Canada Unearthed: SSR crumbles as heap leach pad disaster shuts Turkish gold mine

Our Canada Unearthed column wraps the news driving mining and exploration stocks listed in Canada, mostly on the TSX and TSX.V.

The Aussie gold sector, especially now that Newcrest has disappeared, are mostly junior companies on the global stage, says Lion Selection Group’s Hedley Widdup.

There’s bad timing and then there’s bad timing.

And this tragedy in Turkiye is both the latter and the former, an enormous slip from a heap leach pad at the Copler mine, one of two key cogs of SSR Mining’s (TSX:SSRM) empire which produced 706,900 gold equivalent ounces in 2023.

Footage purported to come from the Turkish Independent Mining Labour Union has shown the devastating landslide crashing into a ravine below.

Updated reports today say nine workers were still unaccounted for.

“The situation is developing as we speak and our first priority is people and containment,” SSR executive chairman Rod Antal said on a conference call yesterday.

“We will follow up the holding statement we just issued in due course. In the interim we have suspended operations at Copler.

“Once we complete our initial emergency response protocols onsite we will be able to provide more details.”

The incident came just two and a half hours before SSR was due to speak to analysts about an updated plan including multi-year guidance that would have seen the company ramp up to 800,000ozpa by 2027 at costs approaching US$1300/oz.

Copler was expected to deliver 281,000oz at an average all in sustaining cost of US$1003/oz over 15 years and nearly 400,000ozpa by 2027, the centrepiece of SSR’s dual Toronto and Australian listed business.

Massive downgrade

SSR’s shares fell 53% in Canada to C$6.08 following the report, a fall mirrored in the Australian market.

These incidents, aside from their obvious human cost, tend to have an enormous impact on production.

The recent surge in iron ore prices was in a big way down to production curbs from Vale in response to the deadly Brumadinho tailings disaster in 2019.

Kalgoorlie’s Super Pit has taken years to remediate a far less impactful wall slip, which occurred after wall detection systems had prompted the open pit’s evacuation from the Golden Pike orebody in 2018.

Canaccord Genuity’s Carey MacRury responded by cutting its price target for C$1.24b capped SSR from C$24 to C$9, leaving its buy rating intact.

“SSR’s shares finished down 54% today, effectively erasing the market value of the company’s assets in Turkiye. Çöpler accounted for 42% of our prior operating NAV for the company and Hod Maden 12%,” he said.

“We note the news overshadowed the company’s 2024 and five year guidance that was released this morning along with new technical reports.

“Given the lack of clarity on the cause and severity of the incident, environmental and community impact, and potential regulatory repercussions, we have assumed an indefinite suspension at Çöpler and have removed it from our forecasts and valuation.”

It comes after the site was shut for three months in 2022 due to a cyanide leak, something which stirred discontent within Turkiye from some political circles.

Without Copler, which is 80% owned by SSR, CG expects SSR to deliver 243,000oz of gold and 9.2Moz of silver for 346,000oz gold equivalent at US$1732/oz in 2024.

It led to the biggest single day fall for the TSX Global Gold Index since November 2022.

The TSX gold index is down around 13% over the past year despite gold prices rising 7.58% over that period.

While there are continued rumours that ever more TSX miners will look at ASX co-listings to improve their liquidity, that certainly suggests a market that may be oversold.

TSX & TSXV Resources Winners & Losers

Here’s how Toronto-listed mining and exploration stocks performed last week:

Scroll or swipe to reveal tables. Click headings to sort. Best viewed on a laptop.

Stocks missing from these lists? Email [email protected]

