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Warrant Sheets for Companies as of October 21st, 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   TCM.WT 27-Oct-11   FNV.WT.A -36.34   CCP.WT 4460   PIC.WT 0.005   XMF.WT.A 831.6%   MOB.WT 0.01 $0.66 Bargain
The last day the warrants  Adherex Technologies   PDL.WT.B 28-Oct-11   FNV.WT.B -25.61   PIC.WT 2054   XMF.WT.A 0.005   ROZ.WT 425.7%   PIC.WT 0.005 $0.31 Bargain
can be exercised. If Agnico-Eagle   XYM.WT 31-Oct-11   K.WT.C -18.17   XYM.WT 2000   GCI.WT 0.005   APV.WT.A 389.8%   XMF.WT.A 0.005 $0.12 Bargain
warrants aren't being  Ainsworth Lumber Co Ltd   CCP.WT 2-Nov-11   PNP.WT -13.57   GCI.WT 1772   VZX.WT 0.005   APV.WT 389.8%   GCI.WT 0.005 $0.09 Bargain
exercised then they Air Canada cl A   GCM.WT.A 3-Nov-11   XMF.WT.A -12.37   PPF.WT 1490   CTF.WT 0.005   SBI.WT 374.2%   HCF.WT 0.025 $0.39 Bargain
must be sold the day  Air Canada cl B   GMC.WT 3-Nov-11   YCM.WT.A -11.78   TCM.WT 1376   GMC.WT.A 0.005   LRT.WT.A 232.5%   LRT.WT.A 0.025 $0.26 Bargain
before the expiry date. Andina Minerals Inc   TAO.WT 5-Nov-11   ANS.WT -10.5   CTF.WT 802   PPF.WT 0.005   LRT.WT 232.5%   VZX.WT 0.005 $0.05 Bargain
The longer the time to  Argonaut Gold Ltd   URB.WT.B 10-Nov-11   TMB.WT -8.77   OUS.WT 734   CNM.WT 0.005   NQ.WT 231.8%   MNP.WT 0.015 $0.14 Bargain
expiry the more ARISE Technologies Corp   TXG.WT 12-Nov-11   DPM.WT -8.12   PDL.WT.B 582   RML.WT 0.005   AA.WT 228.0%   SBI.WT 0.03 $0.25 Bargain
valuable the warrants. ARISE Technologies Corp   KAT.WT 20-Nov-11   KAT.WT -7.2   HCF.WT 467.6   TCM.WT 0.005   AHX.WT 225.5%   GAA.WT 0.55 $3.25 Bargain
  Astral Mining Corp   HCF.WT 30-Nov-11   CMT.WT.A -6.8   FCS.WT.A 288   CCP.WT 0.005   USO.WT 224.0%   PAK.WT 0.09 $0.51 Bargain
Leverage Augen Gold Cor   PPF.WT 30-Nov-11   K.WT.D. -6.67   KAT.WT 260   GCM.WT.A 0.005   REC.WT 219.9%   ENI.WT 0.09 $0.43 Bargain
The leverage of a warrant Bankers Petroleum   REC.WT 30-Nov-11   MGA.WT.A -6.09   URB.WT.B 198   GMC.WT 0.005   GMC.WT.A 215.1%   TRL.WT 0.12 $0.56 Bargain
is a measure of how much Bennett Environmental Inc   CTF.WT 2-Dec-11   P.WT -5.19   CNM.WT 190   KAT.WT 0.005   GMC.WT.B 215.1%   GAA.WT 0.55 $2.54 Bargain
you can increase your Brick Group   FCS.WT.A 2-Dec-11   MGA.WT -5.19   YCM.WT.A 144   MLR.WT.B 0.005   GMC.WT 215.1%   FEO.WT.A 0.05 $0.22 Bargain
exposure to a share if Bridgeport Ventures Inc   FT.WT.A 3-Dec-11   NBD.WT -5.13   TMB.WT 129.2   PDL.WT.B 0.005   BBB.WT 196.2%   HGI.WT 0.085 $0.37 Bargain
you bought warrants Bridgeport Ventures Inc   PIC.WT 15-Dec-11   PNP.WT.A -5.07   MOB.WT 126   URB.WT.B 0.005   MNP.WT 193.1%   LRT.WT 0.06 $0.25 Bargain
instead of making a Brigus Gold Corp   XRG.WT 21-Dec-11   GMC.WT.B -4.76   HGI.WT 113.53   XYM.WT 0.005   VZX.WT 192.4%   OUS.WT 0.01 $0.04 Bargain
