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Warrant Sheets for Companies as of October 7th 2011

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              Stocks in                  1 Month          
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   GMF.WT 14-Oct-11   FNV.WT.A -37.7   CCP.WT 4350   PIC.WT 0.005   SBI.WT 374.2%   PIC.WT 0.005 $0.45 Bargain
The last day the warrants  Adherex Technologies   TID.WT 16-Oct-11   FNV.WT.B -26.97   PIC.WT 2056   PAK.WT 0.005   NQ.WT 231.8%   PAK.WT 0.005 $0.25 Bargain
can be exercised. If Agnico-Eagle   VGZ.WT.U 22-Oct-11   K.WT.C -17.84   GMF.WT 1970   CNM.WT 0.005   AA.WT 230.1%   MOB.WT 0.015 $0.73 Bargain
warrants aren't being  Ainsworth Lumber Co Ltd   TCM.WT 27-Oct-11   PNP.WT -13.62   XYM.WT 1910   CTF.WT 0.005   AHX.WT 228.8%   LRT.WT.A 0.02 $0.25 Bargain
exercised then they Air Canada cl A   PDL.WT.B 28-Oct-11   XMF.WT.A -12.39   PPF.WT 1474   GMC.WT.A 0.005   REC.WT 206.2%   FCS.WT.A 0.015 $0.16 Bargain
must be sold the day  Air Canada cl B   XYM.WT 31-Oct-11   YCM.WT.A -11.84   GCI.WT 851   PPF.WT 0.005   GMC.WT.A 204.0%   CNM.WT 0.005 $0.05 Bargain
before the expiry date. Andina Minerals Inc   CCP.WT 2-Nov-11   ANS.WT -10.43   CTF.WT 828   RML.WT 0.005   GMC.WT.B 204.0%   SBI.WT 0.03 $0.25 Bargain
The longer the time to  Argonaut Gold Ltd   GCM.WT.A 3-Nov-11   TMB.WT -9.5   FCS.WT.A 678   CCP.WT 0.005   GMC.WT 204.0%   HCF.WT 0.025 $0.17 Bargain
expiry the more ARISE Technologies Corp   GMC.WT 3-Nov-11   CMT.WT.A -7.9   PDL.WT.B 504   PDL.WT.B 0.005   APV.WT.A 193.2%   MNP.WT 0.035 $0.16 Bargain
valuable the warrants. ARISE Technologies Corp   TAO.WT 5-Nov-11   DPM.WT -7.33   TCM.WT 461.33   GCM.WT.A 0.005   APV.WT 193.2%   CVZ.WT 0.07 $0.31 Bargain
  Astral Mining Corp   URB.WT.B 10-Nov-11   KAT.WT -7.12   HCF.WT 440   GMC.WT 0.005   MNP.WT 183.8%   PYC.WT 0.17 $0.74 Bargain
Leverage Augen Gold Cor   TXG.WT 12-Nov-11   K.WT.D. -6.34   KAT.WT 276   GMF.WT 0.005   BBB.WT 175.1%   PWC.WT 0.05 $0.22 Bargain
The leverage of a warrant Bankers Petroleum   KAT.WT 20-Nov-11   MGA.WT.A -6.11   HGI.WT 223.5   KAT.WT 0.005   LRT.WT.A 172.9%   GAA.WT 0.65 $2.62 Bargain
is a measure of how much Bennett Environmental Inc   HCF.WT 30-Nov-11   NBD.WT -5.85   CNM.WT 200   MGA.WT 0.005   LRT.WT 172.9%   BPV.WT.A 0.025 $0.10 Bargain
you can increase your Brick Group   PPF.WT 30-Nov-11   P.WT -5.34   URB.WT.B 180   MLR.WT.B 0.005   CZY.WT 170.9%   GCI.WT 0.01 $0.04 Bargain
exposure to a share if Bridgeport Ventures Inc   REC.WT 30-Nov-11   MGA.WT -5.21   OUS.WT 160   URB.WT.B 0.005   ROZ.WT 164.3%   CTF.WT.A 0.15 $0.58 Bargain
you bought warrants Bridgeport Ventures Inc   FCS.WT.A 2-Dec-11   PNP.WT.A -5.12   PNP.WT 138   XMF.WT.A 0.005   MOB.WT 162.7%   LRT.WT 0.06 $0.23 Bargain
