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Warrant Sheets for Companies as of November 11th, 2011

***opinions based on calculations only****

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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   KAT.WT 20-Nov-11   FNV.WT.A -31.9   PIC.WT 2037   XMF.WT.A 0.005   XMF.WT.A 764.2%   MOB.WT 0.01 $0.27 Bargain
The last day the warrants  Adherex Technologies   HCF.WT 30-Nov-11   FNV.WT.B -21.17   PPF.WT 1484   PIC.WT 0.005   SBI.WT 437.3%   XMF.WT.A 0.005 $0.09 Bargain
can be exercised. If Agnico-Eagle   REC.WT 30-Nov-11   K.WT.C -17.58   FCS.WT.A 1011   CNM.WT 0.005   APV.WT 353.2%   LRT.WT 0.055 $0.38 Bargain
warrants aren't being  Ainsworth Lumber Co Ltd   PPF.WT 30-Nov-11   PNP.WT -13.17   GCI.WT 949   APV.WT 0.005   APV.WT.A 353.2%   PYC.WT 0.15 $1.01 Bargain
exercised then they Air Canada cl A   FCS.WT.A 2-Dec-11   XMF.WT.A -12.38   CTF.WT 790   CTF.WT 0.005   LRT.WT 247.2%   LRT.WT.A 0.06 $0.38 Bargain
must be sold the day  Air Canada cl B   CTF.WT 2-Dec-11   YCM.WT.A -11.85   PNP.WT 366   GMC.WT.A 0.005   LRT.WT.A 247.2%   PIC.WT 0.005 $0.03 Bargain
before the expiry date. Andina Minerals Inc   FT.WT.A 3-Dec-11   AUM.WT -10.89   OUS.WT 312   GMC.WT.B 0.005   REC.WT 240.6%   SBI.WT 0.03 $0.15 Bargain
The longer the time to  Argonaut Gold Ltd   PIC.WT 15-Dec-11   ANS.WT -10.7   KAT.WT 254   KAT.WT 0.005   RED.WT 225.9%   RED.WT 0.04 $0.19 Bargain
expiry the more ARISE Technologies Corp   XRG.WT 21-Dec-11   TMB.WT -9.24   CNM.WT 198   MGA.WT 0.005   NQ.WT 208.6%   GAA.WT 0.67 $3.18 Bargain
valuable the warrants. ARISE Technologies Corp   MFL.WT 31-Dec-11   KAT.WT -7.23   GCM.WT 140   MGA.WT.A 0.005   WAI.WT 199.3%   FEO.WT.A 0.05 $0.23 Bargain
  Armistice Resources Corp   OUS.WT 16-Jan-12   K.WT.D. -7.18   TMB.WT 138   MLR.WT.B 0.005   USO.WT 196.7%   MNP.WT 0.03 $0.12 Bargain
Leverage Astral Mining Corp   GCI.WT 30-Jan-12   CMT.WT.A -6.74   YCM.WT.A 130   PNP.WT 0.005   MNP.WT 189.4%   GAA.WT 0.67 $2.46 Bargain
The leverage of a warrant Augen Gold Cor   MGA.WT 12-Feb-12   MGA.WT.A -6.06   HCF.WT 120.4   PPF.WT 0.005   SNG.WT 176.1%   NTC.WT 0.01 $0.04 Bargain
is a measure of how much Bankers Petroleum   ML.WT 16-Feb-12   DPM.WT -5.56   MOB.WT 120   RML.WT 0.005   VZX.WT 172.5%   FCO.WT 0.095 $0.33 Bargain
you can increase your Bennett Environmental Inc   CKG.WT 23-Feb-12   MGA.WT -5.16   HGI.WT 83.91   YCM.WT.A 0.005   BBB.WT 170.6%   WAI.WT 0.04 $0.14 Bargain
exposure to a share if Brick Group   XMF.WT.A 28-Feb-12   NBD.WT -5.01   XRG.WT 71.60   MOB.WT 0.01   PCT.WT 164.1%   FCS.WT.A 0.01 $0.03 Bargain
you bought warrants Bridgeport Ventures Inc   CNM.WT 28-Feb-12   GMC.WT.B -4.7   ENI.WT 66.13   NTC.WT 0.01   AHX.WT 143.7%   VZX.WT 0.01 $0.03 Bargain
