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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   HRG.WT 08-Nov-10   AEM.WT.U 30.07   OGE.WT 1994   OGE.WT 0.005   REC.WT 210.3%   RF.WT 0.02 $1.20 Bargain
The last day the warrants  Aberdeen International Inc   EPD.WT 12-Nov-10   SLW.WT.B 19.32   EPD.WT 1154.00   EMC.WT 0.005   VZX.WT 184.5%   CNM.WT 0.015 $0.27 Bargain
can be exercised. If ALLBANC SPLIT CORP...   PCD.WT 30-Nov-10   CWB.WT 11.36   RF.WT 1055   XMF.WT.A 0.005   NQ.WT 181.4%   VZX.WT 0.01 $0.07 Bargain
warrants aren't being  Air Canada   OCY.WT 30-Nov-10   SLW.WT.U 8.57   HAP.WT 904   AGB.WT 0.005   EMC.WT 146.7%   TYF.WT 0.03 $0.21 Bargain
exercised then they Air Canada   OCZ.WT 30-Nov-10   EIF.WT 7.4   CRP.WT 810   CCJ.WT 0.005   ZAZ.WT 127.3%   PPX.WT 0.07 $0.48 Bargain
must be sold the day  Andina Minerals Inc   AGB.WT 30-Nov-10   CSI.WT 6.30   AGB.WT 808   CCJ.WT.A 0.005   ROZ.WT 126.9%   HCF.WT 0.15 $0.87 Bargain
before the expiry date. Agnico-Eagle   PTM.WT 16-Dec-10   BNK.WT.A 4.78   EDV.WT.C 783.26   EPD.WT 0.005   CNM.WT 124.5%   OBF.WT 0.07 $0.39 Bargain
The longer the time to  Ainsworth Lumber   CRP.WT 21-Dec-10   BWR.WT.A 4.5   TYF.WT 305   FEI.WT 0.005   PTA.WT 121.2%   CIQ.WT 0.115 $0.63 Bargain
expiry the more ARISE Technologies Corp.   SLW.WT.B 22-Dec-10   FR.WT.B 4.32   HRG.WT 264   HRG.WT 0.005   MND.WT 118.6%   UTC.WT 0.44 $2.40 Bargain
valuable the warrants. Avalon Rare Metals Inc   SCP.WT 31-Dec-10   MFL.WT 3.96   OCZ.WT 260   OSU.WT.B 0.005   USA.WT 118.0%   OCB.WT 0.145 $0.76 Bargain
  Banro Corp   OGE.WT 31-Dec-10   WTN.WT 3.65   TBP.WT 258   XMF.WT 0.005   RML.WT 111.2%   URZ.WT 0.25 $0.95 Bargain
Leverage Bennett Environmental...   PLS.WT 08-Jan-11   TCM.WT 3.28   PCD.WT 198.5   VZX.WT 0.01   PGM.WT 110.5%   MSP.WT 0.11 $0.38 Bargain
The leverage of a warrant Baffinland Iron Mns Corp   SBN.WT.A 17-Jan-11   FNV.WT 3.18   COX.WT 178.4   HAP.WT 0.01   URZ.WT 109.8%   ABK.WT 1.58 $5.40 Bargain
is a measure of how much Bankers Petroleum   WFS.WT.A 17-Jan-11   DPM.WT.A 2.8   OBF.WT 163   CCJ.WT.B 0.01   PLS.WT 103.7%   CTF.WT 0.11 $0.34 Bargain
you can increase your Brigus Gold Corp.   CMP.WT.A 25-Jan-11   ML.WT.A 2.19   CIQ.WT 103.04   CRP.WT 0.01   XMF.WT.A 100.8%   REC.WT 0.02 $0.06 Bargain
exposure to a share if Brick Group   HAP.WT 31-Jan-11   TAO.WT 1.96   MSP.WT 90.00   CNM.WT 0.015   XMF.WT 100.8%   PGM.WT 0.07 $0.18 Bargain
you bought warrants Breakwater Resources   CCJ.WT 08-Feb-11   CKG.WT 1.9   OCB.WT 84.62   RF.WT 0.02   YCM.WT.A 98.1%   HBB.WT 0.42 $1.03 Bargain
instead of making a Coalcorp Mining   CSI.WT 13-Feb-11   CMP.WT.A 1.68   HCF.WT 78.53   REC.WT 0.02   YCM.WT 98.1%   XRG.WT 0.08 $0.19 Bargain
direct investment. It is  Caspian Energy   MID.WT 15-Feb-11   AC.WT 1.58   UXG.WT 76.57   CEK.WT 0.02   AA.WT 97.8%   NQ.WT 0.175 $0.42 Bargain