direct investment. It is  Brigus Gold Corp   MFL.WT 31-Dec-11   CMP.WT.B -4.71   GCM.WT.A 103.33   YCM.WT.A 0.005   RED.WT 181.6%   PYC.WT 0.145 $0.60 Bargain
calculated dividing the  Brixton Metals   OUS.WT 16-Jan-12   QUX.WT -4.64   DPM.WT 62.55   MOB.WT 0.01   CZY.WT 180.8%   BPV.WT.A 0.025 $0.09 Bargain
current share price by Calvista Gold Corp.   GCI.WT 30-Jan-12   CCP.WT -4.45   ENI.WT 54.78   OUS.WT 0.01   TFA.WT.A 169.0%   TFA.WT.A 0.04 $0.14 Bargain
the current price of the  Canadian Income Mgmt Tr   MGA.WT 12-Feb-12   RML.WT -3.88   GMC.WT.A 48   AHX.WT 0.01   MOB.WT 162.8%   ROZ.WT 0.07 $0.25 Bargain
warrant. Canoe Go Canada Income Fund   ML.WT 16-Feb-12   MGT.WT.U -3.83   GMC.WT 48   REC.WT 0.01   WAI.WT 154.3%   GAA.WT.A 0.8 $2.65 Bargain
  Caza Gold Corp   CKG.WT 23-Feb-12   NGD.WT.A -3.76   PNP.WT 47.67   YNG.WT 0.01   PCT.WT 149.5%   AHX.WT 0.01 $0.03 Bargain
Intrinsic Value CC&L Conservative Income   XMF.WT.A 28-Feb-12   NGD.WT.B -3.76   PYC.WT 36.9   MNP.WT 0.015   BPV.WT.A 145.8%   CTF.WT.A 0.15 $0.48 Bargain
The difference between  Chesapeake Gold   CNM.WT 28-Feb-12   FRO.WT -3.63   YNG.WT 35   GMC.WT.B 0.015   BPV.WT 145.8%   CTF.WT 0.005 $0.02 Bargain
the exercise price and Citadel Income Fund   YCM.WT.A 28-Feb-12   PDL.WT.B -3.59   PWC.WT 31.8   PMI.WT.A 0.015   SNG.WT 139.1%   PWC.WT 0.05 $0.15 Bargain
the actual trading price  Citadel Income Fund   TMB.WT 29-Feb-12   NOT.WT -3.49   MLR.WT.B 28   MGA.WT 0.015   PAK.WT 134.2%   LQD.WT 0.15 $0.43 Bargain
of the common stock. Claude Resources   ENI.WT 1-Mar-12   PVG.WT -3.4   COX.WT.A 27.39   BBB.WT 0.02   ILC.WT 129.4%   RED.WT 0.03 $0.08 Bargain
Once the common has  CMP Gold Trust   BNK.WT.A 1-Mar-12   GCI.WT -3.14   CTF.WT.A 26.73   PCT.WT 0.02   YEL.WT 124.7%   FCS.WT.A 0.035 $0.09 Bargain
gone over the exercise Commerce Split Corp unit   GMC.WT.A 6-Mar-12   PIC.WT -3.11   XMF.WT.A 26   YEL.WT 0.02   NTC.WT 123.6%   WAI.WT 0.025 $0.07 Bargain
price the warrants are  Compton Petroleum Corp   CTF.WT.A 8-Mar-12   GMC.WT.A -2.76   RML.WT 24   ILC.WT 0.02   RML.WT 121.8%   COX.WT.A 0.31 $0.75 Bargain
said to be 'in the money'. Continental Gold   FNV.WT 13-Mar-12   GAA.WT.A -2.75   NGD.WT.B 18.73   RPG.WT 0.02   YCM.WT.A 118.3%   CZY.WT 0.04 $0.10 Bargain
  Coxe Commodity Strategy Fund   HGI.WT 30-Mar-12   OUS.WT -2.66   VZX.WT 17   APV.WT.A 0.02   TRL.WT 114.4%   BBB.WT 0.02 $0.05 Bargain
Volatility Crocodile Gold   NGD.WT.B 3-Apr-12   YNG.WT -2.65   FNV.WT.B 16.25   APV.WT 0.02   FEO.WT.A 112.7%   GMC.WT.A 0.005 $0.01 Bargain
The higher the volatility  Dundee Precious Metals   PVG.WT 8-Apr-12   PPF.WT -2.55   GMC.WT.B 16   MGA.WT.A 0.02   FEO.WT.B 112.7%   AA.WT 0.1 $0.20 Bargain
rating the higher the price Dundee Precious Metals   PNP.WT 16-Apr-12   GCM.WT.A -2.51   MGA.WT 15.76   HCF.WT 0.025   GAA.WT 112.0%   PCT.WT 0.02 $0.04 Bargain
