The Weekly Dig October 9, 2015cdn.ceo.ca.s3-us-west-2.amazonaws.com/...MMOct92015... · The Weekly Dig – October 9, 2015 Haywood Mining Team Member of the Canadian Investor Protection

The Weekly Dig – October 9, 2015 Haywood Mining Team

Member of the Canadian Investor Protection Fund Please see page 37 for Analyst Certification, Important Information

and Legal Disclaimers, page 40 for Risk Profile Definitions, and pages 38 to 47 for Disclosures, Rating Structure, and notes.

Base Metals Rally on Supply Concerns as Dovish Fed Outlook Lifts Gold

It was a positive week for commodities, with all metals moving upward. Precious metals received a boost after the release of the minutes from the Federal Reserve’s meeting in September, painting a more dovish tone and putting the possibility of an interest rate rise in 2015 into doubt. In turn, the US dollar fell against other currencies, lifting the price of gold (↑1.6%) above the $1,150 per ounce mark briefly on Tuesday before finishing at $1,157 per ounce on Friday. Platinum rose over 7% during the week, finishing at $982 per ounce, which was a welcome change of fortune after the Volkswagen emissions scandal weighed heavily on the metal due to its application in diesel catalytic converters. Silver (↑3.66%) and palladium (↑1.7%) were also up, finishing at $15.82 and $711 per ounce respectively. However it was base metal prices in particular that experienced a reversal of fortune during the week after struggling for much of the year due to over-supply and the economic slowdown in China. Supply constraints resulting from social unrest in Chile and Peru, and a series of mine closures by one major diversified miner saw most base and industrial metals up for the week. Both lead and zinc were the biggest gainers, rising over 8% each to finish at $0.80 and $0.82 per pound respectively. Both copper (↑3.74%) and nickel (↑4.48%) also rose significantly, finishing at $2.42 and $4.75 per pound respectively. The price of WTI crude rose 8% to finish at $49.52 per barrel on Friday, while the UxC Broker Average Price (BAP) of uranium rose slightly this week (↑3%), finishing at $38.13 per pound U3O8.

DIGGING IN… Metals Sector Macro: Gold and base metals up this week on Fed minutes and mine closures ............................................................................................................................................................... 2 Junior Explorer – Weekly Vantage Point: News from the Junior sector this week included drill assay results from Marathon Gold’s (MOZ-T) Valentine Lake Gold Project in Newfoundland.………….………..………..…………..................... 3 Haywood Research – The Week in Review: Publications from the Haywood Research team this week included an illegal blockade at the El Limon mine in Nicaragua (BTO-T), Q3/15 production updates from CUM-T, TV-T and EDR-T, exploration results from KDX-T, site visit notes for LUC-T, a construction update from MPV-T), infill drill results from ROG-V, a silver stream agreement for TCK.B-T, and a maiden resource estimate from SWA-V ................... 5 Market Essentials: Glencore PLC (GLEN-LON) plans to cut zinc metal mine production by 500,000 tonnes ................................................................................................................................... 10 Equity Financings: This Week: 16 equity raises for C$34 million ................................... 11-12 Debt Financings: This Week: 2 equity raises for C$12.1 million……………...11-12 Weekly Commodities / Indices / Exchange Rates: The S&P/TSX Comp rose to 13,964 while the S&P/TSX Venture Comp was down this week, finishing at 552 ..................................... 13 Commodities and ETFs: A Week in Action: Lead and zinc both up 8% for the week ............ 14 Equities: Weekly Performances: First Quantum Minerals Ltd. (FM-T) up 71% for the week .................................................................................................................................................... 16 Comparables Tables: Consensus and Haywood forecasts and multiples, plus market valuations for in situ resources ............................................................................................................................ 19 Important Notice & Disclaimer – Please Read The Dig is intended to provide general information only and it is written for an institutional audience. It is not a solicitation for the purchase of securities, an offer of securities, or intended as investment research or advice. The information presented, while obtained from sources we believe reliable is not guaranteed against errors or omissions. For Canadian residents: Haywood Securities Inc. is a Canadian registered broker-dealer and a member of the Investment Industry Regulatory Organization of Canada, the Toronto Stock Exchange, the Toronto Venture Exchange and the Canadian Investor Protection Fund. Any Canadian client that wishes further information about anything contained herein should contact a qualified salesperson of Haywood Securities Inc. For U.S. residents: The Dig is distributed in the United States by Haywood Securities (USA) Inc.

$1,120

$1,170

10/5 10/9

Gold (US$/oz)Last: $1,157

$16

$16

$17

10/5 10/9

Silver (US$/oz)Last: $15.82

$2.30

$2.35

$2.40

10/5 10/9

Copper (US$/lb)Last: $2.42

$44

$46

$48

$50

$52

10/5 10/9

WTI Crude (US$/bbl)Last: $49.52

The Weekly Dig 10/9/15

Haywood Mining [email protected] Page 2

Metals Sector Macro

Macroeconomic News

United States: The most important news for the week centred around the Federal Reserve’s minutes from its FOMC meeting in September, which suggested that the Federal Reserve was in no rush to raise interest rates, raising doubts that a raise will be implemented before the end of the year. The price of gold rose on the news (↑1.6%) climbing over $1,157 per ounce during the week. Coinciding with the minutes was the release of trade balance figures on Monday, which showed the U.S. trade deficit expanding in August by 15.6% to $48.3 billion from the previous months $41.86 billion, ahead of consensus which estimated a figure of $47.10 billion. The larger trade deficit figures were attributed to a strong dollar and weak demand in foreign markets. Meanwhile, ahead of new mortgage regulations whereby lenders are required to disclose all details of the loan three days prior to close, MBA mortgage application figures for the week ending October 2nd surged 24%. Impressively, purchase applications, which are usually less rate-sensitive week-to-week, are now 49 percent higher than one year ago. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 3.99%, the lowest level since May 2015, from 4.08%. Initial jobless claims data for the week was also positive, with the number of applicants falling to a near 42-year low, down 13,000 to 263,000. That was the lowest since mid-July when the number of claims was at its lowest since 1973. Hitting such a historical low is remarkable considering the U.S. workforce has grown considerably since the 1970s.

Canada: Despite another 12,000 jobs being added in September, the unemployment rate in Canada rose to 7.1%. The gain in the overall number of jobs came due to a gain in part-time employment, offset by a drop in full-time jobs.

Australia: Despite negative economic headwinds including a gloomy outlook from the International Monetary Fund which downgraded its economic growth forecast, the Reserve Bank of Australia kept interest rates on hold at 2%. This is despite continued concerns over Australia’s booming housing market. The Aussie dollar jumped 0.5% against the U.S. dollar as a result.

Europe: German manufacturing orders unexpectedly slumped in August, adding to a steeper-than-forecast decline in July, a sign that slower growth in China and recessions in other key developing markets are starting to leave their mark on Europe's largest economy. German manufacturing orders, adjusted for seasonal swings and calendar effects, dropped 1.8% on the month as orders from outside the eurozone fell 3.7%, the economics ministry said Tuesday. Economists polled by The Wall Street Journal had forecast a 0.3% monthly gain.

Japan: A weaker yuan helped Japan post its largest current account surplus for the month of August in eight years. The surplus in the current account stood at Y1.65 trillion ($13.7 billion) in August, larger than the Y1.23 trillion surplus forecast by economists. It was the largest since 2007 when Japan marked a Y2.1 trillion surplus.



Junior Explorer: Weekly Vantage Point

News from the Junior sector this week included drill assay results from Marathon Gold’s (MOZ-T) Valentine Lake Gold Project in Newfoundland

Mining Flashes Other News

No mining flashes for the week Marathon Gold Corp. (MOZ-T)

Mining Flashes

Marathon Gold Corp. (MOZ-T, $0.21) Share Price: (52-week high/low: $0.39/$0.18) Daily Average Volume for the Week: 262,620 Market Capitalization: $18.5 million Shares Outstanding: 87.9 million Working Capital: $3.5 million (September 2015) Date of Release: October 6, 2015 Event: Marathon Gold released drill assay results from its Marathon Project, part of the Company’s Valentine Lake Gold Camp in Newfoundland. Drilling was conducted approximately 250 metres to the southwest of the existing resource boundary.

Results: The best drill hole intercepts included: 8.98 g/t Au (cut) over 5.1 meters with 33.00 g/t Au (cut) over 0.9 meters and 17.63 g/t Au over 0.9 meters in MA-15-070; 2.53 g/t Au over 3.5 meters and 4.76 g/t Au over 3.5 meters with 15.29 g/t Au over 0.7 meters in MA-15-067, and 3.06 g/t Au over 2.8 in MA-15-068.

Implications: The latest drill results from Marathon continue to demonstrate the continuity of mineralization along strike of the Marathon Deposit, which now has a total defined strike length of 850 metres and remains open along strike to the southwest and northeast and at depth. The strike of the main Marathon mineralized corridor extends to the northeast and southwest beneath bog and overburden. With the summer 2015 drilling program now completed at Marathon and Sprite, focus will now centre on boggy areas inaccessible during the summer; Magnetic data indicates mineralization likely continues underneath these boggy zones towards the Sprite deposit. The Company is expected to provide details of a winter drill program soon.



Performance of Companies Included in Junior X and Notable News Flow

Source: Capital IQ and Haywood Securities

Key Catalysts for Companies Featured in the Last Junior Exploration Report

Source: Haywood Securities

Close

Price Market Capitalization

Cash at Quarter

End

Company Ticker (C$) (C$M) (C$M)

Junior Exploration Names

Atlantic Gold Corporation TSXV:AGB 0.33 38.11 13.65 0 (2.9)% (7.2)%

Balmoral Resources Ltd TSX:BAR 0.53 58.50 9.72 6.0% 6.0% 1.7%

Calibre Mining Corp. TSXV:CXB 0.09 20.06 2.06 (5.3)% (10.0)% (14.3)%

Columbus Gold Corp. TSXV:CGT 0.41 58.08 4.85 3.8% 7.9% 3.6%

Constantine Metal Resources Ltd. TSXV:CEM 0.11 12.85 1.40 0 0 (4.3)%

Kennady Diamonds Inc. TSXV:KDI 3.10 108.12 3.37 5.1% 2.6% (1.6)%

Marathon Gold Corporation TSX:MOZ 0.21 18.46 3.46 (8.7)% 2.4% (1.8)%

NexGen Energy Ltd. TSXV:NXE 0.83 210.80 28.56 31.7% 33.9% 29.6%

North American Nickel Inc. TSXV:NAN 0.17 0.00 1.24 10.0% 22.2% 17.9%

Plateau Uranium Inc. TSXV:PLU 0.35 14.22 2.28 9.4% 9.4% 5.1%

Pure Gold Mining Inc. TSXV:PGM 0.11 13.83 1.93 0 0 (4.3)%

TerraX Minerals Inc. TSXV:TXR 0.37 24.61 6.15 1.4% (1.4)% (5.6)%

Tinka Resources Ltd. TSXV:TK 0.20 29.96 9.01 5.3% 0 (4.3)%

Other Companies in the News

No other news for the week

QTD Performance

vs. TSXV IndexQTD Performance Weekly Performance

Company Ticker Catalysts

Junior Exploration Names

Atlantic Gold Corporation TSXV:AGB • Drilling and permitting - ongoing through 2015

• EIA on Beaver Dam and Cochrane Hill - mid 2015

Balmoral Resources Ltd TSX:BAR • $5 million exploration program at Grasset (~20,000 m) and Martiniere (~6,000) -

H2/15

• Metallurgical testwork results on Grasset and Martiniere - Q4/15

• NI 43-101 compliant resource estimate for Martiniere -Q4/15

• NI 43-101 compliant resource estimate for Grasset - H2/15

Calibre Mining Corp. TSXV:CXB • Eastern Borosi Project (IAMGOLD): Phase 2 +5,500 metre drill program with

results during Q3'15

• $1.5 million estimated to be spent on B2Gold JV, no program finalized yet

• Follow-up results from 100%-owned Montes de Oro

Columbus Gold Corp. TSXV:CGT • Paul Isnard Project: PEA - July 2015

• Eastside Project: Resource estimate - end of 2015

Constantine Metal Resources Ltd. TSXV:CEM • Palmer exploration results from US$5M - 2015 resource expansion drilling -

H2/15

Kennady Diamonds Inc. TSXV:KDI • Faraday: Results of 1 tonne bulk sample - July 2015

• Kelvin: Results of 436 tonne bulk sample - Q3/15

• Continued drilling on Kelvin and Faraday

• NI 43-101 compliant resource expected Q3/15

Marathon Gold Corporation TSX:MOZ • Commence 10,000 ($3 million) metre drill program

• $60,000 magnetic survey

• PEA - estimated late 2016

NexGen Energy Ltd. TSXV:NXE • Drilling results from summer 2015 exploration work

• Maiden resource estimate at Arrow Zone by end of 2015

North American Nickel Inc. TSXV:NAN •2015 exploration results from Maniitsoq - H2/15

Orex Minerals Inc. TSXV:REX • Coneto: ~4,500 metres/12-hole drill program completed, Assay results pending

for 4 holes, maiden resource estimate - Late Q3/15

• Barsele: Drill program under development. Agnico Eagle has committed to

spend US$7.0 million over 3-years

• Corporate: Proposed spin-out of Sweden assets (Barsele) to existing

shareholders

Plateau Uranium Inc. TSXV:PLU • Updated PEA integrating consolidated resources (mid-2015)

• Results of further metallurgical testwork, and exploration results (H2-2015)

Pure Gold Mining Inc. TSXV:PGM • Results from Phase 2 Drill Program Q2/15 to Q4/15

TerraX Minerals Inc. TSXV:TXR • 7,000 metre ($2.2 million) drill program scheduled to commence end July

Tinka Resources Ltd. TSXV:TK •Ayawilca exploration results from ~$4 million (~10,000 metre) 2015 drill program

(2 rigs) - H2/15



Haywood Research: The Week in Review

Publications from the Haywood Research team for the week included the following:

Illegal blockade at B2Gold’s (BTO-T) El Limon mine in Nicaragua

Q3/15A production results from Copper Mountain Mining Corp, (CUM-T)

Exploration results from Klondex Mines (KDX-T)

Site visit notes for Lucara Diamond’s (LUC-T) Karowe mine

Construction update from Mountain Province Diamonds (MPV-T)

Infill drill results from Roxgold Inc. (ROG-V)

A silver stream agreement for Teck Resources (TCK.B-T)

A production update from Trevali Mining Corp. (TV-T)

A maiden resource estimate from Samara Resources (SWA-V)

Q3/15 production update from Endeavour Silver Corp. (EDR-T)

Radar Flashes

B2Gold Corp. (BTO-T, BTG-N; $1.55) – Illegal Blockade at El Limon Mine in Nicaragua Interrupts Production

Geordie Mark, [email protected], Ben [email protected]

El Limon - B2Gold announced that since September 28th, access to the El Limon mine & facilities have been blockaded by 'a small group of workers, community members, and other persons not affiliated with El Limon Mine'. According to B2Gold, the illegal blockade commenced at the conclusion of a legal process instituted to dismiss three employees who were complicit in initiating prior illegal blockades. The dismissal was reviewed and sanctioned by the Ministry of Labour.

2015 Guidance Maintained at Present - Subject to a timely resolution, management expects to meet 2015 guidance for El Limon of 55,000 - 65,000 ounces of gold (representing ~11% of 2015 consolidated guidance). Production year to date at the mine has met or exceeded budget.

See Haywood Securities for the full report

B2Gold Corp. (BTO-T, BTG-N; $1.65) – Trouble Escalates at El Limon


El Limon Update - B2Gold announced that violence broke out at the El Limon mine in Nicaragua when the national police attempted to clear access to the mine. According to Reuters, one policemen died, twenty-three other officers sustained injuries along with eight civilians. Access to the mine has been illegally blockaded since September 28th by 'a small group of workers, community members, and other persons not affiliated with El Limon Mine'. According to B2Gold, the illegal blockade commenced at the conclusion of a legal process instituted to dismiss three employees who were complicit in initiating prior illegal blockades. The dismissal was reviewed and sanctioned by the Ministry of Labour.

2015 Guidance Maintained at Present - Subject to a timely resolution, management expects to meet 2015 guidance for El Limon of 55,000 - 65,000 ounces of gold (representing ~11% of 2015 consolidated guidance). Production year to date at the mine has met or exceeded budget.




Copper Mountain Mining Corporation (CUM-T, $0.56) – Record Quarterly Mill Throughput Well Above Nameplate Capacity

Stefan Ioannou, [email protected], Jenny [email protected]

Q3/15A production from the Copper Mountain mine totalled 20.4 Mlb (in concentrate; 100% basis), above Q2/15A production of 19.4 Mlb and in line with reiterated 2015E production guidance of 80 Mlb on an annualized basis (based in part on an average mill throughput rate of 37,500 tonnes per calendar [nominal] day).

The increased production was driven by record average mill throughput of 37,400 tonnes per calendar day, as compared with the figure of 35,600 tonnes per calendar day achieved in Q2/15 (or ~39,240 tonnes per operating day). We note that throughput during July averaged an all -time high of 39,100 tonnes per calendar day, well above nameplate design capacity (35,000 tonnes per calendar day) and Copper Mountain's 2015E guidance (37,500 tonnes per calendar day).


Klondex Mines Ltd. (KDX-T, $3.31) – Midas Exploration Results Highlight Potential that Remains

Tara Hassan, [email protected], Danny [email protected]

This morning Klondex provided an update on recent underground and surface drilling at its Midas mine in Nevada. The 2015 drill program was designed to test historic vein drill intercepts and expand the existing resource to support the westward and southern districts.

Drilling south of the Owyhee fault has revealed a very different style of mineralization than the bonanza veins that have been historically mined at Midas. The new area, called the Trinity Zone, is hosted in a permeable breccia body.


Lucara Diamond Corp. (LUC-T, $1.75) – Karowe Site Visit Reinforces Unique Deposit Character as Plant Upgrade Realized


Karowe, a Uniquely Endowed Kimberlite - South and Centre lobes have a significant endowment of very large stones with YTD recovery of +10.8 carat diamonds appearing to be significantly higher (5.4 wt. %) than that assumed in the resource model (3.8 wt. %). Mine recovery data show an asymmetric distribution of the very large diamonds, which virtually occur only in the South lobe and the southern portion of the Centre lobe, and support the projection of the continuance of such diamond distribution to depth. Given the apparent heightened abundance of very large stones in the South lobe, the recovery of the 299 stones greater 10.8 carats in H1/15 is projected to be significantly eclipsed in H2/15 where 55% of feed is expected to be supplied from the South lobe, versus 22% of feed in H1/15. South lobe material is expected to dominate future production with 75% being sourced from this lode (2016-2026).




Mountain Province Diamonds Inc. (MPV-T; $4.22) – Gahcho Kué Construction Exceeds 70% Completion: On Time & Budget


Gahcho Kué Development Update - Mountain Province Diamonds provided an update on development activities for the Gahcho Kué joint venture, with overall project completion in excess of 70% and progressing according to plan and budget.` Detailed engineering and procurement are complete, and the process plant and truck maintenance buildings are on track to be enclosed by the end of October.

Debt Drawdowns - While no updated cash position or project expenditures incurred have been provided, management noted that US$137 million has been drawn (as of October 1st, 2015) of the US$370 million project finance facility. Management projects an additional draw down of US$21 million to a total of US$158 million by year-end. The US$370 million loan facility, which was signed with a syndicate of lenders on April 2nd, 2015, has a seven year term and bears an interest rate o f U.S. dollar LIBOR plus 5.5% (drawdowns from April 7th, 2015 through to March 31st, 2017). Management has entered into U.S. dollar interest rate swaps to manage the interest rate risks and foreign currency forward strip contracts to mitigate the exchange rate fluctuations. In addition, a US$75 million cost overrun facility is in place to address any shortfalls.


Roxgold Inc. (ROG-V, $0.60) – Roxgold Releases Final Results from 55 Zone Infill Drilling


This morning Roxgold released the latest results from the infill drill program at the 55 Zone. The 48 holes released today are the remainder of the infill program at the 55 Zone which commenced in Q1/15 and totals 75 holes (6,900 metres). The infill program targeted the upper 100 metres of the deposit along the entire strike length of the 55 Zone.

The continuity and the high grade nature of the results continue to support the feasibility resource model with intersections consistent with expectations. The program has highlighted places within the model where Roxgold believes that localized improvements to the model may be realized through the intersection of higher grades in some areas, and also through intersection of mineralization in areas previously thought to be waste.


Teck Resources Limited (TCK.B-T, $8.87) – Offsetting Fort Hills Capex with a Silver Streaming Agreement

Kerry Smith, Peng, [email protected], Ardem Keshishian, [email protected]

Silver streaming agreement to provide some near term relief - This morning, Teck announced that it signed a long-term silver streaming agreement with Franco-Nevada (FNV-T, not rated) for the silver production at the Antamina mine, effective as of July 1st, 2015. The Company holds a 22.5% interest in the project along with BHP (BHP-AU, not rated) (33.75%), Glencore (GLEN-LON, not rated) (33.75%) and Mitsubishi (10%). In exchange for the stream, Franco-Nevada will make an upfront payment of US$610 million to Teck and will pay 5% of the spot price at the time of delivery for each ounce of silver delivered under the agreement (Teck will deliver silver equivalent to 22.5% of payable silver sold, using a silver payability factor of 90%). After 86 million ounces of silver have been delivered under the agreement (about 30 years out), the stream will be reduced by one third. At US$20.00/oz silver, we calculate about a 6% pre-tax IRR to Franco-Nevada, and view this deal as a reasonable transaction which helps shore up the balance sheet during a cyclical low in the commodity cycle, without any



meaningful impact on the cash flow from Antamina, which is a very low-cost and long life mine. Antamina has a current proven and probable reserve of 13 years plus a further 10 year s of measured and indicated resources, giving a minimum 23 year reserve life. Inferred resources are a further 1.3 billion tonnes, and at 50 Mtpa milled, or an additional +20 years, the mine will be around for a few commodity cycles. Overall, we view this as a good deal for Teck.


Trevali Mining Corporation (TV-T, $0.42) – Record Quarterly Zinc Production Prompts 2015E Guidance Boost at Santander

Stefan Ioannou, [email protected], Jenny [email protected]

Production continues to progress well at Trevali's 100% owned Santander zinc-lead-silver mine in Peru. Commercial production was declared in February 2014, and the mine achieved its 2014E production guidance (which was increased in early Q4/14 on the back of strong year to date (YTD) performance; refer to Radar Screen, April 2, 2015). Zinc production at the mine continues to deliver as Santander's Q3/15 production profile surpassed solid Q2/15 results on the back of modestly higher mill throughput and average zinc head grade. Q3/15 production highlights include:

14.6 Mlb of zinc, 7.6 Mlb of lead, and 282 koz of silver (payable), versus Q2/15A production of 13.7 Mlb, 8.7 Mlb, and 290 koz respectively. Corresponding Q3/15A cash-cost data were not provided in the production results press release. However, based on YTD performance, Trevali has lowered Santander's 2015E on-site operating-cost guidance to US$46 to US$48 per tonne milled (from US$48 to US$51 per tonne milled), reflecting ongoing efficiency and cost-optimization efforts at the mine (refer to Radar Screen, August 18, 2015).


Sarama Resources Ltd. (SWA-V, $0.08) – Maiden Resource Estimate Announced at Karankasso JV Project


Sarama announced an initial mineral resource estimate for its Karankasso Joint Venture Project in Burkina Faso (35% Sarama, 65% Savary Gold - SCA-V; Not Rated).

The pit constrained inferred mineral resource includes 9.2 million tonnes grading 2.28 g/t gold containing 671,000 ounces at a 0.5 g/t gold cut-off.

Mineral resources have been estimated for six zones along a 21 kilometre strike length in the northern half of the property. The six zones include: Kien East, Kueredougou, Kueredougou West, Diosso South, Kueredougou West Trend and Karangosso. All zones appear to be open along strike and at depth.

The resource estimate is based on a total of 194 reverse circulation and diamond drill holes totalling 23,208 metres.

