The Northern Miner Podcast

We're back with an action-packed episode that tackles, in equal parts, the state of junior mining markets and extinction level events. Lesley swings by for another edition of the Geology Corner wherein she enlightens us on tsunamis, dinosaurs, and Hollywood. Meanwhile, Matt unveils his full interview with Exploration Insights' analyst Brent Cook. The discussion includes the state of junior markets, analyzing greenfield investment opportunities, the Australian Stock Exchange, and innovation in geoscience! Bonus: Matt discusses deals between Osisko Gold Royalties (TSX: OR; NYSE: OR) and Orion Mine Finance, and Iamgold (TSX: IMG; NYSE: IAG) and Japan's Sumitomo Metal Mining! Timeline: Van Eck GDXJ update: 3:30 Osisko and Orion $1.1B deal: 6:10 Iamgold and Sumitomo JV: 10:40 Geology Corner ft. extinction level events!: 11:50 Exploration Insights' Brent Cook: 24:43 Articles referenced: Osisko Gold to buy Orion’s royalty portfolio for $1.1B: http://www.northernminer.com/news/osisko-gold-buy-orions-royalty-portfolio-1-1b/1003786858/ Barrick, Acacia embroiled in political turmoil in Tanzania: www.northernminer.com/news/barrick-a…ia/1003786659/ Eldorado eyes the Abitibi with $590M Integra deal: http://www.northernminer.com/news/eldorado-eyes-abitibi-590m-integra-deal/1003786331/ Denison Mines CEO David Cates: Uranium market ‘quite thin’: http://www.northernminer.com/news/will-uranium-prices-rise-high-enough-justify-new-mines/1003786784/ Lundin Gold secures funds for its improved FDN project: http://www.northernminer.com/news/lundin-gold-secures-funds-improved-fdn-project/1003786722/ Leagold to buy Goldcorp’s Los Filos: http://www.northernminer.com/news/leagold-management-talks-strategy-los-filos/1003784456/ Music Credits: Energy Recorded by Bensound (www.bensound.com/royalty-free-music/track/energy) Licensed under Creative Commons: By Attribution-NoDerivs 3.0 Unported creativecommons.org/licenses/by-nd/3.0 Isolated Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License creativecommons.org/licenses/by/3.0/ Beach Bum 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 (https://www.explorationinsights.com/) analyst Brent Cook to talk about the state of junior markets. This is an interlude from a longer conversation we'll be airing during the Northern Miner podcast episode #62 the week of June 5. Brent digs into his current outlook on exploration and where he's looking for his next investment opportunities. In addition, we discuss looking for junior opportunities that might attract a major mining company. Music Credit: Chill Wave Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License creativecommons.org/licenses/by/3.0/

There's plenty to talk about on this week's Northern Miner podcast as Matt swings by the International Metal Writers Conference in Vancouver to catch-up with some of our favourite newsletter analysts and companies. First, we sit down with the Mercenary Geologist, Mickey Fulp, to catch up on junior mining markets. Mickey digs into exploration innovation, the state of copper markets, and unveils his new red-metal pick: Trilogy Metals (TSX: TMQ; NYSE-MKT: TMQ). We talk district-scale land packages, the next generation of discoveries, and much more! Then Matt checks in with Yukon Mining Alliance chair, and Western Copper and Gold (TSX: WRN; NYSE-MKT: WRN) CEO, Paul West-Sells to talk about the upcoming field season in the Yukon and how the presence of so many major gold miners has impacted the jurisdiction. We discuss infrastructure challenges, including the potential for liquefied natural gas (LNG), and geopolitical risk. Timeline: Mickey Fulp junior mining and commodity update: 3:15 State of junior markets and exploration: 5:10 Investment my the gold majors: 7:10 Innovation in exploration: 9:10 Base metal update ft. copper & zinc: 13:10 Precious metal update ft. gold & silver: 20:45 Dr. Paul West-Sells of the Yukon Mining Alliance: 26:45 B.C. NDP-Green coalition: 37:15 Articles referenced: Lukas Lundin: Copper is the ‘commodity of choice’: http://www.northernminer.com/news/lukas-lundin-copper-commodity-choice/1003786598/ Barrick, Acacia embroiled in political turmoil in Tanzania: http://www.northernminer.com/news/barrick-acacia-embroiled-political-turmoil-tanzania/1003786659/ Facts ‘n’ Figures: Global silver mine production