fundamental analysis - hui index members with tables + index analysis

&riSQeaioQd !iQdtncn & !iQdtno FaRleeaiSQoclinPlm 2- Dlia Gfkbop & Dlia 8RDO

September 2012

A . M !SscnlmnA . M !Sscnlmn | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

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Index Analysis - Financial Statements

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

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Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

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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

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Growth - 1Y

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EBITDA

Growth - 5Y

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Margin -

S&P LT

Credit

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S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 13501161 1959.153 1086 1086 201 209 209 98.30 103.55 103.55 14.85 14.85 14.10 14.10 19.07

Euro Stoxx 50 Pr EUR 2435636 10746.72 4635 4635 760 786 786 153.03 305.91 305.91 28.29 14.75 14.15 14.15 20.96

NIKKEI 225 JPY 2189574 179.5731 231 231 23 25 25 5.22 8.11 8.11 0.29 0.23 0.19 0.19 0.14

FTSE 100 INDEX GBP 2607638 13689.72 9479 9479 1555 1655 1655 726.31 832.25 832.25 21.03 19.87 18.35 18.35 25.97

SWISS MARKET INDEX CHF 881484 10926.87 3978 3978 811 795 795 387.91 519.96 519.96 19.33 19.04 14.42 14.42 22.36

S&P/TSX COMPOSITE INDEX CAD 1715359 19426.36 7957 7957 1987 1991 1991 842.07 860.19 860.19 15.74 15.74 15.41 15.41 25.85

S&P/ASX 200 INDEX AUD 1234917 8155.294 2967 2967 630 730 730 277.76 358.59 358.59 17.70 15.23 13.71 13.71 23.35

HANG SENG INDEX HKD 1502077 2319.689 1448 1448 345 354 354 254.86 243.98 243.98 1.35 1.45 1.41 1.41 3.13

MSCI EM USD 7200021 1330.231 958 958 178 182 182 79.75 88.93 88.93 12.31 12.52 11.04 11.04 18.92

BARRICK GOLD CORP USD 41655 14620 1000 13 0 2 3 55.69 14312 14718 14622 16789 8327 8109 2072 2072 4.65 4.29 4.19 4.96 9.70 9.70 9.94 8.40 30.10 15.87 34.07 30.02 58.18 BBB+ 30.07.2012 Baa1 17.05.2011

GOLDCORP INC USD 37175 9787 810 1 0 0 2 36.93 5362 5285 5422 7098 3030 2873 739 739 2.00 1.68 1.93 2.85 27.03 27.03 23.59 15.95 43.45 19.02 49.56 26.76 56.51 BBB+ 01.06.2009 - -

NEWMONT MINING CORP USD 27606 12626 495 4 0 3 2 34.78 10358 10421 10300 11218 5162 4913 1218 1218 4.31 4.06 3.99 4.92 13.66 13.66 13.91 11.26 8.57 12.60 0.86 22.31 49.84 BBB+ 11.08.2008 Baa1 26.07.2010

SILVER WHEATON CORP USD 13550 9466 #VALUE! 0 0 0 1 12.51 730 778 830 1002 619 653 167 167 - - 1.70 2.11 - - 22.52 18.11 72.43 48.20 95.70 44.02 84.77 - - - -

YAMANA GOLD INC USD 13866 10674 #VALUE! 0 0 0 1 13.98 2173 2219 2399 3038 1263 1212 363 363 - - 0.95 1.41 - - 19.37 13.06 28.84 31.75 42.83 232.29 58.10 - - - -

RANDGOLD RESOURCES LTD-ADR USD 10503 647 92 0 0 0 0 10.19 1127 1238 1435 1682 570 - - - 4.09 4.68 5.52 6.97 - - 20.70 16.41 132.60 52.68 246.86 41.92 50.55 - - - -

ANGLOGOLD ASHANTI-SPON ADR USD 13644 2498 #VALUE! 20 0 1 9 #VALUE! 47849 53738 62945 68894 20443 23269 29355 29355 - - 35.96 38.88 - - 8.10 7.49 23.22 18.89 110.32 29.79 42.72 BBB- 09.04.2010 - -

ELDORADO GOLD CORP USD 10774 8625 #VALUE! 0 0 0 0 10.89 1099 1145 1186 1594 639 623 177 177 - - 0.51 0.75 - - 29.69 20.04 38.90 36.73 50.99 - 58.15 - - - -

KINROSS GOLD CORP USD 11279 19693 1138 2 0 0 2 11.63 3943 4062 4316 4889 1973 1855 521 521 0.76 0.73 0.71 1.03 13.56 13.56 13.88 9.64 31.00 32.49 64.32 48.53 50.02 BBB- 15.08.2011 Baa3 15.08.2011

AGNICO-EAGLE MINES LTD USD 8601 3717 #VALUE! 1 0 0 0 9.11 1822 1909 1823 1932 753 795 180 180 - - 1.83 2.24 - - 27.42 22.43 28.07 44.02 25.09 25.10 41.32 NR 12.03.2003 WR 05.03.2002

GOLD FIELDS LTD-SPONS ADR USD 9403 12659 #VALUE! 16 0 1 6 #VALUE! 41877 45897 48124 53026 21094 23330 23530 23530 - - 13.01 15.76 - - 8.15 6.73 32.67 18.71 85.27 34.52 50.37 BBB- 19.03.2009 - -

CIA DE MINAS BUENAVENTUR-ADR USD 10510 891 254 0 0 0 1 10.51 1557 1557 1597 1761 820 520 226 226 3.38 3.13 3.16 3.39 12.18 12.18 12.05 11.26 41.03 31.20 72.54 19.09 52.69 - - - -

ROYAL GOLD INC USD 5392 1066 59 0 0 0 0 5.32 0 K 0 K 0 K 0 K 233 233 62 62 1.63 1.62 1.92 2.68 56.57 56.57 47.70 34.23 21.52 34.75 25.17 44.69 88.66 - - - -

NEW GOLD INC USD 5406 4179 #VALUE! 0 0 0 0 5.56 696 698 772 1038 344 335 127 127 - - 0.45 0.78 - - 26.00 15.10 31.20 39.04 43.81 - 49.43 BB- 27.03.2012 B2 27.03.2012

IAMGOLD CORP USD 5526 3993 #VALUE! 0 0 0 1 5.19 1673 1728 1669 1991 785 780 251 251 - - 0.99 1.39 - - 14.85 10.55 52.51 23.17 66.91 46.41 46.91 BB- 10.09.2012 - -

HARMONY GOLD MNG-SPON ADR USD 3868 3762 #VALUE! 0 0 0 0 #VALUE! 1957 2052 2265 2692 320 - 723 723 - - 0.66 0.96 - - 13.47 9.26 21.57 4.84 - 15.59 17.97 - - - -

ALLIED NEVADA GOLD CORP USD 3419 972 90 0 0 0 0 3.31 152 159 276 603 49 72 43 43 0.39 0.55 0.94 2.29 69.15 69.15 40.67 16.62 16.11 - 59.86 - 32.08 B 07.06.2012 B3 16.05.2012

PAN AMERICAN SILVER CORP USD 2983 4457 #VALUE! 0 0 0 0 2.48 855 862 992 1168 446 457 110 110 - - 1.43 1.80 - - 13.69 10.89 32.28 22.82 60.49 32.02 52.13 - - - -

COEUR D'ALENE MINES CORP USD 2409 3196 90 0 0 0 0 2.32 1021 1049 989 1123 531 510 128 128 1.08 0.84 1.71 2.70 31.90 31.90 15.66 9.94 98.12 44.04 142.92 40.99 52.03 B+ 25.06.2012 WR 16.07.2012

FIRST MAJESTIC SILVER CORP USD 2534 1631 #VALUE! 0 0 0 0 2.48 246 235 270 433 156 142 42 42 - - 0.98 1.64 - - 22.46 13.44 108.23 58.75 192.22 - 63.62 - - - -

AURICO GOLD INC USD 1787 4362 #VALUE! 0 0 0 0 2.02 402 412 425 636 204 201 39 39 - - 0.35 0.66 - - 18.32 9.68 68.68 27.32 90.91 - 50.66 - - - -

HECLA MINING CO USD 1781 11579 285 0 0 0 0 1.57 478 382 341 491 255 156 27 27 0.43 0.22 0.15 0.44 28.36 28.36 40.52 14.12 14.04 14.22 20.57 31.15 53.33 NR 20.05.2005 - -

SILVER STANDARD RESOURCES USD 1285 2033 #VALUE! 0 0 0 0 1.06 148 121 222 281 39 15 20 20 - - 0.17 0.40 - - 91.49 39.41 31.70 - 647.00 - 26.65 - - - -

NEVSUN RESOURCES LTD USD #VALUE! 1085 #VALUE! 0 0 0 0 #VALUE! 548 657 449 296 429 521 95 95 - - 0.59 0.37 - - 7.90 12.73 - - - - 78.35 - - - -

SEABRIDGE GOLD INC USD 853 880 #VALUE! 0 0 0 0 0.78 0 0 #VALUE! #VALUE! -20 -17 -20 -20 - - -0.32 -0.45 - - #VALUE! #VALUE! - - -244.92 - - - - - -

AURIZON MINES LTD USD 806 1209 #VALUE! 0 0 0 0 0.57 260 271 248 265 125 132 32 32 - - 0.28 0.33 - - 16.78 14.25 45.46 29.24 78.90 - 48.05 - - - -

TANZANIAN ROYALTY EXPLORATIO USD 493 538 #VALUE! 0 0 0 0 0.46 0 0 #VALUE! #VALUE! -8 -8 - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! - - -171.01 - - - - - -

GOLDEN STAR RESOURCES LTD USD 437 5086 259 0 0 0 0 0.48 471 512 568 640 92 120 48 48 -0.03 -0.05 0.12 0.29 - - 13.74 5.79 8.85 45.46 -14.64 - 19.49 - - - -

VISTA GOLD CORP USD 273 832 72 0 0 0 0 0.27 0 0 #VALUE! #VALUE! -28 -34 -8 -8 -0.34 -0.47 -0.60 -0.27 - - #VALUE! #VALUE! - - -58.76 - - - - - -

GREAT BASIN GOLD LTD USD 48 28841 #VALUE! 0 0 0 0 0.32 170 153 187 267 18 -11 - - - - -0.12 0.04 - - #VALUE! 2.35 70.83 - - - 10.77 - - - -

B2GOLD CORP CAD 1667 4947 382 0 0 0 0 1.65 233 247 268 350 116 115 36 36 0.17 0.17 0.20 0.31 27.48 27.48 22.90 14.56 79.44 - 200.58 - 51.46 - - - -

PERSEUS MINING LTD CAD 1352 8488 #VALUE! 0 0 0 0 1.28 150 150 409 579 57 57 39 39 - - 0.26 0.40 - - 11.69 7.44 - - - - 39.56 - - - -

SILVERCORP METALS INC USD 1120 2619 #VALUE! 0 0 0 0 1.06 238 213 198 296 155 126 26 26 - - 0.24 0.45 - - 27.91 14.48 42.21 25.64 40.76 43.24 65.26 - - - -

MEDUSA MINING LTD AUD 1197 1413 189 0 0 0 0 1.25 86 86 181 301 61 61 143 143 0.28 0.28 0.68 1.10 25.70 - 10.50 6.43 -48.32 92.13 -55.11 - 75.42 - - - -

RUBICON MINERALS CORP CAD 1069 1219 238 0 0 0 0 0.84 0 0 #VALUE! #VALUE! -22 -24 - - -0.10 -0.10 -0.02 0.00 - - #VALUE! #VALUE! - - 15.38 - - - - - -

CHINA GOLD INTERNATIONAL RES CAD 1568 582 396 0 0 0 0 1.52 322 349 332 362 145 134 140 140 0.20 0.18 0.19 0.23 23.02 23.02 22.76 18.37 138.47 - 106.34 - 46.73 - - - -

BANRO CORPORATION CAD 929 2736 197 0 0 0 0 1.01 0 0 65 348 -11 -13 14 14 -0.05 -0.07 0.06 0.70 - - 87.15 7.12 - - 1.13 - - - - - -

NEVSUN RESOURCES LTD CAD 929 2061 200 0 0 0 0 0.72 567 680 465 306 444 540 98 98 0.76 0.92 0.61 0.38 5.42 5.42 8.18 13.18 - - - - 81.14 - - - -

DUNDEE PRECIOUS METALS INC CAD 1198 489 125 0 0 0 0 1.16 351 399 389 501 - - - - 0.63 0.61 0.54 1.03 16.35 16.35 18.28 9.57 69.97 28.04 - - - - - - -

ARGONAUT GOLD INC CAD 954 1503 92 0 0 0 0 0.97 108 123 155 307 58 67 25 25 0.29 0.34 0.46 0.77 32.33 32.33 24.25 14.30 106.45 - 274.80 - 55.40 - - - -

CGA MINING LTD CAD 885 1753 #VALUE! 0 0 0 0 0.89 191 191 304 448 44 44 - - - - 0.27 0.45 - - 10.43 6.24 -22.46 - -51.65 - 23.68 - - - -

ENDEAVOUR SILVER CORP USD 993 2454 #VALUE! 0 0 0 0 0.86 128 146 227 314 65 71 - - - - 0.66 0.96 - - 15.10 10.43 47.96 54.88 111.14 - 50.64 - - - -

KIRKLAND LAKE GOLD INC CAD 872 2495 70 0 0 0 0 0.85 166 162 271 407 27 - 31 31 0.60 0.29 1.01 1.76 43.75 43.75 12.72 7.31 53.80 46.65 - - 26.05 - - - -

RIO ALTO MINING LTD CAD 944 1066 169 0 0 0 0 0.88 0 180 310 371 -8 109 - - -0.07 0.31 0.61 0.67 18.12 18.12 9.20 8.45 - - -110.91 - - - - - -

EVOLUTION MINING LTD AUD 1359 15472 707 0 0 0 0 1.25 497 497 690 845 201 - - - 0.07 0.08 0.20 0.28 25.78 - 10.38 7.33 301.83 - 572.60 - 42.92 - - - -

TOREX GOLD RESOURCES INC CAD 886 3210 353 0 0 0 0 0.81 0 0 1 3 -35 -56 -13 -13 -0.08 -0.13 -0.09 -0.05 - - #VALUE! #VALUE! - - -92.73 - - - - - -

PREMIER GOLD MINES LTD CAD 841 811 127 0 0 0 0 0.82 0 0 0 0 -14 - - - -0.16 -0.16 -0.11 -0.10 - - #VALUE! #VALUE! - - -2.64 - - - - - -

OCEANAGOLD CORP CAD 771 897 263 0 0 0 0 0.96 410 399 389 615 170 141 47 47 0.18 0.08 0.05 0.47 37.93 37.93 58.36 6.74 30.48 40.07 16.98 61.74 43.00 - - - -

RESOLUTE MINING LTD AUD 1251 5027 634 0 0 0 0 1.18 610 610 716 681 269 269 - - 0.17 0.22 0.25 0.24 9.39 - 8.47 8.69 31.30 27.90 137.33 110.86 46.68 - - - -

AURIZON MINES LTD CAD 809 1951 163 0 0 0 0 0.59 269 281 256 274 129 137 33 33 0.28 0.32 0.29 0.34 15.87 15.87 17.44 14.82 47.07 30.27 81.71 - 49.76 - - - -

Valuation Measures I/II

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


2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 %D to Spot

S&P 500 INDEX 2.18 2.18 1.99 1.82 2.18 1.34 1.34 1.30 1.24 1.34 9.57 9.57 8.73 7.99 9.57 9.37 9.37 8.70 8.08 9.37 14.10 14.10 12.64 11.34 14.10 2.09 2.09 2.33 2.52 2.09 1568.9 7.5%

Euro Stoxx 50 Pr 1.14 1.14 1.08 1.01 1.14 0.72 0.72 0.70 0.68 0.72 5.16 5.16 4.88 4.50 5.16 13.67 13.67 12.99 12.34 13.67 10.85 10.85 9.80 8.92 10.85 4.20 4.20 4.69 5.08 4.20 2667.6 4.9%

NIKKEI 225 1.11 1.11 1.04 0.97 1.11 0.51 0.51 0.48 0.48 0.51 6.52 6.52 5.93 5.68 6.52 7.17 7.17 6.55 6.21 7.17 14.56 14.56 12.88 10.75 14.56 2.26 2.26 2.31 2.66 2.26 9975.1 8.9%

FTSE 100 INDEX 1.62 1.62 1.49 1.39 1.62 0.99 0.99 0.96 0.94 0.99 7.21 7.21 6.60 6.13 7.21 8.27 8.27 7.59 7.22 8.27 11.33 11.33 10.24 9.44 11.33 4.05 4.05 4.33 4.64 4.05 6337.0 8.9%

SWISS MARKET INDEX 2.08 2.08 1.94 1.79 2.08 1.76 1.76 1.65 1.57 1.76 11.50 11.50 9.96 8.97 11.50 13.75 13.75 12.62 11.75 13.75 13.44 13.44 11.99 10.93 13.44 3.60 3.60 3.96 4.32 3.60 6992.1 7.4%

S&P/TSX COMPOSITE INDEX 1.75 1.75 1.62 1.49 1.75 1.61 1.61 1.50 1.45 1.61 8.86 8.86 7.92 7.18 8.86 9.76 9.76 8.50 7.91 9.76 14.88 14.88 13.00 11.75 14.88 2.95 2.95 3.06 3.25 2.95 14017.8 13.4%

S&P/ASX 200 INDEX 1.66 1.66 1.56 1.48 1.66 1.57 1.57 1.47 1.40 1.57 9.54 9.54 8.71 8.17 9.54 11.17 11.17 9.96 9.27 11.17 12.95 12.95 11.65 10.82 12.95 4.93 4.93 5.28 5.66 4.93 4672.0 6.4%

HANG SENG INDEX 1.35 1.35 1.24 1.15 1.35 1.84 1.84 1.70 1.57 1.84 6.60 6.60 6.11 5.83 6.60 6.55 6.55 5.95 5.50 6.55 10.90 10.91 10.08 9.12 10.90 3.56 3.56 3.82 4.18 3.56 22398.6 8.6%

MSCI EM 1.47 1.47 1.33 1.21 1.47 1.02 1.02 0.95 0.88 1.02 6.91 6.91 6.21 5.58 6.91 7.29 7.29 6.55 5.99 7.29 11.04 11.04 9.72 8.82 11.04 2.97 2.97 3.20 3.54 2.97 1122.0 14.3%

BARRICK GOLD CORP 1.77 1.58 1.35 1.22 0.99 2.92 2.85 2.48 2.58 2.72 6.71 7.14 6.01 6.20 6.55 6.40 6.95 5.88 6.23 6.31 8.67 9.94 8.40 9.00 9.86 1.21 1.83 1.89 1.95 2.08 48.61 16.8%

GOLDCORP INC 1.71 1.67 1.52 1.38 1.19 6.93 6.86 5.24 4.72 4.71 14.64 15.94 10.93 9.22 9.12 11.48 12.73 8.70 7.52 7.40 20.85 23.59 15.95 13.51 12.95 0.88 1.14 1.12 1.11 1.09 52.56 15.8%

NEWMONT MINING CORP 1.90 1.99 1.78 1.60 1.26 2.64 2.68 2.46 2.40 2.12 7.69 8.50 7.00 6.58 7.20 6.67 7.36 6.30 6.10 6.87 12.20 13.91 11.26 11.69 15.11 1.87 2.74 3.21 2.71 2.48 59.17 6.7%

SILVER WHEATON CORP 5.08 4.33 3.67 3.15 18.16 16.32 13.52 13.50 11.16 21.38 19.34 15.48 15.46 14.90 20.19 18.11 14.81 15.05 12.46 24.16 22.52 18.11 18.44 17.93 0.47 1.00 1.28 1.30 1.32 43.01 12.3%

YAMANA GOLD INC 1.82 1.74 1.58 1.43 6.23 5.78 4.56 4.18 4.61 11.77 12.49 8.65 8.40 9.25 10.39 10.15 7.33 6.90 7.49 19.31 19.37 13.06 12.64 13.52 0.78 1.26 1.33 1.34 1.41 20.66 11.9%

RANDGOLD RESOURCES LTD-ADR 4.82 3.89 3.09 2.57 9.34 7.32 6.24 5.31 5.00 20.30 15.27 12.17 10.47 12.27 17.63 12.41 10.03 8.13 10.38 25.90 20.70 16.41 14.69 13.27 0.33 0.29 0.35 0.35 0.35 117.37 2.6%

ANGLOGOLD ASHANTI-SPON ADR 2.81 2.08 1.60 1.33 2.13 1.78 1.63 1.47 5.84 4.65 4.87 4.52 9.92 8.10 7.49 6.36 1.09 2.10 2.14 2.37 50.63 43.0%

ELDORADO GOLD CORP 2.55 1.76 1.70 1.60 9.95 9.08 6.76 5.58 3.86 16.70 21.84 14.93 11.46 8.67 17.12 16.64 11.56 9.29 5.87 24.33 29.69 20.04 16.44 12.91 0.89 0.95 1.28 1.18 1.32 17.62 16.6%

KINROSS GOLD CORP 0.74 0.86 0.80 0.75 0.68 2.82 2.61 2.31 2.28 2.92 7.18 7.93 5.97 5.92 8.05 5.56 5.90 4.65 4.72 5.93 12.38 13.88 9.64 10.21 15.81 1.06 1.56 1.56 1.55 1.62 11.31 14.3%

AGNICO-EAGLE MINES LTD 2.37 2.51 2.32 2.20 4.67 4.72 4.45 4.31 4.10 12.38 13.26 11.90 11.59 12.24 11.30 11.55 9.98 9.97 9.76 25.64 27.42 22.43 21.23 20.07 1.25 1.50 1.52 1.55 1.59 49.13 -2.1%

GOLD FIELDS LTD-SPONS ADR 1.65 1.22 1.07 0.93 1.78 1.61 1.46 1.31 5.30 5.07 4.27 4.03 10.55 8.15 6.73 6.50 2.35 3.39 4.53 5.51 18.20 41.2%

CIA DE MINAS BUENAVENTUR-ADR 3.13 2.61 2.20 1.94 6.89 6.58 5.97 5.68 6.17 6.40 20.07 19.02 24.13 8.75 14.63 11.60 12.03 14.24 11.40 12.05 11.26 11.30 14.78 1.59 1.39 1.58 1.94 1.36 43.54 14.2%

ROYAL GOLD INC 2.97 2.79 2.60 2.40 19.68 17.87 13.96 11.12 14.57 29.52 26.88 21.25 17.04 22.00 19.66 15.39 12.58 52.34 47.70 34.23 28.68 0.60 0.66 0.67 0.72 87.88 -4.1%

NEW GOLD INC 2.43 2.14 1.76 1.21 7.78 7.00 5.21 5.89 5.08 18.60 17.86 10.49 10.47 9.00 16.24 14.40 8.62 10.16 7.94 26.06 26.00 15.10 18.69 16.71 0.00 0.00 0.00 13.79 17.9%

IAMGOLD CORP 1.57 1.47 1.32 1.20 3.24 3.31 2.78 2.90 3.17 8.48 9.29 6.99 7.44 9.68 6.25 6.49 4.92 5.49 6.06 12.29 14.85 10.55 12.69 21.76 1.18 1.57 1.69 1.68 1.70 17.55 19.5%

HARMONY GOLD MNG-SPON ADR 0.87 0.83 0.76 1.95 1.71 1.44 7.87 5.29 5.17 11.11 13.47 9.26 1.57 0.79 0.79 14.90 67.6%

ALLIED NEVADA GOLD CORP 6.05 5.17 4.03 3.24 19.31 12.37 5.67 4.47 2.16 65.46 32.07 13.89 11.72 6.09 58.97 22.00 9.18 8.16 4.22 100.08 40.67 16.62 13.27 5.63 46.64 22.6%

PAN AMERICAN SILVER CORP 1.31 1.04 0.95 0.88 0.79 3.44 3.01 2.55 2.69 2.57 5.61 9.55 7.07 7.33 7.91 4.99 5.66 4.40 4.62 4.38 8.55 13.69 10.89 11.28 12.96 0.48 0.73 0.76 0.89 0.89 22.51 14.8%

COEUR D'ALENE MINES CORP 1.11 1.06 0.95 0.83 0.76 2.38 2.43 2.15 2.42 2.17 5.85 6.01 5.00 5.63 5.45 4.51 5.00 3.78 5.27 4.36 12.74 15.66 9.94 13.26 9.93 0.00 0.00 27.59 3.0%

FIRST MAJESTIC SILVER CORP 6.56 4.97 4.10 3.40 10.25 9.40 5.85 4.63 17.30 17.86 10.77 9.61 9.43 15.37 14.74 8.47 7.69 21.27 22.46 13.44 12.01 11.32 21.18 -3.6%

AURICO GOLD INC 1.61 0.80 0.74 0.69 3.98 4.21 2.81 2.47 2.64 5.85 11.28 5.97 5.35 7.73 8.08 10.77 5.68 4.80 4.78 9.03 18.32 9.68 9.98 22.64 0.00 0.00 0.00 7.81 23.3%

HECLA MINING CO 1.57 1.54 1.42 1.27 1.20 3.72 5.22 3.63 3.62 4.16 7.97 17.43 8.97 9.31 9.83 5.90 12.26 5.99 5.42 6.20 13.57 40.52 14.12 13.11 16.86 0.77 1.01 1.28 1.01 0.96 5.44 -12.8%

SILVER STANDARD RESOURCES 1.31 1.24 1.22 1.20 1.00 8.25 5.80 4.58 4.54 2.82 103.38 27.93 12.31 10.95 7.04 13.17 16.21 15.67 9.18 3.80 75.81 91.49 39.41 65.79 8.65 0.00 0.00 0.00 0.00 20.84 30.9%

NEVSUN RESOURCES LTD 1.59 1.50 1.35 1.05 3.84 4.24 7.18 3.60 3.38 6.19 7.90 12.73 5.94 6.45 1.29 2.15 2.15 2.15 5.00 7.2%

