Fundamental Equity Analysis - Top 100 Gold Mining Companies Worldwide

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Currency

Market

Capitalization (in mio

USD)

Daily

Volume (M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock (USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 14291609 1924.708 1113 1113 205 220 220 101.44 110.69 110.69 15.31 15.31 14.03 14.03 18.82

Euro Stoxx 50 Pr EUR 2523313 5400.899 4693 4693 754 782 782 232.46 311.38 311.38 18.94 16.50 14.14 14.14 20.10

NIKKEI 225 JPY 2488565 181.8844 190 190 18 21 21 5.02 6.65 6.65 0.27 0.27 0.20 0.20 0.11

FTSE 100 INDEX GBP 2654439 11577.88 9617 9617 1462 1668 1668 537.24 832.74 832.74 27.37 22.69 17.66 17.66 22.74

SWISS MARKET INDEX CHF 1031265 10988.61 4155 4155 876 846 846 411.25 558.08 558.08 21.39 18.28 15.76 15.76 22.93

S&P/TSX COMPOSITE INDEX CAD 1631195 16825.11 7918 7918 1846 2086 2086 799.64 888.01 888.01 14.90 14.90 13.42 13.42 24.28

S&P/ASX 200 INDEX AUD 1381075 6618.416 2857 2857 601 701 701 250.89 341.32 341.32 21.11 17.15 15.51 15.51 22.16

HANG SENG INDEX HKD 1647917 3137.031 1694 1694 372 404 404 270.66 268.15 268.15 1.33 1.43 1.34 1.34 2.97

MSCI EM USD 7561015 1393.83 1030 1030 194 196 196 84.37 95.69 95.69 11.95 13.29 10.54 10.54 19.64

GOLDCORP INC USD 22874 2156 812 1 0 0 1 22.95 5435 5435 5767 7204 2798 2798 740 740 1.99 1.89 1.82 2.59 14.75 14.75 15.32 10.78 1.36 19.30 19.78 21.03 51.48 BBB+ 01.06.2009 Baa2 13.03.2013

BARRICK GOLD CORP USD 17900 11280 1001 14 0 3 2 32.41 14547 14547 14455 15563 7358 7358 1848 1848 3.54 3.54 3.75 4.07 5.23 5.23 4.94 4.54 2.18 17.85 -11.64 24.49 50.58 BBB+ 30.07.2012 Baa1 *- 17.04.2013

NEWMONT MINING CORP USD 16130 2635 497 6 0 3 2 23.96 9868 9868 10114 11594 4169 4169 966 966 3.78 3.77 3.63 4.43 8.75 8.75 9.09 7.45 -4.73 16.65 -19.24 19.37 42.25 BBB+ 11.08.2008 Baa1 26.07.2010

YAMANA GOLD INC USD 8509 4120 1 0 0 0 8.97 2337 2337 2746 3312 1269 1502 307 307 - - 1.01 1.34 - - 11.33 8.59 7.52 203.49 0.53 26.81 64.28 - - - -

RANDGOLD RESOURCES LTD-ADR USD 6434 431 92 0 0 0 0 6.23 1318 1318 1548 2043 699 699 - - 4.65 4.70 4.93 7.48 15.19 15.19 14.48 9.54 16.92 45.49 20.16 53.34 53.06 - - - -

CIA DE MINAS BUENAVENTUR-ADR USD 5656 251 254 0 0 0 0 5.86 1564 1509 1771 1891 572 572 - - 2.69 2.69 3.02 2.95 7.79 7.79 6.93 7.11 0.44 17.76 -30.27 7.50 37.90 - - - -

SILVER WHEATON CORP USD 7780 2362 0 0 0 1 7.05 850 850 1036 1149 701 701 202 202 - - 1.73 1.90 - - 13.31 12.10 16.38 63.12 13.36 43.74 82.57 - - - -

ANGLOGOLD ASHANTI-SPON ADR USD 6792 1100 30 0 0 8 52160 52152 60643 62974 19105 19105 - - - - 23.15 27.70 - - 7.44 6.21 -4.14 24.62 -17.82 86.63 36.63 BBB- 10.12.2012 - -

AGNICO-EAGLE MINES LTD USD 5365 695 1 0 0 0 5.86 1918 1918 1864 2136 787 791 206 206 - - 1.73 2.13 - - 18.87 15.32 5.26 54.48 4.59 31.64 41.27 NR 12.03.2003 WR 05.03.2002

GOLD FIELDS LTD-SPONS ADR USD 4671 2127 16 0 2 5 28916 42194 39752 49164 14243 20101 - - - - 7.36 8.32 - - 8.21 7.26 14.46 - 5.29 13.85 47.64 BB+ 15.11.2012 - -

ROYAL GOLD INC USD 3290 335 59 0 0 0 0 2.91 263 287 309 413 233 258 67 67 1.63 1.62 1.65 2.66 32.18 32.18 31.68 19.62 21.52 - 25.17 44.69 89.62 - - - -

KINROSS GOLD CORP USD 5878 3896 1140 3 0 0 2 6.60 4311 4311 4279 4536 1962 1962 460 460 0.77 0.77 0.58 0.73 6.97 6.97 9.20 7.34 12.20 34.92 1.87 40.67 45.51 BBB- 15.08.2011 Baa3 15.08.2011

ELDORADO GOLD CORP USD 4880 1758 1 0 0 1 4.94 1148 1148 1368 1585 584 584 169 169 - - 0.52 0.65 - - 13.55 10.92 3.97 78.05 -9.24 53.95 50.93 BB 13.11.2012 Ba3 12.11.2012

NEW GOLD INC USD 3173 843 1 0 0 1 3.33 791 791 995 1031 390 390 123 123 - - 0.50 0.58 - - 13.73 11.80 13.70 48.12 13.39 63.80 49.30 BB- 27.03.2012 B2 27.03.2012

HARMONY GOLD MNG-SPON ADR USD 2011 665 2 0 0 2 15169 16047 17466 23566 4222 3562 - - - - 4.38 9.81 - - 10.27 4.58 30.81 19.23 79.35 16.71 22.20 - - - -

PAN AMERICAN SILVER CORP USD 1824 584 0 0 0 1 1.37 929 929 1071 1123 362 362 97 97 - - 1.17 1.38 - - 10.44 8.92 8.57 47.85 -18.81 25.23 38.98 - - - -

IAMGOLD CORP USD 1779 1708 1 0 0 1 1.68 1670 1670 1689 1851 710 710 191 191 - - 0.64 0.81 - - 7.54 5.97 -0.19 21.94 -9.54 30.21 42.52 BB- 10.09.2012 - -

FIRST MAJESTIC SILVER CORP USD 1302 423 0 0 0 0 1.22 247 247 409 569 135 135 - - - - 1.07 1.56 - - 10.83 7.42 0.68 55.79 -13.49 101.01 54.66 - - - -

COEUR D'ALENE MINES CORP USD 1219 572 90 0 0 0 0 1.19 895 895 967 1075 378 378 98 98 0.59 0.58 1.25 1.64 24.36 24.36 11.29 8.62 -12.31 64.18 -28.81 43.35 42.24 B+ 25.06.2012 B3 24.01.2013

AURICO GOLD INC USD 1127 712 0 0 0 1 0.71 164 305 416 52 80 35 35 - - 0.29 0.44 - - 16.68 10.82 94.95 - 2151.89 - - - - - -

ALLIED NEVADA GOLD CORP USD 955 483 90 1 0 0 0 1.13 215 215 420 585 95 95 33 33 0.52 0.52 1.12 1.92 20.64 20.64 9.59 5.60 41.13 - 95.75 - 44.49 B 07.06.2012 B3 16.05.2012

HECLA MINING CO USD 856 1752 285 0 0 0 0 0.68 321 321 476 597 93 93 23 23 0.07 0.07 0.21 0.37 44.14 44.14 14.44 8.26 -32.76 35.19 -63.53 10.36 28.93 B 04.04.2013 B2 02.04.2013

AURIZON MINES LTD USD 662 154 0 0 0 0 0.47 224 224 212 272 92 92 - - - - 0.19 0.28 - - 22.11 14.61 -14.02 16.43 -26.18 14.15 41.26 - - - -

NEVSUN RESOURCES LTD USD #VALUE! 153 0 0 0 0 566 566 394 670 426 426 38 38 - - 0.43 0.96 - - 7.67 3.47 3.34 - -0.64 - 75.34 - - - -

SILVER STANDARD RESOURCES USD 546 400 0 0 0 0 0.32 241 241 243 262 55 55 12 12 - - 0.00 0.08 - - 87.04 63.09 - 38.56 - 22.64 - - - -

SEABRIDGE GOLD INC USD 442 152 0 0 0 0 0.40 0 0 -16 - -15 -15 - - -0.28 -0.40 - - - - 20.14 - - - - - -

TANZANIAN ROYALTY EXPLORATIO USD 262 141 0 0 0 0 0.25 0 0 -5 -5 - - - - - - - - -16.99 - - - - - -

GOLDEN STAR RESOURCES LTD USD 251 234 259 0 0 0 0 0.29 551 551 558 589 125 126 34 34 -0.05 -0.14 0.04 0.16 - - 26.21 5.88 16.89 19.35 35.80 - 22.85 - - - -

VISTA GOLD CORP USD 127 114 82 0 0 0 0 0.04 0 0 0 -36 -34 -6 -6 -0.54 -0.50 -0.25 -0.23 - - - - -26.58 - - - - - -

GREAT BASIN GOLD LTD USD 5 521 0 0 0 0 0.32 170 145 18 -26 - - - - - - 70.83 - - - -18.00 - - - -

ARGONAUT GOLD INC CAD 805 103 149 0 0 0 0 0.60 184 184 220 292 105 105 19 19 0.67 0.61 0.42 0.56 9.22 9.22 13.33 10.07 77.60 - 90.22 - 56.36 - - - -

TOREX GOLD RESOURCES INC CAD 763 180 604 0 0 0 0 0.35 0 0 0 0 -59 -59 - - -0.14 -0.15 -0.08 -0.06 - - - - -75.87 - - - - - -

CHINA GOLD INTERNATIONAL RES CAD 1157 56 396 0 0 0 0 1.03 327 327 358 553 138 119 166 166 0.18 0.17 0.21 0.22 16.30 16.30 13.48 13.17 6.65 - - - 35.83 - - - -

LIONGOLD CORP LTD SGD 783 11911 731 0 0 0 0 0.75 79 92 90 116 -4 1 - - -0.02 -0.03 0.00 0.01 - - 143.56 66.26 13.51 7.14 - - 1.20 - - - -

PERSEUS MINING LTD CAD 612 315 0 0 0 0 0.54 142 313 416 54 125 - - - - 0.14 0.21 - - 9.29 6.05 - - - - - - - - -

AURIZON MINES LTD USD 662 154 0 0 0 0 0.47 224 224 212 272 92 92 - - - - 0.19 0.28 - - 22.11 14.61 -14.02 16.43 -26.18 14.15 41.26 - - - -

OCEANAGOLD CORP CAD 522 260 294 0 0 0 0 0.68 379 379 593 655 142 142 56 56 0.08 0.08 0.30 0.40 23.47 23.47 6.20 4.58 -2.52 26.73 -11.84 65.94 36.85 - - - -

MEDUSA MINING LTD AUD 540 2943 189 0 0 0 0 0.55 84 96 126 295 60 67 - - 0.27 0.30 0.43 1.03 11.91 - 8.29 3.44 -47.44 97.93 -54.11 - 72.10 - - - -

DUNDEE PRECIOUS METALS INC CAD 708 88 126 0 0 0 0 0.67 378 379 476 543 - - - - 0.38 0.38 0.88 1.08 14.79 14.79 6.43 5.24 13.42 49.21 - - - - - - -

RIO ALTO MINING LTD CAD 602 155 176 0 0 0 0 0.57 311 312 306 350 170 171 - - 0.56 0.54 0.51 0.59 6.29 6.29 6.70 5.82 - - - - 53.78 - - - -

SANDSTORM GOLD LTD CAD 577 129 86 0 0 0 0 0.44 55 55 75 97 36 36 - - 0.25 0.25 0.32 0.49 28.24 28.24 21.53 14.12 85.20 - 90.06 - 64.35 - - - -

CHINA PRECIOUS METAL RESOURC HKD 757 2260 3332 0 0 0 0 0.99 209 209 277 319 106 136 186 186 0.02 0.02 0.02 0.02 1.42 - 1.09 0.94 5.83 26.53 - - 9.27 - - - -

EVOLUTION MINING LTD AUD 673 7198 707 0 0 0 0 0.71 488 661 670 771 198 222 155 155 0.07 0.19 0.13 0.16 5.27 - 7.92 6.36 296.35 - 562.19 - 34.93 - - - -

ENDEAVOUR SILVER CORP USD 443 466 0 0 0 0 0.42 208 208 263 330 90 90 - - - - 0.49 0.65 - - 9.57 7.17 62.57 87.74 38.56 - 43.16 - - - -

SILVERCORP METALS INC USD 441 266 0 0 0 0 0.39 238 193 203 269 155 102 - - - - 0.22 0.34 - - 12.35 7.88 42.21 27.32 40.76 43.24 53.14 - - - -

BEADELL RESOURCES LTD AUD 500 11367 742 0 0 0 0 0.63 1 1 351 351 -15 - 190 190 -0.05 -0.06 0.17 0.19 - - 4.24 3.98 - - 62.73 - - - - - -

SEABRIDGE GOLD INC USD 442 152 0 0 0 0 0.40 0 0 -16 - -15 -15 - - -0.28 -0.40 - - - - 20.14 - - - - - -

RUBICON MINERALS CORP CAD 448 101 288 0 0 0 0 0.28 0 0 -11 -11 - - -0.04 -0.04 -0.05 0.20 - - 7.67 - - 45.76 - - - - - -

RESOLUTE MINING LTD AUD 615 4341 636 0 0 0 0 0.55 599 642 687 654 264 270 - - 0.17 0.26 0.24 0.22 3.98 - 4.37 4.87 30.73 30.37 136.29 108.84 43.76 - - - -

KINGSGATE CONSOLIDATED LTD AUD 379 2120 151 0 0 0 0 0.52 371 386 367 435 171 - - - 0.54 0.36 0.35 0.47 7.87 - 8.10 6.05 111.53 87.49 152.42 - - - - - -

Valuation Measures I/II

Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Currency

Market

Capitalization (in mio

USD)

Daily

Volume (M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock (USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 14291609 1924.708496 1113 1113 205 220 220 101.44 110.69 110.69 15.31 15.31 14.03 14.03 18.82

Euro Stoxx 50 Pr EUR 2523313 5400.898656 4693 4693 754 782 782 232.46 311.38 311.38 18.94 16.50 14.14 14.14 20.10

NIKKEI 225 JPY 2488565 181.8843549 190 190 18 21 21 5.02 6.65 6.65 0.27 0.27 0.20 0.20 0.11

FTSE 100 INDEX GBP 2654439 11577.87525 9617 9617 1462 1668 1668 537.24 832.74 832.74 27.37 22.69 17.66 17.66 22.74

SWISS MARKET INDEX CHF 1031265 10988.6097 4155 4155 876 846 846 411.25 558.08 558.08 21.39 18.28 15.76 15.76 22.93

S&P/TSX COMPOSITE INDEX CAD 1631195 16825.11027 7918 7918 1846 2086 2086 799.64 888.01 888.01 14.90 14.90 13.42 13.42 24.28

S&P/ASX 200 INDEX AUD 1381075 6618.416193 2857 2857 601 701 701 250.89 341.32 341.32 21.11 17.15 15.51 15.51 22.16

HANG SENG INDEX HKD 1647917 3137.031017 1694 1694 372 404 404 270.66 268.15 268.15 1.33 1.43 1.34 1.34 2.97

MSCI EM USD 7561015 1393.829834 1030 1030 194 196 196 84.37 95.69 95.69 11.95 13.29 10.54 10.54 19.64

ST BARBARA LTD AUD 363 4861 325 0 0 0 0 0.52 562 542 573 674 233 209 - - 0.43 0.28 0.14 0.23 2.72 - 5.46 3.39 52.48 28.91 109.04 87.85 40.04 B 15.03.2013 - -

CONTINENTAL GOLD LTD CAD 496 110 108 0 0 0 0 0.38 0 0 -12 -10 - - -0.07 -0.07 -0.09 -0.10 - - - - - - - - - - -

ENDEAVOUR MINING CORP CAD 377 214 391 0 0 0 0 0.54 340 341 514 645 134 134 - - -0.04 0.00 0.18 0.22 842.29 842.29 4.78 3.97 135.27 - 211.05 - 38.70 - - - -

FORTUNA SILVER MINES INC CAD 339 209 0.27 158 158 182 210 70 70 - - 0.27 0.27 0.29 0.34 10.36 10.36 9.55 7.98 45.58 89.76 44.03 66.20 43.17 - - - -

PRIMERO MINING CORP CAD 492 42 97 0 0 0 0 0.38 180 180 214 276 76 76 23 23 0.53 0.51 0.43 0.71 9.58 9.58 11.37 6.94 16.57 - 6.23 - 41.61 - - - -

MAG SILVER CORP CAD 414 23 60 0 0 0 0 0.37 0 0 -13 -13 -1 -1 -0.22 -0.22 -0.14 -0.15 - - - - -40.27 - - - - - -

MCEWEN MINING INC USD 498 926 296 0 0 0 0 0.43 6 27 150 217 -92 -72 - - -0.19 -0.20 0.11 0.23 - - 18.38 8.58 - - -54.81 - -266.78 - - - -

TIMMINS GOLD CORP CAD 319 87 144 0 0 0 0 0.31 153 153 214 232 67 67 22 22 0.25 0.25 0.37 0.38 9.77 9.77 6.41 6.33 86.64 - 59.05 - 43.14 - - - -

NORTHERN STAR RESOURCES LTD AUD 311 5831 402 0 0 0 0 0.27 103 118 146 186 49 60 75 75 0.05 0.08 0.09 0.12 10.05 10.44 8.80 6.56 -13.92 - 5.44 - 52.66 - - - -

ROMARCO MINERALS INC CAD 279 320 585 0 0 0 0 0.21 0 0 -12 -12 -9 -9 -0.02 -0.02 -0.02 -0.02 - - - - 22.15 - - - - - -

REAL GOLD MINING LTD HKD 1031 0 907 0 0 0 0 0.50 176 176 153 153 - - 0.12 0.12 0.95 0.95 4.55 - 7.02 - 11.18 - - - -

GOLDEN STAR RESOURCES LTD USD 251 234 259 0 0 0 0 0.29 551 551 558 589 125 126 34 34 -0.05 -0.14 0.04 0.16 - - 26.21 5.88 16.89 19.35 35.80 - 22.85 - - - -

PREMIER GOLD MINES LTD CAD 248 336 149 0 0 0 0 0.22 0 1 0 0 -12 -12 - - -0.15 -0.16 -0.07 -0.08 - - - - -5.25 - -1302.84 - - - -

TANZANIAN ROYALTY EXPLORATIO USD 262 141 0 0 0 0 0.25 0 0 -5 -5 - - - - - - - - -16.99 - - - - - -

BANRO CORPORATION CAD 216 99 202 0 0 0 0 0.34 42 42 167 428 6 6 - - -0.02 -0.02 0.15 0.75 - - 7.22 1.42 - - - - 13.91 - - - -

RAINY RIVER RESOURCES LTD CAD 210 44 100 0 0 0 0 0.11 0 0 0 0 -63 -63 - - -0.72 -0.72 -0.69 -0.18 - - - - -296.46 - - - - - -

INDOPHIL RESOURCES NL AUD 338 260 1203 0 0 0 0 0.09 0 0 -18 -18 - - 0.00 0.00 63.97 - - - -128.71 - - - - - -

COLOSSUS MINERALS INC CAD 198 168 106 0 0 0 0 0.20 0 0 70 308 -32 -32 -7 -7 -0.28 -0.28 0.07 1.51 - - 23.23 1.10 - - -12.02 - - - - - -

AURCANA CORPORATION CAD 188 1118 467 0 0 0 0 0.18 56 56 140 250 20 20 - - 0.02 0.02 0.08 0.12 21.17 21.17 5.09 3.49 19.40 69.40 42.55 - 35.34 - - - -

ASANKO GOLD INC CAD 202 28 76 0 0 0 0 0.01 0 0 -35 -34 - - -0.48 -0.26 -0.18 -0.11 - - - - 7.21 - - - - - -

SULLIDEN GOLD CORP LTD CAD 189 44 243 0 0 0 0 0.17 0 0 -12 -4 - - -0.06 -0.04 -0.03 -0.03 - - - - -35.88 - - - - - -

BEAR CREEK MINING CORP CAD 208 25 92 0 0 0 0 0.14 0 0 -31 -31 - - -0.33 -0.32 -0.17 -0.19 - - - - -5.80 - - - - - -

LAKE SHORE GOLD CORP CAD 180 234 416 0 0 0 0 0.27 131 131 199 259 37 37 - - -0.22 -0.23 -0.01 0.06 - - 7.58 99.10 - 409.85 - 28.01 - - - -

PARAMOUNT GOLD AND SILVER USD 220 210 0 0 0 0 0.21 0 0 -18 -18 -8 -8 - - -0.04 -0.04 - - -59.56 - -54.62 - -29165.25 - - - -

HIGHLAND GOLD MINING LTD GBp 400 207 325 0 0 0 0 0.38 460 465 534 608 240 207 239 239 0.44 0.37 0.48 0.45 7.77 9.00 6.01 6.44 35.55 50.93 46.14 99.37 68.05 - - - -

SABINA GOLD & SILVER CORP CAD 213 65 174 0 0 0 0 0.10 0 0 -12 -12 - - -0.08 -0.08 -0.03 -0.03 - - - - -18.40 - - - - - -

KIRKLAND LAKE GOLD INC CAD 187 213 70 0 0 0 0 0.25 157 137 151 259 55 24 16 16 0.56 -0.01 0.03 0.75 - - 101.80 3.74 53.75 61.48 109.01 - 17.27 - - - -

GUYANA GOLDFIELDS INC CAD 205 54 95 0 0 0 0 0.17 0 0 407 -8 -8 - - -0.09 -0.10 -0.07 -0.08 - - - - 19.28 - - - - - -

LYDIAN INTERNATIONAL LTD CAD 188 49 127 0 0 0 0 0.10 0 0 - - - - -0.05 -0.05 -0.04 -0.06 - - - - - - - - - - -

COEUR D'ALENE MINES CORP CAD 1260 12 0 0 0 0 1.20 880 880 950 1057 372 372 97 97 - - 1.23 1.61 - - 10.87 8.30 -12.10 63.08 -28.32 42.61 41.51 B+ 25.06.2012 B3 24.01.2013

GREAT PANTHER SILVER LTD USD 137 143 0 0 0 0 0.12 61 61 60 66 16 16 - - - - 0.06 0.08 - - 16.35 12.37 5.74 36.44 -28.90 - 25.56 - - - -

BRIGUS GOLD CORP USD 130 441 0 0 0 0 0.19 118 118 161 172 48 48 - - - - 0.16 0.18 - - 3.62 3.24 63.78 - 239.92 60.49 41.21 - - - -

INTREPID MINES LTD AUD 133 1701 555 0 0 0 0 0.13 0 0 0 -50 -50 - - -0.12 -0.14 -0.01 -0.02 - - - - -22.55 - - - - - -

ALEXCO RESOURCE CORP USD 127 104 0 0 0 0 0.11 85 85 84 118 25 25 - - - - -0.02 0.18 - - 11.85 87.81 444.74 160.76 - 30.03 - - - -

VISTA GOLD CORP USD 127 114 82 0 0 0 0 0.04 0 0 0 -36 -34 -6 -6 -0.54 -0.50 -0.25 -0.23 - - - - -26.58 - - - - - -

SARACEN MINERAL HOLDINGS LTD AUD 102 13164 595 0 0 0 0 0.11 191 194 218 250 66 54 65 65 0.04 -0.02 0.04 0.08 - - 4.66 2.39 18.75 - 6.34 - 28.86 - - - -

ATAC RESOURCES LTD CAD 131 36 104 0 0 0 0 0.12 0 0 - - -1 -1 -0.08 -0.07 -0.05 -0.05 - - - - - - - - - - -

PATAGONIA GOLD PLC GBp 154 618 736 0 0 0 0 0.15 0 0 -50 -40 - - -0.07 -0.05 - - - - -289.09 - - - - - -

LINGBAO GOLD CO LTD-H HKD 251 376 770 0 0 0 0 0.77 824 824 892 850 106 98 97 97 0.06 0.04 0.03 0.04 0.92 0.93 1.01 0.89 1.51 2.37 - 2.22 1.83 - - - -

SCORPIO MINING CORP CAD 95 55 198 0 0 0 0 0.06 45 45 80 111 14 14 - - 0.04 0.04 0.06 0.14 12.78 12.78 8.11 3.58 -24.56 - -50.87 - 30.42 - - - -

MIDWAY GOLD CORP USD 118 14 128 0 0 0 0 0.09 0 0 -14 -14 - - -0.12 -0.13 -0.11 -0.11 - - - - 21.14 - - - - - -

DRDGOLD LTD-SPONSORED ADR USD 245 11 0 0 0 0 1764 1959 2201 2563 371 400 621 621 - - 9.38 13.74 - - 6.25 4.28 27.89 7.86 64.25 12.94 20.40 - - - -

INTL TOWER HILL MINES LTD USD 96 49 0 0 0 0 0.07 0 0 0 0 -56 -56 - - - - -0.09 -0.06 - - - - -463.04 - - - - - -

RED 5 LTD AUD 82 431 135 0 0 0 0 0.09 4 17 52 132 -3 -5 - - -0.01 -0.07 0.00 0.31 - - 161.04 2.13 - - 45.05 - -30.68 - - - -

GRYPHON MINERALS LTD AUD 81 5757 348 0 0 0 0 0.03 0 0 0 1 -8 -8 - - - -0.01 -0.02 -0.01 - - - - 51.28 - - - - - -

EXETER RESOURCE CORP USD 80 43 88 0 0 0 0 0.02 0 0 -26 -26 - - -0.29 -0.29 -0.13 -0.11 - - - - 17.44 - - - - - -

RICHMONT MINES INC USD 76 33 40 0 0 0 0 0.02 102 104 111 135 8 8 - - -0.08 -0.09 0.29 0.43 - - 7.20 4.83 -14.20 30.03 -79.79 8.26 7.56 - - - -

OREZONE GOLD CORP CAD 77 76 86 0 0 0 0.06 0 0 -28 -28 - - -0.06 -0.08 -0.15 0.01 - - 65.59 - - 9.58 - - - - - -

RAMELIUS RESOURCES LTD AUD 72 1890 336 0 0 0 0 0.03 88 120 143 190 13 -11 36 36 0.01 -0.06 0.06 0.12 - - 4.34 2.01 -44.74 181.84 -91.67 9.06 -9.44 - - - -

SAN GOLD CORP CAD 59 93 335 0 0 0 0 0.05 140 140 128 167 35 35 - - -0.04 -0.03 -0.04 -0.02 - - 24.13 114.68 184.64 - 24.82 - - - -

Valuation Measures I/II

Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth


2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot

S&P 500 INDEX 2.16 2.16 1.98 1.80 2.16 1.40 1.40 1.33 1.28 1.40 9.94 9.94 9.65 9.45 9.94 8.76 8.76 8.10 7.59 8.76 14.03 14.03 12.57 11.40 14.03 2.22 2.22 2.38 2.58 2.22 1688.6 8.7%

Euro Stoxx 50 Pr 1.13 1.13 1.06 1.00 1.13 0.72 0.72 0.70 0.68 0.72 5.24 5.24 4.89 4.66 5.24 6.91 6.91 6.54 6.22 6.91 10.87 10.87 9.75 8.93 10.87 4.42 4.42 4.75 5.08 4.42 2901.3 11.5%

NIKKEI 225 1.51 1.51 1.41 1.37 1.51 0.70 0.70 0.69 0.69 0.70 8.73 8.73 8.13 8.05 8.73 8.52 8.52 7.94 7.82 8.52 20.11 20.11 15.85 14.22 20.11 1.56 1.56 1.79 1.92 1.56 12101.0 -8.3%

FTSE 100 INDEX 1.65 1.65 1.54 1.33 1.65 1.00 1.00 0.96 0.97 1.00 8.10 8.10 7.38 5.27 8.10 6.94 6.94 6.51 6.25 6.94 11.53 11.53 10.48 9.63 11.53 3.98 3.98 4.28 4.71 3.98 6849.6 9.2%

SWISS MARKET INDEX 2.36 2.36 2.19 2.02 2.36 1.98 1.98 1.88 1.80 1.98 12.05 12.05 11.06 9.84 12.05 12.99 12.99 12.01 11.27 12.99 14.73 14.73 13.19 12.00 14.73 3.34 3.34 3.71 4.21 3.34 8060.0 4.9%

S&P/TSX COMPOSITE INDEX 1.64 1.64 1.52 1.42 1.64 1.53 1.53 1.44 1.39 1.53 8.17 8.17 7.34 6.81 8.17 8.07 8.07 7.17 6.80 8.07 13.65 13.65 12.07 11.06 13.65 3.22 3.22 3.37 3.58 3.22 14560.3 18.1%

S&P/ASX 200 INDEX 1.86 1.86 1.76 1.66 1.86 1.78 1.78 1.68 1.59 1.78 10.98 10.98 9.78 8.92 10.98 9.44 9.44 8.34 7.72 9.44 14.93 14.93 13.29 12.22 14.93 4.45 4.45 4.76 5.13 4.45 5156.3 5.1%

HANG SENG INDEX 1.29 1.29 1.19 1.09 1.29 1.65 1.65 1.53 1.41 1.65 6.92 6.92 6.41 6.05 6.92 7.77 7.77 7.10 6.53 7.77 10.43 10.43 9.59 8.60 10.43 3.69 3.69 3.97 4.49 3.69 24855.2 14.4%

MSCI EM 1.41 1.41 1.28 1.19 1.41 0.98 0.98 0.91 0.86 0.98 6.69 6.69 6.16 5.77 6.69 7.12 7.12 6.51 6.13 7.12 10.54 10.54 9.48 8.81 10.54 3.14 3.14 3.61 6.20 3.14 1180.3 17.1%

GOLDCORP INC 1.01 0.97 0.91 0.83 4.15 3.99 3.18 2.97 3.13 9.75 9.82 7.11 6.15 5.10 7.77 7.63 5.50 4.89 4.93 13.99 15.21 10.71 9.77 8.60 1.94 2.13 2.08 2.07 2.16 44.58 60.6%

BARRICK GOLD CORP 0.69 0.71 0.64 0.59 1.26 1.23 1.15 1.14 1.16 3.25 3.38 3.06 2.92 2.82 4.36 4.36 3.94 3.78 3.73 4.70 4.72 4.39 4.56 4.15 4.21 4.49 4.52 4.40 6.14 38.18 113.5%

NEWMONT MINING CORP 1.18 1.09 0.99 0.91 1.63 1.61 1.41 1.42 5.37 5.40 4.47 4.63 5.59 5.65 4.62 4.79 6.75 9.11 8.90 7.31 7.72 9.68 4.43 5.09 5.06 4.83 4.32 50.26 55.2%

YAMANA GOLD INC 1.08 1.00 0.94 0.88 3.58 3.07 2.57 2.66 2.48 7.94 6.78 5.60 5.57 4.58 6.87 5.73 4.53 4.76 4.16 12.39 11.17 8.47 10.02 6.81 2.11 2.17 2.19 2.12 20.65 82.6%

RANDGOLD RESOURCES LTD-ADR 2.47 2.14 1.79 1.54 4.70 4.16 3.15 3.19 3.13 10.99 9.36 6.60 6.25 8.63 8.11 5.29 5.15 5.52 14.80 14.17 9.34 9.89 11.40 0.68 0.73 1.53 0.64 117.61 68.4%

CIA DE MINAS BUENAVENTUR-ADR 1.45 1.20 1.05 0.97 3.71 3.23 3.02 3.11 12.65 12.43 11.43 6.88 5.93 5.73 6.26 7.22 6.76 6.94 7.48 2.99 2.95 3.40 3.87 31.27 52.4%

SILVER WHEATON CORP 2.49 2.19 1.95 1.74 1.42 9.51 7.48 6.80 6.46 5.09 11.51 9.56 8.64 8.43 7.23 10.58 8.40 7.62 7.40 5.76 13.26 12.43 11.27 11.44 9.06 1.70 2.22 2.37 2.62 2.82 45.63 107.9%

ANGLOGOLD ASHANTI-SPON ADR 1.17 1.07 0.91 0.80 1.04 1.05 1.01 1.04 3.68 3.07 3.00 3.43 6.01 6.99 5.84 6.20 2.34 1.65 1.72 1.73 34.02 93.0%

AGNICO-EAGLE MINES LTD 1.54 1.50 1.42 1.33 2.80 2.87 2.51 2.47 2.48 7.61 9.14 7.39 6.71 6.22 7.19 7.66 6.10 5.93 4.66 14.75 17.97 14.58 13.59 12.98 2.47 2.68 2.62 2.64 50.26 61.6%

GOLD FIELDS LTD-SPONS ADR 0.72 0.80 0.73 0.67 0.87 1.08 0.87 1.26 2.65 3.84 3.77 3.42 5.13 7.92 7.00 6.13 6.11 3.53 4.18 4.91 9.84 55.0%

ROYAL GOLD INC 1.65 1.36 1.30 1.22 11.96 10.59 7.94 5.89 16.41 16.49 11.50 8.98 12.20 10.71 8.00 6.12 29.09 30.86 19.13 13.81 1.08 1.42 1.55 1.67 88.58 73.3%

KINROSS GOLD CORP 0.45 0.55 0.53 0.51 0.45 1.36 1.36 1.29 1.39 1.27 4.10 4.18 3.51 3.95 3.54 3.34 3.50 2.98 3.36 2.76 6.98 8.82 7.03 7.98 6.51 3.11 3.02 3.00 3.11 3.11 10.59 105.6%

ELDORADO GOLD CORP 0.81 0.80 0.75 0.70 4.22 3.56 3.08 2.27 1.56 10.49 8.67 7.20 5.04 2.94 8.21 6.76 5.64 3.95 2.38 14.88 13.02 10.49 7.41 3.67 2.12 2.17 2.55 3.72 14.82 117.0%

NEW GOLD INC 1.23 1.10 1.02 0.96 0.92 4.13 3.19 3.08 3.04 3.39 10.76 7.42 6.51 6.11 6.68 8.41 5.83 5.18 5.05 5.30 16.40 13.31 11.44 11.34 13.77 0.00 0.00 13.24 98.9%

HARMONY GOLD MNG-SPON ADR 0.49 0.46 0.43 0.42 1.09 1.05 0.78 0.74 4.40 3.57 2.69 3.36 6.21 9.67 4.31 10.23 2.82 1.43 3.05 1.52 10.35 124.0%

PAN AMERICAN SILVER CORP 0.64 0.64 0.61 0.56 0.49 1.91 1.70 1.62 1.63 1.31 6.73 6.16 5.51 6.23 4.17 3.52 3.33 2.97 2.95 1.76 9.57 10.39 8.73 10.57 6.91 1.47 3.60 3.43 3.10 4.16 20.94 74.4%

IAMGOLD CORP 0.47 0.46 0.44 0.43 1.08 1.06 0.96 0.99 0.95 3.31 3.77 3.13 3.39 2.92 2.33 2.46 2.14 2.26 2.02 5.48 7.41 5.86 6.80 6.29 5.38 5.19 4.90 4.83 5.27 11.08 134.5%

FIRST MAJESTIC SILVER CORP 2.09 4.91 3.17 2.27 2.08 1.84 8.95 7.14 4.99 4.62 3.70 7.29 5.94 3.94 3.50 2.93 11.52 10.32 7.06 6.84 5.95 21.78 95.7%

COEUR D'ALENE MINES CORP 0.56 0.55 0.50 0.46 1.35 1.26 1.13 1.14 1.00 4.55 4.09 3.58 3.71 3.28 3.02 2.29 2.21 12.37 10.76 8.21 7.85 25.02 85.6%

AURICO GOLD INC 0.60 0.56 0.56 0.56 0.45 3.60 3.69 2.70 2.34 1.99 11.28 8.03 5.54 5.09 4.41 5.09 4.97 3.37 2.85 2.23 11.43 15.83 10.34 9.48 8.57 0.00 3.82 3.09 3.57 4.32 7.93 73.4%

ALLIED NEVADA GOLD CORP 1.51 1.36 0.98 0.80 0.61 4.40 2.28 1.64 1.20 0.56 11.78 6.92 4.20 2.28 1.66 11.96 5.39 3.13 2.29 1.32 19.72 9.54 5.56 2.85 2.02 28.26 165.6%

HECLA MINING CO 0.75 0.71 0.68 0.59 0.52 2.62 1.80 1.43 1.53 1.38 9.62 6.96 5.06 4.47 4.39 6.29 3.22 2.16 2.09 2.16 27.78 14.04 8.03 7.63 7.85 1.33 1.06 2.00 2.66 1.33 5.42 80.7%

AURIZON MINES LTD 1.75 1.70 3.00 3.20 2.49 2.77 2.66 9.59 9.75 7.11 7.68 6.40 4.87 5.05 3.41 20.03 22.06 14.58 14.89 14.37 0.00 4.87 21.3%

NEVSUN RESOURCES LTD 1.05 0.94 0.83 0.74 2.46 4.13 2.31 2.74 3.61 4.66 7.49 3.38 4.01 6.99 3.05 3.05 3.05 3.05 5.20 60.5%

SILVER STANDARD RESOURCES 0.52 0.48 0.47 0.45 2.20 2.25 2.09 1.87 1.07 13.34 9.78 8.51 6.29 6.76 4.41 4.58 3.41 2.70 83.33 24.49 34.67 0.00 0.00 0.00 17.26 155.7%

SEABRIDGE GOLD INC 43.82 351.7%

TANZANIAN ROYALTY EXPLORATIO

GOLDEN STAR RESOURCES LTD 0.59 0.59 0.54 0.62 0.45 0.45 0.43 0.42 0.28 2.16 2.49 1.87 1.76 0.85 2.57 2.12 1.44 2.30 20.20 26.21 5.91 4.83 1.25 0.00 1.77 82.7%

VISTA GOLD CORP 0.91 0.49 0.50 1.72 0.33 0.60 0.90 0.69 6.98 347.5%

GREAT BASIN GOLD LTD 0.01 0.03 0.24 10.27

ARGONAUT GOLD INC 1.34 0.89 0.81 0.78 4.30 3.57 2.69 2.45 1.96 7.76 8.82 6.32 5.11 5.41 5.72 5.41 4.01 3.99 2.59 9.67 12.49 9.44 7.22 7.39 11.93 117.0%

TOREX GOLD RESOURCES INC 1.44 1.36 1.44 1.33 1772.33 28.44 36.57 2.67 108.7%

CHINA GOLD INTERNATIONAL RES 0.84 0.80 0.73 0.64 3.42 3.15 2.04 1.23 7.23 5.21 4.99 2.04 7.04 6.24 4.31 2.86 14.12 13.46 13.16 14.37 0.45 0.45 0.69 11.65 3.89 30.8%

LIONGOLD CORP LTD 15.00 10.04 8.72 6.77 4.94 175.00 80.77 40.38

PERSEUS MINING LTD 1.67 1.48 1.22 0.91 0.70 3.67 1.86 1.40 0.96 0.95 9.61 6.19 3.72 2.24 2.59 9.30 4.16 2.94 1.72 1.91 10.30 9.07 5.85 3.35 4.00 0.00 0.00 1.32 3.96 2.33 2.67 96.0%

AURIZON MINES LTD 1.75 1.70 3.00 3.20 2.49 2.77 2.66 9.59 9.75 7.11 7.68 6.40 4.87 5.05 3.41 20.03 22.06 14.58 14.89 14.37 0.00 4.87 21.3%

OCEANAGOLD CORP 0.86 0.78 0.73 0.70 0.81 1.33 0.85 0.77 0.82 1.01 4.28 2.29 2.03 2.11 3.44 4.78 2.63 2.49 2.93 4.83 27.56 5.79 4.28 6.88 3.81 110.5%

MEDUSA MINING LTD 1.69 1.35 0.94 0.71 0.55 5.90 4.42 1.88 1.71 1.49 9.79 5.81 2.57 2.12 2.16 8.05 6.25 2.45 2.24 2.04 9.10 6.89 2.86 2.56 2.45 3.57 1.17 4.06 6.11 5.30 5.59 103.2%

DUNDEE PRECIOUS METALS INC 0.94 0.83 2.04 1.49 1.30 1.36 5.84 4.32 3.53 3.25 5.00 3.18 2.38 2.09 9.50 6.37 5.20 5.94 5.46 0.00 0.00 0.00 11.96 108.8%

RIO ALTO MINING LTD 2.68 2.04 1.84 8.94 1.96 1.72 1.61 1.52 19.55 5.35 5.32 4.70 3.78 21.36 3.35 3.11 2.89 1.86 29.00 6.72 5.84 5.47 4.99 0.00 0.00 0.00 6.14 76.6%

SANDSTORM GOLD LTD 9.68 7.51 5.78 4.35 11.77 11.67 8.30 6.85 10.42 7.74 5.34 4.52 21.36 19.55 12.90 9.64 13.33 101.4%

CHINA PRECIOUS METAL RESOURC 1.50 1.23 1.04 3.93 2.74 2.37 12.27 15.00 7.84 5.32 4.18 13.50 8.60 7.38 0.74 2.22 3.70 1.75 30.0%

EVOLUTION MINING LTD 0.60 0.57 0.50 0.45 0.43 1.37 1.01 0.87 0.88 0.89 3.29 2.72 2.35 2.25 2.41 3.82 2.59 2.10 2.15 2.21 8.88 7.50 6.02 6.02 5.68 0.00 0.98 2.19 2.62 2.84 1.51 64.5%

ENDEAVOUR SILVER CORP 2.15 1.69 1.34 1.47 5.34 5.38 3.93 4.27 4.92 4.33 2.75 3.01 10.14 9.06 6.79 7.66 8.84 99.0%

SILVERCORP METALS INC 1.01 1.81 2.18 1.64 1.32 1.23 3.75 5.67 4.57 2.60 2.94 2.64 4.24 2.81 2.28 2.02 5.55 11.94 7.62 4.54 5.29 3.44 3.86 6.65 157.3%

BEADELL RESOURCES LTD 5.30 2.56 1.28 0.97 87.24 1.42 1.42 1.56 1.83 3.68 2.82 4.08 3.33 3.19 4.11 6.90 3.72 3.49 4.25 4.70 0.00 0.00 0.48 2.40 4.80 1.13 80.1%

SEABRIDGE GOLD INC 43.82 351.7%

RUBICON MINERALS CORP 4.91 4.24 7.85 7.14 5.50 248.1%

RESOLUTE MINING LTD 1.03 0.98 0.81 0.67 0.48 0.97 0.89 0.94 0.89 0.96 2.93 2.49 2.72 2.30 3.10 1.98 1.89 2.04 1.73 1.84 4.24 3.97 4.42 4.28 5.23 0.00 4.46 3.37 3.80 5.43 1.68 82.9%

KINGSGATE CONSOLIDATED LTD 0.48 0.43 0.39 0.35 0.26 1.00 1.04 0.87 0.68 0.49 2.99 2.55 1.76 1.36 1.17 2.93 3.79 2.78 1.95 1.42 4.01 7.14 5.33 4.89 2.47 8.96 5.96 9.79 10.67 19.08 4.07 69.6%

Price to Earnings Ratio

Valuation Measures II/II

Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target


2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot

S&P 500 INDEX 2.16 2.16 1.98 1.80 2.16 1.40 1.40 1.33 1.28 1.40 9.94 9.94 9.65 9.45 9.94 8.76 8.76 8.10 7.59 8.76 14.03 14.03 12.57 11.40 14.03 2.22 2.22 2.38 2.58 2.22 1688.6 8.7%

Euro Stoxx 50 Pr 1.13 1.13 1.06 1.00 1.13 0.72 0.72 0.70 0.68 0.72 5.24 5.24 4.89 4.66 5.24 6.91 6.91 6.54 6.22 6.91 10.87 10.87 9.75 8.93 10.87 4.42 4.42 4.75 5.08 4.42 2901.3 11.5%

NIKKEI 225 1.51 1.51 1.41 1.37 1.51 0.70 0.70 0.69 0.69 0.70 8.73 8.73 8.13 8.05 8.73 8.52 8.52 7.94 7.82 8.52 20.11 20.11 15.85 14.22 20.11 1.56 1.56 1.79 1.92 1.56 12101.0 -8.3%

FTSE 100 INDEX 1.65 1.65 1.54 1.33 1.65 1.00 1.00 0.96 0.97 1.00 8.10 8.10 7.38 5.27 8.10 6.94 6.94 6.51 6.25 6.94 11.53 11.53 10.48 9.63 11.53 3.98 3.98 4.28 4.71 3.98 6849.6 9.2%

SWISS MARKET INDEX 2.36 2.36 2.19 2.02 2.36 1.98 1.98 1.88 1.80 1.98 12.05 12.05 11.06 9.84 12.05 12.99 12.99 12.01 11.27 12.99 14.73 14.73 13.19 12.00 14.73 3.34 3.34 3.71 4.21 3.34 8060.0 4.9%

S&P/TSX COMPOSITE INDEX 1.64 1.64 1.52 1.42 1.64 1.53 1.53 1.44 1.39 1.53 8.17 8.17 7.34 6.81 8.17 8.07 8.07 7.17 6.80 8.07 13.65 13.65 12.07 11.06 13.65 3.22 3.22 3.37 3.58 3.22 14560.3 18.1%

S&P/ASX 200 INDEX 1.86 1.86 1.76 1.66 1.86 1.78 1.78 1.68 1.59 1.78 10.98 10.98 9.78 8.92 10.98 9.44 9.44 8.34 7.72 9.44 14.93 14.93 13.29 12.22 14.93 4.45 4.45 4.76 5.13 4.45 5156.3 5.1%

HANG SENG INDEX 1.29 1.29 1.19 1.09 1.29 1.65 1.65 1.53 1.41 1.65 6.92 6.92 6.41 6.05 6.92 7.77 7.77 7.10 6.53 7.77 10.43 10.43 9.59 8.60 10.43 3.69 3.69 3.97 4.49 3.69 24855.2 14.4%

MSCI EM 1.41 1.41 1.28 1.19 1.41 0.98 0.98 0.91 0.86 0.98 6.69 6.69 6.16 5.77 6.69 7.12 7.12 6.51 6.13 7.12 10.54 10.54 9.48 8.81 10.54 3.14 3.14 3.61 6.20 3.14 1180.3 17.1%

ST BARBARA LTD 0.43 0.35 0.32 0.28 0.28 0.65 0.63 0.54 0.50 0.49 1.09 2.04 1.54 1.42 1.48 2.30 2.83 1.96 1.86 1.47 1.98 5.26 3.26 3.82 3.47 0.00 0.00 2.38 2.80 1.82 1.64 129.8%

