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Valuing Warrants Companies with    Canadian Expiration   Canadian the money   Canadian     Canadian     Canadian Historic   Canadian   Fair  
  Trading Warrants   Warrant Date   Warrant (Intrinsic   Warrant Leverage   Warrant Warrant   Warrant Volatility   Warrant Warrant Market Comments
      Symbol     Symbol Value)   Symbol     Symbol Price   Symbol Annualized   Symbol Price Value  
Expiration Date Astral Mining Corp   OCZ.WT 30-Nov-10   AEM.WT.U 33.30   OGE.WT 2016   XMF.WT.A 0.005   XMF.WT.A 268.4%   RF.WT 0.02 $1.21 Bargain
The last day the warrants  Aberdeen International Inc   PCD.WT 30-Nov-10   SLW.WT.B 24.11   CRP.WT 1752   XMF.WT 0.005   XMF.WT 268.4%   XMF.WT.A 0.005 $0.17 Bargain
can be exercised. If ALLBANC SPLIT CORP...   OCY.WT 30-Nov-10   SLW.WT.U 14.11   RF.WT 1087.5   FEI.WT 0.005   EMC.WT 262.3%   TYF.WT 0.025 $0.37 Bargain
warrants aren't being  Air Canada   AGB.WT 30-Nov-10   CWB.WT 11.03   HAP.WT 920   OGE.WT 0.005   VZX.WT 225.2%   EMC.WT 0.01 $0.09 Bargain
exercised then they Air Canada   PTM.WT 16-Dec-10   EIF.WT 7.08   AGB.WT 806   AGB.WT 0.005   NQ.WT 181.4%   CNM.WT 0.03 $0.27 Bargain
must be sold the day  Andina Minerals Inc   CRP.WT 21-Dec-10   FR.WT.B 6.35   EDV.WT.C 603   CCJ.WT 0.005   REC.WT 180.2%   ABK.WT 0.8 $6.05 Bargain
before the expiry date. Agnico-Eagle   SLW.WT.B 22-Dec-10   CSI.WT 6.15   TYF.WT 378   CCJ.WT.A 0.005   CEK.WT 179.6%   HCF.WT 0.12 $0.84 Bargain
The longer the time to  Ainsworth Lumber   SCP.WT 31-Dec-10   BWR.WT.A 4.99   OCZ.WT 297   CRP.WT 0.005   FEI.WT 162.6%   GCM.WT 0.2 $1.35 Bargain
expiry the more ARISE Technologies Corp.   OGE.WT 31-Dec-10   BNK.WT.A 4.7   PCD.WT 217.45   EMC.WT 0.01   FEI.WT.A 162.6%   PLS.WT 0.05 $0.32 Bargain
valuable the warrants. Avalon Rare Metals Inc   PLS.WT 08-Jan-11   MFL.WT 4.58   TBP.WT 197.75   HAP.WT 0.01   GLD.WT 155.9%   UTC.WT 0.39 $2.49 Bargain
  Banro Corp   SBN.WT.A 17-Jan-11   DPM.WT.A 4.41   OBF.WT 115   CCJ.WT.B 0.01   PLS.WT 153.7%   NEW.WT 0.65 $3.97 Bargain
Leverage Bennett Environmental...   WFS.WT.A 17-Jan-11   CKG.WT 4.18   OCB.WT 99.67   OSU.WT.B 0.01   URZ.WT 138.3%   OCB.WT 0.12 $0.73 Bargain
The leverage of a warrant Baffinland Iron Mns Corp   CMP.WT.A 25-Jan-11   WTN.WT 4.02   HCF.WT 98.33   RF.WT 0.02   PAU.WT 134.8%   FSS.WT 0.105 $0.60 Bargain
is a measure of how much Bankers Petroleum   HAP.WT 31-Jan-11   TCM.WT 3.72   FSS.WT 93.43   VZX.WT 0.02   USA.WT 120.4%   HAP.WT 0.01 $0.05 Bargain
you can increase your Brigus Gold Corp.   CCJ.WT 08-Feb-11   EDR.WT 2.55   COX.WT 88.3   REC.WT 0.02   CNM.WT 116.1%   OBF.WT 0.1 $0.45 Bargain
exposure to a share if Brick Group   CSI.WT 13-Feb-11   CMP.WT.A 2.52   CIQ.WT 85.78   URB.WT.B 0.02   APV.WT 115.5%   VZX.WT 0.02 $0.09 Bargain
you bought warrants Breakwater Resources   MID.WT 15-Feb-11   ML.WT.A 2.25   SBN.WT.A 80.57   TYF.WT 0.025   ROZ.WT 114.1%   CIQ.WT 0.135 $0.50 Bargain
