Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index Tracks Companies Involved in The Gold Mining Industry

This material does not constitute investment advice and should not be
viewed as a current or past recommendation or a solicitation of an

offer to buy or sell any securities or to adopt any investment strategy.
Fundamental Analysis &

Analyst Recommendations
QMS Gold Miners FlexIndex The QMS Advisors' Gold Miners Flexible Index tracks
companies involved in the Gold Mining Industry.
May 2013
Q M S Advisors
.
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Valuation Measures I/II

Market Capitalization & Asset Liability data
Market
Total
Capitalization (in mio
Daily
Common Total Debt Preferred
Currency
USD)
Volume (M) Shares (M)
(USD)
Stock (USD)
Minority
Interest
(USD)
Total Revenue
Cash and Enterprise
Equivalents
Value
(USD)
(USD)
Tot. Rev. LFY
Est. Tot.
Rev. - Tr.
12M
EBITDA
Earnings Per Share
Est. Tot.
Est. Tot.
Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M
2013
2014
EPS - LFY
Price/Earnings ratio
Est. EPS Tr. 12M
Est. EPS 2013
Est. EPS 2014
P/E Ratio LFY
Est. P/E
Ratio - Tr.
12M
Rev. Growth
EBITDA Growth
Est.
Est.
Est. Est.
Est. P/E
Est. P/E
Revenue
Revenue Est. EBITDA
EBITDA
Est. EBITDA
Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Moody's LT Credit
Rating
Rating Date
S&P 500 INDEX
USD
15271312
2038.193
1112
1112
204
219
219
102.23
110.27
110.27
16.23
16.23
15.04
15.04
18.84
Euro Stoxx 50 Pr
EUR
2713836
5590.895
4551
4551
731
763
763
202.40
299.27
299.27
22.86
18.53
15.46
15.46
19.77
NIKKEI 225
JPY
2852100
197.0179
188
188
18
21
21
5.31
6.87
6.87
0.27
0.26
0.21
0.21
0.11
FTSE 100 INDEX
GBP
2809303
12390.57
10063
10063
1461
1738
1738
596.00
825.06
825.06
25.99
24.24
18.77
18.77
21.64
SWISS MARKET INDEX
CHF
1085883
11249.94
4065
4065
856
827
827
415.65
550.90
550.90
21.22
17.66
16.01
16.01
21.76
S&P/TSX COMPOSITE INDEX
CAD
1651404
17113.04
7809
7809
1834
2018
2018
762.43
858.26
858.26
15.77
15.77
14.01
14.01
23.87
S&P/ASX 200 INDEX
AUD
1389289
6566.53
2688
2688
606
669
669
240.56
321.94
321.94
20.69
16.62
15.46
15.46
22.18
HANG SENG INDEX
HKD
1749899
3449.621
1687
1687
371
408
408
283.55
271.07
271.07
1.35
1.53
1.41
1.41
3.00
MSCI EM
USD
7868207
1854.702
1023
1023
212
285
285
83.89
94.75
94.75
12.47
12.76
11.04
11.04
18.21
GOLDCORP INC
USD
22265
8975
812
22.74
5435
5101
4905
6245
2798
2532
570
570
1.99
1.70
1.40
2.10
16.02
16.02
19.46
13.01
1.36
13.48
19.78
21.03
49.64
BBB+
01.06.2009
Baa2
13.03.2013
BARRICK GOLD CORP
USD
19462
23817
1001
14
34.61
14547
14340
13583
14589
7358
7071
1583
1583
3.74
3.30
3.16
3.33
5.89
5.89
6.16
5.84
2.18
13.61
-11.64
24.49
49.31
BBB
26.04.2013
Baa2
24.04.2013
NEWMONT MINING CORP
USD
15751
9296
497
23.92
9868
9362
9216
10761
4169
3731
808
808
3.78
3.34
2.71
3.41
9.45
9.45
11.67
9.27
-4.73
4.99
-19.24
19.37
39.85
BBB+
11.08.2008
Baa1
26.07.2010
RANDGOLD RESOURCES LTD-ADR
USD
6633
765
92
6.54
1318
1331
1383
1791
699
689
4.65
4.48
4.33
6.73
16.08
16.08
16.64
10.70
16.92
27.97
20.16
53.34
51.75
YAMANA GOLD INC
USD
8344
9956
8.91
2337
2312
2481
2998
1269
1164
263
263
0.78
1.06
14.18
10.44
7.52
14.54
0.53
26.81
50.35
GOLD FIELDS LTD-SPONS ADR
USD
4461
5794
16
28916
38146
29086
30284
14243
18261
12706
12706
6.00
7.52
9.41
7.50
14.46
8.58
5.29
13.85
47.87
BB+
15.11.2012
SILVER WHEATON CORP
USD
7865
6872
850
856
965
1085
701
700
181
181
1.59
1.76
13.98
12.57
16.38
43.77
13.36
43.74
81.79
ANGLOGOLD ASHANTI-SPON ADR
USD
6820
4166
30
52160
51968
57034
62449
19105
17635
20359
20359
14.62
23.71
11.27
6.95
-4.14
11.91
-17.82
86.63
33.93
BBB-
10.12.2012
CIA DE MINAS BUENAVENTUR-ADR
USD
4994
1441
5.22
1564
1492
1642
1761
569
174
174
2.69
2.27
2.21
2.35
7.97
7.95
8.21
7.71
0.44
14.04
-30.59
7.40
NEW GOLD INC
USD
3095
5423
3.28
791
824
933
987
390
388
115
115
0.41
0.54
16.02
12.04
13.70
39.01
13.39
63.80
47.02
BB-
27.03.2012
B2
27.03.2012
AGNICO EAGLE MINES LTD
USD
4928
2008
5.44
1918
1865
1705
2061
787
735
179
179
1.03
1.78
27.67
16.04
5.26
38.09
4.59
31.64
39.41
NR
12.03.2003
WR
05.03.2002
ELDORADO GOLD CORP
USD
4923
4371
5.13
1148
1214
1264
1402
584
631
136
136
0.43
0.53
15.91
13.12
3.97
58.56
-9.24
53.95
51.94
BB
13.11.2012
Ba3
12.11.2012
KINROSS GOLD CORP
USD
6028
21000
1140
6.84
4311
4333
4041
4209
1962
1981
347
347
0.77
0.74
0.45
0.56
7.14
7.14
11.63
9.50
12.20
27.96
1.87
40.67
45.72
BBB-
15.08.2011
Baa3
15.08.2011
ROYAL GOLD INC
USD
3253
915
59
2.89
263
292
303
379
233
260
65
65
1.63
1.40
1.52
2.10
36.01
36.01
33.31
24.02
21.52
33.98
25.17
44.69
88.90
HARMONY GOLD MNG-SPON ADR
USD
1789
3257
15169
16353
16517
21953
4222
3140
4735
4735
3.91
7.72
9.80
4.96
30.81
9.67
79.35
16.71
19.20
IAMGOLD CORP
USD
1898
6874
1.98
1670
1571
1479
1681
710
642
148
148
0.52
0.68
9.73
7.43
-0.19
12.44
-9.54
30.21
40.84
BB-
10.09.2012
PAN AMERICAN SILVER CORP
USD
1810
2604
1.37
929
943
1004
1077
362
345
91
91
0.93
1.13
12.90
10.59
8.57
24.85
-18.81
25.23
36.62
FIRST MAJESTIC SILVER CORP
USD
1198
1994
1.12
247
256
373
543
135
132
0.84
1.29
12.19
7.94
0.68
59.29
-13.49
101.01
51.60
COEUR D'ALENE MINES CORP
USD
1376
1922
1.40
895
863
901
1066
378
343
89
89
0.59
0.68
0.59
1.32
19.94
19.94
22.87
10.24
-12.31
37.42
-28.81
43.35
39.75
B+
25.06.2012
B3
24.01.2013
AURICO GOLD INC
USD
1150
2104
1.05
164
293
398
52
53
21
21
0.26
0.39
18.27
11.92
94.95
15.72
2151.89
ALLIED NEVADA GOLD CORP
USD
703
3842
90
0.88
215
225
368
560
95
95
25
25
0.52
0.49
0.84
1.51
15.96
15.96
9.35
5.19
41.13
95.75
44.49
07.06.2012
B3
16.05.2012
HECLA MINING CO
USD
884
6775
285
0.75
321
306
484
642
93
74
50
50
0.07
0.12
0.19
0.38
25.83
25.83
16.76
8.24
-32.76
22.69
-63.53
10.36
24.02
04.04.2013
B2
02.04.2013
NEVSUN RESOURCES LTD
USD
931
566
488
320
672
426
347
21
21
0.33
0.94
10.54
3.73
3.34
-0.64
71.21
AURIZON MINES LTD
USD
627
208
0.45
224
210
209
266
92
78
0.13
0.26
29.85
14.92
-14.02
5.97
-26.18
14.15
37.08
SILVER STANDARD RESOURCES
USD
524
1879
0.29
241
252
216
243
55
55
12
12
-0.10
-0.02
63.09
38.56
22.64
SEABRIDGE GOLD INC
USD
464
467
0.42
-16
-15
-15
-0.22
-0.46
20.14
TANZANIAN ROYALTY EXPLORATIO
USD
265
323
0.26
-5
-5
-16.99
GOLDEN STAR RESOURCES LTD
USD
181
3521
259
0.23
551
552
487
125
117
26
26
-0.05
-0.16
-0.05
0.09
16.89
21.87
35.80
21.18
VISTA GOLD CORP
USD
108
484
82
0.02
-36
-34
-0.54
-0.51
-0.29
-0.18
-26.58
GREAT BASIN GOLD LTD
USD
3263
0.32
170
145
18
-26
70.83
-18.00
ARGONAUT GOLD INC
CAD
913
1219
149
0.71
184
202
201
258
105
105
16
16
0.67
0.62
0.38
0.57
9.55
9.55
77.52
90.14
56.30
TOREX GOLD RESOURCES INC
CAD
852
10756
604
0.48
-59
-63
-15
-15
-0.14
-0.15
-0.10
-0.09
-75.80
LIONGOLD CORP LTD
SGD
838
8437
731
0.81
78
91
89
114
-4
-0.02
-0.03
0.00
0.01
151.58
69.96
13.33
7.04
1.18
CHINA GOLD INTERNATIONAL RES
CAD
1063
368
396
1.08
326
326
348
625
136
136
151
151
0.18
0.18
0.16
0.18
14.12
14.12
16.45
14.38
6.65
-1.28
40.96
PERSEUS MINING LTD
CAD
535
1705
0.50
142
307
391
54
125
0.12
0.19
9.20
6.03
SANDSTORM GOLD LTD
CAD
620
300
86
0.56
55
57
70
94
36
35
0.25
0.17
0.18
0.38
39.70
39.70
37.08
17.67
85.12
89.97
59.93
OCEANAGOLD CORP
CAD
522
861
294
0.73
378
385
576
625
142
166
50
50
0.08
0.11
0.22
0.30
15.87
15.87
7.93
5.63
-2.52
13.67
-11.83
65.88
42.36
MEDUSA MINING LTD
AUD
438
2077
189
0.42
79
91
111
262
57
63
0.26
0.28
0.40
0.92
7.95
5.57
2.44
-44.82
92.52
-51.12
68.11
DUNDEE PRECIOUS METALS INC
CAD
538
1462
126
0.50
378
368
426
502
0.38
0.34
0.54
0.76
12.52
12.52
7.74
5.55
13.40
42.70
RIO ALTO MINING LTD
CAD
556
1644
176
0.52
311
276
313
314
170
170
0.56
0.40
0.45
0.53
7.68
7.68
6.89
5.88
53.73
AURIZON MINES LTD
USD
627
208
0.45
224
210
209
266
92
78
0.13
0.26
29.85
14.92
-14.02
5.97
-26.18
14.15
37.08
ENDEAVOUR SILVER CORP
USD
407
1439
0.41
208
229
238
280
90
88
24
24
0.41
0.60
9.93
6.86
62.57
53.81
38.56
38.27
CONTINENTAL GOLD LTD
CAD
449
480
108
0.34
14
14
-12
-10
-0.07
-0.11
-0.06
-0.07
RUBICON MINERALS CORP
CAD
442
880
288
0.30
-11
-12
-0.04
-0.04
-0.05
0.20
7.66
45.71
SILVERCORP METALS INC
USD
444
1312
0.39
238
193
202
256
155
102
0.21
0.29
12.21
8.87
42.21
27.32
40.76
43.24
53.14
EVOLUTION MINING LTD
AUD
577
4029
707
0.61
461
625
602
689
187
210
136
136
0.06
0.18
0.08
0.11
4.44
9.70
7.08
279.97
531.12
33.00
CHINA PRECIOUS METAL RESOURC
HKD
762
42412
4351
0.99
209
209
246
309
143
143
164
164
0.02
0.02
0.02
1.44
1.21
1.07
5.83
26.53
4.47
8.80
SEABRIDGE GOLD INC
USD
464
467
-16
-15
-15
-0.22
-0.46
20.14
BEADELL RESOURCES LTD
AUD
482
6881
RESOLUTE MINING LTD
AUD
464
11228
253
90
8.88
482
8.24
15.47
10.36
0.42
742
0.61
307
327
-14
158
158
-0.05
-0.06
0.14
0.17
4.32
3.61
59.26
636
0.40
566
606
645
574
250
255
0.16
0.25
0.22
0.16
2.83
3.15
4.51
29.04
28.70
128.76
102.83
41.34
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Valuation Measures I/II

