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Canadian Mining Eye Q1 2013
The Canadian Mining Eye tracks Canadian mining sector performance of 100 TSX and TSXV mid-tier and junior companies with market capitalizations, in Q1 2013, broadly falling between $2.5b and $250m. These companies trade on the TSX and TSXV, albeit some of them are headquartered outside Canada. Movements and analysis of the index are reported quarterly.
To receive copies of the Canadian Mining Eye, please contact Stephanie Dimou on +1 416 943 5438 or email [email protected].
All company information is sourced from publicly available sources, including company websites and regulatory announcements.
Contact us
Jay Patel Canadian Mining & Metals Transactions Leader +1 416 943 3861 [email protected]
Bruce Sprague Canadian Mining & Metals Leader +1 604 891 8415 [email protected]
Headwinds continueCanadian mining e uities continued to signi cantly underperform in the quarter given concerns around global economic growth and as a result commodity prices. The Canadian Mining Eye index plunged deeper and closed 13% down in Q1 2013, and 33% down in the past 12 months.
Gold prices witnessed a historic fall in April with concerns that the Cyprus Government and a few other European countries might sell their gold reserves to raise cash. With close to two-thirds of the constituents of the Canadian Mining Eye index owning gold and/or silver assets the direction of precious metals prices remain important.
While major banks predict further decline in gold prices, some observers argue that the fundamentals for well-supported gold prices remain unchanged. This uncertainty over the direction of metals prices, has turned investors risk averse, leading to a challenging market for capital access.
Canadian companies have therefore focused on capital management practices like seeking to dispose non-core assets and delay or defer projects to withstand these turbulent times. Some do see buying opportunities where their own share prices have, on a relative comparison, declined less than those of their competitors.
owever, the ight to low cost assets remains the focus of many Canadian miners.
2 | Canadian Mining Eye Q1 2013
Q1 2013 Mining Eye in review
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Mining Eye index and S&P/TSX Composite index performance over Q1 2013 Source: Ernst & Young, Thomson Datastream
Mining Eye S&P/TSX Composite (rebased)
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Mining Eye index and peers over Q1 2013 Source: Ernst & Young, Thomson Datastream
Mining Eye FTSE AIM Basic Resources (rebased)
FTSE All Share Mining (rebased) S&P/TSX Composite Metals & Mining (rebased)
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Mining Eye index and S&P/TSX Composite index performance, last 12 months Source: Ernst & Young, Thomson Datastream
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Mining Eye index and peers, last 12 months Source: Ernst & Young, Thomson Datastream
Mining Eye FTSE AIM Basic Resources (rebased)
FTSE All Share Mining (rebased) S&P/TSX Composite Metals & Mining (rebased)
S&P/ASX 300 Metals & Mining (rebased)
Canadian Mining Eye index and S&P/TSX Composite index performance over Q1 2013Source: Ernst & Young, Thomson Datastream.
Canadian Mining Eye index and peers over Q1 2013Source: Ernst & Young, Thomson Datastream.
Canadian Mining Eye index and S&P/TSX Composite index performance, last 12 monthsSource: Ernst & Young, Thomson Datastream.
Canadian Mining Eye index and peers, last 12 monthsSource: Ernst & Young, Thomson Datastream.
Canadian Mining Eye Q1 2013 | 3
The Mining Eye index lost 13% over Q1 2013 — a fall that compares with 17% over Q4 2012 and 22% in 2012. This was a signi cant underperformance compared to the 3% gain by the S&P/TSX Composite index in the rst quarter. A signi cant downward movement in commodity prices impacted the severity of the fall. The LMEX index fell 6% in Q1 2013.
We see that the majors are also becoming contagious to the downward movement and following the juniors in terms of decline. The majors declined 7% in Q4 2012, and witnessed an even deeper 11% fall in Q1 2013. On 12 and 15 April, gold prices plunged just over $200 and were down a total of 19% by 15 April. By 25 April, the drop since 1 January had reduced to 13%, but the near-term outlook remains uncertain, with strong demand for physical gold contradicting ETF activity.
Some companies unhedged their position in gold, taking advantage of the price drops. For example, Teranga Gold unwound its out-of-the-money hedges, and Crocodile Gold unwound its gold swaps to pay off its outstanding debt.
