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Warrant Sheets for Companies as of October 8th, 2010

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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   TRT.WT 10-Oct-10   AEM.WT.U 24.45   EDV.WT.B 6008.58   CNM.WT 0.005   TRT.WT 466.4%   RF.WT 0.02 $0.98 Bargain
The last day the warrants  Aberdeen International Inc   PUP.WT 15-Oct-10   SLW.WT.B 16.97   OGE.WT 1940   XMF.WT.A 0.005   REC.WT 238.2%   CNM.WT 0.005 $0.19 Bargain
can be exercised. If ALLBANC SPLIT CORP...   GBG.WT.A 15-Oct-10   CWB.WT 10.92   CRP.WT 1550   EMC.WT 0.005   EMC.WT 192.0%   CIQ.WT 0.045 $0.84 Bargain
warrants aren't being  Air Canada   SBC.WT 22-Oct-10   EIF.WT 7.05   EPD.WT 1154.00   CCJ.WT.A 0.005   BIM.WT 189.0%   TYF.WT 0.02 $0.34 Bargain
exercised then they Air Canada   LFE.WT 27-Oct-10   CSI.WT 6.50   RF.WT 1033.5   XMF.WT 0.005   BIM.WT.A 189.0%   OCB.WT 0.065 $0.68 Bargain
must be sold the day  Andina Minerals Inc   PUP.WT.A 29-Oct-10   SLW.WT.U 6.22   EDV.WT.C 1001.43   AGB.WT 0.005   VZX.WT 164.3%   PPX.WT 0.105 $0.73 Bargain
before the expiry date. Agnico-Eagle   FCR.WT.A 29-Oct-10   BNK.WT.A 4.52   HAP.WT 903   CCJ.WT 0.005   XMF.WT.A 157.4%   UTC.WT 0.35 $2.35 Bargain
The longer the time to  Ainsworth Lumber   EDV.WT.B 02-Nov-10   MFL.WT 4.44   AGB.WT 800   CRP.WT 0.005   XMF.WT 157.4%   HCF.WT 0.17 $1.02 Bargain
expiry the more ARISE Technologies Corp.   HRG.WT 08-Nov-10   FR.WT.B 3.99   LFE.WT 674   EDV.WT.B 0.005   MTO.WT 142.2%   FSS.WT 0.1 $0.60 Bargain
valuable the warrants. Avalon Rare Metals Inc   EPD.WT 12-Nov-10   WTN.WT 3.55   TYF.WT 453   EPD.WT 0.005   ZAZ.WT 139.0%   XRG.WT 0.065 $0.38 Bargain
  Banro Corp   PCD.WT 30-Nov-10   BWR.WT.A 3.51   OCZ.WT 292.5   HRG.WT 0.005   CCJ.WT.B 138.6%   BIM.WT 0.08 $0.47 Bargain
Leverage Bennett Environmental...   OCZ.WT 30-Nov-10   DPM.WT.A 2.95   HRG.WT 258   LFE.WT 0.005   CCJ.WT.A 138.6%   OBF.WT 0.055 $0.30 Bargain
The leverage of a warrant Baffinland Iron Mns Corp   OCY.WT 30-Nov-10   TCM.WT 2.42   CIQ.WT 252.44   OGE.WT 0.005   CCJ.WT 138.6%   PCD.WT 0.05 $0.26 Bargain
is a measure of how much Bankers Petroleum   AGB.WT 30-Nov-10   NEW.WT 1.96   COX.WT 247.71   OSU.WT.B 0.005   YCM.WT.A 137.1%   VZX.WT 0.01 $0.05 Bargain
you can increase your Brigus Gold Corp.   PTM.WT 16-Dec-10   FNV.WT 1.82   PCD.WT 240.4   TRT.WT 0.005   YCM.WT 137.1%   ABK.WT 1.35 $5.97 Bargain
exposure to a share if Brick Group   CRP.WT 21-Dec-10   ML.WT.A 1.79   OBF.WT 202.73   VZX.WT 0.01   NQ.WT 136.8%   OCZ.WT 0.04 $0.15 Bargain
you bought warrants Breakwater Resources   SLW.WT.B 22-Dec-10   CKG.WT 1.75   TBP.WT 187.75   HAP.WT 0.01   VST.WT 131.6%   NOT.WT 0.1 $0.37 Bargain
instead of making a Coalcorp Mining   SCP.WT 31-Dec-10   BRK.WT 1.58   OCB.WT 182.92   GMC.WT.B 0.01   MND.WT 122.2%   FGX.WT.C 0.63 $2.23 Bargain
direct investment. It is  Caspian Energy   OGE.WT 31-Dec-10   CMP.WT.A 1.2   CNM.WT 180   CCJ.WT.B 0.01   OSU.WT.B 118.0%   NEW.WT 1.8 $6.30 Bargain
