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

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Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry
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Fundamental Analysis & Analyst Recommendations QMS Gold Miners FlexIndex - The QMS Advisors’ Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry. May 2013 Q.M.S Advisors Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: [email protected] | This material does not constitute investment advice and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.
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Page 1: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

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Page 2: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

Currency

Market

Capitalization (in mio

USD)

Daily

Volume (M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock (USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 14664995 1960.721 1107 1107 204 218 218 101.88 110.18 110.18 15.64 15.64 14.46 14.46 18.83

Euro Stoxx 50 Pr EUR 2665458 5644.23 4685 4685 751 783 783 212.38 307.58 307.58 21.91 18.23 15.13 15.13 20.12

NIKKEI 225 JPY 2754343 195.4507 193 193 18 22 22 5.03 6.89 6.89 0.29 0.28 0.21 0.21 0.11

FTSE 100 INDEX GBP 2770298 12036.34 9308 9308 1468 1668 1668 548.60 826.37 826.37 28.19 23.76 18.71 18.71 23.07

SWISS MARKET INDEX CHF 1069323 11302.06 4148 4148 879 844 844 422.09 560.69 560.69 21.41 18.40 16.12 16.12 22.77

S&P/TSX COMPOSITE INDEX CAD 1638689 17043.62 7901 7901 1862 2073 2073 795.38 870.10 870.10 15.16 15.16 13.86 13.86 24.48

S&P/ASX 200 INDEX AUD 1457007 6845.162 2833 2833 630 701 701 250.06 336.12 336.12 22.19 17.81 16.51 16.51 23.22

HANG SENG INDEX HKD 1731677 3400.73 1701 1701 364 405 405 274.80 269.60 269.60 1.37 1.50 1.40 1.40 2.97

MSCI EM USD 7701703 1416.96 7066542 7066542 196 195 195 85.16 95.99 95.99 12.07 13.13 10.70 10.70 19.56

GOLDCORP INC USD 23158 2732 812 1 0 0 1 23.24 5435 5435 5511 6878 2798 2798 719 719 1.99 1.89 1.54 2.20 14.88 14.88 18.27 12.82 1.36 19.30 19.78 21.03 51.48 BBB+ 01.06.2009 Baa2 13.03.2013

BARRICK GOLD CORP USD 19241 5335 1001 14 0 3 2 34.39 14547 14340 13641 14699 7358 7071 1538 1538 3.74 3.30 3.20 3.47 5.82 5.82 6.01 5.53 2.18 13.61 -11.64 24.49 49.31 BBB 26.04.2013 Baa2 24.04.2013

NEWMONT MINING CORP USD 15766 6491 497 6 0 3 2 23.93 9868 9362 9627 11209 4169 3731 882 882 3.78 3.34 2.99 3.79 9.46 9.46 10.58 8.33 -4.73 4.99 -19.24 19.37 39.85 BBB+ 11.08.2008 Baa1 26.07.2010

RANDGOLD RESOURCES LTD-ADR USD 7259 380 92 0 0 0 0 7.05 1318 1318 1505 1959 699 699 - - 4.65 4.70 4.67 7.35 16.77 16.77 16.87 10.71 16.92 45.49 20.16 53.34 53.06 - - - -

YAMANA GOLD INC USD 8832 1897 1 0 0 0 9.30 2337 2337 2666 3177 1269 1502 313 313 - - 0.85 1.13 - - 13.84 10.35 7.52 203.49 0.53 26.81 64.28 - - - -

GOLD FIELDS LTD-SPONS ADR USD 5241 899 16 0 2 5 28916 42194 28557 30284 14243 20101 - - - - 5.89 7.52 - - 10.89 8.53 14.46 - 5.29 13.85 47.64 BB+ 15.11.2012 - -

SILVER WHEATON CORP USD 8372 1107 0 0 0 1 7.64 850 850 1001 1128 701 701 197 197 - - 1.59 1.76 - - 14.89 13.40 16.38 63.12 13.36 43.74 82.57 - - - -

ANGLOGOLD ASHANTI-SPON ADR USD 7159 384 30 0 0 8 52160 52152 59970 62195 19105 19105 - - - - 19.30 23.51 - - 8.68 7.12 -4.14 24.62 -17.82 86.63 36.63 BBB- 10.12.2012 - -

CIA DE MINAS BUENAVENTUR-ADR USD 5452 544 254 0 0 0 0 5.65 1564 1509 1722 1854 572 572 290 290 2.69 2.69 2.71 2.76 7.35 7.35 7.31 7.17 0.44 17.76 -30.27 7.50 37.90 - - - -

NEW GOLD INC USD 3644 831 1 0 0 1 3.80 791 791 988 1031 390 390 123 123 - - 0.44 0.53 - - 17.23 14.44 13.70 48.12 13.39 63.80 49.30 BB- 27.03.2012 B2 27.03.2012

AGNICO EAGLE MINES LTD USD 5310 486 1 0 0 0 5.80 1918 1865 1731 2077 787 735 192 192 - - 1.07 1.78 - - 28.82 17.31 5.26 38.09 4.59 31.64 39.41 NR 12.03.2003 WR 05.03.2002

ELDORADO GOLD CORP USD 5273 872 1 0 0 1 5.33 1148 1148 1309 1522 584 584 170 170 - - 0.46 0.59 - - 16.18 12.53 3.97 78.05 -9.24 53.95 50.93 BB 13.11.2012 Ba3 12.11.2012

KINROSS GOLD CORP USD 6083 3036 1140 3 0 0 2 6.81 4311 4311 4045 4314 1962 1962 437 437 0.77 0.77 0.46 0.59 6.92 6.92 11.71 8.97 12.20 34.92 1.87 40.67 45.51 BBB- 15.08.2011 Baa3 15.08.2011

ROYAL GOLD INC USD 3455 171 59 0 0 0 0 3.08 263 287 306 398 233 258 65 65 1.63 1.62 1.60 2.28 33.06 33.06 33.59 23.49 21.52 - 25.17 44.69 89.62 - - - -

HARMONY GOLD MNG-SPON ADR USD 2107 433 2 0 0 2 15169 16047 16682 22264 4222 3562 4867 4867 - - 4.10 8.11 - - 10.64 5.38 30.81 19.23 79.35 16.71 22.20 - - - -

IAMGOLD CORP USD 1914 1494 1 0 0 1 1.82 1670 1670 1631 1810 710 710 189 189 - - 0.51 0.68 - - 9.93 7.53 -0.19 21.94 -9.54 30.21 42.52 BB- 10.09.2012 - -

PAN AMERICAN SILVER CORP USD 1910 356 0 0 0 1 1.45 929 929 1036 1110 362 362 95 95 - - 0.98 1.17 - - 12.81 10.73 8.57 47.85 -18.81 25.23 38.98 - - - -

FIRST MAJESTIC SILVER CORP USD 1387 259 0 0 0 0 1.31 247 247 373 543 135 135 - - - - 0.85 1.31 - - 14.00 9.03 0.68 55.79 -13.49 101.01 54.66 - - - -

COEUR D'ALENE MINES CORP USD 1497 306 90 0 0 0 0 1.47 895 895 940 1061 378 378 74 74 0.59 0.58 0.73 1.34 25.16 25.16 20.12 10.92 -12.31 64.18 -28.81 43.35 42.24 B+ 25.06.2012 B3 24.01.2013

AURICO GOLD INC USD 1233 474 0 0 0 1 0.82 164 301 415 52 80 27 27 - - 0.27 0.41 - - 18.45 12.29 94.95 - 2151.89 - - - - - -

ALLIED NEVADA GOLD CORP USD 962 834 90 1 0 0 0 1.14 215 225 394 586 95 95 25 25 0.52 0.49 0.90 1.73 21.84 21.84 11.90 6.19 41.13 - 95.75 - 44.49 B 07.06.2012 B3 16.05.2012

HECLA MINING CO USD 924 1293 285 0 0 0 0 0.75 321 321 493 619 93 93 40 40 0.07 0.07 0.22 0.38 46.29 46.29 15.07 8.64 -32.76 35.19 -63.53 10.36 28.93 B 04.04.2013 B2 02.04.2013

NEVSUN RESOURCES LTD USD 98 0 0 0 0 566 566 394 670 426 426 38 38 - - 0.43 0.95 - - 8.70 3.92 3.34 - -0.64 - 75.34 - - - -

AURIZON MINES LTD USD 688 172 0 0 0 0 0.49 224 224 206 266 92 92 - - - - 0.17 0.26 - - 24.95 16.54 -14.02 16.43 -26.18 14.15 41.26 - - - -

SILVER STANDARD RESOURCES USD 578 236 0 0 0 0 0.35 241 241 234 260 55 55 12 12 - - -0.08 -0.01 - - 63.09 - 38.56 - 22.64 - - - -

SEABRIDGE GOLD INC USD 489 96 0 0 0 0 0.44 0 0 -16 - -15 -15 - - -0.28 -0.40 - - - - 20.14 - - - - - -

TANZANIAN ROYALTY EXPLORATIO USD 298 72 0 0 0 0 0.29 0 0 -5 -5 - - - - - - - - -16.99 - - - - - -

GOLDEN STAR RESOURCES LTD USD 272 285 259 0 0 0 0 0.31 551 551 540 585 125 126 26 26 -0.05 -0.14 0.00 0.16 - - 6.52 16.89 19.35 35.80 - 22.85 - - - -

VISTA GOLD CORP USD 132 31 82 0 0 0 0 0.04 0 0 0 -36 -34 -6 -6 -0.54 -0.50 -0.25 -0.23 - - - - -26.58 - - - - - -

GREAT BASIN GOLD LTD USD 5 675 0 0 0 0 0.32 170 145 18 -26 - - - - - - 70.83 - - - -18.00 - - - -

ARGONAUT GOLD INC CAD 934 87 149 0 0 0 0 0.74 185 185 219 292 106 106 19 19 0.67 0.61 0.40 0.55 10.03 10.03 15.51 11.21 78.12 - 90.83 - 56.74 - - - -

TOREX GOLD RESOURCES INC CAD 792 302 604 0 0 0 0 0.37 0 0 0 0 -60 -60 -15 -15 -0.14 -0.15 -0.08 -0.08 - - - - -76.39 - - - - - -

LIONGOLD CORP LTD SGD 857 15119 731 0 0 0 0 0.83 80 92 90 116 -4 1 - - -0.02 -0.03 0.00 0.01 - - 154.91 71.50 13.56 7.17 - - 1.20 - - - -

CHINA GOLD INTERNATIONAL RES CAD 1082 24 396 0 0 0 0 1.11 329 329 351 630 137 137 152 152 0.18 0.18 0.16 0.19 15.12 15.12 16.92 14.48 6.70 - -1.29 - 41.28 - - - -

PERSEUS MINING LTD CAD 643 183 0 0 0 0 0.58 143 312 399 55 126 - - - - 0.13 0.20 - - 10.12 6.66 - - - - - - - - -

SANDSTORM GOLD LTD CAD 678 50 86 0 0 0 0 0.55 55 55 75 98 36 36 - - 0.25 0.25 0.28 0.43 30.29 30.29 27.05 17.49 85.77 - 90.67 - 64.78 - - - -

OCEANAGOLD CORP CAD 622 103 294 0 0 0 0 0.78 381 388 587 647 143 143 50 50 0.08 0.11 0.24 0.34 19.08 19.08 8.60 6.17 -2.54 13.78 -11.92 66.39 37.10 - - - -

MEDUSA MINING LTD AUD 639 1449 189 0 0 0 0 0.65 84 96 124 287 60 66 - - 0.27 0.30 0.44 1.01 12.24 - 8.14 3.59 -47.21 97.45 -53.84 - 71.75 - - - -

DUNDEE PRECIOUS METALS INC CAD 773 76 126 0 0 0 0 0.74 381 381 472 547 - - - - 0.39 0.39 0.77 0.82 15.75 15.75 7.92 7.46 13.51 49.54 - - - - - - -

RIO ALTO MINING LTD CAD 646 39 176 0 0 0 0 0.61 313 314 310 339 171 172 - - 0.56 0.55 0.52 0.54 6.66 6.66 6.97 6.70 - - - - 54.14 - - - -

AURIZON MINES LTD USD 688 172 0 0 0 0 0.49 224 224 206 266 92 92 - - - - 0.17 0.26 - - 24.95 16.54 -14.02 16.43 -26.18 14.15 41.26 - - - -

ENDEAVOUR SILVER CORP USD 506 276 0 0 0 0 0.49 208 208 249 291 90 90 25 25 - - 0.49 0.63 - - 10.43 8.06 62.57 87.74 38.56 - 43.16 - - - -

CONTINENTAL GOLD LTD CAD 601 45 108 0 0 0 0 0.49 0 0 14 14 -12 -10 - - -0.07 -0.07 -0.08 -0.09 - - - - - - - - - - -

RUBICON MINERALS CORP CAD 497 94 288 0 0 0 0 0.33 0 0 -11 -11 - - -0.04 -0.04 -0.05 0.21 - - 8.20 - - 46.06 - - - - - -

SILVERCORP METALS INC USD 482 264 0 0 0 0 0.43 238 193 202 256 155 102 - - - - 0.27 0.40 - - 10.35 7.06 42.21 27.32 40.76 43.24 53.14 - - - -

EVOLUTION MINING LTD AUD 714 3944 707 0 0 0 0 0.75 485 658 641 738 197 221 144 144 0.07 0.19 0.09 0.14 5.49 - 11.46 7.64 294.91 - 559.45 - 34.76 - - - -

CHINA PRECIOUS METAL RESOURC HKD 746 1600 4351 0 0 0 0 0.97 210 210 268 319 144 144 186 186 0.02 0.02 0.02 0.02 1.42 - 1.11 0.94 5.83 26.53 4.61 - 8.87 - - - -

SEABRIDGE GOLD INC USD 489 96 0 0 0 0 0.44 0 0 -16 - -15 -15 - - -0.28 -0.40 - - - - 20.14 - - - - - -

BEADELL RESOURCES LTD AUD 573 12022 742 0 0 0 0 0.71 1 1 326 347 -14 - 167 167 -0.05 -0.06 0.15 0.18 - - 4.99 4.24 - - 62.42 - - - - - -

RESOLUTE MINING LTD AUD 635 1962 636 0 0 0 0 0.57 596 639 679 621 263 269 - - 0.17 0.26 0.24 0.18 3.88 - 4.31 5.71 30.58 30.23 135.62 108.31 43.54 - - - -

Valuation Measures I/II

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

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

Page 3: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

Currency

Market

Capitalization (in mio

USD)

Daily

Volume (M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock (USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 14664995 1960.721 1107 1107 204 218 218 101.88 110.18 110.18 15.64 15.64 14.46 14.46 18.83

Euro Stoxx 50 Pr EUR 2665458 5644.23 4685 4685 751 783 783 212.38 307.58 307.58 21.91 18.23 15.13 15.13 20.12

NIKKEI 225 JPY 2754343 195.4507 193 193 18 22 22 5.03 6.89 6.89 0.29 0.28 0.21 0.21 0.11

FTSE 100 INDEX GBP 2770298 12036.34 9308 9308 1468 1668 1668 548.60 826.37 826.37 28.19 23.76 18.71 18.71 23.07

SWISS MARKET INDEX CHF 1069323 11302.06 4148 4148 879 844 844 422.09 560.69 560.69 21.41 18.40 16.12 16.12 22.77

S&P/TSX COMPOSITE INDEX CAD 1638689 17043.62 7901 7901 1862 2073 2073 795.38 870.10 870.10 15.16 15.16 13.86 13.86 24.48

S&P/ASX 200 INDEX AUD 1457007 6845.162 2833 2833 630 701 701 250.06 336.12 336.12 22.19 17.81 16.51 16.51 23.22

HANG SENG INDEX HKD 1731677 3400.73 1701 1701 364 405 405 274.80 269.60 269.60 1.37 1.50 1.40 1.40 2.97

MSCI EM USD 7701703 1416.96 7066542 7066542 196 195 195 85.16 95.99 95.99 12.07 13.13 10.70 10.70 19.56

ENDEAVOUR MINING CORP CAD 420 182 391 0 0 0 0 0.58 342 343 496 631 135 135 - - -0.04 0.00 0.15 0.20 981.35 981.35 6.53 4.97 136.18 - 212.47 - 38.96 - - - -

FORTUNA SILVER MINES INC CAD 388 105 0.32 159 159 173 200 70 70 17 17 0.27 0.27 0.24 0.30 11.37 11.37 12.58 10.13 45.89 90.36 44.32 66.64 43.46 - - - -

MCEWEN MINING INC USD 627 860 296 0 0 0 0 0.56 6 27 150 217 -92 -72 - - -0.19 -0.20 0.10 0.17 - - 22.74 12.71 - - -54.81 - -266.78 - - - -

MAG SILVER CORP CAD 464 20 60 0 0 0 0 0.42 0 0 -13 -13 -1 -1 -0.22 -0.22 -0.13 -0.14 - - - - -40.54 - - - - - -

PRIMERO MINING CORP CAD 565 109 97 0 0 0 0 0.46 181 181 211 277 77 77 17 17 0.53 0.51 0.36 0.66 11.07 11.07 15.65 8.62 16.69 - 6.27 - 41.89 - - - -

KINGSGATE CONSOLIDATED LTD AUD 340 1587 151 0 0 0 0 0.48 369 385 360 413 170 - - - 0.54 0.36 0.31 0.37 6.45 - 7.57 6.26 110.99 87.07 151.68 - - - - - -

TIMMINS GOLD CORP CAD 348 53 144 0 0 0 0 0.34 154 154 210 230 68 68 19 19 0.25 0.25 0.32 0.32 9.68 9.68 7.57 7.43 87.22 - 59.45 - 43.43 - - - -

ST BARBARA LTD AUD 303 3350 325 0 0 0 0 0.46 560 539 553 653 232 208 - - 0.42 0.28 0.09 0.17 2.27 - 7.13 3.67 52.22 28.77 108.51 87.42 39.84 B 15.03.2013 - -

PREMIER GOLD MINES LTD CAD 293 325 149 0 0 0 0 0.27 0 1 0 0 -12 -12 - - -0.15 -0.16 -0.07 -0.07 - - - - -5.28 - -1311.61 - - - -

NORTHERN STAR RESOURCES LTD AUD 296 6775 402 0 0 0 0 0.26 103 118 143 177 49 60 73 73 0.05 0.08 0.08 0.11 9.06 9.41 8.62 6.46 -13.85 - 5.41 - 52.41 - - - -

TANZANIAN ROYALTY EXPLORATIO USD 298 72 0 0 0 0 0.29 0 0 -5 -5 - - - - - - - - -16.99 - - - - - -

REAL GOLD MINING LTD HKD 1032 0 907 0 0 0 0 0.50 176 176 153 153 - - 0.12 0.12 0.95 0.95 4.55 - 7.02 - 11.19 - - - -

GOLDEN STAR RESOURCES LTD USD 272 285 259 0 0 0 0 0.31 551 551 540 585 125 126 26 26 -0.05 -0.14 0.00 0.16 - - 6.52 16.89 19.35 35.80 - 22.85 - - - -

ROMARCO MINERALS INC CAD 258 282 585 0 0 0 0 0.19 0 0 -12 -12 -8 -8 -0.02 -0.02 -0.01 -0.01 - - - - 22.29 - - - - - -

BANRO CORPORATION CAD 307 429 202 0 0 0 0 0.43 42 42 158 385 6 6 - - -0.02 -0.02 0.08 0.56 - - 15.88 2.12 - - - - 14.01 - - - -

COLOSSUS MINERALS INC CAD 237 183 106 0 0 0 0 0.25 0 0 41 283 -33 -33 -7 -7 -0.28 -0.28 -0.12 0.82 - - 2.64 - - -12.10 - - - - - -

RAINY RIVER RESOURCES LTD CAD 228 29 100 0 0 0 0 0.13 0 0 1 -64 -64 - - -0.72 -0.72 -0.19 - - - - -298.45 - - - - - -

SULLIDEN GOLD CORP LTD CAD 244 124 243 0 0 0 0 0.22 0 0 -12 -4 - - -0.06 -0.04 -0.03 -0.03 - - - - -36.12 - - - - - -

ASANKO GOLD INC CAD 216 13 76 0 0 0 0 0.03 0 0 -35 -35 - - -0.48 -0.26 -0.19 -0.15 - - - - 7.26 - - - - - -

BEAR CREEK MINING CORP CAD 237 25 92 0 0 0 0 0.17 0 0 -31 -31 - - -0.34 -0.33 -0.17 -0.07 - - - - -5.84 - - - - - -

PARAMOUNT GOLD AND SILVER USD 232 128 0 0 0 0 0.22 0 0 -18 -18 -8 -8 - - -0.04 -0.04 - - -59.56 - -54.62 - -29165.25 - - - -

KIRKLAND LAKE GOLD INC CAD 225 81 70 0 0 0 0 0.28 158 138 152 259 55 24 16 16 0.56 -0.01 -0.03 0.51 - - 6.25 54.12 61.89 109.74 - 17.39 - - - -

GUYANA GOLDFIELDS INC CAD 222 91 95 0 0 0 0 0.19 0 0 410 -8 -8 - - -0.09 -0.10 -0.08 -0.09 - - - - 19.41 - - - - - -

HIGHLAND GOLD MINING LTD GBp 413 285 325 0 0 0 0 0.56 545 545 594 712 251 251 248 248 0.59 0.59 0.42 0.51 5.22 5.22 7.20 5.99 26.65 38.35 5.22 63.72 71.23 - - - -

INDOPHIL RESOURCES NL AUD 330 406 1203 0 0 0 0 0.09 0 0 -18 -18 - - 0.00 0.00 58.17 - - - -128.09 - - - - - -

LYDIAN INTERNATIONAL LTD CAD 195 22 127 0 0 0 0 0.10 0 0 - - - - -0.05 -0.05 -0.04 -0.03 - - - - - - - - - - -

SABINA GOLD & SILVER CORP CAD 206 20 174 0 0 0 0 0.09 0 0 -12 -12 - - -0.08 -0.08 -0.03 -0.02 - - - - -18.52 - - - - - -

LAKE SHORE GOLD CORP CAD 163 237 416 0 0 0 0 0.26 132 132 198 267 38 38 - - -0.22 -0.23 -0.01 0.04 - - 9.53 99.77 - 412.60 - 28.20 - - - -

BRIGUS GOLD CORP USD 153 210 0 0 0 0 0.22 118 118 157 168 48 48 - - - - 0.13 0.14 - - 5.10 4.94 63.78 - 239.92 60.49 41.21 - - - -

GREAT PANTHER SILVER LTD USD 141 116 0 0 0 0 0.12 61 61 60 66 16 16 - - - - 0.06 0.08 - - 17.15 12.86 5.74 36.44 -28.90 - 25.56 - - - -

INTREPID MINES LTD AUD 152 2760 555 0 0 0 0 0.15 0 0 -49 -49 - - -0.12 -0.14 -0.01 -0.02 - - - - -22.44 - - - - - -

VISTA GOLD CORP USD 132 31 82 0 0 0 0 0.04 0 0 0 -36 -34 -6 -6 -0.54 -0.50 -0.25 -0.23 - - - - -26.58 - - - - - -

ALEXCO RESOURCE CORP USD 128 71 0 0 0 0 0.11 85 85 77 112 25 25 - - - - -0.08 0.08 - - 25.85 87.81 444.74 160.76 - 30.03 - - - -

ATAC RESOURCES LTD CAD 129 40 104 0 0 0 0 0.11 0 0 - - -1 -1 -0.08 -0.07 -0.05 -0.05 - - - - - - - - - - -

SCORPIO MINING CORP CAD 94 86 198 0 0 0 0 0.06 45 45 80 112 14 14 - - 0.04 0.04 0.05 0.13 11.87 11.87 8.96 3.65 -24.73 - -51.22 - 30.62 - - - -

MIDWAY GOLD CORP USD 125 31 128 0 0 0 0 0.09 0 0 -14 -14 - - -0.12 -0.13 -0.11 -0.12 - - - - 21.14 - - - - - -

PATAGONIA GOLD PLC GBp 162 1459 736 0 0 0 0 0.16 0 0 -50 -41 - - -0.07 -0.05 - - - - - - - - - - -

GRYPHON MINERALS LTD AUD 85 1851 348 0 0 0 0 0.03 0 0 1 1 -8 -8 - - - -0.01 -0.02 -0.02 - - - - 51.03 - - - - - -

DRDGOLD LTD-SPONSORED ADR USD 254 11 0 0 0 0 1764 1959 2129 2546 371 400 526 526 - - 7.97 12.05 - - 7.46 4.94 27.89 7.86 64.25 12.94 20.40 - - - -

RED 5 LTD AUD 87 68 135 0 0 0 0 0.10 4 17 52 131 -3 -5 9 9 -0.01 -0.07 -0.05 0.31 - - 2.14 - - 44.83 - -30.53 - - - -

LINGBAO GOLD CO LTD-H HKD 228 397 770 1 0 0 0 0.70 824 824 892 850 95 95 97 97 0.03 0.03 0.02 0.02 1.12 1.07 1.30 1.27 1.51 2.37 -1.33 0.92 1.49 - - - -

INTL TOWER HILL MINES LTD USD 99 31 0 0 0 0 0.07 0 0 0 0 -56 -56 - - - - -0.10 -0.07 - - - - -463.04 - - - - - -

SARACEN MINERAL HOLDINGS LTD AUD 89 15969 595 0 0 0 0 0.10 190 193 218 247 65 54 64 64 0.04 -0.02 0.04 0.07 - - 4.41 2.20 18.66 - 6.31 - 28.72 - - - -

EXETER RESOURCE CORP USD 80 16 88 0 0 0 0 0.02 0 0 -26 -26 - - -0.29 -0.29 -0.13 -0.11 - - - - 17.44 - - - - - -

RICHMONT MINES INC USD 82 20 40 0 0 0 0 0.02 102 104 111 135 8 8 - - -0.08 -0.09 0.29 0.43 - - 7.29 4.89 -14.20 30.03 -79.79 8.26 7.56 - - - -

RAMELIUS RESOURCES LTD AUD 70 1496 336 0 0 0 0 0.03 87 120 132 173 13 -11 26 26 0.01 -0.06 0.01 0.09 - - 25.85 2.43 -44.52 180.96 -91.22 9.01 -9.39 - - - -

GOLDEN MINERALS CO USD 78 48 43 0 0 0 0 0.03 26 26 36 56 -35 -35 -6 -6 -1.44 -1.51 -0.74 -0.29 - - 1320.81 - 45.58 - -133.08 - - - -

SAN GOLD CORP CAD 63 158 335 0 0 0 0 0.05 141 141 129 168 36 36 - - -0.04 -0.03 -0.05 -0.02 - - 24.29 115.45 185.88 - 24.98 - - - -

OREZONE GOLD CORP CAD 63 31 86 0 0 0 0 0.05 0 0 -28 -28 - - -0.06 -0.08 -0.15 -0.08 - - - - 9.64 - - - - - -

GRAN COLOMBIA GOLD CORP CAD 64 303 382 0 0 0 0 0.25 166 166 172 209 15 15 10 10 -0.08 -0.09 -0.06 0.03 - - 5.56 21.94 - 867.42 - 8.69 - - - -

Valuation Measures I/II

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

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Page 4: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

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

S&P 500 INDEX 2.23 2.23 2.05 1.87 2.23 1.44 1.44 1.38 1.33 1.44 10.03 10.03 9.39 9.69 10.03 9.01 9.01 8.34 7.81 9.01 14.46 14.46 13.01 11.80 14.46 2.18 2.18 2.34 2.52 2.18 1719.1 7.9%

Euro Stoxx 50 Pr 1.18 1.18 1.12 1.05 1.18 0.76 0.76 0.74 0.72 0.76 5.89 5.89 5.46 4.90 5.89 7.21 7.21 6.82 6.47 7.21 11.57 11.57 10.33 9.43 11.57 4.21 4.21 4.52 4.84 4.21 2915.9 7.1%

NIKKEI 225 1.57 1.57 1.47 1.41 1.57 0.74 0.74 0.72 0.71 0.74 9.11 9.11 8.48 8.25 9.11 8.93 8.93 8.32 7.94 8.93 20.64 20.64 16.38 14.55 20.64 1.51 1.51 1.72 1.87 1.51 13153.7 -5.1%

FTSE 100 INDEX 1.71 1.71 1.59 1.38 1.71 1.07 1.07 1.04 1.01 1.07 8.45 8.45 7.68 6.11 8.45 7.22 7.22 6.78 6.38 7.22 12.08 12.08 10.98 10.07 12.08 3.86 3.86 4.14 4.52 3.86 6931.4 7.5%

SWISS MARKET INDEX 2.41 2.41 2.26 2.06 2.41 2.04 2.04 1.94 1.85 2.04 12.46 12.46 11.35 10.03 12.46 13.40 13.40 12.40 11.60 13.40 15.09 15.09 13.54 12.32 15.09 3.24 3.24 3.59 4.10 3.24 8289.2 4.7%

S&P/TSX COMPOSITE INDEX 1.65 1.65 1.53 1.43 1.65 1.54 1.54 1.46 1.37 1.54 8.22 8.22 7.42 6.84 8.22 8.22 8.22 7.30 6.86 8.22 14.00 14.00 12.39 11.38 14.00 3.23 3.23 3.39 3.59 3.23 14254.0 15.8%

S&P/ASX 200 INDEX 1.97 1.97 1.87 1.77 1.97 1.89 1.89 1.78 1.69 1.89 11.76 11.76 10.47 9.56 11.76 9.77 9.77 8.63 7.97 9.77 15.97 15.97 14.26 13.07 15.97 4.24 4.24 4.53 4.88 4.24 5163.8 -0.5%

HANG SENG INDEX 1.35 1.35 1.24 1.14 1.35 1.72 1.72 1.59 1.47 1.72 8.08 8.08 7.58 7.25 8.08 8.39 8.39 7.65 7.05 8.39 10.87 10.87 9.98 9.03 10.87 3.56 3.56 3.85 4.24 3.56 24857.0 9.3%

MSCI EM 1.44 1.44 1.31 1.21 1.44 0.00 0.00 0.00 0.00 0.00 6.95 6.95 6.42 6.05 6.95 7.28 7.28 6.64 6.27 7.28 10.70 10.70 9.62 8.97 10.70 3.11 3.11 3.56 3.46 3.11 1190.5 15.9%

GOLDCORP INC 1.02 0.98 0.94 0.89 4.20 4.21 3.37 3.12 3.18 9.90 10.61 7.85 6.51 5.17 7.87 8.34 5.99 5.25 5.00 14.21 18.26 12.82 11.01 8.72 1.91 2.12 2.11 2.13 2.13 39.80 41.2%

BARRICK GOLD CORP 0.74 0.80 0.75 0.67 1.36 1.41 1.31 1.30 1.23 3.50 4.04 3.66 3.39 3.02 4.61 5.25 4.71 4.45 3.89 5.05 6.00 5.53 5.65 4.47 3.91 4.19 4.21 4.10 5.73 29.23 52.1%

NEWMONT MINING CORP 1.15 1.08 1.00 0.94 1.59 1.66 1.42 1.45 5.24 5.80 4.74 4.78 5.58 6.25 4.93 5.21 6.73 8.89 10.57 8.33 8.98 9.42 4.54 4.80 4.89 4.39 4.44 44.40 40.5%

RANDGOLD RESOURCES LTD-ADR 2.79 2.42 2.08 1.79 5.30 4.82 3.70 3.62 3.49 12.40 11.12 7.95 7.09 8.87 9.70 9.72 6.26 5.86 6.10 16.69 16.86 10.71 11.24 12.46 0.60 0.65 1.36 0.57 111.36 41.3%

YAMANA GOLD INC 1.12 1.09 1.01 0.96 3.72 3.31 2.78 2.88 2.58 8.24 7.64 6.22 6.08 4.75 7.11 6.31 5.02 5.33 4.29 12.86 13.84 10.35 11.76 7.07 2.04 2.08 2.11 2.04 17.98 53.2%

GOLD FIELDS LTD-SPONS ADR 0.80 0.92 0.85 0.78 0.96 1.65 1.56 1.49 2.92 4.57 4.54 4.17 5.65 10.89 8.53 7.49 5.54 2.89 3.20 3.84 8.53 19.9%

SILVER WHEATON CORP 2.68 2.40 2.14 1.92 1.55 10.23 8.36 7.42 7.15 5.46 12.39 11.17 10.13 9.59 7.76 11.22 9.22 8.11 8.17 6.10 14.27 14.87 13.40 13.32 9.75 1.58 2.01 2.18 2.39 2.63 40.83 72.8%

ANGLOGOLD ASHANTI-SPON ADR 1.21 1.11 0.97 0.87 1.07 1.08 1.04 1.07 3.81 3.50 3.30 3.72 6.22 8.67 7.12 7.59 2.26 1.44 1.40 1.44 29.82 60.5%

CIA DE MINAS BUENAVENTUR-ADR 1.40 1.17 1.03 0.96 3.55 3.17 2.94 3.09 12.21 12.96 11.05 6.60 7.51 6.66 7.27 6.96 7.30 7.17 8.08 3.10 2.99 3.43 3.05 28.22 42.7%

NEW GOLD INC 1.41 1.26 1.18 1.10 1.06 4.75 3.68 3.53 3.48 3.87 12.36 8.99 7.78 7.02 7.64 9.60 6.72 5.89 5.74 6.02 18.84 17.21 14.44 13.17 15.82 0.00 0.00 12.62 65.0%

AGNICO EAGLE MINES LTD 1.53 1.52 1.47 1.40 2.77 3.07 2.56 2.57 2.44 7.53 10.37 7.62 7.06 6.53 7.04 9.23 6.51 6.54 4.55 14.60 28.79 17.31 16.05 14.42 2.49 2.75 2.73 2.68 2.60 43.05 39.9%

ELDORADO GOLD CORP 0.88 0.86 0.83 0.78 4.56 4.02 3.46 2.54 1.87 11.34 10.41 8.22 5.81 3.23 8.79 7.72 6.36 4.56 3.08 16.08 16.16 12.53 9.05 5.58 1.96 1.82 2.25 3.12 2.85 13.06 77.0%

KINROSS GOLD CORP 0.46 0.60 0.57 0.56 0.47 1.41 1.50 1.41 1.52 1.32 4.24 4.66 3.93 4.35 3.71 3.45 4.18 3.48 3.77 2.84 7.22 11.71 8.97 9.89 7.03 3.00 2.91 2.89 3.00 3.00 8.77 64.6%

ROYAL GOLD INC 1.74 1.43 1.39 1.30 12.61 11.29 8.69 6.44 17.29 18.15 13.80 9.94 12.78 11.42 8.85 6.77 30.65 33.58 23.50 15.86 1.02 1.35 1.47 1.58 79.47 48.1%

HARMONY GOLD MNG-SPON ADR 0.50 0.48 0.47 0.46 1.12 1.14 0.85 0.78 4.52 3.83 3.19 3.92 6.39 10.63 5.38 13.67 2.74 1.37 2.93 1.46 8.05 66.3%

IAMGOLD CORP 0.51 0.50 0.48 0.48 1.17 1.17 1.06 1.08 1.02 3.57 4.51 3.63 3.75 3.13 2.47 2.79 2.36 2.55 2.14 5.90 9.93 7.53 8.43 6.75 5.00 4.84 4.57 4.51 4.92 9.84 93.6%

PAN AMERICAN SILVER CORP 0.67 0.68 0.64 0.60 0.52 2.00 1.84 1.72 1.71 1.37 7.05 7.23 6.68 7.21 4.36 3.70 3.61 3.14 3.40 1.84 10.02 12.81 10.73 12.52 7.24 1.41 3.43 3.27 2.96 3.97 18.65 48.2%

FIRST MAJESTIC SILVER CORP 2.24 5.27 3.72 2.56 2.23 1.97 9.60 8.20 6.15 5.09 3.97 7.76 6.11 4.24 3.84 3.10 12.35 14.00 9.03 7.54 6.38 19.36 63.3%

COEUR D'ALENE MINES CORP 0.61 0.59 0.54 0.50 1.66 1.59 1.41 1.40 1.22 4.93 5.16 4.24 4.01 3.97 3.83 2.85 2.67 13.39 20.10 10.93 8.49 23.49 61.0%

AURICO GOLD INC 0.66 0.62 0.61 0.60 0.50 3.94 4.10 2.97 2.57 2.19 12.35 9.17 6.40 6.01 4.84 5.76 5.76 3.82 3.23 2.53 12.50 18.47 12.29 11.76 9.41 0.00 3.66 2.82 3.26 3.94 7.46 49.2%

ALLIED NEVADA GOLD CORP 1.52 1.41 1.01 0.81 0.63 4.43 2.44 1.64 1.19 0.56 11.84 8.24 4.49 2.49 1.67 12.02 6.10 3.29 2.31 1.32 19.81 11.90 6.19 3.11 2.02 23.97 124.0%

HECLA MINING CO 0.82 0.77 0.73 0.64 0.56 2.83 1.87 1.49 1.64 1.48 10.38 6.78 5.18 4.79 4.66 6.79 3.39 2.30 2.26 2.35 30.00 15.07 8.64 8.10 8.24 1.23 1.14 1.85 2.47 1.23 5.09 57.1%

NEVSUN RESOURCES LTD 1.21 1.08 0.96 0.85 2.83 4.89 2.70 3.15 4.16 5.36 8.70 3.92 4.62 8.04 2.65 2.65 2.65 2.65 5.19 38.9%

AURIZON MINES LTD 1.79 1.78 3.07 3.37 2.61 2.83 2.71 9.81 10.54 7.63 7.91 6.54 5.03 5.21 3.52 20.47 24.95 16.54 15.45 14.69 0.00 4.69 12.1%

SILVER STANDARD RESOURCES 0.55 0.51 0.50 0.48 2.33 2.47 2.22 1.97 1.13 14.11 12.02 10.83 7.48 7.18 4.85 5.34 3.76 2.98 36.43 36.62 0.00 0.00 0.00 16.04 124.7%

SEABRIDGE GOLD INC 43.82 308.4%

TANZANIAN ROYALTY EXPLORATIO

GOLDEN STAR RESOURCES LTD 0.63 0.65 0.60 0.70 0.00 0.49 0.50 0.47 0.45 0.37 2.34 3.05 2.04 1.91 1.38 2.76 2.66 1.65 2.14 2.24 21.88 6.52 4.61 2.23 0.00 1.59 51.0%

VISTA GOLD CORP 0.95 0.50 0.52 1.78 0.34 0.62 1.07 0.71 6.98 330.9%

GREAT BASIN GOLD LTD 0.01 0.03 0.20 10.25

ARGONAUT GOLD INC 1.57 1.07 0.96 0.93 5.04 4.24 3.17 2.88 2.31 9.10 11.38 7.95 6.58 6.37 7.02 6.76 4.93 4.97 3.19 11.34 15.72 11.32 8.94 8.70 11.52 81.7%

TOREX GOLD RESOURCES INC 1.48 1.44 1.44 1.29 1827.72 6.50 20.72 2.56 93.7%

LIONGOLD CORP LTD 16.36 10.94 9.51 7.38 5.39 190.83 88.08 44.04

CHINA GOLD INTERNATIONAL RES 0.79 0.74 0.68 0.63 3.23 3.09 1.70 1.14 6.84 0.79 1.71 0.35 7.52 7.40 4.60 3.02 13.35 17.29 14.63 12.57 0.48 0.47 0.62 11.75 3.62 31.2%

PERSEUS MINING LTD 1.76 1.55 1.29 0.99 0.83 3.87 1.99 1.54 1.08 1.06 10.15 7.78 4.40 2.69 3.26 9.86 4.60 3.40 1.96 2.22 10.88 10.30 6.73 3.89 4.81 0.00 0.00 0.22 3.21 2.19 2.36 66.2%

SANDSTORM GOLD LTD 11.49 8.92 6.86 5.20 13.96 15.21 10.73 8.31 12.92 9.61 6.62 5.65 25.34 27.37 17.68 12.30 12.23 58.4%

OCEANAGOLD CORP 1.03 0.95 0.91 0.86 0.98 1.60 1.05 0.95 1.00 1.22 5.15 3.09 2.78 2.52 4.16 5.51 3.19 3.07 3.31 5.59 33.15 8.69 6.24 7.99 3.17 48.0%

MEDUSA MINING LTD 2.02 1.62 1.14 0.87 0.71 7.06 5.32 2.31 2.09 1.86 11.71 4.86 3.18 2.74 2.74 9.65 7.58 3.04 2.76 2.61 10.88 7.87 3.47 3.18 3.15 2.98 0.98 3.40 5.11 4.43 5.39 64.9%

DUNDEE PRECIOUS METALS INC 1.02 0.92 0.73 0.67 2.21 1.65 1.41 1.50 6.33 5.43 4.70 4.00 5.45 3.55 2.59 2.30 10.32 8.08 7.54 6.98 5.98 0.00 0.00 0.00 11.36 82.6%

RIO ALTO MINING LTD 2.86 2.10 2.03 9.53 2.09 1.90 1.75 1.61 20.84 5.86 5.89 5.45 5.37 22.86 3.32 3.79 3.10 2.00 30.92 7.06 6.77 6.02 6.89 0.00 0.00 0.00 6.09 64.1%

AURIZON MINES LTD 1.79 1.78 3.07 3.37 2.61 2.83 2.71 9.81 10.54 7.63 7.91 6.54 5.03 5.21 3.52 20.47 24.95 16.54 15.45 14.69 0.00 4.69 12.1%

ENDEAVOUR SILVER CORP 2.46 2.03 1.74 1.77 6.11 5.53 4.55 4.88 5.45 4.70 3.27 3.71 11.60 10.43 8.06 8.76 8.75 72.2%

CONTINENTAL GOLD LTD 43.36 43.00 40.47 2.62 2.88 7.80 5.94 11.81 145.6%

RUBICON MINERALS CORP 5.27 4.61 8.29 7.61 4.83 177.8%

SILVERCORP METALS INC 1.10 1.98 2.39 1.88 1.44 1.34 4.09 5.23 4.24 2.84 3.21 2.83 4.58 3.02 2.44 2.16 6.06 10.35 7.06 4.96 5.77 3.15 3.47 6.18 118.9%

EVOLUTION MINING LTD 0.63 0.61 0.55 0.50 0.49 1.46 1.11 0.97 0.97 0.99 3.51 3.39 2.99 2.94 2.84 4.06 3.05 2.41 2.43 2.53 9.47 11.08 7.39 7.22 7.17 0.00 0.92 1.95 2.36 2.26 1.21 24.6%

CHINA PRECIOUS METAL RESOURC 1.48 1.21 1.02 3.88 2.79 2.34 12.09 14.78 7.70 5.22 4.11 13.30 8.58 7.27 0.75 2.26 3.76 1.70 27.8%

SEABRIDGE GOLD INC 43.82 308.4%

BEADELL RESOURCES LTD 5.97 3.26 1.57 1.24 100.56 1.76 1.65 1.87 2.12 4.43 3.33 4.70 4.23 3.69 4.83 7.59 4.83 4.10 5.38 5.30 0.00 0.00 0.14 1.84 4.26 1.02 44.0%

RESOLUTE MINING LTD 1.07 0.97 0.83 0.70 0.50 1.01 0.93 1.02 0.97 0.99 3.04 2.73 3.35 2.84 3.41 2.07 2.00 2.31 2.01 1.92 4.40 4.17 5.52 5.43 5.82 0.00 5.03 2.62 3.25 5.24 1.32 38.7%

Price to Earnings Ratio

Valuation Measures II/II

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

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Page 5: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

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

S&P 500 INDEX 2.23 2.23 2.05 1.87 2.23 1.44 1.44 1.38 1.33 1.44 10.03 10.03 9.39 9.69 10.03 9.01 9.01 8.34 7.81 9.01 14.46 14.46 13.01 11.80 14.46 2.18 2.18 2.34 2.52 2.18 1719.1 7.9%

Euro Stoxx 50 Pr 1.18 1.18 1.12 1.05 1.18 0.76 0.76 0.74 0.72 0.76 5.89 5.89 5.46 4.90 5.89 7.21 7.21 6.82 6.47 7.21 11.57 11.57 10.33 9.43 11.57 4.21 4.21 4.52 4.84 4.21 2915.9 7.1%

NIKKEI 225 1.57 1.57 1.47 1.41 1.57 0.74 0.74 0.72 0.71 0.74 9.11 9.11 8.48 8.25 9.11 8.93 8.93 8.32 7.94 8.93 20.64 20.64 16.38 14.55 20.64 1.51 1.51 1.72 1.87 1.51 13153.7 -5.1%

FTSE 100 INDEX 1.71 1.71 1.59 1.38 1.71 1.07 1.07 1.04 1.01 1.07 8.45 8.45 7.68 6.11 8.45 7.22 7.22 6.78 6.38 7.22 12.08 12.08 10.98 10.07 12.08 3.86 3.86 4.14 4.52 3.86 6931.4 7.5%

SWISS MARKET INDEX 2.41 2.41 2.26 2.06 2.41 2.04 2.04 1.94 1.85 2.04 12.46 12.46 11.35 10.03 12.46 13.40 13.40 12.40 11.60 13.40 15.09 15.09 13.54 12.32 15.09 3.24 3.24 3.59 4.10 3.24 8289.2 4.7%

S&P/TSX COMPOSITE INDEX 1.65 1.65 1.53 1.43 1.65 1.54 1.54 1.46 1.37 1.54 8.22 8.22 7.42 6.84 8.22 8.22 8.22 7.30 6.86 8.22 14.00 14.00 12.39 11.38 14.00 3.23 3.23 3.39 3.59 3.23 14254.0 15.8%

S&P/ASX 200 INDEX 1.97 1.97 1.87 1.77 1.97 1.89 1.89 1.78 1.69 1.89 11.76 11.76 10.47 9.56 11.76 9.77 9.77 8.63 7.97 9.77 15.97 15.97 14.26 13.07 15.97 4.24 4.24 4.53 4.88 4.24 5163.8 -0.5%

HANG SENG INDEX 1.35 1.35 1.24 1.14 1.35 1.72 1.72 1.59 1.47 1.72 8.08 8.08 7.58 7.25 8.08 8.39 8.39 7.65 7.05 8.39 10.87 10.87 9.98 9.03 10.87 3.56 3.56 3.85 4.24 3.56 24857.0 9.3%

MSCI EM 1.44 1.44 1.31 1.21 1.44 0.00 0.00 0.00 0.00 0.00 6.95 6.95 6.42 6.05 6.95 7.28 7.28 6.64 6.27 7.28 10.70 10.70 9.62 8.97 10.70 3.11 3.11 3.56 3.46 3.11 1190.5 15.9%

ENDEAVOUR MINING CORP 1.20 0.86 0.67 0.63 0.41 2.43 2.54 2.06 1.87 0.92 4.05 2.87 2.39 2.00 1.94 6.65 6.67 5.02 4.46 1.73 2.76 168.0%

FORTUNA SILVER MINES INC 1.60 1.31 1.12 0.96 0.85 2.29 2.22 1.92 1.81 5.78 6.20 5.39 4.78 5.00 4.61 4.05 3.20 2.97 3.48 11.24 12.70 10.24 8.53 9.39 4.80 53.4%

MCEWEN MINING INC 0.67 0.61 0.55 4.18 2.89 2.02 15.43 48.00 18.00 8.00 10.17 6.70 4.06 2.67 24.00 22.74 12.71 8.64 5.45 152.3%

MAG SILVER CORP 3.31 3.56 3.90 4.13 14.25 82.7%

PRIMERO MINING CORP 0.98 1.06 1.02 0.87 3.05 2.65 2.02 1.56 1.28 6.27 7.64 5.30 4.41 3.08 5.40 4.39 2.77 2.14 1.51 11.76 15.84 8.71 6.24 5.00 0.00 0.00 8.59 46.3%

KINGSGATE CONSOLIDATED LTD 0.43 0.39 0.36 0.34 0.29 0.90 0.94 0.82 0.66 0.50 2.69 2.44 1.73 1.48 1.41 2.71 3.67 2.86 2.02 1.54 3.61 7.32 6.05 6.35 3.33 9.95 6.06 9.81 11.81 21.20 3.38 56.4%

TIMMINS GOLD CORP 2.18 1.65 1.27 1.41 2.20 1.65 1.51 1.49 1.46 6.18 5.36 5.26 5.24 4.58 4.60 3.48 3.30 3.72 3.58 8.78 7.62 7.51 7.06 6.15 0.00 0.00 0.00 3.46 41.9%

ST BARBARA LTD 0.36 0.29 0.27 0.24 0.28 0.54 0.55 0.46 0.42 0.49 0.91 2.46 1.47 1.27 1.61 2.04 2.73 1.78 1.71 1.84 1.66 6.90 3.55 3.49 4.80 0.00 0.00 2.00 3.00 2.67 1.31 118.2%

PREMIER GOLD MINES LTD 0.70 155.62 0.00 5.57 181.3%

NORTHERN STAR RESOURCES LTD 3.07 2.35 1.86 1.56 1.53 2.60 2.08 1.67 1.63 1.02 6.68 4.50 3.61 3.43 3.38 4.81 3.52 2.59 2.50 2.45 12.05 8.33 6.25 5.67 9.51 0.00 3.85 4.44 4.30 1.48 1.01 49.3%

TANZANIAN ROYALTY EXPLORATIO

REAL GOLD MINING LTD 1.44 4.52 6.04 3.36 7.58 0.00

GOLDEN STAR RESOURCES LTD 0.63 0.65 0.60 0.70 0.00 0.49 0.50 0.47 0.45 0.37 2.34 3.05 2.04 1.91 1.38 2.76 2.66 1.65 2.14 2.24 21.88 6.52 4.61 2.23 0.00 1.59 51.0%

ROMARCO MINERALS INC 0.26 1.10 2.72 1.26 9.80 2.94 14.71 1.48 232.6%

BANRO CORPORATION 0.73 6.97 1.93 0.79 0.75 0.74 110.84 4.90 1.35 1.53 1.75 243.03 6.85 2.23 2.00 2.09 16.11 2.14 2.25 3.14 0.82 0.00 0.00 4.90 5.72 2.60 111.4%

COLOSSUS MINERALS INC 2.08 2.18 0.85 0.60 5.71 0.83 0.83 0.85 2.21 1.86 1.95 20.90 1.22 1.13 2.67 2.24 2.24 0.00 0.00 6.76 201.8%

RAINY RIVER RESOURCES LTD 0.87 1.03 230.87 231.87 0.00 0.00 6.61 186.1%

SULLIDEN GOLD CORP LTD 0.90 20.03 1.77 5.35 5.69 2.19 4.79 5.06 1.72 89.2%

ASANKO GOLD INC 0.95 0.97 0.76 0.76 6.86 2.44 8.91 3.12 0.00 0.00 4.62 79.7%

BEAR CREEK MINING CORP 1.74 3.30 4.01 54.3%

PARAMOUNT GOLD AND SILVER 0.91 0.61 1.14 3.70 135.7%

KIRKLAND LAKE GOLD INC 0.97 0.97 0.84 0.83 1.37 1.50 0.87 0.63 0.49 4.24 10.22 3.60 1.83 1.19 4.44 9.66 2.72 1.81 1.40 4.45 6.32 2.68 1.94 9.81 202.8%

GUYANA GOLDFIELDS INC 0.90 0.74 0.46 0.39 0.33 0.54 1.08 0.90 2.71 1.62 1.62 1.29 4.43 2.29 0.00 5.33 199.4%

HIGHLAND GOLD MINING LTD 0.53 0.48 0.43 0.39 0.34 1.21 1.08 0.90 0.90 0.90 3.08 3.62 2.93 2.76 2.27 2.34 2.27 1.84 1.81 1.91 4.07 4.65 3.87 4.02 4.32 5.81 4.95 5.18 5.65 6.28 139.58 70.2%

INDOPHIL RESOURCES NL

LYDIAN INTERNATIONAL LTD 2.60 1.76 1.91 1.24 7.32 1.96 20.32 12.45 3.71 139.6%

SABINA GOLD & SILVER CORP 0.69 0.27 0.00 4.28 256.3%

LAKE SHORE GOLD CORP 0.17 0.26 0.27 1.17 0.82 0.61 0.62 0.50 3.76 2.56 1.80 1.70 1.13 8.10 3.25 2.08 2.45 1.48 9.63 6.08 7.18 1.23 211.7%

BRIGUS GOLD CORP 1.27 0.99 0.91 0.77 0.57 2.87 2.32 2.26 2.05 1.61 4.06 2.63 2.16 1.86 1.96 6.77 5.13 4.91 3.55 3.03 1.46 120.2%

GREAT PANTHER SILVER LTD 2.29 2.36 2.15 7.74 8.57 6.86 5.14 5.42 6.41 15.83 17.15 12.86 20.58 34.30 1.50 47.3%

INTREPID MINES LTD 0.91 1.08 1.13 0.96 0.64 4619.61 4.75 0.65 0.00 0.00 0.00 0.00 0.24 -9.4%

VISTA GOLD CORP 0.95 0.50 0.52 1.78 0.34 0.62 1.07 0.71 6.98 330.9%

ALEXCO RESOURCE CORP 1.45 1.68 1.15 0.94 0.80 5.70 5.08 3.48 2.79 2.05 9.84 8.71 6.18 36.93 25.85 12.92 4.92 3.52 71.5%

ATAC RESOURCES LTD 1.44 1.28 1.17 1.10 3.53 206.5%

SCORPIO MINING CORP 2.02 1.17 0.84 7.16 3.58 1.73 1.02 5.39 3.84 2.24 12.00 9.06 3.69 2.29 1.93 302.8%

MIDWAY GOLD CORP 1.27 2.18 1.48 1.46 1.91 1.07 48.95 18.99 2.07 6.53 1.86 92.0%

PATAGONIA GOLD PLC

GRYPHON MINERALS LTD 0.38 0.39 0.36 0.32 0.18 33.32 108.02 60.01 1.40 0.49 7.88 1.51 1.37 1.91 0.44 4.02 1.75 0.00 0.00 0.00 0.00 0.00 0.65 217.1%

DRDGOLD LTD-SPONSORED ADR 1.08 0.90 5.61 3.79 7.46 4.94 5.03 6.70 8.40 27.3%

RED 5 LTD 0.62 0.58 0.47 0.37 6.09 1.68 0.66 0.63 0.40 9.25 1.20 1.01 20.24 6.25 1.18 1.03 0.55 22.96 2.07 1.62 1.00 0.00 0.00 0.00 0.00 1.14 83.9%

LINGBAO GOLD CO LTD-H 0.57 0.56 0.54 0.53 0.20 0.20 0.21 0.24 6.75 7.17 6.66 7.01 6.74 10.11 9.83 13.48 4.07 3.30 3.02 2.20 2.14 -6.6%

INTL TOWER HILL MINES LTD 0.44 0.62 0.37 0.00 4.72 367.7%

SARACEN MINERAL HOLDINGS LTD 0.48 0.32 0.28 0.24 0.20 0.47 0.41 0.36 0.30 0.30 1.51 1.54 1.31 1.01 1.21 1.55 1.53 1.13 0.82 0.79 3.30 4.26 2.13 1.75 1.48 0.00 0.00 0.00 7.59 13.79 0.30 103.4%

EXETER RESOURCE CORP 1.47 3.45 279.3%

RICHMONT MINES INC 0.78 0.74 0.61 7.42 3.46 2.63 19.79 7.29 4.89 4.69 127.9%

RAMELIUS RESOURCES LTD 0.42 0.25 0.24 0.22 0.72 0.53 0.40 0.44 0.34 9.09 6.25 1.83 1.82 1.57 1.12 0.52 0.56 0.50 5.41 25.00 2.35 2.74 3.33 0.00 0.00 2.00 3.00 10.00 0.34 67.5%

GOLDEN MINERALS CO 3.13 2.18 1.40 1.02 28.69 1.89 0.61 3.44 4.85 168.5%

SAN GOLD CORP 0.27 0.29 0.45 0.49 0.38 1.64 1.90 1.33 1.50 1.46 1.79 1.57 1.15 2.21 0.31 63.2%

OREZONE GOLD CORP 0.15 0.75 5.64 3.62 9.17 2.57 247.6%

GRAN COLOMBIA GOLD CORP 0.31 0.37 0.31 0.19 2.41 1.87 0.84 6.65 25.25 5.26 2.50 5.62 5.62 1.69 0.70 311.8%

Price to Earnings Ratio

Valuation Measures II/II

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

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

Page 6: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

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

Central and South America.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (21.09.2012) 47.42

52-Week Low (17.04.2013) 27.11

Daily Volume

28.18

52-Week High % Change -40.72% Dividend Yield 1.92

52-Week Low % Change 3.95% Beta 0.73

% 52 Week Price Range High/Low 8.47% Equity Float 808.91

Shares Out 28.03.2013 811.7 Short Int 5.19

23'157.77 1 Yr Total Return -25.20%

Total Debt 783.00 YTD Return -22.75%

Preferred Stock 0.0 Adjusted BETA 0.727

Minority Interest 213.0 Analyst Recs 27

Cash and Equivalents 918.00 Consensus Rating 4.333

Enterprise Value 23'235.77

Average Volume 5 Day 7'859'788

GG US EQUITY YTD Change - Average Volume 30 Day 7'606'458

GG US EQUITY YTD % CHANGE - Average Volume 3 Month 6'880'145

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

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

2'419.6 2'723.6 3'738.0 5'362.0 5'435.0 5'362 5'435 5'511 6'878 1'351 1'305

9.42x 10.50x 9.95x 6.61x 5.50x 28.06x 24.57x 4.43x 3.49x 17.38x 18.22x

1'052.2 1'366.2 2'026.0 2'336.0 2'798.0 3'030.0 2'798.0 2'789.2 3'880.4 718.6 669.1

21.66x 20.94x 18.36x 15.18x 10.69x 11.71x 10.69x 8.34x 5.99x 8.00x 8.04x

1'475.6 240.2 2'051.0 1'187.0 1'749.0 1'881.0 1'749.0 1'320.8 1'969.3 311.3 263.3

57.34x 50.85x 30.36x 22.24x 18.47x 22.92x 19.41x 18.26x 12.82x 17.15x 15.65x

EBITDA 2'798.00 Long-Term Rating Date 01.06.2009

EBIT 2'123.00 Long-Term Rating BBB+

Operating Margin 39.06% Long-Term Outlook STABLE

Pretax Margin 41.44% Short-Term Rating Date -

Return on Assets 5.77% Short-Term Rating -

Return on Common Equity 7.95%

Return on Capital 7.72% EBITDA/Interest Exp. 93.27

Asset Turnover 0.18% (EBITDA-Capex)/Interest Exp. 6.33

Net Debt/EBITDA -0.05

Gross Margin 44.6% Total Debt/EBITDA 0.28

EBITDA Margin 51.5%

EBIT Margin 39.1% Total Debt/Equity 3.4%

Net Income Margin 32.2% Total Debt/Capital 3.3%

Asset Turnover 0.18

Current Ratio 2.15 Net Fixed Asset Turnover 0.21

Quick Ratio 1.39 Accounts receivable turnover-days 41.45

Debt to Assets 2.51% Inventory Days 78.74

Tot Debt to Common Equity 3.45% Accounts Payable Turnover Day 87.16

Accounts Receivable Turnover 8.83 Cash Conversion Cycle 33.03

Inventory Turnover 4.65

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Goldcorp IncPrice/Volume

Valuation Analysis

2'731'668.00

Current Price (4/dd/yy) Market Data

'2

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5'000.0

6'000.0

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

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

Page 7: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Jefferies PETER D WARD hold 3 M 27 12 month 30.04.2013

HSBC PATRICK CHIDLEY overweight 5 M 35 Not Provided 28.04.2013

Stifel GEORGE J TOPPING buy 5 M 36 Not Provided 26.04.2013

Macquarie TONY LESIAK outperform 5 M 39 12 month 25.04.2013

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

TD Securities GREG BARNES buy 5 M 37 12 month 23.04.2013

Barclays FAROOQ HAMED overweight 5 M 40 Not Provided 23.04.2013

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

Credit Suisse ANITA SONI neutral 3 M 37 Not Provided 22.04.2013

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

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

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

JPMorgan JOHN BRIDGES overweight 5 M 50 6 month 19.04.2013

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

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

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

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

GMP GEORGE V ALBINO buy 5 M 60 Not Provided 02.04.2013

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

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

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

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

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

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

Holdings By:

Goldcorp Inc ee

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

Page 8: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Barrick Gold Corporation is an international gold company with operating mines

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

and Africa.

Latest Fiscal Year: 12/2012

LTM as of: 03/yy

52-Week High (06.06.2012) 43.30

52-Week Low (17.04.2013) 17.51

Daily Volume

19.219

52-Week High % Change -56.03% Dividend Yield 4.16

52-Week Low % Change 9.76% Beta 0.77

% 52 Week Price Range High/Low 6.79% Equity Float 998.49

Shares Out 31.03.2013 1'001.1 Short Int 9.30

19'240.87 1 Yr Total Return -51.38%

Total Debt 13'943.00 YTD Return -44.75%

Preferred Stock 0.0 Adjusted BETA 0.772

Minority Interest 2'663.0 Analyst Recs 32

Cash and Equivalents 2'093.00 Consensus Rating 3.938

Enterprise Value 34'387.87

Average Volume 5 Day 24'445'460

ABX US EQUITY YTD Change - Average Volume 30 Day 21'168'664

ABX US EQUITY YTD % CHANGE - Average Volume 3 Month 15'802'371

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

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

7'613.0 8'136.0 11'001.0 14'236.0 14'547.0 14'793.0 14'340.0 13'640.9 14'699.3 3'337.0 3'484.3

4.64x 5.27x 5.25x 4.08x 3.41x 15.70x 14.05x 2.57x 2.36x 10.28x 9.98x

3'010.0 3'589.0 6'211.0 8'327.0 7'358.0 8'579.0 7'071.0 6'557.0 7'308.1 1'538.4 1'682.0

11.75x 11.95x 9.30x 6.98x 6.73x 6.58x 6.30x 5.25x 4.71x 5.16x 5.08x

785.0 (4'274.0) 3'582.0 4'484.0 (665.0) 4'522.0 (847.0) 3'100.7 3'413.1 635.7 727.6

- - - - - 0.00x 0.00x 6.00x 5.53x 6.45x 6.19x

EBITDA 7'358.00 Long-Term Rating Date 26.04.2013

EBIT 5'636.00 Long-Term Rating BBB

Operating Margin 38.74% Long-Term Outlook NEG

Pretax Margin -6.28% Short-Term Rating Date 19.05.2011

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

Return on Common Equity -3.63%

Return on Capital - EBITDA/Interest Exp. 9.89

Asset Turnover 0.29% (EBITDA-Capex)/Interest Exp. 1.33

Net Debt/EBITDA 1.76

Gross Margin 47.4% Total Debt/EBITDA 2.09

EBITDA Margin 49.3%

EBIT Margin 37.2% Total Debt/Equity 63.8%

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

Asset Turnover 0.29

Current Ratio 1.33 Net Fixed Asset Turnover 0.48

Quick Ratio 0.58 Accounts receivable turnover-days 10.51

Debt to Assets 29.49% Inventory Days 125.35

Tot Debt to Common Equity 63.83% Accounts Payable Turnover Day 94.50

Accounts Receivable Turnover 34.72 Cash Conversion Cycle 33.82

Inventory Turnover 2.91

Fiscal Year Ended

Barrick Gold CorpPrice/Volume

Valuation Analysis

5'334'847.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

'2

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0.0

2'000.0

4'000.0

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10'000.0

12'000.0

14'000.0

16'000.0

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

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

Page 9: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

BLACKROCK n/a ULT-AGG 87'777'710 8.77 - 31.03.2013 Investment Advisor

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

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

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

FMR LLC n/a ULT-AGG 20'600'402 2.06 (3'418'885) 31.03.2013 Investment Advisor

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

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

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

CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 14'741'836 1.47 (68'927) 31.03.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 14'548'226 1.45 3'777'420 31.03.2013 Investment Advisor

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

TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 13'586'744 1.36 1'359'379 31.12.2012 Investment Advisor

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

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

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

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

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

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

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

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

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Jefferies PETER D WARD buy 5 M 30 12 month 30.04.2013

Deutsche Bank JORGE M BERISTAIN hold 3 M 23 12 month 29.04.2013

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

HSBC PATRICK CHIDLEY overweight 5 M 29 Not Provided 28.04.2013

Stifel GEORGE J TOPPING buy 5 M 34 Not Provided 26.04.2013

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

Macquarie TONY LESIAK neutral 3 M 21 12 month 25.04.2013

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

Salman Partners DAVID WEST buy 5 M 29 12 month 25.04.2013

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

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

TD Securities GREG BARNES hold 3 M 22 12 month 25.04.2013

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

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

Cowen Securities LLC ADAM P GRAF hold 3 M #N/A N/A Not Provided 25.04.2013

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

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

Credit Suisse ANITA SONI outperform 5 M 38 Not Provided 24.04.2013

JPMorgan JOHN BRIDGES neutral 3 M 32 6 month 24.04.2013

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

GMP GEORGE V ALBINO buy 5 M 49 12 month 24.04.2013

Barclays FAROOQ HAMED equalweight 3 M 24 Not Provided 24.04.2013

Davenport & Co LLOYD T O'CARROLL buy 5 M 26 Not Provided 22.04.2013

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

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

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

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

Morgan Stanley PARETOSH MISRA Equalwt/In-Line 3 M #N/A N/A Not Provided 20.11.2012

Investec PIETER MARAIS hold 3 M 48 Not Provided 18.03.2011

Holdings By:

Barrick Gold Corp ee

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

Page 10: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

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

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

processes copper in Indonesia.

Latest Fiscal Year: 12/2012

LTM as of: 03/yy

52-Week High (21.09.2012) 57.93

52-Week Low (30.04.2013) 31.56

Daily Volume

31.5999

52-Week High % Change -45.70% Dividend Yield 4.67

52-Week Low % Change 0.13% Beta 0.67

% 52 Week Price Range High/Low 8.41% Equity Float 491.01

Shares Out 22.04.2013 492.3 Short Int 15.85

15'765.83 1 Yr Total Return -31.49%

Total Debt 6'298.00 YTD Return -31.21%

Preferred Stock 0.0 Adjusted BETA 0.675

Minority Interest 3'175.0 Analyst Recs 24

Cash and Equivalents 1'647.00 Consensus Rating 3.750

Enterprise Value 23'932.83

Average Volume 5 Day 9'550'125

NEM US EQUITY YTD Change - Average Volume 30 Day 8'914'642

NEM US EQUITY YTD % CHANGE - Average Volume 3 Month 8'472'661

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

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

6'124.0 7'705.0 9'540.0 10'358.0 9'868.0 10'576.0 9'362.0 9'627.0 11'208.8 2'262.4 2'361.1

3.70x 3.46x 3.45x 3.38x 3.13x 12.61x 13.44x 2.51x 2.15x 10.56x 10.14x

2'139.0 3'799.0 5'118.0 5'162.0 4'169.0 5'185.0 3'731.0 3'859.1 4'882.1 881.5 939.2

10.60x 7.02x 6.43x 6.78x 7.41x 6.08x 7.71x 6.25x 4.93x 5.80x 5.31x

831.0 1'297.0 2'277.0 366.0 1'809.0 342.0 1'634.0 1'559.9 2'105.0 373.3 407.3

20.98x 17.02x 13.44x 13.92x 12.29x 11.55x 12.54x 10.57x 8.33x 8.89x 7.87x

EBITDA 4'169.00 Long-Term Rating Date 11.08.2008

EBIT 3'137.00 Long-Term Rating BBB+

Operating Margin 31.79% Long-Term Outlook NEG

Pretax Margin 31.04% Short-Term Rating Date -

Return on Assets 5.59% Short-Term Rating -

Return on Common Equity 12.12%

Return on Capital 9.02% EBITDA/Interest Exp. 11.71

Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 2.69

Net Debt/EBITDA 1.32

Gross Margin 46.6% Total Debt/EBITDA 1.71

EBITDA Margin 39.9%

EBIT Margin 28.4% Total Debt/Equity 45.7%

Net Income Margin 18.3% Total Debt/Capital 27.1%

Asset Turnover 0.32

Current Ratio 1.89 Net Fixed Asset Turnover 0.54

Quick Ratio 0.80 Accounts receivable turnover-days 28.77

Debt to Assets 21.24% Inventory Days 111.05

Tot Debt to Common Equity 45.73% Accounts Payable Turnover Day 34.85

Accounts Receivable Turnover 12.69 Cash Conversion Cycle 89.70

Inventory Turnover 3.29

Fiscal Year Ended

Newmont Mining CorpPrice/Volume

Valuation Analysis

6'490'939.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

'

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

Page 11: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

BLACKROCK n/a ULT-AGG 61'681'268 12.53 - 31.03.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 39'690'300 8.06 (10'014'717) 31.03.2013 Investment Advisor

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

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

VAN ECK ASSOCIATES C n/a ULT-AGG 20'452'474 4.15 (543'864) 29.04.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 12'509'376 2.54 8'462'980 31.03.2013 Investment Advisor

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

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

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

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

CARMIGNAC GESTION CARMIGNAC GESTION 13F 7'008'200 1.42 7'008'200 31.12.2012 Investment Advisor

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

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

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

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

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

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

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

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

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

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Jefferies PETER D WARD hold 3 M 32 12 month 30.04.2013

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

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

BMO Capital Markets DAVID HAUGHTON outperform 5 M 56 Not Provided 29.04.2013

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

RBC Capital Markets STEPHEN D WALKER sector perform 3 M 41 12 month 29.04.2013

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

HSBC PATRICK CHIDLEY overweight 5 M 39 Not Provided 28.04.2013

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

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

Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 41 12 month 23.04.2013

TD Securities GREG BARNES hold 3 M 37 12 month 23.04.2013

Barclays FAROOQ HAMED overweight 5 M 45 Not Provided 23.04.2013

Credit Suisse ANITA SONI neutral 3 M 45 Not Provided 22.04.2013

JPMorgan JOHN BRIDGES overweight 5 M 51 6 month 19.04.2013

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

CIBC World Markets ALEC KODATSKY sector perform 3 M 52 Not Provided 11.04.2013

GMP GEORGE V ALBINO buy 5 M 60 Not Provided 02.04.2013

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

Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 44 Not Provided 07.11.2012

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

Morgan Stanley PARETOSH MISRA Equalwt/In-Line 3 M #N/A N/A Not Provided 27.04.2012

Holdings By:

Newmont Mining Corp ee

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

Page 12: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Randgold Resources Ltd. provides mining services. The Company offers

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

Africa.