SEABRIDGE GOLD INC 4.75 1896.83 51.07 160.0%

AURIZON MINES LTD 2.46 1.91 1.62 1.13 3.08 3.14 2.94 3.04 3.77 7.84 8.59 7.58 8.73 14.79 4.67 5.06 4.52 4.93 7.00 15.72 16.78 14.25 14.65 41.15 0.00 0.00 6.27 27.9%

TANZANIAN ROYALTY EXPLORATIO

GOLDEN STAR RESOURCES LTD 1.02 1.01 0.82 0.66 0.94 0.77 0.68 0.70 0.77 9.34 3.57 2.79 2.83 7.35 7.14 2.93 2.26 2.36 13.74 5.79 5.99 0.00 0.00 1.67 -1.3%

VISTA GOLD CORP 1.82 2054.98 15.00 5.24 8.73 146.6%

GREAT BASIN GOLD LTD 0.08 0.09 0.08 0.08 0.26 0.25 0.18 0.16 0.13 1.97 0.77 0.53 0.53 10.25 56.97 3.28 2.23 2.69 2.35 1.18 1.69 0.99 1032.8%

B2GOLD CORP 4.29 3.00 2.42 2.02 7.53 6.45 4.93 5.05 3.91 13.87 13.52 10.30 11.03 7.45 14.59 12.79 7.37 7.56 6.06 22.11 22.11 14.06 12.86 9.43 5.25 28.0%

PERSEUS MINING LTD 3.58 2.70 1.95 1.49 1.26 7.97 3.24 2.28 1.93 2.23 19.37 8.97 5.07 4.89 7.06 20.93 6.41 4.19 3.50 4.54 22.67 11.29 7.19 6.23 9.72 0.00 0.00 0.14 0.79 1.79 3.34 17.3%

SILVERCORP METALS INC 2.56 2.48 2.25 2.14 4.60 5.66 3.79 3.80 2.85 9.51 16.20 9.79 10.02 6.19 7.01 10.79 6.44 6.41 4.41 14.08 27.91 14.48 15.44 9.79 1.36 1.52 1.51 1.48 8.08 23.2%

MEDUSA MINING LTD 3.75 2.74 1.89 1.48 1.20 13.08 7.01 4.21 4.03 3.34 17.70 9.53 5.47 5.81 4.89 17.89 8.77 5.22 4.87 4.92 20.06 9.92 6.08 6.31 6.28 1.59 1.37 1.74 2.64 2.37 7.06 17.9%

RUBICON MINERALS CORP 5.55 35.90 11.22 7.16 28.72 3.50 -2.5%

CHINA GOLD INTERNATIONAL RES 1.22 1.14 1.07 1.00 4.98 4.89 4.49 4.47 23.27 9.95 10.83 8.35 8.96 18.40 21.98 17.74 18.14 0.00 0.08 0.18 0.18 3.08 -19.3%

BANRO CORPORATION 76.76 14.90 2.77 2.21 67.08 4.98 3.32 40.81 5.30 3.48 84.16 6.88 5.09 0.43 0.32 0.43 0.54 6.14 37.3%

NEVSUN RESOURCES LTD 1.59 1.50 1.35 1.05 1.84 2.07 3.14 1.50 1.74 3.84 4.24 7.18 3.60 3.38 1.56 1.88 3.40 1.45 1.63 6.19 7.90 12.73 5.94 6.44 1.29 2.15 2.15 2.15 4.96 10.3%

DUNDEE PRECIOUS METALS INC 1.66 1.56 1.32 1.13 3.09 3.08 2.39 2.35 2.14 10.08 11.24 6.52 6.03 5.77 8.71 8.73 4.42 4.22 3.03 15.08 17.65 9.24 8.72 8.43 12.15 31.6%

ARGONAUT GOLD INC 7.47 2.63 2.02 1.60 8.95 6.37 3.22 2.58 2.72 23.85 17.52 10.84 7.49 8.31 16.08 11.00 5.72 4.20 4.79 34.57 23.42 13.81 9.66 11.51 10.87 9.3%

CGA MINING LTD 4.67 3.01 2.04 17.12 8.01 4.85 22.32 8.64 4.05 23.82 10.08 6.02 3.43 35.5%

ENDEAVOUR SILVER CORP 6.87 4.37 3.17 2.80 12.16 10.76 6.32 5.67 6.67 13.63 8.48 5.06 4.86 24.78 15.10 10.43 8.41 8.86 9.99 -0.2%

KIRKLAND LAKE GOLD INC 3.58 2.74 1.86 1.33 5.08 3.22 2.14 1.95 2.33 15.71 10.93 5.39 4.77 7.50 12.68 6.72 4.22 3.43 16.48 12.28 7.06 6.20 10.43 17.99 49.9%

RIO ALTO MINING LTD 3.95 3.00 2.65 13.30 3.04 2.54 2.80 2.22 29.49 7.74 7.54 8.20 5.85 31.30 4.88 4.13 8.93 43.75 8.88 8.16 9.16 7.07 0.00 0.00 0.00 5.66 7.9%

EVOLUTION MINING LTD 1.30 1.04 0.90 0.83 0.85 2.77 1.97 1.61 1.70 1.95 6.48 4.64 3.80 4.37 5.58 6.86 4.07 2.99 3.30 4.61 18.91 9.81 6.93 8.33 14.76 0.00 0.44 1.76 2.37 3.31 2.01 10.5%

TOREX GOLD RESOURCES INC 2.80 2.62 1.93 2.48 1487.39 1763.40 296.96 40.33 19.35 16.80 35.69 2.69 29.8%

PREMIER GOLD MINES LTD 2.46 2.51 2.46 2.24 0.00 9.21 57.2%

OCEANAGOLD CORP 1.85 1.73 1.47 1.31 1.72 2.04 2.05 1.30 1.24 1.45 6.03 7.40 3.69 3.49 4.44 5.77 6.90 3.08 3.10 3.99 19.15 56.36 6.51 6.47 10.97 3.50 23.7%

RESOLUTE MINING LTD 2.11 1.75 1.46 1.22 1.10 1.93 1.75 1.84 1.83 2.03 5.73 5.00 5.22 5.00 6.60 4.17 3.77 4.02 3.86 4.43 8.70 8.00 8.21 9.31 10.44 0.00 1.60 1.65 1.60 1.73 -7.8%

AURIZON MINES LTD 2.47 1.92 1.62 1.14 3.09 3.15 2.95 3.05 3.78 7.86 8.62 7.61 8.76 14.84 4.69 5.08 4.54 4.95 7.04 15.78 16.84 14.31 14.71 41.30 0.00 0.00 6.14 29.4%

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


14.09.2012

Barrick Gold Corporation is an international gold company with operating mines

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

and Africa.

Latest Fiscal Year: 12/2011

LTM as of: 06/yy

52-Week High (21.09.2011) 55.20

52-Week Low (26.07.2012) 31.00

Daily Volume

41.63

52-Week High % Change -24.58% Dividend Yield 1.49

52-Week Low % Change 34.29% Beta 0.74

% 52 Week Price Range High/Low 43.93% Equity Float 998.18

Shares Out 31.08.2012 1'000.6 Short Int 6.82

41'654.63 1 Yr Total Return -19.68%

Total Debt 13'369.00 YTD Return -6.74%

Preferred Stock 0.0 Adjusted BETA 0.741

Minority Interest 2'191.0 Analyst Recs 31

Cash and Equivalents 2'745.00 Consensus Rating 4.355

Enterprise Value 55'693.63

Average Volume 5 Day 9'089'261

ABX US EQUITY YTD Change - Average Volume 30 Day 7'600'721

ABX US EQUITY YTD % CHANGE - Average Volume 3 Month 8'556'934

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

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

6'332.0 7'613.0 8'136.0 11'001.0 14'312.0 12'302.0 14'718.0 14'622.2 16'789.4 3'704.5 4'146.9

5.99x 4.64x 5.27x 5.25x 4.06x 18.00x 15.35x 3.78x 3.19x 15.02x 13.37x

2'461.0 3'010.0 3'589.0 6'211.0 8'327.0 7'149.0 8'109.0 8'011.1 9'469.2 2'072.3 2'399.7

15.41x 11.75x 11.95x 9.30x 6.98x 8.09x 6.37x 6.95x 5.88x 5.93x 5.69x

1'119.0 785.0 (4'274.0) 3'582.0 4'484.0 4'063.0 4'103.0 4'167.0 5'105.5 1'016.4 1'266.7

33.19x 20.18x 16.56x 15.62x 9.74x 11.41x 8.78x 9.94x 8.40x 8.89x 8.50x

EBITDA 8'327.00 Long-Term Rating Date 30.07.2012

EBIT 6'908.00 Long-Term Rating BBB+

Operating Margin 48.27% Long-Term Outlook NEG

Pretax Margin 47.68% Short-Term Rating Date 19.05.2011

Return on Assets 10.74% Short-Term Rating A-2

Return on Common Equity 20.94%

Return on Capital 13.98% EBITDA/Interest Exp. 13.72

Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 5.53

Net Debt/EBITDA 1.28

Gross Margin 55.9% Total Debt/EBITDA 1.61

EBITDA Margin 58.2%

EBIT Margin 48.3% Total Debt/Equity 57.2%

Net Income Margin 31.3% Total Debt/Capital 34.3%

Asset Turnover 0.34

Current Ratio 2.25 Net Fixed Asset Turnover 0.61

Quick Ratio 1.09 Accounts receivable turnover-days 10.15

Debt to Assets 27.35% Inventory Days 124.13

Tot Debt to Common Equity 57.22% Accounts Payable Turnover Day 93.49

Accounts Receivable Turnover 35.96 Cash Conversion Cycle 40.80

Inventory Turnover 2.94

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Barrick Gold CorpPrice/Volume

Valuation Analysis

14'619'654.00

Current Price (9/dd/yy) Market Data

-

.-

/-

0-

1-

2-

3-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

2'- G

.-'- G

.2'- G

/-'- G

/2'- G

0-'- G

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

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

.1'--

.3'--

.5'--

/-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./

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


14.09.2012

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

CAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 42'200'500 4.22 - 30.06.2012 Investment Advisor

VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 36'012'128 3.6 430'389 30.06.2012 Investment Advisor

BLACKROCK INC BLACKROCK INC 13F 28'102'877 2.81 2'272'613 30.06.2012 Investment Advisor

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 23'928'196 2.39 1'010'233 30.06.2012 Investment Advisor

RBC GLOBAL ASSET MAN RBC GLOBAL ASSET MGM 13F 20'326'495 2.03 1'164'738 30.06.2012 Investment Advisor

CI INVESTMENTS INC Multiple Portfolios MF-AGG 17'157'397 1.71 (1'712'742) 30.12.2011 Hedge Fund Manager

BLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 16'067'551 1.61 (1'393'380) 30.06.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 15'480'628 1.55 257'334 30.06.2012 Investment Advisor

CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 14'509'450 1.45 14'509'450 30.06.2012 Investment Advisor

FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 14'506'021 1.45 (1'661'298) 30.06.2012 Investment Advisor

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 14'498'703 1.45 776'841 30.06.2012 Investment Advisor

PYRAMIS GLOBAL ADVIS PYRAMIS GLOBAL ADVIS 13F 13'321'640 1.33 (22'838) 30.06.2012 Investment Advisor

TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 12'399'538 1.24 388'663 30.06.2012 Investment Advisor

BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 12'317'823 1.23 658'668 30.06.2012 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 12'080'958 1.21 (2'090'644) 30.06.2012 Investment Advisor

INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 11'536'461 1.15 11'536'461 30.06.2012 Investment Advisor

IA CLARINGTON INVEST Multiple Portfolios MF-AGG 10'758'354 1.08 247'000 31.03.2012 Investment Advisor

TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 10'122'371 1.01 (9'626'364) 30.06.2012 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 9'908'000 0.99 - 29.06.2012 Investment Advisor

CAPITAL RESEARCH GLO CAPITAL RESEARCH GLO 13F 9'871'000 0.99 - 30.06.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Macquarie TONY LESIAK neutral 3 M 42 12 month 07.09.2012

Deutsche Bank JORGE M BERISTAIN buy 5 M 50 12 month 06.09.2012

CIBC World Markets ALEC KODATSKY sector perform 3 M 57 Not Provided 06.09.2012

RBC Capital Markets STEPHEN D WALKER sector perform 3 M 44 12 month 05.09.2012

Stifel Nicolaus GEORGE TOPPING buy 5 M 58 12 month 04.09.2012

Canaccord Genuity Corp STEVEN BUTLER hold 3 M 39 12 month 04.09.2012

Sterne, Agee & Leach MICHAEL S DUDAS neutral 3 M #N/A N/A Not Provided 22.08.2012

Credit Suisse ANITA SONI outperform 5 M 46 Not Provided 21.08.2012

Dundee Securities Corp RON STEWART buy 5 M 42 12 month 17.08.2012

TD Securities GREG BARNES buy 5 M 42 12 month 17.08.2012

Salman Partners DAVID WEST buy 5 M 49 12 month 16.08.2012

Scotia Capital TANYA M JAKUSCONEK sector outperform 5 M 53 12 month 16.08.2012

BMO Capital Markets DAVID HAUGHTON outperform 5 M 44 Not Provided 14.08.2012

Argus Research Corp WILLIAM V SELESKY buy 5 M #N/A N/A Not Provided 14.08.2012

Dahlman Rose & Co ADAM P GRAF hold 3 M #N/A N/A Not Provided 13.08.2012

EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 11.08.2012

GMP GEORGE V ALBINO buy 5 M 65 Not Provided 08.08.2012

JPMorgan JOHN BRIDGES overweight 5 M 45 3 month 01.08.2012

Cormark Securities Inc. RICHARD GRAY market perform 3 M 36 12 month 31.07.2012

Morgan Stanley PARETOSH MISRA Overwt/In-Line 5 M 52 12 month 30.07.2012

HSBC PATRICK CHIDLEY overweight 5 M 63 Not Provided 27.07.2012

Davenport & Co LLOYD T O'CARROLL buy 5 M 50 Not Provided 27.07.2012

Haywood Securities Inc. KERRY SMITH sector outperform 5 M 50 Not Provided 27.07.2012

Mackie Research Capital Corp. BARRY D ALLAN hold 3 M 45 Not Provided 27.07.2012

Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 34 Not Provided 27.07.2012

Jefferies PETER WARD buy 5 M 43 12 month 26.07.2012

S&P Capital IQ LEO LARKIN strong buy 5 M 52 12 month 26.07.2012

Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 21.05.2012

Investec PIETER MARAIS hold 3 M 48 Not Provided 18.03.2011

Holdings By:

Barrick Gold Corp ee


14.09.2012

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

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

Central and South America.


LTM as of: 06/yy

52-Week High (01.12.2011) 54.14

52-Week Low (12.07.2012) 31.54

Daily Volume

45.41




Shares Out 31.08.2012 810.6 Short Int 8.12

37'174.86 1 Yr Total Return -9.64%

Total Debt 737.00 YTD Return 3.67%


Minority Interest 213.0 Analyst Recs 26




GG US EQUITY YTD Change - Average Volume 30 Day 4'379'959

GG US EQUITY YTD % CHANGE - Average Volume 3 Month 5'307'441


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

2'206.8 2'419.6 2'723.6 3'738.0 5'362.0 4'744.0 5'285.0 5'422.2 7'098.2 1'417.1 1'603.9

11.39x 9.42x 10.50x 9.95x 6.61x 31.10x 26.24x 6.85x 5.11x 26.20x 23.25x

1'077.4 1'052.2 1'366.2 2'026.0 3'030.0 2'667.0 2'873.0 2'899.9 4'242.4 738.8 835.8

23.33x 21.66x 20.94x 18.36x 11.71x 14.48x 10.53x 12.73x 8.70x 9.82x 8.92x

460.1 1'475.6 240.2 2'051.0 1'881.0 2'423.0 1'488.0 1'581.9 2'431.9 373.7 422.9

68.21x 57.34x 50.85x 30.36x 22.24x 26.15x 22.40x 23.59x 15.95x 18.97x 17.09x



Operating Margin 43.57% Long-Term Outlook STABLE

Pretax Margin 47.87% Short-Term Rating Date -

Return on Assets 6.60% Short-Term Rating -




Net Debt/EBITDA -0.25


EBITDA Margin 56.5%



Asset Turnover 0.19







Fiscal Year Ended

Goldcorp IncPrice/Volume

Valuation Analysis

9'786'721.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.-

/-

0-

1-

2-

3-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G/'- G1'- G3'- G5'- G.-'- G./'- G.1'- G.3'- G.5'- G/-'- G

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

-'--

2'--

.-'--

.2'--

/-'--

/2'--

0-'--

02'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



14.09.2012






BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 22'299'614 2.75 69'601 30.06.2012 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 17'668'857 2.18 787'500 29.06.2012 Investment Advisor

RBC GLOBAL ASSET MAN RBC GLOBAL ASSET MGM 13F 14'624'804 1.8 (1'025'488) 30.06.2012 Investment Advisor

CI INVESTMENTS INC Multiple Portfolios MF-AGG 14'308'518 1.77 (265'011) 30.12.2011 Hedge Fund Manager

CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 11'651'198 1.44 946'361 30.06.2012 Investment Advisor

CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 10'967'662 1.35 (88'600) 30.06.2012 Investment Advisor

GREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 10'597'408 1.31 (868'037) 30.06.2012 Investment Advisor



PYRAMIS GLOBAL ADVIS PYRAMIS GLOBAL ADVIS 13F 9'972'252 1.23 (3'137'700) 30.06.2012 Investment Advisor

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 9'673'746 1.19 6'258'726 30.06.2012 Hedge Fund Manager


IA CLARINGTON INVEST Multiple Portfolios MF-AGG 8'535'080 1.05 (677'400) 31.03.2012 Investment Advisor

MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 7'375'676 0.91 291'246 30.06.2012 Investment Advisor

ONTARIO TEACHERS PEN ONTARIO TEACHERS PEN 13F 7'042'735 0.87 109'103 30.06.2012 Pension Fund (ERISA)

BLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 6'937'075 0.86 (1'085'071) 30.06.2012 Investment Advisor


Macquarie TONY LESIAK outperform 5 M 55 12 month 07.09.2012




RBC Capital Markets STEPHEN D WALKER outperform 5 M 51 12 month 06.09.2012



Canaccord Genuity Corp STEVEN BUTLER buy 5 M 53 12 month 06.09.2012

Stifel Nicolaus GEORGE TOPPING buy 5 M 59 12 month 04.09.2012


EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 22.08.2012



Cormark Securities Inc. RICHARD GRAY buy 5 M 48 12 month 31.07.2012

Jefferies PETER WARD hold 3 M 36 12 month 27.07.2012

CIBC World Markets ALEC KODATSKY sector outperform 5 M 64 Not Provided 27.07.2012

Salman Partners DAVID WEST top pick 5 M 61 12 month 27.07.2012


TD Securities GREG BARNES buy 5 M 48 12 month 27.07.2012

Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 57 Not Provided 27.07.2012


Morgan Stanley PARETOSH MISRA Equalwt/In-Line 3 M #N/A N/A Not Provided 11.07.2012


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


14.09.2012

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: 06/yy

52-Week High (09.11.2011) 72.42

52-Week Low (27.07.2012) 42.95

Daily Volume

55.45





27'605.73 1 Yr Total Return -11.35%







NEM US EQUITY YTD Change - Average Volume 30 Day 4'930'909

NEM US EQUITY YTD % CHANGE - Average Volume 3 Month 5'144'975


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

5'526.0 6'124.0 7'705.0 9'540.0 10'358.0 9'994.0 10'421.0 10'299.6 11'218.1 2'611.0 2'815.8

4.56x 3.70x 3.46x 3.45x 3.38x 12.65x 12.77x 3.31x 3.00x - -

1'720.0 2'139.0 3'799.0 5'118.0 5'162.0 5'272.0 4'913.0 4'724.0 5'518.5 1'218.3 1'448.3

14.66x 10.60x 7.02x 6.43x 6.78x 5.92x 6.31x 7.36x 6.30x 6.10x 5.63x

(1'886.0) 831.0 1'297.0 2'277.0 366.0 2'250.0 234.0 1'969.3 2'370.6 491.0 617.8

101.73x 20.98x 17.02x 13.44x 13.92x 11.63x 11.95x 13.91x 11.26x 11.56x 10.70x











EBITDA Margin 49.8%



Asset Turnover 0.39







Fiscal Year Ended

Newmont Mining CorpPrice/Volume

Valuation Analysis

12'625'835.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.-

/-

0-

1-

2-

3-

4-

5-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

/'- G

1'- G

3'- G

5'- G

.-'- G

./'- G

.1'- G

.3'- G

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

.1'--

.3'--

.5'--

/-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



14.09.2012


CAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 36'503'247 7.43 (660'448) 30.06.2012 Investment Advisor

STATE STREET CORP STATE STREET CORPORA 13F 21'607'433 4.4 627'724 30.06.2012 Investment Advisor


VANGUARD GROUP INC VANGUARD GROUP INC 13F 21'085'877 4.29 276'433 30.06.2012 Investment Advisor

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 17'337'691 3.53 (310'309) 30.06.2012 Investment Advisor




DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 10'495'570 2.14 464'289 30.06.2012 Investment Advisor



PRUDENTIAL PLC PRUDENTIAL PLC 13F 6'949'016 1.41 (1'419'217) 30.06.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'417'104 1.31 665'305 30.06.2012 Investment Advisor

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 6'127'798 1.25 57'853 30.06.2012 Hedge Fund Manager

NORGES BANK NORGES BANK 13F 5'205'883 1.06 5'205'883 31.12.2011 Government

BLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 4'486'415 0.91 (5'775) 30.06.2012 Investment Advisor

UBS AG UBS AG 13F 4'107'107 0.84 163'588 30.06.2012 Investment Advisor

BESSEMER GROUP INCOR BESSEMER GROUP INCOR 13F 3'962'767 0.81 483'978 30.06.2012 Investment Advisor


JP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 3'749'659 0.76 (360'402) 30.06.2012 Investment Advisor




Stifel Nicolaus GEORGE TOPPING hold 3 M #N/A N/A Not Provided 04.09.2012

Dahlman Rose & Co ADAM P GRAF buy 5 M 64 Not Provided 04.09.2012

Sterne, Agee & Leach MICHAEL S DUDAS buy 5 M 65 12 month 22.08.2012

Argus Research Corp WILLIAM V SELESKY buy 5 M #N/A N/A Not Provided 14.08.2012


Credit Suisse ANITA SONI neutral 3 M 56 Not Provided 07.08.2012



Deutsche Bank JORGE M BERISTAIN hold 3 M 50 12 month 31.07.2012

TD Securities GREG BARNES hold 3 M 53 12 month 30.07.2012

Mackie Research Capital Corp. BARRY D ALLAN hold 3 D 50 Not Provided 30.07.2012



Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 62 12 month 27.07.2012

S&P Capital IQ LEO LARKIN buy 5 M 53 12 month 27.07.2012




Holdings By:

Newmont Mining Corp ee


14.09.2012

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: 06/yy

52-Week High (21.09.2011) 42.50

52-Week Low (16.05.2012) 22.94

Daily Volume

38.29

52-Week High % Change -9.91% Dividend Yield -




13'549.73 1 Yr Total Return 0.73%




Cash and Equivalents 840.20 Consensus Rating 4.600



SLW US EQUITY YTD Change - Average Volume 30 Day 4'267'525

SLW US EQUITY YTD % CHANGE - Average Volume 3 Month 4'261'807


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

175.4 166.7 239.3 423.4 730.0 595.3 778.1 830.3 1'002.0 195.2 225.4

23.88x 12.14x 21.12x 31.91x 13.01x 81.45x 49.66x 15.30x 12.33x 64.59x 56.99x

114.3 105.5 158.5 316.2 618.8 488.7 652.6 691.0 844.7 166.5 198.5

36.64x 19.18x 31.87x 42.72x 15.35x 22.62x 12.98x 18.11x 14.81x 15.92x 15.30x

91.9 17.3 117.9 153.4 550.0 357.8 568.4 596.6 723.2 144.0 172.0

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 22.52x 18.11x 20.53x 19.64x

EBITDA 618.81 Long-Term Rating Date -

EBIT 561.09 Long-Term Rating -

Operating Margin 76.86% Long-Term Outlook -




Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.27% (EBITDA-Capex)/Interest Exp. -



EBITDA Margin 84.8%



Asset Turnover 0.27



Debt to Assets 2.74% Inventory Days -


Accounts Receivable Turnover 132.99 Cash Conversion Cycle -

Inventory Turnover -


Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Silver Wheaton CorpPrice/Volume

Valuation Analysis

9'465'965.00


-2

.-

.2/-/20-021-12

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

/'- G

1'- G

3'- G

5'- G

.-'- G

./'- G

.1'- G

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

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

-'/-

-'1-

-'3-

-'5-

.'--

.'/-



14.09.2012


VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 16'155'112 4.57 2'883'940 30.06.2012 Investment Advisor


CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 8'133'900 2.3 264'900 30.06.2012 Investment Advisor

BLACKROCK INC BLACKROCK INC 13F 7'435'689 2.1 282'799 30.06.2012 Investment Advisor

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 6'700'536 1.89 (1'113'417) 30.06.2012 Investment Advisor

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 5'560'822 1.57 (906'010) 30.06.2012 Investment Advisor

BLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 4'902'363 1.39 (180'346) 30.06.2012 Investment Advisor


OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 4'648'500 1.31 (88'720) 30.06.2012 Investment Advisor



FIERA SCEPTRE INC FIERA SCEPTRE INC 13F 4'076'359 1.15 2'442'939 30.06.2012 Investment Advisor

TCW GROUP INC TCW GROUP INCORPORAT 13F 3'890'152 1.1 (775'477) 30.06.2012 Investment Advisor

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 3'110'775 0.88 17'550 30.06.2012 Hedge Fund Manager

IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 3'070'314 0.87 1'019'900 30.06.2012 Investment Advisor


JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 2'621'238 0.74 (182'593) 30.06.2012 Investment Advisor



SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 2'278'259 0.64 731'827 30.06.2012 Investment Advisor



EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 05.09.2012

BMO Capital Markets ANDREW KAIP outperform 5 M 40 Not Provided 04.09.2012



Salman Partners DAVID WEST top pick 5 M 49 12 month 13.08.2012

TD Securities DANIEL EARLE buy 5 M 37 12 month 13.08.2012

Credit Suisse RALPH M PROFITI neutral 3 M 34 Not Provided 10.08.2012

Raymond James BRAD HUMPHREY outperform 5 M 42 12 month 10.08.2012

CIBC World Markets COSMOS CHIU sector outperform 5 M 45 Not Provided 10.08.2012

RBC Capital Markets DAN ROLLINS outperform 5 M 44 12 month 09.08.2012

Scotia Capital TREVOR TURNBULL sector outperform 5 M 47 12 month 09.08.2012

GMP CRAIG WEST buy 5 M 46 Not Provided 09.08.2012

Holdings By:

Silver Wheaton Corp ee


14.09.2012

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: 06/yy

52-Week High (13.09.2012) 18.46

52-Week Low (04.10.2011) 12.35

Daily Volume

18.46

52-Week High % Change 0.00% Dividend Yield -




13'866.37 1 Yr Total Return 16.06%







AUY US EQUITY YTD Change - Average Volume 30 Day 5'460'501

AUY US EQUITY YTD % CHANGE - Average Volume 3 Month 5'582'971


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

747.1 949.4 1'183.3 1'686.8 2'173.3 2'038.5 2'219.4 2'399.4 3'037.9 639.5 700.3

12.15x 6.36x 7.39x 5.76x 5.04x 17.86x 19.99x 5.75x 4.37x 21.78x 19.68x

387.1 438.9 575.5 884.1 1'262.7 1'151.5 1'212.3 1'377.3 1'907.9 362.7 417.7

23.45x 13.76x 15.19x 11.00x 8.67x 7.55x 9.59x 10.15x 7.33x 8.37x 7.82x

157.2 434.8 192.6 466.5 548.3 607.7 418.3 676.0 1'016.1 181.3 216.7

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 19.37x 13.06x 16.01x 14.62x

EBITDA 1'262.70 Long-Term Rating Date -










EBITDA Margin 58.1%



Asset Turnover 0.21





Accounts Receivable Turnover 10.37 Cash Conversion Cycle -24.66


Fiscal Year Ended

Yamana Gold IncPrice/Volume

Valuation Analysis

10'673'539.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-/135

.-

./

.1

.3

.5/-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

2'- G

.-'- G

.2'- G

/-'- G

/2'- G

0-'- G

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

-'/-

-'1-

-'3-

-'5-

.'--

.'/-



14.09.2012


BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 31'513'456 4.2 (330'433) 30.06.2012 Investment Advisor


BLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 19'993'778 2.66 754'430 30.06.2012 Investment Advisor

BLACKROCK INC BLACKROCK INC 13F 19'817'241 2.64 (22'356) 30.06.2012 Investment Advisor

GREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 17'767'280 2.37 (1'371'493) 30.06.2012 Investment Advisor

RBC GLOBAL ASSET MAN RBC GLOBAL ASSET MGM 13F 17'696'253 2.36 959'362 30.06.2012 Investment Advisor

CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 15'799'435 2.1 5'340'050 30.06.2012 Investment Advisor

PYRAMIS GLOBAL ADVIS PYRAMIS GLOBAL ADVIS 13F 15'784'660 2.1 1'220'400 30.06.2012 Investment Advisor


CALAMOS ADVISORS LLC CALAMOS ADVISORS LLC 13F 12'042'920 1.6 2'637'549 30.06.2012 Investment Advisor





AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 9'168'730 1.22 (143'741) 30.06.2012 Investment Advisor


DONALD SMITH & CO IN DONALD SMITH & CO IN 13F 8'268'908 1.1 2'330'319 30.06.2012 Investment Advisor

UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 7'359'803 0.98 30'803 30.06.2012 Investment Advisor

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 6'819'570 0.91 1'799'779 30.06.2012 Investment Advisor

ALBERTA INVESTMENT M ALBERTA INV MGMT COR 13F 6'751'300 0.9 379'100 30.06.2012 Government








Desjardins Securities BRIAN CHRISTIE buy 5 M 22 Not Provided 22.08.2012


Dundee Securities Corp RON STEWART neutral 3 M 17 12 month 17.08.2012

EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 13.08.2012

RBC Capital Markets MICHAEL D CURRAN outperform 5 M 21 12 month 10.08.2012



TD Securities STEVEN J GREEN buy 5 M 21 12 month 10.08.2012

Veritas Investment Research Co PAWEL RAJSZEL buy 5 M 18 Not Provided 10.08.2012



National Bank Financial STEPHEN PARSONS sector perform 3 M 18 12 month 09.08.2012

HSBC PATRICK CHIDLEY overweight 5 U 18 Not Provided 26.07.2012

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

Holdings By:

Yamana Gold Inc ee


14.09.2012

Randgold Resources Ltd. provides mining services. The Company offers

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

Africa.


LTM as of: 06/yy

52-Week High (08.11.2011) 120.73

52-Week Low (15.05.2012) 72.91

Daily Volume

114.35



% 52 Week Price Range High/Low 86.66% Equity Float -


10'502.64 1 Yr Total Return 5.84%






Average Volume 5 Day 590'631

GOLD US EQUITY YTD Change - Average Volume 30 Day 477'607

GOLD US EQUITY YTD % CHANGE - Average Volume 3 Month 552'464


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

282.8 338.6 432.8 484.6 1'127.1 766.3 1'238.2 1'434.8 1'682.3 371.0 415.5

8.71x 9.01x 15.50x 14.79x 7.97x 39.43x 26.77x 7.02x 5.60x - -

82.5 97.3 142.3 164.3 569.8 334.5 467.4 821.0 1'015.0 - -

29.85x 31.34x 47.15x 43.62x 15.77x 21.99x 0.00x 12.41x 10.03x - -

42.0 41.6 69.4 103.5 377.1 205.2 429.2 526.2 654.6 136.0 157.0

60.62x 78.87x 94.26x 72.03x 24.74x 37.47x 19.21x 20.70x 16.41x 18.16x 16.80x











EBITDA Margin 50.6%



Asset Turnover 0.50








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Randgold Resources LtdPrice/Volume

Valuation Analysis

647'387.00


-

/-

1-

3-

5-

.--

./-

.1-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G'2 G.'- G.'2 G/'- G/'2 G0'- G0'2 G1'- G1'2 G

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

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

-'--

/-'--

1-'--

3-'--

5-'--

.--'--

./-'--

.1-'--

.3-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



14.09.2012




FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 4'921'241 5.36 (495'414) 30.06.2012 Investment Advisor

WELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 4'653'532 5.07 336'575 30.06.2012 Investment Advisor


FRANKLIN RESOURCES I FRANKLIN ADVISERS IN 13F 1'994'582 2.17 (130'240) 30.06.2012 Investment Advisor




PRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 1'186'647 1.29 (26'534) 31.07.2012 Investment Advisor


PYRAMIS GLOBAL ADVIS PYRAMIS GLOBAL ADVIS 13F 1'005'540 1.09 242'310 30.06.2012 Investment Advisor

PAULSON & CO PAULSON & CO 13F 930'502 1.01 - 30.06.2012 Hedge Fund Manager

GABELLI FUNDS LLC GABELLI FUNDS LLC 13F 900'400 0.98 (25'800) 30.06.2012 Investment Advisor

WELLS FARGO FUNDS MA Multiple Portfolios MF-AGG 900'000 0.98 - 30.06.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 885'905 0.96 (84'370) 30.06.2012 Investment Advisor

JP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 827'908 0.9 (24'201) 30.06.2012 Investment Advisor

BLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 817'404 0.89 (246'407) 30.06.2012 Investment Advisor

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 686'494 0.75 189'730 30.06.2012 Investment Advisor

BLACKROCK INC BLACKROCK INC 13F 505'137 0.55 21'644 30.06.2012 Investment Advisor


Stifel Nicolaus JOSH WOLFSON buy 5 M 110 12 month 04.09.2012

Canaccord Genuity Corp TIM DUDLEY buy 5 M 118 12 month 04.09.2012

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

BMO Capital Markets ANDREW BREICHMANAS market perform 3 M 100 Not Provided 09.08.2012



S&P Capital IQ LEO LARKIN buy 5 M 130 12 month 09.08.2012

Clarus Securities NANA SANGMUAH accumulate 4 M 110 18 month 07.08.2012

EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011

Holdings By:

Randgold Resources Ltd ee


14.09.2012

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: 06/yy

52-Week High (08.11.2011) 49.14

52-Week Low (31.08.2012) 30.56

Daily Volume

35.4





13'644.10 1 Yr Total Return -20.27%





Enterprise Value -


AU US EQUITY YTD Change - Average Volume 30 Day 1'554'575

AU US EQUITY YTD % CHANGE - Average Volume 3 Month 1'739'185


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

21'101.0 29'774.0 30'745.0 38'833.0 47'849.0 41'620.1 53'625.3 62'945.2 68'894.4 - -

4.37x 3.48x 3.88x 3.60x 3.00x 12.73x 9.82x 1.91x 1.66x - -

718.0 3'311.0 (2'435.0) 9'720.0 20'443.0 15'015.0 23'135.2 29'354.5 30'336.4 - -

128.52x 31.32x 0.00x 14.37x 7.03x 8.12x 4.93x - - - -

(4'269.0) (16'105.0) (2'762.0) 637.0 11'282.0 5'729.0 13'128.1 16'099.3 17'665.3 - -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 8.10x 7.49x - -


EBIT 14'844.00 Long-Term Rating BBB-









EBITDA Margin 42.7%



Asset Turnover 0.64








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

2'497'663.00


-

.-

/-

0-

1-

2-

3-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

.'- G

/'- G

0'- G

1'- G

2'- G

3'- G

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

-'/-

-'1-

-'3-

-'5-

.'--

.'/-



14.09.2012


PAULSON & CO PAULSON & CO 13F 32'761'921 8.56 (400'539) 30.06.2012 Hedge Fund Manager


NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 12'787'187 3.34 369'304 30.06.2012 Investment Advisor


FRANKLIN RESOURCES I FRANKLIN ADVISERS IN 13F 6'213'753 1.62 199'950 30.06.2012 Investment Advisor


BLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 4'222'778 1.1 (597'936) 30.06.2012 Investment Advisor



WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'733'325 0.97 (516'479) 30.06.2012 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 3'455'350 0.9 1'792'850 30.06.2012 Investment Advisor

NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 2'756'719 0.72 (195'041) 30.06.2012 Investment Advisor

BARCLAYS PLC BARCLAYS PLC 13F 2'425'939 0.63 (248'542) 30.06.2012 Investment Advisor

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 2'264'900 0.59 1'049'100 30.06.2012 Hedge Fund Manager


PLATINUM INVESTMENT PLATINUM INVESTMENT 13F 2'086'815 0.54 149'000 30.06.2012 Investment Advisor


CAPITAL INTERNATIONA CAPITAL INTERNATIONA 13F 1'649'711 0.43 180'100 30.06.2012 Investment Advisor

INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 1'635'197 0.43 369'200 30.06.2012 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 1'569'952 0.41 1'400 30.06.2012 Investment Advisor


Societe Generale BRUCE ALWAY buy 5 M 45 12 month 29.08.2012

HSBC RICHARD HART overweight 5 M 69 Not Provided 07.08.2012



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

Holdings By:

AngloGold Ashanti Ltd ee


14.09.2012

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: 06/yy

52-Week High (21.09.2011) 21.23

52-Week Low (23.07.2012) 9.78

Daily Volume

15.11





10'773.98 1 Yr Total Return -25.45%







EGO US EQUITY YTD Change - Average Volume 30 Day 3'619'530

EGO US EQUITY YTD % CHANGE - Average Volume 3 Month 3'824'059


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

179.3 277.7 358.5 791.2 1'098.9 875.0 1'145.2 1'185.9 1'593.9 308.0 386.3

11.40x 10.15x 21.00x 12.74x 6.69x 42.15x 30.89x 8.86x 6.71x 35.33x 27.93x

67.6 132.0 181.2 423.3 639.1 471.6 622.8 654.5 941.8 177.0 253.5

30.25x 21.36x 41.53x 23.82x 11.50x 16.90x 14.28x 16.64x 11.56x 11.48x 10.57x

35.4 163.7 102.4 221.0 318.7 242.1 305.8 340.4 531.7 87.3 128.0

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 29.69x 20.04x 22.35x 20.36x











EBITDA Margin 58.2%



Asset Turnover 0.29







Fiscal Year Ended

Eldorado Gold CorpPrice/Volume

Valuation Analysis

8'625'266.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

2

.-

.2

/-

/2

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

/'- G

1'- G

3'- G

5'- G

.-'- G

./'- G

.1'- G

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

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

-'/-

-'1-

-'3-

-'5-

.'--

.'/-



14.09.2012


BLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 64'319'255 9.02 3'812'927 30.06.2012 Investment Advisor




CARMIGNAC GESTION Multiple Portfolios MF-AGG 18'343'165 2.57 16'937'165 29.06.2012 Investment Advisor




JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 12'864'231 1.8 268'472 30.06.2012 Investment Advisor




OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 11'301'546 1.58 - 28.06.2012 Investment Advisor


BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 10'267'181 1.44 (465'780) 30.06.2012 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 10'045'140 1.41 1'261'800 30.06.2012 Investment Advisor


BLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 9'949'768 1.4 (1'016'201) 30.06.2012 Investment Advisor

BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 9'004'236 1.26 1'220'686 30.06.2012 Investment Advisor

TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 8'300'360 1.16 (177'915) 30.06.2012 Investment Advisor



CIBC World Markets COSMOS CHIU sector perform 3 M 18 Not Provided 06.09.2012








Desjardins Securities BRIAN CHRISTIE buy 5 M 20 12 month 01.08.2012

Cormark Securities Inc. MIKE KOZAK buy 5 M 15 12 month 31.07.2012





TD Securities STEVEN J GREEN action list buy 5 M 18 12 month 30.07.2012





Paradigm Capital Inc DON MACLEAN hold 3 M 18 12 month 21.02.2012

Holdings By:

Eldorado Gold Corp ee


14.09.2012

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: 06/yy

52-Week High (21.09.2011) 17.90

52-Week Low (09.05.2012) 7.11

Daily Volume

9.9



% 52 Week Price Range High/Low 25.86% Equity Float 1'136.92

Shares Out 31.08.2012 1'139.3 Short Int 5.38

11'278.87 1 Yr Total Return -40.57%







KGC US EQUITY YTD Change - Average Volume 30 Day 9'328'909

KGC US EQUITY YTD % CHANGE - Average Volume 3 Month 9'114'284


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

1'093.0 1'617.0 2'412.1 3'010.1 3'943.3 3'556.5 4'061.8 4'315.9 4'889.1 1'108.9 1'203.7

10.36x 7.84x 5.37x 6.92x 3.29x 21.34x 12.46x 2.76x 2.41x 10.68x 9.82x

356.2 656.3 1'093.2 1'200.4 1'972.5 1'485.7 1'855.4 1'972.6 2'504.3 521.0 604.8

31.80x 19.32x 11.85x 17.35x 6.57x 11.71x 5.20x 5.90x 4.65x 4.62x 4.30x

334.0 (807.2) 309.9 759.7 (2'073.6) 965.5 (2'317.2) 832.4 1'249.3 225.7 281.0

65.94x 46.21x 41.68x 146.30x 15.05x 65.81x 11.18x 13.88x 9.64x 9.99x 9.05x




Pretax Margin -38.09% Short-Term Rating Date -

Return on Assets -12.09% Short-Term Rating -

Return on Common Equity -15.40%

Return on Capital - EBITDA/Interest Exp. 21.30




EBITDA Margin 50.0%


Net Income Margin -52.6% Total Debt/Capital 11.6%

Asset Turnover 0.23







Fiscal Year Ended

Kinross Gold CorpPrice/Volume

Valuation Analysis

19'693'076.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-/135

.-

./

.1

.3

.5/-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

2'- G

.-'- G

.2'- G

/-'- G

/2'- G

0-'- G

02'- G

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

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

-'--

2'--

.-'--

.2'--

/-'--

/2'--

0-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



14.09.2012




CARMIGNAC GESTION Multiple Portfolios MF-AGG 48'209'432 4.23 (3'225'329) 29.06.2012 Investment Advisor




LAZARD ASSET MANAGEM LAZARD ASSET MANAGEM 13F 23'044'674 2.02 (132'589) 30.06.2012 Investment Advisor


CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 18'584'231 1.63 12'300 30.06.2012 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 18'281'877 1.6 748'140 30.06.2012 Investment Advisor


PRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 17'234'030 1.51 1'163'307 31.07.2012 Investment Advisor


INVESCO LTD INVESCO LTD 13F 16'261'107 1.43 955'762 30.06.2012 Investment Advisor




JP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 12'279'231 1.08 (1'397'297) 30.06.2012 Investment Advisor


OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 11'377'771 1 216'500 28.06.2012 Investment Advisor



Stifel Nicolaus GEORGE TOPPING hold 3 M #N/A N/A Not Provided 04.09.2012











National Bank Financial PAOLO LOSTRITTO outperform 5 M 13 12 month 10.08.2012




Cormark Securities Inc. RICHARD GRAY market perform 3 M 11 12 month 09.08.2012





Paradigm Capital Inc DON MACLEAN buy 5 M #N/A N/A Not Provided 25.01.2012



Holdings By:

Kinross Gold Corp ee


14.09.2012

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: 06/yy

52-Week High (14.09.2011) 70.69

52-Week Low (16.02.2012) 31.42

Daily Volume

50.17





8'601.46 1 Yr Total Return -26.22%







AEM US EQUITY YTD Change - Average Volume 30 Day 1'766'860

AEM US EQUITY YTD % CHANGE - Average Volume 3 Month 1'971'272


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

432.2 368.9 613.8 1'422.5 1'821.8 1'683.2 1'908.5 1'822.8 1'932.4 436.6 472.6

17.09x 21.80x 14.47x 9.45x 3.75x 29.01x 16.46x 5.06x 4.69x 21.32x 19.86x

199.2 94.9 202.5 601.8 752.9 714.8 795.4 788.8 913.5 179.7 264.0

37.08x 84.80x 43.86x 22.34x 9.08x 15.61x 9.37x 11.55x 9.98x 9.45x 8.62x

139.3 73.2 86.5 332.1 (568.9) 323.5 (561.2) 312.5 401.9 63.8 79.7

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 27.42x 22.43x 26.60x 25.03x

EBITDA 752.85 Long-Term Rating Date 12.03.2003

EBIT 491.07 Long-Term Rating NR









EBITDA Margin 41.3%



Asset Turnover 0.35








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Agnico-Eagle Mines LtdPrice/Volume

Valuation Analysis

3'717'016.00


-

.-

/-

0-

1-

2-

3-

4-

5-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

/'- G

1'- G

3'- G

5'- G

.-'- G

./'- G

.1'- G

.3'- G

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

2'000.0

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

-'/-

-'1-

-'3-

-'5-

.'--

.'/-



14.09.2012




T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 7'555'668 4.41 (697'705) 30.06.2012 Investment Advisor




BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 3'658'338 2.13 1'252'767 30.06.2012 Investment Advisor


OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 2'975'218 1.74 189'570 30.06.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 2'836'908 1.65 (6'711) 30.06.2012 Investment Advisor



BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 2'060'698 1.2 (239'445) 30.06.2012 Investment Advisor

VINIK ASSET MANAGEME VINIK ASSET MANAGEME 13F 2'033'700 1.19 2'033'700 30.06.2012 Hedge Fund Manager

TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 2'015'645 1.18 (65'920) 30.06.2012 Investment Advisor

AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 1'968'680 1.15 454'450 30.06.2012 Investment Advisor

PERRY CORP PERRY CORPORATION 13F 1'800'000 1.05 (265'258) 30.06.2012 Hedge Fund Manager

GABELLI FUNDS LLC GABELLI FUNDS LLC 13F 1'694'881 0.99 36'950 30.06.2012 Investment Advisor





CIBC World Markets ALEC KODATSKY sector underperform 1 M 50 18 month 06.09.2012

Global Hunter Securities JEFF WRIGHT neutral 3 M 46 12 month 06.09.2012



Raymond James BRAD HUMPHREY market perform 3 M 50 12 month 05.09.2012









GMP GEORGE V ALBINO hold 3 M 43 Not Provided 08.08.2012

HSBC PATRICK CHIDLEY neutral 3 M 46 Not Provided 31.07.2012




JPMorgan JOHN BRIDGES neutral 3 M 34 3 month 26.07.2012



Holdings By:

Agnico-Eagle Mines Ltd ee


14.09.2012

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: 06/yy

52-Week High (21.09.2011) 18.49

52-Week Low (16.05.2012) 11.71

Daily Volume

12.89





9'403.35 1 Yr Total Return -20.58%





Enterprise Value -


GFI US EQUITY YTD Change - Average Volume 30 Day 4'339'169

GFI US EQUITY YTD % CHANGE - Average Volume 3 Month 3'897'421


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

19'433.8 23'009.5 29'086.9 31'565.3 41'876.8 34'633.0 45'896.9 48'123.9 53'026.4 - -

3.98x 3.10x 2.56x 2.56x 2.41x 9.49x 8.17x 1.42x 1.41x - -

7'445.3 8'713.0 10'955.0 11'385.4 21'093.6 13'616.6 23'330.3 23'529.6 27'577.2 - -

10.40x 8.19x 6.80x 7.09x 4.78x 6.09x 3.80x - - - -

2'362.5 4'457.5 1'535.6 3'631.4 7'026.7 3'582.8 8'347.6 9'603.2 13'149.6 - -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 8.15x 6.73x - -




Pretax Margin 31.57% Short-Term Rating Date 19.03.2009

Return on Assets 9.21% Short-Term Rating A-3






EBITDA Margin 50.4%



Asset Turnover 0.55








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Gold Fields LtdPrice/Volume

Valuation Analysis

12'658'680.00


-/135

.-

./

.1

.3

.5/-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G.'- G/'- G0'- G1'- G2'- G3'- G4'- G5'- G6'- G

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

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

-'/-

-'1-

-'3-

-'5-

.'--

.'/-



14.09.2012




DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 19'170'706 2.63 1'887'479 30.06.2012 Investment Advisor

PAULSON & CO PAULSON & CO 13F 18'038'600 2.47 (819'000) 30.06.2012 Hedge Fund Manager



RUFFER LLP RUFFER LLP 13F 5'422'239 0.74 (8'871) 30.06.2012 Hedge Fund Manager


GABELLI FUNDS LLC GABELLI FUNDS LLC 13F 4'853'849 0.67 523'200 30.06.2012 Investment Advisor



INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 4'026'803 0.55 315'200 30.06.2012 Investment Advisor

WELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 3'945'016 0.54 (374'180) 30.06.2012 Investment Advisor

PROSPECTOR PARTNERS PROSPECTOR PARTNERS 13F 3'896'000 0.53 (16'300) 30.06.2012 Hedge Fund Manager

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 3'894'576 0.53 - 30.06.2012 Investment Advisor


TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 3'548'410 0.49 1'040'590 30.06.2012 Hedge Fund Manager

STANDARD PACIFIC CAP STANDARD PACIFIC CAP 13F 3'093'031 0.42 197'126 30.06.2012 Hedge Fund Manager

PRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 1'968'300 0.27 1'965'950 31.07.2012 Investment Advisor

CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 1'946'333 0.27 (68'900) 30.06.2012 Investment Advisor





BMO Capital Markets DAVID HAUGHTON market perform 3 M 15 12 month 04.03.2010

Susquehanna Financial Group BRIAN NIEMIEC neutral 3 N #N/A N/A Not Provided 02.12.2008

Holdings By:

Gold Fields Ltd ee


14.09.2012

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: 06/yy

52-Week High (21.09.2011) 49.31

52-Week Low (01.08.2012) 31.05

Daily Volume

38.13





10'509.95 1 Yr Total Return -14.20%







BVN US EQUITY YTD Change - Average Volume 30 Day 877'360

BVN US EQUITY YTD % CHANGE - Average Volume 3 Month 916'032


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

781.0 766.6 881.5 1'103.8 1'556.6 1'367.4 1'556.6 1'596.5 1'760.7 417.5 453.5

9.01x 6.61x 9.30x 10.85x 6.05x 31.29x 24.50x - - - -

398.5 (54.4) 351.5 475.4 820.2 695.7 519.7 718.5 905.8 226.0 257.0

17.66x 0.00x 23.33x 25.19x 11.49x 13.23x 18.13x 14.63x 11.60x - -

274.8 153.3 593.6 660.8 858.9 817.3 796.5 786.7 808.3 193.0 215.5

26.12x 33.61x 14.29x 17.00x 11.16x 10.81x 11.83x 12.05x 11.26x 11.50x 11.07x











EBITDA Margin 52.7%



Asset Turnover 0.43







Fiscal Year Ended

Cia de Minas Buenaventura SAPrice/Volume

Valuation Analysis

891'492.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.-

/-

0-

1-

2-

3-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G'2 G.'- G.'2 G/'- G/'2 G0'- G0'2 G1'- G1'2 G2'- G

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

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

-'--

2'--

.-'--

.2'--

/-'--

/2'--

0-'--

02'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



14.09.2012



VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 9'696'129 3.53 (154'545) 30.06.2012 Investment Advisor

VONTOBEL ASSET MANAG VONTOBEL ASSET MANAG 13F 6'428'477 2.34 891'300 30.06.2012 Investment Advisor




STATE STREET CORP STATE STREET CORPORA 13F 4'174'090 1.52 (27'559) 30.06.2012 Investment Advisor

THE BANK OF NOVA SCO THE BANK OF NOVA SCO 13F 4'106'221 1.49 (175'797) 30.06.2012 Investment Advisor



BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'350'310 0.86 (57'020) 30.06.2012 Investment Advisor


TEMPLETON ASSET MANA TEMPLETON ASSET MANA 13F 2'276'880 0.83 35'130 30.06.2012 Investment Advisor


MORGAN STANLEY INVES MORGAN STANLEY INVES 13F 1'879'469 0.68 (26'500) 30.06.2012 Investment Advisor



ING INV MANAGEMENT E ING INVESTMENT MANAG 13F 1'562'396 0.57 (214'300) 30.06.2012 Investment Advisor

SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 1'462'346 0.53 174'800 30.06.2012 Investment Advisor

HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 1'398'552 0.51 246'440 29.06.2012 Unclassified


Banco BTG Pactual SA EDMO CHAGAS neutral 3 M 48 12 month 03.09.2012

Inteligo SAB LALI MERINO buy 5 M 47 12 month 23.08.2012

Morgan Stanley CARLOS DE ALBA Equalwt/No Rating 3 D 43 12 month 03.08.2012

Larrain Vial Corredores de Bolsa JUAN CARLOS DELGADO MALCA buy 5 M 42 Not Provided 02.08.2012



Euro Pacific Capital Inc HEIKO IHLE neutral 3 M 37 12 month 01.08.2012

Banco de Credito del Peru HECTOR COLLANTES buy 5 M 46 Not Provided 26.07.2012

Celfin Capital ISABEL DARRIGRANDI buy 5 M 49 12 month 30.04.2012

Grupo Santander MANUEL SALAZAR buy 5 U 48 Not Provided 13.12.2011

Kallpa Securities SAB ALBERTO ARISPE BAZAN overweight 5 M 50 Not Provided 24.11.2011

Holdings By:

Cia de Minas Buenaventura SA ee


14.09.2012

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: 06/yy

52-Week High (07.09.2012) 91.89

52-Week Low (08.05.2012) 57.00

Daily Volume

91.64





5'392.01 1 Yr Total Return 13.28%







RGLD US EQUITY YTD Change - Average Volume 30 Day 660'027

RGLD US EQUITY YTD % CHANGE - Average Volume 3 Month 765'129


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 06/yy 06/yy 06/13 Y 06/14 Y 09/12 Q1 12/12 Q2

66.3 73.8 136.6 216.5 263.1 216.5 263.1 301.8 386.3 68.0 74.6

13.56x 19.29x 18.40x 15.32x 17.19x 55.36x 59.76x 17.81x 13.38x - -

51.3 59.9 114.2 186.3 233.2 186.3 233.2 270.6 345.6 62.3 70.6

17.51x 23.77x 22.00x 17.80x 19.39x 17.80x 19.39x 19.66x 15.39x 19.05x 18.32x

24.0 38.3 21.5 71.4 92.5 71.4 92.5 114.6 159.9 23.9 28.5

56.00x 88.70x 60.76x 45.40x 48.10x 45.76x 48.40x 47.70x 34.23x 47.88x 45.34x








Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -5.64



EBITDA Margin 88.7%



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

1'066'483.00


-.-/-0-1-2-3-4-5-6-

.--

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G.'- G/'- G0'- G1'- G2'- G3'- G4'- G5'- G6'- G.-'- G

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

-'--

.-'--

/-'--

0-'--

1-'--

2-'--

3-'--

4-'--

5-'--

6-'--

.--'--

-0'-4'/--6 -0'-.'/-.- -0'-4'/-.- -0'-.'/-.. -0'-4'/-.. -0'-.'/-./ -0'-4'/-./



14.09.2012


FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 4'200'859 7.14 683'102 30.06.2012 Investment Advisor



STUCKERT JAMES W n/a Form 4 1'777'095 3.02 2'175 13.08.2012 n/a



ALLIANZ GLOBAL INV O NFJ INVESTMENT GROUP 13F 1'475'020 2.51 (36) 31.03.2012 Investment Advisor



BLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 1'329'623 2.26 815'010 30.06.2012 Investment Advisor

CALAMOS ADVISORS LLC CALAMOS ADVISORS LLC 13F 1'225'000 2.08 700'000 30.06.2012 Investment Advisor


BLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 960'453 1.63 (78'228) 30.06.2012 Investment Advisor

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 917'401 1.56 (17'000) 30.06.2012 Hedge Fund Manager

NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 873'346 1.48 18'689 30.06.2012 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 872'122 1.48 55'183 30.06.2012 Investment Advisor

UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 769'829 1.31 162'929 30.06.2012 Investment Advisor

GABELLI FUNDS LLC GABELLI FUNDS LLC 13F 646'777 1.1 - 30.06.2012 Investment Advisor

GOODMAN & CO INVESTM Multiple Portfolios MF-AGG 564'400 0.96 (741'500) 31.12.2011 Hedge Fund Manager

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 562'972 0.96 322'305 30.06.2012 Investment Advisor





McNicoll Lewis & Vlak LLC MICHAEL D PETERSON buy 5 M 82 12 month 10.08.2012


National Bank Financial SHANE NAGLE sector perform 3 M 80 12 month 09.08.2012

EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 18.11.2011

Holdings By:

Royal Gold Inc ee


14.09.2012

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

and develops gold properties.


LTM as of: 06/yy

52-Week High (21.09.2011) 14.11

52-Week Low (16.05.2012) 7.13

Daily Volume

11.7





5'405.58 1 Yr Total Return -13.27%







NGD US EQUITY YTD Change - Average Volume 30 Day 2'140'303

NGD US EQUITY YTD % CHANGE - Average Volume 3 Month 2'391'825


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

131.1 143.1 323.8 530.5 695.9 659.3 697.9 772.3 1'037.6 258.0 285.0

1.71x 2.55x 4.31x 6.83x 6.62x 22.61x 26.14x - - - -

33.1 13.8 110.4 239.2 344.0 332.5 334.7 386.1 644.9 127.0 142.0

6.77x 26.46x 12.64x 15.15x 13.39x 13.21x 13.62x 14.40x 8.62x - -

14.6 (102.7) (194.3) 47.5 179.0 173.6 132.9 190.3 356.4 49.2 64.1

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 26.00x 15.10x 17.73x 15.81x


EBIT 267.79 Long-Term Rating BB-









EBITDA Margin 49.4%



Asset Turnover 0.25







Fiscal Year Ended

New Gold IncPrice/Volume

Valuation Analysis

4'179'090.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/

1

3

5

.-

./

.1

.3

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

/'- G

1'- G

3'- G

5'- G

.-'- G

./'- G

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

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

-'/-

-'1-

-'3-

-'5-

.'--

.'/-



14.09.2012



FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 32'163'066 6.96 3'004'300 30.06.2012 Investment Advisor


RS INVESTMENT MANAGE RS INVESTMENT MANAGE 13F 21'224'821 4.59 775'728 30.06.2012 Investment Advisor


RBC GLOBAL ASSET MAN RBC GLOBAL ASSET MGM 13F 11'730'575 2.54 (536'457) 30.06.2012 Investment Advisor

MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 10'376'758 2.25 342'665 30.06.2012 Investment Advisor

CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 9'858'343 2.13 (70'000) 30.06.2012 Investment Advisor


WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 7'200'929 1.56 171'806 30.06.2012 Investment Advisor




INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 5'975'045 1.29 (273'274) 30.06.2012 Investment Advisor

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 5'870'531 1.27 (680'000) 30.06.2012 Hedge Fund Manager

LASSONDE PIERRE n/a SEDI 5'645'000 1.22 - 22.03.2012 n/a

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 5'519'060 1.19 1'231'900 30.06.2012 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 5'372'202 1.16 487'600 30.06.2012 Pension Fund (ERISA)

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 4'866'431 1.05 (376'434) 30.06.2012 Investment Advisor

OLIPHANT RANDALL n/a PROXY 4'250'000 0.92 - 28.03.2012 n/a


CIBC World Markets BARRY COOPER sector perform 3 M 15 Not Provided 06.09.2012




RBC Capital Markets MICHAEL D CURRAN sector perform 3 M 12 12 month 03.08.2012

National Bank Financial STEPHEN PARSONS outperform 5 M 13 12 month 03.08.2012

TD Securities STEVEN J GREEN hold 3 M 11 12 month 02.08.2012






Holdings By:

New Gold Inc ee


14.09.2012

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: 06/yy

52-Week High (20.09.2011) 23.88

52-Week Low (16.05.2012) 9.20

Daily Volume

14.69





5'525.58 1 Yr Total Return -31.00%

Total Debt 6.58 YTD Return -6.34%






IAG US EQUITY YTD Change - Average Volume 30 Day 2'422'249

IAG US EQUITY YTD % CHANGE - Average Volume 3 Month 2'679'223


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

678.1 869.6 914.3 1'097.1 1'673.2 1'453.5 1'728.3 1'669.3 1'991.0 440.8 475.3

3.44x 2.09x 6.14x 5.88x 2.98x 18.47x 11.36x 3.21x 2.76x 12.07x 11.35x

189.7 342.1 378.6 470.3 785.0 785.9 780.0 799.2 1'054.3 251.0 288.0

12.29x 5.31x 14.82x 13.71x 6.36x 7.69x 5.27x 6.49x 4.92x 4.47x 4.25x

(42.1) (9.9) 114.1 262.6 806.7 828.8 346.5 376.4 542.9 99.6 122.7

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 14.85x 10.55x 11.82x 11.00x


EBIT 628.16 Long-Term Rating BB-









EBITDA Margin 46.9%



Asset Turnover 0.43







Fiscal Year Ended

IAMGOLD CorpPrice/Volume

Valuation Analysis

3'992'566.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

2

.-

.2

/-

/2


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

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

-'/-

-'1-

-'3-

-'5-

.'--

.'/-



14.09.2012






AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 7'587'128 2.02 410'700 30.06.2012 Investment Advisor

MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 7'252'541 1.93 (7'556'786) 30.06.2012 Investment Advisor






T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 5'250'228 1.4 (37'300) 30.06.2012 Investment Advisor


ALLIANZ GLOBAL INV O NFJ INVESTMENT GROUP 13F 5'100'950 1.36 768 31.03.2012 Investment Advisor



MARZEN HOLDINGS CO L n/a SEDI 4'774'946 1.27 - 26.08.2005 n/a

FRANKLIN RESOURCES I FRANKLIN ADVISERS IN 13F 4'753'850 1.26 (1'153'130) 30.06.2012 Investment Advisor

INTERNATIONAL VALUE INTERNATIONAL VALUE 13F 4'573'640 1.22 - 30.06.2012 Investment Advisor

HEXAVEST INC HEXAVEST INC 13F 4'528'611 1.2 3'668'940 30.06.2012 Hedge Fund Manager



CIBC World Markets ALEC KODATSKY sector outperform 5 M 20 Not Provided 06.09.2012


Clarus Securities NANA SANGMUAH buy 5 M 23 12 month 06.09.2012







Dundee Securities Corp RON STEWART restricted #N/A N/A M #N/A N/A Not Provided 17.08.2012

Societe Generale BRUCE ALWAY sell 1 M 11 12 month 15.08.2012

Cormark Securities Inc. MIKE KOZAK market perform 3 M 14 12 month 15.08.2012










Holdings By:

IAMGOLD Corp ee


14.09.2012

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: 06/yy

52-Week High (08.11.2011) 14.64

52-Week Low (31.08.2012) 8.08

Daily Volume

8.89





3'867.72 1 Yr Total Return -30.55%





Enterprise Value -


HMY US EQUITY YTD Change - Average Volume 30 Day 2'107'899

HMY US EQUITY YTD % CHANGE - Average Volume 3 Month 1'963'840


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 06/yy 06/yy 06/13 Y 06/14 Y 09/12 Q1 12/12 Q2

1'323.7 1'290.5 1'488.7 1'781.0 1'957.0 1'753.8 2'046.3 2'265.0 2'692.0 - -

4.37x 2.83x 3.13x 3.29x 2.18x 12.94x 9.31x 1.54x 1.20x - -

191.7 238.5 229.2 320.0 0.0 0.0 0.0 723.0 943.0 - -

30.15x 15.29x 20.33x 18.28x 0.00x 0.00x 0.00x - - - -

(33.7) 328.6 (25.3) 86.0 333.5 88.0 332.8 327.0 522.0 - -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 13.47x 9.26x - -











EBITDA Margin 18.0%



Asset Turnover 0.37







Fiscal Year Ended

Harmony Gold Mining Co LtdPrice/Volume

Valuation Analysis

3'762'140.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/

1

3

5

.-

./

.1

.3

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

/'- G

1'- G

3'- G

5'- G

.-'- G

./'- G

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-

.'--

.'/-



14.09.2012





DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 7'993'248 1.84 287'780 30.06.2012 Investment Advisor



RUFFER LLP Multiple Portfolios MF-AGG 2'813'000 0.65 600'000 30.04.2012 Hedge Fund Manager



BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 1'942'045 0.45 - 05.09.2012 Investment Advisor

US GLOBAL INVESTORS US GLOBAL INVESTORS 13F 1'910'000 0.44 - 30.06.2012 Investment Advisor

GABELLI FUNDS LLC GABELLI FUNDS LLC 13F 1'819'700 0.42 - 30.06.2012 Investment Advisor

CAPITAL GUARDIAN TRU CAPITAL GUARDIAN TRU 13F 1'500'800 0.34 577'700 30.06.2012 Investment Advisor

ASHMORE EMM LLC ASHMORE EMM LLC 13F 1'458'400 0.34 1'458'400 31.03.2012 Investment Advisor


ASHMORE GROUP PLC ASHMORE GROUP PLC 13F 1'237'200 0.28 1'224'000 30.06.2012 Hedge Fund Manager

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 1'200'000 0.28 (600'000) 30.03.2012 Mutual Fund Manager

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'092'015 0.25 (662'018) 30.06.2012 Investment Advisor

CREDIT SUISSE AG CREDIT SUISSE AG 13F 1'036'567 0.24 676'624 30.06.2012 Investment Advisor

HUSSMAN ECONOMETRICS HUSSMAN ECONOMETRICS 13F 1'000'000 0.23 364'000 30.06.2012 Investment Advisor



EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 18.11.2011


Holdings By:

Harmony Gold Mining Co Ltd ee


14.09.2012

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: 06/yy

52-Week High (20.09.2011) 45.90

52-Week Low (16.05.2012) 23.69

Daily Volume

38.03





3'418.73 1 Yr Total Return -10.98%







ANV US EQUITY YTD Change - Average Volume 30 Day 608'354

ANV US EQUITY YTD % CHANGE - Average Volume 3 Month 628'689


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

0.0 0.0 43.2 130.9 152.0 135.9 159.4 276.3 603.3 75.8 127.3

0.00x 0.00x 23.79x 15.41x 16.34x 71.91x 66.29x 12.21x 5.40x 44.25x -

(11.3) (38.7) (0.8) 30.5 48.8 18.6 71.8 150.5 360.7 42.8 77.7

0.00x 0.00x 0.00x 66.12x 50.94x 154.54x 33.92x 22.00x 9.18x 10.87x 9.38x

(11.3) (79.6) 8.5 34.1 36.7 13.5 51.1 84.6 235.0 27.7 52.6

0.00x 0.00x 107.71x 64.17x 77.64x 252.64x 51.60x 40.67x 16.62x 20.65x 17.31x


EBIT 41.78 Long-Term Rating B









EBITDA Margin 32.1%



Asset Turnover 0.25


Quick Ratio 6.85 Accounts receivable turnover-days -



Accounts Receivable Turnover - Cash Conversion Cycle -



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

971'747.00


-2

.-

.2/-/20-021-122-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

.'- G

/'- G

0'- G

1'- G

2'- G

3'- G

4'- G

5'- G

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

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

-'--

2-'--

.--'--

.2-'--

/--'--

/2-'--

0--'--

02-'--

1--'--

12-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



14.09.2012


ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 7'774'007 8.65 761'028 30.06.2012 Investment Advisor

GOODMAN & CO INVESTM GOODMAN & COMPANY IN 13F 6'406'725 7.13 (5'734) 30.06.2012 Hedge Fund Manager

PESCIO CARL A n/a PROXY 5'300'000 5.9 - 20.03.2012 n/a

BAUPOST GROUP LLC THE BAUPOST GROUP LL 13F 5'053'550 5.62 1'040'800 30.06.2012 Hedge Fund Manager



SENTRY SELECT CAPITA SENTRY SELECT CAPITA 13F 4'227'000 4.7 4'227'000 30.06.2012 Investment Advisor


WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 2'500'285 2.78 958'785 30.06.2012 Investment Advisor

BUCHAN ROBERT M n/a PROXY 2'234'800 2.49 - 20.03.2012 n/a


PERRY CORP PERRY CORPORATION 13F 2'082'206 2.32 423'106 30.06.2012 Hedge Fund Manager




SCOTIA ASSET MANAGEM Multiple Portfolios MF-AGG 1'576'600 1.75 - 30.06.2012 Investment Advisor

PAULSON & CO PAULSON & CO 13F 1'509'221 1.68 500'700 30.06.2012 Hedge Fund Manager





Macquarie MICHAEL GRAY underperform 1 D 32 12 month 07.09.2012






Cormark Securities Inc. MIKE KOZAK top pick 5 M 55 12 month 09.08.2012

RBC Capital Markets SAM CRITTENDEN outperform 5 M 48 12 month 08.08.2012



Scotia Capital TREVOR TURNBULL sector outperform 5 N 46 12 month 09.07.2012


Holdings By:

Allied Nevada Gold Corp ee


14.09.2012

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: 06/yy

52-Week High (21.09.2011) 33.50

52-Week Low (24.07.2012) 13.49

Daily Volume

19.61





2'982.62 1 Yr Total Return -39.89%







PAAS US EQUITY YTD Change - Average Volume 30 Day 1'896'801

PAAS US EQUITY YTD % CHANGE - Average Volume 3 Month 1'755'121


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

301.1 338.6 454.8 646.6 855.3 782.5 862.3 991.7 1'168.1 266.8 273.4

8.65x 4.05x 5.14x 6.33x 2.15x 17.25x 8.30x 2.53x 2.04x 9.85x 9.50x

117.5 121.0 179.1 277.8 445.9 409.0 329.4 438.1 564.0 110.0 121.5

22.16x 11.33x 13.05x 14.73x 4.12x 7.07x 0.00x 5.66x 4.40x 4.72x 4.57x

88.9 24.6 62.0 13.7 352.5 198.5 241.5 205.7 277.9 55.8 63.5

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 13.69x 10.89x 11.60x 10.89x











EBITDA Margin 52.1%



Asset Turnover 0.46








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Pan American Silver CorpPrice/Volume

Valuation Analysis

4'457'060.00


-

2

.-

.2

/-

/2

0-

02

1-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

.'- G

/'- G

0'- G

1'- G

2'- G

3'- G

4'- G

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-'--

-'/-

-'1-

-'3-

-'5-

.'--

.'/-



14.09.2012




UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 4'119'100 2.71 2'098'100 30.06.2012 Investment Advisor



BEATY ROSS J n/a SEDI 2'118'680 1.39 300'000 31.05.2012 n/a






FRANKLIN RESOURCES I FRANKLIN ADVISERS IN 13F 1'580'801 1.04 1'580'801 30.06.2012 Investment Advisor

GLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 1'565'752 1.03 499'876 30.06.2012 Investment Advisor

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 1'499'952 0.99 678'452 30.06.2012 Hedge Fund Manager

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 1'429'674 0.94 458'744 30.06.2012 Investment Advisor



RIVER ROAD ASSET MAN RIVER ROAD ASSET MAN 13F 1'255'518 0.83 174'776 30.06.2012 Investment Advisor

INTREPID CAPITAL MAN INTREPID CAPITAL MAN 13F 1'192'805 0.78 483'980 30.06.2012 Investment Advisor

ASTON ASSET MANAGEME Multiple Portfolios MF-AGG 1'169'001 0.77 224'673 31.07.2012 Investment Advisor







JPMorgan JOHN BRIDGES underweight 1 M 20 3 month 17.08.2012



TD Securities DANIEL EARLE hold 3 M 18 12 month 16.08.2012


RBC Capital Markets DAN ROLLINS sector perform 3 M 20 12 month 15.08.2012

Credit Suisse RALPH M PROFITI outperform 5 M 27 Not Provided 15.08.2012



GMP CRAIG WEST hold 3 M 23 Not Provided 08.08.2012

Holdings By:

Pan American Silver Corp ee


14.09.2012

Coeur d'Alene Mines Corporation, through its subsidiaries, explores, develops,

operates, and/or owns silver and gold mining properties and companies. The

Company's properties are located primarily in the United States, Australia, and

South America.


LTM as of: 06/yy

52-Week High (29.02.2012) 30.88

52-Week Low (12.07.2012) 15.15

Daily Volume

26.8





2'408.95 1 Yr Total Return -5.17%







CDE US EQUITY YTD Change - Average Volume 30 Day 1'695'640

CDE US EQUITY YTD % CHANGE - Average Volume 3 Month 1'551'167


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

215.3 170.9 300.4 515.5 1'021.2 757.6 1'049.5 989.3 1'123.0 256.0 286.0

13.01x 5.09x 5.42x 4.98x 2.05x 13.45x 7.22x 2.22x 1.63x 8.92x 7.70x

62.5 0.3 78.2 218.7 531.3 385.6 509.9 464.5 615.3 128.0 155.3

44.85x 2750.95x 20.82x 11.74x 3.95x 5.83x 2.93x 5.00x 3.78x 3.79x 3.67x

43.9 (0.6) (27.1) (91.3) 93.5 18.5 69.4 145.3 234.2 40.2 56.2

35.29x 0.00x 0.00x 0.00x 22.35x 83.66x 20.90x 15.66x 9.94x 11.30x 10.07x


EBIT 306.80 Long-Term Rating B+









EBITDA Margin 52.0%



Asset Turnover 0.32







Fiscal Year Ended

Coeur d'Alene Mines CorpPrice/Volume

Valuation Analysis

3'196'027.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

2

.-

.2

/-

/2

0-

02


0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

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

-'--

2-'--

.--'--

.2-'--

/--'--

/2-'--

0--'--

02-'--

1--'--

12-'--

2--'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



14.09.2012



DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 4'309'934 4.79 (102'158) 30.06.2012 Investment Advisor




ATLANTIC INVESTMENT ATLANTIC INVESTMENT 13F 2'387'015 2.66 575'325 30.06.2012 Investment Advisor

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 2'062'090 2.29 584'762 30.06.2012 Investment Advisor



SPROTT INC SPROTT INC 13F 1'728'900 1.92 (19'400) 30.06.2012 Hedge Fund Manager




DREMAN VALUE MANAGEM DREMAN VALUE MANAGEM 13F 1'539'795 1.71 5'599 30.06.2012 Investment Advisor


GMT CAPITAL CORP GMT CAPITAL CORP 13F 1'331'800 1.48 (93'400) 30.06.2012 Hedge Fund Manager

SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 1'271'795 1.41 - 30.06.2012 Hedge Fund Manager


JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 1'083'000 1.2 2'500 30.04.2012 Investment Advisor



BMO Capital Markets ANDREW KAIP market perform 3 M 21 Not Provided 04.09.2012

Sterne, Agee & Leach MICHAEL S DUDAS buy 5 M 24 12 month 22.08.2012


Cormark Securities Inc. GRAEME JENNINGS buy 5 U 27 12 month 08.08.2012



Sidoti & Company LLC ADAM BROOKS buy 5 M 32 12 month 07.08.2012

EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 05.03.2012

Holdings By:

Coeur d'Alene Mines Corp ee


14.09.2012

First Majestic Silver Corp. is a silver producing mining company. The

Company's presently owns and operates producing silver mines in Mexico, the La

Parrilla Silver Mine, the San Martin Silver Mine, the La Encantada Silver Mine,

and the La Guitarra Silver Mine.


LTM as of: 06/yy

52-Week High (29.02.2012) 22.20

52-Week Low (16.05.2012) 12.12

Daily Volume

21.97





2'534.26 1 Yr Total Return 7.07%







AG US EQUITY YTD Change - Average Volume 30 Day 766'072

AG US EQUITY YTD % CHANGE - Average Volume 3 Month 698'779


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

40.2 41.8 52.4 117.9 245.5 194.8 234.8 269.5 433.0 69.6 80.6

6.84x 3.30x 6.36x 11.66x 6.93x 30.45x 27.20x 9.13x 5.64x 35.35x 30.52x

4.1 2.3 11.7 53.4 156.2 112.5 141.7 168.5 293.3 41.8 51.3

66.77x 59.08x 28.43x 25.73x 10.89x 16.26x 10.43x 14.74x 8.47x 11.48x 11.62x

(6.8) (4.9) 5.6 35.1 103.6 77.8 90.8 101.1 177.3 26.3 33.1

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 22.46x 13.44x 17.16x 15.01x











EBITDA Margin 63.6%



Asset Turnover 0.70








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

First Majestic Silver CorpPrice/Volume

Valuation Analysis

1'630'911.00


-

2

.-

.2

/-

/2


0.0

50.0

100.0

150.0

200.0

250.0

300.0

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

-'/-

-'1-

-'3-

-'5-

.'--

.'/-



14.09.2012




SPROTT INC SPROTT INC 13F 4'449'505 3.86 305 30.06.2012 Hedge Fund Manager

NEUMEYER KEITH n/a SEDI 2'976'000 2.58 5'000 19.02.2012 n/a



BARING ASSET MANAGEM BARING ASSET MANAGEM 13F 1'792'165 1.55 1'792'165 30.06.2012 Investment Advisor

IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 1'483'500 1.29 489'840 30.06.2012 Investment Advisor

FIERA SCEPTRE INC FIERA SCEPTRE INC 13F 1'427'657 1.24 447'900 30.06.2012 Investment Advisor

POLAR SECURITIES INC POLAR SECURITIES INC 13F 1'329'200 1.15 - 30.06.2012 Hedge Fund Manager

CANADA PENSION PLAN CANADA PENSION PLAN 13F 1'145'594 0.99 (322'050) 30.06.2012 Pension Fund (ERISA)

ALBERTA INVESTMENT M ALBERTA INV MGMT COR 13F 1'102'500 0.96 (448'800) 30.06.2012 Government

US GLOBAL INVESTORS US GLOBAL INVESTORS 13F 1'042'000 0.9 204'000 30.06.2012 Investment Advisor

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 978'780 0.85 5'200 30.06.2012 Investment Advisor

GLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 977'759 0.85 35'394 30.06.2012 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 900'000 0.78 200'000 30.03.2012 Mutual Fund Manager

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 852'800 0.74 28'500 30.06.2012 Investment Advisor

CLAYMORE INVESTMENTS CLAYMORE INVESTMENTS 13F 806'385 0.7 261'815 30.06.2012 Investment Advisor

BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 791'280 0.69 60'777 30.06.2012 Investment Advisor

CI INVESTMENTS INC Multiple Portfolios MF-AGG 714'800 0.62 700 29.07.2011 Hedge Fund Manager




Dundee Securities Corp DALE MAH buy 5 M 21 12 month 22.08.2012

Cormark Securities Inc. GRAEME JENNINGS buy 5 M 23 12 month 22.08.2012



Holdings By:

First Majestic Silver Corp ee


14.09.2012

AuRico Gold Inc. is an intermediate gold and silver producer. The Company

owns and operates producing mines in Mexico, including the Ocampo mine in

Chihuahua State, the El Chanate project in Sonora State, and the El Cubo mine in

Guanajuato State.