CONTINENTAL GOLD LTD 3.85 1.49 2.33 2.62 13.50 237.5%

ENDEAVOUR MINING CORP 1.08 0.73 0.59 0.56 0.37 2.20 2.14 1.83 1.73 0.90 3.76 2.48 2.12 1.73 1.81 6.00 5.08 4.17 4.23 1.72 2.88 209.7%

FORTUNA SILVER MINES INC 1.38 1.10 0.95 0.81 0.72 1.98 1.72 1.54 1.57 4.99 4.86 4.27 3.96 4.32 3.86 3.27 2.67 2.65 2.92 9.71 8.90 7.66 7.02 8.12 5.09 85.2%

PRIMERO MINING CORP 0.85 0.94 0.84 0.70 2.63 2.24 1.74 1.34 1.10 5.41 5.94 4.30 3.62 2.66 4.50 3.47 2.30 1.78 1.26 10.14 11.46 6.99 5.32 4.32 0.00 0.00 9.19 78.4%

MAG SILVER CORP 2.97 3.20 3.59 15.58 122.6%

MCEWEN MINING INC 0.53 0.48 0.44 3.39 2.34 1.62 12.21 12.67 5.34 3.39 7.90 6.16 3.17 1.93 19.00 16.29 7.60 5.18 5.45 217.8%

TIMMINS GOLD CORP 2.01 1.49 1.16 1.26 2.02 1.49 1.37 1.39 1.35 5.70 4.22 4.18 4.65 4.25 4.24 3.09 2.98 3.29 3.31 8.09 5.80 5.70 6.28 5.70 0.00 0.00 0.00 3.74 66.2%

NORTHERN STAR RESOURCES LTD 3.20 2.43 1.87 1.53 1.26 2.72 2.13 1.67 1.65 0.97 6.98 4.33 3.53 3.11 2.71 5.05 3.59 2.52 2.48 2.00 12.59 8.01 5.97 5.30 5.88 0.00 3.97 4.96 4.54 2.84 1.26 78.2%

ROMARCO MINERALS INC 0.28 0.30 0.23 0.22 2.88 1.33 20.34 3.12 1.55 219.6%

REAL GOLD MINING LTD 1.44 4.53 6.06 3.38 7.60 0.00

GOLDEN STAR RESOURCES LTD 0.59 0.59 0.54 0.62 0.45 0.45 0.43 0.42 0.28 2.16 2.49 1.87 1.76 0.85 2.57 2.12 1.44 2.30 20.20 26.21 5.91 4.83 1.25 0.00 1.77 82.7%

PREMIER GOLD MINES LTD 0.60 132.82 0.00 5.91 250.0%

TANZANIAN ROYALTY EXPLORATIO

BANRO CORPORATION 4.86 1.26 0.49 0.53 96.56 3.29 0.85 1.00 191.10 4.07 1.31 1.26 7.08 1.39 1.66 0.94 0.00 0.00 4.00 267.0%

RAINY RIVER RESOURCES LTD 0.81 1.71 0.72 855.51 642.28 0.00 0.00 0.00 6.73 214.6%

INDOPHIL RESOURCES NL

COLOSSUS MINERALS INC 1.71 1.76 0.69 0.48 2.76 0.63 0.68 0.70 14.89 1.02 1.51 1.61 14.00 0.77 0.93 25.10 1.19 1.72 1.85 0.00 0.00 6.96 270.2%

AURCANA CORPORATION 3.17 1.35 0.75 10.00 4.27 2.56 2.65 2.83 8.54 2.29 1.33 15.19 4.94 3.39 3.87 4.14 1.26 207.5%

ASANKO GOLD INC 0.88 0.85 1.07 0.70 4.74 2.25 1.57 6.16 2.88 0.00 0.00 4.78 97.3%

SULLIDEN GOLD CORP LTD 15.64 1.38 4.94 1.67 4.39 1.76 122.3%

BEAR CREEK MINING CORP 1.51 2.87 4.35 89.1%

LAKE SHORE GOLD CORP 0.19 0.31 0.30 1.31 0.91 0.69 0.69 0.55 4.19 2.80 1.80 1.74 1.26 8.69 3.49 2.23 2.63 1.59 6.98 5.87 8.00 1.40 218.2%

PARAMOUNT GOLD AND SILVER 0.87 0.58 1.08 4.47 200.0%

HIGHLAND GOLD MINING LTD 0.57 0.51 0.46 0.41 0.37 1.32 1.14 1.00 0.84 0.80 3.31 2.97 3.14 2.59 2.36 1.61 1.60 1.48 1.19 1.18 3.89 3.92 4.20 3.45 3.62 6.20 6.04 3.83 4.73 4.57 145.94 81.9%

SABINA GOLD & SILVER CORP 0.72 0.81 0.71 0.74 50.00 4.40 252.0%

KIRKLAND LAKE GOLD INC 0.81 0.82 0.69 0.65 1.15 1.24 0.72 0.53 0.41 3.55 7.08 2.13 1.41 0.99 3.86 8.37 2.33 1.55 1.21 3.72 96.79 3.54 2.05 1.61 10.20 276.4%

GUYANA GOLDFIELDS INC 0.83 0.71 0.43 0.36 0.30 0.50 1.00 0.83 2.40 1.50 1.37 1.18 3.79 2.12 0.00 6.36 285.4%

LYDIAN INTERNATIONAL LTD 2.53 1.34 1.85 1.20 6.93 1.90 48.16 12.04 3.86 155.4%

COEUR D'ALENE MINES CORP 0.58 0.56 0.51 0.47 1.38 1.29 1.16 1.18 1.03 4.67 4.19 3.68 3.83 3.29 3.02 2.30 2.22 12.68 11.04 8.42 8.08 25.47 79.6%

GREAT PANTHER SILVER LTD 2.27 2.35 2.13 7.68 8.52 6.81 5.11 5.38 6.35 15.72 17.03 12.78 20.44 34.07 1.50 50.8%

BRIGUS GOLD CORP 1.07 0.81 0.76 0.65 0.47 2.43 1.84 1.73 1.72 1.35 3.61 2.33 1.93 1.65 1.74 5.72 3.50 3.15 2.99 2.55 1.57 179.5%

INTREPID MINES LTD 0.79 0.94 0.97 0.82 0.55 3987.21 4.10 0.56 0.00 0.00 0.00 0.00 0.24 4.3%

ALEXCO RESOURCE CORP 1.46 1.54 1.10 0.94 0.80 5.94 4.07 3.32 2.89 2.11 9.93 8.79 6.23 38.48 11.97 13.06 5.01 4.38 108.5%

VISTA GOLD CORP 0.91 0.49 0.50 1.72 0.33 0.60 0.90 0.69 6.98 347.5%

SARACEN MINERAL HOLDINGS LTD 0.55 0.36 0.31 0.27 0.22 0.53 0.46 0.41 0.34 0.32 1.72 1.38 1.31 0.98 1.38 1.74 1.65 1.21 0.83 0.74 3.75 4.02 2.26 1.76 1.38 0.00 0.00 0.00 10.30 0.44 168.7%

ATAC RESOURCES LTD 1.48 1.31 1.20 1.12 3.80 222.0%

PATAGONIA GOLD PLC

LINGBAO GOLD CO LTD-H 0.62 0.60 0.57 0.57 0.23 0.22 0.24 0.27 7.42 7.88 7.33 7.71 7.43 7.72 6.80 12.54 3.69 4.09 4.49 2.49 2.55 1.0%

SCORPIO MINING CORP 2.04 1.18 0.85 7.24 3.30 1.67 5.48 3.96 2.28 12.13 7.70 3.46 1.93 298.6%

MIDWAY GOLD CORP 1.23 2.10 1.43 1.41 1.81 1.03 20.98 12.06 1.97 62.94 6.29 1.89 105.1%

DRDGOLD LTD-SPONSORED ADR 1.02 0.88 5.04 3.35 6.24 4.26 5.08 7.78 8.50 33.4%

INTL TOWER HILL MINES LTD 0.43 0.37 0.37 0.00 4.73 382.8%

RED 5 LTD 0.59 0.57 0.45 0.36 5.74 1.58 0.62 0.59 0.37 3.08 1.29 0.98 19.20 5.00 1.12 0.98 0.52 21.67 146.25 1.93 1.54 0.94 0.00 0.00 0.00 0.00 1.14 94.9%

GRYPHON MINERALS LTD 0.36 0.35 0.35 0.30 0.17 31.69 3253.79 74.94 1.14 0.34 7.80 1.13 1.13 1.23 0.32 3.68 1.23 0.00 0.00 0.00 0.00 0.00 0.78 300.5%

EXETER RESOURCE CORP 3.63 303.3%

RICHMONT MINES INC 0.75 0.71 0.58 7.07 3.30 2.51 18.86 6.95 4.66 4.69 143.2%

OREZONE GOLD CORP 0.89 149.42 4.72 4.72 68.96 7.17 2.81 205.0%

RAMELIUS RESOURCES LTD 0.43 0.24 0.24 0.21 0.74 0.50 0.38 0.41 0.32 9.32 3.20 1.39 1.39 1.67 0.85 0.42 0.47 0.45 5.54 3.73 1.72 1.99 2.28 0.00 0.00 5.85 0.00 14.63 0.42 104.9%

SAN GOLD CORP 0.26 0.27 0.43 0.46 0.36 1.55 1.51 1.02 1.33 1.38 1.68 1.34 0.95 1.27 0.36 100.0%

Price to Earnings Ratio

Valuation Measures II/II

Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target


19.04.2013

Goldcorp, Inc. is engaged in the acquisition, exploration, development and

operation of precious metal properties in Canada, the Unites States, Mexico and

Central and South America.

Latest Fiscal Year: 12/2011

LTM as of: 12/yy

52-Week High (21.09.2012) 47.42

52-Week Low (17.04.2013) 27.11

Daily Volume

27.76

52-Week High % Change -40.95% Dividend Yield 1.95

52-Week Low % Change 2.40% Beta 0.73

% 52 Week Price Range High/Low 0.49% Equity Float 808.91

Shares Out 28.03.2013 811.7 Short Int 4.13

22'874.34 1 Yr Total Return -31.10%

Total Debt 783.00 YTD Return -23.90%

Preferred Stock 0.0 Adjusted BETA 0.733

Minority Interest 213.0 Analyst Recs 27

Cash and Equivalents 918.00 Consensus Rating 4.333

Enterprise Value 22'952.34

Average Volume 5 Day 12'699'181

GG US EQUITY YTD Change - Average Volume 30 Day 7'478'890

GG US EQUITY YTD % CHANGE - Average Volume 3 Month 6'522'726

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

2'419.6 2'723.6 3'738.0 5'362.0 5'435.0 5'362 5'435 5'727 7'204 1'349 1'418

9.42x 10.50x 9.95x 6.61x 5.50x 28.06x 24.57x 4.20x 3.25x 17.26x 16.60x

1'052.2 1'366.2 2'026.0 2'336.0 2'798.0 3'030.0 2'798.0 3'007.7 4'176.7 739.7 789.3

21.66x 20.94x 18.36x 15.18x 10.69x 11.71x 10.69x 7.63x 5.50x 6.96x 6.89x

1'475.6 240.2 2'051.0 1'187.0 1'749.0 1'881.0 1'749.0 1'498.1 2'185.2 325.7 344.4

57.34x 50.85x 30.36x 22.24x 18.47x 22.92x 19.41x 15.21x 10.71x 14.82x 13.58x

EBITDA 2'798.00 Long-Term Rating Date 01.06.2009

EBIT 2'123.00 Long-Term Rating BBB+

Operating Margin 39.06% Long-Term Outlook STABLE

Pretax Margin 41.44% Short-Term Rating Date -

Return on Assets 5.77% Short-Term Rating -

Return on Common Equity 7.95%

Return on Capital 7.72% EBITDA/Interest Exp. 93.27

Asset Turnover 0.18% (EBITDA-Capex)/Interest Exp. 6.33

Net Debt/EBITDA -0.05

Gross Margin 44.6% Total Debt/EBITDA 0.28

EBITDA Margin 51.5%

EBIT Margin 39.1% Total Debt/Equity 3.4%

Net Income Margin 32.2% Total Debt/Capital 3.3%

Asset Turnover 0.18

Current Ratio 2.15 Net Fixed Asset Turnover 0.21

Quick Ratio 1.39 Accounts receivable turnover-days 41.45

Debt to Assets 2.51% Inventory Days 78.74

Tot Debt to Common Equity 3.45% Accounts Payable Turnover Day 87.16

Accounts Receivable Turnover 8.83 Cash Conversion Cycle 33.03

Inventory Turnover 4.65

Fiscal Year Ended

Goldcorp IncPrice/Volume

Valuation Analysis

2'155'852.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

'2

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6'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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19.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

BLACKROCK n/a ULT-AGG 95'391'332 11.75 - 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 32'937'156 4.06 (9'098'135) 28.02.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 31'593'509 3.89 (836'637) 17.04.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 22'991'630 2.83 1'883'662 31.12.2012 Bank

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 19'122'015 2.36 (574'672) 31.03.2013 Investment Advisor

CARMIGNAC GESTION CARMIGNAC GESTION 13F 17'580'357 2.17 17'580'357 31.12.2012 Investment Advisor

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 15'632'925 1.93 5'971'920 31.12.2012 Investment Advisor

CI INVESTMENTS INC Multiple Portfolios MF-AGG 12'996'285 1.6 (440'597) 31.12.2012 Investment Advisor

CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 11'806'864 1.45 70'556 31.12.2012 Investment Advisor

TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 11'409'803 1.41 1'401'951 31.12.2012 Investment Advisor

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 11'152'441 1.37 95'200 31.12.2012 Hedge Fund Manager

FRANKLIN RESOURCES n/a ULT-AGG 10'114'617 1.25 (651'961) 28.02.2013 Investment Advisor

IA CLARINGTON INVEST Multiple Portfolios MF-AGG 8'426'680 1.04 (27'800) 31.12.2012 Investment Advisor

CIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 7'362'990 0.91 699'268 31.12.2012 Investment Advisor

CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 7'239'262 0.89 (4'220'800) 31.12.2012 Investment Advisor

GREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 7'106'968 0.88 (2'294'891) 31.12.2012 Investment Advisor

FIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 6'835'256 0.84 1'053'271 31.03.2013 Investment Advisor

MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 6'271'509 0.77 (3'832'372) 31.12.2012 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 6'162'583 0.76 (935'880) 28.02.2013 Investment Advisor

NORGES BANK NORGES BANK 13F 5'776'522 0.71 1'267'153 31.12.2012 Government

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Stifel GEORGE J TOPPING buy 5 M 36 12 month 16.04.2013

TD Securities GREG BARNES buy 5 M 45 12 month 16.04.2013

BMO Capital Markets DAVID HAUGHTON outperform 5 M 49 Not Provided 15.04.2013

Deutsche Bank JORGE M BERISTAIN hold 3 M 31 12 month 15.04.2013

Canaccord Genuity Corp STEVEN BUTLER buy 5 M 46 12 month 15.04.2013

CIBC World Markets ALEC KODATSKY sector outperform 5 M 46 Not Provided 11.04.2013

Cowen Securities LLC ADAM P GRAF hold 3 M #N/A N/A Not Provided 09.04.2013

Credit Suisse ANITA SONI neutral 3 M 37 Not Provided 03.04.2013

HSBC PATRICK CHIDLEY overweight 5 M 46 Not Provided 03.04.2013

GMP GEORGE V ALBINO buy 5 M 60 Not Provided 02.04.2013

Barclays FAROOQ HAMED overweight 5 M 50 Not Provided 02.04.2013

Salman Partners DAVID WEST top pick 5 M 59 12 month 01.04.2013

Jefferies PETER D WARD hold 3 M 35 12 month 21.03.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 15.03.2013

Scotia Capital TANYA M JAKUSCONEK sector outperform 5 M 48 12 month 14.03.2013

Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 48 Not Provided 12.03.2013

RBC Capital Markets STEPHEN D WALKER outperform 5 M 49 12 month 10.03.2013

Macquarie TONY LESIAK outperform 5 M 49 12 month 09.03.2013

JPMorgan JOHN BRIDGES overweight 5 M 51 9 month 25.02.2013

Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 33 Not Provided 19.02.2013

Cormark Securities Inc. RICHARD GRAY buy 5 M 50 12 month 15.02.2013

Morgan Stanley PARETOSH MISRA Equalwt/In-Line 3 M #N/A N/A Not Provided 08.01.2013

Davenport & Co LLOYD T O'CARROLL buy 5 M 44 12 month 08.01.2013

Raymond James BRAD HUMPHREY Under Review #N/A N/A N #N/A N/A Not Provided 19.11.2008

Holdings By:

Goldcorp Inc ee


19.04.2013

Barrick Gold Corporation is an international gold company with operating mines

and development projects in the United States, Canada, South America, Australia,

and Africa.


LTM as of: 12/yy

52-Week High (06.06.2012) 43.30

52-Week Low (17.04.2013) 17.51

Daily Volume

17.88




Shares Out 28.03.2013 1'001.1 Short Int 6.44

17'900.35 1 Yr Total Return -55.49%

Total Debt 13'943.00 YTD Return -48.60%


Minority Interest 2'663.0 Analyst Recs 32

Cash and Equivalents 2'093.00 Consensus Rating 4.000



ABX US EQUITY YTD Change - Average Volume 30 Day 16'816'592

ABX US EQUITY YTD % CHANGE - Average Volume 3 Month 13'509'902


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

7'613.0 8'136.0 11'001.0 14'236.0 14'547.0 14'236.0 14'547.0 14'572.7 15'562.7 3'489.3 3'591.4

4.64x 5.27x 5.25x 4.08x 3.41x 16.28x 14.67x 2.31x 2.11x 9.42x 9.29x

3'010.0 3'589.0 6'211.0 8'327.0 7'358.0 8'327.0 7'358.0 7'475.4 8'270.4 1'848.0 1'903.0

11.75x 11.95x 9.30x 6.98x 6.73x 6.98x 6.73x 4.36x 3.94x 4.10x 4.09x

785.0 (4'274.0) 3'582.0 4'484.0 (665.0) 4'484.0 (665.0) 3'660.3 3'958.0 861.7 889.5

- - - - - 0.00x 0.00x 4.72x 4.39x 4.72x 4.72x



Operating Margin 38.74% Long-Term Outlook NEG

Pretax Margin -6.28% Short-Term Rating Date 19.05.2011

Return on Assets -1.38% Short-Term Rating A-2

Return on Common Equity -2.94%

Return on Capital - EBITDA/Interest Exp. 9.89


Net Debt/EBITDA 1.61


EBITDA Margin 50.6%


Net Income Margin -4.6% Total Debt/Capital 36.3%

Asset Turnover 0.30








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Barrick Gold CorpPrice/Volume

Valuation Analysis

11'279'958.00


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19.04.2013



CAPITAL GROUP COMPAN n/a ULT-AGG 58'280'637 5.82 (23'472'640) 31.03.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 33'799'228 3.38 (1'012'978) 17.04.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 30'078'073 3 3'795'193 31.12.2012 Bank


CI INVESTMENTS INC Multiple Portfolios MF-AGG 17'663'919 1.76 771'337 31.12.2012 Investment Advisor

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 17'095'925 1.71 (4'625'429) 31.03.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 16'861'144 1.68 3'198'295 31.03.2013 Investment Advisor


BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 13'797'555 1.38 (4'803'846) 31.03.2013 Investment Advisor


TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 13'422'922 1.34 866'236 31.12.2012 Investment Advisor

INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 12'729'638 1.27 (401'738) 31.12.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 10'867'001 1.09 372'180 31.01.2013 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 10'758'391 1.07 353'171 31.12.2012 Investment Advisor

IA CLARINGTON INVEST Multiple Portfolios MF-AGG 10'376'354 1.04 (2'442'600) 31.12.2012 Investment Advisor

CIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 10'027'723 1 1'562'724 31.12.2012 Investment Advisor

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 9'553'806 0.95 6'763'418 28.02.2013 Investment Advisor

MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 9'250'600 0.92 (491'846) 31.12.2012 Investment Advisor

OLDFIELD PARTNERS LL OLDFIELD PARTNERS LL 13F 8'964'554 0.9 1'678'488 31.03.2013 Investment Advisor


Deutsche Bank JORGE M BERISTAIN buy 5 M 40 12 month 16.04.2013

Stifel GEORGE J TOPPING buy 5 M 34 12 month 16.04.2013

Haywood Securities Inc. KERRY SMITH buy 5 M 43 Not Provided 16.04.2013

TD Securities GREG BARNES hold 3 M 31 12 month 16.04.2013

BMO Capital Markets DAVID HAUGHTON market perform 3 M 33 Not Provided 15.04.2013

JPMorgan JOHN BRIDGES neutral 3 D 35 9 month 15.04.2013

Canaccord Genuity Corp STEVEN BUTLER hold 3 M 31 12 month 15.04.2013

Mackie Research Capital Corp. BARRY D ALLAN buy 5 U 34 12 month 12.04.2013

RBC Capital Markets STEPHEN D WALKER sector perform 3 M 32 12 month 11.04.2013

CIBC World Markets ALEC KODATSKY sector perform 3 M 43 Not Provided 11.04.2013

Macquarie TONY LESIAK neutral 3 M 33 12 month 11.04.2013


Veritas Investment Research Co PAWEL RAJSZEL buy 5 M 38 12 month 11.04.2013


Credit Suisse ANITA SONI outperform 5 M 38 Not Provided 10.04.2013

Sterne, Agee & Leach MICHAEL S DUDAS neutral 3 M #N/A N/A Not Provided 10.04.2013


Barclays FAROOQ HAMED equalweight 3 M 42 Not Provided 02.04.2013

Salman Partners DAVID WEST buy 5 M 45 12 month 27.03.2013

Jefferies PETER D WARD buy 5 M 45 12 month 21.03.2013

Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 39 12 month 21.03.2013

EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 26.02.2013

Argus Research Corp WILLIAM V SELESKY hold 3 M #N/A N/A Not Provided 20.02.2013

Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 15.02.2013

Cormark Securities Inc. RICHARD GRAY market perform 3 M 40 12 month 15.02.2013

S&P Capital IQ LEO LARKIN buy 5 M 38 12 month 15.02.2013


Davenport & Co LLOYD T O'CARROLL buy 5 M 53 Not Provided 02.11.2012

Investec PIETER MARAIS hold 3 M 48 Not Provided 18.03.2011

Holdings By:

Barrick Gold Corp ee


19.04.2013

Newmont Mining Corporation acquires, explores, and develops mineral properties.

The Company produces gold from operations in the United States, Australia, Peru,

Indonesia, Ghana, Canada, New Zealand and Mexico. Newmont also mines and

processes copper in Indonesia.


LTM as of: 12/yy

52-Week High (21.09.2012) 57.93

52-Week Low (17.04.2013) 32.13

Daily Volume

32.3799





16'129.63 1 Yr Total Return -30.15%







NEM US EQUITY YTD Change - Average Volume 30 Day 8'405'762

NEM US EQUITY YTD % CHANGE - Average Volume 3 Month 8'081'394


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

6'124.0 7'705.0 9'540.0 10'358.0 9'868.0 10'358.0 9'868.0 10'134.3 11'593.9 2'349.0 2'392.2

3.70x 3.46x 3.45x 3.38x 3.13x 12.62x 13.03x 2.40x 2.10x 10.31x 10.12x

2'139.0 3'799.0 5'118.0 5'162.0 4'169.0 5'162.0 4'169.0 4'274.4 5'224.5 973.2 996.2

10.60x 7.02x 6.43x 6.78x 7.41x 6.78x 7.41x 5.65x 4.62x 5.59x 5.20x

831.0 1'297.0 2'277.0 366.0 1'809.0 366.0 1'809.0 1'938.1 2'419.1 401.5 448.0

20.98x 17.02x 13.44x 13.92x 12.29x 13.86x 12.32x 8.90x 7.31x 8.59x 8.16x











EBITDA Margin 42.2%



Asset Turnover 0.35








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Newmont Mining CorpPrice/Volume

Valuation Analysis

2'635'332.00


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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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19.04.2013




STATE STREET n/a ULT-AGG 29'102'298 5.92 (3'263'614) 17.04.2013 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 23'252'143 4.73 1'215'913 31.03.2013 Investment Advisor


DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 12'128'463 2.47 (5'869'326) 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 9'840'813 2 (3'033'787) 28.02.2013 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 8'086'219 1.64 1'819'020 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 7'585'611 1.54 (37'784) 31.03.2013 Investment Advisor


NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'878'622 1.4 410'310 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 6'499'609 1.32 212'944 31.12.2012 Investment Advisor


LAZARD ASSET MANAGEM n/a ULT-AGG 5'214'490 1.06 (336'183) 31.03.2013 Unclassified

GAMCO n/a ULT-AGG 5'044'086 1.03 405'185 31.12.2012 Unclassified

NORGES BANK NORGES BANK 13F 4'796'938 0.98 (408'945) 31.12.2012 Government

UBS n/a ULT-AGG 4'774'573 0.97 279'951 28.02.2013 Unclassified

SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 4'397'226 0.89 950'823 31.12.2012 Investment Advisor


CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 3'899'426 0.79 3'883'215 31.12.2012 Investment Advisor


BMO Capital Markets DAVID HAUGHTON outperform 5 M 56 12 month 18.04.2013

BB&T Capital Markets GARRETT S. NELSON buy 5 M 52 12 month 18.04.2013

Cowen Securities LLC ADAM P GRAF buy 5 M 35 12 month 18.04.2013


TD Securities GREG BARNES hold 3 M 48 12 month 16.04.2013


Stifel GEORGE J TOPPING hold 3 M #N/A N/A Not Provided 12.04.2013








Mackie Research Capital Corp. BARRY D ALLAN hold 3 M 43 Not Provided 12.03.2013

Argus Research Corp WILLIAM V SELESKY buy 5 M 60 Not Provided 27.02.2013


Sterne, Agee & Leach MICHAEL S DUDAS buy 5 M 65 12 month 25.02.2013

EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 22.02.2013


S&P Capital IQ LEO LARKIN hold 3 D 53 12 month 07.09.2012


Holdings By:

Newmont Mining Corp ee


19.04.2013

Yamana Gold Inc. is an intermediate gold producer with production, development

stage, and exploration properties throughout Brazil. The Company also holds

gold exploration properties in Argentina.


LTM as of: 12/yy

52-Week High (09.11.2012) 20.59

52-Week Low (17.04.2013) 11.02

Daily Volume

11.31

52-Week High % Change -44.27% Dividend Yield -




8'508.68 1 Yr Total Return -20.69%







AUY US EQUITY YTD Change - Average Volume 30 Day 7'655'994

AUY US EQUITY YTD % CHANGE - Average Volume 3 Month 7'141'474


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

949.4 1'183.3 1'686.8 2'173.3 2'336.8 2'173.3 2'336.8 2'767.7 3'312.2 561.0 625.5

6.36x 7.39x 5.76x 5.04x 5.73x 18.01x 21.98x 3.25x 2.55x 16.09x 14.45x

438.9 575.5 884.1 1'262.7 1'269.4 1'271.5 1'502.0 1'577.9 1'994.2 307.0 340.5

13.76x 15.19x 11.00x 8.67x 10.56x 8.61x 8.92x 5.73x 4.53x 6.36x 6.18x

434.8 192.6 466.5 548.3 442.1 548.3 442.1 788.0 1'020.2 146.5 159.0

- - - - - 0.00x 0.00x 11.17x 8.47x 11.18x 10.35x

EBITDA 1'269.45 Long-Term Rating Date -

EBIT 885.71 Long-Term Rating -

Operating Margin 37.90% Long-Term Outlook -





Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. -4.66



EBITDA Margin 64.3%



Asset Turnover 0.21





Accounts Receivable Turnover 12.25 Cash Conversion Cycle -62.98


Fiscal Year Ended

Yamana Gold IncPrice/Volume

Valuation Analysis

4'120'267.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

M -. i -. f -. f -. M -. o -. l -. j -. T -. f -0 a -0 i -0 M -0!' 9.!' 91!' 93!' 95!' 9-'!' 9-.!' 9-1!' 9-3!' 9-5!' 9.'!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



19.04.2013



FMR LLC n/a ULT-AGG 39'560'804 5.26 6'000'156 28.02.2013 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 32'345'793 4.3 32'345'793 31.03.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 30'395'201 4.04 33'993 17.04.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 20'933'359 2.78 (281'596) 31.12.2012 Bank



CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 10'309'781 1.37 (74'839) 31.12.2012 Investment Advisor

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 10'227'965 1.36 10'227'965 31.03.2013 Investment Advisor

TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 9'535'253 1.27 307'566 31.12.2012 Investment Advisor

CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 8'387'255 1.11 (3'112'528) 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 7'376'636 0.98 (495'642) 31.12.2012 Investment Advisor

AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 6'727'417 0.89 89'500 31.12.2012 Investment Advisor

CALAMOS ADVISORS LLC CALAMOS ADVISORS LLC 13F 6'618'118 0.88 6'618'118 31.12.2012 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 6'409'801 0.85 160'000 28.02.2013 Investment Advisor


INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 6'246'128 0.83 6'246'128 31.12.2012 Investment Advisor

UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 5'959'128 0.79 5'959'128 31.12.2012 Investment Advisor

FIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 5'822'420 0.77 352'746 31.03.2013 Investment Advisor

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 5'761'349 0.77 5'761'349 31.12.2012 Investment Advisor


TD Securities STEVEN J GREEN buy 5 M 24 12 month 16.04.2013




Davy BART JAWORSKI underperform 1 D #N/A N/A Not Provided 15.04.2013

Dundee Securities Corp JOSH WOLFSON buy 5 N 18 Not Provided 12.04.2013

CIBC World Markets ALEC KODATSKY sector outperform 5 M 25 Not Provided 11.04.2013

National Bank Financial STEPHEN PARSONS outperform 5 M 20 12 month 09.04.2013

Cowen Securities LLC ADAM P GRAF buy 5 M 16 Not Provided 09.04.2013







Raymond James BRAD HUMPHREY outperform 5 M 23 12 month 22.02.2013


RBC Capital Markets DAN ROLLINS outperform 5 M 22 12 month 21.02.2013


Morgan Stanley PARETOSH MISRA Overwt/In-Line 5 M 23 12 month 28.01.2013

VSA Capital Ltd CHARLIE LONG not rated #N/A N/A M #N/A N/A Not Provided 10.01.2013

Davenport & Co LLOYD T O'CARROLL buy 5 M 22 Not Provided 30.10.2012

Paradigm Capital Inc DON MACLEAN buy 5 M 21 12 month 19.06.2012

Holdings By:

Yamana Gold Inc ee


19.04.2013

Randgold Resources Ltd. provides mining services. The Company offers

acquisition, development, and exploration of gold and other precious metal in

Africa.


LTM as of: 12/yy

52-Week High (05.10.2012) 127.27

52-Week Low (17.04.2013) 66.51

Daily Volume

69.84



% 52 Week Price Range High/Low 0.63% Equity Float -


6'434.49 1 Yr Total Return -19.50%







GOLD US EQUITY YTD Change - Average Volume 30 Day 735'815

GOLD US EQUITY YTD % CHANGE - Average Volume 3 Month 642'269


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

338.6 432.8 484.6 1'127.1 1'317.8 1'127.1 1'317.8 1'547.6 2'042.6 321.0 339.0

9.01x 15.50x 14.79x 7.97x 6.59x 28.37x 26.72x 4.03x 2.77x - -

97.3 142.3 164.3 581.9 699.2 581.9 699.2 773.8 1'187.0 - -

31.34x 47.15x 43.62x 15.44x 12.43x 15.44x 12.43x 8.11x 5.29x - -

41.6 69.4 103.5 383.9 431.8 383.9 431.8 454.5 696.9 75.3 85.0

78.87x 94.26x 72.03x 24.30x 20.57x 24.30x 20.57x 14.17x 9.34x 18.10x -

EBITDA 699.18 Long-Term Rating Date -










EBITDA Margin 53.1%



Asset Turnover 0.46



Debt to Assets 0.58% Inventory Days -

Tot Debt to Common Equity 0.69% Accounts Payable Turnover Day -


Inventory Turnover -


Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Randgold Resources LtdPrice/Volume

Valuation Analysis

431'201.00


'

.'

1'

3'

5'

-''

-.'

-1'

M -. i -. f -. f -. M -. o -. l -. j -. T -. f -0 a -0 i -0 M -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

-1'!''

-3'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



19.04.2013


BLACKROCK n/a ULT-AGG 8'564'157 9.3 (1'049'859) 16.04.2013 Investment Advisor


WELLS FARGO n/a ULT-AGG 6'013'791 6.53 394'983 28.02.2013 Investment Advisor

FMR LLC n/a ULT-AGG 4'049'382 4.4 (992'666) 28.02.2013 Investment Advisor



FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 1'264'736 1.37 (47'000) 31.12.2012 Hedge Fund Manager

AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 1'196'861 1.3 (132'195) 31.12.2012 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 1'013'740 1.1 (96'778) 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 968'495 1.05 (224'221) 31.12.2012 Investment Advisor

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 952'220 1.03 (175'960) 31.12.2012 Hedge Fund Manager

PAULSON & CO PAULSON & CO 13F 930'502 1.01 - 31.12.2012 Hedge Fund Manager

INVESCO LTD INVESCO LTD 13F 821'510 0.89 (72'716) 31.12.2012 Investment Advisor

GAMCO n/a ULT-AGG 818'535 0.89 1'320 31.12.2012 Unclassified

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 656'494 0.71 30'000 31.12.2012 Investment Advisor

MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 533'200 0.58 164'900 31.12.2012 Investment Advisor

ASA BERMUDA LIMITED ASA BERMUDA LIMITED 13F 444'700 0.48 - 31.12.2012 Investment Advisor

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 399'700 0.43 171'000 31.12.2012 Hedge Fund Manager

NIKKO ASSET MANAGEME n/a ULT-AGG 386'300 0.42 65'300 31.03.2013 Unclassified

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 385'000 0.42 (15'400) 31.12.2012 Investment Advisor


BMO Capital Markets ANDREW BREICHMANAS outperform 5 U 100 Not Provided 14.04.2013

Dundee Securities Corp JOSH WOLFSON buy 5 M 105 Not Provided 12.04.2013

Canaccord Genuity Corp TIM DUDLEY buy 5 M 133 12 month 11.04.2013


Clarus Securities NANA SANGMUAH buy 5 M 120 12 month 01.04.2013


EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 28.03.2013

S&P Capital IQ LEO LARKIN buy 5 M 125 Not Provided 16.11.2012

GARP Research SETH DADDS buy 5 M #N/A N/A Not Provided 10.08.2012

Holdings By:

Randgold Resources Ltd ee


19.04.2013

Cia de Minas Buenaventura S.A. explores for, mines, and processes gold, silver,

zinc, and other metals. The Company operates mines in Peru, a lime plant, an

electric power transmission company, and an engineering services company.

Buenaventura also markets metal concentrates to smelters internationally.


LTM as of: 12/yy

52-Week High (19.04.2012) 43.04

52-Week Low (17.04.2013) 20.19

Daily Volume

20.52





5'656.02 1 Yr Total Return -50.08%







BVN US EQUITY YTD Change - Average Volume 30 Day 1'466'871

BVN US EQUITY YTD % CHANGE - Average Volume 3 Month 1'511'563


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

766.6 881.5 1'103.8 1'556.6 1'563.5 1'556.6 1'508.9 1'770.7 1'891.4 420.0 425.0

6.61x 9.30x 10.85x 6.05x 6.00x 24.64x 25.51x 3.01x 2.63x - -

(54.4) 351.5 475.4 820.2 571.9 629.3 571.9 999.1 1'031.9 290.5 281.5

- 23.33x 25.19x 11.49x 16.39x 14.97x 16.39x 5.93x 5.73x 4.80x -

153.3 593.6 660.8 858.9 684.7 858.9 684.7 758.3 761.5 163.0 157.0

33.61x 14.29x 18.66x 11.16x 13.40x 11.16x 13.40x 6.76x 6.94x 7.37x 7.00x











EBITDA Margin 37.9%



Asset Turnover 0.35







Fiscal Year Ended

Cia de Minas Buenaventura SAPrice/Volume

Valuation Analysis

251'162.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2

-'-2.'.20'021'12

M -. i -. f -. f -. M -. o -. l -. j -. T -. f -0 a -0 i -0 M -0!' 9

-!' 9

.!' 9

0!' 9

1!' 9

2!' 9

3!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



19.04.2013


BLACKROCK n/a ULT-AGG 30'511'977 11.1 (31'769) 16.04.2013 Investment Advisor


VONTOBEL ASSET MANAG VONTOBEL ASSET MANAG 13F 7'682'310 2.79 - 31.12.2012 Investment Advisor


VANGUARD GROUP INC VANGUARD GROUP INC 13F 5'406'540 1.97 355'351 31.03.2013 Investment Advisor


STATE STREET n/a ULT-AGG 4'411'760 1.6 297'630 17.04.2013 Investment Advisor


THE BANK OF NOVA SCO THE BANK OF NOVA SCO 13F 2'559'961 0.93 (1'514'324) 31.12.2012 Investment Advisor

HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 2'471'676 0.9 558'323 31.12.2012 Unclassified



UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 1'806'500 0.66 (22'000) 31.12.2012 Investment Advisor


VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 1'651'026 0.6 224'921 31.12.2012 Investment Advisor

CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 1'460'432 0.53 (302'643) 31.12.2012 Investment Advisor

PARAMETRIC PORTFOLIO PARAMETRIC PORTFOLIO 13F 1'434'207 0.52 33'736 31.03.2013 Investment Advisor

GAMCO n/a ULT-AGG 1'112'800 0.4 - 31.12.2012 Unclassified

ING INV MANAGEMENT E ING INVESTMENT MANAG 13F 1'110'680 0.4 (475'416) 31.12.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 1'097'662 0.4 (1'561) 28.02.2013 Investment Advisor


Inteligo SAB LALI MERINO buy 5 M 32 Not Provided 16.04.2013

Banco BTG Pactual SA CESAR PEREZ-NOVOA buy 5 M 43 12 month 01.04.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 27.03.2013

Grupo Santander WALTER CHIARVESIO buy 5 U 33 Not Provided 22.03.2013

JPMorgan JOHN BRIDGES neutral 3 M 34 9 month 14.03.2013


Euro Pacific Capital Inc HEIKO IHLE neutral 3 M 27 12 month 11.03.2013

Morgan Stanley CARLOS DE ALBA Equalwt/No Rating 3 M 31 12 month 10.03.2013

Credit Suisse SANTIAGO PEREZ TEUFFER outperform 5 M 35 Not Provided 08.03.2013

Kallpa Securities SAB EDDER CASTRO overweight 5 M 33 Not Provided 07.03.2013

Banco de Credito del Peru HECTOR JOSUE COLLANTES hold 3 M 33 Not Provided 01.03.2013

Holdings By:

Cia de Minas Buenaventura SA ee


19.04.2013

Silver Wheaton Corporation purchases and sells by-product silver from operating

mines. The Company has long term contracts to purchase all or a portion of the

silver production from mines in Mexico, Sweden, Peru, Greece and the United

States.


LTM as of: 12/yy

52-Week High (01.11.2012) 41.30

52-Week Low (18.04.2013) 21.79

Daily Volume

21.95





7'779.81 1 Yr Total Return -24.83%







SLW US EQUITY YTD Change - Average Volume 30 Day 5'592'767

SLW US EQUITY YTD % CHANGE - Average Volume 3 Month 4'439'652


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

166.7 239.3 423.4 730.0 849.6 730.0 849.6 1'040.9 1'145.2 248.2 245.4

12.14x 21.12x 31.91x 13.01x 14.18x 62.08x 52.82x 8.01x 7.28x 35.22x 35.69x

105.5 158.5 316.2 618.8 701.5 618.8 701.5 862.0 950.5 202.3 201.8

19.18x 31.87x 42.72x 15.35x 17.17x 15.35x 17.17x 8.40x 7.62x 8.75x 8.94x

17.3 117.9 153.4 550.0 586.0 550.0 586.0 625.1 695.9 146.5 143.3

- - - - - 0.00x 0.00x 12.43x 11.27x 12.83x 12.40x







Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.28% (EBITDA-Capex)/Interest Exp. -



EBITDA Margin 82.6%



Asset Turnover 0.28





Accounts Receivable Turnover 168.45 Cash Conversion Cycle -


Fiscal Year Ended

Silver Wheaton CorpPrice/Volume

Valuation Analysis

2'362'120.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2

-'-2.'.20'021'12

M -. i -. f -. f -. M -. o -. l -. j -. T -. f -0 a -0 i -0 M -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

-1!' 9

-3!' 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



19.04.2013





CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 8'175'300 2.31 (31'900) 31.12.2012 Investment Advisor


ROYAL BANK OF CANADA n/a ULT-AGG 6'662'901 1.88 830'039 31.12.2012 Bank

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 6'495'536 1.83 (1'461'400) 31.12.2012 Investment Advisor

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 5'382'984 1.52 180'499 31.03.2013 Investment Advisor


OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 4'728'500 1.33 20'000 31.12.2012 Investment Advisor


TCW GROUP INC TCW GROUP INCORPORAT 13F 3'789'248 1.07 (27'067) 31.12.2012 Investment Advisor

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 3'509'630 0.99 (6'350) 31.12.2012 Hedge Fund Manager

GREAT WEST LIFE ASSU GREAT WEST LIFE ASSU 13F 3'329'848 0.94 205'032 31.12.2012 Insurance Company


CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 2'913'501 0.82 700'890 31.12.2012 Investment Advisor


RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 2'633'600 0.74 986'200 31.12.2012 Hedge Fund Manager

FIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 2'612'842 0.74 283'586 31.03.2013 Investment Advisor

SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 2'596'512 0.73 665'106 31.12.2012 Investment Advisor


TD Securities DANIEL EARLE buy 5 M 46 12 month 16.04.2013

BMO Capital Markets ANDREW KAIP outperform 5 M 40 Not Provided 15.04.2013

Canaccord Genuity Corp STEVEN BUTLER buy 5 M 45 Not Provided 15.04.2013


CIBC World Markets COSMOS CHIU sector outperform 5 M 45 Not Provided 11.04.2013



Credit Suisse RALPH M PROFITI outperform 5 M 43 Not Provided 10.04.2013

GMP CHELSEA HAMILTON buy 5 M 47 Not Provided 02.04.2013

Salman Partners DAVID WEST top pick 5 M 48 12 month 01.04.2013


Scotia Capital TREVOR TURNBULL focus stock 5 M 50 12 month 22.03.2013


Holdings By:

Silver Wheaton Corp ee


19.04.2013

AngloGold Ashanti Limited is a holding company for a group of companies which

explore for and mine gold internationally. The Group has operations in the Vaal

River and West Witwatersrand areas of South Africa as well as Namibia, Mali,

Brazil, Argentina, Australia, Tanzania and the United States.


LTM as of: 12/yy

52-Week High (06.06.2012) 38.31

52-Week Low (17.04.2013) 17.45

Daily Volume

17.63





6'792.44 1 Yr Total Return -46.94%





Enterprise Value -


AU US EQUITY YTD Change - Average Volume 30 Day 2'577'430

AU US EQUITY YTD % CHANGE - Average Volume 3 Month 2'269'433


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

29'774.0 30'745.0 38'833.0 47'849.0 52'160.3 47'846.3 51'994.5 60'643.3 62'974.4 - -

3.48x 3.88x 3.60x 3.00x 2.30x 11.44x 9.54x 1.43x 1.25x - -

3'278.0 (2'435.0) 9'720.0 20'443.0 19'105.5 20'438.6 18'922.1 24'663.9 27'047.3 - -

31.64x - 14.37x 7.03x 6.28x 7.03x 6.28x - - - -

(16'138.0) (2'762.0) 637.0 11'282.0 6'814.6 11'269.3 6'452.4 9'439.9 10'641.1 - -

- - - - - 0.00x 0.00x 6.99x 5.84x - -


EBIT 12'553.61 Long-Term Rating BBB-

Operating Margin 24.07% Long-Term Outlook NEG








EBITDA Margin 36.6%



Asset Turnover 0.54








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

AngloGold Ashanti LtdPrice/Volume

Valuation Analysis

1'099'736.00


'

2

-'

-2

.'

.2

0'

02

1'

M -. i -. f -. f -. M -. o -. l -. j -. T -. f -0 a -0 i -0 M -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9-'!' 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



19.04.2013


PAULSON & CO PAULSON & CO 13F 28'203'999 7.35 (199'546) 31.12.2012 Hedge Fund Manager

VAN ECK ASSOCIATES C n/a ULT-AGG 15'624'679 4.07 1'302'862 17.04.2013 Investment Advisor

NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 11'768'176 3.07 (511'763) 31.12.2012 Investment Advisor






TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 4'186'865 1.09 (559'541) 31.12.2012 Investment Advisor

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 3'240'700 0.84 (420'800) 31.12.2012 Hedge Fund Manager

NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 2'661'632 0.69 79'377 31.03.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 2'635'169 0.69 (10'100) 31.12.2012 Investment Advisor

PLATINUM INVESTMENT PLATINUM INVESTMENT 13F 2'204'815 0.57 147'000 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 1'741'097 0.45 (461'493) 31.12.2012 Investment Advisor



INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 1'609'197 0.42 (8'000) 31.12.2012 Investment Advisor

NIKKO ASSET MANAGEME n/a ULT-AGG 1'607'200 0.42 252'500 31.03.2013 Unclassified

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 1'542'152 0.4 - 31.01.2013 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 1'527'685 0.4 88'647 31.12.2012 Investment Advisor


Societe Generale BRUCE ALWAY hold 3 M 25 12 month 12.04.2013





Holdings By:

AngloGold Ashanti Ltd ee


19.04.2013

Agnico-Eagle Mines Limited is a gold producer with operations primarily in

northwestern Quebec, northern Mexico, northern Finland and Nunavut. The

Company also has exploration activities in Canada, Europe, Latin America, and

the United States. Agnico-Eagle Mines focuses on the exploration, development,

and expansion of its gold properities primarily from underground operations.