calculated dividing the  CANADIAN HIGH INCOME...   UXG.WT 22-Feb-11   AC.WT 1.57   CNM.WT 60   TYF.WT 0.03   CEK.WT 97.4%   PTA.WT 0.16 $0.38 Bargain
current share price by Chesapeake Gold   TCP.WT 28-Feb-11   BRK.WT 1.54   XMF.WT.A 54   TBP.WT 0.03   APV.WT 96.4%   TCP.WT 0.28 $0.65 Bargain
the current price of the  C M P Gold Trust   XMF.WT 28-Feb-11   FGX.WT.B 1.38   XMF.WT 54   RML.WT 0.03   OSU.WT.B 92.8%   FRN.WT 0.05 $0.10 Bargain
warrant. Compton Petroleum Corp.   YCM.WT 28-Feb-11   EDR.WT 1.34   OSU.WT.B 52   PLS.WT 0.03   VST.WT 89.8%   FGX.WT.C 0.74 $1.43 Bargain
  Canadian Income Mgmt Tr   DML.WT.A 01-Mar-11   AVL.WT 0.95   MID.WT 51.37   URB.WT.B 0.03   BPV.WT 87.3%   PCD.WT 0.06 $0.11 Bargain
Intrinsic Value Coxe Commodity Strategy Fund   FR.WT.B 05-Mar-11   MAI.WT 0.72   CTF.WT 49.09   GMC.WT.B 0.04   BAA.WT 86.3%   COX.WT 0.05 $0.09 Bargain
The difference between  Claude Resources   UTC.WT 21-Mar-11   BAA.WT 0.72   PPX.WT 48.14   MGA.WT.A 0.04   GMC.WT.A 86.2%   LRT.WT 0.15 $0.27 Bargain
the exercise price and Ceres Global Ag Corp   OSU.WT.B 21-Mar-11   BPV.WT 0.67   UTC.WT 44.20   FEI.WT.A 0.04   GMC.WT 86.2%   MID.WT 0.19 $0.33 Bargain
the actual trading price  Colossus Minerals   MSP.WT 31-Mar-11   RTU.WT 0.66   URB.WT.B 43   CMT.WT 0.04   GMC.WT.B 86.2%   SCP.WT 0.15 $0.26 Bargain
of the common stock. Citadel Income Fund   NEW.WT 31-Mar-11   TRX.WT 0.62   SBN.WT.A 39.5   EDV.WT.C 0.04   HRG.WT 86.0%   RTU.WT 0.66 $1.13 Bargain
Once the common has  Canadian Western Bank   EIF.WT 07-Apr-11   FGX.WT.C 0.6   ABK.WT 39.32   OCZ.WT 0.045   GPD.WT 85.8%   FGX.WT.B 2.1 $3.52 Bargain
gone over the exercise Denison Mines   CIQ.WT 15-Apr-11   OCY.WT 0.59   TCP.WT 37.43   FRN.WT 0.05   FEI.WT.A 83.2%   GMC.WT.A 0.05 $0.08 Bargain
price the warrants are  Dalradian Resources Inc   HBB.WT 15-Apr-11   HBB.WT 0.5   PLS.WT 37.00   COX.WT 0.05   FEI.WT 83.2%   OGE.WT 0.005 $0.01 Bargain
said to be 'in the money'. Dundee Precious Metals   TRX.WT.A 16-Apr-11   PDL.WT.A 0.5   HBB.WT 29.76   GMC.WT.A 0.05   TAO.WT 82.4%   HAP.WT 0.01 $0.02 Bargain
  ECU Silver Mining Inc.    TYF.WT 29-Apr-11   ROZ.WT 0.42   KAT.WT 29.2   GMC.WT 0.05   NOM.WT 76.1%   SCI.WT 0.485 $0.72 Undervalued
Volatility Endeavour Silver Corp.   TBP.WT 29-Apr-11   EDV.WT.A 0.42   SCP.WT 29   NGD.WT.B 0.05   GCM.WT 75.0%   NOM.WT 0.53 $0.77 Undervalued
The higher the volatility  Endeavour Financial   NOM.WT 30-Apr-11   SCI.WT 0.36   XRG.WT 28.75   KAT.WT 0.05   MAI.WT 74.7%   ROZ.WT 0.78 $1.13 Undervalued
rating the higher the price Exchange Income   IE.WT 15-May-11   SUE.WT 0.34   DML.WT.A 26.74   ZAZ.WT 0.055   AVL.WT 72.4%   GAA.WT 1.15 $1.61 Undervalued
of the warrant will be. EMC Metals   CEK.WT 28-May-11   USA.WT 0.31   PNP.WT 24   PCD.WT 0.06   ST.WT 71.5%   MND.WT 0.125 $0.17 Undervalued
A measure of actual  First Capital Realty...   OCB.WT 31-May-11   OCB.WT 0.27   EMC.WT 22   PPX.WT 0.07   TXG.WT 69.7%   EDV.WT.A 0.83 $1.15 Undervalued
