RBC

Russel Metals Inc. (Russel Metals or the Company) is one of the largest metals distribution and processing companies in North America. The Company primarily distributes steel products and conducts its distribution business in three principal business segments: metals service centers; energy products and steel distributors.

Enerplus is a North American energy producer established in 1986, focusing on the development of crude oil and natural gas assets primarily in Canada and the United States. The company's portfolio includes high-quality, low-decline oil and gas assets, with significant production coming from the Williston Basin for oil and the Marcellus Shale for natural gas. Enerplus acquires rights to these resources through royalties paid to government entities and landowners. The company emphasizes creating value for investors by delivering competitive returns through both income and organic growth. Enerplus sells its crude oil and natural gas to customers in the regions where its assets are located, providing a steady revenue stream. Monthly dividends are distributed to shareholders, reflecting the company's commitment to returning value to its investors.

Sabina Gold & Silver Corp. is an emerging precious metals company with district scale, world class undeveloped assets in one of the world's newest, politically stable mining jurisdictions: Nunavut, Canada. Sabina recently released a Feasibility Study on its 100% owned Back River Gold Project which presents a project that has been designed on a fit-for purpose basis, with the potential to produce ~200,000 ounces a year for ~11 years with a rapid payback of 2.9 years. At a US$1,150 gold price and a 0.80 exchange rate, the Study delivers a potential after tax internal rate of return of approximately 24.2% with an initial CAPEX of $415 million.

Lumina Gold Corp. is a Vancouver-based exploration stage company focused on the acquisition, exploration, evaluation, and development of precious and base metals in Ecuador. The company primarily targets gold and copper deposits, with its principal project being the Cangrejos project in El Oro Province, which encompasses approximately 6,373 hectares. This project is currently undergoing a Pre-Feasibility Study and is recognized as the primary gold deposit in Ecuador. Lumina Gold, formerly known as Odin Mining and Exploration Ltd., has a management team with a proven track record in advancing and monetizing exploration projects. Established in 1988, the company continues to concentrate its efforts on mineral properties in Ecuador.

Lumina Gold Corp. is a Vancouver-based exploration stage company focused on the acquisition, exploration, evaluation, and development of precious and base metals in Ecuador. The company primarily targets gold and copper deposits, with its principal project being the Cangrejos project in El Oro Province, which encompasses approximately 6,373 hectares. This project is currently undergoing a Pre-Feasibility Study and is recognized as the primary gold deposit in Ecuador. Lumina Gold, formerly known as Odin Mining and Exploration Ltd., has a management team with a proven track record in advancing and monetizing exploration projects. Established in 1988, the company continues to concentrate its efforts on mineral properties in Ecuador.

Skeena Resources Limited is a Canadian mining exploration company based in Vancouver, focusing on the development of precious and base metal properties in the Golden Triangle region of northwest British Columbia. The company holds full ownership of several key assets, including the Snip gold mine, the Spectrum-GJ copper-gold properties, and the Blackdome gold mine. It has also secured an option to acquire the Eskay Creek gold mine, which is recognized for its significant resources. Skeena's primary activities involve exploring and developing these past-producing mines, with a particular emphasis on Eskay Creek, which has a substantial open-pit resource. Recent assessments indicate robust economic potential for the Eskay Creek project, highlighting its viability for future development.

Guyana Goldfields Inc. specializes in the exploration and production of gold, primarily within the Guiana Shield region of South America, which encompasses parts of Guyana, Venezuela, Suriname, French Guiana, and northern Brazil. The company was established in 1994 and has been actively operating in Guyana since 1996. It focuses on the acquisition, exploration, and development of gold mineral properties, with particular emphasis on the Aurora and Aranka properties. As of August 2020, Guyana Goldfields operates as a subsidiary of Zijin Mining Group Company Limited.

Enerplus is a North American energy producer established in 1986, focusing on the development of crude oil and natural gas assets primarily in Canada and the United States. The company's portfolio includes high-quality, low-decline oil and gas assets, with significant production coming from the Williston Basin for oil and the Marcellus Shale for natural gas. Enerplus acquires rights to these resources through royalties paid to government entities and landowners. The company emphasizes creating value for investors by delivering competitive returns through both income and organic growth. Enerplus sells its crude oil and natural gas to customers in the regions where its assets are located, providing a steady revenue stream. Monthly dividends are distributed to shareholders, reflecting the company's commitment to returning value to its investors.

Tamarack Valley Energy is an oil and gas company involved in the identification, evaluation and operation of resource plays in the Western Canadian sedimentary basin. The Company uses a rigorous, proven modeling process to carefully manage risk and identify growth opportunities. Tamarack's diversified suite of oil-focused assets provides exposure to the high impact Cardium light oil resource plays in Lochend, Garrington/Harmattan and Buck Lake in Alberta, low cost Viking light oil resource plays in Redwater, Foley Lake and Westlock in Alberta and highly economic heavy oil opportunities southeast of Lloydminster in Saskatchewan.

Osisko Gold Royalties is an intermediate precious metal royalty company based in Montreal, Quebec. It specializes in acquiring and managing a diverse portfolio of over 130 royalties, streams, and precious metal offtakes, primarily focused on North America. The company's most significant asset is a 5% net smelter return royalty on the Canadian Malartic Mine, the largest gold mine in Canada. In addition to its royalty interests, Osisko maintains stakes in several publicly traded resource companies, including Barkerville Gold Mines and Osisko Mining. The company operates under two main segments: managing precious metal royalties and the exploration and development of mining projects. Osisko's income is predominantly generated from North America, with ongoing exploration efforts in various locations, including the Hammond Reef Project in Ontario and other ventures in Mexico.