LTM as of: 12/yy

52-Week High (26.11.2012) 57.35

52-Week Low (18.04.2013) 30.75

Daily Volume

31.1





5'364.79 1 Yr Total Return -5.69%







AEM US EQUITY YTD Change - Average Volume 30 Day 1'740'916

AEM US EQUITY YTD % CHANGE - Average Volume 3 Month 1'558'893


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

368.9 613.8 1'422.5 1'821.8 1'917.7 1'821.8 1'917.7 1'870.8 2'136.1 404.7 429.8

21.80x 14.47x 9.45x 3.75x 4.96x 22.22x 17.04x 3.28x 2.86x 14.67x 13.82x

94.9 202.5 601.8 752.9 787.4 762.1 791.4 777.6 977.1 205.8 219.3

84.80x 43.86x 22.34x 9.08x 12.08x 8.97x 12.02x 7.66x 6.10x 6.39x 6.67x

73.2 86.5 332.1 (568.9) 310.9 (568.9) 310.9 314.1 414.1 56.5 64.4

- - - - - 0.00x 0.00x 17.97x 14.58x 17.46x 16.55x

EBITDA 787.42 Long-Term Rating Date 12.03.2003

EBIT 515.56 Long-Term Rating NR









EBITDA Margin 41.3%



Asset Turnover 0.37








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Agnico-Eagle Mines LtdPrice/Volume

Valuation Analysis

695'477.00


'

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1'

2'

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-!' 9

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1!' 9

2!' 9

3!' 9

4!' 9

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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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19.04.2013






T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 6'703'930 3.89 (231'825) 31.12.2012 Investment Advisor



GREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 3'966'811 2.3 3'966'811 31.12.2012 Investment Advisor



OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 2'465'218 1.43 (510'000) 31.12.2012 Investment Advisor

CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 2'203'819 1.28 1'150'325 31.12.2012 Investment Advisor


TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 1'587'012 0.92 109'805 31.12.2012 Hedge Fund Manager

GAMCO n/a ULT-AGG 1'516'976 0.88 (201'330) 31.12.2012 Unclassified



VINIK ASSET MANAGEME VINIK ASSET MANAGEME 13F 1'179'900 0.68 155'300 31.12.2012 Hedge Fund Manager

CIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 1'173'439 0.68 92'994 31.12.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 1'116'161 0.65 (158'619) 31.12.2012 Investment Advisor


Dundee Securities Corp JOSH WOLFSON neutral 3 M 44 Not Provided 17.04.2013





Global Hunter Securities JEFF WRIGHT neutral 3 M 51 12 month 10.04.2013

Raymond James BRAD HUMPHREY market perform 3 M 55 12 month 09.04.2013

National Bank Financial STEPHEN PARSONS sector perform 3 M 45 12 month 09.04.2013



HSBC PATRICK CHIDLEY neutral 3 U 43 Not Provided 03.04.2013














Holdings By:

Agnico-Eagle Mines Ltd ee


19.04.2013

Gold Fields Limited produces precious metals. The Company has mines in South

Africa, Ghana, and Australia, as well as a partnership in Finland. Gold Fields

has a precious metals programs in Africa, Australasia, Europe, North America,

and South America.


LTM as of: 12/yy

52-Week High (04.06.2012) 12.09

52-Week Low (17.04.2013) 6.23

Daily Volume

6.345





4'670.86 1 Yr Total Return -40.41%





Enterprise Value -


GFI US EQUITY YTD Change - Average Volume 30 Day 6'413'551

GFI US EQUITY YTD % CHANGE - Average Volume 3 Month 5'361'271


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

23'009.5 29'086.9 31'565.3 25'263.7 28'915.8 29'609.9 42'193.5 39'751.8 49'164.5 - -

3.10x 2.56x 2.56x 3.99x 3.05x 13.11x 8.38x 1.38x 0.78x - -

8'713.0 10'955.0 11'960.3 13'527.5 14'243.0 13'851.2 20'100.6 13'998.6 15'063.5 - -

8.19x 6.80x 6.75x 7.45x 6.20x 0.00x 4.39x - - - -

4'457.5 1'535.6 3'631.4 7'026.7 5'658.1 7'026.7 5'658.1 11'610.4 13'914.0 - -

- - - - - 0.00x 0.00x 7.92x 7.00x - -


EBIT 10'149.20 Long-Term Rating BB+


Pretax Margin 22.47% Short-Term Rating Date 15.11.2012

Return on Assets 6.31% Short-Term Rating B






EBITDA Margin 47.6%



Asset Turnover 0.47







Fiscal Year Ended

Gold Fields LtdPrice/Volume

Valuation Analysis

2'126'609.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

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2!' 9

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0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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'!1'

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19.04.2013




DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 22'259'805 3.02 1'621'222 31.12.2012 Investment Advisor



THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 7'145'000 0.97 4'291'310 31.12.2012 Investment Advisor

PAULSON & CO PAULSON & CO 13F 6'541'600 0.89 - 31.12.2012 Hedge Fund Manager


TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 5'423'998 0.74 (1'957'356) 31.12.2012 Investment Advisor

RUFFER LLP RUFFER LLP 13F 5'417'539 0.74 (2'800) 31.12.2012 Hedge Fund Manager

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 5'162'800 0.7 (1'012'600) 31.12.2012 Hedge Fund Manager

WELLS FARGO n/a ULT-AGG 5'035'021 0.68 (58'502) 28.02.2013 Investment Advisor

GAMCO n/a ULT-AGG 4'470'669 0.61 (469'100) 31.12.2012 Unclassified


INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 3'938'303 0.53 (21'100) 31.12.2012 Investment Advisor



PROSPECTOR PARTNERS PROSPECTOR PARTNERS 13F 3'774'300 0.51 (145'200) 31.12.2012 Hedge Fund Manager

PASSPORT CAPITAL LLC PASSPORT CAPITAL LLC 13F 3'394'316 0.46 3'394'316 31.12.2012 Hedge Fund Manager

FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 2'993'616 0.41 382'294 31.12.2012 Investment Advisor




EVA Dimensions TEAM COVERAGE dropped coverage #N/A N/A M #N/A N/A Not Provided 18.01.2013

BMO Capital Markets DAVID HAUGHTON market perform 3 M 13 12 month 04.03.2010

Holdings By:

Gold Fields Ltd ee


19.04.2013

Royal Gold, Inc. acquires and manages precious metals royalties. The Company

seeks to acquire existing royalties or to finance projects that are in

production or near production in exchange for royalty interests. Royal Gold

Inc.'s gold-focused portfolio contains royalties ranging from those in

production and development to those in the evaluation and exploration stages.


LTM as of: 12/yy

52-Week High (01.10.2012) 100.84

52-Week Low (18.04.2013) 50.20

Daily Volume

51.11





3'289.78 1 Yr Total Return -14.91%







RGLD US EQUITY YTD Change - Average Volume 30 Day 1'052'989

RGLD US EQUITY YTD % CHANGE - Average Volume 3 Month 872'999


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

66.3 73.8 136.6 216.5 263.1 248.1 287.5 309.2 413.1 75.4 80.0

13.56x 19.29x 18.40x 15.32x 17.19x 55.25x 66.05x 9.68x 6.74x 39.77x 37.53x

51.3 59.9 114.2 186.3 233.2 215.8 257.6 276.2 369.3 66.8 73.6

17.51x 23.77x 22.00x 17.80x 19.39x 17.98x 18.80x 10.71x 8.00x 9.35x 8.05x

24.0 38.3 21.5 71.4 92.5 87.2 98.6 104.8 157.4 24.4 27.3

56.00x 91.09x 61.79x 45.40x 48.25x 42.80x 50.12x 30.86x 19.13x 27.21x 22.89x











EBITDA Margin 89.6%



Asset Turnover 0.12







Fiscal Year Ended

Royal Gold IncPrice/Volume

Valuation Analysis

335'300.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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1'

3'

5'

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0.0

50.0

100.0

150.0

200.0

250.0

300.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

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19.04.2013




VANGUARD GROUP INC VANGUARD GROUP INC 13F 3'592'556 5.58 159'701 31.03.2013 Investment Advisor




STUCKERT JAMES W n/a Form 4 1'772'095 2.75 (5'000) 25.03.2013 n/a



NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 974'044 1.51 106'304 31.12.2012 Investment Advisor

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 867'401 1.35 (3'407) 31.12.2012 Hedge Fund Manager

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 767'697 1.19 (30'935) 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 633'761 0.98 25'047 31.03.2013 Investment Advisor

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 630'719 0.98 258'938 31.12.2012 Investment Advisor

UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 615'300 0.96 (30'000) 31.12.2012 Investment Advisor

GAMCO n/a ULT-AGG 529'097 0.82 (120'280) 31.12.2012 Unclassified

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 476'257 0.74 163'416 31.12.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 473'052 0.73 69'031 31.12.2012 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 471'399 0.73 20'921 31.12.2012 Investment Advisor

ANALYTIC INVESTORS L ANALYTIC INVESTORS L 13F 459'681 0.71 (43'558) 31.12.2012 Investment Advisor


BB&T Capital Markets GARRETT S. NELSON buy 5 M 85 12 month 15.04.2013


CIBC World Markets COSMOS CHIU sector perform 3 M 88 Not Provided 11.04.2013

National Bank Financial SHANE NAGLE outperform 5 U 88 12 month 09.04.2013

MLV & Co MICHAEL D PETERSON buy 5 M 92 12 month 08.04.2013



EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013

Holdings By:

Royal Gold Inc ee


19.04.2013

Kinross Gold Corporation is involved in the exploration, development, and

production of gold in countries located around the world. The Company currently

has operations in the United States, Brazil, Chile, Ecuador and Russia.


LTM as of: 12/yy

52-Week High (04.10.2012) 11.20

52-Week Low (17.04.2013) 4.97

Daily Volume

5.15



% 52 Week Price Range High/Low 0.48% Equity Float 1'139.59


5'877.98 1 Yr Total Return -43.21%







KGC US EQUITY YTD Change - Average Volume 30 Day 10'595'060

KGC US EQUITY YTD % CHANGE - Average Volume 3 Month 10'065'156


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

1'617.0 2'412.1 3'010.1 3'842.5 4'311.4 3'842.5 4'311.4 4'299.2 4'535.6 1'059.5 1'023.9

7.84x 5.37x 6.92x 3.37x 2.74x 16.69x 10.44x 1.64x 1.58x 6.53x 6.82x

656.3 1'093.2 1'200.4 1'926.2 1'962.2 1'926.2 1'962.2 1'902.2 2'234.2 459.8 437.3

19.32x 11.85x 17.35x 6.73x 6.01x 6.73x 6.01x 3.50x 2.98x 3.51x 3.41x

(807.2) 309.9 759.7 (2'073.6) (2'504.9) (2'080.9) (2'504.9) 733.4 885.0 158.5 145.2

46.21x 41.68x 146.30x 15.25x 12.61x 15.46x 12.61x 8.82x 7.03x 8.29x 7.51x


EBIT 1'281.00 Long-Term Rating BBB-


Pretax Margin -53.16% Short-Term Rating Date -

Return on Assets -15.96% Short-Term Rating -






EBITDA Margin 45.5%



Asset Turnover 0.27








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kinross Gold CorpPrice/Volume

Valuation Analysis

3'895'960.00


'

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1

3

5

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2!' 9

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.2!' 9

0'!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

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1!''

3!''

5!''

-'!''

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19.04.2013





LAZARD ASSET MANAGEM n/a ULT-AGG 21'571'575 1.89 (1'617'166) 31.03.2013 Unclassified

TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 20'641'596 1.81 (9'067'104) 31.12.2012 Investment Advisor

CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 18'547'731 1.63 (100'100) 31.12.2012 Investment Advisor





INVESCO LTD INVESCO LTD 13F 16'216'880 1.42 1'845'992 31.12.2012 Investment Advisor


ALTRINSIC GLOBAL ADV ALTRINSIC GLOBAL ADV 13F 14'907'433 1.31 (259'550) 31.12.2012 Investment Advisor

TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 14'146'557 1.24 (132'094) 31.12.2012 Investment Advisor

PASSPORT CAPITAL LLC PASSPORT CAPITAL LLC 13F 14'121'122 1.24 4'740'498 31.12.2012 Hedge Fund Manager


FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 13'801'799 1.21 - 31.12.2012 Hedge Fund Manager








Stifel GEORGE J TOPPING hold 3 M #N/A N/A Not Provided 12.04.2013


National Bank Financial PAOLO LOSTRITTO outperform 5 M 11 12 month 09.04.2013








EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 21.03.2013







Cormark Securities Inc. RICHARD GRAY buy 5 U 12 12 month 14.02.2013

Veritas Investment Research Co PAWEL RAJSZEL buy 5 M 10 Not Provided 14.02.2013

Morgan Stanley PARETOSH MISRA Underwt/In-Line 1 D #N/A N/A Not Provided 10.10.2012

Paradigm Capital Inc DON MACLEAN buy 5 M #N/A N/A Not Provided 25.01.2012

Holdings By:

Kinross Gold Corp ee


19.04.2013

Eldorado Gold Corporation acquires, explores, and develops mineral properties.

The Company currently has operating gold mines in Brazil, China, Turkey, Greece,

and surrounding regions.


LTM as of: 12/yy

52-Week High (19.09.2012) 16.20

52-Week Low (17.04.2013) 6.59

Daily Volume

6.83





4'880.27 1 Yr Total Return -51.42%







EGO US EQUITY YTD Change - Average Volume 30 Day 6'106'978

EGO US EQUITY YTD % CHANGE - Average Volume 3 Month 4'890'786


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

277.7 358.5 791.2 1'103.7 1'147.5 1'103.7 1'147.5 1'369.3 1'584.5 346.3 319.0

10.15x 21.00x 12.74x 6.66x 8.06x 30.37x 33.92x 3.85x 3.55x 14.57x 16.44x

132.0 181.2 423.3 643.9 584.4 643.9 584.4 738.8 885.3 169.0 158.5

21.36x 41.53x 23.82x 11.41x 15.83x 11.41x 15.83x 6.76x 5.64x 7.66x 7.97x

163.7 102.4 221.0 318.7 305.3 318.7 305.3 374.3 458.1 90.0 82.0

- - - - - 0.00x 0.00x 13.02x 10.49x 12.61x 12.38x


EBIT 470.87 Long-Term Rating BB









EBITDA Margin 50.9%



Asset Turnover 0.19







Fiscal Year Ended

Eldorado Gold CorpPrice/Volume

Valuation Analysis

1'757'893.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'.135

-'-.-1-3-5

M -. i -. f -. f -. M -. o -. l -. j -. T -. f -0 a -0 i -0 M -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

-1!' 9

-3!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



19.04.2013





CARMIGNAC GESTION Multiple Portfolios MF-AGG 27'859'512 3.9 6'587'539 31.12.2012 Investment Advisor



CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 12'485'802 1.75 536'600 31.12.2012 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 11'711'546 1.64 - 28.02.2013 Investment Advisor


BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 10'809'883 1.51 224'171 31.12.2012 Investment Advisor



JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 10'493'352 1.47 335'758 31.12.2012 Investment Advisor


JP MORGAN n/a ULT-AGG 9'311'899 1.3 (1'516'264) 31.12.2012 Investment Advisor


BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 8'616'810 1.21 966'831 31.03.2013 Investment Advisor

IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 8'067'119 1.13 1'115'425 31.12.2012 Investment Advisor


UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 7'551'100 1.06 - 31.12.2012 Investment Advisor


Dundee Securities Corp JOSH WOLFSON neutral 3 M 10 Not Provided 17.04.2013


TD Securities STEVEN J GREEN action list buy 5 M 17 12 month 16.04.2013

EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 16.04.2013



CIBC World Markets COSMOS CHIU sector outperform 5 M 15 Not Provided 11.04.2013



Salman Partners DAVID WEST buy 5 M 18 Not Provided 03.04.2013




Morgan Stanley PARETOSH MISRA Overwt/In-Line 5 M 16 12 month 21.03.2013



Cormark Securities Inc. MIKE KOZAK buy 5 M 16 12 month 05.03.2013




Paradigm Capital Inc DON MACLEAN hold 3 M 18 12 month 21.02.2012

Holdings By:

Eldorado Gold Corp ee


19.04.2013

New Gold Inc. is a natural resource company. The Company acquires, explores,

and develops gold properties.


LTM as of: 12/yy

52-Week High (21.09.2012) 12.84

52-Week Low (15.04.2013) 6.25

Daily Volume

6.66





3'172.82 1 Yr Total Return -33.00%







NGD US EQUITY YTD Change - Average Volume 30 Day 3'192'597

NGD US EQUITY YTD % CHANGE - Average Volume 3 Month 2'899'300


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

143.1 323.8 530.5 695.9 791.3 695.9 791.3 994.9 1'031.0 232.0 278.0

2.55x 4.31x 6.83x 6.62x 6.86x 25.77x 25.89x 3.27x 3.09x - -

13.8 110.4 239.2 344.0 390.1 344.0 390.1 572.4 644.6 123.0 142.0

26.46x 12.64x 15.15x 13.39x 13.91x 13.39x 13.91x 5.83x 5.18x 6.07x -

(102.7) (194.3) 47.5 179.0 199.0 179.0 198.9 238.6 282.6 47.5 66.9

- - - - - 0.00x 0.00x 13.31x 11.44x 13.40x 12.06x


EBIT 273.90 Long-Term Rating BB-









EBITDA Margin 49.3%



Asset Turnover 0.21








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

New Gold IncPrice/Volume

Valuation Analysis

843'105.00


'

.

1

3

5

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5!' 9

-'!' 9

-.!' 9

-1!' 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



19.04.2013



VAN ECK ASSOCIATES C n/a ULT-AGG 51'620'702 10.84 - 17.04.2013 Investment Advisor



WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 13'670'324 2.87 4'853'453 31.12.2012 Investment Advisor


MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 11'935'430 2.51 682'828 31.12.2012 Investment Advisor


RS INVESTMENT MANAGE RS INVESTMENT MANAGE 13F 9'900'164 2.08 258'671 31.12.2012 Investment Advisor



FIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 6'040'968 1.27 3'201'270 31.03.2013 Investment Advisor

GCIC LTD/CANADA GOODMAN & COMPANY IN 13F 5'839'800 1.23 45'000 31.12.2012 Investment Advisor

LASSONDE PIERRE n/a SEDI 5'645'000 1.18 - 22.03.2012 n/a


INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 5'417'566 1.14 434'429 31.12.2012 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 5'270'647 1.11 (146'919) 31.01.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 4'910'853 1.03 1'605'402 31.12.2012 Investment Advisor

OLIPHANT RANDALL n/a SEDI 4'570'855 0.96 320'855 23.11.2012 n/a

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 4'393'260 0.92 49'900 31.12.2012 Investment Advisor







Casimir Capital STUART MCDOUGALL strong buy 5 M 16 12 month 09.04.2013


Scotia Capital TREVOR TURNBULL sector outperform 5 M 13 12 month 05.04.2013







Holdings By:

New Gold Inc ee


19.04.2013

Harmony Gold Mining Company Limited is a mining company which produces gold from

its operations in the district of Virginia, Orange Free State. Harmony owns and

operates the Harmony, Randfontein, Evander, Consolidated Modderfontein, Grootvei

and Bissett gold mines. Harmony also has gold mining operations in Australia.


LTM as of: 12/yy

52-Week High (06.06.2012) 10.73

52-Week Low (18.04.2013) 4.58

Daily Volume

4.62





2'010.89 1 Yr Total Return -51.39%





Enterprise Value -


HMY US EQUITY YTD Change - Average Volume 30 Day 2'931'113

HMY US EQUITY YTD % CHANGE - Average Volume 3 Month 2'756'966


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

9'617.0 11'496.0 11'284.0 11'596.0 15'169.0 13'536.0 16'047.0 17'466.3 23'566.3 - -

4.37x 2.83x 3.13x 3.41x 2.18x 12.28x 8.20x 1.07x 0.79x - -

1'393.0 2'125.0 1'737.0 2'354.0 4'222.0 3'077.0 3'562.0 5'160.2 9'624.7 - -

30.15x 15.29x 20.33x 16.81x 7.84x 0.00x 9.00x - - - -

(245.0) 2'927.0 (192.0) 617.0 2'645.0 1'720.0 2'314.0 1'971.9 4'238.7 - -

- - - - - 0.00x 0.00x 9.67x 4.31x - -


EBIT 2'231.00 Long-Term Rating -









EBITDA Margin 22.2%



Asset Turnover 0.36








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Harmony Gold Mining Co LtdPrice/Volume

Valuation Analysis

664'849.00


'

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2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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19.04.2013


DEUTSCHE BANK TRUST n/a 20F 135'983'632 31.24 - 22.10.2012 Investment Advisor


BLACKROCK n/a ULT-AGG 23'928'834 5.5 355'104 16.04.2013 Investment Advisor





UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 3'825'000 0.88 3'825'000 31.12.2012 Investment Advisor

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 2'325'160 0.53 589'627 31.12.2012 Investment Advisor



TEXAS TEACHER RETIRE TEACHER RETIREMENT S 13F 1'500'000 0.34 1'500'000 31.12.2012 Pension Fund (ERISA)

CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 1'346'948 0.31 (81'700) 31.12.2012 Investment Advisor

TWO SIGMA INVESTMENT TWO SIGMA INVESTMENT 13F 1'321'429 0.3 916'557 31.12.2012 Hedge Fund Manager

CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 1'143'500 0.26 - 30.11.2012 Mutual Fund Manager

US GLOBAL INVESTORS US GLOBAL INVESTORS 13F 1'050'000 0.24 - 31.12.2012 Investment Advisor

HUSSMAN ECONOMETRICS HUSSMAN ECONOMETRICS 13F 1'000'000 0.23 500'000 31.12.2012 Investment Advisor

GAM HOLDING LTD GAM HOLDING LTD 13F 943'850 0.22 300'000 31.12.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 840'178 0.19 70'220 31.01.2013 Investment Advisor

AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 751'348 0.17 19'800 30.11.2012 Investment Advisor



EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 28.03.2013


Holdings By:

Harmony Gold Mining Co Ltd ee


19.04.2013

Pan American Silver Corporation is a silver mining company with its principal

property in Peru. The Company also explores and develops mines in Mexico.


LTM as of: 12/yy

52-Week High (01.11.2012) 22.83

52-Week Low (18.04.2013) 11.78

Daily Volume

12.012





1'823.61 1 Yr Total Return -37.22%







PAAS US EQUITY YTD Change - Average Volume 30 Day 2'045'236

PAAS US EQUITY YTD % CHANGE - Average Volume 3 Month 1'669'685


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

338.6 454.8 646.6 855.3 928.6 855.3 928.6 1'071.3 1'123.2 260.8 260.3

4.05x 5.14x 6.33x 2.15x 2.57x 12.63x 11.01x 1.30x 1.16x 5.36x 5.28x

121.0 179.1 277.8 445.9 362.0 455.9 362.0 419.5 470.1 96.8 98.7

11.33x 13.05x 14.73x 4.12x 6.60x 4.03x 6.60x 3.33x 2.97x 3.47x 3.18x

24.6 62.0 13.7 352.5 87.4 352.5 87.4 198.8 227.9 42.0 45.1

- - - - - 0.00x 0.00x 10.39x 8.73x 9.04x 8.30x











EBITDA Margin 39.0%



Asset Turnover 0.35








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Pan American Silver CorpPrice/Volume

Valuation Analysis

583'747.00


'

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100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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19.04.2013



ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 11'142'497 7.34 (104'500) 31.12.2012 Investment Advisor




BEATY ROSS J n/a SEDI 2'118'680 1.4 300'000 31.05.2012 n/a



RIVER ROAD ASSET MAN RIVER ROAD ASSET MAN 13F 1'995'846 1.31 561'998 31.12.2012 Investment Advisor

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1'817'974 1.2 784'238 31.12.2012 Investment Advisor

ASTON ASSET MANAGEME Multiple Portfolios MF-AGG 1'713'266 1.13 (10'580) 28.02.2013 Investment Advisor

GLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 1'533'353 1.01 (17'297) 31.12.2012 Investment Advisor


DREMAN VALUE MANAGEM DREMAN VALUE MANAGEM 13F 1'404'840 0.93 882'133 31.12.2012 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 1'261'757 0.83 (23'600) 31.12.2012 Pension Fund (ERISA)

ALETHEIA RESEARCH & ALETHEIA RESEARCH & 13F 1'212'045 0.8 412'637 30.09.2012 Hedge Fund Manager

INTREPID CAPITAL MAN INTREPID CAPITAL MAN 13F 1'198'545 0.79 (13'530) 31.12.2012 Investment Advisor


AXA n/a ULT-AGG 1'095'911 0.72 (71'622) 31.12.2012 Investment Advisor



BMO Capital Markets ANDREW KAIP market perform 3 M 20 Not Provided 15.04.2013

Canaccord Genuity Corp RAHUL PAUL buy 5 M 21 12 month 15.04.2013



CIBC World Markets ARNOLD VAN GRAAN sector perform 3 M 19 Not Provided 11.04.2013


TD Securities DANIEL EARLE hold 3 M 20 12 month 04.04.2013

Credit Suisse RALPH M PROFITI outperform 5 M 23 Not Provided 03.04.2013



JPMorgan JOHN BRIDGES underweight 1 M 17 9 month 25.02.2013



RBC Capital Markets DAN ROLLINS sector perform 3 M 22 12 month 21.02.2013

Holdings By:

Pan American Silver Corp ee


19.04.2013

IAMGOLD Corporation is a mid-tier gold mining company. The Company is focused

in West Africa, the Guiana Shield of South America and in Quebec where it has a

pipeline of development and exploration projects.


LTM as of: 12/yy

52-Week High (05.10.2012) 16.88

52-Week Low (18.04.2013) 4.60

Daily Volume

4.725





1'779.26 1 Yr Total Return -61.84%







IAG US EQUITY YTD Change - Average Volume 30 Day 7'884'718

IAG US EQUITY YTD % CHANGE - Average Volume 3 Month 6'552'597


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

869.6 914.3 1'097.1 1'673.2 1'670.0 1'673.2 1'670.0 1'689.2 1'851.3 396.4 408.0

2.09x 6.14x 5.88x 2.98x 2.52x 15.16x 10.85x 1.26x 1.34x 4.73x 4.90x

342.1 378.6 470.3 785.0 710.1 785.0 710.1 699.4 803.4 190.5 191.0

5.31x 14.82x 13.71x 6.36x 5.94x 6.36x 5.94x 2.46x 2.14x 2.19x 2.38x

(9.9) 114.1 262.6 806.6 334.7 806.6 334.7 255.8 325.1 51.7 52.0

- - - - - 0.00x 0.00x 7.41x 5.86x 7.21x 6.87x


EBIT 546.20 Long-Term Rating BB-









EBITDA Margin 42.5%



Asset Turnover 0.34







Fiscal Year Ended

IAMGOLD CorpPrice/Volume

Valuation Analysis

1'708'348.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'.135

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200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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19.04.2013






OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 8'419'845 2.24 1'500'000 31.12.2012 Investment Advisor

AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 7'659'667 2.03 1'552'618 31.12.2012 Investment Advisor



HEXAVEST INC HEXAVEST INC 13F 5'890'847 1.56 (3'062'014) 31.03.2013 Investment Advisor


T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 5'498'913 1.46 68'530 31.12.2012 Investment Advisor







INTERNATIONAL VALUE INTERNATIONAL VALUE 13F 3'575'932 0.95 (963'988) 31.12.2012 Investment Advisor

MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 3'186'699 0.85 (2'172'250) 31.12.2012 Investment Advisor

CARIBBEAN INVESTMENT n/a SEDI 3'119'569 0.83 - 06.09.2011 Bank





GMP GEORGE V ALBINO buy 5 M 15 12 month 15.04.2013


Societe Generale BRUCE ALWAY sell 1 M 5 12 month 12.04.2013

Stifel MICHAEL A SCOON hold 3 M #N/A N/A Not Provided 12.04.2013

Dundee Securities Corp JOSH WOLFSON neutral 3 N 9 Not Provided 12.04.2013


Clarus Securities NANA SANGMUAH hold 3 M 13 12 month 05.04.2013

Credit Suisse ANITA SONI underperform 1 M 7 Not Provided 03.04.2013




Salman Partners DAVID WEST buy 5 M 14 Not Provided 22.03.2013




Cormark Securities Inc. MIKE KOZAK market perform 3 M 10 12 month 22.02.2013




Morgan Stanley PARETOSH MISRA Equalwt/In-Line 3 N #N/A N/A Not Provided 10.10.2012

Holdings By:

IAMGOLD Corp ee


19.04.2013

First Majestic Silver Corp. is a silver producing mining company. The

Company's presently owns and operates producing silver mines in Mexico, the La

Parrilla Silver Mine, the San Martin Silver Mine, the La Encantada Silver Mine,

and the La Guitarra Silver Mine.


LTM as of: 12/yy

52-Week High (09.11.2012) 24.20

52-Week Low (18.04.2013) 10.88

Daily Volume

11.13





1'301.95 1 Yr Total Return -28.42%







AG US EQUITY YTD Change - Average Volume 30 Day 1'087'807

AG US EQUITY YTD % CHANGE - Average Volume 3 Month 997'068


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

41.8 52.4 117.9 245.5 247.2 245.5 247.2 408.5 568.5 - -

3.30x 6.36x 11.66x 6.93x 9.19x 29.14x 32.67x - - - -

2.3 11.7 53.4 156.2 135.1 156.2 135.1 207.3 312.3 - -

59.08x 28.43x 25.73x 10.89x 16.82x 10.89x 16.82x 5.94x 3.94x - -

(4.9) 5.6 35.1 103.6 88.9 103.6 88.9 149.5 224.0 - -

- - - - - 0.00x 0.00x 10.32x 7.06x 10.77x 8.86x











EBITDA Margin 54.7%



Asset Turnover 0.39







Fiscal Year Ended

First Majestic Silver CorpPrice/Volume

Valuation Analysis

422'842.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

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50.0

100.0

150.0

200.0

250.0

300.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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19.04.2013



SPROTT INC SPROTT INC 13F 4'781'672 4.09 (118'400) 31.12.2012 Hedge Fund Manager

GREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 4'030'468 3.45 (380'759) 31.12.2012 Investment Advisor

NEUMEYER KEITH n/a SEDI 3'126'000 2.67 150'000 19.11.2012 n/a



BARING INTERNATIONAL BARING INTERNATIONAL 13F 2'276'819 1.95 2'276'819 31.12.2012 Investment Advisor

BARING ASSET MANAGEM BARING ASSET MANAGEM 13F 2'274'076 1.94 481'911 30.09.2012 Investment Advisor



ALBERTA INVESTMENT M ALBERTA INV MGMT COR 13F 1'223'700 1.05 120'400 31.12.2012 Government

ALBERTA INVESTMENT M n/a Research 1'223'700 1.05 - 31.12.2012 Government



TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 1'086'500 0.93 (23'800) 31.12.2012 Investment Advisor

POLAR SECURITIES INC POLAR SECURITIES INC 13F 1'034'662 0.88 - 31.12.2012 Hedge Fund Manager

IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 991'400 0.85 (207'700) 31.12.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 889'282 0.76 321'483 31.12.2012 Investment Advisor

IA CLARINGTON INVEST Multiple Portfolios MF-AGG 836'400 0.72 - 31.12.2012 Investment Advisor

ALTAMIRA MANAGEMENT Multiple Portfolios MF-AGG 696'394 0.6 241'639 28.02.2013 Unclassified



Raymond James CHRIS THOMPSON outperform 5 M 24 12 month 15.04.2013




Cormark Securities Inc. GRAEME JENNINGS buy 5 M 27 12 month 27.02.2013


Holdings By:

First Majestic Silver Corp ee


19.04.2013

Coeur d'Alene Mines Corporation, through its subsidiaries, explores, develops,

operates, and/or owns silver and gold mining properties and companies. The

Company's properties are located primarily in the United States, Australia, and

South America.


LTM as of: 12/yy

52-Week High (01.11.2012) 31.97

52-Week Low (18.04.2013) 13.34

Daily Volume

13.4801





1'219.06 1 Yr Total Return -37.85%







CDE US EQUITY YTD Change - Average Volume 30 Day 1'648'065

CDE US EQUITY YTD % CHANGE - Average Volume 3 Month 1'599'872


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

170.9 300.4 515.5 1'021.2 895.5 1'021.2 895.5 967.0 1'075.0 229.3 237.0

5.09x 5.42x 4.98x 2.05x 2.45x 9.28x 9.22x 1.19x 0.91x 5.10x 5.22x

0.3 78.2 218.7 531.3 378.2 531.3 378.2 404.0 530.0 98.3 92.6

2750.95x 20.82x 11.74x 3.95x 5.80x 3.95x 5.80x 3.02x 2.29x 2.92x 2.58x

(0.6) (27.1) (91.3) 93.5 48.7 93.5 48.7 120.6 184.6 27.4 25.4

- - - 22.35x 41.69x 22.35x 42.41x 10.76x 8.21x 10.76x 9.93x


EBIT 159.37 Long-Term Rating B+









EBITDA Margin 42.2%



Asset Turnover 0.28








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Coeur d'Alene Mines CorpPrice/Volume

Valuation Analysis

572'157.00


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400.0

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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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19.04.2013




VANGUARD GROUP INC VANGUARD GROUP INC 13F 4'876'942 5.39 (420'427) 31.03.2013 Investment Advisor



AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 3'067'836 3.39 1'399'434 31.12.2012 Investment Advisor


GUGGENHEIM n/a ULT-AGG 2'259'708 2.5 986'778 31.03.2013 Unclassified

ATLANTIC INVESTMENT ATLANTIC INVESTMENT 13F 2'031'590 2.25 (285'500) 31.12.2012 Investment Advisor


DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1'795'841 1.99 (457'409) 31.12.2012 Investment Advisor

DONALD SMITH & CO IN DONALD SMITH & CO IN 13F 1'602'028 1.77 1'602'028 31.12.2012 Investment Advisor

SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 1'278'258 1.41 272'396 31.12.2012 Hedge Fund Manager

DREMAN VALUE MANAGEM DREMAN VALUE MANAGEM 13F 1'265'889 1.4 (232'106) 31.12.2012 Investment Advisor



NEW JERSEY DIVISION STATE OF NJ COMMON P 13F 1'000'000 1.11 1'000'000 31.12.2012 Pension Fund (ERISA)






Sidoti & Company LLC ADAM BROOKS buy 5 M 24 12 month 17.04.2013

Global Hunter Securities JEFF WRIGHT accumulate 4 M 25 12 month 15.04.2013


Cormark Securities Inc. GRAEME JENNINGS market perform 3 M 28 12 month 12.04.2013


JPMorgan JOHN BRIDGES restricted #N/A N/A M #N/A N/A Not Provided 25.02.2013

EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 22.02.2013

Holdings By:

Coeur d'Alene Mines Corp ee


19.04.2013

AuRico Gold Inc. is a Canadian gold producer with mines and projects in North

America that have solid production growth and exploration potential. The Company

is focused on its core operations including the Young-Davidson gold mine in

northern Ontario and the El Chanate mine in Sonora State, Mexico. AuRico's

project pipeline also includes development opportunities in Canada and Mexico.


LTM as of: 12/yy

52-Week High (01.05.2012) 9.50

52-Week Low (18.04.2013) 4.52

Daily Volume

4.57





1'127.13 1 Yr Total Return -47.00%





Enterprise Value 712.30


AUQ US EQUITY YTD Change - Average Volume 30 Day 3'448'223

AUQ US EQUITY YTD % CHANGE - Average Volume 3 Month 3'627'075


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

212.5 206.8 238.3 83.9 163.6 212.3 233.4 305.1 416.4 65.2 64.6

3.30x 6.86x 4.42x 27.78x 11.67x 33.27x 39.23x 3.52x 2.55x 9.60x 9.79x

53.3 70.5 106.6 2.3 52.3 106.8 79.9 147.8 218.2 35.4 32.0

13.17x 20.14x 9.87x 1003.29x 36.48x 0.00x 23.88x 4.97x 3.37x 4.67x 4.30x

38.7 8.2 (134.7) 176.9 33.2 176.9 33.2 57.3 83.5 5.3 (9.0)

- - - - - 0.00x 0.00x 15.83x 10.34x 16.46x 14.21x








Asset Turnover - (EBITDA-Capex)/Interest Exp. -142.03



EBITDA Margin -

EBIT Margin - Total Debt/Equity 8.2%


Asset Turnover -

Current Ratio 7.76 Net Fixed Asset Turnover -

Quick Ratio 6.33 Accounts receivable turnover-days -



Accounts Receivable Turnover - Cash Conversion Cycle -


Fiscal Year Ended

AuRico Gold IncPrice/Volume

Valuation Analysis

711'871.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-.0123456

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50.0

100.0

150.0

200.0

250.0

300.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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19.04.2013


WELLINGTON MANAGEMEN n/a 13G 29'437'231 11.94 9'509'551 31.01.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 24'673'016 10 - 17.04.2013 Investment Advisor

SENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 11'799'825 4.78 (2'491'500) 31.12.2012 Investment Advisor

HEARTLAND ADVISORS I HEARTLAND ADVISORS I 13F 11'733'592 4.76 (677'807) 31.12.2012 Investment Advisor

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 11'379'423 4.61 815'274 28.02.2013 Investment Advisor

DONALD SMITH & CO IN DONALD SMITH & CO IN 13F 8'335'053 3.38 164'601 31.12.2012 Investment Advisor




NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 3'916'476 1.59 (2'801'559) 31.12.2012 Investment Advisor

HEXAVEST INC HEXAVEST INC 13F 3'895'355 1.58 (1'586'686) 31.03.2013 Investment Advisor


FIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 3'677'730 1.49 (11'562'015) 31.03.2013 Investment Advisor

SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 3'493'185 1.42 (50'000) 31.12.2012 Hedge Fund Manager

MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 3'491'127 1.42 809'604 31.12.2012 Investment Advisor


GEOLOGIC RESOURCE PA GEOLOGIC RESOURCE PA 13F 3'444'100 1.4 (500'000) 31.12.2012 Hedge Fund Manager


ASTON ASSET MANAGEME Multiple Portfolios MF-AGG 3'165'617 1.28 1'402'243 28.02.2013 Investment Advisor

PCJ INVESTMENT COUNS PCJ INVESTMENT COUNS 13F 3'165'548 1.28 (197'900) 31.12.2012 Investment Advisor


Dundee Securities Corp JOE FAZZINI neutral 3 M 7 Not Provided 16.04.2013

TD Securities STEVEN J GREEN reduce 2 M 6 12 month 16.04.2013

BMO Capital Markets BRIAN QUAST market perform 3 M 8 Not Provided 15.04.2013

Raymond James GARY J BASCHUK outperform 5 M 9 12 month 15.04.2013


Desjardins Securities ADAM MELNYK hold 3 M 8 Not Provided 15.04.2013


GMP CHELSEA HAMILTON buy 5 M 12 12 month 15.04.2013

National Bank Financial PAOLO LOSTRITTO sector perform 3 M 6 12 month 15.04.2013



Scotia Capital TREVOR TURNBULL sector perform 3 M 7 12 month 04.04.2013




Holdings By:

AuRico Gold Inc ee


19.04.2013

Allied Nevada Gold Corporation evaluates, acquires, explores, and advances

gold exploration and potential development projects. The Company's holdings

include projects in Nevada, California, Idaho and Colorado in the United

States, as well as Bolivia, Mexico, Indonesia and Australia.


LTM as of: 12/yy

52-Week High (17.10.2012) 41.02

52-Week Low (17.04.2013) 10.42

Daily Volume

10.64





954.81 1 Yr Total Return -63.86%







ANV US EQUITY YTD Change - Average Volume 30 Day 2'354'601

ANV US EQUITY YTD % CHANGE - Average Volume 3 Month 1'720'144


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 43.2 130.9 152.0 214.6 152.0 214.6 420.3 585.2 73.4 80.7

- 23.79x 15.41x 16.34x 13.43x 73.35x 53.80x 3.22x 2.47x 10.16x 8.82x

(38.7) (0.8) 30.5 48.8 95.5 48.8 95.5 210.8 362.3 32.7 32.5

- - 66.12x 50.94x 30.19x 50.94x 30.19x 5.39x 3.13x 7.74x 7.21x

(79.6) 8.5 34.1 36.7 47.7 36.7 47.7 112.7 193.3 16.4 16.7

- 107.71x 64.17x 77.64x 57.94x 77.64x 57.94x 9.54x 5.56x 9.29x 7.02x


EBIT 80.87 Long-Term Rating B









EBITDA Margin 44.5%



Asset Turnover 0.23








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Allied Nevada Gold CorpPrice/Volume

Valuation Analysis

482'905.00


'2

-'-2.'.20'021'12

M -. i -. f -. f -. M -. o -. l -. j -. T -. f -0 a -0 i -0 M -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9-'!' 9

0.0

50.0

100.0

150.0

200.0

250.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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19.04.2013




GCIC LTD/CANADA GOODMAN & COMPANY IN 13F 5'778'795 6.44 (156'600) 31.12.2012 Investment Advisor


PESCIO CARL A n/a Form 4 4'403'800 4.91 (296'200) 21.09.2012 n/a

SENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 4'254'700 4.74 5'600 31.12.2012 Investment Advisor




FMR LLC n/a ULT-AGG 3'225'015 3.59 192'715 28.02.2013 Investment Advisor

BAUPOST GROUP LLC THE BAUPOST GROUP LL 13F 2'853'550 3.18 (2'200'000) 31.12.2012 Hedge Fund Manager

UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 2'408'733 2.68 18'784 31.12.2012 Investment Advisor

BUCHAN ROBERT M n/a PROXY 2'211'500 2.46 (23'300) 08.03.2013 n/a


PERRY CORP PERRY CORPORATION 13F 2'142'250 2.39 259'000 31.12.2012 Hedge Fund Manager


SCOTIA ASSET MANAGEM Multiple Portfolios MF-AGG 1'620'900 1.81 155'800 31.01.2013 Investment Advisor


COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 1'444'000 1.61 1'444'000 31.12.2012 Investment Advisor





CIBC World Markets CHITIMUKULU MUSONDA sector perform 3 M 19 Not Provided 11.04.2013

BMO Capital Markets BRIAN QUAST underperform 1 M 18 Not Provided 09.04.2013

RBC Capital Markets SAM CRITTENDEN outperform 5 M 33 12 month 09.04.2013

GMP ANDREW MIKITCHOOK buy 5 M 43 12 month 09.04.2013


Scotia Capital TREVOR TURNBULL sector underperform 1 M 15 12 month 08.04.2013

Cormark Securities Inc. MIKE KOZAK speculative buy 4 D 37 12 month 28.03.2013

Macquarie MICHAEL GRAY underperform 1 M 16 12 month 27.03.2013

Holdings By:

Allied Nevada Gold Corp ee


19.04.2013

Hecla Mining Company explores, develops, and mines precious metals, gold and

silver. The Company has operations in the United States and Mexico.


LTM as of: 12/yy

52-Week High (21.09.2012) 6.92

52-Week Low (18.04.2013) 3.00

Daily Volume

3












HL US EQUITY YTD Change - Average Volume 30 Day 6'937'524

HL US EQUITY YTD % CHANGE - Average Volume 3 Month 5'405'031


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

204.7 312.5 418.8 477.6 321.1 477.6 321.1 476.4 597.3 85.9 95.4

3.08x 4.39x 6.28x 2.59x 4.64x 13.26x 16.68x 2.41x 1.78x 8.31x 7.82x

15.3 132.3 211.3 254.7 92.9 253.4 92.9 215.7 322.5 23.4 26.5

41.21x 10.38x 12.44x 4.85x 16.03x 4.88x 16.03x 3.22x 2.16x 3.79x 2.74x

(66.6) 67.8 49.0 151.2 15.0 151.2 15.0 79.3 135.2 6.7 4.6

- 34.33x 62.56x 12.16x 83.29x 12.16x 83.29x 14.04x 8.03x 13.10x 10.12x











EBITDA Margin 28.9%



Asset Turnover 0.23








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hecla Mining CoPrice/Volume

Valuation Analysis

1'752'332.00


'

-

.

0

1

2

3

4

5

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0.0

100.0

200.0

300.0

400.0

500.0

600.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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19.04.2013










KESTREL INVESTMENT M KESTREL INVESTMENT M 13F 3'997'250 1.4 (98'000) 31.12.2012 Investment Advisor

SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 3'744'569 1.31 1'615'970 31.12.2012 Investment Advisor

CREDIT SUISSE AG CREDIT SUISSE AG 13F 2'966'054 1.04 (525'202) 31.12.2012 Investment Advisor

CS MCKEE LP C S MCKEE LP 13F 2'882'600 1.01 (359'600) 31.12.2012 Investment Advisor

LRI-FUND MANAGEMENT Multiple Portfolios MF-AGG 2'800'000 0.98 413'542 31.03.2013 Investment Advisor

GLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 2'771'542 0.97 (671'814) 31.12.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 2'484'320 0.87 325'638 31.12.2012 Investment Advisor

DENVER INVESTMENT AD DENVER INVESTMENT AD 13F 2'443'226 0.86 (193'270) 31.12.2012 Investment Advisor

AXA n/a ULT-AGG 2'418'493 0.85 - 31.12.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 2'250'000 0.79 (150'000) 28.02.2013 Investment Advisor

QUANTEX AG Multiple Portfolios MF-AGG 2'035'400 0.71 (330'000) 29.03.2013 Investment Advisor

NEW JERSEY DIVISION STATE OF NJ COMMON P 13F 1'900'000 0.67 (2'100'000) 31.12.2012 Pension Fund (ERISA)





Deutsche Bank JORGE M BERISTAIN hold 3 U 4 12 month 11.04.2013

Global Hunter Securities JEFF WRIGHT buy 5 M 6 12 month 10.04.2013



Scotia Capital TREVOR TURNBULL restricted #N/A N/A M #N/A N/A Not Provided 05.03.2013

Holdings By:

Hecla Mining Co ee


19.04.2013

Aurizon Mines Ltd. is a gold mining company. The Company's operations and

exploration activities are located in the Abitibi region of north-western

Quebec, Canada. Aurizon operates and owns an interest in the Beaufor Mine,

the Sleeping Giant Mine, and the Casa Berardi property.


