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Mongolian affiliated companies listed on major

international stock exchanges
Golomt Securities LLC
May 11th, 2016

Mongolian affiliated companies listed on major international stock exchanges

As of May 11th, 2016, out of 31 Mongolian affiliated companies listed on international stock exchanges, shares of 19 companies have increased while shares of 11
companies have declined on year-to-date basis. Trading of one company is suspended.
No.

Company Name

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31

Rio Tinto
Banpu
Turquoise Hill Resources
Areva
Mongolian Mining Corporation
Centerra Gold
SouthGobi Resources
Mongolia Energy Corporation
Denison Mines
Genie Energy
Central Asia Metals
Entre Gold
Xanadu Mines
Guildford coal / Terra Energy
Khan Resources
Aspire Mining
Prophecy Coal
Petro Matad Ltd
Mongolia Growth Group Ltd
Erdene Resources Development
General Mining Corp Ltd
Consolidated Zinc Ltd
Kincora Copper
Puget Ventures / Global Cobalt
Haranga Resources
Wolf Petroleum
Viking Mines
Parmelia Resources
Altan Rio Minerals
Eumeralla Resources
Draig Resources

Closing
%Do
Currency Exchange
Price
D
29.59
USD
New York
3.93
12.9
THB
Bangkok
2.62
USD
New York
(0.38)
4.231
EUR
EN Paris
(2.56)
0.1
HKD
Hong Kong
6.38
7.41
CAD
Toronto
3.93
1.6
HKD
Hong Kong
(4.19)
0.187
HKD
Hong Kong
(3.74)
0.517
USD
NYSE MKT LLC
(1.28)
7.85
USD
New York
(0.63)
169.125
GBp
London
1.42
0.32
USD
NYSE MKT LLC
(1.27)
0.22
AUD
ASE
0.004
AUD
ASE
0.6349
USD
OTC US
5.24
0.005
AUD
ASE
0.02
CAD
Toronto
3.5
GBp
London
(9.68)
0.375
CAD
Venture
(8.54)
0.45
CAD
Toronto
11.11
0.64
AUD
ASE
4.92
0.047
AUD
ASE
(8.51)
0.03
CAD
Venture
(25.00)
0.018
USD
OTC US
0.003
AUD
ASE
0.007
AUD
ASE
0.019
AUD
ASE
0.07
AUD
ASE
2.86
0.02
CAD
Venture
33.33
0.026
AUD
ASE
0.023
AUD
ASE
-

YTD %
1.61
6.40
3.15
(21.99)
(42.86)
12.44
(33.33)
1.69
3.82
(29.09)
10.27
35.67
100.00
(42.86)
154.79
(37.50)
(42.86)
12.00
10.29
212.50
150.98
(21.82)
50.00
(43.75)
(25.00)
18.75
60.00
100.00
16.87
(7.24)

Avg. 5 day
Market cap
52w high 52w low
traded volume
mln USD
(36.88)
5,338,448.50
55,031.79
47.370
21.885
(40.79)
14,271,400.00
1,418.94
22.164
10.911
(38.35)
3,103,250.00
5,272.26
4.740
1.550
(48.09)
38,573.60
1,846.63
9.350
3.260
(75.00) 278,069,792.00
119.35
0.560
0.026
10.10
1,259,691.63
1,793.29
8.670
5.510
(72.41)
336,050.00
53.13
6.830
1.240
(64.00)
3,878,616.75
41.44
0.640
0.107
(39.86)
483,323.19
268.03
0.952
0.350
(43.34)
115,534.60
193.35
14.863
6.320
(11.91)
32,708.20
273.20 195.000 121.250
(25.58)
176,175.00
48.81
0.509
0.170
131.58
655,298.00
72.42
0.250
0.073
(88.89)
1,187,194.00
7.08
0.042
0.003
26.65
38,000.00
53.42
0.635
0.237
(73.68)
941,200.00
3.42
0.026
0.005
(50.00)
343,690.19
5.67
0.075
0.010
(45.10)
4,941,624.00
14.55
9.875
1.875
(55.88)
5,085.00
19.25
1.120
0.330
284.62
442,429.81
44.54
0.550
0.110
1,291.09
1,617,847.38
147.02
0.735
0.038
7.50
215,283.41
8.10
0.070
0.031
20.00
36,835.20
7.31
0.040
0.015
(60.33)
1.90
0.038
0.014
(82.35)
826,658.19
0.86
0.020
0.002
Suspended
0.024
0.004
90.00
115,500.00
3.51
0.028
0.008
262.49
378,500.81
6.38
0.098
0.020
(33.33)
22,220.00
1.38
0.030
0.010
(19.86)
25,400.00
1.90
0.037
0.019
(21.74)
148,127.20
1.81
0.035
0.015
YoY %

