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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   OCY.WT 30-Nov-10   AEM.WT.U 31.97   OGE.WT 1990   XMF.WT.A 0.005   XMF.WT.A 315.3%   RF.WT 0.02 $0.92 Bargain
The last day the warrants  Aberdeen International Inc   PCD.WT 30-Nov-10   SLW.WT.B 25.93   CRP.WT 1506   XMF.WT 0.005   XMF.WT 315.3%   XMF.WT.A 0.005 $0.20 Bargain
can be exercised. If ALLBANC SPLIT CORP...   OCZ.WT 30-Nov-10   SLW.WT.U 15.93   RF.WT 1040   FEI.WT 0.005   EMC.WT 270.9%   TYF.WT 0.01 $0.37 Bargain
warrants aren't being  Air Canada   AGB.WT 30-Nov-10   CWB.WT 12.51   TYF.WT 933   AGB.WT 0.005   VZX.WT 242.4%   GMF.WT 0.075 $1.31 Bargain
exercised then they Air Canada   PTM.WT 16-Dec-10   FR.WT.B 8.05   HAP.WT 896   CCJ.WT 0.005   NQ.WT 205.6%   XYM.WT 0.08 $1.34 Bargain
must be sold the day  Andina Minerals Inc   CRP.WT 21-Dec-10   EIF.WT 7.48   AGB.WT 786   CCJ.WT.A 0.005   GLD.WT 197.2%   CNM.WT 0.03 $0.28 Bargain
before the expiry date. Agnico-Eagle   SLW.WT.B 22-Dec-10   WTN.WT 7.15   OCZ.WT 781.33   CRP.WT 0.005   REC.WT 181.5%   EMC.WT 0.01 $0.09 Bargain
The longer the time to  Ainsworth Lumber   SCP.WT 31-Dec-10   CSI.WT 6.19   EDV.WT.C 737.66   OGE.WT 0.005   CEK.WT 174.9%   OCB.WT 0.07 $0.60 Bargain
expiry the more ARISE Technologies Corp.   OGE.WT 31-Dec-10   DPM.WT.A 5.42   PCD.WT 170.14   OSU.WT.B 0.005   FEI.WT 168.9%   FSS.WT 0.085 $0.72 Bargain
valuable the warrants. Avalon Rare Metals Inc   PLS.WT 08-Jan-11   BWR.WT.A 5.03   OCB.WT 167.29   TYF.WT 0.01   FEI.WT.A 168.9%   HCF.WT 0.125 $0.82 Bargain
  Banro Corp   SBN.WT.A 17-Jan-11   MFL.WT 4.97   COX.WT 162   EMC.WT 0.01   PLS.WT 150.8%   FRN.WT 0.05 $0.23 Bargain
Leverage Bennett Environmental...   WFS.WT.A 17-Jan-11   BNK.WT.A 4.33   GMF.WT 158.67   HAP.WT 0.01   FRN.WT 148.9%   CIQ.WT 0.11 $0.47 Bargain
The leverage of a warrant Baffinland Iron Mns Corp   CMP.WT.A 25-Jan-11   CKG.WT 4.12   TBP.WT 157.4   CCJ.WT.B 0.01   WTN.WT 141.0%   ABK.WT 1.3 $5.13 Bargain
is a measure of how much Bankers Petroleum   HAP.WT 31-Jan-11   TCM.WT 3.62   OBF.WT 152.13   URB.WT.B 0.015   ECU.WT 117.6%   OBF.WT 0.075 $0.28 Bargain
you can increase your Brigus Gold Corp.   CCJ.WT 08-Feb-11   EDR.WT 2.52   XYM.WT 148.5   OCZ.WT 0.015   PAU.WT 115.2%   PLS.WT 0.045 $0.16 Bargain
exposure to a share if Brick Group   CSI.WT 13-Feb-11   ML.WT.A 2.37   SBN.WT.A 121.71   RF.WT 0.02   URZ.WT 114.9%   NQ.WT 0.225 $0.78 Bargain
you bought warrants Breakwater Resources   MID.WT 15-Feb-11   CMP.WT.A 2   FSS.WT 118   REC.WT 0.02   CNM.WT 114.5%   NEW.WT 1 $3.25 Bargain
instead of making a Coalcorp Mining   UXG.WT 22-Feb-11   TAO.WT 1.95   CIQ.WT 107   RML.WT 0.025   APV.WT 114.3%   REC.WT 0.02 $0.06 Bargain
direct investment. It is  Caspian Energy   XMF.WT 28-Feb-11   BRK.WT 1.7   HCF.WT 95.04   CMT.WT 0.025   VST.WT 105.6%   CTF.WT 0.06 $0.17 Bargain
calculated dividing the  CANADIAN HIGH INCOME...   TCP.WT 28-Feb-11   PDL.WT.A 1.56   CTF.WT 85.17   KAT.WT 0.025   USA.WT 98.9%   HBB.WT 0.43 $1.01 Bargain