Latest Fiscal Year: 12/2011

LTM as of: 12/yy

52-Week High (05.10.2012) 127.27

52-Week Low (17.04.2013) 66.51

Daily Volume

78.785

52-Week High % Change -38.34% Dividend Yield 0.63

52-Week Low % Change 18.46% Beta 0.65

% 52 Week Price Range High/Low 24.56% Equity Float -

Shares Out 30.04.2013 92.1 Short Int 0.81

7'258.61 1 Yr Total Return -11.17%

Total Debt 18.02 YTD Return -20.59%

Preferred Stock 0.0 Adjusted BETA 0.651

Minority Interest 166.1 Analyst Recs 10

Cash and Equivalents 390.76 Consensus Rating 4.400

Enterprise Value 7'051.98

Average Volume 5 Day 1'118'052

GOLD US EQUITY YTD Change - Average Volume 30 Day 831'432

GOLD US EQUITY YTD % CHANGE - Average Volume 3 Month 715'132

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

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

338.6 432.8 484.6 1'127.1 1'317.8 1'127.1 1'317.8 1'505.4 1'959.4 321.0 339.0

9.01x 15.50x 14.79x 7.97x 6.59x 28.37x 26.72x 4.74x 3.40x - -

97.3 142.3 164.3 581.9 699.2 581.9 699.2 726.0 1'126.2 - -

31.34x 47.15x 43.62x 15.44x 12.43x 15.44x 12.43x 9.72x 6.26x - -

41.6 69.4 103.5 383.9 431.8 383.9 431.8 431.0 696.9 75.3 85.0

78.87x 94.26x 72.03x 24.30x 20.57x 24.30x 20.57x 16.86x 10.71x 19.13x 16.43x

EBITDA 699.18 Long-Term Rating Date -

EBIT 567.44 Long-Term Rating -

Operating Margin 43.06% Long-Term Outlook -

Pretax Margin 43.12% Short-Term Rating Date -

Return on Assets 15.23% Short-Term Rating -

Return on Common Equity 17.95%

Return on Capital 20.07% EBITDA/Interest Exp. 582.65

Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 114.09

Net Debt/EBITDA -0.53

Gross Margin 51.1% Total Debt/EBITDA 0.03

EBITDA Margin 53.1%

EBIT Margin 43.1% Total Debt/Equity 0.7%

Net Income Margin 32.8% Total Debt/Capital 0.6%

Asset Turnover 0.46

Current Ratio 4.07 Net Fixed Asset Turnover 0.87

Quick Ratio 1.92 Accounts receivable turnover-days 15.35

Debt to Assets 0.58% Inventory Days -

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

Accounts Receivable Turnover 23.85 Cash Conversion Cycle 136.09

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Randgold Resources LtdPrice/Volume

Valuation Analysis

379'878.00

Current Price (4/dd/yy) Market Data

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

Page 13: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

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

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

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

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

CARMIGNAC GESTION CARMIGNAC GESTION 13F 3'917'000 4.25 3'917'000 31.12.2012 Investment Advisor

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

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

HSBC PATRICK CHIDLEY overweight 5 M 91 Not Provided 28.04.2013

Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 94 12 month 23.04.2013

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

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

Clarus Securities NANA SANGMUAH buy 5 M 120 12 month 01.04.2013

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

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

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

Holdings By:

Randgold Resources Ltd ee

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

Page 14: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

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

gold exploration properties in Argentina.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (09.11.2012) 20.59

52-Week Low (17.04.2013) 11.02

Daily Volume

11.74

52-Week High % Change -43.22% Dividend Yield -

52-Week Low % Change 6.53% Beta 0.75

% 52 Week Price Range High/Low 10.24% Equity Float 749.79

Shares Out 28.03.2013 752.3 Short Int 7.18

8'832.17 1 Yr Total Return -18.91%

Total Debt 765.91 YTD Return -31.49%

Preferred Stock 0.0 Adjusted BETA 0.750

Minority Interest 46.8 Analyst Recs 23

Cash and Equivalents 349.59 Consensus Rating 4.304

Enterprise Value 9'295.29

Average Volume 5 Day 8'396'875

AUY US EQUITY YTD Change - Average Volume 30 Day 8'441'024

AUY US EQUITY YTD % CHANGE - Average Volume 3 Month 7'530'020

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

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

949.4 1'183.3 1'686.8 2'173.3 2'336.8 2'173.3 2'336.8 2'665.6 3'177.1 564.6 582.5

6.36x 7.39x 5.76x 5.04x 5.73x 18.01x 21.98x 3.52x 2.82x 16.75x 16.31x

438.9 575.5 884.1 1'262.7 1'269.4 1'271.5 1'502.0 1'479.5 1'859.7 313.0 302.3

13.76x 15.19x 11.00x 8.67x 10.56x 8.61x 8.92x 6.31x 5.02x 6.79x 6.80x

434.8 192.6 466.5 548.3 442.1 548.3 442.1 704.5 921.4 147.7 136.7

- - - - - 0.00x 0.00x 13.84x 10.35x 13.13x 11.94x

EBITDA 1'269.45 Long-Term Rating Date -

EBIT 885.71 Long-Term Rating -

Operating Margin 37.90% Long-Term Outlook -

Pretax Margin 34.88% Short-Term Rating Date -

Return on Assets 3.92% Short-Term Rating -

Return on Common Equity 5.79%

Return on Capital - EBITDA/Interest Exp. 22.03

Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. -4.66

Net Debt/EBITDA 0.28

Gross Margin 64.4% Total Debt/EBITDA 0.51

EBITDA Margin 64.3%

EBIT Margin 35.7% Total Debt/Equity 9.8%

Net Income Margin 18.9% Total Debt/Capital 8.9%

Asset Turnover 0.21

Current Ratio 1.38 Net Fixed Asset Turnover 0.24

Quick Ratio 0.78 Accounts receivable turnover-days 29.87

Debt to Assets 6.49% Inventory Days 69.74

Tot Debt to Common Equity 9.80% Accounts Payable Turnover Day 146.62

Accounts Receivable Turnover 12.25 Cash Conversion Cycle -62.98

Inventory Turnover 5.25

Fiscal Year Ended

Yamana Gold IncPrice/Volume

Valuation Analysis

1'896'532.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

Page 15: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

BLACKROCK n/a ULT-AGG 78'066'044 10.38 - 31.03.2013 Investment Advisor

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

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

VAN ECK ASSOCIATES C n/a ULT-AGG 30'395'201 4.04 33'993 29.04.2013 Investment Advisor

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

ALLIANZ ASSET MANAGE n/a ULT-AGG 14'372'698 1.91 4'180'320 31.03.2013 Investment Advisor

GREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 13'228'300 1.76 (4'648'298) 31.12.2012 Investment Advisor

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

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

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

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

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

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

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

CARMIGNAC GESTION CARMIGNAC GESTION 13F 6'398'774 0.85 6'398'774 31.12.2012 Investment Advisor

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

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

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

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

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

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

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

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

HSBC PATRICK CHIDLEY neutral 3 M 13 Not Provided 28.04.2013

Macquarie TONY LESIAK neutral 3 M 12 12 month 25.04.2013

Raymond James BRAD HUMPHREY outperform 5 M 20 12 month 24.04.2013

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

Scotia Capital TANYA M JAKUSCONEK sector outperform 5 M 17 12 month 23.04.2013

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

Barclays FAROOQ HAMED overweight 5 M 17 Not Provided 23.04.2013

Credit Suisse ANITA SONI outperform 5 M 19 Not Provided 22.04.2013

Davenport & Co LLOYD T O'CARROLL buy 5 M 14 Not Provided 22.04.2013

Cormark Securities Inc. RICHARD GRAY buy 5 M 19 12 month 22.04.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 16.04.2013

BMO Capital Markets DAVID HAUGHTON outperform 5 M 22 Not Provided 15.04.2013

Canaccord Genuity Corp STEVEN BUTLER buy 5 M 21 12 month 15.04.2013

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

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

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

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

GMP GEORGE V ALBINO buy 5 M 22 Not Provided 02.04.2013

Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 15 Not Provided 22.02.2013

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

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

Holdings By:

Yamana Gold Inc ee

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

Page 16: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

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

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

and South America.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (04.06.2012) 12.09

52-Week Low (17.04.2013) 6.23

Daily Volume

7.12

52-Week High % Change -41.42% Dividend Yield -

52-Week Low % Change 14.29% Beta 0.75

% 52 Week Price Range High/Low 18.61% Equity Float -

Shares Out 07.03.2013 736.1 Short Int 5.43

5'241.38 1 Yr Total Return -34.07%

Total Debt 16'015.70 YTD Return -33.11%

Preferred Stock 0.0 Adjusted BETA 0.751

Minority Interest 1'803.9 Analyst Recs 3

Cash and Equivalents 5'195.60 Consensus Rating 3.000

Enterprise Value -

Average Volume 5 Day 6'587'472

GFI US EQUITY YTD Change - Average Volume 30 Day 6'128'878

GFI US EQUITY YTD % CHANGE - Average Volume 3 Month 5'750'875

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

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

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

3.10x 2.56x 2.56x 3.99x 3.05x 13.11x 8.38x 2.10x 1.91x - -

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

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

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

- - - - - 0.00x 0.00x 10.89x 8.53x - -

EBITDA 14'243.00 Long-Term Rating Date 15.11.2012

EBIT 10'149.20 Long-Term Rating BB+

Operating Margin 35.10% Long-Term Outlook STABLE

Pretax Margin 22.47% Short-Term Rating Date 15.11.2012

Return on Assets 6.31% Short-Term Rating B

Return on Common Equity 11.52%

Return on Capital 9.18% EBITDA/Interest Exp. 24.36

Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 6.99

Net Debt/EBITDA 0.54

Gross Margin 38.7% Total Debt/EBITDA 0.80

EBITDA Margin 47.6%

EBIT Margin 33.6% Total Debt/Equity 31.2%

Net Income Margin 19.6% Total Debt/Capital 23.2%

Asset Turnover 0.47

Current Ratio 1.76 Net Fixed Asset Turnover 0.72

Quick Ratio 0.39 Accounts receivable turnover-days 15.92

Debt to Assets 16.85% Inventory Days -

Tot Debt to Common Equity 31.19% Accounts Payable Turnover Day -

Accounts Receivable Turnover 22.99 Cash Conversion Cycle 69.00

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Gold Fields LtdPrice/Volume

Valuation Analysis

899'045.00

Current Price (4/dd/yy) Market Data

'

.

1

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2!' F

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.2!' F

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

'!.'

'!1'

'!3'

'!5'

-!''

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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

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

Page 17: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 47'177'664 6.41 (20'500) 31.03.2013 Hedge Fund Manager

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

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

FMR LLC n/a ULT-AGG 9'740'161 1.32 (96'300) 31.03.2013 Investment Advisor

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

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

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

ALLIANZ ASSET MANAGE n/a ULT-AGG 6'270'156 0.85 1'864'617 31.03.2013 Investment Advisor

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

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

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

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

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

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

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

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 3'907'319 0.53 1'826 31.03.2013 Hedge Fund Manager

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

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

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

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

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

HSBC PATRICK CHIDLEY neutral 3 D 8 Not Provided 28.04.2013

Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 8 12 month 23.04.2013

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

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

Holdings By:

Gold Fields Ltd ee

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

Page 18: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

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

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

States.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (01.11.2012) 41.30

52-Week Low (18.04.2013) 21.79

Daily Volume

23.62

52-Week High % Change -43.00% Dividend Yield -

52-Week Low % Change 8.40% Beta 1.08

% 52 Week Price Range High/Low 11.53% Equity Float 353.96

Shares Out 28.03.2013 354.4 Short Int 1.87

8'371.72 1 Yr Total Return -21.63%

Total Debt 50.06 YTD Return -34.24%

Preferred Stock 0.0 Adjusted BETA 1.076

Minority Interest 0.0 Analyst Recs 15

Cash and Equivalents 778.22 Consensus Rating 4.600

Enterprise Value 7'643.56

Average Volume 5 Day 7'005'716

SLW US EQUITY YTD Change - Average Volume 30 Day 6'268'902

SLW US EQUITY YTD % CHANGE - Average Volume 3 Month 5'010'694

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

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

166.7 239.3 423.4 730.0 849.6 730.0 849.6 1'000.6 1'128.0 242.6 228.8

12.14x 21.12x 31.91x 13.01x 14.18x 62.08x 52.82x 8.78x 7.82x 37.92x 40.32x

105.5 158.5 316.2 618.8 701.5 618.8 701.5 831.0 945.1 197.3 181.3

19.18x 31.87x 42.72x 15.35x 17.17x 15.35x 17.17x 9.22x 8.11x 9.69x 9.88x

17.3 117.9 153.4 550.0 586.0 550.0 586.0 600.1 686.8 144.5 124.0

- - - - - 0.00x 0.00x 14.87x 13.40x 14.89x 14.31x

EBITDA 701.46 Long-Term Rating Date -

EBIT 600.00 Long-Term Rating -

Operating Margin 70.63% Long-Term Outlook -

Pretax Margin 70.72% Short-Term Rating Date -

Return on Assets 19.34% Short-Term Rating -

Return on Common Equity 20.34%

Return on Capital - EBITDA/Interest Exp. -

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

Net Debt/EBITDA -1.04

Gross Margin 74.3% Total Debt/EBITDA 0.07

EBITDA Margin 82.6%

EBIT Margin 70.6% Total Debt/Equity 1.6%

Net Income Margin 69.0% Total Debt/Capital 1.6%

Asset Turnover 0.28

Current Ratio 15.88 Net Fixed Asset Turnover 0.41

Quick Ratio 15.86 Accounts receivable turnover-days 2.17

Debt to Assets 1.57% Inventory Days -

Tot Debt to Common Equity 1.61% Accounts Payable Turnover Day 24.47

Accounts Receivable Turnover 168.45 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Silver Wheaton CorpPrice/Volume

Valuation Analysis

1'106'991.00

Current Price (4/dd/yy) Market Data

'2

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

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0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

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

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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

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

Page 19: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

BLACKROCK n/a ULT-AGG 26'099'114 7.36 - 31.03.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 14'931'769 4.21 (446'773) 29.04.2013 Investment Advisor

CARMIGNAC GESTION CARMIGNAC GESTION 13F 13'917'000 3.93 13'917'000 31.12.2012 Investment Advisor

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

FMR LLC n/a ULT-AGG 7'447'807 2.1 (6'668'009) 31.03.2013 Investment Advisor

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

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

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

CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 4'958'532 1.4 (2'425) 31.03.2013 Investment Advisor

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

TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 4'349'599 1.23 90'737 31.12.2012 Investment Advisor

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

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

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

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

JP MORGAN n/a ULT-AGG 2'750'546 0.78 (488'041) 31.03.2013 Investment Advisor

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

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

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

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

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Macquarie TONY LESIAK neutral 3 M 27 12 month 26.04.2013

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

Raymond James BRAD HUMPHREY outperform 5 M 42 12 month 24.04.2013

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

TD Securities DANIEL EARLE buy 5 M 37 12 month 23.04.2013

RBC Capital Markets DAN ROLLINS outperform 5 M 33 12 month 19.04.2013

JPMorgan JOHN BRIDGES overweight 5 M 40 6 month 19.04.2013

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

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

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

GMP CHELSEA HAMILTON buy 5 M 47 Not Provided 02.04.2013

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

EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013

Holdings By:

Silver Wheaton Corp ee

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

Page 20: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

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

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

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

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (06.06.2012) 38.31

52-Week Low (17.04.2013) 17.45

Daily Volume

18.58

52-Week High % Change -51.63% Dividend Yield -

52-Week Low % Change 6.48% Beta 0.77

% 52 Week Price Range High/Low 7.14% Equity Float -

Shares Out 25.04.2013 383.7 Short Int 3.22

7'158.94 1 Yr Total Return -45.34%

Total Debt 30'375.96 YTD Return -40.64%

Preferred Stock 0.0 Adjusted BETA 0.769

Minority Interest 186.5 Analyst Recs 6

Cash and Equivalents 7'562.20 Consensus Rating 4.000

Enterprise Value -

Average Volume 5 Day 2'094'489

AU US EQUITY YTD Change - Average Volume 30 Day 2'658'774

AU US EQUITY YTD % CHANGE - Average Volume 3 Month 2'367'474

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

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

29'774.0 30'745.0 38'833.0 47'849.0 52'160.3 47'846.3 51'994.5 59'969.9 62'195.1 - -

3.48x 3.88x 3.60x 3.00x 2.30x 11.44x 9.54x 1.51x 1.36x - -

3'278.0 (2'435.0) 9'720.0 20'443.0 19'105.5 20'438.6 18'922.1 22'063.8 25'016.6 - -

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

(16'138.0) (2'762.0) 637.0 11'282.0 6'814.6 11'269.3 6'452.4 8'402.6 8'562.1 - -

- - - - - 0.00x 0.00x 8.67x 7.12x - -

EBITDA 19'105.47 Long-Term Rating Date 10.12.2012

EBIT 12'553.61 Long-Term Rating BBB-

Operating Margin 24.07% Long-Term Outlook NEG

Pretax Margin 18.43% Short-Term Rating Date -

Return on Assets 7.08% Short-Term Rating -

Return on Common Equity 15.88%

Return on Capital 12.20% EBITDA/Interest Exp. 10.07

Asset Turnover 0.54% (EBITDA-Capex)/Interest Exp. 2.46

Net Debt/EBITDA 1.16

Gross Margin 36.1% Total Debt/EBITDA 1.54

EBITDA Margin 36.6%

EBIT Margin 24.1% Total Debt/Equity 65.8%

Net Income Margin 13.1% Total Debt/Capital 39.6%

Asset Turnover 0.54

Current Ratio 1.37 Net Fixed Asset Turnover 0.90

Quick Ratio 0.70 Accounts receivable turnover-days 23.61

Debt to Assets 28.22% Inventory Days 105.75

Tot Debt to Common Equity 65.78% Accounts Payable Turnover Day 73.67

Accounts Receivable Turnover 15.50 Cash Conversion Cycle 55.66

Inventory Turnover 3.46

Fiscal Year Ended

AngloGold Ashanti LtdPrice/Volume

Valuation Analysis

384'138.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

'

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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

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

Page 21: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

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

VAN ECK ASSOCIATES C n/a ULT-AGG 15'624'679 4.07 1'302'862 29.04.2013 Investment Advisor

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

FRANKLIN RESOURCES n/a ULT-AGG 8'747'623 2.28 (128'150) 31.03.2013 Investment Advisor

FMR LLC n/a ULT-AGG 6'722'122 1.75 (133'085) 31.03.2013 Investment Advisor

WELLS FARGO n/a ULT-AGG 5'693'290 1.48 164'885 31.03.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 5'230'372 1.36 (1'261'046) 26.04.2013 Investment Advisor

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 4'945'084 1.29 (259'531) 31.03.2013 Hedge Fund Manager

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

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

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

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

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

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

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

UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 1'718'056 0.45 (681'300) 31.12.2012 Investment Advisor

GAMCO n/a ULT-AGG 1'612'030 0.42 88'230 31.12.2012 Unclassified

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

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

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 1'542'152 0.4 - 28.02.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

HSBC PATRICK CHIDLEY overweight 5 M 31 Not Provided 28.04.2013

Societe Generale BRUCE ALWAY hold 3 M 25 12 month 26.04.2013

Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 25 12 month 23.04.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 05.04.2013

BMO Capital Markets DAVID HAUGHTON market perform 3 M 0 Not Provided 24.02.2010

Holdings By:

AngloGold Ashanti Ltd ee

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

Page 22: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

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

electric power transmission company, and an engineering services company.

Buenaventura also markets metal concentrates to smelters internationally.

Latest Fiscal Year: 12/2011

LTM as of: 12/yy

52-Week High (06.06.2012) 42.73

52-Week Low (30.04.2013) 19.42

Daily Volume

19.78

52-Week High % Change -53.83% Dividend Yield -

52-Week Low % Change 1.85% Beta 0.57

% 52 Week Price Range High/Low 4.57% Equity Float -

Shares Out 04.02.2013 274.9 Short Int 2.14

5'452.05 1 Yr Total Return -51.18%

Total Debt 179.30 YTD Return -44.29%

Preferred Stock 0.0 Adjusted BETA 0.570

Minority Interest 262.3 Analyst Recs 13

Cash and Equivalents 241.22 Consensus Rating 3.308

Enterprise Value 5'652.47

Average Volume 5 Day 1'574'176

BVN US EQUITY YTD Change - Average Volume 30 Day 1'384'438

BVN US EQUITY YTD % CHANGE - Average Volume 3 Month 1'497'047

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

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

766.6 881.5 1'103.8 1'556.6 1'563.5 1'556.6 1'508.9 1'722.0 1'853.9 425.0 408.3

6.61x 9.30x 10.85x 6.05x 6.00x 24.64x 25.51x 2.95x 2.55x - -

(54.4) 351.5 475.4 820.2 571.9 629.3 571.9 753.2 849.7 290.0 214.0

- 23.33x 25.19x 11.49x 16.39x 14.97x 16.39x 7.51x 6.66x 5.32x -

153.3 593.6 660.8 858.9 684.7 858.9 684.7 714.9 729.6 162.3 138.0

33.61x 14.29x 18.66x 11.16x 13.40x 11.16x 13.40x 7.30x 7.17x 7.87x 8.05x

EBITDA 571.92 Long-Term Rating Date -

EBIT 418.23 Long-Term Rating -

Operating Margin 26.75% Long-Term Outlook -

Pretax Margin 56.63% Short-Term Rating Date -

Return on Assets 16.03% Short-Term Rating -

Return on Common Equity 19.90%

Return on Capital 19.50% EBITDA/Interest Exp. 68.99

Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. 15.56

Net Debt/EBITDA -0.11

Gross Margin 39.7% Total Debt/EBITDA 0.31

EBITDA Margin 37.9%

EBIT Margin 27.7% Total Debt/Equity 4.8%

Net Income Margin 43.8% Total Debt/Capital 4.3%

Asset Turnover 0.35

Current Ratio 2.30 Net Fixed Asset Turnover 1.54

Quick Ratio 1.42 Accounts receivable turnover-days 52.03

Debt to Assets 3.91% Inventory Days 65.70

Tot Debt to Common Equity 4.84% Accounts Payable Turnover Day 70.83

Accounts Receivable Turnover 7.03 Cash Conversion Cycle 45.41

Inventory Turnover 5.57

Fiscal Year Ended

Cia de Minas Buenaventura SAPrice/Volume

Valuation Analysis

544'174.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

Page 23: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

BLACKROCK n/a ULT-AGG 25'536'584 9.29 (4'985'793) 26.04.2013 Investment Advisor

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

VAN ECK ASSOCIATES C n/a ULT-AGG 12'079'992 4.39 349'674 29.04.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 8'641'735 3.14 2'695'645 31.03.2013 Investment Advisor

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

STATE STREET n/a ULT-AGG 4'777'677 1.74 371'700 29.04.2013 Investment Advisor

WELLS FARGO n/a ULT-AGG 4'709'673 1.71 136'724 31.03.2013 Investment Advisor

FMR LLC n/a ULT-AGG 4'343'301 1.58 (1'580'101) 31.03.2013 Investment Advisor

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

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

NORGES BANK NORGES BANK 13F 2'298'752 0.84 1'801'505 31.12.2012 Government

UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 1'806'500 0.66 (22'000) 31.12.2012 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 1'778'056 0.65 (70'363) 31.12.2012 Investment Advisor

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

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

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

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

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

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

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 1'002'949 0.36 245'358 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

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

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

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

Grupo Santander WALTER CHIARVESIO buy 5 M 33 Not Provided 23.04.2013

Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 25 12 month 23.04.2013

JPMorgan JOHN BRIDGES neutral 3 M 34 6 month 19.04.2013

Inteligo SAB LALI MERINO buy 5 M 32 Not Provided 16.04.2013

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

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

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

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

Holdings By:

Cia de Minas Buenaventura SA ee

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

Page 24: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

and develops gold properties.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (21.09.2012) 12.84

52-Week Low (15.04.2013) 6.25

Daily Volume

7.65

52-Week High % Change -41.04% Dividend Yield -

52-Week Low % Change 22.40% Beta 0.97

% 52 Week Price Range High/Low 23.07% Equity Float 461.42

Shares Out 28.03.2013 476.4 Short Int 3.14

3'644.45 1 Yr Total Return -15.93%

Total Debt 847.80 YTD Return -30.64%

Preferred Stock 0.0 Adjusted BETA 0.972

Minority Interest 0.0 Analyst Recs 15

Cash and Equivalents 687.80 Consensus Rating 4.600

Enterprise Value 3'804.45

Average Volume 5 Day 4'347'746

NGD US EQUITY YTD Change - Average Volume 30 Day 3'464'131

NGD US EQUITY YTD % CHANGE - Average Volume 3 Month 3'137'420

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

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

143.1 323.8 530.5 695.9 791.3 695.9 791.3 987.8 1'031.1 228.0 271.5

2.55x 4.31x 6.83x 6.62x 6.86x 25.77x 25.89x 3.77x 3.54x - -

13.8 110.4 239.2 344.0 390.1 344.0 390.1 565.3 644.8 123.0 142.0

26.46x 12.64x 15.15x 13.39x 13.91x 13.39x 13.91x 6.72x 5.89x 6.93x -

(102.7) (194.3) 47.5 179.0 199.0 179.0 198.9 233.3 282.6 47.5 66.9

- - - - - 0.00x 0.00x 17.21x 14.44x 16.29x 14.36x

EBITDA 390.10 Long-Term Rating Date 27.03.2012

EBIT 273.90 Long-Term Rating BB-

Operating Margin 34.61% Long-Term Outlook STABLE

Pretax Margin 35.23% Short-Term Rating Date -

Return on Assets 5.30% Short-Term Rating -

Return on Common Equity 8.02%

Return on Capital - EBITDA/Interest Exp. 23.79

Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. -7.68

Net Debt/EBITDA 0.41

Gross Margin 85.3% Total Debt/EBITDA 2.17

EBITDA Margin 49.3%

EBIT Margin 34.6% Total Debt/Equity 31.7%

Net Income Margin 25.1% Total Debt/Capital 24.1%

Asset Turnover 0.21

Current Ratio 5.18 Net Fixed Asset Turnover 0.27

Quick Ratio 4.15 Accounts receivable turnover-days 19.54

Debt to Assets 19.79% Inventory Days 172.84

Tot Debt to Common Equity 31.68% Accounts Payable Turnover Day 78.91

Accounts Receivable Turnover 18.73 Cash Conversion Cycle 287.67

Inventory Turnover 2.12

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

New Gold IncPrice/Volume

Valuation Analysis

830'932.00

Current Price (4/dd/yy) Market Data

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

Page 25: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

BLACKROCK n/a ULT-AGG 62'551'684 13.13 - 26.04.2013 Investment Advisor

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

FMR LLC n/a ULT-AGG 35'745'701 7.5 (2'416'637) 31.03.2013 Investment Advisor

TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 15'167'798 3.18 15'004'748 31.12.2012 Investment Advisor

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

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

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

ROYAL BANK OF CANADA n/a ULT-AGG 10'060'721 2.11 148'803 31.12.2012 Bank

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

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 8'366'671 1.76 (127'400) 31.03.2013 Hedge Fund Manager

CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 6'168'803 1.29 (1'836'450) 31.12.2012 Investment Advisor

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

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

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

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

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 5'379'731 1.13 (238'800) 31.03.2013 Hedge Fund Manager

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

JP MORGAN n/a ULT-AGG 4'883'382 1.03 (27'471) 31.03.2013 Investment Advisor

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

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

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

RBC Capital Markets DAN ROLLINS outperform 5 M 9 12 month 29.04.2013

TD Securities STEVEN J GREEN buy 5 M 11 12 month 23.04.2013

Credit Suisse ANITA SONI outperform 5 M 13 Not Provided 22.04.2013

Cormark Securities Inc. RICHARD GRAY buy 5 M 14 12 month 22.04.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 16.04.2013

BMO Capital Markets ANDREW KAIP outperform 5 M 12 Not Provided 15.04.2013

Canaccord Genuity Corp STEVEN BUTLER buy 5 M 13 12 month 15.04.2013

CIBC World Markets ALEC KODATSKY sector perform 3 M 12 Not Provided 11.04.2013

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

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

Paradigm Capital Inc DON MACLEAN buy 5 M 16 12 month 08.04.2013

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

GMP GEORGE V ALBINO buy 5 M 15 Not Provided 05.04.2013

Mackie Research Capital Corp. BARRY D ALLAN hold 3 M 10 Not Provided 12.03.2013

Holdings By:

New Gold Inc ee

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

Page 26: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

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

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

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

and expansion of its gold properities primarily from underground operations.

Latest Fiscal Year: 12/2012

LTM as of: 03/yy

52-Week High (26.11.2012) 57.35

52-Week Low (30.04.2013) 30.36

Daily Volume

30.78

52-Week High % Change -46.33% Dividend Yield -

52-Week Low % Change 1.38% Beta 0.61

% 52 Week Price Range High/Low 1.34% Equity Float 171.63

Shares Out 28.03.2013 172.5 Short Int 1.76

5'309.59 1 Yr Total Return -21.46%

Total Debt 842.96 YTD Return -41.01%

Preferred Stock 0.0 Adjusted BETA 0.608

Minority Interest 0.0 Analyst Recs 25

Cash and Equivalents 351.28 Consensus Rating 3.560

Enterprise Value 5'801.23

Average Volume 5 Day 2'469'627

AEM US EQUITY YTD Change - Average Volume 30 Day 1'849'147

AEM US EQUITY YTD % CHANGE - Average Volume 3 Month 1'669'496

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

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

368.9 613.8 1'422.5 1'821.8 1'917.7 1'882.7 1'865.2 1'730.6 2'077.4 388.7 439.2

21.80x 14.47x 9.45x 3.75x 4.96x 18.58x 18.17x 3.52x 2.92x 15.22x 13.58x

94.9 202.5 601.8 752.9 787.4 801.6 735.0 631.8 895.0 191.8 158.3

84.80x 43.86x 22.34x 9.08x 12.08x 7.78x 10.31x 9.23x 6.51x 7.98x 8.64x

73.2 86.5 332.1 (568.9) 310.9 (535.6) 256.2 202.0 330.6 25.1 56.7

- - - - - 0.00x 0.00x 28.79x 17.31x 26.20x 21.65x

EBITDA 787.42 Long-Term Rating Date 12.03.2003

EBIT 515.56 Long-Term Rating NR

Operating Margin 26.88% Long-Term Outlook -

Pretax Margin 22.69% Short-Term Rating Date -

Return on Assets 5.00% Short-Term Rating -

Return on Common Equity 7.63%

Return on Capital 7.06% EBITDA/Interest Exp. 13.60

Asset Turnover 0.36% (EBITDA-Capex)/Interest Exp. 5.91

Net Debt/EBITDA 0.67

Gross Margin 39.0% Total Debt/EBITDA 1.10

EBITDA Margin 39.4%

EBIT Margin 24.5% Total Debt/Equity 24.7%

Net Income Margin 16.2% Total Debt/Capital 19.8%

Asset Turnover 0.36

Current Ratio 3.26 Net Fixed Asset Turnover 0.46

Quick Ratio 1.51 Accounts receivable turnover-days 15.79

Debt to Assets 16.04% Inventory Days 87.72

Tot Debt to Common Equity 24.72% Accounts Payable Turnover Day 50.91

Accounts Receivable Turnover 23.11 Cash Conversion Cycle 66.58

Inventory Turnover 4.16

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Agnico Eagle Mines LtdPrice/Volume

Valuation Analysis

486'177.00

Current Price (4/dd/yy) Market Data

'

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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

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

Page 27: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

BLACKROCK n/a ULT-AGG 20'005'396 11.6 - 26.04.2013 Investment Advisor

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

FMR LLC n/a ULT-AGG 10'965'646 6.36 1'566'877 31.03.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 7'852'302 4.55 (1'072'408) 29.04.2013 Investment Advisor

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

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

ROYAL BANK OF CANADA n/a ULT-AGG 4'508'247 2.61 1'219'028 31.12.2012 Bank

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

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 3'247'664 1.88 (83'945) 31.03.2013 Investment Advisor

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

CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 2'433'065 1.41 (37'672) 31.03.2013 Investment Advisor

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

TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 2'127'726 1.23 75'223 31.12.2012 Investment Advisor

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 1'551'262 0.9 (35'750) 31.03.2013 Hedge Fund Manager

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

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 1'286'484 0.75 9'866 31.12.2012 Investment Advisor

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

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

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

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

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

RBC Capital Markets STEPHEN D WALKER outperform 5 M 40 12 month 29.04.2013

JPMorgan JOHN BRIDGES neutral 3 M 39 6 month 29.04.2013

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

Sterne, Agee & Leach MICHAEL S DUDAS neutral 3 M #N/A N/A Not Provided 29.04.2013

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

Cormark Securities Inc. RICHARD GRAY buy 5 M 48 12 month 29.04.2013

TD Securities GREG BARNES buy 5 M 41 12 month 29.04.2013

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

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

HSBC PATRICK CHIDLEY underweight 1 D 29 Not Provided 28.04.2013

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

Credit Suisse ANITA SONI outperform 5 M 50 Not Provided 26.04.2013

CIBC World Markets ALEC KODATSKY sector perform 3 M 54 Not Provided 26.04.2013

Salman Partners DAVID WEST buy 5 M 55 Not Provided 26.04.2013

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

GMP GEORGE V ALBINO buy 5 M 55 Not Provided 26.04.2013

Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 30 Not Provided 26.04.2013

Cowen Securities LLC ADAM P GRAF hold 3 M #N/A N/A Not Provided 26.04.2013

Barclays FAROOQ HAMED equalweight 3 M 39 Not Provided 26.04.2013

BMO Capital Markets DAVID HAUGHTON market perform 3 M 45 Not Provided 25.04.2013

Macquarie TONY LESIAK underperform 1 D 29 12 month 25.04.2013

Scotia Capital TANYA M JAKUSCONEK sector outperform 5 M 46 12 month 23.04.2013

Morgan Stanley PARETOSH MISRA Equalwt/In-Line 3 M #N/A N/A Not Provided 25.10.2012

Paradigm Capital Inc DON MACLEAN buy 5 M 59 12 month 05.01.2012

Holdings By:

Agnico Eagle Mines Ltd ee

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

Page 28: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

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

and surrounding regions.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (19.09.2012) 16.20

52-Week Low (17.04.2013) 6.59

Daily Volume

7.38

52-Week High % Change -54.58% Dividend Yield -

52-Week Low % Change 11.99% Beta 0.84

% 52 Week Price Range High/Low 9.26% Equity Float 708.06

Shares Out 28.03.2013 714.5 Short Int 3.27

5'273.26 1 Yr Total Return -47.35%

Total Debt 593.32 YTD Return -42.35%

Preferred Stock 0.0 Adjusted BETA 0.836

Minority Interest 284.1 Analyst Recs 21

Cash and Equivalents 818.83 Consensus Rating 4.238

Enterprise Value 5'331.85

Average Volume 5 Day 5'739'912

EGO US EQUITY YTD Change - Average Volume 30 Day 6'314'405

EGO US EQUITY YTD % CHANGE - Average Volume 3 Month 5'299'977

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

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

277.7 358.5 791.2 1'103.7 1'147.5 1'103.7 1'147.5 1'308.7 1'521.9 338.3 309.3

10.15x 21.00x 12.74x 6.66x 8.06x 30.37x 33.92x 4.34x 3.99x 15.92x 17.92x

132.0 181.2 423.3 643.9 584.4 643.9 584.4 691.0 838.7 169.5 146.0

21.36x 41.53x 23.82x 11.41x 15.83x 11.41x 15.83x 7.72x 6.36x 8.55x 9.01x

163.7 102.4 221.0 318.7 305.3 318.7 305.3 331.8 421.6 90.5 72.8

- - - - - 0.00x 0.00x 16.16x 12.53x 14.79x 14.53x

EBITDA 584.40 Long-Term Rating Date 13.11.2012

EBIT 470.87 Long-Term Rating BB

Operating Margin 41.03% Long-Term Outlook STABLE

Pretax Margin 38.89% Short-Term Rating Date -

Return on Assets 5.14% Short-Term Rating -

Return on Common Equity 6.65%

Return on Capital 6.33% EBITDA/Interest Exp. 83.69

Asset Turnover 0.19% (EBITDA-Capex)/Interest Exp. 22.66

Net Debt/EBITDA -0.39

Gross Margin 62.7% Total Debt/EBITDA 1.02

EBITDA Margin 50.9%

EBIT Margin 41.0% Total Debt/Equity 10.0%

Net Income Margin 26.6% Total Debt/Capital 8.7%

Asset Turnover 0.19

Current Ratio 4.90 Net Fixed Asset Turnover 0.26

Quick Ratio 3.96 Accounts receivable turnover-days 24.66

Debt to Assets 7.48% Inventory Days 176.07

Tot Debt to Common Equity 10.01% Accounts Payable Turnover Day 157.09

Accounts Receivable Turnover 14.84 Cash Conversion Cycle 43.64

Inventory Turnover 2.08

Fiscal Year Ended

Eldorado Gold CorpPrice/Volume

Valuation Analysis

872'359.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

Page 29: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

BLACKROCK n/a ULT-AGG 115'755'188 16.2 - 31.03.2013 Investment Advisor

FMR LLC n/a ULT-AGG 47'460'386 6.64 (8'965'098) 31.03.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 44'220'345 6.19 2'071'841 29.04.2013 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 27'084'566 3.79 (178'880) 31.12.2012 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 17'214'008 2.41 1'231'174 31.12.2012 Bank

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

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

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 11'711'546 1.64 - 28.02.2013 Investment Advisor

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 11'661'328 1.63 861'550 31.03.2013 Hedge Fund Manager

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 10'662'061 1.49 (256'391) 31.03.2013 Investment Advisor

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

CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 10'031'223 1.4 (12'436) 31.03.2013 Investment Advisor

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

JP MORGAN n/a ULT-AGG 9'088'523 1.27 (223'376) 31.03.2013 Investment Advisor

TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 8'932'322 1.25 329'970 31.12.2012 Investment Advisor

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

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

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

GREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 8'034'377 1.12 (3'436'746) 31.12.2012 Investment Advisor

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

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

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

RBC Capital Markets DAN ROLLINS outperform 5 M 10 12 month 29.04.2013

HSBC PATRICK CHIDLEY overweight 5 M 13 Not Provided 28.04.2013

Macquarie TONY LESIAK neutral 3 M 8 12 month 25.04.2013

Raymond James BRAD HUMPHREY outperform 5 M 16 12 month 24.04.2013

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

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

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

Barclays FAROOQ HAMED equalweight 3 M 9 Not Provided 23.04.2013

Credit Suisse ANITA SONI outperform 5 M 15 Not Provided 22.04.2013

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

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

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

BMO Capital Markets DAVID HAUGHTON outperform 5 M 13 Not Provided 15.04.2013

Canaccord Genuity Corp STEVEN BUTLER buy 5 M 13 12 month 15.04.2013

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

Salman Partners DAVID WEST buy 5 M 18 Not Provided 03.04.2013

GMP GEORGE V ALBINO buy 5 M 20 Not Provided 02.04.2013

Mackie Research Capital Corp. BARRY D ALLAN hold 3 M 13 Not Provided 12.03.2013

Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 8 Not Provided 25.02.2013

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

Holdings By:

Eldorado Gold Corp ee

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

Page 30: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

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

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

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (04.10.2012) 11.20

52-Week Low (17.04.2013) 4.97

Daily Volume

5.33

52-Week High % Change -52.57% Dividend Yield 3.00

52-Week Low % Change 7.24% Beta 0.77

% 52 Week Price Range High/Low 7.55% Equity Float 1'139.38

Shares Out 28.03.2013 1'141.4 Short Int 5.43

6'083.43 1 Yr Total Return -39.39%

Total Debt 2'632.60 YTD Return -44.61%

Preferred Stock 0.0 Adjusted BETA 0.769

Minority Interest 75.5 Analyst Recs 27

Cash and Equivalents 1'982.70 Consensus Rating 4.333

Enterprise Value 6'808.83

Average Volume 5 Day 13'279'045

KGC US EQUITY YTD Change - Average Volume 30 Day 12'214'832

KGC US EQUITY YTD % CHANGE - Average Volume 3 Month 10'600'447

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

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

1'617.0 2'412.1 3'010.1 3'842.5 4'311.4 3'842.5 4'311.4 4'044.9 4'314.1 1'036.1 960.0

7.84x 5.37x 6.92x 3.37x 2.74x 16.69x 10.44x 1.82x 1.72x 6.87x 7.51x

656.3 1'093.2 1'200.4 1'926.2 1'962.2 1'926.2 1'962.2 1'639.2 1'965.8 436.8 364.3

19.32x 11.85x 17.35x 6.73x 6.01x 6.73x 6.01x 4.18x 3.48x 4.13x 3.98x

(807.2) 309.9 759.7 (2'073.6) (2'504.9) (2'080.9) (2'504.9) 545.4 720.1 149.2 100.8

46.21x 41.68x 146.30x 15.25x 12.61x 15.46x 12.61x 11.71x 8.97x 11.90x 10.75x

EBITDA 1'962.20 Long-Term Rating Date 15.08.2011

EBIT 1'281.00 Long-Term Rating BBB-

Operating Margin 29.71% Long-Term Outlook STABLE

Pretax Margin -53.16% Short-Term Rating Date -

Return on Assets -15.96% Short-Term Rating -

Return on Common Equity -22.53%

Return on Capital - EBITDA/Interest Exp. 13.84

Asset Turnover 0.27% (EBITDA-Capex)/Interest Exp. 0.25

Net Debt/EBITDA 0.33

Gross Margin 57.1% Total Debt/EBITDA 1.34

EBITDA Margin 45.5%

EBIT Margin 29.7% Total Debt/Equity 26.7%

Net Income Margin -58.1% Total Debt/Capital 21.0%

Asset Turnover 0.27

Current Ratio 2.76 Net Fixed Asset Turnover 0.48

Quick Ratio 1.74 Accounts receivable turnover-days 25.33

Debt to Assets 17.69% Inventory Days 220.88

Tot Debt to Common Equity 26.73% Accounts Payable Turnover Day 24.03

Accounts Receivable Turnover 14.45 Cash Conversion Cycle 222.18

Inventory Turnover 1.66

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kinross Gold CorpPrice/Volume

Valuation Analysis

3'036'269.00

Current Price (4/dd/yy) Market Data

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

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

Page 31: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

VAN ECK ASSOCIATES C n/a ULT-AGG 59'376'977 5.2 2'536'128 29.04.2013 Investment Advisor

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 25'903'233 2.27 3'849'773 31.03.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 24'321'082 2.13 14'542'877 31.12.2012 Bank

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

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

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

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

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 17'311'077 1.52 (452'461) 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 17'079'796 1.5 (14'149'102) 31.03.2013 Investment Advisor

CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 16'877'973 1.48 (15'894) 31.03.2013 Investment Advisor

NORGES BANK NORGES BANK 13F 15'598'099 1.37 4'274'423 31.12.2012 Government

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

JP MORGAN n/a ULT-AGG 14'411'242 1.26 (3'227'985) 31.03.2013 Investment Advisor

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

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

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 13'817'771 1.21 100'000 28.02.2013 Investment Advisor

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

CARMIGNAC GESTION CARMIGNAC GESTION 13F 12'416'200 1.09 12'416'200 31.12.2012 Investment Advisor

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 10'563'778 0.93 (2'044'058) 31.12.2012 Investment Advisor

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 10'441'370 0.91 701'284 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Jefferies PETER D WARD hold 3 M 6 12 month 30.04.2013

Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 10 12 month 30.04.2013

BMO Capital Markets DAVID HAUGHTON outperform 5 M 11 Not Provided 29.04.2013

Deutsche Bank JORGE M BERISTAIN hold 3 M 6 12 month 29.04.2013

Credit Suisse ANITA SONI outperform 5 M 10 Not Provided 29.04.2013

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

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

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

Cowen Securities LLC ADAM P GRAF buy 5 M 8 12 month 29.04.2013

Barclays FAROOQ HAMED equalweight 3 M 7 Not Provided 29.04.2013

RBC Capital Markets STEPHEN D WALKER outperform 5 M 7 12 month 28.04.2013

HSBC PATRICK CHIDLEY overweight 5 M 11 Not Provided 28.04.2013

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

Macquarie TONY LESIAK outperform 5 M 7 12 month 25.04.2013

Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 8 12 month 23.04.2013

TD Securities GREG BARNES buy 5 M 9 12 month 23.04.2013

Cormark Securities Inc. RICHARD GRAY buy 5 M 10 12 month 22.04.2013

JPMorgan JOHN BRIDGES overweight 5 M 12 6 month 19.04.2013

GMP GEORGE V ALBINO buy 5 M 11 12 month 02.04.2013

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

Salman Partners DAVID WEST buy 5 M 12 12 month 15.02.2013

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

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

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

Holdings By:

Kinross Gold Corp ee

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

Page 32: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

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

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

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

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

Latest Fiscal Year: 06/2012

LTM as of: 12/yy

52-Week High (01.10.2012) 100.84

52-Week Low (18.04.2013) 50.20

Daily Volume

53.67

52-Week High % Change -47.00% Dividend Yield 1.21

52-Week Low % Change 6.91% Beta 0.67

% 52 Week Price Range High/Low 8.33% Equity Float 61.67

Shares Out 28.03.2013 64.4 Short Int 2.80

3'454.56 1 Yr Total Return -12.60%

Total Debt 293.25 YTD Return -33.67%

Preferred Stock 0.0 Adjusted BETA 0.674

Minority Interest 25.0 Analyst Recs 10

Cash and Equivalents 390.47 Consensus Rating 3.800

Enterprise Value 3'077.43

Average Volume 5 Day 1'269'649

RGLD US EQUITY YTD Change - Average Volume 30 Day 1'093'253

RGLD US EQUITY YTD % CHANGE - Average Volume 3 Month 954'545

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

30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

66.3 73.8 136.6 216.5 263.1 248.1 287.5 306.0 397.8 73.6 75.9

13.56x 19.29x 18.40x 15.32x 17.19x 55.25x 66.05x 10.26x 7.40x 42.72x 41.39x

51.3 59.9 114.2 186.3 233.2 215.8 257.6 271.3 349.8 65.0 68.3

17.51x 23.77x 22.00x 17.80x 19.39x 17.98x 18.80x 11.42x 8.85x 10.55x 9.09x

24.0 38.3 21.5 71.4 92.5 87.2 98.6 102.1 147.1 23.4 24.7

56.00x 91.09x 61.79x 45.40x 48.25x 42.80x 50.12x 33.58x 23.50x 30.56x 25.71x

EBITDA 233.22 Long-Term Rating Date -

EBIT 158.22 Long-Term Rating -

Operating Margin 60.15% Long-Term Outlook -

Pretax Margin 58.17% Short-Term Rating Date -

Return on Assets 4.04% Short-Term Rating -

Return on Common Equity 5.14%

Return on Capital 4.99% EBITDA/Interest Exp. 30.27

Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -5.64

Net Debt/EBITDA -1.56

Gross Margin 71.5% Total Debt/EBITDA 1.16

EBITDA Margin 89.6%

EBIT Margin 62.1% Total Debt/Equity 16.0%

Net Income Margin 35.2% Total Debt/Capital 13.6%

Asset Turnover 0.12

Current Ratio 29.27 Net Fixed Asset Turnover 0.15

Quick Ratio 28.23 Accounts receivable turnover-days 86.11

Debt to Assets 12.36% Inventory Days -

Tot Debt to Common Equity 15.95% Accounts Payable Turnover Day 11.57

Accounts Receivable Turnover 4.25 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Royal Gold IncPrice/Volume

Valuation Analysis

170'518.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

Page 33: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

BLACKROCK n/a ULT-AGG 7'427'251 11.54 - 31.03.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 5'440'661 8.45 1'174'946 29.04.2013 Investment Advisor

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

STATE STREET n/a ULT-AGG 3'387'502 5.26 188'296 29.04.2013 Investment Advisor

FMR LLC n/a ULT-AGG 2'287'976 3.55 (1'907'624) 31.03.2013 Investment Advisor

WELLS FARGO n/a ULT-AGG 2'234'914 3.47 197'748 31.03.2013 Investment Advisor

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

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 1'361'050 2.11 (47'750) 31.03.2013 Hedge Fund Manager

ALLIANZ ASSET MANAGE n/a ULT-AGG 1'234'254 1.92 (67'745) 31.03.2013 Investment Advisor

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

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

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

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

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

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

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

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

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

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

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

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

HSBC PATRICK CHIDLEY overweight 5 M 77 Not Provided 28.04.2013

Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 71 12 month 23.04.2013

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

RBC Capital Markets STEPHEN D WALKER sector perform 3 M 71 12 month 19.04.2013

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

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

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

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

Holdings By:

Royal Gold Inc ee

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

Page 34: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

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

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

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

Latest Fiscal Year: 06/2012

LTM as of: 12/yy

52-Week High (06.06.2012) 10.73

52-Week Low (18.04.2013) 4.57

Daily Volume

4.84

52-Week High % Change -54.99% Dividend Yield -

52-Week Low % Change 5.91% Beta 0.88

% 52 Week Price Range High/Low 5.36% Equity Float -

Shares Out 31.12.2012 435.3 Short Int 3.75

2'106.65 1 Yr Total Return -49.29%

Total Debt 1'844.00 YTD Return -45.50%

Preferred Stock 0.0 Adjusted BETA 0.883

Minority Interest 0.0 Analyst Recs 3

Cash and Equivalents 1'773.00 Consensus Rating 5.000

Enterprise Value -

Average Volume 5 Day 3'696'324

HMY US EQUITY YTD Change - Average Volume 30 Day 2'999'190

HMY US EQUITY YTD % CHANGE - Average Volume 3 Month 2'863'461

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

30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

9'617.0 11'496.0 11'284.0 11'596.0 15'169.0 13'536.0 16'047.0 16'682.3 22'264.3 - -

4.37x 2.83x 3.13x 3.41x 2.18x 12.28x 8.20x 1.14x 0.92x - -

1'393.0 2'125.0 1'737.0 2'354.0 4'222.0 3'077.0 3'562.0 4'866.6 8'430.0 - -

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

(245.0) 2'927.0 (192.0) 617.0 2'645.0 1'720.0 2'314.0 1'854.6 3'517.8 - -

- - - - - 0.00x 0.00x 10.63x 5.38x - -

EBITDA 4'222.00 Long-Term Rating Date -

EBIT 2'231.00 Long-Term Rating -

Operating Margin 14.71% Long-Term Outlook -

Pretax Margin 12.72% Short-Term Rating Date -

Return on Assets 5.25% Short-Term Rating -

Return on Common Equity 6.80%

Return on Capital - EBITDA/Interest Exp. 14.26

Asset Turnover 0.36% (EBITDA-Capex)/Interest Exp. 3.47

Net Debt/EBITDA -0.04

Gross Margin 25.7% Total Debt/EBITDA 0.67

EBITDA Margin 22.2%

EBIT Margin 10.7% Total Debt/Equity 5.4%

Net Income Margin 17.4% Total Debt/Capital 5.1%

Asset Turnover 0.36

Current Ratio 2.28 Net Fixed Asset Turnover 0.48

Quick Ratio 0.93 Accounts receivable turnover-days 27.63

Debt to Assets 4.27% Inventory Days 29.08

Tot Debt to Common Equity 5.41% Accounts Payable Turnover Day 51.94

Accounts Receivable Turnover 13.25 Cash Conversion Cycle 31.22

Inventory Turnover 12.59

Fiscal Year Ended

Harmony Gold Mining Co LtdPrice/Volume

Valuation Analysis

433'330.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

Page 35: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

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

VAN ECK ASSOCIATES C n/a ULT-AGG 29'990'015 6.89 5'544'228 29.04.2013 Investment Advisor

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 20'829'043 4.79 (1'394'122) 31.03.2013 Hedge Fund Manager

BLACKROCK n/a ULT-AGG 20'017'881 4.6 (3'910'953) 26.04.2013 Investment Advisor

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

CAPITAL GROUP COMPAN n/a ULT-AGG 6'004'994 1.38 (1'282'000) 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 4'456'773 1.02 (196'323) 31.03.2013 Investment Advisor

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

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

GAMCO n/a ULT-AGG 1'982'630 0.46 132'770 31.12.2012 Unclassified

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 1'826'300 0.42 (286'323) 31.12.2012 Hedge Fund Manager

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

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

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

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

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

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

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

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

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

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

HSBC PATRICK CHIDLEY overweight 5 M 7 Not Provided 28.04.2013

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

BMO Capital Markets DAVID HAUGHTON market perform 3 M 11 Not Provided 24.02.2010

Holdings By:

Harmony Gold Mining Co Ltd ee

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

Page 36: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

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

pipeline of development and exploration projects.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (05.10.2012) 16.88

52-Week Low (18.04.2013) 4.60

Daily Volume

5.0817

52-Week High % Change -69.90% Dividend Yield -

52-Week Low % Change 10.47% Beta 0.96

% 52 Week Price Range High/Low 5.13% Equity Float 371.42

Shares Out 28.03.2013 376.6 Short Int 4.60

1'913.58 1 Yr Total Return -58.13%

Total Debt 641.40 YTD Return -55.70%

Preferred Stock 0.0 Adjusted BETA 0.960

Minority Interest 76.7 Analyst Recs 24

Cash and Equivalents 813.50 Consensus Rating 3.417

Enterprise Value 1'818.18

Average Volume 5 Day 6'160'789

IAG US EQUITY YTD Change - Average Volume 30 Day 6'867'198

IAG US EQUITY YTD % CHANGE - Average Volume 3 Month 6'570'385

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

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

869.6 914.3 1'097.1 1'673.2 1'670.0 1'673.2 1'670.0 1'631.4 1'809.7 386.0 400.8

2.09x 6.14x 5.88x 2.98x 2.52x 15.16x 10.85x 1.37x 1.36x 5.21x 5.29x

342.1 378.6 470.3 785.0 710.1 785.0 710.1 651.9 770.4 189.0 172.5

5.31x 14.82x 13.71x 6.36x 5.94x 6.36x 5.94x 2.79x 2.36x 2.53x 2.81x

(9.9) 114.1 262.6 806.6 334.7 806.6 334.7 228.2 304.4 53.0 45.6

- - - - - 0.00x 0.00x 9.93x 7.53x 8.56x 7.81x

EBITDA 710.10 Long-Term Rating Date 10.09.2012

EBIT 546.20 Long-Term Rating BB-

Operating Margin 32.71% Long-Term Outlook STABLE

Pretax Margin 34.17% Short-Term Rating Date -

Return on Assets 6.85% Short-Term Rating -

Return on Common Equity 9.29%

Return on Capital 9.60% EBITDA/Interest Exp. 38.38

Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 0.52

Net Debt/EBITDA -0.24

Gross Margin 43.2% Total Debt/EBITDA 0.90

EBITDA Margin 42.5%

EBIT Margin 32.7% Total Debt/Equity 17.2%

Net Income Margin 20.0% Total Debt/Capital 14.4%

Asset Turnover 0.34

Current Ratio 3.76 Net Fixed Asset Turnover 0.73

Quick Ratio 2.61 Accounts receivable turnover-days 32.10

Debt to Assets 11.93% Inventory Days 142.44

Tot Debt to Common Equity 17.20% Accounts Payable Turnover Day 82.70

Accounts Receivable Turnover 11.40 Cash Conversion Cycle 91.84

Inventory Turnover 2.57

Fiscal Year Ended

IAMGOLD CorpPrice/Volume

Valuation Analysis

1'494'284.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

Page 37: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

BLACKROCK n/a ULT-AGG 43'954'065 11.67 - 31.03.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 35'765'320 9.5 (4'226'809) 29.04.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 14'154'923 3.76 2'840'159 31.12.2012 Bank

FMR LLC n/a ULT-AGG 9'811'133 2.61 (2'608'732) 31.03.2013 Investment Advisor

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

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

UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 6'464'401 1.72 (90'001) 31.12.2012 Investment Advisor

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 6'125'592 1.63 (776'100) 31.03.2013 Hedge Fund Manager

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

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

CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 5'356'509 1.42 (87'839) 31.03.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 5'249'538 1.39 (169'616) 31.03.2013 Investment Advisor

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 5'016'061 1.33 (268'526) 31.03.2013 Investment Advisor

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

TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 4'617'450 1.23 158'233 31.12.2012 Investment Advisor

PAULSON & CO PAULSON & CO 13F 3'881'900 1.03 - 31.12.2012 Hedge Fund Manager

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

MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 3'462'599 0.92 275'900 31.03.2013 Investment Advisor

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

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

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Clarus Securities NANA SANGMUAH hold 3 M 13 12 month 29.04.2013

HSBC PATRICK CHIDLEY overweight 5 M 8 Not Provided 28.04.2013

Societe Generale BRUCE ALWAY sell 1 M 5 12 month 26.04.2013

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

Macquarie TONY LESIAK outperform 5 M 7 12 month 25.04.2013

Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 7 12 month 23.04.2013

TD Securities STEVEN J GREEN buy 5 M 11 12 month 23.04.2013

Barclays FAROOQ HAMED equalweight 3 M 6 Not Provided 23.04.2013

Credit Suisse ANITA SONI underperform 1 M 7 Not Provided 22.04.2013

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

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

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

BMO Capital Markets DAVID HAUGHTON market perform 3 M 9 Not Provided 15.04.2013

GMP GEORGE V ALBINO buy 5 M 15 12 month 15.04.2013

National Bank Financial PAOLO LOSTRITTO outperform 5 M 14 12 month 15.04.2013

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

CIBC World Markets ALEC KODATSKY sector perform 3 M 9 Not Provided 11.04.2013

Paradigm Capital Inc DON MACLEAN buy 5 M 25 12 month 25.03.2013

Salman Partners DAVID WEST buy 5 M 14 Not Provided 22.03.2013

Mackie Research Capital Corp. BARRY D ALLAN hold 3 M 14 Not Provided 12.03.2013

Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 7 Not Provided 21.02.2013

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

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

Holdings By:

IAMGOLD Corp ee

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

Page 38: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

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

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (01.11.2012) 22.83

52-Week Low (18.04.2013) 11.78

Daily Volume

12.58

52-Week High % Change -45.07% Dividend Yield -

52-Week Low % Change 6.79% Beta 1.01

% 52 Week Price Range High/Low 8.69% Equity Float 149.44

Shares Out 28.03.2013 151.8 Short Int 3.44

1'909.84 1 Yr Total Return -34.52%

Total Debt 77.98 YTD Return -32.33%

Preferred Stock 0.0 Adjusted BETA 1.014

Minority Interest 7.3 Analyst Recs 15

Cash and Equivalents 542.32 Consensus Rating 3.533

Enterprise Value 1'452.83

Average Volume 5 Day 2'085'762

PAAS US EQUITY YTD Change - Average Volume 30 Day 2'170'909

PAAS US EQUITY YTD % CHANGE - Average Volume 3 Month 1'760'121

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

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

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

4.05x 5.14x 6.33x 2.15x 2.57x 12.63x 11.01x 1.41x 1.24x 5.74x 5.67x

121.0 179.1 277.8 445.9 362.0 455.9 362.0 405.4 466.0 94.8 90.7

11.33x 13.05x 14.73x 4.12x 6.60x 4.03x 6.60x 3.61x 3.14x 3.79x 3.44x

24.6 62.0 13.7 352.5 87.4 352.5 87.4 189.2 226.6 40.7 39.8

- - - - - 0.00x 0.00x 12.81x 10.73x 10.79x 9.90x

EBITDA 361.98 Long-Term Rating Date -

EBIT 253.83 Long-Term Rating -

Operating Margin 27.33% Long-Term Outlook -

Pretax Margin 19.53% Short-Term Rating Date -

Return on Assets 3.27% Short-Term Rating -

Return on Common Equity 4.05%

Return on Capital 4.11% EBITDA/Interest Exp. 47.15

Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. 26.32

Net Debt/EBITDA -1.28

Gross Margin 45.2% Total Debt/EBITDA 0.22

EBITDA Margin 39.0%

EBIT Margin 27.3% Total Debt/Equity 2.9%

Net Income Margin 9.4% Total Debt/Capital 2.8%

Asset Turnover 0.35

Current Ratio 4.96 Net Fixed Asset Turnover 0.55

Quick Ratio 3.44 Accounts receivable turnover-days 46.91

Debt to Assets 2.30% Inventory Days 137.18

Tot Debt to Common Equity 2.87% Accounts Payable Turnover Day 36.38

Accounts Receivable Turnover 7.80 Cash Conversion Cycle 154.58

Inventory Turnover 2.67

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Pan American Silver CorpPrice/Volume

Valuation Analysis

355'722.00

Current Price (4/dd/yy) Market Data

'

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

Page 39: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

BLACKROCK n/a ULT-AGG 12'051'414 7.94 - 26.04.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 10'498'344 6.92 1'951'350 29.04.2013 Investment Advisor

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

UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 3'951'500 2.6 (126'002) 31.12.2012 Investment Advisor

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 3'257'722 2.15 (10'899) 31.03.2013 Hedge Fund Manager

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

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 2'049'341 1.35 130'000 31.12.2012 Investment Advisor

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

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

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

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

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 1'446'774 0.95 16'500 31.12.2012 Investment Advisor

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

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

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

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

FMR LLC n/a ULT-AGG 1'154'508 0.76 (48'347) 31.03.2013 Investment Advisor

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

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

JP MORGAN n/a ULT-AGG 1'087'824 0.72 (925'154) 31.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Raymond James BRAD HUMPHREY outperform 5 M 21 12 month 24.04.2013

Scotia Capital TREVOR TURNBULL sector outperform 5 M 19 12 month 23.04.2013

TD Securities DANIEL EARLE hold 3 M 16 12 month 23.04.2013

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

RBC Capital Markets DAN ROLLINS sector perform 3 M 14 12 month 19.04.2013

JPMorgan JOHN BRIDGES underweight 1 M 18 6 month 19.04.2013

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

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

Deutsche Bank JORGE M BERISTAIN hold 3 M 16 12 month 11.04.2013

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

Cowen Securities LLC ADAM P GRAF buy 5 M 20 Not Provided 09.04.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 21.03.2013

Sterne, Agee & Leach MICHAEL S DUDAS neutral 3 M #N/A N/A Not Provided 25.02.2013

Salman Partners DAVID WEST buy 5 M 22 12 month 22.02.2013

Holdings By:

Pan American Silver Corp ee

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

Page 40: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

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

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

and the La Guitarra Silver Mine.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (09.11.2012) 24.20

52-Week Low (23.04.2013) 10.77

Daily Volume

11.86

52-Week High % Change -51.12% Dividend Yield -

52-Week Low % Change 10.12% Beta 1.20

% 52 Week Price Range High/Low 9.98% Equity Float 111.14

Shares Out 28.03.2013 117.0 Short Int 0.95

1'387.35 1 Yr Total Return -24.79%

Total Debt 29.64 YTD Return -41.26%

Preferred Stock 0.0 Adjusted BETA 1.202

Minority Interest 0.0 Analyst Recs 7

Cash and Equivalents 111.59 Consensus Rating 4.143

Enterprise Value 1'305.40

Average Volume 5 Day 1'514'734

AG US EQUITY YTD Change - Average Volume 30 Day 1'180'223

AG US EQUITY YTD % CHANGE - Average Volume 3 Month 1'068'518

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

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

41.8 52.4 117.9 245.5 247.2 245.5 247.2 373.0 542.5 - -

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

2.3 11.7 53.4 156.2 135.1 156.2 135.1 214.0 308.3 - -

59.08x 28.43x 25.73x 10.89x 16.82x 10.89x 16.82x 6.11x 4.24x - -

(4.9) 5.6 35.1 103.6 88.9 103.6 88.9 149.5 224.0 - -

- - - - - 0.00x 0.00x 14.00x 9.03x 11.88x 9.80x

EBITDA 135.11 Long-Term Rating Date -

EBIT 109.13 Long-Term Rating -

Operating Margin 44.15% Long-Term Outlook -

Pretax Margin 44.90% Short-Term Rating Date -

Return on Assets 14.15% Short-Term Rating -

Return on Common Equity 18.83%

Return on Capital 18.36% EBITDA/Interest Exp. 58.92

Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. -17.45

Net Debt/EBITDA -0.61

Gross Margin 57.5% Total Debt/EBITDA 0.22

EBITDA Margin 54.7%

EBIT Margin 44.2% Total Debt/Equity 5.0%

Net Income Margin 36.0% Total Debt/Capital 4.8%

Asset Turnover 0.39

Current Ratio 3.02 Net Fixed Asset Turnover 0.56

Quick Ratio 2.29 Accounts receivable turnover-days 26.05

Debt to Assets 3.65% Inventory Days 66.66

Tot Debt to Common Equity 4.99% Accounts Payable Turnover Day 69.36

Accounts Receivable Turnover 14.05 Cash Conversion Cycle 23.35

Inventory Turnover 5.49

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

First Majestic Silver CorpPrice/Volume

Valuation Analysis

259'138.00

Current Price (4/dd/yy) Market Data

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

Page 41: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

VAN ECK ASSOCIATES C n/a ULT-AGG 7'999'040 6.84 1'502'609 29.04.2013 Investment Advisor

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

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

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

CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 2'643'635 2.26 850'190 31.12.2012 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'550'000 2.18 - 28.02.2013 Investment Advisor

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

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

ROYAL BANK OF CANADA n/a ULT-AGG 1'398'251 1.2 644'865 28.02.2013 Bank

TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 1'332'088 1.14 1'295'488 31.12.2012 Investment Advisor

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

CANADA PENSION PLAN CANADA PENSION PLAN 13F 1'183'943 1.01 (118'994) 31.12.2012 Pension Fund (ERISA)

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 1'096'680 0.94 12'400 31.12.2012 Investment Advisor

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

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

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

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

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

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

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

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

BMO Capital Markets ANDREW KAIP market perform 3 M 18 Not Provided 26.04.2013

Raymond James CHRIS THOMPSON outperform 5 M 20 12 month 24.04.2013

TD Securities DANIEL EARLE buy 5 M 18 12 month 23.04.2013

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

Casimir Capital STUART MCDOUGALL strong buy 5 M 22 12 month 15.04.2013

Cowen Securities LLC ADAM P GRAF buy 5 M 17 12 month 09.04.2013

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

Holdings By:

First Majestic Silver Corp ee

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

Page 42: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Coeur d'Alene Mines Corporation, through its subsidiaries, explores, develops,

operates, and/or owns silver and gold mining properties and companies. The

Company's properties are located primarily in the United States, Australia, and

South America.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (01.11.2012) 31.97

52-Week Low (18.04.2013) 13.31

Daily Volume

14.59

52-Week High % Change -54.55% Dividend Yield -

52-Week Low % Change 9.62% Beta 1.30

% 52 Week Price Range High/Low 8.04% Equity Float 102.01

Shares Out 23.04.2013 102.6 Short Int 3.91

1'496.93 1 Yr Total Return -32.30%

Total Debt 124.55 YTD Return -40.69%

Preferred Stock 0.0 Adjusted BETA 1.297

Minority Interest 0.0 Analyst Recs 7

Cash and Equivalents 153.50 Consensus Rating 4.286

Enterprise Value 1'467.97

Average Volume 5 Day 1'811'326

CDE US EQUITY YTD Change - Average Volume 30 Day 1'746'520

CDE US EQUITY YTD % CHANGE - Average Volume 3 Month 1'656'453

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

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

170.9 300.4 515.5 1'021.2 895.5 1'021.2 895.5 940.3 1'061.3 198.3 232.0

5.09x 5.42x 4.98x 2.05x 2.45x 9.28x 9.22x 1.50x 1.17x 7.20x 6.43x

0.3 78.2 218.7 531.3 378.2 531.3 378.2 385.3 516.3 73.8 89.1

2750.95x 20.82x 11.74x 3.95x 5.80x 3.95x 5.80x 3.83x 2.85x 3.79x 3.14x

(0.6) (27.1) (91.3) 93.5 48.7 93.5 48.7 96.8 170.2 15.1 15.7

- - - 22.35x 41.69x 22.35x 42.41x 20.10x 10.93x 14.93x 11.53x

EBITDA 378.23 Long-Term Rating Date 25.06.2012

EBIT 159.37 Long-Term Rating B+

Operating Margin 17.80% Long-Term Outlook STABLE

Pretax Margin 13.10% Short-Term Rating Date -

Return on Assets 1.50% Short-Term Rating -

Return on Common Equity 2.25%

Return on Capital - EBITDA/Interest Exp. 13.10

Asset Turnover 0.28% (EBITDA-Capex)/Interest Exp. 8.08

Net Debt/EBITDA -0.08

Gross Margin 24.6% Total Debt/EBITDA 0.33

EBITDA Margin 42.2%

EBIT Margin 17.8% Total Debt/Equity 5.7%

Net Income Margin 5.4% Total Debt/Capital 5.4%

Asset Turnover 0.28

Current Ratio 1.70 Net Fixed Asset Turnover 0.33

Quick Ratio 0.79 Accounts receivable turnover-days 29.82

Debt to Assets 3.87% Inventory Days 82.19

Tot Debt to Common Equity 5.67% Accounts Payable Turnover Day 34.90

Accounts Receivable Turnover 12.27 Cash Conversion Cycle 77.12

Inventory Turnover 4.45

Fiscal Year Ended

Coeur d'Alene Mines CorpPrice/Volume

Valuation Analysis

306'378.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

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

Page 43: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

BLACKROCK n/a ULT-AGG 7'408'808 7.22 - 31.03.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 6'165'441 6.01 1'114'305 29.04.2013 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 4'876'942 4.75 (420'427) 31.03.2013 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 4'438'757 4.33 256'439 31.12.2012 Investment Advisor

STATE STREET n/a ULT-AGG 4'427'354 4.32 (54'878) 29.04.2013 Investment Advisor

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 2'810'872 2.74 (256'964) 31.03.2013 Investment Advisor

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 2'403'100 2.34 350'000 31.12.2012 Investment Advisor

GUGGENHEIM n/a ULT-AGG 2'259'708 2.2 986'778 31.03.2013 Unclassified

ATLANTIC INVESTMENT ATLANTIC INVESTMENT 13F 2'031'590 1.98 (285'500) 31.12.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'857'341 1.81 60'904 31.12.2012 Investment Advisor

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1'795'841 1.75 (457'409) 31.12.2012 Investment Advisor

DONALD SMITH & CO IN DONALD SMITH & CO IN 13F 1'602'028 1.56 1'602'028 31.12.2012 Investment Advisor

SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 1'278'258 1.25 272'396 31.12.2012 Hedge Fund Manager

DREMAN VALUE MANAGEM DREMAN VALUE MANAGEM 13F 1'265'889 1.23 (232'106) 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 1'105'840 1.08 (51'910) 31.03.2013 Investment Advisor

NEW JERSEY DIVISION STATE OF NJ COMMON P 13F 1'000'000 0.97 1'000'000 31.12.2012 Pension Fund (ERISA)

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 996'110 0.97 756'816 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 942'523 0.92 (89'282) 31.03.2013 Investment Advisor

SPROTT INC SPROTT INC 13F 838'500 0.82 (341'000) 31.03.2013 Hedge Fund Manager

INVESCO LTD n/a ULT-AGG 733'057 0.71 (410'219) 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 30.04.2013

Deutsche Bank JORGE M BERISTAIN buy 5 M 21 12 month 29.04.2013

Global Hunter Securities JEFF WRIGHT accumulate 4 M 23 12 month 29.04.2013

Cormark Securities Inc. GRAEME JENNINGS market perform 3 M 20 12 month 22.04.2013

JPMorgan JOHN BRIDGES restricted #N/A N/A M #N/A N/A Not Provided 19.04.2013

BMO Capital Markets ANDREW KAIP market perform 3 M 17 Not Provided 17.04.2013

Sidoti & Company LLC ADAM BROOKS buy 5 M 24 12 month 17.04.2013

Sterne, Agee & Leach MICHAEL S DUDAS buy 5 M 36 12 month 12.04.2013

Holdings By:

Coeur d'Alene Mines Corp ee

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

Page 44: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

AuRico Gold Inc. is a Canadian gold producer with mines and projects in North

America that have solid production growth and exploration potential. The Company

is focused on its core operations including the Young-Davidson gold mine in

northern Ontario and the El Chanate mine in Sonora State, Mexico. AuRico's

project pipeline also includes development opportunities in Canada and Mexico.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (01.05.2012) 9.50

52-Week Low (18.04.2013) 4.52

Daily Volume

5

52-Week High % Change -47.16% Dividend Yield -

52-Week Low % Change 10.62% Beta 0.87

% 52 Week Price Range High/Low 11.04% Equity Float 245.79

Shares Out 28.03.2013 246.6 Short Int 13.50

1'233.18 1 Yr Total Return -45.11%

Total Debt 188.57 YTD Return -38.47%

Preferred Stock 0.0 Adjusted BETA 0.870

Minority Interest 0.0 Analyst Recs 14

Cash and Equivalents 603.40 Consensus Rating 3.214

Enterprise Value 818.35

Average Volume 5 Day 2'986'072

AUQ US EQUITY YTD Change - Average Volume 30 Day 3'464'322

AUQ US EQUITY YTD % CHANGE - Average Volume 3 Month 3'328'162

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

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

212.5 206.8 238.3 83.9 163.6 212.3 233.4 301.4 415.2 59.9 58.4

3.30x 6.86x 4.42x 27.78x 11.67x 33.27x 39.23x 3.95x 2.86x 12.41x 13.31x

53.3 70.5 106.6 2.3 52.3 106.8 79.9 144.3 217.3 26.8 21.0

13.17x 20.14x 9.87x 1003.29x 36.48x 0.00x 23.88x 5.76x 3.82x 5.82x 5.09x

38.7 8.2 (134.7) 176.9 33.2 176.9 33.2 64.8 94.6 14.2 6.6

- - - - - 0.00x 0.00x 18.47x 12.29x 17.73x 14.58x

EBITDA 52.33 Long-Term Rating Date -

EBIT 33.61 Long-Term Rating -

Operating Margin 20.54% Long-Term Outlook -

Pretax Margin -60.53% Short-Term Rating Date -

Return on Assets 1.09% Short-Term Rating -

Return on Common Equity 1.46%

Return on Capital - EBITDA/Interest Exp. 23.39

Asset Turnover - (EBITDA-Capex)/Interest Exp. -142.03

Net Debt/EBITDA -5.19

Gross Margin 43.2% Total Debt/EBITDA 2.36

EBITDA Margin -

EBIT Margin - Total Debt/Equity 8.2%

Net Income Margin 20.3% Total Debt/Capital 7.6%

Asset Turnover -

Current Ratio 7.76 Net Fixed Asset Turnover -

Quick Ratio 6.33 Accounts receivable turnover-days -

Debt to Assets 6.51% Inventory Days -

Tot Debt to Common Equity 8.21% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

AuRico Gold IncPrice/Volume

Valuation Analysis

473'854.00

Current Price (4/dd/yy) Market Data

'-.0123456

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100.0

150.0

200.0

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

Page 45: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

WELLINGTON MANAGEMEN n/a 13G 29'437'231 11.94 9'509'551 31.01.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 24'673'016 10 - 29.04.2013 Investment Advisor

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 12'572'597 5.1 1'193'174 31.03.2013 Investment Advisor

SENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 11'799'825 4.78 (2'491'500) 31.12.2012 Investment Advisor

HEARTLAND ADVISORS I HEARTLAND ADVISORS I 13F 11'733'592 4.76 (677'807) 31.12.2012 Investment Advisor

DONALD SMITH & CO IN DONALD SMITH & CO IN 13F 8'335'053 3.38 164'601 31.12.2012 Investment Advisor

UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 8'314'200 3.37 (87'073) 31.12.2012 Investment Advisor

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 7'469'100 3.03 680'000 31.12.2012 Investment Advisor

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 4'793'558 1.94 38'100 31.12.2012 Investment Advisor

OPUS CAPITAL GROUP L OPUS CAPITAL GROUP L 13F 4'478'647 1.82 1'610'951 31.03.2013 Investment Advisor

NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 3'916'476 1.59 (2'801'559) 31.12.2012 Investment Advisor

HEXAVEST INC HEXAVEST INC 13F 3'895'355 1.58 (1'586'686) 31.03.2013 Investment Advisor

MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 3'862'659 1.57 371'532 31.03.2013 Investment Advisor

INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 3'699'470 1.5 1'016'940 31.12.2012 Investment Advisor

FIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 3'677'730 1.49 (11'562'015) 31.03.2013 Investment Advisor

ASTON ASSET MANAGEME Multiple Portfolios MF-AGG 3'654'124 1.48 488'507 28.03.2013 Investment Advisor

SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 3'493'185 1.42 (50'000) 31.12.2012 Hedge Fund Manager

DREMAN VALUE MANAGEM DREMAN VALUE MANAGEM 13F 3'453'046 1.4 (54'087) 31.12.2012 Investment Advisor

GEOLOGIC RESOURCE PA GEOLOGIC RESOURCE PA 13F 3'444'100 1.4 (500'000) 31.12.2012 Hedge Fund Manager

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 3'343'677 1.36 (389'322) 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Macquarie TONY LESIAK outperform 5 M 6 12 month 25.04.2013

TD Securities STEVEN J GREEN reduce 2 M 5 12 month 23.04.2013

Credit Suisse ANITA SONI neutral 3 M 8 Not Provided 22.04.2013

Canaccord Genuity Corp RAHUL PAUL buy 5 M 9 12 month 22.04.2013

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

Raymond James GARY J BASCHUK Under Review #N/A N/A M #N/A N/A Not Provided 18.04.2013

Dundee Securities Corp JOE FAZZINI neutral 3 M 7 Not Provided 16.04.2013

BMO Capital Markets BRIAN QUAST market perform 3 M 8 Not Provided 15.04.2013

Desjardins Securities ADAM MELNYK hold 3 M 8 Not Provided 15.04.2013

GMP CHELSEA HAMILTON buy 5 M 12 12 month 15.04.2013

National Bank Financial PAOLO LOSTRITTO sector perform 3 M 6 12 month 15.04.2013

EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 15.04.2013

CIBC World Markets COSMOS CHIU sector perform 3 M 8 Not Provided 11.04.2013

Scotia Capital TREVOR TURNBULL sector perform 3 M 7 12 month 04.04.2013

Cowen Securities LLC ADAM P GRAF hold 3 M #N/A N/A Not Provided 26.03.2013

Holdings By:

AuRico Gold Inc ee

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

Page 46: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Allied Nevada Gold Corporation evaluates, acquires, explores, and advances

gold exploration and potential development projects. The Company's holdings

include projects in Nevada, California, Idaho and Colorado in the United

States, as well as Bolivia, Mexico, Indonesia and Australia.