TSX

CODE	COMPANY	PRICE	WEEK RETURN %	MONTH RETURN %	6 MONTH RETURN %	YEAR RETURN %	MARKET CAP
ARA	Aclara Resources Inc.	0.45	-6%	-10%	15%	-8%	$ 70,223,918.77
AEM	Agnico Eagle Mines Limited	61.03	-5%	-13%	-8%	-11%	$ 31,403,506,290.48
AGI	Alamos Gold Inc.	15.44	-9%	-10%	-2%	10%	$ 6,418,794,431.28
AMM	Almaden Minerals Ltd.	0.18	0%	0%	9%	-39%	$ 24,013,746.40
ALS	Altius Minerals Corporation	16.32	-4%	-12%	-17%	-22%	$ 787,924,566.00
USA	Americas Gold and Silver Corporation	0.28	-8%	-8%	-46%	-59%	$ 65,097,179.77
ARG	Amerigo Resources Ltd.	1.23	-3%	-11%	-19%	-15%	$ 206,056,292.50
AR	Argonaut Gold Inc.	0.34	-14%	-19%	-42%	-42%	$ 387,177,271.36
AAUC	Allied Gold Corporation	3.35	5%	-9%	0%	0%	$ 864,998,672.85
ARIS	Aris Mining Corporation	3.86	-7%	-13%	33%	-8%	$ 558,532,535.40
AMC	Arizona Metals Corp.	1.73	-10%	-19%	-39%	-64%	$ 210,035,665.24
ASCU	Arizona Sonoran Copper Company Inc.	1.44	-3%	-5%	-15%	-25%	$ 158,147,637.20
ASND	Ascendant Resources Inc.	0.065	-7%	-19%	-41%	-76%	$ 11,273,566.98
AOT	Ascot Resources Ltd.	0.54	-8%	10%	-2%	-13%	$ 312,689,414.24
G	Augusta Gold Corp.	0.61	-12%	-26%	-28%	-53%	$ 58,432,232.04
ORA	Aura Minerals Inc.	8.37	-4%	-8%	-7%	-20%	$ 620,736,191.04
AVL	Avalon Advanced Materials Inc.	0.08	-6%	-20%	-47%	-48%	$ 47,631,756.26
ASM	Avino Silver & Gold Mines Ltd.	0.62	0%	-2%	-30%	-37%	$ 82,090,334.72
AYA	Aya Gold & Silver Inc.	9.48	-12%	-6%	22%	28%	$ 1,206,356,124.55
BTO	B2Gold Corp.	3.37	-6%	-19%	-20%	-27%	$ 4,623,506,481.60
ABX	Barrick Gold Corporation	19.18	-5%	-19%	-16%	-20%	$ 34,742,721,473.66
BSX	Belo Sun Mining Corp.	0.045	-10%	-10%	-31%	-40%	$ 20,477,486.16
BKI	Black Iron Inc.	0.05	-17%	-9%	-33%	-38%	$ 16,726,624.09
CXB	Calibre Mining Corp.	1.33	-9%	1%	-16%	33%	$ 1,025,557,185.51
CCO	Cameco Corporation	56.83	-12%	-15%	21%	47%	$ 25,494,800,157.44
CCM	Canagold Resources Ltd.	0.205	0%	-7%	-11%	-18%	$ 32,367,325.77
ATCU	Alta Copper Corp.	0.39	-4%	7%	-25%	-37%	$ 34,518,031.20
CS	Capstone Copper Corp.	6.36	-2%	-2%	1%	7%	$ 4,876,985,071.44
CEE	Centamin plc	1.55	-5%	-4%	0%	-3%	$ 1,795,570,677.25
CG	Centerra Gold Inc.	6.14	-15%	-19%	-25%	-29%	$ 1,471,845,418.39
CNT	Century Global Commodities Corporation	0.06	9%	20%	33%	-20%	$ 6,501,301.68
CIA	Champion Iron Limited	6.99	0%	-4%	43%	6%	$ 3,689,970,167.44
CGG	China Gold International Resources Corp. Ltd.	5.33	-4%	-9%	5%	20%	$ 2,128,741,853.61
COG	Condor Gold plc	0.46	19%	18%	5%	59%	$ 92,941,480.68
DML	Denison Mines Corp.	2.66	-4%	1%	44%	51%	$ 2,414,529,705.41
DSV	Discovery Silver Corp.	0.62	3%	-14%	-22%	-47%	$ 245,434,594.38
DPM	Dundee Precious Metals Inc.	7.99	-4%	-4%	-7%	-1%	$ 1,502,269,694.64
DNG	Dynacor Group Inc.	3.98	-2%	-1%	30%	34%	$ 146,931,817.83
ELR	Eastern Platinum Limited	0.13	-7%	-37%	44%	-4%	$ 30,285,213.90
ECOR	Ecora Resources plc	1.44	-8%	-12%	-27%	-40%	$ 379,117,999.47
ELD	Eldorado Gold Corporation	14.73	-12%	-14%	20%	23%	$ 3,227,868,397.39
ELO	Eloro Resources Ltd.	1.38	-13%	-26%	-60%	-58%	$ 111,437,596.75
EDV	Endeavour Mining plc	21.7	-5%	-14%	-25%	-28%	$ 5,638,559,873.64
EDR	Endeavour Silver Corp.	1.99	-7%	-21%	-51%	-52%	$ 478,589,953.80
EFR	Energy Fuels Inc.	8.97	-9%	-13%	-1%	-6%	$ 1,499,833,013.10
ETG	Entree Resources Ltd.	1.17	-5%	-3%	-15%	-8%	$ 254,181,192.50
EQX	Equinox Gold Corp.	5.85	-3%	-7%	-12%	14%	$ 1,904,903,027.39
ERD	Erdene Resource Development Corporation	0.32	7%	0%	-3%	-21%	$ 112,098,407.20
ERO	Ero Copper Corp.	19.13	-8%	-8%	-33%	-6%	$ 2,148,451,437.78
ESM	Euro Sun Mining Inc.	0.03	-14%	-14%	-14%	-57%	$ 9,544,409.94
EXN	Excellon Resources Inc.	0.08	-6%	-11%	7%	-79%	$ 4,906,785.48
MIN	Excelsior Mining Corp.	0.13	-7%	-16%	-38%	-54%	$ 39,426,982.25
FDY	Faraday Copper Corp.	0.49	-6%	-17%	-40%	-39%	$ 87,409,859.63
FIL	Filo Corp	19.64	-5%	-17%	-16%	-12%	$ 2,651,268,626.76
FR	First Majestic Silver Corp.	5.74	-10%	-24%	-33%	-41%	$ 1,777,438,165.85
FF	First Mining Gold Corp.	0.1175	-6%	-6%	-29%	-40%	$ 110,047,725.00
FM	First Quantum Minerals Ltd.	11.63	-7%	-12%	-68%	-57%	$ 8,392,550,005.40
FCU	Fission Uranium Corp.	1.12	-3%	-10%	67%	35%	$ 858,547,158.56
FSY	Forsys Metals Corp.	0.9	-5%	-14%	157%	91%	$ 177,604,214.97
FVI	Fortuna Silver Mines Inc.	3.72	-11%	-27%	-8%	-19%	$ 1,220,218,767.40
FT	Fortune Minerals Limited	0.035	-13%	-13%	-22%	-53%	$ 19,985,754.48
FNV	Franco-Nevada Corporation	144.65	0%	-2%	-25%	-20%	$ 28,245,887,673.16
