 57.6%   SSL.WT.A 5 $5.50 Undervalued
or close to the strike price. Endeavour Silver Corp   GCI.WT 30-Jan-12   ADM.WT -1.07   DPM.WT 13.42   HCF.WT 0.075   PNP.WT.B 57.6%   CWB.WT 1.7 $1.87 Undervalued
  EnerVest Diversified Income Trust   MGA.WT 12-Feb-12   URB.WT.B -1.05   VZX.WT 13   GCI.WT 0.075   PNP.WT 57.6%   NGD.WT.A 0.12 $0.13 Undervalued
Exercise ratio Ethiopian Potash   ML.WT 16-Feb-12   PGM.WT -1.04   K.WT.C 12.44   SIN.WT 0.08   AVL.WT 57.5%   DPM.WT.A 16.48 $18.06 Undervalued
The number of warrants  Faircourt Gold Income   CKG.WT 23-Feb-12   GPF.WT.A -0.99   ANS.WT 12.4   MRS.WT 0.08   RNX.WT 57.5%   FNV.WT 2.17 $2.36 Fair Market Value
related to one share and Faircourt Gold Income   CNM.WT 28-Feb-12   FCO.WT -0.92   PNP.WT.A 12.17   YEL.WT 0.085   FED.WT 55.9%   WRN.WT 0.17 $0.18 Fair Market Value
specifies the amount of  Feronia Inc   XMF.WT.A 28-Feb-12   EW.WT -0.91   MGA.WT 11.14   GTE.WT 0.085   PAU.WT 55.5%   BAA.WT 0.47 $0.51 Fair Market Value
underlying that the owner Formation Metals   YCM.WT.A 28-Feb-12   HGI.WT -0.9   TID.WT 10.91   LRT.WT 0.09   MFL.WT 55.2%   CKG.WT 0.205 $0.22 Fair Market Value
of a single warrant is  Fortress Energy Inc   TMB.WT 29-Feb-12   OBF.WT -0.9   ADM.WT 10.73   ALE.WT 0.09   SBI.WT 54.6%   AEM.WT.U 0.4 $0.43 Fair Market Value
entitled to buy. Fortress Energy Inc   BNK.WT.A 1-Mar-12   BRD.WT -0.85   GTE.WT 10.26   PCT.WT 0.095   ALE.WT 54.2%   GPD.WT 1.15 $1.22 Fair Market Value
  Fortune Minerals Ltd.   GMC.WT.A 6-Mar-12   KSK.WT -0.85   PVG.WT 10.11   FSS.WT 0.095   MRS.WT 54.0%   ML.WT.A 9.5 $10.10 Fair Market Value
Time Value Franco-Nevada   FNV.WT 13-Mar-12   BRD.WT.A -0.84   BPV.WT.A 10   AA.WT 0.095   ML.WT.A 53.2%   RN.WT 0.2 $0.21 Fair Market Value
The time value is the  Franco-Nevada   HGI.WT 30-Mar-12   MOB.WT -0.82   SBI.WT 9.6   OUS.WT 0.1   ML.WT 53.2%   SSL.WT 2.47 $2.56 Fair Market Value
difference between the Franco-Nevada   NGD.WT.B 3-Apr-12   BPV.WT.A -0.8   CVZ.WT 9.4   FEO.WT.B 0.1   SLW.WT.U 53.0%   G.WT.G 0.395 $0.41 Fair Market Value
current warrant price  Front Str Strategic Yield   PVG.WT 8-Apr-12   VGZ.WT.S -0.79   FEI.WT 9   CVZ.WT 0.1   AR.WT 52.1%   RTU.WT 5.12 $5.21 Fair Market Value
and its intrinsic value. Frontier Rare Earths Ltd   PNP.WT 16-Apr-12   NBD.WT -0.78   FEI.WT.A 9   SND.WT 0.1   FRN.WT 51.7%   SLW.WT.U 2.13 $2.17 Fair Market Value