instead of making a Coalcorp Mining   UXG.WT 22-Feb-11   TAO.WT 1.7   ABK.WT 77.94   KAT.WT 0.025   PTA.WT 112.0%   CTF.WT 0.075 $0.26 Bargain
direct investment. It is  Caspian Energy   XMF.WT 28-Feb-11   BRK.WT 1.54   CTF.WT 68.4   CNM.WT 0.03   AA.WT 111.6%   REC.WT 0.02 $0.06 Bargain
calculated dividing the  CANADIAN HIGH INCOME...   TCP.WT 28-Feb-11   AC.WT 1.19   NEW.WT 63.74   RML.WT 0.03   PGM.WT 110.1%   OCZ.WT 0.04 $0.13 Bargain
current share price by Chesapeake Gold   YCM.WT 28-Feb-11   AC.WT 1.18   URB.WT.B 63.5   GMC.WT.A 0.035   ECU.WT 107.5%   URZ.WT 0.6 $1.81 Bargain
the current price of the  C M P Gold Trust   DML.WT.A 01-Mar-11   PDL.WT.A 1.13   XMF.WT.A 61   GMC.WT.B 0.035   OSU.WT.B 107.1%   PCD.WT 0.055 $0.16 Bargain
warrant. Compton Petroleum Corp.   FR.WT.B 05-Mar-11   FGX.WT.B 1.11   XMF.WT 61   OCZ.WT 0.04   VST.WT 104.4%   XMF.WT 0.005 $0.01 Bargain
  Canadian Income Mgmt Tr   UTC.WT 21-Mar-11   G.WT.G 1.1   KAT.WT 56   FEI.WT.A 0.04   MGT.WT.U 94.9%   HBB.WT 0.42 $1.12 Bargain
Intrinsic Value Coxe Commodity Strategy Fund   OSU.WT.B 21-Mar-11   GCM.WT 1.08   MSP.WT 52.31   TBP.WT 0.04   ZAZ.WT 91.2%   NQ.WT 0.175 $0.42 Bargain
The difference between  Claude Resources   NEW.WT 31-Mar-11   BAA.WT 0.81   UTC.WT 49.97   CMT.WT 0.04   EDR.WT 90.5%   MSP.WT 0.195 $0.44 Bargain
the exercise price and Ceres Global Ag Corp   MSP.WT 31-Mar-11   MAI.WT 0.71   UXG.WT 45.36   PLS.WT 0.05   AVL.WT 84.4%   FRN.WT 0.05 $0.10 Bargain
the actual trading price  Colossus Minerals   EIF.WT 07-Apr-11   RTU.WT 0.7   MID.WT 43.91   FRN.WT 0.05   RML.WT 83.5%   MID.WT 0.225 $0.44 Bargain
of the common stock. Citadel Income Fund   CIQ.WT 15-Apr-11   HBB.WT 0.69   PLS.WT 33.00   GMC.WT 0.05   CLQ.WT 82.9%   PTA.WT 0.195 $0.37 Bargain
Once the common has  Canadian Western Bank   HBB.WT 15-Apr-11   BPV.WT 0.64   CNM.WT 31.67   EDV.WT.C 0.05   FR.WT.B 80.8%   DPM.WT 0.65 $1.15 Bargain
gone over the exercise Denison Mines   TRX.WT.A 16-Apr-11   TRX.WT 0.62   HBB.WT 30.21   PCD.WT 0.055   WFS.WT.A 79.3%   PGM.WT 0.09 $0.16 Bargain
price the warrants are  Dalradian Resources Inc   TYF.WT 29-Apr-11   OCY.WT 0.6   TCP.WT 29.77   CEK.WT 0.055   YCM.WT.A 78.7%   LRT.WT 0.11 $0.19 Bargain
said to be 'in the money'. Dundee Precious Metals   TBP.WT 29-Apr-11   ROZ.WT 0.56   OSU.WT.B 28.5   ZAZ.WT 0.055   YCM.WT 78.7%   FGX.WT.B 2.01 $3.39 Bargain
  ECU Silver Mining Inc.    NOM.WT 30-Apr-11   USA.WT 0.54   DML.WT.A 26.81   MGA.WT.A 0.065   PMI.WT 75.1%   TCP.WT 0.35 $0.59 Bargain
Volatility Endeavour Silver Corp.   IE.WT 15-May-11   PTM.WT 0.53   FEI.WT 25   NGD.WT.B 0.07   PMI.WT.A 75.1%   FGX.WT.C 0.79 $1.32 Bargain
The higher the volatility  Endeavour Financial   CEK.WT 28-May-11   FNV.WT 0.5   PNP.WT 23.8   YCM.WT.A 0.07   SUE.WT 73.7%   SUE.WT 0.49 $0.82 Bargain
rating the higher the price Exchange Income   OCB.WT 31-May-11   SUE.WT 0.49   GMC.WT.A 22.29   CTF.WT 0.075   DML.WT.A 73.4%   SCP.WT 0.2 $0.33 Bargain
