A ranking of

STRONG

PERFORMERS on TSX Venture Exchange

The 2014 TSX Venture 50:

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Following the official announcement of the 2014 TSX Venture 50, a selection of Canada’s

professional investment community was polled by TMX Equicom – a division of

TSX Company Services – for their choice of the “Pick of the Street” in each sector.

The Pick of the Street

" TSX Venture Exchange provides a venue for small-cap, early-stage companies to access the capital they need to launch or expand – a market opportunity that is unparalleled globally. We are delighted to recognize the success of these companies."

John McCoach, President, TSX Venture Exchange

The 2014 TSX Venture 50® is a ranking of top performers on TSX Venture Exchange spanning clean technology, diversified industries, mining, oil & gas and technology & life sciences.

These companies have shown impressive results in key measures of market performance. The ranking is comprised of 10 companies from each of the five industry sectors, and they were selected based on four equally weighted criteria: market capitalization growth, share price appreciation, trading volume and analyst coverage.

The top ranked companies in each sector are:

Clean technology: Questor Technology Inc. TSXV: QST

Diversified industries: Macro Enterprises Inc. TSXV: MCR

Mining: Zenyatta Ventures Ltd. TSXV: ZEN

Oil & gas: Spartan Energy Corp.* TSXV: SPE

Technology & life sciences: Stellar Biotechnologies, Inc. TSXV: KLH

The Top Performers This year’s top company overall is Stellar Biotechnologies, Inc. (TSXV: KLH) a California-based life sciences company.

* Formerly Alexander Energy Ltd.

This year's Pick of the Street is:

Clean technology: Questor Technology Inc. TSXV: QST

Diversified industries: Kelso Technologies Inc. TSXV: KLS

Loyalist Group Limited TSXV: LOY

Mining: Probe Mines Limited TSXV: PRB

Oil & gas: Madalena Energy Inc. TSXV: MVN

Technology & life sciences: Sphere 3D Corporation TSXV: ANY

RANKING METHOD

Starting with 2,141 TSX Venture Exchange (TSXV) listed companies as of December 31, 2013, the following filters were applied:

• Listed on TSXV (not NEX) on December 31, 2013

• Market capitalization greater than C$5 million on December 31, 2013

• Closing share price greater than C$0.25 on December 31, 2013

• Share price of at least C$0.10 on December 31, 2012

• Listed on TSXV more than one year as of December 31, 2013

In total, 302 companies qualified for the 2014 TSX Venture 50 ranking. These companies were then ranked based on an equally weighted (25%) formula with four criteria:

1. Share price: one-year share price change as of December 31, 2013

2. Trading: one-year trading volume as of December, 2013

3. Market capitalization: one-year market capitalization (issued-escrow shares x price) change as of December 31, 2013

4. Analyst coverage: number of analysts covering the companies as of December 31, 2013

Historical share prices have been adjusted for dividends and/or stock consolidations. All currencies reported in Canadian dollars. TSXV considered companies’ compliance with Exchange Requirements and exercised discretion when determining qualified candidates.

Data SourcesShare Prices, Market Capitalization and Trading Volumes: TSX and TSXV Market Intelligence Group

Analyst Coverage: S&P Capital IQ

Dividend and Stock Splits: S&P Capital IQ

All data current as of December 31, 2013. * Graduated to Toronto Stock Exchange on

February 7, 2014.

74

companies listed

$845.6 million market capitalization

770 million shares traded

232

companies listed

$6.7 billion market capitalization

1.6 billion shares traded

CLEAN TECHNOLOGY DIVERSIFIED INDUSTRIES

MINING

OIL & GAS

TECHNOLOGY & LIFE SCIENCES

RANKING RANKING RANKING RANKING RANKING

1,287

companies listed

$10.8 billion market capitalization

20.7 billion shares traded

259

companies listed

$11.3 billion market capitalization

9.8 billion shares traded

174

companies listed

$3.4 billion market capitalization

3.3 billion shares traded

1 QUESTOR TECHNOLOGY INC. (TSXV: QST) is an international clean air technology company active globally. It provides clean combustion solutions for waste gas, eliminating harmful emissions. questortech.com