Market Capitalization & Asset Liability data
Market
Total
Capitalization (in mio
Daily
Common Total Debt Preferred
Currency
USD)
Volume (M) Shares (M)
(USD)
Stock (USD)
Minority
Interest
(USD)
Total Revenue
Cash and Enterprise
Equivalents
Value
(USD)
(USD)
Tot. Rev. LFY
Est. Tot.
Rev. - Tr.
12M
EBITDA
Earnings Per Share
Est. Tot.
Est. Tot.
Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M
2013
2014
EPS - LFY
Price/Earnings ratio
Est. EPS Tr. 12M
Est. EPS 2013
Est. EPS 2014
P/E Ratio LFY
Est. P/E
Ratio - Tr.
12M
Rev. Growth
EBITDA Growth
Est.
Est.
Est. Est.
Est. P/E
Est. P/E
Revenue
Revenue Est. EBITDA
EBITDA
Est. EBITDA
Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -
S&P 500 INDEX
USD
15271312
2038.193
1112
1112
204
219
219
102.23
110.27
110.27
16.23
16.23
15.04
15.04
18.84
Euro Stoxx 50 Pr
EUR
2713836
5590.895
4551
4551
731
763
763
202.40
299.27
299.27
22.86
18.53
15.46
15.46
19.77
NIKKEI 225
JPY
2852100
197.0179
188
188
18
21
21
5.31
6.87
6.87
0.27
0.26
0.21
0.21
0.11
FTSE 100 INDEX
GBP
2809303
12390.57
10063
10063
1461
1738
1738
596.00
825.06
825.06
25.99
24.24
18.77
18.77
21.64
SWISS MARKET INDEX
CHF
1085883
11249.94
4065
4065
856
827
827
415.65
550.90
550.90
21.22
17.66
16.01
16.01
21.76
CAD
1651404
17113.04
7809
7809
1834
2018
2018
762.43
858.26
858.26
15.77
15.77
14.01
14.01
23.87
S&P/ASX 200 INDEX
AUD
1389289
6566.53
2688
2688
606
669
669
240.56
321.94
321.94
20.69
16.62
15.46
15.46
22.18
HANG SENG INDEX
HKD
1749899
3449.621
1687
1687
371
408
408
283.55
271.07
271.07
1.35
1.53
1.41
1.41
3.00
MSCI EM
USD
7868207
1854.702
1023
1023
212
285
285
83.89
94.75
94.75
12.47
12.76
11.04
11.04
18.21
ENDEAVOUR MINING CORP
CAD
356
391
134
FORTUNA SILVER MINES INC
CAD
345
739
MCEWEN MINING INC
USD
609
3088
296
MAG SILVER CORP
CAD
384
146
60
PRIMERO MINING CORP
CAD
495
342
97
KINGSGATE CONSOLIDATED LTD
AUD
246
3329
151
TIMMINS GOLD CORP
CAD
314
879
144
ST BARBARA LTD
AUD
297
4439
PREMIER GOLD MINES LTD
CAD
252
NORTHERN STAR RESOURCES LTD
AUD
2009
0.52
340
378
482
623
134
0.14
0.17
8.54
8.54
6.13
0.28
158
158
167
201
69
69
20
20
0.27
0.23
0.24
0.32
11.74
11.74
11.20
0.56
39
150
217
-92
-67
-0.19
-0.17
-0.01
0.08
0.34
-13
-13
-1
-1
-0.22
-0.22
-0.13
-0.14
0.38
180
182
198
246
76
71
33
33
0.53
0.50
0.42
0.59
9.78
9.78
11.54
0.37
351
365
335
382
162
0.51
0.34
0.24
0.25
4.67
0.30
153
163
193
211
67
75
17
17
0.25
0.31
0.34
0.33
6.81
325
0.44
531
512
520
609
220
197
0.40
0.27
0.08
0.15
1366
149
0.23
-12
-12
-0.15
-0.16
-0.07
302
4498
402
0.26
98
112
131
161
47
57
74
74
0.05
0.08
0.07
USD
265
323
0.26
-5
-5
REAL GOLD MINING LTD
HKD
1031
907
0.49
176
176
153
153
USD
181
3521
259
0.23
551
552
125
117
26
ROMARCO MINERALS INC
CAD
213
1067
585
0.16
-12
-11
BANRO CORPORATION
CAD
270
1837
202
0.39
42
74
143
347
COLOSSUS MINERALS INC
CAD
192
1092
106
0.20
41
282
RAINY RIVER RESOURCES LTD
CAD
207
352
100
0.11
SULLIDEN GOLD CORP LTD
CAD
218
2032
243
0.20
ASANKO GOLD INC
CAD
196
297
76
0.01
BEAR CREEK MINING CORP
CAD
168
123
92
0.10
PARAMOUNT GOLD AND SILVER
USD
215
571
0.20
KIRKLAND LAKE GOLD INC
CAD
241
687
70
GUYANA GOLDFIELDS INC
CAD
188
340
95
HIGHLAND GOLD MINING LTD
GBp
399
45
325
INDOPHIL RESOURCES NL
AUD
295
849
1203
LYDIAN INTERNATIONAL LTD
CAD
189
433
127
SABINA GOLD & SILVER CORP
CAD
193
928
174
LAKE SHORE GOLD CORP
CAD
119
5464
416
BRIGUS GOLD CORP
USD
139
GREAT PANTHER SILVER LTD
USD
INTREPID MINES LTD
Moody's LT
Credit
Moody's LT Credit
Rating
Rating Date
4.99
135.13
210.84
38.66
8.33
45.54
46.57
43.98
66.13
43.12
-54.81
-171.96
-40.23
8.36
16.56
6.22
38.11
6.67
6.33
105.36
82.66
144.00
6.81
6.37
6.55
86.56
58.99
44.93
2.23
7.51
3.93
49.58
27.31
103.02
82.99
37.82
15.03.2013
-0.07
-5.24
-1301.56
0.09
9.24
9.60
-13.15
5.14
49.75
-16.99
0.12
0.12
0.94
0.95
4.55
7.02
11.18
26
-0.05
-0.16
-0.05
0.09
16.89
21.87
35.80
21.18
-8
-8
-0.02
-0.02
-0.01
-0.01
22.12
-0.02
0.03
0.06
0.31
35.04
35.04
3.33
13.90
-32
-32
-7
-7
-0.27
-0.27
-0.12
0.83
2.09
-12.01
-63
-63
-15
-15
-0.72
-0.61
-0.19
-0.14
-296.17
-12
-4
-0.06
-0.04
-0.03
-0.03
-35.85
-35
-34
-0.48
-0.26
-0.15
-0.16
7.21
-31
-31
-0.33
-0.32
-0.21
-0.07
-5.79
-18
-18
-8
-8
-0.04
-0.04
-59.56
-54.62
-29165.25
0.30
157
137
258
55
24
22
22
0.56
-0.01
0.01
0.53
53.70
61.42
108.90
17.26
0.16
407
-8
-8
-0.09
-0.10
-0.08
-0.09
19.26
0.53
535
535
689
247
247
247
247
0.58
0.57
0.42
0.49
4.94
4.93
26.16
37.65
5.46
62.66
70.09
0.06
-17
-17
0.00
0.00
52.10
-121.60
0.10
-0.05
-0.05
-0.04
-0.02
0.08
-12
-12
-0.08
-0.08
-0.03
-0.03
-18.38
0.21
131
149
196
265
37
37
-0.22
-0.22
-0.01
0.05
5.70
99.00
409.44
27.99
1186
0.20
118
136
152
159
48
48
0.15
0.13
4.06
4.52
63.78
239.92
60.49
41.21
110
952
0.09
61
60
57
68
16
16
0.04
0.05
23.13
16.19
5.74
21.76
-28.90
25.56
AUD
153
5787
555
0.14
-47
-47
-0.11
-0.13
-0.01
-0.01
-21.31
VISTA GOLD CORP
USD
108
484
82
0.02
-36
-34
-0.54
-0.51
-0.29
-0.18
-26.58
ALEXCO RESOURCE CORP
USD
99
437
0.08
85
77
95
25
25
-0.14
-0.04
87.81
276.59
160.76
30.03
ATAC RESOURCES LTD
CAD
109
325
104
0.09
-1
-1
-0.08
-0.07
-0.05
-0.05
SCORPIO MINING CORP
CAD
90
386
198
0.06
45
41
14
14
0.04
0.03
0.03
0.13
15.06
15.06
-24.54
-50.82
30.39
MIDWAY GOLD CORP
USD
113
393
128
0.08
-14
-14
-0.12
-0.12
-0.11
-0.12
21.14
PATAGONIA GOLD PLC
GBp
140
443
813
0.14
-24
-24
-0.03
-0.03
79.06
GRYPHON MINERALS LTD
AUD
90
5524
348
0.04
-8
-7
-0.01
-0.02
-0.01
48.45
DRDGOLD LTD-SPONSORED ADR
USD
235
71
1764
1959
2129
2546
371
400
526
526
7.97
12.05
4.71
27.89
7.86
64.25
12.94
20.40
RED 5 LTD
AUD
82
68
135
0.09
16
43
123
-3
-5
-0.01
-0.07
-0.06
0.25
2.41
42.56
-28.99
LINGBAO GOLD CO LTD-H
HKD
216
1498
770
0.69
824
824
892
850
95
95
97
97
0.03
0.03
0.02
0.02
1.05
1.02
1.23
1.20
1.51
2.37
-1.33
0.92
1.49
INTL TOWER HILL MINES LTD
USD
82
242
0.06
-56
-57
-0.10
-0.07
-463.04
SARACEN MINERAL HOLDINGS LTD
AUD
91
6924
595
0.10
180
184
207
227
62
51
61
61
0.04
-0.02
0.03
0.07
4.35
2.20
17.71
5.99
27.27
EXETER RESOURCE CORP
USD
65
240
88
0.01
-26
-26
-0.29
-0.29
-0.13
-0.11
17.44
RICHMONT MINES INC
USD
70
189
40
0.03
102
100
105
134
-0.08
-0.21
0.05
0.36
40.28
5.04
-14.20
10.98
-79.79
8.26
2.89
RAMELIUS RESOURCES LTD
AUD
68
1355
336
0.03
83
114
126
164
13
-10
25
25
0.01
-0.06
0.01
0.08
25.15
2.37
-42.27
171.79
-86.60
8.55
-8.92
GOLDEN MINERALS CO
USD
65
263
43
0.03
26
26
33
52
-35
-35
-6
-6
-1.44
-1.37
-0.68
-0.29
1320.81
45.58
-133.08
SAN GOLD CORP
CAD
44
3775
335
0.04
140
129
129
165
35
35
-0.04
-0.06
-0.05
-0.02
24.11
136.57
184.46
24.79
OREZONE GOLD CORP
CAD
56
324
86
0.04
-28
-28
-0.06
-0.08
-0.17
-0.08
9.57
GRAN COLOMBIA GOLD CORP
CAD
64
536
382
0.25
165
160
15
15
10
10
-0.08
-0.06
-0.06
0.03
21.77
860.78
8.63
487
154
587
78
50
171
102
207
0.10
S&P LT Credit
Rating Date
25.63
482
-0.04
S&P LT
Credit
Rating -
9.62
7.65
8.24
18.12
429.60
6.72
13.28
7.11
6.36
5.85
3.40
5.46
Valuation Measures II/II