instead of making a Brigus Gold Corp   CTF.WT 2-Dec-11   QUX.WT -5.09   YCM.WT.A 132   XYM.WT 0.005   BPV.WT.A 152.5%   FEO.WT.A 0.05 $0.18 Bargain
direct investment. It is  Brigus Gold Corp   FT.WT.A 3-Dec-11   CCP.WT -5   GCM.WT.A 110   YCM.WT.A 0.005   BPV.WT 152.5%   CTF.WT 0.005 $0.02 Bargain
calculated dividing the  Brixton Metals   PIC.WT 15-Dec-11   GMC.WT.B -4.71   PAK.WT 104   GCI.WT 0.01   VZX.WT 146.5%   VGZ.WT.U 0.65 $2.13 Bargain
current share price by Calvista Gold Corp.   XRG.WT 21-Dec-11   CMP.WT.B -4.56   TMB.WT 100   ILC.WT 0.01   PCT.WT 138.1%   TFA.WT.A 0.025 $0.08 Bargain
the current price of the  Canadian Income Mgmt Tr   MFL.WT 31-Dec-11   MGT.WT.U -4   MOB.WT 90   YNG.WT 0.01   TFA.WT.A 133.3%   GMC.WT.A 0.005 $0.02 Bargain
warrant. Canoe Go Canada Income Fund   OUS.WT 16-Jan-12   PDL.WT.B -3.98   DPM.WT 69.73   REC.WT 0.01   USO.WT 132.0%   GAA.WT 0.65 $2.01 Bargain
  Caza Gold Corp   GCI.WT 30-Jan-12   RML.WT -3.88   TID.WT 59   PNP.WT 0.01   NTC.WT 128.9%   AA.WT 0.06 $0.16 Bargain
Intrinsic Value CC&L Conservative Income   MGA.WT 12-Feb-12   FRO.WT -3.69   GMC.WT.A 58   TID.WT 0.01   RML.WT 124.9%   GG.WT 0.12 $0.33 Bargain
The difference between  Chesapeake Gold   ML.WT 16-Feb-12   NGD.WT.A -3.55   GMC.WT 58   MOB.WT 0.015   RED.WT 124.6%   ILC.WT 0.01 $0.03 Bargain
the exercise price and Citadel Income Fund   CKG.WT 23-Feb-12   NGD.WT.B -3.55   MGA.WT 44.55   FCS.WT.A 0.015   ILC.WT 123.9%   BBB.WT 0.02 $0.05 Bargain
the actual trading price  Citadel Income Fund   CNM.WT 28-Feb-12   NOT.WT -3.52   YNG.WT 35   TCM.WT 0.015   YCM.WT.A 118.4%   RED.WT 0.03 $0.07 Bargain
of the common stock. Claude Resources   XMF.WT.A 28-Feb-12   GCI.WT -3.49   PYC.WT 32.35   GMC.WT.B 0.015   CVZ.WT 117.7%   TRL.WT 0.12 $0.30 Bargain
Once the common has  CMP Gold Trust   YCM.WT.A 28-Feb-12   PIC.WT -3.09   PWC.WT 30   VZX.WT 0.015   CRJ.WT 115.7%   TMD.WT.A 0.28 $0.69 Bargain
gone over the exercise Commerce Split Corp unit   TMB.WT 29-Feb-12   HGI.WT -3.06   XRG.WT 28.50   LRT.WT.A 0.02   CNM.WT 114.2%   GAA.WT.A 0.8 $1.95 Bargain
price the warrants are  Compton Petroleum Corp   ENI.WT 1-Mar-12   OUS.WT -2.8   MLR.WT.B 28   BBB.WT 0.02   BRD.WT 112.2%   VGZ.WT.U 0.65 $1.55 Bargain
said to be 'in the money'. Continental Gold   BNK.WT.A 1-Mar-12   GMC.WT.A -2.71   CTF.WT.A 27.6   PCT.WT 0.02   BRD.WT.A 112.2%   RPG.WT 0.035 $0.08 Bargain
  Crocodile Gold   GMC.WT.A 6-Mar-12   YNG.WT -2.65   ENI.WT 24.1   WAI.WT 0.02   KAT.WT 111.1%   CZY.WT 0.04 $0.09 Bargain
Volatility Dundee Precious Metals   CTF.WT.A 8-Mar-12   PPF.WT -2.63   RML.WT 24   YEL.WT 0.02   FED.WT 109.4%   LQD.WT 0.17 $0.36 Bargain
The higher the volatility  Dundee Precious Metals   FNV.WT 13-Mar-12   PMD.WT -2.57   XMF.WT.A 22   PTA.WT.A 0.02   YNG.WT 109.1%   HGI.WT 0.04 $0.08 Bargain