Latest Fiscal Year: 12/2012

LTM as of: 03/yy

52-Week High (17.10.2012) 41.02

52-Week Low (18.04.2013) 10.20

Daily Volume

10.7

52-Week High % Change -74.65% Dividend Yield 0.00

52-Week Low % Change 4.90% Beta 1.03

% 52 Week Price Range High/Low 5.29% Equity Float 82.61

Shares Out 25.04.2013 89.9 Short Int 6.78

961.81 1 Yr Total Return -63.47%

Total Debt 525.19 YTD Return -64.49%

Preferred Stock 0.0 Adjusted BETA 1.035

Minority Interest 0.0 Analyst Recs 10

Cash and Equivalents 347.05 Consensus Rating 3.300

Enterprise Value 1'139.96

Average Volume 5 Day 2'268'719

ANV US EQUITY YTD Change - Average Volume 30 Day 2'577'116

ANV US EQUITY YTD % CHANGE - Average Volume 3 Month 1'843'639

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

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

0.0 43.2 130.9 152.0 214.6 159.3 224.5 394.2 586.0 72.8 86.8

- 23.79x 15.41x 16.34x 13.43x 69.10x 39.30x 3.46x 2.54x 9.86x 7.21x

(38.7) (0.8) 30.5 48.8 95.5 64.8 77.6 186.8 346.5 25.1 29.8

- - 66.12x 50.94x 30.19x 42.00x 0.00x 6.10x 3.29x 9.06x 7.86x

(79.6) 8.5 34.1 36.7 47.7 48.6 44.5 87.4 172.5 11.3 14.1

- 107.71x 64.17x 77.64x 57.94x 62.56x 33.59x 11.90x 6.19x 8.20x 6.65x

EBITDA 95.46 Long-Term Rating Date 07.06.2012

EBIT 80.87 Long-Term Rating B

Operating Margin 37.69% Long-Term Outlook STABLE

Pretax Margin 29.90% Short-Term Rating Date -

Return on Assets 5.04% Short-Term Rating -

Return on Common Equity 8.05%

Return on Capital 6.96% EBITDA/Interest Exp. 3.69

Asset Turnover 0.23% (EBITDA-Capex)/Interest Exp. -6.45

Net Debt/EBITDA 1.87

Gross Margin 49.0% Total Debt/EBITDA 5.50

EBITDA Margin 44.5%

EBIT Margin 37.7% Total Debt/Equity 84.7%

Net Income Margin 22.2% Total Debt/Capital 45.9%

Asset Turnover 0.23

Current Ratio 5.58 Net Fixed Asset Turnover 0.62

Quick Ratio 4.00 Accounts receivable turnover-days 51.58

Debt to Assets 42.43% Inventory Days 140.60

Tot Debt to Common Equity 84.71% Accounts Payable Turnover Day 115.64

Accounts Receivable Turnover 7.10 Cash Conversion Cycle 76.54

Inventory Turnover 2.60

Fiscal Year Ended

Allied Nevada Gold CorpPrice/Volume

Valuation Analysis

833'915.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

Page 47: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

VAN ECK ASSOCIATES C n/a ULT-AGG 7'138'101 7.94 1'164'848 29.04.2013 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 4'618'576 5.14 (88'198) 31.03.2013 Investment Advisor

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 4'534'307 5.04 (1'437'400) 31.03.2013 Investment Advisor

PESCIO CARL A n/a Form 4 4'403'800 4.9 (296'200) 21.09.2012 n/a

SENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 4'254'700 4.73 5'600 31.12.2012 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'976'128 4.42 1'180'057 31.12.2012 Investment Advisor

GCIC LTD/CANADA n/a 13G 3'931'475 4.37 (1'847'320) 18.04.2013 Investment Advisor

STATE STREET n/a ULT-AGG 3'793'522 4.22 68'701 29.04.2013 Investment Advisor

FMR LLC n/a ULT-AGG 3'225'015 3.59 192'715 31.03.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 3'054'914 3.4 (174'019) 26.04.2013 Investment Advisor

BAUPOST GROUP LLC THE BAUPOST GROUP LL 13F 2'853'550 3.17 (2'200'000) 31.12.2012 Hedge Fund Manager

UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 2'408'733 2.68 18'784 31.12.2012 Investment Advisor

BUCHAN ROBERT M n/a PROXY 2'211'500 2.46 (23'300) 08.03.2013 n/a

PERRY CORP PERRY CORPORATION 13F 2'142'250 2.38 259'000 31.12.2012 Hedge Fund Manager

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 1'857'800 2.07 300'000 31.12.2012 Investment Advisor

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 1'768'623 1.97 (400'400) 31.03.2013 Hedge Fund Manager

SCOTIA ASSET MANAGEM Multiple Portfolios MF-AGG 1'620'900 1.8 - 28.02.2013 Investment Advisor

PAULSON & CO PAULSON & CO 13F 1'509'221 1.68 - 31.12.2012 Hedge Fund Manager

COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 1'444'000 1.61 1'444'000 31.12.2012 Investment Advisor

GUGGENHEIM n/a ULT-AGG 1'199'739 1.33 571'495 31.03.2013 Unclassified

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

RBC Capital Markets SAM CRITTENDEN sector perform 3 D 15 12 month 29.04.2013

Macquarie MICHAEL GRAY underperform 1 M 9 12 month 25.04.2013

Scotia Capital TREVOR TURNBULL sector perform 3 U 15 12 month 23.04.2013

Canaccord Genuity Corp STEVEN BUTLER buy 5 M 26 12 month 22.04.2013

Cormark Securities Inc. MIKE KOZAK speculative buy 4 M 24 12 month 22.04.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 18.04.2013

CIBC World Markets CHITIMUKULU MUSONDA sector perform 3 M 19 Not Provided 11.04.2013

BMO Capital Markets BRIAN QUAST underperform 1 M 18 Not Provided 09.04.2013

GMP ANDREW MIKITCHOOK buy 5 M 43 12 month 09.04.2013

Cowen Securities LLC ADAM P GRAF buy 5 M 46 12 month 09.04.2013

Holdings By:

Allied Nevada Gold Corp ee

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

Page 48: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Hecla Mining Company explores, develops, and mines precious metals, gold and

silver. The Company has operations in the United States and Mexico.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (21.09.2012) 6.92

52-Week Low (18.04.2013) 2.95

Daily Volume

3.24

52-Week High % Change -53.35% Dividend Yield 1.93

52-Week Low % Change 9.83% Beta 1.35

% 52 Week Price Range High/Low 8.05% Equity Float 283.18

Shares Out 21.02.2013 285.2 Short Int 23.69

924.03 1 Yr Total Return -23.37%

Total Debt 17.50 YTD Return -44.26%

Preferred Stock 0.0 Adjusted BETA 1.354

Minority Interest 0.0 Analyst Recs 8

Cash and Equivalents 190.98 Consensus Rating 3.500

Enterprise Value 750.58

Average Volume 5 Day 5'924'867

HL US EQUITY YTD Change - Average Volume 30 Day 6'550'337

HL US EQUITY YTD % CHANGE - Average Volume 3 Month 5'727'441

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

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

204.7 312.5 418.8 477.6 321.1 477.6 321.1 493.3 618.8 91.7 103.9

3.08x 4.39x 6.28x 2.59x 4.64x 13.24x 16.60x 2.45x 1.81x 8.40x 7.75x

15.3 132.3 211.3 254.7 92.9 253.4 92.9 221.6 326.3 40.4 49.7

41.21x 10.38x 12.44x 4.85x 16.03x 4.88x 16.03x 3.39x 2.30x 2.77x 2.33x

(66.6) 67.8 49.0 151.2 15.0 151.2 15.0 77.6 133.5 8.6 6.5

- 34.33x 62.56x 12.16x 83.29x 12.16x 83.29x 15.07x 8.64x 14.21x 10.84x

EBITDA 92.91 Long-Term Rating Date 04.04.2013

EBIT 42.79 Long-Term Rating B

Operating Margin 13.33% Long-Term Outlook STABLE

Pretax Margin 7.42% Short-Term Rating Date -

Return on Assets 1.08% Short-Term Rating -

Return on Common Equity 1.26%

Return on Capital 1.44% EBITDA/Interest Exp. 38.28

Asset Turnover 0.23% (EBITDA-Capex)/Interest Exp. -8.32

Net Debt/EBITDA -1.87

Gross Margin 44.7% Total Debt/EBITDA 0.19

EBITDA Margin 28.9%

EBIT Margin 13.3% Total Debt/Equity 1.5%

Net Income Margin 4.7% Total Debt/Capital 1.5%

Asset Turnover 0.23

Current Ratio 2.98 Net Fixed Asset Turnover 0.33

Quick Ratio 2.20 Accounts receivable turnover-days 21.58

Debt to Assets 1.27% Inventory Days 56.49

Tot Debt to Common Equity 1.54% Accounts Payable Turnover Day 82.31

Accounts Receivable Turnover 16.96 Cash Conversion Cycle -4.24

Inventory Turnover 6.48

Fiscal Year Ended

Hecla Mining CoPrice/Volume

Valuation Analysis

1'293'417.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

'

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

Page 49: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

VAN ECK ASSOCIATES C n/a ULT-AGG 19'672'831 6.9 3'630'060 29.04.2013 Investment Advisor

STATE STREET n/a ULT-AGG 16'490'464 5.78 (1'261'865) 29.04.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 15'874'824 5.57 - 31.03.2013 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 15'111'549 5.3 (139'843) 31.03.2013 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5'094'157 1.79 233'659 31.12.2012 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 4'531'959 1.59 275'066 31.12.2012 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 4'041'712 1.42 (340'534) 31.12.2012 Investment Advisor

KESTREL INVESTMENT M KESTREL INVESTMENT M 13F 3'997'250 1.4 (98'000) 31.12.2012 Investment Advisor

SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 3'744'569 1.31 1'615'970 31.12.2012 Investment Advisor

CREDIT SUISSE AG CREDIT SUISSE AG 13F 2'966'054 1.04 (525'202) 31.12.2012 Investment Advisor

CS MCKEE LP C S MCKEE LP 13F 2'882'600 1.01 (359'600) 31.12.2012 Investment Advisor

LRI-FUND MANAGEMENT Multiple Portfolios MF-AGG 2'800'000 0.98 413'542 31.03.2013 Investment Advisor

GLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 2'771'542 0.97 (671'814) 31.12.2012 Investment Advisor

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 2'623'100 0.92 (2'027'715) 31.03.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 2'493'254 0.87 8'934 31.03.2013 Investment Advisor

DENVER INVESTMENT AD DENVER INVESTMENT AD 13F 2'443'226 0.86 (193'270) 31.12.2012 Investment Advisor

AXA n/a ULT-AGG 2'418'493 0.85 - 31.03.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 2'250'000 0.79 (150'000) 28.02.2013 Investment Advisor

QUANTEX AG Multiple Portfolios MF-AGG 2'035'400 0.71 (330'000) 29.03.2013 Investment Advisor

NEW JERSEY DIVISION STATE OF NJ COMMON P 13F 1'900'000 0.67 (2'100'000) 31.12.2012 Pension Fund (ERISA)

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Global Hunter Securities JEFF WRIGHT buy 5 M 6 12 month 29.04.2013

JPMorgan JOHN BRIDGES neutral 3 M 6 6 month 19.04.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 17.04.2013

BMO Capital Markets ANDREW KAIP market perform 3 M 5 Not Provided 15.04.2013

Canaccord Genuity Corp STEVEN BUTLER buy 5 M 6 12 month 15.04.2013

Deutsche Bank JORGE M BERISTAIN hold 3 U 4 12 month 11.04.2013

Sterne, Agee & Leach MICHAEL S DUDAS neutral 3 M #N/A N/A Not Provided 06.03.2013

Scotia Capital TREVOR TURNBULL restricted #N/A N/A M #N/A N/A Not Provided 05.03.2013

Holdings By:

Hecla Mining Co ee

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

Page 50: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

has a gold-copper-zinc mine in Eritrea.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (07.11.2012) 4.98

52-Week Low (16.05.2012) 2.68

Daily Volume

3.74

52-Week High % Change -24.90% Dividend Yield -

52-Week Low % Change 39.55% Beta 1.04

% 52 Week Price Range High/Low 47.83% Equity Float -

Shares Out #N/A N/A - Short Int 1.17

- 1 Yr Total Return 5.55%

Total Debt 0.00 YTD Return -12.62%

Preferred Stock 0.0 Adjusted BETA 1.038

Minority Interest 143.5 Analyst Recs 11

Cash and Equivalents 396.40 Consensus Rating 3.727

Enterprise Value -

Average Volume 5 Day 760'741

NSU US EQUITY YTD Change - Average Volume 30 Day 787'435

NSU US EQUITY YTD % CHANGE - Average Volume 3 Month 1'070'769

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

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

0.0 0.0 0.0 547.8 566.0 551.5 566.0 394.2 669.5 74.5 70.8

- - - 1.60x 1.05x 6.89x 4.04x - - - -

(6.1) (4.9) (12.2) 429.2 426.5 429.3 426.5 246.6 441.0 37.8 27.2

- - - 2.04x 1.40x 2.04x 1.40x - - - -

(5.7) (4.3) (13.3) 147.1 145.3 147.1 145.3 71.9 163.3 11.1 7.0

- - - - - 0.00x 0.00x 8.70x 3.92x 8.95x 7.03x

EBITDA 426.46 Long-Term Rating Date -

EBIT 397.41 Long-Term Rating -

Operating Margin 70.21% Long-Term Outlook -

Pretax Margin 70.80% Short-Term Rating Date -

Return on Assets 17.62% Short-Term Rating -

Return on Common Equity 26.00%

Return on Capital 36.05% EBITDA/Interest Exp. 683.43

Asset Turnover 0.69% (EBITDA-Capex)/Interest Exp. 544.86

Net Debt/EBITDA -0.93

Gross Margin 89.9% Total Debt/EBITDA 0.00

EBITDA Margin 75.3%

EBIT Margin 70.2% Total Debt/Equity 0.0%

Net Income Margin 25.7% Total Debt/Capital 0.0%

Asset Turnover 0.69

Current Ratio 6.56 Net Fixed Asset Turnover 1.83

Quick Ratio 5.92 Accounts receivable turnover-days 15.63

Debt to Assets 0.00% Inventory Days 250.60

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 30.26

Accounts Receivable Turnover 23.41 Cash Conversion Cycle 235.97

Inventory Turnover 1.46

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Nevsun Resources LtdPrice/Volume

Valuation Analysis

98'114.00

Current Price (4/dd/yy) Market Data

'

-

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100.0

200.0

300.0

400.0

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

Page 51: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

VANGUARD GROUP INC Multiple Portfolios MF-AGG 39'554'511 0 9'800 31.03.2013 Investment Advisor

M&G INVESTMENT MANAG M&G INVESTMENT MANAG 13F 38'500'000 0 - 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 29'730'099 0 - 26.04.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 24'147'000 0 (1'770'900) 31.03.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 13'698'233 0 2'496'855 29.04.2013 Investment Advisor

ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 5'077'040 0 613'900 31.03.2013 Investment Advisor

SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 4'239'444 0 124'000 31.03.2013 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'062'504 0 3'062'504 31.12.2012 Investment Advisor

CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 3'003'300 0 1'180'900 31.12.2012 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 1'883'601 0 4'200 31.12.2012 Pension Fund (ERISA)

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 1'878'320 0 - 31.12.2012 Investment Advisor

DAVIS CLIFFORD T n/a SEDI 1'553'219 0 (50'100) 19.11.2012 n/a

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 1'395'977 0 (80'700) 31.12.2012 Investment Advisor

CLARKE JOHN A n/a SEDI 1'367'000 0 - 31.12.2012 n/a

NORGES BANK NORGES BANK 13F 1'233'881 0 (146'716) 31.12.2012 Government

MCKINLEY CAPITAL MAN MCKINLEY CAPITAL MAN 13F 1'094'380 0 1'094'380 31.03.2013 Investment Advisor

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 1'091'342 0 11'479 31.03.2013 Investment Advisor

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 1'043'300 0 213'600 31.12.2012 Hedge Fund Manager

MORGAN STANLEY n/a ULT-AGG 1'028'199 0 763'003 31.03.2013 Investment Advisor

BATTERYMARCH FINANCI BATTERYMARCH FINANCI 13F 1'006'600 0 - 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

TD Securities STEVEN J GREEN hold 3 M 4 12 month 23.04.2013

Haywood Securities Inc. STEFAN IOANNOU buy 5 M 5 Not Provided 16.04.2013

Canaccord Genuity Corp RAHUL PAUL hold 3 M 4 12 month 15.04.2013

Cormark Securities Inc. CLIFF HALE-SANDERS buy 5 M 5 12 month 10.04.2013

Paradigm Capital Inc DAVID DAVIDSON buy 5 M 8 12 month 01.04.2013

CIBC World Markets COSMOS CHIU sector underperform 1 M 4 Not Provided 25.03.2013

GMP ANDREW MIKITCHOOK hold 3 M 4 12 month 22.03.2013

RBC Capital Markets PATRICK MORTON sector perform 3 M 5 12 month 21.03.2013

PI Financial Corp. ALEEM LADAK buy 5 M 6 12 month 21.03.2013

EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013

Holdings By:

Nevsun Resources Ltd ee

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

Page 52: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

exploration activities are located in the Abitibi region of north-western

Quebec, Canada. Aurizon operates and owns an interest in the Beaufor Mine,

the Sleeping Giant Mine, and the Casa Berardi property.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (01.05.2012) 5.57

52-Week Low (24.12.2012) 3.19

Daily Volume

4.181

52-Week High % Change -24.87% Dividend Yield -

52-Week Low % Change 31.07% Beta 0.98

% 52 Week Price Range High/Low 41.18% Equity Float 136.22

Shares Out 28.03.2013 164.6 Short Int 1.55

688.04 1 Yr Total Return -22.72%

Total Debt 0.00 YTD Return 20.14%

Preferred Stock 0.0 Adjusted BETA 0.979

Minority Interest 0.0 Analyst Recs 5

Cash and Equivalents 204.71 Consensus Rating 3.000

Enterprise Value 489.28

Average Volume 5 Day 628'997

AZK US EQUITY YTD Change - Average Volume 30 Day 722'442

AZK US EQUITY YTD % CHANGE - Average Volume 3 Month 886'202

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

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

144.5 175.6 178.7 260.0 223.6 260.0 223.6 206.2 266.3 40.2 46.6

4.07x 3.65x 5.82x 2.31x 1.61x 11.47x 9.66x - - - -

53.5 87.5 69.8 124.9 92.2 124.9 92.2 94.0 139.0 - -

10.98x 7.32x 14.90x 4.81x 3.90x 4.81x 3.90x 5.21x 3.52x - -

4.9 36.7 17.2 43.9 31.8 43.9 31.8 27.9 51.1 3.2 3.4

- - - - - 0.00x 0.00x 24.95x 16.54x 30.78x -

EBITDA 92.23 Long-Term Rating Date -

EBIT 54.50 Long-Term Rating -

Operating Margin 24.38% Long-Term Outlook -

Pretax Margin 25.08% Short-Term Rating Date -

Return on Assets 7.33% Short-Term Rating -

Return on Common Equity 9.28%

Return on Capital 9.42% EBITDA/Interest Exp. 107.74

Asset Turnover 0.51% (EBITDA-Capex)/Interest Exp. 19.32

Net Debt/EBITDA -2.22

Gross Margin 41.0% Total Debt/EBITDA 0.00

EBITDA Margin 41.3%

EBIT Margin 24.4% Total Debt/Equity 0.0%

Net Income Margin 14.2% Total Debt/Capital 0.0%

Asset Turnover 0.51

Current Ratio 7.30 Net Fixed Asset Turnover 1.18

Quick Ratio 6.49 Accounts receivable turnover-days 12.74

Debt to Assets 0.00% Inventory Days 40.24

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 38.79

Accounts Receivable Turnover 28.73 Cash Conversion Cycle 14.19

Inventory Turnover 9.10

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Aurizon Mines LtdPrice/Volume

Valuation Analysis

171'550.00

Current Price (4/dd/yy) Market Data

'

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

Page 53: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

ALAMOS GOLD INC n/a 13D 26'507'283 16.11 - 19.03.2013 Other

VAN ECK ASSOCIATES C n/a ULT-AGG 22'005'946 13.37 - 29.04.2013 Investment Advisor

UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 7'000'000 4.25 - 31.12.2012 Investment Advisor

MONTRUSCO BOLTON INV MONTRUSCO BOLTON INV 13F 6'138'783 3.73 408'275 31.12.2012 Investment Advisor

GCIC LTD/CANADA GOODMAN & COMPANY IN 13F 5'947'500 3.61 (6'022'500) 31.12.2012 Investment Advisor

SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 5'751'260 3.49 4'054'435 31.12.2012 Hedge Fund Manager

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 4'806'500 2.92 452'400 31.12.2012 Hedge Fund Manager

NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 4'430'833 2.69 1'029'681 31.12.2012 Investment Advisor

WELLS FARGO n/a ULT-AGG 3'678'543 2.24 (1'265'127) 31.03.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 3'537'956 2.15 136'509 31.12.2012 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 2'931'135 1.78 101'700 31.12.2012 Pension Fund (ERISA)

FMR LLC n/a ULT-AGG 2'190'600 1.33 (176'300) 31.12.2012 Investment Advisor

TOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 1'655'218 1.01 1'655'218 28.03.2013 Investment Advisor

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 1'539'910 0.94 - 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 1'436'486 0.87 3'442 26.04.2013 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 1'400'000 0.85 - 31.12.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 1'289'081 0.78 1'097'036 31.03.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 1'264'143 0.77 1'264'143 31.03.2013 Investment Advisor

GEOLOGIC RESOURCE PA GEOLOGIC RESOURCE PA 13F 1'251'251 0.76 (73'649) 31.12.2012 Hedge Fund Manager

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 1'121'404 0.68 (1'183'046) 31.03.2013 Hedge Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Global Hunter Securities JEFF WRIGHT neutral 3 M 5 12 month 29.04.2013

BMO Capital Markets BRIAN QUAST underperform 1 M 4 Not Provided 14.04.2013

National Bank Financial PAOLO LOSTRITTO tender #N/A N/A M 5 12 month 05.04.2013

Desjardins Securities ADAM MELNYK tender #N/A N/A M 4 12 month 20.03.2013

EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 15.03.2013

Mackie Research Capital Corp. RYAN HANLEY tender #N/A N/A M 5 Not Provided 05.03.2013

Euro Pacific Capital Inc HEIKO IHLE buy 5 M 5 12 month 04.03.2013

Raymond James FORBES GEMMELL Under Review #N/A N/A M #N/A N/A Not Provided 05.02.2013

CIBC World Markets COSMOS CHIU restricted #N/A N/A M #N/A N/A Not Provided 25.01.2013

Loewen, Ondaatje, McCutcheon Ltd MICHAEL G FOWLER buy 5 M 6 12 month 23.01.2013

Scotia Capital OVAIS HABIB restricted #N/A N/A M #N/A N/A Not Provided 21.01.2013

Holdings By:

Aurizon Mines Ltd ee

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

Page 54: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Silver Standard Resources Inc. is a silver exploration company focused on

acquiring and developing silver resources on a global basis. The Company

has projects in Argentina, Peru, Mexico, Canada, Chile, the United States and

Australia.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (21.09.2012) 16.92

52-Week Low (18.04.2013) 6.50

Daily Volume

7.14

52-Week High % Change -58.04% Dividend Yield -

52-Week Low % Change 9.85% Beta 1.09

% 52 Week Price Range High/Low 5.85% Equity Float 80.75

Shares Out 28.03.2013 80.9 Short Int 3.54

577.92 1 Yr Total Return -50.49%

Total Debt 135.81 YTD Return -52.05%

Preferred Stock 0.0 Adjusted BETA 1.094

Minority Interest 0.0 Analyst Recs 11

Cash and Equivalents 366.95 Consensus Rating 3.545

Enterprise Value 346.77

Average Volume 5 Day 1'579'001

SSRI US EQUITY YTD Change - Average Volume 30 Day 1'309'476

SSRI US EQUITY YTD % CHANGE - Average Volume 3 Month 1'154'577

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

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

0.0 5.4 112.3 147.8 241.1 147.8 241.1 233.7 260.0 57.3 56.1

- 307.12x 18.82x 6.19x 4.03x 43.58x 15.70x 1.84x 2.29x 5.64x 6.99x

(17.9) (17.7) 5.3 39.4 54.6 39.4 54.6 64.7 92.0 11.7 11.9

- - 400.55x 23.24x 17.81x 23.24x 17.81x 5.34x 3.76x 5.67x 4.79x

(5.6) (13.2) 338.5 80.1 54.8 80.1 54.8 (2.7) 6.3 (2.2) (0.7)

- - - - - 0.00x 0.00x - - 1785.00x 70.69x

EBITDA 54.59 Long-Term Rating Date -

EBIT 9.75 Long-Term Rating -

Operating Margin 4.04% Long-Term Outlook -

Pretax Margin 14.55% Short-Term Rating Date -

Return on Assets 4.23% Short-Term Rating -

Return on Common Equity 5.37%

Return on Capital - EBITDA/Interest Exp. 2.23

Asset Turnover 0.19% (EBITDA-Capex)/Interest Exp. -0.30

Net Debt/EBITDA -4.23

Gross Margin 19.1% Total Debt/EBITDA 2.49

EBITDA Margin 22.6%

EBIT Margin 4.0% Total Debt/Equity 12.8%

Net Income Margin 22.7% Total Debt/Capital 11.4%

Asset Turnover 0.19

Current Ratio 2.76 Net Fixed Asset Turnover 0.44

Quick Ratio 2.10 Accounts receivable turnover-days 78.06

Debt to Assets 10.31% Inventory Days 184.84

Tot Debt to Common Equity 12.84% Accounts Payable Turnover Day 114.73

Accounts Receivable Turnover 4.69 Cash Conversion Cycle 148.18

Inventory Turnover 1.98

Fiscal Year Ended

Silver Standard Resources IncPrice/Volume

Valuation Analysis

236'403.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

'.135

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0.0

50.0

100.0

150.0

200.0

250.0

300.0

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

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

Page 55: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 6'782'680 8.38 (1'486'526) 31.03.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 5'574'565 6.89 1'026'633 29.04.2013 Investment Advisor

WELLS FARGO n/a ULT-AGG 3'564'858 4.4 592'287 31.03.2013 Investment Advisor

VINIK ASSET MANAGEME VINIK ASSET MANAGEME 13F 1'781'407 2.2 (195'800) 31.12.2012 Hedge Fund Manager

AXA n/a ULT-AGG 1'508'237 1.86 8'300 31.03.2013 Investment Advisor

NEWGATE CAPITAL MANA NEWGATE CAPITAL MANA 13F 1'283'256 1.59 302'640 31.03.2013 Investment Advisor

TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 1'094'787 1.35 (157'540) 31.12.2012 Investment Advisor

GLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 1'085'240 1.34 101'480 31.12.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 915'000 1.13 (75'000) 28.02.2013 Investment Advisor

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 767'770 0.95 10'900 31.12.2012 Investment Advisor

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 760'453 0.94 97'677 31.12.2012 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 720'000 0.89 (180'000) 31.12.2012 Investment Advisor

UBS n/a ULT-AGG 715'613 0.88 (37'922) 31.12.2012 Unclassified

LRI-FUND MANAGEMENT Multiple Portfolios MF-AGG 681'000 0.84 60'200 31.03.2013 Investment Advisor

NEUFLIZE OBC ASSET M Multiple Portfolios MF-AGG 618'576 0.76 - 30.12.2011 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 523'412 0.65 285'000 31.12.2012 Pension Fund (ERISA)

SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 517'492 0.64 65'700 31.12.2012 Investment Advisor

NORGES BANK NORGES BANK 13F 498'001 0.62 (78'964) 31.12.2012 Government

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 484'644 0.6 10'100 31.12.2012 Investment Advisor

CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 432'690 0.53 238'733 31.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Global Hunter Securities JEFF WRIGHT buy 5 M 17 12 month 29.04.2013

Scotia Capital TREVOR TURNBULL sector perform 3 M 9 12 month 23.04.2013

Credit Suisse RALPH M PROFITI neutral 3 M 17 Not Provided 22.04.2013

RBC Capital Markets DAN ROLLINS sector perform 3 M 10 12 month 19.04.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 18.04.2013

BMO Capital Markets ANDREW KAIP market perform 3 M 12 Not Provided 15.04.2013

Salman Partners ASH GUGLANI buy 5 M 21 Not Provided 12.04.2013

GMP CHELSEA HAMILTON buy 5 M 27 12 month 12.04.2013

Cowen Securities LLC ADAM P GRAF buy 5 M 27 12 month 12.04.2013

Deutsche Bank JORGE M BERISTAIN sell 1 M 9 12 month 11.04.2013

CIBC World Markets ARNOLD VAN GRAAN sector perform 3 M 12 Not Provided 11.04.2013

Holdings By:

Silver Standard Resources Inc ee

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

Page 56: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Seabridge Gold, Inc. acquires gold projects in North America. The Company

expands and verifies these resources, moves them to reserves to determine their

economic value, and either sells to or forms joint ventures with larger

companies for mine construction and production.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (14.09.2012) 20.34

52-Week Low (18.04.2013) 9.63

Daily Volume

10.73

52-Week High % Change -47.87% Dividend Yield -

52-Week Low % Change 11.42% Beta 0.98

% 52 Week Price Range High/Low 13.26% Equity Float 41.57

Shares Out 28.03.2013 45.6 Short Int 3.63

488.82 1 Yr Total Return -35.98%

Total Debt 0.00 YTD Return -40.29%

Preferred Stock 0.0 Adjusted BETA 0.980

Minority Interest 0.0 Analyst Recs 3

Cash and Equivalents 52.04 Consensus Rating 4.333

Enterprise Value 441.03

Average Volume 5 Day 344'180

SA US EQUITY YTD Change - Average Volume 30 Day 374'141

SA US EQUITY YTD % CHANGE - Average Volume 3 Month 367'678

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

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

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(5.6) (5.0) (5.7) (19.8) (15.8) (19.8) (8.7) (15.0) (16.0) - -

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

10.3 (4.7) 3.3 (20.1) (12.5) (20.1) (12.5) - - - -

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

EBITDA -15.82 Long-Term Rating Date -

EBIT -15.83 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -

Return on Assets -5.08% Short-Term Rating -

Return on Common Equity -5.37%

Return on Capital - EBITDA/Interest Exp. -385.83

Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -1574.22

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 0.0%

Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover 0.00

Current Ratio 5.11 Net Fixed Asset Turnover 0.00

Quick Ratio 5.11 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

Seabridge Gold IncPrice/Volume

Valuation Analysis

96'232.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

Page 57: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

VAN ECK ASSOCIATES C n/a ULT-AGG 11'905'084 26.13 3'512'313 29.04.2013 Investment Advisor

PAN ATLANTIC BANK n/a PROXY 8'001'232 17.56 - 10.05.2012 Bank

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 5'837'287 12.81 (289'596) 31.03.2013 Investment Advisor

WEISS ASSET MANAGEME WEISS ASSET MANAGEME 13F 2'022'491 4.44 2'022'491 31.12.2012 Hedge Fund Manager

FRONK RUDI P n/a SEDI 1'180'000 2.59 10'000 16.11.2012 n/a

ANTHONY JAMES S n/a PROXY 779'791 1.71 - 15.05.2012 n/a

FMR LLC n/a ULT-AGG 601'905 1.32 - 31.03.2013 Investment Advisor

FCMI FINANCIAL CORP n/a PROXY 555'000 1.22 - 10.05.2012 Corporation

BRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 478'467 1.05 (203'241) 31.03.2013 Hedge Fund Manager

SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 457'897 1.01 129'117 31.12.2012 Investment Advisor

FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 450'000 0.99 - 02.04.2013 Investment Advisor

FNDTN FOR STUDY OBJ n/a SEDI 425'334 0.93 - 06.02.2012 Other

BLACKROCK n/a ULT-AGG 338'330 0.74 (464'930) 26.04.2013 Investment Advisor

FOX LOUIS J n/a SEDI 300'750 0.66 - 06.12.2011 n/a

PORTOLA GROUP INCORP PORTOLA GROUP INCORP 13F 286'420 0.63 (23'150) 31.03.2013 Investment Advisor

THRELKELD WILLIAM E n/a SEDI 265'000 0.58 (10'000) 30.08.2011 n/a

BANFIELD A FREDERICK n/a PROXY 245'000 0.54 - 15.05.2012 n/a

NORGES BANK NORGES BANK 13F 235'224 0.52 (71'639) 31.12.2012 Government

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 198'997 0.44 2'534 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 185'194 0.41 6'435 31.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Cowen Securities LLC ADAM P GRAF buy 5 M 65 Not Provided 09.04.2013

Stonecap Securities Inc CHRISTOS DOULIS sector perform 3 M 22 12 month 08.03.2013

Nomura TYLER BRODA buy 5 M 24 Not Provided 16.05.2012

Holdings By:

Seabridge Gold Inc ee

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

Page 58: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Tanzanian Royalty Exploration Corporation acquires, explores, and develops

mineral properties. The Company explores for gold.

Latest Fiscal Year: 08/2012

LTM as of: 02/yy

52-Week High (21.09.2012) 5.34

52-Week Low (18.04.2013) 2.42

Daily Volume

2.96

52-Week High % Change -45.13% Dividend Yield -

52-Week Low % Change 22.31% Beta 1.25

% 52 Week Price Range High/Low 20.89% Equity Float 92.75

Shares Out 28.03.2013 100.7 Short Int 9.41

298.02 1 Yr Total Return -33.78%

Total Debt 2.07 YTD Return -32.88%

Preferred Stock 0.0 Adjusted BETA 1.253

Minority Interest 0.0 Analyst Recs 0

Cash and Equivalents 20.06 Consensus Rating -

Enterprise Value 287.08

Average Volume 5 Day 595'728

TRX US EQUITY YTD Change - Average Volume 30 Day 484'983

TRX US EQUITY YTD % CHANGE - Average Volume 3 Month 466'234

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

31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 02/yy 02/yy 08/13 Y 08/14 Y 05/13 Q3 08/13 Q4

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(2.9) (3.4) (3.0) (4.3) (5.1) (4.6) (5.0) - - - -

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

(3.7) (4.7) (3.4) (11.1) (8.9) (14.6) (2.2) - - - -

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

EBITDA -5.06 Long-Term Rating Date -

EBIT -5.44 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -

Return on Assets -3.52% Short-Term Rating -

Return on Common Equity -4.13%

Return on Capital - EBITDA/Interest Exp. -49.26

Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -133.96

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -0.21

EBITDA Margin -

EBIT Margin - Total Debt/Equity 4.1%

Net Income Margin - Total Debt/Capital 3.9%

Asset Turnover 0.00

Current Ratio 8.84 Net Fixed Asset Turnover 0.00

Quick Ratio 8.68 Accounts receivable turnover-days -

Debt to Assets 3.28% Inventory Days -

Tot Debt to Common Equity 4.09% Accounts Payable Turnover Day -

Accounts Receivable Turnover 0.00 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tanzanian Royalty Exploration CorpPrice/Volume

Valuation Analysis

71'688.00

Current Price (4/dd/yy) Market Data

'

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

Page 59: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

VAN ECK ASSOCIATES C n/a ULT-AGG 13'522'725 13.43 526'026 29.04.2013 Investment Advisor

GEIER GROUP LLC n/a 13G 4'879'743 4.85 (4'801'048) 10.11.2011 Other

BPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 4'088'532 4.06 52'612 31.12.2012 Investment Advisor

SINCLAIR JAMES E n/a SEDI 1'885'543 1.87 (1'000) 08.02.2013 n/a

BPI GLOBAL INVESTMEN Multiple Portfolios MF-AGG 673'902 0.67 (37'877) 28.09.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 515'272 0.51 826 26.04.2013 Investment Advisor

MORROW ROSALIND n/a SEDI 429'429 0.43 5'382 11.03.2013 n/a

VANGUARD GROUP INC Multiple Portfolios MF-AGG 419'292 0.42 5'200 31.03.2013 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 367'112 0.36 141'200 31.12.2012 Pension Fund (ERISA)

HARVEY WILLIAM M n/a SEDI 340'090 0.34 7'732 12.04.2013 n/a

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 334'811 0.33 4'654 31.03.2013 Investment Advisor

JONES HEWARD INVESTM Multiple Portfolios MF-AGG 318'244 0.32 - 29.04.2013 Investment Advisor

CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 287'556 0.29 102'344 31.03.2013 Investment Advisor

PORTOLA GROUP INCORP PORTOLA GROUP INCORP 13F 212'810 0.21 250 31.03.2013 Investment Advisor

SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 167'687 0.17 134'479 31.12.2012 Investment Advisor

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 145'569 0.14 20'891 31.12.2012 Investment Advisor

LUIS VICTORIA n/a 20F 144'045 0.14 - 31.10.2012 n/a

VAN TONGEREN STEVEN n/a SEDI 124'119 0.12 25'000 18.04.2013 n/a

ALTUS CAPITAL INC ALTUS CAPITAL INC 13F 104'500 0.1 56'500 31.03.2013 Investment Advisor

BANK OF AMERICA CORP BANK OF AMERICA 13F 97'451 0.1 (17'701) 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

#N/A N/A

Holdings By:

Tanzanian Royalty Exploration Corp ee

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

Page 60: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Golden Star Resources Ltd. is a mid-tier gold mining company. The Company's

operating mines are situated along the Ashanti Gold Belt in Ghana, West Africa.

Latest Fiscal Year: 12/1997

LTM as of: 12/yy

52-Week High (16.10.2012) 2.11

52-Week Low (23.04.2013) 0.88

Daily Volume

1.05

52-Week High % Change -50.47% Dividend Yield 0.00

52-Week Low % Change 19.32% Beta 1.08

% 52 Week Price Range High/Low 13.82% Equity Float 257.68

Shares Out 28.03.2013 259.1 Short Int 11.99

272.06 1 Yr Total Return -31.37%

Total Debt 117.48 YTD Return -42.93%

Preferred Stock 0.0 Adjusted BETA 1.076

Minority Interest (2.0) Analyst Recs 10

Cash and Equivalents 78.88 Consensus Rating 2.800

Enterprise Value 308.65

Average Volume 5 Day 1'844'036

GSS US EQUITY YTD Change - Average Volume 30 Day 1'951'951

GSS US EQUITY YTD % CHANGE - Average Volume 3 Month 1'863'731

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

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

257.4 - 432.7 471.0 550.5 471.0 550.5 540.0 584.5 131.8 129.0

1.43x - 2.72x 0.98x 0.95x 4.90x 3.58x 0.69x 0.68x 2.43x 2.57x

1.8 - 107.6 91.8 124.7 91.8 125.8 116.2 186.8 25.9 28.9

200.09x - 10.93x 5.00x 4.18x 5.00x 4.14x 2.66x 1.65x 2.74x 2.71x

(119.3) - (11.2) (2.1) (9.5) (2.1) (9.5) 11.5 51.3 1.5 2.1

- - - - - 0.00x 0.00x - 6.52x 61.76x 14.00x

EBITDA 124.67 Long-Term Rating Date -

EBIT 25.74 Long-Term Rating -

Operating Margin 4.68% Long-Term Outlook -

Pretax Margin 1.20% Short-Term Rating Date -

Return on Assets -1.31% Short-Term Rating -

Return on Common Equity -2.17%

Return on Capital -4.61% EBITDA/Interest Exp. 12.27

Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. 3.56

Net Debt/EBITDA 0.31

Gross Margin 9.6% Total Debt/EBITDA 0.93

EBITDA Margin 22.8%

EBIT Margin 4.7% Total Debt/Equity 27.1%

Net Income Margin -1.7% Total Debt/Capital 21.4%

Asset Turnover 0.76

Current Ratio 1.58 Net Fixed Asset Turnover 1.06

Quick Ratio 0.69 Accounts receivable turnover-days 7.30

Debt to Assets 16.18% Inventory Days 60.50

Tot Debt to Common Equity 27.10% Accounts Payable Turnover Day 69.08

Accounts Receivable Turnover 50.11 Cash Conversion Cycle -1.28

Inventory Turnover 6.05

Fiscal Year Ended

Golden Star Resources LtdPrice/Volume

Valuation Analysis

285'371.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

Page 61: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

VAN ECK ASSOCIATES C n/a ULT-AGG 39'316'268 15.17 - 29.04.2013 Investment Advisor

SENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 30'238'600 11.67 (350'000) 31.12.2012 Investment Advisor

HEARTLAND ADVISORS I HEARTLAND ADVISORS I 13F 25'985'870 10.03 (1'326'930) 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 10'793'356 4.17 723'887 26.04.2013 Investment Advisor

HILLSDALE INVESTMENT HILLSDALE INVESTMENT 13F 6'281'374 2.42 1'230'943 31.12.2012 Hedge Fund Manager

STATE STREET n/a ULT-AGG 4'897'831 1.89 12'016 29.04.2013 Investment Advisor

ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 4'819'436 1.86 (1'475'687) 31.03.2013 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'713'690 1.43 3'703'206 31.12.2012 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 3'486'925 1.35 2'002'700 31.12.2012 Pension Fund (ERISA)

PRINCIPAL FINANCIAL n/a ULT-AGG 3'093'334 1.19 1'200'671 31.12.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'064'953 1.18 (52'441) 31.12.2012 Investment Advisor

BATTERYMARCH FINANCI BATTERYMARCH FINANCI 13F 2'625'741 1.01 125'700 31.12.2012 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 2'259'552 0.87 1'129'776 31.12.2012 Investment Advisor

NORGES BANK NORGES BANK 13F 1'934'059 0.75 - 31.12.2012 Government

CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 1'870'572 0.72 1'267'792 31.03.2013 Investment Advisor

MD MANAGEMENT LTD Multiple Portfolios MF-AGG 1'845'827 0.71 139'300 28.02.2013 Investment Advisor

NEW YORK STATE COMMO NEW YORK STATE COMMO 13F 1'725'479 0.67 206'700 31.12.2012 Pension Fund (ERISA)

SYSTEMATIC FINANCIAL SYSTEMATIC FINANCIAL 13F 1'647'710 0.64 277'080 31.12.2012 Investment Advisor

LEGG MASON CAPITAL M Multiple Portfolios MF-AGG 1'467'781 0.57 - 31.03.2013 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 1'164'787 0.45 (51'919) 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Macquarie PIERRE VAILLANCOURT neutral 3 M 1 12 month 25.04.2013

Raymond James BRAD HUMPHREY market perform 3 M 2 12 month 24.04.2013

Scotia Capital TREVOR TURNBULL sector underperform 1 D 1 12 month 23.04.2013

Credit Suisse ANITA SONI underperform 1 M 1 Not Provided 22.04.2013

BMO Capital Markets ANDREW BREICHMANAS market perform 3 M 2 Not Provided 15.04.2013

Canaccord Genuity Corp RAHUL PAUL hold 3 M 2 12 month 15.04.2013

CIBC World Markets COSMOS CHIU sector perform 3 M 2 Not Provided 11.04.2013

National Bank Financial PAOLO LOSTRITTO outperform 5 M 3 12 month 09.04.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 04.04.2013

Holdings By:

Golden Star Resources Ltd ee

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

Page 62: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

focused on its core projects, the Concordia gold project located in Baja

California Sur, Mexico and the Mt. Todd gold project in Northern Territory,

Australia.

Latest Fiscal Year: 12/2007

LTM as of: 12/yy

52-Week High (21.09.2012) 4.09

52-Week Low (17.04.2013) 1.47

Daily Volume

1.62

52-Week High % Change -61.00% Dividend Yield 0.00

52-Week Low % Change 10.20% Beta 1.17

% 52 Week Price Range High/Low 6.11% Equity Float 68.11

Shares Out 28.03.2013 81.6 Short Int 1.50

132.13 1 Yr Total Return -46.36%

Total Debt 0.00 YTD Return -40.00%

Preferred Stock 0.0 Adjusted BETA 1.172

Minority Interest 0.0 Analyst Recs 4

Cash and Equivalents 88.40 Consensus Rating 5.000

Enterprise Value 43.74

Average Volume 5 Day 421'010

VGZ US EQUITY YTD Change - Average Volume 30 Day 443'484

VGZ US EQUITY YTD % CHANGE - Average Volume 3 Month 494'367

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

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

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - 0.0 - -

- - - - - #DIV/0! #DIV/0! - - - -

(6.5) (6.1) (17.7) (28.1) (35.6) (28.1) (34.5) (20.4) (19.1) (5.8) (5.8)

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

(10.0) (1.9) (20.0) 51.5 (70.7) 51.5 (69.5) (20.1) (13.7) (6.3) (6.3)

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

EBITDA -35.63 Long-Term Rating Date -

EBIT -36.22 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -

Return on Assets -44.30% Short-Term Rating -

Return on Common Equity -57.29%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA 0.00

EBITDA Margin -

EBIT Margin - Total Debt/Equity 0.0%

Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover 0.00

Current Ratio 2.94 Net Fixed Asset Turnover 0.00

Quick Ratio 2.84 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 -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Vista Gold CorpPrice/Volume

Valuation Analysis

30'793.00

Current Price (4/dd/yy) Market Data

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

Page 63: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 12'084'310 14.82 1'272'000 31.12.2012 Hedge Fund Manager

SUN VALLEY GOLD LLC n/a Research 12'084'310 14.82 - 31.12.2012 Hedge Fund Manager

VAN ECK ASSOCIATES C n/a ULT-AGG 11'374'527 13.95 - 29.04.2013 Investment Advisor

SPROTT INC SPROTT INC 13F 6'145'260 7.53 (430'462) 31.03.2013 Hedge Fund Manager

BLACKROCK n/a ULT-AGG 2'577'504 3.16 268'822 26.04.2013 Investment Advisor

LOEWS CORPORATION LOEWS CORPORATION 13F 1'758'748 2.16 - 31.12.2012 Corporation

ANDREEFF EQUITY ADVI ANDREEFF EQUITY ADVI 13F 1'586'026 1.94 (20'971) 31.12.2012 Hedge Fund Manager

STATE STREET n/a ULT-AGG 888'193 1.09 (20'701) 26.04.2013 Investment Advisor

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 871'929 1.07 343'929 31.03.2013 Investment Advisor

PERRITT CAPITAL MANA PERRITT CAPITAL MANA 13F 822'000 1.01 - 31.12.2012 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 732'415 0.9 - 31.12.2012 Pension Fund (ERISA)

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 709'055 0.87 21'681 31.12.2012 Investment Advisor

PARKER FREDERICK H E n/a Form 4 556'325 0.68 - 05.09.2012 n/a

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 283'993 0.35 (24'847) 31.12.2012 Investment Advisor

SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 271'783 0.33 160'360 31.12.2012 Investment Advisor

CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 248'473 0.3 88'467 31.03.2013 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 201'025 0.25 11'051 31.03.2013 Investment Advisor

AQR CAPITAL MANAGEME AQR CAPITAL MANAGEME 13F 193'800 0.24 137'400 31.12.2012 Hedge Fund Manager

RICHINGS MICHAEL B n/a Form 4 188'121 0.23 - 08.01.2013 n/a

IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 180'750 0.22 (33'250) 28.02.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

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

National Bank Financial PAOLO LOSTRITTO outperform 5 M 4 12 month 09.04.2013

Cowen Securities LLC ADAM P GRAF buy 5 M 13 Not Provided 09.04.2013

Roth Capital Partners BRIAN W POST buy 5 M 7 12 month 28.03.2013

Stonegate Securities Inc MARCO RODRIGUEZ no rating system #N/A N/A M #N/A N/A Not Provided 19.03.2013

Holdings By:

Vista Gold Corp ee

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

Page 64: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

prospects for gold in the Witwatersrand Basin in South Africa and the Carlin

Trend in Nevada.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (15.06.2012) 0.78

52-Week Low (19.03.2013) 0.01

Daily Volume

0.0087

52-Week High % Change -98.96% Dividend Yield -

52-Week Low % Change 24.29% Beta -

% 52 Week Price Range High/Low 0.32% Equity Float -

Shares Out 28.09.2012 552.4 Short Int 0.95

4.81 1 Yr Total Return -98.77%

Total Debt 282.45 YTD Return -

Preferred Stock 0.0 Adjusted BETA -

Minority Interest 0.0 Analyst Recs 0

Cash and Equivalents 25.75 Consensus Rating -

Enterprise Value 321.04

Average Volume 5 Day 2'153'574

GBGLF US EQUITY YTD Change - Average Volume 30 Day 2'322'724

GBGLF US EQUITY YTD % CHANGE - Average Volume 3 Month 3'891'575

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 12/12 Q4 03/13 Q1

0.0 24.7 33.7 99.7 170.3 172.5 144.8 - - - -

- 14.86x 19.15x 14.22x 4.16x 28.57x 13.73x - - - -

(62.2) (104.9) (50.6) (15.7) 18.3 24.5 (26.1) - - - -

- - - - 38.63x 43.55x 0.00x - - - -

(51.2) (84.9) (48.4) (27.1) (17.7) (48.2) (91.7) - - - -

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

EBITDA 18.34 Long-Term Rating Date -

EBIT -0.57 Long-Term Rating -

Operating Margin -0.33% Long-Term Outlook -

Pretax Margin -38.35% Short-Term Rating Date -

Return on Assets -11.45% Short-Term Rating -

Return on Common Equity -22.67%

Return on Capital - EBITDA/Interest Exp. 0.75

Asset Turnover 0.18% (EBITDA-Capex)/Interest Exp. -5.72

Net Debt/EBITDA -

Gross Margin 29.7% Total Debt/EBITDA -12.49

EBITDA Margin -18.0%

EBIT Margin -28.2% Total Debt/Equity 59.9%

Net Income Margin -10.4% Total Debt/Capital 37.5%

Asset Turnover 0.18

Current Ratio 0.78 Net Fixed Asset Turnover 0.20

Quick Ratio 0.50 Accounts receivable turnover-days 19.73

Debt to Assets 33.22% Inventory Days 69.54

Tot Debt to Common Equity 59.90% Accounts Payable Turnover Day 202.52

Accounts Receivable Turnover 18.55 Cash Conversion Cycle 39.53

Inventory Turnover 5.26

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Great Basin Gold LtdPrice/Volume

Valuation Analysis

674'582.00

Current Price (4/dd/yy) Market Data

'

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

Page 65: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

VAN ECK ASSOCIATES C n/a ULT-AGG 40'178'947 7.27 - 29.04.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 23'107'390 4.18 - 31.01.2013 Investment Advisor

RUFFER LLP Multiple Portfolios MF-AGG 22'797'000 4.13 - 27.12.2012 Hedge Fund Manager

TRANTER GOLD (BEE) n/a Research 20'932'183 3.79 - 24.04.2012 n/a

UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 18'400'000 3.33 - 31.12.2012 Investment Advisor

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 9'258'842 1.68 (17'025) 31.01.2013 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 4'342'634 0.79 1'340'000 31.12.2012 Pension Fund (ERISA)

UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'530'000 0.64 - 30.06.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'801'617 0.51 - 31.07.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'686'303 0.49 1'050 31.03.2013 Investment Advisor

BARCLAYS PLC n/a ULT-AGG 1'988'058 0.36 (286'003) 31.12.2012 Investment Advisor

SCOTIA CAPITAL INC SCOTIA CAPITAL INC 13F 1'946'721 0.35 1'946'721 31.12.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 1'785'700 0.32 (17'785'700) 31.03.2013 Investment Advisor

IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 1'173'800 0.21 (768'400) 31.12.2012 Investment Advisor

DIPPENAAR FERDINAND n/a SEDI 1'126'800 0.2 100'000 13.04.2012 n/a

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 1'107'918 0.2 - 31.12.2012 Investment Advisor

ZURCHER KANTONALBANK ZURCHER KANTONALBANK 13F 1'017'100 0.18 - 31.12.2012 Investment Advisor

CREDIT SUISSE AG CREDIT SUISSE AG 13F 990'156 0.18 990'156 31.12.2012 Investment Advisor

MOSTERT JACOB DAWID n/a SEDI 731'273 0.13 - 16.04.2012 n/a

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 674'505 0.12 - 31.12.2012 Hedge Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

#N/A N/A

Holdings By:

Great Basin Gold Ltd ee

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

Page 66: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

Castillo mine, the San Antonio development stage project and advanced stage

exploration properties including: La Fortuna and La Colorada.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (04.10.2012) 11.08

52-Week Low (17.04.2013) 5.24

Daily Volume

6.34

52-Week High % Change -43.59% Dividend Yield 0.00

52-Week Low % Change 20.99% Beta 1.17

% 52 Week Price Range High/Low 21.06% Equity Float 144.44

Shares Out 28.03.2013 148.9 Short Int 12.93

943.93 1 Yr Total Return -21.44%

Total Debt 0.00 YTD Return -33.05%

Preferred Stock 0.0 Adjusted BETA 1.166

Minority Interest 0.0 Analyst Recs 11

Cash and Equivalents 191.89 Consensus Rating 4.273

Enterprise Value 743.85

Average Volume 5 Day 1'367'424

AR CN EQUITY YTD Change - Average Volume 30 Day 1'169'566

AR CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'244'304

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

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

- - 51.6 104.6 187.1 104.6 187.1 221.5 295.5 42.8 41.0

- - 4.70x 5.77x 6.53x 22.56x 19.22x 3.33x 2.48x 17.03x 17.75x

- - 15.3 55.9 107.3 55.9 107.3 110.4 151.0 19.2 15.8

- - 15.83x 10.78x 11.39x 10.78x 11.39x 6.76x 4.93x 8.61x 8.14x

(0.1) (0.5) 3.7 26.3 64.9 26.3 64.9 65.4 93.8 12.6 9.5

- - 66.38x 24.42x 14.00x 24.42x 15.35x 15.72x 11.32x 14.97x 13.56x

EBITDA 107.29 Long-Term Rating Date -

EBIT 85.19 Long-Term Rating -

Operating Margin 45.53% Long-Term Outlook -

Pretax Margin 45.69% Short-Term Rating Date -

Return on Assets 10.38% Short-Term Rating -

Return on Common Equity 11.44%

Return on Capital 11.43% EBITDA/Interest Exp. 296.39

Asset Turnover 0.30% (EBITDA-Capex)/Interest Exp. 159.48

Net Debt/EBITDA -1.79

Gross Margin 62.5% Total Debt/EBITDA 0.00

EBITDA Margin 57.3%

EBIT Margin 45.5% Total Debt/Equity 0.0%

Net Income Margin 34.7% Total Debt/Capital 0.0%

Asset Turnover 0.30

Current Ratio 12.31 Net Fixed Asset Turnover 0.41

Quick Ratio 9.89 Accounts receivable turnover-days 16.68

Debt to Assets 0.00% Inventory Days 182.86

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 31.36

Accounts Receivable Turnover 21.94 Cash Conversion Cycle 178.40

Inventory Turnover 2.00

Fiscal Year Ended

Argonaut Gold IncPrice/Volume

Valuation Analysis

86'616.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

Page 67: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

VAN ECK ASSOCIATES C n/a ULT-AGG 15'290'043 10.27 2'255'841 29.04.2013 Investment Advisor

IG INVESTMENT MANAGE n/a Co File 6'707'533 4.51 - 30.09.2011 Investment Advisor

LIBRA ADVISORS LLC n/a SEDI 5'768'001 3.87 (117'000) 02.03.2012 Hedge Fund Manager

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 5'602'697 3.76 - 28.02.2013 Investment Advisor

SENTRY SELECT CAPITA Multiple Portfolios MF-AGG 3'138'600 2.11 - 30.06.2012 Investment Advisor

MONTRUSCO BOLTON INV Multiple Portfolios MF-AGG 2'898'359 1.95 (64'299) 28.02.2013 Investment Advisor

GCIC LTD/CANADA Multiple Portfolios MF-AGG 2'517'350 1.69 2'517'350 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 2'489'862 1.67 422'500 31.03.2013 Investment Advisor

ALTAMIRA MANAGEMENT Multiple Portfolios MF-AGG 2'178'036 1.46 484'288 28.02.2013 Unclassified

FIERA CAPITAL CORPOR Multiple Portfolios MF-AGG 1'883'374 1.26 196'782 31.01.2013 Investment Advisor

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 1'530'917 1.03 (8'500) 31.01.2013 Investment Advisor

KENNEDY BRIAN JOHN n/a SEDI 1'472'476 0.99 5'488 06.02.2013 n/a

DOUGHERTY PETER C n/a SEDI 1'337'779 0.9 54'885 06.02.2013 n/a

BLACKROCK n/a ULT-AGG 1'327'890 0.89 3'102 26.04.2013 Investment Advisor

NORTHWEST MUTUAL FUN Multiple Portfolios MF-AGG 1'143'256 0.77 (60'470) 28.02.2013 Investment Advisor

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 1'133'457 0.76 (54'000) 28.09.2012 Investment Advisor

SMITH EDGAR A n/a SEDI 1'120'359 0.75 39'286 14.02.2011 n/a

CARMIGNAC GESTION Multiple Portfolios MF-AGG 1'050'881 0.71 (99'119) 29.03.2013 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 1'028'750 0.69 - 28.02.2013 Investment Advisor

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 994'950 0.67 331'100 31.03.2013 Hedge Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

CIBC World Markets CHITIMUKULU MUSONDA sector perform 3 N 8 18 month 29.04.2013

Macquarie MICHAEL SIPERCO outperform 5 M 9 12 month 25.04.2013

Canaccord Genuity Corp RAHUL PAUL buy 5 M 12 12 month 22.04.2013

Stonecap Securities Inc CHRISTOS DOULIS outperform 5 M 11 12 month 22.04.2013

RBC Capital Markets SAM CRITTENDEN outperform 5 M 11 12 month 19.04.2013

BMO Capital Markets ANDREW KAIP outperform 5 M 12 Not Provided 16.04.2013

GMP ANDREW MIKITCHOOK buy 5 M 15 Not Provided 16.04.2013

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

Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 12 12 month 27.03.2013

Scotia Capital OVAIS HABIB sector outperform 5 M 14 12 month 26.03.2013

Mine2Capital Inc ALKA SINGH sell 1 M 8 Not Provided 26.02.2013

MLV & Co RICHARD TROTMAN suspended coverage #N/A N/A M #N/A N/A Not Provided 16.07.2012

Holdings By:

Argonaut Gold Inc ee

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

Page 68: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Torex Gold Resources Inc. is a mining company dedicated to the exploration and

development of precious metal resources with a focus on gold. The Company's

Morelos Project is an advanced stage gold exploration property located in the

state of Guerrero, southwest of Mexico City.

Latest Fiscal Year: 12/2012

LTM as of: 10/yy

52-Week High (21.09.2012) 2.29

52-Week Low (15.04.2013) 1.19

Daily Volume

1.32

52-Week High % Change -42.36% Dividend Yield 0.00

52-Week Low % Change 10.92% Beta 1.04

% 52 Week Price Range High/Low 14.55% Equity Float 604.06

Shares Out 28.03.2013 606.5 Short Int 3.06

800.54 1 Yr Total Return -23.26%

Total Debt 0.00 YTD Return -40.00%

Preferred Stock 0.0 Adjusted BETA 1.038

Minority Interest 0.0 Analyst Recs 9

Cash and Equivalents 423.29 Consensus Rating 4.667

Enterprise Value 377.25

Average Volume 5 Day 4'366'015

TXG CN EQUITY YTD Change - Average Volume 30 Day 3'867'720

TXG CN EQUITY YTD % CHANGE - Average Volume 3 Month 3'469'028

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

31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 10/yy 10/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

- - - - - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

(0.3) (1.1) (18.0) (34.1) (60.4) (34.1) (60.4) (61.7) (60.9) (15.2) (15.2)

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

(0.3) (1.0) (16.4) (33.9) (61.2) (33.9) (61.2) (57.6) (64.1) (12.7) (13.0)

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

EBITDA -60.39 Long-Term Rating Date -

EBIT -60.89 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -

Return on Assets -13.72% Short-Term Rating -

Return on Common Equity -13.96%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA 0.00

EBITDA Margin -

EBIT Margin - Total Debt/Equity 0.0%

Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover 0.00

Current Ratio 50.56 Net Fixed Asset Turnover 0.00

Quick Ratio 50.21 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 -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Torex Gold Resources IncPrice/Volume

Valuation Analysis

302'147.00

Current Price (4/dd/yy) Market Data

'

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

Page 69: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

TYRUS CAPITAL S.A.M. n/a Co File 86'300'000 14.23 1'000'000 31.01.2013 Hedge Fund Manager

VAN ECK ASSOCIATES C n/a ULT-AGG 61'342'470 10.11 15'866'564 29.04.2013 Investment Advisor

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 34'109'990 5.62 (42'200) 31.03.2013 Hedge Fund Manager

GCIC LTD/CANADA Multiple Portfolios MF-AGG 25'141'050 4.15 14'561'050 31.01.2013 Investment Advisor

FMR LLC n/a ULT-AGG 22'706'997 3.74 2'147'411 31.03.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 21'734'500 3.58 6'714'500 31.01.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 18'057'177 2.98 1'659'100 28.02.2013 Bank

INVESCO LTD n/a ULT-AGG 11'268'788 1.86 1'434'766 29.04.2013 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 6'062'900 1 (1'969'100) 29.03.2013 Investment Advisor

RUFFER LLP Multiple Portfolios MF-AGG 5'808'000 0.96 (931'500) 27.12.2012 Hedge Fund Manager

BLACKROCK n/a ULT-AGG 5'274'116 0.87 12'628 26.04.2013 Investment Advisor

IA CLARINGTON INVEST Multiple Portfolios MF-AGG 5'250'000 0.87 5'250'000 31.12.2012 Investment Advisor

SPROTT INC Multiple Portfolios MF-AGG 5'133'800 0.85 150'000 31.12.2012 Hedge Fund Manager

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 5'129'653 0.85 431'600 31.12.2012 Investment Advisor

WELLS FARGO n/a ULT-AGG 5'036'452 0.83 - 28.02.2013 Investment Advisor

FIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 4'640'031 0.77 - 29.04.2013 Investment Advisor

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 3'217'000 0.53 - 28.09.2012 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 2'949'500 0.49 2'500'000 28.02.2013 Investment Advisor

BRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 2'809'056 0.46 (245'778) 31.03.2013 Hedge Fund Manager

FALCON FUND MANAGEME Multiple Portfolios MF-AGG 2'784'900 0.46 - 28.02.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Stifel MICHAEL A SCOON buy 5 M 3 Not Provided 26.04.2013

Macquarie PIERRE VAILLANCOURT outperform 5 M 3 12 month 25.04.2013

Industrial Alliance Securities MERRILL MCHENRY buy 5 M 2 12 month 25.04.2013

TD Securities DANIEL EARLE hold 3 M 2 12 month 23.04.2013

BMO Capital Markets ANDREW BREICHMANAS speculative outperform 4 M 3 Not Provided 15.04.2013

GMP GEORGE V ALBINO buy 5 M 3 12 month 15.04.2013

Clarus Securities JAMIE SPRATT buy 5 N 3 12 month 07.03.2013

RBC Capital Markets DAN ROLLINS outperform 5 M 3 12 month 07.01.2013

Scotia Capital TREVOR TURNBULL sector outperform 5 M 3 12 month 31.10.2012

Holdings By:

Torex Gold Resources Inc ee

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

Page 70: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

LionGold Corp is an investment holding company focusing on gold mining, mine

development and exploration globally.