Price to Book Ratio
Price to Sales Ratio
Price to Cash Flow Ratio
Enterprise Value to EBITDA Ratio
Price to Earnings Ratio
Estimated Dividend Yield
Target
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
%D to Spot
S&P 500 INDEX
2.33
2.33
2.14
1.96
2.33
1.49
1.49
1.43
1.37
1.49
10.49
10.49
9.79
10.09
10.49
9.32
9.32
8.61
8.06
9.32
15.04
15.04
13.53
12.29
15.04
2.09
2.09
2.25
2.43
2.09
1741.9
5.0%
Euro Stoxx 50 Pr
1.22
1.22
1.15
1.08
1.22
0.79
0.79
0.77
0.75
0.79
6.03
6.03
5.58
5.01
6.03
7.32
7.32
6.91
6.55
7.32
12.03
12.03
10.73
9.73
12.03
4.09
4.09
4.38
4.71
4.09
2934.4
4.8%
NIKKEI 225
1.69
1.69
1.58
1.46
1.69
0.78
0.78
0.76
0.75
0.78
9.86
9.86
9.20
8.58
9.86
9.47
9.47
8.81
8.36
9.47
21.35
21.35
19.52
15.65
21.35
1.47
1.47
1.50
1.74
1.47
13690.9
-9.0%
FTSE 100 INDEX
1.76
1.76
1.64
1.56
1.76
1.01
1.01
0.99
1.00
1.01
8.65
8.65
7.86
6.85
8.65
7.13
7.13
6.73
6.32
7.13
12.35
12.35
11.28
10.42
12.34
3.75
3.75
4.03
4.39
3.75
6965.9
4.0%
SWISS MARKET INDEX
2.47
2.47
2.32
2.12
2.47
2.10
2.10
2.00
1.91
2.10
12.78
12.78
11.55
10.40
12.78
13.60
13.60
12.56
11.77
13.60
15.52
15.52
13.95
12.71
15.52
3.13
3.13
3.48
4.00
3.13
8389.6
1.2%
1.67
1.67
1.55
1.45
1.67
1.57
1.57
1.48
1.39
1.57
8.34
8.34
7.50
6.93
8.34
8.48
8.48
7.50
7.06
8.48
14.27
14.27
12.59
11.64
14.27
3.20
3.20
3.35
3.54
3.20
14270.4
14.4%
S&P/ASX 200 INDEX
1.95
1.95
1.85
1.75
1.95
1.89
1.89
1.78
1.68
1.89
11.58
11.58
10.31
9.44
11.58
9.81
9.81
8.72
8.06
9.81
15.75
15.75
14.13
12.95
15.75
4.35
4.35
4.64
4.98
4.35
5247.6
1.6%
HANG SENG INDEX
1.36
1.36
1.26
1.15
1.36
1.76
1.76
1.63
1.50
1.76
8.18
8.18
7.73
7.34
8.18
8.45
8.45
7.69
7.09
8.45
10.97
10.97
10.08
9.17
10.97
3.53
3.53
3.81
4.22
3.53
24962.1
8.1%
MSCI EM
1.47
1.47
1.16
1.23
1.47
1.02
1.02
0.95
0.90
1.02
7.16
7.16
6.60
6.20
7.16
6.52
6.52
5.97
5.61
6.52
11.04
11.04
9.88
9.20
11.04
2.80
2.80
3.09
3.38
2.80
1184.0
13.2%
GOLDCORP INC
0.99
0.95
0.91
0.86
4.04
4.54
3.57
3.25
3.05
9.59
11.38
7.97
6.72
5.77
7.70
9.51
6.56
5.73
5.02
13.77
19.46
13.01
11.43
9.13
1.97
2.18
2.18
2.20
2.20
38.45
40.8%
BARRICK GOLD CORP
0.75
0.81
0.77
0.70
1.37
1.43
1.33
1.35
1.25
3.54
4.09
3.78
3.57
3.47
4.63
5.22
4.77
4.62
4.07
5.11
6.16
5.84
6.08
5.25
3.87
4.13
4.16
4.05
5.66
28.94
48.9%
NEWMONT MINING CORP
1.15
1.05
1.02
0.97
1.57
1.71
1.46
1.47
5.23
5.87
4.89
5.10
8.94
5.54
6.85
5.44
5.66
8.55
8.88
11.67
9.27
10.26
14.93
4.54
4.64
4.53
3.90
3.80
41.22
30.6%
RANDGOLD RESOURCES LTD-ADR
2.55
2.22
1.91
1.65
4.84
4.80
3.70
3.86
4.24
11.34
10.94
7.39
6.66
10.96
9.00
9.39
6.61
6.46
7.60
15.25
16.64
10.70
10.53
11.50
0.66
0.71
0.88
0.89
109.13
51.6%
YAMANA GOLD INC
1.06
1.03
0.96
0.91
3.51
3.36
2.78
2.87
2.43
7.79
7.84
6.12
5.85
5.44
6.78
7.01
5.33
5.45
4.08
12.15
14.18
10.44
10.16
9.32
2.16
2.24
2.21
2.13
16.94
52.8%
GOLD FIELDS LTD-SPONS ADR
0.70
0.81
0.75
0.68
0.84
1.43
1.37
1.31
2.57
3.95
3.99
3.66
4.97
9.41
7.50
6.59
6.30
3.32
3.63
4.36
8.53
40.8%
SILVER WHEATON CORP
2.52
2.26
2.01
1.80
9.61
8.15
7.25
6.98
11.63
10.72
9.61
8.98
13.40
13.98
12.57
12.47
1.69
1.66
1.68
1.56
39.55
78.3%
ANGLOGOLD ASHANTI-SPON ADR
1.19
1.09
0.95
0.85
1.05
1.11
1.02
1.04
3.75
3.41
3.20
3.65
6.12
11.27
6.95
7.47
2.30
1.47
1.43
1.47
28.72
62.3%
CIA DE MINAS BUENAVENTUR-ADR
1.28
1.12
1.00
0.91
3.25
3.04
2.84
2.94
11.19
13.37
10.41
6.38
8.21
7.71
8.14
3.38
2.69
3.48
3.06
26.80
47.9%
NEW GOLD INC
1.20
1.08
1.01
0.93
4.03
3.32
3.14
3.09
3.32
10.48
7.96
6.53
6.00
12.28
89.2%
AGNICO EAGLE MINES LTD
1.42
1.41
1.36
1.30
2.57
2.89
2.39
2.41
2.27
6.98
9.59
7.08
ELDORADO GOLD CORP
0.82
0.81
0.79
0.74
4.26
3.90
3.51
2.53
1.75
10.58
9.93
KINROSS GOLD CORP
0.46
0.59
0.57
0.56
1.39
1.49
1.43
1.55
1.42
4.20
ROYAL GOLD INC
1.64
1.35
1.31
1.22
11.87
10.73
8.58
6.30
HARMONY GOLD MNG-SPON ADR
0.44
0.43
0.42
0.41
0.99
1.01
0.76
0.70
IAMGOLD CORP
0.50
0.50
0.48
0.47
1.16
1.28
1.13
1.11
PAN AMERICAN SILVER CORP
0.63
0.66
0.62
0.58
1.89
1.80
1.68
FIRST MAJESTIC SILVER CORP
1.94
4.55
3.21
COEUR D'ALENE MINES CORP
0.57
0.55
0.51
0.46
1.52
AURICO GOLD INC
0.61
0.58
0.57
0.56
0.48
ALLIED NEVADA GOLD CORP
1.11
0.91
0.69
0.59
HECLA MINING CO
0.78
0.74
0.70
0.61
NEVSUN RESOURCES LTD
1.13
1.04
0.92
0.85
AURIZON MINES LTD
1.65
1.64
SILVER STANDARD RESOURCES
0.50
0.46
0.45
0.44
1.46
5.14
7.87
13.01
11.53
10.01
9.91
7.07
10.32
2.34
-0.41
6.09
8.08
6.79
7.23
6.69
8.27
6.80
5.66
5.26
5.27
15.99
16.02
12.04
11.17
14.92
0.00
0.00
6.52
6.07
6.58
8.83
6.29
6.10
4.25
13.53
27.67
16.04
14.98
13.41
2.69
2.97
2.94
2.88
2.80
42.65
49.5%
8.30
5.63
3.46
8.46
8.11
7.09
4.76
2.97
15.01
15.91
13.12
8.70
5.25
2.10
1.89
2.06
2.51
3.05
12.49
81.3%
4.58
4.05
4.57
4.33
3.45
4.13
3.62
4.05
3.54
7.15
11.63
9.50
11.14
9.53
3.03
2.94
2.92
3.03
3.03
8.15
54.3%
16.28
17.32
13.24
9.46
11.95
10.66
8.60
6.43
28.86
33.31
24.02
15.78
1.09
1.43
1.56
1.68
77.03
52.4%
3.97
3.88
2.89
3.49
5.60
9.80
4.96
12.15
3.12
1.49
3.28
1.65
7.85
91.0%
1.03
3.54
4.52
3.66
3.82
3.44
2.68
3.43
2.77
2.95
2.30
5.85
9.73
7.43
8.62
7.71
5.04
4.88
4.64
4.54
4.96
9.51
88.6%
1.68
1.32
6.69
7.25
6.45
7.26
4.66
3.46
3.97
3.31
3.62
1.79
9.52
12.90
10.59
13.00
8.17
1.48
3.68
3.44
3.11
4.18
17.76
48.6%
2.21
1.93
1.70
8.28
7.89
5.36
4.44
3.61
6.66
5.38
3.73
3.34
2.81
10.67
12.19
7.94
6.67
5.95
19.16
87.1%
1.53
1.29
1.28
1.13
4.58
5.59
4.58
3.74
3.76
3.62
2.70
2.53
12.44
22.87
10.24
8.06
21.46
58.3%
3.68
3.93
2.89
2.45
2.07
11.51
9.61
5.93
5.48
4.48
7.30
7.85
5.28
4.29
3.33
11.65
18.27
11.92
11.51
9.43
0.52
3.24
1.91
1.26
0.91
0.66
8.65
6.46
3.72
2.70
2.44
9.29
5.54
3.00
2.59
1.89
14.48
9.35
5.19
3.59
3.06
0.54
2.71
1.83
1.38
1.38
1.36
9.94
6.30
4.98
4.22
4.49
6.74
3.63
2.19
1.90
2.02
28.70
16.76
8.24
7.28
8.09
1.29
1.19
1.94
2.58
2.64
5.48
2.50
2.90
5.02
5.00
10.54
3.73
4.49
7.84
2.84
2.87
2.84
2.87
18.84
29.85
14.92
14.21
13.52
0.00
42.98
45.38
0.00
0.89
0.56
0.53
0.34
2.82
3.05
2.40
2.61
2.50
9.02
9.95
6.99
7.23
6.02
4.62
4.79
3.23
2.11
2.43
2.15
1.89
1.11
12.83
11.74
10.76
6.88
5.45
4.11
5.04
3.68
2.75
1.19
0.00
3.86
0.00
3.07
3.37
4.29
1.29
0.00
SEABRIDGE GOLD INC
7.25
55.6%
19.90
154.5%
4.84
56.1%
5.16
47.9%
4.70
23.3%
15.05
131.9%
42.93
321.3%

0.42
0.43
0.42
VISTA GOLD CORP
0.77
0.41
0.42
0.38
0.33
GREAT BASIN GOLD LTD
0.01
ARGONAUT GOLD INC
1.53
1.03
0.93
0.82
4.91
TOREX GOLD RESOURCES INC
1.61
1.55
1.56
1.39
1980.13
LIONGOLD CORP LTD
16.29
CHINA GOLD INTERNATIONAL RES
0.77
0.72
0.67
0.61
PERSEUS MINING LTD
1.54
1.35
1.14
0.85
0.38
0.37
0.37
0.36
1.46
0.28
2.80
2.24
0.02
0.72
SANDSTORM GOLD LTD
1.56
3.11
2.04
1.96
1.43
0.14
4.46
3.48
8.87
9.47
7.35
5.36
3.16
3.00
1.67
1.10
3.39
1.74
1.37
0.95
10.50
8.72
6.50
4.86
2.95
1.94
3.59
14.58
8.24
6.60
0.49
7.35
6.46
5.47
6.80
7.42
5.15
37.63
0.94
1.83
2.03
0.00
0.58
4.13
3.09
11.06
15.75
10.55
26.30
6.70
0.77
1.68
0.34
7.37
7.18
4.51
2.93
8.88
7.04
3.92
2.38
2.83
8.55
4.09
3.04
1.71
12.54
14.14
9.40
7.57
10.91
13.28
12.68
7.65
6.05
8.89
8.63
89.38
2.02
0.00
190.00
87.69
43.85
13.08
16.75
14.65
12.18
9.52
9.37
6.14
3.51
4.49
22.76
37.76
17.99
12.32
31.25
0.48
0.48
0.63
12.12
0.00
0.00
0.25
2.86
OCEANAGOLD CORP
0.86
0.80
0.76
0.72
0.82
1.34
0.89
0.82
0.89
1.07
4.31
2.59
2.35
2.54
4.56
5.17
3.27
3.41
3.84
7.30
27.77
8.08
5.73
7.53
MEDUSA MINING LTD
1.38
1.14
0.81
0.63
0.58
4.83
3.88
1.64
1.50
1.10
8.02
4.70
2.46
2.18
2.41
6.56
5.57
2.16
1.99
1.84
7.45
5.68
2.48
2.33
2.51
4.36
1.42
4.92
DUNDEE PRECIOUS METALS INC
0.72
0.65
0.51
0.47
1.55
1.26
1.07
1.08
4.44
4.29
3.35
3.02
2.74
3.75
3.22
2.24
1.76
1.48
7.23
7.88
5.65
5.32
4.32
0.00
0.00
RIO ALTO MINING LTD
2.48
1.87
1.86
1.77
1.77
1.79
1.47
5.14
5.38
5.11
4.60
3.70
2.78
3.88
3.81
3.36
2.19
6.11
7.02
5.99
6.04
5.55
0.00
0.00
AURIZON MINES LTD
1.65
1.64
2.82
3.05
2.40
2.61
2.50
9.02
9.95
6.99
7.23
6.02
4.62
4.79
3.23
18.84
29.85
14.92
14.21
13.52
0.00
1.97
1.71
1.45
1.45
4.90
5.21
3.89
4.25
4.57
4.70
3.10
9.32
9.93
6.86
8.11
32.11
32.11
29.96
4.88
4.22
7.80
7.09
ENDEAVOUR SILVER CORP