rating the higher the price East West Petroleum Corp   HGI.WT 30-Mar-12   GAA.WT.A -2.55   GMC.WT.B 19.33   PMI.WT.A 0.02   PAU.WT 108.2%   NTC.WT 0.04 $0.08 Bargain
of the warrant will be. Endeavour Financial   NGD.WT.B 3-Apr-12   PVG.WT -2.55   TXG.WT 18.29   MGA.WT.A 0.02   PDL.WT.B 107.2%   NQ.WT 0.2 $0.38 Bargain
A measure of actual  Energy Income Fund   PVG.WT 8-Apr-12   GCM.WT.A -2.47   NGD.WT.B 16.36   HCF.WT 0.025   FMS.WT 106.1%   LPK.WT 0.17 $0.32 Bargain
stock price changes over  Ethiopian Potash   PNP.WT 16-Apr-12   GMC.WT -2.46   ANS.WT 15.7   BPV.WT.A 0.025   XMF.WT.A 102.0%   FMS.WT 0.125 $0.23 Bargain
a specific period of time.  Faircourt Gold Income   MGT.WT.U 20-Apr-12   XYM.WT -2.45   FNV.WT.B 14.87   TFA.WT.A 0.025   TRL.WT 100.8%   LGC.WT 0.05 $0.09 Bargain
Historical volatility is  Faircourt Split Trust   GMC.WT.B 27-Apr-12   ML.WT -2.41   BEV.WT 14.85   AHX.WT 0.025   AC.WT 98.3%   P.WT 0.435 $0.79 Bargain
calculated by using the  Feronia Inc   RED.WT 29-Apr-12   MLR.WT.B -2.36   LRT.WT.A 14   PTA.WT 0.025   ML.WT.A 95.0%   FGX.WT.B 1.6 $2.90 Bargain
standard deviation of an Focus Metals Inc   BEV.WT 7-May-12   TRL.WT -2.3   EW.WT 13.33   APV.WT 0.025   ML.WT 95.0%   TXG.WT 0.07 $0.13 Bargain
underlying stock price. Formation Metals   MTO.WT 15-May-12   RNX.WT -2.23   BPV.WT.A 12.8   TMB.WT 0.025   GLD.WT 94.8%   VGZ.WT.U 0.65 $1.16 Bargain
  Fortune Minerals Ltd.   CZY.WT 22-May-12   GMF.WT -2.15   K.WT.C 12.31   SBI.WT 0.03   WAI.WT 94.6%   SSL.WT.A 0.45 $0.78 Bargain
In the Money Franco-Nevada   ROZ.WT 28-May-12   PNP.WT.B -2.12   ZAZ.WT 11.5   RED.WT 0.03   PAK.WT 94.5%   BPV.WT 0.15 $0.25 Bargain
When the price of the  Franco-Nevada   PMI.WT.A 28-May-12   TCM.WT -2.08   MGA.WT.A 11.14   PTA.WT.B 0.03   MGT.WT.U 94.2%   AC.WT 0.23 $0.38 Bargain
common is higher than  Franco-Nevada   ADM.WT 2-Jun-12   PYC.WT -2   RED.WT 10.67   EW.WT 0.03   FT.WT.A 94.0%   ENI.WT 0.2 $0.33 Bargain
the exercise price Frontier Rare Earths Ltd   AAB.WT 6-Jun-12   GCM.WT -1.94   CVZ.WT 10.57   MNP.WT 0.035   RPG.WT 93.9%   SND.WT 0.05 $0.08 Bargain
  Galane Gold   MGA.WT.A 6-Jun-12   BEV.WT -1.82   TRL.WT 10   RPG.WT 0.035   RNX.WT 93.6%   NGD.WT.A 3.71 $5.96 Bargain
At the Money Gazit America In   TAB.WT 11-Jun-12   CRK.WT -1.7   LGC.WT 9.6   APV.WT.A 0.035   TID.WT 93.2%   PCT.WT 0.02 $0.03 Bargain
When the price of the  Gazit America In   APV.WT 11-Jun-12   MB.WT -1.7   TFA.WT.A 9.2   CZY.WT 0.04   PTA.WT.B 92.8%   CNL.WT 1.25 $1.99 Bargain
underlying is equivalent Gazit America Inc.   TIC.WT 15-Jun-12   GAA.WT -1.62   PNP.WT.A 9.2   HGI.WT 0.04   PTA.WT 92.8%   QUX.WT 1.25 $1.98 Bargain
or close to the strike price. Geovic Mining Corp   YNG.WT 20-Jun-12   CNM.WT -1.6   AAB.WT 9.14   NTC.WT 0.04   PTA.WT.A 92.8%   CRJ.WT 0.65 $1.00 Bargain
  Geovic Mining Corp   WLT.WT 28-Jun-12   URB.WT.B -1.6   FRO.WT 9.1   SFF.WT 0.04   URB.WT.B 92.1%   AC.WT 0.23 $0.35 Bargain