LTM as of: 06/yy

52-Week High (20.09.2011) 11.58

52-Week Low (05.09.2012) 5.25

Daily Volume

6.34





1'786.98 1 Yr Total Return -43.19%







AUQ US EQUITY YTD Change - Average Volume 30 Day 2'697'343

AUQ US EQUITY YTD % CHANGE - Average Volume 3 Month 2'701'869


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

152.1 212.5 206.8 238.3 401.9 309.8 412.3 424.8 636.1 89.1 136.7

6.41x 3.30x 6.86x 4.42x 5.78x 16.56x 21.86x 4.76x 3.04x 22.02x 14.19x

(18.2) 53.3 70.5 106.6 203.6 158.0 201.1 187.4 355.5 39.3 76.4

0.00x 13.17x 20.14x 9.87x 11.42x 11.55x 12.40x 10.77x 5.68x 5.18x 4.31x

(101.3) 38.7 8.2 (134.7) 176.9 74.7 164.0 96.5 202.6 15.4 38.6

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 18.32x 9.68x 9.39x 7.90x











EBITDA Margin 50.7%



Asset Turnover 0.20







Fiscal Year Ended

AuRico Gold IncPrice/Volume

Valuation Analysis

4'362'486.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/

1

3

5

.-

./

.1

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

2'- G

.-'- G

.2'- G

/-'- G

/2'- G

0-'- G

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

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

-'/-

-'1-

-'3-

-'5-

.'--

.'/-



14.09.2012





HEARTLAND ADVISORS I HEARTLAND ADVISORS I 13F 10'017'400 3.55 (654'831) 30.06.2012 Investment Advisor

UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 8'701'200 3.09 (1'610'800) 30.06.2012 Investment Advisor

NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 7'088'208 2.51 (337'381) 30.06.2012 Investment Advisor


PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 5'529'458 1.96 1'070'300 30.06.2012 Investment Advisor



BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 4'047'904 1.44 (1'202'794) 30.06.2012 Investment Advisor


GEOLOGIC RESOURCE PA GEOLOGIC RESOURCE PA 13F 3'789'100 1.34 (937'000) 30.06.2012 Hedge Fund Manager


DREMAN VALUE MANAGEM DREMAN VALUE MANAGEM 13F 3'597'865 1.28 385'681 30.06.2012 Investment Advisor


SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 3'547'834 1.26 4'649 30.06.2012 Hedge Fund Manager



NATCAN INVESTMENT MA NATCAN INVESTMENT MA 13F 3'095'778 1.1 189'319 31.03.2012 Investment Advisor




CIBC World Markets BARRY COOPER sector perform 3 M 7 18 month 06.09.2012


Desjardins Securities BRIAN CHRISTIE hold 3 D 8 12 month 06.09.2012


Canaccord Genuity Corp RAHUL PAUL hold 3 M 7 12 month 06.09.2012

GMP CRAIG WEST buy 5 M 14 12 month 06.09.2012


National Bank Financial PAOLO LOSTRITTO sector perform 3 M 8 12 month 06.09.2012

Scotia Capital TREVOR TURNBULL sector perform 3 D 6 12 month 05.09.2012



Raymond James FORBES GEMMELL Under Review #N/A N/A M #N/A N/A Not Provided 16.05.2012

Holdings By:

AuRico Gold Inc ee


14.09.2012

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: 06/yy

52-Week High (14.09.2011) 7.58

52-Week Low (15.05.2012) 3.70

Daily Volume

6.24





1'781.44 1 Yr Total Return -15.30%







HL US EQUITY YTD Change - Average Volume 30 Day 4'685'188

HL US EQUITY YTD % CHANGE - Average Volume 3 Month 4'594'049


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

153.7 204.7 312.5 418.8 477.6 504.5 381.6 341.1 491.2 80.2 86.4

4.79x 3.08x 4.39x 6.28x 2.59x 15.94x 11.88x 4.74x 3.27x 19.84x 18.82x

56.7 15.3 132.3 211.3 254.7 282.2 156.4 128.0 261.9 26.5 32.0

12.98x 41.21x 10.38x 12.44x 4.85x 6.29x 7.32x 12.26x 5.99x 8.92x 7.79x

53.2 (66.6) 67.8 49.0 151.2 86.7 89.6 48.3 129.0 9.1 10.3

19.48x 0.00x 34.33x 62.56x 12.16x 24.03x 21.59x 40.52x 14.12x 19.87x 16.55x


EBIT 207.39 Long-Term Rating NR









EBITDA Margin 53.3%



Asset Turnover 0.34







Fiscal Year Ended

Hecla Mining CoPrice/Volume

Valuation Analysis

11'579'032.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-./0123456

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

.-'- G

/-'- G

0-'- G

1-'- G

2-'- G

3-'- G

0.0

100.0

200.0

300.0

400.0

500.0

600.0

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

-'--

/-'--

1-'--

3-'--

5-'--

.--'--

./-'--

.1-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



14.09.2012







ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 5'621'815 1.97 - 30.06.2012 Investment Advisor

NEW JERSEY DIVISION STATE OF NJ COMMON P 13F 5'300'000 1.86 (900'000) 30.06.2012 Pension Fund (ERISA)



BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 3'561'296 1.25 - 30.06.2012 Investment Advisor


CS MCKEE LP C S MCKEE LP 13F 3'344'300 1.17 (180'800) 30.06.2012 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 2'712'420 0.95 (49'900) 30.06.2012 Investment Advisor


D E SHAW & COMPANY I D E SHAW & CO 13F 2'433'872 0.85 2'277'483 30.06.2012 Hedge Fund Manager

AXA AXA 13F 2'418'493 0.85 - 30.06.2012 Investment Advisor

SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 2'210'923 0.77 353'057 30.06.2012 Investment Advisor

CREDIT SUISSE AG CREDIT SUISSE AG 13F 2'160'940 0.76 405'849 30.06.2012 Investment Advisor

MORGAN STANLEY SMITH MORGAN STANLEY SMITH 13F 2'039'226 0.71 141'824 30.06.2012 Investment Advisor

QUANTEX AG Multiple Portfolios MF-AGG 2'015'000 0.71 - 23.08.2012 Investment Advisor




Scotia Capital TREVOR TURNBULL sector perform 3 M 6 12 month 03.09.2012




Global Hunter Securities JEFF WRIGHT neutral 3 M 5 12 month 08.08.2012



Holdings By:

Hecla Mining Co ee


14.09.2012

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: 06/yy

52-Week High (20.09.2011) 26.92

52-Week Low (18.05.2012) 10.06

Daily Volume

15.92





1'285.49 1 Yr Total Return -38.82%







SSRI US EQUITY YTD Change - Average Volume 30 Day 1'045'178

SSRI US EQUITY YTD % CHANGE - Average Volume 3 Month 926'740


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

0.0 0.0 5.4 112.3 147.8 194.0 121.3 221.5 280.6 59.9 78.0

0.00x 0.00x 307.12x 18.82x 6.19x 41.49x 32.24x 4.82x 3.84x 17.71x 13.76x

(22.8) (17.9) (17.7) 5.3 39.4 64.2 14.8 65.6 67.9 20.3 36.3

0.00x 0.00x 0.00x 400.55x 23.24x 29.58x 46.55x 16.21x 15.67x 11.21x 11.98x

(33.0) (5.6) (13.2) 338.5 80.1 406.9 57.9 (2.4) 26.1 0.7 8.4

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 91.49x 39.41x 47.81x 47.66x











EBITDA Margin 26.6%



Asset Turnover 0.12








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

2'033'116.00


-

2

.-

.2

/-

/2

0-

02

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

.'- G

/'- G

0'- G

1'- G

2'- G

3'- G

4'- G

5'- G

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

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

-'/-

-'1-

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14.09.2012






AXA AXA 13F 1'501'637 1.86 (11'300) 30.06.2012 Investment Advisor

NEWGATE CAPITAL MANA NEWGATE CAPITAL MANA 13F 1'459'694 1.81 415'984 30.06.2012 Investment Advisor

BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 1'041'629 1.29 - 30.06.2012 Investment Advisor

MANULIFE ASSET MANAG MANULIFE ASSET MANAG 13F 1'025'040 1.27 1'025'040 30.06.2012 Investment Advisor

GLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 991'398 1.23 176'763 30.06.2012 Investment Advisor

BLACKROCK INC BLACKROCK INC 13F 870'734 1.08 (860) 30.06.2012 Investment Advisor

NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 842'445 1.04 (265'975) 30.06.2012 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 780'000 0.97 780'000 30.03.2012 Mutual Fund Manager

UBS AG UBS AG 13F 756'510 0.94 80'412 30.06.2012 Investment Advisor

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 744'970 0.92 - 30.06.2012 Investment Advisor

CARLSON CAPITAL LP CARLSON CAPITAL LP 13F 728'733 0.9 661'833 30.06.2012 Hedge Fund Manager

BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 642'777 0.8 27'616 30.06.2012 Investment Advisor

JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 625'441 0.77 - 30.06.2012 Investment Advisor

LRI-FUND MANAGEMENT Multiple Portfolios MF-AGG 620'800 0.77 - 31.08.2012 Investment Advisor

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

SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 588'342 0.73 (88'330) 30.06.2012 Investment Advisor




Credit Suisse RALPH M PROFITI neutral 3 M 19 Not Provided 13.08.2012


Salman Partners ASH GUGLANI buy 5 M 20 12 month 10.08.2012




Global Hunter Securities JEFF WRIGHT accumulate 4 M 22 12 month 09.08.2012


Holdings By:

Silver Standard Resources Inc ee


14.09.2012

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

has a gold-copper-zinc mine in Eritrea.


LTM as of: 06/yy

52-Week High (20.09.2011) 6.93

52-Week Low (16.05.2012) 2.68

Daily Volume

4.66




Shares Out #N/A N/A - Short Int 0.67

- 1 Yr Total Return -28.97%





Enterprise Value -


NSU US EQUITY YTD Change - Average Volume 30 Day 415'586

NSU US EQUITY YTD % CHANGE - Average Volume 3 Month 492'310


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

0.0 0.0 0.0 0.0 547.8 190.4 656.7 449.1 295.6 123.0 73.1

0.00x 0.00x 0.00x 0.00x 1.60x 22.87x 4.18x - - - -

(10.6) (6.1) (4.9) (12.2) 429.2 138.4 521.2 371.3 205.5 94.7 40.6

0.00x 0.00x 0.00x 0.00x 2.04x 0.00x 0.80x - - - -

(12.0) (5.7) (4.3) (13.3) 147.1 43.2 180.8 120.0 66.4 24.7 11.3

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 7.90x 12.73x 18.64x 20.09x











EBITDA Margin 78.4%



Asset Turnover 0.97








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Nevsun Resources LtdPrice/Volume

Valuation Analysis

1'085'481.00


-

.

/

0

1

2

3

4

5

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

.'- G

/'- G

0'- G

1'- G

2'- G

3'- G

4'- G

0.0

100.0

200.0

300.0

400.0

500.0

600.0

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

-'/-

-'1-

-'3-

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.'/-



14.09.2012


VANGUARD GROUP INC Multiple Portfolios MF-AGG 39'663'403 0 117'514 30.06.2012 Investment Advisor

PRUDENTIAL PLC PRUDENTIAL PLC 13F 38'500'000 0 - 30.06.2012 Investment Advisor

FRANKLIN RESOURCES I FRANKLIN ADVISERS IN 13F 28'500'800 0 (494'840) 30.06.2012 Investment Advisor

BLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 11'129'142 0 6'872 30.06.2012 Investment Advisor

VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 9'167'718 0 1'834'027 30.06.2012 Investment Advisor

BLACKROCK INC BLACKROCK INC 13F 6'843'097 0 819'120 30.06.2012 Investment Advisor

JP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 6'391'135 0 (4'979'711) 30.06.2012 Investment Advisor

JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 5'640'835 0 (295'000) 30.04.2012 Investment Advisor

ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 3'226'940 0 1'236'337 30.06.2012 Hedge Fund Manager

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 2'873'132 0 (222'303) 30.06.2012 Investment Advisor

RUFFER LLP Multiple Portfolios MF-AGG 2'318'000 0 (300'000) 30.04.2012 Hedge Fund Manager

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 1'854'020 0 - 30.06.2012 Investment Advisor

HIGHSTREET ASSET MAN HIGHSTREET ASSET MAN 13F 1'785'364 0 1'055'774 30.06.2012 Investment Advisor

ACUITY INVESTMENT MA ACUITY INVESTMENT MA 13F 1'718'100 0 (1'782'900) 30.06.2012 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 1'648'068 0 331'700 30.06.2012 Pension Fund (ERISA)

DAVIS CLIFFORD T n/a SEDI 1'603'319 0 803'319 18.09.2011 n/a

SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 1'568'800 0 492'900 30.06.2012 Investment Advisor

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 1'527'377 0 124'277 30.06.2012 Investment Advisor

LONESTAR CAPITAL MAN LONESTAR CAPITAL MAN 13F 1'499'500 0 - 30.06.2012 Hedge Fund Manager

BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 1'402'891 0 (20'356) 30.06.2012 Investment Advisor


RBC Capital Markets PATRICK MORTON sector perform 3 M 5 12 month 06.09.2012


GMP ANDREW MIKITCHOOK buy 5 M 5 Not Provided 21.08.2012

Paradigm Capital Inc DAVID DAVIDSON buy 5 M 9 12 month 09.08.2012

Haywood Securities Inc. STEFAN IOANNOU sector outperform 5 M 5 Not Provided 09.08.2012


CIBC World Markets COSMOS CHIU sector underperform 1 M 5 Not Provided 08.08.2012


Holdings By:

Nevsun Resources Ltd ee


14.09.2012

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: 06/yy

52-Week High (14.09.2011) 28.16

52-Week Low (16.05.2012) 12.20

Daily Volume

19.64





853.40 1 Yr Total Return -25.10%





Enterprise Value 779.83


SA US EQUITY YTD Change - Average Volume 30 Day 292'380

SA US EQUITY YTD % CHANGE - Average Volume 3 Month 285'526


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

0.00x 0.00x 0.00x 0.00x 0.00x #DIV/0! #DIV/0! - - - -

(6.7) (5.6) (5.0) (5.7) (19.8) (13.9) (17.4) (19.5) (20.5) - -

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

(5.5) 10.3 (4.7) 3.3 (20.1) (6.2) (13.1) - - - -

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

EBITDA -19.81 Long-Term Rating Date -

EBIT -19.84 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -



Return on Capital - EBITDA/Interest Exp. -792.36


Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA 0.00

EBITDA Margin -

EBIT Margin - Total Debt/Equity 0.0%

Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover 0.00




Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -



Fiscal Year Ended

Seabridge Gold IncPrice/Volume

Valuation Analysis

880'355.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

2

.-

.2

/-

/2

0-

02

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G'/ G'1 G'3 G'5 G.'- G.'/ G.'1 G.'3 G.'5 G/'- G

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

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

-'/-

-'1-

-'3-

-'5-

.'--

.'/-



14.09.2012


PAN ATLANTIC BANK n/a PROXY 8'001'232 18.41 - 10.05.2012 Bank

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 5'773'883 13.29 (370'300) 30.06.2012 Investment Advisor


FRONK RUDI P n/a SEDI 1'170'000 2.69 250'000 05.01.2011 n/a

ANTHONY JAMES S n/a PROXY 779'791 1.79 - 15.05.2012 n/a

FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 755'000 1.74 (20'600) 31.08.2012 Investment Advisor

BRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 663'552 1.53 (208'720) 30.06.2012 Hedge Fund Manager

FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 601'905 1.39 - 30.06.2012 Investment Advisor

FCMI FINANCIAL CORP n/a PROXY 555'000 1.28 - 10.05.2012 Corporation

BLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 495'600 1.14 11'200 30.06.2012 Investment Advisor

FNDTN FOR STUDY OBJ n/a SEDI 425'334 0.98 - 06.02.2012 Other

SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 347'641 0.8 208'991 30.06.2012 Investment Advisor

PORTOLA GROUP INCORP PORTOLA GROUP INCORP 13F 334'845 0.77 (29'395) 30.06.2012 Investment Advisor

NORGES BANK NORGES BANK 13F 306'863 0.71 306'863 31.12.2011 Government

FOX LOUIS J n/a SEDI 300'750 0.69 - 06.12.2011 n/a


THRELKELD WILLIAM E n/a SEDI 265'000 0.61 (10'000) 30.08.2011 n/a

BANFIELD A FREDERICK n/a PROXY 245'000 0.56 - 15.05.2012 n/a

VANGUARD GROUP INC Multiple Portfolios MF-AGG 189'159 0.44 12'845 30.06.2012 Investment Advisor

THE BANK OF NOVA SCO THE BANK OF NOVA SCO 13F 167'000 0.38 167'000 30.06.2012 Investment Advisor


Stonecap Securities Inc CHRISTOS DOULIS sector perform 3 M 19 12 month 06.09.2012

Dahlman Rose & Co ADAM P GRAF buy 5 M 83 12 month 05.09.2012

Nomura TYLER BRODA buy 5 M 24 Not Provided 16.05.2012

Holdings By:

Seabridge Gold Inc ee


14.09.2012

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: 06/yy

52-Week High (21.09.2011) 7.25

52-Week Low (16.05.2012) 3.82

Daily Volume

4.9












AZK US EQUITY YTD Change - Average Volume 30 Day 467'525

AZK US EQUITY YTD % CHANGE - Average Volume 3 Month 508'939


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

119.2 144.5 175.6 178.7 260.0 194.6 271.4 247.6 264.8 67.6 69.8

5.15x 4.07x 3.65x 5.82x 2.31x 19.23x 9.01x 2.27x 1.94x - -

47.6 53.5 87.5 69.8 124.9 70.9 132.2 112.6 126.0 32.0 39.1

12.90x 10.98x 7.32x 14.90x 4.81x 10.21x 4.17x 5.06x 4.52x - -

9.4 4.9 36.7 17.2 43.9 18.4 51.7 44.2 56.9 13.2 15.0

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 16.78x 14.25x 13.44x 12.79x











EBITDA Margin 48.1%



Asset Turnover 0.69







Fiscal Year Ended

Aurizon Mines LtdPrice/Volume

Valuation Analysis

1'208'803.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

/

0

1

2

3

4

5

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

'2 G

.'- G

.'2 G

/'- G

/'2 G

0'- G

0'2 G

1'- G

0.0

50.0

100.0

150.0

200.0

250.0

300.0

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

-'/-

-'1-

-'3-

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.'/-



14.09.2012


VAN ECK ASSOCIATES C #N/A N/A Co File 23'574'055 14.34 11'936'394 31.08.2012 Investment Advisor


UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 7'000'000 4.26 - 30.06.2012 Investment Advisor

CAMBIOR INC n/a 13D 6'961'953 4.23 - 23.01.2006 Corporation


MONTRUSCO BOLTON INV MONTRUSCO BOLTON INV 13F 6'149'808 3.74 111'461 30.06.2012 Investment Advisor


WELLS FARGO FUNDS MA Multiple Portfolios MF-AGG 3'895'597 2.37 - 31.07.2012 Investment Advisor


ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 3'526'254 2.14 656'349 30.06.2012 Hedge Fund Manager




HIGHSTREET ASSET MAN HIGHSTREET ASSET MAN 13F 2'550'907 1.55 797'249 30.06.2012 Investment Advisor

FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 2'366'900 1.44 - 30.06.2012 Investment Advisor


NATCAN INVESTMENT MA NATCAN INVESTMENT MA 13F 2'217'934 1.35 (175'846) 31.03.2012 Investment Advisor

MD MANAGEMENT LTD Multiple Portfolios MF-AGG 2'035'269 1.24 65'211 30.06.2012 Investment Advisor


NORTHWEST MUTUAL FUN Multiple Portfolios MF-AGG 1'652'599 1.01 (63'599) 31.07.2012 Investment Advisor


BMO Capital Markets ANDREW KAIP market perform 3 M 6 12 month 07.09.2012


Loewen, Ondaatje, McCutcheon Ltd MICHAEL G FOWLER buy 5 M 9 12 month 07.09.2012


Scotia Capital OVAIS HABIB sector outperform 5 M 7 12 month 06.09.2012





Mackie Research Capital Corp. RYAN HANLEY buy 5 M 7 Not Provided 09.08.2012

Euro Pacific Capital Inc HEIKO IHLE buy 5 M 6 12 month 09.08.2012



Holdings By:

Aurizon Mines Ltd ee


14.09.2012

Tanzanian Royalty Exploration Corporation acquires, explores, and develops

mineral properties. The Company explores for gold.


LTM as of: 05/yy

52-Week High (14.09.2011) 5.85

52-Week Low (10.11.2011) 1.56

Daily Volume

4.91









Cash and Equivalents 32.46 Consensus Rating -



TRX US EQUITY YTD Change - Average Volume 30 Day 353'443

TRX US EQUITY YTD % CHANGE - Average Volume 3 Month 375'277


31.08.2007 31.08.2008 31.08.2009 31.08.2010 31.08.2011 05/yy 05/yy 08/12 Y 08/13 Y 08/12 Q4 11/12 Q1

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

0.00x 0.00x 0.00x 0.00x 0.00x #DIV/0! #DIV/0! - - - -

(2.5) (2.9) (3.4) (3.0) (8.2) (3.7) (8.4) - - - -

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

(3.9) (3.7) (4.7) (3.4) (10.2) (4.6) (11.7) - - - -

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









Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -0.36

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

537'706.00


-

.

/

0

1

2

3

4

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G/'- G1'- G3'- G5'- G.-'- G./'- G.1'- G.3'- G.5'- G

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

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

-'/-

-'1-

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14.09.2012



GEIER GROUP LLC n/a 13G 4'879'743 4.86 (4'801'048) 10.11.2011 Other

BPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 4'202'587 4.18 36'110 30.06.2012 Mutual Fund Manager

SINCLAIR JAMES E n/a SEDI 2'082'643 2.07 (10'980) 15.06.2012 n/a

BPI GLOBAL INVESTMEN Multiple Portfolios MF-AGG 711'779 0.71 (53'131) 31.07.2012 Mutual Fund Manager


BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 484'695 0.48 38'968 30.06.2012 Investment Advisor

JONES HEWARD INVESTM Multiple Portfolios MF-AGG 434'230 0.43 - 06.09.2012 Investment Advisor

FRANCIS M REPS FRANCIS M REPS 13F 430'500 0.43 (2'500) 31.03.2012 Investment Advisor

MORROW ROSALIND n/a SEDI 424'047 0.42 17'903 29.05.2012 n/a

VANGUARD GROUP INC Multiple Portfolios MF-AGG 417'740 0.42 300 30.06.2012 Investment Advisor

AXA AXA 13F 395'643 0.39 - 30.06.2012 Investment Advisor

BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 365'410 0.36 (34'620) 30.06.2012 Investment Advisor

HARVEY WILLIAM M n/a SEDI 332'358 0.33 12'845 08.05.2012 n/a

KRECZMER MAREK J n/a SEDI 319'858 0.32 (3'000) 05.11.2010 n/a

PORTOLA GROUP INCORP PORTOLA GROUP INCORP 13F 212'560 0.21 560 30.06.2012 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 175'712 0.17 (171'454) 30.06.2012 Pension Fund (ERISA)

PEAK6 INVESTMENTS LP PEAK6 INVESTMENTS LP 13F 112'460 0.11 112'460 30.06.2012 Hedge Fund Manager

HSBC TRINKAUS INVEST Multiple Portfolios MF-AGG 100'000 0.1 30'000 28.02.2011 Mutual Fund Manager

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 94'226 0.09 40'043 30.06.2012 Investment Advisor


#N/A N/A

Holdings By:

Tanzanian Royalty Exploration Corp ee


14.09.2012

Golden Star Resources Ltd. is a mid-tier gold mining company. The Company's

operating mines are situated along the Ashanti Gold Belt in Ghana, West Africa.


LTM as of: 06/yy

52-Week High (14.09.2011) 2.50

52-Week Low (22.05.2012) 0.90

Daily Volume

1.69








Minority Interest (1.3) Analyst Recs 11




GSS US EQUITY YTD Change - Average Volume 30 Day 2'179'707

GSS US EQUITY YTD % CHANGE - Average Volume 3 Month 2'029'742


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

175.6 257.4 0.0 432.7 471.0 435.4 512.0 567.9 639.9 146.0 159.7

4.78x 1.43x 0.00x 2.72x 0.98x 8.65x 3.61x 0.78x 0.52x 3.07x 3.38x

6.0 1.8 0.0 107.6 91.8 72.3 119.7 162.5 210.5 48.0 57.3

139.20x 200.09x 0.00x 10.93x 5.00x 7.99x 2.83x 2.93x 2.26x 1.69x 1.48x

(36.4) (119.3) 0.0 (11.2) (2.1) 4.5 8.6 40.2 83.9 13.3 19.3

0.00x 0.00x 0.00x 0.00x 0.00x 81.43x 0.00x 13.74x 5.79x 5.20x 4.28x







Return on Capital -0.87% EBITDA/Interest Exp. 10.33




EBITDA Margin 19.5%



Asset Turnover 0.64







Fiscal Year Ended

Golden Star Resources LtdPrice/Volume

Valuation Analysis

5'085'622.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

.