calculated dividing the  CANADIAN HIGH INCOME...   PLS.WT 08-Jan-11   EDR.WT 1   MSP.WT 106.00   RF.WT 0.02   RML.WT 116.5%   REC.WT 0.02 $0.07 Bargain
current share price by Chesapeake Gold   SBN.WT.A 17-Jan-11   AC.WT 0.99   FSS.WT 99   TYF.WT 0.02   USA.WT 112.1%   XMF.WT.A 0.005 $0.02 Bargain
the current price of the  C M P Gold Trust   WFS.WT.A 17-Jan-11   AC.WT 0.98   MID.WT 82.17   REC.WT 0.02   CNM.WT 104.1%   HBB.WT 0.34 $1.13 Bargain
warrant. Compton Petroleum Corp.   CMP.WT.A 25-Jan-11   GBG.WT.A 0.97   GMC.WT.B 78   RML.WT 0.02   LRT.WT 102.4%   YCM.WT.A 0.065 $0.21 Bargain
  Canadian Income Mgmt Tr   HAP.WT 31-Jan-11   EDV.WT.C 0.95   HCF.WT 67.53   GMC.WT.A 0.025   MAI.WT 102.1%   MID.WT 0.12 $0.38 Bargain
Intrinsic Value Coxe Commodity Strategy Fund   CCJ.WT 08-Feb-11   FGX.WT.B 0.94   UXG.WT 57.67   GMC.WT 0.025   PLS.WT 99.4%   CTF.WT 0.105 $0.29 Bargain
The difference between  Claude Resources   CSI.WT 13-Feb-11   MAI.WT 0.77   UTC.WT 55.00   URB.WT.B 0.025   BPV.WT 98.8%   HAP.WT 0.01 $0.03 Bargain
the exercise price and Ceres Global Ag Corp   MID.WT 15-Feb-11   BPV.WT 0.7   OSU.WT.B 55   PLS.WT 0.03   APV.WT 95.5%   TCP.WT 0.2 $0.53 Bargain
the actual trading price  Colossus Minerals   UXG.WT 22-Feb-11   TAO.WT 0.7   XMF.WT.A 52   CEK.WT 0.03   TAO.WT 92.1%   MRS.WT 0.1 $0.26 Bargain
of the common stock. Citadel Income Fund   TCP.WT 28-Feb-11   TRX.WT 0.64   XMF.WT 52   EDV.WT.C 0.03   CEK.WT 89.9%   GMC.WT.B 0.01 $0.03 Bargain
Once the common has  Canadian Western Bank   YCM.WT 28-Feb-11   HBB.WT 0.6   TCP.WT 51.05   FEI.WT 0.03   FEI.WT.A 89.3%   FRN.WT 0.05 $0.13 Bargain
gone over the exercise Denison Mines   XMF.WT 28-Feb-11   MRS.WT 0.6   CTF.WT 50.76   COX.WT 0.035   FEI.WT 89.3%   BIM.WT.A 0.36 $0.89 Bargain
price the warrants are  Dalradian Resources Inc   DML.WT.A 01-Mar-11   SCI.WT 0.56   URB.WT.B 50   OCZ.WT 0.04   PGM.WT 86.8%   COX.WT 0.035 $0.09 Bargain
said to be 'in the money'. Dundee Precious Metals   FR.WT.B 05-Mar-11   RTU.WT 0.5   ABK.WT 46.37   TBP.WT 0.04   PTA.WT 85.7%   FGX.WT.B 2.12 $4.97 Bargain
  ECU Silver Mining Inc.    UTC.WT 21-Mar-11   DNA.WT 0.48   SBC.WT 40.5   FEI.WT.A 0.04   GMC.WT.B 80.1%   CCJ.WT.B 0.01 $0.02 Bargain
Volatility Endeavour Silver Corp.   OSU.WT.B 21-Mar-11   SBC.WT 0.48   HBB.WT 37.06   CIQ.WT 0.045   GMC.WT.A 80.1%   LRT.WT 0.2 $0.45 Bargain
The higher the volatility  Endeavour Financial   NEW.WT 31-Mar-11   OCY.WT 0.47   PLS.WT 36.67   NGD.WT.B 0.045   GMC.WT 80.1%   RTU.WT 0.5 $1.10 Bargain
rating the higher the price Exchange Income...   MSP.WT 31-Mar-11   PTM.WT 0.44   XRG.WT 34.77   CMT.WT 0.045   AA.WT 80.1%   GMC.WT.A 0.025 $0.05 Bargain
of the warrant will be. EMC Metals   EIF.WT 07-Apr-11   QUX.WT 0.41   PNP.WT 33.09   KAT.WT 0.045   XRG.WT 78.9%   URZ.WT 0.205 $0.44 Bargain
A measure of actual  First Capital Realty...   CIQ.WT 15-Apr-11   BIM.WT.A 0.32   KAT.WT 32.44   PCD.WT 0.05   WFS.WT.A 77.7%   NQ.WT 0.2 $0.40 Bargain