The time value is to be  Gazit America In   MGT.WT.U 20-Apr-12   MTO.WT -0.76   MGA.WT.A 8.91   BEV.WT 0.1   BRD.WT.A 50.7%   ST.WT 7.2 $7.37 Fair Market Value
interpreted as the Gazit America In   GMC.WT.B 27-Apr-12   ML.WT -0.74   PMI.WT.A 8.67   MGT.WT.U 0.1   BRD.WT 50.7%   AVL.WT 3.44 $3.48 Fair Market Value
consideration paid for  Geovic Mining Corp   RED.WT 29-Apr-12   RN.WT -0.72   CMP.WT.B 8.54   USO.WT 0.1   TXG.WT 50.6%   QUX.WT 5.22 $5.22 Fair Market Value
the advantage that the Geovic Mining Corp   BEV.WT 7-May-12   LRT.WT -0.68   REC.WT 8.50   VST.WT 0.1   PMI.WT 50.6%   ALE.WT 0.105 $0.11 Fair Market Value
warrant buyer has over  Geovic Mining Corp   MTO.WT 15-May-12   PNP.WT.B -0.64   RNX.WT 8.2   CZY.WT 0.105   PMI.WT.A 50.6%   BWR.WT.A 1.84 $1.83 Fair Market Value
the direct investor. It Global Adv Tele&Utilities Inc Fd   CZY.WT 22-May-12   MGA.WT.B -0.64   NTC.WT 7.78   ADM.WT 0.11   CRJ.WT 50.6%   CZY.WT 0.09 $0.09 Fair Market Value
is greatest when the  GMIncome & Growth Fund    PMI.WT.A 28-May-12   GMF.WT -0.62   FRO.WT 7.03   TID.WT 0.11   QUX.WT 50.1%   TIC.WT 0.355 $0.36 Fair Market Value
warrants are 'at the money' Gold Participation and Income Fund   ROZ.WT 28-May-12   DNA.WT -0.57   FNV.WT 6.54   RED.WT 0.12   MNP.WT 50.0%   VGZ.WT.S 5.36 $5.29 Fair Market Value
but decreases as the Goldcorp   ADM.WT 2-Jun-12   PTA.WT -0.57   K.WT.D. 6.48   EW.WT 0.13   CVZ.WT 50.0%   EDR.WT 0.35 $0.34 Fair Market Value
exercise date draws closer. Golden Predator   AAB.WT 6-Jun-12   FEO.WT.B -0.56   EW.WT 6.46   K.WT.B 0.135   USO.WT 50.0%   FT.WT.A 0.03 $0.03 Fair Market Value
The decreased value is  Gran Colombia Gold Corp   MGA.WT.A 6-Jun-12   GCI.WT -0.55   FGX.WT.B 6   EIT.WT.A 0.155   FEI.WT 50.0%   MFL.WT 0.04 $0.04 Fair Market Value
called time decay and  Gran Tierra Energy   APV.WT 11-Jun-12   AA.WT -0.53   XRG.WT 6.00   AAB.WT 0.16   FEI.WT.A 50.0%   BRK.WT 3.1 $3.00 Fair Market Value
decreases at a faster  GT Canada   TAB.WT 11-Jun-12   YEL.WT -0.52   PTA.WT.A 6   FNV.WT.B 0.16   CLQ.WT 49.3%   FED.WT 0.96 $0.92 Fair Market Value
pace as the expiry date Harvest Canadian Inc & Gr Fund   TIC.WT 15-Jun-12   SFF.WT -0.51   MTO.WT 6   MB.WT 0.17   SSL.WT 49.3%   FEO.WT.A 1.66 $1.55 Fair Market Value
draws closer. Ivanhoe Australia   YNG.WT 20-Jun-12   FEI.WT.A -0.51   GPD.WT 5.89   PMI.WT 0.17   SSL.WT.A 49.3%   SCI.WT 0.05 $0.05 Fair Market Value
