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

7/28/2019 Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index Tracks

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Fundamental Analysis &Analyst RecommendationsQMS Gold Miners FlexIndex -The QMS Advisors' Gold Miners Flexible Index tracks

companies involved in the Gold Mining Industry.

July 2013

Q.M.S AdvisorsQ.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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Tr. 12M

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S&P 500 INDEX USD 14827808 2000.805 1118 1118 204 220 220 102.41 110.19 110.19 15.69 15.69 14.58 14.58 18.73

Euro Stoxx 50 Pr EUR 2548017 5339.84 4610 4610 738 771 771 205.58 300.90 300.90 21.67 17.15 14.81 14.81 20.37

NIKKEI 225 JPY 2653801 188.4611 192 192 18 22 22 5.43 7.94 7.94 0.26 0.24 0.18 0.18 0.11

FTSE 100 INDEX GBP 2606011 11425.82 10175 10175 1424 1682 1682 592.58 812.01 812.01 24.49 21.53 17.88 17.88 21.45

SWISS MARKET INDEX CHF 1029308 10842.85 4132 4132 868 835 835 420.45 562.22 562.22 20.54 17.05 15.36 15.36 22.32

S&P/TSX COMPOSITE INDEX CAD 1561598 16437.06 8368 8368 1784 1983 1983 737.92 823.55 823.55 14.85 14.85 13.31 13.31 23.26

S&P/ASX 200 INDEX AUD 1209852 5805.067 2584 2584 555 632 632 227.09 302.19 302.19 17.45 14.28 13.11 13.11 20.39

HANG SENG INDEX HKD 1603954 3014.557 1669 1669 356 397 397 278.82 270.43 270.43 1.24 1.41 1.28 1.28 2.92

MSCI EM USD 7107686 1301.645 969 969 188 180 180 82.42 90.56 90.56 11.41 11.60 10.38 10.38 19.23

GOLDCORP INC USD 20080 13961 812 1 0 0 1 20.55 5435 5101 4677 5879 2798 2532 555 555 1.99 1.70 1.27 1.83 14.51 14.51 19.44 13.51 1.36 13.48 19.78 21.03 49.64 BBB+ 01.06.2009 Baa2 13.03.2013

BARRICK GOLD CORP USD 15758 31012 1001 14 0 3 2 30.91 14547 14340 13188 13960 7358 7071 1475 1475 3.74 3.30 2.90 2.93 4.77 4.77 5.43 5.38 2.18 13.61 -11.64 24.49 49.31 BBB 26.04.2013 Baa2 24.04.2013

NEWMONT MINING CORP USD 14943 21350 497 6 0 3 2 23.11 9868 9362 8841 10057 4169 3731 711 711 3.71 3.34 2.41 2.93 8.97 8.97 12.42 10.22 -4.73 4.99 -19.24 19.37 39.85 BBB+ 11.08.2008 Baa1 26.07.2010

RANDGOLD RESOURCES LTD-ADR USD 5905 1871 92 0 0 0 0 5.81 1318 1331 1319 1740 699 689 - - 4.65 4.48 4.06 6.36 14.29 14.29 15.75 10.07 16.92 27.97 20.16 53.34 51.75 - - - -

YAMANA GOLD INC USD 7155 13005 1 0 0 0 7.72 2337 2312 2353 2883 1269 1164 241 241 - - 0.69 0.98 - - 13.70 9.73 7.52 14.54 0.53 26.81 50.35 - - - -

GOLD FIELDS LTD-SPONS ADR USD 3884 6925 16 0 2 5 28916 38146 28744 31456 14243 18261 12281 12281 - - 5.29 7.53 - - 9.79 6.88 14.46 8.58 5.29 13.85 47.87 BB+ 15.11.2012 - -

SILVER WHEATON CORP USD 6975 9886 0 0 0 1 7.99 850 856 854 969 701 700 148 148 - - 1.39 1.54 - - 14.18 12.74 16.38 43.77 13.36 43.74 81.79 - - - -

ANGLOGOLD ASHANTI-SPON ADR USD 5511 3469 30 0 0 8 52160 51968 61184 70391 19105 17635 20567 20567 - - 14.10 26.22 - - 10.01 5.38 -4.14 11.91 -17.82 86.63 33.93 BBB- 10.12.2012 - -

CIA DE MINAS BUENAVENTUR-ADR USD 4068 3412 254 0 0 0 0 4.30 1564 1492 1601 1718 569 518 199 199 2.69 2.27 2.11 1.97 6.49 6.47 7.00 7.48 0.44 14.04 -30.59 7.40 34.71 - - - -

NEW GOLD INC USD 3062 6485 1 0 0 1 3.24 791 824 921 985 390 388 95 95 - - 0.37 0.51 - - 17.21 12.61 13.70 39.01 13.39 63.80 47.02 BB- 27.03.2012 B2 27.03.2012

AGNICO EAGLE MINES LTD USD 4761 3530 1 0 0 0 5.28 1918 1865 1673 1988 787 735 111 111 - - 0.95 1.55 - - 28.90 17.83 5.26 38.09 4.59 31.64 39.41 NR 12.03.2003 WR 05.03.2002

ELDORADO GOLD CORP USD 4419 8458 1 0 0 1 4.63 1148 1214 1227 1338 584 631 114 114 - - 0.38 0.45 - - 16.18 13.76 3.97 58.56 -9.24 53.95 51.94 BB 13.11.2012 Ba3 12.11.2012

KINROSS GOLD CORP USD 5822 20939 1140 3 0 0 2 6.63 4311 4333 3903 3963 1962 1981 338 338 0.77 0.74 0.39 0.47 6.89 6.89 13.21 10.83 12.20 27.96 1.87 40.67 45.72 BBB- 15.08.2011 Baa3 15.08.2011

ROYAL GOLD INC USD 2709 2188 59 0 0 0 0 2.35 263 292 298 358 233 260 58 58 1.63 1.45 1.51 1.97 28.96 28.96 27.96 21.41 21.52 33.98 25.17 44.69 88.90 - - - -

HARMONY GOLD MNG-SPON ADR USD 1658 4247 2 0 0 2 15169 16353 17453 21284 4222 3140 4857 4857 - - 3.88 4.80 - - 9.70 7.84 30.81 9.67 79.35 16.71 19.20 - - - -

AMGOLD CORP USD 1631 13844 1 0 0 1 1.71 1670 1571 1389 1590 710 642 127 127 - - 0.46 0.60 - - 9.37 7.25 -0.19 12.44 -9.54 30.21 40.84 BB- 10.09.2012 - -

PAN AMERICAN SILVER CORP USD 1762 4614 0 0 0 1 1.32 929 943 897 978 362 345 52 52 - - 0.61 0.81 - - 18.96 14.37 8.57 24.85 -18.81 25.23 36.62 - - - -

FIRST MAJESTIC SILVER CORP USD 1238 2422 0 0 0 0 1.16 247 256 320 474 135 132 - - - - 0.74 1.21 - - 14.37 8.78 0.68 59.29 -13.49 101.01 51.60 - - - -

COEUR MINING INC USD 1350 3888 90 0 0 0 0 1.37 895 863 849 998 378 343 78 78 0.59 0.68 0.43 1.11 19.56 19.56 31.07 11.99 -12.31 37.42 -28.81 43.35 39.75 B+ 25.06.2012 B3 24.01.2013

AURICO GOLD INC USD 1079 5960 0 0 0 1 0.98 164 285 374 52 53 20 20 - - 0.22 0.36 - - 19.77 12.31 94.95 15.72 2151.89 - - - - - -

ALLIED NEVADA GOLD CORP USD 673 11451 90 1 0 0 0 1.01 215 225 348 588 95 98 25 25 0.54 0.54 0.67 1.34 11.91 11.91 9.72 4.84 41.13 - 95.75 - 43.59 B 07.06.2012 B3 16.05.2012

HECLA MINING CO USD 850 11906 285 0 0 0 0 0.71 321 306 480 665 93 74 45 45 0.07 0.12 0.10 0.28 24.83 24.83 29.50 10.53 -32.76 22.69 -63.53 10.36 24.02 B 04.04.2013 B2 02.04.2013

NEVSUN RESOURCES LTD USD 587 1146 0 0 0 0 0.40 566 488 291 668 426 347 21 21 - - 0.25 0.84 - - 11.66 3.53 3.34 - -0.64 - 71.21 - - - -

AURIZON MINES LTD USD 635 5181 0 0 0 0 0.48 224 210 92 78 - - - - 0.06 0.19 - - 67.51 21.32 -14.02 5.97 -26.18 14.15 37.08 - - - -

SILVER STANDARD RESOURCES USD 512 1545 0 0 0 0 0.23 241 252 188 204 55 65 -6 -6 - - -0.27 -0.16 - - 63.09 - 38.56 - 25.82 - - - -

SEABRIDGE GOLD INC USD 430 767 0 0 0 0 0.41 0 0 -16 - -15 -15 - - -0.22 -0.46 - - - - 20.14 - - - - - -

TANZANIAN ROYALTY EXPLORATIO USD 272 701 0 0 0 0 0.27 0 0 -5 -5 - - - - - - - - -16.99 - - - - - -

GOLDEN STAR RESOURCES LTD USD 109 28562 259 0 0 0 0 0.16 551 552 446 459 125 117 15 15 -0.05 -0.16 -0.10 0.07 - - 6.00 16.89 21.87 35.80 83.24 21.18 - - - -

VISTA GOLD CORP USD 79 5706 82 0 0 0 0 0.02 0 0 -36 -36 - - -0.54 -0.51 -0.27 -0.25 - - - - -26.58 - - - - - -

GREAT BASIN GOLD LTD USD 2 3503 0 0 0 0 0.32 170 145 18 -26 - - - - - - 70.83 - - - -18.00 - - - -

ARGONAUT GOLD INC CAD 806 1336 149 0 0 0 0 0.62 178 196 194 253 102 112 16 16 0.65 0.60 0.36 0.50 8.16 8.16 13.67 9.83 75.04 - 87.25 - 54.21 - - - -

TOREX GOLD RESOURCES INC CAD 767 5955 604 0 0 0 0 0.40 0 0 0 0 -57 -61 - - -0.13 -0.14 -0.08 -0.08 - - - - -73.37 - - - - - -

LIONGOLD CORP LTD SGD 804 7738 922 0 0 0 0 0.77 95 90 -12 1 - - -0.02 -0.03 - - 17.94 6.97 -155.65 - 1.17 - - - -

CHINA GOLD INTERNATIONAL RES CAD 1055 641 396 0 0 0 0 1.13 316 315 320 521 132 141 121 121 0.17 0.17 0.14 0.15 13.82 13.82 16.86 16.32 6.43 - -1.24 - 42.61 - - - -

PERSEUS MINING LTD CAD 213 2455 0 0 0 0 0.19 138 284 340 53 121 - - - - 0.09 0.13 - - 5.08 3.66 - - - - - - - - -

SANDSTORM GOLD LTD CAD 539 970 86 0 0 0 0 0.46 53 55 62 85 35 34 - - 0.24 0.16 0.16 0.34 32.79 32.79 32.98 15.61 82.39 - 87.09 - 58.01 - - - -

