Fundamental Equity Analysis - GDXJ Index Members

05.03.2012

Alamos Gold Inc. acquires, explores, develops and produces gold. The Company has

exploration and development activities in parts of Mexico and Turkey.

Latest Fiscal Year: 12/2011LTM as of: 09/yy52-Week High (31.01.2012) 21.0052-Week Low (17.05.2011) 13.26Daily Volume

17.9752-Week High % Change -14.43% Dividend Yield 1.2252-Week Low % Change 35.52% Beta 1.23% 52 Week Price Range High/Low 60.85% Equity Float 117.38

Shares Out 29.02.2012 119.0 Short Int 0.762'137.83 1 Yr Total Return 0.72%

Total Debt 0.00 YTD Return 2.39%Preferred Stock 0.0 Adjusted BETA 1.226Minority Interest 0.0 Analyst Recs 20Cash and Equivalents 222.56 Consensus Rating 4.400Enterprise Value 1'930.73

Average Volume 5 Day 765'170AGI CN EQUITY YTD Change - Average Volume 30 Day 873'437AGI CN EQUITY YTD % CHANGE - Average Volume 3 Month 715'934

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

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 03/12 Q1 06/12 Q274.0 133.0 171.4 189.3 227.4 181.1 217.0 377.5 403.6 77.0 102.97.16x 4.89x 6.53x 10.70x 8.01x 32.51x 31.94x 5.05x 4.59x 25.62x 18.95x18.4 60.4 95.2 100.5 129.7 99.1 121.4 256.7 272.6 50.5 70.1

28.84x 10.76x 11.76x 20.15x 14.05x 18.17x 12.64x 7.52x 7.08x 6.97x 6.39x2.9 29.4 56.0 63.8 60.1 65.6 58.9 149.8 173.0 29.0 40.6

92.99x 23.96x 23.32x 43.25x 33.85x 30.99x 29.44x 15.21x 12.89x 14.94x 13.88x

EBITDA 129.66 Long-Term Rating Date -EBIT 106.24 Long-Term Rating -Operating Margin 46.73% Long-Term Outlook -Pretax Margin 46.59% Short-Term Rating Date -Return on Assets 10.87% Short-Term Rating -Return on Common Equity 12.18%Return on Capital 12.25% EBITDA/Interest Exp. 216.82Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. 102.52

Net Debt/EBITDA -1.72Gross Margin 61.1% Total Debt/EBITDA 0.00EBITDA Margin 57.0%EBIT Margin 46.7% Total Debt/Equity 0.0%Net Income Margin 26.4% Total Debt/Capital 0.0%

Asset Turnover 0.41Current Ratio 11.68 Net Fixed Asset Turnover 1.17Quick Ratio 9.73 Accounts receivable turnover-days 9.55Debt to Assets 0.00% Inventory Days 120.59Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 59.45Accounts Receivable Turnover 38.23 Cash Conversion Cycle 70.69Inventory Turnover 3.03

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E

Market Capitalization

Average Daily Trading VolumeRelative Stock Price Performance

Total RevenueTEV/Revenue

EBITDATEV/EBITDA

Fiscal Year Ended

Alamos Gold IncPrice/Volume

Valuation Analysis

632'743.00Current Price (3/dd/yy) Market Data

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

05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK INC n/a Co File 11'544'377 9.75 (1'404'233) 30.11.2010 Investment AdvisorROYCE AND ASSOCIATES n/a 13G 7'082'700 5.98 - 31.12.2010 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 6'811'229 5.76 - 03.01.2012 Investment AdvisorNEUBERGER BERMAN LLC Multiple Portfolios MF-AGG 5'267'200 4.45 660'200 31.10.2011 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 5'170'670 4.37 20'349 31.10.2011 Investment AdvisorGOODMAN & CO INVESTM Multiple Portfolios MF-AGG 4'854'500 4.1 40'900 30.06.2011 Hedge Fund ManagerUNITED SERVICES AUTO Multiple Portfolios MF-AGG 4'030'000 3.41 30'000 30.09.2011 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 3'972'600 3.36 160'300 30.09.2011 Hedge Fund ManagerBLACKROCK INVESTMENT Multiple Portfolios MF-AGG 3'740'140 3.16 183'000 30.09.2011 Investment AdvisorSENTRY SELECT CAPITA Multiple Portfolios MF-AGG 3'661'100 3.09 - 30.06.2011 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 3'187'050 2.69 (3'200) 30.09.2011 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 2'428'325 2.05 66'125 30.09.2011 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 2'171'800 1.84 - 30.11.2011 Investment AdvisorIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 2'119'096 1.79 143'000 30.09.2011 Investment AdvisorMONTRUSCO BOLTON INV Multiple Portfolios MF-AGG 1'893'669 1.6 (3'950) 30.11.2011 Investment AdvisorPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 1'672'906 1.41 68'453 30.11.2011 Investment AdvisorWELLS FARGO FUNDS MA Multiple Portfolios MF-AGG 1'320'532 1.12 (195'883) 31.10.2011 Investment AdvisorLB SWISS INVESTMENT Multiple Portfolios MF-AGG 1'300'000 1.1 1'300'000 30.09.2011 Mutual Fund ManagerJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 1'275'000 1.08 - 31.05.2011 Investment AdvisorPYRAMIS GLOBAL ADVIS Multiple Portfolios MF-AGG 1'222'255 1.03 497 31.10.2011 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Macquarie TONY LESIAK neutral 3 M 19 12 month 04.01.2012Dahlman Rose & Co ADAM P GRAF hold 3 M #N/A N/A Not Provided 03.01.2012BMO Capital Markets DAVID HAUGHTON outperform 5 M 24 Not Provided 29.12.2011Desjardins Securities BRIAN CHRISTIE buy 5 M 27 12 month 21.12.2011Scotia Capital TREVOR TURNBULL sector outperform 5 M 25 12 month 19.12.2011TD Newcrest STEVEN J GREEN buy 5 M 22 12 month 19.12.2011Raymond James GARY J BASCHUK outperform 5 M 26 12 month 30.11.2011Dundee Securities Corp PAUL BURCHELL buy 5 M 24 12 month 25.11.2011Salman Partners DAVID WEST buy 5 M 23 12 month 14.11.2011Credit Suisse ANITA SONI neutral 3 M 20 Not Provided 07.11.2011Haywood Securities Inc. KERRY SMITH sector outperform 5 M 24 Not Provided 04.11.2011GMP CRAIG WEST hold 3 M 19 Not Provided 04.11.2011Mackie Research Capital Corp. BARRY D ALLAN hold 3 D 20 Not Provided 04.11.2011CIBC World Markets BARRY COOPER sector perform 3 D 24 Not Provided 03.11.2011Canaccord Genuity Corp RAHUL PAUL buy 5 M 23 12 month 03.11.2011Fraser Mackenzie Limited MICHAEL STAROGIANNIS buy 5 M 19 Not Provided 03.11.2011Paradigm Capital Inc JONATHAN CASE buy 5 M 23 12 month 06.10.2011

Holdings By:

Alamos Gold Inc ee


05.03.2012

Nevsun Resources Ltd. is a gold producer and base metal developer. The Company

has a gold-copper-zinc mine in Eritrea.



Shares Out 29.02.2012 200.4 Short Int 0.97803.77 1 Yr Total Return -29.36%

Total Debt 0.00 YTD Return -29.15%Preferred Stock 0.0 Adjusted BETA 1.775Minority Interest (3.9) Analyst Recs 8Cash and Equivalents 50.92 Consensus Rating 3.750Enterprise Value 660.68

Average Volume 5 Day 907'678NSU CN EQUITY YTD Change - Average Volume 30 Day 1'400'410NSU CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'073'704


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q10.0 0.0 0.0 0.0 0.0 0.0 373.2 503.8 390.2 - -

- - - - - #DIV/0! 11.66x - - - -(10.2) (10.6) (6.1) (4.9) (10.9) (10.3) 291.1 448.0 234.3 - -

- - - - - 0.00x 2.97x 1.47x 2.82x - -(109.3) (12.0) (5.7) (4.3) (13.3) (13.2) 98.8 153.0 94.4 - -

- - - - - 0.00x 10.36x 5.36x 7.61x 9.04x 15.53x

EBITDA -10.93 Long-Term Rating Date -EBIT -10.93 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -4.88% Short-Term Rating -Return on Common Equity -8.83%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin -EBIT Margin - Total Debt/Equity 0.0%Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover 0.00Current Ratio 3.85 Net Fixed Asset Turnover 0.00Quick Ratio 3.21 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover 0.00 Cash Conversion Cycle -Inventory Turnover -

Fiscal Year Ended

Nevsun Resources LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVANGUARD GROUP INC Multiple Portfolios MF-AGG 39'422'053 19.71 74'800 30.09.2011 Investment AdvisorFRANKLIN RESOURCES I FRANKLIN ADVISERS IN 13F 28'995'640 14.5 (190'900) 30.09.2011 Investment AdvisorJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 12'643'046 6.32 (598'641) 30.09.2011 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 11'174'100 5.59 19'600 30.09.2011 Investment AdvisorVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 8'504'669 4.25 1'586'092 30.09.2011 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 6'047'835 3.02 - 31.05.2011 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 5'989'657 3 63'851 30.09.2011 Investment AdvisorPASSPORT CAPITAL LLC PASSPORT CAPITAL LLC 13F 5'644'300 2.82 (540'120) 30.09.2011 Hedge Fund ManagerPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 5'344'819 2.67 - 30.11.2011 Investment AdvisorRUFFER LLP Multiple Portfolios MF-AGG 5'034'290 2.52 - 31.08.2011 Hedge Fund ManagerBRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 3'201'132 1.6 689'386 30.09.2011 Hedge Fund ManagerBLACKROCK INC BLACKROCK INC 13F 2'770'345 1.39 673'278 30.09.2011 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 2'679'791 1.34 117'800 30.09.2011 Pension Fund (ERISA)INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 1'988'284 0.99 (1'886'931) 30.09.2011 Investment AdvisorPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 1'830'420 0.92 (56'400) 30.09.2011 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 1'646'700 0.82 - 30.09.2011 Hedge Fund ManagerDAVIS CLIFFORD T n/a SEDI 1'603'319 0.8 803'319 18.09.2011 n/aCHILTON INVESTMENT C CHILTON INVESTMENT C 13F 1'549'072 0.77 57'142 30.09.2011 Hedge Fund ManagerBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'531'216 0.77 938 30.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 1'397'628 0.7 59'912 30.09.2011 Investment Advisor


TD Newcrest STEVEN J GREEN hold 3 M 7 12 month 19.12.2011Haywood Securities Inc. STEFAN IOANNOU sector outperform 5 M 8 Not Provided 09.12.2011Canaccord Genuity Corp RAHUL PAUL speculative buy 4 M 8 12 month 30.11.2011Paradigm Capital Inc DAVID DAVIDSON buy 5 M 9 12 month 16.11.2011GMP ANDREW MIKITCHOOK buy 5 M 8 Not Provided 16.11.2011RBC Capital Markets JONATHAN GUY outperform 5 M 8 12 month 14.11.2011CIBC World Markets COSMOS CHIU sector perform 3 M 8 Not Provided 14.11.2011

Holdings By:

Nevsun Resources Ltd ee


05.03.2012

Perseus Mining Limited is a mineral exploration Company. The Company explores

for gold in West Africa and Central Asia regions.



Shares Out 25.01.2012 457.5 Short Int 5.151'267.28 1 Yr Total Return -7.67%

Total Debt 80.21 YTD Return 15.42%Preferred Stock 0.0 Adjusted BETA 1.328Minority Interest (6.6) Analyst Recs 15Cash and Equivalents 96.46 Consensus Rating 4.067Enterprise Value 1'211.27

Average Volume 5 Day 1'742'383PRU AU EQUITY YTD Change - Average Volume 30 Day 1'672'964PRU AU EQUITY YTD % CHANGE - Average Volume 3 Month 2'289'177


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 09/yy 09/yy 06/12 Y 06/13 Y 03/12 Q3 06/12 Q4- - - 0.0 0.0 0.0 0.0 188.2 437.2 - -- - - - - #DIV/0! #DIV/0! 6.49x 2.73x - -

(1.9) (5.5) (3.3) (10.1) (14.2) (7.9) (10.4) 71.2 230.6 - -- - - - - 0.00x 0.00x 17.02x 5.25x - -

(0.5) (4.8) (4.8) (9.7) (48.2) (18.6) (35.2) 62.7 134.1 - -- - - - - 0.00x 0.00x 21.64x 9.20x 11.08x 8.94x


Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -5.65EBITDA Margin -EBIT Margin - Total Debt/Equity 36.6%Net Income Margin - Total Debt/Capital 27.4%


Fiscal Year Ended

Perseus Mining LtdPrice/Volume

Valuation Analysis

1'021'754.00Current Price (3/dd/yy) Market Data

Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeDUNDEE CORP n/a EXCH 50'889'000 11.16 (5'997'500) 12.10.2011 Holding CompanyGOODMAN & CO INVESTM Multiple Portfolios MF-AGG 40'828'800 8.96 1'614'300 30.06.2011 Hedge Fund ManagerVAN ECK ASSOCIATES C n/a EXCH 26'420'809 5.8 - 28.04.2011 Investment AdvisorMACQUARIE GROUP LTD n/a EXCH 20'849'302 4.57 (2'231'878) 26.11.2010 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 15'170'000 3.33 - 31.08.2011 Investment AdvisorSENTRY SELECT CAPITA Multiple Portfolios MF-AGG 15'141'500 3.32 - 30.06.2011 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 10'688'616 2.34 (230'000) 30.11.2011 Investment AdvisorMACKENZIE FINANCIAL Multiple Portfolios MF-AGG 10'632'198 2.33 190'198 30.09.2011 Investment AdvisorFIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 5'828'900 1.28 250'000 31.08.2011 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 5'200'000 1.14 - 31.05.2011 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 4'738'708 1.04 (583'688) 31.10.2011 Investment AdvisorGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 4'610'900 1.01 1'966'400 31.03.2011 Investment AdvisorCALDERWOOD MARK ANDR n/a Co File 4'600'000 1.01 - 30.08.2011 n/aSCOTIA ASSET MANAGEM Multiple Portfolios MF-AGG 3'978'800 0.87 60'900 30.11.2011 Investment AdvisorUNITED SERVICES AUTO Multiple Portfolios MF-AGG 3'700'000 0.81 100'000 31.08.2011 Investment AdvisorSPROTT ASSET MANAGEM Multiple Portfolios MF-AGG 3'293'932 0.72 - 30.06.2011 Hedge Fund ManagerACORN CAPITAL LTD n/a EXCH 3'268'667 0.72 - 05.01.2010 Investment AdvisorTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'200'000 0.7 - 30.06.2011 Investment AdvisorLB SWISS INVESTMENT Multiple Portfolios MF-AGG 3'200'000 0.7 1'200'000 30.09.2011 Mutual Fund ManagerUNISUPER n/a EXCH 3'198'273 0.7 - 05.01.2010 n/a


BMO Capital Markets ANDREW BREICHMANAS outperform 5 M 4 Not Provided 29.12.2011Dundee Securities Corp RON STEWART buy 5 M 5 12 month 23.12.2011Clarus Securities NANA SANGMUAH buy 5 M 6 12 month 23.12.2011CIBC World Markets COSMOS CHIU sector outperform 5 M 5 Not Provided 22.12.2011Goldman Sachs Australia PAUL HISSEY hold 3 M 3 Not Provided 14.12.2011Credit Suisse MICHAEL SLIFIRSKI outperform 5 M 4 Not Provided 17.11.2011Macquarie MITCH RYAN outperform 5 M 5 12 month 17.11.2011CLSA Asia Pacific Markets JAMES STEWART underperform 1 M 3 Not Provided 17.11.2011E.L. & C. Baillieu RAY CHANTRY buy 5 U 4 12 month 03.11.2011RBS SAM BERRIDGE hold 3 M 3 12 month 26.10.2011Cormark Securities Inc. MIKE KOZAK buy 5 M 6 12 month 06.09.2011Citi CRAIG SAINSBURY buy 5 M 4 Not Provided 22.08.2011Evans & Partners Pty Ltd CATHY MOISES neutral 3 M #N/A N/A Not Provided 02.03.2011BGF Equities Pty Ltd WARWICK ROBERT GRIGOR strong buy 5 M 5 Not Provided 04.01.2011GMP MARK SMITH hold 3 D 1 12 month 03.09.2009

Holdings By:

Perseus Mining Ltd ee


05.03.2012

Silvercorp Metals Inc. acquires, explores, and develops mineral properties in

China. The Company is developing its Ying Silver project located in thePeople's Republic of China.





Average Volume 5 Day 1'138'836SVM CN EQUITY YTD Change - Average Volume 30 Day 890'740SVM CN EQUITY YTD % CHANGE - Average Volume 3 Month 824'351


31.03.2007 31.03.2008 31.03.2009 31.03.2010 31.03.2011 09/yy 09/yy 03/12 Y 03/13 Y 03/12 Q4 06/12 Q139.8 108.4 83.5 107.2 167.3 132.6 226.0 244.2 312.3 50.8 68.6

18.55x 10.33x 3.67x 9.86x 14.18x 32.83x 31.66x 4.69x 3.62x 23.28x 17.19x25.8 76.7 40.4 66.4 110.3 83.6 156.5 151.5 166.0 31.5 42.8

28.67x 14.60x 7.59x 15.92x 21.51x 15.32x 8.05x 7.49x 6.84x 7.05x 6.80x22.1 59.9 (16.0) 38.5 68.8 48.7 86.4 79.9 101.0 15.0 20.6

37.00x 19.96x 18.75x 27.45x 37.31x 26.52x 16.27x 14.86x 12.18x 15.70x 14.44x



Asset Turnover 0.42Current Ratio 5.87 Net Fixed Asset Turnover 0.84Quick Ratio 5.75 Accounts receivable turnover-days 6.84Debt to Assets 0.00% Inventory Days 30.29Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 85.43Accounts Receivable Turnover 53.39 Cash Conversion Cycle -48.30Inventory Turnover 12.05


Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Silvercorp Metals IncPrice/Volume

Valuation Analysis


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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 5'849'450 3.43 (215'500) 30.09.2011 Investment AdvisorPERELLA WEINBERG PAR PERELLA WEINBERG PAR 13F 5'042'400 2.96 5'042'400 30.09.2011 Hedge Fund ManagerFENG RUI n/a SEDI 4'139'500 2.43 135'000 16.09.2011 n/aVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 3'882'750 2.28 (399'250) 30.09.2011 Investment AdvisorRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 3'380'000 1.98 (759'400) 30.09.2011 Hedge Fund ManagerAXA AXA 13F 2'259'386 1.32 2'259'386 30.09.2011 Investment AdvisorSENTRY SELECT CAPITA Multiple Portfolios MF-AGG 2'030'000 1.19 - 30.06.2011 Investment AdvisorUBS AG UBS AG 13F 1'690'925 0.99 (67'270) 30.09.2011 Investment AdvisorPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 1'618'860 0.95 (55'800) 30.09.2011 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 1'602'488 0.94 (154'866) 30.09.2011 Investment AdvisorIG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 1'425'500 0.84 1'425'500 30.09.2011 Investment AdvisorBLACKROCK INC BLACKROCK INC 13F 1'296'332 0.76 (291'850) 30.09.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 1'229'927 0.72 (44'870) 30.09.2011 Investment AdvisorGILDER GAGNON HOWE GILDER GAGNON HOWE 13F 1'151'428 0.67 1'151'428 30.09.2011 Investment AdvisorBLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 1'080'000 0.63 - 30.09.2011 Investment AdvisorFALCON FUND MANAGEME Multiple Portfolios MF-AGG 1'020'000 0.6 4'000 30.11.2011 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 1'006'664 0.59 (386'600) 30.09.2011 Pension Fund (ERISA)TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 1'001'113 0.59 (91'400) 30.09.2011 Investment AdvisorCITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 859'821 0.5 654'352 30.09.2011 Investment AdvisorMORGAN STANLEY & CO MORGAN STANLEY 13F 842'255 0.49 479'056 30.09.2011 Investment Advisor


BMO Capital Markets ANDREW KAIP speculative outperform 4 M 13 Not Provided 03.01.2012Raymond James BRAD HUMPHREY outperform 5 M 15 12 month 08.12.2011Salman Partners ASH GUGLANI buy 5 M 14 12 month 14.11.2011CIBC World Markets BRIAN QUAST sector perform 3 M 12 Not Provided 09.11.2011Knight TEAM COVERAGE strong buy 5 M 13 12 month 20.09.2011

Holdings By:

Silvercorp Metals Inc ee


05.03.2012

Kirkland Lake Gold, Inc. is an operating gold mining company located in

Ontario, Canada. The Company owns the Macassa Mine and mill and severalcontiguous gold producing properties. Kirkland Lake is developing a lode golddeposit.





Average Volume 5 Day 455'710KGI CN EQUITY YTD Change - Average Volume 30 Day 366'997KGI CN EQUITY YTD % CHANGE - Average Volume 3 Month 353'931


30.04.2007 30.04.2008 30.04.2009 30.04.2010 30.04.2011 10/yy 10/yy 04/12 Y 04/13 Y 01/12 Q3 04/12 Q436.7 41.4 43.5 51.2 105.2 69.9 131.2 179.6 327.6 46.0 42.8

18.75x 9.87x 10.98x 9.15x 8.85x 30.18x 31.92x 5.86x 2.96x - -(6.4) (1.0) (6.8) (7.6) 26.5 16.2 38.2 73.7 157.0 20.6 20.4

- - - - 35.19x 44.13x 33.10x 14.63x 6.87x 10.02x 8.43x(8.4) (3.3) (10.5) (12.3) 20.1 11.4 39.7 65.0 130.2 17.7 14.1

- - - - 48.55x 75.07x 49.03x 17.40x 8.64x 13.34x 11.35x

EBITDA 26.45 Long-Term Rating Date -EBIT 18.60 Long-Term Rating -Operating Margin 17.69% Long-Term Outlook -Pretax Margin 18.23% Short-Term Rating Date -Return on Assets 10.80% Short-Term Rating -Return on Common Equity 12.17%Return on Capital - EBITDA/Interest Exp. 836.06Asset Turnover 0.57% (EBITDA-Capex)/Interest Exp. -956.88



Fiscal Year Ended

Kirkland Lake Gold IncPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeRESOLUTE FUNDS LTD n/a Co File 6'700'000 9.58 (245'000) 31.10.2011 Investment AdvisorSPROTT ASSET MANAGEM n/a 13G 4'980'350 7.12 - 30.04.2008 Hedge Fund ManagerINVESTEC ASSET MANAG n/a RNS-MAJ 4'059'830 5.81 - 14.09.2011 Investment AdvisorDOBSON DAVID HARRY n/a SEDI 3'765'000 5.39 75'000 20.01.2010 n/aVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 2'931'313 4.19 - 03.01.2012 Investment AdvisorMILTON GEORGE A n/a SEDI 2'683'036 3.84 10'000 16.04.2010 n/aOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'315'525 3.31 9'037 31.10.2011 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 1'900'000 2.72 - 31.05.2011 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'609'900 2.3 400 30.11.2011 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 1'154'368 1.65 (49'139) 31.08.2011 Investment AdvisorHINCHCLIFFE BRIAN A n/a SEDI 1'113'000 1.59 (4'000) 30.12.2010 n/aCOLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 1'102'000 1.58 - 31.10.2011 Investment AdvisorEMPIRE LIFE INSURANC Multiple Portfolios MF-AGG 536'700 0.77 536'700 30.06.2011 Mutual Fund ManagerBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 477'082 0.68 353 30.12.2011 Investment AdvisorWELLS FARGO FUNDS MA Multiple Portfolios MF-AGG 400'000 0.57 - 31.10.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 317'172 0.45 21'061 30.09.2011 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 274'400 0.39 (89'700) 30.06.2011 Hedge Fund ManagerJONES HEWARD INVESTM Multiple Portfolios MF-AGG 274'043 0.39 - 04.01.2012 UnclassifiedLB SWISS INVESTMENT Multiple Portfolios MF-AGG 246'300 0.35 12'700 30.09.2011 Mutual Fund ManagerAMERICAN CENTURY COM Multiple Portfolios MF-AGG 235'600 0.34 - 30.09.2011 Investment Advisor


CIBC World Markets BARRY COOPER sector outperform 5 M 28 Not Provided 11.12.2011National Bank Financial PAOLO LOSTRITTO outperform 5 M 22 12 month 09.12.2011Mirabaud Securities RICHARD MORGAN speculative buy 4 M 21 12 month 08.12.2011Dundee Securities Corp RON STEWART buy 5 M 24 12 month 08.12.2011Panmure Gordon & Co Limited OLIVER WYNNE-JAMES buy 5 M 18 Not Provided 08.12.2011Raymond James FORBES GEMMELL Under Review #N/A N/A M #N/A N/A Not Provided 25.10.2010

Holdings By:

Kirkland Lake Gold Inc ee


05.03.2012

Minefinders Corporation Ltd. acquires, explores, and develops precious metal

properties. The Company has controlling interests in properties in Mexico, theUnited States, and Canada.


15.3252-Week High % Change -19.16% Dividend Yield -52-Week Low % Change 60.42% Beta 0.87% 52 Week Price Range High/Low 61.38% Equity Float 88.44



Average Volume 5 Day 813'646MFN US EQUITY YTD Change - Average Volume 30 Day 1'408'966MFN US EQUITY YTD % CHANGE - Average Volume 3 Month 963'905


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 03/12 Q1 06/12 Q20.0 0.0 75.2 92.9 241.2 89.5 210.4 291.7 305.8 - -

- - 9.92x 8.64x 2.97x 31.10x 17.48x - - - -(22.3) (22.3) 9.4 31.6 148.5 19.4 119.5 161.8 165.6 - -

- - 79.78x 25.40x 4.83x 36.68x 8.25x 7.21x 7.04x - -(19.2) (29.1) (4.3) (4.0) 91.1 6.4 43.6 125.9 125.0 - -

- - - - - 0.00x 0.00x 13.80x 11.42x 17.81x 15.68x





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Minefinders CorpPrice/Volume

Valuation Analysis


'.135

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10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePRUDENTIAL PLC PRUDENTIAL PLC 13F 13'433'600 16.19 13'400'100 30.09.2011 Investment AdvisorM&G INVESTMENT MANAG n/a Co File 12'733'500 15.35 - 21.04.2011 Investment AdvisorVANGUARD GROUP INC n/a 13G 9'266'907 11.17 - 31.03.2011 Investment AdvisorVAN ECK ASSOCIATES C n/a 13G 8'159'029 9.83 352'566 06.12.2011 Investment AdvisorBEUTEL GOODMAN & COM n/a 13G 5'198'005 6.26 - 31.12.2010 Investment AdvisorFRANKLIN RESOURCES I FRANKLIN ADVISERS IN 13F 4'092'457 4.93 144'300 30.09.2011 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 3'119'449 3.76 88'430 30.09.2011 Investment AdvisorUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 2'080'000 2.51 (920'000) 30.09.2011 Investment AdvisorCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 1'698'628 2.05 938'600 30.09.2011 Investment AdvisorINVESCO LTD INVESCO LTD 13F 1'654'149 1.99 (76'501) 30.09.2011 Investment AdvisorBRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 1'352'980 1.63 289'293 30.09.2011 Hedge Fund ManagerIG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 1'283'400 1.55 (119'700) 30.09.2011 Investment AdvisorMACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 1'176'200 1.42 (787'000) 30.09.2011 Investment AdvisorDREMAN VALUE MANAGEM DREMAN VALUE MANAGEM 13F 1'111'273 1.34 (607'145) 30.09.2011 Investment AdvisorBLACKROCK INC BLACKROCK INC 13F 1'081'593 1.3 227'653 30.09.2011 Investment AdvisorEMPIRE LIFE INSURANC Multiple Portfolios MF-AGG 999'800 1.2 503'800 30.06.2011 Mutual Fund ManagerGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 965'367 1.16 (93'496) 30.09.2011 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 932'089 1.12 593'216 30.09.2011 Pension Fund (ERISA)TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 913'000 1.1 - 30.09.2011 Hedge Fund ManagerLB SWISS INVESTMENT Multiple Portfolios MF-AGG 900'000 1.08 (350'000) 30.09.2011 Mutual Fund Manager


Dahlman Rose & Co ADAM P GRAF buy 5 M 16 Not Provided 03.01.2012BMO Capital Markets ANDREW KAIP outperform 5 M 20 Not Provided 29.12.2011Desjardins Securities BRIAN CHRISTIE hold 3 M 16 12 month 21.12.2011Scotia Capital TREVOR TURNBULL sector outperform 5 M 20 12 month 19.12.2011TD Newcrest STEVEN J GREEN reduce 2 M 14 12 month 19.12.2011Jennings Capital STUART MCDOUGALL buy 5 M 20 12 month 24.11.2011Mackie Research Capital Corp. BARRY D ALLAN hold 3 M 11 Not Provided 24.11.2011Salman Partners DAVID WEST buy 5 M 19 12 month 14.11.2011CIBC World Markets BRIAN QUAST sector underperform 1 D 16 Not Provided 08.11.2011Canaccord Genuity Corp RAHUL PAUL buy 5 M 20 12 month 08.11.2011

Holdings By:

Minefinders Corp ee


05.03.2012

Endeavour Silver Corp. is a small-cap silver mining company focused on the

growth of its silver production, reserves and resources in Mexico.



Shares Out 29.02.2012 87.7 Short Int 0.75894.64 1 Yr Total Return 9.21%

Total Debt 0.29 YTD Return 5.05%Preferred Stock 0.0 Adjusted BETA 1.418Minority Interest 0.0 Analyst Recs 6Cash and Equivalents 88.13 Consensus Rating 2.667Enterprise Value 771.38

Average Volume 5 Day 1'818'639EXK US EQUITY YTD Change - Average Volume 30 Day 1'331'174EXK US EQUITY YTD % CHANGE - Average Volume 3 Month 1'424'541


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q115.7 32.3 39.3 50.8 86.5 82.3 139.0 150.5 217.0 48.7 -8.36x 5.19x 1.18x 3.98x 5.84x 10.34x 17.66x - - - -(0.3) (7.5) (4.5) 11.3 29.5 26.0 73.6 63.5 101.9 - -

- - - 17.91x 17.16x 9.99x 8.93x 12.16x 7.57x - -(3.9) (12.2) (18.0) (1.9) 7.1 (2.9) 26.2 33.5 76.9 16.5 -

- - - - - 0.00x 0.00x 23.94x 12.17x 21.70x 17.29x

EBITDA 29.46 Long-Term Rating Date -EBIT 14.01 Long-Term Rating -Operating Margin 16.20% Long-Term Outlook -Pretax Margin 19.13% Short-Term Rating Date -Return on Assets 4.81% Short-Term Rating -Return on Common Equity 5.94%Return on Capital 5.68% EBITDA/Interest Exp. -Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. -




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Endeavour Silver CorpPrice/Volume

Valuation Analysis


'

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10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

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100.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 4'466'022 5.11 768'137 30.09.2011 Investment AdvisorRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 3'182'699 3.64 3'100'799 30.09.2011 Hedge Fund ManagerCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 2'079'363 2.38 747'300 30.09.2011 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 1'758'313 2.01 1'132'100 30.09.2011 Pension Fund (ERISA)ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 1'689'700 1.94 (214'000) 30.09.2011 Investment AdvisorDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1'424'914 1.63 1'151'207 30.09.2011 Investment AdvisorCOOKE BRADFORD JAMES n/a SEDI 1'287'837 1.47 25'000 14.10.2011 n/aFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 1'240'000 1.42 240'000 30.09.2011 Investment AdvisorGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 1'195'250 1.37 (94'200) 31.03.2011 Investment AdvisorCHILTON INVESTMENT C CHILTON INVESTMENT C 13F 1'079'000 1.24 1'079'000 30.09.2011 Hedge Fund ManagerGREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 1'046'925 1.2 199'525 30.09.2011 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 979'193 1.12 (95'139) 30.09.2011 Investment AdvisorAGF INVESTMENTS INC AGF INVESTMENTS INC 13F 819'350 0.94 - 30.09.2011 Investment AdvisorPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 786'200 0.9 (7'500) 30.09.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 587'682 0.67 38'365 30.09.2011 Investment AdvisorPORTOLA GROUP INCORP PORTOLA GROUP INCORP 13F 564'600 0.65 279'600 30.09.2011 Investment AdvisorMD MANAGEMENT LTD Multiple Portfolios MF-AGG 557'000 0.64 557'000 30.11.2011 Investment AdvisorBLACKROCK INC BLACKROCK INC 13F 547'738 0.63 13'830 30.09.2011 Investment AdvisorSPROTT ASSET MANAGEM SPROTT ASSET MANAGEM 13F 513'300 0.59 2'700 30.09.2011 Hedge Fund ManagerGUGGENHEIM CAPITAL L GUGGENHEIM CAPITAL L 13F 489'903 0.56 489'903 30.09.2011 Investment Advisor


BMO Capital Markets ANDREW KAIP underperform 1 M 7 Not Provided 03.01.2012Salman Partners ASH GUGLANI hold 3 M 11 12 month 06.12.2011Haywood Securities Inc. CHRIS THOMPSON sector underperform 1 M 9 Not Provided 07.11.2011CIBC World Markets BRIAN QUAST sector perform 3 M 13 Not Provided 02.11.2011

Holdings By:

Endeavour Silver Corp ee


05.03.2012

Dundee Precious Metals Inc. acquires, explores, and develops gold mining

properties. The Company owns interests in mineral properties in Armenia,Bulgaria, Canada, and Serbia.





Average Volume 5 Day 706'135DPM CN EQUITY YTD Change - Average Volume 30 Day 575'233DPM CN EQUITY YTD % CHANGE - Average Volume 3 Month 579'004


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 03/12 Q1 06/12 Q2122.4 105.1 137.6 202.0 338.5 185.0 311.5 456.3 548.3 87.5 94.93.33x 0.65x 2.15x 5.56x 2.84x 9.89x 13.22x 2.38x 1.58x - -(0.2) (36.2) 16.4 - - 39.4 57.9 189.7 286.0 - -

- - 18.00x - - 18.48x 16.96x 6.30x 4.18x - -15.4 (79.2) 5.1 22.9 86.1 5.2 84.4 125.5 198.5 23.9 26.9

- - 44.88x 49.37x 13.48x 23.33x 14.85x 10.05x 7.59x 11.47x 10.70x

EBITDA - Long-Term Rating Date -EBIT 76.56 Long-Term Rating -Operating Margin 22.62% Long-Term Outlook -Pretax Margin 26.18% Short-Term Rating Date -Return on Assets 9.87% Short-Term Rating -Return on Common Equity 12.77%Return on Capital 10.10% EBITDA/Interest Exp. -Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -Gross Margin 38.6% Total Debt/EBITDA -EBITDA Margin -EBIT Margin 22.6% Total Debt/Equity 11.8%Net Income Margin 25.4% Total Debt/Capital 10.3%


Fiscal Year Ended

Dundee Precious Metals IncPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

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0.0

50.0

100.0

150.0

200.0

250.0

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeDUNDEE CORP n/a SEDI 28'308'755 22.6 - 17.03.2010 Holding CompanyMASON HILL ADVISORS n/a Co File 12'884'085 10.29 - 28.02.2010 UnclassifiedUS GLOBAL INVESTORS n/a 13G 9'537'800 7.62 - 31.12.2009 Investment AdvisorTHIRD AVENUE MANAGEM n/a Co File 7'556'820 6.03 (4'286'512) 31.08.2009 Hedge Fund ManagerVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 4'931'173 3.94 - 03.01.2012 Investment AdvisorIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 3'747'100 2.99 (12'400) 30.09.2011 Investment AdvisorFIRST EAGLE INVESTME Multiple Portfolios MF-AGG 3'702'396 2.96 - 30.09.2011 Hedge Fund ManagerRUFFER LLP Multiple Portfolios MF-AGG 2'806'000 2.24 434'000 31.08.2011 Hedge Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'838'734 1.47 - 31.07.2011 Investment AdvisorSCEPTRE INVESTMENT C Multiple Portfolios MF-AGG 1'743'400 1.39 256'900 31.10.2011 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'690'314 1.35 57'133 31.10.2011 Investment AdvisorMACKENZIE FINANCIAL Multiple Portfolios MF-AGG 1'217'300 0.97 - 30.09.2011 Investment AdvisorNATCAN INVESTMENT MA Multiple Portfolios MF-AGG 1'191'558 0.95 28'443 30.11.2011 Investment AdvisorAMERICAN CENTURY COM Multiple Portfolios MF-AGG 1'054'184 0.84 - 30.09.2011 Investment AdvisorNUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 927'062 0.74 750 30.09.2011 Investment AdvisorSPROTT ASSET MANAGEM Multiple Portfolios MF-AGG 875'200 0.7 - 30.06.2011 Hedge Fund ManagerRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 841'033 0.67 241'717 31.08.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 495'085 0.4 32'800 30.09.2011 Investment AdvisorJONES HEWARD INVESTM Multiple Portfolios MF-AGG 398'122 0.32 - 04.01.2012 UnclassifiedGOODMAN JONATHAN CAR n/a PROXY 397'899 0.32 - 31.12.2010 n/a


Stifel Nicolaus JOSH WOLFSON buy 5 M 14 12 month 03.01.2012BMO Capital Markets JOHN P HAYES speculative outperform 4 M 13 Not Provided 29.12.2011Scotia Capital LEILY OMOUMI sector outperform 5 M 14 12 month 19.12.2011Union Securities PHILIP KER strong buy 5 M 14 12 month 01.12.2011Dundee Securities Corp PAUL BURCHELL not rated #N/A N/A M #N/A N/A Not Provided 01.12.2011RBC Capital Markets STEPHEN D WALKER outperform 5 M 14 12 month 30.11.2011Cormark Securities Inc. MIKE KOZAK buy 5 M 17 12 month 25.11.2011

Holdings By:

Dundee Precious Metals Inc ee


05.03.2012

Kingsgate Consolidated Limited is a gold mining and exploration company with

operations focused in Thailand at the Chatree gold project. The Company alsoexplores for silver and other metals.





Average Volume 5 Day 843'514KCN AU EQUITY YTD Change - Average Volume 30 Day 875'904KCN AU EQUITY YTD % CHANGE - Average Volume 3 Month 738'774


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -52.0 74.3 113.0 175.5 172.4 - - 401.4 578.7 - -

10.19x 6.01x 5.46x 5.18x 6.69x - - 2.54x 1.42x - -(15.5) 19.6 (38.1) 6.0 66.8 - - 207.4 327.8 - -

- 22.77x - 152.63x 17.26x - - 5.43x 3.44x - -(12.6) 36.2 32.5 73.1 21.1 - - 126.3 220.0 - -

- 10.12x 19.20x 12.59x 42.78x - - 7.68x 4.55x - -


Net Debt/EBITDA 0.96Gross Margin 31.0% Total Debt/EBITDA 1.50EBITDA Margin 38.8%EBIT Margin 22.3% Total Debt/Equity 16.7%Net Income Margin 12.3% Total Debt/Capital 14.1%


Fiscal Year Ended

Kingsgate Consolidated LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

200.0

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFIDELITY MANAGEMENT n/a EXCH 9'884'105 7.02 1'692'700 11.10.2011 Investment AdvisorVAN ECK ASSOCIATES C n/a EXCH 7'121'339 5.06 - 16.12.2011 Investment AdvisorBLACKROCK GROUP n/a EXCH 6'706'614 4.76 (795'773) 08.06.2011 Investment AdvisorUBS AG n/a EXCH 6'061'213 4.3 (1'102'089) 16.09.2010 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 5'500'000 3.9 - 30.09.2011 Investment AdvisorUNITED SERVICES AUTO Multiple Portfolios MF-AGG 4'700'000 3.34 100'000 31.08.2011 Investment AdvisorSMYTH-KIRK ROSS DONA n/a Co File 4'520'176 3.21 - 18.10.2011 n/aRUFFER LLP Multiple Portfolios MF-AGG 3'968'651 2.82 121'000 31.08.2011 Hedge Fund ManagerFIRST EAGLE INVESTME Multiple Portfolios MF-AGG 3'418'481 2.43 475'000 30.09.2011 Hedge Fund ManagerTHOMAS GAVIN n/a EXCH 2'380'388 1.69 (633'160) 29.09.2011 n/aFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 1'650'650 1.17 60'500 30.09.2011 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 938'161 0.67 73'644 30.09.2011 Mutual Fund ManagerFIDELITY INTERNATION Multiple Portfolios MF-AGG 839'261 0.6 839'261 30.04.2011 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 635'000 0.45 - 31.05.2011 Investment AdvisorGAMCO ASSET MANAGEME Multiple Portfolios MF-AGG 600'000 0.43 (100'000) 30.09.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 576'279 0.41 45'609 30.09.2011 Investment AdvisorPYRAMIS GLOBAL ADVIS Multiple Portfolios MF-AGG 359'388 0.26 213'834 31.10.2011 Investment AdvisorUS GLOBAL INVESTORS Multiple Portfolios MF-AGG 350'000 0.25 - 30.06.2011 Investment AdvisorPACIFIC INCOME ADVIS Multiple Portfolios MF-AGG 281'011 0.2 - 30.11.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 246'675 0.18 953 03.01.2012 Investment Advisor


BMO Capital Markets DAVID HAUGHTON market perform 3 M 11 Not Provided 29.12.2011Goldman Sachs Australia PAUL HISSEY buy 5 M 12 Not Provided 14.12.2011RBC Capital Markets STEUART MCINTYRE underperform 1 M 8 12 month 01.12.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011RBS SAM BERRIDGE buy 5 M 7 12 month 25.11.2011Veritas Securities MATTHEW BAILLIE buy 5 N 9 Not Provided 24.11.2011Macquarie MITCH RYAN outperform 5 M 10 12 month 16.11.2011Bell Potter PETER CHAPMAN Under Review #N/A N/A M #N/A N/A Not Provided 02.11.2011BBY Limited MIKE HARROWELL strong buy 5 M 11 12 month 01.11.2011Deutsche Bank LEVI SPRY hold 3 D 8 12 month 28.10.2011Citi CRAIG SAINSBURY neutral 3 D 9 Not Provided 28.10.2011CLSA Asia Pacific Markets JAMES STEWART sell 1 D 7 Not Provided 28.10.2011Wilson HTM Investment Group KEITH WILLIAMS buy 5 M 14 Not Provided 10.10.2011Evans & Partners Pty Ltd CATHY MOISES Positive 4 U #N/A N/A Not Provided 02.03.2011E.L. & C. Baillieu RAY CHANTRY hold 3 M 7 12 month 24.02.2011

Holdings By:

Kingsgate Consolidated Ltd ee


05.03.2012

Aurizon Mines Ltd. is a gold mining company. The Company's operations and

exploration activities are located in the Abitibi region of north-westernQuebec, Canada. Aurizon operates and owns an interest in the Beaufor Mine,the Sleeping Giant Mine, and the Casa Berardi property.