instead of making a Bridgeport Ventures Inc   YCM.WT.A 28-Feb-12   PNP.WT.A -4.67   GMC.WT.A 60   FCS.WT.A 0.01   FCO.WT 141.1%   GAA.WT.A 0.8 $2.50 Bargain
direct investment. It is  Brigus Gold Corp   TMB.WT 29-Feb-12   P.WT -4.46   GMC.WT.B 60   VZX.WT 0.01   NOT.WT 133.7%   ZAZ.WT 0.1 $0.28 Bargain
calculated dividing the  Brigus Gold Corp   ENI.WT 1-Mar-12   QUX.WT -4.14   MGA.WT 52.73   ILC.WT 0.01   FEO.WT.A 132.2%   CNM.WT 0.005 $0.01 Bargain
current share price by Brixton Metals   BNK.WT.A 1-Mar-12   RML.WT -3.89   MGA.WT.A 52.73   GCI.WT 0.01   FEO.WT.B 132.2%   PWC.WT 0.025 $0.07 Bargain
the current price of the  Calvista Gold Corp.   GMC.WT.A 6-Mar-12   CMP.WT.B -3.84   PWC.WT 50.8   REC.WT 0.01   ROZ.WT 122.0%   VGZ.WT.U 0.65 $1.69 Bargain
warrant. Canadian Income Mgmt Tr   CTF.WT.A 8-Mar-12   MGT.WT.U -3.79   PYC.WT 38.33   YNG.WT 0.01   PAU.WT 121.9%   HCF.WT 0.1 $0.25 Bargain
  Canoe Go Canada Income Fund   FNV.WT 13-Mar-12   PIC.WT -3.28   COX.WT.A 36.55   BPV.WT.A 0.015   MGT.WT.U 120.9%   AZ.WT 0.035 $0.09 Bargain
Intrinsic Value Caza Gold Corp   HGI.WT 30-Mar-12   FRO.WT -3.25   YNG.WT 33.5   APV.WT.A 0.015   FRN.WT 116.0%   ENI.WT 0.075 $0.18 Bargain
The difference between  Chesapeake Gold   NGD.WT.B 3-Apr-12   NOT.WT -3.24   BEV.WT 33   PMI.WT.A 0.015   CZY.WT 115.8%   RPG.WT 0.035 $0.09 Bargain
the exercise price and Citadel Income Fund   PVG.WT 9-Apr-12   PVG.WT -3.21   DPM.WT 31.47   PCT.WT 0.02   TFA.WT.A 114.0%   CZY.WT 0.03 $0.07 Bargain
the actual trading price  Citadel Income Fund   PNP.WT 16-Apr-12   NGD.WT.A -2.9   CTF.WT.A 26.33   YEL.WT 0.02   YEL.WT 112.8%   COX.WT.A 0.235 $0.56 Bargain
of the common stock. Claude Resources   MGT.WT.U 20-Apr-12   NGD.WT.B -2.9   BPV.WT.A 24.33   PTA.WT.A 0.02   GMC.WT.B 109.3%   PMD.WT 0.435 $1.03 Bargain
Once the common has  CMP Gold Trust   GMC.WT.B 27-Apr-12   GMC.WT.A -2.7   XMF.WT.A 24   TMB.WT 0.02   PTA.WT.B 108.9%   PAK.WT 0.08 $0.19 Bargain
gone over the exercise Colossus Minerals Inc   RED.WT 29-Apr-12   YNG.WT -2.67   MLR.WT.B 22   PWC.WT 0.025   PTA.WT 108.9%   ILC.WT 0.01 $0.02 Bargain
price the warrants are  Commerce Split Corp unit   COX.WT.A 30-Apr-12   PPF.WT -2.58   RML.WT 22   OUS.WT 0.025   PTA.WT.A 108.9%   PCT.WT 0.02 $0.04 Bargain
said to be 'in the money'. Compton Petroleum Corp   EIT.WT.B 30-Apr-12   GCI.WT -2.51   NTC.WT 21.5   AHX.WT 0.025   CRK.WT 106.8%   LQD.WT 0.17 $0.33 Bargain
  Continental Gold   BEV.WT 7-May-12   GAA.WT.A -2.4   PNP.WT.A 20.33   SBI.WT 0.03   PMD.WT 105.8%   FEO.WT.B 0.11 $0.21 Bargain
Volatility Coxe Commodity Strategy Fund   MTO.WT 15-May-12   MLR.WT.B -2.39   NGD.WT.B 20.17   MNP.WT 0.03   TAB.WT 105.6%   SWA.WT 0.06 $0.12 Bargain
The higher the volatility  Crocodile Gold   CZY.WT 22-May-12   HGI.WT -2.35   MGT.WT.U 17   CZY.WT 0.03   NTC.WT 101.8%   SNG.WT 0.55 $1.06 Bargain