OCEANAGOLD CORP CAD 363 1144 294 0 0 0 0 0.56 366 373 500 555 137 161 45 45 0.08 0.10 0.17 0.22 10.68 10.68 6.42 5.02 -2.44 13.24 -11.45 63.77 41.00 - - - -

MEDUSA MINING LTD AUD 273 2634 189 0 0 0 0 0.24 74 85 100 209 53 59 - - 0.24 0.26 0.35 0.71 4.63 - 3.45 1.72 -41.88 86.44 -47.76 - 63.64 - - - -

DUNDEE PRECIOUS METALS INC CAD 515 867 126 0 0 0 0 0.51 366 355 393 439 - - 17 17 0.37 0.32 0.51 0.76 12.00 12.00 7.67 5.09 12.97 41.31 - - - - - - -

RIO ALTO MINING LTD CAD 326 942 176 0 0 0 0 0.28 301 267 313 299 165 126 - - 0.54 0.39 0.41 0.42 4.51 4.51 4.28 4.20 - - - - 44.84 - - - -

AURIZON MINES LTD USD 635 5181 0 0 0 0 0.48 224 210 92 78 - - - - 0.06 0.19 - - 67.51 21.32 -14.02 5.97 -26.18 14.15 37.08 - - - -

ENDEAVOUR SILVER CORP USD 342 2212 0 0 0 0 0.34 208 229 238 281 90 88 8 8 - - 0.27 0.40 - - 12.56 8.64 62.57 53.81 38.56 - 38.27 - - - -

CONTINENTAL GOLD LTD CAD 397 858 108 0 0 0 0 0.22 0 0 2 1 -11 - - - -0.07 -0.10 -0.08 -0.09 - - - - - - - - - - -

RUBICON MINERALS CORP CAD 370 1239 288 0 0 0 0 0.23 0 0 64 -11 -11 - - -0.04 -0.04 -0.03 0.03 - - 41.39 - - 44.25 - - - - - -

SILVERCORP METALS INC USD 482 1834 0 0 0 0 0.44 182 182 254 354 90 91 - - - - 0.30 0.50 - - 9.40 5.70 -23.68 11.35 -41.73 3.36 50.02 - - - -

EVOLUTION MINING LTD AUD 373 2690 707 0 0 0 0 0.41 431 584 558 627 175 196 94 94 0.06 0.17 0.08 0.09 2.87 - 6.35 5.33 261.59 - 496.24 - 30.83 - - - -

CHINA PRECIOUS METAL RESOURC HKD 724 2756 4351 0 0 0 0 1.01 210 210 233 303 144 144 144 144 - 0.02 0.02 0.02 1.38 - 1.28 1.06 5.84 26.55 4.61 - 8.88 - - - -

SEABRIDGE GOLD INC USD 430 767 0 0 0 0 0.41 0 0 -16 - -15 -15 - - -0.22 -0.46 - - - - 20.14 - - - - - -

BEADELL RESOURCES LTD AUD 369 6220 742 0 0 0 0 0.49 1 1 280 304 -13 - 135 135 -0.04 -0.05 0.12 0.15 - - 3.57 2.87 - - 55.37 - - - - - -

RESOLUTE MINING LTD AUD 347 4561 636 0 0 0 0 0.29 529 567 605 529 233 239 - - 0.15 0.23 0.21 0.11 2.13 - 2.34 4.47 27.13 26.81 120.30 96.07 38.62 - - - -

Valuation Measures I/IIMarket Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth

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


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S&P 500 INDEX USD 14827808 2000.805 1118 1118 204 220 220 102.41 110.19 110.19 15.69 15.69 14.58 14.58 18.73

Euro Stoxx 50 Pr EUR 2548017 5339.84 4610 4610 738 771 771 205.58 300.90 300.90 21.67 17.15 14.81 14.81 20.37

NIKKEI 225 JPY 2653801 188.4611 192 192 18 22 22 5.43 7.94 7.94 0.26 0.24 0.18 0.18 0.11

FTSE 100 INDEX GBP 2606011 11425.82 10175 10175 1424 1682 1682 592.58 812.01 812.01 24.49 21.53 17.88 17.88 21.45

SWISS MARKET INDEX CHF 1029308 10842.85 4132 4132 868 835 835 420.45 562.22 562.22 20.54 17.05 15.36 15.36 22.32

S&P/TSX COMPOSITE INDEX CAD 1561598 16437.06 8368 8368 1784 1983 1983 737.92 823.55 823.55 14.85 14.85 13.31 13.31 23.26

S&P/ASX 200 INDEX AUD 1209852 5805.067 2584 2584 555 632 632 227.09 302.19 302.19 17.45 14.28 13.11 13.11 20.39

HANG SENG INDEX HKD 1603954 3014.557 1669 1669 356 397 397 278.82 270.43 270.43 1.24 1.41 1.28 1.28 2.92

MSCI EM USD 7107686 1301.645 969 969 188 180 180 82.42 90.56 90.56 11.41 11.60 10.38 10.38 19.23

ENDEAVOUR MINING CORP CAD 220 5809 391 0 0 0 0 0.37 329 366 456 543 129 130 - - -0.04 0.10 0.13 0.08 5.26 5.26 3.86 6.26 130.81 - 204.08 - 37.42 - - - -

FORTUNA SILVER MINES INC CAD 417 1074 125 0 0 0 0 0.33 153 153 163 201 67 62 9 9 0.26 0.22 0.22 0.30 13.75 13.75 13.81 10.07 44.08 45.08 42.57 64.01 38.42 - - - -

MCEWEN MINING INC USD 499 27070 296 0 0 0 0 0.45 6 39 22 20 -92 -67 - - -0.19 -0.17 -0.05 0.04 - - 48.00 - - -54.81 - -171.96 - - - -

MAG SILVER CORP CAD 352 183 60 0 0 0 0 0.32 0 0 0 0 -13 -13 -3 -3 -0.21 -0.23 -0.17 -0.19 - - - - -38.94 - - - - - -

PRIMERO MINING CORP CAD 516 618 97 0 0 0 0 0.39 174 176 191 238 74 68 29 29 0.51 0.48 0.39 0.52 8.33 8.33 10.38 7.76 16.03 - 6.02 - 36.89 - - - -

KINGSGATE CONSOLIDATED LTD AUD 186 2249 151 0 0 0 0 0.31 328 341 311 332 151 - - - 0.48 0.32 0.18 0.15 3.54 - 6.12 7.65 98.45 77.23 134.54 - - - - - -

TIMMINS GOLD CORP CAD 318 698 144 0 0 0 0 0.31 148 158 187 204 65 72 17 17 0.24 0.30 0.31 0.31 6.89 6.89 6.66 6.83 83.78 - 57.10 - 43.49 - - - -

ST BARBARA LTD AUD 208 3497 325 0 0 0 0 0.35 496 478 480 572 205 184 - - 0.38 0.25 0.07 0.12 1.56 - 5.61 3.26 46.32 25.52 96.25 77.54 35.34 B 15.03.2013 - -

PREMIER GOLD MINES LTD CAD 260 2188 149 0 0 0 0 0.20 0 1 -12 -13 - - -0.14 -0.10 0.01 -0.07 - - 133.80 - - -5.07 - -1376.44 - - - -

NORTHERN STAR RESOURCES LTD AUD 247 3841 402 0 0 0 0 0.21 91 105 133 147 44 53 69 69 0.05 0.07 0.07 0.08 7.26 - 7.76 6.40 -12.29 - 4.80 - 46.49 - - - -

TANZANIAN ROYALTY EXPLORATIO USD 272 701 0 0 0 0 0.27 0 0 -5 -5 - - - - - - - - -16.99 - - - - - -

REAL GOLD MINING LTD HKD 1032 0 907 0 0 0 0 0.49 176 176 153 153 - - 0.12 0.12 0.94 0.95 4.55 - 7.03 - 11.19 - - - -

GOLDEN STAR RESOURCES LTD USD 109 28562 259 0 0 0 0 0.16 551 552 446 459 125 117 15 15 -0.05 -0.16 -0.10 0.07 - - 6.00 16.89 21.87 35.80 83.24 21.18 - - - -

ROMARCO MINERALS INC CAD 262 1412 585 0 0 0 0 0.20 0 0 -11 -11 -8 -8 -0.02 -0.02 -0.02 -0.01 - - - - 21.42 - - - - - -

BANRO CORPORATION CAD 196 1904 202 0 0 0 0 0.34 41 72 133 326 6 21 - - -0.02 0.03 0.04 0.34 24.70 24.70 16.10 2.06 - - - - 28.29 - - - -

COLOSSUS MINERALS INC CAD 145 1722 106 0 0 0 0 0.17 0 0 10 159 -31 -27 -6 -6 -0.27 -0.16 -0.12 0.27 - - 3.92 - - -11.63 - - - - - -

RAINY RIVER RESOURCES LTD CAD 338 7315 100 0 0 0 0 0.24 0 0 1 1 -61 -61 -14 -14 -0.69 -0.59 -0.19 -0.13 - - - - -286.68 - - - - - -

SULLIDEN GOLD CORP LTD CAD 203 700 243 0 0 0 0 0.18 0 0 -11 -4 - - -0.06 -0.04 -0.04 -0.04 - - - - -34.70 - - - - - -

ASANKO GOLD INC CAD 182 598 76 0 0 0 0 0 0 0 -34 -35 - - -0.47 -0.25 -0.23 -0.16 - - - - 6.98 - - - - - -

BEAR CREEK MINING CORP CAD 149 218 92 0 0 0 0 0.08 0 0 -30 -26 - - -0.32 -0.28 -0.20 -0.06 - - - - -5.61 - - - - - -

PARAMOUNT GOLD AND SILVER USD 185 1707 0 0 0 0 0.17 0 0 -18 -17 -9 -9 - - -0.06 -0.06 - - -59.56 - -54.62 - -27663.33 - - - -

KIRKLAND LAKE GOLD INC CAD 295 997 70 0 0 0 0 0.35 152 132 147 224 53 23 22 22 0.54 -0.01 0.02 0.38 - - 221.11 10.53 51.98 59.45 105.42 - 16.70 - - - -

GUYANA GOLDFIELDS INC CAD 162 531 95 0 0 0 0 0.04 0 0 393 -8 -7 - - -0.09 -0.06 -0.07 -0.06 - - - - 18.65 - - - - - -

HIGHLAND GOLD MINING LTD GBp 265 10 325 0 0 0 0 0.33 535 535 582 701 247 247 239 239 0.58 0.58 0.41 0.49 3.28 3.27 4.64 3.81 26.18 37.68 5.46 62.71 70.14 - - - -

NDOPHIL RESOURCES NL AUD 292 853 1203 0 0 0 0 0.08 0 0 -16 -16 - - 0.00 0.00 51.60 - - - -113.62 - - - - - -

LYDIAN INTERNATIONAL LTD CAD 148 418 127 0 0 0 0 0.06 0 0 - - - - -0.05 -0.06 -0.03 -0.02 - - - - - - - - - - -

SABINA GOLD & SILVER CORP CAD 175 621 174 0 0 0 0 0.08 0 0 -11 -11 - - -0.08 -0.08 -0.03 -0.03 - - - - -17.79 - - - - - -

LAKE SHORE GOLD CORP CAD 125 3041 416 0 0 0 0 0.23 126 144 185 233 36 44 - - -0.21 -0.21 -0.02 0.03 - - 11.09 95.83 - 396.33 - 29.00 - - - -

BRIGUS GOLD CORP USD 118 1129 0 0 0 0 0.19 118 136 148 160 48 63 - - - - 0.12 0.12 - - 4.18 4.36 63.78 - 239.92 60.49 46.39 - - - -

GREAT PANTHER SILVER LTD USD 104 546 0 0 0 0 0.08 61 60 57 68 16 12 - - - - 0.02 0.04 - - 52.96 21.47 5.74 21.76 -28.90 - 19.63 - - - -

NTREPID MINES LTD AUD 143 2307 555 0 0 0 0 0.12 0 0 -44 -44 - - -0.10 -0.12 -0.01 -0.01 - - - - -19.91 - - - - - -

VISTA GOLD CORP USD 79 5706 82 0 0 0 0 0.02 0 0 -36 -36 - - -0.54 -0.51 -0.27 -0.25 - - - - -26.58 - - - - - -

ALEXCO RESOURCE CORP USD 70 688 0 0 0 0 0.06 85 77 73 85 25 20 - - - - -0.21 -0.17 - - 87.81 276.59 160.76 - 26.11 - - - -

ATAC RESOURCES LTD CAD 89 320 104 0 0 0 0 0.06 0 0 - - -1 -1 -0.08 -0.02 -0.03 -0.04 - - - - - - - - - - -

SCORPIO MINING CORP CAD 64 642 198 0 0 0 0 0.03 44 40 46 74 13 12 - - 0.04 0.03 0.03 0.03 10.77 10.77 10.42 9.79 -23.75 - -49.20 - 28.55 - - - -

MIDWAY GOLD CORP USD 121 1954 128 0 0 0 0 0.10 0 0 -14 -16 - - -0.12 -0.12 -0.11 -0.13 - - - - 21.14 - - - - - -

PATAGONIA GOLD PLC GBp 117 15 813 0 0 0 0 0.12 0 0 -24 -24 - - -0.03 -0.03 - - - - 79.12 - - - - - -

GRYPHON MINERALS LTD AUD 50 5118 348 0 0 0 0 0.00 0 0 3 2 -7 -7 - - - -0.01 -0.01 -0.01 - - - - 45.27 - - - - - -

DRDGOLD LTD-SPONSORED ADR USD 209 85 0 0 0 0 1764 1959 2066 2096 380 400 460 460 - - 6.82 7.43 - - 7.86 7.21 27.89 7.86 62.47 13.51 20.40 - - - -

RED 5 LTD AUD 0 135 0 0 0 0 4 15 37 113 -3 -4 6 6 -0.01 -0.06 -0.06 0.21 - - - - 39.77 - -27.08 - - - -

LINGBAO GOLD CO LTD-H HKD 134 818 770 1 0 0 0 0.62 824 824 892 850 95 95 97 97 0.03 0.03 0.02 0.02 0.65 0.62 0.78 0.85 1.52 2.37 -1.33 0.92 1.49 - - - -

NTL TOWER HILL MINES LTD USD 64 454 0 0 0 0 0.04 0 0 -56 -57 - - - - -0.09 -0.04 - - - - -463.04 - - - - - -

SARACEN MINERAL HOLDINGS LTD AUD 66 4332 595 0 0 0 0 0.07 169 171 192 184 58 48 60 60 0.04 -0.02 0.05 0.06 - - 1.90 1.75 16.55 - 5.59 - 25.48 - - - -

EXETER RESOURCE CORP USD 63 226 88 0 0 0 0 0.01 0 0 -26 -23 - - -0.29 -0.26 -0.13 -0.11 - - - - 17.44 - - - - - -

RICHMONT MINES INC USD 60 207 40 0 0 0 0 0.02 102 100 105 134 8 3 - - -0.08 -0.21 0.05 0.36 - - 35.54 4.44 -14.20 11.05 -79.79 8.26 2.89 - - - -

RAMELIUS RESOURCES LTD AUD 42 3181 336 0 0 0 0 0.01 77 106 117 145 12 -10 22 22 0.01 -0.06 0.00 0.03 - - 24.76 3.75 -39.49 160.51 -80.92 7.99 -8.33 - - - -

GOLDEN MINERALS CO USD 59 3145 43 0 0 0 0 0.02 26 26 28 39 -35 -31 -6 -6 -1.44 -1.37 -0.45 -0.34 - - 1320.81 - 45.58 - -120.89 - - - -

SAN GOLD CORP CAD 33 4399 335 0 0 0 0 0.04 135 124 125 160 34 24 - - -0.04 -0.06 -0.07 -0.03 - - 23.33 132.20 178.55 - 17.95 - - - -

OREZONE GOLD CORP CAD 34 306 86 0 0 0 0 0.02 0 0 -27 -29 - - -0.06 -0.10 -0.13 -0.06 - - - - 9.26 - - - - - -

GRAN COLOMBIA GOLD CORP CAD 27 107 15 0 0 0 0 0.19 160 155 161 191 14 10 7 7 -1.90 -1.43 -1.49 0.29 - - 5.60 21.07 - 833.21 - 6.36 - - - -

Valuation Measures I/IIMarket Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth

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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 2.25 2.25 2.06 1.89 2.25 1.44 1.44 1.37 1.32 1.44 10.14 10.14 9.46 9.81 10.14 9.09 9.09 8.38 7.83 9.09 14.58 14.58 13.09 11.89 14.58 2.17 2.17 2.34 2.52 2.17 1775.4 10.5%

Euro Stoxx 50 Pr 1.14 1.14 1.08 1.02 1.14 0.74 0.74 0.72 0.70 0.74 5.65 5.65 5.18 4.72 5.65 6.93 6.93 6.55 6.19 6.93 11.34 11.34 10.12 9.11 11.35 4.40 4.40 4.68 5.04 4.40 2974.5 13.7%

NIKKEI 225 1.51 1.51 1.41 1.31 1.51 0.72 0.72 0.70 0.68 0.72 8.87 8.87 8.20 7.47 8.87 8.66 8.66 8.02 7.54 8.66 17.52 17.52 15.59 14.02 17.52 1.66 1.66 1.81 1.96 1.66 14876.5 7.4%

FTSE 100 INDEX 1.66 1.66 1.55 1.45 1.66 0.94 0.94 0.91 0.93 0.94 8.24 8.25 7.48 6.85 8.24 6.79 6.79 6.40 6.01 6.79 11.75 11.75 10.70 9.86 11.75 3.98 3.98 4.28 4.66 3.98 6996.7 11.6%

SWISS MARKET INDEX 2.32 2.32 2.15 2.00 2.32 1.98 1.98 1.88 1.80 1.98 11.84 11.84 10.80 9.66 11.84 12.99 12.99 11.96 11.20 12.99 14.52 14.52 13.07 11.91 14.52 3.34 3.34 3.73 4.27 3.34 8621.0 11.8%

S&P/TSX COMPOSITE INDEX 1.61 1.61 1.50 1.40 1.61 1.38 1.38 1.42 1.47 1.38 8.15 8.15 7.35 6.12 8.15 8.29 8.29 7.33 6.76 8.29 14.00 14.00 12.35 11.27 14.00 3.32 3.32 3.47 3.64 3.32 14185.0 16.9%

S&P/ASX 200 INDEX 1.78 1.78 1.69 1.59 1.78 1.67 1.67 1.58 1.50 1.67 10.55 10.55 9.37 8.52 10.55 9.18 9.18 8.18 7.48 9.18 14.29 14.29 12.81 11.68 14.29 4.80 4.80 5.11 5.48 4.80 5209.2 10.6%

HANG SENG INDEX 1.24 1.24 1.14 1.05 1.24 1.61 1.61 1.48 1.37 1.61 7.39 7.39 7.04 6.63 7.39 7.59 7.59 6.93 6.31 7.59 9.92 9.92 9.14 8.35 9.92 3.88 3.88 4.18 4.59 3.88 24826.0 19.3%

MSCI EM 1.36 1.36 1.25 1.14 1.36 0.97 0.97 0.91 0.85 0.97 6.72 6.72 6.16 5.71 6.72 7.24 7.24 6.56 6.12 7.24 10.38 10.38 9.35 8.58 10.38 2.97 2.97 3.29 3.61 2.97 1132.2 20.4%

GOLDCORP INC 0.90 0.86 0.84 0.81 0.70 3.64 4.29 3.42 3.09 2.56 8.69 10.87 8.23 6.69 5.17 6.96 9.40 6.60 5.63 4.44 12.48 19.44 13.51 11.98 8.13 2.17 2.39 2.41 2.43 2.43 35.58 43.9%

BARRICK GOLD CORP 0.61 0.68 0.66 0.61 0.51 1.11 1.19 1.13 1.15 1.02 2.86 3.51 3.38 3.21 2.86 4.14 4.86 4.65 4.54 3.75 4.14 5.43 5.38 5.56 4.27 4.78 5.10 5.13 5.21 6.99 25.53 62.2%

NEWMONT MINING CORP 1.09 1.04 1.00 0.97 0.95 1.49 1.69 1.49 1.51 1.59 4.96 5.97 5.20 5.90 8.23 5.35 7.64 6.41 6.57 6.93 8.42 12.42 10.22 11.57 13.90 4.79 4.18 3.99 3.33 4.01 38.30 27.9%

RANDGOLD RESOURCES LTD-ADR 2.26 1.97 1.69 1.47 4.36 4.48 3.39 3.44 3.77 10.08 9.79 6.57 5.92 9.74 8.13 8.77 6.25 5.74 6.75 13.56 15.75 10.07 9.36 10.22 0.76 0.74 0.89 1.00 108.64 69.8%

YAMANA GOLD INC 0.91 0.89 0.84 0.80 3.01 3.04 2.48 2.50 2.09 6.68 7.17 5.75 5.29 4.66 5.88 6.56 4.95 4.95 3.54 10.42 13.70 9.73 9.19 7.99 2.51 2.62 2.60 2.48 2.73 16.06 68.9%

GOLD FIELDS LTD-SPONS ADR 0.64 0.74 0.68 0.63 0.78 1.33 1.22 1.21 2.36 3.60 3.65 3.36 4.57 9.79 6.88 6.05 6.87 3.27 4.06 4.75 7.70 46.7%

SILVER WHEATON CORP 2.23 2.06 1.86 1.67 1.28 8.52 8.17 7.20 6.61 4.96 10.31 10.45 9.41 8.42 6.97 11.71 12.23 10.51 9.68 7.00 11.89 14.18 12.74 11.83 9.39 1.90 2.29 2.11 2.33 2.85 34.70 76.4%

ANGLOGOLD ASHANTI-SPON ADR 1.02 0.87 0.78 0.71 0.90 0.89 0.77 0.85 3.21 2.99 2.54 3.19 5.24 10.01 5.38 7.25 2.68 1.37 2.00 1.46 25.64 79.3%

CIA DE MINAS BUENAVENTUR-ADR 1.04 0.92 0.85 0.78 2.65 2.54 2.37 2.52 9.11 12.62 10.01 5.01 6.21 5.72 6.19 5.20 7.00 7.48 8.27 4.15 3.03 3.86 3.47 24.48 65.8%

NEW GOLD INC 1.18 1.08 1.02 0.96 0.85 3.99 3.33 3.11 3.06 3.05 10.37 8.54 6.79 6.38 6.42 8.19 7.05 5.86 5.23 4.93 15.81 17.21 12.61 12.05 13.66 0.00 0.00 10.81 68.4%

AGNICO EAGLE MINES LTD 1.37 1.38 1.37 1.34 2.49 2.85 2.39 2.39 2.19 6.74 9.43 7.40 6.69 5.86 6.38 9.02 6.65 6.37 4.12 13.06 28.90 17.83 16.88 12.95 2.79 3.08 3.05 2.99 2.90 39.83 44.6%

ELDORADO GOLD CORP 0.73 0.73 0.72 0.70 3.82 3.60 3.30 2.37 1.57 9.49 9.29 8.26 5.62 3.30 7.63 7.72 7.02 4.63 2.68 13.46 16.18 13.76 8.82 4.66 2.35 2.02 1.93 2.39 11.29 82.7%

KINROSS GOLD CORP 0.44 0.60 0.59 0.58 0.57 1.35 1.49 1.47 1.56 1.40 4.06 4.45 4.25 4.66 4.25 3.34 4.40 4.03 4.28 3.58 6.91 13.21 10.83 12.32 10.04 3.14 3.14 3.14 3.14 3.14 7.58 48.7%

ROYAL GOLD INC 1.36 1.13 1.10 1.04 9.89 9.08 7.57 5.73 13.56 14.29 11.79 9.01 9.70 8.83 7.46 5.72 24.03 27.96 21.41 14.25 1.30 1.78 1.97 2.26 73.11 73.7%

HARMONY GOLD MNG-SPON ADR 0.43 0.42 0.41 0.40 0.97 0.94 0.77 0.68 3.90 3.63 3.32 3.43 5.50 9.70 7.84 11.94 3.18 1.48 2.10 1.68 6.60 73.2%

IAMGOLD CORP 0.43 0.43 0.42 0.42 0.99 1.17 1.03 1.01 0.94 3.04 4.02 3.42 3.41 3.14 2.32 3.09 2.53 2.66 1.99 5.03 9.37 7.25 8.05 7.02 5.87 5.80 5.38 5.20 5.77 7.59 75.2%

PAN AMERICAN SILVER CORP 0.62 0.66 0.66 0.64 0.51 1.84 1.96 1.80 1.84 1.52 6.52 7.92 7.38 7.91 4.95 3.34 4.79 3.96 4.41 2.21 9.27 18.96 14.37 18.96 9.51 1.52 4.28 4.27 4.28 4.30 15.21 30.6%

FIRST MAJESTIC SILVER CORP 2.00 4.70 3.87 2.61 2.33 2.15 8.57 8.53 6.05 5.20 4.79 6.90 7.16 4.69 3.97 3.47 11.03 14.37 8.78 7.30 6.79 17.67 66.8%

COEUR MINING INC 0.56 0.57 0.55 0.52 0.46 1.49 1.59 1.35 1.48 1.60 4.49 5.55 4.40 4.60 5.55 3.68 4.31 3.20 3.52 4.21 12.20 31.07 11.99 12.48 18.22 18.56 39.6%

AURICO GOLD INC 0.57 0.55 0.54 0.53 0.46 3.45 3.79 2.88 2.32 2.04 10.79 10.05 6.13 5.38 4.68 6.80 7.46 4.90 3.97 3.47 10.93 19.77 12.31 11.38 11.06 0.00 4.10 3.16 3.50 4.42 6.35 45.2%

ALLIED NEVADA GOLD CORP 0.92 0.75 0.54 0.46 0.43 3.10 1.94 1.14 1.04 0.64 7.17 6.61 3.80 2.90 2.02 10.67 6.63 3.62 3.24 2.18 12.00 9.72 4.84 4.21 2.54 13.36 106.1%

HECLA MINING CO 0.75 0.76 0.72 0.67 0.63 2.60 1.77 1.28 1.22 1.16 9.55 8.44 5.08 4.25 3.76 6.43 4.05 2.25 1.98 1.70 27.59 29.50 10.53 8.90 7.45 1.34 1.07 1.17 0.84 1.34 4.50 51.0%

NEVSUN RESOURCES LTD 0.95 0.91 0.80 0.74 1.07 2.02 0.88 0.92 1.44 2.23 4.78 2.45 2.76 3.53 0.96 2.46 0.90 0.96 1.66 4.23 11.66 3.53 4.54 7.38 3.36 3.90 3.69 3.83 5.05 71.3%

AURIZON MINES LTD 1.72 2.95 9.42 10.13 6.33 4.92 19.66 67.50 21.32 0.00 4.67 21.4%

SILVER STANDARD RESOURCES 0.49 0.43 0.43 0.43 0.33 2.06 2.72 2.51 2.52 2.25 12.53 13.69 12.65 11.44 6.50 3.23 6.65 5.11 4.79 1.68 181.14 0.00 0.00 0.00 0.00 11.51 81.6%

SEABRIDGE GOLD INC 25.08 166.0%

TANZANIAN ROYALTY EXPLORATIO

GOLDEN STAR RESOURCES LTD 0.25 0.27 0.27 0.23 0.00 0.20 0.24 0.24 0.23 0.21 0.94 1.94 1.35 1.20 0.88 1.39 2.69 1.39 1.16 1.91 8.75 6.00 3.85 1.33 0.00 0.74 77.0%

VISTA GOLD CORP 0.57 10.78 0.84 4.55 368.9%

GREAT BASIN GOLD LTD 0.00 0.01 0.08 10.15

ARGONAUT GOLD INC 1.35 0.91 0.84 0.75 4.34 3.94 3.03 2.69 1.98 7.83 9.66 7.63 5.85 6.70 6.20 6.53 4.65 3.77 2.82 9.76 14.38 10.34 7.92 8.91 10.22 79.7%

TOREX GOLD RESOURCES INC 1.49 2.77 1.46 1.37 1841.66 6.41 2.37 19.00 11.77 4.41 39.12 35.95 0.00 0.00 0.00 0.00 2.47 85.5%

LIONGOLD CORP LTD 9.18 184.17

CHINA GOLD INTERNATIONAL RES 0.77 0.69 0.62 3.14 3.13 1.93 6.65 7.95 9.36 7.25 12.98 17.74 17.17 0.49 0.00 0.00 3.31 18.3%

PERSEUS MINING LTD 0.66 0.59 0.52 0.41 0.33 1.45 0.78 0.65 0.45 0.40 3.79 3.58 2.30 1.26 1.30 3.30 1.86 1.53 0.84 0.82 4.06 5.35 3.85 1.96 2.04 0.00 0.00 0.39 5.51 5.91 1.60 226.3%

SANDSTORM GOLD LTD 9.12 8.28 6.05 4.78 6.13 10.70 12.56 8.37 6.73 9.54 11.38 13.56 6.98 5.28 19.42 34.70 16.43 11.59 22.56 11.01 78.4%

OCEANAGOLD CORP 0.60 0.56 0.54 0.52 0.57 0.93 0.69 0.62 0.66 0.84 3.00 1.83 1.71 1.91 3.63 4.06 2.71 2.76 3.01 6.29 19.31 6.75 5.28 6.37 2.09 61.1%

MEDUSA MINING LTD 0.86 0.74 0.56 0.44 0.39 3.01 2.50 1.20 1.05 0.78 5.00 4.00 2.56 1.71 1.69 4.04 3.51 1.60 1.43 1.40 4.64 3.76 1.87 1.74 2.12 6.99 1.38 5.26 8.03 11.77 4.45 182.4%

DUNDEE PRECIOUS METALS INC 0.71 0.66 0.56 0.52 1.53 1.31 1.17 1.07 4.38 4.42 3.40 2.99 2.70 3.92 3.57 2.57 2.09 1.55 7.13 8.07 5.35 4.76 4.30 0.00 0.00 10.00 132.6%

RIO ALTO MINING LTD 1.50 1.11 1.01 1.04 1.09 1.04 0.89 3.11 3.15 3.30 3.22 2.75 1.57 2.34 2.09 1.92 3.70 4.50 4.42 4.38 3.36 0.00 0.00 0.00 5.28 171.0%

AURIZON MINES LTD 1.72 2.95 9.42 10.13 6.33 4.92 19.66 67.50 21.32 0.00 4.67 21.4%

ENDEAVOUR SILVER CORP 1.66 1.44 1.22 1.16 1.15 4.12 5.58 4.00 3.76 3.46 3.84 4.74 3.11 2.82 2.90 7.83 12.56 8.64 7.71 7.89 6.84 99.4%

CONTINENTAL GOLD LTD 220.35 264.41 247.87 2.17 174.25 6.97 3.67 8.71 9.38 184.1%

RUBICON MINERALS CORP 0.83 5.82 32.14 4.43 12.60 43.55 7.11 2.33 72.8%

SILVERCORP METALS INC 2.39 1.90 1.36 1.54 6.23 5.13 3.20 3.81 4.74 3.73 2.34 2.81 13.24 9.40 5.70 7.05 3.48 5.30 88.1%

EVOLUTION MINING LTD 0.37 0.36 0.33 0.30 0.31 0.86 0.67 0.60 0.58 0.61 2.06 2.12 1.91 1.86 1.88 2.48 1.89 1.64 1.58 1.78 5.58 6.93 5.81 4.87 5.42 0.00 1.39 2.96 3.13 2.61 0.97 68.5%

CHINA PRECIOUS METAL RESOURC 1.43 1.03 0.91 0.75 3.76 3.11 2.39 2.46 11.73 7.99 7.01 5.76 5.41 12.90 9.92 8.22 8.06 0.78 1.66 28.4%

SEABRIDGE GOLD INC 25.08 166.0%

BEADELL RESOURCES LTD 4.32 1.80 1.18 0.93 0.60 72.91 1.32 1.21 1.37 1.47 3.57 2.52 3.47 3.59 3.03 3.97 5.09 3.89 3.13 4.15 3.78 0.00 0.39 1.76 1.76 3.33 0.94 84.9%

RESOLUTE MINING LTD 0.66 0.58 0.51 0.44 0.31 0.62 0.57 0.66 0.62 0.61 1.87 1.73 2.33 1.95 2.09 1.19 1.16 1.55 1.30 1.10 2.71 2.55 4.88 3.86 3.60 0.00 6.61 3.05 4.75 8.47 1.18 99.6%

Price to Earnings Ratio

Valuation Measures II/II

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

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


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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 2.25 2.25 2.06 1.89 2.25 1.44 1.44 1.37 1.32 1.44 10.14 10.14 9.46 9.81 10.14 9.09 9.09 8.38 7.83 9.09 14.58 14.58 13.09 11.89 14.58 2.17 2.17 2.34 2.52 2.17 1775.4 10.5%

Euro Stoxx 50 Pr 1.14 1.14 1.08 1.02 1.14 0.74 0.74 0.72 0.70 0.74 5.65 5.65 5.18 4.72 5.65 6.93 6.93 6.55 6.19 6.93 11.34 11.34 10.12 9.11 11.35 4.40 4.40 4.68 5.04 4.40 2974.5 13.7%

NIKKEI 225 1.51 1.51 1.41 1.31 1.51 0.72 0.72 0.70 0.68 0.72 8.87 8.87 8.20 7.47 8.87 8.66 8.66 8.02 7.54 8.66 17.52 17.52 15.59 14.02 17.52 1.66 1.66 1.81 1.96 1.66 14876.5 7.4%

FTSE 100 INDEX 1.66 1.66 1.55 1.45 1.66 0.94 0.94 0.91 0.93 0.94 8.24 8.25 7.48 6.85 8.24 6.79 6.79 6.40 6.01 6.79 11.75 11.75 10.70 9.86 11.75 3.98 3.98 4.28 4.66 3.98 6996.7 11.6%

SWISS MARKET INDEX 2.32 2.32 2.15 2.00 2.32 1.98 1.98 1.88 1.80 1.98 11.84 11.84 10.80 9.66 11.84 12.99 12.99 11.96 11.20 12.99 14.52 14.52 13.07 11.91 14.52 3.34 3.34 3.73 4.27 3.34 8621.0 11.8%

S&P/TSX COMPOSITE INDEX 1.61 1.61 1.50 1.40 1.61 1.38 1.38 1.42 1.47 1.38 8.15 8.15 7.35 6.12 8.15 8.29 8.29 7.33 6.76 8.29 14.00 14.00 12.35 11.27 14.00 3.32 3.32 3.47 3.64 3.32 14185.0 16.9%

S&P/ASX 200 INDEX 1.78 1.78 1.69 1.59 1.78 1.67 1.67 1.58 1.50 1.67 10.55 10.55 9.37 8.52 10.55 9.18 9.18 8.18 7.48 9.18 14.29 14.29 12.81 11.68 14.29 4.80 4.80 5.11 5.48 4.80 5209.2 10.6%

HANG SENG INDEX 1.24 1.24 1.14 1.05 1.24 1.61 1.61 1.48 1.37 1.61 7.39 7.39 7.04 6.63 7.39 7.59 7.59 6.93 6.31 7.59 9.92 9.92 9.14 8.35 9.92 3.88 3.88 4.18 4.59 3.88 24826.0 19.3%

MSCI EM 1.36 1.36 1.25 1.14 1.36 0.97 0.97 0.91 0.85 0.97 6.72 6.72 6.16 5.71 6.72 7.24 7.24 6.56 6.12 7.24 10.38 10.38 9.35 8.58 10.38 2.97 2.97 3.29 3.61 2.97 1132.2 20.4%

ENDEAVOUR MINING CORP 0.65 0.48 0.40 0.36 0.22 1.32 1.45 1.19 0.95 0.49 2.71 2.06 1.81 1.58 1.20 3.61 4.06 6.59 3.29 0.93 2.17 287.5%

FORTUNA SILVER MINES INC 1.71 1.39 1.18 1.02 0.91 2.46 2.43 1.97 1.98 2.08 6.19 7.12 6.14 5.85 6.79 4.96 5.06 3.70 3.53 4.23 12.05 14.53 10.60 9.32 11.47 4.80 37.2%

MCEWEN MINING INC 0.57 0.57 0.56 23.21 25.21 3.47 12.00 33.60 8.25 45.40 7.44 3.31 18.67 48.00 13.44 33.60 3.27 94.5%

MAG SILVER CORP 2.61 2.90 3.47 4.13 2.13 5.59 2.57 7.50 0.00 0.00 0.00 14.25 131.7%

PRIMERO MINING CORP 0.75 0.76 0.81 0.66 2.78 2.57 2.06 1.51 1.16 4.81 5.68 5.19 4.44 2.45 4.71 4.62 2.98 1.98 1.32 9.02 10.92 8.17 6.69 3.68 0.00 0.00 8.42 79.2%

KINGSGATE CONSOLIDATED LTD 0.27 0.29 0.30 0.29 0.43 0.56 0.60 0.56 0.53 0.44 1.66 2.33 1.92 1.79 2.36 1.97 3.01 2.73 2.44 1.72 2.23 6.68 8.34 6.51 2.33 16.18 7.12 7.49 8.24 17.90 2.35 76.4%

TIMMINS GOLD CORP 2.08 1.58 1.25 1.25 2.09 1.70 1.56 1.52 1.51 5.87 4.85 4.98 4.97 4.55 4.33 3.74 3.62 4.01 3.45 8.35 7.01 7.18 6.82 6.54 0.00 0.00 0.00 3.31 42.8%

ST BARBARA LTD 0.28 0.24 0.21 0.20 0.25 0.42 0.43 0.36 0.34 0.39 0.71 2.42 1.36 1.26 1.67 1.73 2.44 1.67 1.61 2.02 1.28 6.12 3.55 3.35 5.34 0.00 0.00 2.15 3.87 4.30 1.02 120.4%

PREMIER GOLD MINES LTD 0.64 144.07 140.77 0.00 5.34 1 91.8%

NORTHERN STAR RESOURCES LTD 2.90 2.18 1.80 1.51 1.32 2.45 1.86 1.68 1.68 0.95 6.41 4.23 4.74 5.43 2.76 4.48 3.06 2.77 2.81 1.75 11.34 8.47 6.98 6.76 4.70 0.00 4.09 4.72 3.62 5.51 0.99 56.5%

TANZANIAN ROYALTY EXPLORATIO

REAL GOLD MINING LTD 1.43 4.50 6.01 3.34 7.55 0.00

GOLDEN STAR RESOURCES LTD 0.25 0.27 0.27 0.23 0.00 0.20 0.24 0.24 0.23 0.21 0.94 1.94 1.35 1.20 0.88 1.39 2.69 1.39 1.16 1.91 8.75 6.00 3.85 1.33 0.00 0.74 77.0%

ROMARCO MINERALS INC 0.27 0.46 0.30 0.21 2.75 1.83 18.61 40.62 446.73 1.16 146.5%

BANRO CORPORATION 0.46 4.46 1.40 0.57 0.53 0.47 70.85 3.80 1.20 0.98 1.03 197.54 8.26 2.94 2.42 1.70 16.94 2.17 1.79 1.90 1.28 0.00 0.00 7.70 8.98 1.77 115.9%

COLOSSUS MINERALS INC 1.08 1.69 1.34 0.81 13.67 0.87 0.53 0.61 4.31 1.57 1.51 2.22 0.96 1.08 4.13 2.04 2.00 0.00 4.09 235.4%

RAINY RIVER RESOURCES LTD 1.48 355.81 355.81 0.00 3.73 5.2%

SULLIDEN GOLD CORP LTD 0.78 17.39 1.47 5.27 4.94 2.12 9.40 3.95 1.68 112.8%

ASANKO GOLD INC 0.80 0.84 2.09 0.67 2.64 3.96 0.00 0.00 0.00 0.00 4.07 81.0%

BEAR CREEK MINING CORP 1.09 3.47 104.1%

PARAMOUNT GOLD AND SILVER 0.69 0.47 0.86 1.64 37.8%

KIRKLAND LAKE GOLD INC 1.32 1.24 1.09 0.80 1.87 2.00 1.31 0.93 0.69 5.79 11.39 4.91 2.56 1.75 5.71 11.71 4.83 2.41 2.11 6.07 232.63 11.08 4.32 2.83 8.03 81.6%

GUYANA GOLDFIELDS INC 0.68 0.56 0.59 0.60 0.47 0.41 0.82 0.75 2.81 1.38 1.16 0.42 6.99 2.33 0.00 4.79 254.9%

HIGHLAND GOLD MINING LTD 0.34 0.31 0.29 0.26 0.23 0.77 0.69 0.57 0.56 0.57 1.97 2.51 1.89 1.85 1.57 1.38 1.36 1.10 1.07 1.15 2.60 3.05 2.51 2.75 2.91 9.09 8.60 9.21 7.74 135.65 153.5%

INDOPHIL RESOURCES NL

LYDIAN INTERNATIONAL LTD 1.97 1.24 1.48 0.96 6.63 2.75 15.30 14.14 3.23 169.3%

SABINA GOLD & SILVER CORP 0.56 0.33 0.56 0.58 0.00 3.89 297.2%

LAKE SHORE GOLD CORP 0.14 0.20 0.18 0.94 0.67 0.54 0.47 0.40 3.00 2.30 1.51 1.14 0.85 7.67 3.84 2.13 1.89 1.40 11.67 4.77 3.50 0.96 205.6%

BRIGUS GOLD CORP 0.43 0.97 0.80 0.74 0.59 0.43 2.21 1.83 1.83 1.62 1.26 3.47 2.41 2.14 1.76 1.67 5.20 4.18 4.36 2.76 2.43 1.23 141.3%

GREAT PANTHER SILVER LTD 1.77 1.93 1.61 5.97 15.57 7.94 4.96 4.18 4.65 10.48 4.57 12.22 52.95 21.47 79.43 26.48 1.15 52.2%

INTREPID MINES LTD 0.86 1.09 1.14 1.01 0.60 4325.94 4.45 0.60 0.00 0.00 0.00 0.00 0.21 -25.0%

VISTA GOLD CORP 0.57 10.78 0.84 4.55 368.9%

ALEXCO RESOURCE CORP 0.83 1.01 0.87 0.79 0.50 3.25 12.27 3.86 2.00 1.41 5.56 58.28 29.14 21.04 19.64 3.42 1.94 72.9%

ATAC RESOURCES LTD 1.04 0.92 0.86 0.80 2.13 156.0%

SCORPIO MINING CORP 1.43 1.39 0.86 5.07 4.42 2.91 0.74 3.02 3.59 3.09 8.50 10.97 10.30 1.62 1.57 360.8%

MIDWAY GOLD CORP 1.29 1.87 1.65 1.63 2.08 1.25 21.57 8.27 25.19 2.38 99.21 15.26 1.70 80.0%

PATAGONIA GOLD PLC

GRYPHON MINERALS LTD 0.25 0.25 0.25 0.21 0.12 21.94 19.45 29.08 0.87 0.31 6.14 0.99 0.81 0.20 0.05 3.07 1.05 0.00 0.00 0.00 0.00 0.00 0.39 190.2%

DRDGOLD LTD-SPONSORED ADR 1.00 0.99 5.60 4.70 7.86 7.21 5.51 4.56 6.90 27.1%

RED 5 LTD 6.09 2.07 0.68 0.66 0.41 0.86

LINGBAO GOLD CO LTD-H 0.33 0.33 0.32 0.31 0.12 0.12 0.12 0.14 6.01 6.39 5.94 6.24 3.92 6.05 6.62 7.85 6.99 5.19 4.72 3.78 1.83 36.2%

INTL TOWER HILL MINES LTD 0.29 1.14 0.00 1.85 184.6%

SARACEN MINERAL HOLDINGS LTD 0.40 0.24 0.25 0.21 0.19 0.39 0.34 0.36 0.35 0.31 1.26 1.03 0.98 1.00 1.01 1.30 1.21 1.06 0.92 1.11 2.67 2.07 1.90 1.88 1.43 0.00 0.00 0.00 0.00 0.00 0.19 60.0%

EXETER RESOURCE CORP 1.15 1.89 165.9%

RICHMONT MINES INC 0.60 0.60 0.47 5.71 5.24 2.24 15.23 35.53 4.44 3.56 134.0%

RAMELIUS RESOURCES LTD 0.28 0.17 0.15 0.15 0.49 0.36 0.29 0.33 0.27 6.14 0.99 1.50 1.57 0.35 0.26 0.21 0.26 0.15 3.65 27.00 4.09 6.43 3.38 0.00 0.00 0.00 3.70 7.41 0.25 88.9%

GOLDEN MINERALS CO 2.35 2.10 1.50 1.53 0.40 1.97 1.07 -21.2%

SAN GOLD CORP 0.15 0.16 0.25 0.27 0.21 0.91 1.54 0.66 0.70 0.81 1.37 3.40 1.64 0.23 117.5%

OREZONE GOLD CORP 4.12 4.12 4.12 0.41 3.33 7.39 1.94 3 62.1%

GRAN COLOMBIA GOLD CORP 0.13 0.16 0.13 0.08 25.26 0.99 0.39 5.21 28.27 4.95 2.22 58.93 5.89 0.86 9.25 397.3%

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



6/205

01.07.2013

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

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

Central and South America.

Latest Fiscal Year: 12/2012

LTM as of: 03/yy

52-Week High (21.09.2012) 47.42

52-Week Low (26.06.2013) 22.22

Daily Volume

24.73

52-Week High % Change -47.85% Dividend Yield 2.24

52-Week Low % Change 11.30% Beta 0.71

% 52 Week Price Range High/Low 9.96% Equity Float 809.06

Shares Out 31.05.2013 812.0 Short Int 5.26

20'080.41 1 Yr Total Return -33.10%

Total Debt 783.00 YTD Return -31.96%Preferred Stock 0.0 Adjusted BETA 0.711

Minority Interest 213.0 Analyst Recs 27

Cash and Equivalents 918.00 Consensus Rating 4.407

Enterprise Value 20'554.41

Average Volume 5 Day 11'029'279

GG US EQUITY YTD Change - Average Volume 30 Day 7'844'050

GG US EQUITY YTD % CHANGE - Average Volume 3 Month 7'903'566

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

2'419.6 2'723.6 3'738.0 5'362.0 5'435.0 5'357 5'101 4'677 5'879 1'151 1'206

9.42x 10.50x 9.95x 6.61x 5.50x 27.45x 24.55x 4.60x 3.69x 18.12x 17.49x

1'052.2 1'366.2 2'026.0 2'336.0 2'798.0 2'966.0 2'532.0 2'187.7 3'115.5 555.4 603.6

21.66x 20.94x 18.36x 15.18x 10.69x 12.15x 10.97x 9.40x 6.60x 8.68x 8.49x

1'475.6 240.2 2'051.0 1'187.0 1'749.0 1'709.0 1'579.0 1'066.8 1'513.5 210.1 248.0

57.34x 50.85x 30.36x 22.24x 18.47x 23.69x 19.73x 19.44x 13.51x 18.41x 16.96x

EBITDA 2'798.00 Long-Term Rating Date 01.06.2009EBIT 2'123.00 Long-Term Rating BBB+

Operating Margin 39.06% Long-Term Outlook STABLE

Pretax Margin 41.44% Short-Term Rating Date -

Return on Assets 5.06% Short-Term Rating -

Return on Common Equity 7.08%

Return on Capital 6.69% EBITDA/Interest Exp. 93.27

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

Net Debt/EBITDA 0.10

Gross Margin 44.6% Total Debt/EBITDA 0.90

EBITDA Margin 49.6%

EBIT Margin 36.6% Total Debt/Equity 3.4%

Net Income Margin 32.2% Total Debt/Capital 3.3%

Asset Turnover 0.16

Current Ratio 2.15 Net Fixed Asset Turnover 0.20

Quick Ratio 1.39 Accounts receivable turnover-days 42.40

Debt to Assets 2.51% Inventory Days 81.59

Tot Debt to Common Equity 3.45% Accounts Payable Turnover Day 83.78

Accounts Receivable Turnover 8.61 Cash Conversion Cycle 33.03Inventory Turnover 4.47

Fiscal Year Ended

Goldcorp IncPrice/Volume

Valuation Analysis

13'961'380.00

Current Price (7/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

0

5

10

15

20

25

30

35

40

45

50

j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13

.0 M

5.0 M

10.0 M

15.0 M

20.0 M

25.0 M

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00

5.00

10.00

15.00

20.00

25.00

30.00

01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013

Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow



7/205

01.07.2013

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

FMR LLC n/a ULT-AGG 30'068'165 3.7 (2'289'399) 31.03.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 28'365'944 3.49 (3'227'565) 28.06.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 23'371'159 2.88 379'529 31.03.2013 Bank

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 19'122'015 2.35 (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 15'884'009 1.96 5'768'962 31.03.2013 Investment Advisor

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 15'368'322 1.89 (264'603) 31.03.2013 Investment Advisor

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

TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 11'605'532 1.43 195'729 31.03.2013 Investment Advisor

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

CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 11'159'562 1.37 3'920'300 31.03.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 10'893'980 1.34 (533'828) 27.06.2013 Investment Advisor

RS INVESTMENT MANAGE RS INVESTMENT MANAGE 13F 8'785'563 1.08 4'171'254 31.03.2013 Investment Advisor

CIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 7'186'295 0.89 (176'695) 31.03.2013 Investment Advisor

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

IA CLARINGTON INVEST Multiple Portfolios MF-AGG 6'101'525 0.75 (20'600) 31.12.2012 Investment AdvisorGREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 6'076'235 0.75 (1'030'733) 31.03.2013 Investment Advisor

BANK OF AMERICA CORP BANK OF AMERICA 13F 5'947'164 0.73 1'660'114 31.03.2013 Investment Advisor

NORGES BANK NORGES BANK 13F 5'776'522 0.71 - 31.12.2012 Government

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Deutsche Bank JORGE M BERISTAIN hold 3 M 27 12 month 28.06.2013

Stifel GEORGE J TOPPING buy 5 M 36 Not Provided 28.06.2013

Cowen and Company ADAM P GRAF market perform 3 M 23 12 month 26.06.2013

Credit Suisse ANITA SONI neutral 3 M 28 Not Provided 25.06.2013

RBC Capital Markets STEPHEN D WALKER outperform 5 M 36 12 month 24.06.2013

Salman Partners DAVID WEST top pick 5 M 45 12 month 19.06.2013

TD Securities GREG BARNES buy 5 M 37 12 month 19.06.2013

GMP GEORGE V ALBINO buy 5 M 41 Not Provided 17.06.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 12.06.2013JPMorgan JOHN BRIDGES overweight 5 M 47 6 month 06.06.2013

Scotia Capital TANYA M JAKUSCONEK sector outperform 5 M 39 12 month 24.05.2013

Macquarie TONY LESIAK outperform 5 M 37 12 month 17.05.2013

BMO Capital Markets DAVID HAUGHTON outperform 5 M 42 Not Provided 09.05.2013

Canaccord Genuity Corp STEVEN BUTLER buy 5 M 41 12 month 09.05.2013

CIBC World Markets ALEC KODATSKY sector outperform 5 M 45 Not Provided 08.05.2013

Davenport & Co LLOYD T O'CARROLL buy 5 M 35 Not Provided 08.05.2013

Cormark Securities Inc. RICHARD GRAY buy 5 M 43 12 month 07.05.2013

Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 44 12 month 03.05.2013

Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 28 Not Provided 03.05.2013

Barclays FAROOQ HAMED overweight 5 M 38 Not Provided 03.05.2013

Jefferies PETER D WARD hold 3 M 27 12 month 02.05.2013

HSBC PATRICK CHIDLEY overweight 5 M 35 Not Provided 28.04.2013

Makor Capital ALBERT SAPORTA buy 5 M 33 Not Provided 15.04.2013

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 IncAll



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01.07.2013

Barrick Gold Corporation is an international gold company with operating mines

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

and Africa.


LTM as of: 03/yy

52-Week High (21.09.2012) 43.19

52-Week Low (28.06.2013) 14.67

Daily Volume

15.74




Shares Out 31.05.2013 1'001.2 Short Int 13.37

15'758.14 1 Yr Total Return -56.94%

Total Debt 13'943.00 YTD Return -54.30%Preferred Stock 0.0 Adjusted BETA 0.753

Minority Interest 2'663.0 Analyst Recs 33

Cash and Equivalents 2'093.00 Consensus Rating 3.727



ABX US EQUITY YTD Change - Average Volume 30 Day 18'750'142

ABX US EQUITY YTD % CHANGE - Average Volume 3 Month 21'192'920


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 13'188.3 13'960.4 3'138.9 3'232.1

4.64x 5.27x 5.25x 4.08x 3.41x 15.70x 14.05x 2.40x 2.28x 9.92x 9.76x

3'010.0 3'589.0 6'211.0 8'327.0 7'358.0 8'579.0 7'071.0 6'360.8 6'652.7 1'475.1 1'555.6

11.75x 11.95x 9.30x 6.98x 6.73x 6.58x 6.30x 4.86x 4.65x 5.07x 5.06x

785.0 (4'274.0) 3'582.0 4'484.0 (665.0) 4'522.0 (847.0) 2'955.2 2'961.6 607.6 646.3

20.18x 16.56x 15.62x 9.79x 9.36x 9.18x 8.90x 5.43x 5.38x 5.83x 5.63x

EBITDA 7'358.00 Long-Term Rating Date 26.04.2013EBIT 5'636.00 Long-Term Rating BBB

Operating Margin 38.74% Long-Term Outlook NEG

Pretax Margin -6.28% Short-Term Rating Date 19.05.2011

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

Return on Common Equity -3.63%

Return on Capital - EBITDA/Interest Exp. 9.89




EBITDA Margin 49.3%


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

Asset Turnover 0.29







Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Barrick Gold CorpPrice/Volume

Valuation Analysis

31'011'569.00


0

5

10

15

20

25

30

35

40

45

j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13

.0 M

10.0 M

20.0 M

30.0 M

40.0 M

50.0 M

60.0 M

70.0 M

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013




9/205

01.07.2013



ROYAL BANK OF CANADA n/a ULT-AGG 27'703'488 2.77 (2'366'585) 31.03.2013 Bank

CAPITAL GROUP COMPAN n/a ULT-AGG 27'616'252 2.76 (47'634'385) 31.03.2013 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 26'847'836 2.68 16'089'445 31.03.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 23'321'665 2.33 11'821'880 31.05.2013 Investment Advisor

FMR LLC n/a ULT-AGG 19'206'428 1.92 (791'864) 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

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


HARTFORD INVESTMENT Multiple Portfolios MF-AGG 14'352'644 1.43 (49'223) 31.05.2013 Investment Advisor

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 14'348'784 1.43 925'862 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 13'698'310 1.37 111'566 31.03.2013 Investment Advisor

INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 12'481'312 1.25 (248'326) 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

NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 8'491'106 0.85 2'265'919 31.03.2013 Investment AdvisorCIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 8'429'880 0.84 (1'597'843) 31.03.2013 Investment Advisor

SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 8'348'606 0.83 3'202'367 31.03.2013 Investment Advisor

SCHEER ROWLETT & ASS SCHEER ROWLETT & ASS 13F 8'254'922 0.82 397'151 31.03.2013 Investment Advisor


RBC Capital Markets STEPHEN D WALKER sector perform 3 M 24 12 month 01.07.2013

JPMorgan JOHN BRIDGES neutral 3 M 28 6 month 01.07.2013

BMO Capital Markets DAVID HAUGHTON underperform 1 D 17 12 month 30.06.2013

Deutsche Bank JORGE M BERISTAIN hold 3 M 20 12 month 28.06.2013

Stifel GEORGE J TOPPING buy 5 M 30 Not Provided 28.06.2013

Salman Partners DAVID WEST buy 5 M 29 12 month 28.06.2013

GMP GEORGE V ALBINO buy 5 M 24 12 month 27.06.2013


Credit Suisse ANITA SONI neutral 3 D 20 Not Provided 25.06.2013Sterne, Agee & Leach MICHAEL S DUDAS neutral 3 M #N/A N/A Not Provided 19.06.2013

TD Securities GREG BARNES hold 3 M 24 12 month 19.06.2013

Haywood Securities Inc. KERRY SMITH buy 5 M 26 12 month 11.06.2013

Canaccord Genuity Corp STEVEN BUTLER hold 3 M 23 12 month 05.06.2013

Cormark Securities Inc. RICHARD GRAY market perform 3 M 23 12 month 29.05.2013

Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 27 12 month 27.05.2013

Macquarie TONY LESIAK underperform 1 D 18 12 month 16.05.2013


CIBC World Markets ALEC KODATSKY sector perform 3 M 33 Not Provided 08.05.2013


Argus Research Corp WILLIAM V SELESKY hold 3 M #N/A N/A Not Provided 03.05.2013

Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 03.05.2013

Jefferies PETER D WARD buy 5 M 30 12 month 30.04.2013

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

Barclays FAROOQ HAMED equalweight 3 M 24 Not Provided 24.04.2013

Makor Capital ALBERT SAPORTA buy 5 M 30 Not Provided 15.04.2013

Accountability Research Corp HARRIET LI buy 5 M 43 Not Provided 03.04.2013EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 26.02.2013

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


Investec PIETER MARAIS hold 3 M 48 Not Provided 18.03.2011

Holdings By:

Barrick Gold CorpAll



10/205

01.07.2013

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

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

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

processes copper in Indonesia.


LTM as of: 03/yy

52-Week High (21.09.2012) 57.93

52-Week Low (26.06.2013) 27.07

Daily Volume

29.95





14'942.67 1 Yr Total Return -36.00%






NEM US EQUITY YTD Change - Average Volume 30 Day 8'923'446

NEM US EQUITY YTD % CHANGE - Average Volume 3 Month 9'125'666


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 8'841.4 10'057.2 2'092.6 2'149.6

3.70x 3.46x 3.45x 3.38x 3.13x 12.61x 13.44x 2.66x 2.38x 11.17x 10.95x

2'139.0 3'799.0 5'118.0 5'162.0 4'169.0 5'185.0 3'731.0 3'025.6 3'606.0 710.7 751.7

10.60x 7.02x 6.43x 6.78x 7.41x 6.08x 7.72x 7.64x 6.41x 7.54x 7.27x

831.0 1'297.0 2'277.0 366.0 1'809.0 342.0 1'634.0 1'203.4 1'569.8 230.2 275.0

20.98x 16.99x 13.50x 13.93x 12.52x 11.59x 12.55x 12.42x 10.22x 12.03x 11.16x

EBITDA 4'169.00 Long-Term Rating Date 11.08.2008EBIT 3'137.00 Long-Term Rating BBB+

Operating Margin 31.79% Long-Term Outlook NEG








EBITDA Margin 39.9%



Asset Turnover 0.32







Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Newmont Mining CorpPrice/Volume

Valuation Analysis

21'349'943.00


0

10

20

30

40

50

60

j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13

.0 M

5.0 M

10.0 M

15.0 M

20.0 M

25.0 M

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00

2.00

4.00

6.00

8.00

10.00

12.00

01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013




11/205

01.07.2013


BLACKROCK n/a ULT-AGG 47'168'624 9.58 6'267'389 27.06.2013 Investment Advisor

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

STATE STREET n/a ULT-AGG 21'619'673 4.39 108'377 28.06.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 19'347'700 3.93 (32'540'600) 31.03.2013 Investment Advisor



DEUTSCHE BANK AG n/a ULT-AGG 11'032'090 2.24 (1'096'373) 30.04.2013 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 10'350'619 2.1 2'264'400 31.03.2013 Investment Advisor

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

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 7'349'484 1.49 470'862 31.03.2013 Investment Advisor


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


GAMCO n/a ULT-AGG 5'497'991 1.12 453'905 31.03.2013 Unclassified

UBS n/a ULT-AGG 5'444'844 1.11 663'471 31.03.2013 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) 30.04.2013 Investment AdvisorNORGES BANK NORGES BANK 13F 4'796'938 0.97 - 31.12.2012 Government

BANK OF AMERICA CORP BANK OF AMERICA 13F 4'420'359 0.9 747'540 31.03.2013 Investment Advisor

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


Stifel GEORGE J TOPPING hold 3 M #N/A N/A Not Provided 28.06.2013

Deutsche Bank JORGE M BERISTAIN sell 1 M 24 12 month 27.06.2013


Credit Suisse ANITA SONI neutral 3 M 32 Not Provided 25.06.2013

RBC Capital Markets STEPHEN D WALKER sector perform 3 M 41 12 month 24.06.2013

BB&T Capital Markets GARRETT S. NELSON buy 5 M 42 12 month 24.06.2013

Sterne, Agee & Leach MICHAEL S DUDAS buy 5 M 48 12 month 19.06.2013

TD Securities GREG BARNES hold 3 M 37 12 month 19.06.2013

GMP GEORGE V ALBINO hold 3 M 39 Not Provided 17.06.2013JPMorgan JOHN BRIDGES overweight 5 M 54 6 month 06.06.2013

Argus Research Corp WILLIAM V SELESKY buy 5 M 42 Not Provided 13.05.2013

Jefferies PETER D WARD hold 3 M 30 12 month 01.05.2013

Mackie Research Capital Corp. BARRY D ALLAN buy 5 U 42 12 month 01.05.2013

CIBC World Markets ALEC KODATSKY sector perform 3 M 45 Not Provided 30.04.2013



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




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


Holdings By:

Newmont Mining CorpAll



12/205

01.07.2013

Randgold Resources Ltd. provides mining services. The Company offers

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

Africa.


LTM as of: 03/yy

52-Week High (05.10.2012) 127.27

52-Week Low (26.06.2013) 60.44

Daily Volume

64



% 52 Week Price Range High/Low 5.33% Equity Float -


5'904.65 1 Yr Total Return -28.46%






GOLD US EQUITY YTD Change - Average Volume 30 Day 945'564

GOLD US EQUITY YTD % CHANGE - Average Volume 3 Month 932'266


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

338.6 432.8 484.6 1'127.1 1'317.8 1'175.7 1'331.2 1'319.0 1'740.3 339.0 361.0

9.01x 15.50x 14.79x 7.97x 6.59x 27.71x 26.69x 4.44x 3.07x - -

97.3 142.3 164.3 581.9 699.2 622.0 688.9 662.8 930.8 - -

31.34x 47.15x 43.62x 15.44x 12.43x 12.18x 11.41x 8.77x 6.25x - -

41.6 69.4 103.5 383.9 431.8 431.7 412.0 403.5 623.8 85.0 94.5

78.87x 94.26x 72.03x 24.30x 20.57x 18.19x 19.26x 15.75x 10.07x 13.85x 11.85x

EBITDA 699.18 Long-Term Rating Date -EBIT 567.44 Long-Term Rating -

Operating Margin 43.06% Long-Term Outlook -






Net Debt/EBITDA -0.36


EBITDA Margin 51.7%



Asset Turnover 0.47


Quick Ratio 1.92 Accounts receivable turnover-days -

Debt to Assets 0.58% Inventory Days -

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

Accounts Receivable Turnover - Cash Conversion Cycle 136.09Inventory Turnover -

Fiscal Year Ended

Randgold Resources LtdPrice/Volume

Valuation Analysis

1'870'725.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

0

20

40

60

80

100

120

140

j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13

.0 M

.5 M

1.0 M

1.5 M

2.0 M

2.5 M

3.0 M

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

160.00

01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013




13/205

01.07.2013


BLACKROCK n/a ULT-AGG 8'525'499 9.24 (58'564) 27.06.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 6'186'287 6.71 (441'271) 28.06.2013 Investment Advisor

WELLS FARGO n/a ULT-AGG 5'429'467 5.88 265'676 30.04.2013 Investment Advisor

FMR LLC n/a ULT-AGG 4'337'790 4.7 288'408 31.03.2013 Investment Advisor


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

FRANKLIN RESOURCES n/a ULT-AGG 1'531'763 1.66 (121'450) 31.03.2013 Investment Advisor

POWER CORP OF CANADA n/a ULT-AGG 1'487'200 1.61 954'000 31.03.2013 Holding Company

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

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 1'081'729 1.17 67'989 31.03.2013 Investment Advisor

GAMCO n/a ULT-AGG 1'032'315 1.12 213'780 31.03.2013 Unclassified

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 956'494 1.04 300'000 31.03.2013 Investment Advisor

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

PAULSON & CO PAULSON & CO 13F 926'192 1 (4'310) 31.03.2013 Hedge Fund Manager

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

IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 775'000 0.84 550'000 31.03.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 676'284 0.73 (145'226) 28.06.2013 Investment AdvisorASA BERMUDA LIMITED ASA BERMUDA LIMITED 13F 444'700 0.48 - 31.03.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 425'216 0.46 128'654 31.03.2013 Bank

UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 416'777 0.45 156'408 31.03.2013 Investment Advisor


EVA Dimensions TIMOTHY STANISH underweight 1 M #N/A N/A Not Provided 06.06.2013

Clarus Securities NANA SANGMUAH buy 5 M 100 18 month 05.06.2013


BMO Capital Markets ANDREW BREICHMANAS outperform 5 M 100 Not Provided 20.05.2013


Dundee Securities Corp JOSH WOLFSON buy 5 M 100 12 month 03.05.2013

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

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 LtdAll



14/205

01.07.2013

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

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

gold exploration properties in Argentina.


LTM as of: 03/yy

52-Week High (09.11.2012) 20.59

52-Week Low (26.06.2013) 8.55

Daily Volume

9.51

52-Week High % Change -53.81% Dividend Yield -




7'155.42 1 Yr Total Return -37.05%






AUY US EQUITY YTD Change - Average Volume 30 Day 7'651'814

AUY US EQUITY YTD % CHANGE - Average Volume 3 Month 8'017'587


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

949.4 1'183.3 1'686.8 2'173.3 2'336.8 2'257.0 2'311.9 2'352.9 2'882.7 522.5 597.8

6.36x 7.39x 5.76x 5.04x 5.73x 18.35x 22.46x 3.31x 2.57x 14.81x 12.97x

438.9 575.5 884.1 1'262.7 1'269.4 1'302.7 1'164.1 1'177.4 1'560.7 241.0 295.0

13.76x 15.19x 11.00x 8.67x 10.56x 8.88x 10.44x 6.56x 4.95x 6.58x 6.18x

434.8 192.6 466.5 548.3 442.1 570.1 374.1 492.8 682.9 98.2 125.4

- - - - - 0.00x 0.00x 13.70x 9.73x 12.51x 11.02x

EBITDA 1'269.45 Long-Term Rating Date -EBIT 885.71 Long-Term Rating -





Return on Capital - EBITDA/Interest Exp. 22.03

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



EBITDA Margin 50.4%



Asset Turnover 0.20





Accounts Receivable Turnover 18.96 Cash Conversion Cycle -62.98Inventory Turnover 5.16


Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Yamana Gold IncPrice/Volume

Valuation Analysis

13'004'845.00


0

5

10

15

20

25

j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13

.0 M

2.0 M

4.0 M

6.0 M

8.0 M

10.0 M

12.0 M

14.0 M

16.0 M

18.0 M

20.0 M

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00

0.20

0.40

0.60

0.80

1.00

1.20




15/205

01.07.2013


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


ROYAL BANK OF CANADA n/a ULT-AGG 21'120'135 2.81 186'776 31.03.2013 Bank



GREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 12'696'118 1.69 12'696'118 31.03.2013 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

TD ASSET MANAGEMENT TD ASSET MANAGEMEN 13F 9'490'738 1.26 3'729'389 31.03.2013 Investment Advisor

TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 9'335'908 1.24 (199'345) 31.03.2013 Investment Advisor

DONALD SMITH & CO IN DONALD SMITH & CO IN 13F 8'469'389 1.13 3'072'073 31.03.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 7'226'163 0.96 (304'473) 30.04.2013 Investment Advisor

CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 6'942'805 0.92 6'942'805 31.03.2013 Investment Advisor

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 6'839'801 0.91 6'839'801 31.03.2013 Investment Advisor


TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 6'019'943 0.8 783'343 31.03.2013 Hedge Fund ManagerINVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 5'913'740 0.79 (332'388) 31.03.2013 Investment Advisor

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

UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 5'339'800 0.71 (619'328) 31.03.2013 Investment Advisor


Davy BART JAWORSKI underperform 1 M #N/A N/A Not Provided 26.06.2013

Cowen and Company ADAM P GRAF outperform 5 M 12 12 month 26.06.2013

Morgan Stanley PARETOSH MISRA Overwt/In-Line 5 M 12 12 month 25.06.2013

Credit Suisse ANITA SONI outperform 5 M 15 Not Provided 25.06.2013

RBC Capital Markets DAN ROLLINS outperform 5 M 14 12 month 24.06.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 20.06.2013

TD Securities STEVEN J GREEN buy 5 M 18 12 month 19.06.2013

GMP GEORGE V ALBINO buy 5 M 15 Not Provided 17.06.2013

Raymond James BRAD HUMPHREY outperform 5 M 19 12 month 12.06.2013National Bank Financial STEPHEN PARSONS outperform 5 M 18 12 month 26.05.2013

Paradigm Capital Inc DON MACLEAN buy 5 M 20 12 month 22.05.2013

Macquarie TONY LESIAK neutral 3 M 12 12 month 17.05.2013


Cormark Securities Inc. RICHARD GRAY buy 5 M 20 12 month 07.05.2013

HSBC PATRICK CHIDLEY neutral 3 M 12 Not Provided 06.05.2013


CIBC World Markets ALEC KODATSKY sector outperform 5 M 19 Not Provided 01.05.2013

Scotia Capital TANYA M JAKUSCONEK sector outperform 5 M 17 12 month 01.05.2013

Dundee Securities Corp JOSH WOLFSON neutral 3 M 17 12 month 01.05.2013



Canaccord Genuity Corp STEVEN BUTLER buy 5 M 20 Not Provided 30.04.2013

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

Holdings By:

Yamana Gold IncAll



16/205

01.07.2013

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

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

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

and South America.


LTM as of: 03/yy

52-Week High (13.08.2012) 12.03

52-Week Low (26.06.2013) 4.67

Daily Volume

5.25



% 52 Week Price Range High/Low 7.88% Equity Float -


3'884.00 1 Yr Total Return -51.16%




Enterprise Value -


GFI US EQUITY YTD Change - Average Volume 30 Day 5'062'988

GFI US EQUITY YTD % CHANGE - Average Volume 3 Month 5'531'397


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

23'009.5 29'086.9 31'565.3 25'263.7 28'915.8 27'566.3 38'145.8 28'744.4 31'456.0 - -

3.10x 2.56x 2.56x 3.99x 3.05x 13.68x 8.85x 1.76x 1.55x - -

8'713.0 10'955.0 11'960.3 13'527.5 14'243.0 13'712.4 18'260.7 12'281.2 14'919.9 - -

8.19x 6.80x 6.75x 7.45x 6.20x 0.00x 3.66x - - - -

4'457.5 1'535.6 3'631.4 7'026.7 5'658.1 8'055.0 6'365.9 3'780.0 5'128.2 - -

- - - - - 0.00x 0.00x 9.79x 6.88x - -

EBITDA 14'243.00 Long-Term Rating Date 15.11.2012EBIT 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 7.83% Short-Term Rating B






EBITDA Margin 47.9%



Asset Turnover 0.47


Quick Ratio 0.39 Accounts receivable turnover-days -


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

Accounts Receivable Turnover - Cash Conversion Cycle 69.00Inventory Turnover -

Fiscal Year Ended

Gold Fields LtdPrice/Volume

Valuation Analysis

6'925'132.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

0

2

4

6

8

10

12

14

j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13

.0 M

5.0 M

10.0 M

15.0 M

20.0 M

25.0 M

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 20120.00

0.20

0.40

0.60

0.80

1.00

1.20




17/205

01.07.2013


FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 47'177'664 6.38 (20'500) 31.03.2013 Hedge Fund Manager

VAN ECK ASSOCIATES C n/a ULT-AGG 40'934'319 5.53 5'017'592 28.06.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 23'613'066 3.19 1'237'745 31.03.2013 Investment Advisor

THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 12'217'700 1.65 5'072'700 31.03.2013 Investment Advisor



T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 7'254'900 0.98 4'486'300 31.03.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 6'795'326 0.92 (1'745'314) 27.06.2013 Investment Advisor

PAULSON & CO PAULSON & CO 13F 6'529'748 0.88 (11'852) 31.03.2013 Hedge Fund Manager

NORGES BANK Multiple Portfolios MF-AGG 6'177'141 0.83 - 31.12.2012 Government

RUFFER LLP RUFFER LLP 13F 5'396'309 0.73 (21'230) 31.03.2013 Investment Advisor

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 4'690'600 0.63 (472'200) 31.03.2013 Hedge Fund Manager

WELLS FARGO n/a ULT-AGG 4'629'808 0.63 (405'213) 30.04.2013 Investment Advisor

UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 4'338'700 0.59 - 31.03.2013 Investment Advisor

GAMCO n/a ULT-AGG 4'244'739 0.57 (225'930) 31.03.2013 Unclassified

INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 3'930'403 0.53 (7'900) 31.03.2013 Investment Advisor

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 3'907'319 0.53 1'826 31.03.2013 Hedge Fund ManagerINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 3'815'976 0.52 9'500 30.04.2013 Investment Advisor

PROSPECTOR PARTNERS PROSPECTOR PARTNERS 13F 3'424'400 0.46 (349'900) 31.03.2013 Hedge Fund Manager

CREDIT SUISSE AG n/a ULT-AGG 3'168'803 0.43 2'839'790 31.03.2013 Investment Advisor



HSBC PATRICK CHIDLEY neutral 3 D 8 Not Provided 28.04.2013

Holdings By:

Gold Fields LtdAll



18/205

01.07.2013

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

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

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

States.


LTM as of: 03/yy

52-Week High (01.11.2012) 41.30

52-Week Low (26.06.2013) 17.75

Daily Volume

19.67





6'975.20 1 Yr Total Return -25.63%






SLW US EQUITY YTD Change - Average Volume 30 Day 5'642'020

SLW US EQUITY YTD % CHANGE - Average Volume 3 Month 6'027'691


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

166.7 239.3 423.4 730.0 849.6 771.5 855.7 853.7 969.2 189.4 205.4

12.14x 21.12x 31.91x 13.01x 14.18x 53.44x 53.99x 9.23x 7.69x 42.29x 38.73x

105.5 158.5 316.2 618.8 701.5 654.1 699.9 653.1 760.5 148.0 165.0

19.18x 31.87x 42.72x 15.35x 17.17x 16.49x 17.30x 12.23x 10.51x 12.22x 12.12x

17.3 117.9 153.4 550.0 586.0 575.0 572.3 480.0 539.8 95.5 105.9

- - - - - 0.00x 0.00x 14.18x 12.74x 14.20x 13.47x

EBITDA 701.46 Long-Term Rating Date -EBIT 600.00 Long-Term Rating -





Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.23% (EBITDA-Capex)/Interest Exp. -



EBITDA Margin 81.8%



Asset Turnover 0.23





Accounts Receivable Turnover 148.71 Cash Conversion Cycle -Inventory Turnover -

Fiscal Year Ended

Silver Wheaton CorpPrice/Volume

Valuation Analysis

9'885'631.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

0

5

10

15

20

25

30

35

40

45

j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13

.0 M

2.0 M

4.0 M

6.0 M

8.0 M

10.0 M

12.0 M

14.0 M

16.0 M

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 20120.00

0.20

0.40

0.60

0.80

1.00

1.20

Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPr

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