Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible...

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Currency

Market

Capitalization (in mio

USD)

Daily

Volume (M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock (USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 14975259 2015.059 1113 1113 204 219 219 102.19 110.29 110.29 15.92 15.92 14.75 14.75 18.82

Euro Stoxx 50 Pr EUR 2706975 5664.923 4634 4634 747 776 776 207.50 303.81 303.81 22.76 18.75 15.55 15.55 20.04

NIKKEI 225 JPY 2691346 190.8087 190 190 18 21 21 5.22 6.83 6.83 0.27 0.27 0.21 0.21 0.11

FTSE 100 INDEX GBP 2803805 12388.32 9757 9757 1464 1732 1732 599.45 829.73 829.73 26.18 24.54 18.91 18.91 21.86

SWISS MARKET INDEX CHF 1074392 11181.29 4072 4072 862 831 831 414.56 551.93 551.93 21.62 17.94 16.24 16.24 22.27

S&P/TSX COMPOSITE INDEX CAD 1678986 17422.13 7914 7914 1852 2050 2050 771.46 866.95 866.95 16.04 16.04 14.28 14.28 24.21

S&P/ASX 200 INDEX AUD 1420679 6722.169 2756 2756 614 680 680 246.24 327.29 327.29 21.33 17.20 16.05 16.05 22.58

HANG SENG INDEX HKD 1763583 3473.649 1690 1690 371 409 409 283.48 270.50 270.50 1.37 1.54 1.43 1.43 3.00

MSCI EM USD 7939096 1455.618 1033 1033 197 194 194 85.73 95.79 95.79 12.37 13.59 11.07 11.07 19.54

GOLDCORP INC USD 24380 7556 812 1 0 0 1 24.85 5435 5101 4918 6301 2798 2532 570 570 1.99 1.71 1.43 2.16 17.38 17.38 20.91 13.79 1.36 13.48 19.78 21.03 49.64 BBB+ 01.06.2009 Baa2 13.03.2013

BARRICK GOLD CORP USD 20934 20012 1001 14 0 3 2 36.08 14547 14340 13584 14682 7358 7071 1576 1576 3.74 3.30 3.17 3.41 6.34 6.34 6.59 6.13 2.18 13.61 -11.64 24.49 49.31 BBB 26.04.2013 Baa2 24.04.2013

NEWMONT MINING CORP USD 16544 7046 497 6 0 3 2 24.71 9868 9362 9453 11102 4169 3731 803 803 3.78 3.34 2.81 3.59 9.93 9.93 11.79 9.24 -4.73 4.99 -19.24 19.37 39.85 BBB+ 11.08.2008 Baa1 26.07.2010

RANDGOLD RESOURCES LTD-ADR USD 7394 855 92 0 0 0 0 7.30 1318 1331 1383 1791 699 689 - - 4.65 4.48 4.32 6.73 17.92 17.92 18.57 11.93 16.92 27.97 20.16 53.34 51.75 - - - -

YAMANA GOLD INC USD 9119 5105 1 0 0 0 9.68 2337 2312 2525 3070 1269 1164 263 263 - - 0.77 1.05 - - 15.70 11.56 7.52 14.54 0.53 26.81 50.35 - - - -

GOLD FIELDS LTD-SPONS ADR USD 5035 3731 16 0 2 5 28916 38146 28557 30284 14243 20101 - - - - 5.89 7.52 - - 10.51 8.24 14.46 10.23 5.29 13.85 47.64 BB+ 15.11.2012 - -

SILVER WHEATON CORP USD 8631 5929 0 0 0 1 7.90 850 850 967 1094 701 701 197 197 - - 1.56 1.76 - - 15.56 13.82 16.38 63.12 13.36 43.74 82.57 - - - -

ANGLOGOLD ASHANTI-SPON ADR USD 7209 1820 30 0 0 8 52160 52152 59211 61408 19105 19105 - - - - 19.05 23.22 - - 8.89 7.30 -4.14 24.62 -17.82 86.63 36.63 BBB- 10.12.2012 - -

CIA DE MINAS BUENAVENTUR-ADR USD 5386 1736 254 0 0 0 0 5.61 1564 1505 1642 1761 572 - 174 174 2.69 2.28 2.21 2.35 8.57 8.57 8.86 8.31 0.44 14.04 -30.27 7.50 - - - - -

NEW GOLD INC USD 3596 3050 1 0 0 1 3.78 791 824 938 989 390 388 115 115 - - 0.40 0.53 - - 18.90 14.25 13.70 39.01 13.39 63.80 47.02 BB- 27.03.2012 B2 27.03.2012

AGNICO EAGLE MINES LTD USD 5411 1704 1 0 0 0 5.90 1918 1865 1705 2061 787 735 179 179 - - 1.04 1.79 - - 30.21 17.55 5.26 38.09 4.59 31.64 39.41 NR 12.03.2003 WR 05.03.2002

ELDORADO GOLD CORP USD 5345 4468 1 0 0 1 5.55 1148 1214 1264 1402 584 631 136 136 - - 0.44 0.54 - - 16.88 13.83 3.97 58.56 -9.24 53.95 51.94 BB 13.11.2012 Ba3 12.11.2012

KINROSS GOLD CORP USD 6382 14216 1140 3 0 0 2 7.19 4311 4333 4061 4293 1962 1981 354 354 0.77 0.74 0.46 0.61 7.55 7.55 12.07 9.19 12.20 27.96 1.87 40.67 45.72 BBB- 15.08.2011 Baa3 15.08.2011

ROYAL GOLD INC USD 3551 852 59 0 0 0 0 3.19 263 292 303 379 233 260 65 65 1.63 1.40 1.52 2.10 39.31 39.31 36.36 26.22 21.52 33.98 25.17 44.69 88.90 - - - -

HARMONY GOLD MNG-SPON ADR USD 2033 1846 2 0 0 2 15169 16353 16517 21953 4222 3140 4735 4735 - - 3.91 7.72 - - 10.83 5.48 30.81 9.67 79.35 16.71 19.20 - - - -

IAMGOLD CORP USD 2195 6923 1 0 0 1 2.10 1670 1571 1493 1689 710 710 148 148 - - 0.51 0.67 - - 11.50 8.75 -0.19 12.72 -9.54 30.21 42.52 BB- 10.09.2012 - -

PAN AMERICAN SILVER CORP USD 1936 2087 0 0 0 1 1.48 929 929 1036 1110 362 362 95 95 - - 0.98 1.17 - - 13.07 10.94 8.57 47.85 -18.81 25.23 38.98 - - - -

FIRST MAJESTIC SILVER CORP USD 1368 984 0 0 0 0 1.29 247 247 373 543 135 135 - - - - 0.84 1.30 - - 13.95 9.03 0.68 55.79 -13.49 101.01 54.66 - - - -

COEUR D'ALENE MINES CORP USD 1466 2508 90 0 0 0 0 1.44 895 863 939 1063 378 378 89 89 0.59 0.68 0.69 1.28 21.25 21.25 21.09 11.29 -12.31 37.42 -28.81 43.35 42.24 B+ 25.06.2012 B3 24.01.2013

AURICO GOLD INC USD 1197 2070 0 0 0 1 0.78 164 301 415 52 80 21 21 - - 0.27 0.41 - - 17.90 11.92 94.95 10.78 2151.89 - - - - - -

ALLIED NEVADA GOLD CORP USD 855 1747 90 1 0 0 0 1.03 215 225 368 560 95 95 25 25 0.52 0.49 0.84 1.81 19.41 19.41 11.29 5.25 41.13 - 95.75 - 44.49 B 07.06.2012 B3 16.05.2012

HECLA MINING CO USD 941 5405 285 0 0 0 0 0.77 321 321 488 622 93 93 40 40 0.07 0.07 0.22 0.38 47.14 47.14 15.14 8.73 -32.76 35.19 -63.53 10.36 28.93 B 04.04.2013 B2 02.04.2013

NEVSUN RESOURCES LTD USD 644 0 0 0 0 566 488 377 692 426 426 21 21 - - 0.40 0.96 - - 9.11 3.83 3.34 - -0.64 - 75.34 - - - -

AURIZON MINES LTD USD 616 785 0 0 0 0 0.42 224 224 209 266 92 92 - - - - 0.15 0.26 - - 25.44 14.77 -14.02 16.43 -26.18 14.15 41.26 - - - -

SILVER STANDARD RESOURCES USD 560 1230 0 0 0 0 0.33 241 252 217 243 55 55 12 12 - - -0.10 -0.01 - - 63.09 - 38.56 - 22.64 - - - -

SEABRIDGE GOLD INC USD 518 217 0 0 0 0 0.47 0 0 -16 - -15 -15 - - -0.22 -0.46 - - - - 20.14 - - - - - -

TANZANIAN ROYALTY EXPLORATIO USD 268 328 0 0 0 0 0.26 0 0 -5 -5 - - - - - - - - -16.99 - - - - - -

GOLDEN STAR RESOURCES LTD USD 218 5142 259 0 0 0 0 0.25 551 552 505 496 125 126 29 29 -0.05 -0.14 -0.01 0.12 - - 7.06 16.89 21.87 35.80 - 22.85 - - - -

VISTA GOLD CORP USD 123 297 82 0 0 0 0 0.04 0 0 0 -36 -34 -6 -6 -0.54 -0.51 -0.25 -0.23 - - - - -26.58 - - - - - -

GREAT BASIN GOLD LTD USD 4 603 0 0 0 0 0.32 170 145 18 -26 - - - - - - 70.83 - - - -18.00 - - - -

ARGONAUT GOLD INC CAD 940 707 149 0 0 0 0 0.74 186 186 213 273 107 107 19 19 0.68 0.62 0.40 0.56 10.11 10.11 15.51 11.15 78.42 - 91.18 - 56.96 - - - -

TOREX GOLD RESOURCES INC CAD 849 2669 604 0 0 0 0 0.43 0 0 0 0 -60 -60 -15 -15 -0.14 -0.15 -0.10 -0.09 - - - - -76.68 - - - - - -

LIONGOLD CORP LTD SGD 850 8578 731 0 0 0 0 0.82 79 92 90 116 -4 1 - - -0.02 -0.03 0.00 0.01 - - 153.67 70.93 13.51 7.14 - - 1.20 - - - -

CHINA GOLD INTERNATIONAL RES CAD 1161 353 396 0 0 0 0 1.19 330 330 352 632 138 138 152 152 0.18 0.18 0.16 0.19 16.25 16.25 18.19 15.56 6.72 - -1.29 - 41.44 - - - -

PERSEUS MINING LTD CAD 655 1556 0 0 0 0 0.61 144 311 398 55 126 - - - - 0.13 0.20 - - 11.05 7.14 - - - - - - - - -

SANDSTORM GOLD LTD CAD 671 570 86 0 0 0 0 0.54 56 57 71 95 36 36 - - 0.25 0.17 0.19 0.38 43.47 43.47 38.89 19.35 86.11 - 91.02 - 65.03 - - - -

OCEANAGOLD CORP CAD 604 884 294 0 0 0 0 0.82 383 390 582 632 144 168 50 50 0.08 0.11 0.22 0.31 18.56 18.56 9.37 6.63 -2.55 13.83 -11.96 66.65 42.85 - - - -

MEDUSA MINING LTD AUD 543 1478 189 0 0 0 0 0.54 81 93 113 272 58 64 - - 0.26 0.29 0.41 0.96 10.09 - 7.06 3.03 -45.87 94.68 -52.31 - 69.71 - - - -

DUNDEE PRECIOUS METALS INC CAD 709 398 126 0 0 0 0 0.67 382 372 458 527 - - - - 0.39 0.34 0.71 0.80 16.49 16.49 7.91 7.03 13.56 43.19 - - - - - - -

RIO ALTO MINING LTD CAD 627 674 176 0 0 0 0 0.59 314 315 324 172 172 - - 0.57 0.55 0.52 0.50 6.46 6.46 6.77 7.02 - - - - 54.35 - - - -

AURIZON MINES LTD USD 616 785 0 0 0 0 0.42 224 224 209 266 92 92 - - - - 0.15 0.26 - - 25.44 14.77 -14.02 16.43 -26.18 14.15 41.26 - - - -

ENDEAVOUR SILVER CORP USD 457 1264 0 0 0 0 0.46 208 229 244 280 90 88 29 29 - - 0.41 0.60 - - 11.25 7.66 62.57 53.81 38.56 - 38.27 - - - -

CONTINENTAL GOLD LTD CAD 550 366 108 0 0 0 0 0.44 0 0 14 14 -12 -10 - - -0.07 -0.07 -0.08 -0.09 - - - - - - - - - - -

RUBICON MINERALS CORP CAD 476 627 288 0 0 0 0 0.31 0 0 -11 -11 - - -0.04 -0.04 -0.05 0.20 - - 8.24 - - 46.24 - - - - - -

SILVERCORP METALS INC USD 487 821 0 0 0 0 0.43 238 193 202 256 155 102 - - - - 0.21 0.29 - - 13.38 9.73 42.21 27.32 40.76 43.24 53.14 - - - -

EVOLUTION MINING LTD AUD 679 3368 707 0 0 0 0 0.71 472 639 619 712 191 215 140 140 0.07 0.18 0.08 0.12 5.23 - 11.42 7.74 286.52 - 543.55 - 33.77 - - - -

CHINA PRECIOUS METAL RESOURC HKD 762 7510 4351 0 0 0.99 210 210 268 319 143 143 186 186 - 0.02 0.02 0.02 1.44 - 0.97 0.96 5.83 26.54 4.47 - 8.80 - - - -

SEABRIDGE GOLD INC USD 518 217 0 0 0 0 0.47 0 0 -16 - -15 -15 - - -0.22 -0.46 - - - - 20.14 - - - - - -

BEADELL RESOURCES LTD AUD 581 5137 742 0 0 0 0 0.71 1 1 315 334 -14 - 162 162 -0.05 -0.06 0.14 0.17 - - 5.20 4.34 - - 60.65 - - - - - -

RESOLUTE MINING LTD AUD 568 8340 636 0 0 0 0 0.51 579 621 657 586 256 261 - - 0.17 0.26 0.23 0.15 3.47 - 3.93 5.74 29.72 29.37 131.77 105.23 42.31 - - - -

Valuation Measures I/II

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

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

Currency

Market

Capitalization (in mio

USD)

Daily

Volume (M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock (USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 14975259 2015.059 1113 1113 204 219 219 102.19 110.29 110.29 15.92 15.92 14.75 14.75 18.82

Euro Stoxx 50 Pr EUR 2706975 5664.923 4634 4634 747 776 776 207.50 303.81 303.81 22.76 18.75 15.55 15.55 20.04

NIKKEI 225 JPY 2691346 190.8087 190 190 18 21 21 5.22 6.83 6.83 0.27 0.27 0.21 0.21 0.11

FTSE 100 INDEX GBP 2803805 12388.32 9757 9757 1464 1732 1732 599.45 829.73 829.73 26.18 24.54 18.91 18.91 21.86

SWISS MARKET INDEX CHF 1074392 11181.29 4072 4072 862 831 831 414.56 551.93 551.93 21.62 17.94 16.24 16.24 22.27

S&P/TSX COMPOSITE INDEX CAD 1678986 17422.13 7914 7914 1852 2050 2050 771.46 866.95 866.95 16.04 16.04 14.28 14.28 24.21

S&P/ASX 200 INDEX AUD 1420679 6722.169 2756 2756 614 680 680 246.24 327.29 327.29 21.33 17.20 16.05 16.05 22.58

HANG SENG INDEX HKD 1763583 3473.649 1690 1690 371 409 409 283.48 270.50 270.50 1.37 1.54 1.43 1.43 3.00

MSCI EM USD 7939096 1455.618 1033 1033 197 194 194 85.73 95.79 95.79 12.37 13.59 11.07 11.07 19.54

ENDEAVOUR MINING CORP CAD 365 1660 391 0 0 0 0 0.53 344 345 489 624 135 136 - - -0.04 0.00 0.12 0.17 851.25 851.25 7.31 5.11 136.71 - 213.29 - 39.11 - - - -

FORTUNA SILVER MINES INC CAD 356 646 0.29 160 160 170 203 70 70 20 20 0.27 0.23 0.24 0.32 12.27 12.27 11.81 8.66 46.07 47.11 44.49 66.90 43.63 - - - -

MCEWEN MINING INC USD 713 4062 296 0 0 0 0 0.64 6 39 150 217 -92 -72 - - -0.19 -0.17 0.10 0.17 - - 22.32 12.47 - - -54.81 - -266.78 - - - -

MAG SILVER CORP CAD 456 74 60 0 0 0 0 0.42 0 0 -13 -13 -1 -1 -0.22 -0.22 -0.12 -0.15 - - - - -40.70 - - - - - -

PRIMERO MINING CORP CAD 552 205 97 0 0 0 0 0.45 182 184 200 249 77 77 33 33 0.54 0.51 0.42 0.60 11.03 11.03 13.17 9.34 16.75 - 6.30 - 42.05 - - - -

KINGSGATE CONSOLIDATED LTD AUD 312 2232 151 0 0 0 0 0.44 359 374 343 391 166 - - - 0.52 0.35 0.24 0.26 5.92 - 8.50 8.07 107.83 84.59 147.37 - - - - - -

TIMMINS GOLD CORP CAD 345 447 144 0 0 0 0 0.34 155 165 195 213 68 76 17 17 0.25 0.32 0.34 0.33 7.48 7.48 7.08 7.10 87.56 - 59.68 - 45.45 - - - -

ST BARBARA LTD AUD 370 9933 325 0 0 0 0 0.52 544 524 533 630 225 202 - - 0.41 0.27 0.08 0.17 2.77 - 9.36 4.60 50.74 27.95 105.43 84.94 38.71 B 15.03.2013 - -

PREMIER GOLD MINES LTD CAD 295 1456 149 0 0 0 0 0.27 0 1 0 0 -12 -12 - - -0.15 -0.16 -0.07 -0.07 - - - - -5.30 - -1316.69 - - - -

NORTHERN STAR RESOURCES LTD AUD 360 4592 402 0 0 0 0 0.32 100 115 134 168 48 58 76 76 0.05 0.08 0.07 0.10 11.02 11.45 11.47 8.84 -13.46 - 5.26 - 50.92 - - - -

TANZANIAN ROYALTY EXPLORATIO USD 268 328 0 0 0 0 0.26 0 0 -5 -5 - - - - - - - - -16.99 - - - - - -

REAL GOLD MINING LTD HKD 1032 0 907 0 0 0 0 0.49 176 176 153 153 - - 0.12 0.12 0.94 0.95 4.55 - 7.02 - 11.19 - - - -

GOLDEN STAR RESOURCES LTD USD 218 5142 259 0 0 0 0 0.25 551 552 505 496 125 126 29 29 -0.05 -0.14 -0.01 0.12 - - 7.06 16.89 21.87 35.80 - 22.85 - - - -

ROMARCO MINERALS INC CAD 247 1075 585 0 0 0 0 0.20 0 0 -12 -12 -8 -8 -0.02 -0.02 -0.01 -0.01 - - - - 22.38 - - - - - -

BANRO CORPORATION CAD 278 4269 202 0 0 0 0 0.40 42 75 149 376 6 6 - - -0.02 0.03 -0.01 0.33 36.51 36.51 3.34 - - - - 14.06 - - - -

COLOSSUS MINERALS INC CAD 229 978 106 0 0 0 0 0.24 0 0 41 284 -33 -33 -7 -7 -0.28 -0.28 -0.12 0.83 - - 2.56 - - -12.15 - - - - - -

RAINY RIVER RESOURCES LTD CAD 224 540 100 0 0 0 0 0.12 0 0 1 -64 -64 - - -0.73 -0.73 -0.19 - - - - -299.61 - - - - - -

SULLIDEN GOLD CORP LTD CAD 218 1309 243 0 0 0 0 0.20 0 0 -12 -4 - - -0.06 -0.04 -0.03 -0.03 - - - - -36.26 - - - - - -

ASANKO GOLD INC CAD 202 105 76 0 0 0 0 0.02 0 0 -35 -35 - - -0.49 -0.26 -0.19 -0.15 - - - - 7.29 - - - - - -

BEAR CREEK MINING CORP CAD 198 126 92 0 0 0 0 0.13 0 0 -31 -31 - - -0.34 -0.33 -0.21 -0.07 - - - - -5.86 - - - - - -

PARAMOUNT GOLD AND SILVER USD 215 568 0 0 0 0 0.20 0 0 -18 -18 -8 -8 - - -0.04 -0.04 - - -59.56 - -54.62 - -29165.25 - - - -

KIRKLAND LAKE GOLD INC CAD 225 859 70 0 0 0 0 0.29 159 138 152 260 55 24 16 16 0.57 -0.01 -0.03 0.51 - - 6.25 54.33 62.13 110.17 - 17.46 - - - -

GUYANA GOLDFIELDS INC CAD 212 469 95 0 0 0 0 0.18 0 0 411 -8 -8 - - -0.09 -0.10 -0.08 -0.09 - - - - 19.49 - - - - - -

HIGHLAND GOLD MINING LTD GBp 408 138 325 0 0 0 0 0.55 542 542 591 707 249 249 246 246 0.58 0.58 0.42 0.51 5.11 5.11 7.05 5.87 26.48 38.11 5.18 63.33 70.79 - - - -

INDOPHIL RESOURCES NL AUD 326 370 1203 0 0 0 0 0.09 0 0 -18 -18 - - 0.00 0.00 57.58 - - - -124.45 - - - - - -

LYDIAN INTERNATIONAL LTD CAD 198 168 127 0 0 0 0 0.11 0 0 - - - - -0.05 -0.05 -0.04 -0.02 - - - - - - - - - - -

SABINA GOLD & SILVER CORP CAD 203 904 174 0 0 0 0 0.09 0 0 -12 -12 - - -0.08 -0.08 -0.03 -0.03 - - - - -18.59 - - - - - -

LAKE SHORE GOLD CORP CAD 139 2953 416 0 0 0 0 0.23 132 132 198 268 38 38 - - -0.22 -0.23 -0.01 0.04 - - 8.12 100.15 - 414.20 - 28.31 - - - -

BRIGUS GOLD CORP USD 155 299 0 0 0 0 0.22 118 118 157 168 48 48 - - - - 0.13 0.14 - - 5.08 4.96 63.78 - 239.92 60.49 41.21 - - - -

GREAT PANTHER SILVER LTD USD 133 529 0 0 0 0 0.11 61 60 60 66 16 16 - - - - 0.05 0.08 - - 21.57 12.94 5.74 21.76 -28.90 - 25.56 - - - -

INTREPID MINES LTD AUD 142 6491 555 0 0 0 0 0.14 0 0 -48 -48 - - -0.11 -0.14 -0.01 -0.02 - - - - -21.81 - - - - - -

VISTA GOLD CORP USD 123 297 82 0 0 0 0 0.04 0 0 0 -36 -34 -6 -6 -0.54 -0.51 -0.25 -0.23 - - - - -26.58 - - - - - -

ALEXCO RESOURCE CORP USD 111 186 0 0 0 0 0.09 85 77 77 112 25 25 - - - - -0.14 0.05 - - 35.64 87.81 276.59 160.76 - 30.03 - - - -

ATAC RESOURCES LTD CAD 120 169 104 0 0 0 0 0.11 0 0 - - -1 -1 -0.08 -0.07 -0.05 -0.05 - - - - - - - - - - -

SCORPIO MINING CORP CAD 96 273 198 0 0 0 0 0.06 46 46 53 103 14 14 - - 0.04 0.04 0.04 0.13 12.04 12.04 13.02 3.62 -24.82 - -51.41 - 30.74 - - - -

MIDWAY GOLD CORP USD 125 235 128 0 0 0 0 0.09 0 0 -14 -14 - - -0.12 -0.12 -0.11 -0.12 - - - - 21.14 - - - - - -

PATAGONIA GOLD PLC GBp 188 130 736 0 0 0 0 0.19 0 0 -50 -41 - - -0.07 -0.05 - - - - - - - - - - -

GRYPHON MINERALS LTD AUD 99 5970 348 0 0 0 0 0.05 0 0 1 1 -8 -8 - - - -0.01 -0.02 -0.02 - - - - 49.58 - - - - - -

DRDGOLD LTD-SPONSORED ADR USD 249 36 0 0 0 0 1764 1959 2129 2546 371 400 526 526 - - 7.97 12.05 - - 7.32 4.85 27.89 7.86 64.25 12.94 20.40 - - - -

RED 5 LTD AUD 84 68 135 0 0 0 0 0.09 4 16 44 126 -3 -5 9 9 -0.01 -0.07 -0.06 0.25 - - 2.46 - - 43.56 - -29.66 - - - -

LINGBAO GOLD CO LTD-H HKD 234 550 770 1 0 0 0 0.70 824 824 892 850 95 95 97 97 0.03 0.03 0.02 0.02 1.14 1.11 1.33 1.30 1.51 2.37 -1.33 0.92 1.49 - - - -

INTL TOWER HILL MINES LTD USD 91 116 0 0 0 0 0.07 0 0 0 0 -56 -57 - - - - -0.10 -0.07 - - - - -463.04 - - - - - -

SARACEN MINERAL HOLDINGS LTD AUD 108 9410 595 0 0 0 0 0.12 185 188 211 239 63 52 61 61 0.04 -0.02 0.03 0.07 - - 5.32 2.66 18.12 - 6.13 - 27.90 - - - -

EXETER RESOURCE CORP USD 74 147 88 0 0 0 0 0.02 0 0 -26 -26 - - -0.29 -0.29 -0.13 -0.11 - - - - 17.44 - - - - - -

RICHMONT MINES INC USD 80 90 40 0 0 0 0 0.02 102 100 111 135 8 8 - - -0.08 -0.21 0.29 0.43 - - 7.17 4.81 -14.20 10.98 -79.79 8.26 7.56 - - - -

RAMELIUS RESOURCES LTD AUD 80 1844 336 0 0 0 0 0.04 85 116 129 168 13 -11 25 25 0.01 -0.06 0.01 0.09 - - 29.51 2.78 -43.25 175.81 -88.63 8.76 -9.12 - - - -

GOLDEN MINERALS CO USD 67 265 43 0 0 0 0 0.02 26 26 36 56 -35 -35 -6 -6 -1.44 -1.37 -0.74 -0.29 - - 1320.81 - 45.58 - -133.08 - - - -

SAN GOLD CORP CAD 60 1066 335 0 0 0 0 0.05 141 141 130 168 36 36 - - -0.04 -0.03 -0.05 -0.02 - - 24.39 115.90 186.60 - 25.08 - - - -

OREZONE GOLD CORP CAD 66 349 86 0 0 0 0 0.05 0 0 -28 -28 - - -0.06 -0.08 -0.17 -0.08 - - - - 9.68 - - - - - -

GRAN COLOMBIA GOLD CORP CAD 65 417 382 0 0 0 0 0.25 167 167 173 210 15 15 10 10 -0.08 -0.09 -0.06 0.03 - - 5.59 22.02 - 870.78 - 8.73 - - - -

Valuation Measures I/II

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


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

S&P 500 INDEX 2.29 2.29 2.10 1.92 2.29 1.46 1.46 1.40 1.34 1.46 10.28 10.28 9.59 9.89 10.28 9.21 9.21 8.50 7.95 9.21 14.75 14.75 13.27 12.05 14.75 2.14 2.14 2.30 2.48 2.14 1737.2 6.8%

Euro Stoxx 50 Pr 1.22 1.22 1.15 1.08 1.22 0.78 0.78 0.77 0.74 0.78 6.04 6.04 5.58 4.99 6.04 7.30 7.30 6.88 6.53 7.30 11.95 11.95 10.66 9.70 11.95 4.10 4.10 4.40 4.73 4.10 2922.4 4.7%

NIKKEI 225 1.65 1.65 1.54 1.45 1.65 0.76 0.76 0.75 0.75 0.76 9.58 9.58 8.97 8.51 9.58 9.05 9.05 8.44 8.14 9.05 21.11 21.11 18.34 15.44 21.11 1.51 1.51 1.58 1.78 1.51 13495.6 -7.6%

FTSE 100 INDEX 1.75 1.75 1.63 1.53 1.75 1.04 1.04 1.02 0.99 1.04 8.62 8.62 7.85 6.57 8.62 7.15 7.15 6.73 6.36 7.15 12.29 12.29 11.23 10.39 12.29 3.77 3.77 4.04 4.41 3.77 6951.9 5.0%

SWISS MARKET INDEX 2.48 2.48 2.33 2.12 2.48 2.10 2.10 2.00 1.90 2.10 12.81 12.81 11.63 10.21 12.81 13.45 13.45 12.45 11.65 13.45 15.49 15.49 13.95 12.68 15.49 3.15 3.15 3.48 4.00 3.15 8324.5 2.0%

S&P/TSX COMPOSITE INDEX 1.68 1.68 1.56 1.46 1.68 1.57 1.57 1.48 1.40 1.57 8.42 8.42 7.56 6.96 8.42 8.50 8.50 7.51 7.04 8.50 14.37 14.37 12.66 11.67 14.37 3.18 3.18 3.33 3.52 3.18 14247.4 13.6%

S&P/ASX 200 INDEX 1.98 1.98 1.87 1.77 1.98 1.90 1.90 1.79 1.70 1.90 11.77 11.77 10.47 9.58 11.77 9.89 9.89 8.80 8.13 9.89 15.98 15.98 14.33 13.14 15.98 4.28 4.28 4.56 4.90 4.28 5227.9 0.4%

HANG SENG INDEX 1.38 1.38 1.27 1.16 1.38 1.78 1.78 1.64 1.51 1.78 8.21 8.21 7.77 7.39 8.21 8.49 8.49 7.73 7.12 8.49 11.11 11.11 10.22 9.26 11.11 3.49 3.49 3.77 4.17 3.49 24912.6 6.8%

MSCI EM 1.48 1.48 1.17 1.24 1.48 1.03 1.03 0.96 0.90 1.03 7.18 7.18 6.61 6.23 7.18 7.49 7.49 6.82 6.40 7.49 11.07 11.07 9.91 9.23 11.07 3.00 3.00 3.44 3.36 3.00 1193.7 12.6%

GOLDCORP INC 1.08 1.03 0.99 0.93 4.42 4.96 3.87 3.49 3.34 10.47 12.30 8.52 7.07 5.61 8.41 10.28 7.03 6.06 5.48 15.02 20.91 13.79 11.84 10.17 1.80 2.00 2.00 2.01 2.01 38.27 28.5%

BARRICK GOLD CORP 0.81 0.87 0.82 0.73 1.48 1.54 1.43 1.42 1.34 3.80 4.41 3.99 3.69 3.29 4.83 5.45 4.89 4.64 4.24 5.50 6.59 6.13 6.20 5.26 3.60 3.84 3.86 3.77 5.26 29.20 39.6%

NEWMONT MINING CORP 1.20 1.10 1.06 0.99 1.65 1.75 1.49 1.50 5.49 6.12 5.00 5.03 5.72 6.83 5.26 5.48 8.83 9.33 11.79 9.24 9.89 15.79 4.32 4.42 4.51 4.11 3.62 42.14 27.1%

RANDGOLD RESOURCES LTD-ADR 2.84 2.47 2.12 1.84 5.40 5.34 4.13 4.31 4.72 12.63 12.21 8.24 7.43 12.21 10.05 10.48 7.38 7.22 8.48 17.00 18.57 11.93 11.74 12.82 0.59 0.64 0.79 0.80 109.13 36.0%

YAMANA GOLD INC 1.16 1.12 1.05 1.00 3.84 3.61 2.97 3.07 2.66 8.51 8.51 6.53 6.29 5.94 7.38 7.31 5.47 5.74 4.44 13.27 15.70 11.56 12.07 10.18 1.97 2.02 2.05 1.98 2.15 16.94 39.8%

GOLD FIELDS LTD-SPONS ADR 0.77 0.89 0.82 0.75 0.92 1.60 1.51 1.44 2.82 4.41 4.38 4.02 5.46 10.51 8.24 7.23 5.74 2.99 3.31 3.97 8.53 24.8%

SILVER WHEATON CORP 2.76 2.48 2.21 1.98 1.61 10.55 8.93 7.89 7.68 5.64 12.76 11.80 10.44 9.92 8.69 11.58 10.21 8.88 8.84 6.29 14.71 15.56 13.82 13.78 11.35 1.54 1.88 2.03 2.17 2.36 40.75 67.4%

ANGLOGOLD ASHANTI-SPON ADR 1.23 1.14 0.99 0.89 1.08 1.10 1.06 1.09 3.85 3.59 3.38 3.81 6.29 8.89 7.30 7.78 2.23 1.41 1.36 1.41 29.82 59.4%

CIA DE MINAS BUENAVENTUR-ADR 1.38 1.21 1.08 0.99 3.50 3.28 3.06 3.17 12.06 14.42 11.23 6.55 8.69 7.30 7.77 6.88 8.86 8.31 8.78 3.14 2.49 3.23 2.84 26.80 37.1%

NEW GOLD INC 1.39 1.25 1.18 1.09 1.03 4.68 3.83 3.63 3.55 3.85 12.18 9.29 7.66 6.96 7.69 9.53 7.75 6.44 5.98 6.07 18.57 18.90 14.25 12.96 17.14 0.00 0.00 12.26 62.6%

AGNICO EAGLE MINES LTD 1.56 1.55 1.49 1.43 2.83 3.17 2.63 2.64 2.49 7.66 10.51 7.57 7.19 6.67 7.13 9.54 6.80 6.60 4.60 14.86 30.21 17.55 16.39 14.73 2.45 2.71 2.68 2.63 2.55 42.66 36.2%

ELDORADO GOLD CORP 0.89 0.88 0.86 0.81 4.63 4.23 3.81 2.75 1.90 11.49 10.49 8.75 6.11 3.75 9.16 8.78 7.67 5.15 3.21 16.30 16.88 13.83 9.44 5.70 1.94 1.74 1.90 2.31 2.81 12.49 67.0%

KINROSS GOLD CORP 0.49 0.63 0.60 0.58 0.49 1.47 1.57 1.49 1.58 1.40 4.45 4.79 4.06 4.50 3.98 3.62 4.30 3.58 3.92 3.21 7.57 12.07 9.19 10.33 8.13 2.86 2.77 2.75 2.86 2.86 8.17 46.2%

ROYAL GOLD INC 1.78 1.48 1.43 1.34 12.96 11.71 9.37 6.88 17.77 18.91 14.45 10.33 13.18 11.76 9.49 7.09 31.50 36.36 26.22 17.22 1.00 1.31 1.43 1.54 77.03 39.6%

HARMONY GOLD MNG-SPON ADR 0.49 0.48 0.46 0.45 1.09 1.11 0.84 0.77 4.38 4.28 3.19 3.85 6.19 10.83 5.48 13.43 2.83 1.35 2.97 1.49 7.85 68.1%

IAMGOLD CORP 0.58 0.57 0.56 0.54 1.34 1.47 1.30 1.28 1.19 4.09 5.22 4.23 4.39 3.74 2.85 3.68 2.98 3.17 2.44 6.77 11.50 8.75 10.10 8.23 4.36 4.22 4.01 3.93 4.29 9.52 63.3%

PAN AMERICAN SILVER CORP 0.68 0.69 0.65 0.60 0.53 2.02 1.87 1.74 1.74 1.39 7.16 7.53 6.81 7.36 4.43 3.73 3.65 3.17 3.43 1.86 10.18 13.07 10.94 12.83 7.36 1.38 3.38 3.22 2.91 3.91 18.56 45.2%

FIRST MAJESTIC SILVER CORP 2.21 5.19 3.67 2.52 2.20 1.94 9.46 9.18 6.12 5.09 4.12 7.63 6.08 4.25 3.81 3.21 12.18 13.95 9.03 7.59 6.80 19.08 63.2%

COEUR D'ALENE MINES CORP 0.60 0.59 0.54 0.49 1.62 1.56 1.38 1.37 1.20 4.88 5.52 4.22 3.99 3.87 3.73 2.78 2.61 13.26 21.09 11.29 8.47 23.49 62.6%

AURICO GOLD INC 0.64 0.60 0.59 0.58 0.48 3.83 3.97 2.88 2.49 2.12 11.98 9.58 6.21 5.83 4.69 5.42 5.42 3.60 3.04 2.38 12.13 17.90 11.92 11.41 9.12 0.00 3.77 2.91 3.36 4.06 7.47 54.0%

ALLIED NEVADA GOLD CORP 1.35 1.11 0.84 0.71 0.63 3.93 2.32 1.53 1.10 0.81 10.52 7.79 4.46 2.84 2.97 10.89 6.44 3.06 2.50 2.22 17.61 11.29 5.25 3.61 3.72 19.78 108.0%

HECLA MINING CO 0.83 0.78 0.75 0.65 0.57 2.88 1.93 1.51 1.59 1.51 10.58 6.60 5.06 4.63 4.75 6.94 3.59 2.36 2.11 2.40 30.56 15.14 8.73 8.01 8.40 1.21 1.12 1.82 2.42 1.21 4.94 49.7%

NEVSUN RESOURCES LTD 1.19 1.10 1.01 0.89 2.78 5.11 2.68 3.15 4.09 5.27 9.11 3.83 4.71 7.91 2.69 2.69 2.72 2.72 5.13 39.5%

AURIZON MINES LTD 1.60 1.59 2.74 2.96 2.33 2.53 2.42 8.76 9.71 6.81 7.06 5.84 4.27 4.42 2.99 18.28 25.44 14.77 13.79 13.12 0.00 4.70 25.7%

SILVER STANDARD RESOURCES 0.54 0.49 0.49 0.47 2.26 2.59 2.30 2.02 1.09 13.72 12.37 10.19 6.98 10.06 4.62 5.95 4.18 3.05 32.43 1388.00 0.00 0.00 0.00 15.53 123.8%

SEABRIDGE GOLD INC 38.80 241.2%

TANZANIAN ROYALTY EXPLORATIO

GOLDEN STAR RESOURCES LTD 0.51 0.54 0.53 0.48 0.00 0.39 0.43 0.44 0.45 0.43 1.88 2.73 2.04 2.20 1.71 2.27 2.90 2.07 1.91 1.84 17.50 7.06 5.92 1.95 0.00 1.15 36.5%

VISTA GOLD CORP 0.88 0.47 0.48 1.67 0.32 0.58 0.85 0.67 6.55 333.6%

GREAT BASIN GOLD LTD 0.01 0.02 0.16 10.21

ARGONAUT GOLD INC 1.57 1.07 0.96 0.93 5.06 4.39 3.42 2.89 2.31 9.13 11.22 7.88 6.66 6.37 7.05 7.06 5.42 4.97 3.20 11.38 15.61 11.22 9.10 8.70 11.16 75.8%

TOREX GOLD RESOURCES INC 1.58 1.52 1.54 1.37 1952.43 6.90 37.11 23.34 88.13 2.56 81.4%

LIONGOLD CORP LTD 16.29 10.90 9.47 7.35 5.36 190.00 87.69 43.85

CHINA GOLD INTERNATIONAL RES 0.85 0.79 0.73 0.66 3.46 3.28 1.82 1.21 7.33 0.84 1.83 0.37 8.03 7.82 4.91 3.20 14.29 18.31 15.67 13.32 0.44 0.44 0.58 11.09 3.62 22.8%

PERSEUS MINING LTD 1.85 1.61 1.35 1.03 0.87 4.06 2.08 1.63 1.14 1.13 10.63 8.33 4.61 2.81 3.39 10.35 4.90 3.64 2.07 2.44 11.39 11.13 7.19 4.14 5.37 0.00 0.00 0.21 3.09 2.11 2.36 63.6%

SANDSTORM GOLD LTD 11.36 9.44 7.04 5.26 13.58 15.50 10.52 8.19 11.81 12.74 11.21 7.30 5.80 24.63 39.16 19.47 13.33 33.82 12.26 63.7%

OCEANAGOLD CORP 1.00 0.92 0.88 0.84 0.95 1.55 1.03 0.95 1.03 1.23 4.99 3.00 2.72 2.94 5.27 5.74 3.63 3.79 4.26 8.10 32.13 9.43 6.68 8.71 2.98 44.0%

MEDUSA MINING LTD 1.72 1.42 1.00 0.77 0.65 5.99 4.81 2.00 1.80 1.29 9.94 5.78 2.88 2.46 2.54 8.17 6.92 2.64 2.38 2.10 9.24 7.02 3.02 2.77 2.77 3.52 1.15 3.97 6.02 8.01 5.20 81.9%

DUNDEE PRECIOUS METALS INC 0.93 0.85 0.67 0.61 2.02 1.55 1.35 1.37 5.78 5.19 4.32 3.62 4.96 3.62 2.66 2.15 9.42 7.97 7.07 6.70 0.00 0.00 0.00 11.21 97.4%

RIO ALTO MINING LTD 2.76 2.03 1.96 9.22 1.93 1.68 1.55 20.17 5.73 6.24 5.26 5.18 22.08 3.12 4.05 2.99 1.92 29.92 6.81 7.07 5.79 6.65 0.00 0.00 0.00 5.94 65.4%

AURIZON MINES LTD 1.60 1.59 2.74 2.96 2.33 2.53 2.42 8.76 9.71 6.81 7.06 5.84 4.27 4.42 2.99 18.28 25.44 14.77 13.79 13.12 0.00 4.70 25.7%

ENDEAVOUR SILVER CORP 2.21 1.87 1.63 1.63 5.50 5.95 4.38 4.74 5.12 5.24 3.52 3.65 10.46 11.25 7.66 8.81 8.20 79.1%

CONTINENTAL GOLD LTD 39.30 39.29 36.67 2.38 2.61 6.92 5.37 11.81 169.7%

RUBICON MINERALS CORP 1.02 5.03 4.37 8.30 7.55 4.83 191.2%

SILVERCORP METALS INC 1.11 2.00 2.41 1.90 1.45 1.35 4.13 6.29 5.62 2.86 3.24 2.87 4.64 3.07 2.47 2.19 6.12 13.38 9.73 5.00 5.82 3.12 3.44 6.21 117.7%

EVOLUTION MINING LTD 0.62 0.60 0.54 0.49 0.48 1.43 1.10 0.95 0.96 0.99 3.44 3.29 2.95 2.88 2.78 3.98 3.02 2.39 2.43 2.58 9.27 11.37 7.70 7.13 7.76 0.00 0.94 1.99 2.41 2.30 1.21 27.1%

CHINA PRECIOUS METAL RESOURC 1.51 1.24 1.05 3.96 2.84 2.39 12.36 15.11 7.84 5.31 4.18 13.60 7.56 7.43 0.74 2.21 3.68 1.70 25.0%

SEABRIDGE GOLD INC 38.80 241.2%

BEADELL RESOURCES LTD 6.23 3.25 1.64 1.32 104.84 1.85 1.74 2.01 2.30 4.68 3.64 5.07 4.38 3.87 5.25 8.10 5.18 4.32 6.02 5.98 0.00 0.27 1.22 1.50 4.08 1.00 36.5%

RESOLUTE MINING LTD 0.99 0.89 0.77 0.65 0.46 0.93 0.87 0.97 0.91 0.92 2.80 2.56 3.38 2.75 3.14 1.89 1.86 2.29 1.90 1.76 4.06 3.91 5.71 5.37 5.37 0.00 5.45 2.84 3.52 5.68 1.38 56.6%

Price to Earnings Ratio

Valuation Measures II/II

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


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

S&P 500 INDEX 2.29 2.29 2.10 1.92 2.29 1.46 1.46 1.40 1.34 1.46 10.28 10.28 9.59 9.89 10.28 9.21 9.21 8.50 7.95 9.21 14.75 14.75 13.27 12.05 14.75 2.14 2.14 2.30 2.48 2.14 1737.2 6.8%

Euro Stoxx 50 Pr 1.22 1.22 1.15 1.08 1.22 0.78 0.78 0.77 0.74 0.78 6.04 6.04 5.58 4.99 6.04 7.30 7.30 6.88 6.53 7.30 11.95 11.95 10.66 9.70 11.95 4.10 4.10 4.40 4.73 4.10 2922.4 4.7%

NIKKEI 225 1.65 1.65 1.54 1.45 1.65 0.76 0.76 0.75 0.75 0.76 9.58 9.58 8.97 8.51 9.58 9.05 9.05 8.44 8.14 9.05 21.11 21.11 18.34 15.44 21.11 1.51 1.51 1.58 1.78 1.51 13495.6 -7.6%

FTSE 100 INDEX 1.75 1.75 1.63 1.53 1.75 1.04 1.04 1.02 0.99 1.04 8.62 8.62 7.85 6.57 8.62 7.15 7.15 6.73 6.36 7.15 12.29 12.29 11.23 10.39 12.29 3.77 3.77 4.04 4.41 3.77 6951.9 5.0%

SWISS MARKET INDEX 2.48 2.48 2.33 2.12 2.48 2.10 2.10 2.00 1.90 2.10 12.81 12.81 11.63 10.21 12.81 13.45 13.45 12.45 11.65 13.45 15.49 15.49 13.95 12.68 15.49 3.15 3.15 3.48 4.00 3.15 8324.5 2.0%

