The Northern Miner Podcast

This week's episode sets the stage for the Northern Miner's month-long focus on outlooks and forecasts heading into 2018. (5:00) Matt tackles Scotiabank's "Top Themes for 2018" (8:02) courtesy of portfolio strategist Vincent Delisle, which lays out the case for gold and oil heading into the new year. Scotia discusses the state of the U.S. dollar, Canadian small-cap equities, and an "equity-over-bond preference" strategy for 2018. Meanwhile, Lesley's back with a brand-new edition of the Geology Corner. (12:05) This episode deals with the Novo Resources (TSXV: NVO; US-OTC: NSRPF) recent woes at its high-profile 7,600-sq.km Karratha gold project in Western Australia. Lesley digs into the company's "revised geological model," and what it means for the project moving forward. Novo stated in a Nov. 24 press release that after “careful review of sample consistency, integrity and recovery” the company intends to review other options for collecting bulk samples from drilling. Our Sponsor Spotlight (27:09) for the week features PwC partner Marelize Konig, who discusses the firms annual Art of Mining and Vision to Reality competitions. She alos talks about the impact innovation has had on PwC's business. Bonus: Matt rants about company disclosure, compliance, and securities regulators. (20:40) Articles referenced: Novo shares drop on sampling woes, revised geological model: http://www.northernminer.com/news/novo-shares-tumble-sampling-woes-purdys-reward/1003791713/ Garibaldi’s Golden Triangle discovery disappoints: http://www.northernminer.com/news/assays-garibaldis-discovery-disappoints/1003791691/ Facts ‘n’ figures: ICSG says copper production declining: http://www.northernminer.com/commodities-markets/facts-n-figures-icsg-says-copper-production-declining/1003789486/ Video: Progressive Mine Forum 2017: www.northernminer.com/news/progressi…am/1003790631/ Music Credits: "Exciting Trailer" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License creativecommons.org/licenses/by/3.0/ "Isolated" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License creativecommons.org/licenses/by/3.0/

This week's show is packed with exclusive, on-site content from The Northern Miner's Progressive Mine Forum in Toronto. First, we tune into Iamgold (TSX: IMG; NYSE: IAG) president and CEO Stephen Letwin's keynote speech on cost control, innovation and "gold’s bright future." (7:10) He recounts an impactful moment at age 26 in the oilpatch in Calgary, when he witnessed the “Elon Musk-like” wunderkind Jack Gallagher weeping uncontrollably in his boardroom. (8:25) Letwin remembers "feeling like Mick Jagger" prior to the great recession in 2008, and the "hard business lessons" he's learned since. (11:15) Matt then sits down with Rio Tinto's (NYSE: RIO; LON: RIO) managing director of iron and titanium, Stefane LeBlanc, during our Sponsor Spotlight to chat about corporate social responsibility (CSR). (25:00) LeBlanc outlines Rio's new "partnership model" and discusses the challenges related to working with communities in remote locations. He comments on some recent successes the major miner has had with stakeholders around its 60%-owned Diavik diamond nine in Canada's Northwest Territories (27:12), and explains the benefits of establishing long-term partnerships across multinational organizations. Bonus: Matt digs into the news and notes for the week. (3:48) Articles referenced: Iamgold CEO Letwin’s passionate keynote on cost control, innovation and gold’s bright future: http://www.northernminer.com/people-in-mining/full-transcript-iamgold-ceo-letwin-cost-control-innovation-golds-bright-future/1003790792/ Editorial: Iamgold’s Letwin tells of hard lessons learned in keynote at PMF: http://www.northernminer.com/people-in-mining/editorial-iamgolds-letwin-tells-hard-lessons-learned-keynote-pmf/1003790723/ Video: Progressive Mine Forum 2017: www.northernminer.com/news/progressi…am/1003790631/ Music Credits: "Exciting Trailer" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License creativecommons.org/licenses/by/3.0/ "Isolated" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License creativecommons.org/licenses/by/3.0/

