25-11-11 Raymond James Research

8/3/2019 25-11-11 Raymond James Research

1/18

Canada ResearchPublished by Raymond James Ltd

Please read domestic and foreign disclosure/risk information beginning on page 12 and Analyst Certification on page 13.Raymond James Ltd. | 2200 925 West Georgia Street | Vancouver BC Canada V6C 3L2

RJL Daily Notes November 25, 2011

Action Items

Initiations & Rating ChangesNone

Estimate & Target Price ChangesNone

Other Company Research

Baja Mining Corp. | BAJ-TSX | C$0.78. Maintain Outperform and C$1.90 Price Target. 3

BAJ: Construction of Boleo Progressing on Plan

Candente Copper Corp. | DNT-TSX | C$1.26. Maintain Outperform and C$2.55 Price Target. 4

DNT: Changes in Scope for Caariaco Norte

Yangarra Resources Ltd. | YGR-TSXV | C$0.64. Maintain Outperform and C$0.75 Price Target. 5

YGR: 3Q11 Results - Cash Flow Beat on Improved Netbacks

Other Industry Research

Equipment Distributors. 6

Equipment Dealers: Capitalizing on Consolidation

Recent Earnings 2

Events 7

Earnings 8

Disclosures 12

ECM Contacts 18


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Canada Research | Page 2 of 18 RJL Daily Notes

Raymond James Ltd. | 2200 925 West Georgia Street | Vancouver BC Canada V6C 3L2

Recent EarningsTHIS WEEK'S EARNINGS

Raymond James vs. Consensus

Rep'd Company Symbol Exch YE Sector Industry Reporting Time Analyst RJ Consensus RJ/Cons Actual

Date Estimate Estimate Difference Reported

Crocodile Gold Corp. CRK T Dec Mining Precious Metals 18-Nov-11 w/o GB -$0.01 -$0.01 $0.00

Geologix Explorations Inc. GIX T Dec Mining Precious Metals 18-Nov-11 w/o GB -$0.01 -$0.01 $0.00

Omni-Lite Industries OML V Dec Industrial Transportation 18-Nov-11 w/o SH $0.03 $0.03 $0.00

U.S. Geothermal GTH | HTM T|A Mar Technology Alt Energy | Clean Tech 18-Nov-11 w/o SL -$0.01 -$0.01 $0.00

Orvana Minerals Corp. ORV T Sep Mining Precious Metals 18-Nov-11 w/o GB $0.06 $0.04 $0.03

PetroAmerica Oil Corp. PTA V Dec Energy Intl Oil & Gas 21-Nov-11 w/o RK C$0.00 na na

Suroco Energy SRN V Dec Energy Intl Oil & Gas 24-Nov-11 am RK US$0.04 US$0.05 -US$0.01

ArPetrol Ltd. RPT V Dec Energy Intl Oil & Gas 25-Nov-11 w/o RK C$0.00 na na

Petronova Inc. PNA V Dec Energy Intl Oil & Gas 25-Nov-11 w/o RK -US$0.01 na na

Zodiac Exploration Inc. ZEX V Dec Energy Jr Oil & Gas Producers 25-Nov-11 am JB $0.00 $0.00 $0.00

bm = before market | dm = during market | am = after market | w/o = week of

ACTUAL EARNINGS REPORTED

Date (November 18 - November 25)



Porto Energy Corp. PEC V Dec Energy Intl Oil & Gas 18-Nov-11 am RK -US$0.01 na na -US$0.01

ShaMaran Petroleum Corp. SNM V Dec Energy Intl Oil & Gas 18-Nov-11 w/o RK US$0.00 na na US$0.00 WesternZagros Resources WZR V Dec Energy Intl Oil & Gas 18-Nov-11 w/o RK -US$0.01 -US$0.01 US$0.00 -US$0.01 Novus Energy Inc. NVS V Dec Energy Jr Oil & Gas 22-Nov-11 bm LM $0.05 $0.05 $0.00 $0.05 Conifex Timber Inc. CFF V Dec Forest Prdcts Building Materials 22-Nov-11 am DS -$0.14 -$0.17 $0.03 -$0.14 Orezone Resources ORE T Dec Mining Precious Metals 22-Nov-11 w/o BH -$0.11 -$0.11 $0.00 -$0.08 Yangarra Resources Ltd. YGR V Dec Energy Jr Oil & Gas 23-Nov-11 w/o LM $0.03 na na $0.04 Pan Orient Energy Corp POE V Dec Energy Intl Oil & Gas 24-Nov-11 bm RK C$0.22 C$0.23 -C$0.01 $0.22



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RJL Daily Notes Canada Research | Page 3 of 18




Baja Mining Corp. November 25, 2011BAJ-TSX Company CommenAdam Low CFA | 416.777.4943 | [email protected] Reynolds (Associate) | 416.777.7042 | [email protected]

Base Metals & Minerals | Exploration & Development

Construction of Boleo Progressing on Plan

EventBaja Mining recently released its 3Q11 results and a project update.

ActionWe reiterate our Outperform rating and our C$1.90 target price.

AnalysisDevelopment of the Boleo copper-cobalt-zinc project in Mexico is progressing

on schedule and on budget, and we continue to expect initial metal productionin 1Q13. Updates for the various elements of the project are as follows:

Construction The building of the mine camp and on-site laboratories has

been completed, as has the engineering design for the port facility. Earthworks

at the plant site are nearing completion, and construction of the concrete

foundations for the 60 metre diameter high-rate thickeners, acid tanks, leach

tanks, and the mine maintenance and milling facilities is underway. By the end

of 2011 management expects to have its initial power plant operational, and to

have received the grinding mills and scrubbers for the process plant.

Mining Approximately 400 tonnes of ore has been mined underground, thus

far in the process of safety and operator skills training by the underground

mining teams. 130,000 tonnes of ore has been stockpiled from surface mining

activity. The company aims to have a 1 mln tonne ore stockpile by the time the

process plant starts in 1Q13.

Drilling 2,100 metres have been drilled out of a 3,600 metre drill program to

explore for additional reserves and upgrade some of the Inferred resources.

We expect the first assay results from drilling in Manto 4 in 1Q12. The Boleo

deposit has exploration upside at depth (the deposit has generally not been

drilled extensively in Manto 4, particularly down-dip, or in the southern

extensions of Mantos 1 and 3). Boleo is a sedimentary deposit with seven flat-

lying and shallow mantos.

ValuationBaja is currently trading at a P/NAV of 0.31x. Our target price of C$1.90 is based

on a 0.70x multiple applied to our NAV/share of C$2.62 (in-line with risk andliquidity-adjusted historic developer multiples).

EPS 1Q 2Q 3Q 4Q Full Revenues NAV

Mar Jun Sep Dec Year (mln)

2010A C$(0.01) C$(0.02) C$(0.01) C$(0.32) C$(0.48) NA

Old 2011E (0.13)A (0.02)A (0.01) (0.02) (0.17) NA 2.66

New 2011E (0.13)A (0.02)A 0.16A (0.02) 0.02 NA 2.62

Old 2012E (0.02) (0.02) (0.03) (0.03) (0.10) NA NA

New 2012E (0.02) (0.02) (0.03) (0.03) (0.10) NA NA

Source: Raymond James Ltd., Thomson One

Rating & Target

Outperform 2

Target Price (6-12 mos): C$1.90

Current Price ( Nov-23-11 ) C$0.81

Total Return to Target 135%

52-Week Range C$1.29 - C$0.63

Market Data

Market Capitalization (mln) US$269

Current Net Debt (mln) US$316

Enterprise Value (mln) US$753

Shares Outstanding (mln, basic) 338.0

Average Daily Volume (000s) 418

Dividend/Yield US$0.00/0.0%

Key Financial Metrics

2010A 2011E 2012E

P/ENA 42.5x NA

P/NAV

0.31x NA

EBITDA (mln)

C$(10) C$(12) C$(10)

Cu Production (000's MT)

0.0 0.0 0.0

Cu Cash Costs (US$/lb)

nm nm NA

Company Description

Baja Mining Corp. is the operator and 70% owner o

the Boleo project in Mexico. The copper project has a

long life (23 years), and significant byproduct credit

from cobalt, zinc, and potentially manganese.


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Candente Copper Corp. November 25, 2011DNT-TSX Company CommenAdam Low CFA | 416.777.4943 | [email protected] Reynolds (Associate) | 416.777.7042 | [email protected]

Base Metals & Minerals | Exploration & Development

Changes in Scope for Caariaco Norte

EventPrior to market open on Nov-24-11 Candente Copper provided an update for its flagship

Caariaco Norte copper-gold-silver project in Peru.

ActionWe reiterate our Outperform rating and our C$2.55 target price.

AnalysisCandente announced scope changes to the design for Caariaco Norte, as well as the

timeline for the resumption of drill ing and the Feasibility Study.

Mill size increase In Jun-2011 Candente announced that a trade-off study was being

conducted to assess the optimal mining and processing rate for Caariaco Norte. The

company has now confirmed that the Feasibility Study will be based on a throughput

rate of 100,000 to 110,000 tonnes/day (greater than the 95,000 tonnes/day originally

envisioned).

New tailings location The Feasibility Study will incorporate a new location for the

tailings storage than what was outlined in the Pre-Feasibility Study Progress Report

(PFSPR). From our discussion with management the optimal tailings location is now in a

ravine adjacent to the Caariaco Sur exploration target.