FVL	Freegold Ventures Limited	0.36	-10%	-29%	-21%	-14%	$ 156,013,837.77
FURY	Fury Gold Mines Limited	0.47	-10%	-11%	-5%	-43%	$ 69,228,777.63
GAU	Galiano Gold Inc.	1.25	4%	-9%	51%	64%	$ 276,716,526.78
GATO	Gatos Silver, Inc.	8.07	-9%	-6%	37%	30%	$ 610,868,645.01
GENM	Generation Mining Limited	0.215	-28%	13%	-44%	-66%	$ 54,292,283.84
GLO	Global Atomic Corporation	3.37	4%	-6%	119%	-1%	$ 722,786,205.60
GMX	Globex Mining Enterprises Inc.	0.82	-2%	-7%	6%	3%	$ 45,315,935.52
GGD	GoGold Resources Inc.	1.16	-6%	-9%	-19%	-44%	$ 384,020,325.00
GMTN	Gold Mountain Mining Corp.	0.015	0%	20%	-87%	-88%	$ 1,319,788.82
GRC	Gold Springs Resource Corp.	0.075	-6%	-12%	-25%	-42%	$ 22,510,412.64
AUMN	Golden Minerals Company	0.62	5%	-2%	-52%	-92%	$ 8,873,348.40
GGA	Goldgroup Mining Inc.	0.025	-17%	0%	-44%	-76%	$ 2,068,578.90
GOLD	Goldmining Inc.	1.06	-5%	-11%	-12%	-28%	$ 202,026,616.00
HZM	Horizonte Minerals Plc.	0.16	-11%	-16%	-94%	-94%	$ 44,513,519.49
HBM	HudBay Minerals Inc.	6.89	-4%	-8%	-5%	1%	$ 2,455,099,752.00
IAU	i-80 Gold Corp.	1.69	-15%	-19%	-39%	-48%	$ 527,734,942.95
IMG	Iamgold Corporation	3.18	-5%	-9%	2%	-7%	$ 1,646,090,336.88
III	Imperial Metals Corporation	2.27	-3%	-6%	-12%	13%	$ 375,541,511.12
ITH	International Tower Hill Mines Ltd.	0.71	-14%	-21%	31%	-8%	$ 149,770,081.50
IE	Ivanhoe Electric Inc.	10.73	-4%	-11%	-49%	-39%	$ 1,383,376,963.50
IVN	Ivanhoe Mines Ltd.	14.18	1%	5%	9%	20%	$ 18,244,805,095.12
JAG	Jaguar Mining Inc.	1.62	-8%	-1%	-2%	-40%	$ 132,041,330.55
KNT	K92 Mining Inc.	6.19	-9%	-11%	8%	-10%	$ 1,506,693,430.66
KRN	Karnalyte Resources Inc.	0.19	-17%	19%	-10%	-31%	$ 10,123,956.58
KRR	Karora Resources Inc.	4.06	2%	-9%	-11%	-5%	$ 745,224,879.52
K	Kinross Gold Corporation	6.71	-9%	-15%	-2%	21%	$ 8,594,865,818.00
LIF	Labrador Iron Ore Royalty Corporation	30.43	-4%	-8%	1%	-17%	$ 1,988,480,000.00
LAM	Laramide Resources Ltd.	0.85	-4%	2%	77%	95%	$ 199,075,756.80
LGO	Largo Inc.	2.63	2%	-19%	-45%	-68%	$ 172,298,163.78
LGD	Liberty Gold Corp.	0.23	-6%	-21%	-36%	-56%	$ 81,064,393.51
LAAC	Lithium Americas (Argentina) Corp.	5.53	-3%	-25%	-78%	-83%	$ 927,120,616.91
LIRC	Lithium Royalty Corp.	7.3	-5%	-8%	-31%	0%	$ 188,980,201.60
LN	Loncor Gold Inc.	0.315	0%	-14%	3%	-20%	$ 47,521,193.94
LUC	Lucara Diamond Corp.	0.365	-11%	-10%	0%	-40%	$ 178,650,183.27
LUG	Lundin Gold Inc.	14.46	-7%	-6%	-11%	5%	$ 3,632,122,932.96
LUN	Lundin Mining Corporation	10.98	-2%	3%	-1%	24%	$ 8,603,185,813.68
MAG	MAG Silver Corp.	11.3	-9%	-14%	-27%	-34%	$ 1,246,998,791.50
MND	Mandalay Resources Corporation	1.45	-6%	-23%	-16%	-45%	$ 135,610,530.50
MOZ	Marathon Gold Corporation	0	-100%	-100%	-100%	-100%	$ 380,022,058.35
MARI	Marimaca Copper Corp.	3.54	4%	18%	-15%	7%	$ 332,631,080.04
MUX	McEwen Mining Inc.	8.72	-9%	-4%	-11%	9%	$ 461,272,363.68
MGA	Mega Uranium Ltd.	0.455	-3%	-6%	75%	98%	$ 168,353,392.56
MNO	Meridian Mining UK Societas	0.285	-12%	-17%	-27%	-20%	$ 72,771,812.40
MSV	Minco Silver Corporation	0.16	-6%	-11%	-11%	-11%	$ 9,764,013.28
MSA	Mineros S.A.	0.67	2%	-6%	3%	-4%	$ 206,818,807.38
STLR	STLLR Gold Inc.	1.12	-10%	-21%	-51%	-60%	$ 119,689,979.85
MPVD	Mountain Province Diamonds Inc.	0.235	0%	-11%	-50%	-56%	$ 51,832,099.06
NCU	Nevada Copper Corp.	0.065	-41%	-50%	-68%	-84%	$ 107,217,541.05
NGD	New Gold Inc.	1.61	-7%	-14%	15%	20%	$ 1,147,299,983.26
NUAG	New Pacific Metals Corp.	1.45	-13%	-33%	-53%	-58%	$ 268,538,109.74
NGT	Newmont Corporation	43.49	-4%	-14%	-20%	-32%	$ 52,028,156,781.70
NXE	NexGen Energy Ltd.	10.09	-5%	-4%	52%	64%	$ 5,395,247,191.75
NEXT	NextSource Materials Inc.	0.83	5%	-24%	-43%	-68%	$ 126,184,640.67
NCP	Nickel Creek Platinum Corp.	0.015	-25%	-25%	-40%	-70%	$ 9,335,905.68
NHK	Nighthawk Gold Corp.	0.255	-6%	-12%	-38%	-39%	$ 38,243,467.92
NB	NioCorp Developments Ltd.	4.1	-2%	-2%	-29%	-65%	$ 147,617,684.52
NCF	Northcliff Resources Ltd.	0.02	0%	-20%	-33%	-43%	$ 11,782,240.00
NDM	Northern Dynasty Minerals Ltd.	0.335	0%	-8%	-4%	12%	$ 183,082,523.40
NG	NovaGold Resources Inc.	3.18	-2%	-33%	-46%	-60%	$ 1,126,831,021.51
NVO	Novo Resources Corp.	0.145	-6%	-17%	-36%	-52%	$ 49,132,363.70
NTR	Nutrien Ltd.	66.23	-3%	-4%	-26%	-37%	$ 33,283,331,429.00
OGC	OceanaGold Corporation	2.61	-2%	0%	-11%	1%	$ 1,895,768,851.16
OREA	Orea Mining Corp.	0.015	50%	0%	-57%	-86%	$ 2,271,949.08
ORE	Orezone Gold Corporation	0.73	-6%	-17%	-27%	-45%	$ 271,151,302.46