current share price by Chesapeake Gold   YCM.WT 28-Feb-11   AC.WT 1.52   URB.WT.B 82.67   CNM.WT 0.03   MND.WT 93.9%   XMF.WT 0.005 $0.01 Bargain
the current price of the  C M P Gold Trust   DML.WT.A 01-Mar-11   AC.WT 1.52   XMF.WT.A 61   GMC.WT 0.03   ROZ.WT 93.8%   URZ.WT 1.02 $2.29 Bargain
warrant. Compton Petroleum Corp.   FR.WT.B 05-Mar-11   FNV.WT 1.15   XMF.WT 61   GMC.WT.B 0.03   MGA.WT.B 92.4%   TCP.WT 0.3 $0.63 Bargain
  Canadian Income Mgmt Tr   UTC.WT 21-Mar-11   FGX.WT.B 0.95   OSU.WT.B 53   EDV.WT.C 0.04   MGA.WT.A 92.4%   UTC.WT 0.43 $0.85 Bargain
Intrinsic Value Coxe Commodity Strategy Fund   OSU.WT.B 21-Mar-11   URZ.WT 0.9   KAT.WT 50.8   PLS.WT 0.045   MGA.WT 92.4%   PNP.WT.A 0.33 $0.63 Bargain
The difference between  Claude Resources   NEW.WT 31-Mar-11   MAI.WT 0.9   MSP.WT 49.76   VZX.WT 0.045   CLQ.WT 88.5%   VZX.WT 0.045 $0.08 Bargain
the exercise price and Ceres Global Ag Corp   MSP.WT 31-Mar-11   BAA.WT 0.8   ABK.WT 48.32   FRN.WT 0.05   EDR.WT 88.4%   DPM.WT 0.8 $1.30 Bargain
the actual trading price  Colossus Minerals   EIF.WT 07-Apr-11   SUE.WT 0.73   UTC.WT 44.77   CEK.WT 0.05   MGT.WT.U 88.3%   MID.WT 0.3 $0.47 Bargain
of the common stock. Citadel Income Fund   CIQ.WT 15-Apr-11   HBB.WT 0.7   UXG.WT 43.56   FEI.WT.A 0.05   DML.WT.A 87.8%   SCI.WT 0.38 $0.56 Undervalued
Once the common has  Canadian Western Bank   HBB.WT 15-Apr-11   BPV.WT 0.7   NEW.WT 42.07   TBP.WT 0.05   OSU.WT.B 86.5%   GLW.WT 0.385 $0.56 Undervalued
gone over the exercise CAZA GOLD CORP COM   TRX.WT.A 16-Apr-11   TRX.WT 0.62   DML.WT.A 41.23   COX.WT 0.055   AA.WT 82.4%   RN.WT 1 $1.45 Undervalued
price the warrants are  Denison Mines   TYF.WT 29-Apr-11   NEW.WT 0.5   PLS.WT 36.44   ZAZ.WT 0.055   SUE.WT 80.5%   SCP.WT 0.12 $0.17 Undervalued
said to be 'in the money'. Dalradian Resources Inc   TBP.WT 29-Apr-11   CLQ.WT 0.5   SCP.WT 36.17   WFS.WT.A 0.055   AVL.WT 78.9%   MGA.WT.B 0.445 $0.63 Undervalued
  Dundee Precious Metals   NOM.WT 30-Apr-11   RTU.WT 0.49   TCP.WT 35   CTF.WT 0.06   RN.WT 78.3%   PDL.WT.B 0.81 $1.13 Undervalued
Volatility ECU Silver Mining Inc.    IE.WT 15-May-11   USA.WT 0.49   CNM.WT 34.67   OCB.WT 0.07   PMI.WT 76.3%   SUE.WT 0.74 $1.04 Undervalued
The higher the volatility  Endeavour Silver Corp.   CEK.WT 28-May-11   BIM.WT.A 0.47   MID.WT 33.23   GMC.WT.A 0.07   PMI.WT.A 76.3%   GLD.WT 0.3 $0.41 Undervalued
rating the higher the price Endeavour Financial   OCB.WT 31-May-11   FT.WT.A 0.45   FEI.WT 31   PCD.WT 0.07   FT.WT.A 75.3%   BIM.WT.A 0.47 $0.63 Undervalued
of the warrant will be. Exchange Income   COX.WT 31-May-11   PTM.WT 0.35   GMC.WT 31   SBN.WT.A 0.07   WFS.WT.A 74.6%   FGX.WT.B 2.08 $2.81 Undervalued
A measure of actual  EMC Metals   VST.WT 05-Jun-11   ROZ.WT 0.35   PNP.WT 31   YCM.WT.A 0.07   PNP.WT.A 72.8%   MND.WT 0.13 $0.17 Undervalued
