We are encouraged by the positive resource update which includes 1.7 MMoz of near surface in-pit ounces at Marban and points to the likelihood of an open pit mining scenario. Growth potential for the next update remains with all three of the deposits open laterally and at depth and an additional 35,000m of drilling completed but not reflected in this estimate. Overall, we believe that the Marban project’s strategic location in the heart of the Val D’Or camp, remaining exploration potential and favourable metallurgy make it a logical target for Aurizon and other producers in the camp.

1. NioGold Mining Corporation
(NOX-TSX.V, $0.48)
Stock Rating: NOT RATED
12-Month Target: N/A
Jamie Spratt, CFA (416) 343-4204
Sasha Kaplun, Associate (416) 343-4203
Monday, September 10, 2012
Stock Data Global Ounces at Marban Hit 2MMoz Mark,
Previous Close $0.435 Growth Remains
52-Week High-Low $0.30 / $0.50
NioGold and JV partner Aurizon reported an updated resource at the Marban
Avg. Daily Volume (3m) 109,710 gold project in Quebec. Resources at the Marban deposit increased to 1.4
Basic SO (MM) 99.2 MMoz, up 375% from 300k oz, previously and global resources at the project
Fully Diluted SO (MM) 115.3
including the Marban, Norlartic and Kierens deposits now sit at 2.07 MMoz.
Float (MM) 76.0
We are encouraged by the positive resource update which includes 1.7 MMoz
Market Cap. (MM) $43.2
of near surface in-pit ounces at Marban and points to the likelihood of an open
Cash (MM) $4.3
pit mining scenario. Growth potential for the next update remains with all
Enterprise Value (MM) $38.9
three of the deposits open laterally and at depth and an additional 35,000m of
Fiscal Year End 31-Aug
drilling completed but not reflected in this estimate. Overall, we believe that
Shareholders
the Marban project’s strategic location in the heart of the Val D’Or camp,
Major Shareholder: Wexford Capital 11.7%
remaining exploration potential and favourable metallurgy make it a logical
Management & Directors 1.9%
target for Aurizon and other producers in the camp.
Company Information
Flagship Project Marban Block
Adding High Quality Ounces
Project Location Quebec We are encouraged with the resource update that saw total Marban deposit
Total Land Package (km )
2
130 ounces increase 375% to 1.4 MMoz from 300k oz, previously. The resource
Attributable Resources (oz) 1,034,500 includes near surface ounces for the first time at Marban constrained within a
AMC/oz Valuation $38 Whittle pit, confirming the potential for an open pit mining scenario with a
respectable O/P resource grade of 1.58 g/t. The update reflects a total of
198,000 m of drilling, about 30% more than the previous estimate and we note
4.00 $0.60
3.50
$0.50
3.00 80% of ounces are in the M&I category which all bodes well for resource
Volume (in millions)
$0.40
2.50
quality. The net result was a 115% increase in global ounces to 2.07MMoz at
Price
2.00 $0.30
1.50
$0.20
1.66 g/t, sufficient to support 150k+ oz in production over a 10 year mine life.
Resource Growth Potential Remains
1.00
$0.10
0.50
0.00
Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12
$0.00
Sep-12
We note that an additional 35,000 m of drilling from the Phase II program was
not included in this estimate and we believe drilling success at depth and lateral
Source: Capital IQ
extensions suggest further resource growth in the next update. We also
NioGold Mining is an exploration company with emphasize that all three deposits remain open at depth and along strike. Add to
2
130km of land holdings in Quebec’s most this, multiple additional targets along 10km of untested shear zone and we
prominent gold mining region, the Malartic, believe that 3+ MMoz should be realistically achievable in the longer term.
Cadillac and Val-d’Or gold camps.The Company Marban’s Success Points to Increasing Importance in Aurizon’s Pipeline
controls 20km of strike on the Norbenite Shear Marban now boasts a solid 2MMoz resource profile and significant exploration
Fault Zone where it has delineated 2 MMoz at its potential remains. With excellent infrastructure and preliminary metallurgy
Marban Block property, on which Aurizon Mines suggesting recoveries of 95-97% using a conventional flowsheet, we believe
is currently earning an initial 50% interest. that seeing Marban added to Aurizon’s fold is a likely outcome.
