Egf briefing book

DJE Kapital AG Georg-Kalb-Straße 9 Pullach, 82049, Germany | Phone: 49-89-790453-0

PRIMARY CONTACTStefan BreintnerPortfolio ManagerPhone: 49-89-790453-320Email: [email protected] Events: 0

Employment History: Mr. Stefan Breintner is a portfolio manager at DJE Kapital AG, formerly Dr. Jens Ehrhardt Kapital AG. Mr. Breintner joined the firm on September 1, 2005.

Funds Formerly Managed: Mr. Breintner managed the DJE Absolut Fund and DJE Dividende & Substanz.

INVESTMENT APPROACHDJE Kapital AG employs a value-oriented approach to investing. The investment process is driven by tactical and strategic asset allocation which is grounded on fundamental, monetary and market technical factors. Long-term asset allocation is primarily determined by fundamental research focused on individual companies and their characteristics. The firm looks for solid companies with strong balance sheets, taking into account various factors such as value metrics, earnings ratios and management quality. DJE Kapital also takes a broad economic view of the markets, looking into different areas, including economic growth, infrastructure and balance of payments, as well as social, political and legal environments. Monetary factors that are considered include bank lending indicators, interest rates, money supply and surplus liquidity to help predict future stock market potential. The firm also analyzes market sentiment, utilizing a proprietary database of indicators. Behavioral finance principles are also applied. Decision Making Process:DJE Kapital conducts in-house research, which includes on-site visits and face-to-face discussions with company management.AFFILIATIONSFounded: 1974. DJE Kapital AG is a Pullach, Germany-based independent investment management firm. The firm was founded and is majority-owned by Jens Ehrhardt and caters to individual and institutional clients. On July 7, 2008, the firm changed its name from Dr. Jens Ehrhardt Kapital AG due to rebranding.

PEER OWNERSHIP TOP 10 ($MM)Ticker Q211 Q111 Q410 Q310 Q210 Q110 Q409 Q309 Q209P-T 0 0 0 0 0 0 0 0 0 NGD-US 9 9 7 4 2 2 1 0 0 MFL-T 4 4 3 2 3 3 3 2 1 AGI-T 3 3 4 3 4 2 2 2 2 ARZ-T 3 3 3 3 2 1 1 1 <1 GSC-T 1 1 2 3 2 0 0 0 0 JAG-US <1 <1 0 0 0 2 2 0 0 TOP 5 GOLD/PRECIOUS METALS MINING BUYS($MM)

TOP 5 GOLD/PRECIOUS METALS MINING SELLS ($MM)

Security Name Value Change % Port.Silvercorp Meta 19.7 4.8 .4Iamgold Corp 45.6 4.5 .9Agnico Eagle Mi 14.0 3.2 .3Hochschild Mini 8.7 2.4 .2Aquila Resource 2.1 2.1

Security Name Value Change % Port.Barrick Gold Co 65.1 -23.5 1.2Newmont Mining 40.2 -17.6 .8Eldorado Gold C 24.0 -5.8 .5Lihir Gold Ltd 0.2 -3.2Anglo American 0.3 -2.5

SMART TARGETS (SHARES)Predicted Purchase Predicted Sell Predicted Net Impact

2,204 2,204KEY CONTACTSName Phone CMS EventsJan EhrhardtManaging Director

49-89-790453-163

Caroline BachmatPortfolio Manager

49-89-790453-220

Jens EhrhardtChairman

49-89-790453-0

FIRM ATTRIBUTESiSignal: N/A

Fully Weighted Position 2,742,863Equity Assets ($MM) 5,240Port. Turnover 68%# Securities Held 517Investor Type Investment AdvisorTotal Assets ($MM) 11,142Investment Style Orientation Turnover

GARP Active Mod

POSITION HISTORYDate Position Change % O/S08-Apr-11 0 031-Mar-11 0 028-Feb-11 0 031-Jan-11 0 031-Dec-10 0 030-Nov-10 0 031-Oct-10 0 030-Sep-10 0 031-Aug-10 0 0

SECTOR & GROUP ACTIVITY ($MM)Group Asset ChangeGold/Precious Metals Mini 348 -27Materials 1,015 -45Mining 448 -33Primero Peers 20 0

TOP 10 GOLD/PRECIOUS METALS MINING HOLDINGS ($MM)

Security Name Value Change % Port.Barrick Gold Corp - U 65.1 -23.5 1.2Iamgold Corp 45.6 4.5 .9Newmont Mining Corp - 40.2 -17.6 .8Eldorado Gold Corp 24.0 -5.8 .5Silvercorp Metals Inc 19.7 4.8 .4Osisko Mining Corp 15.0 -0.7 .3Agnico Eagle Mines Lt 14.0 3.2 .3Gold Fields Limited - 11.8 -0.3 .2Hochschild Mining Plc 8.7 2.4 .2New Gold Inc 8.7 0.0 .2

Apogee Global Advisors, Inc. 90 Strawberry Hill Street Dover, MA 02030, United States | Phone: 508-785-2060

PRIMARY CONTACTWalter M CabotPresidentPhone: 508-785-2060Email:

CMS Events: 1

Employment History: Mr. Walter Mason Cabot, Jr. is the president, chief investment officer and a portfolio manager at Apogee Global Advisors, Inc. Mr. Cabot also serves as a principal and chief compliance officer at the firm. He founded the firm in 2002.