of the warrant will be. East West Petroleum Corp   MGT.WT.U 20-Apr-12   GMC.WT -2.51   ADM.WT 15.6   LRT.WT.A 0.025   GAA.WT 112.0%   AEM.WT.U 10.36 $19.96 Bargain
A measure of actual  Endeavour Financial   GMC.WT.B 27-Apr-12   PMD.WT -2.37   BEV.WT 15.31   BPV.WT.A 0.025   GAA.WT.A 112.0%   FMS.WT 0.125 $0.24 Bargain
stock price changes over  Energy Income Fund   RED.WT 29-Apr-12   MLR.WT.B -2.36   ANS.WT 15   WAI.WT 0.025   KAT.WT 110.3%   GLD.WT 0.12 $0.23 Bargain
a specific period of time.  Ethiopian Potash   COX.WT.A 30-Apr-12   HGI.WT -2.35   FRO.WT 14.92   PTA.WT.A 0.025   FMS.WT 108.8%   NQ.WT 0.2 $0.38 Bargain
Historical volatility is  Faircourt Gold Income   BEV.WT 7-May-12   ML.WT -2.32   TXG.WT 14.32   TMB.WT 0.025   MGT.WT.U 108.5%   YEL.WT 0.02 $0.04 Bargain
calculated by using the  Faircourt Split Trust   MTO.WT 15-May-12   RNX.WT -2.3   EW.WT 14   SBI.WT 0.03   FT.WT.A 105.2%   NTC.WT 0.04 $0.07 Bargain
standard deviation of an Feronia Inc   CZY.WT 22-May-12   PYC.WT -2.15   BPV.WT.A 13.6   RED.WT 0.03   CMT.WT.A 104.9%   FEO.WT.B 0.11 $0.20 Bargain
underlying stock price. Focus Metals Inc   ROZ.WT 28-May-12   TCM.WT -2.12   K.WT.C 12.93   PTA.WT 0.03   PTA.WT.B 104.5%   ILC.WT 0.02 $0.03 Bargain
  Formation Metals   PMI.WT.A 28-May-12   PNP.WT.B -2.07   TRL.WT 12.83   EW.WT 0.03   PTA.WT 104.5%   SNG.WT 0.355 $0.62 Bargain
In the Money Fortune Minerals Ltd.   ADM.WT 2-Jun-12   XYM.WT -2   ZAZ.WT 12.8   PNP.WT 0.03   PTA.WT.A 104.5%   BPV.WT 0.15 $0.26 Bargain
When the price of the  Franco-Nevada   AAB.WT 6-Jun-12   GCM.WT -1.98   MNP.WT 12   FCS.WT.A 0.035   YNG.WT 104.1%   GG.WT 0.15 $0.26 Bargain
common is higher than  Franco-Nevada   MGA.WT.A 6-Jun-12   TRL.WT -1.96   MGA.WT.A 11.82   PTA.WT.B 0.035   PDL.WT.B 103.8%   SND.WT 0.045 $0.08 Bargain
the exercise price Franco-Nevada   APV.WT 11-Jun-12   GAA.WT -1.82   RPG.WT 11.75   TFA.WT.A 0.04   AAB.WT 103.7%   CNL.WT 1.1 $1.83 Bargain
  Frontier Rare Earths Ltd   TAB.WT 11-Jun-12   VGZ.WT.U -1.81   ML.WT 11.59   CZY.WT 0.04   GLD.WT 102.6%   VGZ.WT.U 0.66 $1.10 Bargain
At the Money Galane Gold   TIC.WT 15-Jun-12   BEV.WT -1.76   LRT.WT.A 10.8   NTC.WT 0.04   CRJ.WT 101.9%   FGX.WT.B 1.71 $2.78 Bargain
When the price of the  Gazit America In   YNG.WT 20-Jun-12   CRK.WT -1.73   XRG.WT 10.66   SND.WT 0.045   PAU.WT 101.6%   P.WT 0.41 $0.65 Bargain
underlying is equivalent Gazit America In   WLT.WT 28-Jun-12   CNM.WT -1.65   MGT.WT.U 10.3   FEO.WT.A 0.05   SFF.WT 100.2%   RPG.WT 0.02 $0.03 Bargain
or close to the strike price. Gazit America Inc.   DPM.WT 29-Jun-12   RN.WT -1.55   PNP.WT.A 9.53   PWC.WT 0.05   PMI.WT 99.8%   BRD.WT.A 0.38 $0.59 Bargain
  Geovic Mining Corp   MND.WT 6-Aug-12   FCO.WT -1.52   CMP.WT.B 9.35   SFF.WT 0.05   PMI.WT.A 99.8%   CVZ.WT 0.085 $0.13 Bargain