Access road and power line route The preferred mine access road and power line

route is now to the south of the Caariaco property, and follows the current access

road. This route has been deemed optimal due to a shorter concentrate haul distance tothe port at Eten, Peru, anticipated lower operating costs, and simpler logistics for power

line construction.

Delay to surface rights agreement; but Feasibility Study still expected in 3Q12 We

previously published that a local community vote on a 3-year surface rights access

agreement with Candente was to be held on Nov-29-11. It now appears that this event

has been delayed. No specific alternative date has been set, but management remains

confident of resuming drilling activity in 1Q12. We continue to expect the completion of

the Feasibility Study in 3Q12.

ValuationCandente Copper is currently trading at a P/NAV of 0.24x. Our target price of C$2.55 is

based on a 0.50x multiple applied to our NAV/share of C$5.25 (in-line with risk and

liquidity-adjusted historic developer multiples).

EPS 1Q 2Q 3Q 4Q Full Revenue NAV


2010A US$0.00 US$0.00 US$(0.01) US$(0.01) US$(0.02) NA

Old 2011E (0.01)A (0.01)A 0.00 0.00 (0.03) NA 5.24

New 2011E (0.01)A (0.01)A 0.00A (0.01) (0.03) NA 5.25

Old 2012E (0.02) (0.02) (0.01) (0.01) (0.06) NA na

New 2012E (0.02) (0.02) (0.01) (0.01) (0.06) NA na


Rating & Target

Outperform 2




52-Week Range C$2.63 - C$0.82

Market Data

Market Capitalization (mln) US$146

Current Net Debt (mln) -US$15

Enterprise Value (mln) US$131

Shares Outstanding (mln, basic) 118.0


Dividend/Yield C$0.00/0.0%


2010A 2011E 2012EP/E

NA NA NA

P/NAV

0.24x na

EBITDA (mln)

US$(1) US$(2) US$(5)

Company Description

Candente Copper Corp. is developing the 100%-owned

Caariaco copper project in Northern Peru where

drilling and feasibility studies are underway.


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Yangarra Resources Ltd. November 24, 2011YGR-TSXV Company CommenLuc Mageau CFA | 403.509.0505 | [email protected] Stevenson M.Eng. (Associate) | 403.509.0518 | [email protected]

Junior Oil & Gas Producers

3Q11 Results - Cash Flow Beat on Improved Netbacks

EventYangarra released 3Q11 results after market Wednesday, with cash flow per share

coming in at $0.04, slightly ahead of our estimate at $0.03.

ActionYangarra has outlined an aggressive development program for its deep basin assets in

2012. We anticipate the company will require a healthy increase to its credit lines to

accommodate this, however the outlook for the companys growth profile remains

strong. We are maintaining our Outperform rating and $0.75 target price.

AnalysisYangarra pre-released actual 3Q11 average production of 1,253 boe/d (1,209 boe/d net

of royalty income), however the company beat our cash flow per share estimate of

$0.03, coming in at $0.04 on the back of markedly lower operating costs and realized

hedging gains.

The company accelerated field activity in 3Q11, spending $19 mln and bringing total

wells drilled since March, 2010 to 30 (18.3 net). This includes 13 (7.5 net) Glauconite

wells and 12 (6.6 net) Cardium wells. For the remainder of 2011, Yangarra plans to

complete 8 (1.8 net) additional wells and expects to meet its 2011 exit target of 2,500

boe/d. Current production is at 1,850 boe/d, not including 650 boe/d of behind volumes

(compared to the October operational update of 1,800 boe/d with 800 boe/d of behind

pipe volumes).

Yangarra also announced its initial 2012E capital program and guidance. The company

expects to spend $50 mln, drilling 22 (11.3 net) wells (weighted 85% to the Glauconite

and Cardium) and achieve average production for the year of 2,500 to 3,000 boe/d. We

have adjusted our model to reflect this budget, however we note that this spending

profile results in 2012E exit net debt of $43 mln, compared to the companys current

bank lines of $32 mln. At this point, we believe that an updated reserve report

(expected by March 2012) will provide the basis for another bank line increase to cover

the capital requirements, but failing this we will update our assumptions accordingly.

ValuationOur $0.75 target price is based on our 2011E NAV Estimate (Exhibit 1) of $0.70 and a 3.5

times multiple (based on the companys historical trading range) on our 2012E cash flow

per share estimate of $0.24. We have applied a 50% weighting to each in arriving at our

target price.

CFPS 1Q 2Q 3Q 4Q Full Revenue NAVPS


2010A C$0.01 C$0.00 C$0.01 C$0.02 C$0.03 C$7

Old 2011E 0.03A 0.03A 0.03 0.04 0.12 20 0.72

New 2011E 0.03A 0.03A 0.04A 0.05 0.14 20 0.70

Old 2012E 0.04 0.04 0.04 0.05 0.17 30 NA

New 2012E 0.05 0.05 0.06 0.08 0.24 39 NA


Rating & Target

Outperform 2




52-Week Range C$0.89 - C$0.45

Market Data

Market Capitalization (mln) C$68

Current Net Debt (mln) C$17

Enterprise Value (mln) C$85

Shares Outstanding (mln, f.d.) 118.4


Dividend/Yield C$0.00/0.0%


2010A 2011E 2012E

P/CFPS4.2x 4.2x 2.3x

P/NAV

0.8x NA

WTI (US$/bbl)

US$79.44 US$92.84 US$85.00

HHub (US$/mmbtu)

US$4.40 US$4.16 US$4.00

Production (boe/d)

Old 499 1,158 1,800

New 499 1,174 2,277

Production: Oil (%)

Old 29% 41% 45%

New 29% 43% 47%

Capex (mln)

Old C$27 C$50 C$25

New C$27 C$55 C$50EBITDA (mln)

Old C$1 C$14 C$22

New C$1 C$19 C$30

Net Debt (mln)

Old C$11 C$23 C$27

New C$11 C$23 C$43

Net Debt/Trailing Cash Flow

Old 3.9x 1.6x 1.3x

New 3.9x 1.4x 1.5x

Company Description

Yangarra Resources is a junior oil & gas produce

focused on the development of its light oil and liquid

rich gas opportunities at its Willesden Green/Ferrie

core area in the Alberta Deep Basin.


6/18



Other Industry Research


Industrial November 25, 2011Industry Commen

Ben Cherniavsky | 604.659.8244 | [email protected] Pilarinos CFA (Associate) | 604.659.8234 | [email protected]

Greg Jackson (Associate) | 604.659.8262 | [email protected]

Infrastructure & Construction | Equipment Distributors

Equipment Dealers: Capitalizing on Consolidation

Amidst all of todays macroeconomic uncertainty and financial market volatility it has become increasingly difficult to have strong

conviction in any particular call about the future. Nevertheless, when it comes to our universe of equipment distribution companies,

there is one trend that we very confidently predict will continuenamely, consolidation. Investors may recall that in our comprehensive

report on the sector last year (see our Oct-14-10 Report Canadas Equipment Distribution Stocks: Deal Me In!), we identified an

abundance of acquisition opportunities as one of several factors that would support growth for many of the equipment dealerships that

we cover. The consolidation theme has, in fact, unfolded conspicuously since then with all but one of the six dealerships that we cover

completing meaningful acquisitions of complementary franchises over the past eighteen months. Looking more broadly at the sector (i.e.outside the realm of the public dealers in Canada), there has been equally convincing evidence that OEMs are facilitatinghowever

tacitlya consolidation of their respective distribution channels (see Exhibit 1).

Exhibit 1: Dealer Consolidation Activity (2011 YTD)

Date Consolidator TargetTarget's

ConcentrationTarget Territory

03-Jan-11 Ti tan Machi ne ry Inc. Fai rbanks Inte rnati onal Inc. Case IH/Ne w Hol land Ne braska

04-Jan-11 Rocky Mountai n De al ershi ps A gri trac Equi pme nt Ltd. Case IH A lbe rta

26-Jan-11 Tri Green Tractor Green Power of John Deere

Harper Implement John Deere

Jackson-Lee Pearson John Deere

08-Feb-11 Rocky Mountain Deale rships J&B Equipment Ltd. Case IH Saskatchewan

08-Feb-11 MacAl lister Machinery Michigan Tractor CAT Michigan

18-Feb-11 Strongco Chadwick-BaRoss Inc. Volvo Westbrook, Maine

28-Feb-11 Titan Machinery Inc. Tri-State Implement New Holland South Dakota

14-Mar-11 Titan Machinery Inc. Schoffman's Inc. Case IH Minnesota

21-Mar-11 Titan Machinery Inc. *ABC Rental N.M. North Dakota, Montana

22-Mar-11 Blanchard Equipment Guess Farm Equipment John Deere South Carolina

15-Apr-11 Hoober Inc. Chambersburg Farm Service Case IH Pennsylvania

15- Apr- 11 21st Century Equipment Kay Jan I nc. John Deere Colorado

19-Apr-11 Titan Machinery Inc. Carlson Tractor & Equipment New Holland Minnesota

02- May- 11 Titan Machinery I nc. S t. Joseph Equipment Inc. Case I H/New Hol land Minnesota/Wisconsin

08-Aug-11 A.C. McCartney Kuhns Equipment Co. AGCO Illinois

10-Aug-11 Titan Machinery Inc. Virgl Implement Case IH Nebraska

10-Aug-11 Titan Machinery Inc. Victors Inc. Case IH Nebraska

09-Sep-11 Doggett Heavy Machinery Services Rush Equipment John Deere Texas

21-Sep-11 Titan Machinery Inc. Jewell Implement Co. Case IH Iowa

Elder Implement John Deere

Farmers Implement John Deere

07-Nov-11 Pap Group Columbia Tractor Inc. Case IH Idaho/Washington

17-Nov-11 Foley Equipment Dean Machinery CAT Kansas City

17-Nov-11 Titan Machinery Inc. AgroExpert Case IH Romania

*rental company

**equipment rental software

Indiana

21-Sep-11 Precision Equipment Iowa

Source: Raymond James Ltd.