Financing conditions on the global equity markets are proving to be persistently challenging, giving little grounds for any certainty over the short term. Globally, IPO volumes in the sector have been muted, indicating the extent of negative investor sentiment. Toronto’s
exchanges had only a couple of small oats that made it through to the
TSX-Venture Exchange in April.1
Deal execution has also become challenging in the current environment. Asanko (fka Keegan), which owns the Essase gold project in Ghana, and PMI Gold, which owns the Obotan gold project in Ghana, intended to merge their neighboring assets in December. This fell through months later as PMI’s shareholders were unlikely to approve the transaction. Valuation gaps such as this, from shareholders’ perspective, will keep deal execution dif cult in the near term.
Many Canadian companies operate in an international arena and in emerging markets where risks are more pronounced and somewhat
dif cult to predict and measure. This can become especially challenging from a cash ow perspective as shareholders become more and more risk averse — putting pressure on companies to reduce capital spend on new projects and investments.
It is important for management to effectively manage these risks and negotiate effectively, as best as possible. The Senegal Government recently increased its production royalty rate for Teranga Gold from 3% to 5% in exchange for its right to take an additional 25% stake in any deposit that Teranga may develop.
1 Excludes reverse takeovers, secondary listings, market graduations and qualifying transactions.2 We noted valuation gap challenges in our report Mergers, acquisitions and capital raising in mining and metals:
2012 trends, 2013 outlook, published on 18 February 2013.
Share price movement over Q1 2013 by commodity group
-40% -30% -20% -10% 0% 10% 20% 30%
Fertilizer minerals Technology minerals
Gold Coal and consumable fuels
Silver
Royalty and streaming Base metals
Platinum group metals Uranium
Diamonds
–40% –30% –20% –10% 0% 10% 20% 30%
4 | Canadian Mining Eye Q1 2013
Optimizing for long-term growthThe rst quarter of 2013 saw a healthy mix of strategies in the mining sector focused on sustainable long-term growth despite constrained access to capital markets and capital cost escalations. Mining companies are responding creatively by successfully attracting alternative sources of nancing and optimi ing capital by focusing limited resources on core assets.
In Q1 2013, we saw examples of the following:
�Strategic acquisitions
on-traditional nancing
Non-core asset disposals
Capital recycling
Strategic mergers and acquisitions A number of companies entered into mergers and acquisitions to sustain growth and expanded inorganically.
B2Gold completed its merger with CGA Mining to leverage production capacity and expand its business by gaining access to CGA’s Masbate mine in the Philippines. Both companies view the merger to be accretive and to add value to their shareholders. However, some analysts view the current decline in share price as a buying opportunity given the combined company’s strong fundamentals.
Coeur d’Alene Mines announced the acquisition of Orko Silver to diversify its portfolio and gain control of Orko’s undeveloped silver deposits in Mexico. Coeur d’Alene Mines expects this strategic move to help in geopolitical diversi cation and improving its long-term growth pro le. However, the stock price has fallen since the deal was announced due to a concern whether the deal is accretive, as some analysts expect capex and project execution over the next three years will determine the eventual outcome.3
We saw both Alamos Gold and Hecla Mining battle to acquire Aurizon Mines in Q1 2013. Alamos Gold made a hostile takeover bid early in the rst quarter, followed by a friendly takeover offer made by Hecla Mining at the end of the quarter. Auri on rejected the Alamos offer following a drop in Alamos’ market capitali ation, which was larger than the increase in Auri on’s market capitali ation. The deal was ultimately felt to be nancially inadequate. Hecla was seen as the more attractive offer until the company saw its market capitali ation decrease by an amount close to the implied premium paid for Auri on, again signaling a dilutive transaction.
on-traditional nancingA number of companies were looking out for more innovative forms of
nancing to avoid equity dilution. Junior companies are actively seeking a variety of sources of nancing to raise capital, and we saw a trend of equipment nancing, private equity and Chinese investments in Q1 2013.
Northern Graphite entered into an equipment nancing agreement with Caterpillar Financial Services to buy a mobile mining eet and natural gas-powered generators.
Metals streaming offered some companies an alternative
nancing option. For example, Silver Wheaton acquired a gold stream from a subsidiary of Vale S.A. Silver Wheaton in turn paid Vale a cash consideration of US$1.9b and 10 million warrants for 10 years. The company expects the deal to signi cantly enhance its production and growth pro le.