OLA	Orla Mining Ltd	4.39	-7%	-2%	-28%	-21%	$ 1,490,299,996.35
ORV	Orvana Minerals Corp.	0.12	-8%	-23%	-33%	-35%	$ 16,394,780.52
OR	Osisko Gold Royalties Ltd	19.28	-5%	-1%	3%	13%	$ 3,712,490,875.72
OSK	Osisko Mining Inc.	2.47	-6%	-8%	-10%	-17%	$ 958,347,243.20
PAAS	Pan American Silver Corp.	16.62	-8%	-20%	-22%	-23%	$ 6,447,140,233.04
PPTA	Perpetua Resources Corp.	3.8	-3%	-13%	-16%	-15%	$ 259,058,762.24
PRU	Perseus Mining Limited	1.43	-6%	-11%	-5%	-20%	$ 1,991,667,736.20
PTM	Platinum Group Metals Ltd.	1.36	1%	-12%	-20%	-29%	$ 142,447,405.72
PRB	Probe Gold Inc.	1.29	2%	-15%	-20%	-7%	$ 213,386,904.32
RTG	RTG Mining Inc.	0.025	0%	0%	-29%	-62%	$ 28,216,291.63
RUP	Rupert Resources Ltd.	3.08	-7%	-13%	-15%	-36%	$ 662,640,624.75
SGLD	Sabre Gold Mines Corp.	0.095	0%	-24%	-27%	-57%	$ 7,965,054.30
SSL	Sandstorm Gold Ltd.	5.47	-10%	-18%	-24%	-23%	$ 1,791,950,752.76
SCY	Scandium International Mining Corp.	0.02	-20%	-20%	-50%	-69%	$ 8,896,520.33
SEA	Seabridge Gold Inc.	12.79	-9%	-15%	-20%	-19%	$ 1,165,041,497.07
SBI	Serabi Gold plc	0.9	5%	2%	105%	53%	$ 68,161,095.90
S	Sherritt International Corporation	0.275	-5%	-8%	-41%	-51%	$ 117,200,160.60
SMT	Sierra Metals Inc.	0.75	-6%	12%	92%	74%	$ 159,347,334.96
SGNL	Signal Gold Inc.	0.09	6%	-25%	-60%	-68%	$ 22,601,934.54
SBR	Silver Bear Resources plc	0.05	0%	0%	0%	0%	$ 33,916,480.55
SVB	Silver Bull Resources, Inc.	0.16	-6%	7%	68%	-20%	$ 7,578,504.32
ELEF	Silver Elephant Mining Corp.	0.265	-5%	-10%	-2%	-42%	$ 8,867,317.86
SVM	Silvercorp Metals Inc.	3.06	-1%	-7%	-14%	-29%	$ 584,220,001.20
SIL	SilverCrest Metals Inc.	6.93	-8%	-18%	4%	-5%	$ 1,115,235,238.26
SKE	Skeena Resources Limited	5.4	-8%	-7%	-18%	-27%	$ 516,493,651.96
SLS	Solaris Resources Inc.	3.63	-4%	-16%	-43%	-41%	$ 573,082,541.00
SOLG	SolGold plc	0.125	-4%	-19%	-51%	-52%	$ 375,138,371.88
SLR	Solitario Resources Corp.	0.71	-1%	-5%	-14%	-16%	$ 56,506,314.18
SGQ	SouthGobi Resources Ltd	0.6	13%	20%	362%	344%	$ 177,156,467.40
SSRM	SSR Mining Inc.	6.08	-52%	-56%	-70%	-68%	$ 2,654,608,340.64
SAU	St. Augustine Gold and Copper Limited	0.075	-6%	0%	-17%	7%	$ 75,855,357.53
DIAM	Star Diamond Corporation	0.075	0%	7%	-21%	-25%	$ 36,852,740.18
SAM	Starcore International Mines Ltd.	0.1	0%	5%	-13%	-55%	$ 5,564,685.10
STGO	Steppe Gold Ltd.	0.68	-3%	-3%	-11%	-35%	$ 73,171,429.10
SMC	Sulliden Mining Capital Inc.	0.025	-17%	-29%	-38%	-17%	$ 3,206,899.48
TSK	Talisker Resources Ltd.	0.335	2%	5%	-16%	-42%	$ 29,961,510.60
TLO	Talon Metals Corp.	0.135	-7%	-18%	-51%	-67%	$ 135,534,250.22
TKO	Taseko Mines Limited	1.91	4%	-2%	5%	-14%	$ 548,099,236.44
TI	Titan Mining Corporation	0.27	-10%	-18%	-37%	-48%	$ 36,818,981.73
TXG	Torex Gold Resources Inc.	12.96	-3%	-13%	-16%	-23%	$ 1,173,195,287.98
TML	Treasury Metals Inc.	0.12	-14%	-29%	-56%	-60%	$ 22,795,043.75
TMQ	Trilogy Metals Inc.	0.62	-10%	7%	-9%	-22%	$ 100,128,493.44
TFPM	Triple Flag Precious Metals Corp.	16.34	-5%	-5%	-10%	-10%	$ 3,435,098,591.72
TLG	Troilus Gold Corp.	0.54	2%	26%	32%	-21%	$ 158,175,767.22
TRX	TRX Gold Corporation	0.465	4%	-7%	-9%	-17%	$ 125,513,932.50
URE	Ur-Energy Inc.	2.4	-8%	3%	50%	45%	$ 666,411,294.00
NPK	Verde Agritech Ltd.	1.22	4%	-10%	-66%	-81%	$ 64,257,063.28
VGCX	Victoria Gold Corp.	5.76	-10%	-9%	-23%	-39%	$ 409,851,596.00
VGZ	Vista Gold Corp.	0.48	2%	-8%	-27%	-37%	$ 64,176,901.82
WM	Wallbridge Mining Company Limited	0.075	-6%	-17%	-42%	-53%	$ 81,299,963.04
WDO	Wesdome Gold Mines Ltd.	8.75	-6%	17%	16%	40%	$ 1,361,555,893.92
WRN	Western Copper and Gold Corporation	1.33	-7%	-23%	-31%	-37%	$ 232,527,743.00
WRX	Western Resources Corp.	0.145	4%	-6%	-42%	-40%	$ 63,381,899.09
WPM	Wheaton Precious Metals Corp.	58.74	-7%	-10%	-3%	2%	$ 27,736,899,729.88
XAM	Xanadu Mines Ltd	4.6	-10%	-13%	-51%	59%	$ 79,938,572.01
XTG	Xtra-Gold Resources Corp.	0.99	-1%	-2%	18%	3%	$ 47,125,241.34
YRB	Yorbeau Resources Inc.	0.03	0%	-14%	-14%	-54%	$ 11,039,708.25
AII	Almonty Industries Inc.	0.59	-8%	0%	5%	-20%	$ 146,530,751.40
TECK.B	Teck Resources Limited - Teck Res Cl B SV	50.22	-4%	-2%	-7%	-10%	$ 25,824,863,068.38
TECK.A	Teck Resources Limited - Teck Res Cl A MV	50.12	-4%	-2%	-8%	-12%	$ 387,319,319.20
FOM	Foran Mining Corporation	3.75	-4%	-10%	-5%	23%	$ 1,154,769,339.20
PRYM	Prime Mining Corp.	1.98	-7%	5%	17%	4%	$ 301,061,890.50
GMIN	G Mining Ventures Corp.	1.81	-9%	8%	34%	118%	$ 841,404,535.52