LTM as of: 12/yy

52-Week High (01.05.2012) 5.57

52-Week Low (24.12.2012) 3.19

Daily Volume

4.02






Total Debt 0.00 YTD Return 15.52%






AZK US EQUITY YTD Change - Average Volume 30 Day 884'253

AZK US EQUITY YTD % CHANGE - Average Volume 3 Month 936'444


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

144.5 175.6 178.7 260.0 223.6 260.0 223.6 212.0 272.3 40.4 54.1

4.07x 3.65x 5.82x 2.31x 1.61x 11.47x 9.66x - - - -

53.5 87.5 69.8 124.9 92.2 124.9 92.2 94.0 139.0 - -

10.98x 7.32x 14.90x 4.81x 3.90x 4.81x 3.90x 5.05x 3.41x - -

4.9 36.7 17.2 43.9 31.8 43.9 31.8 33.2 55.5 3.5 8.8

- - - - - 0.00x 0.00x 22.06x 14.58x 23.31x -











EBITDA Margin 41.3%



Asset Turnover 0.51







Fiscal Year Ended

Aurizon Mines LtdPrice/Volume

Valuation Analysis

154'008.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

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0.0

50.0

100.0

150.0

200.0

250.0

300.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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19.04.2013


ALAMOS GOLD INC n/a 13D 26'507'283 16.11 - 19.03.2013 Other



MONTRUSCO BOLTON INV MONTRUSCO BOLTON INV 13F 6'138'783 3.73 408'275 31.12.2012 Investment Advisor

GCIC LTD/CANADA GOODMAN & COMPANY IN 13F 5'947'500 3.61 (6'022'500) 31.12.2012 Investment Advisor

SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 5'751'260 3.49 4'054'435 31.12.2012 Hedge Fund Manager

WELLS FARGO n/a ULT-AGG 4'943'650 3 68'876 28.02.2013 Investment Advisor


NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 4'430'833 2.69 1'029'681 31.12.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 3'537'956 2.15 136'509 31.12.2012 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 2'931'135 1.78 101'700 31.12.2012 Pension Fund (ERISA)



FRANKLIN RESOURCES n/a ULT-AGG 1'671'600 1.02 - 31.01.2013 Investment Advisor

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 1'539'910 0.94 - 31.12.2012 Investment Advisor


LB SWISS INVESTMENT Multiple Portfolios MF-AGG 1'400'000 0.85 - 31.12.2012 Mutual Fund Manager


HALL DAVID P n/a SEDI 990'342 0.6 5'000 04.04.2012 n/a

NORGES BANK NORGES BANK 13F 955'334 0.58 (248'713) 31.12.2012 Government



National Bank Financial PAOLO LOSTRITTO tender #N/A N/A M 5 12 month 05.04.2013

Desjardins Securities ADAM MELNYK tender #N/A N/A M 4 12 month 20.03.2013


EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 15.03.2013

Mackie Research Capital Corp. RYAN HANLEY tender #N/A N/A M 5 Not Provided 05.03.2013

Euro Pacific Capital Inc HEIKO IHLE buy 5 M 5 12 month 04.03.2013

Raymond James FORBES GEMMELL Under Review #N/A N/A M #N/A N/A Not Provided 05.02.2013

CIBC World Markets COSMOS CHIU restricted #N/A N/A M #N/A N/A Not Provided 25.01.2013

Loewen, Ondaatje, McCutcheon Ltd MICHAEL G FOWLER buy 5 M 6 12 month 23.01.2013

Scotia Capital OVAIS HABIB restricted #N/A N/A M #N/A N/A Not Provided 21.01.2013

Holdings By:

Aurizon Mines Ltd ee


19.04.2013

Nevsun Resources Ltd. is a gold producer and base metal developer. The Company

has a gold-copper-zinc mine in Eritrea.


LTM as of: 12/yy

52-Week High (07.11.2012) 4.98

52-Week Low (16.05.2012) 2.68

Daily Volume

3.24




Shares Out #N/A N/A - Short Int 1.23

- 1 Yr Total Return -6.77%





Enterprise Value -


NSU US EQUITY YTD Change - Average Volume 30 Day 1'588'307

NSU US EQUITY YTD % CHANGE - Average Volume 3 Month 1'053'409


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 547.8 566.0 551.5 566.0 394.2 669.5 74.5 70.8

- - - 1.60x 1.05x 6.89x 4.04x - - - -

(6.1) (4.9) (12.2) 429.2 426.5 429.3 426.5 246.6 441.0 37.8 27.2

- - - 2.04x 1.40x 2.04x 1.40x - - - -

(5.7) (4.3) (13.3) 147.1 145.3 147.1 145.3 71.9 163.3 11.1 7.0

- - - - - 0.00x 0.00x 7.49x 3.38x 7.74x 6.11x











EBITDA Margin 75.3%



Asset Turnover 0.69







Fiscal Year Ended

Nevsun Resources LtdPrice/Volume

Valuation Analysis

153'083.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

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2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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'!1'

'!3'

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19.04.2013


VANGUARD GROUP INC Multiple Portfolios MF-AGG 39'554'511 0 9'800 31.03.2013 Investment Advisor

M&G INVESTMENT MANAG M&G INVESTMENT MANAG 13F 38'500'000 0 - 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 29'730'099 0 - 16.04.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 25'807'900 0 (1'170'000) 31.01.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 13'698'233 0 2'496'855 17.04.2013 Investment Advisor

ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 5'077'040 0 613'900 31.03.2013 Investment Advisor

SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 4'115'444 0 1'836'500 31.12.2012 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'062'504 0 3'062'504 31.12.2012 Investment Advisor

CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 3'003'300 0 1'180'900 31.12.2012 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 1'883'601 0 4'200 31.12.2012 Pension Fund (ERISA)

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 1'878'320 0 - 31.12.2012 Investment Advisor

DAVIS CLIFFORD T n/a SEDI 1'553'219 0 (50'100) 19.11.2012 n/a

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 1'395'977 0 (80'700) 31.12.2012 Investment Advisor

CLARKE JOHN A n/a SEDI 1'367'000 0 - 31.12.2012 n/a

NORGES BANK NORGES BANK 13F 1'233'881 0 (146'716) 31.12.2012 Government

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 1'079'863 0 14'897 31.12.2012 Investment Advisor

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 1'043'300 0 213'600 31.12.2012 Hedge Fund Manager

BATTERYMARCH FINANCI BATTERYMARCH FINANCI 13F 1'006'600 0 - 31.12.2012 Investment Advisor

O'SHAUGHNESSY ASSET O'SHAUGHNESSY ASSET 13F 826'454 0 384'352 31.12.2012 Investment Advisor

BPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 755'420 0 - 31.12.2012 Mutual Fund Manager


Haywood Securities Inc. STEFAN IOANNOU buy 5 M 5 Not Provided 16.04.2013

Canaccord Genuity Corp RAHUL PAUL hold 3 M 4 12 month 15.04.2013

Cormark Securities Inc. CLIFF HALE-SANDERS buy 5 M 5 12 month 10.04.2013

TD Securities STEVEN J GREEN hold 3 M 4 12 month 04.04.2013

Paradigm Capital Inc DAVID DAVIDSON buy 5 M 8 12 month 01.04.2013

CIBC World Markets COSMOS CHIU sector underperform 1 M 4 Not Provided 25.03.2013

GMP ANDREW MIKITCHOOK hold 3 M 4 12 month 22.03.2013

RBC Capital Markets PATRICK MORTON sector perform 3 M 5 12 month 21.03.2013

PI Financial Corp. ALEEM LADAK buy 5 M 6 12 month 21.03.2013

EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013

Holdings By:

Nevsun Resources Ltd ee


19.04.2013

Silver Standard Resources Inc. is a silver exploration company focused on

acquiring and developing silver resources on a global basis. The Company

has projects in Argentina, Peru, Mexico, Canada, Chile, the United States and

Australia.


LTM as of: 12/yy

52-Week High (21.09.2012) 16.92

52-Week Low (18.04.2013) 6.50

Daily Volume

6.75












SSRI US EQUITY YTD Change - Average Volume 30 Day 1'175'263

SSRI US EQUITY YTD % CHANGE - Average Volume 3 Month 1'124'237


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 5.4 112.3 147.8 241.1 147.8 241.1 243.0 262.0 60.0 60.3

- 307.12x 18.82x 6.19x 4.03x 43.58x 15.70x 1.63x 2.14x 4.86x 6.00x

(17.9) (17.7) 5.3 39.4 54.6 39.4 54.6 68.6 92.2 11.7 11.9

- - 400.55x 23.24x 17.81x 23.24x 17.81x 4.58x 3.41x 5.15x 4.37x

(5.6) (13.2) 338.5 80.1 54.8 80.1 54.8 3.5 7.8 (2.1) 4.1

- - - - - 0.00x 0.00x - 83.33x 81.33x 41.93x











EBITDA Margin 22.6%



Asset Turnover 0.19








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Silver Standard Resources IncPrice/Volume

Valuation Analysis

400'344.00


'.135

-'-.-1-3-5

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!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

0!2 9

1!' 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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19.04.2013


ROYCE AND ASSOCIATES n/a Co File 7'788'781 9.62 (480'425) 28.02.2013 Investment Advisor



VINIK ASSET MANAGEME VINIK ASSET MANAGEME 13F 1'781'407 2.2 (195'800) 31.12.2012 Hedge Fund Manager

AXA n/a ULT-AGG 1'499'937 1.85 1'700 31.12.2012 Investment Advisor

TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 1'094'787 1.35 (157'540) 31.12.2012 Investment Advisor

GLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 1'085'240 1.34 101'480 31.12.2012 Investment Advisor

NEWGATE CAPITAL MANA NEWGATE CAPITAL MANA 13F 980'616 1.21 (125'785) 31.12.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 915'000 1.13 (75'000) 28.02.2013 Investment Advisor

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 767'770 0.95 10'900 31.12.2012 Investment Advisor


LB SWISS INVESTMENT Multiple Portfolios MF-AGG 720'000 0.89 (180'000) 31.12.2012 Mutual Fund Manager

UBS n/a ULT-AGG 715'613 0.88 (37'922) 31.12.2012 Unclassified

LRI-FUND MANAGEMENT Multiple Portfolios MF-AGG 681'000 0.84 60'200 31.03.2013 Investment Advisor

NEUFLIZE OBC ASSET M Multiple Portfolios MF-AGG 618'576 0.76 - 30.12.2011 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 523'412 0.65 285'000 31.12.2012 Pension Fund (ERISA)

SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 517'492 0.64 65'700 31.12.2012 Investment Advisor


TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 484'644 0.6 10'100 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 431'832 0.53 5'228 31.03.2013 Investment Advisor





Salman Partners ASH GUGLANI buy 5 M 21 Not Provided 12.04.2013



Deutsche Bank JORGE M BERISTAIN sell 1 M 9 12 month 11.04.2013

CIBC World Markets ARNOLD VAN GRAAN sector perform 3 M 12 Not Provided 11.04.2013

Credit Suisse RALPH M PROFITI neutral 3 M 17 Not Provided 03.04.2013



Holdings By:

Silver Standard Resources Inc ee


19.04.2013

Seabridge Gold, Inc. acquires gold projects in North America. The Company

expands and verifies these resources, moves them to reserves to determine their

economic value, and either sells to or forms joint ventures with larger

companies for mine construction and production.


LTM as of: 12/yy

52-Week High (14.09.2012) 20.34

52-Week Low (18.04.2013) 9.70

Daily Volume

9.7











Average Volume 5 Day 692'431

SA US EQUITY YTD Change - Average Volume 30 Day 438'867

SA US EQUITY YTD % CHANGE - Average Volume 3 Month 369'533


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(5.6) (5.0) (5.7) (19.8) (15.8) (19.8) (8.7) (15.0) (16.0) - -

- - - - - 0.00x 0.00x - - - -

10.3 (4.7) 3.3 (20.1) (12.5) (20.1) (12.5) - - - -

- - - - - 0.00x 0.00x - - - -

EBITDA -15.82 Long-Term Rating Date -

EBIT -15.83 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -



Return on Capital - EBITDA/Interest Exp. -385.83


Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -


Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Seabridge Gold IncPrice/Volume

Valuation Analysis

151'587.00


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19.04.2013



PAN ATLANTIC BANK n/a PROXY 8'001'232 17.56 - 10.05.2012 Bank

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 6'126'883 13.45 253'000 31.12.2012 Investment Advisor

WEISS ASSET MANAGEME WEISS ASSET MANAGEME 13F 2'022'491 4.44 2'022'491 31.12.2012 Hedge Fund Manager

FRONK RUDI P n/a SEDI 1'180'000 2.59 10'000 16.11.2012 n/a

BLACKROCK n/a ULT-AGG 802'453 1.76 (20'896) 16.04.2013 Investment Advisor

ANTHONY JAMES S n/a PROXY 779'791 1.71 - 15.05.2012 n/a

FMR LLC n/a ULT-AGG 601'905 1.32 - 28.02.2013 Investment Advisor

FCMI FINANCIAL CORP n/a PROXY 555'000 1.22 - 10.05.2012 Corporation

BRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 478'467 1.05 (203'241) 31.03.2013 Hedge Fund Manager


FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 450'000 0.99 - 28.02.2013 Investment Advisor

FNDTN FOR STUDY OBJ n/a SEDI 425'334 0.93 - 06.02.2012 Other

PORTOLA GROUP INCORP PORTOLA GROUP INCORP 13F 309'570 0.68 (13'300) 31.12.2012 Investment Advisor

FOX LOUIS J n/a SEDI 300'750 0.66 - 06.12.2011 n/a

THRELKELD WILLIAM E n/a SEDI 265'000 0.58 (10'000) 30.08.2011 n/a

BANFIELD A FREDERICK n/a PROXY 245'000 0.54 - 15.05.2012 n/a






Stonecap Securities Inc CHRISTOS DOULIS sector perform 3 M 22 12 month 08.03.2013

Nomura TYLER BRODA buy 5 M 24 Not Provided 16.05.2012

Holdings By:

Seabridge Gold Inc ee


19.04.2013

Tanzanian Royalty Exploration Corporation acquires, explores, and develops

mineral properties. The Company explores for gold.


LTM as of: 02/yy

52-Week High (21.09.2012) 5.34

52-Week Low (18.04.2013) 2.45

Daily Volume

2.599









Cash and Equivalents 20.06 Consensus Rating -



TRX US EQUITY YTD Change - Average Volume 30 Day 552'807

TRX US EQUITY YTD % CHANGE - Average Volume 3 Month 459'043


31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 02/yy 02/yy 08/13 Y 08/14 Y 05/13 Q3 08/13 Q4

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(2.9) (3.4) (3.0) (4.3) (5.1) (4.6) (5.0) - - - -

- - - - - 0.00x 0.00x - - - -

(3.7) (4.7) (3.4) (11.1) (8.9) (14.6) (2.2) - - - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA 0.00

EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Tanzanian Royalty Exploration CorpPrice/Volume

Valuation Analysis

141'289.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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0.9

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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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19.04.2013



GEIER GROUP LLC n/a 13G 4'879'743 4.85 (4'801'048) 10.11.2011 Other

BPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 4'088'532 4.06 52'612 31.12.2012 Mutual Fund Manager

SINCLAIR JAMES E n/a SEDI 1'885'543 1.87 (1'000) 08.02.2013 n/a

BPI GLOBAL INVESTMEN Multiple Portfolios MF-AGG 673'902 0.67 (37'877) 28.09.2012 Mutual Fund Manager


MORROW ROSALIND n/a SEDI 424'047 0.42 17'903 29.05.2012 n/a



BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 334'811 0.33 4'654 31.03.2013 Investment Advisor

HARVEY WILLIAM M n/a SEDI 332'358 0.33 12'845 08.05.2012 n/a

JONES HEWARD INVESTM Multiple Portfolios MF-AGG 318'244 0.32 (3'200) 17.04.2013 Investment Advisor

PORTOLA GROUP INCORP PORTOLA GROUP INCORP 13F 212'560 0.21 - 31.12.2012 Investment Advisor

CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 185'212 0.18 4'819 31.12.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 170'509 0.17 108'877 31.12.2012 Investment Advisor



LUIS VICTORIA n/a 20F 144'045 0.14 - 31.10.2012 n/a

BANK OF AMERICA CORP BANK OF AMERICA 13F 97'451 0.1 (17'701) 31.12.2012 Investment Advisor

COMMONWEALTH EQUITY COMMONWEALTH EQUITY 13F 95'500 0.09 13'000 31.03.2013 Investment Advisor


#N/A N/A

Holdings By:

Tanzanian Royalty Exploration Corp ee


19.04.2013

Golden Star Resources Ltd. is a mid-tier gold mining company. The Company's

operating mines are situated along the Ashanti Gold Belt in Ghana, West Africa.


LTM as of: 12/yy

52-Week High (16.10.2012) 2.11

52-Week Low (22.05.2012) 0.90

Daily Volume

0.9698








Minority Interest (2.0) Analyst Recs 10




GSS US EQUITY YTD Change - Average Volume 30 Day 2'255'240

GSS US EQUITY YTD % CHANGE - Average Volume 3 Month 1'854'718


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

257.4 - 432.7 471.0 550.5 471.0 550.5 558.1 589.4 136.0 131.7

1.43x - 2.72x 0.98x 0.95x 4.90x 3.58x 0.60x 0.61x 2.13x 2.20x

1.8 - 107.6 91.8 124.7 91.8 125.8 135.7 199.8 33.7 33.7

200.09x - 10.93x 5.00x 4.18x 5.00x 4.14x 2.12x 1.44x 2.14x 2.19x

(119.3) - (11.2) (2.1) (9.5) (2.1) (9.5) 19.9 48.3 6.9 6.9

- - - - - 0.00x 0.00x 26.21x 5.91x 9.90x 7.78x







Return on Capital -4.61% EBITDA/Interest Exp. 12.27




EBITDA Margin 22.8%



Asset Turnover 0.76








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Golden Star Resources LtdPrice/Volume

Valuation Analysis

233'639.00


'

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200.0

300.0

400.0

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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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19.04.2013



SENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 30'238'600 11.67 (350'000) 31.12.2012 Investment Advisor

HEARTLAND ADVISORS I HEARTLAND ADVISORS I 13F 25'985'870 10.03 (1'326'930) 31.12.2012 Investment Advisor


HILLSDALE INVESTMENT HILLSDALE INVESTMENT 13F 6'281'374 2.42 1'230'943 31.12.2012 Hedge Fund Manager

STATE STREET n/a ULT-AGG 4'885'815 1.89 (5'940) 17.04.2013 Investment Advisor

ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 4'819'436 1.86 (1'475'687) 31.03.2013 Investment Advisor


CANADA PENSION PLAN CANADA PENSION PLAN 13F 3'486'925 1.35 2'002'700 31.12.2012 Pension Fund (ERISA)

PRINCIPAL FINANCIAL n/a ULT-AGG 3'093'334 1.19 1'200'671 31.12.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'064'953 1.18 (52'441) 31.12.2012 Investment Advisor

BATTERYMARCH FINANCI BATTERYMARCH FINANCI 13F 2'625'741 1.01 125'700 31.12.2012 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 2'259'552 0.87 1'129'776 31.12.2012 Investment Advisor

NORGES BANK NORGES BANK 13F 1'934'059 0.75 - 31.12.2012 Government

MD MANAGEMENT LTD Multiple Portfolios MF-AGG 1'845'827 0.71 139'300 28.02.2013 Investment Advisor

NEW YORK STATE COMMO NEW YORK STATE COMMO 13F 1'725'479 0.67 206'700 31.12.2012 Pension Fund (ERISA)

SYSTEMATIC FINANCIAL SYSTEMATIC FINANCIAL 13F 1'647'710 0.64 277'080 31.12.2012 Investment Advisor

LEGG MASON CAPITAL M Multiple Portfolios MF-AGG 1'467'781 0.57 - 31.12.2012 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 1'164'787 0.45 (51'919) 31.12.2012 Investment Advisor

BPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 1'113'498 0.43 - 31.12.2012 Mutual Fund Manager


BMO Capital Markets ANDREW BREICHMANAS market perform 3 M 2 Not Provided 15.04.2013





Credit Suisse ANITA SONI underperform 1 D 1 Not Provided 03.04.2013


Macquarie PIERRE VAILLANCOURT neutral 3 M 2 12 month 07.03.2013


Holdings By:

Golden Star Resources Ltd ee


19.04.2013

Vista Gold Corp. is an international gold mining company. The Company is

focused on its core projects, the Concordia gold project located in Baja

California Sur, Mexico and the Mt. Todd gold project in Northern Territory,

Australia.


LTM as of: 12/yy

52-Week High (21.09.2012) 4.09

52-Week Low (17.04.2013) 1.47

Daily Volume

1.56












VGZ US EQUITY YTD Change - Average Volume 30 Day 561'112

VGZ US EQUITY YTD % CHANGE - Average Volume 3 Month 502'566


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - 0.0 - -

- - - - - #DIV/0! #DIV/0! - - - -

(6.5) (6.1) (17.7) (28.1) (35.6) (28.1) (34.5) (20.4) (19.1) (5.8) (5.8)

- - - - - 0.00x 0.00x - - - -

(10.0) (1.9) (20.0) 51.5 (70.7) 51.5 (69.5) (20.1) (13.7) (6.3) (6.3)

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Vista Gold CorpPrice/Volume

Valuation Analysis

113'812.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'--..00112

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0.2

0.4

0.6

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1.4

1.6

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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19.04.2013



SUN VALLEY GOLD LLC n/a Research 12'084'310 14.82 - 31.12.2012 Hedge Fund Manager


SPROTT INC n/a Co File 6'790'378 8.33 214'656 31.01.2013 Hedge Fund Manager


LOEWS CORPORATION LOEWS CORPORATION 13F 1'758'748 2.16 - 31.12.2012 Corporation

ANDREEFF EQUITY ADVI ANDREEFF EQUITY ADVI 13F 1'586'026 1.94 (20'971) 31.12.2012 Hedge Fund Manager

STATE STREET n/a ULT-AGG 908'894 1.11 (31'575) 17.04.2013 Investment Advisor

PERRITT CAPITAL MANA PERRITT CAPITAL MANA 13F 822'000 1.01 - 31.12.2012 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 732'415 0.9 - 31.12.2012 Pension Fund (ERISA)


PARKER FREDERICK H E n/a Form 4 556'325 0.68 - 05.09.2012 n/a

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 528'000 0.65 30'000 31.12.2012 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 283'993 0.35 (24'847) 31.12.2012 Investment Advisor



AQR CAPITAL MANAGEME AQR CAPITAL MANAGEME 13F 193'800 0.24 137'400 31.12.2012 Hedge Fund Manager

RICHINGS MICHAEL B n/a Form 4 188'121 0.23 - 08.01.2013 n/a

IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 180'750 0.22 (33'250) 28.02.2013 Investment Advisor

EPPLER WILLIAM DURAN n/a Form 4 168'308 0.21 - 27.08.2012 n/a




Roth Capital Partners BRIAN W POST buy 5 M 7 12 month 28.03.2013

Stonegate Securities Inc MARCO RODRIGUEZ no rating system #N/A N/A M #N/A N/A Not Provided 19.03.2013


Holdings By:

Vista Gold Corp ee


19.04.2013

Great Basin Gold Limited explores and develops gold properties. The Company

prospects for gold in the Witwatersrand Basin in South Africa and the Carlin

Trend in Nevada.


LTM as of: 09/yy

52-Week High (15.06.2012) 0.78

52-Week Low (19.03.2013) 0.01

Daily Volume

0.0099


52-Week Low % Change 41.43% Beta -




Total Debt 282.45 YTD Return -

Preferred Stock 0.0 Adjusted BETA -





GBGLF US EQUITY YTD Change - Average Volume 30 Day 2'711'419

GBGLF US EQUITY YTD % CHANGE - Average Volume 3 Month 3'723'629


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

0.0 24.7 33.7 99.7 170.3 172.5 144.8 - - - -

- 14.86x 19.15x 14.22x 4.16x 28.57x 13.73x - - - -

(62.2) (104.9) (50.6) (15.7) 18.3 24.5 (26.1) - - - -

- - - - 38.63x 43.55x 0.00x - - - -

(51.2) (84.9) (48.4) (27.1) (17.7) (48.2) (91.7) - - - -

- - - - - 0.00x 0.00x - - - -



Operating Margin -0.33% Long-Term Outlook -






Net Debt/EBITDA -

Gross Margin 29.7% Total Debt/EBITDA -12.49

EBITDA Margin -18.0%

EBIT Margin -28.2% Total Debt/Equity 59.9%


Asset Turnover 0.18







Fiscal Year Ended

Great Basin Gold LtdPrice/Volume

Valuation Analysis

520'725.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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40.0

60.0

80.0

100.0

120.0

140.0

160.0

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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''

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19.04.2013




RUFFER LLP Multiple Portfolios MF-AGG 22'797'000 4.13 - 30.11.2012 Hedge Fund Manager

TRANTER GOLD (BEE) n/a Research 20'932'183 3.79 - 24.04.2012 n/a



WELLS FARGO n/a ULT-AGG 5'393'613 0.98 (20'659) 31.12.2012 Investment Advisor


UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'530'000 0.64 - 30.06.2012 Mutual Fund Manager

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'801'617 0.51 - 31.07.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'686'303 0.49 1'050 31.03.2013 Investment Advisor

BARCLAYS PLC n/a ULT-AGG 1'988'058 0.36 (286'003) 31.12.2012 Investment Advisor

SCOTIA CAPITAL INC SCOTIA CAPITAL INC 13F 1'946'721 0.35 1'946'721 31.12.2012 Investment Advisor

NEWGATE CAPITAL MANA NEWGATE CAPITAL MANA 13F 1'225'751 0.22 (128'184) 31.12.2012 Investment Advisor

IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 1'173'800 0.21 (768'400) 31.12.2012 Investment Advisor

DIPPENAAR FERDINAND n/a SEDI 1'126'800 0.2 100'000 13.04.2012 n/a

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 1'107'918 0.2 - 31.12.2012 Investment Advisor

ZURCHER KANTONALBANK ZURCHER KANTONALBANK 13F 1'017'100 0.18 - 31.12.2012 Investment Advisor

CREDIT SUISSE AG CREDIT SUISSE AG 13F 990'156 0.18 990'156 31.12.2012 Investment Advisor

MOSTERT JACOB DAWID n/a SEDI 731'273 0.13 - 16.04.2012 n/a


#N/A N/A

Holdings By:

Great Basin Gold Ltd ee


19.04.2013

Argonaut Gold, Inc. explores for gold. The Company owns the operating El

Castillo mine, the San Antonio development stage project and advanced stage

exploration properties including: La Fortuna and La Colorada.


LTM as of: 12/yy

52-Week High (04.10.2012) 11.08

52-Week Low (17.04.2013) 5.24

Daily Volume

5.5












AR CN EQUITY YTD Change - Average Volume 30 Day 1'360'989

AR CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'201'994


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

- - 51.6 104.6 187.1 104.6 187.1 223.5 297.0 42.5 44.8

- - 4.70x 5.77x 6.53x 22.56x 19.22x 2.65x 1.97x 13.90x 13.15x

- - 15.3 55.9 107.3 55.9 107.3 112.0 151.0 18.9 19.6

- - 15.83x 10.78x 11.39x 10.78x 11.39x 5.41x 4.01x 6.39x 5.90x

(0.1) (0.5) 3.7 26.3 64.9 26.3 64.9 68.7 96.3 12.4 12.4

- - 66.38x 24.42x 14.00x 24.42x 15.35x 12.49x 9.44x 12.18x 10.92x











EBITDA Margin 57.3%



Asset Turnover 0.30








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Argonaut Gold IncPrice/Volume

Valuation Analysis

103'271.00


'

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20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

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19.04.2013



IG INVESTMENT MANAGE n/a Co File 6'707'533 4.51 - 30.09.2011 Investment Advisor

LIBRA ADVISORS LLC n/a SEDI 5'768'001 3.87 (117'000) 02.03.2012 Hedge Fund Manager


MONTRUSCO BOLTON INV Multiple Portfolios MF-AGG 2'898'359 1.95 (64'299) 28.02.2013 Investment Advisor

GCIC LTD/CANADA Multiple Portfolios MF-AGG 2'517'350 1.69 2'517'350 31.12.2012 Investment Advisor

ALTAMIRA MANAGEMENT Multiple Portfolios MF-AGG 2'178'036 1.46 484'288 28.02.2013 Unclassified


SCEPTRE INVESTMENT C Multiple Portfolios MF-AGG 1'883'374 1.26 196'782 31.01.2013 Investment Advisor

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 1'530'917 1.03 (8'500) 31.01.2013 Investment Advisor

KENNEDY BRIAN JOHN n/a SEDI 1'472'476 0.99 5'488 06.02.2013 n/a

DOUGHERTY PETER C n/a SEDI 1'337'779 0.9 54'885 06.02.2013 n/a



NORTHWEST MUTUAL FUN Multiple Portfolios MF-AGG 1'143'256 0.77 (60'470) 28.02.2013 Investment Advisor

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 1'133'457 0.76 (54'000) 28.09.2012 Investment Advisor

SMITH EDGAR A n/a SEDI 1'120'359 0.75 39'286 14.02.2011 n/a

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 1'028'750 0.69 - 28.02.2013 Mutual Fund Manager

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 980'800 0.66 379'800 31.12.2012 Investment Advisor

NATCAN INVESTMENT MA Multiple Portfolios MF-AGG 681'103 0.46 114'201 28.02.2013 Investment Advisor


Macquarie MICHAEL SIPERCO outperform 5 M 11 12 month 17.04.2013

Stonecap Securities Inc CHRISTOS DOULIS outperform 5 M 11 12 month 17.04.2013



GMP ANDREW MIKITCHOOK buy 5 M 15 Not Provided 16.04.2013



Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 12 12 month 27.03.2013

Scotia Capital OVAIS HABIB sector outperform 5 M 14 12 month 26.03.2013

Mine2Capital Inc ALKA SINGH sell 1 M 8 Not Provided 26.02.2013

MLV & Co RICHARD TROTMAN suspended coverage #N/A N/A M #N/A N/A Not Provided 16.07.2012

Holdings By:

Argonaut Gold Inc ee


19.04.2013

Torex Gold Resources Inc. is a mining company dedicated to the exploration and

development of precious metal resources with a focus on gold. The Company's

Morelos Project is an advanced stage gold exploration property located in the

state of Guerrero, southwest of Mexico City.


LTM as of: 10/yy

52-Week High (21.09.2012) 2.29

52-Week Low (15.04.2013) 1.19

Daily Volume

1.28












TXG CN EQUITY YTD Change - Average Volume 30 Day 3'855'869

TXG CN EQUITY YTD % CHANGE - Average Volume 3 Month 3'329'152


31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 10/yy 10/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

- - - - - #DIV/0! #DIV/0! - - - -

(0.3) (1.1) (18.0) (34.1) (60.4) (34.1) (60.4) - - - -

- - - - - 0.00x 0.00x - - - -

(0.3) (1.0) (16.4) (33.9) (61.2) (33.9) (61.2) (54.3) (67.2) (10.2) (10.8)

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Torex Gold Resources IncPrice/Volume

Valuation Analysis

180'090.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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19.04.2013


TYRUS CAPITAL S.A.M. n/a Co File 86'300'000 14.23 1'000'000 31.01.2013 Hedge Fund Manager


TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 34'152'190 5.63 2'265'280 31.12.2012 Hedge Fund Manager


FRANKLIN RESOURCES n/a ULT-AGG 21'734'500 3.58 6'714'500 31.01.2013 Investment Advisor



TRIMARK INVESTMENT M Multiple Portfolios MF-AGG 8'146'100 1.34 1'350'000 31.12.2012 Unclassified




IA CLARINGTON INVEST Multiple Portfolios MF-AGG 5'250'000 0.87 5'250'000 31.12.2012 Investment Advisor

SPROTT INC Multiple Portfolios MF-AGG 5'133'800 0.85 150'000 31.12.2012 Hedge Fund Manager

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 5'129'653 0.85 431'600 31.12.2012 Investment Advisor

WELLS FARGO n/a ULT-AGG 5'036'452 0.83 - 28.02.2013 Investment Advisor

FIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 4'640'031 0.77 - 17.04.2013 Investment Advisor

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 3'217'000 0.53 - 28.09.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 3'104'480 0.51 84'766 17.04.2013 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 2'949'500 0.49 2'500'000 28.02.2013 Mutual Fund Manager

SOCIETE GENERALE Multiple Portfolios MF-AGG 2'873'398 0.47 (5'400) 30.11.2012 Bank


Stifel MICHAEL A SCOON buy 5 M 3 12 month 16.04.2013

BMO Capital Markets ANDREW BREICHMANAS speculative outperform 4 M 3 Not Provided 15.04.2013


Industrial Alliance Securities MERRILL MCHENRY buy 5 M 2 12 month 11.04.2013

Macquarie PIERRE VAILLANCOURT outperform 5 M 3 12 month 07.03.2013

Clarus Securities JAMIE SPRATT buy 5 N 3 12 month 07.03.2013




Holdings By:

Torex Gold Resources Inc ee


19.04.2013

China Gold International Resources Corp Ltd. is a mining company focused on the

exploration and development of gold projects in inner Mongolia and copper

projects in Tibet Autonomous Region of China.


LTM as of: 12/yy

52-Week High (19.04.2012) 4.74

52-Week Low (31.07.2012) 2.30

Daily Volume

2.97





1'177.19 1 Yr Total Return -34.29%







CGG CN EQUITY YTD Change - Average Volume 30 Day 411'461

CGG CN EQUITY YTD % CHANGE - Average Volume 3 Month 318'293


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

29.4 81.0 133.2 311.3 332.4 311.3 332.4 364.5 562.8 - -

3.54x 7.07x 15.60x 2.82x - 17.98x 14.00x 3.08x 1.94x - -

(0.1) 25.0 69.3 140.5 - 140.5 81.9 168.7 244.0 - -

- 22.93x 29.97x 6.24x - 6.24x 0.00x 6.24x 4.31x - -

14.6 (9.3) 26.2 79.4 70.9 79.4 71.7 81.0 108.2 - -

36.15x - 39.69x 13.23x 19.04x 13.23x 19.28x 13.46x 13.16x - -











EBITDA Margin 36.5%



Asset Turnover 0.19








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Gold International Resources Corp LtdPrice/Volume

Valuation Analysis

56'361.00


'--..001122

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50.0

100.0

150.0

200.0

250.0

300.0

350.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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19.04.2013


CHINA NATIONAL GOLD n/a SEDI 155'794'830 39.31 184'200 30.09.2011 Corporation




VANGUARD GROUP INC Multiple Portfolios MF-AGG 842'343 0.21 (14'500) 31.03.2013 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 835'296 0.21 - 31.07.2012 Investment Advisor

JONES HEWARD INVESTM Multiple Portfolios MF-AGG 166'242 0.04 - 17.04.2013 Investment Advisor

HE YINGBIN n/a SEDI 160'000 0.04 40'000 09.01.2013 n/a

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 151'700 0.04 53'000 31.12.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 150'000 0.04 - 31.01.2013 Mutual Fund Manager

MARLBOROUGH FUND MAN Multiple Portfolios MF-AGG 146'950 0.04 - 01.10.2012 Mutual Fund Manager

STATE STREET n/a ULT-AGG 124'448 0.03 - 17.04.2013 Investment Advisor

DAIWA SB INVESTMENT Multiple Portfolios MF-AGG 100'000 0.03 - 11.01.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 97'155 0.02 - 31.12.2012 Bank

OPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 90'000 0.02 - 28.12.2012 Mutual Fund Manager

INDEXIQ ADVISORS LLC Multiple Portfolios MF-AGG 78'018 0.02 - 17.04.2013 Investment Advisor

CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 74'886 0.02 (1'515) 31.12.2012 Investment Advisor


BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 59'705 0.02 - 31.01.2013 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 56'133 0.01 684 28.02.2013 Investment Advisor


Credit Suisse OWEN LIANG neutral 3 M 3 Not Provided 09.04.2013

Argonaut Securities Pty Ltd CHRIS JIANG hold 3 D #N/A N/A Not Provided 02.04.2013


Guotai Junan KEVIN GUO buy 5 M 4 Not Provided 28.03.2013

BOCOM International Holdings BENJAMIN PEI long-term buy 5 M 4 Not Provided 28.03.2013

Citic Securities Co., Ltd SONG XIAOQING overweight 5 N 4 6 month 14.01.2013

CCB International Securities Ltd KIN CHUNG LI outperform 5 M 4 Not Provided 12.09.2012

GuoSen Securities Co Ltd CHENGMING GAO buy 5 M 5 12 month 02.02.2012

Holdings By:

China Gold International Resources Corp Ltd ee


19.04.2013

LionGold Corp is an investment holding company focusing on gold mining, mine

development and exploration globally.


LTM as of: 12/yy

52-Week High (26.07.2012) 1.30

52-Week Low (19.04.2012) 0.89

Daily Volume

1.05




Shares Out 18.04.2013 921.9 Short Int -

968.03 1 Yr Total Return 8.25%







LIGO SP EQUITY YTD Change - Average Volume 30 Day 14'670'470

LIGO SP EQUITY YTD % CHANGE - Average Volume 3 Month 18'262'260


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

72.0 79.8 70.4 83.9 98.0 77.1 111.8 111.0 143.0 - -

0.64x 0.56x 3.80x 6.95x 7.95x 24.11x 33.63x - - - -

0.4 (3.7) 3.1 4.0 (5.3) (9.1) (18.2) - - - -

114.85x - 84.96x 144.70x - 0.00x 0.00x - - - -

(4.7) (5.0) 2.9 0.9 (27.8) (15.1) (18.5) 4.9 10.1 - -

- - 92.86x 740.91x - 0.00x 0.00x 175.00x 80.77x - -











EBITDA Margin 1.5%



Asset Turnover 0.55







Fiscal Year Ended

LionGold Corp LtdPrice/Volume

Valuation Analysis

11'911'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

'

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-

-

-

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20.0

40.0

60.0

80.0

100.0

120.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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19.04.2013


ASIASONS INVESTMENT n/a EXCH 77'500'000 8.41 - 28.03.2013 Holding Company


MACQUARIE GROUP n/a ULT-AGG 48'666'000 5.28 3'500'000 28.03.2013 Investment Advisor

VENATON HOLDINGS LIM n/a EXCH 42'100'000 4.57 - 06.11.2012 Holding Company

FORTE SERVICES LIMIT n/a EXCH 40'000'000 4.34 - 06.11.2012 Other

NOMURA n/a ULT-AGG 39'154'410 4.25 - 09.04.2013 Unclassified

CREDIT SUISSE AG n/a EXCH 29'800'996 3.23 (2'001'000) 04.12.2012 Investment Advisor

BIN ABDUL DAI MD WIR n/a EXCH 16'425'000 1.78 - 06.11.2012 n/a

DMG & PARTNERS SECUR n/a Co File 7'600'000 0.82 - 29.06.2012 Unclassified


DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'721'000 0.3 47'000 31.07.2012 Investment Advisor

NG YICK HING NICHOLA n/a EXCH 2'000'000 0.22 2'000'000 14.02.2013 n/a


JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 566'000 0.06 (110'000) 28.02.2013 Mutual Fund Manager

STATE STREET n/a ULT-AGG 420'000 0.05 - 17.04.2013 Investment Advisor

CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 294'000 0.03 - 17.04.2013 Investment Advisor

SCANLAN GARY FRANCIS n/a EXCH 135'005 0.01 - 08.10.2012 n/a

INVESCO LTD Multiple Portfolios MF-AGG 120'000 0.01 - 17.04.2013 Investment Advisor

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 39'622 0 8'000 28.02.2013 Investment Advisor

GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 35'809 0 - 16.04.2013 Investment Advisor



SIAS Research Pte Ltd JINSHU LIU overweight 5 M 1 12 month 10.07.2012

Holdings By:

LionGold Corp Ltd ee


19.04.2013

Perseus Mining Limited is a mineral exploration Company. The Company explores

for gold in West Africa and Central Asia regions.


LTM as of: 12/yy

52-Week High (04.10.2012) 3.07

52-Week Low (15.04.2013) 1.26

Daily Volume

1.36












PRU CN EQUITY YTD Change - Average Volume 30 Day 1'749'013

PRU CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'478'706


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

- - 0.0 0.0 144.7 0.0 291.8 316.8 421.5 96.1 96.1

- - - - 7.53x #DIV/0! 14.83x 1.73x 1.33x - -

(5.5) (3.3) (10.1) (32.0) 55.3 (8.7) 127.3 132.9 188.1 - -

- - - - 19.72x 0.00x 7.27x 4.16x 2.94x - -

(4.8) (4.8) (9.7) (48.2) 47.2 4.4 62.5 63.8 98.4 26.0 26.0

- - - - - 0.00x 0.00x 9.07x 5.85x 6.34x 5.25x








Asset Turnover - (EBITDA-Capex)/Interest Exp. 26.49



EBITDA Margin -



Asset Turnover -







Fiscal Year Ended

Perseus Mining LtdPrice/Volume

Valuation Analysis

314'781.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

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1

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0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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19.04.2013


DUNDEE CORP n/a EXCH 50'889'000 11.11 (5'997'500) 12.10.2011 Holding Company

THE BANK OF NOVA SCO n/a Co File 49'800'230 10.87 - 20.09.2012 Investment Advisor


GCIC LTD/CANADA Multiple Portfolios MF-AGG 38'629'803 8.44 (44'197) 31.01.2013 Investment Advisor

WELLINGTON MANAGEMEN n/a EXCH 24'286'071 5.3 - 05.03.2013 Investment Advisor

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 13'439'700 2.93 930'000 31.01.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 10'980'300 2.4 - 28.02.2013 Investment Advisor



IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 6'159'171 1.34 3'159'171 31.12.2012 Investment Advisor


UNITED SERVICES AUTO Multiple Portfolios MF-AGG 5'421'800 1.18 - 30.11.2012 Investment Advisor

MONTRUSCO BOLTON INV Multiple Portfolios MF-AGG 5'295'993 1.16 83'550 28.02.2013 Investment Advisor

SCOTIA ASSET MANAGEM Multiple Portfolios MF-AGG 4'921'700 1.07 - 31.01.2013 Investment Advisor




CALDERWOOD MARK ANDR n/a EXCH 3'600'000 0.79 - 31.01.2013 n/a


TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'873'200 0.63 - 31.12.2012 Investment Advisor


Credit Suisse MICHAEL SLIFIRSKI outperform 5 M 3 Not Provided 17.04.2013

Morgan Stanley BRENDAN FITZPATRICK Overwt/Attractive 5 M 2 12 month 16.04.2013

Commonwealth Bank ANDREW KNUCKEY neutral 3 M 2 12 month 16.04.2013

BMO Capital Markets ANDREW BREICHMANAS outperform 5 M 3 Not Provided 15.04.2013

JPMorgan JOSEPH KIM overweight 5 M 2 9 month 15.04.2013

Canaccord Genuity Corp REG SPENCER buy 5 M 3 Not Provided 15.04.2013

Dundee Securities Corp JOSH WOLFSON buy 5 M 3 Not Provided 12.04.2013

Nomura DAVID RADCLYFFE suspended coverage #N/A N/A M #N/A N/A Not Provided 12.04.2013


Goldman Sachs PAUL HISSEY neutral/attractive 3 M 2 12 month 10.04.2013



CIMB JAMES STEWART outperform 5 M 3 12 month 13.03.2013

RBC Capital Markets STEUART MCINTYRE sector perform 3 M 2 12 month 10.03.2013

Macquarie PIERRE VAILLANCOURT outperform 5 M 3 12 month 06.03.2013

Argonaut Securities Pty Ltd PATRICK CHANG buy 5 M 3 Not Provided 05.03.2013

Cormark Securities Inc. MIKE KOZAK market perform 3 M 3 12 month 22.01.2013

GMP LEVI SPRY buy 5 M 3 Not Provided 22.01.2013

Bell Potter STEPHEN THOMAS hold 3 M 3 12 month 16.01.2013

Evans & Partners Pty Ltd CATHY MOISES Positive 4 U #N/A N/A Not Provided 03.01.2013

Holdings By:

Perseus Mining Ltd ee


19.04.2013

Aurizon Mines Ltd. is a gold mining company. The Company's operations and

exploration activities are located in the Abitibi region of north-western

Quebec, Canada. Aurizon operates and owns an interest in the Beaufor Mine,

the Sleeping Giant Mine, and the Casa Berardi property.


LTM as of: 12/yy

52-Week High (01.05.2012) 5.57

52-Week Low (24.12.2012) 3.19

Daily Volume

4.02












AZK US EQUITY YTD Change - Average Volume 30 Day 884'253

AZK US EQUITY YTD % CHANGE - Average Volume 3 Month 936'444


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

144.5 175.6 178.7 260.0 223.6 260.0 223.6 212.0 272.3 40.4 54.1

4.07x 3.65x 5.82x 2.31x 1.61x 11.47x 9.66x - - - -

53.5 87.5 69.8 124.9 92.2 124.9 92.2 94.0 139.0 - -

10.98x 7.32x 14.90x 4.81x 3.90x 4.81x 3.90x 5.05x 3.41x - -

4.9 36.7 17.2 43.9 31.8 43.9 31.8 33.2 55.5 3.5 8.8

- - - - - 0.00x 0.00x 22.06x 14.58x 23.31x -











EBITDA Margin 41.3%



Asset Turnover 0.51







Fiscal Year Ended

Aurizon Mines LtdPrice/Volume

Valuation Analysis

154'008.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

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0.0

50.0

100.0

150.0

200.0

250.0

300.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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'!3'

'!5'

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19.04.2013


ALAMOS GOLD INC n/a 13D 26'507'283 16.11 - 19.03.2013 Other



MONTRUSCO BOLTON INV MONTRUSCO BOLTON INV 13F 6'138'783 3.73 408'275 31.12.2012 Investment Advisor

GCIC LTD/CANADA GOODMAN & COMPANY IN 13F 5'947'500 3.61 (6'022'500) 31.12.2012 Investment Advisor


WELLS FARGO n/a ULT-AGG 4'943'650 3 68'876 28.02.2013 Investment Advisor


NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 4'430'833 2.69 1'029'681 31.12.2012 Investment Advisor










HALL DAVID P n/a SEDI 990'342 0.6 5'000 04.04.2012 n/a




National Bank Financial PAOLO LOSTRITTO tender #N/A N/A M 5 12 month 05.04.2013

Desjardins Securities ADAM MELNYK tender #N/A N/A M 4 12 month 20.03.2013



Mackie Research Capital Corp. RYAN HANLEY tender #N/A N/A M 5 Not Provided 05.03.2013




Loewen, Ondaatje, McCutcheon Ltd MICHAEL G FOWLER buy 5 M 6 12 month 23.01.2013

Scotia Capital OVAIS HABIB restricted #N/A N/A M #N/A N/A Not Provided 21.01.2013

Holdings By:

Aurizon Mines Ltd ee


19.04.2013

OceanaGold Corporation is a gold mining and exploration company. The Company

currently owns interests in projects in New Zealand and the Philippines.


LTM as of: 12/yy

52-Week High (22.10.2012) 3.70

52-Week Low (23.05.2012) 1.70

Daily Volume

1.81












OGC CN EQUITY YTD Change - Average Volume 30 Day 1'325'080

OGC CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'185'701


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

217.2 237.1 305.6 395.6 385.4 395.6 385.4 603.0 666.0 143.0 152.0

0.77x 1.89x 3.30x 1.61x 2.62x 6.97x 9.30x 0.96x 0.70x 4.54x 4.20x

63.7 106.6 141.1 164.3 144.5 164.3 144.5 260.5 275.0 57.0 63.4

2.62x 4.20x 7.15x 3.88x 7.00x 3.88x 7.00x 2.63x 2.49x 2.74x 2.69x

(54.7) 54.5 44.4 44.2 20.7 44.2 20.7 86.6 108.3 15.7 20.1

- 5.68x 18.76x 13.02x 35.81x 13.02x 35.81x 5.79x 4.28x 7.02x 6.26x











EBITDA Margin 37.5%



Asset Turnover 0.42








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

OceanaGold CorpPrice/Volume

Valuation Analysis

259'658.00


'

-

-

.

.

0

0

1

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2!' 9

3!' 9

4!' 9

5!' 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

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0'!''