INVESTMENT APPROACH

AFFILIATIONSFounded: 2002. Apogee Global Advisors, Inc., is a Dover, MA-based hedge fund firm founded by Walter Mason Cabot, Jr. The firm caters to other pooled investment vehicles.

PEER OWNERSHIP TOP 10 ($MM)Ticker Q211 Q111 Q410 Q310 Q210 Q110 Q409 Q309 Q209P-T 0 0 0 0 0 0 0 0 0 TOP 5 GOLD/PRECIOUS METALS MINING BUYS($MM)


Security Name Value Change % Port. Security Name Value Change % Port.


KEY CONTACTSName Phone CMS Events


Fully Weighted PositionEquity Assets ($MM)Port. Turnover %# Securities Held 0Investor Type Hedge FundTotal Assets ($MM) 33Investment Style Orientation Turnover

Hedge Fund ActivePOSITION HISTORY

Date Position Change % O/S08-Apr-11 0 031-Mar-11 0 028-Feb-11 0 031-Jan-11 0 031-Dec-10 0 030-Nov-10 0 031-Oct-10 0 030-Sep-10 0 031-Aug-10 0 0

SECTOR & GROUP ACTIVITY ($MM)Group Asset ChangePrimero Peers 0 0


Security Name Value Change % Port.

CMS EVENTS - All CMS eventsBoston BMO Roadshow Oct 22 201022-Oct-10 EVENT POSITION CORPORATE BROKER BMO Capital Markets- CAN

TYPE Roadshow VENUE Cafe Fleuri, Langham Hotel

CORPORATE PARTICIPANT Joseph F. Conway

EVENT DESCRIPTION

CONTACTS & COMMENTS Walter Cabot -

Pointer Capital, LLC Two Buckhead Plaza - 200, 3050 Peachtree Road, NW Atlanta, GA 30305-2299, United States | Phone: 404-614-6183

PRIMARY CONTACTBrent D CannDirector of ResearchPhone: 404-614-6189Email: [email protected] Events: 2

Employment History: Mr. Brent D. Cann is the director of research at Pointer Capital, LLC. He is also a member of investment committee at the firm. Prior to joining the firm in April 2004, he was employed at Stephens Inc., where he focused on mergers and acquisitions and other corporate finance transactions for four years.

Education: Mr. Cann obtained a B.S. in Analytical Finance from Calloway School of Business at Wake Forest University.

General Information: Mr. Cann is a native of North Carolina.

INVESTMENT APPROACH

AFFILIATIONSFounded: March 2004. Pointer Capital, LLC is an Atlanta, GA-based private investment advisory and hedge fund firm founded by Atlantic Investment Company and R. Allen Hewett, Jr. The firm caters to individuals and institutional clients.

PEER OWNERSHIP TOP 10 ($MM)Ticker Q211 Q111 Q410 Q310 Q210 Q110 Q409 Q309 Q209P-T 0 0 0 0 0 0 0 0 0 NGD-US 11 11 11 0 0 0 0 0 0 TOP 5 GOLD/PRECIOUS METALS MINING BUYS($MM)


Security Name Value Change % Port.New Gold Inc 11.3 11.3 10.9Yamana Gold Inc 5.7 5.7 5.6Coeur d Alene M 19.0 2.6 18.5



1,013 1,013KEY CONTACTSName Phone CMS EventsMalon W CourtsPartner

404-614-1998 1

Richard W CourtsPartner

404-614-6183 0

John O FaireyVice President

404-614-1996


Fully Weighted Position 785,116Equity Assets ($MM) 103Port. Turnover 140%# Securities Held 19Investor Type Investment Advisor/Hedge

FundTotal Assets ($MM) 86Investment Style Orientation Turnover

Equity Hedge Active High


SECTOR & GROUP ACTIVITY ($MM)Group Asset ChangeGold/Precious Metals Mini 36 20Materials 44 16Mining 44 16Primero Peers 11 11