  Katanga Mining   WLT.WT 28-Jun-12   TID.WT -0.49   MRS.WT 5.83   CLQ.WT 0.17   XRG.WT 49.0%   XRG.WT 4.84 $4.43 Fair Market Value
  Kinross   DPM.WT 29-Jun-12   CVZ.WT -0.46   FNV.WT.A 5.79   GPD.WT 0.175   RN.WT 48.9%   AC.WT 1.7 $1.54 Overvalued
  Kinross   MND.WT 6-Aug-12   LRT.WT.A -0.43   ML.WT 5.34   PDL.WT.B 0.18   EW.WT 48.9%   PAU.WT 0.17 $0.15 Overvalued
  Kinross     FED.WT 9-Sep-12   CTF.WT -0.42   PTA.WT 5.14   FRN.WT 0.18   FT.WT.A 48.5%   BNK.WT.A 0.56 $0.50 Overvalued
  Kiska Metals   QUX.WT 10-Sep-12   NTC.WT -0.4   AAB.WT 5.06   PAU.WT 0.18   BRK.WT 48.2%   MB.WT 2.61 $2.31 Overvalued
  Lanesborough REIT   CNL.WT 12-Sep-12   PTA.WT.A -0.4   LRT.WT.A 5   TMB.WT 0.18   GAA.WT 48.1%   AC.WT 0.56 $0.49 Overvalued
  Lanesborough REIT   VGZ.WT.S 22-Oct-12   WRN.WT -0.35   TCM.WT 4.91   KSK.WT 0.18   GAA.WT 48.1%   PCT.WT 0.025 $0.02 Overvalued
  M Split Corp   PNP.WT.A 23-Oct-12   ST.WT -0.32   SND.WT 4.8   GLD.WT 0.2   ZAZ.WT 48.0%   CRJ.WT 0.235 $0.20 Overvalued
  Macusani Yellowcake   AC.WT 28-Oct-12   EIT.WT.A -0.31   CZY.WT 4.57   PAK.WT 0.2   MGA.WT.B 48.0%   FCO.WT 2.1 $1.75 Overvalued
  Manas Petroleum Corp   AC.WT 28-Oct-12   GPD.WT -0.31   QUX.WT 4.42   RNX.WT 0.205   MGA.WT 48.0%   K.WT.D. 0.71 $0.57 Overvalued
  Mandalay Resources Corp   FRO.WT 17-Nov-12   MNP.WT -0.3   FEO.WT.B 4.4   MGA.WT.B 0.21   MGA.WT.A 48.0%   ML.WT 1.05 $0.85 Overvalued
  Medoro Resources Ltd   PTA.WT.A 19-Nov-12   GAA.WT -0.3   AC.WT 4.25   CRK.WT 0.21   ADM.WT 46.5%   USA.WT 0.95 $0.76 Overvalued
  MEGA Brands Inc   NGD.WT.C 28-Nov-12   CNL.WT -0.3   CNL.WT 4.24   FGX.WT.C 0.22   NTC.WT 45.8%   TCM.WT 0.65 $0.52 Overvalued
  Mega Uranium   RML.WT 29-Nov-12   XRG.WT -0.30   AC.WT 4.21   PNP.WT.A 0.235   CNL.WT 44.5%   TAO.WT 0.465 $0.37 Overvalued
  Mega Uranium   SBI.WT 2-Dec-12   OCB.WT -0.3   KSK.WT 4.17   ANS.WT 0.25   WRN.WT 44.5%   SND.WT 0.6 $0.47 Overvalued
  Mega Uranium   RNX.WT 16-Dec-12   RBN.WT.A -0.28   P.WT 4.14   ABK.WT 0.3   BWR.WT.A 44.4%   AR.WT 0.85 $0.65 Overvalued
  Mercator Minerals Ltd   ZAZ.WT 19-Dec-12   ALE.WT -0.28   CLQ.WT 4.12   BPV.WT 0.32   AAB.WT 44.2%   PNP.WT.B 0.55 $0.41 Overvalued
  Mercator Minerals Ltd   BPV.WT.A 20-Dec-12   SBI.WT -0.27   TXG.WT 4.1   FCO.WT 0.35   ANS.WT 43.1%   TMB.WT 0.045 $0.03 Overvalued