Prior to the First Quantum bid, Inmet Mining entered into nancing deals with Franco-Nevada, in which Inmet agreed to sell precious metal streams to raise capital for its development project in Panama.
Sino-Canada Fund, managed on behalf of private investors from China, has invested in Northern Freegold Resources, a precious metals exploration company. Sino Canada Fund’s long-term strategy is to invest in the Canadian natural resources sector.
3 Source: Deutsche Bank, Markets Research, dated 21 February 2013.
Canadian Mining Eye Q1 2013 | 5
Non-core asset disposalsSome companies announced disposal of non-core assets in order to raise cash and focus strategically on their core business. For example, North American Palladium disposed its non-core gold division to Maudore Minerals to strengthen its cash position and focus on the expansion of its core palladium mine business. Lake Shore Gold sold its Mexican properties to Revolution Resources to focus on its Canadian assets.
Capital recyclingCompanies also looked at divestment as a means to raise capital. Turquoise Hill, which is focused on copper, gold and coal mines in the Asia-Paci c region, sold its 50% stake in Altynalmas Gold, a Ka akhstan-based company developing the Ky yl gold project, to strengthen its cash position.
Ivanplats sold a previously announced 15% stake in the Kamoa copper project to the Government of the Democractic Republic of the Congo. Kamoa is one of the world’s largest undeveloped copper deposits, and its indicated mineral resources in January 2013 increased 115% over the previous estimate from September 2011.
OutlookCanadian mining and metals companies — and their global counterparts — face a variety of challenges going forward in 2013. Economic growth in demand centres like the US, Europe and Japan is expected to remain weak with high unemployment throughout 2013. Growth centres like BRIC and other emerging countries are also witnessing growth slowdown.
The sharp decline in equity fundraising witnessed in Q1 2013 is also likely to continue in the near term. So far this year, we have seen weakening of metals prices largely due to an uncertain global economic outlook. The plunge in the gold price in April not only shocked investors globally but also made the situation more uncertain for the mining sector.
But opportunities will always exist for those willing to take a long-term view of the sector. It’s about balancing cost reduction and operational ef ciency efforts with strategic transactions.
Exploration stage companies exposed to current capital constraints are pursuing unique, creative nancing arrangements and thinking about how they can advance to the next stage in their growth agenda including consolidation between juniors with cash and those with property, mergers of equals, and streaming deals that sell off a royalty interest from a non-strategic asset for up-front nancing. It’s all about diversifying sources and types of funding to spread risk, drive ef ciency, and limit exposure or loss of control to any one single party.
Capital optimi ation is at the top of the boardroom agenda for the majors on the other end of the spectrum. These companies’ shareholders have become increasingly frustrated by weakening share prices and lower pro tability in the face of huge planned capital spending. Majors are now facing increased pressure to rethink capital allocation decisions and reduce capital expenditures.
Majors are expected to focus on cost rationali ation, consolidation of core assets and capital management to fund the ongoing projects, remain cash ow positive and maintain pro tability. Companies at this stage are well on their way to a new chapter of price-moderated margin growth as they try to balance the desire to build and maximi e shareholder returns.
6 | Canadian Mining Eye Q1 2013
Winners in Q1 2013
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Mining Eye index and S&P/TSX Composite index since 2008 Source: Ernst & Young, Thomson Datastream
Mining Eye S&P/TSX Composite (rebased) Top 25 - TSX Mining
There were few share price winners in Q1 2013, with fewer than one-quarter of the 100 Mining Eye Index constituents reali ing a net gain, amid an overall negative sentiment and challenging market conditions witnessed during the quarter.
Imperial Metals’ share price gained 24% this quarter on the back of strong Q4 2012 operating results and higher-than-expected copper production guidance of 58.5 million lbs. for 2013, mainly due to higher recoveries and planned grades from its Mt. Polley property. Further, commencement of production from the company’s developing stage property Red Chris (copper/gold) in northwest British Columbia is expected to remain on schedule and start in 2014 following the announcement of an agreement with BC Hydro for the construction of a transmission line to supply power to the property.
