Concept

The Industrial Minefinder™ Junior Index (IMJI™) is an index that tracks junior mining companies engaged in the exploration and development of industrial metals. The intention is for the index to not hold producers so companies that do go into production will eventually be removed.

Composition

The IMJI™ initially targeted 60% of its holdings towards juniors focused on the primary base metals — copper, zinc, nickel, and lead. The remaining 40% of holdings targeted juniors focused on other major industrial metals, such as aluminum, graphite, iron ore, silver, lithium, manganese, mineral sands, molybdenum, platinum group metals, potash, rare earths, scandium, tin, titanium, uranium, and vanadium. 

The following chart shows the initial constituent categories of the IMJI™:

These intial parameters were set as of January 1, 2018. The current constituent composition of the IMJI™ fluctuates according to the value of the underlying holdings.

These intial categories formed the basis of the corresponding IMJI™ subsector indexes. The IMJI™ was designed in this manner so that the individual subsectors could also be analyzed separately. 

These categories will be periodically reviewed and adjusted in the future to reflect ongoing market dynamics. Please note the following concerning these categories:

• Though each one is relatively small, silver, lithium, and uranium will initially have their own designated categories. This reflects the fact that each of these metals has a significant group of active junior miners and are a common focus of resource investors.
• Although the markets for aluminum and iron are both about the size of the copper market, these do not have their own designated categories because they tend to be dominated by a few very large producers and there is little to no associated junior market. 

The IMJI™ will not be an index that holds every single junior miner involved in industrial metals, but rather will focus on a more select group of companies that are engaged in developing quality deposits across the spectrum of industrial metals. Preference will generally be given to companies with:

• established 43-101 or JORC Resources
• larger market capitalizations 

This will help ensure that the index:

• reflects actual deposits of industrial metals that reflect potential development opportunites
• represents a more liquid set of potential opportunities for investors looking to gain exposure to the sector

The IMJI™ holds 50 companies.

Holdings

Each company has a weighting in its particular sector and a weighting in the overall IMJI™. The sector weightings at the inception of the index on January 1, 2018 are shown below followed by the top 15 IMJI™ holdings as of June 30, 2018.

Copper Subsector (30% of overall IMJI™)

1. Ivanhoe Mines                          44%
2. Solgold Plc                                12%
3. Northern Dynasty Minerals      11%
4. Polymet Mining                        6%
5. Nevada Copper                         4%
6. Excelsior Mining                       4%
7. NGEx Resources                       3%
8. Filo Mining                               2%
9. Aeon Metals                              2%
10. Trilogy Metals                           2%
11. Asiamet Resources                     2%
12. Xanadu Mines                           2%
13. Regulus Resources                     2%
14. Alderan Resources                     2%
15. Western Copper & Gold           2%

Zinc Subsector (16% of overall IMJI™)

1. Arizona Mining                         62%
2. Tinka Resources                         10%
3. Heron Resources                         8%
4. Red River Resources                    7%
5. Aquila Resources                         4%
6. Karmin Exploration                    4%
7. ZincX Resources                          3%
8. Galena Mining                            2%

Nickel Subsector (14% of overall IMJI™)

1. Australian Mines                       26%
2. Ardea Resources                        18%
3. Panoramic Resources                 17%
4. Noront Resources                      11%
5. Jervois Mining                           11%
6. Horizonte Minerals                    10%
7. Sama Resources                          7%

Lithium Subsector (8% of overall IMJI™)

1. Nemaska Lithium                      33%
2. Lithium Americas                      32%
3. Kidman Resources                     23%
4. Millennial Lithium                    12%      

Silver Subsector (6% of overall IMJI™)

1. MAG Silver                              79%
2. Bear Creek Mining                   13%
3. Silvercrest Metals                       8%

Uranium Subsector (6% of overall IMJI™)

1. NexGen Energy                           59%
2. Fission Uranium                          21%
3. Denison Mines                            20%

Other Subsector (20% of overall IMJI™))

1. CleanTeQ Holdings                    28%
2. First Cobalt                                 12%
3. Mason Graphite                           10%
4. eCobalt Solutions                         9%
5. Highfield Resources                     8%
6. Flinders Mines                             8%
7. Bluejay Mining                            8%
8. Hastings Technology Metals        7%
9. NioCorp Developments              5%
10. Alphamin Resources                    5%

IMJI™ - Top 15 Holdings as of June 30, 2018

1. Ivanhoe Mines                            13.0%
2. Arizona Mining                          10.9%
3. MAG Silver                                 7.3%
4. NexGen Energy                           5.3%
5. Kidman Resources                       3.9%
6. Solgold                                        3.8%
7. Lithium Americas                        3.6%
8. CleanTeQ Holdings                     3.3%
9. Polymet Mining                           3.1%
10. Nemaska Lithium                        2.3%
11. Denison Mines                            2.2%
12. Fission Uranium                          2.1%
13. Bluejay Mining                            1.8%
14. Panoramic Resources                   1.8%
15. Trilogy Metals                              1.7%

Performance