2 CLEAN SEED CAPITAL GROUP LTD. (TSXV: CSX) has developed an advanced, precision no-till seeding system comprised of several individually patented technologies. cleanseedcapital.com

3 ZENN MOTOR COMPANY INC. (TSXV: ZNN) is dedicated to energy efficient transportation by holding rights to purchase electrical energy storage units under development by a U.S. company. zenncars.com

4 H2O INNOVATION INC. (TSXV: HEO) designs custom-built water treatment projects for the production of drinking water and industrial process water, reclamation and reuse of water, treatment of wastewater and water desalination. h2oinnovation.com

5 NATCORE TECHNOLOGY INC. (TSXV: NXT) is an R&D company focused on making solar energy more efficient, less expensive and competitive with traditional energy sources. natcoresolar.com

6 GREENBRIAR CAPITAL CORP. (TSXV: GRB) develops renewable energy and sustainable real estate projects. With long-term contracted sales agreements in key project locations, the company targets deep value assets to add shareholder value. greenbriarcapitalcorp.com

7 SOLARVEST BIOENERGY INC. (TSXV: SVS) has developed proprietary technology for continuous hydrogen production from algae while utilizing CO2, and also commercializes Organic Omega-3 from algae. solarvest.ca

8 HTC PURENERGY INC. (TSXV: HTC) provides commercial products and services in three market areas: oilfield equipment and services; energy technologies and CO2 systems; and fertilizer and grain handling. htcenergy.com

9 PYROGENESIS CANADA INC. (TSXV: PYR) designs, develops, manufactures and commercializes advanced plasma processes. It provides engineering and manufacturing expertise, cutting-edge contract research, and turnkey process equipment packages. pyrogenesis.com

10 CRS ELECTRONICS INC. (TSXV: LED) develops LED lighting technology. Its Lumenova™ brand offers commercial-grade LED lamps, linear systems and cove lighting. crselectronics.com

1 MACRO ENTERPRISES INC. (TSXV: MCR) provides pipeline and facilities construction and maintenance services to major companies in the oil & gas industry. macroenterprises.ca

2 KELSO TECHNOLOGIES INC. (TSXV: KLS) designs and supplies proprietary tank car service equipment used in the safe containment of hazardous materials during rail transport. kelsotech.com

3 XPEL TECHNOLOGIES CORP. (TSXV: DAP.U) is a leading supplier of automotive paint and headlamp protection films, with over 70,000 vehicle-specific applications and a global network of trained installers. xpel.ca

4 LOYALIST GROUP LIMITED (TSXV: LOY) owns and operates private English as a Second Language (ESL) Schools, Career Colleges and Community Colleges in Toronto, Vancouver, Victoria and Halifax. loyalistgroup.com

5 RAISE PRODUCTION INC. (TSXV: RPC) is an innovative oilfield service company that is developing a production optimization system for horizontal wells. raiseproduction.com

6 GEMINI CORPORATION (TSXV: GKX) designs, builds and maintains energy and industrial facilities. The company delivers innovative, cost-effective engineering and field solutions to complex client projects. geminicorp.ca

7 IPLAYCO CORPORATION LTD. (TSXV: IPC) designs, manufactures and installs custom, premium quality play structures for children. iplaycoltd.com

8 NXT ENERGY SOLUTIONS INC. (TSXV: SFD) provides a unique airborne survey service for global oil & gas companies. Its SFD® exploration technology can rapidly identify areas with reservoir prospects, both offshore and onshore. nxtenergy.com

9 RIFCO INC. (TSXV: RFC) provides financing options on vehicle purchases through franchise and independent dealership networks in Canada. rifco.net

10 ENTREC CORPORATION (TSXV: ENT) is a leading provider of crane and heavy haul services to the oil & gas, construction, petro-chemical, mining and power generation industries. entrec.com

1 ZENYATTA VENTURES LTD. (TSXV: ZEN) is a junior exploration company currently developing a unique graphite deposit and exploring for base metal deposits on the Albany Project in Northeastern Ontario. zenyatta.ca

2 AZINCOURT URANIUM INC. (TSXV: AAZ) is a uranium development and exploration company with a major, shallow depth resource in Macusani, Peru and a joint venture project in Canada’s Athabasca Basin. azincourturanium.com