  Metanor Resources   SFF.WT 21-Dec-12   EDV.WT.A -0.27   SFF.WT 4.08   ST.WT 0.355   YCM.WT.A 43.0%   ADM.WT 0.09 $0.06 Overvalued
  Minefinders Corp   WRN.WT 22-Dec-12   CEK.WT -0.25   PAK.WT 4.05   MND.WT 0.36   MTO.WT 42.3%   PAK.WT 0.18 $0.12 Overvalued
  Mines Management    EW.WT 22-Dec-12   APV.WT -0.23   YEL.WT 3.88   FRO.WT 0.36   PAK.WT 42.0%   BRD.WT.A 0.95 $0.66 Overvalued
  New Gold Inc.   SND.WT 23-Dec-12   VST.WT -0.23   NGD.WT.A 3.64   SCI.WT 0.38   CZY.WT 42.0%   CLQ.WT 0.005 $0.00 Overvalued
  New Gold Inc.   APV.WT.A 23-Dec-12   ECU.WT -0.22   LRT.WT 3.61   NGD.WT.C 0.38   WLT.WT 41.1%   GMC.WT 0.61 $0.40 Overvalued
  New Gold Inc.   MOB.WT 24-Dec-12   FEO.WT.A -0.21   RED.WT 3.54   ZAZ.WT 0.38   DPM.WT.A 40.9%   PMI.WT 0.6 $0.38 Overvalued
  Norbord   AR.WT 29-Dec-12   PMI.WT.A -0.21   AHX.WT 3.5   TXG.WT 0.385   DPM.WT 40.9%   GMC.WT.A 0.2 $0.13 Overvalued
  Noront Resources Ltd   VZX.WT 5-Jan-13   IVA.WT -0.2   CRK.WT 3.48   FED.WT 0.385   IVA.WT 40.8%   EDV.WT.A 0.9 $0.57 Overvalued
  North American Palladium Ltd.   CMP.WT.B 25-Jan-13   SND.WT -0.2   GAA.WT 3.35   BWR.WT.A 0.395   MB.WT 40.8%   NGD.WT.C 0.47 $0.29 Overvalued
  North American Tungsten   ML.WT.A 29-Jan-13   AAB.WT -0.19   GAA.WT 3.35   SSL.WT.A 0.4   PVG.WT 40.8%   PNP.WT.A 0.16 $0.10 Overvalued
  Northquest Ltd    KSK.WT 23-Mar-13   REC.WT -0.17   FRN.WT 3.33   BRD.WT.A 0.465   KSK.WT 40.3%   NGD.WT.B 0.1 $0.06 Overvalued
  Oceanic Iron Ore Corp   YEL.WT 25-Mar-13   PIC.WT -0.15   ST.WT 3.32   SSL.WT 0.47   BEV.WT 39.4%   PMI.WT.A 0.01 $0.01 Overvalued
  Oceanic Iron Ore Corp   NTC.WT 31-Mar-13   HCF.WT -0.15   EDV.WT.A 3.28   ECU.WT 0.47   TID.WT 38.6%   VGZ.WT.S 0.035 $0.02 Overvalued
  O'Leary Adv Tact Gl Corp Bd Fd   USO.WT 18-Apr-13   VZX.WT -0.14   WRN.WT 3.26   NOT.WT 0.5   NOT.WT 38.6%   YEL.WT 0.055 $0.03 Overvalued
  O'Leary BrIC-Plus Inc&Growth Fd   ST.WT 29-Apr-13   TIC.WT -0.13   TMD.WT 3.18   NBD.WT 0.51   FRO.WT 38.0%   OCB.WT 0.1 $0.06 Overvalued
  Omega Advisors U.S. Cap App Fd   CVZ.WT 11-May-13   USO.WT -0.13   FCO.WT 3.09   BSC.WT 0.55   NGD.WT.A 36.6%   CTF.WT 0.68 $0.37 Overvalued
  Papuan Precious Metals Corp   CRJ.WT 22-May-13   SIN.WT -0.12   AEM.WT.U 3.01   TMD.WT 0.55   NGD.WT.C 36.6%   ECU.WT 0.175 $0.09 Overvalued
  Peregrine Metals   CCJ.WT.B 5-Jun-13   FGX.WT.C -0.11   AR.WT 2.92   NQ.WT 0.55   NGD.WT.B 36.6%   MGA.WT.B 0.38 $0.19 Very Overvalued