Average Volume 5 Day 831'654ARZ CN EQUITY YTD Change - Average Volume 30 Day 792'565ARZ CN EQUITY YTD % CHANGE - Average Volume 3 Month 742'500


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q10.0 119.2 144.5 175.6 178.7 172.2 222.9 253.0 280.1 78.6 71.9

- 5.15x 4.07x 3.65x 5.82x 17.51x 15.35x 2.53x 2.20x 8.15x 8.86x(5.8) 47.6 53.5 87.5 67.3 69.9 95.1 122.8 149.0 46.3 40.3

- 12.90x 10.98x 7.32x 15.47x 14.52x 7.29x 5.32x 4.38x 3.91x 4.05x(15.0) 9.4 4.9 36.7 16.1 20.1 28.3 45.1 78.7 23.5 20.0

- 64.50x 399.00x 20.57x 72.80x 59.17x 29.72x 17.47x 10.99x 11.11x 11.89x





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Aurizon Mines LtdPrice/Volume

Valuation Analysis


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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGOODMAN & CO INVESTM GOODMAN & COMPANY IN 13F 13'337'500 8.18 468'000 30.09.2011 Hedge Fund ManagerVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 10'750'996 6.59 861'532 30.09.2011 Investment AdvisorMONTRUSCO BOLTON INV MONTRUSCO BOLTON INV 13F 7'448'947 4.57 1'168'117 30.09.2011 Investment AdvisorUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 7'000'001 4.29 7'000'001 30.09.2011 Investment AdvisorCAMBIOR INC n/a 13D 6'961'953 4.27 - 23.01.2006 CorporationFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 5'396'134 3.31 (806'366) 30.09.2011 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 4'909'857 3.01 (280'852) 31.10.2011 Investment AdvisorRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 3'728'100 2.29 (254'300) 30.09.2011 Hedge Fund ManagerBLACKROCK INC BLACKROCK INC 13F 3'656'146 2.24 (366'510) 30.09.2011 Investment AdvisorWELLS FARGO FUNDS MA Multiple Portfolios MF-AGG 3'392'631 2.08 (4'394) 31.10.2011 Investment AdvisorINVESCO LTD INVESCO LTD 13F 3'368'259 2.07 193'553 30.09.2011 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 3'342'550 2.05 (382'000) 30.09.2011 Hedge Fund ManagerNWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 2'880'463 1.77 (2'456'045) 30.09.2011 Investment AdvisorCREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 2'794'768 1.71 540'200 30.09.2011 Investment AdvisorRIVANNA CAPITAL LLC RIVANNA CAPITAL LLC 13F 2'758'728 1.69 382'450 30.09.2011 Hedge Fund ManagerCANADA PENSION PLAN CANADA PENSION PLAN 13F 2'431'405 1.49 (315'975) 30.09.2011 Pension Fund (ERISA)NORTHWEST MUTUAL FUN Multiple Portfolios MF-AGG 2'309'722 1.42 (67'450) 30.11.2011 Investment AdvisorAGF INVESTMENTS INC AGF INVESTMENTS INC 13F 2'308'100 1.42 (202'600) 30.09.2011 Investment AdvisorNATCAN INVESTMENT MA NATCAN INVESTMENT MA 13F 2'037'919 1.25 1'792'619 30.09.2011 Investment AdvisorHIGHSTREET ASSET MAN HIGHSTREET ASSET MAN 13F 1'738'966 1.07 1'738'966 30.09.2011 Investment Advisor


Macquarie PIERRE VAILLANCOURT outperform 5 M 7 12 month 04.01.2012BMO Capital Markets ANDREW KAIP market perform 3 M 7 Not Provided 29.12.2011Desjardins Securities BRIAN CHRISTIE buy 5 M 9 12 month 21.12.2011Dundee Securities Corp PAUL BURCHELL buy 5 M 9 12 month 25.11.2011Loewen, Ondaatje, McCutcheon Ltd MICHAEL G FOWLER buy 5 M 10 12 month 17.11.2011National Bank Financial PAOLO LOSTRITTO outperform 5 M 7 12 month 16.11.2011Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 9 Not Provided 11.11.2011Clarus Securities NANA SANGMUAH buy 5 M 8 12 month 11.11.2011Global Hunter Securities JEFF WRIGHT accumulate 4 M 8 12 month 11.11.2011CIBC World Markets COSMOS CHIU sector perform 3 M 8 Not Provided 10.11.2011Raymond James FORBES GEMMELL Under Review #N/A N/A M #N/A N/A Not Provided 25.10.2010

Holdings By:

Aurizon Mines Ltd ee


05.03.2012

Rubicon Minerals Corporation is a mineral exploration company. The Company

explores for gold deposits in the Red Lake gold camp of Canada, as well asNevada and Alaska.




Total Debt 0.00 YTD Return -10.34%Preferred Stock 0.0 Adjusted BETA 1.552Minority Interest 0.0 Analyst Recs 4Cash and Equivalents 64.45 Consensus Rating 4.000Enterprise Value 910.49

Average Volume 5 Day 1'656'627RMX CN EQUITY YTD Change - Average Volume 30 Day 1'904'257RMX CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'441'709


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q10.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -(2.7) (3.2) (3.4) (4.6) (11.6) (10.3) (5.7) (11.5) (12.2) - -

- - - - - 0.00x 0.00x - - - -(3.8) (2.2) (2.4) (0.6) (24.0) (10.2) (20.5) (7.3) (7.4) - -

- - - - - 0.00x 0.00x - - - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Rubicon Minerals CorpPrice/Volume

Valuation Analysis


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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeAGNICO-EAGLE n/a 13D 21'671'827 9.11 - 28.07.2011 CorporationOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 14'669'187 6.17 (82'580) 30.09.2011 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 13'218'007 5.56 - 03.01.2012 Investment AdvisorIG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 11'779'800 4.95 929'200 30.09.2011 Investment AdvisorSENTRY SELECT CAPITA Multiple Portfolios MF-AGG 8'634'200 3.63 - 30.06.2011 Investment AdvisorRBC GLOBAL ASSET MAN RBC GLOBAL ASSET MGM 13F 5'235'992 2.2 (234'869) 30.09.2011 Investment AdvisorMORGAN STANLEY & CO MORGAN STANLEY 13F 4'206'633 1.77 662'140 30.09.2011 Investment AdvisorJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 3'961'000 1.67 (299'482) 30.09.2011 Investment AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 3'600'017 1.51 491'500 30.09.2011 Investment AdvisorBLACKROCK INC BLACKROCK INC 13F 2'550'800 1.07 631'942 30.09.2011 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 2'354'050 0.99 1'826'900 30.09.2011 Pension Fund (ERISA)FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 2'316'352 0.97 235'000 30.09.2011 Investment AdvisorPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 2'183'400 0.92 522'500 30.09.2011 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 2'030'000 0.85 - 31.05.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'820'200 0.77 - 30.12.2011 Investment AdvisorGILDER GAGNON HOWE GILDER GAGNON HOWE 13F 1'803'849 0.76 (55'187) 30.09.2011 Investment AdvisorLIBRA ADVISORS LLC LIBRA ADVISORS LLC 13F 1'786'300 0.75 - 30.09.2011 Hedge Fund ManagerCIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 1'767'894 0.74 (1'340) 30.09.2011 Investment AdvisorHIGHSIDE CAPITAL MAN HIGHSIDE CAPITAL MAN 13F 1'765'000 0.74 1'765'000 30.09.2011 Hedge Fund ManagerSHARE SICAV Multiple Portfolios MF-AGG 1'694'300 0.71 235'900 31.03.2011 Investment Advisor


BMO Capital Markets ANDREW KAIP Speculative Underperform 2 M 4 Not Provided 29.12.2011TD Newcrest DANIEL EARLE speculative buy 4 M 6 12 month 19.12.2011Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 8 Not Provided 13.09.2011GMP CRAIG WEST buy 5 M 9 Not Provided 12.09.2011CIBC World Markets BARRY COOPER sector underperform 1 M 4 Not Provided 01.09.2011Versant Partners ANTHONA D CURIC suspended coverage #N/A N/A M 6 12 month 27.05.2010

Holdings By:

Rubicon Minerals Corp ee


05.03.2012

Medusa Mining Limited is a gold exploration and mining Company. The Company

has exploration projects located in Western Australia and the Philippines alongwith mining leases in Tasmania.





Average Volume 5 Day 797'637MML AU EQUITY YTD Change - Average Volume 30 Day 1'009'883MML AU EQUITY YTD % CHANGE - Average Volume 3 Month 1'055'759


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -8.5 15.8 42.6 93.9 148.7 - - 126.2 201.0 - -

14.86x 9.93x 5.99x - 8.51x - - 9.05x 5.42x - -(1.0) 4.6 30.4 73.0 120.2 - - 100.9 163.2 - -

- 34.16x 8.41x - 10.54x - - 11.61x 7.17x - -7.1 (1.2) 28.5 65.8 110.4 - - 83.6 154.7 - -

13.37x - 8.88x 8.74x 12.02x - - 14.04x 8.04x - -

EBITDA 120.17 Long-Term Rating Date -EBIT 109.98 Long-Term Rating -Operating Margin 73.96% Long-Term Outlook -Pretax Margin 74.29% Short-Term Rating Date -Return on Assets 47.10% Short-Term Rating -Return on Common Equity 48.90%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. -


Asset Turnover 0.63Current Ratio 15.50 Net Fixed Asset Turnover 3.99Quick Ratio 7.55 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days 83.89Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 88.71Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover 4.35

Fiscal Year Ended

Medusa Mining LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVANGUARD GROUP INC Multiple Portfolios MF-AGG 25'914'152 13.72 3'297'604 30.09.2011 Investment AdvisorM&G INVESTMENT MANAG n/a EXCH 24'550'000 13 1'695'000 01.08.2011 Investment AdvisorFIDELITY MANAGEMENT n/a EXCH 23'767'909 12.58 (1'956'327) 01.12.2011 Investment AdvisorVAN ECK ASSOCIATES C n/a EXCH 9'403'608 4.98 - 08.08.2011 Investment AdvisorBLACKROCK GROUP n/a EXCH 9'336'952 4.94 (134'653) 01.02.2011 Investment AdvisorSPROTT ASSET MANAGEM n/a EXCH 9'107'710 4.82 152'315 06.05.2010 Hedge Fund ManagerADVANCE CONCEPT HOLD n/a EXCH 8'816'798 4.67 (2'365'000) 22.01.2010 UnclassifiedREX HARBOUR & ASSOCI n/a EXCH 6'647'146 3.52 (4'714'520) 24.03.2011 n/aROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 5'629'300 2.98 55'000 30.09.2011 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 4'600'000 2.44 - 30.09.2011 Investment AdvisorDAVIS GEOFFREY JOHN n/a EXCH 4'052'750 2.15 (1'000'000) 10.11.2011 n/aAFDAL SAMUEL G n/a Co File 3'540'000 1.87 - 30.06.2010 n/aFIRST EAGLE INVESTME Multiple Portfolios MF-AGG 2'613'520 1.38 - 30.09.2011 Hedge Fund ManagerUCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 2'598'862 1.38 996'063 30.11.2011 Mutual Fund ManagerOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'459'300 1.3 315'900 31.10.2011 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 1'464'366 0.78 1'464'361 30.06.2011 Investment AdvisorDANIEL ROY PHILIP n/a EXCH 1'422'006 0.75 - 09.06.2011 n/aJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 1'300'000 0.69 - 31.05.2011 Investment AdvisorMMA INVESTMENT MANAG Multiple Portfolios MF-AGG 1'020'000 0.54 - 30.06.2011 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 979'194 0.52 186'517 30.09.2011 Mutual Fund Manager


EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 04.01.2012Goldman Sachs Australia PAUL HISSEY hold 3 M 8 Not Provided 22.12.2011Morgan Stanley BRENDAN FITZPATRICK Overwt/Attractive 5 M 9 12 month 20.12.2011RBC Capital Markets STEUART MCINTYRE outperform 5 M 8 12 month 20.12.2011Oriel Securities Ltd KATE CRAIG buy 5 M 9 Not Provided 19.12.2011CLSA Asia Pacific Markets JAMES STEWART buy 5 U 8 Not Provided 13.12.2011Seymour Pierce ASA BRIDLE buy 5 M 8 Not Provided 08.12.2011Deutsche Bank LEVI SPRY buy 5 M 9 12 month 01.12.2011RBS PHILLIP CHIPPINDALE buy 5 M 7 12 month 23.11.2011Fairfax I.S. Limited JOHN MEYER buy 5 M 9 Not Provided 04.11.2011Citi CRAIG SAINSBURY buy 5 M 10 Not Provided 22.08.2011E.L. & C. Baillieu RAY CHANTRY accumulate 4 U 9 12 month 19.05.2011Paradigm Capital Inc JONATHAN CASE buy 5 M 10 12 month 06.04.2011Westhouse Securities DAVID NAVAS buy 5 M 5 12 month 17.03.2011Mirabaud Securities ALEX WOOD buy 5 U 5 12 month 09.08.2010

Holdings By:

Medusa Mining Ltd ee


05.03.2012

Banro Corporation, through its subsidiary, explores and develops gold

properties. The Company currently holds mining permits and mining concessionsin the Democratic Republic of Congo in Africa.





Average Volume 5 Day 1'898'276BAA CN EQUITY YTD Change - Average Volume 30 Day 1'469'217BAA CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'218'729


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q10.0 0.0 0.0 0.0 0.0 0.0 0.0 12.1 192.0 - -

- - - - - #DIV/0! #DIV/0! - - - -(5.5) (10.3) (6.2) (7.6) (10.6) (9.1) (10.3) (1.8) 114.0 - -

- - - - - 0.00x 0.00x - 9.24x - -(3.1) (4.3) (8.5) (4.8) (3.3) (7.1) (8.0) (6.7) 87.5 - -

- - 9.34x - - 0.00x 0.00x - 10.88x 12.73x 9.01x

EBITDA -10.56 Long-Term Rating Date -EBIT -10.63 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -1.21% Short-Term Rating -Return on Common Equity -1.24%Return on Capital - EBITDA/Interest Exp. -311.35Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -3485.27


Asset Turnover 0.00Current Ratio 7.05 Net Fixed Asset Turnover 0.00Quick Ratio 6.74 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -


Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Banro CorpPrice/Volume

Valuation Analysis


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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeJP MORGAN CHASE & CO n/a Co File 19'080'350 9.68 (248'429) 31.10.2011 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 18'025'141 9.15 335'141 30.09.2011 Investment AdvisorTRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 17'786'612 9.03 (4'380'008) 30.09.2011 Investment AdvisorJAGUAR PORTLAND HOLD n/a 13G 10'489'811 5.32 5'294'000 31.12.2009 Holding CompanyVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 9'369'759 4.76 - 03.01.2012 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 8'988'500 4.56 (135'800) 30.09.2011 Hedge Fund ManagerJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 8'038'571 4.08 - 31.05.2011 Investment AdvisorRUFFER LLP Multiple Portfolios MF-AGG 8'010'300 4.07 - 31.08.2011 Hedge Fund ManagerFRANKLIN RESOURCES I FRANKLIN ADVISERS IN 13F 7'895'300 4.01 875'000 30.09.2011 Investment AdvisorIG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 7'001'900 3.55 (1'278'900) 30.09.2011 Investment AdvisorGEOLOGIC RESOURCE PA GEOLOGIC RESOURCE PA 13F 6'266'154 3.18 (1'732'746) 30.09.2011 Hedge Fund ManagerFIDELITY INTERNATION FIDELITY INTERNATION 13F 3'084'403 1.57 (303'867) 30.09.2011 Investment AdvisorDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 2'999'555 1.52 250'105 30.09.2011 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 2'783'208 1.41 (15'530) 30.09.2011 Investment AdvisorDWS INVESTMENT SA Multiple Portfolios MF-AGG 2'650'000 1.35 750'000 30.11.2011 Mutual Fund ManagerBLACKROCK INC BLACKROCK INC 13F 2'302'922 1.17 806'009 30.09.2011 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 2'286'800 1.16 832'900 30.09.2011 Pension Fund (ERISA)FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 1'995'386 1.01 1'020'786 30.09.2011 Investment AdvisorKONDRAT ARNOLD T n/a SEDI 1'989'748 1.01 (59'500) 09.11.2011 n/aBLACKROCK JAPAN CO L BLACKROCK JAPAN CO L 13F 1'960'000 0.99 (68'604) 30.09.2011 Investment Advisor


CIBC World Markets COSMOS CHIU sector outperform 5 M 7 Not Provided 21.12.2011GMP BROCK SALIER buy 5 M 9 Not Provided 14.10.2011Cormark Securities Inc. MIKE KOZAK speculative buy 4 M 7 12 month 12.10.2011

Holdings By:

Banro Corp ee


05.03.2012

Avion Gold Corporation is a Canadian-based exploration and development company

focused on gold exploration and production in Mali, Africa.





Average Volume 5 Day 1'771'811AVR CN EQUITY YTD Change - Average Volume 30 Day 2'155'388AVR CN EQUITY YTD % CHANGE - Average Volume 3 Month 2'240'929


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q10.0 0.0 0.0 29.7 115.5 90.7 140.6 147.0 233.7 - -

- - - - 6.28x 6.05x 17.08x - - - -(0.1) (0.2) (2.1) - 46.5 25.1 53.2 68.5 136.5 - -

- - - - 15.59x 0.00x 0.00x 10.49x 5.26x - -0.0 (0.8) (6.6) 2.3 31.5 14.1 42.7 53.3 83.2 - -

11.60x - - - 22.01x 11.54x 14.87x 14.62x 8.47x 10.39x 8.14x

EBITDA 46.54 Long-Term Rating Date -EBIT 35.98 Long-Term Rating -Operating Margin 31.14% Long-Term Outlook -Pretax Margin 27.23% Short-Term Rating Date -Return on Assets - Short-Term Rating -Return on Common Equity -Return on Capital - EBITDA/Interest Exp. 92.47Asset Turnover - (EBITDA-Capex)/Interest Exp. -34.74


Asset Turnover -Current Ratio 4.01 Net Fixed Asset Turnover -Quick Ratio 2.40 Accounts receivable turnover-days -Debt to Assets 1.81% Inventory Days -Tot Debt to Common Equity 2.19% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -

Fiscal Year Ended

Avion Gold CorpPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSENTRY SELECT CAPITA n/a Co File 63'382'350 14.4 (5'035'800) 30.09.2011 Investment AdvisorSPROTT ASSET MANAGEM n/a Co File 59'414'749 13.5 (7'291'300) 31.10.2011 Hedge Fund ManagerFIDELITY MANAGEMENT n/a Co File 52'836'315 12 - 31.07.2011 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 22'286'312 5.06 - 03.01.2012 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 15'535'200 3.53 (1'964'800) 30.09.2011 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 8'663'848 1.97 3'061'637 31.08.2011 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 6'556'337 1.49 1'045'391 31.10.2011 Investment AdvisorIA CLARINGTON INVEST Multiple Portfolios MF-AGG 6'420'000 1.46 4'280'000 31.03.2011 Investment AdvisorNATCAN INVESTMENT MA Multiple Portfolios MF-AGG 4'696'249 1.07 1'114'578 30.11.2011 Investment AdvisorUS GLOBAL INVESTORS Multiple Portfolios MF-AGG 4'550'000 1.03 (400'000) 30.06.2011 Investment AdvisorPI FINANCIAL CORP n/a SEDI 3'426'136 0.78 (1'521'671) 01.12.2011 OtherBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 3'371'877 0.77 - 30.12.2011 Investment AdvisorALTAMIRA MANAGEMENT Multiple Portfolios MF-AGG 2'801'000 0.64 531'000 30.11.2011 UnclassifiedAGF INVESTMENTS INC Multiple Portfolios MF-AGG 1'686'615 0.38 134'335 31.03.2011 Investment AdvisorMATRIX FUND MANAGEME Multiple Portfolios MF-AGG 1'685'000 0.38 172'500 31.10.2011 Investment AdvisorDRIEHAUS CAPITAL MAN Multiple Portfolios MF-AGG 1'636'506 0.37 - 31.10.2011 Hedge Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 1'510'616 0.34 275'144 30.09.2011 Investment AdvisorJONES HEWARD INVESTM Multiple Portfolios MF-AGG 1'305'651 0.3 - 04.01.2012 UnclassifiedTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'200'000 0.27 1'000'000 30.06.2011 Investment AdvisorJULIUS BAER ASSET MA Multiple Portfolios MF-AGG 1'113'040 0.25 - 31.08.2011 Mutual Fund Manager


BMO Capital Markets ANDREW BREICHMANAS market perform 3 M 2 Not Provided 29.12.2011Cormark Securities Inc. MIKE KOZAK buy 5 M 3 12 month 22.12.2011Canaccord Genuity Corp STEVEN BUTLER buy 5 M 3 12 month 21.12.2011Mackie Research Capital Corp. JOHN MCCLINTOCK buy 5 M 3 Not Provided 21.12.2011National Bank Financial TARA HASSAN outperform 5 M 3 12 month 21.12.2011

Holdings By:

Avion Gold Corp ee


05.03.2012

Fortuna Silver Mines Inc. is a silver exploration and mining company. The

Company operations include the Caylloma silver-zinc-lead mine lies within theCaylloma Mining District in the southern highlands of Arequipa, Peru and theSan Jose silver-gold project a low sulphidation epithermal system locatedwithin the Taviche Mining District located in southern Oaxaca, Mexico.





Average Volume 5 Day 1'007'012FVI CN EQUITY YTD Change - Average Volume 30 Day 780'300FVI CN EQUITY YTD % CHANGE - Average Volume 3 Month 936'627


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q13.0 29.6 24.8 51.4 74.1 66.0 101.9 123.0 195.3 - -

29.29x 6.67x 1.39x 3.01x 6.78x 12.37x 21.19x - - - -(3.7) 5.4 0.1 21.3 37.5 30.0 51.0 63.0 102.1 - -

- 36.68x 401.05x 7.25x 13.41x 9.75x 10.97x 12.68x 7.82x - -(3.8) (2.6) (0.9) 0.6 13.0 12.7 25.5 32.5 71.8 - -

- - - 99.42x 40.06x 28.27x 23.81x 26.35x 15.02x 16.59x 14.73x




Fiscal Year Ended

Fortuna Silver Mines IncPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

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0

1

2

3

4

5

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20.0

30.0

40.0

50.0

60.0

70.0

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSENTRY SELECT CAPITA Multiple Portfolios MF-AGG 10'498'600 8.43 - 30.06.2011 Investment AdvisorSPROTT ASSET MANAGEM n/a Co File 9'637'953 7.74 (296'797) 31.03.2010 Hedge Fund ManagerVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 7'907'748 6.35 - 03.01.2012 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 2'238'689 1.8 (1'221'931) 31.08.2011 Investment AdvisorGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 1'346'586 1.08 (85'894) 30.11.2011 Investment AdvisorLB SWISS INVESTMENT Multiple Portfolios MF-AGG 1'300'000 1.04 (300'000) 30.09.2011 Mutual Fund ManagerGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 1'251'089 1 1'251'089 31.03.2011 Investment AdvisorUS GLOBAL INVESTORS Multiple Portfolios MF-AGG 1'080'000 0.87 (320'000) 30.06.2011 Investment AdvisorTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 951'300 0.76 267'900 30.06.2011 Investment AdvisorHIGHSTREET ASSET MAN HIGHSTREET ASSET MAN 13F 912'197 0.73 912'197 30.09.2011 Investment AdvisorMONTRUSCO BOLTON INV Multiple Portfolios MF-AGG 730'372 0.59 523'557 30.11.2011 Investment AdvisorFALCON FUND MANAGEME Multiple Portfolios MF-AGG 640'000 0.51 - 30.11.2011 Investment AdvisorLOMBARD ODIER DARIER Multiple Portfolios MF-AGG 529'000 0.42 - 31.10.2011 Mutual Fund ManagerFEDERATED INVESTORS Multiple Portfolios MF-AGG 440'000 0.35 (10'000) 30.09.2011 Investment AdvisorVEHRS THOMAS n/a SEDI 425'000 0.34 225'000 29.11.2011 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 422'114 0.34 32'313 30.09.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 400'344 0.32 - 30.12.2011 Investment AdvisorPATE CAPITAL PARTNER PATE CAPITAL PARTNER 13F 400'000 0.32 - 30.09.2011 Hedge Fund ManagerOPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 370'000 0.3 - 31.10.2011 Mutual Fund ManagerMARLBOROUGH FUND MAN Multiple Portfolios MF-AGG 369'926 0.3 - 01.12.2011 Mutual Fund Manager


BMO Capital Markets ANDREW KAIP market perform 3 M 8 Not Provided 03.01.2012Canaccord Genuity Corp NICHOLAS CAMPBELL speculative buy 4 M 8 12 month 13.12.2011Haywood Securities Inc. CHRIS THOMPSON sector perform 3 D 7 Not Provided 14.11.2011Collins Stewart ANDREI KROUPNIK buy 5 N 8 9 month 12.11.2011Cormark Securities Inc. GRAEME JENNINGS buy 5 M 8 12 month 11.11.2011CIBC World Markets BRIAN QUAST sector outperform 5 M 9 Not Provided 10.11.2011Versant Partners ANTHONA D CURIC suspended coverage #N/A N/A M 2 12 month 27.05.2010

Holdings By:

Fortuna Silver Mines Inc ee


05.03.2012

B2Gold Corporation is a gold exploration and production company. The Company is

a Vancouver based gold producer with mines in Nicaragua and a portfolio ofdevelopment and exploration assets in Nicaragua, Colombia and Uruguay.





Average Volume 5 Day 3'087'684BTO CN EQUITY YTD Change - Average Volume 30 Day 4'164'917BTO CN EQUITY YTD % CHANGE - Average Volume 3 Month 3'194'574


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q1- 0.0 0.0 20.6 127.5 84.1 205.5 221.3 268.7 58.5 70.5- - - 15.58x 6.62x 20.34x 20.00x 6.80x 5.65x 25.75x 21.35x- (4.2) (10.6) (9.6) 36.8 10.8 99.3 109.3 144.0 33.3 37.7- - - - 22.94x 50.95x 12.29x 13.78x 10.46x 9.91x 9.99x- (4.2) (30.0) (27.8) 29.5 (1.6) 41.7 60.6 79.3 16.4 20.6- - - - 54.11x 0.00x 26.79x 21.45x 18.07x 18.31x 18.89x




Fiscal Year Ended

B2Gold CorpPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'--..001122

a -- M -- d -- 8 -- d -- a -- a -- 8 -- m -- j -- f -- 9 -- a -.!' 7

2!' 7

-'!' 7

-2!' 7

.'!' 7

.2!' 7

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0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

-'!''

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0'!''

1'!''

2'!''

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 44'737'233 11.7 - 30.11.2011 Investment AdvisorRESOLUTE FUNDS LTD n/a Co File 33'800'000 8.84 (11'874'000) 28.02.2011 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 15'000'000 3.92 - 30.09.2011 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 13'544'067 3.54 (701'568) 31.08.2011 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 13'098'694 3.43 - 03.01.2012 Investment AdvisorSENTRY SELECT CAPITA Multiple Portfolios MF-AGG 12'275'000 3.21 - 30.06.2011 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 9'328'831 2.44 236'916 31.10.2011 Investment AdvisorGARAGAN THOMAS n/a SEDI 5'260'000 1.38 (1'000'000) 06.07.2011 n/aCORRA MARK A n/a SEDI 5'253'750 1.37 (1'000'000) 06.07.2011 n/aSCEPTRE INVESTMENT C Multiple Portfolios MF-AGG 5'021'000 1.31 623'300 31.10.2011 Investment AdvisorRICHER ROGER THOMAS n/a SEDI 5'000'000 1.31 - 11.07.2011 n/aCI INVESTMENTS INC Multiple Portfolios MF-AGG 4'904'100 1.28 564'600 30.06.2011 Hedge Fund ManagerCROSS ROBERT n/a PROXY 4'871'660 1.27 - 10.05.2011 n/aGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 4'529'575 1.18 1'526'275 31.03.2011 Investment AdvisorSTANSBURY DENNIS ROB n/a SEDI 4'132'800 1.08 (2'500) 18.08.2011 n/aJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 4'100'000 1.07 - 31.05.2011 Investment AdvisorMANULIFE ASSET MANAG Multiple Portfolios MF-AGG 3'854'334 1.01 399'570 30.11.2011 Investment AdvisorPALODURO INVESTMENTS n/a SEDI 3'831'660 1 (500'000) 06.07.2011 CorporationNORTHERN TRUST CORPO Multiple Portfolios MF-AGG 2'431'300 0.64 124'500 30.09.2011 Investment AdvisorAMERICAN CENTURY COM Multiple Portfolios MF-AGG 2'409'500 0.63 1'362'800 30.09.2011 Investment Advisor


Macquarie MICHAEL GRAY outperform 5 M 6 12 month 04.01.2012Cormark Securities Inc. RICHARD GRAY top pick 5 M 6 12 month 03.01.2012TD Newcrest STEVEN J GREEN buy 5 M 5 12 month 19.12.2011Haywood Securities Inc. CHRIS THOMPSON sector outperform 5 M 4 Not Provided 01.12.2011Canaccord Genuity Corp STEVEN BUTLER buy 5 M 5 12 month 10.11.2011Raymond James FORBES GEMMELL Under Review #N/A N/A M #N/A N/A Not Provided 25.10.2010

Holdings By:

B2Gold Corp ee


05.03.2012

Evolution Mining Ltd is a gold exploration company with operations in Western

Australia. The Company owns the gold mines - Cracow, Edna May, Mt Rawdon andPajingo - and the Mt Carlton development project.





Average Volume 5 Day 2'865'686EVN AU EQUITY YTD Change - Average Volume 30 Day 1'863'265EVN AU EQUITY YTD % CHANGE - Average Volume 3 Month 1'577'066


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -- - - 22.3 121.9 - - 524.9 720.0 - -- - - 13.04x 2.11x - - 2.41x 1.44x - -

(10.1) (2.3) (6.9) 2.9 28.7 - - 202.8 373.6 - -- - - 99.74x 8.94x - - 6.31x 3.43x - -

(9.7) (2.3) (6.8) 5.5 (2.3) - - 95.3 211.3 - -- - - 41.35x - - - 13.60x 6.68x - -

EBITDA 28.73 Long-Term Rating Date -EBIT 7.58 Long-Term Rating -Operating Margin 6.22% Long-Term Outlook -Pretax Margin 3.25% Short-Term Rating Date -Return on Assets -1.02% Short-Term Rating -Return on Common Equity -1.54%Return on Capital -2.40% EBITDA/Interest Exp. 6.55Asset Turnover 0.54% (EBITDA-Capex)/Interest Exp. -0.61

Net Debt/EBITDA 0.51Gross Margin 16.5% Total Debt/EBITDA 1.56EBITDA Margin 23.6%EBIT Margin 6.2% Total Debt/Equity 28.0%Net Income Margin -1.9% Total Debt/Capital 21.9%



Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Evolution Mining LtdPrice/Volume

Valuation Analysis


'

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40.0

60.0

80.0

100.0

120.0

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeNEWCREST MINING LTD n/a EXCH 231'082'631 32.96 - 13.12.2011 n/aVAN ECK ASSOCIATES C n/a EXCH 14'386'445 2.05 - 16.09.2011 Investment AdvisorBANK OF AMERICA CORP n/a EXCH 8'827'967 1.26 (414'122) 30.03.2011 Investment AdvisorUBS AG n/a EXCH 8'457'393 1.21 (462'775) 16.06.2011 Investment AdvisorORBIS HOLDINGS LIMIT n/a EXCH 8'411'900 1.2 (552'936) 03.11.2011 Investment AdvisorCARROUSEL CAPITAL LT n/a EXCH 7'003'150 1 (3'884'531) 23.06.2010 Investment AdvisorJJ HOLDINGS (VIC) PT n/a EXCH 6'952'009 0.99 275'862 18.11.2011 n/aKLEIN JACOB n/a EXCH 5'524'999 0.79 150'635 15.12.2011 n/aLB SWISS INVESTMENT Multiple Portfolios MF-AGG 5'150'000 0.73 - 30.09.2011 Mutual Fund ManagerNESTOR INVESTMENT MA Multiple Portfolios MF-AGG 3'547'536 0.51 1'090'871 31.10.2011 Mutual Fund ManagerCREASY MARK GARETH n/a EXCH 3'062'502 0.44 - 10.12.2009 n/aUOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'011'168 0.29 - 30.06.2011 Mutual Fund ManagerFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'984'347 0.28 593'550 30.11.2011 Investment AdvisorPOLLOCK MURRAY G n/a EXCH 1'839'492 0.26 - 18.10.2011 n/aRENEAGLE PL n/a EXCH 1'729'790 0.25 - 10.12.2009 n/aGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 1'706'300 0.24 (496'300) 31.03.2011 Investment AdvisorGOLDRICH HLDGS PL n/a EXCH 1'454'546 0.21 - 10.12.2009 n/aMALONEY PETER JOSEPH n/a EXCH 1'379'579 0.2 - 18.10.2011 n/aFALCON FUND MANAGEME Multiple Portfolios MF-AGG 1'072'691 0.15 160'903 30.11.2011 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 889'819 0.13 84'221 30.09.2011 Mutual Fund Manager


Paterson Securities RHYS BRADLEY buy 5 M 2 12 month 09.12.2011Macquarie MITCH RYAN outperform 5 M 3 12 month 06.12.2011Evans & Partners Pty Ltd CATHY MOISES neutral 3 N #N/A N/A Not Provided 04.12.2011RBC Capital Markets GEOFF BREEN outperform 5 M 3 12 month 01.12.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011RBS CHRIS BROWN buy 5 U 2 12 month 09.11.2011Hartleys PETER GRAY buy 5 M 2 Not Provided 08.11.2011Investec GEOFF MUERS restricted #N/A N/A M #N/A N/A Not Provided 07.11.2011BBY Limited MIKE HARROWELL strong buy 5 N 3 12 month 18.10.2011Argonaut Securities Pty Ltd TIM SERJEANT hold 3 M 2 Not Provided 25.08.2011E.L. & C. Baillieu RAY CHANTRY hold 3 D 2 12 month 28.04.2011

Holdings By:

Evolution Mining Ltd ee


05.03.2012

Extorre Gold Mines Ltd. explores for gold and silver. The Company owns and

operates mines in various regions of Argentina.





Average Volume 5 Day 696'684XG CN EQUITY YTD Change - Average Volume 30 Day 532'844XG CN EQUITY YTD % CHANGE - Average Volume 3 Month 445'765


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q1- - - - 0.0 0.0 0.0 - - - -- - - - - #DIV/0! #DIV/0! - - - -- - - - (33.3) (20.9) (51.0) (22.8) (19.1) (2.2) (7.2)- - - - - 0.00x 0.00x - - - -- - - - (33.2) (20.9) (53.5) (49.1) (36.0) (11.1) (12.1)- - - - - 0.00x 0.00x - - - -

EBITDA -33.31 Long-Term Rating Date -EBIT -33.47 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets - Short-Term Rating -Return on Common Equity -Return on Capital - EBITDA/Interest Exp. -Asset Turnover - (EBITDA-Capex)/Interest Exp. -


Asset Turnover -Current Ratio 19.77 Net Fixed Asset Turnover -Quick Ratio 19.77 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -


Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Extorre Gold Mines LtdPrice/Volume

Valuation Analysis


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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 10'515'748 11.36 11'891 30.09.2011 Investment AdvisorOPPENHEIMERFUNDS INC n/a Co File 8'786'042 9.49 - 30.09.2011 Investment AdvisorSPROTT ASSET MANAGEM SPROTT ASSET MANAGEM 13F 6'021'500 6.51 396'600 30.09.2011 Hedge Fund ManagerVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 4'413'653 4.77 - 03.01.2012 Investment AdvisorJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 3'590'556 3.88 (382'801) 30.09.2011 Investment AdvisorROWEN COMPANY LTD n/a SEDI 2'958'000 3.2 100'000 14.11.2011 CorporationTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 2'183'800 2.36 (2'900) 30.09.2011 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 1'963'700 2.12 - 31.05.2011 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 1'904'800 2.06 304'800 30.09.2011 Investment AdvisorROXBURGH BRYCE G n/a SEDI 1'709'250 1.85 72'500 02.05.2011 n/aCANADA PENSION PLAN CANADA PENSION PLAN 13F 1'453'400 1.57 346'600 30.09.2011 Pension Fund (ERISA)SIMPSON YALE R n/a SEDI 1'363'250 1.47 (10'000) 23.12.2010 n/aLIBRA ADVISORS LLC LIBRA ADVISORS LLC 13F 1'314'200 1.42 (126'300) 30.09.2011 Hedge Fund ManagerUS GLOBAL INVESTORS US GLOBAL INVESTORS 13F 1'068'900 1.15 12'500 30.09.2011 Investment AdvisorBLACKROCK INC BLACKROCK INC 13F 985'551 1.06 542'720 30.09.2011 Investment AdvisorWELLS FARGO FUNDS MA Multiple Portfolios MF-AGG 885'000 0.96 - 31.10.2011 Investment AdvisorPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 848'900 0.92 4'900 30.09.2011 Investment AdvisorCQS CAYMAN LP CQS CAYMAN LP 13F 736'700 0.8 (63'300) 30.09.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 708'363 0.77 - 30.12.2011 Investment AdvisorCIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 676'722 0.73 464'522 30.09.2011 Investment Advisor


Dahlman Rose & Co ADAM P GRAF buy 5 M 12 Not Provided 03.01.2012BMO Capital Markets JOHN P HAYES market perform 3 M #N/A N/A Not Provided 29.12.2011TD Newcrest DANIEL EARLE speculative buy 4 M 14 12 month 19.12.2011Canaccord Genuity Corp WENDELL ZERB speculative buy 4 M 13 12 month 13.12.2011Macquarie MICHAEL GRAY outperform 5 M 13 12 month 22.11.2011Salman Partners DAVID WEST speculative buy 4 M 13 12 month 14.11.2011Jennings Capital STUART MCDOUGALL not rated #N/A N/A M #N/A N/A Not Provided 12.10.2011

Holdings By:

Extorre Gold Mines Ltd ee


05.03.2012

St. Barbara Limited is a gold exploration and production company. The Company's

exploration projects include its Southern Cross and Leonora Operations whichare located in Western Australia.