Sarama previously announced preliminary metallurgical work on three of the six zones suggest average fresh rock recoveries in excess of 90%.

The mineralized zones are structurally-controlled and hosted by a variety of sediment, intermediate volcanic, potassic granite and diorite porphyry. Hydrothermal alteration minerals comprise a mixture of quartz vein, sercite, carbonate and pyrite with local fuchsite, arsenopyrite and tourmaline.




Endeavour Silver Corp. (EDR-T, EXK-N; C$2.32) - Q3/15 Production In-Line With Estimates – Costs to Benefit from MXN Devaluation

Benjamin [email protected]

Bolañitos - Lower Grades & Recoveries Offset by Higher Throughput: Bolañitos production averaged 1,200 tpd, higher than anticipated, as ore production from El Cubo fell short of expectations. Grades and recoveries declined during the quarter but are anticipated to rebound in Q4/15 as production from La Luz - Asunción ramps up.

El Cubo - Fails to Hold 2,200 tpd Mark: While El Cubo ramped-up to 2,200 tpd early in the quarter, lower equipment & personnel availabilities and slower mine development hampered its ability to sustain the higher level of production (Q3/15A: 2,000 tpd).

Estimate Revisions - Updating our estimates to incorporate actual production results and metal sales, estimated realized metal prices (net of provisional adjustments) and cost expectations noting the continued devaluation of the peso. For Q3/15, we estimate revenues of US$42.3M driving EBITDA of US$6.1M, and operating cash flow of US$5.2M / US$0.05/sh. Full financial and operating results are scheduled for release pre-market on November 12th.




Market Essentials

Companies in the News

Glencore PLC (GLEN-LON) plans to cut zinc metal mine production by 500,000 tonnes across operations in Australia, South America, and Kazakhstan, as the current low zinc and lead prices fail to correctly value these resources. According to reports, this will result in the loss of 535 jobs in Australia alone. The report did not mention whether jobs will also be cut elsewhere. Meanwhile, Glencore’s share price continued to climb after spectacularly collapsing, rising almost 50% since bottoming out at 68 pence on September 28th. Meanwhile, Glencore have reportedly closed its Eland platinum mine in South Africa, axing 818 jobs and moving 60 other workers to the miner's other operations. Finally, Qatar Holding LLC acquired 8.9% of Glencore Plc shares, valued at US$225 million, to maintain its status as the largest investor in the Company.

More job cuts were announced this week, with IAMGOLD Corp. (IAG-NYSE) reportedly looking to cut 10% of its staff at its Rosebel gold operations in Suriname. There was no comment on how the cost cutting would impact Rosebel Mine, a open pit gold mine 80km South of Paramaribo. In 2015 the mine was expected to produce between 290,000 to 300,000 ounces. Meanwhile, Antofagasta Plc will also lay off 7% of its workforce, with CEO Iván Arriagada saying that the company has to "face the new reality of the copper market and its recovery expectations”. The restructuring process will impact about 300 workers at the company's majority-owned Los Pelambres and Centinela copper projects in Chile, as well as from its corporate headquarters in capital Santiago.

The Indonesian government have assured Freeport-McMoRan Inc. (FCX-NYSE) that it will approve an extension for the Grasberg copper mine beyond 2021. This comes amid continued discussions between the Company and the government over its mineral export ban imposed last year. In addition, the government of Indonesia will amend existing regulations for mining contracts by the end of 2015 in order to allow Freeport-McMoRan to apply for an extension of its contract at the Grasberg copper and gold mine beyond 2021, according to reports. Current rules allow talks to start two years before a contract is due to end and the proposed changes could allow negotiations over an extension to commence 10 years before an agreement expires.

An agreement has been reached between community leaders in southern Peru’s Apurimac region and MMG Ltd. After three deaths and the enactment of a state of emergency. According to the demonstrators, there are considerable environmental issues associated with the Las Bambas project. The protests led to a state of emergency after the deaths. The agreement was reached with a committee of government ministers, who said they would ask President Ollanta Humala to lift the state of emergency. Peruvian Mines and Energy Minister Rosa Maria Ortiz said that an agreement with community leaders over the Las Bambas copper project would ensure that the mine is developed on time. Ortiz said that the communities in Apurimac's Cotabambas province, where Las Bambas is located, declared that they are not anti-mining. According to El Economista, social conflicts and red tape have caused the delay of $21.5 billion worth of mining projects in recent years in Peru alone.

Goldcorp Inc.'s (G-T) Cerro Negro gold-silver mine in Argentina is in full operation following the declaration of a mandatory 15-day conciliation period by the Santa Cruz Secretariat of Labour.

OZ Minerals Ltd. (OZL-ASX) released a new high-grade resource estimate for its Carrapateena copper-gold deposit in South Australia. The new estimate returned 61 million tonnes at 2.9% copper equivalent. According to the Company, the new resouce resulted from the reanalysis of existing data, which could fast track the development of the project. OZ Minerals immediately started a scoping study to investigate the potential for a 3-million-tonne-per-annum operation requiring capital of less than US$1 billion. On a related note, South Australian Treasurer Tom



Koutsantonis appears to be threatening action to make sure that global private equity firm KKR & Co. commits to developing valuable resources in South Australia in the event that it acquires OZ Minerals Ltd.

Greece's top administrative court has ruled that Eldorado Gold Corp. (EDR-T) can temporarily resume mining until a final court ruling is made. "As soon as we are officially notified of this court ruling, we will bring our workers back to work”, The Company stated.

Mergers and Acquisitions

NGEx Resources Inc. (NGQ-T) and Teck Resources Ltd. (TCK.B-T) announced that it will divest their respective interests in the GJ copper-gold project in northwest British Columbia to Skeena Resources Ltd. (SKE-V). Skeena will acquire 100% of the GJ Project in return for the following consideration:

o $1.5 million payable on closing, with $500,000 payable in cash and $1.0 million payable by the issuance of Skeena common shares having a market value of $1,000,000 (market value to be based on a 10- day volume weighted average Exchange trading price);

o $1.5 million payable by the issuance of Skeena common shares on or before the 2nd anniversary of the closing;

o $1.5 million payable by the issuance of Skeena common shares on or before the 5th anniversary of the closing; and

o $4.0 million payable in cash within 45 days of commercial production from the GJ property.

The GJ Property includes the Donnelly and North Donnelly porphyry copper-gold deposits which have a historic measured and indicated resource of 1.09 billion pounds of copper and 1.82 million ounces of gold according to a 43-101 technical report completed in April 2007.

Financings

It was a busy week for Franc-Nevada (FNV-T). Firstly, Teck Resources Ltd. (TCK.B-T) entered into a long-term streaming agreement to sell silver from its Antamina mine in Peru to Franco-Nevada. for an up-front payment of US$610 million. Meanwhile, First Quantum Minerals (FM-T) negotiated a replacement precious metals stream with Franco-Nevada for the former's Cobre Panama project in Colón, Panama. Franco-Nevada will provide a US$1 billion deposit against future deliveries of gold and silver from the project.

Seabridge Gold Inc. (SEA-T) announced a non-brokered private placement, comprising 1.8 million common shares at a price of $8.10 per share for gross proceeds of $14,580,000. The proceeds are expected to cover Seabridge's ongoing property holding costs and corporate G&A into 2017. Exploration will be funded through separate flow-through offerings sometime in the future.



Completed Equity Financings 2013 to Date (C$ million and average transaction size)

Source: Capital IQ

Announced Equity/Debt Raisings and Streaming Deals for the Week (> $500,000)


$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$0

$2,000

$4,000

$6,000

$8,000

$10,000

Jan

-13

Feb

-13

Mar

-13

Ap

r-1

3

May

-13

Jun

-13

Jul-

13

Au

g-1

3

Sep

-13

Oct

-13

No

v-1

3

De

c-1

3

Jan

-14

Feb

-14

Mar

-14

Ap

r-1

4

May

-14

Jun

-14

Jul-

14

Au

g-1

4

Sep

-14

Oct

-14

No

v-1

4

De

c-1

4

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Oct

-15

Ave

rage

Siz

e (

C$

Mill

ion

)

Val

ue

(C

$ M

illio

n)

Monthly ($millions)

Cumulative ($millions)

Average Size ($millions)

Date Company Ticker Value Price 20 Day VWAP

Prem /

Disc Details

Equity Raisings

8-Oct-15 Seabridge Gold, Inc. (TSX:SEA) TSX:SEA C$14.6 M $8.10 $8.12 (.2)% 1.8M sh at C$8.1/sh

8-Oct-15 Excelsior Mining Corp. (TSXV:MIN) TSXV:MIN C$7.0 M $0.17 $0.23 (26)% 40.4M sh at C$0.17/sh

7-Oct-15 Energizer Resources Inc. (OTCPK:ENZR) OTCPK:ENZR C$0.7 M $0.05 $0.04 31% 14.2M sh at C$0.05/sh plus ½ warr at C$0.07/sh for 2 years

7-Oct-15 Yorbeau Resources Inc. (TSX:YRB.A) TSX:YRB.A C$0.6 M $0.12 $0.09 30% 5M FT sh at C$0.12/sh

7-Oct-15 Codrington Resource Corporation (OTCPK:GPOF.F)OTCPK:GPOF.F

C$0.6 M $0.05 $0.03 49% 5M sh at C$0.05/sh and 5M FT sh at C$0.06/sh plus warr at C$0.08/sh for 3 years

6-Oct-15 Latin American Minerals Inc. (TSXV:LAT) TSXV:LAT C$1.0 M $0.01 $0.01 (9)% 100M special warr sh at C$0.01/sh plus warr at C$0.015/sh for 3 years

5-Oct-15 Highland Copper Company Inc. (TSXV:HI) TSXV:HI C$3.7 M $0.15 $0.15 2% 26M sh at C$0.15/sh

5-Oct-15 Goldquest Mining Corp. (TSXV:GQC) TSXV:GQC C$3.2 M $0.11 $0.10 7% 29M sh at C$0.11/sh plus ½ warr at C$0.18/sh for 3 years

5-Oct-15 Midasco Capital Corp. (TSXV:MGC) TSXV:MGC C$0.2 M $0.10 $0.10 (2)% 1.5M sh at C$0.10/sh plus

5-Oct-15 Spanish Mountain Gold Ltd (TSXV:SPA) TSXV:SPA C$0.5 M $0.03 $0.03 (1)% 16.6M sh at C$0.03/sh plus warr at C$0.05/sh for 5 years

5-Oct-15 Hunt Mining Corp. (TSXV:HMX) TSXV:HMX C$0.5 M $0.02 $0.02 (13)% 25M sh at C$0.02/sh plus warr at C$0.05/sh for 5 years

Debt Raisings

8-Oct-15 Silver Bear Resources Inc. (TSX:SBR) TSX:SBR C$11.2 M NA $0.03 NA C$11.2M at 15% interest for 3 months

5-Oct-15 Great Lakes Graphite Inc. (TSXV:GLK) TSXV:GLK C$0.8 M NA $0.08 NA C$0.83M at 4% conv to sh at $0.10/sh

Premium/discount based on closing price one day prior to announcement

Premium/discount based on common shares (where applicable) or quoted security

E = equity; D = Debt; sh = shares; FT = flow through; warr = warrant



Weekly Commodities / Indices / Exchange Rates

Metal and Currency Prices for the Week

Source: Haywood Securities

13,000

14,000

15,000

10/5 10/9

S&P/TSX Composite IndexLast: 13,964

130

140

10/5 10/9

S&P/TSX Global Gold IndexLast: 140.2

16,500

17,000

17,500

10/5 10/9

Dow Jones Industrial AverageLast: 17,084

520

540

560

10/5 10/9

S&P/TSX Venture Comp IndexLast: 552

75

95

10/5 10/9

S&P/TSX Global Base Metals IndexLast: 87.32

1,950

2,000

2,050

10/5 10/9

S&P 500 IndexLast: 2,015

Name Close 1Wk Δ % 5 Day Trend 52W H/L 1W H/L

Gold Spot 1,157 18.71 1.62% 1,308 1,157

US$/oz 1,077 1,136

Silver Spot 15.84 0.58 3.66% 18.49 16.06

US$/oz 13.98 15.26

Platinum Spot 982 72.40 7.37% 1,289 982

US$/oz 893 910

Palladium Spot 711 12.10 1.70% 833 711

US$/oz 521 692

Copper Future 2.41 0.09 3.74% 3.13 2.41

US$/lb 2.21 2.32

Nickel Spot 4.75 0.21 4.48% 7.74 4.75

US$/lb 4.22 4.49

Lead Spot 0.80 0.07 8.27% 0.97 0.80

US$/lb 0.73 0.73

Zinc Spot 0.82 0.07 8.30% 1.10 0.82

US$/lb 0.72 0.74

Aluminum Spot 0.72 0.02 3.21% 0.95 0.72

US$/lb 0.67 0.70

Iron Ore Spot 55 2.22 4.05% 140 79

US$/t 78 78

Newcastle Coal 54 1.15 2.15% 67 54

US$/t 52 52

CAAP Coal 42 (0.08) (0.19)% 53 42

US$/t 41 42

Uranium Spot 37.30 0.50 1.34% 45 37

US$/lb 35 37

WTI 50 3.98 8.04% 83 50

US$/bbl 39 46

Brent 53 4.38 8.34% 94 53

US$/bbl 43 48

Henry Hub 2.52 0.07 2.74% 4.00 2.52

US$/MMBtu 2.40 2.45

ENER

GY

BA

SE M

ETA

LSP

REC

IOU

S M

ETA

LS

Name Close 1Wk Δ % 5 Day Trend 52W H/L 1W H/L

TSX 13,964 625 4.47% 15,525 13,979

12,705 13,340

TSXV 552 26.70 4.83% 851 552

509 526

Canadian Dollar 1.29 (0.02) (1.59)% 1.35 1.32

1.11 1.29

Euro 1.14 0.01 1.27% 1.29 1.14

1.05 1.12

China Renminbi 6.35 (0.01) (0.19)% 6.45 6.36

6.11 6.35

Mexican Peso 16.44 (0.32) (1.94)% 17.34 16.79

13.38 16.44

Peruvian New Sol 3.21 (0.01) (0.37)% 3.31 3.23

2.90 3.21

S. African Rand 13.35 (0.38) (2.84)% 14.16 13.73

10.83 13.31

Australian Dollar 0.73 0.03 3.85% 0.89 0.73

0.69 0.70

Japanese Yen 120.2 0.32 0.27% 125.9 120.5

105.2 119.9

Chilean Peso 678 (11.31) (1.67)% 710 689

574 678

British Pound 1.53 0.01 0.86% 1.62 1.53

1.46 1.51

Swiss Franc 0.96 (0.01) (1.03)% 1.02 0.98

0.74 0.96

Norwegian Krone 8.09 (0.28) (3.51)% 8.60 8.41

6.46 8.09

Turkish Lira 2.91 (0.08) (2.75)% 3.08 2.99

2.19 2.89

Indian Rupee 64.74 (0.78) (1.20)% 66.89 65.41

60.94 64.74

EXC

HA

NG

E R

ATE

SIN

DIC

IES



Commodities and ETFS: A Week in Action

Gold - 1-Year US$/oz (left) and Total ETF Holdings (right)

Spot: Gain (+1.6%) for the week

ETF Holdings: 49,160,216 ounces, down 96,744 ounces for the week

Silver - 1-Year US$/oz (left) and Total ETF Holdings (right)


ETF Holdings: 608,820,582 ounces, down 4,296,434 ounces for the week

Platinum - 1-Year US$/oz (left) and Total ETF Holdings (right)


ETF Holdings: 2,702,922 ounces, down 37,351 ounces for the week

Palladium - 1-Year US$/oz (left) and Total ETF Holdings (right)


ETF Holdings: 2,907,770 ounces, up 56,659 ounces for the week

Copper - 1-Year US$/lb (left) and LME Inventory (right)

Futures: Gain (+3.9%) for the week

LME Copper: 305,225 tonnes, down 14,200 tonnes for the week

Nickel - 1-Year US$/lb (left) and LME Inventory (right)


LME Nickel: 441,492 tonnes, down 11,754 tonnes for the week

$1,000

$1,100

$1,200

$1,300

$1,400

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Oct

-15

Gold ($/oz)

Price

100D MA

48

49

50

51

52

53

54

55

56

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Gold ETF Holdings (Moz)

$14.00

$17.00

$20.00

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Oct

-15

Silver ($/oz)

Price

100D MA

610

620

630

640

650

660

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Silver ETF Holdings (Moz)

$930

$1,030

$1,130

$1,230

$1,330

$1,430

$1,530

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Oct

-15

Platinum ($/oz)

Price

100D MA

2.6

2.7

2.7

2.8

2.8

2.9

2.9

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Platinum ETF Holdings (Moz)

$530

$580

$630

$680

$730

$780

$830

$880

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Oct

-15

Palladium ($/oz)

Price

100D MA

2.8

2.9

3.0

3.1

Oct

-14

No

v-14

De

c-1

4

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Palladium ETF Holdings (Moz)

$2.20

$2.30

$2.40

$2.50

$2.60

$2.70

$2.80

$2.90

$3.00

$3.10

$3.20

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Oct

-15

Copper ($/lb)

Price

100D MA

130,000

180,000

230,000

280,000

330,000

380,000

430,000

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Oct

-15

LME Copper Inventories (t)

$4.00

$4.50

$5.00

$5.50

$6.00

$6.50

$7.00

$7.50

$8.00

$8.50

$9.00

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Oct

-15

Nickel ($/lb)

Price

100D MA

260,000

310,000

360,000

410,000

460,000

510,000

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Oct

-15

LME Nickel Inventories (t)



Lead - 1-Year US$/lb (left) and LME Inventory (right)


LME Lead: 156,575 tonnes, down 5,025 tonnes for the week

Zinc - 1-Year US$/lb (left) and LME Inventory (right)


LME Zinc: 587,350 tonnes, down 7,575 tonnes for the week

Iron – 1-Year US$/t 58% Fe (left) and 62% Fe (right)

58% Fe Iron Ore: Gain (+1.0%) for the week

62% Fe Iron Ore: Gain (+4.2%) for the week

Metallurgical Coal – 1-Year US$/t Platts (left) and PCI (right)

Premium Low Vol: unchanged for the week

Low Vol PCI: unchanged for the week

Thermal Coal – 1-Year US$/t Central Appalachian (left) and Newcastle (right)

CAPP Futures: Loss (-0.2%) for the week

Newcastle Thermal Futures: Loss (-0.4%) for the week

Uranium – 1-Year US$/lb Short-Term (left) and Long-Term (right)

Uranium Spot: Gain (+1.0%) for the week

Uranium Long-Term: Unchanged

Source: Bloomberg, UxC Consulting, Platts, and Haywood Securities

$0.70

$0.75

$0.80

$0.85

$0.90

$0.95

$1.00

$1.05

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Oct

-15

Lead ($/lb)Price

100D MA

150,000

170,000

190,000

210,000

230,000

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Oct

-15

LME Lead Inventories (t)

$0.70

$0.75

$0.80

$0.85

$0.90

$0.95

$1.00

$1.05

$1.10

$1.15

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Oct

-15

Zinc ($/lb)

Price

100D MA

400,000

500,000

600,000

700,000

800,000

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Oct

-15

LME Zinc Inventories (t)

$40

$50

$60

$70

$80

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Oct

-15

58% Iron Ore ($/t)

Price

100D MA

$45

$55

$65

$75

$85

$95

$105

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

62% Iron Ore ($/t)

Price

100D MA

$75

$80

$85

$90

$95

$100

$105

$110

$115

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Oct

-15

Premium Low Vol ($/t FOB Aus)

Price

100D MA$60

$65

$70

$75

$80

$85

$90

$95

$100

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Oct

-15

Low Vol PCI ($/t FOB Aus)

Price

100D MA

$40

$45

$50

$55

$60

$65

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Central App Coal ($/t)

Price

100D MA

$40

$45

$50

$55

$60

$65

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Newcastle Coal (AUD/t)

Price

100D MA

$25

$30

$35

$40

$45

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Oct

-15

Uranium Spot ($/lb)

Price

100D MA

$42

$46

$50

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Oct

-15

Uranium Long-Term ($/lb)

Price

100D MA



Equities: Weekly Performances

S&P TSX Global Mining Index – Top and Bottom Performance (upper) and Constituent Performance (lower)


Top Companies Close $∆ %∆

Horsehead Holding Corp. 5.55 3.10 127%

First Quantum Minerals Ltd. 8.93 3.70 71%

Century Aluminum Co. 7.16 2.52 54%

Teck Resources Limited 9.71 2.97 44%

Sherritt International Corporation 1.08 0.32 42%

HudBay Minerals, Inc. 7.33 2.01 38%

Peabody Energy Corporation 24.51 6.37 35%

Vedanta Limited 6.84 1.75 34%

Yamana Gold, Inc. 3.22 0.82 34%

Sibanye Gold Limited 6.47 1.48 30%

1WkBottom Companies Close $∆ %∆

Rubicon Minerals Corporation 0.68 (0.32) (32)%

China Gold International Resources Corp Ltd 1.81 (0.11) (6)%

Pretium Resources Inc. 8.45 (0.08) (1)%

Osisko Gold Royalties Ltd. 14.25 (0.06) (0)%

Coeur Mining, Inc. 3.10 (0.01) (0)%

Guyana Goldfields Inc. 3.73 - -

Silver Standard Resources Inc. 8.96 0.01 0%

Kirkland Lake Gold Inc. 5.92 0.03 1%

NovaGold Resources Inc. 4.92 0.03 1%

Constellium N.V 6.30 0.06 1%

1Wk

Ticker Company Close $∆ %∆ High Low Ticker Company Close $∆ %∆ High Low

TSX:AEM Agnico Eagle Mines Limited 37.14 0.54 1% 43.70 25.05 TSX:IMG IAMGOLD Corp. 2.49 0.30 14% 4.09 1.50

TSX:ASR Alacer Gold Corp. 3.01 0.06 2% 3.23 1.77 TSX:IVN Ivanhoe Mines Ltd. 0.74 0.09 14% 1.36 0.62

TSX:AGI Alamos Gold, Inc. 6.17 1.12 22% 7.25 3.90 NasdaqGS:KALU Kaiser Aluminum Corporation 86.75 5.36 7% 88.92 68.26

NYSE:AA Alcoa Inc. 10.34 0.82 9% 17.75 7.97 TSX:K Kinross Gold Corporation 2.89 0.47 19% 4.48 1.79

NasdaqGS:ARLP Alliance Resource Partners LP 23.65 1.79 8% 50.02 19.95 TSX:KGI Kirkland Lake Gold Inc. 5.92 0.03 1% 6.88 2.79

TSX:ALS Altius Minerals Corp. 13.60 0.50 4% 15.47 9.86 TSX:LSG Lake Shore Gold Corp. 1.17 0.03 3% 1.38 0.70

NYSE:ACH Aluminum Corporation Of China Limited 9.05 0.62 7% 17.44 7.20 TSX:LUC Lucara Diamond Corp. 1.78 0.23 15% 2.45 1.42

NYSE:AU AngloGold Ashanti Ltd. 9.53 1.13 13% 13.12 5.64 TSX:LUN Lundin Mining Corporation 4.94 0.87 21% 6.46 3.68

NYSE:ACI Arch Coal Inc. 4.28 0.79 23% 29.30 1.00 TSX:MAG MAG Silver Corp. 10.40 0.31 3% 11.00 6.56

TSX:AKG Asanko Gold Inc. 2.10 0.15 8% 2.55 1.50 TSX:MDI Major Drilling Group International Inc. 5.11 0.75 17% 7.49 3.75

TSX:BTO B2Gold Corp. 1.70 0.22 15% 2.88 1.32 NYSE:MTRN Materion Corporation 34.47 3.54 11% 41.85 26.64

TSX:ABX Barrick Gold Corporation 9.83 1.16 13% 16.54 7.89 NYSE:NRP Natural Resource Partners LP 2.71 0.27 11% 13.83 2.21