stock price changes over  First Capital Realty...   ABK.WT 06-Jun-11   NQ.WT 0.30   GMC.WT.B 31   GMF.WT 0.075   PNP.WT.B 72.8%   PNP.WT.B 1.05 $1.39 Undervalued
a specific period of time.  Fortress Energy Inc   RTU.WT 08-Jun-11   SCI.WT 0.27   HBB.WT 29.53   OBF.WT 0.075   PNP.WT 72.8%   ECU.WT 0.63 $0.83 Undervalued
Historical volatility is  Faircourt Gold Income   G.WT.G 09-Jun-11   TCP.WT 0.25   EMC.WT 23.5   MGA.WT.A 0.075   ZAZ.WT 71.6%   GAA.WT 1.15 $1.51 Undervalued
calculated by using the  Franco-Nevada   FEI.WT 20-Jun-11   EDV.WT.A 0.25   WFS.WT.A 22   RED.WT 0.075   GCM.WT 71.2%   LRT.WT 0.1 $0.13 Undervalued
standard deviation of an First Majestic Silver Corp   FSS.WT 30-Jun-11   G.WT.G 0.25   OCY.WT 20   YNG.WT 0.075   RML.WT 70.8%   P.WT 1.45 $1.90 Undervalued
underlying stock price. FERONIA INC COM   OBF.WT 30-Jun-11   MID.WT 0.22   SCI.WT 18.79   XYM.WT 0.08   LRT.WT 70.7%   RTU.WT 0.7 $0.89 Undervalued
  FRONTIER RARE EARTH...   FGX.WT.C 29-Jul-11   GLD.WT 0.22   RTU.WT 18.27   APV.WT 0.08   FR.WT.B 70.6%   MGT.WT.U 0.63 $0.80 Undervalued
In the Money FRONT STREET STRATEGIC...   DNA.WT 29-Jul-11   TXG.WT 0.22   CCJ.WT 18   DML.WT.A 0.08   GMC.WT 70.6%   CKG.WT 4.28 $5.32 Undervalued
When the price of the  Fortune Minerals Limited   SCI.WT 04-Aug-11   NOM.WT 0.21   CCJ.WT.A 18   FSS.WT 0.085   GMC.WT.A 70.6%   FRO.WT 0.44 $0.58 Undervalued
common is higher than  Goldcorp   EDV.WT.C 07-Aug-11   IVA.WT 0.2   CMT.WT 17.6   TRX.WT.A 0.085   GMC.WT.B 70.6%   AC.WT 1.49 $1.83 Undervalued
the exercise price Gazit America Inc.   EMC.WT 15-Aug-11   FGX.WT.C 0.17   TRX.WT.A 17.29   NGD.WT.B 0.085   MTO.WT 68.9%   AC.WT 1.49 $1.84 Undervalued
  Great Basin   GPD.WT 15-Aug-11   ECU.WT 0.15   YCM.WT.A 16.86   PGM.WT 0.09   PDP.WT 67.6%   APV.WT 0.08 $0.10 Undervalued
At the Money GRAN COLOMBIA GOLD CORP   CCJ.WT.A 17-Aug-11   SCP.WT 0.09   XRG.WT 16.79   LRT.WT 0.1   ST.WT 66.6%   GCM.WT 0.185 $0.22 Undervalued
When the price of the  Augen Gold Corp.   PDP.WT 28-Aug-11   AVL.WT 0.09   GMC.WT.A 13.29   PNP.WT 0.1   BWR.WT.A 66.2%   FT.WT.A 0.5 $0.60 Undervalued
underlying is equivalent Geovic Mining Corp   K.WT.B 07-Sep-11   MB.WT 0.08   MGA.WT.A 12.73   BIM.WT 0.1   TMB.WT 65.1%   QUX.WT 3.45 $4.15 Undervalued
or close to the strike price. HORIZONS AP INCOME PLUS...   PGM.WT 11-Sep-11   SSL.WT 0.08   FGX.WT.C 12.2   MRS.WT 0.105   PTM.WT 64.5%   CLQ.WT 0.55 $0.65 Undervalued
  HARVEST BANKS &...   BAA.WT 17-Sep-11   RN.WT 0.05   BIM.WT 11.7   CIQ.WT 0.11   IE.WT 64.0%   WTN.WT 7.18 $8.54 Undervalued
Exercise ratio HARVEST CDN INCOME AND...   IVA.WT 20-Sep-11   NGD.WT.C 0.05   DPM.WT 10.84   AA.WT 0.11   YNG.WT 61.7%   PDL.WT.A 1.8 $2.12 Undervalued
The number of warrants  Ivanhoe Energy   CMT.WT 25-Sep-11   FSS.WT 0.03   NGD.WT.B 10.65   PDP.WT 0.11   SLW.WT.B 60.9%   DPM.WT.A 5.7 $6.67 Undervalued
related to one share and IVANHOE AUSTRALIA LTD   RF.WT 30-Sep-11   ABK.WT 0.03   GLW.WT 10.6   SCP.WT 0.12   SLW.WT.U 60.9%   MAI.WT 1.16 $1.36 Undervalued