Altius Minerals’ share price closed the quarter up by 23% following a series of positive developments during the period, including encouraging feasibility study results for Alderon’s Kami Iron Ore property in western Labrador, the discontinuance of the CDN$20.6m lawsuit against them by BAE Newplan Group, and a buyback of
approximately 5% of its outstanding shares by 28 March 2013.
Centamin appreciated 22% in Q1 2013 owing to the resumption of normal operations in late December 2012 at its principal asset, the Sukari gold mine, which was closed due to shortage of fuel and working capital. Earlier, Egyptian General Petroleum had stopped fuel supplies to the mine when Centamin failed to pay US$65m for past deliveries. The company also resumed export of gold in December 2012 from the mine following the revocation of export restrictions placed by customs. Based on these positive developments, Centamin provided guidance of a 22% increase in gold production for 2013 from the Sukari gold mine.
The share price of Katanga Mining, a producer of re ned copper and cobalt, gained 22% during the quarter as the market responded positively to its announcement of meeting the conditions required for the drawdown of a US$515.5m senior secured debt facility between Katanga and the Glencore Group (lender). The funds will be used to nance the phase 4 expansion program, which commenced in Q3 2011 at its copper-cobalt mine complex in the Democratic Republic of the Congo, enabling Katanga to both
increase total processing capacity as well as upgrade the quality of copper produced. In December 2012, the company announced the successful production of the
rst copper cathodes from the new facilities as part of the phase 4 expansion program.
Uranium One’s share price gained 19% largely in response to the announcement of a transaction in which Russia’s JSC Atomredmet oloto and its af liate, Effective Energy N.V., collectively known as ARMZ, would acquire the remaining 48.6% stake in Uranium One to take the company private. ARMZ, a Russian uranium producer holding a 51.4% stake in Uranium One, offered CDN$2.86 per share to the minority shareholders, valuing the company at CDN$2.8b — around 19% higher than Uranium One’s market value on the announcement date. The transaction is expected to close in the second quarter of 2013.
Canadian Mining Eye index and S&P/TSX Composite index since 2008Source: Ernst & Young, Thomson Datastream.
Canadian Mining Eye Q1 2013 | 7
Fallers in Q1 2013
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Mining Eye index, gold, copper and LME Index over Q1 2013 Source: Ernst & Young, Thomson Datastream
Mining Eye LMEX Index (rebased) Gold (rebased) Copper (rebased)
A large majority of the 100 Mining Eye index companies witnessed a net share price decline over the quarter, primarily due to weakening of commodity and metal prices. Operational issues, weaker-than-expected operating performance and nancial results, and downbeat management guidance caused sharp downward price movements for many companies. Thirty- ve Mining Eye constituents suffered a share price decline of more than 20% this quarter.
Shares in San Gold lost 63% over the quarter following its lower-than-expected Q4 2012 gold production (19,019 o . vs. 27,084 o . in Q3 2012 and 20,359 o . in Q4 2011) and disappointing three-year production guidance. The updated mineral reserve and resource estimates were also downbeat, leading to a re-rating of the stock by most analysts. San Gold estimated a total expenditure of US$284m over 2013–17 to increase underground production at its Rice Lake complex in Manitoba, Canada. It also raised CDN$50m in Q1 2013 by issuing 8.0% convertible debentures to fund the development of the Rice Lake complex and other capital
expenditure. Analysts expect the company would have to raise more capital to fund its expenditure plan until 2016.
Rainy River Resources, an exploration stage company owning a 100% stake in the Rainy River Gold project in northwestern Ontario, closed the quarter down 47%, continuing the slide that began after the announcement of CDN$75m follow-on issuance of shares in November 2012, which was revised to CDN$57.5m a day later by revising both the offering price and the number of shares following a sharp reaction by investors. Its only project, Rainy River Gold, is expected to commence production in 2016. A long gestation period with no revenue until 2016 and lack of visibility into the project made investors a little cautious about the company, especially amid the uncertain outlook for the mining sector.
The share price of General Moly, a US-based development stage molybdenum mining company, plummeted 45% in Q1 2013. The company announced that it
suspended work on a US$665m term loan that was being negotiated with China Development Bank to
nance the development of its Mt. Hope project in the US, following the detention of the chairman of Sichuan Hanlong Group, which was arranging the credit for General Moly.4 This development forced the company to look for an alternative nancing partner and could signi cantly delay the development of the project.