Industry
Metals & Mining
Oil, Gas & Consumable Fuels
Metals & Mining
Electrical Equipment
Metals & Mining
Metals & Mining
Oil, Gas & Consumable Fuels
Oil, Gas & Consumable Fuels
Oil, Gas & Consumable Fuels
Electric Utilities
Metals & Mining
Metals & Mining
Metals & Mining
Oil, Gas & Consumable Fuels
Oil, Gas & Consumable Fuels
Metals & Mining
Oil, Gas & Consumable Fuels
Oil, Gas & Consumable Fuels
Real Estate Management
Metals & Mining
Metals & Mining
Metals & Mining
Metals & Mining
Mining
Metals & Mining
Oil, Gas & Consumable Fuels
Metals & Mining
Metals & Mining
Metals & Mining
Metals & Mining
Metals & Mining

Growing shares (year-to-date)

Turquoise Hill Resources Ltd.

Centerra Gold

%Day: -0.38%
%YTD: 3.15%
%YoY: -38.35%

%Day: 3.93%
%YTD: 12.44%
%YoY: 10.1%

Central Asia Metals Plc

%Day: 1.42%
%YTD: 10.27%
%YoY: -11.91%

Closing price: US$2.62

Closing price: C$7.41

Closing price: GBp169.125

Market cap.: US$5.3 billion

Market cap.: US$1.8 billion

Market cap.: US$273.2 million

Average volume (30-day): 2.342 million

Average volume (30-day): 1.202 million

Average volume (30-day): 0.134 million

Recent development:

Recent development:

Recent development:

- Rio Tinto approved US$5.3 billion investment on

Oyu Tolgoi underground mine development
- OT underground capacity by 2027: 500,000t per
year vs 175,000-200,000t now
- TRQ completed 2016 Oyu Tolgoi Feasibility study
- Board approvals of TRQ, OT and Rio left to
proceed the underground development
- Underground development expected to start by
Q2'16
- Q1'16 net income increased 24% yoy to US$118.9
million vs US$96.2 million in Q1'15
- Q1'16 revenue fell 0.8% yoy to US$422.7 million
- Q1' 16 copper production increased 71% yoy to
57.6k tonnes; gold production increased 67% yoy
to 144k oz.
- 2016 forecasted gold production: 255,000285,000oz

- Main operation in Kumtor Gold deposit in Kyrgyz

Republic; also operates in Boroo Mine in Mongolia
- On April 28, 2016 trading was halted as Kyrgyz Republic
General Prosecutors Office searched Kumtor office to
collect documents related to alleged fraudulent
transactions
- GoM approved 34% state-ownership of Gatsuurt Mine
w/ 3% royalty (reserves: 1.6M oz)
- Investment agreement to be finalized soon says Mining
Minister R.Jigjid
- Q1'16 revenue decreased 65.5% yoy to US$73.2M vs
US$212.4M in Q1'15
- Q1'16 net income decreased 55.6% yoy to US$18.1M vs
US$40.7M in Q1'15
- Q1'16 gold production decreased 49% to 86,444 oz vs
170,683 oz in Q1'15
- 2016 forecasted gold production: 480,000- 530,000 oz