specifies the amount of  Kinross   CLQ.WT 30-Sep-11   MND.WT 0.02   RML.WT 10.6   PMI.WT.A 0.12   UXG.WT 60.8%   BPV.WT 0.73 $0.85 Undervalued
underlying that the owner Katanga Mining   PDL.WT.A 30-Sep-11   VST.WT 0.02   YNG.WT 9.87   HCF.WT 0.125   DPM.WT 59.9%   MB.WT 0.25 $0.29 Undervalued
of a single warrant is  Canadian Life Companies...   AVL.WT 30-Sep-11   UTC.WT -0.01   PNP.WT.A 9.39   MND.WT 0.13   DPM.WT.A 59.9%   MSP.WT 0.205 $0.24 Undervalued
entitled to buy. Lanesborough REIT   FEI.WT.A 30-Sep-11   TRX.WT.A -0.03   G.WT.G 9.39   AAB.WT 0.13   PTA.WT.A 59.7%   PMI.WT 0.21 $0.24 Undervalued
  Minera Andes Inc.   EDR.WT 07-Oct-11   PMI.WT -0.04   PGM.WT 9.11   MGA.WT 0.13   BIM.WT.A 59.5%   CWB.WT 12.7 $14.64 Undervalued
Time Value Mega Brands Inc.   GMF.WT 14-Oct-11   CRJ.WT -0.04   CCJ.WT.B 9   UXG.WT 0.135   BIM.WT 59.5%   EDV.WT.A 0.83 $0.95 Undervalued
The time value is the  Minefinders Corp. Ltd.   TID.WT 16-Oct-11   PAU.WT -0.07   K.WT.C 8.86   XRG.WT 0.14   MAI.WT 58.8%   BAA.WT 0.9 $1.01 Undervalued
difference between the Mega Uranium   TCM.WT 27-Oct-11   MGA.WT.B -0.08   TMB.WT 8.75   CZY.WT 0.15   PDL.WT.B 58.1%   USA.WT 0.49 $0.56 Undervalued
current warrant price  MINES MANAGEMENT INC.   PDL.WT.B 29-Oct-11   PCD.WT -0.09   ANS.WT 8.67   VST.WT 0.16   PDL.WT.A 58.1%   AEM.WT.U 34.99 $39.19 Undervalued
and its intrinsic value. MINT Income Fund   XYM.WT 31-Oct-11   GMF.WT -0.1   MGA.WT 7.34   GPD.WT 0.16   PGM.WT 56.3%   GAA.WT 1.15 $1.29 Undervalued
The time value is to be  Mercator Minerals Ltd   GMC.WT 03-Nov-11   APV.WT -0.11   FRO.WT 7.27   GCM.WT 0.185   YCM.WT 55.8%   AVL.WT 1.04 $1.13 Fair Market Value
interpreted as the Medoro Resources Ltd.   MRS.WT 03-Nov-11   XYM.WT -0.12   PDL.WT.B 7.17   PTA.WT.A 0.2   YCM.WT.A 55.8%   BRK.WT 1.72 $1.87 Fair Market Value
consideration paid for  THE CANADIAN SHIELD FUND   TAO.WT 05-Nov-11   HCF.WT -0.12   K.WT.B 7.02   MTO.WT 0.2   GLW.WT 55.8%   EDR.WT 2.92 $3.19 Fair Market Value
the advantage that the Metanor Resources   URB.WT.B 10-Nov-11   CZY.WT -0.12   BEV.WT 6.26   YCM.WT 0.2   AAB.WT 55.8%   PTM.WT 0.34 $0.37 Fair Market Value
warrant buyer has over  Norbord   TXG.WT 12-Nov-11   REC.WT -0.14   FRN.WT 6.2   MSP.WT 0.205   CKG.WT 55.3%   BWR.WT.A 0.49 $0.53 Fair Market Value
the direct investor. It NewGrowth Corp.   KAT.WT 20-Nov-11   RED.WT -0.15   PTM.WT 6.18   PMI.WT 0.21   BPV.WT 55.0%   TXG.WT 0.37 $0.40 Fair Market Value
is greatest when the  New Gold Inc.   HCF.WT 30-Nov-11   PMI.WT.A -0.19   FNV.WT 6.14   NQ.WT 0.225   QUX.WT 53.2%   FGX.WT.C 0.82 $0.87 Fair Market Value
warrants are 'at the money' Norsemont Mining Inc.   REC.WT 30-Nov-11   OCY.WT -0.2   CMP.WT.A 6.06   MB.WT 0.25   TXG.WT 51.2%   CEK.WT 0.05 $0.05 Fair Market Value
but decreases as the Noront Resources Ltd.   CTF.WT 02-Dec-11   CIQ.WT -0.23   TID.WT 5.92   TID.WT 0.25   GPD.WT 50.8%   ML.WT.A 2.39 $2.48 Fair Market Value