S&P/TSX COMPOSITE INDEX 1.68 1.68 1.56 1.46 1.68 1.57 1.57 1.48 1.40 1.57 8.42 8.42 7.56 6.96 8.42 8.50 8.50 7.51 7.04 8.50 14.37 14.37 12.66 11.67 14.37 3.18 3.18 3.33 3.52 3.18 14247.4 13.6%

S&P/ASX 200 INDEX 1.98 1.98 1.87 1.77 1.98 1.90 1.90 1.79 1.70 1.90 11.77 11.77 10.47 9.58 11.77 9.89 9.89 8.80 8.13 9.89 15.98 15.98 14.33 13.14 15.98 4.28 4.28 4.56 4.90 4.28 5227.9 0.4%

HANG SENG INDEX 1.38 1.38 1.27 1.16 1.38 1.78 1.78 1.64 1.51 1.78 8.21 8.21 7.77 7.39 8.21 8.49 8.49 7.73 7.12 8.49 11.11 11.11 10.22 9.26 11.11 3.49 3.49 3.77 4.17 3.49 24912.6 6.8%

MSCI EM 1.48 1.48 1.17 1.24 1.48 1.03 1.03 0.96 0.90 1.03 7.18 7.18 6.61 6.23 7.18 7.49 7.49 6.82 6.40 7.49 11.07 11.07 9.91 9.23 11.07 3.00 3.00 3.44 3.36 3.00 1193.7 12.6%

ENDEAVOUR MINING CORP 1.04 0.75 0.58 0.57 0.35 2.10 2.18 1.84 1.65 0.79 3.65 2.54 2.34 2.16 1.74 5.74 7.36 5.14 5.00 1.48 2.60 192.1%

FORTUNA SILVER MINES INC 1.46 1.18 1.01 0.87 0.77 2.10 2.09 1.74 1.69 5.29 5.88 4.82 4.60 4.58 4.15 4.00 2.91 2.75 3.14 10.29 11.88 8.71 8.05 8.61 4.93 72.5%

MCEWEN MINING INC 0.66 0.60 0.54 4.75 3.29 2.29 15.14 47.11 17.67 7.85 11.67 7.74 4.69 3.09 23.56 22.32 12.47 8.48 5.11 141.3%

MAG SILVER CORP 3.24 3.49 3.82 4.04 14.25 86.5%

PRIMERO MINING CORP 0.96 0.94 0.98 0.82 2.97 2.74 2.20 1.61 1.25 6.10 6.77 5.48 5.06 3.10 5.24 5.08 3.32 2.21 1.46 11.44 13.26 9.40 7.86 4.66 0.00 0.00 8.59 50.8%

KINGSGATE CONSOLIDATED LTD 0.41 0.37 0.34 0.32 0.27 0.85 0.91 0.80 0.65 0.48 2.54 2.48 1.83 1.65 1.38 2.61 3.85 3.07 2.80 2.06 3.41 8.46 8.03 7.58 4.05 10.54 5.34 9.41 11.81 20.78 3.15 54.2%

TIMMINS GOLD CORP 2.16 1.64 1.30 1.31 2.17 1.77 1.62 1.55 1.48 6.10 4.94 5.02 5.21 4.73 4.50 3.80 3.71 4.01 3.74 8.67 7.13 7.15 6.93 6.60 0.00 0.00 0.00 3.43 42.5%

ST BARBARA LTD 0.46 0.37 0.34 0.31 0.35 0.68 0.69 0.59 0.54 0.61 1.15 3.21 1.85 1.59 2.02 2.39 3.26 2.12 2.05 2.16 2.09 9.32 4.58 4.63 6.04 0.00 0.00 1.59 2.38 2.12 1.31 73.6%

PREMIER GOLD MINES LTD 0.70 156.43 0.00 5.57 179.9%

NORTHERN STAR RESOURCES LTD 3.84 2.91 2.33 1.93 1.92 3.26 2.68 2.15 1.98 1.30 8.37 5.75 6.17 6.60 4.23 6.21 4.22 3.28 3.50 2.55 15.09 11.42 8.80 8.05 6.71 0.00 3.08 3.55 3.43 4.14 1.01 19.8%

TANZANIAN ROYALTY EXPLORATIO

REAL GOLD MINING LTD 1.43 4.50 6.02 3.34 7.55 0.00

GOLDEN STAR RESOURCES LTD 0.51 0.54 0.53 0.48 0.00 0.39 0.43 0.44 0.45 0.43 1.88 2.73 2.04 2.20 1.71 2.27 2.90 2.07 1.91 1.84 17.50 7.06 5.92 1.95 0.00 1.15 36.5%

ROMARCO MINERALS INC 0.25 1.06 2.60 1.21 9.38 2.81 14.07 1.48 248.2%

BANRO CORPORATION 0.66 6.30 1.85 0.73 0.72 0.67 100.23 6.12 1.63 1.38 1.58 226.58 8.63 2.27 2.38 1.94 3.36 2.45 2.83 0.91 0.00 0.00 5.44 6.35 1.80 62.2%

COLOSSUS MINERALS INC 2.01 2.10 0.82 0.58 5.52 0.80 0.80 0.83 2.14 1.79 1.88 20.23 1.18 1.09 2.58 2.17 2.17 0.00 0.00 6.76 213.0%

RAINY RIVER RESOURCES LTD 0.86 1.00 225.94 225.94 0.00 0.00 6.61 192.4%

SULLIDEN GOLD CORP LTD 0.80 17.83 1.57 4.76 5.06 1.93 4.26 4.50 1.72 112.5%

ASANKO GOLD INC 0.89 0.90 0.71 0.71 6.36 2.26 8.27 2.90 0.00 0.00 4.54 90.1%

BEAR CREEK MINING CORP 1.45 2.75 4.01 85.8%

PARAMOUNT GOLD AND SILVER 0.80 0.56 1.00 3.70 168.1%

KIRKLAND LAKE GOLD INC 0.96 0.96 0.83 0.82 1.37 1.48 0.87 0.63 0.49 4.23 10.09 3.59 1.81 1.18 4.42 9.56 2.72 1.80 1.39 4.44 6.30 2.65 1.92 9.81 203.8%

GUYANA GOLDFIELDS INC 0.85 0.70 0.44 0.37 0.31 0.51 1.03 0.85 2.56 1.54 1.52 1.21 4.19 2.17 0.00 5.23 209.2%

HIGHLAND GOLD MINING LTD 0.52 0.47 0.43 0.38 0.34 1.19 1.06 0.89 0.88 0.89 3.04 3.56 2.89 2.72 2.24 2.30 2.23 1.81 1.78 1.88 4.01 4.58 3.81 3.96 4.25 5.90 5.02 5.26 5.74 6.38 139.58 71.3%

INDOPHIL RESOURCES NL

LYDIAN INTERNATIONAL LTD 2.60 1.74 1.95 1.26 7.26 1.94 20.15 12.34 3.56 132.8%

SABINA GOLD & SILVER CORP 0.68 0.39 0.67 0.70 0.00 4.28 262.3%

LAKE SHORE GOLD CORP 0.14 0.22 0.23 1.00 0.70 0.52 0.52 0.42 3.19 2.18 1.52 1.44 0.96 7.32 2.94 1.88 2.21 1.34 8.17 5.15 6.09 1.23 267.5%

BRIGUS GOLD CORP 0.56 1.28 0.99 0.92 0.78 0.57 2.90 2.32 2.28 2.06 1.61 4.09 2.64 2.18 1.87 1.97 6.84 5.08 4.96 3.56 3.05 1.47 119.0%

GREAT PANTHER SILVER LTD 2.16 2.23 2.03 7.30 10.79 6.93 5.11 5.11 5.96 14.94 21.57 12.94 19.42 32.36 1.29 33.6%

INTREPID MINES LTD 0.85 1.01 1.05 0.89 0.60 4313.45 4.43 0.60 0.00 0.00 0.00 0.00 0.24 -5.9%

VISTA GOLD CORP 0.88 0.47 0.48 1.67 0.32 0.58 0.85 0.67 6.55 333.6%

ALEXCO RESOURCE CORP 1.25 1.45 0.99 0.81 0.69 4.91 5.69 3.14 2.24 1.88 8.19 7.25 5.14 31.82 35.64 8.49 3.92 3.26 84.0%

ATAC RESOURCES LTD 1.34 1.19 1.09 1.02 3.53 229.4%

SCORPIO MINING CORP 2.04 1.81 0.93 7.24 4.85 1.71 1.03 5.48 9.18 3.50 12.13 13.11 3.65 2.31 1.93 298.6%

MIDWAY GOLD CORP 1.27 2.17 1.48 1.46 1.91 1.07 48.93 25.31 2.07 6.52 1.77 82.6%

PATAGONIA GOLD PLC

GRYPHON MINERALS LTD 0.45 0.46 0.43 0.38 0.22 39.82 129.10 71.72 1.67 0.59 9.42 1.81 1.63 2.88 0.67 4.90 2.09 0.00 0.00 0.00 0.00 0.00 0.60 146.8%

DRDGOLD LTD-SPONSORED ADR 1.06 0.88 5.51 3.73 7.32 4.85 5.12 6.83 8.40 30.2%

RED 5 LTD 0.62 0.58 0.47 0.37 6.09 1.92 0.67 0.64 0.42 9.25 1.20 1.01 20.24 11.47 1.27 1.13 0.69 22.96 2.45 1.86 1.44 0.00 0.00 0.00 0.00 0.96 54.0%

LINGBAO GOLD CO LTD-H 0.58 0.57 0.55 0.54 0.21 0.21 0.22 0.25 6.78 7.21 6.70 7.05 6.89 10.33 10.05 13.78 3.98 3.23 2.96 2.15 2.14 -8.9%

INTL TOWER HILL MINES LTD 0.40 0.57 0.34 0.00 3.79 307.9%

SARACEN MINERAL HOLDINGS LTD 0.60 0.39 0.35 0.30 0.24 0.58 0.51 0.45 0.38 0.38 1.88 1.91 1.62 1.26 1.50 1.89 1.88 1.39 1.01 0.98 4.09 5.29 2.65 2.22 1.89 0.00 0.00 0.00 6.11 5.56 0.30 63.9%

EXETER RESOURCE CORP 1.35 4.55 441.9%

RICHMONT MINES INC 0.77 0.73 0.60 7.30 3.41 2.59 19.47 7.17 4.81 4.37 115.0%

RAMELIUS RESOURCES LTD 0.49 0.29 0.28 0.26 0.85 0.62 0.48 0.52 0.39 10.68 7.34 2.16 2.14 2.23 1.59 0.74 0.79 0.72 6.35 29.38 2.76 3.22 3.92 0.00 0.00 1.70 2.55 8.51 0.34 42.6%

GOLDEN MINERALS CO 2.68 1.86 1.20 0.87 24.60 1.62 0.41 2.95 3.96 155.7%

SAN GOLD CORP 0.26 0.28 0.43 0.46 0.36 1.55 1.80 1.26 1.42 1.38 1.68 1.47 1.08 2.08 0.31 72.2%

OREZONE GOLD CORP 0.16 0.78 6.12 3.83 9.56 2.62 240.3%

GRAN COLOMBIA GOLD CORP 0.31 0.37 0.31 0.19 2.41 1.88 0.84 6.65 25.27 5.26 2.50 5.63 5.63 1.69 0.70 311.8%

Price to Earnings Ratio

Valuation Measures II/II

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


10.05.2013

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

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

Central and South America.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (21.09.2012) 47.42

52-Week Low (17.04.2013) 27.11

Daily Volume

29.79

52-Week High % Change -37.18% Dividend Yield 1.86

52-Week Low % Change 9.89% Beta 0.73

% 52 Week Price Range High/Low 13.20% Equity Float 809.15

Shares Out 30.04.2013 812.0 Short Int 7.29

24'379.53 1 Yr Total Return -14.44%

Total Debt 783.00 YTD Return -18.33%

Preferred Stock 0.0 Adjusted BETA 0.725

Minority Interest 213.0 Analyst Recs 27

Cash and Equivalents 918.00 Consensus Rating 4.333

Enterprise Value 24'853.53

Average Volume 5 Day 6'267'257

GG US EQUITY YTD Change - Average Volume 30 Day 8'069'170

GG US EQUITY YTD % CHANGE - Average Volume 3 Month 7'170'037

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

2'419.6 2'723.6 3'738.0 5'362.0 5'435.0 5'362 5'435 4'918 6'301 1'171 1'301

9.42x 10.50x 9.95x 6.61x 5.50x 28.06x 24.57x 5.24x 4.04x 21.48x 19.50x

1'052.2 1'366.2 2'026.0 2'336.0 2'798.0 3'030.0 2'798.0 2'416.8 3'533.9 569.6 674.3

21.66x 20.94x 18.36x 15.18x 10.69x 11.71x 10.69x 10.28x 7.03x 9.36x 9.02x

1'475.6 240.2 2'051.0 1'187.0 1'749.0 1'881.0 1'749.0 1'213.9 1'834.3 220.9 306.0

57.34x 50.85x 30.36x 22.24x 18.47x 22.92x 19.41x 20.91x 13.79x 19.24x 16.84x

EBITDA 2'798.00 Long-Term Rating Date 01.06.2009

EBIT 2'123.00 Long-Term Rating BBB+

Operating Margin 39.06% Long-Term Outlook STABLE

Pretax Margin 41.44% Short-Term Rating Date -

Return on Assets 5.06% Short-Term Rating -

Return on Common Equity 7.08%

Return on Capital 6.69% EBITDA/Interest Exp. 93.27

Asset Turnover 0.16% (EBITDA-Capex)/Interest Exp. 6.33

Net Debt/EBITDA 0.10

Gross Margin 44.6% Total Debt/EBITDA 0.90

EBITDA Margin 49.6%

EBIT Margin 36.6% Total Debt/Equity 3.4%

Net Income Margin 32.2% Total Debt/Capital 3.3%

Asset Turnover 0.16

Current Ratio 2.15 Net Fixed Asset Turnover 0.20

Quick Ratio 1.39 Accounts receivable turnover-days 42.40

Debt to Assets 2.51% Inventory Days 85.97

Tot Debt to Common Equity 3.45% Accounts Payable Turnover Day 88.00

Accounts Receivable Turnover 8.61 Cash Conversion Cycle 33.03

Inventory Turnover 4.25

Fiscal Year Ended

Goldcorp IncPrice/Volume

Valuation Analysis

7'556'134.00

Current Price (5/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

'2

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

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10.05.2013

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

BLACKROCK n/a ULT-AGG 95'391'332 11.75 - 31.03.2013 Investment Advisor

FMR LLC n/a ULT-AGG 32'937'156 4.06 (9'098'135) 31.03.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 31'593'509 3.89 (836'637) 29.04.2013 Investment Advisor

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

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

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 18'417'273 2.27 7'264'832 31.03.2013 Hedge Fund Manager

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

FRANKLIN RESOURCES n/a ULT-AGG 15'796'349 1.95 5'676'487 31.03.2013 Investment Advisor

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

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

CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 11'582'812 1.43 (224'052) 31.03.2013 Investment Advisor

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

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

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

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

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

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

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

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

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 5'736'927 0.71 (2'008'888) 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Jefferies PETER D WARD hold 3 M 27 12 month 30.04.2013

HSBC PATRICK CHIDLEY overweight 5 M 35 Not Provided 28.04.2013

Stifel GEORGE J TOPPING buy 5 M 36 Not Provided 26.04.2013

Macquarie TONY LESIAK outperform 5 M 39 12 month 25.04.2013

Scotia Capital TANYA M JAKUSCONEK sector outperform 5 M 41 12 month 23.04.2013

TD Securities GREG BARNES buy 5 M 37 12 month 23.04.2013

Barclays FAROOQ HAMED overweight 5 M 40 Not Provided 23.04.2013

Deutsche Bank JORGE M BERISTAIN hold 3 M 28 12 month 22.04.2013

Credit Suisse ANITA SONI neutral 3 M 37 Not Provided 22.04.2013

Davenport & Co LLOYD T O'CARROLL buy 5 M 35 Not Provided 22.04.2013

Cormark Securities Inc. RICHARD GRAY buy 5 M 42 12 month 22.04.2013

RBC Capital Markets STEPHEN D WALKER outperform 5 M 36 12 month 19.04.2013

JPMorgan JOHN BRIDGES overweight 5 M 50 6 month 19.04.2013

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

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

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

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

GMP GEORGE V ALBINO buy 5 M 60 Not Provided 02.04.2013

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

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

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

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

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

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

Holdings By:

Goldcorp Inc ee


10.05.2013

Barrick Gold Corporation is an international gold company with operating mines

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

and Africa.


LTM as of: 03/yy

52-Week High (06.06.2012) 43.30

52-Week Low (17.04.2013) 17.51

Daily Volume

20.91




Shares Out 30.04.2013 1'001.2 Short Int 13.82

20'934.10 1 Yr Total Return -43.37%

Total Debt 13'943.00 YTD Return -39.89%


Minority Interest 2'663.0 Analyst Recs 32

Cash and Equivalents 2'093.00 Consensus Rating 3.938



ABX US EQUITY YTD Change - Average Volume 30 Day 24'444'724

ABX US EQUITY YTD % CHANGE - Average Volume 3 Month 17'383'728


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

7'613.0 8'136.0 11'001.0 14'236.0 14'547.0 14'793.0 14'340.0 13'584.2 14'682.2 3'299.9 3'456.6

4.64x 5.27x 5.25x 4.08x 3.41x 15.70x 14.05x 2.71x 2.50x 11.03x 10.63x

3'010.0 3'589.0 6'211.0 8'327.0 7'358.0 8'579.0 7'071.0 6'624.7 7'379.1 1'576.1 1'735.3

11.75x 11.95x 9.30x 6.98x 6.73x 6.58x 6.30x 5.45x 4.89x 5.24x 5.15x

785.0 (4'274.0) 3'582.0 4'484.0 (665.0) 4'522.0 (847.0) 3'117.6 3'424.5 656.3 759.1

20.18x 16.56x 15.62x 9.79x 9.36x 0.00x 0.00x 6.59x 6.13x 6.88x 6.56x


EBIT 5'636.00 Long-Term Rating BBB

Operating Margin 38.74% Long-Term Outlook NEG

Pretax Margin -6.28% Short-Term Rating Date 19.05.2011

Return on Assets -1.71% Short-Term Rating A-2

Return on Common Equity -3.63%

Return on Capital - EBITDA/Interest Exp. 9.89




EBITDA Margin 49.3%


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

Asset Turnover 0.29








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Barrick Gold CorpPrice/Volume

Valuation Analysis

20'012'319.00


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2'000.0

4'000.0

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8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

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10.05.2013



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

VAN ECK ASSOCIATES C n/a ULT-AGG 33'799'228 3.38 (1'012'978) 29.04.2013 Investment Advisor

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


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

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

ALLIANZ ASSET MANAGE n/a ULT-AGG 16'861'844 1.68 3'198'995 31.03.2013 Investment Advisor



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


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

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

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

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

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

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 9'682'770 0.97 128'664 31.03.2013 Investment Advisor

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

WELLS FARGO n/a ULT-AGG 8'501'322 0.85 2'875'528 31.03.2013 Investment Advisor


Jefferies PETER D WARD buy 5 M 30 12 month 30.04.2013


Canaccord Genuity Corp STEVEN BUTLER hold 3 M 23 12 month 29.04.2013


Stifel GEORGE J TOPPING buy 5 M 34 Not Provided 26.04.2013

CIBC World Markets ALEC KODATSKY sector perform 3 M 33 Not Provided 25.04.2013

Macquarie TONY LESIAK neutral 3 M 21 12 month 25.04.2013

Sterne, Agee & Leach MICHAEL S DUDAS neutral 3 M #N/A N/A Not Provided 25.04.2013

Salman Partners DAVID WEST buy 5 M 29 12 month 25.04.2013

Cormark Securities Inc. RICHARD GRAY market perform 3 M 25 12 month 25.04.2013

Haywood Securities Inc. KERRY SMITH buy 5 M 34 12 month 25.04.2013

TD Securities GREG BARNES hold 3 M 22 12 month 25.04.2013

Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 33 12 month 25.04.2013

Veritas Investment Research Co PAWEL RAJSZEL buy 5 M 28 Not Provided 25.04.2013


BMO Capital Markets DAVID HAUGHTON market perform 3 M 30 Not Provided 24.04.2013

RBC Capital Markets STEPHEN D WALKER sector perform 3 M 24 12 month 24.04.2013

Credit Suisse ANITA SONI outperform 5 M 38 Not Provided 24.04.2013

JPMorgan JOHN BRIDGES neutral 3 M 32 6 month 24.04.2013

Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 24 12 month 24.04.2013

GMP GEORGE V ALBINO buy 5 M 49 12 month 24.04.2013

Barclays FAROOQ HAMED equalweight 3 M 24 Not Provided 24.04.2013


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

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

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

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


Investec PIETER MARAIS hold 3 M 48 Not Provided 18.03.2011

Holdings By:

Barrick Gold Corp ee


10.05.2013

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

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

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

processes copper in Indonesia.


LTM as of: 03/yy

52-Week High (21.09.2012) 57.93

52-Week Low (30.04.2013) 31.33

Daily Volume

33.16





16'544.20 1 Yr Total Return -25.85%







NEM US EQUITY YTD Change - Average Volume 30 Day 9'651'695

NEM US EQUITY YTD % CHANGE - Average Volume 3 Month 8'808'492


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

6'124.0 7'705.0 9'540.0 10'358.0 9'868.0 10'576.0 9'362.0 9'453.3 11'102.3 2'203.4 2'343.0

3.70x 3.46x 3.45x 3.38x 3.13x 12.61x 13.44x 2.64x 2.24x 11.34x 10.71x

2'139.0 3'799.0 5'118.0 5'162.0 4'169.0 5'185.0 3'731.0 3'619.6 4'697.3 802.7 904.0

10.60x 7.02x 6.43x 6.78x 7.41x 6.08x 7.71x 6.83x 5.26x 6.21x 5.57x

831.0 1'297.0 2'277.0 366.0 1'809.0 342.0 1'634.0 1'382.9 1'977.4 316.7 370.7

20.98x 17.02x 13.44x 13.92x 12.29x 11.55x 12.54x 11.79x 9.24x 10.24x 8.74x


EBIT 3'137.00 Long-Term Rating BBB+









EBITDA Margin 39.9%



Asset Turnover 0.32








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Newmont Mining CorpPrice/Volume

Valuation Analysis

7'046'134.00


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4'000.0

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

'!''

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10.05.2013




STATE STREET n/a ULT-AGG 29'136'091 5.92 91'985 29.04.2013 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 23'252'143 4.72 1'215'913 31.03.2013 Investment Advisor



DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 12'128'463 2.46 (5'869'326) 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 9'840'813 2 (3'033'787) 31.03.2013 Investment Advisor

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

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


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

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 6'023'181 1.22 (290'400) 31.03.2013 Hedge Fund Manager

UBS n/a ULT-AGG 5'132'224 1.04 322'413 31.03.2013 Unclassified

GAMCO n/a ULT-AGG 5'044'086 1.02 405'185 31.12.2012 Unclassified

LAZARD ASSET MANAGEM n/a ULT-AGG 4'937'393 1 (276'645) 31.03.2013 Unclassified

JP MORGAN n/a ULT-AGG 4'884'655 0.99 (1'656'954) 31.03.2013 Investment Advisor

NORGES BANK NORGES BANK 13F 4'796'938 0.97 (408'945) 31.12.2012 Government

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

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 3'840'057 0.78 261'014 31.03.2013 Investment Advisor



Cowen Securities LLC ADAM P GRAF buy 5 M 33 12 month 30.04.2013

EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 30.04.2013


Deutsche Bank JORGE M BERISTAIN sell 1 M 24 12 month 29.04.2013


Sterne, Agee & Leach MICHAEL S DUDAS buy 5 M 65 12 month 29.04.2013


Stifel GEORGE J TOPPING hold 3 M #N/A N/A Not Provided 26.04.2013

Argus Research Corp WILLIAM V SELESKY buy 5 M 60 Not Provided 24.04.2013


TD Securities GREG BARNES hold 3 M 37 12 month 23.04.2013




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



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


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


Holdings By:

Newmont Mining Corp ee


10.05.2013

Randgold Resources Ltd. provides mining services. The Company offers

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

Africa.


LTM as of: 12/yy

52-Week High (05.10.2012) 127.27

52-Week Low (17.04.2013) 66.51

Daily Volume

80.25



% 52 Week Price Range High/Low 22.61% Equity Float -


7'393.58 1 Yr Total Return 3.96%






Average Volume 5 Day 750'011

GOLD US EQUITY YTD Change - Average Volume 30 Day 948'237

GOLD US EQUITY YTD % CHANGE - Average Volume 3 Month 770'410


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

338.6 432.8 484.6 1'127.1 1'317.8 1'127.1 1'317.8 1'383.4 1'791.2 339.0 361.0

9.01x 15.50x 14.79x 7.97x 6.59x 28.37x 26.72x 5.31x 3.82x - -

97.3 142.3 164.3 581.9 699.2 581.9 699.2 697.0 989.4 - -

31.34x 47.15x 43.62x 15.44x 12.43x 15.44x 12.43x 10.48x 7.38x - -

41.6 69.4 103.5 383.9 431.8 383.9 431.8 424.2 657.8 85.0 94.5

78.87x 94.26x 72.03x 24.30x 20.57x 24.30x 20.57x 18.57x 11.93x 16.95x 14.86x

EBITDA 699.18 Long-Term Rating Date -

EBIT 567.44 Long-Term Rating -

Operating Margin 43.06% Long-Term Outlook -






Net Debt/EBITDA -0.36


EBITDA Margin 51.7%



Asset Turnover 0.47


Quick Ratio 1.92 Accounts receivable turnover-days -

Debt to Assets 0.58% Inventory Days -

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

Accounts Receivable Turnover - Cash Conversion Cycle 136.09

Inventory Turnover -

Fiscal Year Ended

Randgold Resources LtdPrice/Volume

Valuation Analysis

854'639.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.'

1'

3'

5'

-''

-.'

-1'

Q -. j -. g -. g -. Q -. o -. l -. k -. a -. g -0 c -0 j -0 Q -0!' F

!2 F

-!' F

-!2 F

.!' F

.!2 F

0!' F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

-1'!''

-3'!''

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



10.05.2013


BLACKROCK n/a ULT-AGG 8'508'542 9.24 (57'745) 26.04.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 6'627'558 7.19 365'169 29.04.2013 Investment Advisor

WELLS FARGO n/a ULT-AGG 6'279'467 6.82 265'676 31.03.2013 Investment Advisor

FMR LLC n/a ULT-AGG 4'049'382 4.4 (992'666) 31.03.2013 Investment Advisor


AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 1'639'811 1.78 442'950 31.03.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 1'530'963 1.66 (121'450) 31.03.2013 Investment Advisor

MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 1'487'200 1.61 954'000 31.03.2013 Investment Advisor

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 1'264'736 1.37 - 31.03.2013 Hedge Fund Manager

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

JP MORGAN n/a ULT-AGG 947'594 1.03 (20'901) 31.03.2013 Investment Advisor

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

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 891'270 0.97 (60'950) 31.03.2013 Hedge Fund Manager

INVESCO LTD n/a ULT-AGG 821'510 0.89 (72'716) 31.12.2012 Investment Advisor

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

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

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

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

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

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 385'000 0.42 - 31.03.2013 Investment Advisor


Dundee Securities Corp JOSH WOLFSON buy 5 M 105 Not Provided 30.04.2013



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

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

Clarus Securities NANA SANGMUAH buy 5 M 120 12 month 01.04.2013

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

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

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

Holdings By:

Randgold Resources Ltd ee


10.05.2013

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

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

gold exploration properties in Argentina.


LTM as of: 12/yy

52-Week High (09.11.2012) 20.59

52-Week Low (17.04.2013) 11.02

Daily Volume

12.12

52-Week High % Change -41.14% Dividend Yield -




9'119.17 1 Yr Total Return -10.56%







AUY US EQUITY YTD Change - Average Volume 30 Day 8'421'382

AUY US EQUITY YTD % CHANGE - Average Volume 3 Month 7'779'908


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

949.4 1'183.3 1'686.8 2'173.3 2'336.8 2'173.3 2'336.8 2'524.8 3'069.9 551.3 652.8

6.36x 7.39x 5.76x 5.04x 5.73x 18.01x 21.98x 3.82x 2.99x 17.57x 14.88x

438.9 575.5 884.1 1'262.7 1'269.4 1'271.5 1'502.0 1'325.6 1'770.8 262.7 337.7

13.76x 15.19x 11.00x 8.67x 10.56x 8.61x 8.92x 7.31x 5.47x 7.37x 7.02x

434.8 192.6 466.5 548.3 442.1 548.3 442.1 596.9 829.5 113.0 153.0

- - - - - 0.00x 0.00x 15.70x 11.56x 15.07x 13.48x

EBITDA 1'269.45 Long-Term Rating Date -







Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. -4.66



EBITDA Margin 50.4%



Asset Turnover 0.20





Accounts Receivable Turnover 18.96 Cash Conversion Cycle -62.98



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Yamana Gold IncPrice/Volume

Valuation Analysis

5'104'812.00


'

2

-'

-2

.'

.2

Q -. j -. g -. g -. Q -. o -. l -. k -. a -. g -0 c -0 j -0 Q -0!' F.!' F1!' F3!' F5!' F-'!' F-.!' F-1!' F-3!' F-5!' F.'!' F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



10.05.2013



FMR LLC n/a ULT-AGG 39'560'804 5.26 6'000'156 31.03.2013 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 32'345'793 4.3 1'752'155 31.03.2013 Investment Advisor


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



AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 11'430'227 1.52 11'430'227 31.03.2013 Investment Advisor

CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 10'433'341 1.39 10'433'341 31.03.2013 Investment Advisor

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

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

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

JP MORGAN n/a ULT-AGG 7'226'163 0.96 (304'473) 31.03.2013 Investment Advisor

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


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

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 6'019'943 0.8 783'343 31.03.2013 Hedge Fund Manager

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

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

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


RBC Capital Markets DAN ROLLINS outperform 5 M 15 12 month 29.04.2013

Dundee Securities Corp JOSH WOLFSON neutral 3 D 17 12 month 29.04.2013

HSBC PATRICK CHIDLEY neutral 3 M 13 Not Provided 28.04.2013


Raymond James BRAD HUMPHREY outperform 5 M 20 12 month 24.04.2013

Morgan Stanley PARETOSH MISRA Overwt/In-Line 5 M 16 12 month 23.04.2013


TD Securities STEVEN J GREEN buy 5 M 20 12 month 23.04.2013








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

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

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

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



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

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

Holdings By:

Yamana Gold Inc ee


10.05.2013

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

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

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

and South America.


LTM as of: 12/yy

52-Week High (04.06.2012) 12.09

52-Week Low (17.04.2013) 6.23

Daily Volume

6.84





5'035.26 1 Yr Total Return -38.34%





Enterprise Value -


GFI US EQUITY YTD Change - Average Volume 30 Day 6'199'734

GFI US EQUITY YTD % CHANGE - Average Volume 3 Month 5'902'750


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

23'009.5 29'086.9 31'565.3 25'263.7 28'915.8 29'609.9 42'193.5 28'557.2 30'284.2 - -

3.10x 2.56x 2.56x 3.99x 3.05x 13.11x 8.38x 2.03x 1.84x - -

8'713.0 10'955.0 11'960.3 13'527.5 14'243.0 13'851.2 20'100.6 12'491.6 14'066.7 - -

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

4'457.5 1'535.6 3'631.4 7'026.7 5'658.1 7'026.7 5'658.1 4'000.8 5'404.3 - -

- - - - - 0.00x 0.00x 10.51x 8.24x - -


EBIT 10'149.20 Long-Term Rating BB+


Pretax Margin 22.47% Short-Term Rating Date 15.11.2012

Return on Assets 6.31% Short-Term Rating B






EBITDA Margin 47.6%



Asset Turnover 0.47







Fiscal Year Ended

Gold Fields LtdPrice/Volume

Valuation Analysis

3'731'225.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

-1

Q -. j -. g -. g -. Q -. o -. l -. k -. a -. g -0 c -0 j -0 Q -0!' F

2!' F

-'!' F

-2!' F

.'!' F

.2!' F

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



10.05.2013



VAN ECK ASSOCIATES C n/a ULT-AGG 35'916'727 4.88 1'204'375 29.04.2013 Investment Advisor

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


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

BLACKROCK n/a ULT-AGG 6'975'326 0.95 (1'745'314) 26.04.2013 Investment Advisor

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


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

RUFFER LLP RUFFER LLP 13F 5'396'309 0.73 (21'230) 31.03.2013 Hedge Fund Manager

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

WELLS FARGO n/a ULT-AGG 4'906'608 0.67 (128'413) 31.03.2013 Investment Advisor

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

UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 4'338'700 0.59 (368'600) 31.12.2012 Investment Advisor

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


INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 3'806'476 0.52 - 28.02.2013 Investment Advisor

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

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

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


HSBC PATRICK CHIDLEY neutral 3 D 8 Not Provided 28.04.2013


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

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

Holdings By:

Gold Fields Ltd ee


10.05.2013

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

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

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

States.


LTM as of: 12/yy

52-Week High (01.11.2012) 41.30

52-Week Low (18.04.2013) 21.79

Daily Volume

24.34





8'631.23 1 Yr Total Return -6.96%







SLW US EQUITY YTD Change - Average Volume 30 Day 6'464'701

SLW US EQUITY YTD % CHANGE - Average Volume 3 Month 5'300'604


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

166.7 239.3 423.4 730.0 849.6 730.0 849.6 966.9 1'094.1 242.6 228.8

12.14x 21.12x 31.91x 13.01x 14.18x 62.08x 52.82x 9.34x 8.28x 38.90x 41.36x

105.5 158.5 316.2 618.8 701.5 618.8 701.5 774.3 889.9 197.3 181.3

19.18x 31.87x 42.72x 15.35x 17.17x 15.35x 17.17x 10.21x 8.88x 9.99x 10.19x

17.3 117.9 153.4 550.0 586.0 550.0 586.0 562.9 647.7 144.5 124.0

- - - - - 0.00x 0.00x 15.56x 13.82x 15.92x 15.48x







Return on Capital - EBITDA/Interest Exp. -

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



EBITDA Margin 82.6%



Asset Turnover 0.28





Accounts Receivable Turnover 168.45 Cash Conversion Cycle -


Fiscal Year Ended

Silver Wheaton CorpPrice/Volume

Valuation Analysis

5'928'518.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2

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

Q -. j -. g -. g -. Q -. o -. l -. k -. a -. g -0 c -0 j -0 Q -0!' F

.!' F

1!' F

3!' F

5!' F

-'!' F

-.!' F

-1!' F

-3!' F

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

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

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



10.05.2013





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


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

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

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


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


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

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 3'473'930 0.98 (35'700) 31.03.2013 Hedge Fund Manager

GREAT WEST LIFE ASSU GREAT WEST LIFE ASSU 13F 3'099'463 0.87 (230'385) 31.03.2013 Insurance Company

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


UBS n/a ULT-AGG 2'708'496 0.76 (136'469) 31.03.2013 Unclassified

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

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

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



Credit Suisse RALPH M PROFITI outperform 5 M 37 Not Provided 24.04.2013


Scotia Capital TREVOR TURNBULL focus stock 5 M 50 12 month 23.04.2013

TD Securities DANIEL EARLE buy 5 M 37 12 month 23.04.2013



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

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

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

GMP CHELSEA HAMILTON buy 5 M 47 Not Provided 02.04.2013

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


Holdings By:

Silver Wheaton Corp ee


10.05.2013

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

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

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

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


LTM as of: 12/yy

52-Week High (06.06.2012) 38.31

52-Week Low (17.04.2013) 17.45

Daily Volume

18.71





7'209.39 1 Yr Total Return -44.46%





Enterprise Value -


AU US EQUITY YTD Change - Average Volume 30 Day 2'991'616

AU US EQUITY YTD % CHANGE - Average Volume 3 Month 2'459'672


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

29'774.0 30'745.0 38'833.0 47'849.0 52'160.3 47'846.3 51'994.5 59'211.2 61'408.2 - -

3.48x 3.88x 3.60x 3.00x 2.30x 11.44x 9.54x 1.53x 1.38x - -

3'278.0 (2'435.0) 9'720.0 20'443.0 19'105.5 20'438.6 18'922.1 21'784.6 24'700.1 - -

31.64x - 14.37x 7.03x 6.27x 7.03x 6.28x - - - -

(16'138.0) (2'762.0) 637.0 11'282.0 6'814.6 11'269.3 6'452.4 8'296.3 8'453.8 - -

- - - - - 0.00x 0.00x 8.89x 7.30x - -


EBIT 12'553.61 Long-Term Rating BBB-









EBITDA Margin 36.6%



Asset Turnover 0.54








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

AngloGold Ashanti LtdPrice/Volume

Valuation Analysis

1'819'630.00


'

2

-'

-2

.'

.2

0'

02

1'

Q -. j -. g -. g -. Q -. o -. l -. k -. a -. g -0 c -0 j -0 Q -0!' F-!' F.!' F0!' F1!' F2!' F3!' F4!' F5!' F6!' F-'!' F

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



10.05.2013


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


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






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

DUPONT CAPITAL MANAG DUPONT CAPITAL MANAG 13F 3'731'629 0.97 3'731'629 31.03.2013 Investment Advisor

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

NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 2'740'632 0.71 162'163 31.03.2013 Investment Advisor

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

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

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



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

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




Societe Generale BRUCE ALWAY hold 3 M 25 12 month 26.04.2013




Holdings By:

AngloGold Ashanti Ltd ee


10.05.2013

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

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

electric power transmission company, and an engineering services company.

Buenaventura also markets metal concentrates to smelters internationally.


LTM as of: 12/yy

52-Week High (06.06.2012) 42.73

52-Week Low (07.05.2013) 19.02

Daily Volume

19.54





5'385.90 1 Yr Total Return -48.50%







BVN US EQUITY YTD Change - Average Volume 30 Day 1'566'445

BVN US EQUITY YTD % CHANGE - Average Volume 3 Month 1'503'830


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

766.6 881.5 1'103.8 1'556.6 1'563.5 1'556.6 1'508.9 1'641.5 1'761.1 373.3 413.3

6.61x 9.30x 10.85x 6.05x 6.00x 24.64x 25.51x 3.40x 3.14x - -

(54.4) 351.5 475.4 820.2 571.9 629.3 571.9 645.8 769.2 174.0 208.0

- 23.33x 25.19x 11.49x 16.39x 14.97x 16.39x 8.69x 7.30x - -

153.3 593.6 660.8 858.9 684.7 858.9 684.7 544.0 608.6 125.0 147.0

33.61x 14.29x 18.66x 11.16x 13.40x 11.16x 13.40x 8.86x 8.31x 9.45x 8.86x









Net Debt/EBITDA -

Gross Margin 39.7% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 0.34








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cia de Minas Buenaventura SAPrice/Volume

Valuation Analysis

1'735'584.00


'2

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

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-!' F

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0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

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

'!''

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10.05.2013



VONTOBEL ASSET MANAG VONTOBEL ASSET MANAG 13F 12'497'006 4.55 4'814'696 31.03.2013 Investment Advisor



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




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

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




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

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

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

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

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

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



Morgan Stanley CARLOS DE ALBA Equalwt/No Rating 3 M 24 12 month 30.04.2013

Credit Suisse SANTIAGO PEREZ TEUFFER neutral 3 D 28 Not Provided 30.04.2013

Banco BTG Pactual SA CESAR PEREZ-NOVOA buy 5 M 30 12 month 29.04.2013

Grupo Santander WALTER CHIARVESIO buy 5 M 33 Not Provided 23.04.2013



Inteligo SAB LALI MERINO buy 5 M 32 Not Provided 16.04.2013

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

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

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

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

Holdings By:

Cia de Minas Buenaventura SA ee


10.05.2013

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

and develops gold properties.


LTM as of: 12/yy

52-Week High (21.09.2012) 12.84

52-Week Low (15.04.2013) 6.25

Daily Volume

7.54





3'595.58 1 Yr Total Return -10.56%







NGD US EQUITY YTD Change - Average Volume 30 Day 3'913'002

NGD US EQUITY YTD % CHANGE - Average Volume 3 Month 3'314'747


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

143.1 323.8 530.5 695.9 791.3 695.9 791.3 937.9 989.2 254.0 286.5

2.55x 4.31x 6.83x 6.62x 6.86x 25.77x 25.89x 3.94x 3.67x - -

13.8 110.4 239.2 344.0 390.1 344.0 390.1 487.6 586.4 115.0 149.0

26.46x 12.64x 15.15x 13.39x 13.91x 13.39x 13.91x 7.75x 6.44x - -

(102.7) (194.3) 47.5 179.0 199.0 179.0 198.9 175.9 235.9 30.7 62.6

- - - - - 0.00x 0.00x 18.90x 14.25x 17.14x 15.58x

EBITDA 390.10 Long-Term Rating Date 27.03.2012

EBIT 273.90 Long-Term Rating BB-









EBITDA Margin 47.0%



Asset Turnover 0.22







Fiscal Year Ended

New Gold IncPrice/Volume

Valuation Analysis

3'049'889.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

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-1

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-'!' F

-.!' F

-1!' F

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

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

'!.'

'!1'

'!3'

'!5'

-!''

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10.05.2013



VAN ECK ASSOCIATES C n/a ULT-AGG 51'620'702 10.84 - 29.04.2013 Investment Advisor



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

MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 12'987'264 2.73 1'051'834 31.03.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 12'693'570 2.66 - 28.02.2013 Investment Advisor


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



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

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

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

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


INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 5'091'201 1.07 (179'446) 28.02.2013 Investment Advisor


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

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











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


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



Holdings By:

New Gold Inc ee


10.05.2013

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

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

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

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

and expansion of its gold properities primarily from underground operations.


LTM as of: 03/yy

52-Week High (26.11.2012) 57.35

52-Week Low (07.05.2013) 29.84

Daily Volume

31.33





5'411.32 1 Yr Total Return -15.42%







AEM US EQUITY YTD Change - Average Volume 30 Day 2'031'721

AEM US EQUITY YTD % CHANGE - Average Volume 3 Month 1'770'711


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

368.9 613.8 1'422.5 1'821.8 1'917.7 1'882.7 1'865.2 1'705.3 2'061.1 373.3 439.8

21.80x 14.47x 9.45x 3.75x 4.96x 18.58x 18.17x 3.62x 2.95x 16.03x 13.72x

94.9 202.5 601.8 752.9 787.4 801.6 735.0 618.9 868.2 178.5 222.8

84.80x 43.86x 22.34x 9.08x 12.08x 7.78x 10.31x 9.54x 6.80x 7.37x 7.63x

73.2 86.5 332.1 (568.9) 310.9 (535.6) 256.2 184.1 319.3 25.3 56.7

- - - - - 0.00x 0.00x 30.21x 17.55x 27.13x 22.33x


EBIT 515.56 Long-Term Rating NR









EBITDA Margin 39.4%



Asset Turnover 0.36







Fiscal Year Ended

Agnico Eagle Mines LtdPrice/Volume

Valuation Analysis

1'704'097.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

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1'

2'

3'

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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

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10.05.2013



FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 11'305'234 6.55 696'000 31.03.2013 Hedge Fund Manager



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

WELLS FARGO n/a ULT-AGG 4'829'613 2.8 (57'068) 31.03.2013 Investment Advisor


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


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


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



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


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

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

INVESCO LTD n/a ULT-AGG 1'122'414 0.65 (158'619) 31.12.2012 Investment Advisor

MANUFACTURERS LIFE I MANUFACTURERS LIFE I 13F 1'100'246 0.64 6'382 31.12.2012 Insurance Company




Raymond James BRAD HUMPHREY market perform 3 M 46 12 month 29.04.2013


Canaccord Genuity Corp STEVEN BUTLER hold 3 M 41 Not Provided 29.04.2013



Mackie Research Capital Corp. BARRY D ALLAN hold 3 M 38 12 month 29.04.2013

Global Hunter Securities JEFF WRIGHT buy 5 M 47 12 month 29.04.2013

HSBC PATRICK CHIDLEY underweight 1 D 29 Not Provided 28.04.2013

National Bank Financial STEPHEN PARSONS sector perform 3 M 42 12 month 28.04.2013



Salman Partners DAVID WEST buy 5 M 55 Not Provided 26.04.2013

Dundee Securities Corp JOSH WOLFSON neutral 3 M 45 12 month 26.04.2013






Macquarie TONY LESIAK underperform 1 D 29 12 month 25.04.2013




Holdings By:

Agnico Eagle Mines Ltd ee


10.05.2013

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

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

and surrounding regions.