CONTINENTAL GOLD LTD
RUBICON MINERALS CORP
1.94
1.02
EVOLUTION MINING LTD
0.54
0.52
0.47
0.43
CHINA PRECIOUS METAL RESOURC
1.51
1.09
0.95
0.80
0.45
3.26
4.23
0.96
SILVERCORP METALS INC
1.82
2.20
1.73
1.32
1.23
3.77
5.74
5.13
2.61
1.25
0.96
0.84
0.85
0.90
2.99
3.02
2.60
2.68
3.96
3.10
2.47
2.59
12.36
15.11
2.74
5.36
2.59
4.18
2.76
2.23
3.49
2.66
2.15
2.21
7.84
6.00
4.81
5.31
2.49
2.52
5.30
2.77
1.40
1.12
RESOLUTE MINING LTD
0.82
0.74
0.62
0.52
0.38
89.15
1.57
1.48
1.71
1.96
0.77
0.72
0.81
0.76
0.76
2.34
36.0%
6.75
411.7%
10.91
74.9%
2.56
78.8%
3.61
32.4%
2.36
97.9%
12.25
75.0%
2.98
64.7%
5.06
114.3%
0.00
10.79
147.4%
0.00
5.97
85.5%
7.47
9.93
6.55
5.58
12.21
8.87
4.56
5.31
3.42
3.85
8.06
9.88
7.22
6.06
8.65
0.00
1.20
13.60
9.38
8.34
8.50
2.41
2.65
2.53
0.74
SEABRIDGE GOLD INC

BEADELL RESOURCES LTD
0.95
10.20
11.10
6.99
10.90
2.04
0.50
3.98
3.09
4.31
2.13
2.77
2.30
2.63
1.54
3.84
3.39
4.61
7.10
1.50
1.84
1.55
1.43
3.39
4.70
23.3%
8.20
101.0%
11.81
226.3%
4.83
209.8%
6.20
138.5%
1.16
39.6%
1.70
25.0%
42.93
321.3%
4.40
3.68
5.12
5.08
0.00
0.32
1.44
1.76
4.80
1.00
60.5%
3.21
4.59
4.40
4.48
0.00
6.53
3.40
4.49
6.80
1.38
87.6%
Valuation Measures II/II

Price to Book Ratio
Price to Sales Ratio
Price to Cash Flow Ratio
Enterprise Value to EBITDA Ratio
Price to Earnings Ratio
Estimated Dividend Yield
Target
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
%D to Spot
S&P 500 INDEX
2.33
2.33
2.14
1.96
2.33
1.49
1.49
1.43
1.37
1.49
10.49
10.49
9.79
10.09
10.49
9.32
9.32
8.61
8.06
9.32
15.04
15.04
13.53
12.29
15.04
2.09
2.09
2.25
2.43
2.09
1741.9
5.0%
Euro Stoxx 50 Pr
1.22
1.22
1.15
1.08
1.22
0.79
0.79
0.77
0.75
0.79
6.03
6.03
5.58
5.01
6.03
7.32
7.32
6.91
6.55
7.32
12.03
12.03
10.73
9.73
12.03
4.09
4.09
4.38
4.71
4.09
2934.4
4.8%
NIKKEI 225
1.69
1.69
1.58
1.46
1.69
0.78
0.78
0.76
0.75
0.78
9.86
9.86
9.20
8.58
9.86
9.47
9.47
8.81
8.36
9.47
21.35
21.35
19.52
15.65
21.35
1.47
1.47
1.50
1.74
1.47
13690.9
-9.0%
FTSE 100 INDEX
1.76
1.76
1.64
1.56
1.76
1.01
1.01
0.99
1.00
1.01
8.65
8.65
7.86
6.85
8.65
7.13
7.13
6.73
6.32
7.13
12.35
12.35
11.28
10.42
12.34
3.75
3.75
4.03
4.39
3.75
6965.9
4.0%
SWISS MARKET INDEX
2.47
2.47
2.32
2.12
2.47
2.10
2.10
2.00
1.91
2.10
12.78
12.78
11.55
10.40
12.78
13.60
13.60
12.56
11.77
13.60
15.52
15.52
13.95
12.71
15.52
3.13
3.13
3.48
4.00
3.13
8389.6
1.2%
1.67
1.67
1.55
1.45
1.67
1.57
1.57
1.48
1.39
1.57
8.34
8.34
7.50
6.93
8.34
8.48
8.48
7.50
7.06
8.48
14.27
14.27
12.59
11.64
14.27
3.20
3.20
3.35
3.54
3.20
14270.4
14.4%
S&P/ASX 200 INDEX
1.95
1.95
1.85
1.75
1.95
1.89
1.89
1.78
1.68
1.89
11.58
11.58
10.31
9.44
11.58
9.81
9.81
8.72
8.06
9.81
15.75
15.75
14.13
12.95
15.75
4.35
4.35
4.64
4.98
4.35
5247.6
1.6%
HANG SENG INDEX
1.36
1.36
1.26
1.15
1.36
1.76
1.76
1.63
1.50
1.76
8.18
8.18
7.73
7.34
8.18
8.45
8.45
7.69
7.09
8.45
10.97
10.97
10.08
9.17
10.97
3.53
3.53
3.81
4.22
3.53
24962.1
8.1%
MSCI EM
1.47
1.47
1.16
1.23
1.47
1.02
1.02
0.95
0.90
1.02
7.16
7.16
6.60
6.20
7.16
6.52
6.52
5.97
5.61
6.52
11.04
11.04
9.88
9.20
11.04
2.80
2.80
3.09
3.38
2.80
1184.0
13.2%
1.02
0.74
0.57
0.57
0.35
2.08
2.18
1.80
1.61
0.80
3.62
2.73
2.24
2.10
1.66
5.68
6.24
5.09
4.76
1.52
2.61
196.6%
1.42
1.15
0.98
0.84
0.75
2.03
2.02
1.68
1.64
5.12
5.57
4.71
4.53
4.43
3.99
3.85
2.74
2.64
3.02
9.96
11.41
8.49
8.21
8.33
4.94
76.4%
0.64
0.58
0.53
4.06
2.81
1.96
14.64
58.57
10.25
10.25
13.43
4.95
2.71
25.63
10.79
41.00
5.13
150.0%
14.25
118.9%
2.67
2.45
1.97
1.45
1.12
5.47
6.08
4.91
4.64
2.78
4.47
4.33
2.83
1.88
1.25
10.26
11.75
8.52
7.29
4.18
0.00
0.00
8.60
66.4%
0.68
0.73
0.64
0.52
0.38
2.05
1.99
1.47
1.32
1.11
2.25
3.33
2.65
2.42
1.78
2.75
6.80
6.45
6.09
3.26
13.07
6.63
11.19
3.15
91.2%
2.00
1.63
1.49
1.42
1.37
5.62
4.55
4.72
4.77
4.35
4.14
3.51
3.43
3.70
3.43
7.99
6.49
6.67
6.38
6.08
0.00
0.00
0.00
0.56
0.57
0.49
0.45
0.54
0.94
2.67
1.61
1.41
2.05
2.08
2.87
1.91
1.89
2.37
1.71
7.65
4.00
4.25
8.73
0.00
0.00
1.94
2.90
2.58
2.30
1.87
1.82
1.11
7.18
4.93
5.49
6.42
3.63
5.22
3.55
2.91
3.26
2.14
12.95
9.80
7.80
7.80
5.75
0.00
4.14
3.45
4.83
0.38
0.37
0.37
0.36
3.11
2.04
1.96
1.43
2.95
1.94
1.83
3.59
14.58
8.24
6.60
2.03
2.24
1.04
8.07
2.42
1.63
1.31
1.41
1.77
1.49
1.87
ENDEAVOUR MINING CORP

FORTUNA SILVER MINES INC
MCEWEN MINING INC
MAG SILVER CORP
2.76
2.97
3.26
3.44
PRIMERO MINING CORP
0.86
0.84
0.87
0.74
KINGSGATE CONSOLIDATED LTD
0.33
0.30
0.28
0.26
TIMMINS GOLD CORP
1.99
1.51
1.20
1.20
ST BARBARA LTD
0.38
0.30
0.28
0.26
0.33
PREMIER GOLD MINES LTD
0.61
NORTHERN STAR RESOURCES LTD
3.30
2.50
2.03
1.74
1.65
0.42
0.38
0.22
22.78
135.21
2.80
14.65
25.78
0.00
3.59
3.43
54.4%
1.27
105.3%
5.57
223.8%
1.01
39.6%

REAL GOLD MINING LTD
1.43
0.42
0.43
ROMARCO MINERALS INC
0.22
0.91
BANRO CORPORATION
COLOSSUS MINERALS INC
4.51
0.33
0.64
1.68
1.74
6.12
0.68
0.48
6.03
1.85
0.76
0.71
0.65
4.56
0.67
0.66
0.69
210.94
210.94
RAINY RIVER RESOURCES LTD
0.94
SULLIDEN GOLD CORP LTD
0.81
18.05
1.59
2.26
0.72
ASANKO GOLD INC
0.86
0.92
BEAR CREEK MINING CORP
1.23
2.33
KIRKLAND LAKE GOLD INC
1.04
0.98
0.87
0.73
GUYANA GOLDFIELDS INC
0.77
0.63
0.39
0.33
0.28
HIGHLAND GOLD MINING LTD
0.51
0.46
0.42
0.39
0.35
LYDIAN INTERNATIONAL LTD
2.51
1.69
SABINA GOLD & SILVER CORP
0.65
0.38
0.65
0.67
LAKE SHORE GOLD CORP
0.13
0.18
0.17
1.56
97.30
3.35
4.98
2.54
4.82
2.04
7.56
222.05
8.63
2.42
2.32
16.81
0.98
0.90
1.16
1.57
1.03
0.93
0.69
0.53
0.46
0.92
0.76
0.88
0.90
0.90
1.88
1.22
4.58
2.97
9.21
3.51
3.76
2.87
1.91
191.82
4.14
5.13
1.95
1.94
1.29
2.30
1.38
2.92
2.41
7.03
3.36
18.45
2.61
0.93
0.00
1.94
78.0%
1.80
2.35
0.00
0.00
6.76
269.4%
0.00
6.61
213.2%
4.32
4.56
1.72
110.0%
384.59
4.27
0.56
4.72
2.24
9.68
2.15
2.94
1.80
1.91
1.48
1.35
1.07
1.84
1.96
4.81
3.92
437.50
4.42
6.48
3.85
0.00
6.54
300.0%
3.21
0.00
5.61
36.0%
1.48
2.13
0.00
0.00
0.95
3.39
1.08
0.80
1.48
0.00
12.11
2.85
PARAMOUNT GOLD AND SILVER
0.00
0.00
4.34
84.8%
4.01
116.9%
1.00
3.67
165.9%
2.84
2.11
9.01
157.5%
3.82
1.95
5.26
246.2%
4.28
5.58
140.04
73.4%
19.50
15.93
3.56
140.7%
4.28
278.3%
0.00
6.03
5.78
6.19
5.86
6.51
INDOPHIL RESOURCES NL
BRIGUS GOLD CORP
0.00
0.50
GREAT PANTHER SILVER LTD