3 RESERVOIR MINERALS INC. (TSXV: RMC) is an international mineral exploration and development company with a portfolio of precious and base metal exploration properties in Europe and Africa. reservoirminerals.com

4 KENNADY DIAMONDS INC. (TSXV: KDI) controls 100% of the Kennady North diamond project, located near the De Beers/Mountain Province Diamonds Gahcho Kué diamond mine in the Northwest Territories. kennadydiamonds.com

5 CALLINEX MINES INC. (TSXV: CNX) owns and operates several base and precious metals exploration properties in Manitoba and British Columbia. callinex.ca

6 MASON GRAPHITE INC. (TSXV: LLG) has a combined 50 years of graphite experience and is developing the Lac Gueret project in Northeastern Quebec, which has one of the highest-grade graphite deposits in the world. masongraphite.com

7 ATLATSA RESOURCES CORPORATION* (TSXV: ATL) is a platinum group metals producing and exploration company, with assets located on the Bushveld Igneous Complex of South Africa. atlatsaresources.co.za

8 ARIANNE PHOSPHATE INC. (TSXV: DAN) is a development-stage phosphate company focused on developing the Lac à Paul Project in northern Québec. arianne-inc.com

9 CANCANA RESOURCES CORP. (TSXV: CNY) is an exploration stage company that has transitioned into production with assets in Brazil and Canada. cancanacorp.com

10 PROBE MINES LIMITED (TSXV: PRB) is a Canadian precious metals exploration company whose key asset is the Borden Gold Zone in Ontario, Canada. probemines.com

1 SPARTAN ENERGY CORP. (TSXV: SPE) is an oil & gas exploration and production company with operations in Alberta and southeastern Saskatchewan. alexanderenergy.ca

2 MADALENA ENERGY INC. (TSXV: MVN) is focused on exploration, development and production of crude oil, natural gas liquids and natural gas in Argentina and Alberta. madalenaenergy.com

3 STORM RESOURCES LTD. (TSXV: SRX) is an oil & gas exploration and development company focused on the Montney formation at Umbach, British Columbia, with assets also in the Horn River Basin and Grande Prairie area. stormresourcesltd.com

4 YANGARRA RESOURCES LTD. (TSXV: YGR) is engaged in the exploration, development and production of natural gas and oil with operations in Western Canada, primarily in Central Alberta. yangarra.ca

5 TAMARACK VALLEY ENERGY LTD. (TSXV: TVE) is an oil & gas exploration and production company involved in the identification, evaluation and operation of resource plays in the Western Canadian sedimentary basin. tamarackvalley.ca

6 CANADIAN OVERSEAS PETROLEUM LIMITED (TSXV: XOP) is an international oil & gas exploration and development company focused in offshore West Africa, and is partnered with ExxonMobil in offshore Liberia. canoverseas.com

7 AFRICA OIL CORP. (TSXV: AOI) is a Canadian oil & gas company with assets in Kenya, Ethiopia and also Puntland, Somalia, through its 45% equity interest in Horn Petroleum Corporation. africaoilcorp.com

8 PRD ENERGY INC. (TSXV: PRD) is a Calgary-based oil & gas company engaged in the exploration, development and acquisition of natural gas and crude oil in Germany. prdenergy.de

9 IONA ENERGY INC. (TSXV: INA) is an oil & gas exploration and production company focused on development in the UK’s North Sea. ionaenergy.ca

10 CONTACT EXPLORATION INC. (TSXV: CEX) is an oil & gas exploration and production company operating in Alberta and Atlantic Canada. contactexp.com

1 STELLAR BIOTECHNOLOGIES, INC. (TSXV: KLH) is focused in the immunotherapy arena, with world-leading technology in Keyhole Limpet Hemocyanin (KLH). stellarbiotechnologies.com

2 LX VENTURES INC. (TSXV: LXV) acquires, integrates and accelerates early-stage high growth technology companies. lxventures.com

3 SPHERE 3D CORPORATION (TSXV: ANY) is a virtualization technology solution provider making it possible for incompatible devices and applications to run over the cloud, without sacrificing performance or security. sphere3d.com