LTM as of: 12/yy

52-Week High (19.09.2012) 16.20

52-Week Low (17.04.2013) 6.59

Daily Volume

7.48





5'345.05 1 Yr Total Return -35.82%







EGO US EQUITY YTD Change - Average Volume 30 Day 6'373'095

EGO US EQUITY YTD % CHANGE - Average Volume 3 Month 5'546'261


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

277.7 358.5 791.2 1'103.7 1'147.5 1'103.7 1'147.5 1'263.9 1'402.4 291.0 310.3

10.15x 21.00x 12.74x 6.66x 8.06x 30.37x 33.92x 4.58x 4.39x 19.51x 18.48x

132.0 181.2 423.3 643.9 584.4 643.9 584.4 632.6 724.4 136.0 146.5

21.36x 41.53x 23.82x 11.41x 15.83x 11.41x 15.83x 8.78x 7.67x 9.90x 10.08x

163.7 102.4 221.0 318.7 305.3 318.7 305.3 275.5 338.1 59.3 69.3

- - - - - 0.00x 0.00x 16.88x 13.83x 17.27x 16.66x


EBIT 470.87 Long-Term Rating BB









EBITDA Margin 51.9%



Asset Turnover 0.16








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Eldorado Gold CorpPrice/Volume

Valuation Analysis

4'468'443.00


'.135

-'-.-1-3-5

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.!' F

1!' F

3!' F

5!' F

-'!' F

-.!' F

-1!' F

-3!' F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

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'!1'

'!3'

'!5'

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10.05.2013







CARMIGNAC GESTION Multiple Portfolios MF-AGG 13'044'870 1.83 (14'814'642) 29.03.2013 Investment Advisor

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




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


AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 9'924'291 1.39 (1'473'143) 31.03.2013 Investment Advisor



BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 8'799'121 1.23 (2'010'762) 31.03.2013 Investment Advisor

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

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


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


Dundee Securities Corp JOSH WOLFSON neutral 3 M 10 Not Provided 30.04.2013





Morgan Stanley PARETOSH MISRA Overwt/In-Line 5 M 10 12 month 23.04.2013


TD Securities STEVEN J GREEN action list buy 5 M 14 12 month 23.04.2013



Cormark Securities Inc. MIKE KOZAK buy 5 M 12 12 month 22.04.2013

Haywood Securities Inc. KERRY SMITH buy 5 M 19 Not Provided 16.04.2013

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



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





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

Holdings By:

Eldorado Gold Corp ee


10.05.2013

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

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

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


LTM as of: 12/yy

52-Week High (04.10.2012) 11.20

52-Week Low (17.04.2013) 4.97

Daily Volume

5.59



% 52 Week Price Range High/Low 9.96% Equity Float 1'139.69


6'381.90 1 Yr Total Return -27.89%







KGC US EQUITY YTD Change - Average Volume 30 Day 14'506'958

KGC US EQUITY YTD % CHANGE - Average Volume 3 Month 11'418'168


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

1'617.0 2'412.1 3'010.1 3'842.5 4'311.4 3'842.5 4'311.4 4'061.4 4'293.4 934.7 963.6

7.84x 5.37x 6.92x 3.37x 2.74x 16.69x 10.44x 1.86x 1.74x 7.94x 7.91x

656.3 1'093.2 1'200.4 1'926.2 1'962.2 1'926.2 1'962.2 1'673.7 2'009.8 354.0 390.5

19.32x 11.85x 17.35x 6.73x 6.01x 6.73x 6.01x 4.30x 3.58x 4.24x 3.90x

(807.2) 309.9 759.7 (2'073.6) (2'504.9) (2'080.9) (2'504.9) 553.9 734.7 93.5 119.0

46.21x 41.68x 146.30x 15.25x 12.61x 15.46x 12.61x 12.07x 9.19x 11.48x 9.69x


EBIT 1'281.00 Long-Term Rating BBB-


Pretax Margin -53.16% Short-Term Rating Date -

Return on Assets -15.73% Short-Term Rating -






EBITDA Margin 45.7%



Asset Turnover 0.28







Fiscal Year Ended

Kinross Gold CorpPrice/Volume

Valuation Analysis

14'215'780.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

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2!' F

-'!' F

-2!' F

.'!' F

.2!' F

0'!' F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

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-5!''

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10.05.2013





INVESCO LTD n/a ULT-AGG 23'312'301 2.04 1'717'094 29.04.2013 Investment Advisor

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

LAZARD ASSET MANAGEM n/a ULT-AGG 20'421'586 1.79 (1'148'398) 31.03.2013 Unclassified

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





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


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

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


FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 12'671'799 1.11 (1'130'000) 31.03.2013 Hedge Fund Manager










CIBC World Markets ALEC KODATSKY sector underperform 1 D 8 18 month 29.04.2013

Canaccord Genuity Corp STEVEN BUTLER buy 5 M 8 Not Provided 29.04.2013

National Bank Financial PAOLO LOSTRITTO outperform 5 M 11 12 month 29.04.2013





Stifel GEORGE J TOPPING hold 3 M #N/A N/A Not Provided 26.04.2013







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


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

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

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

Holdings By:

Kinross Gold Corp ee


10.05.2013

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

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

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

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

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


LTM as of: 12/yy

52-Week High (01.10.2012) 100.84

52-Week Low (18.04.2013) 50.20

Daily Volume

55.16





3'550.92 1 Yr Total Return -8.16%







RGLD US EQUITY YTD Change - Average Volume 30 Day 1'145'597

RGLD US EQUITY YTD % CHANGE - Average Volume 3 Month 977'487


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 06/13 Q4 09/13 Q1

66.3 73.8 136.6 216.5 263.1 248.1 287.5 303.2 379.1 70.7 71.0

13.56x 19.29x 18.40x 15.32x 17.19x 55.25x 66.05x 10.57x 7.96x 45.51x -

51.3 59.9 114.2 186.3 233.2 215.8 257.6 271.0 336.0 65.0 63.1

17.51x 23.77x 22.00x 17.80x 19.39x 17.98x 18.80x 11.76x 9.49x 10.57x 9.25x

24.0 38.3 21.5 71.4 92.5 87.2 98.6 95.9 133.3 21.0 22.3

56.00x 91.09x 61.79x 45.40x 48.25x 42.80x 50.12x 36.36x 26.22x 31.54x 26.24x











EBITDA Margin 88.9%



Asset Turnover 0.12








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Royal Gold IncPrice/Volume

Valuation Analysis

852'112.00


'

.'

1'

3'

5'

-''

-.'


0.0

50.0

100.0

150.0

200.0

250.0

300.0

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

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2'!''

3'!''

4'!''

5'!''

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10.05.2013




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




STUCKERT JAMES W n/a Form 4 1'622'095 2.52 (150'000) 24.04.2013 n/a



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

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 867'401 1.35 - 31.03.2013 Hedge Fund Manager

AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 838'175 1.3 838'175 31.03.2013 Investment Advisor

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

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

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

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

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

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

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

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




BB&T Capital Markets GARRETT S. NELSON buy 5 M 80 12 month 22.04.2013


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

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

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

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

Holdings By:

Royal Gold Inc ee


10.05.2013

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

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

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

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


LTM as of: 12/yy

52-Week High (06.06.2012) 10.73

52-Week Low (03.05.2013) 4.31

Daily Volume

4.67





2'032.65 1 Yr Total Return -50.15%





Enterprise Value -


HMY US EQUITY YTD Change - Average Volume 30 Day 3'362'492

HMY US EQUITY YTD % CHANGE - Average Volume 3 Month 2'845'829


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 06/13 Q4 09/13 Q1

9'617.0 11'496.0 11'284.0 11'596.0 15'169.0 13'536.0 16'047.0 16'517.1 21'952.5 - -

4.37x 2.83x 3.13x 3.41x 2.18x 12.28x 8.20x 1.11x 0.90x - -

1'393.0 2'125.0 1'737.0 2'354.0 4'222.0 3'077.0 3'562.0 4'735.2 8'182.3 - -

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

(245.0) 2'927.0 (192.0) 617.0 2'645.0 1'720.0 2'314.0 1'772.9 3'348.3 - -

- - - - - 0.00x 0.00x 10.83x 5.48x - -


EBIT 2'231.00 Long-Term Rating -









EBITDA Margin 19.2%



Asset Turnover 0.37








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Harmony Gold Mining Co LtdPrice/Volume

Valuation Analysis

1'845'773.00


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4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

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10.05.2013


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




DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 9'196'293 2.11 559'805 31.12.2012 Investment Advisor



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

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



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

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

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

CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 1'203'118 0.28 490'639 31.03.2013 Investment Advisor

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

CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 1'037'400 0.24 (106'100) 31.01.2013 Investment Advisor

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

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

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



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


Holdings By:

Harmony Gold Mining Co Ltd ee


10.05.2013

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

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

pipeline of development and exploration projects.


LTM as of: 12/yy

52-Week High (05.10.2012) 16.88

52-Week Low (18.04.2013) 4.60

Daily Volume

5.83





2'195.37 1 Yr Total Return -45.50%







IAG US EQUITY YTD Change - Average Volume 30 Day 7'111'840

IAG US EQUITY YTD % CHANGE - Average Volume 3 Month 6'868'405


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

869.6 914.3 1'097.1 1'673.2 1'670.0 1'673.2 1'670.0 1'493.1 1'688.8 388.8 406.0

2.09x 6.14x 5.88x - 2.52x 15.16x 10.85x 1.62x 1.63x 6.18x 6.17x

342.1 378.6 470.3 785.0 710.1 785.0 710.1 570.4 705.4 148.0 163.5

5.31x 14.82x 13.71x - 5.94x 6.36x 5.94x 3.68x 2.98x 3.55x 3.74x

(9.9) 114.1 262.6 806.6 334.7 806.6 334.7 189.3 250.3 37.1 49.7

- - - - - 0.00x 0.00x 11.50x 8.75x 10.16x 9.39x


EBIT 546.20 Long-Term Rating BB-









EBITDA Margin 42.5%



Asset Turnover 0.34








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

IAMGOLD CorpPrice/Volume

Valuation Analysis

6'923'206.00


'.135

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0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

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

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10.05.2013






AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 9'271'077 2.46 1'611'410 31.03.2013 Investment Advisor

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



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

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




SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 4'905'401 1.3 2'828'200 31.03.2013 Investment Advisor



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


FRANKLIN RESOURCES n/a ULT-AGG 3'204'100 0.85 (1'256'100) 31.03.2013 Investment Advisor

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


Clarus Securities NANA SANGMUAH hold 3 M 13 12 month 29.04.2013


Societe Generale BRUCE ALWAY sell 1 M 5 12 month 26.04.2013

Stifel MICHAEL A SCOON hold 3 M #N/A N/A Not Provided 26.04.2013





Credit Suisse ANITA SONI underperform 1 M 7 Not Provided 22.04.2013

Canaccord Genuity Corp STEVEN BUTLER hold 3 M 8 12 month 22.04.2013

Cormark Securities Inc. MIKE KOZAK market perform 3 M 7 12 month 22.04.2013

RBC Capital Markets DAN ROLLINS sector perform 3 M 6 12 month 19.04.2013




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






EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 24.01.2013

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

Holdings By:

IAMGOLD Corp ee


10.05.2013

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

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


LTM as of: 12/yy

52-Week High (01.11.2012) 22.83

52-Week Low (18.04.2013) 11.78

Daily Volume

12.78





1'935.99 1 Yr Total Return -23.70%







PAAS US EQUITY YTD Change - Average Volume 30 Day 2'309'845

PAAS US EQUITY YTD % CHANGE - Average Volume 3 Month 1'902'064


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

338.6 454.8 646.6 855.3 928.6 855.3 928.6 1'035.5 1'109.7 255.8 254.0

4.05x 5.14x 6.33x 2.15x 2.57x 12.63x 11.01x 1.43x 1.25x 5.79x 5.73x

121.0 179.1 277.8 445.9 362.0 455.9 362.0 405.4 466.0 94.8 90.7

11.33x 13.05x 14.73x 4.12x 6.60x 4.03x 6.60x 3.65x 3.17x 3.82x 3.47x

24.6 62.0 13.7 352.5 87.4 352.5 87.4 189.2 226.6 40.7 39.8

- - - - - 0.00x 0.00x 13.07x 10.94x 11.02x 10.11x











EBITDA Margin 39.0%



Asset Turnover 0.35







Fiscal Year Ended

Pan American Silver CorpPrice/Volume

Valuation Analysis

2'087'137.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

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2!' F

3!' F

4!' F

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

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

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10.05.2013




ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 10'001'527 6.59 (1'140'970) 31.03.2013 Investment Advisor



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


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

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

ASTON ASSET MANAGEME Multiple Portfolios MF-AGG 1'795'904 1.18 82'638 28.03.2013 Investment Advisor

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


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

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

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

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


MORGAN STANLEY n/a ULT-AGG 1'117'492 0.74 393'712 31.03.2013 Investment Advisor

AXA n/a ULT-AGG 1'095'911 0.72 - 31.03.2013 Investment Advisor





TD Securities DANIEL EARLE hold 3 M 16 12 month 23.04.2013

Credit Suisse RALPH M PROFITI outperform 5 M 22 Not Provided 22.04.2013


JPMorgan JOHN BRIDGES underweight 1 M 18 6 month 19.04.2013

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

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


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





Holdings By:

Pan American Silver Corp ee


10.05.2013

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

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

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

and the La Guitarra Silver Mine.


LTM as of: 12/yy

52-Week High (09.11.2012) 24.20

52-Week Low (23.04.2013) 10.77

Daily Volume

11.69





1'367.58 1 Yr Total Return -20.80%







AG US EQUITY YTD Change - Average Volume 30 Day 1'239'269

AG US EQUITY YTD % CHANGE - Average Volume 3 Month 1'097'093


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

41.8 52.4 117.9 245.5 247.2 245.5 247.2 373.0 542.5 - -

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

2.3 11.7 53.4 156.2 135.1 156.2 135.1 211.3 302.3 - -

59.08x 28.43x 25.73x 10.89x 16.82x 10.89x 16.82x 6.08x 4.25x - -

(4.9) 5.6 35.1 103.6 88.9 103.6 88.9 146.4 217.5 - -

- - - - - 0.00x 0.00x 13.95x 9.03x 12.01x 9.92x











EBITDA Margin 54.7%



Asset Turnover 0.39







Fiscal Year Ended

First Majestic Silver CorpPrice/Volume

Valuation Analysis

983'505.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

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0.0

50.0

100.0

150.0

200.0

250.0

300.0

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

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'!3'

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10.05.2013



SPROTT INC SPROTT INC 13F 4'404'872 3.77 (376'800) 31.03.2013 Hedge Fund Manager

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

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



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

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



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



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

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

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

INVESCO LTD n/a ULT-AGG 891'317 0.76 321'483 31.12.2012 Investment Advisor

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

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

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 675'000 0.58 (125'000) 31.12.2012 Investment Advisor



Raymond James CHRIS THOMPSON outperform 5 M 20 12 month 24.04.2013


Cormark Securities Inc. GRAEME JENNINGS buy 5 M 21 12 month 22.04.2013




Holdings By:

First Majestic Silver Corp ee


10.05.2013

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

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

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

South America.


LTM as of: 12/yy

52-Week High (01.11.2012) 31.97

52-Week Low (18.04.2013) 13.31

Daily Volume

14.45





1'466.34 1 Yr Total Return -22.23%







CDE US EQUITY YTD Change - Average Volume 30 Day 1'913'136

CDE US EQUITY YTD % CHANGE - Average Volume 3 Month 1'743'807


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

170.9 300.4 515.5 1'021.2 895.5 1'021.2 895.5 939.3 1'063.2 232.0 242.3

5.09x 5.42x 4.98x 2.05x 2.45x 9.28x 9.22x 1.46x 1.13x 6.27x 5.87x

0.3 78.2 218.7 531.3 378.2 531.3 378.2 385.3 516.3 89.1 99.5

2750.95x 20.82x 11.74x 3.95x 5.80x 3.95x 5.80x 3.73x 2.78x 3.06x 2.69x

(0.6) (27.1) (91.3) 93.5 48.7 93.5 48.7 96.8 170.2 15.7 15.5

- - - 22.35x 41.69x 22.35x 42.41x 21.09x 11.29x 12.08x 10.37x


EBIT 159.37 Long-Term Rating B+









EBITDA Margin 42.2%



Asset Turnover 0.28








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Coeur d'Alene Mines CorpPrice/Volume

Valuation Analysis

2'508'377.00


'

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0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

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

'!''

2!''

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0'!''

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10.05.2013




VANGUARD GROUP INC VANGUARD GROUP INC 13F 4'876'942 4.75 (420'427) 31.03.2013 Investment Advisor


STATE STREET n/a ULT-AGG 4'427'354 4.32 (54'878) 29.04.2013 Investment Advisor

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 2'810'872 2.74 (256'964) 31.03.2013 Investment Advisor


GUGGENHEIM n/a ULT-AGG 2'259'708 2.2 986'778 31.03.2013 Unclassified

ATLANTIC INVESTMENT ATLANTIC INVESTMENT 13F 2'031'590 1.98 (285'500) 31.12.2012 Investment Advisor


DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1'795'841 1.75 (457'409) 31.12.2012 Investment Advisor

DONALD SMITH & CO IN DONALD SMITH & CO IN 13F 1'602'028 1.56 1'602'028 31.12.2012 Investment Advisor

SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 1'278'258 1.25 272'396 31.12.2012 Hedge Fund Manager

DREMAN VALUE MANAGEM DREMAN VALUE MANAGEM 13F 1'265'889 1.23 (232'106) 31.12.2012 Investment Advisor


NEW JERSEY DIVISION STATE OF NJ COMMON P 13F 1'000'000 0.97 1'000'000 31.12.2012 Pension Fund (ERISA)

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 996'110 0.97 756'816 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 942'523 0.92 (89'282) 31.03.2013 Investment Advisor

SPROTT INC SPROTT INC 13F 838'500 0.82 (341'000) 31.03.2013 Hedge Fund Manager

INVESCO LTD n/a ULT-AGG 733'057 0.71 (410'219) 31.12.2012 Investment Advisor



Deutsche Bank JORGE M BERISTAIN buy 5 M 21 12 month 29.04.2013

Global Hunter Securities JEFF WRIGHT accumulate 4 M 23 12 month 29.04.2013

Cormark Securities Inc. GRAEME JENNINGS market perform 3 M 20 12 month 22.04.2013

JPMorgan JOHN BRIDGES restricted #N/A N/A M #N/A N/A Not Provided 19.04.2013


Sidoti & Company LLC ADAM BROOKS buy 5 M 24 12 month 17.04.2013

Sterne, Agee & Leach MICHAEL S DUDAS buy 5 M 36 12 month 12.04.2013

Holdings By:

Coeur d'Alene Mines Corp ee


10.05.2013

AuRico Gold Inc. is a Canadian gold producer with mines and projects in North

America that have solid production growth and exploration potential. The Company

is focused on its core operations including the Young-Davidson gold mine in

northern Ontario and the El Chanate mine in Sonora State, Mexico. AuRico's

project pipeline also includes development opportunities in Canada and Mexico.


LTM as of: 12/yy

52-Week High (13.06.2012) 8.79

52-Week Low (18.04.2013) 4.52

Daily Volume

4.85





1'196.86 1 Yr Total Return -39.87%





Enterprise Value 782.03


AUQ US EQUITY YTD Change - Average Volume 30 Day 3'237'863

AUQ US EQUITY YTD % CHANGE - Average Volume 3 Month 3'282'861


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

212.5 206.8 238.3 83.9 163.6 212.3 233.4 301.4 415.2 58.4 72.8

3.30x 6.86x 4.42x 27.78x 11.67x 33.27x 39.23x 3.78x 2.75x 12.48x 14.38x

53.3 70.5 106.6 2.3 52.3 106.8 79.9 144.3 217.3 21.0 39.1

13.17x 20.14x 9.87x 1003.29x 36.48x 0.00x 23.88x 5.42x 3.60x 4.79x 4.13x

38.7 8.2 (134.7) 176.9 33.2 176.9 33.2 64.8 94.6 6.6 16.2

- - - - - 0.00x 0.00x 17.90x 11.92x 14.14x 12.00x








Asset Turnover - (EBITDA-Capex)/Interest Exp. -142.03



EBITDA Margin -

EBIT Margin - Total Debt/Equity 8.2%


Asset Turnover -

Current Ratio 7.76 Net Fixed Asset Turnover -




Accounts Receivable Turnover - Cash Conversion Cycle -


Fiscal Year Ended

AuRico Gold IncPrice/Volume

Valuation Analysis

2'069'788.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-.0123456

-'

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50.0

100.0

150.0

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10.05.2013


WELLINGTON MANAGEMEN n/a 13G 29'437'231 11.94 9'509'551 31.01.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 24'673'016 10 - 29.04.2013 Investment Advisor

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 12'572'597 5.1 1'193'174 31.03.2013 Investment Advisor

SENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 11'799'825 4.78 (2'491'500) 31.12.2012 Investment Advisor

HEARTLAND ADVISORS I HEARTLAND ADVISORS I 13F 11'733'592 4.76 (677'807) 31.12.2012 Investment Advisor

DONALD SMITH & CO IN DONALD SMITH & CO IN 13F 8'335'053 3.38 164'601 31.12.2012 Investment Advisor




OPUS CAPITAL GROUP L OPUS CAPITAL GROUP L 13F 4'478'647 1.82 1'610'951 31.03.2013 Investment Advisor

NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 3'916'476 1.59 (2'801'559) 31.12.2012 Investment Advisor

HEXAVEST INC HEXAVEST INC 13F 3'895'355 1.58 (1'586'686) 31.03.2013 Investment Advisor



FIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 3'677'730 1.49 (11'562'015) 31.03.2013 Investment Advisor

ASTON ASSET MANAGEME Multiple Portfolios MF-AGG 3'654'124 1.48 488'507 28.03.2013 Investment Advisor

SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 3'493'185 1.42 (50'000) 31.12.2012 Hedge Fund Manager

DREMAN VALUE MANAGEM DREMAN VALUE MANAGEM 13F 3'453'046 1.4 (54'087) 31.12.2012 Investment Advisor

GEOLOGIC RESOURCE PA GEOLOGIC RESOURCE PA 13F 3'444'100 1.4 (500'000) 31.12.2012 Hedge Fund Manager

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 3'343'677 1.36 (389'322) 31.12.2012 Investment Advisor



TD Securities STEVEN J GREEN reduce 2 M 5 12 month 23.04.2013




Raymond James GARY J BASCHUK Under Review #N/A N/A M #N/A N/A Not Provided 18.04.2013

Dundee Securities Corp JOE FAZZINI neutral 3 M 7 Not Provided 16.04.2013

BMO Capital Markets BRIAN QUAST market perform 3 M 8 Not Provided 15.04.2013

Desjardins Securities ADAM MELNYK hold 3 M 8 Not Provided 15.04.2013

GMP CHELSEA HAMILTON buy 5 M 12 12 month 15.04.2013

National Bank Financial PAOLO LOSTRITTO sector perform 3 M 6 12 month 15.04.2013



Scotia Capital TREVOR TURNBULL sector perform 3 M 7 12 month 04.04.2013


Holdings By:

AuRico Gold Inc ee


10.05.2013

Allied Nevada Gold Corporation evaluates, acquires, explores, and advances

gold exploration and potential development projects. The Company's holdings

include projects in Nevada, California, Idaho and Colorado in the United

States, as well as Bolivia, Mexico, Indonesia and Australia.


LTM as of: 03/yy

52-Week High (17.10.2012) 41.02

52-Week Low (07.05.2013) 9.16

Daily Volume

9.51





854.85 1 Yr Total Return -63.92%







ANV US EQUITY YTD Change - Average Volume 30 Day 3'138'578

ANV US EQUITY YTD % CHANGE - Average Volume 3 Month 2'135'537


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

0.0 43.2 130.9 152.0 214.6 159.3 224.5 368.2 559.7 72.6 89.1

- 23.79x 15.41x 16.34x 13.43x 69.10x 39.30x 3.22x 2.53x 9.46x 6.62x

(38.7) (0.8) 30.5 48.8 95.5 64.8 77.6 160.3 337.8 24.9 31.9

- - 66.12x 50.94x 30.19x 42.00x 0.00x 6.44x 3.06x 8.02x 7.05x

(79.6) 8.5 34.1 36.7 47.7 48.6 44.5 82.1 131.5 10.1 14.4

- 107.71x 64.17x 77.64x 57.94x 62.56x 33.59x 11.29x 5.25x 9.07x 7.16x


EBIT 80.87 Long-Term Rating B









EBITDA Margin 44.5%



Asset Turnover 0.23








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Allied Nevada Gold CorpPrice/Volume

Valuation Analysis

1'746'558.00


'2

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


0.0

50.0

100.0

150.0

200.0

250.0

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

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10.05.2013





PESCIO CARL A n/a Form 4 4'403'800 4.9 (296'200) 21.09.2012 n/a

SENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 4'254'700 4.73 5'600 31.12.2012 Investment Advisor


GCIC LTD/CANADA n/a 13G 3'931'475 4.37 (1'847'320) 18.04.2013 Investment Advisor


FMR LLC n/a ULT-AGG 3'225'015 3.59 192'715 31.03.2013 Investment Advisor


BAUPOST GROUP LLC THE BAUPOST GROUP LL 13F 2'853'550 3.17 (2'200'000) 31.12.2012 Hedge Fund Manager

UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 2'408'733 2.68 18'784 31.12.2012 Investment Advisor

BUCHAN ROBERT M n/a PROXY 2'211'500 2.46 (23'300) 08.03.2013 n/a

PERRY CORP PERRY CORPORATION 13F 2'142'250 2.38 259'000 31.12.2012 Hedge Fund Manager



SCOTIA ASSET MANAGEM Multiple Portfolios MF-AGG 1'620'900 1.8 - 28.02.2013 Investment Advisor


COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 1'444'000 1.61 1'444'000 31.12.2012 Investment Advisor

GUGGENHEIM n/a ULT-AGG 1'199'739 1.33 571'495 31.03.2013 Unclassified


RBC Capital Markets SAM CRITTENDEN sector perform 3 D 15 12 month 29.04.2013

Macquarie MICHAEL GRAY underperform 1 M 9 12 month 25.04.2013

Scotia Capital TREVOR TURNBULL sector perform 3 U 15 12 month 23.04.2013


Cormark Securities Inc. MIKE KOZAK speculative buy 4 M 24 12 month 22.04.2013


CIBC World Markets CHITIMUKULU MUSONDA sector perform 3 M 19 Not Provided 11.04.2013

BMO Capital Markets BRIAN QUAST underperform 1 M 18 Not Provided 09.04.2013

GMP ANDREW MIKITCHOOK buy 5 M 43 12 month 09.04.2013


Holdings By:

Allied Nevada Gold Corp ee


10.05.2013

Hecla Mining Company explores, develops, and mines precious metals, gold and

silver. The Company has operations in the United States and Mexico.


LTM as of: 12/yy

52-Week High (21.09.2012) 6.92

52-Week Low (18.04.2013) 2.95

Daily Volume

3.3












HL US EQUITY YTD Change - Average Volume 30 Day 6'527'303

HL US EQUITY YTD % CHANGE - Average Volume 3 Month 6'165'685


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

204.7 312.5 418.8 477.6 321.1 477.6 321.1 488.1 622.0 91.7 103.9

3.08x 4.39x 6.28x 2.59x 4.64x 13.24x 16.60x 2.51x 1.83x 8.57x 7.91x

15.3 132.3 211.3 254.7 92.9 253.4 92.9 214.0 324.7 40.4 49.7

41.21x 10.38x 12.44x 4.85x 16.03x 4.88x 16.03x 3.59x 2.36x 2.83x 2.38x

(66.6) 67.8 49.0 151.2 15.0 151.2 15.0 70.4 125.2 8.6 6.5

- 34.33x 62.56x 12.16x 83.29x 12.16x 83.29x 15.14x 8.73x 14.60x 11.04x











EBITDA Margin 28.9%



Asset Turnover 0.23








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hecla Mining CoPrice/Volume

Valuation Analysis

5'405'233.00


'

-

.

0

1

2

3

4

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100.0

200.0

300.0

400.0

500.0

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10.05.2013



STATE STREET n/a ULT-AGG 16'490'464 5.78 (1'261'865) 29.04.2013 Investment Advisor






KESTREL INVESTMENT M KESTREL INVESTMENT M 13F 3'997'250 1.4 (98'000) 31.12.2012 Investment Advisor

SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 3'744'569 1.31 1'615'970 31.12.2012 Investment Advisor

CREDIT SUISSE AG CREDIT SUISSE AG 13F 2'966'054 1.04 (525'202) 31.12.2012 Investment Advisor

CS MCKEE LP C S MCKEE LP 13F 2'882'600 1.01 (359'600) 31.12.2012 Investment Advisor

LRI-FUND MANAGEMENT Multiple Portfolios MF-AGG 2'800'000 0.98 413'542 31.03.2013 Investment Advisor

GLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 2'771'542 0.97 (671'814) 31.12.2012 Investment Advisor


MORGAN STANLEY n/a ULT-AGG 2'493'254 0.87 8'934 31.03.2013 Investment Advisor

DENVER INVESTMENT AD DENVER INVESTMENT AD 13F 2'443'226 0.86 (193'270) 31.12.2012 Investment Advisor


BNP PARIBAS INV PART n/a ULT-AGG 2'250'000 0.79 (150'000) 28.02.2013 Investment Advisor

QUANTEX AG Multiple Portfolios MF-AGG 2'035'400 0.71 (330'000) 29.03.2013 Investment Advisor

NEW JERSEY DIVISION STATE OF NJ COMMON P 13F 1'900'000 0.67 (2'100'000) 31.12.2012 Pension Fund (ERISA)







Deutsche Bank JORGE M BERISTAIN hold 3 U 4 12 month 11.04.2013


Scotia Capital TREVOR TURNBULL restricted #N/A N/A M #N/A N/A Not Provided 05.03.2013

Holdings By:

Hecla Mining Co ee


10.05.2013

Nevsun Resources Ltd. is a gold producer and base metal developer. The Company

has a gold-copper-zinc mine in Eritrea.


LTM as of: 12/yy

52-Week High (07.11.2012) 4.98

52-Week Low (16.05.2012) 2.68

Daily Volume

3.68




Shares Out #N/A N/A - Short Int 1.08

- 1 Yr Total Return 11.51%





Enterprise Value -


NSU US EQUITY YTD Change - Average Volume 30 Day 762'654

NSU US EQUITY YTD % CHANGE - Average Volume 3 Month 1'101'323


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

0.0 0.0 0.0 547.8 566.0 551.5 566.0 376.9 691.6 61.4 90.2

- - - 1.60x 1.05x 6.89x 4.04x - - - -

(6.1) (4.9) (12.2) 429.2 426.5 429.3 426.5 230.3 465.0 21.4 53.5

- - - 2.04x 1.40x 2.04x 1.40x - - - -

(5.7) (4.3) (13.3) 147.1 145.3 147.1 145.3 64.0 172.5 4.3 18.0

- - - - - 0.00x 0.00x 9.11x 3.83x 7.06x 5.15x











EBITDA Margin 75.3%



Asset Turnover 0.69







Fiscal Year Ended

Nevsun Resources LtdPrice/Volume

Valuation Analysis

644'018.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

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0

1

2

3

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10.05.2013


VANGUARD GROUP INC Multiple Portfolios MF-AGG 39'554'511 0 9'800 31.03.2013 Investment Advisor

M&G INVESTMENT MANAG M&G INVESTMENT MANAG 13F 38'500'000 0 - 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 29'730'099 0 - 26.04.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 24'147'000 0 (1'770'900) 31.03.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 13'698'233 0 2'496'855 29.04.2013 Investment Advisor

ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 5'077'040 0 613'900 31.03.2013 Investment Advisor

SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 4'239'444 0 124'000 31.03.2013 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'062'504 0 3'062'504 31.12.2012 Investment Advisor

CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 3'003'300 0 1'180'900 31.12.2012 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 1'883'601 0 4'200 31.12.2012 Pension Fund (ERISA)

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 1'878'320 0 - 31.12.2012 Investment Advisor

DAVIS CLIFFORD T n/a SEDI 1'553'219 0 (50'100) 19.11.2012 n/a

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 1'395'977 0 (80'700) 31.12.2012 Investment Advisor

CLARKE JOHN A n/a SEDI 1'367'000 0 - 31.12.2012 n/a

NORGES BANK NORGES BANK 13F 1'233'881 0 (146'716) 31.12.2012 Government

MCKINLEY CAPITAL MAN MCKINLEY CAPITAL MAN 13F 1'094'380 0 1'094'380 31.03.2013 Investment Advisor

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 1'091'342 0 11'479 31.03.2013 Investment Advisor

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 1'043'300 0 213'600 31.12.2012 Hedge Fund Manager

MORGAN STANLEY n/a ULT-AGG 1'028'199 0 763'003 31.03.2013 Investment Advisor

BATTERYMARCH FINANCI BATTERYMARCH FINANCI 13F 1'006'600 0 - 31.12.2012 Investment Advisor


TD Securities STEVEN J GREEN hold 3 M 4 12 month 23.04.2013

Haywood Securities Inc. STEFAN IOANNOU buy 5 M 5 Not Provided 16.04.2013

Canaccord Genuity Corp RAHUL PAUL hold 3 M 4 12 month 15.04.2013

Cormark Securities Inc. CLIFF HALE-SANDERS buy 5 M 5 12 month 10.04.2013

Paradigm Capital Inc DAVID DAVIDSON buy 5 M 8 12 month 01.04.2013

CIBC World Markets COSMOS CHIU sector underperform 1 M 4 Not Provided 25.03.2013

GMP ANDREW MIKITCHOOK hold 3 M 4 12 month 22.03.2013

RBC Capital Markets PATRICK MORTON sector perform 3 M 5 12 month 21.03.2013

PI Financial Corp. ALEEM LADAK buy 5 M 6 12 month 21.03.2013

EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013

Holdings By:

Nevsun Resources Ltd ee


10.05.2013

Aurizon Mines Ltd. is a gold mining company. The Company's operations and

exploration activities are located in the Abitibi region of north-western

Quebec, Canada. Aurizon operates and owns an interest in the Beaufor Mine,

the Sleeping Giant Mine, and the Casa Berardi property.


LTM as of: 12/yy

52-Week High (10.05.2012) 5.42

52-Week Low (24.12.2012) 3.19

Daily Volume

3.74






Total Debt 0.00 YTD Return 7.47%






AZK US EQUITY YTD Change - Average Volume 30 Day 915'023

AZK US EQUITY YTD % CHANGE - Average Volume 3 Month 939'224


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

144.5 175.6 178.7 260.0 223.6 260.0 223.6 209.3 266.3 40.2 46.6

4.07x 3.65x 5.82x 2.31x 1.61x 11.47x 9.66x - - - -

53.5 87.5 69.8 124.9 92.2 124.9 92.2 94.0 139.0 - -

10.98x 7.32x 14.90x 4.81x 3.90x 4.81x 3.90x 4.42x 2.99x - -

4.9 36.7 17.2 43.9 31.8 43.9 31.8 27.9 51.1 3.2 3.4

- - - - - 0.00x 0.00x 25.44x 14.77x 27.48x -











EBITDA Margin 41.3%



Asset Turnover 0.51







Fiscal Year Ended

Aurizon Mines LtdPrice/Volume

Valuation Analysis

785'007.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3


0.0

50.0

100.0

150.0

200.0

250.0

300.0

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

'!.'

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10.05.2013


ALAMOS GOLD INC n/a 13D 26'507'283 16.11 - 19.03.2013 Other



MONTRUSCO BOLTON INV MONTRUSCO BOLTON INV 13F 6'138'783 3.73 408'275 31.12.2012 Investment Advisor

GCIC LTD/CANADA GOODMAN & COMPANY IN 13F 5'947'500 3.61 (6'022'500) 31.12.2012 Investment Advisor

SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 5'751'260 3.49 4'054'435 31.12.2012 Hedge Fund Manager


NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 4'430'833 2.69 1'029'681 31.12.2012 Investment Advisor

WELLS FARGO n/a ULT-AGG 3'678'543 2.24 (1'265'127) 31.03.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 3'537'956 2.15 136'509 31.12.2012 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 2'931'135 1.78 101'700 31.12.2012 Pension Fund (ERISA)


TOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 1'655'218 1.01 1'655'218 28.03.2013 Investment Advisor

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 1'539'910 0.94 - 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 1'436'486 0.87 3'442 26.04.2013 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 1'400'000 0.85 - 31.12.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 1'289'081 0.78 1'097'036 31.03.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 1'264'143 0.77 1'264'143 31.03.2013 Investment Advisor




Global Hunter Securities JEFF WRIGHT neutral 3 M 5 12 month 29.04.2013


National Bank Financial PAOLO LOSTRITTO tender #N/A N/A M 5 12 month 05.04.2013

Desjardins Securities ADAM MELNYK tender #N/A N/A M 4 12 month 20.03.2013

EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 15.03.2013

Mackie Research Capital Corp. RYAN HANLEY tender #N/A N/A M 5 Not Provided 05.03.2013

Euro Pacific Capital Inc HEIKO IHLE buy 5 M 5 12 month 04.03.2013

Raymond James FORBES GEMMELL Under Review #N/A N/A M #N/A N/A Not Provided 05.02.2013

CIBC World Markets COSMOS CHIU restricted #N/A N/A M #N/A N/A Not Provided 25.01.2013

Loewen, Ondaatje, McCutcheon Ltd MICHAEL G FOWLER buy 5 M 6 12 month 23.01.2013

Scotia Capital OVAIS HABIB restricted #N/A N/A M #N/A N/A Not Provided 21.01.2013

Holdings By:

Aurizon Mines Ltd ee


10.05.2013

Silver Standard Resources Inc. is a silver exploration company focused on

acquiring and developing silver resources on a global basis. The Company

has projects in Argentina, Peru, Mexico, Canada, Chile, the United States and

Australia.


LTM as of: 12/yy

52-Week High (21.09.2012) 16.92

52-Week Low (18.04.2013) 6.50

Daily Volume

6.94












SSRI US EQUITY YTD Change - Average Volume 30 Day 1'448'530

SSRI US EQUITY YTD % CHANGE - Average Volume 3 Month 1'212'670


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

0.0 5.4 112.3 147.8 241.1 147.8 241.1 216.6 243.4 56.1 59.4

- 307.12x 18.82x 6.19x 4.03x 43.58x 15.70x 1.91x 2.38x 6.70x 7.46x

(17.9) (17.7) 5.3 39.4 54.6 39.4 54.6 55.3 78.7 11.9 15.4

- - 400.55x 23.24x 17.81x 23.24x 17.81x 5.95x 4.18x 4.56x 3.96x

(5.6) (13.2) 338.5 80.1 54.8 80.1 54.8 (8.7) 6.3 (0.7) 0.1

- - - - - 0.00x 0.00x - - - 277.60x











EBITDA Margin 22.6%



Asset Turnover 0.19








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Silver Standard Resources IncPrice/Volume

Valuation Analysis

1'229'883.00


'.135

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-!2 F

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0.0

50.0

100.0

150.0

200.0

250.0

300.0

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

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10.05.2013





VINIK ASSET MANAGEME VINIK ASSET MANAGEME 13F 1'781'407 2.2 (195'800) 31.12.2012 Hedge Fund Manager

AXA n/a ULT-AGG 1'508'237 1.86 8'300 31.03.2013 Investment Advisor

NEWGATE CAPITAL MANA NEWGATE CAPITAL MANA 13F 1'283'256 1.59 302'640 31.03.2013 Investment Advisor

TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 1'094'787 1.35 (157'540) 31.12.2012 Investment Advisor

GLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 1'085'240 1.34 101'480 31.12.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 915'000 1.13 (75'000) 28.02.2013 Investment Advisor

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 767'770 0.95 10'900 31.12.2012 Investment Advisor



UBS n/a ULT-AGG 715'613 0.88 (37'922) 31.12.2012 Unclassified

LRI-FUND MANAGEMENT Multiple Portfolios MF-AGG 681'000 0.84 60'200 31.03.2013 Investment Advisor

NEUFLIZE OBC ASSET M Multiple Portfolios MF-AGG 618'576 0.76 - 30.12.2011 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 523'412 0.65 285'000 31.12.2012 Pension Fund (ERISA)

SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 517'492 0.64 65'700 31.12.2012 Investment Advisor

NORGES BANK NORGES BANK 13F 498'001 0.62 (78'964) 31.12.2012 Government

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 484'644 0.6 10'100 31.12.2012 Investment Advisor

CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 432'690 0.53 238'733 31.03.2013 Investment Advisor




Credit Suisse RALPH M PROFITI neutral 3 M 17 Not Provided 22.04.2013




Salman Partners ASH GUGLANI buy 5 M 21 Not Provided 12.04.2013



Deutsche Bank JORGE M BERISTAIN sell 1 M 9 12 month 11.04.2013

CIBC World Markets ARNOLD VAN GRAAN sector perform 3 M 12 Not Provided 11.04.2013

Holdings By:

Silver Standard Resources Inc ee


10.05.2013

Seabridge Gold, Inc. acquires gold projects in North America. The Company

expands and verifies these resources, moves them to reserves to determine their

economic value, and either sells to or forms joint ventures with larger

companies for mine construction and production.


LTM as of: 12/yy

52-Week High (14.09.2012) 20.34

52-Week Low (18.04.2013) 9.63

Daily Volume

11.37












SA US EQUITY YTD Change - Average Volume 30 Day 375'568

SA US EQUITY YTD % CHANGE - Average Volume 3 Month 375'092


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

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(5.6) (5.0) (5.7) (19.8) (15.8) (19.8) (8.7) (15.0) (16.0) - -

- - - - - 0.00x 0.00x - - - -

10.3 (4.7) 3.3 (20.1) (12.5) (20.1) (12.5) - - - -

- - - - - 0.00x 0.00x - - - -

EBITDA -15.82 Long-Term Rating Date -

EBIT -15.83 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -



Return on Capital - EBITDA/Interest Exp. -385.83


Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -


Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Seabridge Gold IncPrice/Volume

Valuation Analysis

217'133.00


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10.05.2013



PAN ATLANTIC BANK n/a PROXY 8'001'232 17.56 - 10.05.2012 Bank

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 5'837'287 12.81 (289'596) 31.03.2013 Investment Advisor

WEISS ASSET MANAGEME WEISS ASSET MANAGEME 13F 2'022'491 4.44 2'022'491 31.12.2012 Hedge Fund Manager

FRONK RUDI P n/a SEDI 1'180'000 2.59 10'000 16.11.2012 n/a

ANTHONY JAMES S n/a PROXY 779'791 1.71 - 15.05.2012 n/a

FMR LLC n/a ULT-AGG 601'905 1.32 - 31.03.2013 Investment Advisor

FCMI FINANCIAL CORP n/a PROXY 555'000 1.22 - 10.05.2012 Corporation

BRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 478'467 1.05 (203'241) 31.03.2013 Hedge Fund Manager


FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 450'000 0.99 - 02.04.2013 Investment Advisor

FNDTN FOR STUDY OBJ n/a SEDI 425'334 0.93 - 06.02.2012 Other

BLACKROCK n/a ULT-AGG 338'330 0.74 (464'930) 26.04.2013 Investment Advisor

FOX LOUIS J n/a SEDI 300'750 0.66 - 06.12.2011 n/a

PORTOLA GROUP INCORP PORTOLA GROUP INCORP 13F 286'420 0.63 (23'150) 31.03.2013 Investment Advisor

THRELKELD WILLIAM E n/a SEDI 265'000 0.58 (10'000) 30.08.2011 n/a

BANFIELD A FREDERICK n/a PROXY 245'000 0.54 - 15.05.2012 n/a



VANGUARD GROUP INC Multiple Portfolios MF-AGG 185'194 0.41 6'435 31.03.2013 Investment Advisor



Stonecap Securities Inc CHRISTOS DOULIS sector perform 3 M 22 12 month 08.03.2013

Nomura TYLER BRODA buy 5 M 24 Not Provided 16.05.2012

Holdings By:

Seabridge Gold Inc ee


10.05.2013

Tanzanian Royalty Exploration Corporation acquires, explores, and develops

mineral properties. The Company explores for gold.