rating the higher the price Dundee Precious Metals   ROZ.WT 28-May-12   RNX.WT -2.22   K.WT.C 15.34   PTA.WT 0.03   ILC.WT 100.8%   NQ.WT 0.2 $0.38 Bargain
of the warrant will be. Dundee Precious Metals   PMI.WT.A 28-May-12   OUS.WT -2.2   ADM.WT 15.33   AZ.WT 0.035   AUM.WT 100.3%   TFA.WT.A 0.035 $0.07 Bargain
A measure of actual  East West Petroleum Corp   ADM.WT 2-Jun-12   ML.WT -2.2   ML.WT 15   RPG.WT 0.035   ZAZ.WT 99.5%   VGZ.WT.U 0.65 $1.21 Bargain
stock price changes over  Endeavour Financial   AAB.WT 6-Jun-12   TRL.WT -1.97   FNV.WT.B 13.41   TFA.WT.A 0.035   CNM.WT 98.9%   AEM.WT.U 12.26 $22.33 Bargain
a specific period of time.  Energy Income Fund   MGA.WT.A 6-Jun-12   PMD.WT -1.9   TRL.WT 13.3   BBB.WT 0.035   GAA.WT 97.2%   GG.WT 0.15 $0.27 Bargain
Historical volatility is  EnerVest   APV.WT 11-Jun-12   GCM.WT -1.9   ANS.WT 13   PTA.WT.B 0.035   GAA.WT 97.2%   GLD.WT 0.12 $0.21 Bargain
calculated by using the  Ethiopian Potash   TAB.WT 11-Jun-12   CRK.WT -1.85   FRO.WT 12.86   SFF.WT 0.035   GAA.WT.A 97.2%   XRG.WT 0.05 $0.09 Bargain
standard deviation of an Faircourt Gold Income   TIC.WT 15-Jun-12   BEV.WT -1.77   SWA.WT 12.5   RED.WT 0.04   MOB.WT 95.4%   DPM.WT 0.3 $0.50 Bargain
underlying stock price. Faircourt Split Trust   YNG.WT 20-Jun-12   PYC.WT -1.75   PMI.WT.A 12.00   WAI.WT 0.04   SFF.WT 93.1%   CRK.WT 0.125 $0.21 Bargain
  Feronia Inc   WLT.WT 28-Jun-12   PNP.WT.B -1.67   ZAZ.WT 11.8   SND.WT 0.045   KSK.WT 92.0%   WRN.WT 0.28 $0.46 Bargain
In the Money Focus Metals Inc   DPM.WT 29-Jun-12   CNM.WT -1.61   ILC.WT 11.5   FEO.WT.A 0.05   ML.WT.A 90.7%   CNL.WT 1.65 $2.68 Bargain
When the price of the  Formation Metals   MND.WT 6-Aug-12   PAK.WT -1.6   EIT.WT.B 11.48   XRG.WT 0.05   ML.WT 90.7%   OUS.WT 0.025 $0.04 Bargain
common is higher than  Fortune Minerals Ltd.   FED.WT 9-Sep-12   PWC.WT -1.53   CZY.WT 10.67   ROZ.WT 0.05   YCM.WT.A 89.5%   USO.WT 0.1 $0.16 Bargain
the exercise price Franco-Nevada   QUX.WT 10-Sep-12   RN.WT -1.5   SND.WT 9.89   LRT.WT 0.055   MGA.WT.B 88.8%   BBB.WT 0.035 $0.05 Bargain
  Franco-Nevada   CNL.WT 12-Sep-12   GAA.WT -1.47   RED.WT 9.50   KSK.WT 0.055   MGA.WT 88.8%   NOT.WT 0.27 $0.42 Bargain
At the Money Franco-Nevada   TFA.WT.A 21-Oct-12   FCO.WT -1.4   FT.WT.A 9.33   TAB.WT 0.055   MGA.WT.A 88.8%   TMD.WT.A 0.55 $0.85 Bargain
When the price of the  Frontier Rare Earths Ltd   VGZ.WT.U 22-Oct-12   ADM.WT -1.33   CMP.WT.B 9.3   LRT.WT.A 0.06   AZ.WT 88.7%   EDV.WT.A 0.7 $1.03 Undervalued
underlying is equivalent Galane Gold   PNP.WT.A 23-Oct-12   WRN.WT -1.26   PVG.WT 9.02   SWA.WT 0.06   GMC.WT.A 88.0%   CSI.WT.A 2.4 $3.49 Undervalued