drops for first time in 14 years: http://www.northernminer.com/commodities-markets/facts-n-figures-global-silver-mine-production-drops-first-time-14-years/1003786595/ Facts ‘n’ Figures: World copper mine production soars 5% in 2016, ICSG finds: www.northernminer.com/commodities-ma…ds/1003785422/ AllianceBernstein: More investment in copper needed: www.northernminer.com/news/investmen…ys/1003785134/ Eldorado eyes the Abitibi with $590M bid for Integra: http://www.northernminer.com/news/eldorado-eyes-abitibi-590m-integra-deal/1003786331/ Music Credit: Energy Recorded by Bensound (www.bensound.com/royalty-free-music/track/energy) Licensed under Creative Commons: By Attribution-NoDerivs 3.0 Unported creativecommons.org/licenses/by-nd/3.0 Music Credit: Beach Bum Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License creativecommons.org/licenses/by/3.0/

We're back in action with a jam-packed episode featuring a pair of special guests! Lesley drops by MAG Silver's (TSX: MAG; NYSE-MKT: MAG) offices in Vancouver to chat with Dr. Peter Megaw, who won the 2017 PDAC Thayer Lindsley award for his work on the blind discovery known as the Juanicipio silver deposit. The discovery reportedly resulted from "an understanding of structural controls and mineral zoning patterns of epithermal vein systems and persistent application of field-based exploration methods." Discussion revolves around carbonate-hosted lead-zinc ore deposits! Meanwhile, Matt is joined in studio by mining.com editor, Frik Els; who provides some unique insights on the industrial metals complex. We talk about copper-supply disruptions, metallurgical coal markets, and current market sentiments on nickel. Plus, Frik explains why the big-four iron ore producers are basically "OPEC on crack." Bonus: We talk about Kinross Gold's (TSX: K; NYSE: KGC) new involvement with White Gold (TSXV: WGO) in the Yukon! Timeline: The base metals complex ft. Frik Els: 2:40 Copper supply disruptions: 4:28 Update on iron ore markets: 6:40 Metallurgical coal update: 10:20 Platinum group metals markets: 12:20 Nickel market round-up: 16:15 Geology Corner ft. Dr. Peter Megaw: 20:05 Kinross White Gold update: 32:35 Articles referenced: MAG Silver’s low-risk Juanicipio gets wider at depth: http://www.northernminer.com/people-in-mining/mag-silvers-low-risk-juanicipio-gets-wider-depth/1003778193/ Canadian gold majors eye home-field exploration advantage: http://www.northernminer.com/news/canadian-gold-majors-eye-homegrown-discovery-upside/1003786457/ G4G Capital’s stock surges with option on Shawn Ryan’s claims: http://www.northernminer.com/people-in-mining/g4g-capitals-stock-surges-option-shawn-ryans-yukon-claims/1003780990/ Yukon catches more majors’ eyes: www.northernminer.com/news/far-north…rs/1003785761/ Robert Friedland, Lukas Lundin to be featured speakers at TNM’s Canadian Mining Symposium in London: www.northernminer.com/stock-markets-…on/1003784168/ Music Credits: "Energy Recorded" by Bensound (www.bensound.com/royalty-free-music/track/energy) Licensed under Creative Commons: By Attribution-NoDerivs 3.0 Unported creativecommons.org/licenses/by-nd/3.0 "Isolated" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License creativecommons.org/licenses/by/3.0/ "Beach Bum" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License creativecommons.org/licenses/by/3.0/

Matt sits down with mining analyst Joe Mazumdar from Exploration Insights to talk about the recent surge in investment activity, namely major and/or intermediate miners participating in joint ventures, equity placements, and partnerships with explorers and junior companies. We dig into the Newmont Mining’s (NYSE: NEM) interest in Continental Gold's (TSX: CNL) fully-permitted Buritica gold project in Colombia, and its US$39.5-million investment in Goldstrike Resources (TSXV: GSR) and the Plateau gold project in the Yukon. Joe recounts his time with Newmont, and speculates on deal structures. We then hop over to Eldorado Gold's (TSX: ELD; NYSE: EGO) recent $590-million, cash-and-share bid for Integra Gold (TSXV: ICG; US-OTC: ICGQF) and its historic Lamaque project near Val-d’Or, Quebec. Is Eldorado done? Joe doesn't necessarily think so, and also says to keep an eye on Iamgold (TSX: IMG; NYSE: IAG)! We subsequently dig into geopolitical risk and wonder what other