LTM as of: 02/yy

52-Week High (21.09.2012) 5.34

52-Week Low (18.04.2013) 2.42

Daily Volume

2.66









Cash and Equivalents 20.06 Consensus Rating -



TRX US EQUITY YTD Change - Average Volume 30 Day 491'191

TRX US EQUITY YTD % CHANGE - Average Volume 3 Month 474'594


31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 02/yy 02/yy 08/13 Y 08/14 Y 05/13 Q3 08/13 Q4

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(2.9) (3.4) (3.0) (4.3) (5.1) (4.6) (5.0) - - - -

- - - - - 0.00x 0.00x - - - -

(3.7) (4.7) (3.4) (11.1) (8.9) (14.6) (2.2) - - - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -0.21

EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Tanzanian Royalty Exploration CorpPrice/Volume

Valuation Analysis

327'739.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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

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10.05.2013



GEIER GROUP LLC n/a 13G 4'879'743 4.85 (4'801'048) 10.11.2011 Other

BPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 4'088'532 4.06 52'612 31.12.2012 Investment Advisor

SINCLAIR JAMES E n/a SEDI 1'885'543 1.87 (1'000) 08.02.2013 n/a

BPI GLOBAL INVESTMEN Multiple Portfolios MF-AGG 673'902 0.67 (37'877) 28.09.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 515'272 0.51 826 26.04.2013 Investment Advisor

MORROW ROSALIND n/a SEDI 429'429 0.43 5'382 11.03.2013 n/a



HARVEY WILLIAM M n/a SEDI 340'090 0.34 7'732 12.04.2013 n/a

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 334'811 0.33 4'654 31.03.2013 Investment Advisor

JONES HEWARD INVESTM Multiple Portfolios MF-AGG 318'244 0.32 - 29.04.2013 Investment Advisor


PORTOLA GROUP INCORP PORTOLA GROUP INCORP 13F 212'810 0.21 250 31.03.2013 Investment Advisor



LUIS VICTORIA n/a 20F 144'045 0.14 - 31.10.2012 n/a

VAN TONGEREN STEVEN n/a SEDI 124'119 0.12 25'000 18.04.2013 n/a

ALTUS CAPITAL INC ALTUS CAPITAL INC 13F 104'500 0.1 56'500 31.03.2013 Investment Advisor

BANK OF AMERICA CORP BANK OF AMERICA 13F 97'451 0.1 (17'701) 31.12.2012 Investment Advisor


#N/A N/A

Holdings By:

Tanzanian Royalty Exploration Corp ee


10.05.2013

Golden Star Resources Ltd. is a mid-tier gold mining company. The Company's

operating mines are situated along the Ashanti Gold Belt in Ghana, West Africa.


LTM as of: 12/yy

52-Week High (16.10.2012) 2.11

52-Week Low (09.05.2013) 0.83

Daily Volume

0.84








Minority Interest (2.0) Analyst Recs 10




GSS US EQUITY YTD Change - Average Volume 30 Day 2'320'868

GSS US EQUITY YTD % CHANGE - Average Volume 3 Month 2'057'891


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

257.4 - 432.7 471.0 550.5 471.0 550.5 504.7 496.4 126.0 128.3

1.43x - 2.72x 0.98x 0.95x 4.90x 3.58x 0.64x 0.61x 2.20x 2.25x

1.8 - 107.6 91.8 124.7 91.8 125.8 87.8 122.5 28.9 28.9

200.09x - 10.93x 5.00x 4.18x 5.00x 4.14x 2.90x 2.07x 2.23x 2.26x

(119.3) - (11.2) (2.1) (9.5) (2.1) (9.5) 0.8 32.3 2.1 2.1

- - - - - 0.00x 0.00x - 7.06x 16.80x 9.23x







Return on Capital -4.61% EBITDA/Interest Exp. 12.27




EBITDA Margin 22.8%



Asset Turnover 0.76








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Golden Star Resources LtdPrice/Volume

Valuation Analysis

5'142'076.00


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10.05.2013



SENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 30'238'600 11.67 (350'000) 31.12.2012 Investment Advisor

HEARTLAND ADVISORS I HEARTLAND ADVISORS I 13F 25'985'870 10.03 (1'326'930) 31.12.2012 Investment Advisor


HILLSDALE INVESTMENT HILLSDALE INVESTMENT 13F 6'281'374 2.42 1'230'943 31.12.2012 Hedge Fund Manager


ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 4'819'436 1.86 (1'475'687) 31.03.2013 Investment Advisor


CANADA PENSION PLAN CANADA PENSION PLAN 13F 3'486'925 1.35 2'002'700 31.12.2012 Pension Fund (ERISA)

PRINCIPAL FINANCIAL n/a ULT-AGG 3'093'334 1.19 1'200'671 31.12.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'064'953 1.18 (52'441) 31.12.2012 Investment Advisor

BATTERYMARCH FINANCI BATTERYMARCH FINANCI 13F 2'625'741 1.01 125'700 31.12.2012 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 2'259'552 0.87 1'129'776 31.12.2012 Investment Advisor

NORGES BANK NORGES BANK 13F 1'934'059 0.75 - 31.12.2012 Government

CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 1'870'572 0.72 1'267'792 31.03.2013 Investment Advisor

MD MANAGEMENT LTD Multiple Portfolios MF-AGG 1'845'827 0.71 139'300 28.02.2013 Investment Advisor

NEW YORK STATE COMMO NEW YORK STATE COMMO 13F 1'725'479 0.67 206'700 31.12.2012 Pension Fund (ERISA)

SYSTEMATIC FINANCIAL SYSTEMATIC FINANCIAL 13F 1'647'710 0.64 277'080 31.12.2012 Investment Advisor

LEGG MASON CAPITAL M Multiple Portfolios MF-AGG 1'467'781 0.57 - 31.03.2013 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 1'164'787 0.45 (51'919) 31.12.2012 Investment Advisor


Macquarie PIERRE VAILLANCOURT neutral 3 M 1 12 month 25.04.2013


Scotia Capital TREVOR TURNBULL sector underperform 1 D 1 12 month 23.04.2013


BMO Capital Markets ANDREW BREICHMANAS market perform 3 M 2 Not Provided 15.04.2013





Holdings By:

Golden Star Resources Ltd ee


10.05.2013

Vista Gold Corp. is an international gold mining company. The Company is

focused on its core projects, the Concordia gold project located in Baja

California Sur, Mexico and the Mt. Todd gold project in Northern Territory,

Australia.


LTM as of: 12/yy

52-Week High (21.09.2012) 4.09

52-Week Low (17.04.2013) 1.47

Daily Volume

1.51












VGZ US EQUITY YTD Change - Average Volume 30 Day 432'697

VGZ US EQUITY YTD % CHANGE - Average Volume 3 Month 493'918


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - 0.0 - -

- - - - - #DIV/0! #DIV/0! - - - -

(6.5) (6.1) (17.7) (28.1) (35.6) (28.1) (34.5) (20.4) (19.1) (5.8) (6.0)

- - - - - 0.00x 0.00x - - - -

(10.0) (1.9) (20.0) 51.5 (70.7) 51.5 (69.5) (20.1) (13.7) (6.3) (4.6)

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA 0.00

EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Vista Gold CorpPrice/Volume

Valuation Analysis

296'931.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'--..00112

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

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10.05.2013



SUN VALLEY GOLD LLC n/a Research 12'084'310 14.82 - 31.12.2012 Hedge Fund Manager




LOEWS CORPORATION LOEWS CORPORATION 13F 1'758'748 2.16 - 31.12.2012 Corporation

ANDREEFF EQUITY ADVI ANDREEFF EQUITY ADVI 13F 1'586'026 1.94 (20'971) 31.12.2012 Hedge Fund Manager

STATE STREET n/a ULT-AGG 888'193 1.09 (20'701) 26.04.2013 Investment Advisor

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 871'929 1.07 343'929 31.03.2013 Investment Advisor

PERRITT CAPITAL MANA PERRITT CAPITAL MANA 13F 822'000 1.01 - 31.12.2012 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 732'415 0.9 - 31.12.2012 Pension Fund (ERISA)


PARKER FREDERICK H E n/a Form 4 556'325 0.68 - 05.09.2012 n/a

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 283'993 0.35 (24'847) 31.12.2012 Investment Advisor




AQR CAPITAL MANAGEME AQR CAPITAL MANAGEME 13F 193'800 0.24 137'400 31.12.2012 Hedge Fund Manager

RICHINGS MICHAEL B n/a Form 4 188'121 0.23 - 08.01.2013 n/a

IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 180'750 0.22 (33'250) 28.02.2013 Investment Advisor





Roth Capital Partners BRIAN W POST buy 5 M 7 12 month 28.03.2013

Stonegate Securities Inc MARCO RODRIGUEZ no rating system #N/A N/A M #N/A N/A Not Provided 19.03.2013

Holdings By:

Vista Gold Corp ee


10.05.2013

Great Basin Gold Limited explores and develops gold properties. The Company

prospects for gold in the Witwatersrand Basin in South Africa and the Carlin

Trend in Nevada.


LTM as of: 09/yy

52-Week High (15.06.2012) 0.78

52-Week Low (03.05.2013) 0.01

Daily Volume

0.0069


52-Week Low % Change 15.00% Beta -




Total Debt 282.45 YTD Return -

Preferred Stock 0.0 Adjusted BETA -





GBGLF US EQUITY YTD Change - Average Volume 30 Day 1'997'757

GBGLF US EQUITY YTD % CHANGE - Average Volume 3 Month 2'676'800


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

0.0 24.7 33.7 99.7 170.3 172.5 144.8 - - - -

- 14.86x 19.15x 14.22x 4.16x 28.57x 13.73x - - - -

(62.2) (104.9) (50.6) (15.7) 18.3 24.5 (26.1) - - - -

- - - - 38.63x 43.55x 0.00x - - - -

(51.2) (84.9) (48.4) (27.1) (17.7) (48.2) (91.7) - - - -

- - - - - 0.00x 0.00x - - - -



Operating Margin -0.33% Long-Term Outlook -






Net Debt/EBITDA -

Gross Margin 29.7% Total Debt/EBITDA -12.49

EBITDA Margin -18.0%

EBIT Margin -28.2% Total Debt/Equity 59.9%


Asset Turnover 0.18







Fiscal Year Ended

Great Basin Gold LtdPrice/Volume

Valuation Analysis

602'532.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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10.05.2013




RUFFER LLP Multiple Portfolios MF-AGG 22'797'000 4.13 - 27.12.2012 Hedge Fund Manager

TRANTER GOLD (BEE) n/a Research 20'932'183 3.79 - 24.04.2012 n/a


MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 9'258'842 1.68 (17'025) 31.01.2013 Investment Advisor


UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'530'000 0.64 - 30.06.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'801'617 0.51 - 31.07.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'686'303 0.49 1'050 31.03.2013 Investment Advisor

BARCLAYS PLC n/a ULT-AGG 1'988'058 0.36 (286'003) 31.12.2012 Investment Advisor

SCOTIA CAPITAL INC SCOTIA CAPITAL INC 13F 1'946'721 0.35 1'946'721 31.12.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 1'785'700 0.32 (17'785'700) 31.03.2013 Investment Advisor

IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 1'173'800 0.21 (768'400) 31.12.2012 Investment Advisor

DIPPENAAR FERDINAND n/a SEDI 1'126'800 0.2 100'000 13.04.2012 n/a

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 1'107'918 0.2 - 31.12.2012 Investment Advisor

ZURCHER KANTONALBANK ZURCHER KANTONALBANK 13F 1'017'100 0.18 - 31.12.2012 Investment Advisor

CREDIT SUISSE AG CREDIT SUISSE AG 13F 990'156 0.18 990'156 31.12.2012 Investment Advisor

MOSTERT JACOB DAWID n/a SEDI 731'273 0.13 - 16.04.2012 n/a

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 674'505 0.12 - 31.12.2012 Hedge Fund Manager


#N/A N/A

Holdings By:

Great Basin Gold Ltd ee


10.05.2013

Argonaut Gold, Inc. explores for gold. The Company owns the operating El

Castillo mine, the San Antonio development stage project and advanced stage

exploration properties including: La Fortuna and La Colorada.


LTM as of: 12/yy

52-Week High (04.10.2012) 11.08

52-Week Low (17.04.2013) 5.24

Daily Volume

6.35












AR CN EQUITY YTD Change - Average Volume 30 Day 1'208'092

AR CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'311'937


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

- - 51.6 104.6 187.1 104.6 187.1 214.3 274.5 42.8 41.0

- - 4.70x 5.77x 6.53x 22.56x 19.22x 3.45x 2.68x 17.12x 17.77x

- - 15.3 55.9 107.3 55.9 107.3 105.9 137.8 19.2 15.8

- - 15.83x 10.78x 11.39x 10.78x 11.39x 7.06x 5.42x 8.65x 8.15x

(0.1) (0.5) 3.7 26.3 64.9 26.3 64.9 65.8 95.7 12.6 9.5

- - 66.38x 24.42x 14.00x 24.42x 15.35x 15.61x 11.22x 14.74x 13.42x











EBITDA Margin 57.3%



Asset Turnover 0.30








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Argonaut Gold IncPrice/Volume

Valuation Analysis

706'865.00


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40.0

60.0

80.0

100.0

120.0

140.0

160.0

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10.05.2013



IG INVESTMENT MANAGE n/a Co File 6'707'533 4.51 - 30.09.2011 Investment Advisor

LIBRA ADVISORS LLC n/a SEDI 5'768'001 3.87 (117'000) 02.03.2012 Hedge Fund Manager


SENTRY SELECT CAPITA Multiple Portfolios MF-AGG 3'138'600 2.11 - 30.06.2012 Investment Advisor

MONTRUSCO BOLTON INV Multiple Portfolios MF-AGG 2'898'359 1.95 (64'299) 28.02.2013 Investment Advisor

GCIC LTD/CANADA Multiple Portfolios MF-AGG 2'517'350 1.69 2'517'350 31.12.2012 Investment Advisor


ALTAMIRA MANAGEMENT Multiple Portfolios MF-AGG 2'178'036 1.46 484'288 28.02.2013 Unclassified

FIERA CAPITAL CORPOR Multiple Portfolios MF-AGG 1'883'374 1.26 196'782 31.01.2013 Investment Advisor

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 1'530'917 1.03 (8'500) 31.01.2013 Investment Advisor

KENNEDY BRIAN JOHN n/a SEDI 1'472'476 0.99 5'488 06.02.2013 n/a

DOUGHERTY PETER C n/a SEDI 1'337'779 0.9 54'885 06.02.2013 n/a


NORTHWEST MUTUAL FUN Multiple Portfolios MF-AGG 1'143'256 0.77 (60'470) 28.02.2013 Investment Advisor

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 1'133'457 0.76 (54'000) 28.09.2012 Investment Advisor

SMITH EDGAR A n/a SEDI 1'120'359 0.75 39'286 14.02.2011 n/a

CARMIGNAC GESTION Multiple Portfolios MF-AGG 1'050'881 0.71 (99'119) 29.03.2013 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 1'028'750 0.69 - 28.02.2013 Investment Advisor

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 994'950 0.67 331'100 31.03.2013 Hedge Fund Manager


CIBC World Markets CHITIMUKULU MUSONDA sector perform 3 N 8 18 month 29.04.2013

Macquarie MICHAEL SIPERCO outperform 5 M 9 12 month 25.04.2013


Stonecap Securities Inc CHRISTOS DOULIS outperform 5 M 11 12 month 22.04.2013

RBC Capital Markets SAM CRITTENDEN outperform 5 M 11 12 month 19.04.2013


GMP ANDREW MIKITCHOOK buy 5 M 15 Not Provided 16.04.2013



Scotia Capital OVAIS HABIB sector outperform 5 M 14 12 month 26.03.2013

Mine2Capital Inc ALKA SINGH sell 1 M 8 Not Provided 26.02.2013

MLV & Co RICHARD TROTMAN suspended coverage #N/A N/A M #N/A N/A Not Provided 16.07.2012

Holdings By:

Argonaut Gold Inc ee


10.05.2013

Torex Gold Resources Inc. is a mining company dedicated to the exploration and

development of precious metal resources with a focus on gold. The Company's

Morelos Project is an advanced stage gold exploration property located in the

state of Guerrero, southwest of Mexico City.


LTM as of: 10/yy

52-Week High (21.09.2012) 2.29

52-Week Low (15.04.2013) 1.19

Daily Volume

1.41












TXG CN EQUITY YTD Change - Average Volume 30 Day 3'934'004

TXG CN EQUITY YTD % CHANGE - Average Volume 3 Month 3'516'153


31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 10/yy 10/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

- - - - - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

(0.3) (1.1) (18.0) (34.1) (60.4) (34.1) (60.4) (61.7) (60.9) (15.2) (15.2)

- - - - - 0.00x 0.00x - - - -

(0.3) (1.0) (16.4) (33.9) (61.2) (33.9) (61.2) (57.6) (64.1) (12.7) (13.0)

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Torex Gold Resources IncPrice/Volume

Valuation Analysis

2'669'052.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

Q -. j -. g -. g -. Q -. o -. l -. k -. a -. g -0 c -0 j -0 Q -0!' F

2!' F

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-2!' F

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0'!' F

02!' F

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

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

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'!1'

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'!5'

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10.05.2013


TYRUS CAPITAL S.A.M. n/a Co File 86'300'000 14.23 1'000'000 31.01.2013 Hedge Fund Manager







INVESCO LTD n/a ULT-AGG 11'268'788 1.86 1'434'766 29.04.2013 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 6'062'900 1 (1'969'100) 29.03.2013 Investment Advisor

RUFFER LLP Multiple Portfolios MF-AGG 5'808'000 0.96 (931'500) 27.12.2012 Hedge Fund Manager


IA CLARINGTON INVEST Multiple Portfolios MF-AGG 5'250'000 0.87 5'250'000 31.12.2012 Investment Advisor

SPROTT INC Multiple Portfolios MF-AGG 5'133'800 0.85 150'000 31.12.2012 Hedge Fund Manager

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 5'129'653 0.85 431'600 31.12.2012 Investment Advisor

WELLS FARGO n/a ULT-AGG 5'036'452 0.83 - 28.02.2013 Investment Advisor

FIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 4'640'031 0.77 - 29.04.2013 Investment Advisor

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 3'217'000 0.53 - 28.09.2012 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 2'949'500 0.49 2'500'000 28.02.2013 Investment Advisor

BRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 2'809'056 0.46 (245'778) 31.03.2013 Hedge Fund Manager

FALCON FUND MANAGEME Multiple Portfolios MF-AGG 2'784'900 0.46 - 28.02.2013 Investment Advisor


Stifel MICHAEL A SCOON buy 5 M 3 Not Provided 26.04.2013

Macquarie PIERRE VAILLANCOURT outperform 5 M 3 12 month 25.04.2013

Industrial Alliance Securities MERRILL MCHENRY buy 5 M 2 12 month 25.04.2013


BMO Capital Markets ANDREW BREICHMANAS speculative outperform 4 M 3 Not Provided 15.04.2013


Clarus Securities JAMIE SPRATT buy 5 N 3 12 month 07.03.2013



Holdings By:

Torex Gold Resources Inc ee


10.05.2013

LionGold Corp is an investment holding company focusing on gold mining, mine

development and exploration globally.


LTM as of: 12/yy

52-Week High (26.07.2012) 1.30

52-Week Low (23.05.2012) 0.96

Daily Volume

1.14




Shares Out 10.05.2013 921.9 Short Int -

1'051.01 1 Yr Total Return 13.43%







LIGO SP EQUITY YTD Change - Average Volume 30 Day 18'141'470

LIGO SP EQUITY YTD % CHANGE - Average Volume 3 Month 18'137'150


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

72.0 79.8 70.4 83.9 98.0 77.1 111.8 111.0 143.0 - -

0.64x 0.56x 3.80x 6.95x 7.95x 24.11x 33.63x - - - -

0.4 (3.7) 3.1 4.0 (5.3) (9.1) (18.2) - - - -

114.85x - 84.96x 144.70x - 0.00x 0.00x - - - -

(4.7) (5.0) 2.9 0.9 (27.8) (15.1) (18.5) 4.9 10.1 - -

- - 92.86x 740.91x - 0.00x 0.00x 190.00x 87.69x - -











EBITDA Margin 1.5%



Asset Turnover 0.55








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

LionGold Corp LtdPrice/Volume

Valuation Analysis

8'578'000.00


'

'

'

-

-

-

-

-

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0.0

20.0

40.0

60.0

80.0

100.0

120.0

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

'!''

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.''!''

0''!''

1''!''

2''!''

3''!''

4''!''

5''!''

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10.05.2013


ASIASONS INVESTMENT n/a EXCH 77'500'000 8.41 - 28.03.2013 Holding Company


MACQUARIE GROUP n/a ULT-AGG 48'666'000 5.28 3'500'000 28.03.2013 Investment Advisor

VENATON HOLDINGS LIM n/a EXCH 42'100'000 4.57 - 06.11.2012 Holding Company

FORTE SERVICES LIMIT n/a EXCH 40'000'000 4.34 - 06.11.2012 Other

NOMURA n/a ULT-AGG 39'154'410 4.25 - 09.04.2013 Unclassified

CREDIT SUISSE AG n/a EXCH 29'800'996 3.23 (2'001'000) 04.12.2012 Investment Advisor

BIN ABDUL DAI MD WIR n/a EXCH 16'425'000 1.78 - 06.11.2012 n/a

DMG & PARTNERS SECUR n/a Co File 7'600'000 0.82 - 29.06.2012 Unclassified


DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'721'000 0.3 47'000 31.07.2012 Investment Advisor

NG YICK HING NICHOLA n/a EXCH 2'000'000 0.22 2'000'000 14.02.2013 n/a


JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 566'000 0.06 (110'000) 28.02.2013 Investment Advisor

STATE STREET n/a ULT-AGG 420'000 0.05 - 29.04.2013 Investment Advisor

CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 303'000 0.03 - 29.04.2013 Investment Advisor

SCANLAN GARY FRANCIS n/a EXCH 135'005 0.01 - 08.10.2012 n/a

INVESCO LTD n/a ULT-AGG 120'000 0.01 - 29.04.2013 Investment Advisor

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 39'622 0 - 31.03.2013 Investment Advisor

GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 35'809 0 - 26.04.2013 Investment Advisor



SIAS Research Pte Ltd JINSHU LIU overweight 5 M 1 12 month 10.07.2012

Holdings By:

LionGold Corp Ltd ee


10.05.2013

China Gold International Resources Corp Ltd. is a mining company focused on the

exploration and development of gold projects in inner Mongolia and copper

projects in Tibet Autonomous Region of China.


LTM as of: 12/yy

52-Week High (21.09.2012) 4.65

52-Week Low (31.07.2012) 2.30

Daily Volume

2.95





1'169.26 1 Yr Total Return -26.80%







CGG CN EQUITY YTD Change - Average Volume 30 Day 367'619

CGG CN EQUITY YTD % CHANGE - Average Volume 3 Month 343'048


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

29.4 81.0 133.2 311.3 332.4 311.3 332.4 354.5 636.3 - -

3.54x 7.07x 15.60x 2.82x 4.21x 17.98x 18.21x 3.83x 2.14x - -

(0.1) 25.0 69.3 140.5 138.7 140.5 138.7 153.5 244.5 - -

- 22.93x 29.97x 6.24x 10.08x 6.24x 10.08x 7.82x 4.91x - -

14.6 (9.3) 26.2 79.4 70.9 79.4 70.9 65.3 95.3 - -

36.15x - 39.69x 13.23x 19.15x 13.23x 19.14x 18.31x 15.67x - -











EBITDA Margin 41.7%



Asset Turnover 0.19







Fiscal Year Ended

China Gold International Resources Corp LtdPrice/Volume

Valuation Analysis

353'460.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'--..001122


0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

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

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

-1'!''

-3'!''

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10.05.2013


CHINA NATIONAL GOLD n/a SEDI 155'794'830 39.31 184'200 30.09.2011 Corporation




VANGUARD GROUP INC Multiple Portfolios MF-AGG 842'343 0.21 (14'500) 31.03.2013 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 835'296 0.21 - 31.07.2012 Investment Advisor


HE YINGBIN n/a SEDI 160'000 0.04 40'000 09.01.2013 n/a

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 151'700 0.04 53'000 31.12.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 150'000 0.04 - 28.02.2013 Investment Advisor

MARLBOROUGH FUND MAN Multiple Portfolios MF-AGG 146'950 0.04 - 01.10.2012 Investment Advisor

STATE STREET n/a ULT-AGG 124'448 0.03 - 29.04.2013 Investment Advisor

DAIWA SB INVESTMENT Multiple Portfolios MF-AGG 100'000 0.03 - 11.01.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 97'155 0.02 - 31.12.2012 Bank

OPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 90'000 0.02 - 31.01.2013 Investment Advisor

INDEXIQ ADVISORS LLC Multiple Portfolios MF-AGG 78'294 0.02 - 29.04.2013 Investment Advisor

CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 74'886 0.02 (1'515) 31.12.2012 Investment Advisor


BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 59'705 0.02 - 31.01.2013 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 56'133 0.01 684 28.02.2013 Investment Advisor


Argonaut Securities Pty Ltd CHRIS JIANG buy 5 U 4 12 month 24.04.2013

Guotai Junan KEVIN GUO neutral 3 D 3 Not Provided 22.04.2013

Credit Suisse OWEN LIANG neutral 3 M 3 Not Provided 09.04.2013


BOCOM International Holdings BENJAMIN PEI long-term buy 5 M 4 Not Provided 28.03.2013

Citic Securities Co., Ltd SONG XIAOQING overweight 5 N 4 6 month 14.01.2013

CCB International Securities Ltd KIN CHUNG LI outperform 5 M 4 Not Provided 12.09.2012

GuoSen Securities Co Ltd CHENGMING GAO buy 5 M 5 12 month 02.02.2012

Holdings By:

China Gold International Resources Corp Ltd ee


10.05.2013

Perseus Mining Limited is a mineral exploration Company. The Company explores

for gold in West Africa and Central Asia regions.


LTM as of: 12/yy

52-Week High (04.10.2012) 3.07

52-Week Low (15.04.2013) 1.26

Daily Volume

1.44












PRU CN EQUITY YTD Change - Average Volume 30 Day 2'088'019

PRU CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'720'522


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

- - 0.0 0.0 144.7 0.0 291.8 312.9 400.9 96.1 96.1

- - - - 7.53x #DIV/0! 14.83x 1.95x 1.62x - -

(5.5) (3.3) (10.1) (32.0) 55.3 (8.7) 127.3 125.6 169.0 - -

- - - - 19.72x 0.00x 7.27x 4.90x 3.64x - -

(4.8) (4.8) (9.7) (48.2) 47.2 4.4 62.5 58.8 86.9 26.0 26.0

- - - - - 0.00x 0.00x 11.13x 7.19x 7.78x 6.14x








Asset Turnover - (EBITDA-Capex)/Interest Exp. 26.49



EBITDA Margin -



Asset Turnover -







Fiscal Year Ended

Perseus Mining LtdPrice/Volume

Valuation Analysis

1'555'688.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

0

1


0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

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

'!.'

'!1'

'!3'

'!5'

-!''

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10.05.2013


DUNDEE CORP n/a EXCH 50'889'000 11.11 (5'997'500) 12.10.2011 Holding Company

THE BANK OF NOVA SCO n/a EXCH 44'475'800 9.71 (5'324'430) 22.04.2013 Investment Advisor


GCIC LTD/CANADA Multiple Portfolios MF-AGG 38'629'803 8.44 (44'197) 31.01.2013 Investment Advisor

WELLINGTON MANAGEMEN n/a EXCH 24'286'071 5.3 - 05.03.2013 Investment Advisor

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 13'439'700 2.93 930'000 31.01.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 10'980'300 2.4 - 28.02.2013 Investment Advisor

SENTRY SELECT CAPITA Multiple Portfolios MF-AGG 10'294'000 2.25 - 30.06.2012 Investment Advisor



IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 6'159'171 1.34 3'159'171 31.12.2012 Investment Advisor


UNITED SERVICES AUTO Multiple Portfolios MF-AGG 5'421'800 1.18 - 30.11.2012 Investment Advisor

MONTRUSCO BOLTON INV Multiple Portfolios MF-AGG 5'295'993 1.16 83'550 28.02.2013 Investment Advisor

SCOTIA ASSET MANAGEM Multiple Portfolios MF-AGG 4'921'700 1.07 - 28.02.2013 Investment Advisor




CALDERWOOD MARK ANDR n/a EXCH 3'600'000 0.79 - 31.01.2013 n/a



Credit Suisse MICHAEL SLIFIRSKI outperform 5 M 2 Not Provided 29.04.2013


Macquarie PIERRE VAILLANCOURT outperform 5 M 2 12 month 25.04.2013

Goldman Sachs PAUL HISSEY neutral/attractive 3 M 2 12 month 24.04.2013

Morgan Stanley BRENDAN FITZPATRICK Overwt/In-Line 5 M 2 12 month 22.04.2013

Canaccord Genuity Corp REG SPENCER buy 5 M 2 Not Provided 22.04.2013

Cormark Securities Inc. MIKE KOZAK market perform 3 M 3 12 month 22.04.2013

Argonaut Securities Pty Ltd PATRICK CHANG buy 5 M 2 12 month 22.04.2013

BMO Capital Markets ANDREW BREICHMANAS outperform 5 M 3 Not Provided 19.04.2013

RBC Capital Markets STEUART MCINTYRE sector perform 3 M 2 12 month 19.04.2013

JPMorgan JOSEPH KIM overweight 5 M 2 6 month 19.04.2013


CIMB JAMES STEWART outperform 5 M 3 12 month 19.04.2013

GMP LEVI SPRY buy 5 M 3 12 month 19.04.2013

Commonwealth Bank ANDREW KNUCKEY neutral 3 M 2 12 month 16.04.2013

Dundee Securities Corp JOSH WOLFSON buy 5 M 3 Not Provided 12.04.2013

Nomura DAVID RADCLYFFE suspended coverage #N/A N/A M #N/A N/A Not Provided 12.04.2013


Bell Potter STEPHEN THOMAS hold 3 M 3 12 month 16.01.2013

Evans & Partners Pty Ltd CATHY MOISES Positive 4 U #N/A N/A Not Provided 03.01.2013

Holdings By:

Perseus Mining Ltd ee


10.05.2013

Sandstorm Gold Ltd. acquires gold purchase agreements with companies that have

advanced stage development projects or operating mines. The Company makes an

upfront cash payment to its partners and receives the right to purchase a

percentage of the gold produced, for the life of the mine, at a fixed price per

ounce.


LTM as of: 12/yy

52-Week High (05.10.2012) 14.99

52-Week Low (17.04.2013) 6.47

Daily Volume

7.49












SSL CN EQUITY YTD Change - Average Volume 30 Day 423'502

SSL CN EQUITY YTD % CHANGE - Average Volume 3 Month 458'250


31.03.2008 31.03.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

- 0.0 3.1 30.0 55.9 30.0 55.9 71.1 95.3 - -

- - 72.23x 12.63x 15.79x 45.91x 54.42x - - - -

- - (0.2) 19.1 36.6 19.1 36.6 48.5 74.5 - -

- - - 19.80x 24.12x 19.80x 24.12x 11.21x 7.30x - -

(0.1) (0.4) (2.8) 12.5 21.9 12.5 21.9 15.0 23.6 - -

- - 80.46x 39.35x 47.00x 39.35x 47.00x 39.16x 19.47x 28.84x 24.55x











EBITDA Margin 65.5%



Asset Turnover 0.23







Fiscal Year Ended

Sandstorm Gold LtdPrice/Volume

Valuation Analysis

570'132.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

-1

-3


0.0

10.0

20.0

30.0

40.0

50.0

60.0

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

'!''

-''!''

.''!''

0''!''

1''!''

2''!''

3''!''

4''!''

'0!'1!.''6 '0!-'!.''6 '0!'1!.'-' '0!-'!.'-' '0!'1!.'-- '0!-'!.'-- '0!'1!.'-. '0!-'!.'-. '0!'1!.'-0



10.05.2013




LIBRA ADVISORS LLC n/a SEDI 4'928'760 5.56 - 03.08.2011 Hedge Fund Manager

ARIAS RESOURCE CAPIT n/a SEDI 4'840'000 5.46 - 25.02.2010 Private Equity




CIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 1'150'440 1.3 (101'600) 31.12.2012 Investment Advisor


IA CLARINGTON INVEST Multiple Portfolios MF-AGG 1'065'600 1.2 (314'400) 31.12.2012 Investment Advisor




WATSON NOLAN ALLAN n/a SEDI 930'000 1.05 - 19.06.2012 n/a

MONTRUSCO BOLTON INV MONTRUSCO BOLTON INV 13F 856'750 0.97 856'750 31.12.2012 Investment Advisor

GBC ASSET MANAGEMENT Multiple Portfolios MF-AGG 777'820 0.88 - 31.12.2011 Investment Advisor

FIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 767'280 0.87 (22'700) 30.11.2012 Investment Advisor

DE WITT DAVID E n/a SEDI 767'000 0.86 - 10.05.2012 n/a

AWRAM DAVID I n/a SEDI 759'100 0.86 (3'400) 04.01.2013 n/a

GREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 688'100 0.78 688'100 31.12.2012 Investment Advisor





Canaccord Genuity Corp NICHOLAS CAMPBELL speculative buy 4 M 11 12 month 17.04.2013

National Bank Financial SHANE NAGLE outperform 5 M 13 12 month 09.04.2013

Casimir Capital ERIC WINMILL strong buy 5 M 15 12 month 09.04.2013



Euro Pacific Capital Inc HEIKO IHLE neutral 3 M 13 12 month 29.01.2013

Holdings By:

Sandstorm Gold Ltd ee


10.05.2013

OceanaGold Corporation is a gold mining and exploration company. The Company

currently owns interests in projects in New Zealand and the Philippines.


LTM as of: 03/yy

52-Week High (22.10.2012) 3.70

52-Week Low (23.05.2012) 1.70

Daily Volume

2.07





607.58 1 Yr Total Return 2.48%







OGC CN EQUITY YTD Change - Average Volume 30 Day 990'216

OGC CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'188'190


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

217.2 237.1 305.6 395.6 385.4 393.4 392.5 586.3 636.3 137.0 156.0

0.77x 1.89x 3.30x 1.61x 2.62x 7.19x 7.06x 1.22x 1.01x 5.30x 4.58x

63.7 106.6 141.1 164.3 144.5 145.7 119.7 227.5 218.0 50.5 65.9

2.62x 4.20x 7.15x 3.88x 7.00x 5.58x 0.00x 3.63x 3.79x 3.70x 3.70x

(54.7) 54.5 44.4 44.2 20.7 25.5 31.6 52.1 57.7 10.7 21.6

- 5.68x 18.76x 13.02x 35.81x 26.83x 25.85x 9.43x 6.68x 7.91x 7.48x











EBITDA Margin 43.1%



Asset Turnover 0.42








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

OceanaGold CorpPrice/Volume

Valuation Analysis

884'116.00


'

-

-

.

.

0

0

1

1

Q -. j -. g -. g -. Q -. o -. l -. k -. a -. g -0 c -0 j -0 Q -0!' F

-!' F

.!' F

0!' F

1!' F

2!' F

3!' F

4!' F

5!' F

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

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



10.05.2013


BAKER STEEL CAPITAL n/a PROXY 20'669'000 7.04 - 11.05.2012 Investment Advisor

AMP CAPITAL INVESTOR n/a EXCH 14'660'107 4.99 (1'119'773) 21.01.2013 Other


UNITED SERVICES AUTO Multiple Portfolios MF-AGG 8'700'000 2.96 (2'300'000) 30.11.2012 Investment Advisor





NEW ZEALAND CENTRAL n/a PROXY 2'703'536 0.92 - 11.05.2012 Government


INVESCO LTD n/a ULT-AGG 1'899'573 0.65 (547'087) 29.04.2013 Investment Advisor


BOND STREET CUSTODIA n/a PROXY 1'284'229 0.44 - 11.05.2012 Other

YANDAL INVESTMENTS P n/a PROXY 1'123'653 0.38 - 11.05.2012 Investment Advisor

INTERNATIONAL MINING n/a SEDI 1'097'008 0.37 10'000 30.12.2012 Other

ASKEW JAMES EDWARD n/a EXCH 1'087'008 0.37 48'360 07.02.2012 n/a

SFB INVESTMENTS PTY n/a PROXY 1'000'000 0.34 - 11.05.2012 Other

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 964'068 0.33 890'327 28.02.2013 Investment Advisor

DEN DUYTS CORP & ASS n/a PROXY 922'855 0.31 - 11.05.2012 Investment Advisor

SPROTT INC Multiple Portfolios MF-AGG 900'000 0.31 - 31.12.2012 Hedge Fund Manager



BMO Capital Markets BRIAN QUAST outperform 5 M 3 Not Provided 29.04.2013

Macquarie MICHAEL SIPERCO outperform 5 M 3 12 month 25.04.2013


Forsyth Barr ANDREW HARVEY-GREEN buy 5 M 3 12 month 17.02.2013

Holdings By:

OceanaGold Corp ee


10.05.2013

Medusa Mining Limited is a gold exploration and mining Company. The Company

has exploration projects located in Western Australia and the Philippines along

with mining leases in Tasmania.


LTM as of: 01/yy

52-Week High (11.10.2012) 6.70

52-Week Low (03.05.2013) 2.54

Daily Volume

2.86












MML AU EQUITY YTD Change - Average Volume 30 Day 1'775'388

MML AU EQUITY YTD % CHANGE - Average Volume 3 Month 1'591'940


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

15.8 42.6 93.9 148.7 80.8 - - 112.9 271.1 - -

9.93x 5.99x 6.25x 8.51x 11.40x - - 4.74x 1.63x - -

4.6 30.4 73.0 120.2 57.6 - - 77.2 202.6 - -

34.16x 8.41x 8.04x 10.54x 16.00x - - 6.92x 2.64x - -

(1.2) 28.5 65.8 110.4 49.2 - - 66.2 184.1 - -

- 8.88x 8.74x 12.02x 18.94x - - 7.02x 3.02x - -











EBITDA Margin 69.4%



Asset Turnover 0.28








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Medusa Mining LtdPrice/Volume

Valuation Analysis

1'477'546.00


'

-

.

0

1

2

3

4


0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

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

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2!''

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0'!''

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10.05.2013


M&G INVESTMENT MANAG n/a EXCH 20'602'900 10.91 (1'760'000) 18.04.2013 Investment Advisor

VANGUARD GROUP INC n/a EXCH 19'455'000 10.3 (2'045'000) 22.04.2013 Investment Advisor



UCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 4'183'483 2.21 887'915 31.03.2013 Investment Advisor

DAVIS GEOFFREY JOHN n/a Co File 4'052'750 2.15 - 29.08.2012 n/a

BLACKROCK n/a ULT-AGG 3'928'721 2.08 (989) 26.04.2013 Investment Advisor

FORTY TRADERS LTD n/a Co File 3'660'631 1.94 - 17.09.2012 Unclassified

GOODFELLOW WILLIAM D n/a Co File 3'210'425 1.7 - 17.09.2012 n/a

CEDARDALE HOLDINGS P n/a Co File 3'187'673 1.69 - 17.09.2012 Unclassified

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 2'613'520 1.38 - 30.09.2012 Hedge Fund Manager


YANDAL INVESTMENTS P n/a Co File 2'000'000 1.06 - 17.09.2012 Investment Advisor


BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 1'600'000 0.85 - 28.02.2013 Investment Advisor

AFDAL SAMUEL G n/a Co File 1'450'000 0.77 - 30.06.2012 n/a

OLD MUTUAL n/a ULT-AGG 1'448'400 0.77 (31'235) 28.02.2013 Unclassified

DANIEL ROY PHILIP n/a Co File 1'425'000 0.75 - 30.06.2012 n/a

UCA AG n/a Co File 1'300'000 0.69 - 17.09.2012 Investment Advisor

BARING ASSET MANAGEM Multiple Portfolios MF-AGG 1'166'975 0.62 (46'992) 31.12.2012 Investment Advisor



Deutsche Bank CHRIS TERRY buy 5 M 5 12 month 29.04.2013

Goldman Sachs PAUL HISSEY buy/attractive 5 M 4 12 month 24.04.2013

Morgan Stanley BRENDAN FITZPATRICK Overwt/In-Line 5 M 6 12 month 22.04.2013

Ord Minnett DAVID BRENNAN buy 5 M 6 Not Provided 18.04.2013

Blackswan Equities Ltd RHYS BRADLEY buy 5 N 7 12 month 01.03.2013

Cantor Fitzgerald ASA BRIDLE buy 5 M #N/A N/A Not Provided 27.02.2013


Holdings By:

Medusa Mining Ltd ee


10.05.2013

Dundee Precious Metals Inc. acquires, explores, and develops gold mining

properties. The Company owns interests in mineral properties in Armenia,

Bulgaria, Canada, and Serbia.


LTM as of: 12/yy

52-Week High (21.09.2012) 9.94

52-Week Low (17.04.2013) 5.45

Daily Volume

5.68












DPM CN EQUITY YTD Change - Average Volume 30 Day 442'211

DPM CN EQUITY YTD % CHANGE - Average Volume 3 Month 597'710


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

105.1 137.6 202.0 338.5 384.7 336.3 385.5 461.2 530.8 103.0 117.0

0.65x 2.15x 5.56x 2.84x 2.68x 11.75x 10.23x 1.36x 1.20x - -

(36.2) 16.4 - - - 35.1 16.6 187.8 255.7 - -

- 18.00x - - - 0.00x 0.00x 3.62x 2.66x - -

(79.2) 5.1 22.9 86.1 54.4 85.8 54.5 114.4 140.0 24.8 31.9

- 44.88x 49.37x 13.48x 21.72x 13.52x 21.68x 7.97x 7.07x 7.00x 6.84x

EBITDA - Long-Term Rating Date -






Return on Capital 4.04% EBITDA/Interest Exp. -


Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.41







Fiscal Year Ended

Dundee Precious Metals IncPrice/Volume

Valuation Analysis

398'375.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

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4!' F

-50.0

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

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10.05.2013


DUNDEE CORP #N/A N/A SEDI 30'629'607 24.37 35'000 26.04.2013 Holding Company

US GLOBAL INVESTORS n/a Research 8'442'571 6.72 - 28.02.2013 Investment Advisor




TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 4'514'449 3.59 4'124'249 31.12.2012 Investment Advisor


IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 3'634'800 2.89 (2'100) 31.01.2013 Investment Advisor


FIERA CAPITAL CORPOR Multiple Portfolios MF-AGG 2'655'547 2.11 (52'200) 31.01.2013 Investment Advisor

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 2'369'196 1.89 (50'000) 30.09.2012 Hedge Fund Manager

NATCAN INVESTMENT MA Multiple Portfolios MF-AGG 1'598'155 1.27 4'773 28.02.2013 Investment Advisor


BRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 1'163'346 0.93 43'784 31.03.2013 Hedge Fund Manager


MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 771'700 0.61 (19'200) 31.01.2013 Investment Advisor

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 761'500 0.61 - 28.09.2012 Investment Advisor

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 667'600 0.53 (96'700) 31.12.2012 Investment Advisor

AGF INVESTMENTS INC Multiple Portfolios MF-AGG 571'632 0.45 227'172 28.09.2012 Investment Advisor




Scotia Capital LEILY OMOUMI sector outperform 5 M 11 12 month 23.04.2013


Cormark Securities Inc. MIKE KOZAK top pick 5 M 14 12 month 22.04.2013

BMO Capital Markets JOHN P HAYES speculative outperform 4 M 10 Not Provided 19.04.2013

Dundee Securities Corp JOSH WOLFSON not rated #N/A N/A M #N/A N/A Not Provided 19.04.2013


CIBC World Markets LEON ESTERHUIZEN sector outperform 5 M 11 Not Provided 11.04.2013


Paradigm Capital Inc DON MACLEAN buy 5 N 13 12 month 03.12.2012

Holdings By:

Dundee Precious Metals Inc ee


10.05.2013

Rio Alto Mining Limited is a mineral exploration company. The Company currently

is focusing on the development of La Arena gold / copper project, located in

north central Peru.


LTM as of: 12/yy

52-Week High (02.11.2012) 6.00

52-Week Low (17.04.2013) 3.37

Daily Volume

3.59












RIO CN EQUITY YTD Change - Average Volume 30 Day 752'855

RIO CN EQUITY YTD % CHANGE - Average Volume 3 Month 745'182


31.05.2007 31.05.2008 31.05.2009 31.05.2010 31.05.2011 05/yy 12/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

- 0.0 0.0 0.0 0.0 0.0 317.2 - 326.4 - -

- - - - - #DIV/0! 9.56x - 1.83x - -

(1.0) (2.3) (1.5) (3.9) (8.0) (5.1) 173.5 191.0 147.0 - -

- - - - - 0.00x 4.94x 3.12x 4.05x - -

(1.0) (1.9) (1.5) (12.6) (8.0) (4.0) 100.7 - 84.8 - -

- - - - - 0.00x 9.23x 6.81x 7.07x 9.45x 8.31x











EBITDA Margin 54.7%



Asset Turnover 1.22








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Rio Alto Mining LtdPrice/Volume

Valuation Analysis

674'439.00


'

-

.

0

1

2

3

4

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.!' F

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3!' F

5!' F

-'!' F

-.!' F

-1!' F

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

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

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1!''

3!''

5!''

-'!''