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19.04.2013


BAKER STEEL CAPITAL n/a PROXY 20'669'000 7.04 - 11.05.2012 Investment Advisor

AMP CAPITAL INVESTOR n/a EXCH 14'660'107 4.99 (1'119'773) 21.01.2013 Other


UNITED SERVICES AUTO Multiple Portfolios MF-AGG 8'700'000 2.96 (2'300'000) 30.11.2012 Investment Advisor





NEW ZEALAND CENTRAL n/a PROXY 2'703'536 0.92 - 11.05.2012 Government


INVESCO LTD Multiple Portfolios MF-AGG 1'881'480 0.64 (547'087) 17.04.2013 Investment Advisor


BOND STREET CUSTODIA n/a PROXY 1'284'229 0.44 - 11.05.2012 Other

YANDAL INVESTMENTS P n/a PROXY 1'123'653 0.38 - 11.05.2012 Investment Advisor

INTERNATIONAL MINING n/a SEDI 1'097'008 0.37 10'000 30.12.2012 Other

ASKEW JAMES EDWARD n/a EXCH 1'087'008 0.37 48'360 07.02.2012 n/a

SFB INVESTMENTS PTY n/a PROXY 1'000'000 0.34 - 11.05.2012 Other

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 964'068 0.33 890'327 28.02.2013 Investment Advisor

DEN DUYTS CORP & ASS n/a PROXY 922'855 0.31 - 11.05.2012 Investment Advisor

SPROTT INC Multiple Portfolios MF-AGG 900'000 0.31 - 31.12.2012 Hedge Fund Manager





Forsyth Barr ANDREW HARVEY-GREEN buy 5 M 3 12 month 17.02.2013

Holdings By:

OceanaGold Corp ee


19.04.2013

Medusa Mining Limited is a gold exploration and mining Company. The Company

has exploration projects located in Western Australia and the Philippines along

with mining leases in Tasmania.


LTM as of: 01/yy

52-Week High (11.10.2012) 6.70

52-Week Low (16.04.2013) 2.68

Daily Volume

2.75












MML AU EQUITY YTD Change - Average Volume 30 Day 1'278'148

MML AU EQUITY YTD % CHANGE - Average Volume 3 Month 1'219'542


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

15.8 42.6 93.9 148.7 80.8 - - 121.0 284.3 - -

9.93x 5.99x 6.25x 8.51x 11.40x - - 4.32x 1.45x - -

4.6 30.4 73.0 120.2 57.6 - - 84.1 214.3 - -

34.16x 8.41x 8.04x 10.54x 16.00x - - 6.25x 2.45x - -

(1.2) 28.5 65.8 110.4 49.2 - - 72.4 196.7 - -

- 8.88x 8.74x 12.02x 18.94x - - 6.89x 2.86x - -











EBITDA Margin 69.4%



Asset Turnover 0.28








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Medusa Mining LtdPrice/Volume

Valuation Analysis

2'943'203.00


'

-

.

0

1

2

3

4

M -. i -. f -. f -. M -. o -. l -. j -. T -. f -0 a -0 i -0 M -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

'0!'4!.''6 '0!'-!.'-' '0!'4!.'-' '0!'-!.'-- '0!'4!.'-- '0!'-!.'-. '0!'4!.'-. '0!'-!.'-0



19.04.2013



M&G INVESTMENT MANAG n/a EXCH 24'334'900 12.88 (215'100) 18.02.2013 Investment Advisor




Rex Harbour & Associ n/a EXCH 6'647'146 3.52 (4'714'520) 24.03.2011 Unclassified

UCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 4'183'483 2.21 887'915 31.03.2013 Mutual Fund Manager

DAVIS GEOFFREY JOHN n/a Co File 4'052'750 2.15 - 29.08.2012 n/a

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 2'613'520 1.38 - 30.09.2012 Hedge Fund Manager



BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 1'600'000 0.85 - 28.02.2013 Investment Advisor

AFDAL SAMUEL G n/a Co File 1'450'000 0.77 - 30.06.2012 n/a

OLD MUTUAL n/a ULT-AGG 1'448'400 0.77 (31'235) 28.02.2013 Unclassified

DANIEL ROY PHILIP n/a Co File 1'425'000 0.75 - 30.06.2012 n/a

BARING ASSET MANAGEM Multiple Portfolios MF-AGG 1'166'975 0.62 (46'992) 31.12.2012 Investment Advisor

ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 1'142'000 0.6 (569'800) 31.03.2013 Investment Advisor

QUANTEX AG Multiple Portfolios MF-AGG 1'070'000 0.57 - 29.03.2013 Investment Advisor

SPROTT INC Multiple Portfolios MF-AGG 1'016'738 0.54 - 31.12.2012 Hedge Fund Manager

VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 983'673 0.52 (6'415) 30.09.2012 Mutual Fund Manager


Ord Minnett DAVID BRENNAN buy 5 N 6 Not Provided 17.04.2013

Deutsche Bank CHRIS TERRY buy 5 M 7 12 month 16.04.2013

Morgan Stanley BRENDAN FITZPATRICK Overwt/Attractive 5 M 6 12 month 16.04.2013

RBC Capital Markets STEUART MCINTYRE sector perform 3 D 5 12 month 14.04.2013

Goldman Sachs PAUL HISSEY buy/attractive 5 M 4 12 month 10.04.2013

Blackswan Equities Ltd RHYS BRADLEY buy 5 N 7 12 month 01.03.2013

Cantor Fitzgerald ASA BRIDLE buy 5 M #N/A N/A Not Provided 27.02.2013


Holdings By:

Medusa Mining Ltd ee


19.04.2013

Dundee Precious Metals Inc. acquires, explores, and develops gold mining

properties. The Company owns interests in mineral properties in Armenia,

Bulgaria, Canada, and Serbia.


LTM as of: 12/yy

52-Week High (21.09.2012) 9.94

52-Week Low (17.04.2013) 5.45

Daily Volume

5.73












DPM CN EQUITY YTD Change - Average Volume 30 Day 425'706

DPM CN EQUITY YTD % CHANGE - Average Volume 3 Month 567'134


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

105.1 137.6 202.0 338.5 384.7 336.3 385.5 484.8 552.5 - -

0.65x 2.15x 5.56x 2.84x 2.68x 11.75x 10.23x 1.30x 1.17x - -

(36.2) 16.4 - - - 35.1 16.6 215.8 288.0 - -

- 18.00x - - - 0.00x 0.00x 3.18x 2.38x - -

(79.2) 5.1 22.9 86.1 54.4 85.8 54.5 129.5 162.5 - -

- 44.88x 49.37x 13.48x 21.72x 13.52x 21.68x 6.37x 5.20x 6.06x 5.63x

EBITDA - Long-Term Rating Date -






Return on Capital 4.04% EBITDA/Interest Exp. -


Net Debt/EBITDA -

Gross Margin 40.8% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 0.41







Fiscal Year Ended

Dundee Precious Metals IncPrice/Volume

Valuation Analysis

87'700.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

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-.

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-!' 9

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1!' 9

2!' 9

3!' 9

4!' 9

-50.0

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



19.04.2013


DUNDEE CORP n/a SEDI 30'380'007 24.17 269'200 08.03.2013 Holding Company

MASON HILL ADVISORS n/a PROXY 12'884'085 10.25 - 26.03.2012 Unclassified

US GLOBAL INVESTORS #N/A N/A Research 8'442'571 6.72 - 28.02.2013 Investment Advisor


THIRD AVENUE MANAGEM n/a Co File 7'556'820 6.01 (4'286'512) 31.08.2009 Hedge Fund Manager



TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 4'514'449 3.59 4'124'249 31.12.2012 Investment Advisor


IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 3'634'800 2.89 (2'100) 31.01.2013 Investment Advisor


SCEPTRE INVESTMENT C Multiple Portfolios MF-AGG 2'655'547 2.11 (52'200) 31.01.2013 Investment Advisor

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 2'369'196 1.89 (50'000) 30.09.2012 Hedge Fund Manager

NATCAN INVESTMENT MA Multiple Portfolios MF-AGG 1'598'155 1.27 4'773 28.02.2013 Investment Advisor


BRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 1'163'346 0.93 43'784 31.03.2013 Hedge Fund Manager


MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 771'700 0.61 (19'200) 31.01.2013 Investment Advisor

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 761'500 0.61 - 28.09.2012 Investment Advisor

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 667'600 0.53 (96'700) 31.12.2012 Investment Advisor



Dundee Securities Corp JOSH WOLFSON not rated #N/A N/A M #N/A N/A Not Provided 16.04.2013


BMO Capital Markets JOHN P HAYES speculative outperform 4 M 10 Not Provided 14.04.2013

CIBC World Markets LEON ESTERHUIZEN sector outperform 5 M 11 Not Provided 11.04.2013

Cormark Securities Inc. MIKE KOZAK top pick 5 U 16 12 month 03.04.2013

Scotia Capital LEILY OMOUMI sector outperform 5 M 12 12 month 14.03.2013



Paradigm Capital Inc DON MACLEAN buy 5 N 13 12 month 03.12.2012

Holdings By:

Dundee Precious Metals Inc ee


19.04.2013

Rio Alto Mining Limited is a mineral exploration company. The Company currently

is focusing on the development of La Arena gold / copper project, located in

north central Peru.


LTM as of: 12/yy

52-Week High (02.11.2012) 6.00

52-Week Low (17.04.2013) 3.37

Daily Volume

3.48












RIO CN EQUITY YTD Change - Average Volume 30 Day 644'650

RIO CN EQUITY YTD % CHANGE - Average Volume 3 Month 679'096


31.05.2007 31.05.2008 31.05.2009 31.05.2010 31.05.2011 05/yy 12/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

- 0.0 0.0 0.0 0.0 0.0 317.2 311.6 355.8 81.8 -

- - - - - #DIV/0! 9.56x 1.76x - - -

(1.0) (2.3) (1.5) (3.9) (8.0) (5.1) 173.5 172.0 185.5 - -

- - - - - 0.00x 4.94x 3.35x 3.11x - -

(1.0) (1.9) (1.5) (12.6) (8.0) (4.0) 100.7 94.4 115.0 - -

- - - - - 0.00x 9.23x 6.72x 5.84x 8.74x 7.84x











EBITDA Margin 54.7%



Asset Turnover 1.22








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Rio Alto Mining LtdPrice/Volume

Valuation Analysis

154'779.00


'

-

.

0

1

2

3

4

M -. i -. f -. f -. M -. o -. l -. j -. T -. f -0 a -0 i -0 M -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

-1!' 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

'2!'3!.''6 '2!-.!.''6 '2!'3!.'-' '2!-.!.'-' '2!'3!.'-- '2!-.!.'-- '2!'3!.'-. '2!-.!.'-.



19.04.2013


SENTRY SELECT CAPITA n/a 13G 28'000'700 15.92 - 31.12.2012 Investment Advisor



IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 7'989'300 4.54 102'600 31.01.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 7'082'953 4.03 - 31.12.2012 Bank

AUSCAN ASSETS LIMITE n/a SEDI 4'969'651 2.83 50'000 07.12.2012 Other

NORWICH ROGER n/a SEDI 4'734'195 2.69 265'000 25.11.2011 n/a

HAWKSHAW ANTHONY GRA n/a SEDI 3'000'000 1.71 - 19.10.2011 n/a




TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'248'400 0.71 978'500 31.12.2012 Investment Advisor

US GLOBAL INVESTORS Multiple Portfolios MF-AGG 1'051'000 0.6 201'000 31.12.2012 Investment Advisor

SOLDI JAIME n/a SEDI 1'028'288 0.58 126'000 02.01.2013 n/a


WELLS FARGO n/a ULT-AGG 755'020 0.43 - 28.02.2013 Investment Advisor

ZEITLER KLAUS M n/a SEDI 750'000 0.43 - 22.11.2011 n/a

MD MANAGEMENT LTD Multiple Portfolios MF-AGG 675'600 0.38 - 28.02.2013 Investment Advisor

CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 603'190 0.34 597'190 31.12.2012 Investment Advisor

NCF SOC ADMIN DE FON Multiple Portfolios MF-AGG 550'309 0.31 (10'000) 03.08.2011 Mutual Fund Manager


Clarus Securities MIKE BANDROWSKI buy 5 M 7 12 month 18.04.2013

Stonecap Securities Inc CHRISTOS DOULIS sector perform 3 D 4 12 month 18.04.2013

CIBC World Markets MATTHEW GIBSON sector outperform 5 M 7 12 month 17.04.2013

Desjardins Securities ADAM MELNYK hold 3 M 5 12 month 17.04.2013



Scotia Capital MARK TURNER sector perform 3 M 5 12 month 08.04.2013


Kallpa Securities SAB HUMBERTO LEON overweight 5 M 6 12 month 22.03.2013


Holdings By:

Rio Alto Mining Ltd ee


19.04.2013

Sandstorm Gold Ltd. acquires gold purchase agreements with companies that have

advanced stage development projects or operating mines. The Company makes an

upfront cash payment to its partners and receives the right to purchase a

percentage of the gold produced, for the life of the mine, at a fixed price per

ounce.


LTM as of: 12/yy

52-Week High (05.10.2012) 14.99

52-Week Low (17.04.2013) 6.47

Daily Volume

6.62












SSL CN EQUITY YTD Change - Average Volume 30 Day 419'177

SSL CN EQUITY YTD % CHANGE - Average Volume 3 Month 424'175


31.03.2008 31.03.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

- 0.0 3.1 30.0 55.9 30.0 55.9 76.2 99.0 16.0 -

- - 72.23x 12.63x 15.79x 45.91x 54.42x - - 33.85x -

- - (0.2) 19.1 36.6 19.1 36.6 57.5 83.3 - -

- - - 19.80x 24.12x 19.80x 24.12x 7.74x 5.34x - -

(0.1) (0.4) (2.8) 12.5 21.9 12.5 21.9 34.2 47.0 - -

- - 80.46x 39.35x 47.00x 39.35x 47.00x 19.55x 12.90x 19.55x 16.54x











EBITDA Margin 65.5%



Asset Turnover 0.23







Fiscal Year Ended

Sandstorm Gold LtdPrice/Volume

Valuation Analysis

128'754.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

-1

-3

M -. i -. f -. f -. M -. o -. l -. j -. T -. f -0 a -0 i -0 M -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 9

0.0

10.0

20.0

30.0

40.0

50.0

60.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-''!''

.''!''

0''!''

1''!''

2''!''

3''!''

4''!''

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19.04.2013




LIBRA ADVISORS LLC n/a SEDI 4'928'760 5.56 - 03.08.2011 Hedge Fund Manager

ARIAS RESOURCE CAPIT n/a SEDI 4'840'000 5.46 - 25.02.2010 Private Equity




CARMIGNAC GESTION Multiple Portfolios MF-AGG 1'173'000 1.32 173'000 31.12.2012 Investment Advisor

CIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 1'150'440 1.3 (101'600) 31.12.2012 Investment Advisor


IA CLARINGTON INVEST Multiple Portfolios MF-AGG 1'065'600 1.2 (314'400) 31.12.2012 Investment Advisor



WATSON NOLAN ALLAN n/a SEDI 930'000 1.05 - 19.06.2012 n/a

MONTRUSCO BOLTON INV MONTRUSCO BOLTON INV 13F 856'750 0.97 856'750 31.12.2012 Investment Advisor

GBC ASSET MANAGEMENT Multiple Portfolios MF-AGG 777'820 0.88 - 31.12.2011 Investment Advisor

FIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 767'280 0.87 (22'700) 30.11.2012 Investment Advisor

DE WITT DAVID E n/a SEDI 767'000 0.86 - 10.05.2012 n/a

AWRAM DAVID I n/a SEDI 759'100 0.86 (3'400) 04.01.2013 n/a

GREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 688'100 0.78 688'100 31.12.2012 Investment Advisor


Canaccord Genuity Corp NICHOLAS CAMPBELL speculative buy 4 M 11 12 month 17.04.2013


National Bank Financial SHANE NAGLE outperform 5 M 13 12 month 09.04.2013

Casimir Capital ERIC WINMILL strong buy 5 M 15 12 month 09.04.2013





Euro Pacific Capital Inc HEIKO IHLE neutral 3 M 13 12 month 29.01.2013

Holdings By:

Sandstorm Gold Ltd ee


19.04.2013

China Precious Metal Resources Holdings Co Ltd.through its subsidiary, mines for

precious metals.


LTM as of: 01/yy

52-Week High (26.11.2012) 1.62

52-Week Low (16.07.2012) 1.08

Daily Volume

1.35



% 52 Week Price Range High/Low 46.30% Equity Float 3'550.71

Shares Out 16.10.2012 4'350.7 Short Int -

5'873.48 1 Yr Total Return -1.46%







1194 HK EQUITY YTD Change - Average Volume 30 Day 11'004'750

1194 HK EQUITY YTD % CHANGE - Average Volume 3 Month 7'890'217


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

139.5 19.4 168.2 1'119.3 1'626.0 - - 2'146.7 2'473.7 - -

1.97x 167.09x 37.32x 5.56x - - - - - - -

(51.4) 5.1 116.1 824.5 - - - 1'441.0 1'833.0 - -

- 639.25x 54.07x 7.55x - - - 5.32x 4.18x - -

(52.2) (29.2) 21.9 417.4 445.1 - - 656.0 796.0 - -

- - 72.08x 12.00x 12.13x - - 8.60x 7.38x - -











EBITDA Margin 72.0%



Asset Turnover 0.24







Fiscal Year Ended

China Precious Metal Resources Holdings Co LtdPrice/Volume

Valuation Analysis

2'260'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'''-----..

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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

'!.'

'!1'

'!3'

'!5'

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19.04.2013


MUNSUN GL MINING INV n/a EXCH 438'766'000 10.08 7'190'000 25.02.2013 Mutual Fund Manager

YIM YANG CHANG n/a EXCH 307'206'000 7.06 24'900'000 26.10.2012 n/a

ASWELL GROUP LTD n/a EXCH 257'196'670 5.91 - 16.10.2012 Other


BANK OF NEW YORK MEL n/a EXCH 217'908'000 5.01 - 22.01.2013 Investment Advisor

PREMIUM WISE INC n/a EXCH 187'636'382 4.31 (679'470'000) 08.11.2012 Holding Company


SIMPLE BEST LTD n/a EXCH 16'682'000 0.38 (50'000'000) 07.10.2011 Other

VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'414'000 0.33 1'034'000 31.12.2012 Investment Advisor

ZHANG SHU GUANG n/a EXCH 10'300'000 0.24 1'120'000 18.04.2012 n/a

XIAOBING DAI n/a EXCH 10'000'000 0.23 (1'000'000) 10.04.2013 n/a


CHAM LAM n/a EXCH 7'400'000 0.17 - 16.10.2012 n/a

CHAM LAM n/a Short (6'000'000) -0.14 - 16.10.2012 n/a

CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 5'094'000 0.12 - 17.04.2013 Investment Advisor

STATE STREET n/a ULT-AGG 3'528'000 0.08 - 17.04.2013 Investment Advisor


XIMIN MEI n/a Co File 2'000'000 0.05 - 31.12.2011 n/a

OPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 1'920'000 0.04 - 28.12.2012 Mutual Fund Manager

KIN SANG CHAN n/a Co File 800'000 0.02 - 31.12.2011 n/a


Argonaut Securities Pty Ltd CHRIS JIANG buy 5 M 2 12 month 02.04.2013

BOCOM International Holdings BENJAMIN PEI buy 5 M 2 Not Provided 02.04.2013


Holdings By:

China Precious Metal Resources Holdings Co Ltd ee


19.04.2013

Evolution Mining Ltd is a gold exploration company with operations in Western

Australia. The Company owns the gold mines - Cracow, Edna May, Mt Rawdon and

Pajingo - and the Mt Carlton development project.


LTM as of: 01/yy

52-Week High (23.10.2012) 2.14

52-Week Low (18.04.2013) 0.91

Daily Volume

0.915












EVN AU EQUITY YTD Change - Average Volume 30 Day 3'273'675

EVN AU EQUITY YTD % CHANGE - Average Volume 3 Month 3'084'437


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

- - 22.3 121.9 469.5 - - 644.4 742.1 - -

- - 13.04x 2.11x 2.00x - - 1.10x 0.79x - -

(2.3) (3.3) 2.9 29.7 190.4 - - 263.8 324.9 - -

- - 99.74x 8.65x 4.92x - - 2.59x 2.10x - -

(2.3) (3.3) 5.5 (2.3) 37.3 - - 81.7 110.6 - -

- - 41.35x - 20.77x - - 7.50x 6.02x - -











EBITDA Margin 33.6%



Asset Turnover 0.50








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Evolution Mining LtdPrice/Volume

Valuation Analysis

7'197'886.00


'

-

-

.

.

0

M -. i -. f -. f -. M -. o -. l -. j -. T -. f -0 a -0 i -0 M -0!' 9.!' 91!' 93!' 95!' 9-'!' 9-.!' 9-1!' 9-3!' 9-5!' 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

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19.04.2013


NEWCREST MINING LTD n/a Co File 231'082'631 32.63 - 17.09.2012 Corporation

ALLAN GRAY AUSTRALIA #N/A N/A EXCH 51'634'391 7.29 7'132'268 11.04.2013 Investment Advisor



RUFFER LLP Multiple Portfolios MF-AGG 11'341'660 1.6 (1'757'340) 30.11.2012 Hedge Fund Manager

BANK OF AMERICA CORP n/a EXCH 8'827'967 1.25 (414'122) 30.03.2011 Investment Advisor

KLEIN JACOB n/a EXCH 5'800'000 0.82 50'000 05.02.2013 n/a




JJ HOLDINGS (VIC) PT n/a Co File 3'552'009 0.5 - 30.08.2012 Other




VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'377'918 0.34 (18'512) 30.09.2012 Mutual Fund Manager

SHARE SICAV Multiple Portfolios MF-AGG 2'111'002 0.3 (155'000) 31.12.2012 Investment Advisor


NESTOR INVESTMENT MA Multiple Portfolios MF-AGG 1'863'899 0.26 75'000 28.02.2013 Mutual Fund Manager

POLLOCK MURRAY G n/a EXCH 1'839'492 0.26 - 18.10.2011 n/a

MALONEY PETER JOSEPH n/a EXCH 1'379'579 0.19 - 18.10.2011 n/a


Credit Suisse MICHAEL SLIFIRSKI underperform 1 M 1 Not Provided 18.04.2013


Paterson Securities MATTHEW TRIVETT hold 3 M 1 12 month 16.04.2013

JPMorgan JOSEPH KIM neutral 3 M 1 9 month 15.04.2013

BBY Limited KURT WORDEN underperform 1 D 1 12 month 15.04.2013

Nomura DAVID RADCLYFFE suspended coverage #N/A N/A M #N/A N/A Not Provided 12.04.2013

Goldman Sachs PAUL HISSEY neutral/attractive 3 M 1 12 month 10.04.2013

RBC Capital Markets GEOFF BREEN outperform 5 M 2 12 month 25.03.2013

Investec TIM GERRARD buy 5 M 2 12 month 18.03.2013

Macquarie MITCH RYAN outperform 5 M 2 12 month 06.03.2013


RBS Morgans JAMES WILSON outperform 5 N 2 12 month 27.11.2012

Ord Minnett DAVID BRENNAN buy 5 M #N/A N/A Not Provided 01.11.2012

Evans & Partners Pty Ltd CATHY MOISES negative 2 D #N/A N/A Not Provided 26.10.2012

Bell Potter CHRIS WHITEHEAD buy 5 M 2 12 month 06.03.2012

Hartleys PETER GRAY buy 5 M 2 Not Provided 02.02.2012

Holdings By:

Evolution Mining Ltd ee


19.04.2013

Endeavour Silver Corp. is a small-cap silver mining company focused on the

growth of its silver production, reserves and resources in Mexico.


LTM as of: 12/yy

52-Week High (21.09.2012) 10.73

52-Week Low (17.04.2013) 4.31

Daily Volume

4.44












EXK US EQUITY YTD Change - Average Volume 30 Day 1'556'899

EXK US EQUITY YTD % CHANGE - Average Volume 3 Month 1'404'861


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

39.3 50.8 86.5 128.0 208.1 128.0 208.1 262.5 330.0 - -

1.18x 3.98x 5.80x 5.79x 3.68x 21.01x 14.48x - - - -

(4.5) 11.3 30.7 64.8 89.8 64.8 89.8 101.6 159.8 - -

- 17.91x 16.36x 11.43x 8.53x 11.43x 8.53x 4.33x 2.75x - -

(18.0) (1.9) (20.4) 18.8 42.1 18.8 42.1 50.9 91.8 - -

- - - - - 0.00x 0.00x 9.06x 6.79x 22.20x -











EBITDA Margin 43.2%



Asset Turnover 0.57








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Endeavour Silver CorpPrice/Volume

Valuation Analysis

465'709.00


'

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19.04.2013





NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 2'894'100 2.9 2'894'100 31.12.2012 Investment Advisor


POLAR SECURITIES INC POLAR SECURITIES INC 13F 1'373'500 1.38 1'373'500 31.12.2012 Hedge Fund Manager

COOKE BRADFORD JAMES n/a SEDI 1'285'337 1.29 10'000 12.12.2012 n/a


AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 1'126'937 1.13 402'700 31.12.2012 Investment Advisor


PORTOLA GROUP INCORP PORTOLA GROUP INCORP 13F 994'050 1 (20'350) 31.12.2012 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 900'000 0.9 400'000 31.12.2012 Mutual Fund Manager

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 830'979 0.83 (576'400) 31.12.2012 Investment Advisor

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 811'200 0.81 - 31.12.2012 Investment Advisor

BROOKFIELD ASSET MGM BROOKFIELD ASSET MAN 13F 761'586 0.76 761'586 31.12.2012 Investment Advisor

CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 756'563 0.76 (981'867) 31.12.2012 Investment Advisor


NORGES BANK NORGES BANK 13F 547'823 0.55 4'210 31.12.2012 Government


SPROTT INC SPROTT INC 13F 496'220 0.5 (600) 31.12.2012 Hedge Fund Manager


Haywood Securities Inc. BENJAMIN ASUNCION buy 5 M 8 Not Provided 16.04.2013



Raymond James CHRIS THOMPSON outperform 5 M 10 12 month 11.04.2013

CIBC World Markets LEON ESTERHUIZEN sector outperform 5 N 9 Not Provided 11.04.2013

Salman Partners ASH GUGLANI buy 5 M 10 12 month 08.04.2013



Holdings By:

Endeavour Silver Corp ee


19.04.2013

Silvercorp Metals Inc. acquires, explores, and develops mineral properties in

China. The Company is developing its Ying Silver project located in the

People's Republic of China.


LTM as of: 12/yy

52-Week High (01.05.2012) 7.10

52-Week Low (17.04.2013) 2.55

Daily Volume

2.585












SVM US EQUITY YTD Change - Average Volume 30 Day 1'683'471

SVM US EQUITY YTD % CHANGE - Average Volume 3 Month 1'506'101


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

108.4 83.5 107.2 167.3 238.0 236.1 192.8 202.7 269.3 - -

10.33x 3.67x 9.86x 14.29x 4.61x 25.98x 19.96x 2.26x - - -

76.7 40.4 66.4 110.3 155.3 158.2 102.5 93.2 141.0 - -

14.60x 7.59x 15.92x 21.68x 7.06x 6.33x 8.01x 4.24x 2.81x - -

59.9 (16.0) 38.5 67.7 73.8 76.2 30.6 29.5 53.8 - -

- - - - - 0.00x 0.00x 11.94x 7.62x 6.64x 5.34x











EBITDA Margin 53.1%



Asset Turnover 0.33







Fiscal Year Ended

Silvercorp Metals IncPrice/Volume

Valuation Analysis

266'319.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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19.04.2013





FENG RUI n/a SEDI 4'169'500 2.44 30'000 22.01.2013 n/a

AXA n/a ULT-AGG 2'259'386 1.32 - 31.12.2012 Investment Advisor






IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 1'333'300 0.78 25'000 31.12.2012 Investment Advisor


IA CLARINGTON INVEST Multiple Portfolios MF-AGG 1'083'600 0.63 - 31.12.2012 Investment Advisor



LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 888'000 0.52 - 28.02.2013 Mutual Fund Manager

GAO JIANGUO n/a SEDI 803'713 0.47 2'990 16.09.2011 n/a

SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 781'858 0.46 (30'382) 31.12.2012 Investment Advisor

UBS n/a ULT-AGG 702'319 0.41 (634'288) 31.12.2012 Unclassified

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 694'729 0.41 46'447 31.12.2012 Investment Advisor






Knight TEAM COVERAGE strong buy 5 M 13 12 month 20.09.2011

Holdings By:

Silvercorp Metals Inc ee


19.04.2013

Beadell Resources Limited is a gold development company. The Company's

primary asset is the Tucano gold project, located in Brazil. Beadell also has

an extensive portfolio of gold exploration tenements throughout Australia

and Brazil, including the prospective Tropicana East Project located adjacent

to the Tropicana gold deposit


LTM as of: 01/yy

52-Week High (07.12.2012) 1.14

52-Week Low (15.05.2012) 0.52

Daily Volume

0.625












BDR AU EQUITY YTD Change - Average Volume 30 Day 7'666'057

BDR AU EQUITY YTD % CHANGE - Average Volume 3 Month 6'719'190


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

- - 2.9 0.0 0.9 - - 338.0 337.7 - -

- - 28.44x - 976.94x - - 1.33x 0.89x - -

(5.9) (3.9) (7.5) (35.3) (14.0) - - 182.9 190.6 - -

- - - - - - - 3.33x 3.19x - -

(5.3) (3.9) (8.3) (34.8) (43.0) - - 142.3 146.1 - -

- - - - - - - 3.72x 3.49x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Beadell Resources LtdPrice/Volume

Valuation Analysis

11'367'471.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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0.5

1.0

1.5

2.0

2.5

3.0

3.5

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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1'!''

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19.04.2013


COLUMBIA WANGER ASSE #N/A N/A EXCH 61'241'638 7.96 - 15.04.2013 Investment Advisor


COUPLAND CARDIFF ASS n/a Co File 37'132'343 4.82 - 18.02.2013 Hedge Fund Manager

L1 CAPITAL PTY LTD n/a EXCH 23'660'753 3.07 (21'000'000) 22.11.2012 Mutual Fund Manager

BOWLER PETER n/a EXCH 21'043'333 2.73 (4'000'000) 30.11.2012 n/a



OZ MINERALS INVESTME n/a Co File 12'800'000 1.66 - 31.03.2012 Unclassified

AMP LIFE LTD n/a Co File 12'331'993 1.6 - 31.03.2012 Investment Advisor

UNISUPER n/a EXCH 12'137'228 1.58 - 05.12.2011 Other


BRAIDWOOD INVESTMENT n/a Co File 9'100'001 1.18 - 31.03.2012 Unclassified

LEIBOWITZ ANTHONY HO n/a EXCH 8'586'457 1.12 263'091 30.11.2012 n/a

BARRETT GREGORY MICH n/a Co File 8'351'651 1.09 - 31.12.2011 n/a

ACORN CAPITAL LTD n/a EXCH 7'556'401 0.98 - 05.12.2011 Investment Advisor

HOOKIPA PTY LTD n/a Co File 7'254'650 0.94 - 31.03.2012 Unclassified

WATKINS ROBERT n/a EXCH 6'150'001 0.8 - 14.11.2012 n/a

TWYNAM AGRICULTURAL n/a Co File 5'975'000 0.78 - 31.12.2012 Other

SUNSUPER FUND n/a EXCH 4'733'422 0.61 - 05.12.2011 Other

MICROCAP INVESTMENT n/a EXCH 4'575'753 0.59 - 05.12.2011 Other



Ord Minnett DAVID BRENNAN buy 5 M 1 Not Provided 17.04.2013

GMP LEVI SPRY buy 5 M 1 12 month 28.03.2013

Shaw Stockbroking VINCENT PISANI buy 5 M 1 Not Provided 28.03.2013

Hartleys TRENT BARNETT buy 5 M 1 12 month 19.03.2013

Octa Phillip Securities Ltd ANDREW SHEARER buy 5 M 1 Not Provided 25.01.2013

Casimir Capital ERIC ALLISON overweight 5 M 2 12 month 16.01.2013


Blackswan Equities Ltd RHYS BRADLEY buy 5 N 1 12 month 21.12.2012


Evans & Partners Pty Ltd CATHY MOISES Positive 4 N #N/A N/A Not Provided 24.10.2012


Holdings By:

Beadell Resources Ltd ee


19.04.2013

Seabridge Gold, Inc. acquires gold projects in North America. The Company

expands and verifies these resources, moves them to reserves to determine their

economic value, and either sells to or forms joint ventures with larger

companies for mine construction and production.


LTM as of: 12/yy

52-Week High (14.09.2012) 20.34

52-Week Low (18.04.2013) 9.70

Daily Volume

9.7












SA US EQUITY YTD Change - Average Volume 30 Day 438'867

SA US EQUITY YTD % CHANGE - Average Volume 3 Month 369'533


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(5.6) (5.0) (5.7) (19.8) (15.8) (19.8) (8.7) (15.0) (16.0) - -

- - - - - 0.00x 0.00x - - - -

10.3 (4.7) 3.3 (20.1) (12.5) (20.1) (12.5) - - - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Seabridge Gold IncPrice/Volume

Valuation Analysis

151'587.00


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0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

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19.04.2013



PAN ATLANTIC BANK n/a PROXY 8'001'232 17.56 - 10.05.2012 Bank

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 6'126'883 13.45 253'000 31.12.2012 Investment Advisor




ANTHONY JAMES S n/a PROXY 779'791 1.71 - 15.05.2012 n/a


FCMI FINANCIAL CORP n/a PROXY 555'000 1.22 - 10.05.2012 Corporation

BRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 478'467 1.05 (203'241) 31.03.2013 Hedge Fund Manager


FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 450'000 0.99 - 28.02.2013 Investment Advisor

FNDTN FOR STUDY OBJ n/a SEDI 425'334 0.93 - 06.02.2012 Other


FOX LOUIS J n/a SEDI 300'750 0.66 - 06.12.2011 n/a

THRELKELD WILLIAM E n/a SEDI 265'000 0.58 (10'000) 30.08.2011 n/a

BANFIELD A FREDERICK n/a PROXY 245'000 0.54 - 15.05.2012 n/a







Nomura TYLER BRODA buy 5 M 24 Not Provided 16.05.2012

Holdings By:

Seabridge Gold Inc ee


19.04.2013

Rubicon Minerals Corporation is a mineral exploration company. The Company

explores for gold deposits in the Red Lake gold camp of Canada, as well as

Nevada and Alaska.


LTM as of: 12/yy

52-Week High (17.09.2012) 3.80

52-Week Low (17.04.2013) 1.48

Daily Volume

1.58












RMX CN EQUITY YTD Change - Average Volume 30 Day 869'096

RMX CN EQUITY YTD % CHANGE - Average Volume 3 Month 915'269


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(3.4) (4.6) (25.4) (21.6) (11.6) (21.6) (11.6) - - - -

- - - - - 0.00x 0.00x - - - -

(2.4) (0.6) (25.5) (21.4) (10.4) (21.4) (10.4) - - - -

- - - - - 0.00x 0.00x - 7.85x - -









Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -0.04

EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Rubicon Minerals CorpPrice/Volume

Valuation Analysis

100'500.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

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0.0

0.1

0.1

0.1

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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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19.04.2013




AGNICO-EAGLE MINES L n/a 13D 10'671'827 3.7 (11'000'000) 01.06.2012 Corporation

GREYWOLF CAPITAL MAN GREYWOLF CAPITAL MAN 13F 9'125'000 3.16 4'155'700 31.12.2012 Hedge Fund Manager

SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 7'263'300 2.52 - 31.12.2012 Hedge Fund Manager







BRIDGER MANAGEMENT L BRIDGER MANAGEMENT L 13F 2'170'000 0.75 - 31.12.2012 Hedge Fund Manager

CAPITAL TACTICS ADVI CAPITAL TACTICS ADVI 13F 2'028'610 0.7 627'918 31.12.2012 Hedge Fund Manager

NORGES BANK NORGES BANK 13F 1'560'601 0.54 (247'212) 31.12.2012 Government

ROYAL BANK OF CANADA n/a ULT-AGG 1'537'646 0.53 (3'356'720) 31.12.2012 Bank

ADAMSON DAVID W n/a SEDI 1'535'189 0.53 107'000 04.02.2013 n/a



D E SHAW & COMPANY I D E SHAW & CO 13F 1'392'537 0.48 (127'000) 31.12.2012 Hedge Fund Manager

SHARE SICAV Multiple Portfolios MF-AGG 1'244'300 0.43 22'000 31.12.2012 Investment Advisor




TD Securities DANIEL EARLE speculative buy 4 M 6 12 month 12.02.2013


Holdings By:

Rubicon Minerals Corp ee


19.04.2013

Resolute Mining Limited explores for, produces and develops gold in Ghana, Mali

Queensland and Tanzania. The Company's gold exploration projects include

Obotan, Syama, Ravenswood and Golden Pride.


LTM as of: 01/yy

52-Week High (05.10.2012) 2.08

52-Week Low (16.04.2013) 0.85

Daily Volume

0.92












RSG AU EQUITY YTD Change - Average Volume 30 Day 3'111'626

RSG AU EQUITY YTD % CHANGE - Average Volume 3 Month 4'341'912


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 12/11 Q2 03/12 Q3

231.5 299.7 334.9 445.1 576.7 - - 661.4 629.6 - -

2.48x 1.12x 1.49x 1.36x 1.37x - - 0.68x 0.68x - -

20.9 57.3 80.3 110.0 254.4 - - 280.1 259.8 - -

27.45x 5.85x 6.23x 5.49x 3.10x - - 1.89x 2.04x - -

(56.7) 30.7 (37.2) 59.7 105.1 - - 146.6 133.0 - -

- 6.17x - 8.72x 7.25x - - 3.97x 4.42x - -











EBITDA Margin 42.1%



Asset Turnover 0.90








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Resolute Mining LtdPrice/Volume

Valuation Analysis

4'340'952.00


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-

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100.0

200.0

300.0

400.0

500.0

600.0

700.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

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19.04.2013


ICM LTD n/a EXCH 192'072'476 29.87 (5'037'500) 20.11.2012 Other

UTILICO INVESTMENTS n/a EXCH 126'929'227 19.74 1'500'000 12.07.2012 Investment Advisor

M&G INVESTMENT MANAG n/a EXCH 64'000'000 9.95 (5'700'000) 08.02.2013 Investment Advisor

VANGUARD GROUP INC n/a EXCH 57'000'000 8.86 5'034'971 05.10.2012 Investment Advisor

BANK OF AMERICA CORP n/a EXCH 39'392'367 6.13 (9'442'393) 10.05.2012 Investment Advisor


VINVA INVESTMENT MGM n/a EXCH 32'497'591 5.05 - 31.01.2013 Investment Advisor

CF RUFFER BAKER STEE n/a EXCH 19'097'479 2.97 (3'846'391) 04.04.2012 n/a

RUFFER LLP Multiple Portfolios MF-AGG 12'576'000 1.96 (1'065'000) 30.11.2012 Hedge Fund Manager

PERMANENT INVESTMENT n/a EXCH 5'010'643 0.78 (4'989'357) 12.07.2012 Other


GENUS DYNAMIC GOLD F n/a EXCH 4'811'000 0.75 - 23.02.2012 n/a


BAKER STEEL CAPITAL n/a EXCH 4'300'000 0.67 - 04.04.2012 Investment Advisor

ECLECTIC INVEST TRUS n/a EXCH 3'500'000 0.54 1'500'000 12.07.2012 Investment Advisor

VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 3'455'670 0.54 807'280 30.09.2012 Mutual Fund Manager

SULLIVAN PETER ROSS n/a EXCH 3'007'448 0.47 (500'000) 02.01.2013 n/a


SCHRODER INVESTMENT Multiple Portfolios MF-AGG 2'121'716 0.33 2'121'716 31.12.2012 Investment Advisor

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 1'485'807 0.23 108'451 31.05.2012 Investment Advisor


Morgan Stanley BRENDAN FITZPATRICK Equalwt/Attractive 3 M 1 12 month 16.04.2013


Canaccord Genuity Corp REG SPENCER hold 3 M 2 12 month 25.03.2013

Bell Potter STEPHEN THOMAS buy 5 M 2 12 month 25.02.2013

Veritas Securities MATTHEW BAILLIE buy 5 M 2 Not Provided 25.01.2013

GMP LEVI SPRY hold 3 M 2 Not Provided 23.01.2013

Argonaut Securities Pty Ltd PATRICK CHANG buy 5 M 2 12 month 23.01.2013


Westhouse Securities ROB BROKE add 4 M 2 Not Provided 08.11.2012

Helmsec Global Capital Limited GAVIN VAN DER WATH speculative buy 4 M 2 12 month 31.07.2012

Deutsche Bank CHRIS TERRY not rated #N/A N/A M #N/A N/A Not Provided 22.02.2012

Holdings By:

Resolute Mining Ltd ee


19.04.2013

Kingsgate Consolidated Limited is a gold mining and exploration company with

operations focused in Thailand at the Chatree gold project. The Company also

explores for silver and other metals.


LTM as of: 01/yy

52-Week High (26.04.2012) 6.42

52-Week Low (18.04.2013) 2.40

Daily Volume

2.4












KCN AU EQUITY YTD Change - Average Volume 30 Day 1'062'232

KCN AU EQUITY YTD % CHANGE - Average Volume 3 Month 1'110'599


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

74.3 113.0 176.1 172.4 357.4 - - 352.8 418.2 - -

6.01x 5.46x 5.16x 6.69x 2.24x - - 1.38x 1.28x - -

19.6 (38.1) 84.7 66.8 164.9 - - 131.2 178.8 - -

22.77x - 10.74x 17.26x 4.86x - - 3.79x 2.78x - -

36.2 32.5 66.3 21.1 75.2 - - 47.8 76.7 - -

10.12x 19.20x 12.59x 42.78x 9.24x - - 7.14x 5.33x - -









Net Debt/EBITDA -

Gross Margin 33.2% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 0.37








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kingsgate Consolidated LtdPrice/Volume

Valuation Analysis

2'120'222.00


'

-

.

0

1

2

3

4

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50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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19.04.2013









SMYTH-KIRK ROSS DONA n/a EXCH 3'706'582 2.44 - 03.04.2013 n/a



THOMAS GAVIN n/a EXCH 946'403 0.62 - 23.11.2012 n/a

PRUDENTIAL FINANCIAL n/a ULT-AGG 922'692 0.61 11'731 28.02.2013 Investment Advisor

ARINYA INVESTMENTS P n/a EXCH 879'689 0.58 - 03.04.2013 Other


ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 540'000 0.35 - 30.11.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 360'716 0.24 (1'154'049) 31.01.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 349'189 0.23 312'360 31.12.2012 Investment Advisor

PACIFIC INCOME ADVIS Multiple Portfolios MF-AGG 281'011 0.18 - 28.03.2013 Investment Advisor

HSBC TRINKAUS INVEST Multiple Portfolios MF-AGG 225'000 0.15 - 31.07.2012 Mutual Fund Manager

MACINTYRE PHILIP n/a Co File 200'000 0.13 - 30.08.2012 n/a



BBY Limited KURT WORDEN strong buy 5 M 4 12 month 15.04.2013

Goldman Sachs PAUL HISSEY sell/attractive 1 M 2 12 month 10.04.2013

E.L. & C. Baillieu SOPHIE SPARTALIS hold 3 M 4 12 month 15.03.2013

Macquarie MITCH RYAN neutral 3 M 5 12 month 06.03.2013


EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 04.03.2013

Veritas Securities MATTHEW BAILLIE buy 5 M 6 Not Provided 31.01.2013

Evans & Partners Pty Ltd CATHY MOISES negative 2 D #N/A N/A Not Provided 02.11.2012


Bell Potter PETER CHAPMAN Under Review #N/A N/A M #N/A N/A Not Provided 02.11.2011

Holdings By:

Kingsgate Consolidated Ltd ee


19.04.2013

St. Barbara Limited is a gold exploration and production company. The Company's

exploration projects include its Southern Cross and Leonora Operations which

are located in Western Australia.


LTM as of: 01/yy

52-Week High (18.10.2012) 2.40

52-Week Low (18.04.2013) 0.71

Daily Volume

0.715












SBM AU EQUITY YTD Change - Average Volume 30 Day 3'017'180

SBM AU EQUITY YTD % CHANGE - Average Volume 3 Month 2'951'586


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

143.1 281.1 296.8 359.6 541.2 - - 551.2 648.9 - -

3.41x 1.33x 2.01x 1.58x 0.73x - - 0.72x 0.42x - -

(0.1) 50.3 77.2 109.3 224.1 - - 176.8 254.7 - -

- 7.42x 7.74x 5.21x 1.76x - - 2.83x 1.96x - -

(17.3) (76.3) (40.2) 68.6 130.2 - - 52.2 100.6 - -

- - - 9.29x 4.42x - - 5.26x 3.26x - -











EBITDA Margin 38.5%



Asset Turnover 0.55








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

St Barbara LtdPrice/Volume

Valuation Analysis

4'861'278.00


'

-

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0.0

100.0

200.0

300.0

400.0

500.0

600.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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19.04.2013


M&G INVESTMENT MANAG n/a EXCH 93'372'398 19.13 - 14.02.2013 Investment Advisor


VANGUARD GROUP INC n/a EXCH 60'536'881 12.4 9'536'881 29.01.2013 Investment Advisor


PARADICE INVESTMENT n/a EXCH 19'990'864 4.1 - 13.09.2012 Investment Advisor


TRADEWINDS GLOBAL IN n/a EXCH 16'240'544 3.33 (1'270'413) 03.11.2011 Investment Advisor

DIMENSIONAL FUND ADV n/a RNS-RUL8 13'247'660 2.71 22'932 07.09.2012 Investment Advisor



RUFFER LLP Multiple Portfolios MF-AGG 12'528'000 2.57 852'000 30.11.2012 Hedge Fund Manager

LSV ASSET MANAGEMENT n/a RNS-RUL8 11'363'061 2.33 684'600 23.07.2012 Investment Advisor


COMMONWEALTH BANK OF n/a RNS-RUL8 8'897'062 1.82 - 31.08.2012 Bank

HUNTER HALL INVESTME n/a RNS-RUL8 7'754'662 1.59 (8'245'338) 12.07.2012 Investment Advisor

UNITED SERVICES AUTO Multiple Portfolios MF-AGG 6'400'000 1.31 925'000 30.11.2012 Investment Advisor


JCP INVESTMENT PARTN n/a RNS-RUL8 6'032'951 1.24 (326'553) 09.08.2012 Investment Advisor

CENTAURUS CAPITAL LT n/a Short (5'746'460) -1.18 (506'570) 06.09.2012 Investment Advisor

NATIONAL AUSTRALIA B n/a ULT-AGG 5'603'376 1.15 6'496 10.09.2012 Bank


Goldman Sachs IAN PRESTON neutral/attractive 3 D 1 12 month 18.04.2013



Canaccord Genuity Corp LUKE SMITH buy 5 M 2 Not Provided 15.04.2013

RBC Capital Markets STEUART MCINTYRE outperform 5 M 2 12 month 14.03.2013

Nomura DAVID RADCLYFFE neutral 3 M 1 Not Provided 08.03.2013


E.L. & C. Baillieu SOPHIE SPARTALIS buy 5 M 2 12 month 27.02.2013

Bell Potter STEPHEN THOMAS buy 5 M 2 12 month 21.02.2013



Argonaut Securities Pty Ltd TROY IRVIN buy 5 U 3 Not Provided 18.06.2012

Holdings By:

St Barbara Ltd ee


19.04.2013

Continental Gold Ltd. is an advanced-stage exploration company. The Company has

a portfolio of gold projects located in established mineral belts in Colombia,

South America. Continental Gold's priorities include advanced exploration and

definition drilling programs at its Buritica gold project and phase-one drilling

at its Berlin project.