NYSE:BHP BHP Billiton Limited 37.76 4.70 14% 60.33 30.15 TSX:NSU Nevsun Resources Ltd. 4.30 0.23 6% 5.35 3.41

NYSE:BBL BHP Billiton plc 36.49 4.23 13% 55.14 29.19 TSX:NGD New Gold, Inc. 3.94 0.75 24% 6.04 2.52

TSX:CCO Cameco Corporation 18.37 1.84 11% 22.46 15.50 NYSE:NEM Newmont Mining Corporation 18.92 1.85 11% 27.90 15.39

TSX:CG Centerra Gold Inc. 7.68 0.10 1% 7.98 3.96 TSX:NG NovaGold Resources Inc. 4.92 0.03 1% 5.22 2.65

NasdaqGS:CENX Century Aluminum Co. 7.16 2.52 54% 31.75 4.07 TSX:OGC OceanaGold Corporation 2.36 0.41 21% 3.15 1.70

TSX:CGG China Gold International Resources Corp Ltd 1.81 (0.11) (6)% 3.12 1.30 TSX:OR Osisko Gold Royalties Ltd. 14.25 (0.06) (0)% 18.85 12.39

NYSE:CLD Cloud Peak Energy Inc. 3.31 0.50 18% 13.96 2.41 TSX:PAA Pan American Silver Corp. 10.10 1.20 13% 15.06 7.77

NYSE:CDE Coeur Mining, Inc. 3.10 (0.01) (0)% 7.45 2.52 NYSE:BTU Peabody Energy Corporation 24.51 6.37 35% 179.40 14.85

NYSE:BVN Compañía de Minas Buenaventura S.A.A. 7.89 1.54 24% 12.51 5.73 TSX:PG Premier Gold Mines Limited 2.60 0.25 11% 2.83 1.61

NYSE:CMP Compass Minerals International Inc. 86.22 4.57 6% 95.68 77.13 TSX:PVG Pretium Resources Inc. 8.45 (0.08) (1)% 9.05 4.60

NYSE:CNX CONSOL Energy Inc. 11.73 1.88 19% 42.26 8.68 TSX:P Primero Mining Corp. 3.90 0.68 21% 6.06 2.66

NYSE:CSTM Constellium N.V 6.30 0.06 1% 22.18 5.40 NasdaqGS:GOLD Randgold Resources Limited 67.72 4.37 7% 85.84 54.88

TSX:DGC Detour Gold Corporation 15.21 0.50 3% 16.37 6.02 NYSE:RIO Rio Tinto plc 39.83 5.05 15% 51.62 31.97

TSX:DDC Dominion Diamond Corporation 14.67 0.40 3% 24.60 12.81 NasdaqGS:RGLD Royal Gold, Inc. 50.33 1.77 4% 77.20 42.21

TSX:ELD Eldorado Gold Corporation 5.11 0.67 15% 9.68 3.26 TSX:RMX Rubicon Minerals Corporation 0.68 (0.32) (32)% 1.63 0.57

TSX:FR First Majestic Silver Corp. 5.00 0.28 6% 8.74 3.54 TSX:SSL Sandstorm Gold Ltd. 3.88 0.18 5% 5.30 2.80

TSX:FM First Quantum Minerals Ltd. 8.93 3.70 71% 20.05 4.52 TSX:SMF SEMAFO Inc. 3.20 0.29 10% 4.49 2.39

TSX:FVI Fortuna Silver Mines Inc. 3.48 0.39 12% 6.30 2.65 TSX:S Sherritt International Corporation 1.08 0.32 42% 3.25 0.70

TSX:FNV Franco-Nevada Corporation 63.31 1.48 2% 74.10 49.96 NYSE:SBGL Sibanye Gold Limited 6.47 1.48 30% 11.56 4.07

NYSE:FCX Freeport-McMoRan Inc. 13.61 2.99 28% 31.75 7.76 TSX:SSO Silver Standard Resources Inc. 8.96 0.01 0% 10.02 4.47

NasdaqGS:GSM Globe Specialty Metals, Inc. 14.32 1.91 15% 21.99 11.78 TSX:SLW Silver Wheaton Corp. 18.71 1.90 11% 29.86 14.62

NYSE:GFI Gold Fields Ltd. 2.99 0.15 5% 6.01 2.35 NYSE:SCCO Southern Copper Corp. 30.19 2.58 9% 33.31 23.41

TSX:G Goldcorp Inc. 18.71 1.60 9% 18.39 17.66 NYSE:SWC Stillwater Mining Company 11.77 1.02 9% 15.37 8.36

TSX:GUY Guyana Goldfields Inc. 3.73 - - 4.48 2.15 TSX:THO Tahoe Resources Inc. 12.51 1.07 9% 24.43 9.66

NYSE:HMY Harmony Gold Mining Company Limited 0.76 0.15 24% 3.18 0.57 TSX:TCK.B Teck Resources Limited 9.71 2.97 44% 20.58 5.87

NYSE:HL Hecla Mining Co. 2.50 0.46 23% 3.54 1.77 TSX:TXG Torex Gold Resources Inc 1.39 0.09 7% 1.71 0.85

NYSE:HCLP Hi-Crush Partners LP 8.96 1.40 19% 55.71 7.00 TSX:TRQ Turquoise Hill Resources Ltd. 3.93 0.45 13% 5.80 3.17

NasdaqGS:ZINC Horsehead Holding Corp. 5.55 3.10 127% 16.77 2.23 NYSE:VEDL Vedanta Limited 6.84 1.75 34% 17.18 4.59

TSX:HBM HudBay Minerals, Inc. 7.33 2.01 38% 12.61 4.82 NasdaqGM:WLB Westmoreland Coal Co. 15.98 1.94 14% 40.99 11.12

TSX:YRI Yamana Gold, Inc. 3.22 0.82 34% 6.80 1.89

NYSE:YZC Yanzhou Coal Mining Co. Ltd. 5.40 0.45 9% 12.24 4.28

52Wk1Wk 52Wk 1Wk



Upcoming Macroeconomic News

Source: Bloomberg

Date Event Period Survey Prior

Relevance

(%) Date Event Period Survey Prior

Relevance

(%)

United States Canada

10/13/2015 NFIB Small Business Optimism Sep 95 95.9 62 10/13/2015 Bloomberg Nanos Confidence 9-Oct -- 55.6 0

10/13/2015 Monthly Budget Statement Sep $95.0b $105.8b 76 10/15/2015 Teranet/National Bank HPI MoM Sep -- 1.00% 22.5

10/14/2015 MBA Mortgage Applications 9-Oct -- 25.50% 92 10/15/2015 Teranet/National Bank HPI YoY Sep -- 5.40% 20

10/14/2015 Retail Sales Advance MoM Sep 0.10% 0.20% 91 10/15/2015 Teranet/National Bank HP Index Sep -- 176.12 10

10/14/2015 Retail Sales Ex Auto MoM Sep -0.10% 0.10% 64 10/15/2015 Existing Home Sales MoM Sep -- 0.30% 7.5

10/14/2015 Retail Sales Ex Auto and Gas Sep 0.30% 0.30% 63 10/16/2015 Manufacturing Sales MoM Aug -1.00% 1.70% 60

10/14/2015 Retail Sales Control Group Sep 0.30% 0.40% 14 10/16/2015 Int'l Securities Transactions Aug -- -10.12b 50

10/14/2015 PPI Final Demand MoM Sep -0.20% 0.00% 87 10/09/2015 Unemployment Rate Sep 6.90% 7.00% 88

10/14/2015 PPI Ex Food and Energy MoM Sep 0.10% 0.30% 68

10/14/2015 PPI Ex Food, Energy, Trade MoM Sep 0.10% 0.10% 4

10/14/2015 PPI Final Demand YoY Sep -0.80% -0.80% 70

10/14/2015 PPI Ex Food and Energy YoY Sep 1.20% 0.90% 67

10/14/2015 PPI Ex Food, Energy, Trade YoY Sep 0.80% 0.70% 2

10/14/2015 Business Inventories Aug 0.10% 0.10% 40

10/14/2015 U.S. Federal Reserve Releases Beige 0

10/15/2015 Initial Jobless Claims 8-Oct 270k 263k 98

10/15/2015 Continuing Claims 1-Oct 2194k 2204k 69

10/15/2015 Empire Manufacturing Oct -7.75 -14.67 83

10/15/2015 CPI MoM Sep -0.20% -0.10% 95

10/15/2015 CPI Ex Food and Energy MoM Sep 0.10% 0.10% 76

10/15/2015 CPI YoY Sep -0.10% 0.20% 63

10/15/2015 CPI Ex Food and Energy YoY Sep 1.80% 1.80% 52

10/15/2015 CPI Index NSA Sep 237.8 238.316 36

10/15/2015 CPI Core Index SA Sep 243.022 242.693 42

10/15/2015 Real Avg Weekly Earnings YoY Sep -- 2.30% 1

10/15/2015 Bloomberg Consumer Comfort 11-Oct -- 44.8 66

10/15/2015 Philadelphia Fed Business Outlook Oct -1 -6 79

10/16/2015 Industrial Production MoM Sep -0.30% -0.40% 89

10/16/2015 Capacity Utilization Sep 77.30% 77.60% 62

10/16/2015 Manufacturing (SIC) Production Sep -0.20% -0.50% 13

10/16/2015 JOLTS Job Openings Aug 5550 5753 23

10/16/2015 U. of Mich. Sentiment Oct P 89 87.2 94

10/16/2015 U. of Mich. Current Conditions Oct P -- 101.2 6

10/16/2015 U. of Mich. Expectations Oct P -- 78.2 5

10/16/2015 U. of Mich. 1 Yr Inflation Oct P -- 2.80% 3

10/16/2015 U. of Mich. 5-10 Yr Inflation Oct P -- 2.70% 6

10/16/2015 Net Long-term TIC Flows Aug -- $7.7b 75

10/16/2015 Total Net TIC Flows Aug -- $141.9b 67



Comparables Tables



Precious Metals Comparables – Consensus Estimates


Shares Market Working Enterprise

Company Symbol Price O/S Capitalization Cash Capital Debt Value 2015E 2016E Number of

(millions) (millions) (millions) (millions) (millions) (millions) CFPS CFPS Estimates 2015E 2016E 2015E 2016E 2015E 2016E

Senior Precious Metals Producers

Agnico Eagle Mines Limited TSX:AEM C$ 37.17 217.0 US$ 6,235 US$ 210 US$ 574 US$ 1,180 US$ 6,842 US$ 3.10 US$ 3.18 17 9.3x 9.0x 10.2x 9.9x 9.0x 9.0x

AngloGold Ashanti Ltd. NYSE:AU C$ 12.32 405.1 US$ 3,859 US$ 461 US$ 1,528 US$ 3,651 US$ 5,982 US$ 2.57 US$ 2.64 6 3.7x 3.6x 5.8x 5.6x 4.6x 4.8x

Barrick Gold Corporation TSX:ABX C$ 9.84 1165.0 US$ 8,861 US$ 2,122 US$ 4,202 US$ 12,082 US$ 16,741 US$ 2.02 US$ 2.25 13 3.8x 3.4x 7.1x 6.4x 4.8x 4.8x

Compañía de Minas Buenaventura S.A.A. NYSE:BVN C$ 10.26 254.2 US$ 2,016 US$ 125 US$ 135 - US$ 1,881 US$ 0.73 US$ 0.81 3 10.8x 9.8x 10.1x 9.2x 5.2x 4.6x

Eldorado Gold Corporation TSX:ELD C$ 5.10 715.4 US$ 2,820 US$ 460 US$ 533 US$ 588 US$ 2,875 US$ 0.32 US$ 0.40 14 12.4x 9.8x 12.7x 10.0x 10.5x 9.1x

Fresnillo PLC LSE:FRES C$ 14.55 736.9 US$ 8,288 US$ 476 US$ 1,079 US$ 797 US$ 8,006 US$ 0.63 US$ 0.76 4 17.9x 14.8x 17.3x 14.3x 14.0x 9.7x

Gold Fields Ltd. NYSE:GFI C$ 3.86 777.3 US$ 2,318 US$ 415 US$ 386 US$ 1,817 US$ 3,749 US$ 0.76 US$ 0.98 6 3.9x 3.0x 6.4x 4.9x 4.0x 3.7x

Goldcorp Inc. TSX:G C$ 18.75 830.0 US$ 12,029 US$ 994 US$ 1,322 US$ 3,361 US$ 14,068 US$ 1.74 US$ 2.13 15 8.3x 6.8x 9.7x 8.0x 7.9x 7.2x

Kinross Gold Corporation TSX:K C$ 2.88 1146.4 US$ 2,552 US$ 1,118 US$ 2,017 US$ 1,987 US$ 2,522 US$ 0.66 US$ 0.73 15 3.3x 3.0x 3.3x 3.0x 3.1x 2.9x

Newcrest Mining Limited ASX:NCM C$ 13.74 765.8 US$ 8,130 US$ 199 US$ 555 US$ 3,093 US$ 10,668 US$ 1.21 US$ 1.34 6 8.8x 7.9x 11.5x 10.4x 8.9x 8.3x

Newmont Mining Corporation NYSE:NEM C$ 24.49 529.1 US$ 10,015 US$ 3,341 US$ 4,200 US$ 6,140 US$ 11,955 US$ 4.17 US$ 3.91 9 4.5x 4.8x 5.4x 5.8x 4.2x 4.6x

Randgold Resources Limited LSE:RRS C$ 87.60 93.2 US$ 6,312 US$ 111 US$ 326 US$ 3 US$ 5,988 US$ 4.28 US$ 5.17 6 15.8x 13.1x 15.0x 12.4x 15.9x 11.8x

Yamana Gold, Inc. TSX:YRI C$ 3.22 946.5 US$ 2,356 US$ 244 US$ 167 US$ 1,842 US$ 4,031 US$ 0.52 US$ 0.68 14 4.8x 3.7x 8.2x 6.3x 6.4x 5.7x

Group Average - Senior Producers 8.3x 7.1x 9.4x 8.2x 7.6x 6.6x

Group Average - Senior Producers (excluding high/low) 7.8x 6.8x 9.3x 8.1x 7.2x 6.5x

Intermediate Precious Metals Producers

Acacia Mining plc LSE:ACA C$ 4.22 410.1 US$ 1,338 US$ 287 US$ 439 US$ 114 US$ 1,013 US$ 0.50 US$ 0.75 11 6.5x 4.4x 4.9x 3.3x 4.9x 3.0x

Alacer Gold Corp. TSX:ASR C$ 3.05 291.0 US$ 686 US$ 357 US$ 419 - US$ 267 US$ 0.41 US$ 0.22 9 5.8x 10.7x 2.2x 4.2x 2.4x 4.1x

Alamos Gold Inc. TSX:AGI C$ 6.18 255.5 US$ 1,220 US$ 403 US$ 494 US$ 313 US$ 1,039 US$ 0.39 US$ 0.68 12 12.1x 7.0x 10.3x 6.0x 12.5x 5.9x

B2Gold Corp. TSX:BTO C$ 1.68 926.6 US$ 1,203 US$ 110 US$ 137 US$ 396 US$ 1,463 US$ 0.19 US$ 0.24 12 6.7x 5.3x 8.2x 6.5x 7.7x 6.1x

Centamin Plc LSE:CEY C$ 1.30 1146.1 US$ 1,155 US$ 175 US$ 293 - US$ 861 US$ 0.16 US$ 0.19 5 6.3x 5.3x 4.7x 4.0x 4.9x 4.1x

Centerra Gold Inc. TSX:CG C$ 7.72 236.6 US$ 1,412 US$ 582 US$ 800 - US$ 612 US$ 1.21 US$ 0.99 7 4.9x 6.0x 2.1x 2.6x 2.0x 2.4x

Detour Gold Corporation TSX:DGC C$ 15.21 170.7 US$ 2,007 US$ 133 US$ 184 US$ 427 US$ 2,250 US$ 1.01 US$ 1.33 13 11.6x 8.9x 13.0x 9.9x 13.9x 9.1x

Dundee Precious Metals Inc. TSX:DPM C$ 2.15 140.6 US$ 234 US$ 30 US$ 64 US$ 134 US$ 304 US$ 0.56 US$ 0.57 3 3.0x 2.9x 3.9x 3.8x 3.6x 3.7x

Harmony Gold Mining Company Limited NYSE:HMY C$ 0.92 434.5 US$ 310 US$ 88 US$ 123 US$ 280 US$ 467 US$ 0.18 US$ 0.22 5 4.0x 3.2x 6.1x 4.9x 3.9x 3.0x

Hecla Mining Co. NYSE:HL C$ 3.26 377.7 US$ 952 US$ 192 US$ 190 US$ 501 US$ 1,263 US$ 0.24 US$ 0.38 7 10.7x 6.7x 14.2x 8.9x 11.7x 8.9x

IAMGOLD Corp. TSX:IMG C$ 2.47 391.4 US$ 747 US$ 679 US$ 860 US$ 637 US$ 524 US$ 0.42 US$ 0.46 15 4.6x 4.2x 3.2x 2.9x 2.7x 2.5x

New Gold, Inc. TSX:NGD C$ 3.99 509.1 US$ 1,570 US$ 327 US$ 465 US$ 879 US$ 1,984 US$ 0.52 US$ 0.52 16 6.0x 6.0x 7.6x 7.6x 7.5x 7.0x

Nord Gold N.V. LSE:NORD C$ 3.75 371.4 US$ 1,075 US$ 399 US$ 620 US$ 939 US$ 1,394 US$ 0.96 US$ 0.58 1 3.0x 5.0x 3.9x 6.4x 2.9x 3.8x

SEMAFO Inc. TSX:SMF C$ 3.27 294.3 US$ 744 US$ 131 US$ 145 US$ 59 US$ 658 US$ 0.46 US$ 0.46 11 5.5x 5.5x 4.9x 4.8x 4.2x 4.4x

Group Average - Intermediate Producers 6.5x 5.8x 6.4x 5.4x 6.1x 4.8x

Group Average - Intermediate Producers (excluding high/low) 6.3x 5.6x 6.1x 5.3x 5.7x 4.7x

Junior Precious Metals Producers

Argonaut Gold Inc. TSX:AR C$ 1.67 155.3 US$ 201 US$ 43.7 US$ 110.0 US$ 2.0 US$ 92.6 US$ 0.29 US$ 0.37 8 4.5x 3.5x 2.1x 1.6x 2.3x 1.4x

ATNA Resources Ltd. TSX:ATN C$ 0.07 209.8 US$ 11 US$ 1.1 US$ (10.7) US$ 0.8 US$ 22.1 - - 0 - - - - - -

Endeavour Mining Corporation TSX:EDV C$ 0.64 413.8 US$ 205 US$ 52.7 US$ 52.4 US$ 264.6 US$ 416.9 US$ 0.36 US$ 0.30 6 1.4x 1.7x 2.8x 3.4x 2.1x 1.8x

Golden Star Resources, Ltd. TSX:GSC C$ 0.30 259.4 US$ 60 US$ 21.4 US$ (86.3) US$ 105.6 US$ 252.1 (US$ 0.08) (US$ 0.05) 4 - - - - - 40.3x

Highland Gold Mining Ltd. AIM:HGM C$ 1.05 325.2 US$ 265 US$ 39.8 US$ 33.2 US$ 194.0 US$ 426.0 US$ 0.32 US$ 0.35 2 2.6x 2.4x 4.1x 3.8x 3.2x 3.0x

Kirkland Lake Gold Inc. TSX:KGI C$ 5.91 80.6 US$ 368 US$ 62.3 US$ 59.6 US$ 83.5 US$ 392.1 US$ 0.83 US$ 0.86 8 5.5x 5.3x 5.8x 5.6x 6.8x 4.4x

Lake Shore Gold Corp. TSX:LSG C$ 1.18 456.3 US$ 416 US$ 65.3 US$ 54.9 US$ 73.8 US$ 435.1 US$ 0.18 US$ 0.20 11 5.1x 4.7x 5.4x 4.9x 5.2x 5.1x

Luna Gold Corp. TSX:LGC C$ 0.05 274.6 US$ 11 US$ 13.6 US$ 20.0 US$ 42.8 US$ 33.5 US$ 0.03 (US$ 0.01) 1 1.3x - 4.1x - - -

McEwen Mining Inc. TSX:MUX C$ 1.28 300.5 US$ 297 US$ 23.7 US$ 27.0 US$ 0.0 US$ 270.3 - - 0 - - - - - -

Newmarket Gold Inc. TSX:NMI C$ 1.45 300.5 US$ 337 US$ 0.6 US$ (1.0) US$ 0.0 US$ 337.8 US$ 0.62 US$ 0.59 4 1.8x 1.9x 1.8x 1.9x 3.4x 3.3x

OceanaGold Corporation ASX:OGC C$ 2.27 602.9 US$ 1,060 US$ 48.7 US$ 73.4 US$ 75.0 US$ 1,061.8 US$ 0.60 US$ 0.40 11 2.9x 4.3x 3.0x 4.4x 3.2x 3.3x

Primero Mining Corp. TSX:P C$ 3.85 162.5 US$ 483 US$ 39.8 US$ 11.2 US$ 70.5 US$ 542.8 US$ 0.54 US$ 0.79 13 5.5x 3.8x 6.2x 4.3x 5.6x 4.2x

Perseus Mining Limited TSX:PRU C$ 0.36 529.3 US$ 147 US$ 79.8 US$ 136.7 US$ 0.0 US$ 10.6 US$ 0.11 US$ 0.04 2 2.5x 6.3x 0.2x 0.5x 0.1x 0.3x

Richmont Mines Inc. TSX:RIC C$ 3.94 58.0 US$ 177 US$ 62.5 US$ 58.6 US$ 5.0 US$ 123.1 US$ 0.41 US$ 0.40 5 7.4x 7.5x 5.1x 5.2x 6.0x 4.7x

Teranga Gold Corporation TSX:TGZ C$ 0.58 352.8 US$ 158 US$ 38.4 US$ 33.7 US$ 0.0 US$ 124.5 US$ 0.18 US$ 0.20 8 2.5x 2.2x 1.9x 1.7x 1.4x 1.3x

Timmins Gold Corp. TSX:TMM C$ 0.36 285.0 US$ 78 US$ 21.6 US$ 40.0 US$ 0.4 US$ 38.6 US$ 0.07 US$ 0.08 9 4.1x 3.6x 2.0x 1.8x 2.0x 1.8x

Group Average - Junior Producers 3.6x 3.9x 3.4x 3.3x 3.4x 5.8x

Group Average - Junior Producers (excluding high/low) 3.3x 3.0x 3.2x 1.8x 3.1x 3.1x

All data sourced from Capital IQ

P/CF Ratio EV/CF Ratio EV/EBITDA Ratio



Other Precious Metals Comparables – Consensus Estimates





PGM Producers

Impala Platinum Holdings Ltd. JSE:IMP C$ 4.45 607.1 US$ 2,089 US$ 214 US$ 638 US$ 493 US$ 1,945 US$ 0.23 US$ 0.54 4 15.3x 6.4x 14.2x 6.0x 6.8x 7.6x

Lonmin plc LSE:LMI C$ 0.82 586.9 US$ 371 US$ 60 US$ 622 US$ 262 US$ 11 US$ 0.12 US$ 0.32 7 5.4x 2.0x 0.2x 0.1x 0.2x 0.1x

Stillwater Mining Company NYSE:SWC C$ 15.21 120.9 US$ 1,422 US$ 531 US$ 622 US$ 302 US$ 1,102 US$ 0.78 US$ 0.96 3 15.0x 12.3x 11.6x 9.5x 9.7x 8.2x

North American Palladium Ltd. TSX:PDL C$ 4.20 58.1 US$ 189 US$ 17 (US$ 233) US$ 31 US$ 452 - - 0 - - - - - -

Group Average - PGM Producers 11.9x 6.9x 8.7x 5.2x 5.6x 5.3x

Group Average - PGM Producers (excluding high/low) 15.0x 6.4x 11.6x 6.0x 6.8x 7.6x

Silver Producers

Aurcana Corporation TSXV:AUN C$ 0.18 84.6 US$ 12 US$ 0 (US$ 20) US$ 19 US$ 51 - - 0 - - - - - -