of the warrant will be. EMC Metals   COX.WT 31-May-11   BIM.WT.A 0.48   GMC.WT.B 22.29   APV.WT 0.08   RN.WT 72.9%   MGT.WT.U 0.6 $0.96 Bargain
A measure of actual  First Capital Realty...   VST.WT 05-Jun-11   SCI.WT 0.35   SCP.WT 22.2   PGM.WT 0.09   IE.WT 72.4%   SCI.WT 0.44 $0.69 Bargain
stock price changes over  Fortress Energy Inc   ABK.WT 06-Jun-11   FGX.WT.C 0.33   EMC.WT 22   PMI.WT.A 0.09   MND.WT 71.7%   PAU.WT 0.2 $0.31 Bargain
a specific period of time.  Faircourt Gold Income   RTU.WT 08-Jun-11   EDV.WT.A 0.31   OCY.WT 21   TRX.WT.A 0.09   AAB.WT 70.5%   RTU.WT 0.75 $1.15 Bargain
Historical volatility is  Franco-Nevada   G.WT.G 09-Jun-11   ECU.WT 0.24   CCJ.WT 18   YNG.WT 0.095   GPD.WT 70.4%   FT.WT.A 0.265 $0.38 Undervalued
calculated by using the  First Majestic Silver Corp   FEI.WT 20-Jun-11   UTC.WT 0.23   CCJ.WT.A 18   OBF.WT 0.1   BPV.WT 69.5%   URB.WT.B 0.02 $0.03 Undervalued
standard deviation of an FERONIA INC COM   FSS.WT 30-Jun-11   FT.WT.A 0.2   XRG.WT 17.50   COX.WT 0.1   MGA.WT.B 68.7%   RN.WT 0.99 $1.41 Undervalued
underlying stock price. FRONT STREET STRATEGIC...   OBF.WT 30-Jun-11   SCP.WT 0.19   RTU.WT 17.33   PNP.WT 0.1   MGA.WT.A 68.7%   ECU.WT 0.63 $0.88 Undervalued
  Fortune Minerals Limited   FGX.WT.C 29-Jul-11   TCP.WT 0.17   SCI.WT 16.41   DML.WT.A 0.1   MGA.WT 68.7%   EDV.WT.A 0.83 $1.15 Undervalued
In the Money Goldcorp   DNA.WT 29-Jul-11   TXG.WT 0.15   TRX.WT.A 16.33   FSS.WT 0.105   TXG.WT 68.1%   BIM.WT.A 0.48 $0.66 Undervalued
When the price of the  Gazit America Inc.   SCI.WT 04-Aug-11   MID.WT 0.13   GMC.WT 15.6   MRS.WT 0.105   WTN.WT 67.9%   CRJ.WT 0.51 $0.69 Undervalued
common is higher than  Great Basin   EDV.WT.C 07-Aug-11   SSL.WT 0.13   YCM.WT.A 14.86   SBN.WT.A 0.105   FT.WT.A 66.9%   P.WT 1.45 $1.95 Undervalued
the exercise price GRAN COLOMBIA GOLD CORP   EMC.WT 15-Aug-11   CLQ.WT 0.12   FGX.WT.C 12.86   LRT.WT 0.11   GCM.WT 66.1%   APV.WT 0.08 $0.11 Undervalued
  Augen Gold Corp.   GPD.WT 15-Aug-11   CRJ.WT 0.1   NGD.WT.B 12.19   PDP.WT 0.11   TAO.WT 65.9%   CLQ.WT 0.265 $0.35 Undervalued
At the Money Geovic Mining Corp   CCJ.WT.A 17-Aug-11   GLD.WT 0.1   MGA.WT.A 12.03   MGA.WT 0.11   UXG.WT 65.9%   AC.WT 1.2 $1.58 Undervalued
When the price of the  HORIZONS AP INCOME PLUS...   PDP.WT 28-Aug-11   DNA.WT 0.07   WFS.WT.A 11.82   WFS.WT.A 0.11   DPM.WT 63.5%   AC.WT 1.2 $1.58 Undervalued
underlying is equivalent HARVEST BANKS &...   K.WT.B 07-Sep-11   RN.WT 0.06   DPM.WT 11.78   BIM.WT 0.115   DPM.WT.A 63.5%   NOM.WT 0.4 $0.52 Undervalued
or close to the strike price. HARVEST CDN INCOME AND...   PGM.WT 11-Sep-11   MB.WT 0.06   GLW.WT 11.26   HCF.WT 0.12   SLW.WT.B 63.4%   MB.WT 0.24 $0.31 Undervalued
  Ivanhoe Energy   BAA.WT 17-Sep-11   NOM.WT 0.05   CMT.WT 11.25   OCB.WT 0.12   SLW.WT.U 63.4%   NGD.WT.A 2.9 $3.75 Undervalued
Exercise ratio Kinross   CMT.WT 25-Sep-11   AVL.WT 0.03   RML.WT 10.33   AAB.WT 0.12   BIM.WT.A 62.4%   MGA.WT.B 0.305 $0.38 Undervalued