gold producers might be in the market to deploy capital. The discussion includes Sandstorm Gold (TSX: SSL; NYSE-MKT: SAND) paying an 84% premium for Mariana Resources (TSX: MRY; LON: MARL) and the high-grade Hot Maden gold-copper project in northeastern Turkey. Timeline: Newmont & Goldstrike in the Yukon: 1:33 Structuring earn-in agreements: 7:18 Sandstorm Gold buys Mariana: 7:49 Atac Resources & Barrick: 11:13 The importance of technical teams: 13:20 The stragies of gold majors: 14:40 Talking geopolitical risk: 20:00 The outlook on early-stage exploration: 23:00 Articles referenced: Eldorado eyes the Abitibi with $590M Integra deal: http://www.northernminer.com/news/eldorado-eyes-abitibi-590m-integra-deal/1003786331/ Newmont takes strategic stake in Continental Gold: http://www.northernminer.com/news/newmont-takes-strategic-stake-continental-gold/1003786186/ Sandstorm bids for Mariana: http://www.northernminer.com/news/sandstorm-bids-takeover-mariana-shares-drop/1003785879/ Barrick joins Atac at Orion in the Yukon: http://www.northernminer.com/news/atac-barrick-join-forces-yukon-explore-rackla/1003785626/ South32 takes stake in Arizona Mining: http://www.northernminer.com/news/south32-takes-stake-arizona-mining/1003785966/ South32 strikes deal with Trilogy in Alaska’s Ambler district: http://www.northernminer.com/news/trilogy-south32-team-alaskas-ambler-district/1003785470/ Yukon catches more majors’ eyes: www.northernminer.com/news/far-north…rs/1003785761/ Music Credits: "Energy Recorded" by Bensound (www.bensound.com/royalty-free-music/track/energy) Licensed under Creative Commons: By Attribution-NoDerivs 3.0 Unported creativecommons.org/licenses/by-nd/3.0

Matt's packing his bags and off to London for our inaugural Canadian Mining Symposium on May 9, but not before digging into the mining news/issues of the day and paying a visit to the Geological Survey of Canada’s (GSC) offices in downtown Vancouver with Lesley to celebrate Canada’s oldest scientific agency during its 175th anniversary. The GSC is part of the Earth Sciences Sector of Natural Resources Canada, and was founded in 1842 to help develop Canadian resources by establishing “the general geological base on which the industry could plan detailed investigations.” Lesley sits down with Research Scientist John Chapman to discuss GSC project work in B.C. and the Yukon! Topics include Western Copper & Gold's (TSX:) Casino deposit and Rockhaven Resources (TSX:) Klaza discovery! Meanwhile, Matt covers reports of potential further copper supply disruption stories, and keeps his eyes on the real-time results from France's general election! We also dig into some of the subjects, questions and issues our fantastic panelists and speakers will tackle at the Mining Symposium. Timeline: Macro economic roundup: 2:30 The Geology Corner ft. GSC's John Chapman: 8:00 Canadian Symposium discussion: 16:09 Articles referenced: Robert Friedland, Lukas Lundin to be featured speakers at TNM’s Canadian Mining Symposium in London: www.northernminer.com/stock-markets-…on/1003784168/ Camino CEO on possible IOCG discovery at Los Chapitos: http://www.northernminer.com/news/camino-ceo-potential-iocg-discovery-los-chapitos/1003786015/ Early earth too hot for plate tectonics, study says: www.northernminer.com/news/early-ear…ys/1003785959/ TNM Data Miner: Annual trends in global drilling activity: www.northernminer.com/news/tnm-data-…ty/1003785883/ TNM Roundtable: Pros and cons of the farm team: www.northernminer.com/news/tnm-round…am/1003785822/ Yukon catches more majors’ eyes: www.northernminer.com/news/far-north…rs/1003785761/ Music Credits: "Energy Recorded" by Bensound (www.bensound.com/royalty-free-music/track/energy) Licensed under Creative Commons: By Attribution-NoDerivs 3.0 Unported creativecommons.org/licenses/by-nd/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 rock-solid episode featuring detailed updates on the wide world of international mining. Lesley sits down with Dr. Nicholas Gardiner, a research fellow at Western Australia's Curtin University, about a recent paper about the evolution of earth's first crust. Meanwhile, Matt digs into Australia-based South 32's (ASX: S32) in Arizona Mining (TSX: AZ; US-OTC: WLDVF) and its Taylor zinc-lead deposit, and an intriguing looking drill hole from Camino Minerals (TSXV: COR; US-OTC: CAMZF) at its Los Chapitos iron oxide copper gold (IOCG) prospect in southern Peru. Bonus: Are uranium prices set to rebound based on supply cuts? And Capstone Mining (TSX: CS; US-OTC: CSFFF) announces a three-year extension at its Minto copper operation in the Yukon! Timeline: Macro economic roundup: 1:50 Copper and the base metals complex: 2:55 Arizona Mining & South32: 3:31 Update on U.S. DOE uranium policy: 4:13 Geology Corner ft. Dr. Nicholas Gardiner: 6:37 Camino Minerals results at Los Chapitos: 19:19 Capstone's announcement at Minto: 24:15 Articles referenced: Early earth too hot for plate tectonics, study says: http://www.northernminer.com/news/early-earth-hot-plate-tectonics-study-says/1003785959/ TNM Data Miner: Annual trends in global drilling activity: http://www.northernminer.com/news/tnm-data-miner-annual-trends-global-drilling-activity/1003785883/ TNM Roundtable: Pros and cons of the farm team: http://www.northernminer.com/news/tnm-roundtable-pros-cons-%e2%80%a8of-farm-team/1003785822/ Yukon catches more majors’ eyes: http://www.northernminer.com/news/far-north-attracts-investment-majors/1003785761/ Robert Friedland, Lukas Lundin to be featured speakers at TNM’s Canadian Mining Symposium in London: www.northernminer.com/stock-markets-…on/1003784168/ Music Credits: "Energy Recorded" by Bensound (www.bensound.com/royalty-free-music/track/energy) Licensed under Creative Commons: By Attribution-NoDerivs 3.0 Unported creativecommons.org/licenses/by-nd/3.0 "Too Cool" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License http://creativecommons.org/licenses/by/3.0/

This week we continue our copper theme with a well-time "porphyry primer" on the Geology Corner. Lesley discusses the history of porphyry geological models and discovery. We also dig into block-cave mining, and what challenges, and associated new technologies, might lay ahead for copper miners and explorers. Meanwhile, Matt drills into an announcement by Vector Index Solutions (MVIS) surrounding "significant methodology change to the MVIS Global Junior Gold Miners Index (MVGDXJ)." We cover a few analysts notes on the topic, and look into the proposed changes. Matt also sits down with president and CEO of Atac Resources (TSXV: ATC; US-OTC: ATADF), Graham Downs, to talk about the company's recent option agreement with major Barrick Gold (TSX: ABX; NYSE: ABX) on its expansive Rackla gold project in the Yukon territory. The transactions consist of a potential total investment by Barrick of approximately $63.3 million, which includes a private placement of $8.3 million and a two staged, $55 million exploration earn-in option to acquire up to 70% of the Orion Project. Timeline: Macro economic roundup: 1:40 GMP copper and zinc analysis: 2:45 Geology Corner ft. copper porphyrys: 5:20 Changes to the MVIS Global Junior Gold Miners Index: 17:51 Atac Resources CEO Graham Downs on Barrick deal: 20:51 TNM Canadian Mining Syposium update: 28:55 Articles referenced: Facts ‘n’ Figures: World copper mine production soars 5% in 2016, ICSG finds: www.northernminer.com/commodities-ma…ds/1003785422/ AllianceBernstein: More investment in copper needed: www.northernminer.com/news/investmen…ys/1003785134/ Site visit: Atac builds critical mass at Rackla in Yukon: www.northernminer.com/news/site-visi…on/1003778731/ PDAC 2017: Copper, zinc looking good for 2017: www.northernminer.com/commodities-ma…17/1003784440/ Robert Friedland, Lukas Lundin to be featured speakers at TNM’s Canadian Mining Symposium in London: www.northernminer.com/stock-markets-…on/1003784168/ Music Credit: Energy Recorded by Bensound (www.bensound.com/royalty-free-music/track/energy) Licensed under Creative Commons: By Attribution-NoDerivs 3.0 Unported creativecommons.org/licenses/by-nd/3.0 Music Credit: Beach Bum Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License creativecommons.org/licenses/by/3.0/