Coeur Mining, Inc. NYSE:CDE C$ 4.02 137.1 US$ 426 US$ 206 US$ 366 US$ 529 US$ 589 US$ 0.53 US$ 0.69 6 5.9x 4.5x 8.1x 6.3x 6.7x 4.9x

Endeavour Silver Corp. TSX:EDR C$ 2.35 102.0 US$ 185 US$ 33 US$ 27 - US$ 159 US$ 0.31 US$ 0.26 7 5.9x 6.9x 5.1x 5.9x 4.1x 4.4x

First Majestic Silver Corp. TSX:FR C$ 5.00 155.0 US$ 599 US$ 40 (US$ 1) US$ 18 US$ 618 US$ 0.58 US$ 0.77 7 6.7x 5.0x 6.9x 5.2x 8.3x 5.0x

Fortuna Silver Mines Inc. TSX:FVI C$ 3.50 129.1 US$ 349 US$ 110 US$ 122 US$ 39 US$ 266 US$ 0.28 US$ 0.40 7 9.7x 6.7x 7.4x 5.1x 5.8x 4.8x

Hecla Mining Co. NYSE:HL C$ 3.26 377.7 US$ 952 US$ 192 US$ 190 US$ 501 US$ 1,263 US$ 0.24 US$ 0.38 7 10.7x 6.7x 14.2x 8.9x 11.7x 8.9x

Mandalay Resources Corp. TSX:MND C$ 0.83 409.8 US$ 263 US$ 52 US$ 29 US$ 2 US$ 236 US$ 0.17 US$ 0.19 5 3.7x 3.4x 3.3x 3.0x 3.1x 2.5x

Pan American Silver Corp. TSX:PAA C$ 10.11 151.6 US$ 1,185 US$ 275 US$ 470 US$ 21 US$ 736 US$ 0.48 US$ 0.82 5 16.3x 9.6x 10.1x 5.9x 7.6x 6.5x

Silver Standard Resources Inc. TSX:SSO C$ 8.97 80.8 US$ 560 US$ 315 US$ 380 US$ 203 US$ 383 US$ 0.99 US$ 0.94 6 7.0x 7.4x 4.8x 5.1x 4.0x 6.8x

Silvercorp Metals Inc. TSX:SVM C$ 0.94 170.4 US$ 123 US$ 75 US$ 44 - US$ 79 US$ 0.28 US$ 0.15 2 2.6x 4.8x 1.7x 3.1x 2.5x 4.2x

Tahoe Resources Inc. TSX:THO C$ 12.48 227.0 US$ 2,190 US$ 112 US$ 89 - US$ 2,101 US$ 0.81 US$ 1.03 11 11.9x 9.3x 11.4x 9.0x 10.2x 7.7x

Group Average - Silver Producers 8.0x 6.4x 7.3x 5.7x 6.4x 5.6x

Group Average - Silver Producers (excluding high/low) 7.7x 6.4x 7.1x 5.7x 6.2x 5.5x

Diamond Producers

Dominion Diamond Corporation NYSE:DDC C$ 14.61 85.2 US$ 962 US$ 344 US$ 695 US$ 23 US$ 290 US$ 3.72 US$ 1.87 4 3.0x 6.0x 0.9x 1.8x 0.8x 1.1x

Lucara Diamond Corp. TSX:LUC C$ 1.79 379.6 US$ 525 US$ 74 US$ 101 - US$ 424 US$ 0.24 US$ 0.23 5 5.9x 6.1x 4.7x 4.9x 3.5x 3.1x

Group Average - Diamond Producers 4.4x 6.0x 2.8x 3.4x 2.1x 2.1x

Royalty Companies

Anglo Pacific Group plc LSE:APF C$ 1.68 169.0 US$ 219 US$ 6 US$ 3 US$ 4 US$ 221 US$ 0.06 US$ 0.09 5 21.5x 13.7x 21.6x 13.8x 23.8x 13.7x

Callinan Royalties Corporation TSX:CAA C$ 2.27 49.3 US$ 86 US$ 27 US$ 32 - US$ 55 - - - - - - - - -

Franco-Nevada Corporation TSX:FNV C$ 63.28 156.8 US$ 7,672 US$ 611 US$ 688 - US$ 6,983 US$ 1.98 US$ 2.19 13 24.7x 22.3x 22.5x 20.3x 20.9x 19.0x

Gold Royalties Corporation TSXV:GRO C$ 0.19 28.7 US$ 4 US$ 2 US$ 2 - US$ 3 - - - - - - - - -

Osisko Gold Royalties Ltd. TSX:OR C$ 14.25 94.4 US$ 1,039 US$ 262 US$ 262 - US$ 777 US$ 0.28 US$ 0.40 10 39.6x 27.6x 29.6x 20.7x 36.3x 25.1x

Royal Gold, Inc. US:RGLD C$ 65.27 65.3 US$ 3,294 US$ 743 US$ 766 US$ 322 US$ 2,850 US$ 2.63 US$ 4.06 9 19.2x 12.4x 16.6x 10.7x 13.1x 8.6x

Sandstorm Gold Ltd. TSX:SSL C$ 3.89 118.3 US$ 356 US$ 52 US$ 52 - US$ 303 US$ 0.30 US$ 0.31 8 10.1x 9.8x 8.6x 8.4x 8.9x 8.6x

Silver Wheaton Corp. US:RGLD C$ 18.68 404.6 US$ 5,842 US$ 72 US$ 58 US$ 715 US$ 6,499 US$ 2.63 US$ 4.06 13 5.5x 3.6x 6.1x 4.0x 15.4x 12.1x

Group Average - Royalty Companies 20.1x 14.9x 17.5x 13.0x 19.7x 14.5x

Group Average - Royalty Companies (excluding high/low) 18.9x 14.6x 17.3x 13.3x 18.3x 13.3x





Base Metals Comparables – Consensus Estimates




Large-Cap Base Metals Producers

Anglo American plc LSE:AAL C$ 14.39 1398.2 US$ 15,555 US$ 7,033 US$ 11,169 US$ 18,125 US$ 22,511 US$ 3.17 US$ 3.61 8 3.5x 3.1x 5.1x 4.5x 4.2x 4.1x

Antofagasta plc LSE:ANTO C$ 11.81 985.9 US$ 8,997 US$ 3,220 US$ 2,775 US$ 1,976 US$ 8,199 US$ 0.95 US$ 1.10 9 9.6x 8.3x 8.7x 7.5x 6.0x 5.0x

BHP Billiton Limited ASX:BHP C$ 24.27 5321.3 US$ 99,810 US$ 6,806 US$ 3,516 US$ 28,649 US$ 124,943 US$ 3.07 US$ 2.61 6 6.1x 7.2x 7.6x 9.0x 5.3x 7.8x

First Quantum Minerals Ltd. TSX:FM C$ 8.63 689.0 US$ 4,596 US$ 289 US$ 1,639 US$ 5,503 US$ 8,460 US$ 0.99 US$ 1.64 16 6.7x 4.1x 12.3x 7.5x 11.7x 6.3x

Freeport-McMoRan Inc. NYSE:FCX C$ 17.45 1136.1 US$ 15,326 US$ 466 US$ 3,958 US$ 20,111 US$ 31,479 US$ 3.74 US$ 5.18 4 3.6x 2.6x 7.4x 5.3x 6.6x 4.2x

Glencore Plc LSE:GLEN C$ 2.56 14394.7 US$ 28,457 US$ 3,223 US$ 5,756 US$ 38,643 US$ 61,344 US$ 0.68 US$ 0.59 9 2.9x 3.3x 6.2x 7.2x 6.9x 6.6x

KGHM Polska Miedz Spólka Akcyjna WSE:KGH C$ 33.24 200.0 US$ 5,138 US$ 230 US$ 250 US$ 1,031 US$ 5,920 US$ 5.94 US$ 4.87 3 4.3x 5.3x 5.0x 6.1x 4.4x 4.6x

Rio T into plc LSE:RIO C$ 51.50 1811.2 US$ 72,095 US$ 11,550 US$ 6,292 US$ 20,672 US$ 86,475 US$ 5.25 US$ 5.22 11 7.6x 7.6x 9.1x 9.2x 6.7x 7.0x

Teck Resources Limited TSX:TCK.B C$ 9.63 576.3 US$ 4,304 US$ 1,064 US$ 1,938 US$ 6,935 US$ 9,301 US$ 2.49 US$ 2.65 16 3.0x 2.8x 6.5x 6.1x 5.5x 5.5x

Vale S.A. NYSE:VALE C$ 7.09 5153.4 US$ 24,901 US$ 3,426 US$ 7,691 US$ 29,392 US$ 46,601 US$ 0.96 US$ 1.17 10 5.7x 4.7x 9.4x 7.7x 6.7x 5.8x

Group Average - Large-Cap Producers 5.3x 4.9x 7.7x 7.0x 6.4x 5.7x

Group Average - Large-Cap Producers (excluding high/low) 5.1x 4.8x 7.5x 7.1x 6.0x 5.6x

Mid Tier Base Metals Producers

Capstone Mining Corp. TSX:CS C$ 0.67 382.0 US$ 198 US$ 98 US$ 198 US$ 298 US$ 298 US$ 0.20 US$ 0.35 16 2.6x 1.5x 3.9x 2.2x 3.8x 2.0x

Cliffs Natural Resources Inc. NYSE:CLF C$ 3.95 153.4 US$ 468 US$ 276 US$ 624 US$ 2,887 US$ 2,731 US$ 1.33 US$ 0.99 3 2.3x 3.1x 13.4x 18.0x 8.4x 8.4x

HudBay Minerals, Inc. TSX:HBM C$ 7.22 235.2 US$ 1,313 US$ 115 US$ 114 US$ 1,176 US$ 2,375 US$ 0.92 US$ 1.49 12 6.1x 3.7x 11.0x 6.8x 8.6x 4.4x

Imperial Metals Corp. TSX:III C$ 8.23 81.7 US$ 520 US$ 14 (US$ 59) US$ 646 US$ 1,225 US$ 0.02 US$ 1.09 4 370.6x 5.8x 873.2x 13.7x 18.0x 7.3x

KAZ Minerals plc LSE:KAZ C$ 2.91 446.7 US$ 1,005 US$ 1,460 US$ 1,133 US$ 2,805 US$ 2,677 US$ 0.15 US$ 0.36 4 14.6x 6.2x 38.9x 16.6x 19.8x 10.5x

Lundin Mining Corporation TSX:LUN C$ 4.91 719.5 US$ 2,731 US$ 507 US$ 695 US$ 983 US$ 3,019 US$ 1.00 US$ 0.87 18 3.8x 4.4x 4.2x 4.8x 3.6x 4.4x

MMG Limited HKSE:1208 C$ 0.28 5290.1 US$ 1,160 US$ 636 US$ 772 US$ 8,863 US$ 9,251 US$ 0.12 US$ 0.23 1 1.9x 1.0x 15.1x 7.6x 14.6x 6.3x

Nevsun Resources Ltd. TSX:NSU C$ 4.32 199.8 US$ 667 US$ 452 US$ 499 - US$ 168 US$ 0.52 US$ 0.34 9 6.4x 9.7x 1.6x 2.4x 1.2x 0.9x

Nyrstar NV ENXTBR:NYR C$ 3.80 327.5 US$ 963 US$ 310 (US$ 376) US$ 505 US$ 1,844 US$ 0.85 US$ 1.08 6 3.5x 2.7x 6.6x 5.2x 5.1x 3.7x

OZ Minerals Limited ASX:OZL C$ 4.24 303.5 US$ 994 US$ 315 US$ 467 - US$ 526 US$ 0.93 US$ 1.02 5 3.5x 3.2x 1.9x 1.7x 1.8x 1.9x

Sherritt International Corporation TSX:S C$ 1.06 293.9 US$ 241 US$ 319 US$ 550 US$ 1,591 US$ 1,282 US$ 0.03 US$ 0.22 7 32.3x 3.8x 171.8x 20.0x - -

Turquoise Hill Resources Ltd. TSX:TRQ C$ 3.90 2012.3 US$ 6,066 US$ 1,167 US$ 1,300 - US$ 4,766 US$ 0.32 US$ 0.11 6 9.5x 27.4x 7.5x 21.5x 7.8x 18.7x

Vedanta Resources plc LSE:VED C$ 11.78 276.0 US$ 2,512 US$ 8,180 US$ 3,529 US$ 13,489 US$ 12,472 US$ 6.66 US$ 10.23 6 1.4x 0.9x 6.8x 4.4x 3.2x 4.6x

Western Areas Limited ASX:WSA C$ 2.63 233.4 US$ 474 US$ 150 US$ 51 - US$ 423 US$ 0.43 US$ 0.48 6 4.7x 4.2x 4.2x 3.8x 3.7x 3.8x

Group Average - Mid Tier Producers 33.1x 5.5x 82.9x 9.2x 7.7x 5.9x

Group Average - Mid Tier Producers (excluding high/low) 7.6x 4.1x 23.8x 8.8x 6.7x 4.8x

Small Cap Base Metals Producers

Amerigo Resources Ltd. TSX:ARG C$ 0.33 173.6 US$ 44 US$ 13 US$ 13 US$ 37 US$ 69 - US$ 0.22 US$ 1.00 - 1.2x - 1.8x - -

Copper Mountain Mining Corporation TSX:CUM C$ 0.66 118.8 US$ 61 US$ 18 US$ 13 US$ 280 US$ 328 US$ 0.29 US$ 0.40 11 1.8x 1.3x 9.5x 6.9x 6.7x 4.8x

Taseko Mines Ltd. TSX:TKO C$ 0.73 221.8 US$ 125 US$ 61 US$ 39 US$ 206 US$ 292 US$ 0.12 US$ 0.20 9 4.6x 2.9x 10.7x 6.7x 7.9x 5.6x

Thompson Creek Metals Company Inc. TSX:TCM C$ 0.74 221.2 US$ 127 US$ 211 US$ 191 US$ 831 US$ 767 US$ 0.17 US$ 0.36 9 3.4x 1.6x 20.6x 9.7x 6.6x 5.1x

Trevali Mining Corporation TSX:TV C$ 0.66 319.6 US$ 162 US$ 20 US$ 29 US$ 54 US$ 188 US$ 0.08 US$ 0.19 8 6.5x 2.7x 7.4x 3.1x 6.5x 2.6x

Group Average - Small Cap Producers 4.1x 1.9x 12.1x 5.6x 6.9x 4.5x

Group Average - Small Cap Producers (excluding high/low) 3.3x 1.9x 9.2x 5.5x 6.6x 4.2x





Iron Comparables – Consensus Estimates

Bloomberg Shares Market Daily Enterprise

Company (T icker) Share Price

Consensus

Target

Implied

Return β

Outstanding

(millions)

Capitalization

(millions)

Volume

(millions)

Weekly

Liquidity WACC

Debt

(millions)

Value

(millions) 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017

Diversified Mining Houses

VALE SA (VALE3-BZ) R$ 20.79 R$ 22.45 8.0% 0.89 3,217 R$ 99,846 7.1 1.0% 17.3% R$ 76,517 R$ 185,744 3.77 4.38 5.92 5.5x 4.7x 3.5x 25.2x 10.6x 7.1x 6.3x 4.9x

BHP BILLITON (BHP-AU) A$ 25.60 A$ 27.75 8.4% 1.26 3,212 A$ 134,875 11.3 2.1% 9.0% A$ 31,170 A$ 129,156 4.54 3.52 3.77 5.6x 7.3x 6.8x 13.1x 30.9x 18.4x 5.4x 8.0x 7.1x

RIO TINTO (RIO-AU) A$ 55.18 A$ 57.53 4.3% 1.01 424 A$ 99,114 2.6 4.0% 7.4% A$ 25,248 A$ 94,911 7.29 6.98 8.12 7.6x 7.9x 6.8x 15.3x 16.1x 13.1x 7.3x 7.6x 6.7x

Group Average - Diversifed Mining Avg. -> 6.2x 6.6x 5.7x 14.2x 24.0x 14.0x 6.6x 7.3x 6.2x

Producers

KUMBA IRON (KIO-SJE) ZAR 8,892 ZAR 10,293 15.8% 1.29 322 ZAR 28,640 1.0 1.7% 11.1% ZAR 9,593 ZAR 41,026 3851 2126 3011 2.3x 4.2x 3.0x 6.7x 10.0x 8.3x 3.3x 4.4x 3.7x

FORTESCUE METALS (FMG-AU) A$ 2.28 A$ 1.84 (19.3)% 1.24 3,114 A$ 7,099 28.0 3.8% 5.7% A$ 9,569 A$ 12,410 0.59 0.61 0.61 3.9x 3.8x 3.7x 15.1x 44.7x 5.1x 6.0x 5.9x

CLIFFS NATURAL (CLF-US) US$ 3.05 US$ 3.21 5.2% 1.24 153 US$ 468 6.0 27.3% 4.1% US$ 3,059 US$ 4,080 1.00 0.81 1.43 3.0x 3.8x 2.1x 13.6x 13.3x 11.7x

MMX MINERACAO (MMXM3-BRZ) R$ 0.32 0.55 162 R$ 52 0.3 1.3% 18.7% R$ 99 R$ 170

FERREXPO PLC (FXPO-LSE) GBp 40 GBp 55.58 39.0% 1.07 589 GBp 235 0.8 0.5% 4.6% GBp 1,305 GBp 1,017 21.66 12.93 11.09 1.8x 3.1x 3.6x 3.0x 6.9x 5.8x 3.9x 5.6x 5.7x

MOUNT GIBSON (MGX-AU) A$ 0.18 A$ 0.25 39.8% 0.74 1,091 A$ 196 2.3 0.6% 7.6% A$ 3 A$ 108 (0.05) (0.06) (0.04)

GRANGE RESOURCES (GRR-AU) A$ 0.11 A$ 0.11 4.8% 0.91 1,157 A$ 122 0.5 0.1% 8.2% A$ 1 A$(14) 0.07 0.01 0.01 1.5x 8.8x 9.5x 2.8x 6.6x 11.7xNORTHERN IRON (NFE-AU) A$ 0.01 0.89 484 A$ 3 0.4 0.1% 3.0% A$ 66 A$ 79

BC IRON (BCI-AU) A$ 0.27 A$ 0.31 15.7% 1.37 196 A$ 52 0.6 1.6% 10.9% A$ 6 A$(9) 0.01 0.08 0.03 26.5x 3.4x 7.8x 0.2x

Group Average - Producers Avg. -> 2.5x 4.7x 4.4x 6.9x 17.0x 8.6x 6.5x 7.3x 6.7x

Advanced Development / Exploration (Select Group)

SUNDANCE RESOURCES (SDL-AU) A$ 0.02 1.11 3,110 A$ 49.8 3.5 0.6% 6.6% A$ 38 A$ 89

NEW MILLENNIUM (NML-T) C$ 0.09 C$ 0.10 11.1% 0.60 181 C$ 16.3 0.1 0.3% 7.0% C$ 0 C$(3) (0.02) (0.01) 0.5x 0.4x

ALDERON IRON (ADV-T) C$ 0.18 C$ 0.23 25.9% 1.93 132 C$ 23.8 0.0 0.1% 12.9% C$ 19 C$ 77 (0.07) (0.02) (0.04)

ZANAGA IRON (ZIOC-LSE) GBp 3 0.91 279 GBp 7.4 0.1 0.1% 9.8% GBp 0 GBp 2

CENTURY IRON (FER-T) C$ 0.25 (0.08) 99 C$ 24.7 0.0 0.0% 0.8% C$ 0 C$ 15

CHAMPION IRON (CIA-T) C$ 0.20 C$ 0.25 25.0% 198 C$ 39.7 0.1 0.4% 8.2% C$ 0 C$ 36 (0.01) (0.02) (0.03)

ADRIANA RESOURCES (ADI-V) C$ 0.11 0.97 158 C$ 16.5 0.1 1.5% 10.4% C$ 0 C$(26)

IMX RESOURCES (IXR-AU) A$ 0.01 0.45 1,158 A$ 10.4 5.1 1.7% 5.7% A$ 0 A$ 13

BLACK IRON (BKI-T) C$ 0.04 (0.10) 161 C$ 5.6 0.3 0.4% 0.6% C$ 0 C$(4) (0.02) (0.07) (0.07) 0.6x 0.4x 0.4x

OCEANIC IRON (FEO-T) C$ 0.10 (1.23) 35 C$ 3.3 0.0 0.0% -9.2% C$ 0 C$ 2

MACARTHUR MINERALS (MMS-T) C$ 0.03 1.73 82 C$ 2.4 0.1 0.5% 7.6% C$ 0 C$ 1

Group Average - Developers / Explorers Avg. -> 0.6x 0.4x 0.4x

All data sourced from Bloomberg

EV/EBITDAP/EPSCFPS (LoC) P/CFPS



Uranium Comparables – Consensus Estimates

Bloomberg Shares Market Daily Enterprise

Company (T icker)

Share

Price

Consensus

Target

Implied

Return β

Outst.