or close to the strike price. Gazit America In   AC.WT 28-Oct-12   CTF.WT -1.21   AC.WT 8.87   NGD.WT.B 0.06   FED.WT 87.9%   LGC.WT 0.115 $0.17 Undervalued
  Gazit America In   AC.WT 28-Oct-12   EW.WT -1.2   AC.WT 8.87   ADM.WT 0.06   MND.WT 87.4%   TV.WT 0.15 $0.22 Undervalued
Exercise ratio Gazit America Inc.   FRO.WT 17-Nov-12   KSK.WT -1.19   YEL.WT 8.75   BEV.WT 0.06   TMB.WT 85.2%   VGZ.WT.U 0.65 $0.94 Undervalued
The number of warrants  Geovic Mining Corp   PTA.WT.A 19-Nov-12   LPK.WT -1.14   RPG.WT 8.71   EW.WT 0.07   PMI.WT 84.0%   TRL.WT 0.115 $0.16 Undervalued
related to one share and Geovic Mining Corp   PWC.WT 25-Nov-12   ZAZ.WT -1.07   REC.WT 8.00   ENI.WT 0.075   PMI.WT.A 84.0%   P.WT 0.48 $0.65 Undervalued
specifies the amount of  Global Adv Tele&Utilities Inc Fd   NGD.WT.C 28-Nov-12   CSI.WT.A -1.06   EW.WT 7.86   MTO.WT 0.075   TIC.WT 83.9%   APV.WT 0.005 $0.01 Undervalued
underlying that the owner Golden Minerals Company   RML.WT 29-Nov-12   MOB.WT -1.05   WRN.WT 7.82   PAK.WT 0.08   PAK.WT 83.8%   HGI.WT 0.115 $0.15 Undervalued
of a single warrant is  Gran Colombia Gold Corp   SBI.WT 2-Dec-12   VGZ.WT.U -1.05   RNX.WT 7.8   AA.WT 0.08   FRO.WT 83.6%   PTA.WT.B 0.035 $0.05 Undervalued
entitled to buy. GT Canada   RNX.WT 16-Dec-12   ROZ.WT -1.05   QUX.WT 7.71   FT.WT.A 0.09   EW.WT 82.5%   RN.WT 0.18 $0.24 Undervalued
  Harvest Canadian Inc & Gr Fund   ZAZ.WT 19-Dec-12   BPV.WT.A -1.04   KSK.WT 7.55   PNP.WT.A 0.09   WRN.WT 81.5%   YEL.WT 0.02 $0.03 Undervalued
Time Value Huntingdon REIT   BPV.WT.A 20-Dec-12   AHX.WT -0.99   P.WT 7.38   FCO.WT 0.095   AEM.WT.U 81.3%   SND.WT 0.045 $0.06 Undervalued
The time value is the  International Lithium   SFF.WT 21-Dec-12   AC.WT -0.87   GAA.WT 7.14   ZAZ.WT 0.1   BNK.WT.A 81.1%   SSL.WT.A 0.66 $0.84 Undervalued
difference between the Katanga Mining   WRN.WT 22-Dec-12   AC.WT -0.87   GAA.WT 7.14   HCF.WT 0.1   GLD.WT 80.9%   NGD.WT.A 4.12 $5.16 Undervalued
current warrant price  Kinross   EW.WT 22-Dec-12   HNT.WT -0.85   LRT.WT 7.09   USO.WT 0.1   BPV.WT.A 80.9%   FGX.WT.B 2 $2.46 Undervalued
and its intrinsic value. Kinross     SND.WT 23-Dec-12   MGA.WT.B -0.84   VZX.WT 7   RNX.WT 0.1   BPV.WT 80.9%   ML.WT.A 0.85 $1.05 Undervalued
The time value is to be  Kiska Metals   APV.WT.A 23-Dec-12   FCS.WT.A -0.81   TFA.WT.A 7   ANS.WT 0.1   RN.WT 80.5%   PTA.WT 0.03 $0.04 Undervalued
interpreted as the Lanesborough REIT   MOB.WT 24-Dec-12   BRD.WT -0.75   LRT.WT.A 6.5   FRO.WT 0.105   RPG.WT 78.5%   TMD.WT 0.69 $0.85 Undervalued
consideration paid for  Lanesborough REIT   AR.WT 29-Dec-12   CVZ.WT -0.75   GAA.WT.A 6.38   FEO.WT.B 0.11   AA.WT 78.4%   GCM.WT 0.165 $0.20 Undervalued
the advantage that the Liquid Nutrition Group   VZX.WT 5-Jan-13   LQD.WT -0.74   FCO.WT 6.32   PMI.WT 0.11   KAT.WT 77.4%   AR.WT 2.45 $2.81 Undervalued