Average Volume 5 Day 2'758'290SBM AU EQUITY YTD Change - Average Volume 30 Day 1'786'839SBM AU EQUITY YTD % CHANGE - Average Volume 3 Month 1'548'430


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -130.9 143.1 281.1 296.8 359.6 - - 526.9 459.7 - -3.23x 3.41x 1.33x 2.01x 1.58x - - 1.01x 0.81x - -10.5 (0.1) 50.3 74.4 104.5 - - 216.1 222.1 - -

40.36x - 7.42x 8.02x 5.45x - - 2.82x 2.74x - -(2.9) (17.3) (76.3) (40.2) 68.6 - - 128.9 139.7 - -

- - - - 9.29x - - 5.50x 5.08x - -

EBITDA 104.52 Long-Term Rating Date -EBIT 46.04 Long-Term Rating -Operating Margin 12.80% Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets 13.36% Short-Term Rating -Return on Common Equity 17.47%Return on Capital - EBITDA/Interest Exp. 105.36Asset Turnover 0.70% (EBITDA-Capex)/Interest Exp. 93.01



Fiscal Year Ended

St Barbara LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeM&G INVESTMENT MANAG n/a EXCH 59'033'314 18.13 - 01.12.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 52'418'289 16.1 41'716 30.09.2011 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 23'444'678 7.2 833'000 30.09.2011 Investment AdvisorHUNTER HALL INVESTME n/a EXCH 20'853'395 6.4 - 11.01.2011 Investment AdvisorJP MORGAN CHASE & CO n/a EXCH 19'647'166 6.03 1'701'611 23.02.2010 Investment AdvisorVAN ECK ASSOCIATES C n/a EXCH 16'331'008 5.02 - 09.09.2011 Investment AdvisorTRADEWINDS GLOBAL IN n/a EXCH 16'240'544 4.99 (1'270'413) 03.11.2011 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 11'069'352 3.4 309'999 30.11.2011 Investment AdvisorCF RUFFER BAKER STEE n/a EXCH 10'081'353 3.1 - 10.05.2010 n/aPRUDENTIAL PLC Multiple Portfolios MF-AGG 8'279'487 2.54 - 31.08.2011 Investment AdvisorBLACKROCK JAPAN CO L Multiple Portfolios MF-AGG 4'642'857 1.43 (9) 27.01.2011 Investment AdvisorGENUS DYNAMIC GOLD F n/a EXCH 4'126'675 1.27 - 10.05.2010 n/aJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 3'800'000 1.17 (512'635) 31.05.2011 Investment AdvisorUS GLOBAL INVESTORS Multiple Portfolios MF-AGG 2'900'000 0.89 - 30.06.2011 Investment AdvisorNUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 2'280'172 0.7 - 30.09.2011 Investment AdvisorAXA ROSENBERG INTL Multiple Portfolios MF-AGG 1'915'852 0.59 646'427 30.06.2011 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 1'797'079 0.55 (28'139) 30.09.2011 Mutual Fund ManagerBAKER STEEL GOLD FUN n/a EXCH 1'508'336 0.46 - 10.05.2010 n/aWISE SAUL JONATHAN n/a Co File 1'139'391 0.35 - 30.06.2010 n/aRIT CAPITAL PARTNERS n/a EXCH 1'116'669 0.34 - 10.05.2010 n/a


EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 04.01.2012Goldman Sachs Australia IAN PRESTON buy 5 M 4 Not Provided 14.12.2011Paterson Securities ALEX PASSMORE hold 3 D 2 12 month 09.12.2011Evans & Partners Pty Ltd CATHY MOISES neutral 3 U #N/A N/A Not Provided 04.12.2011Macquarie MITCH RYAN underperform 1 M 2 12 month 24.11.2011Bell Potter PETER CHAPMAN Under Review #N/A N/A M #N/A N/A Not Provided 02.11.2011E.L. & C. Baillieu RAY CHANTRY buy 5 U 3 12 month 25.10.2011CLSA Asia Pacific Markets JAMES STEWART underperform 1 M 2 Not Provided 24.10.2011Citi CRAIG SAINSBURY neutral 3 M 2 Not Provided 08.10.2011Deutsche Bank LEVI SPRY hold 3 M 2 12 month 28.09.2011Ord Minnett PETER ARDEN hold 3 D 2 Not Provided 25.08.2011Argonaut Securities Pty Ltd TROY IRVIN hold 3 M 2 Not Provided 25.08.2011BGF Equities Pty Ltd WARWICK ROBERT GRIGOR trading 2 N #N/A N/A Not Provided 21.10.2009

Holdings By:

St Barbara Ltd ee


05.03.2012

Argonaut Gold, Inc. explores for gold. The Company owns the operating El

Castillo mine, the San Antonio development stage project and advanced stageexploration properties including: La Fortuna and La Colorada.





Average Volume 5 Day 1'345'691AR CN EQUITY YTD Change - Average Volume 30 Day 1'148'089AR CN EQUITY YTD % CHANGE - Average Volume 3 Month 896'304


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q1- 0.0 - - 51.6 31.3 89.9 104.7 164.0 34.5 -- - - - 4.70x 18.66x 22.23x - - - -- (0.1) - - 15.3 5.5 46.8 56.6 98.5 - -- - - - 15.85x 0.00x 18.87x 15.47x 8.88x - -- (0.1) (0.1) (0.5) 2.6 (0.9) 21.3 30.8 51.2 12.1 -- - - - 92.93x 0.00x 19.34x 32.17x 17.66x 17.78x 15.95x

EBITDA 15.29 Long-Term Rating Date -EBIT 8.91 Long-Term Rating -Operating Margin 17.28% Long-Term Outlook -Pretax Margin 14.04% Short-Term Rating Date -Return on Assets 1.31% Short-Term Rating -Return on Common Equity 1.84%Return on Capital 1.85% EBITDA/Interest Exp. 46.81Asset Turnover 0.26% (EBITDA-Capex)/Interest Exp. -13.19




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Argonaut Gold IncPrice/Volume

Valuation Analysis


'

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2

3

4

5

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeIG INVESTMENT MANAGE n/a Co File 6'707'533 7.33 - 30.09.2011 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 6'462'816 7.06 - 03.01.2012 Investment AdvisorLIBRA ADVISORS LLC n/a SEDI 6'306'701 6.89 9'400 08.04.2011 Hedge Fund ManagerQV INVESTORS INC n/a PROXY 4'500'000 4.91 - 17.12.2010 Investment AdvisorMONTRUSCO BOLTON INV Multiple Portfolios MF-AGG 3'301'615 3.61 - 30.11.2011 Investment AdvisorGOODMAN & CO INVESTM n/a Co File 2'679'000 2.93 (1'988'000) 31.10.2010 Hedge Fund ManagerMACKENZIE FINANCIAL Multiple Portfolios MF-AGG 1'637'600 1.79 - 30.09.2011 Investment AdvisorDOUGHERTY PETER C n/a SEDI 1'619'706 1.77 59'524 14.02.2011 n/aKENNEDY BRIAN JOHN n/a SEDI 1'563'043 1.71 7'440 14.02.2011 n/aCLARINGTON CAPITAL M Multiple Portfolios MF-AGG 1'490'900 1.63 - 31.03.2011 Mutual Fund ManagerGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 1'393'057 1.52 (543'500) 31.03.2011 Investment AdvisorNORTHWEST MUTUAL FUN Multiple Portfolios MF-AGG 1'379'719 1.51 - 30.11.2011 Investment AdvisorFALCON FUND MANAGEME Multiple Portfolios MF-AGG 1'300'949 1.42 (50'000) 30.11.2011 Investment AdvisorNATCAN INVESTMENT MA Multiple Portfolios MF-AGG 1'137'437 1.24 - 30.11.2011 Investment AdvisorQVGD INVESTORS INC Multiple Portfolios MF-AGG 1'130'000 1.23 - 30.11.2011 Investment AdvisorSMITH EDGAR A n/a SEDI 1'120'359 1.22 39'286 14.02.2011 n/aTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 916'100 1 916'100 30.06.2011 Investment AdvisorLOMBARD ODIER DARIER Multiple Portfolios MF-AGG 827'750 0.9 400'000 31.10.2011 Mutual Fund ManagerFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 699'800 0.76 - 30.11.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 505'421 0.55 - 30.12.2011 Investment Advisor


BMO Capital Markets ANDREW KAIP outperform 5 M 9 Not Provided 29.12.2011Stonecap Securities Inc CHRISTOS DOULIS outperform 5 M 9 12 month 28.11.2011Canaccord Genuity Corp RAHUL PAUL buy 5 M 10 12 month 15.11.2011GMP CRAIG WEST buy 5 M 11 Not Provided 15.11.2011Mackie Research Capital Corp. JOHN MCCLINTOCK buy 5 M 10 Not Provided 14.11.2011NCP Northland Capital Partners Inc TIMOTHY J LEE sector outperform 5 M 9 Not Provided 14.11.2011

Holdings By:

Argonaut Gold Inc ee


05.03.2012

Colossus Minerals Inc. is a mineral exploration and production company. The

Company explores for and develops gold-platinum-palladium properties in Brazil.





Average Volume 5 Day 399'841CSI CN EQUITY YTD Change - Average Volume 30 Day 458'221CSI CN EQUITY YTD % CHANGE - Average Volume 3 Month 521'291


31.07.2006 31.07.2007 31.07.2008 31.07.2009 31.07.2010 04/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q1- - 0.0 0.0 0.0 0.0 0.0 0.0 9.6 0.0 0.0- - - - - #DIV/0! #DIV/0! #DIV/0! 66.30x #DIV/0! #DIV/0!- - (2.6) (3.1) (10.0) (23.6) (22.9) (24.0) (23.2) (3.0) (5.4)- - - - - 0.00x 0.00x - - - -- - (2.3) (5.4) (10.2) (23.8) (25.8) (24.5) (16.4) (4.9) (7.3)- - - - - 0.00x 0.00x - 38.06x - -




Fiscal Year Ended

Colossus Minerals IncPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-.0123456

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeACUITY INVESTMENT MA n/a Co File 13'943'200 13.23 - 30.09.2011 Investment AdvisorSPROTT ASSET MANAGEM n/a Co File 11'520'400 10.93 4'805'400 31.03.2011 Hedge Fund ManagerVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 6'448'177 6.12 - 03.01.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 6'273'550 5.95 777'000 30.09.2011 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 5'697'372 5.41 (636'965) 31.08.2011 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 5'113'729 4.85 19'607 31.10.2011 Investment AdvisorSENTRY SELECT CAPITA Multiple Portfolios MF-AGG 3'793'500 3.6 - 30.06.2011 Investment AdvisorMD MANAGEMENT LTD Multiple Portfolios MF-AGG 1'741'000 1.65 26'500 30.11.2011 Investment AdvisorSUSSMAN ARI B n/a SEDI 1'711'401 1.62 - 18.02.2011 n/aMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1'563'750 1.48 5'600 31.10.2011 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'341'100 1.27 - 30.11.2011 Investment AdvisorMANULIFE ASSET MANAG Multiple Portfolios MF-AGG 1'287'776 1.22 267 30.11.2011 Investment AdvisorFIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 971'800 0.92 (7'400) 31.08.2011 Investment AdvisorKISHIDA AUGUSTO n/a SEDI 938'000 0.89 250'000 15.10.2011 n/aWALL VIC n/a SEDI 923'700 0.88 - 23.12.2010 n/aCIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 904'114 0.86 (609'116) 28.02.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 805'596 0.76 - 30.12.2011 Investment AdvisorGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 507'612 0.48 (141'700) 31.03.2011 Investment AdvisorRBC PH&N INV COUNSEL Multiple Portfolios MF-AGG 454'695 0.43 (23'000) 30.11.2011 Investment AdvisorUS GLOBAL INVESTORS Multiple Portfolios MF-AGG 400'000 0.38 400'000 30.06.2011 Investment Advisor


Clarus Securities JAMIE SPRATT speculative buy 4 M 13 12 month 16.12.2011Dundee Securities Corp RON STEWART buy 5 M 13 12 month 15.12.2011Canaccord Genuity Corp NICHOLAS CAMPBELL speculative buy 4 M 14 12 month 13.12.2011Stifel Nicolaus CRAIG STANLEY buy 5 N 12 12 month 30.11.2011Macquarie MICHAEL GRAY outperform 5 M 12 12 month 22.11.2011GMP GEORGE V ALBINO buy 5 M 13 Not Provided 12.09.2011

Holdings By:

Colossus Minerals Inc ee


05.03.2012

Romarco Minerals, Inc. is an emerging gold producer. The Company's flagship

project is the Haile Gold Mine in South Carolina.





Average Volume 5 Day 1'677'066R CN EQUITY YTD Change - Average Volume 30 Day 2'449'126R CN EQUITY YTD % CHANGE - Average Volume 3 Month 2'215'572


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q10.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -(1.7) (3.0) (3.6) (7.3) (12.6) (35.7) (12.5) (12.8) (12.3) - -

- - - - - 0.00x 0.00x - - - -(0.8) (6.3) (4.5) (7.2) (14.9) (51.0) (17.5) (13.9) (11.5) - -

- - - - - 0.00x 0.00x - - - -




Fiscal Year Ended

Romarco Minerals IncPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 54'901'049 9.4 6'200'000 30.09.2011 Investment AdvisorBLACKROCK INC n/a Co File 51'023'336 8.74 - 31.05.2011 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 44'761'700 7.67 229'400 30.09.2011 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 34'960'754 5.99 61'773 31.10.2011 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 33'154'854 5.68 - 03.01.2012 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 19'759'900 3.38 599'100 30.09.2011 Hedge Fund ManagerUS GLOBAL INVESTORS Multiple Portfolios MF-AGG 16'515'706 2.83 140'000 30.06.2011 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 13'196'500 2.26 2'844'600 30.11.2011 Investment AdvisorRUFFER LLP Multiple Portfolios MF-AGG 9'949'000 1.7 - 31.08.2011 Hedge Fund ManagerINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 8'941'548 1.53 (1'719'457) 31.10.2011 Investment AdvisorTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 8'338'600 1.43 3'251'000 30.06.2011 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 8'113'333 1.39 - 31.05.2011 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 6'828'325 1.17 - 31.08.2010 Investment AdvisorSHARE SICAV Multiple Portfolios MF-AGG 5'481'984 0.94 390'000 31.03.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 4'480'413 0.77 - 30.12.2011 Investment AdvisorFIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 3'868'000 0.66 (659'300) 31.08.2011 Investment AdvisorFALCON FUND MANAGEME Multiple Portfolios MF-AGG 3'536'000 0.61 870'000 30.11.2011 Investment AdvisorGAMCO ASSET MANAGEME Multiple Portfolios MF-AGG 3'300'000 0.57 3'300'000 30.09.2011 Investment AdvisorALTAMIRA MANAGEMENT Multiple Portfolios MF-AGG 3'109'700 0.53 49'972 30.11.2011 UnclassifiedGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 2'975'080 0.51 - 31.03.2011 Investment Advisor


BMO Capital Markets ANDREW KAIP speculative outperform 4 M 2 Not Provided 29.12.2011RBC Capital Markets MICHAEL D CURRAN sector perform 3 M 2 12 month 13.12.2011Paradigm Capital Inc DON BLYTH speculative buy 4 M 3 12 month 28.11.2011National Bank Financial PAOLO LOSTRITTO outperform 5 M 3 12 month 02.11.2011CIBC World Markets BRIAN QUAST sector perform 3 M 1 Not Provided 27.10.2011GMP CRAIG WEST buy 5 M 3 Not Provided 12.09.2011Dundee Securities Corp PAUL BURCHELL buy 5 M #N/A N/A Not Provided 30.08.2010

Holdings By:

Romarco Minerals Inc ee


05.03.2012

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'sMorelos Project is an advanced stage gold exploration property located in thestate of Guerrero, southwest of Mexico City.





Average Volume 5 Day 3'154'199TXG CN EQUITY YTD Change - Average Volume 30 Day 3'562'377TXG CN EQUITY YTD % CHANGE - Average Volume 3 Month 2'615'542


31.10.2007 31.10.2008 31.10.2009 31.10.2010 31.10.2011 07/yy 07/yy 10/12 Y 10/13 Y 01/12 Q1 04/12 Q20.0 0.0 0.0 0.0 0.0 0.0 0.0 0.7 0.9 - -

- - - - - #DIV/0! #DIV/0! 1282.84x 1166.63x - -(0.2) (0.3) (1.1) (18.0) (34.1) (13.0) (30.0) (20.6) (17.3) (4.5) (4.5)

- - - - - 0.00x 0.00x - - - -(0.2) (0.3) (1.0) (16.4) (27.3) (12.2) (24.4) (19.2) (12.3) (4.5) (4.5)

- - - - - 0.00x 0.00x - - - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Torex Gold Resources IncPrice/Volume

Valuation Analysis


'

-

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTYRUS CAPITAL LLP n/a Co File 66'303'000 16.09 6'327'900 30.11.2011 Hedge Fund ManagerGOODMAN & CO INVESTM n/a Co File 26'200'000 6.36 (2'931'960) 30.06.2011 Hedge Fund ManagerLIBRA ADVISORS LLC n/a SEDI 25'870'000 6.28 650'000 25.02.2010 Hedge Fund ManagerVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 25'222'140 6.12 - 03.01.2012 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 12'224'700 2.97 (335'000) 30.09.2011 Hedge Fund ManagerFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 11'721'800 2.84 (1'154'500) 30.09.2011 Investment AdvisorCIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 6'874'800 1.67 (860'400) 28.02.2011 Investment AdvisorAMERICAN CENTURY COM Multiple Portfolios MF-AGG 6'625'537 1.61 (1'709'053) 30.09.2011 Investment AdvisorSPROTT ASSET MANAGEM Multiple Portfolios MF-AGG 4'190'000 1.02 - 30.06.2011 Hedge Fund ManagerFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 4'106'000 1 (613'500) 30.11.2011 Investment AdvisorGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 3'217'000 0.78 - 31.03.2011 Investment AdvisorROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 3'100'000 0.75 - 30.09.2011 Investment AdvisorMACKENZIE FINANCIAL n/a Co File 3'073'500 0.75 32'000 26.02.2010 Investment AdvisorSHARE SICAV Multiple Portfolios MF-AGG 2'831'900 0.69 (232'000) 31.03.2011 Investment AdvisorRUFFER LLP Multiple Portfolios MF-AGG 2'803'500 0.68 173'500 31.08.2011 Hedge Fund ManagerMANULIFE ASSET MANAG Multiple Portfolios MF-AGG 2'619'012 0.64 2'619'012 30.11.2011 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 2'564'735 0.62 600'464 30.11.2011 Investment AdvisorFALCON FUND MANAGEME Multiple Portfolios MF-AGG 2'541'000 0.62 - 30.11.2011 Investment AdvisorWELLS FARGO FUNDS MA Multiple Portfolios MF-AGG 2'330'000 0.57 - 31.10.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'934'015 0.47 - 30.12.2011 Investment Advisor


Stifel Nicolaus JOSH WOLFSON buy 5 M 2 12 month 03.01.2012BMO Capital Markets ANDREW BREICHMANAS speculative outperform 4 M #N/A N/A Not Provided 29.12.2011Scotia Capital TREVOR TURNBULL sector outperform 5 M 4 12 month 19.12.2011GMP GEORGE V ALBINO buy 5 M 3 Not Provided 19.12.2011Dundee Securities Corp RON STEWART buy 5 M 3 12 month 16.12.2011Euro Pacific Canada Inc ANTHONY G BERTRAM HAYES strong buy 5 N 3 12 month 09.12.2011Macquarie PIERRE VAILLANCOURT outperform 5 M 3 12 month 26.09.2011

Holdings By:

Torex Gold Resources Inc ee


05.03.2012

Intrepid Mines Limited is an international precious metals development and

exploration company with primary operations in Indonesia. The Company's currentproject is located in the province of East Java, where it explores for gold,silver, and copper-gold.





Average Volume 5 Day 1'852'627IAU AU EQUITY YTD Change - Average Volume 30 Day 1'820'865IAU AU EQUITY YTD % CHANGE - Average Volume 3 Month 3'003'532


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 09/yy 12/12 Y 12/13 Y 12/11 Q4 03/12 Q139.9 54.4 0.0 0.0 0.0 0.0 0.0 0.5 0.5 - -1.54x 1.06x - - - #DIV/0! #DIV/0! 1140.36x 1222.82x - -

5.7 2.2 1.9 (24.2) (39.2) (24.0) (18.8) (31.4) (30.0) - -10.81x 26.51x 39.18x - - 0.00x 0.00x - - - -(30.4) (42.7) (9.9) (5.0) (30.0) (9.9) (19.9) (27.8) (33.3) (19.5) -

- - - - - 0.00x 0.00x - - - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Intrepid Mines LtdPrice/Volume

Valuation Analysis


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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBOND STREET CUSTODIA n/a Co File 46'970'072 8.99 - 02.03.2011 OtherTAURUS SM HOLDINGS P n/a EXCH 41'919'500 8.03 2'394'530 10.12.2010 n/aVAN ECK ASSOCIATES C n/a EXCH 28'965'560 5.55 - 12.10.2011 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 25'513'559 4.88 (1'063'213) 21.09.2011 BankROYAL BANK OF CANADA n/a EXCH 23'895'113 4.57 (10'365) 21.12.2010 BankFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 18'019'618 3.45 300'000 30.11.2011 Investment AdvisorBANK OF AMERICA CORP n/a EXCH 17'837'142 3.42 (12'563'151) 26.09.2011 Investment AdvisorFIRST EAGLE INVESTME Multiple Portfolios MF-AGG 17'155'420 3.28 4'306'993 30.09.2011 Hedge Fund ManagerRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 15'640'433 2.99 - 31.08.2011 Investment AdvisorIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 10'496'400 2.01 850'000 30.09.2011 Investment AdvisorACORN CAPITAL LTD n/a EXCH 7'597'876 1.45 2'775'201 10.02.2011 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 7'165'419 1.37 (542'201) 31.08.2011 Mutual Fund ManagerUNISUPER n/a EXCH 6'546'359 1.25 1'204'917 10.02.2011 OtherGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 4'289'500 0.82 (3'557'100) 31.03.2011 Investment AdvisorMICROCAP INVESTMENT n/a EXCH 4'176'517 0.8 (1'373'483) 10.02.2011 OtherSUNSUPER FUND n/a EXCH 3'777'917 0.72 1'177'615 10.02.2011 OtherHEALTH SUPER n/a EXCH 3'179'080 0.61 859'737 10.02.2011 OtherBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 2'920'928 0.56 2'494 03.01.2012 Investment AdvisorCBA OFFICERS SUPER F n/a EXCH 2'811'876 0.54 482'158 10.02.2011 OtherVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'687'588 0.51 (44'860) 30.09.2011 Mutual Fund Manager


Canaccord Genuity Corp GARY LAMPARD speculative buy 4 M 3 12 month 08.12.2011Cormark Securities Inc. MIKE KOZAK speculative buy 4 M 3 12 month 08.12.2011National Bank Financial STEPHEN PARSONS outperform 5 M 2 12 month 08.12.2011RBC Capital Markets GEOFF BREEN outperform 5 M 2 12 month 07.12.2011Citi DANIEL SEENEY buy 5 U 1 Not Provided 08.10.2011RBS CHRIS BROWN buy 5 M 2 12 month 26.09.2011Evans & Partners Pty Ltd CATHY MOISES Positive 4 N #N/A N/A Not Provided 22.06.2011Wilson HTM Investment Group KEITH WILLIAMS hold 3 M 2 Not Provided 02.06.2011Hartleys ANDREW MUIR speculative buy 4 N 2 Not Provided 30.09.2010

Holdings By:

Intrepid Mines Ltd ee


05.03.2012

San Gold Corporation explores and develops mineral properties. The Company is

focusing on the development of its gold mine located in Manitoba, Canada.





Average Volume 5 Day 1'000'217SGR CN EQUITY YTD Change - Average Volume 30 Day 1'191'638SGR CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'436'481


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q10.8 4.4 8.7 27.8 58.0 52.2 98.6 119.0 191.8 34.9 40.1

251.85x 54.69x 31.33x 34.61x 19.66x 76.13x 35.50x - - - -(24.5) (33.7) (44.1) (29.7) (26.9) (15.8) (0.9) 18.0 61.4 7.8 11.4

- - - - - 0.00x 0.00x 25.91x 7.60x 10.34x 8.97x(18.4) (29.9) (33.4) (29.5) (22.2) (20.5) (17.7) (4.0) 43.1 2.9 6.4

- - - - - 0.00x 0.00x - 13.28x 20.79x 16.63x

EBITDA -26.90 Long-Term Rating Date -EBIT -38.12 Long-Term Rating -Operating Margin -65.78% Long-Term Outlook -Pretax Margin -52.11% Short-Term Rating Date -Return on Assets -7.67% Short-Term Rating -Return on Common Equity -15.86%Return on Capital - EBITDA/Interest Exp. -113.30Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. -341.90

Net Debt/EBITDA -Gross Margin -6.7% Total Debt/EBITDA -0.24EBITDA Margin -46.4%EBIT Margin -65.8% Total Debt/Equity 3.4%Net Income Margin -38.4% Total Debt/Capital 3.3%


Fiscal Year Ended

San Gold CorpPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGOODMAN & CO INVESTM n/a Co File 26'075'667 8.34 550'000 31.07.2009 Hedge Fund ManagerOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 22'525'150 7.2 61'526 31.10.2011 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 21'029'212 6.73 - 03.01.2012 Investment AdvisorIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 10'328'800 3.3 (1'791'000) 30.09.2011 Investment AdvisorSPROTT ASSET MANAGEM Multiple Portfolios MF-AGG 8'579'300 2.74 - 30.06.2011 Hedge Fund ManagerWYNNE HUGH n/a SEDI 8'160'002 2.61 300'000 24.05.2011 n/aFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 7'956'200 2.54 283'300 30.09.2011 Investment AdvisorUNITED SERVICES AUTO Multiple Portfolios MF-AGG 6'500'000 2.08 (400'000) 31.08.2011 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 4'367'000 1.4 230'000 30.11.2011 Investment AdvisorGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 3'572'103 1.14 (697'300) 31.03.2011 Investment AdvisorMANULIFE ASSET MANAG Multiple Portfolios MF-AGG 3'269'301 1.05 2'770'758 31.07.2011 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 2'596'853 0.83 287'686 31.08.2010 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 2'398'880 0.77 - 30.12.2011 Investment AdvisorKALMAR INVESTMENTS I KALMAR INVESTMENTS I 13F 2'380'482 0.76 (19'750) 30.09.2011 Investment AdvisorUS GLOBAL INVESTORS Multiple Portfolios MF-AGG 2'230'000 0.71 (20'000) 30.06.2011 Investment AdvisorTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'068'600 0.66 193'600 30.06.2011 Investment AdvisorSCOTIA ASSET MANAGEM Multiple Portfolios MF-AGG 2'051'900 0.66 - 31.10.2011 Investment AdvisorFALCON FUND MANAGEME Multiple Portfolios MF-AGG 1'678'000 0.54 - 30.11.2011 Investment AdvisorJONES HEWARD INVESTM Multiple Portfolios MF-AGG 1'312'102 0.42 - 04.01.2012 UnclassifiedGINN DALE n/a SEDI 1'306'140 0.42 - 20.05.2011 n/a


Dahlman Rose & Co ADAM P GRAF buy 5 M 2 Not Provided 03.01.2012BMO Capital Markets ANDREW KAIP speculative outperform 4 M 4 Not Provided 29.12.2011Dundee Securities Corp PAUL BURCHELL buy 5 M 4 12 month 21.12.2011Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 4 Not Provided 21.12.2011National Bank Financial PAOLO LOSTRITTO outperform 5 M 4 12 month 21.12.2011Stonecap Securities Inc CHRISTOS DOULIS sector perform 3 M 3 12 month 21.12.2011TD Newcrest DANIEL EARLE buy 5 M 4 12 month 19.12.2011CIBC World Markets BARRY COOPER sector perform 3 D 3 Not Provided 16.11.2011Raymond James FORBES GEMMELL Under Review #N/A N/A M #N/A N/A Not Provided 25.10.2010

Holdings By:

San Gold Corp ee


05.03.2012

Guyana Goldfields Inc. is a metals exploration company. The Company is

primarily exploring for gold in Guyana.





Average Volume 5 Day 1'413'732GUY CN EQUITY YTD Change - Average Volume 30 Day 648'118GUY CN EQUITY YTD % CHANGE - Average Volume 3 Month 565'583


31.10.2007 31.10.2008 31.10.2009 31.10.2010 31.10.2011 07/yy 07/yy 10/12 Y 10/13 Y 01/12 Q1 04/12 Q20.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -(4.1) (3.4) (4.9) (7.7) (9.3) (7.7) (9.8) (9.6) (12.4) (2.5) (2.5)

- - - - - 0.00x 0.00x - - - -1.1 (12.5) (6.7) (6.3) (6.8) (8.5) (6.7) (8.9) (16.6) (2.4) (2.4)

- - - - - 0.00x 0.00x - - - -




Fiscal Year Ended

Guyana Goldfields IncPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 8'187'250 9.78 217'950 30.09.2011 Investment AdvisorACUITY INVESTMENT MA n/a Co File 8'051'804 9.62 (3'647'450) 30.11.2010 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 6'402'601 7.65 - 03.01.2012 Investment AdvisorSHERIDAN JR JOHN PAT n/a SEDI 4'546'403 5.43 142'600 06.06.2011 n/aBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 4'050'000 4.84 - 30.09.2011 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'055'532 2.46 8'631 31.10.2011 Investment AdvisorFIRST EAGLE INVESTME Multiple Portfolios MF-AGG 1'872'803 2.24 - 30.09.2011 Hedge Fund ManagerMANULIFE ASSET MANAG Multiple Portfolios MF-AGG 1'838'452 2.2 18'486 30.11.2011 Investment AdvisorSPROTT ASSET MANAGEM Multiple Portfolios MF-AGG 1'735'952 2.07 - 30.06.2011 Hedge Fund ManagerFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'408'000 1.68 - 30.11.2011 Investment AdvisorFALCON FUND MANAGEME Multiple Portfolios MF-AGG 1'394'000 1.67 - 30.11.2011 Investment AdvisorTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'230'300 1.47 (52'300) 30.06.2011 Investment AdvisorGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 884'800 1.06 472'300 31.03.2011 Investment AdvisorCIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 697'188 0.83 257'865 28.02.2011 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 668'470 0.8 29'913 30.11.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 642'428 0.77 - 30.12.2011 Investment AdvisorSCEPTRE INVESTMENT C Multiple Portfolios MF-AGG 558'100 0.67 1'000 31.10.2011 Investment AdvisorMMA INVESTMENT MANAG Multiple Portfolios MF-AGG 550'000 0.66 - 30.06.2011 Investment AdvisorAMERICAN CENTURY COM Multiple Portfolios MF-AGG 547'700 0.65 - 30.09.2011 Investment AdvisorLEMASSON CLAUDE F n/a SEDI 545'458 0.65 181'819 01.10.2010 n/a


Dahlman Rose & Co ADAM P GRAF buy 5 M 17 Not Provided 03.01.2012BMO Capital Markets ANDREW KAIP speculative outperform 4 M 11 Not Provided 29.12.2011TD Newcrest DANIEL EARLE hold 3 M 10 12 month 19.12.2011Jennings Capital STUART MCDOUGALL speculative buy 4 M 18 12 month 16.12.2011Raymond James BRAD HUMPHREY outperform 5 M 15 12 month 15.12.2011Paradigm Capital Inc DON BLYTH speculative buy 4 M 14 12 month 28.11.2011Salman Partners DAVID WEST buy 5 M 13 12 month 14.11.2011RBC Capital Markets MICHAEL D CURRAN outperform 5 M 14 12 month 01.11.2011Credit Suisse DALTON BARETTO outperform 5 M 13 Not Provided 23.10.2011Scotia Capital TREVOR TURNBULL sector outperform 5 M 15 12 month 11.10.2011Cormark Securities Inc. RICHARD GRAY buy 5 M 15 12 month 06.10.2011

Holdings By:

Guyana Goldfields Inc ee


05.03.2012

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 anddefinition drilling programs at its Buritica gold project and phase-one drillingat its Berlin project.





Average Volume 5 Day 433'279CNL CN EQUITY YTD Change - Average Volume 30 Day 420'625CNL CN EQUITY YTD % CHANGE - Average Volume 3 Month 397'509


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q1- - 0.0 0.0 0.0 0.0 0.0 1.1 0.6 - -- - - - - #DIV/0! #DIV/0! - - - -- - (0.6) (4.2) (11.4) (13.9) (13.5) 19.9 (14.6) - -- - - - - 0.00x 0.00x 39.47x - - -- - (0.6) (4.1) (8.9) (81.3) 21.9 22.8 (15.6) - -- - - - - 0.00x 35.47x 42.51x - - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Continental Gold LtdPrice/Volume

Valuation Analysis


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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBULLET HOLDING CORP n/a SEDI 20'799'027 19.25 495'106 10.05.2011 Holding CompanyGOODMAN & CO INVESTM n/a Co File 13'913'400 12.88 2'207'000 30.11.2011 Hedge Fund ManagerVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 4'942'434 4.58 - 03.01.2012 Investment AdvisorCOASTAL FINANCING CO n/a Co File 3'707'411 3.43 - 30.06.2011 OtherGEOLOGIC RESOURCE PA n/a Co File 3'114'386 2.88 - 05.11.2010 Hedge Fund ManagerOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'729'565 2.53 15'984 31.10.2011 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 2'400'000 2.22 - 31.08.2011 Investment AdvisorREINDEER CAPITAL LTD n/a Co File 1'998'799 1.85 - 30.06.2011 OtherSPROTT ASSET MANAGEM Multiple Portfolios MF-AGG 1'983'500 1.84 - 30.06.2011 Hedge Fund ManagerDICAPO PASQUALE n/a SEDI 1'687'500 1.56 - 10.08.2009 n/aACUITY INVESTMENT MA Multiple Portfolios MF-AGG 1'489'500 1.38 8'800 30.06.2011 Investment AdvisorUS GLOBAL INVESTORS US GLOBAL INVESTORS 13F 1'460'000 1.35 1'460'000 30.09.2011 Investment AdvisorEXPERT FUNDING CORP n/a SEDI 1'406'138 1.3 937'000 07.07.2011 CorporationFIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 1'247'100 1.15 (20'000) 31.08.2011 Investment AdvisorSUSSMAN ARI B n/a SEDI 1'127'939 1.04 10'606 20.09.2011 n/aFALCON FUND MANAGEME Multiple Portfolios MF-AGG 723'000 0.67 - 30.11.2011 Investment AdvisorSENTRY SELECT CAPITA Multiple Portfolios MF-AGG 705'000 0.65 - 30.06.2011 Investment AdvisorPENTAGON PROPERTIES n/a SEDI 525'000 0.49 - 07.07.2011 n/aSCOTIA ASSET MANAGEM Multiple Portfolios MF-AGG 518'400 0.48 - 31.10.2011 Investment AdvisorAMERICAN CENTURY COM Multiple Portfolios MF-AGG 427'000 0.4 - 30.09.2011 Investment Advisor


Clarus Securities JAMIE SPRATT speculative buy 4 M 13 12 month 20.12.2011Dundee Securities Corp RON STEWART buy 5 M 13 12 month 19.12.2011TD Newcrest DANIEL EARLE speculative buy 4 M 12 12 month 19.12.2011Stifel Nicolaus CRAIG STANLEY buy 5 M 12 12 month 24.11.2011GMP GEORGE V ALBINO buy 5 M 13 Not Provided 23.11.2011

Holdings By:

Continental Gold Ltd ee


05.03.2012

CGA Mining Limited is a gold mining company. The Company is focused on

exploring, developing and operating resource opportunities throughout the world.The Company's principal asset is the Masbate Gold Project in the Philippines.





Average Volume 5 Day 1'389'320CGA CN EQUITY YTD Change - Average Volume 30 Day 1'044'947CGA CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'122'820


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 03/yy 09/yy 06/12 Y 06/13 Y 03/12 Q3 06/12 Q40.0 0.0 0.0 155.6 235.3 108.9 178.7 202.5 404.0 - -

- - - 3.98x 4.15x 20.52x 20.94x - - - -(7.6) (14.1) (7.5) 50.6 84.1 32.6 43.1 51.6 147.0 - -

- - - 12.22x 11.61x 0.00x 0.00x 13.13x 4.61x - -3.6 (12.9) (10.2) 16.0 65.1 12.5 34.3 51.0 177.5 - -

- - - - - 0.00x 0.00x 13.02x 3.86x - -




Fiscal Year Ended

CGA Mining LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

0

1

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTOOWONG MINING BV n/a SEDI 31'192'769 9.35 5'350'000 11.03.2009 CorporationFRANKLIN RESOURCES I n/a EXCH 30'068'000 9.02 3'337'478 09.12.2011 Investment AdvisorDEANS KNIGHT CAPITAL n/a Co File 25'916'125 7.77 - 31.08.2010 Investment AdvisorSPROTT ASSET MANAGEM n/a EXCH 20'199'100 6.06 (3'029'400) 31.03.2011 Hedge Fund ManagerMACKENZIE FINANCIAL n/a EXCH 17'801'600 5.34 - 18.02.2011 Investment AdvisorPORTLAND HOUSE INVES n/a EXCH 17'348'889 5.2 1'500'000 03.06.2011 OtherJP MORGAN CHASE & CO n/a EXCH 16'667'877 5 (1'423) 06.12.2011 Investment AdvisorPASSPORT CAPITAL LLC n/a Co File 14'752'064 4.42 - 31.08.2010 Hedge Fund ManagerVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 14'324'798 4.3 - 03.01.2012 Investment AdvisorRBC GLOBAL ASSET MAN n/a EXCH 13'489'584 4.05 - 29.09.2010 Investment AdvisorWELLINGTON MANAGEMEN n/a EXCH 13'320'645 3.99 (4'003'159) 12.11.2010 Investment AdvisorFIRST EAGLE INVESTME Multiple Portfolios MF-AGG 10'790'230 3.24 - 30.09.2011 Hedge Fund ManagerJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 7'400'000 2.22 - 31.05.2011 Investment AdvisorGILDER GAGNON HOWE GILDER GAGNON HOWE 13F 6'671'852 2 (666'246) 30.09.2011 Investment AdvisorLB SWISS INVESTMENT Multiple Portfolios MF-AGG 5'400'000 1.62 1'900'000 30.09.2011 Mutual Fund ManagerCIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 5'347'272 1.6 (702'800) 28.02.2011 Investment AdvisorWELLS FARGO FUNDS MA Multiple Portfolios MF-AGG 5'171'924 1.55 22'507 31.10.2011 Investment AdvisorBRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 4'451'795 1.33 4'451'795 30.09.2011 Hedge Fund ManagerOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 4'209'822 1.26 (2'283'989) 31.10.2011 Investment AdvisorSAVAGE MARK STUART n/a PROXY 3'573'880 1.07 - 05.10.2010 n/a


BMO Capital Markets ANDREW KAIP outperform 5 M 4 Not Provided 29.12.2011Haywood Securities Inc. KERRY SMITH sector outperform 5 M 4 12 month 29.12.2011Mirabaud Securities KEITH WATSON buy 5 M 4 12 month 08.12.2011CIBC World Markets BRIAN QUAST sector outperform 5 M 4 Not Provided 11.11.2011Raymond James FORBES GEMMELL Under Review #N/A N/A M #N/A N/A Not Provided 25.10.2010

Holdings By:

CGA Mining Ltd ee


05.03.2012

Premier Gold Mines Limited is a mining and exploration company focused on

developing gold projects worldwide.





Average Volume 5 Day 489'038PG CN EQUITY YTD Change - Average Volume 30 Day 559'267PG CN EQUITY YTD % CHANGE - Average Volume 3 Month 555'873


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q10.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -(1.4) (2.6) (3.2) (6.2) (11.4) (11.2) (2.7) (3.4) (4.0) - -

- - - - - 0.00x 0.00x - - - -(1.1) (1.8) 0.2 (3.7) (10.1) (11.2) (12.0) (7.5) (4.0) - -

- - - - - 0.00x 0.00x - - - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Premier Gold Mines LtdPrice/Volume

Valuation Analysis


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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGOODMAN & CO INVESTM n/a Co File 10'625'300 8.34 - 31.05.2011 Hedge Fund ManagerINMET MINING CORP n/a PROXY 9'450'000 7.42 - 07.05.2010 CorporationIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 8'673'051 6.81 (900'700) 30.09.2011 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 7'846'661 6.16 7'412 31.10.2011 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 6'627'595 5.2 - 03.01.2012 Investment AdvisorDOWNIE EWAN S n/a SEDI 2'663'024 2.09 10'000 05.10.2011 n/aFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'486'800 1.17 (132'800) 30.11.2011 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 1'241'400 0.97 31'600 30.09.2011 Hedge Fund ManagerSHARE SICAV Multiple Portfolios MF-AGG 1'148'000 0.9 68'200 31.03.2011 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 1'050'500 0.82 (835'900) 30.06.2011 Hedge Fund ManagerRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 1'000'000 0.78 (250'000) 31.08.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 978'238 0.77 - 30.12.2011 Investment AdvisorGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 820'314 0.64 179'200 31.03.2011 Investment AdvisorAMERICAN CENTURY COM Multiple Portfolios MF-AGG 784'000 0.62 - 30.09.2011 Investment AdvisorMIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 737'000 0.58 - 30.11.2011 Mutual Fund ManagerCIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 715'000 0.56 - 31.12.2010 Investment AdvisorUS GLOBAL INVESTORS Multiple Portfolios MF-AGG 700'000 0.55 (150'200) 30.06.2011 Investment AdvisorTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 619'200 0.49 - 30.06.2011 Investment AdvisorAGF INVESTMENTS INC Multiple Portfolios MF-AGG 603'836 0.47 - 31.03.2011 Investment AdvisorSPROTT ASSET MANAGEM Multiple Portfolios MF-AGG 597'900 0.47 - 30.06.2011 Hedge Fund Manager


Versant Partners ROB CHANG speculative buy 4 M 12 12 month 05.01.2012Scotia Capital OVAIS HABIB sector outperform 5 N 10 12 month 21.12.2011Octagon Capital Corporation ANNIE ZHANG speculative buy 4 M 11 12 month 06.12.2011Stonecap Securities Inc CHRISTOS DOULIS outperform 5 M 9 12 month 28.11.2011RBC Capital Markets MICHAEL D CURRAN outperform 5 M 11 12 month 23.11.2011Dundee Securities Corp PAUL BURCHELL buy 5 M #N/A N/A Not Provided 19.10.2011Canaccord Genuity Corp STEVEN BUTLER speculative buy 4 M 10 12 month 29.09.2011Mackie Research Capital Corp. BARRY D ALLAN speculative buy 4 M #N/A N/A Not Provided 08.09.2011

Holdings By:

Premier Gold Mines Ltd ee


05.03.2012

OceanaGold Corporation is a gold mining and exploration company. The Company

currently owns interests in projects in New Zealand and the Philippines.





Average Volume 5 Day 461'509OGC CN EQUITY YTD Change - Average Volume 30 Day 479'388OGC CN EQUITY YTD % CHANGE - Average Volume 3 Month 532'280


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 03/12 Q1 06/12 Q2104.4 217.2 237.1 305.6 395.6 278.7 382.8 422.2 583.0 109.0 109.05.06x 0.77x 1.89x 3.30x 1.61x 10.18x 8.18x 1.77x 1.12x 6.99x 6.99x11.1 63.7 106.6 141.1 164.3 118.9 171.0 187.6 285.4 48.8 48.8

47.62x 2.62x 4.20x 7.15x 3.88x 8.28x 3.72x 3.84x 2.52x 3.69x 2.89x(69.0) (54.7) 54.5 44.4 44.2 15.0 50.8 61.5 125.0 15.5 15.5

- - 5.68x 18.76x 13.02x 73.65x 11.44x 13.24x 5.32x 18.06x 8.02x





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

OceanaGold CorpPrice/Volume

Valuation Analysis


'

-

-

.