Exercise ratio Geovic Mining Corp   FED.WT 9-Sep-12   URB.WT.B -1.51   PMI.WT.A 9.33   ADM.WT 0.05   BRD.WT.A 97.5%   QUX.WT 1.4 $2.16 Bargain
The number of warrants  Geovic Mining Corp   QUX.WT 10-Sep-12   ADM.WT -1.47   SBI.WT 9   TAB.WT 0.055   BRD.WT 97.5%   SSL.WT.A 0.48 $0.73 Bargain
related to one share and Global Adv Tele&Utilities Inc Fd   CNL.WT 12-Sep-12   PAK.WT -1.43   FCO.WT 8.82   FCO.WT 0.055   URB.WT.B 96.8%   NGD.WT.A 3.7 $5.44 Undervalued
specifies the amount of  Gran Colombia Gold Corp   TFA.WT.A 21-Oct-12   WRN.WT -1.35   SND.WT 8.78   LRT.WT 0.06   FED.WT 95.9%   TMD.WT.A 0.5 $0.69 Undervalued
underlying that the owner Gran Colombia Gold Corp   VGZ.WT.U 22-Oct-12   MB.WT -1.34   YEL.WT 8.75   LGC.WT 0.06   BNK.WT.A 94.3%   AC.WT 0.2 $0.28 Undervalued
of a single warrant is  GT Canada   PNP.WT.A 23-Oct-12   EW.WT -1.33   RED.WT 8.50   NGD.WT.B 0.06   RNX.WT 93.5%   FT.WT.A 0.1 $0.13 Undervalued
entitled to buy. Harvest Canadian Inc & Gr Fund   AC.WT 28-Oct-12   VGZ.WT.U -1.31   PVG.WT 8.35   KSK.WT 0.06   LQD.WT 93.1%   EDV.WT.A 0.55 $0.73 Undervalued
  International Lithium   AC.WT 28-Oct-12   LPK.WT -1.27   FT.WT.A 8.3   FRO.WT 0.065   KSK.WT 93.1%   WRN.WT 0.35 $0.47 Undervalued
Time Value Katanga Mining   FRO.WT 17-Nov-12   KSK.WT -1.23   GAA.WT 8.10   NOT.WT 0.065   TIC.WT 92.5%   CRJ.WT 0.72 $0.95 Undervalued
The time value is the  Kinross   PTA.WT.A 19-Nov-12   PWC.WT -1.21   GAA.WT 8.1   ROZ.WT 0.07   ML.WT.A 90.9%   SSL.WT 0.58 $0.77 Undervalued
difference between the Kinross     PWC.WT 25-Nov-12   CTF.WT -1.15   CVZ.WT 7.88   HGI.WT 0.085   ML.WT 90.9%   AR.WT 1.47 $1.85 Undervalued
current warrant price  Kiska Metals   NGD.WT.C 28-Nov-12   AEM.WT.U -1.13   NOT.WT 7.85   CVZ.WT 0.085   FRN.WT 90.8%   FNV.WT.A 6.85 $8.63 Undervalued
and its intrinsic value. Lanesborough REIT   RML.WT 29-Nov-12   XRG.WT -1.11   LGC.WT 7.67   PAK.WT 0.09   PNP.WT.B 90.4%   AC.WT 0.2 $0.25 Undervalued
The time value is to be  Lanesborough REIT   SBI.WT 2-Dec-12   BPV.WT.A -1.06   PAK.WT 7.44   ENI.WT 0.09   PNP.WT.A 90.4%   ZAZ.WT 0.1 $0.12 Undervalued
interpreted as the Liquid Nutrition Group   RNX.WT 16-Dec-12   BRD.WT -1.04   QUX.WT 7.36   MTO.WT 0.09   PNP.WT 90.4%   K.WT.D. 2.4 $2.95 Undervalued
consideration paid for  Luna Gold   ZAZ.WT 19-Dec-12   BRD.WT.A -1.03   TAB.WT 7.09   TXG.WT 0.095   FRO.WT 90.2%   ML.WT.A 0.79 $0.96 Undervalued
the advantage that the Lupaka Gold Corp.   BPV.WT.A 20-Dec-12   ROZ.WT -1.02   TFA.WT.A 7   AA.WT 0.1   USA.WT 89.3%   DPM.WT.A 3.82 $4.43 Undervalued
warrant buyer has over  M Split Corp   SFF.WT 21-Dec-12   MOB.WT -0.99   P.WT 6.85   FT.WT.A 0.1   MND.WT 87.4%   SLW.WT.U 13.49 $15.65 Undervalued