Exercise ratio Geovic Mining Corp   DPM.WT 29-Jun-12   PAK.WT -1.58   SBI.WT 9   OUS.WT 0.045   AC.WT 92.1%   GLD.WT 0.14 $0.21 Undervalued
The number of warrants  Global Adv Tele&Utilities Inc Fd   MND.WT 6-Aug-12   VGZ.WT.U -1.47   ILC.WT 9   PWC.WT 0.05   SNG.WT 92.0%   FNV.WT.A 6.4 $9.36 Undervalued
related to one share and GMIncome & Growth Fund    FED.WT 9-Sep-12   ADM.WT -1.44   PVG.WT 8.43   FEO.WT.A 0.05   PMI.WT 91.9%   WRN.WT 0.3 $0.43 Undervalued
specifies the amount of  Gran Colombia Gold Corp   QUX.WT 10-Sep-12   FCO.WT -1.42   SND.WT 8.4   LGC.WT 0.05   PMI.WT.A 91.9%   CRK.WT 0.16 $0.23 Undervalued
underlying that the owner Gran Colombia Gold Corp   CNL.WT 12-Sep-12   CTF.WT -1.41   ADM.WT 8.1   SND.WT 0.05   MND.WT 89.9%   FEO.WT.B 0.11 $0.15 Undervalued
of a single warrant is  GT Canada   TFA.WT.A 21-Oct-12   RN.WT -1.38   QUX.WT 7.88   TAB.WT 0.055   KSK.WT 89.9%   PVG.WT 1.18 $1.64 Undervalued
entitled to buy. Harvest Canadian Inc & Gr Fund   VGZ.WT.U 22-Oct-12   WRN.WT -1.35   MGT.WT.U 7.65   LRT.WT 0.06   FRO.WT 89.7%   TCM.WT 0.015 $0.02 Undervalued
  International Lithium   PNP.WT.A 23-Oct-12   XRG.WT -1.35   GG.WT 7.58   AA.WT 0.06   VGZ.WT.U 89.2%   WAI.WT 0.02 $0.03 Undervalued
Time Value Katanga Mining   AC.WT 28-Oct-12   EW.WT -1.35   CMP.WT.B 7.46   NOT.WT 0.065   VGZ.WT.U 89.2%   PAU.WT 0.105 $0.14 Undervalued
The time value is the  Kinross   AC.WT 28-Oct-12   PWC.WT -1.3   NOT.WT 7.38   CVZ.WT 0.07   VGZ.WT.U 89.2%   GCM.WT 0.17 $0.23 Undervalued
difference between the Kinross     FRO.WT 17-Nov-12   LPK.WT -1.25   RNX.WT 7.33   TXG.WT 0.07   VGZ.WT.U 89.2%   AHX.WT 0.025 $0.03 Undervalued
current warrant price  Kiska Metals   PTA.WT.A 19-Nov-12   KSK.WT -1.19   GAA.WT 7.15   NGD.WT.B 0.07   GG.WT 88.0%   PPF.WT 0.005 $0.01 Undervalued
and its intrinsic value. Lanesborough REIT   PWC.WT 25-Nov-12   ZAZ.WT -1.1   GAA.WT 7.15   AAB.WT 0.07   CRK.WT 86.6%   SSL.WT 0.63 $0.81 Undervalued
The time value is to be  Lanesborough REIT   NGD.WT.C 28-Nov-12   TID.WT -1.09   FEO.WT.A 7   KSK.WT 0.08   TIC.WT 85.9%   NGD.WT.B 0.07 $0.09 Undervalued
interpreted as the Liquid Nutrition Group   RML.WT 29-Nov-12   BPV.WT.A -1.08   RPG.WT 7   MTO.WT 0.08   QUX.WT 85.0%   ML.WT.A 0.72 $0.90 Undervalued
consideration paid for  Luna Gold   SBI.WT 2-Dec-12   BRD.WT -1.07   WRN.WT 7   ZAZ.WT 0.1   YEL.WT 84.9%   K.WT.D. 2.55 $3.12 Undervalued
the advantage that the Lupaka Gold Corp.   RNX.WT 16-Dec-12   BRD.WT.A -1.06   FT.WT.A 6.96   XRG.WT 0.1   PVG.WT 84.7%   GMC.WT.B 0.015 $0.02 Undervalued
warrant buyer has over  M Split Corp   ZAZ.WT 19-Dec-12   HCF.WT -1   YEL.WT 6.75   USO.WT 0.1   CKG.WT 84.6%   SLW.WT.U 14.1 $16.99 Undervalued
the direct investor. It Macusani Yellowcake   BPV.WT.A 20-Dec-12   TIC.WT -1   PMI.WT.A 6.50   FRO.WT 0.1   LQD.WT 84.2%   AEM.WT.U 18.83 $22.35 Undervalued