exercise date draws closer. Northquest Ltd   FT.WT.A 03-Dec-11   CEK.WT -0.25   YCM.WT 5.9   NOT.WT 0.265   CRJ.WT 50.5%   NGD.WT.A 2.87 $2.99 Fair Market Value
The decreased value is  OLEARY BRLC PLUS INC...   XRG.WT 21-Dec-11   DNA.WT -0.25   REC.WT 5.75   PAU.WT 0.28   P.WT 50.0%   VST.WT 0.16 $0.17 Fair Market Value
called time decay and  OLEARY ADV TACT GLOB...   MFL.WT 31-Dec-11   PTA.WT.A -0.28   PDP.WT 5.64   TCP.WT 0.3   FRO.WT 50.0%   EIF.WT 7.46 $7.66 Fair Market Value
decreases at a faster  O'Leary Global Income Opp Fund   BIM.WT 31-Jan-12   OCZ.WT -0.28   MRS.WT 5.4   MID.WT 0.3   RED.WT 50.0%   FEI.WT 0.005 $0.01 Fair Market Value
pace as the expiry date OLEARY CDN EQUITY...   MGA.WT 12-Feb-12   OCB.WT -0.29   ADM.WT 5.13   GLD.WT 0.3   MRS.WT 50.0%   FR.WT.B 7.89 $8.10 Fair Market Value
draws closer. O'Leary Canadian Equity Income   ML.WT 16-Feb-12   FRN.WT -0.29   MGT.WT.U 5.05   NGD.WT.C 0.3   IVA.WT 50.0%   FNV.WT 5.4 $5.50 Fair Market Value
  Orsu Metals    CKG.WT 23-Feb-12   MSP.WT -0.30   ML.WT 4.88   ADM.WT 0.3   DNA.WT 49.9%   MFL.WT 5.28 $5.31 Fair Market Value
  Primero Mining Corp   XMF.WT.A 28-Feb-12   SSL.WT.A -0.32   AAB.WT 4.85   ANS.WT 0.3   BEV.WT 48.8%   CSI.WT 6.19 $6.21 Fair Market Value
  Papuan Precious Metals...   CNM.WT 28-Feb-12   TID.WT -0.33   FGX.WT.B 4.81   PNP.WT.A 0.33   MB.WT 48.4%   SLW.WT.B 26.01 $25.97 Fair Market Value
  PATHFINDER CONV...   YCM.WT.A 28-Feb-12   AAB.WT -0.37   RED.WT 4.67   PTM.WT 0.34   BAA.WT 48.0%   SLW.WT.U 21.85 $21.82 Fair Market Value
  North American Palladium Ltd.   TMB.WT 29-Feb-12   PNP.WT.B -0.4   GAA.WT 4.65   SSL.WT 0.35   KAT.WT 46.0%   TRX.WT 0.69 $0.68 Fair Market Value
  Petrolifera Petroleum...   BNK.WT.A 01-Mar-12   FEI.WT.A -0.4   GAA.WT 4.65   BEV.WT 0.35   ANS.WT 45.2%   URB.WT.B 0.015 $0.01 Fair Market Value
  Peregrine Metals Ltd.   GMC.WT.A 06-Mar-12   ST.WT -0.4   NOM.WT 4.55   SSL.WT.A 0.36   MFL.WT 44.7%   BNK.WT.A 4.68 $4.48 Fair Market Value
  Polaris Minerals   FNV.WT 13-Mar-12   CTF.WT -0.44   FNV.WT.A 4.36   TXG.WT 0.37   XRG.WT 44.6%   GMC.WT 0.03 $0.03 Fair Market Value
  Petromanas Energy Inc   NGD.WT.B 03-Apr-12   AR.WT -0.5   IE.WT 4.34   SCI.WT 0.38   AC.WT 42.5%   CRJ.WT 0.58 $0.54 Fair Market Value
  Pinetree Capital   PNP.WT 16-Apr-12   BRD.WT.A -0.54   K.WT.D 4.22   GLW.WT 0.385   ADM.WT 42.4%   K.WT.D 4.3 $3.95 Fair Market Value
  PETROAMERICA OIL CORP   MGT.WT.U 20-Apr-12   BRD.WT -0.55   QUX.WT 4.12   TMB.WT 0.4   NOT.WT 42.2%   TCM.WT 4.6 $4.23 Fair Market Value
  Platinum Group   URZ.WT 27-Apr-12   MTO.WT -0.56   NOT.WT 4.08   HBB.WT 0.43   AC.WT 41.3%   CMP.WT.A 2.31 $2.11 Fair Market Value
  Quadra FNX Mining Ltd.   GMC.WT.B 27-Apr-12   AA.WT -0.57   CEK.WT 4   UTC.WT 0.43   URB.WT.B 40.9%   FEI.WT.A 0.05 $0.05 Fair Market Value
  REC MINERALS CORP   RED.WT 29-Apr-12   PDP.WT -0.58   ZAZ.WT 4   FRO.WT 0.44   BRD.WT.A 39.7%   PMI.WT.A 0.12 $0.11 Fair Market Value