Latest Fiscal Year: 03/2012

LTM as of: 12/yy

52-Week High (26.07.2012) 1.30

52-Week Low (23.05.2012) 0.96

Daily Volume

1.145

52-Week High % Change -11.92% Dividend Yield 0.00

52-Week Low % Change 19.27% Beta 0.61

% 52 Week Price Range High/Low 54.41% Equity Float 736.17

Shares Out 30.04.2013 921.9 Short Int -

1'055.62 1 Yr Total Return 11.17%

Total Debt 31.11 YTD Return 4.57%

Preferred Stock 0.0 Adjusted BETA 0.614

Minority Interest (3.0) Analyst Recs 2

Cash and Equivalents 31.66 Consensus Rating 3.000

Enterprise Value 1'017.00

Average Volume 5 Day 21'711'600

LIGO SP EQUITY YTD Change - Average Volume 30 Day 17'259'070

LIGO SP EQUITY YTD % CHANGE - Average Volume 3 Month 18'798'610

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

31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

72.0 79.8 70.4 83.9 98.0 77.1 111.8 111.0 143.0 - -

0.64x 0.56x 3.80x 6.95x 7.95x 24.11x 33.63x - - - -

0.4 (3.7) 3.1 4.0 (5.3) (9.1) (18.2) - - - -

114.85x - 84.96x 144.70x - 0.00x 0.00x - - - -

(4.7) (5.0) 2.9 0.9 (27.8) (15.1) (18.5) 4.9 10.1 - -

- - 92.86x 740.91x - 0.00x 0.00x 190.83x 88.08x - -

EBITDA -5.31 Long-Term Rating Date -

EBIT -6.26 Long-Term Rating -

Operating Margin -6.39% Long-Term Outlook -

Pretax Margin -31.95% Short-Term Rating Date -

Return on Assets -13.46% Short-Term Rating -

Return on Common Equity -23.76%

Return on Capital - EBITDA/Interest Exp. -1.79

Asset Turnover 0.55% (EBITDA-Capex)/Interest Exp. -2.01

Net Debt/EBITDA -15.19

Gross Margin 10.5% Total Debt/EBITDA 25.31

EBITDA Margin 1.5%

EBIT Margin -1.4% Total Debt/Equity 93.4%

Net Income Margin -28.4% Total Debt/Capital 50.7%

Asset Turnover 0.55

Current Ratio 2.52 Net Fixed Asset Turnover 7.06

Quick Ratio 1.58 Accounts receivable turnover-days 88.47

Debt to Assets 33.89% Inventory Days 45.83

Tot Debt to Common Equity 93.42% Accounts Payable Turnover Day 145.53

Accounts Receivable Turnover 4.14 Cash Conversion Cycle 2.67

Inventory Turnover 7.99

Fiscal Year Ended

LionGold Corp LtdPrice/Volume

Valuation Analysis

15'119'000.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

'

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20.0

40.0

60.0

80.0

100.0

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

'!''

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

Page 71: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

ASIASONS INVESTMENT n/a EXCH 77'500'000 8.41 - 28.03.2013 Holding Company

VAN ECK ASSOCIATES C n/a ULT-AGG 59'245'000 6.43 4'746'000 29.04.2013 Investment Advisor

MACQUARIE GROUP n/a ULT-AGG 48'666'000 5.28 3'500'000 28.03.2013 Investment Advisor

VENATON HOLDINGS LIM n/a EXCH 42'100'000 4.57 - 06.11.2012 Holding Company

FORTE SERVICES LIMIT n/a EXCH 40'000'000 4.34 - 06.11.2012 Other

NOMURA n/a ULT-AGG 39'154'410 4.25 - 09.04.2013 Unclassified

CREDIT SUISSE AG n/a EXCH 29'800'996 3.23 (2'001'000) 04.12.2012 Investment Advisor

BIN ABDUL DAI MD WIR n/a EXCH 16'425'000 1.78 - 06.11.2012 n/a

DMG & PARTNERS SECUR n/a Co File 7'600'000 0.82 - 29.06.2012 Unclassified

VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'232'691 0.46 692'000 31.03.2013 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'721'000 0.3 47'000 31.07.2012 Investment Advisor

NG YICK HING NICHOLA n/a EXCH 2'000'000 0.22 2'000'000 14.02.2013 n/a

BLACKROCK n/a ULT-AGG 1'829'000 0.2 - 26.04.2013 Investment Advisor

JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 566'000 0.06 (110'000) 28.02.2013 Investment Advisor

STATE STREET n/a ULT-AGG 420'000 0.05 - 29.04.2013 Investment Advisor

CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 303'000 0.03 - 29.04.2013 Investment Advisor

SCANLAN GARY FRANCIS n/a EXCH 135'005 0.01 - 08.10.2012 n/a

INVESCO LTD n/a ULT-AGG 120'000 0.01 - 29.04.2013 Investment Advisor

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 39'622 0 - 31.03.2013 Investment Advisor

GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 35'809 0 - 26.04.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013

SIAS Research Pte Ltd JINSHU LIU overweight 5 M 1 12 month 10.07.2012

Holdings By:

LionGold Corp Ltd ee

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

Page 72: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

exploration and development of gold projects in inner Mongolia and copper

projects in Tibet Autonomous Region of China.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (01.05.2012) 4.74

52-Week Low (31.07.2012) 2.30

Daily Volume

2.76

52-Week High % Change -41.77% Dividend Yield 0.00

52-Week Low % Change 20.00% Beta 1.35

% 52 Week Price Range High/Low 20.90% Equity Float 240.39

Shares Out 28.03.2013 396.4 Short Int 1.71

1'093.95 1 Yr Total Return -38.53%

Total Debt 212.93 YTD Return -19.06%

Preferred Stock 0.0 Adjusted BETA 1.347

Minority Interest 8.1 Analyst Recs 7

Cash and Equivalents 181.74 Consensus Rating 3.857

Enterprise Value 1'123.84

Average Volume 5 Day 347'838

CGG CN EQUITY YTD Change - Average Volume 30 Day 365'571

CGG CN EQUITY YTD % CHANGE - Average Volume 3 Month 329'176

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

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

29.4 81.0 133.2 311.3 332.4 311.3 332.4 354.5 636.3 - -

3.54x 7.07x 15.60x 2.82x 4.21x 17.98x 18.21x 3.64x 2.02x - -

(0.1) 25.0 69.3 140.5 138.7 140.5 138.7 153.5 244.5 - -

- 22.93x 29.97x 6.24x 10.08x 6.24x 10.08x 7.40x 4.60x - -

14.6 (9.3) 26.2 79.4 70.9 79.4 70.9 65.3 95.3 - -

36.15x - 39.69x 13.23x 19.15x 13.23x 19.14x 17.29x 14.63x - -

EBITDA 138.66 Long-Term Rating Date -

EBIT 99.49 Long-Term Rating -

Operating Margin 29.93% Long-Term Outlook -

Pretax Margin 29.99% Short-Term Rating Date -

Return on Assets 4.00% Short-Term Rating -

Return on Common Equity 5.37%

Return on Capital 5.34% EBITDA/Interest Exp. 11.05

Asset Turnover 0.19% (EBITDA-Capex)/Interest Exp. -6.09

Net Debt/EBITDA 0.22

Gross Margin 37.6% Total Debt/EBITDA 1.54

EBITDA Margin 41.7%

EBIT Margin 29.9% Total Debt/Equity 15.7%

Net Income Margin 21.3% Total Debt/Capital 13.5%

Asset Turnover 0.19

Current Ratio 1.57 Net Fixed Asset Turnover 0.24

Quick Ratio 1.26 Accounts receivable turnover-days 13.92

Debt to Assets 11.79% Inventory Days 57.83

Tot Debt to Common Equity 15.66% Accounts Payable Turnover Day 121.78

Accounts Receivable Turnover 26.30 Cash Conversion Cycle -50.04

Inventory Turnover 6.33

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Gold International Resources Corp LtdPrice/Volume

Valuation Analysis

24'315.00

Current Price (4/dd/yy) Market Data

'--..001122

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

Page 73: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

CHINA NATIONAL GOLD n/a SEDI 155'794'830 39.31 184'200 30.09.2011 Corporation

VAN ECK ASSOCIATES C n/a ULT-AGG 19'544'034 4.93 (88'164) 29.04.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 1'926'970 0.49 5'051 26.04.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 1'685'900 0.43 (100'000) 31.01.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 842'343 0.21 (14'500) 31.03.2013 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 835'296 0.21 - 31.07.2012 Investment Advisor

JONES HEWARD INVESTM Multiple Portfolios MF-AGG 167'874 0.04 - 29.04.2013 Investment Advisor

HE YINGBIN n/a SEDI 160'000 0.04 40'000 09.01.2013 n/a

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 151'700 0.04 53'000 31.12.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 150'000 0.04 - 28.02.2013 Investment Advisor

MARLBOROUGH FUND MAN Multiple Portfolios MF-AGG 146'950 0.04 - 01.10.2012 Investment Advisor

STATE STREET n/a ULT-AGG 124'448 0.03 - 29.04.2013 Investment Advisor

DAIWA SB INVESTMENT Multiple Portfolios MF-AGG 100'000 0.03 - 11.01.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 97'155 0.02 - 31.12.2012 Bank

OPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 90'000 0.02 - 31.01.2013 Investment Advisor

INDEXIQ ADVISORS LLC Multiple Portfolios MF-AGG 78'294 0.02 - 29.04.2013 Investment Advisor

CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 74'886 0.02 (1'515) 31.12.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 67'440 0.02 11'974 31.01.2013 Investment Advisor

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 59'705 0.02 - 31.01.2013 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 56'133 0.01 684 28.02.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Argonaut Securities Pty Ltd CHRIS JIANG buy 5 U 4 12 month 24.04.2013

Guotai Junan KEVIN GUO neutral 3 D 3 Not Provided 22.04.2013

Credit Suisse OWEN LIANG neutral 3 M 3 Not Provided 09.04.2013

EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 02.04.2013

BOCOM International Holdings BENJAMIN PEI long-term buy 5 M 4 Not Provided 28.03.2013

Citic Securities Co., Ltd SONG XIAOQING overweight 5 N 4 6 month 14.01.2013

CCB International Securities Ltd KIN CHUNG LI outperform 5 M 4 Not Provided 12.09.2012

GuoSen Securities Co Ltd CHENGMING GAO buy 5 M 5 12 month 02.02.2012

Holdings By:

China Gold International Resources Corp Ltd ee

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

Page 74: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

for gold in West Africa and Central Asia regions.

Latest Fiscal Year: 06/2012

LTM as of: 12/yy

52-Week High (04.10.2012) 3.07

52-Week Low (15.04.2013) 1.26

Daily Volume

1.42

52-Week High % Change -53.75% Dividend Yield -

52-Week Low % Change 12.70% Beta 1.45

% 52 Week Price Range High/Low 13.26% Equity Float 449.49

Shares Out 01.01.2013 458.0 Short Int 0.43

650.31 1 Yr Total Return -47.01%

Total Debt 60.26 YTD Return -35.45%

Preferred Stock 0.0 Adjusted BETA 1.448

Minority Interest (0.6) Analyst Recs 23

Cash and Equivalents 105.50 Consensus Rating 4.348

Enterprise Value 586.53

Average Volume 5 Day 1'714'036

PRU CN EQUITY YTD Change - Average Volume 30 Day 1'613'489

PRU CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'525'926

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

30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

- - 0.0 0.0 144.7 0.0 291.8 314.9 403.4 96.1 96.1

- - - - 7.53x #DIV/0! 14.83x 1.86x 1.52x - -

(5.5) (3.3) (10.1) (32.0) 55.3 (8.7) 127.3 128.5 172.4 - -

- - - - 19.72x 0.00x 7.27x 4.60x 3.40x - -

(4.8) (4.8) (9.7) (48.2) 47.2 4.4 62.5 61.2 88.9 26.0 26.0

- - - - - 0.00x 0.00x 10.30x 6.73x 7.43x 5.90x

EBITDA 55.28 Long-Term Rating Date -

EBIT 45.11 Long-Term Rating -

Operating Margin 31.18% Long-Term Outlook -

Pretax Margin 41.62% Short-Term Rating Date -

Return on Assets 12.17% Short-Term Rating -

Return on Common Equity 17.73%

Return on Capital - EBITDA/Interest Exp. 28.41

Asset Turnover - (EBITDA-Capex)/Interest Exp. 26.49

Net Debt/EBITDA -0.31

Gross Margin - Total Debt/EBITDA 0.00

EBITDA Margin -

EBIT Margin - Total Debt/Equity 16.7%

Net Income Margin 32.6% Total Debt/Capital 14.3%

Asset Turnover -

Current Ratio 1.55 Net Fixed Asset Turnover -

Quick Ratio 1.13 Accounts receivable turnover-days -

Debt to Assets 11.39% Inventory Days -

Tot Debt to Common Equity 16.72% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Perseus Mining LtdPrice/Volume

Valuation Analysis

182'628.00

Current Price (4/dd/yy) Market Data

'

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40.0

60.0

80.0

100.0

120.0

140.0

160.0

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

Page 75: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

DUNDEE CORP n/a EXCH 50'889'000 11.11 (5'997'500) 12.10.2011 Holding Company

THE BANK OF NOVA SCO n/a EXCH 44'475'800 9.71 (5'324'430) 22.04.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 43'695'232 9.54 - 29.04.2013 Investment Advisor

GCIC LTD/CANADA Multiple Portfolios MF-AGG 38'629'803 8.44 (44'197) 31.01.2013 Investment Advisor

WELLINGTON MANAGEMEN n/a EXCH 24'286'071 5.3 - 05.03.2013 Investment Advisor

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 13'439'700 2.93 930'000 31.01.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 10'980'300 2.4 - 28.02.2013 Investment Advisor

SENTRY SELECT CAPITA Multiple Portfolios MF-AGG 10'294'000 2.25 - 30.06.2012 Investment Advisor

FMR LLC n/a ULT-AGG 8'160'134 1.78 520'000 31.03.2013 Investment Advisor

FIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 6'787'860 1.48 - 29.04.2013 Investment Advisor

IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 6'159'171 1.34 3'159'171 31.12.2012 Investment Advisor

SPROTT INC Multiple Portfolios MF-AGG 5'531'332 1.21 392'732 31.12.2012 Hedge Fund Manager

UNITED SERVICES AUTO Multiple Portfolios MF-AGG 5'421'800 1.18 - 30.11.2012 Investment Advisor

MONTRUSCO BOLTON INV Multiple Portfolios MF-AGG 5'295'993 1.16 83'550 28.02.2013 Investment Advisor

SCOTIA ASSET MANAGEM Multiple Portfolios MF-AGG 4'921'700 1.07 - 28.02.2013 Investment Advisor

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 4'610'900 1.01 - 28.09.2012 Investment Advisor

WELLS FARGO n/a ULT-AGG 4'180'243 0.91 1'760 28.02.2013 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 4'000'000 0.87 - 31.12.2012 Investment Advisor

CALDERWOOD MARK ANDR n/a EXCH 3'600'000 0.79 - 31.01.2013 n/a

BLACKROCK n/a ULT-AGG 3'142'710 0.69 3'759 26.04.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Credit Suisse MICHAEL SLIFIRSKI outperform 5 M 2 Not Provided 29.04.2013

Clarus Securities NANA SANGMUAH buy 5 M 3 12 month 29.04.2013

Macquarie PIERRE VAILLANCOURT outperform 5 M 2 12 month 25.04.2013

Goldman Sachs PAUL HISSEY neutral/attractive 3 M 2 12 month 24.04.2013

Morgan Stanley BRENDAN FITZPATRICK Overwt/In-Line 5 M 2 12 month 22.04.2013

Canaccord Genuity Corp REG SPENCER buy 5 M 2 Not Provided 22.04.2013

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

Argonaut Securities Pty Ltd PATRICK CHANG buy 5 M 2 12 month 22.04.2013

BMO Capital Markets ANDREW BREICHMANAS outperform 5 M 3 Not Provided 19.04.2013

RBC Capital Markets STEUART MCINTYRE sector perform 3 M 2 12 month 19.04.2013

JPMorgan JOSEPH KIM overweight 5 M 2 6 month 19.04.2013

CIBC World Markets COSMOS CHIU sector perform 3 M 3 Not Provided 19.04.2013

CIMB JAMES STEWART outperform 5 M 3 12 month 19.04.2013

GMP LEVI SPRY buy 5 M 3 12 month 19.04.2013

Commonwealth Bank ANDREW KNUCKEY neutral 3 M 2 12 month 16.04.2013

Dundee Securities Corp JOSH WOLFSON buy 5 M 3 Not Provided 12.04.2013

Nomura DAVID RADCLYFFE suspended coverage #N/A N/A M #N/A N/A Not Provided 12.04.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 05.04.2013

Bell Potter STEPHEN THOMAS hold 3 M 3 12 month 16.01.2013

Evans & Partners Pty Ltd CATHY MOISES Positive 4 U #N/A N/A Not Provided 03.01.2013

Holdings By:

Perseus Mining Ltd ee

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

Page 76: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Sandstorm Gold Ltd. acquires gold purchase agreements with companies that have

advanced stage development projects or operating mines. The Company makes an

upfront cash payment to its partners and receives the right to purchase a

percentage of the gold produced, for the life of the mine, at a fixed price per

ounce.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (05.10.2012) 14.99

52-Week Low (17.04.2013) 6.47

Daily Volume

7.72

52-Week High % Change -47.90% Dividend Yield 0.00

52-Week Low % Change 19.32% Beta 1.23

% 52 Week Price Range High/Low 18.54% Equity Float 81.21

Shares Out 28.03.2013 88.7 Short Int 3.24

684.75 1 Yr Total Return -14.22%

Total Debt 0.00 YTD Return -33.96%

Preferred Stock 0.0 Adjusted BETA 1.234

Minority Interest 0.0 Analyst Recs 9

Cash and Equivalents 127.36 Consensus Rating 4.000

Enterprise Value 551.49

Average Volume 5 Day 405'009

SSL CN EQUITY YTD Change - Average Volume 30 Day 411'501

SSL CN EQUITY YTD % CHANGE - Average Volume 3 Month 452'377

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

31.03.2008 31.03.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

- 0.0 3.1 30.0 55.9 30.0 55.9 76.2 99.0 16.0 -

- - 72.23x 12.63x 15.79x 45.91x 54.42x - - 40.52x -

- - (0.2) 19.1 36.6 19.1 36.6 57.5 83.3 - -

- - - 19.80x 24.12x 19.80x 24.12x 9.61x 6.62x - -

(0.1) (0.4) (2.8) 12.5 21.9 12.5 21.9 34.2 47.0 - -

- - 80.46x 39.35x 47.00x 39.35x 47.00x 27.37x 17.68x 24.07x 19.65x

EBITDA 36.63 Long-Term Rating Date -

EBIT 21.91 Long-Term Rating -

Operating Margin 39.17% Long-Term Outlook -

Pretax Margin 45.00% Short-Term Rating Date -

Return on Assets 8.87% Short-Term Rating -

Return on Common Equity 8.98%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.23% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -3.48

Gross Margin 78.7% Total Debt/EBITDA 0.00

EBITDA Margin 65.5%

EBIT Margin 39.2% Total Debt/Equity 0.0%

Net Income Margin 39.2% Total Debt/Capital 0.0%

Asset Turnover 0.23

Current Ratio 27.97 Net Fixed Asset Turnover 0.36

Quick Ratio 24.35 Accounts receivable turnover-days 1.33

Debt to Assets 0.00% Inventory Days -

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 23.45

Accounts Receivable Turnover 274.90 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sandstorm Gold LtdPrice/Volume

Valuation Analysis

50'412.00

Current Price (4/dd/yy) Market Data

'

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20.0

30.0

40.0

50.0

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

Page 77: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

VAN ECK ASSOCIATES C n/a ULT-AGG 6'344'691 7.15 (28'572) 29.04.2013 Investment Advisor

SENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 5'899'720 6.65 50'000 31.12.2012 Investment Advisor

LIBRA ADVISORS LLC n/a SEDI 4'928'760 5.56 - 03.08.2011 Hedge Fund Manager

ARIAS RESOURCE CAPIT n/a SEDI 4'840'000 5.46 - 25.02.2010 Private Equity

WELLS FARGO n/a ULT-AGG 3'119'705 3.52 83'953 31.03.2013 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 2'634'762 2.97 (86'410) 31.12.2012 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 1'453'580 1.64 (9'516) 28.02.2013 Bank

CIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 1'150'440 1.3 (101'600) 31.12.2012 Investment Advisor

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 1'085'659 1.22 133'753 31.12.2012 Investment Advisor

IA CLARINGTON INVEST Multiple Portfolios MF-AGG 1'065'600 1.2 (314'400) 31.12.2012 Investment Advisor

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 1'042'300 1.18 620'000 31.12.2012 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 1'009'660 1.14 (163'340) 29.03.2013 Investment Advisor

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 1'005'674 1.13 (92'716) 31.03.2013 Investment Advisor

WATSON NOLAN ALLAN n/a SEDI 930'000 1.05 - 19.06.2012 n/a

MONTRUSCO BOLTON INV MONTRUSCO BOLTON INV 13F 856'750 0.97 856'750 31.12.2012 Investment Advisor

GBC ASSET MANAGEMENT Multiple Portfolios MF-AGG 777'820 0.88 - 31.12.2011 Investment Advisor

FIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 767'280 0.87 (22'700) 30.11.2012 Investment Advisor

DE WITT DAVID E n/a SEDI 767'000 0.86 - 10.05.2012 n/a

AWRAM DAVID I n/a SEDI 759'100 0.86 (3'400) 04.01.2013 n/a

GREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 688'100 0.78 688'100 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

TD Securities DANIEL EARLE hold 3 M 9 12 month 23.04.2013

Cormark Securities Inc. RICHARD GRAY buy 5 M 14 12 month 22.04.2013

RBC Capital Markets DAN ROLLINS outperform 5 M 10 12 month 19.04.2013

Canaccord Genuity Corp NICHOLAS CAMPBELL speculative buy 4 M 11 12 month 17.04.2013

National Bank Financial SHANE NAGLE outperform 5 M 13 12 month 09.04.2013

Casimir Capital ERIC WINMILL strong buy 5 M 15 12 month 09.04.2013

Paradigm Capital Inc DON MACLEAN buy 5 M 16 12 month 01.04.2013

EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 21.02.2013

Euro Pacific Capital Inc HEIKO IHLE neutral 3 M 13 12 month 29.01.2013

Holdings By:

Sandstorm Gold Ltd ee

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

Page 78: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

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

Latest Fiscal Year: 12/2012

LTM as of: 03/yy

52-Week High (22.10.2012) 3.70

52-Week Low (23.05.2012) 1.70

Daily Volume

2.14

52-Week High % Change -42.70% Dividend Yield 0.00

52-Week Low % Change 25.88% Beta 2.10

% 52 Week Price Range High/Low 22.00% Equity Float 287.46

Shares Out 28.03.2013 293.5 Short Int 0.82

628.13 1 Yr Total Return -6.14%

Total Debt 266.87 YTD Return -24.91%

Preferred Stock 0.0 Adjusted BETA 2.101

Minority Interest 0.0 Analyst Recs 5

Cash and Equivalents 96.50 Consensus Rating 5.000

Enterprise Value 793.07

Average Volume 5 Day 840'291

OGC CN EQUITY YTD Change - Average Volume 30 Day 1'000'844

OGC CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'152'360

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

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

217.2 237.1 305.6 395.6 385.4 393.4 392.5 593.3 654.3 137.0 156.0

0.77x 1.89x 3.30x 1.61x 2.62x 7.19x 7.06x 1.17x 0.90x 5.44x 4.69x

63.7 106.6 141.1 164.3 144.5 145.7 119.7 249.0 258.0 50.5 65.9

2.62x 4.20x 7.15x 3.88x 7.00x 5.58x 0.00x 3.19x 3.07x 3.55x 3.55x

(54.7) 54.5 44.4 44.2 20.7 25.5 31.6 78.1 96.1 10.7 21.6

- 5.68x 18.76x 13.02x 35.81x 26.83x 25.85x 8.69x 6.24x 8.16x 7.70x

EBITDA 144.50 Long-Term Rating Date -

EBIT 53.12 Long-Term Rating -

Operating Margin 13.78% Long-Term Outlook -

Pretax Margin 8.37% Short-Term Rating Date -

Return on Assets 2.24% Short-Term Rating -

Return on Common Equity 3.80%

Return on Capital 4.57% EBITDA/Interest Exp. 5.98

Asset Turnover 0.42% (EBITDA-Capex)/Interest Exp. -6.04

Net Debt/EBITDA 1.18

Gross Margin 17.7% Total Debt/EBITDA 1.85

EBITDA Margin 37.5%

EBIT Margin 13.8% Total Debt/Equity 43.8%

Net Income Margin 5.4% Total Debt/Capital 30.4%

Asset Turnover 0.42

Current Ratio 0.93 Net Fixed Asset Turnover 0.59

Quick Ratio 0.56 Accounts receivable turnover-days 10.71

Debt to Assets 25.87% Inventory Days 64.88

Tot Debt to Common Equity 43.76% Accounts Payable Turnover Day 58.44

Accounts Receivable Turnover 34.08 Cash Conversion Cycle 17.15

Inventory Turnover 5.63

Fiscal Year Ended

OceanaGold CorpPrice/Volume

Valuation Analysis

102'614.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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250.0

300.0

350.0

400.0

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'!''

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

Page 79: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

BAKER STEEL CAPITAL n/a PROXY 20'669'000 7.04 - 11.05.2012 Investment Advisor

AMP CAPITAL INVESTOR n/a EXCH 14'660'107 4.99 (1'119'773) 21.01.2013 Other

VAN ECK ASSOCIATES C n/a ULT-AGG 13'382'819 4.56 - 29.04.2013 Investment Advisor

UNITED SERVICES AUTO Multiple Portfolios MF-AGG 8'700'000 2.96 (2'300'000) 30.11.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5'237'726 1.78 - 31.07.2012 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 3'565'116 1.21 (4'700) 28.02.2013 Bank

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 3'560'000 1.21 - 28.02.2013 Investment Advisor

FMR LLC n/a ULT-AGG 3'252'300 1.11 43'200 31.03.2013 Investment Advisor

NEW ZEALAND CENTRAL n/a PROXY 2'703'536 0.92 - 11.05.2012 Government

BLACKROCK n/a ULT-AGG 2'642'407 0.9 6'133 26.04.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 1'899'573 0.65 (547'087) 29.04.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'392'118 0.47 44'200 31.03.2013 Investment Advisor

BOND STREET CUSTODIA n/a PROXY 1'284'229 0.44 - 11.05.2012 Other

YANDAL INVESTMENTS P n/a PROXY 1'123'653 0.38 - 11.05.2012 Investment Advisor

INTERNATIONAL MINING n/a SEDI 1'097'008 0.37 10'000 30.12.2012 Other

ASKEW JAMES EDWARD n/a EXCH 1'087'008 0.37 48'360 07.02.2012 n/a

SFB INVESTMENTS PTY n/a PROXY 1'000'000 0.34 - 11.05.2012 Other

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 964'068 0.33 890'327 28.02.2013 Investment Advisor

DEN DUYTS CORP & ASS n/a PROXY 922'855 0.31 - 11.05.2012 Investment Advisor

SPROTT INC Multiple Portfolios MF-AGG 900'000 0.31 - 31.12.2012 Hedge Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

GMP ANDREW MIKITCHOOK buy 5 M 3 12 month 30.04.2013

BMO Capital Markets BRIAN QUAST outperform 5 M 3 Not Provided 29.04.2013

Macquarie MICHAEL SIPERCO outperform 5 M 3 12 month 25.04.2013

Cormark Securities Inc. MIKE KOZAK buy 5 M 3 12 month 22.04.2013

Forsyth Barr ANDREW HARVEY-GREEN buy 5 M 3 12 month 17.02.2013

Holdings By:

OceanaGold Corp ee

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

Page 80: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

has exploration projects located in Western Australia and the Philippines along

with mining leases in Tasmania.

Latest Fiscal Year: 06/2012

LTM as of: 01/yy

52-Week High (11.10.2012) 6.70

52-Week Low (16.04.2013) 2.68

Daily Volume

3.27

52-Week High % Change -51.19% Dividend Yield 0.61

52-Week Low % Change 22.01% Beta 1.04

% 52 Week Price Range High/Low 15.67% Equity Float 169.35

Shares Out 31.12.2012 188.9 Short Int 2.90

617.72 1 Yr Total Return -43.03%

Total Debt 0.00 YTD Return -39.78%

Preferred Stock 0.0 Adjusted BETA 1.038

Minority Interest 0.0 Analyst Recs 10

Cash and Equivalents 12.47 Consensus Rating 4.400

Enterprise Value 630.53

Average Volume 5 Day 1'627'513

MML AU EQUITY YTD Change - Average Volume 30 Day 1'507'872

MML AU EQUITY YTD % CHANGE - Average Volume 3 Month 1'402'497

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

30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

15.8 42.6 93.9 148.7 80.8 - - 120.1 277.1 - -

9.93x 5.99x 6.25x 8.51x 11.40x - - 5.22x 1.90x - -

4.6 30.4 73.0 120.2 57.6 - - 83.2 207.7 - -

34.16x 8.41x 8.04x 10.54x 16.00x - - 7.58x 3.04x - -

(1.2) 28.5 65.8 110.4 49.2 - - 71.6 190.0 - -

- 8.88x 8.74x 12.02x 18.94x - - 7.87x 3.47x - -

EBITDA 57.59 Long-Term Rating Date -

EBIT 47.69 Long-Term Rating -

Operating Margin 59.02% Long-Term Outlook -

Pretax Margin 59.50% Short-Term Rating Date -

Return on Assets 16.13% Short-Term Rating -

Return on Common Equity 16.84%

Return on Capital - EBITDA/Interest Exp. -

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

Net Debt/EBITDA -0.14

Gross Margin 74.3% Total Debt/EBITDA 0.00

EBITDA Margin 69.4%

EBIT Margin 56.7% Total Debt/Equity 0.0%

Net Income Margin 60.9% Total Debt/Capital 0.0%

Asset Turnover 0.28

Current Ratio 5.30 Net Fixed Asset Turnover 0.37

Quick Ratio 0.79 Accounts receivable turnover-days 194.30

Debt to Assets 0.00% Inventory Days 152.17

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 136.57

Accounts Receivable Turnover 1.88 Cash Conversion Cycle -

Inventory Turnover 2.41

Fiscal Year Ended

Medusa Mining LtdPrice/Volume

Valuation Analysis

1'449'061.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

Page 81: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

M&G INVESTMENT MANAG n/a EXCH 20'602'900 10.91 (1'760'000) 18.04.2013 Investment Advisor

VANGUARD GROUP INC n/a EXCH 19'455'000 10.3 (2'045'000) 22.04.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 15'309'037 8.1 1'902'381 29.04.2013 Investment Advisor

FMR LLC n/a ULT-AGG 14'850'063 7.86 (2'760'620) 19.04.2013 Investment Advisor

UCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 4'183'483 2.21 887'915 31.03.2013 Investment Advisor

DAVIS GEOFFREY JOHN n/a Co File 4'052'750 2.15 - 29.08.2012 n/a

BLACKROCK n/a ULT-AGG 3'928'721 2.08 (989) 26.04.2013 Investment Advisor

FORTY TRADERS LTD n/a Co File 3'660'631 1.94 - 17.09.2012 Unclassified

GOODFELLOW WILLIAM D n/a Co File 3'210'425 1.7 - 17.09.2012 n/a

CEDARDALE HOLDINGS P n/a Co File 3'187'673 1.69 - 17.09.2012 Unclassified

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 2'613'520 1.38 - 30.09.2012 Hedge Fund Manager

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'000'000 1.06 - 28.02.2013 Investment Advisor

YANDAL INVESTMENTS P n/a Co File 2'000'000 1.06 - 17.09.2012 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 1'750'000 0.93 - 31.12.2012 Investment Advisor

BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 1'600'000 0.85 - 28.02.2013 Investment Advisor

AFDAL SAMUEL G n/a Co File 1'450'000 0.77 - 30.06.2012 n/a

OLD MUTUAL n/a ULT-AGG 1'448'400 0.77 (31'235) 28.02.2013 Unclassified

DANIEL ROY PHILIP n/a Co File 1'425'000 0.75 - 30.06.2012 n/a

UCA AG n/a Co File 1'300'000 0.69 - 17.09.2012 Investment Advisor

BARING ASSET MANAGEM Multiple Portfolios MF-AGG 1'166'975 0.62 (46'992) 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

RBC Capital Markets STEUART MCINTYRE sector perform 3 M 5 12 month 30.04.2013

Deutsche Bank CHRIS TERRY buy 5 M 5 12 month 29.04.2013

Goldman Sachs PAUL HISSEY buy/attractive 5 M 4 12 month 24.04.2013

Morgan Stanley BRENDAN FITZPATRICK Overwt/In-Line 5 M 6 12 month 22.04.2013

Ord Minnett DAVID BRENNAN buy 5 M 6 Not Provided 18.04.2013

Blackswan Equities Ltd RHYS BRADLEY buy 5 N 7 12 month 01.03.2013

Cantor Fitzgerald ASA BRIDLE buy 5 M #N/A N/A Not Provided 27.02.2013

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013

Holdings By:

Medusa Mining Ltd ee

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

Page 82: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

properties. The Company owns interests in mineral properties in Armenia,

Bulgaria, Canada, and Serbia.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (21.09.2012) 9.94

52-Week Low (17.04.2013) 5.45

Daily Volume

6.22

52-Week High % Change -37.83% Dividend Yield -

52-Week Low % Change 14.13% Beta 1.41

% 52 Week Price Range High/Low 17.82% Equity Float 94.20

Shares Out 28.03.2013 125.7 Short Int 23.91

781.69 1 Yr Total Return -19.12%

Total Debt 81.77 YTD Return -26.56%

Preferred Stock 0.0 Adjusted BETA 1.406

Minority Interest 7.0 Analyst Recs 9

Cash and Equivalents 123.36 Consensus Rating 4.889

Enterprise Value 747.11

Average Volume 5 Day 479'778

DPM CN EQUITY YTD Change - Average Volume 30 Day 448'281

DPM CN EQUITY YTD % CHANGE - Average Volume 3 Month 597'735

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

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

105.1 137.6 202.0 338.5 384.7 336.3 385.5 477.4 552.6 104.0 103.0

0.65x 2.15x 5.56x 2.84x 2.68x 11.75x 10.23x 1.47x 1.28x - -

(36.2) 16.4 - - - 35.1 16.6 212.8 288.0 - -

- 18.00x - - - 0.00x 0.00x 3.55x 2.59x - -

(79.2) 5.1 22.9 86.1 54.4 85.8 54.5 126.8 156.4 24.6 24.8

- 44.88x 49.37x 13.48x 21.72x 13.52x 21.68x 8.08x 7.54x 7.26x 7.30x

EBITDA - Long-Term Rating Date -

EBIT 76.66 Long-Term Rating -

Operating Margin 19.93% Long-Term Outlook -

Pretax Margin 12.91% Short-Term Rating Date -

Return on Assets 5.73% Short-Term Rating -

Return on Common Equity 7.51%

Return on Capital 4.04% EBITDA/Interest Exp. -

Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin 40.8% Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin 19.9% Total Debt/Equity 10.9%

Net Income Margin 14.1% Total Debt/Capital 9.8%

Asset Turnover 0.41

Current Ratio 3.10 Net Fixed Asset Turnover 0.70

Quick Ratio 2.36 Accounts receivable turnover-days 47.87

Debt to Assets 8.41% Inventory Days 79.30

Tot Debt to Common Equity 10.94% Accounts Payable Turnover Day 70.69

Accounts Receivable Turnover 7.65 Cash Conversion Cycle 56.62

Inventory Turnover 4.62

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Dundee Precious Metals IncPrice/Volume

Valuation Analysis

76'489.00

Current Price (4/dd/yy) Market Data

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

Page 83: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

DUNDEE CORP #N/A N/A SEDI 30'629'607 24.37 35'000 26.04.2013 Holding Company

US GLOBAL INVESTORS n/a Research 8'442'571 6.72 - 28.02.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 7'720'627 6.14 (34'836) 29.04.2013 Investment Advisor

UNITED SERVICES AUTO Multiple Portfolios MF-AGG 5'331'900 4.24 - 31.12.2012 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 4'734'500 3.77 - 28.02.2013 Investment Advisor

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 4'514'449 3.59 4'124'249 31.12.2012 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 3'999'265 3.18 (378'400) 28.02.2013 Bank

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 3'634'800 2.89 (2'100) 31.01.2013 Investment Advisor

IA CLARINGTON INVEST Multiple Portfolios MF-AGG 3'394'800 2.7 1'314'000 31.12.2012 Investment Advisor

FIERA CAPITAL CORPOR Multiple Portfolios MF-AGG 2'655'547 2.11 (52'200) 31.01.2013 Investment Advisor

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 2'369'196 1.89 (50'000) 30.09.2012 Hedge Fund Manager

NATCAN INVESTMENT MA Multiple Portfolios MF-AGG 1'598'155 1.27 4'773 28.02.2013 Investment Advisor

SPROTT INC Multiple Portfolios MF-AGG 1'423'900 1.13 10'000 31.12.2012 Hedge Fund Manager

BRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 1'163'346 0.93 43'784 31.03.2013 Hedge Fund Manager

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 947'401 0.75 - 31.07.2012 Investment Advisor

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 771'700 0.61 (19'200) 31.01.2013 Investment Advisor

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 761'500 0.61 - 28.09.2012 Investment Advisor

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 667'600 0.53 (96'700) 31.12.2012 Investment Advisor

AGF INVESTMENTS INC Multiple Portfolios MF-AGG 571'632 0.45 227'172 28.09.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 561'141 0.45 6'300 31.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Stifel MICHAEL A SCOON buy 5 M 9 Not Provided 26.04.2013

Scotia Capital LEILY OMOUMI sector outperform 5 M 11 12 month 23.04.2013

RBC Capital Markets SAM CRITTENDEN outperform 5 M 10 12 month 22.04.2013

Cormark Securities Inc. MIKE KOZAK top pick 5 M 14 12 month 22.04.2013

BMO Capital Markets JOHN P HAYES speculative outperform 4 M 10 Not Provided 19.04.2013

Dundee Securities Corp JOSH WOLFSON not rated #N/A N/A M #N/A N/A Not Provided 19.04.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 16.04.2013

CIBC World Markets LEON ESTERHUIZEN sector outperform 5 M 11 Not Provided 11.04.2013

GMP GEORGE V ALBINO buy 5 M 15 12 month 04.03.2013

Paradigm Capital Inc DON MACLEAN buy 5 N 13 12 month 03.12.2012

Holdings By:

Dundee Precious Metals Inc ee

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

Page 84: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

is focusing on the development of La Arena gold / copper project, located in

north central Peru.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (02.11.2012) 6.00

52-Week Low (17.04.2013) 3.37

Daily Volume

3.71

52-Week High % Change -37.33% Dividend Yield 0.00

52-Week Low % Change 10.09% Beta 1.08

% 52 Week Price Range High/Low 12.55% Equity Float 160.58

Shares Out 28.03.2013 175.9 Short Int 4.39

652.54 1 Yr Total Return -11.88%

Total Debt 3.26 YTD Return -27.11%

Preferred Stock 0.0 Adjusted BETA 1.076

Minority Interest 0.0 Analyst Recs 10

Cash and Equivalents 38.61 Consensus Rating 4.200

Enterprise Value 617.18

Average Volume 5 Day 1'310'458

RIO CN EQUITY YTD Change - Average Volume 30 Day 726'045

RIO CN EQUITY YTD % CHANGE - Average Volume 3 Month 739'869

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

31.05.2007 31.05.2008 31.05.2009 31.05.2010 31.05.2011 05/yy 12/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

- 0.0 0.0 0.0 0.0 0.0 317.2 313.0 342.6 - -

- - - - - #DIV/0! 9.56x - - - -

(1.0) (2.3) (1.5) (3.9) (8.0) (5.1) 173.5 186.5 163.0 - -

- - - - - 0.00x 4.94x 3.32x 3.79x - -

(1.0) (1.9) (1.5) (12.6) (8.0) (4.0) 100.7 - 98.3 - -

- - - - - 0.00x 9.23x 7.06x 6.77x 9.87x 8.96x

EBITDA 173.12 Long-Term Rating Date -

EBIT 151.44 Long-Term Rating -

Operating Margin 47.85% Long-Term Outlook -

Pretax Margin 48.82% Short-Term Rating Date -

Return on Assets 38.61% Short-Term Rating -

Return on Common Equity 59.31%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 1.22% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -0.20

Gross Margin 62.4% Total Debt/EBITDA 0.02

EBITDA Margin 54.7%

EBIT Margin 47.9% Total Debt/Equity 1.4%

Net Income Margin 31.7% Total Debt/Capital 1.4%

Asset Turnover 1.22

Current Ratio 1.61 Net Fixed Asset Turnover 1.91

Quick Ratio 0.74 Accounts receivable turnover-days 26.87

Debt to Assets 0.92% Inventory Days 50.64

Tot Debt to Common Equity 1.43% Accounts Payable Turnover Day 114.13

Accounts Receivable Turnover 21.59 Cash Conversion Cycle -36.68

Inventory Turnover 11.45

Fiscal Year Ended

Rio Alto Mining LtdPrice/Volume

Valuation Analysis

38'852.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

'

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

Page 85: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

SENTRY SELECT CAPITA n/a 13G 28'000'700 15.92 - 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 14'940'000 8.49 8'960'000 31.03.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 12'816'519 7.29 (57'732) 29.04.2013 Investment Advisor

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 7'989'300 4.54 102'600 31.01.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 7'082'953 4.03 - 31.12.2012 Bank

BLACKROCK n/a ULT-AGG 6'635'369 3.77 3'918'649 26.04.2013 Investment Advisor

AUSCAN ASSETS LIMITE n/a SEDI 4'969'651 2.83 50'000 07.12.2012 Other

NORWICH ROGER n/a SEDI 4'734'195 2.69 265'000 25.11.2011 n/a

HAWKSHAW ANTHONY GRA n/a SEDI 3'000'000 1.71 - 19.10.2011 n/a

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 2'360'802 1.34 2'360'802 31.03.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'720'000 0.98 500'000 28.02.2013 Investment Advisor

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'248'400 0.71 978'500 31.12.2012 Investment Advisor

INTACT INVESTMENT MA INTACT INVESTEMENT M 13F 1'076'700 0.61 1'076'700 31.03.2013 Investment Advisor

US GLOBAL INVESTORS Multiple Portfolios MF-AGG 1'051'000 0.6 201'000 31.12.2012 Investment Advisor

SOLDI JAIME n/a SEDI 1'028'288 0.58 126'000 02.01.2013 n/a

VANGUARD GROUP INC Multiple Portfolios MF-AGG 759'587 0.43 39'604 31.12.2012 Investment Advisor

WELLS FARGO n/a ULT-AGG 755'020 0.43 - 28.02.2013 Investment Advisor

ZEITLER KLAUS M n/a SEDI 750'000 0.43 - 22.11.2011 n/a

MD MANAGEMENT LTD Multiple Portfolios MF-AGG 675'600 0.38 - 28.02.2013 Investment Advisor

CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 597'190 0.34 591'190 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Clarus Securities MIKE BANDROWSKI buy 5 M 7 12 month 29.04.2013

Kallpa Securities SAB HUMBERTO LEON overweight 5 M 5 12 month 29.04.2013

Stonecap Securities Inc CHRISTOS DOULIS sector perform 3 M 4 12 month 22.04.2013

CIBC World Markets MATTHEW GIBSON sector outperform 5 M 7 Not Provided 17.04.2013

Desjardins Securities ADAM MELNYK hold 3 M 5 12 month 17.04.2013

GMP GEORGE V ALBINO buy 5 M 8 12 month 17.04.2013

BMO Capital Markets BRIAN QUAST market perform 3 M 6 Not Provided 16.04.2013

Scotia Capital MARK TURNER sector perform 3 M 5 12 month 08.04.2013

Euro Pacific Capital Inc HEIKO IHLE buy 5 M 7 12 month 08.04.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013

Holdings By:

Rio Alto Mining Ltd ee

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

Page 86: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

exploration activities are located in the Abitibi region of north-western

Quebec, Canada. Aurizon operates and owns an interest in the Beaufor Mine,

the Sleeping Giant Mine, and the Casa Berardi property.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (01.05.2012) 5.57

52-Week Low (24.12.2012) 3.19

Daily Volume

4.181

52-Week High % Change -24.87% Dividend Yield -

52-Week Low % Change 31.07% Beta 0.98

% 52 Week Price Range High/Low 41.18% Equity Float 136.22

Shares Out 28.03.2013 164.6 Short Int 1.55

688.04 1 Yr Total Return -22.72%

Total Debt 0.00 YTD Return 20.14%

Preferred Stock 0.0 Adjusted BETA 0.979

Minority Interest 0.0 Analyst Recs 5

Cash and Equivalents 204.71 Consensus Rating 3.000

Enterprise Value 489.28

Average Volume 5 Day 628'997

AZK US EQUITY YTD Change - Average Volume 30 Day 722'442

AZK US EQUITY YTD % CHANGE - Average Volume 3 Month 886'202

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

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

144.5 175.6 178.7 260.0 223.6 260.0 223.6 206.2 266.3 40.2 46.6

4.07x 3.65x 5.82x 2.31x 1.61x 11.47x 9.66x - - - -

53.5 87.5 69.8 124.9 92.2 124.9 92.2 94.0 139.0 - -

10.98x 7.32x 14.90x 4.81x 3.90x 4.81x 3.90x 5.21x 3.52x - -

4.9 36.7 17.2 43.9 31.8 43.9 31.8 27.9 51.1 3.2 3.4

- - - - - 0.00x 0.00x 24.95x 16.54x 30.78x -

EBITDA 92.23 Long-Term Rating Date -

EBIT 54.50 Long-Term Rating -

Operating Margin 24.38% Long-Term Outlook -

Pretax Margin 25.08% Short-Term Rating Date -

Return on Assets 7.33% Short-Term Rating -

Return on Common Equity 9.28%

Return on Capital 9.42% EBITDA/Interest Exp. 107.74

Asset Turnover 0.51% (EBITDA-Capex)/Interest Exp. 19.32

Net Debt/EBITDA -2.22

Gross Margin 41.0% Total Debt/EBITDA 0.00

EBITDA Margin 41.3%

EBIT Margin 24.4% Total Debt/Equity 0.0%

Net Income Margin 14.2% Total Debt/Capital 0.0%

Asset Turnover 0.51

Current Ratio 7.30 Net Fixed Asset Turnover 1.18

Quick Ratio 6.49 Accounts receivable turnover-days 12.74

Debt to Assets 0.00% Inventory Days 40.24

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 38.79

Accounts Receivable Turnover 28.73 Cash Conversion Cycle 14.19

Inventory Turnover 9.10

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Aurizon Mines LtdPrice/Volume

Valuation Analysis

171'550.00

Current Price (4/dd/yy) Market Data

'

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

Page 87: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

ALAMOS GOLD INC n/a 13D 26'507'283 16.11 - 19.03.2013 Other

VAN ECK ASSOCIATES C n/a ULT-AGG 22'005'946 13.37 - 29.04.2013 Investment Advisor

UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 7'000'000 4.25 - 31.12.2012 Investment Advisor

MONTRUSCO BOLTON INV MONTRUSCO BOLTON INV 13F 6'138'783 3.73 408'275 31.12.2012 Investment Advisor

GCIC LTD/CANADA GOODMAN & COMPANY IN 13F 5'947'500 3.61 (6'022'500) 31.12.2012 Investment Advisor

SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 5'751'260 3.49 4'054'435 31.12.2012 Hedge Fund Manager

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 4'806'500 2.92 452'400 31.12.2012 Hedge Fund Manager

NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 4'430'833 2.69 1'029'681 31.12.2012 Investment Advisor

WELLS FARGO n/a ULT-AGG 3'678'543 2.24 (1'265'127) 31.03.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 3'537'956 2.15 136'509 31.12.2012 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 2'931'135 1.78 101'700 31.12.2012 Pension Fund (ERISA)

FMR LLC n/a ULT-AGG 2'190'600 1.33 (176'300) 31.12.2012 Investment Advisor

TOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 1'655'218 1.01 1'655'218 28.03.2013 Investment Advisor

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 1'539'910 0.94 - 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 1'436'486 0.87 3'442 26.04.2013 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 1'400'000 0.85 - 31.12.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 1'289'081 0.78 1'097'036 31.03.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 1'264'143 0.77 1'264'143 31.03.2013 Investment Advisor

GEOLOGIC RESOURCE PA GEOLOGIC RESOURCE PA 13F 1'251'251 0.76 (73'649) 31.12.2012 Hedge Fund Manager

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 1'121'404 0.68 (1'183'046) 31.03.2013 Hedge Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Global Hunter Securities JEFF WRIGHT neutral 3 M 5 12 month 29.04.2013

BMO Capital Markets BRIAN QUAST underperform 1 M 4 Not Provided 14.04.2013

National Bank Financial PAOLO LOSTRITTO tender #N/A N/A M 5 12 month 05.04.2013

Desjardins Securities ADAM MELNYK tender #N/A N/A M 4 12 month 20.03.2013

EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 15.03.2013

Mackie Research Capital Corp. RYAN HANLEY tender #N/A N/A M 5 Not Provided 05.03.2013

Euro Pacific Capital Inc HEIKO IHLE buy 5 M 5 12 month 04.03.2013

Raymond James FORBES GEMMELL Under Review #N/A N/A M #N/A N/A Not Provided 05.02.2013

CIBC World Markets COSMOS CHIU restricted #N/A N/A M #N/A N/A Not Provided 25.01.2013

Loewen, Ondaatje, McCutcheon Ltd MICHAEL G FOWLER buy 5 M 6 12 month 23.01.2013

Scotia Capital OVAIS HABIB restricted #N/A N/A M #N/A N/A Not Provided 21.01.2013

Holdings By:

Aurizon Mines Ltd ee

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

Page 88: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

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

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (21.09.2012) 10.73

52-Week Low (17.04.2013) 4.31

Daily Volume

5.08

52-Week High % Change -53.68% Dividend Yield -

52-Week Low % Change 17.87% Beta 1.24

% 52 Week Price Range High/Low 12.62% Equity Float 98.17

Shares Out 28.03.2013 99.7 Short Int 1.16

506.42 1 Yr Total Return -45.20%

Total Debt 9.00 YTD Return -35.61%

Preferred Stock 0.0 Adjusted BETA 1.236

Minority Interest 0.0 Analyst Recs 8

Cash and Equivalents 27.14 Consensus Rating 4.750

Enterprise Value 488.28

Average Volume 5 Day 1'406'889

EXK US EQUITY YTD Change - Average Volume 30 Day 1'432'906

EXK US EQUITY YTD % CHANGE - Average Volume 3 Month 1'431'181

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

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

39.3 50.8 86.5 128.0 208.1 128.0 208.1 249.0 290.7 - -

1.18x 3.98x 5.80x 5.79x 3.68x 21.01x 14.48x - - - -

(4.5) 11.3 30.7 64.8 89.8 64.8 89.8 104.2 149.8 25.2 28.8

- 17.91x 16.36x 11.43x 8.53x 11.43x 8.53x 4.70x 3.27x 4.20x -

(18.0) (1.9) (20.4) 18.8 42.1 18.8 42.1 46.3 74.4 - -

- - - - - 0.00x 0.00x 10.43x 8.06x 17.82x 14.94x

EBITDA 89.81 Long-Term Rating Date -

EBIT 59.85 Long-Term Rating -

Operating Margin 28.76% Long-Term Outlook -

Pretax Margin 28.88% Short-Term Rating Date -

Return on Assets 11.59% Short-Term Rating -

Return on Common Equity 15.60%

Return on Capital 15.47% EBITDA/Interest Exp. 185.55

Asset Turnover 0.57% (EBITDA-Capex)/Interest Exp. 48.70

Net Debt/EBITDA -0.20

Gross Margin 41.6% Total Debt/EBITDA 0.10

EBITDA Margin 43.2%

EBIT Margin 28.8% Total Debt/Equity 2.6%

Net Income Margin 20.2% Total Debt/Capital 2.6%

Asset Turnover 0.57

Current Ratio 2.07 Net Fixed Asset Turnover 0.96

Quick Ratio 1.00 Accounts receivable turnover-days 24.55

Debt to Assets 1.88% Inventory Days 112.96

Tot Debt to Common Equity 2.65% Accounts Payable Turnover Day 62.45

Accounts Receivable Turnover 14.91 Cash Conversion Cycle 75.06

Inventory Turnover 3.24

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Endeavour Silver CorpPrice/Volume

Valuation Analysis

275'626.00

Current Price (4/dd/yy) Market Data

'

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

Page 89: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

VAN ECK ASSOCIATES C n/a ULT-AGG 6'953'989 6.98 72'847 29.04.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 4'503'915 4.52 (646'415) 31.03.2013 Investment Advisor

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 3'759'799 3.77 (53'515) 31.12.2012 Hedge Fund Manager

NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 2'894'100 2.9 2'894'100 31.12.2012 Investment Advisor

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 1'502'600 1.51 95'000 31.03.2013 Investment Advisor

POLAR SECURITIES INC POLAR SECURITIES INC 13F 1'373'500 1.38 1'373'500 31.12.2012 Hedge Fund Manager

GLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 1'159'615 1.16 115'522 31.12.2012 Investment Advisor

AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 1'110'237 1.11 (16'700) 31.03.2013 Investment Advisor

COOKE BRADFORD JAMES n/a SEDI 1'085'337 1.09 (200'000) 22.04.2013 n/a

CANADA PENSION PLAN CANADA PENSION PLAN 13F 1'042'960 1.05 200'400 31.12.2012 Pension Fund (ERISA)

PORTOLA GROUP INCORP PORTOLA GROUP INCORP 13F 922'750 0.93 (71'300) 31.03.2013 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 900'000 0.9 400'000 31.12.2012 Investment Advisor

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 830'979 0.83 (576'400) 31.12.2012 Investment Advisor

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 811'200 0.81 - 31.12.2012 Investment Advisor

BROOKFIELD ASSET MGM BROOKFIELD ASSET MAN 13F 761'586 0.76 761'586 31.12.2012 Investment Advisor

CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 756'563 0.76 (981'867) 31.12.2012 Investment Advisor

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 579'250 0.58 - 28.09.2012 Investment Advisor

NORGES BANK NORGES BANK 13F 547'823 0.55 4'210 31.12.2012 Government

VANGUARD GROUP INC Multiple Portfolios MF-AGG 499'972 0.5 51'503 31.03.2013 Investment Advisor

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 491'800 0.49 (57'000) 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

BMO Capital Markets ANDREW KAIP market perform 3 M 6 Not Provided 29.04.2013

Raymond James CHRIS THOMPSON outperform 5 M 9 12 month 24.04.2013

Haywood Securities Inc. BENJAMIN ASUNCION buy 5 M 8 Not Provided 16.04.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 16.04.2013

CIBC World Markets LEON ESTERHUIZEN sector outperform 5 N 9 Not Provided 11.04.2013

Salman Partners ASH GUGLANI buy 5 M 10 12 month 08.04.2013

GMP CHELSEA HAMILTON buy 5 M 10 12 month 08.04.2013

Euro Pacific Capital Inc HEIKO IHLE buy 5 M 9 12 month 08.04.2013

Holdings By:

Endeavour Silver Corp ee

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

Page 90: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Continental Gold Ltd. is an advanced-stage exploration company. The Company has

a portfolio of gold projects located in established mineral belts in Colombia,

South America. Continental Gold's priorities include advanced exploration and

definition drilling programs at its Buritica gold project and phase-one drilling

at its Berlin project.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (12.11.2012) 10.03

52-Week Low (18.04.2013) 3.78

Daily Volume

4.81

52-Week High % Change -51.84% Dividend Yield 0.00

52-Week Low % Change 27.25% Beta 1.20

% 52 Week Price Range High/Low 17.60% Equity Float 103.06

Shares Out 28.03.2013 126.3 Short Int 0.29

607.31 1 Yr Total Return -34.74%

Total Debt 0.00 YTD Return -45.65%

Preferred Stock 0.0 Adjusted BETA 1.203

Minority Interest 0.0 Analyst Recs 7

Cash and Equivalents 83.89 Consensus Rating 4.000

Enterprise Value 499.19

Average Volume 5 Day 667'687

CNL CN EQUITY YTD Change - Average Volume 30 Day 695'908

CNL CN EQUITY YTD % CHANGE - Average Volume 3 Month 625'022

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

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

0.0 0.0 0.0 0.0 - 0.0 0.0 14.0 14.0 - -

- - - - - #DIV/0! #DIV/0! - - - -

(0.6) (4.2) (10.7) (11.8) - (8.8) (7.8) (9.6) (9.6) - -

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

(0.6) (4.1) (119.1) 18.2 (7.9) 18.2 (7.9) (9.6) (12.8) - -

- - - 38.93x - 38.93x 0.00x - - - -

EBITDA -11.77 Long-Term Rating Date -

EBIT -12.17 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -

Return on Assets -4.13% Short-Term Rating -

Return on Common Equity -4.55%

Return on Capital - EBITDA/Interest Exp. -141.81

Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -569.05

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA 0.00

EBITDA Margin -

EBIT Margin - Total Debt/Equity 0.0%

Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover 0.00

Current Ratio 8.87 Net Fixed Asset Turnover 0.00

Quick Ratio 8.87 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

Continental Gold LtdPrice/Volume

Valuation Analysis

45'493.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

'

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

Page 91: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

GCIC LTD/CANADA n/a Co File 17'893'800 14.17 116'400 31.12.2012 Investment Advisor

WELLINGTON MANAGEMEN n/a Co File 16'205'564 12.84 1'985'981 31.03.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 8'183'107 6.48 (36'816) 29.04.2013 Investment Advisor

BULLET HOLDING CORP n/a SEDI 8'024'456 6.36 (200'000) 05.10.2012 Holding Company

COASTAL FINANCING CO n/a SEDI 5'786'124 4.58 (250'000) 21.12.2012 Other

ROYAL BANK OF CANADA n/a ULT-AGG 4'840'118 3.83 109'700 28.02.2013 Bank

REINDEER CAPITAL LTD n/a SEDI 3'668'490 2.91 (250'000) 21.12.2012 Other

SPROTT INC Multiple Portfolios MF-AGG 2'582'500 2.05 485'700 31.12.2012 Hedge Fund Manager

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 2'471'400 1.96 - 31.01.2013 Investment Advisor

EXPERT FUNDING CORP n/a SEDI 2'316'327 1.83 (35'000) 02.11.2012 Corporation

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 2'293'942 1.82 353'535 31.03.2013 Investment Advisor

FMR LLC n/a ULT-AGG 2'216'400 1.76 (771'400) 31.03.2013 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 2'141'942 1.7 (188'058) 29.03.2013 Investment Advisor

IA CLARINGTON INVEST Multiple Portfolios MF-AGG 1'523'400 1.21 1'523'400 31.12.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 1'334'000 1.06 254'000 31.01.2013 Investment Advisor

SUSSMAN ARI B n/a SEDI 1'149'151 0.91 10'606 21.08.2012 n/a

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'074'746 0.85 660'800 31.03.2013 Investment Advisor

FIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 1'073'739 0.85 58'800 29.04.2013 Investment Advisor

PENTAGON PROPERTIES n/a SEDI 1'025'000 0.81 500'000 23.04.2012 Other

QUANTEX AG Multiple Portfolios MF-AGG 900'000 0.71 90'000 29.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Clarus Securities JAMIE SPRATT speculative buy 4 M 14 12 month 29.04.2013

Stifel CRAIG P STANLEY hold 3 M #N/A N/A Not Provided 26.04.2013

Dundee Securities Corp JOE FAZZINI buy 5 M 9 12 month 24.04.2013

TD Securities DANIEL EARLE speculative buy 4 M 10 12 month 23.04.2013

Raymond James GARY J BASCHUK Under Review #N/A N/A M #N/A N/A Not Provided 18.04.2013

GMP GEORGE V ALBINO buy 5 M 15 12 month 11.04.2013

RBC Capital Markets DAN ROLLINS sector perform 3 M 11 12 month 07.01.2013

Interbolsa SA GABRIEL BAYONA speculative buy 4 M 13 Not Provided 01.10.2012

Holdings By:

Continental Gold Ltd ee

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

Page 92: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Rubicon Minerals Corporation is a mineral exploration company. The Company

explores for gold deposits in the Red Lake gold camp of Canada, as well as

Nevada and Alaska.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (17.09.2012) 3.80

52-Week Low (18.04.2013) 1.44

Daily Volume

1.74

52-Week High % Change -54.74% Dividend Yield 0.00

52-Week Low % Change 20.83% Beta 1.22

% 52 Week Price Range High/Low 13.98% Equity Float 274.32

Shares Out 28.03.2013 288.5 Short Int 2.83

501.94 1 Yr Total Return -42.19%

Total Debt 0.44 YTD Return -31.76%

Preferred Stock 0.0 Adjusted BETA 1.223

Minority Interest 0.0 Analyst Recs 4

Cash and Equivalents 171.99 Consensus Rating 4.250

Enterprise Value 330.38

Average Volume 5 Day 1'103'986

RMX CN EQUITY YTD Change - Average Volume 30 Day 909'220

RMX CN EQUITY YTD % CHANGE - Average Volume 3 Month 966'341

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

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

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(3.4) (4.6) (25.4) (21.6) (11.6) (21.6) (11.6) - - - -

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

(2.4) (0.6) (25.5) (21.4) (10.4) (21.4) (10.4) - - - -

- - - - - 0.00x 0.00x - 8.29x - 1750.00x

EBITDA -11.56 Long-Term Rating Date -

EBIT -11.63 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -

Return on Assets -2.73% Short-Term Rating -

Return on Common Equity -2.85%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -0.04

EBITDA Margin -

EBIT Margin - Total Debt/Equity 0.1%

Net Income Margin - Total Debt/Capital 0.1%

Asset Turnover 0.00

Current Ratio 10.32 Net Fixed Asset Turnover 0.00

Quick Ratio 10.29 Accounts receivable turnover-days -

Debt to Assets 0.09% Inventory Days -

Tot Debt to Common Equity 0.10% Accounts Payable Turnover Day -

Accounts Receivable Turnover 0.00 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Rubicon Minerals CorpPrice/Volume

Valuation Analysis

93'923.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

Page 93: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 22'735'867 7.88 12'173'845 31.12.2012 Investment Advisor

IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 13'783'100 4.78 423'700 31.12.2012 Investment Advisor

AGNICO-EAGLE MINES L n/a 13D 10'671'827 3.7 (11'000'000) 01.06.2012 Corporation

GREYWOLF CAPITAL MAN GREYWOLF CAPITAL MAN 13F 9'125'000 3.16 4'155'700 31.12.2012 Hedge Fund Manager

SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 7'263'300 2.52 - 31.12.2012 Hedge Fund Manager

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 4'838'017 1.68 639'100 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 3'656'352 1.27 705'000 31.03.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 3'244'428 1.12 138'068 31.12.2012 Investment Advisor

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 2'695'400 0.93 - 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 2'508'962 0.87 6'008 26.04.2013 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 2'412'466 0.84 122'900 31.12.2012 Pension Fund (ERISA)

BRIDGER MANAGEMENT L BRIDGER MANAGEMENT L 13F 2'170'000 0.75 - 31.12.2012 Hedge Fund Manager

CAPITAL TACTICS ADVI CAPITAL TACTICS ADVI 13F 2'028'610 0.7 627'918 31.12.2012 Hedge Fund Manager

NORGES BANK NORGES BANK 13F 1'560'601 0.54 (247'212) 31.12.2012 Government

ROYAL BANK OF CANADA n/a ULT-AGG 1'537'646 0.53 (3'356'720) 31.12.2012 Bank

ADAMSON DAVID W n/a SEDI 1'535'189 0.53 107'000 04.02.2013 n/a

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'503'175 0.52 41'600 31.03.2013 Investment Advisor

LOEWS CORPORATION LOEWS CORPORATION 13F 1'401'817 0.49 - 31.12.2012 Corporation

D E SHAW & COMPANY I D E SHAW & CO 13F 1'392'537 0.48 (127'000) 31.12.2012 Hedge Fund Manager

SHARE SICAV Multiple Portfolios MF-AGG 1'244'300 0.43 22'000 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

TD Securities DANIEL EARLE speculative buy 4 M 4 12 month 23.04.2013

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

GMP GEORGE V ALBINO buy 5 M 8 12 month 18.03.2013

Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 6 Not Provided 29.01.2013

Holdings By:

Rubicon Minerals Corp ee

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

Page 94: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

China. The Company is developing its Ying Silver project located in the

People's Republic of China.

Latest Fiscal Year: 03/2012

LTM as of: 12/yy

52-Week High (01.05.2012) 7.10

52-Week Low (17.04.2013) 2.55

Daily Volume

2.825

52-Week High % Change -60.14% Dividend Yield -

52-Week Low % Change 10.78% Beta 1.01

% 52 Week Price Range High/Low 6.37% Equity Float 164.96

Shares Out 28.03.2013 170.8 Short Int 4.43

482.46 1 Yr Total Return -58.42%

Total Debt 0.00 YTD Return -44.49%

Preferred Stock 0.0 Adjusted BETA 1.014

Minority Interest 77.0 Analyst Recs 4

Cash and Equivalents 154.51 Consensus Rating 4.500

Enterprise Value 428.14

Average Volume 5 Day 1'559'688

SVM US EQUITY YTD Change - Average Volume 30 Day 1'573'657

SVM US EQUITY YTD % CHANGE - Average Volume 3 Month 1'433'444

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

31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

108.4 83.5 107.2 167.3 238.0 236.1 192.8 201.7 256.0 - -

10.33x 3.67x 9.86x 14.29x 4.61x 25.98x 19.96x 2.42x - - -

76.7 40.4 66.4 110.3 155.3 158.2 102.5 93.2 141.0 - -

14.60x 7.59x 15.92x 21.68x 7.06x 6.33x 8.01x 4.58x 3.02x - -

59.9 (16.0) 38.5 67.7 73.8 76.2 30.6 29.5 53.8 - -

- - - - - 0.00x 0.00x 10.35x 7.06x 8.56x 6.81x

EBITDA 155.30 Long-Term Rating Date -

EBIT 141.60 Long-Term Rating -

Operating Margin 59.50% Long-Term Outlook -

Pretax Margin 61.72% Short-Term Rating Date -

Return on Assets 5.24% Short-Term Rating -

Return on Common Equity 7.01%

Return on Capital 9.37% EBITDA/Interest Exp. 1652.13

Asset Turnover 0.33% (EBITDA-Capex)/Interest Exp. 900.45

Net Debt/EBITDA -1.27

Gross Margin 74.3% Total Debt/EBITDA 0.00

EBITDA Margin 53.1%

EBIT Margin 45.1% Total Debt/Equity 0.0%

Net Income Margin 31.0% Total Debt/Capital 0.0%

Asset Turnover 0.33

Current Ratio 4.48 Net Fixed Asset Turnover 0.54

Quick Ratio 4.16 Accounts receivable turnover-days 11.13

Debt to Assets 0.00% Inventory Days 38.51

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 156.53

Accounts Receivable Turnover 32.88 Cash Conversion Cycle -60.19

Inventory Turnover 9.50

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Silvercorp Metals IncPrice/Volume

Valuation Analysis

264'151.00

Current Price (4/dd/yy) Market Data

'

-

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3

4

5

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

Page 95: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

VAN ECK ASSOCIATES C n/a ULT-AGG 17'488'211 10.24 438'002 29.04.2013 Investment Advisor

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 4'484'200 2.63 (1'325'850) 31.03.2013 Investment Advisor

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 4'205'000 2.46 237'300 31.12.2012 Hedge Fund Manager

FENG RUI n/a SEDI 4'169'500 2.44 30'000 22.01.2013 n/a

AXA n/a ULT-AGG 2'259'386 1.32 - 31.03.2013 Investment Advisor

GLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 2'210'787 1.29 211'112 31.12.2012 Investment Advisor

SENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 1'697'900 0.99 28'800 31.12.2012 Investment Advisor

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 1'599'960 0.94 - 31.12.2012 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 1'393'690 0.82 (240'000) 31.12.2012 Pension Fund (ERISA)

IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 1'333'300 0.78 25'000 31.12.2012 Investment Advisor

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 1'105'313 0.65 141'100 31.12.2012 Investment Advisor

IA CLARINGTON INVEST Multiple Portfolios MF-AGG 1'083'600 0.63 - 31.12.2012 Investment Advisor

NORGES BANK NORGES BANK 13F 976'053 0.57 (301'811) 31.12.2012 Government

VANGUARD GROUP INC Multiple Portfolios MF-AGG 916'580 0.54 43'100 31.03.2013 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 888'000 0.52 - 28.02.2013 Investment Advisor

UBS n/a ULT-AGG 819'019 0.48 (517'588) 31.03.2013 Unclassified

GAO JIANGUO n/a SEDI 803'713 0.47 2'990 16.09.2011 n/a

SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 781'858 0.46 (30'382) 31.12.2012 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 694'729 0.41 46'447 31.12.2012 Investment Advisor

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 681'544 0.4 (125'875) 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Raymond James BRAD HUMPHREY outperform 5 M 7 12 month 24.04.2013

Salman Partners ASH GUGLANI buy 5 M 7 12 month 17.04.2013

BMO Capital Markets ANDREW KAIP market perform 3 M 5 Not Provided 15.04.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 09.04.2013

Knight TEAM COVERAGE strong buy 5 M 13 12 month 20.09.2011

Holdings By:

Silvercorp Metals Inc ee

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

Page 96: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

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

Pajingo - and the Mt Carlton development project.