warrant buyer has over  Luna Gold   CMP.WT.B 25-Jan-13   BRD.WT.A -0.74   PAK.WT 6.25   LGC.WT 0.115   PNP.WT.B 76.0%   DPM.WT.A 6.3 $7.15 Undervalued
the direct investor. It Lupaka Gold Corp.   ML.WT.A 29-Jan-13   FEO.WT.B -0.7   GG.WT 6.13   TRL.WT 0.115   PNP.WT.A 76.0%   BRD.WT.A 0.45 $0.50 Undervalued
is greatest when the  M Split Corp   SNG.WT 10-Feb-13   MB.WT -0.69   VGZ.WT.U 6.08   HGI.WT 0.115   PNP.WT 76.0%   MND.WT 0.38 $0.43 Undervalued
warrants are 'at the money' Macusani Yellowcake   GG.WT 1-Mar-13   YEL.WT -0.68   VGZ.WT.U 6.08   GLD.WT 0.12   GG.WT 75.5%   SSL.WT 0.87 $0.95 Undervalued
but decreases as the Manas Petroleum Corp   KSK.WT 23-Mar-13   PTA.WT -0.64   VGZ.WT.U 6.08   MGT.WT.U 0.12   GCM.WT 75.5%   SLW.WT.U 17.8 $19.15 Fair Market Value
exercise date draws closer. Mandalay Resources Corp   YEL.WT 25-Mar-13   FMS.WT -0.63   FEO.WT.A 6   ML.WT 0.12   FMS.WT 73.4%   BRK.WT 2.06 $2.21 Fair Market Value
The decreased value is  MEGA Brands Inc   NTC.WT 31-Mar-13   XRG.WT -0.62   TAB.WT 6   AAB.WT 0.12   RNX.WT 71.1%   BPV.WT.A 0.015 $0.02 Fair Market Value
called time decay and  Mega Uranium   USO.WT 18-Apr-13   LRT.WT -0.61   K.WT.D. 5.96   CRK.WT 0.125   LQD.WT 70.4%   USA.WT 0.45 $0.47 Fair Market Value
decreases at a faster  Mega Uranium   ST.WT 29-Apr-13   MTO.WT -0.61   TV.WT 5.8   FMS.WT 0.125   FT.WT.A 69.8%   FNV.WT 11.19 $11.64 Fair Market Value
pace as the expiry date Mega Uranium   CVZ.WT 11-May-13   SBI.WT -0.59   FNV.WT.A 5.75   MGA.WT.B 0.125   ADM.WT 69.2%   K.WT.D. 2.42 $2.48 Fair Market Value
draws closer. Melior Resources Inc   FMS.WT 13-May-13   AA.WT -0.58   PTA.WT.A 5.75   PAU.WT 0.13   CVZ.WT 68.7%   MGT.WT.U 0.12 $0.12 Fair Market Value
  Mercator Minerals Ltd   CRJ.WT 22-May-13   SFF.WT -0.56   ROZ.WT 5.6   PYC.WT 0.15   EDV.WT.A 68.5%   MFL.WT 8.8 $8.71 Fair Market Value
  Mercator Minerals Ltd   ILC.WT 24-May-13   MNP.WT -0.55   AAB.WT 5.58   GG.WT 0.15   RML.WT 68.4%   QUX.WT 1.4 $1.38 Fair Market Value
  Metanor Resources   MLR.WT.B 5-Jun-13   VGZ.WT.U -0.55   AZ.WT 5.43   TV.WT 0.15   USA.WT 67.4%   BNK.WT.A 2.97 $2.91 Fair Market Value
  Minefinders Corp   TRL.WT 14-Jun-13   NTC.WT -0.54   SFF.WT 5.43   FRN.WT 0.15   LGC.WT 65.8%   BRD.WT 0.54 $0.50 Fair Market Value
  Mines Management    PAU.WT 5-Jul-13   GAA.WT -0.53   SBI.WT 5.33   CTF.WT.A 0.15   LPK.WT 64.2%   CKG.WT 6.14 $5.72 Fair Market Value
  New Gold Inc.   FNV.WT.B 8-Jul-13   PTA.WT.A -0.5   MNP.WT 5.33   AC.WT 0.15   BRD.WT.A 64.0%   PAU.WT 0.13 $0.12 Fair Market Value
  New Gold Inc.   PNP.WT.B 11-Jul-13   ST.WT -0.49   CNL.WT 5.33   AC.WT 0.15   BRD.WT 64.0%   NGD.WT.B 0.06 $0.05 Fair Market Value
  New Gold Inc.   ANS.WT 29-Jul-13   SWA.WT -0.45   MTO.WT 5.2   GCM.WT 0.165   TRL.WT 63.5%   FT.WT.A 0.09 $0.08 Overvalued