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10.05.2013


SENTRY SELECT CAPITA n/a 13G 28'000'700 15.92 - 31.12.2012 Investment Advisor



IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 7'989'300 4.54 102'600 31.01.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 7'082'953 4.03 - 31.12.2012 Bank

BLACKROCK n/a ULT-AGG 6'635'369 3.77 3'918'649 26.04.2013 Investment Advisor

AUSCAN ASSETS LIMITE n/a SEDI 4'969'651 2.83 50'000 07.12.2012 Other

NORWICH ROGER n/a SEDI 4'734'195 2.69 265'000 25.11.2011 n/a

HAWKSHAW ANTHONY GRA n/a SEDI 3'000'000 1.71 - 19.10.2011 n/a



TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'248'400 0.71 978'500 31.12.2012 Investment Advisor

INTACT INVESTMENT MA INTACT INVESTEMENT M 13F 1'076'700 0.61 1'076'700 31.03.2013 Investment Advisor

US GLOBAL INVESTORS Multiple Portfolios MF-AGG 1'051'000 0.6 201'000 31.12.2012 Investment Advisor

SOLDI JAIME n/a SEDI 1'028'288 0.58 126'000 02.01.2013 n/a


WELLS FARGO n/a ULT-AGG 755'020 0.43 - 28.02.2013 Investment Advisor

ZEITLER KLAUS M n/a SEDI 750'000 0.43 - 22.11.2011 n/a

MD MANAGEMENT LTD Multiple Portfolios MF-AGG 675'600 0.38 - 28.02.2013 Investment Advisor

CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 597'190 0.34 591'190 31.12.2012 Investment Advisor


Clarus Securities MIKE BANDROWSKI buy 5 M 7 12 month 29.04.2013

Kallpa Securities SAB HUMBERTO LEON overweight 5 M 5 12 month 29.04.2013


CIBC World Markets MATTHEW GIBSON sector outperform 5 M 7 Not Provided 17.04.2013

Desjardins Securities ADAM MELNYK hold 3 M 5 12 month 17.04.2013



Scotia Capital MARK TURNER sector perform 3 M 5 12 month 08.04.2013



Holdings By:

Rio Alto Mining Ltd ee


10.05.2013

Aurizon Mines Ltd. is a gold mining company. The Company's operations and

exploration activities are located in the Abitibi region of north-western

Quebec, Canada. Aurizon operates and owns an interest in the Beaufor Mine,

the Sleeping Giant Mine, and the Casa Berardi property.


LTM as of: 12/yy

52-Week High (10.05.2012) 5.42

52-Week Low (24.12.2012) 3.19

Daily Volume

3.74












AZK US EQUITY YTD Change - Average Volume 30 Day 915'023

AZK US EQUITY YTD % CHANGE - Average Volume 3 Month 939'224


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

144.5 175.6 178.7 260.0 223.6 260.0 223.6 209.3 266.3 40.2 46.6

4.07x 3.65x 5.82x 2.31x 1.61x 11.47x 9.66x - - - -

53.5 87.5 69.8 124.9 92.2 124.9 92.2 94.0 139.0 - -

10.98x 7.32x 14.90x 4.81x 3.90x 4.81x 3.90x 4.42x 2.99x - -

4.9 36.7 17.2 43.9 31.8 43.9 31.8 27.9 51.1 3.2 3.4

- - - - - 0.00x 0.00x 25.44x 14.77x 27.48x -











EBITDA Margin 41.3%



Asset Turnover 0.51







Fiscal Year Ended

Aurizon Mines LtdPrice/Volume

Valuation Analysis

785'007.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3


0.0

50.0

100.0

150.0

200.0

250.0

300.0

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

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'!3'

'!5'

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10.05.2013


ALAMOS GOLD INC n/a 13D 26'507'283 16.11 - 19.03.2013 Other



MONTRUSCO BOLTON INV MONTRUSCO BOLTON INV 13F 6'138'783 3.73 408'275 31.12.2012 Investment Advisor

GCIC LTD/CANADA GOODMAN & COMPANY IN 13F 5'947'500 3.61 (6'022'500) 31.12.2012 Investment Advisor



NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 4'430'833 2.69 1'029'681 31.12.2012 Investment Advisor

WELLS FARGO n/a ULT-AGG 3'678'543 2.24 (1'265'127) 31.03.2013 Investment Advisor




TOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 1'655'218 1.01 1'655'218 28.03.2013 Investment Advisor




MORGAN STANLEY n/a ULT-AGG 1'289'081 0.78 1'097'036 31.03.2013 Investment Advisor







National Bank Financial PAOLO LOSTRITTO tender #N/A N/A M 5 12 month 05.04.2013

Desjardins Securities ADAM MELNYK tender #N/A N/A M 4 12 month 20.03.2013


Mackie Research Capital Corp. RYAN HANLEY tender #N/A N/A M 5 Not Provided 05.03.2013



CIBC World Markets COSMOS CHIU restricted #N/A N/A M #N/A N/A Not Provided 25.01.2013

Loewen, Ondaatje, McCutcheon Ltd MICHAEL G FOWLER buy 5 M 6 12 month 23.01.2013

Scotia Capital OVAIS HABIB restricted #N/A N/A M #N/A N/A Not Provided 21.01.2013

Holdings By:

Aurizon Mines Ltd ee


10.05.2013

Endeavour Silver Corp. is a small-cap silver mining company focused on the

growth of its silver production, reserves and resources in Mexico.


LTM as of: 12/yy

52-Week High (21.09.2012) 10.73

52-Week Low (17.04.2013) 4.31

Daily Volume

4.58












EXK US EQUITY YTD Change - Average Volume 30 Day 1'433'847

EXK US EQUITY YTD % CHANGE - Average Volume 3 Month 1'440'981


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

39.3 50.8 86.5 128.0 208.1 128.0 208.1 243.8 279.8 - -

1.18x 3.98x 5.80x 5.79x 3.68x 21.01x 14.48x - - - -

(4.5) 11.3 30.7 64.8 89.8 64.8 89.8 87.5 130.1 28.8 30.5

- 17.91x 16.36x 11.43x 8.53x 11.43x 8.53x 5.24x 3.52x - -

(18.0) (1.9) (20.4) 18.8 42.1 18.8 42.1 33.9 59.8 - -

- - - - - 0.00x 0.00x 11.25x 7.66x 14.31x 11.31x











EBITDA Margin 38.3%



Asset Turnover 0.58







Fiscal Year Ended

Endeavour Silver CorpPrice/Volume

Valuation Analysis

1'264'116.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

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!2 F

-!' F

-!2 F

.!' F

.!2 F

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0!2 F

0.0

50.0

100.0

150.0

200.0

250.0

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

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'!3'

'!5'

-!''

-!.'



10.05.2013





NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 2'894'100 2.9 2'894'100 31.12.2012 Investment Advisor

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 1'502'600 1.51 95'000 31.03.2013 Investment Advisor

POLAR SECURITIES INC POLAR SECURITIES INC 13F 1'373'500 1.38 1'373'500 31.12.2012 Hedge Fund Manager


AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 1'110'237 1.11 (16'700) 31.03.2013 Investment Advisor

COOKE BRADFORD JAMES n/a SEDI 1'085'337 1.09 (200'000) 22.04.2013 n/a



LB SWISS INVESTMENT Multiple Portfolios MF-AGG 900'000 0.9 400'000 31.12.2012 Investment Advisor

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 830'979 0.83 (576'400) 31.12.2012 Investment Advisor

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 811'200 0.81 - 31.12.2012 Investment Advisor

BROOKFIELD ASSET MGM BROOKFIELD ASSET MAN 13F 761'586 0.76 761'586 31.12.2012 Investment Advisor

CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 756'563 0.76 (981'867) 31.12.2012 Investment Advisor


NORGES BANK NORGES BANK 13F 547'823 0.55 4'210 31.12.2012 Government


TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 491'800 0.49 (57'000) 31.12.2012 Investment Advisor



Raymond James CHRIS THOMPSON outperform 5 M 9 12 month 24.04.2013

Haywood Securities Inc. BENJAMIN ASUNCION buy 5 M 8 Not Provided 16.04.2013


CIBC World Markets LEON ESTERHUIZEN sector outperform 5 N 9 Not Provided 11.04.2013

Salman Partners ASH GUGLANI buy 5 M 10 12 month 08.04.2013



Holdings By:

Endeavour Silver Corp ee


10.05.2013

Continental Gold Ltd. is an advanced-stage exploration company. The Company has

a portfolio of gold projects located in established mineral belts in Colombia,

South America. Continental Gold's priorities include advanced exploration and

definition drilling programs at its Buritica gold project and phase-one drilling

at its Berlin project.


LTM as of: 12/yy

52-Week High (12.11.2012) 10.03

52-Week Low (18.04.2013) 3.78

Daily Volume

4.38












CNL CN EQUITY YTD Change - Average Volume 30 Day 729'469

CNL CN EQUITY YTD % CHANGE - Average Volume 3 Month 652'307


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

0.0 0.0 0.0 0.0 - 0.0 0.0 14.0 14.0 - -

- - - - - #DIV/0! #DIV/0! - - - -

(0.6) (4.2) (10.7) (11.8) - (8.8) (7.8) (9.6) (9.6) - -

- - - - - 0.00x 0.00x - - - -

(0.6) (4.1) (119.1) 18.2 (7.9) 18.2 (7.9) (9.6) (12.8) - -

- - - 38.93x - 38.93x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Continental Gold LtdPrice/Volume

Valuation Analysis

365'537.00


'

.

1

3

5

-'

-.

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0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

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

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



10.05.2013


GCIC LTD/CANADA n/a Co File 17'893'800 14.17 116'400 31.12.2012 Investment Advisor

WELLINGTON MANAGEMEN n/a Co File 16'205'564 12.84 1'985'981 31.03.2013 Investment Advisor


BULLET HOLDING CORP n/a SEDI 8'024'456 6.36 (200'000) 05.10.2012 Holding Company

COASTAL FINANCING CO n/a SEDI 5'786'124 4.58 (250'000) 21.12.2012 Other


REINDEER CAPITAL LTD n/a SEDI 3'668'490 2.91 (250'000) 21.12.2012 Other


IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 2'471'400 1.96 - 31.01.2013 Investment Advisor

EXPERT FUNDING CORP n/a SEDI 2'316'327 1.83 (35'000) 02.11.2012 Corporation

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 2'293'942 1.82 353'535 31.03.2013 Investment Advisor




FRANKLIN RESOURCES n/a ULT-AGG 1'334'000 1.06 254'000 31.01.2013 Investment Advisor

SUSSMAN ARI B n/a SEDI 1'149'151 0.91 10'606 21.08.2012 n/a


FIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 1'073'739 0.85 58'800 29.04.2013 Investment Advisor

PENTAGON PROPERTIES n/a SEDI 1'025'000 0.81 500'000 23.04.2012 Other

QUANTEX AG Multiple Portfolios MF-AGG 900'000 0.71 90'000 29.03.2013 Investment Advisor


Clarus Securities JAMIE SPRATT speculative buy 4 M 14 12 month 29.04.2013

Stifel CRAIG P STANLEY hold 3 M #N/A N/A Not Provided 26.04.2013

Dundee Securities Corp JOE FAZZINI buy 5 M 9 12 month 24.04.2013

TD Securities DANIEL EARLE speculative buy 4 M 10 12 month 23.04.2013




Interbolsa SA GABRIEL BAYONA speculative buy 4 M 13 Not Provided 01.10.2012

Holdings By:

Continental Gold Ltd ee


10.05.2013

Rubicon Minerals Corporation is a mineral exploration company. The Company

explores for gold deposits in the Red Lake gold camp of Canada, as well as

Nevada and Alaska.


LTM as of: 12/yy

52-Week High (17.09.2012) 3.80

52-Week Low (18.04.2013) 1.44

Daily Volume

1.66












RMX CN EQUITY YTD Change - Average Volume 30 Day 882'984

RMX CN EQUITY YTD % CHANGE - Average Volume 3 Month 926'613


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

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(3.4) (4.6) (25.4) (21.6) (11.6) (21.6) (11.6) - - - -

- - - - - 0.00x 0.00x - - - -

(2.4) (0.6) (25.5) (21.4) (10.4) (21.4) (10.4) - - - -

- - - - - 0.00x 0.00x - 8.30x - 1660.00x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Rubicon Minerals CorpPrice/Volume

Valuation Analysis

627'085.00


'

-

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0.0

0.0

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

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10.05.2013



IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 13'783'100 4.78 423'700 31.12.2012 Investment Advisor

AGNICO-EAGLE MINES L n/a 13D 10'671'827 3.7 (11'000'000) 01.06.2012 Corporation

GREYWOLF CAPITAL MAN GREYWOLF CAPITAL MAN 13F 9'125'000 3.16 4'155'700 31.12.2012 Hedge Fund Manager

SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 7'263'300 2.52 - 31.12.2012 Hedge Fund Manager







BRIDGER MANAGEMENT L BRIDGER MANAGEMENT L 13F 2'170'000 0.75 - 31.12.2012 Hedge Fund Manager

CAPITAL TACTICS ADVI CAPITAL TACTICS ADVI 13F 2'028'610 0.7 627'918 31.12.2012 Hedge Fund Manager

NORGES BANK NORGES BANK 13F 1'560'601 0.54 (247'212) 31.12.2012 Government

ROYAL BANK OF CANADA n/a ULT-AGG 1'537'646 0.53 (3'356'720) 31.12.2012 Bank

ADAMSON DAVID W n/a SEDI 1'535'189 0.53 107'000 04.02.2013 n/a



D E SHAW & COMPANY I D E SHAW & CO 13F 1'392'537 0.48 (127'000) 31.12.2012 Hedge Fund Manager

SHARE SICAV Multiple Portfolios MF-AGG 1'244'300 0.43 22'000 31.12.2012 Investment Advisor





Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 6 Not Provided 29.01.2013

Holdings By:

Rubicon Minerals Corp ee


10.05.2013

Silvercorp Metals Inc. acquires, explores, and develops mineral properties in

China. The Company is developing its Ying Silver project located in the

People's Republic of China.


LTM as of: 12/yy

52-Week High (14.09.2012) 6.86

52-Week Low (17.04.2013) 2.55

Daily Volume

2.85












SVM US EQUITY YTD Change - Average Volume 30 Day 1'314'624

SVM US EQUITY YTD % CHANGE - Average Volume 3 Month 1'445'206


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

108.4 83.5 107.2 167.3 238.0 236.1 192.8 201.7 256.0 - -

10.33x 3.67x 9.86x 14.29x 4.61x 25.98x 19.96x 2.45x - - -

76.7 40.4 66.4 110.3 155.3 158.2 102.5 93.2 141.0 - -

14.60x 7.59x 15.92x 21.68x 7.06x 6.33x 8.01x 4.64x 3.07x - -

59.9 (16.0) 38.5 67.7 73.8 76.2 30.6 29.5 53.8 - -

- - - - - 0.00x 0.00x 13.38x 9.73x 8.64x 6.87x











EBITDA Margin 53.1%



Asset Turnover 0.33







Fiscal Year Ended

Silvercorp Metals IncPrice/Volume

Valuation Analysis

821'110.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

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0

1

2

3

4

5

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-!2 F

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.!2 F

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0!2 F

1!' F

0.0

50.0

100.0

150.0

200.0

250.0

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

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10.05.2013





FENG RUI n/a SEDI 4'169'500 2.44 30'000 22.01.2013 n/a








IA CLARINGTON INVEST Multiple Portfolios MF-AGG 1'083'600 0.63 - 31.12.2012 Investment Advisor



LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 888'000 0.52 - 28.02.2013 Investment Advisor

UBS n/a ULT-AGG 819'019 0.48 (517'588) 31.03.2013 Unclassified

GAO JIANGUO n/a SEDI 803'713 0.47 2'990 16.09.2011 n/a

SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 781'858 0.46 (30'382) 31.12.2012 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 694'729 0.41 46'447 31.12.2012 Investment Advisor

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 681'544 0.4 (125'875) 31.12.2012 Investment Advisor






Knight TEAM COVERAGE strong buy 5 M 13 12 month 20.09.2011

Holdings By:

Silvercorp Metals Inc ee


10.05.2013

Evolution Mining Ltd is a gold exploration company with operations in Western

Australia. The Company owns the gold mines - Cracow, Edna May, Mt Rawdon and

Pajingo - and the Mt Carlton development project.


LTM as of: 01/yy

52-Week High (23.10.2012) 2.14

52-Week Low (24.04.2013) 0.83

Daily Volume

0.955












EVN AU EQUITY YTD Change - Average Volume 30 Day 4'419'185

EVN AU EQUITY YTD % CHANGE - Average Volume 3 Month 3'500'106


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

- - 22.3 121.9 469.5 - - 616.5 708.3 - -

- - 13.04x 2.11x 2.00x - - 1.28x 0.97x - -

(2.3) (3.3) 2.9 29.7 190.4 - - 235.3 297.5 - -

- - 99.74x 8.65x 4.92x - - 3.02x 2.39x - -

(2.3) (3.3) 5.5 (2.3) 37.3 - - 58.0 88.6 - -

- - 41.35x - 20.77x - - 11.37x 7.70x - -











EBITDA Margin 33.6%



Asset Turnover 0.50







Fiscal Year Ended

Evolution Mining LtdPrice/Volume

Valuation Analysis

3'367'768.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0


0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

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

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1'!''

2'!''

3'!''

4'!''

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10.05.2013


NEWCREST MINING LTD n/a Co File 231'082'631 32.63 - 17.09.2012 Corporation

ALLAN GRAY AUSTRALIA n/a EXCH 59'634'970 8.42 8'000'579 17.04.2013 Investment Advisor




BANK OF AMERICA CORP n/a EXCH 8'827'967 1.25 (414'122) 30.03.2011 Investment Advisor

KLEIN JACOB n/a EXCH 5'800'000 0.82 50'000 05.02.2013 n/a



FRANKLIN RESOURCES n/a ULT-AGG 4'050'000 0.57 - 31.01.2013 Investment Advisor

JJ HOLDINGS (VIC) PT n/a Co File 3'552'009 0.5 - 30.08.2012 Other




VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'377'918 0.34 (18'512) 30.09.2012 Investment Advisor

SHARE SICAV Multiple Portfolios MF-AGG 2'111'002 0.3 (155'000) 31.12.2012 Investment Advisor


NESTOR INVESTMENT MA Multiple Portfolios MF-AGG 1'863'899 0.26 75'000 28.02.2013 Investment Advisor

POLLOCK MURRAY G n/a EXCH 1'839'492 0.26 - 18.10.2011 n/a

MALONEY PETER JOSEPH n/a EXCH 1'379'579 0.19 - 18.10.2011 n/a


Investec TIM GERRARD buy 5 M 1 12 month 26.04.2013

Macquarie MITCH RYAN outperform 5 M 1 12 month 26.04.2013

Goldman Sachs PAUL HISSEY neutral/attractive 3 M 1 12 month 24.04.2013

RBC Capital Markets GEOFF BREEN outperform 5 M 1 12 month 24.04.2013

JPMorgan JOSEPH KIM neutral 3 M 1 9 month 24.04.2013

BBY Limited KURT WORDEN strong buy 5 M 1 12 month 24.04.2013


Credit Suisse MICHAEL SLIFIRSKI outperform 5 U 1 Not Provided 23.04.2013

Paterson Securities MATTHEW TRIVETT hold 3 M 1 12 month 23.04.2013

Nomura DAVID RADCLYFFE suspended coverage #N/A N/A M #N/A N/A Not Provided 12.04.2013


RBS Morgans JAMES WILSON outperform 5 N 2 12 month 27.11.2012

Ord Minnett DAVID BRENNAN buy 5 M #N/A N/A Not Provided 01.11.2012

Evans & Partners Pty Ltd CATHY MOISES negative 2 D #N/A N/A Not Provided 26.10.2012

Bell Potter CHRIS WHITEHEAD buy 5 M 2 12 month 06.03.2012

Hartleys PETER GRAY buy 5 M 2 Not Provided 02.02.2012

Holdings By:

Evolution Mining Ltd ee


10.05.2013

China Precious Metal Resources Holdings Co Ltd.through its subsidiary, mines for

precious metals.


LTM as of: 01/yy

52-Week High (26.11.2012) 1.62

52-Week Low (16.07.2012) 1.08

Daily Volume

1.36



% 52 Week Price Range High/Low 50.00% Equity Float 3'550.71

Shares Out 31.12.2012 4'350.7 Short Int -

5'916.99 1 Yr Total Return -0.73%


Preferred Stock - Adjusted BETA 0.616

Minority Interest - Analyst Recs 3




1194 HK EQUITY YTD Change - Average Volume 30 Day 4'936'768

1194 HK EQUITY YTD % CHANGE - Average Volume 3 Month 7'762'847


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

139.5 19.4 168.2 1'119.3 1'626.0 - - 2'082.0 2'473.7 - -

1.97x 167.09x 37.32x 5.56x 5.03x - - - - - -

(51.4) 5.1 116.1 824.5 1'110.5 - - 1'441.0 1'833.0 - -

- 639.25x 54.07x 7.55x 7.37x - - 5.31x 4.18x - -

(52.2) (29.2) 21.9 417.4 445.1 - - 654.0 796.0 - -

- - 72.08x 12.00x 12.13x - - 7.56x 7.43x - -











EBITDA Margin 68.3%



Asset Turnover 0.21








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Precious Metal Resources Holdings Co LtdPrice/Volume

Valuation Analysis

7'510'000.00


'''-----..

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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

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

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10.05.2013


MUNSUN GL MINING INV n/a EXCH 438'766'000 10.08 7'190'000 25.02.2013 Investment Advisor

YIM YANG CHANG n/a EXCH 307'206'000 7.06 24'900'000 26.10.2012 n/a

ASWELL GROUP LTD n/a EXCH 257'196'670 5.91 - 16.10.2012 Other


BANK OF NEW YORK MEL n/a EXCH 217'908'000 5.01 - 22.01.2013 Investment Advisor

PREMIUM WISE INC n/a EXCH 187'636'382 4.31 (679'470'000) 08.11.2012 Holding Company


SIMPLE BEST LTD n/a EXCH 16'682'000 0.38 (50'000'000) 07.10.2011 Other

VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'414'000 0.33 1'034'000 31.12.2012 Investment Advisor

ZHANG SHU GUANG n/a EXCH 10'300'000 0.24 1'120'000 18.04.2012 n/a

XIAOBING DAI n/a EXCH 10'000'000 0.23 (1'000'000) 10.04.2013 n/a


CHAM LAM n/a EXCH 7'400'000 0.17 - 16.10.2012 n/a

CHAM LAM n/a Short (6'000'000) -0.14 - 16.10.2012 n/a

CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 4'968'000 0.11 - 29.04.2013 Investment Advisor

STATE STREET n/a ULT-AGG 3'528'000 0.08 - 29.04.2013 Investment Advisor


XIMIN MEI n/a Co File 2'000'000 0.05 - 31.12.2011 n/a

OPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 1'920'000 0.04 - 31.01.2013 Investment Advisor

KIN SANG CHAN n/a Co File 800'000 0.02 - 31.12.2011 n/a


Argonaut Securities Pty Ltd CHRIS JIANG buy 5 M 2 Not Provided 19.04.2013

BOCOM International Holdings BENJAMIN PEI buy 5 M 2 Not Provided 02.04.2013


Holdings By:

China Precious Metal Resources Holdings Co Ltd ee


10.05.2013

Seabridge Gold, Inc. acquires gold projects in North America. The Company

expands and verifies these resources, moves them to reserves to determine their

economic value, and either sells to or forms joint ventures with larger

companies for mine construction and production.


LTM as of: 12/yy

52-Week High (14.09.2012) 20.34

52-Week Low (18.04.2013) 9.63

Daily Volume

11.37












SA US EQUITY YTD Change - Average Volume 30 Day 375'568

SA US EQUITY YTD % CHANGE - Average Volume 3 Month 375'092


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

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(5.6) (5.0) (5.7) (19.8) (15.8) (19.8) (8.7) (15.0) (16.0) - -

- - - - - 0.00x 0.00x - - - -

10.3 (4.7) 3.3 (20.1) (12.5) (20.1) (12.5) - - - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Seabridge Gold IncPrice/Volume

Valuation Analysis

217'133.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2


0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

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

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10.05.2013



PAN ATLANTIC BANK n/a PROXY 8'001'232 17.56 - 10.05.2012 Bank




ANTHONY JAMES S n/a PROXY 779'791 1.71 - 15.05.2012 n/a


FCMI FINANCIAL CORP n/a PROXY 555'000 1.22 - 10.05.2012 Corporation

BRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 478'467 1.05 (203'241) 31.03.2013 Hedge Fund Manager


FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 450'000 0.99 - 02.04.2013 Investment Advisor

FNDTN FOR STUDY OBJ n/a SEDI 425'334 0.93 - 06.02.2012 Other


FOX LOUIS J n/a SEDI 300'750 0.66 - 06.12.2011 n/a


THRELKELD WILLIAM E n/a SEDI 265'000 0.58 (10'000) 30.08.2011 n/a

BANFIELD A FREDERICK n/a PROXY 245'000 0.54 - 15.05.2012 n/a







Nomura TYLER BRODA buy 5 M 24 Not Provided 16.05.2012

Holdings By:

Seabridge Gold Inc ee


10.05.2013

Beadell Resources Limited is a gold development company. The Company's

primary asset is the Tucano gold project, located in Brazil. Beadell also has

an extensive portfolio of gold exploration tenements throughout Australia

and Brazil, including the prospective Tropicana East Project located adjacent

to the Tropicana gold deposit


LTM as of: 01/yy

52-Week High (07.12.2012) 1.14

52-Week Low (15.05.2012) 0.52

Daily Volume

0.735












BDR AU EQUITY YTD Change - Average Volume 30 Day 8'947'409

BDR AU EQUITY YTD % CHANGE - Average Volume 3 Month 7'983'323


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

- - 2.9 0.0 0.9 - - 313.1 332.8 - -

- - 28.44x - 976.94x - - 1.78x 1.28x - -

(5.9) (3.9) (7.5) (35.3) (14.0) - - 161.1 182.5 - -

- - - - - - - 4.38x 3.87x - -

(5.3) (3.9) (8.3) (34.8) (43.0) - - 127.8 141.0 - -

- - - - - - - 5.18x 4.32x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Beadell Resources LtdPrice/Volume

Valuation Analysis

5'137'260.00


'

'

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-

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.2!' F

0'!' F

02!' F

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

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

'!''

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.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

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10.05.2013


COLUMBIA WANGER ASSE n/a EXCH 61'627'671 7.84 386'033 18.04.2013 Investment Advisor


COUPLAND CARDIFF ASS n/a Co File 37'132'343 4.72 - 18.02.2013 Hedge Fund Manager

L1 CAPITAL PTY LTD n/a EXCH 23'660'753 3.01 (21'000'000) 22.11.2012 Investment Advisor

BOWLER PETER n/a EXCH 21'043'333 2.68 (4'000'000) 30.11.2012 n/a



OZ MINERALS INVESTME n/a Co File 12'800'000 1.63 - 31.03.2012 Unclassified

AMP LIFE LTD n/a Co File 12'331'993 1.57 - 31.03.2012 Investment Advisor

UNISUPER n/a EXCH 12'137'228 1.54 - 05.12.2011 Other


BRAIDWOOD INVESTMENT n/a Co File 9'100'001 1.16 - 31.03.2012 Unclassified

LEIBOWITZ ANTHONY HO n/a EXCH 8'586'457 1.09 263'091 30.11.2012 n/a

BARRETT GREGORY MICH n/a Co File 8'351'651 1.06 - 31.12.2011 n/a

ACORN CAPITAL LTD n/a EXCH 7'556'401 0.96 - 05.12.2011 Investment Advisor

HOOKIPA PTY LTD n/a Co File 7'254'650 0.92 - 31.03.2012 Unclassified

WATKINS ROBERT n/a EXCH 6'150'001 0.78 - 14.11.2012 n/a

TWYNAM AGRICULTURAL n/a Co File 5'975'000 0.76 - 31.12.2012 Other

SUNSUPER FUND n/a EXCH 4'733'422 0.6 - 05.12.2011 Other

AMERIPRISE FINANCIAL n/a EXCH 4'672'306 0.59 544'551 18.04.2013 Investment Advisor



Argonaut Securities Pty Ltd PATRICK CHANG buy 5 N 1 Not Provided 26.04.2013

Octa Phillip Securities Ltd ANDREW SHEARER buy 5 M 1 Not Provided 24.04.2013

Hartleys TRENT BARNETT buy 5 M 1 12 month 23.04.2013


GMP LEVI SPRY buy 5 M 1 12 month 28.03.2013

Shaw Stockbroking VINCENT PISANI buy 5 M 1 Not Provided 28.03.2013

Casimir Capital ERIC ALLISON overweight 5 M 2 12 month 16.01.2013


Blackswan Equities Ltd RHYS BRADLEY buy 5 N 1 12 month 21.12.2012


Evans & Partners Pty Ltd CATHY MOISES Positive 4 N #N/A N/A Not Provided 24.10.2012


Holdings By:

Beadell Resources Ltd ee


10.05.2013

Resolute Mining Limited explores for, produces and develops gold in Ghana, Mali

Queensland and Tanzania. The Company's gold exploration projects include

Obotan, Syama, Ravenswood and Golden Pride.


LTM as of: 01/yy

52-Week High (05.10.2012) 2.08

52-Week Low (08.05.2013) 0.79

Daily Volume

0.88












RSG AU EQUITY YTD Change - Average Volume 30 Day 4'099'487

RSG AU EQUITY YTD % CHANGE - Average Volume 3 Month 4'071'327


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 12/11 Q2 03/12 Q3

231.5 299.7 334.9 445.1 576.7 - - 654.0 583.6 - -

2.48x 1.12x 1.49x 1.36x 1.37x - - 0.67x 0.72x - -

20.9 57.3 80.3 110.0 254.4 - - 272.0 220.0 - -

27.45x 5.85x 6.23x 5.49x 3.10x - - 1.86x 2.29x - -

(56.7) 30.7 (37.2) 59.7 105.1 - - 141.4 91.5 - -

- 6.17x - 8.72x 7.25x - - 3.91x 5.71x - -











EBITDA Margin 42.1%



Asset Turnover 0.90








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Resolute Mining LtdPrice/Volume

Valuation Analysis

8'339'769.00


'

-

-

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.

0

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0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

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

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.'!''

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10.05.2013


ICM LTD n/a EXCH 192'072'476 29.87 (5'037'500) 20.11.2012 Other

UTILICO INVESTMENTS n/a EXCH 126'929'227 19.74 1'500'000 12.07.2012 Investment Advisor

M&G INVESTMENT MANAG n/a EXCH 64'000'000 9.95 (5'700'000) 08.02.2013 Investment Advisor

VANGUARD GROUP INC n/a EXCH 57'000'000 8.86 5'034'971 05.10.2012 Investment Advisor

BANK OF AMERICA CORP n/a EXCH 39'392'367 6.13 (9'442'393) 10.05.2012 Investment Advisor


VINVA INVESTMENT MGM n/a EXCH 32'497'591 5.05 - 31.01.2013 Investment Advisor

CF RUFFER BAKER STEE n/a EXCH 19'097'479 2.97 (3'846'391) 04.04.2012 n/a


PERMANENT INVESTMENT n/a EXCH 5'010'643 0.78 (4'989'357) 12.07.2012 Other


GENUS DYNAMIC GOLD F n/a EXCH 4'811'000 0.75 - 23.02.2012 n/a


BAKER STEEL CAPITAL n/a EXCH 4'300'000 0.67 - 04.04.2012 Investment Advisor

ECLECTIC INVEST TRUS n/a EXCH 3'500'000 0.54 1'500'000 12.07.2012 Investment Advisor

VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 3'455'670 0.54 807'280 30.09.2012 Investment Advisor

SULLIVAN PETER ROSS n/a EXCH 3'007'448 0.47 (500'000) 02.01.2013 n/a

FMR LLC n/a ULT-AGG 2'988'261 0.46 - 31.03.2013 Investment Advisor

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 1'485'807 0.23 108'451 31.05.2012 Investment Advisor



Canaccord Genuity Corp REG SPENCER sell 1 M 1 Not Provided 30.04.2013

Morgan Stanley BRENDAN FITZPATRICK Equalwt/In-Line 3 M 1 12 month 24.04.2013

GMP LEVI SPRY buy 5 M 2 Not Provided 24.04.2013

Bell Potter STEPHEN THOMAS buy 5 M 2 12 month 24.04.2013



Veritas Securities MATTHEW BAILLIE buy 5 M 2 Not Provided 25.01.2013


Westhouse Securities ROB BROKE add 4 M 2 Not Provided 08.11.2012

Helmsec Global Capital Limited GAVIN VAN DER WATH speculative buy 4 M 2 12 month 31.07.2012

Deutsche Bank CHRIS TERRY not rated #N/A N/A M #N/A N/A Not Provided 22.02.2012

Holdings By:

Resolute Mining Ltd ee


10.05.2013

Endeavour Mining Corp. is a growth focused West African gold producer. The

Company's operations include three operating mines in Ghana, Mali, and Burkina

Faso, and a fourth mine in Cote d'Ivoire that is currently in construction.

Endeavour also has a large West African land position with active exploration

programs.


LTM as of: 12/yy

52-Week High (10.10.2012) 2.56

52-Week Low (18.04.2013) 0.83

Daily Volume

0.89












EDV CN EQUITY YTD Change - Average Volume 30 Day 1'949'074

EDV CN EQUITY YTD % CHANGE - Average Volume 3 Month 2'033'783


30.06.2008 30.06.2009 30.06.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

109.2 (219.3) 167.1 145.6 346.1 146.0 347.1 492.3 628.0 109.0 102.0

- - - 3.93x 2.81x 5.51x 7.47x - - - -

- (237.2) 130.7 43.3 136.2 42.7 136.6 209.0 226.3 - -

- - - 13.22x 7.14x 13.22x 7.12x 2.54x 2.34x - -

57.1 (241.8) 125.3 (23.5) (8.6) (26.5) (8.3) 73.2 207.0 - -

3.99x - 1.70x - - 0.00x 1993.13x 7.36x 5.14x 9.18x 6.85x











EBITDA Margin 39.4%



Asset Turnover 0.25








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Endeavour Mining CorpPrice/Volume

Valuation Analysis

1'659'517.00


'

-

-

.

.

0

0


-300.0

-200.0

-100.0

0.0

100.0

200.0

300.0

400.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

6'!''

'0!'4!.''6 '0!'-!.'-' '0!'4!.'-' '0!'-!.'-- '0!'4!.'-- '0!'-!.'-. '0!'4!.'-. '0!'-!.'-0



10.05.2013


VAN ECK ASSOCIATES C n/a ULT-AGG 33'005'638 8 (148'896) 29.04.2013 Investment Advisor

SENTRY SELECT CAPITA n/a Co File 20'147'799 4.88 - 31.10.2012 Investment Advisor


RUFFER LLP Multiple Portfolios MF-AGG 9'321'000 2.26 526'000 27.12.2012 Hedge Fund Manager


ROYCE AND ASSOCIATES n/a 13G 4'850'000 1.18 (500'000) 31.12.2011 Investment Advisor


ASHDELL LTD n/a PROXY 2'800'000 0.68 - 10.09.2012 Other



VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'790'523 0.43 1'074'288 31.03.2013 Investment Advisor

JONES HEWARD INVESTM Multiple Portfolios MF-AGG 1'303'796 0.32 - 29.04.2013 Investment Advisor

WELLS FARGO n/a ULT-AGG 983'104 0.24 185'160 28.02.2013 Investment Advisor

CONNELLY MARK n/a SEDI 855'000 0.21 - 12.12.2011 n/a

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 700'000 0.17 - 28.02.2013 Investment Advisor

SPROTT INC Multiple Portfolios MF-AGG 541'001 0.13 (171'161) 31.12.2012 Hedge Fund Manager

WOODYER NEIL n/a SEDI 447'127 0.11 50'000 19.04.2013 n/a

LAING DAVID C n/a SEDI 388'618 0.09 60'000 16.04.2013 n/a

SMITH & WILLIAMSON H n/a ULT-AGG 323'601 0.08 - 28.02.2013 Investment Advisor

BOWLBY DOUGLAS J n/a SEDI 266'357 0.06 37'287 30.01.2013 n/a




CIBC World Markets LEON ESTERHUIZEN sector outperform 5 M 2 Not Provided 11.04.2013

GMP ANDREW MIKITCHOOK buy 5 M 3 Not Provided 01.04.2013

Goldman Sachs EUGENE KING Buy/Neutral 5 M 2 12 month 15.03.2013

BMO Capital Markets ANDREW BREICHMANAS not rated #N/A N/A M #N/A N/A Not Provided 24.01.2013

Holdings By:

Endeavour Mining Corp ee


10.05.2013

Fortuna Silver Mines Inc. is a growth oriented, silver and base metal producer

focused on mining opportunities in Latin America. The Company's primary assets

are the San Jose silver-gold mine in Mexico and the Caylloma silver-lead-zinc

mine in Peru. Fortuna Silver Mines is selectively pursuing additional

acquisition opportunities in the Americas.


LTM as of: 12/yy

52-Week High (21.09.2012) 5.85

52-Week Low (17.04.2013) 2.67

Daily Volume

2.86






Total Debt - YTD Return -31.08%

Preferred Stock - Adjusted BETA 1.446

Minority Interest - Analyst Recs 10

Cash and Equivalents - Consensus Rating 4.300



FVI CN EQUITY YTD Change - Average Volume 30 Day 474'573

FVI CN EQUITY YTD % CHANGE - Average Volume 3 Month 454'909


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

24.8 51.4 74.1 110.0 161.0 110.0 161.0 170.7 204.8 39.0 40.7

1.39x 3.01x 6.78x 5.78x - 20.85x 12.10x - - - -

0.1 21.3 34.1 48.8 70.7 48.8 70.7 73.5 101.0 20.0 23.5

401.05x 7.25x 14.71x 13.01x - 13.01x 6.51x 4.00x 2.91x - -

(0.9) 0.6 16.0 19.5 31.5 19.5 31.5 30.7 42.7 4.7 6.1

- 99.42x 34.34x 32.35x 15.45x 32.35x 15.45x 11.88x 8.71x 11.14x 9.80x











EBITDA Margin 43.9%

EBIT Margin 30.6% Total Debt/Equity -

Net Income Margin 19.5% Total Debt/Capital -

Asset Turnover 0.55

Current Ratio - Net Fixed Asset Turnover 0.83

Quick Ratio - Accounts receivable turnover-days 52.51

Debt to Assets - Inventory Days 48.91

Tot Debt to Common Equity - Accounts Payable Turnover Day 39.64



Fiscal Year Ended

Fortuna Silver Mines IncPrice/Volume

Valuation Analysis

646'187.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

Q -. j -. g -. g -. Q -. o -. l -. k -. a -. g -0 c -0 j -0 Q -0!' F

-!' F

.!' F

0!' F

1!' F

2!' F

3!' F

4!' F

5!' F

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

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



10.05.2013




MASON HILL ADVISORS MASON HILL ADVISORS 13F 7'932'400 6.33 (543'900) 31.12.2012 Hedge Fund Manager

MONTRUSCO BOLTON INV MONTRUSCO BOLTON INV 13F 2'507'190 2 (162'200) 31.12.2012 Investment Advisor




AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 1'169'500 0.93 (239'800) 31.03.2013 Investment Advisor


INTACT INVESTMENT MA INTACT INVESTEMENT M 13F 997'900 0.8 (289'500) 31.03.2013 Investment Advisor

CQS CAYMAN LP CQS CAYMAN LP 13F 850'000 0.68 (470'000) 31.12.2012 Investment Advisor

MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 711'800 0.57 138'400 31.03.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 683'198 0.55 (294'511) 31.12.2012 Bank

FEDERATED INVESTORS FEDERATED INVESTORS 13F 600'000 0.48 - 31.03.2013 Investment Advisor

QUANTEX AG Multiple Portfolios MF-AGG 600'000 0.48 - 29.03.2013 Investment Advisor


NORTHWEST MUTUAL FUN Multiple Portfolios MF-AGG 505'241 0.4 56'738 28.02.2013 Investment Advisor


MD MANAGEMENT LTD Multiple Portfolios MF-AGG 462'200 0.37 - 28.02.2013 Investment Advisor

VEHRS THOMAS I n/a SEDI 425'000 0.34 225'000 29.11.2011 n/a



Raymond James CHRIS THOMPSON market perform 3 M 4 12 month 24.04.2013



Haywood Securities Inc. BENJAMIN ASUNCION buy 5 M 5 12 month 22.04.2013




CIBC World Markets LEON ESTERHUIZEN sector outperform 5 N 6 Not Provided 11.04.2013


Holdings By:

Fortuna Silver Mines Inc ee


10.05.2013

McEwen Mining Inc. is a high growth, low cost mid-tier gold producer in the

Americas.


LTM as of: 12/yy

52-Week High (01.11.2012) 4.72

52-Week Low (18.04.2013) 1.67

Daily Volume

2.12












MUX US EQUITY YTD Change - Average Volume 30 Day 3'799'836

MUX US EQUITY YTD % CHANGE - Average Volume 3 Month 3'376'399


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

0.0 0.0 0.0 0.0 6.0 0.0 26.8 150.0 217.0 34.8 39.2

- - - - 178.15x #DIV/0! 156.88x - - - -

(19.7) (17.3) (29.0) (59.6) (92.3) (59.6) (71.5) 83.0 137.0 - -

- - - - - 0.00x 0.00x 7.74x 4.69x - -

(131.1) (27.7) (33.1) (61.9) (66.7) (61.9) (66.7) 70.9 114.0 16.1 18.8

- - - - - 0.00x 0.00x 22.32x 12.47x - -









Net Debt/EBITDA -





Asset Turnover 0.04







Fiscal Year Ended

McEwen Mining IncPrice/Volume

Valuation Analysis

4'062'079.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'--..001122


0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

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

'!.'

'!1'

'!3'

'!5'

-!''

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10.05.2013


MCEWEN ROBERT R n/a Form 4 73'428'564 34.1 - 18.04.2013 n/a



STATE STREET n/a ULT-AGG 11'459'381 5.32 (2'618'973) 29.04.2013 Investment Advisor


VANGUARD GROUP INC VANGUARD GROUP INC 13F 8'798'586 4.09 (3'843'036) 31.03.2013 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 6'826'384 3.17 755'211 31.12.2012 Investment Advisor


DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 2'849'695 1.32 1'584'177 31.12.2012 Investment Advisor

STALEY CAPITAL ADVIS STALEY CAPITAL ADVIS 13F 2'446'937 1.14 366'137 31.12.2012 Hedge Fund Manager



MANUFACTURERS LIFE I MANUFACTURERS LIFE I 13F 2'116'076 0.98 195'158 31.12.2012 Insurance Company

HORIZON KINETICS n/a ULT-AGG 1'853'323 0.86 23'185 31.12.2012 Investment Advisor

SPROTT INC SPROTT INC 13F 1'735'340 0.81 (1'000'000) 31.03.2013 Hedge Fund Manager



BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'166'475 0.54 73'405 31.03.2013 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'077'675 0.5 63'377 31.12.2012 Investment Advisor

RAYMOND JAMES & ASSO RAYMOND JAMES & ASSO 13F 912'507 0.42 132'810 31.12.2012 Investment Advisor


Stifel CRAIG P STANLEY buy 5 M 3 Not Provided 26.04.2013



Fraser Mackenzie Limited ALEKSANDRA BUKACHEVA buy 5 M 5 Not Provided 02.01.2013

Holdings By:

McEwen Mining Inc ee


10.05.2013

MAG Silver Corp acquires and explores mineral properties with a focus on

high-grade silver and gold. The Company, through its subsidiary, holds options

to earn an interest in properties located in Mexico.


LTM as of: 12/yy

52-Week High (06.11.2012) 13.32

52-Week Low (17.04.2013) 6.57

Daily Volume

7.64












MAG CN EQUITY YTD Change - Average Volume 30 Day 149'856

MAG CN EQUITY YTD % CHANGE - Average Volume 3 Month 181'843


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

- 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(6.7) (9.4) (12.9) (9.5) (13.4) (9.5) (13.5) (3.4) (3.4) (0.9) (0.9)

- - - - - 0.00x 0.00x - - - -

(5.9) (13.5) (12.6) (8.3) (12.3) (8.3) (12.3) (4.4) (9.2) (0.9) (0.9)

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

MAG Silver CorpPrice/Volume

Valuation Analysis

73'530.00


'

.

1

3

5

-'

-.