stock price changes over  Fortress Energy Inc   COX.WT 31-May-11   PTM.WT 0.27   GMC.WT.B 21.5   OBF.WT 0.07   DNA.WT 67.0%   BPV.WT 0.68 $0.92 Undervalued
a specific period of time.  Faircourt Gold Income   VST.WT 05-Jun-11   NOM.WT 0.24   OCY.WT 21.34   PGM.WT 0.07   IE.WT 66.1%   P.WT 1.45 $1.96 Undervalued
Historical volatility is  Franco-Nevada   ABK.WT 06-Jun-11   TXG.WT 0.24   DPM.WT 20.17   YCM.WT.A 0.07   AAB.WT 65.7%   TXG.WT 0.4 $0.51 Undervalued
calculated by using the  First Majestic Silver Corp   RTU.WT 08-Jun-11   BIM.WT.A 0.24   RTU.WT 19.64   UXG.WT 0.07   WTN.WT 65.6%   SSL.WT.A 0.3 $0.28 Undervalued
standard deviation of an FERONIA INC COM   G.WT.G 09-Jun-11   TCP.WT 0.23   MGA.WT.A 19.5   XRG.WT 0.08   CLQ.WT 64.6%   AC.WT 1.57 $1.91 Undervalued
underlying stock price. FRONT STREET STRATEGIC...   FEI.WT 20-Jun-11   UTC.WT 0.19   CCJ.WT 18   MGA.WT 0.08   WFS.WT.A 64.4%   AC.WT 1.57 $1.90 Undervalued
  Fortune Minerals Limited   OBF.WT 30-Jun-11   PPX.WT 0.12   CCJ.WT.A 18   DML.WT.A 0.08   MGA.WT.B 62.1%   GAA.WT 1.15 $1.38 Undervalued
In the Money Goldcorp   FSS.WT 30-Jun-11   SCP.WT 0.1   FEI.WT 18   PNP.WT 0.08   MGA.WT.A 62.1%   SUE.WT 0.5 $0.60 Undervalued
When the price of the  Gazit America Inc.   FGX.WT.C 29-Jul-11   MB.WT 0.08   GMC.WT.A 17.2   TRX.WT.A 0.09   MGA.WT 62.1%   NGD.WT.A 2.35 $2.78 Undervalued
common is higher than  Great Basin   DNA.WT 29-Jul-11   SSL.WT 0.08   GMC.WT 17.2   TID.WT 0.095   MGT.WT.U 60.8%   CWB.WT 11.5 $13.52 Undervalued
the exercise price GRAN COLOMBIA GOLD CORP   SCI.WT 04-Aug-11   VST.WT 0.05   TRX.WT.A 16.33   AA.WT 0.1   LRT.WT 59.3%   TAO.WT 2.35 $2.74 Undervalued
  Geovic Mining Corp   EDV.WT.C 07-Aug-11   CRJ.WT 0.03   YCM.WT.A 15.71   PMI.WT.A 0.1   XRG.WT 58.5%   AEM.WT.U 34.1 $39.52 Undervalued
At the Money HORIZONS AP INCOME PLUS...   EMC.WT 15-Aug-11   MID.WT 0.01   NGD.WT.B 15.1   BIM.WT 0.1   FR.WT.B 57.9%   GMC.WT 0.05 $0.06 Undervalued
When the price of the  HARVEST BANKS &...   GPD.WT 15-Aug-11   CLQ.WT 0.01   SCI.WT 14.91   MRS.WT 0.105   MRS.WT 57.0%   MAI.WT 1.15 $1.33 Undervalued
underlying is equivalent HARVEST CDN INCOME AND...   CCJ.WT.A 17-Aug-11   FT.WT.A 0   TID.WT 14.42   MSP.WT 0.11   ECU.WT 56.5%   AR.WT 0.95 $1.09 Undervalued
or close to the strike price. High River Gold Mines   PDP.WT 28-Aug-11   MND.WT -0.03   FGX.WT.C 14.09   CTF.WT 0.11   SUE.WT 56.3%   AVL.WT 1.52 $1.72 Undervalued
  Ivanhoe Energy   K.WT.B 07-Sep-11   TRX.WT.A -0.03   NEW.WT 13.88   APV.WT 0.11   TMB.WT 56.2%   TID.WT 0.095 $0.11 Undervalued
Exercise ratio Kinross   PGM.WT 11-Sep-11   NQ.WT -0.05   GLW.WT 13.76   AAB.WT 0.11   AR.WT 54.1%   GMC.WT.B 0.04 $0.04 Undervalued
The number of warrants  Katanga Mining   BAA.WT 17-Sep-11   FSS.WT -0.05   PGM.WT 13.14   YNG.WT 0.11   PMI.WT 53.9%   TBP.WT 0.03 $0.03 Undervalued