Latest Fiscal Year: 06/2012

LTM as of: 01/yy

52-Week High (23.10.2012) 2.14

52-Week Low (24.04.2013) 0.83

Daily Volume

0.975

52-Week High % Change -54.44% Dividend Yield 0.00

52-Week Low % Change 17.47% Beta 1.26

% 52 Week Price Range High/Low 11.83% Equity Float 463.14

Shares Out 31.12.2012 708.1 Short Int 17.60

690.39 1 Yr Total Return -44.29%

Total Debt 35.85 YTD Return -42.98%

Preferred Stock 0.0 Adjusted BETA 1.258

Minority Interest 0.0 Analyst Recs 14

Cash and Equivalents 141.78 Consensus Rating 4.214

Enterprise Value 725.47

Average Volume 5 Day 4'124'030

EVN AU EQUITY YTD Change - Average Volume 30 Day 3'904'653

EVN AU EQUITY YTD % CHANGE - Average Volume 3 Month 3'350'898

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

30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

- - 22.3 121.9 469.5 - - 619.8 713.4 - -

- - 13.04x 2.11x 2.00x - - 1.29x 0.97x - -

(2.3) (3.3) 2.9 29.7 190.4 - - 237.5 301.0 - -

- - 99.74x 8.65x 4.92x - - 3.05x 2.41x - -

(2.3) (3.3) 5.5 (2.3) 37.3 - - 60.0 92.7 - -

- - 41.35x - 20.77x - - 11.08x 7.39x - -

EBITDA 190.41 Long-Term Rating Date -

EBIT 95.24 Long-Term Rating -

Operating Margin 20.29% Long-Term Outlook -

Pretax Margin 14.16% Short-Term Rating Date -

Return on Assets 7.60% Short-Term Rating -

Return on Common Equity 9.11%

Return on Capital 9.13% EBITDA/Interest Exp. 27.52

Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. -3.81

Net Debt/EBITDA 0.16

Gross Margin 28.1% Total Debt/EBITDA 0.39

EBITDA Margin 33.6%

EBIT Margin 21.2% Total Debt/Equity 3.4%

Net Income Margin 7.9% Total Debt/Capital 3.3%

Asset Turnover 0.50

Current Ratio 1.60 Net Fixed Asset Turnover 0.63

Quick Ratio 1.17 Accounts receivable turnover-days 15.57

Debt to Assets 2.82% Inventory Days 40.32

Tot Debt to Common Equity 3.39% Accounts Payable Turnover Day 62.99

Accounts Receivable Turnover 23.51 Cash Conversion Cycle 6.10

Inventory Turnover 9.08

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Evolution Mining LtdPrice/Volume

Valuation Analysis

3'943'563.00

Current Price (4/dd/yy) Market Data

'

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50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

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

Page 97: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

NEWCREST MINING LTD n/a Co File 231'082'631 32.63 - 17.09.2012 Corporation

ALLAN GRAY AUSTRALIA n/a EXCH 59'634'970 8.42 8'000'579 17.04.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 43'595'715 6.16 - 29.04.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 19'553'364 2.76 (2'500) 26.04.2013 Investment Advisor

RUFFER LLP Multiple Portfolios MF-AGG 11'341'660 1.6 - 27.12.2012 Hedge Fund Manager

BANK OF AMERICA CORP n/a EXCH 8'827'967 1.25 (414'122) 30.03.2011 Investment Advisor

KLEIN JACOB n/a EXCH 5'800'000 0.82 50'000 05.02.2013 n/a

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 5'000'000 0.71 - 28.02.2013 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 4'500'000 0.64 - 31.12.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 4'050'000 0.57 - 31.01.2013 Investment Advisor

JJ HOLDINGS (VIC) PT n/a Co File 3'552'009 0.5 - 30.08.2012 Other

FMR LLC n/a ULT-AGG 3'139'480 0.44 67'263 31.03.2013 Investment Advisor

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 2'493'191 0.35 (20'500) 31.03.2013 Hedge Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'452'309 0.35 53'649 31.03.2013 Investment Advisor

VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'377'918 0.34 (18'512) 30.09.2012 Investment Advisor

SHARE SICAV Multiple Portfolios MF-AGG 2'111'002 0.3 (155'000) 31.12.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'007'608 0.28 3'180 31.07.2012 Investment Advisor

NESTOR INVESTMENT MA Multiple Portfolios MF-AGG 1'863'899 0.26 75'000 28.02.2013 Investment Advisor

POLLOCK MURRAY G n/a EXCH 1'839'492 0.26 - 18.10.2011 n/a

MALONEY PETER JOSEPH n/a EXCH 1'379'579 0.19 - 18.10.2011 n/a

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Investec TIM GERRARD buy 5 M 1 12 month 26.04.2013

Macquarie MITCH RYAN outperform 5 M 1 12 month 26.04.2013

Goldman Sachs PAUL HISSEY neutral/attractive 3 M 1 12 month 24.04.2013

RBC Capital Markets GEOFF BREEN outperform 5 M 1 12 month 24.04.2013

JPMorgan JOSEPH KIM neutral 3 M 1 9 month 24.04.2013

BBY Limited KURT WORDEN strong buy 5 M 1 12 month 24.04.2013

Deutsche Bank CHRIS TERRY buy 5 M 1 12 month 23.04.2013

Credit Suisse MICHAEL SLIFIRSKI outperform 5 U 1 Not Provided 23.04.2013

Paterson Securities MATTHEW TRIVETT hold 3 M 1 12 month 23.04.2013

Nomura DAVID RADCLYFFE suspended coverage #N/A N/A M #N/A N/A Not Provided 12.04.2013

EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 20.02.2013

RBS Morgans JAMES WILSON outperform 5 N 2 12 month 27.11.2012

Ord Minnett DAVID BRENNAN buy 5 M #N/A N/A Not Provided 01.11.2012

Evans & Partners Pty Ltd CATHY MOISES negative 2 D #N/A N/A Not Provided 26.10.2012

Bell Potter CHRIS WHITEHEAD buy 5 M 2 12 month 06.03.2012

Hartleys PETER GRAY buy 5 M 2 Not Provided 02.02.2012

Holdings By:

Evolution Mining Ltd ee

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

Page 98: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

precious metals.

Latest Fiscal Year: 12/2012

LTM as of: 01/yy

52-Week High (26.11.2012) 1.62

52-Week Low (16.07.2012) 1.08

Daily Volume

1.33

52-Week High % Change -17.90% Dividend Yield 0.00

52-Week Low % Change 23.15% Beta 0.62

% 52 Week Price Range High/Low 42.59% Equity Float 3'550.71

Shares Out 31.12.2012 4'350.7 Short Int -

5'786.47 1 Yr Total Return -3.62%

Total Debt 1'841.42 YTD Return -10.14%

Preferred Stock 0.0 Adjusted BETA 0.621

Minority Interest 0.0 Analyst Recs 3

Cash and Equivalents 100.19 Consensus Rating 5.000

Enterprise Value 7'527.69

Average Volume 5 Day 6'301'540

1194 HK EQUITY YTD Change - Average Volume 30 Day 10'726'670

1194 HK EQUITY YTD % CHANGE - Average Volume 3 Month 7'774'551

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

139.5 19.4 168.2 1'119.3 1'626.0 - - 2'077.0 2'473.7 - -

1.97x 167.09x 37.32x 5.56x 5.03x - - - - - -

(51.4) 5.1 116.1 824.5 1'119.6 - - 1'441.0 1'833.0 - -

- 639.25x 54.07x 7.55x 7.31x - - 5.22x 4.11x - -

(52.2) (29.2) 21.9 417.4 445.1 - - 636.0 796.0 - -

- - 72.08x 12.00x 12.13x - - 8.58x 7.27x - -

EBITDA 1'119.57 Long-Term Rating Date -

EBIT 850.89 Long-Term Rating -

Operating Margin 52.33% Long-Term Outlook -

Pretax Margin 40.73% Short-Term Rating Date -

Return on Assets 5.76% Short-Term Rating -

Return on Common Equity 9.71%

Return on Capital 8.93% EBITDA/Interest Exp. 4.03

Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. 1.44

Net Debt/EBITDA 1.56

Gross Margin 63.9% Total Debt/EBITDA 1.64

EBITDA Margin 68.9%

EBIT Margin 52.3% Total Debt/Equity 32.9%

Net Income Margin 27.4% Total Debt/Capital 24.7%

Asset Turnover 0.21

Current Ratio 0.42 Net Fixed Asset Turnover 1.11

Quick Ratio 0.23 Accounts receivable turnover-days 29.33

Debt to Assets 19.79% Inventory Days 39.24

Tot Debt to Common Equity 32.85% Accounts Payable Turnover Day 5.63

Accounts Receivable Turnover 12.48 Cash Conversion Cycle 62.95

Inventory Turnover 9.33

Fiscal Year Ended

China Precious Metal Resources Holdings Co LtdPrice/Volume

Valuation Analysis

1'600'000.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

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

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

Page 99: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

MUNSUN GL MINING INV n/a EXCH 438'766'000 10.08 7'190'000 25.02.2013 Investment Advisor

YIM YANG CHANG n/a EXCH 307'206'000 7.06 24'900'000 26.10.2012 n/a

ASWELL GROUP LTD n/a EXCH 257'196'670 5.91 - 16.10.2012 Other

VAN ECK ASSOCIATES C n/a ULT-AGG 223'024'000 5.13 (1'008'000) 29.04.2013 Investment Advisor

BANK OF NEW YORK MEL n/a EXCH 217'908'000 5.01 - 22.01.2013 Investment Advisor

PREMIUM WISE INC n/a EXCH 187'636'382 4.31 (679'470'000) 08.11.2012 Holding Company

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 21'864'000 0.5 - 31.07.2012 Investment Advisor

SIMPLE BEST LTD n/a EXCH 16'682'000 0.38 (50'000'000) 07.10.2011 Other

VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'414'000 0.33 1'034'000 31.12.2012 Investment Advisor

ZHANG SHU GUANG n/a EXCH 10'300'000 0.24 1'120'000 18.04.2012 n/a

XIAOBING DAI n/a EXCH 10'000'000 0.23 (1'000'000) 10.04.2013 n/a

BLACKROCK n/a ULT-AGG 9'200'000 0.21 - 26.04.2013 Investment Advisor

CHAM LAM n/a EXCH 7'400'000 0.17 - 16.10.2012 n/a

CHAM LAM n/a Short (6'000'000) -0.14 - 16.10.2012 n/a

CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 4'968'000 0.11 - 29.04.2013 Investment Advisor

STATE STREET n/a ULT-AGG 3'528'000 0.08 - 29.04.2013 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'826'000 0.06 - 31.01.2013 Investment Advisor

XIMIN MEI n/a Co File 2'000'000 0.05 - 31.12.2011 n/a

OPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 1'920'000 0.04 - 31.01.2013 Investment Advisor

KIN SANG CHAN n/a Co File 800'000 0.02 - 31.12.2011 n/a

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Argonaut Securities Pty Ltd CHRIS JIANG buy 5 M 2 Not Provided 19.04.2013

BOCOM International Holdings BENJAMIN PEI buy 5 M 2 Not Provided 02.04.2013

EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 17.01.2013

Holdings By:

China Precious Metal Resources Holdings Co Ltd ee

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

Page 100: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Seabridge Gold, Inc. acquires gold projects in North America. The Company

expands and verifies these resources, moves them to reserves to determine their

economic value, and either sells to or forms joint ventures with larger

companies for mine construction and production.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (14.09.2012) 20.34

52-Week Low (18.04.2013) 9.63

Daily Volume

10.73

52-Week High % Change -47.87% Dividend Yield -

52-Week Low % Change 11.42% Beta 0.98

% 52 Week Price Range High/Low 13.26% Equity Float 41.57

Shares Out 28.03.2013 45.6 Short Int 3.63

488.82 1 Yr Total Return -35.98%

Total Debt 0.00 YTD Return -40.29%

Preferred Stock 0.0 Adjusted BETA 0.980

Minority Interest 0.0 Analyst Recs 3

Cash and Equivalents 52.04 Consensus Rating 4.333

Enterprise Value 441.03

Average Volume 5 Day 344'180

SA US EQUITY YTD Change - Average Volume 30 Day 374'141

SA US EQUITY YTD % CHANGE - Average Volume 3 Month 367'678

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

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

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(5.6) (5.0) (5.7) (19.8) (15.8) (19.8) (8.7) (15.0) (16.0) - -

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

10.3 (4.7) 3.3 (20.1) (12.5) (20.1) (12.5) - - - -

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

EBITDA -15.82 Long-Term Rating Date -

EBIT -15.83 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -

Return on Assets -5.08% Short-Term Rating -

Return on Common Equity -5.37%

Return on Capital - EBITDA/Interest Exp. -385.83

Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -1574.22

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 0.0%

Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover 0.00

Current Ratio 5.11 Net Fixed Asset Turnover 0.00

Quick Ratio 5.11 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 -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Seabridge Gold IncPrice/Volume

Valuation Analysis

96'232.00

Current Price (4/dd/yy) Market Data

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

Page 101: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

VAN ECK ASSOCIATES C n/a ULT-AGG 11'905'084 26.13 3'512'313 29.04.2013 Investment Advisor

PAN ATLANTIC BANK n/a PROXY 8'001'232 17.56 - 10.05.2012 Bank

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 5'837'287 12.81 (289'596) 31.03.2013 Investment Advisor

WEISS ASSET MANAGEME WEISS ASSET MANAGEME 13F 2'022'491 4.44 2'022'491 31.12.2012 Hedge Fund Manager

FRONK RUDI P n/a SEDI 1'180'000 2.59 10'000 16.11.2012 n/a

ANTHONY JAMES S n/a PROXY 779'791 1.71 - 15.05.2012 n/a

FMR LLC n/a ULT-AGG 601'905 1.32 - 31.03.2013 Investment Advisor

FCMI FINANCIAL CORP n/a PROXY 555'000 1.22 - 10.05.2012 Corporation

BRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 478'467 1.05 (203'241) 31.03.2013 Hedge Fund Manager

SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 457'897 1.01 129'117 31.12.2012 Investment Advisor

FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 450'000 0.99 - 02.04.2013 Investment Advisor

FNDTN FOR STUDY OBJ n/a SEDI 425'334 0.93 - 06.02.2012 Other

BLACKROCK n/a ULT-AGG 338'330 0.74 (464'930) 26.04.2013 Investment Advisor

FOX LOUIS J n/a SEDI 300'750 0.66 - 06.12.2011 n/a

PORTOLA GROUP INCORP PORTOLA GROUP INCORP 13F 286'420 0.63 (23'150) 31.03.2013 Investment Advisor

THRELKELD WILLIAM E n/a SEDI 265'000 0.58 (10'000) 30.08.2011 n/a

BANFIELD A FREDERICK n/a PROXY 245'000 0.54 - 15.05.2012 n/a

NORGES BANK NORGES BANK 13F 235'224 0.52 (71'639) 31.12.2012 Government

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 198'997 0.44 2'534 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 185'194 0.41 6'435 31.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Cowen Securities LLC ADAM P GRAF buy 5 M 65 Not Provided 09.04.2013

Stonecap Securities Inc CHRISTOS DOULIS sector perform 3 M 22 12 month 08.03.2013

Nomura TYLER BRODA buy 5 M 24 Not Provided 16.05.2012

Holdings By:

Seabridge Gold Inc ee

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

Page 102: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Beadell Resources Limited is a gold development company. The Company's

primary asset is the Tucano gold project, located in Brazil. Beadell also has

an extensive portfolio of gold exploration tenements throughout Australia

and Brazil, including the prospective Tropicana East Project located adjacent

to the Tropicana gold deposit

Latest Fiscal Year: 12/2012

LTM as of: 01/yy

52-Week High (07.12.2012) 1.14

52-Week Low (15.05.2012) 0.52

Daily Volume

0.705

52-Week High % Change -37.89% Dividend Yield 0.00

52-Week Low % Change 35.58% Beta 1.29

% 52 Week Price Range High/Low 26.02% Equity Float 667.98

Shares Out 22.04.2013 786.5 Short Int 26.84

554.47 1 Yr Total Return 1.44%

Total Debt 132.84 YTD Return -28.06%

Preferred Stock 0.0 Adjusted BETA 1.294

Minority Interest 0.0 Analyst Recs 14

Cash and Equivalents 5.38 Consensus Rating 4.643

Enterprise Value 681.93

Average Volume 5 Day 12'837'220

BDR AU EQUITY YTD Change - Average Volume 30 Day 8'171'680

BDR AU EQUITY YTD % CHANGE - Average Volume 3 Month 7'529'525

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

- - 2.9 0.0 0.9 - - 315.6 335.9 - -

- - 28.44x - 976.94x - - 1.70x 1.18x - -

(5.9) (3.9) (7.5) (35.3) (14.0) - - 161.3 184.6 - -

- - - - - - - 4.23x 3.69x - -

(5.3) (3.9) (8.3) (34.8) (43.0) - - 130.4 144.0 - -

- - - - - - - 4.83x 4.10x - -

EBITDA -13.98 Long-Term Rating Date -

EBIT -14.11 Long-Term Rating -

Operating Margin -1612.69% Long-Term Outlook -

Pretax Margin -4944.23% Short-Term Rating Date -

Return on Assets -22.34% Short-Term Rating -

Return on Common Equity -100.81%

Return on Capital - EBITDA/Interest Exp. -5.55

Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -16.00

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin -1612.7% Total Debt/Equity 407.5%

Net Income Margin -4913.5% Total Debt/Capital 80.3%

Asset Turnover 0.00

Current Ratio 0.44 Net Fixed Asset Turnover 0.01

Quick Ratio 0.05 Accounts receivable turnover-days -

Debt to Assets 53.81% Inventory Days -

Tot Debt to Common Equity 407.55% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Beadell Resources LtdPrice/Volume

Valuation Analysis

12'021'836.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

'

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

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

Page 103: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

COLUMBIA WANGER ASSE n/a EXCH 61'627'671 7.84 386'033 18.04.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 57'959'639 7.37 12'464'715 29.04.2013 Investment Advisor

COUPLAND CARDIFF ASS n/a Co File 37'132'343 4.72 - 18.02.2013 Hedge Fund Manager

L1 CAPITAL PTY LTD n/a EXCH 23'660'753 3.01 (21'000'000) 22.11.2012 Investment Advisor

BOWLER PETER n/a EXCH 21'043'333 2.68 (4'000'000) 30.11.2012 n/a

FRANKLIN RESOURCES n/a ULT-AGG 19'652'465 2.5 70'000 31.01.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 17'101'565 2.17 65'047 26.04.2013 Investment Advisor

OZ MINERALS INVESTME n/a Co File 12'800'000 1.63 - 31.03.2012 Unclassified

AMP LIFE LTD n/a Co File 12'331'993 1.57 - 31.03.2012 Investment Advisor

UNISUPER n/a EXCH 12'137'228 1.54 - 05.12.2011 Other

FMR LLC n/a ULT-AGG 11'653'618 1.48 1'685'000 31.03.2013 Investment Advisor

BRAIDWOOD INVESTMENT n/a Co File 9'100'001 1.16 - 31.03.2012 Unclassified

LEIBOWITZ ANTHONY HO n/a EXCH 8'586'457 1.09 263'091 30.11.2012 n/a

BARRETT GREGORY MICH n/a Co File 8'351'651 1.06 - 31.12.2011 n/a

ACORN CAPITAL LTD n/a EXCH 7'556'401 0.96 - 05.12.2011 Investment Advisor

HOOKIPA PTY LTD n/a Co File 7'254'650 0.92 - 31.03.2012 Unclassified

WATKINS ROBERT n/a EXCH 6'150'001 0.78 - 14.11.2012 n/a

TWYNAM AGRICULTURAL n/a Co File 5'975'000 0.76 - 31.12.2012 Other

SUNSUPER FUND n/a EXCH 4'733'422 0.6 - 05.12.2011 Other

AMERIPRISE FINANCIAL n/a EXCH 4'672'306 0.59 544'551 18.04.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Macquarie MITCH RYAN outperform 5 M 1 12 month 26.04.2013

Argonaut Securities Pty Ltd PATRICK CHANG buy 5 N 1 Not Provided 26.04.2013

Octa Phillip Securities Ltd ANDREW SHEARER buy 5 M 1 Not Provided 24.04.2013

Hartleys TRENT BARNETT buy 5 M 1 12 month 23.04.2013

Ord Minnett DAVID BRENNAN buy 5 M 1 Not Provided 17.04.2013

GMP LEVI SPRY buy 5 M 1 12 month 28.03.2013

Shaw Stockbroking VINCENT PISANI buy 5 M 1 Not Provided 28.03.2013

Casimir Capital ERIC ALLISON overweight 5 M 2 12 month 16.01.2013

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

Blackswan Equities Ltd RHYS BRADLEY buy 5 N 1 12 month 21.12.2012

RBS Morgans JAMES WILSON outperform 5 N 1 12 month 27.11.2012

Evans & Partners Pty Ltd CATHY MOISES Positive 4 N #N/A N/A Not Provided 24.10.2012

Bell Potter CHRIS WHITEHEAD buy 5 M 1 12 month 05.03.2012

Holdings By:

Beadell Resources Ltd ee

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

Page 104: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

Queensland and Tanzania. The Company's gold exploration projects include

Obotan, Syama, Ravenswood and Golden Pride.

Latest Fiscal Year: 06/2012

LTM as of: 01/yy

52-Week High (05.10.2012) 2.08

52-Week Low (16.04.2013) 0.85

Daily Volume

0.955

52-Week High % Change -54.09% Dividend Yield 5.24

52-Week Low % Change 13.02% Beta 1.27

% 52 Week Price Range High/Low 12.96% Equity Float 314.96

Shares Out 31.12.2012 643.1 Short Int 2.49

614.15 1 Yr Total Return -41.66%

Total Debt 11.02 YTD Return -41.77%

Preferred Stock 0.0 Adjusted BETA 1.269

Minority Interest (33.3) Analyst Recs 13

Cash and Equivalents 48.78 Consensus Rating 3.769

Enterprise Value 553.03

Average Volume 5 Day 3'244'231

RSG AU EQUITY YTD Change - Average Volume 30 Day 3'201'467

RSG AU EQUITY YTD % CHANGE - Average Volume 3 Month 4'246'114

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

30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 12/11 Q2 03/12 Q3

231.5 299.7 334.9 445.1 576.7 - - 656.9 600.2 - -

2.48x 1.12x 1.49x 1.36x 1.37x - - 0.74x 0.78x - -

20.9 57.3 80.3 110.0 254.4 - - 276.0 239.0 - -

27.45x 5.85x 6.23x 5.49x 3.10x - - 2.00x 2.31x - -

(56.7) 30.7 (37.2) 59.7 105.1 - - 144.4 105.1 - -

- 6.17x - 8.72x 7.25x - - 4.17x 5.52x - -

EBITDA 254.40 Long-Term Rating Date -

EBIT 180.99 Long-Term Rating -

Operating Margin 31.38% Long-Term Outlook -

Pretax Margin 21.58% Short-Term Rating Date -

Return on Assets 21.89% Short-Term Rating -

Return on Common Equity 25.34%

Return on Capital 27.39% EBITDA/Interest Exp. 24.36

Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 22.02

Net Debt/EBITDA -0.13

Gross Margin 35.8% Total Debt/EBITDA 0.06

EBITDA Margin 42.1%

EBIT Margin 31.0% Total Debt/Equity 1.9%

Net Income Margin 18.2% Total Debt/Capital 2.0%

Asset Turnover 0.90

Current Ratio 3.40 Net Fixed Asset Turnover 3.38

Quick Ratio 0.76 Accounts receivable turnover-days 12.69

Debt to Assets 1.66% Inventory Days 136.26

Tot Debt to Common Equity 1.91% Accounts Payable Turnover Day 32.96

Accounts Receivable Turnover 28.85 Cash Conversion Cycle 85.74

Inventory Turnover 2.69

Fiscal Year Ended

Resolute Mining LtdPrice/Volume

Valuation Analysis

1'962'360.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

'

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

Page 105: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

ICM LTD n/a EXCH 192'072'476 29.87 (5'037'500) 20.11.2012 Other

UTILICO INVESTMENTS n/a EXCH 126'929'227 19.74 1'500'000 12.07.2012 Investment Advisor

M&G INVESTMENT MANAG n/a EXCH 64'000'000 9.95 (5'700'000) 08.02.2013 Investment Advisor

VANGUARD GROUP INC n/a EXCH 57'000'000 8.86 5'034'971 05.10.2012 Investment Advisor

BANK OF AMERICA CORP n/a EXCH 39'392'367 6.13 (9'442'393) 10.05.2012 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 33'691'540 5.24 - 29.04.2013 Investment Advisor

VINVA INVESTMENT MGM n/a EXCH 32'497'591 5.05 - 31.01.2013 Investment Advisor

CF RUFFER BAKER STEE n/a EXCH 19'097'479 2.97 (3'846'391) 04.04.2012 n/a

RUFFER LLP Multiple Portfolios MF-AGG 12'576'000 1.96 - 27.12.2012 Hedge Fund Manager

PERMANENT INVESTMENT n/a EXCH 5'010'643 0.78 (4'989'357) 12.07.2012 Other

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'891'038 0.76 - 31.07.2012 Investment Advisor

GENUS DYNAMIC GOLD F n/a EXCH 4'811'000 0.75 - 23.02.2012 n/a

JP MORGAN n/a ULT-AGG 4'776'489 0.74 (77'000) 28.02.2013 Investment Advisor

BAKER STEEL CAPITAL n/a EXCH 4'300'000 0.67 - 04.04.2012 Investment Advisor

ECLECTIC INVEST TRUS n/a EXCH 3'500'000 0.54 1'500'000 12.07.2012 Investment Advisor

VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 3'455'670 0.54 807'280 30.09.2012 Investment Advisor

SULLIVAN PETER ROSS n/a EXCH 3'007'448 0.47 (500'000) 02.01.2013 n/a

FMR LLC n/a ULT-AGG 2'988'261 0.46 - 31.03.2013 Investment Advisor

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 1'485'807 0.23 108'451 31.05.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 1'401'611 0.22 - 26.04.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Canaccord Genuity Corp REG SPENCER sell 1 M 1 Not Provided 30.04.2013

Morgan Stanley BRENDAN FITZPATRICK Equalwt/In-Line 3 M 1 12 month 24.04.2013

GMP LEVI SPRY buy 5 M 2 Not Provided 24.04.2013

Bell Potter STEPHEN THOMAS buy 5 M 2 12 month 24.04.2013

Argonaut Securities Pty Ltd PATRICK CHANG buy 5 M 2 12 month 24.04.2013

BMO Capital Markets DAVID HAUGHTON market perform 3 M 2 Not Provided 15.04.2013

Veritas Securities MATTHEW BAILLIE buy 5 M 2 Not Provided 25.01.2013

EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013

Westhouse Securities ROB BROKE add 4 M 2 Not Provided 08.11.2012

Helmsec Global Capital Limited GAVIN VAN DER WATH speculative buy 4 M 2 12 month 31.07.2012

Deutsche Bank CHRIS TERRY not rated #N/A N/A M #N/A N/A Not Provided 22.02.2012

Holdings By:

Resolute Mining Ltd ee

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

Page 106: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

Company's operations include three operating mines in Ghana, Mali, and Burkina

Faso, and a fourth mine in Cote d'Ivoire that is currently in construction.

Endeavour also has a large West African land position with active exploration

programs.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (10.10.2012) 2.56

52-Week Low (18.04.2013) 0.83

Daily Volume

1.03

52-Week High % Change -58.59% Dividend Yield 0.00

52-Week Low % Change 24.10% Beta 1.02

% 52 Week Price Range High/Low 13.29% Equity Float 406.80

Shares Out 28.03.2013 412.5 Short Int 0.67

424.86 1 Yr Total Return -49.26%

Total Debt 201.83 YTD Return -50.24%

Preferred Stock 0.0 Adjusted BETA 1.019

Minority Interest 75.0 Analyst Recs 5

Cash and Equivalents 113.67 Consensus Rating 4.800

Enterprise Value 587.99

Average Volume 5 Day 1'504'341

EDV CN EQUITY YTD Change - Average Volume 30 Day 2'040'048

EDV CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'902'082

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

30.06.2008 30.06.2009 30.06.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

109.2 (219.3) 167.1 145.6 346.1 146.0 347.1 501.0 637.8 110.0 118.0

- - - 3.93x 2.81x 5.51x 7.47x - - - -

- (237.2) 130.7 43.3 136.2 42.7 136.6 206.7 246.0 - -

- - - 13.22x 7.14x 13.22x 7.12x 2.87x 2.39x - -

57.1 (241.8) 125.3 (23.5) (8.6) (26.5) (8.3) 101.8 127.0 - -

3.99x - 1.70x - - 0.00x 1993.13x 6.67x 5.02x 7.92x 6.23x

EBITDA 136.25 Long-Term Rating Date -

EBIT 62.12 Long-Term Rating -

Operating Margin 17.95% Long-Term Outlook -

Pretax Margin 10.05% Short-Term Rating Date -

Return on Assets -0.61% Short-Term Rating -

Return on Common Equity -0.97%

Return on Capital -0.90% EBITDA/Interest Exp. 25.82

Asset Turnover 0.25% (EBITDA-Capex)/Interest Exp. 2.76

Net Debt/EBITDA 0.65

Gross Margin 27.4% Total Debt/EBITDA 1.48

EBITDA Margin 39.4%

EBIT Margin 18.0% Total Debt/Equity 19.0%

Net Income Margin -2.5% Total Debt/Capital 15.1%

Asset Turnover 0.25

Current Ratio 2.48 Net Fixed Asset Turnover 0.33

Quick Ratio 1.17 Accounts receivable turnover-days 22.12

Debt to Assets 11.50% Inventory Days 89.61

Tot Debt to Common Equity 19.00% Accounts Payable Turnover Day 90.61

Accounts Receivable Turnover 16.54 Cash Conversion Cycle 21.22

Inventory Turnover 4.08

Fiscal Year Ended

Endeavour Mining CorpPrice/Volume

Valuation Analysis

181'570.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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-300.0

-200.0

-100.0

0.0

100.0

200.0

300.0

400.0

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

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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

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

Page 107: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

VAN ECK ASSOCIATES C n/a ULT-AGG 33'005'638 8 (148'896) 29.04.2013 Investment Advisor

SENTRY SELECT CAPITA n/a Co File 20'147'799 4.88 - 31.10.2012 Investment Advisor

FMR LLC n/a ULT-AGG 14'061'830 3.41 (7'178'000) 31.03.2013 Investment Advisor

RUFFER LLP Multiple Portfolios MF-AGG 9'321'000 2.26 526'000 27.12.2012 Hedge Fund Manager

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 6'778'475 1.64 - 28.02.2013 Investment Advisor

ROYCE AND ASSOCIATES n/a 13G 4'850'000 1.18 (500'000) 31.12.2011 Investment Advisor

JP MORGAN n/a ULT-AGG 4'757'617 1.15 - 31.12.2012 Investment Advisor

ASHDELL LTD n/a PROXY 2'800'000 0.68 - 10.09.2012 Other

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'587'277 0.63 - 31.07.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 2'248'448 0.55 3'374 26.04.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'790'523 0.43 1'074'288 31.03.2013 Investment Advisor

JONES HEWARD INVESTM Multiple Portfolios MF-AGG 1'303'796 0.32 - 29.04.2013 Investment Advisor

WELLS FARGO n/a ULT-AGG 983'104 0.24 185'160 28.02.2013 Investment Advisor

CONNELLY MARK n/a SEDI 855'000 0.21 - 12.12.2011 n/a

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 700'000 0.17 - 28.02.2013 Investment Advisor

SPROTT INC Multiple Portfolios MF-AGG 541'001 0.13 (171'161) 31.12.2012 Hedge Fund Manager

WOODYER NEIL n/a SEDI 447'127 0.11 50'000 19.04.2013 n/a

LAING DAVID C n/a SEDI 388'618 0.09 60'000 16.04.2013 n/a

SMITH & WILLIAMSON H n/a ULT-AGG 323'601 0.08 - 28.02.2013 Investment Advisor

BOWLBY DOUGLAS J n/a SEDI 266'357 0.06 37'287 30.01.2013 n/a

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Raymond James BRAD HUMPHREY outperform 5 M 3 12 month 24.04.2013

Canaccord Genuity Corp NICHOLAS CAMPBELL speculative buy 4 M 3 12 month 24.04.2013

CIBC World Markets LEON ESTERHUIZEN sector outperform 5 M 2 Not Provided 11.04.2013

GMP ANDREW MIKITCHOOK buy 5 M 3 Not Provided 01.04.2013

Goldman Sachs EUGENE KING Buy/Neutral 5 M 2 12 month 15.03.2013

BMO Capital Markets ANDREW BREICHMANAS not rated #N/A N/A M #N/A N/A Not Provided 24.01.2013

Holdings By:

Endeavour Mining Corp ee

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

Page 108: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Fortuna Silver Mines Inc. is a growth oriented, silver and base metal producer

focused on mining opportunities in Latin America. The Company's primary assets

are the San Jose silver-gold mine in Mexico and the Caylloma silver-lead-zinc

mine in Peru. Fortuna Silver Mines is selectively pursuing additional

acquisition opportunities in the Americas.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (21.09.2012) 5.85

52-Week Low (17.04.2013) 2.67

Daily Volume

3.13

52-Week High % Change -47.18% Dividend Yield 0.00

52-Week Low % Change 17.23% Beta 1.46

% 52 Week Price Range High/Low 17.30% Equity Float 124.51

Shares Out 28.03.2013 125.3 Short Int 2.84

392.13 1 Yr Total Return -24.21%

Total Debt - YTD Return -24.58%

Preferred Stock - Adjusted BETA 1.462

Minority Interest - Analyst Recs 10

Cash and Equivalents - Consensus Rating 4.100

Enterprise Value 326.70

Average Volume 5 Day 500'342

FVI CN EQUITY YTD Change - Average Volume 30 Day 467'754

FVI CN EQUITY YTD % CHANGE - Average Volume 3 Month 474'240

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

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

24.8 51.4 74.1 110.0 161.0 110.0 161.0 175.2 202.0 39.4 38.1

1.39x 3.01x 6.78x 5.78x - 20.85x 12.10x - - - -

0.1 21.3 34.1 48.8 70.7 48.8 70.7 80.5 102.2 16.7 20.0

401.05x 7.25x 14.71x 13.01x - 13.01x 6.51x 4.05x 3.20x 3.75x -

(0.9) 0.6 16.0 19.5 31.5 19.5 31.5 36.9 45.6 6.3 4.2

- 99.42x 34.34x 32.35x 15.45x 32.35x 15.45x 12.70x 10.24x 11.89x 10.76x

EBITDA 70.72 Long-Term Rating Date -

EBIT 49.34 Long-Term Rating -

Operating Margin 30.64% Long-Term Outlook -

Pretax Margin 28.09% Short-Term Rating Date -

Return on Assets 10.70% Short-Term Rating -

Return on Common Equity 12.77%

Return on Capital 12.75% EBITDA/Interest Exp. 125.83

Asset Turnover 0.55% (EBITDA-Capex)/Interest Exp. 46.04

Net Debt/EBITDA -0.88

Gross Margin 43.9% Total Debt/EBITDA 0.04

EBITDA Margin 43.9%

EBIT Margin 30.6% Total Debt/Equity -

Net Income Margin 19.5% Total Debt/Capital -

Asset Turnover 0.55

Current Ratio - Net Fixed Asset Turnover 0.83

Quick Ratio - Accounts receivable turnover-days 52.51

Debt to Assets - Inventory Days 48.91

Tot Debt to Common Equity - Accounts Payable Turnover Day 39.64

Accounts Receivable Turnover 6.97 Cash Conversion Cycle -

Inventory Turnover 7.48

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Fortuna Silver Mines IncPrice/Volume

Valuation Analysis

105'370.00

Current Price (4/dd/yy) Market Data

'

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3

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20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

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

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

Page 109: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

SENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 10'524'500 8.4 465'900 31.12.2012 Investment Advisor

SPROTT INC SPROTT INC 13F 8'370'809 6.68 (356'649) 31.03.2013 Hedge Fund Manager

MASON HILL ADVISORS MASON HILL ADVISORS 13F 7'932'400 6.33 (543'900) 31.12.2012 Hedge Fund Manager

MONTRUSCO BOLTON INV MONTRUSCO BOLTON INV 13F 2'507'190 2 (162'200) 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 2'187'340 1.75 180'272 26.04.2013 Investment Advisor

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 1'397'800 1.12 (10'100) 31.12.2012 Investment Advisor

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 1'174'200 0.94 - 31.12.2012 Investment Advisor

AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 1'169'500 0.93 (239'800) 31.03.2013 Investment Advisor

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 1'137'189 0.91 - 28.09.2012 Investment Advisor

INTACT INVESTMENT MA INTACT INVESTEMENT M 13F 997'900 0.8 (289'500) 31.03.2013 Investment Advisor

CQS CAYMAN LP CQS CAYMAN LP 13F 850'000 0.68 (470'000) 31.12.2012 Investment Advisor

MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 711'800 0.57 138'400 31.03.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 683'198 0.55 (294'511) 31.12.2012 Bank

FEDERATED INVESTORS FEDERATED INVESTORS 13F 600'000 0.48 - 31.03.2013 Investment Advisor

QUANTEX AG Multiple Portfolios MF-AGG 600'000 0.48 - 29.03.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 571'980 0.46 4'700 31.03.2013 Investment Advisor

NORTHWEST MUTUAL FUN Multiple Portfolios MF-AGG 505'241 0.4 56'738 28.02.2013 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 498'091 0.4 33'300 31.12.2012 Pension Fund (ERISA)

MD MANAGEMENT LTD Multiple Portfolios MF-AGG 462'200 0.37 - 28.02.2013 Investment Advisor

VEHRS THOMAS I n/a SEDI 425'000 0.34 225'000 29.11.2011 n/a

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

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

Raymond James CHRIS THOMPSON market perform 3 M 4 12 month 24.04.2013

BMO Capital Markets ANDREW KAIP market perform 3 M 5 Not Provided 22.04.2013

Cormark Securities Inc. GRAEME JENNINGS market perform 3 M 4 12 month 22.04.2013

Haywood Securities Inc. BENJAMIN ASUNCION buy 5 M 5 12 month 22.04.2013

Canaccord Genuity Corp NICHOLAS CAMPBELL speculative buy 4 M 6 12 month 18.04.2013

Euro Pacific Capital Inc HEIKO IHLE buy 5 M 4 12 month 17.04.2013

EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 16.04.2013

CIBC World Markets LEON ESTERHUIZEN sector outperform 5 N 6 Not Provided 11.04.2013

Scotia Capital TREVOR TURNBULL sector perform 3 M 4 12 month 21.03.2013

Holdings By:

Fortuna Silver Mines Inc ee

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

Page 110: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

McEwen Mining Inc. is a high growth, low cost mid-tier gold producer in the

Americas.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (01.11.2012) 4.72

52-Week Low (18.04.2013) 1.67

Daily Volume

2.1601

52-Week High % Change -54.41% Dividend Yield 0.00

52-Week Low % Change 29.35% Beta 1.48

% 52 Week Price Range High/Low 16.74% Equity Float 141.17

Shares Out 22.03.2013 215.3 Short Int 27.54

627.28 1 Yr Total Return -40.30%

Total Debt 0.00 YTD Return -43.60%

Preferred Stock 0.0 Adjusted BETA 1.481

Minority Interest 0.0 Analyst Recs 4

Cash and Equivalents 70.92 Consensus Rating 4.000

Enterprise Value 556.35

Average Volume 5 Day 3'756'986

MUX US EQUITY YTD Change - Average Volume 30 Day 3'467'154

MUX US EQUITY YTD % CHANGE - Average Volume 3 Month 3'162'507

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

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

0.0 0.0 0.0 0.0 6.0 0.0 26.8 150.0 217.0 32.6 34.8

- - - - 178.15x #DIV/0! 156.88x - - - -

(19.7) (17.3) (29.0) (59.6) (92.3) (59.6) (71.5) 83.0 137.0 - -

- - - - - 0.00x 0.00x 6.70x 4.06x - -

(131.1) (27.7) (33.1) (61.9) (66.7) (61.9) (66.7) 70.9 114.0 14.7 16.1

- - - - - 0.00x 0.00x 22.74x 12.71x 9.39x -

EBITDA -92.34 Long-Term Rating Date -

EBIT -93.37 Long-Term Rating -

Operating Margin -1565.02% Long-Term Outlook -

Pretax Margin -1573.89% Short-Term Rating Date -

Return on Assets -9.12% Short-Term Rating -

Return on Common Equity -12.02%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin 10.5% Total Debt/EBITDA 0.00

EBITDA Margin -266.8%

EBIT Margin -270.6% Total Debt/Equity 0.0%

Net Income Margin -1117.2% Total Debt/Capital 0.0%

Asset Turnover 0.04

Current Ratio 3.65 Net Fixed Asset Turnover 0.05

Quick Ratio 2.82 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 -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

McEwen Mining IncPrice/Volume

Valuation Analysis

860'435.00

Current Price (4/dd/yy) Market Data

'--..001122

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0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

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

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

Page 111: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

MCEWEN ROBERT R n/a Form 4 73'428'564 34.1 - 18.04.2013 n/a

BLACKROCK n/a ULT-AGG 13'335'621 6.19 - 31.03.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 12'713'212 5.9 380'310 29.04.2013 Investment Advisor

STATE STREET n/a ULT-AGG 11'459'381 5.32 (2'618'973) 29.04.2013 Investment Advisor

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 10'796'918 5.01 (90'000) 31.03.2013 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 8'798'586 4.09 (3'843'036) 31.03.2013 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 6'826'384 3.17 755'211 31.12.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'037'440 1.41 353'723 31.12.2012 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 2'849'695 1.32 1'584'177 31.12.2012 Investment Advisor

STALEY CAPITAL ADVIS STALEY CAPITAL ADVIS 13F 2'446'937 1.14 366'137 31.12.2012 Hedge Fund Manager

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 2'246'531 1.04 486'048 31.12.2012 Investment Advisor

GLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 2'192'648 1.02 564'871 31.12.2012 Investment Advisor

MANUFACTURERS LIFE I MANUFACTURERS LIFE I 13F 2'116'076 0.98 195'158 31.12.2012 Insurance Company

HORIZON KINETICS n/a ULT-AGG 1'853'323 0.86 23'185 31.12.2012 Investment Advisor

SPROTT INC SPROTT INC 13F 1'735'340 0.81 (1'000'000) 31.03.2013 Hedge Fund Manager

BPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 1'662'931 0.77 313'982 31.12.2012 Investment Advisor

WELLS FARGO n/a ULT-AGG 1'478'932 0.69 153'696 31.03.2013 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'166'475 0.54 73'405 31.03.2013 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'077'675 0.5 63'377 31.12.2012 Investment Advisor

RAYMOND JAMES & ASSO RAYMOND JAMES & ASSO 13F 912'507 0.42 132'810 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Stifel CRAIG P STANLEY buy 5 M 3 Not Provided 26.04.2013

EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 18.04.2013

Cowen Securities LLC ADAM P GRAF buy 5 M 8 12 month 12.04.2013

Fraser Mackenzie Limited ALEKSANDRA BUKACHEVA buy 5 M 5 Not Provided 02.01.2013

Holdings By:

McEwen Mining Inc ee

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

Page 112: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

high-grade silver and gold. The Company, through its subsidiary, holds options

to earn an interest in properties located in Mexico.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (06.11.2012) 13.32

52-Week Low (17.04.2013) 6.57

Daily Volume

7.8

52-Week High % Change -41.89% Dividend Yield 0.00

52-Week Low % Change 18.72% Beta 1.71

% 52 Week Price Range High/Low 22.52% Equity Float 48.03

Shares Out 28.03.2013 60.1 Short Int 0.21

469.01 1 Yr Total Return -20.81%

Total Debt 0.00 YTD Return -23.30%

Preferred Stock 0.0 Adjusted BETA 1.709

Minority Interest 0.0 Analyst Recs 4

Cash and Equivalents 41.05 Consensus Rating 4.500

Enterprise Value 427.96

Average Volume 5 Day 139'821

MAG CN EQUITY YTD Change - Average Volume 30 Day 179'561

MAG CN EQUITY YTD % CHANGE - Average Volume 3 Month 180'432

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

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

- 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(6.7) (9.4) (12.9) (9.5) (13.4) (9.5) (13.5) (3.4) (3.4) (0.9) (0.9)

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

(5.9) (13.5) (12.6) (8.3) (12.3) (8.3) (12.3) (4.4) (9.2) (0.9) (0.9)

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

EBITDA -13.45 Long-Term Rating Date -

EBIT -13.49 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -

Return on Assets -10.53% Short-Term Rating -

Return on Common Equity -10.72%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA 0.00

EBITDA Margin -

EBIT Margin - Total Debt/Equity 0.0%

Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover 0.00

Current Ratio 31.79 Net Fixed Asset Turnover 0.00

Quick Ratio 31.65 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

MAG Silver CorpPrice/Volume

Valuation Analysis

19'500.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

'

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3

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!1 F

!2 F

!3 F

!4 F

!5 F

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

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

'!.'

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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

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

Page 113: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

FRESNILLO PLC n/a PROXY 9'746'193 16.21 - 07.09.2012 Unclassified

MASON HILL ADVISORS MASON HILL ADVISORS 13F 5'227'561 8.69 (227'749) 31.12.2012 Hedge Fund Manager

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 4'329'250 7.2 1'805'500 31.03.2013 Hedge Fund Manager

VAN ECK ASSOCIATES C n/a ULT-AGG 3'894'653 6.48 (17'544) 29.04.2013 Investment Advisor

SPROTT INC SPROTT INC 13F 2'755'754 4.58 2'755'754 31.03.2013 Hedge Fund Manager

FRANKLIN RESOURCES n/a ULT-AGG 1'626'550 2.71 (544'950) 31.03.2013 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 1'372'900 2.28 1'372'900 31.12.2012 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 1'116'298 1.86 52'900 31.12.2012 Pension Fund (ERISA)

BLACKROCK n/a ULT-AGG 994'030 1.65 (408'125) 26.04.2013 Investment Advisor

SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 986'206 1.64 - 31.12.2012 Hedge Fund Manager

CARMAX ENTERPRISES n/a Co File 946'300 1.57 - 31.12.2010 Corporation

GLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 799'080 1.33 264'085 31.12.2012 Investment Advisor

US GLOBAL INVESTORS US GLOBAL INVESTORS 13F 760'000 1.26 10'000 31.12.2012 Investment Advisor

ANDREEFF EQUITY ADVI ANDREEFF EQUITY ADVI 13F 520'582 0.87 68'991 31.12.2012 Hedge Fund Manager

FALCON FUND MANAGEME Multiple Portfolios MF-AGG 432'000 0.72 - 28.02.2013 Investment Advisor

WELLS FARGO n/a ULT-AGG 402'144 0.67 - 28.02.2013 Investment Advisor

CARLSON ERIC H n/a SEDI 379'200 0.63 50'000 03.08.2012 n/a

RAFFLES ASSOCIATES L RAFFLES ASSOCIATES L 13F 372'900 0.62 - 31.12.2012 Hedge Fund Manager

AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 370'978 0.62 105'600 31.03.2013 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 340'400 0.57 176'100 28.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Macquarie MICHAEL GRAY outperform 5 M 14 12 month 25.04.2013

Raymond James DAVID SADOWSKI outperform 5 M 14 12 month 24.04.2013

BMO Capital Markets JOHN P HAYES speculative outperform 4 M #N/A N/A Not Provided 15.04.2013

Canaccord Genuity Corp NICHOLAS CAMPBELL speculative buy 4 M 15 12 month 11.04.2013

Holdings By:

MAG Silver Corp ee

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

Page 114: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

on building a precious metals portfolio in the Americas.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (24.10.2012) 7.89

52-Week Low (28.06.2012) 2.43

Daily Volume

5.87

52-Week High % Change -25.48% Dividend Yield 0.00

52-Week Low % Change 141.56% Beta 1.43

% 52 Week Price Range High/Low 64.10% Equity Float 64.80

Shares Out 28.03.2013 97.2 Short Int 5.67

570.60 1 Yr Total Return 115.81%

Total Debt 40.00 YTD Return -8.28%

Preferred Stock 0.0 Adjusted BETA 1.433

Minority Interest 0.0 Analyst Recs 11

Cash and Equivalents 139.24 Consensus Rating 4.636

Enterprise Value 466.43

Average Volume 5 Day 406'916

P CN EQUITY YTD Change - Average Volume 30 Day 339'797

P CN EQUITY YTD % CHANGE - Average Volume 3 Month 403'272

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

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

0.0 0.0 60.3 156.5 182.9 156.5 182.9 213.5 279.7 44.1 63.1

- - 8.68x 1.80x 2.88x 8.77x 7.32x 2.17x 1.70x 10.65x 7.28x

(0.6) (0.6) 12.8 72.8 77.4 72.8 77.4 106.5 168.3 17.6 36.5

- - 40.81x 3.86x 6.79x 3.86x 6.79x 4.39x 2.77x 4.60x 4.10x

(0.7) (0.7) (31.5) 49.6 49.6 49.6 49.6 50.2 90.1 6.8 20.5

- - - 5.81x 11.91x 5.51x 12.37x 15.84x 8.71x 14.88x 12.59x

EBITDA 77.44 Long-Term Rating Date -

EBIT 49.39 Long-Term Rating -

Operating Margin 27.00% Long-Term Outlook -

Pretax Margin 24.42% Short-Term Rating Date -

Return on Assets 7.74% Short-Term Rating -

Return on Common Equity 9.35%

Return on Capital - EBITDA/Interest Exp. 26.82

Asset Turnover 0.29% (EBITDA-Capex)/Interest Exp. 13.06

Net Debt/EBITDA -1.28

Gross Margin 58.7% Total Debt/EBITDA 0.52

EBITDA Margin 42.3%

EBIT Margin 27.0% Total Debt/Equity 7.0%

Net Income Margin 27.1% Total Debt/Capital 6.5%

Asset Turnover 0.29

Current Ratio 3.07 Net Fixed Asset Turnover 0.37

Quick Ratio 2.66 Accounts receivable turnover-days 9.32

Debt to Assets 5.97% Inventory Days 49.71

Tot Debt to Common Equity 7.00% Accounts Payable Turnover Day 145.84

Accounts Receivable Turnover 39.27 Cash Conversion Cycle -86.81

Inventory Turnover 7.36

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Primero Mining CorpPrice/Volume

Valuation Analysis

108'784.00

Current Price (4/dd/yy) Market Data

'-.0123456

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

Page 115: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

GOLDCORP INC n/a SEDI 31'151'200 32.05 (8'422'460) 12.10.2012 Corporation

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 7'443'290 7.66 (34'700) 31.03.2013 Hedge Fund Manager

FRANKLIN RESOURCES n/a ULT-AGG 7'016'800 7.22 68'800 31.03.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 6'354'449 6.54 (36) 31.03.2013 Investment Advisor

CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 5'468'375 5.63 (1'803'625) 31.12.2012 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 5'273'071 5.42 (23'748) 29.04.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 4'418'229 4.55 2'393'237 28.02.2013 Bank

FMR LLC n/a ULT-AGG 2'139'700 2.2 1'635'400 31.03.2013 Investment Advisor

O'SHAUGHNESSY ASSET O'SHAUGHNESSY ASSET 13F 1'787'295 1.84 1'270'148 31.12.2012 Investment Advisor

ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 1'707'777 1.76 (1'155'890) 31.03.2013 Investment Advisor

SPROTT INC SPROTT INC 13F 1'452'000 1.49 (128'000) 31.03.2013 Hedge Fund Manager

FALCON FUND MANAGEME Multiple Portfolios MF-AGG 1'116'000 1.15 - 28.02.2013 Investment Advisor

SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 1'076'900 1.11 (1'418'700) 31.12.2012 Hedge Fund Manager

SENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 1'028'500 1.06 1'028'500 31.12.2012 Investment Advisor

HILLSDALE INVESTMENT HILLSDALE INVESTMENT 13F 1'024'100 1.05 (323'500) 31.12.2012 Hedge Fund Manager

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 673'900 0.69 241'500 31.12.2012 Hedge Fund Manager

SPARK INVESTMENT MAN SPARK INVESTMENT MAN 13F 582'800 0.6 70'000 31.12.2012 Investment Advisor

MD MANAGEMENT LTD Multiple Portfolios MF-AGG 576'500 0.59 (22'900) 28.02.2013 Investment Advisor

CONWAY JOSEPH F n/a SEDI 563'300 0.58 50'000 04.07.2012 n/a

BATTERYMARCH FINANCI BATTERYMARCH FINANCI 13F 488'600 0.5 488'600 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

CIBC World Markets CHITIMUKULU MUSONDA sector outperform 5 N 9 18 month 29.04.2013

Macquarie MICHAEL GRAY outperform 5 M 7 12 month 26.04.2013

BMO Capital Markets BRIAN QUAST outperform 5 M 9 Not Provided 22.04.2013

Cormark Securities Inc. RICHARD GRAY buy 5 M 9 12 month 22.04.2013

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

Cantor Fitzgerald ROB CHANG buy 5 M 8 12 month 18.04.2013

Canaccord Genuity Corp STEVEN BUTLER buy 5 M 11 12 month 15.04.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 15.04.2013

TD Securities STEVEN J GREEN restricted #N/A N/A M #N/A N/A Not Provided 04.04.2013

Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 10 12 month 27.03.2013

Scotia Capital OVAIS HABIB sector outperform 5 M 9 12 month 26.03.2013

GMP CHELSEA HAMILTON buy 5 M 10 12 month 26.03.2013

Holdings By:

Primero Mining Corp ee

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

Page 116: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Kingsgate Consolidated Limited is a gold mining and exploration company with

operations focused in Thailand at the Chatree gold project. The Company also

explores for silver and other metals.

Latest Fiscal Year: 06/2012

LTM as of: 01/yy

52-Week High (01.05.2012) 6.33

52-Week Low (30.04.2013) 2.09

Daily Volume

2.16

52-Week High % Change -65.88% Dividend Yield 6.94

52-Week Low % Change 3.35% Beta 1.33

% 52 Week Price Range High/Low 0.49% Equity Float 146.95

Shares Out 12.04.2013 152.2 Short Int 12.09

328.73 1 Yr Total Return -63.95%

Total Debt 157.54 YTD Return -50.25%

Preferred Stock 0.0 Adjusted BETA 1.329

Minority Interest 0.0 Analyst Recs 12

Cash and Equivalents 90.62 Consensus Rating 2.583

Enterprise Value 460.40

Average Volume 5 Day 1'526'533

KCN AU EQUITY YTD Change - Average Volume 30 Day 1'126'347

KCN AU EQUITY YTD % CHANGE - Average Volume 3 Month 1'205'522

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

30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

74.3 113.0 176.1 172.4 357.4 - - 347.9 399.9 - -

6.01x 5.46x 5.16x 6.69x 2.24x - - 1.29x 1.11x - -

19.6 (38.1) 84.7 66.8 164.9 - - 125.6 160.9 - -

22.77x - 10.74x 17.26x 4.86x - - 3.67x 2.86x - -

36.2 32.5 66.3 21.1 75.2 - - 41.6 60.2 - -

10.12x 19.20x 12.59x 42.78x 9.24x - - 7.32x 6.05x - -

EBITDA 164.86 Long-Term Rating Date -

EBIT 97.31 Long-Term Rating -

Operating Margin 27.23% Long-Term Outlook -

Pretax Margin 25.54% Short-Term Rating Date -

Return on Assets 4.93% Short-Term Rating -

Return on Common Equity 6.76%

Return on Capital 6.48% EBITDA/Interest Exp. 10.36

Asset Turnover 0.37% (EBITDA-Capex)/Interest Exp. -0.38

Net Debt/EBITDA -

Gross Margin 33.2% Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin 23.9% Total Debt/Equity 20.3%

Net Income Margin 21.0% Total Debt/Capital 16.9%

Asset Turnover 0.37

Current Ratio 2.03 Net Fixed Asset Turnover 0.47

Quick Ratio 0.98 Accounts receivable turnover-days 19.78

Debt to Assets 15.03% Inventory Days -

Tot Debt to Common Equity 20.31% Accounts Payable Turnover Day -

Accounts Receivable Turnover 18.50 Cash Conversion Cycle 42.36

Inventory Turnover -

Fiscal Year Ended

Kingsgate Consolidated LtdPrice/Volume

Valuation Analysis

1'586'782.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

Page 117: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

BLACKROCK n/a ULT-AGG 13'449'300 8.84 (450'000) 26.04.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 11'529'822 7.58 2'130'110 12.03.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 10'654'665 7 - 29.04.2013 Investment Advisor

FMR LLC n/a ULT-AGG 8'578'820 5.64 (369'358) 31.12.2012 Investment Advisor

UNITED SERVICES AUTO Multiple Portfolios MF-AGG 5'500'000 3.61 - 30.11.2012 Investment Advisor

RUFFER LLP Multiple Portfolios MF-AGG 4'693'651 3.08 - 27.12.2012 Hedge Fund Manager

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 4'118'481 2.71 - 30.09.2012 Hedge Fund Manager

SMYTH-KIRK ROSS DONA n/a EXCH 3'706'582 2.44 - 03.04.2013 n/a

VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 1'065'821 0.7 310'561 30.09.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 979'875 0.64 16'822 31.07.2012 Investment Advisor

THOMAS GAVIN n/a EXCH 946'403 0.62 - 23.11.2012 n/a

PRUDENTIAL FINANCIAL n/a ULT-AGG 922'692 0.61 11'731 28.03.2013 Investment Advisor

ARINYA INVESTMENTS P n/a EXCH 879'689 0.58 - 03.04.2013 Other

VANGUARD GROUP INC Multiple Portfolios MF-AGG 698'198 0.46 10'853 31.03.2013 Investment Advisor

AXA ROSENBERG INTL Multiple Portfolios MF-AGG 662'402 0.44 523'974 31.12.2012 Investment Advisor

ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 540'000 0.35 - 28.12.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 360'716 0.24 (1'154'049) 31.01.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 349'189 0.23 312'360 31.12.2012 Investment Advisor

PACIFIC INCOME ADVIS Multiple Portfolios MF-AGG 281'011 0.18 - 28.03.2013 Investment Advisor

HSBC TRINKAUS INVEST Multiple Portfolios MF-AGG 225'000 0.15 - 31.07.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

BBY Limited KURT WORDEN strong buy 5 M 3 12 month 30.04.2013

Goldman Sachs PAUL HISSEY sell/attractive 1 M 2 12 month 29.04.2013

RBC Capital Markets STEUART MCINTYRE underperform 1 D 2 12 month 29.04.2013

Macquarie MITCH RYAN neutral 3 M 3 12 month 29.04.2013

BMO Capital Markets DAVID HAUGHTON market perform 3 M 5 Not Provided 15.04.2013

E.L. & C. Baillieu SOPHIE SPARTALIS hold 3 M 4 12 month 15.03.2013

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 04.03.2013

Veritas Securities MATTHEW BAILLIE buy 5 M 6 Not Provided 31.01.2013

Evans & Partners Pty Ltd CATHY MOISES negative 2 D #N/A N/A Not Provided 02.11.2012

Deutsche Bank CHRIS TERRY not rated #N/A N/A M #N/A N/A Not Provided 22.02.2012

Bell Potter PETER CHAPMAN Under Review #N/A N/A M #N/A N/A Not Provided 02.11.2011

Holdings By:

Kingsgate Consolidated Ltd ee

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

Page 118: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Timmins Gold Corporation operates as a gold exploration and production company.

The Company owns and operates a Mexican based mine where they develop, explore

and produce gold.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (13.11.2012) 3.48

52-Week Low (23.05.2012) 1.49

Daily Volume

2.44

52-Week High % Change -29.89% Dividend Yield 0.00

52-Week Low % Change 63.76% Beta 1.09

% 52 Week Price Range High/Low 50.75% Equity Float 137.45

Shares Out 28.03.2013 144.1 Short Int 0.28

351.57 1 Yr Total Return 0.83%

Total Debt 17.55 YTD Return -18.39%

Preferred Stock 0.0 Adjusted BETA 1.087

Minority Interest 0.0 Analyst Recs 14

Cash and Equivalents 24.06 Consensus Rating 4.571

Enterprise Value 345.05

Average Volume 5 Day 797'194

TMM CN EQUITY YTD Change - Average Volume 30 Day 712'188

TMM CN EQUITY YTD % CHANGE - Average Volume 3 Month 623'339

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

31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.12.2012 03/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 84.4 156.1 84.4 155.7 212.1 232.3 45.2 40.3

- - - 4.15x 2.73x 14.70x 8.93x 1.43x 1.03x 7.53x 8.25x

(4.2) (3.5) (6.7) 43.5 68.5 43.5 68.3 98.8 104.5 18.7 12.7

- - - 8.05x 6.22x 8.05x 6.24x 3.48x 3.30x 4.90x 5.02x

(5.3) (3.4) (8.6) 11.5 36.1 11.5 35.9 52.0 56.0 10.9 6.3

- - - 27.89x 12.02x 27.89x 12.04x 7.62x 7.51x 6.65x 6.46x

EBITDA 68.51 Long-Term Rating Date -

EBIT 60.58 Long-Term Rating -

Operating Margin 38.80% Long-Term Outlook -

Pretax Margin 36.58% Short-Term Rating Date -

Return on Assets 21.53% Short-Term Rating -

Return on Common Equity 32.20%

Return on Capital 29.65% EBITDA/Interest Exp. 27.48

Asset Turnover 0.93% (EBITDA-Capex)/Interest Exp. 13.71

Net Debt/EBITDA -0.10

Gross Margin 49.1% Total Debt/EBITDA 0.26

EBITDA Margin 43.9%

EBIT Margin 38.8% Total Debt/Equity 11.9%

Net Income Margin 23.1% Total Debt/Capital 10.7%

Asset Turnover 0.93

Current Ratio 1.97 Net Fixed Asset Turnover 1.38

Quick Ratio 0.97 Accounts receivable turnover-days 30.37

Debt to Assets 8.12% Inventory Days 192.30

Tot Debt to Common Equity 11.93% Accounts Payable Turnover Day 70.83

Accounts Receivable Turnover 21.11 Cash Conversion Cycle 151.43

Inventory Turnover 3.33

Fiscal Year Ended

Timmins Gold CorpPrice/Volume

Valuation Analysis

53'100.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

Page 119: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

SENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 25'289'200 17.55 (829'400) 31.12.2012 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 11'064'577 7.68 (49'920) 29.04.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 8'060'231 5.59 (69'956) 28.02.2013 Bank

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 5'781'224 4.01 - 28.02.2013 Investment Advisor

CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 5'091'600 3.53 313'100 31.12.2012 Investment Advisor

SPROTT INC SPROTT INC 13F 3'810'200 2.64 860'000 31.03.2013 Hedge Fund Manager

CIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 3'712'200 2.58 3'712'200 31.12.2012 Investment Advisor

RUFFER LLP Multiple Portfolios MF-AGG 3'706'900 2.57 - 27.12.2012 Hedge Fund Manager

BRAGAGNOLO BRUCE n/a SEDI 2'928'000 2.03 (25'000) 03.01.2013 n/a

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 2'705'400 1.88 100'000 31.03.2013 Investment Advisor

BONILLAS ZEPEDA F A n/a SEDI 2'584'800 1.79 (34'729) 19.12.2012 n/a

GCIC LTD/CANADA GOODMAN & COMPANY IN 13F 2'265'000 1.57 2'265'000 31.12.2012 Investment Advisor

INTACT INVESTMENT MA INTACT INVESTEMENT M 13F 2'217'500 1.54 536'400 31.03.2013 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 1'803'600 1.25 - 31.12.2012 Pension Fund (ERISA)

HILLSDALE INVESTMENT HILLSDALE INVESTMENT 13F 1'686'100 1.17 371'900 31.12.2012 Hedge Fund Manager

CQS CAYMAN LP CQS CAYMAN LP 13F 1'300'000 0.9 - 31.12.2012 Investment Advisor

MD MANAGEMENT LTD Multiple Portfolios MF-AGG 1'089'700 0.76 83'200 28.02.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 820'191 0.57 63'043 31.03.2013 Investment Advisor

US GLOBAL INVESTORS US GLOBAL INVESTORS 13F 740'000 0.51 250'000 31.12.2012 Investment Advisor

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 698'391 0.48 (4'915) 31.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Macquarie MICHAEL SIPERCO neutral 3 D 3 12 month 25.04.2013

TD Securities STEVEN J GREEN buy 5 M 4 12 month 23.04.2013

PI Financial Corp. PHILIP KER buy 5 M 3 12 month 23.04.2013

Cormark Securities Inc. KYLE MCPHEE buy 5 M 3 12 month 22.04.2013

Stonecap Securities Inc BRIAN SZETO outperform 5 M 4 12 month 22.04.2013

RBC Capital Markets SAM CRITTENDEN outperform 5 M 4 12 month 19.04.2013

Canaccord Genuity Corp NICHOLAS CAMPBELL sell 1 M 2 12 month 16.04.2013

Dundee Securities Corp JOE FAZZINI buy 5 M 4 Not Provided 12.04.2013

Cowen Securities LLC ADAM P GRAF buy 5 M 3 Not Provided 11.04.2013

National Bank Financial SHANE NAGLE outperform 5 M 4 12 month 10.04.2013

M Partners Inc INGRID RICO buy 5 M 4 12 month 10.04.2013

Casimir Capital STUART MCDOUGALL strong buy 5 M 4 12 month 10.04.2013

Scotia Capital OVAIS HABIB sector outperform 5 M 4 12 month 20.03.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013

MGI Securities MARC PAIS buy 5 M 5 12 month 05.07.2011

Holdings By:

Timmins Gold Corp ee

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

Page 120: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

exploration projects include its Southern Cross and Leonora Operations which

are located in Western Australia.