  Petroamerica Oil Corp   PAU.WT 5-Jul-13   PCT.WT -0.11   BRD.WT.A 2.9   USA.WT 0.55   CRK.WT 35.6%   FRO.WT 0.085 $0.04 Very Overvalued
  Petroamerica Oil Corp   FNV.WT.B 8-Jul-13   APV.WT.A -0.11   MB.WT 2.88   AC.WT 0.56   GPF.WT.A 35.1%   BRD.WT 0.045 $0.02 Very Overvalued
  Petromanas Energy In   PNP.WT.B 11-Jul-13   TMD.WT -0.1   BAA.WT 2.82   AC.WT 0.56   CKG.WT 34.1%   CRK.WT 0.1 $0.05 Very Overvalued
  Petromanas Energy Inc   ANS.WT 29-Jul-13   CLQ.WT -0.1   TIC.WT 2.79   DPM.WT 0.59   GTE.WT 33.6%   ROZ.WT 0.85 $0.39 Very Overvalued
  Pinetree Capital   K.WT.C 3-Sep-13   RED.WT -0.08   VGZ.WT.S 2.77   RN.WT 0.6   CEK.WT 32.9%   NBD.WT 0.84 $0.37 Very Overvalued
  Pinetree Capital   SLW.WT.U 5-Sep-13   PMI.WT -0.06   VGZ.WT.S 2.77   GCM.WT 0.6   AEM.WT.U 32.4%   SBI.WT 0.385 $0.17 Very Overvalued
  Pinetree Capital   FRN.WT 8-Sep-13   FED.WT -0.06   VGZ.WT.S 2.77   ML.WT 0.61   TAO.WT 32.3%   VGZ.WT.S 0.13 $0.05 Very Overvalued
  Premium Income Corp    VGZ.WT.S 22-Oct-13   TAB.WT -0.06   VGZ.WT.S 2.77   XRG.WT 0.65   K.WT.D. 32.1%   AA.WT 6.05 $2.41 Very Overvalued
  Pretium Resources   GAA.WT 30-Nov-13   AHX.WT -0.05   VST.WT 2.75   EDV.WT.A 0.68   K.WT.C 32.1%   TID.WT 0.51 $0.20 Very Overvalued
  Prima Colombia   AEM.WT.U 2-Dec-13   FSS.WT -0.05   PNP.WT.B 2.72   FT.WT.A 0.71   K.WT.B 32.1%   GCM.WT 0.38 $0.15 Very Overvalued
  Primero Mining Corp   NBD.WT 24-Dec-13   SSL.WT.A -0.03   USO.WT 2.7   BRD.WT 0.84   CMP.WT.B 31.6%   APV.WT.A 0.11 $0.04 Very Overvalued
  Propel Multi-Strategy Fund   EDV.WT.A 4-Feb-14   PAU.WT -0.03   ZAZ.WT 2.63   TIC.WT 0.85   URB.WT.B 30.5%   FNV.WT.A 0.98 $0.34 Very Overvalued
  Quadra FNX Mining Ltd   ECU.WT 20-Feb-14   MB.WT -0.01   RN.WT 2.55   ROZ.WT 0.85   VGZ.WT.S 30.2%   ZAZ.WT 0.21 $0.07 Very Overvalued
  RedWater Energy   CWB.WT 2-Mar-14   FRN.WT 0   PCT.WT 2.53   PVG.WT 0.9   VGZ.WT.S 30.2%   DNA.WT 0.06 $0.02 Very Overvalued
  Reliant Gold Corp   FCO.WT 8-Mar-14   NGD.WT.C 0   NBD.WT 2.51   CRJ.WT 0.95   VGZ.WT.S 30.2%   PTA.WT 0.17 $0.05 Very Overvalued
  Rio Novo Gold Inc    BWR.WT.A 9-Apr-14   CZY.WT 0.03   CKG.WT 2.49   WRN.WT 0.95   VGZ.WT.S 30.2%   SFF.WT 0.59 $0.19 Very Overvalued
  Rodinia Oil Corp   SSL.WT 23-Apr-14   GLD.WT 0.07   ALE.WT 2.44   RTU.WT 0.96   AC.WT 30.0%   DPM.WT 0.16 $0.05 Very Overvalued