Security Name Value Change % Port.Coeur d Alene Mines C 19.0 2.6 18.5New Gold Inc 11.3 11.3 10.9Yamana Gold Inc - Und 5.7 5.7 5.6China-Biotics Inc 0.0 0.0

CMS EVENTS - All CMS eventsFup BMO Conf04-Mar-11 EVENT POSITION CORPORATE BROKER

TYPE Email Message VENUE CORPORATE PARTICIPANT Tamara Brown

EVENT DESCRIPTION Thanks Tamara, we were very impressed with your story. We have taken an initial position of 600,000 shares today. We look forward to the resolution of the silver stream tax issue, as I think that will certainly be the first catalyst for the stock. In addition, keep us in mind if you ever do mine tours, as we may be interested in attending if the timing is right. Our due diligence has shown Joe to be an excellent CEO and we know that his vision will ultimately create great value for shareholders.

Brent

CONTACTS & COMMENTS Brent Cann -

BMO Conf 1:1 Mtg Feb 28 201128-Feb-11 EVENT POSITION CORPORATE BROKER

TYPE Conference VENUE Hollywood, Florida CORPORATE PARTICIPANT Joseph F. Conway,Tamara Brown

EVENT DESCRIPTION - First time at BMO

- Generalists. Very bullish on silver

- Wanted to be walked through SLW agreement

- Liked the purchase price tax pool

- Joe went through tax alternatives in detail!

- G looking to sell down?

- Will you raise $ with US listing

- M&A criteria?

- G&A $8m/year

- Exploration expense?

- Capex?

- Risks in getting mine to 2,500tpd

- Costs

- Your balance sheet will be much different in 18 months. What are you going to do with your cash.

CONTACTS & COMMENTS Brent Cann - Malon Courts -

HSBC Securities (USA) Inc. Bryant Park, 452 Fifth Avenue, 9th Floor New York, NY 10018-2706, United States | Phone: 212-525-5000

PRIMARY CONTACTSabrina M GrandchampsSecurity AnalystPhone: 212-525-5150Email: [email protected] Events: 2

Employment History: Ms. Sabrina Mary Grandchamps is a security analyst at HSBC Securities (USA) Inc. Prior to joining the firm, she was a security analyst at Goldman Sachs & Company, Inc., since January 2005.

INVESTMENT APPROACH

AFFILIATIONSHSBC Securities (USA) Inc. is a New York, NY-based investment bank brokerage firm. The firm is a wholly owned by HSBC Holdings plc. The firm provides research, brokerage and investment banking services to individuals, corporations, institutions and governments. In January 2005, the firm merged with HSBC Brokerage (USA) Inc.





KEY CONTACTSName Phone CMS EventsPatrick T ChidleySenior Vice President

212-525-4915 1

Lucia V MarquezSecurity Analyst

212-525-7669 2

James SteelResearch Analyst

212-525-6515

FIRM ATTRIBUTES

iSignal: Fully Weighted PositionEquity Assets ($MM)Port. Turnover %# Securities Held 0Investor Type Research FirmTotal Assets ($MM) 0Investment Style Orientation Turnover

N/A PassivePOSITION HISTORY





CMS EVENTS - All CMS eventsAnalyst Mine Tour Oct 25-26 201025-Oct-10 - 27-Oct-10 EVENT POSITION CORPORATE BROKER

TYPE Site Visit VENUE San Dimas CORPORATE PARTICIPANT Tamara Brown,Eduardo Luna

EVENT DESCRIPTION

CONTACTS & COMMENTS Lucia Marquez -

Denver Gold Forum 1:1 Mtg Sept 21 201021-Sep-10 EVENT POSITION CORPORATE BROKER

TYPE Conference VENUE CORPORATE PARTICIPANT Joseph F. Conway,Tamara Brown,David Blaiklock

EVENT DESCRIPTION - Will replace Victor with Sabrina's help

- Didn't understand tax.

CONTACTS & COMMENTS Lucia Marquez - Patrick Chidley - Sabrina Grandchamps -

Email10-Jun-10 EVENT POSITION CORPORATE BROKER


EVENT DESCRIPTION

CONTACTS & COMMENTS Sabrina Grandchamps -

BlackRock Investment Management (UK) Ltd. 33 King William Street London, EC4R 9AS, United Kingdom | Phone: 44-20-7743-3000

PRIMARY CONTACTThomas D HollPortfolio ManagerPhone: 44-20-7743-2013Email: [email protected] Events: 0

Employment History: Mr. Thomas D. Holl is a portfolio manager and research analyst at BlackRock Investment Management (UK) Ltd., formerly Merrill Lynch Investment Managers (UK) Ltd.

Preferences: Mr. Holl prefers to go by the name "Tom".