  Redwater Energy Corp   BEV.WT 07-May-12   OBF.WT -0.59   GPD.WT 4   MGA.WT.B 0.445   BRD.WT 39.7%   MGA.WT.A 0.075 $0.07 Overvalued
  Rusoro Mining   MTO.WT 15-May-12   PLS.WT -0.61   URZ.WT 3.82   BIM.WT.A 0.47   NGD.WT.A 39.0%   PTA.WT.A 0.2 $0.18 Overvalued
  RODINIA OIL CORP   CZY.WT 22-May-12   LRT.WT -0.63   LRT.WT 3.7   ST.WT 0.48   NGD.WT.C 39.0%   ROZ.WT 1 $0.88 Overvalued
  Canadian Resources...   PMI.WT.A 28-May-12   ML.WT -0.63   P.WT 3.66   USA.WT 0.49   NGD.WT.B 39.0%   COX.WT 0.055 $0.05 Overvalued
  S Split Corp.   ROZ.WT 28-May-12   IE.WT -0.63   TXG.WT 3.65   BWR.WT.A 0.49   NBD.WT 38.5%   PNP.WT 0.1 $0.08 Overvalued
  SCITI ROCS TRUST   ADM.WT 02-Jun-12   GAA.WT -0.65   NQ.WT 3.56   FT.WT.A 0.5   AR.WT 38.0%   NGD.WT.C 0.3 $0.24 Overvalued
  Sprott Resource Corp   MGA.WT.A 06-Jun-12   TYF.WT -0.67   AVL.WT 3.55   IE.WT 0.53   ML.WT.A 37.6%   TAO.WT 2.7 $2.13 Overvalued
  Silver Wheaton   AAB.WT 06-Jun-12   PDL.WT.B -0.69   AR.WT 3.48   CLQ.WT 0.55   ML.WT 37.6%   ST.WT 0.48 $0.37 Overvalued
  Sandstorm Resources Ltd.   APV.WT 11-Jun-12   GPD.WT -0.7   PMI.WT.A 3.42   CRJ.WT 0.58   NOM.WT 37.5%   TRX.WT.A 0.085 $0.07 Overvalued
  Stonegate Agricom Ltd.   YNG.WT 20-Jun-12   ADM.WT -0.71   BAA.WT 3.33   OCY.WT 0.59   SSL.WT 36.2%   G.WT.G 4.9 $3.74 Overvalued
  Sulliden Gold Corp. Ltd.   TRX.WT 21-Jun-12   QUX.WT -0.73   EDV.WT.A 3.31   ECU.WT 0.63   SSL.WT.A 36.2%   PAU.WT 0.28 $0.21 Overvalued
  TAG OIL LTD   WTN.WT 28-Jun-12   VZX.WT -0.81   VST.WT 3.25   MGT.WT.U 0.63   CMT.WT 34.7%   AR.WT 1.15 $0.85 Overvalued
  T BOONE PICKENS ENERGY...   DPM.WT 29-Jun-12   GCM.WT -0.89   PDL.WT.A 3.23   NOM.WT 0.65   CSI.WT 34.6%   SSL.WT 0.35 $0.26 Overvalued
  Thompson Creek Metals   MND.WT 06-Aug-12   CMP.WT.B -1   NGD.WT.A 3.15   NBD.WT 0.66   TCM.WT 34.6%   AAB.WT 0.13 $0.09 Overvalued
  Trident Performance Corp   QUX.WT 10-Sep-12   HAP.WT -1.04   FEI.WT.A 3.1   TRX.WT 0.69   EDV.WT.A 34.5%   NOM.WT 0.65 $0.43 Overvalued
  Tuscany Intl. Drilling...   SUE.WT 06-Oct-12   CMT.WT -1.11   NGD.WT.C 3.02   ML.WT 0.69   EDV.WT.C 34.5%   GMC.WT.A 0.07 $0.05 Overvalued
  Tembec   PNP.WT.A 23-Oct-12   PGM.WT -1.18   PNP.WT.B 2.95   RTU.WT 0.7   TID.WT 33.2%   RED.WT 0.075 $0.05 Overvalued
  Terrane Metals   AC.WT 28-Oct-12   URB.WT.B -1.26   DNA.WT 2.86   DNA.WT 0.7   GAA.WT 33.1%   XRG.WT 0.14 $0.09 Overvalued
  Torex Gold Resources Inc   AC.WT 28-Oct-12   NBD.WT -1.32   CKG.WT 2.83   BPV.WT 0.73   GAA.WT 33.1%   BRD.WT.A 0.75 $0.46 Overvalued
  IA CLARINGTON ASTON...   FRO.WT 17-Nov-12   FRO.WT -1.4   APV.WT 2.75   SUE.WT 0.74   BRK.WT 33.0%   HAP.WT 0.01 $0.01 Overvalued
  Urbana Corporation   NGD.WT.C 28-Nov-12   CNM.WT -1.56   TCM.WT 2.74   BRD.WT.A 0.75   CRP.WT 30.6%   ML.WT 0.69 $0.41 Overvalued
  Uranerz Energy Corporati...   RML.WT 29-Nov-12   BEV.WT -1.56   MND.WT 2.69   DPM.WT 0.8   BNK.WT.A 30.1%   GMC.WT.B 0.03 $0.02 Overvalued
  US Silver Corp   BIM.WT.A 10-Dec-12   GAA.WT -1.65   CRJ.WT 2.69   BRD.WT 0.8   NEW.WT 26.9%   BRD.WT 0.8 $0.46 Overvalued