We're going interstellar this week on the Geology Corner. Lesley digs into banded iron formations (also known as BIFs), which are distinctive units of sedimentary rock. We talk oxygen, snowball Earth, and asteriods! Meanwhile, Matt discusses the 16th annual World Copper Conference in Santiago Chile and the near to midterm red metal outlook. We review a few analysts reports from the event and drill down into India as the emerging industrial metals market, the copper cycle, supply disruptions, and more! Matt also sits down with Arizona Mining’s (TSX:AZ) president and CEO Jim Gowans to talk the Taylor zinc-lead-silver deposit, 80 km southeast of Tucson, Ariz. The company released a preliminary economic assessment (PEA) on the deposit in early April, and we cover metallurgy and mining methods. Bonus: Matt briefly touches on the Atac Resources (TSXV: ATC; US-OTC: ATADF) and Barrick Gold (TSX: ABX; NYSE: ABX) deal in the Yukon! Timeline: Macro economic roundup: 0:30 Copper round-up and analysis: 1:45 Geology Corner ft. BIFs: 7:44 Arizona Mining CEO Jim Gowans: 24:35 Atac/Barrick agreement in the Yukon: 10:56 Articles referenced: Facts ‘n’ Figures: World copper mine production soars 5% in 2016, ICSG finds: http://www.northernminer.com/commodities-markets/facts-n-figures-world-copper-mine-production-soars-5-2016-icsg-finds/1003785422/ AllianceBernstein: More investment in copper needed: www.northernminer.com/news/investmen…ys/1003785134/ Site visit: Atac builds critical mass at Rackla in Yukon: http://www.northernminer.com/news/site-visit-atac-builds-critical-mass-%e2%80%a8at-rackla-yukon/1003778731/ Arizona Mining confirms size potential at Taylor: http://www.northernminer.com/news/arizona-mining-confirms-size-potential-taylor/1003777643/ PDAC 2017: Copper, zinc looking good for 2017: www.northernminer.com/commodities-ma…17/1003784440/ Robert Friedland, Lukas Lundin to be featured speakers at TNM’s Canadian Mining Symposium in London: www.northernminer.com/stock-markets-…on/1003784168/ Music Credit: Energy Recorded by Bensound (www.bensound.com/royalty-free-music/track/energy) Licensed under Creative Commons: By Attribution-NoDerivs 3.0 Unported creativecommons.org/licenses/by-nd/3.0 Music Credit: Beach Bum Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License creativecommons.org/licenses/by/3.0/

Matt is flying solo this week due to scheduling conflicts, but fear not, Lesley will return with rock talk about the Geology Corner next episode. Meanwhile, we get serious about base metals with a round-up of analyst and industry commentary on the two major players to start 2017: copper and zinc. Matt digs into major copper supply disruptions at BHP Billiton's (NYSE: BHP; LON: BLT) Escondida mega mine in Chile, Freeport-McMoRan (NYSE: FCX) Grabserg operation in Indonesia and Cerro Verde mine in Peru, and breaking news that Grupo Mexico's Southern Copper (NYSE: SCCO) may be preparing for labor disputes at its Toquepala and Cuajone mines in southern Peru. We also talk economics at HudBay Minerals' (TSX: HBM; NYSE: HBM) Rosemont copper project in Arizona. We hear from AuRico Metals' (TSX: AMI; US-OTC: ARCTF) president and CEO Chris Richter on what he's hearing in terms of copper markets and the company's Kemess copper-gold project in northern B.C. On the zinc side, Matt digs into falling Treatment Charges (TC) and Refining Charges (RC), and what the tea leaves are saying about the industrial metal. We review some analysts notes on zinc, and talk to Trevali Mining (TSX: TV) president and CEO Dr. Mark Cruise about near-term supply concerns. Timeline: Macro economic roundup: 1:20 Copper round-up and analysis: 3:30 HudBay Minerals' Rosemont copper project: 6:18 AuRico CEO Chris Richter talks copper: 9:25 Zinc round-up and analysis: 10:56 Trevali CEO Dr. Mark Cruise talks zinc: 16:45 TNM/PwC round table on capital allocation: 22:04 Articles referenced: AllianceBernstein: More investment in copper needed: http://www.northernminer.com/news/investment-copper-needed-alliancebernstein-analyst-says/1003785134/ AuRico CEO Richter on Kemess permits, royalty strategy: http://www.northernminer.com/news/aurico-ceo-permitting-kemess-royalty-strategy/1003784598/ Trevali CEO discusses Glencore deal, zinc markets: www.northernminer.com/news/trevali-c…ts/1003784876/ PDAC 2017: Copper, zinc looking good for 2017: www.northernminer.com/commodities-ma…17/1003784440/ Robert Friedland, Lukas Lundin to be featured speakers at TNM’s Canadian Mining Symposium in London: www.northernminer.com/stock-markets-…on/1003784168/ Music Credit: Energy Recorded by Bensound (www.bensound.com/royalty-free-music/track/energy) Licensed under Creative Commons: By Attribution-NoDerivs 3.0 Unported creativecommons.org/licenses/by-nd/3.0