Please refer to the final page(s) of this report for required disclosures.
Clarus Securities Inc.
Exchange Tower, 130 King Street, W. Suite 3640, P.O. Box 38 Toronto, ON M5X 1A9 Ph (416) 343-2777 Fax (416) 343-2799
Royal Bank Building, 335 – 8th Avenue SW, Suite 1220, Calgary, AB T2P 1C9 Ph (403) 269-5900 Fax (403) 269-8900
Waterfront Centre, Suite 1615, 200 Burrard Street, Vancouver, BC V6C 3L6 (604) 605-5700 (604) 605-5704

2. NioGold Mining Corporation (NOX-TSX.V)
Jamie Spratt, CFA (416) 343-4204
Sasha Kaplun, Associate (416) 343-4203
Exhibit 1: Marban Deposit Resource Update Variance Table
Jan-10 Sep-12 Variance
M G e (g/t)
t rad M oz
M Mt G e (g/t)
rad M oz Tonnage
M G e
rad Ounces
Op Pit
en
M&I - - - 20.70 1.58 1.05 nmf. nmf. nmf.
Inferred - - - 3.78 1.60 0.19 nmf. nmf. nmf.
Total OP - - - 24.48 1.58 1.25 nmf. nmf. nmf.
U erground
nd
M&I 1.238 4.55 0.18 0.98 2.82 0.09 -21% -38% -51%
Inferred 0.868 4.08 0.11 0.80 2.68 0.07 -8% -34% -39%
Total UG 2.106 4.36 0.30 1.78 2.76 0.16 -15% -37% -46%
Total M&I 1.238 4.55 0.18 21.68 1.64 1.14 1651% -64% 531%
Total Inferred 0.868 4.08 0.11 4.58 1.79 0.26 428% -56% 131%
Total Marban Deposit 2.106 4.36 0.295 26.26 1.66 1.41 1147% -62% 376%
Source: Company Reports, Clarus Securities Inc.
Exhibit 2: Marban Project Global Resources
Deposit Op p G
en it/U Tonnes (M ) G e (g/t)
M rad M oz
M
M an
arb In-pit (0.35 g/t) 24.48 1.58 1.25
U/G(2.0 g/t) 1.78 2.76 0.16
Total Marban 24.48 1.58 1.25
Norlartic Near surface (0.5 g/t) 7.784 1.45 0.36
U/G(2.5 g/t) 0.831 3.82 0.10
Total Norlartic 8.615 1.68 0.46
Kierens Near surface (0.5 g/t) 2.564 1.46 0.12
U/G(2.5 g/t) 0.653 3.81 0.08
Total Kierens 3.217 1.93 0.20
Total M an Project Open pit
arb 34.828 1.54 1.73
U/G 3.264 3.24 0.34
Project Total 38.092 1.69 2.07
Source: Company Reports, Clarus Securities Inc.
Clarus Securities Inc.
Exchange Tower, 130 King Street, W. Suite 3640, P.O. Box 38 Toronto, ON M5X 1A9 Ph (416) 343-2777 Fax (416) 343-2799
Royal Bank Building, 335 – 8th Avenue SW, Suite 1220, Calgary, AB T2P 1C9 Ph (403) 269-5900 Fax (403) 269-8900
Waterfront Centre, Suite 1615, 200 Burrard Street, Vancouver, BC V6C 3L6 (604) 605-5700 (604) 605-5704

3. NioGold Mining Corporation (NOX-TSX.V)
Jamie Spratt, CFA (416) 343-4204
Sasha Kaplun, Associate (416) 343-4203
Clarus Securities Equity Research Disclosures
The Analyst has visited the Company’s operations in Quebec. Partial payment or reimbursement was received from the issuer for the associated travel costs.
General Disclosure
The information and opinions in this report were prepared by Clarus Securities Inc. (“Clarus Securities”). Clarus Securities is a wholly-owned subsidiary of
Clarus Securities Holdings Ltd. and is an affiliate of such. The reader should assume that Clarus Securities or its affiliate may have a conflict of interest and
should not rely solely on this report in evaluating whether or not to buy or sell securities of issuers discussed herein.