INVESTMENT APPROACHBlackRock Investment Management (UK) Ltd. primarily adheres to a growth-oriented strategy. The firm employs a bottom-up approach to stock selection, conducting company and industry analysis, as well as market review. The investment process examines a company�s management strength and evaluates the stock price relative to its growth potential. BlackRock also seeks to identify catalysts for price appreciation, such as a change in company management or competitive landscape, new product development, a merger or an acquisition. Additionally, the process looks to identify less attractive stocks that could substantially underperform. For the BlackRock UK Dynamic Fund, the firm employs a flexible approach, placing emphasis on companies that tend to exhibit either growth or value characteristics depending on the market outlook. The BlackRock UK Special Situations Fund predominantly invests in small- and mid-cap companies but may pursue other investments where growth potential is identified. The BlackRock UK Fund focuses on large-cap companies. The BlackRock UK Income Fund targets both high yielding stocks and total return stocks that offer a combination of capital appreciation and potential valuable dividend payments in the future. Decision Making Process:The firm conducts in-house research, including meeting with company management, competitors and suppliers. In addition, the firm utilizes a proprietary global research platform that consolidates research from different BlackRock units around the globe. Portfolio managers are responsible for selecting investments for their respective funds.AFFILIATIONSFounded: 1995. BlackRock Investment Management (UK) Ltd., formerly Merrill Lynch Investment Managers (UK) Ltd., is a London-England based investment advisory and hedge fund firm, which a subsidiary of BlackRock, Inc. The firm manages BlackRock series of funds in addition to other funds. This investor has designated itself socially responsible.

PEER OWNERSHIP TOP 10 ($MM)Ticker Q211 Q111 Q410 Q310 Q210 Q110 Q409 Q309 Q209P-T 19 19 24 21 0 0 0 0 0 NGD-US 165 165 165 112 102 71 60 2 <1 AGI-T 39 39 55 49 37 37 25 25 13 BTO-T 23 23 23 12 4 4 0 0 0 P-T 19 19 24 21 0 0 0 0 0 LSG-T 17 17 17 20 16 16 0 0 0 GRS-US <1 <1 <1 <1 0 0 0 0 0 ARZ-T <1 <1 <1 <1 <1 <1 <1 <1 <1 GSC-T <1 <1 <1 <1 3 3 2 3 2 NXG-US <1 <1 <1 <1 <1 <1 <1 <1 <1 TOP 5 GOLD/PRECIOUS METALS MINING BUYS($MM)


Security Name Value Change % Port.Agnico Eagle Mi 1,118.6 588.4 .7Gold Fields Lim 854.9 346.3 .5Goldcorp Inc - 1,036.3 186.0 .6Harmony Gold Mi 648.8 128.8 .4Barrick Gold Co 525.7 107.3 .3

Security Name Value Change % Port.Anglo Platinum 168.1 -79.7 .1Newmont Mining 1,103.9 -58.8 .6Yamana Gold Inc 185.2 -44.7 .1Industrias Peno 473.7 -37.3 .3Zijin Mining Gr 148.0 -33.4 .1


242,114 -629,867 -387,753KEY CONTACTSName Phone CMS EventsCatherine P RawPortfolio Manager

44-20-7743-2582 5

Evy P HambroManaging Director

44-20-7743-4511 1

Desmond CheungDirector

44-20-7743-5373


Fully Weighted Position 5,112,071Equity Assets ($MM) 172,119Port. Turnover 45%# Securities Held 4,024Investor Type Investment Advisor/Hedge

FundTotal Assets ($MM) undisclosedInvestment Style Orientation Turnover

Growth Active Low

POSITION HISTORYDate Position Change % O/S08-Apr-11 4,766,600 0 5.431-Mar-11 4,766,600 0 5.428-Feb-11 4,766,600 0 5.431-Jan-11 4,766,600 104,800 5.431-Dec-10 4,661,800 0 5.330-Nov-10 4,661,800 1,000,000 5.331-Oct-10 3,661,800 0 4.230-Sep-10 3,661,800 3,661,800 4.231-Aug-10 0 0

SECTOR & GROUP ACTIVITY ($MM)Group Asset ChangeGold/Precious Metals Mini 18,637 1,733Materials 42,812 2,801Mining 38,060 1,961Primero Peers 265 4


Security Name Value Change % Port.Compania de Minas Bue 1,531.9 4.6 .9Newcrest Mining Ltd - 1,445.9 259.7 .8Kinross Gold Corp - U 1,394.9 -2.5 .8Agnico Eagle Mines Lt 1,118.6 588.4 .7Newmont Mining Corp - 1,103.9 -58.8 .6Goldcorp Inc - Underl 1,036.3 186.0 .6Impala Platinum Holdi 946.8 109.0 .6Gold Fields Limited - 854.9 346.3 .5Lihir Gold Ltd - Unde 673.3 -86.2 .4Harmony Gold Mining C 648.8 128.8 .4

OWNERSHIP HISTORY

CMS EVENTS - All CMS eventsFup 2011 Guidance Release20-Jan-11 EVENT POSITION 4,661,800 CORPORATE BROKER

TYPE Phone Call VENUE CORPORATE PARTICIPANT Tamara Brown

EVENT DESCRIPTION Called to follow up on Guidance Release. Happy with info, didn't have any questions.