/

/

0

0

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

/'- G

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.-'- G

./'- G

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0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

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

-'--

2'--

.-'--

.2'--

/-'--

/2'--

0-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



14.09.2012



SENTRY SELECT CAPITA n/a PROXY 32'626'900 12.6 - 14.03.2012 Investment Advisor


HEARTLAND ADVISORS I HEARTLAND ADVISORS I 13F 27'972'500 10.81 5'789'250 30.06.2012 Investment Advisor

ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 7'151'979 2.76 (1'214'032) 30.06.2012 Hedge Fund Manager





BATTERYMARCH FINANCI BATTERYMARCH FINANCI 13F 2'314'354 0.89 638'051 30.06.2012 Investment Advisor


BLACKROCK INC BLACKROCK INC 13F 1'868'773 0.72 (1'160'481) 30.06.2012 Investment Advisor


TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'371'693 0.53 116'122 30.06.2012 Investment Advisor


LEGG MASON CAPITAL M Multiple Portfolios MF-AGG 1'350'494 0.52 434'841 30.06.2012 Investment Advisor


GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 1'159'509 0.45 70'245 30.06.2012 Investment Advisor

BPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 1'132'798 0.44 - 30.06.2012 Mutual Fund Manager

JONES HEWARD INVESTM Multiple Portfolios MF-AGG 1'118'669 0.43 - 06.09.2012 Investment Advisor


Macquarie PIERRE VAILLANCOURT neutral 3 M 2 12 month 07.09.2012




Raymond James BRAD HUMPHREY market perform 3 M 2 12 month 10.08.2012




BMO Capital Markets ANDREW BREICHMANAS market perform 3 M 2 Not Provided 17.07.2012

Paradigm Capital Inc DON MACLEAN sell 1 M 4 12 month 21.02.2012

Holdings By:

Golden Star Resources Ltd ee


14.09.2012

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: 06/yy

52-Week High (14.09.2011) 4.59

52-Week Low (16.05.2012) 2.28

Daily Volume

3.54












VGZ US EQUITY YTD Change - Average Volume 30 Day 391'404

VGZ US EQUITY YTD % CHANGE - Average Volume 3 Month 377'119


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

0.00x 0.00x 0.00x 0.00x 0.00x #DIV/0! #DIV/0! - - - -

(9.2) (6.5) (6.1) (17.7) (28.1) (19.7) (34.1) (30.3) (26.5) (8.0) (8.0)

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

(13.2) (10.0) (1.9) (20.0) 51.5 34.6 (34.1) (59.0) (21.5) (8.6) (8.6)

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







Return on Capital 46.38% EBITDA/Interest Exp. -234.58


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

Vista Gold CorpPrice/Volume

Valuation Analysis

832'287.00


-..//001122

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

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1.5

2.0

2.5

3.0

3.5

4.0

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

-'--

-'2-

.'--

.'2-

/'--

/'2-

0'--

0'2-

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-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



14.09.2012


SUN VALLEY GOLD LLC n/a Co File 10'812'310 14 1'666'666 27.07.2012 Hedge Fund Manager

SPROTT INC n/a Co File 8'645'873 11.2 3'096'315 31.07.2012 Hedge Fund Manager



LOEWS CORPORATION LOEWS CORPORATION 13F 1'758'748 2.28 - 30.06.2012 Corporation


RUFFER LLP Multiple Portfolios MF-AGG 1'105'000 1.43 - 30.04.2012 Hedge Fund Manager


NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 791'538 1.03 (103'976) 30.06.2012 Investment Advisor

ANDREEFF EQUITY ADVI ANDREEFF EQUITY ADVI 13F 755'085 0.98 (14'549) 30.06.2012 Hedge Fund Manager

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 498'000 0.65 57'695 30.06.2012 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 344'140 0.45 (22'788) 30.06.2012 Investment Advisor

IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 342'149 0.44 (13'000) 29.03.2012 Investment Advisor

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 332'497 0.43 26'742 30.06.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 327'525 0.42 (15'593) 30.06.2012 Investment Advisor

JONES HEWARD INVESTM Multiple Portfolios MF-AGG 309'137 0.4 - 06.09.2012 Investment Advisor

STRS OHIO STRS OHIO 13F 267'400 0.35 16'700 30.06.2012 Pension Fund (ERISA)

GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 261'163 0.34 (411) 30.06.2012 Investment Advisor

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 255'990 0.33 1'072 31.07.2012 Investment Advisor

RICHINGS MICHAEL B n/a Form 4 205'457 0.27 (17'982) 27.08.2012 n/a


Roth Capital Partners BRIAN W POST buy 5 M 9 12 month 07.09.2012

Global Hunter Securities JEFF WRIGHT buy 5 M 7 12 month 05.09.2012

Dahlman Rose & Co ADAM P GRAF buy 5 M 14 12 month 04.09.2012

Stonegate Securities Inc MARCO RODRIGUEZ no rating system #N/A N/A M #N/A N/A Not Provided 13.08.2012



Holdings By:

Vista Gold Corp ee


14.09.2012

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: 06/yy

52-Week High (16.09.2011) 2.29

52-Week Low (13.09.2012) 0.08

Daily Volume

0.0877












GBG US EQUITY YTD Change - Average Volume 30 Day 4'297'666

GBG US EQUITY YTD % CHANGE - Average Volume 3 Month 2'978'569


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

0.0 24.7 33.7 99.7 170.3 138.0 153.0 187.0 266.5 85.1 95.9

0.00x 14.86x 19.15x 14.22x 4.16x 36.00x 19.98x 1.44x - - -

(62.2) (104.9) (50.6) (15.7) 18.3 5.2 (11.4) 5.7 98.6 - -

0.00x 0.00x 0.00x 0.00x 38.63x 212.82x 0.00x 56.97x 3.28x - -

(51.2) (84.9) (48.4) (27.1) (17.7) (37.5) (36.1) (221.1) 35.4 3.3 9.9

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - 2.35x 2.12x 1.16x



Operating Margin -0.33% Long-Term Outlook -








EBITDA Margin 10.8%

EBIT Margin -0.3% Total Debt/Equity 59.9%


Asset Turnover 0.21








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Great Basin Gold LtdPrice/Volume

Valuation Analysis

28'840'981.00


-

.

.

/

/

0

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

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180.0

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

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14.09.2012




RUFFER LLP Multiple Portfolios MF-AGG 22'797'000 4.13 2'740'000 30.04.2012 Hedge Fund Manager

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


FRANKLIN RESOURCES I FRANKLIN ADVISERS IN 13F 17'785'700 3.22 - 30.06.2012 Investment Advisor

MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 17'285'800 3.13 4'851'800 30.06.2012 Investment Advisor

WELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 13'649'510 2.47 1'216'090 30.06.2012 Investment Advisor


NEWGATE CAPITAL MANA NEWGATE CAPITAL MANA 13F 5'725'013 1.04 (1'742'538) 30.06.2012 Investment Advisor

FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 5'547'298 1 (85'000) 30.06.2012 Investment Advisor


ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 3'953'900 0.72 - 30.06.2012 Investment Advisor

BLACKROCK INC BLACKROCK INC 13F 3'853'973 0.7 (1'916'136) 30.06.2012 Investment Advisor


VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'982'704 0.54 175'143 30.06.2012 Investment Advisor

JONES HEWARD INVESTM Multiple Portfolios MF-AGG 2'397'036 0.43 - 06.09.2012 Investment Advisor

INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 2'165'846 0.39 (260'000) 30.06.2012 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 2'155'846 0.39 (270'000) 30.06.2012 Investment Advisor

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 2'127'600 0.39 (440'900) 30.06.2012 Investment Advisor


RBC Capital Markets JONATHAN GUY underperform 1 M 0 12 month 07.09.2012

BMO Capital Markets ANDREW BREICHMANAS underperform 1 M #N/A N/A Not Provided 05.09.2012

Stifel Nicolaus JOSH WOLFSON sell 1 M #N/A N/A Not Provided 04.09.2012



Raymond James BRAD HUMPHREY underperform 1 D 0 12 month 16.08.2012

Holdings By:

Great Basin Gold Ltd ee


14.09.2012

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

a Vancouver based gold producer with mines in Nicaragua and a portfolio of

development and exploration assets in Nicaragua, Colombia and Uruguay.


LTM as of: 06/yy

52-Week High (02.04.2012) 4.55

52-Week Low (16.05.2012) 2.63

Daily Volume

4.1












BTO CN EQUITY YTD Change - Average Volume 30 Day 2'042'355

BTO CN EQUITY YTD % CHANGE - Average Volume 3 Month 2'169'293


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

0.0 0.0 20.6 127.5 225.4 195.2 238.6 258.3 338.3 69.0 74.9

0.00x 0.00x 15.58x 6.62x 4.75x 17.61x 20.70x 6.11x 4.39x 22.89x 21.07x

(4.2) (10.6) (9.6) 38.1 112.0 91.5 111.1 124.7 216.3 34.3 39.9

0.00x 0.00x 0.00x 22.14x 9.55x 11.80x 9.83x 12.79x 7.37x 8.29x 7.25x

(4.2) (30.0) (27.8) 20.0 56.3 58.8 56.4 67.5 130.0 18.1 22.0

0.00x 0.00x 0.00x 135.27x 19.06x 24.15x 18.78x 22.11x 14.06x 16.72x 15.06x











EBITDA Margin 49.7%



Asset Turnover 0.50







Fiscal Year Ended

B2Gold CorpPrice/Volume

Valuation Analysis

4'947'071.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-..//001122

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

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./'- G

0.0

50.0

100.0

150.0

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

-'--

/-'--

1-'--

3-'--

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.--'--

./-'--

.1-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



14.09.2012


FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 46'327'233 11.8 175'000 31.07.2012 Investment Advisor

RESOLUTE FUNDS LTD n/a Co File 33'800'000 8.61 (11'874'000) 28.02.2011 Investment Advisor

VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 25'779'935 6.57 74'858 05.09.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 18'054'900 4.6 - 04.09.2012 Investment Advisor

RBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 14'982'735 3.82 (1'046'254) 30.03.2012 Investment Advisor

SENTRY SELECT CAPITA Multiple Portfolios MF-AGG 12'275'000 3.13 - 30.06.2011 Investment Advisor

JOHNSON CLIVE T n/a SEDI 7'716'820 1.97 (14'705) 09.08.2012 n/a

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 6'311'108 1.61 230'000 28.06.2012 Investment Advisor

MANULIFE ASSET MANAG Multiple Portfolios MF-AGG 5'673'411 1.44 18'108 31.08.2012 Investment Advisor

CI INVESTMENTS INC Multiple Portfolios MF-AGG 4'862'641 1.24 (84'000) 20.08.2012 Hedge Fund Manager

GARAGAN THOMAS n/a SEDI 4'829'832 1.23 (500'000) 30.05.2012 n/a

CORRA MARK A n/a SEDI 4'823'582 1.23 (500'000) 30.05.2012 n/a

RICHER ROGER THOMAS n/a SEDI 4'569'832 1.16 (500'000) 30.05.2012 n/a

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 4'254'075 1.08 (275'500) 30.09.2011 Investment Advisor

JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 4'100'000 1.04 - 30.04.2012 Investment Advisor

STANSBURY DENNIS ROB n/a SEDI 3'949'132 1.01 (250'000) 30.05.2012 n/a

SCEPTRE INVESTMENT C Multiple Portfolios MF-AGG 3'945'920 1 (1'442'800) 31.05.2012 Investment Advisor

BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 2'938'186 0.75 (434) 05.09.2012 Investment Advisor

FIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 2'800'800 0.71 (180'000) 30.04.2012 Investment Advisor

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 2'698'517 0.69 4'999 30.06.2012 Investment Advisor


Macquarie MICHAEL GRAY outperform 5 M 5 12 month 07.09.2012


Cormark Securities Inc. RICHARD GRAY top pick 5 M 6 12 month 21.08.2012




Holdings By:

B2Gold Corp ee


14.09.2012

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

for gold in West Africa and Central Asia regions.


LTM as of: 06/yy

52-Week High (21.09.2011) 3.95

52-Week Low (09.05.2012) 2.17

Daily Volume

2.85





1'305.19 1 Yr Total Return -24.00%







PRU CN EQUITY YTD Change - Average Volume 30 Day 1'788'912

PRU CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'191'358


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 06/yy 06/yy 06/13 Y 06/14 Y 09/12 Q1 12/12 Q2

0.0 0.0 0.0 0.0 144.7 0.0 144.7 394.5 559.4 84.8 84.8

0.00x 0.00x 0.00x 0.00x 7.53x #DIV/0! 30.95x 3.14x 2.00x 14.56x 14.56x

(5.5) (3.3) (10.1) (32.0) 55.3 (10.8) 55.3 192.0 293.7 38.0 38.0

0.00x 0.00x 0.00x 0.00x 19.72x 0.00x 19.72x 6.41x 4.19x 6.78x 5.89x

(4.8) (4.8) (9.7) (48.2) 47.2 (48.2) 47.2 110.0 176.6 21.5 21.5

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 11.29x 7.19x 9.96x 8.91x











EBITDA Margin 38.2%



Asset Turnover 0.32








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Perseus Mining LtdPrice/Volume

Valuation Analysis

8'487'620.00


-..//00112

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

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2'- G

3'- G

4'- G

5'- G

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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.'/-



14.09.2012


DUNDEE CORP n/a EXCH 50'889'000 11.11 (5'997'500) 12.10.2011 Holding Company

THE BANK OF NOVA SCO #N/A N/A EXCH 49'800'230 10.87 (1'088'770) 31.08.2012 Investment Advisor

VAN ECK ASSOCIATES C n/a EXCH 38'275'257 8.36 5'186'032 01.06.2012 Investment Advisor

GOODMAN & CO INVESTM Multiple Portfolios MF-AGG 37'964'700 8.29 (2'984'100) 31.05.2012 Hedge Fund Manager

RBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 17'196'200 3.75 - 30.03.2012 Investment Advisor

SENTRY SELECT CAPITA Multiple Portfolios MF-AGG 15'141'500 3.31 - 30.06.2011 Investment Advisor

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 9'425'100 2.06 (2'269'800) 31.05.2012 Investment Advisor

FIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 6'820'800 1.49 150'000 30.04.2012 Investment Advisor

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 6'804'308 1.49 - 31.07.2012 Investment Advisor

JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 6'475'600 1.41 465'600 30.04.2012 Investment Advisor

UNITED SERVICES AUTO Multiple Portfolios MF-AGG 5'421'800 1.18 - 31.05.2012 Investment Advisor

SCOTIA ASSET MANAGEM Multiple Portfolios MF-AGG 5'125'300 1.12 - 31.07.2012 Investment Advisor

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 4'610'900 1.01 - 30.09.2011 Investment Advisor


CALDERWOOD MARK ANDR n/a EXCH 3'600'000 0.79 (1'000'000) 04.09.2012 n/a

MONTRUSCO BOLTON INV Multiple Portfolios MF-AGG 3'504'793 0.77 419'969 31.07.2012 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 3'500'000 0.76 300'000 30.03.2012 Mutual Fund Manager

SPROTT INC Multiple Portfolios MF-AGG 3'293'932 0.72 - 30.06.2011 Hedge Fund Manager

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'135'200 0.68 (64'800) 31.12.2011 Investment Advisor

BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 2'890'707 0.63 - 05.09.2012 Investment Advisor


RBC Capital Markets STEUART MCINTYRE sector perform 3 M 3 12 month 03.09.2012

CIBC World Markets COSMOS CHIU sector outperform 5 M 4 12 month 31.08.2012


Clarus Securities NANA SANGMUAH buy 5 M 5 Not Provided 31.08.2012

BMO Capital Markets ANDREW BREICHMANAS outperform 5 M 3 Not Provided 28.08.2012

Credit Suisse MICHAEL SLIFIRSKI outperform 5 M 3 Not Provided 28.08.2012

JPMorgan ANDREW MUIR overweight 5 M 4 9 month 28.08.2012

Macquarie PIERRE VAILLANCOURT outperform 5 M 3 12 month 28.08.2012

Nomura DAVID COTTERELL neutral 3 M 3 Not Provided 28.08.2012

GMP LEVI SPRY buy 5 M 3 Not Provided 21.08.2012

Argonaut Securities Pty Ltd PATRICK CHANG buy 5 M 3 Not Provided 15.08.2012

Goldman Sachs PAUL HISSEY neutral/attractive 3 M 3 12 month 14.08.2012

BGF Equities Pty Ltd REG SPENCER buy 5 M 3 12 month 14.08.2012

RBS PHILLIP CHIPPINDALE buy 5 M 3 12 month 03.08.2012

Cormark Securities Inc. MIKE KOZAK market perform 3 M 3 12 month 31.07.2012

E.L. & C. Baillieu RAY CHANTRY buy 5 M 3 12 month 20.07.2012

Evans & Partners Pty Ltd CATHY MOISES neutral 3 D #N/A N/A Not Provided 19.07.2012

EVA Dimensions TEAM COVERAGE sell 1 N #N/A N/A Not Provided 13.01.2012

Holdings By:

Perseus Mining Ltd ee


14.09.2012

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: 06/yy

52-Week High (28.10.2011) 10.08

52-Week Low (16.05.2012) 4.89

Daily Volume

6.56












SVM US EQUITY YTD Change - Average Volume 30 Day 1'479'017

SVM US EQUITY YTD % CHANGE - Average Volume 3 Month 1'248'995


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 06/yy 06/yy 03/13 Y 03/14 Y 09/12 Q2 12/12 Q3

108.4 83.5 107.2 167.3 238.0 200.3 212.8 198.0 295.8 48.6 53.3

10.33x 3.67x 9.86x 14.29x 4.61x 35.96x 19.92x 5.61x 3.74x 23.15x 21.22x

76.7 40.4 66.4 110.3 155.3 138.5 125.9 98.0 164.3 25.7 30.2

14.60x 7.59x 15.92x 21.68x 7.06x 10.70x 7.01x 10.79x 6.44x 8.81x 8.06x

59.9 (16.0) 38.5 67.7 73.8 79.2 54.3 38.9 77.2 11.5 14.0

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 27.91x 14.48x 19.64x 17.13x











EBITDA Margin 65.3%



Asset Turnover 0.44







Fiscal Year Ended

Silvercorp Metals IncPrice/Volume

Valuation Analysis

2'618'718.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/

1

3

5

.-

./

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

2'- G

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.2'- G

/-'- G

/2'- G

0-'- G

02'- G

1-'- G

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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.'/-



14.09.2012



ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 5'680'450 3.33 (26'000) 30.06.2012 Investment Advisor

FENG RUI n/a SEDI 4'139'500 2.42 135'000 16.09.2011 n/a


AXA AXA 13F 2'259'386 1.32 - 30.06.2012 Investment Advisor


PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 1'582'860 0.93 - 30.06.2012 Investment Advisor

IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 1'400'100 0.82 - 30.06.2012 Investment Advisor

UBS AG UBS AG 13F 1'382'201 0.81 8'253 30.06.2012 Investment Advisor




BLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 1'207'400 0.71 27'300 30.06.2012 Investment Advisor






SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 956'399 0.56 (63'986) 30.06.2012 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 930'000 0.54 235'000 30.06.2012 Mutual Fund Manager






Knight TEAM COVERAGE strong buy 5 M 13 12 month 20.09.2011

Holdings By:

Silvercorp Metals Inc ee


14.09.2012

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 (21.09.2011) 8.39

52-Week Low (29.12.2011) 4.31

Daily Volume

5.99





1'131.53 1 Yr Total Return -25.45%







MML AU EQUITY YTD Change - Average Volume 30 Day 815'252

MML AU EQUITY YTD % CHANGE - Average Volume 3 Month 685'370


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 - - 170.7 284.6 - -

9.93x 5.99x 6.25x 8.51x 11.40x - - 6.76x 3.83x - -

4.6 30.4 73.0 120.2 57.6 - - 135.1 227.0 - -

34.16x 8.41x 8.04x 10.54x 16.00x - - 8.77x 5.22x - -

(1.2) 28.5 65.8 110.4 49.2 - - 122.9 204.1 - -

0.00x 8.88x 8.74x 12.02x 18.94x - - 9.92x 6.08x - -











EBITDA Margin 71.3%



Asset Turnover 0.26








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

1'413'189.00


-./0123456

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'2 G

.'- G

.'2 G

/'- G

/'2 G

0'- G

0'2 G

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

-'--

2'--

.-'--

.2'--

/-'--

/2'--

0-'--

02'--

-0'-4'/--6 -0'-.'/-.- -0'-4'/-.- -0'-.'/-.. -0'-4'/-.. -0'-.'/-./ -0'-4'/-./



14.09.2012



M&G INVESTMENT MANAG n/a EXCH 24'550'000 13 1'695'000 01.08.2011 Investment Advisor

FIDELITY MANAGEMENT n/a EXCH 21'805'480 11.54 (1'962'429) 28.03.2012 Investment Advisor


BLACKROCK GROUP n/a EXCH 9'336'952 4.94 (134'653) 01.02.2011 Investment Advisor

ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 6'648'801 3.52 (332'299) 31.03.2012 Investment Advisor

REX HARBOUR & ASSOCI n/a EXCH 6'647'146 3.52 (4'714'520) 24.03.2011 n/a

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 4'631'974 2.45 1'262 04.09.2012 Investment Advisor

DAVIS GEOFFREY JOHN n/a Co File 4'052'750 2.15 - 29.08.2012 n/a

UCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 2'648'703 1.4 (415) 31.07.2012 Mutual Fund Manager

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 2'613'520 1.38 - 31.03.2012 Hedge Fund Manager

AFDAL SAMUEL G n/a Co File 1'450'000 0.77 - 30.06.2012 n/a

DANIEL ROY PHILIP n/a Co File 1'425'000 0.75 - 30.06.2012 n/a

QUANTEX AG Multiple Portfolios MF-AGG 1'370'000 0.73 - 23.08.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 1'365'433 0.72 (98'933) 30.12.2011 Investment Advisor



VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 990'088 0.52 5'922 29.06.2012 Mutual Fund Manager

OLD MUTUAL INVESTMEN Multiple Portfolios MF-AGG 903'400 0.48 - 31.07.2012 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 900'000 0.48 - 28.06.2012 Investment Advisor



Morgan Stanley BRENDAN FITZPATRICK Overwt/Attractive 5 M 7 12 month 06.09.2012

Goldman Sachs PAUL HISSEY buy/attractive 5 M 7 12 month 31.08.2012

Seymour Pierce ASA BRIDLE buy 5 M 6 Not Provided 30.08.2012

Deutsche Bank CHRIS TERRY buy 5 M 7 12 month 29.08.2012

RBC Capital Markets STEUART MCINTYRE outperform 5 M 7 12 month 29.08.2012

Fairfax I.S. Limited JOHN MEYER buy 5 M 9 Not Provided 29.08.2012

RBS PHILLIP CHIPPINDALE buy 5 M 7 12 month 03.08.2012


Holdings By:

Medusa Mining Ltd ee


14.09.2012

Rubicon Minerals Corporation is a mineral exploration company. The Company

explores for gold deposits in the Red Lake gold camp of Canada, as well as

Nevada and Alaska.


LTM as of: 06/yy

52-Week High (21.09.2011) 4.60

52-Week Low (16.05.2012) 2.57

Daily Volume

3.59





1'032.33 1 Yr Total Return -13.08%







RMX CN EQUITY YTD Change - Average Volume 30 Day 947'032

RMX CN EQUITY YTD % CHANGE - Average Volume 3 Month 980'081


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

0.00x 0.00x 0.00x 0.00x 0.00x #DIV/0! #DIV/0! - - - -

(3.2) (3.4) (4.6) (25.4) (21.6) (6.2) (22.8) (7.6) (8.3) - -

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

(2.2) (2.4) (0.6) (25.5) (21.4) (22.0) (22.1) (5.7) (6.5) - -

0.00x 0.00x 0.00x 0.00x 0.00x 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

Rubicon Minerals CorpPrice/Volume

Valuation Analysis

1'219'233.00


-..//001122

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

2'- G

.-'- G

.2'- G

/-'- G

/2'- G

0.0

0.0

0.0

0.1

0.1

0.1

0.1

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

-'/-

-'1-

-'3-

-'5-

.'--

.'/-



14.09.2012


IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 16'807'800 5.85 (345'100) 30.06.2012 Investment Advisor

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 14'371'727 5 (351'140) 30.06.2012 Investment Advisor

AGNICO-EAGLE n/a 13D 10'671'827 3.71 (11'000'000) 01.06.2012 Corporation

SENTRY SELECT CAPITA Multiple Portfolios MF-AGG 8'634'200 3 - 30.06.2011 Investment Advisor


SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 7'263'300 2.53 7'263'300 30.06.2012 Hedge Fund Manager

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 6'775'589 2.36 1'404'643 30.06.2012 Investment Advisor

TOGNETTI JOHN n/a SEDI 6'583'483 2.29 62'500 24.08.2012 n/a







BRIDGER MANAGEMENT L BRIDGER MANAGEMENT L 13F 2'170'000 0.75 100'000 30.06.2012 Hedge Fund Manager

LIBRA ADVISORS LLC LIBRA ADVISORS LLC 13F 2'055'500 0.71 (116'600) 30.06.2012 Hedge Fund Manager




US GLOBAL INVESTORS US GLOBAL INVESTORS 13F 1'500'000 0.52 200'000 30.06.2012 Investment Advisor




TD Securities DANIEL EARLE speculative buy 4 M 6 12 month 22.05.2012

Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 6 12 month 09.05.2012

Holdings By:

Rubicon Minerals Corp ee


14.09.2012

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

exploration and development of gold projects in throughout Asia.


LTM as of: 06/yy

52-Week High (27.03.2012) 5.13

52-Week Low (14.12.2011) 1.91

Daily Volume

3.82





1'513.77 1 Yr Total Return -3.05%







CGG CN EQUITY YTD Change - Average Volume 30 Day 356'555

CGG CN EQUITY YTD % CHANGE - Average Volume 3 Month 312'640


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

0.0 29.4 81.0 133.2 311.3 223.9 337.0 320.5 349.3 - -

0.00x 3.54x 7.07x 15.60x 2.82x 29.55x 14.66x 4.29x 3.41x - -

(11.9) (0.1) 25.0 69.3 140.5 107.1 129.4 135.7 176.0 - -

0.00x 0.00x 22.93x 29.97x 6.24x 13.76x 8.90x 10.83x 8.35x - -

(16.5) 14.6 (9.3) 26.2 79.4 55.8 74.4 71.3 89.6 - -

0.00x 36.15x 0.00x 39.69x 13.23x 19.82x 17.71x 21.98x 17.74x - -











EBITDA Margin 45.1%



Asset Turnover 0.18








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Gold International Resources Corp LtdPrice/Volume

Valuation Analysis

582'298.00


-

.