is greatest when the  Manas Petroleum Corp   SFF.WT 21-Dec-12   VGZ.WT.U -0.97   GAA.WT.A 6.19   ANS.WT 0.1   FEO.WT.A 84.1%   TMD.WT 0.57 $0.67 Undervalued
warrants are 'at the money' Mandalay Resources Corp   WRN.WT 22-Dec-12   MOB.WT -0.9   CZY.WT 6.13   ADM.WT 0.1   FEO.WT.B 84.1%   MND.WT 0.34 $0.40 Undervalued
but decreases as the MEGA Brands Inc   EW.WT 22-Dec-12   MGA.WT.B -0.89   AC.WT 6.13   PAU.WT 0.105   TAB.WT 84.0%   SNG.WT 0.31 $0.36 Undervalued
exercise date draws closer. Mega Uranium   SND.WT 23-Dec-12   AHX.WT -0.84   AC.WT 6.13   RNX.WT 0.105   GCM.WT 83.5%   BRK.WT 1.38 $1.60 Undervalued
The decreased value is  Mega Uranium   APV.WT.A 23-Dec-12   LQD.WT -0.82   P.WT 6.11   PMI.WT 0.105   GCM.WT.A 83.5%   FNV.WT 6.49 $7.40 Undervalued
called time decay and  Mega Uranium   MOB.WT 24-Dec-12   AC.WT -0.79   TAB.WT 6.09   MGA.WT.B 0.105   TXG.WT 82.1%   AR.WT 1.35 $1.51 Undervalued
decreases at a faster  Melior Resources Inc   AR.WT 29-Dec-12   AC.WT -0.79   MNP.WT 6   FEO.WT.B 0.11   USA.WT 81.0%   DPM.WT.A 4.65 $5.22 Undervalued
pace as the expiry date Mercator Minerals Ltd   VZX.WT 5-Jan-13   FCS.WT.A -0.75   NTC.WT 6   DPM.WT 0.11   WRN.WT 79.8%   BRD.WT 0.6 $0.67 Undervalued
draws closer. Mercator Minerals Ltd   CMP.WT.B 25-Jan-13   LRT.WT -0.72   LPK.WT 5.88   FT.WT.A 0.115   GAA.WT 79.2%   FNV.WT.B 0.39 $0.43 Undervalued
  Metanor Resources   ML.WT.A 29-Jan-13   YEL.WT -0.72   FGX.WT.B 5.88   GG.WT 0.12   GAA.WT 79.2%   FED.WT 0.13 $0.14 Fair Market Value
  Minefinders Corp   SNG.WT 10-Feb-13   GAA.WT -0.68   FNV.WT.A 5.83   TRL.WT 0.12   GAA.WT.A 79.2%   FT.WT.A 0.115 $0.12 Fair Market Value
  Mines Management    GG.WT 1-Mar-13   CVZ.WT -0.66   FNV.WT 5.75   FMS.WT 0.125   LPK.WT 79.1%   VZX.WT 0.015 $0.02 Fair Market Value
  New Gold Inc.   KSK.WT 23-Mar-13   ROZ.WT -0.66   CNL.WT 5.55   FED.WT 0.13   CNL.WT 78.9%   MFL.WT 9.64 $9.64 Fair Market Value
  New Gold Inc.   YEL.WT 25-Mar-13   FEO.WT.B -0.65   K.WT.D. 5.55   FCO.WT 0.13   PNP.WT.B 78.7%   BRD.WT.A 0.68 $0.67 Fair Market Value
  New Gold Inc.   NTC.WT 31-Mar-13   PTA.WT -0.65   VGZ.WT.U 5.43   BEV.WT 0.13   PNP.WT.A 78.7%   PTA.WT.B 0.03 $0.03 Fair Market Value
  Norbord   USO.WT 18-Apr-13   MTO.WT -0.65   VGZ.WT.U 5.43   GLD.WT 0.14   PNP.WT 78.7%   TAO.WT 2.5 $2.42 Fair Market Value
  Noront Resources Ltd   ST.WT 29-Apr-13   FMS.WT -0.6   VGZ.WT.U 5.43   MB.WT 0.14   SSL.WT.A 77.6%   USA.WT 0.45 $0.44 Fair Market Value
  North American Palladium Ltd.   CVZ.WT 11-May-13   AA.WT -0.57   VGZ.WT.U 5.43   CTF.WT.A 0.15   SSL.WT 77.6%   EDV.WT.A 0.6 $0.55 Fair Market Value
  North American Tungsten   FMS.WT 13-May-13   CNL.WT -0.56   TMD.WT.A 5.32   BPV.WT 0.15   FRN.WT 76.7%   MB.WT 0.14 $0.13 Fair Market Value
  Northquest Ltd    CRJ.WT 22-May-13   SFF.WT -0.56   ML.WT 5.3   FRN.WT 0.15   SND.WT 76.0%   CKG.WT 7.4 $6.38 Overvalued