7/18



Events

RAYMOND JAMES CONFERENCES, FORUMS & TOURS

13-Dec 2011 I.T. Supply Chain Conference - New York, USA

5-Jan 2012 Government Services & Technology Summit - Washington D.C.

2-Feb 2012 Growth Airlines Conference - New York, USA

4-7 Mar 2012 33rd Annual Raymond James Institutional Investors Conference - Orlando, Florida

COMPANY & ANALYST MARKETING

TORONTO Meetings Analyst

28-Nov Raymond James Financial (RJF) Group Lunch

28-29 Nov Black Diamond (BDI) 1/1s, Group Lunch - 29th Andrew Bradford

30-Nov Petroamerica Oil Corp. (PTA) 1/1s, Group Lunch Rafi Khouri

30 Nov-1 Dec Trinidad Drilling (TDG) 1/1s, Group Lunch - Dec 1st Andrew Bradford

2-Dec Great Basin Gold (GBG) 1/1s, Group Lunch Brad Humphrey

7-Dec Strad Energy Services Ltd. (SDY) 1/1s, Group Lunch Andrew Bradford

13-14 Dec Analyst: Head of Industrial Research - Aerospace & Aviation, 1/1s Ben Cherniavsky

Industrial Products & Services

MONTREAL

1-Dec Great Basin Gold (GBG) 1/1s, Group Lunch Brad Humphrey

13-14 Dec Analyst: Infrastructure & Construction 1/1s, Group Lunch Frederic Bastien

14-Dec Detour Gold (DGC) 1/1s, Group Lunch Brad Humphrey

WESTERN CANADA & WESTERN USA

28-Nov Anatolia Energy Inc. 1/1s - Calgary28-Nov Strategic Oil & Gas Ltd. (SOG) 1/1s - San Francisco Luc Mageau

28-Nov ZCL Composites Inc. (ZCL) 1/1s - Vancouver Ben Cherniavsky

28-29 Nov Petroamerica Oil Corp. (PTA) 1/1s - Vancouver (28th), Calgary (29th) Rafi Khouri

30-Nov Ritchie Bros. Autioneers (RBA) 1/1s - Vancouver Ben Cherniavsky

1-Dec Anatolia Energy Inc. 1/1s - San Francisco

2-Dec Aimia (AIM) 1/1s - Winnipeg Kenric Tyghe

5-Dec Anatolia Energy Inc. 1/1s - Vancouver

5-Dec Secure Energy Services (SES) 1/1s - San Francisco Andrew Bradford

5-6 Dec Trinidad Drilling (TDG) 1/1s - Texas Andrew Bradford

5-6 Dec Petroamerica Oil Corp. (PTA) 1/1s - Houston (5th), San Fran (6th) Rafi Khouri

7-8 Dec Toromont Industries (TIH) 1/1s - Calgary (7th), Vancouver (8th) Ben Cherniavsky

NEW YORK

30-Nov Analyst: Oil & Gas Producers 1/1s Kristopher Zack

30-Nov Anatolia Energy Inc. 1/1s

1-Dec Black Diamond (BDI) 1/1s, Group Lunch Andrew Bradford

1-Dec Petroamerica Oil Corp. (PTA) 1/1s Rafi Khouri

8-Dec Analyst: Oil Sands/Oil & Gas Producers 1/1s, Group Lunch Luc Mageau

BOSTON

MID-ATLANTIC USA

30-Nov Black Diamond (BDI) 1/1s - Baltimore (AM), Chicago (PM) Andrew Bradford

2-Dec Petroamerica Oil Corp. (PTA) 1/1s - Chicago Rafi Khouri

EUROPE

2 & 6 Dec Chieftain Metals Inc. (CFB) 1/1s - Zurich (2nd), London (6th)

8-9 Dec Baja Mining Corp. (BAJ) 1/1s - London Adam Low

November 25, 2011

INSTITUTIONAL INVESTOR SCHEDULE OF EVENTS

Please contact your Raymond James Salesperson or Michelle Marguet, Marketing Coordinator (416-777-4951)

Toll Free Canada Toronto: 1-888-601-6105 Montreal: 1-866-350-4455 Vancouver: 1-800-667-2899