(millions)

Capitalization

(millions)

Volume

(millions)

Weekly

Liquidity

Value

(millions)

Resource

(M lb)

USD

EV/lb

Resource 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017

CAMECO CORP (CCO-T) C$ 18.33 C$ 23.98 30.8% 1.05 396 C$ 7,255 1.64 2.5% C$ 8,415 996.1 $6.53 1.31 1.99 1.99 14.0x 9.2x 9.2x 1.05 1.29 1.32 17.5x 14.2x 13.8x

PALADIN ENERGY (PDN-AU) A$ 0.19 A$ 0.31 66.7% 0.97 1,712 A$ 321 0.39 0.1% A$ 543 510.5 $0.82 0.01 0.04 0.07 17.0x 4.9x 2.6x (0.01) 0.02 0.04 11.7x 4.8x

ENERGY RESOURCES (ERA-AU) C$ 0.40 C$ 0.72 518 C$ 207 0.44 0.4% C$ -93 473.0 ($0.14) 0.03 0.12 0.05 3.4x 7.4x (0.19) (0.04) 0.13 3.1x

ENERGY FUELS (EFR-T) C$ 4.26 C$ 9.91 132.7% 1.24 45 C$ 192 0.07 0.6% C$ 167 134.0 $0.96 0.45 0.18 9.4x 23.8x (0.26) (0.58)

UR-ENERGY INC (URE-T) C$ 0.81 C$ 2.22 173.6% 0.87 130 C$ 105 0.05 0.2% C$ 114 29.9 $2.94 0.02 0.07 (0.02) 45.0x 10.9x (0.03) 0.03 24.5x

URANIUM ENERGY (UEC-AMEX) US$ 1.22 US$ 2.55 109.0% 0.87 98 US$ 119 0.89 3.8% US$ 137 89.3 $1.54 (0.20) (0.15) (0.02) (0.16) (0.10)

Group Average - Producers $2.11 25.4x 7.6x 10.8x 17.5x 16.8x 7.2x

DEEP YELLOW (DYL-AU) A$ 0.01 0.54 1,918 A$ 21 1.15 0.2% A$ 17 106.0 $0.12

FORSYS METALS (FSY-T) C$ 0.15 0.11 119 C$ 17 0.01 0.0% C$ 17 125.0 $0.11

MEGA URANIUM (MGA-T) C$ 0.08 1.50 282 C$ 23 0.41 0.7% C$ 22 43.1 $0.39

LARAMIDE RESOURCES (LAM-T) C$ 0.17 C$ 0.60 263.6% 0.62 85 C$ 14 0.09 1.4% C$ 13 62.3 $0.16 (0.03) (0.03)

BANNERMAN RESOURCES (BMN-AU) A$ 0.03 0.53 388 A$ 11 0.14 0.2% A$ 18 169.6 $0.08

PLATEAU URANIUM (PLU-V) C$ 0.35 1.49 41 C$ 14 0.04 0.3% C$ 9 124.0 $0.05

TORO ENERGY (TOE-AU) A$ 0.06 A$ 0.26 2,004 A$ 122 0.64 0.1% A$ 114 96.0 $0.87

ALLIANCE RESOURCES (AGS-AU) A$ 0.15 0.54 417 A$ 63 1.65 0.7% A$ 64 17.8 $2.63

PENINSULA ENERGY (PEN-AU) C$ 1.20 C$ 2.00 67.4% 0.64 173 C$ 207 0.15 0.2% C$ 187 110.6 $1.24

Group Average - Developers $0.66 8.4x

FISSION URANIUM (FCU-T) C$ 0.69 C$ 1.72 150.0% 1.69 386 C$ 267 1.65 2.7% C$ 242 108.3 $1.72 (0.02) (0.03)

FISSION 3.0 (FUU-V) C$ 0.07 5.52 178 C$ 12 0.20 0.5% C$ 7

ALPHA EXPLORATION (AEX-V) C$ 0.05 -0.53 31 C$ 1 0.12 C$ 0

NEXGEN ENERGY (NXE-V) C$ 0.83 C$ 2.40 189.2% 0.7 254 C$ 211 1.25 2.7% C$ 184 (0.01) (0.01) (0.01) (0.01)

KIVALLIQ ENERGY (KIV-V) C$ 0.08 C$ 0.20 150.0% 0.73 217 C$ 17 0.11 0.2% C$ 15 20.0 $0.35 (0.01) (0.01) (0.01)

AZINCOURT URANIUM (AAZ-V) C$ 0.05 1.05 6 C$ 0 0.01 0.6% C$ 0

URACAN RESOURCES (URC-V) C$ 0.01 1.06 72 C$ 1 0.11 2.9% C$ 1 44.0 $0.01

INVENTORY FUNDS

URANIUM PARTICIPATION (U-T) C$ 5.26 C$ 6.61 25.7% 0.43 117 C$ 613 0.25 1.6% C$ 599 (0.05) (0.04) - 0.07 0.94 75x 6x


PR

OD

UC

ER

SD

EV

ELO

PE

RS

EX

PLO

RE

RS

P/EPSCFPS (LoC) P/CFPS EPS (LoC)



Coal Comparables – Consensus Estimates

Large Cap USA Bloomberg Shares Market Daily Enterprise

Company (T icker) Share Price

Consensus

Target

Implied

Return β

Outstanding

(millions)

Capitalization

(millions)

Volume

(millions)

Weekly

Liquidity WACC

Debt

(millions)

Value

(millions) 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017

Large Cap USA

ARCH COAL (ACI-US) US$ 4.25 US$ 2.58 (39.2)% (0.64) 21 US$ 90 3.1 65.3% 4.0% US$ 5,160 US$ 4,547 (5.83) (2.31) 0.41 10.4x 16.8x 18.4x 16.8x

PEABODY ENERGY (BTU-US) US$ 24.49 US$ 37.93 54.9% 0.47 19 US$ 454 1.1 42.7% 3.7% US$ 5,987 US$ 6,275 (3.90) 8.68 20.80 2.8x 1.2x 12.5x 9.5x 7.5x

CONSOL ENERGY (CNX-US) US$ 11.71 US$ 22.36 90.9% 1.13 229 US$ 2,682 7.5 23.2% 7.1% US$ 3,297 US$ 6,341 2.68 3.29 4.02 4.4x 3.6x 2.9x 122.0x 24.8x 10.8x 7.9x 6.4x 5.5x

WALTER ENERGY (WLT-US) US$ 0.08 US$ 0.05 (40.1)% 1.13 81 US$ 7 1.1 0.9% 0.9% US$ 3,136 US$ 2,766

CLOUD PEAK (CLD-US) US$ 3.34 US$ 5.04 51.0% 1.30 61 US$ 204 2.4 17.8% 5.2% US$ 571 US$ 607 1.04 0.95 1.17 3.2x 3.5x 2.9x 5.1x 6.2x 6.8x

Group Average - Large Cap USA Avg. -> 3.8x 3.3x 4.3x 122.0x 24.8x 10.8x 10.5x 10.1x 9.1x

Limitied Partnerships

ALLIANCE RESOURCE (ARLP-US) US$ 23.62 US$ 32.50 37.6% 0.75 74 US$ 1,752 0.3 1.8% 6.0% US$ 838 US$ 2,584 9.91 11.09 11.51 2.4x 2.1x 2.1x 6.7x 7.2x 7.7x 3.3x 3.4x 3.7x

NATURAL RESOURCE (NRP-US) US$ 2.74 US$ 2.75 0.4% 0.65 122 US$ 335 0.5 1.4% 4.1% US$ 1,475 US$ 1,738 1.60 1.69 1.83 1.7x 1.6x 1.5x 4.4x 4.3x 3.8x 6.4x 6.2x 5.9x

Group Average - Limited Partnerships Avg. -> 2.0x 1.9x 1.8x 5.5x 5.8x 5.8x 4.8x 4.8x 4.8x

Large Cap Non-North America

NEW HOPE (NHC-AU) A$ 1.90 A$ 1.98 4.1% 0.78 831 A$ 1,579 0.3 0.1% 7.9% A$ 0 A$ 463 0.10 0.13 0.14 19.4x 15.2x 13.3x 42.2x 30.6x 26.8x 5.8x 4.7x 4.1x

WHITEHAVEN COAL (WHC-AU) A$ 1.00 A$ 1.35 35.0% 1.19 1,026 A$ 1,026 4.7 1.8% 7.6% A$ 1,038 A$ 1,963 0.13 0.21 0.29 7.9x 4.9x 3.4x 29.4x 13.0x 6.5x 8.4x 6.8x 5.1x

BANPU PUBLIC (BANPU-SET) ฿ 23.20 ฿ 28.20 21.6% 1.24 2,582 ฿ 59,900 11.7 4.1% 6.1% ฿ 106,669 ฿ 165,067 4.96 4.96 5.58 4.7x 4.7x 4.2x 22.6x 14.1x 11.2x 11.4x 10.9x 10.6x

CHINA COAL (1898-HK) HK$ 3.76 HK$ 3.02 (19.7)% 1.02 4,107 HK$ 87,100 27.9 2.8% 5.9% HK$ 94,708 HK$ 167,045 0.35 0.47 0.58 8.8x 6.6x 5.3x 22.2x 18.5x 16.2x

CHINA SHENHUA (1088-HK) HK$ 13.90 HK$ 18.44 32.7% 1.05 3,399 HK$ 352,824 20.7 3.6% 7.5% HK$ 95,370 HK$ 408,344 2.52 2.76 2.97 4.5x 4.1x 3.8x 9.2x 9.1x 8.1x 6.3x 6.1x 5.7x

COAL OF (CZA-AU) A$ 0.09 (0.58) 1,927 A$ 173 0.0 0.0% -1.2% A$ 0 A$ 110

YANZHOU COAL (1171-HK) HK$ 4.20 HK$ 3.62 (13.8)% 1.59 1,958 HK$ 42,755 13.6 3.8% 4.0% HK$ 63,506 HK$ 89,197 0.87 0.97 1.06 4.0x 3.6x 3.3x 16.3x 16.7x 14.2x

Group Average - Large Cap Non-North-America Avg. -> 8.3x 6.8x 6.0x 22.8x 15.3x 10.6x 8.5x 10.4x 9.3x

Developer/Explorers

COMPLIANCE ENERGY (CEC-V) C$ 0.08 1.39 8 C$ 0.6 0.0 0.0% 13.7%

FORTUNE MINERALS (FT -T) C$ 0.04 0.29 222 C$ 7.8 0.5 0.4% 1.1% C$ 55 C$ 73

JAMESON RESOURCES (JAL-AU) A$ 0.04 0.66 209 A$ 7.5 0.1 0.2% 5.9% A$ 0 A$ 7

Group Average - Developers / Explorers Avg. ->

Allied Industry

SEDGMAN LTD (SDM-AU) A$ 0.83 A$ 0.98 17.5% 0.83 227 A$ 188 0.1 0.2% 7.4% A$ 21 A$ 99 0.10 0.11 0.11 8.1x 7.5x 7.8x 10.0x 9.1x 9.1x 3.0x 2.9x 2.9x

Group Average - Allied Industry Avg. -> 8.1x 7.5x 7.8x 10.0x 9.1x 9.1x 3.0x 2.9x 2.9x

Sundry Companies

ADARO ENERGY (ADRO-JKSE) ¥ 680 ¥ 744 9.5% 1.08 31,986 ¥ 21,750,454 57.3 1.5% 9.8% ¥ 1,881 ¥ 3,128 0.01 0.01 0.01 3.9x 3.9x 4.2x 8.4x 10.1x 8.4x 5.0x 5.3x 5.2x

BUMI RESOURCES (BUMI-JKSE) ¥ 67 ¥ 50 (25.4)% 1.10 36,627 ¥ 2,454,010 28.8 1.4% 15.7% ¥ 4,276 ¥ 4,454 0.00 0.00 0.00 25.3x 23.4x 20.0x

NEYVELI LIGNITE (NEYVELILIG-NSEI) रू 77.90 रू 110.00 41.2% 0.99 1,678 रू 130,694 0.2 0.1% 10.1% रू 66,013 रू 163,592

SOUTHGOBI RESOURCES (SGQ-T) C$ 0.45 (0.06) 246 C$ 111 0.0 0.5% 1.4% C$ 95 C$ 191

TAMBANG BATUBARA (PTBA-JKSE) ¥ 6,450 ¥ 7,138 10.7% 1.07 2,304 ¥ 14,861,650 3.0 1.2% 9.7% ¥ 2,255,416 ¥ 13,447,242 554.49 728.67 725.73 11.6x 8.9x 8.9x 9.5x 9.2x 8.7x 6.8x 6.8x 6.3x

Group Average - Sundry Companies Avg. -> 7.8x 6.4x 6.6x 8.9x 9.7x 8.6x 12.4x 11.8x 10.5x


EV/EBITDAP/EPSCFPS (LoC) P/CFPS



Senior/Intermediate Gold Producers – EV/oz Comparables

Agnico Eagle Mines Limited NYSE:AEM US $6,235 US $574 US $7,237 52.5 1.91 57.9 2.11 91% 20.0 2.40 21.3 2.57 94% 32.5 1.70 36.6 1.91 89% 50% US $138 US $125

AngloGold Ashanti Ltd. JSE:ANG US $3,859 US $1,528 US $6,867 232.1 1.19 265.2 1.36 88% 54.9 0.72 63.0 0.83 87% 168.1 1.48 193.1 1.70 87% 35% US $30 US $26

B2Gold Corp. TSX:BTO US $1,203 US $137 US $1,498 26.8 0.66 39.6 0.97 68% 12.5 1.24 12.5 1.24 100% 14.3 0.47 27.2 0.89 53% 66% US $56 US $38

Barrick Gold Corporation TSX:ABX US $8,861 US $4,202 US $21,692 209.6 0.95 294.9 1.33 71% 100.6 1.11 137.6 1.52 73% 109.1 0.84 157.2 1.20 69% 28% US $103 US $74

Compañía de Minas Buenaventura S.A.A. NYSE:BVN US $2,016 US $135 US $2,621 19.4 0.22 77.4 0.89 25% 9.0 0.23 31.9 0.83 28% 7.5 0.18 42.6 1.02 18% 47% US $135 US $34

Detour Gold Corporation TSX:DGC US $2,007 US $184 US $2,290 20.6 1.03 20.6 1.03 100% 15.0 1.01 15.0 1.01 100% 5.7 1.07 5.7 1.07 100% 13% US $111 US $111

Eldorado Gold Corporation TSX:ELD US $2,820 US $533 US $3,246 44.8 0.86 59.0 1.14 76% 24.4 1.18 31.9 1.54 76% 18.3 0.59 24.9 0.81 73% 66% US $72 US $55

Gold Fields Ltd. JSE:GFI US $2,318 US $386 US $3,777 111.2 2.35 126.0 2.67 88% 48.2 2.89 49.5 2.97 97% 28.1 1.17 40.8 1.69 69% 66% US $34 US $30

Goldcorp Inc. TSX:G US $12,029 US $1,322 US $14,696 119.1 0.69 197.2 1.14 60% 49.9 0.80 86.7 1.39 58% 69.2 0.63 110.5 1.00 63% 39% US $123 US $75

Harmony Gold Mining Company Limited JSE:HAR US $310 US $112 US $485 111.1 1.39 139.2 1.74 80% 35.8 0.84 48.5 1.14 74% 75.2 2.09 90.7 2.52 83% 53% US $4 US $3

IAMGOLD Corp. TSX:IMG US $747 US $860 US $782 32.4 1.29 32.4 1.29 100% 9.8 1.35 9.8 1.35 100% 22.6 1.26 22.6 1.26 100% 38% US $24 US $24

Kinross Gold Corporation TSX:K US $2,552 US $2,017 US $3,477 63.4 0.71 69.4 0.78 91% 34.4 0.72 38.0 0.79 91% 28.9 0.71 31.4 0.77 92% 18% US $55 US $50

New Gold, Inc. TSX:NGD US $1,570 US $465 US $2,103 28.9 0.66 44.0 1.01 66% 17.0 0.72 23.8 1.01 71% 11.9 0.59 20.2 1.01 59% 32% US $73 US $48

Newmont Mining Corporation NYSE:NEM US $10,015 US $4,200 US $16,054 150.1 0.82 202.8 1.11 74% 86.5 0.96 102.6 1.14 84% 60.3 0.69 96.8 1.10 62% 34% US $107 US $79

Randgold Resources Limited LSE:RRS US $6,312 US $326 US $6,408 28.3 3.19 28.3 3.19 100% 15.2 3.57 15.2 3.57 100% 13.1 2.85 13.1 2.85 100% 52% US $226 US $226

Tahoe Resources Inc. TSX:THO US $2,190 US $89 US $2,133 8.2 0.38 21.2 0.98 39% 3.3 0.43 10.6 1.39 31% 1.9 0.23 6.6 0.80 28% 92% US $260 US $101

Yamana Gold, Inc. TSX:YRI US $2,356 US $167 US $3,915 72.0 0.51 125.3 0.89 57% 24.4 0.37 55.7 0.84 44% 47.5 0.64 69.7 0.94 68% 40% US $54 US $31

Group Average - Total # Companies: 17 US $95 US $66

Equivalency assumptions (US$ / 09-18-15): $1,157/oz Au, $15.84/oz Ag, $982/oz Pt, $712/oz Pd, $2.41/lb Cu, $0.82/lb Zn, $0.80/lb Pb, $4.75/lb Ni, $5.40/lb Mo, $12.44/lb Co, $6,050/t Sb, $37.38/lb U3O8, $0.20/lb Sn, $93.00/t HCC, $54.17/t 62% Fe

Source: SNL Financial retrieved on October 9, 2015

Enterprise

Value

(millions)

Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

Global Reserves & Resources Reserves Resources (M&I and Inferred)

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

Global

% AuAu

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)

EV/oz

Au

EV/oz

AuEq

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

% Au

Inferred

Alacer Gold Corp. TSX:ASR US $686 US $419 US $458 8.7 0.43 17.5 0.86 50% 2.8 2.13 3.1 2.38 90% 1.0 0.06 8.4 0.55 12% 276% US $52 US $26

Alamos Gold, Inc. TSX:AGI US $1,221 US $148 US $1,400 21.4 1.11 22.5 1.17 95% 6.2 1.62 6.2 1.62 100% 15.2 0.99 16.3 1.06 93% 34% US $65 US $62

Argonaut Gold Inc. TSX:AR US $201 US $110 US $164 13.1 0.57 13.8 0.61 95% 3.0 0.56 3.0 0.56 100% 10.1 0.58 10.9 0.62 93% 14% US $13 US $12

Centamin Plc LSE:CEY US $1,155 US $293 US $984 10.2 1.19 10.2 1.19 100% 4.4 1.08 4.4 1.08 100% 5.8 1.28 5.8 1.28 100% 31% US $97 US $97

China Gold International Resources Corp Ltd TSX:CGG US $558 US ($127) US $1,363 12.7 0.18 60.7 0.87 21% 5.8 0.30 23.3 1.23 25% 6.9 0.14 37.4 0.73 18% 51% US $108 US $22

Dundee Precious Metals Inc. TSX:DPM US $234 US $64 US $350 6.5 3.12 9.7 4.67 67% 3.1 3.34 4.2 4.46 75% 3.4 2.94 5.6 4.83 61% 49% US $54 US $36

Evolution Mining Limited ASX:EVN US $1,422 US $142 US $1,289 12.9 1.29 13.3 1.33 97% 5.2 1.20 5.2 1.20 100% 7.7 1.36 8.1 1.43 95% 36% US $100 US $97

G-Resources Group Limited SEHK:1051 US $672 US $332 US $377 7.1 1.18 8.0 1.33 89% 2.5 1.98 2.9 2.25 88% - - - - - - US $53 US $47

Nord Gold N.V. LSE:NORD US $1,075 US $620 US $1,685 30.8 0.68 34.3 0.76 90% 12.4 0.54 12.7 0.56 97% 18.0 0.81 21.1 0.95 85% 43% US $55 US $49

Northern Star Resources Limited ASX:NST US $1,279 US $94 US $1,169 10.4 3.46 24.4 8.10 43% 1.6 6.24 1.6 6.24 100% 5.9 3.36 19.9 11.39 30% 47% US $112 US $48

OceanaGold Corporation TSX:OGC US $1,105 US $73 US $1,155 16.5 1.40 17.9 1.51 92% 4.9 1.35 5.8 1.61 84% 10.1 1.33 10.3 1.35 98% 48% US $70 US $65

Primero Mining Corp. TSX:P US $483 US $11 US $566 6.8 0.84 10.4 1.29 65% 2.0 1.50 3.0 2.28 66% 4.8 0.71 7.4 1.10 64% 26% US $84 US $54

Regis Resources Limited ASX:RRL US $677 US $42 US $656 7.6 0.95 7.6 0.95 100% 2.0 1.06 2.0 1.06 100% 5.6 0.92 5.6 0.92 100% 19% US $86 US $86

Resolute Mining Limited ASX:RSG US $176 US $35 US $198 13.5 1.52 13.5 1.52 100% 4.8 1.60 4.8 1.60 100% 8.7 1.47 8.7 1.47 100% 33% US $15 US $15

SEMAFO Inc. TSX:SMF US $744 US $145 US $731 7.8 2.89 7.8 2.89 100% 2.0 3.01 2.0 3.01 100% 5.7 2.84 5.7 2.84 100% 38% US $94 US $94




Enterprise

Value

(millions)

Company Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)


Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

Global

% AuAu

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)

EV/oz

Au

EV/oz

AuEq

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

% Au

Inferred



Junior Gold Producers – EV/oz Comparables

Aureus Mining Inc. TSX:AUE US $119 US $12 US $189 2.5 2.48 2.5 2.48 100% 0.8 3.38 0.8 3.38 100% 1.7 2.19 1.7 2.19 100% 68% US $74 US $74

Avnel Gold Mining Ltd. TSX:AVK US $58 US $13 US $32 2.3 4.15 2.3 4.15 100% - - - - - 2.3 4.15 2.3 4.15 100% 6% US $14 US $14

Banro Corporation TSX:BAA US $45 US ($51) US $281 13.0 1.60 13.0 1.60 100% 2.9 2.11 2.9 2.11 100% 10.1 1.49 10.1 1.49 100% 52% US $22 US $22

Endeavour Mining Corporation TSX:EDV US $205 US $52 US $414 9.9 2.07 9.9 2.07 100% 4.1 2.32 4.1 2.32 100% 3.2 2.50 3.2 2.50 100% 78% US $42 US $42

Golden Star Resources, Ltd. TSX:GSC US $60 US ($86) US $100 12.3 2.60 12.3 2.60 100% 1.6 2.11 1.6 2.11 100% 10.7 2.69 10.7 2.69 100% 22% US $8 US $8

Goldgroup Mining Inc. TSX:GGA US $9 US ($0) US $11 1.0 1.46 1.4 2.02 72% - - - - - 1.0 1.46 1.4 2.02 72% 54% US $11 US $8

Guyana Goldfields Inc. TSX:GUY US $438 US ($9) US $538 8.9 2.94 8.9 2.94 100% 3.5 2.74 3.5 2.74 100% 5.4 3.09 5.4 3.09 100% 39% US $60 US $60

Kirkland Lake Gold Inc. TSX:KGI US $368 US $60 US $402 5.1 18.32 5.1 18.32 100% 1.5 19.33 1.5 19.33 100% 3.6 17.94 3.6 17.94 100% 37% US $79 US $79

Luna Gold Corp. TSX:LGC US $11 US $20 US $39 3.0 1.40 3.0 1.40 100% - - - - - 3.0 1.39 3.0 1.39 100% 4% US $13 US $13

Mandalay Resources Corp. TSX:MND US $263 US $29 US $268 1.2 0.68 3.3 1.88 36% 0.5 2.43 0.6 2.79 87% 0.6 0.42 2.7 1.74 24% 28% US $225 US $81

Metanor Resources Inc. TSXV:MTO US $15 US $1 US $20 1.5 2.09 1.5 2.09 100% 0.2 7.37 0.2 7.37 100% 1.3 1.88 1.3 1.88 100% 75% US $13 US $13

Minera IRL Limited AIM:MIRL US $8 US ($27) US $0 2.6 2.63 2.6 2.64 100% 1.0 3.38 1.0 3.38 100% 1.6 2.31 1.6 2.32 100% 74% - -

Newmarket Gold Inc. TSX:NMI US $152 US ($1) US $152 0.9 2.16 0.9 2.16 100% 0.1 3.58 0.1 3.58 100% 0.8 2.00 0.8 2.00 100% 19% US $166 US $166

Orosur Mining Inc. TSX:OMI US $8 US $6 US $5 1.7 0.71 2.4 1.01 70% 0.2 2.01 0.2 2.01 100% 1.1 0.53 1.8 0.89 60% 7% US $3 US $2

Orvana Minerals Corp. TSX:ORV US $19 US $22 US ($4) 3.5 2.46 4.2 3.00 82% 0.4 3.04 0.6 4.64 65% 3.1 2.41 3.7 2.85 85% 47% - -

Perseus Mining Limited ASX:PRU US $145 US $130 US $78 7.9 1.02 7.9 1.02 100% 2.4 1.27 2.4 1.27 100% 1.0 0.71 1.0 0.71 100% 202% US $10 US $10

Richmont Mines Inc. AMEX:RIC US $176 US $57 US $121 5.0 3.68 5.0 3.68 100% 0.2 6.43 0.2 6.43 100% 4.8 3.61 4.8 3.61 100% 59% US $24 US $24

Rubicon Minerals Corporation TSX:RMX US $207 US $45 US $195 3.3 9.00 3.3 9.00 100% - - - - - 3.3 9.00 3.3 9.00 100% 66% US $58 US $58

Shanta Gold Ltd. AIM:SHG US $39 US $15 US $90 2.9 3.19 2.9 3.19 100% 0.8 4.44 0.8 4.44 100% 2.1 2.90 2.1 2.90 100% 62% US $31 US $31

St Andrew Goldfields Ltd. TSX:SAS US $94 US $13 US $75 5.7 3.18 5.7 3.18 100% 0.8 5.03 0.8 5.03 100% 4.8 2.99 4.8 2.99 100% 45% US $13 US $13

Teranga Gold Corporation TSX:TGZ US $158 US $34 US $137 7.9 1.21 7.9 1.22 99% 2.3 1.36 2.3 1.36 100% 5.5 1.16 5.6 1.17 99% 39% US $17 US $17

Timmins Gold Corp. TSX:TMM US $78 US $40 US $72 6.8 0.64 6.9 0.66 98% 1.4 0.50 1.4 0.50 100% 5.3 0.69 5.5 0.71 97% 43% US $11 US $10

Wesdome Gold Mines Ltd. TSX:WDO US $88 US $3 US $93 5.5 1.59 5.5 1.59 100% 0.4 4.61 0.4 4.61 100% 5.1 1.52 5.1 1.52 100% 53% US $17 US $17




Enterprise

Value

(millions)

Company Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)


Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

Global

% AuAu

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)

EV/oz

Au

EV/oz

AuEq

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

% Au

Inferred


Haywood Mining [email protected]