4 FLYHT AEROSPACE SOLUTIONS LTD. (TSXV: FLY) provides innovative solutions for increased safety, communication and efficiency in the aerospace industry through its patented technologies and services. flyht.com

5 BSM TECHNOLOGIES INC. (TSXV: GPS) provides real-time Fleet and Asset Tracking for commercial and government organizations. bsmwireless.com

6 ZECOTEK PHOTONICS INC. (TSXV: ZMS) brings innovative imaging, laser, 3D display and 3D printing products to markets worldwide. zecotek.com

7 WANTED TECHNOLOGIES CORPORATION (TSXV: WAN) provides real-time business intelligence for the talent marketplace, and currently maintains a database of more than 800 million unique job listings. wantedtech.com

8 BIOSYENT INC. (TSXV: RX) is a specialty pharmaceutical company that sources, in-licenses and markets innovative products. biosyent.com

9 QHR CORPORATION (TSXV: QHR) specializes in products that improve the efficiency and effectiveness of physicians, administrators and healthcare professionals. qhrtechnologies.com

10 OPSENS INC. (TSXV: OPS) develops, manufactures and installs systems to measure pressure, temperature and other parameters, primarily in the FFR in medical instrumentation and oil & gas markets. opsens.com

1 QST Questor Technology Inc. + 3-Mar-98 9,563,067 2.24/0.39 1.63 0.41 302% 41,128,763 10,127,985 306% 25,232,370 - 2 CSX Clean Seed Capital Group Ltd. 28-Sep-11 6,547,405 0.44/0.09 0.43 0.16 177% 9,534,300 2,526,468 277% 22,172,791 - 3 ZNN ZENN Motor Company Inc.° 6-Feb-06 31,215,804 1.94/0.35 0.90 0.67 34% 42,724,348 26,738,302 60% 47,471,498 4 4 HEO H2O Innovation Inc. 1-Mar-06 16,240,763 0.31/0.17 0.29 0.19 54% 20,526,920 11,126,977 84% 72,024,282 2 5 NXT Natcore Technology Inc.° 19-May-09 22,795,987 1.39/0.55 1.11 0.79 41% 51,165,582 30,478,871 68% 46,095,119 - 6 GRB Greenbriar Capital Corp.° 6-Oct-11 4,260,306 3.08/0.80 2.75 0.86 220% 21,155,750 6,011,400 252% 7,693,000 - 7 SVS Solarvest BioEnergy Inc. ° 19-Sep-08 1,257,525 0.35/0.14 0.35 0.14 150% 5,322,148 1,442,859 269% 15,206,137 - 8 HTC HTC Purenergy Inc.° 9-Jun-99 4,154,864 0.35/0.16 0.28 0.16 81% 7,926,575 3,729,175 113% 28,309,195 - 9 PYR PyroGenesis Canada Inc.° 20-Jul-11 3,290,104 0.70/0.04 0.40 0.21 90% 9,396,267 4,164,440 126% 23,490,667 - 10 LED CRS Electronics Inc.° 25-May-09 6,374,461 0.34/0.18 0.30 0.24 25% 25,919,953 14,844,283 75% 86,399,844 - 1 MCR Macro Enterprises Inc.° 8-Feb-06 34,904,490 7.35/1.35 6.35 1.38 360% 186,028,457 32,017,079 481% 29,295,820 2 2 KLS Kelso Technologies Inc. + 21-Jul-94 12,725,989 3.46/0.58 3.14 0.68 362% 134,747,395 27,120,739 397% 42,913,183 2 3 DAP.U XPEL Technologies Corp. 27-Feb-06 10,487,139 1.85/0.19 1.30 0.20 567% 33,520,435 5,028,065 567% 25,784,950 - 4 LOY Loyalist Group Limited + 5-Jan-11 128,460,552 0.79/0.40 0.65 0.45 44% 65,641,090 33,228,925 98% 100,986,293 4 5 RPC Raise Production Inc. 17-Aug-05 15,058,479 1.21/0.26 1.03 0.46 126% 81,438,564 24,162,407 237% 79,066,567 1 6 GKX Gemini Corporation° 12-Feb-96 11,078,789 0.88/0.20 0.76 0.25 210% 41,900,274 13,421,167 212% 55,131,940 - 7 IPC Iplayco Corporation Ltd.° 26-Nov-03 5,759,553 0.82/0.10 0.60 0.12 400% 6,132,112 1,226,422 400% 10,220,187 - 8 SFD NXT Energy Solutions Inc. 3-Dec-07 11,189,869 2.12/0.58 1.85 0.79 134% 77,918,872 31,248,418 149% 42,118,309 2 9 RFC RIFCO Inc.