8/18



Earnings



Evertz Technologies Inc. ET T Apr Technology IT Hardware 6-Sep-11 w/o SL $0.19 $0.19 $0.00 $0.23 Research In Motion RIMM|RIM Q|T Feb Technology IT Hardware 16-Sep-11 w/o SL $0.85 $0.89 -$0.04 $0.80 Hana Mining Ltd. HMG T Dec Mining Base Metals & Minerals 28-Sep-11 w/o AL -$0.01 -$0.01 $0.00 -$0.02 DragonWave DWI|DRWI T|Q Feb Technology Software | IT Services 6-Oct-11 w/o SL -US$0.17 -US$0.19 US$0.02 -US$0.23 Encana Corp ECA T|N Dec Energy Sr Oil & Gas 20-Oct-11 bm JB.KZ US$1.57 US$1.35 US$0.22 US$1.57 Winpak WPK T Dec Consumer Con Prdcts & Retail 20-Oct-11 a m KT US$ 0.23 US$ 0.23 US$ 0.00 US$ 0.22 Enablence Technologies ENA V Apr Technology IT Hardware 21-Oct-11 am SL nm nm nm -$0.01 Precision Drilling Corp PD|PDS T|N Dec Energy Oil & Gas Services 21-Oct-11 bm AB $0.27 $0.21 $0.06 $0.25 Canfor Pulp Products Inc. CFX T Dec Forest Prdcts Pulp & Paper 24-Oct-11 am DS $0.55 $0.39 $0.17 $0.47 Caterpillar Inc. CAT N Dec Industrial Infra & Constrcn 24-Oct-11 bm TP.BC $1.55 $1.55 $0.00 $1.71 West Fraser Timber WFT T Dec Forest Prdcts Building Materials 24-Oct-11 am DS $0.57 $0.47 $0.10 $0.06 Canadian National Railway CNR|CNI T|N Dec Industrial Transportation 25-Oct-11 am SH $1.33 $1.27 $0.06 $1.38 Canadian Pacific Railway CP T|N Dec Industrial Transportation 25-Oct-11 bm SH $0.98 $1.13 -$0.15 $1.10 Agnico-Eagle Mines AEM T|N Dec Mining Precious Metals 26-Oct-11 am BH $0.69 $0.68 $0.01 $0.60 FirstService Corp. FSRV|FSV Q|T Dec Real Estate Real Estate Services 26-Oct-11 bm FB US $0.70 US $0.68 US $0.02 US $0.61 Methanex MEOH|MX Q|T Dec Industrial Chemicals 26-Oct-11 am SH $0.58 $0.63 -$0.05 $0.59 Mullen Group MTL T Dec Energy Oil & Gas Services 26-Oct-11 am AB $0.32 $0.35 -$0.03 $0.47 Open Text OTEX|OTC Q|T Jun Technology Software | IT Services 26-Oct-11 am SL $0.92 $0.93 $0.01 $1.01 Canadian Oil Sands Limited COS T Dec Energy Oil Sands & Producers 27-Oct-11 am JB $0.92 $0.95 -$0.03 $1.06 Canam Group Inc. CAM T Dec Industrial Infra & Constrcn 27-Oct-11 bm FB $0.00 $0.01 -$0.01 $0.21 Canfor CFP T Dec Forest Prdcts Building Materials 27-Oct-11 am DS $0.00 -$0.05 $0.05 -$0.01 Cenovus Energy CVE T|N Dec Energy Oil Sands & Producers 27-Oct-11 bm JB $1.07 $1.08 -$0.01 $1.05 Domtar UFS N|T Dec Forest Prdcts Pulp & Paper 27-Oct-11 bm DS $2.66 $2.50 $0.16 $3.10 Nexen Inc NXY T|N Dec Energy Sr Oil & Gas 27-Oct-11 bm JB.KZ $1.14 $1.01 $0.13 $0.98 Progress Energy Resources PRQ T Dec Energy Intermediate Oil & Gas 27-Oct-11 am KZ $0.26 $0.25 $0.01 $0.22 MacDonald Dettwiler & Associates MDA T Dec Technology Software | IT Services 28-Oct-11 am SL $0.60 $0.62 $0.02 $0.73 Norbord Inc. NBD T Dec Forest Prdcts Building Materials 28-Oct-11 bm DS -$0.02 -$0.03 $0.01 -$0.02 Lone Pine Resources LPR T|N Dec Energy Intermediate Oil & Gas 31-Oct-11 am KZ $0.38 $0.40 $0.02 $0.40 Daylight Energy Ltd. DAY T Dec Energy Intermediate Oil & Gas 1-Nov-11 am KZ $0.33 $0.31 $0.02 $0.31 Ritchie Bros. Auctioneers RBA N|T Dec Industrial Infra & Constrcn 1-Nov-11 bm BC $0.17 $0.16 $0.01 $0.06 Toromont Industries TIH T Dec Industrial Infra & Constrcn 1-Nov-11 dm BC $0.32 $0.33 -$0.01 $0.40 ARC Resources ARX T Dec Energy Intermediate Oil & Gas 2-Nov-11 am KZ $0.78 $0.73 $0.05 $0.74 Calfrac Well Services Ltd. CFW T Dec Energy Oil & Gas Services 2-Nov-11 bm AB $1.02 $1.14 -$0.12 $1.56 Fibrek Inc. FBK T Dec Forest Prdcts Pulp & Paper 2-Nov-11 am DS $0.00 $0.01 -$0.01 $0.05 Interfor IFP.A T Dec Forest Prdcts Building Materials 2-Nov-11 am DS -$0.04 -$0.05 $0.01 -$0.01 North American Energy Partners NOA T|N Mar Industrial Infra & Constrcn 2-Nov-11 am BC -$0.07 $0.00 -$0.07 $0.18 North American Palladium Ltd. PDL|PAL.A T|A Dec Mining Uranium & Jr Exploration 2-Nov-11 am BJ $0.01 $0.00 $0.01 -$0.02 Sierra Wireless SWIR|SW Q|T Dec Technology IT Hardware 2-Nov-11 am SL -$0.01 -$0.03 -$0.02 $0.15 Talisman Energy TLM T|N Dec Energy Intl Oil & Gas 2-Nov-11 bm RK US$0.77 US$0.80 -US$0.03 US$0.88 Wajax Corp. WJX T Dec Industrial Infra & Constrcn 2-Nov-11 bm BC $0.85 $0.88 -$0.03 $1.06 Yamana Gold Inc. AUY|YRI N|T Dec Mining Precious Metals 2-Nov-11 am BH $0.25 $0.26 -$0.01 $0.26 Alamos Gold Inc. AGI T Dec Mining Precious Metals 3-Nov-11 bm GB $0.13 $0.13 $0.00 $0.12 Bonavista Energy BNP T Dec Energy Intermediate Oil & Gas 3-Nov-11 am KZ $0.91 $0.88 $0.03 $0.84 Canadian Natural CNQ T|N Dec Energy Sr Oil & Gas 3-Nov-11 bm JB.KZ $1.37 $1.43 -$0.06 $1.57 CanWel Building Materials Group CWX T Dec Industrial Transportation 3-Nov-11 bm SH $0.07 $0.07 $0.00 $0.06 Denison Mines Corp. DML|DNN T|A Dec Mining Uranium & Jr Exploration 3-Nov-11 am BJ -$0.02 -$0.04 $0.02 $0.01 Eldorado Gold Corp. EGO|ELD N|T Dec Mining Precious Metals 3-Nov-11 bm BH $0.20 $0.20 $0.00 $0.20 Fairborne Energy FEL T Dec Energy Intermediate Oil & Gas 3-Nov-11 bm KZ $0.26 $0.27 -$0.01 $0.31 McCoy Corp. MCB T Dec Industrial Infra & Constrcn 3-Nov-11 dm SH $0.12 na na $0.11 Mercer International Inc. MERC|MRI.U Q|T D ec Forest Prdcts Pulp & Paper 3-Nov-11 am DS 0.28 0.33 - 0.04 0.15 Pengrowth Energy PGF|PGH T|N Dec Energy Intermediate Oil & Gas 3-Nov-11 am KZ $0.57 $0.47 $0.10 $0.46 Petrominerales PMG T|B Dec Energy Intl Oil & Gas 3-Nov-11 bm RK US$1.78 US$1.73 US$0.05 US$1.93 Russel Metals RUS T Dec Industrial Infra & Constrcn 3-Nov-11 am FB $0.40 $0.42 -$0.02 $0.43 Stantec STN|STN T|N Dec Industrial Infra & Constrcn 3-Nov-11 dm BC $0.60 $0.60 $0.00 $0.63 Suncor Energy Inc. SU T|N Dec Energy Oil Sands & Producers 3-Nov-11 bm JB $1.42 $1.55 -$0.13 $1.73 Air Canada AC.B T Dec Industrial Transportation 4-Nov-11 bm BC $0.44 $0.49 -$0.05 -$0.45 Heroux-Devtek Inc. HRX T Mar Industrial Transportation 4-Nov-11 bm BC $0.13 $0.12 $0.01 $0.16



9/18





Miranda Tech Inc. MT T Dec Technology IT Hardware 4-Nov-11 bm SL $0.22 $0.22 $0.00 $0.27 SNC Lavalin SNC T Dec Industrial Infra & Constrcn 4-Nov-11 dm FB $0.76 $0.78 -$0.02 $0.83 Aecon Group ARE T Dec Industrial Infra & Constrcn 7-Nov-11 am FB $0.36 $0.37 -$0.01 $0.49 Cameco CCO T Dec Mining Uranium & Jr Exploration 7-Nov-11 dm BJ $0.26 $0.32 -$0.06 $0.26 CML Healthcare CLC T Dec Consumer Con Prdcts & Retail 7-Nov-11 w/o JM $0.17 $0.17 $0.00 $0.20 Ensign Energy Services ESI T Dec Energy Oil & Gas Services 7-Nov-11 bm AB $0.36 $0.29 $0.07 $0.34 Fortress Paper FTP T Dec Forest Prdcts Pulp & Paper 7-Nov-11 am DS $0.03 -$0.09 $0.12 -$0.54 GasFrac Energy Services GFS T Dec Energy Oil & Gas Services 7-Nov-11 am AB $0.05 $0.04 $0.01 $0.10 Gran Tierra Energy GTE T|A Dec Energy Intl Oil & Gas 7-Nov-11 am RK US$0.29 US$0.31 -US$0.02 US$0.26 Secure Energy Services Inc. SES T Dec Energy Oil & Gas Services 7-Nov-11 w/o AB $0.15 $0.13 $0.02 $0.08 Uranium One Inc. UUU T Dec Mining Uranium & Jr Exploration 7-Nov-11 am BJ $0.03 $0.04 -$0.01 $0.05 Vermilion Energy Inc. VET T Dec Energy Intermediate Oil & Gas 7-Nov-11 bm KZ $1.28 $1.33 -$0.05 $1.29 Canyon Services Group Inc. FRC T Dec Energy Oil & Gas Services 8-Nov-11 am AB $0.33 $0.40 -$0.07 $0.49 Cervus Equipment Corp CVL V Dec Industrial Infra & Constrcn 8-Nov-11 am BC $0.79 $0.73 $0.07 $0.54 Churchill Corp CUQ T Dec Industrial Infra & Constrcn 8-Nov-11 am FB $0.37 $0.38 -$0.01 $0.25 Crew Energy CR T Dec Energy Intermediate Oil & Gas 8-Nov-11 bm LM $0.54 $0.50 $0.04 $0.45 Easyhome Ltd. EH T Dec Consumer Con Prdcts & Retail 8-Nov-11 am FB $0.23 $0.23 $0.00 $0.16 Finning International FTT T Dec Industrial Infra & Constrcn 8-Nov-11 bm BC $0.20 $0.35 -$0.15 $0.21 Golden Star GSS|GSC A|T Dec Mining Precious Metals 8-Nov-11 am BH $0.01 $0.02 -$0.01 -$0.01 NAL Energy NAE T Dec Energy Intermediate Oil & Gas 8-Nov-11 am KZ $0.48 $0.45 $0.03 $0.44 Open Range Energy ONR T Dec Energy Jr Oil & Gas 8-Nov-11 am LM $0.31 $0.27 $0.04 $0.38 Pacific Rubiales Energy PRE T|B Dec Energy Intl Oil & Gas 8-Nov-11 w/o RK US$1.29 US$1.26 US$0.03 US$1.29 Pan American Silver PAAS|PAA Q|T Dec Mining Precious Metals 8-Nov-11 am BH $0.75 $0.78 -$0.03 $0.49 Perpetual Energy Inc. PMT T Dec Energy Intermediate Oil & Gas 8-Nov-11 am KZ $0.16 $0.14 $0.02 $0.13 Silvercorp SVM A|T Mar Mining Precious Metals 8-Nov-11 am BH $0.14 $0.20 -$0.06 $0.13