  Royal Nickel Corporation   MNP.WT 6-May-14   ROZ.WT 0.08   NGD.WT.C 2.37   VGZ.WT.S 0.98   TCM.WT 29.5%   KSK.WT 0.05 $0.02 Very Overvalued
  Rusoro Mining   BRK.WT 27-May-14   BPV.WT 0.1   SSL.WT.A 2.35   VGZ.WT.S 0.98   G.WT.G 29.3%   PVG.WT 0.18 $0.06 Very Overvalued
  Sandstorm Metals   FGX.WT.B 30-Jun-14   OUS.WT 0.14   AA.WT 2.32   VGZ.WT.S 0.98   AC.WT 28.0%   VGZ.WT.S 0.05 $0.02 Very Overvalued
  Sandstorm Resources Ltd.   USA.WT 10-Jul-14   AC.WT 0.16   PMI.WT 2.29   VGZ.WT.S 0.98   BNK.WT.A 27.9%   K.WT.C 0.36 $0.10 Very Overvalued
  Sandstorm Resources Ltd.   K.WT.D. 17-Sep-14   AC.WT 0.18   TAO.WT 2.23   PNP.WT.B 1.05   HGI.WT 25.0%   NTC.WT 0.21 $0.06 Very Overvalued
  SCITI ROCS Trust   AA.WT 7-Oct-14   BSC.WT 0.3   MGA.WT.B 2.1   K.WT.C 1.11   OUS.WT 25.0%   MGT.WT.U 1.11 $0.29 Very Overvalued
  SCITI Trust   PTA.WT 8-Oct-14   SCI.WT 0.34   APV.WT.A 2.1   BAA.WT 1.15   MOB.WT 25.0%   FNV.WT.B 0.03 $0.01 Very Overvalued
  Seafield Resources   BPV.WT 10-Oct-14   CRJ.WT 0.34   APV.WT 2.1   P.WT 1.2   EDV.WT.A 24.1%   RNX.WT 0.98 $0.18 Very Overvalued
  Serabi Mining   MGA.WT.B 26-Oct-14   USA.WT 0.34   PAU.WT 2.08   BRK.WT 1.44   EDV.WT.C 24.1%   PTA.WT.A 0.18 $0.03 Very Overvalued
  Silver Wheaton   GLD.WT 27-Oct-14   SSL.WT 0.35   CRJ.WT 2.04   CMP.WT.B 1.5   FNV.WT 21.3%   APV.WT 0.11 $0.02 Very Overvalued
  Star Portfolio Corp   BRD.WT.A 19-Nov-14   AR.WT 0.35   MND.WT 2.03   FGX.WT.B 1.62   FNV.WT.A 21.3%   MRS.WT 0.25 $0.04 Very Overvalued
  Stonegate Agricom Ltd   BRD.WT 19-Nov-14   MND.WT 0.4   AVL.WT 2.03   AR.WT 1.66   FNV.WT.B 21.3%   IE.WT 0.98 $0.12 Very Overvalued
  TAG Oil Ltd   NOT.WT 16-Dec-14   TXG.WT 0.45   NQ.WT 2.00   GAA.WT 1.7   BSC.WT 20.8%   RML.WT 0.02 $0.00 Very Overvalued
  Tembec   NQ.WT 21-Dec-14   G.WT.G 0.53   SLW.WT.U 2   GAA.WT 1.7   FGX.WT.C 20.7%   GTE.WT 0.05 $0.00 Very Overvalued
  Thompson Creek Metals   PMI.WT 23-Feb-15   FT.WT.A 0.54   SSL.WT 2   CNL.WT 1.7   FGX.WT.B 20.7%   K.WT.B 0.085 $0.00 Very Overvalued
  Titan Medical   LRT.WT 5-Mar-15   NQ.WT 0.60   FT.WT.A 1.89   G.WT.G 1.84   PPF.WT 19.8%   VST.WT 0.98 $0.04 Very Overvalued
  Titanium Corp. Inc   RN.WT 8-Mar-15   FGX.WT.B 0.67   BPV.WT 1.88   TCM.WT 2.1   NBD.WT 19.4%   CEK.WT 0.06 $0.00 Very Overvalued
  Torex Gold Resources Inc   MB.WT 30-Mar-15   RTU.WT 0.88   CWB.WT 1.85   K.WT.D. 2.13   PIC.WT 19.2%   VIP.WT 0.01 $0.00 Very Overvalued