the direct investor. It Macusani Yellowcake   WRN.WT 22-Dec-12   ZAZ.WT -0.97   AC.WT 6.85   ZAZ.WT 0.1   QUX.WT 85.6%   APV.WT.A 0.02 $0.02 Undervalued
is greatest when the  Manas Petroleum Corp   EW.WT 22-Dec-12   TIC.WT -0.97   AC.WT 6.8   USO.WT 0.1   AC.WT 85.6%   AAB.WT 0.11 $0.12 Undervalued
warrants are 'at the money' Mandalay Resources Corp   SND.WT 23-Dec-12   GAA.WT -0.88   FEO.WT.A 6.4   ANS.WT 0.1   WRN.WT 84.7%   PMD.WT 0.2 $0.22 Undervalued
but decreases as the MEGA Brands Inc   APV.WT.A 23-Dec-12   MGA.WT.B -0.87   CZY.WT 6.38   FEO.WT.B 0.11   TAB.WT 83.1%   FNV.WT 7.36 $8.10 Undervalued
exercise date draws closer. Mega Uranium   MOB.WT 24-Dec-12   AHX.WT -0.84   KSK.WT 6.17   AAB.WT 0.11   MGA.WT.B 80.4%   LGC.WT 0.06 $0.07 Undervalued
The decreased value is  Mega Uranium   AR.WT 29-Dec-12   FCS.WT.A -0.84   NTC.WT 6.13   DPM.WT 0.11   MGA.WT 80.4%   BRK.WT 1.75 $1.91 Fair Market Value
called time decay and  Mega Uranium   VZX.WT 5-Jan-13   AC.WT -0.84   CNL.WT 6.13   RNX.WT 0.115   MGA.WT.A 80.4%   VGZ.WT.U 0.66 $0.70 Fair Market Value
decreases at a faster  Melior Resources Inc   CMP.WT.B 25-Jan-13   AC.WT -0.83   RNX.WT 6.09   TRL.WT 0.12   AC.WT 80.0%   BRD.WT 0.56 $0.59 Fair Market Value
pace as the expiry date Mercator Minerals Ltd   ML.WT.A 29-Jan-13   VGZ.WT.U -0.81   WRN.WT 6   GLD.WT 0.12   CVZ.WT 79.5%   NGD.WT.B 0.06 $0.06 Fair Market Value
draws closer. Mercator Minerals Ltd   SNG.WT 10-Feb-13   LQD.WT -0.78   REC.WT 6.00   FED.WT 0.12   SND.WT 79.3%   ST.WT 0.18 $0.19 Fair Market Value
  Metanor Resources   GG.WT 1-Mar-13   CNL.WT -0.76   GAA.WT.A 5.94   PMI.WT 0.12   CNL.WT 79.3%   BNK.WT.A 2.5 $2.64 Fair Market Value
  Minefinders Corp   KSK.WT 23-Mar-13   LRT.WT -0.73   AAB.WT 5.82   MGA.WT.B 0.12   XRG.WT 79.0%   TXG.WT 0.095 $0.10 Fair Market Value
  Mines Management    YEL.WT 25-Mar-13   CVZ.WT -0.73   GG.WT 5.8   FMS.WT 0.125   CRK.WT 77.6%   CKG.WT 6.2 $6.25 Fair Market Value
  New Gold Inc.   NTC.WT 31-Mar-13   YEL.WT -0.68   K.WT.D. 5.76   PAU.WT 0.125   AEM.WT.U 77.5%   FNV.WT.B 0.37 $0.37 Fair Market Value
  New Gold Inc.   USO.WT 18-Apr-13   FEO.WT.B -0.68   ST.WT 5.67   BEV.WT 0.13   GG.WT 77.5%   MFL.WT 8.34 $8.42 Fair Market Value
  New Gold Inc.   ST.WT 29-Apr-13   PTA.WT -0.66   PMD.WT 5.65   PYC.WT 0.145   LPK.WT 75.1%   MND.WT 0.38 $0.38 Fair Market Value
  Norbord   CVZ.WT 11-May-13   MTO.WT -0.66   FNV.WT.A 5.64   ML.WT 0.145   SSL.WT.A 74.7%   TAO.WT 2.77 $2.81 Fair Market Value
  Noront Resources Ltd   FMS.WT 13-May-13   FMS.WT -0.59   FGX.WT.B 5.49   CTF.WT.A 0.15   SSL.WT 74.7%   PNP.WT.B 0.34 $0.34 Fair Market Value
  North American Palladium Ltd.   CRJ.WT 22-May-13   EDV.WT.A -0.58   FMS.WT 5.28   LQD.WT 0.15   EDV.WT.A 74.1%   CRK.WT 0.17 $0.17 Fair Market Value
  North American Tungsten   ILC.WT 24-May-13   SFF.WT -0.56   ILC.WT 5.25   BPV.WT 0.15   GCM.WT 73.8%   TMD.WT 0.7 $0.68 Fair Market Value
