Oban Mining Corporation (OBM - TSX) Abitibi Roll-Up Continues With Acquisition Of Northern Gold - Monday, November 09, 2015 • Northern Gold Hands Over The Keys: Oban has agreed to acquire Northern Gold Mining (NGM:V, Not Rated) for C$4.5 MM in stock. The deal was completed without any premium to shareholders (although it appears that Oban is assuming C$4.3 MM in net payables) confirming our view that junior management teams are capitulating and have little option but to hand over control to a team with access to the capital and operating experience necessary to move these assets forward. Northern Gold holds existing resources and a large land package (85 km2) in the historic Timmins camp • Expect Aggressive Strategy From Ex-Osisko Team: Oban has made it clear that it intends to aggressively consolidate relevant but under-funded and mismanaged Canadian assets in an attempt to spawn Osisko 2.0. • Retain Buy (S) Rating And C$3.50 Target: The current valuation reflects zero enterprise value, a situation we view as unsustainable given the low-cost nature ($536/oz AISC) of the flagship asset (Windfall Lake) and the proven team at the helm. (Morning Notes) During the past twenty-four months, Cormark Securities Inc., either on its own or as a syndicate member, participated in the underwriting of securities and/or provided financial advice regarding stock market insight and financial analysis regarding potential transactions for certain of these companies.