Latest Fiscal Year: 06/2012

LTM as of: 01/yy

52-Week High (18.10.2012) 2.40

52-Week Low (24.04.2013) 0.57

Daily Volume

0.6

52-Week High % Change -75.00% Dividend Yield 0.00

52-Week Low % Change 6.19% Beta 1.18

% 52 Week Price Range High/Low 3.00% Equity Float 486.39

Shares Out 31.12.2012 488.1 Short Int 10.11

292.84 1 Yr Total Return -73.80%

Total Debt 4.26 YTD Return -58.48%

Preferred Stock 0.0 Adjusted BETA 1.183

Minority Interest 0.0 Analyst Recs 14

Cash and Equivalents 185.40 Consensus Rating 4.357

Enterprise Value 443.59

Average Volume 5 Day 7'370'159

SBM AU EQUITY YTD Change - Average Volume 30 Day 3'669'012

SBM AU EQUITY YTD % CHANGE - Average Volume 3 Month 3'442'821

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

30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

143.1 281.1 296.8 359.6 541.2 - - 534.4 631.5 - -

3.41x 1.33x 2.01x 1.58x 0.73x - - 0.79x 0.49x - -

(0.1) 50.3 77.2 109.3 224.1 - - 162.3 249.7 - -

- 7.42x 7.74x 5.21x 1.76x - - 2.73x 1.78x - -

(17.3) (76.3) (40.2) 68.6 130.2 - - 42.5 85.4 - -

- - - 9.29x 4.42x - - 6.90x 3.55x - -

EBITDA 224.06 Long-Term Rating Date 15.03.2013

EBIT 133.19 Long-Term Rating B

Operating Margin 24.61% Long-Term Outlook STABLE

Pretax Margin 20.23% Short-Term Rating Date -

Return on Assets 9.10% Short-Term Rating -

Return on Common Equity 13.09%

Return on Capital - EBITDA/Interest Exp. 308.62

Asset Turnover 0.55% (EBITDA-Capex)/Interest Exp. 164.28

Net Debt/EBITDA 0.75

Gross Margin 50.3% Total Debt/EBITDA 1.08

EBITDA Margin 38.5%

EBIT Margin 21.0% Total Debt/Equity 0.8%

Net Income Margin 24.1% Total Debt/Capital 0.7%

Asset Turnover 0.55

Current Ratio 3.39 Net Fixed Asset Turnover 0.71

Quick Ratio 2.62 Accounts receivable turnover-days 13.29

Debt to Assets 0.62% Inventory Days 75.96

Tot Debt to Common Equity 0.75% Accounts Payable Turnover Day 69.88

Accounts Receivable Turnover 27.54 Cash Conversion Cycle -34.88

Inventory Turnover 4.82

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

St Barbara LtdPrice/Volume

Valuation Analysis

3'349'615.00

Current Price (4/dd/yy) Market Data

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

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

Page 121: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

M&G INVESTMENT MANAG n/a EXCH 93'372'398 19.13 - 14.02.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 71'596'827 14.67 90'001 31.01.2013 Investment Advisor

VANGUARD GROUP INC n/a EXCH 60'536'881 12.4 9'536'881 29.01.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 38'851'254 7.96 12'768'675 29.04.2013 Investment Advisor

PARADICE INVESTMENT n/a EXCH 19'990'864 4.1 - 13.09.2012 Investment Advisor

UBS n/a ULT-AGG 16'608'948 3.4 512'340 06.09.2012 Unclassified

TRADEWINDS GLOBAL IN n/a EXCH 16'240'544 3.33 (1'270'413) 03.11.2011 Investment Advisor

DIMENSIONAL FUND ADV n/a RNS-RUL8 13'247'660 2.71 22'932 07.09.2012 Investment Advisor

STATE STREET n/a ULT-AGG 12'749'179 2.61 79'914 06.09.2012 Investment Advisor

RUFFER LLP Multiple Portfolios MF-AGG 12'528'000 2.57 - 27.12.2012 Hedge Fund Manager

BLACKROCK n/a ULT-AGG 11'381'043 2.33 (1'335'100) 26.04.2013 Investment Advisor

LSV ASSET MANAGEMENT n/a RNS-RUL8 11'363'061 2.33 684'600 23.07.2012 Investment Advisor

FMR LLC n/a ULT-AGG 10'598'053 2.17 (536'807) 31.03.2013 Investment Advisor

COMMONWEALTH BANK OF n/a RNS-RUL8 8'897'062 1.82 - 31.08.2012 Bank

HUNTER HALL INVESTME n/a RNS-RUL8 7'754'662 1.59 (8'245'338) 12.07.2012 Investment Advisor

UNITED SERVICES AUTO Multiple Portfolios MF-AGG 6'400'000 1.31 925'000 30.11.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 6'200'627 1.27 (2'413'751) 31.12.2012 Investment Advisor

JCP INVESTMENT PARTN n/a RNS-RUL8 6'032'951 1.24 (326'553) 09.08.2012 Investment Advisor

CENTAURUS CAPITAL LT n/a Short (5'746'460) -1.18 (506'570) 06.09.2012 Investment Advisor

NATIONAL AUSTRALIA B n/a ULT-AGG 5'603'376 1.15 6'496 10.09.2012 Bank

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Macquarie MITCH RYAN outperform 5 M 1 12 month 26.04.2013

Goldman Sachs IAN PRESTON neutral/attractive 3 M 1 12 month 24.04.2013

Canaccord Genuity Corp LUKE SMITH buy 5 U 1 12 month 24.04.2013

Bell Potter STEPHEN THOMAS buy 5 M 1 12 month 24.04.2013

Deutsche Bank CHRIS TERRY buy 5 M 2 12 month 23.04.2013

RBC Capital Markets STEUART MCINTYRE outperform 5 M 1 12 month 23.04.2013

E.L. & C. Baillieu SOPHIE SPARTALIS buy 5 M 2 12 month 23.04.2013

Ord Minnett DAVID BRENNAN buy 5 M 1 Not Provided 18.04.2013

Nomura DAVID RADCLYFFE neutral 3 M 1 Not Provided 08.03.2013

EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013

Evans & Partners Pty Ltd CATHY MOISES Positive 4 U #N/A N/A Not Provided 19.07.2012

Argonaut Securities Pty Ltd TROY IRVIN buy 5 U 3 Not Provided 18.06.2012

Holdings By:

St Barbara Ltd ee

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

Page 122: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

developing gold projects worldwide.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (21.09.2012) 6.79

52-Week Low (18.04.2013) 1.57

Daily Volume

1.98

52-Week High % Change -70.69% Dividend Yield 0.00

52-Week Low % Change 26.11% Beta 1.81

% 52 Week Price Range High/Low 8.81% Equity Float 144.28

Shares Out 28.03.2013 149.3 Short Int 5.34

295.67 1 Yr Total Return -58.58%

Total Debt 18.50 YTD Return -52.86%

Preferred Stock 0.0 Adjusted BETA 1.814

Minority Interest 40.6 Analyst Recs 12

Cash and Equivalents 85.10 Consensus Rating 4.167

Enterprise Value 269.71

Average Volume 5 Day 2'017'713

PG CN EQUITY YTD Change - Average Volume 30 Day 1'223'417

PG CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'045'760

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

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

0.0 0.0 0.0 0.0 0.0 0.0 0.9 0.0 0.0 - -

- - - - - #DIV/0! 2932.95x - - - -

(3.2) (6.2) (13.2) (11.9) (12.5) (5.4) (12.2) (12.5) (12.5) - -

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

0.2 (3.7) (10.9) (16.8) (32.1) (16.8) (32.1) (14.3) (17.8) - -

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

EBITDA -12.54 Long-Term Rating Date -

EBIT -12.60 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -

Return on Assets -8.06% Short-Term Rating -

Return on Common Equity -9.88%

Return on Capital - EBITDA/Interest Exp. -34.03

Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -100.44

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -1.51

EBITDA Margin -1325.5%

EBIT Margin -1366.1% Total Debt/Equity 5.0%

Net Income Margin - Total Debt/Capital 4.3%

Asset Turnover 0.00

Current Ratio 5.74 Net Fixed Asset Turnover 0.00

Quick Ratio 5.59 Accounts receivable turnover-days 302.60

Debt to Assets 3.85% Inventory Days -

Tot Debt to Common Equity 4.95% Accounts Payable Turnover Day 3549.64

Accounts Receivable Turnover 1.21 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Premier Gold Mines LtdPrice/Volume

Valuation Analysis

325'341.00

Current Price (4/dd/yy) Market Data

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0.2

0.3

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0.7

0.8

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

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

Page 123: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

FMR LLC n/a ULT-AGG 19'258'570 12.9 - 31.03.2013 Investment Advisor

GCIC LTD/CANADA n/a Co File 13'896'800 9.31 3'271'500 31.10.2012 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 11'685'159 7.83 (52'716) 29.04.2013 Investment Advisor

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 7'832'701 5.25 (10'800) 31.01.2013 Investment Advisor

DOWNIE EWAN S n/a SEDI 3'130'601 2.1 7'500 24.04.2013 n/a

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 2'900'000 1.94 275'000 31.12.2012 Investment Advisor

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 1'318'700 0.88 233'600 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 1'299'421 0.87 3'116 26.04.2013 Investment Advisor

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 1'166'300 0.78 (502'900) 31.03.2013 Hedge Fund Manager

SHARE SICAV Multiple Portfolios MF-AGG 947'736 0.63 (148'500) 31.12.2012 Investment Advisor

CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 822'618 0.55 163'248 31.12.2012 Investment Advisor

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 820'314 0.55 - 28.09.2012 Investment Advisor

GBC ASSET MANAGEMENT Multiple Portfolios MF-AGG 812'900 0.54 - 31.12.2011 Investment Advisor

MIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 800'000 0.54 (100'000) 28.03.2013 Investment Advisor

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 705'900 0.47 - 31.12.2012 Investment Advisor

US GLOBAL INVESTORS Multiple Portfolios MF-AGG 700'000 0.47 10'000 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 666'247 0.45 59'500 31.03.2013 Investment Advisor

JONES HEWARD INVESTM Multiple Portfolios MF-AGG 574'501 0.38 - 29.04.2013 Investment Advisor

AGF INVESTMENTS INC Multiple Portfolios MF-AGG 556'136 0.37 (15'100) 28.09.2012 Investment Advisor

SPROTT INC Multiple Portfolios MF-AGG 548'899 0.37 - 31.12.2012 Hedge Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Stifel CRAIG P STANLEY buy 5 M 4 Not Provided 26.04.2013

Scotia Capital OVAIS HABIB sector outperform 5 M 6 12 month 23.04.2013

Beacon Securities Ltd MICHAEL CURRAN buy 5 M 6 12 month 19.04.2013

Cantor Fitzgerald ROB CHANG buy 5 M 6 12 month 18.04.2013

Laurentian Bank Securities ERIC LEMIEUX speculative buy 4 M 4 12 month 18.04.2013

CIBC World Markets JEFF KILLEEN sector perform 3 M 7 Not Provided 11.04.2013

Canaccord Genuity Corp STEVEN BUTLER speculative buy 4 M 7 12 month 11.04.2013

Octagon Capital Corporation ANNIE ZHANG speculative buy 4 M 6 12 month 02.04.2013

Stonecap Securities Inc CHRISTOS DOULIS outperform 5 M 6 12 month 28.03.2013

RBC Capital Markets SAM CRITTENDEN outperform 5 M 5 12 month 12.03.2013

Mackie Research Capital Corp. BARRY D ALLAN speculative buy 4 M #N/A N/A Not Provided 30.01.2013

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013

Holdings By:

Premier Gold Mines Ltd ee

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

Page 124: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Northern Star Resources Ltd is an Australian Gold Producer with tenement

holdings and gold deposits located in the Ashburton - Pilbara Region of Western

Australia.

Latest Fiscal Year: 06/2012

LTM as of: 01/yy

52-Week High (26.11.2012) 1.59

52-Week Low (16.05.2012) 0.61

Daily Volume

0.675

52-Week High % Change -57.41% Dividend Yield 5.19

52-Week Low % Change 11.57% Beta 0.64

% 52 Week Price Range High/Low 13.78% Equity Float 373.08

Shares Out 11.01.2013 424.3 Short Int 4.10

286.39 1 Yr Total Return -20.18%

Total Debt 9.43 YTD Return -44.74%

Preferred Stock 0.0 Adjusted BETA 0.636

Minority Interest 0.0 Analyst Recs 6

Cash and Equivalents 64.96 Consensus Rating 4.333

Enterprise Value 247.27

Average Volume 5 Day 5'027'763

NST AU EQUITY YTD Change - Average Volume 30 Day 4'205'051

NST AU EQUITY YTD % CHANGE - Average Volume 3 Month 4'110'107

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

30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

- - - 114.9 99.5 - - 137.9 171.0 - -

- - - 1.11x 2.55x - - 1.72x 1.25x - -

(0.1) (5.1) (1.3) 45.1 47.5 - - 70.2 95.6 - -

- - - 2.83x 5.35x - - 3.52x 2.59x - -

(0.1) (4.7) (1.3) 16.3 22.0 - - 34.0 46.4 - -

- - - 7.80x 12.62x - - 8.33x 6.25x - -

EBITDA 47.49 Long-Term Rating Date -

EBIT 30.02 Long-Term Rating -

Operating Margin 30.16% Long-Term Outlook -

Pretax Margin 31.60% Short-Term Rating Date -

Return on Assets 29.17% Short-Term Rating -

Return on Common Equity 42.20%

Return on Capital 38.16% EBITDA/Interest Exp. 89.78

Asset Turnover 1.05% (EBITDA-Capex)/Interest Exp. 40.79

Net Debt/EBITDA -0.68

Gross Margin 57.3% Total Debt/EBITDA 0.20

EBITDA Margin 50.7%

EBIT Margin 34.2% Total Debt/Equity 10.0%

Net Income Margin 22.1% Total Debt/Capital 9.1%

Asset Turnover 1.05

Current Ratio 3.13 Net Fixed Asset Turnover 2.27

Quick Ratio 2.68 Accounts receivable turnover-days 0.11

Debt to Assets 7.03% Inventory Days 67.11

Tot Debt to Common Equity 9.97% Accounts Payable Turnover Day 67.12

Accounts Receivable Turnover 3404.63 Cash Conversion Cycle -39.98

Inventory Turnover 5.45

Fiscal Year Ended

Northern Star Resources LtdPrice/Volume

Valuation Analysis

6'774'624.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

'''-----..

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0.0

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40.0

60.0

80.0

100.0

120.0

140.0

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

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

Page 125: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

BLACKROCK n/a ULT-AGG 30'270'942 7.13 (230'268) 26.04.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 26'706'283 6.29 3'981'558 29.04.2013 Investment Advisor

INVESTMET LIMITED n/a EXCH 21'946'900 5.17 (18'089'000) 30.11.2012 Corporation

PARADICE INVESTMENT n/a EXCH 18'915'010 4.46 (2'872'573) 08.01.2013 Investment Advisor

BEAMENT WILLIAM JAME n/a EXCH 12'134'735 2.86 - 30.11.2012 n/a

JP MORGAN n/a ULT-AGG 11'803'850 2.78 (1'584'461) 28.02.2013 Investment Advisor

FOTIOS MICHAEL GEORG n/a EXCH 7'103'474 1.67 (7'400'000) 30.11.2012 n/a

ROWE CHRISTOPHER n/a EXCH 3'986'195 0.94 - 30.11.2012 n/a

GCIC LTD/CANADA Multiple Portfolios MF-AGG 3'350'000 0.79 3'350'000 31.12.2012 Investment Advisor

MORGAN STANLEY AUSTR n/a EXCH 3'202'580 0.75 (36'529'953) 04.12.2012 Investment Advisor

UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'250'000 0.53 - 30.06.2012 Investment Advisor

VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'095'462 0.49 (15'180) 30.09.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'588'462 0.37 38'476 31.07.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'377'303 0.32 108'722 31.03.2013 Investment Advisor

BROWN KAREN ELIZABET n/a Co File 1'191'666 0.28 - 30.06.2012 n/a

MACQUARIE GROUP n/a ULT-AGG 1'168'772 0.28 (310'278) 30.06.2011 Investment Advisor

O'CONNOR PETER EDMUN n/a EXCH 850'000 0.2 - 03.12.2012 n/a

BHR FUND ADVISORS LP Multiple Portfolios MF-AGG 500'000 0.12 100'000 31.01.2013 Investment Advisor

PARRY RAYMOND JOSEPH n/a Co File 378'334 0.09 - 30.06.2012 n/a

OBERWEIS ASSET MANAG Multiple Portfolios MF-AGG 316'200 0.07 316'200 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

RBC Capital Markets STEUART MCINTYRE sector perform 3 M 1 12 month 29.04.2013

Hartleys MIKE MILLIKAN buy 5 M 1 12 month 29.04.2013

Paterson Securities TIM MCCORMACK buy 5 M 1 12 month 29.04.2013

Argonaut Securities Pty Ltd PATRICK CHANG buy 5 M 1 12 month 29.04.2013

Ord Minnett DAVID BRENNAN buy 5 N 1 Not Provided 17.04.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 28.02.2013

Holdings By:

Northern Star Resources Ltd ee

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

Page 126: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Tanzanian Royalty Exploration Corporation acquires, explores, and develops

mineral properties. The Company explores for gold.

Latest Fiscal Year: 08/2012

LTM as of: 02/yy

52-Week High (21.09.2012) 5.34

52-Week Low (18.04.2013) 2.42

Daily Volume

2.96

52-Week High % Change -45.13% Dividend Yield -

52-Week Low % Change 22.31% Beta 1.25

% 52 Week Price Range High/Low 20.89% Equity Float 92.75

Shares Out 28.03.2013 100.7 Short Int 9.41

298.02 1 Yr Total Return -33.78%

Total Debt 2.07 YTD Return -32.88%

Preferred Stock 0.0 Adjusted BETA 1.253

Minority Interest 0.0 Analyst Recs 0

Cash and Equivalents 20.06 Consensus Rating -

Enterprise Value 287.08

Average Volume 5 Day 595'728

TRX US EQUITY YTD Change - Average Volume 30 Day 484'983

TRX US EQUITY YTD % CHANGE - Average Volume 3 Month 466'234

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

31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 02/yy 02/yy 08/13 Y 08/14 Y 05/13 Q3 08/13 Q4

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(2.9) (3.4) (3.0) (4.3) (5.1) (4.6) (5.0) - - - -

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

(3.7) (4.7) (3.4) (11.1) (8.9) (14.6) (2.2) - - - -

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

EBITDA -5.06 Long-Term Rating Date -

EBIT -5.44 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -

Return on Assets -3.52% Short-Term Rating -

Return on Common Equity -4.13%

Return on Capital - EBITDA/Interest Exp. -49.26

Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -133.96

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -0.21

EBITDA Margin -

EBIT Margin - Total Debt/Equity 4.1%

Net Income Margin - Total Debt/Capital 3.9%

Asset Turnover 0.00

Current Ratio 8.84 Net Fixed Asset Turnover 0.00

Quick Ratio 8.68 Accounts receivable turnover-days -

Debt to Assets 3.28% Inventory Days -

Tot Debt to Common Equity 4.09% Accounts Payable Turnover Day -

Accounts Receivable Turnover 0.00 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Tanzanian Royalty Exploration CorpPrice/Volume

Valuation Analysis

71'688.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

Page 127: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

VAN ECK ASSOCIATES C n/a ULT-AGG 13'522'725 13.43 526'026 29.04.2013 Investment Advisor

GEIER GROUP LLC n/a 13G 4'879'743 4.85 (4'801'048) 10.11.2011 Other

BPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 4'088'532 4.06 52'612 31.12.2012 Investment Advisor

SINCLAIR JAMES E n/a SEDI 1'885'543 1.87 (1'000) 08.02.2013 n/a

BPI GLOBAL INVESTMEN Multiple Portfolios MF-AGG 673'902 0.67 (37'877) 28.09.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 515'272 0.51 826 26.04.2013 Investment Advisor

MORROW ROSALIND n/a SEDI 429'429 0.43 5'382 11.03.2013 n/a

VANGUARD GROUP INC Multiple Portfolios MF-AGG 419'292 0.42 5'200 31.03.2013 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 367'112 0.36 141'200 31.12.2012 Pension Fund (ERISA)

HARVEY WILLIAM M n/a SEDI 340'090 0.34 7'732 12.04.2013 n/a

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 334'811 0.33 4'654 31.03.2013 Investment Advisor

JONES HEWARD INVESTM Multiple Portfolios MF-AGG 318'244 0.32 - 29.04.2013 Investment Advisor

CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 287'556 0.29 102'344 31.03.2013 Investment Advisor

PORTOLA GROUP INCORP PORTOLA GROUP INCORP 13F 212'810 0.21 250 31.03.2013 Investment Advisor

SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 167'687 0.17 134'479 31.12.2012 Investment Advisor

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 145'569 0.14 20'891 31.12.2012 Investment Advisor

LUIS VICTORIA n/a 20F 144'045 0.14 - 31.10.2012 n/a

VAN TONGEREN STEVEN n/a SEDI 124'119 0.12 25'000 18.04.2013 n/a

ALTUS CAPITAL INC ALTUS CAPITAL INC 13F 104'500 0.1 56'500 31.03.2013 Investment Advisor

BANK OF AMERICA CORP BANK OF AMERICA 13F 97'451 0.1 (17'701) 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

#N/A N/A

Holdings By:

Tanzanian Royalty Exploration Corp ee

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

Page 128: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Real Gold Mining Limited mines gold and processes ore into concentrates

containing gold and other minerals for subsequent sale.

Latest Fiscal Year: 12/2010

LTM as of: 06/yy

52-Week High (30.04.2012) 8.81

52-Week Low (30.04.2012) 8.81

Daily Volume

8.81

52-Week High % Change 0.00% Dividend Yield 0.60

52-Week Low % Change 0.00% Beta 0.33

% 52 Week Price Range High/Low 0.00% Equity Float 429.41

Shares Out 21.09.2011 908.8 Short Int -

8'006.41 1 Yr Total Return 0.00%

Total Debt 0.00 YTD Return 0.00%

Preferred Stock 0.0 Adjusted BETA 0.331

Minority Interest 135.1 Analyst Recs 1

Cash and Equivalents 2'965.19 Consensus Rating 5.000

Enterprise Value 3'855.28

Average Volume 5 Day 0

246 HK EQUITY YTD Change - Average Volume 30 Day 0

246 HK EQUITY YTD % CHANGE - Average Volume 3 Month 0

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

31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 06/yy 06/yy 12/11 Y 12/12 Y 09/11 Q3 12/11 Q4

- 8.0 312.3 1'011.2 1'368.2 1'185.7 1'523.7 - - - -

- - - 5.88x 5.55x 0.00x 0.00x - - - -

(0.1) (1.1) 190.4 768.9 1'187.9 0.0 0.0 - - - -

- - - 7.73x 6.39x 0.00x 0.00x - - - -

(0.1) (2.2) 103.9 526.7 798.0 650.8 831.3 - - - -

- - - 13.02x 12.06x 0.00x 0.00x - - - -

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. -

Net Debt/EBITDA -2.50

Gross Margin 77.3% Total Debt/EBITDA 0.00

EBITDA Margin 86.8%

EBIT Margin 84.0% Total Debt/Equity 0.0%

Net Income Margin 58.3% Total Debt/Capital 0.0%

Asset Turnover 0.34

Current Ratio 18.07 Net Fixed Asset Turnover 3.23

Quick Ratio 17.99 Accounts receivable turnover-days 8.79

Debt to Assets 0.00% Inventory Days 8.12

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 0.25

Accounts Receivable Turnover 41.52 Cash Conversion Cycle 16.66

Inventory Turnover 44.95

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Real Gold Mining LtdPrice/Volume

Valuation Analysis

0.00

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

Page 129: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

CITIGROUP INCORPORAT n/a EXCH 245'182'757 26.98 - 12.06.2012 Investment Advisor

LV DEZHI n/a EXCH 226'250'667 24.9 - 27.09.2012 n/a

LEAD HONEST MANAGEME n/a Research 140'000'000 15.41 (234'376'000) 26.09.2012 Other

LEAD HONEST MANAGEME n/a Short (126'967'191) -13.97 - 31.12.2011 Other

SHI GUANGWEI n/a EXCH 113'125'333 12.45 - 27.09.2012 n/a

VALUE PARTNERS GROUP n/a ULT-AGG 77'678'000 8.55 - 26.09.2012 Corporation

VAN ECK ASSOCIATES C n/a ULT-AGG 19'288'900 2.12 - 29.04.2013 Investment Advisor

GCIC LTD/CANADA Multiple Portfolios MF-AGG 17'816'505 1.96 - 31.12.2012 Investment Advisor

MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 16'916'500 1.86 - 30.06.2012 Unclassified

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 10'673'000 1.17 - 28.02.2013 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 9'609'000 1.06 - 28.02.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 7'861'000 0.86 - 31.12.2012 Bank

JP MORGAN n/a ULT-AGG 6'089'500 0.67 - 31.12.2012 Investment Advisor

MACQUARIE GROUP n/a ULT-AGG 4'353'500 0.48 - 30.06.2011 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 4'103'427 0.45 - 28.12.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'097'000 0.45 - 31.07.2012 Investment Advisor

FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 2'762'500 0.3 - 02.04.2013 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 2'500'500 0.28 - 28.02.2013 Investment Advisor

CITIGROUP INCORPORAT n/a Short (2'409'129) -0.27 - 12.06.2012 Investment Advisor

SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 1'788'000 0.2 - 28.02.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

EVA Dimensions TEAM COVERAGE buy 5 N #N/A N/A Not Provided 14.07.2012

BOCOM International Holdings RONGJIN LUO neutral 3 D 9 12 month 03.06.2011

Kingsway SW Securities ZIBO CHEN buy 5 M 19 Not Provided 14.03.2011

Holdings By:

Real Gold Mining Ltd ee

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

Page 130: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Golden Star Resources Ltd. is a mid-tier gold mining company. The Company's

operating mines are situated along the Ashanti Gold Belt in Ghana, West Africa.

Latest Fiscal Year: 12/1997

LTM as of: 12/yy

52-Week High (16.10.2012) 2.11

52-Week Low (23.04.2013) 0.88

Daily Volume

1.05

52-Week High % Change -50.47% Dividend Yield 0.00

52-Week Low % Change 19.32% Beta 1.08

% 52 Week Price Range High/Low 13.82% Equity Float 257.68

Shares Out 28.03.2013 259.1 Short Int 11.99

272.06 1 Yr Total Return -31.37%

Total Debt 117.48 YTD Return -42.93%

Preferred Stock 0.0 Adjusted BETA 1.076

Minority Interest (2.0) Analyst Recs 10

Cash and Equivalents 78.88 Consensus Rating 2.800

Enterprise Value 308.65

Average Volume 5 Day 1'844'036

GSS US EQUITY YTD Change - Average Volume 30 Day 1'951'951

GSS US EQUITY YTD % CHANGE - Average Volume 3 Month 1'863'731

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

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

257.4 - 432.7 471.0 550.5 471.0 550.5 540.0 584.5 131.8 129.0

1.43x - 2.72x 0.98x 0.95x 4.90x 3.58x 0.69x 0.68x 2.43x 2.57x

1.8 - 107.6 91.8 124.7 91.8 125.8 116.2 186.8 25.9 28.9

200.09x - 10.93x 5.00x 4.18x 5.00x 4.14x 2.66x 1.65x 2.74x 2.71x

(119.3) - (11.2) (2.1) (9.5) (2.1) (9.5) 11.5 51.3 1.5 2.1

- - - - - 0.00x 0.00x - 6.52x 61.76x 14.00x

EBITDA 124.67 Long-Term Rating Date -

EBIT 25.74 Long-Term Rating -

Operating Margin 4.68% Long-Term Outlook -

Pretax Margin 1.20% Short-Term Rating Date -

Return on Assets -1.31% Short-Term Rating -

Return on Common Equity -2.17%

Return on Capital -4.61% EBITDA/Interest Exp. 12.27

Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. 3.56

Net Debt/EBITDA 0.31

Gross Margin 9.6% Total Debt/EBITDA 0.93

EBITDA Margin 22.8%

EBIT Margin 4.7% Total Debt/Equity 27.1%

Net Income Margin -1.7% Total Debt/Capital 21.4%

Asset Turnover 0.76

Current Ratio 1.58 Net Fixed Asset Turnover 1.06

Quick Ratio 0.69 Accounts receivable turnover-days 7.30

Debt to Assets 16.18% Inventory Days 60.50

Tot Debt to Common Equity 27.10% Accounts Payable Turnover Day 69.08

Accounts Receivable Turnover 50.11 Cash Conversion Cycle -1.28

Inventory Turnover 6.05

Fiscal Year Ended

Golden Star Resources LtdPrice/Volume

Valuation Analysis

285'371.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

Page 131: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

VAN ECK ASSOCIATES C n/a ULT-AGG 39'316'268 15.17 - 29.04.2013 Investment Advisor

SENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 30'238'600 11.67 (350'000) 31.12.2012 Investment Advisor

HEARTLAND ADVISORS I HEARTLAND ADVISORS I 13F 25'985'870 10.03 (1'326'930) 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 10'793'356 4.17 723'887 26.04.2013 Investment Advisor

HILLSDALE INVESTMENT HILLSDALE INVESTMENT 13F 6'281'374 2.42 1'230'943 31.12.2012 Hedge Fund Manager

STATE STREET n/a ULT-AGG 4'897'831 1.89 12'016 29.04.2013 Investment Advisor

ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 4'819'436 1.86 (1'475'687) 31.03.2013 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'713'690 1.43 3'703'206 31.12.2012 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 3'486'925 1.35 2'002'700 31.12.2012 Pension Fund (ERISA)

PRINCIPAL FINANCIAL n/a ULT-AGG 3'093'334 1.19 1'200'671 31.12.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'064'953 1.18 (52'441) 31.12.2012 Investment Advisor

BATTERYMARCH FINANCI BATTERYMARCH FINANCI 13F 2'625'741 1.01 125'700 31.12.2012 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 2'259'552 0.87 1'129'776 31.12.2012 Investment Advisor

NORGES BANK NORGES BANK 13F 1'934'059 0.75 - 31.12.2012 Government

CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 1'870'572 0.72 1'267'792 31.03.2013 Investment Advisor

MD MANAGEMENT LTD Multiple Portfolios MF-AGG 1'845'827 0.71 139'300 28.02.2013 Investment Advisor

NEW YORK STATE COMMO NEW YORK STATE COMMO 13F 1'725'479 0.67 206'700 31.12.2012 Pension Fund (ERISA)

SYSTEMATIC FINANCIAL SYSTEMATIC FINANCIAL 13F 1'647'710 0.64 277'080 31.12.2012 Investment Advisor

LEGG MASON CAPITAL M Multiple Portfolios MF-AGG 1'467'781 0.57 - 31.03.2013 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 1'164'787 0.45 (51'919) 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Macquarie PIERRE VAILLANCOURT neutral 3 M 1 12 month 25.04.2013

Raymond James BRAD HUMPHREY market perform 3 M 2 12 month 24.04.2013

Scotia Capital TREVOR TURNBULL sector underperform 1 D 1 12 month 23.04.2013

Credit Suisse ANITA SONI underperform 1 M 1 Not Provided 22.04.2013

BMO Capital Markets ANDREW BREICHMANAS market perform 3 M 2 Not Provided 15.04.2013

Canaccord Genuity Corp RAHUL PAUL hold 3 M 2 12 month 15.04.2013

CIBC World Markets COSMOS CHIU sector perform 3 M 2 Not Provided 11.04.2013

National Bank Financial PAOLO LOSTRITTO outperform 5 M 3 12 month 09.04.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 04.04.2013

Holdings By:

Golden Star Resources Ltd ee

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

Page 132: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

project is the Haile Gold Mine in South Carolina.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (17.09.2012) 1.40

52-Week Low (23.04.2013) 0.39

Daily Volume

0.445

52-Week High % Change -68.57% Dividend Yield 0.00

52-Week Low % Change 13.38% Beta 1.20

% 52 Week Price Range High/Low 6.70% Equity Float 580.76

Shares Out 28.03.2013 585.0 Short Int 0.77

260.32 1 Yr Total Return -55.94%

Total Debt 0.00 YTD Return -42.21%

Preferred Stock 0.0 Adjusted BETA 1.204

Minority Interest 0.0 Analyst Recs 6

Cash and Equivalents 64.78 Consensus Rating 4.167

Enterprise Value 193.29

Average Volume 5 Day 2'420'969

R CN EQUITY YTD Change - Average Volume 30 Day 1'590'205

R CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'354'361

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

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

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(3.6) (7.3) (65.4) (15.3) (11.8) (15.3) (11.8) (8.0) (8.0) - -

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

(4.5) (7.2) (66.2) (15.7) (11.9) (15.7) (11.9) (7.8) (12.0) - -

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

EBITDA -11.81 Long-Term Rating Date -

EBIT -12.13 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -

Return on Assets -4.58% Short-Term Rating -

Return on Common Equity -4.80%

Return on Capital - EBITDA/Interest Exp. -58.20

Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -263.13

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA 0.00

EBITDA Margin -

EBIT Margin - Total Debt/Equity 0.0%

Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover 0.00

Current Ratio 5.88 Net Fixed Asset Turnover 0.00

Quick Ratio 5.81 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 -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Romarco Minerals IncPrice/Volume

Valuation Analysis

281'624.00

Current Price (4/dd/yy) Market Data

'

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

Page 133: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

BLACKROCK n/a ULT-AGG 149'342'975 25.53 28'590'375 26.04.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 46'813'508 8 (211'188) 29.04.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 46'766'500 7.99 (470'500) 31.01.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 30'127'000 5.15 - 28.02.2013 Investment Advisor

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 21'188'200 3.62 53'500 31.03.2013 Hedge Fund Manager

FMR LLC n/a ULT-AGG 19'245'100 3.29 85'000 31.03.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 15'429'733 2.64 - 28.02.2013 Investment Advisor

COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 11'682'793 2 (147'237) 31.01.2013 Bank

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 11'093'500 1.9 (147'500) 31.12.2012 Investment Advisor

RUFFER LLP Multiple Portfolios MF-AGG 8'551'000 1.46 - 27.12.2012 Hedge Fund Manager

GAMCO n/a ULT-AGG 5'550'000 0.95 - 31.12.2012 Unclassified

QUANTEX AG Multiple Portfolios MF-AGG 3'750'000 0.64 (100'000) 29.03.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 3'000'000 0.51 - 31.12.2012 Bank

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 2'975'080 0.51 - 28.09.2012 Investment Advisor

SHARE SICAV Multiple Portfolios MF-AGG 2'828'384 0.48 (520'200) 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'703'235 0.46 205'500 31.03.2013 Investment Advisor

SPROTT INC Multiple Portfolios MF-AGG 2'266'700 0.39 - 31.12.2012 Hedge Fund Manager

COLONIAL FIRST STATE Multiple Portfolios MF-AGG 1'959'403 0.33 - 19.10.2012 Investment Advisor

GARRETT DIANE RENEE n/a SEDI 1'568'000 0.27 31'500 19.04.2013 n/a

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 1'361'600 0.23 - 28.02.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Cormark Securities Inc. RICHARD GRAY buy 5 M 1 12 month 22.04.2013

BMO Capital Markets ANDREW KAIP market perform 3 M 1 Not Provided 15.04.2013

National Bank Financial PAOLO LOSTRITTO outperform 5 M 2 12 month 09.04.2013

RBC Capital Markets SAM CRITTENDEN sector perform 3 M 1 12 month 02.04.2013

Paradigm Capital Inc DON BLYTH speculative buy 4 M 2 12 month 11.03.2013

Euro Pacific Capital Inc HEIKO IHLE buy 5 N 2 12 month 28.09.2012

Holdings By:

Romarco Minerals Inc ee

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

Page 134: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Banro Corporation, through its subsidiary, explores and develops gold

properties. The Company currently holds mining permits and mining concessions

in the Democratic Republic of Congo in Africa.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (07.09.2012) 5.03

52-Week Low (15.04.2013) 1.03

Daily Volume

1.23

52-Week High % Change -75.35% Dividend Yield 0.00

52-Week Low % Change 19.42% Beta 1.96

% 52 Week Price Range High/Low 6.25% Equity Float 249.82

Shares Out 25.04.2013 252.1 Short Int 9.95

310.08 1 Yr Total Return -70.71%

Total Debt 154.69 YTD Return -55.76%

Preferred Stock 0.0 Adjusted BETA 1.956

Minority Interest 0.0 Analyst Recs 5

Cash and Equivalents 27.05 Consensus Rating 3.000

Enterprise Value 435.05

Average Volume 5 Day 1'504'183

BAA CN EQUITY YTD Change - Average Volume 30 Day 2'125'147

BAA CN EQUITY YTD % CHANGE - Average Volume 3 Month 2'081'688

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

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

0.0 0.0 0.0 0.0 42.6 0.0 42.6 160.0 388.7 36.9 36.2

- - - - 16.23x #DIV/0! 80.50x - - - -

(6.2) (7.6) (10.3) (10.2) 6.0 (10.2) 6.0 63.7 194.7 - -

- - - - 114.64x 0.00x 114.64x 6.85x 2.23x - -

(8.5) (4.8) (3.0) (9.3) (4.6) (9.3) (4.6) 10.9 100.3 - -

9.34x - - - - 0.00x 0.00x 16.11x 2.14x 8.84x 4.48x

EBITDA 6.03 Long-Term Rating Date -

EBIT -2.06 Long-Term Rating -

Operating Margin -4.84% Long-Term Outlook -

Pretax Margin -10.70% Short-Term Rating Date -

Return on Assets -0.86% Short-Term Rating -

Return on Common Equity -1.12%

Return on Capital - EBITDA/Interest Exp. 2.62

Asset Turnover 0.08% (EBITDA-Capex)/Interest Exp. -57.93

Net Debt/EBITDA 21.15

Gross Margin 29.2% Total Debt/EBITDA 25.64

EBITDA Margin 14.2%

EBIT Margin -4.8% Total Debt/Equity 36.5%

Net Income Margin -10.7% Total Debt/Capital 26.8%

Asset Turnover 0.08

Current Ratio 1.06 Net Fixed Asset Turnover 0.11

Quick Ratio 0.47 Accounts receivable turnover-days -

Debt to Assets 24.33% Inventory Days -

Tot Debt to Common Equity 36.54% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Banro CorpPrice/Volume

Valuation Analysis

429'314.00

Current Price (4/dd/yy) Market Data

'

-

.

0

1

2

3

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5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

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

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

Page 135: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

BLACKROCK n/a ULT-AGG 29'151'624 11.56 - 26.04.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 24'223'469 9.61 72'185 31.03.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 16'155'784 6.41 (72'888) 29.04.2013 Investment Advisor

IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 14'067'000 5.58 4'088'200 31.12.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 12'785'907 5.07 651'407 31.03.2013 Investment Advisor

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 10'721'545 4.25 41'100 31.03.2013 Hedge Fund Manager

FMR LLC n/a ULT-AGG 9'020'360 3.58 (1'648'935) 31.03.2013 Investment Advisor

ACUITY INVESTMENT MA ACUITY INVESTMENT MA 13F 8'156'000 3.24 3'531'100 31.03.2013 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 4'835'785 1.92 778'978 31.12.2012 Investment Advisor

TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 4'085'541 1.62 1'766'536 31.12.2012 Investment Advisor

INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 4'023'371 1.6 1'791'580 31.12.2012 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 3'887'474 1.54 (135'897) 28.02.2013 Investment Advisor

FIERA CAPITAL CORPOR Multiple Portfolios MF-AGG 3'824'682 1.52 (593'900) 31.01.2013 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 2'304'615 0.91 (316'700) 31.12.2012 Pension Fund (ERISA)

FIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 2'152'177 0.85 (4'660'861) 31.03.2013 Investment Advisor

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 2'051'416 0.81 (1'218'959) 31.12.2012 Investment Advisor

BRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 2'026'058 0.8 (41'296) 31.03.2013 Hedge Fund Manager

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 1'879'400 0.75 - 31.12.2012 Investment Advisor

CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 1'842'700 0.73 (641'000) 31.12.2012 Investment Advisor

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 1'715'800 0.68 (266'100) 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

CIBC World Markets COSMOS CHIU sector perform 3 M 4 Not Provided 29.04.2013

BMO Capital Markets ANDREW BREICHMANAS market perform 3 M 2 Not Provided 25.04.2013

GMP BROCK SALIER buy 5 M 2 Not Provided 25.04.2013

Cormark Securities Inc. MIKE KOZAK restricted #N/A N/A M #N/A N/A Not Provided 22.04.2013

EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 10.04.2013

Goldman Sachs EUGENE KING neutral/neutral 3 M 3 12 month 15.03.2013

Holdings By:

Banro Corp ee

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

Page 136: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

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

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (20.09.2012) 6.03

52-Week Low (18.04.2013) 1.73

Daily Volume

2.24

52-Week High % Change -63.35% Dividend Yield 0.00

52-Week Low % Change 29.48% Beta 1.58

% 52 Week Price Range High/Low 14.42% Equity Float 90.39

Shares Out 28.03.2013 107.0 Short Int 2.74

239.58 1 Yr Total Return -51.62%

Total Debt 72.14 YTD Return -51.41%

Preferred Stock 0.0 Adjusted BETA 1.585

Minority Interest 2.7 Analyst Recs 5

Cash and Equivalents 63.59 Consensus Rating 4.600

Enterprise Value 248.75

Average Volume 5 Day 1'562'971

CSI CN EQUITY YTD Change - Average Volume 30 Day 1'499'240

CSI CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'464'254

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

31.07.2008 31.07.2009 31.07.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 0.0 0.0 0.0 0.0 41.6 285.7 - -

- - - - - #DIV/0! #DIV/0! 5.01x 0.11x - -

(2.5) (2.7) (9.5) (29.3) (32.9) (29.3) (32.9) 11.9 204.0 (6.8) (6.8)

- - - - - 0.00x 0.00x 20.90x 1.22x 20.76x 4.27x

(2.3) (4.6) (9.7) (32.1) (30.1) (32.1) (30.1) (6.6) 135.7 (8.6) (8.6)

- - - - - 0.00x 0.00x - 2.67x - 6.51x

EBITDA -32.86 Long-Term Rating Date -

EBIT -33.29 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -

Return on Assets -11.68% Short-Term Rating -

Return on Common Equity -23.01%

Return on Capital - EBITDA/Interest Exp. -7.02

Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -26.45

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -2.20

EBITDA Margin -

EBIT Margin - Total Debt/Equity 62.4%

Net Income Margin - Total Debt/Capital 37.9%

Asset Turnover 0.00

Current Ratio 4.66 Net Fixed Asset Turnover 0.00

Quick Ratio 4.55 Accounts receivable turnover-days -

Debt to Assets 25.80% Inventory Days -

Tot Debt to Common Equity 62.37% Accounts Payable Turnover Day 3704.00

Accounts Receivable Turnover 0.00 Cash Conversion Cycle -

Inventory Turnover 0.00

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Colossus Minerals IncPrice/Volume

Valuation Analysis

183'456.00

Current Price (4/dd/yy) Market Data

'

-

.

0

1

2

3

4

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0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

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

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'!1'

'!3'

'!5'

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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

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

Page 137: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

ARIAS RESOURCE CAPIT #N/A N/A Co File 13'223'900 12.36 - 22.04.2013 Private Equity

ACUITY INVESTMENT MA n/a Co File 10'530'371 9.85 - 31.10.2012 Investment Advisor

SPROTT ASSET MANAGEM n/a Co File 9'947'500 9.3 (1'572'900) 28.02.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 9'252'403 8.65 (37'308) 29.04.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 4'883'500 4.57 29'000 31.01.2013 Investment Advisor

FMR LLC n/a ULT-AGG 3'860'635 3.61 397'528 31.03.2013 Investment Advisor

SUSSMAN ARI B n/a SEDI 1'761'401 1.65 50'000 27.06.2012 n/a

MCLEAN BUDDEN LTD Multiple Portfolios MF-AGG 1'459'400 1.36 (37'490) 28.02.2013 Investment Advisor

MANULIFE ASSET MANAG Multiple Portfolios MF-AGG 1'151'864 1.08 (6'989) 28.02.2013 Investment Advisor

CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 1'060'133 0.99 4 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 1'049'000 0.98 - 31.12.2012 Investment Advisor

KISHIDA AUGUSTO n/a SEDI 958'000 0.9 - 09.08.2012 n/a

BLACKROCK n/a ULT-AGG 699'201 0.65 871 26.04.2013 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 527'115 0.49 (6'612) 28.02.2013 Investment Advisor

US GLOBAL INVESTORS Multiple Portfolios MF-AGG 525'000 0.49 - 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 486'563 0.45 - 31.03.2013 Investment Advisor

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 321'612 0.3 - 28.09.2012 Investment Advisor

FROSTIAK JOHN n/a SEDI 229'800 0.21 50'000 16.02.2013 n/a

FIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 207'600 0.19 - 30.11.2012 Investment Advisor

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 180'500 0.17 - 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Clarus Securities JAMIE SPRATT speculative buy 4 M 8 12 month 29.04.2013

Stifel CRAIG P STANLEY buy 5 M 4 Not Provided 26.04.2013

Macquarie MICHAEL GRAY outperform 5 M 3 12 month 25.04.2013

Canaccord Genuity Corp NICHOLAS CAMPBELL speculative buy 4 M 8 12 month 11.04.2013

GMP GEORGE V ALBINO buy 5 M 12 Not Provided 01.04.2013

Holdings By:

Colossus Minerals Inc ee

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

Page 138: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

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

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (10.10.2012) 6.17

52-Week Low (17.04.2013) 1.97

Daily Volume

2.31

52-Week High % Change -63.05% Dividend Yield 0.00

52-Week Low % Change 17.26% Beta 1.16

% 52 Week Price Range High/Low 9.52% Equity Float 97.74

Shares Out 28.03.2013 99.9 Short Int 0.79

230.87 1 Yr Total Return -50.22%

Total Debt 0.13 YTD Return -53.52%

Preferred Stock 0.0 Adjusted BETA 1.156

Minority Interest 0.0 Analyst Recs 9

Cash and Equivalents 102.12 Consensus Rating 4.000

Enterprise Value 128.88

Average Volume 5 Day 705'084

RR CN EQUITY YTD Change - Average Volume 30 Day 523'794

RR CN EQUITY YTD % CHANGE - Average Volume 3 Month 713'661

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

30.09.2007 30.09.2008 30.09.2009 30.09.2010 30.09.2011 09/yy 12/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - 1.0 - -

- - - - - #DIV/0! #DIV/0! - 133.27x - -

(4.2) (2.6) (4.2) (9.1) (16.1) (16.1) (64.6) - (15.2) - -

- - - - - 0.00x 0.00x - - - -

(1.8) (1.0) (3.6) (6.8) (13.5) (13.5) (65.9) - (22.2) - -

- - - - - 0.00x 0.00x - - - -

EBITDA -64.60 Long-Term Rating Date -

EBIT -64.98 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -

Return on Assets -33.90% Short-Term Rating -

Return on Common Equity -35.35%

Return on Capital - EBITDA/Interest Exp. -10003.84

Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -12740.42

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA 0.00

EBITDA Margin -

EBIT Margin - Total Debt/Equity 0.1%

Net Income Margin - Total Debt/Capital 0.1%

Asset Turnover 0.00

Current Ratio 15.73 Net Fixed Asset Turnover 0.00

Quick Ratio 15.71 Accounts receivable turnover-days -

Debt to Assets 0.08% Inventory Days -

Tot Debt to Common Equity 0.09% Accounts Payable Turnover Day -

Accounts Receivable Turnover 0.00 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Rainy River Resources LtdPrice/Volume

Valuation Analysis

28'650.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

'

-

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4

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0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

'!.'

'!1'

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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 139: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

VAN ECK ASSOCIATES C n/a ULT-AGG 10'085'221 10.09 920'049 29.04.2013 Investment Advisor

SALIDA CAPITAL LP n/a Co File 8'043'070 8.05 (655'430) 30.11.2011 Investment Advisor

FMR LLC n/a ULT-AGG 3'380'400 3.38 359'000 31.03.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 3'170'900 3.17 313'000 28.02.2013 Investment Advisor

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 1'756'100 1.76 - 31.01.2013 Investment Advisor

BEREZAN LEO n/a SEDI 1'334'048 1.33 17'000 22.05.2012 n/a

QUANTEX AG Multiple Portfolios MF-AGG 830'000 0.83 118'000 29.03.2013 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 800'000 0.8 800'000 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 624'538 0.62 823 26.04.2013 Investment Advisor

GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 539'677 0.54 14'692 26.04.2013 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 538'228 0.54 (409'100) 28.02.2013 Investment Advisor

CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 453'100 0.45 (2'600) 31.12.2012 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 401'000 0.4 - 28.02.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 399'600 0.4 - 31.03.2013 Investment Advisor

AVERILL STUART ALLAN n/a SEDI 360'000 0.36 5'000 06.02.2013 n/a

LAZARIDIS MICHAEL n/a SEDI 355'000 0.36 - 14.03.2012 n/a

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 343'467 0.34 - 28.09.2012 Investment Advisor

JONES HEWARD INVESTM Multiple Portfolios MF-AGG 315'943 0.32 - 29.04.2013 Investment Advisor

UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 300'000 0.3 - 30.06.2012 Investment Advisor

SOCIETE GENERALE Multiple Portfolios MF-AGG 255'600 0.26 (25'700) 31.12.2012 Bank

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Stifel CRAIG P STANLEY hold 3 M #N/A N/A Not Provided 26.04.2013

Scotia Capital LEILY OMOUMI sector outperform 5 M 6 12 month 23.04.2013

BMO Capital Markets JOHN P HAYES speculative outperform 4 M #N/A N/A Not Provided 14.04.2013

CIBC World Markets JEFF KILLEEN sector perform 3 M 7 Not Provided 12.04.2013

Desjardins Securities ADAM MELNYK buy 5 M 6 12 month 12.04.2013

Casimir Capital ERIC WINMILL speculative buy 4 M 7 12 month 12.04.2013

RBC Capital Markets SAM CRITTENDEN sector perform 3 M 5 12 month 11.04.2013

National Bank Financial PAOLO LOSTRITTO outperform 5 M 8 12 month 11.04.2013

Paradigm Capital Inc DON BLYTH speculative buy 4 M 9 12 month 17.09.2012

Holdings By:

Rainy River Resources Ltd ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 140: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Sulliden Gold Corp Ltd. is a mineral exploration company. The Company is

focused on the development of its Shahuindo Gold Project located in northern

Peru.

Latest Fiscal Year: 04/2012

LTM as of: 01/yy

52-Week High (23.08.2012) 1.44

52-Week Low (15.04.2013) 0.66

Daily Volume

0.91

52-Week High % Change -37.59% Dividend Yield 0.00

52-Week Low % Change 37.88% Beta 1.46

% 52 Week Price Range High/Low 30.69% Equity Float 236.71

Shares Out 23.04.2013 270.7 Short Int 0.06

246.38 1 Yr Total Return -14.95%

Total Debt 0.00 YTD Return -2.15%

Preferred Stock 0.0 Adjusted BETA 1.457

Minority Interest 0.0 Analyst Recs 9

Cash and Equivalents 47.34 Consensus Rating 4.778

Enterprise Value 226.55

Average Volume 5 Day 670'720

SUE CN EQUITY YTD Change - Average Volume 30 Day 765'046

SUE CN EQUITY YTD % CHANGE - Average Volume 3 Month 681'550

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 01/yy 01/yy 04/13 Y 04/14 Y 04/13 Q4 07/13 Q1

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(2.5) - (6.2) (8.8) (11.9) (11.8) (4.3) (5.2) (7.4) - -

- - - - - 0.00x 0.00x - - - -

(4.2) (2.6) (4.4) (10.3) (13.3) (13.6) (4.9) (3.6) (11.3) - -

- - - - - 0.00x 0.00x - - - -

EBITDA -11.95 Long-Term Rating Date -

EBIT -11.95 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -

Return on Assets -2.59% Short-Term Rating -

Return on Common Equity -2.69%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -0.05

EBITDA Margin -

EBIT Margin - Total Debt/Equity 0.0%

Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover 0.00

Current Ratio 23.62 Net Fixed Asset Turnover 0.00

Quick Ratio 23.62 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

Sulliden Gold Corp LtdPrice/Volume

Valuation Analysis

124'250.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

'

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 141: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

AGNICO-EAGLE MINES L n/a SEDI 26'966'292 9.96 - 09.04.2013 Corporation

VAN ECK ASSOCIATES C n/a ULT-AGG 19'129'502 7.07 (86'160) 29.04.2013 Investment Advisor

ABERDEEN INTERNATION n/a Co File 15'904'572 5.87 - 31.07.2012 Unclassified

ROYAL BANK OF CANADA n/a ULT-AGG 9'517'800 3.52 - 31.12.2012 Bank

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 5'573'512 2.06 12 31.01.2013 Investment Advisor

FMR LLC n/a ULT-AGG 5'403'200 2 2'332'800 31.03.2013 Investment Advisor

BEUTEL GOODMAN & COM Multiple Portfolios MF-AGG 5'166'300 1.91 - 28.02.2013 Investment Advisor

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 2'907'900 1.07 - 31.01.2013 Investment Advisor

ACUITY INVESTMENT MA Multiple Portfolios MF-AGG 2'341'926 0.87 (730'700) 28.09.2012 Investment Advisor

BHARTI STAN n/a SEDI 1'563'955 0.58 (325'000) 08.02.2013 n/a

FERNANDEZ-CONCHA STU n/a SEDI 1'435'000 0.53 250'000 20.10.2011 n/a

COLEMAN JAMES H n/a SEDI 1'108'614 0.41 - 21.10.2011 n/a

FIRST TRUST ADVISORS Multiple Portfolios MF-AGG 920'363 0.34 46'526 28.03.2013 Investment Advisor

HUMPHREY RAYMOND BRU n/a PROXY 862'978 0.32 - 05.09.2012 n/a

MOORE GEOFFREY S n/a SEDI 829'423 0.31 100'000 04.10.2012 n/a

UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 800'000 0.3 - 30.06.2012 Investment Advisor

FRONT BARNETT ASSOCI FRONT BARNETT ASSOCI 13F 609'700 0.23 - 31.12.2012 Investment Advisor

AMIREAULT STEPHANE n/a SEDI 516'500 0.19 200'000 30.03.2013 n/a

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 510'000 0.19 - 28.02.2013 Investment Advisor

NCF SOC ADMIN DE FON Multiple Portfolios MF-AGG 375'000 0.14 - 03.08.2011 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Cormark Securities Inc. RICHARD GRAY buy 5 M 2 12 month 22.04.2013

Raymond James GARY J BASCHUK Under Review #N/A N/A M #N/A N/A Not Provided 18.04.2013

BMO Capital Markets ANDREW KAIP speculative outperform 4 M 1 Not Provided 16.04.2013

Desjardins Securities ADAM MELNYK buy 5 M 2 Not Provided 16.04.2013

Haywood Securities Inc. KERRY SMITH buy 5 M 2 Not Provided 16.04.2013

GMP GEORGE V ALBINO buy 5 M 2 12 month 16.04.2013

Kallpa Securities SAB HUMBERTO LEON overweight 5 M 2 12 month 12.04.2013

National Bank Financial STEPHEN PARSONS outperform 5 M 2 12 month 10.04.2013

Mine2Capital Inc ALKA SINGH buy 5 N 2 Not Provided 24.12.2012

Holdings By:

Sulliden Gold Corp Ltd ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 142: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Asanko Gold Inc. is a gold development company focussing on near term gold

production at its Esaase gold project in Ghana, West Africa.

Latest Fiscal Year: 03/2012

LTM as of: 12/yy

52-Week High (09.11.2012) 4.39

52-Week Low (17.04.2013) 2.26

Daily Volume

2.57

52-Week High % Change -41.69% Dividend Yield 0.00

52-Week Low % Change 13.72% Beta 1.45

% 52 Week Price Range High/Low 19.25% Equity Float 75.26

Shares Out 28.03.2013 85.0 Short Int 0.45

218.54 1 Yr Total Return -19.69%

Total Debt 0.00 YTD Return -34.94%

Preferred Stock 0.0 Adjusted BETA 1.446

Minority Interest 0.0 Analyst Recs 8

Cash and Equivalents 197.61 Consensus Rating 3.625

Enterprise Value 30.84

Average Volume 5 Day 157'068

AKG CN EQUITY YTD Change - Average Volume 30 Day 213'376

AKG CN EQUITY YTD % CHANGE - Average Volume 3 Month 294'699

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(4.0) (3.2) (6.3) (38.4) (35.6) (49.2) (31.2) (11.3) (14.0) - -

- - - - - 0.00x 0.00x - - - -

(4.2) (3.7) (6.4) (34.9) (38.2) (41.4) (21.6) (12.3) (24.8) - -

- - - - - 0.00x 0.00x - - - -

EBITDA -35.61 Long-Term Rating Date -

EBIT -36.23 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -

Return on Assets -8.07% Short-Term Rating -

Return on Common Equity -8.49%

Return on Capital - EBITDA/Interest Exp. -628.60

Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -658.98

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA 0.00

EBITDA Margin -

EBIT Margin - Total Debt/Equity 0.0%

Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover 0.00

Current Ratio 41.24 Net Fixed Asset Turnover 0.00

Quick Ratio 41.05 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 -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Asanko Gold IncPrice/Volume

Valuation Analysis

13'136.00

Current Price (4/dd/yy) Market Data

'--..001122

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 143: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

VAN ECK ASSOCIATES C n/a ULT-AGG 8'861'057 10.42 898'582 29.04.2013 Investment Advisor

HIGHLAND PARK SA n/a SEDI 8'191'174 9.63 - 13.11.2012 Other

BLACKROCK n/a ULT-AGG 5'720'748 6.73 - 26.04.2013 Investment Advisor

BEUTEL GOODMAN & COM n/a 13G 5'457'500 6.42 477'500 31.12.2012 Investment Advisor

SPROTT INC n/a 13G 3'702'527 4.35 (546'938) 31.12.2012 Hedge Fund Manager

MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 3'640'600 4.28 1'480'300 31.03.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 3'234'225 3.8 - 31.03.2013 Investment Advisor

SPROTT INC SPROTT INC 13F 3'195'867 3.76 (506'660) 31.03.2013 Hedge Fund Manager

IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 1'248'900 1.47 382'700 31.12.2012 Investment Advisor

SALI ROBERT J n/a SEDI 830'000 0.98 150'000 16.05.2012 n/a

ROYAL BANK OF CANADA n/a ULT-AGG 668'544 0.79 652'571 31.12.2012 Bank

BANK OF AMERICA CORP BANK OF AMERICA 13F 558'000 0.66 515'800 31.12.2012 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 451'000 0.53 - 28.02.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 372'849 0.44 5'600 31.03.2013 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 350'000 0.41 - 28.02.2013 Investment Advisor

SEAMANS CAPITAL MANA SEAMANS CAPITAL MANA 13F 318'200 0.37 318'200 31.12.2012 Investment Advisor

JONES HEWARD INVESTM Multiple Portfolios MF-AGG 268'862 0.32 - 29.04.2013 Investment Advisor

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 267'599 0.31 (12'274) 31.03.2013 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 243'326 0.29 (311'900) 31.12.2012 Pension Fund (ERISA)

TECHNICAL FINANCIAL TFS CAPITAL LLC 13F 240'667 0.28 (79'196) 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Clarus Securities NANA SANGMUAH buy 5 M 6 12 month 29.04.2013

Scotia Capital LEILY OMOUMI sector perform 3 M 5 12 month 23.04.2013

Canaccord Genuity Corp NICHOLAS CAMPBELL speculative buy 4 M 5 12 month 22.04.2013

Cormark Securities Inc. MIKE KOZAK speculative buy 4 M 4 12 month 22.04.2013

CIBC World Markets JEFF KILLEEN sector perform 3 M 5 Not Provided 11.04.2013

RBC Capital Markets JONATHAN GUY sector perform 3 M 3 12 month 25.02.2013

Jennings Capital DAN HRUSHEWSKY buy 5 M 6 12 month 21.02.2013

BMO Capital Markets ANDREW BREICHMANAS Speculative Underperform 2 D 3 Not Provided 19.02.2013

Holdings By:

Asanko Gold Inc ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 144: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Bear Creek Mining Corporation acquires and explores mineral properties. The

Company is currently conducting silver and gold exploration activities on its

prospects located in Peru.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (01.10.2012) 3.81

52-Week Low (15.04.2013) 2.00

Daily Volume

2.6

52-Week High % Change -32.28% Dividend Yield 0.00

52-Week Low % Change 30.00% Beta 1.12

% 52 Week Price Range High/Low 33.15% Equity Float 75.40

Shares Out 01.04.2013 92.2 Short Int 0.10

239.78 1 Yr Total Return -22.39%

Total Debt 0.00 YTD Return -22.85%

Preferred Stock 0.0 Adjusted BETA 1.118

Minority Interest 0.0 Analyst Recs 4

Cash and Equivalents 68.45 Consensus Rating 4.000

Enterprise Value 169.27

Average Volume 5 Day 86'864

BCM CN EQUITY YTD Change - Average Volume 30 Day 121'931

BCM CN EQUITY YTD % CHANGE - Average Volume 3 Month 137'947

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(16.5) (8.7) (16.8) (29.5) (31.2) (29.5) (31.2) (19.4) (21.7) - -

- - - - - 0.00x 0.00x - - - -

(18.1) (8.7) (16.3) (29.7) (31.0) (29.7) (31.0) (19.1) (18.1) - -

- - - - - 0.00x 0.00x - - - -

EBITDA -31.20 Long-Term Rating Date -

EBIT -31.32 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -

Return on Assets -19.68% Short-Term Rating -

Return on Common Equity -20.20%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA 0.00

EBITDA Margin -

EBIT Margin - Total Debt/Equity 0.0%

Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover 0.00

Current Ratio 32.85 Net Fixed Asset Turnover 0.00

Quick Ratio 32.66 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 -

Fiscal Year Ended

Bear Creek Mining CorpPrice/Volume

Valuation Analysis

25'400.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

'

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 145: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

SILVER WHEATON CORP n/a PROXY 13'264'305 14.38 - 17.04.2012 Corporation

SPROTT INC n/a Co File 9'772'057 10.6 1'478'600 31.01.2013 Hedge Fund Manager

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 9'422'575 10.22 20'000 31.03.2013 Hedge Fund Manager

ATLANTIC INVESTMENT ATLANTIC INVESTMENT 13F 8'367'550 9.07 2'308'300 31.12.2012 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 6'122'709 6.64 (27'576) 29.04.2013 Investment Advisor

ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 1'542'800 1.67 - 31.03.2013 Investment Advisor

KEM CAPITAL LLC n/a SEDI 1'081'262 1.17 - 21.03.2012 Investment Advisor

GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 993'162 1.08 31'100 26.04.2013 Investment Advisor

MCLEOD-SELTZER CATHE n/a PROXY 966'562 1.05 - 17.04.2012 n/a

SWARTHOUT ANDREW n/a SEDI 879'592 0.95 5'000 06.12.2012 n/a

VANGUARD GROUP INC Multiple Portfolios MF-AGG 750'000 0.81 - 31.12.2012 Investment Advisor

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 660'000 0.72 - 31.12.2012 Investment Advisor

FALCON FUND MANAGEME Multiple Portfolios MF-AGG 559'000 0.61 - 28.02.2013 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 457'000 0.5 - 28.02.2013 Investment Advisor

DE WITT DAVID E n/a PROXY 375'650 0.41 - 17.04.2012 n/a

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 240'867 0.26 - 28.09.2012 Investment Advisor

AGF INVESTMENTS INC Multiple Portfolios MF-AGG 204'600 0.22 - 28.09.2012 Investment Advisor

DEAN COREY M n/a SEDI 185'000 0.2 35'000 11.11.2010 n/a

FALCON FUND MANAGEME Multiple Portfolios MF-AGG 146'500 0.16 20'100 28.02.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 132'000 0.14 - 28.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Raymond James BRAD HUMPHREY outperform 5 M 4 12 month 24.04.2013

Canaccord Genuity Corp NICHOLAS CAMPBELL speculative buy 4 M 5 12 month 16.04.2013

BMO Capital Markets ANDREW KAIP speculative outperform 4 M 3 Not Provided 15.04.2013

Scotia Capital TREVOR TURNBULL sector perform 3 M 4 12 month 04.04.2013

Paradigm Capital Inc DON BLYTH speculative buy 4 M 6 12 month 16.11.2011

Holdings By:

Bear Creek Mining Corp ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 146: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Paramount Gold and Silver Corporation explores for precious metals in Mexico.

Latest Fiscal Year: 06/2012

LTM as of: 12/yy

52-Week High (07.09.2012) 2.82

52-Week Low (17.04.2013) 1.44

Daily Volume

1.57

52-Week High % Change -44.50% Dividend Yield -

52-Week Low % Change 9.03% Beta 1.17

% 52 Week Price Range High/Low 13.04% Equity Float 115.70

Shares Out 28.03.2013 147.6 Short Int 15.28

231.71 1 Yr Total Return -35.66%

Total Debt 0.00 YTD Return -32.33%

Preferred Stock 0.0 Adjusted BETA 1.166

Minority Interest 0.0 Analyst Recs 1

Cash and Equivalents 20.00 Consensus Rating 5.000

Enterprise Value 217.42

Average Volume 5 Day 726'363

PZG US EQUITY YTD Change - Average Volume 30 Day 895'813

PZG US EQUITY YTD % CHANGE - Average Volume 3 Month 809'040

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

0.0 0.0 0.0 0.2 0.1 0.1 0.1 - - - -

- - - 2370.69x 4555.15x 16235.53x 22190.34x - - - -

(18.8) (7.3) (8.6) (11.6) (17.9) (14.9) (17.9) (7.9) (7.9) - -

- - - - - 0.00x 0.00x - - - -

(18.4) (7.2) (5.4) (28.5) (12.1) (0.9) (11.0) - - - -

- - - - - 0.00x 0.00x - - - -

EBITDA -17.95 Long-Term Rating Date -

EBIT -18.02 Long-Term Rating -

Operating Margin -24647.56% Long-Term Outlook -

Pretax Margin -16534.40% Short-Term Rating Date -

Return on Assets -16.27% Short-Term Rating -

Return on Common Equity -19.70%

Return on Capital - EBITDA/Interest Exp. -1685.54

Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -1699.47

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA 0.00

EBITDA Margin -29165.2%

EBIT Margin -29280.4% Total Debt/Equity 0.0%

Net Income Margin -16534.4% Total Debt/Capital 0.0%

Asset Turnover 0.00

Current Ratio 1.82 Net Fixed Asset Turnover 0.00

Quick Ratio 1.77 Accounts receivable turnover-days 7443.11

Debt to Assets 0.00% Inventory Days -

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -

Accounts Receivable Turnover 0.05 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Paramount Gold and Silver CorpPrice/Volume

Valuation Analysis

127'995.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

'

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 147: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

FCMI FINANCIAL CORP n/a 13D 24'444'234 16.56 1'170'732 12.03.2013 Corporation

VAN ECK ASSOCIATES C n/a ULT-AGG 8'290'578 5.62 (985'288) 29.04.2013 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 6'329'298 4.29 (110'324) 31.03.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 5'522'962 3.74 451'575 26.04.2013 Investment Advisor

CRUPI CHRISTOPHER n/a Form 4 3'992'766 2.71 29'500 17.04.2013 n/a

STATE STREET n/a ULT-AGG 2'114'725 1.43 (484) 26.04.2013 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'592'580 1.08 3'339 31.12.2012 Investment Advisor

FRONK RUDI P n/a SEDI 1'025'000 0.69 800'000 10.01.2011 n/a

ROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 1'000'000 0.68 - 31.01.2013 Investment Advisor

GLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 717'088 0.49 92'007 31.12.2012 Investment Advisor

MACKELLER IAN n/a 424B 577'500 0.39 - 19.04.2012 n/a

PORTOLA GROUP INCORP PORTOLA GROUP INCORP 13F 577'010 0.39 (43'050) 31.03.2013 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 566'159 0.38 13'813 31.12.2012 Investment Advisor

AMERICAN INTERNATION n/a ULT-AGG 462'554 0.31 13'936 31.12.2012 Government

PORTER PARTNERS LP n/a 424B 446'250 0.3 - 19.04.2012 Other

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 444'859 0.3 (4'130) 31.03.2013 Investment Advisor

BARD ASSOCIATES INC BARD ASSOCIATES INC 13F 420'450 0.28 (2'000) 31.12.2012 Investment Advisor

TALKOT CAPITAL LLC TALKOT CAPITAL LLC 13F 400'000 0.27 400'000 31.12.2012 Hedge Fund Manager

KENNEDY SHAWN M n/a Form 4 364'735 0.25 (59'011) 04.03.2013 n/a

CALIFORNIA PUBLIC EM CALIFORNIA PUBLIC EM 13F 336'400 0.23 200 31.12.2012 Pension Fund (ERISA)

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Cowen Securities LLC ADAM P GRAF buy 5 M 4 12 month 25.04.2013

Stonecap Securities Inc CHRISTOS DOULIS not rated #N/A N/A M #N/A N/A Not Provided 24.04.2013

Holdings By:

Paramount Gold and Silver Corp ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 148: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Kirkland Lake Gold, Inc. is an operating gold mining company located in

Ontario, Canada. The Company owns the Macassa Mine and mill and several

contiguous gold producing properties. Kirkland Lake is developing a lode gold

deposit.

Latest Fiscal Year: 04/2012

LTM as of: 01/yy

52-Week High (23.08.2012) 14.57

52-Week Low (17.04.2013) 2.64

Daily Volume

3.24

52-Week High % Change -77.90% Dividend Yield 0.00

52-Week Low % Change 22.73% Beta 1.55

% 52 Week Price Range High/Low 5.28% Equity Float 60.86

Shares Out 28.03.2013 70.2 Short Int 8.45

227.29 1 Yr Total Return -74.88%

Total Debt 8.83 YTD Return -44.62%

Preferred Stock 0.0 Adjusted BETA 1.548

Minority Interest 0.0 Analyst Recs 10

Cash and Equivalents 30.17 Consensus Rating 3.900

Enterprise Value 287.87

Average Volume 5 Day 716'267

KGI CN EQUITY YTD Change - Average Volume 30 Day 816'916

KGI CN EQUITY YTD % CHANGE - Average Volume 3 Month 762'235

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 01/yy 01/yy 04/13 Y 04/14 Y 04/13 Q4 07/13 Q1

41.4 43.5 51.2 103.3 159.8 149.6 139.2 153.4 261.9 47.9 38.2

9.87x 10.98x 9.15x 9.01x 5.53x 22.77x 20.90x 2.24x 1.28x 7.43x 9.39x

(1.0) (6.8) (7.6) 26.4 55.7 49.3 24.5 30.0 105.7 16.2 4.6

- - - 35.24x 15.86x 24.58x 19.82x 9.66x 2.72x 6.02x 5.91x

(3.3) (10.5) (12.3) 19.9 41.3 45.1 (9.8) (0.0) 46.2 10.2 (1.2)

- - - 48.55x 22.63x 38.76x 0.00x - 6.32x 8.29x 7.09x

EBITDA 55.73 Long-Term Rating Date -

EBIT 41.94 Long-Term Rating -

Operating Margin 26.24% Long-Term Outlook -

Pretax Margin 26.48% Short-Term Rating Date -

Return on Assets -2.83% Short-Term Rating -

Return on Common Equity -4.15%

Return on Capital -11.87% EBITDA/Interest Exp. 224.70

Asset Turnover 0.40% (EBITDA-Capex)/Interest Exp. -62.85

Net Debt/EBITDA 2.48

Gross Margin 38.5% Total Debt/EBITDA 6.07

EBITDA Margin 17.6%

EBIT Margin 5.4% Total Debt/Equity 3.8%

Net Income Margin 25.8% Total Debt/Capital 3.7%

Asset Turnover 0.40

Current Ratio 2.09 Net Fixed Asset Turnover 0.56

Quick Ratio 1.48 Accounts receivable turnover-days 13.94

Debt to Assets 3.27% Inventory Days 53.02

Tot Debt to Common Equity 3.79% Accounts Payable Turnover Day 82.70

Accounts Receivable Turnover 26.25 Cash Conversion Cycle -22.72

Inventory Turnover 6.90

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kirkland Lake Gold IncPrice/Volume

Valuation Analysis

81'428.00

Current Price (4/dd/yy) Market Data

'

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 149: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

RESOLUTE FUNDS LTD n/a RNS-MAJ 4'950'000 7.06 557'500 19.02.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 4'643'659 6.62 - 29.04.2013 Investment Advisor

OPPENHEIMERFUNDS INC n/a Research 4'160'300 5.93 - 01.01.2013 Investment Advisor

DOBSON DAVID HARRY n/a Research 3'765'000 5.37 - 01.01.2013 n/a

INVESTEC ASSET MANAG n/a Research 3'469'303 4.95 - 01.01.2013 Investment Advisor

HORIZON INVESTMENTS n/a Research 3'153'493 4.5 - 01.01.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 2'804'148 4 (551'900) 01.01.2013 Investment Advisor

MILTON GEORGE A n/a SEDI 2'723'036 3.88 40'000 13.01.2012 n/a

COLUMBIA WANGER ASSE n/a Research 2'525'000 3.6 - 01.01.2013 Investment Advisor

IA MICHAEL INVESTMEN Multiple Portfolios MF-AGG 2'300'000 3.28 2'300'000 31.12.2012 Investment Advisor

ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 1'611'100 2.3 (38'500) 31.03.2013 Investment Advisor

SPROTT INC n/a Research 1'517'666 2.16 - 30.06.2012 Hedge Fund Manager

HINCHCLIFFE BRIAN A n/a PROXY 1'113'000 1.59 - 05.09.2012 n/a

GAMCO n/a ULT-AGG 905'000 1.29 396'600 31.12.2012 Unclassified

MONTRUSCO BOLTON INV Multiple Portfolios MF-AGG 708'690 1.01 11'175 28.02.2013 Investment Advisor

FMR LLC n/a ULT-AGG 706'000 1.01 (85'000) 31.03.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 570'455 0.81 1'297 26.04.2013 Investment Advisor

EMPIRE LIFE INSURANC Multiple Portfolios MF-AGG 544'236 0.78 76'236 31.12.2012 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 395'000 0.56 (5'000) 28.02.2013 Investment Advisor

CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 386'705 0.55 356'807 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Macquarie MICHAEL SIPERCO neutral 3 M 4 12 month 25.04.2013

Investec HUNTER HILLCOAT buy 5 M 11 12 month 18.04.2013

BMO Capital Markets BRIAN QUAST market perform 3 M 7 Not Provided 14.04.2013

Dundee Securities Corp JOE FAZZINI buy 5 M 11 Not Provided 12.04.2013

CIBC World Markets COSMOS CHIU sector perform 3 M 6 Not Provided 11.04.2013

National Bank Financial PAOLO LOSTRITTO outperform 5 M 18 12 month 09.04.2013

Desjardins Securities ADAM MELNYK buy 5 M 9 12 month 12.03.2013

Mirabaud Securities RICHARD MORGAN speculative buy 4 M 15 12 month 11.03.2013

Panmure Gordon & Co Limited ALISON TURNER buy 5 M 8 Not Provided 11.03.2013

Raymond James FORBES GEMMELL Under Review #N/A N/A M #N/A N/A Not Provided 05.02.2013

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013

Holdings By:

Kirkland Lake Gold Inc ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 150: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Guyana Goldfields Inc. is a metals exploration company. The Company is

primarily exploring for gold in Guyana.

