Short Position Report

Short positions outstanding at Dec. 31/14 (with changes from Dec. 15/14).

TSX Short Positions                
                 
Largest Short Positions                
                 
Security Ticker Total Short Change          
Lundin Mining  LUN 37258346 -17652652          
New Gold NGD 30802764 -1732841          
PotashCorp  POT 25174184 -1386791          
B2Gold  BTO 15168802 -1145462          
Detour Gold  DGC 13019001 -9110777          
Thompson Creek Mtl TCM 11219962 -303381          
Barrick Gold  ABX 11172136 -2642602          
Kinross Gold  K 10877751 -8270629          
Yamana Gold  YRI 10639759 -4084790          
Argonaut Gold  AR 10076248 -3768371          
Rio Alto Mining  RIO 8330282 -8036          
Silver Wheaton  SLW 7895981 -6088536          
Aurico Gold  AUQ 7606961 1547025          
First Majestic Silver  FR 7419224 -3879060          
Hudbay Minerals  HBM 6935821 -632244          
                 
Largest Increase in Short Position                
                 
Security Ticker Total Short Change          
Platinum Group Mtl  PTM 4707828 3717328          
Iamgold  IMG 5706973 3134944          
Aurico Gold  AUQ 7606961 1547025          
Goldgroup Mining  GGA 1044000 1041000          
Sherritt International  S 1829694 506364          
                 
Largest Decrease in Short Position                
                 
Security Ticker Total Short Change          
Lundin Mining LUN 37258346 -17652652          
Detour Gold DGC 13019001 -9110777          
Eldorado Gold  ELD 2829624 -8860190          
Kinross Gold K 10877751 -8270629          
Silver Wheaton SLW 7895981 -6088536          
                 
TSX Venture Short Positions                
                 
Largest Short Positions                
                 
Security Ticker Total Short Change          
Tyhee Gold  TDC 1157000 1157000          
Arcan Res.  ARN 626000 626000          
Majestic Gold  MJS 400000 400000          
Graphite One Res.  GPH 364500 54500          
Zenyatta Vent.  ZEN 288100 -21800          
Niocorp Developments  NB 276390 -108410          
Roxgold  ROG 257875 -5825          
North Arrow Minerals  NAR 217000 217000          
Argentex Mining  ATX 200500 126000          
Blackstone Ventures  BLV 200000 200000          
Barisan Gold  BG 182000 0          
Indico Res.  IDI 157000 157000          
Mason Graphite  LLG 153900 -3500          
Bear Creek Mining  BCM 134093 24993          
Northern Graphite  NGC 116134 -8766          
                 
Largest Increase in Short Position                
                 
Security Ticker Total Short Change          
Tyhee Gold  TDC 1157000 1157000          
Majestic Gold  MJS 400000 400000          
North Arrow Minerals  NAR 217000 217000          
Blackstone Vent.  BLV 200000 200000          
Indico Res.  IDI 157000 157000          
                 
Largest Decrease in Short Position                
                 
Security Ticker Total Short Change          
Gespeg Copper Res.  GCR 0 -700000          
Sarama Res.  SWA 0 -417000          
Atlantic Gold  AGB 47600 -352400          
Ryan Gold  RYG 0 -271000          
Artha Res.  AHC 0 -250000          
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