INTREPID MINES LTD
0.92
1.09
1.13
VISTA GOLD CORP
0.77
0.41
0.42
0.96
0.64
ALEXCO RESOURCE CORP

ATAC RESOURCES LTD
0.60
0.45
0.45
0.37
2.76
1.88
1.30
1.21
0.78
6.73
2.78
1.73
2.03
1.23
1.15
0.92
0.88
0.71
0.51
2.60
1.96
2.04
1.86
1.50
3.79
2.61
2.32
1.93
1.84
1.80
1.97
1.64
6.09
11.56
6.75
4.26
4.26
4.74
10.69
4.66
4629.42
1.13
1.23
1.09
1.00
1.30
1.07
4.76
0.65
1.46
0.28
0.94
0.70
5.80
3.49
3.22
1.23
324.6%
134.9%
6.13
4.06
4.52
3.25
2.86
1.41
12.46
23.13
16.19
16.19
26.98
1.23
54.8%
0.24
-14.3%
0.58
6.75
411.7%
3.86
3.20
101.1%
3.53
259.7%
1.78
287.7%
1.77
101.0%
0.60
162.8%
8.40
37.9%
56.5%
0.00
0.50
4.46
6.40
3.25
2.36
1.78
0.49
7.24
39.11
39.12
28.92
13.49
0.00
0.00
0.00
0.93
SCORPIO MINING CORP

MIDWAY GOLD CORP
0.86
1.94
1.17
2.00
1.36
1.34
0.42
0.44
0.41
0.36
1.79
0.88
6.87
1.76
0.98
1.57
0.55
5.54
1.63
1.00
5.06
5.68
3.24
11.50
35.97
29.97
26.07
1.85
1.68
1.53
2.52
0.59
13.53
3.46
2.19
29.97
PATAGONIA GOLD PLC

GRYPHON MINERALS LTD
0.20
37.38
DRDGOLD LTD-SPONSORED ADR
121.19
67.33
1.03
0.86
RED 5 LTD
0.62
0.58
0.47
0.37
6.09
1.92
0.67
0.64
LINGBAO GOLD CO LTD-H
0.53
0.53
0.51
0.50
0.19
0.19
0.20
0.23
INTL TOWER HILL MINES LTD
0.36
0.52
0.31
SARACEN MINERAL HOLDINGS LTD
0.52
0.34
0.30
EXETER RESOURCE CORP
OREZONE GOLD CORP

GRAN COLOMBIA GOLD CORP
10.88
1.20
4.42
7.11
1.01
20.24
11.47
1.27
1.13
6.65
7.06
6.57
6.91
0.69
22.96
6.37
9.55
1.97
0.00
0.00
0.00
5.27
7.03
0.00
0.00
0.00
0.00
0.97
4.31
3.49
3.20
2.33
2.14
-1.4%
4.06
385.4%
4.71
2.45
1.86
9.29
12.73
1.44
0.00
0.00
0.26
0.21
0.50
0.44
0.40
0.32
0.33
1.61
1.65
1.40
1.08
1.29
1.65
1.61
1.21
0.88
1.12
3.52
4.43
2.25
1.91
1.63
0.00
0.00
0.00
7.10
6.45
1.19
0.43
0.25
0.25
GOLDEN MINERALS CO
SAN GOLD CORP
0.42
3.62
0.00
RICHMONT MINES INC

RAMELIUS RESOURCES LTD
8.85
5.35
0.19
0.21
0.26
0.22
0.68
0.68
0.54
0.74
0.54
0.41
0.45
2.60
2.00
1.25
0.84
0.32
0.35
0.27
6.58
0.34
6.47
5.94
2.54
9.32
6.41
1.88
1.86
25.00
1.55
0.95
1.04
1.16
1.63
0.67
0.31
0.37
0.30
0.19
1.67
1.19
1.85
0.83
0.59
0.53
17.26
40.28
5.03
5.54
25.63
2.41
0.53
1.04
1.19
1.36
5.06
2.38
0.55
0.98
2.94
1.84
5.46
6.63
25.19
5.25
2.81
2.49
5.56
5.56
3.42
0.00
0.00
1.95
2.93
9.76
0.30
91.9%
4.55
519.3%
3.60
102.3%
0.34
63.4%
4.03
168.5%
0.23
70.4%
8.22
2.50
273.8%
1.67
0.70
311.8%
16.05.2013
Goldcorp Inc
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.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2012)
52-Week Low (17.04.2013)
Daily Volume
Current Price (5/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.04.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
GG US EQUITY YTD Change
GG US EQUITY YTD % CHANGE
12/2012
03/yy
47.42
27.11
8'974'858.00
27.3
-42.43%
0.70%
0.94%
812.0
22'264.98
783.00
0.0
213.0
918.00
22'738.98
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
2'723.6
3'738.0
10.50x
9.95x
1'366.2
2'026.0
20.94x
18.36x
240.2
2'051.0
50.85x
30.36x
Profitability
20.0 M
15.0 M
10.0 M
5.0 M
j-12
LTM-4Q
31.12.2011
5'362.0
6.61x
2'336.0
15.18x
1'187.0
22.24x
31.12.2012
5'435.0
5.50x
2'798.0
10.69x
1'749.0
18.47x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
2'798.00
2'123.00
39.06%
41.44%
5.06%
7.08%
6.69%
0.16%
44.6%
49.6%
36.6%
32.2%
2.15
1.39
2.51%
3.45%
8.61
4.25
Price/ Cash Flow
03/yy
5'357
27.45x
2'966.0
12.15x
1'709.0
23.69x
j-12
a-12
s-12
o-12
LTM
03/yy
5'101
24.55x
2'532.0
10.97x
1'579.0
19.73x
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-13
FY+1
2.03
0.73
809.15
7.29
-15.34%
-25.03%
0.730
27
4.333
7'053'540
8'147'308
7'330'675
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
4'905
6'245
1'171
1'289
4.83x
3.77x
19.67x
18.04x
2'391.9
3'464.5
569.6
660.7
9.51x
6.56x
8.86x
8.74x
1'192.9
1'767.9
220.9
294.6
19.46x
13.01x
18.27x
16.28x
S&P Issuer Ratings
Long-Term Rating Date

Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle
01.06.2009
BBB+
STABLE
93.27
6.33
0.10
0.90
3.4%
3.3%
0.16
0.20
42.40
85.97
88.00
33.03
Sales/Revenue/Turnover
30.00
6'000.0
25.00
5'000.0
20.00
4'000.0
15.00
3'000.0
10.00
2'000.0
5.00
1'000.0
0.00
01.01.2010
25.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month
Fiscal Year Ended

31.12.2008
2'419.6
9.42x
1'052.2
21.66x
1'475.6
57.34x
50
45
40
35
30
25
20
15
10
5
0
m-12
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Goldcorp Inc
Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
VAN ECK ASSOCIATES C
ROYAL BANK OF CANADA
BMO FINANCIAL CORP
FIRST EAGLE INVESTME
CARMIGNAC GESTION
FRANKLIN RESOURCES
TD ASSET MANAGEMENT
CI INVESTMENTS INC
CIBC WORLD MARKETS I
TORONTO DOMINION BAN
CAISSE DE DEPOT ET P
RS INVESTMENT MANAGE
IA CLARINGTON INVEST
CIBC GLOBAL ASSET MA
FIERA CAPITAL CORPOR
GREYSTONE MANAGED IN
BANK OF AMERICA CORP
NORGES BANK
Firm Name
Cowen Securities LLC
BMO Capital Markets
Credit Suisse
JPMorgan
Macquarie
Canaccord Genuity Corp
GMP
TD Securities
RBC Capital Markets
CIBC World Markets
Davenport & Co
Cormark Securities Inc.
Stifel
Salman Partners
Mackie Research Capital Corp.
Veritas Investment Research Co
Barclays
Deutsche Bank
Jefferies
HSBC
Scotia Capital
EVA Dimensions
Morgan Stanley
Raymond James
Portfolio Name
n/a
n/a
n/a
n/a
BMO FINANCIAL CORP
CARMIGNAC GESTION
n/a
TD ASSET MANAGEMENT
Multiple Portfolios
Multiple Portfolios
BANK OF AMERICA
NORGES BANK
Analyst
ADAM P GRAF
DAVID HAUGHTON
ANITA SONI
JOHN BRIDGES
TONY LESIAK
STEVEN BUTLER
GEORGE V ALBINO
GREG BARNES
STEPHEN D WALKER
ALEC KODATSKY
LLOYD T O'CARROLL
RICHARD GRAY
GEORGE J TOPPING
DAVID WEST
BARRY D ALLAN
PAWEL RAJSZEL
FAROOQ HAMED
JORGE M BERISTAIN
PETER D WARD
PATRICK CHIDLEY
TANYA M JAKUSCONEK
CRAIG STERLING
PARETOSH MISRA
BRAD HUMPHREY
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
MF-AGG
13F
13F
13F
13F
MF-AGG
13F
13F
13F
13F
13F
Recommendation
hold
outperform
neutral
overweight
outperform
buy
buy
buy
outperform
sector outperform
buy
buy
buy
top pick
buy
sell
overweight
hold
hold
overweight
sector outperform
hold
Equalwt/In-Line
Under Review
Amt Held
95'391'332
30'706'526
28'365'944
23'371'159
19'122'015
18'417'273
17'580'357
15'798'349
15'368'322
12'996'285
11'582'812
11'409'803
11'159'562
8'785'563
8'426'680
7'186'295
6'835'256
6'076'235
5'947'164
5'776'522
% Out
11.75
3.78
3.49
2.88
2.35
2.27
2.17
1.95
1.89
1.6
1.43
1.41
1.37
1.08
1.04
0.89
0.84
0.75
0.73
0.71
Weighting
Change
3
5
3
5
5
5
5
5
5
5
5
5
5
5
5
1
5
3
3
5
5
3
3
#N/A N/A
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
N
Latest Chg
(2'230'630)
(3'227'565)
379'529
(574'672)
7'264'832
17'580'357
5'678'487
(264'603)
(440'597)
(224'052)
1'401'951
3'920'300
4'171'254
(27'800)
(176'695)
1'053'271
(1'030'733)
1'660'114
1'267'153
Target Price
#N/A N/A
42
35
47
40
41
61
37
36
45
35
43
36
46
44
28
38
28
27
35
39
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
15.05.2013
Investment Advisor
31.03.2013
Bank
31.03.2013
Investment Advisor
31.03.2013 Hedge Fund Manager
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
Date
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
13.05.2013
09.05.2013
09.05.2013
09.05.2013
09.05.2013
09.05.2013
09.05.2013
09.05.2013
08.05.2013
08.05.2013
08.05.2013
07.05.2013
03.05.2013
03.05.2013
03.05.2013
03.05.2013
03.05.2013
02.05.2013
02.05.2013
28.04.2013
23.04.2013
15.03.2013
08.01.2013
19.11.2008
16.05.2013
Barrick Gold Corp

Barrick Gold Corporation is an international gold company with operating mines
and development projects in the United States, Canada, South America, Australia,
and Africa.
Price/Volume
45
70.0 M
40
60.0 M
35
50.0 M
30
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.06.2012)
52-Week Low (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ABX US EQUITY YTD Change
ABX US EQUITY YTD % CHANGE
12/2012
03/yy
43.30
17.51
23'816'719.00
19.44
-55.10%
11.02%
7.48%
1'001.2
19'462.40
13'943.00
0.0
2'663.0
2'093.00
34'609.40
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40.0 M
20
30.0 M
15
20.0 M
10
10.0 M
5
0
m-12
31.12.2009
31.12.2010
8'136.0
11'001.0
5.27x
5.25x
3'589.0
6'211.0
11.95x
9.30x
(4'274.0)
3'582.0
16.56x
15.62x
Profitability
LTM-4Q
31.12.2011
14'236.0
4.08x
8'327.0
6.98x
4'484.0
9.79x
31.12.2012
14'547.0
3.41x
7'358.0
6.73x
(665.0)
9.36x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
7'358.00
5'636.00
38.74%
-6.28%
-1.71%
-3.63%
0.29%
47.4%
49.3%
37.2%
-4.6%
1.33
0.58
29.49%
63.83%
34.72
2.91
Price/ Cash Flow
j-12
a-12
s-12
LTM
03/yy
14'793.0
15.70x
8'579.0
6.58x
4'522.0
9.18x
o-12
03/yy
14'340.0
14.05x
7'071.0
6.30x
(847.0)
8.90x
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-13
FY+1
4.12
0.79
998.50
13.82
-43.57%
-44.12%
0.792
32
3.938
16'409'598
25'081'874
17'541'120
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
13'583.2
14'589.4
3'306.0
3'425.3
2.60x
2.43x
10.56x
10.31x
6'625.6
7'258.9
1'583.0
1'700.6
5.22x
4.77x
5.24x
5.32x
3'096.5
3'322.4
660.6
736.0
6.16x
5.84x
6.60x
6.43x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
26.04.2013
BBB
NEG
19.05.2011
A-2
9.89
1.33
1.76
2.09
63.8%
36.3%
0.29
0.48
10.51
125.35
94.50
33.82
16.00
16'000.0
14.00
14'000.0
12.00
12'000.0
10.00
10'000.0
8.00
8'000.0
6.00
6'000.0
4.00
4'000.0
2.00
2'000.0
0.00
01.01.2010
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
7'613.0
4.64x
3'010.0
11.75x
785.0
20.18x
25
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Barrick Gold Corp