TSX-V

CODE	COMPANY	PRICE	WEEK RETURN %	MONTH RETURN %	6 MONTH RETURN %	YEAR RETURN %	MARKET CAP
ARA	Aclara Resources Inc.	0.45	-6%	-10%	15%	-8%	$ 70,223,918.77
AEM	Agnico Eagle Mines Limited	61.03	-5%	-13%	-8%	-11%	$ 31,403,506,290.48
AGI	Alamos Gold Inc.	15.44	-9%	-10%	-2%	10%	$ 6,418,794,431.28
AMM	Almaden Minerals Ltd.	0.18	0%	0%	9%	-39%	$ 24,013,746.40
ALS	Altius Minerals Corporation	16.32	-4%	-12%	-17%	-22%	$ 787,924,566.00
USA	Americas Gold and Silver Corporation	0.28	-8%	-8%	-46%	-59%	$ 65,097,179.77
ARG	Amerigo Resources Ltd.	1.23	-3%	-11%	-19%	-15%	$ 206,056,292.50
AR	Argonaut Gold Inc.	0.34	-14%	-19%	-42%	-42%	$ 387,177,271.36
AAUC	Allied Gold Corporation	3.35	5%	-9%	0%	0%	$ 864,998,672.85
ARIS	Aris Mining Corporation	3.86	-7%	-13%	33%	-8%	$ 558,532,535.40
AMC	Arizona Metals Corp.	1.73	-10%	-19%	-39%	-64%	$ 210,035,665.24
ASCU	Arizona Sonoran Copper Company Inc.	1.44	-3%	-5%	-15%	-25%	$ 158,147,637.20
ASND	Ascendant Resources Inc.	0.065	-7%	-19%	-41%	-76%	$ 11,273,566.98
AOT	Ascot Resources Ltd.	0.54	-8%	10%	-2%	-13%	$ 312,689,414.24
G	Augusta Gold Corp.	0.61	-12%	-26%	-28%	-53%	$ 58,432,232.04
ORA	Aura Minerals Inc.	8.37	-4%	-8%	-7%	-20%	$ 620,736,191.04
AVL	Avalon Advanced Materials Inc.	0.08	-6%	-20%	-47%	-48%	$ 47,631,756.26
ASM	Avino Silver & Gold Mines Ltd.	0.62	0%	-2%	-30%	-37%	$ 82,090,334.72
AYA	Aya Gold & Silver Inc.	9.48	-12%	-6%	22%	28%	$ 1,206,356,124.55
BTO	B2Gold Corp.	3.37	-6%	-19%	-20%	-27%	$ 4,623,506,481.60
ABX	Barrick Gold Corporation	19.18	-5%	-19%	-16%	-20%	$ 34,742,721,473.66
BSX	Belo Sun Mining Corp.	0.045	-10%	-10%	-31%	-40%	$ 20,477,486.16
BKI	Black Iron Inc.	0.05	-17%	-9%	-33%	-38%	$ 16,726,624.09
CXB	Calibre Mining Corp.	1.33	-9%	1%	-16%	33%	$ 1,025,557,185.51
CCO	Cameco Corporation	56.83	-12%	-15%	21%	47%	$ 25,494,800,157.44
CCM	Canagold Resources Ltd.	0.205	0%	-7%	-11%	-18%	$ 32,367,325.77
ATCU	Alta Copper Corp.	0.39	-4%	7%	-25%	-37%	$ 34,518,031.20
CS	Capstone Copper Corp.	6.36	-2%	-2%	1%	7%	$ 4,876,985,071.44
CEE	Centamin plc	1.55	-5%	-4%	0%	-3%	$ 1,795,570,677.25
CG	Centerra Gold Inc.	6.14	-15%	-19%	-25%	-29%	$ 1,471,845,418.39
CNT	Century Global Commodities Corporation	0.06	9%	20%	33%	-20%	$ 6,501,301.68
CIA	Champion Iron Limited	6.99	0%	-4%	43%	6%	$ 3,689,970,167.44
CGG	China Gold International Resources Corp. Ltd.	5.33	-4%	-9%	5%	20%	$ 2,128,741,853.61
COG	Condor Gold plc	0.46	19%	18%	5%	59%	$ 92,941,480.68
DML	Denison Mines Corp.	2.66	-4%	1%	44%	51%	$ 2,414,529,705.41
DSV	Discovery Silver Corp.	0.62	3%	-14%	-22%	-47%	$ 245,434,594.38
DPM	Dundee Precious Metals Inc.	7.99	-4%	-4%	-7%	-1%	$ 1,502,269,694.64
DNG	Dynacor Group Inc.	3.98	-2%	-1%	30%	34%	$ 146,931,817.83
ELR	Eastern Platinum Limited	0.13	-7%	-37%	44%	-4%	$ 30,285,213.90
ECOR	Ecora Resources plc	1.44	-8%	-12%	-27%	-40%	$ 379,117,999.47
ELD	Eldorado Gold Corporation	14.73	-12%	-14%	20%	23%	$ 3,227,868,397.39
ELO	Eloro Resources Ltd.	1.38	-13%	-26%	-60%	-58%	$ 111,437,596.75
EDV	Endeavour Mining plc	21.7	-5%	-14%	-25%	-28%	$ 5,638,559,873.64
EDR	Endeavour Silver Corp.	1.99	-7%	-21%	-51%	-52%	$ 478,589,953.80
EFR	Energy Fuels Inc.	8.97	-9%	-13%	-1%	-6%	$ 1,499,833,013.10
ETG	Entree Resources Ltd.	1.17	-5%	-3%	-15%	-8%	$ 254,181,192.50