.

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0

1

1

a -- M -- d -- 8 -- d -- a -- a -- 8 -- m -- j -- f -- 9 -- a -.!' 7-!' 7.!' 70!' 71!' 72!' 73!' 74!' 75!' 76!' 7

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBAKER STEEL CAPITAL n/a PROXY 20'497'069 7.81 - 23.02.2010 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 11'817'824 4.5 - 03.01.2012 Investment AdvisorUNITED SERVICES AUTO Multiple Portfolios MF-AGG 11'000'000 4.19 - 31.08.2011 Investment AdvisorOSPRAIE MANAGEMENT L n/a Co File 9'805'453 3.73 (5'337'666) 31.01.2009 Hedge Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'850'185 1.85 2'492'013 31.07.2011 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 2'726'435 1.04 (2'244'746) 31.08.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 2'016'569 0.77 - 30.12.2011 Investment AdvisorSPROTT ASSET MANAGEM Multiple Portfolios MF-AGG 1'930'000 0.73 - 30.06.2011 Hedge Fund ManagerDEN DUYTS CORP & ASS n/a SEDI 1'542'855 0.59 - 11.07.2007 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'235'000 0.47 - 30.11.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1'168'167 0.44 89'000 30.09.2011 Investment AdvisorCIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 1'162'896 0.44 132'096 31.12.2010 Investment AdvisorASKEW JAMES EDWARD n/a PROXY 1'038'648 0.4 - 30.04.2010 n/aINTERNATIONAL MINING n/a SEDI 1'038'648 0.4 (1'000'000) 11.01.2010 OtherPRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 667'908 0.25 667'908 30.09.2011 Insurance CompanyUS GLOBAL INVESTORS Multiple Portfolios MF-AGG 598'600 0.23 598'600 30.06.2011 Investment AdvisorLEVISTE JR JOSE PARE n/a SEDI 376'770 0.14 (50'000) 30.06.2010 n/aINTEGRA CAPITAL MANA Multiple Portfolios MF-AGG 323'982 0.12 142'282 30.11.2011 Investment AdvisorMACKENZIE FINANCIAL Multiple Portfolios MF-AGG 276'111 0.11 (160'453) 30.09.2011 Investment AdvisorSWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 275'000 0.1 - 31.10.2011 Mutual Fund Manager


Macquarie TONY LESIAK outperform 5 M 3 12 month 04.01.2012GMP ANDREW MIKITCHOOK buy 5 M 4 Not Provided 19.12.2011Cormark Securities Inc. MIKE KOZAK buy 5 M 5 12 month 01.11.2011Forsyth Barr ANDREW HARVEY-GREEN buy 5 N #N/A N/A Not Provided 11.10.2011

Holdings By:

OceanaGold Corp ee


05.03.2012

Resolute Mining Limited explores for, produces and develops gold in Ghana, Mali

Queensland and Tanzania. The Company's gold exploration projects includeObotan, Syama, Ravenswood and Golden Pride.


252-Week High % Change -9.50% Dividend Yield 0.0052-Week Low % Change 108.33% Beta 1.38% 52 Week Price Range High/Low 82.80% Equity Float 512.82


Total Debt 101.88 YTD Return 21.95%Preferred Stock 0.0 Adjusted BETA 1.382Minority Interest (33.1) Analyst Recs 9Cash and Equivalents 11.91 Consensus Rating 3.222Enterprise Value 1'236.97

Average Volume 5 Day 2'277'639RSG AU EQUITY YTD Change - Average Volume 30 Day 1'867'956RSG AU EQUITY YTD % CHANGE - Average Volume 3 Month 2'195'970


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y 12/11 Q2 03/12 Q3185.3 231.5 299.7 342.5 445.1 - - 658.5 728.6 - -1.43x 2.48x 1.12x 1.46x 1.36x - - 1.77x 1.36x - -

7.1 20.9 57.3 80.3 110.7 - - 300.9 375.6 - -37.37x 27.45x 5.85x 6.23x 5.46x - - 4.11x 3.29x - -170.2 (56.7) 30.7 (37.2) 59.7 - - 166.3 210.0 - -1.96x - 6.17x - 8.72x - - 7.63x 6.31x - -




Fiscal Year Ended

Resolute Mining LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

a -- M -- d -- 8 -- d -- a -- a -- 8 -- m -- j -- f -- 9 -- a -.!' 7.!' 71!' 73!' 75!' 7-'!' 7-.!' 7-1!' 7-3!' 7-5!' 7.'!' 7

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

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

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeM&G INVESTMENT MANAG n/a EXCH 91'019'226 14.64 1'821'760 14.12.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 54'145'814 8.71 139'704 30.09.2011 Investment AdvisorUTILICO INVESTMENTS n/a EXCH 47'885'198 7.7 - 27.10.2011 Investment AdvisorBANK OF AMERICA CORP n/a EXCH 42'275'050 6.8 - 11.11.2011 Investment AdvisorPRUDENTIAL PLC Multiple Portfolios MF-AGG 38'000'000 6.11 - 31.08.2011 Investment AdvisorRUFFER LLP Multiple Portfolios MF-AGG 31'725'182 5.1 - 31.08.2011 Hedge Fund ManagerALLIANCE LIFE COMMON n/a EXCH 27'026'172 4.35 (4'800'000) 27.10.2011 n/aCF RUFFER BAKER STEE n/a EXCH 17'600'000 2.83 - 08.11.2011 n/aVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 15'596'655 2.51 - 03.01.2012 Investment AdvisorACORN CAPITAL LTD n/a Co File 11'541'979 1.86 - 30.09.2010 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 9'128'322 1.47 - 30.11.2011 Investment AdvisorGENUS DYNAMIC GOLD F n/a EXCH 7'590'000 1.22 (470'000) 08.11.2011 n/aBAKER STEEL GOLD FUN n/a EXCH 4'300'000 0.69 - 08.11.2011 n/aSULLIVAN PETER ROSS n/a EXCH 3'507'448 0.56 200'000 31.12.2011 n/aDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'916'893 0.47 1'755'328 31.07.2011 Investment AdvisorECLECTIC INVEST TRUS n/a EXCH 2'000'000 0.32 - 17.12.2010 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 1'849'637 0.3 (28'974) 30.09.2011 Mutual Fund ManagerJP MORGAN ASSET MANA Multiple Portfolios MF-AGG 1'250'000 0.2 - 30.09.2011 Mutual Fund ManagerMIDAS MANAGEMENT COR Multiple Portfolios MF-AGG 1'145'001 0.18 - 30.11.2011 Investment AdvisorRIT CAPITAL PARTNERS n/a EXCH 1'122'000 0.18 (102'000) 08.11.2011 Investment Advisor


EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 04.01.2012BMO Capital Markets DAVID HAUGHTON market perform 3 M 2 Not Provided 29.12.2011E.L. & C. Baillieu RAY CHANTRY buy 5 M 2 12 month 01.12.2011Morgan Stanley BRENDAN FITZPATRICK Overwt/Attractive 5 N 2 12 month 16.11.2011Veritas Securities MATTHEW BAILLIE buy 5 M 2 12 month 19.10.2011BGF Equities Pty Ltd REG SPENCER buy 5 N 2 Not Provided 19.10.2011Deutsche Bank LEVI SPRY hold 3 M 2 12 month 18.10.2011CLSA Asia Pacific Markets JAMES STEWART sell 1 M 1 Not Provided 18.10.2011Citi CRAIG SAINSBURY buy 5 M 2 Not Provided 22.08.2011Westhouse Securities DAVID NAVAS buy 5 N 2 12 month 27.07.2011GMP MARK SMITH reduce 2 D 1 12 month 11.02.2010

Holdings By:

Resolute Mining Ltd ee


05.03.2012

Rainy River Resources Ltd. is a gold exploration and production company.





Average Volume 5 Day 325'886RR CN EQUITY YTD Change - Average Volume 30 Day 237'798RR CN EQUITY YTD % CHANGE - Average Volume 3 Month 288'483


30.09.2007 30.09.2008 30.09.2009 30.09.2010 30.09.2011 09/yy 09/yy 09/12 Y 09/13 Y 12/11 Q1 03/12 Q20.0 0.0 0.0 0.0 - 0.0 0.0 2.0 2.0 - -

- - - - - #DIV/0! #DIV/0! 245.37x 203.39x - -(4.2) (2.6) (4.2) (9.1) - (9.1) (13.1) (11.5) (10.4) (2.6) (2.6)

- - - - - 0.00x 0.00x - - - -(1.8) (1.0) (3.6) (6.8) (13.5) (6.8) (13.5) (12.5) (13.2) (2.2) (2.2)

- - - - - 0.00x 0.00x - - - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Rainy River Resources LtdPrice/Volume

Valuation Analysis


'

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3

5

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0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSALIDA CAPITAL LP n/a Co File 8'043'070 9.59 (655'430) 30.11.2011 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 5'456'537 6.5 22'911 31.10.2011 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 5'240'570 6.25 - 03.01.2012 Investment AdvisorIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 2'242'600 2.67 118'700 30.09.2011 Investment AdvisorBEREZAN LEO n/a SEDI 1'317'048 1.57 - 23.09.2010 n/aPYRAMIS GLOBAL ADVIS Multiple Portfolios MF-AGG 1'150'000 1.37 149'965 31.10.2011 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 1'116'400 1.33 - 31.05.2011 Investment AdvisorFIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 1'092'150 1.3 - 31.08.2011 Investment AdvisorMANULIFE ASSET MANAG Multiple Portfolios MF-AGG 870'599 1.04 - 30.11.2011 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 787'328 0.94 - 31.10.2011 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 655'000 0.78 (320'800) 30.11.2011 Investment AdvisorFALCON FUND MANAGEME Multiple Portfolios MF-AGG 502'000 0.6 - 30.11.2011 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 380'850 0.45 (10'000) 30.09.2010 Investment AdvisorJONES HEWARD INVESTM Multiple Portfolios MF-AGG 351'712 0.42 - 04.01.2012 UnclassifiedBLACKROCK ADVISERS Multiple Portfolios MF-AGG 350'000 0.42 - 30.09.2011 Investment AdvisorAVERILL STUART ALLAN n/a SEDI 345'000 0.41 15'000 10.07.2009 n/aSHARE SICAV Multiple Portfolios MF-AGG 344'900 0.41 344'900 31.03.2011 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 321'188 0.38 225'138 30.06.2011 Hedge Fund ManagerLOMBARD ODIER DARIER Multiple Portfolios MF-AGG 314'000 0.37 100'000 31.10.2011 Mutual Fund ManagerGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 297'567 0.35 - 31.03.2011 Investment Advisor


BMO Capital Markets JOHN P HAYES speculative outperform 4 M #N/A N/A Not Provided 29.12.2011Scotia Capital LEILY OMOUMI sector outperform 5 M 11 12 month 19.12.2011Desjardins Securities ADAM MELNYK buy 5 N 9 12 month 19.12.2011Canaccord Genuity Corp WENDELL ZERB speculative buy 4 M 10 12 month 13.12.2011Paradigm Capital Inc DON BLYTH speculative buy 4 M 12 12 month 28.11.2011Macquarie MICHAEL GRAY outperform 5 M 9 12 month 23.11.2011CIBC World Markets BARRY COOPER sector perform 3 U 10 Not Provided 13.11.2011RBC Capital Markets STEPHEN D WALKER outperform 5 M 11 12 month 11.11.2011National Bank Financial PAOLO LOSTRITTO outperform 5 M 9 12 month 11.11.2011Dundee Securities Corp VISHAL GUPTA buy 5 M #N/A N/A Not Provided 25.01.2011

Holdings By:

Rainy River Resources Ltd ee


05.03.2012

Sabina Gold & Silver Corporation explores and develops mineral properties. The

Company is a precious metals exploration Company with a portfolio of differentproperties in Canada at different stages of development. Sabina explores forminerals that include copper, gold and silver.





Average Volume 5 Day 1'009'194SBB CN EQUITY YTD Change - Average Volume 30 Day 872'374SBB CN EQUITY YTD % CHANGE - Average Volume 3 Month 913'942


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q10.0 0.0 0.0 0.0 0.0 0.0 0.0 9.7 3.2 - -

- - - - - #DIV/0! #DIV/0! - - - -(1.9) (6.3) (3.6) (4.5) (5.4) (5.1) (9.7) - - - -

- - - - - 0.00x 0.00x - - - -5.1 3.5 (3.1) (1.1) (4.1) (6.3) (12.4) (11.5) (2.1) - -

- 495.51x - - - 0.00x 0.00x - - - -



Asset Turnover 0.00Current Ratio 54.56 Net Fixed Asset Turnover 0.00Quick Ratio 53.82 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 761.08Accounts Receivable Turnover 0.00 Cash Conversion Cycle -Inventory Turnover 0.00

Fiscal Year Ended

Sabina Gold & Silver CorpPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

4

5

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1!' 7

3!' 7

5!' 7

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0.0

0.0

0.0

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0.0

0.0

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeNED GOODMAN INVESTME n/a SEDI 23'851'400 14.86 - 19.09.2011 Investment AdvisorGOODMAN & CO INVESTM Multiple Portfolios MF-AGG 22'774'803 14.19 5'085'803 30.06.2011 Hedge Fund ManagerDUNDEE PRECIOUS META n/a SEDI 18'539'713 11.55 1'539'713 11.08.2010 CorporationVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 9'145'018 5.7 - 03.01.2012 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 4'754'000 2.96 454'000 30.09.2011 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 2'435'000 1.52 - 30.11.2011 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 2'179'046 1.36 (241'600) 31.08.2011 Investment AdvisorACUITY INVESTMENT MA Multiple Portfolios MF-AGG 2'045'700 1.27 2'009'300 30.06.2011 Investment AdvisorFALCON FUND MANAGEME Multiple Portfolios MF-AGG 1'618'000 1.01 338'200 30.11.2011 Investment AdvisorMACKENZIE FINANCIAL Multiple Portfolios MF-AGG 1'186'000 0.74 596'900 30.09.2011 Investment AdvisorTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'052'900 0.66 (49'800) 30.06.2011 Investment AdvisorFIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 1'036'300 0.65 - 31.08.2011 Investment AdvisorGOODMAN NED n/a SEDI 870'000 0.54 100'000 02.03.2011 n/aPYRAMIS GLOBAL ADVIS Multiple Portfolios MF-AGG 850'000 0.53 (1'450'028) 31.10.2011 Investment AdvisorDUNDEE CORP n/a SEDI 740'860 0.46 300'000 06.10.2011 Holding CompanyFIRST STATE INVESTME Multiple Portfolios MF-AGG 685'216 0.43 685'216 31.08.2010 Investment AdvisorLOMBARD ODIER DARIER Multiple Portfolios MF-AGG 669'900 0.42 443'900 31.10.2011 Mutual Fund ManagerMIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 650'000 0.4 - 30.11.2011 Mutual Fund ManagerAMERICAN CENTURY COM Multiple Portfolios MF-AGG 647'586 0.4 - 30.09.2011 Investment AdvisorIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 597'300 0.37 231'500 30.09.2011 Investment Advisor


BMO Capital Markets ANDREW KAIP speculative outperform 4 M 6 Not Provided 29.12.2011RBC Capital Markets STEPHEN D WALKER outperform 5 M 9 12 month 22.12.2011Desjardins Securities BRIAN CHRISTIE buy 5 M 9 12 month 21.12.2011Dundee Securities Corp PAUL BURCHELL buy 5 M 8 12 month 25.11.2011Paradigm Capital Inc DON MACLEAN speculative buy 4 M 10 12 month 22.11.2011Salman Partners DAVID WEST Under Review #N/A N/A M #N/A N/A Not Provided 14.11.2011Cormark Securities Inc. RICHARD GRAY buy 5 M 11 12 month 04.10.2011

Holdings By:

Sabina Gold & Silver Corp ee


05.03.2012

Rio Alto Mining Limited is a mineral exploration company. The Company currently

is focusing on the development of the La Arena project in Peru which exploresfor gold. Rio Alto intends to progresses towards exploring for silver in Mexico.





Average Volume 5 Day 748'126RIO CN EQUITY YTD Change - Average Volume 30 Day 640'517RIO CN EQUITY YTD % CHANGE - Average Volume 3 Month 898'998


31.05.2007 31.05.2008 31.05.2009 31.05.2010 31.05.2011 08/yy 08/yy 05/12 Y 05/13 Y 11/11 Q2 02/12 Q3- 0.0 0.0 0.0 0.0 0.0 0.0 195.7 204.0 - -- - - - - #DIV/0! #DIV/0! 3.80x 4.04x - -

(1.0) (2.3) (1.5) (3.9) (8.0) (4.1) (8.8) 102.8 120.0 - -- - - - - 0.00x 0.00x 7.76x 6.64x - -

(1.0) (1.9) (1.5) (12.6) (8.0) (12.8) (17.3) 50.9 60.8 - -- - - - - 0.00x 0.00x 11.91x 13.74x - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Rio Alto Mining LtdPrice/Volume

Valuation Analysis


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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSENTRY SELECT CAPITA n/a Co File 21'659'700 12.76 1'799'400 31.10.2011 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 7'836'195 4.62 - 03.01.2012 Investment AdvisorIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 7'500'100 4.42 (600'200) 30.09.2011 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 6'294'604 3.71 - 31.08.2011 Investment AdvisorAUSCAN ASSETS LIMITE n/a PROXY 6'169'651 3.63 - 25.08.2011 OtherJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 6'160'000 3.63 - 31.05.2011 Investment AdvisorNORWICH ROGER n/a SEDI 4'469'195 2.63 149'500 31.05.2010 n/aOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 3'585'514 2.11 13'959 31.10.2011 Investment AdvisorSOMJI FEISAL A n/a SEDI 2'886'386 1.7 84'110 01.06.2010 n/aBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 2'491'125 1.47 (11'374) 04.01.2012 Investment AdvisorHAWKSHAW ANTHONY GRA n/a PROXY 1'000'000 0.59 - 25.08.2011 n/aUS GLOBAL INVESTORS Multiple Portfolios MF-AGG 950'000 0.56 (50'000) 30.06.2011 Investment AdvisorSOLDI JAIME n/a SEDI 927'288 0.55 (100'000) 18.07.2011 n/aAGF INVESTMENTS INC Multiple Portfolios MF-AGG 894'141 0.53 894'141 31.03.2011 Investment AdvisorMIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 890'000 0.52 790'000 30.11.2011 Mutual Fund ManagerOPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 800'000 0.47 - 31.10.2011 Mutual Fund ManagerZEITLER KLAUS M n/a SEDI 750'000 0.44 50'000 25.10.2010 n/aNCF SOC ADMIN DE FON Multiple Portfolios MF-AGG 550'309 0.32 (10'000) 03.08.2011 Mutual Fund ManagerMAYO INVESTMENT ADVI MAYO INVESTMENT ADVI 13F 440'000 0.26 (124'000) 30.09.2011 Hedge Fund ManagerTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 439'900 0.26 439'900 30.06.2011 Investment Advisor


CIBC World Markets IAN PARKINSON sector outperform 5 M 5 18 month 05.01.2012Clarus Securities MIKE BANDROWSKI buy 5 M 5 12 month 05.01.2012Scotia Capital MARK TURNER sector outperform 5 U 5 12 month 19.12.2011Stonecap Securities Inc CHRISTOS DOULIS outperform 5 M 4 12 month 05.12.2011GMP GEORGE V ALBINO buy 5 M 6 Not Provided 15.09.2011Kallpa Securities SAB MARIA BELEN VEGA G overweight 5 M 4 Not Provided 02.06.2011

Holdings By:

Rio Alto Mining Ltd ee


05.03.2012

Jaguar Mining Inc. acquires, explores, develops, and operates gold mineral

properties in Brazil. The Company owns operations in the state of MinasGerais, Brazil.





Average Volume 5 Day 1'026'553JAG US EQUITY YTD Change - Average Volume 30 Day 972'043JAG US EQUITY YTD % CHANGE - Average Volume 3 Month 1'492'511


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q121.2 47.8 93.7 140.7 170.8 165.7 230.3 245.0 312.8 66.0 -

13.23x 15.26x 4.07x 6.73x 4.28x 20.00x 10.88x - - - -(7.3) (6.9) 21.0 30.9 21.2 22.4 55.7 71.4 119.7 13.0 -

- - 18.20x 30.67x 34.48x 30.30x 10.96x 10.52x 6.28x - -(12.7) (27.7) (4.3) (8.0) (23.8) 2.4 (41.4) (14.1) 35.8 (1.0) -

- - - - - 0.00x 0.00x - 15.01x 17.06x 12.76x

EBITDA 21.20 Long-Term Rating Date -EBIT -18.12 Long-Term Rating -Operating Margin -10.61% Long-Term Outlook -Pretax Margin -12.88% Short-Term Rating Date -Return on Assets -4.21% Short-Term Rating -Return on Common Equity -7.09%Return on Capital - EBITDA/Interest Exp. 1.27Asset Turnover 0.30% (EBITDA-Capex)/Interest Exp. -6.62

Net Debt/EBITDA 6.07Gross Margin 7.2% Total Debt/EBITDA 7.92EBITDA Margin 12.4%EBIT Margin -10.6% Total Debt/Equity 51.6%Net Income Margin -13.9% Total Debt/Capital 34.0%



Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Jaguar Mining IncPrice/Volume

Valuation Analysis


'-.0123456

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL RESEARCH GLO CAPITAL RESEARCH GLO 13F 8'364'500 9.91 - 30.09.2011 Investment AdvisorBRISTOL INVESTMENT P n/a 13D 7'134'743 8.45 2'201'494 19.12.2011 Hedge Fund ManagerWELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 6'145'051 7.28 960'620 30.09.2011 Investment AdvisorVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 5'251'834 6.22 595'608 30.09.2011 Investment AdvisorSUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 4'291'096 5.08 - 30.09.2011 Hedge Fund ManagerSPROTT ASSET MANAGEM SPROTT ASSET MANAGEM 13F 2'533'800 3 (6'000) 30.09.2011 Hedge Fund ManagerDELTA PARTNERS LLC DELTA PARTNERS LLC 13F 1'735'728 2.06 233'658 30.09.2011 Hedge Fund ManagerBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 1'667'978 1.98 (98'046) 30.09.2011 Investment AdvisorANDREEFF EQUITY ADVI ANDREEFF EQUITY ADVI 13F 1'600'000 1.9 1'600'000 30.09.2011 Hedge Fund ManagerRAIFFEISEN KAPITALAN Multiple Portfolios MF-AGG 1'578'300 1.87 250'000 31.10.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 1'559'788 1.85 68'682 30.09.2011 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 1'546'648 1.83 (42'859) 30.09.2011 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'499'580 1.78 1'451'506 31.07.2011 Investment AdvisorNASCIMENTO ADRIANO n/a SEDI 1'012'500 1.2 - 13.01.2010 n/aCARDOSO LUCIO n/a SEDI 1'012'500 1.2 - 13.01.2010 n/aMIDAS MANAGEMENT COR MIDAS MANAGEMENT COR 13F 1'000'000 1.18 - 30.09.2011 Investment AdvisorLOEWS CORPORATION LOEWS CORPORATION 13F 987'629 1.17 - 30.09.2011 CorporationTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 986'636 1.17 346'535 30.09.2011 Investment AdvisorBLACKROCK INC BLACKROCK INC 13F 965'369 1.14 65'309 30.09.2011 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 905'764 1.07 24'427 30.09.2011 Investment Advisor


TD Newcrest STEVEN J GREEN hold 3 M 8 12 month 19.12.2011JPMorgan JOHN BRIDGES restricted #N/A N/A M #N/A N/A Not Provided 16.12.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 18.11.2011Cormark Securities Inc. RICHARD GRAY market perform 3 M 9 12 month 17.11.2011RBC Capital Markets MICHAEL D CURRAN sector perform 3 M 6 12 month 16.11.2011National Bank Financial TARA HASSAN sector perform 3 M 5 12 month 16.11.2011BMO Capital Markets JOHN P HAYES not rated #N/A N/A M #N/A N/A Not Provided 22.02.2011

Holdings By:

Jaguar Mining Inc ee


05.03.2012

Lake Shore Gold Corp. acquires and explores mineral properties. The Company is

currently exploring for gold in the gold mining district of northern Ontarioand Quebec.





Average Volume 5 Day 6'554'309LSG CN EQUITY YTD Change - Average Volume 30 Day 4'924'055LSG CN EQUITY YTD % CHANGE - Average Volume 3 Month 5'197'849


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q10.0 0.0 0.0 0.0 0.0 0.0 51.5 81.8 135.2 27.0 36.0

- - - - - #DIV/0! 90.55x - - - -(3.2) (4.3) (9.6) (9.6) (12.5) (16.1) 1.2 20.2 41.3 9.8 11.1

- - - - - 0.00x 512.74x 29.18x 14.25x 13.10x 12.22x(2.3) (1.1) (5.5) 2.1 (8.7) 1.9 (6.8) (1.6) 10.4 2.3 4.3

- - - 413.00x - 0.00x 0.00x 107.14x 35.71x 28.85x 37.50x





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Lake Shore Gold CorpPrice/Volume

Valuation Analysis


'--..001122

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1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeHOCHSCHILD MINING HO n/a SEDI 21'540'992 5.38 (109'000'000) 03.11.2010 CorporationRBC GLOBAL ASSET MAN RBC GLOBAL ASSET MGM 13F 21'328'730 5.33 21'328'730 30.09.2011 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 19'986'638 4.99 (2'382'370) 31.10.2011 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 19'030'364 4.76 - 03.01.2012 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 17'617'820 4.4 17'617'820 30.09.2011 Hedge Fund ManagerTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 15'826'732 3.96 15'826'732 30.09.2011 Investment AdvisorRUFFER LLP Multiple Portfolios MF-AGG 11'840'000 2.96 590'000 31.08.2011 Hedge Fund ManagerMACKENZIE FINANCIAL Multiple Portfolios MF-AGG 8'926'594 2.23 (1'000'006) 30.09.2011 Investment AdvisorTYRUS CAPITAL LLP TYRUS CAPITAL LLP 13F 8'575'000 2.14 8'575'000 30.09.2011 Hedge Fund ManagerCANADA PENSION PLAN CANADA PENSION PLAN 13F 7'430'424 1.86 7'430'424 30.09.2011 Pension Fund (ERISA)BLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 7'344'383 1.84 7'344'383 30.09.2011 Investment AdvisorLIBRA ADVISORS LLC LIBRA ADVISORS LLC 13F 5'385'200 1.35 5'385'200 30.09.2011 Hedge Fund ManagerBLACKROCK INC BLACKROCK INC 13F 4'315'424 1.08 4'315'424 30.09.2011 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 3'851'600 0.96 3'851'600 30.09.2011 Investment AdvisorPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 3'692'950 0.92 3'692'950 30.09.2011 Investment AdvisorAGF INVESTMENTS INC AGF INVESTMENTS INC 13F 3'438'100 0.86 3'438'100 30.09.2011 Investment AdvisorJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 3'278'501 0.82 3'278'501 30.09.2011 Investment AdvisorGEOLOGIC RESOURCE PA GEOLOGIC RESOURCE PA 13F 3'272'300 0.82 3'272'300 30.09.2011 Hedge Fund ManagerSHARE SICAV Multiple Portfolios MF-AGG 3'157'600 0.79 312'200 31.03.2011 Investment AdvisorCREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 3'110'105 0.78 3'110'105 30.09.2011 Investment Advisor


Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 3 Not Provided 04.01.2012BMO Capital Markets ANDREW KAIP market perform 3 M 2 Not Provided 29.12.2011TD Newcrest DANIEL EARLE buy 5 M 3 12 month 19.12.2011M Partners Inc MARC JOHNSON buy 5 M 4 12 month 19.12.2011Canaccord Genuity Corp WENDELL ZERB hold 3 M 2 12 month 13.12.2011Haywood Securities Inc. KERRY SMITH sector outperform 5 M 4 Not Provided 17.11.2011National Bank Financial PAOLO LOSTRITTO outperform 5 M 4 12 month 17.11.2011CIBC World Markets BARRY COOPER sector underperform 1 M 2 Not Provided 13.11.2011RBC Capital Markets STEPHEN D WALKER sector perform 3 M 4 12 month 30.09.2011Casimir Capital TEAM COVERAGE equalweight 3 M #N/A N/A Not Provided 03.05.2011

Holdings By:

Lake Shore Gold Corp ee


05.03.2012

Great Basin Gold Limited explores and develops gold properties. The Company

prospects for gold in the Witwatersrand Basin in South Africa and the CarlinTrend in Nevada.





Average Volume 5 Day 1'738'881GBG CN EQUITY YTD Change - Average Volume 30 Day 2'698'810GBG CN EQUITY YTD % CHANGE - Average Volume 3 Month 2'310'960


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q10.0 0.0 24.7 33.7 99.7 57.0 172.5 185.3 308.3 58.5 65.8

- - 14.86x 19.15x 14.22x 56.36x 28.57x 3.91x 2.46x - -(17.3) (62.2) (104.9) (50.6) (16.9) (35.7) 22.2 33.4 128.5 - -

- - - - - 0.00x 48.03x 19.32x 5.02x - -(11.6) (51.2) (84.9) (48.4) (28.9) (42.7) (48.7) (11.8) 45.9 1.8 3.6

- - - - - 0.00x 0.00x - 8.98x 16.60x 9.78x


Net Debt/EBITDA -Gross Margin 21.0% Total Debt/EBITDA -12.43EBITDA Margin -16.9%EBIT Margin -25.6% Total Debt/Equity 41.1%Net Income Margin -29.0% Total Debt/Capital 29.1%


Fiscal Year Ended

Great Basin Gold LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 26'373'735 5.55 3'670'020 30.09.2011 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 24'429'400 5.14 (203'800) 30.09.2011 Investment AdvisorTRANTER GOLD (BEE) n/a Research 20'928'459 4.4 - 22.11.2011 n/aRUFFER LLP Multiple Portfolios MF-AGG 17'208'900 3.62 930'000 31.08.2011 Hedge Fund ManagerFRANKLIN RESOURCES I FRANKLIN ADVISERS IN 13F 16'971'400 3.57 602'600 30.09.2011 Investment AdvisorMACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 16'029'300 3.37 (408'900) 30.09.2011 Investment AdvisorUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 15'000'002 3.15 100'000 30.09.2011 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 12'434'231 2.61 (69'120) 30.09.2011 Investment AdvisorRBC GLOBAL ASSET MAN RBC GLOBAL ASSET MGM 13F 10'967'222 2.31 (1'622'426) 30.09.2011 Investment AdvisorJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 10'861'500 2.28 (2'905'570) 30.09.2011 Investment AdvisorBRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 10'147'083 2.13 2'193'165 30.09.2011 Hedge Fund ManagerFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 9'250'630 1.95 (595'600) 30.09.2011 Hedge Fund ManagerWELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 8'350'110 1.76 557'803 30.09.2011 Investment AdvisorNEWGATE CAPITAL MANA NEWGATE CAPITAL MANA 13F 8'338'776 1.75 (176'562) 30.09.2011 Investment AdvisorALLIANZ GLOBAL INV O ALLIANZ GLOBAL INVES 13F 7'362'425 1.55 7'362'425 30.09.2011 Investment AdvisorNATCAN INVESTMENT MA NATCAN INVESTMENT MA 13F 7'004'593 1.47 2'566'890 30.09.2011 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 6'712'900 1.41 50'000 30.09.2011 Investment AdvisorCREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 6'549'551 1.38 (648'600) 30.09.2011 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 5'660'000 1.19 - 31.05.2011 Investment AdvisorBLACKROCK INC BLACKROCK INC 13F 5'148'864 1.08 332'094 30.09.2011 Investment Advisor


Stifel Nicolaus JOSH WOLFSON hold 3 M #N/A N/A Not Provided 03.01.2012Dahlman Rose & Co ADAM P GRAF buy 5 M 5 Not Provided 03.01.2012BMO Capital Markets ANDREW BREICHMANAS outperform 5 M 3 Not Provided 29.12.2011Raymond James BRAD HUMPHREY market perform 3 M 2 12 month 16.12.2011RBC Capital Markets LEON ESTERHUIZEN sector perform 3 M 2 12 month 15.12.2011

Holdings By:

Great Basin Gold Ltd ee


05.03.2012

Trelawney Mining and Exploration Inc. acquires and explores mineral properties

in Canada. The Company is focusing its gold exploration efforts in theProvince of Ontario in Canada.





Average Volume 5 Day 3'104'407TRR CN EQUITY YTD Change - Average Volume 30 Day 1'320'564TRR CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'008'812


31.12.2005 31.12.2006 31.12.2007 31.12.2008 31.12.2009 09/yy 09/yy 12/10 Y 12/11 Y 12/11 Q4 03/12 Q10.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -(0.5) (0.5) (0.4) (0.4) (1.7) (10.2) (59.7) (7.9) (65.3) - -

- - - - - 0.00x 0.00x - - - -(0.8) (0.7) 0.6 (0.6) (2.6) (18.8) (64.8) (6.9) (45.2) - -

- - 9.50x - - 0.00x 0.00x - - - -




Fiscal Year Ended

Trelawney Mining and Exploration IncPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

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0

1

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3

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 11'198'362 6.47 15'565 31.08.2011 Investment AdvisorLIBRA ADVISORS LLC n/a SEDI 9'679'300 5.59 (33'800) 03.12.2010 Hedge Fund ManagerVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 9'272'453 5.36 - 03.01.2012 Investment AdvisorMETALLUM RESOURCES I n/a SEDI 5'000'000 2.89 - 30.11.2009 CorporationFIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 4'618'700 2.67 - 31.08.2011 Investment AdvisorSPROTT ASSET MANAGEM Multiple Portfolios MF-AGG 4'613'800 2.66 - 30.06.2011 Hedge Fund ManagerOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 4'497'260 2.6 (1'157'893) 31.10.2011 Investment AdvisorTREELAWN INVESTMENT n/a Co File 4'000'000 2.31 - 31.08.2009 OtherSENTRY SELECT CAPITA Multiple Portfolios MF-AGG 3'375'000 1.95 - 30.06.2011 Investment AdvisorSCEPTRE INVESTMENT C Multiple Portfolios MF-AGG 2'635'000 1.52 (134'200) 31.10.2011 Investment AdvisorACUITY INVESTMENT MA Multiple Portfolios MF-AGG 1'840'524 1.06 1'761'724 30.06.2011 Investment AdvisorALTAMIRA MANAGEMENT Multiple Portfolios MF-AGG 985'000 0.57 460'000 30.11.2011 UnclassifiedMOHAN PATRICK n/a SEDI 922'955 0.53 4'255 06.12.2011 n/aGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 823'907 0.48 (112'593) 31.03.2011 Investment AdvisorRBC PH&N INV COUNSEL Multiple Portfolios MF-AGG 674'600 0.39 (37'900) 30.11.2011 Investment AdvisorAGF INVESTMENTS INC Multiple Portfolios MF-AGG 646'500 0.37 - 31.10.2011 Investment AdvisorFAIRBAIRN JAMES n/a SEDI 552'142 0.32 - 27.10.2011 n/aGOODMAN & CO INVESTM Multiple Portfolios MF-AGG 525'000 0.3 (550'000) 30.06.2011 Hedge Fund ManagerFALCON FUND MANAGEME Multiple Portfolios MF-AGG 521'000 0.3 - 30.11.2011 Investment AdvisorLOMBARD ODIER DARIER Multiple Portfolios MF-AGG 511'700 0.3 200'000 31.10.2011 Mutual Fund Manager


BMO Capital Markets JOHN P HAYES market perform 3 N #N/A N/A Not Provided 19.12.2011Desjardins Securities ADAM MELNYK buy 5 N 6 12 month 19.12.2011RBC Capital Markets STEPHEN D WALKER outperform 5 M 5 12 month 13.12.2011Stifel Nicolaus CRAIG STANLEY buy 5 M 5 12 month 07.12.2011Jennings Capital PETER CAMPBELL speculative buy 4 M 8 12 month 07.12.2011CIBC World Markets JEFF KILLEEN sector perform 3 M 7 Not Provided 05.12.2011

Holdings By:

Trelawney Mining and Exploration Inc ee


05.03.2012

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.




Total Debt 139.22 YTD Return 13.94%Preferred Stock 0.0 Adjusted BETA 1.286Minority Interest (1.3) Analyst Recs 11Cash and Equivalents 103.64 Consensus Rating 2.455Enterprise Value 520.60

Average Volume 5 Day 2'084'136GSS US EQUITY YTD Change - Average Volume 30 Day 2'432'039GSS US EQUITY YTD % CHANGE - Average Volume 3 Month 2'446'543


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 03/12 Q1 06/12 Q2175.6 257.4 400.7 432.7 471.0 444.6 457.7 620.1 685.3 144.0 160.74.78x 1.43x 1.99x 2.72x 0.98x 9.39x 6.60x 0.85x 0.46x 3.50x 3.04x

6.0 1.8 136.7 107.6 91.8 146.2 79.3 174.6 229.2 40.4 48.1139.20x 200.09x 5.85x 10.93x 5.00x 8.62x 6.49x 2.98x 2.27x 2.82x 2.24x

(36.4) (119.3) 16.5 (11.2) (2.1) 20.7 (27.3) 50.6 96.4 11.1 15.8- - 39.07x - - 61.58x 0.00x 8.83x 5.89x 8.28x 5.61x

EBITDA 91.81 Long-Term Rating Date -EBIT 20.34 Long-Term Rating -Operating Margin 4.32% Long-Term Outlook -Pretax Margin 1.80% Short-Term Rating Date -Return on Assets -0.28% Short-Term Rating -Return on Common Equity -0.47%Return on Capital -0.87% EBITDA/Interest Exp. 10.33Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. -1.08




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Golden Star Resources LtdPrice/Volume

Valuation Analysis


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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSENTRY SELECT CAPITA n/a Co File 32'626'900 12.62 - 30.06.2010 Investment AdvisorVAN ECK ASSOCIATES C n/a Co File 25'909'398 10.02 970'713 30.11.2011 Investment AdvisorHEARTLAND ADVISORS I HEARTLAND ADVISORS I 13F 18'384'900 7.11 9'227'550 30.09.2011 Investment AdvisorACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 8'492'308 3.28 (52'764) 30.09.2011 Hedge Fund ManagerBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 5'104'282 1.97 (323'016) 30.09.2011 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 4'867'447 1.88 (77'700) 30.09.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 4'837'387 1.87 152'884 30.09.2011 Investment AdvisorBRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 3'503'700 1.35 238'456 30.09.2011 Hedge Fund ManagerBLACKROCK INC BLACKROCK INC 13F 2'936'312 1.14 168'036 30.09.2011 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2'774'233 1.07 139'773 30.09.2011 Investment AdvisorSPROTT ASSET MANAGEM SPROTT ASSET MANAGEM 13F 2'432'700 0.94 500'000 30.09.2011 Hedge Fund ManagerPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 2'391'400 0.92 (82'200) 30.09.2011 Investment AdvisorARTIS CAPITAL MANAGE ARTIS CAPITAL MANAGE 13F 2'107'000 0.81 (782'500) 30.09.2011 Hedge Fund ManagerCANADA PENSION PLAN CANADA PENSION PLAN 13F 1'973'789 0.76 1'169'868 30.09.2011 Pension Fund (ERISA)TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'783'266 0.69 (156'664) 30.09.2011 Investment AdvisorGOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 1'727'049 0.67 340'419 30.09.2011 Investment AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 1'368'089 0.53 96'200 30.09.2011 Investment AdvisorBPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 1'248'194 0.48 38'634 31.10.2011 Mutual Fund ManagerHARRIS FINANCIAL COR HARRIS FINANCIAL COR 13F 1'136'991 0.44 300'756 30.09.2011 Investment AdvisorJONES HEWARD INVESTM Multiple Portfolios MF-AGG 1'078'805 0.42 - 04.01.2012 Unclassified


Raymond James BRAD HUMPHREY market perform 3 M 3 12 month 05.01.2012Macquarie PIERRE VAILLANCOURT neutral 3 M 2 12 month 04.01.2012BMO Capital Markets ANDREW BREICHMANAS market perform 3 M 3 Not Provided 29.12.2011Scotia Capital TREVOR TURNBULL sector perform 3 M 2 12 month 19.12.2011EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 30.11.2011National Bank Financial PAOLO LOSTRITTO sector perform 3 M 2 12 month 10.11.2011Credit Suisse ANITA SONI outperform 5 M 4 Not Provided 09.11.2011Canaccord Genuity Corp RAHUL PAUL hold 3 M 3 12 month 09.11.2011CIBC World Markets COSMOS CHIU sector perform 3 M 3 Not Provided 14.09.2011Paradigm Capital Inc DON MACLEAN sell 1 M 4 12 month 29.08.2011

Holdings By:

Golden Star Resources Ltd ee


05.03.2012

Integra Mining Limited is an diversified mineral exploration company with a

focus primarily on gold exploration. The Company's mineral portfolio is locatedin the Eastern Goldfields region of Western Australia.