Holdings By:
All
Holder Name
BLACKROCK
CAPITAL GROUP COMPAN
WELLINGTON MANAGEMEN
ALLIANZ ASSET MANAGE
FMR LLC
CI INVESTMENTS INC
BMO FINANCIAL CORP
FRANKLIN RESOURCES
TD ASSET MANAGEMENT
BANK OF NEW YORK MEL
INSTITUTIONAL CAPITA
HARTFORD INVESTMENT
OLDFIELD PARTNERS LL
NWQ INVESTMENT MANAG
WELLS FARGO
Firm Name
Deutsche Bank
Salman Partners
BMO Capital Markets
Credit Suisse
JPMorgan
HSBC
Haywood Securities Inc.
GMP
TD Securities
RBC Capital Markets
CIBC World Markets
Davenport & Co
Argus Research Corp
Macquarie
Hamburger Sparkasse
Stifel
Jefferies
Sterne, Agee & Leach
Scotia Capital
Barclays
EVA Dimensions
S&P Capital IQ
Morgan Stanley
Investec
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
BMO FINANCIAL CORP
n/a
TD ASSET MANAGEMENT
INSTITUTIONAL CAPITA
Multiple Portfolios
Multiple Portfolios
OLDFIELD PARTNERS LL
n/a
Analyst
JORGE M BERISTAIN
DAVID WEST
ADAM P GRAF
DAVID HAUGHTON
ANITA SONI
JOHN BRIDGES
PATRICK CHIDLEY
STEVEN BUTLER
KERRY SMITH
GEORGE V ALBINO
GREG BARNES
STEPHEN D WALKER
ALEC KODATSKY
LLOYD T O'CARROLL
WILLIAM V SELESKY
TONY LESIAK
INGO SCHMIDT
GEORGE J TOPPING
PETER D WARD
RICHARD GRAY
MICHAEL S DUDAS
BARRY D ALLAN
PAWEL RAJSZEL
TANYA M JAKUSCONEK
FAROOQ HAMED
CRAIG STERLING
LEO LARKIN
PARETOSH MISRA
PIETER MARAIS
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
MF-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
MF-AGG
MF-AGG
13F
13F
ULT-AGG
Recommendation
hold
buy
hold
market perform
outperform
neutral
overweight
hold
buy
buy
hold
sector perform
sector perform
buy
hold
neutral
buy
buy
buy
market perform
neutral
buy
buy
sector perform
equalweight
sell
buy
Equalwt/In-Line
hold
Amt Held
87'777'710
29'144'249
27'711'488
27'616'252
26'847'836
23'305'185
19'232'728
17'663'919
17'095'925
14'741'836
14'548'226
14'348'784
13'797'555
13'586'744
12'481'312
10'376'354
9'682'770
8'964'554
8'491'106
8'451'322
% Out
8.77
2.91
2.77
2.76
2.68
2.33
1.92
1.76
1.71
1.47
1.45
1.43
1.38
1.36
1.25
1.04
0.97
0.9
0.85
0.84
Weighting
Change
3
5
3
3
5
3
5
3
5
5
3
3
3
5
3
3
5
5
5
3
3
5
5
3
3
1
5
3
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
Latest Chg
(4'654'979)
(2'358'585)
(47'634'385)
16'089'445
11'852'598
(765'564)
771'337
(4'625'429)
(68'927)
3'777'420
925'862
(4'803'846)
1'359'379
(248'326)
(576'200)
128'664
1'678'488
2'265'919
2'825'528
Target Price
23
30
#N/A N/A
30
36
31
28
23
34
50
24
24
33
27
#N/A N/A
21
#N/A N/A
34
30
26
#N/A N/A
33
28
24
24
#N/A N/A
38
#N/A N/A
48
File Dt
31.03.2013
15.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
31.12.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
Date
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
13.05.2013
13.05.2013
13.05.2013
09.05.2013
09.05.2013
09.05.2013
09.05.2013
09.05.2013
09.05.2013
09.05.2013
09.05.2013
08.05.2013
08.05.2013
08.05.2013
03.05.2013
03.05.2013
03.05.2013
03.05.2013
30.04.2013
30.04.2013
25.04.2013
25.04.2013
25.04.2013
24.04.2013
24.04.2013
26.02.2013
15.02.2013
20.11.2012
18.03.2011
16.05.2013
Newmont Mining Corp

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.
Price/Volume
60
25.0 M
50
20.0 M
40
Latest Fiscal Year:

LTM as of:
52-Week High (21.09.2012)
52-Week Low (30.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NEM US EQUITY YTD Change
NEM US EQUITY YTD % CHANGE
12/2012
03/yy
57.93
31.33
9'295'938.00
31.57
-45.50%
0.77%
0.90%
492.3
15'750.92
6'298.00
0.0
3'175.0
1'647.00
23'917.92
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
20
5.0 M
10
0
m-12
31.12.2009
31.12.2010
7'705.0
9'540.0
3.46x
3.45x
3'799.0
5'118.0
7.02x
6.43x
1'297.0
2'277.0
16.99x
13.50x
Profitability
31.12.2011
10'358.0
3.38x
5'162.0
6.78x
366.0
13.92x
31.12.2012
9'868.0
3.13x
4'169.0
7.41x
1'809.0
12.29x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
4'169.00
3'137.00
31.79%
31.04%
5.59%
12.12%
9.02%
0.32%
46.6%
39.9%
28.4%
18.3%
1.89
0.80
21.24%
45.73%
12.69
3.29
Price/ Cash Flow
j-12
a-12
LTM-4Q
LTM
03/yy
10'576.0
12.61x
5'185.0
6.08x
342.0
11.70x
03/yy
9'362.0
13.44x
3'731.0
7.72x
1'634.0
12.55x
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-13
FY+1
4.67
0.67
491.01
16.84
-25.04%
-31.28%
0.673
24
3.833
6'667'299
9'507'130
8'849'534
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
9'215.8
10'761.2
2'208.0
2'318.6
2.63x
2.25x
10.95x
10.49x
3'491.3
4'396.1
808.0
875.5
6.85x
5.44x
6.46x
6.07x
1'382.9
1'977.4
281.4
326.0
11.67x
9.27x
10.75x
9.80x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
11.08.2008
BBB+
NEG
11.71
2.69
1.32
1.71
45.7%
27.1%
0.32
0.54
28.77
111.05
34.85
89.70
12.00
12'000.0
10.00
10'000.0
8.00
8'000.0
6.00
6'000.0
4.00
4'000.0
2.00
2'000.0
0.00
01.01.2010
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
6'124.0
3.70x
2'139.0
10.60x
831.0
20.98x
15.0 M
30
Valuation Analysis
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Newmont Mining Corp

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FRANKLIN RESOURCES
DEUTSCHE BANK AG
T ROWE PRICE ASSOCIA
NORTHERN TRUST CORPO
CARMIGNAC GESTION
FMR LLC
GAMCO
UBS
LAZARD ASSET MANAGEM
JP MORGAN
NORGES BANK
AMERICAN CENTURY COM
Firm Name
Argus Research Corp
Stifel
JPMorgan
Jefferies
TD Securities
Credit Suisse
CIBC World Markets
BB&T Capital Markets
Barclays
EVA Dimensions
BMO Capital Markets
Deutsche Bank
RBC Capital Markets
HSBC
Scotia Capital
GMP
S&P Capital IQ
Morgan Stanley
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
DEUTSCHE BANK AKTIEN
CARMIGNAC GESTION
n/a
n/a
n/a
n/a
n/a
NORGES BANK
BANK OF AMERICA
Analyst
WILLIAM V SELESKY
ADAM P GRAF
GEORGE J TOPPING
JOHN BRIDGES
PETER D WARD
MICHAEL S DUDAS
GREG BARNES
BARRY D ALLAN
ANITA SONI
ALEC KODATSKY
GARRETT S. NELSON
FAROOQ HAMED
CRAIG STERLING
DAVID HAUGHTON
JORGE M BERISTAIN
STEPHEN D WALKER
PATRICK CHIDLEY
TANYA M JAKUSCONEK
GEORGE V ALBINO
PAWEL RAJSZEL
LEO LARKIN
PARETOSH MISRA
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
Recommendation
buy
buy
hold
overweight
hold
buy
hold
buy
neutral
sector perform
buy
overweight
overweight
outperform
sell
sector perform
overweight
sector perform
buy
sell
hold
Equalwt/In-Line
Amt Held
61'681'268
23'252'143
21'606'678
19'347'700
18'679'612
12'509'376
11'032'090
10'350'619
7'585'611
7'349'484
7'008'200
6'023'181
5'834'755
5'497'991
5'431'744
4'937'393
4'884'655
4'796'938
4'420'359
3'840'057
% Out
12.53
4.72
4.39
3.93
3.79
2.54
2.24
2.1
1.54
1.49
1.42
1.22
1.19
1.12
1.1
1
0.99
0.97
0.9
0.78
Weighting
Change
5
5
3
5
3
5
3
5
3
3
5
5
5
5
1
3
5
3
5
1
3
3
M
M
M
M
M
M
M
U
M
M
M
M
D
M
M
M
M
M
M
M
D
M
Latest Chg
1'215'913
108'377
(32'540'600)
(1'772'862)
8'462'980
(1'096'373)
2'264'400
(37'784)
470'862
7'008'200
(290'400)
(4'006'058)
453'905
655'171
(276'645)
(1'656'954)
(408'945)
747'540
261'014
Target Price
42
34
#N/A N/A
51
30
48
37
42
45
45
42
45
#N/A N/A
56
24
41
39
41
60
44
53
#N/A N/A
File Dt
Inst Type
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
15.05.2013
Investment Advisor
31.03.2013
Investment Advisor
15.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Unclassified
31.03.2013
Unclassified
31.03.2013
Unclassified
31.03.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Date
13.05.2013
13.05.2013
03.05.2013
01.05.2013
01.05.2013
01.05.2013
01.05.2013
01.05.2013
30.04.2013
30.04.2013
30.04.2013
30.04.2013
30.04.2013
29.04.2013
29.04.2013
29.04.2013
28.04.2013
23.04.2013
02.04.2013
07.11.2012
07.09.2012
27.04.2012
16.05.2013
Randgold Resources Ltd

Randgold Resources Ltd. provides mining services. The Company offers
acquisition, development, and exploration of gold and other precious metal in
Africa.
Price/Volume
140
3.0 M
120
2.5 M
100
2.0 M
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.10.2012)
52-Week Low (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GOLD US EQUITY YTD Change
GOLD US EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.0 M
40
.5 M
20
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
338.6
9.01x
97.3
31.34x
41.6
78.87x
1.5 M
60
12/2011
03/yy
127.27
66.51
765'378.00
72
-43.43%
8.25%
9.04%
92.1
6'633.50
18.02
0.0
166.1
390.76
6'541.92
31.12.2009
31.12.2010
432.8
484.6
15.50x
14.79x
142.3
164.3
47.15x
43.62x
69.4
103.5
94.26x
72.03x
Profitability
LTM-4Q
31.12.2011
1'127.1
7.97x
581.9
15.44x
383.9
24.30x
31.12.2012
1'317.8
6.59x
699.2
12.43x
431.8
20.57x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
699.18
567.44
43.06%
43.12%
14.57%
16.52%
18.72%
0.47%
51.1%
51.7%
39.9%
32.8%
4.07
1.92
0.58%
0.69%
-
Price/ Cash Flow
03/yy
1'175.7
27.71x
622.0
12.18x
431.7
18.19x
LTM
03/yy
1'331.2
26.69x
688.9
11.41x
412.0
19.26x
FY+1
0.69
0.64
1.36
-2.14%
-26.98%
0.644
10
4.400
743'752
980'909
781'136
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
1'383.4
1'791.2
339.0
361.0
4.76x
3.39x
697.0
989.4
9.39x
6.61x
424.2
657.8
85.0
94.5
16.64x
10.70x
15.17x
13.33x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
582.65
114.09
-0.36
0.00
0.7%
0.6%
0.47
1.07
136.09
160.00
1'400.0
140.00
1'200.0
120.00
1'000.0
100.00
800.0
80.00
600.0
60.00
400.0
40.00
200.0
20.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Randgold Resources Ltd