LTM as of: 12/yy

52-Week High (12.11.2012) 10.03

52-Week Low (17.04.2013) 3.86

Daily Volume

4












CNL CN EQUITY YTD Change - Average Volume 30 Day 795'388

CNL CN EQUITY YTD % CHANGE - Average Volume 3 Month 576'981


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 0.0 - 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(0.6) (4.2) (10.7) (11.8) - (8.8) (7.8) - - - -

- - - - - 0.00x 0.00x - - - -

(0.6) (4.1) (119.1) 18.2 (7.9) 18.2 (7.9) - (16.0) - -

- - - 38.93x - 38.93x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Continental Gold LtdPrice/Volume

Valuation Analysis

110'139.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

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3!' 9

4!' 9

5!' 9

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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19.04.2013


GCIC LTD/CANADA n/a Co File 17'893'800 14.17 116'400 31.12.2012 Investment Advisor

WELLINGTON MANAGEMEN n/a Co File 16'205'564 12.84 1'985'981 31.03.2013 Investment Advisor


BULLET HOLDING CORP n/a SEDI 8'024'456 6.36 (200'000) 05.10.2012 Holding Company

COASTAL FINANCING CO n/a SEDI 5'786'124 4.58 (250'000) 21.12.2012 Other


REINDEER CAPITAL LTD n/a SEDI 3'668'490 2.91 (250'000) 21.12.2012 Other



IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 2'471'400 1.96 - 31.01.2013 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 2'330'000 1.85 (170'000) 31.12.2012 Investment Advisor

EXPERT FUNDING CORP n/a SEDI 2'316'327 1.83 (35'000) 02.11.2012 Corporation

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 1'940'407 1.54 357'487 28.02.2013 Investment Advisor



SUSSMAN ARI B n/a SEDI 1'149'151 0.91 10'606 21.08.2012 n/a


FIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 1'073'739 0.85 58'800 17.04.2013 Investment Advisor

PENTAGON PROPERTIES n/a SEDI 1'025'000 0.81 500'000 23.04.2012 Other

QUANTEX AG Multiple Portfolios MF-AGG 900'000 0.71 90'000 29.03.2013 Investment Advisor



Stifel CRAIG P STANLEY hold 3 M #N/A N/A Not Provided 12.04.2013

Clarus Securities JAMIE SPRATT speculative buy 4 M 14 12 month 12.04.2013




Interbolsa SA GABRIEL BAYONA speculative buy 4 M 13 Not Provided 01.10.2012

Holdings By:

Continental Gold Ltd ee


19.04.2013

Endeavour Mining Corp. is a growth focused West African gold producer. The

Company's operations include three operating mines in Ghana, Mali, and Burkina

Faso, and a fourth mine in Cote d'Ivoire that is currently in construction.

Endeavour also has a large West African land position with active exploration

programs.


LTM as of: 12/yy

52-Week High (10.10.2012) 2.56

52-Week Low (17.04.2013) 0.89

Daily Volume

0.93












EDV CN EQUITY YTD Change - Average Volume 30 Day 2'332'105

EDV CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'933'673


30.06.2008 30.06.2009 30.06.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

109.2 (219.3) 167.1 145.6 346.1 146.0 347.1 523.0 655.8 110.0 118.0

- - - 3.93x 2.81x 5.51x 7.47x - - - -

- (237.2) 130.7 43.3 136.2 42.7 136.6 220.7 258.0 - -

- - - 13.22x 7.14x 13.22x 7.12x 2.48x 2.12x - -

57.1 (241.8) 125.3 (23.5) (8.6) (26.5) (8.3) 101.8 127.0 - -

3.99x - 1.70x - - 0.00x 1993.13x 5.08x 4.17x 4.27x 3.56x











EBITDA Margin 39.4%



Asset Turnover 0.25







Fiscal Year Ended

Endeavour Mining CorpPrice/Volume

Valuation Analysis

214'423.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

0

M -. i -. f -. f -. M -. o -. l -. j -. T -. f -0 a -0 i -0 M -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9

-300.0

-200.0

-100.0

0.0

100.0

200.0

300.0

400.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

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19.04.2013




SENTRY SELECT CAPITA n/a Co File 20'147'799 4.88 - 31.10.2012 Investment Advisor

RUFFER LLP Multiple Portfolios MF-AGG 8'795'000 2.13 1'919'355 30.11.2012 Hedge Fund Manager


ROYCE AND ASSOCIATES n/a 13G 4'850'000 1.18 (500'000) 31.12.2011 Investment Advisor


ASHDELL LTD n/a PROXY 2'800'000 0.68 - 10.09.2012 Other



VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'790'523 0.43 1'074'288 31.03.2013 Investment Advisor

JONES HEWARD INVESTM Multiple Portfolios MF-AGG 1'303'796 0.32 (12'800) 17.04.2013 Investment Advisor

WELLS FARGO n/a ULT-AGG 983'104 0.24 185'160 28.02.2013 Investment Advisor

CONNELLY MARK n/a SEDI 855'000 0.21 - 12.12.2011 n/a

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 700'000 0.17 - 28.02.2013 Mutual Fund Manager

SPROTT INC Multiple Portfolios MF-AGG 541'001 0.13 (171'161) 31.12.2012 Hedge Fund Manager

WOODYER NEIL n/a SEDI 397'127 0.1 221'827 30.01.2013 n/a

SMITH & WILLIAMSON H n/a ULT-AGG 323'601 0.08 - 28.02.2013 Investment Advisor

LAING DAVID C n/a SEDI 288'618 0.07 66'548 30.01.2013 n/a

BOWLBY DOUGLAS J n/a SEDI 266'357 0.06 37'287 30.01.2013 n/a



CIBC World Markets LEON ESTERHUIZEN sector outperform 5 M 2 Not Provided 11.04.2013


GMP ANDREW MIKITCHOOK buy 5 M 3 Not Provided 01.04.2013

Goldman Sachs EUGENE KING Buy/Neutral 5 M 2 12 month 15.03.2013

BMO Capital Markets ANDREW BREICHMANAS not rated #N/A N/A M #N/A N/A Not Provided 24.01.2013

Holdings By:

Endeavour Mining Corp ee


19.04.2013

Fortuna Silver Mines Inc. is a growth oriented, silver and base metal producer

focused on mining opportunities in Latin America. The Company's primary assets

are the San Jose silver-gold mine in Mexico and the Caylloma silver-lead-zinc

mine in Peru. Fortuna Silver Mines is selectively pursuing additional

acquisition opportunities in the Americas.


LTM as of: 12/yy

52-Week High (21.09.2012) 5.85

52-Week Low (17.04.2013) 2.67

Daily Volume

2.75






Total Debt - YTD Return -33.73%

Preferred Stock - Adjusted BETA 1.419

Minority Interest - Analyst Recs 9

Cash and Equivalents - Consensus Rating 4.000



FVI CN EQUITY YTD Change - Average Volume 30 Day 469'866

FVI CN EQUITY YTD % CHANGE - Average Volume 3 Month 449'370


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

24.8 51.4 74.1 110.0 161.0 110.0 161.0 194.8 217.5 - -

1.39x 3.01x 6.78x 5.78x - 20.85x 12.10x - - - -

0.1 21.3 34.1 48.8 70.7 48.8 70.7 83.8 102.5 - -

401.05x 7.25x 14.71x 13.01x - 13.01x 6.51x 3.27x 2.67x - -

(0.9) 0.6 16.0 19.5 31.5 19.5 31.5 41.6 49.5 - -

- 99.42x 34.34x 32.35x 15.45x 32.35x 15.45x 8.90x 7.66x 8.51x 7.98x











EBITDA Margin 43.9%

EBIT Margin 30.6% Total Debt/Equity -

Net Income Margin 19.5% Total Debt/Capital -

Asset Turnover 0.55

Current Ratio - Net Fixed Asset Turnover 0.83

Quick Ratio - Accounts receivable turnover-days 52.51

Debt to Assets - Inventory Days 48.91

Tot Debt to Common Equity - Accounts Payable Turnover Day 39.64




Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Fortuna Silver Mines IncPrice/Volume

Valuation Analysis

208'938.00


'

-

.

0

1

2

3

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-!' 9

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2!' 9

3!' 9

4!' 9

5!' 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

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0'!''

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19.04.2013




MASON HILL ADVISORS MASON HILL ADVISORS 13F 7'932'400 6.33 (543'900) 31.12.2012 Hedge Fund Manager

MONTRUSCO BOLTON INV MONTRUSCO BOLTON INV 13F 2'507'190 2 (162'200) 31.12.2012 Investment Advisor


AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 1'409'300 1.12 - 31.12.2012 Investment Advisor


INTACT INVESTMENT MA INTACT INVESTEMENT M 13F 1'287'400 1.03 206'300 31.12.2012 Investment Advisor



CQS CAYMAN LP CQS CAYMAN LP 13F 850'000 0.68 (470'000) 31.12.2012 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 683'198 0.55 (294'511) 31.12.2012 Bank

FEDERATED INVESTORS FEDERATED INVESTORS 13F 600'000 0.48 260'000 31.12.2012 Investment Advisor

QUANTEX AG Multiple Portfolios MF-AGG 600'000 0.48 - 29.03.2013 Investment Advisor

MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 573'400 0.46 429'500 31.12.2012 Investment Advisor


NORTHWEST MUTUAL FUN Multiple Portfolios MF-AGG 505'241 0.4 56'738 28.02.2013 Investment Advisor


MD MANAGEMENT LTD Multiple Portfolios MF-AGG 462'200 0.37 - 28.02.2013 Investment Advisor

VEHRS THOMAS I n/a SEDI 425'000 0.34 225'000 29.11.2011 n/a



Raymond James CHRIS THOMPSON market perform 3 M 5 12 month 17.04.2013


Haywood Securities Inc. BENJAMIN ASUNCION buy 5 M 6 Not Provided 16.04.2013


CIBC World Markets LEON ESTERHUIZEN sector outperform 5 N 6 Not Provided 11.04.2013


Cormark Securities Inc. GRAEME JENNINGS market perform 3 D 6 12 month 22.03.2013


Holdings By:

Fortuna Silver Mines Inc ee


19.04.2013

Primero Mining Corporation is a gold and silver producer. The Company focuses

on building a precious metals portfolio in the Americas.


LTM as of: 12/yy

52-Week High (24.10.2012) 7.89

52-Week Low (28.06.2012) 2.43

Daily Volume

5.15












P CN EQUITY YTD Change - Average Volume 30 Day 406'101

P CN EQUITY YTD % CHANGE - Average Volume 3 Month 405'000


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 60.3 156.5 182.9 156.5 182.9 217.8 280.5 48.8 64.4

- - 8.68x 1.80x 2.88x 8.77x 7.32x 1.80x 1.46x 8.05x 6.01x

(0.6) (0.6) 12.8 72.8 77.4 72.8 77.4 112.0 169.0 23.6 39.2

- - 40.81x 3.86x 6.79x 3.86x 6.79x 3.47x 2.30x 3.28x 3.13x

(0.7) (0.7) (31.5) 49.6 49.6 49.6 49.6 52.6 91.4 11.1 22.4

- - - 5.92x 11.91x 5.51x 12.37x 11.46x 6.99x 11.86x 10.20x











EBITDA Margin 42.3%



Asset Turnover 0.29







Fiscal Year Ended

Primero Mining CorpPrice/Volume

Valuation Analysis

41'924.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-.0123456

M -. i -. f -. f -. M -. o -. l -. j -. T -. f -0 a -0 i -0 M -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

200.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

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19.04.2013


GOLDCORP INC n/a SEDI 31'151'200 32.05 (8'422'460) 12.10.2012 Corporation



BLACKROCK n/a ULT-AGG 6'354'485 6.54 166 31.12.2012 Investment Advisor





O'SHAUGHNESSY ASSET O'SHAUGHNESSY ASSET 13F 1'787'295 1.84 1'270'148 31.12.2012 Investment Advisor


SPROTT INC SPROTT INC 13F 1'580'000 1.63 1'580'000 31.12.2012 Hedge Fund Manager

FALCON FUND MANAGEME Multiple Portfolios MF-AGG 1'116'000 1.15 - 28.02.2013 Investment Advisor

SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 1'076'900 1.11 (1'418'700) 31.12.2012 Hedge Fund Manager

SENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 1'028'500 1.06 1'028'500 31.12.2012 Investment Advisor

HILLSDALE INVESTMENT HILLSDALE INVESTMENT 13F 1'024'100 1.05 (323'500) 31.12.2012 Hedge Fund Manager


SPARK INVESTMENT MAN SPARK INVESTMENT MAN 13F 582'800 0.6 70'000 31.12.2012 Investment Advisor

MD MANAGEMENT LTD Multiple Portfolios MF-AGG 576'500 0.59 (22'900) 28.02.2013 Investment Advisor

CONWAY JOSEPH F n/a SEDI 563'300 0.58 50'000 04.07.2012 n/a

BATTERYMARCH FINANCI BATTERYMARCH FINANCI 13F 488'600 0.5 488'600 31.12.2012 Investment Advisor


BMO Capital Markets BRIAN QUAST outperform 5 M 9 Not Provided 15.04.2013



TD Securities STEVEN J GREEN restricted #N/A N/A M #N/A N/A Not Provided 04.04.2013





Macquarie MICHAEL GRAY outperform 5 M 8 12 month 07.03.2013

Cantor Fitzgerald ROB CHANG buy 5 M 9 12 month 22.02.2013


Holdings By:

Primero Mining Corp ee


19.04.2013

MAG Silver Corp acquires and explores mineral properties with a focus on

high-grade silver and gold. The Company, through its subsidiary, holds options

to earn an interest in properties located in Mexico.


LTM as of: 12/yy

52-Week High (06.11.2012) 13.32

52-Week Low (17.04.2013) 6.57

Daily Volume

7












MAG CN EQUITY YTD Change - Average Volume 30 Day 211'763

MAG CN EQUITY YTD % CHANGE - Average Volume 3 Month 179'052


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

- 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(6.7) (9.4) (12.9) (9.5) (13.4) (9.5) (13.5) (6.8) (6.6) (1.5) (1.5)

- - - - - 0.00x 0.00x - - - -

(5.9) (13.5) (12.6) (8.3) (12.3) (8.3) (12.3) (7.0) (9.2) (1.5) (1.5)

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

MAG Silver CorpPrice/Volume

Valuation Analysis

22'669.00


'

.

1

3

5

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!1 9

!2 9

!3 9

!4 9

!5 9

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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'!1'

'!3'

'!5'

-!''

-!.'



19.04.2013


FRESNILLO PLC n/a PROXY 9'746'193 16.21 - 07.09.2012 Unclassified

MASON HILL ADVISORS MASON HILL ADVISORS 13F 5'227'561 8.69 (227'749) 31.12.2012 Hedge Fund Manager


SPROTT INC n/a 13G 2'951'054 4.91 - 31.01.2013 Hedge Fund Manager



T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 1'372'900 2.28 1'372'900 31.12.2012 Investment Advisor



SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 986'206 1.64 - 31.12.2012 Hedge Fund Manager

CARMAX ENTERPRISES n/a Co File 946'300 1.57 - 31.12.2010 Corporation

GLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 799'080 1.33 264'085 31.12.2012 Investment Advisor

US GLOBAL INVESTORS US GLOBAL INVESTORS 13F 760'000 1.26 10'000 31.12.2012 Investment Advisor

ANDREEFF EQUITY ADVI ANDREEFF EQUITY ADVI 13F 520'582 0.87 68'991 31.12.2012 Hedge Fund Manager

FALCON FUND MANAGEME Multiple Portfolios MF-AGG 432'000 0.72 - 28.02.2013 Investment Advisor

WELLS FARGO n/a ULT-AGG 402'144 0.67 - 28.02.2013 Investment Advisor

CARLSON ERIC H n/a SEDI 379'200 0.63 50'000 03.08.2012 n/a

RAFFLES ASSOCIATES L RAFFLES ASSOCIATES L 13F 372'900 0.62 - 31.12.2012 Hedge Fund Manager

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 320'000 0.53 - 31.12.2012 Investment Advisor

MACINNIS DANIEL T n/a SEDI 301'300 0.5 - 03.08.2012 n/a


BMO Capital Markets JOHN P HAYES speculative outperform 4 M #N/A N/A Not Provided 15.04.2013

Raymond James DAVID SADOWSKI outperform 5 M 16 12 month 11.04.2013



Holdings By:

MAG Silver Corp ee


19.04.2013

McEwen Mining Inc. is a high growth, low cost mid-tier gold producer in the

Americas.


LTM as of: 12/yy

52-Week High (01.11.2012) 4.72

52-Week Low (18.04.2013) 1.67

Daily Volume

1.715












MUX US EQUITY YTD Change - Average Volume 30 Day 3'387'802

MUX US EQUITY YTD % CHANGE - Average Volume 3 Month 2'918'148


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 0.0 6.0 0.0 26.8 150.0 217.0 32.6 34.8

- - - - 178.15x #DIV/0! 156.88x - - - -

(19.7) (17.3) (29.0) (59.6) (92.3) (59.6) (71.5) 71.0 138.0 - -

- - - - - 0.00x 0.00x 6.16x 3.17x - -

(131.1) (27.7) (33.1) (61.9) (66.7) (61.9) (66.7) 70.9 114.0 14.7 16.1

- - - - - 0.00x 0.00x 16.29x 7.60x 7.43x -









Net Debt/EBITDA -





Asset Turnover 0.04








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

McEwen Mining IncPrice/Volume

Valuation Analysis

925'736.00


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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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19.04.2013


MCEWEN ROBERT R n/a Form 4 31'325'279 14.55 2'847'752 03.12.2012 n/a

STATE STREET n/a ULT-AGG 13'948'984 6.48 3'477'924 17.04.2013 Investment Advisor




VANGUARD GROUP INC VANGUARD GROUP INC 13F 8'798'586 4.09 (3'843'036) 31.03.2013 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 6'826'384 3.17 755'211 31.12.2012 Investment Advisor


DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 2'849'695 1.32 1'584'177 31.12.2012 Investment Advisor


STALEY CAPITAL ADVIS STALEY CAPITAL ADVIS 13F 2'446'937 1.14 366'137 31.12.2012 Hedge Fund Manager



MANUFACTURERS LIFE I MANUFACTURERS LIFE I 13F 2'116'076 0.98 195'158 31.12.2012 Insurance Company

HORIZON KINETICS n/a ULT-AGG 1'853'323 0.86 23'185 31.12.2012 Investment Advisor



BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'166'475 0.54 73'405 31.03.2013 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'077'675 0.5 63'377 31.12.2012 Investment Advisor

RAYMOND JAMES & ASSO RAYMOND JAMES & ASSO 13F 912'507 0.42 132'810 31.12.2012 Investment Advisor



Stifel CRAIG P STANLEY buy 5 M 3 12 month 16.04.2013


Fraser Mackenzie Limited ALEKSANDRA BUKACHEVA buy 5 M 5 Not Provided 02.01.2013

Holdings By:

McEwen Mining Inc ee


19.04.2013

Timmins Gold Corporation explores for gold in Mexico.


LTM as of: 12/yy

52-Week High (13.11.2012) 3.48

52-Week Low (23.05.2012) 1.49

Daily Volume

2.25












TMM CN EQUITY YTD Change - Average Volume 30 Day 746'250

TMM CN EQUITY YTD % CHANGE - Average Volume 3 Month 596'464


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.12.2012 03/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 84.4 156.1 84.4 155.7 218.1 236.5 46.2 47.8

- - - 4.15x 2.73x 14.70x 8.93x 1.25x 0.88x 6.77x 6.38x

(4.2) (3.5) (6.7) 43.5 68.5 43.5 68.3 103.0 106.6 22.6 20.3

- - - 8.05x 6.22x 8.05x 6.24x 3.09x 2.98x 3.83x 4.08x

(5.3) (3.4) (8.6) 11.5 36.1 11.5 35.9 56.3 58.1 13.6 11.8

- - - 27.89x 12.02x 27.89x 12.04x 5.80x 5.70x 5.75x 5.54x











EBITDA Margin 43.9%



Asset Turnover 0.93







Fiscal Year Ended

Timmins Gold CorpPrice/Volume

Valuation Analysis

86'750.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

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.

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0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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19.04.2013







CIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 3'712'200 2.58 3'712'200 31.12.2012 Investment Advisor

RUFFER LLP Multiple Portfolios MF-AGG 3'706'900 2.57 (233'300) 30.11.2012 Hedge Fund Manager


BRAGAGNOLO BRUCE n/a SEDI 2'928'000 2.03 (25'000) 03.01.2013 n/a

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 2'605'400 1.81 - 31.12.2012 Investment Advisor

BONILLAS ZEPEDA F A n/a SEDI 2'584'800 1.79 (34'729) 19.12.2012 n/a

GCIC LTD/CANADA GOODMAN & COMPANY IN 13F 2'265'000 1.57 2'265'000 31.12.2012 Investment Advisor

GILDER GAGNON HOWE n/a 13G 2'050'954 1.42 (8'014'415) 30.09.2011 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 1'803'600 1.25 - 31.12.2012 Pension Fund (ERISA)

HILLSDALE INVESTMENT HILLSDALE INVESTMENT 13F 1'686'100 1.17 371'900 31.12.2012 Hedge Fund Manager

INTACT INVESTMENT MA INTACT INVESTEMENT M 13F 1'681'100 1.17 (1'820'300) 31.12.2012 Investment Advisor

CQS CAYMAN LP CQS CAYMAN LP 13F 1'300'000 0.9 - 31.12.2012 Investment Advisor


BLACKROCK n/a ULT-AGG 757'148 0.53 606'652 31.12.2012 Investment Advisor



Canaccord Genuity Corp NICHOLAS CAMPBELL sell 1 M 2 12 month 16.04.2013


Dundee Securities Corp JOE FAZZINI buy 5 M 4 Not Provided 12.04.2013


Stonecap Securities Inc BRIAN SZETO outperform 5 M 4 12 month 11.04.2013

Cormark Securities Inc. KYLE MCPHEE buy 5 N 4 12 month 10.04.2013

PI Financial Corp. PHILIP KER buy 5 M 4 12 month 10.04.2013


M Partners Inc INGRID RICO buy 5 M 4 12 month 10.04.2013






MGI Securities MARC PAIS buy 5 M 5 12 month 05.07.2011

Holdings By:

Timmins Gold Corp ee


19.04.2013

Northern Star Resources Ltd is an Australian Gold Producer with tenement

holdings and gold deposits located in the Ashburton - Pilbara Region of Western

Australia.


LTM as of: 01/yy

52-Week High (26.11.2012) 1.59

52-Week Low (16.05.2012) 0.61

Daily Volume

0.705












NST AU EQUITY YTD Change - Average Volume 30 Day 3'930'273

NST AU EQUITY YTD % CHANGE - Average Volume 3 Month 3'729'712


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

- - - 114.9 99.5 - - 140.4 179.3 - -

- - - 1.11x 2.55x - - 1.76x 1.22x - -

(0.1) (5.1) (1.3) 45.1 47.5 - - 72.4 103.3 - -

- - - 2.83x 5.35x - - 3.59x 2.52x - -

(0.1) (4.7) (1.3) 16.3 22.0 - - 35.5 52.2 - -

- - - 7.80x 12.62x - - 8.01x 5.97x - -











EBITDA Margin 50.7%



Asset Turnover 1.05







Fiscal Year Ended

Northern Star Resources LtdPrice/Volume

Valuation Analysis

5'830'544.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'''-----..

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20.0

40.0

60.0

80.0

100.0

120.0

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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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19.04.2013




INVESTMET LIMITED n/a EXCH 21'946'900 5.17 (18'089'000) 30.11.2012 Corporation

PARADICE INVESTMENT n/a EXCH 18'915'010 4.46 (2'872'573) 08.01.2013 Investment Advisor

BEAMENT WILLIAM JAME n/a EXCH 12'134'735 2.86 - 30.11.2012 n/a


FOTIOS MICHAEL GEORG n/a EXCH 7'103'474 1.67 (7'400'000) 30.11.2012 n/a

ROWE CHRISTOPHER n/a EXCH 3'986'195 0.94 - 30.11.2012 n/a


MORGAN STANLEY AUSTR n/a EXCH 3'202'580 0.75 (36'529'953) 04.12.2012 Investment Advisor





BROWN KAREN ELIZABET n/a Co File 1'191'666 0.28 - 30.06.2012 n/a

MACQUARIE GROUP n/a ULT-AGG 1'168'772 0.28 (310'278) 30.06.2011 Investment Advisor

O'CONNOR PETER EDMUN n/a EXCH 850'000 0.2 - 03.12.2012 n/a

BHR FUND ADVISORS LP Multiple Portfolios MF-AGG 500'000 0.12 100'000 31.01.2013 Investment Advisor

PARRY RAYMOND JOSEPH n/a Co File 378'334 0.09 - 30.06.2012 n/a

OBERWEIS ASSET MANAG Multiple Portfolios MF-AGG 316'200 0.07 316'200 31.12.2012 Investment Advisor



Paterson Securities TIM MCCORMACK buy 5 M 1 12 month 16.04.2013

Hartleys MIKE MILLIKAN buy 5 M 1 12 month 19.03.2013


Argonaut Securities Pty Ltd PATRICK CHANG buy 5 M 2 12 month 28.02.2013


Holdings By:

Northern Star Resources Ltd ee


19.04.2013

Romarco Minerals, Inc. is an emerging gold producer. The Company's flagship

project is the Haile Gold Mine in South Carolina.


LTM as of: 12/yy

52-Week High (17.09.2012) 1.40

52-Week Low (17.04.2013) 0.44

Daily Volume

0.485












R CN EQUITY YTD Change - Average Volume 30 Day 1'480'469

R CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'253'678


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(3.6) (7.3) (65.4) (15.3) (11.8) (15.3) (11.8) (9.3) (8.8) - -

- - - - - 0.00x 0.00x - - - -

(4.5) (7.2) (66.2) (15.7) (11.9) (15.7) (11.9) (9.3) (13.0) - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Romarco Minerals IncPrice/Volume

Valuation Analysis

319'597.00


'

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0.7

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0.9

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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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19.04.2013


BLACKROCK n/a ULT-AGG 149'323'767 25.53 28'561'563 16.04.2013 Investment Advisor







COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 11'830'030 2.02 (54'088) 30.11.2012 Bank

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 11'093'500 1.9 (147'500) 31.12.2012 Investment Advisor



QUANTEX AG Multiple Portfolios MF-AGG 3'750'000 0.64 (100'000) 29.03.2013 Investment Advisor





SPROTT INC Multiple Portfolios MF-AGG 2'266'700 0.39 - 31.12.2012 Hedge Fund Manager

COLONIAL FIRST STATE Multiple Portfolios MF-AGG 1'959'403 0.33 - 19.10.2012 Investment Advisor

GARRETT DIANE RENEE n/a SEDI 1'536'500 0.26 400'000 23.02.2012 n/a





RBC Capital Markets SAM CRITTENDEN sector perform 3 M 1 12 month 02.04.2013


Paradigm Capital Inc DON BLYTH speculative buy 4 M 2 12 month 11.03.2013

Euro Pacific Capital Inc HEIKO IHLE buy 5 N 2 12 month 28.09.2012

Holdings By:

Romarco Minerals Inc ee


19.04.2013

Real Gold Mining Limited mines gold and processes ore into concentrates

containing gold and other minerals for subsequent sale.


LTM as of: 06/yy

52-Week High (18.04.2012) 8.81

52-Week Low (18.04.2012) 8.81

Daily Volume

8.81

52-Week High % Change 0.00% Dividend Yield 0.60




8'006.41 1 Yr Total Return 0.00%






Average Volume 5 Day 0

246 HK EQUITY YTD Change - Average Volume 30 Day 0

246 HK EQUITY YTD % CHANGE - Average Volume 3 Month 0


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 06/yy 06/yy 12/11 Y 12/12 Y 09/11 Q3 12/11 Q4

- 8.0 312.3 1'011.2 1'368.2 1'185.7 1'523.7 - - - -

- - - 5.88x 5.55x 0.00x 0.00x - - - -

(0.1) (1.1) 190.4 768.9 1'187.9 0.0 0.0 - - - -

- - - 7.73x 6.39x 0.00x 0.00x - - - -

(0.1) (2.2) 103.9 526.7 798.0 650.8 831.3 - - - -

- - - 13.02x 12.06x 0.00x 0.00x - - - -


EBIT 1'149.66 Long-Term Rating -









EBITDA Margin 86.8%



Asset Turnover 0.34








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Real Gold Mining LtdPrice/Volume

Valuation Analysis

0.00


'-.0123456

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200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

'!''

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19.04.2013


CITIGROUP INCORPORAT n/a EXCH 245'182'757 26.98 - 12.06.2012 Investment Advisor

LV DEZHI n/a EXCH 226'250'667 24.9 - 27.09.2012 n/a

LEAD HONEST MANAGEME n/a Research 140'000'000 15.41 (234'376'000) 26.09.2012 Other

LEAD HONEST MANAGEME n/a Short (126'967'191) -13.97 - 31.12.2011 Other

SHI GUANGWEI n/a EXCH 113'125'333 12.45 - 27.09.2012 n/a

VALUE PARTNERS GROUP n/a ULT-AGG 77'678'000 8.55 - 26.09.2012 Corporation


GCIC LTD/CANADA Multiple Portfolios MF-AGG 17'816'505 1.96 - 31.12.2012 Investment Advisor

MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 16'916'500 1.86 - 30.06.2012 Unclassified





MACQUARIE GROUP n/a ULT-AGG 4'353'500 0.48 - 30.06.2011 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 4'103'427 0.45 - 28.12.2012 Mutual Fund Manager


FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 2'762'500 0.3 - 28.02.2013 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 2'500'500 0.28 - 28.02.2013 Investment Advisor

CITIGROUP INCORPORAT n/a Short (2'409'129) -0.27 - 12.06.2012 Investment Advisor

SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 1'788'000 0.2 - 28.02.2013 Investment Advisor


EVA Dimensions TEAM COVERAGE buy 5 N #N/A N/A Not Provided 14.07.2012

BOCOM International Holdings RONGJIN LUO neutral 3 D 9 12 month 03.06.2011

Kingsway SW Securities ZIBO CHEN buy 5 M 19 Not Provided 14.03.2011

Holdings By:

Real Gold Mining Ltd ee


19.04.2013

Golden Star Resources Ltd. is a mid-tier gold mining company. The Company's

operating mines are situated along the Ashanti Gold Belt in Ghana, West Africa.


LTM as of: 12/yy

52-Week High (16.10.2012) 2.11

52-Week Low (22.05.2012) 0.90

Daily Volume

0.9698












GSS US EQUITY YTD Change - Average Volume 30 Day 2'255'240

GSS US EQUITY YTD % CHANGE - Average Volume 3 Month 1'854'718


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

257.4 - 432.7 471.0 550.5 471.0 550.5 558.1 589.4 136.0 131.7

1.43x - 2.72x 0.98x 0.95x 4.90x 3.58x 0.60x 0.61x 2.13x 2.20x

1.8 - 107.6 91.8 124.7 91.8 125.8 135.7 199.8 33.7 33.7

200.09x - 10.93x 5.00x 4.18x 5.00x 4.14x 2.12x 1.44x 2.14x 2.19x

(119.3) - (11.2) (2.1) (9.5) (2.1) (9.5) 19.9 48.3 6.9 6.9

- - - - - 0.00x 0.00x 26.21x 5.91x 9.90x 7.78x











EBITDA Margin 22.8%



Asset Turnover 0.76







Fiscal Year Ended

Golden Star Resources LtdPrice/Volume

Valuation Analysis

233'639.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

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200.0

300.0

400.0

500.0

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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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19.04.2013




HEARTLAND ADVISORS I HEARTLAND ADVISORS I 13F 25'985'870 10.03 (1'326'930) 31.12.2012 Investment Advisor



STATE STREET n/a ULT-AGG 4'885'815 1.89 (5'940) 17.04.2013 Investment Advisor




PRINCIPAL FINANCIAL n/a ULT-AGG 3'093'334 1.19 1'200'671 31.12.2012 Investment Advisor


BATTERYMARCH FINANCI BATTERYMARCH FINANCI 13F 2'625'741 1.01 125'700 31.12.2012 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 2'259'552 0.87 1'129'776 31.12.2012 Investment Advisor



NEW YORK STATE COMMO NEW YORK STATE COMMO 13F 1'725'479 0.67 206'700 31.12.2012 Pension Fund (ERISA)

SYSTEMATIC FINANCIAL SYSTEMATIC FINANCIAL 13F 1'647'710 0.64 277'080 31.12.2012 Investment Advisor

LEGG MASON CAPITAL M Multiple Portfolios MF-AGG 1'467'781 0.57 - 31.12.2012 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 1'164'787 0.45 (51'919) 31.12.2012 Investment Advisor

BPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 1'113'498 0.43 - 31.12.2012 Mutual Fund Manager







Credit Suisse ANITA SONI underperform 1 D 1 Not Provided 03.04.2013


Macquarie PIERRE VAILLANCOURT neutral 3 M 2 12 month 07.03.2013


Holdings By:

Golden Star Resources Ltd ee


19.04.2013

Premier Gold Mines Limited is a mining and exploration company focused on

developing gold projects worldwide.


LTM as of: 12/yy

52-Week High (21.09.2012) 6.79

52-Week Low (17.04.2013) 1.64

Daily Volume

1.69












PG CN EQUITY YTD Change - Average Volume 30 Day 939'726

PG CN EQUITY YTD % CHANGE - Average Volume 3 Month 850'116


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 0.0 0.0 0.0 0.9 0.0 0.0 - -

- - - - - #DIV/0! 2932.95x - - - -

(3.2) (6.2) (13.2) (11.9) (12.5) (5.4) (12.2) (12.5) (12.5) - -

- - - - - 0.00x 0.00x - - - -

0.2 (3.7) (10.9) (16.8) (32.1) (16.8) (32.1) (14.2) (17.7) - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -





Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Premier Gold Mines LtdPrice/Volume

Valuation Analysis

335'570.00


'

-

.

0

1

2

3

4

5

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0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2'!''

-''!''

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19.04.2013


FMR LLC n/a ULT-AGG 19'258'570 12.9 - 28.02.2013 Investment Advisor

GCIC LTD/CANADA n/a Co File 13'896'800 9.31 3'271'500 31.10.2012 Investment Advisor


IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 7'832'701 5.25 (10'800) 31.01.2013 Investment Advisor

DOWNIE EWAN S n/a SEDI 3'123'101 2.09 35'000 04.04.2013 n/a

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 2'900'000 1.94 275'000 31.12.2012 Mutual Fund Manager




SHARE SICAV Multiple Portfolios MF-AGG 947'736 0.63 (148'500) 31.12.2012 Investment Advisor




MIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 800'000 0.54 (100'000) 28.03.2013 Mutual Fund Manager

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 705'900 0.47 - 31.12.2012 Investment Advisor

US GLOBAL INVESTORS Multiple Portfolios MF-AGG 700'000 0.47 10'000 31.12.2012 Investment Advisor



AGF INVESTMENTS INC Multiple Portfolios MF-AGG 556'136 0.37 (15'100) 28.09.2012 Investment Advisor




Laurentian Bank Securities ERIC LEMIEUX speculative buy 4 M 4 12 month 16.04.2013

CIBC World Markets JEFF KILLEEN sector perform 3 M 7 Not Provided 11.04.2013

Canaccord Genuity Corp STEVEN BUTLER speculative buy 4 M 7 12 month 11.04.2013


Octagon Capital Corporation ANNIE ZHANG speculative buy 4 M 6 12 month 02.04.2013


Beacon Securities Ltd MICHAEL CURRAN buy 5 N 6 12 month 26.03.2013


Cantor Fitzgerald ROB CHANG buy 5 M 7 12 month 25.02.2013

Mackie Research Capital Corp. BARRY D ALLAN speculative buy 4 M #N/A N/A Not Provided 30.01.2013


Holdings By:

Premier Gold Mines Ltd ee


19.04.2013

Tanzanian Royalty Exploration Corporation acquires, explores, and develops

mineral properties. The Company explores for gold.


LTM as of: 02/yy

52-Week High (21.09.2012) 5.34

52-Week Low (18.04.2013) 2.45

Daily Volume

2.599












TRX US EQUITY YTD Change - Average Volume 30 Day 552'807

TRX US EQUITY YTD % CHANGE - Average Volume 3 Month 459'043


31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 02/yy 02/yy 08/13 Y 08/14 Y 05/13 Q3 08/13 Q4

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(2.9) (3.4) (3.0) (4.3) (5.1) (4.6) (5.0) - - - -

- - - - - 0.00x 0.00x - - - -

(3.7) (4.7) (3.4) (11.1) (8.9) (14.6) (2.2) - - - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Tanzanian Royalty Exploration CorpPrice/Volume

Valuation Analysis

141'289.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

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!2 9

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-!2 9

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.!2 9

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0!2 9

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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19.04.2013



GEIER GROUP LLC n/a 13G 4'879'743 4.85 (4'801'048) 10.11.2011 Other


SINCLAIR JAMES E n/a SEDI 1'885'543 1.87 (1'000) 08.02.2013 n/a

BPI GLOBAL INVESTMEN Multiple Portfolios MF-AGG 673'902 0.67 (37'877) 28.09.2012 Mutual Fund Manager


MORROW ROSALIND n/a SEDI 424'047 0.42 17'903 29.05.2012 n/a



BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 334'811 0.33 4'654 31.03.2013 Investment Advisor

HARVEY WILLIAM M n/a SEDI 332'358 0.33 12'845 08.05.2012 n/a


PORTOLA GROUP INCORP PORTOLA GROUP INCORP 13F 212'560 0.21 - 31.12.2012 Investment Advisor

CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 185'212 0.18 4'819 31.12.2012 Investment Advisor




LUIS VICTORIA n/a 20F 144'045 0.14 - 31.10.2012 n/a

BANK OF AMERICA CORP BANK OF AMERICA 13F 97'451 0.1 (17'701) 31.12.2012 Investment Advisor

COMMONWEALTH EQUITY COMMONWEALTH EQUITY 13F 95'500 0.09 13'000 31.03.2013 Investment Advisor


#N/A N/A

Holdings By:

Tanzanian Royalty Exploration Corp ee


19.04.2013

Banro Corporation, through its subsidiary, explores and develops gold

properties. The Company currently holds mining permits and mining concessions

in the Democratic Republic of Congo in Africa.


LTM as of: 12/yy

52-Week High (07.09.2012) 5.03

52-Week Low (15.04.2013) 1.03

Daily Volume

1.09












BAA CN EQUITY YTD Change - Average Volume 30 Day 2'873'011

BAA CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'995'308


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 0.0 42.6 0.0 42.6 169.7 435.7 36.9 36.2

- - - - 16.23x #DIV/0! 80.50x - - - -

(6.2) (7.6) (10.3) (10.2) 6.0 (10.2) 6.0 84.0 262.0 - -

- - - - 114.64x 0.00x 114.64x 4.07x 1.31x - -

(8.5) (4.8) (3.0) (9.3) (4.6) (9.3) (4.6) 37.6 166.3 - -

9.34x - - - - 0.00x 0.00x 7.08x 1.39x 6.14x 3.05x











EBITDA Margin 14.2%



Asset Turnover 0.08







Fiscal Year Ended

Banro CorpPrice/Volume

Valuation Analysis

99'473.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

M -. i -. f -. f -. M -. o -. l -. j -. T -. f -0 a -0 i -0 M -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9-'!' 9

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-''!''

.''!''

0''!''

1''!''

2''!''

3''!''

4''!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



19.04.2013





IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 14'067'000 6.97 4'088'200 31.12.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 12'134'500 6.01 1'226'600 31.12.2012 Investment Advisor



WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 4'835'785 2.4 778'978 31.12.2012 Investment Advisor

ACUITY INVESTMENT MA ACUITY INVESTMENT MA 13F 4'624'900 2.29 1'689'300 31.12.2012 Investment Advisor

TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 4'085'541 2.02 1'766'536 31.12.2012 Investment Advisor



SCEPTRE INVESTMENT C Multiple Portfolios MF-AGG 3'824'682 1.89 (593'900) 31.01.2013 Investment Advisor


FIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 2'152'177 1.07 (4'660'861) 31.03.2013 Investment Advisor


BRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 2'026'058 1 (41'296) 31.03.2013 Hedge Fund Manager


CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 1'842'700 0.91 (641'000) 31.12.2012 Investment Advisor





BMO Capital Markets ANDREW BREICHMANAS restricted #N/A N/A M #N/A N/A Not Provided 09.04.2013

Goldman Sachs EUGENE KING neutral/neutral 3 M 3 12 month 15.03.2013

Cormark Securities Inc. MIKE KOZAK speculative buy 4 M 3 12 month 07.03.2013

GMP BROCK SALIER buy 5 M 6 12 month 04.02.2013

Holdings By:

Banro Corp ee


19.04.2013

Rainy River Resources Ltd. is a gold exploration and production company.


LTM as of: 12/yy

52-Week High (10.10.2012) 6.17

52-Week Low (17.04.2013) 1.97

Daily Volume

2.14












RR CN EQUITY YTD Change - Average Volume 30 Day 544'032

RR CN EQUITY YTD % CHANGE - Average Volume 3 Month 667'215


30.09.2007 30.09.2008 30.09.2009 30.09.2010 30.09.2011 09/yy 12/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.3 - -

- - - - - #DIV/0! #DIV/0! #DIV/0! 465.11x - -

(4.2) (2.6) (4.2) (9.1) (16.1) (16.1) (64.6) (59.2) (15.2) - -

- - - - - 0.00x 0.00x - - - -

(1.8) (1.0) (3.6) (6.8) (13.5) (13.5) (65.9) (62.0) (22.2) - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Rainy River Resources LtdPrice/Volume

Valuation Analysis

44'236.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

4

M -. i -. f -. f -. M -. o -. l -. j -. T -. f -0 a -0 i -0 M -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



19.04.2013



SALIDA CAPITAL LP n/a Co File 8'043'070 8.05 (655'430) 30.11.2011 Investment Advisor

JP MORGAN n/a ULT-AGG 3'170'900 3.17 313'000 28.02.2013 Investment Advisor



BEREZAN LEO n/a SEDI 1'334'048 1.33 17'000 22.05.2012 n/a

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 947'328 0.95 - 31.01.2013 Investment Advisor

QUANTEX AG Multiple Portfolios MF-AGG 830'000 0.83 118'000 29.03.2013 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 800'000 0.8 800'000 31.12.2012 Mutual Fund Manager


GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 524'985 0.53 22'038 16.04.2013 Investment Advisor

CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 455'700 0.46 - 31.12.2012 Investment Advisor


VANGUARD GROUP INC Multiple Portfolios MF-AGG 399'600 0.4 - 31.03.2013 Investment Advisor

AVERILL STUART ALLAN n/a SEDI 360'000 0.36 5'000 06.02.2013 n/a

LAZARIDIS MICHAEL n/a SEDI 355'000 0.36 - 14.03.2012 n/a



UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 300'000 0.3 - 30.06.2012 Mutual Fund Manager

SOCIETE GENERALE Multiple Portfolios MF-AGG 281'300 0.28 281'300 30.11.2012 Bank


Stifel CRAIG P STANLEY hold 3 M #N/A N/A Not Provided 15.04.2013



Desjardins Securities ADAM MELNYK buy 5 M 6 12 month 12.04.2013

Casimir Capital ERIC WINMILL speculative buy 4 M 7 12 month 12.04.2013

RBC Capital Markets SAM CRITTENDEN sector perform 3 M 5 12 month 11.04.2013




Holdings By:

Rainy River Resources Ltd ee


19.04.2013

Indophil Resources NL is a mineral exploration company that acquires, explores

and develops gold and copper-gold resources in the Asia-Pacific region.


LTM as of: 01/yy

52-Week High (19.04.2012) 0.43

52-Week Low (22.11.2012) 0.22

Daily Volume

0.27












IRN AU EQUITY YTD Change - Average Volume 30 Day 1'249'665

IRN AU EQUITY YTD % CHANGE - Average Volume 3 Month 1'265'645


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

0.0 0.0 0.0 0.0 0.0 - - - - - -

- - - - - - - - - - -

(20.8) (17.1) (7.7) (7.9) (17.7) - - - - - -

- - - - - - - - - - -

(14.8) (10.6) 2.3 1.0 5.5 - - - - - -

- - 196.30x 319.23x 52.17x - - - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Indophil Resources NLPrice/Volume

Valuation Analysis

260'359.00


''''''''''

M -. i -. f -. f -. M -. o -. l -. j -. T -. f -0 a -0 i -0 M -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



19.04.2013


ALSONS DEVELOPMENT & n/a EXCH 240'508'334 19.99 141'041'667 06.02.2012 Corporation

XSTRATA PLC n/a EXCH 157'189'422 13.06 - 06.02.2012 Corporation

L1 CAPITAL PTY LTD #N/A N/A EXCH 77'094'557 6.41 (12'125'963) 10.04.2013 Mutual Fund Manager



UBS n/a ULT-AGG 52'235'438 4.34 - 17.06.2011 Unclassified

SAN MIGUEL CORP n/a EXCH 48'016'960 3.99 - 17.06.2011 Corporation

MORGAN STANLEY n/a ULT-AGG 26'097'859 2.17 (27'664'747) 10.10.2011 Investment Advisor

ACORN CAPITAL LTD n/a EXCH 20'419'416 1.7 - 09.02.2012 Investment Advisor

UNISUPER n/a EXCH 19'610'481 1.63 - 09.02.2012 Other

WESTOZ FUNDS MANAGEM Multiple Portfolios MF-AGG 16'200'000 1.35 - 30.06.2011 Mutual Fund Manager

SUNSUPER FUND n/a EXCH 13'290'433 1.1 - 09.02.2012 Other

HEALTH SUPER n/a EXCH 9'408'868 0.78 - 09.02.2012 Other

MICROCAP INVESTMENT n/a EXCH 9'086'904 0.76 - 09.02.2012 Other

CBA OFFICERS SUPER F n/a EXCH 8'280'549 0.69 - 09.02.2012 Other



QLD LOCAL GOVT SUPER n/a EXCH 5'326'550 0.44 - 09.02.2012 Other

AUSCOAL SUPER FUND n/a EXCH 4'856'892 0.4 - 09.02.2012 Other

MILITARY SUPER & BEN n/a EXCH 4'371'077 0.36 - 09.02.2012 Other



Holdings By:

Indophil Resources NL ee


19.04.2013

Colossus Minerals Inc. is a mineral exploration and production company. The

Company explores for and develops gold-platinum-palladium properties in Brazil.