Average Volume 5 Day 2'378'322IGR AU EQUITY YTD Change - Average Volume 30 Day 3'534'725IGR AU EQUITY YTD % CHANGE - Average Volume 3 Month 4'437'636


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -- - - - 39.9 - - 132.3 153.3 - -- - - - 8.95x - - 2.93x 2.18x - -

(1.7) (11.4) (5.6) (7.7) 23.4 - - 70.6 87.7 - -- - - - 15.24x - - 6.40x 5.15x - -

(1.7) (10.6) (4.5) (21.2) 19.2 - - 41.4 55.6 - -- - - - 17.96x - - 10.59x 8.31x - -

EBITDA 23.44 Long-Term Rating Date -EBIT 9.09 Long-Term Rating -Operating Margin 22.78% Long-Term Outlook -Pretax Margin 43.48% Short-Term Rating Date -Return on Assets 10.26% Short-Term Rating -Return on Common Equity 14.22%Return on Capital - EBITDA/Interest Exp. 19.44Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. 8.44



Fiscal Year Ended

Integra Mining LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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15.0

20.0

25.0

30.0

35.0

40.0

45.0

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.!''

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeUBS AG n/a EXCH 68'258'179 8.07 (10'266'806) 23.04.2010 Investment AdvisorJP MORGAN CHASE & CO n/a EXCH 49'731'039 5.88 8'046'439 09.12.2010 Investment AdvisorVAN ECK ASSOCIATES C n/a EXCH 42'510'474 5.02 - 20.09.2011 Investment AdvisorCF RUFFER BAKER STEE n/a EXCH 34'237'000 4.05 5'113'544 08.09.2011 n/aRUFFER LLP Multiple Portfolios MF-AGG 34'017'000 4.02 1'656'000 31.08.2011 Hedge Fund ManagerPALA INVESTMENTS HOL n/a EXCH 31'814'965 3.76 (32'820'855) 13.05.2010 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 25'372'400 3 - 31.05.2011 Investment AdvisorUNION INVESTMENT LUX Multiple Portfolios MF-AGG 12'500'000 1.48 2'500'000 31.03.2011 Investment AdvisorUNISUPER n/a EXCH 11'864'520 1.4 - 01.03.2011 OtherGENUS DYNAMIC GOLD F n/a EXCH 11'243'000 1.33 3'851'456 08.09.2011 n/aACORN CAPITAL LTD n/a EXCH 10'942'383 1.29 - 01.03.2011 Investment AdvisorMICROCAP INVESTMENT n/a EXCH 8'291'927 0.98 - 01.03.2011 OtherSUNSUPER FUND n/a EXCH 6'942'801 0.82 - 01.03.2011 OtherHEALTH SUPER n/a EXCH 5'794'166 0.68 - 01.03.2011 OtherCBA OFFICERS SUPER F n/a EXCH 5'076'706 0.6 - 01.03.2011 OtherVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 4'538'042 0.54 12'938 30.09.2011 Mutual Fund ManagerBAKER STEEL CAPITAL n/a EXCH 3'828'000 0.45 912'000 08.09.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 3'769'554 0.45 493'036 30.09.2011 Investment AdvisorMICROCAP INVESTMENT n/a EXCH 3'547'498 0.42 - 01.03.2011 OtherIRONSIDE PETER REYNO n/a EXCH 3'261'503 0.39 210'000 01.08.2011 n/a


Hartleys TRENT BARNETT buy 5 M 1 12 month 02.12.2011E.L. & C. Baillieu ADRIAN PRENDERGAST buy 5 M 1 12 month 24.11.2011BGF Equities Pty Ltd REG SPENCER buy 5 M 1 Not Provided 15.11.2011RBS CHRIS BROWN buy 5 M 1 12 month 02.11.2011Argonaut Securities Pty Ltd TIM SERJEANT hold 3 M 1 12 month 01.11.2011BBY Limited MIKE HARROWELL strong buy 5 M 1 12 month 20.10.2011Evans & Partners Pty Ltd CATHY MOISES Positive 4 M #N/A N/A Not Provided 23.08.2010

Holdings By:

Integra Mining Ltd ee


05.03.2012

Real Gold Mining Limited mines gold and processes ore into concentrates

containing gold and other minerals for subsequent sale.



Shares Out 21.09.2011 908.8 Short Int -8'006.41 1 Yr Total Return -27.41%

Total Debt 0.00 YTD Return 0.00%Preferred Stock 0.0 Adjusted BETA 0.629Minority Interest 135.1 Analyst Recs 5Cash and Equivalents 2'965.19 Consensus Rating 2.600Enterprise Value 3'999.90

Average Volume 5 Day 0246 HK EQUITY YTD Change - Average Volume 30 Day 0246 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 1'712.5 1'798.5 - -- - - 5.88x 5.55x 0.00x 0.00x 1.61x 1.08x - -

(0.1) (1.1) 190.4 768.9 1'187.9 0.0 0.0 1'355.0 1'327.5 - -- - - 7.73x 6.39x 0.00x 0.00x 2.95x 3.01x - -

(0.1) (2.2) 103.9 526.7 798.0 650.8 831.3 952.5 923.0 - -- - - 13.02x 12.06x 0.00x 0.00x 6.39x 5.73x - -

EBITDA 1'187.92 Long-Term Rating Date -EBIT 1'149.66 Long-Term Rating -Operating Margin 84.03% Long-Term Outlook -Pretax Margin 80.97% Short-Term Rating Date -Return on Assets 19.98% Short-Term Rating -Return on Common Equity 22.56%Return on Capital 22.32% EBITDA/Interest Exp. -Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. -




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Real Gold Mining LtdPrice/Volume

Valuation Analysis

0.00Current Price (3/dd/yy) Market Data

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.

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200.0

400.0

600.0

800.0

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1'400.0

1'600.0

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeLEAD HONEST MANAGEME n/a Co File 479'376'000 52.75 - 31.12.2010 OtherCITIGROUP INCORPORAT #N/A N/A EXCH 249'392'044 27.44 - 30.12.2011 Investment AdvisorLEAD HONEST MANAGEME n/a Short (234'376'000) -25.79 - 07.07.2010 OtherVALUE PARTNERS LIMIT n/a EXCH 85'985'000 9.46 1'739'000 05.12.2011 Investment AdvisorDEUTSCHE BANK AG n/a EXCH 44'536'611 4.9 - 15.10.2010 Investment AdvisorDEUTSCHE BANK AG n/a Short (32'902'131) -3.62 - 15.10.2010 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 19'742'800 2.17 - 03.01.2012 Investment AdvisorGOODMAN & CO INVESTM Multiple Portfolios MF-AGG 17'816'505 1.96 5'700'005 30.06.2011 Hedge Fund ManagerCITIGROUP INCORPORAT n/a Short (11'612'729) -1.28 - 30.12.2011 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 10'673'000 1.17 - 31.10.2011 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 9'609'000 1.06 - 31.10.2011 Investment AdvisorGARTMORE GROUP LTD Multiple Portfolios MF-AGG 9'137'500 1.01 - 30.11.2011 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 7'861'000 0.86 - 31.08.2011 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 5'850'000 0.64 - 30.11.2011 Investment AdvisorAMUNDI JAPAN Multiple Portfolios MF-AGG 4'836'000 0.53 (264'000) 22.11.2010 Mutual Fund ManagerMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 4'353'500 0.48 - 30.06.2011 Mutual Fund ManagerFIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 4'320'500 0.48 - 31.12.2011 UnclassifiedDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 4'103'427 0.45 350'500 30.06.2011 Mutual Fund ManagerJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 3'089'500 0.34 - 31.05.2011 Investment AdvisorALLIANCEBERNSTEIN LU Multiple Portfolios MF-AGG 2'376'000 0.26 - 30.11.2011 Investment Advisor


Samsung Securities THOMAS ZHU sell 1 M 7 12 month 04.11.2011Bank of China International ROBIN TSUI Under Review #N/A N/A M #N/A N/A Not Provided 14.10.2011Macquarie ANDREW DALE neutral 3 M 9 12 month 07.10.2011Citi AARON GE Under Review #N/A N/A M #N/A N/A Not Provided 02.09.2011Standard Chartered OUYANG WEI underperform 1 D 6 12 month 01.09.2011CLSA Asia Pacific Markets RICHARD LEUNG sell 1 M 7 Not Provided 14.06.2011BOCOM International Holdings RONGJIN LUO neutral 3 D 9 12 month 03.06.2011Kingsway SW Securities ZIBO CHEN buy 5 M 19 Not Provided 14.03.2011SWS Research Co Ltd JUN NI outperform 5 N #N/A N/A Not Provided 17.07.2009

Holdings By:

Real Gold Mining Ltd ee


05.03.2012

Gryphon Minerals Ltd. explores for gold. The Company operates on the Banfora

Gold Project in Burkina Faso, Africa, and properties in Mauritania.





Average Volume 5 Day 1'331'823GRY AU EQUITY YTD Change - Average Volume 30 Day 1'482'201GRY AU EQUITY YTD % CHANGE - Average Volume 3 Month 1'534'251


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -0.0 0.0 0.0 0.0 0.0 - - 0.9 15.0 - -

- - - - - - - 377.61x 24.84x - -(1.3) (3.3) (2.7) (3.9) (16.1) - - (6.7) (2.9) - -

- - - - - - - - - - -(1.2) (3.1) (2.3) (3.2) (8.9) - - (6.8) (3.6) - -

- - - - - - - - - - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Gryphon Minerals LtdPrice/Volume

Valuation Analysis


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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C n/a EXCH 23'577'463 6.77 2'980'047 25.10.2011 Investment AdvisorCOMMONWEALTH BANK OF n/a EXCH 23'267'348 6.68 7'994'537 01.12.2011 BankROYAL BANK OF CANADA n/a EXCH 14'803'493 4.25 (160'194) 05.04.2011 BankGENESIS ASSET MANAGE n/a EXCH 14'328'890 4.12 - 13.10.2010 Investment AdvisorRUFFER LLP Multiple Portfolios MF-AGG 7'843'000 2.25 - 31.08.2011 Hedge Fund ManagerRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 6'473'493 1.86 (2'135'000) 31.08.2011 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 6'215'752 1.79 948'864 31.08.2011 Mutual Fund ManagerGOODMAN & CO INVESTM Multiple Portfolios MF-AGG 6'109'985 1.75 698'000 30.06.2011 Hedge Fund ManagerCARMIGNAC GESTION Multiple Portfolios MF-AGG 5'980'000 1.72 - 30.09.2011 Investment AdvisorSHARE SICAV Multiple Portfolios MF-AGG 4'483'746 1.29 300'000 31.03.2011 Investment AdvisorSYMORGH TRUST n/a EXCH 2'990'600 0.86 - 06.12.2010 UnclassifiedJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 2'800'000 0.8 - 31.05.2011 Investment AdvisorPARSONS STEPHEN n/a EXCH 2'500'001 0.72 - 06.12.2010 n/aWELLS FARGO FUNDS MA Multiple Portfolios MF-AGG 2'000'000 0.57 - 31.10.2011 Investment AdvisorNETHERWAY DAVID GEOR n/a EXCH 1'845'201 0.53 - 06.12.2010 n/aJULIUS BAER MULTICOO Multiple Portfolios MF-AGG 1'679'806 0.48 375'581 31.08.2011 Mutual Fund ManagerVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 1'636'778 0.47 (25'307) 30.09.2011 Mutual Fund ManagerFALCON FUND MANAGEME Multiple Portfolios MF-AGG 1'432'000 0.41 - 30.11.2011 Investment AdvisorINTERNATIONAL FINANC n/a EXCH 1'409'178 0.4 - 23.08.2010 GovernmentVANGUARD GROUP INC Multiple Portfolios MF-AGG 1'283'608 0.37 162'395 30.09.2011 Investment Advisor


Macquarie MITCH RYAN outperform 5 M 2 12 month 28.11.2011Credit Suisse MICHAEL SLIFIRSKI outperform 5 M 2 Not Provided 25.11.2011RBS JAMES WILSON buy 5 M 2 12 month 24.11.2011Deutsche Bank LEVI SPRY buy 5 M 2 12 month 23.11.2011Morgan Stanley BRENDAN FITZPATRICK Overwt/Attractive 5 M 2 12 month 23.11.2011Citi CRAIG SAINSBURY buy 5 M 2 Not Provided 23.11.2011BGF Equities Pty Ltd REG SPENCER buy 5 M #N/A N/A Not Provided 21.11.2011Investec GEOFF MUERS buy 5 M 2 12 month 07.11.2011E.L. & C. Baillieu RAY CHANTRY buy 5 M 2 12 month 04.11.2011RBC Capital Markets GEOFF BREEN outperform 5 M 3 12 month 30.09.2011Paradigm Capital Inc JONATHAN CASE speculative buy 4 M 2 12 month 01.09.2011Argonaut Securities Pty Ltd TROY IRVIN speculative buy 4 M 2 12 month 01.09.2011DJ Carmichael Pty Ltd PAUL ADAMS speculative buy 4 M #N/A N/A Not Provided 24.08.2011

Holdings By:

Gryphon Minerals Ltd ee


05.03.2012

China Gold International Resources Corp Ltd.is a mining company focused on the

exploration and development of gold projects in throughout Asia.





Average Volume 5 Day 605'020CGG CN EQUITY YTD Change - Average Volume 30 Day 326'566CGG CN EQUITY YTD % CHANGE - Average Volume 3 Month 332'358


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q10.0 0.0 29.4 81.0 133.2 118.3 266.7 313.2 361.8 - -

- - 3.54x 7.07x 15.60x 25.76x 25.50x 4.23x 3.51x - -(8.4) (11.9) (0.1) 25.0 69.3 56.0 125.1 146.0 187.8 - -

- - - 22.93x 29.97x 15.27x 8.30x 10.12x 7.87x - -(8.6) (16.5) 14.6 (9.3) 26.2 9.8 65.5 86.0 113.0 - -

- - 36.15x - 37.00x 77.76x 14.24x 17.74x 13.57x - -




Fiscal Year Ended

China Gold International Resources Corp LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

4

a -- M -- d -- 8 -- d -- a -- a -- 8 -- m -- j -- f -- 9 -- a -.!' 7.!' 71!' 73!' 75!' 7-'!' 7-.!' 7-1!' 7-3!' 7-5!' 7

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA NATIONAL GOLD n/a SEDI 155'794'830 39.33 184'200 30.09.2011 CorporationVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 8'103'639 2.05 - 03.01.2012 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 5'597'507 1.41 (643'558) 31.10.2011 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 2'476'200 0.63 90'600 30.09.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'057'628 0.27 - 30.12.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 866'295 0.22 57'200 30.09.2011 Investment AdvisorDAIWA SB INVESTMENT Multiple Portfolios MF-AGG 350'000 0.09 350'000 11.01.2011 Investment AdvisorBLACKROCK JAPAN CO L Multiple Portfolios MF-AGG 211'000 0.05 - 27.01.2011 Investment AdvisorBELGRAVE CAPITAL MAN Multiple Portfolios MF-AGG 180'000 0.05 49'000 30.06.2011 Mutual Fund ManagerWELLS CAPITAL MANAGE Multiple Portfolios MF-AGG 161'100 0.04 - 31.10.2011 Investment AdvisorSWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 155'000 0.04 - 31.10.2011 Mutual Fund ManagerMARLBOROUGH FUND MAN Multiple Portfolios MF-AGG 146'950 0.04 - 01.12.2011 Mutual Fund ManagerGEOGRAPHE CORPORATE n/a SEDI 140'000 0.04 - 27.04.2010 CorporationTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 98'700 0.02 98'700 30.06.2011 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 95'660 0.02 77'760 29.07.2011 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 90'000 0.02 - 30.11.2011 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 87'883 0.02 - 03.01.2012 Investment AdvisorAGF INVESTMENTS INC Multiple Portfolios MF-AGG 78'580 0.02 78'580 31.03.2011 Investment AdvisorNESTOR INVESTMENT MA Multiple Portfolios MF-AGG 70'000 0.02 - 31.10.2011 Mutual Fund ManagerRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 61'755 0.02 - 31.08.2011 Investment Advisor


SinoPac WENDY HUANG buy 5 M 5 12 month 19.12.2011CCB International Securities Ltd KAREN LI outperform 5 N 4 Not Provided 06.12.2011GuoSen Securities Co Ltd HELENA QIU buy 5 M 5 12 month 16.11.2011BOCOM International Holdings RONGJIN LUO buy 5 M 5 12 month 16.11.2011Citi AARON GE buy 5 U 4 Not Provided 30.09.2011

Holdings By:

China Gold International Resources Corp Ltd ee


05.03.2012

Avocet Mining PLC is a gold mining and exploration company. The Company's

principal activities are gold mining and exploration in Burkina Faso andexploration in Guinea.



Shares Out 30.09.2011 198.8 Short Int -434.43 1 Yr Total Return -12.30%


Average Volume 5 Day 768'156AVM LN EQUITY YTD Change - Average Volume 30 Day 663'771AVM LN EQUITY YTD % CHANGE - Average Volume 3 Month 604'921


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 03/12 Q1 06/12 Q286.8 123.9 97.0 132.8 213.4 197.6 175.0 248.7 296.3 77.8 73.52.82x 2.91x 0.54x 5.78x 2.34x 8.33x 15.83x 2.53x 2.12x 8.48x 7.76x25.2 61.6 22.9 70.0 84.1 38.0 (7.2) 98.2 133.4 30.5 26.99.74x 5.86x 2.27x 10.96x 5.94x 0.00x 0.00x 6.27x 4.61x 5.95x -17.6 28.3 24.5 14.6 103.4 14.4 94.1 45.8 70.6 14.7 13.0

13.92x 21.91x 4.80x 180.94x - 0.00x 0.00x 16.22x 10.97x 14.22x 13.99x




Fiscal Year Ended

Avocet Mining PLCPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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40.0

60.0

80.0

100.0

120.0

140.0

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'3!'1!.''4 '3!-'!.''4 '3!'1!.''5 '3!-'!.''5 '3!'1!.''6 '3!-'!.''6 '3!'1!.'-' '3!-'!.'-' '3!'1!.'-- '3!-'!.'--



05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeNorwegian Depositary Multiple Portfolios REG 31'146'169 15.67 (4'476'538) 02.09.2011 UnclassifiedELLIOTT INTERNATIONA n/a RNS-MAJ 25'695'037 12.92 - 22.12.2011 Investment AdvisorELLIOTT MANAGEMENT Multiple Portfolios REG 25'553'382 12.85 (296'194) 02.09.2011 Hedge Fund ManagerDATUM AS n/a Co File 24'404'896 12.27 - 21.02.2011 n/aDatum AS Multiple Portfolios REG 24'404'896 12.27 - 02.09.2011 UnclassifiedJP MORGAN ASSET MGMT n/a Co File 16'642'746 8.37 - 21.02.2011 Investment AdvisorBLACKROCK INC n/a RNS-MAJ 14'467'462 7.28 (298'078) 11.07.2011 Investment AdvisorBLACKROCK INV MANAGE Multiple Portfolios REG 13'676'787 6.88 127'681 02.09.2011 Investment AdvisorJP MORGAN ASSET MGMT Multiple Portfolios REG 13'474'606 6.78 (1'959'351) 02.09.2011 Investment AdvisorBANK OF AMERICA CORP n/a RNS-MAJ 12'136'614 6.1 2'057'293 16.12.2011 Investment AdvisorWega Mining ASA Form Multiple Portfolios REG 10'925'557 5.5 - 02.09.2011 UnclassifiedBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 8'765'299 4.41 718'405 30.09.2011 Investment AdvisorVAN ECK GLOBAL Multiple Portfolios REG 7'038'281 3.54 914'271 02.09.2011 UnclassifiedPRELAS AS n/a RNS-MAJ 6'800'190 3.42 - 12.07.2011 n/aPrelas AS Multiple Portfolios REG 6'800'190 3.42 - 02.09.2011 UnclassifiedVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 6'608'831 3.32 - 03.01.2012 Investment AdvisorSCOTT NIGEL MCNAIR n/a RNS-MAJ 5'820'658 2.93 (322'815) 11.11.2010 n/aWIBORG KAPITALFORVAL n/a RNS-MAJ 5'606'917 2.82 - 04.01.2010 n/aJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 5'587'800 2.81 - 31.05.2011 Investment AdvisorNORDEA BANK NORGE AS n/a EXCH 5'580'000 2.81 - 02.08.2010 Bank


EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 04.01.2012BMO Capital Markets ANDREW BREICHMANAS outperform 5 M 325 Not Provided 29.12.2011Oriel Securities Ltd KATE CRAIG buy 5 M 289 Not Provided 21.12.2011Collins Stewart TIM DUDLEY buy 5 N 300 Not Provided 20.12.2011Goldman Sachs EUGENE KING neutral/attractive 3 N 280 12 month 19.12.2011RBC Capital Markets JONATHAN GUY outperform 5 M 300 12 month 19.12.2011Singer Capital Markets CHARLIE LONG buy 5 M 330 12 month 12.12.2011GMP BROCK SALIER buy 5 M 290 Not Provided 09.12.2011Ambrian Partners Ltd DUNCAN HUGHES buy 5 M 289 Not Provided 01.12.2011Numis Securities Ltd CAILEY BARKER buy 5 M 310 Not Provided 28.11.2011Canaccord Genuity Corp DMITRY KALACHEV buy 5 M 310 12 month 18.11.2011Terra Markets AS TOMAS SKEIVYS buy 5 M 309 12 month 11.11.2011Mirabaud Securities NICHOLAS CHALMERS buy 5 U 285 12 month 31.10.2011Arctic Securities ASA KENNETH SIVERTSEN buy 5 M 425 Not Provided 31.10.2011Pareto Securities THOMAS AARRESTAD buy 5 M 434 6 month 28.10.2011First Securities ASA OLE JORGEN ROD strong buy 5 M 346 Not Provided 27.10.2011SEB Enskilda PEDER STRAND buy 5 M 397 12 month 18.10.2011Westhouse Securities DAVID NAVAS hold 3 M 237 12 month 03.08.2011JPMorgan ROGER BELL overweight 5 M 300 6 month 01.08.2011IFG Continent ERLAN ABDIKARIMOV hold 3 N 181 Not Provided 27.05.2011

Holdings By:

Avocet Mining PLC ee


05.03.2012

Saracen Mineral Holdings Ltd. explores for and produces gold. The Company

produces gold from its Carosue Dam mine located notheast of Kalgoorlie, WesternAustralia.





Average Volume 5 Day 5'394'735SAR AU EQUITY YTD Change - Average Volume 30 Day 4'981'370SAR AU EQUITY YTD % CHANGE - Average Volume 3 Month 5'238'801


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -1.6 - - 31.4 155.7 - - 186.7 263.7 - -

36.58x - - 5.26x 1.58x - - 1.74x 0.98x - -(0.3) (1.9) (9.5) 14.7 59.5 - - 63.4 125.5 - -

- - - 11.26x 4.15x - - 5.05x 2.55x - -0.7 (1.8) (10.0) (25.4) 47.7 - - 30.4 75.5 - -

- - - - 5.49x - - 11.25x 4.74x - -


Net Debt/EBITDA -0.28Gross Margin - Total Debt/EBITDA 0.01EBITDA Margin 38.2%EBIT Margin 26.3% Total Debt/Equity 0.7%Net Income Margin 30.6% Total Debt/Capital 0.6%



Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Saracen Mineral Holdings LtdPrice/Volume

Valuation Analysis


'''''------

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.2!' 7

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20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

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

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeJCP INVESTMENT PARTN n/a EXCH 31'398'920 5.29 - 05.12.2011 Investment AdvisorSPROTT ASSET MANAGEM #N/A N/A Co File 29'802'372 5.02 - 26.09.2011 Hedge Fund ManagerCOMMONWEALTH BANK OF #N/A N/A EXCH 29'723'330 5 - 28.12.2011 BankARVE CHARLES n/a EXCH 28'685'450 4.83 (320'000) 19.07.2011 n/aSTALTARI GUIDO n/a Co File 28'407'252 4.78 - 12.09.2011 n/aRENAISSANCE CAPITAL n/a EXCH 28'407'252 4.78 - 31.10.2011 n/aVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 24'903'476 4.19 - 03.01.2012 Investment AdvisorBANK OF AMERICA CORP n/a EXCH 22'796'021 3.84 (2'168'808) 04.05.2011 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 18'921'491 3.19 12'432'221 30.06.2011 Investment AdvisorCF RUFFER BAKER STEE n/a EXCH 14'000'000 2.36 (4'949'162) 26.05.2011 n/aJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 5'957'143 1 - 31.05.2011 Investment AdvisorGENUS DYNAMIC GOLD F n/a EXCH 4'100'000 0.69 (1'739'000) 26.05.2011 n/aWILSON ASSET MANAGEM WAM CAPITAL LIMITED MF-AUS 2'824'228 0.48 - 30.06.2007 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'653'948 0.45 4'590 30.09.2011 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 2'398'583 0.4 599'873 30.09.2011 Investment AdvisorTHOMPSON CARL D n/a Co File 1'797'223 0.3 - 12.09.2011 n/aHARGREAVE HALE LTD Multiple Portfolios MF-AGG 1'100'000 0.19 (22'059) 01.12.2011 Investment AdvisorUOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'033'435 0.17 - 31.12.2010 Mutual Fund ManagerJF ASSET MANAGEMENT Multiple Portfolios MF-AGG 751'999 0.13 (248'000) 31.03.2011 Mutual Fund ManagerRIT CAPITAL PARTNERS n/a EXCH 744'000 0.13 (242'104) 26.05.2011 Investment Advisor


EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 04.01.2012Argonaut Securities Pty Ltd TIM SERJEANT buy 5 M 1 12 month 27.10.2011RBS JAMES WILSON buy 5 M 1 12 month 19.09.2011BGF Equities Pty Ltd REG SPENCER buy 5 M #N/A N/A Not Provided 06.09.2011E.L. & C. Baillieu RAY CHANTRY accumulate 4 U 1 12 month 03.06.2011Evans & Partners Pty Ltd CATHY MOISES Positive 4 M #N/A N/A Not Provided 23.08.2010

Holdings By:

Saracen Mineral Holdings Ltd ee


05.03.2012

China Precious Metal Resources Holdings Co Ltd.through its subsidiary, mines for

precious metals.


1.452-Week High % Change -29.29% Dividend Yield 0.0052-Week Low % Change 32.08% Beta 0.70% 52 Week Price Range High/Low 38.04% Equity Float 2'806.84

Shares Out 17.02.2012 3'483.6 Short Int -4'877.07 1 Yr Total Return -18.60%

Total Debt 381.91 YTD Return -2.78%Preferred Stock 0.0 Adjusted BETA 0.702Minority Interest 0.0 Analyst Recs 2Cash and Equivalents 98.12 Consensus Rating 3.000Enterprise Value 5'712.73

Average Volume 5 Day 6'210'4001194 HK EQUITY YTD Change - Average Volume 30 Day 3'877'2401194 HK EQUITY YTD % CHANGE - Average Volume 3 Month 4'308'718


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -329.3 150.7 139.5 19.4 168.2 - - 949.0 1'591.0 - -1.25x 1.55x 1.97x 167.09x 35.96x - - - - - -(7.5) (16.2) (51.4) 5.1 114.8 - - - - - -

- - - 639.25x 52.70x - - - - - -(323.4) 135.8 (52.2) (29.2) 21.9 - - 447.0 741.0 - -

- - - - 75.22x - - 11.67x 6.83x - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

China Precious Metal Resources Holdings Co LtdPrice/Volume

Valuation Analysis


'

-

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.

.

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a -- M -- d -- 8 -- d -- a -- a -- 8 -- m -- j -- f -- 9 -- a -.!' 7-'!' 7.'!' 70'!' 71'!' 72'!' 73'!' 74'!' 75'!' 76'!' 7

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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

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeASWELL GROUP LTD n/a EXCH 340'196'670 10.21 - 28.10.2011 OtherRAIFFEISEN BANK INTE n/a EXCH 314'400'000 9.44 - 26.08.2011 BankEASTGOLD CAPITAL LTD n/a EXCH 278'185'328 8.35 (50'000'000) 18.01.2011 Investment AdvisorYIM YANG CHANG n/a EXCH 151'360'000 4.54 4'308'000 16.12.2011 n/aWANG ZIMING n/a EXCH 138'738'000 4.16 (3'648'000) 05.01.2010 n/aVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 109'044'000 3.27 - 03.01.2012 Investment AdvisorSIMPLE BEST LTD n/a EXCH 16'682'000 0.5 (50'000'000) 07.10.2011 n/aXIAOBING DAI n/a EXCH 11'000'000 0.33 - 28.10.2011 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 10'174'667 0.31 448'000 30.09.2011 Investment AdvisorXIAOBING DAI n/a Short (10'000'000) -0.3 - 28.10.2011 n/aWA LIM n/a Co File 7'800'000 0.23 - 30.06.2011 n/aGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 7'684'290 0.23 - 30.11.2011 Investment AdvisorCHAM LAM n/a EXCH 7'400'000 0.22 - 28.10.2011 n/aCHAM LAM n/a Short (6'000'000) -0.18 - 28.10.2011 n/aGUANTAI JUNAN ASSET Multiple Portfolios MF-AGG 4'900'000 0.15 - 26.04.2011 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'497'682 0.13 - 31.07.2011 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 2'400'000 0.07 - 03.01.2012 Investment AdvisorXIMIN MEI n/a Co File 2'000'000 0.06 - 31.12.2010 n/aDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'656'000 0.05 - 30.09.2011 Investment AdvisorBSI SA Multiple Portfolios MF-AGG 1'500'000 0.05 - 31.12.2010 Investment Advisor


EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011BOCOM International Holdings RONGJIN LUO buy 5 M 2 12 month 21.09.2011

Holdings By:

China Precious Metal Resources Holdings Co Ltd ee


05.03.2012

US Gold Corporation explores for, develops, produces, and sells gold. The

Company operates primarily in Nevada.

Latest Fiscal Year: 12/2010LTM as of: 09/yy52-Week High (#N/A Field Not Applicable) -52-Week Low (#N/A Field Not Applicable) -Daily Volume

5.7552-Week High % Change #VALUE! Dividend Yield -52-Week Low % Change - Beta -% 52 Week Price Range High/Low - Equity Float -

Shares Out #N/A N/A - Short Int -- 1 Yr Total Return -

Total Debt 0.00 YTD Return -Preferred Stock 0.0 Adjusted BETA -Minority Interest 0.0 Analyst Recs 1Cash and Equivalents 11.39 Consensus Rating 5.000Enterprise Value -

Average Volume 5 Day -UXG US EQUITY YTD Change - Average Volume 30 Day -UXG US EQUITY YTD % CHANGE - Average Volume 3 Month -


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q10.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -(16.3) (31.4) (19.7) (17.3) (29.0) (31.3) (44.9) (36.0) 142.0 - -

- - - - - 0.00x 0.00x - - - -(72.7) (28.5) (131.1) (27.7) (33.1) (29.6) (52.9) - - - -

- - - - - 0.00x 0.00x - 19.17x - -




Fiscal Year Ended

McEwen Mining IncPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

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1.2

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMCEWEN ROBERT R n/a PROXY 28'477'527 20.86 - 12.12.2011 n/aROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 10'353'000 7.58 2'750'000 30.09.2011 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 5'827'649 4.27 161'563 30.09.2011 Investment AdvisorVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 5'817'154 4.26 1'034'314 30.09.2011 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 5'738'180 4.2 (33'520) 30.09.2011 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 5'574'059 4.08 (1'339'750) 30.09.2011 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 4'977'520 3.65 41'411 30.09.2011 Investment AdvisorSAMANA CAPITAL LP n/a 13G 3'949'893 2.89 (91'358) 31.12.2009 Hedge Fund ManagerBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 2'907'022 2.13 58'139 30.09.2011 Investment AdvisorPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 2'574'044 1.89 142'778 31.10.2011 Investment AdvisorAMERICAN INTERNATION SUNAMERICA ASSET MAN 13F 2'260'108 1.66 287'510 30.09.2011 GovernmentBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 2'096'353 1.54 (61'697) 30.09.2011 Investment AdvisorHORIZON ASSET MANAGE HORIZON ASSET MANAGE 13F 1'732'426 1.27 478'892 30.09.2011 Hedge Fund ManagerMANUFACTURERS LIFE I MANUFACTURERS LIFE I 13F 1'433'595 1.05 - 30.09.2011 Insurance CompanyNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'334'402 0.98 47'302 30.09.2011 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 1'310'100 0.96 (3'055'800) 30.09.2011 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 1'258'810 0.92 (699'173) 30.09.2011 Investment AdvisorPORTOLA GROUP INCORP PORTOLA GROUP INCORP 13F 1'254'550 0.92 94'050 30.09.2011 Investment AdvisorMUTUAL OF AMERICA CA MUTUAL OF AMERICA CA 13F 1'146'651 0.84 13'130 30.09.2011 Investment AdvisorMRM HORIZON ADVISORS MRM HORIZON ADVISORS 13F 955'825 0.7 955'825 30.09.2011 Investment Advisor


Dahlman Rose & Co ADAM P GRAF buy 5 M 7 Not Provided 03.01.2012

Holdings By:

McEwen Mining Inc ee


05.03.2012

Alexco Resource Corporation is a mineral exploration and production company.

The Company mines for minerals that include gold and silver.





Average Volume 5 Day 387'758AXU US EQUITY YTD Change - Average Volume 30 Day 352'561AXU US EQUITY YTD % CHANGE - Average Volume 3 Month 426'086


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 09/yy 09/yy 06/12 Y 06/13 Y 12/11 Q2 03/12 Q34.1 5.7 5.8 4.6 45.1 4.8 65.7 103.0 142.0 - -

39.17x 18.66x 14.71x 32.68x 8.09x 149.66x 25.02x - - - -(5.1) (4.8) (6.1) (6.0) 9.8 (6.8) 19.7 - - - -

- - - - 37.41x 0.00x 19.31x - - - -(2.5) (4.0) (9.6) (5.2) 3.5 (4.8) 6.9 - - - -

- - - - - 0.00x 0.00x 19.63x 13.85x 24.33x 20.74x





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Alexco Resource CorpPrice/Volume

Valuation Analysis


'

.

1

3

5

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-.

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0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

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

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSPROTT ASSET MANAGEM SPROTT ASSET MANAGEM 13F 7'546'050 12.57 (222'500) 30.09.2011 Hedge Fund ManagerCOLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 3'445'000 5.74 - 30.09.2011 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 2'855'358 4.76 - 03.01.2012 Investment AdvisorASSET LIABILITY MANA n/a PROXY 1'940'299 3.23 - 12.11.2010 OtherBLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 1'514'483 2.52 (4'200) 30.09.2011 Investment AdvisorNAUMAN CLYNTON R n/a SEDI 1'500'001 2.5 7'500 09.08.2011 n/aRBC GLOBAL ASSET MAN RBC GLOBAL ASSET MGM 13F 1'360'400 2.27 - 30.09.2011 Investment AdvisorRAFFLES ASSOCIATES L RAFFLES ASSOCIATES L 13F 1'203'671 2 - 30.09.2011 Hedge Fund ManagerCHILTON INVESTMENT C CHILTON INVESTMENT C 13F 1'043'602 1.74 38'496 30.09.2011 Hedge Fund ManagerPATHSTONE FAMILY OFF PATHSTONE FAMILY OFF 13F 834'319 1.39 (137'700) 30.09.2011 Investment AdvisorSCHMEIDLER A R & COM A R SCHMEIDLER & COM 13F 775'460 1.29 137'725 30.09.2011 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 675'721 1.13 (65'576) 30.09.2011 Investment AdvisorHEARTLAND ADVISORS I HEARTLAND ADVISORS I 13F 672'500 1.12 (64'650) 30.09.2011 Investment AdvisorPERENNIAL INVESTORS PERENNIAL INVESTORS 13F 665'200 1.11 3'300 30.09.2011 Hedge Fund ManagerINTACT INVESTMENT MA INTACT INVESTEMENT M 13F 550'400 0.92 150'200 30.09.2011 Investment AdvisorTHRALL BRADLEY A n/a SEDI 520'000 0.87 (30'000) 08.12.2010 n/aOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 408'260 0.68 408'260 30.09.2011 Investment AdvisorLB SWISS INVESTMENT Multiple Portfolios MF-AGG 300'000 0.5 25'000 30.09.2011 Mutual Fund ManagerTRELLUS MANAGEMENT C TRELLUS COMPANY LLC 13F 261'763 0.44 (81'237) 30.09.2011 Hedge Fund ManagerOPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 230'000 0.38 - 31.10.2011 Mutual Fund Manager


Canaccord Genuity Corp NICHOLAS CAMPBELL speculative buy 4 M 9 12 month 13.12.2011Cormark Securities Inc. GRAEME JENNINGS buy 5 M 11 12 month 09.12.2011PI Financial Corp. ERIC ZAUNSCHERB buy 5 M 10 12 month 07.09.2011

Holdings By:

Alexco Resource Corp ee


05.03.2012

Beadell Resources Limited is a mineral exploration company. The Company is

focused on gold exploration in Australia and Brazil.





Average Volume 5 Day 2'242'629BDR AU EQUITY YTD Change - Average Volume 30 Day 2'932'373BDR AU EQUITY YTD % CHANGE - Average Volume 3 Month 2'902'626


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -- - - - 2.9 - - 0.1 146.8 - -- - - - 28.44x - - 5157.29x 3.19x - -- - (5.9) (3.9) (7.5) - - (20.9) 91.6 - -- - - - - - - - 4.75x - -- - (5.3) (3.9) (8.3) - - (31.0) 60.6 - -- - - - - - - - 8.45x - -

EBITDA -7.46 Long-Term Rating Date -EBIT -8.25 Long-Term Rating -Operating Margin -286.10% Long-Term Outlook -Pretax Margin -295.80% Short-Term Rating Date -Return on Assets -15.73% Short-Term Rating -Return on Common Equity -18.63%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -Gross Margin -2.6% Total Debt/EBITDA 0.00EBITDA Margin -258.7%EBIT Margin -286.1% Total Debt/Equity 0.0%Net Income Margin -289.0% Total Debt/Capital 0.0%


Fiscal Year Ended

Beadell Resources LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'''''------

a -- M -- d -- 8 -- d -- a -- a -- 8 -- m -- j -- f -- 9 -- a -.!' 7-'!' 7.'!' 70'!' 71'!' 72'!' 73'!' 74'!' 75'!' 76'!' 7-''!' 7

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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'3!'4!.''4 '3!'-!.''5 '3!'4!.''5 '3!'-!.''6 '3!'4!.''6 '3!'-!.'-' '3!'4!.'-' '3!'-!.'-- '3!'4!.'--



05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeL1 CAPITAL PTY LTD n/a EXCH 48'737'792 7.41 - 24.10.2011 Mutual Fund ManagerUBS AG n/a EXCH 43'589'824 6.63 (6'708'170) 21.03.2011 Investment AdvisorVAN ECK ASSOCIATES C n/a EXCH 33'325'716 5.07 - 06.12.2011 Investment AdvisorLUXOR CAPITAL GROUP n/a EXCH 23'977'254 3.64 (10'000'000) 14.10.2010 Hedge Fund ManagerHERSCHEL ASSET MANAG n/a EXCH 21'759'946 3.31 (32'590'310) 02.08.2011 Mutual Fund ManagerOZ MINERALS LTD n/a EXCH 12'800'000 1.95 - 12.04.2010 CorporationBOWLER PETER n/a EXCH 12'543'333 1.91 - 29.11.2010 n/aUNISUPER n/a EXCH 12'137'228 1.84 - 05.12.2011 OtherBARRETT GREGORY MICH n/a Co File 8'351'651 1.27 - 30.06.2010 n/aACORN CAPITAL LTD n/a EXCH 7'556'401 1.15 - 05.12.2011 Investment AdvisorMACQUARIE GROUP LTD n/a EXCH 6'362'680 0.97 (60'303'988) 23.08.2011 Investment AdvisorWATKINS ROBERT n/a EXCH 6'150'001 0.93 (500'000) 06.09.2011 n/aSUNSUPER FUND n/a EXCH 4'733'422 0.72 - 05.12.2011 OtherMICROCAP INVESTMENT n/a EXCH 4'575'753 0.7 - 05.12.2011 OtherNESTOR INVESTMENT MA Multiple Portfolios MF-AGG 3'759'691 0.57 50'000 31.10.2011 Mutual Fund ManagerHEALTH SUPER n/a EXCH 3'671'115 0.56 - 05.12.2011 OtherVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 3'651'427 0.56 84'440 30.09.2011 Mutual Fund ManagerCBA OFFICERS SUPER F n/a EXCH 3'340'987 0.51 - 05.12.2011 OtherVANGUARD GROUP INC Multiple Portfolios MF-AGG 2'918'637 0.44 373'754 30.09.2011 Investment AdvisorQANTAS SUPERANNUATIO n/a EXCH 2'561'987 0.39 - 21.04.2010 Other


Citi CRAIG SAINSBURY neutral 3 D 1 Not Provided 08.12.2011Hartleys TRENT BARNETT buy 5 U 1 12 month 23.11.2011Macquarie MITCH RYAN outperform 5 M 1 12 month 16.11.2011Ord Minnett LUKE SMITH buy 5 M 1 Not Provided 16.11.2011E.L. & C. Baillieu RAY CHANTRY buy 5 M 1 12 month 28.10.2011Bell Potter CHRIS WHITEHEAD buy 5 M 1 12 month 23.10.2011

Holdings By:

Beadell Resources Ltd ee


05.03.2012

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. TheGroup's gold mining assets are located in the Far East of the RussianFederation.





Average Volume 5 Day 467'602HGM LN EQUITY YTD Change - Average Volume 30 Day 618'249HGM LN EQUITY YTD % CHANGE - Average Volume 3 Month 543'299


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -92.0 112.1 149.1 164.7 243.6 - - 312.7 388.9 - -7.16x 7.00x 1.02x 2.05x 3.16x - - 2.17x 1.69x - -12.8 28.9 38.7 56.5 120.3 - - 172.2 224.2 - -

51.29x 27.17x 3.92x 5.97x 6.40x - - 3.25x 2.49x - -(96.7) 17.5 (232.4) 78.8 122.3 - - 126.1 158.0 - -

37.27x 54.35x - 5.92x 7.81x - - 6.60x 4.99x - -




Fiscal Year Ended

Highland Gold Mining LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2'

-''

-2'

.''