  Norbord   BBB.WT 12-Aug-13   WAI.WT -0.43   ST.WT 5.18   MB.WT 0.165   SND.WT 62.6%   AUM.WT 3.75 $3.11 Overvalued
  Noront Resources Ltd   K.WT.C 3-Sep-13   TAB.WT -0.43   FMS.WT 4.96   CVZ.WT 0.165   QUX.WT 62.5%   FMS.WT 0.125 $0.10 Overvalued
  North American Tungsten   SLW.WT.U 5-Sep-13   RPG.WT -0.42   FGX.WT.B 4.88   LQD.WT 0.17   PWC.WT 61.5%   APV.WT.A 0.015 $0.01 Overvalued
  Northquest Ltd    FRN.WT 8-Sep-13   PMI.WT.A -0.42   LGC.WT 4.78   FED.WT 0.17   CNL.WT 61.3%   KSK.WT 0.055 $0.04 Overvalued
  Oceanic Iron Ore Corp   LGC.WT 29-Sep-13   FRN.WT -0.37   LQD.WT 4.47   RN.WT 0.18   BRK.WT 61.1%   AHX.WT 0.025 $0.02 Overvalued
  Oceanic Iron Ore Corp   VGZ.WT.U 22-Oct-13   LRT.WT.A -0.36   RN.WT 4.17   ST.WT 0.195   MFL.WT 59.7%   FED.WT 0.17 $0.13 Overvalued
  Omega Advisors U.S. Cap App Fd   SWA.WT 2-Nov-13   FEO.WT.A -0.35   CVZ.WT 3.94   NQ.WT 0.2   AR.WT 59.6%   CRJ.WT 0.85 $0.66 Overvalued
  Pacific & Western Credit Corp   TV.WT 8-Nov-13   AAB.WT -0.33   AEM.WT.U 3.89   BPV.WT 0.23   VGZ.WT.U 58.4%   BPV.WT 0.23 $0.17 Overvalued
  Papuan Precious Metals Corp   GAA.WT 30-Nov-13   APV.WT -0.32   FNV.WT 3.85   COX.WT.A 0.235   VGZ.WT.U 58.4%   MB.WT 0.165 $0.12 Overvalued
  Petroamerica Oil Corp   AEM.WT.U 2-Dec-13   PCT.WT -0.3   PTA.WT 3.83   NOT.WT 0.27   VGZ.WT.U 58.4%   LPK.WT 0.36 $0.26 Overvalued
  Petroamerica Oil Corp   NBD.WT 24-Dec-13   TIC.WT -0.3   PMD.WT 3.68   NBD.WT 0.27   XRG.WT 58.0%   FRO.WT 0.105 $0.07 Overvalued
  Petroamerica Oil Corp   EDV.WT.A 4-Feb-14   SND.WT -0.27   WAI.WT 3.63   WRN.WT 0.28   DPM.WT 58.0%   PNP.WT.B 0.57 $0.39 Overvalued
  PetroMagdalena Energy Corp   AUM.WT 20-Feb-14   PMI.WT -0.27   TMD.WT.A 3.53   DPM.WT 0.3   DPM.WT.A 58.0%   NGD.WT.C 0.65 $0.42 Overvalued
  Petromanas Energy In   FCO.WT 8-Mar-14   ILC.WT -0.26   EDV.WT.A 3.5   LPK.WT 0.36   SSL.WT.A 57.7%   FNV.WT.A 7.5 $4.73 Overvalued
  Petromanas Energy Inc   GAA.WT.A 14-Apr-14   PTA.WT.B -0.24   FED.WT 3.35   MND.WT 0.38   SSL.WT 57.7%   PMI.WT 0.11 $0.07 Overvalued
  Pinetree Capital   SSL.WT 23-Apr-14   TV.WT -0.23   PTA.WT.B 3.29   PMD.WT 0.435   YNG.WT 54.7%   CMP.WT.B 1.2 $0.74 Overvalued
  Pinetree Capital   MNP.WT 6-May-14   EIT.WT.B -0.22   CRK.WT 3.24   BRD.WT.A 0.45   CRJ.WT 53.5%   MGA.WT.B 0.125 $0.08 Overvalued
  Pinetree Capital   PTA.WT.B 9-May-14   TFA.WT.A -0.21   BRD.WT.A 3.22   USA.WT 0.45   TV.WT 53.5%   FRN.WT 0.15 $0.09 Overvalued
  Premium Income Corp    RPG.WT 19-May-14   AEM.WT.U -0.21   PNP.WT.B 3.21   P.WT 0.48   CSI.WT.A 51.6%   TAB.WT 0.055 $0.03 Overvalued
  Pretium Resources   BRK.WT 27-May-14   APV.WT.A -0.2   NBD.WT 3.18   FNV.WT.B 0.5   SWA.WT 50.0%   CTF.WT.A 0.15 $0.08 Overvalued
  Prima Colombia   LPK.WT 28-Jun-14   GG.WT -0.18   CSI.WT.A 3.1   BRD.WT 0.54   MLR.WT.B 50.0%   PNP.WT.A 0.09 $0.05 Overvalued