EQX	Equinox Gold Corp.	5.85	-3%	-7%	-12%	14%	$ 1,904,903,027.39
ERD	Erdene Resource Development Corporation	0.32	7%	0%	-3%	-21%	$ 112,098,407.20
ERO	Ero Copper Corp.	19.13	-8%	-8%	-33%	-6%	$ 2,148,451,437.78
ESM	Euro Sun Mining Inc.	0.03	-14%	-14%	-14%	-57%	$ 9,544,409.94
EXN	Excellon Resources Inc.	0.08	-6%	-11%	7%	-79%	$ 4,906,785.48
MIN	Excelsior Mining Corp.	0.13	-7%	-16%	-38%	-54%	$ 39,426,982.25
FDY	Faraday Copper Corp.	0.49	-6%	-17%	-40%	-39%	$ 87,409,859.63
FIL	Filo Corp	19.64	-5%	-17%	-16%	-12%	$ 2,651,268,626.76
FR	First Majestic Silver Corp.	5.74	-10%	-24%	-33%	-41%	$ 1,777,438,165.85
FF	First Mining Gold Corp.	0.1175	-6%	-6%	-29%	-40%	$ 110,047,725.00
FM	First Quantum Minerals Ltd.	11.63	-7%	-12%	-68%	-57%	$ 8,392,550,005.40
FCU	Fission Uranium Corp.	1.12	-3%	-10%	67%	35%	$ 858,547,158.56
FSY	Forsys Metals Corp.	0.9	-5%	-14%	157%	91%	$ 177,604,214.97
FVI	Fortuna Silver Mines Inc.	3.72	-11%	-27%	-8%	-19%	$ 1,220,218,767.40
FT	Fortune Minerals Limited	0.035	-13%	-13%	-22%	-53%	$ 19,985,754.48
FNV	Franco-Nevada Corporation	144.65	0%	-2%	-25%	-20%	$ 28,245,887,673.16
FVL	Freegold Ventures Limited	0.36	-10%	-29%	-21%	-14%	$ 156,013,837.77
FURY	Fury Gold Mines Limited	0.47	-10%	-11%	-5%	-43%	$ 69,228,777.63
GAU	Galiano Gold Inc.	1.25	4%	-9%	51%	64%	$ 276,716,526.78
GATO	Gatos Silver, Inc.	8.07	-9%	-6%	37%	30%	$ 610,868,645.01
GENM	Generation Mining Limited	0.215	-28%	13%	-44%	-66%	$ 54,292,283.84
GLO	Global Atomic Corporation	3.37	4%	-6%	119%	-1%	$ 722,786,205.60
GMX	Globex Mining Enterprises Inc.	0.82	-2%	-7%	6%	3%	$ 45,315,935.52
GGD	GoGold Resources Inc.	1.16	-6%	-9%	-19%	-44%	$ 384,020,325.00
GMTN	Gold Mountain Mining Corp.	0.015	0%	20%	-87%	-88%	$ 1,319,788.82
GRC	Gold Springs Resource Corp.	0.075	-6%	-12%	-25%	-42%	$ 22,510,412.64
AUMN	Golden Minerals Company	0.62	5%	-2%	-52%	-92%	$ 8,873,348.40
GGA	Goldgroup Mining Inc.	0.025	-17%	0%	-44%	-76%	$ 2,068,578.90
GOLD	Goldmining Inc.	1.06	-5%	-11%	-12%	-28%	$ 202,026,616.00
HZM	Horizonte Minerals Plc.	0.16	-11%	-16%	-94%	-94%	$ 44,513,519.49
HBM	HudBay Minerals Inc.	6.89	-4%	-8%	-5%	1%	$ 2,455,099,752.00
IAU	i-80 Gold Corp.	1.69	-15%	-19%	-39%	-48%	$ 527,734,942.95
IMG	Iamgold Corporation	3.18	-5%	-9%	2%	-7%	$ 1,646,090,336.88
III	Imperial Metals Corporation	2.27	-3%	-6%	-12%	13%	$ 375,541,511.12
ITH	International Tower Hill Mines Ltd.	0.71	-14%	-21%	31%	-8%	$ 149,770,081.50
IE	Ivanhoe Electric Inc.	10.73	-4%	-11%	-49%	-39%	$ 1,383,376,963.50
IVN	Ivanhoe Mines Ltd.	14.18	1%	5%	9%	20%	$ 18,244,805,095.12
JAG	Jaguar Mining Inc.	1.62	-8%	-1%	-2%	-40%	$ 132,041,330.55
KNT	K92 Mining Inc.	6.19	-9%	-11%	8%	-10%	$ 1,506,693,430.66
KRN	Karnalyte Resources Inc.	0.19	-17%	19%	-10%	-31%	$ 10,123,956.58
KRR	Karora Resources Inc.	4.06	2%	-9%	-11%	-5%	$ 745,224,879.52
K	Kinross Gold Corporation	6.71	-9%	-15%	-2%	21%	$ 8,594,865,818.00
LIF	Labrador Iron Ore Royalty Corporation	30.43	-4%	-8%	1%	-17%	$ 1,988,480,000.00
LAM	Laramide Resources Ltd.	0.85	-4%	2%	77%	95%	$ 199,075,756.80
LGO	Largo Inc.	2.63	2%	-19%	-45%	-68%	$ 172,298,163.78
LGD	Liberty Gold Corp.	0.23	-6%	-21%	-36%	-56%	$ 81,064,393.51
LAAC	Lithium Americas (Argentina) Corp.	5.53	-3%	-25%	-78%	-83%	$ 927,120,616.91
LIRC	Lithium Royalty Corp.	7.3	-5%	-8%	-31%	0%	$ 188,980,201.60