This week we're digging into trends in junior mining and capital markets! Matt chats with PwC Canada's National Mining Leader Liam Fitzgerald about the recently-released Junior mine 2017 report. We dig into recent "upward trends in cash balances and deal activity" (9:05) on the S&P/TSX Venture Composite Index and talk commodity trends and market outlooks heading into 2018. Liam discusses the importance of exploration investment and highlights the importance of building a cohesive narrative when it comes to financing venture companies (17:16). He mentions two juniors specifically, including: Barkerville Gold Mines (TSXV: BGM) and Cobalt 27 Capital’s (TSXV: KBLT) $200-million initial public offering (IPO). Matt asks about the emerging "technology metal," or green economy, and how it structurally differs from traditional mining companies. (18:15) Also lithium! (20:45) Liam also provides some insight in the global economy and what the expect heading into 2018. (22:00) Meanwhile, Matt sits down with Lisa Davis, the CEO of PearTree Securities, during our Sponsorship Spotlight to talk about the innovative charity flow-through financing model. (27:45) Lisa explains the corporate social responsibility (CSR) implications of PearTree's work and underlines the importance of executive-level diversity for mining companies. Lisa also explores some trends in junior mine finance, including Goldcorp's (TSX: G; NYSE: GG) goal to invest $100 million in a portfolio of junior explorers. Articles referenced: Barkerville sees long-term potential in Cariboo Gold: http://www.northernminer.com/news/barkerville-sees-long-term-potential-b-c-s-cariboo-gold-district/1003785318/ Osisko Gold to buy Orion’s royalties for $1.1B: http://www.northernminer.com/news/osisko-gold-buy-orions-royalty-portfolio-1-1b/1003786858/ PearTree helps industry give back via charity flow-through: http://www.northernminer.com/financial-matters/pear-tree-helps-industry-give-back-via-charity-flow-through/1003627850/ Cobalt 27 offers ‘pure play’: www.northernminer.com/news/cobalt-27…re/1003787537/ Editorial: Iamgold’s Letwin tells of hard lessons learned in keynote at PMF: www.northernminer.com/people-in-mini…mf/1003790723/ Video: Progressive Mine Forum 2017: www.northernminer.com/news/progressi…am/1003790631/ Roundup 2017: Goldcorp scouts out investments in juniors: http://www.northernminer.com/news/goldcorp-scouts-investments-junior-explorers/1003783272/ Music Credits: "Exciting Trailer" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License creativecommons.org/licenses/by/3.0/ "Isolated" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License creativecommons.org/licenses/by/3.0/

We're going high-tech this week with a focus on technological metals and the future of big data in the mining industry. Matt chats with Cobalt 27 Capital’s (TSXV: KBLT) chairman and CEO Anthony Milewski (7:30) about the rising interest in technology metals like cobalt (13:00) and lithium. Anthony talks about his recent visit to LME Week in London, England, where he heard some bullish talk about the mid-term outlooks for copper and nickel (18:00). We also discuss a recent announcement by Volkswagen (US-OTC: VLKAY) and the near-term applications of lithium-ion battery technologies for civil power grids (13:48). Matt then sits down with Kevin Reardon (27:30), ‎Energy and Mining Advisor at IBM's (NYSE: IBM; LON: IBM) Natural Resources Solution Centre, at The Northern Miner's Progressive Mine Forum (PMF). We dig into the potential applications of big data and machine learning in the mining industry. Kevin outlines IBM's approach to the natural resource sectors and how he thinks technology might impact everything from exploration to production. We specifically chat about IBM's Watson artificial intelligence (AI) technology, and teaching computers to think like geologists and engineers (29:00)! Articles referenced: Cobalt 27 offers ‘pure play’: http://www.northernminer.com/news/cobalt-27-wants-offer-pure-play-battery-metal-exposure/1003787537/ Editorial: Iamgold’s Letwin tells of hard lessons learned in keynote at PMF: www.northernminer.com/people-in-mini…mf/1003790723/ Video: Progressive Mine Forum 2017: www.northernminer.com/news/progressi…am/1003790631/ Music Credits: "Exciting Trailer" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License creativecommons.org/licenses/by/3.0/ "Isolated" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License creativecommons.org/licenses/by/3.0/