  Oceanic Iron Ore Corp   ILC.WT 24-May-13   ST.WT -0.55   ST.WT 5.28   PNP.WT.A 0.15   PWC.WT 75.3%   BNK.WT.A 1.7 $1.45 Overvalued
  Oceanic Iron Ore Corp   MLR.WT.B 5-Jun-13   EDV.WT.A -0.53   FMS.WT 5.2   CRK.WT 0.16   BNK.WT.A 74.3%   ZAZ.WT 0.1 $0.08 Overvalued
  Omega Advisors U.S. Cap App Fd   TRL.WT 14-Jun-13   TMD.WT.A -0.51   KSK.WT 5.13   PYC.WT 0.17   MGA.WT.B 72.8%   ST.WT 0.18 $0.15 Overvalued
  Pacific & Western Credit Corp   PAU.WT 5-Jul-13   NTC.WT -0.51   PTA.WT.A 5   LQD.WT 0.17   MGA.WT 72.8%   PTA.WT 0.025 $0.02 Overvalued
  Papuan Precious Metals Corp   FNV.WT.B 8-Jul-13   WAI.WT -0.5   REC.WT 5.00   LPK.WT 0.17   MGA.WT.A 72.8%   OUS.WT 0.045 $0.03 Overvalued
  Petroamerica Oil Corp   PNP.WT.B 11-Jul-13   SBI.WT -0.48   SFF.WT 4.75   GCM.WT 0.17   SFF.WT 72.3%   ROZ.WT 0.31 $0.22 Overvalued
  Petroamerica Oil Corp   ANS.WT 29-Jul-13   RPG.WT -0.48   LRT.WT 4.67   ST.WT 0.18   XRG.WT 71.8%   PMD.WT 0.3 $0.20 Overvalued
  Petroamerica Oil Corp   BBB.WT 12-Aug-13   PTA.WT.A -0.48   FCO.WT 4.46   NQ.WT 0.2   P.WT 71.8%   XRG.WT 0.1 $0.07 Overvalued
  PetroMagdalena Energy Corp   K.WT.C 3-Sep-13   LRT.WT.A -0.47   MTO.WT 4.44   ENI.WT 0.2   MTO.WT 68.8%   NGD.WT.C 0.65 $0.42 Overvalued
  Petromanas Energy In   SLW.WT.U 5-Sep-13   VGZ.WT.U -0.47   BBB.WT 4   MGT.WT.U 0.2   SLW.WT.U 67.1%   RNX.WT 0.105 $0.07 Overvalued
  Petromanas Energy Inc   FRN.WT 8-Sep-13   PMI.WT.A -0.47   LQD.WT 4   AC.WT 0.23   TCM.WT 64.6%   K.WT.C 1.15 $0.70 Overvalued
  Pinetree Capital   LGC.WT 29-Sep-13   MNP.WT -0.46   PTA.WT 4   AC.WT 0.23   TAO.WT 63.4%   AAB.WT 0.07 $0.04 Overvalued
  Pinetree Capital   VGZ.WT.U 22-Oct-13   TAB.WT -0.39   GCM.WT 3.88   TMD.WT.A 0.28   MFL.WT 62.7%   DPM.WT 0.11 $0.06 Overvalued
  Pinetree Capital   GAA.WT 30-Nov-13   TMD.WT -0.36   AR.WT 3.76   WRN.WT 0.3   PMD.WT 62.2%   KSK.WT 0.08 $0.04 Overvalued
  Premium Income Corp    AEM.WT.U 2-Dec-13   AAB.WT -0.36   WAI.WT 3.75   PMD.WT 0.3   ANS.WT 60.5%   APV.WT.A 0.035 $0.02 Overvalued
  Pretium Resources   NBD.WT 24-Dec-13   PMI.WT -0.32   FED.WT 3.69   RN.WT 0.3   ADM.WT 59.7%   FRN.WT 0.15 $0.08 Overvalued
  Prima Colombia   EDV.WT.A 4-Feb-14   FEO.WT.A -0.3   CRK.WT 3.44   ML.WT 0.3   AAB.WT 59.5%   RN.WT 0.3 $0.15 Overvalued
  Primary Corp.   FCO.WT 8-Mar-14   PCT.WT -0.3   VZX.WT 3.33   SNG.WT 0.31   TMB.WT 58.9%   PMI.WT 0.105 $0.05 Very Overvalued
  Primero Mining Corp   GAA.WT.A 14-Apr-14   ILC.WT -0.29   PTA.WT.B 3.33   ROZ.WT 0.31   TMD.WT.A 58.8%   PNP.WT.B 0.54 $0.24 Very Overvalued
  Propel Multi-Strategy Fund   SSL.WT 23-Apr-14   FRN.WT -0.29   EDV.WT.A 3.28   NBD.WT 0.33   TMD.WT 58.8%   CMP.WT.B 1.4 $0.62 Very Overvalued
  Quadra FNX Mining Ltd   MNP.WT 6-May-14   APV.WT -0.29   FEO.WT.B 3.18   MND.WT 0.34   EW.WT 58.5%   TAB.WT 0.055 $0.02 Very Overvalued