- Main operation in Kounrad copper project in

Kazakhstan
- Molybdenum project in Handgait, Mongolia (reserves:
41.15Kt)
- 85%-owned Ereen gold project near Gatsuurt Mine is
held for sale
- FY15 gross revenue declined 12% to US$67.3M vs
US$76.6M in 2014
- FY15 net income decreased 62.5% to US$22.4M vs
US$59.7M in 2014
- FY15 copper production rose 8.% yoy to 12,071t vs
11,136t in 2014
- FY15 copper sales rose 7.9% to 12,040t vs 11,163t in
2014
- 2016 forecasted copper production in Kounrad:
13,000- 14,000t
- AGM to be held on June 8, 2016

Growing shares (year-to-date)

Xanadu Mines

Entre Gold

Erdene Resources Development

%Day: -1.27%
%YTD: 35.67%
%YoY: -25.58%

%Day: 0%
%YTD: 100%
%YoY: 131.58%

%Day: 11.11%
%YTD: 212.5%
%YoY: 284.62%

Closing price: US$0.32

Closing price: A$0.22

Closing price: C$0.45

Market cap.: US$48.81 million

Market cap.: US$72.42 million

Market cap.: US$44.5 million

Average volume (30-day): 0.114 million

Average volume (30-day): 0.332 million

Average volume (30-day): 0.187 million

Recent development:

Recent development:

Recent development:

- Copper-molybdenum Ann Mason project in

Nevada, US (measured&inferred
resource:
1,400Mt)
- 20% interest in Entre/Oyu Tolgoi JV Property in
Mongolia, which hosts the Hugo North Extension
copper-gold deposit and the Heruga copper-goldmolybdenum deposit.
- FY15 cash and cash equivalents: US$22.8M

- Exploration company operating in Mongolia since

2005;
- Main operation in Kharmagtai copper-gold project
and Oyut Ulaan copper-gold project in Mongolia
- Significant high-grade trench in Oyut Ulaan project
as a result of drilling
- Q1'16 cash and cash equivalents: A$4.7M

- Exploration company
- Altan nar gold-silver-zinc-lead deposit
- Bayan Khundii gold deposit was discovered
recently in Q2'15
- Zuun mod molybdenum deposit (measured and
indicated resource: 218Mt)
- Khuvyn Khar copper-gold deposit
- Closed C$2.5M financing deal with Sandstorm
Gold Ltd to fund exploration projects (drilling of
high-grade Bayan Khundii gold project which
commenced on Apr 8, 2016)
- FY15 net loss: C$12M vs net loss of C$2.6M in
2014
- FY15 cash:C$675.8k vs C$136.8k in 2014

II

Declining shares (year-to-date)

Mongolian Mining Corp.
%Day: 6.38%
%YTD: -42.86%
%YoY: -75%

Aspire Mining

Prophecy Development Corp.

%Day: 0%
%YTD: -37.5%
%YoY: -73.68%

%Day: 0%
%YTD: -42.86%
%YoY: -50%

Closing price: HK$0.108

Closing price:A$0.005

Closing price: C$0.02

Market cap.: US$119.35 million

Market cap.: US$3.42 million

Market cap.: US$5.67 million

Average volume (30-day): 112.874 million

Average volume (30-day): 0.569 million

Average volume (30-day): 0.664 million

Recent development:

Recent development:

Recent development:

- MMC defaulted on US$600M 8.875% note due

2017
- In talks with bondholders and advisors
- ICBC and BNP Paribas demanded immediate debt
repayment of US$95.4M
- Energy Resources started operating back on April
25, 2016; to operate normally until election; regular
operation to be decided after election says person
related to the company

- Main operation in Ovoot coking coal project in

Mongolia (reserves: 255Mt)
- Northern Railway LLC, wholly-owned subsidiary of
Aspire, to proceed railway project of 547km from
Erdenet to Ovoot (Arts Suuri (Mongolia-Russia
border))
- Northern Railway in discussion with China
Railways Bureau 20 Group on debt facility to fund
pre-development activities
- Through its 50% ownership in Ekhgoviin Chuluu
JC, holds interest in Nuurstei Coking coal project
(resources: 12.85Mt); mining licences application
commenced
- Q1'16 cash: A$758k