  Northquest Ltd    MLR.WT.B 5-Jun-13   AA.WT -0.54   FNV.WT 5.25   GG.WT 0.15   GCM.WT.A 73.8%   PTA.WT.B 0.035 $0.03 Fair Market Value
  Oceanic Iron Ore Corp   TRL.WT 14-Jun-13   NTC.WT -0.51   VGZ.WT.U 4.83   FRN.WT 0.15   TMB.WT 73.8%   GCM.WT 0.165 $0.15 Fair Market Value
  Oceanic Iron Ore Corp   PAU.WT 5-Jul-13   MNP.WT -0.49   VGZ.WT.U 4.83   PNP.WT.A 0.15   CKG.WT 70.5%   LPK.WT 0.3 $0.28 Fair Market Value
  Omega Advisors U.S. Cap App Fd   FNV.WT.B 8-Jul-13   WAI.WT -0.49   VGZ.WT.U 4.83   GCM.WT 0.165   TCM.WT 69.2%   USO.WT 0.1 $0.09 Overvalued
  Pacific & Western Credit Corp   PNP.WT.B 11-Jul-13   RPG.WT -0.49   LQD.WT 4.8   MB.WT 0.165   WLT.WT 66.1%   USA.WT 0.45 $0.40 Overvalued
  Papuan Precious Metals Corp   ANS.WT 29-Jul-13   PTA.WT.A -0.49   LRT.WT 4.5   MGT.WT.U 0.165   CNM.WT 65.2%   GMC.WT.B 0.015 $0.01 Overvalued
  Petroamerica Oil Corp   BBB.WT 12-Aug-13   LRT.WT.A -0.48   ROZ.WT 4.43   CRK.WT 0.17   EW.WT 64.5%   FED.WT 0.12 $0.10 Overvalued
  Petroamerica Oil Corp   K.WT.C 3-Sep-13   SBI.WT -0.48   AEM.WT.U 4.28   ST.WT 0.18   RPG.WT 63.3%   PTA.WT 0.03 $0.03 Overvalued
  Petroamerica Oil Corp   SLW.WT.U 5-Sep-13   ST.WT -0.48   PNP.WT.B 4.21   NQ.WT 0.2   SLW.WT.U 63.2%   APV.WT 0.02 $0.02 Overvalued
  PetroMagdalena Energy Corp   FRN.WT 8-Sep-13   PMI.WT.A -0.46   FED.WT 3.88   AC.WT 0.2   TAO.WT 62.5%   PAU.WT 0.125 $0.10 Overvalued
  Petromanas Energy In   LGC.WT 29-Sep-13   TMD.WT.A -0.38   SFF.WT 3.8   AC.WT 0.2   P.WT 62.0%   VGZ.WT.U 0.66 $0.49 Overvalued
  Petromanas Energy Inc   VGZ.WT.U 22-Oct-13   AAB.WT -0.36   PTA.WT.A 3.8   PMD.WT 0.2   PWC.WT 60.9%   MB.WT 0.165 $0.12 Overvalued
  Pinetree Capital   GAA.WT 30-Nov-13   FEO.WT.A -0.33   MTO.WT 3.78   RN.WT 0.205   NOT.WT 60.8%   PPF.WT 0.005 $0.00 Overvalued
  Pinetree Capital   AEM.WT.U 2-Dec-13   TAB.WT -0.33   GCM.WT 3.76   XRG.WT 0.29   MTO.WT 60.4%   CMT.WT.A 4.6 $3.22 Overvalued
  Pinetree Capital   NBD.WT 24-Dec-13   HCF.WT -0.31   AR.WT 3.64   LPK.WT 0.3   ST.WT 59.8%   FRN.WT 0.15 $0.10 Overvalued
  Premium Income Corp    EDV.WT.A 4-Feb-14   APV.WT -0.31   BBB.WT 3.5   COX.WT.A 0.31   AR.WT 59.2%   CMP.WT.B 1.1 $0.74 Overvalued
  Pretium Resources   FCO.WT 8-Mar-14   PMI.WT -0.31   EDV.WT.A 3.49   NBD.WT 0.32   ZAZ.WT 59.2%   TAB.WT 0.055 $0.04 Overvalued
  Prima Colombia   GAA.WT.A 14-Apr-14   PCT.WT -0.3   RN.WT 3.41   PNP.WT.B 0.34   RN.WT 58.6%   FRO.WT 0.065 $0.04 Overvalued
  Primary Corp.   SSL.WT 23-Apr-14   FED.WT -0.29   WAI.WT 3.4   WRN.WT 0.35   PVG.WT 57.9%   KSK.WT 0.06 $0.04 Overvalued
  Primero Mining Corp   MNP.WT 6-May-14   SND.WT -0.28   AHX.WT 3.33   SNG.WT 0.355   PMD.WT 54.8%   NGD.WT.C 0.63 $0.38 Overvalued