Holdings By:
All
Holder Name
BLACKROCK
WELLS FARGO
FMR LLC
CARMIGNAC GESTION
AGF INVESTMENTS INC
FRANKLIN RESOURCES
POWER CORP OF CANADA
JENNISON ASSOCIATES
GAMCO
OPPENHEIMERFUNDS INC
JP MORGAN
PAULSON & CO
TOCQUEVILLE ASSET MA
IVY MANAGEMENT INCOR
INVESCO LTD
ASA BERMUDA LIMITED
UNITED SERVICES AUTO
Firm Name
HSBC
Clarus Securities
Dundee Securities Corp
BMO Capital Markets
Scotia Capital
EVA Dimensions
S&P Capital IQ
GARP Research
Portfolio Name
n/a
n/a
n/a
n/a
CARMIGNAC GESTION
AGF INVESTMENTS INC
n/a
n/a
JENNISON ASSOCIATES
n/a
OPPENHEIMER FUNDS IN
n/a
PAULSON & CO
Multiple Portfolios
n/a
ASA BERMUDA LIMITED
n/a
Analyst
PATRICK CHIDLEY
NANA SANGMUAH
JOSH WOLFSON
ANDREW BREICHMANAS
TANYA M JAKUSCONEK
TIM DUDLEY
CRAIG STERLING
LEO LARKIN
SETH DADDS
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
MF-AGG
ULT-AGG
13F
ULT-AGG
13F
Recommendation
overweight
buy
buy
outperform
sector perform
buy
underweight
buy
buy
Amt Held
8'511'020
6'269'467
6'186'287
4'337'790
3'917'000
1'639'811
1'530'963
1'487'200
1'264'736
1'081'729
1'032'315
956'494
947'594
926'192
891'270
775'000
676'284
444'700
425'216
416'777
% Out
9.24
6.8
6.71
4.71
4.25
1.78
1.66
1.61
1.37
1.17
1.12
1.04
1.03
1.01
0.97
0.84
0.73
0.48
0.46
0.45
Weighting
Change
5
5
5
5
3
5
1
5
5
M
M
M
M
M
M
M
M
M
Latest Chg
(58'542)
255'676
(441'271)
288'408
3'917'000
442'950
(121'450)
954'000
67'989
213'780
300'000
(20'901)
(4'310)
(60'950)
550'000
(145'226)
128'654
156'408
Target Price
91
120
100
100
94
133
#N/A N/A
125
#N/A N/A
File Dt
Inst Type
14.05.2013
Investment Advisor
31.03.2013
Investment Advisor
15.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Holding Company
31.03.2013
Investment Advisor
31.03.2013
Unclassified
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
15.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Bank
31.03.2013
Investment Advisor
Date
Not Provided
18 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
07.05.2013
07.05.2013
03.05.2013
02.05.2013
23.04.2013
11.04.2013
28.03.2013
16.11.2012
10.08.2012
16.05.2013
Yamana Gold Inc

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.
Price/Volume
25
20
15
Valuation Analysis
10
Latest Fiscal Year:

LTM as of:
52-Week High (09.11.2012)
52-Week Low (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AUY US EQUITY YTD Change
AUY US EQUITY YTD % CHANGE
12/2012
03/yy
20.59
11.02
9'955'697.00
11.09
-46.14%
0.64%
0.73%
752.4
8'344.19
765.91
0.0
46.8
349.59
8'908.90
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
0
m-12
31.12.2009
31.12.2010
1'183.3
1'686.8
7.39x
5.76x
575.5
884.1
15.19x
11.00x
192.6
466.5
Profitability
LTM-4Q
31.12.2011
2'173.3
5.04x
1'262.7
8.67x
548.3
-
31.12.2012
2'336.8
5.73x
1'269.4
10.56x
442.1
1'269.45
885.71
37.90%
34.88%
3.25%
4.84%
0.20%
64.4%
50.4%
33.4%
18.9%
1.38
0.78
6.49%
9.80%
18.96
5.16
03/yy
2'257.0
18.35x
1'302.7
8.88x
570.1
0.00x
a-12
s-12
o-12
LTM
03/yy
2'311.9
22.46x
1'164.1
10.44x
374.1
0.00x
n-12
d-12
j-13
f-13 m-13
FY+1
0.75
749.87
5.36
-13.45%
-35.28%
0.747
23
4.304
6'461'217
8'449'024
7'855'324
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
2'481.1
2'997.5
551.3
652.8
3.61x
2.86x
16.16x
13.70x
1'271.0
1'672.3
262.7
337.7
7.01x
5.33x
6.78x
6.46x
533.8
750.8
113.0
153.0
14.18x
10.44x
13.79x
12.34x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
22.03
-4.66
0.44
0.74
9.8%
8.9%
0.20
0.24
19.25
70.76
130.52
-62.98
2'500.0
1.00
2'000.0
0.60
j-12
Market Data
1.20
0.80
j-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
949.4
6.36x
438.9
13.76x
434.8
-
20.0 M
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
a-13 m-13
1'500.0
1'000.0
0.40
500.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Yamana Gold Inc

Holdings By:
All
Holder Name
FMR LLC
AGF INVESTMENTS INC
BMO FINANCIAL CORP
TD ASSET MANAGEMENT
DONALD SMITH & CO IN
JP MORGAN
CONNOR CLARK & LUNN
CARMIGNAC GESTION
INVESTEC ASSET MANAG
Firm Name
National Bank Financial
Davenport & Co
HSBC
Raymond James
TD Securities
RBC Capital Markets
Credit Suisse
CIBC World Markets
GMP
Barclays
BMO Capital Markets
Macquarie
Morgan Stanley
Scotia Capital
EVA Dimensions
Davy
VSA Capital Ltd
Paradigm Capital Inc
Portfolio Name
n/a
n/a
n/a
n/a
AGF INVESTMENTS INC
BMO FINANCIAL CORP
TD ASSET MANAGEMENT
n/a
CONNOR CLARK & LUNN
CARMIGNAC GESTION
Analyst
ADAM P GRAF
STEPHEN PARSONS
LLOYD T O'CARROLL
RICHARD GRAY
PATRICK CHIDLEY
BRAD HUMPHREY
STEVEN J GREEN
PAWEL RAJSZEL
DAN ROLLINS
ANITA SONI
ALEC KODATSKY
JOSH WOLFSON
GEORGE V ALBINO
FAROOQ HAMED
DAVID HAUGHTON
STEVEN BUTLER
TONY LESIAK
PARETOSH MISRA
TANYA M JAKUSCONEK
CRAIG STERLING
BART JAWORSKI
CHARLIE LONG
DON MACLEAN
Source
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
Recommendation
buy
outperform
buy
buy
neutral
outperform
buy
sell
outperform
outperform
sector outperform
neutral
buy
overweight
outperform
buy
neutral
Overwt/In-Line
sector outperform
hold
underperform
not rated
buy
Amt Held
32'345'793
28'005'526
21'120'135
18'951'251
18'879'315
12'696'118
11'430'227
10'433'341
10'227'965
9'535'253
9'490'738
8'469'389
7'226'163
6'942'805
6'398'774
6'069'801
6'019'943
5'913'740
5'822'420
5'339'800
% Out
4.3
3.72
2.81
2.52
2.51
1.69
1.52
1.39
1.36
1.27
1.26
1.13
0.96
0.92
0.85
0.81
0.8
0.79
0.77
0.71
Weighting
Change
5
5
5
5
3
5
5
1
5
5
5
3
5
5
5
5
3
5
5
3
1
#N/A N/A
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
D
M
M
Latest Chg
1'752'155
(2'389'675)
186'776
8'923'202
(21'825'881)
12'696'118
11'430'227
10'433'341
10'227'965
307'566
3'729'389
3'072'073
(304'473)
6'942'805
6'398'774
6'069'801
783'343
(332'388)
352'746
(619'328)
Target Price
13
19
14
20
12
19
18
12
14
19
19
17
22
16
22
20
12
16
17
#N/A N/A
#N/A N/A
#N/A N/A
21
File Dt
Inst Type
31.03.2013
Investment Advisor
15.05.2013
Investment Advisor
31.03.2013
Bank
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Date
13.05.2013
10.05.2013
08.05.2013
07.05.2013
06.05.2013
02.05.2013
02.05.2013
02.05.2013
01.05.2013
01.05.2013
01.05.2013
01.05.2013
01.05.2013
01.05.2013
30.04.2013
30.04.2013
25.04.2013
23.04.2013
23.04.2013
16.04.2013
15.04.2013
10.01.2013
19.06.2012
16.05.2013
Gold Fields Ltd

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.
Price/Volume
14
25.0 M
12
20.0 M
10
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.06.2012)
52-Week Low (15.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GFI US EQUITY YTD Change
GFI US EQUITY YTD % CHANGE
12/2012
03/yy
12.09
6.06
5'793'853.00
6.06
-49.86%
0.00%
0.00%
736.1
4'461.06
16'015.70
0.0
1'803.9
5'195.60
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
1.00
15.0 M
10.0 M
4
5.0 M
2
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
23'009.5
3.10x
8'713.0
8.19x
4'457.5
-
31.12.2009
31.12.2010
29'086.9
31'565.3
2.56x
2.56x
10'955.0
11'960.3
6.80x
6.75x
1'535.6
3'631.4
Profitability
LTM-4Q
31.12.2011
25'263.7
3.99x
13'527.5
7.45x
7'026.7
-
31.12.2012
28'915.8
3.05x
14'243.0
6.20x
5'658.1
14'243.00
10'149.20
35.10%
22.47%
7.83%
13.81%
10.97%
0.47%
38.7%
47.9%
33.2%
19.6%
1.76
0.39
16.85%
31.19%
-
LTM
03/yy
27'566.3
13.68x
13'712.4
0.00x
8'055.0
0.00x
03/yy
38'145.8
8.85x
18'260.7
3.66x
6'365.9
0.00x
FY+1
0.74
6.16
-38.74%
-43.07%
0.744
3
3.000
4'105'706
6'143'583
5'974'145
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
29'086.1
30'284.2
1.85x
1.71x
12'705.8
14'066.7
4'713.9
5'404.3
9.41x
7.50x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
15.11.2012
BB+
STABLE
15.11.2012
B
24.36
6.99
0.72
1.01
31.2%
23.2%
0.47
0.64
69.00
35'000.0
30'000.0
25'000.0
0.80
20'000.0
0.60
15'000.0
0.40
10'000.0
5'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Gold Fields Ltd

Holdings By:
All
Holder Name
DIMENSIONAL FUND ADV
THORNBURG INVESTMENT
FMR LLC
BLACKROCK
PAULSON & CO
NORGES BANK
RUFFER LLP
WELLS FARGO
RENAISSANCE TECHNOLO
GAMCO
PROSPECTOR PARTNERS
CREDIT SUISSE AG
Firm Name
HSBC
Scotia Capital
EVA Dimensions
BMO Capital Markets
Portfolio Name
n/a
n/a
THORNBURG INVESTMENT
n/a
n/a
n/a
PAULSON & CO
Multiple Portfolios
RUFFER LLP
n/a
n/a
Multiple Portfolios
PROSPECTOR PARTNERS
CREDIT SUISSE AG
Analyst
PATRICK CHIDLEY
TANYA M JAKUSCONEK
TEAM COVERAGE
DAVID HAUGHTON
Source
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
MF-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
MF-AGG
13F
13F
Recommendation
neutral
sector perform
dropped coverage
market perform
Amt Held
47'177'664
40'934'319
24'337'148
12'217'700
9'090'390
8'464'843
7'254'900
6'795'326
6'529'748
6'177'141
5'396'309
4'906'608
4'690'600
4'338'700
4'244'739
3'930'403
3'907'319
3'806'476
3'424'400
3'168'803
% Out
6.41
5.56
3.31
1.66
1.23
1.15
0.99
0.92
0.89
0.84
0.73
0.67
0.64
0.59
0.58
0.53
0.53
0.52
0.47
0.43
Weighting
Change
3
3
#N/A N/A
3
D
M
M
M
Latest Chg
(20'500)
5'017'592
1'371'059
5'072'700
2'820'234
(1'275'318)
4'486'300
(1'745'314)
(11'852)
(21'230)
(128'413)
(472'200)
(225'930)
(7'900)
1'826
(349'900)
2'839'790
Target Price
8
8
#N/A N/A
13
File Dt
31.03.2013
15.05.2013
31.03.2013
31.03.2013
30.04.2013
31.03.2013
31.03.2013
14.05.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
28.02.2013
31.03.2013
31.03.2013
Date
Not Provided
12 month
Not Provided
12 month
Inst Type
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Government
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Unclassified
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Date
28.04.2013
23.04.2013
18.01.2013
04.03.2010
16.05.2013
Silver Wheaton Corp