Mirabela Nickel’s share price plunged 43% over the quarter largely in response to lower-than-expected Q4 2012 nickel production and declining nickel and copper prices during Q1 2013. In February, the company’s shares dropped further due to its announcement of a US$380m impairment charge in 2012 for its Santa Rita assets, resulting in a reported net loss of US$452.9m for FY 2012, as compared with a net loss of US$50.8m in FY 2011.
4 General Moly news release, 20 March 2013.
Canadian Mining Eye index, gold, copper and LME Index over Q1 2013Source: Ernst & Young, Thomson Datastream.
8 | Canadian Mining Eye Q1 2013
Ins and outs of the TSX & TSXV mining universe
Admissions Galway Gold was admitted to the
TSXV in January in connection with a plan of arrangement among formerly listed Galway Resources Ltd., AUX Acquisition 2 S.àr.l, AUX Canada Acquisition 2, Galway Metals and Galway Gold that closed on 20 December 2012. Galway Gold, a spinout from Galway Resources Ltd., focuses on the exploration of gold in the Vetas gold district of northeast Colombia. The company’s market value at quarter end was CDN$34m.
Coventry Resources joined the TSXV as it completed a reverse takeover. The company will also be dual-listed on the Australian Securities Exchange. Coventry is developing the Cameron gold project in Ontario, which is expected to commence around mid-2015. It has also identi ed a number of exploration targets and prospects around West Cedartree ground.
Delta Gold joined the TSXV in February pursuant to a reverse merger with ADR Capital Corp. Delta Gold engages in the exploration of gold mineral properties. Its principal project includes the Imperial Project consisting of 373 unpatented lode claims, as well as 281 mill site claims on 5,721 acres of federal public lands located in the desert area of Imperial County in southeastern California.
Trident Gold was admitted to the TSXV following the completion of a qualifying transaction with Andor Mining. Andor acquired all the issued and outstanding shares of Trident and amalgamated with it. Trident Gold focuses on gold exploration and holds a 100% stake in the Marquesa project, comprising an area of
124,000 hectares in the city of Medellin, Colombia.
Market exits Northland Resources, a producer
of iron ore concentrate, delisted from the TSX in March 2013. Earlier, on 8 February, its three Swedish subsidiaries led for corporate reorgani ation. Northland had a dual listing on the TSX and Oslo Bors.
Rio Verde Minerals Development shares were delisted from the TSX pursuant to its merger with B&A Fertili ers.
Talison Lithium delisted from the TSX following its acquisition by Wind eld Holdings Pty Ltd., an Australian subsidiary of Chengdu Tianqi Industry Group Co., Ltd., of China.
Changes to the Mining Eye indexDuring the quarter, CGA Mining, Talison Lithium and Northland Resources exited the index due to delisting and were replaced by San Gold, Midas Gold and Brigus Gold.
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Value of TSX & TSXV mining universe and as % of all TSX & TSXV, 2009-2013 Source: Ernst & Young analysis of data from TSX and TSXV Market Intelligence Group; market values as at quarter end
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Value of TSX & TSXV mining universe and as % of all TSX & TSXV, 2009-2013Source: Ernst & Young analysis of data from TSX and TSXV Market Intelligence Group; market values as at quarter end.
TSX & TSXV mining admissions and delistings since 2008Source: Ernst & Young analysis of data from TSX & TSXV Market Intelligence Group; includes placements, introductions and readmissions; excludes transfers between TSX & TSXV.
Canadian Mining Eye Q1 2013 | 9
Fundraising in Q1 2013
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Quarterly trend of funds raised on TSX & TSXV - mining and all sectors Source: Ernst & Young analysis of TSX & TSXV Market Intelligence Group
Mining new issues CDN$m Mining further issues CDN$m TSX & TSXV total issues CDN$m
Equity funds raised by TSX- and TSXV-listed mining companies declined sharply in Q1 2013 to CDN$1.157m, compared with CDN$3.005m in Q4 2012 and CDN$3.155m in the same period a year ago. There were 415 nancing deals with no IPOs during the period, compared with 489 nancing deals in the same period a year ago, which included 14 IPOs. Fundraising across the TSX and TSXV slowed down sharply, with a fall of 33.7% q-o-q to CDN$9.836m, re ecting challenging market conditions. Fundraising by the mining sector accounted for 11.8% of total proceeds raised across the TSX and TSXV (Q4 2012: 20.3%).