  Propel Multi-Strategy Fund   PTA.WT.B 9-May-14   USO.WT -0.28   LPK.WT 3.27   FNV.WT.B 0.37   VGZ.WT.U 54.6%   K.WT.C 1.07 $0.63 Overvalued
  Quadra FNX Mining Ltd   RPG.WT 19-May-14   FRN.WT -0.28   TMD.WT.A 3.24   BRD.WT.A 0.38   VGZ.WT.U 54.6%   RN.WT 0.205 $0.11 Overvalued
  Ram Power Corp   BRK.WT 27-May-14   ILC.WT -0.27   PTA.WT 3.17   MND.WT 0.38   VGZ.WT.U 54.6%   PMI.WT 0.12 $0.06 Overvalued
  RedWater Energy   LPK.WT 28-Jun-14   PTA.WT.B -0.26   CRK.WT 3.06   P.WT 0.41   NGD.WT.A 54.5%   PVG.WT 1.09 $0.55 Very Overvalued
  Reliant Gold Corp   PYC.WT 30-Jun-14   RED.WT -0.25   BRD.WT.A 3.05   USA.WT 0.45   NGD.WT.B 54.5%   WLT.WT 10.96 $5.52 Very Overvalued
  Rio Novo Gold Inc    FGX.WT.B 30-Jun-14   LGC.WT -0.24   NGD.WT.A 3.04   SSL.WT.A 0.48   NGD.WT.C 54.5%   MGA.WT.B 0.12 $0.05 Very Overvalued
  Rodinia Oil Corp   USA.WT 10-Jul-14   GG.WT -0.23   FEO.WT.B 2.91   TMD.WT.A 0.5   ADM.WT 54.1%   RNX.WT 0.115 $0.05 Very Overvalued
  Royal Nickel Corporation   CMT.WT.A 23-Aug-14   TMD.WT -0.23   SNG.WT 2.82   GAA.WT 0.55   FCO.WT 52.4%   SFF.WT 0.05 $0.02 Very Overvalued
  Rusoro Mining   K.WT.D. 17-Sep-14   CZY.WT -0.2   PCT.WT 2.75   GAA.WT 0.55   MFL.WT 52.3%   MGT.WT.U 0.165 $0.06 Very Overvalued
  Sandstorm Gold   AA.WT 7-Oct-14   APV.WT.A -0.19   PTA.WT.B 2.71   EDV.WT.A 0.55   TMD.WT.A 51.5%   PNP.WT.A 0.15 $0.06 Very Overvalued
  Sandstorm Gold   PTA.WT 8-Oct-14   REC.WT -0.19   NBD.WT 2.65   BRD.WT 0.56   TMD.WT 51.5%   XRG.WT 0.29 $0.11 Very Overvalued
  Sandstorm Metals   BPV.WT 10-Oct-14   BBB.WT -0.18   GLD.WT 2.63   SSL.WT 0.58   MLR.WT.B 50.0%   NOT.WT 0.065 $0.02 Very Overvalued
  Seafield Resources   MGA.WT.B 26-Oct-14   TFA.WT.A -0.17   MB.WT 2.61   NGD.WT.C 0.63   PIC.WT 49.7%   FCO.WT 0.055 $0.02 Very Overvalued
  Serabi Mining   GLD.WT 27-Oct-14   BPV.WT -0.16   CRJ.WT 2.5   VGZ.WT.U 0.66   ANS.WT 49.1%   TIC.WT 1 $0.23 Very Overvalued
  Silver Range   BRD.WT.A 19-Nov-14   PAU.WT -0.15   SSL.WT.A 2.42   VGZ.WT.U 0.66   BRK.WT 49.1%   CNM.WT 0.005 $0.00 Very Overvalued
  Silver Wheaton   BRD.WT 19-Nov-14   VZX.WT -0.12   TAO.WT 2.31   VGZ.WT.U 0.66   TXG.WT 48.5%   PTA.WT.A 0.025 $0.01 Very Overvalued
  Star Portfolio Corp   NOT.WT 16-Dec-14   NQ.WT -0.10   TMD.WT 2.31   TMD.WT 0.7   LGC.WT 45.9%   ML.WT 0.145 $0.03 Very Overvalued
  Stonegate Agricom Ltd   NQ.WT 21-Dec-14   COX.WT.A -0.09   BPV.WT 2.27   CRJ.WT 0.72   CTF.WT.A 45.2%   EW.WT 0.03 $0.01 Very Overvalued
  TAG Oil Ltd   PMI.WT 23-Feb-15   ENI.WT -0.07   CKG.WT 2.25   ML.WT.A 0.79   CTF.WT 45.2%   PMI.WT.A 0.015 $0.00 Very Overvalued
  Tembec   LRT.WT 5-Mar-15   CTF.WT.A 0.01   SLW.WT.U 2.23   GAA.WT.A 0.8   K.WT.D. 44.5%   RML.WT 0.005 $0.00 Very Overvalued
  Thompson Creek Metals   RN.WT 8-Mar-15   FT.WT.A 0.03   AA.WT 2.15   TIC.WT 1   K.WT.C 44.5%   DPM.WT 0.11 $0.02 Very Overvalued