° 1-Apr-03 12,471,306 7.20/3.20 6.90 3.24 113% 144,560,637 65,625,620 120% 20,950,817 1 10 ENT ENTREC Corporation° 20-May-11 138,562,176 1.95/1.05 1.69 1.53 10% 195,461,932 130,526,001 50% 115,657,948 8 1 ZEN Zenyatta Ventures Ltd. 23-Dec-10 141,029,025 5.00/0.79 2.28 0.79 189% 121,964,067 24,665,627 394% 53,493,012 1 2 AAZ Azincourt Uranium Inc. 1-May-12 45,415,159 0.36/0.08 0.31 0.15 107% 10,900,734 1,563,000 597% 35,163,659 - 3 RMC Reservoir Minerals Inc. 1-Nov-11 24,291,592 5.75/2.14 4.97 2.41 106% 198,617,367 95,930,660 107% 39,963,253 4 4 KDI Kennady Diamonds Inc. 10-Jul-12 6,221,214 8.74/1.00 5.24 1.20 337% 113,130,253 22,440,563 404% 21,589,743 - 5 CNX Callinex Mines Inc. 14-Jul-11 8,022,722 0.45/0.08 0.36 0.15 140% 11,475,126 3,028,103 279% 31,875,351 - 6 LLG Mason Graphite Inc.° 30-Oct-12 54,066,831 1.08/0.26 0.85 0.72 18% 41,663,410 20,065,329 108% 49,015,777 1 7 ATL Atlatsa Resources Corporation 14-May-12 4,801,710 0.61/0.14 0.60 0.14 329% 121,133,084 28,264,386 329% 201,888,473 5 8 DAN Arianne Phosphate Inc. 3-Jul-07 28,423,124 1.69/0.94 1.47 1.10 34% 125,222,325 83,088,419 51% 85,185,255 3 9 CNY Cancana Resources Corp. 24-Jan-11 7,611,935 0.37/0.13 0.35 0.20 75% 11,373,010 4,459,101 155% 32,494,314 - 10 PRB Probe Mines Limited + 8-Nov-12 36,671,650 2.47/1.10 2.24 1.80 24% 169,533,788 118,846,183 43% 75,684,727 6 1 SPE Spartan Energy Corp.* 17-Sep-12 88,874,409 0.80/0.15 0.79 0.15 427% 63,526,071 9,335,922 580% 80,412,748 - 2 MVN Madalena Energy Inc. + 16-Feb-07 271,144,338 0.73/0.24 0.69 0.39 79% 233,701,379 117,812,189 98% 338,697,650 7 3 SRX Storm Resources Ltd. 31-Aug-10 23,032,381 4.26/1.45 4.05 1.93 110% 354,305,624 119,320,814 197% 87,482,870 7 4 YGR Yangarra Resources Ltd. 30-Apr-10 49,055,453 0.65/0.24 0.58 0.35 66% 85,327,864 42,599,103 100% 147,117,007 6 5 TVE Tamarack Valley Energy Ltd.° 25-Jun-10 40,915,060 3.97/1.74 3.85 2.55 51% 177,749,564 75,752,218 135% 46,168,718 9 6 XOP Canadian Overseas Petroleum Limited° 2-Jun-06 94,309,216 0.34/0.11 0.27 0.18 47% 87,918,446 51,123,049 72% 331,767,720 3 7 AOI Africa Oil Corp. 20-Aug-07 56,906,016 10.61/5.51 9.23 6.99 32% 2,856,411,081 1,609,908,470 77% 309,470,323 24 8 PRD PRD Energy Inc. 12-Aug-10 58,429,065 1.56/0.41 1.03 0.70 47% 118,222,613 80,170,466 47% 114,779,236 1 9 INA Iona Energy Inc.° 8-Jun-11 242,491,616 0.73/0.47 0.65 0.55 18% 235,838,280 172,093,244 37% 362,828,123 4 10 CEX Contact Exploration Inc. 28-May-98 48,886,339 0.31/0.18 0.31 0.23 35% 77,492,568 51,780,807 50% 249,976,026 1 1 KLH Stellar Biotechnologies, Inc.° ★ 19-Apr-10 73,922,237 2.15/0.28 1.88 0.28 571% 138,892,924 13,279,769 946% 73,879,215 - 2 LXV LX Ventures Inc. 7-Dec-12 123,383,513 0.96/0.14 0.51 0.25 104% 32,180,040 7,649,138 321% 63,098,118 - 3 ANY Sphere 3D Corporation° + 28-Dec-12 18,652,096 6.80/0.41 6.56 0.74 786% 89,735,696 5,575,411 1509% 13,679,222 - 4 FLY FLYHT Aerospace Solutions Ltd.° 17-May-12 56,648,254 0.50/0.14 0.46 0.18 156% 72,345,243 25,269,510 186% 157,272,268 - 5 GPS BSM Technologies Inc. 31-Aug-12 44,785,678 3.32/1.08 3.14 1.30 142% 119,666,948 37,092,159 223% 38,110,493 6 6 ZMS Zecotek Photonics Inc. 26-Nov-07 51,304,028 0.94/0.22 0.84 0.38 121% 66,769,161 23,161,629 188% 79,487,096 1 7 WAN Wanted Technologies Corporation° 3-Oct-05 13,593,410 1.55/0.32 1.44 0.33 336% 34,789,429 7,923,738 339% 24,159,326 - 8 RX BioSyent Inc. 13-Jun-06 11,163,555 4.92/0.84 4.26 0.92 363% 58,047,591 12,209,499 375% 13,626,195 - 9 QHR QHR Corporation 28-Jun-00 30,923,066 1.33/0.47 1.27 0.56 127% 60,842,897 24,694,891 146% 47,907,793 5 10 OPS Opsens Inc.° 17-Oct-06 11,027,514 1.10/0.17 0.75 0.21 257% 35,524,489 9,934,257 258% 47,365,985 1