Softchoice SO T Dec Technology Software | IT Services 8-Nov-11 am SL $0.07 $0.03 -$0.04 $0.14 Strongco Corp SQP T Dec Industrial Infra & Constrcn 8-Nov-11 bm BC $0.23 $0.19 $0.04 $0.28 Trican Well Service TCW T Dec Energy Oil & Gas Services 8-Nov-11 am AB $0.51 $0.58 -$0.07 $0.73 ZCL Composites ZCL T Dec Industrial Infra & Constrcn 8-Nov-11 am BC $0.08 $0.06 $0.02 $0.07 Atrium Innovations Inc. ATB T Dec Consumer Con Prdcts & Retail 9-Nov-11 am KT $0.48 $0.45 $0.03 $0.41 Birchcliff Energy BIR T Dec Energy Intermediate Oil & Gas 9-Nov-11 am LM $0.29 $0.27 $0.02 $0.26 Black Diamond Group Ltd. BDI T Dec Energy Oil & Gas Services 9-Nov-11 am AB $0.24 $0.26 -$0.02 $0.29 Crocotta Energy CTA T Dec Energy Jr Oil & Gas 9-Nov-11 bm LM $0.12 $0.10 $0.02 $0.11 Enerflex Ltd. EFX T Dec Energy Oil & Gas Services 9-Nov-11 w/o AB $0.17 $0.15 $0.02 $0.22 Essential Energy Services ESN T Dec Energy Oil & Gas Services 9-Nov-11 am AB $0.07 na na $0.11 Exchange Income Corp. EIF T Dec Industrial Transportation 9-Nov-11 am SH $0.44 $0.40 $0.04 $0.41 Genivar Inc. GNV T Dec Industrial Infra & Constrcn 9-Nov-11 bm FB $0.48 $0.46 $0.02 $0.54 Insignia Energy ISN T Dec Energy Jr Oil & Gas 9-Nov-11 bm LM $0.14 $0.12 $0.02 $0.17 Lake Shore Gold Corp. LSG T Dec Mining Precious Metals 9-Nov-11 am BJ -$0.01 $0.00 -$0.01 -$0.01 Parex Resources Inc. PXT T Dec Energy Intl Oil & Gas 9-Nov-11 am RK US$0.31 US$0.33 -US$0.02 US$0.29 PetroBakken Energy PBN T Dec Energy Intermediate Oil & Gas 9-Nov-11 bm JB $0.84 $0.86 -$0.02 $0.81 Pure Energy Services Ltd. PSV T Dec Energy Oil & Gas Services 9-Nov-11 bm AB $0.32 $0.25 $0.07 $0.28 Savanna Energy Services Corp SVY T Dec Energy Oil & Gas Services 9-Nov-11 am AB $0.10 $0.14 -$0.04 $0.17 Shoppers Drug Mart SC T Dec Consumer Con Prdcts & Retail 9-Nov-11 dm KT $0.81 $0.80 $0.01 $0.80 Silver Wheaton SLW N|T Dec Mining Precious Metals 9-Nov-11 bm BH $0.54 $0.50 $0.04 $0.41 Trinidad Drilling Ltd. TDG T Dec Energy Oil & Gas Services 9-Nov-11 am AB $0.19 $0.15 $0.04 $0.21 Tuscany International Drilling Inc. TID T Dec Energy Oil & Gas Services 9-Nov-11 bm AB -US$0.01 US$0.02 -US$0.03 WestJet Airlines WJA T Dec Industrial Transportation 9-Nov-11 bm BC $0.31 $0.33 -$0.02 $0.28 Zargon Oil & Gas ZAR T Dec Energy Intermediate Oil & Gas 9-Nov-11 am KZ $0.70 $0.64 $0.06 $0.50 Advantage Oil & Gas Ltd. AAV T|N Dec Energy Intermediate Oil & Gas 10-Nov-11 bm LM $0.24 $0.22 $0.02 $0.23 Aimia AIM T Nov Consumer Con Prdcts & Retail 10-Nov-11 bm KT $98.7 mln* $96.4mln* $4.1 mln* $104.2 mln* Asia Bio-Chem Group Corp. ABC T Dec Industrial Agribsness & Food Prdcts 10-Nov-11 am SH -$0.01 -$0.01 $0.00 -$0.05 Athabasca Oil Sands ATH T Jun Energy Oil Sands & Producers 10-Nov-11 bm JB -$0.02 -$0.02 $0.00 na Baytex Energy BTE T|N Dec Energy Intermediate Oil & Gas 10-Nov-11 bm KZ $1.14 $1.16 -$0.02 $1.20 Bird Construction Inc. BDT T Dec Industrial Infra & Constrcn 10-Nov-11 am FB $0.16 $0.18 -$0.02 $0.23 CAE Inc. CAE|CAE T|N Mar Industrial Transportation 10-Nov-11 dm BC $0.17 $0.15 $0.02 $0.16 Cequence Energy CQE T Dec Energy Jr Oil & Gas 10-Nov-11 am LM $0.07 $0.08 -$0.01 $0.07 CGI Group GIB.A|GIB T|N Sep Technology Software | IT Services 10-Nov-11 am SL $0.39 $0.38 -$0.01 $0.39 Cineplex Inc. CGX T Dec Consumer Con Prdcts & Retail 10-Nov-11 bm KT $0.44 $0.49 -$0.05 $0.44 Connacher Oil and Gas CLL T Dec Energy Oil Sands & Producers 10-Nov-11 am JB $0.05 $0.05 $0.00 $0.04



10/18





Crescent Point CPG T Dec Energy Intermediate Oil & Gas 10-Nov-11 bm KZ $1.10 $1.10 $0.00 $1.09 Enerplus Corp. ERF T|N Dec Energy Intermediate Oil & Gas 10-Nov-11 bm KZ $1.02 $0.94 $0.08 $0.81 GLV Inc. GLV.A T Mar Industrial Infra & Constrcn 10-Nov-11 dm FB $0.01 $0.01 $0.00 $0.11 Great Canadian Gaming GC T Dec Consumer Con Prdcts & Retail 10-Nov-11 am KT $0.13 $0.12 $0.01 $0.09 IBI Group Inc. IBG T Dec Industrial Infra & Constrcn 10-Nov-11 am FB $0.28 $0.28 $0.00 $0.26 Legacy Oil & Gas LEG T Dec Energy Intermediate Oil & Gas 10-Nov-11 am KZ $0.35 $0.33 $0.02 $0.31 Neo Material Technologies NEM T Dec Mining Special Situations 10-Nov-11 bm FB $0.48 $0.51 -$0.03 $0.57 Niko Resources NKO T Mar Energy Intl Oil & Gas 10-Nov-11 w/o RK US$1.05 US$1.09 -US$0.04 US$1.17 Rocky Mountain Dealerships Inc RME T Dec Industrial Infra & Constrcn 10-Nov-11 bm BC $0.32 $0.35 -$0.03 $0.35 Student Transportation Inc. STB T Jun Industrial Transportation 10-Nov-11 am SH -$0.12 -$0.11 -$0.01 -$0.18 Tim Hortons THI T|N Dec Consumer Con Prdcts & Retail 10-Nov-11 bm KT $0.63 $0.64 -$0.01 $0.65 Western Energy Services Corp WRG T Dec Energy Oil & Gas Services 10-Nov-11 am AB $0.27 $0.24 $0.03 $0.24 WestFire Energy WFE T Dec Energy Jr Oil & Gas 10-Nov-11 am LM $0.35 $0.33 $0.02 $0.33 Bankers Petroleum BNK T|L Dec Energy Intl Oil & Gas 11-Nov-11 w/o RK US$0.20 US$0.19 US$0.01 US$0.17 Glacier Media Inc. GVC T Dec Consumer Con Prdcts & Retail 11-Nov-11 w/o KT $0.04 $0.03 $0.01 $0.04 Osisko Mining Corp OSK T Dec Mining Precious Metals 11-Nov-11 bm BH $0.04 $0.06 -$0.02 $0.06 Alacer Gold Corp. ASR T Dec Mining Precious Metals 14-Nov-11 bm BH $0.20 $0.24 -$0.04 $0.20 Alliance Grain Traders Inc. AGT T Dec Industrial Agribsness & Food Prdcts 14-Nov-11 am SH $0.47 $0.35 $0.12 $0.53 Alterra Power Corp, AXY T Jun Technology Alt Energy | Clean Tech 14-Nov-11 w/o SL $0.01 -$0.01 -$0.02 -$0.02 Anooraq Resources Corp. ARQ|ANO V|A Dec Mining Uranium & Jr Exploration 14-Nov-11 w/o BJ -$0.06 na na Armtec Infrastructure Inc. ARF T Dec Industrial Infra & Constrcn 14-Nov-11 am FB -$0.05 -$0.04 -$0.01 -$2.18 AvenEx Energy AVF T Dec Energy Intermediate Oil & Gas 14-Nov-11 w/o KZ $0.21 $0.21 $0.00 $0.22 Azure Dynamics AZD T Dec Technology Alt Energy | Clean Tech 14-Nov-11 am SL $0.00 -$0.01 -$0.01 -$0.01 BioExx Specialty Proteins Ltd. BXI T Dec Industrial Agribsness & Food Prdcts 14-Nov-11 am SH -$0.02 -$0.03 $0.01 -$0.03 Copper Mountain Mining Corp. CUM T Apr Mining Base Metals & Minerals 14-Nov-11 am AL $0.03 $0.05 -$0.02 $0.10