  Titan Medical   MB.WT 30-Mar-15   TXG.WT 0.06   ML.WT.A 2.13   K.WT.C 1.07   DPM.WT.A 40.5%   NBD.WT 0.32 $0.04 Very Overvalued
  Titan Medical Inc   P.WT 19-Jul-15   GLD.WT 0.12   FRN.WT 2.13   PVG.WT 1.09   DPM.WT 40.5%   REC.WT 0.01 $0.00 Very Overvalued
  Titanium Corp. Inc   GCM.WT 24-Aug-15   SNG.WT 0.15   BRD.WT 2.07   CNL.WT 1.1   GCI.WT 40.3%   TCM.WT 0.005 $0.00 Very Overvalued
  Torex Gold Resources Inc   PCT.WT 21-Sep-15   SSL.WT.A 0.2   NQ.WT 2.00   CMP.WT.B 1.1   HGI.WT 39.5%   TMB.WT 0.025 $0.00 Very Overvalued
  Touchstone Exploration Inc   SSL.WT.A 19-Oct-15   CRJ.WT 0.2   SSL.WT 2   QUX.WT 1.4   CMP.WT.B 39.2%   YNG.WT 0.01 $0.00 Very Overvalued
  Trafina Energy Ltd   VGZ.WT.U 22-Oct-15   FGX.WT.B 0.33   PAU.WT 2.00   AR.WT 1.47   OUS.WT 39.2%   ADM.WT 0.05 $0.00 Very Overvalued
  Trimel Pharmaceuticals Corp   DPM.WT.A 20-Nov-15   MND.WT 0.34   BNK.WT.A 1.95   FGX.WT.B 1.71   BEV.WT 38.5%   BEV.WT 0.13 $0.00 Very Overvalued
  U S Silver Corp   GAA.WT 30-Nov-15   USA.WT 0.34   MGA.WT.B 1.95   BRK.WT 1.75   PPF.WT 37.5%   ANS.WT 0.1 $0.00 Very Overvalued
  Urbana Corp   FEO.WT.A 30-Nov-15   SSL.WT 0.58   DPM.WT.A 1.8   K.WT.D. 2.4   FNV.WT.A 37.0%   MTO.WT 0.09 $0.00 Very Overvalued
  US Oil Sands Inc.    FEO.WT.B 30-Nov-15   ML.WT.A 0.68   NGD.WT.C 1.78   BNK.WT.A 2.5   FNV.WT 37.0%   CCP.WT 0.005 $0.00 Very Overvalued
  Vega Resources    TMD.WT 10-Dec-15   AR.WT 0.85   MND.WT 1.76   TAO.WT 2.77   FNV.WT.B 37.0%   GCM.WT.A 0.005 $0.00 Very Overvalued
  Vista Gold   LRT.WT.A 23-Dec-15   BRK.WT 1.75   MFL.WT 1.6   NGD.WT.A 3.7   MB.WT 37.0%   GMC.WT 0.005 $0.00 Very Overvalued
  Vista Gold   PMD.WT 22-Feb-16   NGD.WT.C 2.24   BRK.WT 1.57   DPM.WT.A 3.82   ENI.WT 35.6%   KAT.WT 0.005 $0.00 Very Overvalued
  Vista Gold   PAK.WT 14-Mar-16   BNK.WT.A 2.51   TIC.WT 1.53   CMT.WT.A 4.6   FGX.WT.B 35.2%   MGA.WT 0.015 $0.00 Very Overvalued
  Vuzix Corp   CRK.WT 24-Mar-16   TAO.WT 2.8   CMT.WT.A 1.38   CKG.WT 6.2   HCF.WT 32.2%   MGA.WT.A 0.02 $0.00 Very Overvalued
  Walter Energy   AHX.WT 30-Mar-16   DPM.WT.A 3.63   APV.WT.A 1.25   FNV.WT.A 6.85   PYC.WT 28.5%   MLR.WT.B 0.005 $0.00 Very Overvalued
  West African Iron Ore Corp   WAI.WT 31-Mar-16   CKG.WT 5.96   USO.WT 1.25   FNV.WT 7.36   COX.WT.A 28.1%   PDL.WT.B 0.005 $0.00 Very Overvalued
  Western Copper   LQD.WT 13-May-16   FNV.WT 6.66   APV.WT 1.25   MFL.WT 8.34   NBD.WT 26.5%   PNP.WT 0.03 $0.00 Very Overvalued
  Xinergy Ltd   TMD.WT.A 21-Jun-16   MFL.WT 8.37   PMI.WT 1.17   AEM.WT.U 10.36   FCS.WT.A 25.0%   URB.WT.B 0.005 $0.00 Very Overvalued
  Yukon-Nevada Gold   FNV.WT.A 16-Jun-17   SLW.WT.U 10.86   USA.WT 1.11   WLT.WT 10.96   XYM.WT 22.6%   XYM.WT 0.005 $0.00 Very Overvalued
  Zazu Metals Corp   NGD.WT.A 28-Jun-17   WLT.WT 47.14   WLT.WT 0.79   SLW.WT.U 13.49   CCP.WT 21.6%   YCM.WT.A 0.005 $0.00 Very Overvalued