Page 27

Gold Development-Stage Companies (Engineering Study Complete) – EV/oz Comparables

Company

African Gold Group Inc. TSXV:AGG US $8 US ($1) US $8 2.4 1.00 2.4 1.00 100% - - - - - 2.4 1.00 2.4 1.00 100% 50% US $3 US $3

Almaden Minerals Ltd. TSX:AMM US $41 US $12 US $34 2.0 0.52 4.1 1.04 50% - - - - - 2.0 0.52 4.1 1.04 50% 18% US $17 US $8

Asanko Gold Inc. TSX:AKG US $321 US $204 US $220 9.4 1.68 9.4 1.68 100% 4.7 1.68 4.7 1.68 100% 4.7 1.68 4.7 1.68 100% 48% US $23 US $23

ATAC Resources Ltd. TSXV:ATC US $44 US $14 US $29 0.8 1.61 0.8 1.64 98% - - - - - 0.8 1.61 0.8 1.64 98% 36% US $37 US $36

Azumah Resources Ltd ASX:AZM US $9 US $0 US $9 1.8 1.51 1.8 1.51 100% 0.6 2.14 0.6 2.14 100% 1.2 1.33 1.2 1.33 100% 49% US $5 US $5

Belo Sun Mining Corp TSX:BSX US $58 US $9 US $47 6.8 1.04 6.8 1.04 100% 3.8 1.02 3.8 1.02 100% 3.0 1.07 3.0 1.07 100% 52% US $7 US $7

Carlisle Goldfields Limited TSX:CGJ US $11 US $5 US $6 2.1 1.74 2.1 1.74 100% - - - - - 2.1 1.74 2.1 1.74 100% 48% US $3 US $3

NewCastle Gold Ltd. TSXV:NCA US $16 US ($1) US $15 4.3 0.60 4.3 0.60 100% - - - - - 4.3 0.60 4.3 0.60 100% 26% US $3 US $3

Chaarat Gold Holdings Ltd AIM:CGH US $38 US $6 US $33 6.1 3.02 6.2 3.07 99% - - - - - 6.1 3.02 6.2 3.07 99% 15% US $5 US $5

Chalice Gold Mines Limited ASX:CHN US $22 US $29 US ($7) 1.5 2.69 1.5 2.69 100% - - - - - 1.5 2.69 1.5 2.69 100% 56% - -

Chesapeake Gold Corp. TSXV:CKG US $57 US $21 US $37 19.8 0.49 30.3 0.76 65% 18.5 0.50 28.6 0.78 64% 1.4 0.44 1.7 0.53 83% 59% US $2 US $1

Dalradian Resources Inc. TSX:DNA US $119 US $26 US $91 3.5 9.87 3.5 10.03 98% - - - - - 3.5 9.87 3.5 10.03 98% 71% US $26 US $26

Exeter Resource Corporation TSX:XRC US $30 US $19 US $10 25.3 0.49 39.1 0.76 65% 0.0 3.31 0.0 3.31 100% 25.3 0.49 39.1 0.76 65% 7% US $0 US $0

Gold Road Resources Limited ASX:GOR US $214 US $34 US $178 6.1 1.26 6.3 1.30 97% - - - - - 6.1 1.26 6.3 1.30 97% 26% US $29 US $28

Golden Queen Mining Co. Ltd. TSX:GQM US $74 US $69 US $103 0.9 0.53 1.1 0.65 81% 0.5 0.66 0.6 0.81 81% 0.4 0.43 0.5 0.53 81% 30% US $115 US $93

Goldrock Mines Corp. TSXV:GRM US $19 US $2 US $14 3.5 0.44 4.7 0.59 74% 1.5 0.72 1.5 0.72 100% 2.0 0.33 3.2 0.55 61% 48% US $4 US $3

Gryphon Minerals Ltd. ASX:GRY US $17 US $12 US $3 3.7 1.37 3.7 1.37 100% 0.8 1.48 0.8 1.48 100% 2.8 1.34 2.8 1.34 100% 23% US $1 US $1

Hummingbird Resources PLC AIM:HUM US $40 US ($7) US $59 6.3 1.63 6.3 1.63 100% - - - - - 6.3 1.63 6.3 1.63 100% 47% US $9 US $9

Integra Gold Corp. TSXV:ICG US $82 US $11 US $71 4.2 6.41 4.2 6.42 100% - - - - - 4.2 6.41 4.2 6.42 100% 52% US $17 US $17

International Tower Hill Mines Ltd. TSX:ITH US $43 US $9 US $34 20.1 0.59 20.1 0.59 100% 10.1 0.69 10.1 0.69 100% 10.1 0.51 10.1 0.51 100% 44% US $2 US $2

Kaminak Gold Corp. TSXV:KAM US $93 US $8 US $82 4.9 1.61 4.9 1.61 100% - - - - - 4.9 1.61 4.9 1.61 100% 42% US $17 US $17

KEFI Minerals Plc AIM:KEFI US $11 US ($1) US $10 1.9 1.96 1.9 1.96 100% 1.0 2.12 1.0 2.12 100% 0.9 1.82 0.9 1.82 100% 20% US $5 US $5

Kerr Mines Inc. TSX:KER US $3 US ($14) US $10 1.0 7.53 1.0 7.53 100% 0.3 8.77 0.3 8.77 100% 0.7 7.17 0.7 7.17 100% 74% US $10 US $10

Kula Gold Limited ASX:KGD US $5 US $1 US $4 2.1 1.48 2.1 1.48 100% 0.7 2.17 0.7 2.17 100% 1.4 1.27 1.4 1.27 100% 56% US $2 US $2

Lupaka Gold Corp. TSXV:LPK US $7 US ($1) US $7 2.8 1.17 3.1 1.33 88% - - - - - 2.8 1.17 3.1 1.33 88% 42% US $2 US $2

Lydian International Limited TSX:LYD US $40 US $13 US $27 5.0 0.69 5.4 0.73 94% 2.5 0.78 2.7 0.83 94% 2.5 0.61 2.7 0.65 94% 80% US $5 US $5

Magellan Minerals Limited TSXV:MNM US $6 US ($3) US $7 2.2 1.70 2.2 1.73 98% - - - - - 2.2 1.70 2.2 1.73 98% 70% US $3 US $3

Manas Resources Ltd. ASX:MSR US $3 US ($1) US $3 1.2 2.18 1.2 2.18 100% - - - - - 1.2 2.18 1.2 2.18 100% 15% US $2 US $2

Metals Exploration Plc AIM:MTL US $71 US ($12) US $128 1.5 1.62 1.7 1.82 89% 0.8 1.86 0.8 2.03 91% 0.7 1.43 0.8 1.64 87% 82% US $87 US $78

Midas Gold Corp. TSX:MAX US $37 US $9 US $28 6.5 1.57 7.1 1.70 92% 4.6 1.60 5.0 1.75 92% 2.0 1.49 2.1 1.61 93% 55% US $4 US $4

Moneta Porcupine Mines Inc. TSX:ME US $17 US $0 US $17 4.3 1.17 4.3 1.17 100% - - - - - 4.3 1.17 4.3 1.17 100% 75% US $4 US $4

Orezone Gold Corporation TSX:ORE US $25 US $2 US $23 5.1 1.08 5.1 1.08 100% 1.3 0.76 1.3 0.76 100% 3.8 1.26 3.8 1.26 100% 21% US $5 US $5

Pershimco Resources Inc. TSXV:PRO US $31 US $2 US $28 0.8 0.69 1.0 0.86 80% 0.5 0.77 0.5 0.82 94% 0.1 7.46 0.1 7.46 100% 12% US $35 US $28

Pilot Gold Inc. TSX:PLG US $33 US $13 US $42 1.7 0.31 3.9 0.71 44% 0.0 1.13 0.0 1.13 100% 1.6 0.30 3.8 0.71 43% 40% US $25 US $11

Premier Gold Mines Limited TSX:PG US $347 US $69 US $286 8.9 2.24 9.0 2.28 98% 0.3 4.38 0.3 4.47 98% 8.5 2.20 8.7 2.24 98% 25% US $32 US $32

Pretium Resources Inc. TSX:PVG US $872 US $47 US $818 50.4 0.70 63.4 0.88 79% 7.5 14.14 7.9 14.93 95% 42.9 0.60 55.5 0.78 77% 35% US $16 US $13

Red Eagle Mining Corporation TSXV:RD US $38 US ($1) US $37 0.6 3.35 0.6 3.35 100% 0.4 5.19 0.4 5.19 100% 0.2 1.98 0.2 1.98 100% 64% US $60 US $60

RNI NL ASX:RNI US $9 US ($18) US $23 2.2 1.17 2.3 1.21 96% - - - - - 2.2 1.17 2.3 1.21 96% 27% US $11 US $10

Roxgold Inc. TSXV:ROG US $160 US $15 US $140 1.1 13.87 1.1 13.87 100% 0.8 11.83 0.8 11.83 100% 0.3 - 0.3 - 100% 84% US $128 US $128

RTG Mining Inc. TSX:RTG US $52 US $10 US $43 0.6 1.70 1.2 3.61 47% - - - - - 0.6 1.70 1.2 3.61 47% 54% US $75 US $35

Sabina Gold & Silver Corp. TSX:SBB US $70 US $17 US $53 7.2 6.21 7.2 6.21 100% 2.5 6.30 2.5 6.30 100% 4.7 6.16 4.7 6.16 100% 40% US $7 US $7

Sandspring Resources Ltd. TSXV:SSP US $10 US ($1) US $10 10.0 0.84 11.2 0.95 89% 4.1 1.00 4.5 1.11 90% 5.9 0.75 6.7 0.86 88% 53% US $1 US $1

Seabridge Gold, Inc. TSX:SEA US $346 US $11 US $331 87.8 0.54 152.7 0.95 57% 44.7 0.62 68.8 0.95 65% 43.1 0.48 83.9 0.94 51% 70% US $4 US $2

Sihayo Gold Limited ASX:SIH US $7 US ($2) US $4 1.1 2.60 1.1 2.60 100% 0.4 2.41 0.4 2.41 100% 0.7 2.73 0.7 2.73 100% 43% US $3 US $3

Terraco Gold Corp. TSXV:TEN US $9 US $0 US $9 1.0 0.70 1.0 0.70 100% - - - - - 1.0 0.70 1.0 0.70 100% 8% US $9 US $9

Torex Gold Resources Inc TSX:TXG US $832 US $89 US $971 9.3 2.63 12.4 3.51 75% 4.2 2.69 4.2 2.75 98% 5.2 2.59 8.1 4.09 63% 88% US $104 US $78

True Gold Mining Inc. TSXV:TGM US $55 US $14 US $32 4.5 1.10 4.5 1.10 100% 0.9 0.89 0.9 0.89 100% 3.6 - 3.6 - 100% 59% US $7 US $7

Tyhee Gold Corp. TSXV:TDC US $3 US ($6) US $9 2.2 2.08 2.2 2.08 100% 1.3 2.03 1.3 2.03 100% 0.9 2.17 0.9 2.17 100% 56% US $4 US $4

Vast Resources plc AIM:VAST US $34 US $4 US $45 2.4 1.57 3.0 1.95 80% 0.5 1.90 0.5 1.90 100% 1.9 1.50 2.5 1.96 76% 70% US $18 US $15

Victoria Gold Corp. TSXV:VIT US $38 US $8 US $27 6.4 0.66 6.5 0.67 99% 2.3 0.78 2.3 0.78 100% 4.1 0.61 4.2 0.62 99% 38% US $4 US $4


Group Average - 0 - 20 million ounces # Companies: 46 US $21 US $19

Group Average - 20 - 50 million ounces # Companies: 2 US $1 US $1

Group Average - +50 million ounces # Companies: 2 US $10 US $8



Global

EV/oz

Au

EV/oz

AuEq

Resources (M&I and Inferred)

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

% Au

Inferred

Reserves

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

Enterprise

Value

(millions)

Global Reserves & Resources

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au


Haywood Mining [email protected]

Page 28

Gold Exploration-Stage Companies (Resource Only) – EV/oz Comparables

Adventure Gold, Inc. TSXV:AGE US $11 US $1 US $10 0.8 2.61 0.8 2.61 100% - - - - - 0.8 2.61 0.8 2.61 100% 98% US $11 US $11

Alexandria Minerals Corporation TSXV:AZX US $5 US $0 US $5 2.0 1.99 2.5 2.48 80% - - - - - 2.0 1.99 2.5 2.48 80% 50% US $3 US $2

Atacama Pacific Gold Corporation TSXV:ATM US $8 US ($0) US $7 5.9 0.37 5.9 0.37 100% 3.7 0.40 3.7 0.40 100% 2.1 0.33 2.1 0.33 100% 29% US $1 US $1

Balmoral Resources Ltd TSX:BAR US $45 US $7 US $37 0.6 0.90 0.6 0.90 100% - - - - - 0.6 0.90 0.6 0.90 100% 68% US $63 US $63

Brazil Resources Inc. TSXV:BRI US $36 US $2 US $34 6.2 0.64 8.0 0.83 78% - - - - - 6.2 0.64 8.0 0.83 78% 55% US $5 US $4

Calibre Mining Corp. TSXV:CXB US $16 US $1 US $14 0.4 1.86 0.5 2.50 74% - - - - - 0.4 1.86 0.5 2.50 74% 100% US $39 US $29

Columbus Gold Corp. TSXV:CGT US $45 US $4 US $41 2.5 1.48 2.5 1.48 100% - - - - - 2.5 1.48 2.5 1.48 100% 22% US $16 US $16

Condor Gold PLC AIM:CNR US $31 US $5 US $27 3.8 3.06 4.2 3.35 91% 0.7 3.04 0.7 3.12 98% 3.1 3.06 3.5 3.40 90% 66% US $7 US $6

Corvus Gold Inc. TSX:KOR US $42 US $3 US $39 1.7 0.26 1.8 0.28 95% - - - - - 1.7 0.26 1.8 0.28 95% 64% US $22 US $21

Eastmain Resources Inc. TSX:ER US $34 US $4 US $31 1.8 4.37 1.8 4.37 100% - - - - - 1.8 4.37 1.8 4.37 100% 34% US $17 US $17

Eco Oro Minerals Corp TSX:EOM US $45 US ($1) US $44 3.5 4.38 3.7 4.62 95% - - - - - 3.5 4.38 3.7 4.62 95% 37% US $12 US $12

Ecuador Gold and Copper Corp. TSXV:EGX US $3 US ($3) US $6 9.6 0.41 14.4 0.62 67% - - - - - 9.6 0.41 14.4 0.62 67% 25% US $1 US $0

Eurasian Minerals Inc. TSXV:EMX US $35 US $3 US $33 4.0 0.13 28.7 0.97 14% - - - - - 4.0 0.13 28.7 0.97 14% 63% US $8 US $1

Falco Resources Ltd. TSXV:FPC US $24 US $3 US $21 2.2 2.60 2.8 3.37 77% - - - - - 2.2 2.60 2.8 3.37 77% 99% US $9 US $7

Geologix Explorations Inc. TSX:GIX US $4 US $1 US $4 1.7 0.28 3.4 0.58 48% 1.5 0.31 3.0 0.61 50% 0.2 0.15 0.5 0.42 37% 100% US $2 US $1

GobiMin Inc. TSXV:GMN US $15 US $22 US ($11) 2.9 1.48 4.7 2.38 62% - - - - - 2.9 1.48 4.7 2.38 62% 63% - -

Gold Bullion Development Corp. TSXV:GBB US $7 US ($2) US $7 3.2 0.89 3.2 0.91 98% - - - - - 3.2 0.89 3.2 0.91 98% 49% US $2 US $2

Gold Canyon Resources Inc. TSXV:GCU US $40 US $1 US $39 5.4 1.07 5.7 1.15 93% - - - - - 5.4 1.07 5.7 1.15 93% 15% US $7 US $7

Gold Standard Ventures Corp TSXV:GSV US $69 US $13 US $55 2.1 0.63 2.2 0.67 94% - - - - - 2.1 0.63 2.2 0.67 94% 80% US $26 US $25

Golden Reign Resources Ltd. TSXV:GRR US $8 US $0 US $7 0.9 7.81 1.0 7.99 98% - - - - - 0.9 7.81 1.0 7.99 98% 84% US $8 US $8

Goldquest Mining Corp. TSXV:GQC US $14 US $2 US $12 2.4 2.33 3.6 3.47 67% - - - - - 2.4 2.33 3.6 3.47 67% 23% US $5 US $3

Harte Gold Corp. TSX:HRT US $12 US $0 US $11 0.5 9.47 0.5 9.47 100% - - - - - 0.5 9.47 0.5 9.47 100% 33% US $24 US $24

IDM Mining Ltd. TSX:IDM US $5 US ($1) US $5 0.5 8.06 0.5 8.42 96% - - - - - 0.5 8.06 0.5 8.42 96% 18% US $11 US $10

Kasbah Resources Limited ASX:KAS US $9 US $3 US $6 0.2 0.76 0.3 0.84 91% - - 0.0 0.09 - 0.2 4.21 0.2 4.21 100% - US $24 US $22

Kilo Goldmines Ltd. TSXV:KGL US $2 US $1 US ($0) 1.2 2.51 1.2 2.51 100% - - - - - 1.2 2.51 1.2 2.51 100% 100% - -

Lexam VG Gold Inc. TSX:LEX US $14 US $1 US $13 2.4 2.74 2.4 2.74 100% - - - - - 2.4 2.74 2.4 2.74 100% 39% US $5 US $5

Lion One Metals Limited TSXV:LIO US $18 US $3 US $15 0.7 0.09 12.0 1.54 6% - - - - - 0.7 0.09 12.0 1.54 6% 60% US $20 US $1

Marathon Gold Corporation TSX:MOZ US $14 US $4 US $13 1.6 2.25 1.6 2.25 100% - - - - - 1.6 2.25 1.6 2.25 100% 20% US $8 US $8

Nighthawk Gold Corp. TSXV:NHK US $2 US $2 US $1 2.4 1.69 2.4 1.69 100% - - - - - 2.4 1.69 2.4 1.69 100% 88% US $0 US $0

Niogold Mining Corp. TSXV:NOX US $35 US $4 US $30 2.1 1.36 2.1 1.36 100% - - - - - 2.1 1.36 2.1 1.36 100% 28% US $14 US $14

Northern Gold Mining Inc. TSXV:NGM US $4 US ($3) US $7 2.1 1.68 2.1 1.68 100% - - - - - 2.1 1.68 2.1 1.68 100% 39% US $3 US $3

Orca Gold Inc. TSXV:ORG US $19 US $17 US ($6) 1.6 1.78 1.6 1.83 97% - - - - - 1.6 1.78 1.6 1.83 97% 28% - -

Puma Exploration Inc. TSXV:PUM US $5 US ($0) US $5 0.3 1.45 0.8 4.66 31% - - - - - 0.3 1.45 0.8 4.66 31% 2% US $18 US $6

Pure Gold Mining Inc. TSXV:PGM US $11 US $2 US $8 1.2 9.47 1.2 9.47 100% - - - - - 1.2 9.47 1.2 9.47 100% 24% US $6 US $6

Renaissance Minerals Limited ASX:RNS US $10 US $1 US $9 1.1 2.22 1.1 2.22 100% - - - - - 1.1 2.22 1.1 2.22 100% 15% US $8 US $8

Rye Patch Gold Corp. TSXV:RPM US $15 US $4 US $11 2.5 0.35 3.0 0.42 83% - - - - - 2.5 0.35 3.0 0.42 83% 32% US $5 US $4

Sarama Resources Limited TSXV:SWA US $5 US $1 US $3 0.4 1.60 0.4 1.60 100% - - - - - 0.4 1.60 0.4 1.60 100% 100% US $8 US $8

Spanish Mountain Gold Ltd TSXV:SPA US $5 US ($1) US $5 7.0 0.40 7.2 0.41 98% - - - - - 7.0 0.40 7.2 0.41 98% 50% US $1 US $1

Temex Resources Corp. TSXV:TME US $17 US $1 US $16 - - - - - - - - - - - - - - - - - -

Teras Resources Inc. TSXV:TRA US $8 US $0 US $7 1.1 0.48 1.3 0.56 87% - - - - - 1.1 0.48 1.3 0.56 87% 10% US $7 US $6

Treasury Metals Inc. TSX:TML US $28 US ($5) US $32 1.6 1.88 1.8 2.20 85% - - - - - 1.6 1.88 1.8 2.20 85% 24% US $21 US $18

TriMetals Mining Inc. TSX:TMI US $9 US $2 US $6 1.8 0.07 14.3 0.55 12% - - - - - 1.8 0.07 14.3 0.55 12% 47% US $4 US $0

WCB Resources Ltd. TSXV:WCB US $4 US $1 US $3 1.2 1.10 1.3 1.18 93% - - - - - 1.2 1.10 1.3 1.18 93% 22% US $3 US $3

West Kirkland Mining Inc. TSXV:WKM US $11 US $1 US $10 0.9 0.49 1.2 0.63 79% 0.6 0.58 0.7 0.69 84% 0.4 0.40 0.5 0.56 72% 46% US $11 US $8




EV/oz

Au

EV/oz

AuEq

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

Global

% Au% AuAu

(Moz)

Au

(g/t)

AuEq

(Moz)


Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)

AuEq

(g/t)

% Au

Inferred

Company Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

Enterprise

Value

(millions)



Silver – EV/oz Comparables

Alexco Resource Corporation TSX:AXR US $34 US $7 US $28 67 319 112 531 60% - - - - - 67 319 112 531 60% 18% US $0.42 US $0.25

Argentex Mining Corporation OTCPK:AGXM.F US $2 US $0 US $2 26 93 49 180 52% - - - - - 26 93 49 180 52% 18% US $0.07 US $0.04

Athena Silver Corp OTCPK:AHNR US $1 US ($2) US $3 43 67 43 67 100% - - - - - 43 67 43 67 100% - US $0.06 US $0.06

Bear Creek Mining Corp. TSXV:BCM US $59 US $25 US $33 523 41 988 77 53% 291 52 563 100 52% 232 32 425 59 55% 33% US $0.06 US $0.03

Defiance Silver Corp. TSXV:DEF US $5 US ($0) US $4 17 182 18 191 95% - - - - - 17 182 18 191 95% 100% US $0.26 US $0.25

Dolly Varden Silver Corporation TSXV:DV US $3 US $0 US $2 43 333 43 333 100% - - - - - 43 333 43 333 100% 25% US $0.05 US $0.05

Global Minerals Ltd. TSXV:CTG.H US $0 US ($0) US $0 - - - - - - - - - - - - - - - - - -

Golden Arrow Resources Corp. TSXV:GRG US $11 US $0 US $11 35 60 60 103 58% - - - - - 35 60 60 103 58% 54% US $0.31 US $0.18

Golden Minerals Company AMEX:AUMN US $17 US $3 US $13 144 42 377 110 38% - - - - - 144 42 377 110 38% 59% US $0.09 US $0.04

Iberian Minerals Ltd. TSXV:IML US $9 US $4 US $4 22 11 252 124 9% - - - - - 22 11 252 124 9% - US $0.20 US $0.02

Investigator Resources Limited ASX:IVR US $4 US $2 US $2 21 110 25 131 84% - - - - - 21 110 25 131 84% 100% US $0.10 US $0.09

Kootenay Silver Inc TSXV:KTN US $17 US $1 US $16 53 27 156 80 34% - - - - - 53 27 156 80 34% 24% US $0.30 US $0.10

MacPhersons Resources Limited ASX:MRP US $16 US $2 US $14 20 24 77 90 26% 8 44 24 128 35% 12 18 54 80 22% 29% US $0.69 US $0.18

MAG Silver Corp. TSX:MAG US $557 US $82 US $478 90 48 232 123 39% - - - - - 90 48 232 123 39% 31% US $5.31 US $2.06

Minco Silver Corporation TSX:MSV US $19 US $53 US ($29) 177 158 265 237 67% 50 189 60 226 83% 127 149 205 240 62% 53% - -