related to one share and Canadian Life Companies...   CMT.WT 25-Sep-11   APV.WT -0.08   CMT.WT 12.38   PDP.WT 0.11   PMI.WT.A 53.9%   BRK.WT 1.56 $1.71 Fair Market Value
specifies the amount of  Lanesborough REIT   RF.WT 30-Sep-11   PCD.WT -0.09   PNP.WT.A 12   CIQ.WT 0.115   ML.WT.A 52.8%   OCY.WT 0.59 $0.65 Fair Market Value
underlying that the owner Minera Andes Inc.   AVL.WT 30-Sep-11   VZX.WT -0.11   PDL.WT.B 10.8   MND.WT 0.125   ML.WT 52.8%   USA.WT 0.37 $0.41 Fair Market Value
of a single warrant is  Mega Brands Inc.   CLQ.WT 30-Sep-11   PMI.WT -0.12   WFS.WT.A 10.79   WFS.WT.A 0.14   TCM.WT 52.7%   BIM.WT.A 0.32 $0.35 Fair Market Value
entitled to buy. Minefinders Corp. Ltd.   PDL.WT.A 30-Sep-11   CIQ.WT -0.15   G.WT.G 9.86   OCB.WT 0.145   YNG.WT 52.1%   MGA.WT.B 0.28 $0.31 Fair Market Value
  Mega Uranium   FEI.WT.A 30-Sep-11   CTF.WT -0.15   MGA.WT 9.75   HCF.WT 0.15   BRD.WT.A 51.9%   GCM.WT 0.2 $0.22 Fair Market Value
Time Value MINES MANAGEMENT INC.   EDR.WT 07-Oct-11   REC.WT -0.16   VZX.WT 9.5   LRT.WT 0.15   BRD.WT 51.9%   K.WT.D 4.19 $4.51 Fair Market Value
The time value is the  MINT Income Fund   TID.WT 16-Oct-11   FRN.WT -0.2   RML.WT 9.5   SCP.WT 0.15   EDR.WT 51.0%   BAA.WT 1.2 $1.28 Fair Market Value
difference between the Mercator Minerals Ltd   TCM.WT 27-Oct-11   ECU.WT -0.2   BIM.WT 9.4   PTA.WT 0.16   DML.WT.A 51.0%   AA.WT 0.1 $0.11 Fair Market Value
current warrant price  Medoro Resources Ltd.   PDL.WT.B 29-Oct-11   G.WT.G -0.21   CCJ.WT.B 9   PNP.WT.A 0.16   RN.WT 51.0%   BWR.WT.A 0.445 $0.47 Fair Market Value
and its intrinsic value. THE CANADIAN SHIELD FUND   XYM.WT 31-Oct-11   HCF.WT -0.22   URZ.WT 8.92   NQ.WT 0.175   P.WT 50.9%   DPM.WT.A 3.7 $3.90 Fair Market Value
The time value is to be  Metanor Resources   GMC.WT 03-Nov-11   PTA.WT -0.24   FRN.WT 8.1   PMI.WT 0.175   PTM.WT 50.8%   EIF.WT 7.25 $7.62 Fair Market Value
interpreted as the Norbord   MRS.WT 03-Nov-11   GCM.WT -0.25   MGT.WT.U 7.94   MID.WT 0.19   MTO.WT 50.7%   ML.WT.A 2.21 $2.33 Fair Market Value
consideration paid for  NewGrowth Corp.   TAO.WT 05-Nov-11   RN.WT -0.26   K.WT.C 7.81   MTO.WT 0.19   SSL.WT.A 50.3%   RML.WT 0.03 $0.03 Fair Market Value
the advantage that the New Gold Inc.   URB.WT.B 10-Nov-11   DNA.WT -0.26   K.WT.B 7.22   GCM.WT 0.2   SSL.WT 50.3%   TCM.WT 4.28 $4.49 Fair Market Value
warrant buyer has over  Norsemont Mining Inc.   TXG.WT 12-Nov-11   PMI.WT.A -0.27   YNG.WT 7   YCM.WT 0.2   FRN.WT 50.0%   EDR.WT 1.7 $1.77 Fair Market Value
the direct investor. It Noront Resources Ltd.   KAT.WT 20-Nov-11   IE.WT -0.29   CMP.WT.A 6.91   GPD.WT 0.21   FT.WT.A 49.8%   PTM.WT 0.31 $0.32 Fair Market Value
is greatest when the  Northquest Ltd   HCF.WT 30-Nov-11   OCZ.WT -0.3   ANS.WT 6.63   SBN.WT.A 0.22   NGD.WT.A 47.8%   ST.WT 0.335 $0.35 Fair Market Value
warrants are 'at the money' OLEARY BRLC PLUS INC...   REC.WT 30-Nov-11   SSL.WT.A -0.32   PTM.WT 6.52   NGD.WT.C 0.24   NGD.WT.B 47.8%   MB.WT 0.26 $0.27 Fair Market Value