stock price changes over  Fortress Energy Inc   HBB.WT 15-Apr-11   BAA.WT 0.31   GMC.WT.A 31.2   FRN.WT 0.05   PDP.WT 76.3%   RML.WT 0.02 $0.04 Bargain
a specific period of time.  Faircourt Gold Income   TRX.WT.A 16-Apr-11   EDV.WT.A 0.3   GMC.WT 31.2   MGA.WT 0.05   HRG.WT 75.5%   BPV.WT 0.59 $0.99 Bargain
Historical volatility is  Franco-Nevada   TYF.WT 29-Apr-11   USA.WT 0.28   PPX.WT 30.1   OBF.WT 0.055   YNG.WT 72.1%   MAI.WT 0.96 $1.58 Bargain
calculated by using the  First Majestic Silver Corp   TBP.WT 29-Apr-11   TXG.WT 0.28   DPM.WT 25.83   ZAZ.WT 0.055   BAA.WT 72.1%   PTA.WT 0.12 $0.19 Bargain
standard deviation of an FERONIA INC COM   NOM.WT 30-Apr-11   SUE.WT 0.26   OCY.WT 25.71   PNP.WT 0.055   FT.WT.A 71.1%   AR.WT 0.9 $1.43 Bargain
underlying stock price. FRONT STREET STRATEGIC...   IE.WT 15-May-11   FGX.WT.C 0.16   RTU.WT 25.6   OCB.WT 0.065   DNA.WT 68.6%   MB.WT 0.17 $0.27 Bargain
  Fortune Minerals Limited   CEK.WT 28-May-11   SCP.WT 0.15   SBN.WT.A 24.76   XRG.WT 0.065   RN.WT 68.1%   MSP.WT 0.09 $0.14 Bargain
In the Money Goldcorp   OCB.WT 31-May-11   MID.WT 0.11   NEW.WT 24.18   YCM.WT.A 0.065   AVL.WT 68.1%   GAA.WT 1.15 $1.73 Undervalued
When the price of the  Gazit America Inc.   COX.WT 31-May-11   SSL.WT 0.11   TRX.WT.A 21.29   APV.WT 0.065   CMT.WT 67.4%   SCI.WT 0.58 $0.87 Undervalued
common is higher than  Great Basin   VST.WT 05-Jun-11   PUP.WT 0.1   YCM.WT.A 20.31   TRX.WT.A 0.07   NOT.WT 67.2%   GMC.WT 0.025 $0.04 Undervalued
the exercise price GRAN COLOMBIA GOLD CORP   ABK.WT 06-Jun-11   PUP.WT.A 0.1   DML.WT.A 18.4   MGA.WT.A 0.07   CLQ.WT 66.8%   ZAZ.WT 0.055 $0.08 Undervalued
  Geovic Mining Corp   RTU.WT 08-Jun-11   PDL.WT.A 0.09   CCJ.WT.A 18   BIM.WT 0.08   ST.WT 64.7%   EDV.WT.A 0.83 $1.13 Undervalued
At the Money HORIZONS AP INCOME PLUS...   G.WT.G 09-Jun-11   PCD.WT 0.02   CCJ.WT 18   PGM.WT 0.08   PNP.WT.A 64.6%   MND.WT 0.16 $0.22 Undervalued
When the price of the  HARVEST BANKS &...   FEI.WT 20-Jun-11   MND.WT 0.02   FGX.WT.C 15.86   MSP.WT 0.09   PNP.WT.B 64.6%   NGD.WT.A 1.7 $2.31 Undervalued
underlying is equivalent HARVEST CDN INCOME AND...   FSS.WT 30-Jun-11   MB.WT 0.01   NGD.WT.B 15.64   PUP.WT 0.09   PNP.WT 64.6%   P.WT 1.45 $1.94 Undervalued
or close to the strike price. High River Gold Mines   OBF.WT 30-Jun-11   UTC.WT -0.01   SCP.WT 14.67   UXG.WT 0.09   TMB.WT 64.1%   TRX.WT.A 0.07 $0.09 Undervalued
  Ivanhoe Energy   FGX.WT.C 29-Jul-11   TRX.WT.A -0.01   EMC.WT 14   AAB.WT 0.095   URZ.WT 63.6%   TAO.WT 1.46 $1.90 Undervalued
Exercise ratio Kinross   DNA.WT 29-Jul-11   FT.WT.A -0.01   RML.WT 13.5   FSS.WT 0.1   AR.WT 62.6%   GAA.WT 1.15 $1.48 Undervalued
The number of warrants  Katanga Mining   SCI.WT 04-Aug-11   CLQ.WT -0.02   SCI.WT 12.81   NOT.WT 0.1   MGT.WT.U 61.0%   AC.WT 1.12 $1.43 Undervalued
related to one share and Canadian Life Companies...   EDV.WT.C 07-Aug-11   CRJ.WT -0.03   NOT.WT 12.8   MRS.WT 0.1   PTM.WT 60.0%   AVL.WT 0.75 $0.94 Undervalued