LTM as of: 12/yy

52-Week High (20.09.2012) 6.03

52-Week Low (17.04.2013) 1.77

Daily Volume

1.88












CSI CN EQUITY YTD Change - Average Volume 30 Day 1'514'575

CSI CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'215'467


31.07.2008 31.07.2009 31.07.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 0.0 0.0 0.0 0.0 70.9 313.3 - -

- - - - - #DIV/0! #DIV/0! 2.43x -0.20x - -

(2.5) (2.7) (9.5) (29.3) (32.9) (29.3) (32.9) 14.8 270.5 (6.9) (6.9)

- - - - - 0.00x 0.00x 14.00x 0.77x 13.99x 3.27x

(2.3) (4.6) (9.7) (32.1) (30.1) (32.1) (30.1) 8.7 171.8 (8.6) (8.6)

- - - - - 0.00x 0.00x 25.10x 1.19x - 5.09x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Colossus Minerals IncPrice/Volume

Valuation Analysis

168'054.00


'

-

.

0

1

2

3

4

M -. i -. f -. f -. M -. o -. l -. j -. T -. f -0 a -0 i -0 M -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



19.04.2013


ARIAS RESOURCE CAPIT n/a Co File 10'833'800 10.13 - 11.03.2013 Private Equity

ACUITY INVESTMENT MA n/a Co File 10'530'371 9.85 - 31.10.2012 Investment Advisor

SPROTT ASSET MANAGEM n/a Co File 9'947'500 9.3 (1'572'900) 28.02.2013 Investment Advisor




SUSSMAN ARI B n/a SEDI 1'761'401 1.65 50'000 27.06.2012 n/a

MCLEAN BUDDEN LTD Multiple Portfolios MF-AGG 1'459'400 1.36 (37'490) 28.02.2013 Investment Advisor

MANULIFE ASSET MANAG Multiple Portfolios MF-AGG 1'151'864 1.08 (6'989) 28.02.2013 Investment Advisor

CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 1'059'133 0.99 (996) 31.12.2012 Investment Advisor


KISHIDA AUGUSTO n/a SEDI 958'000 0.9 - 09.08.2012 n/a


SENTRY SELECT CAPITA Multiple Portfolios MF-AGG 553'600 0.52 - 30.06.2011 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 527'115 0.49 (6'612) 28.02.2013 Investment Advisor

US GLOBAL INVESTORS Multiple Portfolios MF-AGG 525'000 0.49 - 31.12.2012 Investment Advisor



FROSTIAK JOHN n/a SEDI 229'800 0.21 50'000 16.02.2013 n/a

FIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 207'600 0.19 - 30.11.2012 Investment Advisor




Clarus Securities JAMIE SPRATT speculative buy 4 M 8 12 month 05.04.2013



Holdings By:

Colossus Minerals Inc ee


19.04.2013

Aurcana Corporation is a Canadian silver producing company. The Company

acquires, explores and develops properties for silver, copper, lead, and zinc in

Mexico and the United States.


LTM as of: 12/yy

52-Week High (25.09.2012) 1.26

52-Week Low (17.04.2013) 0.35

Daily Volume

0.41












AUN CN EQUITY YTD Change - Average Volume 30 Day 2'183'288

AUN CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'974'379


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

8.8 16.1 26.1 47.5 56.9 46.7 56.9 142.0 254.0 23.7 28.0

2.82x 3.07x 9.14x 5.75x 7.57x 20.49x 30.45x 1.01x - - -

(7.2) 0.6 6.6 14.3 20.5 14.0 20.4 82.2 141.0 - -

- 89.59x 36.10x 19.12x 21.04x 19.47x 21.06x 2.29x 1.33x - -

(24.1) 3.8 (8.8) 7.0 9.9 6.9 9.9 45.3 75.5 7.3 9.6

- 11.17x - 35.50x 46.50x 35.86x 46.57x 4.94x 3.39x 5.13x 3.73x











EBITDA Margin 36.0%



Asset Turnover 0.33







Fiscal Year Ended

Aurcana CorpPrice/Volume

Valuation Analysis

1'118'379.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

'

'

-

-

-

-

-

M -. i -. f -. f -. M -. o -. l -. j -. T -. f -0 a -0 i -0 M -0!' 92!' 9-'!' 9-2!' 9.'!' 9.2!' 90'!' 902!' 91'!' 912!' 92'!' 9

0.0

10.0

20.0

30.0

40.0

50.0

60.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-''!''

.''!''

0''!''

1''!''

2''!''

3''!''

4''!''

5''!''

6''!''

-''''!''

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19.04.2013


WELLINGTON MANAGEMEN n/a Co File 45'550'121 9.75 - 10.10.2012 Investment Advisor


SPROTT INC n/a Co File 35'011'380 7.49 (5'168'500) 28.03.2013 Hedge Fund Manager

BLACKROCK n/a ULT-AGG 9'038'125 1.93 (200) 16.04.2013 Investment Advisor

GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 5'938'256 1.27 - 16.04.2013 Investment Advisor

RODRIGUEZ LENIC n/a PROXY 1'500'000 0.32 - 09.04.2012 n/a

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 1'294'500 0.28 - 28.02.2013 Investment Advisor

AGUIRRE GOMEZ ADRIAN n/a SEDI 1'280'000 0.27 (100'000) 05.02.2013 n/a

AQR CAPITAL MANAGEME Multiple Portfolios MF-AGG 1'246'774 0.27 - 28.02.2013 Hedge Fund Manager


MATRIX FUND MANAGEME Multiple Portfolios MF-AGG 665'000 0.14 (60'000) 30.11.2012 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 565'000 0.12 (140'000) 28.02.2013 Mutual Fund Manager

HUERTA SALVADOR n/a SEDI 360'000 0.08 (100'000) 02.10.2012 n/a

USSEPA HOLDINGS LTD n/a PROXY 350'000 0.07 - 09.04.2012 Other

RADIAN GROUP n/a ULT-AGG 326'300 0.07 (15'000) 31.12.2012 Insurance Company

GUSTAVIADAVEGARDH FO Multiple Portfolios MF-AGG 299'000 0.06 299'000 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 264'900 0.06 - 28.02.2013 Investment Advisor

IFOS INTERNATIONALE Multiple Portfolios MF-AGG 240'000 0.05 - 28.02.2013 Investment Advisor

ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 235'000 0.05 - 31.12.2012 Mutual Fund Manager

CB-ACCENT LUX SICAV Multiple Portfolios MF-AGG 200'000 0.04 - 28.03.2013 Mutual Fund Manager







Holdings By:

Aurcana Corp ee


19.04.2013

Asanko Gold Inc. is a gold development company focussing on near term gold

production at its Esaase gold project in Ghana, West Africa.


LTM as of: 12/yy

52-Week High (09.11.2012) 4.39

52-Week Low (17.04.2013) 2.26

Daily Volume

2.42












AKG CN EQUITY YTD Change - Average Volume 30 Day 261'282

AKG CN EQUITY YTD % CHANGE - Average Volume 3 Month 305'264


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(4.0) (3.2) (6.3) (38.4) (35.6) (49.2) (31.2) (12.7) (14.4) - -

- - - - - 0.00x 0.00x - - - -

(4.2) (3.7) (6.4) (34.9) (38.2) (41.4) (21.6) (22.2) (14.0) - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Asanko Gold IncPrice/Volume

Valuation Analysis

28'032.00


'--..001122

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!2 9

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-!2 9

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.!2 9

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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19.04.2013



HIGHLAND PARK SA n/a SEDI 8'191'174 9.63 - 13.11.2012 Other


BEUTEL GOODMAN & COM n/a 13G 5'457'500 6.42 477'500 31.12.2012 Investment Advisor

SPROTT INC SPROTT INC 13F 3'702'527 4.35 687'323 31.12.2012 Hedge Fund Manager

SPROTT INC n/a 13G 3'702'527 4.35 (546'938) 31.12.2012 Hedge Fund Manager


MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 2'160'300 2.54 2'160'300 31.12.2012 Investment Advisor


SALI ROBERT J n/a SEDI 830'000 0.98 150'000 16.05.2012 n/a

SENTRY SELECT CAPITA Multiple Portfolios MF-AGG 675'000 0.79 - 30.06.2011 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 668'544 0.79 652'571 31.12.2012 Bank

BANK OF AMERICA CORP BANK OF AMERICA 13F 558'000 0.66 515'800 31.12.2012 Investment Advisor




SEAMANS CAPITAL MANA SEAMANS CAPITAL MANA 13F 318'200 0.37 318'200 31.12.2012 Investment Advisor


BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 267'599 0.31 (12'274) 31.03.2013 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 243'326 0.29 (311'900) 31.12.2012 Pension Fund (ERISA)





Cormark Securities Inc. MIKE KOZAK speculative buy 4 M 5 12 month 15.03.2013

Scotia Capital LEILY OMOUMI sector perform 3 M 5 12 month 14.03.2013

RBC Capital Markets JONATHAN GUY sector perform 3 M 3 12 month 25.02.2013

Jennings Capital DAN HRUSHEWSKY buy 5 M 6 12 month 21.02.2013

BMO Capital Markets ANDREW BREICHMANAS Speculative Underperform 2 D 3 Not Provided 19.02.2013

Holdings By:

Asanko Gold Inc ee


19.04.2013

Sulliden Gold Corp Ltd. is a mineral exploration company. The Company is

focused on the development of its Shahuindo Gold Project located in northern

Peru.


LTM as of: 01/yy

52-Week High (23.08.2012) 1.44

52-Week Low (15.04.2013) 0.66

Daily Volume

0.79












SUE CN EQUITY YTD Change - Average Volume 30 Day 885'483

SUE CN EQUITY YTD % CHANGE - Average Volume 3 Month 770'996


30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 01/yy 01/yy 04/13 Y 04/14 Y 04/13 Q4 07/13 Q1

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(2.5) - (6.2) (8.8) (11.9) (11.8) (4.3) (5.2) (7.4) - -

- - - - - 0.00x 0.00x - - - -

(4.2) (2.6) (4.4) (10.3) (13.3) (13.6) (4.9) (3.6) (11.3) - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sulliden Gold Corp LtdPrice/Volume

Valuation Analysis

44'187.00


'

'

'

-

-

-

-

-

.

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0.0

0.1

0.1

0.2

0.2

0.3

0.3

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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19.04.2013


AGNICO-EAGLE MINES L n/a SEDI 26'966'292 11.07 - 09.04.2013 Corporation


ABERDEEN INTERNATION n/a Co File 15'904'572 6.53 - 31.07.2012 Unclassified


MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 5'573'512 2.29 12 31.01.2013 Investment Advisor


BEUTEL GOODMAN & COM Multiple Portfolios MF-AGG 5'166'300 2.12 - 28.02.2013 Investment Advisor


ACUITY INVESTMENT MA Multiple Portfolios MF-AGG 2'526'626 1.04 (426'700) 28.09.2012 Investment Advisor

BHARTI STAN n/a SEDI 1'563'955 0.64 (325'000) 08.02.2013 n/a

FERNANDEZ-CONCHA STU n/a SEDI 1'435'000 0.59 250'000 20.10.2011 n/a

COLEMAN JAMES H n/a SEDI 1'108'614 0.46 - 21.10.2011 n/a

FIRST TRUST ADVISORS Multiple Portfolios MF-AGG 873'837 0.36 74'336 28.02.2013 Investment Advisor

HUMPHREY RAYMOND BRU n/a PROXY 862'978 0.35 - 05.09.2012 n/a

MOORE GEOFFREY S n/a SEDI 829'423 0.34 100'000 04.10.2012 n/a

UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 800'000 0.33 - 30.06.2012 Mutual Fund Manager

FRONT BARNETT ASSOCI FRONT BARNETT ASSOCI 13F 609'700 0.25 - 31.12.2012 Investment Advisor

AMIREAULT STEPHANE n/a SEDI 516'500 0.21 200'000 30.03.2013 n/a

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 510'000 0.21 - 31.01.2013 Mutual Fund Manager

CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 450'631 0.19 (119'700) 29.02.2012 Investment Advisor


BMO Capital Markets ANDREW KAIP speculative outperform 4 M 1 Not Provided 16.04.2013

Raymond James GARY J BASCHUK strong buy 5 M 2 12 month 16.04.2013

Desjardins Securities ADAM MELNYK buy 5 M 2 Not Provided 16.04.2013



Kallpa Securities SAB HUMBERTO LEON overweight 5 M 2 12 month 12.04.2013



Mine2Capital Inc ALKA SINGH buy 5 N 2 Not Provided 24.12.2012

Holdings By:

Sulliden Gold Corp Ltd ee


19.04.2013

Bear Creek Mining Corporation acquires and explores mineral properties. The

Company is currently conducting silver and gold exploration activities on its

prospects located in Peru.


LTM as of: 12/yy

52-Week High (01.10.2012) 3.81

52-Week Low (15.04.2013) 2.00

Daily Volume

2.3












BCM CN EQUITY YTD Change - Average Volume 30 Day 140'532

BCM CN EQUITY YTD % CHANGE - Average Volume 3 Month 133'681


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(16.5) (8.7) (16.8) (29.5) (31.2) (29.5) (31.2) (20.1) (22.4) - -

- - - - - 0.00x 0.00x - - - -

(18.1) (8.7) (16.3) (29.7) (31.0) (29.7) (31.0) (19.1) (12.3) - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Bear Creek Mining CorpPrice/Volume

Valuation Analysis

25'128.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

0

1

1

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0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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19.04.2013


SILVER WHEATON CORP #N/A N/A PROXY 13'264'305 14.38 - 17.04.2012 Corporation

SPROTT INC n/a Co File 9'772'057 10.6 1'478'600 31.01.2013 Hedge Fund Manager


ATLANTIC INVESTMENT ATLANTIC INVESTMENT 13F 8'367'550 9.07 2'308'300 31.12.2012 Investment Advisor


ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 1'542'800 1.67 - 31.03.2013 Investment Advisor

KEM CAPITAL LLC #N/A N/A SEDI 1'081'262 1.17 - 21.03.2012 Investment Advisor

MCLEOD-SELTZER CATHE n/a PROXY 966'562 1.05 - 17.04.2012 n/a

SWARTHOUT ANDREW n/a SEDI 879'592 0.95 5'000 06.12.2012 n/a

GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 868'539 0.94 - 16.04.2013 Investment Advisor


TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 660'000 0.72 - 31.12.2012 Investment Advisor



DE WITT DAVID E n/a PROXY 375'650 0.41 - 17.04.2012 n/a


AGF INVESTMENTS INC Multiple Portfolios MF-AGG 204'600 0.22 - 28.09.2012 Investment Advisor

DEAN COREY M n/a SEDI 185'000 0.2 35'000 11.11.2010 n/a

FALCON FUND MANAGEME Multiple Portfolios MF-AGG 146'500 0.16 20'100 28.02.2013 Investment Advisor








Holdings By:

Bear Creek Mining Corp ee


19.04.2013

Lake Shore Gold Corp. acquires and explores mineral properties. The Company is

currently exploring for gold in the gold mining district of northern Ontario

and Quebec.


LTM as of: 12/yy

52-Week High (13.06.2012) 1.17

52-Week Low (17.04.2013) 0.42

Daily Volume

0.44












LSG CN EQUITY YTD Change - Average Volume 30 Day 2'139'635

LSG CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'898'888


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 66.2 133.0 66.2 133.0 202.4 264.0 43.0 -

- - - 7.86x 3.05x 55.56x 12.58x 1.26x 0.78x - -

(9.6) (9.6) (19.4) 7.3 37.9 7.3 37.9 79.4 124.4 - -

- - - 70.97x 10.70x 70.97x 10.70x 3.49x 2.23x - -

(5.5) 2.1 (6.5) (10.9) (317.9) (10.9) (317.9) (3.4) 31.9 - -

- 413.00x - - - 0.00x 0.00x - 6.98x 20.95x -











EBITDA Margin 28.5%



Asset Turnover 0.14







Fiscal Year Ended

Lake Shore Gold CorpPrice/Volume

Valuation Analysis

233'793.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

'

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-

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0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

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0'!''

1'!''

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19.04.2013



GEOLOGIC RESOURCE PA GEOLOGIC RESOURCE PA 13F 23'388'000 5.61 8'876'000 31.12.2012 Hedge Fund Manager






LIBRA ADVISORS LLC LIBRA ADVISORS LLC 13F 3'489'300 0.84 (489'300) 31.12.2012 Hedge Fund Manager


CANADA PENSION PLAN CANADA PENSION PLAN 13F 3'303'624 0.79 - 31.12.2012 Pension Fund (ERISA)





DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'933'350 0.46 (50'500) 31.07.2012 Investment Advisor


JONES HEWARD INVESTM Multiple Portfolios MF-AGG 1'316'864 0.32 (13'000) 17.04.2013 Investment Advisor

HAUCK & AUFHAUSER IN Multiple Portfolios MF-AGG 1'100'000 0.26 - 28.02.2013 Mutual Fund Manager


JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 945'080 0.23 (19'268) 30.11.2012 Mutual Fund Manager







M Partners Inc INGRID RICO buy 5 M 2 12 month 09.04.2013




Holdings By:

Lake Shore Gold Corp ee


19.04.2013

Paramount Gold and Silver Corporation explores for precious metals in Mexico.


LTM as of: 12/yy

52-Week High (07.09.2012) 2.82

52-Week Low (17.04.2013) 1.44

Daily Volume

1.49












PZG US EQUITY YTD Change - Average Volume 30 Day 977'362

PZG US EQUITY YTD % CHANGE - Average Volume 3 Month 773'885


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

0.0 0.0 0.0 0.2 0.1 0.1 0.1 - - - -

- - - 2370.69x 4555.15x 16235.53x 22190.34x - - - -

(18.8) (7.3) (8.6) (11.6) (17.9) (14.9) (17.9) (8.0) (8.0) - -

- - - - - 0.00x 0.00x - - - -

(18.4) (7.2) (5.4) (28.5) (12.1) (0.9) (11.0) - - - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -





Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Paramount Gold and Silver CorpPrice/Volume

Valuation Analysis

210'287.00


'

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0.2

0.2

0.2

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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19.04.2013


FCMI FINANCIAL CORP n/a 13D 24'444'234 16.56 1'170'732 12.03.2013 Corporation




CRUPI CHRIS n/a Form 4 3'963'266 2.69 - 01.03.2013 n/a

CRUPI CHRISTOPHER n/a Form 4 3'958'266 2.68 5'000 29.01.2013 n/a




ROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 1'000'000 0.68 - 31.01.2013 Investment Advisor



MACKELLER IAN n/a 424B 577'500 0.39 - 19.04.2012 n/a

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 566'159 0.38 13'813 31.12.2012 Investment Advisor

AMERICAN INTERNATION n/a ULT-AGG 462'554 0.31 13'936 31.12.2012 Government

PORTER PARTNERS LP n/a 424B 446'250 0.3 - 19.04.2012 Other

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 444'859 0.3 (4'130) 31.03.2013 Investment Advisor

BARD ASSOCIATES INC BARD ASSOCIATES INC 13F 420'450 0.28 (2'000) 31.12.2012 Investment Advisor

TALKOT CAPITAL LLC TALKOT CAPITAL LLC 13F 400'000 0.27 400'000 31.12.2012 Hedge Fund Manager

KENNEDY SHAWN M n/a Form 4 364'735 0.25 (59'011) 04.03.2013 n/a



Stonecap Securities Inc CHRISTOS DOULIS not rated #N/A N/A M #N/A N/A Not Provided 01.03.2013

Holdings By:

Paramount Gold and Silver Corp ee


19.04.2013

Highland Gold Mining Limited is a holding company for a group of companies which

own operating and development assets in the Russian gold mining industry. The

Group's gold mining assets are located in the Far East of the Russian

Federation.


LTM as of: 01/yy

52-Week High (19.04.2012) 138.04

52-Week Low (17.04.2013) 75.50

Daily Volume

80.25












HGM LN EQUITY YTD Change - Average Volume 30 Day 1'170'443

HGM LN EQUITY YTD % CHANGE - Average Volume 3 Month 987'678


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

112.1 149.1 164.7 243.6 300.2 - - 348.9 396.9 - -

7.00x 1.02x 2.05x 3.16x 2.75x - - 1.07x 1.36x - -

28.9 38.7 56.5 120.3 156.5 - - 155.8 169.4 - -

27.17x 3.92x 5.97x 6.40x 5.27x - - 1.60x 1.48x - -

17.5 (232.4) 78.8 122.3 103.8 - - 104.3 98.2 - -

54.35x - 5.92x 7.81x 9.14x - - 3.92x 4.20x - -











EBITDA Margin 44.4%



Asset Turnover 0.38





Accounts Receivable Turnover - Cash Conversion Cycle 128.73



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Highland Gold Mining LtdPrice/Volume

Valuation Analysis

206'555.00


'

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0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

2!''

-'!''

-2!''

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19.04.2013


MILLHOUSE LLC n/a Co File 105'910'000 32.57 - 18.04.2011 Holding Company

BARRICK GOLD CORP n/a Co File 66'235'264 20.37 - 18.04.2011 Corporation

PROSPERITY CAPITAL M n/a RNS-MAJ 36'116'799 11.11 3'404'143 06.03.2013 Investment Advisor

SHVIDLER EVGENY MARK n/a RNS-DIR 28'057'794 8.63 2'037'794 13.07.2012 n/a


PROTSVETANIYE HOLDIN n/a RNS-MAJ 19'508'123 6 - 06.03.2013 n/a

KOULAKOV IVAN EUGENE n/a Co File 17'552'500 5.4 - 26.04.2011 n/a

HAKANSSON PETER ELAM n/a RNS-MAJ 11'101'386 3.41 - 30.04.2012 n/a


EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 8'289'000 2.55 200'000 31.12.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 5'496'428 1.69 - 28.02.2013 Investment Advisor

FLEMING FAMILY & PAR n/a RNS-MAJ 4'211'883 1.3 (10'700'000) 29.09.2010 Mutual Fund Manager

LEGAL & GENERAL n/a ULT-AGG 1'977'736 0.61 - 28.12.2012 Unclassified

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 1'850'620 0.57 1'850'620 31.01.2013 Investment Advisor

URALSIB JSC Multiple Portfolios MF-AGG 1'580'000 0.49 1'580'000 31.05.2012 Investment Advisor

DWS FINANZ SERVICE G Multiple Portfolios MF-AGG 1'384'600 0.43 - 20.08.2012 Investment Advisor

PARVEST INVESTMENT M Multiple Portfolios MF-AGG 900'000 0.28 - 30.11.2012 Investment Advisor

CARNEGIE ASSET MANAG Multiple Portfolios MF-AGG 830'000 0.26 - 30.09.2012 Mutual Fund Manager

DEUTSCHE ASSET MANAG Multiple Portfolios MF-AGG 815'400 0.25 - 22.10.2012 Mutual Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 801'501 0.25 (1'083'333) 31.03.2013 Investment Advisor


Deutsche Bank ERIK DANEMAR buy 5 M 135 12 month 17.04.2013

VSA Capital Ltd CHARLIE LONG buy 5 M 175 12 month 16.04.2013


Otkritie Capital ANDY JONES buy 5 U 121 Not Provided 10.04.2013

Uralsib VALENTINA BOGOMOLOVA hold 3 M 131 Not Provided 09.04.2013

Numis Securities Ltd CAILEY BARKER buy 5 M 170 Not Provided 09.04.2013

Westhouse Securities NICK HATCH buy 5 M 160 12 month 04.04.2013

VTB Capital NIKOLAY SOSNOVSKIY sell 1 D 82 12 month 04.04.2013

Alfa-Bank BARRY EHRLICH equalweight 3 M 126 Not Provided 26.02.2013

Sberbank CIB MIKHAIL STISKIN buy 5 M 183 Not Provided 25.02.2013


Aton LLC ILYA MAKAROV buy 5 M 136 12 month 28.06.2012

Holdings By:

Highland Gold Mining Ltd ee


19.04.2013

Sabina Gold & Silver Corporation explores and develops mineral properties. The

Company is a precious metals exploration Company with a portfolio of different

properties in Canada at different stages of development. Sabina explores for

minerals that include copper, gold and silver.


LTM as of: 12/yy

52-Week High (07.09.2012) 3.55

52-Week Low (17.04.2013) 1.12

Daily Volume

1.25












SBB CN EQUITY YTD Change - Average Volume 30 Day 384'246

SBB CN EQUITY YTD % CHANGE - Average Volume 3 Month 386'280


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(3.6) (4.5) (5.4) (10.0) (11.9) (10.0) (11.9) (6.7) (6.9) - -

- - - - - 0.00x 0.00x - - - -

(3.1) (1.1) (8.8) (12.7) (14.1) (12.7) (14.1) (6.9) (8.0) - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Sabina Gold & Silver CorpPrice/Volume

Valuation Analysis

65'440.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

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19.04.2013


GOODMAN INVESTMENT C n/a SEDI 20'416'304 11.76 (17'000) 25.01.2013 Investment Advisor

GCIC LTD/CANADA n/a SEDI 18'858'500 10.86 (234'500) 09.10.2012 Investment Advisor

DUNDEE PRECIOUS META n/a PROXY 18'539'713 10.68 - 08.05.2012 Corporation


DUNDEE CORP n/a SEDI 2'828'700 1.63 2'151'700 29.06.2012 Holding Company





SHARE SICAV Multiple Portfolios MF-AGG 945'100 0.54 45'000 31.12.2012 Investment Advisor

GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 911'126 0.52 38'610 16.04.2013 Investment Advisor

US GLOBAL INVESTORS Multiple Portfolios MF-AGG 899'400 0.52 - 31.12.2012 Investment Advisor




AMERICAN CENTURY COM Multiple Portfolios MF-AGG 642'400 0.37 - 31.12.2012 Investment Advisor

WHITTON JOHN F n/a SEDI 628'042 0.36 75'000 01.11.2011 n/a


WILKES LEROY E n/a SEDI 343'373 0.2 5'000 02.01.2013 n/a

PACIFIC INCOME ADVIS Multiple Portfolios MF-AGG 300'000 0.17 - 28.03.2013 Investment Advisor




National Bank Financial PAOLO LOSTRITTO sector perform 3 M 4 12 month 09.04.2013


Salman Partners DAVID WEST speculative buy 4 M 5 12 month 22.02.2013


Paradigm Capital Inc DON MACLEAN speculative buy 4 M 6 12 month 12.11.2012

Holdings By:

Sabina Gold & Silver Corp ee


19.04.2013

Kirkland Lake Gold, Inc. is an operating gold mining company located in

Ontario, Canada. The Company owns the Macassa Mine and mill and several

contiguous gold producing properties. Kirkland Lake is developing a lode gold

deposit.


LTM as of: 01/yy

52-Week High (23.08.2012) 14.57

52-Week Low (17.04.2013) 2.64

Daily Volume

2.71












KGI CN EQUITY YTD Change - Average Volume 30 Day 714'321

KGI CN EQUITY YTD % CHANGE - Average Volume 3 Month 696'094


30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 01/yy 01/yy 04/13 Y 04/14 Y 04/13 Q4 07/13 Q1

41.4 43.5 51.2 103.3 159.8 149.6 139.2 153.4 263.4 47.7 41.7

9.87x 10.98x 9.15x 9.01x 5.53x 22.77x 20.90x 1.99x 1.12x 6.67x 7.65x

(1.0) (6.8) (7.6) 26.4 55.7 49.3 24.5 30.0 107.6 15.8 8.2

- - - 35.24x 15.86x 24.58x 19.82x 8.37x 2.33x 4.49x 4.18x

(3.3) (10.5) (12.3) 19.9 41.3 45.1 (9.8) (0.1) 48.0 9.9 2.1

- - - 48.55x 22.63x 38.76x 0.00x 96.79x 3.54x 6.38x 5.31x











EBITDA Margin 17.6%



Asset Turnover 0.40







Fiscal Year Ended

Kirkland Lake Gold IncPrice/Volume

Valuation Analysis

213'206.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

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20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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19.04.2013


RESOLUTE FUNDS LTD n/a RNS-MAJ 4'950'000 7.06 557'500 19.02.2013 Investment Advisor


OPPENHEIMERFUNDS INC n/a Research 4'160'300 5.93 - 01.01.2013 Investment Advisor

DOBSON DAVID HARRY n/a Research 3'765'000 5.37 - 01.01.2013 n/a

INVESTEC ASSET MANAG n/a Research 3'469'303 4.95 - 01.01.2013 Investment Advisor

HORIZON INVESTMENTS n/a Research 3'153'493 4.5 - 01.01.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 2'804'148 4 (551'900) 01.01.2013 Investment Advisor

MILTON GEORGE A n/a SEDI 2'723'036 3.88 40'000 13.01.2012 n/a

COLUMBIA WANGER ASSE n/a Research 2'525'000 3.6 - 01.01.2013 Investment Advisor

IA MICHAEL INVESTMEN Multiple Portfolios MF-AGG 2'300'000 3.28 2'300'000 31.12.2012 Investment Advisor

ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 1'611'100 2.3 (38'500) 31.03.2013 Investment Advisor

SPROTT INC n/a Research 1'517'666 2.16 - 30.06.2012 Hedge Fund Manager

HINCHCLIFFE BRIAN A n/a PROXY 1'113'000 1.59 - 05.09.2012 n/a

GAMCO n/a ULT-AGG 905'000 1.29 396'600 31.12.2012 Unclassified


MONTRUSCO BOLTON INV Multiple Portfolios MF-AGG 708'690 1.01 11'175 28.02.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 569'707 0.81 256 16.04.2013 Investment Advisor

EMPIRE LIFE INSURANC Multiple Portfolios MF-AGG 544'236 0.78 76'236 31.12.2012 Mutual Fund Manager




Investec HUNTER HILLCOAT buy 5 M 11 12 month 18.04.2013


Dundee Securities Corp JOE FAZZINI buy 5 M 11 Not Provided 12.04.2013



Macquarie MICHAEL SIPERCO neutral 3 M 8 12 month 02.04.2013


Mirabaud Securities RICHARD MORGAN speculative buy 4 M 15 12 month 11.03.2013

Panmure Gordon & Co Limited ALISON TURNER buy 5 M 8 Not Provided 11.03.2013



Holdings By:

Kirkland Lake Gold Inc ee


19.04.2013

Guyana Goldfields Inc. is a metals exploration company. The Company is

primarily exploring for gold in Guyana.


LTM as of: 01/yy

52-Week High (14.01.2013) 4.40

52-Week Low (17.04.2013) 1.52

Daily Volume

1.65












GUY CN EQUITY YTD Change - Average Volume 30 Day 793'644

GUY CN EQUITY YTD % CHANGE - Average Volume 3 Month 655'364


31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 01/yy 01/yy 10/13 Y 10/14 Y 04/13 Q2 07/13 Q3

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - 414.0 - -

- - - - - #DIV/0! #DIV/0! - - - -

(3.4) (4.9) (7.7) (9.8) (8.0) (7.8) (8.3) (10.6) (10.6) - -

- - - - - 0.00x 0.00x - - - -

(12.5) (6.7) (6.3) (5.1) (9.8) (10.1) (9.5) (12.1) (15.4) - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Guyana Goldfields IncPrice/Volume

Valuation Analysis

54'434.00


'--..00112

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0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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19.04.2013


BAUPOST GROUP LLC n/a SEDI 24'878'669 19.73 - 28.02.2013 Hedge Fund Manager


ACUITY INVESTMENT MA n/a Co File 8'051'804 6.38 (3'647'450) 30.11.2010 Investment Advisor


SHERIDAN JR JOHN PAT n/a SEDI 6'600'103 5.23 345'000 22.02.2013 n/a



FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 1'831'603 1.45 995'700 30.09.2012 Hedge Fund Manager

SPROTT INC Multiple Portfolios MF-AGG 1'237'322 0.98 (310'000) 31.12.2012 Hedge Fund Manager



MMA INVESTMENT MANAG Multiple Portfolios MF-AGG 550'000 0.44 - 31.12.2011 Investment Advisor

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 550'000 0.44 (2'988'804) 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 430'148 0.34 - 16.04.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 397'680 0.32 (49'951) 31.03.2013 Investment Advisor


US GLOBAL INVESTORS Multiple Portfolios MF-AGG 300'000 0.24 16'000 31.12.2012 Investment Advisor

FERRY ALAN L H n/a SEDI 228'000 0.18 - 23.04.2012 n/a

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 220'000 0.17 190'000 31.01.2013 Mutual Fund Manager

PO ALEXANDER n/a SEDI 215'000 0.17 35'000 07.03.2012 n/a




Casimir Capital STUART MCDOUGALL speculative buy 4 M 8 12 month 09.04.2013


Scotia Capital TREVOR TURNBULL sector perform 3 D 4 12 month 06.03.2013



RBC Capital Markets SAM CRITTENDEN outperform 5 U 6 12 month 15.01.2013



Holdings By:

Guyana Goldfields Inc ee


19.04.2013

Lydian International, Ltd. is a gold focused mineral exploration and

development company.


LTM as of: 12/yy

52-Week High (05.09.2012) 2.56

52-Week Low (17.04.2013) 1.43

Daily Volume

1.51












LYD CN EQUITY YTD Change - Average Volume 30 Day 477'499

LYD CN EQUITY YTD % CHANGE - Average Volume 3 Month 392'102


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

- - - 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

- - (3.4) - - (3.6) (2.9) (4.6) - - -

- - - - - 0.00x 0.00x - - - -

- (1.9) (5.9) (5.9) (6.4) (5.9) (6.4) (5.8) (9.2) - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Lydian International LtdPrice/Volume

Valuation Analysis

48'548.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

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0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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19.04.2013



INTERNATIONAL FINANC n/a SEDI 10'298'013 8.12 (6'000'000) 05.10.2012 Government

EUROPEAN BANK FOR RE n/a Research 9'038'780 7.12 1'419'732 29.03.2012 Bank

NEWMONT MINING CORP n/a SEDI 8'650'000 6.82 500'000 24.09.2010 Corporation




TRIMARK INVESTMENT M Multiple Portfolios MF-AGG 2'000'000 1.58 - 31.12.2012 Unclassified

HAYK ALOYAN n/a SEDI 1'791'500 1.41 2'000 22.02.2013 n/a

HENDERSON MARC C n/a SEDI 1'602'500 1.26 (120'000) 02.10.2012 n/a

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 1'567'700 1.24 392'600 31.01.2013 Investment Advisor


MULLENS PETER n/a SEDI 1'430'000 1.13 (90'500) 07.02.2013 n/a

ANDROSS LIMITED n/a SEDI 1'340'450 1.06 200'000 12.10.2012 Other

GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 1'214'275 0.96 51'426 16.04.2013 Investment Advisor


TARGET GENERATION SO n/a SEDI 1'007'500 0.79 - 21.09.2010 Other


SPROTT INC Multiple Portfolios MF-AGG 941'400 0.74 500'000 31.12.2012 Hedge Fund Manager

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 903'610 0.71 (344'000) 28.09.2012 Investment Advisor



Haywood Securities Inc. TARA HASSAN buy 5 M 4 Not Provided 16.04.2013







RBC Capital Markets JONATHAN GUY outperform 5 M 3 12 month 07.01.2013

Holdings By:

Lydian International Ltd ee


19.04.2013

Coeur d'Alene Mines Corporation, through its subsidiaries, explores, develops,

operates, and/or owns silver and gold mining properties and companies. The

Company's properties are located primarily in the United States, Australia, and

South America.


LTM as of: 12/yy

52-Week High (01.11.2012) 31.82

52-Week Low (18.04.2013) 13.68

Daily Volume

14.18





1'282.36 1 Yr Total Return -34.11%







CDM CN EQUITY YTD Change - Average Volume 30 Day 73'783

CDM CN EQUITY YTD % CHANGE - Average Volume 3 Month 76'962


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

170.9 300.4 515.5 1'021.2 895.5 1'021.2 895.5 967.0 1'075.0 229.3 237.0

5.09x 5.42x 4.98x 2.05x 2.45x 9.28x 9.22x 1.19x 0.92x 5.12x 5.25x

0.3 78.2 218.7 531.3 378.2 531.3 378.2 404.0 530.0 98.3 92.6

2750.95x 20.82x 11.74x 3.95x 5.80x 3.95x 5.80x 3.02x 2.30x 2.93x 2.60x

(0.6) (27.1) (91.3) 93.5 48.7 93.5 48.7 120.6 184.6 27.4 25.4

- - - - - 0.00x 0.00x 11.04x 8.42x 11.04x 10.23x


EBIT 159.37 Long-Term Rating B+









EBITDA Margin 42.2%



Asset Turnover 0.28








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Coeur d'Alene Mines CorpPrice/Volume

Valuation Analysis

11'500.00


'

2

-'

-2

.'

.2

0'

02

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!1 9

!2 9

!3 9

!4 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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'!1'

'!3'

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19.04.2013







AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 3'067'836 3.39 1'399'434 31.12.2012 Investment Advisor



ATLANTIC INVESTMENT ATLANTIC INVESTMENT 13F 2'031'590 2.25 (285'500) 31.12.2012 Investment Advisor



DONALD SMITH & CO IN DONALD SMITH & CO IN 13F 1'602'028 1.77 1'602'028 31.12.2012 Investment Advisor





NEW JERSEY DIVISION STATE OF NJ COMMON P 13F 1'000'000 1.11 1'000'000 31.12.2012 Pension Fund (ERISA)






Sidoti & Company LLC ADAM BROOKS buy 5 M 25 12 month 17.04.2013

Global Hunter Securities JEFF WRIGHT accumulate 4 M 26 12 month 15.04.2013




JPMorgan JOHN BRIDGES restricted #N/A N/A M #N/A N/A Not Provided 25.02.2013

EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 22.02.2013

Holdings By:

Coeur d'Alene Mines Corp ee


19.04.2013

Great Panther Silver Ltd. explores for and produces silver. The Company is

focused on acquiring, developing and mining precious metals in Mexico. Great

Panther's projects include The Guanajuato Mines property, located in the State

of Guanajuato, Mexico, and The Topia Silver-Lead-Zinc property, located in the

Topia Mining District in west-central Durango State, Mexico.


LTM as of: 12/yy

52-Week High (14.09.2012) 2.48

52-Week Low (15.04.2013) 0.95

Daily Volume

0.996












GPL US EQUITY YTD Change - Average Volume 30 Day 689'835

GPL US EQUITY YTD % CHANGE - Average Volume 3 Month 644'490


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

22.4 31.7 42.2 57.8 61.1 57.8 61.1 60.0 66.0 - -

1.28x 2.85x 7.67x 4.05x 3.05x 25.22x 15.51x - - - -

(9.9) 4.9 14.2 22.0 15.6 22.0 15.6 - - - -

- 18.35x 22.73x 10.65x 11.93x 10.65x 11.93x - - - -

(13.8) (0.9) 10.7 11.5 5.5 11.5 5.5 - - - -

- - - - - 0.00x 0.00x 17.03x 12.78x - -











EBITDA Margin 25.6%



Asset Turnover 0.56








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Great Panther Silver LtdPrice/Volume

Valuation Analysis

143'499.00


'

-

-

.

.

0

0

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!2 9

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-!2 9

.!' 9

.!2 9

0!' 9

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

'!.'

'!1'

'!3'

'!5'

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-!.'



19.04.2013




ARCHER ROBERT A n/a SEDI 1'191'300 0.86 (61'200) 14.09.2011 n/a

SANCHEZ FRANCISCO RA n/a 20F 1'075'000 0.78 - 29.02.2012 n/a

TECHNICAL FINANCIAL TFS CAPITAL LLC 13F 896'193 0.65 (120'468) 31.12.2012 Investment Advisor

BROWN CHARLES P n/a SEDI 448'000 0.32 36'000 18.11.2011 n/a

PUPLAVA FINANCIAL SE PUPLAVA FINANCIAL SE 13F 429'301 0.31 429'301 31.12.2012 Hedge Fund Manager


KOPCHEFF JOHN THOMAS n/a SEDI 280'000 0.2 200'000 25.08.2011 n/a


WAY FUND MANAGERS Multiple Portfolios MF-AGG 200'000 0.15 - 28.03.2013 Mutual Fund Manager


JANE STREET HOLDING JANE STREET HOLDING 13F 191'922 0.14 (73'288) 31.12.2012 Investment Advisor

NATIXIS ASSET MANAGE NATIXIS ASSET MANAGE 13F 188'000 0.14 188'000 31.12.2012 Investment Advisor


SCHOELLERBANK INVEST Multiple Portfolios MF-AGG 130'000 0.09 4'000 28.03.2013 Investment Advisor


SPARK INVESTMENT MAN SPARK INVESTMENT MAN 13F 93'500 0.07 (38'700) 31.12.2012 Investment Advisor

CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 88'245 0.06 14'272 31.12.2012 Hedge Fund Manager

BPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 86'500 0.06 - 31.12.2012 Mutual Fund Manager






Holdings By:

Great Panther Silver Ltd ee


19.04.2013

Brigus Gold Corp. is an emerging mid-tier gold producer . The Company's current

projects are in Ontario, Saskatchewan, Mexico and the Dominican Republic.


LTM as of: 12/yy

52-Week High (21.09.2012) 1.09

52-Week Low (17.04.2013) 0.53

Daily Volume

0.5602












BRD US EQUITY YTD Change - Average Volume 30 Day 1'109'363

BRD US EQUITY YTD % CHANGE - Average Volume 3 Month 880'929


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 47.0 85.9 71.9 117.7 71.9 117.7 161.0 171.5 42.8 36.0

- - 4.84x 3.27x 2.36x 16.56x 8.29x - - - -

(9.1) 13.8 32.7 14.3 48.5 14.3 48.5 82.7 100.2 - -

- - 12.72x 16.46x 5.72x 16.46x 5.72x 2.33x 1.93x - -

1.2 (61.7) (55.5) 15.8 18.9 15.8 18.9 37.2 49.8 5.9 3.5

- - - - - 0.00x 0.00x 3.50x 3.15x 3.33x 3.44x











EBITDA Margin 41.2%



Asset Turnover 0.30







Fiscal Year Ended

Brigus Gold CorpPrice/Volume

Valuation Analysis

441'345.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

'

'

-

-

-

-

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0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



19.04.2013



SPROTT INC SPROTT INC 13F 15'115'219 6.53 (1'098'872) 31.12.2012 Hedge Fund Manager





INTACT INVESTMENT MA INTACT INVESTEMENT M 13F 3'344'200 1.44 3'344'200 31.12.2012 Investment Advisor

DAWE WADE K n/a SEDI 2'422'397 1.05 15'841 03.01.2013 n/a


GROSS MICHAEL n/a PROXY 1'578'085 0.68 - 13.04.2012 n/a






CITY OF LONDON INVES CITY OF LONDON INVES 13F 912'000 0.39 - 31.12.2012 Investment Advisor

COE CAPITAL MANAGEME COE CAPITAL MANAGEME 13F 714'630 0.31 50'000 31.12.2012 Investment Advisor

KELLIGREW INC n/a SEDI 655'289 0.28 30'000 29.09.2011 Corporation

THE BANK OF NOVA SCO THE BANK OF NOVA SCO 13F 500'000 0.22 - 31.12.2012 Investment Advisor

TECHNICAL FINANCIAL TFS CAPITAL LLC 13F 422'021 0.18 80'394 31.12.2012 Investment Advisor







Casimir Capital ERIC WINMILL strong buy 5 M 2 12 month 09.04.2013

Paradigm Capital Inc DON BLYTH buy 5 M 2 12 month 03.04.2013

EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 29.06.2012

Holdings By:

Brigus Gold Corp ee


19.04.2013

Intrepid Mines Limited is an international precious metals development and

exploration company with primary operations in Indonesia. The Company's current

project is located in the province of East Java, where it explores for gold,

silver, and copper-gold.


LTM as of: 12/yy

52-Week High (01.05.2012) 0.89

52-Week Low (23.07.2012) 0.19

Daily Volume

0.23












IAU AU EQUITY YTD Change - Average Volume 30 Day 3'038'928

IAU AU EQUITY YTD % CHANGE - Average Volume 3 Month 2'596'490


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

54.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - -

1.06x - - - - #DIV/0! #DIV/0! #DIV/0! - - -

2.2 1.9 (24.2) (39.2) (47.7) (18.8) (24.5) (9.3) (7.6) - -

26.51x 39.18x - - - 0.00x 0.00x - - - -

(42.7) (9.9) (5.0) (30.0) (71.8) (19.9) (71.8) (6.2) (8.9) - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Intrepid Mines LtdPrice/Volume

Valuation Analysis

1'700'611.00


'''''------

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10.0

20.0

30.0

40.0

50.0

60.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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3!''

5!''

-'!''

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19.04.2013


TAURUS SM HOLDINGS P n/a Co File 48'192'131 8.67 - 16.03.2012 Holding Company


COMMONWEALTH BANK OF n/a EXCH 25'513'559 4.59 (1'063'213) 21.09.2011 Bank

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 19'156'073 3.45 (2'399'347) 30.09.2012 Hedge Fund Manager



UNISUPER n/a EXCH 8'304'156 1.49 1'263'247 06.06.2012 Other

ACORN CAPITAL LTD n/a EXCH 7'545'656 1.36 700'425 06.06.2012 Investment Advisor


SUNSUPER FUND n/a EXCH 5'436'384 0.98 878'800 06.06.2012 Other

MICROCAP INVESTMENT n/a EXCH 3'995'655 0.72 478'000 06.06.2012 Other

HEALTH SUPER n/a EXCH 3'920'180 0.71 602'600 06.06.2012 Other

CBA OFFICERS SUPER F n/a EXCH 3'537'176 0.64 530'300 06.06.2012 Other


VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'551'202 0.46 - 31.03.2013 Investment Advisor

QLD LOCAL GOVT SUPER n/a EXCH 2'225'422 0.4 340'300 06.06.2012 Other

AUSCOAL SUPER FUND n/a EXCH 2'091'335 0.38 327'800 06.06.2012 Other

GORDON BRADLEY AUSTI n/a EXCH 1'970'295 0.35 235'000 01.03.2013 n/a

COMMONWEALTH SUPER C n/a EXCH 1'830'425 0.33 - 06.06.2012 n/a

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'794'707 0.32 (30'113) 31.07.2012 Investment Advisor


National Bank Financial STEPHEN PARSONS Under Review #N/A N/A M #N/A N/A Not Provided 27.03.2013

Wilson HTM Investment Group CAMERON JUDD sell 1 D 0 Not Provided 21.03.2013

Hartleys PETER GRAY speculative buy 4 M 0 12 month 19.03.2013

RBC Capital Markets GEOFF BREEN underperform 1 D 0 12 month 27.02.2013

Canaccord Genuity Corp GARY LAMPARD suspended coverage #N/A N/A M #N/A N/A Not Provided 19.02.2013

RBS Morgans CHRIS BROWN outperform 5 N 1 12 month 27.11.2012

Cormark Securities Inc. MIKE KOZAK Under Review #N/A N/A M #N/A N/A Not Provided 23.07.2012

Canaccord Genuity Corp JEAN-FRANCOIS BERTINCOURT buy 5 N 2 12 month 17.04.2012

EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 31.01.2012

Holdings By:

Intrepid Mines Ltd ee


19.04.2013

Alexco Resource Corporation is a mineral exploration and production company.

The Company mines for minerals that include gold and silver.