/

0

1

2

3

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

.'- G

/'- G

0'- G

1'- G

2'- G

3'- G

4'- G

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

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

-'--

/-'--

1-'--

3-'--

5-'--

.--'--

./-'--

.1-'--

.3-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



14.09.2012


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


FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 1'963'300 0.5 (512'900) 29.06.2012 Investment Advisor



OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 500'000 0.13 (1'062'400) 28.06.2012 Investment Advisor

DAIWA SB INVESTMENT Multiple Portfolios MF-AGG 350'000 0.09 - 11.01.2012 Investment Advisor

MARLBOROUGH FUND MAN Multiple Portfolios MF-AGG 146'950 0.04 - 01.03.2012 Mutual Fund Manager

GEOGRAPHE CORPORATE n/a SEDI 140'000 0.04 - 27.04.2010 Corporation

OPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 135'000 0.03 135'000 31.05.2012 Mutual Fund Manager

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 125'000 0.03 - 29.06.2012 Mutual Fund Manager

HE YINGBIN IAN n/a SEDI 120'000 0.03 110'000 10.04.2012 n/a

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 98'700 0.02 - 31.12.2011 Investment Advisor

STATE STREET CORP Multiple Portfolios MF-AGG 83'996 0.02 - 05.09.2012 Investment Advisor

CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 76'922 0.02 (2'326) 31.12.2011 Investment Advisor

RBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 61'755 0.02 - 30.03.2012 Investment Advisor

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 59'705 0.02 - 30.04.2012 Investment Advisor

SEB LUX CAPITAL SELE Multiple Portfolios MF-AGG 58'700 0.01 58'700 30.06.2011 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 52'966 0.01 - 31.05.2012 Investment Advisor

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 46'927 0.01 (556) 30.04.2012 Mutual Fund Manager


BOCOM International Holdings RONGJIN LUO buy 5 U 3 12 month 06.09.2012


Credit Suisse OWEN LIANG underperform 1 M 2 Not Provided 23.08.2012

CCB International Securities Ltd KIN CHUNG LI outperform 5 M 3 Not Provided 15.08.2012

GuoSen Securities Co Ltd CHENGMING GAO buy 5 M 5 12 month 02.02.2012

Holdings By:

China Gold International Resources Corp Ltd ee


14.09.2012

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: 06/yy

52-Week High (27.02.2012) 5.78

52-Week Low (14.12.2011) 2.91

Daily Volume

4.47












BAA CN EQUITY YTD Change - Average Volume 30 Day 668'645

BAA CN EQUITY YTD % CHANGE - Average Volume 3 Month 720'837


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

0.0 0.0 0.0 0.0 0.0 0.0 0.0 62.3 335.7 37.2 41.5

0.00x 0.00x 0.00x 0.00x 0.00x #DIV/0! #DIV/0! - - - -

(10.3) (6.2) (7.6) (10.3) (10.2) (11.6) (12.1) 23.9 184.0 13.7 16.7

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 40.81x 5.30x - -

(4.3) (8.5) (4.8) (3.0) (9.3) (4.1) (13.3) 8.6 140.3 - -

0.00x 9.34x 0.00x 0.00x 0.00x 0.00x 0.00x 84.16x 6.88x 22.36x 11.02x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Banro CorpPrice/Volume

Valuation Analysis

2'736'060.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

/

0

1

2

3

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

/'- G

1'- G

3'- G

5'- G

.-'- G

./'- G

.1'- G

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

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

-'--

.--'--

/--'--

0--'--

1--'--

2--'--

3--'--

4--'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



14.09.2012





IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 10'829'900 5.4 1'029'800 30.06.2012 Investment Advisor

FRANKLIN RESOURCES I FRANKLIN ADVISERS IN 13F 10'347'000 5.16 305'000 30.06.2012 Investment Advisor


JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 8'941'400 4.46 (364'000) 30.04.2012 Investment Advisor


FIDELITY INTERNATION FIDELITY INTERNATION 13F 5'115'205 2.55 (61'543) 30.06.2012 Investment Advisor

FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 4'727'982 2.36 2'462'796 30.06.2012 Investment Advisor


SCEPTRE INVESTMENT C Multiple Portfolios MF-AGG 4'161'000 2.07 874'500 31.05.2012 Investment Advisor





RUFFER LLP Multiple Portfolios MF-AGG 2'743'400 1.37 (1'007'600) 30.04.2012 Hedge Fund Manager

DWS INVESTMENT SA Multiple Portfolios MF-AGG 2'700'000 1.35 25'000 31.07.2012 Mutual Fund Manager




Cormark Securities Inc. MIKE KOZAK speculative buy 4 M 6 12 month 04.09.2012

BMO Capital Markets ANDREW BREICHMANAS outperform 5 M 5 Not Provided 29.08.2012

CIBC World Markets COSMOS CHIU sector outperform 5 M 7 18 month 29.08.2012

GMP BROCK SALIER buy 5 M 6 Not Provided 21.08.2012

Holdings By:

Banro Corp ee


14.09.2012

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

has a gold-copper-zinc mine in Eritrea.


LTM as of: 06/yy

52-Week High (20.09.2011) 6.86

52-Week Low (16.05.2012) 2.71

Daily Volume

4.5












NSU CN EQUITY YTD Change - Average Volume 30 Day 859'420

NSU CN EQUITY YTD % CHANGE - Average Volume 3 Month 917'909


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

0.0 0.0 0.0 0.0 547.8 190.4 656.7 449.1 295.6 123.0 73.1

0.00x 0.00x 0.00x 0.00x 1.60x 22.87x 4.18x 1.46x 1.98x 5.45x 8.92x

(10.6) (6.1) (4.9) (12.2) 429.2 138.4 521.2 371.3 205.5 94.7 40.6

0.00x 0.00x 0.00x 0.00x 2.04x 0.00x 0.80x 1.88x 3.40x 3.99x 4.77x

(12.0) (5.7) (4.3) (13.3) 147.1 43.2 180.8 120.0 66.4 24.7 11.3

0.00x 0.00x 0.00x 0.00x 7.63x 35.63x 3.65x 7.90x 12.73x 18.64x 20.09x











EBITDA Margin 78.4%



Asset Turnover 0.97







Fiscal Year Ended

Nevsun Resources LtdPrice/Volume

Valuation Analysis

2'060'526.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

/

0

1

2

3

4

5


0.0

100.0

200.0

300.0

400.0

500.0

600.0

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

-'--

.-'--

/-'--

0-'--

1-'--

2-'--

3-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



14.09.2012



PRUDENTIAL PLC PRUDENTIAL PLC 13F 38'500'000 19.3 - 30.06.2012 Investment Advisor

FRANKLIN RESOURCES I FRANKLIN ADVISERS IN 13F 28'500'800 14.29 (494'840) 30.06.2012 Investment Advisor




JP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 6'391'135 3.2 (4'979'711) 30.06.2012 Investment Advisor


ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 3'226'940 1.62 1'236'337 30.06.2012 Hedge Fund Manager


RUFFER LLP Multiple Portfolios MF-AGG 2'318'000 1.16 (300'000) 30.04.2012 Hedge Fund Manager


HIGHSTREET ASSET MAN HIGHSTREET ASSET MAN 13F 1'785'364 0.9 1'055'774 30.06.2012 Investment Advisor

ACUITY INVESTMENT MA ACUITY INVESTMENT MA 13F 1'718'100 0.86 (1'782'900) 30.06.2012 Investment Advisor


DAVIS CLIFFORD T n/a SEDI 1'603'319 0.8 803'319 18.09.2011 n/a

SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 1'568'800 0.79 492'900 30.06.2012 Investment Advisor


LONESTAR CAPITAL MAN LONESTAR CAPITAL MAN 13F 1'499'500 0.75 - 30.06.2012 Hedge Fund Manager



RBC Capital Markets PATRICK MORTON sector perform 3 M 5 12 month 06.09.2012



Paradigm Capital Inc DAVID DAVIDSON buy 5 M 9 12 month 09.08.2012

Haywood Securities Inc. STEFAN IOANNOU sector outperform 5 M 5 Not Provided 09.08.2012


CIBC World Markets COSMOS CHIU sector underperform 1 M 5 Not Provided 08.08.2012


Holdings By:

Nevsun Resources Ltd ee


14.09.2012

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

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

Bulgaria, Canada, and Serbia.


LTM as of: 06/yy

52-Week High (28.02.2012) 10.72

52-Week Low (28.06.2012) 5.81

Daily Volume

9.23












DPM CN EQUITY YTD Change - Average Volume 30 Day 327'830

DPM CN EQUITY YTD % CHANGE - Average Volume 3 Month 406'463


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

122.4 105.1 137.6 202.0 338.5 255.8 384.2 375.3 484.3 86.2 102.0

3.33x 0.65x 2.15x 5.56x 2.84x 15.11x 9.74x 2.69x 2.01x - -

(0.2) (36.2) 16.4 0.0 0.0 32.2 57.7 128.0 252.7 - -

0.00x 0.00x 18.00x 0.00x 0.00x 30.20x 0.00x 8.73x 4.42x - -

15.4 (79.2) 5.1 22.9 86.1 79.4 80.8 55.1 158.8 20.1 28.1

0.00x 0.00x 44.88x 49.37x 13.48x 15.58x 10.33x 17.65x 9.24x 12.70x 11.19x

EBITDA - Long-Term Rating Date -






Return on Capital 10.10% EBITDA/Interest Exp. -


Net Debt/EBITDA -

Gross Margin 38.6% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 0.39








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Dundee Precious Metals IncPrice/Volume

Valuation Analysis

488'982.00


-

/

1

3

5

.-

./

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

.'- G

/'- G

0'- G

1'- G

2'- G

3'- G

4'- G

-50.0

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

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

2'--

.-'--

.2'--

/-'--

/2'--

0-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



14.09.2012


DUNDEE CORP n/a PROXY 28'323'755 22.6 - 26.03.2012 Holding Company

MASON HILL ADVISORS n/a PROXY 12'884'085 10.28 - 26.03.2012 Unclassified

US GLOBAL INVESTORS n/a 13G 9'537'800 7.61 - 31.12.2009 Investment Advisor

THIRD AVENUE MANAGEM n/a Co File 7'556'820 6.03 (4'286'512) 31.08.2009 Hedge Fund Manager


UNITED SERVICES AUTO Multiple Portfolios MF-AGG 5'331'900 4.25 3'431'900 30.06.2012 Investment Advisor


IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 4'164'900 3.32 (1'700) 31.05.2012 Investment Advisor

IA CLARINGTON INVEST Multiple Portfolios MF-AGG 3'457'200 2.76 1'519'000 31.03.2012 Investment Advisor

SCEPTRE INVESTMENT C Multiple Portfolios MF-AGG 2'843'300 2.27 (131'300) 31.05.2012 Investment Advisor

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 2'419'196 1.93 (1'283'200) 31.03.2012 Hedge Fund Manager


ALTAMIRA MANAGEMENT Multiple Portfolios MF-AGG 1'935'133 1.54 (114'677) 31.07.2012 Unclassified

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'858'434 1.48 - 31.01.2012 Investment Advisor

NATCAN INVESTMENT MA Multiple Portfolios MF-AGG 1'717'556 1.37 13'372 31.07.2012 Investment Advisor

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 980'300 0.78 - 31.05.2012 Investment Advisor

BRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 913'184 0.73 89'485 30.06.2012 Hedge Fund Manager

SPROTT INC Multiple Portfolios MF-AGG 875'200 0.7 - 30.06.2011 Hedge Fund Manager

GOODMAN & CO INVESTM Multiple Portfolios MF-AGG 819'900 0.65 819'900 31.12.2011 Hedge Fund Manager

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 764'300 0.61 (168'200) 30.06.2012 Investment Advisor



Union Securities PHILIP KER buy 5 M #N/A N/A Not Provided 22.08.2012

Dundee Securities Corp RON STEWART not rated #N/A N/A M #N/A N/A Not Provided 17.08.2012

EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 14.08.2012


BMO Capital Markets JOHN P HAYES speculative outperform 4 M 10 Not Provided 02.08.2012


Scotia Capital LEILY OMOUMI sector outperform 5 M 12 12 month 01.08.2012

Holdings By:

Dundee Precious Metals Inc ee


14.09.2012

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: 06/yy

52-Week High (28.02.2012) 10.20

52-Week Low (04.10.2011) 4.58

Daily Volume

9.95





920.90 1 Yr Total Return 61.26%







AR CN EQUITY YTD Change - Average Volume 30 Day 1'056'835

AR CN EQUITY YTD % CHANGE - Average Volume 3 Month 788'661


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

0.0 0.0 0.0 51.6 104.6 77.0 119.2 149.7 296.0 41.0 44.5

0.00x 0.00x 0.00x 4.70x 5.77x 16.83x 24.72x 6.06x 2.75x 22.13x 20.39x

(0.1) 0.0 0.0 15.3 55.9 37.9 64.8 85.3 164.0 24.4 27.9

0.00x 0.00x 0.00x 15.83x 10.78x 12.23x 10.53x 11.00x 5.72x 5.74x 4.82x

(0.1) (0.1) (0.5) 3.7 26.3 16.2 33.7 47.1 119.0 12.4 11.8

0.00x 0.00x 0.00x 66.38x 24.42x 24.70x 22.85x 23.42x 13.81x 14.98x 13.18x











EBITDA Margin 53.5%



Asset Turnover 0.37







Fiscal Year Ended

Argonaut Gold IncPrice/Volume

Valuation Analysis

1'502'974.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/

1

3

5

.-

./


0.0

20.0

40.0

60.0

80.0

100.0

120.0

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

-'--

2--'--

.!---'--

.!2--'--

/!---'--

/!2--'--

0!---'--

0!2--'--

1!---'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



14.09.2012



IG INVESTMENT MANAGE n/a Co File 6'707'533 7.25 - 30.09.2011 Investment Advisor

LIBRA ADVISORS LLC n/a SEDI 5'768'001 6.23 (117'000) 02.03.2012 Hedge Fund Manager


QV INVESTORS INC n/a PROXY 4'500'000 4.86 - 17.12.2010 Investment Advisor

MONTRUSCO BOLTON INV Multiple Portfolios MF-AGG 3'173'802 3.43 (284'566) 31.07.2012 Investment Advisor

GOODMAN & CO INVESTM n/a Co File 2'679'000 2.89 (1'988'000) 31.10.2010 Hedge Fund Manager

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 1'753'738 1.89 55'338 31.05.2012 Investment Advisor

DOUGHERTY PETER C n/a SEDI 1'653'894 1.79 34'188 10.02.2012 n/a

KENNEDY BRIAN JOHN n/a SEDI 1'566'988 1.69 3'945 10.02.2012 n/a


TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'308'000 1.41 391'900 31.12.2011 Investment Advisor


SMITH EDGAR A n/a SEDI 1'120'359 1.21 39'286 14.02.2011 n/a

CLARINGTON CAPITAL M Multiple Portfolios MF-AGG 1'059'600 1.14 - 31.03.2012 Mutual Fund Manager


ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 838'400 0.91 (151'600) 31.03.2012 Investment Advisor

SCEPTRE INVESTMENT C Multiple Portfolios MF-AGG 797'900 0.86 797'900 31.05.2012 Investment Advisor

BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 791'467 0.86 (121) 05.09.2012 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 727'150 0.79 77'400 30.06.2012 Mutual Fund Manager


Macquarie MICHAEL SIPERCO neutral 3 M 10 12 month 07.09.2012

Canaccord Genuity Corp RAHUL PAUL buy 5 M 13 12 month 05.09.2012


Stonecap Securities Inc CHRISTOS DOULIS sector perform 3 M 10 12 month 05.09.2012





McNicoll Lewis & Vlak LLC RICHARD TROTMAN suspended coverage #N/A N/A M #N/A N/A Not Provided 16.07.2012

NCP Northland Capital Partners Inc TIMOTHY J LEE sector outperform 5 M 9 Not Provided 14.11.2011

Holdings By:

Argonaut Gold Inc ee


14.09.2012

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

exploring, developing and operating resource opportunities throughout the world.

The Company's principal asset is the Masbate Gold Project in the Philippines.


LTM as of: 03/yy

52-Week High (07.11.2011) 2.98

52-Week Low (16.05.2012) 1.53

Daily Volume

2.53












CGA CN EQUITY YTD Change - Average Volume 30 Day 931'014

CGA CN EQUITY YTD % CHANGE - Average Volume 3 Month 866'047


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 03/yy 06/13 Y 06/14 Y 06/12 Q4 09/12 Q1

0.0 0.0 155.6 235.3 184.3 198.9 162.1 294.0 433.0 - -

0.00x 0.00x 3.98x 4.15x 3.29x 16.00x 15.37x - - - -

(14.1) (7.5) 50.6 84.1 42.1 62.4 16.2 99.4 212.0 - -

0.00x 0.00x 12.22x 11.61x 14.41x 0.00x 0.00x 8.64x 4.05x - -

(12.9) (10.2) 16.0 65.1 6.0 48.4 14.4 105.7 177.0 - -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 10.08x 6.02x 14.16x 12.48x











EBITDA Margin 22.9%



Asset Turnover 0.40








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

CGA Mining LtdPrice/Volume

Valuation Analysis

1'753'240.00


-

.

.

/

/

0

0

1

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

.'- G

/'- G

0'- G

1'- G

2'- G

3'- G

4'- G

5'- G

0.0

50.0

100.0

150.0

200.0

250.0

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

-'/-

-'1-

-'3-

-'5-

.'--

.'/-



14.09.2012


FRANKLIN RESOURCES I n/a Co File 34'858'750 10.32 - 31.03.2012 Investment Advisor

DEANS KNIGHT CAPITAL n/a Co File 25'916'925 7.67 - 31.08.2011 Investment Advisor


SPROTT INC n/a EXCH 20'199'100 5.98 (3'029'400) 31.03.2011 Hedge Fund Manager

MACKENZIE FINANCIAL n/a Co File 17'801'600 5.27 - 31.08.2011 Investment Advisor

PORTLAND HOUSE INVES n/a Co File 17'348'889 5.14 - 31.08.2011 Other

JP MORGAN CHASE & CO n/a EXCH 16'667'877 4.93 (1'423) 06.12.2011 Investment Advisor

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 10'790'230 3.19 - 31.03.2012 Hedge Fund Manager


ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 6'415'000 1.9 365'000 31.03.2012 Investment Advisor

SAVAGE MARK STUART n/a EXCH 5'073'880 1.5 1'500'000 30.03.2012 n/a

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 4'600'000 1.36 200'000 30.03.2012 Mutual Fund Manager

RBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 3'899'700 1.15 (17'039) 30.03.2012 Investment Advisor


UNITED SERVICES AUTO Multiple Portfolios MF-AGG 3'674'400 1.09 3'674'400 31.05.2012 Investment Advisor

SAVAGE MARK STUART n/a PROXY 3'573'880 1.06 - 10.10.2011 n/a

BRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 3'074'194 0.91 (1'309'948) 30.06.2012 Hedge Fund Manager

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 2'760'357 0.82 859'557 31.05.2012 Investment Advisor

HESPERIAN CAPITAL MA Multiple Portfolios MF-AGG 2'340'800 0.69 - 29.06.2012 Mutual Fund Manager

CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 2'281'350 0.68 (775'872) 31.12.2011 Investment Advisor



CIBC World Markets BARRY COOPER sector outperform 5 M 4 Not Provided 07.08.2012

Mirabaud Securities KEITH WATSON buy 5 M 3 12 month 23.07.2012




Holdings By:

CGA Mining Ltd ee


14.09.2012

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: 06/yy

52-Week High (21.09.2011) 13.10

52-Week Low (16.05.2012) 7.25

Daily Volume

10.01












EXK US EQUITY YTD Change - Average Volume 30 Day 1'128'464

EXK US EQUITY YTD % CHANGE - Average Volume 3 Month 1'109'633


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

32.3 39.3 50.8 86.5 128.0 120.3 145.8 227.0 313.7 - -

5.19x 1.18x 3.98x 5.80x 5.79x 17.08x 18.39x - - - -

(7.5) (4.5) 11.3 30.7 64.8 58.2 70.8 102.0 171.0 - -

0.00x 0.00x 17.91x 16.36x 11.43x 10.16x 8.24x 8.48x 5.06x - -

(12.2) (18.0) (1.9) (20.4) 18.8 (6.5) 28.6 56.3 103.8 - -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 15.10x 10.43x 13.00x 11.25x











EBITDA Margin 50.6%



Asset Turnover 0.59








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Endeavour Silver CorpPrice/Volume

Valuation Analysis

2'453'646.00


-

/

1

3

5

.-

./

.1


0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

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

-'/-

-'1-

-'3-

-'5-

.'--

.'/-



14.09.2012


AURICO GOLD INC n/a SEDI 11'037'528 11.13 - 16.07.2012 Corporation



CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 2'742'630 2.77 (154'800) 30.06.2012 Investment Advisor


COOKE BRADFORD JAMES n/a SEDI 1'277'837 1.29 10'000 15.05.2012 n/a


GREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 1'076'425 1.09 - 30.06.2012 Investment Advisor


PORTOLA GROUP INCORP PORTOLA GROUP INCORP 13F 1'040'150 1.05 31'550 30.06.2012 Investment Advisor

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 819'350 0.83 (375'900) 30.09.2011 Investment Advisor

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 810'100 0.82 - 30.06.2012 Investment Advisor

BROOKFIELD ASSET MGM BROOKFIELD ASSET MAN 13F 794'489 0.8 794'489 30.06.2012 Investment Advisor

AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 712'337 0.72 (32'611) 30.06.2012 Investment Advisor

CHILTON INVESTMENT C CHILTON INVESTMENT C 13F 635'324 0.64 (231'579) 30.06.2012 Hedge Fund Manager


BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 581'961 0.59 (11'726) 30.06.2012 Investment Advisor

HIGHSTREET ASSET MAN HIGHSTREET ASSET MAN 13F 547'461 0.55 (28'100) 30.06.2012 Investment Advisor

NORGES BANK NORGES BANK 13F 543'613 0.55 543'613 31.12.2011 Government

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 542'000 0.55 31'500 30.06.2012 Investment Advisor



Dundee Securities Corp DALE MAH buy 5 N 10 12 month 17.08.2012




Holdings By:

Endeavour Silver Corp ee


14.09.2012

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: 04/yy

52-Week High (20.09.2011) 21.21

52-Week Low (16.05.2012) 9.83

Daily Volume

12












KGI CN EQUITY YTD Change - Average Volume 30 Day 632'472

KGI CN EQUITY YTD % CHANGE - Average Volume 3 Month 516'181


30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 04/yy 04/yy 04/13 Y 04/14 Y 10/12 Q2 01/13 Q3

41.4 43.5 51.2 105.2 159.8 103.3 159.8 261.3 392.7 59.2 75.7

9.87x 10.98x 9.15x 8.85x 0.00x 29.41x 22.41x 3.14x 1.86x 13.41x 10.49x

(1.0) (6.8) (7.6) 26.5 0.0 26.3 42.6 122.5 195.0 30.3 42.9

0.00x 0.00x 0.00x 35.19x 0.00x 35.45x 0.00x 6.72x 4.22x 4.78x 4.08x

(3.3) (10.5) (12.3) 20.1 41.3 19.8 41.3 69.3 120.5 19.7 25.8

0.00x 0.00x 0.00x 48.55x 22.24x 48.55x 32.74x 12.28x 7.06x 9.76x 8.66x











EBITDA Margin 25.2%



Asset Turnover 0.57







Fiscal Year Ended

Kirkland Lake Gold IncPrice/Volume

Valuation Analysis

2'494'629.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

2

.-

.2

/-

/2

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

'2 G

.'- G

.'2 G

/'- G

/'2 G

0'- G

0'2 G

1'- G

0.0

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

-'--

.--'--

/--'--

0--'--

1--'--

2--'--

3--'--

4--'--

5--'--

-.'-2'/--6 -.'..'/--6 -.'-2'/-.- -.'..'/-.- -.'-2'/-.. -.'..'/-.. -.'-2'/-./



14.09.2012


SPROTT INC n/a 13G 4'980'350 7.1 - 30.04.2008 Hedge Fund Manager

RESOLUTE FUNDS LTD #N/A N/A RNS-MAJ 4'775'000 6.81 (793'200) 31.08.2012 Investment Advisor


INVESTEC ASSET MANAG n/a 13G 4'343'860 6.19 - 30.12.2011 Investment Advisor


DOBSON DAVID HARRY n/a PROXY 3'765'000 5.37 - 02.09.2011 n/a

MILTON GEORGE A n/a SEDI 2'723'036 3.88 40'000 13.01.2012 n/a

COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 2'387'000 3.4 480'000 29.06.2012 Investment Advisor

HINCHCLIFFE BRIAN A n/a SEDI 1'113'000 1.59 (4'000) 30.12.2010 n/a


JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 990'000 1.41 (110'000) 30.04.2012 Investment Advisor

ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 919'700 1.31 244'200 31.03.2012 Investment Advisor

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 906'000 1.29 (132'000) 31.07.2012 Investment Advisor

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 791'500 1.13 (9'700) 31.05.2012 Investment Advisor

NATCAN INVESTMENT MA Multiple Portfolios MF-AGG 661'057 0.94 13'909 31.07.2012 Investment Advisor

BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 550'425 0.78 (82) 05.09.2012 Investment Advisor

EMPIRE LIFE INSURANC Multiple Portfolios MF-AGG 536'700 0.77 - 31.08.2011 Mutual Fund Manager

CI INVESTMENTS INC Multiple Portfolios MF-AGG 418'000 0.6 143'600 29.07.2011 Hedge Fund Manager

US GLOBAL INVESTORS Multiple Portfolios MF-AGG 400'000 0.57 140'000 30.03.2012 Investment Advisor