.2'

a -- M -- d -- 8 -- d -- a -- a -- 8 -- m -- j -- f -- 9 -- a -.!' 7

!2 7

-!' 7

-!2 7

.!' 7

.!2 7

0!' 7

0!2 7

1!' 7

0.0

50.0

100.0

150.0

200.0

250.0

300.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

2'!''

-''!''

-2'!''

.''!''

.2'!''

0''!''

'1!'-!.''5 '1!'4!.''5 '1!'-!.''6 '1!'4!.''6 '1!'-!.'-' '1!'4!.'-' '1!'-!.'-- '1!'4!.'--



05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMILLHOUSE LLC n/a Co File 105'910'000 32.57 - 18.04.2011 n/aBARRICK GOLD CORP n/a Co File 66'235'264 20.37 - 18.04.2011 CorporationSHVIDLER EUGENE MARK n/a Co File 26'020'000 8 - 26.04.2011 n/aKOULAKOV IVAN EUGENE n/a Co File 17'552'500 5.4 - 26.04.2011 n/aJPMORGAN ASSET MANAG n/a Co File 12'871'040 3.96 - 18.04.2011 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 5'679'212 1.75 - 03.01.2012 Investment AdvisorFORTIS INVESTMENTS M Multiple Portfolios MF-AGG 4'517'409 1.39 2'000'000 31.10.2011 Hedge Fund ManagerFLEMING FAMILY & PAR n/a RNS-MAJ 4'211'883 1.3 (10'700'000) 29.09.2010 Mutual Fund ManagerSEB ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'467'847 1.07 - 30.09.2011 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 3'406'265 1.05 64'136 30.09.2011 Investment AdvisorWOORI ASSET MANAGEME Multiple Portfolios MF-AGG 2'762'000 0.85 1'350'126 30.09.2011 Mutual Fund ManagerSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'500'000 0.77 300'000 30.09.2011 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 1'850'000 0.57 - 31.08.2011 Investment AdvisorJP MORGAN ASSET MANA Multiple Portfolios MF-AGG 1'278'400 0.39 - 30.09.2011 Mutual Fund ManagerPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 1'116'470 0.34 69'186 30.11.2011 Investment AdvisorHARGREAVE HALE LTD Multiple Portfolios MF-AGG 800'000 0.25 - 01.12.2011 Investment AdvisorWASATCH ADVISORS INC Multiple Portfolios MF-AGG 775'755 0.24 300'000 30.09.2011 Investment AdvisorDWS FINANZ SERVICE G Multiple Portfolios MF-AGG 747'500 0.23 (502'500) 18.11.2010 Investment AdvisorOPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 675'000 0.21 - 31.10.2011 Mutual Fund ManagerDEUTSCHE ASSET MANAG Multiple Portfolios MF-AGG 650'000 0.2 (570'000) 20.10.2010 Mutual Fund Manager


VTB Capital NIKOLAY SOSNOVSKIY buy 5 M 299 12 month 29.12.2011RBC Capital Markets JONATHAN GUY sector perform 3 M 230 12 month 16.12.2011Otkritie Brokerage House ROBERT MANTSE buy 5 U 258 Not Provided 15.12.2011Uralsib DMITRY SMOLIN hold 3 D 204 Not Provided 01.12.2011EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 30.11.2011Alfa-Bank BARRY EHRLICH overweight 5 M 231 Not Provided 28.11.2011Deutsche Bank ERIK DANEMAR buy 5 M 265 12 month 24.11.2011Renaissance Capital ANDY JONES buy 5 M 268 12 month 23.11.2011Numis Securities Ltd CAILEY BARKER buy 5 M 260 12 month 23.11.2011Fox-Davies Capital PETER ROSE buy 5 M 218 12 month 23.11.2011JPMorgan ROGER BELL neutral 3 M 190 6 month 17.10.2011Troika Dialog MIKHAIL STISKIN buy 5 M 243 12 month 16.08.2011UniCredit Research MARAT GABITOV sell 1 D 166 12 month 30.03.2011Aton LLC ILYA MAKAROV buy 5 N 211 12 month 26.11.2010

Holdings By:

Highland Gold Mining Ltd ee


05.03.2012

International Tower Hill Mines Ltd. acquires, explores, and evaluates mineral

properties. The Company currently possesses an expanding portfolio of Alaskanand Nevada based gold and base metal exploration projects.





Average Volume 5 Day 187'483ITH CN EQUITY YTD Change - Average Volume 30 Day 180'136ITH CN EQUITY YTD % CHANGE - Average Volume 3 Month 214'906


31.05.2007 31.05.2008 31.05.2009 31.05.2010 31.05.2011 08/yy 08/yy 05/12 Y 05/13 Y 11/11 Q2 02/12 Q30.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -(7.4) (3.2) (7.3) (12.1) (9.9) (15.4) (14.8) (13.9) (15.7) (2.4) (1.5)

- - - - - 0.00x 0.00x - - - -(8.7) (2.4) (9.8) (17.9) (10.2) (22.0) (13.5) (18.1) (16.3) (2.4) (1.4)

- - - - - 0.00x 0.00x - - - -




Fiscal Year Ended

International Tower Hill Mines LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

a -- M -- d -- 8 -- d -- a -- a -- 8 -- m -- j -- f -- 9 -- a -.!' 7

!2 7

-!' 7

-!2 7

.!' 7

.!2 7

0!' 7

0!2 7

1!' 7

0.0

0.0

0.0

0.0

0.0

0.0

0.0

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

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 11'134'887 12.85 (123'700) 30.09.2011 Hedge Fund ManagerANGLOGOLD ASHANTI LT n/a SEDI 9'567'559 11.04 - 22.11.2010 Holding CompanyVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 5'417'926 6.25 - 03.01.2012 Investment AdvisorPAULSON & CO PAULSON & CO 13F 5'043'700 5.82 43'700 30.09.2011 Hedge Fund ManagerCREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 1'349'984 1.56 (337'545) 30.09.2011 Investment AdvisorTEXAS TEACHER RETIRE TEACHER RETIREMENT S 13F 1'333'836 1.54 781'976 30.09.2011 Pension Fund (ERISA)OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'036'076 1.2 (1'663'282) 31.10.2011 Investment AdvisorBLACKROCK INC BLACKROCK INC 13F 1'030'865 1.19 690'280 30.09.2011 Investment AdvisorINVESCO LTD INVESCO LTD 13F 867'555 1 187'892 30.09.2011 Investment AdvisorROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 850'000 0.98 - 30.09.2011 Investment AdvisorPONTIUS JEFFREY n/a SEDI 779'166 0.9 225'000 13.05.2011 n/aFALCON FUND MANAGEME Multiple Portfolios MF-AGG 680'000 0.78 - 30.11.2011 Investment AdvisorLOMBARD ODIER DARIER Multiple Portfolios MF-AGG 563'000 0.65 - 31.10.2011 Mutual Fund ManagerVAN ALPHEN HENDRIK n/a SEDI 559'227 0.65 - 13.09.2011 n/aDRESCHER ANTON J n/a SEDI 539'218 0.62 50'000 22.06.2010 n/aFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 536'700 0.62 55'000 30.09.2011 Investment AdvisorMIDAS MANAGEMENT COR MIDAS MANAGEMENT COR 13F 500'000 0.58 - 30.09.2011 Investment AdvisorMAI QUENTIN n/a SEDI 478'600 0.55 (10'000) 17.09.2010 n/aOXFORD ASSET MANAGEM OXFORD ASSET MANAGEM 13F 431'716 0.5 420'916 30.09.2011 Investment AdvisorSHARE SICAV Multiple Portfolios MF-AGG 404'733 0.47 404'733 31.03.2011 Investment Advisor


Dahlman Rose & Co ADAM P GRAF buy 5 M 13 Not Provided 03.01.2012BMO Capital Markets JOHN P HAYES market perform 3 M #N/A N/A Not Provided 29.12.2011Canaccord Genuity Corp WENDELL ZERB speculative buy 4 M 10 12 month 13.12.2011Macquarie MICHAEL GRAY outperform 5 M 12 12 month 23.11.2011Salman Partners DAVID WEST Under Review #N/A N/A M #N/A N/A Not Provided 14.11.2011Credit Suisse DALTON BARETTO neutral 3 M 8 Not Provided 23.10.2011GMP CRAIG WEST buy 5 M 13 Not Provided 12.09.2011

Holdings By:

International Tower Hill Mines Ltd ee


05.03.2012

Indophil Resources NL is a mineral exploration company that acquires, explores

and develops gold and copper-gold resources in the Philippines.



Shares Out 09.02.2012 1'203.1 Short Int 1.03457.20 1 Yr Total Return -36.91%


Average Volume 5 Day 943'626IRN AU EQUITY YTD Change - Average Volume 30 Day 1'177'888IRN AU EQUITY YTD % CHANGE - Average Volume 3 Month 1'338'416


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -- 0.0 0.0 0.0 0.0 - - - - - -- - - - - - - - - - -

(5.7) (6.1) (20.8) (17.1) (7.7) - - - - - -- - - - - - - - - - -

197.1 (1.0) (14.8) (10.6) 2.3 - - - - - -1.42x - - - 196.30x - - - - - -

EBITDA -7.72 Long-Term Rating Date -EBIT -7.81 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets 1.09% Short-Term Rating -Return on Common Equity 1.12%Return on Capital 1.12% EBITDA/Interest Exp. -Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Indophil Resources NLPrice/Volume

Valuation Analysis


'''''------

a -- M -- d -- 8 -- d -- a -- a -- 8 -- m -- j -- f -- 9 -- a -.!' 7

-'!' 7

.'!' 7

0'!' 7

1'!' 7

2'!' 7

3'!' 7

4'!' 7

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

-''!''

.''!''

0''!''

1''!''

2''!''

3''!''

4''!''

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeXSTRATA PLC n/a EXCH 157'189'422 14.8 78'594'711 29.12.2011 CorporationL1 CAPITAL PTY LTD n/a EXCH 114'285'715 10.76 - 16.06.2011 Mutual Fund ManagerALSONS DEVELOPMENT & n/a EXCH 99'466'667 9.37 - 29.12.2011 CorporationZIJIN MINING GROUP C n/a EXCH 55'555'449 5.23 (75'363'465) 09.07.2010 CorporationUBS AG n/a EXCH 52'235'438 4.92 - 17.06.2011 Investment AdvisorSAN MIGUEL CORP n/a EXCH 48'016'960 4.52 - 17.06.2011 CorporationBANK OF AMERICA CORP n/a EXCH 46'619'483 4.39 (10'457'128) 03.11.2011 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 36'651'488 3.45 - 03.01.2012 Investment AdvisorMORGAN STANLEY & CO n/a EXCH 26'097'859 2.46 (27'664'747) 10.10.2011 Investment AdvisorDEUTSCHE BANK AG n/a EXCH 21'118'976 1.99 - 02.03.2010 Investment AdvisorACORN CAPITAL LTD n/a EXCH 20'419'416 1.92 14'206'360 16.06.2011 Investment AdvisorUNISUPER n/a EXCH 19'426'618 1.83 14'289'398 16.06.2011 OtherCENTAURUS CAPITAL LT n/a EXCH 18'382'597 1.73 (3'266'745) 28.05.2010 Investment AdvisorWESTOZ FUNDS MANAGEM Multiple Portfolios MF-AGG 16'200'000 1.53 - 30.06.2011 Mutual Fund ManagerSUNSUPER FUND n/a EXCH 12'805'433 1.21 9'864'346 16.06.2011 OtherHEALTH SUPER n/a EXCH 9'408'868 0.89 5'842'670 16.06.2011 OtherCHARTER PACIFIC CORP n/a EXCH 8'994'409 0.85 - 19.04.2010 Investment AdvisorMICROCAP INVESTMENT n/a EXCH 8'912'769 0.84 6'541'025 16.06.2011 OtherCBA OFFICERS SUPER F n/a EXCH 8'180'549 0.77 5'943'430 16.06.2011 OtherQLD LOCAL GOVT SUPER n/a EXCH 5'226'550 0.49 4'267'853 16.06.2011 Other


#N/A N/A

Holdings By:

Indophil Resources NL ee


05.03.2012

Ramelius Resources Limited is a gold exploration and production company with

exploration activities focused in Western Australia. The Company also exploresfor base metals.





Average Volume 5 Day 1'254'133RMS AU EQUITY YTD Change - Average Volume 30 Day 1'698'252RMS AU EQUITY YTD % CHANGE - Average Volume 3 Month 2'013'149


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -14.5 14.9 19.9 61.3 148.1 - - 142.3 256.7 - -

16.42x 6.95x - 0.81x 1.95x - - 1.58x 0.54x - -8.4 2.2 11.8 38.0 108.5 - - 74.2 133.3 - -

28.24x 46.27x - 1.30x 2.67x - - 3.33x 1.85x - -6.9 0.6 5.0 20.2 62.4 - - 46.0 82.0 - -

22.29x 191.25x 19.23x 5.93x 5.98x - - 7.48x 4.22x - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Ramelius Resources LtdPrice/Volume

Valuation Analysis


'''-----..

a -- M -- d -- 8 -- d -- a -- a -- 8 -- m -- j -- f -- 9 -- a -.!' 7.!' 71!' 73!' 75!' 7-'!' 7-.!' 7-1!' 7-3!' 7-5!' 7

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

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

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3!''

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSPROTT ASSET MANAGEM n/a EXCH 52'519'910 15.64 1'175'696 09.12.2011 Hedge Fund ManagerVAN ECK ASSOCIATES C n/a EXCH 14'737'515 4.39 - 07.11.2011 Investment AdvisorJP MORGAN CHASE & CO n/a Co File 14'495'152 4.32 - 17.09.2010 Investment AdvisorBEACH ENERGY LTD n/a EXCH 14'053'269 4.18 (6'046'734) 21.06.2011 CorporationMANDURANG PTY LTD n/a EXCH 6'442'856 1.92 13'043 09.12.2011 n/aNELSON REGINALD GEOR n/a Co File 5'331'984 1.59 - 30.06.2010 n/aMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 2'936'354 0.87 229'201 31.08.2011 Mutual Fund ManagerHOULDSWORTH JOSEPH F n/a EXCH 2'374'259 0.71 - 26.05.2011 n/aSCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'435'428 0.43 1'430'428 30.09.2011 Investment AdvisorKENNEDY ROBERT MICHA n/a EXCH 1'325'845 0.39 (6'403'727) 09.12.2011 n/aVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 1'319'014 0.39 4'690 30.09.2011 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 1'178'002 0.35 112'719 30.09.2011 Investment AdvisorAXA ROSENBERG INTL Multiple Portfolios MF-AGG 973'782 0.29 973'782 30.06.2011 Investment AdvisorGORDON IAN JAMES n/a EXCH 748'021 0.22 13'042 09.12.2011 n/aGOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 428'184 0.13 103'898 30.09.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 341'983 0.1 1'401 03.01.2012 Investment AdvisorMERRICKS CAPITAL SPE n/a EXCH 279'000 0.08 - 28.07.2010 OtherING INVESTMENT MANAG Multiple Portfolios MF-AGG 214'118 0.06 28'764 30.09.2011 Investment AdvisorMACKAY SHIELDS LLC Multiple Portfolios MF-AGG 79'876 0.02 - 31.10.2011 Investment AdvisorJOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 58'054 0.02 - 30.09.2010 Mutual Fund Manager


Argonaut Securities Pty Ltd TROY IRVIN buy 5 M 1 Not Provided 22.12.2011Paterson Securities TIM MCCORMACK buy 5 M 2 12 month 09.12.2011EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 30.11.2011Bell Potter STEPHEN THOMAS neutral 3 M 1 12 month 29.07.2010

Holdings By:

Ramelius Resources Ltd ee


05.03.2012

Scorpio Mining Corporation explores for silver in Canada and Mexico.





Average Volume 5 Day 667'283SPM CN EQUITY YTD Change - Average Volume 30 Day 756'837SPM CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'196'096


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q10.0 0.0 0.0 19.4 34.2 28.1 62.8 62.9 64.3 - -

- - - 4.59x 5.75x 17.79x 15.85x - - - -(3.0) (6.9) (4.6) 6.6 11.1 8.2 32.9 - - - -

- - - 13.58x 17.72x 21.76x 9.18x - - - -(1.6) (7.3) (90.7) 13.5 32.6 28.2 30.2 16.5 12.7 - -

- - - 6.00x 9.00x 6.29x 10.63x 22.56x 15.98x 27.07x 25.38x

EBITDA 11.10 Long-Term Rating Date -EBIT 3.59 Long-Term Rating -Operating Margin 10.47% Long-Term Outlook -Pretax Margin 63.11% Short-Term Rating Date -Return on Assets 36.87% Short-Term Rating -Return on Common Equity 52.24%Return on Capital - EBITDA/Interest Exp. 5.41Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. 2.53



Fiscal Year Ended

Scorpio Mining CorpPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

a -- M -- d -- 8 -- d -- a -- a -- 8 -- m -- j -- f -- 9 -- a -.!' 7

.!' 7

1!' 7

3!' 7

5!' 7

-'!' 7

-.!' 7

-1!' 7

-3!' 7

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 34'549'445 17.54 (473'000) 30.09.2011 Hedge Fund ManagerVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 8'236'142 4.18 - 03.01.2012 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 5'502'100 2.79 - 31.05.2011 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 2'434'326 1.24 1'934'326 31.08.2011 Investment AdvisorGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 2'142'721 1.09 (118'597) 30.11.2011 Investment AdvisorSPROTT ASSET MANAGEM Multiple Portfolios MF-AGG 2'088'000 1.06 - 30.06.2011 Hedge Fund ManagerOPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 2'050'000 1.04 - 31.10.2011 Mutual Fund ManagerHAWLEY PETER J n/a SEDI 1'942'736 0.99 (375'000) 06.07.2011 n/aFARSANGI PARVIZ n/a SEDI 350'000 0.18 100'000 04.08.2011 n/aSMITH & WILLIAMSON I Multiple Portfolios MF-AGG 325'500 0.17 50'700 30.11.2011 Mutual Fund ManagerHSBC TRINKAUS INVEST Multiple Portfolios MF-AGG 300'000 0.15 63'000 28.02.2011 Mutual Fund ManagerSCAMMELL DAVID ROGER n/a SEDI 250'000 0.13 (200'000) 07.06.2010 n/aBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 211'557 0.11 - 30.12.2011 Investment AdvisorBRYCE ROBERT C n/a SEDI 167'500 0.09 (10'000) 10.06.2011 n/aSAGA CONSEIL HOLDING Multiple Portfolios MF-AGG 150'000 0.08 - 31.10.2011 Investment AdvisorSADEK JOHN n/a SEDI 79'150 0.04 12'300 06.07.2011 n/aBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 52'011 0.03 8'011 29.07.2011 Investment AdvisorHORBULYK JANET L n/a SEDI 50'000 0.03 (10'000) 07.06.2007 n/aRILEY LISA K n/a SEDI 50'000 0.03 - 07.01.2011 n/aMATRIX FUND MANAGEME Multiple Portfolios MF-AGG 50'000 0.03 - 31.05.2011 Investment Advisor


McNicoll Lewis & Vlak LLC RICHARD TROTMAN buy 5 M 3 12 month 07.12.2011EVA Dimensions TEAM COVERAGE hold 3 M #N/A N/A Not Provided 30.11.2011Clarus Securities MIKE BANDROWSKI buy 5 M 4 12 month 08.11.2011Casimir Capital STEVEN WILLIS strong buy 5 M 3 12 month 08.11.2011Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 2 Not Provided 04.11.2011

Holdings By:

Scorpio Mining Corp ee


05.03.2012

Patagonia Gold PLC holds investments in mineral exploration companies involved

in identifying, acquiring, and developing mineral projects, either alone or withjoint-venture partners. The Company explores for gold in locations throughoutArgentina.




Total Debt 0.18 YTD Return -14.04%Preferred Stock 0.0 Adjusted BETA 1.058Minority Interest 0.0 Analyst Recs 0Cash and Equivalents 6.80 Consensus Rating -Enterprise Value 250.59

Average Volume 5 Day 1'181'894PGD LN EQUITY YTD Change - Average Volume 30 Day 1'828'629PGD LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'520'340


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -0.0 0.0 0.0 0.0 0.0 - - - - - -

- - - - - - - - - - -12.3 (6.2) (5.8) (7.3) (7.3) - - - - - -1.26x - - - - - - - - - -(17.0) (6.2) (5.8) (7.3) (7.3) - - - - - -

- - - - - - - - - - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Patagonia Gold PLCPrice/Volume

Valuation Analysis


'

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeDIRECTOR & RELATED H Multiple Portfolios REG 136'824'411 18.58 - 17.10.2011 UnclassifiedMIGUENS CARLOS JOSE n/a Co File 100'153'116 13.6 - 06.05.2011 n/aBLACKROCK GROUP LIMI n/a Co File 70'313'700 9.55 - 06.05.2011 Investment AdvisorBLACKROCK INV MANAGE Multiple Portfolios REG 67'200'000 9.13 (913'700) 17.10.2011 Investment AdvisorUBS PRIVATE BANKING Multiple Portfolios REG 53'403'974 7.25 (2'263'340) 17.10.2011 BankCINCO VIENTOS URUGUA n/a Co File 40'725'269 5.53 - 06.05.2011 OtherCINCO VIENTOS URUGUA Multiple Portfolios REG 40'725'269 5.53 - 17.10.2011 OtherMIGUENS DIEGO n/a Co File 29'562'152 4.01 - 06.05.2011 n/aTAHEH INTERNATIONAL n/a Co File 28'750'000 3.9 - 06.05.2011 OtherTAHEH INTERNATIONAL Multiple Portfolios REG 28'750'000 3.9 - 17.10.2011 OtherRBC GLOBAL ASSET MAN Multiple Portfolios REG 28'413'364 3.86 (30'100) 17.10.2011 Investment AdvisorBARRICK GOLD CORP n/a Co File 28'323'264 3.85 - 06.05.2011 CorporationBARRICK GOLD CORP Multiple Portfolios REG 28'323'264 3.85 - 17.10.2011 CorporationMIGUENS CRISTINA n/a Co File 24'485'645 3.33 - 06.05.2011 n/aVAN ECK GLOBAL Multiple Portfolios REG 24'467'630 3.32 3'665'786 17.10.2011 UnclassifiedVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 23'059'455 3.13 - 03.01.2012 Investment AdvisorFIDELITY INVESTMENTS Multiple Portfolios REG 15'000'000 2.04 - 17.10.2011 Investment AdvisorHUMPHRIES WILLIAM HE n/a Co File 14'893'857 2.02 - 06.05.2011 n/aTD WATERHOUSE GROUP Multiple Portfolios REG 11'771'511 1.6 (443'973) 17.10.2011 Investment AdvisorBNP PARIBAS ASSET MA Multiple Portfolios REG 10'844'640 1.47 21'700 17.10.2011 Investment Advisor


Fairfax I.S. Limited JOHN MEYER hold 3 M #N/A N/A Not Provided 05.11.2010

Holdings By:

Patagonia Gold PLC ee


05.03.2012

Minera Andes Inc. is a mining exploration company that controls various

projects throughout Argentina. The Company mines gold, silver and copper.




Total Debt 31.85 YTD Return -Preferred Stock 0.0 Adjusted BETA -Minority Interest 0.0 Analyst Recs 0Cash and Equivalents 13.83 Consensus Rating -Enterprise Value -

Average Volume 5 Day -MAI CN EQUITY YTD Change - Average Volume 30 Day -MAI CN EQUITY YTD % CHANGE - Average Volume 3 Month -


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q10.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -(7.0) (2.8) (10.8) (13.4) (7.1) (9.8) (9.3) - - - -

- - - - - 0.00x 0.00x - - - -(10.8) (8.2) (4.0) 4.1 30.9 (1.5) 53.3 - - - -

- - - 38.35x 26.51x 0.00x 9.94x - - - -

EBITDA -7.11 Long-Term Rating Date -EBIT -7.13 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets 16.65% Short-Term Rating -Return on Common Equity 21.78%Return on Capital 19.23% EBITDA/Interest Exp. -2.83Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -8.28



Fiscal Year Ended

Minera Andes Acquisition CorpPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMCEWEN ROBERT R n/a PROXY 86'057'143 30.41 - 12.12.2011 n/aVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 10'022'320 3.54 - 03.01.2012 Investment AdvisorSPROTT ASSET MANAGEM Multiple Portfolios MF-AGG 7'606'750 2.69 - 30.06.2011 Hedge Fund ManagerOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 6'730'523 2.38 24'496 31.10.2011 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 3'300'000 1.17 - 31.08.2011 Investment AdvisorWELLS CAPITAL MANAGE Multiple Portfolios MF-AGG 1'807'300 0.64 - 31.10.2011 Investment AdvisorFEDERATED INVESTORS Multiple Portfolios MF-AGG 850'000 0.3 (650'000) 30.09.2011 Investment AdvisorTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 829'000 0.29 (47'900) 30.06.2011 Investment AdvisorSTEIN MICHAEL L n/a 13D 750'000 0.27 - 22.09.2011 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 690'969 0.24 48'600 30.09.2011 Investment AdvisorAMBROSE ALLEN V n/a SEDI 602'200 0.21 (150'000) 20.12.2010 n/aOPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 300'000 0.11 300'000 31.10.2011 Mutual Fund ManagerQUICK DONALD R M n/a SEDI 250'000 0.09 100'000 18.02.2011 n/aHSBC TRINKAUS INVEST Multiple Portfolios MF-AGG 250'000 0.09 - 28.02.2011 Mutual Fund ManagerESSEX INVESTMENT MAN ESSEX INVESTMENT MAN 13F 220'400 0.08 - 30.09.2011 Hedge Fund ManagerPORTOLA GROUP INCORP PORTOLA GROUP INCORP 13F 204'000 0.07 - 30.09.2011 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 155'709 0.06 - 29.07.2011 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 137'155 0.05 - 03.01.2012 Investment AdvisorMARTER ALLAN J n/a SEDI 115'000 0.04 90'000 24.12.2010 n/aSPEARS STEFAN M n/a PROXY 65'000 0.02 - 12.12.2011 n/a


Canaccord Genuity Corp WENDELL ZERB speculative buy 4 M 3 12 month 13.12.2011

Holdings By:

Minera Andes Acquisition Corp ee


05.03.2012

Richmont Mines, Inc. is a Canadian gold mining company. The Company owns and

operates the Francoeur, Beaufor and East Amphi mines located in Quebec, theNugget Pond and Hammerdown mines in Newfoundland, and the Island Gold Mine inOntario.





Average Volume 5 Day 682'864RIC US EQUITY YTD Change - Average Volume 30 Day 369'487RIC US EQUITY YTD % CHANGE - Average Volume 3 Month 359'039


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 03/12 Q1 06/12 Q238.1 70.6 71.9 90.5 118.6 81.5 112.5 145.5 218.0 - -1.59x 0.43x 1.15x 1.31x 2.51x 4.88x 6.57x - - - -

5.5 9.8 6.9 19.7 40.5 13.7 38.0 40.6 45.5 - -11.02x 3.07x 11.99x 5.99x 7.36x 9.03x 7.88x 6.58x 5.87x - -

6.7 1.6 0.3 9.3 25.9 4.8 24.4 20.1 52.2 - -52.33x 29.71x - 16.48x 14.78x 32.63x 15.81x 16.54x 6.31x 9.60x -




Fiscal Year Ended

Richmont Mines IncPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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1

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5

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40.0

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70.0

80.0

90.0

100.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeOXBRIDGE BANK & TRUS n/a PROXY 4'020'854 12.16 - 31.03.2011 Investment AdvisorRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 2'009'100 6.08 472'000 30.09.2011 Hedge Fund ManagerVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 1'416'809 4.29 - 03.01.2012 Investment AdvisorROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 1'168'500 3.53 1'200 30.09.2011 Investment AdvisorLES ENTREPRISES TREM n/a PROXY 1'000'000 3.02 - 31.03.2011 n/aCHAMANDY H GREGORY n/a PROXY 992'400 3 - 31.03.2011 n/aUS GLOBAL INVESTORS US GLOBAL INVESTORS 13F 920'000 2.78 170'000 30.09.2011 Investment AdvisorSPROTT ASSET MANAGEM SPROTT ASSET MANAGEM 13F 620'000 1.88 320'000 30.09.2011 Hedge Fund ManagerNATCAN INVESTMENT MA NATCAN INVESTMENT MA 13F 610'144 1.85 (298'056) 30.09.2011 Investment AdvisorCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 393'000 1.19 393'000 30.09.2011 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 337'400 1.02 337'400 30.09.2011 Pension Fund (ERISA)BOGLE INVESTMENT MAN BOGLE INVESTMENT MAN 13F 234'547 0.71 (100'875) 30.09.2011 Hedge Fund ManagerACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 233'108 0.71 (7'915) 30.09.2011 Hedge Fund ManagerHESPERIAN CAPITAL MA Multiple Portfolios MF-AGG 165'000 0.5 101'800 30.11.2011 Mutual Fund ManagerFIERA SCEPTRE INC FIERA SCEPTRE INC 13F 159'700 0.48 159'700 30.09.2011 Investment AdvisorWELLS FARGO ADVISORS WELLS FARGO ADVISORS 13F 149'446 0.45 149'096 30.09.2011 Investment AdvisorOBERWEIS ASSET MANAG OBERWEIS ASSET MANAG 13F 126'380 0.38 (80'120) 30.09.2011 Investment AdvisorTAYLOR INVESTMENT CO TAYLOR INVESTMENT CO 13F 121'749 0.37 (40'466) 30.09.2011 Investment AdvisorMACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 112'350 0.34 - 30.09.2011 Investment AdvisorTECHNICAL FINANCIAL TECHNICAL FINANCIAL 13F 105'481 0.32 (38'316) 30.09.2011 Investment Advisor


Rodman & Renshaw WAYNE ATWELL market outperform 4 M 14 12 month 29.12.2011Desjardins Securities BRIAN CHRISTIE buy 5 M 15 12 month 21.12.2011National Bank Financial TARA HASSAN underperform 1 M 12 12 month 21.12.2011CIBC World Markets COSMOS CHIU sector outperform 5 M 17 Not Provided 20.12.2011Byron Capital Markets BRIAN SZETO buy 5 M 16 18 month 20.12.2011Dundee Securities Corp PAUL BURCHELL buy 5 M #N/A N/A Not Provided 15.12.2011Casimir Capital ERIC ALLISON overweight 5 M 15 12 month 15.12.2011

Holdings By:

Richmont Mines Inc ee


05.03.2012

MAG Silver Corp acquires and explores mineral properties with a focus on

high-grade silver and gold. The Company, through its subsidiary, holds optionsto earn an interest in properties located in Mexico.





Average Volume 5 Day 370'437MAG CN EQUITY YTD Change - Average Volume 30 Day 259'583MAG CN EQUITY YTD % CHANGE - Average Volume 3 Month 237'937


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q10.0 0.0 - 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -(4.0) (8.0) (6.7) (9.4) (10.5) (8.4) (10.9) - - - -

- - - - - 0.00x 0.00x - - - -(3.9) (8.1) (5.9) (13.5) (12.8) (10.4) (9.3) - - - -

- - - - - 0.00x 0.00x - - - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

MAG Silver CorpPrice/Volume

Valuation Analysis


'

.

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0.2

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0.4

0.5

0.6

0.7

0.8

0.9

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1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFRESNILLO PLC n/a PROXY 9'746'193 17.51 - 12.08.2011 UnclassifiedMASON HILL ADVISORS MASON HILL ADVISORS 13F 4'721'700 8.48 - 30.09.2011 Hedge Fund ManagerSPROTT ASSET MANAGEM n/a 13G 2'942'954 5.29 59'775 31.10.2011 Hedge Fund ManagerOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'454'776 4.41 2'164 31.10.2011 Investment AdvisorFRANKLIN RESOURCES I FRANKLIN ADVISERS IN 13F 1'742'400 3.13 56'300 30.09.2011 Investment AdvisorGOODMAN & CO INVESTM GOODMAN & COMPANY IN 13F 1'426'100 2.56 (26'300) 30.09.2011 Hedge Fund ManagerBLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 1'413'200 2.54 (10'800) 30.09.2011 Investment AdvisorSUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 986'206 1.77 - 30.09.2011 Hedge Fund ManagerCARMAX ENTERPRISES n/a Co File 946'300 1.7 - 31.12.2010 CorporationUS GLOBAL INVESTORS US GLOBAL INVESTORS 13F 799'000 1.44 4'000 30.09.2011 Investment AdvisorREVELATION CAPITAL M REVELATION CAPITAL M 13F 622'921 1.12 - 30.09.2011 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 549'883 0.99 (51'911) 30.09.2011 Investment AdvisorANDREEFF EQUITY ADVI ANDREEFF EQUITY ADVI 13F 549'792 0.99 (19'175) 30.09.2011 Hedge Fund ManagerMEGAW PETER K M n/a SEDI 522'821 0.94 (50'000) 25.07.2011 n/aCANADA PENSION PLAN CANADA PENSION PLAN 13F 494'500 0.89 160'000 30.09.2011 Pension Fund (ERISA)RAFFLES ASSOCIATES L RAFFLES ASSOCIATES L 13F 437'900 0.79 (25'000) 30.09.2011 Hedge Fund ManagerGAMCO ASSET MANAGEME Multiple Portfolios MF-AGG 391'000 0.7 - 30.09.2011 Investment AdvisorCARLSON ERIC H n/a SEDI 329'200 0.59 75'000 07.02.2011 n/aBLACKROCK INC BLACKROCK INC 13F 321'235 0.58 (13'402) 30.09.2011 Investment AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 320'000 0.57 - 30.09.2011 Investment Advisor


BMO Capital Markets JOHN P HAYES speculative outperform 4 M #N/A N/A Not Provided 03.01.2012Canaccord Genuity Corp NICHOLAS CAMPBELL speculative buy 4 M 17 12 month 13.12.2011

Holdings By:

MAG Silver Corp ee


05.03.2012

Sulliden Gold Corp Ltd. is a mineral exploration company. The Company is

focused on the development of its Shahuindo Gold Project located in northernPeru.





Average Volume 5 Day 676'854SUE CN EQUITY YTD Change - Average Volume 30 Day 836'166SUE CN EQUITY YTD % CHANGE - Average Volume 3 Month 895'366


30.04.2007 30.04.2008 30.04.2009 30.04.2010 30.04.2011 10/yy 10/yy 04/12 Y 04/13 Y 01/12 Q3 04/12 Q40.2 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

187.12x - - - - #DIV/0! #DIV/0! - - - -- (2.5) (3.6) (6.2) (9.4) (7.2) (12.7) (23.1) (11.1) - -- - - - - 0.00x 0.00x - - - -

(1.5) (4.2) (2.6) (4.4) (8.5) (6.8) (11.5) - - - -- - - - - 0.00x 0.00x - - - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Sulliden Gold Corp LtdPrice/Volume

Valuation Analysis


'

-

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeACUITY INVESTMENT MA n/a Co File 13'543'800 5.57 (2'751'400) 31.08.2010 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 11'227'177 4.62 - 03.01.2012 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 10'160'900 4.18 - 31.08.2011 Investment AdvisorBEUTEL GOODMAN & COM Multiple Portfolios MF-AGG 5'296'400 2.18 - 30.11.2011 Investment AdvisorBHARTI STAN n/a SEDI 4'308'355 1.77 (101'500) 03.10.2011 n/aT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'905'400 1.2 (23'100) 30.09.2011 Investment AdvisorSCEPTRE INVESTMENT C Multiple Portfolios MF-AGG 2'672'300 1.1 (1'097'000) 31.10.2011 Investment AdvisorIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 2'596'800 1.07 (26'900) 30.09.2011 Investment AdvisorMANULIFE ASSET MANAG Multiple Portfolios MF-AGG 2'104'129 0.87 2'104'129 30.11.2011 Investment AdvisorMAYO INVESTMENT ADVI MAYO INVESTMENT ADVI 13F 2'102'300 0.86 (50'000) 30.09.2011 Hedge Fund ManagerMD MANAGEMENT LTD Multiple Portfolios MF-AGG 1'487'600 0.61 23'100 30.11.2011 Investment AdvisorSPROTT ASSET MANAGEM Multiple Portfolios MF-AGG 1'446'000 0.59 - 30.06.2011 Hedge Fund ManagerBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'341'980 0.55 - 30.12.2011 Investment AdvisorALTAMIRA MANAGEMENT Multiple Portfolios MF-AGG 1'297'500 0.53 540'000 30.11.2011 UnclassifiedFERNANDEZ-CONCHA STU n/a SEDI 1'185'000 0.49 (24'000) 08.09.2011 n/aAGF INVESTMENTS INC Multiple Portfolios MF-AGG 1'140'440 0.47 1'140'440 31.03.2011 Investment AdvisorJONES HEWARD INVESTM Multiple Portfolios MF-AGG 952'410 0.39 - 04.01.2012 UnclassifiedFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 945'629 0.39 504'900 30.09.2010 Investment AdvisorCOLEMAN JAMES HAYWAR n/a SEDI 758'614 0.31 192'307 27.03.2011 n/aMOORE GEOFFREY S n/a SEDI 729'423 0.3 204'808 17.01.2011 n/a


Jennings Capital RYAN WALKER speculative buy 4 M 5 12 month 05.01.2012National Bank Financial STEPHEN PARSONS outperform 5 M 4 12 month 05.01.2012Raymond James GARY J BASCHUK strong buy 5 M 3 12 month 04.01.2012Haywood Securities Inc. KERRY SMITH sector outperform 5 M 3 12 month 04.01.2012Fraser Mackenzie Limited MICHAEL STAROGIANNIS strong buy 5 M 3 12 month 04.01.2012Cormark Securities Inc. RICHARD GRAY buy 5 M 4 12 month 05.12.2011GMP GEORGE V ALBINO buy 5 M 4 Not Provided 12.09.2011

Holdings By:

Sulliden Gold Corp Ltd ee


05.03.2012

Keegan Resources, Inc. explores for and produces minerals. The Company

explores for precious and base metals in the United States and Canada.





Average Volume 5 Day 284'780KGN CN EQUITY YTD Change - Average Volume 30 Day 368'966KGN CN EQUITY YTD % CHANGE - Average Volume 3 Month 342'915


31.03.2007 31.03.2008 31.03.2009 31.03.2010 31.03.2011 09/yy 09/yy 03/12 Y 03/13 Y 03/12 Q4 06/12 Q10.0 0.0 0.0 0.0 0.0 0.0 0.0 2.0 1.8 - -

- - - - - #DIV/0! #DIV/0! - - - -(3.6) (4.1) (3.6) (6.9) (12.6) (9.6) (14.2) (22.8) (19.0) - -

- - - - - 0.00x 0.00x - - - -(4.4) (4.3) (4.2) (7.0) (12.9) (20.8) (34.0) (30.2) (27.3) - -

- - - - - 0.00x 0.00x - - - -




Fiscal Year Ended

Keegan Resources IncPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGOODMAN & CO INVESTM GOODMAN & COMPANY IN 13F 7'038'300 9.34 (1'556'200) 30.09.2011 Hedge Fund ManagerVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 5'905'735 7.84 - 03.01.2012 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 4'837'400 6.42 (5'630) 30.09.2011 Investment AdvisorBEUTEL GOODMAN & COM n/a Co File 4'797'700 6.37 - 28.02.2011 Investment AdvisorJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 3'910'610 5.19 (628'790) 30.09.2011 Investment AdvisorPASSPORT CAPITAL LLC PASSPORT CAPITAL LLC 13F 3'703'100 4.92 871'200 30.09.2011 Hedge Fund ManagerHARRIS FINANCIAL COR HARRIS FINANCIAL COR 13F 2'339'578 3.11 (567'912) 30.09.2011 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 1'828'000 2.43 - 31.05.2011 Investment AdvisorFIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 1'827'000 2.43 25'000 31.08.2011 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 1'824'100 2.42 12'700 30.09.2011 Pension Fund (ERISA)AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 1'237'959 1.64 300 30.09.2011 Investment AdvisorIG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 1'003'200 1.33 - 30.09.2011 Investment AdvisorSHARE SICAV Multiple Portfolios MF-AGG 904'000 1.2 231'400 31.03.2011 Investment AdvisorGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 891'691 1.18 415'191 31.03.2011 Investment AdvisorFALCON FUND MANAGEME Multiple Portfolios MF-AGG 838'000 1.11 - 30.11.2011 Investment AdvisorCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 773'700 1.03 (401'400) 30.09.2011 Investment AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 771'300 1.02 (196'000) 30.09.2011 Investment AdvisorBLACKROCK JAPAN CO L BLACKROCK JAPAN CO L 13F 680'000 0.9 (399'300) 30.09.2011 Investment AdvisorSENTRY SELECT CAPITA Multiple Portfolios MF-AGG 675'000 0.9 - 30.06.2011 Investment AdvisorFRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 670'070 0.89 (83'700) 30.09.2011 Investment Advisor


BMO Capital Markets ANDREW BREICHMANAS market perform 3 M 7 Not Provided 29.12.2011Scotia Capital LEILY OMOUMI sector perform 3 M 6 12 month 19.12.2011Canaccord Genuity Corp NICHOLAS CAMPBELL speculative buy 4 M 10 12 month 13.12.2011RBC Capital Markets JONATHAN GUY sector perform 3 N 6 12 month 07.12.2011CIBC World Markets COSMOS CHIU sector outperform 5 M 10 Not Provided 28.11.2011Dundee Securities Corp RON STEWART sell 1 M 6 12 month 25.11.2011Clarus Securities NANA SANGMUAH hold 3 D 7 12 month 23.09.2011

Holdings By:

Keegan Resources Inc ee


05.03.2012

Endeavour Mining Corp. is a growth focused West African gold producer. The

Company's operations include the operating mines (Nzema in Ghana and Youga inBurkina Faso), an advanced-stage project (Agbaou in Ivory Coast) and a largeWest African land position with active exploration programs.