but decreases as the OLEARY ADV TACT GLOB...   CTF.WT 02-Dec-11   LRT.WT -0.34   PDP.WT 6.09   URZ.WT 0.25   NGD.WT.C 47.8%   QUX.WT 3.35 $3.45 Fair Market Value
exercise date draws closer. O'Leary Global Income Opp Fund   FT.WT.A 03-Dec-11   CEK.WT -0.34   BEV.WT 5.72   CLQ.WT 0.25   CRJ.WT 47.2%   CSI.WT 6.21 $6.33 Fair Market Value
The decreased value is  OLEARY CDN EQUITY...   XRG.WT 21-Dec-11   AAB.WT -0.43   NOM.WT 5.64   GLW.WT 0.25   UTC.WT 44.1%   MFL.WT 4.19 $4.25 Fair Market Value
called time decay and  O'Leary Canadian Equity Income   MFL.WT 31-Dec-11   TID.WT -0.44   FNV.WT 5.61   MB.WT 0.26   DPM.WT.A 44.0%   SLW.WT.B 19.28 $19.39 Fair Market Value
decreases at a faster  Orsu Metals    PPX.WT 13-Jan-12   FEI.WT.A -0.46   CEK.WT 5.5   FT.WT.A 0.275   DPM.WT 44.0%   TRX.WT 0.68 $0.69 Fair Market Value
pace as the expiry date Primero Mining Corp   BIM.WT 31-Jan-12   MGA.WT.B -0.47   YCM.WT 5.5   TCP.WT 0.28   KAT.WT 44.0%   FR.WT.B 4.38 $4.39 Fair Market Value
draws closer. PATHFINDER CONV...   MGA.WT 12-Feb-12   ST.WT -0.5   MRS.WT 5.4   MGA.WT.B 0.28   AC.WT 43.1%   BNK.WT.A 4.97 $4.94 Fair Market Value
  North American Palladium Ltd.   ML.WT 16-Feb-12   AA.WT -0.53   AAB.WT 5.18   SSL.WT.A 0.3   AC.WT 42.4%   RN.WT 0.88 $0.86 Fair Market Value
  Petrolifera Petroleum...   CKG.WT 23-Feb-12   PDP.WT -0.53   TMB.WT 5.09   VST.WT 0.3   NOT.WT 41.8%   WTN.WT 4.32 $4.22 Fair Market Value
  Peregrine Metals Ltd.   CNM.WT 28-Feb-12   QUX.WT -0.54   FGX.WT.B 4.97   DPM.WT 0.3   ADM.WT 41.1%   APV.WT 0.11 $0.11 Fair Market Value
  Polaris Minerals   YCM.WT.A 28-Feb-12   GAA.WT -0.57   REC.WT 4.75   PTM.WT 0.31   MB.WT 41.0%   CRJ.WT 0.6 $0.57 Fair Market Value
  Petromanas Energy Inc   XMF.WT.A 28-Feb-12   BRD.WT.A -0.58   GAA.WT 4.72   BIM.WT.A 0.32   TID.WT 40.6%   BRD.WT.A 0.64 $0.59 Fair Market Value
  Pinetree Capital   TMB.WT 29-Feb-12   OBF.WT -0.59   GAA.WT 4.72   BEV.WT 0.32   QUX.WT 40.3%   CMP.WT.A 1.98 $1.84 Fair Market Value
  Pristine Power Inc.   BNK.WT.A 01-Mar-12   MTO.WT -0.59   ML.WT 4.56   MGT.WT.U 0.325   PNP.WT.B 40.2%   FNV.WT 6.27 $5.83 Fair Market Value
  PETROAMERICA OIL CORP   GMC.WT.A 06-Mar-12   MSP.WT -0.60   LRT.WT 4.4   ECU.WT 0.33   PNP.WT.A 40.2%   G.WT.G 4.62 $4.28 Fair Market Value
  Platinum Group   FNV.WT 13-Mar-12   ABK.WT -0.66   FNV.WT.A 4.4   ST.WT 0.335   PNP.WT 40.2%   AAB.WT 0.11 $0.10 Fair Market Value
  Quadra FNX Mining Ltd.   NGD.WT.B 03-Apr-12   GPD.WT -0.7   K.WT.D 4.38   ADM.WT 0.345   PDL.WT.A 39.5%   OCZ.WT 0.045 $0.04 Overvalued
  REC MINERALS CORP   PNP.WT 16-Apr-12   AR.WT -0.71   QUX.WT 4.3   ANS.WT 0.35   PDL.WT.B 39.5%   SSL.WT 0.37 $0.32 Overvalued
  Rusoro Mining   MGT.WT.U 20-Apr-12   XRG.WT -0.81   IE.WT 4.06   USA.WT 0.37   PDP.WT 39.2%   CLQ.WT 0.25 $0.22 Overvalued