Watch out! It's the Northern Miner podcast Halloween special wherein we get pretty spooky. Lesley and Matt are back from the Progressive Mine Forum (PMF) in Toronto with a delicious selection of content from keynote speakers, round-tables, and interviews. This week Lesley sits down with Pavel Adbur-Rahman, who leads IBM's AI & Advanced Analytics Consulting Practice in Canada, and Robin Fell, who serves as Goldcorp's director of strategic technology solutions. The group discusses big data and how it ties into geosciences and discovery! Meanwhile, Matt digs into BMO Capital Markets report on LME Week 2017, which is the annual gathering of the global metals community in London. Representatives from the entire supply chain meet to discuss current trends in metals markets and what to expect for the year ahead. We sort through BMO Capital Markets "LME Week 2017 Preview" analyst note and chat about some major macro trends that could impact industrial mineral markets heading into 2018! Bonus: Zombies! LME Week intro 2:50 Commodity price round-up 4:12 Macro-economic update 5:00 Zinc & copper chat 5:30 Underlying metal demand 6:43 Cobalt and lithium 9:15 Geology Corner ft. IBM & Goldcorp 12:00 Articles referenced: Full transcript: Iamgold CEO Letwin on cost control, innovation and gold’s bright future: http://www.northernminer.com/people-in-mining/full-transcript-iamgold-ceo-letwin-cost-control-innovation-golds-bright-future/1003790792/ Stornoway’s Matt Manson speaks on the struggle to build Renard at PMF: http://www.northernminer.com/news/stornoways-matt-manson-speaks-struggle-build-renard-pmf/1003790764/ Editorial: Iamgold’s Letwin tells of hard lessons learned in keynote at PMF: http://www.northernminer.com/people-in-mining/editorial-iamgolds-letwin-tells-hard-lessons-learned-keynote-pmf/1003790723/ Video: Progressive Mine Forum 2017: http://www.northernminer.com/news/progressive-mine-forum-2017-livestream/1003790631/ Music Credits: "Classic Horror 1" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License creativecommons.org/licenses/by/3.0/ "Classic Horror 2" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License creativecommons.org/licenses/by/3.0/

This week we've got a geological bonananza! Lesley sits down with Dr. Hartwig Frimmel to chat about the genesis of the Witwatersrand (Wits) gold deposit in South Africa. The geological anomaly has received renewed attention thanks to a recent discovery by Novo Resources (TSXV: NVO; USOTC: NSRPF), which reported on July 12 that it had found gold nuggets up to 4 cm long during trenching at its Purdy’s Reward gold prospect in Western Australia. Novo (12:00) has traced the nugget-rich, 2.7-billion-year-old conglomeratic package almost continuously along an 8 km strike length. The rocks dip 10 degrees southeast under a cover of basalts. Dr. Frimmel explains that the "biggest controversy" behind the Wits remains the source of gold. He argues that acidic rain liberated gold from the crust and gold-rich streams flushed across the hinterland, depositing gold in chemically-reactive algal mats. Those algal mats only started to blossom around 2.9 billion years ago – which is why the richest part of the Wits is 2.9 billion years. He believes these algal matts were then eroded and flushed into the basin. Timeline Novo Resources 17:50 Greenstone belts across the world 33:45 Dating gold-porphyry deposits 36:55 Wits 2.0: Is there a twin? 40:00 Articles referenced: Novo Resources strikes gold at Purdy’s Reward in Australia: http://www.northernminer.com/news/novo-resources-strikes-gold-purdys-reward/1003788541/ Come See the Mine of the Future – October 23, 2017: www.northernminer.com/progressive-mine-forum/ Music Credits: "Cool Rock" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License creativecommons.org/licenses/by/3.0/ "Isolated" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License creativecommons.org/licenses/by/3.0/