° Went public via Capital Pool Company® Program + “Pick of the Street” ★ Number 1 company overall

2013 2013 SHARE SHARE SHARE MARKET MARKET MARKET NUMBER OF SECTOR LISTING TRADING 52 WEEK PRICE($) PRICE ($) PRICE CAPITALIZATION($) CAPITALIZATION($) CAPITALIZATION SHARES O/S ANALYST RANKING TICKER COMPANY NAME DATE VOLUME HIGH/LOW 31-DEC-2013 31-DEC-2012 CHANGE 31-DEC-2013 31-DEC-2012 CHANGE 31-DEC-2013 COVERAGE

All data current as of December 31, 2013. This information is provided for information purposes only. Neither TMX Group Limited nor any of its affiliated companies guarantees the completeness of the information contained in this document and we are not responsible for any errors or omissions in or your use of, or reliance on, the information. The information provided is not an invitation to purchase securities listed on TSX Venture Exchange. TMX Group and its affiliated companies

2014 TSX Venture 50®

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do not endorse or recommend any securities referenced in this document. Please seek professional advice to evaluate specific securities. This document is not intended to provide legal, accounting, tax, investment, financial or other advice and should not be relied upon for such advice. TMX, Toronto Stock Exchange, TSX and TSX Venture Exchange are trade-marks of TSX Inc. © 2014 TSX Inc. All rights reserved. Do not sell or modify this document without TSX Inc.’s prior written consent.

* Formerly Alexander Energy Ltd.

TSX Venture Exchange salutes the companies who have been selected in this year’s TSX Venture 50 ranking!

TMX and TSX Venture Exchange are trade-marks of TSX Inc.

tmx.com/venture50

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To the 2014 TSX Venture 50 companies:

CLEAN TECHNOLOGY DIVERSIFIED INDUSTRIES MINING OIL & GAS TECHNOLOGY & LIFE SCIENCES