  RODINIA OIL CORP   URZ.WT 27-Apr-12   ML.WT -0.81   ADM.WT 4.06   SSL.WT 0.37   ANS.WT 38.9%   ZAZ.WT 0.055 $0.05 Overvalued
  Canadian Resources...   GMC.WT.B 27-Apr-12   TYF.WT -0.85   AR.WT 3.99   TXG.WT 0.4   BNK.WT.A 38.4%   ECU.WT 0.33 $0.28 Overvalued
  S Split Corp.   BEV.WT 07-May-12   ADM.WT -0.85   ZAZ.WT 3.73   HBB.WT 0.42   GLW.WT 38.4%   TRX.WT.A 0.09 $0.07 Overvalued
  SCITI ROCS TRUST   MTO.WT 15-May-12   URZ.WT -0.95   P.WT 3.66   UTC.WT 0.44   EDV.WT.A 38.3%   NGD.WT.B 0.05 $0.04 Overvalued
  Sprott Resource Corp   ROZ.WT 28-May-12   HAP.WT -0.96   PDL.WT.A 3.65   PDL.WT.B 0.44   EDV.WT.C 38.3%   PDL.WT.A 1.3 $1.06 Overvalued
  Silver Wheaton   PMI.WT.A 28-May-12   CMT.WT -1.06   PNP.WT.B 3.62   BWR.WT.A 0.445   UXG.WT 37.8%   ML.WT 0.7 $0.57 Overvalued
  Sandstorm Resources Ltd.   ADM.WT 02-Jun-12   PGM.WT -1.08   EDV.WT.A 3.52   TMB.WT 0.45   SLW.WT.B 37.3%   NGD.WT.C 0.24 $0.18 Overvalued
  Stonegate Agricom Ltd.   AAB.WT 06-Jun-12   PLS.WT -1.14   TXG.WT 3.43   SCI.WT 0.485   SLW.WT.U 37.3%   PMI.WT 0.175 $0.13 Overvalued
  Sulliden Gold Corp. Ltd.   MGA.WT.A 06-Jun-12   URB.WT.B -1.21   PMI.WT.A 3.30   SUE.WT 0.5   CSI.WT 36.7%   SLW.WT.U 17.69 $13.09 Overvalued
  TAG OIL LTD   APV.WT 11-Jun-12   CMP.WT.B -1.32   CLQ.WT 3.24   NOT.WT 0.5   BWR.WT.A 36.6%   PDL.WT.B 0.44 $0.32 Overvalued
  T BOONE PICKENS ENERGY...   YNG.WT 20-Jun-12   BRD.WT -1.39   NGD.WT.A 3.21   NOM.WT 0.53   URB.WT.B 35.1%   CKG.WT 3.85 $2.65 Overvalued
  Thompson Creek Metals   TRX.WT 21-Jun-12   NGD.WT.C -1.45   PTA.WT 3.19   PNP.WT.B 0.53   GAA.WT 33.7%   FT.WT.A 0.275 $0.18 Overvalued
  Trident Performance Corp   WTN.WT 28-Jun-12   GAA.WT -1.57   NGD.WT.C 3.15   OCY.WT 0.59   GAA.WT 33.7%   IE.WT 0.65 $0.43 Overvalued
  Tuscany Intl. Drilling...   DPM.WT 29-Jun-12   PNP.WT.B -1.58   DNA.WT 3.06   CRJ.WT 0.6   AEM.WT.U 33.6%   PLS.WT 0.03 $0.02 Overvalued
  Tembec   MND.WT 06-Aug-12   CNM.WT -1.7   GPD.WT 3.05   BRD.WT.A 0.64   NBD.WT 33.1%   MGT.WT.U 0.325 $0.21 Overvalued
  Terrane Metals   QUX.WT 10-Sep-12   PDL.WT.B -1.75   AVL.WT 2.99   IE.WT 0.65   BIM.WT.A 32.1%   DNA.WT 0.65 $0.39 Overvalued
  Torex Gold Resources Inc   SUE.WT 06-Oct-12   GMC.WT -1.89   ST.WT 2.99   DNA.WT 0.65   BIM.WT 32.1%   K.WT.C 2.35 $1.41 Overvalued
  IA CLARINGTON ASTON...   PNP.WT.A 23-Oct-12   FEI.WT -1.91   BIM.WT.A 2.94   RTU.WT 0.66   K.WT.D 31.0%   VST.WT 0.3 $0.18 Overvalued
  Urbana Corporation   AC.WT 28-Oct-12   BEV.WT -1.92   EDR.WT 2.91   BPV.WT 0.68   K.WT.C 31.0%   BRD.WT 0.82 $0.45 Overvalued
  Uranerz Energy Corporati...   AC.WT 28-Oct-12   NBD.WT -1.96   FT.WT.A 2.91   TRX.WT 0.68   K.WT.B 31.0%   DPM.WT 0.3 $0.16 Overvalued
  US Silver Corp   NGD.WT.C 28-Nov-12   OGE.WT -2.03   TCM.WT 2.87   ML.WT 0.7   CMT.WT 30.6%   PNP.WT.B 0.53 $0.22 Very Overvalued
  Utility Corp.   RML.WT 29-Nov-12   ZAZ.WT -2.05   MGA.WT.B 2.79   FGX.WT.C 0.74   BRK.WT 28.7%   GLW.WT 0.25 $0.10 Very Overvalued