We're back with a mega-commodity outlook special that takes a look macro-economic conditions heading into the fourth quarter of 2017. Matt takes a read through a massive, 65-page commodity update from Scotia Capital and ponders the supply-demand scenario for recent base-metal all-stars: copper and zinc. The situation isn't looking so pretty for uranium markets, but the buzz remains for key minerals in the electric vehicle and lithium-ion battery markets. And it wouldn't be a commodity special without some commentary on gold prices! Meanwhile, Lesley returns with the latest, and greatest, edition of the Geology Corner. This week we're discussing the major questions investors should ask about geophysical anomalies. Lesley sits down with Greg Hodges, a senior geophysicist at Sander Geophysics — an international airborne geophysical survey firm for more than 60 years. She counts down "7 Main Geophysics Points." Bonus: Matt over uses the verb "hop." Timeline 3:00 Macro commodity price round-up 7:38 Gold price fundamentals 9:04 Talking with Dr. Copper 11:18 The year of zinc 14:30 The U308 Blues 16:40 Crazy about cobalt 22:37 The Geology Corner: Geophysics edition 36:05 The Progressive Mine Forum in Toronto Articles referenced: Top seven questions investors need to ask about geophysical anomalies: http://www.northernminer.com/news/top-seven-questions-investors-need-ask-geophysical-anomalies/1003789791/ eCobalt plans US production facility: http://www.northernminer.com/news/ecobalt-looks-finance-us-production-facility/1003790183/ Facts ‘n’ figures: ICSG says copper production declining: http://www.northernminer.com/commodities-markets/facts-n-figures-icsg-says-copper-production-declining/1003789486/ Editorial: Gold, copper reach new highs: www.northernminer.com/news/editorial…hs/1003789425/ Come See the Mine of the Future – October 23, 2017: http://www.northernminer.com/progressive-mine-forum/ Music Credits: "Cool Rock" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License creativecommons.org/licenses/by/3.0/ "Isolated" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License creativecommons.org/licenses/by/3.0/

This week we're bringing you exclusive content from the 2017 Precious Metals Summit in Beaver Creek, Colorado. Lesley reports on location from the event and touches base with key industry players and analysts. First, we sit down with Exploration Insights Brent Cook to talk about one of the hottest exploration stories in the industry right now: Novo Resources (TSXV: NVO; USOTC: NSRPF) and its Purdy’s Reward paleoplacer gold prospect in Western Australia. Brent recently returned from a visit to the site, and discusses potential geology and investment prospects for the company. Second, Lesley has a chat with Adam Lundin, who recently took over the reins as president and CEO at Filo Mining (TSXV: FIL). The company was spun out of NGEx Resources (TSX: NGQ; US-OTC: NGQRF) in mid-2016 to highlight the Filo del Sol copper-gold property that straddles the Chile-Argentia border, 140 km southeast of the city of Copiapo, Chile. Adam talks about his father, Lukas Lundin, and how he'll be advancing low-cost oxide upside at the eponymous, flagship project. Timeline 3:00 Exploration Insights Brent Cook talks Novo Resources 17:39 Adam Lundin talks Filo Mining and getting into the family business Articles referenced: Novo Resources strikes gold at Purdy’s Reward in Australia: http://www.northernminer.com/news/novo-resources-strikes-gold-purdys-reward/1003788541/ Filo Mining advances Filo del Sol copper-gold project: http://www.northernminer.com/news/filo-mining-explores-oxide-copper-gold-upside-filo-del-sol/1003785346/ Q&A: Adam Lundin on family ties, new role at Filo Mining: http://www.northernminer.com/news/qa-adam-lundin-family-ties-new-position-filo-mining/1003789657/ Editorial: Gold, copper reach new highs: www.northernminer.com/news/editorial…hs/1003789425/ Music Credits: "Cool Rock" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License creativecommons.org/licenses/by/3.0/ "Isolated" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License creativecommons.org/licenses/by/3.0/