  Utility Corp.   ZAZ.WT 19-Dec-12   GMC.WT -1.82   AC.WT 2.5   PDL.WT.B 0.81   TAO.WT 26.7%   BEV.WT 0.35 $0.19 Overvalued
  U S Gold   AR.WT 29-Dec-12   FEI.WT -1.85   AC.WT 2.5   FGX.WT.C 0.82   K.WT.D 26.6%   ADM.WT 0.3 $0.16 Overvalued
  Vast Exploration Inc.   VZX.WT 05-Jan-13   XRG.WT -1.85   FT.WT.A 2.5   EDV.WT.A 0.83   K.WT.C 26.6%   NBD.WT 0.66 $0.35 Overvalued
  Vuzix Corp   CMP.WT.B 25-Jan-13   ZAZ.WT -2.03   BIM.WT.A 2.49   BAA.WT 0.9   K.WT.B 26.6%   NGD.WT.B 0.085 $0.04 Overvalued
  World Financial Split...   ML.WT.A 29-Jan-13   MRS.WT -2.05   PTA.WT.A 2.38   NEW.WT 1   FNV.WT 26.0%   AA.WT 0.11 $0.06 Overvalued
  Western Canadian Coal...   ST.WT 29-Apr-13   OGE.WT -2.05   CLQ.WT 2.36   RN.WT 1   FNV.WT.A 26.0%   SSL.WT.A 0.36 $0.18 Overvalued
  M SPLIT CORP CAPITAL...   CRJ.WT 22-May-13   GMC.WT.A -2.07   SUE.WT 2.34   ROZ.WT 1   GMF.WT 25.0%   FNV.WT.A 7.6 $3.67 Very Overvalued
  Xinergy Ltd.   CCJ.WT.B 05-Jun-13   TBP.WT -2.13   EIF.WT 2.34   URZ.WT 1.02   XYM.WT 25.0%   K.WT.C 2.05 $0.87 Very Overvalued
  COMMERCE SPLIT CORP...   PAU.WT 05-Jul-13   YNG.WT -2.26   MB.WT 2.32   AVL.WT 1.04   CZY.WT 25.0%   IE.WT 0.53 $0.22 Very Overvalued
  Yukon-Nevada Gold   GLW.WT 08-Jul-13   COX.WT -2.34   GCM.WT 2.31   PNP.WT.B 1.05   AEM.WT.U 24.6%   TID.WT 0.25 $0.10 Very Overvalued
  Zazu Metals Corp   PNP.WT.B 11-Jul-13   CCJ.WT.B -2.41   RN.WT 2.3   GAA.WT 1.15   ABK.WT 23.7%   MGA.WT 0.13 $0.05 Very Overvalued
      ANS.WT 29-Jul-13   EMC.WT -2.45   ST.WT 2.29   GAA.WT 1.15   TYF.WT 23.1%   DNA.WT 0.7 $0.26 Very Overvalued
      K.WT.C 03-Sep-13   MGT.WT.U -2.57   AEM.WT.U 2.26   AR.WT 1.15   G.WT.G 22.4%   PDP.WT 0.11 $0.04 Very Overvalued
      SLW.WT.U 05-Sep-13   P.WT -2.7   BRD.WT.A 2.2   K.WT.B 1.15   RF.WT 21.7%   UXG.WT 0.135 $0.04 Very Overvalued
      FRN.WT 08-Sep-13   NOT.WT -2.92   MTO.WT 2.2   MAI.WT 1.16   OCY.WT 21.0%   MTO.WT 0.2 $0.05 Very Overvalued
      GAA.WT 30-Nov-13   RF.WT -2.95   CZY.WT 2.2   ABK.WT 1.3   AGB.WT 20.4%   NOT.WT 0.265 $0.07 Very Overvalued
      AEM.WT.U 02-Dec-13   K.WT.D -3.14   MGA.WT.B 2.13   P.WT 1.45   SCP.WT 20.2%   TMB.WT 0.4 $0.10 Very Overvalued
      NBD.WT 24-Dec-13   PNP.WT.A -3.4   TRX.WT 2.13   AC.WT 1.49   CMP.WT.A 20.2%   YNG.WT 0.075 $0.02 Very Overvalued
      EDV.WT.A 04-Feb-14   RML.WT -3.74   EDR.WT 2.1   AC.WT 1.49   CMP.WT.B 20.2%   K.WT.B 1.15 $0.27 Very Overvalued
      ECU.WT 20-Feb-14   GMC.WT.B -4.07   CWB.WT 2.09   BRK.WT 1.72   COX.WT 20.1%   ANS.WT 0.3 $0.04 Very Overvalued
      CWB.WT 02-Mar-14   UXG.WT -4.12   TAO.WT 2.06   PDL.WT.A 1.8   TCP.WT 19.9%   PGM.WT 0.09 $0.01 Very Overvalued
      BWR.WT.A 09-Apr-14   K.WT.B -4.33   BRD.WT 2.06   K.WT.C 2.05   CWB.WT 18.7%   MRS.WT 0.105 $0.01 Very Overvalued
      SSL.WT 23-Apr-14   BIM.WT -4.33   VZX.WT 2   FGX.WT.B 2.08   FGX.WT.B 18.6%   TBP.WT 0.05 $0.01 Very Overvalued