specifies the amount of  Lanesborough REIT   EMC.WT 15-Aug-11   TCP.WT -0.04   GLW.WT 12.8   PUP.WT.A 0.1   MRS.WT 59.8%   RN.WT 0.76 $0.96 Undervalued
underlying that the owner Minera Andes Inc.   GPD.WT 15-Aug-11   NQ.WT -0.04   BIM.WT 12.75   AA.WT 0.1   ROZ.WT 59.6%   APV.WT 0.065 $0.08 Undervalued
of a single warrant is  Mega Brands Inc.   CCJ.WT.A 17-Aug-11   PPX.WT -0.09   PNP.WT.A 12.55   PMI.WT.A 0.1   MB.WT 58.4%   CMP.WT.A 1.28 $1.57 Undervalued
entitled to buy. Minefinders Corp. Ltd.   PDP.WT 28-Aug-11   FSS.WT -0.1   MGA.WT 11.8   DML.WT.A 0.1   TID.WT 57.8%   AC.WT 1.12 $1.36 Undervalued
  Mega Uranium   K.WT.B 07-Sep-11   OCB.WT -0.11   CMT.WT 11.78   PPX.WT 0.105   MGA.WT.B 57.8%   FNV.WT 6 $7.32 Undervalued
Time Value MINES MANAGEMENT INC.   PGM.WT 11-Sep-11   AVL.WT -0.11   PDL.WT.B 11.42   CTF.WT 0.105   MGA.WT 57.8%   TID.WT 0.14 $0.17 Undervalued
The time value is the  MINT Income Fund   BAA.WT 17-Sep-11   APV.WT -0.12   CMP.WT.A 10.31   YNG.WT 0.11   MGA.WT.A 57.8%   CWB.WT 11.3 $13.59 Undervalued
difference between the Mercator Minerals Ltd   CMT.WT 25-Sep-11   PMI.WT -0.12   YCM.WT 10.15   MID.WT 0.12   GPD.WT 57.5%   K.WT.D 4.57 $5.26 Undervalued
current warrant price  Medoro Resources Ltd.   RF.WT 30-Sep-11   VZX.WT -0.13   TID.WT 9.21   PTA.WT 0.12   CRJ.WT 57.2%   OCY.WT 0.485 $0.56 Undervalued
and its intrinsic value. THE CANADIAN SHIELD FUND   AVL.WT 30-Sep-11   REC.WT -0.15   FRN.WT 9   YCM.WT 0.13   FGX.WT.C 56.4%   CRJ.WT 0.54 $0.62 Undervalued
The time value is to be  Metanor Resources   CLQ.WT 30-Sep-11   FRN.WT -0.15   CCJ.WT.B 9   TID.WT 0.14   FGX.WT.B 56.4%   DNA.WT 0.8 $0.92 Undervalued
interpreted as the Norbord   PDL.WT.A 30-Sep-11   ABK.WT -0.18   G.WT.G 8.65   PNP.WT.A 0.145   SSL.WT 56.3%   DPM.WT.A 3.6 $4.10 Undervalued
consideration paid for  NewGrowth Corp.   FEI.WT.A 30-Sep-11   TRT.WT -0.21   WFS.WT.A 8.54   GPD.WT 0.155   MFL.WT 56.0%   PTM.WT 0.455 $0.51 Undervalued
the advantage that the New Gold Inc.   EDR.WT 07-Oct-11   CTF.WT -0.22   MGA.WT.A 8.43   MND.WT 0.16   IE.WT 55.1%   PUP.WT 0.09 $0.10 Undervalued
warrant buyer has over  Norsemont Mining Inc.   TID.WT 16-Oct-11   ECU.WT -0.25   PGM.WT 8.13   HCF.WT 0.17   GCM.WT 53.5%   MFL.WT 4.51 $5.00 Undervalued
the direct investor. It Noront Resources Ltd.   TCM.WT 27-Oct-11   PMI.WT.A -0.27   URZ.WT 8.05   MB.WT 0.17   ML.WT.A 52.7%   USA.WT 0.34 $0.38 Undervalued
is greatest when the  Northquest Ltd   PDL.WT.B 29-Oct-11   OCZ.WT -0.3   ANS.WT 7.67   PMI.WT 0.18   ML.WT 52.7%   BAA.WT 0.8 $0.88 Fair Market Value
warrants are 'at the money' OLEARY BRLC PLUS INC...   MRS.WT 03-Nov-11   CEK.WT -0.3   NOM.WT 7.57   GCM.WT 0.18   AAB.WT 52.6%   BRK.WT 1.59 $1.75 Fair Market Value
but decreases as the OLEARY ADV TACT GLOB...   GMC.WT 03-Nov-11   GCM.WT -0.33   VZX.WT 7.5   WFS.WT.A 0.185   LFE.WT 52.5%   MTO.WT 0.19 $0.21 Fair Market Value