Eastern Platinum Ltd. ELR T Dec Mining Uranium & Jr Exploration 14-Nov-11 bm BJ $0.00 $0.00 $0.00 $0.00 GLG Life Tech Corporation GLG T Dec Industrial Agribsness & Food Prdcts 14-Nov-11 bm SH -$0.17 -$0.15 -$0.02 -$0.74 Intrinsyc Software ICS T Dec Technology Software | IT Services 14-Nov-11 w/o SL nm nm nm nm Magellan Aerospace MAL T Dec Industrial Transportation 14-Nov-11 w/o BC $0.14 nm nm $0.15 Paladin Energy PDN T Jun Mining Uranium & Jr Exploration 14-Nov-11 bm BJ -$0.05 -$0.02 -$0.03 -$0.01 Petrobank Energy PBG T Dec Energy Oil Sands & Producers 14-Nov-11 w/o JB $1.45 $1.46 -$0.01 $1.37 Ram Power RPG T Dec Technology Alt Energy | Clean Tech 14-Nov-11 am SL -$0.02 -$0.01 $0.01 Renegade Petroleum Ltd. RPL V Dec Energy Jr Oil & Gas 14-Nov-11 bm LM $0.14 $0.13 $0.01 $0.14 Southern Pacific Resources Corp. STP V Dec Energy Oil Sands & Producers 14-Nov-11 am JB $0.04 $0.03 $0.01 $0.03 Strad Energy Services Ltd. SDY T Dec Energy Oil & Gas Services 14-Nov-11 w/o AB $0.13 $0.13 $0.00 $0.17 Strategic Oil & Gas Ltd. SOG V Dec Energy Jr Oil & Gas 14-Nov-11 w/o LM $0.00 $0.00 $0.00 $0.01 Twin Butte Energy TBE T Dec Energy Jr Oil & Gas 14-Nov-11 am LM $0.11 $0.13 -$0.01 $0.10 Waldron Energy Corp. WDN T Dec Energy Jr Oil & Gas 14-Nov-11 w/o KZ $0.14 $0.12 $0.02 $0.10 Great Basin Gold GBG A|T Dec Mining Precious Metals 15-Nov-11 am BH -$0.01 $0.00 -$0.01 -$0.02 Petromanas Energy Inc. PMI V Dec Energy Intl Oil & Gas 17-Nov-11 w/o RK US$0.00 na na $0.00 Porto Energy Corp. PEC V Dec Energy Intl Oil & Gas 18-Nov-11 am RK -US$0.01 na na -US$0.01 ShaMaran Petroleum Corp. SNM V Dec Energy Intl Oil & Gas 18-Nov-11 w/o RK US$0.00 na na US$0.00 WesternZagros Resources WZR V Dec Energy Intl Oil & Gas 18-Nov-11 w/o RK -US$0.01 -US$0.01 US$0.00 -US$0.01 Conifex Timber Inc. CFF V Dec Forest Prdcts Building Materials 22-Nov-11 am DS -$0.14 -$0.17 $0.03 -$0.14 Novus Energy Inc. NVS V Dec Energy Jr Oil & Gas 22-Nov-11 bm LM $0.05 $0.05 $0.00 $0.05 Orezone Resources ORE T Dec Mining Precious Metals 22-Nov-11 w/o BH -$0.11 -$0.11 $0.00 -$0.08 Yangarra Resources Ltd. YGR V Dec Energy Jr Oil & Gas 23-Nov-11 w/o LM $0.03 na na $0.04 Pan Orient Energy Corp POE V Dec Energy Intl Oil & Gas 24-Nov-11 bm RK C$0.22 C$0.23 -C$0.01 $0.22

Crocodile Gold Corp. CRK T Dec Mining Precious Metals 18-Nov-11 w/o GB -$0.01 -$0.01 $0.00

Geologix Explorations Inc. GIX T Dec Mining Precious Metals 18-Nov-11 w/o GB -$0.01 -$0.01 $0.00

Omni-Lite Industries OML V Dec Industrial Transportation 18-Nov-11 w/o SH $0.03 $0.03 $0.00

Orvana Minerals Corp. ORV T Sep Mining Precious Metals 18-Nov-11 w/o GB $0.06 $0.04 $0.03

U.S. Geothermal GTH | HTM T|A Mar Technology Alt Energy | Clean Tech 18-Nov-11 w/o SL -$0.01 -$0.01 $0.00

PetroAmerica Oil Corp. PTA V Dec Energy Intl Oil & Gas 21-Nov-11 w/o RK C$0.00 na na

Suroco Energy SRN V Dec Energy Intl Oil & Gas 24-Nov-11 am RK US$0.04 US$0.05 -US$0.01

ArPetrol Ltd. RPT V Dec Energy Intl Oil & Gas 25-Nov-11 w/o RK C$0.00 na na

Petronova Inc. PNA V Dec Energy Intl Oil & Gas 25-Nov-11 w/o RK -US$0.01 na na

Zodiac Exploration Inc. ZEX V Dec Energy Jr Oil & Gas Producers 25-Nov-11 am JB $0.00 $0.00 $0.00

Route1 Inc ROI V Dec Technology Software | IT Services 27-Nov-11 w/o SL nm nm nm

Greenfields Petroleum Corp. GNF.S V Dec Energy Intl Oil & Gas 28-Nov-11 w/o RK -US$0.01 na na



11/18





Minco Silver MSV T Dec Mining Precious Metals 28-Nov-11 w/o BH -$0.02 -$0.02 $0.00

PetroDorado Energy Ltd. PDQ V Dec Energy Intl Oil & Gas 28-Nov-11 w/o RK US$0.00 na na

Reliable Energy Ltd. REL V Dec Energy Jr Oil & Gas 28-Nov-11 am LM $0.02 na na

PetroMagdalena Energy Corp. PMD V Dec Energy Intl Oil & Gas 29-Nov-11 am RK US$0.04 US$0.03 US$0.01

Bombardier Inc. BBD.B T Jan Industrial Transportation 1-Dec-11 dm SH $0.10 $0.10 $0.00

Gildan Activewear GIL N|T Oct Consumer Con Prdcts & Retail 1-Dec-11 bm KT US$ 0.42 US$ 0.40 US$ 0.02

ADF Group Inc. DRX T Jan Industrial Infra & Constrcn 5-Dec-11 w/o FB $0.03 nm nm

Dollarama DOL T Jan Consumer Con Prdcts & Retail 7-Dec-11 bm KT $0.51 $0.52 -$0.01

Commercial Solutions CSA T Sep Industrial Infra & Constrcn 12-Dec-11 w/o BC nm nm nm

Sulliden Gold Corp. SUE T Apr Mining Precious Metals 12-Dec-11 w/o GB R R R

Viterra Inc. VT T Oct Industrial Agribsness & Food Prdcts 20-Jan-12 bm SH $0.04 $0.06 -$0.02

Baja Mining Corp. BAJ T Dec Mining Base Metals & Minerals TBD AL -$0.01 -$0.01 $0.00

Bear Creek Mining Corp. BCM V Dec Mining Precious Metals TBD BH -$0.04 -$0.03 -$0.01

Candente Copper Corp. DNT T Dec Mining Base Metals & Minerals TBD AL US$0.00 US$0.00 $0.00

Compass Petroleum CPO V Jun Energy Jr Oil & Gas TBD LM $0.05 na na

Detour Gold Corp DGC T Dec Mining Precious Metals TBD BH -$0.08 -$0.12 $0.04

Guyana Goldfields GUY T Oct Mining Precious Metals TBD BH -$0.02 -$0.02 $0.00

Lumina Copper Corp. LCC V Dec Mining Base Metals & Minerals TBD AL -$0.02 -$0.02 $0.00

NexJ Systems Inc. NXJ T Dec Technology Software | IT Services TBD SL -$0.16 -$0.09 $0.07

Trevali Mining Corp. TV T Dec Mining Base Metals & Minerals TBD AL -$0.01 na na


RESEARCH TEAM | LEGEND

Code Analyst Email Phone Associate(s)

AL Adam Low [email protected] 416.777.4943 Tracy Reynolds

AB Andrew Bradford [email protected] 403.509.0503 Nicholas Heffernan

BC Ben Cherniavsky [email protected] 604.659.8244 Theoni Pilarinos, Greg Jackson

BH Brad Humphrey [email protected] 416.777.4917 Phil Russo, Tracy Reynolds

BJ Bart Jaworski [email protected] 604.659.8282 David Sadowski

DS Daryl Swetlishoff [email protected] 604.659.8246 David Quezada

FB Frederic Bastien [email protected] 604.659.8232 Jamil Murji

GB Gary Baschuk [email protected] 416.777.7098 Gordon Lawson

JB Justin Bouchard [email protected] 403.509.0523 Christopher Cox

JM Jamil Murji [email protected] 604.659.8261 -

KT Kenric Tyghe [email protected] 416.777.7188 Sara Kohbodi

KZ Kristopher Zack [email protected] 403.221.0414 Gordon Steppan

LM Luc Mageau [email protected] 403.509.0505 Matthew Stevenson

RK Rafi Khouri [email protected] 403.509.0560 Cynthia Yee, Ana Wessel

SH Steven Hansen [email protected] 604.659.8208 Arash Yazdani

SL Steven Li [email protected] 416.777.4918 Diane Yu

TP Theoni Pilarinos [email protected] 604.659.8234 -

NOTES

*Group Aeroplan's earnings estimate is Adjusted EBITDA


12/18



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In the event that this is a compendium report (i.e., covers 6 or more subject companies), Raymond James Ltd. may choose

to provide specific disclosures for the subject companies by reference. To access these disclosures, clients should refer to:

http://www.raymondjames.ca (click on Equity Capital Markets / Equity Research / Research Disclosures) or call toll-free at

1-800-667-2899.