The number of warrants  Katanga Mining   RF.WT 30-Sep-11   VST.WT 0.03   BIM.WT 10.26   UXG.WT 0.125   BIM.WT 62.4%   AVL.WT 1 $1.24 Undervalued
related to one share and Canadian Life Companies...   CLQ.WT 30-Sep-11   PAU.WT 0.01   PNP.WT.A 9.52   MND.WT 0.13   TMB.WT 61.8%   BPV.WT 0.68 $0.84 Undervalued
specifies the amount of  Lanesborough REIT   AVL.WT 30-Sep-11   TRX.WT.A -0.03   PGM.WT 9.44   AA.WT 0.13   MTO.WT 61.7%   DPM.WT.A 4.71 $5.82 Undervalued
underlying that the owner Minera Andes Inc.   PDL.WT.A 30-Sep-11   OCB.WT -0.04   G.WT.G 9.01   CIQ.WT 0.135   PTM.WT 61.5%   PDL.WT.A 1.44 $1.76 Undervalued
of a single warrant is  Mega Brands Inc.   FEI.WT.A 30-Sep-11   PCD.WT -0.04   TID.WT 9   XRG.WT 0.14   BAA.WT 60.9%   USA.WT 0.53 $0.64 Undervalued
entitled to buy. Minefinders Corp. Ltd.   EDR.WT 07-Oct-11   MND.WT -0.04   CCJ.WT.B 9   GPD.WT 0.145   BWR.WT.A 59.4%   TXG.WT 0.37 $0.44 Undervalued
  Mega Uranium   GMF.WT 14-Oct-11   NQ.WT -0.05   GCM.WT 8.65   RED.WT 0.15   PNP.WT.B 59.1%   AEM.WT.U 36.2 $42.55 Undervalued
Time Value MINES MANAGEMENT INC.   TID.WT 16-Oct-11   PMI.WT -0.07   YNG.WT 8.63   TID.WT 0.16   PNP.WT.A 59.1%   NGD.WT.B 0.07 $0.08 Undervalued
The time value is the  MINT Income Fund   TCM.WT 27-Oct-11   URZ.WT -0.08   K.WT.C 8.55   YCM.WT 0.17   PNP.WT 59.1%   PMI.WT 0.19 $0.22 Undervalued
difference between the Mercator Minerals Ltd   PDL.WT.B 29-Oct-11   RED.WT -0.09   ANS.WT 8.53   NQ.WT 0.175   MB.WT 58.7%   QUX.WT 3.44 $4.07 Undervalued
current warrant price  Medoro Resources Ltd.   XYM.WT 31-Oct-11   VZX.WT -0.1   FRN.WT 8   PMI.WT 0.19   MAI.WT 58.3%   CEK.WT 0.055 $0.06 Undervalued
and its intrinsic value. THE CANADIAN SHIELD FUND   MRS.WT 03-Nov-11   APV.WT -0.11   TMB.WT 7.32   MSP.WT 0.195   LRT.WT 58.1%   CWB.WT 11.45 $13.24 Undervalued
The time value is to be  Metanor Resources   GMC.WT 03-Nov-11   OCZ.WT -0.12   MGA.WT 7.11   PTA.WT 0.195   NOM.WT 56.7%   EDR.WT 2.88 $3.33 Undervalued
interpreted as the Norbord   TAO.WT 05-Nov-11   REC.WT -0.13   NOM.WT 7   MTO.WT 0.195   DNA.WT 56.3%   XRG.WT 0.14 $0.16 Undervalued
consideration paid for  NewGrowth Corp.   URB.WT.B 10-Nov-11   NEW.WT -0.14   K.WT.B 6.96   GCM.WT 0.2   TCM.WT 55.6%   OCY.WT 0.6 $0.69 Undervalued
the advantage that the New Gold Inc.   TXG.WT 12-Nov-11   FSS.WT -0.19   PDL.WT.B 6.73   SCP.WT 0.2   CRJ.WT 54.5%   AAB.WT 0.12 $0.14 Undervalued
warrant buyer has over  Norsemont Mining Inc.   KAT.WT 20-Nov-11   HCF.WT -0.2   FNV.WT 6.37   PAU.WT 0.2   YNG.WT 53.1%   K.WT.D 4.63 $5.26 Undervalued
the direct investor. It Noront Resources Ltd.   HCF.WT 30-Nov-11   FRN.WT -0.2   YCM.WT 6.12   VST.WT 0.2   PDL.WT.A 52.3%   PNP.WT.B 0.63 $0.72 Undervalued
is greatest when the  Northquest Ltd   REC.WT 30-Nov-11   PMI.WT.A -0.22   REC.WT 6.00   MID.WT 0.225   PDL.WT.B 52.3%   BRK.WT 1.56 $1.73 Undervalued