exercise date draws closer. O'Leary Global Income Opp Fund   TAO.WT 05-Nov-11   LRT.WT -0.35   K.WT.C 7   MTO.WT 0.19   NOM.WT 52.4%   BWR.WT.A 0.34 $0.37 Fair Market Value
The decreased value is  OLEARY CDN EQUITY...   URB.WT.B 10-Nov-11   PTA.WT -0.37   TRT.WT 7   PDP.WT 0.19   PDL.WT.B 51.8%   PDL.WT.B 0.38 $0.41 Fair Market Value
called time decay and  O'Leary Canadian Equity Income   TXG.WT 12-Nov-11   RN.WT -0.43   K.WT.B 6.74   TCP.WT 0.2   PDL.WT.A 51.8%   TRX.WT 0.65 $0.71 Fair Market Value
decreases at a faster  Orsu Metals    KAT.WT 20-Nov-11   ROZ.WT -0.44   YNG.WT 6.73   LRT.WT 0.2   PMI.WT 50.9%   QUX.WT 4.2 $4.54 Fair Market Value
pace as the expiry date Primero Mining Corp   HCF.WT 30-Nov-11   FEI.WT.A -0.46   MRS.WT 6.17   NQ.WT 0.2   PMI.WT.A 50.9%   SUE.WT 0.45 $0.48 Fair Market Value
draws closer. PATHFINDER CONV...   REC.WT 30-Nov-11   NOM.WT -0.48   TMB.WT 5.97   CLQ.WT 0.2   ADM.WT 50.8%   ML.WT.A 1.83 $1.94 Fair Market Value
  North American Palladium Ltd.   CTF.WT 02-Dec-11   AAB.WT -0.49   BEV.WT 5.69   URZ.WT 0.205   FRN.WT 50.0%   TXG.WT 0.43 $0.46 Fair Market Value
  Petrolifera Petroleum...   FT.WT.A 03-Dec-11   AR.WT -0.5   FNV.WT 5.64   MGA.WT.B 0.225   P.WT 50.0%   AEM.WT.U 31.5 $32.70 Fair Market Value
  Peregrine Metals Ltd.   XRG.WT 21-Dec-11   PDP.WT -0.51   PUP.WT 5.56   DPM.WT 0.24   TXG.WT 49.3%   CLQ.WT 0.2 $0.21 Fair Market Value
  Polaris Minerals   MFL.WT 31-Dec-11   HCF.WT -0.52   AAB.WT 5.37   FT.WT.A 0.245   DML.WT.A 49.0%   SBC.WT 0.52 $0.54 Fair Market Value
  Petromanas Energy Inc   PPX.WT 13-Jan-12   TID.WT -0.52   MGT.WT.U 5.37   NGD.WT.C 0.245   ECU.WT 48.8%   DPM.WT 0.24 $0.25 Fair Market Value
  Pinetree Capital   BIM.WT 31-Jan-12   AA.WT -0.52   REC.WT 5.00   GLW.WT 0.25   PPX.WT 48.7%   FR.WT.B 3.95 $4.06 Fair Market Value
  Pristine Power Inc.   MGA.WT 12-Feb-12   IE.WT -0.53   PUP.WT.A 5   ROZ.WT 0.27   AC.WT 47.1%   CSI.WT 6.39 $6.53 Fair Market Value
  PETROAMERICA OIL CORP   ML.WT 16-Feb-12   GAA.WT -0.54   CEK.WT 5   ST.WT 0.295   DPM.WT.A 46.6%   GBG.WT.A 0.95 $0.97 Fair Market Value
  Platinum Group   CKG.WT 23-Feb-12   MTO.WT -0.57   PTM.WT 4.81   SCP.WT 0.3   DPM.WT 46.6%   VST.WT 0.34 $0.35 Fair Market Value
  Petro Uno Resources Ltd.   CNM.WT 28-Feb-12   CIQ.WT -0.64   GAA.WT 4.75   NOM.WT 0.3   QUX.WT 45.6%   FT.WT.A 0.245 $0.25 Fair Market Value
  Quadra FNX Mining Ltd.   XMF.WT.A 28-Feb-12   ST.WT -0.64   GAA.WT 4.75   ANS.WT 0.3   NGD.WT.A 45.3%   PUP.WT.A 0.1 $0.10 Fair Market Value
  REC MINERALS CORP   YCM.WT.A 28-Feb-12   MGA.WT.B -0.66   ML.WT 4.73   BEV.WT 0.325   NGD.WT.B 45.3%   SLW.WT.B 16.93 $17.07 Fair Market Value
  Rusoro Mining   TMB.WT 29-Feb-12   GPD.WT -0.67   FGX.WT.B 4.71   ADM.WT 0.33   NGD.WT.C 45.3%   SSL.WT 0.385 $0.37 Fair Market Value
  RODINIA OIL CORP   BNK.WT.A 01-Mar-12   ADM.WT -0.71   ADM.WT 4.67   ECU.WT 0.33   FR.WT.B 45.0%   TCM.WT 3.7 $3.51 Fair Market Value
  Canadian Resources...   GMC.WT.A 06-Mar-12   VST.WT -0.81   AVL.WT 4.65   HBB.WT 0.34   SUE.WT 44.6%   BNK.WT.A 5 $4.68 Fair Market Value