Mines Management, Inc. AMEX:MGN US $9 US $1 US $12 231 68 493 145 47% - - - - - 231 68 493 145 47% 28% US $0.05 US $0.02

Northair Silver Corp. TSXV:INM US $6 US $3 US $3 63 85 75 101 84% - - - - - 63 85 75 101 84% 18% US $0.05 US $0.04

Silver Bear Resources Inc. TSX:SBR US $4 US ($5) US $9 57 576 57 576 100% - - - - - 57 576 57 576 100% 59% US $0.16 US $0.16

Silver Bull Resources, Inc. OTCPK:SVBL US $13 US $1 US $11 91 48 366 192 25% - - - - - 91 48 366 192 25% 0% US $0.12 US $0.03

Silver Predator Corp. TSXV:SPD US $2 US $0 US $5 21 60 28 81 74% - - - - - 21 60 28 81 74% 19% US $0.23 US $0.17

Silver Range Resources Ltd. TSXV:SNG US $1 US $2 US ($0) 40 28 165 112 25% - - - - - 40 28 165 112 25% 96% - -

Soltoro Ltd. TSXV:SOL US $23 US ($1) US $23 - - - - - - - - - - - - - - - - - -

T inka Resources Ltd. TSXV:TK US $23 US $7 US $16 33 35 126 134 27% - - - - - 33 35 126 134 27% 57% US $0.49 US $0.13

Group Average - Total # Companies: 21 US $0.48 US $0.21



EV/oz

Ag

EV/oz

AgEq

Ag

(Moz)

Ag

(g/t)

AgEq

(Moz)

AgEq

(g/t)% Ag

Global

% Ag% AgAg

(Moz)

Ag

(g/t)

AgEq

(Moz)


Ag

(Moz)

Ag

(g/t)

AgEq

(Moz)

AgEq

(g/t)

AgEq

(g/t)

% Ag

Inferred

Company Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

Enterprise

Value

(millions)



Copper Non-Producers – EV/lb Comparables

Shares Market Working LTD Enterprise Copper

Company Symbol Price O/S Capitalization Capital Value Value Ratio*** Reserve (P&P) Resource (Total)

(millions) (millions) (millions) (millions) (millions) (% Contained) (CuEq** Mlb) (CuEq** Mlb) Reserve Total

Africo Resources Ltd. TSX:ARL C$ 0.40 71.3 US$ 22 US$ 48.4 US$ 0.0 US$ (26) Cu / Co 52% - 3,662 - -

AQM Copper Inc. TSXV:AQM C$ 0.04 141.0 US$ 4 US$ 1.9 US$ 0.0 US$ 2 Cu / Au 90% - 2,026 - $0.001

Aquila Resources Inc. TSX:AQA C$ 0.15 220.9 US$ 25 US$ 0.7 US$ 6.5 US$ 31 Au / Zn 19% - 1,587 - $0.019

Candente Copper Corp. TSX:DNT C$ 0.06 151.7 US$ 6 US$ (1.3) US$ 0.0 US$ 8 Cu / Au 89% - 12,427 - $0.001

Colorado Resources Ltd. TSXV:CXO C$ 0.07 47.2 US$ 3 US$ 2.2 US$ 0.0 US$ 0 Cu / Au 59% - 1,165 - $0.000

Copper Fox Metals Inc TSXV:CUU C$ 0.19 407.7 US$ 58 US$ 2.1 US$ 0.0 US$ 56 Cu / Au 68% 2,375 5,648 $0.024 $0.010

Coro Mining Corp. TSX:COP C$ 0.02 159.4 US$ 2 US$ 0.4 US$ 0.3 US$ 2 Cu / Au 84% 195 965 $0.012 $0.002

Crazy Horse Resources Inc. TSXV:CZH C$ 0.02 48.6 US$ 1 US$ 0.5 US$ 0.0 US$ 0 Cu / Au 80% 2,638 5,794 $0.000 $0.000

EurOmax Resources Limited TSXV:EOX C$ 0.35 116.8 US$ 32 US$ (5.5) US$ 0.0 US$ 37 Cu / Au 48% 1,848 2,680 $0.020 $0.014

Exeter Resource Corporation TSX:XRC C$ 0.44 88.4 US$ 30 US$ 20.1 US$ 0.0 US$ 10 Au / Cu 41% 12,504 22,559 $0.001 $0.000

Foran Mining Corporation TSXV:FOM C$ 0.12 90.8 US$ 8 US$ 1.4 US$ 0.0 US$ 7 Cu / Zn 46% - 1,756 - $0.004

Getty Copper Inc. TSXV:GTC C$ 0.02 108.4 US$ 2 US$ (0.5) US$ 0.0 US$ 2 Cu / Mo 96% 620 969 $0.004 $0.002

Gold Reach Resources Ltd. TSXV:GRV C$ 0.15 38.6 US$ 4 US$ 0.6 US$ 0.0 US$ 4 Cu / Mo 68% - 5,444 - $0.001

Highland Copper Co Inc. TSXV:HI C$ 0.12 129.5 US$ 12 US$ (8.1) US$ 0.0 US$ 20 Cu / Ag 96% 871 6,019 $0.023 $0.003

Indico Resources Ltd. TSXV:IDI C$ 0.07 147.0 US$ 7 US$ (2.0) US$ 0.0 US$ 9 Cu / - 100% - 410 - $0.023

Kiska Metals Corporation TSXV:KSK C$ 0.03 115.5 US$ 2 US$ 0.9 US$ 0.0 US$ 1 Au / Cu 38% - 2,048 - $0.001

Los Andes Copper Limited TSXV:LA C$ 0.13 210.0 US$ 21 US$ (0.1) US$ 0.0 US$ 21 Cu / Mo 89% - 12,305 - $0.002

Marengo Mining Limited TSX:MRN C$ 0.01 1137.9 US$ 4 US$ (40.5) US$ 6.0 US$ 51 Cu / Au 84% - 7,561 - $0.007

Nevada Copper Corp. TSX:NCU C$ 1.08 80.5 US$ 67 US$ (14.6) US$ 86.7 US$ 168 Cu / Au 91% 5,791 7,917 $0.029 $0.021

NGEx Resources Inc. TSX:NGQ C$ 0.52 187.7 US$ 75 US$ 1.1 US$ 0.0 US$ 74 Cu / Au 76% - 27,655 - $0.003

Northern Dynasty Minerals Ltd. TSX:NDM C$ 0.57 131.0 US$ 58 US$ (3.2) US$ 0.0 US$ 61 Cu / Au 57% - 142,635 - $0.000

Northisle Copper and Gold Inc. TSXV:NCX C$ 0.02 77.0 US$ 1 US$ (0.1) US$ 0.0 US$ 1 Cu / Au 51% - 4,358 - $0.000

NovaCopper Inc. TSX:NCQ C$ 0.47 104.8 US$ 38 US$ 17.8 US$ 0.0 US$ 20 Cu / Zn 83% - 9,685 - $0.002

Panoro Minerals Ltd. TSXV:PML C$ 0.13 220.6 US$ 21 US$ 1.4 US$ 0.0 US$ 20 Cu / Au 77% - 10,114 - $0.002

Polymet Mining Corp. TSX:POM C$ 1.01 276.6 US$ 216 US$ (59.1) US$ 0.0 US$ 275 Cu / Ni 49% 3,145 10,139 $0.087 $0.027

Quaterra Resources Inc. TSXV:QTA C$ 0.08 193.5 US$ 12 US$ 4.8 US$ 0.5 US$ 8 Cu / Ag 96% - 8,247 - $0.001

Redhawk Resources, Inc. TSX:RDK C$ 0.06 157.7 US$ 7 US$ 0.0 US$ 0.5 US$ 8 Cu / Mo 92% - 3,835 - $0.002

Regulus Resources Inc TSXV:REG C$ 0.21 56.4 US$ 9 US$ 6.9 US$ 0.0 US$ 2 Cu / Au 0% - 7,290 - $0.000

Reservoir Minerals Inc. TSXV:RMC C$ 4.23 48.2 US$ 158 US$ 27.8 US$ 0.0 US$ 130 Cu / Au 71% - 3,419 - $0.038

Serengeti Resources Inc. TSXV:SIR C$ 0.03 51.1 US$ 1 US$ 0.0 US$ 0.0 US$ 1 Cu / Au 67% - 4,153 - $0.000

St Augustine Gold and Copper Limited TSX:SAU C$ 0.07 726.8 US$ 39 US$ 6.0 US$ 0.0 US$ 33 Cu / Au 58% 2,131 3,263 $0.016 $0.010

Sunridge Gold Corp. TSXV:SGC C$ 0.16 209.9 US$ 25 US$ 4.9 US$ 0.0 US$ 20 Cu / Zn 50% 2,182 3,491 $0.009 $0.006

Tintina Resources Inc. TSXV:TAU C$ 0.05 222.5 US$ 8 US$ 8.2 US$ 0.0 US$ (0) Cu / Co 86% - 1,538 - -

Western Copper and Gold Corporation TSX:WRN C$ 0.43 94.2 US$ 31 US$ 10.1 US$ 0.0 US$ 21 Cu / Au 45% 10,033 22,599 $0.002 $0.001

Group Average - Total $0.019 $0.006

*All reserve and resource data sourced from IntierraRMG, additional data sourced from Capital IQ and Market Q.

**CuEq = copper equivalent. Calculated based on Haywood's formal long-term metal price forecasts.

***Copper Ratio = value of in situ copper / total value of in situ metals.

Primary /

Secondary

Metal

Reserves & Resources* - Attributable

EV/lb CuEq** (US$)



Nickel Non-Producers – EV/lb Comparables

Zinc Non-Producers – EV/lb Comparables

Shares Market Working LTD Enterprise Nickel


(millions) (millions) (millions) (millions) (millions) (% Contained) (NiEq** Mlb) (NiEq** Mlb) Reserve Total

Anfield Nickel Corp. TSXV:ANF C$ 0.69 43.4 US$ 23 US$ 4.2 US$ 0.0 US$ 19 Ni / Co 99% 2,169 3,616 $0.009 $0.005

Asian Mineral Resources Limited TSXV:ASN C$ 0.04 779.5 US$ 24 US$ 12.9 US$ 8.0 US$ 19 Ni / Cu 86% 85 146 $0.226 $0.131

Canadian Arrow Mines Ltd. TSXV:CRO C$ 0.01 140.0 US$ 1 US$ (0.4) US$ 0.0 US$ 1 Ni / Cu 82% - 141 - $0.007

CaNickel Mining Limited TSX:CML C$ 0.07 37.5 US$ 2 US$ (51.2) US$ 0.0 US$ 53 Ni / - 100% 83 370 $0.645 $0.144

First Point Minerals Corp. TSX:FPX C$ 0.06 105.8 US$ 5 US$ 1.0 US$ 0.0 US$ 4 Ni / - 100% - 2,186 - $0.002

Hard Creek Nickel Corporation TSXV:HNC C$ 0.03 18.1 US$ 0 US$ 0.1 US$ 0.0 US$ 0 Ni / Co 91% - 9,161 - $0.000

Mustang Minerals Corp. TSXV:MUM C$ 0.01 256.5 US$ 2 US$ 0.2 US$ 0.0 US$ 2 Co / Ni 38% 2 1,176 $0.743 $0.001

Noront Resources Ltd TSXV:NOT C$ 0.33 236.8 US$ 60 US$ (19.2) US$ 16.7 US$ 96 Ni / Cu 78% 498 851 $0.193 $0.113

North American Nickel Inc. TSXV:NAN C$ 0.17 122.2 US$ 16 US$ 3.7 US$ 0.0 US$ 12 Ni / Cu 0% - - - -

Northern Shield Resources Inc. TSXV:NRN C$ 0.02 152.6 US$ 2 US$ 0.0 US$ 0.0 US$ 2 Ni / Cu 0% - - - -

Poseidon Nickel Limited ASX:POS A$ 0.06 706.9 US$ 31 US$ (0.7) US$ 27.6 US$ 59 Ni / Au 98% 171 1,284 $0.344 $0.046

Royal Nickel Corporation TSX:RNX C$ 0.25 131.0 US$ 25 US$ 2.5 US$ 0.0 US$ 23 Ni / Co 94% 7,217 13,124 $0.003 $0.002

Sama Resources Inc. TSXV:SME C$ 0.18 108.4 US$ 15 US$ 0.1 US$ 0.0 US$ 15 Ni / Cu 71% - 195 - $0.077

Strongbow Exploration Inc. TSXV:SBW C$ 0.10 25.6 US$ 2 US$ 0.7 US$ 0.0 US$ 1 Ni / Cu 86% - 417 - $0.003

Talon Metals Corporation TSX:TLO C$ 0.14 106.8 US$ 11 US$ (4.6) US$ 0.0 US$ 16 Ni / Fe 56% - 125 - $0.126

Victory Nickel Inc. TSX:NI C$ 0.03 57.6 US$ 1 US$ (6.1) US$ 5.0 US$ 12 Ni / Cu 90% 423 1,033 $0.029 $0.012



**NiEq = nickel equivalent. Calculated based on Haywood's formal long-term metal price forecasts.

***Nickel Ratio = value of in situ nickel / total value of in situ metals.

Primary /

Secondary

Metal


EV/lb NiEq** (US$)

Shares Market Working LTD Enterprise Zinc


(millions) (millions) (millions) (millions) (millions) (% Contained) (ZnEq** Mlb) (ZnEq** Mlb) Reserve Total

Canada Zinc Metals Corp. TSXV:CZX C$ 0.19 152.4 US$ 22 US$ 7.7 US$ 0.0 US$ 15 Zn / Pb 82% - 6,096 - $0.002

Canadian Zinc Corporation TSX:CZN C$ 0.10 218.0 US$ 16 US$ 4.8 US$ 0.0 US$ 11 Zn / Pb 40% 2,525 10,077 $0.004 $0.001

El Nino Ventures Inc. TSXV:ELN C$ 0.02 37.1 US$ 0 US$ (0.1) US$ 0.0 US$ 1 Zn / Cu 45% - 1,357 - $0.000

Firestone Ventures Inc. TSXV:FV C$ 0.01 36.8 US$ 0 US$ (0.5) US$ 0.0 US$ 1 Zn / Pb 73% - 454 - $0.002

Foran Mining Corporation TSXV:FOM C$ 0.12 90.8 US$ 8 US$ 1.4 US$ 0.0 US$ 7 Cu / Zn 33% - 4,962 - $0.001

InZinc Mining Ltd. TSXV:IZN C$ 0.08 72.2 US$ 4 US$ 0.8 US$ 0.0 US$ 3 Zn / Cu 77% - 3,873 - $0.001

Rathdowney Resources Ltd. TSXV:RTH C$ 0.15 118.1 US$ 14 US$ 0.7 US$ 0.0 US$ 13 Zn / Pb 80% - 3,437 - $0.004

Sunridge Gold Corp. TSXV:SGC C$ 0.16 209.9 US$ 25 US$ 4.9 US$ 0.0 US$ 20 Cu / Zn 29% 6,167 9,867 $0.003 $0.002

Wolfden Resources Corp. TSXV:WLF C$ 0.09 67.1 US$ 4 US$ 2.1 US$ 0.0 US$ 2 Au / Zn 29% - 4,516 - $0.001

Zazu Metals Corporation TSX:ZAZ C$ 0.16 55.4 US$ 7 US$ 1.0 US$ 0.0 US$ 6 Zn / Pb 69% - 3,077 - $0.002



**ZnEq = Zinc equivalent. Calculated based on Haywood's formal long-term metal price forecasts.

***Zinc Ratio = value of in situ zinc / total value of in situ metals.

Primary /

Secondary

Metal


EV/lb ZnEq** (US$)



Dissemination of Research Research reports are disseminated either through electronic medium or in printed copy. Clients may access reports on our website, or receive publications directly via email. Haywood strives to ensure all clients receive research in a timely manner and at the same time. It is against our policy for analysts to discuss or circulate their recommendations internally prior to public distribution. This policy applies equally to recommendation changes, target changes and/or forecast revisions.

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This report may be distributed in the following states: nil. Otherwise, this report may only be distributed into those states with an institutional buyer state securities registration exemption.

Analyst Certification We, Geordie Mark, Mick Carew, Colin Healey, Kerry Smith, Stefan Ioannou, Ben Asuncion, and Tara Hassan, hereby certify that the views expressed in this report (which includes the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report) accurately reflect my/our personal views about the subject securities and the issuer. No part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendations.



Important Disclosures

Of the companies included in the report the following Important Disclosures apply:

Ticker Company 1 2 3 4 5 6 7 8

TSX:AGI Alamos Gold Inc. X

TSX:AKG Asanko Gold Inc. X X X X

TSX:BTO B2Gold Corp. X

TSX:ABX Barrick Gold Corporation X

TSX:CS Capstone Mining Corp. X

TSX:CUM Copper Mountain Mining Corp. X

TSX:COP Coro Mining Inc. X X X X

TSX:DML Denison Mines Corp. X X X X

TSX:DGC Detour Gold Corporation X X X X

TSX:ELD Eldorado Gold Corporation X X

TSX:EDV Endeavour Mining Corp. X X

TSX:EDR Endeavour Silver Corp. X

TSX:EFR Energy Fuels Inc. X X

TSX:FM First Quantum Minerals Ltd. X X

TSXV:FOM Foran Mining Corp. X X

TSX:FVI Fortuna Silver Mines Inc. X

TSXV:HI Highland Copper Company Inc X X X X

TSX:HBM Hudbay Minerals, Inc. X X

TSXV:ICG Integra Gold Corp. X X X

TSX:KDX Klondex Mines Ltd. X X X X

TSX:LSG Lake Shore Gold Corp. X X X

TSX:LUC Lucara Diamond Corp. X X

TSX:LGC Luna Gold Corp. X X

TSX:LUN Lundin Mining Corporation X X X X

TSX:LYD Lydian International Ltd. X

TSX:MND Mandalay Resources Corp. X

TSX:MAX Midas Gold Corp. X X X X X X

TSX:MPV Mountain Province Diamonds Inc. X X X

TSX:NSU Nevsun Resources Ltd. X

TSXV:NCA NewCastle Gold Ltd. X X X X

TSX:NCQ NovaCopper Inc. X X X

TSX:OGC OceanaGold Corporation X

TSX:ORE Orezone Resources Inc. X

TSX:PDN Paladin Energy Limited X

TSX:PLG Pilot Gold Inc. X X

TSXV:ROG Roxgold Inc. X X X X X

TSX:RNX Royal Nickel Corporation X X

TSX:RTG RTG Gold Inc. X X X X

TSXV:SWA Sarama Resources Ltd. X

TSX:SMF SEMAFO Inc. X

TSXV:SVL SilverCrest Mines Inc. X

TSXV:SGC Sunridge Gold Corp. X

TSX:THO Tahoe Resources Inc. X X

TSX:TLO Talon Metals Corp. X X X

TSX:TCK.B Teck Resources Limited X



TSX:TV Trevali Resources Corp. X X X

TSXV:TGM True Gold Mining Inc. X

TSX:URE Ur-Energy Inc. X

AMEX:UEC Uranium Energy Corp. X

TSX:U Uranium Participation Corporation X

TSX:ZAZ Zazu Metals Corp. X X

1 The Analyst(s) preparing this report (or a member of the Analysts’ households) have a financial interest in this company.

2 As of the end of the month immediately preceding this publication either Haywood Securities, Inc., one of its subsidiaries, its officers or directors beneficially owned 1% or more of this company.

3 Haywood Securities, Inc. has reviewed lead projects of this company and a portion of the expenses for this travel have been reimbursed by the issuer.

4 Haywood Securities Inc. or one of its subsidiaries has managed or co-managed or participated as selling group in a public offering of securities for this company in the past 12 months.

5 Haywood Securities, Inc. or one of its subsidiaries has received compensation for investment banking services from this company in the past 12 months

6 Haywood Securities, Inc. or one of its subsidiaries has received compensation for investment banking services from this company in the past 24 months

7 Haywood Securities, Inc. or one of its subsidiaries is restricted on this company at the time of publication

8 Haywood Securities, Inc. or one of its subsidiaries expects to receive or intends to seek compensation for investment banking services from this company in the next three months

Other material conflict of interest of the research analyst of which the research analyst or member knows or has reason to know

at the time of publication or at the time of public appearance:

Haywood Securities Inc. pro group holdings exceed 10% of the issued and outstanding shares of Zazu Metals Corporation (ZAZ-T).

Rating Structure

Each company within an analyst’s universe, or group of companies covered, is assigned: (i) a recommendation or rating, usually BUY, HOLD, or SELL; (ii) a 12 month target price, which represents an analyst’s current assessment of a company’s potential stock price over the next year; (iii) an overall risk rating which represents an analyst’s assessment of the company’s overall investment risk; and (iv) specific risk ratings or risk profile parameters which in their aggregate support an analyst’s overall risk rating. These ratings are more fully explained below. Before acting on our recommendation we caution you to confer with your Haywood investment advisor to determine the suitability of our recommendation for your specific investment objectives, risk tolerance and investment time horizon.

Recommendation Rating

BUY – The analyst believes that the security will outperform other companies in their sector on a risk adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued) BUY rating.

HOLD – The analyst believes that the security is expected to perform in line with other companies in their sector on a risk adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued) HOLD rating.

SELL – Investors are advised to sell the security or hold alternative securities within the sector. Stocks in this category are expected to under-perform other companies on a risk adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued) SELL rating.

TENDER – The analyst is recommending that investors tender to a specific offering for the company’s stock.

RESEARCH COMMENT – An analyst comment about an issuer event that does not include a rating or recommendation.

UNDER REVIEW – Placing a stock Under Review does not revise the current rating or recommendation of the analyst. A stock will be placed Under Review when the relevant company has a significant material event with further information pending or



to be announced. An analyst will place a stock Under Review while he/she awaits sufficient information to re-evaluate the company’s financial situation.

COVERAGE DROPPED – Haywood Securities will no longer cover the issuer. Haywood will provide notice to clients whenever coverage of an issuer is discontinued.

Haywood’s focus is to search for undervalued companies which analysts believe may achieve attractive risk-adjusted returns. This research coverage on potentially undervalued companies may result in an outweighed percentage of companies rated as BUY. Management regularly reviews rating and targets in all sectors to ensure fairness and accuracy.

For further information on Haywood Securities’ research dissemination policies, please visit: http://www.haywood.com/research_dissemination.asp

Overall Risk Rating Very High Risk: Venture type companies or more established micro, small, mid or large cap companies whose risk profile parameters and/or lack of liquidity warrant such a designation. These companies are only appropriate for investors who have a very high tolerance for risk and volatility and who are capable of incurring temporary or permanent loss of a very significant portion of their investment capital.

High Risk: Typically micro or small cap companies which have an above average investment risk relative to more established or mid to large cap companies. These companies will generally not form part of the broad senior stock market indices and often will have less liquidity than more established mid and large cap companies. These companies are only appropriate for investors who have a high tolerance for risk and volatility and who are capable of incurring a temporary or permanent loss of a significant loss of their investment capital.

Medium-High Risk: Typically mid to large cap companies that have a medium to high investment risk. These companies will often form part of the broader senior stock market indices or sector specific indices. These companies are only appropriate for investors who have a medium to high tolerance for risk and volatility and who are prepared to accept general stock market risk including the risk of a temporary or permanent loss of some of their investment capital

Moderate Risk: Large to very large cap companies with established earnings who have a track record of lower volatility when compared against the broad senior stock market indices. These companies are only appropriate for investors who have a medium tolerance for risk and volatility and who are prepared to accept general stock market risk including the risk of a temporary or permanent loss of some of their investment capital.

Risk Profile Parameters – Mining and Minerals Sector Forecast Risk: High (7-10) – The Company’s primary project(s) is at an earlier stage of exploration and/or resource delineation whereby grades, tonnages, capital and operating costs, and other economic/operational parameters are not yet reliably established. Moderate (4-6) – The Company has taken steps to de-risk its primary producing, or soon to be producing project(s) and has established reasonably reliable operational and economic parameters. Low (1-3) – The Company has de-risked the majority of its primary project(s) through operational history and established production profile(s).