LTM as of: 12/yy

52-Week High (19.04.2012) 6.61

52-Week Low (17.04.2013) 2.02

Daily Volume

2.1












AXU US EQUITY YTD Change - Average Volume 30 Day 442'704

AXU US EQUITY YTD % CHANGE - Average Volume 3 Month 373'493


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

5.7 5.8 4.6 45.1 84.7 45.1 84.7 84.5 118.1 16.6 23.7

18.66x 14.71x 32.68x 8.09x 2.27x 33.40x 12.36x - - - -

(4.8) (6.1) (6.0) 9.8 25.4 9.8 25.4 (11.1) 12.2 - -

- - - 37.41x 7.55x 37.41x 7.55x - 8.79x - -

(4.0) (9.6) (5.2) 3.5 3.4 3.5 3.4 7.8 25.5 (0.7) 1.9

- - - - - 0.00x 0.00x - 11.97x - -











EBITDA Margin 30.0%



Asset Turnover 0.40







Fiscal Year Ended

Alexco Resource CorpPrice/Volume

Valuation Analysis

104'079.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

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1

2

3

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0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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19.04.2013



SPROTT INC n/a Co File 6'445'350 10.66 (414'500) 28.02.2013 Hedge Fund Manager


COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 2'683'000 4.44 (6'000) 31.12.2012 Investment Advisor

ASSET LIABILITY MANA n/a PROXY 1'940'299 3.21 - 09.05.2012 Other

NAUMAN CLYNTON R n/a SEDI 1'725'001 2.85 225'000 30.05.2012 n/a

RAFFLES ASSOCIATES L RAFFLES ASSOCIATES L 13F 1'203'671 1.99 - 31.12.2012 Hedge Fund Manager


PATHSTONE FAMILY OFF PATHSTONE FAMILY OFF 13F 814'919 1.35 - 31.12.2012 Investment Advisor


THRALL BRADLEY A n/a SEDI 523'200 0.87 3'200 20.02.2013 n/a


SEMAPHORE MANAGEMENT SEMAPHORE MANAGEMENT 13F 409'942 0.68 14'810 31.12.2012 Hedge Fund Manager

FORUM INVESTMENT ADV Multiple Portfolios MF-AGG 381'904 0.63 35'740 31.12.2012 Investment Advisor



UNIVERSAL INS HOLDIN n/a ULT-AGG 137'613 0.23 - 31.12.2012 Insurance Company

NOMURA n/a ULT-AGG 115'766 0.19 (24'419) 31.12.2012 Unclassified

GROUP ONE TRADING LP GROUP ONE TRADING LP 13F 113'050 0.19 10'830 31.12.2012 Investment Advisor



Canaccord Genuity Corp NICHOLAS CAMPBELL hold 3 M 4 12 month 16.04.2013





Holdings By:

Alexco Resource Corp ee


19.04.2013

Vista Gold Corp. is an international gold mining company. The Company is

focused on its core projects, the Concordia gold project located in Baja

California Sur, Mexico and the Mt. Todd gold project in Northern Territory,

Australia.


LTM as of: 12/yy

52-Week High (21.09.2012) 4.09

52-Week Low (17.04.2013) 1.47

Daily Volume

1.56












VGZ US EQUITY YTD Change - Average Volume 30 Day 561'112

VGZ US EQUITY YTD % CHANGE - Average Volume 3 Month 502'566


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - 0.0 - -

- - - - - #DIV/0! #DIV/0! - - - -

(6.5) (6.1) (17.7) (28.1) (35.6) (28.1) (34.5) (20.4) (19.1) (5.8) (5.8)

- - - - - 0.00x 0.00x - - - -

(10.0) (1.9) (20.0) 51.5 (70.7) 51.5 (69.5) (20.1) (13.7) (6.3) (6.3)

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Vista Gold CorpPrice/Volume

Valuation Analysis

113'812.00


'--..00112

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0.0

0.2

0.4

0.6

0.8

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1.2

1.4

1.6

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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19.04.2013



SUN VALLEY GOLD LLC n/a Research 12'084'310 14.82 - 31.12.2012 Hedge Fund Manager


SPROTT INC n/a Co File 6'790'378 8.33 214'656 31.01.2013 Hedge Fund Manager



ANDREEFF EQUITY ADVI ANDREEFF EQUITY ADVI 13F 1'586'026 1.94 (20'971) 31.12.2012 Hedge Fund Manager

STATE STREET n/a ULT-AGG 908'894 1.11 (31'575) 17.04.2013 Investment Advisor

PERRITT CAPITAL MANA PERRITT CAPITAL MANA 13F 822'000 1.01 - 31.12.2012 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 732'415 0.9 - 31.12.2012 Pension Fund (ERISA)


PARKER FREDERICK H E n/a Form 4 556'325 0.68 - 05.09.2012 n/a

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 528'000 0.65 30'000 31.12.2012 Investment Advisor




AQR CAPITAL MANAGEME AQR CAPITAL MANAGEME 13F 193'800 0.24 137'400 31.12.2012 Hedge Fund Manager

RICHINGS MICHAEL B n/a Form 4 188'121 0.23 - 08.01.2013 n/a

IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 180'750 0.22 (33'250) 28.02.2013 Investment Advisor

EPPLER WILLIAM DURAN n/a Form 4 168'308 0.21 - 27.08.2012 n/a





Stonegate Securities Inc MARCO RODRIGUEZ no rating system #N/A N/A M #N/A N/A Not Provided 19.03.2013


Holdings By:

Vista Gold Corp ee


19.04.2013

Saracen Mineral Holdings Ltd. explores for and produces gold. The Company

produces gold from its Carosue Dam mine located notheast of Kalgoorlie, Western

Australia.


LTM as of: 01/yy

52-Week High (01.05.2012) 0.62

52-Week Low (18.04.2013) 0.16

Daily Volume

0.165












SAR AU EQUITY YTD Change - Average Volume 30 Day 5'143'180

SAR AU EQUITY YTD % CHANGE - Average Volume 3 Month 4'195'349


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

0.0 - 31.4 155.7 183.8 - - 212.2 241.4 - -

- - 5.26x 1.58x 1.70x - - 0.37x 0.13x - -

(1.9) (9.5) 14.7 59.5 63.1 - - 64.2 87.4 - -

- - 11.26x 4.15x 4.96x - - 1.65x 1.21x - -

(1.8) (10.0) (25.4) 47.7 18.7 - - 19.0 37.7 - -

- - - 5.49x 16.82x - - 4.02x 2.26x - -











EBITDA Margin 27.8%



Asset Turnover 0.74








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Saracen Mineral Holdings LtdPrice/Volume

Valuation Analysis

13'164'323.00


'

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0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

200.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

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.'!''

0'!''

1'!''

2'!''

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19.04.2013



RENAISSANCE SMALL CO n/a EXCH 37'893'341 6.37 7'527'707 27.03.2013 Other

VINVA INVESTMENT MGM n/a EXCH 30'177'676 5.07 662'238 18.03.2013 Investment Advisor

COMMONWEALTH BANK OF n/a EXCH 29'318'248 4.93 (1'361'474) 08.03.2012 Bank

SPROTT INC n/a EXCH 28'800'451 4.84 (841'000) 27.01.2012 Hedge Fund Manager

ARVE CHARLES n/a EXCH 28'685'450 4.82 (320'000) 19.07.2011 n/a

JCP INVESTMENT PARTN n/a EXCH 26'084'770 4.38 (5'314'150) 09.02.2012 Investment Advisor


STALTARI GUIDO n/a Co File 14'407'252 2.42 - 31.08.2012 n/a

CF RUFFER BAKER STEE n/a EXCH 14'000'000 2.35 (4'949'162) 26.05.2011 n/a


GAMCO n/a ULT-AGG 6'500'000 1.09 4'500'000 31.12.2012 Unclassified


GENUS DYNAMIC GOLD F n/a EXCH 4'100'000 0.69 (1'739'000) 26.05.2011 n/a



VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'896'045 0.49 (43'038) 31.03.2013 Investment Advisor


VON DER HEYDT KERSTE Multiple Portfolios MF-AGG 1'100'000 0.18 - 28.12.2012 Investment Advisor

SNS INVESTMENT FUND Multiple Portfolios MF-AGG 1'043'794 0.18 335 31.12.2012 Investment Advisor






Argonaut Securities Pty Ltd TROY IRVIN hold 3 D 1 12 month 10.10.2012


Holdings By:

Saracen Mineral Holdings Ltd ee


19.04.2013

ATAC Resources Ltd. explores for gold in Canada.


LTM as of: 12/yy

52-Week High (05.06.2012) 3.50

52-Week Low (04.03.2013) 0.91

Daily Volume

1.18












ATC CN EQUITY YTD Change - Average Volume 30 Day 362'320

ATC CN EQUITY YTD % CHANGE - Average Volume 3 Month 359'013


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

- 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

- (1.1) (3.1) - - 0.0 0.0 (5.4) (5.4) (1.0) (1.0)

- - - - - 0.00x 0.00x - - - -

- (1.1) (2.2) (24.8) (7.5) (24.8) (7.5) (3.5) (3.5) (0.9) (1.0)

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Atac Resources LtdPrice/Volume

Valuation Analysis

35'555.00


'

-

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.

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0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

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19.04.2013



AGNICO-EAGLE MINES L n/a Co File 9'600'000 8.48 - 20.03.2013 Corporation

STRATEGIC METALS LTD #N/A N/A SEDI 9'556'286 8.45 (250'000) 05.04.2011 Corporation


CARNE ROBERT C n/a SEDI 1'987'126 1.76 20'000 22.02.2013 n/a


AMERICAN CENTURY COM Multiple Portfolios MF-AGG 1'124'700 0.99 - 31.12.2012 Investment Advisor

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 558'195 0.49 (1'400) 31.12.2012 Investment Advisor

SPROTT INC Multiple Portfolios MF-AGG 523'000 0.46 (463'800) 31.12.2012 Hedge Fund Manager

GOSS DOUGLAS O n/a SEDI 482'588 0.43 28'300 25.02.2013 n/a

YEADON GLENN ROBERT n/a SEDI 424'667 0.38 70'000 08.03.2012 n/a

KENWAY BRUCE J n/a PROXY 400'000 0.35 - 13.04.2012 n/a



GESIURIS SA SGIIC Multiple Portfolios MF-AGG 300'000 0.27 - 31.03.2013 Mutual Fund Manager

DOWNS GRAHAM NOLAN n/a SEDI 255'000 0.23 135'000 17.02.2012 n/a

NEXGEN FINANCIAL LP Multiple Portfolios MF-AGG 225'000 0.2 75'000 30.06.2012 Investment Advisor


TALBOT IAN J n/a SEDI 111'400 0.1 (5'000) 07.06.2012 n/a

FALCON FUND MANAGEME Multiple Portfolios MF-AGG 97'200 0.09 13'300 28.02.2013 Investment Advisor





Paradigm Capital Inc DON MACLEAN hold 3 M 4 12 month 06.03.2012

Holdings By:

Atac Resources Ltd ee


19.04.2013

Patagonia Gold PLC holds investments in mineral exploration companies involved

in identifying, acquiring, and developing mineral projects, either alone or with

joint-venture partners. The Company explores for gold in locations throughout

Argentina.


LTM as of: 01/yy

52-Week High (26.04.2012) 37.75

52-Week Low (18.04.2013) 11.50

Daily Volume

11.75












PGD LN EQUITY YTD Change - Average Volume 30 Day 1'736'133

PGD LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'320'024


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

0.0 0.0 0.0 0.0 0.0 - - - - - -

- - - - - - - - - - -

(6.2) (5.8) (7.3) (11.3) (32.6) - - - - - -

- - - - - - - - - - -

(6.2) (5.8) (7.3) (11.3) (33.2) - - - - - -

- - - - - - - - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Patagonia Gold PLCPrice/Volume

Valuation Analysis

617'581.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

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0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''

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19.04.2013


DIRECTOR & RELATED H Multiple Portfolios REG 149'037'867 17.44 2'753'684 02.01.2013 Other


MIGUENS CARLOS JOSE n/a Co File 103'653'116 12.13 - 24.04.2012 n/a


CINCO VIENTOS URUGUA Multiple Portfolios REG 50'361'585 5.89 9'636'316 02.01.2013 Other


VAN ECK GLOBAL Multiple Portfolios REG 36'986'715 4.33 (1'116'233) 02.01.2013 Unclassified

MIGUENS DIEGO n/a Co File 29'562'152 3.46 - 24.04.2012 n/a

TAHEH INTERNATIONAL Multiple Portfolios REG 28'353'264 3.32 - 02.01.2013 Other

BARRICK GOLD CORP Multiple Portfolios REG 28'323'264 3.31 - 02.01.2013 Corporation

MIGUENS CRISTINA n/a Co File 24'485'645 2.87 - 24.04.2012 n/a

HUMPHRIES WILLIAM HE n/a RNS-DIR 23'296'857 2.73 4'403'000 27.06.2012 n/a

HARGREAVE n/a ULT-AGG 14'767'188 1.73 2'125'000 02.01.2013 Unclassified

PRIVATE INDIVIDUALS Multiple Portfolios REG 13'399'969 1.57 (908'112) 02.01.2013 Other

COUTTS PRIVATE BANKI Multiple Portfolios REG 12'894'789 1.51 - 02.01.2013 Unclassified

F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 9'941'137 1.16 - 28.02.2013 Mutual Fund Manager

F&C ASSET MANAGEMENT Multiple Portfolios REG 9'722'734 1.14 (2'554'143) 02.01.2013 Investment Advisor

CRAVEN JOHN ANTHONY n/a Co File 9'455'190 1.11 - 24.04.2012 n/a

WALKER CRIPS STOCKBR Multiple Portfolios REG 9'385'378 1.1 (231'500) 02.01.2013 Other

INVESTEC WEALTH & IN Multiple Portfolios REG 7'247'490 0.85 (38'500) 02.01.2013 Investment Advisor


Fraser Mackenzie Limited ALEKSANDRA BUKACHEVA buy 5 M 59 Not Provided 02.01.2013

Mirabaud Securities NICHOLAS CHALMERS speculative buy 4 M 35 12 month 04.12.2012

Holdings By:

Patagonia Gold PLC ee


19.04.2013

Lingbao Gold Company Ltd. mines and smelts gold. The Company produces gold

bullion, silver, copper products, and sulphuric acid.


LTM as of: 06/yy

52-Week High (02.05.2012) 3.99

52-Week Low (18.04.2013) 2.48

Daily Volume

2.52





1'949.91 1 Yr Total Return -31.51%







3330 HK EQUITY YTD Change - Average Volume 30 Day 462'301

3330 HK EQUITY YTD % CHANGE - Average Volume 3 Month 558'385


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4

3'559.1 3'961.7 4'834.6 5'720.8 6'393.3 0.0 0.0 6'921.5 6'595.0 - -

0.72x 0.99x 1.40x 0.83x - #DIV/0! #DIV/0! 0.73x 0.76x - -

354.4 738.8 777.4 824.5 - 0.0 0.0 754.0 811.0 - -

7.26x 5.29x 8.71x 5.75x - 0.00x 0.00x 7.88x 7.33x - -

115.6 118.0 266.5 310.6 165.3 0.0 0.0 200.5 227.5 - -

11.63x 17.38x 16.59x 5.74x 12.10x 0.00x 0.00x 7.72x 6.80x - -











EBITDA Margin 14.2%



Asset Turnover 0.74







Fiscal Year Ended

Lingbao Gold Co LtdPrice/Volume

Valuation Analysis

376'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

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2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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19.04.2013


BANK OF NEW YORK MEL n/a EXCH 27'842'000 9.37 - 20.03.2013 Investment Advisor


VALUE PARTNERS GROUP n/a ULT-AGG 14'844'000 4.99 - 02.06.2011 Corporation



VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'608'558 0.54 (136'000) 31.12.2012 Investment Advisor






HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 122'000 0.04 - 31.03.2013 Investment Advisor

NOMURA INTERNATIONAL Multiple Portfolios MF-AGG 68'000 0.02 - 31.03.2012 Investment Advisor

GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 58'910 0.02 - 16.04.2013 Investment Advisor



Credit Suisse OWEN LIANG underperform 1 D 2 Not Provided 09.04.2013


Guotai Junan KEVIN GUO neutral 3 D 3 Not Provided 26.02.2013

BOCOM International Holdings RONGJIN LUO long-term buy 5 M 7 12 month 13.07.2012

First Shanghai Securities Ltd ZHANG ZHIBIN buy 5 N 6 12 month 28.03.2012

Holdings By:

Lingbao Gold Co Ltd ee


19.04.2013

Scorpio Mining Corporation explores for silver in Canada and Mexico.


LTM as of: 12/yy

52-Week High (04.10.2012) 1.28

52-Week Low (17.04.2013) 0.46

Daily Volume

0.485












SPM CN EQUITY YTD Change - Average Volume 30 Day 446'584

SPM CN EQUITY YTD % CHANGE - Average Volume 3 Month 406'633


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 19.4 34.2 61.1 45.8 61.1 45.8 81.2 113.0 - -

- 4.59x 5.75x 5.89x 3.78x 18.97x 14.77x - - - -

(4.6) 6.6 11.9 29.4 14.2 29.4 14.2 16.7 28.6 - -

- 13.58x 16.54x 12.25x 12.23x 12.25x 12.23x 3.96x 2.28x - -

(90.7) 13.5 30.7 12.6 7.1 12.6 7.1 - - - -

- 6.00x 9.00x 32.50x 25.75x 32.50x 25.75x 7.70x 3.46x - -











EBITDA Margin 30.9%



Asset Turnover 0.31








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Scorpio Mining CorpPrice/Volume

Valuation Analysis

55'350.00


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19.04.2013





ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 3'800'000 1.92 - 31.03.2013 Investment Advisor

GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 2'570'166 1.3 - 16.04.2013 Investment Advisor

SPROTT INC Multiple Portfolios MF-AGG 1'941'000 0.98 (2'341'300) 31.12.2012 Hedge Fund Manager

HAWLEY PETER J n/a Co File 1'843'436 0.93 - 31.12.2012 n/a


FALCON FUND MANAGEME Multiple Portfolios MF-AGG 1'400'000 0.71 - 28.02.2013 Investment Advisor



MATRIX FUND MANAGEME Multiple Portfolios MF-AGG 295'000 0.15 295'000 30.11.2012 Investment Advisor


FACTOR ADVISORS LLC Multiple Portfolios MF-AGG 131'178 0.07 - 29.11.2012 Unclassified

SADEK JOHN n/a Co File 79'150 0.04 - 31.12.2012 n/a







Casimir Capital ERIC WINMILL buy 5 M 1 12 month 09.04.2013

Clarus Securities MIKE BANDROWSKI buy 5 M 2 12 month 05.04.2013



EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 12.06.2012

Holdings By:

Scorpio Mining Corp ee


19.04.2013

Midway Gold Corp. explores and develops mineral resource properties. The

Company is currently exploring for gold on its Midway Prospect property located

in Nevada in the United States.


LTM as of: 12/yy

52-Week High (18.10.2012) 1.80

52-Week Low (17.04.2013) 0.87

Daily Volume

0.92












MDW US EQUITY YTD Change - Average Volume 30 Day 380'532

MDW US EQUITY YTD % CHANGE - Average Volume 3 Month 368'742


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(11.6) (3.8) (6.3) (18.2) (14.3) (18.2) (14.3) (10.5) (7.0) - -

- - - - - 0.00x 0.00x - - - -

(16.2) (2.6) (5.8) (15.5) (15.3) (15.5) (15.3) (14.0) (14.6) (5.0) (5.0)

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Midway Gold CorpPrice/Volume

Valuation Analysis

14'321.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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19.04.2013



SHEERIN MATT n/a PROXY 8'200'906 6.38 - 07.03.2012 n/a

HALE JR MARTIN M n/a 13D 8'080'435 6.29 - 13.12.2012 n/a

HAWES GEORGE T n/a SEDI 7'361'064 5.73 (27'300) 31.10.2011 n/a


DISBROW ROBERT n/a 13G 5'072'200 3.95 (75'800) 31.12.2011 n/a


VANGUARD GROUP INC VANGUARD GROUP INC 13F 2'914'011 2.27 (1'449'218) 31.03.2013 Investment Advisor

YU FRANK S n/a PROXY 1'709'646 1.33 - 07.03.2012 n/a


WOLFUS DANIEL EDWARD n/a SEDI 1'570'117 1.22 - 12.09.2011 n/a


DAVENPORT & COMPANY DAVENPORT & COMPANY 13F 1'470'179 1.14 14'700 31.03.2013 Investment Advisor

GILDER GAGNON HOWE n/a 13G 1'219'343 0.95 - 30.04.2009 Investment Advisor

DEANS KNIGHT CAPITAL n/a 13G 1'144'360 0.89 - 31.12.2012 Investment Advisor

KUDU PARTNERS LP n/a SEDI 815'536 0.63 (161'701) 08.11.2007 Other



SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 445'429 0.35 - 31.12.2012 Hedge Fund Manager



Canaccord Genuity Corp JOE MAZUMDAR speculative buy 4 M 2 12 month 18.04.2013


Cormark Securities Inc. KYLE MCPHEE speculative buy 4 N 2 12 month 10.04.2013


Jacob Securities Inc MATTHEW SHEPPARD buy 5 M 2 12 month 13.03.2013


Stonecap Securities Inc BRIAN SZETO outperform 5 M 2 12 month 08.01.2013


Holdings By:

Midway Gold Corp ee


19.04.2013

DRDGOLD Limited is a mid-tier, unhedged gold producer with a mix of assets. The

Company's assets include underground mines and surface re-treatment operation

and exploration activities in South Africa.


LTM as of: 12/yy

52-Week High (19.02.2013) 8.59

52-Week Low (31.08.2012) 5.35

Daily Volume

6.37










Enterprise Value -


DRD US EQUITY YTD Change - Average Volume 30 Day 128'186

DRD US EQUITY YTD % CHANGE - Average Volume 3 Month 126'285


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

1'843.9 1'910.7 1'990.5 1'379.5 1'764.2 1'902.6 1'959.2 2'201.0 2'563.2 - -

0.86x 1.10x 0.64x 0.79x 1.09x 2.80x 4.32x - - - -

162.1 6.9 212.5 225.7 370.8 392.4 412.8 621.3 891.5 - -

9.75x 301.94x 6.03x 4.83x 5.21x 3.83x 6.26x - - - -

996.0 129.1 207.8 (287.9) 308.7 (119.1) 279.6 354.8 523.8 - -

- - - - - 0.00x 0.00x 6.24x 4.26x - -











EBITDA Margin 20.4%



Asset Turnover 0.75








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

DRDGOLD LtdPrice/Volume

Valuation Analysis

11'138.00


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1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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19.04.2013


SKAGEN AS Multiple Portfolios MF-AGG 3'724'701 9.66 - 27.03.2013 Mutual Fund Manager

VAN ECK ASSOCIATES C n/a ULT-AGG 931'970 2.42 (49'424) 17.04.2013 Investment Advisor

ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 536'792 1.39 (58'369) 31.03.2013 Investment Advisor



BRANCH BANKING & TRU BRANCH BANKING AND T 13F 110'000 0.29 - 31.03.2013 Bank


ROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 100'000 0.26 - 31.01.2013 Investment Advisor

JANE STREET HOLDING JANE STREET HOLDING 13F 44'799 0.12 (6'532) 31.12.2012 Investment Advisor

FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 36'297 0.09 - 31.12.2012 Investment Advisor

RUFFER LLP RUFFER LLP 13F 34'015 0.09 - 31.12.2012 Hedge Fund Manager


APERIO GROUP LLC APERIO GROUP LLC 13F 29'633 0.08 2'739 31.12.2012 Investment Advisor

BANK OF AMERICA CORP BANK OF AMERICA 13F 28'307 0.07 27'529 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 28'300 0.07 28'300 31.12.2012 Investment Advisor

SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 28'300 0.07 28'300 31.12.2012 Investment Advisor

COMMONWEALTH OF PENN COMMONWEALTH OF PENN 13F 26'529 0.07 (9'576) 31.12.2012 Pension Fund (ERISA)

OXFORD ASSET MANAGEM OXFORD ASSET MANAGEM 13F 17'976 0.05 6'940 31.12.2012 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 16'227 0.04 7'860 31.12.2012 Investment Advisor

CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 6'552 0.02 (1'755) 31.12.2012 Investment Advisor



Holdings By:

DRDGOLD Ltd ee


19.04.2013

International Tower Hill Mines Ltd. acquires, explores, and evaluates mineral

properties. The Company currently possesses an expanding portfolio of Alaskan

and Nevada based gold and base metal exploration projects.


LTM as of: 12/yy

52-Week High (01.05.2012) 4.16

52-Week Low (18.04.2013) 0.91

Daily Volume

0.98












THM US EQUITY YTD Change - Average Volume 30 Day 319'955

THM US EQUITY YTD % CHANGE - Average Volume 3 Month 239'120


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 05/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - -

- - - - - #DIV/0! #DIV/0! #DIV/0! #DIV/0! - -

(3.2) (7.3) (12.1) (9.9) (55.5) (9.9) (55.5) (15.5) (17.3) - -

- - - - - 0.00x 0.00x - - - -

(2.4) (9.8) (17.9) (10.2) (56.6) (10.2) (56.6) (13.2) (14.6) - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

International Tower Hill Mines LtdPrice/Volume

Valuation Analysis

49'401.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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19.04.2013



ANGLOGOLD ASHANTI LT n/a SEDI 11'073'323 11.29 - 07.08.2012 Holding Company



TEXAS TEACHER RETIRE TEACHER RETIREMENT S 13F 2'099'836 2.14 - 31.12.2012 Pension Fund (ERISA)

WEISS ASSET MANAGEME WEISS ASSET MANAGEME 13F 1'926'411 1.96 (1'923'077) 31.12.2012 Hedge Fund Manager

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 1'014'000 1.03 - 31.12.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 900'425 0.92 34'847 31.12.2012 Investment Advisor



DRESCHER ANTON J n/a SEDI 489'218 0.5 (50'000) 21.12.2012 n/a

PONTIUS JEFFREY A n/a SEDI 383'566 0.39 (195'600) 07.01.2013 n/a


UNIVERSAL INS HOLDIN n/a ULT-AGG 345'555 0.35 114'825 31.12.2012 Insurance Company

CARRIERE DANIEL A n/a SEDI 294'735 0.3 - 22.11.2011 n/a




TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 220'000 0.22 - 31.12.2012 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 208'228 0.21 (224'772) 28.02.2013 Mutual Fund Manager


BMO Capital Markets JOHN P HAYES Speculative Underperform 2 D #N/A N/A Not Provided 14.04.2013


Credit Suisse ANITA SONI underperform 1 M 1 Not Provided 03.04.2013

Salman Partners DAVID WEST Under Review #N/A N/A M #N/A N/A Not Provided 08.11.2012

Holdings By:

International Tower Hill Mines Ltd ee


19.04.2013

Red 5 Limited is a minieral exploration and development company. The Company's

principal asset is the Siana Gold Project in the Philippines held under a

Mineral Production Sharing Agreement by a Red5 Philippine compliant company.

Red 5's second asset is the Mapawa MPSA, located north of Siana.


LTM as of: 01/yy

52-Week High (20.04.2012) 1.98

52-Week Low (18.04.2013) 0.56

Daily Volume

0.585












RED AU EQUITY YTD Change - Average Volume 30 Day 323'382

RED AU EQUITY YTD % CHANGE - Average Volume 3 Month 307'108


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

- - - 0.0 4.3 - - 50.0 127.0 - -

- - - - 42.84x - - 1.58x 0.25x - -

(1.4) (1.5) (2.2) (5.2) (2.9) - - 17.5 78.1 - -

- - - - - - - 5.00x 1.12x - -

(0.6) (0.9) (0.4) (8.1) (1.7) - - 1.1 40.0 - -

- - - - - - - 146.25x 1.93x - -









Net Debt/EBITDA -





Asset Turnover 0.10








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Red 5 LtdPrice/Volume

Valuation Analysis

431'246.00


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0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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19.04.2013



BAKER STEEL GOLD FUN n/a Co File 11'095'633 8.19 - 24.09.2012 n/a




DEUTSCHE BANK AG n/a EXCH 3'958'183 2.92 (3'160'399) 24.06.2011 Investment Advisor



EDWARDS GREGORY CHAR n/a Co File 1'065'111 0.79 - 15.11.2012 n/a

VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 679'951 0.5 - 30.09.2012 Mutual Fund Manager

EIM CAPITAL MANAGERS Multiple Portfolios MF-AGG 301'926 0.22 (100'000) 30.11.2012 Investment Advisor

SPROTT INC Multiple Portfolios MF-AGG 260'849 0.19 (2'137'799) 31.12.2012 Hedge Fund Manager


SCANLAN GARY FRANCIS n/a EXCH 50'000 0.04 - 31.12.2012 n/a

MOBILIA JOE n/a Co File 44'958 0.03 - 30.06.2012 n/a


MILAZZO MARK FRANCIS n/a Co File 25'000 0.02 - 26.09.2012 n/a

JACKSON COLIN GEORGE n/a Co File 22'500 0.02 - 26.09.2012 n/a




Wilson HTM Investment Group CAMERON JUDD sell 1 M 1 Not Provided 17.04.2013

Canaccord Genuity Corp REG SPENCER speculative buy 4 M 1 Not Provided 15.04.2013

Evans & Partners Pty Ltd CATHY MOISES neutral 3 D #N/A N/A Not Provided 03.01.2013


Casimir Capital JAMES CROSBY overweight 5 M 3 12 month 06.02.2012

Holdings By:

Red 5 Ltd ee


19.04.2013

Gryphon Minerals Ltd. explores for gold. The Company operates on the Banfora

Gold Project in Burkina Faso, Africa, and properties in Mauritania.


LTM as of: 01/yy

52-Week High (18.04.2012) 1.02

52-Week Low (18.04.2013) 0.19

Daily Volume

0.195












GRY AU EQUITY YTD Change - Average Volume 30 Day 3'914'747

GRY AU EQUITY YTD % CHANGE - Average Volume 3 Month 3'238'799


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

0.0 0.0 0.0 0.0 0.0 - - 0.0 1.0 - -

- - - - - - - 864.63x 86.50x - -

(3.3) (2.7) (3.9) (15.9) (8.0) - - (10.4) (8.1) - -

- - - - - - - - - - -

(3.1) (2.3) (3.2) (8.9) (5.9) - - (10.1) (3.7) - -

- - - - - - - - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Gryphon Minerals LtdPrice/Volume

Valuation Analysis

5'756'691.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

'

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0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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19.04.2013



GENESIS ASSET MANAGE n/a EXCH 20'682'524 5.16 - 12.03.2013 Investment Advisor

COMMONWEALTH BANK OF n/a EXCH 19'591'128 4.89 - 20.11.2012 Bank

AMP LTD n/a EXCH 16'488'127 4.12 (985'067) 22.10.2012 Insurance Company


JP MORGAN n/a ULT-AGG 9'593'063 2.4 2'154'872 28.02.2013 Investment Advisor

PARSONS STEPHEN n/a EXCH 6'990'601 1.75 - 18.12.2012 n/a



MACQUARIE GROUP n/a ULT-AGG 5'507'628 1.38 1'032'776 31.08.2011 Investment Advisor


WELLS FARGO n/a ULT-AGG 3'934'525 0.98 - 28.02.2013 Investment Advisor




NETHERWAY DAVID GEOR n/a Co File 1'847'374 0.46 - 30.06.2012 n/a




ASHTON NORMAN MEL n/a EXCH 1'000'000 0.25 (200'000) 28.08.2012 n/a



Morgan Stanley BRENDAN FITZPATRICK Equalwt/Attractive 3 D 0 12 month 16.04.2013

BMO Capital Markets ANDREW BREICHMANAS speculative outperform 4 M 1 Not Provided 15.04.2013


Credit Suisse MICHAEL SLIFIRSKI outperform 5 M 1 Not Provided 03.04.2013

Macquarie MITCH RYAN neutral 3 M 1 12 month 14.03.2013

RBS Morgans JAMES WILSON outperform 5 M 1 12 month 06.03.2013

RBC Capital Markets GEOFF BREEN outperform 5 M 1 12 month 04.03.2013


Argonaut Securities Pty Ltd TROY IRVIN speculative buy 4 M 1 12 month 11.02.2013

Paradigm Capital Inc DON MACLEAN speculative buy 4 M 1 12 month 01.02.2013

GMP LEVI SPRY buy 5 M 1 Not Provided 21.08.2012


DJ Carmichael Pty Ltd PAUL ADAMS speculative buy 4 M #N/A N/A Not Provided 24.08.2011

Holdings By:

Gryphon Minerals Ltd ee


19.04.2013

Exeter Resource Corporation explores for, evaluates, and develops mineral

deposits in South America. The Company's focus is on gold exploration in

Argentina and Chile.


LTM as of: 12/yy

52-Week High (01.05.2012) 2.62

52-Week Low (18.04.2013) 0.87

Daily Volume

0.9












XRA US EQUITY YTD Change - Average Volume 30 Day 269'218

XRA US EQUITY YTD % CHANGE - Average Volume 3 Month 217'685


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(27.4) (27.6) (29.9) (31.8) (26.0) (31.8) (25.9) (11.7) (11.5) - -

- - - - - 0.00x 0.00x - - - -

(27.0) (27.3) 83.8 (30.9) (25.2) (31.0) (25.2) (11.7) (11.5) - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Exeter Resource CorpPrice/Volume

Valuation Analysis

43'310.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

0

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0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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19.04.2013




GEOLOGIC RESOURCE PA GEOLOGIC RESOURCE PA 13F 3'050'700 3.45 1'012'800 31.12.2012 Hedge Fund Manager

ROWEN COMPANY LTD n/a SEDI 2'600'000 2.94 100'000 09.02.2012 Corporation


TSP CAPITAL MANAGEME TSP CAPITAL MANAGEME 13F 2'413'000 2.73 691'500 31.12.2012 Investment Advisor

POLYGON MANAGEMENT L POLYGON MANAGEMENT L 13F 2'062'713 2.33 2'062'713 31.12.2012 Investment Advisor

SIMPSON YALE R n/a SEDI 1'709'350 1.93 13'600 26.12.2012 n/a


ROXBURGH BRYCE G n/a SEDI 1'409'450 1.59 - 02.05.2011 n/a


WELLS FARGO n/a ULT-AGG 785'000 0.89 (500) 28.02.2013 Investment Advisor

LOEWS CORPORATION LOEWS CORPORATION 13F 642'545 0.73 - 31.12.2012 Corporation

UNIVERSAL INS HOLDIN n/a ULT-AGG 537'725 0.61 329'447 31.12.2012 Insurance Company


ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 463'400 0.52 463'400 31.03.2013 Investment Advisor

OPPENHEIMER & CO INC OPPENHEIMER & CO INC 13F 402'861 0.46 (739) 31.12.2012 Hedge Fund Manager


FMR LLC n/a ULT-AGG 272'400 0.31 100 28.02.2013 Investment Advisor

PERKINS SIMON RICHAR n/a SEDI 270'652 0.31 77'000 02.02.2011 n/a


Salman Partners DAVID WEST speculative buy 4 M 8 Not Provided 17.04.2013

BMO Capital Markets JOHN P HAYES Speculative Underperform 2 D #N/A N/A Not Provided 14.04.2013


Mine2Capital Inc ALKA SINGH sell 1 M 1 Not Provided 04.02.2013

Holdings By:

Exeter Resource Corp ee


19.04.2013

Richmont Mines, Inc. is a Canadian gold mining company. The Company owns and

operates the Francoeur, Beaufor and East Amphi mines located in Quebec, the

Nugget Pond and Hammerdown mines in Newfoundland, and the Island Gold Mine in

Ontario.


LTM as of: 12/yy

52-Week High (01.05.2012) 7.38

52-Week Low (17.04.2013) 1.80

Daily Volume

1.93












RIC US EQUITY YTD Change - Average Volume 30 Day 148'564

RIC US EQUITY YTD % CHANGE - Average Volume 3 Month 148'510


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

70.6 71.9 90.5 118.6 101.7 118.5 104.3 111.0 135.0 - -

0.43x 1.15x 1.31x 2.51x 0.59x 7.75x 4.73x - - - -

9.8 6.9 19.7 40.5 8.2 40.5 7.9 - - - -

3.07x 11.99x 5.99x 7.36x 7.34x 7.36x 7.62x - - - -

1.6 0.3 9.3 25.9 (45.0) 25.9 (45.0) 8.0 17.0 - -

29.71x - 16.48x 14.78x - 14.99x 0.00x 6.95x 4.66x 2.57x -











EBITDA Margin 7.6%



Asset Turnover 0.66







Fiscal Year Ended

Richmont Mines IncPrice/Volume

Valuation Analysis

33'047.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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1

2

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4

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20.0

40.0

60.0

80.0

100.0

120.0

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19.04.2013


OXBRIDGE BANK & TRUS n/a PROXY 5'016'363 12.67 - 28.03.2013 Investment Advisor

RESOLUTE FUNDS LTD n/a 13G 3'617'600 9.14 487'600 28.01.2013 Investment Advisor

CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 2'730'000 6.89 - 31.12.2012 Investment Advisor



WEISS ASSET MANAGEME n/a 13G 1'968'700 4.97 (31'300) 29.01.2013 Hedge Fund Manager

CHAMANDY H GREGORY n/a SEDI 995'509 2.51 14 11.01.2012 n/a

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 923'765 2.33 (896'035) 31.12.2012 Investment Advisor

FIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 710'095 1.79 420'295 31.03.2013 Investment Advisor

PARADIGM CAPITAL MAN PARADIGM CAPITAL MAN 13F 672'980 1.7 92'400 31.12.2012 Investment Advisor

SPROTT INC SPROTT INC 13F 645'500 1.63 - 31.12.2012 Hedge Fund Manager


US GLOBAL INVESTORS US GLOBAL INVESTORS 13F 260'000 0.66 - 31.12.2012 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 185'200 0.47 (194'200) 31.12.2012 Pension Fund (ERISA)

FMR LLC n/a ULT-AGG 145'300 0.37 115'300 28.02.2013 Investment Advisor

CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 137'000 0.35 (33'700) 31.12.2012 Investment Advisor

BOGLE INVESTMENT MAN BOGLE INVESTMENT MAN 13F 120'105 0.3 (112'503) 31.12.2012 Hedge Fund Manager

HOULE REJEAN n/a SEDI 76'500 0.19 - 09.03.2012 n/a

GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 57'200 0.14 (57'200) 30.11.2012 Investment Advisor

MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 55'750 0.14 - 31.12.2012 Investment Advisor



CIBC World Markets KEVIN CHIEW sector perform 3 M 4 Not Provided 11.04.2013


Holdings By:

Richmont Mines Inc ee


19.04.2013

Orezone Gold Corporation is a gold exploration and development company. The

Company is focused on the discovery and development of gold deposits in West

Africa. Orezone Gold's current focus is projects in Burkina Faso.


LTM as of: 12/yy

52-Week High (20.09.2012) 2.47

52-Week Low (17.04.2013) 0.83

Daily Volume

0.92








Minority Interest - Analyst Recs 9




ORE CN EQUITY YTD Change - Average Volume 30 Day 183'971

ORE CN EQUITY YTD % CHANGE - Average Volume 3 Month 145'801


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(3.2) (2.0) (8.4) (31.6) (28.5) (31.6) (28.5) (16.6) 12.7 - -

- - - - - 0.00x 0.00x - 4.72x - -

(12.8) (1.8) (8.9) (30.3) (4.8) (30.3) (4.8) (15.8) (9.2) - -

- - - - - 0.00x 0.00x - 68.96x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Orezone Gold CorpPrice/Volume

Valuation Analysis

76'199.00


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19.04.2013


SUN VALLEY GOLD LLC n/a SEDI 12'024'600 14.03 3'654'500 13.07.2012 Hedge Fund Manager


PASSPORT CAPITAL LLC n/a Co File 7'183'500 8.38 (1'894'100) 31.12.2011 Hedge Fund Manager




BEUTEL GOODMAN & COM Multiple Portfolios MF-AGG 2'117'000 2.47 - 28.02.2013 Investment Advisor

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 1'926'187 2.25 (18) 28.09.2012 Investment Advisor

LITTLE RONALD n/a SEDI 1'840'639 2.15 6'178 26.04.2012 n/a

HALVORSON MICHAEL n/a SEDI 1'431'798 1.67 50'000 10.05.2012 n/a



AGF INVESTMENTS INC Multiple Portfolios MF-AGG 987'425 1.15 (12'600) 28.09.2012 Investment Advisor

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 899'800 1.05 - 31.01.2013 Investment Advisor

QUANTEX AG Multiple Portfolios MF-AGG 890'000 1.04 (20'000) 29.03.2013 Investment Advisor


MARQUIS PASCAL n/a SEDI 658'519 0.77 27'270 17.02.2012 n/a


SMITH & WILLIAMSON H n/a ULT-AGG 360'319 0.42 - 28.02.2013 Investment Advisor

GCIC LTD/CANADA Multiple Portfolios MF-AGG 302'000 0.35 302'000 31.12.2012 Investment Advisor



CIBC World Markets JEFF KILLEEN sector outperform 5 M 3 Not Provided 11.04.2013



Casimir Capital STUART MCDOUGALL speculative buy 4 M 3 12 month 09.04.2013





Holdings By:

Orezone Gold Corp ee


19.04.2013

Ramelius Resources Limited is a gold exploration and production company with

exploration activities focused in Western Australia. The Company also explores

for base metals.


LTM as of: 01/yy

52-Week High (19.04.2012) 0.83

52-Week Low (16.04.2013) 0.21

Daily Volume

0.205












RMS AU EQUITY YTD Change - Average Volume 30 Day 2'299'294

RMS AU EQUITY YTD % CHANGE - Average Volume 3 Month 2'114'293


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

14.9 19.9 61.3 148.1 84.3 - - 137.5 182.7 - -

6.95x - 0.81x 1.95x 1.40x - - 0.26x -0.03x - -

2.2 11.8 38.0 108.6 12.8 - - 35.0 70.5 - -

46.27x - 1.30x 2.66x 9.27x - - 0.85x 0.42x - -

0.6 5.0 20.2 62.4 2.3 - - 18.4 39.3 - -

191.25x 19.23x 5.93x 5.98x 66.44x - - 3.73x 1.72x - -









Net Debt/EBITDA -


EBITDA Margin -9.1%



Asset Turnover 0.40








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Ramelius Resources LtdPrice/Volume

Valuation Analysis

1'889'993.00


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40.0

60.0

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100.0

120.0

140.0

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19.04.2013


SPROTT INC n/a EXCH 23'947'605 7.09 (5'818'592) 06.02.2013 Hedge Fund Manager


PARADICE INVESTMENT #N/A N/A EXCH 15'269'179 4.52 (3'686'804) 16.04.2013 Investment Advisor

BEACH ENERGY LTD n/a EXCH 14'053'269 4.16 (6'046'734) 21.06.2011 Corporation

MANDURANG PTY LTD n/a EXCH 6'442'856 1.91 - 27.02.2013 Other

NELSON REGINALD GEOR n/a Co File 5'331'984 1.58 - 27.08.2012 n/a



HOULDSWORTH JOSEPH F n/a EXCH 2'374'259 0.7 - 26.05.2011 n/a

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 2'125'196 0.63 295'639 31.12.2012 Investment Advisor


KENNEDY ROBERT MICHA n/a EXCH 1'557'144 0.46 90'000 27.02.2013 n/a

GORDON IAN JAMES n/a EXCH 1'099'021 0.33 500'000 26.11.2012 n/a


PRUDENTIAL FINANCIAL n/a ULT-AGG 608'253 0.18 192'732 28.02.2013 Investment Advisor

MERRICKS CAPITAL SPE n/a EXCH 279'000 0.08 - 28.07.2010 Other

VANGUARD GROUP INC Multiple Portfolios MF-AGG 180'600 0.05 (1'544'752) 31.12.2012 Investment Advisor






Argonaut Securities Pty Ltd PATRICK CHANG hold 3 M 0 12 month 21.01.2013

EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 05.09.2012


Holdings By:

Ramelius Resources Ltd ee


19.04.2013

San Gold Corporation explores and develops mineral properties. The Company is

focusing on the development of its gold mine located in Manitoba, Canada.


LTM as of: 12/yy

52-Week High (06.06.2012) 1.61

52-Week Low (17.04.2013) 0.16

Daily Volume

0.18












SGR CN EQUITY YTD Change - Average Volume 30 Day 1'820'615

SGR CN EQUITY YTD % CHANGE - Average Volume 3 Month 2'575'203


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

8.7 27.8 58.0 114.1 142.1 114.1 142.1 130.5 169.5 - -

31.33x 34.61x 19.66x 5.05x 1.76x 25.74x 9.22x - - - -

(44.1) (29.7) (18.9) 12.5 35.9 12.5 35.9 38.8 54.7 - -

- - - 46.18x 6.96x 46.18x 6.96x 1.34x 0.95x - -

(33.4) (29.5) (24.6) (5.1) (13.2) (5.1) (13.2) (19.4) 6.3 - -

- - - - - 0.00x 0.00x - - - -











EBITDA Margin 25.2%



Asset Turnover 0.56







Fiscal Year Ended

San Gold CorpPrice/Volume

Valuation Analysis

93'483.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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19.04.2013


GCIC LTD/CANADA n/a Co File 41'625'000 12.42 (1'406'400) 30.11.2012 Investment Advisor


UNITED SERVICES AUTO Multiple Portfolios MF-AGG 13'600'000 4.06 3'200'000 30.11.2012 Investment Advisor

JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 12'158'575 3.63 3'980'808 28.02.2013 Investment Advisor



WYNNE HUGH n/a SEDI 8'160'002 2.43 300'000 24.05.2011 n/a


MANULIFE ASSET MANAG Multiple Portfolios MF-AGG 5'856'803 1.75 368'089 31.01.2013 Investment Advisor



SCOTIA ASSET MANAGEM Multiple Portfolios MF-AGG 1'900'000 0.57 - 31.01.2013 Investment Advisor

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'875'000 0.56 (193'600) 31.12.2012 Investment Advisor


BHR FUND ADVISORS LP Multiple Portfolios MF-AGG 1'400'000 0.42 (40'000) 31.01.2013 Investment Advisor


GINN DALE n/a SEDI 1'336'140 0.4 30'000 21.06.2012 n/a


FORUM INVESTMENT ADV Multiple Portfolios MF-AGG 1'214'755 0.36 796'340 31.12.2012 Investment Advisor

HUBERT BENJAMIN ARTH n/a SEDI 1'181'200 0.35 (50'000) 03.05.2011 n/a


CIBC World Markets COSMOS CHIU sector underperform 1 M 1 12 month 17.04.2013


National Bank Financial PAOLO LOSTRITTO Under Review #N/A N/A M #N/A N/A Not Provided 17.04.2013



Stonecap Securities Inc CHRISTOS DOULIS underperform 1 M 0 12 month 27.03.2013




Holdings By:

San Gold Corp ee


Documents

Fundamental Equity Analysis - Top 100 Gold Mining Companies Worldwide