The opinions, estimates and projections contained in this report are those of Clarus Securities as of the date of this report and are subject to change without
notice. Clarus Securities endeavours to ensure that the contents have been compiled or derived from sources that we believe are reliable and contain
information and opinions that are accurate and complete. However, Clarus Securities makes no representation or warranty, express or implied, in respect
thereof, takes no responsibility for any errors and omissions contained herein and accepts no liability whatsoever for any loss arising from any use of, or
reliance on, this report or its contents. Information may be available to Clarus Securities or its affiliate that is not reflected in this report. This report is not to
be construed as an offer or solicitation to buy or sell any security. No part of this report may be reproduced or re-distributed without the written consent of
Clarus Securities.
Conflicts of Interest
The research analyst and/or associates who prepared this report are compensated based upon (among other factors) the overall profitability of Clarus
Securities and its affiliate, which includes the overall profitability of investment banking and related services. In the normal course of its business, Clarus
Securities or its affiliate may provide financial advisory and/or investment banking services for the issuers mentioned in this report in return for remuneration
and might seek to become engaged for such services from any of such issuers in this report within the next three months. Clarus Securities or its affiliate may
buy from or sell to customers the securities of issuers mentioned in this report on a principal basis. Clarus Securities, its affiliate, and/or their respective
officers, directors or employees may from time to time acquire, hold or sell securities discussed herein, or in related securities or in options, futures or other
derivative instruments based thereon.
Analyst’s Certification
Each Clarus Securities research analyst whose name appears on the front page of this research report hereby certifies that (i) the recommendations and
opinions expressed in the research report accurately reflect the research analyst’s personal views about the company and securities that are the subject of this
report and all other companies and securities mentioned in this report that are covered by such research analyst and (ii) no part of the research analyst’s
compensation was, is, or will be directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this report.
Equity Research Ratings
Buy: Attractively valued and expected to appreciate significantly from the current price over the next 12-18 months.
Speculative Buy: Expected to appreciate significantly from the current price over the next 12-18 months. Financial and/or operational risk is high in the
analyst’s view.
Accumulate: Attractively valued, but given the current market price, is expected to appreciate moderately over the next 12 -18 months.
Hold: Fairly valued and expected to trade in line with the current price over the next 12-18 months.
Sell: Overvalued and expected to decline from the current price over the next 12-18 months.
Under review: Pending additional review and/or information. No rating presently assigned.
A summary of our research ratings distribution can be found on our website.
Dissemination of Research
Clarus Securities’ Equity Research is available via our website and is currently distributed in electronic form to our complete distribution list at the same time.
Please contact your Clarus institutional sales or trading representative or investment advisor for more information. Institutional clients may also receive our
research via THOMSON and REUTERS.
Business Continuity Planning
Our clients’ funds and securities are maintained at our carrying broker, NBCN (250 Yonge Street P.O. Box 19, Toronto, ON M5B 2L7, phone number 416-
542-2200, Website: www.nbcn.ca). In the event of a significant business disruption, should you not be able to communicate with your Clarus representative,
please contact the following representative at NBCN for access to your funds and securities: Mike Tate (416-542-2255 or michael.tate@corrnet.com) or in the
event that Mike Tate cannot be reached: Laurie Smuk (416-542-2212 or lsmuk@corrnet.com). To help facilitate your request, please have your account
number ready.
For additional disclosures, please visit our website http://www.clarussecurities.com. © Clarus Securities Inc. 2012.
Clarus Securities may occasionally publish reports on companies on which it has not initiated coverage, such as the company in this report,
and provides no target price or rating.
Clarus Securities Inc.
Exchange Tower, 130 King Street, W. Suite 3640, P.O. Box 38 Toronto, ON M5X 1A9 Ph (416) 343-2777 Fax (416) 343-2799
Royal Bank Building, 335 – 8th Avenue SW, Suite 1220, Calgary, AB T2P 1C9 Ph (403) 269-5900 Fax (403) 269-8900
Waterfront Centre, Suite 1615, 200 Burrard Street, Vancouver, BC V6C 3L6 (604) 605-5700 (604) 605-5704