  Touchstone Exploration Inc   P.WT 19-Jul-15   BAA.WT 1.08   FED.WT 1.79   ML.WT.A 2.17   COX.WT 18.8%   ANS.WT 0.135 $0.00 Very Overvalued
  Tuscany Intl Drilling Inc   GCM.WT 24-Aug-15   TCM.WT 1.32   EDR.WT 1.69   NGD.WT.A 2.47   ABK.WT 18.1%   CCJ.WT.B 0.5 $0.01 Very Overvalued
  U S Silver Corp   PCT.WT 21-Sep-15   BRK.WT 1.39   MFL.WT 1.69   TAO.WT 2.61   RF.WT 16.1%   FEI.WT 0.08 $0.00 Very Overvalued
  Urbana Corp   SSL.WT.A 19-Oct-15   TAO.WT 2.22   BRK.WT 1.66   QUX.WT 3.1   HCF.WT 15.9%   KAT.WT 0.005 $0.00 Very Overvalued
  US Oil Sands Inc.    VGZ.WT.S 22-Oct-15   ML.WT.A 2.26   ROZ.WT 1.66   AVL.WT 3.44   GMF.WT 15.4%   NOT.WT 0.005 $0.00 Very Overvalued
  Vast Exploration Inc   DPM.WT.A 20-Nov-15   FNV.WT 3.05   BRD.WT 1.61   CKG.WT 4.84   XYM.WT 15.3%   PNP.WT 0.005 $0.00 Very Overvalued
  Vega Resources    FEO.WT.A 30-Nov-15   AVL.WT 3.39   DPM.WT.A 1.58   DPM.WT.A 5   GCI.WT 12.9%   CCJ.WT.A 0.005 $0.00 Very Overvalued
  Vista Gold   FEO.WT.B 30-Nov-15   BWR.WT.A 3.88   ECU.WT 1.55   EDR.WT 5.12   SIN.WT 11.9%   CMT.WT 0.025 $0.00 Very Overvalued
  Vista Gold   GAA.WT 30-Nov-15   CKG.WT 4.03   NOT.WT 1.54   BNK.WT.A 5.22   OBF.WT 10.8%   COX.WT 0.005 $0.00 Very Overvalued
  Vista Gold   TMD.WT 10-Dec-15   DPM.WT.A 4.67   GCM.WT 1.52   FNV.WT 5.36   CWB.WT 9.7%   EDV.WT.C 0.005 $0.00 Very Overvalued
  Vista Gold   LRT.WT.A 23-Dec-15   EDR.WT 5.06   ML.WT.A 1.5   FNV.WT.A 6.05   RTU.WT 9.6%   EMC.WT 0.005 $0.00 Very Overvalued
Vuzix Corp ALE.WT 22-Feb-16 BNK.WT.A 5.13 BNK.WT.A 1.44 MFL.WT 7.2 FSS.WT 7.8% MGA.WT 0.04 $0.00 Very Overvalued
  Walter Energy   PAK.WT 14-Mar-16   MFL.WT 7.19   WLT.WT 1.39   WLT.WT 9.5   RBN.WT.A 7.5%   MGA.WT.A 0.05 $0.00 Very Overvalued
  Western Copper   CRK.WT 24-Mar-16   AEM.WT.U 13.79   GLD.WT 1.33   CWB.WT 16.3   SCI.WT 7.2%   MTO.WT 0.04 $0.00 Very Overvalued
  Xinergy Ltd   AHX.WT 30-Mar-16   SLW.WT.U 13.82   BWR.WT.A 1.29   SLW.WT.U 16.48   CTF.WT 6.8%   YCM.WT.A 0.1 $0.00 Very Overvalued
  Yukon-Nevada Gold   FNV.WT.A 16-Jun-17   CWB.WT 16.19   USA.WT 0.91   AEM.WT.U 19.77   OCB.WT 6.2%   YNG.WT 0.04 $0.00 Very Overvalued
  Zazu Metals Corp   NGD.WT.A 28-Jun-17   WLT.WT 87.02   TAB.WT nt   TAB.WT nt   EIT.WT.A 5.5%   TAB.WT nt $0.20 Not Trading
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