  Primary Corp.   PYC.WT 30-Jun-14   USO.WT -0.18   LPK.WT 3.08   SNG.WT 0.55   ANS.WT 49.5%   EW.WT 0.07 $0.04 Overvalued
  Primero Mining Corp   FGX.WT.B 30-Jun-14   FED.WT -0.18   APV.WT 3   TMD.WT.A 0.55   P.WT 49.2%   ST.WT 0.195 $0.10 Overvalued
  Propel Multi-Strategy Fund   USA.WT 10-Jul-14   REC.WT -0.17   NGD.WT.A 2.94   PNP.WT.B 0.57   AAB.WT 46.9%   CVZ.WT 0.165 $0.08 Overvalued
  Quadra FNX Mining Ltd   CMT.WT.A 23-Aug-14   AZ.WT -0.16   NOT.WT 2.81   VGZ.WT.U 0.65   TMD.WT.A 45.3%   K.WT.C 0.94 $0.45 Very Overvalued
  Ram Power Corp   K.WT.D. 17-Sep-14   BBB.WT -0.16   TMD.WT 2.81   VGZ.WT.U 0.65   TMD.WT 45.3%   TIC.WT 1 $0.48 Very Overvalued
  RedWater Energy   AA.WT 7-Oct-14   LGC.WT -0.15   MB.WT 2.8   VGZ.WT.U 0.65   SLW.WT.U 45.2%   WLT.WT 10.96 $5.18 Very Overvalued
  Reliant Gold Corp   PTA.WT 8-Oct-14   PAU.WT -0.15   PCT.WT 2.75   NGD.WT.C 0.65   NGD.WT.A 45.0%   EIT.WT.B 1.2 $0.53 Very Overvalued
  Rio Novo Gold Inc    BPV.WT 10-Oct-14   BPV.WT -0.14   FEO.WT.B 2.73   SSL.WT.A 0.66   NGD.WT.B 45.0%   AA.WT 0.08 $0.03 Very Overvalued
  Rodinia Oil Corp   MGA.WT.B 26-Oct-14   VZX.WT -0.13   GLD.WT 2.71   GAA.WT 0.67   NGD.WT.C 45.0%   PTA.WT.A 0.02 $0.01 Very Overvalued
  Royal Nickel Corporation   GLD.WT 27-Oct-14   CZY.WT -0.13   AR.WT 2.69   GAA.WT 0.67   ST.WT 43.5%   SFF.WT 0.035 $0.01 Very Overvalued
  Rusoro Mining   AZ.WT 31-Oct-14   RED.WT -0.12   BRD.WT 2.69   TMD.WT 0.69   WLT.WT 42.4%   NBD.WT 0.27 $0.08 Very Overvalued
  Sandstorm Gold   BRD.WT.A 19-Nov-14   NQ.WT -0.10   BBB.WT 2.57   EDV.WT.A 0.7   CMT.WT.A 41.5%   FNV.WT.B 0.5 $0.14 Very Overvalued
  Sandstorm Gold   BRD.WT 19-Nov-14   TMD.WT.A -0.06   SNG.WT 2.55   GAA.WT.A 0.8   K.WT.D. 39.4%   ADM.WT 0.06 $0.01 Very Overvalued
  Sandstorm Metals   NOT.WT 16-Dec-14   EDV.WT.A -0.05   USO.WT 2.25   ML.WT.A 0.85   K.WT.C 39.4%   GCI.WT 0.01 $0.00 Very Overvalued
  Sarama Resources Ltd   NQ.WT 21-Dec-14   VGZ.WT.U -0.05   CKG.WT 2.21   CRJ.WT 0.85   CKG.WT 38.4%   ML.WT 0.12 $0.02 Very Overvalued
  Seafield Resources   PMI.WT 23-Feb-15   CTF.WT.A -0.05   CRJ.WT 2.21   SSL.WT 0.87   MTO.WT 38.0%   AC.WT 0.15 $0.03 Very Overvalued
  Serabi Mining   LRT.WT 5-Mar-15   ENI.WT -0.04   TIC.WT 2.2   K.WT.C 0.94   OUS.WT 37.3%   AAB.WT 0.12 $0.02 Very Overvalued
  Silver Range   RN.WT 8-Mar-15   COX.WT.A 0.01   SSL.WT.A 2.18   TIC.WT 1   AC.WT 36.4%   RNX.WT 0.1 $0.02 Very Overvalued
  Silver Wheaton   MB.WT 30-Mar-15   HCF.WT 0.04   AUM.WT 2.16   PVG.WT 1.03   NBD.WT 36.0%   ROZ.WT 0.05 $0.01 Very Overvalued
  Stonegate Agricom Ltd   P.WT 19-Jul-15   FT.WT.A 0.04   AA.WT 2.13   CMP.WT.B 1.2   HNT.WT 35.5%   CMT.WT.A 4 $0.64 Very Overvalued