warrants are 'at the money' OLEARY BRLC PLUS INC...   CTF.WT 02-Dec-11   PTA.WT -0.23   BEV.WT 5.81   MB.WT 0.24   QUX.WT 52.1%   MAI.WT 1.08 $1.20 Undervalued
but decreases as the OLEARY ADV TACT GLOB...   FT.WT.A 03-Dec-11   CEK.WT -0.26   PDP.WT 5.73   GLD.WT 0.25   NGD.WT.A 51.7%   PMI.WT.A 0.09 $0.10 Undervalued
exercise date draws closer. O'Leary Global Income Opp Fund   XRG.WT 21-Dec-11   MGA.WT.B -0.27   MRS.WT 5.4   PNP.WT.A 0.25   NGD.WT.B 51.7%   GLD.WT 0.25 $0.27 Fair Market Value
The decreased value is  OLEARY CDN EQUITY...   MFL.WT 31-Dec-11   SSL.WT.A -0.27   CMP.WT.A 5.38   FT.WT.A 0.265   NGD.WT.C 51.7%   G.WT.G 5.2 $5.62 Fair Market Value
called time decay and  O'Leary Canadian Equity Income   BIM.WT 31-Jan-12   MSP.WT -0.30   MGT.WT.U 5.28   CLQ.WT 0.265   ADM.WT 51.4%   PDL.WT.B 0.8 $0.86 Fair Market Value
decreases at a faster  Orsu Metals    MGA.WT 12-Feb-12   TID.WT -0.37   AAB.WT 5.08   NGD.WT.C 0.3   GMC.WT.A 50.7%   ROZ.WT 1.1 $1.19 Fair Market Value
pace as the expiry date Primero Mining Corp   ML.WT 16-Feb-12   AAB.WT -0.39   FGX.WT.B 5.05   ANS.WT 0.3   GMC.WT 50.7%   TCM.WT 4.65 $5.00 Fair Market Value
draws closer. Papuan Precious Metals...   CKG.WT 23-Feb-12   GAA.WT -0.4   VZX.WT 5   MGA.WT.B 0.305   GMC.WT.B 50.7%   BWR.WT.A 0.495 $0.52 Fair Market Value
  PATHFINDER CONV...   XMF.WT.A 28-Feb-12   CIQ.WT -0.42   LRT.WT 4.91   BEV.WT 0.31   P.WT 50.4%   CKG.WT 5 $5.29 Fair Market Value
  North American Palladium Ltd.   CNM.WT 28-Feb-12   CTF.WT -0.42   URZ.WT 4.87   ADM.WT 0.33   PDP.WT 50.4%   PTM.WT 0.55 $0.58 Fair Market Value
  Petrolifera Petroleum...   YCM.WT.A 28-Feb-12   ABK.WT -0.43   GAA.WT 4.87   GLW.WT 0.34   ML.WT.A 50.0%   TID.WT 0.16 $0.17 Fair Market Value
  Peregrine Metals Ltd.   TMB.WT 29-Feb-12   FEI.WT.A -0.43   GAA.WT 4.87   TCP.WT 0.35   ML.WT 50.0%   EIF.WT 7.1 $7.32 Fair Market Value
  Polaris Minerals   BNK.WT.A 01-Mar-12   BRD.WT.A -0.43   ADM.WT 4.58   TXG.WT 0.37   FRN.WT 50.0%   MFL.WT 4.8 $4.95 Fair Market Value
  Petromanas Energy Inc   GMC.WT.A 06-Mar-12   BRD.WT -0.44   GPD.WT 4.48   TMB.WT 0.37   BRD.WT.A 49.1%   ML.WT.A 2.31 $2.38 Fair Market Value
  Pinetree Capital   FNV.WT 13-Mar-12   LRT.WT -0.46   ML.WT 4.33   SSL.WT 0.38   BRD.WT 49.1%   TAO.WT 2.25 $2.33 Fair Market Value
  PETROAMERICA OIL CORP   NGD.WT.B 03-Apr-12   NGD.WT.C -0.47   PMI.WT.A 4.28   UTC.WT 0.39   CKG.WT 49.0%   FR.WT.B 6.32 $6.44 Fair Market Value
  Platinum Group   PNP.WT 16-Apr-12   CMP.WT.B -0.48   IE.WT 4.18   ST.WT 0.39   XRG.WT 48.7%   FNV.WT 5.1 $5.14 Fair Market Value
  Quadra FNX Mining Ltd.   MGT.WT.U 20-Apr-12   OBF.WT -0.5   FNV.WT.A 4.18   NOM.WT 0.4   ANS.WT 46.5%   GAA.WT 1.15 $1.16 Fair Market Value
  REC MINERALS CORP   URZ.WT 27-Apr-12   ST.WT -0.51   PTM.WT 4.15   SSL.WT.A 0.41   AR.WT 46.4%   SLW.WT.B 24.07 $24.21 Fair Market Value
  Redwater Energy Corp   GMC.WT.B 27-Apr-12   PDP.WT -0.57   QUX.WT 4.06   HBB.WT 0.42   TID.WT 46.1%   SLW.WT.U 20.55 $20.71 Fair Market Value