Macquarie MICHAEL SIPERCO outperform 5 M 18 12 month 07.09.2012

Desjardins Securities ADAM MELNYK buy 5 M 17 Not Provided 05.09.2012


Panmure Gordon & Co Limited ALISON TURNER buy 5 M 16 Not Provided 05.09.2012


CIBC World Markets COSMOS CHIU sector outperform 5 M 18 Not Provided 19.07.2012

Mirabaud Securities RICHARD MORGAN speculative buy 4 M 21 12 month 05.07.2012

Investec LOUISE COLLINGE buy 5 M 23 12 month 28.03.2012


EVA Dimensions TEAM COVERAGE underweight 1 N #N/A N/A Not Provided 06.01.2012

Holdings By:

Kirkland Lake Gold Inc ee


14.09.2012

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: 06/yy

52-Week High (13.09.2012) 5.32

52-Week Low (29.09.2011) 2.35

Daily Volume

5.25












RIO CN EQUITY YTD Change - Average Volume 30 Day 727'195

RIO CN EQUITY YTD % CHANGE - Average Volume 3 Month 671'146


31.05.2007 31.05.2008 31.05.2009 31.05.2010 31.05.2011 11/yy 06/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3

0.0 0.0 0.0 0.0 0.0 0.0 173.4 299.5 358.8 - -

0.00x 0.00x 0.00x 0.00x 0.00x #DIV/0! 12.01x - - - -

(1.0) (2.3) (1.5) (3.9) (8.0) (2.4) 105.6 173.0 204.7 - -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 6.08x 4.88x 4.13x - -

(1.0) (1.9) (1.5) (12.6) (8.0) (11.0) 58.8 106.0 123.7 - -

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 13.60x 8.88x 8.16x 13.03x 13.50x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Rio Alto Mining LtdPrice/Volume

Valuation Analysis

1'066'054.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

/

0

1

2

3


0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

.1'--

-3'-3'/--5 -3'./'/--5 -3'-3'/--6 -3'./'/--6 -3'-3'/-.- -3'./'/-.- -3'-3'/-.. -3'./'/-.. -3'-3'/-./



14.09.2012


SENTRY SELECT CAPITA n/a Co File 25'949'700 14.95 653'100 31.03.2012 Investment Advisor


IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 10'021'400 5.77 (295'600) 31.05.2012 Investment Advisor

RBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 6'732'304 3.88 712'100 30.03.2012 Investment Advisor


AUSCAN ASSETS LIMITE n/a SEDI 6'069'651 3.5 50'000 18.06.2012 Other

NORWICH ROGER n/a SEDI 4'734'195 2.73 265'000 25.11.2011 n/a

HAWKSHAW ANTHONY GRA n/a SEDI 3'000'000 1.73 - 19.10.2011 n/a

SOMJI FEISAL A n/a SEDI 2'886'386 1.66 84'110 01.06.2010 n/a

BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 2'081'663 1.2 (80'580) 05.09.2012 Investment Advisor


SOLDI JAIME n/a SEDI 927'288 0.53 (100'000) 18.07.2011 n/a

OPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 800'000 0.46 - 31.05.2012 Mutual Fund Manager

ZEITLER KLAUS M n/a SEDI 750'000 0.43 - 22.11.2011 n/a

US GLOBAL INVESTORS Multiple Portfolios MF-AGG 750'000 0.43 275'000 30.03.2012 Investment Advisor



TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 591'900 0.34 152'000 31.12.2011 Investment Advisor

NCF SOC ADMIN DE FON Multiple Portfolios MF-AGG 550'309 0.32 (10'000) 03.08.2011 Mutual Fund Manager

FIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 352'000 0.2 150'000 30.04.2012 Investment Advisor


Desjardins Securities ADAM MELNYK hold 3 M 5 12 month 05.09.2012

Kallpa Securities SAB MARIA BELEN VEGA G overweight 5 M 6 Not Provided 22.08.2012


Dundee Securities Corp DALE MAH buy 5 M 5 12 month 08.08.2012

Clarus Securities MIKE BANDROWSKI buy 5 M 6 12 month 08.08.2012

Stonecap Securities Inc CHRISTOS DOULIS sector perform 3 D 6 12 month 08.08.2012

CIBC World Markets IAN PARKINSON sector perform 3 M 6 Not Provided 07.08.2012


Scotia Capital MARK TURNER sector outperform 5 M 5 12 month 06.07.2012


Holdings By:

Rio Alto Mining Ltd ee


14.09.2012

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

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

Pajingo - and the Mt Carlton development project.


LTM as of: 01/yy

52-Week High (29.02.2012) 2.02

52-Week Low (12.07.2012) 1.24

Daily Volume

1.815





1'284.30 1 Yr Total Return -5.65%







EVN AU EQUITY YTD Change - Average Volume 30 Day 1'670'122

EVN AU EQUITY YTD % CHANGE - Average Volume 3 Month 1'276'696


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 22.3 121.9 469.5 - - 652.1 798.5 - -

0.00x 0.00x 13.04x 2.11x 2.00x - - 1.72x 1.14x - -

(2.3) (3.3) 2.9 29.7 190.4 - - 289.5 394.4 - -

0.00x 0.00x 99.74x 8.65x 4.92x - - 4.07x 2.99x - -

(2.3) (3.3) 5.5 (2.3) 37.3 - - 128.1 189.3 - -

0.00x 0.00x 41.35x 0.00x 20.77x - - 9.81x 6.93x - -











EBITDA Margin 40.6%



Asset Turnover 0.63








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Evolution Mining LtdPrice/Volume

Valuation Analysis

15'472'445.00


-

.

.

/

/

0

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

2'- G

.-'- G

.2'- G

/-'- G

/2'- G

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

-'--

.-'--

/-'--

0-'--

1-'--

2-'--

3-'--

4-'--

5-'--

-0'-4'/--6 -0'-.'/-.- -0'-4'/-.- -0'-.'/-.. -0'-4'/-.. -0'-.'/-./ -0'-4'/-./



14.09.2012


NEWCREST MINING LTD n/a EXCH 231'082'631 32.66 - 13.12.2011 Corporation

VAN ECK ASSOCIATES C n/a EXCH 35'785'859 5.06 - 16.05.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 17'068'511 2.41 3'076 04.09.2012 Investment Advisor

RUFFER LLP Multiple Portfolios MF-AGG 12'735'000 1.8 (983'526) 30.04.2012 Hedge Fund Manager

UBS AG n/a Co File 8'920'168 1.26 - 22.09.2011 Investment Advisor

BANK OF AMERICA CORP n/a EXCH 8'827'967 1.25 (414'122) 30.03.2011 Investment Advisor

ORBIS HOLDINGS LIMIT n/a EXCH 8'411'900 1.19 (552'936) 03.11.2011 Investment Advisor

KLEIN JACOB n/a EXCH 5'700'000 0.81 - 03.09.2012 n/a

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 4'500'000 0.64 (558'823) 30.03.2012 Mutual Fund Manager

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 3'895'413 0.55 2'352'895 29.06.2012 Investment Advisor

JJ HOLDINGS (VIC) PT n/a EXCH 3'552'009 0.5 (3'400'000) 03.08.2012 n/a



VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'396'430 0.34 (664'898) 29.06.2012 Mutual Fund Manager

NESTOR INVESTMENT MA Multiple Portfolios MF-AGG 2'277'839 0.32 - 29.06.2012 Mutual Fund Manager


UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'011'168 0.28 - 30.06.2011 Mutual Fund Manager

POLLOCK MURRAY G n/a EXCH 1'839'492 0.26 - 18.10.2011 n/a


MALONEY PETER JOSEPH n/a EXCH 1'379'579 0.19 - 18.10.2011 n/a


EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 05.09.2012

Goldman Sachs PAUL HISSEY neutral/attractive 3 M 2 12 month 31.08.2012

Macquarie MITCH RYAN outperform 5 M 2 12 month 31.08.2012

RBS JAMES WILSON buy 5 M 2 12 month 30.08.2012

RBC Capital Markets GEOFF BREEN outperform 5 M 2 12 month 30.08.2012

Credit Suisse MICHAEL SLIFIRSKI neutral 3 M 2 Not Provided 30.08.2012

BBY Limited KURT WORDEN strong buy 5 M 2 12 month 30.08.2012

Nomura DAVID COTTERELL buy 5 M 3 Not Provided 30.08.2012

Ord Minnett LUKE SMITH buy 5 M 2 Not Provided 14.08.2012

Investec GEOFF MUERS buy 5 M 2 12 month 07.08.2012

E.L. & C. Baillieu RAY CHANTRY hold 3 D 1 12 month 26.07.2012

Paterson Securities ALEX PASSMORE buy 5 M 2 12 month 18.07.2012

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

Evans & Partners Pty Ltd CATHY MOISES neutral 3 N #N/A N/A Not Provided 04.12.2011

Holdings By:

Evolution Mining Ltd ee


14.09.2012

Torex Gold Resources Inc. is a mining company dedicated to the exploration and

development of precious metal resources with a focus on gold. The Company's

Morelos Project is an advanced stage gold exploration property located in the

state of Guerrero, southwest of Mexico City.


LTM as of: 07/yy

52-Week High (27.02.2012) 2.43

52-Week Low (22.09.2011) 1.16

Daily Volume

2.07












TXG CN EQUITY YTD Change - Average Volume 30 Day 2'865'658

TXG CN EQUITY YTD % CHANGE - Average Volume 3 Month 2'127'071


31.10.2007 31.10.2008 31.10.2009 31.10.2010 31.10.2011 07/yy 07/yy 10/12 Y 10/13 Y 10/12 Q4 01/13 Q1

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.5 2.9 - -

0.00x 0.00x 0.00x 0.00x 0.00x #DIV/0! #DIV/0! 1428.14x 213.45x - -

(0.2) (0.3) (1.1) (18.0) (34.1) (30.0) (53.8) (35.4) (23.7) (13.0) (13.2)

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

(0.2) (0.3) (1.0) (16.4) (27.3) (29.2) (51.8) (33.1) (21.8) (10.4) (10.5)

0.00x 0.00x 0.00x 0.00x 0.00x 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

Torex Gold Resources IncPrice/Volume

Valuation Analysis

3'210'074.00


-

.

.

/

/

0

0

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G2'- G.-'- G.2'- G/-'- G/2'- G0-'- G02'- G1-'- G12'- G

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

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

-'/-

-'1-

-'3-

-'5-

.'--

.'/-



14.09.2012


TYRUS CAPITAL LLP n/a PROXY 66'303'000 16.05 - 19.03.2012 Hedge Fund Manager


GOODMAN & CO INVESTM n/a Co File 26'200'000 6.34 (2'931'960) 30.06.2011 Hedge Fund Manager

LIBRA ADVISORS LLC n/a SEDI 25'870'000 6.26 650'000 25.02.2010 Hedge Fund Manager

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 19'328'600 4.68 6'221'700 30.06.2012 Hedge Fund Manager

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 14'570'000 3.53 (80'000) 29.06.2012 Investment Advisor


RUFFER LLP Multiple Portfolios MF-AGG 5'571'500 1.35 310'000 30.04.2012 Hedge Fund Manager

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 4'901'453 1.19 104'463 30.06.2012 Investment Advisor



MANULIFE ASSET MANAG Multiple Portfolios MF-AGG 3'316'386 0.8 - 31.08.2012 Investment Advisor

RBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 3'252'327 0.79 (118'473) 30.03.2012 Investment Advisor



ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 3'100'000 0.75 - 31.03.2012 Investment Advisor

MACKENZIE FINANCIAL n/a Co File 3'073'500 0.74 32'000 26.02.2010 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 2'907'112 0.7 - 06.09.2012 Investment Advisor

CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 2'333'650 0.56 (842'950) 31.12.2011 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 2'093'129 0.51 11'326 31.07.2012 Investment Advisor


Macquarie PIERRE VAILLANCOURT outperform 5 M 3 12 month 06.09.2012

TD Securities DANIEL EARLE hold 3 U 2 12 month 06.09.2012

BMO Capital Markets ANDREW BREICHMANAS speculative outperform 4 M 3 Not Provided 05.09.2012


GMP GEORGE V ALBINO buy 5 M 3 12 month 05.09.2012



Euro Pacific Canada Inc MERRILL MCHENRY strong buy 5 N 3 12 month 07.07.2012

Holdings By:

Torex Gold Resources Inc ee


14.09.2012

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

developing gold projects worldwide.


LTM as of: 06/yy

52-Week High (14.09.2011) 6.86

52-Week Low (16.05.2012) 3.51

Daily Volume

5.86












PG CN EQUITY YTD Change - Average Volume 30 Day 488'072

PG CN EQUITY YTD % CHANGE - Average Volume 3 Month 434'130


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 - -

0.00x 0.00x 0.00x 0.00x 0.00x #DIV/0! 16442.09x - - - -

(2.6) (3.2) (6.2) (13.2) (13.5) (5.2) (11.2) - - - -

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

(1.8) 0.2 (3.7) (10.9) (16.8) (7.1) (20.0) (18.1) (14.0) (5.1) -

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









Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -0.72

EBITDA Margin -



Asset Turnover 0.00







Fiscal Year Ended

Premier Gold Mines LtdPrice/Volume

Valuation Analysis

810'719.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

/

0

1

2

3

4

5


0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

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

-'--

2-'--

.--'--

.2-'--

/--'--

/2-'--

0--'--

02-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



14.09.2012


FIDELITY MANAGEMENT n/a Co File 15'031'680 10.85 - 31.07.2012 Investment Advisor

GOODMAN & CO INVESTM n/a Co File 10'625'300 7.67 - 31.05.2011 Hedge Fund Manager


IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 8'238'801 5.94 - 31.05.2012 Investment Advisor

DOWNIE EWAN S n/a SEDI 2'825'601 2.04 75'000 10.08.2012 n/a

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 2'000'000 1.44 1'400'000 30.03.2012 Mutual Fund Manager




SHARE SICAV Multiple Portfolios MF-AGG 1'152'636 0.83 (407'500) 30.03.2012 Investment Advisor

CI INVESTMENTS INC Multiple Portfolios MF-AGG 843'600 0.61 (206'900) 29.07.2011 Hedge Fund Manager

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 832'400 0.6 148'400 30.06.2012 Investment Advisor

GLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 820'314 0.59 - 30.09.2011 Investment Advisor

GBC ASSET MANAGEMENT Multiple Portfolios MF-AGG 812'900 0.59 - 31.12.2011 Investment Advisor

IA CLARINGTON INVEST Multiple Portfolios MF-AGG 727'200 0.52 606'000 31.03.2012 Investment Advisor

US GLOBAL INVESTORS Multiple Portfolios MF-AGG 700'000 0.51 - 30.03.2012 Investment Advisor

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 694'800 0.5 75'600 31.12.2011 Investment Advisor

MIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 660'000 0.48 - 31.07.2012 Mutual Fund Manager

CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 659'774 0.48 (55'226) 31.12.2011 Investment Advisor

SPROTT INC Multiple Portfolios MF-AGG 597'900 0.43 - 30.06.2011 Hedge Fund Manager


RBC Capital Markets MICHAEL D CURRAN outperform 5 M 9 12 month 31.08.2012

Versant Partners ROB CHANG speculative buy 4 M 12 Not Provided 27.08.2012


Laurentian Bank Securities ERIC LEMIEUX speculative buy 4 M 8 12 month 24.08.2012

Octagon Capital Corporation ANNIE ZHANG speculative buy 4 M 10 12 month 23.08.2012

EVA Dimensions TEAM COVERAGE sell 1 N #N/A N/A Not Provided 23.08.2012

CIBC World Markets JEFF KILLEEN sector perform 3 M 8 Not Provided 08.08.2012

Stonecap Securities Inc CHRISTOS DOULIS outperform 5 M 9 12 month 01.08.2012

Canaccord Genuity Corp STEVEN BUTLER speculative buy 4 M 10 12 month 16.07.2012

Mackie Research Capital Corp. BARRY D ALLAN speculative buy 4 M #N/A N/A Not Provided 26.06.2012

Holdings By:

Premier Gold Mines Ltd ee


14.09.2012

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: 06/yy

52-Week High (16.09.2011) 2.93

52-Week Low (23.05.2012) 1.70

Daily Volume

2.83












OGC CN EQUITY YTD Change - Average Volume 30 Day 525'145

OGC CN EQUITY YTD % CHANGE - Average Volume 3 Month 435'981


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

104.4 217.2 237.1 305.6 395.6 362.7 385.3 376.0 593.8 105.0 124.0

5.06x 0.77x 1.89x 3.30x 1.61x 9.59x 7.13x 2.48x 1.34x 8.94x 7.57x

11.1 63.7 106.6 141.1 164.3 171.2 136.5 134.5 301.3 45.0 61.2

47.62x 2.62x 4.20x 7.15x 3.88x 4.34x 4.84x 6.90x 3.08x 3.01x 2.55x

(69.0) (54.7) 54.5 44.4 44.2 53.6 22.1 14.3 118.6 11.5 20.1

0.00x 0.00x 5.68x 18.76x 13.02x 11.41x 23.93x 56.36x 6.51x 7.61x 5.64x











EBITDA Margin 41.5%



Asset Turnover 0.52








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

897'122.00


-

.

.

/

/

0

0

1

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

'2 G

.'- G

.'2 G

/'- G

/'2 G

0'- G

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

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

-'--

2'--

.-'--

.2'--

/-'--

/2'--

0-'--

02'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



14.09.2012


BAKER STEEL CAPITAL n/a PROXY 20'669'000 7.86 - 11.05.2012 Investment Advisor

VAN ECK ASSOCIATES C n/a PROXY 13'382'819 5.09 - 11.05.2012 Investment Advisor

UNITED SERVICES AUTO Multiple Portfolios MF-AGG 11'000'000 4.18 - 31.05.2012 Investment Advisor


NEW ZEALAND CENTRAL n/a PROXY 2'703'536 1.03 - 11.05.2012 Government






BOND STREET CUSTODIA n/a PROXY 1'284'229 0.49 - 11.05.2012 Other

YANDAL INVESTMENTS P n/a PROXY 1'123'653 0.43 - 11.05.2012 Investment Advisor

ASKEW JAMES EDWARD n/a EXCH 1'087'008 0.41 48'360 07.02.2012 n/a

INTERNATIONAL MINING n/a SEDI 1'087'008 0.41 48'360 25.03.2012 Other

SFB INVESTMENTS PTY n/a PROXY 1'000'000 0.38 - 11.05.2012 n/a

DEN DUYTS CORP & ASS n/a PROXY 922'855 0.35 - 11.05.2012 Investment Advisor

HESTIAN PTY LTD n/a PROXY 900'000 0.34 - 11.05.2012 n/a

INTEGRA CAPITAL MANA Multiple Portfolios MF-AGG 473'184 0.18 - 31.07.2012 Investment Advisor

LEVISTE JR JOSE PARE n/a PROXY 376'770 0.14 - 11.05.2012 n/a

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 274'670 0.1 (1'441) 31.03.2012 Investment Advisor


Macquarie MICHAEL SIPERCO outperform 5 M 3 12 month 03.09.2012




Forsyth Barr ANDREW HARVEY-GREEN buy 5 N #N/A N/A Not Provided 11.10.2011

Holdings By:

OceanaGold Corp ee


14.09.2012

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 (08.02.2012) 2.21

52-Week Low (24.07.2012) 1.21

Daily Volume

1.88





1'181.82 1 Yr Total Return 15.69%







RSG AU EQUITY YTD Change - Average Volume 30 Day 3'796'186

RSG AU EQUITY YTD % CHANGE - Average Volume 3 Month 4'500'361


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

231.5 299.7 342.5 445.1 576.7 - - 676.8 644.0 - -

2.48x 1.12x 1.46x 1.36x 1.36x - - 1.48x 1.42x - -

20.9 57.3 80.3 110.7 254.4 - - 294.8 276.1 - -

27.45x 5.85x 6.23x 5.46x 3.09x - - 3.77x 4.02x - -

(56.7) 30.7 (37.2) 59.7 105.1 - - 140.0 127.5 - -

0.00x 6.17x 0.00x 8.72x 7.25x - - 8.00x 8.21x - -











EBITDA Margin 44.1%



Asset Turnover 0.93







Fiscal Year Ended

Resolute Mining LtdPrice/Volume

Valuation Analysis

5'027'306.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

.

/

/

0

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

2'- G

.-'- G

.2'- G

/-'- G

/2'- G

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'/-./



14.09.2012


UTILICO INVESTMENTS n/a EXCH 126'929'227 20.19 1'500'000 12.07.2012 Investment Advisor

M&G INVESTMENT MANAG n/a EXCH 91'310'304 14.53 291'078 29.05.2012 Investment Advisor

ALLIANCE LIFE COMMON n/a EXCH 67'809'059 10.79 3'792'420 12.07.2012 n/a

VANGUARD GROUP INC n/a EXCH 51'965'029 8.27 - 25.01.2012 Investment Advisor

BANK OF AMERICA CORP n/a EXCH 39'392'367 6.27 (9'442'393) 10.05.2012 Investment Advisor

VAN ECK ASSOCIATES C #N/A N/A EXCH 31'464'292 5.01 - 05.09.2012 Investment Advisor

CF RUFFER BAKER STEE n/a EXCH 19'097'479 3.04 (3'846'391) 04.04.2012 n/a

RUFFER LLP Multiple Portfolios MF-AGG 14'614'000 2.32 (5'900'870) 30.04.2012 Hedge Fund Manager

ACORN CAPITAL LTD n/a Co File 11'541'979 1.84 - 30.09.2011 Investment Advisor

PERMANENT INVESTMENT n/a EXCH 5'010'643 0.8 (4'989'357) 12.07.2012 n/a


GENUS DYNAMIC GOLD F n/a EXCH 4'811'000 0.77 - 23.02.2012 n/a

BAKER STEEL CAPITAL n/a EXCH 4'300'000 0.68 - 04.04.2012 Investment Advisor


SULLIVAN PETER ROSS n/a EXCH 3'507'448 0.56 200'000 31.12.2011 n/a

ECLECTIC INVEST TRUS n/a EXCH 3'500'000 0.56 1'500'000 12.07.2012 Investment Advisor


ICM LIMITED n/a EXCH 2'903'765 0.46 - 12.07.2012 n/a

VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'648'390 0.42 24'566 29.06.2012 Mutual Fund Manager

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 1'377'356 0.22 - 29.02.2012 Investment Advisor



Argonaut Securities Pty Ltd PATRICK CHANG buy 5 M 2 12 month 29.08.2012


Morgan Stanley BRENDAN FITZPATRICK Equalwt/Attractive 3 M 2 12 month 28.08.2012

Foster Stockbroking CRAIG BROWN buy 5 M 2 Not Provided 28.08.2012

GMP LEVI SPRY buy 5 M 2 Not Provided 21.08.2012

BGF Equities Pty Ltd REG SPENCER buy 5 M 2 12 month 16.08.2012

Westhouse Securities ROB BROKE strong buy 5 M 2 12 month 14.08.2012

RBS PHILLIP CHIPPINDALE hold 3 M 1 12 month 03.08.2012

Helmsec Global Capital Limited GAVIN VAN DER WATH speculative buy 4 M 2 12 month 31.07.2012

Veritas Securities MATTHEW BAILLIE buy 5 M 2 Not Provided 24.07.2012

E.L. & C. Baillieu RAY CHANTRY buy 5 U 2 12 month 23.07.2012

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


14.09.2012

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: 06/yy

52-Week High (21.09.2011) 7.25

52-Week Low (14.08.2012) 3.80

Daily Volume

4.75












ARZ CN EQUITY YTD Change - Average Volume 30 Day 682'926

ARZ CN EQUITY YTD % CHANGE - Average Volume 3 Month 551'705


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

119.2 144.5 175.6 178.7 260.0 194.6 271.4 247.6 264.8 67.6 69.8

5.15x 4.07x 3.65x 5.82x 2.31x 19.23x 9.01x 2.28x 1.95x - -

47.6 53.5 87.5 69.8 124.9 70.9 132.2 112.6 126.0 32.0 39.1

12.90x 10.98x 7.32x 14.90x 4.81x 10.21x 4.17x 5.08x 4.54x - -

9.4 4.9 36.7 17.2 43.9 18.4 51.7 44.2 56.9 13.2 15.0

64.50x 399.00x 20.57x 72.80x 18.52x 49.09x 14.90x 16.84x 14.31x 13.49x 12.84x











EBITDA Margin 48.1%



Asset Turnover 0.69







Fiscal Year Ended

Aurizon Mines LtdPrice/Volume

Valuation Analysis

1'950'569.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

/

0

1

2

3

4

5

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./ p&./'- G

.'- G

/'- G

0'- G

1'- G

2'- G

3'- G

4'- G

5'- G

0.0

50.0

100.0

150.0

200.0

250.0

300.0

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

-'--

2'--

.-'--

.2'--

/-'--

/2'--

0-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



14.09.2012





CAMBIOR INC n/a 13D 6'961'953 4.23 - 23.01.2006 Corporation


MONTRUSCO BOLTON INV MONTRUSCO BOLTON INV 13F 6'149'808 3.74 111'461 30.06.2012 Investment Advisor




ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 3'526'254 2.14 656'349 30.06.2012 Hedge Fund Manager




HIGHSTREET ASSET MAN HIGHSTREET ASSET MAN 13F 2'550'907 1.55 797'249 30.06.2012 Investment Advisor

FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 2'366'900 1.44 - 30.06.2012 Investment Advisor


NATCAN INVESTMENT MA NATCAN INVESTMENT MA 13F 2'217'934 1.35 (175'846) 31.03.2012 Investment Advisor

MD MANAGEMENT LTD Multiple Portfolios MF-AGG 2'035'269 1.24 65'211 30.06.2012 Investment Advisor




BMO Capital Markets ANDREW KAIP market perform 3 M 6 12 month 07.09.2012


Loewen, Ondaatje, McCutcheon Ltd MICHAEL G FOWLER buy 5 M 8 12 month 07.09.2012







Mackie Research Capital Corp. RYAN HANLEY buy 5 M 7 Not Provided 09.08.2012




Holdings By:

Aurizon Mines Ltd ee


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