  S Split Corp.   FNV.WT 13-Mar-12   OBF.WT -0.85   AR.WT 4.44   USA.WT 0.34   BRD.WT 44.3%   PNP.WT.A 0.145 $0.14 Fair Market Value
  SCITI ROCS TRUST   NGD.WT.B 03-Apr-12   TYF.WT -0.94   GPD.WT 4.32   BWR.WT.A 0.34   WTN.WT 43.8%   PDL.WT.A 1.09 $1.00 Fair Market Value
  Sprott Resource Corp   PNP.WT 16-Apr-12   MSP.WT -0.96   K.WT.D 4.21   VST.WT 0.34   EDR.WT 42.5%   PLS.WT 0.03 $0.03 Fair Market Value
  Silver Wheaton   MGT.WT.U 20-Apr-12   HAP.WT -0.97   FNV.WT.A 4.2   TMB.WT 0.34   EDV.WT.B 42.5%   EMC.WT 0.005 $0.00 Overvalued
  Sandstorm Resources Ltd.   GMC.WT.B 27-Apr-12   CMT.WT -1.02   ZAZ.WT 4.18   UTC.WT 0.35   EDV.WT.C 42.5%   WTN.WT 4.53 $3.90 Overvalued
  Stonegate Agricom Ltd.   URZ.WT 27-Apr-12   PLS.WT -1.15   NGD.WT.A 4.14   SBN.WT.A 0.355   EDV.WT.A 42.5%   SCP.WT 0.3 $0.25 Overvalued
  Sulliden Gold Corp. Ltd.   BEV.WT 07-May-12   G.WT.G -1.19   PDL.WT.A 3.98   BIM.WT.A 0.36   UTC.WT 42.1%   AA.WT 0.1 $0.08 Overvalued
  TAG OIL LTD   MTO.WT 15-May-12   EDV.WT.B -1.2   CLQ.WT 3.9   PDL.WT.B 0.38   TCM.WT 42.0%   EDR.WT 1.7 $1.41 Overvalued
  T BOONE PICKENS ENERGY...   ROZ.WT 28-May-12   ML.WT -1.21   IE.WT 3.75   SSL.WT 0.385   BEV.WT 41.6%   FNV.WT.A 8.05 $6.64 Overvalued
  Thompson Creek Metals   PMI.WT.A 28-May-12   URB.WT.B -1.25   P.WT 3.66   TXG.WT 0.43   NEW.WT 40.6%   SLW.WT.U 12.75 $10.15 Overvalued
  Trident Performance Corp   ADM.WT 02-Jun-12   BRD.WT -1.25   QUX.WT 3.65   SUE.WT 0.45   GLW.WT 40.5%   ST.WT 0.295 $0.23 Overvalued
  Tuscany Intl. Drilling...   AAB.WT 06-Jun-12   PGM.WT -1.35   PDP.WT 3.63   PTM.WT 0.455   PUP.WT 40.3%   PNP.WT.B 0.62 $0.48 Overvalued
  Tembec   MGA.WT.A 06-Jun-12   URZ.WT -1.53   DNA.WT 3.41   MGT.WT.U 0.475   PUP.WT.A 40.3%   MGA.WT.B 0.225 $0.17 Overvalued
  TriNorth Capital Inc.   APV.WT 11-Jun-12   GAA.WT -1.54   EDV.WT.A 3.37   OCY.WT 0.485   AC.WT 39.6%   ADM.WT 0.33 $0.24 Overvalued
  Terrane Metals   YNG.WT 20-Jun-12   PNP.WT.B -1.68   APV.WT 3.31   RTU.WT 0.5   KAT.WT 38.9%   NOM.WT 0.3 $0.21 Overvalued
  Torex Gold Resources Inc   TRX.WT 21-Jun-12   CNM.WT -1.7   ROZ.WT 3.3   SBC.WT 0.52   URB.WT.B 38.6%   G.WT.G 5.15 $3.59 Overvalued
  IA CLARINGTON ASTON...   WTN.WT 28-Jun-12   CMP.WT.B -1.8   PMI.WT.A 3.30   CRJ.WT 0.54   UXG.WT 38.4%   PMI.WT 0.18 $0.13 Overvalued
  Urbana Corporation   DPM.WT 29-Jun-12   BEV.WT -1.9   TXG.WT 3.28   SCI.WT 0.58   BNK.WT.A 38.4%   K.WT.C 2.75 $1.85 Overvalued
  Uranerz Energy Corporati...   MND.WT 06-Aug-12   FCR.WT.A -1.9   LRT.WT 3.25   BPV.WT 0.59   GAA.WT 35.6%   ML.WT 0.59 $0.40 Overvalued
  US Silver Corp   QUX.WT 10-Sep-12   FEI.WT -1.91   BAA.WT 3.24   ML.WT 0.59   GAA.WT 35.6%   CKG.WT 3.72 $2.46 Overvalued
  Utility Corp.   SUE.WT 06-Oct-12   XRG.WT -1.94   FT.WT.A 3.22   PNP.WT.B 0.62   CSI.WT 35.3%   URB.WT.B 0.025 $0.02 Overvalued
  U S Gold   PNP.WT.A 23-Oct-12   NGD.WT.C -1.96   PTA.WT 3.17   FGX.WT.C 0.63   FNV.WT 33.6%   ECU.WT 0.33 $0.21 Overvalued