  Rusoro Mining   RED.WT 29-Apr-12   AA.WT -0.58   K.WT.D 3.99   SCI.WT 0.44   KAT.WT 45.7%   BNK.WT.A 4.88 $4.86 Fair Market Value
  RODINIA OIL CORP   BEV.WT 07-May-12   MTO.WT -0.58   ZAZ.WT 3.82   NOT.WT 0.45   AC.WT 45.5%   CMP.WT.A 2.7 $2.69 Fair Market Value
  Canadian Resources...   MTO.WT 15-May-12   PLS.WT -0.60   AR.WT 3.81   BIM.WT.A 0.48   NBD.WT 45.4%   CSI.WT 6.25 $6.18 Fair Market Value
  S Split Corp.   PMI.WT.A 28-May-12   IE.WT -0.63   PNP.WT.B 3.78   SUE.WT 0.49   ST.WT 44.5%   TRX.WT 0.7 $0.69 Fair Market Value
  SCITI ROCS TRUST   ROZ.WT 28-May-12   AR.WT -0.69   FT.WT.A 3.77   BWR.WT.A 0.495   AC.WT 44.0%   AR.WT 1 $0.95 Fair Market Value
  Sprott Resource Corp   ADM.WT 02-Jun-12   GPD.WT -0.69   PDL.WT.A 3.74   CRJ.WT 0.51   EDV.WT.A 43.5%   GAA.WT 1.15 $1.07 Fair Market Value
  Silver Wheaton   AAB.WT 06-Jun-12   ADM.WT -0.74   P.WT 3.66   USA.WT 0.53   EDV.WT.C 43.5%   WTN.WT 5.06 $4.61 Fair Market Value
  Sandstorm Resources Ltd.   MGA.WT.A 06-Jun-12   ML.WT -0.75   AVL.WT 3.63   PTM.WT 0.55   URB.WT.B 43.3%   BAA.WT 1.27 $1.15 Fair Market Value
  Stonegate Agricom Ltd.   APV.WT 11-Jun-12   HAP.WT -0.8   CEK.WT 3.55   IE.WT 0.55   UTC.WT 42.5%   UXG.WT 0.125 $0.11 Fair Market Value
  Sulliden Gold Corp. Ltd.   YNG.WT 20-Jun-12   NBD.WT -0.8   CLQ.WT 3.47   URZ.WT 0.6   MRS.WT 42.0%   NGD.WT.C 0.3 $0.27 Overvalued
  TAG OIL LTD   TRX.WT 21-Jun-12   TYF.WT -0.81   TXG.WT 3.46   MGT.WT.U 0.6   MFL.WT 41.3%   TRX.WT.A 0.09 $0.08 Overvalued
  T BOONE PICKENS ENERGY...   WTN.WT 28-Jun-12   QUX.WT -0.98   EDV.WT.A 3.39   OCY.WT 0.6   GLW.WT 41.2%   FEI.WT 0.005 $0.00 Overvalued
  Thompson Creek Metals   DPM.WT 29-Jun-12   CMT.WT -1.1   CRJ.WT 3.33   ECU.WT 0.63   BRK.WT 36.1%   PNP.WT.A 0.25 $0.22 Overvalued
  Trident Performance Corp   MND.WT 06-Aug-12   PNP.WT.B -1.12   FEI.WT.A 3.13   PNP.WT.B 0.63   AEM.WT.U 35.4%   FEI.WT.A 0.04 $0.03 Overvalued
  Tuscany Intl. Drilling...   QUX.WT 10-Sep-12   PDL.WT.B -1.12   DNA.WT 3.09   NEW.WT 0.65   NOT.WT 35.4%   K.WT.C 2.16 $1.84 Overvalued
  Tembec   SUE.WT 06-Oct-12   PGM.WT -1.15   SUE.WT 3.04   DPM.WT 0.65   SSL.WT 34.9%   VST.WT 0.2 $0.17 Overvalued
  Terrane Metals   PNP.WT.A 23-Oct-12   URB.WT.B -1.23   NGD.WT.A 2.94   BPV.WT 0.68   SSL.WT.A 34.9%   BRD.WT.A 0.8 $0.66 Overvalued
  Torex Gold Resources Inc   AC.WT 28-Oct-12   GAA.WT -1.40   NGD.WT.C 2.84   TRX.WT 0.7   K.WT.D 34.2%   MND.WT 0.13 $0.10 Overvalued
  IA CLARINGTON ASTON...   AC.WT 28-Oct-12   CNM.WT -1.65   AC.WT 2.83   NBD.WT 0.7   K.WT.C 34.2%   SSL.WT 0.38 $0.30 Overvalued
  Urbana Corporation   NGD.WT.C 28-Nov-12   XRG.WT -1.75   AC.WT 2.82   RTU.WT 0.75   K.WT.B 34.2%   ML.WT 0.75 $0.58 Overvalued
  Uranerz Energy Corporati...   RML.WT 29-Nov-12   FEI.WT -1.88   APV.WT 2.81   ML.WT 0.75   CSI.WT 33.7%   AA.WT 0.13 $0.10 Overvalued
  US Silver Corp   BIM.WT.A 10-Dec-12   OGE.WT -1.92   TCM.WT 2.74   DNA.WT 0.75   BNK.WT.A 33.4%   ADM.WT 0.33 $0.23 Overvalued