-1

Q -. j -. g -. g -. Q -. o -. l -. k -. a -. g -0 c -0 j -0 Q -0!' F

!- F

!. F

!0 F

!1 F

!2 F

!3 F

!4 F

!5 F

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

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

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



10.05.2013


FRESNILLO PLC n/a PROXY 9'746'193 16.21 - 07.09.2012 Unclassified

MASON HILL ADVISORS MASON HILL ADVISORS 13F 5'227'561 8.69 (227'749) 31.12.2012 Hedge Fund Manager

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 4'329'250 7.2 1'805'500 31.03.2013 Hedge Fund Manager


SPROTT INC SPROTT INC 13F 2'755'754 4.58 2'755'754 31.03.2013 Hedge Fund Manager


T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 1'372'900 2.28 1'372'900 31.12.2012 Investment Advisor



SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 986'206 1.64 - 31.12.2012 Hedge Fund Manager

CARMAX ENTERPRISES n/a Co File 946'300 1.57 - 31.12.2010 Corporation

GLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 799'080 1.33 264'085 31.12.2012 Investment Advisor

US GLOBAL INVESTORS US GLOBAL INVESTORS 13F 760'000 1.26 10'000 31.12.2012 Investment Advisor

ANDREEFF EQUITY ADVI ANDREEFF EQUITY ADVI 13F 520'582 0.87 68'991 31.12.2012 Hedge Fund Manager

FALCON FUND MANAGEME Multiple Portfolios MF-AGG 432'000 0.72 - 28.02.2013 Investment Advisor


CARLSON ERIC H n/a SEDI 379'200 0.63 50'000 03.08.2012 n/a

RAFFLES ASSOCIATES L RAFFLES ASSOCIATES L 13F 372'900 0.62 - 31.12.2012 Hedge Fund Manager

AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 370'978 0.62 105'600 31.03.2013 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 340'400 0.57 176'100 28.03.2013 Investment Advisor


Macquarie MICHAEL GRAY outperform 5 M 14 12 month 25.04.2013

Raymond James DAVID SADOWSKI outperform 5 M 14 12 month 24.04.2013

BMO Capital Markets JOHN P HAYES speculative outperform 4 M #N/A N/A Not Provided 15.04.2013


Holdings By:

MAG Silver Corp ee


10.05.2013

Primero Mining Corporation is a gold and silver producer. The Company focuses

on building a precious metals portfolio in the Americas.


LTM as of: 12/yy

52-Week High (24.10.2012) 7.89

52-Week Low (28.06.2012) 2.43

Daily Volume

5.7












P CN EQUITY YTD Change - Average Volume 30 Day 335'783

P CN EQUITY YTD % CHANGE - Average Volume 3 Month 375'786


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

0.0 0.0 60.3 156.5 182.9 156.5 182.9 201.5 250.8 61.2 53.1

- - 8.68x 1.80x 2.88x 8.77x 7.32x 2.03x 1.67x 6.91x 7.77x

(0.6) (0.6) 12.8 72.8 77.4 72.8 77.4 89.1 136.4 33.6 23.7

- - 40.81x 3.86x 6.79x 3.86x 6.79x 5.08x 3.32x 4.27x 4.19x

(0.7) (0.7) (31.5) 49.6 49.6 49.6 49.6 48.3 69.0 25.1 14.6

- - - 5.81x 11.91x 5.51x 12.37x 13.26x 9.40x 13.05x 11.70x











EBITDA Margin 42.3%



Asset Turnover 0.29







Fiscal Year Ended

Primero Mining CorpPrice/Volume

Valuation Analysis

205'488.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-.0123456


0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

200.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

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10.05.2013


GOLDCORP INC n/a SEDI 31'151'200 32.05 (8'422'460) 12.10.2012 Corporation



BLACKROCK n/a ULT-AGG 6'354'449 6.54 (36) 31.03.2013 Investment Advisor





O'SHAUGHNESSY ASSET O'SHAUGHNESSY ASSET 13F 1'787'295 1.84 1'270'148 31.12.2012 Investment Advisor




SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 1'076'900 1.11 (1'418'700) 31.12.2012 Hedge Fund Manager

SENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 1'028'500 1.06 1'028'500 31.12.2012 Investment Advisor

HILLSDALE INVESTMENT HILLSDALE INVESTMENT 13F 1'024'100 1.05 (323'500) 31.12.2012 Hedge Fund Manager


SPARK INVESTMENT MAN SPARK INVESTMENT MAN 13F 582'800 0.6 70'000 31.12.2012 Investment Advisor

MD MANAGEMENT LTD Multiple Portfolios MF-AGG 576'500 0.59 (22'900) 28.02.2013 Investment Advisor

CONWAY JOSEPH F n/a SEDI 563'300 0.58 50'000 04.07.2012 n/a

BATTERYMARCH FINANCI BATTERYMARCH FINANCI 13F 488'600 0.5 488'600 31.12.2012 Investment Advisor


CIBC World Markets CHITIMUKULU MUSONDA sector outperform 5 N 9 18 month 29.04.2013


BMO Capital Markets BRIAN QUAST outperform 5 M 9 Not Provided 22.04.2013



Cantor Fitzgerald ROB CHANG buy 5 M 8 12 month 18.04.2013



TD Securities STEVEN J GREEN restricted #N/A N/A M #N/A N/A Not Provided 04.04.2013




Holdings By:

Primero Mining Corp ee


10.05.2013

Kingsgate Consolidated Limited is a gold mining and exploration company with

operations focused in Thailand at the Chatree gold project. The Company also

explores for silver and other metals.


LTM as of: 01/yy

52-Week High (03.10.2012) 6.20

52-Week Low (03.05.2013) 1.79

Daily Volume

2.04












KCN AU EQUITY YTD Change - Average Volume 30 Day 1'321'100

KCN AU EQUITY YTD % CHANGE - Average Volume 3 Month 1'288'723


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

74.3 113.0 176.1 172.4 357.4 - - 341.8 389.2 - -

6.01x 5.46x 5.16x 6.69x 2.24x - - 1.28x 1.10x - -

19.6 (38.1) 84.7 66.8 164.9 - - 114.8 144.1 - -

22.77x - 10.74x 17.26x 4.86x - - 3.85x 3.07x - -

36.2 32.5 66.3 21.1 75.2 - - 33.5 46.0 - -

10.12x 19.20x 12.59x 42.78x 9.24x - - 8.46x 8.03x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.37








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kingsgate Consolidated LtdPrice/Volume

Valuation Analysis

2'231'763.00


'

-

.

0

1

2

3

4


0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

2'!''

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10.05.2013









SMYTH-KIRK ROSS DONA n/a EXCH 3'706'582 2.44 - 03.04.2013 n/a



THOMAS GAVIN n/a EXCH 946'403 0.62 - 23.11.2012 n/a

PRUDENTIAL FINANCIAL n/a ULT-AGG 922'692 0.61 11'731 28.03.2013 Investment Advisor

ARINYA INVESTMENTS P n/a EXCH 879'689 0.58 - 03.04.2013 Other


AXA ROSENBERG INTL Multiple Portfolios MF-AGG 662'402 0.44 523'974 31.12.2012 Investment Advisor

ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 540'000 0.35 - 28.12.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 360'716 0.24 (1'154'049) 31.01.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 349'189 0.23 312'360 31.12.2012 Investment Advisor

PACIFIC INCOME ADVIS Multiple Portfolios MF-AGG 281'011 0.18 - 28.03.2013 Investment Advisor

HSBC TRINKAUS INVEST Multiple Portfolios MF-AGG 225'000 0.15 - 31.07.2012 Investment Advisor


BBY Limited KURT WORDEN strong buy 5 M 3 12 month 30.04.2013

Goldman Sachs PAUL HISSEY sell/attractive 1 M 2 12 month 29.04.2013

RBC Capital Markets STEUART MCINTYRE underperform 1 D 2 12 month 29.04.2013

Macquarie MITCH RYAN neutral 3 M 3 12 month 29.04.2013


E.L. & C. Baillieu SOPHIE SPARTALIS hold 3 M 4 12 month 15.03.2013

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 04.03.2013

Veritas Securities MATTHEW BAILLIE buy 5 M 6 Not Provided 31.01.2013

Evans & Partners Pty Ltd CATHY MOISES negative 2 D #N/A N/A Not Provided 02.11.2012


Bell Potter PETER CHAPMAN Under Review #N/A N/A M #N/A N/A Not Provided 02.11.2011

Holdings By:

Kingsgate Consolidated Ltd ee


10.05.2013

Timmins Gold Corporation operates as a gold exploration and production company.

The Company owns and operates a Mexican based mine where they develop, explore

and produce gold.


LTM as of: 12/yy

52-Week High (13.11.2012) 3.48

52-Week Low (23.05.2012) 1.49

Daily Volume

2.41












TMM CN EQUITY YTD Change - Average Volume 30 Day 737'002

TMM CN EQUITY YTD % CHANGE - Average Volume 3 Month 647'421


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.12.2012 03/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

0.0 0.0 0.0 84.4 156.1 84.4 155.7 196.0 214.5 46.7 45.9

- - - 4.15x 2.73x 14.70x 8.93x 1.51x 1.07x 7.11x 7.06x

(4.2) (3.5) (6.7) 43.5 68.5 43.5 68.3 88.7 90.9 17.3 19.6

- - - 8.05x 6.22x 8.05x 6.24x 3.80x 3.71x 4.47x 4.50x

(5.3) (3.4) (8.6) 11.5 36.1 11.5 35.9 49.8 48.0 10.5 9.1

- - - 27.89x 12.02x 27.89x 12.04x 7.13x 7.15x 7.33x 7.19x











EBITDA Margin 45.8%



Asset Turnover 0.80








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Timmins Gold CorpPrice/Volume

Valuation Analysis

446'804.00


'

-

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0.0

20.0

40.0

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80.0

100.0

120.0

140.0

160.0

180.0

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

'!''

2'!''

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10.05.2013







SPROTT INC SPROTT INC 13F 3'810'200 2.64 860'000 31.03.2013 Hedge Fund Manager

CIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 3'712'200 2.58 3'712'200 31.12.2012 Investment Advisor


BRAGAGNOLO BRUCE n/a SEDI 2'928'000 2.03 (25'000) 03.01.2013 n/a

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 2'705'400 1.88 100'000 31.03.2013 Investment Advisor

BONILLAS ZEPEDA F A n/a SEDI 2'584'800 1.79 (34'729) 19.12.2012 n/a

GCIC LTD/CANADA GOODMAN & COMPANY IN 13F 2'265'000 1.57 2'265'000 31.12.2012 Investment Advisor

INTACT INVESTMENT MA INTACT INVESTEMENT M 13F 2'217'500 1.54 536'400 31.03.2013 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 1'803'600 1.25 - 31.12.2012 Pension Fund (ERISA)

HILLSDALE INVESTMENT HILLSDALE INVESTMENT 13F 1'686'100 1.17 371'900 31.12.2012 Hedge Fund Manager

CQS CAYMAN LP CQS CAYMAN LP 13F 1'300'000 0.9 - 31.12.2012 Investment Advisor


BLACKROCK n/a ULT-AGG 820'191 0.57 63'043 31.03.2013 Investment Advisor


BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 698'391 0.48 (4'915) 31.03.2013 Investment Advisor


Macquarie MICHAEL SIPERCO neutral 3 D 3 12 month 25.04.2013


PI Financial Corp. PHILIP KER buy 5 M 3 12 month 23.04.2013

Cormark Securities Inc. KYLE MCPHEE buy 5 M 3 12 month 22.04.2013

Stonecap Securities Inc BRIAN SZETO outperform 5 M 4 12 month 22.04.2013


Canaccord Genuity Corp NICHOLAS CAMPBELL sell 1 M 2 12 month 16.04.2013

Dundee Securities Corp JOE FAZZINI buy 5 M 4 Not Provided 12.04.2013



M Partners Inc INGRID RICO buy 5 M 4 12 month 10.04.2013




MGI Securities MARC PAIS buy 5 M 5 12 month 05.07.2011

Holdings By:

Timmins Gold Corp ee


10.05.2013

St. Barbara Limited is a gold exploration and production company. The Company's

exploration projects include its Southern Cross and Leonora Operations which

are located in Western Australia.


LTM as of: 01/yy

52-Week High (18.10.2012) 2.40

52-Week Low (08.05.2013) 0.51

Daily Volume

0.755












SBM AU EQUITY YTD Change - Average Volume 30 Day 4'459'617

SBM AU EQUITY YTD % CHANGE - Average Volume 3 Month 3'786'546


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

143.1 281.1 296.8 359.6 541.2 - - 530.9 626.8 - -

3.41x 1.33x 2.01x 1.58x 0.73x - - 0.95x 0.64x - -

(0.1) 50.3 77.2 109.3 224.1 - - 159.2 245.3 - -

- 7.42x 7.74x 5.21x 1.76x - - 3.26x 2.12x - -

(17.3) (76.3) (40.2) 68.6 130.2 - - 40.5 82.7 - -

- - - 9.29x 4.42x - - 9.32x 4.58x - -











EBITDA Margin 38.5%



Asset Turnover 0.55







Fiscal Year Ended

St Barbara LtdPrice/Volume

Valuation Analysis

9'933'175.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

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100.0

200.0

300.0

400.0

500.0

600.0

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

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10.05.2013


M&G INVESTMENT MANAG n/a EXCH 93'372'398 19.13 - 14.02.2013 Investment Advisor


VANGUARD GROUP INC n/a EXCH 60'536'881 12.4 9'536'881 29.01.2013 Investment Advisor


PARADICE INVESTMENT n/a EXCH 19'990'864 4.1 - 13.09.2012 Investment Advisor


TRADEWINDS GLOBAL IN n/a EXCH 16'240'544 3.33 (1'270'413) 03.11.2011 Investment Advisor

DIMENSIONAL FUND ADV n/a RNS-RUL8 13'247'660 2.71 22'932 07.09.2012 Investment Advisor




LSV ASSET MANAGEMENT n/a RNS-RUL8 11'363'061 2.33 684'600 23.07.2012 Investment Advisor


COMMONWEALTH BANK OF n/a RNS-RUL8 8'897'062 1.82 - 31.08.2012 Bank

HUNTER HALL INVESTME n/a RNS-RUL8 7'754'662 1.59 (8'245'338) 12.07.2012 Investment Advisor

UNITED SERVICES AUTO Multiple Portfolios MF-AGG 6'400'000 1.31 925'000 30.11.2012 Investment Advisor


JCP INVESTMENT PARTN n/a RNS-RUL8 6'032'951 1.24 (326'553) 09.08.2012 Investment Advisor

CENTAURUS CAPITAL LT n/a Short (5'746'460) -1.18 (506'570) 06.09.2012 Investment Advisor

NATIONAL AUSTRALIA B n/a ULT-AGG 5'603'376 1.15 6'496 10.09.2012 Bank



Goldman Sachs IAN PRESTON neutral/attractive 3 M 1 12 month 24.04.2013

Canaccord Genuity Corp LUKE SMITH buy 5 U 1 12 month 24.04.2013

Bell Potter STEPHEN THOMAS buy 5 M 1 12 month 24.04.2013


RBC Capital Markets STEUART MCINTYRE outperform 5 M 1 12 month 23.04.2013

E.L. & C. Baillieu SOPHIE SPARTALIS buy 5 M 2 12 month 23.04.2013


Nomura DAVID RADCLYFFE neutral 3 M 1 Not Provided 08.03.2013



Argonaut Securities Pty Ltd TROY IRVIN buy 5 U 3 Not Provided 18.06.2012

Holdings By:

St Barbara Ltd ee


10.05.2013

Premier Gold Mines Limited is a mining and exploration company focused on

developing gold projects worldwide.


LTM as of: 12/yy

52-Week High (21.09.2012) 6.79

52-Week Low (18.04.2013) 1.57

Daily Volume

1.99












PG CN EQUITY YTD Change - Average Volume 30 Day 1'389'443

PG CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'114'837


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

0.0 0.0 0.0 0.0 0.0 0.0 0.9 0.0 0.0 - -

- - - - - #DIV/0! 2932.95x - - - -

(3.2) (6.2) (13.2) (11.9) (12.5) (5.4) (12.2) (12.5) (12.5) - -

- - - - - 0.00x 0.00x - - - -

0.2 (3.7) (10.9) (16.8) (32.1) (16.8) (32.1) (14.3) (17.8) - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -





Asset Turnover 0.00







Fiscal Year Ended

Premier Gold Mines LtdPrice/Volume

Valuation Analysis

1'456'023.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

4

5


0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

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

'!''

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10.05.2013



GCIC LTD/CANADA n/a Co File 13'896'800 9.31 3'271'500 31.10.2012 Investment Advisor


IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 7'832'701 5.25 (10'800) 31.01.2013 Investment Advisor

DOWNIE EWAN S n/a SEDI 3'130'601 2.1 7'500 24.04.2013 n/a

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 2'900'000 1.94 275'000 31.12.2012 Investment Advisor




SHARE SICAV Multiple Portfolios MF-AGG 947'736 0.63 (148'500) 31.12.2012 Investment Advisor




MIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 800'000 0.54 (100'000) 28.03.2013 Investment Advisor

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 705'900 0.47 - 31.12.2012 Investment Advisor

US GLOBAL INVESTORS Multiple Portfolios MF-AGG 700'000 0.47 10'000 31.12.2012 Investment Advisor



AGF INVESTMENTS INC Multiple Portfolios MF-AGG 556'136 0.37 (15'100) 28.09.2012 Investment Advisor





Beacon Securities Ltd MICHAEL CURRAN buy 5 M 6 12 month 19.04.2013

Cantor Fitzgerald ROB CHANG buy 5 M 6 12 month 18.04.2013

Laurentian Bank Securities ERIC LEMIEUX speculative buy 4 M 4 12 month 18.04.2013

CIBC World Markets JEFF KILLEEN sector perform 3 M 7 Not Provided 11.04.2013

Canaccord Genuity Corp STEVEN BUTLER speculative buy 4 M 7 12 month 11.04.2013

Octagon Capital Corporation ANNIE ZHANG speculative buy 4 M 6 12 month 02.04.2013



Mackie Research Capital Corp. BARRY D ALLAN speculative buy 4 M #N/A N/A Not Provided 30.01.2013


Holdings By:

Premier Gold Mines Ltd ee


10.05.2013

Northern Star Resources Ltd is an Australian Gold Producer with tenement

holdings and gold deposits located in the Ashburton - Pilbara Region of Western

Australia.


LTM as of: 01/yy

52-Week High (26.11.2012) 1.59

52-Week Low (16.05.2012) 0.61

Daily Volume

0.845












NST AU EQUITY YTD Change - Average Volume 30 Day 4'350'696

NST AU EQUITY YTD % CHANGE - Average Volume 3 Month 4'304'380


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

- - - 114.9 99.5 - - 133.9 166.8 - -

- - - 1.11x 2.55x - - 2.29x 1.70x - -

(0.1) (5.1) (1.3) 45.1 47.5 - - 75.7 97.4 - -

- - - 2.83x 5.35x - - 4.22x 3.28x - -

(0.1) (4.7) (1.3) 16.3 22.0 - - 33.4 42.5 - -

- - - 7.80x 12.62x - - 11.42x 8.80x - -











EBITDA Margin 50.7%



Asset Turnover 1.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Northern Star Resources LtdPrice/Volume

Valuation Analysis

4'592'004.00


'''-----..

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0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

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

'!''

.!''

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10.05.2013




INVESTMET LIMITED n/a EXCH 21'946'900 5.17 (18'089'000) 30.11.2012 Corporation

PARADICE INVESTMENT n/a EXCH 18'915'010 4.46 (2'872'573) 08.01.2013 Investment Advisor

BEAMENT WILLIAM JAME n/a EXCH 12'134'735 2.86 - 30.11.2012 n/a


FOTIOS MICHAEL GEORG n/a EXCH 7'103'474 1.67 (7'400'000) 30.11.2012 n/a

ROWE CHRISTOPHER n/a EXCH 3'986'195 0.94 - 30.11.2012 n/a


MORGAN STANLEY AUSTR n/a EXCH 3'202'580 0.75 (36'529'953) 04.12.2012 Investment Advisor





BROWN KAREN ELIZABET n/a Co File 1'191'666 0.28 - 30.06.2012 n/a

MACQUARIE GROUP n/a ULT-AGG 1'168'772 0.28 (310'278) 30.06.2011 Investment Advisor

O'CONNOR PETER EDMUN n/a EXCH 850'000 0.2 - 03.12.2012 n/a

BHR FUND ADVISORS LP Multiple Portfolios MF-AGG 500'000 0.12 100'000 31.01.2013 Investment Advisor

PARRY RAYMOND JOSEPH n/a Co File 378'334 0.09 - 30.06.2012 n/a

OBERWEIS ASSET MANAG Multiple Portfolios MF-AGG 316'200 0.07 316'200 31.12.2012 Investment Advisor



Hartleys MIKE MILLIKAN buy 5 M 1 12 month 29.04.2013

Paterson Securities TIM MCCORMACK buy 5 M 1 12 month 29.04.2013


Ord Minnett DAVID BRENNAN buy 5 N 1 Not Provided 17.04.2013


Holdings By:

Northern Star Resources Ltd ee


10.05.2013

Tanzanian Royalty Exploration Corporation acquires, explores, and develops

mineral properties. The Company explores for gold.


LTM as of: 02/yy

52-Week High (21.09.2012) 5.34

52-Week Low (18.04.2013) 2.42

Daily Volume

2.66












TRX US EQUITY YTD Change - Average Volume 30 Day 491'191

TRX US EQUITY YTD % CHANGE - Average Volume 3 Month 474'594


31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 02/yy 02/yy 08/13 Y 08/14 Y 05/13 Q3 08/13 Q4

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(2.9) (3.4) (3.0) (4.3) (5.1) (4.6) (5.0) - - - -

- - - - - 0.00x 0.00x - - - -

(3.7) (4.7) (3.4) (11.1) (8.9) (14.6) (2.2) - - - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tanzanian Royalty Exploration CorpPrice/Volume

Valuation Analysis

327'739.00


'

-

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0

1

2

3

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!2 F

-!' F

-!2 F

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.!2 F

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0!2 F

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

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

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10.05.2013



GEIER GROUP LLC n/a 13G 4'879'743 4.85 (4'801'048) 10.11.2011 Other


SINCLAIR JAMES E n/a SEDI 1'885'543 1.87 (1'000) 08.02.2013 n/a

BPI GLOBAL INVESTMEN Multiple Portfolios MF-AGG 673'902 0.67 (37'877) 28.09.2012 Investment Advisor


MORROW ROSALIND n/a SEDI 429'429 0.43 5'382 11.03.2013 n/a



HARVEY WILLIAM M n/a SEDI 340'090 0.34 7'732 12.04.2013 n/a

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 334'811 0.33 4'654 31.03.2013 Investment Advisor



PORTOLA GROUP INCORP PORTOLA GROUP INCORP 13F 212'810 0.21 250 31.03.2013 Investment Advisor



LUIS VICTORIA n/a 20F 144'045 0.14 - 31.10.2012 n/a

VAN TONGEREN STEVEN n/a SEDI 124'119 0.12 25'000 18.04.2013 n/a

ALTUS CAPITAL INC ALTUS CAPITAL INC 13F 104'500 0.1 56'500 31.03.2013 Investment Advisor

BANK OF AMERICA CORP BANK OF AMERICA 13F 97'451 0.1 (17'701) 31.12.2012 Investment Advisor


#N/A N/A

Holdings By:

Tanzanian Royalty Exploration Corp ee


10.05.2013

Real Gold Mining Limited mines gold and processes ore into concentrates

containing gold and other minerals for subsequent sale.


LTM as of: 06/yy

52-Week High (10.05.2012) 8.81

52-Week Low (10.05.2012) 8.81

Daily Volume

8.81

52-Week High % Change 0.00% Dividend Yield 0.60




8'006.41 1 Yr Total Return 0.00%






Average Volume 5 Day 0

246 HK EQUITY YTD Change - Average Volume 30 Day 0

246 HK EQUITY YTD % CHANGE - Average Volume 3 Month 0


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 06/yy 06/yy 12/11 Y 12/12 Y 09/11 Q3 12/11 Q4

- 8.0 312.3 1'011.2 1'368.2 1'185.7 1'523.7 - - - -

- - - 5.88x 5.55x 0.00x 0.00x - - - -

(0.1) (1.1) 190.4 768.9 1'187.9 0.0 0.0 - - - -

- - - 7.73x 6.39x 0.00x 0.00x - - - -

(0.1) (2.2) 103.9 526.7 798.0 650.8 831.3 - - - -

- - - 13.02x 12.06x 0.00x 0.00x - - - -


EBIT 1'149.66 Long-Term Rating -









EBITDA Margin 86.8%



Asset Turnover 0.34







Fiscal Year Ended

Real Gold Mining LtdPrice/Volume

Valuation Analysis

0.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-.0123456

-'

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0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

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-3!''

-5!''

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10.05.2013


CITIGROUP INCORPORAT n/a EXCH 245'182'757 26.98 - 12.06.2012 Investment Advisor

LV DEZHI n/a EXCH 226'250'667 24.9 - 27.09.2012 n/a

LEAD HONEST MANAGEME n/a Research 140'000'000 15.41 (234'376'000) 26.09.2012 Other

LEAD HONEST MANAGEME n/a Short (126'967'191) -13.97 - 31.12.2011 Other

SHI GUANGWEI n/a EXCH 113'125'333 12.45 - 27.09.2012 n/a

VALUE PARTNERS GROUP n/a ULT-AGG 77'678'000 8.55 - 26.09.2012 Corporation


GCIC LTD/CANADA Multiple Portfolios MF-AGG 17'816'505 1.96 - 31.12.2012 Investment Advisor

MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 16'916'500 1.86 - 30.06.2012 Unclassified





MACQUARIE GROUP n/a ULT-AGG 4'353'500 0.48 - 30.06.2011 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 4'103'427 0.45 - 28.12.2012 Investment Advisor


FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 2'762'500 0.3 - 02.04.2013 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 2'500'500 0.28 - 28.02.2013 Investment Advisor

CITIGROUP INCORPORAT n/a Short (2'409'129) -0.27 - 12.06.2012 Investment Advisor

SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 1'788'000 0.2 - 28.02.2013 Investment Advisor


EVA Dimensions TEAM COVERAGE buy 5 N #N/A N/A Not Provided 14.07.2012

BOCOM International Holdings RONGJIN LUO neutral 3 D 9 12 month 03.06.2011

Kingsway SW Securities ZIBO CHEN buy 5 M 19 Not Provided 14.03.2011

Holdings By:

Real Gold Mining Ltd ee


10.05.2013

Golden Star Resources Ltd. is a mid-tier gold mining company. The Company's

operating mines are situated along the Ashanti Gold Belt in Ghana, West Africa.


LTM as of: 12/yy

52-Week High (16.10.2012) 2.11

52-Week Low (09.05.2013) 0.83

Daily Volume

0.84












GSS US EQUITY YTD Change - Average Volume 30 Day 2'320'868

GSS US EQUITY YTD % CHANGE - Average Volume 3 Month 2'057'891


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

257.4 - 432.7 471.0 550.5 471.0 550.5 504.7 496.4 126.0 128.3

1.43x - 2.72x 0.98x 0.95x 4.90x 3.58x 0.64x 0.61x 2.20x 2.25x

1.8 - 107.6 91.8 124.7 91.8 125.8 87.8 122.5 28.9 28.9

200.09x - 10.93x 5.00x 4.18x 5.00x 4.14x 2.90x 2.07x 2.23x 2.26x

(119.3) - (11.2) (2.1) (9.5) (2.1) (9.5) 0.8 32.3 2.1 2.1

- - - - - 0.00x 0.00x - 7.06x 16.80x 9.23x











EBITDA Margin 22.8%



Asset Turnover 0.76








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Golden Star Resources LtdPrice/Volume

Valuation Analysis

5'142'076.00


'

-

-

.

.

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100.0

200.0

300.0

400.0

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10.05.2013




HEARTLAND ADVISORS I HEARTLAND ADVISORS I 13F 25'985'870 10.03 (1'326'930) 31.12.2012 Investment Advisor







PRINCIPAL FINANCIAL n/a ULT-AGG 3'093'334 1.19 1'200'671 31.12.2012 Investment Advisor


BATTERYMARCH FINANCI BATTERYMARCH FINANCI 13F 2'625'741 1.01 125'700 31.12.2012 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 2'259'552 0.87 1'129'776 31.12.2012 Investment Advisor


CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 1'870'572 0.72 1'267'792 31.03.2013 Investment Advisor


NEW YORK STATE COMMO NEW YORK STATE COMMO 13F 1'725'479 0.67 206'700 31.12.2012 Pension Fund (ERISA)

SYSTEMATIC FINANCIAL SYSTEMATIC FINANCIAL 13F 1'647'710 0.64 277'080 31.12.2012 Investment Advisor

LEGG MASON CAPITAL M Multiple Portfolios MF-AGG 1'467'781 0.57 - 31.03.2013 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 1'164'787 0.45 (51'919) 31.12.2012 Investment Advisor


Macquarie PIERRE VAILLANCOURT neutral 3 M 1 12 month 25.04.2013


Scotia Capital TREVOR TURNBULL sector underperform 1 D 1 12 month 23.04.2013







Holdings By:

Golden Star Resources Ltd ee


10.05.2013

Romarco Minerals, Inc. is an emerging gold producer. The Company's flagship

project is the Haile Gold Mine in South Carolina.


LTM as of: 12/yy

52-Week High (17.09.2012) 1.40

52-Week Low (23.04.2013) 0.39

Daily Volume

0.425












R CN EQUITY YTD Change - Average Volume 30 Day 1'658'560

R CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'387'329


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(3.6) (7.3) (65.4) (15.3) (11.8) (15.3) (11.8) (8.0) (8.0) - -

- - - - - 0.00x 0.00x - - - -

(4.5) (7.2) (66.2) (15.7) (11.9) (15.7) (11.9) (7.8) (12.0) - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Romarco Minerals IncPrice/Volume

Valuation Analysis

1'075'150.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

'

'

-

-

-

-

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2!' F

-'!' F

-2!' F

.'!' F

.2!' F

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

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

'!.'

'!1'

'!3'

'!5'

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10.05.2013


BLACKROCK n/a ULT-AGG 149'342'975 25.53 28'590'375 26.04.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 46'813'508 8 (211'188) 29.04.2013 Investment Advisor






COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 11'682'793 2 (147'237) 31.01.2013 Bank

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 11'093'500 1.9 (147'500) 31.12.2012 Investment Advisor



QUANTEX AG Multiple Portfolios MF-AGG 3'750'000 0.64 (100'000) 29.03.2013 Investment Advisor





SPROTT INC Multiple Portfolios MF-AGG 2'266'700 0.39 - 31.12.2012 Hedge Fund Manager

COLONIAL FIRST STATE Multiple Portfolios MF-AGG 1'959'403 0.33 - 19.10.2012 Investment Advisor

GARRETT DIANE RENEE n/a SEDI 1'568'000 0.27 31'500 19.04.2013 n/a






RBC Capital Markets SAM CRITTENDEN sector perform 3 M 1 12 month 02.04.2013

Paradigm Capital Inc DON BLYTH speculative buy 4 M 2 12 month 11.03.2013

Euro Pacific Capital Inc HEIKO IHLE buy 5 N 2 12 month 28.09.2012

Holdings By:

Romarco Minerals Inc ee


10.05.2013

Banro Corporation, through its subsidiary, explores and develops gold

properties. The Company currently holds mining permits and mining concessions

in the Democratic Republic of Congo in Africa.


LTM as of: 12/yy

52-Week High (07.09.2012) 5.03

52-Week Low (07.05.2013) 0.95

Daily Volume

1.11












BAA CN EQUITY YTD Change - Average Volume 30 Day 2'226'766

BAA CN EQUITY YTD % CHANGE - Average Volume 3 Month 2'226'717


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

0.0 0.0 0.0 0.0 42.6 0.0 42.6 150.3 378.3 31.4 25.7

- - - - 16.23x #DIV/0! 80.50x - - - -

(6.2) (7.6) (10.3) (10.2) 6.0 (10.2) 6.0 47.0 179.0 - -

- - - - 114.64x 0.00x 114.64x 8.63x 2.27x - -

(8.5) (4.8) (3.0) (9.3) (4.6) (9.3) (4.6) (1.9) 82.5 - -

9.34x - - - - 0.00x 0.00x - 3.36x 9.19x 5.38x











EBITDA Margin 14.2%



Asset Turnover 0.08







Fiscal Year Ended

Banro CorpPrice/Volume

Valuation Analysis

4'269'365.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3


0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

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

'!''

-''!''

.''!''

0''!''

1''!''

2''!''

3''!''

4''!''

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



10.05.2013



JP MORGAN n/a ULT-AGG 24'223'469 9.61 72'185 31.03.2013 Investment Advisor


IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 14'067'000 5.58 4'088'200 31.12.2012 Investment Advisor




ACUITY INVESTMENT MA ACUITY INVESTMENT MA 13F 8'156'000 3.24 3'531'100 31.03.2013 Investment Advisor


TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 4'085'541 1.62 1'766'536 31.12.2012 Investment Advisor


INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 3'887'474 1.54 (135'897) 28.02.2013 Investment Advisor

FIERA CAPITAL CORPOR Multiple Portfolios MF-AGG 3'824'682 1.52 (593'900) 31.01.2013 Investment Advisor


FIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 2'152'177 0.85 (4'660'861) 31.03.2013 Investment Advisor


BRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 2'026'058 0.8 (41'296) 31.03.2013 Hedge Fund Manager


CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 1'842'700 0.73 (641'000) 31.12.2012 Investment Advisor





GMP BROCK SALIER buy 5 M 2 Not Provided 25.04.2013

Cormark Securities Inc. MIKE KOZAK restricted #N/A N/A M #N/A N/A Not Provided 22.04.2013


Goldman Sachs EUGENE KING neutral/neutral 3 M 3 12 month 15.03.2013

Holdings By:

Banro Corp ee


10.05.2013

Colossus Minerals Inc. is a mineral exploration and production company. The

Company explores for and develops gold-platinum-palladium properties in Brazil.


LTM as of: 12/yy

52-Week High (20.09.2012) 6.03

52-Week Low (18.04.2013) 1.73

Daily Volume

2.16












CSI CN EQUITY YTD Change - Average Volume 30 Day 1'383'273

CSI CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'492'868


31.07.2008 31.07.2009 31.07.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 0.0 0.0 0.0 0.0 41.6 285.7 - -

- - - - - #DIV/0! #DIV/0! 4.81x 0.08x - -

(2.5) (2.7) (9.5) (29.3) (32.9) (29.3) (32.9) 11.9 204.0 (6.8) (6.8)

- - - - - 0.00x 0.00x 20.23x 1.18x 20.09x 4.13x

(2.3) (4.6) (9.7) (32.1) (30.1) (32.1) (30.1) (6.6) 135.7 (8.6) (8.6)

- - - - - 0.00x 0.00x - 2.58x - 6.29x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Colossus Minerals IncPrice/Volume

Valuation Analysis

977'512.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

4


0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

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

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



10.05.2013


ARIAS RESOURCE CAPIT #N/A N/A Co File 13'223'900 12.36 - 22.04.2013 Private Equity

ACUITY INVESTMENT MA n/a Co File 10'530'371 9.85 - 31.10.2012 Investment Advisor

SPROTT ASSET MANAGEM n/a Co File 9'947'500 9.3 (1'572'900) 28.02.2013 Investment Advisor




SUSSMAN ARI B n/a SEDI 1'761'401 1.65 50'000 27.06.2012 n/a

MCLEAN BUDDEN LTD Multiple Portfolios MF-AGG 1'459'400 1.36 (37'490) 28.02.2013 Investment Advisor

MANULIFE ASSET MANAG Multiple Portfolios MF-AGG 1'151'864 1.08 (6'989) 28.02.2013 Investment Advisor

CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 1'060'133 0.99 4 31.12.2012 Investment Advisor


KISHIDA AUGUSTO n/a SEDI 958'000 0.9 - 09.08.2012 n/a


DEUTSCHE BANK AG Multiple Portfolios MF-AGG 527'115 0.49 (6'612) 28.02.2013 Investment Advisor

US GLOBAL INVESTORS Multiple Portfolios MF-AGG 525'000 0.49 - 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 486'563 0.45 - 31.03.2013 Investment Advisor


FROSTIAK JOHN n/a SEDI 229'800 0.21 50'000 16.02.2013 n/a

FIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 207'600 0.19 - 30.11.2012 Investment Advisor



Clarus Securities JAMIE SPRATT speculative buy 4 M 8 12 month 29.04.2013





Holdings By:

Colossus Minerals Inc ee


10.05.2013

Rainy River Resources Ltd. is a gold exploration and production company.


LTM as of: 12/yy

52-Week High (10.10.2012) 6.17

52-Week Low (17.04.2013) 1.97

Daily Volume

2.26












RR CN EQUITY YTD Change - Average Volume 30 Day 543'074

RR CN EQUITY YTD % CHANGE - Average Volume 3 Month 752'907


30.09.2007 30.09.2008 30.09.2009 30.09.2010 30.09.2011 09/yy 12/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - 1.0 - -

- - - - - #DIV/0! #DIV/0! - 128.34x - -

(4.2) (2.6) (4.2) (9.1) (16.1) (16.1) (64.6) - (15.2) - -

- - - - - 0.00x 0.00x - - - -

(1.8) (1.0) (3.6) (6.8) (13.5) (13.5) (65.9) - (22.2) - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Rainy River Resources LtdPrice/Volume

Valuation Analysis

540'081.00


'

-

.

0

1

2

3

4


0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

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

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



10.05.2013



SALIDA CAPITAL LP n/a Co File 8'043'070 8.05 (655'430) 30.11.2011 Investment Advisor


JP MORGAN n/a ULT-AGG 3'170'900 3.17 313'000 28.02.2013 Investment Advisor


BEREZAN LEO n/a SEDI 1'334'048 1.33 17'000 22.05.2012 n/a

QUANTEX AG Multiple Portfolios MF-AGG 830'000 0.83 118'000 29.03.2013 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 800'000 0.8 800'000 31.12.2012 Investment Advisor


GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 539'677 0.54 14'692 26.04.2013 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 538'228 0.54 (409'100) 28.02.2013 Investment Advisor

CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 453'100 0.45 (2'600) 31.12.2012 Investment Advisor



AVERILL STUART ALLAN n/a SEDI 360'000 0.36 5'000 06.02.2013 n/a

LAZARIDIS MICHAEL n/a SEDI 355'000 0.36 - 14.03.2012 n/a



UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 300'000 0.3 - 30.06.2012 Investment Advisor

SOCIETE GENERALE Multiple Portfolios MF-AGG 255'600 0.26 (25'700) 31.12.2012 Bank


Stifel CRAIG P STANLEY hold 3 M #N/A N/A Not Provided 26.04.2013




Desjardins Securities ADAM MELNYK buy 5 M 6 12 month 12.04.2013

Casimir Capital ERIC WINMILL speculative buy 4 M 7 12 month 12.04.2013

RBC Capital Markets SAM CRITTENDEN sector perform 3 M 5 12 month 11.04.2013



Holdings By:

Rainy River Resources Ltd ee


10.05.2013

Sulliden Gold Corp Ltd. is a mineral exploration company. The Company is

focused on the development of its Shahuindo Gold Project located in northern

Peru.


LTM as of: 01/yy

52-Week High (23.08.2012) 1.44

52-Week Low (15.04.2013) 0.66

Daily Volume

0.81












SUE CN EQUITY YTD Change - Average Volume 30 Day 860'395

SUE CN EQUITY YTD % CHANGE - Average Volume 3 Month 749'042


30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 01/yy 01/yy 04/13 Y 04/14 Y 04/13 Q4 07/13 Q1

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(2.5) - (6.2) (8.8) (11.9) (11.8) (4.3) (5.2) (7.4) - -

- - - - - 0.00x 0.00x - - - -

(4.2) (2.6) (4.4) (10.3) (13.3) (13.6) (4.9) (3.6) (11.3) - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sulliden Gold Corp LtdPrice/Volume

Valuation Analysis

1'308'849.00


'

'

'

-

-

-

-

-

.


0.0

0.1

0.1

0.2

0.2

0.3

0.3

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

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



10.05.2013


AGNICO-EAGLE MINES L n/a SEDI 26'966'292 9.96 - 09.04.2013 Corporation


ABERDEEN INTERNATION n/a Co File 15'904'572 5.87 - 31.07.2012 Unclassified


MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 5'573'512 2.06 12 31.01.2013 Investment Advisor

FMR LLC n/a ULT-AGG 5'403'200 2 2'332'800 31.03.2013 Investment Advisor

BEUTEL GOODMAN & COM Multiple Portfolios MF-AGG 5'166'300 1.91 - 28.02.2013 Investment Advisor


ACUITY INVESTMENT MA Multiple Portfolios MF-AGG 2'341'926 0.87 (730'700) 28.09.2012 Investment Advisor

BHARTI STAN n/a SEDI 1'563'955 0.58 (325'000) 08.02.2013 n/a

FERNANDEZ-CONCHA STU n/a SEDI 1'435'000 0.53 250'000 20.10.2011 n/a

COLEMAN JAMES H n/a SEDI 1'108'614 0.41 - 21.10.2011 n/a

FIRST TRUST ADVISORS Multiple Portfolios MF-AGG 920'363 0.34 46'526 28.03.2013 Investment Advisor

HUMPHREY RAYMOND BRU n/a PROXY 862'978 0.32 - 05.09.2012 n/a

MOORE GEOFFREY S n/a SEDI 829'423 0.31 100'000 04.10.2012 n/a

UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 800'000 0.3 - 30.06.2012 Investment Advisor

FRONT BARNETT ASSOCI FRONT BARNETT ASSOCI 13F 609'700 0.23 - 31.12.2012 Investment Advisor

AMIREAULT STEPHANE n/a SEDI 516'500 0.19 200'000 30.03.2013 n/a


NCF SOC ADMIN DE FON Multiple Portfolios MF-AGG 375'000 0.14 - 03.08.2011 Investment Advisor




BMO Capital Markets ANDREW KAIP speculative outperform 4 M 1 Not Provided 16.04.2013

Desjardins Securities ADAM MELNYK buy 5 M 2 Not Provided 16.04.2013



Kallpa Securities SAB HUMBERTO LEON overweight 5 M 2 12 month 12.04.2013


Mine2Capital Inc ALKA SINGH buy 5 N 2 Not Provided 24.12.2012

Holdings By:

Sulliden Gold Corp Ltd ee


10.05.2013

Asanko Gold Inc. is a gold development company focussing on near term gold

production at its Esaase gold project in Ghana, West Africa.


LTM as of: 12/yy

52-Week High (09.11.2012) 4.39

52-Week Low (17.04.2013) 2.26

Daily Volume

2.39












AKG CN EQUITY YTD Change - Average Volume 30 Day 200'623

AKG CN EQUITY YTD % CHANGE - Average Volume 3 Month 264'262


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(4.0) (3.2) (6.3) (38.4) (35.6) (49.2) (31.2) (11.3) (14.0) - -

- - - - - 0.00x 0.00x - - - -

(4.2) (3.7) (6.4) (34.9) (38.2) (41.4) (21.6) (12.3) (24.8) - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Asanko Gold IncPrice/Volume

Valuation Analysis

105'134.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'--..001122

Q -. j -. g -. g -. Q -. o -. l -. k -. a -. g -0 c -0 j -0 Q -0!' F

!2 F

-!' F

-!2 F

.!' F

.!2 F

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

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

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



10.05.2013



HIGHLAND PARK SA n/a SEDI 8'191'174 9.63 - 13.11.2012 Other


BEUTEL GOODMAN & COM n/a 13G 5'457'500 6.42 477'500 31.12.2012 Investment Advisor

SPROTT INC n/a 13G 3'702'527 4.35 (546'938) 31.12.2012 Hedge Fund Manager

MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 3'640'600 4.28 1'480'300 31.03.2013 Investment Advisor




SALI ROBERT J n/a SEDI 830'000 0.98 150'000 16.05.2012 n/a

ROYAL BANK OF CANADA n/a ULT-AGG 668'544 0.79 652'571 31.12.2012 Bank

BANK OF AMERICA CORP BANK OF AMERICA 13F 558'000 0.66 515'800 31.12.2012 Investment Advisor




SEAMANS CAPITAL MANA SEAMANS CAPITAL MANA 13F 318'200 0.37 318'200 31.12.2012 Investment Advisor


BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 267'599 0.31 (12'274) 31.03.2013 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 243'326 0.29 (311'900) 31.12.2012 Pension Fund (ERISA)

TECHNICAL FINANCIAL TFS CAPITAL LLC 13F 240'667 0.28 (79'196) 31.12.2012 Investment Advisor



Scotia Capital LEILY OMOUMI sector perform 3 M 5 12 month 23.04.2013


Cormark Securities Inc. MIKE KOZAK speculative buy 4 M 4 12 month 22.04.2013


RBC Capital Markets JONATHAN GUY sector perform 3 M 3 12 month 25.02.2013

Jennings Capital DAN HRUSHEWSKY buy 5 M 6 12 month 21.02.2013

BMO Capital Markets ANDREW BREICHMANAS Speculative Underperform 2 D 3 Not Provided 19.02.2013

Holdings By:

Asanko Gold Inc ee


10.05.2013

Bear Creek Mining Corporation acquires and explores mineral properties. The

Company is currently conducting silver and gold exploration activities on its

prospects located in Peru.