- Projects: Ulaan Ovoo coal project, Chandgana coal

project, 600MW Chandgana power plant in
Mongolia; - Chandgana power plant to cost
US$1billion; to be completed in 3 yrs from start of
construction
- Major works needed prior to construction are
cpmplete
- Chandgana coal project is located in Khentii
(resources: 1.172Bt)
- 100% owns Ulaan Ovoo; invested US$60M
(resources: 208.8Mt); in exploration process
- PCY to clear US$1.5 TDBM loan by issuing
additional shares
- FY15 net loss C$7.8M vs C$14.7M in 2014
- FY15 cash C$33.5K vs C$201K in 2014

III

Volatile shares (year-to-date)

Genie Energy
%Day: -0.63%
%YTD: -29.09%
%YoY: -43.34%

Petro Matad Ltd.

Khan Resources

%Day: -9.68%
%YTD: 12%
%YoY: -45.1%
%Day: 5.24%
%YTD: 154.79%
%YoY: 26.65%

Closing price: US$7.85

Closing price: GBp3.5

Closing price: US$0.6349

Market cap.: US$193.35 million

Market cap.: US$14.55 million

Market cap.: US$53.42 million

Average volume (30-day): 0.102 million

Average volume (30-day): 1.61 million

Average volume (30-day): 0.047 million

Recent development:

Recent development:

Recent development:

- In 2013, GNE entered 5yr oil shale development

agreement w/ Petroleum Authority of Mongolia
(PAM) to explore in a site of 34,470km2 in Central
Mongolia
- On September 16, 2014, Genie Oil Shale Mongolia
LLC, subsidiary of GNE, signed agreement w/ the
Petroleum Authority of Mongolia to explore
25,000sqkm
- Other sites in Israel and US
- Q1'16 revenue declined 22% yoy to US$58.1M vs
US$74.4M in Q1'15
- Q1'16 net income was US$6.1M vs net loss of
US$2.4M in Q1'15

- Holding company that focuses on oil exploration

and production in Mongolia through its subsidiaries
- Since 2006, Matad carried out exploration on
Matad Block XX, 10,340km2 near Mongolia-China
border
- In 2009, exploration works commenced on Block IV
and V, 50,000km2 in central Mongolia. But these 2
blocks were never explored seriously for oil and
gas
- Shell issued Exit notice from Bogd Block IV and V;
to give compensation
- Bloomberg estimated FY15 revenue: 0; FY15 net
loss: US$3.7M

- Khan was involved in development of the Dornod

uranium property since 1995 but in Jan, 2009,
Mongolia and Russia announced intention to form
Mongolia-Russia JV to replace Khan.
- In 2010, GoM refused to reissue licences to Khan
and Khan launched international arbitration action
against Mongolia for illegal expropriation of assets
in Jan, 2011.
- As a result GoM set to pay US$100M settlement to
Khan
- GoM to pay US$70M by May 15, 2016
- FY15 revenue: C$2000
- FY15 net loss: C$330k

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Disclaimer
This document has been prepared by the Golomt Securities LLC for information purpose only. The views expressed are the views of the analyst and are subject to change
based on market and other conditions and factors. The information provided does not constitute investment advice or other recommendations and should not be relied on as
such. It should not be considered a solicitation to buy or an offer to sell a security or to pursue any trading or investment strategy. All material, including information sourced
from or attributed to Golomt Securities LLC, has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. Past performance is no guarantee for
future results. Accordingly you must independently determine, with your own advisors, the appropriateness for you of the securities/transactions before investing or transacting.

Golomt Securities LLC,

Suite 606B, Central Tower,
Great Chinggis Khaans Square-2, SBD-8
Ulaanbaatar 14200
Mongolia
Phone: +976-70121530
Fax: +976-70121529
E-mail: info@golomtsecurities.com
Website: www.golomtsecurities.com