CONTACTS & COMMENTS Catherine Raw -

London UBS Roadshow Nov 24 201024-Nov-10 EVENT POSITION 3,661,800 CORPORATE BROKER UBS Investment Bank- London

TYPE Roadshow VENUE BlackRock office CORPORATE PARTICIPANT Joseph F. Conway,Tamara Brown

EVENT DESCRIPTION - Position: 7,466,379 11.11% as at 31 October 2010

- What happened with Q3 + guidance change

- How long will this continue

- How much capital?

- 1,800tpd Q4; 1,900tpd Q1; 2,000tpd Q2; 2,100 Q4

- Will the mine generate any free cashflow next year

- Debt - cash?

- What will you do with the $55m

- Catherine: heard Eduardo has contacts to make Mexico logical next step

- Both shocked about -ve leverage to silver

- Didn't recognise this

- If you really wanted to throw money at this, what could you take it to

- Why is silver price not contributing anything to the revenue

- Model up Ag cost to company.

CONTACTS & COMMENTS Catherine Raw - Evy Hambro -

London Roadshow June 15 201015-Jun-10 EVENT POSITION 0 CORPORATE BROKER Genuity Capital Markets- CAN

TYPE Roadshow VENUE BlackRock office CORPORATE PARTICIPANT Joseph F. Conway,Wade Nesmith

EVENT DESCRIPTION


Fup London15-Jun-10 EVENT POSITION 0 CORPORATE BROKER


EVENT DESCRIPTION


Financing Europe Roadshow14-Jun-10 - 17-Jun-10 EVENT POSITION 0 CORPORATE BROKER

TYPE Roadshow VENUE Europe CORPORATE PARTICIPANT Joseph F. Conway,Wade Nesmith

EVENT DESCRIPTION San Dimas Equity Financing June 2010


Wellington West Capital Markets Inc. 145 King Street West - 700 Toronto, M5H 1J8, Canada | Phone: 416-642-1900

PRIMARY CONTACTPaolo LostrittoSecurity AnalystPhone: 416-640-4951Email: [email protected] Events: 1

Employment History: Mr. Paolo Lostritto is a security analyst at Wellington West Capital Markets Inc. Prior to joining the firm, he was a security analyst at MGI Securities Inc. Before that, Mr. Lostritto was a security analyst at Octagon Capital Corporation. Previously, he was an associate analyst at Scotia Capital Inc.

Education: Mr. Lostritto obtained a B.A.Sc. in Geological and Mineral Engineering from the University of Toronto.

General Information: Mr. Lostritto is a professional engineer.

INVESTMENT APPROACH

AFFILIATIONSFounded: 1993. Wellington West Capital Markets Inc. (WW) is an Ontario, Canada-based employee-owned investment banking and brokerage firm. WW is a division of Wellington West Holdings Inc. (WWH). In December 2007, WWH acquired the remaining 50% of WW. In February 2005, WWH acquired 50% stake in WW.





KEY CONTACTSName Phone CMS EventsChristopher ThompsonResearch Associate, Mini

416-847-3406 1


Fully Weighted PositionEquity Assets ($MM)Port. Turnover %# Securities Held 0Investor Type Research FirmTotal Assets ($MM) 0Investment Style Orientation Turnover

Broker-Dealer PassivePOSITION HISTORY





CMS EVENTS - All CMS eventsAnalyst Mine Tour Oct 25-26 201025-Oct-10 - 27-Oct-10 EVENT POSITION CORPORATE BROKER


EVENT DESCRIPTION

CONTACTS & COMMENTS Christopher Thompson -



EVENT DESCRIPTION

CONTACTS & COMMENTS Paolo Lostritto -

Precious Capital AG Barengasse 25 Zurich, 8001, Switzerland | Phone: 41-44-224-2050

PRIMARY CONTACTPatrick MichaelsManaging DirectorPhone: 41-44-224-2050Email: [email protected] Events: 0

Employment History: Mr. Patrick Michaels is the managing director and a portfolio manager at Precious Capital AG. Prior to re-joining the firm, he was the managing director of Asty Capital. Previously, Mr. Michaels was employed at UBS where he started his investment career.