LN	Loncor Gold Inc.	0.315	0%	-14%	3%	-20%	$ 47,521,193.94
LUC	Lucara Diamond Corp.	0.365	-11%	-10%	0%	-40%	$ 178,650,183.27
LUG	Lundin Gold Inc.	14.46	-7%	-6%	-11%	5%	$ 3,632,122,932.96
LUN	Lundin Mining Corporation	10.98	-2%	3%	-1%	24%	$ 8,603,185,813.68
MAG	MAG Silver Corp.	11.3	-9%	-14%	-27%	-34%	$ 1,246,998,791.50
MND	Mandalay Resources Corporation	1.45	-6%	-23%	-16%	-45%	$ 135,610,530.50
MOZ	Marathon Gold Corporation	0	-100%	-100%	-100%	-100%	$ 380,022,058.35
MARI	Marimaca Copper Corp.	3.54	4%	18%	-15%	7%	$ 332,631,080.04
MUX	McEwen Mining Inc.	8.72	-9%	-4%	-11%	9%	$ 461,272,363.68
MGA	Mega Uranium Ltd.	0.455	-3%	-6%	75%	98%	$ 168,353,392.56
MNO	Meridian Mining UK Societas	0.285	-12%	-17%	-27%	-20%	$ 72,771,812.40
MSV	Minco Silver Corporation	0.16	-6%	-11%	-11%	-11%	$ 9,764,013.28
MSA	Mineros S.A.	0.67	2%	-6%	3%	-4%	$ 206,818,807.38
STLR	STLLR Gold Inc.	1.12	-10%	-21%	-51%	-60%	$ 119,689,979.85
MPVD	Mountain Province Diamonds Inc.	0.235	0%	-11%	-50%	-56%	$ 51,832,099.06
NCU	Nevada Copper Corp.	0.065	-41%	-50%	-68%	-84%	$ 107,217,541.05
NGD	New Gold Inc.	1.61	-7%	-14%	15%	20%	$ 1,147,299,983.26
NUAG	New Pacific Metals Corp.	1.45	-13%	-33%	-53%	-58%	$ 268,538,109.74
NGT	Newmont Corporation	43.49	-4%	-14%	-20%	-32%	$ 52,028,156,781.70
NXE	NexGen Energy Ltd.	10.09	-5%	-4%	52%	64%	$ 5,395,247,191.75
NEXT	NextSource Materials Inc.	0.83	5%	-24%	-43%	-68%	$ 126,184,640.67
NCP	Nickel Creek Platinum Corp.	0.015	-25%	-25%	-40%	-70%	$ 9,335,905.68
NHK	Nighthawk Gold Corp.	0.255	-6%	-12%	-38%	-39%	$ 38,243,467.92
NB	NioCorp Developments Ltd.	4.1	-2%	-2%	-29%	-65%	$ 147,617,684.52
NCF	Northcliff Resources Ltd.	0.02	0%	-20%	-33%	-43%	$ 11,782,240.00
NDM	Northern Dynasty Minerals Ltd.	0.335	0%	-8%	-4%	12%	$ 183,082,523.40
NG	NovaGold Resources Inc.	3.18	-2%	-33%	-46%	-60%	$ 1,126,831,021.51
NVO	Novo Resources Corp.	0.145	-6%	-17%	-36%	-52%	$ 49,132,363.70
NTR	Nutrien Ltd.	66.23	-3%	-4%	-26%	-37%	$ 33,283,331,429.00
OGC	OceanaGold Corporation	2.61	-2%	0%	-11%	1%	$ 1,895,768,851.16
OREA	Orea Mining Corp.	0.015	50%	0%	-57%	-86%	$ 2,271,949.08
ORE	Orezone Gold Corporation	0.73	-6%	-17%	-27%	-45%	$ 271,151,302.46
OLA	Orla Mining Ltd	4.39	-7%	-2%	-28%	-21%	$ 1,490,299,996.35
ORV	Orvana Minerals Corp.	0.12	-8%	-23%	-33%	-35%	$ 16,394,780.52
OR	Osisko Gold Royalties Ltd	19.28	-5%	-1%	3%	13%	$ 3,712,490,875.72
OSK	Osisko Mining Inc.	2.47	-6%	-8%	-10%	-17%	$ 958,347,243.20
PAAS	Pan American Silver Corp.	16.62	-8%	-20%	-22%	-23%	$ 6,447,140,233.04
PPTA	Perpetua Resources Corp.	3.8	-3%	-13%	-16%	-15%	$ 259,058,762.24
PRU	Perseus Mining Limited	1.43	-6%	-11%	-5%	-20%	$ 1,991,667,736.20
PTM	Platinum Group Metals Ltd.	1.36	1%	-12%	-20%	-29%	$ 142,447,405.72
PRB	Probe Gold Inc.	1.29	2%	-15%	-20%	-7%	$ 213,386,904.32
RTG	RTG Mining Inc.	0.025	0%	0%	-29%	-62%	$ 28,216,291.63
RUP	Rupert Resources Ltd.	3.08	-7%	-13%	-15%	-36%	$ 662,640,624.75
SGLD	Sabre Gold Mines Corp.	0.095	0%	-24%	-27%	-57%	$ 7,965,054.30
SSL	Sandstorm Gold Ltd.	5.47	-10%	-18%	-24%	-23%	$ 1,791,950,752.76
SCY	Scandium International Mining Corp.	0.02	-20%	-20%	-50%	-69%	$ 8,896,520.33
SEA	Seabridge Gold Inc.	12.79	-9%	-15%	-20%	-19%	$ 1,165,041,497.07
SBI	Serabi Gold plc	0.9	5%	2%	105%	53%	$ 68,161,095.90