LTM as of: 12/yy

52-Week High (01.10.2012) 3.81

52-Week Low (15.04.2013) 2.00

Daily Volume

2.16












BCM CN EQUITY YTD Change - Average Volume 30 Day 142'002

BCM CN EQUITY YTD % CHANGE - Average Volume 3 Month 142'752


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

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(16.5) (8.7) (16.8) (29.5) (31.2) (29.5) (31.2) (19.4) (21.7) - -

- - - - - 0.00x 0.00x - - - -

(18.1) (8.7) (16.3) (29.7) (31.0) (29.7) (31.0) (19.1) (18.1) - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bear Creek Mining CorpPrice/Volume

Valuation Analysis

126'000.00


'

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0.2

0.3

0.4

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0.7

0.8

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

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10.05.2013


SILVER WHEATON CORP n/a PROXY 13'264'305 14.38 - 17.04.2012 Corporation

SPROTT INC n/a Co File 9'772'057 10.6 1'478'600 31.01.2013 Hedge Fund Manager


ATLANTIC INVESTMENT ATLANTIC INVESTMENT 13F 8'367'550 9.07 2'308'300 31.12.2012 Investment Advisor


ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 1'542'800 1.67 - 31.03.2013 Investment Advisor

KEM CAPITAL LLC n/a SEDI 1'081'262 1.17 - 21.03.2012 Investment Advisor


MCLEOD-SELTZER CATHE n/a PROXY 966'562 1.05 - 17.04.2012 n/a

SWARTHOUT ANDREW n/a SEDI 879'592 0.95 5'000 06.12.2012 n/a





DE WITT DAVID E n/a PROXY 375'650 0.41 - 17.04.2012 n/a


AGF INVESTMENTS INC Multiple Portfolios MF-AGG 204'600 0.22 - 28.09.2012 Investment Advisor

DEAN COREY M n/a SEDI 185'000 0.2 35'000 11.11.2010 n/a

FALCON FUND MANAGEME Multiple Portfolios MF-AGG 146'500 0.16 20'100 28.02.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 132'000 0.14 - 28.03.2013 Investment Advisor







Holdings By:

Bear Creek Mining Corp ee


10.05.2013

Paramount Gold and Silver Corporation explores for precious metals in Mexico.


LTM as of: 12/yy

52-Week High (07.09.2012) 2.82

52-Week Low (08.05.2013) 1.35

Daily Volume

1.38












PZG US EQUITY YTD Change - Average Volume 30 Day 893'965

PZG US EQUITY YTD % CHANGE - Average Volume 3 Month 844'705


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 06/13 Q4 09/13 Q1

0.0 0.0 0.0 0.2 0.1 0.1 0.1 - - - -

- - - 2370.69x 4555.15x 16235.53x 22190.34x - - - -

(18.8) (7.3) (8.6) (11.6) (17.9) (14.9) (17.9) (7.9) (7.9) - -

- - - - - 0.00x 0.00x - - - -

(18.4) (7.2) (5.4) (28.5) (12.1) (0.9) (11.0) - - - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -





Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Paramount Gold and Silver CorpPrice/Volume

Valuation Analysis

567'675.00


'

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!2 F

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0.0

0.0

0.0

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0.2

0.2

0.2

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

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10.05.2013


FCMI FINANCIAL CORP n/a 13D 24'444'234 16.56 1'170'732 12.03.2013 Corporation




CRUPI CHRISTOPHER n/a Form 4 3'992'766 2.71 29'500 17.04.2013 n/a

STATE STREET n/a ULT-AGG 2'114'725 1.43 (484) 26.04.2013 Investment Advisor



ROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 1'000'000 0.68 - 31.01.2013 Investment Advisor


MACKELLER IAN n/a 424B 577'500 0.39 - 19.04.2012 n/a


TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 566'159 0.38 13'813 31.12.2012 Investment Advisor

AMERICAN INTERNATION n/a ULT-AGG 462'554 0.31 13'936 31.12.2012 Government

PORTER PARTNERS LP n/a 424B 446'250 0.3 - 19.04.2012 Other

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 444'859 0.3 (4'130) 31.03.2013 Investment Advisor

BARD ASSOCIATES INC BARD ASSOCIATES INC 13F 420'450 0.28 (2'000) 31.12.2012 Investment Advisor

TALKOT CAPITAL LLC TALKOT CAPITAL LLC 13F 400'000 0.27 400'000 31.12.2012 Hedge Fund Manager

KENNEDY SHAWN M n/a Form 4 364'735 0.25 (59'011) 04.03.2013 n/a

CALIFORNIA PUBLIC EM CALIFORNIA PUBLIC EM 13F 336'400 0.23 200 31.12.2012 Pension Fund (ERISA)



Stonecap Securities Inc CHRISTOS DOULIS not rated #N/A N/A M #N/A N/A Not Provided 24.04.2013

Holdings By:

Paramount Gold and Silver Corp ee


10.05.2013

Kirkland Lake Gold, Inc. is an operating gold mining company located in

Ontario, Canada. The Company owns the Macassa Mine and mill and several

contiguous gold producing properties. Kirkland Lake is developing a lode gold

deposit.


LTM as of: 01/yy

52-Week High (23.08.2012) 14.57

52-Week Low (17.04.2013) 2.64

Daily Volume

3.23












KGI CN EQUITY YTD Change - Average Volume 30 Day 817'552

KGI CN EQUITY YTD % CHANGE - Average Volume 3 Month 773'640


30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 01/yy 01/yy 04/13 Y 04/14 Y 04/13 Q4 07/13 Q1

41.4 43.5 51.2 103.3 159.8 149.6 139.2 153.4 261.9 47.9 38.2

9.87x 10.98x 9.15x 9.01x 5.53x 22.77x 20.90x 2.22x 1.28x 7.41x 9.33x

(1.0) (6.8) (7.6) 26.4 55.7 49.3 24.5 30.0 105.7 16.2 4.6

- - - 35.24x 15.86x 24.58x 19.82x 9.56x 2.72x 6.01x 5.87x

(3.3) (10.5) (12.3) 19.9 41.3 45.1 (9.8) (0.0) 46.2 10.2 (1.2)

- - - 48.55x 22.63x 38.76x 0.00x - 6.30x 8.26x 7.02x











EBITDA Margin 17.6%



Asset Turnover 0.40







Fiscal Year Ended

Kirkland Lake Gold IncPrice/Volume

Valuation Analysis

859'205.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

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0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

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

'!''

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.''!''

0''!''

1''!''

2''!''

3''!''

4''!''

5''!''

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10.05.2013


RESOLUTE FUNDS LTD n/a RNS-MAJ 4'950'000 7.06 557'500 19.02.2013 Investment Advisor


OPPENHEIMERFUNDS INC n/a Research 4'160'300 5.93 - 01.01.2013 Investment Advisor

DOBSON DAVID HARRY n/a Research 3'765'000 5.37 - 01.01.2013 n/a

INVESTEC ASSET MANAG n/a Research 3'469'303 4.95 - 01.01.2013 Investment Advisor

HORIZON INVESTMENTS n/a Research 3'153'493 4.5 - 01.01.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 2'804'148 4 (551'900) 01.01.2013 Investment Advisor

MILTON GEORGE A n/a SEDI 2'723'036 3.88 40'000 13.01.2012 n/a

COLUMBIA WANGER ASSE n/a Research 2'525'000 3.6 - 01.01.2013 Investment Advisor

IA MICHAEL INVESTMEN Multiple Portfolios MF-AGG 2'300'000 3.28 2'300'000 31.12.2012 Investment Advisor

ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 1'611'100 2.3 (38'500) 31.03.2013 Investment Advisor

SPROTT INC n/a Research 1'517'666 2.16 - 30.06.2012 Hedge Fund Manager

HINCHCLIFFE BRIAN A n/a PROXY 1'113'000 1.59 - 05.09.2012 n/a

GAMCO n/a ULT-AGG 905'000 1.29 396'600 31.12.2012 Unclassified

MONTRUSCO BOLTON INV Multiple Portfolios MF-AGG 708'690 1.01 11'175 28.02.2013 Investment Advisor

FMR LLC n/a ULT-AGG 706'000 1.01 (85'000) 31.03.2013 Investment Advisor


EMPIRE LIFE INSURANC Multiple Portfolios MF-AGG 544'236 0.78 76'236 31.12.2012 Investment Advisor




Macquarie MICHAEL SIPERCO neutral 3 M 4 12 month 25.04.2013

Investec HUNTER HILLCOAT buy 5 M 11 12 month 18.04.2013


Dundee Securities Corp JOE FAZZINI buy 5 M 11 Not Provided 12.04.2013




Mirabaud Securities RICHARD MORGAN speculative buy 4 M 15 12 month 11.03.2013

Panmure Gordon & Co Limited ALISON TURNER buy 5 M 8 Not Provided 11.03.2013



Holdings By:

Kirkland Lake Gold Inc ee


10.05.2013

Guyana Goldfields Inc. is a metals exploration company. The Company is

primarily exploring for gold in Guyana.


LTM as of: 01/yy

52-Week High (14.01.2013) 4.40

52-Week Low (17.04.2013) 1.52

Daily Volume

1.69












GUY CN EQUITY YTD Change - Average Volume 30 Day 558'047

GUY CN EQUITY YTD % CHANGE - Average Volume 3 Month 600'222


31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 01/yy 01/yy 10/13 Y 10/14 Y 04/13 Q2 07/13 Q3

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - 414.0 - -

- - - - - #DIV/0! #DIV/0! - - - -

(3.4) (4.9) (7.7) (9.8) (8.0) (7.8) (8.3) (10.5) (10.5) - -

- - - - - 0.00x 0.00x - - - -

(12.5) (6.7) (6.3) (5.1) (9.8) (10.1) (9.5) (9.8) (10.5) - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Guyana Goldfields IncPrice/Volume

Valuation Analysis

468'702.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'--..00112

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-!' F

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0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

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

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10.05.2013


BAUPOST GROUP LLC n/a SEDI 24'878'669 19.73 - 28.02.2013 Hedge Fund Manager


ACUITY INVESTMENT MA n/a Co File 8'051'804 6.38 (3'647'450) 30.11.2010 Investment Advisor


SHERIDAN JR JOHN PAT n/a SEDI 6'600'103 5.23 345'000 22.02.2013 n/a



FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 1'831'603 1.45 995'700 30.09.2012 Hedge Fund Manager

SPROTT INC Multiple Portfolios MF-AGG 1'237'322 0.98 (310'000) 31.12.2012 Hedge Fund Manager

CARMIGNAC GESTION Multiple Portfolios MF-AGG 1'166'650 0.92 1'166'650 29.03.2013 Investment Advisor



MMA INVESTMENT MANAG Multiple Portfolios MF-AGG 550'000 0.44 - 31.12.2011 Investment Advisor

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 550'000 0.44 (2'988'804) 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 430'148 0.34 - 26.04.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 397'680 0.32 (49'951) 31.03.2013 Investment Advisor


US GLOBAL INVESTORS Multiple Portfolios MF-AGG 300'000 0.24 16'000 31.12.2012 Investment Advisor

FERRY ALAN L H n/a SEDI 228'000 0.18 - 23.04.2012 n/a








Casimir Capital STUART MCDOUGALL speculative buy 4 M 8 12 month 09.04.2013

Scotia Capital TREVOR TURNBULL sector perform 3 D 4 12 month 06.03.2013

RBC Capital Markets SAM CRITTENDEN outperform 5 U 6 12 month 15.01.2013



Holdings By:

Guyana Goldfields Inc ee


10.05.2013

Highland Gold Mining Limited is a holding company for a group of companies which

own operating and development assets in the Russian gold mining industry. The

Group's gold mining assets are located in the Far East of the Russian

Federation.


LTM as of: 01/yy

52-Week High (21.09.2012) 128.91

52-Week Low (17.04.2013) 75.50

Daily Volume

81.5












HGM LN EQUITY YTD Change - Average Volume 30 Day 651'512

HGM LN EQUITY YTD % CHANGE - Average Volume 3 Month 900'678


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

149.1 164.7 243.6 300.2 351.8 - - 383.7 459.6 - -

1.02x 2.05x 3.16x 2.75x 1.31x - - 1.47x 1.30x - -

38.7 56.5 120.3 156.5 161.8 - - 160.1 197.5 - -

3.92x 5.97x 6.40x 5.27x 2.84x - - 2.23x 1.81x - -

(232.4) 78.8 122.3 103.8 122.9 - - 87.4 107.8 - -

- 5.92x 7.81x 9.14x 4.15x - - 4.58x 3.81x - -











EBITDA Margin 46.0%



Asset Turnover 0.42





Accounts Receivable Turnover - Cash Conversion Cycle 128.73



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Highland Gold Mining LtdPrice/Volume

Valuation Analysis

138'128.00


'

.'

1'

3'

5'

-''

-.'

-1'


0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

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

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2!''

-'!''

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.'!''

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10.05.2013


MILLHOUSE LLC n/a Co File 105'910'000 32.57 - 18.04.2011 Holding Company

BARRICK GOLD CORP n/a Co File 66'235'264 20.37 - 18.04.2011 Corporation

SHVIDLER EVGENY MARK n/a RNS-DIR 28'057'794 8.63 2'037'794 13.07.2012 n/a

PROTSVETANIYE HOLDIN #N/A N/A RNS-MAJ 22'879'845 7.04 3'371'722 24.04.2013 Holding Company


KOULAKOV IVAN EUGENE n/a Co File 17'552'500 5.4 - 26.04.2011 n/a

HAKANSSON PETER ELAM n/a RNS-MAJ 11'101'386 3.41 - 30.04.2012 n/a


LANCRENAN INVESTMENT #N/A N/A RNS-MAJ 9'786'032 3.01 - 12.04.2013 Unclassified

EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 8'289'000 2.55 200'000 31.12.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 5'496'428 1.69 - 28.02.2013 Investment Advisor

FLEMING FAMILY & PAR n/a RNS-MAJ 4'211'883 1.3 (10'700'000) 29.09.2010 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 1'977'736 0.61 - 31.01.2013 Unclassified

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 1'850'620 0.57 1'850'620 31.01.2013 Investment Advisor

URALSIB JSC Multiple Portfolios MF-AGG 1'580'000 0.49 1'580'000 31.05.2012 Investment Advisor

DWS FINANZ SERVICE G Multiple Portfolios MF-AGG 1'384'600 0.43 - 20.08.2012 Investment Advisor

PARVEST INVESTMENT M Multiple Portfolios MF-AGG 900'000 0.28 - 30.11.2012 Investment Advisor

CARNEGIE ASSET MANAG Multiple Portfolios MF-AGG 830'000 0.26 - 30.09.2012 Investment Advisor

DEUTSCHE ASSET MANAG Multiple Portfolios MF-AGG 815'400 0.25 - 22.10.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 801'501 0.25 (1'083'333) 31.03.2013 Investment Advisor



Otkritie Capital ANDY JONES buy 5 M 122 Not Provided 24.04.2013

Numis Securities Ltd CAILEY BARKER buy 5 M 170 Not Provided 23.04.2013

Westhouse Securities NICK HATCH buy 5 M 135 12 month 23.04.2013

Deutsche Bank ERIK DANEMAR buy 5 M 135 12 month 17.04.2013

VSA Capital Ltd CHARLIE LONG buy 5 M 175 12 month 16.04.2013

Uralsib VALENTINA BOGOMOLOVA hold 3 M 131 Not Provided 09.04.2013

VTB Capital NIKOLAY SOSNOVSKIY sell 1 D 82 12 month 04.04.2013

Alfa-Bank BARRY EHRLICH equalweight 3 M 126 Not Provided 26.02.2013

Sberbank CIB MIKHAIL STISKIN buy 5 M 183 Not Provided 25.02.2013


Aton LLC ILYA MAKAROV buy 5 M 136 12 month 28.06.2012

Holdings By:

Highland Gold Mining Ltd ee


10.05.2013

Indophil Resources NL is a mineral exploration company that acquires, explores

and develops gold and copper-gold resources in the Asia-Pacific region.


LTM as of: 01/yy

52-Week High (10.05.2012) 0.40

52-Week Low (22.11.2012) 0.22

Daily Volume

0.27












IRN AU EQUITY YTD Change - Average Volume 30 Day 587'385

IRN AU EQUITY YTD % CHANGE - Average Volume 3 Month 1'016'398


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

0.0 0.0 0.0 0.0 0.0 - - - - - -

- - - - - - - - - - -

(20.8) (17.1) (7.7) (7.9) (17.7) - - - - - -

- - - - - - - - - - -

(14.8) (10.6) 2.3 1.0 5.5 - - - - - -

- - 196.30x 319.23x 52.17x - - - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Indophil Resources NLPrice/Volume

Valuation Analysis

369'525.00


''''''''''

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2!' F

-'!' F

-2!' F

.'!' F

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0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

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

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'!1'

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10.05.2013


ALSONS DEVELOPMENT & n/a EXCH 240'508'334 19.99 141'041'667 06.02.2012 Corporation

XSTRATA PLC n/a EXCH 157'189'422 13.06 - 06.02.2012 Corporation

L1 CAPITAL PTY LTD n/a EXCH 77'094'557 6.41 (12'125'963) 10.04.2013 Investment Advisor



UBS n/a ULT-AGG 52'235'438 4.34 - 17.06.2011 Unclassified

SAN MIGUEL CORP n/a EXCH 48'016'960 3.99 - 17.06.2011 Corporation

MORGAN STANLEY n/a ULT-AGG 26'097'859 2.17 (27'664'747) 10.10.2011 Investment Advisor

ACORN CAPITAL LTD n/a EXCH 20'419'416 1.7 - 09.02.2012 Investment Advisor

UNISUPER n/a EXCH 19'610'481 1.63 - 09.02.2012 Other

WESTOZ FUNDS MANAGEM Multiple Portfolios MF-AGG 16'200'000 1.35 - 30.06.2011 Investment Advisor

SUNSUPER FUND n/a EXCH 13'290'433 1.1 - 09.02.2012 Other

HEALTH SUPER n/a EXCH 9'408'868 0.78 - 09.02.2012 Other

MICROCAP INVESTMENT n/a EXCH 9'086'904 0.76 - 09.02.2012 Other

CBA OFFICERS SUPER F n/a EXCH 8'280'549 0.69 - 09.02.2012 Other



QLD LOCAL GOVT SUPER n/a EXCH 5'326'550 0.44 - 09.02.2012 Other

AUSCOAL SUPER FUND n/a EXCH 4'856'892 0.4 - 09.02.2012 Other

MILITARY SUPER & BEN n/a EXCH 4'371'077 0.36 - 09.02.2012 Other



Holdings By:

Indophil Resources NL ee


10.05.2013

Lydian International, Ltd. is a gold focused mineral exploration and

development company.


LTM as of: 12/yy

52-Week High (05.09.2012) 2.56

52-Week Low (17.04.2013) 1.43

Daily Volume

1.53












LYD CN EQUITY YTD Change - Average Volume 30 Day 392'223

LYD CN EQUITY YTD % CHANGE - Average Volume 3 Month 364'380


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

- - - 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

- - (3.4) - - (3.6) (2.9) (8.9) (5.0) - -

- - - - - 0.00x 0.00x - - - -

- (1.9) (5.9) (5.9) (6.4) (5.9) (6.4) (13.2) (5.4) - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Lydian International LtdPrice/Volume

Valuation Analysis

167'866.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

0

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2!' F

3!' F

4!' F

5!' F

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

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

'!.'

'!1'

'!3'

'!5'

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-!.'



10.05.2013



INTERNATIONAL FINANC n/a SEDI 10'309'771 8.13 - 28.03.2013 Government

EUROPEAN BANK FOR RE n/a Research 9'038'780 7.12 1'419'732 29.03.2012 Bank

NEWMONT MINING CORP n/a SEDI 8'650'000 6.82 500'000 24.09.2010 Corporation




INVESCO LTD n/a ULT-AGG 2'000'000 1.58 - 31.12.2012 Investment Advisor

HAYK ALOYAN n/a SEDI 1'791'500 1.41 2'000 22.02.2013 n/a


MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 1'567'700 1.24 392'600 31.01.2013 Investment Advisor

HENDERSON MARC C n/a SEDI 1'502'500 1.18 (100'000) 12.03.2013 n/a

MULLENS PETER n/a SEDI 1'430'000 1.13 (90'500) 07.02.2013 n/a

ANDROSS LIMITED n/a SEDI 1'340'450 1.06 200'000 12.10.2012 Other

GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 1'248'559 0.98 34'284 26.04.2013 Investment Advisor


TARGET GENERATION SO n/a SEDI 1'007'500 0.79 - 21.09.2010 Other


SPROTT INC Multiple Portfolios MF-AGG 941'400 0.74 500'000 31.12.2012 Hedge Fund Manager

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 903'610 0.71 (344'000) 28.09.2012 Investment Advisor






Haywood Securities Inc. TARA HASSAN buy 5 M 4 Not Provided 16.04.2013




RBC Capital Markets JONATHAN GUY outperform 5 M 3 12 month 07.01.2013

Holdings By:

Lydian International Ltd ee


10.05.2013

Sabina Gold & Silver Corporation explores and develops mineral properties. The

Company is a precious metals exploration Company with a portfolio of different

properties in Canada at different stages of development. Sabina explores for

minerals that include copper, gold and silver.


LTM as of: 12/yy

52-Week High (07.09.2012) 3.55

52-Week Low (07.05.2013) 1.07

Daily Volume

1.18












SBB CN EQUITY YTD Change - Average Volume 30 Day 499'188

SBB CN EQUITY YTD % CHANGE - Average Volume 3 Month 467'329


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(3.6) (4.5) (5.4) (10.0) (11.9) (10.0) (11.9) (5.8) (6.0) - -

- - - - - 0.00x 0.00x - - - -

(3.1) (1.1) (8.8) (12.7) (14.1) (12.7) (14.1) (6.0) (7.0) - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Sabina Gold & Silver CorpPrice/Volume

Valuation Analysis

904'112.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

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0

1

1

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

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10.05.2013


GCIC LTD/CANADA n/a SEDI 20'350'304 11.72 1'491'804 06.03.2013 Investment Advisor

GOODMAN INVESTMENT C #N/A N/A SEDI 19'728'304 11.37 (368'000) 26.04.2013 Investment Advisor

DUNDEE PRECIOUS META n/a PROXY 18'539'713 10.68 - 08.05.2012 Corporation


DUNDEE CORP n/a SEDI 2'828'700 1.63 2'151'700 29.06.2012 Holding Company


QUANTEX AG Multiple Portfolios MF-AGG 1'140'000 0.66 - 29.03.2013 Investment Advisor


TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 1'034'100 0.6 1'034'100 31.03.2013 Hedge Fund Manager

SHARE SICAV Multiple Portfolios MF-AGG 945'100 0.54 45'000 31.12.2012 Investment Advisor


US GLOBAL INVESTORS Multiple Portfolios MF-AGG 899'400 0.52 - 31.12.2012 Investment Advisor




AMERICAN CENTURY COM Multiple Portfolios MF-AGG 642'400 0.37 - 31.12.2012 Investment Advisor

WHITTON JOHN F n/a SEDI 628'042 0.36 75'000 01.11.2011 n/a


WILKES LEROY E n/a SEDI 343'373 0.2 5'000 02.01.2013 n/a

PACIFIC INCOME ADVIS Multiple Portfolios MF-AGG 300'000 0.17 - 28.03.2013 Investment Advisor





National Bank Financial PAOLO LOSTRITTO sector perform 3 M 4 12 month 09.04.2013

Salman Partners DAVID WEST speculative buy 4 M 5 12 month 22.02.2013


Paradigm Capital Inc DON MACLEAN speculative buy 4 M 6 12 month 12.11.2012

Holdings By:

Sabina Gold & Silver Corp ee


10.05.2013

Lake Shore Gold Corp. acquires and explores mineral properties. The Company is

currently exploring for gold in the gold mining district of northern Ontario

and Quebec.


LTM as of: 12/yy

52-Week High (13.06.2012) 1.17

52-Week Low (08.05.2013) 0.33

Daily Volume

0.335












LSG CN EQUITY YTD Change - Average Volume 30 Day 3'098'379

LSG CN EQUITY YTD % CHANGE - Average Volume 3 Month 2'480'294


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

0.0 0.0 0.0 66.2 133.0 66.2 133.0 199.8 270.0 43.0 -

- - - 7.86x 3.05x 55.56x 12.58x 1.05x 0.60x - -

(9.6) (9.6) (19.4) 7.3 37.9 7.3 37.9 79.4 124.4 - -

- - - 70.97x 10.70x 70.97x 10.70x 2.94x 1.88x - -

(5.5) 2.1 (6.5) (10.9) (317.9) (10.9) (317.9) (5.2) 28.7 - -

- 413.00x - - - 0.00x 0.00x - 8.17x 83.75x -











EBITDA Margin 28.5%



Asset Turnover 0.14








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Lake Shore Gold CorpPrice/Volume

Valuation Analysis

2'952'654.00


'

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20.0

40.0

60.0

80.0

100.0

120.0

140.0

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

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10.05.2013



GEOLOGIC RESOURCE PA GEOLOGIC RESOURCE PA 13F 23'388'000 5.61 8'876'000 31.12.2012 Hedge Fund Manager






LIBRA ADVISORS LLC LIBRA ADVISORS LLC 13F 3'489'300 0.84 (489'300) 31.12.2012 Hedge Fund Manager


CANADA PENSION PLAN CANADA PENSION PLAN 13F 3'303'624 0.79 - 31.12.2012 Pension Fund (ERISA)





DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'933'350 0.46 (50'500) 31.07.2012 Investment Advisor


JONES HEWARD INVESTM Multiple Portfolios MF-AGG 1'316'864 0.32 - 29.04.2013 Investment Advisor

HAUCK & AUFHAUSER IN Multiple Portfolios MF-AGG 1'100'000 0.26 - 28.02.2013 Investment Advisor


JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 945'080 0.23 (19'268) 30.11.2012 Investment Advisor









M Partners Inc INGRID RICO buy 5 M 2 12 month 09.04.2013


Holdings By:

Lake Shore Gold Corp ee


10.05.2013

Brigus Gold Corp. is an emerging mid-tier gold producer . The Company's current

projects are in Ontario, Saskatchewan, Mexico and the Dominican Republic.


LTM as of: 12/yy

52-Week High (21.09.2012) 1.09

52-Week Low (17.04.2013) 0.53

Daily Volume

0.67












BRD US EQUITY YTD Change - Average Volume 30 Day 1'000'010

BRD US EQUITY YTD % CHANGE - Average Volume 3 Month 930'278


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

0.0 47.0 85.9 71.9 117.7 71.9 117.7 156.5 168.0 42.8 31.2

- - 4.84x 3.27x 2.36x 16.56x 8.29x - - - -

(9.1) 13.8 32.7 14.3 48.5 14.3 48.5 82.7 100.2 - -

- - 12.72x 16.46x 5.72x 16.46x 5.72x 2.64x 2.18x - -

1.2 (61.7) (55.5) 15.8 18.9 15.8 18.9 30.9 44.9 5.9 0.1

- - - - - 0.00x 0.00x 5.08x 4.96x 3.58x 3.68x











EBITDA Margin 41.2%



Asset Turnover 0.30







Fiscal Year Ended

Brigus Gold CorpPrice/Volume

Valuation Analysis

299'439.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

'

'

-

-

-

-


0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

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

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'!1'

'!3'

'!5'

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10.05.2013






INTACT INVESTMENT MA INTACT INVESTEMENT M 13F 4'428'400 1.91 1'084'200 31.03.2013 Investment Advisor



DAWE WADE K n/a SEDI 2'438'422 1.05 16'025 03.04.2013 n/a


GROSS MICHAEL n/a PROXY 1'578'085 0.68 - 13.04.2012 n/a






CITY OF LONDON INVES CITY OF LONDON INVES 13F 912'000 0.39 - 31.12.2012 Investment Advisor

KELLIGREW INC n/a SEDI 655'289 0.28 30'000 29.09.2011 Corporation

THE BANK OF NOVA SCO THE BANK OF NOVA SCO 13F 500'000 0.22 - 31.12.2012 Investment Advisor

COE CAPITAL MANAGEME COE CAPITAL MANAGEME 13F 499'380 0.22 (215'250) 31.03.2013 Investment Advisor

TECHNICAL FINANCIAL TFS CAPITAL LLC 13F 422'021 0.18 80'394 31.12.2012 Investment Advisor


Casimir Capital ERIC WINMILL strong buy 5 M 2 12 month 30.04.2013






Paradigm Capital Inc DON BLYTH buy 5 M 2 12 month 03.04.2013

EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 29.06.2012

Holdings By:

Brigus Gold Corp ee


10.05.2013

Great Panther Silver Ltd. explores for and produces silver. The Company is

focused on acquiring, developing and mining precious metals in Mexico. Great

Panther's projects include The Guanajuato Mines property, located in the State

of Guanajuato, Mexico, and The Topia Silver-Lead-Zinc property, located in the

Topia Mining District in west-central Durango State, Mexico.


LTM as of: 12/yy

52-Week High (14.09.2012) 2.48

52-Week Low (07.05.2013) 0.91

Daily Volume

0.9642












GPL US EQUITY YTD Change - Average Volume 30 Day 536'677

GPL US EQUITY YTD % CHANGE - Average Volume 3 Month 602'254


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

22.4 31.7 42.2 57.8 61.1 57.8 61.1 60.0 66.0 - -

1.28x 2.85x 7.67x 4.05x 3.05x 25.22x 15.51x - - - -

(9.9) 4.9 14.2 22.0 15.6 22.0 15.6 - - - -

- 18.35x 22.73x 10.65x 11.93x 10.65x 11.93x - - - -

(13.8) (0.9) 10.7 11.5 5.5 11.5 5.5 - - - -

- - - - - 0.00x 0.00x 21.57x 12.94x - -











EBITDA Margin 25.6%



Asset Turnover 0.56








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Great Panther Silver LtdPrice/Volume

Valuation Analysis

528'780.00


'

-

-

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0

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10.0

20.0

30.0

40.0

50.0

60.0

70.0

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

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10.05.2013




ARCHER ROBERT A n/a SEDI 1'191'300 0.86 (61'200) 14.09.2011 n/a

SANCHEZ FRANCISCO RA n/a 20F 1'075'000 0.78 - 29.02.2012 n/a


BROWN CHARLES P n/a SEDI 448'000 0.32 36'000 18.11.2011 n/a

PUPLAVA FINANCIAL SE PUPLAVA FINANCIAL SE 13F 429'301 0.31 429'301 31.12.2012 Hedge Fund Manager


KOPCHEFF JOHN THOMAS n/a SEDI 280'000 0.2 200'000 25.08.2011 n/a


WAY FUND MANAGERS Multiple Portfolios MF-AGG 200'000 0.15 - 28.03.2013 Investment Advisor


JANE STREET HOLDING JANE STREET HOLDING 13F 191'922 0.14 (73'288) 31.12.2012 Investment Advisor

NATIXIS ASSET MANAGE NATIXIS ASSET MANAGE 13F 188'000 0.14 188'000 31.12.2012 Investment Advisor


SCHOELLERBANK INVEST Multiple Portfolios MF-AGG 130'000 0.09 4'000 28.03.2013 Investment Advisor

IFOS INTERNATIONALE Multiple Portfolios MF-AGG 100'000 0.07 - 27.03.2013 Investment Advisor

SPARK INVESTMENT MAN SPARK INVESTMENT MAN 13F 93'500 0.07 (38'700) 31.12.2012 Investment Advisor

CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 88'245 0.06 14'272 31.12.2012 Hedge Fund Manager

BPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 86'500 0.06 - 31.12.2012 Investment Advisor






Holdings By:

Great Panther Silver Ltd ee


10.05.2013

Intrepid Mines Limited is an international precious metals development and

exploration company with primary operations in Indonesia. The Company's current

project is located in the province of East Java, where it explores for gold,

silver, and copper-gold.


LTM as of: 03/yy

52-Week High (10.05.2012) 0.75

52-Week Low (23.07.2012) 0.19

Daily Volume

0.255












IAU AU EQUITY YTD Change - Average Volume 30 Day 2'137'595

IAU AU EQUITY YTD % CHANGE - Average Volume 3 Month 2'771'969


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

54.4 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

1.06x - - - - #DIV/0! #DIV/0! - - - -

2.2 1.9 (24.2) (39.2) (47.7) (30.7) (17.3) (9.9) (9.3) - -

26.51x 39.18x - - - 0.00x 0.00x - - - -

(42.7) (9.9) (5.0) (30.0) (71.8) (29.4) (63.9) (7.1) (8.8) - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Intrepid Mines LtdPrice/Volume

Valuation Analysis

6'490'906.00


'''''------

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10.0

20.0

30.0

40.0

50.0

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

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10.05.2013


TAURUS SM HOLDINGS P n/a Co File 48'192'131 8.67 - 16.03.2012 Holding Company


QUANTUM PACIFIC INVE n/a EXCH 29'982'667 5.39 - 23.04.2013 Unclassified

COMMONWEALTH BANK OF n/a EXCH 25'513'559 4.59 (1'063'213) 21.09.2011 Bank

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 19'156'073 3.45 (2'399'347) 30.09.2012 Hedge Fund Manager



UNISUPER n/a EXCH 8'304'156 1.49 1'263'247 06.06.2012 Other

ACORN CAPITAL LTD n/a EXCH 7'545'656 1.36 700'425 06.06.2012 Investment Advisor


SUNSUPER FUND n/a EXCH 5'436'384 0.98 878'800 06.06.2012 Other

MICROCAP INVESTMENT n/a EXCH 3'995'655 0.72 478'000 06.06.2012 Other

HEALTH SUPER n/a EXCH 3'920'180 0.71 602'600 06.06.2012 Other

CBA OFFICERS SUPER F n/a EXCH 3'537'176 0.64 530'300 06.06.2012 Other


VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'551'202 0.46 - 31.03.2013 Investment Advisor

QLD LOCAL GOVT SUPER n/a EXCH 2'225'422 0.4 340'300 06.06.2012 Other

AUSCOAL SUPER FUND n/a EXCH 2'091'335 0.38 327'800 06.06.2012 Other

GORDON BRADLEY AUSTI n/a EXCH 1'970'295 0.35 235'000 01.03.2013 n/a

COMMONWEALTH SUPER C n/a EXCH 1'830'425 0.33 - 06.06.2012 n/a


National Bank Financial STEPHEN PARSONS Under Review #N/A N/A M #N/A N/A Not Provided 27.03.2013

Wilson HTM Investment Group CAMERON JUDD sell 1 D 0 Not Provided 21.03.2013

Hartleys PETER GRAY speculative buy 4 M 0 12 month 19.03.2013

RBC Capital Markets GEOFF BREEN underperform 1 D 0 12 month 27.02.2013

Canaccord Genuity Corp GARY LAMPARD suspended coverage #N/A N/A M #N/A N/A Not Provided 19.02.2013

RBS Morgans CHRIS BROWN outperform 5 N 1 12 month 27.11.2012

Cormark Securities Inc. MIKE KOZAK Under Review #N/A N/A M #N/A N/A Not Provided 23.07.2012

Canaccord Genuity Corp JEAN-FRANCOIS BERTINCOURT buy 5 N 2 12 month 17.04.2012

EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 31.01.2012

Holdings By:

Intrepid Mines Ltd ee


10.05.2013

Vista Gold Corp. is an international gold mining company. The Company is

focused on its core projects, the Concordia gold project located in Baja

California Sur, Mexico and the Mt. Todd gold project in Northern Territory,

Australia.


LTM as of: 12/yy

52-Week High (21.09.2012) 4.09

52-Week Low (17.04.2013) 1.47

Daily Volume

1.51












VGZ US EQUITY YTD Change - Average Volume 30 Day 432'697

VGZ US EQUITY YTD % CHANGE - Average Volume 3 Month 493'918


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - 0.0 - -

- - - - - #DIV/0! #DIV/0! - - - -

(6.5) (6.1) (17.7) (28.1) (35.6) (28.1) (34.5) (20.4) (19.1) (5.8) (6.0)

- - - - - 0.00x 0.00x - - - -

(10.0) (1.9) (20.0) 51.5 (70.7) 51.5 (69.5) (20.1) (13.7) (6.3) (4.6)

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Vista Gold CorpPrice/Volume

Valuation Analysis

296'931.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'--..00112

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-!' F

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0.2

0.4

0.6

0.8

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1.2

1.4

1.6

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

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10.05.2013



SUN VALLEY GOLD LLC n/a Research 12'084'310 14.82 - 31.12.2012 Hedge Fund Manager





ANDREEFF EQUITY ADVI ANDREEFF EQUITY ADVI 13F 1'586'026 1.94 (20'971) 31.12.2012 Hedge Fund Manager

STATE STREET n/a ULT-AGG 888'193 1.09 (20'701) 26.04.2013 Investment Advisor


PERRITT CAPITAL MANA PERRITT CAPITAL MANA 13F 822'000 1.01 - 31.12.2012 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 732'415 0.9 - 31.12.2012 Pension Fund (ERISA)


PARKER FREDERICK H E n/a Form 4 556'325 0.68 - 05.09.2012 n/a





AQR CAPITAL MANAGEME AQR CAPITAL MANAGEME 13F 193'800 0.24 137'400 31.12.2012 Hedge Fund Manager

RICHINGS MICHAEL B n/a Form 4 188'121 0.23 - 08.01.2013 n/a

IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 180'750 0.22 (33'250) 28.02.2013 Investment Advisor





Roth Capital Partners BRIAN W POST buy 5 M 7 12 month 28.03.2013

Stonegate Securities Inc MARCO RODRIGUEZ no rating system #N/A N/A M #N/A N/A Not Provided 19.03.2013

Holdings By:

Vista Gold Corp ee


10.05.2013

Alexco Resource Corporation is a mineral exploration and production company.

The Company mines for minerals that include gold and silver.


LTM as of: 12/yy

52-Week High (10.05.2012) 5.66

52-Week Low (07.05.2013) 1.71

Daily Volume

1.77












AXU US EQUITY YTD Change - Average Volume 30 Day 506'653

AXU US EQUITY YTD % CHANGE - Average Volume 3 Month 404'028


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

5.7 5.8 4.6 45.1 84.7 45.1 84.7 77.0 112.1 20.5 23.7

18.66x 14.71x 32.68x 8.09x 2.27x 33.40x 12.36x - - - -

(4.8) (6.1) (6.0) 9.8 25.4 9.8 25.4 (11.1) 12.2 - -

- - - 37.41x 7.55x 37.41x 7.55x - 7.25x - -

(4.0) (9.6) (5.2) 3.5 3.4 3.5 3.4 2.0 21.6 0.3 0.8

- - - - - 0.00x 0.00x - 35.64x - -











EBITDA Margin 30.0%



Asset Turnover 0.40








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Alexco Resource CorpPrice/Volume

Valuation Analysis

186'072.00


'

-

.

0

1

2

3

4

Q -. j -. g -. g -. Q -. o -. l -. k -. a -. g -0 c -0 j -0 Q -0!' F

!. F

!1 F

!3 F

!5 F

-!' F

-!. F

-!1 F

-!3 F

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

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

'!.'

'!1'

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-!.'



10.05.2013


SPROTT INC n/a Co File 6'445'350 10.3 - 28.02.2013 Hedge Fund Manager



COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 2'683'000 4.29 (6'000) 31.12.2012 Investment Advisor

ASSET LIABILITY MANA n/a PROXY 1'940'299 3.1 - 09.05.2012 Other

NAUMAN CLYNTON R n/a SEDI 1'725'001 2.76 225'000 30.05.2012 n/a

RAFFLES ASSOCIATES L RAFFLES ASSOCIATES L 13F 1'203'671 1.92 - 31.12.2012 Hedge Fund Manager

PATHSTONE FAMILY OFF PATHSTONE FAMILY OFF 13F 814'919 1.3 - 31.12.2012 Investment Advisor



THRALL BRADLEY A n/a SEDI 523'200 0.84 3'200 20.02.2013 n/a


SEMAPHORE MANAGEMENT SEMAPHORE MANAGEMENT 13F 409'942 0.66 14'810 31.12.2012 Hedge Fund Manager

FORUM INVESTMENT ADV Multiple Portfolios MF-AGG 381'904 0.61 35'740 31.12.2012 Investment Advisor



UNIVERSAL INS HOLDIN n/a ULT-AGG 137'613 0.22 - 31.12.2012 Insurance Company

NOMURA n/a ULT-AGG 115'766 0.19 (24'419) 31.12.2012 Unclassified

GROUP ONE TRADING LP GROUP ONE TRADING LP 13F 113'050 0.18 10'830 31.12.2012 Investment Advisor






Canaccord Genuity Corp NICHOLAS CAMPBELL hold 3 M 4 12 month 16.04.2013


Holdings By:

Alexco Resource Corp ee


10.05.2013

ATAC Resources Ltd. explores for gold in Canada.


LTM as of: 12/yy

52-Week High (05.06.2012) 3.50

52-Week Low (04.03.2013) 0.91

Daily Volume

1.07












ATC CN EQUITY YTD Change - Average Volume 30 Day 257'060

ATC CN EQUITY YTD % CHANGE - Average Volume 3 Month 334'611


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

- 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

- (1.1) (3.1) - - 0.0 0.0 (5.4) (5.4) (1.0) (1.0)

- - - - - 0.00x 0.00x - - - -

- (1.1) (2.2) (24.8) (7.5) (24.8) (7.5) (3.5) (3.5) (0.9) (1.0)

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Atac Resources LtdPrice/Volume

Valuation Analysis

168'829.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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

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10.05.2013



AGNICO-EAGLE MINES L n/a Co File 9'600'000 8.48 - 20.03.2013 Corporation

STRATEGIC METALS LTD n/a SEDI 9'556'286 8.45 (250'000) 05.04.2011 Corporation


CARNE ROBERT C n/a SEDI 1'987'126 1.76 20'000 22.02.2013 n/a


AMERICAN CENTURY COM Multiple Portfolios MF-AGG 1'124'700 0.99 - 31.12.2012 Investment Advisor

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 558'195 0.49 (1'400) 31.12.2012 Investment Advisor

SPROTT INC Multiple Portfolios MF-AGG 523'000 0.46 (463'800) 31.12.2012 Hedge Fund Manager

GOSS DOUGLAS O n/a SEDI 482'588 0.43 28'300 25.02.2013 n/a

YEADON GLENN ROBERT n/a SEDI 424'667 0.38 70'000 08.03.2012 n/a

KENWAY BRUCE J n/a PROXY 400'000 0.35 - 13.04.2012 n/a



GESIURIS SA SGIIC Multiple Portfolios MF-AGG 300'000 0.27 - 31.03.2013 Investment Advisor

DOWNS GRAHAM NOLAN n/a SEDI 255'000 0.23 135'000 17.02.2012 n/a

NEXGEN FINANCIAL LP Multiple Portfolios MF-AGG 225'000 0.2 75'000 30.06.2012 Investment Advisor


TALBOT IAN J n/a SEDI 111'400 0.1 (5'000) 07.06.2012 n/a

FALCON FUND MANAGEME Multiple Portfolios MF-AGG 97'200 0.09 13'300 28.02.2013 Investment Advisor





Paradigm Capital Inc DON MACLEAN hold 3 M 4 12 month 06.03.2012

Holdings By:

Atac Resources Ltd ee


10.05.2013

Scorpio Mining Corporation explores for silver in Canada and Mexico.


LTM as of: 12/yy

52-Week High (04.10.2012) 1.28

52-Week Low (01.05.2013) 0.45

Daily Volume

0.485












SPM CN EQUITY YTD Change - Average Volume 30 Day 662'641

SPM CN EQUITY YTD % CHANGE - Average Volume 3 Month 524'543


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

0.0 19.4 34.2 61.1 45.8 61.1 45.8 53.2 104.0 - -

- 4.59x 5.75x 5.89x 3.78x 18.97x 14.77x - - - -

(4.6) 6.6 11.9 29.4 14.2 29.4 14.2 7.1 18.6 - -

- 13.58x 16.54x 12.25x 12.23x 12.25x 12.23x 9.18x 3.50x - -

(90.7) 13.5 30.7 12.6 7.1 12.6 7.1 - - - -

- 6.00x 9.00x 32.50x 25.75x 32.50x 25.75x 13.11x 3.65x - -











EBITDA Margin 30.9%



Asset Turnover 0.31








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Scorpio Mining CorpPrice/Volume

Valuation Analysis

272'923.00


'

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10.05.2013





ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 3'800'000 1.92 - 31.03.2013 Investment Advisor


SPROTT INC Multiple Portfolios MF-AGG 1'941'000 0.98 (2'341'300) 31.12.2012 Hedge Fund Manager

HAWLEY PETER J n/a Co File 1'843'436 0.93 - 31.12.2012 n/a



OPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 1'322'400 0.67 - 31.01.2013 Investment Advisor


MATRIX FUND MANAGEME Multiple Portfolios MF-AGG 295'000 0.15 295'000 30.11.2012 Investment Advisor


FACTOR ADVISORS LLC Multiple Portfolios MF-AGG 131'178 0.07 - 29.11.2012 Unclassified

SADEK JOHN n/a Co File 79'150 0.04 - 31.12.2012 n/a




IFOS INTERNATIONALE Multiple Portfolios MF-AGG 45'000 0.02 - 27.03.2013 Investment Advisor



Clarus Securities MIKE BANDROWSKI buy 5 M 2 12 month 29.04.2013

Casimir Capital ERIC WINMILL buy 5 M 1 12 month 29.04.2013



EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 12.06.2012

Holdings By:

Scorpio Mining Corp ee


10.05.2013

Midway Gold Corp. explores and develops mineral resource properties. The

Company is currently exploring for gold on its Midway Prospect property located

in Nevada in the United States.