General Information: Mr. Michaels obtained postgraduation courses at the Colorado School of Mines, Golden CO, United States. He also has a background in Economics and Law.

INVESTMENT APPROACHPrecious Capital AG is an active investor that focuses on precious metals and mining sectors. The firm primarily invests in leading global companies, considering investments in junior companies.AFFILIATIONSFounded: 2005. Precious Capital AG is a Zurich, Switzerland-based mutual fund investment management firm. The firm specializes in metal and mining and caters to private and institutional clients.

PEER OWNERSHIP TOP 10 ($MM)Ticker Q211 Q111 Q410 Q310 Q210 Q110 Q409 Q309 Q209P-T 0 0 0 0 0 0 0 0 0 KGI-T 2 2 2 <1 <1 0 0 0 0 GRS-US 1 1 1 0 0 0 0 0 0 NXG-US 1 1 1 0 0 0 0 0 0 LSG-T 1 1 1 <1 <1 0 0 0 0 TOP 5 GOLD/PRECIOUS METALS MINING BUYS($MM)


Security Name Value Change % Port.St Andrew Goldf 1.5 1.5 3.7San Gold Corp 1.4 1.4 3.6Gran Colombia G 1.3 1.3 3.3Extorre Gold Mi 1.0 1.0 2.6OceanaGold Corp 0.7 0.7 1.9

Security Name Value Change % Port.First Majestic 0.0 -2.9Aura Minerals I 0.0 -1.4Centerra Gold I 0.0 -1.2Gold Resource C 0.0 -1.0Silver Wheaton 0.0 -0.8


1,493 1,493KEY CONTACTSName Phone CMS EventsFlorian SiegfriedChief Executive Officer

41-44-224-2050


Fully Weighted Position 391,823Equity Assets ($MM) 39Port. Turnover 81%# Securities Held 31Investor Type Investment AdvisorTotal Assets ($MM) undisclosedInvestment Style Orientation Turnover

Active Mod


SECTOR & GROUP ACTIVITY ($MM)Group Asset ChangeGold/Precious Metals Mini 29 -3Materials 39 3Mining 36 -1Primero Peers 6 3


Security Name Value Change % Port.Timmins Gold Corp 3.1 0.0 7.9Orezone Gold Corp 2.1 -0.6 5.4Allied Gold Ltd 2.1 0.0 5.3Kirkland Lake Gold In 2.0 0.2 5.1Nyota Minerals Ltd 1.9 0.4 4.9Cga Mining Ltd 1.9 0.0 4.8St Andrew Goldfields 1.5 1.5 3.7San Gold Corp 1.4 1.4 3.6Gran Colombia Gold Co 1.3 1.3 3.3Lake Shore Gold Corp 1.3 0.2 3.2

CIBC World Markets Inc. Canada Trust Tower, 161 Bay Street, BCE Place Toronto, M5J 2S8, Canada | Phone: 416-594-7000

PRIMARY CONTACTBrian QuastResearch AnalystPhone: 416-956-3725Email: [email protected] Events: 2

Employment History: Mr. Brian Quast is a research analyst at CIBC World Markets Inc.

INVESTMENT APPROACH

AFFILIATIONSFounded: 1986. CIBC World Markets Inc. is a brokerage and an investment banking subsidiary of Canadian Imperial Bank of Commerce. In 2003, the firm sold CIBC Oppenheimer to Fahnestock & Co. Inc.



Security Name Value Change % Port.Kinross Gold Co 174.6 81.9 1.1Barrick Gold Co 487.0 39.4 3Goldcorp Inc - 381.0 37.8 2.4Agnico Eagle Mi 113.9 22.8 .7Silver Wheaton 11.3 11.3 .1

Security Name Value Change % Port.Newmont Mining 0.0 -2.4New Gold Inc 0.0 -2.0Augusta Resourc 0.0 -1.4ETFS Physical P 0.0 -0.5Pan American Si 0.0 -0.4


860 860KEY CONTACTSName Phone CMS EventsBarry CooperExecutive Director

416-956-6787 1

Cosmos C ChiuResearch Analyst

416-594-7106

Kevin ChiewResearch Analyst

416-594-7457

FIRM ATTRIBUTES

iSignal: Fully Weighted Position 1,904,699Equity Assets ($MM) 16,141Port. Turnover 88%# Securities Held 218Investor Type Research FirmTotal Assets ($MM) 0Investment Style Orientation Turnover

Broker-Dealer Passive Mod


SECTOR & GROUP ACTIVITY ($MM)Group Asset ChangeGold/Precious Metals Mini 1,407 210Materials 2,348 263Mining 1,743 231Primero Peers 0 -2