Average Volume 5 Day 691'944EDV CN EQUITY YTD Change - Average Volume 30 Day 666'756EDV CN EQUITY YTD % CHANGE - Average Volume 3 Month 620'357


30.06.2006 30.06.2007 30.06.2008 30.06.2009 30.06.2010 03/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q192.0 109.3 108.1 (188.1) 158.2 102.5 (65.3) 133.0 266.0 - -

- - - - - 3.12x -1.36x - - - -73.6 85.6 - (203.5) 123.8 51.3 (113.4) 67.9 137.0 - -

- - - - - 0.94x 0.00x 5.73x 2.84x - -73.6 85.6 56.5 (207.5) 118.6 70.9 (116.6) 32.0 98.3 - -2.27x 2.60x 3.99x - 1.70x 3.57x 0.00x 7.64x 12.35x 14.59x 12.67x


Net Debt/EBITDA -2.71Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin 78.2%EBIT Margin 75.8% Total Debt/Equity 0.0%Net Income Margin 75.0% Total Debt/Capital 0.0%

Asset Turnover 0.49Current Ratio - Net Fixed Asset Turnover 724.22Quick Ratio - Accounts receivable turnover-days 6.28Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover 58.09 Cash Conversion Cycle -Inventory Turnover -

Fiscal Year Ended

Endeavour Mining CorpPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 5'805'617 2.37 - 03.01.2012 Investment AdvisorROYCE AND ASSOCIATES n/a 13G 5'350'000 2.19 - 31.12.2010 Investment AdvisorUS GLOBAL INVESTORS Multiple Portfolios MF-AGG 3'355'000 1.37 (1'200'000) 30.06.2011 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'070'868 0.85 638'882 31.07.2011 Investment AdvisorSPROTT ASSET MANAGEM Multiple Portfolios MF-AGG 1'885'162 0.77 - 30.06.2011 Hedge Fund ManagerHANDELSBANKEN FONDER Multiple Portfolios MF-AGG 1'856'300 0.76 - 30.11.2011 Investment AdvisorCONNELLY MARK n/a SEDI 855'000 0.35 - 12.12.2011 n/aWELLS CAPITAL MANAGE Multiple Portfolios MF-AGG 525'544 0.21 - 31.10.2011 Investment AdvisorNESTOR INVESTMENT MA Multiple Portfolios MF-AGG 362'680 0.15 - 31.10.2011 Mutual Fund ManagerROBECO FUND MANAGEME Multiple Portfolios MF-AGG 260'000 0.11 - 31.10.2011 Investment AdvisorDWS INVESTMENT SA Multiple Portfolios MF-AGG 250'000 0.1 250'000 30.11.2011 Mutual Fund ManagerBOWLBY DOUGLAS J n/a SEDI 219'748 0.09 - 26.10.2007 n/aWOODYER NEIL n/a SEDI 175'300 0.07 - 21.11.2011 n/aJULIUS BAER MULTICOO Multiple Portfolios MF-AGG 140'521 0.06 3'478 31.08.2011 Mutual Fund ManagerMILAU CHRISTIAN n/a SEDI 134'000 0.05 9'000 10.11.2011 n/aBECKETT MICHAEL ERNE n/a EXCH 130'000 0.05 - 20.12.2011 n/aCUNNINGHAM IAN J n/a SEDI 114'269 0.05 - 13.12.2011 n/aSWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 100'000 0.04 - 31.10.2011 Mutual Fund ManagerDENTAL BENEFIT PROVI DENTAL BENEFIT PROVI Sch-D 100'000 0.04 - 29.10.2010 UnclassifiedMCMANUS WAYNE n/a EXCH 80'000 0.03 - 20.12.2011 n/a


Canaccord Genuity Corp NICHOLAS CAMPBELL speculative buy 4 M 5 12 month 13.12.2011GMP ANDREW MIKITCHOOK buy 5 M 4 Not Provided 06.12.2011

Holdings By:

Endeavour Mining Corp ee


05.03.2012

Great Panther Silver Ltd. explores for and produces silver. The Company is

focused on acquiring, developing and mining precious metals in Mexico. GreatPanther's projects include The Guanajuato Mines property, located in the Stateof Guanajuato, Mexico, and The Topia Silver-Lead-Zinc property, located in theTopia Mining District in west-central Durango State, Mexico.





Average Volume 5 Day 1'035'008GPR CN EQUITY YTD Change - Average Volume 30 Day 743'726GPR CN EQUITY YTD % CHANGE - Average Volume 3 Month 669'755


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q17.1 15.5 22.4 31.7 42.2 38.2 54.1 59.4 91.0 - -

21.89x 6.79x 1.28x 2.85x 7.61x 9.32x 28.56x - - - -(13.1) (11.3) (9.9) 4.9 7.0 11.8 21.2 - - - -

- - - 18.35x 45.88x 8.66x 15.14x - - - -(15.1) (19.7) (13.8) (0.9) 5.0 9.4 13.7 18.2 39.3 - -

- - - - 69.50x 10.67x 26.30x 15.06x 10.12x - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Great Panther Silver LtdPrice/Volume

Valuation Analysis


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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 6'745'943 4.91 - 03.01.2012 Investment AdvisorCHILTON INVESTMENT C CHILTON INVESTMENT C 13F 3'740'225 2.72 128'105 30.09.2011 Hedge Fund ManagerCANADA PENSION PLAN CANADA PENSION PLAN 13F 1'831'801 1.33 1'690'301 30.09.2011 Pension Fund (ERISA)GLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 1'456'282 1.06 (141'139) 30.09.2011 Investment AdvisorARCHER ROBERT A n/a SEDI 1'191'300 0.87 (61'200) 14.09.2011 n/aSANCHEZ FRANCISCO RA n/a SEDI 1'075'000 0.78 - 11.02.2010 n/aCQS CAYMAN LP CQS CAYMAN LP 13F 1'050'000 0.76 150'000 30.09.2011 Investment AdvisorCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 748'900 0.55 (432'600) 30.09.2011 Investment AdvisorROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 589'000 0.43 589'000 30.09.2011 Investment AdvisorTECHNICAL FINANCIAL TECHNICAL FINANCIAL 13F 501'391 0.36 (1'186'575) 30.09.2011 Investment AdvisorPUPLAVA FINANCIAL SE PUPLAVA FINANCIAL SE 13F 467'649 0.34 (10'800) 30.09.2011 Hedge Fund ManagerBROWN CHARLES P n/a SEDI 412'000 0.3 - 06.07.2011 n/aHARRIS FINANCIAL COR HARRIS FINANCIAL COR 13F 352'200 0.26 (817'150) 30.09.2011 Investment AdvisorFIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 350'000 0.25 (365'000) 31.08.2011 Investment AdvisorAXA AXA 13F 340'000 0.25 340'000 30.09.2011 Investment AdvisorHSBC TRINKAUS INVEST Multiple Portfolios MF-AGG 300'000 0.22 - 28.02.2011 Mutual Fund ManagerBURNE MALCOLM ALEC n/a SEDI 284'133 0.21 - 24.02.2011 n/aKOPCHEFF JOHN THOMAS n/a SEDI 280'000 0.2 200'000 25.08.2011 n/aOPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 270'000 0.2 - 31.10.2011 Mutual Fund ManagerWAY FUND MANAGERS Multiple Portfolios MF-AGG 200'000 0.15 - 30.11.2011 Mutual Fund Manager


Stonecap Securities Inc CHRISTOS DOULIS sector perform 3 M 3 12 month 19.12.2011Salman Partners ASH GUGLANI buy 5 M 4 12 month 06.12.2011Dundee Securities Corp PAUL BURCHELL buy 5 M 4 12 month 25.11.2011Global Hunter Securities JEFF WRIGHT accumulate 4 M 4 12 month 17.10.2011

Holdings By:

Great Panther Silver Ltd ee


05.03.2012

Paramount Gold and Silver Corporation explores for precious metals in Mexico.





Average Volume 5 Day 1'322'038PZG US EQUITY YTD Change - Average Volume 30 Day 1'104'227PZG US EQUITY YTD % CHANGE - Average Volume 3 Month 1'106'265


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 09/yy 09/yy 06/12 Y 06/13 Y 03/12 Q3 06/12 Q4- 0.0 0.0 0.0 0.2 0.0 0.2 - - - -- - - - 2370.69x #DIV/0! 8648.90x - - - -

(14.4) (18.8) (7.3) (8.6) (11.6) (7.8) (14.0) (8.0) (8.0) - -- - - - - 0.00x 0.00x - - - -

(15.7) (18.4) (7.2) (5.4) (28.5) (4.8) (23.7) - - - -- - - - - 0.00x 0.00x - - - -


Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin -6418.7%EBIT Margin -6459.3% Total Debt/Equity 0.0%Net Income Margin -15733.0% Total Debt/Capital 0.0%

Asset Turnover 0.00Current Ratio 0.96 Net Fixed Asset Turnover 0.00Quick Ratio 0.94 Accounts receivable turnover-days 3166.26Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover 0.12 Cash Conversion Cycle -Inventory Turnover -

Fiscal Year Ended

Paramount Gold and Silver CorpPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFCMI FINANCIAL CORP n/a SEDI 15'958'502 11.66 (14'998) 24.06.2011 CorporationVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 4'818'097 3.52 821'313 30.09.2011 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 4'398'120 3.21 (27'120) 30.09.2011 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 4'105'182 3 56'304 30.09.2011 Investment AdvisorCRUPI CHRISTOPHER n/a SEDI 3'865'900 2.82 (893'000) 27.06.2011 n/aBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 2'545'878 1.86 (45'886) 30.09.2011 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 1'919'700 1.4 200 30.09.2011 Investment AdvisorROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 1'600'000 1.17 100'000 30.09.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 1'340'795 0.98 142'312 30.09.2011 Investment AdvisorSPROTT ASSET MANAGEM Multiple Portfolios MF-AGG 1'258'170 0.92 - 30.06.2011 Hedge Fund ManagerNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'252'379 0.91 61'028 30.09.2011 Investment AdvisorFRONK RUDI P n/a SEDI 1'025'000 0.75 800'000 10.01.2011 n/aPORTOLA GROUP INCORP PORTOLA GROUP INCORP 13F 708'310 0.52 36'000 30.09.2011 Investment AdvisorKENNEDY SHAWN M n/a SEDI 622'946 0.46 - 07.03.2011 n/aTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 560'186 0.41 (22'346) 30.09.2011 Investment AdvisorREED CHARLES WILLIA n/a SEDI 543'730 0.4 (62'270) 26.08.2009 n/aBARD ASSOCIATES INC BARD ASSOCIATES INC 13F 414'100 0.3 - 30.09.2011 Investment AdvisorCALIFORNIA PUBLIC EM CALIFORNIA PUBLIC EM 13F 389'000 0.28 (200) 30.09.2011 Pension Fund (ERISA)BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 369'127 0.27 16'753 30.09.2011 Investment AdvisorTARA GOLD RESOURCES n/a 13D 350'000 0.26 (7'018'519) 05.06.2009 Corporation


Dahlman Rose & Co ADAM P GRAF buy 5 M 11 Not Provided 03.01.2012Stonecap Securities Inc CHRISTOS DOULIS not rated #N/A N/A M #N/A N/A Not Provided 18.05.2011

Holdings By:

Paramount Gold and Silver Corp ee


05.03.2012

Bear Creek Mining Corporation acquires and explores mineral properties. The

Company is currently conducting silver and gold exploration activities on itsprospects located in Peru.


452-Week High % Change -66.67% Dividend Yield 0.0052-Week Low % Change 26.58% Beta 1.47% 52 Week Price Range High/Low 9.50% Equity Float 75.19



Average Volume 5 Day 305'681BCM CN EQUITY YTD Change - Average Volume 30 Day 274'883BCM CN EQUITY YTD % CHANGE - Average Volume 3 Month 332'525


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q10.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -(15.9) (15.7) (16.5) (8.7) (17.2) (14.5) (25.2) (18.9) (16.6) - -

- - - - - 0.00x 0.00x - - - -(15.3) (14.0) (18.1) (8.7) (17.3) (13.2) (25.7) (17.1) (10.5) - -

- - - - - 0.00x 0.00x - - - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Bear Creek Mining CorpPrice/Volume

Valuation Analysis


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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSILVER WHEATON CORP n/a SEDI 13'264'305 14.39 2'978'000 05.11.2010 CorporationSPROTT ASSET MANAGEM n/a Co File 11'682'600 12.68 2'397'300 30.09.2011 Hedge Fund ManagerVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 6'826'500 7.41 - 03.01.2012 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 4'390'268 4.76 (297'648) 31.10.2011 Investment AdvisorATLANTIC INVESTMENT ATLANTIC INVESTMENT 13F 4'246'595 4.61 1'146'825 30.09.2011 Investment AdvisorGILDER GAGNON HOWE GILDER GAGNON HOWE 13F 1'370'753 1.49 (53'998) 30.09.2011 Investment AdvisorMORANO KEVIN R n/a SEDI 1'081'262 1.17 (200'000) 07.02.2011 n/aMCLEOD-SELTZER CATHE n/a SEDI 996'562 1.08 (10'000) 07.02.2011 n/aROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 995'400 1.08 - 30.09.2011 Investment AdvisorGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 874'817 0.95 (36'868) 30.11.2011 Investment AdvisorSWARTHOUT ANDREW T n/a SEDI 874'592 0.95 (50'000) 08.02.2011 n/aFALCON FUND MANAGEME Multiple Portfolios MF-AGG 846'000 0.92 10'000 30.11.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 750'000 0.81 - 30.09.2011 Investment AdvisorTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 660'000 0.72 - 30.06.2011 Investment AdvisorLOMBARD ODIER DARIER Multiple Portfolios MF-AGG 560'000 0.61 280'000 31.10.2011 Mutual Fund ManagerIA CLARINGTON INVEST Multiple Portfolios MF-AGG 432'000 0.47 288'000 31.03.2011 Investment AdvisorDE WITT DAVID E n/a SEDI 375'650 0.41 - 11.11.2010 n/aGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 361'067 0.39 92'467 31.03.2011 Investment AdvisorSOCIETE GENERALE Multiple Portfolios MF-AGG 309'944 0.34 - 31.10.2011 BankMAYO INVESTMENT ADVI MAYO INVESTMENT ADVI 13F 300'000 0.33 28'400 30.09.2011 Hedge Fund Manager


BMO Capital Markets ANDREW KAIP speculative outperform 4 M 6 Not Provided 03.01.2012Scotia Capital TREVOR TURNBULL sector outperform 5 M 8 12 month 19.12.2011Canaccord Genuity Corp NICHOLAS CAMPBELL speculative buy 4 M 8 12 month 13.12.2011Raymond James BRAD HUMPHREY outperform 5 M 7 12 month 08.12.2011Paradigm Capital Inc DON BLYTH speculative buy 4 M 6 12 month 16.11.2011PI Financial Corp. ERIC ZAUNSCHERB buy 5 M 6 12 month 11.11.2011Haywood Securities Inc. CHRIS THOMPSON sector outperform 5 M 7 Not Provided 28.09.2011GMP CRAIG WEST buy 5 M 7 Not Provided 12.09.2011

Holdings By:

Bear Creek Mining Corp ee


05.03.2012

Exeter Resource Corporation explores for, evaluates, and develops mineral

deposits in South America. The Company's focus is on gold exploration inArgentina and Chile.

Latest Fiscal Year: -LTM as of: 09/yy52-Week High (24.03.2011) 5.8452-Week Low (29.12.2011) 2.42Daily Volume




Average Volume 5 Day 282'906XRA US EQUITY YTD Change - Average Volume 30 Day 408'943XRA US EQUITY YTD % CHANGE - Average Volume 3 Month 374'456


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q10.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -(13.8) (16.0) (27.4) (27.6) (29.9) (31.3) (33.4) (30.1) (20.9) - -

- - - - - 0.00x 0.00x - - - -(14.0) (15.8) (27.0) (27.3) (34.8) 81.1 (32.5) (28.2) (19.7) - -

- - - - - 0.00x 0.00x - - - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Exeter Resource CorpPrice/Volume

Valuation Analysis


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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 4'395'945 5.03 777'948 30.09.2011 Investment AdvisorSPROTT ASSET MANAGEM SPROTT ASSET MANAGEM 13F 3'923'000 4.49 (176'500) 30.09.2011 Hedge Fund ManagerJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 3'037'363 3.48 (176'864) 30.09.2011 Investment AdvisorROWEN COMPANY LTD n/a PROXY 2'500'000 2.86 - 03.05.2011 CorporationSUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 2'064'017 2.36 - 30.09.2011 Hedge Fund ManagerJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 1'876'563 2.15 - 31.05.2011 Investment AdvisorLIBRA ADVISORS LLC LIBRA ADVISORS LLC 13F 1'854'688 2.12 (149'512) 30.09.2011 Hedge Fund ManagerSHARE SICAV Multiple Portfolios MF-AGG 1'724'461 1.97 76'753 31.03.2011 Investment AdvisorBRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 1'708'054 1.96 754'344 30.09.2011 Hedge Fund ManagerSIMPSON YALE R n/a SEDI 1'633'250 1.87 200'000 28.12.2010 n/aROXBURGH BRYCE G n/a SEDI 1'409'450 1.61 - 02.05.2011 n/aTSP CAPITAL MANAGEME TSP CAPITAL MANAGEME 13F 830'800 0.95 313'300 30.09.2011 Investment AdvisorWELLS FARGO FUNDS MA Multiple Portfolios MF-AGG 785'000 0.9 - 31.10.2011 Investment AdvisorPERRITT CAPITAL MANA PERRITT CAPITAL MANA 13F 673'250 0.77 273'250 30.09.2011 Investment AdvisorLOEWS CORPORATION LOEWS CORPORATION 13F 593'958 0.68 - 30.09.2011 CorporationBLACKROCK INC BLACKROCK INC 13F 564'382 0.65 149'169 30.09.2011 Investment AdvisorJULIUS BAER MULTICOO Multiple Portfolios MF-AGG 512'695 0.59 (19'745) 31.08.2011 Mutual Fund ManagerAGF INVESTMENTS INC AGF INVESTMENTS INC 13F 506'421 0.58 (2'300) 30.09.2011 Investment AdvisorLB SWISS INVESTMENT Multiple Portfolios MF-AGG 500'000 0.57 250'000 30.09.2011 Mutual Fund ManagerOPPENHEIMER & CO INC OPPENHEIMER & CO INC 13F 488'850 0.56 64'500 30.09.2011 Hedge Fund Manager


Dahlman Rose & Co ADAM P GRAF buy 5 M 22 Not Provided 03.01.2012TD Newcrest DANIEL EARLE hold 3 M 5 12 month 19.12.2011Canaccord Genuity Corp WENDELL ZERB speculative buy 4 M 9 12 month 13.12.2011Salman Partners DAVID WEST speculative buy 4 M 10 12 month 14.11.2011BMO Capital Markets JOHN P HAYES market perform 3 M #N/A N/A Not Provided 26.07.2011

Holdings By:

Exeter Resource Corp ee


05.03.2012

Focus Minerals Limited is a gold mining and production company with it's primary

operations located in the Coolgardie gold belt in Western Australia. TheCompany also has nickel mining operations.


0.05152-Week High % Change -51.43% Dividend Yield 0.0052-Week Low % Change 2.00% Beta 1.01% 52 Week Price Range High/Low 1.82% Equity Float 4'300.76

Shares Out 21.10.2011 4'320.8 Short Int 0.41220.36 1 Yr Total Return -45.16%


Average Volume 5 Day 11'178'020FML AU EQUITY YTD Change - Average Volume 30 Day 11'997'150FML AU EQUITY YTD % CHANGE - Average Volume 3 Month 12'362'130


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -0.1 2.6 44.5 70.4 99.2 - - 331.0 334.0 - -

927.86x 23.14x 1.34x 1.97x 2.17x - - 0.45x 0.33x - -(2.4) (2.5) 18.1 22.0 9.6 - - 105.8 96.1 - -

- - 3.29x 6.31x 22.40x - - 1.84x 2.02x - -(2.1) (4.6) 3.1 10.9 7.6 - - 53.1 41.5 - -

- - 13.50x 13.08x 26.92x - - 3.92x 5.10x - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Focus Minerals LtdPrice/Volume

Valuation Analysis


'

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2'!' 7

-''!' 7

-2'!' 7

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0.0

20.0

40.0

60.0

80.0

100.0

120.0

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

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeDEUTSCHE BANK AG n/a EXCH 247'415'715 5.73 (35'385'325) 12.09.2011 Investment AdvisorVAN ECK ASSOCIATES C n/a EXCH 214'974'346 4.98 - 16.09.2011 Investment AdvisorUBS AG n/a EXCH 187'347'021 4.34 - 20.04.2011 Investment AdvisorRCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 34'698'321 0.8 - 31.08.2011 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 22'818'910 0.53 22'818'910 30.09.2011 Mutual Fund ManagerMCCORMICK CHARLES DA n/a Co File 22'624'839 0.52 - 30.06.2010 n/aAERO FUND PCC LTD Multiple Portfolios MF-AGG 10'000'000 0.23 - 15.12.2011 Mutual Fund ManagerBAIRD CAMPBELL n/a Co File 5'600'000 0.13 - 30.06.2010 n/aCAIXAGEST SA/PORTUGA Multiple Portfolios MF-AGG 4'853'501 0.11 1'457'600 31.10.2011 Mutual Fund ManagerTAIG DONALD JAMES n/a EXCH 4'509'540 0.1 394'736 19.04.2011 n/aBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 4'473'836 0.1 20'165 03.01.2012 Investment AdvisorLUGANO ENTERPRISES P n/a EXCH 4'417'649 0.1 197'368 19.04.2011 n/aTIZON PTY LTD n/a EXCH 3'036'070 0.07 65'789 19.04.2011 n/aING INVESTMENT MANAG Multiple Portfolios MF-AGG 2'487'859 0.06 2'244'630 30.09.2011 Investment AdvisorGRYGORCEWICZ K JON n/a Co File 2'162'705 0.05 - 30.06.2010 n/aVALIUKAS BRADLEY n/a Co File 1'800'000 0.04 - 30.06.2010 n/aWILLIAMS PETER n/a Co File 1'557'023 0.04 - 30.06.2010 n/aADAMS GARY n/a Co File 1'000'000 0.02 - 30.06.2010 n/aSCHOELLERBANK INVEST Multiple Portfolios MF-AGG 750'000 0.02 - 30.11.2011 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 689'472 0.02 (225'668) 30.09.2011 Investment Advisor


Hartleys MIKE MILLIKAN buy 5 M 0 Not Provided 25.11.2011Ord Minnett PETER ARDEN hold 3 M 0 Not Provided 04.10.2011Argonaut Securities Pty Ltd TROY IRVIN buy 5 M 0 Not Provided 24.01.2011

Holdings By:

Focus Minerals Ltd ee


05.03.2012

Timmins Gold Corporation explores for gold in Mexico.





Average Volume 5 Day 409'178TMM CN EQUITY YTD Change - Average Volume 30 Day 708'629TMM CN EQUITY YTD % CHANGE - Average Volume 3 Month 822'532


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q1- 0.0 0.0 0.0 0.0 34.2 104.4 - 186.5 - -- - - - - 24.28x 14.15x - - - -

(0.8) (0.8) (4.2) (3.5) (6.7) 11.0 59.0 53.5 120.5 - -- - - - - 28.73x 6.69x 7.63x 3.39x - -

(0.9) (0.9) (5.3) (3.4) (8.6) (9.1) 21.2 - 57.1 - -- - - - - 0.00x 17.23x 17.56x 6.85x 7.06x 6.82x




Fiscal Year Ended

Timmins Gold CorpPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

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0

1

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0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSENTRY SELECT CAPITA n/a Co File 26'115'800 18.62 - 31.08.2011 Investment AdvisorPACIFIC ROAD HOLDING n/a SEDI 20'199'841 14.4 - 11.04.2011 n/aSPROTT ASSET MANAGEM n/a Co File 10'589'012 7.55 (3'611'888) 30.11.2011 Hedge Fund ManagerRUFFER LLP Multiple Portfolios MF-AGG 9'177'000 6.54 2'000'000 31.08.2011 Hedge Fund ManagerOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 5'922'475 4.22 22'785 31.10.2011 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 5'810'087 4.14 - 03.01.2012 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 5'647'590 4.03 5'647'590 31.08.2011 Investment AdvisorBRAGAGNOLO BRUCE n/a PROXY 2'726'000 1.94 - 15.08.2011 n/aBONILLAS ZEPEDA F A n/a SEDI 2'630'800 1.88 - 25.07.2011 n/aGILDER GAGNON HOWE n/a 13G 2'050'954 1.46 (8'014'415) 30.09.2011 Investment AdvisorLB SWISS INVESTMENT Multiple Portfolios MF-AGG 1'000'000 0.71 - 30.09.2011 Mutual Fund ManagerJONES HEWARD INVESTM Multiple Portfolios MF-AGG 588'792 0.42 - 04.01.2012 UnclassifiedNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 300'000 0.21 100'000 30.06.2011 Mutual Fund ManagerHODGSON EUGENE A n/a SEDI 264'200 0.19 100'000 06.09.2011 n/aDICK LAWRENCE A n/a SEDI 250'000 0.18 (5'000) 19.11.2010 n/aSWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 250'000 0.18 - 31.10.2011 Mutual Fund ManagerTSAKUMIS ALEXANDER G n/a SEDI 208'000 0.15 200'000 23.12.2010 n/aSOTO MIGUEL n/a SEDI 200'000 0.14 50'000 25.07.2011 n/aOPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 200'000 0.14 200'000 31.10.2011 Mutual Fund ManagerHSBC TRINKAUS INVEST Multiple Portfolios MF-AGG 200'000 0.14 - 28.02.2011 Mutual Fund Manager


M Partners Inc MARC JOHNSON buy 5 M 4 12 month 19.12.2011Canaccord Genuity Corp NICHOLAS CAMPBELL hold 3 M 2 12 month 13.12.2011Jennings Capital STUART MCDOUGALL speculative buy 4 M 4 12 month 06.12.2011Union Securities PHILIP KER buy 5 M 4 12 month 02.12.2011National Bank Financial TARA HASSAN outperform 5 M 4 12 month 02.12.2011Casimir Capital STEVEN WILLIS strong buy 5 M 4 12 month 02.12.2011MGI Securities MARC PAIS buy 5 M 5 12 month 05.07.2011

Holdings By:

Timmins Gold Corp ee


05.03.2012

Vista Gold Corp. is an international gold mining company. The Company is

focused on its core projects, the Concordia gold project located in BajaCalifornia Sur, Mexico and the Mt. Todd gold project in Northern Territory,Australia.





Average Volume 5 Day 403'868VGZ US EQUITY YTD Change - Average Volume 30 Day 468'321VGZ US EQUITY YTD % CHANGE - Average Volume 3 Month 504'184


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q10.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 1.0 - -

- - - - - #DIV/0! #DIV/0! - - - -(2.9) (9.2) (6.5) (6.1) (6.4) (14.5) (19.9) 17.7 (13.4) (6.5) -

- - - - - 0.00x 0.00x 12.63x - - -(4.2) (13.2) (10.0) (1.9) (9.6) (17.1) 52.2 37.6 (19.0) (5.8) (6.1)

- - - - - 0.00x 0.00x 8.50x - - -




Fiscal Year Ended

Vista Gold CorpPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'--..001122

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2!' 7

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0.0

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20.0

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 8'233'913 11.52 - 30.09.2011 Hedge Fund ManagerVAN ECK ASSOCIATES C n/a 13G 7'175'933 10.04 311'411 07.11.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 2'111'753 2.95 359'246 30.09.2011 Investment AdvisorLOEWS CORPORATION LOEWS CORPORATION 13F 1'758'748 2.46 - 30.09.2011 CorporationBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 1'540'671 2.15 (71'046) 30.09.2011 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 1'077'800 1.51 193'000 30.09.2011 Investment AdvisorANDREEFF EQUITY ADVI ANDREEFF EQUITY ADVI 13F 926'965 1.3 (239'898) 30.09.2011 Hedge Fund ManagerNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 875'315 1.22 64'369 30.09.2011 Investment AdvisorTECHNICAL FINANCIAL TECHNICAL FINANCIAL 13F 531'303 0.74 (621'419) 30.09.2011 Investment AdvisorLIBRA ADVISORS LLC LIBRA ADVISORS LLC 13F 438'700 0.61 (919'400) 30.09.2011 Hedge Fund ManagerGLOBAL RESOURCE INVE n/a 13G 429'348 0.6 - 15.12.2010 Investment AdvisorTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 403'228 0.56 42'100 30.09.2011 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 368'155 0.51 298'950 30.09.2011 Investment AdvisorIFM - INDEPENDENT FU Multiple Portfolios MF-AGG 359'149 0.5 14'000 27.10.2011 Investment AdvisorEARNEST FREDERICK H n/a Form 4 354'258 0.5 299'171 16.11.2011 n/aOPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 350'000 0.49 - 31.10.2011 Mutual Fund ManagerBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 314'104 0.44 6'923 30.09.2011 Investment AdvisorJONES HEWARD INVESTM Multiple Portfolios MF-AGG 298'117 0.42 - 04.01.2012 UnclassifiedMINDSHARE CAPITAL MA MINDSHARE CAPITAL MA 13F 281'255 0.39 (140'580) 30.09.2011 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 245'346 0.34 245'346 30.09.2011 Investment Advisor


Dahlman Rose & Co ADAM P GRAF buy 5 M 17 Not Provided 03.01.2012GMP CRAIG WEST buy 5 N 9 Not Provided 14.12.2011Global Hunter Securities JEFF WRIGHT buy 5 N 7 12 month 01.12.2011Stonegate Securities Inc MARCO RODRIGUEZ no rating system #N/A N/A M #N/A N/A Not Provided 15.11.2011National Bank Financial PAOLO LOSTRITTO outperform 5 M 4 12 month 02.11.2011

Holdings By:

Vista Gold Corp ee


05.03.2012

Orko Silver Corporation is an exploratory resource company focused on silver

properties in Mexico.





Average Volume 5 Day 546'675OK CN EQUITY YTD Change - Average Volume 30 Day 377'284OK CN EQUITY YTD % CHANGE - Average Volume 3 Month 415'429


31.10.2007 31.10.2008 31.10.2009 31.10.2010 31.10.2011 07/yy 07/yy 10/12 Y 10/13 Y 01/12 Q1 04/12 Q20.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -(13.1) (21.5) (10.6) (3.1) (4.4) (4.6) (3.8) - - - -

- - - - - 0.00x 0.00x - - - -(12.9) (21.5) (10.4) (2.8) (4.5) (4.6) (0.8) - - - -

- - - - - 0.00x 0.00x - - - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Orko Silver CorpPrice/Volume

Valuation Analysis


'

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSPROTT ASSET MANAGEM Multiple Portfolios MF-AGG 7'845'700 6.05 - 30.06.2011 Hedge Fund ManagerVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 6'496'030 5.01 - 03.01.2012 Investment AdvisorCOLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 5'000'000 3.86 - 31.10.2011 Investment AdvisorGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 1'450'644 1.12 (50'245) 30.11.2011 Investment AdvisorDEVJI MINAZ n/a SEDI 1'131'124 0.87 (15'300) 07.07.2011 n/aCOPE GARY n/a SEDI 937'600 0.72 (10'000) 22.09.2011 n/aCIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 894'897 0.69 - 31.12.2010 Investment AdvisorGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 588'638 0.45 588'638 31.03.2011 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 416'000 0.32 - 30.11.2011 Investment AdvisorCAVEY GEORGE R n/a SEDI 370'000 0.29 100'000 09.09.2011 n/aWILMOT N ROSS n/a SEDI 350'000 0.27 100'000 08.09.2011 n/aSMITH & WILLIAMSON I Multiple Portfolios MF-AGG 107'200 0.08 - 30.11.2011 Mutual Fund ManagerROBERTSON LINDA n/a SEDI 60'000 0.05 - 20.04.2010 n/aPETERCAM SA Multiple Portfolios MF-AGG 60'000 0.05 - 31.12.2010 Investment AdvisorSCHOELLERBANK INVEST Multiple Portfolios MF-AGG 60'000 0.05 - 30.11.2011 Investment AdvisorDRIVER CYRUS H n/a SEDI 35'000 0.03 (15'000) 29.03.2011 n/aSAYERS RICK n/a SEDI 30'000 0.02 30'000 20.05.2011 n/aGENEVA INVESTMENT MA GENEVA INVESTMENT MA 13F 22'930 0.02 930 30.09.2011 Investment AdvisorIFM - INDEPENDENT FU Multiple Portfolios MF-AGG 20'000 0.02 20'000 31.10.2011 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 20'000 0.02 20'000 30.06.2011 Mutual Fund Manager


BMO Capital Markets ANDREW KAIP market perform 3 M 2 Not Provided 03.01.2012GMP CRAIG WEST buy 5 M 4 Not Provided 12.09.2011Clarus Securities NANA SANGMUAH hold 3 M 2 18 month 27.09.2010

Holdings By:

Orko Silver Corp ee


05.03.2012

Canaco Resources, Inc. explores for gold and diamonds.





Average Volume 5 Day 454'929CAN CN EQUITY YTD Change - Average Volume 30 Day 1'040'973CAN CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'037'338


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 09/yy 09/yy 06/12 Y 06/13 Y 03/12 Q3 06/12 Q40.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -(1.1) (0.9) (0.7) (3.2) (24.6) (3.0) (25.3) - - - -

- - - - - 0.00x 0.00x - - - -(2.0) (2.4) (2.4) (2.8) (34.9) (2.6) (34.4) - - - -

- - - - - 0.00x 0.00x - - - -




Fiscal Year Ended

Canaco Resources IncPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

4

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0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

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1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSINOTECH HK CORP LTD n/a SEDI 40'000'000 20.05 (8'000'000) 22.03.2011 CorporationVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 8'297'578 4.16 - 03.01.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 5'666'700 2.84 - 30.09.2011 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 5'418'663 2.72 (4'184'533) 31.10.2011 Investment AdvisorPINETREE CAPITAL LTD n/a SEDI 5'000'000 2.51 - 14.05.2009 Investment AdvisorCIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 4'981'882 2.5 (1'937'800) 28.02.2011 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 4'000'000 2.01 (1'900'000) 30.09.2011 Investment AdvisorBEIJING DONIA RE n/a SEDI 3'508'771 1.76 - 01.09.2010 n/aSENTRY SELECT CAPITA Multiple Portfolios MF-AGG 2'633'500 1.32 - 30.06.2011 Investment AdvisorGOODMAN & CO INVESTM Multiple Portfolios MF-AGG 2'366'100 1.19 2'366'100 30.06.2011 Hedge Fund ManagerPYRAMIS GLOBAL ADVIS Multiple Portfolios MF-AGG 2'200'000 1.1 (1'255'800) 31.10.2011 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'856'700 0.93 70'100 30.11.2011 Investment AdvisorCARMIGNAC GESTION LU Multiple Portfolios MF-AGG 1'419'524 0.71 (80'476) 30.09.2011 Investment AdvisorUS GLOBAL INVESTORS Multiple Portfolios MF-AGG 1'375'000 0.69 - 30.06.2011 Investment AdvisorGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 1'367'196 0.69 388'296 31.03.2011 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 1'283'300 0.64 (1'324'564) 31.08.2011 Investment AdvisorLOCK BRIAN n/a SEDI 1'232'850 0.62 - 20.09.2011 n/aSMALLWOOD RANDY V J n/a SEDI 1'182'500 0.59 50'000 15.08.2011 n/aFIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 1'148'700 0.58 - 31.08.2011 Investment AdvisorSPROTT ASSET MANAGEM Multiple Portfolios MF-AGG 1'141'100 0.57 - 30.06.2011 Hedge Fund Manager


TD Newcrest DANIEL EARLE speculative buy 4 M 5 12 month 19.12.2011Canaccord Genuity Corp NICHOLAS CAMPBELL speculative buy 4 M 6 12 month 13.12.2011Rodman & Renshaw WAYNE ATWELL market perform 3 M #N/A N/A Not Provided 09.11.2011CIBC World Markets JEFF KILLEEN sector outperform 5 N 5 Not Provided 31.10.2011Jennings Capital STUART MCDOUGALL not rated #N/A N/A M #N/A N/A Not Provided 16.02.2011Dundee Securities Corp VISHAL GUPTA buy 5 M #N/A N/A Not Provided 25.01.2011

Holdings By:

Canaco Resources Inc ee


05.03.2012

Primero Mining Corporation is a gold and silver producer. The Company focuses

on building a precious metals portfolio in the Americas.





Average Volume 5 Day 469'013P CN EQUITY YTD Change - Average Volume 30 Day 376'260P CN EQUITY YTD % CHANGE - Average Volume 3 Month 328'582


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q1- - 0.0 0.0 60.3 18.9 162.3 157.2 188.2 37.0 44.0- - - - 8.76x 34.86x 9.98x 1.58x 0.79x 6.73x 5.17x- - (0.6) (0.6) (10.7) (7.5) 75.3 75.5 104.0 17.8 23.2- - - - - 0.00x 3.23x 3.33x 2.42x 2.55x 2.22x- - (0.7) (0.7) (34.5) (38.5) 33.0 11.8 49.3 7.8 10.7- - - - - 0.00x 22.68x 72.31x 5.76x 5.69x 5.04x




Fiscal Year Ended

Primero Mining CorpPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGOLDCORP INC n/a SEDI 31'151'200 35.3 - 19.10.2010 CorporationBLACKROCK INC n/a Co File 6'354'190 7.2 - 29.04.2011 Investment AdvisorFRANKLIN RESOURCES I FRANKLIN ADVISERS IN 13F 5'526'600 6.26 5'526'600 30.09.2011 Investment AdvisorWEST FACE CAPITAL IN WEST FACE CAPITAL IN 13F 5'391'300 6.11 5'391'300 30.09.2011 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 5'080'700 5.76 (2'580'800) 30.09.2011 Hedge Fund ManagerVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 2'843'152 3.22 - 03.01.2012 Investment AdvisorSUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 2'806'200 3.18 2'806'200 30.09.2011 Hedge Fund ManagerATLANTIC INVESTMENT ATLANTIC INVESTMENT 13F 2'543'685 2.88 622'955 30.09.2011 Investment AdvisorUBS AG UBS AG 13F 1'347'888 1.53 1'347'888 30.09.2011 Investment AdvisorSPROTT ASSET MANAGEM SPROTT ASSET MANAGEM 13F 1'105'000 1.25 1'105'000 30.09.2011 Hedge Fund ManagerSHARE SICAV Multiple Portfolios MF-AGG 1'057'600 1.2 99'000 31.03.2011 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 711'200 0.81 711'200 30.09.2011 Pension Fund (ERISA)LIBRA ADVISORS LLC LIBRA ADVISORS LLC 13F 645'900 0.73 645'900 30.09.2011 Hedge Fund ManagerCIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 606'033 0.69 - 28.02.2011 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 534'300 0.61 534'300 30.09.2011 Investment AdvisorCONWAY JOSEPH F n/a SEDI 463'300 0.52 40'000 06.09.2011 n/aOXFORD ASSET MANAGEM OXFORD ASSET MANAGEM 13F 339'200 0.38 339'200 30.09.2011 Investment AdvisorNESMITH WADE D n/a SEDI 279'761 0.32 - 29.06.2011 n/aJULIUS BAER MULTICOO Multiple Portfolios MF-AGG 274'519 0.31 3'149 31.08.2011 Mutual Fund ManagerBLACKROCK JAPAN CO L Multiple Portfolios MF-AGG 266'660 0.3 161'840 27.01.2011 Investment Advisor


Macquarie TONY LESIAK outperform 5 M 5 12 month 04.01.2012BMO Capital Markets DAVID HAUGHTON market perform 3 M 5 Not Provided 29.12.2011TD Newcrest STEVEN J GREEN buy 5 M 6 12 month 19.12.2011Cormark Securities Inc. RICHARD GRAY buy 5 M 8 12 month 07.11.2011Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 8 Not Provided 07.11.2011Canaccord Genuity Corp STEVEN BUTLER buy 5 M 7 12 month 04.11.2011

Holdings By:

Primero Mining Corp ee


05.03.2012

Orezone Gold Corporation is a gold exploration and development company. The

Company is focused on the discovery and development of gold deposits in WestAfrica. Orezone Gold's current focus is projects in Burkina Faso.