Analyst Information

Analyst Compensation: Equity research analysts and associates at Raymond James are compensated on a salary and bonus

system. Several factors enter into the compensation determination for an analyst, including i) research quality and overall

productivity, including success in rating stocks on an absolute basis and relative to the local exchange composite Index

and/or a sector index, ii) recognition from institutional investors, iii) support effectiveness to the institutional and retailsales forces and traders, iv) commissions generated in stocks under coverage that are attributable to the analysts efforts, v)

net revenues of the overall Equity Capital Markets Group, and vi) compensation levels for analysts at competing investment

dealers.

Analyst Stock Holdings: Effective September 2002, Raymond James equity research analysts and associates or members of

their households are forbidden from investing in securities of companies covered by them. Analysts and associates are

permitted to hold long positions in the securities of companies they cover which were in place prior to September 2002 but

are only permitted to sell those positions five days after the rating has been lowered to Underperform.


13/18



The views expressed in this report accurately reflect the personal views of the analyst(s) covering the subject securities. No

part of said person's compensation was, is, or will be directly or indirectly related to the specific recommendations or views

contained in this research report. In addition, said analyst has not received compensation from any subject company in the

last 12 months.

Ratings and Definitions

Raymond James Ltd. (Canada) definitions

Strong Buy (SB1) The stock is expected to appreciate and produce a total return of at least 15% and outperform the

S&P/TSX Composite Index over the next six months. Outperform (MO2) The stock is expected to appreciate and

outperform the S&P/TSX Composite Index over the next twelve months. Market Perform (MP3) The stock is expected to

perform generally in line with the S&P/TSX Composite Index over the next twelve months and is potentially a source of

funds for more highly rated securities. Underperform (MU4) The stock is expected to underperform the S&P/TSX

Composite Index or its sector over the next six to twelve months and should be sold.

Raymond James & Associates (U.S.) definitions

Strong Buy (SB1) Expected to appreciate, produce a total return of at least 15%, and outperform the S&P 500 over the next

six to 12 months. For higher yielding and more conservative equities, such as REITs and certain MLPs, a total return of at

least 15% is expected to be realized over the next 12 months. Outperform (MO2) Expected to appreciate and outperform

the S&P 500 over the next 12-18 months. For higher yielding and more conservative equities, such as REITs and certain

MLPs, an Outperform rating is used for securities where we are comfortable with the relative safety of the dividend and

expect a total return modestly exceeding the dividend yield over the next 12-18 months. Market Perform (MP3) Expectedto perform generally in line with the S&P 500 over the next 12 months. Underperform (MU4) Expected to underperform

the S&P 500 or its sector over the next six to 12 months and should be sold. Suspended (S) The rating and price target have

been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply

with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing

investment banking services to the company. The previous rating and price target are no longer in effect for this security

and should not be relied upon.

Raymond James Latin American rating definitions

Strong Buy (SB1) Expected to appreciate and produce a total return of at least 25.0% over the next twelve months.

Outperform (MO2) Expected to appreciate and produce a total return of between 15.0% and 25.0% over the next twelve

months. Market Perform (MP3) Expected to perform in line with the underlying country index. Underperform (MU4)

Expected to underperform the underlying country index. Suspended (S) The rating and price target have been suspended

temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicableregulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking

services to the company. The previous rating and price target are no longer in effect for this security and should not be

relied upon. In transacting in any security, investors should be aware that other securities in the Raymond James research

coverage universe might carry a higher or lower rating. Investors should feel free to contact their Financial Advisor to

discuss the merits of other available investments.

Raymond James European Equities rating definitions

Strong Buy (1) Expected to appreciate, produce a total return of at least 15%, and outperform the Stoxx 600 over the next 6

to 12 months. Outperform (2) Expected to appreciate and outperform the Stoxx 600 over the next 12 months. Market

Perform (3) Expected to perform generally in line with the Stoxx 600 over the next 12 months. Underperform (4) Expected

to underperform the Stoxx 600 or its sector over the next 6 to 12 months.

Suitability Categories (SR)For stocks rated by Raymond James & Associates only, the following Suitability Categories provide an assessment of

potential risk factors for investors. Suitability ratings are not assigned to stocks rated Underperform (Sell). Projected 12-

month price targets are assigned only to stocks rated Strong Buy or Outperform.

Total Return (TR) Lower risk equities possessing dividend yields above that of the S&P 500 and greater stability of principal.

Growth (G) Low to average risk equities with sound financials, more consistent earnings growth, possibly a small dividend,

and the potential for long-term price appreciation.


14/18



Aggressive Growth (AG) Medium or higher risk equities of companies in fast growing and competitive industries, with less

predictable earnings and acceptable, but possibly more leveraged balance sheets.

High Risk (HR) Companies with less predictable earnings (or losses), rapidly changing market dynamics, financial and

competitive issues, higher price volatility (beta), and risk of principal.

Venture Risk (VR) Companies with a short or unprofitable operating history, limited or less predictable revenues, very high

risk associated with success, and a substantial risk of principal.

Rating Distributions

Coverage Universe Rating Distribution Investment Banking Distribution

RJL RJA RJ LatAm RJL RJA RJ LatAm

Strong Buy and Outperform (Buy) 73% 58% 39% 51% 14% 27%

Market Perform (Hold) 26% 36% 55% 25% 5% 3%

Underperform (Sell) 1% 6% 6% 33% 6% 0%

Raymond James Relationship Disclosures

Raymond James Ltd. or its affiliates expects to receive or intends to seek compensation for investment banking services

from all companies under research coverage within the next three months.Company Name Disclosure

Baja Mining Corp. Raymond James Ltd - within the last 12 months, Baja Mining Corp. has paid for all or a

material portion of the travel costs associated with a site visit by the analyst and/or

associate.

Raymond James Ltd. has managed or co-managed a public offering of securities within the

last 12 months with respect to Baja Mining Corp..

Raymond James Ltd. has provided investment banking services within the last 12 months

with respect to Baja Mining Corp..

Raymond James Ltd. has received compensation for investment banking services within the

last 12 months with respect to Baja Mining Corp..

Candente Copper Corp. Raymond James Ltd - within the last 12 months, Candente Copper Corp. has paid for all or amaterial portion of the travel costs associated with a site visit by the analyst and/or

associate.

Raymond James Ltd. has managed or co-managed a public offering of securities within the

last 12 months with respect to Candente Copper Corp..

Raymond James Ltd. has provided investment banking services within the last 12 months

with respect to Candente Copper Corp..


last 12 months with respect to Candente Copper Corp..

Yangarra Resources Ltd. Raymond James Ltd. has managed or co-managed a public offering of securities within the

last 12 months with respect to Yangarra Resources Ltd..

Raymond James Ltd. has provided investment banking services within the last 12 monthswith respect to Yangarra Resources Ltd..


last 12 months with respect to Yangarra Resources Ltd..

Stock Charts, Target Prices, and Valuation Methodologies

Valuation Methodology: The Raymond James methodology for assigning ratings and target prices includes a number of

qualitative and quantitative factors including an assessment of industry size, structure, business trends and overall


15/18



attractiveness; management effectiveness; competition; visibility; financial condition, and expected total return, among

other factors. These factors are subject to change depending on overall economic conditions or industry- or company-

specific occurrences.

Target Prices: The information below indicates target price and rating changes for the subject companies included in this

research.

Price Rating Change Target Price Change

Coverage Suspended Target Price and Rating Change Split Adjustment

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

$1.00

$1.10

$1.20

$1.30

$1.40

Nov-24-08

Dec-22-08

Jan-19-09

Feb-16-09

Mar-16-09

Apr-13-09

May-11-09

Jun-08-09

Jul-06-09

Aug-03-09

Aug-31-09

Sep-28-09

Oct-26-09

Nov-23-09

Dec-21-09

Jan-18-10

Feb-15-10

Mar-15-10

Apr-12-10

May-10-10

Jun-07-10

Jul-05-10

Aug-02-10

Aug-30-10

Sep-27-10

Oct-25-10

Nov-20-10

Dec-17-10

Jan-14-11

Feb-11-11

Mar-11-11

Apr-07-11

May-05-11

Jun-02-11

Jun-30-11

Jul-28-11

Aug-20-11

Sep-16-11

Oct-14-11

Nov-10-11

SecurityPrice(C$)

Baja Mining Corp. (BAJ) 3 yr. Stock PerformanceBaja Mining Corp. (BAJ) 3 yr. Stock Performance

Date: November 23 2011

MO2$1.35 MO2 $1.45 MO2$2.00

MO2 $1.90

Analyst Recommendations & 12 Month Price ObjectiveSB1: Strong Buy MO2: OutperformMP3: Market Perform MU4: UnderperformNR : Not Rated R: Restricted

Text

Update

Date

Closing

Price

Target

Price

Rating

Apr-07-11 1.21 1.90 2

Feb-08-11 1.13 2.00 2

Nov-24-10 1.19 1.45 2

Sep-10-10 0.83 1.35 2

Valuation Methodology: Our target price is based on a multiple applied to our NAV/share, and takes into account the

risk and liquidity-adjusted historic multiples.