  Tembec   GCM.WT 24-Aug-15   TMD.WT 0.09   ML.WT.A 2.12   EIT.WT.B 1.2   PYC.WT 35.1%   AC.WT 0.15 $0.02 Very Overvalued
  Titan Medical   PCT.WT 21-Sep-15   GLD.WT 0.13   MGA.WT.B 2.09   QUX.WT 1.4   AC.WT 34.0%   PMI.WT.A 0.015 $0.00 Very Overvalued
  Titan Medical Inc   SSL.WT.A 19-Oct-15   CRJ.WT 0.28   SLW.WT.U 2.06   CNL.WT 1.65   CMP.WT.B 33.9%   PVG.WT 1.03 $0.09 Very Overvalued
  Titanium Corp. Inc   VGZ.WT.U 22-Oct-15   MND.WT 0.39   NQ.WT 2.03   FGX.WT.B 2   PVG.WT 32.1%   REC.WT 0.01 $0.00 Very Overvalued
  Touchstone Exploration Inc   DPM.WT.A 20-Nov-15   SSL.WT.A 0.42   PAU.WT 1.92   BRK.WT 2.06   PIC.WT 31.6%   TMB.WT 0.02 $0.00 Very Overvalued
  Trafina Energy Ltd   GAA.WT 30-Nov-15   USA.WT 0.44   MND.WT 1.89   CSI.WT.A 2.4   MB.WT 31.0%   ANS.WT 0.1 $0.00 Very Overvalued
  Trevali Mining Corp.   FEO.WT.A 30-Nov-15   SNG.WT 0.55   NGD.WT.C 1.86   K.WT.D. 2.42   HGI.WT 30.7%   BEV.WT 0.06 $0.00 Very Overvalued
  Trimel Pharmaceuticals Corp   FEO.WT.B 30-Nov-15   FGX.WT.B 0.71   BNK.WT.A 1.76   AR.WT 2.45   BEV.WT 27.0%   CTF.WT 0.005 $0.00 Very Overvalued
  U S Silver Corp   TMD.WT 10-Dec-15   ML.WT.A 0.8   SSL.WT 1.66   BNK.WT.A 2.97   PPF.WT 26.6%   GMC.WT.A 0.005 $0.00 Very Overvalued
  US Oil Sands Inc.    LRT.WT.A 23-Dec-15   SSL.WT 0.83   PMI.WT 1.64   AUM.WT 3.75   FCS.WT.A 25.0%   GMC.WT.B 0.005 $0.00 Very Overvalued
  Vega Resources    PMD.WT 22-Feb-16   CNL.WT 1.3   CMT.WT.A 1.6   CMT.WT.A 4   FGX.WT.B 24.0%   KAT.WT 0.005 $0.00 Very Overvalued
  Vista Gold   PAK.WT 14-Mar-16   BRK.WT 2.02   BPV.WT 1.59   NGD.WT.A 4.12   FNV.WT 21.8%   MGA.WT 0.005 $0.00 Very Overvalued
  Vista Gold   CRK.WT 24-Mar-16   AR.WT 2.09   MFL.WT 1.55   CKG.WT 6.14   FNV.WT.A 21.8%   MGA.WT.A 0.005 $0.00 Very Overvalued
  Vista Gold   AHX.WT 30-Mar-16   BNK.WT.A 2.85   FRN.WT 1.53   DPM.WT.A 6.3   FNV.WT.B 21.8%   MLR.WT.B 0.005 $0.00 Very Overvalued
  Vuzix Corp   WAI.WT 31-Mar-16   NGD.WT.C 3.1   DPM.WT.A 1.5   FNV.WT.A 7.5   GCI.WT 19.5%   MTO.WT 0.075 $0.00 Very Overvalued
  Walter Energy   LQD.WT 13-May-16   CKG.WT 5.6   BRK.WT 1.47   MFL.WT 8.8   HCF.WT 19.3%   PNP.WT 0.005 $0.00 Very Overvalued
  West African Iron Ore Corp   TMD.WT.A 21-Jun-16   DPM.WT.A 6.19   USA.WT 1.33   WLT.WT 10.96   COX.WT.A 19.2%   PPF.WT 0.005 $0.00 Very Overvalued
  Western Copper   CSI.WT.A 8-Nov-16   MFL.WT 8.68   APV.WT.A 1   FNV.WT 11.19   ENI.WT 15.2%   RML.WT 0.005 $0.00 Very Overvalued
  Xinergy Ltd   HNT.WT 31-Dec-16   FNV.WT 11.1   AHX.WT 1   AEM.WT.U 12.26   EIT.WT.B 12.6%   YCM.WT.A 0.005 $0.00 Very Overvalued
  Yukon-Nevada Gold   FNV.WT.A 16-Jun-17   SLW.WT.U 16.37   WLT.WT 0.76   SLW.WT.U 17.8   CTF.WT.A 8.4%   YNG.WT 0.01 $0.00 Very Overvalued
  Zazu Metals Corp   NGD.WT.A 28-Jun-17   WLT.WT 44.57   HNT.WT nt   HNT.WT nt   CTF.WT 8.4%   HNT.WT nt $3.00 Not Trading