  U S Gold   BIM.WT.A 10-Dec-12   MRS.WT -2.05   CRJ.WT 2.72   NBD.WT 0.76   G.WT.G 26.2%   K.WT.B 1.13 $0.45 Very Overvalued
  Vast Exploration Inc.   ZAZ.WT 19-Dec-12   GMC.WT.A -2.14   SUE.WT 2.68   ROZ.WT 0.78   SCP.WT 25.9%   URB.WT.B 0.03 $0.01 Very Overvalued
  Vuzix Corp   AR.WT 29-Dec-12   YNG.WT -2.23   NQ.WT 2.57   BRD.WT 0.82   CKG.WT 25.8%   NBD.WT 0.76 $0.27 Very Overvalued
  World Financial Split...   VZX.WT 05-Jan-13   TBP.WT -2.26   CKG.WT 2.57   EDV.WT.A 0.83   FGX.WT.C 25.1%   PMI.WT.A 0.1 $0.04 Very Overvalued
  Western Canadian Coal...   CMP.WT.B 25-Jan-13   COX.WT -2.33   BRD.WT.A 2.52   RN.WT 0.88   FGX.WT.B 25.1%   YCM.WT.A 0.07 $0.02 Very Overvalued
  M SPLIT CORP CAPITAL...   ML.WT.A 29-Jan-13   CCJ.WT.B -2.41   BAA.WT 2.5   AR.WT 0.95   ABK.WT 25.1%   ADM.WT 0.345 $0.11 Very Overvalued
  Xinergy Ltd.   ST.WT 29-Apr-13   EMC.WT -2.57   MND.WT 2.44   K.WT.B 1.13   CCJ.WT 25.0%   EMC.WT 0.005 $0.00 Very Overvalued
  COMMERCE SPLIT CORP...   CRJ.WT 22-May-13   RF.WT -2.65   AC.WT 2.41   GAA.WT 1.15   CCJ.WT.A 25.0%   GPD.WT 0.21 $0.06 Very Overvalued
  Yukon-Nevada Gold   CCJ.WT.B 05-Jun-13   HRG.WT -2.68   AC.WT 2.4   GAA.WT 1.15   CCJ.WT.B 25.0%   MRS.WT 0.105 $0.02 Very Overvalued
  Zazu Metals Corp   GLW.WT 08-Jul-13   P.WT -2.7   EIF.WT 2.4   MAI.WT 1.15   SBN.WT.A 24.7%   NOT.WT 0.5 $0.08 Very Overvalued
      PNP.WT.B 11-Jul-13   NOT.WT -2.87   TAO.WT 2.37   BAA.WT 1.2   MFL.WT 24.3%   FNV.WT.A 8 $1.11 Very Overvalued
      ANS.WT 29-Jul-13   MGT.WT.U -3.39   SSL.WT.A 2.33   PDL.WT.A 1.3   NEW.WT 23.7%   PNP.WT.A 0.16 $0.02 Very Overvalued
      K.WT.C 03-Sep-13   K.WT.D -3.6   AEM.WT.U 2.32   P.WT 1.45   RF.WT 22.6%   CEK.WT 0.02 $0.00 Very Overvalued
      SLW.WT.U 05-Sep-13   RML.WT -3.72   APV.WT 2.32   AVL.WT 1.52   COX.WT 21.9%   MTO.WT 0.19 $0.02 Very Overvalued
      FRN.WT 08-Sep-13   GMC.WT.B -4.14   ECU.WT 2.27   BRK.WT 1.56   AGB.WT 21.6%   YNG.WT 0.11 $0.01 Very Overvalued
      GAA.WT 30-Nov-13   K.WT.B -4.14   RN.WT 2.26   AC.WT 1.57   OGE.WT 21.3%   PDP.WT 0.11 $0.01 Very Overvalued
      AEM.WT.U 02-Dec-13   EPD.WT -4.23   NOT.WT 2.26   AC.WT 1.57   MSP.WT 21.1%   XMF.WT.A 0.005 $0.00 Very Overvalued
      NBD.WT 24-Dec-13   BIM.WT -4.56   FEI.WT.A 2.25   ABK.WT 1.58   TBP.WT 21.1%   FSS.WT 10 $0.49 Very Overvalued
      EDV.WT.A 04-Feb-14   PNP.WT.A -4.58   ROZ.WT 2.24   EDR.WT 1.7   PPX.WT 21.0%   MGA.WT.A 0.04 $0.00 Very Overvalued
      ECU.WT 20-Feb-14   UXG.WT -5.01   MB.WT 2.23   CMP.WT.A 1.98   BEV.WT 20.4%   ANS.WT 0.35 $0.01 Very Overvalued
      CWB.WT 02-Mar-14   MGA.WT -5.22   CWB.WT 2.21   NEW.WT 2.09   CRP.WT 19.9%   FEI.WT.A 0.04 $0.00 Very Overvalued
      BWR.WT.A 09-Apr-14   CRP.WT -5.4   AA.WT 2.20   FGX.WT.B 2.1   TRX.WT 18.1%   TMB.WT 0.45 $0.01 Very Overvalued
      SSL.WT 23-Apr-14   CCJ.WT -5.51   TRX.WT 2.16   ML.WT.A 2.21   TRX.WT.A 18.1%   MGA.WT 0.08 $0.00 Very Overvalued