      BRK.WT 27-May-14   MGA.WT -4.4   PMI.WT 1.95   CMP.WT.A 2.31   FGX.WT.C 18.6%   CZY.WT 0.15 $0.01 Very Overvalued
      FGX.WT.B 30-Jun-14   MGA.WT.A -5.3   SSL.WT 1.94   ML.WT.A 2.39   SBN.WT.A 18.3%   BIM.WT 0.1 $0.01 Very Overvalued
      USA.WT 10-Jul-14   CCJ.WT -5.51   MFL.WT 1.89   TAO.WT 2.7   TRX.WT 18.1%   DML.WT.A 0.08 $0.00 Very Overvalued
      MAI.WT 19-Aug-14   GLW.WT -5.92   SSL.WT.A 1.89   NGD.WT.A 2.87   TRX.WT.A 18.1%   OCY.WT 0.59 $0.03 Very Overvalued
      K.WT.D 17-Sep-14   NGD.WT.A -5.95   NBD.WT 1.86   EDR.WT 2.92   FSS.WT 18.0%   ZAZ.WT 0.055 $0.00 Very Overvalued
      AA.WT 07-Oct-14   NGD.WT.B -5.95   MAI.WT 1.85   QUX.WT 3.45   OCB.WT 17.8%   GPD.WT 0.16 $0.01 Very Overvalued
      PTA.WT.A 08-Oct-14   CRP.WT -5.97   ECU.WT 1.75   CKG.WT 4.28   CIQ.WT 16.2%   RML.WT 0.025 $0.00 Very Overvalued
      BPV.WT 09-Oct-14   AGB.WT -6.07   ROZ.WT 1.68   K.WT.D 4.3   UTC.WT 16.2%   PCD.WT 0.07 $0.00 Very Overvalued
      MGA.WT.B 26-Oct-14   DPM.WT -6.33   BPV.WT 1.64   TCM.WT 4.6   TBP.WT 15.6%   OCZ.WT 0.015 $0.00 Very Overvalued
      GLD.WT 27-Oct-14   KAT.WT -7.23   SLW.WT.U 1.64   BNK.WT.A 4.68   CCJ.WT 15.0%   AGB.WT 0.005 $0.00 Very Overvalued
      BRD.WT.A 19-Nov-14   CCJ.WT.A -8.31   AA.WT 1.64   G.WT.G 4.9   CCJ.WT.A 15.0%   CCJ.WT 0.005 $0.00 Very Overvalued
      BRD.WT 19-Nov-14   TMB.WT -8.5   BRK.WT 1.57   MFL.WT 5.28   CCJ.WT.B 15.0%   CCJ.WT.A 0.005 $0.00 Very Overvalued
      NOT.WT 16-Dec-14   YCM.WT -8.82   DPM.WT.A 1.52   FNV.WT 5.4   MID.WT 15.0%   CCJ.WT.B 0.01 $0.00 Very Overvalued
      NQ.WT 21-Dec-14   ANS.WT -9.4   FR.WT.B 1.46   DPM.WT.A 5.7   HAP.WT 12.7%   CMT.WT 0.025 $0.00 Very Overvalued
      PMI.WT 23-Feb-15   XMF.WT -9.7   WTN.WT 1.45   CSI.WT 6.19   HBB.WT 12.3%   CRP.WT 0.005 $0.00 Very Overvalued
      LRT.WT 05-Mar-15   WFS.WT.A -10.22   BNK.WT.A 1.43   WTN.WT 7.18   MSP.WT 12.3%   EDV.WT.C 0.04 $0.00 Very Overvalued
      RN.WT 08-Mar-15   SBN.WT.A -10.61   ML.WT.A 1.41   EIF.WT 7.46   HCF.WT 11.8%   KAT.WT 0.025 $0.00 Very Overvalued
      MB.WT 30-Mar-15   YCM.WT.A -11.32   GLD.WT 1.4   FNV.WT.A 7.6   OGE.WT 11.6%   OGE.WT 0.005 $0.00 Very Overvalued
      P.WT 19-Jul-15   PNP.WT -11.9   SLW.WT.B 1.38   FR.WT.B 7.89   CTF.WT 11.6%   OSU.WT.B 0.005 $0.00 Very Overvalued
      GCM.WT 24-Aug-15   XMF.WT.A -12.2   USA.WT 1.33   CWB.WT 12.7   OBF.WT 11.0%   SBN.WT.A 0.07 $0.00 Very Overvalued
      SSL.WT.A 19-Oct-15   K.WT.C -13.84   CSI.WT 1.32   SLW.WT.U 21.85   EIF.WT 10.7%   WFS.WT.A 0.055 $0.00 Very Overvalued
      DPM.WT.A 20-Nov-15   EDV.WT.C -14.31   BWR.WT.A 1.27   SLW.WT.B 26.01   SCI.WT 9.7%   YCM.WT 0.2 $0.00 Very Overvalued
      GAA.WT 30-Nov-15   OSU.WT.B -15.24   PAU.WT 1.20   AEM.WT.U 34.99   RTU.WT 9.6%   YCM.WT.A 0.07 $0.00 Very Overvalued
      FNV.WT.A 16-Jun-17   DML.WT.A -20.5   CMP.WT.B nt   CMP.WT.B nt   OCZ.WT 9.4%   CMP.WT.B nt $1.90 Not Trading
      NGD.WT.A 28-Jun-17   FNV.WT.A -41.85   IVA.WT nt   IVA.WT nt   PCD.WT 4.8%   IVA.WT nt $0.78 Not Trading