Security Name Value Change % Port.Barrick Gold Corp - U 487.0 39.4 3Goldcorp Inc - Underl 381.0 37.8 2.4Kinross Gold Corp - U 174.6 81.9 1.1Agnico Eagle Mines Lt 113.9 22.8 .7Eldorado Gold Corp 80.8 8.4 .5Yamana Gold Inc - Und 78.6 5.0 .5Iamgold Corp 75.0 8.4 .5Silver Wheaton Corp 11.3 11.3 .1Gold Fields Limited - 2.2 0.0First Majestic Silver 1.0 0.7

CMS EVENTS - All CMS eventsSan Dimas Analyst Tour07-Feb-11 EVENT POSITION CORPORATE BROKER


EVENT DESCRIPTION Combined analyst tour with Alamos & Gammon. Sell-side and buy-side and industry attendees.

CONTACTS & COMMENTS Brian Quast -

Analyst Dinner Nov 4 201004-Nov-10 EVENT POSITION CORPORATE BROKER

TYPE Meeting VENUE George CORPORATE PARTICIPANT Joseph F. Conway,Tamara Brown

EVENT DESCRIPTION

CONTACTS & COMMENTS Brian Quast -



EVENT DESCRIPTION

CONTACTS & COMMENTS Barry Cooper -

Baker Steel Capital Managers LLP 86, Jermyn Street London, SW1Y 6JD, United Kingdom | Phone: 44-20-7389-0009

PRIMARY CONTACTJames C WithallPartnerPhone: 44-20-7389-8299Email: [email protected] Events: 7

Employment History: Mr. James Carr Withall is a partner and a fund manager at Baker Steel Capital Managers LLP, which he joined in 2003.

Education: Mr. Withall obtained a master�s degree in Mineral Project Appraisal from Imperial College, London and a degree in Applied Geology from the University of Leicester.

General Information: Mr. Withall is a member of the Institute of Materials, Minerals and Mining (IOM3) and the Association of Mining Analysts (AMA). He was a geologist in Western Australia for seven years. Mr. Withall ran his own applied geology consultancy practice for a year and worked at Xstrata AG from 1998 to 2001. He served with Precious Metals Australia from 1996 to 1998. He is based in London.

INVESTMENT APPROACHBaker Steel Capital Managers LLP specializes in the natural resources and gold industries. The firm primarily invests in value-oriented stocks that display strong fundamentals and positive growth signals. Investments are made on a global basis. The gold strategy uses a long-only approach that focuses on gold and precious metal equities. The mining strategy employs a long-biased style that targets companies producing base metals, precious metals, bulk commodities, coals, industrial minerals and uranium, as well as diversified mining companies. The natural resources strategy uses a long/short approach that invests in precious metal, base metal, mining and energy equities. Baker Steel also makes private equity investments mainly in pre-IPO and special situations. Decision Making Process:The firm conducts proprietary regional research.AFFILIATIONSFounded: 2001. Baker Steel Capital Managers LLP is an independent investment advisory and hedge fund firm founded by Trevor D. Steel and David C. Baker. The firm primarily focuses on natural resources. The firm manages the Genus and Baker Steel series of funds in addition to other funds and has offices in London and Sydney.

PEER OWNERSHIP TOP 10 ($MM)Ticker Q211 Q111 Q410 Q310 Q210 Q110 Q409 Q309 Q209P-T 8 8 8 10 0 0 0 0 0 LSG-T 26 26 26 10 7 7 7 7 0 P-T 8 8 8 10 0 0 0 0 0 TOP 5 GOLD/PRECIOUS METALS MINING BUYS($MM)


Security Name Value Change % Port.Kinross Gold Co 40.5 40.5 3.4Newcrest Mining 36.6 36.6 3Yamana Gold Inc 32.1 19.6 2.7Conquest Mining 20.1 16.5 1.7Harmony Gold Mi 15.6 15.6 1.3

Security Name Value Change % Port.Red Back Mining 0.0 -33.1Lihir Gold Ltd 0.0 -26.8Avoca Resources 0.0 -21.6Gryphon Mineral 32.2 -14.7 2.7Allied Gold Ltd 58.0 -13.2 4.8


359,616 -398,152 -38,536KEY CONTACTSName Phone CMS EventsMatthew HustonResearch Analyst

44-20-7389-8247 1

David C BakerManaging Partner

61-2-8252-2210 2

Trevor D SteelManaging Partner

44-20-7389-8259


Fully Weighted Position 6,483,140Equity Assets ($MM) 1,209Port. Turnover 60%# Securities Held 70Investor Type Investment Advisor/Hedge