Latest Fiscal Year: 10/2012

LTM as of: 01/yy

52-Week High (14.01.2013) 4.40

52-Week Low (17.04.2013) 1.52

Daily Volume

1.78

52-Week High % Change -60.45% Dividend Yield 0.00

52-Week Low % Change 17.11% Beta 1.57

% 52 Week Price Range High/Low 9.72% Equity Float 118.37

Shares Out 28.03.2013 126.1 Short Int 2.63

224.50 1 Yr Total Return -35.04%

Total Debt 0.00 YTD Return -43.31%

Preferred Stock 0.0 Adjusted BETA 1.570

Minority Interest 0.0 Analyst Recs 10

Cash and Equivalents 37.62 Consensus Rating 4.400

Enterprise Value 194.03

Average Volume 5 Day 489'013

GUY CN EQUITY YTD Change - Average Volume 30 Day 578'428

GUY CN EQUITY YTD % CHANGE - Average Volume 3 Month 635'778

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 01/yy 01/yy 10/13 Y 10/14 Y 04/13 Q2 07/13 Q3

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - 414.0 - -

- - - - - #DIV/0! #DIV/0! - - - -

(3.4) (4.9) (7.7) (9.8) (8.0) (7.8) (8.3) (10.5) (10.5) - -

- - - - - 0.00x 0.00x - - - -

(12.5) (6.7) (6.3) (5.1) (9.8) (10.1) (9.5) (9.8) (10.5) - -

- - - - - 0.00x 0.00x - - - -

EBITDA -8.04 Long-Term Rating Date -

EBIT -8.07 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 -4.94%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA 0.00

EBITDA Margin -

EBIT Margin - Total Debt/Equity 0.0%

Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover 0.00

Current Ratio 16.74 Net Fixed Asset Turnover 0.00

Quick Ratio 16.74 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 0.00 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Guyana Goldfields IncPrice/Volume

Valuation Analysis

90'616.00

Current Price (4/dd/yy) Market Data

'--..00112

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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 151: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

BAUPOST GROUP LLC n/a SEDI 24'878'669 19.73 - 28.02.2013 Hedge Fund Manager

FRANKLIN RESOURCES n/a ULT-AGG 23'717'550 18.8 83'000 28.02.2013 Investment Advisor

ACUITY INVESTMENT MA n/a Co File 8'051'804 6.38 (3'647'450) 30.11.2010 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 7'949'935 6.3 (35'868) 29.04.2013 Investment Advisor

SHERIDAN JR JOHN PAT n/a SEDI 6'600'103 5.23 345'000 22.02.2013 n/a

FMR LLC n/a ULT-AGG 5'032'198 3.99 299'858 31.03.2013 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 2'300'000 1.82 500'000 31.12.2012 Investment Advisor

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 1'831'603 1.45 995'700 30.09.2012 Hedge Fund Manager

SPROTT INC Multiple Portfolios MF-AGG 1'237'322 0.98 (310'000) 31.12.2012 Hedge Fund Manager

CARMIGNAC GESTION Multiple Portfolios MF-AGG 1'166'650 0.92 1'166'650 29.03.2013 Investment Advisor

QUANTEX AG Multiple Portfolios MF-AGG 950'000 0.75 - 29.03.2013 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 590'000 0.47 - 28.02.2013 Investment Advisor

MMA INVESTMENT MANAG Multiple Portfolios MF-AGG 550'000 0.44 - 31.12.2011 Investment Advisor

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 550'000 0.44 (2'988'804) 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 430'148 0.34 - 26.04.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 397'680 0.32 (49'951) 31.03.2013 Investment Advisor

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 330'000 0.26 - 28.09.2012 Investment Advisor

US GLOBAL INVESTORS Multiple Portfolios MF-AGG 300'000 0.24 16'000 31.12.2012 Investment Advisor

FERRY ALAN L H n/a SEDI 228'000 0.18 - 23.04.2012 n/a

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 220'000 0.17 - 28.02.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Raymond James BRAD HUMPHREY outperform 5 M 5 12 month 24.04.2013

TD Securities DANIEL EARLE speculative buy 4 M 4 12 month 23.04.2013

Cormark Securities Inc. RICHARD GRAY buy 5 M 5 12 month 22.04.2013

BMO Capital Markets ANDREW KAIP speculative outperform 4 M 5 Not Provided 15.04.2013

Cowen Securities LLC ADAM P GRAF buy 5 M 8 Not Provided 09.04.2013

Casimir Capital STUART MCDOUGALL speculative buy 4 M 8 12 month 09.04.2013

Scotia Capital TREVOR TURNBULL sector perform 3 D 4 12 month 06.03.2013

RBC Capital Markets SAM CRITTENDEN outperform 5 U 6 12 month 15.01.2013

Paradigm Capital Inc DON BLYTH speculative buy 4 M 9 12 month 15.01.2013

Salman Partners DAVID WEST buy 5 M 6 12 month 14.01.2013

Holdings By:

Guyana Goldfields Inc ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 152: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Highland Gold Mining Limited is a holding company for a group of companies which

own operating and development assets in the Russian gold mining industry. The

Group's gold mining assets are located in the Far East of the Russian

Federation.

Latest Fiscal Year: 12/2012

LTM as of: 01/yy

52-Week High (21.09.2012) 128.91

52-Week Low (17.04.2013) 75.50

Daily Volume

82

52-Week High % Change -36.20% Dividend Yield 6.12

52-Week Low % Change 8.61% Beta 0.94

% 52 Week Price Range High/Low 15.91% Equity Float 63.68

Shares Out 31.12.2012 325.2 Short Int -

266.68 1 Yr Total Return -31.07%

Total Debt 8.75 YTD Return -15.03%

Preferred Stock 0.0 Adjusted BETA 0.939

Minority Interest 2.2 Analyst Recs 13

Cash and Equivalents 61.35 Consensus Rating 4.231

Enterprise Value 363.82

Average Volume 5 Day 960'633

HGM LN EQUITY YTD Change - Average Volume 30 Day 1'012'634

HGM LN EQUITY YTD % CHANGE - Average Volume 3 Month 914'145

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

149.1 164.7 243.6 300.2 351.8 - - 383.7 459.6 - -

1.02x 2.05x 3.16x 2.75x 1.31x - - 1.48x 1.31x - -

38.7 56.5 120.3 156.5 161.8 - - 160.1 197.5 - -

3.92x 5.97x 6.40x 5.27x 2.84x - - 2.27x 1.84x - -

(232.4) 78.8 122.3 103.8 122.9 - - 87.4 107.8 - -

- 5.92x 7.81x 9.14x 4.15x - - 4.65x 3.87x - -

EBITDA 161.81 Long-Term Rating Date -

EBIT 125.00 Long-Term Rating -

Operating Margin 35.53% Long-Term Outlook -

Pretax Margin 43.67% Short-Term Rating Date -

Return on Assets 14.63% Short-Term Rating -

Return on Common Equity 16.59%

Return on Capital 16.59% EBITDA/Interest Exp. 123.05

Asset Turnover 0.42% (EBITDA-Capex)/Interest Exp. 27.97

Net Debt/EBITDA -0.33

Gross Margin 41.6% Total Debt/EBITDA 0.05

EBITDA Margin 46.0%

EBIT Margin 35.5% Total Debt/Equity 1.1%

Net Income Margin 34.9% Total Debt/Capital 1.1%

Asset Turnover 0.42

Current Ratio 5.40 Net Fixed Asset Turnover 0.77

Quick Ratio 1.80 Accounts receivable turnover-days -

Debt to Assets 0.96% Inventory Days 112.73

Tot Debt to Common Equity 1.11% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle 128.73

Inventory Turnover 3.25

Fiscal Year Ended

Highland Gold Mining LtdPrice/Volume

Valuation Analysis

285'346.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

'

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0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

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'!''

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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 153: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

MILLHOUSE LLC n/a Co File 105'910'000 32.57 - 18.04.2011 Holding Company

BARRICK GOLD CORP n/a Co File 66'235'264 20.37 - 18.04.2011 Corporation

SHVIDLER EVGENY MARK n/a RNS-DIR 28'057'794 8.63 2'037'794 13.07.2012 n/a

PROTSVETANIYE HOLDIN #N/A N/A RNS-MAJ 22'879'845 7.04 3'371'722 24.04.2013 Holding Company

JP MORGAN n/a ULT-AGG 20'996'780 6.46 (254'398) 28.02.2013 Investment Advisor

KOULAKOV IVAN EUGENE n/a Co File 17'552'500 5.4 - 26.04.2011 n/a

HAKANSSON PETER ELAM n/a RNS-MAJ 11'101'386 3.41 - 30.04.2012 n/a

VAN ECK ASSOCIATES C n/a ULT-AGG 10'934'903 3.36 (48'624) 29.04.2013 Investment Advisor

LANCRENAN INVESTMENT #N/A N/A RNS-MAJ 9'786'032 3.01 - 12.04.2013 Unclassified

EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 8'289'000 2.55 200'000 31.12.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 5'496'428 1.69 - 28.02.2013 Investment Advisor

FLEMING FAMILY & PAR n/a RNS-MAJ 4'211'883 1.3 (10'700'000) 29.09.2010 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 1'977'736 0.61 - 31.01.2013 Unclassified

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 1'850'620 0.57 1'850'620 31.01.2013 Investment Advisor

URALSIB JSC Multiple Portfolios MF-AGG 1'580'000 0.49 1'580'000 31.05.2012 Investment Advisor

DWS FINANZ SERVICE G Multiple Portfolios MF-AGG 1'384'600 0.43 - 20.08.2012 Investment Advisor

PARVEST INVESTMENT M Multiple Portfolios MF-AGG 900'000 0.28 - 30.11.2012 Investment Advisor

CARNEGIE ASSET MANAG Multiple Portfolios MF-AGG 830'000 0.26 - 30.09.2012 Investment Advisor

DEUTSCHE ASSET MANAG Multiple Portfolios MF-AGG 815'400 0.25 - 22.10.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 801'501 0.25 (1'083'333) 31.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

RBC Capital Markets JONATHAN GUY sector perform 3 M 120 12 month 24.04.2013

Otkritie Capital ANDY JONES buy 5 M 122 Not Provided 24.04.2013

Numis Securities Ltd CAILEY BARKER buy 5 M 170 Not Provided 23.04.2013

Westhouse Securities NICK HATCH buy 5 M 135 12 month 23.04.2013

Deutsche Bank ERIK DANEMAR buy 5 M 135 12 month 17.04.2013

VSA Capital Ltd CHARLIE LONG buy 5 M 175 12 month 16.04.2013

Uralsib VALENTINA BOGOMOLOVA hold 3 M 131 Not Provided 09.04.2013

VTB Capital NIKOLAY SOSNOVSKIY sell 1 D 82 12 month 04.04.2013

Alfa-Bank BARRY EHRLICH equalweight 3 M 126 Not Provided 26.02.2013

Sberbank CIB MIKHAIL STISKIN buy 5 M 183 Not Provided 25.02.2013

EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013

Aton LLC ILYA MAKAROV buy 5 M 136 12 month 28.06.2012

Holdings By:

Highland Gold Mining Ltd ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 154: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Indophil Resources NL is a mineral exploration company that acquires, explores

and develops gold and copper-gold resources in the Asia-Pacific region.

Latest Fiscal Year: 12/2012

LTM as of: 01/yy

52-Week High (02.05.2012) 0.43

52-Week Low (22.11.2012) 0.22

Daily Volume

0.265

52-Week High % Change -37.65% Dividend Yield 0.00

52-Week Low % Change 23.26% Beta 1.03

% 52 Week Price Range High/Low 11.90% Equity Float 668.60

Shares Out 31.12.2012 1'203.1 Short Int 1.07

318.83 1 Yr Total Return -33.75%

Total Debt 0.00 YTD Return 10.42%

Preferred Stock 0.0 Adjusted BETA 1.031

Minority Interest 0.0 Analyst Recs 1

Cash and Equivalents 235.04 Consensus Rating 5.000

Enterprise Value 83.80

Average Volume 5 Day 707'793

IRN AU EQUITY YTD Change - Average Volume 30 Day 1'154'702

IRN AU EQUITY YTD % CHANGE - Average Volume 3 Month 1'248'740

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

0.0 0.0 0.0 0.0 0.0 - - - - - -

- - - - - - - - - - -

(20.8) (17.1) (7.7) (7.9) (17.7) - - - - - -

- - - - - - - - - - -

(14.8) (10.6) 2.3 1.0 5.5 - - - - - -

- - 196.30x 319.23x 52.17x - - - - - -

EBITDA -17.66 Long-Term Rating Date -

EBIT -17.70 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -

Return on Assets 1.16% Short-Term Rating -

Return on Common Equity 1.17%

Return on Capital 1.17% EBITDA/Interest Exp. -

Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA 0.00

EBITDA Margin -

EBIT Margin - Total Debt/Equity 0.0%

Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover 0.00

Current Ratio 104.48 Net Fixed Asset Turnover 0.00

Quick Ratio 103.72 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 -

Fiscal Year Ended

Indophil Resources NLPrice/Volume

Valuation Analysis

406'239.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

''''''''''

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 155: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

ALSONS DEVELOPMENT & n/a EXCH 240'508'334 19.99 141'041'667 06.02.2012 Corporation

XSTRATA PLC n/a EXCH 157'189'422 13.06 - 06.02.2012 Corporation

L1 CAPITAL PTY LTD n/a EXCH 77'094'557 6.41 (12'125'963) 10.04.2013 Investment Advisor

BANK OF AMERICA CORP n/a EXCH 59'777'753 4.97 (11'905'784) 28.08.2012 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 53'887'244 4.48 (245'700) 29.04.2013 Investment Advisor

UBS n/a ULT-AGG 52'235'438 4.34 - 17.06.2011 Unclassified

SAN MIGUEL CORP n/a EXCH 48'016'960 3.99 - 17.06.2011 Corporation

MORGAN STANLEY n/a ULT-AGG 26'097'859 2.17 (27'664'747) 10.10.2011 Investment Advisor

ACORN CAPITAL LTD n/a EXCH 20'419'416 1.7 - 09.02.2012 Investment Advisor

UNISUPER n/a EXCH 19'610'481 1.63 - 09.02.2012 Other

WESTOZ FUNDS MANAGEM Multiple Portfolios MF-AGG 16'200'000 1.35 - 30.06.2011 Investment Advisor

SUNSUPER FUND n/a EXCH 13'290'433 1.1 - 09.02.2012 Other

HEALTH SUPER n/a EXCH 9'408'868 0.78 - 09.02.2012 Other

MICROCAP INVESTMENT n/a EXCH 9'086'904 0.76 - 09.02.2012 Other

CBA OFFICERS SUPER F n/a EXCH 8'280'549 0.69 - 09.02.2012 Other

FMR LLC n/a ULT-AGG 7'192'750 0.6 - 31.10.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5'392'977 0.45 - 31.07.2012 Investment Advisor

QLD LOCAL GOVT SUPER n/a EXCH 5'326'550 0.44 - 09.02.2012 Other

AUSCOAL SUPER FUND n/a EXCH 4'856'892 0.4 - 09.02.2012 Other

MILITARY SUPER & BEN n/a EXCH 4'371'077 0.36 - 09.02.2012 Other

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 02.04.2013

Holdings By:

Indophil Resources NL ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 156: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Lydian International, Ltd. is a gold focused mineral exploration and

development company.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (05.09.2012) 2.56

52-Week Low (17.04.2013) 1.43

Daily Volume

1.55

52-Week High % Change -37.89% Dividend Yield 0.00

52-Week Low % Change 8.39% Beta 1.36

% 52 Week Price Range High/Low 15.93% Equity Float 99.24

Shares Out 28.03.2013 126.9 Short Int 0.47

196.63 1 Yr Total Return -34.04%

Total Debt 0.00 YTD Return -25.84%

Preferred Stock 0.0 Adjusted BETA 1.362

Minority Interest 0.0 Analyst Recs 9

Cash and Equivalents 20.11 Consensus Rating 4.778

Enterprise Value 105.41

Average Volume 5 Day 189'485

LYD CN EQUITY YTD Change - Average Volume 30 Day 401'889

LYD CN EQUITY YTD % CHANGE - Average Volume 3 Month 379'826

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

- - - 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

- - (3.4) - - (3.6) (2.9) (6.4) (5.0) - -

- - - - - 0.00x 0.00x - - - -

- (1.9) (5.9) (5.9) (6.4) (5.9) (6.4) (9.5) (7.3) - -

- - - - - 0.00x 0.00x - - - -

EBITDA - Long-Term Rating Date -

EBIT -5.92 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -

Return on Assets -14.30% Short-Term Rating -

Return on Common Equity -16.44%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 0.0%

Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover 0.00

Current Ratio 5.62 Net Fixed Asset Turnover 0.00

Quick Ratio 5.51 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 -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Lydian International LtdPrice/Volume

Valuation Analysis

21'900.00

Current Price (4/dd/yy) Market Data

'

-

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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 157: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

VAN ECK ASSOCIATES C n/a ULT-AGG 13'148'278 10.36 - 29.04.2013 Investment Advisor

INTERNATIONAL FINANC n/a SEDI 10'309'771 8.13 - 28.03.2013 Government

EUROPEAN BANK FOR RE n/a Research 9'038'780 7.12 1'419'732 29.03.2012 Bank

NEWMONT MINING CORP n/a SEDI 8'650'000 6.82 500'000 24.09.2010 Corporation

FRANKLIN RESOURCES n/a ULT-AGG 5'775'000 4.55 800'000 31.01.2013 Investment Advisor

GCIC LTD/CANADA Multiple Portfolios MF-AGG 3'790'000 2.99 1'890'000 31.12.2012 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 2'351'900 1.85 - 31.12.2012 Bank

INVESCO LTD n/a ULT-AGG 2'000'000 1.58 - 31.12.2012 Investment Advisor

HAYK ALOYAN n/a SEDI 1'791'500 1.41 2'000 22.02.2013 n/a

FMR LLC n/a ULT-AGG 1'625'300 1.28 100'000 31.03.2013 Investment Advisor

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 1'567'700 1.24 392'600 31.01.2013 Investment Advisor

HENDERSON MARC C n/a SEDI 1'502'500 1.18 (100'000) 12.03.2013 n/a

MULLENS PETER n/a SEDI 1'430'000 1.13 (90'500) 07.02.2013 n/a

ANDROSS LIMITED n/a SEDI 1'340'450 1.06 200'000 12.10.2012 Other

GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 1'248'559 0.98 34'284 26.04.2013 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 1'179'400 0.93 - 28.02.2013 Investment Advisor

TARGET GENERATION SO n/a SEDI 1'007'500 0.79 - 21.09.2010 Other

QUANTEX AG Multiple Portfolios MF-AGG 950'000 0.75 - 29.03.2013 Investment Advisor

SPROTT INC Multiple Portfolios MF-AGG 941'400 0.74 500'000 31.12.2012 Hedge Fund Manager

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 903'610 0.71 (344'000) 28.09.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Stifel CRAIG P STANLEY buy 5 M 3 Not Provided 26.04.2013

Scotia Capital LEILY OMOUMI sector outperform 5 M 4 12 month 23.04.2013

TD Securities DANIEL EARLE speculative buy 4 M 4 12 month 23.04.2013

Cormark Securities Inc. MIKE KOZAK buy 5 M 3 12 month 22.04.2013

Haywood Securities Inc. TARA HASSAN buy 5 M 4 Not Provided 16.04.2013

BMO Capital Markets JOHN P HAYES speculative outperform 4 M #N/A N/A Not Provided 14.04.2013

National Bank Financial SHANE NAGLE outperform 5 M 4 12 month 09.04.2013

GMP ANDREW MIKITCHOOK buy 5 M 5 12 month 05.03.2013

RBC Capital Markets JONATHAN GUY outperform 5 M 3 12 month 07.01.2013

Holdings By:

Lydian International Ltd ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 158: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Sabina Gold & Silver Corporation explores and develops mineral properties. The

Company is a precious metals exploration Company with a portfolio of different

properties in Canada at different stages of development. Sabina explores for

minerals that include copper, gold and silver.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (07.09.2012) 3.55

52-Week Low (19.04.2013) 1.11

Daily Volume

1.2

52-Week High % Change -66.20% Dividend Yield 0.00

52-Week Low % Change 8.11% Beta 1.55

% 52 Week Price Range High/Low 4.51% Equity Float 110.19

Shares Out 28.03.2013 173.6 Short Int 0.57

208.29 1 Yr Total Return -56.36%

Total Debt 0.00 YTD Return -54.72%

Preferred Stock 0.0 Adjusted BETA 1.552

Minority Interest 0.0 Analyst Recs 7

Cash and Equivalents 116.39 Consensus Rating 4.286

Enterprise Value 91.90

Average Volume 5 Day 677'359

SBB CN EQUITY YTD Change - Average Volume 30 Day 420'272

SBB CN EQUITY YTD % CHANGE - Average Volume 3 Month 443'292

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(3.6) (4.5) (5.4) (10.0) (11.9) (10.0) (11.9) (5.7) (6.1) - -

- - - - - 0.00x 0.00x - - - -

(3.1) (1.1) (8.8) (12.7) (14.1) (12.7) (14.1) (5.8) (6.1) - -

- - - - - 0.00x 0.00x - - - -

EBITDA -11.86 Long-Term Rating Date -

EBIT -11.90 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -

Return on Assets -4.29% Short-Term Rating -

Return on Common Equity -4.80%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA 0.00

EBITDA Margin -

EBIT Margin - Total Debt/Equity 0.0%

Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover 0.00

Current Ratio 42.88 Net Fixed Asset Turnover 0.00

Quick Ratio 41.36 Accounts receivable turnover-days -

Debt to Assets 0.00% Inventory Days -

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 350.34

Accounts Receivable Turnover 0.00 Cash Conversion Cycle -

Inventory Turnover 0.00

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sabina Gold & Silver CorpPrice/Volume

Valuation Analysis

19'530.00

Current Price (4/dd/yy) Market Data

'

-

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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 159: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

GCIC LTD/CANADA n/a SEDI 20'350'304 11.72 1'491'804 06.03.2013 Investment Advisor

GOODMAN INVESTMENT C #N/A N/A SEDI 19'728'304 11.37 (368'000) 26.04.2013 Investment Advisor

DUNDEE PRECIOUS META n/a PROXY 18'539'713 10.68 - 08.05.2012 Corporation

VAN ECK ASSOCIATES C n/a ULT-AGG 10'523'240 6.06 (47'472) 29.04.2013 Investment Advisor

DUNDEE CORP n/a SEDI 2'828'700 1.63 2'151'700 29.06.2012 Holding Company

FMR LLC n/a ULT-AGG 2'780'000 1.6 50'000 31.03.2013 Investment Advisor

QUANTEX AG Multiple Portfolios MF-AGG 1'140'000 0.66 - 29.03.2013 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 1'122'000 0.65 - 28.02.2013 Investment Advisor

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 1'034'100 0.6 1'034'100 31.03.2013 Hedge Fund Manager

SHARE SICAV Multiple Portfolios MF-AGG 945'100 0.54 45'000 31.12.2012 Investment Advisor

GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 936'866 0.54 25'740 26.04.2013 Investment Advisor

US GLOBAL INVESTORS Multiple Portfolios MF-AGG 899'400 0.52 - 31.12.2012 Investment Advisor

FALCON FUND MANAGEME Multiple Portfolios MF-AGG 838'000 0.48 - 28.02.2013 Investment Advisor

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 725'400 0.42 - 28.09.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 643'657 0.37 - 31.03.2013 Investment Advisor

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 642'400 0.37 - 31.12.2012 Investment Advisor

WHITTON JOHN F n/a SEDI 628'042 0.36 75'000 01.11.2011 n/a

SPROTT INC Multiple Portfolios MF-AGG 560'700 0.32 - 31.12.2012 Hedge Fund Manager

WILKES LEROY E n/a SEDI 343'373 0.2 5'000 02.01.2013 n/a

PACIFIC INCOME ADVIS Multiple Portfolios MF-AGG 300'000 0.17 - 28.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Cormark Securities Inc. RICHARD GRAY buy 5 M 3 12 month 22.04.2013

BMO Capital Markets ANDREW KAIP speculative outperform 4 M 3 Not Provided 15.04.2013

RBC Capital Markets STEPHEN D WALKER outperform 5 M 3 12 month 14.04.2013

National Bank Financial PAOLO LOSTRITTO sector perform 3 M 4 12 month 09.04.2013

Salman Partners DAVID WEST speculative buy 4 M 5 12 month 22.02.2013

Desjardins Securities ADAM MELNYK buy 5 M 7 12 month 21.02.2013

Paradigm Capital Inc DON MACLEAN speculative buy 4 M 6 12 month 12.11.2012

Holdings By:

Sabina Gold & Silver Corp ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 160: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Lake Shore Gold Corp. acquires and explores mineral properties. The Company is

currently exploring for gold in the gold mining district of northern Ontario

and Quebec.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (13.06.2012) 1.17

52-Week Low (24.04.2013) 0.35

Daily Volume

0.395

52-Week High % Change -66.24% Dividend Yield 0.00

52-Week Low % Change 12.86% Beta 1.38

% 52 Week Price Range High/Low 6.10% Equity Float 415.20

Shares Out 28.03.2013 416.6 Short Int 1.94

164.55 1 Yr Total Return -58.85%

Total Debt 142.44 YTD Return -47.33%

Preferred Stock 0.0 Adjusted BETA 1.385

Minority Interest 0.0 Analyst Recs 9

Cash and Equivalents 48.72 Consensus Rating 3.667

Enterprise Value 258.27

Average Volume 5 Day 7'788'587

LSG CN EQUITY YTD Change - Average Volume 30 Day 2'852'278

LSG CN EQUITY YTD % CHANGE - Average Volume 3 Month 2'362'000

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 66.2 133.0 66.2 133.0 199.8 270.0 43.0 -

- - - 7.86x 3.05x 55.56x 12.58x 1.18x 0.69x - -

(9.6) (9.6) (19.4) 7.3 37.9 7.3 37.9 79.4 124.4 - -

- - - 70.97x 10.70x 70.97x 10.70x 3.25x 2.08x - -

(5.5) 2.1 (6.5) (10.9) (317.9) (10.9) (317.9) (5.2) 28.7 - -

- 413.00x - - - 0.00x 0.00x - 9.63x 39.50x -

EBITDA 37.91 Long-Term Rating Date -

EBIT -4.90 Long-Term Rating -

Operating Margin -3.69% Long-Term Outlook -

Pretax Margin -187.52% Short-Term Rating Date -

Return on Assets -34.24% Short-Term Rating -

Return on Common Equity -40.51%

Return on Capital - EBITDA/Interest Exp. 11.55

Asset Turnover 0.14% (EBITDA-Capex)/Interest Exp. -37.76

Net Debt/EBITDA 2.47

Gross Margin 7.8% Total Debt/EBITDA 3.76

EBITDA Margin 28.5%

EBIT Margin -3.7% Total Debt/Equity 22.2%

Net Income Margin -239.0% Total Debt/Capital 18.2%

Asset Turnover 0.14

Current Ratio 1.49 Net Fixed Asset Turnover 0.16

Quick Ratio 0.83 Accounts receivable turnover-days -

Debt to Assets 17.31% Inventory Days 48.46

Tot Debt to Common Equity 22.22% Accounts Payable Turnover Day 20.00

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover 7.55

Fiscal Year Ended

Lake Shore Gold CorpPrice/Volume

Valuation Analysis

236'972.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

'

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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 161: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

VAN ECK ASSOCIATES C n/a ULT-AGG 31'652'748 7.6 (142'800) 29.04.2013 Investment Advisor

GEOLOGIC RESOURCE PA GEOLOGIC RESOURCE PA 13F 23'388'000 5.61 8'876'000 31.12.2012 Hedge Fund Manager

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 14'870'645 3.57 667'313 31.12.2012 Investment Advisor

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 12'114'420 2.91 (1'574'400) 31.03.2013 Hedge Fund Manager

RUFFER LLP Multiple Portfolios MF-AGG 10'803'000 2.59 - 27.12.2012 Hedge Fund Manager

FMR LLC n/a ULT-AGG 5'160'900 1.24 1'199'300 31.03.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 4'299'914 1.03 (896'343) 26.04.2013 Investment Advisor

LIBRA ADVISORS LLC LIBRA ADVISORS LLC 13F 3'489'300 0.84 (489'300) 31.12.2012 Hedge Fund Manager

SHARE SICAV Multiple Portfolios MF-AGG 3'475'500 0.83 412'000 31.12.2012 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 3'303'624 0.79 - 31.12.2012 Pension Fund (ERISA)

ROYAL BANK OF CANADA n/a ULT-AGG 3'245'296 0.78 3'051'527 31.12.2012 Bank

VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'060'065 0.73 29'385 31.03.2013 Investment Advisor

TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 2'956'500 0.71 1'300'000 31.12.2012 Investment Advisor

NORGES BANK NORGES BANK 13F 2'746'733 0.66 - 31.12.2012 Government

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'933'350 0.46 (50'500) 31.07.2012 Investment Advisor

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 1'614'955 0.39 (117'621) 31.03.2013 Investment Advisor

JONES HEWARD INVESTM Multiple Portfolios MF-AGG 1'316'864 0.32 - 29.04.2013 Investment Advisor

HAUCK & AUFHAUSER IN Multiple Portfolios MF-AGG 1'100'000 0.26 - 28.02.2013 Investment Advisor

GBC ASSET MANAGEMENT Multiple Portfolios MF-AGG 963'900 0.23 - 31.12.2011 Investment Advisor

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 945'080 0.23 (19'268) 30.11.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

TD Securities DANIEL EARLE buy 5 M 1 12 month 23.04.2013

Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 2 12 month 23.04.2013

RBC Capital Markets STEPHEN D WALKER sector perform 3 M 1 12 month 19.04.2013

Haywood Securities Inc. KERRY SMITH buy 5 M 2 Not Provided 16.04.2013

BMO Capital Markets BRIAN QUAST underperform 1 M 1 Not Provided 14.04.2013

CIBC World Markets COSMOS CHIU sector perform 3 M 1 Not Provided 11.04.2013

National Bank Financial PAOLO LOSTRITTO outperform 5 M 2 12 month 09.04.2013

M Partners Inc INGRID RICO buy 5 M 2 12 month 09.04.2013

EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013

Holdings By:

Lake Shore Gold Corp ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 162: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Brigus Gold Corp. is an emerging mid-tier gold producer . The Company's current

projects are in Ontario, Saskatchewan, Mexico and the Dominican Republic.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (21.09.2012) 1.09

52-Week Low (17.04.2013) 0.53

Daily Volume

0.663

52-Week High % Change -38.64% Dividend Yield -

52-Week Low % Change 26.26% Beta 1.16

% 52 Week Price Range High/Low 22.46% Equity Float 225.88

Shares Out 28.03.2013 231.5 Short Int 0.99

153.46 1 Yr Total Return -21.18%

Total Debt 93.20 YTD Return -29.47%

Preferred Stock 0.0 Adjusted BETA 1.159

Minority Interest 0.0 Analyst Recs 8

Cash and Equivalents 29.81 Consensus Rating 4.750

Enterprise Value 216.85

Average Volume 5 Day 879'537

BRD US EQUITY YTD Change - Average Volume 30 Day 1'032'086

BRD US EQUITY YTD % CHANGE - Average Volume 3 Month 897'610

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 47.0 85.9 71.9 117.7 71.9 117.7 156.5 168.0 42.8 31.2

- - 4.84x 3.27x 2.36x 16.56x 8.29x - - - -

(9.1) 13.8 32.7 14.3 48.5 14.3 48.5 82.7 100.2 - -

- - 12.72x 16.46x 5.72x 16.46x 5.72x 2.63x 2.16x - -

1.2 (61.7) (55.5) 15.8 18.9 15.8 18.9 30.9 44.9 5.9 0.1

- - - - - 0.00x 0.00x 5.13x 4.91x 3.55x 3.66x

EBITDA 48.49 Long-Term Rating Date -

EBIT 23.35 Long-Term Rating -

Operating Margin 19.84% Long-Term Outlook -

Pretax Margin 15.79% Short-Term Rating Date -

Return on Assets 4.77% Short-Term Rating -

Return on Common Equity 9.12%

Return on Capital - EBITDA/Interest Exp. 5.34

Asset Turnover 0.30% (EBITDA-Capex)/Interest Exp. -0.55

Net Debt/EBITDA 1.31

Gross Margin 30.9% Total Debt/EBITDA 1.92

EBITDA Margin 41.2%

EBIT Margin 19.8% Total Debt/Equity 40.1%

Net Income Margin 16.1% Total Debt/Capital 28.6%

Asset Turnover 0.30

Current Ratio 1.15 Net Fixed Asset Turnover 0.37

Quick Ratio 0.76 Accounts receivable turnover-days 11.83

Debt to Assets 22.12% Inventory Days 38.15

Tot Debt to Common Equity 40.06% Accounts Payable Turnover Day 98.53

Accounts Receivable Turnover 30.94 Cash Conversion Cycle -48.56

Inventory Turnover 9.59

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Brigus Gold CorpPrice/Volume

Valuation Analysis

209'716.00

Current Price (4/dd/yy) Market Data

'

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 163: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

VAN ECK ASSOCIATES C n/a ULT-AGG 15'749'424 6.8 529'589 29.04.2013 Investment Advisor

SPROTT INC SPROTT INC 13F 10'394'351 4.49 (4'720'868) 31.03.2013 Hedge Fund Manager

WEISS ASSET MANAGEME WEISS ASSET MANAGEME 13F 8'214'500 3.55 8'214'500 31.12.2012 Hedge Fund Manager

RUFFER LLP Multiple Portfolios MF-AGG 7'027'000 3.04 - 27.12.2012 Hedge Fund Manager

INTACT INVESTMENT MA INTACT INVESTEMENT M 13F 4'428'400 1.91 1'084'200 31.03.2013 Investment Advisor

HILLSDALE INVESTMENT HILLSDALE INVESTMENT 13F 3'814'200 1.65 2'073'500 31.12.2012 Hedge Fund Manager

ROYAL BANK OF CANADA n/a ULT-AGG 3'542'114 1.53 3'503'207 31.12.2012 Bank

DAWE WADE K n/a SEDI 2'438'422 1.05 16'025 03.04.2013 n/a

CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 2'331'800 1.01 573'900 31.12.2012 Investment Advisor

GROSS MICHAEL n/a PROXY 1'578'085 0.68 - 13.04.2012 n/a

LIBRA ADVISORS LLC LIBRA ADVISORS LLC 13F 1'430'200 0.62 (595'900) 31.12.2012 Hedge Fund Manager

CANADA PENSION PLAN CANADA PENSION PLAN 13F 1'189'700 0.51 (391'900) 31.12.2012 Pension Fund (ERISA)

BLACKROCK n/a ULT-AGG 1'128'900 0.49 (71'100) 31.12.2012 Investment Advisor

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 1'000'000 0.43 (10'948) 31.03.2013 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 914'868 0.4 - 31.07.2012 Investment Advisor

CITY OF LONDON INVES CITY OF LONDON INVES 13F 912'000 0.39 - 31.12.2012 Investment Advisor

KELLIGREW INC n/a SEDI 655'289 0.28 30'000 29.09.2011 Corporation

THE BANK OF NOVA SCO THE BANK OF NOVA SCO 13F 500'000 0.22 - 31.12.2012 Investment Advisor

COE CAPITAL MANAGEME COE CAPITAL MANAGEME 13F 499'380 0.22 (215'250) 31.03.2013 Investment Advisor

TECHNICAL FINANCIAL TFS CAPITAL LLC 13F 422'021 0.18 80'394 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Casimir Capital ERIC WINMILL strong buy 5 M 2 12 month 30.04.2013

Global Hunter Securities JEFF WRIGHT buy 5 M 1 12 month 29.04.2013

Cormark Securities Inc. RICHARD GRAY buy 5 M 1 12 month 22.04.2013

Haywood Securities Inc. KERRY SMITH buy 5 M 2 Not Provided 16.04.2013

Canaccord Genuity Corp STEVEN BUTLER buy 5 M 2 12 month 15.04.2013

BMO Capital Markets BRIAN QUAST market perform 3 M 1 Not Provided 14.04.2013

Paradigm Capital Inc DON BLYTH buy 5 M 2 12 month 03.04.2013

EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 29.06.2012

Holdings By:

Brigus Gold Corp ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 164: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Great Panther Silver Ltd. explores for and produces silver. The Company is

focused on acquiring, developing and mining precious metals in Mexico. Great

Panther's projects include The Guanajuato Mines property, located in the State

of Guanajuato, Mexico, and The Topia Silver-Lead-Zinc property, located in the

Topia Mining District in west-central Durango State, Mexico.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (14.09.2012) 2.48

52-Week Low (23.04.2013) 0.94

Daily Volume

1.02

52-Week High % Change -58.87% Dividend Yield -

52-Week Low % Change 8.51% Beta 1.17

% 52 Week Price Range High/Low 5.84% Equity Float 134.83

Shares Out 28.03.2013 137.9 Short Int 0.55

140.62 1 Yr Total Return -53.21%

Total Debt 0.00 YTD Return -33.33%

Preferred Stock 0.0 Adjusted BETA 1.172

Minority Interest 0.0 Analyst Recs 4

Cash and Equivalents 25.90 Consensus Rating 3.500

Enterprise Value 115.94

Average Volume 5 Day 562'674

GPL US EQUITY YTD Change - Average Volume 30 Day 515'050

GPL US EQUITY YTD % CHANGE - Average Volume 3 Month 588'568

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

22.4 31.7 42.2 57.8 61.1 57.8 61.1 60.0 66.0 - -

1.28x 2.85x 7.67x 4.05x 3.05x 25.22x 15.51x - - - -

(9.9) 4.9 14.2 22.0 15.6 22.0 15.6 - - - -

- 18.35x 22.73x 10.65x 11.93x 10.65x 11.93x - - - -

(13.8) (0.9) 10.7 11.5 5.5 11.5 5.5 - - - -

- - - - - 0.00x 0.00x 17.15x 12.86x - -

EBITDA 15.63 Long-Term Rating Date -

EBIT 6.74 Long-Term Rating -

Operating Margin 11.02% Long-Term Outlook -

Pretax Margin 15.88% Short-Term Rating Date -

Return on Assets 5.02% Short-Term Rating -

Return on Common Equity 5.72%

Return on Capital 5.74% EBITDA/Interest Exp. 459.68

Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. -325.97

Net Debt/EBITDA -1.66

Gross Margin 32.0% Total Debt/EBITDA 0.00

EBITDA Margin 25.6%

EBIT Margin 11.0% Total Debt/Equity 0.0%

Net Income Margin 9.0% Total Debt/Capital 0.0%

Asset Turnover 0.56

Current Ratio 6.23 Net Fixed Asset Turnover 1.17

Quick Ratio 5.17 Accounts receivable turnover-days 96.31

Debt to Assets 0.00% Inventory Days 50.73

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 60.30

Accounts Receivable Turnover 3.80 Cash Conversion Cycle 86.73

Inventory Turnover 7.21

Fiscal Year Ended

Great Panther Silver LtdPrice/Volume

Valuation Analysis

115'752.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

'

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10.0

20.0

30.0

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 165: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

VAN ECK ASSOCIATES C n/a ULT-AGG 9'532'859 6.91 (1'219'935) 29.04.2013 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 1'387'500 1.01 587'500 31.12.2012 Investment Advisor

ARCHER ROBERT A n/a SEDI 1'191'300 0.86 (61'200) 14.09.2011 n/a

SANCHEZ FRANCISCO RA n/a 20F 1'075'000 0.78 - 29.02.2012 n/a

TECHNICAL FINANCIAL TFS CAPITAL LLC 13F 896'193 0.65 (120'468) 31.12.2012 Investment Advisor

BROWN CHARLES P n/a SEDI 448'000 0.32 36'000 18.11.2011 n/a

PUPLAVA FINANCIAL SE PUPLAVA FINANCIAL SE 13F 429'301 0.31 429'301 31.12.2012 Hedge Fund Manager

CANADA PENSION PLAN CANADA PENSION PLAN 13F 293'101 0.21 235'100 31.12.2012 Pension Fund (ERISA)

KOPCHEFF JOHN THOMAS n/a SEDI 280'000 0.2 200'000 25.08.2011 n/a

OPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 200'000 0.15 - 31.01.2013 Investment Advisor

WAY FUND MANAGERS Multiple Portfolios MF-AGG 200'000 0.15 - 28.03.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 193'930 0.14 - 26.04.2013 Investment Advisor

JANE STREET HOLDING JANE STREET HOLDING 13F 191'922 0.14 (73'288) 31.12.2012 Investment Advisor

NATIXIS ASSET MANAGE NATIXIS ASSET MANAGE 13F 188'000 0.14 188'000 31.12.2012 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 153'000 0.11 - 28.03.2013 Investment Advisor

SCHOELLERBANK INVEST Multiple Portfolios MF-AGG 130'000 0.09 4'000 28.03.2013 Investment Advisor

IFOS INTERNATIONALE Multiple Portfolios MF-AGG 100'000 0.07 - 27.03.2013 Investment Advisor

SPARK INVESTMENT MAN SPARK INVESTMENT MAN 13F 93'500 0.07 (38'700) 31.12.2012 Investment Advisor

CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 88'245 0.06 14'272 31.12.2012 Hedge Fund Manager

BPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 86'500 0.06 - 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Stonecap Securities Inc CHRISTOS DOULIS sector perform 3 M 1 12 month 16.04.2013

Euro Pacific Capital Inc HEIKO IHLE buy 5 M 1 12 month 15.04.2013

EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 11.04.2013

Salman Partners ASH GUGLANI buy 5 M 2 12 month 15.03.2013

Holdings By:

Great Panther Silver Ltd ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 166: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Intrepid Mines Limited is an international precious metals development and

exploration company with primary operations in Indonesia. The Company's current

project is located in the province of East Java, where it explores for gold,

silver, and copper-gold.

Latest Fiscal Year: 12/2012

LTM as of: 03/yy

52-Week High (01.05.2012) 0.89

52-Week Low (23.07.2012) 0.19

Daily Volume

0.265

52-Week High % Change -70.22% Dividend Yield 0.00

52-Week Low % Change 39.47% Beta 1.64

% 52 Week Price Range High/Low 5.71% Equity Float 486.83

Shares Out 12.04.2013 555.8 Short Int 16.56

147.29 1 Yr Total Return -69.19%

Total Debt 0.00 YTD Return 26.19%

Preferred Stock 0.0 Adjusted BETA 1.637

Minority Interest 0.0 Analyst Recs 5

Cash and Equivalents 9.65 Consensus Rating 2.400

Enterprise Value 144.92

Average Volume 5 Day 1'417'762

IAU AU EQUITY YTD Change - Average Volume 30 Day 2'207'529

IAU AU EQUITY YTD % CHANGE - Average Volume 3 Month 2'483'458

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

54.4 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

1.06x - - - - #DIV/0! #DIV/0! - - - -

2.2 1.9 (24.2) (39.2) (47.7) (30.7) (17.3) (9.3) (7.6) - -

26.51x 39.18x - - - 0.00x 0.00x - - - -

(42.7) (9.9) (5.0) (30.0) (71.8) (29.4) (63.9) (6.2) (8.9) - -

- - - - - 0.00x 0.00x - - - -

EBITDA -47.73 Long-Term Rating Date -

EBIT -47.76 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -

Return on Assets -50.47% Short-Term Rating -

Return on Common Equity -51.74%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA 0.00

EBITDA Margin -

EBIT Margin - Total Debt/Equity 0.0%

Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover 0.00

Current Ratio 57.06 Net Fixed Asset Turnover 0.00

Quick Ratio 5.01 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 -

Fiscal Year Ended

Intrepid Mines LtdPrice/Volume

Valuation Analysis

2'759'656.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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0.0

10.0

20.0

30.0

40.0

50.0

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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 167: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

TAURUS SM HOLDINGS P n/a Co File 48'192'131 8.67 - 16.03.2012 Holding Company

VAN ECK ASSOCIATES C n/a ULT-AGG 41'772'440 7.52 7'384'262 29.04.2013 Investment Advisor

QUANTUM PACIFIC INVE n/a EXCH 29'982'667 5.39 - 23.04.2013 Unclassified

COMMONWEALTH BANK OF n/a EXCH 25'513'559 4.59 (1'063'213) 21.09.2011 Bank

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 19'156'073 3.45 (2'399'347) 30.09.2012 Hedge Fund Manager

BANK OF AMERICA CORP n/a EXCH 17'837'142 3.21 (12'563'151) 26.09.2011 Investment Advisor

FMR LLC n/a ULT-AGG 9'529'798 1.71 - 31.03.2013 Investment Advisor

UNISUPER n/a EXCH 8'304'156 1.49 1'263'247 06.06.2012 Other

ACORN CAPITAL LTD n/a EXCH 7'545'656 1.36 700'425 06.06.2012 Investment Advisor

MACQUARIE GROUP n/a ULT-AGG 6'348'158 1.14 (179'360) 31.08.2011 Investment Advisor

SUNSUPER FUND n/a EXCH 5'436'384 0.98 878'800 06.06.2012 Other

MICROCAP INVESTMENT n/a EXCH 3'995'655 0.72 478'000 06.06.2012 Other

HEALTH SUPER n/a EXCH 3'920'180 0.71 602'600 06.06.2012 Other

CBA OFFICERS SUPER F n/a EXCH 3'537'176 0.64 530'300 06.06.2012 Other

VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'706'075 0.49 (16'476) 30.09.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'551'202 0.46 - 31.03.2013 Investment Advisor

QLD LOCAL GOVT SUPER n/a EXCH 2'225'422 0.4 340'300 06.06.2012 Other

AUSCOAL SUPER FUND n/a EXCH 2'091'335 0.38 327'800 06.06.2012 Other

GORDON BRADLEY AUSTI n/a EXCH 1'970'295 0.35 235'000 01.03.2013 n/a

COMMONWEALTH SUPER C n/a EXCH 1'830'425 0.33 - 06.06.2012 n/a

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

National Bank Financial STEPHEN PARSONS Under Review #N/A N/A M #N/A N/A Not Provided 27.03.2013

Wilson HTM Investment Group CAMERON JUDD sell 1 D 0 Not Provided 21.03.2013

Hartleys PETER GRAY speculative buy 4 M 0 12 month 19.03.2013

RBC Capital Markets GEOFF BREEN underperform 1 D 0 12 month 27.02.2013

Canaccord Genuity Corp GARY LAMPARD suspended coverage #N/A N/A M #N/A N/A Not Provided 19.02.2013

RBS Morgans CHRIS BROWN outperform 5 N 1 12 month 27.11.2012

Cormark Securities Inc. MIKE KOZAK Under Review #N/A N/A M #N/A N/A Not Provided 23.07.2012

Canaccord Genuity Corp JEAN-FRANCOIS BERTINCOURT buy 5 N 2 12 month 17.04.2012

EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 31.01.2012

Holdings By:

Intrepid Mines Ltd ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 168: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Vista Gold Corp. is an international gold mining company. The Company is

focused on its core projects, the Concordia gold project located in Baja

California Sur, Mexico and the Mt. Todd gold project in Northern Territory,

Australia.

Latest Fiscal Year: 12/2007

LTM as of: 12/yy

52-Week High (21.09.2012) 4.09

52-Week Low (17.04.2013) 1.47

Daily Volume

1.62

52-Week High % Change -61.00% Dividend Yield 0.00

52-Week Low % Change 10.20% Beta 1.17

% 52 Week Price Range High/Low 6.11% Equity Float 68.11

Shares Out 28.03.2013 81.6 Short Int 1.50

132.13 1 Yr Total Return -46.36%

Total Debt 0.00 YTD Return -40.00%

Preferred Stock 0.0 Adjusted BETA 1.172

Minority Interest 0.0 Analyst Recs 4

Cash and Equivalents 88.40 Consensus Rating 5.000

Enterprise Value 43.74

Average Volume 5 Day 421'010

VGZ US EQUITY YTD Change - Average Volume 30 Day 443'484

VGZ US EQUITY YTD % CHANGE - Average Volume 3 Month 494'367

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - 0.0 - -

- - - - - #DIV/0! #DIV/0! - - - -

(6.5) (6.1) (17.7) (28.1) (35.6) (28.1) (34.5) (20.4) (19.1) (5.8) (5.8)

- - - - - 0.00x 0.00x - - - -

(10.0) (1.9) (20.0) 51.5 (70.7) 51.5 (69.5) (20.1) (13.7) (6.3) (6.3)

- - - - - 0.00x 0.00x - - - -

EBITDA -35.63 Long-Term Rating Date -

EBIT -36.22 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -

Return on Assets -44.30% Short-Term Rating -

Return on Common Equity -57.29%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA 0.00

EBITDA Margin -

EBIT Margin - Total Debt/Equity 0.0%

Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover 0.00

Current Ratio 2.94 Net Fixed Asset Turnover 0.00

Quick Ratio 2.84 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 -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Vista Gold CorpPrice/Volume

Valuation Analysis

30'793.00

Current Price (4/dd/yy) Market Data

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 169: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 12'084'310 14.82 1'272'000 31.12.2012 Hedge Fund Manager

SUN VALLEY GOLD LLC n/a Research 12'084'310 14.82 - 31.12.2012 Hedge Fund Manager

VAN ECK ASSOCIATES C n/a ULT-AGG 11'374'527 13.95 - 29.04.2013 Investment Advisor

SPROTT INC SPROTT INC 13F 6'145'260 7.53 (430'462) 31.03.2013 Hedge Fund Manager

BLACKROCK n/a ULT-AGG 2'577'504 3.16 268'822 26.04.2013 Investment Advisor

LOEWS CORPORATION LOEWS CORPORATION 13F 1'758'748 2.16 - 31.12.2012 Corporation

ANDREEFF EQUITY ADVI ANDREEFF EQUITY ADVI 13F 1'586'026 1.94 (20'971) 31.12.2012 Hedge Fund Manager

STATE STREET n/a ULT-AGG 888'193 1.09 (20'701) 26.04.2013 Investment Advisor

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 871'929 1.07 343'929 31.03.2013 Investment Advisor

PERRITT CAPITAL MANA PERRITT CAPITAL MANA 13F 822'000 1.01 - 31.12.2012 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 732'415 0.9 - 31.12.2012 Pension Fund (ERISA)

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 709'055 0.87 21'681 31.12.2012 Investment Advisor

PARKER FREDERICK H E n/a Form 4 556'325 0.68 - 05.09.2012 n/a

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 283'993 0.35 (24'847) 31.12.2012 Investment Advisor

SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 271'783 0.33 160'360 31.12.2012 Investment Advisor

CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 248'473 0.3 88'467 31.03.2013 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 201'025 0.25 11'051 31.03.2013 Investment Advisor

AQR CAPITAL MANAGEME AQR CAPITAL MANAGEME 13F 193'800 0.24 137'400 31.12.2012 Hedge Fund Manager

RICHINGS MICHAEL B n/a Form 4 188'121 0.23 - 08.01.2013 n/a

IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 180'750 0.22 (33'250) 28.02.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Global Hunter Securities JEFF WRIGHT buy 5 M 5 12 month 29.04.2013

National Bank Financial PAOLO LOSTRITTO outperform 5 M 4 12 month 09.04.2013

Cowen Securities LLC ADAM P GRAF buy 5 M 13 Not Provided 09.04.2013

Roth Capital Partners BRIAN W POST buy 5 M 7 12 month 28.03.2013

Stonegate Securities Inc MARCO RODRIGUEZ no rating system #N/A N/A M #N/A N/A Not Provided 19.03.2013

Holdings By:

Vista Gold Corp ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 170: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Alexco Resource Corporation is a mineral exploration and production company.

The Company mines for minerals that include gold and silver.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (01.05.2012) 6.61

52-Week Low (23.04.2013) 1.92

Daily Volume

2.05

52-Week High % Change -68.68% Dividend Yield -

52-Week Low % Change 6.77% Beta 1.06

% 52 Week Price Range High/Low 3.84% Equity Float 51.82

Shares Out 23.04.2013 62.6 Short Int 0.87

128.28 1 Yr Total Return -67.92%

Total Debt 0.00 YTD Return -42.58%

Preferred Stock 0.0 Adjusted BETA 1.062

Minority Interest 0.0 Analyst Recs 5

Cash and Equivalents 23.09 Consensus Rating 3.800

Enterprise Value 106.30

Average Volume 5 Day 635'785

AXU US EQUITY YTD Change - Average Volume 30 Day 481'828

AXU US EQUITY YTD % CHANGE - Average Volume 3 Month 393'053

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

5.7 5.8 4.6 45.1 84.7 45.1 84.7 77.0 112.1 16.8 20.5

18.66x 14.71x 32.68x 8.09x 2.27x 33.40x 12.36x - - - -

(4.8) (6.1) (6.0) 9.8 25.4 9.8 25.4 (11.1) 12.2 - -

- - - 37.41x 7.55x 37.41x 7.55x - 8.71x - -

(4.0) (9.6) (5.2) 3.5 3.4 3.5 3.4 2.0 21.6 (0.4) 0.3

- - - - - 0.00x 0.00x - 25.85x - -

EBITDA 25.44 Long-Term Rating Date -

EBIT 1.26 Long-Term Rating -

Operating Margin 1.49% Long-Term Outlook -

Pretax Margin 9.42% Short-Term Rating Date -

Return on Assets 1.62% Short-Term Rating -

Return on Common Equity 2.42%

Return on Capital 2.44% EBITDA/Interest Exp. 553.04

Asset Turnover 0.40% (EBITDA-Capex)/Interest Exp. -174.91

Net Debt/EBITDA -0.91

Gross Margin 21.2% Total Debt/EBITDA 0.00

EBITDA Margin 30.0%

EBIT Margin 1.5% Total Debt/Equity 0.0%

Net Income Margin 4.0% Total Debt/Capital 0.0%

Asset Turnover 0.40

Current Ratio 2.57 Net Fixed Asset Turnover 0.57

Quick Ratio 2.01 Accounts receivable turnover-days 52.22

Debt to Assets 0.00% Inventory Days 75.58

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 110.73

Accounts Receivable Turnover 10.53 Cash Conversion Cycle 17.06

Inventory Turnover 7.28

Fiscal Year Ended

Alexco Resource CorpPrice/Volume

Valuation Analysis

71'166.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 171: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

SPROTT INC n/a Co File 6'445'350 10.3 - 28.02.2013 Hedge Fund Manager

SPROTT INC SPROTT INC 13F 6'235'350 9.96 (624'500) 31.03.2013 Hedge Fund Manager

VAN ECK ASSOCIATES C n/a ULT-AGG 3'481'444 5.56 (361'629) 29.04.2013 Investment Advisor

COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 2'683'000 4.29 (6'000) 31.12.2012 Investment Advisor

ASSET LIABILITY MANA n/a PROXY 1'940'299 3.1 - 09.05.2012 Other

NAUMAN CLYNTON R n/a SEDI 1'725'001 2.76 225'000 30.05.2012 n/a

RAFFLES ASSOCIATES L RAFFLES ASSOCIATES L 13F 1'203'671 1.92 - 31.12.2012 Hedge Fund Manager

PATHSTONE FAMILY OFF PATHSTONE FAMILY OFF 13F 814'919 1.3 - 31.12.2012 Investment Advisor

GLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 648'832 1.04 61'066 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 586'930 0.94 (425'145) 26.04.2013 Investment Advisor

THRALL BRADLEY A n/a SEDI 523'200 0.84 3'200 20.02.2013 n/a

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 500'000 0.8 (30'000) 28.02.2013 Investment Advisor

SEMAPHORE MANAGEMENT SEMAPHORE MANAGEMENT 13F 409'942 0.66 14'810 31.12.2012 Hedge Fund Manager

FORUM INVESTMENT ADV Multiple Portfolios MF-AGG 381'904 0.61 35'740 31.12.2012 Investment Advisor

TECHNICAL FINANCIAL TFS CAPITAL LLC 13F 309'416 0.49 57'107 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 251'242 0.4 - 31.03.2013 Investment Advisor

UNIVERSAL INS HOLDIN n/a ULT-AGG 137'613 0.22 - 31.12.2012 Insurance Company

NOMURA n/a ULT-AGG 115'766 0.19 (24'419) 31.12.2012 Unclassified

GROUP ONE TRADING LP GROUP ONE TRADING LP 13F 113'050 0.18 10'830 31.12.2012 Investment Advisor

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 112'000 0.18 66'400 31.12.2012 Hedge Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Global Hunter Securities JEFF WRIGHT neutral 3 M 4 12 month 29.04.2013

Stonecap Securities Inc CHRISTOS DOULIS outperform 5 M 3 12 month 26.04.2013

Cormark Securities Inc. GRAEME JENNINGS market perform 3 M 4 12 month 22.04.2013

Canaccord Genuity Corp NICHOLAS CAMPBELL hold 3 M 4 12 month 16.04.2013

EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 15.04.2013

Holdings By:

Alexco Resource Corp ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 172: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

ATAC Resources Ltd. explores for gold in Canada.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (05.06.2012) 3.50

52-Week Low (04.03.2013) 0.91

Daily Volume

1.15

52-Week High % Change -66.29% Dividend Yield 0.00

52-Week Low % Change 26.37% Beta 1.67

% 52 Week Price Range High/Low 11.97% Equity Float 90.30

Shares Out 01.04.2013 113.2 Short Int 0.21

130.13 1 Yr Total Return -58.93%

Total Debt 0.00 YTD Return -33.91%

Preferred Stock 0.0 Adjusted BETA 1.673

Minority Interest 0.0 Analyst Recs 2

Cash and Equivalents 15.04 Consensus Rating 5.000

Enterprise Value 115.09

Average Volume 5 Day 121'947

ATC CN EQUITY YTD Change - Average Volume 30 Day 287'490

ATC CN EQUITY YTD % CHANGE - Average Volume 3 Month 344'856

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

- 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

- (1.1) (3.1) - - 0.0 0.0 (5.4) (5.4) (1.0) (1.0)

- - - - - 0.00x 0.00x - - - -

- (1.1) (2.2) (24.8) (7.5) (24.8) (7.5) (3.5) (3.5) (0.9) (1.0)

- - - - - 0.00x 0.00x - - - -

EBITDA - Long-Term Rating Date -

EBIT -6.54 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -

Return on Assets -8.85% Short-Term Rating -

Return on Common Equity -10.04%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 0.0%

Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover 0.00

Current Ratio 18.93 Net Fixed Asset Turnover 0.00

Quick Ratio 18.66 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 -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Atac Resources LtdPrice/Volume

Valuation Analysis

40'150.00

Current Price (4/dd/yy) Market Data

'

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 173: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 14'971'600 13.23 30'100 31.03.2013 Hedge Fund Manager

AGNICO-EAGLE MINES L n/a Co File 9'600'000 8.48 - 20.03.2013 Corporation

STRATEGIC METALS LTD n/a SEDI 9'556'286 8.45 (250'000) 05.04.2011 Corporation

VAN ECK ASSOCIATES C n/a ULT-AGG 6'529'100 5.77 (29'460) 29.04.2013 Investment Advisor

CARNE ROBERT C n/a SEDI 1'987'126 1.76 20'000 22.02.2013 n/a

GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 1'531'428 1.35 42'032 26.04.2013 Investment Advisor

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 1'124'700 0.99 - 31.12.2012 Investment Advisor

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 558'195 0.49 (1'400) 31.12.2012 Investment Advisor

SPROTT INC Multiple Portfolios MF-AGG 523'000 0.46 (463'800) 31.12.2012 Hedge Fund Manager

GOSS DOUGLAS O n/a SEDI 482'588 0.43 28'300 25.02.2013 n/a

YEADON GLENN ROBERT n/a SEDI 424'667 0.38 70'000 08.03.2012 n/a

KENWAY BRUCE J n/a PROXY 400'000 0.35 - 13.04.2012 n/a

FALCON FUND MANAGEME Multiple Portfolios MF-AGG 370'900 0.33 - 28.02.2013 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 300'000 0.27 - 28.02.2013 Investment Advisor

GESIURIS SA SGIIC Multiple Portfolios MF-AGG 300'000 0.27 - 31.03.2013 Investment Advisor

DOWNS GRAHAM NOLAN n/a SEDI 255'000 0.23 135'000 17.02.2012 n/a

NEXGEN FINANCIAL LP Multiple Portfolios MF-AGG 225'000 0.2 75'000 30.06.2012 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 193'000 0.17 - 28.03.2013 Investment Advisor

TALBOT IAN J n/a SEDI 111'400 0.1 (5'000) 07.06.2012 n/a

FALCON FUND MANAGEME Multiple Portfolios MF-AGG 97'200 0.09 13'300 28.02.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Macquarie MICHAEL GRAY outperform 5 M 2 12 month 25.04.2013

Raymond James GARY J BASCHUK Under Review #N/A N/A M #N/A N/A Not Provided 18.04.2013

GMP ANDREW MIKITCHOOK buy 5 M 5 12 month 19.03.2013

Paradigm Capital Inc DON MACLEAN hold 3 M 4 12 month 06.03.2012

Holdings By:

Atac Resources Ltd ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 174: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Scorpio Mining Corporation explores for silver in Canada and Mexico.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (04.10.2012) 1.28

52-Week Low (24.04.2013) 0.46

Daily Volume

0.48

52-Week High % Change -62.50% Dividend Yield 0.00

52-Week Low % Change 5.49% Beta 1.42

% 52 Week Price Range High/Low 3.03% Equity Float 196.42

Shares Out 28.03.2013 198.4 Short Int 0.00

95.23 1 Yr Total Return -54.29%

Total Debt 0.00 YTD Return -53.40%

Preferred Stock 0.0 Adjusted BETA 1.425

Minority Interest 0.0 Analyst Recs 4

Cash and Equivalents 31.05 Consensus Rating 5.000

Enterprise Value 64.19

Average Volume 5 Day 1'411'019

SPM CN EQUITY YTD Change - Average Volume 30 Day 614'209

SPM CN EQUITY YTD % CHANGE - Average Volume 3 Month 481'204

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 19.4 34.2 61.1 45.8 61.1 45.8 81.2 113.0 - -

- 4.59x 5.75x 5.89x 3.78x 18.97x 14.77x - - - -

(4.6) 6.6 11.9 29.4 14.2 29.4 14.2 16.7 28.6 - -

- 13.58x 16.54x 12.25x 12.23x 12.25x 12.23x 3.84x 2.24x - -

(90.7) 13.5 30.7 12.6 7.1 12.6 7.1 - - - -

- 6.00x 9.00x 32.50x 25.75x 32.50x 25.75x 9.06x 3.69x - -

EBITDA 14.18 Long-Term Rating Date -

EBIT 10.32 Long-Term Rating -

Operating Margin 22.52% Long-Term Outlook -

Pretax Margin 24.11% Short-Term Rating Date -

Return on Assets 4.85% Short-Term Rating -

Return on Common Equity 4.98%

Return on Capital 5.00% EBITDA/Interest Exp. -

Asset Turnover 0.31% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -2.19

Gross Margin 41.6% Total Debt/EBITDA 0.00

EBITDA Margin 30.9%

EBIT Margin 22.5% Total Debt/Equity 0.0%

Net Income Margin 15.5% Total Debt/Capital 0.0%

Asset Turnover 0.31

Current Ratio 21.39 Net Fixed Asset Turnover 0.54

Quick Ratio 18.19 Accounts receivable turnover-days 51.87

Debt to Assets 0.00% Inventory Days 82.23

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 27.78

Accounts Receivable Turnover 7.06 Cash Conversion Cycle 106.31

Inventory Turnover 4.45

Fiscal Year Ended

Scorpio Mining CorpPrice/Volume

Valuation Analysis

86'300.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

'

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 175: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 34'089'105 17.18 (203'900) 31.03.2013 Hedge Fund Manager

VAN ECK ASSOCIATES C n/a ULT-AGG 15'901'925 8.02 (71'628) 29.04.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 9'523'000 4.8 - 31.12.2012 Investment Advisor

ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 3'800'000 1.92 - 31.03.2013 Investment Advisor

GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 3'357'841 1.69 150'500 26.04.2013 Investment Advisor

SPROTT INC Multiple Portfolios MF-AGG 1'941'000 0.98 (2'341'300) 31.12.2012 Hedge Fund Manager

HAWLEY PETER J n/a Co File 1'843'436 0.93 - 31.12.2012 n/a

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 1'639'600 0.83 - 28.09.2012 Investment Advisor

FALCON FUND MANAGEME Multiple Portfolios MF-AGG 1'400'000 0.71 - 28.02.2013 Investment Advisor

OPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 1'322'400 0.67 - 31.01.2013 Investment Advisor

FALCON FUND MANAGEME Multiple Portfolios MF-AGG 424'600 0.21 - 28.02.2013 Investment Advisor

MATRIX FUND MANAGEME Multiple Portfolios MF-AGG 295'000 0.15 295'000 30.11.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 156'048 0.08 - 31.07.2012 Investment Advisor

FACTOR ADVISORS LLC Multiple Portfolios MF-AGG 131'178 0.07 - 29.11.2012 Unclassified

SADEK JOHN n/a Co File 79'150 0.04 - 31.12.2012 n/a

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 75'011 0.04 - 31.01.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 64'206 0.03 - 26.04.2013 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 59'540 0.03 - 31.01.2013 Investment Advisor

IFOS INTERNATIONALE Multiple Portfolios MF-AGG 45'000 0.02 - 27.03.2013 Investment Advisor

SCHOELLERBANK INVEST Multiple Portfolios MF-AGG 40'000 0.02 20'000 28.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Clarus Securities MIKE BANDROWSKI buy 5 M 2 12 month 29.04.2013

Casimir Capital ERIC WINMILL buy 5 M 1 12 month 29.04.2013

Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 2 12 month 19.03.2013

MLV & Co RICHARD TROTMAN suspended coverage #N/A N/A M #N/A N/A Not Provided 16.07.2012

EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 12.06.2012

Holdings By:

Scorpio Mining Corp ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 176: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Midway Gold Corp. explores and develops mineral resource properties. The

Company is currently exploring for gold on its Midway Prospect property located

in Nevada in the United States.

Latest Fiscal Year: 12/2010

LTM as of: 12/yy

52-Week High (18.10.2012) 1.80

52-Week Low (17.04.2013) 0.87

Daily Volume

0.9706

52-Week High % Change -46.66% Dividend Yield 0.00

52-Week Low % Change 11.31% Beta 1.03

% 52 Week Price Range High/Low 11.64% Equity Float 95.26

Shares Out 01.04.2013 128.5 Short Int 3.77

124.67 1 Yr Total Return -32.60%

Total Debt 0.00 YTD Return -30.17%

Preferred Stock 44.3 Adjusted BETA 1.035

Minority Interest 0.0 Analyst Recs 7

Cash and Equivalents 75.05 Consensus Rating 4.429

Enterprise Value 94.97

Average Volume 5 Day 291'310

MDW US EQUITY YTD Change - Average Volume 30 Day 310'703

MDW US EQUITY YTD % CHANGE - Average Volume 3 Month 340'170

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(11.6) (3.8) (6.3) (18.2) (14.3) (18.2) (14.3) (10.5) (7.5) - -

- - - - - 0.00x 0.00x - - - -

(16.2) (2.6) (5.8) (15.5) (15.3) (15.5) (15.3) (14.0) (14.6) (5.0) (5.0)

- - - - - 0.00x 0.00x - - - -

EBITDA -14.33 Long-Term Rating Date -

EBIT -14.73 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -

Return on Assets -15.54% Short-Term Rating -

Return on Common Equity -26.88%

Return on Capital - EBITDA/Interest Exp. -5311.80

Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -8155.64

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA 0.00

EBITDA Margin -

EBIT Margin - Total Debt/Equity 0.0%

Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover 0.00

Current Ratio 43.98 Net Fixed Asset Turnover 0.00

Quick Ratio 43.90 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

Midway Gold CorpPrice/Volume

Valuation Analysis

30'702.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 177: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

VAN ECK ASSOCIATES C n/a ULT-AGG 9'931'302 7.73 2'604'621 29.04.2013 Investment Advisor

SHEERIN MATT n/a PROXY 8'200'906 6.38 - 07.03.2012 n/a

HALE JR MARTIN M n/a 13D 8'080'435 6.29 - 13.12.2012 n/a

HAWES GEORGE T n/a SEDI 7'361'064 5.73 (27'300) 31.10.2011 n/a

FRANKLIN RESOURCES n/a ULT-AGG 6'557'700 5.11 60'000 31.03.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 5'299'564 4.13 467'767 26.04.2013 Investment Advisor

DISBROW ROBERT n/a 13G 5'072'200 3.95 (75'800) 31.12.2011 n/a

VANGUARD GROUP INC VANGUARD GROUP INC 13F 2'914'011 2.27 (1'449'218) 31.03.2013 Investment Advisor

YU FRANK S n/a PROXY 1'709'646 1.33 - 07.03.2012 n/a

STATE STREET n/a ULT-AGG 1'645'010 1.28 (26'204) 26.04.2013 Investment Advisor

WOLFUS DANIEL EDWARD n/a SEDI 1'570'117 1.22 - 12.09.2011 n/a

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'481'758 1.15 (8'876) 31.12.2012 Investment Advisor

DAVENPORT & COMPANY DAVENPORT & COMPANY 13F 1'470'179 1.14 14'700 31.03.2013 Investment Advisor

GILDER GAGNON HOWE n/a 13G 1'219'343 0.95 - 30.04.2009 Investment Advisor

DEANS KNIGHT CAPITAL n/a 13G 1'144'360 0.89 - 31.12.2012 Investment Advisor

KUDU PARTNERS LP n/a SEDI 815'536 0.63 (161'701) 08.11.2007 Other

US GLOBAL INVESTORS US GLOBAL INVESTORS 13F 571'863 0.45 306'063 31.12.2012 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 558'000 0.43 - 28.02.2013 Investment Advisor

SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 445'429 0.35 - 31.12.2012 Hedge Fund Manager

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 435'535 0.34 (17'965) 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Stifel MICHAEL A SCOON buy 5 M 2 Not Provided 26.04.2013

Canaccord Genuity Corp JOE MAZUMDAR speculative buy 4 M 2 12 month 23.04.2013

Jacob Securities Inc MATTHEW SHEPPARD buy 5 M 2 12 month 23.04.2013

Cormark Securities Inc. KYLE MCPHEE speculative buy 4 M 2 12 month 22.04.2013

Cowen Securities LLC ADAM P GRAF hold 3 M #N/A N/A Not Provided 09.04.2013

RBC Capital Markets SAM CRITTENDEN outperform 5 M 2 12 month 05.02.2013

Stonecap Securities Inc BRIAN SZETO outperform 5 M 2 12 month 08.01.2013

MLV & Co RICHARD TROTMAN suspended coverage #N/A N/A M #N/A N/A Not Provided 16.07.2012

Holdings By:

Midway Gold Corp ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 178: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Patagonia Gold PLC holds investments in mineral exploration companies involved

in identifying, acquiring, and developing mineral projects, either alone or with

joint-venture partners. The Company explores for gold in locations throughout

Argentina.