  Ram Power Corp   PTA.WT.B 9-May-14   USO.WT -0.28   AEM.WT.U 3.14   FNV.WT.B 0.39   NGD.WT.A 58.5%   USO.WT 0.1 $0.04 Very Overvalued
  RedWater Energy   RPG.WT 19-May-14   FED.WT -0.27   PMD.WT 3.1   P.WT 0.435   NGD.WT.B 58.5%   VGZ.WT.U 0.65 $0.27 Very Overvalued
  Reliant Gold Corp   BRK.WT 27-May-14   SND.WT -0.25   NGD.WT.A 3.09   SSL.WT.A 0.45   NGD.WT.C 58.5%   WLT.WT 10.96 $4.15 Very Overvalued
  Rio Novo Gold Inc    LPK.WT 28-Jun-14   PTA.WT.B -0.25   AA.WT 3.00   USA.WT 0.45   WLT.WT 57.8%   FRO.WT 0.1 $0.04 Very Overvalued
  Rodinia Oil Corp   PYC.WT 30-Jun-14   TFA.WT.A -0.22   MB.WT 2.94   PNP.WT.B 0.54   ZAZ.WT 57.7%   FCO.WT 0.13 $0.04 Very Overvalued
  Royal Nickel Corporation   FGX.WT.B 30-Jun-14   LGC.WT -0.22   RN.WT 2.9   TMD.WT 0.57   ST.WT 57.4%   MGA.WT.B 0.105 $0.03 Very Overvalued
  Rusoro Mining   USA.WT 10-Jul-14   CZY.WT -0.21   PAU.WT 2.86   BRD.WT 0.6   FCO.WT 57.3%   YNG.WT 0.01 $0.00 Very Overvalued
  Sandstorm Gold   CMT.WT.A 23-Aug-14   REC.WT -0.20   SNG.WT 2.74   EDV.WT.A 0.6   CMT.WT.A 57.2%   YEL.WT 0.02 $0.01 Very Overvalued
  Sandstorm Gold   K.WT.D. 17-Sep-14   GG.WT -0.19   CRJ.WT 2.68   SSL.WT 0.63   NOT.WT 55.3%   APV.WT 0.025 $0.01 Very Overvalued
  Sandstorm Metals   AA.WT 7-Oct-14   RED.WT -0.18   SSL.WT.A 2.64   GAA.WT 0.65   RN.WT 54.9%   CMT.WT.A 3.25 $0.84 Very Overvalued
  Seafield Resources   PTA.WT 8-Oct-14   BPV.WT -0.18   TMD.WT 2.61   VGZ.WT.U 0.65   EDV.WT.A 54.4%   RML.WT 0.005 $0.00 Very Overvalued
  Serabi Mining   BPV.WT 10-Oct-14   ENI.WT -0.18   PNP.WT.B 2.56   GAA.WT 0.65   PIC.WT 53.2%   TIC.WT 1 $0.20 Very Overvalued
  Silver Range   MGA.WT.B 26-Oct-14   BBB.WT -0.17   PCT.WT 2.5   VGZ.WT.U 0.65   LGC.WT 51.6%   NBD.WT 0.33 $0.06 Very Overvalued
  Silver Wheaton   GLD.WT 27-Oct-14   APV.WT.A -0.17   TAO.WT 2.4   VGZ.WT.U 0.65   AR.WT 51.4%   PNP.WT.A 0.15 $0.03 Very Overvalued
  Star Portfolio Corp   BRD.WT 19-Nov-14   VZX.WT -0.15   NBD.WT 2.35   CRJ.WT 0.65   BRK.WT 51.0%   PTA.WT.A 0.02 $0.00 Very Overvalued
  Stonegate Agricom Ltd   BRD.WT.A 19-Nov-14   NQ.WT -0.10   ML.WT.A 2.21   NGD.WT.C 0.65   MLR.WT.B 50.0%   NOT.WT 0.065 $0.01 Very Overvalued
  TAG Oil Ltd   NOT.WT 16-Dec-14   PAU.WT -0.10   SLW.WT.U 2.21   VGZ.WT.U 0.65   CTF.WT.A 44.6%   SFF.WT 0.04 $0.01 Very Overvalued
  Tembec   NQ.WT 21-Dec-14   TXG.WT -0.02   ROZ.WT 2.16   BRD.WT.A 0.68   CTF.WT 44.6%   MGT.WT.U 0.2 $0.03 Very Overvalued
  Thompson Creek Metals   PMI.WT 23-Feb-15   SNG.WT 0   BNK.WT.A 2.15   ML.WT.A 0.72   K.WT.D. 44.1%   ML.WT 0.3 $0.03 Very Overvalued
  Titan Medical   LRT.WT 5-Mar-15   FT.WT.A 0   BPV.WT 2.13   GAA.WT.A 0.8   K.WT.C 44.1%   ANS.WT 0.1 $0.01 Very Overvalued
  Titan Medical Inc   RN.WT 8-Mar-15   VGZ.WT.U 0.03   GLD.WT 2.11   TIC.WT 1   MB.WT 43.8%   EW.WT 0.03 $0.00 Very Overvalued