Average Volume 5 Day 103'362ORE CN EQUITY YTD Change - Average Volume 30 Day 167'717ORE CN EQUITY YTD % CHANGE - Average Volume 3 Month 173'749


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q1- - 0.0 0.0 0.0 0.0 0.0 - - - -- - - - - #DIV/0! #DIV/0! - - - -- - (3.2) (2.0) (2.6) (5.9) (24.7) (31.8) (27.0) - -- - - - - 0.00x 0.00x - - - -- - (12.8) (1.8) 1.3 (6.8) (22.2) (32.9) (14.8) - -- - - - - 0.00x 0.00x - - - -

EBITDA -2.57 Long-Term Rating Date -EBIT -2.60 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets 1.93% Short-Term Rating -Return on Common Equity 1.97%Return on Capital 1.99% EBITDA/Interest Exp. -Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -


Asset Turnover 0.00Current Ratio 68.16 Net Fixed Asset Turnover -Quick Ratio 67.17 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -


Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Orezone Gold CorpPrice/Volume

Valuation Analysis


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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePASSPORT CAPITAL LLC n/a Co File 9'077'600 10.84 - 31.05.2011 Hedge Fund ManagerVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 7'078'820 8.46 - 03.01.2012 Investment AdvisorIAMGOLD CORPORATION n/a SEDI 6'812'071 8.14 (2'116'500) 23.09.2010 CorporationFIRST EAGLE INVESTME Multiple Portfolios MF-AGG 4'138'370 4.94 - 30.09.2011 Hedge Fund ManagerJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 3'321'738 3.97 - 31.05.2011 Investment AdvisorGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 3'093'687 3.7 1'140'700 31.03.2011 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 2'818'088 3.37 (157'500) 30.09.2011 Hedge Fund ManagerFIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 2'195'000 2.62 - 31.08.2011 Investment AdvisorBEUTEL GOODMAN & COM Multiple Portfolios MF-AGG 2'156'400 2.58 - 30.11.2011 Investment AdvisorLITTLE RONALD N n/a SEDI 1'701'764 2.03 5'000 06.10.2011 n/aFALCON FUND MANAGEME Multiple Portfolios MF-AGG 1'599'625 1.91 - 30.11.2011 Investment AdvisorCIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 1'425'000 1.7 (400'000) 31.12.2010 Investment AdvisorHALVORSON MICHAEL H n/a SEDI 1'321'798 1.58 12'900 12.08.2011 n/aIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 1'062'700 1.27 - 30.09.2011 Investment AdvisorAGF INVESTMENTS INC Multiple Portfolios MF-AGG 1'005'525 1.2 711'950 31.03.2011 Investment AdvisorLOMBARD ODIER DARIER Multiple Portfolios MF-AGG 778'762 0.93 - 31.10.2011 Mutual Fund ManagerGILDER GAGNON HOWE GILDER GAGNON HOWE 13F 739'148 0.88 (28'140) 30.09.2011 Investment AdvisorMARQUIS PASCAL n/a SEDI 611'249 0.73 50'000 23.12.2010 n/aLB SWISS INVESTMENT Multiple Portfolios MF-AGG 500'000 0.6 - 30.09.2011 Mutual Fund ManagerBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 462'093 0.55 - 30.12.2011 Investment Advisor


BMO Capital Markets ANDREW BREICHMANAS speculative outperform 4 M 5 Not Provided 29.12.2011Desjardins Securities BRIAN CHRISTIE buy 5 M 6 12 month 21.12.2011Canaccord Genuity Corp NICHOLAS CAMPBELL speculative buy 4 M 7 12 month 13.12.2011Raymond James BRAD HUMPHREY outperform 5 M 6 12 month 08.12.2011CIBC World Markets COSMOS CHIU sector outperform 5 M 8 Not Provided 23.11.2011GMP ANDREW MIKITCHOOK buy 5 M 6 Not Provided 22.11.2011National Bank Financial PAOLO LOSTRITTO outperform 5 M 5 12 month 22.11.2011

Holdings By:

Orezone Gold Corp ee


05.03.2012

ATAC Resources Ltd. explores for gold in Canada.





Average Volume 5 Day 246'501ATC CN EQUITY YTD Change - Average Volume 30 Day 457'359ATC CN EQUITY YTD % CHANGE - Average Volume 3 Month 454'008


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 03/12 Q1 06/12 Q2- - 0.0 0.0 - 0.0 0.0 - - - -- - - - - #DIV/0! #DIV/0! - - - -- - (1.1) (3.1) - (2.9) (19.7) (3.0) (3.7) (0.3) (0.7)- - - - - 0.00x 0.00x - - - -- - (1.1) (2.4) (24.8) (2.3) (20.0) (2.7) (3.5) (0.2) (0.6)- - - - - 0.00x 0.00x - - - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Atac Resources LtdPrice/Volume

Valuation Analysis


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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 13'738'400 14.23 1'715'600 30.09.2011 Hedge Fund ManagerSTRATEGIC METALS LTD n/a SEDI 9'556'286 9.9 (250'000) 05.04.2011 CorporationRULE FAMILY TRUST n/a SEDI 7'873'000 8.16 356'500 05.08.2009 OtherVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 3'751'605 3.89 - 03.01.2012 Investment AdvisorCARNE ROBERT C n/a SEDI 1'917'126 1.99 40'000 13.12.2011 n/aPATE CAPITAL PARTNER PATE CAPITAL PARTNER 13F 1'800'000 1.86 - 30.09.2011 Hedge Fund ManagerSPROTT ASSET MANAGEM Multiple Portfolios MF-AGG 1'677'000 1.74 - 30.06.2011 Hedge Fund ManagerGOODMAN & CO INVESTM Multiple Portfolios MF-AGG 1'200'000 1.24 100'000 30.06.2011 Hedge Fund ManagerEATON WILLIAM DOUGLA n/a SEDI 1'176'817 1.22 (150'010) 06.12.2010 n/aSENTRY SELECT CAPITA Multiple Portfolios MF-AGG 1'130'100 1.17 - 30.06.2011 Investment AdvisorAMERICAN CENTURY COM Multiple Portfolios MF-AGG 1'124'700 1.17 178'700 30.09.2011 Investment AdvisorARCHER ALAN R n/a SEDI 720'527 0.75 (35'200) 17.02.2011 n/aTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 548'295 0.57 - 30.06.2011 Investment AdvisorGOSS DOUGLAS O n/a SEDI 454'288 0.47 10'000 15.12.2011 n/aKENWAY BRUCE J n/a PROXY 400'000 0.41 - 11.04.2011 n/aYEADON GLENN ROBERT n/a SEDI 280'667 0.29 667 24.02.2011 n/aJULIUS BAER ASSET MA Multiple Portfolios MF-AGG 232'000 0.24 232'000 31.08.2011 Mutual Fund ManagerDINNING ROBERT G n/a SEDI 214'000 0.22 - 23.12.2010 n/aDOWNS GRAHAM NOLAN n/a SEDI 175'000 0.18 (50'000) 01.02.2010 n/aBHR FUND ADVISORS LP Multiple Portfolios MF-AGG 175'000 0.18 - 30.09.2011 Investment Advisor


Macquarie MICHAEL GRAY outperform 5 M 7 12 month 21.12.2011GMP ANDREW MIKITCHOOK buy 5 M 11 Not Provided 13.12.2011Paradigm Capital Inc JONATHAN CASE hold 3 M 4 12 month 20.10.2011

Holdings By:

Atac Resources Ltd ee


05.03.2012

Brigus Gold Corp. is an emerging mid-tier gold producer . The Company's current

projects are in Ontario, Saskatchewan, Mexico and the Dominican Republic.


0.9252-Week High % Change -51.32% Dividend Yield 0.0052-Week Low % Change 1.10% Beta -% 52 Week Price Range High/Low 1.02% Equity Float 177.87


Total Debt 45.40 YTD Return -8.00%Preferred Stock 0.0 Adjusted BETA -Minority Interest 0.0 Analyst Recs 6Cash and Equivalents 6.43 Consensus Rating 4.167Enterprise Value 224.95

Average Volume 5 Day 702'978BRD CN EQUITY YTD Change - Average Volume 30 Day 1'019'675BRD CN EQUITY YTD % CHANGE - Average Volume 3 Month 833'062


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q110.2 38.5 0.0 47.0 85.9 76.4 73.2 - - - -

- - - - 4.94x 6.47x 18.84x - - - -(11.2) 4.6 (9.1) 13.8 23.9 38.0 9.2 15.9 92.0 - -

- - - - 17.77x 7.31x 30.54x 14.15x 2.45x - -(15.6) 2.4 1.2 (61.7) (67.0) (49.5) (30.2) - - - -

- - - - - 0.00x 0.00x - 4.70x 5.62x 3.94x

EBITDA 23.87 Long-Term Rating Date -EBIT 10.20 Long-Term Rating -Operating Margin 11.87% Long-Term Outlook -Pretax Margin -79.70% Short-Term Rating Date -Return on Assets -31.84% Short-Term Rating -Return on Common Equity -Return on Capital - EBITDA/Interest Exp. 2.01Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. 0.08



Fiscal Year Ended

Brigus Gold CorpPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSPROTT ASSET MANAGEM SPROTT ASSET MANAGEM 13F 15'878'050 7.88 (520'600) 30.09.2011 Hedge Fund ManagerLINEAR GOLD CORP n/a SEDI 15'625'000 7.75 - 22.03.2010 CorporationRMB AUSTRALIA HOLDIN n/a 13D 9'665'426 4.8 - 18.03.2010 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 8'955'678 4.44 - 03.01.2012 Investment AdvisorRUFFER LLP Multiple Portfolios MF-AGG 8'867'000 4.4 807'678 31.08.2011 Hedge Fund ManagerWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 6'750'757 3.35 (7'098'749) 30.09.2011 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 3'071'302 1.52 (1'015'494) 31.10.2011 Investment AdvisorDAWE WADE K n/a SEDI 2'736'044 1.36 250'000 17.11.2010 n/aMACQUARIE GROUP LTD MACQUARIE GROUP LTD 13F 2'574'782 1.28 574'782 30.09.2011 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 2'470'800 1.23 2'470'800 30.09.2011 Pension Fund (ERISA)DAWE WADE K n/a SEDI 2'142'855 1.06 - 27.10.2010 n/aPERENNIAL INVESTORS PERENNIAL INVESTORS 13F 1'664'400 0.83 (139'300) 30.09.2011 Hedge Fund ManagerGROSS MICHAEL n/a SEDI 1'578'085 0.78 10'001 19.01.2011 n/aBLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 1'368'600 0.68 - 30.09.2011 Investment AdvisorBLACKROCK INC BLACKROCK INC 13F 1'142'895 0.57 1'142'895 30.09.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'084'949 0.54 - 30.12.2011 Investment AdvisorTRELLUS MANAGEMENT C TRELLUS COMPANY LLC 13F 966'966 0.48 (481'334) 30.09.2011 Hedge Fund ManagerNATIONAL PLANNING CO NATIONAL PLANNING CO 13F 823'000 0.41 823'000 30.09.2011 Investment AdvisorAURAMET TRADING LLC n/a 13G 804'250 0.4 - 08.02.2008 OtherCITY OF LONDON INVES CITY OF LONDON INVES 13F 770'000 0.38 (83'000) 30.09.2011 Investment Advisor


Fraser Mackenzie Limited MICHAEL STAROGIANNIS strong buy 5 M 3 12 month 04.01.2012Haywood Securities Inc. KERRY SMITH sector outperform 5 M 2 Not Provided 21.12.2011Casimir Capital STEVEN WILLIS strong buy 5 M 2 12 month 21.12.2011Global Hunter Securities JEFF WRIGHT accumulate 4 M 2 12 month 16.11.2011Cormark Securities Inc. RICHARD GRAY buy 5 M 3 12 month 15.11.2011Jennings Capital PETER CAMPBELL not rated #N/A N/A M #N/A N/A Not Provided 05.10.2011

Holdings By:

Brigus Gold Corp ee


05.03.2012

Gran Colombia Gold Corp. is a mineral exploration and production company. The

Company is focused on gold and silver exploration and development inColombia. Gran Colombia has underground gold and silver mining operations inColombia.




Total Debt 0.00 YTD Return -1.92%Preferred Stock 0.0 Adjusted BETA 2.132Minority Interest 0.0 Analyst Recs 2Cash and Equivalents - Consensus Rating 5.000Enterprise Value 216.13

Average Volume 5 Day 674'035GCM CN EQUITY YTD Change - Average Volume 30 Day 695'327GCM CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'439'783


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q1- - 0.0 0.0 0.0 0.0 85.3 129.0 232.0 - -- - - - - #DIV/0! 11.24x - - - -- - (0.2) (0.2) (0.2) (0.4) (6.9) (2.5) 52.9 - -- - - - - 0.00x 0.00x - 4.09x - -- - (0.3) (0.4) (0.2) (0.6) (30.7) (14.6) 22.6 - -- - - - - 0.00x 0.00x - 8.50x 17.00x 7.29x

EBITDA -0.22 Long-Term Rating Date -EBIT -0.22 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -484.78% Short-Term Rating -Return on Common Equity -Return on Capital - EBITDA/Interest Exp. -5.87Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -5.87

Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin -EBIT Margin - Total Debt/Equity -Net Income Margin - Total Debt/Capital -

Asset Turnover 0.00Current Ratio 0.05 Net Fixed Asset Turnover -Quick Ratio 0.00 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity - Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -

Fiscal Year Ended

Gran Colombia Gold CorpPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeUS GLOBAL INVESTORS n/a Co File 47'135'169 12.33 3'580'100 30.09.2011 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 29'495'000 7.72 13'811'000 30.09.2011 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 18'667'523 4.88 - 03.01.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 13'326'700 3.49 511'300 30.09.2011 Investment AdvisorGOODMAN & CO INVESTM n/a Co File 11'904'599 3.11 - 31.12.2010 Hedge Fund ManagerNUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 8'025'271 2.1 2'450'827 30.09.2011 Investment AdvisorMARTIN JAMES RANDALL n/a SEDI 3'815'809 1 - 14.06.2011 n/aIACONO SERAFINO n/a SEDI 3'292'862 0.86 70'000 27.09.2011 n/aNEHER JORGE n/a SEDI 2'402'526 0.63 2'321'276 15.06.2011 n/aCIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 2'118'396 0.55 2'118'396 31.12.2010 Investment AdvisorDE LA CAMPA MIGUEL n/a SEDI 1'869'273 0.49 246'356 15.06.2011 n/aFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'665'000 0.44 - 30.11.2011 Investment AdvisorSPROTT ASSET MANAGEM Multiple Portfolios MF-AGG 1'320'000 0.35 - 30.06.2011 Hedge Fund ManagerMACDONALD KENNETH n/a PROXY 1'000'000 0.26 - 06.07.2010 n/aPORSCH MARISSA n/a PROXY 1'000'000 0.26 - 06.07.2010 n/aARATA JOSE FRANCISCO n/a SEDI 965'723 0.25 299'056 15.06.2011 n/aLB SWISS INVESTMENT Multiple Portfolios MF-AGG 600'000 0.16 - 30.09.2011 Mutual Fund ManagerTARIBO HOLDINGS n/a SEDI 520'664 0.14 14'414 15.06.2011 Holding CompanyLOPEZ AUGUSTO n/a SEDI 503'750 0.13 - 14.06.2011 n/aTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 439'086 0.11 439'086 30.06.2011 Investment Advisor


Interbolsa SA JUAN FELIPE MEJIA speculative buy 4 M 2 Not Provided 12.12.2011RBC Capital Markets MICHAEL D CURRAN outperform 5 M 1 12 month 18.11.2011GMP GEORGE V ALBINO buy 5 M 3 Not Provided 09.11.2011

Holdings By:

Gran Colombia Gold Corp ee


05.03.2012

Midway Gold Corp. explores and develops mineral resource properties. The

Company is currently exploring for gold on its Midway Prospect property locatedin Nevada in the United States.




Total Debt - YTD Return -20.38%Preferred Stock - Adjusted BETA 0.994Minority Interest - Analyst Recs 3Cash and Equivalents - Consensus Rating 4.333Enterprise Value 178.05

Average Volume 5 Day 552'169MDW US EQUITY YTD Change - Average Volume 30 Day 469'132MDW US EQUITY YTD % CHANGE - Average Volume 3 Month 630'981


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q1- - 0.0 0.0 0.0 0.0 0.0 - - - -- - - - - #DIV/0! #DIV/0! - - - -- - (11.6) (3.8) (6.3) (4.9) (12.7) (3.0) (3.0) - -- - - - - 0.00x 0.00x - - - -- - (16.2) (2.6) (5.8) (3.8) (11.4) - - - -- - - - - 0.00x 0.00x - - - -

EBITDA - Long-Term Rating Date -EBIT - Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets - Short-Term Rating -Return on Common Equity -Return on Capital - EBITDA/Interest Exp. -Asset Turnover - (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin -EBIT Margin - Total Debt/Equity -Net Income Margin - Total Debt/Capital -

Asset Turnover -Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets - Inventory Days -Tot Debt to Common Equity - Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -


Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Midway Gold CorpPrice/Volume

Valuation Analysis


'

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSHEERIN MATT n/a PROXY 8'764'481 7.7 - 31.03.2011 n/aHAWES GEORGE T n/a SEDI 7'549'904 6.63 (35'000) 05.10.2011 n/aBARRICK GOLD CORP n/a PROXY 5'500'000 4.83 - 31.03.2011 CorporationDISBROW ROBERT n/a 13G 5'148'000 4.52 - 16.05.2011 n/aLUPIEN BRIAN P n/a 13D 4'700'000 4.13 (300'000) 08.03.2011 n/aFRANKLIN RESOURCES I FRANKLIN ADVISERS IN 13F 4'539'700 3.99 164'700 30.09.2011 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 3'879'328 3.41 - 03.01.2012 Investment AdvisorBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 1'857'582 1.63 83'778 30.09.2011 Investment AdvisorYU FRANK S n/a PROXY 1'709'646 1.5 - 31.03.2011 n/aAMERICAN INTERNATION SUNAMERICA ASSET MAN 13F 1'584'991 1.39 1'526'628 30.09.2011 GovernmentWOLFUS DANIEL EDWARD n/a SEDI 1'570'117 1.38 - 12.09.2011 n/aCAMBRIAN CAPITAL LP CAMBRIAN CAPITAL LP 13F 1'335'000 1.17 - 30.09.2011 Hedge Fund ManagerGILDER GAGNON HOWE n/a 13G 1'219'343 1.07 - 30.04.2009 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 1'181'200 1.04 216'500 30.09.2011 Investment AdvisorDAVENPORT & COMPANY DAVENPORT & COMPANY 13F 1'143'356 1 276'556 30.09.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 974'227 0.86 157'900 30.09.2011 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 864'989 0.76 66'905 30.09.2011 Investment AdvisorKUDU PARTNERS LP n/a SEDI 815'536 0.72 (161'701) 08.11.2007 OtherVALIC CO I Multiple Portfolios MF-AGG 757'727 0.67 (56'400) 30.09.2011 Investment AdvisorWEXFORD CAPITAL LP WEXFORD CAPITAL LP 13F 585'100 0.51 206'100 30.09.2011 Hedge Fund Manager


Dahlman Rose & Co ADAM P GRAF hold 3 M #N/A N/A Not Provided 03.01.2012Haywood Securities Inc. JOE MAZUMDAR sector outperform 5 M 3 Not Provided 09.12.2011McNicoll Lewis & Vlak LLC RICHARD TROTMAN buy 5 M 4 12 month 07.12.2011

Holdings By:

Midway Gold Corp ee


05.03.2012

Crocodile Gold Corp. is a a gold exploration company. The Company owns interests

in gold assets in the Northern Territory of Australia.





Average Volume 5 Day 178'545CRK CN EQUITY YTD Change - Average Volume 30 Day 2'285'242CRK CN EQUITY YTD % CHANGE - Average Volume 3 Month 4'160'903


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q10.0 0.0 0.0 0.0 73.4 43.1 111.9 108.0 134.0 - -

- - - - 4.37x 22.95x 7.02x - - - -(0.6) (0.6) (0.8) (6.1) (1.5) (6.5) (10.6) - - - -

- - - - - 0.00x 0.00x - - - -(1.1) (0.7) (0.7) (20.6) (19.8) (25.2) (26.5) - - - -

- - - - - 0.00x 0.00x - 3.47x 5.20x 3.71x

EBITDA -1.45 Long-Term Rating Date -EBIT -11.26 Long-Term Rating -Operating Margin -15.35% Long-Term Outlook -Pretax Margin -27.04% Short-Term Rating Date -Return on Assets -12.36% Short-Term Rating -Return on Common Equity -14.87%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. -




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Crocodile Gold CorpPrice/Volume

Valuation Analysis


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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeLUXOR CAPITAL GROUP n/a Co File 48'279'695 15.56 - 13.12.2011 Hedge Fund ManagerRESOLUTE FUNDS LTD n/a Co File 44'400'000 14.31 (8'000'000) 30.11.2011 Investment AdvisorACUITY INVESTMENT MA n/a Co File 16'613'000 5.36 (6'759'900) 31.08.2010 Investment AdvisorLIBRA ADVISORS LLC n/a SEDI 16'182'500 5.22 3'247'500 25.02.2010 Hedge Fund ManagerPYRAMIS GLOBAL ADVIS Multiple Portfolios MF-AGG 15'516'500 5 (2'772'500) 31.10.2011 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 15'203'075 4.9 - 03.01.2012 Investment AdvisorBHARTI STAN n/a SEDI 14'674'921 4.73 12'500 03.10.2011 n/aRBC GLOBAL ASSET MAN n/a Co File 12'360'800 3.98 - 31.03.2010 Investment AdvisorPI FINANCIAL CORP n/a SEDI 4'325'396 1.39 2'500'000 24.03.2011 OtherFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 3'030'100 0.98 445'100 30.09.2010 Investment AdvisorGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 2'772'600 0.89 594'600 31.03.2011 Investment AdvisorTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'485'000 0.48 - 30.06.2011 Investment AdvisorPRIMARIUS CAPITAL CO n/a SEDI 1'333'333 0.43 - 22.01.2010 Venture CapitalDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'298'398 0.42 1'298'398 31.07.2011 Investment AdvisorHOFFMAN MICHAEL L n/a SEDI 1'204'166 0.39 8'333 03.10.2011 n/aHUMPHREY RAYMOND BRU n/a SEDI 1'133'332 0.37 4'166 03.10.2011 n/aBOLAND BRAD J n/a SEDI 600'000 0.19 100'000 28.09.2010 n/aIFM - INDEPENDENT FU Multiple Portfolios MF-AGG 500'300 0.16 - 31.10.2011 Investment AdvisorSMITH & WILLIAMSON I Multiple Portfolios MF-AGG 308'030 0.1 - 30.11.2011 Mutual Fund ManagerFAUGHT GEORGE D n/a SEDI 87'696 0.03 4'166 04.10.2011 n/a


Raymond James GARY J BASCHUK outperform 5 M 1 12 month 14.12.2011Fraser Mackenzie Limited MICHAEL STAROGIANNIS Under Review #N/A N/A M #N/A N/A Not Provided 14.12.2011Cormark Securities Inc. MIKE KOZAK market perform 3 D 1 12 month 14.11.2011Union Securities PHILIP KER Under Review #N/A N/A M #N/A N/A Not Provided 09.11.2011

Holdings By:

Crocodile Gold Corp ee


05.03.2012

Golden Minerals Company is a mining company with a focus on exploration,

development, providing mining services, and growth through strategic businesstransactions. The Company manages the San Cristobal silver and zinc mine inBolivia.





Average Volume 5 Day 271'630AUMN US EQUITY YTD Change - Average Volume 30 Day 260'140AUMN US EQUITY YTD % CHANGE - Average Volume 3 Month 274'478


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q1- 45.9 419.5 12.4 11.2 16.3 0.0 - - - -- - - 1.87x 25.16x 12.19x #DIV/0! - - - -- (47.7) 25.0 (14.2) (32.0) (24.3) (63.1) (45.0) (20.0) - -- - - - - 0.00x 0.00x - - - -- 11.6 (118.2) 211.3 (33.3) (27.9) (58.6) - - - -- - - 1.31x - 0.00x 0.00x - - - -


Net Debt/EBITDA -Gross Margin 67.4% Total Debt/EBITDA 0.00EBITDA Margin -285.6%EBIT Margin -295.3% Total Debt/Equity 0.0%Net Income Margin -296.7% Total Debt/Capital 0.0%

Asset Turnover 0.14Current Ratio 41.12 Net Fixed Asset Turnover 1.25Quick Ratio 40.56 Accounts receivable turnover-days 23.76Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 267.14Accounts Receivable Turnover 15.36 Cash Conversion Cycle -Inventory Turnover -

Fiscal Year Ended

Golden Minerals CoPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSENTIENT EXECUTIVE G n/a 13D 3'939'790 10.39 - 07.10.2011 OtherSENTIENT GLB FND III n/a 13D 3'582'746 9.45 909'375 07.10.2011 n/aSENTIENT GLB RES IV n/a Form 3 3'118'150 8.23 - 07.10.2011 n/aSENTIENT EXEC GP IV n/a Form 3 3'118'150 8.23 - 07.10.2011 n/aGILDER GAGNON HOWE n/a 13G 2'920'177 7.7 98'352 31.10.2011 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 1'240'914 3.27 - 03.01.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 1'079'571 2.85 637'219 30.09.2011 Investment AdvisorSPROTT ASSET MANAGEM SPROTT ASSET MANAGEM 13F 1'033'400 2.73 211'700 30.09.2011 Hedge Fund ManagerSENTRY SELECT CAPITA Multiple Portfolios MF-AGG 638'350 1.68 - 30.06.2011 Investment AdvisorBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 603'207 1.59 321'544 30.09.2011 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 360'769 0.95 199'095 30.09.2011 Investment AdvisorSGRF III PARALLEL I n/a 13D 357'044 0.94 90'625 07.10.2011 n/aNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 345'430 0.91 203'076 30.09.2011 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 330'402 0.87 173'718 30.09.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 326'162 0.86 200'873 30.09.2011 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 309'485 0.82 53'445 30.09.2011 Investment AdvisorGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 297'400 0.78 297'400 31.03.2011 Investment AdvisorAGF INVESTMENTS INC AGF INVESTMENTS INC 13F 297'400 0.78 - 30.09.2011 Investment AdvisorCLEVENGER JEFFREY G n/a Form 4 255'056 0.67 71'800 15.09.2011 n/aDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 205'618 0.54 708 30.09.2011 Investment Advisor


Dahlman Rose & Co ADAM P GRAF buy 5 M 31 Not Provided 03.01.2012TD Newcrest DANIEL EARLE speculative buy 4 M 14 12 month 19.12.2011Canaccord Genuity Corp NICHOLAS CAMPBELL speculative buy 4 M 22 12 month 13.12.2011Rodman & Renshaw WAYNE ATWELL market outperform 4 N 14 12 month 12.12.2011Paradigm Capital Inc JONATHAN CASE buy 5 M 25 12 month 09.09.2011Dundee Securities Corp VISHAL GUPTA buy 5 M #N/A N/A Not Provided 02.03.2011

Holdings By:

Golden Minerals Co ee


05.03.2012

Lingbao Gold Company Ltd. mines and smelts gold. The Company produces gold

bullion, silver, copper products, and sulphuric acid.



Shares Out 31.08.2011 297.3 Short Int -2'979.03 1 Yr Total Return -38.02%

Total Debt 2'580.41 YTD Return 36.04%Preferred Stock 0.0 Adjusted BETA 0.835Minority Interest 41.0 Analyst Recs 3Cash and Equivalents 323.71 Consensus Rating 4.000Enterprise Value 5'308.22

Average Volume 5 Day 1'913'2003330 HK EQUITY YTD Change - Average Volume 30 Day 1'597'6433330 HK EQUITY YTD % CHANGE - Average Volume 3 Month 1'198'708


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 09/07 Q3 12/07 Q42'235.0 2'844.6 3'559.1 3'961.7 4'834.6 0.0 0.0 6'151.0 6'256.0 - -

2.90x 1.33x 0.72x 0.99x 1.40x #DIV/0! #DIV/0! 0.80x 0.87x - -372.8 523.7 354.4 738.8 777.4 0.0 0.0 892.0 831.0 - -17.42x 7.23x 7.26x 5.29x 8.71x 0.00x 0.00x 5.95x 6.39x - -219.8 222.3 115.6 118.0 266.5 0.0 0.0 397.0 344.0 - -26.29x 15.52x 11.63x 17.38x 16.59x 0.00x 0.00x 6.35x 7.57x - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Lingbao Gold Co LtdPrice/Volume

Valuation Analysis


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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBANK OF NEW YORK MEL n/a EXCH 19'160'000 6.45 - 20.12.2011 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 15'200'000 5.11 - 03.01.2012 Investment AdvisorVALUE PARTNERS LIMIT n/a EXCH 14'844'000 4.99 - 02.06.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 2'329'546 0.78 56'000 30.09.2011 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 1'310'000 0.44 (580'000) 30.06.2011 Mutual Fund ManagerBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 1'090'000 0.37 - 03.01.2012 Investment AdvisorJOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 896'000 0.3 - 30.09.2010 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 596'000 0.2 - 30.09.2011 Investment AdvisorING INTERNATIONAL AD Multiple Portfolios MF-AGG 528'000 0.18 (1'154'000) 30.11.2011 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 508'000 0.17 - 31.07.2011 Investment AdvisorMANULIFE ASSET MANAG Multiple Portfolios MF-AGG 446'000 0.15 - 30.04.2011 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 140'000 0.05 - 29.07.2011 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 130'000 0.04 (228'000) 30.09.2011 Investment AdvisorHANDELSBANKEN FONDER Multiple Portfolios MF-AGG 122'000 0.04 - 30.11.2011 Investment AdvisorGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 64'198 0.02 - 30.11.2011 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 54'000 0.02 - 30.09.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 54'000 0.02 - 04.01.2012 Investment AdvisorSCHOELLERBANK INVEST Multiple Portfolios MF-AGG 40'000 0.01 40'000 30.11.2011 Investment AdvisorNOMURA INTERNATIONAL Multiple Portfolios MF-AGG 36'000 0.01 - 30.06.2011 Investment AdvisorAXA ROSENBERG INTL Multiple Portfolios MF-AGG - 0 (212'000) 30.06.2011 Investment Advisor


Guotai Junan KEVIN GUO accumulate 4 N 4 Not Provided 09.11.2011BOCOM International Holdings RONGJIN LUO long-term buy 5 M 7 12 month 21.09.2011

Holdings By:

Lingbao Gold Co Ltd ee


05.03.2012

Eco Oro Minerals Corp. acquires, explores, and develops mineral properties.

The Company's primary property is the Angostura Gold-Silver Project located inColombia.





Average Volume 5 Day 109'600EOM CN EQUITY YTD Change - Average Volume 30 Day 145'898EOM CN EQUITY YTD % CHANGE - Average Volume 3 Month 145'712


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q10.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -(14.9) (15.0) (21.9) (21.0) (35.8) (30.0) (36.8) (26.9) (25.0) - -

- - - - - 0.00x 0.00x - - - -(14.0) (13.7) (20.7) (21.2) (34.9) (23.4) (32.9) (23.6) (25.0) - -

- - - - - 0.00x 0.00x - - - -




Fiscal Year Ended

Eco Oro Minerals CorpPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeAMBER CAPITAL LP n/a SEDI 15'684'143 18.62 - 11.04.2011 Hedge Fund ManagerINTERNATIONAL FINANC n/a SEDI 9'046'346 10.74 - 05.02.2010 GovernmentPAULSON & CO n/a Co File 8'838'210 10.49 - 31.05.2011 Hedge Fund ManagerJPMORGAN ASSET MANAG n/a Co File 6'354'272 7.54 322'893 31.10.2009 Investment AdvisorMILTON GEORGE n/a SEDI 6'035'361 7.17 4'000 21.05.2009 n/aVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 2'372'624 2.82 - 03.01.2012 Investment AdvisorSPROTT ASSET MANAGEM Multiple Portfolios MF-AGG 2'201'400 2.61 - 30.06.2011 Hedge Fund ManagerGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 1'758'400 2.09 (204'600) 31.03.2011 Investment AdvisorBLACKROCK JAPAN CO L Multiple Portfolios MF-AGG 1'506'400 1.79 (57'500) 27.01.2011 Investment AdvisorAGF INVESTMENTS INC Multiple Portfolios MF-AGG 1'006'218 1.19 - 31.03.2011 Investment AdvisorROVIG DAVID B n/a SEDI 488'317 0.58 (22'000) 07.04.2011 n/aFELDER FREDERICK n/a SEDI 350'595 0.42 67'550 20.11.2009 n/aBAYLEY BRIAN E n/a SEDI 268'100 0.32 100'000 20.11.2009 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 225'975 0.27 217'000 30.09.2011 Investment AdvisorAMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 215'876 0.26 - 31.05.2011 Investment AdvisorSMITH & WILLIAMSON I Multiple Portfolios MF-AGG 195'556 0.23 - 30.11.2011 Mutual Fund ManagerIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 178'956 0.21 (1'300) 30.09.2011 Investment AdvisorGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 164'172 0.19 - 30.11.2011 Investment AdvisorSWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 100'000 0.12 - 31.10.2011 Mutual Fund ManagerBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 91'325 0.11 - 30.12.2011 Investment Advisor


BMO Capital Markets JOHN P HAYES market perform 3 M #N/A N/A Not Provided 29.12.2011Scotia Capital TREVOR TURNBULL sector perform 3 M 2 12 month 19.12.2011Canaccord Genuity Corp NICHOLAS CAMPBELL speculative buy 4 M 3 12 month 13.12.2011Interbolsa SA JUAN FELIPE MEJIA Under Review #N/A N/A M #N/A N/A Not Provided 01.12.2011Jennings Capital STUART MCDOUGALL Under Review #N/A N/A M #N/A N/A Not Provided 01.12.2011Loewen, Ondaatje, McCutcheon Ltd MICHAEL G FOWLER speculative buy 4 M 6 12 month 30.11.2011RBC Capital Markets MICHAEL D CURRAN underperform 1 M 3 12 month 30.09.2011Bolsa y Renta S.A. CARLOS EDUARDO GONZALEZ speculative buy 4 M 6 Not Provided 04.03.2011

Holdings By:

Eco Oro Minerals Corp ee


05.03.2012

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 operationand exploration activities in South Africa.


7.6752-Week High % Change -6.00% Dividend Yield -52-Week Low % Change 82.19% Beta 0.96% 52 Week Price Range High/Low 87.59% Equity Float -


Total Debt 119.77 YTD Return 41.25%Preferred Stock 0.0 Adjusted BETA 0.957Minority Interest (28.1) Analyst Recs 1Cash and Equivalents 259.11 Consensus Rating 3.000Enterprise Value -

Average Volume 5 Day 134'082DRD US EQUITY YTD Change - Average Volume 30 Day 106'967DRD US EQUITY YTD % CHANGE - Average Volume 3 Month 97'325


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 09/yy 09/yy 06/12 Y 06/13 Y 03/12 Q3 06/12 Q41'534.8 1'843.9 1'910.7 1'990.5 2'565.3 2'168.9 2'117.7 - - - -

1.28x 0.86x 1.10x 0.64x 0.43x 2.77x 2.43x - - - -201.8 162.1 6.9 212.5 (286.3) 92.7 (166.3) - - - -9.71x 9.75x 301.64x 6.03x - 0.00x 0.00x - - - -

(924.5) 996.0 129.1 207.8 (287.9) 256.5 (212.8) - - - -- - - - - 0.00x 0.00x - - - -



Asset Turnover 1.05Current Ratio 1.24 Net Fixed Asset Turnover 1.51Quick Ratio 0.81 Accounts receivable turnover-days 8.95Debt to Assets 5.23% Inventory Days 19.90Tot Debt to Common Equity 9.60% Accounts Payable Turnover Day -Accounts Receivable Turnover 40.79 Cash Conversion Cycle -Inventory Turnover 18.34

Fiscal Year Ended

DRDGOLD LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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3

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2'000.0

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3'000.0

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

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSKAGEN FUNDS Multiple Portfolios MF-AGG 3'724'701 9.66 - 30.11.2011 Investment AdvisorMAYA FUND LP n/a 13G 1'515'200 3.93 - 03.09.2008 OtherACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 1'132'301 2.94 30'956 30.09.2011 Hedge Fund ManagerVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 644'404 1.67 113'891 30.09.2011 Investment AdvisorROJAS DOMENE ALEJAND n/a 13G 612'082 1.59 - 03.09.2008 n/aROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 350'000 0.91 - 30.09.2011 Investment AdvisorRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 274'270 0.71 (96'020) 30.09.2011 Hedge Fund ManagerGUGGENHEIM CAPITAL L GUGGENHEIM CAPITAL L 13F 253'701 0.66 (20'308) 30.09.2011 Investment AdvisorUS GLOBAL INVESTORS US GLOBAL INVESTORS 13F 245'000 0.64 (40'000) 30.09.2011 Investment AdvisorOPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 115'000 0.3 75'000 31.10.2011 Mutual Fund ManagerCENTURY MANAGEMENT CENTURY MANAGEMENT 13F 111'365 0.29 111'365 30.09.2011 Investment AdvisorCOMMONWEALTH OF PENN COMMONWEALTH OF PENN 13F 53'713 0.14 23'318 30.06.2011 Pension Fund (ERISA)BRANCH BANKING & TRU BRANCH BANKING AND T 13F 52'424 0.14 - 30.09.2011 BankSTATE OF WISCONSIN I STATE OF WISCONSIN I 13F 39'204 0.1 - 30.09.2011 Pension Fund (ERISA)FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 36'297 0.09 - 30.09.2011 Investment AdvisorRUFFER LLP RUFFER LLP 13F 34'015 0.09 - 30.09.2011 Hedge Fund ManagerJULIUS BAER ASSET MA Multiple Portfolios MF-AGG 30'100 0.08 - 31.08.2011 Mutual Fund ManagerGAM HOLDING LTD GAM HOLDING LTD 13F 30'100 0.08 30'100 30.09.2011 Investment AdvisorCOMMONWEALTH BANK OF COMMONWEALTH BANK OF 13F 29'530 0.08 - 30.09.2011 BankMORGAN STANLEY & CO MORGAN STANLEY 13F 27'581 0.07 (52) 30.09.2011 Investment Advisor


EVA Dimensions TEAM COVERAGE hold 3 M #N/A N/A Not Provided 18.11.2011

Holdings By:

DRDGOLD Ltd ee


05.03.2012

Sino Prosper State Gold Resources Holdings Ltd. is focused on the exploration,

mining and production of precious metals in China. The Company is developing aproduction-ready polymetallic gold property in Heilongjiang Province withexploration licensed tenements and has acquired and significantly expanded theAohanqi operating gold mine in Inner Mongolia.




Total Debt 0.00 YTD Return -Preferred Stock 0.0 Adjusted BETA -Minority Interest 129.3 Analyst Recs 1Cash and Equivalents 311.81 Consensus Rating 1.000Enterprise Value -

Average Volume 5 Day -766 HK EQUITY YTD Change - Average Volume 30 Day -766 HK EQUITY YTD % CHANGE - Average Volume 3 Month -


31.03.2007 31.03.2008 31.03.2009 31.03.2010 31.03.2011 01/yy 01/yy 03/12 Y 03/13 Y - -20.1 84.7 31.3 41.8 47.7 - - - - - -

27.73x - - 16.80x 58.54x - - - - - -(130.0) (32.4) (14.1) (22.1) (60.7) - - - - - -

- - - - - - - - - - -(122.2) (27.4) (9.8) (58.9) (44.0) - - - - - -

- - - - - - - - - - -


Net Debt/EBITDA -Gross Margin -6.5% Total Debt/EBITDA 0.00EBITDA Margin -127.2%EBIT Margin -132.8% Total Debt/Equity 0.0%Net Income Margin -92.3% Total Debt/Capital 0.0%



Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Sino Prosper State Gold Resources Holdings LtdPrice/Volume

Valuation Analysis


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160.0

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

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05.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeNGAI MAN LEUNG n/a EXCH 1'497'030'000 19.3 250'000 14.07.2011 n/aORCHARD CAPITAL PART n/a EXCH 619'500'000 7.99 - 27.10.2011 Hedge Fund ManagerSOMERCOURT INVESTMEN n/a EXCH 470'400'000 6.06 - 30.08.2011 Investment AdvisorHSBC GLOBAL ASSET MA n/a EXCH 465'120'000 6 - 26.10.2011 Investment AdvisorCITIGROUP INCORPORAT n/a EXCH 423'610'164 5.46 - 16.11.2011 Investment AdvisorFIDELITY INTERNATION n/a EXCH 391'970'000 5.05 - 10.08.2011 Investment AdvisorINVESCO HK LTD n/a EXCH 335'940'000 4.33 - 15.10.2010 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 334'329'984 4.31 - 03.01.2012 Investment AdvisorRAIFFEISEN KAPITALAN Multiple Portfolios MF-AGG 321'050'000 4.14 - 31.10.2011 Investment AdvisorFIDELITY MANAGEMENT n/a EXCH 278'420'000 3.59 - 23.12.2010 Investment AdvisorOZ MANAGEMENT LLC n/a EXCH 276'940'000 3.57 - 07.05.2010 Hedge Fund ManagerPYRAMIS GLOBAL ADVIS Multiple Portfolios MF-AGG 48'250'400 0.62 (64'721'533) 31.10.2011 Investment AdvisorLEGG MASON INTERNATI Multiple Portfolios MF-AGG 46'250'000 0.6 - 31.03.2011 Mutual Fund ManagerROYAL LONDON ASSET M Multiple Portfolios MF-AGG 39'360'000 0.51 - 31.10.2011 Investment AdvisorLEGG MASON GLOBAL FU Multiple Portfolios MF-AGG 32'490'000 0.42 (2'650'000) 31.01.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 29'584'592 0.38 1'310'000 30.09.2011 Investment AdvisorHSBC INVESTMENT FUND Multiple Portfolios MF-AGG 19'500'000 0.25 - 31.10.2011 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 11'710'000 0.15 - 30.09.2011 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 10'895'250 0.14 - 31.07.2011 Investment AdvisorMANULIFE ASSET MANAG Multiple Portfolios MF-AGG 4'380'000 0.06 - 30.04.2011 Investment Advisor


Samsung Securities THOMAS ZHU buy 5 M 0 12 month 03.01.2012

Holdings By:

Sino Prosper State Gold Resources Holdings Ltd ee


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