Latest Fiscal Year: 12/2012

LTM as of: 01/yy

52-Week High (30.04.2012) 37.25

52-Week Low (26.04.2013) 9.75

Daily Volume

12.25

52-Week High % Change -67.79% Dividend Yield 0.00

52-Week Low % Change 25.64% Beta 0.86

% 52 Week Price Range High/Low 4.55% Equity Float 561.11

Shares Out 11.04.2013 854.6 Short Int -

104.69 1 Yr Total Return -66.67%

Total Debt 0.38 YTD Return -45.56%

Preferred Stock 0.0 Adjusted BETA 0.864

Minority Interest 4.0 Analyst Recs 2

Cash and Equivalents 7.49 Consensus Rating 4.500

Enterprise Value 104.38

Average Volume 5 Day 1'950'398

PGD LN EQUITY YTD Change - Average Volume 30 Day 1'643'504

PGD LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'409'530

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

0.0 0.0 0.0 0.0 - - - - - - -

- - - - - - - - - - -

(5.8) (7.3) (11.3) (32.6) - - - - - - -

- - - - - - - - - - -

(5.8) (7.3) (11.3) (33.2) (20.8) - - - - - -

- - - - - - - - - - -

EBITDA -32.55 Long-Term Rating Date -

EBIT -33.37 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -

Return on Assets -89.33% Short-Term Rating -

Return on Common Equity -107.68%

Return on Capital - EBITDA/Interest Exp. -1085.03

Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -1335.13

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA 0.00

EBITDA Margin -

EBIT Margin - Total Debt/Equity 1.4%

Net Income Margin - Total Debt/Capital 1.2%

Asset Turnover 0.00

Current Ratio 1.83 Net Fixed Asset Turnover 0.00

Quick Ratio 0.98 Accounts receivable turnover-days -

Debt to Assets 0.94% Inventory Days -

Tot Debt to Common Equity 1.36% Accounts Payable Turnover Day 441.36

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover 0.00

Fiscal Year Ended

Patagonia Gold PLCPrice/Volume

Valuation Analysis

1'459'241.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 179: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

DIRECTOR & RELATED H Multiple Portfolios REG 149'037'867 17.44 2'753'684 02.01.2013 Other

BLACKROCK n/a ULT-AGG 140'531'949 16.44 (116'604) 26.04.2013 Investment Advisor

MIGUENS CARLOS JOSE n/a Co File 103'653'116 12.13 - 24.04.2012 n/a

UBS n/a ULT-AGG 96'575'359 11.3 590'460 02.01.2013 Unclassified

CINCO VIENTOS URUGUA Multiple Portfolios REG 50'361'585 5.89 9'636'316 02.01.2013 Other

VAN ECK ASSOCIATES C n/a ULT-AGG 42'107'312 4.93 (189'648) 29.04.2013 Investment Advisor

VAN ECK GLOBAL Multiple Portfolios REG 36'986'715 4.33 (1'116'233) 02.01.2013 Unclassified

MIGUENS DIEGO n/a Co File 29'562'152 3.46 - 24.04.2012 n/a

TAHEH INTERNATIONAL Multiple Portfolios REG 28'353'264 3.32 - 02.01.2013 Other

BARRICK GOLD CORP Multiple Portfolios REG 28'323'264 3.31 - 02.01.2013 Corporation

MIGUENS CRISTINA n/a Co File 24'485'645 2.87 - 24.04.2012 n/a

HUMPHRIES WILLIAM HE n/a RNS-DIR 23'296'857 2.73 4'403'000 27.06.2012 n/a

HARGREAVE n/a ULT-AGG 14'767'188 1.73 2'125'000 02.01.2013 Unclassified

PRIVATE INDIVIDUALS Multiple Portfolios REG 13'399'969 1.57 (908'112) 02.01.2013 Other

COUTTS PRIVATE BANKI Multiple Portfolios REG 12'894'789 1.51 - 02.01.2013 Unclassified

F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 9'941'137 1.16 - 28.02.2013 Investment Advisor

F&C ASSET MANAGEMENT Multiple Portfolios REG 9'722'734 1.14 (2'554'143) 02.01.2013 Investment Advisor

CRAVEN JOHN ANTHONY n/a Co File 9'455'190 1.11 - 24.04.2012 n/a

WALKER CRIPS STOCKBR Multiple Portfolios REG 9'385'378 1.1 (231'500) 02.01.2013 Other

INVESTEC WEALTH & IN Multiple Portfolios REG 7'247'490 0.85 (38'500) 02.01.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Fraser Mackenzie Limited ALEKSANDRA BUKACHEVA buy 5 M 59 Not Provided 02.01.2013

Mirabaud Securities NICHOLAS CHALMERS speculative buy 4 M 35 12 month 04.12.2012

Holdings By:

Patagonia Gold PLC ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 180: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Gryphon Minerals Ltd. explores for gold. The Company operates on the Banfora

Gold Project in Burkina Faso, Africa, and properties in Mauritania.

Latest Fiscal Year: 06/2012

LTM as of: 01/yy

52-Week High (24.09.2012) 0.99

52-Week Low (18.04.2013) 0.19

Daily Volume

0.205

52-Week High % Change -79.29% Dividend Yield 0.00

52-Week Low % Change 7.89% Beta 1.42

% 52 Week Price Range High/Low 3.75% Equity Float 390.17

Shares Out 31.12.2012 400.5 Short Int 14.49

82.10 1 Yr Total Return -78.42%

Total Debt 0.00 YTD Return -60.19%

Preferred Stock 0.0 Adjusted BETA 1.415

Minority Interest 0.0 Analyst Recs 13

Cash and Equivalents 46.22 Consensus Rating 4.000

Enterprise Value 31.44

Average Volume 5 Day 3'267'009

GRY AU EQUITY YTD Change - Average Volume 30 Day 3'925'552

GRY AU EQUITY YTD % CHANGE - Average Volume 3 Month 3'487'923

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

0.0 0.0 0.0 0.0 0.0 - - 0.8 1.4 - -

- - - - - - - 48.90x 79.41x - -

(3.3) (2.7) (3.9) (15.9) (8.0) - - (10.2) (8.8) - -

- - - - - - - - - - -

(3.1) (2.3) (3.2) (8.9) (5.9) - - (8.6) (6.7) - -

- - - - - - - - - - -

EBITDA -8.04 Long-Term Rating Date -

EBIT -8.20 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -

Return on Assets -1.76% Short-Term Rating -

Return on Common Equity -1.82%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA 0.00

EBITDA Margin -

EBIT Margin - Total Debt/Equity 0.0%

Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover 0.00

Current Ratio 3.81 Net Fixed Asset Turnover 0.00

Quick Ratio 3.75 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 -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Gryphon Minerals LtdPrice/Volume

Valuation Analysis

1'850'597.00

Current Price (4/dd/yy) Market Data

'

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 181: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

VAN ECK ASSOCIATES C n/a ULT-AGG 47'385'165 11.83 681'722 29.04.2013 Investment Advisor

GENESIS ASSET MANAGE n/a EXCH 20'682'524 5.16 - 12.03.2013 Investment Advisor

COMMONWEALTH BANK OF n/a EXCH 19'591'128 4.89 - 20.11.2012 Bank

AMP LTD n/a EXCH 16'488'127 4.12 (985'067) 22.10.2012 Insurance Company

ROYAL BANK OF CANADA n/a ULT-AGG 14'803'493 3.7 (160'194) 05.04.2011 Bank

JP MORGAN n/a ULT-AGG 9'593'063 2.4 2'154'872 28.02.2013 Investment Advisor

PARSONS STEPHEN n/a EXCH 6'990'601 1.75 - 18.12.2012 n/a

GCIC LTD/CANADA Multiple Portfolios MF-AGG 6'850'000 1.71 1'850'000 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 5'590'010 1.4 - 31.03.2013 Investment Advisor

MACQUARIE GROUP n/a ULT-AGG 5'507'628 1.38 1'032'776 31.08.2011 Investment Advisor

GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 4'493'276 1.12 123'200 26.04.2013 Investment Advisor

WELLS FARGO n/a ULT-AGG 3'934'525 0.98 - 28.02.2013 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 3'498'398 0.87 - 28.02.2013 Investment Advisor

QUANTEX AG Multiple Portfolios MF-AGG 2'360'000 0.59 - 29.03.2013 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'988'755 0.5 - 31.07.2012 Investment Advisor

NETHERWAY DAVID GEOR n/a Co File 1'847'374 0.46 - 30.06.2012 n/a

VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 1'820'050 0.45 (10'410) 30.09.2012 Investment Advisor

SHARE SICAV Multiple Portfolios MF-AGG 1'634'666 0.41 (530'000) 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'589'497 0.4 - 31.03.2013 Investment Advisor

ASHTON NORMAN MEL n/a EXCH 1'000'000 0.25 (200'000) 28.08.2012 n/a

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Clarus Securities NANA SANGMUAH buy 5 M 1 12 month 29.04.2013

Macquarie MITCH RYAN neutral 3 M 1 12 month 26.04.2013

RBC Capital Markets GEOFF BREEN sector perform 3 M 0 12 month 25.04.2013

GMP LEVI SPRY buy 5 M 0 Not Provided 24.04.2013

Morgan Stanley BRENDAN FITZPATRICK Equalwt/In-Line 3 M 0 12 month 22.04.2013

Argonaut Securities Pty Ltd TROY IRVIN speculative buy 4 M 1 Not Provided 19.04.2013

Canaccord Genuity Corp REG SPENCER buy 5 M 1 Not Provided 17.04.2013

BMO Capital Markets ANDREW BREICHMANAS speculative outperform 4 M 1 Not Provided 15.04.2013

Credit Suisse MICHAEL SLIFIRSKI outperform 5 M 1 Not Provided 03.04.2013

RBS Morgans JAMES WILSON outperform 5 M 1 12 month 06.03.2013

EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 01.03.2013

Paradigm Capital Inc DON MACLEAN speculative buy 4 M 1 12 month 01.02.2013

Deutsche Bank CHRIS TERRY not rated #N/A N/A M #N/A N/A Not Provided 22.02.2012

DJ Carmichael Pty Ltd PAUL ADAMS speculative buy 4 M #N/A N/A Not Provided 24.08.2011

Holdings By:

Gryphon Minerals Ltd ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 182: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

DRDGOLD Limited is a mid-tier, unhedged gold producer with a mix of assets. The

Company's assets include underground mines and surface re-treatment operation

and exploration activities in South Africa.

Latest Fiscal Year: 06/2012

LTM as of: 03/yy

52-Week High (19.02.2013) 8.59

52-Week Low (31.08.2012) 5.35

Daily Volume

6.6

52-Week High % Change -23.86% Dividend Yield -

52-Week Low % Change 23.36% Beta 0.80

% 52 Week Price Range High/Low 39.81% Equity Float -

Shares Out 31.03.2013 38.5 Short Int 0.07

254.35 1 Yr Total Return 0.98%

Total Debt 30.69 YTD Return -16.37%

Preferred Stock 0.0 Adjusted BETA 0.803

Minority Interest 136.7 Analyst Recs 2

Cash and Equivalents 298.51 Consensus Rating 5.000

Enterprise Value -

Average Volume 5 Day 78'774

DRD US EQUITY YTD Change - Average Volume 30 Day 104'949

DRD US EQUITY YTD % CHANGE - Average Volume 3 Month 130'100

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 03/yy 03/yy 06/13 Y 06/14 Y 06/13 Q4 09/13 Q1

1'843.9 1'910.7 1'990.5 1'379.5 1'764.2 2'000.9 2'031.9 2'129.1 2'545.8 - -

0.86x 1.10x 0.64x 0.79x 1.09x 2.92x 4.62x - - - -

162.1 6.9 212.5 225.7 370.8 408.0 411.6 526.4 795.5 - -

9.75x 301.94x 6.03x 4.83x 5.21x 4.50x 6.72x - - - -

996.0 129.1 207.8 (287.9) 308.7 (117.3) 291.8 307.1 462.1 - -

- - - - - 0.00x 0.00x 7.46x 4.94x - -

EBITDA 370.76 Long-Term Rating Date -

EBIT 249.91 Long-Term Rating -

Operating Margin 14.17% Long-Term Outlook -

Pretax Margin 14.79% Short-Term Rating Date -

Return on Assets 10.71% Short-Term Rating -

Return on Common Equity 19.27%

Return on Capital - EBITDA/Interest Exp. 23.65

Asset Turnover 0.75% (EBITDA-Capex)/Interest Exp. 2.40

Net Debt/EBITDA -0.58

Gross Margin 20.6% Total Debt/EBITDA 0.42

EBITDA Margin 20.4%

EBIT Margin 13.8% Total Debt/Equity 2.0%

Net Income Margin 17.5% Total Debt/Capital 1.8%

Asset Turnover 0.75

Current Ratio 1.80 Net Fixed Asset Turnover 1.17

Quick Ratio 1.15 Accounts receivable turnover-days -

Debt to Assets 1.23% Inventory Days -

Tot Debt to Common Equity 2.05% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

DRDGOLD LtdPrice/Volume

Valuation Analysis

10'507.00

Current Price (4/dd/yy) Market Data

'-.0123456

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1'500.0

2'000.0

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 183: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

SKAGEN AS Multiple Portfolios MF-AGG 3'724'701 9.66 - 27.03.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 931'970 2.42 (49'424) 29.04.2013 Investment Advisor

ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 536'792 1.39 (58'369) 31.03.2013 Investment Advisor

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 390'470 1.01 59'200 31.12.2012 Hedge Fund Manager

OPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 115'000 0.3 - 31.01.2013 Investment Advisor

BRANCH BANKING & TRU BRANCH BANKING AND T 13F 110'000 0.29 - 31.03.2013 Bank

US GLOBAL INVESTORS US GLOBAL INVESTORS 13F 110'000 0.29 10'000 31.12.2012 Investment Advisor

ROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 100'000 0.26 - 31.01.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 49'176 0.13 17'676 31.03.2013 Investment Advisor

JANE STREET HOLDING JANE STREET HOLDING 13F 44'799 0.12 (6'532) 31.12.2012 Investment Advisor

FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 36'297 0.09 - 31.12.2012 Investment Advisor

RUFFER LLP RUFFER LLP 13F 34'015 0.09 - 31.03.2013 Hedge Fund Manager

APERIO GROUP LLC APERIO GROUP LLC 13F 33'383 0.09 3'750 31.03.2013 Investment Advisor

BANK OF AMERICA CORP BANK OF AMERICA 13F 28'307 0.07 27'529 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 28'300 0.07 28'300 31.12.2012 Investment Advisor

SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 28'300 0.07 - 31.03.2013 Investment Advisor

COMMONWEALTH OF PENN COMMONWEALTH OF PENN 13F 26'529 0.07 (9'576) 31.12.2012 Pension Fund (ERISA)

BLACKROCK n/a ULT-AGG 20'181 0.05 20'133 31.03.2013 Investment Advisor

OXFORD ASSET MANAGEM OXFORD ASSET MANAGEM 13F 17'976 0.05 6'940 31.12.2012 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 16'227 0.04 7'860 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 16.04.2013

Holdings By:

DRDGOLD Ltd ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 184: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Red 5 Limited is a minieral exploration and development company. The Company's

principal asset is the Siana Gold Project in the Philippines held under a

Mineral Production Sharing Agreement by a Red5 Philippine compliant company.

Red 5's second asset is the Mapawa MPSA, located north of Siana.

Latest Fiscal Year: 06/2012

LTM as of: 01/yy

52-Week High (01.05.2012) 1.84

52-Week Low (18.04.2013) 0.56

Daily Volume

0.62

52-Week High % Change -66.30% Dividend Yield 0.00

52-Week Low % Change 11.71% Beta 1.52

% 52 Week Price Range High/Low 5.06% Equity Float 134.28

Shares Out 31.12.2012 135.5 Short Int 0.80

84.00 1 Yr Total Return -65.56%

Total Debt 0.00 YTD Return -50.40%

Preferred Stock 0.0 Adjusted BETA 1.521

Minority Interest (0.4) Analyst Recs 3

Cash and Equivalents 13.46 Consensus Rating 2.667

Enterprise Value 92.27

Average Volume 5 Day 89'422

RED AU EQUITY YTD Change - Average Volume 30 Day 279'226

RED AU EQUITY YTD % CHANGE - Average Volume 3 Month 305'705

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

- - - 0.0 4.3 - - 50.0 127.0 - -

- - - - 42.84x - - 1.75x 0.31x - -

(1.4) (1.5) (2.2) (5.2) (2.9) - - 14.8 78.1 - -

- - - - - - - 6.25x 1.18x - -

(0.6) (0.9) (0.4) (8.1) (1.7) - - (5.3) 39.7 - -

- - - - - - - - 2.07x - -

EBITDA -2.93 Long-Term Rating Date -

EBIT -3.46 Long-Term Rating -

Operating Margin -80.96% Long-Term Outlook -

Pretax Margin -39.34% Short-Term Rating Date -

Return on Assets -5.70% Short-Term Rating -

Return on Common Equity -6.67%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin 38.2% Total Debt/EBITDA -4.91

EBITDA Margin -29.5%

EBIT Margin -32.7% Total Debt/Equity 0.0%

Net Income Margin -40.8% Total Debt/Capital 0.0%

Asset Turnover 0.10

Current Ratio 2.36 Net Fixed Asset Turnover 0.28

Quick Ratio 1.34 Accounts receivable turnover-days 75.80

Debt to Assets 0.00% Inventory Days -

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -

Accounts Receivable Turnover 4.83 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Red 5 LtdPrice/Volume

Valuation Analysis

68'467.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 185: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

FRANKLIN RESOURCES n/a ULT-AGG 17'841'590 13.17 40'000 31.01.2013 Investment Advisor

BAKER STEEL GOLD FUN n/a Co File 11'095'633 8.19 - 24.09.2012 n/a

JP MORGAN n/a ULT-AGG 9'638'245 7.11 (1'034'479) 31.12.2012 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 9'206'232 6.79 - 29.04.2013 Investment Advisor

RUFFER LLP Multiple Portfolios MF-AGG 6'663'000 4.92 - 27.12.2012 Hedge Fund Manager

DEUTSCHE BANK AG n/a EXCH 3'958'183 2.92 (3'160'399) 24.06.2011 Investment Advisor

GAMCO n/a ULT-AGG 2'208'823 1.63 - 31.12.2012 Unclassified

FMR LLC n/a ULT-AGG 1'326'000 0.98 - 31.03.2013 Investment Advisor

EDWARDS GREGORY CHAR n/a Co File 1'065'111 0.79 - 15.11.2012 n/a

VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 679'951 0.5 - 30.09.2012 Investment Advisor

EIM CAPITAL MANAGERS Multiple Portfolios MF-AGG 301'926 0.22 (100'000) 30.11.2012 Investment Advisor

SPROTT INC Multiple Portfolios MF-AGG 260'849 0.19 (2'137'799) 31.12.2012 Hedge Fund Manager

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 53'740 0.04 - 31.01.2013 Investment Advisor

SCANLAN GARY FRANCIS n/a EXCH 50'000 0.04 - 31.12.2012 n/a

MOBILIA JOE n/a Co File 44'958 0.03 - 30.06.2012 n/a

BLACKROCK n/a ULT-AGG 41'803 0.03 - 26.04.2013 Investment Advisor

MILAZZO MARK FRANCIS n/a Co File 25'000 0.02 - 26.09.2012 n/a

JACKSON COLIN GEORGE n/a Co File 22'500 0.02 - 26.09.2012 n/a

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 17'274 0.01 - 31.01.2013 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 12'704 0.01 - 31.07.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Wilson HTM Investment Group CAMERON JUDD sell 1 M 1 Not Provided 17.04.2013

Canaccord Genuity Corp REG SPENCER speculative buy 4 M 1 Not Provided 15.04.2013

Evans & Partners Pty Ltd CATHY MOISES neutral 3 D #N/A N/A Not Provided 03.01.2013

Bell Potter CHRIS WHITEHEAD buy 5 M 3 12 month 01.03.2012

Casimir Capital JAMES CROSBY overweight 5 M 3 12 month 06.02.2012

Holdings By:

Red 5 Ltd ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 186: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Lingbao Gold Company Ltd. mines and smelts gold. The Company produces gold

bullion, silver, copper products, and sulphuric acid.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (02.05.2012) 3.99

52-Week Low (29.04.2013) 2.23

Daily Volume

2.29

52-Week High % Change -42.61% Dividend Yield 3.85

52-Week Low % Change 2.69% Beta 0.80

% 52 Week Price Range High/Low 1.14% Equity Float 297.27

Shares Out 31.12.2012 297.3 Short Int -

1'771.94 1 Yr Total Return -38.57%

Total Debt 4'216.29 YTD Return -27.53%

Preferred Stock 0.0 Adjusted BETA 0.796

Minority Interest 46.7 Analyst Recs 4

Cash and Equivalents 267.94 Consensus Rating 2.500

Enterprise Value 5'402.75

Average Volume 5 Day 744'800

3330 HK EQUITY YTD Change - Average Volume 30 Day 499'234

3330 HK EQUITY YTD % CHANGE - Average Volume 3 Month 541'238

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4

3'559.1 3'961.7 4'834.6 5'720.8 6'393.3 0.0 0.0 6'921.5 6'595.0 - -

0.72x 0.99x 1.40x 0.83x 0.93x #DIV/0! #DIV/0! 0.71x 0.74x - -

354.4 738.8 777.4 824.5 739.3 0.0 0.0 754.0 811.0 - -

7.26x 5.29x 8.71x 5.75x 8.05x 0.00x 0.00x 7.17x 6.66x - -

115.6 118.0 266.5 310.6 165.3 0.0 0.0 140.0 141.0 - -

11.63x 17.38x 16.59x 5.74x 12.10x 0.00x 0.00x 10.11x 9.83x - -

EBITDA 739.33 Long-Term Rating Date -

EBIT 469.78 Long-Term Rating -

Operating Margin 7.35% Long-Term Outlook -

Pretax Margin 3.51% Short-Term Rating Date -

Return on Assets 2.28% Short-Term Rating -

Return on Common Equity 7.05%

Return on Capital 5.53% EBITDA/Interest Exp. 3.06

Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 2.68

Net Debt/EBITDA 5.33

Gross Margin 12.6% Total Debt/EBITDA 5.70

EBITDA Margin 11.6%

EBIT Margin 7.3% Total Debt/Equity 176.6%

Net Income Margin 2.6% Total Debt/Capital 63.4%

Asset Turnover 0.88

Current Ratio 1.10 Net Fixed Asset Turnover 2.55

Quick Ratio 0.20 Accounts receivable turnover-days 27.06

Debt to Assets 53.24% Inventory Days 173.83

Tot Debt to Common Equity 176.56% Accounts Payable Turnover Day 26.52

Accounts Receivable Turnover 13.52 Cash Conversion Cycle 174.37

Inventory Turnover 2.11

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Lingbao Gold Co LtdPrice/Volume

Valuation Analysis

396'910.00

Current Price (4/dd/yy) Market Data

'

-

-

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.

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1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 187: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

BANK OF NEW YORK MEL n/a EXCH 27'842'000 9.37 - 20.03.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 23'808'000 8.01 (120'000) 29.04.2013 Investment Advisor

VALUE PARTNERS GROUP n/a ULT-AGG 14'844'000 4.99 - 02.06.2011 Corporation

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 6'712'000 2.26 - 31.07.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 2'242'000 0.75 - 26.04.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'608'558 0.54 (136'000) 31.12.2012 Investment Advisor

MACQUARIE GROUP n/a ULT-AGG 1'310'000 0.44 (580'000) 30.06.2011 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 736'000 0.25 - 31.01.2013 Investment Advisor

SCHOELLERBANK INVEST Multiple Portfolios MF-AGG 230'000 0.08 30'000 28.03.2013 Investment Advisor

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 190'000 0.06 - 31.01.2013 Investment Advisor

OPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 160'000 0.05 - 31.01.2013 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 122'000 0.04 - 31.03.2013 Investment Advisor

NOMURA INTERNATIONAL Multiple Portfolios MF-AGG 68'000 0.02 - 31.03.2012 Investment Advisor

GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 58'910 0.02 - 26.04.2013 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 54'000 0.02 - 31.01.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Guotai Junan KEVIN GUO neutral 3 M 2 Not Provided 22.04.2013

Credit Suisse OWEN LIANG underperform 1 D 2 Not Provided 09.04.2013

EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 02.04.2013

BOCOM International Holdings RONGJIN LUO long-term buy 5 M 7 12 month 13.07.2012

First Shanghai Securities Ltd ZHANG ZHIBIN buy 5 N 6 12 month 28.03.2012

Holdings By:

Lingbao Gold Co Ltd ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 188: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

International Tower Hill Mines Ltd. acquires, explores, and evaluates mineral

properties. The Company currently possesses an expanding portfolio of Alaskan

and Nevada based gold and base metal exploration projects.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (01.05.2012) 4.16

52-Week Low (24.04.2013) 0.88

Daily Volume

1.01

52-Week High % Change -75.96% Dividend Yield -

52-Week Low % Change 14.77% Beta 1.09

% 52 Week Price Range High/Low 3.35% Equity Float 85.66

Shares Out 22.04.2013 98.1 Short Int 0.37

99.05 1 Yr Total Return -73.70%

Total Debt 0.00 YTD Return -53.46%

Preferred Stock 0.0 Adjusted BETA 1.091

Minority Interest 0.0 Analyst Recs 3

Cash and Equivalents 30.35 Consensus Rating 2.667

Enterprise Value 69.56

Average Volume 5 Day 251'049

THM US EQUITY YTD Change - Average Volume 30 Day 252'193

THM US EQUITY YTD % CHANGE - Average Volume 3 Month 248'041

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 05/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - -

- - - - - #DIV/0! #DIV/0! #DIV/0! #DIV/0! - -

(3.2) (7.3) (12.1) (9.9) (55.5) (9.9) (55.5) (17.2) (19.3) - -

- - - - - 0.00x 0.00x - - - -

(2.4) (9.8) (17.9) (10.2) (56.6) (10.2) (56.6) (13.2) (14.6) - -

- - - - - 0.00x 0.00x - - - -

EBITDA -55.52 Long-Term Rating Date -

EBIT -55.55 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -

Return on Assets -40.55% Short-Term Rating -

Return on Common Equity -45.46%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA 0.00

EBITDA Margin -

EBIT Margin - Total Debt/Equity 0.0%

Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover 0.00

Current Ratio 8.39 Net Fixed Asset Turnover 0.00

Quick Ratio 8.17 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 0.00 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

International Tower Hill Mines LtdPrice/Volume

Valuation Analysis

30'850.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

'--..00112

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!2 F

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-!2 F

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.!2 F

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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'!1'

'!3'

'!5'

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 189: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 17'207'269 17.55 37'800 31.03.2013 Hedge Fund Manager

ANGLOGOLD ASHANTI LT n/a SEDI 11'073'323 11.29 - 07.08.2012 Holding Company

PAULSON & CO PAULSON & CO 13F 8'949'654 9.13 - 31.12.2012 Hedge Fund Manager

VAN ECK ASSOCIATES C n/a ULT-AGG 6'413'116 6.54 277'201 29.04.2013 Investment Advisor

TEXAS TEACHER RETIRE TEACHER RETIREMENT S 13F 2'099'836 2.14 - 31.12.2012 Pension Fund (ERISA)

WEISS ASSET MANAGEME WEISS ASSET MANAGEME 13F 1'926'411 1.96 (1'923'077) 31.12.2012 Hedge Fund Manager

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 1'014'000 1.03 - 31.03.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 900'425 0.92 34'847 31.12.2012 Investment Advisor

FALCON FUND MANAGEME Multiple Portfolios MF-AGG 607'000 0.62 - 28.02.2013 Investment Advisor

FMR LLC n/a ULT-AGG 546'700 0.56 - 31.03.2013 Investment Advisor

DRESCHER ANTON J n/a SEDI 489'218 0.5 (50'000) 21.12.2012 n/a

PONTIUS JEFFREY A n/a SEDI 383'566 0.39 (195'600) 07.01.2013 n/a

VANGUARD GROUP INC Multiple Portfolios MF-AGG 345'617 0.35 - 31.03.2013 Investment Advisor

UNIVERSAL INS HOLDIN n/a ULT-AGG 345'555 0.35 114'825 31.12.2012 Insurance Company

CARRIERE DANIEL A n/a SEDI 294'735 0.3 - 22.11.2011 n/a

TECHNICAL FINANCIAL TFS CAPITAL LLC 13F 266'450 0.27 (71'809) 31.12.2012 Investment Advisor

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 241'109 0.25 110'867 31.12.2012 Investment Advisor

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 233'600 0.24 106'100 31.12.2012 Hedge Fund Manager

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 220'000 0.22 - 31.12.2012 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 208'228 0.21 (224'772) 28.02.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Credit Suisse ANITA SONI underperform 1 M 1 Not Provided 22.04.2013

BMO Capital Markets JOHN P HAYES Speculative Underperform 2 D #N/A N/A Not Provided 14.04.2013

Cowen Securities LLC ADAM P GRAF buy 5 M 8 Not Provided 09.04.2013

Salman Partners DAVID WEST Under Review #N/A N/A M #N/A N/A Not Provided 08.11.2012

Holdings By:

International Tower Hill Mines Ltd ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 190: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Saracen Mineral Holdings Ltd. explores for and produces gold. The Company

produces gold from its Carosue Dam mine located notheast of Kalgoorlie, Western

Australia.

Latest Fiscal Year: 06/2012

LTM as of: 01/yy

52-Week High (01.05.2012) 0.62

52-Week Low (24.04.2013) 0.14

Daily Volume

0.145

52-Week High % Change -76.61% Dividend Yield 0.00

52-Week Low % Change 3.57% Beta 1.13

% 52 Week Price Range High/Low 0.00% Equity Float 532.79

Shares Out 06.02.2013 595.3 Short Int 7.70

86.31 1 Yr Total Return -75.00%

Total Debt 3.06 YTD Return -61.84%

Preferred Stock 0.0 Adjusted BETA 1.134

Minority Interest 0.0 Analyst Recs 7

Cash and Equivalents 20.31 Consensus Rating 3.714

Enterprise Value 93.89

Average Volume 5 Day 13'721'500

SAR AU EQUITY YTD Change - Average Volume 30 Day 7'299'250

SAR AU EQUITY YTD % CHANGE - Average Volume 3 Month 5'399'178

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

0.0 - 31.4 155.7 183.8 - - 211.2 238.7 - -

- - 5.26x 1.58x 1.70x - - 0.49x 0.33x - -

(1.9) (9.5) 14.7 59.5 63.1 - - 61.6 83.3 - -

- - 11.26x 4.15x 4.96x - - 1.53x 1.13x - -

(1.8) (10.0) (25.4) 47.7 18.7 - - 16.6 35.7 - -

- - - 5.49x 16.82x - - 4.26x 2.13x - -

EBITDA 63.08 Long-Term Rating Date -

EBIT 36.49 Long-Term Rating -

Operating Margin 19.86% Long-Term Outlook -

Pretax Margin 14.53% Short-Term Rating Date -

Return on Assets -5.47% Short-Term Rating -

Return on Common Equity -7.16%

Return on Capital - EBITDA/Interest Exp. 492.83

Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. -271.65

Net Debt/EBITDA 0.15

Gross Margin - Total Debt/EBITDA 0.28

EBITDA Margin 27.8%

EBIT Margin 7.1% Total Debt/Equity 1.5%

Net Income Margin 10.2% Total Debt/Capital 1.4%

Asset Turnover 0.74

Current Ratio 3.39 Net Fixed Asset Turnover 1.33

Quick Ratio 0.96 Accounts receivable turnover-days 9.82

Debt to Assets 1.21% Inventory Days -

Tot Debt to Common Equity 1.47% Accounts Payable Turnover Day -

Accounts Receivable Turnover 37.26 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Saracen Mineral Holdings LtdPrice/Volume

Valuation Analysis

15'969'121.00

Current Price (4/dd/yy) Market Data

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 191: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

VAN ECK ASSOCIATES C n/a ULT-AGG 42'407'248 7.12 6'250'328 29.04.2013 Investment Advisor

RENAISSANCE SMALL CO n/a EXCH 37'893'341 6.37 7'527'707 27.03.2013 Other

VINVA INVESTMENT MGM n/a EXCH 30'177'676 5.07 662'238 18.03.2013 Investment Advisor

COMMONWEALTH BANK OF n/a EXCH 29'318'248 4.93 (1'361'474) 08.03.2012 Bank

SPROTT INC n/a EXCH 28'800'451 4.84 (841'000) 27.01.2012 Hedge Fund Manager

ARVE CHARLES n/a EXCH 28'685'450 4.82 (320'000) 19.07.2011 n/a

JCP INVESTMENT PARTN n/a EXCH 26'084'770 4.38 (5'314'150) 09.02.2012 Investment Advisor

BANK OF AMERICA CORP n/a EXCH 22'796'021 3.83 (2'168'808) 04.05.2011 Investment Advisor

STALTARI GUIDO n/a Co File 14'407'252 2.42 - 31.08.2012 n/a

CF RUFFER BAKER STEE n/a EXCH 14'000'000 2.35 (4'949'162) 26.05.2011 n/a

JP MORGAN n/a ULT-AGG 12'874'879 2.16 - 31.12.2012 Investment Advisor

GAMCO n/a ULT-AGG 6'500'000 1.09 4'500'000 31.12.2012 Unclassified

UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 5'000'000 0.84 - 30.06.2012 Investment Advisor

FMR LLC n/a ULT-AGG 4'816'787 0.81 1'824'299 31.03.2013 Investment Advisor

GENUS DYNAMIC GOLD F n/a EXCH 4'100'000 0.69 (1'739'000) 26.05.2011 n/a

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'267'666 0.55 6'847 31.07.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'896'045 0.49 (43'038) 31.03.2013 Investment Advisor

VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'671'902 0.45 (20'201) 30.09.2012 Investment Advisor

VON DER HEYDT KERSTE Multiple Portfolios MF-AGG 1'100'000 0.18 - 28.12.2012 Investment Advisor

SNS INVESTMENT FUND Multiple Portfolios MF-AGG 1'043'794 0.18 335 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Canaccord Genuity Corp REG SPENCER hold 3 D 0 12 month 24.04.2013

Ord Minnett DAVID BRENNAN buy 5 M 0 Not Provided 19.04.2013

Argonaut Securities Pty Ltd TROY IRVIN buy 5 M 0 Not Provided 19.04.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 16.04.2013

RBS Morgans JAMES WILSON outperform 5 N 1 12 month 27.11.2012

Evans & Partners Pty Ltd CATHY MOISES Positive 4 U #N/A N/A Not Provided 27.09.2012

Holdings By:

Saracen Mineral Holdings Ltd ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 192: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Exeter Resource Corporation explores for, evaluates, and develops mineral

deposits in South America. The Company's focus is on gold exploration in

Argentina and Chile.

Latest Fiscal Year: 12/2011

LTM as of: 12/yy

52-Week High (01.05.2012) 2.62

52-Week Low (23.04.2013) 0.85

Daily Volume

0.91

52-Week High % Change -65.73% Dividend Yield 0.00

52-Week Low % Change 7.06% Beta 0.78

% 52 Week Price Range High/Low 3.95% Equity Float 82.23

Shares Out 28.03.2013 88.4 Short Int 0.53

80.45 1 Yr Total Return -62.08%

Total Debt 0.00 YTD Return -24.79%

Preferred Stock 0.0 Adjusted BETA 0.777

Minority Interest 0.0 Analyst Recs 4

Cash and Equivalents 55.52 Consensus Rating 2.750

Enterprise Value 24.93

Average Volume 5 Day 118'094

XRA US EQUITY YTD Change - Average Volume 30 Day 177'438

XRA US EQUITY YTD % CHANGE - Average Volume 3 Month 206'128

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(27.4) (27.6) (29.9) (31.8) (26.0) (31.8) (25.9) (11.7) (11.5) - -

- - - - - 0.00x 0.00x - - - -

(27.0) (27.3) 83.8 (30.9) (25.2) (31.0) (25.2) (11.7) (11.5) - -

- - - - - 0.00x 0.00x - - - -

EBITDA -25.97 Long-Term Rating Date -

EBIT -26.09 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -

Return on Assets -39.05% Short-Term Rating -

Return on Common Equity -39.92%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA 0.00

EBITDA Margin -

EBIT Margin - Total Debt/Equity 0.0%

Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover 0.00

Current Ratio 60.65 Net Fixed Asset Turnover 0.00

Quick Ratio 60.55 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

Exeter Resource CorpPrice/Volume

Valuation Analysis

15'740.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 193: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

VAN ECK ASSOCIATES C n/a ULT-AGG 5'857'880 6.63 (694'273) 29.04.2013 Investment Advisor

GEOLOGIC RESOURCE PA GEOLOGIC RESOURCE PA 13F 3'050'700 3.45 1'012'800 31.12.2012 Hedge Fund Manager

ROWEN COMPANY LTD n/a SEDI 2'600'000 2.94 100'000 09.02.2012 Corporation

SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 2'445'758 2.77 381'741 31.12.2012 Hedge Fund Manager

TSP CAPITAL MANAGEME TSP CAPITAL MANAGEME 13F 2'413'000 2.73 691'500 31.12.2012 Investment Advisor

POLYGON MANAGEMENT L POLYGON MANAGEMENT L 13F 2'062'713 2.33 2'062'713 31.12.2012 Investment Advisor

SIMPSON YALE R n/a SEDI 1'709'350 1.93 13'600 26.12.2012 n/a

SPROTT INC SPROTT INC 13F 1'643'300 1.86 (1'684'900) 31.03.2013 Hedge Fund Manager

LIBRA ADVISORS LLC LIBRA ADVISORS LLC 13F 1'546'988 1.75 (186'800) 31.12.2012 Hedge Fund Manager

ROXBURGH BRYCE G n/a SEDI 1'409'450 1.59 - 02.05.2011 n/a

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 807'700 0.91 305'300 31.12.2012 Hedge Fund Manager

WELLS FARGO n/a ULT-AGG 785'000 0.89 - 28.02.2013 Investment Advisor

LOEWS CORPORATION LOEWS CORPORATION 13F 642'545 0.73 - 31.12.2012 Corporation

UNIVERSAL INS HOLDIN n/a ULT-AGG 537'725 0.61 329'447 31.12.2012 Insurance Company

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 530'200 0.6 530'200 31.03.2013 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 500'000 0.57 - 31.12.2012 Investment Advisor

OPPENHEIMER & CO INC OPPENHEIMER & CO INC 13F 402'861 0.46 (739) 31.12.2012 Hedge Fund Manager

TECHNICAL FINANCIAL TFS CAPITAL LLC 13F 395'202 0.45 (90'298) 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 272'400 0.31 100 31.03.2013 Investment Advisor

PERKINS SIMON RICHAR n/a SEDI 270'652 0.31 77'000 02.02.2011 n/a

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

TD Securities DANIEL EARLE speculative buy 4 M 1 12 month 23.04.2013

Salman Partners DAVID WEST speculative buy 4 M 8 Not Provided 17.04.2013

BMO Capital Markets JOHN P HAYES Speculative Underperform 2 D #N/A N/A Not Provided 14.04.2013

Mine2Capital Inc ALKA SINGH sell 1 M 1 Not Provided 04.02.2013

Holdings By:

Exeter Resource Corp ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 194: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Richmont Mines, Inc. is a Canadian gold mining company. The Company owns and

operates the Francoeur, Beaufor and East Amphi mines located in Quebec, the

Nugget Pond and Hammerdown mines in Newfoundland, and the Island Gold Mine in

Ontario.

Latest Fiscal Year: 12/2008

LTM as of: 12/yy

52-Week High (01.05.2012) 7.38

52-Week Low (17.04.2013) 1.80

Daily Volume

2.06

52-Week High % Change -72.12% Dividend Yield 0.00

52-Week Low % Change 14.44% Beta 1.20

% 52 Week Price Range High/Low 4.12% Equity Float 33.26

Shares Out 28.03.2013 39.6 Short Int 0.60

81.57 1 Yr Total Return -70.49%

Total Debt 1.63 YTD Return -31.56%

Preferred Stock 0.0 Adjusted BETA 1.204

Minority Interest 0.0 Analyst Recs 3

Cash and Equivalents 59.84 Consensus Rating 4.333

Enterprise Value 24.07

Average Volume 5 Day 113'017

RIC US EQUITY YTD Change - Average Volume 30 Day 127'476

RIC US EQUITY YTD % CHANGE - Average Volume 3 Month 139'416

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

70.6 71.9 90.5 118.6 101.7 118.5 104.3 111.0 135.0 - -

0.43x 1.15x 1.31x 2.51x 0.59x 7.75x 4.73x - - - -

9.8 6.9 19.7 40.5 8.2 40.5 7.9 - - - -

3.07x 11.99x 5.99x 7.36x 7.34x 7.36x 7.62x - - - -

1.6 0.3 9.3 25.9 (45.0) 25.9 (45.0) 8.0 17.0 - -

29.71x - 16.48x 14.78x - 14.99x 0.00x 7.29x 4.89x 2.70x -

EBITDA 8.18 Long-Term Rating Date -

EBIT -2.59 Long-Term Rating -

Operating Margin -2.54% Long-Term Outlook -

Pretax Margin -2.56% Short-Term Rating Date -

Return on Assets -28.47% Short-Term Rating -

Return on Common Equity -35.66%

Return on Capital - EBITDA/Interest Exp. 12.48

Asset Turnover 0.66% (EBITDA-Capex)/Interest Exp. -45.23

Net Debt/EBITDA -7.38

Gross Margin 27.5% Total Debt/EBITDA 0.21

EBITDA Margin 7.6%

EBIT Margin -2.8% Total Debt/Equity 1.4%

Net Income Margin -44.2% Total Debt/Capital 1.4%

Asset Turnover 0.66

Current Ratio 3.63 Net Fixed Asset Turnover 1.46

Quick Ratio 3.04 Accounts receivable turnover-days 10.50

Debt to Assets 1.10% Inventory Days 36.58

Tot Debt to Common Equity 1.38% Accounts Payable Turnover Day 69.77

Accounts Receivable Turnover 34.87 Cash Conversion Cycle -23.79

Inventory Turnover 10.00

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Richmont Mines IncPrice/Volume

Valuation Analysis

19'661.00

Current Price (4/dd/yy) Market Data

'

-

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 195: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

OXBRIDGE BANK & TRUS n/a PROXY 5'016'363 12.67 - 28.03.2013 Investment Advisor

RESOLUTE FUNDS LTD n/a 13G 3'617'600 9.14 487'600 28.01.2013 Investment Advisor

CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 2'730'000 6.89 - 31.12.2012 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 2'645'068 6.68 159'157 29.04.2013 Investment Advisor

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 2'060'300 5.2 (198'400) 31.12.2012 Hedge Fund Manager

WEISS ASSET MANAGEME n/a 13G 1'968'700 4.97 (31'300) 29.01.2013 Hedge Fund Manager

CHAMANDY H GREGORY n/a SEDI 995'509 2.51 14 11.01.2012 n/a

FIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 710'095 1.79 420'295 31.03.2013 Investment Advisor

PARADIGM CAPITAL MAN PARADIGM CAPITAL MAN 13F 675'305 1.71 2'325 31.03.2013 Investment Advisor

SPROTT INC SPROTT INC 13F 549'500 1.39 (96'000) 31.03.2013 Hedge Fund Manager

CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 416'816 1.05 415'383 31.03.2013 Investment Advisor

TECHNICAL FINANCIAL TFS CAPITAL LLC 13F 318'842 0.81 17'183 31.12.2012 Investment Advisor

US GLOBAL INVESTORS US GLOBAL INVESTORS 13F 260'000 0.66 - 31.12.2012 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 185'200 0.47 (194'200) 31.12.2012 Pension Fund (ERISA)

FMR LLC n/a ULT-AGG 145'300 0.37 115'300 31.03.2013 Investment Advisor

CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 137'000 0.35 (33'700) 31.12.2012 Investment Advisor

BOGLE INVESTMENT MAN BOGLE INVESTMENT MAN 13F 120'105 0.3 (112'503) 31.12.2012 Hedge Fund Manager

HOULE REJEAN n/a SEDI 76'500 0.19 - 09.03.2012 n/a

CARMEL PAUL R n/a SEDI 63'000 0.16 10'000 11.03.2013 n/a

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 60'900 0.15 (862'865) 31.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Desjardins Securities ADAM MELNYK buy 5 M 5 12 month 12.04.2013

CIBC World Markets KEVIN CHIEW sector perform 3 M 4 Not Provided 11.04.2013

Casimir Capital ERIC ALLISON overweight 5 M 5 12 month 04.12.2012

Holdings By:

Richmont Mines Inc ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 196: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Ramelius Resources Limited is a gold exploration and production company with

exploration activities focused in Western Australia. The Company also explores

for base metals.

Latest Fiscal Year: 06/2012

LTM as of: 01/yy

52-Week High (30.04.2012) 0.81

52-Week Low (30.04.2013) 0.20

Daily Volume

0.2

52-Week High % Change -75.31% Dividend Yield 0.00

52-Week Low % Change 0.00% Beta 0.93

% 52 Week Price Range High/Low 2.48% Equity Float 306.69

Shares Out 03.04.2013 337.6 Short Int 6.01

67.53 1 Yr Total Return -74.03%

Total Debt 4.24 YTD Return -54.55%

Preferred Stock 0.0 Adjusted BETA 0.933

Minority Interest 0.0 Analyst Recs 4

Cash and Equivalents 48.76 Consensus Rating 4.000

Enterprise Value 28.22

Average Volume 5 Day 890'064

RMS AU EQUITY YTD Change - Average Volume 30 Day 2'240'173

RMS AU EQUITY YTD % CHANGE - Average Volume 3 Month 2'025'984

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

14.9 19.9 61.3 148.1 84.3 - - 128.0 167.0 - -

6.95x - 0.81x 1.95x 1.40x - - 0.35x 0.02x - -

2.2 11.8 38.0 108.6 12.8 - - 25.2 54.4 - -

46.27x - 1.30x 2.66x 9.27x - - 1.12x 0.52x - -

0.6 5.0 20.2 62.4 2.3 - - 2.8 28.1 - -

191.25x 19.23x 5.93x 5.98x 66.44x - - 25.00x 2.35x - -

EBITDA 12.78 Long-Term Rating Date -

EBIT 1.64 Long-Term Rating -

Operating Margin 1.94% Long-Term Outlook -

Pretax Margin 5.19% Short-Term Rating Date -

Return on Assets -6.80% Short-Term Rating -

Return on Common Equity -9.34%

Return on Capital - EBITDA/Interest Exp. 6.84

Asset Turnover 0.40% (EBITDA-Capex)/Interest Exp. -31.59

Net Debt/EBITDA -

Gross Margin 32.6% Total Debt/EBITDA -0.36

EBITDA Margin -9.1%

EBIT Margin -19.7% Total Debt/Equity 2.1%

Net Income Margin 2.8% Total Debt/Capital 2.0%

Asset Turnover 0.40

Current Ratio 3.17 Net Fixed Asset Turnover 0.71

Quick Ratio 1.53 Accounts receivable turnover-days 20.11

Debt to Assets 1.49% Inventory Days 61.01

Tot Debt to Common Equity 2.09% Accounts Payable Turnover Day 65.93

Accounts Receivable Turnover 18.20 Cash Conversion Cycle 130.79

Inventory Turnover 6.00

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Ramelius Resources LtdPrice/Volume

Valuation Analysis

1'495'532.00

Current Price (4/dd/yy) Market Data

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40.0

60.0

80.0

100.0

120.0

140.0

160.0

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 197: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

SPROTT INC n/a EXCH 23'947'605 7.09 (5'818'592) 06.02.2013 Hedge Fund Manager

VAN ECK ASSOCIATES C n/a ULT-AGG 23'646'913 7 - 29.04.2013 Investment Advisor

PARADICE INVESTMENT n/a EXCH 15'269'179 4.52 (3'686'804) 16.04.2013 Investment Advisor

BEACH ENERGY LTD n/a EXCH 14'053'269 4.16 (6'046'734) 21.06.2011 Corporation

MANDURANG PTY LTD n/a EXCH 6'442'856 1.91 - 27.02.2013 Other

NELSON REGINALD GEOR n/a Co File 5'331'984 1.58 - 27.08.2012 n/a

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'687'685 0.8 - 31.07.2012 Investment Advisor

MACQUARIE GROUP n/a ULT-AGG 2'510'025 0.74 (197'128) 31.08.2011 Investment Advisor

HOULDSWORTH JOSEPH F n/a EXCH 2'374'259 0.7 - 26.05.2011 n/a

VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 1'787'654 0.53 1'526 30.09.2012 Investment Advisor

KENNEDY ROBERT MICHA n/a EXCH 1'557'144 0.46 90'000 27.02.2013 n/a

SCHRODER INVESTMENT SCHRODER GLOBAL QUAN UT-UK 1'236'775 0.37 (17'722) 31.12.2012 Investment Advisor

GORDON IAN JAMES n/a EXCH 1'099'021 0.33 500'000 26.11.2012 n/a

FMR LLC n/a ULT-AGG 980'000 0.29 - 31.03.2013 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 608'253 0.18 - 28.03.2013 Investment Advisor

SCHRODER INVESTMENT SISF GLOBAL ACTIVE V MF-LUX 412'353 0.12 273'933 31.12.2012 Investment Advisor

SCHRODER INVESTMENT SCHRODER DIVERSIFIED UT-UK 389'960 0.12 - 28.09.2012 Investment Advisor

MERRICKS CAPITAL SPE n/a EXCH 279'000 0.08 - 28.07.2010 Other

VANGUARD GROUP INC Multiple Portfolios MF-AGG 180'600 0.05 (1'500'049) 31.12.2012 Investment Advisor

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 156'786 0.05 - 31.01.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Argonaut Securities Pty Ltd PATRICK CHANG buy 5 M 0 12 month 22.04.2013

Ord Minnett DAVID BRENNAN buy 5 M 0 Not Provided 17.04.2013

EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 05.09.2012

Casimir Capital ERIC ALLISON overweight 5 M 1 12 month 06.05.2012

Holdings By:

Ramelius Resources Ltd ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 198: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Golden Minerals Company is a mining company with a focus on exploration,

development, providing mining services, and growth through strategic business

transactions. The Company manages the San Cristobal silver and zinc mine in

Bolivia.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (01.05.2012) 7.53

52-Week Low (17.04.2013) 1.46

Daily Volume

1.8076

52-Week High % Change -75.96% Dividend Yield 0.00

52-Week Low % Change 23.81% Beta 1.68

% 52 Week Price Range High/Low 7.41% Equity Float 33.77

Shares Out 26.02.2013 43.3 Short Int 5.09

78.21 1 Yr Total Return -75.80%

Total Debt 0.00 YTD Return -60.62%

Preferred Stock 0.0 Adjusted BETA 1.682

Minority Interest 0.0 Analyst Recs 4

Cash and Equivalents 44.65 Consensus Rating 3.750

Enterprise Value 33.56

Average Volume 5 Day 474'950

AUMN US EQUITY YTD Change - Average Volume 30 Day 329'707

AUMN US EQUITY YTD % CHANGE - Average Volume 3 Month 377'698

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

419.5 12.4 11.2 1.8 26.1 1.8 26.1 36.1 55.8 7.3 7.7

- 1.87x 25.16x 86.44x 5.90x 418.31x 27.94x - - - -

25.0 (14.2) (32.0) (63.8) (34.7) (63.8) (34.7) (20.8) (5.0) (6.5) (6.2)

- - - - - 0.00x 0.00x - - - -

(118.2) 211.3 (33.3) (62.7) (92.0) (62.7) (92.0) (29.0) (20.7) (7.7) (7.5)

- 1.31x - - - 0.00x 0.00x - - - -

EBITDA -34.71 Long-Term Rating Date -

EBIT -44.73 Long-Term Rating -

Operating Margin -171.46% Long-Term Outlook -

Pretax Margin -383.50% Short-Term Rating Date -

Return on Assets -24.18% Short-Term Rating -

Return on Common Equity -29.54%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin -66.3% Total Debt/EBITDA 0.00

EBITDA Margin -133.1%

EBIT Margin -171.5% Total Debt/Equity 0.0%

Net Income Margin -352.8% Total Debt/Capital 0.0%

Asset Turnover 0.07

Current Ratio 4.12 Net Fixed Asset Turnover 0.09

Quick Ratio 3.45 Accounts receivable turnover-days 18.30

Debt to Assets 0.00% Inventory Days 36.70

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 63.13

Accounts Receivable Turnover 20.00 Cash Conversion Cycle -8.14

Inventory Turnover 9.97

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Golden Minerals CoPrice/Volume

Valuation Analysis

48'415.00

Current Price (4/dd/yy) Market Data

'

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 199: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

SENTIENT GLB RES IV n/a Form 4 4'483'944 10.36 1'365'794 19.09.2012 Other

SENTIENT GLB FND III n/a 13D 3'582'746 8.28 - 19.09.2012 n/a

VAN ECK ASSOCIATES C n/a ULT-AGG 2'392'464 5.53 715'584 29.04.2013 Investment Advisor

GILDER GAGNON HOWE GILDER GAGNON HOWE 13F 1'707'720 3.95 (185'445) 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 1'477'047 3.41 62'733 26.04.2013 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 1'065'344 2.46 (449'632) 31.03.2013 Investment Advisor

SENTRY SELECT CAPITA Multiple Portfolios MF-AGG 706'350 1.63 - 30.06.2012 Investment Advisor

CLEVENGER JEFFREY G n/a Form 4 540'756 1.25 285'700 14.12.2012 n/a

SPROTT INC SPROTT INC 13F 513'400 1.19 (48'900) 31.03.2013 Hedge Fund Manager

STATE STREET n/a ULT-AGG 494'651 1.14 (200) 31.03.2013 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 465'908 1.08 61'833 31.12.2012 Investment Advisor

GLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 448'749 1.04 193'061 31.12.2012 Investment Advisor

SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 410'887 0.95 (372'712) 31.12.2012 Investment Advisor

PEAK6 INVESTMENTS LP PEAK6 INVESTMENTS LP 13F 409'864 0.95 221'660 31.12.2012 Hedge Fund Manager

SGRF III PARALLEL I n/a 13D 357'044 0.83 - 19.09.2012 Other

SPOT TRADING LLC SPOT TRADING LLC 13F 301'696 0.7 164'191 31.12.2012 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 290'947 0.67 35'275 31.12.2012 Investment Advisor

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 223'748 0.52 (127'252) 28.09.2012 Investment Advisor

BPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 204'626 0.47 - 31.12.2012 Investment Advisor

GROUP ONE TRADING LP GROUP ONE TRADING LP 13F 204'198 0.47 97'999 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

TD Securities DANIEL EARLE reduce 2 M 1 12 month 23.04.2013

Canaccord Genuity Corp NICHOLAS CAMPBELL hold 3 M 4 12 month 16.04.2013

Stonegate Securities Inc MARCO RODRIGUEZ no rating system #N/A N/A N #N/A N/A Not Provided 10.04.2013

Cowen Securities LLC ADAM P GRAF buy 5 M 10 Not Provided 09.04.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 25.03.2013

Holdings By:

Golden Minerals Co ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 200: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

San Gold Corporation explores and develops mineral properties. The Company is

focusing on the development of its gold mine located in Manitoba, Canada.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (06.06.2012) 1.61

52-Week Low (17.04.2013) 0.16

Daily Volume

0.19

52-Week High % Change -87.89% Dividend Yield 0.00

52-Week Low % Change 18.75% Beta 1.43

% 52 Week Price Range High/Low 2.41% Equity Float 323.58

Shares Out 28.03.2013 335.2 Short Int 0.65

63.69 1 Yr Total Return -86.52%

Total Debt 3.12 YTD Return -75.32%

Preferred Stock 0.0 Adjusted BETA 1.433

Minority Interest 0.0 Analyst Recs 7

Cash and Equivalents 11.58 Consensus Rating 2.429

Enterprise Value 55.23

Average Volume 5 Day 1'762'097

SGR CN EQUITY YTD Change - Average Volume 30 Day 1'582'326

SGR CN EQUITY YTD % CHANGE - Average Volume 3 Month 2'725'203

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

8.7 27.8 58.0 114.1 142.1 114.1 142.1 130.5 169.5 - -

31.33x 34.61x 19.66x 5.05x 1.76x 25.74x 9.22x - - - -

(44.1) (29.7) (18.9) 12.5 35.9 12.5 35.9 35.3 48.2 - -

- - - 46.18x 6.96x 46.18x 6.96x 1.57x 1.15x - -

(33.4) (29.5) (24.6) (5.1) (13.2) (5.1) (13.2) (19.4) 6.3 - -

- - - - - 0.00x 0.00x - - - -

EBITDA 35.89 Long-Term Rating Date -

EBIT -12.41 Long-Term Rating -

Operating Margin -8.73% Long-Term Outlook -

Pretax Margin -12.29% Short-Term Rating Date -

Return on Assets -5.23% Short-Term Rating -

Return on Common Equity -5.91%

Return on Capital - EBITDA/Interest Exp. 91.77

Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. -106.87

Net Debt/EBITDA -0.24

Gross Margin 14.5% Total Debt/EBITDA 0.09

EBITDA Margin 25.2%

EBIT Margin -8.7% Total Debt/Equity 1.3%

Net Income Margin -9.3% Total Debt/Capital 1.3%

Asset Turnover 0.56

Current Ratio 1.46 Net Fixed Asset Turnover 0.72

Quick Ratio 0.86 Accounts receivable turnover-days 32.64

Debt to Assets 1.17% Inventory Days 43.94

Tot Debt to Common Equity 1.34% Accounts Payable Turnover Day 34.65

Accounts Receivable Turnover 11.21 Cash Conversion Cycle 41.93

Inventory Turnover 8.33

Fiscal Year Ended

San Gold CorpPrice/Volume

Valuation Analysis

157'500.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 201: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

GCIC LTD/CANADA n/a Co File 41'625'000 12.42 (1'406'400) 30.11.2012 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 26'287'480 7.84 (118'596) 29.04.2013 Investment Advisor

UNITED SERVICES AUTO Multiple Portfolios MF-AGG 13'600'000 4.06 3'200'000 30.11.2012 Investment Advisor

JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 12'158'575 3.63 3'980'808 28.02.2013 Investment Advisor

SPROTT INC Multiple Portfolios MF-AGG 9'190'700 2.74 20'500 31.12.2012 Hedge Fund Manager

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 9'041'600 2.7 - 31.01.2013 Investment Advisor

WYNNE HUGH n/a SEDI 8'160'002 2.43 300'000 24.05.2011 n/a

FRANKLIN RESOURCES n/a ULT-AGG 8'001'200 2.39 45'000 31.01.2013 Investment Advisor

MANULIFE ASSET MANAG Multiple Portfolios MF-AGG 5'856'803 1.75 368'089 31.01.2013 Investment Advisor

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 3'188'303 0.95 - 28.09.2012 Investment Advisor

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'875'000 0.56 (193'600) 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 1'866'900 0.56 (140'000) 31.03.2013 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 1'600'000 0.48 - 28.02.2013 Investment Advisor

SCOTIA ASSET MANAGEM Multiple Portfolios MF-AGG 1'600'000 0.48 (300'000) 28.02.2013 Investment Advisor

BHR FUND ADVISORS LP Multiple Portfolios MF-AGG 1'400'000 0.42 (40'000) 31.01.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'378'186 0.41 - 31.03.2013 Investment Advisor

GINN DALE n/a SEDI 1'336'140 0.4 30'000 21.06.2012 n/a

SHARE SICAV Multiple Portfolios MF-AGG 1'306'600 0.39 176'300 31.12.2012 Investment Advisor

FORUM INVESTMENT ADV Multiple Portfolios MF-AGG 1'214'755 0.36 796'340 31.12.2012 Investment Advisor

HUBERT BENJAMIN ARTH n/a SEDI 1'181'200 0.35 (50'000) 03.05.2011 n/a

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

BMO Capital Markets BRIAN QUAST underperform 1 M 0 Not Provided 24.04.2013

TD Securities DANIEL EARLE hold 3 M 0 12 month 23.04.2013

Stonecap Securities Inc CHRISTOS DOULIS underperform 1 M 0 12 month 22.04.2013

Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 0 12 month 19.04.2013

CIBC World Markets COSMOS CHIU sector underperform 1 M 1 Not Provided 17.04.2013

National Bank Financial PAOLO LOSTRITTO Under Review #N/A N/A M #N/A N/A Not Provided 17.04.2013

Cowen Securities LLC ADAM P GRAF hold 3 M #N/A N/A Not Provided 09.04.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 13.02.2013

Raymond James FORBES GEMMELL Under Review #N/A N/A M #N/A N/A Not Provided 05.02.2013

Holdings By:

San Gold Corp ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 202: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Orezone Gold Corporation is a gold exploration and development company. The

Company is focused on the discovery and development of gold deposits in West

Africa. Orezone Gold's current focus is projects in Burkina Faso.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (20.09.2012) 2.47

52-Week Low (25.04.2013) 0.67

Daily Volume

0.74

52-Week High % Change -70.04% Dividend Yield 0.00

52-Week Low % Change 10.45% Beta 1.23

% 52 Week Price Range High/Low 3.89% Equity Float 80.61

Shares Out 28.03.2013 85.7 Short Int 0.34

63.41 1 Yr Total Return -56.73%

Total Debt 0.00 YTD Return -56.47%

Preferred Stock 0.0 Adjusted BETA 1.227

Minority Interest 0.0 Analyst Recs 9

Cash and Equivalents 16.83 Consensus Rating 4.333

Enterprise Value 46.03

Average Volume 5 Day 1'509'000

ORE CN EQUITY YTD Change - Average Volume 30 Day 357'094

ORE CN EQUITY YTD % CHANGE - Average Volume 3 Month 255'307

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(3.2) (2.0) (8.4) (31.6) (28.5) (31.6) (28.5) (16.8) 12.7 - -

- - - - - 0.00x 0.00x - 3.62x - -

(12.8) (1.8) (8.9) (30.3) (4.8) (30.3) (4.8) (15.7) (12.2) - -

- - - - - 0.00x 0.00x - - - -

EBITDA -28.53 Long-Term Rating Date -

EBIT -29.71 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -

Return on Assets -13.42% Short-Term Rating -

Return on Common Equity -14.02%

Return on Capital - EBITDA/Interest Exp. -1875.44

Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -1968.91

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA 0.00

EBITDA Margin -

EBIT Margin - Total Debt/Equity 0.0%

Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover 0.00

Current Ratio 9.69 Net Fixed Asset Turnover -

Quick Ratio 8.98 Accounts receivable turnover-days -

Debt to Assets 0.00% Inventory Days -

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 4771.61

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover 0.00

Fiscal Year Ended

Orezone Gold CorpPrice/Volume

Valuation Analysis

31'137.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 203: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

SUN VALLEY GOLD LLC n/a SEDI 12'024'600 14.03 3'654'500 13.07.2012 Hedge Fund Manager

VAN ECK ASSOCIATES C n/a ULT-AGG 11'225'518 13.1 - 29.04.2013 Investment Advisor

PASSPORT CAPITAL LLC n/a Co File 7'183'500 8.38 (1'894'100) 31.12.2011 Hedge Fund Manager

JP MORGAN n/a ULT-AGG 6'459'738 7.54 - 31.12.2012 Investment Advisor

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 3'425'087 4 31'400 31.03.2013 Hedge Fund Manager

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 3'307'970 3.86 - 30.09.2012 Hedge Fund Manager

BEUTEL GOODMAN & COM Multiple Portfolios MF-AGG 2'117'000 2.47 - 28.02.2013 Investment Advisor

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 1'926'187 2.25 (18) 28.09.2012 Investment Advisor

LITTLE RONALD n/a SEDI 1'840'639 2.15 6'178 26.04.2012 n/a

HALVORSON MICHAEL n/a SEDI 1'431'798 1.67 50'000 10.05.2012 n/a

FIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 1'121'600 1.31 - 30.11.2012 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 993'762 1.16 - 28.02.2013 Investment Advisor

AGF INVESTMENTS INC Multiple Portfolios MF-AGG 987'425 1.15 (12'600) 28.09.2012 Investment Advisor

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 899'800 1.05 - 31.01.2013 Investment Advisor

QUANTEX AG Multiple Portfolios MF-AGG 890'000 1.04 (20'000) 29.03.2013 Investment Advisor

FALCON FUND MANAGEME Multiple Portfolios MF-AGG 739'625 0.86 - 28.02.2013 Investment Advisor

MARQUIS PASCAL n/a SEDI 658'519 0.77 27'270 17.02.2012 n/a

FMR LLC n/a ULT-AGG 372'100 0.43 - 31.03.2013 Investment Advisor

SMITH & WILLIAMSON H n/a ULT-AGG 360'319 0.42 - 28.02.2013 Investment Advisor

GCIC LTD/CANADA Multiple Portfolios MF-AGG 302'000 0.35 302'000 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

BMO Capital Markets ANDREW BREICHMANAS market perform 3 M 2 Not Provided 29.04.2013

Canaccord Genuity Corp NICHOLAS CAMPBELL speculative buy 4 M 2 Not Provided 29.04.2013

National Bank Financial PAOLO LOSTRITTO outperform 5 M 3 12 month 29.04.2013

Raymond James BRAD HUMPHREY outperform 5 M 2 12 month 24.04.2013

CIBC World Markets JEFF KILLEEN sector outperform 5 M 3 Not Provided 11.04.2013

Casimir Capital STUART MCDOUGALL speculative buy 4 M 3 12 month 09.04.2013

RBC Capital Markets JONATHAN GUY sector perform 3 M 1 12 month 28.03.2013

Desjardins Securities ADAM MELNYK buy 5 M 4 12 month 28.03.2013

GMP ANDREW MIKITCHOOK buy 5 M 3 12 month 28.03.2013

Holdings By:

Orezone Gold Corp ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 204: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Gran Colombia Gold Corp. is a mineral exploration and production company. The

Company is focused on gold and silver exploration and development in

Colombia. Gran Colombia has underground gold and silver mining operations in

Colombia.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (01.05.2012) 0.48

52-Week Low (15.04.2013) 0.15

Daily Volume

0.17

52-Week High % Change -64.58% Dividend Yield 0.00

52-Week Low % Change 13.33% Beta 1.56

% 52 Week Price Range High/Low 9.09% Equity Float 310.99

Shares Out 28.03.2013 382.0 Short Int 0.18

64.94 1 Yr Total Return -62.22%

Total Debt 188.45 YTD Return -52.78%

Preferred Stock 0.0 Adjusted BETA 1.556

Minority Interest 1.0 Analyst Recs 2

Cash and Equivalents 1.30 Consensus Rating 4.000

Enterprise Value 252.53

Average Volume 5 Day 581'726

GCM CN EQUITY YTD Change - Average Volume 30 Day 1'055'143

GCM CN EQUITY YTD % CHANGE - Average Volume 3 Month 857'060

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

0.0 0.0 0.0 137.7 168.2 137.7 168.2 174.0 211.0 - -

- - - 1.81x 1.94x 8.74x 5.87x 2.03x 2.44x - -

(0.2) (0.2) (0.2) 1.5 14.8 1.5 14.8 10.0 48.0 - -

- - - 164.64x 22.07x 164.64x 22.09x 25.25x 5.26x - -

(0.3) (0.3) (0.1) (37.0) (36.2) (37.0) (36.2) (22.0) 11.0 - -

- - - - - 0.00x 0.00x - 5.62x - -

EBITDA 14.79 Long-Term Rating Date -

EBIT -2.07 Long-Term Rating -

Operating Margin -1.23% Long-Term Outlook -

Pretax Margin -23.28% Short-Term Rating Date -

Return on Assets -5.19% Short-Term Rating -

Return on Common Equity -8.38%

Return on Capital - EBITDA/Interest Exp. 1.68

Asset Turnover 0.24% (EBITDA-Capex)/Interest Exp. -4.04

Net Debt/EBITDA 12.67

Gross Margin 10.8% Total Debt/EBITDA 12.75

EBITDA Margin 8.8%

EBIT Margin -1.2% Total Debt/Equity 44.3%

Net Income Margin -21.5% Total Debt/Capital 30.7%

Asset Turnover 0.24

Current Ratio 1.39 Net Fixed Asset Turnover 0.30

Quick Ratio 0.28 Accounts receivable turnover-days 40.95

Debt to Assets 24.61% Inventory Days 47.00

Tot Debt to Common Equity 44.33% Accounts Payable Turnover Day 121.85

Accounts Receivable Turnover 8.94 Cash Conversion Cycle -33.90

Inventory Turnover 7.79

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Gran Colombia Gold CorpPrice/Volume

Valuation Analysis

302'940.00

Current Price (4/dd/yy) Market Data

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 205: Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry

30.04.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

US GLOBAL INVESTORS n/a PROXY 47'135'169 12.34 - 17.04.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 30'175'000 7.9 - 31.03.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 24'420'817 6.39 (110'040) 29.04.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 12'500'000 3.27 (826'700) 31.01.2013 Investment Advisor

ICE ROSE HOLDINGS n/a SEDI 8'150'000 2.13 99'000 25.09.2012 Holding Company

IACONO SERAFINO n/a SEDI 4'700'416 1.23 165'000 27.09.2012 n/a

LA CAMPA MIGUEL DE n/a SEDI 3'803'773 1 133'000 20.02.2013 n/a

FMR LLC n/a ULT-AGG 1'765'000 0.46 - 31.03.2013 Investment Advisor

TARIBO HOLDINGS n/a SEDI 1'284'500 0.34 23'500 28.01.2013 Holding Company

LOPEZ AUGUSTO n/a SEDI 1'090'250 0.29 586'500 12.09.2012 n/a

TOSCA ASSETS CORP n/a SEDI 1'000'000 0.26 - 30.08.2012 Other

ORINOQUIA BELT CA n/a SEDI 665'621 0.17 130'000 23.08.2012 Other

DAVIES MICHAEL MONIE n/a SEDI 591'873 0.15 20'000 21.08.2012 n/a

HOLLENCREST SECURITI HOLLENCREST SECURITI 13F 466'500 0.12 - 31.12.2012 Investment Advisor

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 439'086 0.11 - 31.12.2012 Investment Advisor

TORINO CONSULTANTS n/a SEDI 400'000 0.1 - 15.11.2010 Other

MARTINEZ TO HERNAN J n/a Co File 360'000 0.09 - 26.03.2013 n/a

VOLK PETER n/a SEDI 334'500 0.09 - 30.08.2012 n/a

PACHECO MARIO n/a Co File 325'000 0.09 - 26.03.2013 n/a

EAST DONALD n/a SEDI 258'000 0.07 60'000 06.02.2012 n/a

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

GMP GEORGE V ALBINO speculative buy 4 M 1 12 month 16.04.2013

Interbolsa SA GABRIEL BAYONA speculative buy 4 M 2 Not Provided 23.10.2012

Holdings By:

Gran Colombia Gold Corp ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |


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