41
DIVIDEND POLICY
We have not declared any dividends since our incorporation and do not anticipate that we will do so in the
foreseeable future. Payment of any future dividends, if any, will be at the discretion of the Board after taking into
account many factors, including operating results, financial conditions and anticipated cash needs.
REPURCHASE OF SECURITIES
During the quarter ended December 31, 2014, neither the Company nor any affiliate of the Company repurchased
common shares of the Company registered under Section 12 of the Securities Exchange Act of 1934, as amended.
SALES OF UNREGISTERED SECURITIES
There were no sales of unregistered securities during the year ended December 31, 2014.
EQUITY COMPENSATION PLAN INFORMATION
As of December 31, 2014, we had two equity compensation plans under which our common shares have been
authorized for issuance to our officers, directors, employees and non-employee consultants: (1) our Fixed Stock
Option Plan that was originally adopted on December 11, 2002 and subsequently approved by shareholders on
December 7, 2009, following certain amendments to the Fixed Stock Option Plan; and (2) our 10% Rolling Stock
Option Plan that was adopted by our shareholders on December 2, 2011. Upon adoption of the 10% Rolling Stock
Option Plan, the Fixed Stock Option Plan expired, and we may no longer grant any options under the Fixed Stock
Option Plan. However, the terms of the Fixed Stock Option Plan continue to govern all awards granted under such
plan until such awards have been cancelled or forfeited or exercised in accordance with the terms thereof.
STOCK PERFORMANCE GRAPH
The following graph compares the yearly percentage change in our cumulative total shareholder return on our
common shares with the cumulative total return of the S&P/TSX Composite Index and the Dow Jones U.S. Mining
Index, assuming the reinvestment of dividends, for the last five financial years. This performance chart assumes that
$100 was invested on June 30, 2009, in (i) our common shares at the closing price on such date of $1.59, as quoted
on the NYSE MKT, (ii) the S&P/TSX Composite Index and (iii) the Dow Jones U.S. Mining Index. The NYSE
MKT closing price quotes were used for the period ended June 30, 2009 through December 31, 2014.