FundTotal Assets ($MM) 1,500Investment Style Orientation Turnover

Sector Specific Active Mod

POSITION HISTORYDate Position Change % O/S08-Apr-11 1,690,000 0 1.931-Mar-11 1,690,000 0 1.928-Feb-11 1,690,000 0 1.931-Jan-11 1,690,000 0 1.931-Dec-10 1,690,000 0 1.930-Nov-10 1,690,000 0 1.931-Oct-10 1,690,000 0 1.930-Sep-10 1,690,000 1,690,000 1.931-Aug-10 0 0

SECTOR & GROUP ACTIVITY ($MM)Group Asset ChangeGold/Precious Metals Mini 990 46Materials 1,123 47Mining 1,082 46Primero Peers 34 6


Security Name Value Change % Port.Resolute Mining Ltd 62.4 -1.0 5.2Allied Gold Ltd 58.0 -13.2 4.8Nevsun Resources Ltd 51.6 -8.9 4.3Centerra Gold Inc 46.2 -0.9 3.8OceanaGold Corp 43.9 0.2 3.6OceanaGold Corp 42.8 -0.6 3.5Gold Fields Limited - 42.1 7.1 3.5Kinross Gold Corp - U 40.5 40.5 3.4First Majestic Silver 38.8 -4.3 3.2Newcrest Mining Ltd - 36.6 36.6 3

OWNERSHIP HISTORY

CMS EVENTS - All CMS eventsBMO Conf 1:1 Mtg Feb 28 201128-Feb-11 EVENT POSITION 1,690,000 CORPORATE BROKER

TYPE Conference VENUE Hollywood, Florida CORPORATE PARTICIPANT Joseph F. Conway,Tamara Brown

EVENT DESCRIPTION - How are you getting rid of tax burden?

- Feels silver is going up; that it's sustainable

- Felt a friendly merger was best way out

- Feels silver is a liability for us and people have just gone elsewhere for leverage.

CONTACTS & COMMENTS David Baker - James Withall -

Fup 2011 Guidance Release20-Jan-11 EVENT POSITION 1,690,000 CORPORATE BROKER

TYPE Phone Call VENUE CORPORATE PARTICIPANT Tamara Brown

EVENT DESCRIPTION Called to follow up on Guidance Release. Happy with info, didn't have any questions.

CONTACTS & COMMENTS James Withall -

London UBS Roadshow Nov 24 201024-Nov-10 EVENT POSITION 1,690,000 CORPORATE BROKER UBS Investment Bank- London

TYPE Roadshow VENUE Baker Steel office CORPORATE PARTICIPANT Joseph F. Conway,Tamara Brown

EVENT DESCRIPTION - Matt excited about SG: done some work on it

- What do you need to get this mine making $

- Why'd you slip in Q3

- Can you trade the Ag with another asset?

- Heard Eduardo would bring asset out of Penoles

- How's the day to day run?

- What currency do you have to see to do something?

- Look at Almaden

- Came across; Eagle Mountain

- JAG: no one would touch it.


Denver Gold Forum Dinner Sept 19 201019-Sep-10 EVENT POSITION CORPORATE BROKER

TYPE Conference VENUE CORPORATE PARTICIPANT Joseph F. Conway,Wade Nesmith,Tamara Brown,David Blaiklock

EVENT DESCRIPTION - Knows Mexico very well, likes it. Suggested Baja has lots of small interesting ops.

- Feels RBI has 20m easily. Good deal for K.

CONTACTS & COMMENTS Matthew Huston -

Denver Gold Forum Dinner Sept 19 201019-Sep-10 EVENT POSITION CORPORATE BROKER

TYPE Conference VENUE CORPORATE PARTICIPANT Joseph F. Conway,Wade Nesmith,Tamara Brown,David Blaiklock

EVENT DESCRIPTION Concerned about risk of silver trading out of sync with gold and price exposure to SLW tax burden. Wants to know R2 threshold we use to employ hedging.

CONTACTS & COMMENTS David Baker -

Marketing Follow Up23-Jun-10 EVENT POSITION CORPORATE BROKER

TYPE Email Message VENUE CORPORATE PARTICIPANT

EVENT DESCRIPTION


Financing Europe Roadshow14-Jun-10 - 17-Jun-10 EVENT POSITION CORPORATE BROKER

TYPE Roadshow VENUE Europe CORPORATE PARTICIPANT Joseph F. Conway,Wade Nesmith

EVENT DESCRIPTION San Dimas Equity Financing June 2010


London Roadshow June 14 201014-Jun-10 EVENT POSITION CORPORATE BROKER Genuity Capital Markets- CAN

TYPE Roadshow VENUE Baker Steel office CORPORATE PARTICIPANT Joseph F. Conway

EVENT DESCRIPTION


Fup London14-Jun-10 EVENT POSITION CORPORATE BROKER


EVENT DESCRIPTION


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