LTM as of: 12/yy

52-Week High (18.10.2012) 1.80

52-Week Low (17.04.2013) 0.87

Daily Volume

0.972












MDW US EQUITY YTD Change - Average Volume 30 Day 329'021

MDW US EQUITY YTD % CHANGE - Average Volume 3 Month 345'231


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(11.6) (3.8) (6.3) (18.2) (14.3) (18.2) (14.3) (6.5) (7.5) - -

- - - - - 0.00x 0.00x - - - -

(16.2) (2.6) (5.8) (15.5) (15.3) (15.5) (15.3) (10.0) (15.1) (5.0) (5.0)

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Midway Gold CorpPrice/Volume

Valuation Analysis

234'590.00


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0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

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

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10.05.2013



SHEERIN MATT n/a PROXY 8'200'906 6.38 - 07.03.2012 n/a

HALE JR MARTIN M n/a 13D 8'080'435 6.29 - 13.12.2012 n/a

HAWES GEORGE T n/a SEDI 7'361'064 5.73 (27'300) 31.10.2011 n/a



DISBROW ROBERT n/a 13G 5'072'200 3.95 (75'800) 31.12.2011 n/a

VANGUARD GROUP INC VANGUARD GROUP INC 13F 2'914'011 2.27 (1'449'218) 31.03.2013 Investment Advisor

YU FRANK S n/a PROXY 1'709'646 1.33 - 07.03.2012 n/a

STATE STREET n/a ULT-AGG 1'645'010 1.28 (26'204) 26.04.2013 Investment Advisor

WOLFUS DANIEL EDWARD n/a SEDI 1'570'117 1.22 - 12.09.2011 n/a


DAVENPORT & COMPANY DAVENPORT & COMPANY 13F 1'470'179 1.14 14'700 31.03.2013 Investment Advisor

GILDER GAGNON HOWE n/a 13G 1'219'343 0.95 - 30.04.2009 Investment Advisor

DEANS KNIGHT CAPITAL n/a 13G 1'144'360 0.89 - 31.12.2012 Investment Advisor

KUDU PARTNERS LP n/a SEDI 815'536 0.63 (161'701) 08.11.2007 Other



SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 445'429 0.35 - 31.12.2012 Hedge Fund Manager




Canaccord Genuity Corp JOE MAZUMDAR speculative buy 4 M 2 12 month 23.04.2013

Jacob Securities Inc MATTHEW SHEPPARD buy 5 M 2 12 month 23.04.2013

Cormark Securities Inc. KYLE MCPHEE speculative buy 4 M 2 12 month 22.04.2013



Stonecap Securities Inc BRIAN SZETO outperform 5 M 2 12 month 08.01.2013


Holdings By:

Midway Gold Corp ee


10.05.2013

Patagonia Gold PLC holds investments in mineral exploration companies involved

in identifying, acquiring, and developing mineral projects, either alone or with

joint-venture partners. The Company explores for gold in locations throughout

Argentina.


LTM as of: 01/yy

52-Week High (28.05.2012) 33.50

52-Week Low (26.04.2013) 9.75

Daily Volume

14.25












PGD LN EQUITY YTD Change - Average Volume 30 Day 1'428'173

PGD LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'461'169


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

0.0 0.0 0.0 0.0 - - - - - - -

- - - - - - - - - - -

(5.8) (7.3) (11.3) (32.6) - - - - - - -

- - - - - - - - - - -

(5.8) (7.3) (11.3) (33.2) (20.8) - - - - - -

- - - - - - - - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Patagonia Gold PLCPrice/Volume

Valuation Analysis

130'046.00


'

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0'

02

1'


0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

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

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10.05.2013


DIRECTOR & RELATED H Multiple Portfolios REG 149'037'867 17.44 2'753'684 02.01.2013 Other


MIGUENS CARLOS JOSE n/a Co File 103'653'116 12.13 - 24.04.2012 n/a


CINCO VIENTOS URUGUA Multiple Portfolios REG 50'361'585 5.89 9'636'316 02.01.2013 Other


VAN ECK GLOBAL Multiple Portfolios REG 36'986'715 4.33 (1'116'233) 02.01.2013 Unclassified

MIGUENS DIEGO n/a Co File 29'562'152 3.46 - 24.04.2012 n/a

TAHEH INTERNATIONAL Multiple Portfolios REG 28'353'264 3.32 - 02.01.2013 Other

BARRICK GOLD CORP Multiple Portfolios REG 28'323'264 3.31 - 02.01.2013 Corporation

MIGUENS CRISTINA n/a Co File 24'485'645 2.87 - 24.04.2012 n/a

HUMPHRIES WILLIAM HE n/a RNS-DIR 23'296'857 2.73 4'403'000 27.06.2012 n/a

HARGREAVE n/a ULT-AGG 14'767'188 1.73 2'125'000 02.01.2013 Unclassified

PRIVATE INDIVIDUALS Multiple Portfolios REG 13'399'969 1.57 (908'112) 02.01.2013 Other

COUTTS PRIVATE BANKI Multiple Portfolios REG 12'894'789 1.51 - 02.01.2013 Unclassified

F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 9'941'137 1.16 - 28.02.2013 Investment Advisor

F&C ASSET MANAGEMENT Multiple Portfolios REG 9'722'734 1.14 (2'554'143) 02.01.2013 Investment Advisor

CRAVEN JOHN ANTHONY n/a Co File 9'455'190 1.11 - 24.04.2012 n/a

WALKER CRIPS STOCKBR Multiple Portfolios REG 9'385'378 1.1 (231'500) 02.01.2013 Other

INVESTEC WEALTH & IN Multiple Portfolios REG 7'247'490 0.85 (38'500) 02.01.2013 Investment Advisor


Fraser Mackenzie Limited ALEKSANDRA BUKACHEVA buy 5 M 59 Not Provided 02.01.2013

Mirabaud Securities NICHOLAS CHALMERS speculative buy 4 M 35 12 month 04.12.2012

Holdings By:

Patagonia Gold PLC ee


10.05.2013

Gryphon Minerals Ltd. explores for gold. The Company operates on the Banfora

Gold Project in Burkina Faso, Africa, and properties in Mauritania.


LTM as of: 01/yy

52-Week High (24.09.2012) 0.99

52-Week Low (02.05.2013) 0.19

Daily Volume

0.245












GRY AU EQUITY YTD Change - Average Volume 30 Day 3'736'988

GRY AU EQUITY YTD % CHANGE - Average Volume 3 Month 3'575'512


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

0.0 0.0 0.0 0.0 0.0 - - 0.8 1.4 - -

- - - - - - - 69.98x 91.12x - -

(3.3) (2.7) (3.9) (15.9) (8.0) - - (10.2) (8.8) - -

- - - - - - - - - - -

(3.1) (2.3) (3.2) (8.9) (5.9) - - (8.6) (6.7) - -

- - - - - - - - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Gryphon Minerals LtdPrice/Volume

Valuation Analysis

5'969'776.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

'

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0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

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

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10.05.2013



GENESIS ASSET MANAGE n/a EXCH 20'682'524 5.16 - 12.03.2013 Investment Advisor

COMMONWEALTH BANK OF n/a EXCH 19'591'128 4.89 - 20.11.2012 Bank

AMP LTD n/a EXCH 16'488'127 4.12 (985'067) 22.10.2012 Insurance Company



PARSONS STEPHEN n/a EXCH 6'990'601 1.75 - 18.12.2012 n/a



MACQUARIE GROUP n/a ULT-AGG 5'507'628 1.38 1'032'776 31.08.2011 Investment Advisor


WELLS FARGO n/a ULT-AGG 3'934'525 0.98 - 28.02.2013 Investment Advisor


QUANTEX AG Multiple Portfolios MF-AGG 2'360'000 0.59 - 29.03.2013 Investment Advisor


NETHERWAY DAVID GEOR n/a Co File 1'847'374 0.46 - 30.06.2012 n/a




ASHTON NORMAN MEL n/a EXCH 1'000'000 0.25 (200'000) 28.08.2012 n/a



Macquarie MITCH RYAN neutral 3 M 1 12 month 26.04.2013

RBC Capital Markets GEOFF BREEN sector perform 3 M 0 12 month 25.04.2013

GMP LEVI SPRY buy 5 M 0 Not Provided 24.04.2013

Morgan Stanley BRENDAN FITZPATRICK Equalwt/In-Line 3 M 0 12 month 22.04.2013

Argonaut Securities Pty Ltd TROY IRVIN speculative buy 4 M 1 Not Provided 19.04.2013

Canaccord Genuity Corp REG SPENCER buy 5 M 1 Not Provided 17.04.2013

BMO Capital Markets ANDREW BREICHMANAS speculative outperform 4 M 1 Not Provided 15.04.2013

Credit Suisse MICHAEL SLIFIRSKI outperform 5 M 1 Not Provided 03.04.2013

RBS Morgans JAMES WILSON outperform 5 M 1 12 month 06.03.2013


Paradigm Capital Inc DON MACLEAN speculative buy 4 M 1 12 month 01.02.2013


DJ Carmichael Pty Ltd PAUL ADAMS speculative buy 4 M #N/A N/A Not Provided 24.08.2011

Holdings By:

Gryphon Minerals Ltd ee


10.05.2013

DRDGOLD Limited is a mid-tier, unhedged gold producer with a mix of assets. The

Company's assets include underground mines and surface re-treatment operation

and exploration activities in South Africa.


LTM as of: 03/yy

52-Week High (19.02.2013) 8.59

52-Week Low (31.08.2012) 5.35

Daily Volume

6.45










Enterprise Value -


DRD US EQUITY YTD Change - Average Volume 30 Day 97'211

DRD US EQUITY YTD % CHANGE - Average Volume 3 Month 133'271


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 03/yy 03/yy 06/13 Y 06/14 Y 06/13 Q4 09/13 Q1

1'843.9 1'910.7 1'990.5 1'379.5 1'764.2 2'000.9 2'031.9 2'129.1 2'545.8 - -

0.86x 1.10x 0.64x 0.79x 1.09x 2.92x 4.62x - - - -

162.1 6.9 212.5 225.7 370.8 408.0 411.6 526.4 795.5 - -

9.75x 301.94x 6.03x 4.83x 5.21x 4.50x 6.72x - - - -

996.0 129.1 207.8 (287.9) 308.7 (117.3) 291.8 307.1 462.1 - -

- - - - - 0.00x 0.00x 7.32x 4.85x - -











EBITDA Margin 20.4%



Asset Turnover 0.75







Fiscal Year Ended

DRDGOLD LtdPrice/Volume

Valuation Analysis

36'026.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-.0123456

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1'000.0

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2'000.0

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

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10.05.2013


SKAGEN AS Multiple Portfolios MF-AGG 3'724'701 9.66 - 27.03.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 931'970 2.42 (49'424) 29.04.2013 Investment Advisor

ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 536'792 1.39 (58'369) 31.03.2013 Investment Advisor



BRANCH BANKING & TRU BRANCH BANKING AND T 13F 110'000 0.29 - 31.03.2013 Bank


ROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 100'000 0.26 - 31.01.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 49'176 0.13 17'676 31.03.2013 Investment Advisor

JANE STREET HOLDING JANE STREET HOLDING 13F 44'799 0.12 (6'532) 31.12.2012 Investment Advisor

FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 36'297 0.09 - 31.12.2012 Investment Advisor

RUFFER LLP RUFFER LLP 13F 34'015 0.09 - 31.03.2013 Hedge Fund Manager

APERIO GROUP LLC APERIO GROUP LLC 13F 33'383 0.09 3'750 31.03.2013 Investment Advisor

BANK OF AMERICA CORP BANK OF AMERICA 13F 28'307 0.07 27'529 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 28'300 0.07 28'300 31.12.2012 Investment Advisor

SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 28'300 0.07 - 31.03.2013 Investment Advisor

COMMONWEALTH OF PENN COMMONWEALTH OF PENN 13F 26'529 0.07 (9'576) 31.12.2012 Pension Fund (ERISA)


OXFORD ASSET MANAGEM OXFORD ASSET MANAGEM 13F 17'976 0.05 6'940 31.12.2012 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 16'227 0.04 7'860 31.12.2012 Investment Advisor



Holdings By:

DRDGOLD Ltd ee


10.05.2013

Red 5 Limited is a minieral exploration and development company. The Company's

principal asset is the Siana Gold Project in the Philippines held under a

Mineral Production Sharing Agreement by a Red5 Philippine compliant company.

Red 5's second asset is the Mapawa MPSA, located north of Siana.


LTM as of: 01/yy

52-Week High (05.10.2012) 1.75

52-Week Low (18.04.2013) 0.56

Daily Volume

0.62











Average Volume 5 Day 0

RED AU EQUITY YTD Change - Average Volume 30 Day 149'354

RED AU EQUITY YTD % CHANGE - Average Volume 3 Month 234'862


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

- - - 0.0 4.3 - - 43.8 125.0 - -

- - - - 42.84x - - 2.16x 0.42x - -

(1.4) (1.5) (2.2) (5.2) (2.9) - - 8.0 72.4 - -

- - - - - - - 11.47x 1.27x - -

(0.6) (0.9) (0.4) (8.1) (1.7) - - (7.3) 33.5 - -

- - - - - - - - 2.45x - -









Net Debt/EBITDA -





Asset Turnover 0.10








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Red 5 LtdPrice/Volume

Valuation Analysis

68'467.00


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2.0

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3.0

3.5

4.0

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

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10.05.2013



BAKER STEEL GOLD FUN n/a Co File 11'095'633 8.19 - 24.09.2012 n/a




DEUTSCHE BANK AG n/a EXCH 3'958'183 2.92 (3'160'399) 24.06.2011 Investment Advisor



EDWARDS GREGORY CHAR n/a Co File 1'065'111 0.79 - 15.11.2012 n/a

VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 679'951 0.5 - 30.09.2012 Investment Advisor

EIM CAPITAL MANAGERS Multiple Portfolios MF-AGG 301'926 0.22 (100'000) 30.11.2012 Investment Advisor

SPROTT INC Multiple Portfolios MF-AGG 260'849 0.19 (2'137'799) 31.12.2012 Hedge Fund Manager


SCANLAN GARY FRANCIS n/a EXCH 50'000 0.04 - 31.12.2012 n/a

MOBILIA JOE n/a Co File 44'958 0.03 - 30.06.2012 n/a


MILAZZO MARK FRANCIS n/a Co File 25'000 0.02 - 26.09.2012 n/a

JACKSON COLIN GEORGE n/a Co File 22'500 0.02 - 26.09.2012 n/a




Wilson HTM Investment Group CAMERON JUDD sell 1 M 1 Not Provided 17.04.2013

Canaccord Genuity Corp REG SPENCER speculative buy 4 M 1 Not Provided 15.04.2013

Evans & Partners Pty Ltd CATHY MOISES neutral 3 D #N/A N/A Not Provided 03.01.2013


Casimir Capital JAMES CROSBY overweight 5 M 3 12 month 06.02.2012

Holdings By:

Red 5 Ltd ee


10.05.2013

Lingbao Gold Company Ltd. mines and smelts gold. The Company produces gold

bullion, silver, copper products, and sulphuric acid.


LTM as of: 06/yy

52-Week High (21.05.2012) 3.96

52-Week Low (29.04.2013) 2.23

Daily Volume

2.35





1'818.37 1 Yr Total Return -31.82%







3330 HK EQUITY YTD Change - Average Volume 30 Day 472'804

3330 HK EQUITY YTD % CHANGE - Average Volume 3 Month 529'476


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4

3'559.1 3'961.7 4'834.6 5'720.8 6'393.3 0.0 0.0 6'921.5 6'595.0 - -

0.72x 0.99x 1.40x 0.83x 0.93x #DIV/0! #DIV/0! 0.71x 0.74x - -

354.4 738.8 777.4 824.5 739.3 0.0 0.0 754.0 811.0 - -

7.26x 5.29x 8.71x 5.75x 8.05x 0.00x 0.00x 7.21x 6.70x - -

115.6 118.0 266.5 310.6 165.3 0.0 0.0 140.0 141.0 - -

11.63x 17.38x 16.59x 5.74x 12.10x 0.00x 0.00x 10.33x 10.05x - -











EBITDA Margin 11.6%



Asset Turnover 0.88







Fiscal Year Ended

Lingbao Gold Co LtdPrice/Volume

Valuation Analysis

550'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

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0

1

1

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1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

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10.05.2013


BANK OF NEW YORK MEL n/a EXCH 27'842'000 9.37 - 20.03.2013 Investment Advisor


VALUE PARTNERS GROUP n/a ULT-AGG 14'844'000 4.99 - 02.06.2011 Corporation



VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'608'558 0.54 (136'000) 31.12.2012 Investment Advisor






HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 122'000 0.04 - 31.03.2013 Investment Advisor

NOMURA INTERNATIONAL Multiple Portfolios MF-AGG 68'000 0.02 - 31.03.2012 Investment Advisor

GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 58'910 0.02 - 26.04.2013 Investment Advisor



Guotai Junan KEVIN GUO neutral 3 M 2 Not Provided 22.04.2013

Credit Suisse OWEN LIANG underperform 1 D 2 Not Provided 09.04.2013


BOCOM International Holdings RONGJIN LUO long-term buy 5 M 7 12 month 13.07.2012

First Shanghai Securities Ltd ZHANG ZHIBIN buy 5 N 6 12 month 28.03.2012

Holdings By:

Lingbao Gold Co Ltd ee


10.05.2013

International Tower Hill Mines Ltd. acquires, explores, and evaluates mineral

properties. The Company currently possesses an expanding portfolio of Alaskan

and Nevada based gold and base metal exploration projects.


LTM as of: 12/yy

52-Week High (10.05.2012) 3.83

52-Week Low (24.04.2013) 0.88

Daily Volume

0.93












THM US EQUITY YTD Change - Average Volume 30 Day 213'646

THM US EQUITY YTD % CHANGE - Average Volume 3 Month 257'366


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 05/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - -

- - - - - #DIV/0! #DIV/0! #DIV/0! #DIV/0! - -

(3.2) (7.3) (12.1) (9.9) (55.5) (9.9) (55.5) (17.2) (19.3) - -

- - - - - 0.00x 0.00x - - - -

(2.4) (9.8) (17.9) (10.2) (56.6) (10.2) (56.6) (13.2) (14.6) - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

International Tower Hill Mines LtdPrice/Volume

Valuation Analysis

116'497.00


'--..00112

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!2 F

-!' F

-!2 F

.!' F

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0.0

0.0

0.0

0.0

0.0

0.0

0.0

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

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'!1'

'!3'

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10.05.2013



ANGLOGOLD ASHANTI LT n/a SEDI 11'073'323 11.29 - 07.08.2012 Holding Company



TEXAS TEACHER RETIRE TEACHER RETIREMENT S 13F 2'099'836 2.14 - 31.12.2012 Pension Fund (ERISA)

WEISS ASSET MANAGEME WEISS ASSET MANAGEME 13F 1'926'411 1.96 (1'923'077) 31.12.2012 Hedge Fund Manager

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 1'014'000 1.03 - 31.03.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 900'425 0.92 34'847 31.12.2012 Investment Advisor



DRESCHER ANTON J n/a SEDI 489'218 0.5 (50'000) 21.12.2012 n/a

PONTIUS JEFFREY A n/a SEDI 383'566 0.39 (195'600) 07.01.2013 n/a


UNIVERSAL INS HOLDIN n/a ULT-AGG 345'555 0.35 114'825 31.12.2012 Insurance Company

CARRIERE DANIEL A n/a SEDI 294'735 0.3 - 22.11.2011 n/a




TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 220'000 0.22 - 31.12.2012 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 208'228 0.21 (224'772) 28.02.2013 Investment Advisor



BMO Capital Markets JOHN P HAYES Speculative Underperform 2 D #N/A N/A Not Provided 14.04.2013


Salman Partners DAVID WEST Under Review #N/A N/A M #N/A N/A Not Provided 08.11.2012

Holdings By:

International Tower Hill Mines Ltd ee


10.05.2013

Saracen Mineral Holdings Ltd. explores for and produces gold. The Company

produces gold from its Carosue Dam mine located notheast of Kalgoorlie, Western

Australia.


LTM as of: 01/yy

52-Week High (07.06.2012) 0.62

52-Week Low (24.04.2013) 0.14

Daily Volume

0.18












SAR AU EQUITY YTD Change - Average Volume 30 Day 7'354'706

SAR AU EQUITY YTD % CHANGE - Average Volume 3 Month 5'932'693


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

0.0 - 31.4 155.7 183.8 - - 210.5 237.7 - -

- - 5.26x 1.58x 1.70x - - 0.60x 0.43x - -

(1.9) (9.5) 14.7 59.5 63.1 - - 61.2 82.6 - -

- - 11.26x 4.15x 4.96x - - 1.88x 1.39x - -

(1.8) (10.0) (25.4) 47.7 18.7 - - 16.2 35.2 - -

- - - 5.49x 16.82x - - 5.29x 2.65x - -











EBITDA Margin 27.8%



Asset Turnover 0.74







Fiscal Year Ended

Saracen Mineral Holdings LtdPrice/Volume

Valuation Analysis

9'410'013.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

'

'

'

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-

-

-

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2!' F

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-2!' F

.'!' F

.2!' F

0'!' F

02!' F

1'!' F

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

200.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

6'!''

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10.05.2013



RENAISSANCE SMALL CO n/a EXCH 37'893'341 6.37 7'527'707 27.03.2013 Other

VINVA INVESTMENT MGM n/a EXCH 30'177'676 5.07 662'238 18.03.2013 Investment Advisor

COMMONWEALTH BANK OF n/a EXCH 29'318'248 4.93 (1'361'474) 08.03.2012 Bank

SPROTT INC n/a EXCH 28'800'451 4.84 (841'000) 27.01.2012 Hedge Fund Manager

ARVE CHARLES n/a EXCH 28'685'450 4.82 (320'000) 19.07.2011 n/a

JCP INVESTMENT PARTN n/a EXCH 26'084'770 4.38 (5'314'150) 09.02.2012 Investment Advisor


STALTARI GUIDO n/a Co File 14'407'252 2.42 - 31.08.2012 n/a

CF RUFFER BAKER STEE n/a EXCH 14'000'000 2.35 (4'949'162) 26.05.2011 n/a


GAMCO n/a ULT-AGG 6'500'000 1.09 4'500'000 31.12.2012 Unclassified



GENUS DYNAMIC GOLD F n/a EXCH 4'100'000 0.69 (1'739'000) 26.05.2011 n/a


VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'896'045 0.49 (43'038) 31.03.2013 Investment Advisor


VON DER HEYDT KERSTE Multiple Portfolios MF-AGG 1'100'000 0.18 - 28.12.2012 Investment Advisor

SNS INVESTMENT FUND Multiple Portfolios MF-AGG 1'043'794 0.18 335 31.12.2012 Investment Advisor


Canaccord Genuity Corp REG SPENCER hold 3 D 0 12 month 24.04.2013


Argonaut Securities Pty Ltd TROY IRVIN buy 5 M 0 Not Provided 19.04.2013




Holdings By:

Saracen Mineral Holdings Ltd ee


10.05.2013

Exeter Resource Corporation explores for, evaluates, and develops mineral

deposits in South America. The Company's focus is on gold exploration in

Argentina and Chile.


LTM as of: 12/yy

52-Week High (10.05.2012) 2.41

52-Week Low (08.05.2013) 0.80

Daily Volume

0.84












XRA US EQUITY YTD Change - Average Volume 30 Day 180'302

XRA US EQUITY YTD % CHANGE - Average Volume 3 Month 203'567


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

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(27.4) (27.6) (29.9) (31.8) (26.0) (31.8) (25.9) (11.7) (11.5) - -

- - - - - 0.00x 0.00x - - - -

(27.0) (27.3) 83.8 (30.9) (25.2) (31.0) (25.2) (11.7) (11.5) - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Exeter Resource CorpPrice/Volume

Valuation Analysis

147'300.00


'

-

-

.

.

0

0

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0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

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

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



10.05.2013



GEOLOGIC RESOURCE PA GEOLOGIC RESOURCE PA 13F 3'050'700 3.45 1'012'800 31.12.2012 Hedge Fund Manager

ROWEN COMPANY LTD n/a SEDI 2'600'000 2.94 100'000 09.02.2012 Corporation

SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 2'445'758 2.77 381'741 31.12.2012 Hedge Fund Manager

TSP CAPITAL MANAGEME TSP CAPITAL MANAGEME 13F 2'413'000 2.73 691'500 31.12.2012 Investment Advisor

POLYGON MANAGEMENT L POLYGON MANAGEMENT L 13F 2'062'713 2.33 2'062'713 31.12.2012 Investment Advisor

SIMPSON YALE R n/a SEDI 1'709'350 1.93 13'600 26.12.2012 n/a



ROXBURGH BRYCE G n/a SEDI 1'409'450 1.59 - 02.05.2011 n/a



LOEWS CORPORATION LOEWS CORPORATION 13F 642'545 0.73 - 31.12.2012 Corporation

UNIVERSAL INS HOLDIN n/a ULT-AGG 537'725 0.61 329'447 31.12.2012 Insurance Company



OPPENHEIMER & CO INC OPPENHEIMER & CO INC 13F 402'861 0.46 (739) 31.12.2012 Hedge Fund Manager


FMR LLC n/a ULT-AGG 272'400 0.31 100 31.03.2013 Investment Advisor

PERKINS SIMON RICHAR n/a SEDI 270'652 0.31 77'000 02.02.2011 n/a



Salman Partners DAVID WEST speculative buy 4 M 8 Not Provided 17.04.2013

BMO Capital Markets JOHN P HAYES Speculative Underperform 2 D #N/A N/A Not Provided 14.04.2013

Mine2Capital Inc ALKA SINGH sell 1 M 1 Not Provided 04.02.2013

Holdings By:

Exeter Resource Corp ee


10.05.2013

Richmont Mines, Inc. is a Canadian gold mining company. The Company owns and

operates the Francoeur, Beaufor and East Amphi mines located in Quebec, the

Nugget Pond and Hammerdown mines in Newfoundland, and the Island Gold Mine in

Ontario.


LTM as of: 12/yy

52-Week High (06.06.2012) 6.77

52-Week Low (17.04.2013) 1.80

Daily Volume

2.03












RIC US EQUITY YTD Change - Average Volume 30 Day 120'364

RIC US EQUITY YTD % CHANGE - Average Volume 3 Month 137'622


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

70.6 71.9 90.5 118.6 101.7 118.5 104.3 111.0 135.0 - -

0.43x 1.15x 1.31x 2.51x 0.59x 7.75x 4.73x - - - -

9.8 6.9 19.7 40.5 8.2 40.5 7.9 - - - -

3.07x 11.99x 5.99x 7.36x 7.34x 7.36x 7.62x - - - -

1.6 0.3 9.3 25.9 (45.0) 25.9 (45.0) 8.0 17.0 - -

29.71x - 16.48x 14.78x - 14.99x 0.00x 7.17x 4.81x - -











EBITDA Margin 7.6%



Asset Turnover 0.66







Fiscal Year Ended

Richmont Mines IncPrice/Volume

Valuation Analysis

89'577.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

4

5

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!. F

!1 F

!3 F

!5 F

-!' F

-!. F

-!1 F

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

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10.05.2013


OXBRIDGE BANK & TRUS n/a PROXY 5'016'363 12.67 - 28.03.2013 Investment Advisor

RESOLUTE FUNDS LTD n/a 13G 3'617'600 9.14 487'600 28.01.2013 Investment Advisor

CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 2'730'000 6.89 - 31.12.2012 Investment Advisor



WEISS ASSET MANAGEME n/a 13G 1'968'700 4.97 (31'300) 29.01.2013 Hedge Fund Manager

CHAMANDY H GREGORY n/a SEDI 995'509 2.51 14 11.01.2012 n/a

FIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 710'095 1.79 420'295 31.03.2013 Investment Advisor

PARADIGM CAPITAL MAN PARADIGM CAPITAL MAN 13F 675'305 1.71 2'325 31.03.2013 Investment Advisor




US GLOBAL INVESTORS US GLOBAL INVESTORS 13F 260'000 0.66 - 31.12.2012 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 185'200 0.47 (194'200) 31.12.2012 Pension Fund (ERISA)

FMR LLC n/a ULT-AGG 145'300 0.37 115'300 31.03.2013 Investment Advisor

CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 137'000 0.35 (33'700) 31.12.2012 Investment Advisor

BOGLE INVESTMENT MAN BOGLE INVESTMENT MAN 13F 120'105 0.3 (112'503) 31.12.2012 Hedge Fund Manager

HOULE REJEAN n/a SEDI 76'500 0.19 - 09.03.2012 n/a

CARMEL PAUL R n/a SEDI 63'000 0.16 10'000 11.03.2013 n/a

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 60'900 0.15 (862'865) 31.03.2013 Investment Advisor



CIBC World Markets KEVIN CHIEW sector perform 3 M 4 Not Provided 11.04.2013


Holdings By:

Richmont Mines Inc ee


10.05.2013

Ramelius Resources Limited is a gold exploration and production company with

exploration activities focused in Western Australia. The Company also explores

for base metals.


LTM as of: 01/yy

52-Week High (06.06.2012) 0.66

52-Week Low (30.04.2013) 0.20

Daily Volume

0.235












RMS AU EQUITY YTD Change - Average Volume 30 Day 1'308'356

RMS AU EQUITY YTD % CHANGE - Average Volume 3 Month 1'927'550


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

14.9 19.9 61.3 148.1 84.3 - - 128.0 167.0 - -

6.95x - 0.81x 1.95x 1.40x - - 0.44x 0.09x - -

2.2 11.8 38.0 108.6 12.8 - - 25.2 54.4 - -

46.27x - 1.30x 2.66x 9.27x - - 1.59x 0.74x - -

0.6 5.0 20.2 62.4 2.3 - - 2.8 28.1 - -

191.25x 19.23x 5.93x 5.98x 66.44x - - 29.38x 2.76x - -









Net Debt/EBITDA -


EBITDA Margin -9.1%



Asset Turnover 0.40







Fiscal Year Ended

Ramelius Resources LtdPrice/Volume

Valuation Analysis

1'843'904.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'''''-----

Q -. j -. g -. g -. Q -. o -. l -. k -. a -. g -0 c -0 j -0 Q -0!' F

2!' F

-'!' F

-2!' F

.'!' F

.2!' F

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

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10.05.2013


SPROTT INC n/a EXCH 23'947'605 7.09 (5'818'592) 06.02.2013 Hedge Fund Manager


PARADICE INVESTMENT n/a EXCH 15'269'179 4.52 (3'686'804) 16.04.2013 Investment Advisor

BEACH ENERGY LTD n/a EXCH 14'053'269 4.16 (6'046'734) 21.06.2011 Corporation

MANDURANG PTY LTD n/a EXCH 6'442'856 1.91 - 27.02.2013 Other

NELSON REGINALD GEOR n/a Co File 5'331'984 1.58 - 27.08.2012 n/a



HOULDSWORTH JOSEPH F n/a EXCH 2'374'259 0.7 - 26.05.2011 n/a


KENNEDY ROBERT MICHA n/a EXCH 1'557'144 0.46 90'000 27.02.2013 n/a

SCHRODER INVESTMENT SCHRODER GLOBAL QUAN UT-UK 1'236'775 0.37 (17'722) 31.12.2012 Investment Advisor

GORDON IAN JAMES n/a EXCH 1'099'021 0.33 500'000 26.11.2012 n/a


PRUDENTIAL FINANCIAL n/a ULT-AGG 608'253 0.18 - 28.03.2013 Investment Advisor

SCHRODER INVESTMENT SISF GLOBAL ACTIVE V MF-LUX 412'353 0.12 273'933 31.12.2012 Investment Advisor

SCHRODER INVESTMENT SCHRODER DIVERSIFIED UT-UK 389'960 0.12 - 28.09.2012 Investment Advisor

MERRICKS CAPITAL SPE n/a EXCH 279'000 0.08 - 28.07.2010 Other

VANGUARD GROUP INC Multiple Portfolios MF-AGG 180'600 0.05 (1'500'049) 31.12.2012 Investment Advisor





EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 05.09.2012


Holdings By:

Ramelius Resources Ltd ee


10.05.2013

Golden Minerals Company is a mining company with a focus on exploration,

development, providing mining services, and growth through strategic business

transactions. The Company manages the San Cristobal silver and zinc mine in

Bolivia.


LTM as of: 12/yy

52-Week High (13.09.2012) 7.22

52-Week Low (17.04.2013) 1.46

Daily Volume

1.55












AUMN US EQUITY YTD Change - Average Volume 30 Day 327'046

AUMN US EQUITY YTD % CHANGE - Average Volume 3 Month 353'512


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

419.5 12.4 11.2 1.8 26.1 1.8 26.1 36.1 55.8 7.7 9.3

- 1.87x 25.16x 86.44x 5.90x 418.31x 27.94x - - - -

25.0 (14.2) (32.0) (63.8) (34.7) (63.8) (34.7) (20.8) (5.0) (6.2) (5.5)

- - - - - 0.00x 0.00x - - - -

(118.2) 211.3 (33.3) (62.7) (92.0) (62.7) (92.0) (29.0) (20.7) (7.5) (7.0)

- 1.31x - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -

Gross Margin -66.3% Total Debt/EBITDA 0.00




Asset Turnover 0.07







Fiscal Year Ended

Golden Minerals CoPrice/Volume

Valuation Analysis

265'152.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

4

5


0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

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

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'!3'

'!5'

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10.05.2013


SENTIENT GLB RES IV n/a Form 4 4'483'944 10.36 1'365'794 19.09.2012 Other

SENTIENT GLB FND III n/a 13D 3'582'746 8.28 - 19.09.2012 n/a


GILDER GAGNON HOWE GILDER GAGNON HOWE 13F 1'707'720 3.95 (185'445) 31.12.2012 Investment Advisor



SENTRY SELECT CAPITA Multiple Portfolios MF-AGG 706'350 1.63 - 30.06.2012 Investment Advisor

CLEVENGER JEFFREY G n/a Form 4 540'756 1.25 285'700 14.12.2012 n/a


STATE STREET n/a ULT-AGG 494'651 1.14 (200) 31.03.2013 Investment Advisor



SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 410'887 0.95 (372'712) 31.12.2012 Investment Advisor

PEAK6 INVESTMENTS LP PEAK6 INVESTMENTS LP 13F 409'864 0.95 221'660 31.12.2012 Hedge Fund Manager

SGRF III PARALLEL I n/a 13D 357'044 0.83 - 19.09.2012 Other

SPOT TRADING LLC SPOT TRADING LLC 13F 301'696 0.7 164'191 31.12.2012 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 290'947 0.67 35'275 31.12.2012 Investment Advisor

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 223'748 0.52 (127'252) 28.09.2012 Investment Advisor

BPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 204'626 0.47 - 31.12.2012 Investment Advisor

GROUP ONE TRADING LP GROUP ONE TRADING LP 13F 204'198 0.47 97'999 31.12.2012 Investment Advisor


TD Securities DANIEL EARLE reduce 2 M 1 12 month 23.04.2013

Canaccord Genuity Corp NICHOLAS CAMPBELL hold 3 M 4 12 month 16.04.2013

Stonegate Securities Inc MARCO RODRIGUEZ no rating system #N/A N/A N #N/A N/A Not Provided 10.04.2013



Holdings By:

Golden Minerals Co ee


10.05.2013

San Gold Corporation explores and develops mineral properties. The Company is

focusing on the development of its gold mine located in Manitoba, Canada.


LTM as of: 12/yy

52-Week High (06.06.2012) 1.61

52-Week Low (17.04.2013) 0.16

Daily Volume

0.18












SGR CN EQUITY YTD Change - Average Volume 30 Day 1'496'608

SGR CN EQUITY YTD % CHANGE - Average Volume 3 Month 2'624'117


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

8.7 27.8 58.0 114.1 142.1 114.1 142.1 130.5 169.5 - -

31.33x 34.61x 19.66x 5.05x 1.76x 25.74x 9.22x - - - -

(44.1) (29.7) (18.9) 12.5 35.9 12.5 35.9 35.3 48.2 - -

- - - 46.18x 6.96x 46.18x 6.96x 1.47x 1.08x - -

(33.4) (29.5) (24.6) (5.1) (13.2) (5.1) (13.2) (19.4) 6.3 - -

- - - - - 0.00x 0.00x - - - -











EBITDA Margin 25.2%



Asset Turnover 0.56








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

San Gold CorpPrice/Volume

Valuation Analysis

1'066'349.00


'

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-

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0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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10.05.2013


GCIC LTD/CANADA n/a Co File 41'625'000 12.42 (1'406'400) 30.11.2012 Investment Advisor


UNITED SERVICES AUTO Multiple Portfolios MF-AGG 13'600'000 4.06 3'200'000 30.11.2012 Investment Advisor

JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 12'158'575 3.63 3'980'808 28.02.2013 Investment Advisor



WYNNE HUGH n/a SEDI 8'160'002 2.43 300'000 24.05.2011 n/a


MANULIFE ASSET MANAG Multiple Portfolios MF-AGG 5'856'803 1.75 368'089 31.01.2013 Investment Advisor


TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'875'000 0.56 (193'600) 31.12.2012 Investment Advisor



SCOTIA ASSET MANAGEM Multiple Portfolios MF-AGG 1'600'000 0.48 (300'000) 28.02.2013 Investment Advisor

BHR FUND ADVISORS LP Multiple Portfolios MF-AGG 1'400'000 0.42 (40'000) 31.01.2013 Investment Advisor


GINN DALE n/a SEDI 1'336'140 0.4 30'000 21.06.2012 n/a


FORUM INVESTMENT ADV Multiple Portfolios MF-AGG 1'214'755 0.36 796'340 31.12.2012 Investment Advisor

HUBERT BENJAMIN ARTH n/a SEDI 1'181'200 0.35 (50'000) 03.05.2011 n/a




Stonecap Securities Inc CHRISTOS DOULIS underperform 1 M 0 12 month 22.04.2013


CIBC World Markets COSMOS CHIU sector underperform 1 M 1 Not Provided 17.04.2013

National Bank Financial PAOLO LOSTRITTO Under Review #N/A N/A M #N/A N/A Not Provided 17.04.2013




Holdings By:

San Gold Corp ee


10.05.2013

Orezone Gold Corporation is a gold exploration and development company. The

Company is focused on the discovery and development of gold deposits in West

Africa. Orezone Gold's current focus is projects in Burkina Faso.


LTM as of: 12/yy

52-Week High (20.09.2012) 2.47

52-Week Low (01.05.2013) 0.64

Daily Volume

0.77












ORE CN EQUITY YTD Change - Average Volume 30 Day 454'700

ORE CN EQUITY YTD % CHANGE - Average Volume 3 Month 305'570


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

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(3.2) (2.0) (8.4) (31.6) (28.5) (31.6) (28.5) (16.8) 12.7 - -

- - - - - 0.00x 0.00x - 3.83x - -

(12.8) (1.8) (8.9) (30.3) (4.8) (30.3) (4.8) (15.7) (12.2) - -

- - - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Orezone Gold CorpPrice/Volume

Valuation Analysis

348'968.00


'

-

-

.

.

0

0

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!2 F

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0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

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

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'!3'

'!5'

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10.05.2013


SUN VALLEY GOLD LLC n/a SEDI 12'024'600 14.03 3'654'500 13.07.2012 Hedge Fund Manager


PASSPORT CAPITAL LLC n/a Co File 7'183'500 8.38 (1'894'100) 31.12.2011 Hedge Fund Manager


TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 3'425'087 4 31'400 31.03.2013 Hedge Fund Manager


BEUTEL GOODMAN & COM Multiple Portfolios MF-AGG 2'117'000 2.47 - 28.02.2013 Investment Advisor

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 1'926'187 2.25 (18) 28.09.2012 Investment Advisor

LITTLE RONALD n/a SEDI 1'840'639 2.15 6'178 26.04.2012 n/a

HALVORSON MICHAEL n/a SEDI 1'431'798 1.67 50'000 10.05.2012 n/a



AGF INVESTMENTS INC Multiple Portfolios MF-AGG 987'425 1.15 (12'600) 28.09.2012 Investment Advisor

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 899'800 1.05 - 31.01.2013 Investment Advisor

QUANTEX AG Multiple Portfolios MF-AGG 890'000 1.04 (20'000) 29.03.2013 Investment Advisor


MARQUIS PASCAL n/a SEDI 658'519 0.77 27'270 17.02.2012 n/a


SMITH & WILLIAMSON H n/a ULT-AGG 360'319 0.42 - 28.02.2013 Investment Advisor

GCIC LTD/CANADA Multiple Portfolios MF-AGG 302'000 0.35 302'000 31.12.2012 Investment Advisor



Canaccord Genuity Corp NICHOLAS CAMPBELL speculative buy 4 M 2 Not Provided 29.04.2013



CIBC World Markets JEFF KILLEEN sector outperform 5 M 3 Not Provided 11.04.2013

Casimir Capital STUART MCDOUGALL speculative buy 4 M 3 12 month 09.04.2013




Holdings By:

Orezone Gold Corp ee


10.05.2013

Gran Colombia Gold Corp. is a mineral exploration and production company. The

Company is focused on gold and silver exploration and development in

Colombia. Gran Colombia has underground gold and silver mining operations in

Colombia.


LTM as of: 12/yy

52-Week High (10.05.2012) 0.44

52-Week Low (15.04.2013) 0.15

Daily Volume

0.17












GCM CN EQUITY YTD Change - Average Volume 30 Day 1'023'656

GCM CN EQUITY YTD % CHANGE - Average Volume 3 Month 836'458


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

0.0 0.0 0.0 137.7 168.2 137.7 168.2 174.0 211.0 - -

- - - 1.81x 1.94x 8.74x 5.87x 2.03x 2.44x - -

(0.2) (0.2) (0.2) 1.5 14.8 1.5 14.8 10.0 48.0 - -

- - - 164.64x 22.07x 164.64x 22.09x 25.27x 5.26x - -

(0.3) (0.3) (0.1) (37.0) (36.2) (37.0) (36.2) (22.0) 11.0 - -

- - - - - 0.00x 0.00x - 5.63x - -











EBITDA Margin 8.8%



Asset Turnover 0.24







Fiscal Year Ended

Gran Colombia Gold CorpPrice/Volume

Valuation Analysis

417'255.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

''''''''''-


0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

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

'!''

2!''

-'!''

-2!''

.'!''

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0'!''

02!''

1'!''

'-!'2!.''6 '-!--!.''6 '-!'2!.'-' '-!--!.'-' '-!'2!.'-- '-!--!.'-- '-!'2!.'-. '-!--!.'-.



10.05.2013


US GLOBAL INVESTORS n/a PROXY 47'135'169 12.34 - 17.04.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 30'175'000 7.9 - 31.03.2013 Investment Advisor



ICE ROSE HOLDINGS n/a SEDI 8'150'000 2.13 99'000 25.09.2012 Holding Company

IACONO SERAFINO n/a SEDI 4'700'416 1.23 165'000 27.09.2012 n/a

LA CAMPA MIGUEL DE n/a SEDI 3'803'773 1 133'000 20.02.2013 n/a


TARIBO HOLDINGS n/a SEDI 1'284'500 0.34 23'500 28.01.2013 Holding Company

LOPEZ AUGUSTO n/a SEDI 1'090'250 0.29 586'500 12.09.2012 n/a

TOSCA ASSETS CORP n/a SEDI 1'000'000 0.26 - 30.08.2012 Other

ORINOQUIA BELT CA n/a SEDI 665'621 0.17 130'000 23.08.2012 Other

DAVIES MICHAEL MONIE n/a SEDI 591'873 0.15 20'000 21.08.2012 n/a

HOLLENCREST SECURITI HOLLENCREST SECURITI 13F 466'500 0.12 - 31.12.2012 Investment Advisor


TORINO CONSULTANTS n/a SEDI 400'000 0.1 - 15.11.2010 Other

MARTINEZ TO HERNAN J n/a Co File 360'000 0.09 - 26.03.2013 n/a

VOLK PETER n/a SEDI 334'500 0.09 - 30.08.2012 n/a

PACHECO MARIO n/a Co File 325'000 0.09 - 26.03.2013 n/a

EAST DONALD n/a SEDI 258'000 0.07 60'000 06.02.2012 n/a


GMP GEORGE V ALBINO speculative buy 4 M 1 12 month 16.04.2013

Interbolsa SA GABRIEL BAYONA speculative buy 4 M 2 Not Provided 23.10.2012

Holdings By:

Gran Colombia Gold Corp ee


Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible...

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Transcript of Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible...