Fundamental Equity Analysis - QMS Gold Miners FlexIndex

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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 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 - - - -

IAMGOLD 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/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] |

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 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 - - - -

INDOPHIL 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 - - - -

INTREPID 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 - - - -

INTL 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/II

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


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


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 5.34 191.8%

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 1.94 362.1%

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


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 01.06.2009

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 5.06% 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 33.03

Inventory 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

'2

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2!' F

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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 2012

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


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 Advisor

GREYSTONE 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 12.06.2013

JPMorgan 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 Inc ee


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%


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


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




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


'2

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-'!' F

.'!' F

0'!' F

1'!' F

2'!' F

3'!' F

4'!' F

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 2012

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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



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


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 Advisor

CIBC 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


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 25.06.2013

Sterne, 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


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


Accountability Research Corp HARRIET LI buy 5 M 43 Not Provided 03.04.2013

EVA 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 Corp ee


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


EBIT 3'137.00 Long-Term Rating BBB+









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


'

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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 2012

'!''

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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




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 Advisor


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




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 17.06.2013


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


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




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 Corp ee


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 136.09

Inventory 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

'

.'

1'

3'

5'

-''

-.'

-1'

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!2 F

-!' F

-!2 F

.!' F

.!2 F

0!' F

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 2012

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

-1'!''

-3'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



01.07.2013



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 Advisor

ASA 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 Ltd ee


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 -







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 -62.98



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


'

2

-'

-2

.'

.2

g -. Q -. o -. l -. k -. a -. g -0 c -0 j -0 Q -0 j -0 g -0!' F.!' F1!' F3!' F5!' F-'!' F-.!' F-1!' F-3!' F-5!' F.'!' F

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 2012'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



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





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 MANAGEMENT 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 Manager

INVESTEC 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


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


Raymond James BRAD HUMPHREY outperform 5 M 19 12 month 12.06.2013

National 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



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


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 Inc ee


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





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 - -


EBIT 10'149.20 Long-Term Rating BB+


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







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

'

.

1

3

5

-'

-.

-1

g -. Q -. o -. l -. k -. a -. g -0 c -0 j -0 Q -0 j -0 g -0!' F

2!' F

-'!' F

-2!' F

.'!' F

.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'

-!''

-!.'



01.07.2013



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




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 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 Ltd ee


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







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 -


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

'2

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

g -. Q -. o -. l -. k -. a -. g -0 c -0 j -0 Q -0 j -0 g -0!' F

.!' F

1!' F

3!' F

5!' F

-'!' F

-.!' F

-1!' F

-3!' F

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'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



01.07.2013


VAN ECK ASSOCIATES C n/a ULT-AGG 14'997'993 4.23 66'224 28.06.2013 Investment Advisor



ROYAL BANK OF CANADA n/a ULT-AGG 6'284'267 1.77 (378'634) 31.03.2013 Bank

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


OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 4'748'500 1.34 20'000 31.03.2013 Investment Advisor

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 4'623'285 1.3 (1'872'251) 31.03.2013 Investment Advisor



TCW GROUP INC TCW GROUP INCORPORAT 13F 3'770'833 1.06 (18'415) 31.03.2013 Investment Advisor

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

CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 3'333'501 0.94 420'000 31.03.2013 Investment Advisor

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




SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 2'623'306 0.74 26'794 31.03.2013 Investment Advisor

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

CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 2'456'700 0.69 (5'718'600) 31.03.2013 Investment Advisor



Salman Partners DAVID WEST top pick 5 M 37 12 month 26.06.2013

Credit Suisse RALPH M PROFITI neutral 3 D 21 Not Provided 25.06.2013

BMO Capital Markets ANDREW KAIP outperform 5 M 40 Not Provided 24.06.2013

TD Securities DANIEL EARLE buy 5 M 35 12 month 19.06.2013

Dundee Securities Corp CHRIS LICHTENHELDT buy 5 M 34 Not Provided 17.06.2013


National Bank Financial SHANE NAGLE outperform 5 N 36 12 month 05.06.2013

Scotia Capital TREVOR TURNBULL focus stock 5 M 50 12 month 29.05.2013

GMP CHELSEA HAMILTON buy 5 M 32 Not Provided 29.05.2013

CIBC World Markets COSMOS CHIU sector outperform 5 M 42 18 month 27.05.2013


EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 21.05.2013



Holdings By:

Silver Wheaton Corp ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (19.09.2012) 36.93

52-Week Low (26.06.2013) 13.08

Daily Volume

14.3





5'510.72 1 Yr Total Return -57.90%





Enterprise Value -


AU US EQUITY YTD Change - Average Volume 30 Day 3'935'596

AU US EQUITY YTD % CHANGE - Average Volume 3 Month 3'435'400


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

29'774.0 30'745.0 38'833.0 47'849.0 52'160.3 51'123.2 51'861.6 61'184.0 70'390.8 - -

3.48x 3.88x 3.60x 3.00x 2.30x 10.32x 9.37x 1.37x 1.13x - -

3'278.0 (2'435.0) 9'720.0 20'443.0 19'105.5 22'721.7 17'555.7 20'567.1 27'317.3 - -

31.64x - 14.37x 7.03x 6.27x 5.12x 5.70x - - - -

(16'138.0) (2'762.0) 637.0 11'282.0 6'814.6 14'088.2 4'225.8 5'056.7 9'814.6 - -

- - - - - 0.00x 0.00x 10.01x 5.38x - -


EBIT 12'553.61 Long-Term Rating BBB-









EBITDA Margin 33.9%



Asset Turnover 0.51








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

AngloGold Ashanti LtdPrice/Volume

Valuation Analysis

3'469'397.00


'

2

-'

-2

.'

.2

0'

02

1'

g -. Q -. o -. l -. k -. a -. g -0 c -0 j -0 Q -0 j -0 g -0!' F

.!' F

1!' F

3!' F

5!' F

-'!' F

-.!' F

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'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



01.07.2013


PAULSON & CO PAULSON & CO 13F 28'254'950 7.36 50'951 31.03.2013 Hedge Fund Manager


NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 11'336'430 2.95 (431'746) 31.03.2013 Investment Advisor






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

TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 3'728'373 0.97 (458'492) 31.03.2013 Investment Advisor

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 3'398'300 0.89 157'600 31.03.2013 Hedge Fund Manager

CAPITAL GROUP COMPAN n/a ULT-AGG 2'612'472 0.68 (22'697) 31.03.2013 Investment Advisor

PASSPORT CAPITAL LLC PASSPORT CAPITAL LLC 13F 2'137'844 0.56 733'688 31.03.2013 Hedge Fund Manager

NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 2'090'384 0.54 (581'425) 31.05.2013 Investment Advisor

PLATINUM INVESTMENT PLATINUM INVESTMENT 13F 2'059'815 0.54 (145'000) 31.03.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 1'939'517 0.51 350'187 31.03.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 1'839'523 0.48 98'426 31.03.2013 Investment Advisor


GAMCO n/a ULT-AGG 1'611'720 0.42 (310) 31.03.2013 Unclassified

INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 1'608'497 0.42 (700) 31.03.2013 Investment Advisor


Societe Generale BRUCE ALWAY sell 1 M 13 12 month 17.06.2013

EVA Dimensions TIMOTHY STANISH hold 3 M #N/A N/A Not Provided 06.06.2013




Holdings By:

AngloGold Ashanti Ltd ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (19.09.2012) 40.09

52-Week Low (26.06.2013) 13.38

Daily Volume

14.76





4'068.37 1 Yr Total Return -60.41%







BVN US EQUITY YTD Change - Average Volume 30 Day 1'820'631

BVN US EQUITY YTD % CHANGE - Average Volume 3 Month 1'649'934


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

766.6 881.5 1'103.8 1'556.6 1'563.5 1'570.2 1'492.0 1'601.4 1'717.5 388.0 411.0

6.61x 9.30x 10.85x 6.05x 6.00x 24.14x 23.72x 2.60x 2.35x - -

(54.4) 351.5 475.4 820.2 569.3 589.1 517.8 691.3 750.5 199.0 204.5

- 23.33x 25.19x 11.49x 16.47x 16.81x 13.14x 6.21x 5.72x 4.84x -

153.3 593.6 660.8 858.9 684.7 848.7 579.9 480.3 503.9 103.3 106.9

33.61x 14.29x 18.66x 11.16x 13.41x 11.93x 11.38x 7.00x 7.48x 10.54x 10.30x











EBITDA Margin 34.7%



Asset Turnover 0.34








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cia de Minas Buenaventura SAAPrice/Volume

Valuation Analysis

3'411'829.00


'2

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400.0

600.0

800.0

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1'200.0

1'400.0

1'600.0

1'800.0

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

'!''

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01.07.2013




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


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



GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 4'187'270 1.52 3'390'686 31.03.2013 Investment Advisor


HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 3'497'516 1.27 1'025'840 28.03.2013 Unclassified



UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 1'858'000 0.68 51'500 31.03.2013 Investment Advisor

THE BANK OF NOVA SCO THE BANK OF NOVA SCO 13F 1'691'231 0.62 (868'730) 31.03.2013 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 1'679'805 0.61 28'779 31.01.2013 Investment Advisor

CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 1'677'132 0.61 216'700 31.03.2013 Investment Advisor

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

ING GROEP NV ING GROEP NV 13F 1'100'345 0.4 1'054'067 31.03.2013 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 1'094'442 0.4 (399) 30.04.2013 Investment Advisor



Morgan Stanley CARLOS DE ALBA Equalwt/No Rating 3 M 21 12 month 25.06.2013

Credit Suisse SANTIAGO PEREZ TEUFFER neutral 3 M 21 Not Provided 25.06.2013

EVA Dimensions TIMOTHY STANISH overweight 5 U #N/A N/A Not Provided 25.06.2013


Banco BTG Pactual SA CESAR PEREZ-NOVOA buy 5 M 30 12 month 20.05.2013

Banco de Credito del Peru HECTOR JOSUE COLLANTES hold 3 M 21 Not Provided 06.05.2013

Inteligo SAB LALI MERINO buy 5 M 29 Not Provided 03.05.2013

Grupo Santander WALTER CHIARVESIO buy 5 M 33 Not Provided 30.04.2013


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

Holdings By:

Cia de Minas Buenaventura SAA ee


01.07.2013

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

and develops gold properties.


LTM as of: 03/yy

52-Week High (21.09.2012) 12.84

52-Week Low (27.06.2013) 5.70

Daily Volume

6.42





3'061.81 1 Yr Total Return -32.42%







NGD US EQUITY YTD Change - Average Volume 30 Day 4'439'728

NGD US EQUITY YTD % CHANGE - Average Volume 3 Month 4'146'315


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

143.1 323.8 530.5 695.9 791.3 693.5 824.3 920.8 984.5 239.7 252.0

2.55x 4.31x 6.83x 6.62x 6.86x 26.07x 24.77x 3.56x 3.67x - -

13.8 110.4 239.2 344.0 390.1 339.3 387.6 460.3 554.0 95.4 112.0

26.46x 12.64x 15.15x 13.39x 13.91x 13.50x 11.65x 7.05x 5.86x - -

(102.7) (194.3) 47.5 179.0 199.0 187.8 201.7 160.0 224.1 14.6 47.6

- - - - - 0.00x 0.00x 17.21x 12.61x 14.59x 12.84x

EBITDA 390.10 Long-Term Rating Date 27.03.2012

EBIT 273.90 Long-Term Rating BB-









EBITDA Margin 47.0%



Asset Turnover 0.22







Fiscal Year Ended

New Gold IncPrice/Volume

Valuation Analysis

6'485'111.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

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-1

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5!' F

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-.!' F

-1!' F

-3!' F

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

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

'!.'

'!1'

'!3'

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01.07.2013


BLACKROCK n/a ULT-AGG 62'551'684 13.12 - 27.06.2013 Investment Advisor



POWER CORP OF CANADA n/a ULT-AGG 12'987'264 2.72 1'051'834 31.03.2013 Holding Company

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 12'943'570 2.71 250'000 30.04.2013 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 12'469'841 2.61 (1'200'483) 31.03.2013 Investment Advisor

RS INVESTMENT MANAGE RS INVESTMENT MANAGE 13F 11'134'273 2.33 1'234'109 31.03.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 11'078'536 2.32 1'017'815 31.03.2013 Bank

TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 10'011'303 2.1 (5'156'495) 31.03.2013 Investment Advisor


BANK OF NOVA SCOTIA n/a ULT-AGG 7'393'443 1.55 1'122'945 31.03.2013 Bank

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

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


INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 5'091'201 1.07 - 30.04.2013 Investment Advisor



CANADA PENSION PLAN CANADA PENSION PLAN 13F 4'785'859 1 703'973 31.03.2013 Pension Fund (ERISA)

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 4'584'060 0.96 190'800 31.03.2013 Investment Advisor

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


EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 26.06.2013


RBC Capital Markets DAN ROLLINS restricted #N/A N/A M 10 12 month 24.06.2013



Casimir Capital STUART MCDOUGALL buy 5 M 16 Not Provided 17.06.2013



CIBC World Markets ALEC KODATSKY sector perform 3 M 11 12 month 03.06.2013

Scotia Capital TREVOR TURNBULL sector outperform 5 M 13 12 month 03.06.2013

Mackie Research Capital Corp. BARRY D ALLAN buy 5 U 9 12 month 03.06.2013


BMO Capital Markets ANDREW KAIP restricted #N/A N/A M #N/A N/A Not Provided 31.05.2013


Global Hunter Securities JEFF WRIGHT buy 5 M 10 12 month 31.05.2013

Holdings By:

New Gold Inc ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (26.11.2012) 57.35

52-Week Low (26.06.2013) 25.00

Daily Volume

27.54





4'760.80 1 Yr Total Return -30.55%







AEM US EQUITY YTD Change - Average Volume 30 Day 1'958'873

AEM US EQUITY YTD % CHANGE - Average Volume 3 Month 1'986'257


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 1'672.8 1'988.1 355.7 407.7

21.80x 14.47x 9.45x 3.75x 4.96x 18.58x 18.18x 3.32x 2.78x 14.99x 13.20x

94.9 202.5 601.8 752.9 787.4 801.6 735.0 585.4 793.7 111.3 140.0

84.80x 43.86x 22.34x 9.08x 12.08x 7.78x 10.34x 9.02x 6.65x 8.84x 8.29x

73.2 86.5 332.1 (568.9) 310.9 (535.6) 256.2 167.3 270.7 20.2 34.1

- - - - - 0.00x 0.00x 28.90x 17.83x 26.20x 20.97x


EBIT 515.56 Long-Term Rating NR









EBITDA Margin 39.4%



Asset Turnover 0.36







Fiscal Year Ended

Agnico Eagle Mines LtdPrice/Volume

Valuation Analysis

3'529'737.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

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1'

2'

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2!' F

3!' F

4!' F

5!' F

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 2012'!''

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'!3'

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01.07.2013



FMR LLC n/a ULT-AGG 13'384'122 7.74 2'418'540 31.03.2013 Investment Advisor

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 11'305'234 6.54 696'000 31.03.2013 Hedge Fund Manager


T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 6'927'650 4.01 223'720 31.03.2013 Investment Advisor

GREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 4'381'540 2.53 414'729 31.03.2013 Investment Advisor






TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 2'128'571 1.23 845 31.03.2013 Investment Advisor

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 1'800'000 1.04 (665'218) 31.03.2013 Investment Advisor

VINIK ASSET MANAGEME VINIK ASSET MANAGEME 13F 1'598'700 0.92 418'800 31.03.2013 Hedge Fund Manager

INVESCO LTD n/a ULT-AGG 1'553'050 0.9 428'246 28.06.2013 Investment Advisor




CIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 1'210'011 0.7 36'572 31.03.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'051'526 0.61 78'180 31.03.2013 Investment Advisor










Raymond James BRAD HUMPHREY market perform 3 M 46 12 month 12.06.2013



National Bank Financial STEPHEN PARSONS sector perform 3 M 42 12 month 26.05.2013


Macquarie TONY LESIAK underperform 1 M 28 12 month 17.05.2013

BMO Capital Markets DAVID HAUGHTON market perform 3 M 45 Not Provided 07.05.2013


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

Mackie Research Capital Corp. BARRY D ALLAN hold 3 M 38 12 month 29.04.2013

HSBC PATRICK CHIDLEY underweight 1 D 29 Not Provided 28.04.2013







Holdings By:

Agnico Eagle Mines Ltd ee


01.07.2013

Eldorado Gold Corporation acquires, explores, and develops mineral properties.

The Company currently has operating gold mines in Brazil, China, Turkey, Greece,

and surrounding regions.


LTM as of: 03/yy

52-Week High (19.09.2012) 16.20

52-Week Low (27.06.2013) 5.56

Daily Volume

6.18





4'418.75 1 Yr Total Return -49.26%







EGO US EQUITY YTD Change - Average Volume 30 Day 5'558'692

EGO US EQUITY YTD % CHANGE - Average Volume 3 Month 5'812'822


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

277.7 358.5 791.2 1'103.7 1'147.5 1'156.1 1'214.1 1'226.8 1'337.8 265.7 281.7

10.15x 21.00x 12.74x 6.66x 8.06x 29.80x 29.81x 3.98x 3.88x 17.88x 17.07x

132.0 181.2 423.3 643.9 584.4 659.7 630.5 599.5 659.0 113.5 123.0

21.36x 41.53x 23.82x 11.41x 15.83x 14.80x 11.16x 7.72x 7.02x 9.42x 9.18x

163.7 102.4 221.0 318.7 305.3 334.0 192.0 256.2 303.0 49.8 58.7

- - - - - 0.00x 0.00x 16.18x 13.76x 15.77x 14.61x


EBIT 470.87 Long-Term Rating BB









EBITDA Margin 51.9%



Asset Turnover 0.16








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Eldorado Gold CorpPrice/Volume

Valuation Analysis

8'458'269.00


'.135

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3!' F

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-3!' F

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 2012'!''

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'!3'

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01.07.2013






CARMIGNAC GESTION Multiple Portfolios MF-AGG 13'044'870 1.82 (14'814'642) 29.03.2013 Investment Advisor

CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 12'322'002 1.72 (163'800) 31.03.2013 Investment Advisor



JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 11'264'562 1.58 771'210 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


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


PRUDENTIAL FINANCIAL n/a ULT-AGG 6'756'612 0.94 64'734 31.05.2013 Investment Advisor

IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 5'819'530 0.81 (2'247'589) 31.03.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 5'033'900 0.7 45'300 31.03.2013 Investment Advisor



Morgan Stanley PARETOSH MISRA Overwt/In-Line 5 M 8 12 month 25.06.2013


RBC Capital Markets DAN ROLLINS sector perform 3 M 9 12 month 24.06.2013


TD Securities STEVEN J GREEN action list buy 5 M 14 12 month 19.06.2013



Paradigm Capital Inc DON MACLEAN hold 3 M 10 12 month 22.05.2013



CIBC World Markets COSMOS CHIU sector outperform 5 M 14 Not Provided 06.05.2013

Cormark Securities Inc. MIKE KOZAK buy 5 M 12 12 month 06.05.2013




Canaccord Genuity Corp STEVEN BUTLER buy 5 M 11 Not Provided 03.05.2013




Mackie Research Capital Corp. BARRY D ALLAN hold 3 M 13 Not Provided 12.03.2013

Holdings By:

Eldorado Gold Corp ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (04.10.2012) 11.20

52-Week Low (26.06.2013) 4.53

Daily Volume

5.1



% 52 Week Price Range High/Low 8.55% Equity Float 1'139.64


5'822.49 1 Yr Total Return -36.31%







KGC US EQUITY YTD Change - Average Volume 30 Day 13'126'443

KGC US EQUITY YTD % CHANGE - Average Volume 3 Month 13'778'005


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

1'617.0 2'412.1 3'010.1 3'842.5 4'311.4 3'910.6 4'332.9 3'903.3 3'962.5 922.7 890.4

7.84x 5.37x 6.92x 3.37x 2.74x 14.92x 10.04x 1.79x 1.80x 7.33x 7.82x

656.3 1'093.2 1'200.4 1'926.2 1'962.2 1'885.9 1'980.9 1'508.7 1'645.8 338.2 325.7

19.32x 11.85x 17.35x 6.73x 6.01x 6.00x 4.97x 4.40x 4.03x 4.91x 4.74x

(807.2) 309.9 759.7 (2'073.6) (2'504.9) (2'225.3) (2'450.1) 434.4 555.1 7.0 81.0

46.21x 41.68x 146.30x 15.25x 12.61x 12.84x 10.69x 13.21x 10.83x 13.67x 11.38x


EBIT 1'281.00 Long-Term Rating BBB-


Pretax Margin -53.16% Short-Term Rating Date -

Return on Assets -15.73% Short-Term Rating -






EBITDA Margin 45.7%



Asset Turnover 0.28







Fiscal Year Ended

Kinross Gold CorpPrice/Volume

Valuation Analysis

20'938'684.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

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-.

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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

'!''

.!''

1!''

3!''

5!''

-'!''

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01.07.2013



INVESCO LTD n/a ULT-AGG 29'798'050 2.61 6'302'441 28.06.2013 Investment Advisor


ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 22'078'500 1.93 22'078'500 31.03.2013 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 20'640'874 1.81 3'329'797 31.03.2013 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 20'421'586 1.79 (1'148'398) 31.03.2013 Unclassified

TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 19'663'848 1.72 (977'748) 31.03.2013 Investment Advisor




ALTRINSIC GLOBAL ADV ALTRINSIC GLOBAL ADV 13F 14'937'516 1.31 30'083 31.03.2013 Investment Advisor





CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 12'697'029 1.11 (5'850'702) 31.03.2013 Investment Advisor

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 12'671'799 1.11 (1'130'000) 31.03.2013 Hedge Fund Manager


PASSPORT CAPITAL LLC PASSPORT CAPITAL LLC 13F 12'217'459 1.07 (1'903'663) 31.03.2013 Hedge Fund Manager



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








Canaccord Genuity Corp STEVEN BUTLER hold 3 M 8 Not Provided 17.06.2013





Veritas Investment Research Co PAWEL RAJSZEL sell 1 D 6 Not Provided 11.06.2013


National Bank Financial PAOLO LOSTRITTO outperform 5 M 11 12 month 10.06.2013


Paradigm Capital Inc DON MACLEAN Under Review #N/A N/A M #N/A N/A Not Provided 22.05.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 22.05.2013


CIBC World Markets ALEC KODATSKY sector underperform 1 M 8 Not Provided 08.05.2013




Morgan Stanley PARETOSH MISRA Underwt/In-Line 1 D #N/A N/A Not Provided 10.10.2012

Holdings By:

Kinross Gold Corp ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (01.10.2012) 100.84

52-Week Low (26.06.2013) 38.64

Daily Volume

42.08





2'708.90 1 Yr Total Return -45.85%







RGLD US EQUITY YTD Change - Average Volume 30 Day 897'753

RGLD US EQUITY YTD % CHANGE - Average Volume 3 Month 994'849


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

66.3 73.8 136.6 216.5 263.1 262.2 292.0 298.4 358.0 65.5 68.8

13.56x 19.29x 18.40x 15.32x 17.19x 55.35x 66.52x 7.99x 6.18x 36.27x -

51.3 59.9 114.2 186.3 233.2 230.7 259.6 265.6 314.6 58.4 56.5

17.51x 23.77x 22.00x 17.80x 19.39x 16.28x 16.16x 8.83x 7.46x 9.07x 8.22x

24.0 38.3 21.5 71.4 92.5 93.6 79.0 92.6 123.0 18.6 20.0

51.41x 91.09x 61.79x 45.40x 48.25x 39.16x 48.88x 27.96x 21.41x 27.54x 23.47x











EBITDA Margin 88.9%



Asset Turnover 0.12








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Royal Gold IncPrice/Volume

Valuation Analysis

2'188'022.00


'

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0.0

50.0

100.0

150.0

200.0

250.0

300.0

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01.07.2013


BLACKROCK n/a ULT-AGG 6'803'771 10.57 207'220 27.06.2013 Investment Advisor


VANGUARD GROUP INC VANGUARD GROUP INC 13F 3'592'556 5.58 159'701 31.03.2013 Investment Advisor



STUCKERT JAMES W n/a Form 4 1'443'600 2.24 (178'495) 26.06.2013 n/a



ALLIANZ ASSET MANAGE n/a ULT-AGG 1'329'864 2.07 95'610 31.05.2013 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

GAMCO n/a ULT-AGG 678'787 1.05 149'690 31.03.2013 Unclassified

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 633'761 0.98 25'047 31.03.2013 Investment Advisor

UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 624'300 0.97 9'000 31.03.2013 Investment Advisor

UBS n/a ULT-AGG 621'096 0.96 518'527 31.03.2013 Unclassified

NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 560'996 0.87 (413'048) 31.03.2013 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 558'674 0.87 82'417 31.03.2013 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 533'948 0.83 (96'771) 31.03.2013 Investment Advisor



BB&T Capital Markets GARRETT S. NELSON buy 5 M 80 12 month 24.06.2013

National Bank Financial SHANE NAGLE outperform 5 M 78 12 month 04.06.2013

MLV & Co MICHAEL D PETERSON buy 5 M 80 12 month 03.05.2013

CIBC World Markets COSMOS CHIU sector perform 3 M 88 Not Provided 02.05.2013



EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013

Holdings By:

Royal Gold Inc ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (16.08.2012) 10.54

52-Week Low (24.06.2013) 3.29

Daily Volume

3.81





1'658.45 1 Yr Total Return -58.81%





Enterprise Value -


HMY US EQUITY YTD Change - Average Volume 30 Day 3'443'423

HMY US EQUITY YTD % CHANGE - Average Volume 3 Month 3'318'861


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

9'617.0 11'496.0 11'284.0 11'596.0 15'169.0 13'997.0 16'353.0 17'452.9 21'284.3 - -

4.37x 2.83x 3.13x 3.41x 2.18x 11.33x 7.37x 0.93x 0.83x - -

1'393.0 2'125.0 1'737.0 2'354.0 4'222.0 3'190.0 3'140.0 4'856.8 6'494.5 - -

30.15x 15.29x 20.33x 16.81x 7.84x 0.00x 8.01x - - - -

(245.0) 2'927.0 (192.0) 617.0 2'645.0 2'496.0 1'176.0 1'678.5 2'091.7 - -

- - - - - 0.00x 0.00x 9.70x 7.84x - -


EBIT 2'231.00 Long-Term Rating -









EBITDA Margin 19.2%



Asset Turnover 0.37








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Harmony Gold Mining Co LtdPrice/Volume

Valuation Analysis

4'246'570.00


'

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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 2012'!''

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'!1'

'!3'

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01.07.2013


DEUTSCHE BANK TRUST n/a 20F 135'983'632 31.24 - 22.10.2012 Investment Advisor





UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 5'755'000 1.32 1'930'000 31.03.2013 Investment Advisor




GAMCO n/a ULT-AGG 1'982'360 0.46 (270) 31.03.2013 Unclassified

TWO SIGMA INVESTMENT TWO SIGMA INVESTMENT 13F 1'780'331 0.41 458'902 31.03.2013 Hedge Fund Manager

TEXAS TEACHER RETIRE TEACHER RETIREMENT S 13F 1'500'000 0.34 - 31.03.2013 Pension Fund (ERISA)

CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 1'265'348 0.29 (81'600) 31.03.2013 Investment Advisor

CITIGROUP INCORPORAT n/a ULT-AGG 1'203'118 0.28 490'639 31.03.2013 Investment Advisor

TWO SIGMA ADVISERS L TWO SIGMA ADVISERS L 13F 1'129'600 0.26 726'300 31.03.2013 Investment Advisor

US GLOBAL INVESTORS US GLOBAL INVESTORS 13F 1'050'000 0.24 - 31.03.2013 Investment Advisor


HUSSMAN ECONOMETRICS HUSSMAN ECONOMETRICS 13F 1'000'000 0.23 - 31.03.2013 Investment Advisor

GAM HOLDING LTD GAM HOLDING LTD 13F 998'850 0.23 55'000 31.03.2013 Investment Advisor

AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 751'348 0.17 - 28.02.2013 Investment Advisor


EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013


Holdings By:

Harmony Gold Mining Co Ltd ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (05.10.2012) 16.88

52-Week Low (26.06.2013) 3.81

Daily Volume

4.33





1'630.52 1 Yr Total Return -61.83%







IAG US EQUITY YTD Change - Average Volume 30 Day 7'228'772

IAG US EQUITY YTD % CHANGE - Average Volume 3 Month 7'211'735


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

869.6 914.3 1'097.1 1'673.2 1'670.0 1'613.3 1'571.1 1'388.8 1'590.4 326.6 325.4

2.09x 6.14x 5.88x 2.98x 2.52x 13.37x 10.75x 1.30x 1.33x 5.57x 5.81x

342.1 378.6 470.3 785.0 710.1 748.7 641.7 553.4 675.6 127.1 142.6

5.31x 14.82x 13.71x 6.36x 5.94x 5.37x 4.36x 3.09x 2.53x 3.32x 3.45x

(9.9) 114.1 262.6 806.6 334.7 772.4 226.4 171.3 222.1 32.3 32.5

- - - - - 0.00x 0.00x 9.37x 7.25x 8.59x 7.77x


EBIT 546.20 Long-Term Rating BB-









EBITDA Margin 40.8%



Asset Turnover 0.32








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

IAMGOLD CorpPrice/Volume

Valuation Analysis

13'844'235.00


'.135

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0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

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

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01.07.2013





AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 9'271'077 2.46 1'611'410 31.03.2013 Investment Advisor




HEXAVEST INC HEXAVEST INC 13F 5'890'847 1.56 (3'062'014) 31.03.2013 Investment Advisor




SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 4'905'401 1.3 2'828'200 31.03.2013 Investment Advisor


MANULIFE ASSET MANAG MANULIFE ASSET MANAG 13F 3'566'791 0.95 1'447'076 31.03.2013 Investment Advisor


DEUTSCHE BANK AG n/a ULT-AGG 3'407'054 0.9 536'267 30.04.2013 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

JP MORGAN n/a ULT-AGG 3'071'125 0.82 6'609 31.03.2013 Investment Advisor

CLARINGTON CAPITAL M Multiple Portfolios MF-AGG 3'035'395 0.81 2'248'674 31.12.2012 Investment Advisor


Stifel MICHAEL A SCOON hold 3 M #N/A N/A Not Provided 28.06.2013

Credit Suisse ANITA SONI underperform 1 M 4 Not Provided 25.06.2013




Societe Generale BRUCE ALWAY sell 1 M 5 12 month 17.06.2013

Global Hunter Securities JEFF WRIGHT buy 5 N 8 12 month 14.06.2013


Clarus Securities NANA SANGMUAH hold 3 M 10 18 month 05.06.2013



Paradigm Capital Inc DON MACLEAN hold 3 D 7 12 month 22.05.2013





Cormark Securities Inc. MIKE KOZAK market perform 3 M 6 12 month 09.05.2013






Mackie Research Capital Corp. BARRY D ALLAN hold 3 M 14 Not Provided 12.03.2013

Morgan Stanley PARETOSH MISRA Equalwt/In-Line 3 N #N/A N/A Not Provided 10.10.2012

Holdings By:

IAMGOLD Corp ee


01.07.2013

Pan American Silver Corporation is a silver mining company with its principal

property in Peru. The Company also explores and develops mines in Mexico.


LTM as of: 03/yy

52-Week High (01.11.2012) 22.83

52-Week Low (26.06.2013) 10.23

Daily Volume

11.64





1'762.36 1 Yr Total Return -29.42%







PAAS US EQUITY YTD Change - Average Volume 30 Day 2'904'188

PAAS US EQUITY YTD % CHANGE - Average Volume 3 Month 2'585'931


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

338.6 454.8 646.6 855.3 928.6 893.6 942.8 897.3 978.2 210.5 208.3

4.05x 5.14x 6.33x 2.15x 2.57x 11.23x 9.96x 1.57x 1.56x 6.15x 6.08x

121.0 179.1 277.8 445.9 362.0 456.8 345.3 276.5 334.3 52.3 51.2

11.33x 13.05x 14.73x 4.12x 6.60x 6.30x 5.94x 4.79x 3.96x 6.37x 6.28x

24.6 62.0 13.7 352.5 87.4 310.2 57.6 87.0 132.9 14.2 13.2

- - - - - 0.00x 0.00x 18.96x 14.37x 17.99x 15.71x











EBITDA Margin 36.6%



Asset Turnover 0.28







Fiscal Year Ended

Pan American Silver CorpPrice/Volume

Valuation Analysis

4'613'588.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

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0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

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

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01.07.2013



ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 10'001'527 6.61 (1'140'970) 31.03.2013 Investment Advisor

RIVER ROAD ASSET MAN RIVER ROAD ASSET MAN 13F 3'721'492 2.46 1'725'646 31.03.2013 Investment Advisor



BEATY ROSS J n/a SEDI 2'118'680 1.4 300'000 31.05.2012 n/a

DEUTSCHE BANK AG n/a ULT-AGG 1'969'181 1.3 151'207 30.04.2013 Investment Advisor

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 1'939'341 1.28 (110'000) 31.03.2013 Investment Advisor

ASTON ASSET MANAGEME Multiple Portfolios MF-AGG 1'767'772 1.17 (3'472) 31.05.2013 Investment Advisor

GLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 1'511'945 1 (21'408) 31.03.2013 Investment Advisor


DREMAN VALUE MANAGEM DREMAN VALUE MANAGEM 13F 1'390'676 0.92 (14'164) 31.03.2013 Investment Advisor

CARLSON CAPITAL LP CARLSON CAPITAL LP 13F 1'200'000 0.79 1'200'000 31.03.2013 Hedge Fund Manager

INTREPID CAPITAL MAN INTREPID CAPITAL MAN 13F 1'198'545 0.79 - 31.03.2013 Investment Advisor


MORGAN STANLEY n/a ULT-AGG 1'117'492 0.74 393'712 31.03.2013 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 1'109'882 0.73 (151'875) 31.03.2013 Pension Fund (ERISA)

AXA n/a ULT-AGG 1'095'911 0.72 - 31.03.2013 Investment Advisor


TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 986'026 0.65 22'621 31.03.2013 Investment Advisor


BMO Capital Markets ANDREW KAIP underperform 1 D 10 12 month 28.06.2013



Credit Suisse RALPH M PROFITI neutral 3 D 14 Not Provided 25.06.2013



TD Securities DANIEL EARLE hold 3 M 16 12 month 19.06.2013

Dundee Securities Corp CHRIS LICHTENHELDT neutral 3 M 17 Not Provided 17.06.2013

JPMorgan JOHN BRIDGES underweight 1 M 19 6 month 06.06.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 22.05.2013




Canaccord Genuity Corp RAHUL PAUL buy 5 M 20 Not Provided 14.05.2013

CIBC World Markets ARNOLD VAN GRAAN sector perform 3 M 19 Not Provided 11.04.2013

Holdings By:

Pan American Silver Corp ee


01.07.2013

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,

the La Guitarra Silver Mine, and Del Toro Silver Mine.


LTM as of: 03/yy

52-Week High (09.11.2012) 24.20

52-Week Low (26.06.2013) 8.81

Daily Volume

10.59





1'238.20 1 Yr Total Return -26.71%







AG US EQUITY YTD Change - Average Volume 30 Day 1'297'909

AG US EQUITY YTD % CHANGE - Average Volume 3 Month 1'271'895


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

41.8 52.4 117.9 245.5 247.2 248.1 256.4 319.7 474.3 - -

3.30x 6.36x 11.66x 6.93x 9.19x 27.16x 32.01x 3.86x 2.26x - -

2.3 11.7 53.4 156.2 135.1 157.7 132.3 162.4 247.8 - -

59.08x 28.43x 25.73x 10.89x 16.82x 10.69x 13.74x 7.16x 4.69x - -

(4.9) 5.6 35.1 103.6 88.9 106.1 89.1 106.2 175.0 - -

- - - - - 0.00x 0.00x 14.37x 8.78x 12.23x 10.27x











EBITDA Margin 51.6%



Asset Turnover 0.39







Fiscal Year Ended

First Majestic Silver CorpPrice/Volume

Valuation Analysis

2'422'044.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

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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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'!1'

'!3'

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01.07.2013



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 3'871'362 3.31 (159'106) 31.03.2013 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 2'462'160 2.11 (181'475) 31.03.2013 Investment Advisor

BARING INTERNATIONAL BARING INTERNATIONAL 13F 2'154'471 1.84 (122'348) 31.03.2013 Investment Advisor


CANADA PENSION PLAN CANADA PENSION PLAN 13F 1'203'343 1.03 19'400 31.03.2013 Pension Fund (ERISA)



POLAR SECURITIES INC POLAR SECURITIES INC 13F 1'034'662 0.88 - 31.03.2013 Hedge Fund Manager

TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 953'685 0.82 (378'403) 31.03.2013 Investment Advisor

GLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 777'102 0.66 777'102 31.03.2013 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 700'000 0.6 25'000 28.03.2013 Investment Advisor

CLAYMORE INVESTMENTS Multiple Portfolios MF-AGG 689'593 0.59 - 31.12.2012 Investment Advisor


VANGUARD GROUP INC Multiple Portfolios MF-AGG 659'529 0.56 71'372 31.03.2013 Investment Advisor

NORGES BANK NORGES BANK 13F 636'734 0.54 - 31.12.2012 Government

IA CLARINGTON INVEST Multiple Portfolios MF-AGG 620'900 0.53 - 31.12.2012 Investment Advisor


BMO Capital Markets ANDREW KAIP outperform 5 U 12 12 month 28.06.2013





Raymond James CHRIS THOMPSON outperform 5 M 21 12 month 14.06.2013

Cormark Securities Inc. GRAEME JENNINGS buy 5 M 21 12 month 29.05.2013


Holdings By:

First Majestic Silver Corp ee


01.07.2013

Coeur Mining, Inc., 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.


LTM as of: 03/yy

52-Week High (01.11.2012) 31.97

52-Week Low (26.06.2013) 11.48

Daily Volume

13.3





1'349.64 1 Yr Total Return -24.26%







CDE US EQUITY YTD Change - Average Volume 30 Day 1'733'643

CDE US EQUITY YTD % CHANGE - Average Volume 3 Month 1'812'073


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

170.9 300.4 515.5 1'021.2 895.5 1'026.1 862.7 848.7 998.2 218.0 221.0

5.09x 5.42x 4.98x 2.05x 2.45x 8.11x 9.12x 1.51x 1.11x 5.97x 5.99x

0.3 78.2 218.7 531.3 378.2 539.5 342.9 317.8 428.0 78.1 72.2

2750.95x 20.82x 11.74x 3.95x 5.80x 3.90x 4.99x 4.31x 3.20x 4.60x 4.78x

(0.6) (27.1) (91.3) 93.5 48.7 85.0 57.0 46.8 106.4 18.0 10.7

- - - 22.35x 41.69x 24.22x 27.74x 31.07x 11.99x 20.52x 15.78x


EBIT 159.37 Long-Term Rating B+









EBITDA Margin 39.7%



Asset Turnover 0.26








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Coeur Mining IncPrice/Volume

Valuation Analysis

3'887'630.00


'

2

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0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

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

'!''

2!''

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-2!''

.'!''

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0'!''

02!''

1'!''

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01.07.2013



GUGGENHEIM n/a ULT-AGG 5'542'767 5.46 3'168'130 31.05.2013 Unclassified

BLACKROCK n/a ULT-AGG 5'209'001 5.13 693 27.06.2013 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 4'876'942 4.81 (420'427) 31.03.2013 Investment Advisor



STATE STREET n/a ULT-AGG 3'163'120 3.12 (18'288) 31.03.2013 Investment Advisor


AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 2'810'872 2.77 (256'964) 31.03.2013 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'892'202 1.86 34'861 31.03.2013 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 1'588'191 1.57 (207'650) 30.04.2013 Investment Advisor

SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 1'278'258 1.26 - 31.03.2013 Hedge Fund Manager

DREMAN VALUE MANAGEM DREMAN VALUE MANAGEM 13F 1'251'341 1.23 (14'548) 31.03.2013 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'194'069 1.18 197'959 31.03.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 942'523 0.93 60'718 30.04.2013 Investment Advisor

SPROTT INC SPROTT INC 13F 838'500 0.83 (341'000) 31.03.2013 Hedge Fund Manager

PANAGORA ASSET MANAG PANAGORA ASSET MANAG 13F 791'096 0.78 516'832 31.03.2013 Investment Advisor

TWO SIGMA INVESTMENT TWO SIGMA INVESTMENT 13F 699'487 0.69 668'603 31.03.2013 Hedge Fund Manager

TEXAS TEACHER RETIRE TEACHER RETIREMENT S 13F 670'115 0.66 145'492 31.03.2013 Pension Fund (ERISA)

CREDIT SUISSE AG n/a ULT-AGG 660'625 0.65 436'039 31.03.2013 Investment Advisor



Deutsche Bank JORGE M BERISTAIN buy 5 M 18 12 month 28.06.2013

Scotia Capital TREVOR TURNBULL sector perform 3 M 15 12 month 26.06.2013


Global Hunter Securities JEFF WRIGHT accumulate 4 M 21 12 month 26.06.2013

Sterne, Agee & Leach MICHAEL S DUDAS buy 5 M 28 12 month 19.06.2013


EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 27.05.2013

Cormark Securities Inc. GRAEME JENNINGS market perform 3 M 21 12 month 10.05.2013

Holdings By:

Coeur Mining Inc ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (05.07.2012) 8.62

52-Week Low (27.06.2013) 4.01

Daily Volume

4.37





1'078.76 1 Yr Total Return -45.08%





Enterprise Value 981.30


AUQ US EQUITY YTD Change - Average Volume 30 Day 2'641'640

AUQ US EQUITY YTD % CHANGE - Average Volume 3 Month 2'865'415


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

212.5 206.8 238.3 83.9 163.6 175.3 185.8 284.5 374.5 54.8 69.6

3.30x 6.86x 4.42x 27.78x 11.67x 47.64x 42.87x 3.59x 2.74x 11.06x 13.30x

53.3 70.5 106.6 2.3 52.3 83.7 53.2 131.6 200.2 19.9 38.3

13.17x 20.14x 9.87x 1003.29x 36.48x 0.00x 27.39x 7.46x 4.90x 6.23x 5.33x

38.7 8.2 (134.7) 176.9 33.2 166.3 50.2 49.4 77.2 4.5 14.4

- - - - - 0.00x 0.00x 19.77x 12.31x 17.41x 14.05x








Asset Turnover - (EBITDA-Capex)/Interest Exp. -142.03



EBITDA Margin -

EBIT Margin - Total Debt/Equity 8.2%


Asset Turnover -

Current Ratio 7.76 Net Fixed Asset Turnover -




Accounts Receivable Turnover - Cash Conversion Cycle -


Fiscal Year Ended

AuRico Gold IncPrice/Volume

Valuation Analysis

5'959'539.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-.0123456

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01.07.2013




TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 12'665'571 5.13 11'536'239 31.03.2013 Investment Advisor

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 11'974'228 4.85 (669'511) 31.05.2013 Investment Advisor


HEARTLAND ADVISORS I HEARTLAND ADVISORS I 13F 8'574'011 3.47 (3'159'581) 31.03.2013 Investment Advisor


OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 7'469'100 3.03 - 31.03.2013 Investment Advisor

RIVER ROAD ASSET MAN RIVER ROAD ASSET MAN 13F 6'556'114 2.66 6'556'114 31.03.2013 Investment Advisor

ASTON ASSET MANAGEME Multiple Portfolios MF-AGG 5'523'501 2.24 593'007 31.05.2013 Investment Advisor

OPUS CAPITAL GROUP L OPUS CAPITAL GROUP L 13F 4'478'647 1.81 1'610'951 31.03.2013 Investment Advisor

HEXAVEST INC HEXAVEST INC 13F 3'895'355 1.58 (1'586'686) 31.03.2013 Investment Advisor


MAK CAPITAL ONE LLC MAK CAPITAL ONE LLC 13F 3'767'019 1.53 3'767'019 31.03.2013 Hedge Fund Manager

FIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 3'677'730 1.49 (11'562'015) 31.03.2013 Investment Advisor


GEOLOGIC RESOURCE PA GEOLOGIC RESOURCE PA 13F 3'444'100 1.4 - 31.03.2013 Hedge Fund Manager

SENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 3'207'165 1.3 (8'592'660) 31.03.2013 Investment Advisor

NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 3'186'064 1.29 (730'412) 31.03.2013 Investment Advisor

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 2'867'697 1.16 (1'925'861) 31.03.2013 Investment Advisor


TD Securities STEVEN J GREEN reduce 2 M 4 12 month 27.06.2013

BMO Capital Markets BRIAN QUAST market perform 3 M 5 Not Provided 26.06.2013


Raymond James Phil Russo market perform 3 M 7 12 month 26.06.2013


Desjardins Securities ADAM MELNYK buy 5 M 7 Not Provided 26.06.2013

Dundee Securities Corp JOE FAZZINI neutral 3 M 6 Not Provided 26.06.2013

Canaccord Genuity Corp RAHUL PAUL buy 5 M 9 12 month 26.06.2013


EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 22.06.2013

CIBC World Markets COSMOS CHIU sector perform 3 M 8 18 month 09.06.2013



National Bank Financial PAOLO LOSTRITTO sector perform 3 M 6 12 month 10.05.2013

Holdings By:

AuRico Gold Inc ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (17.10.2012) 41.02

52-Week Low (27.06.2013) 5.40

Daily Volume

6.48





673.19 1 Yr Total Return -77.17%







ANV US EQUITY YTD Change - Average Volume 30 Day 3'404'562

ANV US EQUITY YTD % CHANGE - Average Volume 3 Month 3'215'585


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

43.2 43.2 130.9 152.0 214.6 159.3 224.5 347.8 588.2 72.6 89.1

- - 15.41x 16.34x 13.43x 69.10x 47.39x 2.85x 1.91x 11.55x 10.45x

(0.8) (0.8) 30.5 48.8 95.5 64.8 97.9 152.5 279.2 24.9 31.9

- - 66.12x 50.94x 30.19x 42.00x 18.56x 6.63x 3.62x 7.85x 6.90x

8.5 8.5 34.1 36.7 47.7 48.6 44.5 84.9 131.5 13.8 18.1

- - 64.17x 77.21x 55.90x 62.56x 30.25x 9.72x 4.84x 6.11x 4.83x


EBIT 80.87 Long-Term Rating B









EBITDA Margin 43.6%



Asset Turnover 0.23








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Allied Nevada Gold CorpPrice/Volume

Valuation Analysis

11'451'181.00


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01.07.2013


WELLINGTON MANAGEMEN n/a Co File 14'514'762 13.97 9'663'670 31.05.2013 Investment Advisor


BANK OF NOVA SCOTIA n/a ULT-AGG 5'552'375 5.34 - 18.04.2013 Bank

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 4'851'092 4.67 874'964 31.03.2013 Investment Advisor



PESCIO CARL A n/a Form 4 4'453'800 4.29 50'000 18.06.2013 n/a

GUGGENHEIM n/a ULT-AGG 4'451'595 4.28 2'693'449 31.05.2013 Unclassified

SENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 4'264'100 4.1 9'400 31.03.2013 Investment Advisor



BUCHAN ROBERT M n/a Form 4 2'512'474 2.42 - 31.05.2013 n/a




TACONIC CAPITAL ADVI TACONIC CAPITAL ADVI 13F 2'000'000 1.93 2'000'000 31.03.2013 Hedge Fund Manager



COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 1'322'000 1.27 (122'000) 31.03.2013 Investment Advisor

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 1'198'749 1.15 275'051 31.05.2013 Investment Advisor



RBC Capital Markets SAM CRITTENDEN sector perform 3 M 14 12 month 24.06.2013

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


Cormark Securities Inc. MIKE KOZAK speculative buy 4 M 16 12 month 29.05.2013

GMP ANDREW MIKITCHOOK buy 5 M 10 Not Provided 29.05.2013

Macquarie MICHAEL GRAY underperform 1 M 7 12 month 17.05.2013

CIBC World Markets CHITIMUKULU MUSONDA sector perform 3 M 15 Not Provided 02.05.2013

BMO Capital Markets BRIAN QUAST underperform 1 M 11 Not Provided 01.05.2013


Holdings By:

Allied Nevada Gold Corp ee


01.07.2013

Hecla Mining Company explores, develops, and mines precious metals, gold and

silver. The Company has operations in the United States and Mexico.


LTM as of: 03/yy

52-Week High (21.09.2012) 6.92

52-Week Low (27.06.2013) 2.65

Daily Volume

2.98












HL US EQUITY YTD Change - Average Volume 30 Day 9'191'715

HL US EQUITY YTD % CHANGE - Average Volume 3 Month 7'680'246


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

204.7 312.5 418.8 477.6 321.1 432.4 306.4 480.0 665.0 119.5 146.5

3.08x 4.39x 6.28x 2.59x 4.64x 11.93x 17.19x 2.40x 1.66x 8.90x 7.70x

15.3 132.3 211.3 254.7 92.9 210.2 73.6 175.6 317.0 44.9 61.1

41.21x 10.38x 12.44x 4.85x 16.03x 5.01x 13.43x 4.05x 2.25x 3.23x 3.21x

(66.6) 67.8 49.0 151.2 15.0 120.4 13.5 36.3 107.1 3.5 9.0

- 34.33x 62.56x 12.16x 83.29x 14.00x 32.92x 29.50x 10.53x 18.17x 12.63x











EBITDA Margin 24.0%



Asset Turnover 0.22








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hecla Mining CoPrice/Volume

Valuation Analysis

11'906'110.00


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200.0

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01.07.2013





STATE STREET n/a ULT-AGG 10'875'818 3.81 (1'098'945) 31.03.2013 Investment Advisor


NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4'997'041 1.75 (97'116) 31.03.2013 Investment Advisor

CS MCKEE LP C S MCKEE LP 13F 4'173'590 1.46 1'290'990 31.03.2013 Investment Advisor

KESTREL INVESTMENT M KESTREL INVESTMENT M 13F 4'127'550 1.45 130'300 31.03.2013 Investment Advisor

CREDIT SUISSE AG n/a ULT-AGG 3'911'135 1.37 945'081 31.03.2013 Investment Advisor

SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 3'247'355 1.14 (497'214) 31.03.2013 Investment Advisor

LRI-FUND MANAGEMENT Multiple Portfolios MF-AGG 2'800'000 0.98 - 31.05.2013 Investment Advisor

GLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 2'728'961 0.96 (42'581) 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 - 31.03.2013 Pension Fund (ERISA)

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'771'132 0.62 (155'431) 31.03.2013 Investment Advisor

CITIGROUP INCORPORAT n/a ULT-AGG 1'698'286 0.6 1'054'728 31.03.2013 Investment Advisor



BMO Capital Markets ANDREW KAIP market perform 3 M 4 Not Provided 24.06.2013


EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 21.06.2013





Holdings By:

Hecla Mining Co ee


01.07.2013

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

has a gold-copper-zinc mine in Eritrea.


LTM as of: 03/yy

52-Week High (07.11.2012) 4.98

52-Week Low (26.06.2013) 2.65

Daily Volume

2.95












NSU US EQUITY YTD Change - Average Volume 30 Day 1'856'419

NSU US EQUITY YTD % CHANGE - Average Volume 3 Month 1'259'718


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 0.0 0.0 547.8 566.0 646.6 487.8 291.0 667.5 61.4 34.7

- - - 1.60x 1.05x 5.21x 4.68x 1.07x 0.15x 6.44x 11.28x

(6.1) (4.9) (12.2) 429.2 426.5 509.2 347.4 164.3 448.0 21.4 14.1

- - - 2.04x 1.40x 1.15x 1.68x 2.46x 0.90x 1.75x 1.21x

(5.7) (4.3) (13.3) 147.1 145.3 176.5 114.6 54.4 161.6 4.3 2.8

- - - - - 0.00x 0.00x 11.66x 3.53x 7.76x 5.21x











EBITDA Margin 71.2%



Asset Turnover 0.61







Fiscal Year Ended

Nevsun Resources LtdPrice/Volume

Valuation Analysis

1'145'504.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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01.07.2013


PRUDENTIAL PLC n/a ULT-AGG 38'500'000 19.35 - 31.03.2013 Unclassified


FRANKLIN RESOURCES n/a ULT-AGG 19'717'500 9.91 - 30.04.2013 Investment Advisor


ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 5'077'040 2.55 613'900 31.03.2013 Investment Advisor

SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 4'239'444 2.13 124'000 31.03.2013 Investment Advisor


WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 2'652'816 1.33 (409'688) 31.03.2013 Investment Advisor



DAVIS CLIFFORD T n/a SEDI 1'553'219 0.78 (50'100) 19.11.2012 n/a


CLARKE JOHN A n/a SEDI 1'367'000 0.69 - 31.12.2012 n/a




MCKINLEY CAPITAL MAN MCKINLEY CAPITAL MAN 13F 1'094'380 0.55 1'094'380 31.03.2013 Investment Advisor

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 1'091'342 0.55 11'479 31.03.2013 Investment Advisor

BATTERYMARCH FINANCI BATTERYMARCH FINANCI 13F 1'031'500 0.52 24'900 31.03.2013 Investment Advisor



Cormark Securities Inc. CLIFF HALE-SANDERS buy 5 M 5 12 month 25.06.2013


Canaccord Genuity Corp RAHUL PAUL buy 5 U 5 12 month 19.06.2013

TD Securities STEVEN J GREEN hold 3 M 4 12 month 19.06.2013

PI Financial Corp. ALEEM LADAK buy 5 M 6 12 month 19.06.2013

Haywood Securities Inc. STEFAN IOANNOU buy 5 M 4 12 month 18.06.2013

RBC Capital Markets PATRICK MORTON sector perform 3 M 4 12 month 17.06.2013

Raymond James ADAM LOW outperform 5 M 4 12 month 17.06.2013


Scotia Capital MARK TURNER sector outperform 5 N 5 12 month 13.06.2013

GMP ANDREW MIKITCHOOK hold 3 M 4 Not Provided 29.05.2013

Paradigm Capital Inc DAVID DAVIDSON buy 5 M 8 12 month 13.05.2013

Holdings By:

Nevsun Resources Ltd ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (19.09.2012) 5.37

52-Week Low (24.12.2012) 3.19

Daily Volume

3.85





634.63 1 Yr Total Return -

Total Debt 0.00 YTD Return -





Average Volume 5 Day 0

AZK US EQUITY YTD Change - Average Volume 30 Day 427'832

AZK US EQUITY YTD % CHANGE - Average Volume 3 Month 644'519


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

144.5 175.6 178.7 260.0 223.6 269.5 210.1 - - - -

4.07x 3.65x 5.82x 2.31x 1.61x 9.71x 10.01x - - - -

53.5 87.5 69.8 124.9 92.2 134.3 77.9 - - - -

10.98x 7.32x 14.90x 4.81x 3.90x 4.46x 6.98x - - - -

4.9 36.7 17.2 43.9 31.8 49.7 20.6 - - - -

- - - - - 0.00x 0.00x 67.50x 21.32x - -











EBITDA Margin 37.1%



Asset Turnover 0.49







Fiscal Year Ended

Aurizon Mines LtdPrice/Volume

Valuation Analysis

5'181'137.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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100.0

150.0

200.0

250.0

300.0

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01.07.2013


HECLA MINING CO n/a Research 164'838'394 100 - 06.06.2013 Corporation

ALAMOS GOLD INC n/a 13D 26'507'283 16.08 - 19.03.2013 Other

SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 5'855'560 3.55 104'300 31.03.2013 Hedge Fund Manager



ALPINE ASSOCIATES AD ALPINE ASSOCIATES AD 13F 3'842'000 2.33 3'842'000 31.03.2013 Hedge Fund Manager

CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 2'222'430 1.35 - 31.12.2012 Investment Advisor

HARVARD MANAGEMENT C HARVARD MANAGEMENT C 13F 1'707'800 1.04 1'707'800 31.03.2013 Endowment

LONGFELLOW INVESTMEN LONGFELLOW INVESTMEN 13F 1'674'818 1.02 1'674'818 31.03.2013 Investment Advisor

TOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 1'655'218 1 1'655'218 28.03.2013 Investment Advisor


CANADA PENSION PLAN CANADA PENSION PLAN 13F 1'304'320 0.79 (1'626'815) 31.03.2013 Pension Fund (ERISA)

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


UBS n/a ULT-AGG 1'093'674 0.66 1'062'194 31.03.2013 Unclassified

HALL DAVID P n/a SEDI 990'342 0.6 5'000 04.04.2012 n/a



BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 929'694 0.56 (173'619) 31.03.2013 Investment Advisor



Mackie Research Capital Corp. RYAN HANLEY tender #N/A N/A M 5 Not Provided 16.05.2013

Euro Pacific Capital Inc HEIKO IHLE buy 5 M 5 12 month 04.03.2013

Holdings By:

Aurizon Mines Ltd ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (21.09.2012) 16.92

52-Week Low (27.06.2013) 5.57

Daily Volume

6.34












SSRI US EQUITY YTD Change - Average Volume 30 Day 1'316'658

SSRI US EQUITY YTD % CHANGE - Average Volume 3 Month 1'367'807


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 5.4 112.3 147.8 241.1 126.2 251.8 188.3 203.7 45.6 46.6

- 307.12x 18.82x 6.19x 4.03x 40.61x 13.14x 1.31x 2.19x 5.44x 5.75x

(17.9) (17.7) 5.3 39.4 54.6 20.7 65.0 34.7 45.0 (5.9) (7.3)

- - 400.55x 23.24x 17.81x 50.61x 8.77x 6.65x 5.11x - -

(5.6) (13.2) 338.5 80.1 54.8 69.1 51.3 (23.6) (14.2) (8.0) (1.1)

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











EBITDA Margin 25.8%



Asset Turnover 0.19








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Silver Standard Resources IncPrice/Volume

Valuation Analysis

1'545'112.00


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100.0

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01.07.2013





VINIK ASSET MANAGEME VINIK ASSET MANAGEME 13F 2'504'177 3.1 722'770 31.03.2013 Hedge Fund Manager

TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 1'841'793 2.28 747'006 31.03.2013 Investment Advisor

AXA n/a ULT-AGG 1'508'237 1.87 8'300 31.03.2013 Investment Advisor

ASTON ASSET MANAGEME Multiple Portfolios MF-AGG 1'390'811 1.72 757'156 31.05.2013 Investment Advisor

NEWGATE CAPITAL MANA NEWGATE CAPITAL MANA 13F 1'283'256 1.59 302'640 31.03.2013 Investment Advisor

CARLSON CAPITAL LP CARLSON CAPITAL LP 13F 1'127'900 1.4 923'744 31.03.2013 Hedge Fund Manager


BNP PARIBAS INV PART n/a ULT-AGG 915'000 1.13 (75'000) 28.02.2013 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 811'912 1.01 288'500 31.03.2013 Pension Fund (ERISA)

UBS n/a ULT-AGG 804'279 1 88'666 31.03.2013 Unclassified

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 778'570 0.96 10'800 31.03.2013 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 720'000 0.89 - 28.03.2013 Investment Advisor

ATLANTIC INVESTMENT ATLANTIC INVESTMENT 13F 697'830 0.86 697'830 31.03.2013 Investment Advisor

LRI-FUND MANAGEMENT Multiple Portfolios MF-AGG 696'000 0.86 15'000 31.05.2013 Investment Advisor

NEUFLIZE OBC ASSET M Multiple Portfolios MF-AGG 618'576 0.77 - 30.12.2011 Investment Advisor






Credit Suisse RALPH M PROFITI neutral 3 M 9 Not Provided 25.06.2013


Salman Partners ASH GUGLANI buy 5 M 16 12 month 19.06.2013



EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 22.05.2013




CIBC World Markets ARNOLD VAN GRAAN sector perform 3 M 12 Not Provided 11.04.2013

Holdings By:

Silver Standard Resources Inc ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (14.09.2012) 20.34

52-Week Low (28.06.2013) 8.23

Daily Volume

9.43











Average Volume 5 Day 680'716

SA US EQUITY YTD Change - Average Volume 30 Day 410'079

SA US EQUITY YTD % CHANGE - Average Volume 3 Month 384'575


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 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) (5.1) (15.0) (16.0) - -

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

10.3 (4.7) 3.3 (20.1) (12.5) (18.3) (14.1) - - - -

- - - - - 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 Capital - EBITDA/Interest Exp. -385.83


Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -


Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Seabridge Gold IncPrice/Volume

Valuation Analysis

767'073.00


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01.07.2013


PAN ATLANTIC BANK n/a PROXY 8'001'232 17.56 - 06.05.2013 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 - 31.03.2013 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 - 06.05.2013 n/a

FMR LLC n/a ULT-AGG 601'905 1.32 - 31.03.2013 Investment Advisor

SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 572'976 1.26 115'079 31.03.2013 Investment Advisor

FCMI FINANCIAL CORP n/a PROXY 555'000 1.22 - 06.05.2013 Corporation

BRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 478'467 1.05 (203'241) 31.03.2013 Hedge Fund Manager

FNDTN FOR STUDY OBJ n/a PROXY 425'334 0.93 - 06.05.2013 Other

FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 385'000 0.85 (30'000) 03.06.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 344'050 0.76 (465'199) 27.06.2013 Investment Advisor

FOX LOUIS J n/a PROXY 300'750 0.66 - 06.05.2013 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 - 06.05.2013 n/a



THE BANK OF NOVA SCO THE BANK OF NOVA SCO 13F 167'000 0.37 - 31.03.2013 Investment Advisor



Stonecap Securities Inc CHRISTOS DOULIS sector perform 3 M 22 12 month 03.06.2013

Holdings By:

Seabridge Gold Inc ee


01.07.2013

Tanzanian Royalty Exploration Corporation acquires, explores, and develops

mineral properties. The Company explores for gold.


LTM as of: 02/yy

52-Week High (21.09.2012) 5.34

52-Week Low (26.06.2013) 2.14

Daily Volume

2.7









Cash and Equivalents 20.06 Consensus Rating -



TRX US EQUITY YTD Change - Average Volume 30 Day 481'385

TRX US EQUITY YTD % CHANGE - Average Volume 3 Month 471'574


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 - - - -









Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -0.21

EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Tanzanian Royalty Exploration CorpPrice/Volume

Valuation Analysis

701'476.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


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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01.07.2013



GEIER GROUP LLC n/a 13G 4'879'743 4.84 (4'801'048) 10.11.2011 Other

BPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 3'383'846 3.36 (287'350) 31.03.2013 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 533'661 0.53 - 27.06.2013 Investment Advisor



MORROW ROSALIND n/a SEDI 445'065 0.44 15'636 04.06.2013 n/a

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

CITIGROUP INCORPORAT n/a ULT-AGG 287'556 0.29 102'344 31.03.2013 Investment Advisor

JONES HEWARD INVESTM Multiple Portfolios MF-AGG 270'808 0.27 - 28.06.2013 Investment Advisor

PORTOLA GROUP INCORP PORTOLA GROUP INCORP 13F 212'810 0.21 250 31.03.2013 Investment Advisor


LUIS VICTORIA n/a 20F 144'045 0.14 - 31.10.2012 n/a


VAN TONGEREN STEVEN n/a SEDI 125'103 0.12 440 07.06.2013 n/a

BANK OF AMERICA CORP BANK OF AMERICA 13F 124'831 0.12 27'380 31.03.2013 Investment Advisor

ALTUS CAPITAL INC ALTUS CAPITAL INC 13F 104'500 0.1 56'500 31.03.2013 Investment Advisor


#N/A N/A

Holdings By:

Tanzanian Royalty Exploration Corp ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (16.10.2012) 2.11

52-Week Low (21.06.2013) 0.40

Daily Volume

0.42








Minority Interest (2.0) Analyst Recs 10




GSS US EQUITY YTD Change - Average Volume 30 Day 3'941'497

GSS US EQUITY YTD % CHANGE - Average Volume 3 Month 3'223'665


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

257.4 400.7 432.7 471.0 550.5 485.5 552.4 445.7 458.6 106.3 107.0

1.43x 1.99x 2.72x 0.98x 0.95x 4.31x 3.44x 0.39x 0.41x 1.53x 1.55x

1.8 136.7 107.6 91.8 124.7 94.4 117.0 57.8 112.1 15.2 18.6

200.09x 5.85x 10.93x 5.00x 4.18x 5.74x 3.95x 2.69x 1.39x 2.29x 2.22x

(119.3) 16.5 (11.2) (2.1) (9.5) 1.1 (25.2) (25.9) 19.2 (10.5) (7.1)

- 39.07x - - - 0.00x 0.00x - 6.00x - 32.31x











EBITDA Margin 21.2%



Asset Turnover 0.76








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Golden Star Resources LtdPrice/Volume

Valuation Analysis

28'561'579.00


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200.0

300.0

400.0

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01.07.2013




HEARTLAND ADVISORS I HEARTLAND ADVISORS I 13F 26'830'259 10.35 844'389 31.03.2013 Investment Advisor


HILLSDALE INVESTMENT HILLSDALE INVESTMENT 13F 7'898'726 3.05 1'617'352 31.03.2013 Hedge Fund Manager


ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 4'819'436 1.86 (1'475'687) 31.03.2013 Investment Advisor


GEOLOGIC RESOURCE PA GEOLOGIC RESOURCE PA 13F 4'350'000 1.68 4'350'000 31.03.2013 Hedge Fund Manager




BATTERYMARCH FINANCI BATTERYMARCH FINANCI 13F 2'625'741 1.01 - 31.03.2013 Investment Advisor



MD MANAGEMENT LTD Multiple Portfolios MF-AGG 1'795'127 0.69 (50'700) 31.03.2013 Investment Advisor

LEGG MASON CAPITAL M Multiple Portfolios MF-AGG 1'467'781 0.57 - 31.03.2013 Investment Advisor

PRINCIPAL FINANCIAL n/a ULT-AGG 1'271'090 0.49 (619'837) 31.03.2013 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'235'376 0.48 (1'024'176) 31.03.2013 Investment Advisor

TECHNICAL FINANCIAL TFS CAPITAL LLC 13F 1'175'635 0.45 455'015 31.03.2013 Investment Advisor



Macquarie PIERRE VAILLANCOURT neutral 3 M 1 12 month 20.06.2013

BMO Capital Markets ANDREW BREICHMANAS underperform 1 M 1 Not Provided 18.06.2013

CIBC World Markets COSMOS CHIU sector underperform 1 M 1 18 month 18.06.2013

Scotia Capital TREVOR TURNBULL sector underperform 1 M 0 12 month 18.06.2013

Canaccord Genuity Corp RAHUL PAUL hold 3 M 1 12 month 17.06.2013




Holdings By:

Golden Star Resources Ltd ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (21.09.2012) 4.09

52-Week Low (28.06.2013) 0.95

Daily Volume

0.97












VGZ US EQUITY YTD Change - Average Volume 30 Day 729'735

VGZ US EQUITY YTD % CHANGE - Average Volume 3 Month 560'053


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 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) (31.9) (35.7) (29.0) (29.0) - -

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

(10.0) (1.9) (20.0) 51.5 (70.7) 44.2 (85.7) (42.9) - (4.4) (5.9)

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









Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA 0.00

EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Vista Gold CorpPrice/Volume

Valuation Analysis

5'705'968.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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01.07.2013



SUN VALLEY GOLD LLC n/a Research 12'084'310 14.79 - 31.03.2013 Hedge Fund Manager




LOEWS CORPORATION LOEWS CORPORATION 13F 1'758'748 2.15 - 31.03.2013 Corporation

ANDREEFF EQUITY ADVI ANDREEFF EQUITY ADVI 13F 1'386'026 1.7 (200'000) 31.03.2013 Hedge Fund Manager

STATE STREET n/a ULT-AGG 881'631 1.08 (20'701) 31.03.2013 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 - 31.03.2013 Investment Advisor

TECHNICAL FINANCIAL TFS CAPITAL LLC 13F 755'864 0.92 627'319 31.03.2013 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 713'381 0.87 4'326 31.03.2013 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 632'415 0.77 (100'000) 31.03.2013 Pension Fund (ERISA)

PARKER FREDERICK H E n/a Form 4 566'325 0.69 10'000 31.05.2013 n/a


TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 327'993 0.4 44'000 31.03.2013 Investment Advisor



SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 199'168 0.24 (72'615) 31.03.2013 Investment Advisor

RICHINGS MICHAEL B n/a Form 4 188'121 0.23 - 08.01.2013 n/a



Roth Capital Partners BRIAN W POST buy 5 M 7 12 month 30.05.2013



Holdings By:

Vista Gold Corp ee


01.07.2013

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.


LTM as of: 09/yy

52-Week High (03.07.2012) 0.71

52-Week Low (27.06.2013) 0.00

Daily Volume

0.0033


52-Week Low % Change 560.00% Beta -





Preferred Stock 0.0 Adjusted BETA -





GBGLF US EQUITY YTD Change - Average Volume 30 Day 1'637'767

GBGLF US EQUITY YTD % CHANGE - Average Volume 3 Month 1'798'485


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 - - - -



Operating Margin -0.33% Long-Term Outlook -






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%


Asset Turnover 0.18







Fiscal Year Ended

Great Basin Gold LtdPrice/Volume

Valuation Analysis

3'502'987.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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01.07.2013



RUFFER LLP Multiple Portfolios MF-AGG 22'797'000 4.13 - 27.12.2012 Investment Advisor


TRANTER GOLD (BEE) n/a Research 20'932'183 3.79 - 24.04.2012 n/a

POWER CORP OF CANADA n/a ULT-AGG 9'258'959 1.68 (16'883) 28.02.2013 Holding Company

UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'530'000 0.64 - 30.06.2012 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 2'801'617 0.51 (17'500) 29.03.2013 Investment Advisor



DIPPENAAR FERDINAND n/a SEDI 1'126'800 0.2 100'000 13.04.2012 n/a

MOSTERT JACOB DAWID n/a SEDI 731'273 0.13 - 16.04.2012 n/a

COOKE PATRICK RANDAL n/a SEDI 525'202 0.1 - 31.12.2012 n/a

THIESSEN RONALD W n/a SEDI 468'531 0.08 100'000 25.04.2012 n/a

MOMENTUM Multiple Portfolios MF-AGG 422'273 0.08 - 31.03.2013 Investment Advisor

NESTOR INVESTMENT MA Multiple Portfolios MF-AGG 300'000 0.05 - 28.03.2013 Investment Advisor

STATE STREET n/a ULT-AGG 266'255 0.05 - 28.06.2013 Investment Advisor

PRUDENTIAL OF AMERIC n/a ULT-AGG 240'200 0.04 240'200 31.03.2013 Insurance Company

CHARTIST INC CHARTIST INC 13F 231'940 0.04 - 31.03.2013 Investment Advisor

FLAGSHIP PRIVATE ASS Multiple Portfolios MF-AGG 222'200 0.04 - 31.03.2013 Investment Advisor

SHELL ASSET MANAGEME SHELL ASSET MANAGEME 13F 164'263 0.03 - 31.03.2013 Investment Advisor


#N/A N/A

Holdings By:

Great Basin Gold Ltd ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (04.10.2012) 11.08

52-Week Low (27.06.2013) 5.03

Daily Volume

5.69












AR CN EQUITY YTD Change - Average Volume 30 Day 1'225'920

AR CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'234'676


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

- - 51.6 104.6 187.1 103.2 205.8 204.3 266.3 42.4 53.1

- - 4.70x 5.77x 6.53x 26.41x 18.85x 3.13x 2.38x 15.26x 12.16x

- - 15.3 55.9 107.3 55.7 117.4 100.6 141.4 17.3 26.4

- - 15.83x 10.78x 11.39x 13.93x 9.02x 6.53x 4.65x 6.90x 6.43x

(0.1) (0.5) 3.7 26.3 64.9 27.6 69.2 54.0 77.3 10.2 15.9

- - 66.38x 24.42x 14.00x 30.39x 12.87x 14.38x 10.34x 12.61x 11.02x











EBITDA Margin 57.0%



Asset Turnover 0.32








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Argonaut Gold IncPrice/Volume

Valuation Analysis

1'336'270.00


'

.

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3

5

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0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

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01.07.2013



IG INVESTMENT MANAGE n/a Co File 6'707'533 4.5 - 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 - 30.04.2013 Investment Advisor


MONTRUSCO BOLTON INV Multiple Portfolios MF-AGG 2'995'484 2.01 97'125 30.04.2013 Investment Advisor


ALTAMIRA MANAGEMENT Multiple Portfolios MF-AGG 2'186'110 1.47 - 28.03.2013 Unclassified

FIERA CAPITAL CORPOR Multiple Portfolios MF-AGG 2'002'343 1.34 31'190 28.03.2013 Investment Advisor


GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 1'525'384 1.02 391'927 28.03.2013 Investment Advisor

KENNEDY BRIAN JOHN n/a SEDI 1'472'476 0.99 5'488 06.02.2013 n/a

BLACKROCK n/a ULT-AGG 1'374'098 0.92 (997) 27.06.2013 Investment Advisor

DOUGHERTY PETER C n/a SEDI 1'337'779 0.9 54'885 06.02.2013 n/a

SMITH EDGAR A n/a SEDI 1'120'359 0.75 39'286 14.02.2011 n/a

NORTHWEST MUTUAL FUN Multiple Portfolios MF-AGG 1'112'935 0.75 (221) 30.04.2013 Investment Advisor

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 - 31.03.2013 Investment Advisor

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 994'950 0.67 331'100 31.03.2013 Hedge Fund Manager

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 980'800 0.66 379'800 31.12.2012 Investment Advisor


Stifel CRAIG P STANLEY buy 5 M 8 Not Provided 28.06.2013

RBC Capital Markets SAM CRITTENDEN outperform 5 M 11 12 month 24.06.2013

Stonecap Securities Inc CHRISTOS DOULIS outperform 5 M 9 12 month 03.06.2013


Macquarie MICHAEL SIPERCO outperform 5 M 9 12 month 15.05.2013

BMO Capital Markets ANDREW KAIP outperform 5 M 12 Not Provided 14.05.2013

CIBC World Markets CHITIMUKULU MUSONDA sector perform 3 M 8 12 month 14.05.2013

Scotia Capital OVAIS HABIB sector outperform 5 M 14 12 month 14.05.2013

Canaccord Genuity Corp RAHUL PAUL buy 5 M 11 Not Provided 14.05.2013


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


01.07.2013

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.


LTM as of: 03/yy

52-Week High (21.09.2012) 2.29

52-Week Low (27.06.2013) 1.12

Daily Volume

1.33












TXG CN EQUITY YTD Change - Average Volume 30 Day 3'489'501

TXG CN EQUITY YTD % CHANGE - Average Volume 3 Month 3'829'930


31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 01/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

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! - - - -

(0.3) (1.1) (18.0) (34.1) (60.4) (40.3) (64.4) (41.3) (10.2) - -

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

(0.3) (1.0) (16.4) (33.9) (61.2) (39.9) (66.0) (54.1) (46.5) (10.8) (16.6)

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









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Torex Gold Resources IncPrice/Volume

Valuation Analysis

5'955'201.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

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0

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2!' F

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0'!' F

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0.0

0.0

0.0

0.0

0.0

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0.0

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

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'!3'

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01.07.2013


TYRUS CAPITAL S.A.M. n/a Co File 92'450'000 15.24 6'150'000 30.04.2013 Hedge Fund Manager








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 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 - 31.03.2013 Investment Advisor

WELLS FARGO n/a ULT-AGG 5'036'452 0.83 - 30.04.2013 Investment Advisor

BMO INVESTMENTS INC Multiple Portfolios MF-AGG 4'657'467 0.77 - 28.06.2013 Investment Advisor

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 4'024'658 0.66 807'658 28.03.2013 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 3'749'500 0.62 800'000 29.04.2013 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 - 28.03.2013 Investment Advisor


Stifel MICHAEL A SCOON buy 5 M 3 Not Provided 28.06.2013

BMO Capital Markets ANDREW BREICHMANAS speculative outperform 4 M 3 Not Provided 19.06.2013

TD Securities DANIEL EARLE reduce 2 M 1 12 month 19.06.2013

Clarus Securities JAMIE SPRATT buy 5 M 3 12 month 19.06.2013




Macquarie PIERRE VAILLANCOURT outperform 5 M 3 12 month 07.06.2013

Industrial Alliance Securities MERRILL MCHENRY buy 5 M 2 12 month 21.05.2013

Holdings By:

Torex Gold Resources Inc ee


01.07.2013

LionGold Corp is an investment holding company focusing on gold mining, mine

development and exploration globally.


LTM as of: 03/yy

52-Week High (26.07.2012) 1.30

52-Week Low (08.11.2012) 1.04

Daily Volume

1.105




Shares Out 01.07.2013 921.9 Short Int -

1'018.74 1 Yr Total Return -12.30%

Total Debt 28.65 YTD Return 0.91%






LIGO SP EQUITY YTD Change - Average Volume 30 Day 8'108'500

LIGO SP EQUITY YTD % CHANGE - Average Volume 3 Month 13'158'690


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 03/yy 03/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2

79.8 70.4 83.9 98.0 120.2 98.0 120.2 - - - -

0.56x 3.80x 6.95x 7.95x 8.53x 26.92x 33.33x - - - -

(3.7) 3.1 4.0 (5.3) (15.8) (27.3) (18.1) - - - -

- 84.96x 144.70x - - 0.00x 0.00x - - - -

(5.0) 2.9 0.9 (27.8) (8.4) (26.4) (15.7) - - - -

- 92.86x 740.91x - - 0.00x 0.00x - - - -











EBITDA Margin 1.5%



Asset Turnover 0.55








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

LionGold Corp LtdPrice/Volume

Valuation Analysis

7'738'000.00


'

'

'

-

-

-

-

-

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0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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.''!''

0''!''

1''!''

2''!''

3''!''

4''!''

5''!''

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01.07.2013


ASIASONS INVESTMENT n/a EXCH 77'500'000 8.41 - 28.03.2013 Holding Company


MACQUARIE GROUP n/a ULT-AGG 45'000'000 4.88 - 05.06.2013 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 ULT-AGG 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 4'139'691 0.45 (8'000) 31.03.2013 Investment Advisor



NG YICK HING NICHOLA n/a EXCH 2'000'000 0.22 2'000'000 14.02.2013 n/a


CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 312'000 0.03 - 28.06.2013 Investment Advisor

SCANLAN GARY FRANCIS n/a EXCH 135'005 0.01 - 08.10.2012 n/a

INVESCO LTD n/a ULT-AGG 99'000 0.01 - 28.06.2013 Investment Advisor

GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 72'609 0.01 - 28.06.2013 Investment Advisor

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 51'612 0.01 11'990 31.05.2013 Investment Advisor


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

SIAS Research Pte Ltd JINSHU LIU overweight 5 M 1 12 month 10.07.2012

Holdings By:

LionGold Corp Ltd ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (21.09.2012) 4.65

52-Week Low (31.07.2012) 2.30

Daily Volume

2.8





1'109.80 1 Yr Total Return -12.77%







CGG CN EQUITY YTD Change - Average Volume 30 Day 520'624

CGG CN EQUITY YTD % CHANGE - Average Volume 3 Month 426'805


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

29.4 81.0 133.2 311.3 332.4 353.5 331.6 336.5 548.0 - -

3.54x 7.07x 15.60x 2.82x 4.21x 14.89x 17.52x 3.71x 2.29x - -

(0.1) 25.0 69.3 140.5 138.7 145.6 148.6 127.0 164.0 - -

- 22.93x 29.97x 6.24x 10.08x 12.87x 10.98x 9.36x 7.25x - -

14.6 (9.3) 26.2 79.4 70.9 89.1 72.5 59.7 62.0 - -

36.15x - 39.69x 13.23x 19.15x 22.91x 20.64x 17.74x 17.17x - -











EBITDA Margin 44.8%



Asset Turnover 0.18







Fiscal Year Ended

China Gold International Resources Corp LtdPrice/Volume

Valuation Analysis

641'280.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'--..001122


0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

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

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

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01.07.2013


CHINA NATIONAL GOLD n/a SEDI 155'794'830 39.31 184'200 30.09.2011 Corporation






DIMENSIONAL FUND ADV n/a ULT-AGG 844'196 0.21 - 29.03.2013 Investment Advisor

JONES HEWARD INVESTM Multiple Portfolios MF-AGG 161'992 0.04 (819) 28.06.2013 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 - 03.12.2012 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 - 31.01.2013 Bank

OPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 90'000 0.02 - 31.01.2013 Investment Advisor

INDEXIQ ADVISORS LLC Multiple Portfolios MF-AGG 84'689 0.02 - 28.06.2013 Investment Advisor

CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 74'886 0.02 (1'515) 31.12.2012 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 57'376 0.01 - 30.04.2013 Investment Advisor


EVA Dimensions TIMOTHY STANISH hold 3 U #N/A N/A Not Provided 17.06.2013

BOCOM International Holdings BENJAMIN PEI neutral 3 D 3 Not Provided 20.05.2013

Credit Suisse OWEN LIANG neutral 3 M 3 Not Provided 16.05.2013

Argonaut Securities Pty Ltd CHRIS JIANG buy 5 M 4 Not Provided 16.05.2013

Guotai Junan KEVIN GUO neutral 3 D 3 Not Provided 22.04.2013

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


01.07.2013

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

for gold in West Africa and Central Asia regions.


LTM as of: 03/yy

52-Week High (04.10.2012) 3.07

52-Week Low (28.06.2013) 0.40

Daily Volume

0.49












PRU CN EQUITY YTD Change - Average Volume 30 Day 2'479'335

PRU CN EQUITY YTD % CHANGE - Average Volume 3 Month 2'223'797


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

- - 0.0 0.0 144.7 0.0 291.8 298.8 357.9 96.1 116.0

- - - - 7.53x #DIV/0! 11.32x 0.65x 0.71x - -

(5.5) (3.3) (10.1) (32.0) 55.3 (46.3) 167.9 105.6 128.6 - -

- - - - 19.72x 0.00x 0.00x 1.86x 1.53x - -

(4.8) (4.8) (9.7) (48.2) 47.2 24.8 44.6 45.8 54.2 26.0 34.1

- - - - - 0.00x 0.00x 5.35x 3.85x 2.50x 2.13x








Asset Turnover - (EBITDA-Capex)/Interest Exp. 26.49



EBITDA Margin -



Asset Turnover -







Fiscal Year Ended

Perseus Mining LtdPrice/Volume

Valuation Analysis

2'454'997.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

0

1

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0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

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

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'!1'

'!3'

'!5'

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01.07.2013



THE BANK OF NOVA SCO n/a EXCH 44'475'800 9.71 (5'324'430) 22.04.2013 Investment Advisor

BANK OF NOVA SCOTIA n/a ULT-AGG 43'511'503 9.5 (39'197) 31.03.2013 Bank

WELLINGTON MANAGEMEN n/a EXCH 21'999'741 4.8 (2'286'330) 05.03.2013 Investment Advisor

POWER CORP OF CANADA n/a ULT-AGG 13'439'700 2.93 - 28.02.2013 Holding Company


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 - 30.04.2013 Investment Advisor


MONTRUSCO BOLTON INV Multiple Portfolios MF-AGG 6'778'993 1.48 1'483'000 30.04.2013 Investment Advisor

IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 6'459'171 1.41 300'000 31.03.2013 Investment Advisor

UNITED SERVICES AUTO Multiple Portfolios MF-AGG 5'921'800 1.29 500'000 28.02.2013 Investment Advisor



GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 4'260'600 0.93 (350'300) 28.03.2013 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 4'000'000 0.87 - 28.03.2013 Investment Advisor

CALDERWOOD MARK ANDR n/a EXCH 3'600'000 0.79 - 31.01.2013 n/a



TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'873'200 0.63 - 31.12.2012 Investment Advisor


Clarus Securities NANA SANGMUAH hold 3 M 2 12 month 28.06.2013

Goldman Sachs PAUL HISSEY neutral/attractive 3 M 1 12 month 26.06.2013

RBC Capital Markets STEUART MCINTYRE sector perform 3 M 2 12 month 26.06.2013

Canaccord Genuity Corp REG SPENCER buy 5 M 1 Not Provided 26.06.2013

Credit Suisse MICHAEL SLIFIRSKI outperform 5 M 2 Not Provided 25.06.2013

JPMorgan JOSEPH KIM neutral 3 D 1 6 month 25.06.2013

Macquarie PIERRE VAILLANCOURT outperform 5 M 2 12 month 25.06.2013

CIMB MICHAEL EVANS outperform 5 M 1 12 month 25.06.2013

Commonwealth Bank ANDREW KNUCKEY neutral 3 M 1 12 month 25.06.2013

GMP LEVI SPRY buy 5 M 1 Not Provided 25.06.2013

BMO Capital Markets ANDREW BREICHMANAS outperform 5 M 2 Not Provided 24.06.2013

Morgan Stanley BRENDAN FITZPATRICK Overwt/In-Line 5 M 2 12 month 24.06.2013


Dundee Securities Corp JOSH WOLFSON neutral 3 D 1 12 month 24.06.2013

Argonaut Securities Pty Ltd PATRICK CHANG buy 5 M 1 12 month 21.06.2013

EVA Dimensions TIMOTHY STANISH buy 5 M #N/A N/A Not Provided 06.06.2013

Cormark Securities Inc. MIKE KOZAK market perform 3 M 3 12 month 22.04.2013

Nomura DAVID RADCLYFFE suspended coverage #N/A N/A M #N/A N/A Not Provided 12.04.2013

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


01.07.2013

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.


LTM as of: 03/yy

52-Week High (05.10.2012) 14.99

52-Week Low (28.06.2013) 4.98

Daily Volume

6.17












SSL CN EQUITY YTD Change - Average Volume 30 Day 522'489

SSL CN EQUITY YTD % CHANGE - Average Volume 3 Month 460'994


31.03.2008 31.03.2009 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 3.1 30.0 55.9 39.8 57.8 65.1 89.1 - -

- - 72.23x 12.63x 15.79x 42.83x 55.75x - - - -

- - (0.2) 19.1 36.6 27.3 35.3 35.8 69.6 - -

- - - 19.80x 24.12x 22.74x 22.68x 13.56x 6.98x - -

(0.1) (0.4) (2.8) 12.5 21.9 15.9 5.4 13.8 23.1 - -

- - 80.46x 39.35x 47.00x 47.06x 55.67x 34.70x 16.43x 25.06x 20.36x











EBITDA Margin 61.0%



Asset Turnover 0.19







Fiscal Year Ended

Sandstorm Gold LtdPrice/Volume

Valuation Analysis

969'511.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

-1

-3


0.0

10.0

20.0

30.0

40.0

50.0

60.0

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

'!''

-''!''

.''!''

0''!''

1''!''

2''!''

3''!''

4''!''

'0!'1!.''6 '0!-'!.''6 '0!'1!.'-' '0!-'!.'-' '0!'1!.'-- '0!-'!.'-- '0!'1!.'-. '0!-'!.'-. '0!'1!.'-0



01.07.2013


SENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 5'862'520 6.38 (37'200) 31.03.2013 Investment Advisor


LIBRA ADVISORS LLC n/a Co File 4'502'755 4.9 - 16.05.2013 Hedge Fund Manager

ARIAS RESOURCE CAPIT n/a Co File 4'410'862 4.8 - 16.05.2013 Private Equity




MASON HILL ADVISORS MASON HILL ADVISORS 13F 1'836'404 2 1'836'404 31.03.2013 Hedge Fund Manager


AMERICAN CENTURY COM Multiple Portfolios MF-AGG 1'086'266 1.18 607 31.03.2013 Investment Advisor

MONTRUSCO BOLTON INV MONTRUSCO BOLTON INV 13F 1'010'000 1.1 153'250 31.03.2013 Investment Advisor



WATSON NOLAN ALLAN n/a SEDI 930'000 1.01 36'500 11.06.2013 n/a

BMO INVESTMENTS INC Multiple Portfolios MF-AGG 797'250 0.87 - 28.06.2013 Investment Advisor

GBC ASSET MANAGEMENT Multiple Portfolios MF-AGG 777'820 0.85 - 31.12.2011 Investment Advisor

DE WITT DAVID E n/a SEDI 767'000 0.83 - 10.05.2012 n/a

AWRAM DAVID I n/a SEDI 759'100 0.83 (3'400) 04.01.2013 n/a


IA CLARINGTON INVEST Multiple Portfolios MF-AGG 542'100 0.59 (167'900) 31.12.2012 Investment Advisor


Stonecap Securities Inc CHRISTOS DOULIS outperform 5 N 7 12 month 27.06.2013

Canaccord Genuity Corp NICHOLAS CAMPBELL speculative buy 4 M 11 12 month 25.06.2013




Casimir Capital ERIC WINMILL buy 5 M 14 Not Provided 17.06.2013




Euro Pacific Capital Inc HEIKO IHLE neutral 3 M 13 12 month 29.01.2013

Holdings By:

Sandstorm Gold Ltd ee


01.07.2013

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

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


LTM as of: 03/yy

52-Week High (22.10.2012) 3.70

52-Week Low (26.06.2013) 1.04

Daily Volume

1.3












OGC CN EQUITY YTD Change - Average Volume 30 Day 1'001'664

OGC CN EQUITY YTD % CHANGE - Average Volume 3 Month 967'303


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

217.2 237.1 305.6 395.6 385.4 393.4 392.5 525.7 584.3 135.0 151.0

0.77x 1.89x 3.30x 1.61x 2.62x 7.19x 9.75x 1.02x 0.86x 4.30x 3.85x

63.7 106.6 141.1 164.3 144.5 145.7 169.3 215.7 212.3 47.6 61.8

2.62x 4.20x 7.15x 3.88x 7.00x 5.58x 6.24x 2.71x 2.76x 2.82x 2.85x

(54.7) 54.5 44.4 44.2 20.7 25.5 31.6 50.3 56.1 8.5 18.4

- 5.68x 18.76x 13.02x 35.81x 26.83x 25.85x 6.75x 5.28x 5.37x 5.26x











EBITDA Margin 43.1%



Asset Turnover 0.42








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

OceanaGold CorpPrice/Volume

Valuation Analysis

1'144'264.00


'

-

-

.

.

0

0

1

1

g -. Q -. o -. l -. k -. a -. g -0 c -0 j -0 Q -0 j -0 g -0!' F

-!' F

.!' F

0!' F

1!' F

2!' F

3!' F

4!' F

5!' F

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



01.07.2013


VAN ECK ASSOCIATES C n/a ULT-AGG 23'372'747 7.96 - 28.06.2013 Investment Advisor

AMP CAPITAL INVESTOR n/a EXCH 14'660'107 4.99 (1'119'773) 21.01.2013 Other

UNITED SERVICES AUTO Multiple Portfolios MF-AGG 8'700'000 2.96 - 28.02.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 5'252'926 1.79 - 29.03.2013 Investment Advisor

NEW ZEALAND CENTRAL n/a PROXY 5'005'882 1.71 - 02.04.2013 Government

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 3'660'000 1.25 100'000 30.04.2013 Investment Advisor




INVESCO LTD n/a ULT-AGG 1'930'223 0.66 (547'087) 28.06.2013 Investment Advisor

US GLOBAL INVESTORS Multiple Portfolios MF-AGG 1'930'100 0.66 1'330'100 28.03.2013 Investment Advisor



BOND STREET CUSTODIA n/a PROXY 1'289'396 0.44 - 02.04.2013 Other

YANDAL INVESTMENTS P n/a PROXY 1'123'653 0.38 - 02.04.2013 Investment Advisor

ASKEW JAMES EDWARD n/a PROXY 1'097'008 0.37 - 12.04.2013 n/a

INTERNATIONAL MINING n/a SEDI 1'097'008 0.37 10'000 30.12.2012 Other

SPROTT INC Multiple Portfolios MF-AGG 900'000 0.31 - 31.12.2012 Hedge Fund Manager


SFB INVESTMENTS PTY n/a PROXY 800'000 0.27 - 02.04.2013 Other


Forsyth Barr ANDREW HARVEY-GREEN accumulate 4 M 1 12 month 30.06.2013

BMO Capital Markets BRIAN QUAST market perform 3 D 1 Not Provided 27.06.2013


Macquarie MICHAEL SIPERCO outperform 5 M 3 12 month 17.05.2013


Holdings By:

OceanaGold Corp ee


01.07.2013

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.


LTM as of: 01/yy

52-Week High (11.10.2012) 6.70

52-Week Low (25.06.2013) 1.27

Daily Volume

1.575












MML AU EQUITY YTD Change - Average Volume 30 Day 2'627'769

MML AU EQUITY YTD % CHANGE - Average Volume 3 Month 2'233'604


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 - - 109.0 228.1 - -

9.93x 5.99x 6.25x 8.51x 11.40x - - 2.42x 0.84x - -

4.6 30.4 73.0 120.2 57.6 - - 75.1 164.9 - -

34.16x 8.41x 8.04x 10.54x 16.00x - - 3.51x 1.60x - -

(1.2) 28.5 65.8 110.4 49.2 - - 63.3 147.8 - -

- 8.88x 8.74x 12.02x 18.94x - - 3.76x 1.87x - -











EBITDA Margin 69.4%



Asset Turnover 0.28








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Medusa Mining LtdPrice/Volume

Valuation Analysis

2'634'459.00


'

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1

2

3

4

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2!' F

3!' F

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20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

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

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01.07.2013



WELLINGTON MANAGEMEN n/a EXCH 12'932'853 6.85 3'480'817 26.06.2013 Investment Advisor

PRUDENTIAL PLC n/a ULT-AGG 10'998'900 5.82 (1'500'000) 18.06.2013 Unclassified



UCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 5'876'563 3.11 780'119 31.05.2013 Investment Advisor

DAVIS GEOFFREY JOHN n/a EXCH 4'102'750 2.17 50'000 03.05.2013 n/a

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 - 31.03.2013 Hedge Fund Manager


BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 2'000'000 1.06 371'061 30.04.2013 Investment Advisor

YANDAL INVESTMENTS P n/a Co File 2'000'000 1.06 - 17.09.2012 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 - 29.03.2013 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

ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 1'142'000 0.6 (569'800) 31.03.2013 Investment Advisor


Goldman Sachs PAUL HISSEY buy/attractive 5 M 3 12 month 26.06.2013


Deutsche Bank CHRIS TERRY hold 3 D 2 12 month 25.06.2013

Morgan Stanley BRENDAN FITZPATRICK Overwt/In-Line 5 M 5 12 month 24.06.2013

Ord Minnett DAVID BRENNAN buy 5 M 4 Not Provided 24.06.2013

SP Angel CAROLE FERGUSON buy 5 M 8 Not Provided 21.06.2013

EVA Dimensions TIMOTHY STANISH overweight 5 U #N/A N/A Not Provided 19.06.2013

Cantor Fitzgerald ASA BRIDLE buy 5 M 5 Not Provided 03.05.2013

Blackswan Equities Ltd RHYS BRADLEY buy 5 N 7 12 month 01.03.2013

Holdings By:

Medusa Mining Ltd ee


01.07.2013

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

properties. The Company owns interests in mineral properties in Armenia,

Bulgaria, Canada, and Serbia.


LTM as of: 03/yy

52-Week High (21.09.2012) 9.94

52-Week Low (26.06.2013) 3.69

Daily Volume

4.3












DPM CN EQUITY YTD Change - Average Volume 30 Day 681'831

DPM CN EQUITY YTD % CHANGE - Average Volume 3 Month 595'419


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

105.1 137.6 202.0 338.5 384.7 367.9 373.5 414.0 461.8 90.1 102.5

0.65x 2.15x 5.56x 2.84x 2.68x 10.79x 10.35x 1.15x 1.17x - -

(36.2) 16.4 - - - 14.7 16.6 150.7 209.2 17.9 -

- 18.00x - - - 0.00x 0.00x 3.57x 2.57x - -

(79.2) 5.1 22.9 86.1 54.4 80.0 46.9 78.3 122.5 7.4 18.6

- 44.88x 49.37x 13.48x 21.72x 16.02x 23.19x 8.07x 5.35x 6.81x 6.24x

EBITDA - Long-Term Rating Date -






Return on Capital 3.49% EBITDA/Interest Exp. -


Net Debt/EBITDA -

Gross Margin 40.8% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 0.40







Fiscal Year Ended

Dundee Precious Metals IncPrice/Volume

Valuation Analysis

866'571.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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1

3

5

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-50.0

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

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

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2!''

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0'!''

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01.07.2013


DUNDEE CORP n/a SEDI 34'720'807 27.58 3'592'000 12.06.2013 Holding Company

US GLOBAL INVESTORS n/a Research 8'442'571 6.71 - 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


IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 3'634'800 2.89 - 28.02.2013 Investment Advisor

FIERA CAPITAL CORPOR Multiple Portfolios MF-AGG 2'607'288 2.07 (60'359) 28.03.2013 Investment Advisor

IA CLARINGTON INVEST Multiple Portfolios MF-AGG 2'212'200 1.76 666'900 31.12.2012 Investment Advisor

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 1'918'596 1.52 (450'600) 31.03.2013 Hedge Fund Manager

NATCAN INVESTMENT MA Multiple Portfolios MF-AGG 1'651'367 1.31 53'212 28.03.2013 Investment Advisor


BRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 1'163'346 0.92 43'784 31.03.2013 Hedge Fund Manager


POWER CORP OF CANADA n/a ULT-AGG 771'700 0.61 - 28.02.2013 Holding Company

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 761'500 0.6 - 28.03.2013 Investment Advisor






GMP OLIVER TURNER buy 5 M 11 Not Provided 17.06.2013

Scotia Capital LEILY OMOUMI sector outperform 5 M 11 12 month 12.06.2013



Dundee Securities Corp JOSH WOLFSON not rated #N/A N/A M #N/A N/A Not Provided 16.05.2013

BMO Capital Markets JOHN P HAYES speculative outperform 4 M 10 Not Provided 12.05.2013

Cormark Securities Inc. MIKE KOZAK top pick 5 M 11 12 month 10.05.2013

CIBC World Markets LEON ESTERHUIZEN sector outperform 5 M 11 Not Provided 11.04.2013

Holdings By:

Dundee Precious Metals Inc ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (02.11.2012) 6.00

52-Week Low (27.06.2013) 1.75

Daily Volume

1.95












RIO CN EQUITY YTD Change - Average Volume 30 Day 832'476

RIO CN EQUITY YTD % CHANGE - Average Volume 3 Month 791'935


31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

0.0 0.0 0.0 0.0 316.5 94.7 280.6 329.0 315.0 - -

- - - - 2.71x 15.20x 11.13x 0.94x - - -

(2.3) (1.5) (3.9) (8.0) 173.1 61.5 132.4 127.8 143.3 - -

- - - - 4.96x 0.00x 5.87x 2.34x 2.09x - -

(1.9) (1.5) (12.6) (8.0) 100.4 29.2 75.6 64.6 79.3 - -

- - - - 8.93x 0.00x 11.35x 4.50x 4.42x 4.97x 4.72x











EBITDA Margin 47.2%



Asset Turnover 0.92








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Rio Alto Mining LtdPrice/Volume

Valuation Analysis

941'635.00


'

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1

2

3

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50.0

100.0

150.0

200.0

250.0

300.0

350.0

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01.07.2013


SENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 27'493'900 15.63 27'493'900 31.03.2013 Investment Advisor

SENTRY SELECT CAPITA n/a PROXY 25'949'700 14.75 (1'544'200) 26.04.2013 Investment Advisor



IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 8'340'500 4.74 8'340'500 31.03.2013 Investment Advisor


ROYAL BANK OF CANADA n/a ULT-AGG 6'530'445 3.71 6'530'445 31.03.2013 Bank

AUSCAN ASSETS LIMITE n/a SEDI 4'994'651 2.84 25'000 11.06.2013 Other

NORWICH ROGER n/a PROXY 4'734'195 2.69 - 26.04.2013 n/a


CANADA PENSION PLAN CANADA PENSION PLAN 13F 2'902'100 1.65 2'902'100 31.03.2013 Pension Fund (ERISA)


TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 2'068'242 1.18 2'068'242 31.03.2013 Investment Advisor


GREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 1'854'700 1.05 1'854'700 31.03.2013 Investment Advisor

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 1'560'100 0.89 1'560'100 31.03.2013 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 1'550'000 0.88 1'550'000 28.03.2013 Investment Advisor

US GLOBAL INVESTORS US GLOBAL INVESTORS 13F 1'351'000 0.77 1'351'000 31.03.2013 Investment Advisor

INTACT INVESTMENT MA INTACT INVESTEMENT M 13F 1'076'700 0.61 1'076'700 31.03.2013 Investment Advisor

SOLDI JAIME n/a SEDI 1'028'288 0.58 126'000 02.01.2013 n/a



Stonecap Securities Inc CHRISTOS DOULIS outperform 5 U 4 12 month 12.06.2013


Scotia Capital MARK TURNER sector perform 3 M 4 12 month 05.06.2013

Desjardins Securities ADAM MELNYK hold 3 M 5 Not Provided 05.06.2013

Clarus Securities MIKE BANDROWSKI buy 5 M 6 12 month 05.06.2013


CIBC World Markets MATTHEW GIBSON sector outperform 5 M 7 12 month 15.05.2013

Kallpa Securities SAB HUMBERTO LEON overweight 5 M 5 12 month 03.05.2013


Holdings By:

Rio Alto Mining Ltd ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (19.09.2012) 5.37

52-Week Low (24.12.2012) 3.19

Daily Volume

3.85





634.63 1 Yr Total Return -







AZK US EQUITY YTD Change - Average Volume 30 Day 427'832

AZK US EQUITY YTD % CHANGE - Average Volume 3 Month 644'519


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

144.5 175.6 178.7 260.0 223.6 269.5 210.1 - - - -

4.07x 3.65x 5.82x 2.31x 1.61x 9.71x 10.01x - - - -

53.5 87.5 69.8 124.9 92.2 134.3 77.9 - - - -

10.98x 7.32x 14.90x 4.81x 3.90x 4.46x 6.98x - - - -

4.9 36.7 17.2 43.9 31.8 49.7 20.6 - - - -

- - - - - 0.00x 0.00x 67.50x 21.32x - -











EBITDA Margin 37.1%



Asset Turnover 0.49







Fiscal Year Ended

Aurizon Mines LtdPrice/Volume

Valuation Analysis

5'181'137.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

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0

1

2

3

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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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01.07.2013


HECLA MINING CO n/a Research 164'838'394 100 - 06.06.2013 Corporation

ALAMOS GOLD INC n/a 13D 26'507'283 16.08 - 19.03.2013 Other

SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 5'855'560 3.55 104'300 31.03.2013 Hedge Fund Manager



ALPINE ASSOCIATES AD ALPINE ASSOCIATES AD 13F 3'842'000 2.33 3'842'000 31.03.2013 Hedge Fund Manager


HARVARD MANAGEMENT C HARVARD MANAGEMENT C 13F 1'707'800 1.04 1'707'800 31.03.2013 Endowment

LONGFELLOW INVESTMEN LONGFELLOW INVESTMEN 13F 1'674'818 1.02 1'674'818 31.03.2013 Investment Advisor

TOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 1'655'218 1 1'655'218 28.03.2013 Investment Advisor



MORGAN STANLEY n/a ULT-AGG 1'289'081 0.78 1'097'036 31.03.2013 Investment Advisor




HALL DAVID P n/a SEDI 990'342 0.6 5'000 04.04.2012 n/a






Mackie Research Capital Corp. RYAN HANLEY tender #N/A N/A M 5 Not Provided 16.05.2013


Holdings By:

Aurizon Mines Ltd ee


01.07.2013

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

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


LTM as of: 03/yy

52-Week High (21.09.2012) 10.73

52-Week Low (26.06.2013) 2.88

Daily Volume

3.43












EXK US EQUITY YTD Change - Average Volume 30 Day 1'044'397

EXK US EQUITY YTD % CHANGE - Average Volume 3 Month 1'228'233


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

39.3 50.8 86.5 128.0 208.1 141.7 228.9 237.8 280.5 - -

1.18x 3.98x 5.80x 5.79x 3.68x 18.97x 12.83x 1.53x 1.02x - -

(4.5) 11.3 30.7 64.8 89.8 71.1 87.6 72.6 110.4 8.3 13.5

- 17.91x 16.36x 11.43x 8.53x 9.84x 7.11x 4.74x 3.11x - -

(18.0) (1.9) (20.4) 18.8 42.1 38.0 36.7 24.5 48.1 - -

- - - - - 0.00x 0.00x 12.56x 8.64x 31.76x 15.24x











EBITDA Margin 38.3%



Asset Turnover 0.58







Fiscal Year Ended

Endeavour Silver CorpPrice/Volume

Valuation Analysis

2'212'099.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

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-!' F

-!2 F

.!' F

.!2 F

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0!2 F

0.0

50.0

100.0

150.0

200.0

250.0

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

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01.07.2013





NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 3'118'300 3.13 224'200 31.03.2013 Investment Advisor

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 1'502'600 1.51 95'000 31.03.2013 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


GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 901'150 0.9 321'900 28.03.2013 Investment Advisor


PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 836'900 0.84 25'700 31.03.2013 Investment Advisor



TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 481'933 0.48 (9'867) 31.03.2013 Investment Advisor



PADCO ADVISORS INC Multiple Portfolios MF-AGG 333'781 0.33 11'600 31.05.2013 Investment Advisor


GUGGENHEIM n/a ULT-AGG 285'801 0.29 (32'688) 31.03.2013 Unclassified





Haywood Securities Inc. BENJAMIN ASUNCION buy 5 M 6 12 month 12.06.2013






Holdings By:

Endeavour Silver Corp ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (12.11.2012) 10.03

52-Week Low (28.06.2013) 2.71

Daily Volume

3.3












CNL CN EQUITY YTD Change - Average Volume 30 Day 462'830

CNL CN EQUITY YTD % CHANGE - Average Volume 3 Month 578'355


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 0.0 0.0 0.0 - 0.0 0.0 1.8 1.5 - -

- - - - - #DIV/0! #DIV/0! - - - -

(0.6) (4.2) (10.7) (11.8) - (6.7) (5.0) (12.3) (9.5) - -

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

(0.6) (4.1) (119.1) 18.2 (7.9) (11.3) (13.6) (12.4) (12.8) - -

- - - 38.93x - 0.00x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Continental Gold LtdPrice/Volume

Valuation Analysis

858'099.00


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5

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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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01.07.2013


BANK OF NOVA SCOTIA n/a ULT-AGG 18'776'800 14.85 116'400 28.02.2013 Bank

WELLINGTON MANAGEMEN n/a Co File 16'205'564 12.82 1'985'981 31.03.2013 Investment Advisor

BULLET HOLDING CORP n/a SEDI 8'024'456 6.35 (200'000) 05.10.2012 Holding Company


COASTAL FINANCING CO n/a SEDI 5'786'124 4.58 (250'000) 21.12.2012 Other


REINDEER CAPITAL LTD n/a SEDI 3'668'490 2.9 (250'000) 21.12.2012 Other

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 3'023'105 2.39 175'495 31.05.2013 Investment Advisor


IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 2'488'200 1.97 16'800 28.02.2013 Investment Advisor

EXPERT FUNDING CORP n/a SEDI 2'316'327 1.83 (35'000) 02.11.2012 Corporation

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 2'251'350 1.78 896'200 31.03.2013 Hedge Fund Manager





SUSSMAN ARI B n/a SEDI 1'191'576 0.94 42'425 13.05.2013 n/a


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


Stifel CRAIG P STANLEY hold 3 M #N/A N/A Not Provided 28.06.2013

Clarus Securities JAMIE SPRATT speculative buy 4 M 9 12 month 25.06.2013

TD Securities DANIEL EARLE speculative buy 4 M 9 12 month 19.06.2013

Dundee Securities Corp JOE FAZZINI buy 5 M 9 Not Provided 18.06.2013


Raymond James GARY J BASCHUK Under Review #N/A N/A M #N/A N/A Not Provided 18.04.2013


Holdings By:

Continental Gold Ltd ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (17.09.2012) 3.80

52-Week Low (27.06.2013) 1.23

Daily Volume

1.35












RMX CN EQUITY YTD Change - Average Volume 30 Day 699'557

RMX CN EQUITY YTD % CHANGE - Average Volume 3 Month 773'295


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 0.0 0.0 0.0 0.0 0.0 0.0 - 66.9 - -

- - - - - #DIV/0! #DIV/0! - - - -

(3.4) (4.6) (25.4) (21.6) (11.6) (21.9) (11.8) (13.7) 19.2 - -

- - - - - 0.00x 0.00x - 12.60x - -

(2.4) (0.6) (25.5) (21.4) (10.4) (21.5) (10.4) (10.1) 7.9 - -

- - - - - 0.00x 0.00x - 43.55x 675.00x 61.36x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Rubicon Minerals CorpPrice/Volume

Valuation Analysis

1'239'218.00


'

-

-

.

.

0

0

1

1

g -. Q -. o -. l -. k -. a -. g -0 c -0 j -0 Q -0 j -0 g -0!' F

-!' F

.!' F

0!' F

1!' F

2!' F

3!' F

4!' F

0.0

0.0

0.0

0.1

0.1

0.1

0.1

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

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'!3'

'!5'

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01.07.2013



IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 13'599'600 4.71 (183'500) 31.03.2013 Investment Advisor

GREYWOLF CAPITAL MAN GREYWOLF CAPITAL MAN 13F 12'987'200 4.5 3'862'200 31.03.2013 Hedge Fund Manager

AGNICO-EAGLE MINES L n/a 13D 10'671'827 3.7 (11'000'000) 01.06.2012 Corporation




INVESCO LTD n/a ULT-AGG 3'708'273 1.29 441'768 28.06.2013 Investment Advisor




CAPITAL TACTICS ADVI CAPITAL TACTICS ADVI 13F 1'992'710 0.69 (35'900) 31.03.2013 Hedge Fund Manager




ADAMSON DAVID W n/a SEDI 1'535'189 0.53 107'000 04.02.2013 n/a


SHARE SICAV Multiple Portfolios MF-AGG 1'244'300 0.43 22'000 31.12.2012 Investment Advisor

D E SHAW & COMPANY I D E SHAW & CO 13F 1'175'037 0.41 (217'500) 31.03.2013 Hedge Fund Manager

GLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 1'019'385 0.35 1'019'385 31.03.2013 Investment Advisor





Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 6 Not Provided 29.01.2013

Holdings By:

Rubicon Minerals Corp ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (14.09.2012) 6.86

52-Week Low (24.06.2013) 2.36

Daily Volume

2.82












SVM US EQUITY YTD Change - Average Volume 30 Day 1'052'389

SVM US EQUITY YTD % CHANGE - Average Volume 3 Month 1'149'572


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 03/yy 03/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2

83.5 107.2 167.3 238.0 181.6 238.0 181.6 254.0 354.0 - -

3.67x 9.86x 14.29x 4.61x 3.52x 20.33x 18.67x 1.74x 1.27x - -

40.4 66.4 110.3 155.3 90.5 155.3 90.8 118.5 189.0 - -

7.59x 15.92x 21.68x 7.06x 7.06x 7.06x 7.03x 3.73x 2.34x - -

(16.0) 38.5 67.7 73.8 27.2 73.8 27.2 50.7 84.9 - -

- - - - - 0.00x 0.00x 9.40x 5.70x 14.84x -











EBITDA Margin 50.0%



Asset Turnover 0.32







Fiscal Year Ended

Silvercorp Metals IncPrice/Volume

Valuation Analysis

1'833'653.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

4

g -. Q -. o -. l -. k -. a -. g -0 c -0 j -0 Q -0 j -0 g -0!' F

-!' F

.!' F

0!' F

1!' F

2!' F

3!' F

0.0

50.0

100.0

150.0

200.0

250.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



01.07.2013





FENG RUI n/a SEDI 4'169'500 2.44 30'000 22.01.2013 n/a





CANADA PENSION PLAN CANADA PENSION PLAN 13F 1'393'690 0.82 - 31.03.2013 Pension Fund (ERISA)




LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 888'000 0.52 - 31.03.2013 Investment Advisor

IA CLARINGTON INVEST Multiple Portfolios MF-AGG 810'200 0.47 - 31.12.2012 Investment Advisor

GAO JIANGUO n/a SEDI 803'713 0.47 2'990 16.09.2011 n/a


UBS n/a ULT-AGG 653'024 0.38 (49'295) 31.03.2013 Unclassified


SIMPSON S PAUL n/a PROXY 648'005 0.38 - 17.08.2012 n/a

GOLDMAN SACHS GROUP n/a ULT-AGG 644'603 0.38 (50'126) 31.03.2013 Investment Advisor






Knight TEAM COVERAGE strong buy 5 M 13 12 month 20.09.2011

Holdings By:

Silvercorp Metals Inc ee


01.07.2013

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.


LTM as of: 01/yy

52-Week High (23.10.2012) 2.14

52-Week Low (26.06.2013) 0.53

Daily Volume

0.575












EVN AU EQUITY YTD Change - Average Volume 30 Day 3'308'971

EVN AU EQUITY YTD % CHANGE - Average Volume 3 Month 3'909'905


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 - - 608.9 684.0 - -

- - 13.04x 2.11x 2.00x - - 0.85x 0.62x - -

(2.3) (3.3) 2.9 29.7 190.4 - - 233.4 269.5 - -

- - 99.74x 8.65x 4.92x - - 1.89x 1.64x - -

(2.3) (3.3) 5.5 (2.3) 37.3 - - 58.4 71.4 - -

- - 41.35x - 20.77x - - 6.93x 5.81x - -











EBITDA Margin 33.6%



Asset Turnover 0.50







Fiscal Year Ended

Evolution Mining LtdPrice/Volume

Valuation Analysis

2'690'474.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0


0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

'0!'4!.''6 '0!'-!.'-' '0!'4!.'-' '0!'-!.'-- '0!'4!.'-- '0!'-!.'-. '0!'4!.'-. '0!'-!.'-0



01.07.2013


NEWCREST MINING LTD n/a Co File 231'082'631 32.63 - 17.09.2012 Corporation

ALLAN GRAY AUSTRALIA n/a EXCH 85'084'420 12.02 7'973'829 25.06.2013 Investment Advisor




WALKER DONALD ROBIN n/a Co File 6'015'385 0.85 - 17.09.2012 n/a

KLEIN JACOB n/a EXCH 5'800'000 0.82 50'000 05.02.2013 n/a

Trinity Management P n/a Co File 5'382'930 0.76 - 17.09.2012 Unclassified


AMP LIFE LTD n/a Co File 4'933'179 0.7 - 17.09.2012 Investment Advisor


LUJETA PTY LTD n/a Co File 4'220'000 0.6 - 17.09.2012 Corporation


CREASY MARK GARETH n/a Co File 3'856'176 0.54 - 17.09.2012 n/a

JJ HOLDINGS (VIC) PT n/a Co File 3'552'009 0.5 - 30.08.2012 Other





VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'377'918 0.34 (18'512) 30.09.2012 Investment Advisor


Goldman Sachs BRETT COTTRELL neutral/attractive 3 M 1 12 month 26.06.2013

Deutsche Bank CHRIS TERRY hold 3 M 1 12 month 25.06.2013

Morgan Stanley CAMERON O'NEILL Equalwt/Attractive 3 N 1 12 month 25.06.2013

Nomura AMBER MACKINNON suspended coverage #N/A N/A M #N/A N/A Not Provided 24.06.2013

Macquarie MITCH RYAN outperform 5 M 1 12 month 18.06.2013

Paterson Securities MATTHEW TRIVETT buy 5 M 1 12 month 13.06.2013

RBC Capital Markets GEOFF BREEN outperform 5 M 1 12 month 06.06.2013


Investec COLIN MCLELLAND buy 5 M 1 12 month 04.06.2013

JPMorgan JOSEPH KIM neutral 3 M 1 6 month 24.05.2013

BBY Limited KURT WORDEN strong buy 5 M 1 12 month 24.04.2013

Credit Suisse MICHAEL SLIFIRSKI outperform 5 U 1 Not Provided 23.04.2013

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


01.07.2013

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

precious metals.


LTM as of: 01/yy

52-Week High (26.11.2012) 1.62

52-Week Low (16.07.2012) 1.08

Daily Volume

1.29



% 52 Week Price Range High/Low 38.89% Equity Float 3'550.71

Shares Out 31.12.2012 4'350.7 Short Int -

5'612.44 1 Yr Total Return 0.00%







1194 HK EQUITY YTD Change - Average Volume 30 Day 9'350'243

1194 HK EQUITY YTD % CHANGE - Average Volume 3 Month 7'258'301


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 - - 1'806.0 2'353.0 - -

1.97x 167.09x 37.32x 5.56x 5.31x - - 4.09x 2.98x - -

(51.4) 5.1 116.1 824.5 1'119.6 - - 1'113.0 1'354.0 - -

- 639.25x 54.07x 7.55x 7.71x - - 7.01x 5.76x - -

(52.2) (29.2) 21.9 417.4 445.1 - - 507.5 647.3 - -

- - 72.08x 12.00x 12.13x - - 9.92x 8.22x - -











EBITDA Margin 68.9%



Asset Turnover 0.21








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Precious Metal Resources Holdings Co LtdPrice/Volume

Valuation Analysis

2'756'000.00


'''-----..

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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'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



01.07.2013


MUNSUN GL MINING INV n/a EXCH 312'576'000 7.18 (126'190'000) 02.05.2013 Investment Advisor

YIM YANG CHANG n/a EXCH 307'206'000 7.06 24'900'000 26.10.2012 n/a

CHINA INTERNATIONAL n/a EXCH 279'650'000 6.43 28'964'000 18.06.2013 Investment Advisor

ASWELL GROUP LTD n/a EXCH 257'196'670 5.91 - 16.10.2012 Other


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


SIMPLE BEST LTD n/a EXCH 16'682'000 0.38 (50'000'000) 07.10.2011 Other




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

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 4'035'933 0.09 - 28.06.2013 Investment Advisor

STATE STREET n/a ULT-AGG 3'366'000 0.08 - 28.06.2013 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



Daiwa Securities Co. Ltd. JOEY CHEN buy 5 M 2 Not Provided 23.05.2013

BOCOM International Holdings BENJAMIN PEI long-term buy 5 D 2 Not Provided 20.05.2013

Argonaut Securities Pty Ltd CHRIS JIANG buy 5 M 2 Not Provided 19.04.2013

Holdings By:

China Precious Metal Resources Holdings Co Ltd ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (14.09.2012) 20.34

52-Week Low (28.06.2013) 8.23

Daily Volume

9.43












SA US EQUITY YTD Change - Average Volume 30 Day 410'079

SA US EQUITY YTD % CHANGE - Average Volume 3 Month 384'575


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 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) (5.1) (15.0) (16.0) - -

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

10.3 (4.7) 3.3 (20.1) (12.5) (18.3) (14.1) - - - -

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









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Seabridge Gold IncPrice/Volume

Valuation Analysis

767'073.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2


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'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



01.07.2013


PAN ATLANTIC BANK n/a PROXY 8'001'232 17.56 - 06.05.2013 Bank



WEISS ASSET MANAGEME WEISS ASSET MANAGEME 13F 2'022'491 4.44 - 31.03.2013 Hedge Fund Manager


ANTHONY JAMES S n/a PROXY 779'791 1.71 - 06.05.2013 n/a



FCMI FINANCIAL CORP n/a PROXY 555'000 1.22 - 06.05.2013 Corporation

BRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 478'467 1.05 (203'241) 31.03.2013 Hedge Fund Manager

FNDTN FOR STUDY OBJ n/a PROXY 425'334 0.93 - 06.05.2013 Other

FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 385'000 0.85 (30'000) 03.06.2013 Investment Advisor


FOX LOUIS J n/a PROXY 300'750 0.66 - 06.05.2013 n/a


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 - 06.05.2013 n/a



THE BANK OF NOVA SCO THE BANK OF NOVA SCO 13F 167'000 0.37 - 31.03.2013 Investment Advisor




Holdings By:

Seabridge Gold Inc ee


01.07.2013

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


LTM as of: 01/yy

52-Week High (07.12.2012) 1.14

52-Week Low (28.06.2013) 0.49

Daily Volume

0.51












BDR AU EQUITY YTD Change - Average Volume 30 Day 7'333'885

BDR AU EQUITY YTD % CHANGE - Average Volume 3 Month 8'086'335


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 - - 305.3 331.2 - -

- - 28.44x - 976.94x - - 1.26x 0.84x - -

(5.9) (3.9) (7.5) (35.3) (14.0) - - 147.4 174.7 - -

- - - - - - - 3.59x 3.03x - -

(5.3) (3.9) (8.3) (34.8) (43.0) - - 118.1 137.0 - -

- - - - - - - 3.89x 3.13x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Beadell Resources LtdPrice/Volume

Valuation Analysis

6'219'639.00


'

'

'

-

-

-

-

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2!' F

-'!' F

-2!' F

.'!' F

.2!' F

0'!' F

02!' F

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

'0!'4!.''6 '0!'-!.'-' '0!'4!.'-' '0!'-!.'-- '0!'4!.'-- '0!'-!.'-. '0!'4!.'-. '0!'-!.'-0



01.07.2013


COLUMBIA WANGER ASSE n/a EXCH 77'350'646 9.81 - 24.06.2013 Investment Advisor



COUPLAND CARDIFF ASS n/a Co File 37'132'343 4.71 - 18.02.2013 Hedge Fund Manager

L1 CAPITAL PTY LTD n/a EXCH 23'660'753 3 (21'000'000) 22.11.2012 Investment Advisor

BOWLER PETER n/a EXCH 21'043'333 2.67 - 18.06.2013 n/a



OZ MINERALS INVESTME n/a Co File 12'800'000 1.62 - 28.03.2013 Unclassified



BARRETT GREGORY MICH n/a Co File 9'351'651 1.19 - 28.03.2013 n/a

LEIBOWITZ ANTHONY HO n/a EXCH 8'586'457 1.09 263'091 30.11.2012 n/a


WATKINS ROBERT n/a EXCH 6'650'001 0.84 500'000 28.06.2013 n/a


AMERIPRISE FINANCIAL n/a EXCH 4'708'336 0.6 - 24.06.2013 Investment Advisor

TWYNAM AGRICULTURAL n/a Co File 3'975'000 0.5 (2'000'000) 28.03.2013 Other




Shaw Stockbroking VINCENT PISANI buy 5 M 1 Not Provided 26.06.2013





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

Casimir Capital ERIC ALLISON overweight 5 M 2 12 month 16.01.2013

Blackswan Equities Ltd RHYS BRADLEY buy 5 N 1 12 month 21.12.2012


Evans & Partners Pty Ltd CATHY MOISES Positive 4 N #N/A N/A Not Provided 24.10.2012


Holdings By:

Beadell Resources Ltd ee


01.07.2013

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.


LTM as of: 01/yy

52-Week High (05.10.2012) 2.08

52-Week Low (27.06.2013) 0.56

Daily Volume

0.59












RSG AU EQUITY YTD Change - Average Volume 30 Day 6'953'538

RSG AU EQUITY YTD % CHANGE - Average Volume 3 Month 5'920'208


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 - - 659.5 576.6 - -

2.48x 1.12x 1.49x 1.36x 1.37x - - 0.39x 0.46x - -

20.9 57.3 80.3 110.0 254.4 - - 273.0 204.5 - -

27.45x 5.85x 6.23x 5.49x 3.10x - - 1.16x 1.55x - -

(56.7) 30.7 (37.2) 59.7 105.1 - - 145.0 83.3 - -

- 6.17x - 8.72x 7.25x - - 2.55x 4.88x - -











EBITDA Margin 42.1%



Asset Turnover 0.90








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Resolute Mining LtdPrice/Volume

Valuation Analysis

4'560'641.00


'

-

-

.

.

0

g -. Q -. o -. l -. k -. a -. g -0 c -0 j -0 Q -0 j -0 g -0!' F

2!' F

-'!' F

-2!' F

.'!' F

.2!' F

0'!' F

02!' F

1'!' F

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

'0!'4!.''6 '0!'-!.'-' '0!'4!.'-' '0!'-!.'-- '0!'4!.'-- '0!'-!.'-. '0!'4!.'-. '0!'-!.'-0



01.07.2013


UTILICO INVESTMENTS n/a EXCH 122'029'227 19.04 1'000'000 21.05.2013 Investment Advisor

ALLIANCE LIFE COMMON n/a EXCH 62'989'484 9.83 - 21.05.2013 n/a


BANK OF AMERICA CORP n/a EXCH 39'392'367 6.15 (9'442'393) 10.05.2012 Investment Advisor

PRUDENTIAL PLC n/a ULT-AGG 37'350'000 5.83 (7'250'000) 15.05.2013 Unclassified

VINVA INVESTMENT MGM n/a EXCH 32'497'591 5.07 - 31.01.2013 Investment Advisor

CF RUFFER BAKER STEE n/a EXCH 19'097'479 2.98 (3'846'391) 04.04.2012 n/a


UTILICO EMERGING MAR n/a EXCH 8'000'000 1.25 - 21.05.2013 Investment Advisor

ECLECTIC INVEST TRUS n/a EXCH 7'350'000 1.15 2'000'000 21.05.2013 Investment Advisor


PERMANENT INVESTMENT n/a EXCH 5'010'643 0.78 (4'989'357) 12.07.2012 Other


GENUS DYNAMIC GOLD F n/a EXCH 4'811'000 0.75 - 23.02.2012 n/a

BAKER STEEL CAPITAL n/a EXCH 4'300'000 0.67 - 04.04.2012 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




Morgan Stanley BRENDAN FITZPATRICK Equalwt/In-Line 3 M 1 12 month 28.06.2013



Canaccord Genuity Corp REG SPENCER sell 1 M 1 12 month 13.05.2013

Veritas Securities MATTHEW BAILLIE buy 5 M 2 Not Provided 30.04.2013

Bell Potter STEPHEN THOMAS buy 5 M 2 12 month 24.04.2013


Foster Stockbroking CRAIG BROWN buy 5 U 2 Not Provided 25.01.2013

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


01.07.2013

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.


LTM as of: 03/yy

52-Week High (10.10.2012) 2.56

52-Week Low (28.06.2013) 0.42

Daily Volume

0.56












EDV CN EQUITY YTD Change - Average Volume 30 Day 2'392'465

EDV CN EQUITY YTD % CHANGE - Average Volume 3 Month 2'164'485


30.06.2008 30.06.2009 30.06.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

109.2 (219.3) 167.1 145.6 346.1 193.0 385.0 479.7 571.7 109.0 114.0

- - - 3.93x 2.81x 6.42x 5.32x - - - -

- (237.2) 130.7 43.3 136.2 70.0 100.9 191.3 217.5 - -

- - - 13.22x 7.14x 7.66x 0.00x 2.06x 1.81x - -

57.1 (241.8) 125.3 (23.5) (8.6) (44.4) 24.8 43.6 6.6 - -

3.99x - 1.70x - - 0.00x 14.83x 4.06x 6.59x 4.09x 3.26x







Return on Capital -0.90% EBITDA/Interest Exp. 25.82




EBITDA Margin 39.4%



Asset Turnover 0.25








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Endeavour Mining CorpPrice/Volume

Valuation Analysis

5'808'804.00


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01.07.2013



SENTRY SELECT CAPITA n/a Co File 20'147'799 4.88 - 31.10.2012 Investment Advisor

RUFFER LLP Multiple Portfolios MF-AGG 9'321'000 2.26 526'000 27.12.2012 Investment Advisor

SPROTT INC Multiple Portfolios MF-AGG 9'035'988 2.19 8'494'987 31.12.2012 Hedge Fund Manager


ROYCE AND ASSOCIATES n/a 13G 4'850'000 1.18 (500'000) 31.12.2011 Investment Advisor


ASHDELL LTD n/a PROXY 2'800'000 0.68 - 01.05.2013 Other






JONES HEWARD INVESTM Multiple Portfolios MF-AGG 1'109'284 0.27 - 28.06.2013 Investment Advisor

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 1'094'899 0.27 1'094'899 28.03.2013 Investment Advisor

CONNELLY MARK n/a SEDI 855'000 0.21 - 12.12.2011 n/a

DWS INVESTMENT SA Multiple Portfolios MF-AGG 800'000 0.19 - 30.04.2013 Investment Advisor


WOODYER NEIL n/a SEDI 447'127 0.11 50'000 19.04.2013 n/a

JP MORGAN n/a ULT-AGG 389'000 0.09 (4'368'617) 28.02.2013 Investment Advisor


Goldman Sachs EUGENE KING Buy/Neutral 5 M 1 12 month 30.06.2013





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


01.07.2013

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.


LTM as of: 03/yy

52-Week High (21.09.2012) 5.85

52-Week Low (16.05.2013) 2.65

Daily Volume

3.5





438.57 1 Yr Total Return 0.57%







FVI CN EQUITY YTD Change - Average Volume 30 Day 566'338

FVI CN EQUITY YTD % CHANGE - Average Volume 3 Month 515'377


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

24.8 51.4 74.1 110.0 161.0 128.7 161.1 171.9 211.3 39.0 40.7

1.39x 3.01x 6.78x 5.78x 2.86x 17.74x 11.84x 2.09x 1.50x - -

0.1 21.3 34.1 48.8 70.7 59.4 65.1 69.4 94.9 9.7 14.4

401.05x 7.25x 14.71x 13.01x 6.51x 8.66x 7.29x 5.06x 3.70x - -

(0.9) 0.6 16.0 19.5 31.5 25.9 27.0 32.3 44.2 4.7 6.1

- 99.42x 34.34x 32.35x 15.45x 20.48x 18.73x 14.53x 10.60x 12.75x 10.98x











EBITDA Margin 40.4%



Asset Turnover 0.53







Fiscal Year Ended

Fortuna Silver Mines IncPrice/Volume

Valuation Analysis

1'074'250.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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2

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20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

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01.07.2013


SENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 9'880'700 7.89 (643'800) 31.03.2013 Investment Advisor


MASON HILL ADVISORS MASON HILL ADVISORS 13F 7'932'400 6.33 - 31.03.2013 Hedge Fund Manager

MONTRUSCO BOLTON INV MONTRUSCO BOLTON INV 13F 3'994'740 3.19 1'487'550 31.03.2013 Investment Advisor





AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 1'169'500 0.93 (239'800) 31.03.2013 Investment Advisor

INTACT INVESTMENT MA INTACT INVESTEMENT M 13F 997'900 0.8 (289'500) 31.03.2013 Investment Advisor

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 956'989 0.76 (180'200) 28.03.2013 Investment Advisor

CQS CAYMAN LP CQS CAYMAN LP 13F 750'000 0.6 (100'000) 31.03.2013 Hedge Fund Manager

POWER CORP OF CANADA n/a ULT-AGG 711'800 0.57 138'400 31.03.2013 Holding Company



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

NORTHWEST MUTUAL FUN Multiple Portfolios MF-AGG 505'241 0.4 - 30.04.2013 Investment Advisor

MD MANAGEMENT LTD Multiple Portfolios MF-AGG 462'200 0.37 - 31.03.2013 Investment Advisor

VEHRS THOMAS I n/a SEDI 425'000 0.34 225'000 29.11.2011 n/a








CIBC World Markets LEON ESTERHUIZEN sector outperform 5 M 6 12 month 18.06.2013

Haywood Securities Inc. BENJAMIN ASUNCION hold 3 M 5 12 month 18.06.2013




Holdings By:

Fortuna Silver Mines Inc ee


01.07.2013

McEwen Mining Inc. is a high growth, low cost mid-tier gold producer in the

Americas.


LTM as of: 03/yy

52-Week High (01.11.2012) 4.72

52-Week Low (26.06.2013) 1.63

Daily Volume

1.68












MUX US EQUITY YTD Change - Average Volume 30 Day 4'050'025

MUX US EQUITY YTD % CHANGE - Average Volume 3 Month 3'829'238


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 0.0 0.0 0.0 6.0 3.0 38.9 21.5 19.8 2.4 2.9

- - - - 178.15x 948.65x 99.45x - - - -

(19.7) (17.3) (29.0) (59.6) (92.3) (69.8) (66.8) 10.0 61.0 - -

- - - - - 0.00x 0.00x 45.40x 7.44x - -

(131.1) (27.7) (33.1) (61.9) (66.7) (70.5) (58.4) (21.3) (7.5) (3.2) (3.4)

- - - - - 0.00x 0.00x - 48.00x - -









Net Debt/EBITDA -





Asset Turnover 0.03







Fiscal Year Ended

McEwen Mining IncPrice/Volume

Valuation Analysis

27'070'206.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'--..001122

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

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01.07.2013


MCEWEN ROBERT R n/a Form 4 73'428'564 28.4 - 18.04.2013 n/a




VANGUARD GROUP INC VANGUARD GROUP INC 13F 8'798'586 3.4 (3'843'036) 31.03.2013 Investment Advisor

STATE STREET n/a ULT-AGG 7'321'268 2.83 (2'501'373) 31.03.2013 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 6'747'005 2.61 (79'379) 31.03.2013 Investment Advisor


STALEY CAPITAL ADVIS STALEY CAPITAL ADVIS 13F 3'200'440 1.24 753'503 31.03.2013 Hedge Fund Manager




HORIZON KINETICS n/a ULT-AGG 1'770'336 0.68 (82'987) 31.03.2013 Investment Advisor

SPROTT INC SPROTT INC 13F 1'735'340 0.67 (1'000'000) 31.03.2013 Hedge Fund Manager


BPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 1'410'913 0.55 - 31.03.2013 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'166'475 0.45 73'405 31.03.2013 Investment Advisor


TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'104'843 0.43 27'168 31.03.2013 Investment Advisor

AEGIS FINANCIAL CORP AEGIS FINANCIAL CORP 13F 1'063'594 0.41 1'063'594 31.03.2013 Investment Advisor




Euro Pacific Canada Inc MATTHEW ZYLSTRA buy 5 N 3 12 month 07.05.2013

EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 18.04.2013

Holdings By:

McEwen Mining Inc ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (06.11.2012) 13.32

52-Week Low (26.06.2013) 5.34

Daily Volume

6.15












MAG CN EQUITY YTD Change - Average Volume 30 Day 190'621

MAG CN EQUITY YTD % CHANGE - Average Volume 3 Month 166'776


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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - -

- - - - - #DIV/0! #DIV/0! #DIV/0! #DIV/0! - -

(6.7) (9.4) (12.9) (9.5) (13.4) (9.6) (13.8) (10.8) (10.5) (3.5) (3.5)

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

(5.9) (13.5) (12.6) (8.3) (12.3) (7.6) (13.2) (11.1) (12.7) (3.5) (4.0)

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









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

MAG Silver CorpPrice/Volume

Valuation Analysis

182'534.00


'

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0.4

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0.6

0.7

0.8

0.9

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

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01.07.2013


FRESNILLO PLC n/a PROXY 9'746'193 16.21 - 07.09.2012 Unclassified

MASON HILL ADVISORS n/a 13G 6'265'424 10.42 1'037'863 26.06.2013 Hedge Fund Manager

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 4'329'250 7.2 1'805'500 31.03.2013 Hedge Fund Manager



SPROTT INC SPROTT INC 13F 2'755'754 4.58 2'755'754 31.03.2013 Hedge Fund Manager



SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 986'206 1.64 - 31.03.2013 Hedge Fund Manager

GLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 788'555 1.31 (10'525) 31.03.2013 Investment Advisor

US GLOBAL INVESTORS US GLOBAL INVESTORS 13F 764'000 1.27 4'000 31.03.2013 Investment Advisor

ANDREEFF EQUITY ADVI ANDREEFF EQUITY ADVI 13F 528'682 0.88 8'100 31.03.2013 Hedge Fund Manager

FALCON FUND MANAGEME Multiple Portfolios MF-AGG 432'000 0.72 - 28.03.2013 Investment Advisor

WELLS FARGO n/a ULT-AGG 402'144 0.67 - 30.04.2013 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 - 31.03.2013 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 340'200 0.57 (200) 31.05.2013 Investment Advisor

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 320'000 0.53 - 31.03.2013 Investment Advisor



BMO Capital Markets JOHN P HAYES speculative outperform 4 M #N/A N/A Not Provided 24.06.2013

Macquarie MICHAEL GRAY outperform 5 M 14 12 month 24.05.2013

Raymond James DAVID SADOWSKI outperform 5 M 14 12 month 24.04.2013

Holdings By:

MAG Silver Corp ee


01.07.2013

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

on building a precious metals portfolio in the Americas.


LTM as of: 03/yy

52-Week High (24.10.2012) 7.89

52-Week Low (12.07.2012) 2.53

Daily Volume

4.7












P CN EQUITY YTD Change - Average Volume 30 Day 345'298

P CN EQUITY YTD % CHANGE - Average Volume 3 Month 330'575


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 0.0 60.3 156.5 182.9 166.6 185.3 200.6 250.8 57.8 51.8

- - 8.68x 1.80x 2.88x 6.89x 8.97x 1.89x 1.55x 6.76x 7.37x

(0.6) (0.6) 12.8 72.8 77.4 80.8 71.9 88.0 136.4 30.2 22.5

- - 40.81x 3.86x 6.79x 2.70x 7.52x 4.62x 2.98x 4.11x 3.89x

(0.7) (0.7) (31.5) 49.6 49.6 76.1 48.3 48.2 67.2 21.8 13.4

- - - 5.81x 11.91x 2.95x 13.08x 10.92x 8.17x 11.14x 10.27x











EBITDA Margin 38.8%



Asset Turnover 0.28







Fiscal Year Ended

Primero Mining CorpPrice/Volume

Valuation Analysis

617'561.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-.0123456


0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

200.0

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

'!''

-!''

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0!''

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01.07.2013


GOLDCORP INC n/a SEDI 31'151'200 26.99 (8'422'460) 12.10.2012 Corporation



BLACKROCK n/a ULT-AGG 6'354'449 5.51 (36) 31.03.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 5'775'088 5 52'056 28.06.2013 Investment Advisor


SENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 4'851'400 4.2 3'822'900 31.03.2013 Investment Advisor


O'SHAUGHNESSY ASSET O'SHAUGHNESSY ASSET 13F 1'895'988 1.64 108'693 31.03.2013 Investment Advisor





FMR LLC n/a ULT-AGG 918'600 0.8 (1'221'100) 31.03.2013 Investment Advisor

HILLSDALE INVESTMENT HILLSDALE INVESTMENT 13F 879'700 0.76 (144'400) 31.03.2013 Hedge Fund Manager

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 755'000 0.65 81'100 31.03.2013 Hedge Fund Manager

CONWAY JOSEPH F n/a SEDI 563'300 0.49 50'000 04.07.2012 n/a


SPARK INVESTMENT MAN SPARK INVESTMENT MAN 13F 529'500 0.46 (53'300) 31.03.2013 Investment Advisor

MD MANAGEMENT LTD Multiple Portfolios MF-AGG 510'100 0.44 (66'400) 31.03.2013 Investment Advisor







BMO Capital Markets BRIAN QUAST outperform 5 M 9 Not Provided 21.05.2013




CIBC World Markets CHITIMUKULU MUSONDA sector outperform 5 M 9 Not Provided 08.05.2013

Cantor Fitzgerald ROB CHANG buy 5 M 9 12 month 08.05.2013


Holdings By:

Primero Mining Corp ee


01.07.2013

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.


LTM as of: 01/yy

52-Week High (03.10.2012) 6.20

52-Week Low (28.06.2013) 1.24

Daily Volume

1.335












KCN AU EQUITY YTD Change - Average Volume 30 Day 2'471'004

KCN AU EQUITY YTD % CHANGE - Average Volume 3 Month 1'941'324


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 - - 339.1 362.4 - -

6.01x 5.46x 5.16x 6.69x 2.24x - - 0.98x 0.99x - -

19.6 (38.1) 84.7 66.8 164.9 - - 111.3 122.8 - -

22.77x - 10.74x 17.26x 4.86x - - 3.01x 2.73x - -

36.2 32.5 66.3 21.1 75.2 - - 20.9 29.0 - -

10.12x 19.20x 12.59x 42.78x 9.24x - - 6.68x 8.34x - -









Net Debt/EBITDA -

Gross Margin 33.2% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 0.37








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kingsgate Consolidated LtdPrice/Volume

Valuation Analysis

2'249'079.00


'

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0

1

2

3

4

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50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

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

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01.07.2013




VAN ECK ASSOCIATES C n/a ULT-AGG 10'654'665 7 - 28.06.2013 Investment Advisor

FMR LLC n/a ULT-AGG 7'730'085 5.08 (221) 31.12.2012 Investment Advisor



FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 4'118'481 2.71 - 31.03.2013 Hedge Fund Manager

SMYTH-KIRK ROSS DONA n/a EXCH 3'706'582 2.44 - 03.04.2013 n/a

YANDAL INVESTMENTS P n/a Co File 3'442'939 2.26 - 14.09.2012 Investment Advisor

SILVER STANDARD AUS n/a Co File 3'440'367 2.26 - 14.09.2012 Unclassified

BIRD BRUCE CLAYTON n/a Co File 3'207'110 2.11 - 14.09.2012 n/a



PRUDENTIAL FINANCIAL n/a ULT-AGG 1'313'464 0.86 383'873 31.05.2013 Investment Advisor

KOMOR CHRIS & GRADY n/a Co File 1'097'462 0.72 - 14.09.2012 n/a


SIXTEEN PTY LTD n/a Co File 1'050'000 0.69 - 14.09.2012 Unclassified

DIMENSIONAL FUND ADV n/a ULT-AGG 985'005 0.65 16'822 29.03.2013 Investment Advisor

THOMAS GAVIN n/a EXCH 946'403 0.62 - 06.05.2013 n/a

NORGES BANK Multiple Portfolios MF-AGG 944'190 0.62 - 31.12.2012 Government


Goldman Sachs PAUL HISSEY sell/attractive 1 M 1 12 month 28.06.2013

RBC Capital Markets STEUART MCINTYRE underperform 1 M 1 12 month 28.06.2013

Macquarie MITCH RYAN neutral 3 M 3 12 month 18.06.2013

BBY Limited KURT WORDEN strong buy 5 M 3 12 month 06.06.2013


Investec COLIN MCLELLAND hold 3 M 2 12 month 04.06.2013


Baillieu Holst Ltd SOPHIE SPARTALIS sell 1 M 1 12 month 03.06.2013

Veritas Securities MATTHEW BAILLIE buy 5 M 3 Not Provided 30.04.2013

Evans & Partners Pty Ltd CATHY MOISES negative 2 D #N/A N/A Not Provided 02.11.2012


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


01.07.2013

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.


LTM as of: 03/yy

52-Week High (13.11.2012) 3.48

52-Week Low (24.07.2012) 1.62

Daily Volume

2.32












TMM CN EQUITY YTD Change - Average Volume 30 Day 539'886

TMM CN EQUITY YTD % CHANGE - Average Volume 3 Month 626'859


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

0.0 0.0 0.0 84.4 156.1 105.8 166.2 197.0 214.1 47.0 46.2

- - - 4.15x 2.73x 12.87x 8.95x 1.43x 1.01x 6.80x 6.74x

(4.2) (3.5) (6.7) 43.5 68.5 56.7 76.0 86.9 89.8 17.5 19.9

- - - 8.05x 6.22x 5.63x 5.36x 3.74x 3.62x 4.25x 4.28x

(5.3) (3.4) (8.6) 11.5 36.1 21.2 45.5 50.4 49.7 10.6 9.2

- - - 27.89x 12.02x 14.12x 9.04x 7.01x 7.18x 7.07x 6.93x











EBITDA Margin 45.8%



Asset Turnover 0.80








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Timmins Gold CorpPrice/Volume

Valuation Analysis

698'345.00


'

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20.0

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100.0

120.0

140.0

160.0

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01.07.2013







SPROTT INC SPROTT INC 13F 3'810'200 2.64 860'000 31.03.2013 Hedge Fund Manager


BRAGAGNOLO BRUCE n/a SEDI 2'878'000 2 (20'000) 21.06.2013 n/a

BANK OF NOVA SCOTIA n/a ULT-AGG 2'728'100 1.89 463'100 31.03.2013 Bank

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

INTACT INVESTMENT MA INTACT INVESTEMENT M 13F 2'217'500 1.54 536'400 31.03.2013 Investment Advisor

CIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 2'050'500 1.42 (1'661'700) 31.03.2013 Investment Advisor


HILLSDALE INVESTMENT HILLSDALE INVESTMENT 13F 1'929'200 1.34 243'100 31.03.2013 Hedge Fund Manager

CQS CAYMAN LP CQS CAYMAN LP 13F 1'500'000 1.04 200'000 31.03.2013 Hedge Fund Manager


BLACKROCK n/a ULT-AGG 820'191 0.57 63'043 31.03.2013 Investment Advisor





Canaccord Genuity Corp NICHOLAS CAMPBELL sell 1 M 2 12 month 25.06.2013





Stonecap Securities Inc BRIAN SZETO outperform 5 M 3 12 month 03.06.2013

BMO Capital Markets ANDREW KAIP market perform 3 N 3 Not Provided 30.05.2013


Macquarie MICHAEL SIPERCO neutral 3 M 3 12 month 09.05.2013

Cormark Securities Inc. KYLE MCPHEE buy 5 M 3 12 month 09.05.2013

M Partners Inc ERIK BERMEL buy 5 M 4 12 month 09.05.2013


Dundee Securities Corp JOE FAZZINI buy 5 M 4 12 month 08.05.2013

PI Financial Corp. PHILIP KER buy 5 M 3 12 month 08.05.2013

MGI Securities MARC PAIS buy 5 M 5 12 month 05.07.2011

Holdings By:

Timmins Gold Corp ee


01.07.2013

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.


LTM as of: 01/yy

52-Week High (18.10.2012) 2.40

52-Week Low (27.06.2013) 0.37

Daily Volume

0.465












SBM AU EQUITY YTD Change - Average Volume 30 Day 4'094'313

SBM AU EQUITY YTD % CHANGE - Average Volume 3 Month 4'413'281


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 - - 523.3 623.6 - -

3.41x 1.33x 2.01x 1.58x 0.73x - - 0.71x 0.46x - -

(0.1) 50.3 77.2 109.3 224.1 - - 155.0 226.2 - -

- 7.42x 7.74x 5.21x 1.76x - - 2.44x 1.67x - -

(17.3) (76.3) (40.2) 68.6 130.2 - - 31.1 60.2 - -

- - - 9.29x 4.42x - - 6.12x 3.55x - -











EBITDA Margin 38.5%



Asset Turnover 0.55







Fiscal Year Ended

St Barbara LtdPrice/Volume

Valuation Analysis

3'497'480.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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400.0

500.0

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

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01.07.2013



VANGUARD GROUP INC n/a EXCH 60'536'881 12.4 9'536'881 29.01.2013 Investment Advisor



PARADICE INVESTMENT n/a EXCH 19'990'864 4.1 - 13.09.2012 Investment Advisor


TRADEWINDS GLOBAL IN n/a EXCH 16'240'544 3.33 (1'270'413) 03.11.2011 Investment Advisor



LSV ASSET MANAGEMENT n/a RNS-RUL8 11'363'061 2.33 684'600 23.07.2012 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



JCP INVESTMENT PARTN n/a RNS-RUL8 6'032'951 1.24 (326'553) 09.08.2012 Investment Advisor

BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 6'000'000 1.23 - 30.04.2013 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



Goldman Sachs PAUL HISSEY neutral/attractive 3 M 1 12 month 26.06.2013

Deutsche Bank CHRIS TERRY buy 5 M 1 12 month 25.06.2013


Nomura AMBER MACKINNON neutral 3 M 1 Not Provided 24.06.2013

RBC Capital Markets STEUART MCINTYRE outperform 5 M 1 12 month 18.06.2013



Baillieu Holst Ltd SOPHIE SPARTALIS buy 5 M 1 12 month 27.05.2013

Canaccord Genuity Corp LUKE SMITH buy 5 M 1 12 month 13.05.2013


Argonaut Securities Pty Ltd TROY IRVIN buy 5 U 3 Not Provided 18.06.2012

Holdings By:

St Barbara Ltd ee


01.07.2013

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

developing gold projects worldwide.


LTM as of: 03/yy

52-Week High (21.09.2012) 6.79

52-Week Low (26.06.2013) 1.51

Daily Volume

1.83












PG CN EQUITY YTD Change - Average Volume 30 Day 1'889'049

PG CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'576'504


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 0.0 0.0 0.0 0.0 0.0 0.9 - - - -

- - - - - #DIV/0! 2652.92x - - - -

(3.2) (6.2) (13.2) (11.9) (12.5) (6.8) (13.4) - - - -

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

0.2 (3.7) (10.9) (16.8) (32.1) (18.0) (8.9) 2.0 (32.0) - -

- - - - - 0.00x 0.00x 140.77x - - -









Net Debt/EBITDA -





Asset Turnover 0.00







Fiscal Year Ended

Premier Gold Mines LtdPrice/Volume

Valuation Analysis

2'187'802.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

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0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

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

'!''

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01.07.2013





IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 7'648'501 5.11 (184'200) 28.02.2013 Investment Advisor

DOWNIE EWAN S n/a SEDI 3'130'601 2.09 7'500 24.04.2013 n/a





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


GBC ASSET MANAGEMENT Multiple Portfolios MF-AGG 812'900 0.54 - 31.12.2011 Investment Advisor

MIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 800'000 0.53 (100'000) 31.05.2013 Investment Advisor


TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 705'900 0.47 - 31.12.2012 Investment Advisor


AGF INVESTMENTS INC Multiple Portfolios MF-AGG 539'336 0.36 (16'800) 28.03.2013 Investment Advisor

SENTRY SELECT CAPITA Multiple Portfolios MF-AGG 430'800 0.29 - 30.06.2012 Investment Advisor

BHR FUND ADVISORS LP Multiple Portfolios MF-AGG 420'000 0.28 - 28.03.2013 Investment Advisor



Laurentian Bank Securities ERIC LEMIEUX speculative buy 4 M 4 12 month 28.06.2013


CIBC World Markets JEFF KILLEEN sector perform 3 M 7 12 month 27.06.2013

Cantor Fitzgerald ROB CHANG buy 5 M 6 12 month 27.06.2013


Stonecap Securities Inc CHRISTOS DOULIS outperform 5 M 3 12 month 03.06.2013

Octagon Capital Corporation ANNIE ZHANG speculative buy 4 M 6 12 month 21.05.2013

Beacon Securities Ltd MICHAEL CURRAN buy 5 M 6 12 month 19.04.2013

Canaccord Genuity Corp STEVEN BUTLER speculative buy 4 M 7 12 month 11.04.2013

Mackie Research Capital Corp. BARRY D ALLAN speculative buy 4 M #N/A N/A Not Provided 30.01.2013


Holdings By:

Premier Gold Mines Ltd ee


01.07.2013

Northern Star Resources Ltd is an Australian Gold Producer with tenement

holdings and gold deposits located in the Ashburton - Pilbara Region of Western

Australia.


LTM as of: 01/yy

52-Week High (26.11.2012) 1.59

52-Week Low (27.06.2013) 0.53

Daily Volume

0.635












NST AU EQUITY YTD Change - Average Volume 30 Day 3'548'678

NST AU EQUITY YTD % CHANGE - Average Volume 3 Month 3'907'220


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 - - 145.0 160.5 - -

- - - 1.11x 2.55x - - 1.50x 1.27x - -

(0.1) (5.1) (1.3) 45.1 47.5 - - 75.3 83.0 - -

- - - 2.83x 5.35x - - 3.06x 2.77x - -

(0.1) (4.7) (1.3) 16.3 22.0 - - 33.5 38.4 - -

- - - 7.80x 12.62x - - 8.47x 6.98x - -











EBITDA Margin 50.7%



Asset Turnover 1.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Northern Star Resources LtdPrice/Volume

Valuation Analysis

3'840'558.00


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0'!' F

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0.0

20.0

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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01.07.2013




INVESTMET LTD 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


DELTA RESOURCE MGMT n/a Co File 11'130'000 2.62 - 28.09.2012 Corporation

WYLLIE GROUP PTY LTD n/a Co File 9'170'360 2.16 - 28.09.2012 Other

FOTIOS MICHAEL GEORG n/a EXCH 7'103'474 1.67 (7'400'000) 30.11.2012 n/a

UBS n/a ULT-AGG 5'811'224 1.37 - 28.09.2012 Unclassified

ROWE CHRISTOPHER n/a EXCH 3'986'195 0.94 - 30.11.2012 n/a


MORGAN STANLEY AUSTR n/a EXCH 3'202'580 0.75 (36'529'953) 04.12.2012 Investment Advisor

KYIM PTY LTD n/a Co File 3'048'000 0.72 - 28.09.2012 n/a

NAVIGATOR AUSTRALIA n/a Co File 2'587'146 0.61 - 28.09.2012 Corporation

LEEFAB PTY LTD n/a Co File 2'499'998 0.59 - 28.09.2012 n/a

MULTI METAL CONSULTA n/a Co File 2'455'125 0.58 - 28.09.2012 n/a


TC CAPITAL LTD n/a Co File 2'180'000 0.51 - 28.09.2012 n/a

WILKINSON CATHERINE n/a Co File 2'165'000 0.51 - 28.09.2012 n/a



Paterson Securities TIM MCCORMACK buy 5 M 1 12 month 13.06.2013




Hartleys MIKE MILLIKAN buy 5 M 1 12 month 29.04.2013

Holdings By:

Northern Star Resources Ltd ee


01.07.2013

Tanzanian Royalty Exploration Corporation acquires, explores, and develops

mineral properties. The Company explores for gold.


LTM as of: 02/yy

52-Week High (21.09.2012) 5.34

52-Week Low (26.06.2013) 2.14

Daily Volume

2.7












TRX US EQUITY YTD Change - Average Volume 30 Day 481'385

TRX US EQUITY YTD % CHANGE - Average Volume 3 Month 471'574


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 - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tanzanian Royalty Exploration CorpPrice/Volume

Valuation Analysis

701'476.00


'

-

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1

2

3

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0.1

0.2

0.3

0.4

0.5

0.6

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0.8

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1.0

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

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01.07.2013



GEIER GROUP LLC n/a 13G 4'879'743 4.84 (4'801'048) 10.11.2011 Other

BPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 3'383'846 3.36 (287'350) 31.03.2013 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




MORROW ROSALIND n/a SEDI 445'065 0.44 15'636 04.06.2013 n/a

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



PORTOLA GROUP INCORP PORTOLA GROUP INCORP 13F 212'810 0.21 250 31.03.2013 Investment Advisor


LUIS VICTORIA n/a 20F 144'045 0.14 - 31.10.2012 n/a


VAN TONGEREN STEVEN n/a SEDI 125'103 0.12 440 07.06.2013 n/a

BANK OF AMERICA CORP BANK OF AMERICA 13F 124'831 0.12 27'380 31.03.2013 Investment Advisor

ALTUS CAPITAL INC ALTUS CAPITAL INC 13F 104'500 0.1 56'500 31.03.2013 Investment Advisor


#N/A N/A

Holdings By:

Tanzanian Royalty Exploration Corp ee


01.07.2013

Real Gold Mining Limited mines gold and processes ore into concentrates

containing gold and other minerals for subsequent sale.


LTM as of: 06/yy

52-Week High (03.07.2012) 8.81

52-Week Low (03.07.2012) 8.81

Daily Volume

8.81

52-Week High % Change 0.00% Dividend Yield 0.60




8'006.41 1 Yr Total Return 0.00%




Cash and Equivalents 2'965.19 Consensus Rating -



246 HK EQUITY YTD Change - Average Volume 30 Day 0

246 HK EQUITY YTD % CHANGE - Average Volume 3 Month 0


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 06/yy 06/yy 12/11 Y 12/12 Y 09/11 Q3 12/11 Q4

- 8.0 312.3 1'011.2 1'368.2 1'185.7 1'523.7 - - - -

- - - 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 - - - -


EBIT 1'149.66 Long-Term Rating -









EBITDA Margin 86.8%



Asset Turnover 0.34







Fiscal Year Ended

Real Gold Mining LtdPrice/Volume

Valuation Analysis

0.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-.0123456

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0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

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

'!''

.!''

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01.07.2013


CITIGROUP INCORPORAT n/a ULT-AGG 242'773'628 26.71 - 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


BANK OF NOVA SCOTIA n/a ULT-AGG 17'816'505 1.96 - 31.12.2012 Bank

MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 16'916'500 1.86 - 30.06.2012 Unclassified



ROYAL BANK OF CANADA n/a ULT-AGG 7'861'000 0.86 - 31.01.2013 Bank

JP MORGAN n/a ULT-AGG 6'089'500 0.67 - 28.02.2013 Investment Advisor



DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 4'103'427 0.45 - 28.12.2012 Investment Advisor

FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 2'762'500 0.3 - 03.06.2013 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 2'500'500 0.28 - 30.04.2013 Investment Advisor

SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 1'788'000 0.2 - 30.04.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'584'476 0.17 - 31.03.2013 Investment Advisor


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


01.07.2013

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.


LTM as of: 03/yy

52-Week High (16.10.2012) 2.11

52-Week Low (21.06.2013) 0.40

Daily Volume

0.42












GSS US EQUITY YTD Change - Average Volume 30 Day 3'941'497

GSS US EQUITY YTD % CHANGE - Average Volume 3 Month 3'223'665


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

257.4 400.7 432.7 471.0 550.5 485.5 552.4 445.7 458.6 106.3 107.0

1.43x 1.99x 2.72x 0.98x 0.95x 4.31x 3.44x 0.39x 0.41x 1.53x 1.55x

1.8 136.7 107.6 91.8 124.7 94.4 117.0 57.8 112.1 15.2 18.6

200.09x 5.85x 10.93x 5.00x 4.18x 5.74x 3.95x 2.69x 1.39x 2.29x 2.22x

(119.3) 16.5 (11.2) (2.1) (9.5) 1.1 (25.2) (25.9) 19.2 (10.5) (7.1)

- 39.07x - - - 0.00x 0.00x - 6.00x - 32.31x











EBITDA Margin 21.2%



Asset Turnover 0.76








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Golden Star Resources LtdPrice/Volume

Valuation Analysis

28'561'579.00


'

-

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.

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100.0

200.0

300.0

400.0

500.0

600.0

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

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01.07.2013




HEARTLAND ADVISORS I HEARTLAND ADVISORS I 13F 26'830'259 10.35 844'389 31.03.2013 Investment Advisor


HILLSDALE INVESTMENT HILLSDALE INVESTMENT 13F 7'898'726 3.05 1'617'352 31.03.2013 Hedge Fund Manager








BATTERYMARCH FINANCI BATTERYMARCH FINANCI 13F 2'625'741 1.01 - 31.03.2013 Investment Advisor




LEGG MASON CAPITAL M Multiple Portfolios MF-AGG 1'467'781 0.57 - 31.03.2013 Investment Advisor

PRINCIPAL FINANCIAL n/a ULT-AGG 1'271'090 0.49 (619'837) 31.03.2013 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'235'376 0.48 (1'024'176) 31.03.2013 Investment Advisor




Macquarie PIERRE VAILLANCOURT neutral 3 M 1 12 month 20.06.2013

BMO Capital Markets ANDREW BREICHMANAS underperform 1 M 1 Not Provided 18.06.2013

CIBC World Markets COSMOS CHIU sector underperform 1 M 1 18 month 18.06.2013

Scotia Capital TREVOR TURNBULL sector underperform 1 M 0 12 month 18.06.2013

Canaccord Genuity Corp RAHUL PAUL hold 3 M 1 12 month 17.06.2013




Holdings By:

Golden Star Resources Ltd ee


01.07.2013

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

project is the Haile Gold Mine in South Carolina.


LTM as of: 03/yy

52-Week High (17.09.2012) 1.40

52-Week Low (21.05.2013) 0.31

Daily Volume

0.47












R CN EQUITY YTD Change - Average Volume 30 Day 1'243'448

R CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'445'675


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 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) (15.9) (11.6) (8.6) (7.1) - -

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

(4.5) (7.2) (66.2) (15.7) (11.9) (14.5) (12.0) (8.8) (7.3) - -

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









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Romarco Minerals IncPrice/Volume

Valuation Analysis

1'412'162.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

'

'

-

-

-

-


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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01.07.2013










COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 11'682'793 2 (147'237) 28.02.2013 Bank

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 11'093'500 1.89 (147'500) 31.12.2012 Investment Advisor


GAMCO n/a ULT-AGG 5'550'000 0.95 - 28.03.2013 Unclassified

QUANTEX AG Multiple Portfolios MF-AGG 3'750'000 0.64 (100'000) 29.03.2013 Investment Advisor


GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 2'975'080 0.51 - 28.03.2013 Investment Advisor


SHARE SICAV Multiple Portfolios MF-AGG 2'828'384 0.48 (520'200) 31.12.2012 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



Paradigm Capital Inc DON BLYTH speculative buy 4 M 1 12 month 27.06.2013





Holdings By:

Romarco Minerals Inc ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (07.09.2012) 5.03

52-Week Low (26.06.2013) 0.65

Daily Volume

0.82












BAA CN EQUITY YTD Change - Average Volume 30 Day 1'609'382

BAA CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'871'250


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 0.0 0.0 0.0 42.6 0.0 75.8 140.3 342.7 32.6 24.6

- - - - 16.23x #DIV/0! 39.57x - - - -

(6.2) (7.6) (10.3) (10.2) 6.0 (11.0) 22.6 42.8 120.2 - -

- - - - 114.64x 0.00x 22.28x 8.26x 2.94x - -

(8.5) (4.8) (3.0) (9.3) (4.6) (11.3) 5.2 8.5 73.5 - -

9.34x - - - - 0.00x 57.06x 16.94x 2.17x 12.37x 5.03x











EBITDA Margin 29.8%



Asset Turnover 0.12







Fiscal Year Ended

Banro CorpPrice/Volume

Valuation Analysis

1'904'117.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

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0

1

2

3

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0.0

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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01.07.2013






IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 16'980'300 6.74 2'913'300 31.03.2013 Investment Advisor

TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 11'716'838 4.65 7'631'297 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


NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 4'649'372 1.84 1'084'709 31.05.2013 Investment Advisor


FIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 2'152'177 0.85 (4'660'861) 31.03.2013 Investment Advisor

BRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 2'026'058 0.8 (41'296) 31.03.2013 Hedge Fund Manager



FIERA CAPITAL CORPOR Multiple Portfolios MF-AGG 1'471'482 0.58 (1'425'300) 28.03.2013 Investment Advisor



DEUTSCHE BANK AG n/a ULT-AGG 1'347'995 0.53 (703'421) 31.03.2013 Investment Advisor

KONDRAT ARNOLD T n/a SEDI 1'226'048 0.49 100'000 30.04.2013 n/a


Goldman Sachs EUGENE KING Sell/Neutral 1 M 1 12 month 30.06.2013


GMP BROCK SALIER buy 5 M 2 Not Provided 29.05.2013


CIBC World Markets COSMOS CHIU sector perform 3 M 2 Not Provided 09.05.2013

BMO Capital Markets ANDREW BREICHMANAS market perform 3 M 2 Not Provided 08.05.2013

Holdings By:

Banro Corp ee


01.07.2013

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

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


LTM as of: 03/yy

52-Week High (20.09.2012) 6.03

52-Week Low (26.06.2013) 0.95

Daily Volume

1.22












CSI CN EQUITY YTD Change - Average Volume 30 Day 1'760'042

CSI CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'512'393


31.07.2008 31.07.2009 31.07.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

0.0 0.0 0.0 0.0 0.0 0.0 0.0 10.6 166.8 - 0.8

- - - - - #DIV/0! #DIV/0! 14.45x 0.48x - 111.70x

(2.5) (2.7) (9.5) (29.3) (32.9) (32.7) (28.2) (13.8) 81.9 (6.7) (7.2)

- - - - - 0.00x 0.00x - 2.22x - -

(2.3) (4.6) (9.7) (32.1) (30.1) (37.0) (19.3) (16.7) 40.4 (8.5) (8.7)

- - - - - 0.00x 0.00x - 4.13x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Colossus Minerals IncPrice/Volume

Valuation Analysis

1'721'781.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

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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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01.07.2013


ARIAS RESOURCE CAPIT n/a Co File 20'723'900 16.59 7'500'000 12.06.2013 Private Equity

ACUITY INVESTMENT MA n/a Co File 10'530'371 8.43 - 31.10.2012 Investment Advisor


SPROTT ASSET MANAGEM n/a Co File 9'947'500 7.96 (1'572'900) 28.02.2013 Investment Advisor



SUSSMAN ARI B n/a SEDI 1'761'401 1.41 50'000 27.06.2012 n/a

MCLEAN BUDDEN LTD Multiple Portfolios MF-AGG 1'454'900 1.16 (43'080) 30.04.2013 Investment Advisor

MANULIFE ASSET MANAG Multiple Portfolios MF-AGG 1'093'732 0.88 (58'132) 28.02.2013 Investment Advisor


CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 1'032'633 0.83 (28'496) 31.12.2012 Investment Advisor

KISHIDA AUGUSTO n/a SEDI 958'000 0.77 - 09.08.2012 n/a

VANGUARD GROUP INC Multiple Portfolios MF-AGG 486'563 0.39 - 31.03.2013 Investment Advisor



TCW GROUP INC Multiple Portfolios MF-AGG 300'000 0.24 300'000 31.05.2013 Investment Advisor

US GLOBAL INVESTORS Multiple Portfolios MF-AGG 250'000 0.2 (275'000) 28.03.2013 Investment Advisor

FROSTIAK JOHN n/a SEDI 229'800 0.18 50'000 16.02.2013 n/a


GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 200'000 0.16 50'000 28.02.2013 Investment Advisor




Macquarie MICHAEL GRAY underperform 1 D 1 12 month 24.06.2013

Dundee Securities Corp JOE FAZZINI buy 5 M 4 12 month 19.06.2013


Clarus Securities JAMIE SPRATT accumulate 4 M 3 12 month 19.06.2013

Holdings By:

Colossus Minerals Inc ee


01.07.2013

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


LTM as of: 03/yy

52-Week High (10.10.2012) 6.17

52-Week Low (17.04.2013) 1.97

Daily Volume

3.55












RR CN EQUITY YTD Change - Average Volume 30 Day 5'729'237

RR CN EQUITY YTD % CHANGE - Average Volume 3 Month 2'929'391


30.09.2008 30.09.2009 30.09.2010 30.09.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.0 1.0 - -

- - - - - #DIV/0! #DIV/0! - - - -

(2.6) (4.2) (9.1) (16.1) (64.6) (31.6) (45.2) (14.9) (13.0) - -

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

(1.0) (3.6) (6.8) (13.5) (65.9) (29.6) (57.5) (24.7) (25.3) - -

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









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Rainy River Resources LtdPrice/Volume

Valuation Analysis

7'315'408.00


'

-

.

0

1

2

3

4

g -. Q -. o -. l -. k -. a -. g -0 c -0 j -0 Q -0 j -0 g -0!' F

-'!' F

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0'!' F

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2'!' F

3'!' F

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'

'!3'

'!5'

-!''

-!.'



01.07.2013




SALIDA CAPITAL LP n/a Co File 8'043'070 8.02 (655'430) 30.11.2011 Investment Advisor





BEREZAN LEO n/a PROXY 1'334'048 1.33 - 19.04.2013 n/a


QUANTEX AG Multiple Portfolios MF-AGG 830'000 0.83 118'000 29.03.2013 Investment Advisor




GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 459'467 0.46 116'000 28.03.2013 Investment Advisor

CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 445'300 0.44 (7'800) 31.12.2012 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 0.35 - 14.03.2012 n/a

UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 300'000 0.3 - 30.06.2012 Investment Advisor



Stifel CRAIG P STANLEY hold 3 M #N/A N/A Not Provided 28.06.2013

Casimir Capital ERIC WINMILL tender #N/A N/A M #N/A N/A Not Provided 17.06.2013


National Bank Financial PAOLO LOSTRITTO sector perform 3 D 4 12 month 02.06.2013

BMO Capital Markets JOHN P HAYES restricted #N/A N/A M #N/A N/A Not Provided 31.05.2013


Desjardins Securities ADAM MELNYK hold 3 D 4 12 month 31.05.2013


Paradigm Capital Inc DON BLYTH hold 3 D 3 12 month 22.05.2013

Holdings By:

Rainy River Resources Ltd ee


01.07.2013

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.


LTM as of: 01/yy

52-Week High (23.08.2012) 1.44

52-Week Low (15.04.2013) 0.66

Daily Volume

0.79












SUE CN EQUITY YTD Change - Average Volume 30 Day 1'172'956

SUE CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'043'038


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) (4.2) (7.3) - -

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

(4.2) (2.6) (4.4) (10.3) (13.3) (13.6) (4.9) (4.6) (8.8) - -

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









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sulliden Gold Corp LtdPrice/Volume

Valuation Analysis

700'167.00


'

'

'

-

-

-

-

-

.


0.0

0.1

0.1

0.2

0.2

0.3

0.3

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

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



01.07.2013


AGNICO-EAGLE MINES L n/a SEDI 26'966'292 9.96 - 09.04.2013 Corporation


ABERDEEN INTERNATION n/a Co File 15'904'572 5.87 - 31.07.2012 Unclassified


POWER CORP OF CANADA n/a ULT-AGG 5'573'503 2.06 (8) 28.02.2013 Holding Company

FMR LLC n/a ULT-AGG 5'403'200 2 2'332'800 30.04.2013 Investment Advisor

BEUTEL GOODMAN & COM Multiple Portfolios MF-AGG 5'163'500 1.91 (2'800) 30.04.2013 Investment Advisor


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

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 - 31.03.2013 Investment Advisor


AMIREAULT STEPHANE n/a SEDI 478'500 0.18 - 10.06.2013 n/a

NCF SOC ADMIN DE FON Multiple Portfolios MF-AGG 375'000 0.14 - 03.08.2011 Investment Advisor

CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 367'131 0.14 - 31.05.2012 Investment Advisor

TAGLIAMONTE PETER W n/a SEDI 342'981 0.13 50'000 03.10.2012 n/a




Raymond James CHRIS THOMPSON outperform 5 N 2 12 month 31.05.2013




BMO Capital Markets ANDREW KAIP speculative outperform 4 M 1 Not Provided 16.04.2013


Kallpa Securities SAB HUMBERTO LEON overweight 5 M 2 12 month 12.04.2013

Mine2Capital Inc ALKA SINGH buy 5 N 2 Not Provided 24.12.2012

Grupo Coril EDUARDO NORIEGA strong buy 5 M 2 Not Provided 18.11.2012

Seminarios SAB HUMBERTO AGURTO speculative buy 4 M 2 Not Provided 12.10.2012

Holdings By:

Sulliden Gold Corp Ltd ee


01.07.2013

Asanko Gold Inc. is a gold development company focussing on near term gold

production at its Esaase gold project in Ghana, West Africa.


LTM as of: 12/yy

52-Week High (09.11.2012) 4.39

52-Week Low (26.06.2013) 2.00

Daily Volume

2.25










Enterprise Value -


AKG CN EQUITY YTD Change - Average Volume 30 Day 271'552

AKG CN EQUITY YTD % CHANGE - Average Volume 3 Month 242'764


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 - 0.0 - -

- - - - - #DIV/0! #DIV/0! - - - -

(4.0) (3.2) (6.3) (38.4) (35.6) (49.2) (36.9) (15.9) (12.9) - -

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

(4.2) (3.7) (6.4) (34.9) (38.2) (41.4) (21.6) (19.8) (20.1) - -

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









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Asanko Gold IncPrice/Volume

Valuation Analysis

597'580.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'--..001122

g -. Q -. o -. l -. k -. a -. g -0 c -0 j -0 Q -0 j -0 g -0!' F!. F!1 F!3 F!5 F-!' F-!. F-!1 F-!3 F-!5 F.!' F

0.0

0.0

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'!''

'!.'

'!1'

'!3'

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01.07.2013



HIGHLAND PARK SA n/a SEDI 8'191'174 9.63 - 13.11.2012 Other

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

POWER CORP OF CANADA n/a ULT-AGG 3'640'600 4.28 1'480'300 31.03.2013 Holding Company



IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 1'202'200 1.41 (46'700) 31.03.2013 Investment Advisor

SALI ROBERT J n/a SEDI 830'000 0.98 150'000 16.05.2012 n/a



FIL LIMITED n/a ULT-AGG 566'900 0.67 566'900 31.03.2013 Investment Advisor













RBC Capital Markets JONATHAN GUY sector perform 3 M 3 12 month 22.05.2013


Scotia Capital LEILY OMOUMI sector perform 3 M 5 12 month 14.05.2013

Jennings Capital DAN HRUSHEWSKY buy 5 M 5 12 month 14.05.2013

Holdings By:

Asanko Gold Inc ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (01.10.2012) 3.81

52-Week Low (26.06.2013) 1.17

Daily Volume

1.7












BCM CN EQUITY YTD Change - Average Volume 30 Day 150'157

BCM CN EQUITY YTD % CHANGE - Average Volume 3 Month 143'072


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 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) (32.6) (27.3) (24.7) (20.8) - -

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

(18.1) (8.7) (16.3) (29.7) (31.0) (34.0) (27.5) (19.6) (17.8) - -

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









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bear Creek Mining CorpPrice/Volume

Valuation Analysis

218'080.00


'

-

-

.

.

0

0

1

1

g -. Q -. o -. l -. k -. a -. g -0 c -0 j -0 Q -0 j -0 g -0!' F!. F!1 F!3 F!5 F-!' F-!. F-!1 F-!3 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

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

'!.'

'!1'

'!3'

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-!.'



01.07.2013


SILVER WHEATON CORP n/a PROXY 13'264'305 14.38 - 22.04.2013 Corporation


SPROTT INC n/a Co File 9'042'064 9.8 (729'993) 30.04.2013 Hedge Fund Manager

ATLANTIC INVESTMENT ATLANTIC INVESTMENT 13F 8'584'360 9.31 216'810 31.03.2013 Investment Advisor


ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 1'542'800 1.67 - 31.03.2013 Investment Advisor

GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 1'498'438 1.62 - 28.06.2013 Investment Advisor

KEM CAPITAL LLC n/a PROXY 1'081'262 1.17 - 22.04.2013 Investment Advisor

MCLEOD-SELTZER CATHE n/a PROXY 966'562 1.05 - 22.04.2013 n/a

SWARTHOUT ANDREW T n/a SEDI 879'592 0.95 5'000 06.12.2012 n/a

PRUDENTIAL PLC n/a ULT-AGG 750'000 0.81 - 31.03.2013 Unclassified




TWEDDLE FRANK R n/a PROXY 425'000 0.46 - 22.04.2013 n/a

DE WITT DAVID E n/a PROXY 375'650 0.41 - 22.04.2013 n/a


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


BMO Capital Markets ANDREW KAIP market perform 3 D 1 12 month 28.06.2013


Paradigm Capital Inc DON BLYTH hold 3 D 3 12 month 22.05.2013



Holdings By:

Bear Creek Mining Corp ee


01.07.2013

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


LTM as of: 03/yy

52-Week High (07.09.2012) 2.82

52-Week Low (27.06.2013) 1.04

Daily Volume

1.19












PZG US EQUITY YTD Change - Average Volume 30 Day 867'402

PZG US EQUITY YTD % CHANGE - Average Volume 3 Month 852'913


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

0.0 0.0 0.0 0.2 0.1 0.1 0.1 - - - -

- - - 2370.69x 4555.15x 14099.12x 22403.11x - - - -

(18.8) (7.3) (8.6) (11.6) (17.9) (15.9) (17.0) (9.0) (9.0) - -

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

(18.4) (7.2) (5.4) (28.5) (12.1) (3.7) (8.1) - - - -

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









Net Debt/EBITDA -





Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Paramount Gold and Silver CorpPrice/Volume

Valuation Analysis

1'706'574.00


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0.2

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

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01.07.2013


FCMI FINANCIAL CORP n/a 13D 24'444'234 15.72 1'170'732 12.03.2013 Corporation




CRUPI CHRISTOPHER n/a Form 4 4'004'766 2.57 12'000 26.06.2013 n/a

STATE STREET n/a ULT-AGG 2'108'527 1.36 (484) 31.03.2013 Investment Advisor


GLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 1'042'771 0.67 325'683 31.03.2013 Investment Advisor


ROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 1'000'000 0.64 - 31.01.2013 Investment Advisor


MACKELLER IAN n/a 424B 577'500 0.37 - 19.04.2012 n/a



AMERICAN INTERNATION n/a ULT-AGG 551'119 0.35 88'565 31.03.2013 Government

PORTER PARTNERS LP n/a 424B 446'250 0.29 - 19.04.2012 Other

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 444'859 0.29 (4'130) 31.03.2013 Investment Advisor

BARD ASSOCIATES INC BARD ASSOCIATES INC 13F 417'050 0.27 (3'400) 31.03.2013 Investment Advisor

TALKOT CAPITAL LLC TALKOT CAPITAL LLC 13F 400'000 0.26 - 31.03.2013 Hedge Fund Manager

KENNEDY SHAWN M n/a Form 4 364'735 0.23 (59'011) 04.03.2013 n/a



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


01.07.2013

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.


LTM as of: 01/yy

52-Week High (23.08.2012) 14.57

52-Week Low (17.04.2013) 2.64

Daily Volume

4.42












KGI CN EQUITY YTD Change - Average Volume 30 Day 1'072'968

KGI CN EQUITY YTD % CHANGE - Average Volume 3 Month 935'679


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 51.2 103.3 159.8 149.6 139.2 154.7 236.0 49.7 45.5

9.87x 10.98x 9.15x 9.01x 5.53x 22.77x 20.90x 2.57x 1.76x 8.28x 8.80x

(1.0) (6.8) (7.6) 26.4 55.7 49.3 24.5 31.7 76.7 22.8 10.0

- - - 35.24x 15.86x 24.58x 19.82x 11.71x 4.83x 5.92x 6.54x

(3.3) (10.5) (12.3) 19.9 41.3 45.1 (9.8) 3.0 29.2 18.0 4.9

- - - 48.55x 22.63x 38.76x 0.00x 232.63x 11.08x 9.31x 9.15x











EBITDA Margin 17.6%



Asset Turnover 0.40







Fiscal Year Ended

Kirkland Lake Gold IncPrice/Volume

Valuation Analysis

997'446.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

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

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01.07.2013


RESOLUTE FUNDS LTD n/a RNS-MAJ 5'700'000 8.13 750'000 17.06.2013 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

IA MICHAEL INVESTMEN Multiple Portfolios MF-AGG 3'100'000 4.42 800'000 28.03.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 2'804'148 4 - 28.02.2013 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

UNITED SERVICES AUTO Multiple Portfolios MF-AGG 1'700'000 2.42 1'475'000 28.02.2013 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 1'577'666 2.25 - 31.12.2012 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 - 28.03.2013 Unclassified

MONTRUSCO BOLTON INV Multiple Portfolios MF-AGG 721'115 1.03 12'425 30.04.2013 Investment Advisor


EMPIRE LIFE INSURANC Multiple Portfolios MF-AGG 544'236 0.78 76'236 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 400'063 0.57 770 27.06.2013 Investment Advisor


Panmure Gordon & Co Limited ALISON TURNER buy 5 M 6 Not Provided 20.06.2013


Desjardins Securities ADAM MELNYK buy 5 M 9 12 month 18.06.2013

Dundee Securities Corp JOE FAZZINI buy 5 M 8 Not Provided 18.06.2013



Investec HUNTER HILLCOAT buy 5 M 6 12 month 04.06.2013


Macquarie MICHAEL SIPERCO outperform 5 U 5 12 month 15.05.2013

Mirabaud Securities RICHARD MORGAN speculative buy 4 M 10 12 month 15.05.2013

Raymond James FORBES GEMMELL Under Review #N/A N/A M #N/A N/A Not Provided 05.02.2013

Holdings By:

Kirkland Lake Gold Inc ee


01.07.2013

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

primarily exploring for gold in Guyana.


LTM as of: 04/yy

52-Week High (14.01.2013) 4.40

52-Week Low (26.06.2013) 1.16

Daily Volume

1.35












GUY CN EQUITY YTD Change - Average Volume 30 Day 894'963

GUY CN EQUITY YTD % CHANGE - Average Volume 3 Month 685'966


31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 04/yy 04/yy 10/13 Y 10/14 Y 07/13 Q3 10/13 Q4

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) (7.7) (10.1) (10.3) - -

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

(12.5) (6.7) (6.3) (5.1) (9.8) (11.9) (6.6) (9.8) (9.7) - -

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









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Guyana Goldfields IncPrice/Volume

Valuation Analysis

531'499.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'--..00112

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0.8

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1.0

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

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01.07.2013


BAUPOST GROUP LLC n/a SEDI 24'878'669 19.73 - 28.02.2013 Hedge Fund Manager



ACUITY INVESTMENT MA n/a Co File 8'051'804 6.38 (3'647'450) 30.11.2010 Investment Advisor

SHERIDAN JR JOHN PAT n/a SEDI 6'600'103 5.23 345'000 22.02.2013 n/a




RAIFFEISEN KAPITALAN Multiple Portfolios MF-AGG 2'095'800 1.66 137'100 28.03.2013 Investment Advisor


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




TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 550'000 0.44 (2'988'804) 31.12.2012 Investment Advisor

US GLOBAL INVESTORS Multiple Portfolios MF-AGG 250'000 0.2 (50'000) 28.03.2013 Investment Advisor

FERRY ALAN L H n/a SEDI 228'000 0.18 - 23.04.2012 n/a


PO ALEXANDER n/a SEDI 215'000 0.17 35'000 07.03.2012 n/a





Casimir Capital STUART MCDOUGALL speculative buy 4 M 8 Not Provided 17.06.2013



Paradigm Capital Inc DON BLYTH speculative buy 4 M 3 12 month 22.05.2013



RBC Capital Markets SAM CRITTENDEN outperform 5 U 6 12 month 15.01.2013

Holdings By:

Guyana Goldfields Inc ee


01.07.2013

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.


LTM as of: 01/yy

52-Week High (21.09.2012) 128.91

52-Week Low (28.06.2013) 50.00

Daily Volume

53.5












HGM LN EQUITY YTD Change - Average Volume 30 Day 1'029'568

HGM LN EQUITY YTD % CHANGE - Average Volume 3 Month 836'492


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 - - 382.7 460.8 - -

1.02x 2.05x 3.16x 2.75x 1.31x - - 1.17x 1.10x - -

38.7 56.5 120.3 156.5 162.2 - - 157.1 194.8 - -

3.92x 5.97x 6.40x 5.27x 2.83x - - 1.36x 1.10x - -

(232.4) 78.8 122.3 103.8 122.9 - - 86.1 105.8 - -

- 5.92x 7.81x 9.14x 4.15x - - 3.05x 2.51x - -











EBITDA Margin 46.1%



Asset Turnover 0.42








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Highland Gold Mining LtdPrice/Volume

Valuation Analysis

9'557.00


'

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0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

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

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01.07.2013


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 35'059'245 10.78 1'000'000 20.06.2013 n/a

PROTSVETANIYE HOLDIN n/a RNS-MAJ 22'879'845 7.04 3'371'722 24.04.2013 Holding Company


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

LANCRENAN INVESTMENT n/a RNS-MAJ 9'786'032 3.01 - 12.04.2013 Unclassified


PROSPERITY CAPITAL M PROSPERITY VOSKHOD F MF-PART 8'402'720 2.58 - 31.05.2013 Investment Advisor

EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 8'062'000 2.48 (27'000) 31.03.2013 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 - 28.03.2013 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 - 31.12.2012 Investment Advisor


Numis Securities Ltd CAILEY BARKER buy 5 M 170 Not Provided 24.06.2013

Otkritie Capital ANDY JONES buy 5 M 122 Not Provided 14.06.2013


Westhouse Securities NICK HATCH buy 5 M 135 12 month 29.05.2013

VTB Capital NIKOLAY SOSNOVSKIY sell 1 M 70 12 month 21.05.2013

Sberbank CIB MIKHAIL STISKIN buy 5 M 121 Not Provided 20.05.2013

Fox-Davies Capital PETER ROSE buy 5 M 157 12 month 24.04.2013

VSA Capital Ltd CHARLIE LONG buy 5 M 175 12 month 16.04.2013

Alfa-Bank BARRY EHRLICH equalweight 3 M 126 Not Provided 26.02.2013

Aton LLC ILYA MAKAROV buy 5 M 136 12 month 28.06.2012

Holdings By:

Highland Gold Mining Ltd ee


01.07.2013

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

and develops gold and copper-gold resources in the Asia-Pacific region.


LTM as of: 01/yy

52-Week High (10.07.2012) 0.39

52-Week Low (13.06.2013) 0.20

Daily Volume

0.265












IRN AU EQUITY YTD Change - Average Volume 30 Day 1'784'640

IRN AU EQUITY YTD % CHANGE - Average Volume 3 Month 1'100'245


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 - - - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Indophil Resources NLPrice/Volume

Valuation Analysis

853'077.00


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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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01.07.2013


ALSONS DEVELOPMENT & n/a Co File 240'508'334 19.99 - 22.03.2013 Corporation

GLENCORE XSTRATA PLC n/a ULT-AGG 157'189'422 13.06 - 06.02.2012 Corporation

XSTRATA QUEENSLAND L n/a Co File 157'189'422 13.06 - 22.03.2013 Corporation

L1 CAPITAL PTY LTD n/a EXCH 77'094'557 6.41 (12'125'963) 10.04.2013 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

COASTAL VIEW EXPLORA n/a Co File 48'016'960 3.99 - 22.03.2013 Corporation

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

PHILEX MINING CORP n/a Co File 15'630'806 1.3 - 22.03.2013 Corporation

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

FIL LIMITED n/a ULT-AGG 7'192'750 0.6 - 31.10.2012 Investment Advisor

MATUTUM CONSOLIDATED n/a Co File 5'500'000 0.46 - 22.03.2013 Unclassified




Holdings By:

Indophil Resources NL ee


01.07.2013

Lydian International, Ltd. is a gold focused mineral exploration and

development company.


LTM as of: 03/yy

52-Week High (05.09.2012) 2.56

52-Week Low (25.06.2013) 1.00

Daily Volume

1.2












LYD CN EQUITY YTD Change - Average Volume 30 Day 358'326

LYD CN EQUITY YTD % CHANGE - Average Volume 3 Month 365'190


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 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

- - (3.4) - - (2.6) (1.3) (8.4) - - -

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

- (1.9) (5.9) (5.9) (6.4) (7.0) (7.4) - - - -

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









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Lydian International LtdPrice/Volume

Valuation Analysis

418'214.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

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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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01.07.2013



INTERNATIONAL FINANC n/a SEDI 10'309'771 7.92 - 28.03.2013 Government

EUROPEAN BANK FOR RE n/a Research 9'038'780 6.94 1'419'732 29.03.2012 Bank






HAYK ALOYAN n/a SEDI 1'791'500 1.38 2'000 22.02.2013 n/a


POWER CORP OF CANADA n/a ULT-AGG 1'567'700 1.2 - 28.02.2013 Holding Company

HENDERSON MARC C n/a SEDI 1'502'500 1.15 (100'000) 12.03.2013 n/a

MULLENS PETER n/a SEDI 1'430'000 1.1 (90'500) 07.02.2013 n/a

ANDROSS LIMITED n/a SEDI 1'340'450 1.03 200'000 12.10.2012 Other



TARGET GENERATION SO n/a SEDI 1'007'500 0.77 - 21.09.2010 Other


SPROTT INC Multiple Portfolios MF-AGG 941'400 0.72 500'000 31.12.2012 Hedge Fund Manager





BMO Capital Markets JOHN P HAYES speculative outperform 4 M #N/A N/A Not Provided 18.06.2013

Haywood Securities Inc. TARA HASSAN buy 5 M 3 12 month 18.06.2013





RBC Capital Markets JONATHAN GUY outperform 5 M 3 12 month 19.04.2013

Holdings By:

Lydian International Ltd ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (07.09.2012) 3.55

52-Week Low (28.06.2013) 0.75

Daily Volume

0.98












SBB CN EQUITY YTD Change - Average Volume 30 Day 558'198

SBB CN EQUITY YTD % CHANGE - Average Volume 3 Month 523'607


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 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) (8.7) (11.5) (5.7) (6.0) - -

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

(3.1) (1.1) (8.8) (12.7) (14.1) (11.1) (13.6) (5.9) (7.0) - -

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









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00




Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -990.08



Fiscal Year Ended

Sabina Gold & Silver CorpPrice/Volume

Valuation Analysis

620'800.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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01.07.2013


GOODMAN INVESTMENT C n/a SEDI 25'187'590 13.38 5'714'286 13.06.2013 Investment Advisor

DUNDEE PRECIOUS META n/a PROXY 18'539'713 9.85 - 09.05.2013 Corporation

BANK OF NOVA SCOTIA n/a ULT-AGG 11'105'200 5.9 (3'630'000) 31.12.2012 Bank


DUNDEE CORP n/a SEDI 2'828'700 1.5 2'151'700 29.06.2012 Holding Company


QUANTEX AG Multiple Portfolios MF-AGG 1'140'000 0.61 - 29.03.2013 Investment Advisor


TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 1'034'100 0.55 1'034'100 31.03.2013 Hedge Fund Manager


SHARE SICAV Multiple Portfolios MF-AGG 945'100 0.5 45'000 31.12.2012 Investment Advisor

US GLOBAL INVESTORS Multiple Portfolios MF-AGG 899'400 0.48 - 28.03.2013 Investment Advisor



AMERICAN CENTURY COM Multiple Portfolios MF-AGG 642'400 0.34 - 31.03.2013 Investment Advisor

WHITTON JOHN F n/a PROXY 628'042 0.33 - 09.05.2013 n/a



WILKES LEROY E n/a SEDI 343'373 0.18 5'000 02.01.2013 n/a

PACIFIC INCOME ADVIS Multiple Portfolios MF-AGG 300'000 0.16 - 31.05.2013 Investment Advisor


Salman Partners DAVID WEST speculative buy 4 M 5 12 month 19.06.2013



Desjardins Securities ADAM MELNYK buy 5 M 7 12 month 24.05.2013


Paradigm Capital Inc DON MACLEAN hold 3 D 2 12 month 22.05.2013


Holdings By:

Sabina Gold & Silver Corp ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (10.08.2012) 1.16

52-Week Low (21.06.2013) 0.16

Daily Volume

0.315












LSG CN EQUITY YTD Change - Average Volume 30 Day 2'448'359

LSG CN EQUITY YTD % CHANGE - Average Volume 3 Month 2'759'354


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 0.0 0.0 66.2 133.0 70.9 151.3 195.0 245.0 - -

- - - 7.86x 3.05x 36.63x 10.72x - - - -

(9.6) (9.6) (19.4) 7.3 37.9 8.0 46.2 63.7 114.5 - -

- - - 70.97x 10.70x 52.14x 7.95x 3.84x 2.13x - -

(5.5) 2.1 (6.5) (10.9) (317.9) (16.1) (315.6) (2.9) 19.2 - -

- 413.00x - - - 0.00x 0.00x - 11.67x - -











EBITDA Margin 30.5%



Asset Turnover 0.16








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Lake Shore Gold CorpPrice/Volume

Valuation Analysis

3'041'213.00


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120.0

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01.07.2013







SENTRY SELECT CAPITA Multiple Portfolios MF-AGG 4'600'000 1.1 - 30.06.2012 Investment Advisor




TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 2'956'677 0.71 177 31.03.2013 Investment Advisor



DIMENSIONAL FUND ADV n/a ULT-AGG 1'948'750 0.47 (50'500) 29.03.2013 Investment Advisor




HAUCK & AUFHAUSER IN Multiple Portfolios MF-AGG 1'400'000 0.34 300'000 31.05.2013 Investment Advisor

JONES HEWARD INVESTM Multiple Portfolios MF-AGG 1'121'713 0.27 - 28.06.2013 Investment Advisor

POLYGON MANAGEMENT L POLYGON MANAGEMENT L 13F 1'006'500 0.24 1'006'500 31.03.2013 Investment Advisor






Haywood Securities Inc. KERRY SMITH hold 3 M 1 12 month 11.06.2013


CIBC World Markets COSMOS CHIU sector underperform 1 D 0 12 month 16.05.2013

M Partners Inc INGRID RICO buy 5 M 2 12 month 16.05.2013



Holdings By:

Lake Shore Gold Corp ee


01.07.2013

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

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


LTM as of: 03/yy

52-Week High (21.09.2012) 1.09

52-Week Low (21.06.2013) 0.41

Daily Volume

0.51












BRD US EQUITY YTD Change - Average Volume 30 Day 887'886

BRD US EQUITY YTD % CHANGE - Average Volume 3 Month 941'839


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 47.0 85.9 71.9 117.7 84.1 135.7 148.0 159.7 31.2 31.2

- - 4.84x 3.27x 2.36x 12.78x 7.64x - - - -

(9.1) 13.8 32.7 14.3 48.5 24.2 62.9 76.9 86.5 - -

- - 12.72x 16.46x 5.72x 8.42x 4.18x 2.41x 2.14x - -

1.2 (61.7) (55.5) 15.8 18.9 17.0 27.2 31.7 31.6 1.5 1.5

- - - - - 0.00x 0.00x 4.18x 4.36x 5.48x 4.95x











EBITDA Margin 46.4%



Asset Turnover 0.33







Fiscal Year Ended

Brigus Gold CorpPrice/Volume

Valuation Analysis

1'129'464.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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4!' F

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0.0

20.0

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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01.07.2013



SPROTT INC n/a 13G 9'336'421 4.03 (1'057'930) 30.04.2013 Hedge Fund Manager


INTACT INVESTMENT MA INTACT INVESTEMENT M 13F 4'428'400 1.91 1'084'200 31.03.2013 Investment Advisor


WEISS ASSET MANAGEME WEISS ASSET MANAGEME 13F 3'203'084 1.38 (5'011'416) 31.03.2013 Hedge Fund Manager


DAWE WADE K n/a SEDI 2'438'422 1.05 16'025 03.04.2013 n/a

QUAKER CAPITAL MANAG QUAKER CAPITAL MANAG 13F 1'678'100 0.72 1'678'100 31.03.2013 Hedge Fund Manager

GROSS MICHAEL n/a PROXY 1'578'085 0.68 - 19.04.2013 n/a

LIBRA ADVISORS LLC LIBRA ADVISORS LLC 13F 1'430'200 0.62 - 31.03.2013 Hedge Fund Manager

THE BANK OF NOVA SCO THE BANK OF NOVA SCO 13F 1'095'790 0.47 595'790 31.03.2013 Investment Advisor



CITY OF LONDON INVES CITY OF LONDON INVES 13F 885'000 0.38 (27'000) 31.03.2013 Investment Advisor


FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 819'000 0.35 600'700 31.03.2013 Investment Advisor

KELLIGREW INC n/a SEDI 655'289 0.28 30'000 29.09.2011 Corporation

COE CAPITAL MANAGEME COE CAPITAL MANAGEME 13F 499'380 0.22 (215'250) 31.03.2013 Investment Advisor

RACINE DANIEL n/a SEDI 407'046 0.18 25'436 03.04.2013 n/a



Casimir Capital ERIC WINMILL buy 5 M 2 12 month 20.06.2013



Paradigm Capital Inc DON BLYTH buy 5 M 1 12 month 22.05.2013



Holdings By:

Brigus Gold Corp ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (14.09.2012) 2.48

52-Week Low (21.06.2013) 0.65

Daily Volume

0.755












GPL US EQUITY YTD Change - Average Volume 30 Day 524'759

GPL US EQUITY YTD % CHANGE - Average Volume 3 Month 537'596


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

22.4 31.7 42.2 57.8 61.1 56.0 60.2 56.8 68.0 - -

1.28x 2.85x 7.67x 4.05x 3.05x 21.76x 13.96x - - - -

(9.9) 4.9 14.2 22.0 15.6 18.3 11.8 8.0 18.4 - -

- 18.35x 22.73x 10.65x 11.93x 14.61x 13.48x 10.48x 4.57x - -

(13.8) (0.9) 10.7 11.5 5.5 9.2 2.1 0.3 2.7 - -

- - - - - 0.00x 0.00x 52.95x 21.47x - -











EBITDA Margin 19.6%



Asset Turnover 0.53








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Great Panther Silver LtdPrice/Volume

Valuation Analysis

545'523.00


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10.0

20.0

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40.0

50.0

60.0

70.0

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

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01.07.2013






ARCHER ROBERT A n/a PROXY 1'191'300 0.86 - 27.05.2013 n/a

BROWN CHARLES P n/a SEDI 448'000 0.32 36'000 18.11.2011 n/a

PUPLAVA FINANCIAL SE PUPLAVA FINANCIAL SE 13F 410'201 0.3 (19'100) 31.03.2013 Hedge Fund Manager




WAY FUND MANAGERS Multiple Portfolios MF-AGG 200'000 0.14 - 30.04.2013 Investment Advisor

NATIXIS ASSET MANAGE NATIXIS ASSET MANAGE 13F 153'000 0.11 (35'000) 31.03.2013 Investment Advisor


JANE STREET HOLDING JANE STREET HOLDING 13F 145'556 0.11 (46'366) 31.03.2013 Investment Advisor

SCHOELLERBANK INVEST Multiple Portfolios MF-AGG 140'000 0.1 10'000 31.05.2013 Investment Advisor


IFOS INTERNATIONALE Multiple Portfolios MF-AGG 100'000 0.07 - 29.05.2013 Investment Advisor



PLATORO RESOURCE COR n/a PROXY 60'000 0.04 - 27.05.2013 n/a




Stonecap Securities Inc CHRISTOS DOULIS underperform 1 M 1 12 month 03.06.2013


Holdings By:

Great Panther Silver Ltd ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (06.07.2012) 0.63

52-Week Low (23.07.2012) 0.19

Daily Volume

0.28












IAU AU EQUITY YTD Change - Average Volume 30 Day 4'247'103

IAU AU EQUITY YTD % CHANGE - Average Volume 3 Month 3'357'569


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) (10.1) (9.2) - -

26.51x 39.18x - - - 0.00x 0.00x - - - -

(42.7) (9.9) (5.0) (30.0) (71.8) (29.4) (63.9) (7.4) (9.7) - -

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









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Intrepid Mines LtdPrice/Volume

Valuation Analysis

2'306'867.00


'

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0.0

10.0

20.0

30.0

40.0

50.0

60.0

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

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01.07.2013


TAURUS SM HOLDINGS P n/a Co File 48'192'131 8.67 - 16.03.2012 Holding Company


QUANTUM PACIFIC INVE n/a EXCH 29'867'667 5.37 (115'000) 20.06.2013 Unclassified

COMMONWEALTH BANK OF n/a EXCH 25'513'559 4.59 (1'063'213) 21.09.2011 Bank



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



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


Wilson HTM Investment Group CAMERON JUDD sell 1 M 0 Not Provided 20.05.2013

Cormark Securities Inc. MIKE KOZAK Under Review #N/A N/A M #N/A N/A Not Provided 07.05.2013

National Bank Financial STEPHEN PARSONS Under Review #N/A N/A M #N/A N/A Not Provided 27.03.2013

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

Canaccord Genuity Corp JEAN-FRANCOIS BERTINCOURT buy 5 N 2 12 month 17.04.2012

Holdings By:

Intrepid Mines Ltd ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (21.09.2012) 4.09

52-Week Low (28.06.2013) 0.95

Daily Volume

0.97












VGZ US EQUITY YTD Change - Average Volume 30 Day 729'735

VGZ US EQUITY YTD % CHANGE - Average Volume 3 Month 560'053


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 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) (31.9) (35.7) (29.0) (29.0) - -

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

(10.0) (1.9) (20.0) 51.5 (70.7) 44.2 (85.7) (42.9) - (4.4) (5.9)

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









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Vista Gold CorpPrice/Volume

Valuation Analysis

5'705'968.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'--..00112

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0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

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

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01.07.2013



SUN VALLEY GOLD LLC n/a Research 12'084'310 14.79 - 31.03.2013 Hedge Fund Manager





ANDREEFF EQUITY ADVI ANDREEFF EQUITY ADVI 13F 1'386'026 1.7 (200'000) 31.03.2013 Hedge Fund Manager

STATE STREET n/a ULT-AGG 881'631 1.08 (20'701) 31.03.2013 Investment Advisor


PERRITT CAPITAL MANA PERRITT CAPITAL MANA 13F 822'000 1.01 - 31.03.2013 Investment Advisor


NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 713'381 0.87 4'326 31.03.2013 Investment Advisor


PARKER FREDERICK H E n/a Form 4 566'325 0.69 10'000 31.05.2013 n/a






RICHINGS MICHAEL B n/a Form 4 188'121 0.23 - 08.01.2013 n/a



Roth Capital Partners BRIAN W POST buy 5 M 7 12 month 30.05.2013



Holdings By:

Vista Gold Corp ee


01.07.2013

Alexco Resource Corporation is a mineral exploration and production company.

The Company mines for minerals that include gold and silver.


LTM as of: 03/yy

52-Week High (03.07.2012) 4.79

52-Week Low (25.06.2013) 0.90

Daily Volume

1.12












AXU US EQUITY YTD Change - Average Volume 30 Day 464'573

AXU US EQUITY YTD % CHANGE - Average Volume 3 Month 471'031


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

5.7 5.8 4.6 45.1 84.7 68.2 76.7 73.0 85.0 21.1 21.9

18.66x 14.71x 32.68x 8.09x 2.27x 24.16x 11.10x - - - -

(4.8) (6.1) (6.0) 9.8 25.4 18.8 20.0 (4.1) 1.0 - -

- - - 37.41x 7.55x 20.36x 9.36x - 58.28x - -

(4.0) (9.6) (5.2) 3.5 3.4 5.2 (0.3) (4.3) 2.1 (0.9) (0.5)

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











EBITDA Margin 26.1%



Asset Turnover 0.36








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Alexco Resource CorpPrice/Volume

Valuation Analysis

688'351.00


'

-

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0

1

2

3

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!2 F

-!' F

-!2 F

.!' F

.!2 F

0!' F

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

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

'!.'

'!1'

'!3'

'!5'

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-!.'



01.07.2013


SPROTT INC n/a Co File 6'004'850 9.6 (230'500) 30.04.2013 Hedge Fund Manager


COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 2'629'000 4.2 (54'000) 31.03.2013 Investment Advisor

WEISS ASSET MANAGEME WEISS ASSET MANAGEME 13F 2'100'000 3.36 2'100'000 31.03.2013 Hedge Fund Manager

ASSET LIABILITY MANA n/a PROXY 1'940'299 3.1 - 01.05.2013 Other

NAUMAN CLYNTON R n/a PROXY 1'725'001 2.76 - 01.05.2013 n/a

RAFFLES ASSOCIATES L RAFFLES ASSOCIATES L 13F 1'203'671 1.92 - 31.03.2013 Hedge Fund Manager

PATHSTONE FAMILY OFF PATHSTONE FAMILY OFF 13F 814'919 1.3 - 31.03.2013 Investment Advisor




THRALL BRADLEY A n/a SEDI 523'200 0.84 3'200 20.02.2013 n/a


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


NOMURA n/a ULT-AGG 91'006 0.15 (24'760) 31.03.2013 Unclassified


MCINTYRE ROBERT L n/a SEDI 71'887 0.11 10'000 17.04.2013 n/a

GENEVA INVESTMENT MA GENEVA INVESTMENT MA 13F 70'000 0.11 26'000 31.03.2013 Investment Advisor


Canaccord Genuity Corp NICHOLAS CAMPBELL hold 3 M 2 12 month 25.06.2013

Global Hunter Securities JEFF WRIGHT neutral 3 M 2 12 month 10.06.2013




Holdings By:

Alexco Resource Corp ee


01.07.2013

ATAC Resources Ltd. explores for gold in Canada.


LTM as of: 03/yy

52-Week High (21.08.2012) 2.95

52-Week Low (26.06.2013) 0.69

Daily Volume

0.83












ATC CN EQUITY YTD Change - Average Volume 30 Day 208'346

ATC CN EQUITY YTD % CHANGE - Average Volume 3 Month 227'750


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 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

- (1.1) (3.1) - - 0.0 0.0 (4.2) (4.3) (1.1) (1.0)

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

- (1.1) (2.2) (24.8) (7.5) (11.6) (2.8) (3.3) (4.1) (1.0) (1.0)

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









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Atac Resources LtdPrice/Volume

Valuation Analysis

319'621.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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01.07.2013



AGNICO-EAGLE MINES L n/a SEDI 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


CARNE ROBERT C n/a SEDI 1'987'126 1.76 20'000 22.02.2013 n/a



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 PROXY 424'667 0.38 - 17.04.2013 n/a

KENWAY BRUCE J n/a PROXY 400'000 0.35 - 17.04.2013 n/a



GESIURIS SA SGIIC Multiple Portfolios MF-AGG 300'000 0.27 - 30.04.2013 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


TALBOT IAN J n/a SEDI 111'400 0.1 (5'000) 07.06.2012 n/a





Raymond James GARY J BASCHUK Under Review #N/A N/A M #N/A N/A Not Provided 18.04.2013

Paradigm Capital Inc DON MACLEAN hold 3 M 4 12 month 06.03.2012

Holdings By:

Atac Resources Ltd ee


01.07.2013

Scorpio Mining Corporation explores for silver in Canada and Mexico.


LTM as of: 03/yy

52-Week High (04.10.2012) 1.28

52-Week Low (26.06.2013) 0.28

Daily Volume

0.34












SPM CN EQUITY YTD Change - Average Volume 30 Day 476'339

SPM CN EQUITY YTD % CHANGE - Average Volume 3 Month 549'577


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 19.4 34.2 61.1 45.8 56.1 41.6 48.6 78.2 - -

- 4.59x 5.75x 5.89x 3.78x 19.77x 13.67x - - - -

(4.6) 6.6 11.9 29.4 14.2 21.8 12.5 10.0 11.6 - -

- 13.58x 16.54x 12.25x 12.23x 9.87x 8.58x 3.59x 3.09x - -

(90.7) 13.5 30.7 12.6 7.1 10.0 4.3 - - - -

- 6.00x 9.00x 32.50x 25.75x 25.80x 23.33x 10.97x 10.30x - -











EBITDA Margin 30.0%



Asset Turnover 0.28








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Scorpio Mining CorpPrice/Volume

Valuation Analysis

641'623.00


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60.0

70.0

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01.07.2013






ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 3'800'000 1.92 - 31.03.2013 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


OPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 1'322'400 0.67 - 31.01.2013 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


IFOS INTERNATIONALE Multiple Portfolios MF-AGG 45'000 0.02 - 29.05.2013 Investment Advisor

SCHOELLERBANK INVEST Multiple Portfolios MF-AGG 40'000 0.02 - 30.04.2013 Investment Advisor

MASON EWAN n/a Co File 20'000 0.01 - 31.12.2012 n/a

SAWH HEMDAT n/a Co File 10'500 0.01 - 31.12.2012 n/a

PRINCIPAL FINANCIAL n/a ULT-AGG 9'500 0 9'500 31.03.2013 Investment Advisor


Casimir Capital ERIC WINMILL buy 5 M 1 Not Provided 17.06.2013

Clarus Securities MIKE BANDROWSKI buy 5 M 2 12 month 04.06.2013



Holdings By:

Scorpio Mining Corp ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (18.10.2012) 1.80

52-Week Low (15.05.2013) 0.86

Daily Volume

0.943












MDW US EQUITY YTD Change - Average Volume 30 Day 578'717

MDW US EQUITY YTD % CHANGE - Average Volume 3 Month 446'410


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 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) (18.6) (16.2) (6.7) (10.8) - -

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

(16.2) (2.6) (5.8) (15.5) (15.3) (15.9) (6.3) (11.0) (16.4) (4.6) (4.6)

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









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Midway Gold CorpPrice/Volume

Valuation Analysis

1'954'222.00


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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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01.07.2013



SHEERIN MATT n/a PROXY 7'929'506 6.17 (271'400) 18.04.2013 n/a

HAWES GEORGE T n/a PROXY 7'112'952 5.54 - 18.04.2013 n/a


HALE CAPITAL PARTNER n/a PROXY 6'127'310 4.77 - 18.04.2013 Other


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 - 18.04.2013 n/a

STATE STREET n/a ULT-AGG 1'634'300 1.27 (26'204) 31.03.2013 Investment Advisor

WOLFUS DANIEL EDWARD n/a PROXY 1'570'117 1.22 - 18.04.2013 n/a

NANTAHALA CAPITAL MA NANTAHALA CAPITAL MA 13F 1'526'751 1.19 1'526'751 31.03.2013 Hedge Fund Manager

DAVENPORT & COMPANY DAVENPORT & COMPANY 13F 1'470'179 1.14 14'700 31.03.2013 Investment Advisor


DEANS KNIGHT CAPITAL n/a 13G 1'144'360 0.89 - 31.12.2012 Investment Advisor

US GLOBAL INVESTORS US GLOBAL INVESTORS 13F 571'863 0.45 - 31.03.2013 Investment Advisor



TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 435'535 0.34 - 31.03.2013 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 376'690 0.29 (4'310) 31.03.2013 Investment Advisor



Canaccord Genuity Corp JOE MAZUMDAR speculative buy 4 M 2 12 month 25.06.2013

Stonecap Securities Inc BRIAN SZETO outperform 5 M 2 12 month 13.06.2013

Jacob Securities Inc MATTHEW SHEPPARD buy 5 M 2 12 month 29.05.2013

Cormark Securities Inc. KYLE MCPHEE speculative buy 4 M 2 12 month 22.04.2013



Holdings By:

Midway Gold Corp ee


01.07.2013

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.


LTM as of: 01/yy

52-Week High (28.09.2012) 30.75

52-Week Low (24.06.2013) 8.90

Daily Volume

9












PGD LN EQUITY YTD Change - Average Volume 30 Day 1'677'797

PGD LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'551'015


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 - - - - - -

- - - - - - - - - - -

(5.8) (7.3) (11.3) (32.6) (15.8) - - - - - -

- - - - - - - - - - -

(5.8) (7.3) (11.3) (33.2) (13.1) - - - - - -

- - - - - - - - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Patagonia Gold PLCPrice/Volume

Valuation Analysis

15'000.00


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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'

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01.07.2013


DIRECTOR & RELATED H Multiple Portfolios REG 154'200'010 18.03 5'162'143 02.04.2013 Other



MIGUENS CARLOS JOSE n/a RNS-DIR 125'072'109 14.62 - 03.05.2013 n/a

CINCO VIENTOS URUGUA Multiple Portfolios REG 56'920'252 6.65 6'558'667 02.04.2013 Other


VAN ECK GLOBAL n/a RNS-MAJ 39'908'174 4.67 (3'212'533) 25.06.2013 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 3.31 - 02.04.2013 Other

BARRICK GOLD CORP Multiple Portfolios REG 28'323'264 3.31 - 02.04.2013 Corporation

MIGUENS CRISTINA n/a Co File 24'485'645 2.86 - 24.04.2012 n/a

HUMPHRIES WILLIAM HE n/a RNS-DIR 23'296'857 2.72 4'403'000 27.06.2012 n/a

F&C ASSET MANAGEMENT Multiple Portfolios REG 17'543'465 2.05 7'820'731 02.04.2013 Investment Advisor

FOUR CAPITAL PARTNER Multiple Portfolios REG 17'507'313 2.05 10'610'028 02.04.2013 Other

HARGREAVE n/a ULT-AGG 16'978'688 1.98 (8'500) 02.04.2013 Unclassified

PRIVATE INDIVIDUALS Multiple Portfolios REG 16'847'969 1.97 3'448'000 02.04.2013 Other

BARCLAYS PERSONAL IN Multiple Portfolios REG 12'919'075 1.51 5'999'409 02.04.2013 Investment Advisor

COUTTS PRIVATE BANKI Multiple Portfolios REG 11'236'067 1.31 (1'658'722) 02.04.2013 Unclassified

F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 9'941'137 1.16 - 28.02.2013 Investment Advisor

CRAVEN JOHN ANTHONY n/a Co File 9'455'190 1.11 - 24.04.2012 n/a


Mirabaud Securities NICHOLAS CHALMERS speculative buy 4 M 35 12 month 04.12.2012

Holdings By:

Patagonia Gold PLC ee


01.07.2013

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

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


LTM as of: 01/yy

52-Week High (24.09.2012) 0.99

52-Week Low (26.06.2013) 0.13

Daily Volume

0.135












GRY AU EQUITY YTD Change - Average Volume 30 Day 5'203'682

GRY AU EQUITY YTD % CHANGE - Average Volume 3 Month 4'511'137


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 - - 2.8 1.9 - -

- - - - - - - 2.46x 33.64x - -

(3.3) (2.7) (3.9) (15.9) (8.0) - - (7.9) (7.9) - -

- - - - - - - - - - -

(3.1) (2.3) (3.2) (8.9) (5.9) - - (5.7) (6.0) - -

- - - - - - - - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Gryphon Minerals LtdPrice/Volume

Valuation Analysis

5'117'800.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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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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01.07.2013



GENESIS ASSET MANAGE n/a EXCH 28'079'256 7.01 7'396'732 07.05.2013 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




PARSONS STEPHEN n/a EXCH 6'990'601 1.75 - 18.12.2012 n/a



MACQUARIE GROUP n/a ULT-AGG 5'507'628 1.38 1'032'776 31.08.2011 Investment Advisor


WELLS FARGO n/a ULT-AGG 3'934'525 0.98 - 30.04.2013 Investment Advisor


QUANTEX AG Multiple Portfolios MF-AGG 2'360'000 0.59 - 29.03.2013 Investment Advisor



NETHERWAY DAVID GEOR n/a Co File 1'847'374 0.46 - 30.06.2012 n/a


SHARE SICAV Multiple Portfolios MF-AGG 1'634'666 0.41 (530'000) 31.12.2012 Investment Advisor


Morgan Stanley BRENDAN FITZPATRICK Equalwt/In-Line 3 M 0 12 month 24.06.2013

Argonaut Securities Pty Ltd ADAM MIETHKE hold 3 D 0 Not Provided 24.06.2013

BMO Capital Markets ANDREW BREICHMANAS speculative outperform 4 M 1 Not Provided 20.06.2013

RBC Capital Markets GEOFF BREEN sector perform 3 M 0 12 month 19.06.2013

Macquarie MITCH RYAN neutral 3 M 0 12 month 18.06.2013



GMP LEVI SPRY hold 3 M 0 Not Provided 29.05.2013

Credit Suisse MICHAEL SLIFIRSKI outperform 5 M 1 Not Provided 27.05.2013

Canaccord Genuity Corp REG SPENCER speculative buy 4 D 0 12 month 27.05.2013

Paradigm Capital Inc DON MACLEAN speculative buy 4 M 0 12 month 22.05.2013

Blackswan Equities Ltd RHYS BRADLEY hold 3 D 0 12 month 22.05.2013

RBS Morgans JAMES WILSON outperform 5 M 1 12 month 06.03.2013


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


01.07.2013

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.


LTM as of: 03/yy

52-Week High (19.02.2013) 8.59

52-Week Low (26.06.2013) 4.90

Daily Volume

5.43










Enterprise Value -


DRD US EQUITY YTD Change - Average Volume 30 Day 119'282

DRD US EQUITY YTD % CHANGE - Average Volume 3 Month 107'411


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 2'065.5 2'096.1 - -

0.86x 1.10x 0.64x 0.79x 1.09x 2.92x 4.62x - - - -

162.1 6.9 212.5 234.0 380.2 408.0 411.6 459.9 498.6 - -

9.75x 301.94x 6.03x 4.66x 5.08x 4.50x 6.72x - - - -

996.0 129.1 207.8 (287.9) 308.7 (117.3) 291.8 260.5 284.9 - -

- - - - - 0.00x 0.00x 7.86x 7.21x - -











EBITDA Margin 20.4%



Asset Turnover 0.75







Fiscal Year Ended

DRDGOLD LtdPrice/Volume

Valuation Analysis

85'418.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-.0123456

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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

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01.07.2013


SKAGEN AS Multiple Portfolios MF-AGG 3'724'701 9.66 - 31.05.2013 Investment Advisor


ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 536'792 1.39 (58'369) 31.03.2013 Investment Advisor




BRANCH BANKING & TRU BRANCH BANKING AND T 13F 110'000 0.29 - 31.03.2013 Bank

ROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 100'000 0.26 - 31.01.2013 Investment Advisor

OXFORD ASSET MANAGEM OXFORD ASSET MANAGEM 13F 61'336 0.16 43'360 31.03.2013 Hedge Fund Manager

MORGAN STANLEY n/a ULT-AGG 49'176 0.13 17'676 31.03.2013 Investment Advisor

FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 36'297 0.09 - 31.03.2013 Investment Advisor

RUFFER LLP RUFFER LLP 13F 34'015 0.09 - 31.03.2013 Investment Advisor

APERIO GROUP LLC APERIO GROUP LLC 13F 33'383 0.09 3'750 31.03.2013 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 - 31.03.2013 Pension Fund (ERISA)



O'SHAUGHNESSY ASSET O'SHAUGHNESSY ASSET 13F 11'452 0.03 5'671 31.03.2013 Investment Advisor

PHILADELPHIA INTERNA PHILADELPHIA INTERNA 13F 9'000 0.02 9'000 31.03.2013 Investment Advisor



Holdings By:

DRDGOLD Ltd ee


01.07.2013

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.


LTM as of: 01/yy

52-Week High (05.10.2012) 1.75

52-Week Low (18.04.2013) 0.56

Daily Volume

-

52-Week High % Change - Dividend Yield -

52-Week Low % Change - Beta 1.48



- 1 Yr Total Return -





Enterprise Value -


RED AU EQUITY YTD Change - Average Volume 30 Day 0

RED AU EQUITY YTD % CHANGE - Average Volume 3 Month 65'420


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 - - 40.6 123.0 - -

- - - - 42.84x - - - - - -

(1.4) (1.5) (2.2) (5.2) (2.9) - - 6.7 46.1 - -

- - - - - - - - - - -

(0.6) (0.9) (0.4) (8.1) (1.7) - - (7.8) 30.6 - -

- - - - - - - - - - -









Net Debt/EBITDA -





Asset Turnover 0.10








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Red 5 LtdPrice/Volume

Valuation Analysis

0.00


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0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

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

'!''

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01.07.2013



BAKER STEEL GOLD FUN n/a Co File 11'095'633 8.19 - 24.09.2012 n/a





GAMCO n/a ULT-AGG 2'208'823 1.63 - 28.03.2013 Unclassified


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


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

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



AUSTRALIAN INDEX INV Multiple Portfolios MF-AGG 1'081 0 - 03.06.2013 Investment Advisor


Wilson HTM Investment Group CAMERON JUDD sell 1 M 1 Not Provided 20.05.2013

Evans & Partners Pty Ltd CATHY MOISES not rated #N/A N/A M #N/A N/A Not Provided 17.05.2013

Canaccord Genuity Corp REG SPENCER Under Review #N/A N/A M #N/A N/A Not Provided 14.05.2013


Holdings By:

Red 5 Ltd ee


01.07.2013

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

bullion, silver, copper products, and sulphuric acid.


LTM as of: 06/yy

52-Week High (17.09.2012) 3.85

52-Week Low (28.06.2013) 1.32

Daily Volume

1.34





1'036.86 1 Yr Total Return -56.89%







3330 HK EQUITY YTD Change - Average Volume 30 Day 1'022'351

3330 HK EQUITY YTD % CHANGE - Average Volume 3 Month 747'293


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! 0.63x 0.65x - -

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 6.39x 5.94x - -

115.6 118.0 266.5 310.6 165.3 0.0 0.0 134.0 124.1 - -

11.63x 17.38x 16.59x 5.74x 12.10x 0.00x 0.00x 6.05x 6.62x - -











EBITDA Margin 11.6%



Asset Turnover 0.88







Fiscal Year Ended

Lingbao Gold Co LtdPrice/Volume

Valuation Analysis

818'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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7'000.0

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

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01.07.2013



BANK OF NEW YORK MEL n/a EXCH 21'264'000 7.15 - 25.06.2013 Investment Advisor





JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 446'000 0.15 - 31.03.2013 Investment Advisor


SCHOELLERBANK INVEST Multiple Portfolios MF-AGG 180'000 0.06 (50'000) 30.04.2013 Investment Advisor


HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 122'000 0.04 - 31.05.2013 Investment Advisor

NOMURA INTERNATIONAL Multiple Portfolios MF-AGG 68'000 0.02 - 31.03.2012 Investment Advisor


Guotai Junan KEVIN GUO reduce 2 D 2 Not Provided 17.06.2013


Credit Suisse OWEN LIANG underperform 1 D 2 Not Provided 09.04.2013

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


01.07.2013

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.


LTM as of: 03/yy

52-Week High (23.08.2012) 3.25

52-Week Low (26.06.2013) 0.43

Daily Volume

0.65












THM US EQUITY YTD Change - Average Volume 30 Day 587'500

THM US EQUITY YTD % CHANGE - Average Volume 3 Month 381'791


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 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -

(3.2) (7.3) (12.1) (9.9) (55.5) (15.2) (57.4) - - - -

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

(2.4) (9.8) (17.9) (10.2) (56.6) (16.6) (54.4) - - - -

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









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

International Tower Hill Mines LtdPrice/Volume

Valuation Analysis

453'625.00


'

-

-

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.

0

0

1

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0.0

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0.0

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

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'!5'

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01.07.2013



ANGLOGOLD ASHANTI LT n/a SEDI 11'073'323 11.29 - 07.08.2012 Holding Company



TEXAS TEACHER RETIRE TEACHER RETIREMENT S 13F 2'099'836 2.14 - 31.03.2013 Pension Fund (ERISA)

WEISS ASSET MANAGEME WEISS ASSET MANAGEME 13F 1'407'011 1.43 (519'400) 31.03.2013 Hedge Fund Manager

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 1'014'000 1.03 - 31.03.2013 Investment Advisor





DRESCHER ANTON J n/a SEDI 489'218 0.5 (50'000) 21.12.2012 n/a

AEGIS FINANCIAL CORP AEGIS FINANCIAL CORP 13F 403'449 0.41 403'449 31.03.2013 Investment Advisor

PONTIUS JEFFREY A n/a SEDI 383'566 0.39 (195'600) 07.01.2013 n/a


CARRIERE DANIEL A n/a PROXY 294'735 0.3 - 16.04.2013 n/a

TECHNICAL FINANCIAL TFS CAPITAL LLC 13F 253'453 0.26 (12'997) 31.03.2013 Investment Advisor

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 220'000 0.22 - 31.03.2013 Investment Advisor

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 159'600 0.16 (74'000) 31.03.2013 Hedge Fund Manager




Salman Partners DAVID WEST Under Review #N/A N/A M #N/A N/A Not Provided 19.06.2013

BMO Capital Markets JOHN P HAYES Speculative Underperform 2 D #N/A N/A Not Provided 14.04.2013

Holdings By:

International Tower Hill Mines Ltd ee


01.07.2013

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

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

Australia.


LTM as of: 01/yy

52-Week High (04.07.2012) 0.59

52-Week Low (28.06.2013) 0.12

Daily Volume

0.12












SAR AU EQUITY YTD Change - Average Volume 30 Day 4'609'498

SAR AU EQUITY YTD % CHANGE - Average Volume 3 Month 6'014'558


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 - - 208.9 200.2 - -

- - 5.26x 1.58x 1.70x - - 0.21x 0.00x - -

(1.9) (9.5) 14.7 59.5 63.1 - - 65.4 74.4 - -

- - 11.26x 4.15x 4.96x - - 1.21x 1.06x - -

(1.8) (10.0) (25.4) 47.7 18.7 - - 32.7 33.2 - -

- - - 5.49x 16.82x - - 2.07x 1.90x - -











EBITDA Margin 27.8%



Asset Turnover 0.74







Fiscal Year Ended

Saracen Mineral Holdings LtdPrice/Volume

Valuation Analysis

4'332'475.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

'

'

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-

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0'!' F

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1'!' F

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

200.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

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01.07.2013



RENAISSANCE SMALL CO n/a EXCH 35'193'341 5.91 (2'700'000) 27.06.2013 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


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


GAMCO n/a ULT-AGG 8'500'000 1.43 2'000'000 28.03.2013 Unclassified



GENUS DYNAMIC GOLD F n/a EXCH 4'100'000 0.69 (1'739'000) 26.05.2011 n/a





VON DER HEYDT KERSTE Multiple Portfolios MF-AGG 1'100'000 0.18 - 28.12.2012 Investment Advisor


Canaccord Genuity Corp GARY WATSON speculative buy 4 M 0 12 month 26.06.2013


Octa Phillip Securities Ltd ANDREW SHEARER hold 3 N 0 Not Provided 21.06.2013


Argonaut Securities Pty Ltd ADAM MIETHKE speculative buy 4 D 0 12 month 27.05.2013



Holdings By:

Saracen Mineral Holdings Ltd ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (14.09.2012) 2.02

52-Week Low (24.06.2013) 0.62

Daily Volume

0.71












XRA US EQUITY YTD Change - Average Volume 30 Day 186'809

XRA US EQUITY YTD % CHANGE - Average Volume 3 Month 180'153


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 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) (31.3) (23.2) (11.7) (11.5) - -

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

(27.0) (27.3) 83.8 (30.9) (25.2) (30.5) (22.5) (11.7) (11.5) - -

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









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Exeter Resource CorpPrice/Volume

Valuation Analysis

226'322.00


'

-

-

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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'!''

'!.'

'!1'

'!3'

'!5'

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01.07.2013



GEOLOGIC RESOURCE PA GEOLOGIC RESOURCE PA 13F 3'050'700 3.45 - 31.03.2013 Hedge Fund Manager

TSP CAPITAL MANAGEME TSP CAPITAL MANAGEME 13F 2'964'000 3.35 551'000 31.03.2013 Investment Advisor

ROWEN COMPANY LTD n/a PROXY 2'600'000 2.94 - 26.04.2013 Corporation


POLYGON MANAGEMENT L POLYGON MANAGEMENT L 13F 2'062'713 2.33 - 31.03.2013 Investment Advisor

SIMPSON YALE R n/a SEDI 1'724'350 1.95 5'000 16.05.2013 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 1'412'888 1.6 (134'100) 31.03.2013 Hedge Fund Manager

ROXBURGH BRYCE G n/a PROXY 1'409'450 1.59 - 26.04.2013 n/a


WELLS FARGO n/a ULT-AGG 785'000 0.89 - 30.04.2013 Investment Advisor

LOEWS CORPORATION LOEWS CORPORATION 13F 642'545 0.73 - 31.03.2013 Corporation




OPPENHEIMER & CO INC OPPENHEIMER & CO INC 13F 412'450 0.47 9'589 31.03.2013 Hedge Fund Manager

FMR LLC n/a ULT-AGG 272'300 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


Salman Partners DAVID WEST speculative buy 4 M 2 12 month 19.06.2013


BMO Capital Markets JOHN P HAYES Speculative Underperform 2 M #N/A N/A Not Provided 10.06.2013

Mine2Capital Inc ALKA SINGH sell 1 M 1 Not Provided 04.02.2013

Holdings By:

Exeter Resource Corp ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (21.09.2012) 5.50

52-Week Low (27.06.2013) 1.31

Daily Volume

1.52












RIC US EQUITY YTD Change - Average Volume 30 Day 121'070

RIC US EQUITY YTD % CHANGE - Average Volume 3 Month 119'966


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

70.6 71.9 90.5 118.6 101.7 120.3 100.0 105.0 134.0 - -

0.43x 1.15x 1.31x 2.51x 0.59x 8.02x 3.62x - - - -

9.8 6.9 19.7 40.5 8.2 35.4 2.9 - - - -

3.07x 11.99x 5.99x 7.36x 7.34x 5.63x 23.46x - - - -

1.6 0.3 9.3 25.9 (45.0) 19.2 (49.3) 2.0 17.0 - -

29.71x - 16.48x 14.78x - 13.36x 0.00x 35.53x 4.44x - -











EBITDA Margin 2.9%



Asset Turnover 0.61







Fiscal Year Ended

Richmont Mines IncPrice/Volume

Valuation Analysis

207'095.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

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!. F

!1 F

!3 F

!5 F

-!' F

-!. F

-!1 F

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

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12!''

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01.07.2013


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 - 31.03.2013 Investment Advisor


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





WEISS ASSET MANAGEME WEISS ASSET MANAGEME 13F 302'900 0.76 (1'697'100) 31.03.2013 Hedge Fund Manager

FMR LLC n/a ULT-AGG 230'900 0.58 85'600 31.03.2013 Investment Advisor


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

POWER CORP OF CANADA n/a ULT-AGG 55'750 0.14 - 31.03.2013 Holding Company

SCHERKUS EBERHARD n/a SEDI 50'100 0.13 (9'900) 28.09.2012 n/a



CIBC World Markets KEVIN CHIEW sector perform 3 M 4 12 month 17.06.2013


Holdings By:

Richmont Mines Inc ee


01.07.2013

Ramelius Resources Limited is a gold exploration and production company with

exploration activities focused in Western Australia. The Company also explores

for base metals.


LTM as of: 01/yy

52-Week High (30.07.2012) 0.60

52-Week Low (21.06.2013) 0.10

Daily Volume

0.135












RMS AU EQUITY YTD Change - Average Volume 30 Day 4'488'522

RMS AU EQUITY YTD % CHANGE - Average Volume 3 Month 2'832'075


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 - - 127.5 158.3 - -

6.95x - 0.81x 1.95x 1.40x - - 0.19x 0.09x - -

2.2 11.8 38.0 108.6 12.8 - - 24.2 29.4 - -

46.27x - 1.30x 2.66x 9.27x - - 0.26x 0.21x - -

0.6 5.0 20.2 62.4 2.3 - - 2.2 11.7 - -

191.25x 19.23x 5.93x 5.98x 66.44x - - 27.00x 4.09x - -









Net Debt/EBITDA -


EBITDA Margin -9.1%



Asset Turnover 0.40







Fiscal Year Ended

Ramelius Resources LtdPrice/Volume

Valuation Analysis

3'180'887.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

'

'

'

'

-

-

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-'!' F

.'!' F

0'!' F

1'!' F

2'!' F

3'!' F

4'!' F

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

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01.07.2013


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 - 14.09.2012 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




HOULDSWORTH JOSEPH F n/a EXCH 2'374'259 0.7 - 26.05.2011 n/a

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 2'125'196 0.63 256'211 31.03.2013 Investment Advisor


KENNEDY ROBERT MICHA n/a EXCH 1'557'144 0.46 90'000 27.02.2013 n/a


GORDON IAN JAMES n/a EXCH 796'021 0.24 (303'000) 01.05.2013 n/a

PRUDENTIAL FINANCIAL n/a ULT-AGG 608'253 0.18 - 31.05.2013 Investment Advisor

MERRICKS CAPITAL SPE n/a EXCH 279'000 0.08 - 28.07.2010 Other








Holdings By:

Ramelius Resources Ltd ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (13.09.2012) 7.22

52-Week Low (24.06.2013) 1.26

Daily Volume

1.36












AUMN US EQUITY YTD Change - Average Volume 30 Day 431'554

AUMN US EQUITY YTD % CHANGE - Average Volume 3 Month 370'435


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

419.5 12.4 11.2 1.8 26.1 8.2 25.5 28.0 39.2 5.8 7.5

- 1.87x 25.16x 86.44x 5.90x 98.33x 20.64x - - - -

25.0 (14.2) (32.0) (63.8) (34.7) (58.8) (30.9) (24.8) (22.4) (6.2) (5.9)

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

(118.2) 211.3 (33.3) (62.7) (92.0) (56.9) (88.2) (22.7) (22.1) (6.2) (6.0)

- 1.31x - - - 0.00x 0.00x - - - -









Net Debt/EBITDA -

Gross Margin -66.3% Total Debt/EBITDA 0.00




Asset Turnover 0.07







Fiscal Year Ended

Golden Minerals CoPrice/Volume

Valuation Analysis

3'145'453.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

4

5

g -. Q -. o -. l -. k -. a -. g -0 c -0 j -0 Q -0 j -0 g -0!' F!2 F-!' F-!2 F.!' F.!2 F0!' F0!2 F1!' F1!2 F2!' F

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

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

'!.'

'!1'

'!3'

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01.07.2013


SENTIENT GLB RES IV n/a 13D/PROX 4'483'944 10.36 - 28.03.2013 Other

SENTIENT GLOBAL RESO n/a 13D/PROX 3'582'746 8.28 - 28.03.2013 Other


GILDER GAGNON HOWE GILDER GAGNON HOWE 13F 1'640'517 3.79 (67'203) 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 4 585'256 1.35 44'500 01.06.2013 n/a


STATE STREET n/a ULT-AGG 494'651 1.14 (200) 31.03.2013 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 457'054 1.06 (8'854) 31.03.2013 Investment Advisor


SGRF III PARALLEL I n/a 13D/PROX 357'044 0.83 - 28.03.2013 Other



BPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 202'002 0.47 - 31.03.2013 Investment Advisor

GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 179'519 0.41 2'169 31.03.2013 Investment Advisor


VOGELS ROBERT P n/a Form 4 165'331 0.38 24'000 01.06.2013 n/a




Stonegate Securities Inc MARCO RODRIGUEZ no rating system #N/A N/A M #N/A N/A Not Provided 24.06.2013

TD Securities DANIEL EARLE reduce 2 M 0 12 month 24.06.2013

EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 14.05.2013

Holdings By:

Golden Minerals Co ee


01.07.2013

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

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


LTM as of: 03/yy

52-Week High (14.09.2012) 1.11

52-Week Low (21.06.2013) 0.10

Daily Volume

0.105












SGR CN EQUITY YTD Change - Average Volume 30 Day 4'975'763

SGR CN EQUITY YTD % CHANGE - Average Volume 3 Month 3'290'920


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

8.7 27.8 58.0 114.1 142.1 129.8 131.0 131.0 168.0 - -

31.33x 34.61x 19.66x 5.05x 1.76x 20.38x 7.45x - - - -

(44.1) (29.7) (18.9) 12.5 35.9 21.6 24.7 12.4 25.7 - -

- - - 46.18x 6.96x 20.29x 4.15x 3.40x 1.64x - -

(33.4) (29.5) (24.6) (5.1) (13.2) (0.4) (22.2) (12.3) 2.5 - -

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











EBITDA Margin 18.9%



Asset Turnover 0.46








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

San Gold CorpPrice/Volume

Valuation Analysis

4'399'249.00


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01.07.2013


BANK OF NOVA SCOTIA n/a ULT-AGG 26'550'000 7.92 (16'975'000) 30.04.2013 Bank


JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 13'296'317 3.97 - 30.04.2013 Investment Advisor



MANULIFE ASSET MANAG Multiple Portfolios MF-AGG 8'581'053 2.56 2'724'250 28.02.2013 Investment Advisor

WYNNE HUGH n/a SEDI 8'234'002 2.46 74'000 18.04.2013 n/a


TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'875'000 0.56 (193'600) 31.12.2012 Investment Advisor




GINN DALE n/a SEDI 1'356'140 0.4 20'000 16.04.2013 n/a


BHR FUND ADVISORS LP Multiple Portfolios MF-AGG 1'225'000 0.37 (150'000) 28.03.2013 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

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 1'011'203 0.3 (2'177'100) 28.03.2013 Investment Advisor

BOULAY RICHARD A n/a SEDI 760'763 0.23 (100'000) 01.06.2011 n/a






Stonecap Securities Inc CHRISTOS DOULIS underperform 1 M 0 12 month 03.06.2013

CIBC World Markets COSMOS CHIU sector underperform 1 M 0 Not Provided 13.05.2013



National Bank Financial PAOLO LOSTRITTO Under Review #N/A N/A M #N/A N/A Not Provided 17.04.2013

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


01.07.2013

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.


LTM as of: 03/yy

52-Week High (20.09.2012) 2.47

52-Week Low (24.06.2013) 0.32

Daily Volume

0.42












ORE CN EQUITY YTD Change - Average Volume 30 Day 539'007

ORE CN EQUITY YTD % CHANGE - Average Volume 3 Month 475'042


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 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) (35.7) (30.2) (13.9) (5.7) - -

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

(12.8) (1.8) (8.9) (30.3) (4.8) (34.7) (6.8) (16.5) (10.1) - -

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









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00




Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -61229.90




Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Orezone Gold CorpPrice/Volume

Valuation Analysis

306'111.00


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01.07.2013


SUN VALLEY GOLD LLC n/a SEDI 13'394'600 15.63 1'370'000 01.05.2013 Hedge Fund Manager


PASSPORT CAPITAL LLC n/a Co File 7'183'500 8.38 (1'894'100) 31.12.2011 Hedge Fund Manager


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 3'001'020 3.5 (306'950) 31.03.2013 Hedge Fund Manager

BEUTEL GOODMAN & COM Multiple Portfolios MF-AGG 2'093'500 2.44 (23'500) 30.04.2013 Investment Advisor

LITTLE RONALD n/a PROXY 1'840'639 2.15 - 22.04.2013 n/a

HALVORSON MICHAEL n/a SEDI 1'531'798 1.79 100'000 02.05.2013 n/a

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 1'455'787 1.7 (470'400) 28.03.2013 Investment Advisor



IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 899'800 1.05 - 28.02.2013 Investment Advisor

QUANTEX AG Multiple Portfolios MF-AGG 890'000 1.04 (20'000) 29.03.2013 Investment Advisor



MARQUIS PASCAL n/a SEDI 658'519 0.77 27'270 17.02.2012 n/a

HALCORP CAPITAL LTD n/a SEDI 372'720 0.43 100'000 02.05.2013 Investment Advisor


SMITH & WILLIAMSON H n/a ULT-AGG 360'319 0.42 - 28.03.2013 Investment Advisor


CIBC World Markets JEFF KILLEEN sector perform 3 D 2 12 month 28.06.2013

SBG Securities MICHAEL STARKE speculative buy 4 M 1 12 month 28.06.2013


RBC Capital Markets JONATHAN GUY sector perform 3 M 1 12 month 24.06.2013



Casimir Capital STUART MCDOUGALL speculative buy 4 M 3 Not Provided 17.06.2013




Jennings Capital DAN HRUSHEWSKY speculative buy 4 N 3 12 month 06.05.2013

Holdings By:

Orezone Gold Corp ee


01.07.2013

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.


LTM as of: 03/yy

52-Week High (21.09.2012) 10.75

52-Week Low (28.06.2013) 1.53

Daily Volume

1.86












GCM CN EQUITY YTD Change - Average Volume 30 Day 82'984

GCM CN EQUITY YTD % CHANGE - Average Volume 3 Month 58'706


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 0.0 0.0 137.7 168.2 159.6 163.2 169.0 201.0 - -

- - - 1.81x 1.94x 6.59x 6.31x 1.88x 2.42x - -

(0.2) (0.2) (0.2) 1.5 14.8 9.6 10.9 7.0 40.0 - -

- - - 164.64x 22.07x 23.36x 25.13x 28.27x 4.95x - -

(0.3) (0.3) (0.1) (37.0) (36.2) (18.0) (23.9) (24.0) 5.0 - -

- - - - - 0.00x 0.00x - 5.89x - -











EBITDA Margin 6.7%



Asset Turnover 0.23







Fiscal Year Ended

Gran Colombia Gold CorpPrice/Volume

Valuation Analysis

107'034.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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01.07.2013


US GLOBAL INVESTORS n/a PROXY 1'885'406 12.34 - 17.04.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 1'207'000 7.9 - 31.03.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 500'000 3.27 (33'068) 28.03.2013 Investment Advisor

ICE ROSE HOLDINGS n/a SEDI 326'000 2.13 3'960 25.09.2012 Holding Company

IACONO SERAFINO n/a SEDI 188'016 1.23 6'600 27.09.2012 n/a

LA CAMPA MIGUEL DE n/a SEDI 152'150 1 5'320 20.02.2013 n/a


TARIBO HOLDINGS n/a SEDI 51'380 0.34 940 28.01.2013 Holding Company

LOPEZ AUGUSTO n/a SEDI 43'610 0.29 23'460 12.09.2012 n/a

TOSCA ASSETS CORP n/a SEDI 40'000 0.26 - 30.08.2012 Other

ORINOQUIA BELT CA n/a SEDI 26'624 0.17 5'200 23.08.2012 Other

DAVIES MICHAEL MONIE n/a SEDI 23'674 0.15 800 21.08.2012 n/a

HOLLENCREST SECURITI HOLLENCREST SECURITI 13F 18'660 0.12 - 31.03.2013 Investment Advisor


TORINO CONSULTANTS n/a SEDI 16'000 0.1 - 15.11.2010 Other

MARTINEZ TO HERNAN J n/a Co File 14'400 0.09 - 26.03.2013 n/a

VOLK PETER n/a SEDI 14'246 0.09 - 30.04.2013 n/a

PACHECO MARIO n/a Co File 13'000 0.09 - 26.03.2013 n/a

EAST DONALD n/a SEDI 10'320 0.07 2'400 06.02.2012 n/a

BRANGER JAIME PEREZ n/a SEDI 8'874 0.06 2'920 11.06.2012 n/a


GMP GEORGE V ALBINO speculative buy 4 M 9 12 month 24.06.2013

Holdings By:

Gran Colombia Gold Corp ee


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