The largest issues are outlined below:
Santacruz Silver Mining raised CDN$40.4m by way of equity issuance to nance property payments and further exploration of its San Felipe and Gavilanes silver projects in Mexico. Subsequent to the fundraising, the company added a fourth silver project to its portfolio by acquiring the 48,057-hectare El Gachi project near its existing San Felipe project.
Guyana Gold elds raised gross proceeds of CDN$100.0m through a follow-on issuance of common shares. It also raised CDN$5.6m via a private placement deal with the International Finance Corporation (IFC). The proceeds will be used to fund the development of its Aurora Gold project in Guyana and for exploration expenditures.
NGEx Resources, a mineral exploration company with assets in Canada, Chile and Argentina, raised a total of CDN$34.0m equity nancing via a private placement to fund its ongoing copper and gold projects in Chile and Argentina.
MBAC Fertilizer, an integrated phosphate and potash fertili ers producer in Latin America, raised equity nancing of CDN$34.5m through a secondary offering. The fundraising will enable the company to nance the completion of the Itafos phosphate and single super phosphate (SSP) project by mid-2013. The funds will also be used to nance the development of the Santana phosphate project in Bra il.
Platinum Group Metals raised gross proceeds of CDN$180.0m through the issuance of new equity. The proceeds will be used to partially fund its 63% obligation toward ongoing exploration and engineering work on the Waterberg project and its 74% share of phase 2 development costs at the Western Bushveld Joint Venture (WBJV) project 1 platinum mine in South Africa.
Karnalyte Resources, a company engaged in exploration and development of potash and magnesium products, raised CDN$44.7m via a private placement deal with India-based Gujarat State Fertili ers & Chemicals Limited (GSFC), which picked-up a 19.98% stake in Karnalyte. The fundraising will enable the company to partially
nance the construction of phase 1 of the Wynyard Carnallite project in Canada. GSFC earlier entered into an off-take agreement with Karnalyte for the purchase of 350,000 tonnes per year of potash from phase 1 of the project, increasing to 600,000 tonnes per year with the commencement of phase 2.
Quarterly trend of funds raised on TSX & TSXV — mining and all sectorsSource: Ernst & Young analysis of TSX & TSXV Market Intelligence Group.
10 | Canadian Mining Eye Q1 2013
Fundraising on the TSX and TSXV, 2009–13Source: Ernst & Young analysis of TSX & TSXV market statistics.
5 Initial public offering (IPO) — TSX and TSXV as primary exchanges of listing.6 Funds raised from follow-on issue of shares and private placements.
Mining All TSX & TSXVMining as % of all TSX &
TSXV
New issues Further issues6 Total issues New issues Further issues
Total issues Total proceeds
No. of IPOs5 Proceeds CDN$m
No. of money raising issues
Proceeds CDN$m
Proceeds CDN$m
Proceeds CDN$m
Proceeds CDN$m
Proceeds CDN$m
%
Q1 2013 0 0 415 1,157 1,157 938 8,898 9,836 12%
Q4 2012 19 347 492 2,658 3,005 2,508 12,326 14,834 20%
Q3 2012 6 9 357 2,984 2,993 344 13,430 13,774 22%
Q2 2012 10 11 331 1,125 1,136 1,050 9,778 10,828 10%
Q1 2012 14 23 475 3,132 3,155 506 16,581 17,087 18%
Q4 2011 11 30 410 1,934 1,964 1,041 10,236 11,276 17%
Q3 2011 23 107 366 2,160 2,268 1,315 9,027 10,342 22%
Q2 2011 20 107 467 2,696 2,803 2,887 12,221 15,107 19%
Q1 2011 16 119 678 5,322 5,440 1,656 12,702 14,358 38%
Q4 2010 35 661 860 7,249 7,910 4,616 15,714 20,330 39%
Q3 2010 18 67 420 1,985 2,052 1,615 6,488 8,103 25%
Q2 2010 17 491 499 4,059 4,550 2,977 11,567 14,545 31%
Q1 2010 23 93 536 3,144 3,237 1,826 9,178 11,003 29%
Q4 2009 13 11 760 3,336 3,347 1,850 16,209 18,059 19%
Q3 2009 11 4 589 9,556 9,560 1,617 18,342 19,960 48%
Q2 2009 7 3 457 4,280 4,283 1,102 13,390 14,492 30%
Q1 2009 12 4 373 4,612 4,616 288 12,088 12,376 37%
2012 49 391 1,655 9,899 10,290 4,408 52,115 56,523 18%
2011 70 362 1,921 12,112 12,474 6,899 44,185 51,084 24%
2010 93 1,312 2,315 16,437 17,749 11,034 42,947 53,981 33%
2009 43 23 2,179 21,784 21,806 4,858 60,029 64,887 34%
Canadian Mining Eye Q1 2013 | 11
Index constituents selected at quarter endSource: Ernst & Young, TSX & TSXV Market Intelligence Group.