      BRK.WT 27-May-14   AGB.WT -5.96   MTO.WT 2.16   NGD.WT.A 2.35   EPD.WT 18.1%   NEW.WT 2.09 $0.03 Very Overvalued
      FGX.WT.B 30-Jun-14   MGA.WT.A -6.22   MFL.WT 2.14   TAO.WT 2.35   CIQ.WT 17.7%   UXG.WT 0.07 $0.00 Very Overvalued
      USA.WT 10-Jul-14   GLW.WT -6.56   GCM.WT 2   K.WT.C 2.35   TCP.WT 17.5%   AGB.WT 0.005 $0.00 Very Overvalued
      MAI.WT 19-Aug-14   KAT.WT -7.04   BRD.WT 1.96   QUX.WT 3.35   HBB.WT 17.1%   BEV.WT 0.32 $0.00 Very Overvalued
      K.WT.D 17-Sep-14   NGD.WT.A -7.45   SSL.WT 1.89   DPM.WT.A 3.7   TYF.WT 16.9%   BIM.WT 0.1 $0.00 Very Overvalued
      AA.WT 07-Oct-14   NGD.WT.B -7.45   PMI.WT 1.89   CKG.WT 3.85   CMP.WT.A 16.4%   CCJ.WT 0.005 $0.00 Very Overvalued
      PTA.WT 08-Oct-14   CCJ.WT.A -8.31   VST.WT 1.83   K.WT.D 4.19   CMP.WT.B 16.4%   CCJ.WT.A 0.005 $0.00 Very Overvalued
      BPV.WT 09-Oct-14   YCM.WT -8.9   FR.WT.B 1.79   MFL.WT 4.19   CWB.WT 15.3%   CCJ.WT.B 0.01 $0.00 Very Overvalued
      MGA.WT.B 26-Oct-14   DPM.WT -8.95   BPV.WT 1.72   TCM.WT 4.28   FNV.WT 14.9%   CMT.WT 0.04 $0.00 Very Overvalued
      BRD.WT.A 19-Nov-14   ANS.WT -9.68   MAI.WT 1.71   WTN.WT 4.32   FNV.WT.A 14.9%   CRP.WT 0.01 $0.00 Very Overvalued
      BRD.WT 19-Nov-14   TMB.WT -9.71   SLW.WT.U 1.66   FR.WT.B 4.38   SCI.WT 13.4%   DML.WT.A 0.08 $0.00 Very Overvalued
      NOT.WT 16-Dec-14   XMF.WT -9.73   DPM.WT.A 1.64   G.WT.G 4.62   HCF.WT 13.3%   EDV.WT.C 0.04 $0.00 Very Overvalued
      NQ.WT 21-Dec-14   WFS.WT.A -9.92   BRK.WT 1.63   BNK.WT.A 4.97   OBF.WT 12.7%   EPD.WT 0.005 $0.00 Very Overvalued
      PMI.WT 23-Feb-15   SBN.WT.A -10.44   WTN.WT 1.6   CSI.WT 6.21   CTF.WT 11.8%   FEI.WT 0.005 $0.00 Very Overvalued
      LRT.WT 05-Mar-15   YCM.WT.A -11.4   NBD.WT 1.53   FNV.WT 6.27   HAP.WT 11.6%   HRG.WT 0.005 $0.00 Very Overvalued
      RN.WT 08-Mar-15   XMF.WT.A -12.23   SLW.WT.B 1.52   EIF.WT 7.25   MID.WT 11.5%   KAT.WT 0.05 $0.00 Very Overvalued
      MB.WT 30-Mar-15   NEW.WT -12.57   ML.WT.A 1.44   FNV.WT.A 8   RTU.WT 11.4%   OSU.WT.B 0.005 $0.00 Very Overvalued
      P.WT 19-Jul-15   PNP.WT -13.08   BNK.WT.A 1.44   FSS.WT 10   OCY.WT 10.8%   PNP.WT 0.08 $0.00 Very Overvalued
      GCM.WT 24-Aug-15   K.WT.C -13.65   CSI.WT 1.34   CWB.WT 11.5   OCB.WT 10.4%   SBN.WT.A 0.22 $0.00 Very Overvalued
      SSL.WT.A 19-Oct-15   EDV.WT.C -14.14   BWR.WT.A 1.28   SLW.WT.U 17.69   FSS.WT 10.3%   WFS.WT.A 0.14 $0.00 Very Overvalued
      DPM.WT.A 20-Nov-15   OSU.WT.B -15.24   USA.WT 1.26   SLW.WT.B 19.28   EIF.WT 10.3%   XMF.WT 0.005 $0.00 Very Overvalued
      GAA.WT 30-Nov-15   DML.WT.A -23.84   FSS.WT 1   AEM.WT.U 34.1   PCD.WT 9.3%   YCM.WT 0.2 $0.00 Very Overvalued
      FNV.WT.A 16-Jun-17   FNV.WT.A -39.82   CMP.WT.B nt   CMP.WT.B nt   OCZ.WT 9.1%   CMP.WT.B nt $1.46 Not Trading
      NGD.WT.A 28-Jun-17   XYM.WT nt   XYM.WT nt   XYM.WT nt   XYM.WT 1.0%   XYM.WT nt nt Not Trading