S	Sherritt International Corporation	0.275	-5%	-8%	-41%	-51%	$ 117,200,160.60
SMT	Sierra Metals Inc.	0.75	-6%	12%	92%	74%	$ 159,347,334.96
SGNL	Signal Gold Inc.	0.09	6%	-25%	-60%	-68%	$ 22,601,934.54
SBR	Silver Bear Resources plc	0.05	0%	0%	0%	0%	$ 33,916,480.55
SVB	Silver Bull Resources, Inc.	0.16	-6%	7%	68%	-20%	$ 7,578,504.32
ELEF	Silver Elephant Mining Corp.	0.265	-5%	-10%	-2%	-42%	$ 8,867,317.86
SVM	Silvercorp Metals Inc.	3.06	-1%	-7%	-14%	-29%	$ 584,220,001.20
SIL	SilverCrest Metals Inc.	6.93	-8%	-18%	4%	-5%	$ 1,115,235,238.26
SKE	Skeena Resources Limited	5.4	-8%	-7%	-18%	-27%	$ 516,493,651.96
SLS	Solaris Resources Inc.	3.63	-4%	-16%	-43%	-41%	$ 573,082,541.00
SOLG	SolGold plc	0.125	-4%	-19%	-51%	-52%	$ 375,138,371.88
SLR	Solitario Resources Corp.	0.71	-1%	-5%	-14%	-16%	$ 56,506,314.18
SGQ	SouthGobi Resources Ltd	0.6	13%	20%	362%	344%	$ 177,156,467.40
SSRM	SSR Mining Inc.	6.08	-52%	-56%	-70%	-68%	$ 2,654,608,340.64
SAU	St. Augustine Gold and Copper Limited	0.075	-6%	0%	-17%	7%	$ 75,855,357.53
DIAM	Star Diamond Corporation	0.075	0%	7%	-21%	-25%	$ 36,852,740.18
SAM	Starcore International Mines Ltd.	0.1	0%	5%	-13%	-55%	$ 5,564,685.10
STGO	Steppe Gold Ltd.	0.68	-3%	-3%	-11%	-35%	$ 73,171,429.10
SMC	Sulliden Mining Capital Inc.	0.025	-17%	-29%	-38%	-17%	$ 3,206,899.48
TSK	Talisker Resources Ltd.	0.335	2%	5%	-16%	-42%	$ 29,961,510.60
TLO	Talon Metals Corp.	0.135	-7%	-18%	-51%	-67%	$ 135,534,250.22
TKO	Taseko Mines Limited	1.91	4%	-2%	5%	-14%	$ 548,099,236.44
TI	Titan Mining Corporation	0.27	-10%	-18%	-37%	-48%	$ 36,818,981.73
TXG	Torex Gold Resources Inc.	12.96	-3%	-13%	-16%	-23%	$ 1,173,195,287.98
TML	Treasury Metals Inc.	0.12	-14%	-29%	-56%	-60%	$ 22,795,043.75
TMQ	Trilogy Metals Inc.	0.62	-10%	7%	-9%	-22%	$ 100,128,493.44
TFPM	Triple Flag Precious Metals Corp.	16.34	-5%	-5%	-10%	-10%	$ 3,435,098,591.72
TLG	Troilus Gold Corp.	0.54	2%	26%	32%	-21%	$ 158,175,767.22
TRX	TRX Gold Corporation	0.465	4%	-7%	-9%	-17%	$ 125,513,932.50
URE	Ur-Energy Inc.	2.4	-8%	3%	50%	45%	$ 666,411,294.00
NPK	Verde Agritech Ltd.	1.22	4%	-10%	-66%	-81%	$ 64,257,063.28
VGCX	Victoria Gold Corp.	5.76	-10%	-9%	-23%	-39%	$ 409,851,596.00
VGZ	Vista Gold Corp.	0.48	2%	-8%	-27%	-37%	$ 64,176,901.82
WM	Wallbridge Mining Company Limited	0.075	-6%	-17%	-42%	-53%	$ 81,299,963.04
WDO	Wesdome Gold Mines Ltd.	8.75	-6%	17%	16%	40%	$ 1,361,555,893.92
WRN	Western Copper and Gold Corporation	1.33	-7%	-23%	-31%	-37%	$ 232,527,743.00
WRX	Western Resources Corp.	0.145	4%	-6%	-42%	-40%	$ 63,381,899.09
WPM	Wheaton Precious Metals Corp.	58.74	-7%	-10%	-3%	2%	$ 27,736,899,729.88
XAM	Xanadu Mines Ltd	4.6	-10%	-13%	-51%	59%	$ 79,938,572.01
XTG	Xtra-Gold Resources Corp.	0.99	-1%	-2%	18%	3%	$ 47,125,241.34
YRB	Yorbeau Resources Inc.	0.03	0%	-14%	-14%	-54%	$ 11,039,708.25
AII	Almonty Industries Inc.	0.59	-8%	0%	5%	-20%	$ 146,530,751.40
TECK.B	Teck Resources Limited - Teck Res Cl B SV	50.22	-4%	-2%	-7%	-10%	$ 25,824,863,068.38
TECK.A	Teck Resources Limited - Teck Res Cl A MV	50.12	-4%	-2%	-8%	-12%	$ 387,319,319.20
FOM	Foran Mining Corporation	3.75	-4%	-10%	-5%	23%	$ 1,154,769,339.20
PRYM	Prime Mining Corp.	1.98	-7%	5%	17%	4%	$ 301,061,890.50
GMIN	G Mining Ventures Corp.	1.81	-9%	8%	34%	118%	$ 841,404,535.52