  Vast Exploration Inc.   AC.WT 28-Oct-12   GMC.WT -1.97   FEI.WT 3.17   IE.WT 0.64   FNV.WT.A 33.6%   ROZ.WT 0.27 $0.17 Overvalued
  Vuzix Corp   AC.WT 28-Oct-12   ZAZ.WT -2.02   TCM.WT 3.09   TRX.WT 0.65   AGB.WT 33.5%   NGD.WT.B 0.045 $0.03 Overvalued
  World Financial Split...   NGD.WT.C 28-Nov-12   PDL.WT.B -2.16   MB.WT 3   AVL.WT 0.75   CWB.WT 32.0%   NGD.WT.C 0.245 $0.15 Overvalued
  Western Canadian Coal...   RML.WT 29-Nov-12   GMC.WT.A -2.22   TAO.WT 2.95   NBD.WT 0.75   K.WT.D 31.8%   TBP.WT 0.04 $0.02 Overvalued
  M SPLIT CORP CAPITAL...   BIM.WT.A 10-Dec-12   YNG.WT -2.26   PNP.WT.B 2.94   RN.WT 0.76   K.WT.C 31.8%   GCM.WT 0.18 $0.10 Overvalued
  Xinergy Ltd.   ZAZ.WT 19-Dec-12   OGE.WT -2.3   ST.WT 2.92   DNA.WT 0.8   K.WT.B 31.8%   K.WT.B 1.27 $0.67 Overvalued
  COMMERCE SPLIT CORP...   AR.WT 29-Dec-12   CCJ.WT.B -2.41   CRJ.WT 2.91   BAA.WT 0.8   BWR.WT.A 31.0%   PGM.WT 0.08 $0.04 Overvalued
  Yukon-Nevada Gold   VZX.WT 05-Jan-13   NBD.WT -2.45   NGD.WT.C 2.87   EDV.WT.A 0.83   GBG.WT.A 30.9%   AAB.WT 0.095 $0.05 Overvalued
  Zazu Metals Corp   CMP.WT.B 25-Jan-13   TBP.WT -2.49   AC.WT 2.85   AR.WT 0.9   CIQ.WT 30.3%   BRD.WT 0.9 $0.43 Very Overvalued
      ML.WT.A 29-Jan-13   COX.WT -2.58   AC.WT 2.84   BRD.WT 0.9   ANS.WT 28.7%   PDP.WT 0.19 $0.09 Very Overvalued
      ST.WT 29-Apr-13   EMC.WT -2.61   BIM.WT.A 2.83   GBG.WT.A 0.95   SLW.WT.B 27.9%   MGT.WT.U 0.475 $0.22 Very Overvalued
      CRJ.WT 22-May-13   P.WT -2.7   SUE.WT 2.8   MAI.WT 0.96   SLW.WT.U 27.9%   YNG.WT 0.11 $0.05 Very Overvalued
      CCJ.WT.B 05-Jun-13   K.WT.D -2.7   GBG.WT.A 2.71   PDL.WT.A 1.09   BRK.WT 25.5%   GLW.WT 0.25 $0.10 Very Overvalued
      GLW.WT 08-Jul-13   HRG.WT -2.71   EDR.WT 2.71   AC.WT 1.12   ABK.WT 25.0%   IE.WT 0.64 $0.26 Very Overvalued
      PNP.WT.B 11-Jul-13   NOT.WT -2.72   MGA.WT.B 2.62   AC.WT 1.12   CRP.WT 24.7%   CMT.WT 0.045 $0.01 Very Overvalued
      ANS.WT 29-Jul-13   RF.WT -3.08   CKG.WT 2.62   GAA.WT 1.15   CMP.WT.A 24.5%   PMI.WT.A 0.1 $0.03 Very Overvalued
      K.WT.C 03-Sep-13   K.WT.B -3.24   EIF.WT 2.53   GAA.WT 1.15   CMP.WT.B 24.5%   BEV.WT 0.325 $0.07 Very Overvalued
      SLW.WT.U 05-Sep-13   MGT.WT.U -3.42   RN.WT 2.39   K.WT.B 1.27   AEM.WT.U 24.5%   NBD.WT 0.75 $0.16 Very Overvalued
      FRN.WT 08-Sep-13   RML.WT -3.73   FEI.WT.A 2.38   CMP.WT.A 1.28   SBN.WT.A 24.3%   CEK.WT 0.03 $0.01 Very Overvalued
      GAA.WT 30-Nov-13   GMC.WT.B -4.22   NQ.WT 2.33   ABK.WT 1.35   G.WT.G 23.7%   GPD.WT 0.155 $0.03 Very Overvalued
      AEM.WT.U 02-Dec-13   EPD.WT -4.23   AEM.WT.U 2.33   P.WT 1.45   FCR.WT.A 23.2%   PNP.WT 0.055 $0.01 Very Overvalued
      NBD.WT 24-Dec-13   BIM.WT -4.48   AA.WT 2.30   TAO.WT 1.46   NBD.WT 22.8%   YCM.WT 0.13 $0.01 Very Overvalued
      EDV.WT.A 04-Feb-14   PNP.WT.A -4.68   TRX.WT 2.29   BRK.WT 1.59   COX.WT 22.5%   FEI.WT.A 0.04 $0.00 Very Overvalued
      ECU.WT 20-Feb-14   UXG.WT -5.18   MTO.WT 2.26   NGD.WT.A 1.7   CKG.WT 22.4%   TMB.WT 0.34 $0.01 Very Overvalued