This week we're joined by the Mercenary Geologist, Mickey Fulp, to talk about the rising spectre of geopolitical risk for miners! Matt sits down to chat about a few recent high-profile cases, including: Eldorado Gold (TSX: ELD; NYSE: EGO) in Greece; Acacia Mining (LON: ACA) in Tanzania; Tahoe Resources (TSX: THO; NYSE: TAHO) in Guatemala; and much more! Has Canada been a major benefactor as companies turn their eyes back home? Mickey's done background research and brings together a growing list of companies that have run into socio-political problems across the globe. He also discusses his experiences in Latin America, and explains where he'd be comfortable investing his money! We also dig into the current state of metals markets, including the recent rally in base metals, as well as the macro political situation involving North Korea and the potential impact on gold. Timeline 3:00 General macro economic and political update 5:15 Base and precious metals 8:05 Talking the North American stock markets 10:15 Geopolitical risk introduction 12:00 Mickey's geopolitical risk list 15:45 Digging into Latin America 18:00 Mickey's geographic investing tips 20:18 What's the mining outlook like for the U.S.? 22:30 2017 Precious Metals Summit Beaver Creek Articles referenced: Greek government bends on Eldorado’s ultimatum: http://www.northernminer.com/people-in-mining/eldorado-golds-ultimatum-greece-gets-results-not/1003789567/ Uncertainty in Guatemala drives Tahoe to suspend dividend and guidance: http://www.northernminer.com/financial-matters/uncertainty-guatemala-drives-tahoe-suspend-dividend-guidance/1003788547/ Commentary: One theory on the root of Acacia’s troubles in Tanzania: http://www.northernminer.com/court-cases/commentary-one-theory-root-acacias-troubles-tanzania/1003788396/ OceanaGold, B2Gold scramble as Philippines gov’t may suspend 20 more mines: http://www.northernminer.com/news/oceanagold-b2gold-face-political-uncertainty-philippines/1003777828/ Facts ‘n’ figures: ICSG says copper production declining: http://www.northernminer.com/commodities-markets/facts-n-figures-icsg-says-copper-production-declining/1003789486/ Editorial: Gold, copper reach new highs: http://www.northernminer.com/news/editorial-gold-copper-reach-new-highs/1003789425/ Music Credits: "Cool Rock" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License creativecommons.org/licenses/by/3.0/ "Isolated" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License creativecommons.org/licenses/by/3.0/

Matt sits down with Exploration Insights' analyst Joe Mazumdar to talk development risk and investor strategy in this week's episode! The discussion includes a round-up of recent development projects that have experienced some growing pains, including: Red Eagle Mining's (TSX: R; US-OTC: RDEMF) San Ramon operation in Colombia; New Gold's (TSX: NGD; NYSE-MKT: NGD) Rainy River mine in Ontario; and TMAC Resources (TSX: TMR; US-OTC: TMMFF) Hope Bay project in Nunavut. We also dig into Alamos Gold's (TSX: AGI; NYSE: AGI) recent acquisition of Richmont Mines (TSX: RIC; NYSE: RIC), and what to expect from Canada's gold majors moving into the fourth quarter of 2017. Joe outlines his investment thoughts following the recent rally in precious and base metal prices, and offers investors some advice on strategies when it comes to mine development. Timeline 4:22 Commodity and investment update 6:23 Mine development 101 8:00 Red Eagle's San Ramon project 11:30 TMAC Resources Hope Bay operation 16:13 Pretium's Brucejack mine 18:00 New Gold's Rainy River deposit 19:00 Nevsun's Bisha operation 21:00 Tips for investors looking at developer discloure 25:00 Gold majors and asset divestments 28:30 Alamos/Richmont deal 31:00 Current investment strategies Articles referenced: The Progressive Mine Forum in Toronto: www.northernminer.com/progressive-mine-forum/ Kirkland Lake rides high grades towards banner year: www.northernminer.com/news/kirkland-…ar/1003789201/ Novo Resources strikes gold at Purdy’s Reward in Australia: www.northernminer.com/news/novo-reso…rd/1003788541/ GT Gold surges on greenfield discovery: www.northernminer.com/news/gt-gold-s…le/1003788300/ Site visit: Western Copper approaches final mine design at Casino: www.northernminer.com/news/site-visi…no/1003783863/ Music Credits: "Cool Rock" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License creativecommons.org/licenses/by/3.0/ "Isolated" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License creativecommons.org/licenses/by/3.0/