$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$1.80

$2.00

$2.20

$2.40

$2.60

Nov-24-08

Dec-22-08

Jan-19-09

Feb-16-09

Mar-16-09

Apr-13-09

May-11-09

Jun-08-09

Jul-06-09

Aug-03-09

Aug-31-09

Sep-28-09

Oct-26-09

Nov-23-09

Dec-21-09

Jan-18-10

Feb-15-10

Mar-15-10

Apr-12-10

May-10-10

Jun-07-10

Jul-05-10

Aug-02-10

Aug-30-10

Sep-27-10

Oct-25-10

Nov-20-10

Dec-16-10

Jan-13-11

Feb-05-11

Mar-04-11

Mar-30-11

Apr-28-11

May-26-11

Jun-23-11

Jul-21-11

Aug-17-11

Sep-10-11

Oct-06-11

Nov-02-11

SecurityPrice(C$)

Candente Copper Corp. (DNT) 3 yr. Stock PerformanceCandente Copper Corp. (DNT) 3 yr. Stock Performance


MO2 $.30 MO2 $.45

MP3$.45

MP3 $.60 MO2 $.60

SB1 $1.00

SB1 $1.50 SB1$2.25

SB1$3.00

SB1 $3.50

URUR

MO2 $2.75

MO2 $2.55


Text

Update

Date

Closing

Price

Target

Price

Rating

Sep-30-11 0.99 2.55 2

Sep-09-11 1.14 2.75 2

Mar-15-11 1.71 UR UR

Ja n-21-11 2.35 3.50 1

Ja n-18-11 2.17 3.00 1

Nov-30-10 1.42 2.25 1Mar-12-10 0.48 1.50 1

Dec-01-09 0.43 1.00 1

Nov-24-09 0.45 0.60 2

Jul-23-09 0.51 0.60 3

Apr-23-09 0.38 0.45 3

Apr-15-09 0.38 0.45 2

Dec-15-08 0.16 0.30 2

Valuation Methodology: Our valuation is based on historic risk and liquidity adjusted developer P/NAV multiple.


16/18





$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

Nov-24-08

Dec-22-08

Jan-19-09

Feb-16-09

Mar-16-09

Apr-13-09

May-11-09

Jun-08-09

Jul-06-09

Aug-03-09

Aug-31-09

Sep-28-09

Oct-26-09

Nov-23-09

Dec-21-09

Jan-18-10

Feb-15-10

Mar-15-10

Apr-12-10

May-10-10

Jun-07-10

Jul-05-10

Aug-02-10

Aug-30-10

Sep-27-10

Oct-25-10

Nov-20-10

Dec-18-10

Jan-15-11

Feb-12-11

Mar-12-11

Apr-07-11

May-04-11

May-31-11

Jun-28-11

Jul-22-11

Aug-17-11

Sep-13-11

Oct-11-11

Nov-04-11

SecurityPrice(C$)

Yangarra Resources Ltd. (YGR) 3 yr. Stock PerformanceYangarra Resources Ltd. (YGR) 3 yr. Stock Performance


MO2 $1.00 MO2 $.90 MO2$.75


Text

Update

Date

Closing

Price

Target

Price

Rating

Oct-11-11 0.61 0.75 2

Jul-05-11 0.68 0.90 2

Mar-31-11 0.72 1.00 2

Valuation Methodology: Our valuation is based on a blended approach using net asset value and P/CF multiple, which

takes into account growth potential and risk profile.

Risk Factors

General Risk Factors: Following are some general risk factors that pertain to the projected target prices included on

Raymond James research: (1) Industry fundamentals with respect to customer demand or product / service pricing could

change and adversely impact expected revenues and earnings; (2) Issues relating to major competitors or market shares or

new product expectations could change investor attitudes toward the sector or this stock; (3) Unforeseen developments

with respect to the management, financial condition or accounting policies or practices could alter the prospective

valuation.

Risks - Baja Mining Corp.

Mining companies are subject to a range of risks, including, but not limited to: environmental risk, political risk, operational

risk, financial risk, hedging risk, commodity price fluctuation risk, and currency risk. Any difference between our metal price

forecasts and realized metal prices will likely have an impact on our earnings and valuation estimates for the mining

companies in our research coverage universe. The operation of mines, and mills is complex and is exposed to a number of

risks, most of which are beyond the companys control. These include: environmental compliance issues, personnel

accidents, metallurgical/other processing problems, unexpected rock formations, ground or slope failures, flooding or fires,

earthquakes, rock bursts, equipment failures, consultant errors and, interruption due to inclement weather conditions,

road closures, and/or local protests. Other risks include, but are not limited to: uncertainties surrounding reclamation costs,

aging equipment and facilities which could lead to increased costs, strikes, and transportation disruptions.

Risks - Candente Copper Corp.

Mining companies are subject to a range of risks, including, but not limited to: environmental risk, political risk, operational

risk, financial risk, hedging risk, commodity price fluctuation risk, and currency risk. Any difference between our metal price

forecasts and realized metal prices will likely have an impact on our earnings and valuation estimates for the mining

companies in our research coverage universe. The operation of mines, and mills is complex and is exposed to a number of

risks, most of which are beyond the companys control. These include: environmental compliance issues; personal

accidents; metallurgical/other processing problems; unexpected rock formations; ground or slope failures; flooding or fires;

earthquakes; rock bursts; equipment failures; consultant errors and, interruption due to inclement, weather conditions,

road closures, and/or local protests. Other risks include, but are not limited to: uncertainties surrounding reclamation costs;

aging equipment and facilities which could lead to increased costs; strikes; and, transportation disruptions.


17/18



Risks - Yangarra Resources Ltd.

Key risks include cash flow exposure to fluctuations in energy prices and foreign exchange rates, more specifically the

relationship between the Canadian and U.S. dollar. Due to the nature of its operations, Yangarra also faces risks associated

with weather-related interruptions, dry holes, restricted access to facilities, unplanned pipeline shutdowns and unexpected

production delays. Also, the company is exposed to the risk that unexpected increases in decline rates lower production

volumes, resulting in lower cash flow. Unexpected cost overruns, change in government policies (local, provincial and

federal) and interest rate fluctuations could also negatively impact net income and cash flow. Some of Yangarras acreage is

non-operated in nature, therefore the company is at risk of changes in corporate direction by the operator.

Additional Risk and Disclosure information, as well as more information on the Raymond James rating system and suitabilitycategories, is available for Raymond James at rjcapitalmarkets.com/SearchForDisclosures_main.asp and for Raymond James

Limited at www.raymondjames.ca/researchdisclosures.

International Disclosures

For clients in the United States:

Investing in securities of issuers organized outside of the U.S., including ADRs, may entail certain risks. The securities of

non-U.S. issuers may not be registered with, nor be subject to the reporting requirements of, the U.S. Securities and

Exchange Commission. There may be limited information available on such securities. Investors who have received this

report may be prohibited in certain states or other jurisdictions from purchasing the securities mentioned in this report.

Please ask your Financial Advisor for additional details.

Raymond James Ltd. is not a U.S. broker-dealer and therefore is not governed by U.S. laws, rules or regulations applicableto U.S. broker-dealers. Consequently, the persons responsible for the content of this publication are not licensed in the U.S.

as research analysts in accordance with applicable rules promulgated by the U.S. Self Regulatory Organizations.

Any U.S. Institutional Investor wishing to effect trades in any security should contact Raymond James (USA) Ltd., a U.S.

broker-dealer affiliate of Raymond James Ltd.

For clients in the United Kingdom:

For clients of Raymond James & Associates (RJA) and Raymond James Financial International, Ltd. (RJFI): This report is for

distribution only to persons who fall within Articles 19 or Article 49(2) of the Financial Services and Markets Act (Financial

Promotion) Order 2000 as investment professionals and may not be distributed to, or relied upon, by any other person.

For clients of Raymond James Investment Services, Ltd.: This report is intended only for clients in receipt of Raymond

James Investment Services, Ltd.s Terms of Business or others to whom it may be lawfully submitted.

For purposes of the Financial Services Authority requirements, this research report is classified as objective with respect toconflict of interest management. RJA, Raymond James Financial International, Ltd., and Raymond James Investment

Services, Ltd. are authorized and regulated in the U.K. by the Financial Services Authority.

For institutional clients in the European Economic Area (EEA) outside of the United Kingdom:

This document (and any attachments or exhibits hereto) is intended only for EEA institutional clients or others to whom it

may lawfully be submitted.

Proprietary Rights Notice: By accepting a copy of this report, you acknowledge and agree as follows:

This report is provided to clients of Raymond James only for your personal, noncommercial use. Except as expressly

authorized by Raymond James, you may not copy, reproduce, transmit, sell, display, distribute, publish, broadcast,

circulate, modify, disseminate or commercially exploit the information contained in this report, in printed, electronic or any

other form, in any manner, without the prior express written consent of Raymond James. You also agree not to use theinformation provided in this report for any unlawful purpose. This is RJA client releasableresearch

This report and its contents are the property of Raymond James and are protected by applicable copyright, trade secret or

other intellectual property laws (of the United States and other countries). United States law, 17 U.S.C. Sec.501 et seq,

provides for civil and criminal penalties for copyright infringement.

Additional information is available upon request. This document may not be reprinted without permission.

RJL is a member of the Canadian Investor Protection Fund. 2011 Raymond James Ltd.


18/18


Raymond James Ltd | 2200 925 West Georgia Street | Vancouver BC Canada V6C 3L2

RAYMONDJAMESLTD.CANADIANINSTITUTIONALEQUITYTEAMWWW.RAYMONDJAMES.CA

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