Q1 2013 MV (CDN$m) Q1 2013 MV (CDN$m) Q1 2013 MV (CDN$m)
Tahoe Resources 2,649 Seabridge Gold 815 Copper Mountain Mining 387 Uranium One 2,513 McEwen Mining 806 Lumina Copper 386 First Majestic Silver 2,340 Endeavour Silver 780 SouthGobi Resources 373 AuRico Gold 2,312 Rubicon Minerals 733 Mandalay Resources 367 Coeur d’Alene Mines 2,225 Thompson Creek Metals
Company 695 Mountain Province Diamonds 366
Walter Energy 2,222 Centamin 687 General Moly 364 Centerra Gold 2,201 Premier Gold Mines 626 Ivanhoe Australia 357 Alamos Gold 2,109 Primero Mining 620 Troy Resources 352 HudBay Minerals 1,723 Mag Silver 610 Augusta Resource 350 Sherritt International 1,707 Taseko Mines 578 Luna Gold 341 Alacer Gold 1,492 Auri on Mines 564 Paramount Gold and Silver 339 Stillwater Mining 1,475 Banro 561 Asanko Gold 336 B2Gold 1,400 Colossus Minerals 559 PMI Gold 330 China Gold International Resources
1,351 Teranga Gold 555 Copper Fox Metals 330
Torex Gold Resources 1,330 NGEx Resources 539 Virginia Mines 326 Ivanplats 1,299 Fortuna Silver Mines 520 Orko Silver 321 NovaGold Resources 1,260 Rainy River Resources 496 Duluth Metals 310 Pretium Resources 1,243 Golden Star Resources 482 Bear Creek Mining 305 Silver Standard Resources 1,197 Denison Mines 478 Northern Dynasty Minerals 299 Dominion Diamond 1,187 Anglo Paci c Group 478 Guyana Gold elds 298 Argonaut Gold 1,186 International Minerals 473 Nevada Copper 282 Katanga Mining 1,144 Sprott Resource 466 Altius Minerals 275 Continental Gold 1,113 Kirkland Lake Gold 461 North American Palladium 272 Dundee Precious Metals 1,064 Sabina Gold & Silver 460 Silvercrest Mines 269 Perseus Mining 1,008 Coalspur Mines 455 Lydian International 265 Sandstorm Gold 1,006 Romarco Minerals 450 San Gold 265 SEMAFO 934 Mirabela Nickel 438 Midas Gold 257 Paladin Energy 921 Tan anian Royalty Exploration 437 Brigus Gold 254 Capstone Mining 919 Aurcana 434 Imperial Metals 899 Belo Sun Mining 431 Gabriel Resources 897 Timmins Gold 430 Total universe MV CDN$m 400,360 Rio Alto Mining 891 MBAC Fertili er 419 Top 25 MV CDN$m 283,907 Silvercorp Metals 871 Lake Shore Gold 407 Total universe excl Top 25 MV
CDN$m 116,453
Endeavour Mining 849 Patagonia Gold 406 MV of Mining Eye constituents 78,736 Nevsun Resources 846 Sierra Metals 394 MV of Mining Eye constituents
as a % of MV of Total universe excluding Top 25
68%
OceanaGold 836 Chesapeake Gold 392
Shading represents index entrants
MV — Market value. CGA Mining, Talison Lithium and Northland Resources exited the index during the quarter.Keegan Resources changed its name to Asanko Gold in February 2013.Harry Winston Diamond changed its name to Dominion Diamond in March 2013.
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