  Utility Corp.   ZAZ.WT 19-Dec-12   BEV.WT -1.95   RED.WT 2.73   FGX.WT.C 0.79   NEW.WT 31.8%   DNA.WT 0.75 $0.53 Overvalued
  U S Gold   AR.WT 29-Dec-12   GMC.WT -1.97   PTA.WT 2.67   ABK.WT 0.8   CMT.WT 29.4%   COX.WT 0.1 $0.07 Overvalued
  Vast Exploration Inc.   VZX.WT 05-Jan-13   RF.WT -2   VST.WT 2.65   PDL.WT.B 0.8   G.WT.G 28.6%   BRD.WT 1 $0.66 Overvalued
  Vuzix Corp   CMP.WT.B 25-Jan-13   ZAZ.WT -2.04   NQ.WT 2.57   BRD.WT.A 0.8   BEV.WT 28.2%   NBD.WT 0.7 $0.45 Overvalued
  World Financial Split...   ML.WT.A 29-Jan-13   MRS.WT -2.05   MGA.WT.B 2.54   EDV.WT.A 0.83   ABK.WT 26.5%   GLW.WT 0.34 $0.21 Overvalued
  Western Canadian Coal...   ST.WT 29-Apr-13   TBP.WT -2.09   ST.WT 2.54   RN.WT 0.99   FGX.WT.B 26.4%   IE.WT 0.55 $0.33 Overvalued
  M SPLIT CORP CAPITAL...   CRJ.WT 22-May-13   YNG.WT -2.18   BIM.WT.A 2.46   AVL.WT 1   FGX.WT.C 26.4%   K.WT.B 1.18 $0.59 Overvalued
  Xinergy Ltd.   CCJ.WT.B 05-Jun-13   GMC.WT.A -2.22   CKG.WT 2.44   AR.WT 1   RED.WT 25.0%   SSL.WT.A 0.41 $0.21 Overvalued
  COMMERCE SPLIT CORP...   PAU.WT 05-Jul-13   CCJ.WT.B -2.41   EIF.WT 2.41   BRD.WT 1   GMF.WT 25.0%   ST.WT 0.39 $0.18 Very Overvalued
  Yukon-Nevada Gold   GLW.WT 08-Jul-13   COX.WT -2.42   BAA.WT 2.37   MAI.WT 1.08   XYM.WT 25.0%   FNV.WT.A 7.77 $3.18 Very Overvalued
  Zazu Metals Corp   PNP.WT.B 11-Jul-13   EMC.WT -2.46   TAO.WT 2.36   ROZ.WT 1.1   FNV.WT 24.7%   RML.WT 0.03 $0.01 Very Overvalued
      ANS.WT 29-Jul-13   MGT.WT.U -2.58   NOT.WT 2.36   GAA.WT 1.15   FNV.WT.A 24.7%   GPD.WT 0.145 $0.04 Very Overvalued
      K.WT.C 03-Sep-13   P.WT -2.7   RN.WT 2.33   GAA.WT 1.15   SCP.WT 23.5%   TBP.WT 0.04 $0.01 Very Overvalued
      SLW.WT.U 05-Sep-13   K.WT.D -2.84   MB.WT 2.33   K.WT.B 1.18   SBN.WT.A 22.1%   ZAZ.WT 0.055 $0.01 Very Overvalued
      FRN.WT 08-Sep-13   NOT.WT -2.94   AEM.WT.U 2.23   AC.WT 1.2   GAA.WT 21.6%   RED.WT 0.15 $0.03 Very Overvalued
      GAA.WT 30-Nov-13   RML.WT -3.69   MND.WT 2.23   AC.WT 1.2   GAA.WT 21.6%   MTO.WT 0.195 $0.04 Very Overvalued
      AEM.WT.U 02-Dec-13   K.WT.B -4.03   BRD.WT.A 2.2   BAA.WT 1.27   COX.WT 20.1%   ANS.WT 0.3 $0.05 Very Overvalued
      NBD.WT 24-Dec-13   PNP.WT.A -4.12   CWB.WT 2.19   PDL.WT.A 1.44   RF.WT 18.5%   PDP.WT 0.11 $0.02 Very Overvalued
      EDV.WT.A 04-Feb-14   GMC.WT.B -4.22   MTO.WT 2.15   P.WT 1.45   TRX.WT 18.1%   YNG.WT 0.095 $0.02 Very Overvalued
      ECU.WT 20-Feb-14   BIM.WT -4.32   EDR.WT 2.14   BRK.WT 1.56   TRX.WT.A 18.1%   GMC.WT.A 0.035 $0.01 Very Overvalued
      CWB.WT 02-Mar-14   UXG.WT -4.33   TRX.WT 2.10   FGX.WT.B 2.01   CWB.WT 18.1%   MGA.WT.A 0.065 $0.01 Very Overvalued
      BWR.WT.A 09-Apr-14   MGA.WT -4.59   PAU.WT 2.05   K.WT.C 2.16   TYF.WT 17.8%   BIM.WT 0.115 $0.01 Very Overvalued
      SSL.WT 23-Apr-14   CRP.WT -4.74   PMI.WT 2.03   TAO.WT 2.25   MSP.WT 17.0%   PNP.WT 0.1 $0.01 Very Overvalued