      CWB.WT 02-Mar-14   MGA.WT -5.41   CWB.WT 2.21   EDR.WT 1.7   TYF.WT 22.1%   CCJ.WT.A 0.005 $0.00 Very Overvalued
      BWR.WT.A 09-Apr-14   CCJ.WT -5.51   MND.WT 2.19   NEW.WT 1.8   RF.WT 21.0%   UXG.WT 0.09 $0.00 Very Overvalued
      SSL.WT 23-Apr-14   CRP.WT -5.75   SLW.WT.U 2.12   ML.WT.A 1.83   TBP.WT 20.4%   XMF.WT 0.005 $0.00 Very Overvalued
      BRK.WT 27-May-14   AGB.WT -6   ECU.WT 2.12   FGX.WT.B 2.12   HCF.WT 19.4%   AGB.WT 0.005 $0.00 Very Overvalued
      FGX.WT.B 30-Jun-14   MGA.WT.A -6.41   MAI.WT 2.1   K.WT.C 2.75   EPD.WT 18.7%   ANS.WT 0.3 $0.00 Very Overvalued
      USA.WT 10-Jul-14   GLW.WT -6.8   MFL.WT 2.09   DPM.WT.A 3.6   TRX.WT.A 18.4%   CCJ.WT 0.005 $0.00 Very Overvalued
      MAI.WT 19-Aug-14   KAT.WT -7.04   BPV.WT 2.03   TCM.WT 3.7   TRX.WT 18.4%   CRP.WT 0.005 $0.00 Very Overvalued
      K.WT.D 17-Sep-14   NGD.WT.A -7.96   VST.WT 2   CKG.WT 3.72   TCP.WT 17.6%   DML.WT.A 0.1 $0.00 Very Overvalued
      AA.WT 07-Oct-14   NGD.WT.B -7.96   BRD.WT 1.94   FR.WT.B 3.95   HBB.WT 16.1%   EDV.WT.B 0.005 $0.00 Very Overvalued
      PTA.WT 08-Oct-14   CCJ.WT.A -8.31   FR.WT.B 1.9   QUX.WT 4.2   SCP.WT 16.0%   EDV.WT.C 0.03 $0.00 Very Overvalued
      BPV.WT 09-Oct-14   YCM.WT -8.68   SSL.WT 1.9   MFL.WT 4.51   MSP.WT 14.6%   EIF.WT 6.75 $0.00 Very Overvalued
      MGA.WT.B 26-Oct-14   DPM.WT -8.8   PMI.WT 1.83   WTN.WT 4.53   OCB.WT 14.2%   EPD.WT 0.005 $0.00 Very Overvalued
      BRD.WT 19-Nov-14   ANS.WT -9.7   GCM.WT 1.78   K.WT.D 4.57   FSS.WT 13.8%   FCR.WT.A 7.15 $0.00 Very Overvalued
      NOT.WT 16-Dec-14   XMF.WT -9.74   DPM.WT.A 1.72   BNK.WT.A 5   OCZ.WT 13.5%   FEI.WT 0.03 $0.00 Very Overvalued
      NQ.WT 21-Dec-14   WFS.WT.A -9.85   BRK.WT 1.62   G.WT.G 5.15   RTU.WT 13.1%   HRG.WT 0.005 $0.00 Very Overvalued
      PMI.WT 23-Feb-15   TMB.WT -9.97   SLW.WT.B 1.59   FNV.WT 6   OBF.WT 12.6%   KAT.WT 0.045 $0.00 Very Overvalued
      LRT.WT 05-Mar-15   SBN.WT.A -10.34   ML.WT.A 1.52   CSI.WT 6.39   HAP.WT 11.6%   LFE.WT 0.005 $0.00 Very Overvalued
      RN.WT 08-Mar-15   YCM.WT.A -11.18   WTN.WT 1.5   EIF.WT 6.75   PCD.WT 11.1%   MGA.WT 0.05 $0.00 Very Overvalued
      MB.WT 30-Mar-15   XMF.WT.A -12.24   NBD.WT 1.49   FCR.WT.A 7.15   CTF.WT 10.9%   MGA.WT.A 0.07 $0.00 Very Overvalued
      P.WT 19-Jul-15   LFE.WT -12.28   BWR.WT.A 1.39   FNV.WT.A 8.05   SCI.WT 10.7%   OGE.WT 0.005 $0.00 Very Overvalued
      GCM.WT 24-Aug-15   K.WT.C -12.75   BNK.WT.A 1.38   CWB.WT 11.3   SBC.WT 10.3%   OSU.WT.B 0.005 $0.00 Very Overvalued
      DPM.WT.A 20-Nov-15   PNP.WT -13.18   FCR.WT.A 1.37   SLW.WT.U 12.75   OGE.WT 10.0%   SBN.WT.A 0.355 $0.00 Very Overvalued
      GAA.WT 30-Nov-15   OSU.WT.B -15.23   CSI.WT 1.33   SLW.WT.B 16.93   MID.WT 9.0%   TRT.WT 0.005 $0.00 Very Overvalued
      FNV.WT.A 16-Jun-17   DML.WT.A -24.7   USA.WT 1.29   AEM.WT.U 31.5   OCY.WT 5.5%   WFS.WT.A 0.185 $0.00 Very Overvalued
      NGD.WT.A 28-Jun-17   FNV.WT.A -41.18   CMP.WT.B nt   CMP.WT.B nt   EIF.WT 0.0%   CMP.WT.B nt $1.87 Not Trading