Franco-Nevada Corp is a precious-metals-focused royalty and investment company. The company owns a diversified portfolio of precious metals and royalty streams, which is actively managed to generate the bulk of its revenue from gold, silver, and platinum. The company does not operate mines, develop projects, or conduct exploration. Franco-Nevada's short-term financial performance is linked to the price of commodities and the amount of production from its portfolio of producing assets. Its long-term performance is affected by the availability of exploration and development capital. The company holds a portfolio of assets, diversified by commodity, revenue type, and stagemore

Osisko Gold Royalties is an intermediate precious metal royalty company based in Montreal, Quebec. It specializes in acquiring and managing a diverse portfolio of over 130 royalties, streams, and precious metal offtakes, primarily focused on North America. The company's most significant asset is a 5% net smelter return royalty on the Canadian Malartic Mine, the largest gold mine in Canada. In addition to its royalty interests, Osisko maintains stakes in several publicly traded resource companies, including Barkerville Gold Mines and Osisko Mining. The company operates under two main segments: managing precious metal royalties and the exploration and development of mining projects. Osisko's income is predominantly generated from North America, with ongoing exploration efforts in various locations, including the Hammond Reef Project in Ontario and other ventures in Mexico.

Seven Generations Energy develops oil and natural gas properties in Canada, with a primary focus on non-conventional resource plays. The company is notably involved in the Kakwa River project, which spans approximately 528,000 net acres in northwest Alberta. Founded in 2001 and headquartered in Calgary, Seven Generations utilizes advanced techniques, including long-reach and horizontal drilling, to optimize the extraction of natural gas, condensate, and natural gas liquids. Alongside its drilling operations, the company owns several gathering lines and processing facilities, relying on a skilled team to effectively identify and develop resource opportunities.

NuVista Energy Ltd. is a Canadian company specializing in the exploration and production of condensate, oil, and natural gas, primarily within the Western Canadian Sedimentary Basin. The company's main focus is on the condensate-rich Montney formation located in the Wapiti area of the Alberta Deep Basin. Founded in 2003 and headquartered in Calgary, NuVista has strategically developed its business model to enhance financial flexibility and long-term growth prospects. The company has successfully transformed its operations by reducing long-term debt significantly and optimizing its asset portfolio, allowing for a concentrated effort on the high-potential Wapiti Montney play. Through effective drilling results and asset management, NuVista Energy aims to maximize the value of its resources while ensuring sustainable development.

Mercator Minerals is a metal mining company based in Vancouver, specializing in the exploration, development, and extraction of mineral resources in the United States and Mexico. The company operates the Mineral Park mine, a producing copper and molybdenum facility located near Kingman, Arizona. Additionally, Mercator is involved in the El Pilar project, which focuses on copper exploration and development in Northern Mexico, as well as the El Creston project, dedicated to molybdenum exploration and development in the same region. The company's operations primarily encompass mineral property management and the extraction of copper and molybdenum, contributing significantly to its revenue through these activities.

Labrador Iron Mines is engaged in the mining of iron ore and in the exploration and development of direct shipping iron ore projects (the "Schefferville Projects") in the central part of the prolific Labrador Trough region, one of the major iron ore producing regions in the world, situated in the Menihek area in the Province of Newfoundland and Labrador and in the Province of Quebec, centered near the town of Schefferville, Quebec. The Schefferville Projects consist of the James Mine and adjacent Stage 1 deposits and Silver Yards processing facility, the Stage 2 Houston property, which includes the Malcolm 1 deposit, the Stage 3 Howse property, held in a joint venture with Tata Steel Minerals Canada Limited ("TSMC") and, subject to further exploration and development, other iron ore properties in the vicinity of Schefferville. LIM's Schefferville Projects are connected by a direct railway to the Port of Sept-Iles on the Atlantic Ocean and benefit from established infrastructure, including, the town, airport, roads, hydro power and rail service. LIM's Schefferville Projects comprise 20 different iron ore deposits, which were part of the original Iron Ore Company of Canada ("IOC") direct shipping operations conducted from 1954 to 1982 and formed part of the 250 million tonnes of historical reserves and resources previously identified by IOC. These historical resources estimates are based on work completed and estimates prepared by IOC prior to 1983 and were not prepared in accordance with NI 43-101. LIM's iron ore deposits which comprise the Schefferville Projects are divided into two separate portions, one within the Province of Newfoundland and Labrador and the other within the Province of Quebec. Since production commenced in June 2011, LIM has completed three operating seasons and has sold 23 shipments totalling 3.6 million dry tonnes (3.8 million wet tonnes) of iron ore into the Chinese spot market. LIM did not undertake any mining operations for the 2014 operating season due to a combination of the prevailing low price of iron ore, an assessment of the current economics of its deposits and a strategic shift in corporate focus towards establishing a lower cost operating framework, while concurrently negotiating the commercial terms of major contracts. LIM's current focus is seeking additional financing and completing a debt restructuring. The Company is also working on development of the Houston Mine, to be in a position to complete construction and begin mining operations from Houston when market conditions permit, subject to completion of financing and negotiation of major contracts.