      BRK.WT 27-May-14   MGA.WT.A -5.49   MFL.WT 2   ML.WT.A 2.31   CIQ.WT 17.0%   TMB.WT 0.37 $0.04 Very Overvalued
      FGX.WT.B 30-Jun-14   CCJ.WT -5.51   SSL.WT 1.92   CMP.WT.A 2.7   CRP.WT 16.3%   NOT.WT 0.45 $0.03 Very Overvalued
      USA.WT 10-Jul-14   AGB.WT -5.97   ECU.WT 1.89   EDR.WT 2.88   AGB.WT 15.8%   MGA.WT 0.11 $0.01 Very Overvalued
      MAI.WT 19-Aug-14   GLW.WT -6.17   NBD.WT 1.83   NGD.WT.A 2.9   FSS.WT 15.6%   MRS.WT 0.105 $0.01 Very Overvalued
      K.WT.D 17-Sep-14   NGD.WT.A -6.47   MAI.WT 1.81   QUX.WT 3.44   TCP.WT 15.2%   YCM.WT.A 0.07 $0.00 Very Overvalued
      AA.WT 07-Oct-14   NGD.WT.B -6.47   SSL.WT.A 1.78   K.WT.D 4.63   TBP.WT 14.7%   GMC.WT 0.05 $0.00 Very Overvalued
      PTA.WT 08-Oct-14   KAT.WT -7.1   BRD.WT 1.76   TCM.WT 4.65   OCB.WT 14.5%   OGE.WT 0.005 $0.00 Very Overvalued
      BPV.WT 09-Oct-14   DPM.WT -7.34   ROZ.WT 1.72   DPM.WT.A 4.71   CMP.WT.A 14.5%   BEV.WT 0.31 $0.01 Very Overvalued
      MGA.WT.B 26-Oct-14   CCJ.WT.A -8.31   BPV.WT 1.68   MFL.WT 4.8   CMP.WT.B 14.5%   GMC.WT.B 0.035 $0.00 Very Overvalued
      GLD.WT 27-Oct-14   YCM.WT -8.96   SLW.WT.U 1.66   BNK.WT.A 4.88   CTF.WT 14.4%   DML.WT.A 0.1 $0.00 Very Overvalued
      BRD.WT.A 19-Nov-14   TMB.WT -9.29   DPM.WT.A 1.63   CKG.WT 5   HBB.WT 13.4%   AGB.WT 0.005 $0.00 Very Overvalued
      BRD.WT 19-Nov-14   ANS.WT -9.44   BRK.WT 1.63   WTN.WT 5.06   OBF.WT 12.6%   CCJ.WT 0.005 $0.00 Very Overvalued
      NOT.WT 16-Dec-14   XMF.WT -9.7   FR.WT.B 1.56   FNV.WT 5.1   HAP.WT 12.1%   CCJ.WT.A 0.005 $0.00 Very Overvalued
      NQ.WT 21-Dec-14   WFS.WT.A -10.13   BNK.WT.A 1.45   G.WT.G 5.2   HCF.WT 11.9%   CCJ.WT.B 0.01 $0.00 Very Overvalued
      PMI.WT 23-Feb-15   SBN.WT.A -10.67   WTN.WT 1.44   CSI.WT 6.25   OGE.WT 11.8%   CMT.WT 0.04 $0.00 Very Overvalued
      LRT.WT 05-Mar-15   YCM.WT.A -11.46   SLW.WT.B 1.42   FR.WT.B 6.32   MID.WT 11.6%   CRP.WT 0.005 $0.00 Very Overvalued
      RN.WT 08-Mar-15   XMF.WT.A -12.2   ML.WT.A 1.41   EIF.WT 7.1   SCI.WT 11.0%   EDV.WT.C 0.05 $0.00 Very Overvalued
      MB.WT 30-Mar-15   PNP.WT -12.62   AA.WT 1.35   FNV.WT.A 7.77   EIF.WT 11.0%   KAT.WT 0.025 $0.00 Very Overvalued
      P.WT 19-Jul-15   K.WT.C -13.54   USA.WT 1.32   CWB.WT 11.45   CCJ.WT 10.0%   OSU.WT.B 0.01 $0.00 Very Overvalued
      GCM.WT 24-Aug-15   EDV.WT.C -14.25   CSI.WT 1.30   SLW.WT.U 20.55   CCJ.WT.A 10.0%   SBN.WT.A 0.105 $0.00 Very Overvalued
      SSL.WT.A 19-Oct-15   OSU.WT.B -15.22   BWR.WT.A 1.25   SLW.WT.B 24.07   CCJ.WT.B 10.0%   WFS.WT.A 0.11 $0.00 Very Overvalued
      DPM.WT.A 20-Nov-15   DML.WT.A -22.28   GLD.WT 1.2   AEM.WT.U 36.2   OCY.WT 9.8%   YCM.WT 0.17 $0.00 Very Overvalued
      GAA.WT 30-Nov-15   FNV.WT.A -42.5   CMP.WT.B nt   CMP.WT.B na   RTU.WT 9.3%   CMP.WT.B na $1.87 Not Trading
      FNV.WT.A 16-Jun-17   GMF.WT nt   GMF.WT nt   GMF.WT nt   OCZ.WT 8.6%   GMF.WT nt nt Not Trading
      NGD.WT.A 28-Jun-17   XYM.WT -12   XYM.WT nt   XYM.WT nt   PCD.WT 7.9%   XYM.WT nt nt Not Trading