Financial Risk: High (7-10) – The Company’s near- and medium-term (capital) expenditure considerations, including the current year or next forecast year, are not fully funded through a combination of established debt facilities, cash on hand, and/or anticipated cash flow from existing operations—successful project execution depends, in part, on future (equity) financing(s). Existing and/or forecast levels of leverage are above average relative to the Company’s peer group. The risk of a significant capital cost overrun(s) is high given the early stage of project development. Moderate (4-6) – The Company’s near-term (capital) expenditure program, in the current year or next forecast year, is fully funded through a combination of established debt facilities, cash on hand, and/or anticipated cash flow from existing operations. Medium-term funding requirements will likely require additional financing consideration, but should be achievable assuming no significant uncontrollable events impede access to capital. Existing and/or forecast levels of leverage are in-line with the Company’s peer group. The risk of a significant capital cost overrun(s) is moderate given the advanced stage of project development. Low (1-3) – the Company’s near- and medium-term (capital) expenditure program is fully funded through a combination of established debt facilities, cash on hand, and/or anticipated cash flow from existing operations. Existing and/or forecast levels of leverage are below average relative to the Company’s peer group.



Valuation Risk: High (7-10) – The current valuation is at a premium to peers. The valuation reflects considerable future exploration success and/or commodity appreciation. Where applicable, the current capitalization exceeds the “DCF” evaluation by more than 50%. Moderate (4-6) – The current valuation is within historic ranges and generally consistent with peers. The valuation reflects reasonable exploration success and/or commodity appreciation. Where applicable, the current capitalization exceeds the DCF valuation by 15% to 50%. Low (1-3) – The current valuation is at the low end of historic ranges and at a discount to peer valuations. The valuation reflects limited new exploration success and no commodity appreciation. Where applicable, the current capitalization exceeds the DCF valuation by less than 15% or falls below the current market value.

Political Risk: High (7-10) –Obtaining permits is challenging. Properties are located in an area(s) with high geo-political uncertainty, limited access, and/or have significant new infrastructure requirements. Moderate (4-6) – Properties are located in an area(s) with moderate geo-political risk, reasonable or manageable access, and some established infrastructure. Low (1-3) – Properties are located in areas with a manageable geo-political risk profile and established access/infrastructure.

Distribution of Ratings (as of October 9, 2015)

Distribution of Ratings IB

Clients

% # (TTM)

Buy 65.4% 70 93.8%

Hold 11.2% 12 0.0%

Sell 1.9% 2 0.0%

Tender 0.0% 0 0.0%

UR (Buy) 3.7% 4 6.3%

UR (Hold) 0.0% 0 0.0%

UR (Sell) 0.0% 0 0.0%

dropped (TTM) 17.8% 19 0.0%

Price Chart, Rating and Target Price History (as of October 9, 2015)

Alamos Gold, Inc. (AGI-T) Date Target(C$) Rating7/15/15 $9.00 Buy1/27/15 $9.25 Buy

10/23/14 $11.25 Buy4/16/14 $12.00 Buy1/29/14 $11.50 Buy1/15/14 $16.00 Buy11/1/13 $17.00 Buy6/11/13 $16.00 Buy4/26/13 $19.50 Buy2/22/13 $21.00 Buy1/8/13 $23.00 Buy

0

5

10

15

20

25

30

35

40

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15

Aug15

Price History (C$) Target/Rating/Coverage Change

Asanko Gold Inc. (AKG-T) Date Target(C$) Rating7/15/15 $3.60 Buy1/21/15 $3.20 Buy

10/23/14 $3.35 Buy4/16/14 $3.60 Buy1/15/14 $3.75 Buy

12/11/13 $3.30 Buy

Initiated Coverage 12/11/13

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

5

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


B2Gold Corp. (BTO-T) Date Target(C$) Rating3/17/15 $2.75 Buy1/27/15 $3.25 Buy

11/17/14 $3.20 Buy10/23/14 $3.45 Buy8/15/14 $3.75 Buy7/9/14 $3.90 Buy

4/16/14 $3.80 Buy3/18/14 $3.75 Buy2/5/14 $3.50 Buy

Transferred Coverage 09/12/12; Re-Initiated Coverage 02/05/14

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


Barrick Gold Corporation (ABX-T) Date Target(C$) Rating8/7/15 $11.00 Buy

7/15/15 $15.65 Hold4/29/15 $15.75 Hold2/20/15 $15.00 Hold1/27/15 $14.25 Hold

10/23/14 $17.25 Hold7/9/14 $23.50 Hold5/1/14 $23.00 Hold

2/18/14 $24.00 Hold1/15/14 $20.50 Hold

10/22/13 $20.00 Buy6/11/13 $26.50 Buy4/25/13 $34.50 Buy2/15/13 $43.50 Buy1/8/13 $46.25 Buy

11/2/12 $48.25 Buy0

10

20

30

40

50

60

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15




Capstone Mining Corp. (CS-T) Date Target(C$) Rating7/9/15 $1.50 Buy

1/27/15 $2.00 Buy5/8/13 $3.50 Buy

4/30/13 $3.00 UR(Buy)3/15/13 $3.00 Buy1/8/13 $3.25 Buy

11/9/12 $4.00 Buy

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


Copper Mountain Mining Corporation (CUM-T) Date Target(C$) Rating7/15/15 $1.85 Buy1/27/15 $2.00 Buy1/19/15 $3.50 UR(Buy)8/11/14 $3.50 Buy7/7/14 $3.00 Hold7/7/14 $3.00 Buy

4/16/14 $2.75 Buy2/24/14 $2.50 Buy

11/12/13 $2.00 Buy10/22/13 $2.35 Buy6/11/13 $3.00 Buy5/16/13 $3.50 Buy3/20/13 $3.75 Buy1/8/13 $5.00 Buy

11/16/12 $5.50 Buy0

1

2

3

4

5

6

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


Coro Mining Corp. (COP-T) Date Target(C$) Rating3/20/15 $0.05 Hold9/30/14 $0.08 Hold6/11/13 $0.15 Hold5/10/13 $0.20 Hold1/11/13 $0.30 Buy

0

0.05

0.1

0.15

0.2

0.25

0.3

0.35

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


Denison Mines Corp. (DML-T) Date Target(C$) Rating3/25/14 $2.10 Buy

Transferred & Re-initiated Coverage 08/20/12

0

0.5

1

1.5

2

2.5

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15

Price History (C$) Target/Rating/Coverage ChangeThis Company is currently restricted

Detour Gold Corporation (DGC-T) Date Target(C$) Rating7/15/15 $18.50 Buy1/27/15 $14.00 Buy

10/23/14 $13.50 Buy7/31/14 $15.50 Buy7/9/14 $16.50 Buy

4/16/14 $13.75 Buy3/6/14 $12.50 Buy

1/15/14 $8.50 Buy11/11/13 $11.00 Buy10/22/13 $13.75 Buy6/11/13 $21.50 Buy4/29/13 $32.00 Buy1/8/13 $42.25 Buy

0

5

10

15

20

25

30

35

40

45

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


Eldorado Gold Corporation (ELD-T) Date Target(C$) Rating7/15/15 $6.75 Buy2/23/15 $7.75 Buy1/27/15 $9.00 Buy

10/23/14 $9.50 Buy7/9/14 $8.50 Hold

4/16/14 $8.00 Hold2/24/14 $7.50 Hold

10/22/13 $7.50 Buy8/6/13 $14.25 Buy

6/11/13 $14.75 Buy5/6/13 $17.50 Buy

2/25/13 $19.25 Buy1/8/13 $19.75 Buy

0

5

10

15

20

25

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


Endeavour Mining Corporation (EDV-T) Date Target(C$) Rating1/27/15 $1.30 Buy11/5/14 $1.15 Buy

10/23/14 $1.05 Buy8/21/14 $1.25 Buy


0

0.5

1

1.5

2

2.5

3

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


Endeavour Silver Corp. (EDR-T) Date Target(C$) Rating7/15/15 $2.65 Hold5/7/15 $2.80 Hold3/6/15 $2.65 Hold

1/27/15 $2.85 Sell11/11/14 $2.75 Sell10/23/14 $4.00 Sell8/13/14 $5.75 Hold7/9/14 $5.50 Hold4/9/14 $5.00 Hold

2/20/14 $5.00 Sell1/15/14 $4.50 Hold11/4/13 $4.80 Hold

10/22/13 $5.00 Hold8/8/13 $5.75 Hold

6/11/13 $6.50 Buy1/31/13 $8.50 Buy1/8/13 $10.50 Buy

10/9/12 $11.25 Buy

Transferred Coverage 09/12/12; Re-initiated Coverage 10/09/12

0

2

4

6

8

10

12

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15




Energy Fuels Inc. (EFR-T) Date Target(C$) Rating9/30/15 $11.00 Buy7/15/15 $12.00 Buy7/9/14 $12.50 Buy

4/16/14 $14.00 Buy3/31/14 $15.00 Buy1/15/14 $16.00 Buy11/6/13 $16.50 Buy11/1/13 $17.50 UR(Buy)2/14/13 $17.50 Buy

10/18/12 $20.00 Buy

Targets and prices prior to 11/06/13 adjusted for share

consolidation; Transferred & Re-initiated Coverage 08/20/12

0

5

10

15

20

25

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


First Quantum Minerals Ltd. (FM-T) Date Target(C$) Rating8/4/15 $10.50 Sell

7/15/15 $15.50 Sell5/7/15 $12.00 Sell

1/27/15 $12.00 Hold10/23/14 $22.00 Hold

8/5/14 $21.50 Sell4/16/14 $21.50 Hold1/15/14 $21.00 Hold

10/22/13 $20.50 Hold6/11/13 $21.50 Hold5/8/13 $20.00 Hold3/8/13 $21.50 Hold1/8/13 $21.75 Sell

11/2/12 $20.50 Sell

0

5

10

15

20

25

30

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


Foran Mining Corp. (FOM-V) Date Target(C$) Rating7/15/15 $0.35 Buy4/17/15 $0.50 Buy

10/22/13 $0.35 Buy6/11/13 $0.65 Buy4/17/13 $0.75 Buy


0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


Fortuna Silver Mines Inc. (FVI-T) Date Target(C$) Rating7/15/15 $5.35 Hold1/27/15 $5.85 Hold

10/23/14 $5.60 Hold8/14/14 $6.00 Hold7/9/14 $5.80 Hold

3/19/14 $5.00 Buy2/20/14 $5.00 Hold1/15/14 $4.00 Hold11/4/13 $3.90 Hold

10/22/13 $4.25 Hold6/11/13 $4.50 Hold4/18/13 $5.30 Buy3/22/13 $5.50 Buy1/8/13 $6.00 Buy

11/12/12 $6.00 Hold10/9/12 $6.00 Buy

Transferred 09/12/12; Re-initiated 10/09/12

0

1

2

3

4

5

6

7

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


Highland Copper Company Inc. (HI-V) Date Target(C$) Rating7/15/15 $0.35 Buy2/27/15 $0.50 Buy

12/17/14 $0.65 Buy7/18/14 $0.75 Buy


0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


HudBay Minerals, Inc. (HBM-T) Date Target(C$) Rating7/15/15 $12.00 Buy5/11/15 $12.00 Hold2/23/15 $11.00 Hold

10/23/14 $11.00 Buy8/1/14 $11.00 Hold

6/24/14 $10.00 Hold5/2/14 $9.50 Hold

12/19/13 $9.50 Buy


0

2

4

6

8

10

12

14

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


Integra Gold Corp. (ICG-V) Date Target(C$) Rating7/15/15 $0.70 Buy6/23/15 $0.65 Buy


0

0.2

0.4

0.6

0.8

1

1.2

1.4

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


Klondex Mines Ltd. (KDX-T) Date Target(C$) Rating7/15/15 $4.00 Buy1/22/15 $3.50 Buy


0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15




Lake Shore Gold Corp. (LSG-T) Date Target(C$) Rating7/15/15 $1.70 Buy

10/23/14 $1.30 Buy7/23/14 $1.40 Buy7/9/14 $1.20 Buy

4/16/14 $1.15 Buy1/24/14 $1.10 Hold1/15/14 $0.75 Hold6/11/13 $0.60 Hold5/17/13 $0.70 Hold3/20/13 $1.20 Buy1/8/13 $1.70 Buy

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


Lucara Diamond Corp. (LUC-T) Date Target(C$) Rating8/13/15 $2.50 Buy4/28/15 $2.80 Buy


0

0.5

1

1.5

2

2.5

3

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


Luna Gold Corp. (LGC-T) Date Target(C$) Rating3/31/15 $0.05 Sell

11/18/14 $0.10 Sell10/23/14 $0.30 Sell

8/6/14 $0.85 Sell7/23/14 $1.05 Sell7/9/14 $1.85 Buy

5/16/14 $2.00 Buy4/15/14 $2.25 Buy2/25/14 $2.80 Buy1/15/14 $3.10 Buy

10/22/13 $3.50 Buy6/11/13 $4.15 Buy5/14/13 $5.00 Buy1/8/13 $5.25 Buy

11/1/12 $4.50 Buy


0

1

2

3

4

5

6

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


Lundin Mining Corporation (LUN-T) Date Target(C$) Rating7/15/15 $7.75 Buy1/27/15 $6.75 Buy

10/23/14 $7.75 Buy7/9/14 $7.50 Buy

4/16/14 $6.20 Buy6/11/13 $5.70 Buy2/25/13 $6.00 Buy1/8/13 $6.00 Hold

0

1

2

3

4

5

6

7

8

9

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


Lydian International Limited (LYD-T) Date Target(C$) Rating7/15/15 $0.80 Buy1/27/15 $0.90 Buy

11/28/14 $0.95 Buy10/23/14 $0.85 Hold9/23/14 $1.00 Hold4/15/14 $1.25 Hold

10/22/13 $1.00 Hold7/25/13 $1.20 Hold6/11/13 $2.60 Buy2/1/13 $3.75 Buy


0

0.5

1

1.5

2

2.5

3

3.5

4

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


Mandalay Resources Corp. (MND-T) Date Target(C$) Rating10/23/14 $1.50 Buy

8/8/14 $1.60 Buy5/7/14 $1.40 Buy

4/16/14 $1.35 Buy1/15/14 $1.30 Buy

10/22/13 $1.40 Buy6/11/13 $1.50 Buy1/8/13 $1.70 Buy

10/9/12 $1.60 Buy

Transferred 09/12/12; Re-initiated 10/09/12

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


Midas Gold Corp. (MAX-T) Date Target(C$) Rating7/15/15 $0.50 Hold1/27/15 $0.80 Buy1/9/15 $0.85 Buy

10/23/14 $1.15 Buy8/21/14 $1.30 Buy7/9/14 $1.40 Buy

1/15/14 $1.50 Buy11/5/13 $1.70 Buy

12/12/12 $6.20 UR(Buy)

Transferred and Re-initiated Coverage 11/05/13

0

1

2

3

4

5

6

7

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


Mountain Province Diamonds Inc. (MPV-T) Date Target(C$) Rating7/15/15 $8.50 Buy2/19/15 $7.40 Buy2/5/15 $7.70 Buy


0

1

2

3

4

5

6

7

8

9

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15




NewCastle Gold Ltd. (NCA-V) Date Target(C$) Rating9/3/15 $0.30 Buy

7/15/15 $0.60 Buy1/27/15 $0.70 Buy

12/12/14 $0.65 Buy10/23/14 $0.75 Buy

7/9/14 $1.40 Buy4/16/14 $1.35 Buy1/15/14 $1.20 Buy

11/28/13 $1.50 Buy

Began trading 05/14/13 as Castle Mountain Mining; Initiated

Coverage 11/28/13; Name changed to NewCastle Gold 06/30/15

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15

Aug15


Nevsun Resources Ltd. (NSU-T) Date Target(C$) Rating7/15/15 $5.00 Buy4/29/15 $5.50 Buy2/18/14 $5.00 Buy6/11/13 $4.50 Buy3/22/13 $5.00 Buy

11/13/12 $5.00 Hold10/16/12 $4.75 Hold

0

1

2

3

4

5

6

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15

Price History (C$) Series5

NovaCopper Inc. (NCQ-T) Date Target(C$) Rating7/15/15 $1.25 Buy1/27/15 $1.75 Buy7/9/14 $2.00 Buy

3/19/14 $2.75 Buy

Began Trading 04/25/12; Initiated Coverage 03/19/14

0

0.5

1

1.5

2

2.5

3

3.5

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


OceanaGold Corporation (OGC-T) Date Target(C$) Rating10/2/15 $4.00 Buy7/15/15 $4.10 Buy4/30/15 $3.80 Buy2/20/15 $3.60 Buy1/27/15 $3.20 Buy

10/23/14 $3.30 Buy9/22/14 $3.50 Buy


0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


Orezone Gold Corporation (ORE-T) Date Target(C$) Rating7/15/15 $0.55 Hold



0

0.5

1

1.5

2

2.5

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


Paladin Energy Ltd (PDN-T) Date Target(C$) Rating7/15/15 $0.45 Hold8/29/14 $0.50 Hold7/28/14 $0.40 Hold7/9/14 $0.30 Hold

4/16/14 $0.60 Hold1/20/14 $0.70 Hold

10/22/13 $0.60 Hold8/30/13 $0.80 Hold8/2/13 $1.00 Hold

6/11/13 $1.50 Buy11/13/12 $2.00 Buy


0

0.5

1

1.5

2

2.5

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


Pilot Gold Inc. (PLG-T) Date Target(C$) Rating7/15/15 $1.50 Buy1/29/15 $1.90 Buy1/27/15 $1.60 Buy

10/23/14 $1.70 Buy4/2/14 $2.00 Buy

1/15/14 $1.70 Buy10/22/13 $2.10 Buy6/11/13 $2.60 Buy10/9/12 $3.15 Buy


0

0.5

1

1.5

2

2.5

3

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


Roxgold Inc. (ROG-V) Date Target(C$) Rating7/15/15 $1.10 Buy11/5/14 $1.00 Buy7/9/14 $1.25 Buy

4/23/14 $1.15 Buy1/27/14 $1.05 Buy


0

0.2

0.4

0.6

0.8

1

1.2

1.4

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15




Royal Nickel Corporation (RNX-T) Date Target(C$) Rating7/15/15 $0.50 Buy1/27/15 $0.60 Buy4/16/14 $0.75 Buy

10/22/13 $0.50 Buy6/20/13 $0.75 Buy1/8/13 $1.00 Buy

0

0.2

0.4

0.6

0.8

1

1.2

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


RTG Mining Inc. (RTG-T) Date Target(C$) Rating9/11/15 $1.30 Buy


0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


Sarama Resources Limited (SWA-V) Date Target(C$) Rating7/15/15 $0.20 Buy1/27/15 $0.25 Buy

10/23/14 $0.20 Buy7/9/14 $0.40 Buy



0

0.2

0.4

0.6

0.8

1

1.2

1.4

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


SEMAFO Inc. (SMF-T) Date Target(C$) Rating7/15/15 $5.00 Buy1/27/15 $5.75 Buy

10/23/14 $6.25 Buy7/9/14 $6.50 Buy

4/16/14 $5.50 Buy3/13/14 $5.25 Buy1/27/14 $4.25 Buy1/15/14 $4.00 Buy

11/14/13 $3.80 Buy10/22/13 $3.30 Buy8/27/13 $3.00 Buy8/8/13 $2.30 Buy


0

1

2

3

4

5

6

7

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


Sunridge Gold Corp. (SGC-V) Date Target(C$) Rating10/22/13 $0.35 Buy

1/8/13 $0.50 Buy


0

0.1

0.2

0.3

0.4

0.5

0.6

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


Tahoe Resources Inc. (THO-T) Date Target(C$) Rating7/15/15 $16.50 Buy4/29/15 $19.25 Buy4/2/15 $16.00 Hold

1/27/15 $14.50 Sell12/5/14 $12.75 Sell11/7/14 $15.00 Sell

10/23/14 $17.25 Sell7/9/14 $18.75 Sell

5/12/14 $17.00 Sell1/15/14 $15.00 Sell11/5/13 $15.25 Sell


0

5

10

15

20

25

30

35

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


Talon Metals Corp. (TLO-T) Date Target(C$) Rating7/15/15 $0.35 Buy

11/25/14 $0.50 Buy


0

0.1

0.2

0.3

0.4

0.5

0.6

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


Teck Resources Limited (TCK.B-T) Date Target(C$) Rating7/15/15 $17.75 Hold4/22/15 $17.50 Hold1/27/15 $16.25 Hold


10/25/13 $35.00 Buy10/22/13 $30.50 Buy7/26/13 $32.00 Buy6/11/13 $32.00 Hold4/24/13 $32.50 Hold2/11/13 $35.00 Hold1/8/13 $37.50 Hold

10/25/12 $40.00 Hold0

5

10

15

20

25

30

35

40

45

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15




B: Buy; H: Hold; S: Sell; T: Tender; UR: Under Review Source: Capital IQ and Haywood Securities

Trevali Mining Corporation (TV-T) Date Target(C$) Rating5/21/15 $1.25 Buy9/26/14 $1.35 Buy8/18/14 $1.35 Hold5/20/14 $1.15 Buy5/14/14 $1.15 UR(Buy)

12/12/13 $1.15 Buy6/11/13 $1.35 Buy2/11/13 $1.50 Buy


0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


True Gold Mining Inc. (TGM-V) Date Target(C$) Rating1/15/15 $0.55 Buy

10/23/14 $0.80 Buy8/13/14 $0.75 Buy2/18/14 $0.70 Buy1/15/14 $0.60 Buy

12/18/13 $0.65 Buy6/11/13 $0.60 Buy5/9/13 $0.70 Buy3/5/13 $0.90 Buy


0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


UR-Energy Inc. (URE-T) Date Target(C$) Rating7/15/15 $1.70 Buy1/29/15 $1.80 Buy8/7/14 $1.70 Buy7/9/14 $1.70 Hold

5/23/14 $1.80 Hold4/23/14 $1.90 Hold4/16/14 $2.10 Buy3/4/14 $2.20 Buy

1/15/14 $1.60 Buy10/22/13 $1.50 Buy6/25/13 $1.60 Buy1/8/13 $1.40 Buy


0

0.5

1

1.5

2

2.5

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15


Uranium Energy Corp. (UEC-AMEX) Date Target(US$) Rating7/15/15 $2.00 Hold6/24/15 $2.10 Hold7/8/14 $1.70 Hold

4/16/14 $2.00 Hold1/15/14 $2.30 Hold

10/22/13 $2.40 Hold6/11/13 $2.70 Hold1/8/13 $3.10 Buy


0

0.5

1

1.5

2

2.5

3

3.5

Oct12

Jan13

Apr13

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15

Price History (US$) Target/Rating/Coverage Change

Uranium Participation Corp. (U-T) Date Target(C$) Rating7/15/15 $6.50 Buy1/27/15 $6.20 Buy

10/23/14 $5.80 Buy7/9/14 $5.70 Buy

4/16/14 $6.60 Buy1/15/14 $6.50 Buy

10/22/13 $5.70 Buy6/11/13 $6.50 Buy1/8/13 $7.80 Buy


0

1

2

3

4

5

6

7

8

9

Sep12

Dec12

Mar13

Jun13

Sep13

Dec13

Mar14

Jun14

Sep14

Dec14

Mar15

Jun15


Zazu Metals Corporation (ZAZ-T) Date Target(C$) Rating7/15/15 $0.35 Buy1/27/15 $0.50 Buy

10/23/14 $0.65 Buy10/22/13 $0.75 Buy6/12/13 $1.10 Buy1/8/13 $1.25 Buy

0

0.2

0.4

0.6

0.8

1

1.2

1.4

Sep12

Dec12

Mar13

Jun13

Sep13

Dec13

Mar14

Jun14

Sep14

Dec14

Mar15

Jun15


Documents

The Weekly Dig October 9, 2015cdn.ceo.ca.s3-us-west-2.amazonaws.com/...MMOct92015... · The Weekly Dig – October 9, 2015 Haywood Mining Team Member of the Canadian Investor Protection