  Titanium Corp. Inc   MB.WT 30-Mar-15   GLD.WT 0.1   MGA.WT.B 2.1   K.WT.C 1.15   DPM.WT.A 42.5%   PMI.WT.A 0.02 $0.00 Very Overvalued
  Torex Gold Resources Inc   P.WT 19-Jul-15   CTF.WT.A 0.14   FRN.WT 2.07   PVG.WT 1.18   DPM.WT 42.5%   REC.WT 0.01 $0.00 Very Overvalued
  Touchstone Exploration Inc   GCM.WT 24-Aug-15   CRJ.WT 0.14   NQ.WT 2.00   CNL.WT 1.25   FNV.WT.A 40.8%   ADM.WT 0.1 $0.00 Very Overvalued
  Trafina Energy Ltd   PCT.WT 21-Sep-15   SSL.WT.A 0.23   MND.WT 2   QUX.WT 1.25   FNV.WT 40.8%   MTO.WT 0.08 $0.00 Very Overvalued
  Trimel Pharmaceuticals Corp   SSL.WT.A 19-Oct-15   FGX.WT.B 0.35   SSL.WT 1.89   AR.WT 1.35   FNV.WT.B 40.8%   CCP.WT 0.005 $0.00 Very Overvalued
  Tuscany Intl Drilling Inc   VGZ.WT.U 22-Oct-15   MND.WT 0.35   BRD.WT 1.88   BRK.WT 1.38   AEM.WT.U 37.4%   BEV.WT 0.13 $0.00 Very Overvalued
  U S Silver Corp   DPM.WT.A 20-Nov-15   USA.WT 0.39   CKG.WT 1.87   CMP.WT.B 1.4   NBD.WT 37.3%   PDL.WT.B 0.005 $0.00 Very Overvalued
  Urbana Corp   GAA.WT 30-Nov-15   AR.WT 0.57   NGD.WT.C 1.76   FGX.WT.B 1.6   FGX.WT.B 36.8%   GCM.WT.A 0.005 $0.00 Very Overvalued
  US Oil Sands Inc.    FEO.WT.A 30-Nov-15   ML.WT.A 0.59   BRK.WT 1.75   BNK.WT.A 1.7   OUS.WT 36.1%   GMC.WT 0.005 $0.00 Very Overvalued
  Vega Resources    FEO.WT.B 30-Nov-15   SSL.WT 0.61   BRD.WT.A 1.66   TAO.WT 2.5   PPF.WT 35.9%   GMF.WT 0.005 $0.00 Very Overvalued
  Vista Gold   TMD.WT 10-Dec-15   BNK.WT.A 1.28   DPM.WT.A 1.65   K.WT.D. 2.55   GCI.WT 35.1%   KAT.WT 0.005 $0.00 Very Overvalued
  Vista Gold   LRT.WT.A 23-Dec-15   BRK.WT 1.42   CMT.WT.A 1.61   CMT.WT.A 3.25   CMP.WT.B 34.6%   MGA.WT 0.005 $0.00 Very Overvalued
  Vista Gold   PMD.WT 22-Feb-16   TAO.WT 2.41   APV.WT 1.6   NGD.WT.A 3.71   BEV.WT 33.9%   MGA.WT.A 0.02 $0.00 Very Overvalued
  Vista Gold   PAK.WT 14-Mar-16   NGD.WT.C 2.45   MFL.WT 1.51   DPM.WT.A 4.65   GMF.WT 31.8%   MLR.WT.B 0.005 $0.00 Very Overvalued
  Vuzix Corp   CRK.WT 24-Mar-16   DPM.WT.A 4.42   TIC.WT 1.5   FNV.WT.A 6.4   ENI.WT 30.5%   PNP.WT 0.01 $0.00 Very Overvalued
  Walter Energy   AHX.WT 30-Mar-16   FNV.WT 5.3   AHX.WT 1.33   FNV.WT 6.49   PYC.WT 30.4%   TID.WT 0.01 $0.00 Very Overvalued
  West African Iron Ore Corp   WAI.WT 31-Mar-16   CKG.WT 5.85   PMI.WT 1.24   CKG.WT 7.4   HGI.WT 28.9%   TMB.WT 0.025 $0.00 Very Overvalued
  Western Copper   LQD.WT 13-May-16   MFL.WT 9.58   USA.WT 1.22   MFL.WT 9.64   HCF.WT 28.3%   URB.WT.B 0.005 $0.00 Very Overvalued
  Xinergy Ltd   TMD.WT.A 21-Jun-16   SLW.WT.U 11.9   USO.WT 1.2   WLT.WT 10.96   FCS.WT.A 25.0%   XMF.WT.A 0.005 $0.00 Very Overvalued
  Yukon-Nevada Gold   FNV.WT.A 16-Jun-17   AEM.WT.U 13.79   APV.WT.A 1.14   SLW.WT.U 14.1   CCP.WT 22.5%   XYM.WT 0.005 $0.00 Very Overvalued
  Zazu Metals Corp   NGD.WT.A 28-Jun-17   WLT.WT 35.06   WLT.WT 0.66   AEM.WT.U 18.83   XYM.WT 20.0%   YCM.WT.A 0.005 $0.00 Very Overvalued