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.
Price/Volume
45
16.0 M
40
14.0 M
35
12.0 M
30
10.0 M
25
Latest Fiscal Year:

LTM as of:
52-Week High (01.11.2012)
52-Week Low (18.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SLW US EQUITY YTD Change
SLW US EQUITY YTD % CHANGE
12/2012
03/yy
41.30
21.79
6'872'492.00
22.18
-46.30%
1.79%
2.00%
354.6
7'865.27
50.06
0.0
0.0
778.22
8'879.73
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
6.0 M
15
10
4.0 M
2.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
166.7
12.14x
105.5
19.18x
17.3
-
8.0 M
20
Valuation Analysis
31.12.2009
31.12.2010
239.3
423.4
21.12x
31.91x
158.5
316.2
31.87x
42.72x
117.9
153.4
Profitability
LTM-4Q
31.12.2011
730.0
13.01x
618.8
15.35x
550.0
-
31.12.2012
849.6
14.18x
701.5
17.17x
586.0
701.46
600.00
70.63%
70.72%
15.45%
19.11%
0.23%
74.3%
81.8%
69.1%
69.0%
15.88
15.86
1.57%
1.61%
148.71
-
03/yy
771.5
53.44x
654.1
16.49x
575.0
0.00x
LTM
03/yy
855.7
53.99x
699.9
17.30x
572.3
0.00x
FY+1
1.08
354.14
3.75
-4.40%
-38.25%
1.079
15
4.600
5'562'602
6'530'004
5'481'579
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
964.8
1'085.3
229.2
243.2
8.54x
7.62x
37.72x
35.72x
769.9
886.8
180.5
198.5
11.53x
10.01x
11.54x
11.75x
573.7
650.5
124.5
136.8
13.98x
12.57x
14.37x
13.72x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
1.45
1.56
1.6%
1.6%
0.23
0.28
2.45
21.26
-
900.0
800.0
1.00
0.80
700.0
600.0
500.0
0.60
400.0
300.0
0.40
0.20
200.0
100.0
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Silver Wheaton Corp

Holdings By:
All
Holder Name
BLACKROCK
CARMIGNAC GESTION
FMR LLC
BMO FINANCIAL CORP
TD ASSET MANAGEMENT
TCW GROUP INC
CONNOR CLARK & LUNN
GREAT WEST LIFE ASSU
UBS
JP MORGAN
SUSQUEHANNA INTERNAT
VANGUARD GROUP INC
Firm Name
Raymond James
Salman Partners
BMO Capital Markets
Credit Suisse
CIBC World Markets
GMP
TD Securities
RBC Capital Markets
Macquarie
Scotia Capital
JPMorgan
EVA Dimensions
Portfolio Name
n/a
n/a
CARMIGNAC GESTION
n/a
n/a
BMO FINANCIAL CORP
TD ASSET MANAGEMENT
TCW GROUP INCORPORAT
CONNOR CLARK & LUNN
GREAT WEST LIFE ASSU
n/a
n/a
Multiple Portfolios
Analyst
BRAD HUMPHREY
DAVID WEST
ANDREW KAIP
RALPH M PROFITI
COSMOS CHIU
STEVEN BUTLER
CHELSEA HAMILTON
DANIEL EARLE
DAN ROLLINS
TONY LESIAK
TREVOR TURNBULL
JOHN BRIDGES
CRAIG STERLING
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
MF-AGG
Recommendation
outperform
top pick
outperform
outperform
sector outperform
buy
buy
buy
outperform
neutral
focus stock
overweight
underweight
Amt Held
26'099'114
14'997'993
13'917'000
6'521'841
6'284'267
5'382'984
4'958'532
4'748'500
4'623'285
4'349'599
3'770'833
3'473'930
3'333'501
3'099'463
2'862'094
2'750'546
2'623'306
2'612'842
2'456'700
2'171'641
% Out
7.36
4.23
3.92
1.84
1.77
1.52
1.4
1.34
1.3
1.23
1.06
0.98
0.94
0.87
0.81
0.78
0.74
0.74
0.69
0.61
Weighting
Change
5
5
5
5
5
5
5
5
5
3
5
5
1
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
66'224
13'917'000
(925'966)
(378'634)
180'499
(2'425)
20'000
(1'872'251)
90'737
(18'415)
(35'700)
420'000
(230'385)
89'806
(488'041)
26'794
283'586
(5'718'600)
153'760
Target Price
41
38
40
38
45
42
47
35
33
27
50
40
#N/A N/A
File Dt
Inst Type
31.03.2013
Investment Advisor
15.05.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Bank
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Insurance Company
31.03.2013
Unclassified
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
6 month
Not Provided
Date
14.05.2013
14.05.2013
13.05.2013
13.05.2013
13.05.2013
13.05.2013
13.05.2013
13.05.2013
12.05.2013
26.04.2013
23.04.2013
19.04.2013
17.01.2013
16.05.2013
AngloGold Ashanti Ltd

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.
Price/Volume
40
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
35
30
25
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.06.2012)
52-Week Low (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AU US EQUITY YTD Change
AU US EQUITY YTD % CHANGE
12/2012
03/yy
38.31
17.45
4'165'573.00
17.7
-53.80%
1.43%
1.20%
383.7
6'820.34
30'375.96
0.0
186.5
7'562.20
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
10
5
0
m-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
31.12.2009
31.12.2010
30'745.0
38'833.0
3.88x
3.60x
(2'435.0)
9'720.0
14.37x
(2'762.0)
637.0
Profitability
LTM-4Q
31.12.2011
47'849.0
3.00x
20'443.0
7.03x
11'282.0
-
31.12.2012
52'160.3
2.30x
19'105.5
6.27x
6'814.6
19'105.47
12'553.61
24.07%
18.43%
4.24%
9.11%
7.82%
0.51%
36.1%
33.9%
20.5%
13.1%
1.37
0.53
28.22%
65.78%
3.72
LTM
03/yy
51'123.2
10.50x
22'721.7
5.50x
14'088.2
0.00x
03/yy
51'861.6
9.48x
17'555.7
6.01x
4'225.8
0.00x
FY+1
0.77
3.76
-43.46%
-43.45%
0.775
6
4.000
2'821'677
3'191'695
2'570'135
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
57'033.6
62'449.0
1.56x
1.33x
20'358.6
24'979.0
6'005.9
8'569.5
11.27x
6.95x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
10.12.2012
BBBNEG
10.07
2.46
1.67
1.69
65.8%
39.6%
0.51
0.84
98.24
63.01
1.20
60'000.0
1.00
50'000.0
0.80
40'000.0
0.60
j-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
29'774.0
3.48x
3'278.0
31.64x
(16'138.0)
-
15
30'000.0
20'000.0
0.40
10'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
AngloGold Ashanti Ltd

Holdings By:
All
Holder Name
PAULSON & CO
FRANKLIN RESOURCES
WELLS FARGO
FMR LLC
BLACKROCK
DUPONT CAPITAL MANAG
TRADEWINDS GLOBAL IN
NUVEEN ASSET MANAGEM
PLATINUM INVESTMENT
PASSPORT CAPITAL LLC
GAMCO
Firm Name
Societe Generale
HSBC
Scotia Capital
EVA Dimensions
BMO Capital Markets
Portfolio Name
PAULSON & CO
n/a
n/a
n/a
n/a
n/a
DUPONT CAPITAL MANAG
Multiple Portfolios
n/a
PLATINUM INVESTMENT
n/a
n/a
n/a
Analyst
BRUCE ALWAY
PATRICK CHIDLEY
TANYA M JAKUSCONEK
CRAIG STERLING
DAVID HAUGHTON
Source
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
MF-AGG
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
Recommendation
hold
overweight
sector perform
hold
market perform
Amt Held
28'254'950
14'810'494
11'336'430
8'747'623
5'693'290
5'518'760
5'230'372
4'945'084
3'731'629
3'728'373
3'398'300
2'663'932
2'612'472
2'204'815
2'137'844
1'932'470
1'741'097
1'622'856
1'611'720
1'608'497
% Out
7.36
3.86
2.95
2.28
1.48
1.44
1.36
1.29
0.97
0.97
0.89
0.69
0.68
0.57
0.56
0.5
0.45
0.42
0.42
0.42
Weighting
Change
3
5
3
3
3
M
M
M
U
M
Latest Chg
50'951
(814'185)
(431'746)
(128'150)
164'885
(1'096'046)
(1'261'046)
(259'531)
3'731'629
(458'492)
157'600
6'463
(22'697)
147'000
733'688
352'945
(357'793)
(95'200)
(310)
(700)
Target Price
20
31
25
#N/A N/A
0
File Dt
31.03.2013
15.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
14.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
Date
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Date
14.05.2013
28.04.2013
23.04.2013
05.04.2013
24.02.2010
16.05.2013
Cia de Minas Buenaventura SA

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.
Price/Volume
45
6.0 M
40
5.0 M
35
30
4.0 M
25
12/2011
03/yy
42.73
18.00
1'441'073.00
18.12
-57.59%
0.67%
0.49%
274.9
4'994.50
179.30
262.3
241.22
5'221.44
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15
2.0 M
10
1.0 M
5
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
766.6
6.61x
(54.4)
153.3
33.61x
3.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.06.2012)
52-Week Low (15.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BVN US EQUITY YTD Change
BVN US EQUITY YTD % CHANGE
31.12.2009
31.12.2010
881.5
1'103.8
9.30x
10.85x
351.5
475.4
23.33x
25.19x
593.6
660.8
14.29x
18.66x
Profitability
LTM-4Q
31.12.2011
1'556.6
6.05x
820.2
11.49x
858.9
11.16x
31.12.2012
1'563.5
5.98x
569.3
16.42x
684.7
13.41x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
569.30
421.85
26.98%
56.63%
13.23%
16.53%
16.37%
0.34%
47.5%
23.2%
43.8%
2.30
1.42
3.91%
4.84%
9.25
5.58
Price/ Cash Flow
03/yy
1'570.2
24.14x
429.4
0.00x
848.7
11.93x
LTM
03/yy
1'492.0
23.70x
260.9
0.00x
579.9
11.38x
FY+1
0.56
1.40
-48.20%
-48.97%
0.561
13
3.308
1'212'045
1'588'915
1'472'551
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
1'641.5
1'761.1
373.3
413.3
3.17x
2.92x
645.8
769.2
174.0
208.0
8.08x
6.79x
544.0
608.6
125.0
147.0
8.21x
7.71x
8.76x
8.22x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
68.67
15.24
4.8%
4.3%
0.34
1.44
39.45
65.36
59.17
44.85
30.00
1'800.0
1'600.0
25.00
1'400.0
1'200.0
20.00
1'000.0
15.00
800.0
600.0
10.00
400.0
5.00
0.00
01.01.2010
200.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Cia de Minas Buenaventura SA

Holdings By:
All
Holder Name
BLACKROCK
VONTOBEL ASSET MANAG
FRANKLIN RESOURCES
VANGUARD GROUP INC
STATE STREET
WELLS FARGO
FMR LLC
GRANTHAM MAYO VAN OT
HARRIS TRUST & SAVIN
CREDIT SUISSE AG
NORGES BANK
CREDIT AGRICOLE SA
PARAMETRIC PORTFOLIO
ING GROEP NV
ING INVESTMENT MANAG
GAMCO
ING INV MANAGEMENT E
Firm Name
Banco de Credito del Peru
Inteligo SAB
JPMorgan
Grupo Santander
Morgan Stanley
Credit Suisse
Banco BTG Pactual SA
Scotia Capital
EVA Dimensions
Euro Pacific Capital Inc
Kallpa Securities SAB
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
Multiple Portfolios
CREDIT SUISSE AG
NORGES BANK
Multiple Portfolios
CREDIT AGRICOLE SA
PARAMETRIC PORTFOLIO
ING GROEP NV
Multiple Portfolios
n/a
ING INVESTMENT MANAG
Analyst
HECTOR JOSUE COLLANTES
LALI MERINO
JOHN BRIDGES
WALTER CHIARVESIO
CARLOS DE ALBA
SANTIAGO PEREZ TEUFFER
CESAR PEREZ-NOVOA
TANYA M JAKUSCONEK
CRAIG STERLING
HEIKO IHLE
EDDER CASTRO
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
MF-AGG
13F
13F
13F
MF-AGG
13F
13F
13F
MF-AGG
ULT-AGG
13F
Recommendation
hold
buy
neutral
buy
Equalwt/No Rating
neutral
buy
sector perform
hold
neutral
overweight
Amt Held
25'536'584
13'179'122
12'497'006
8'641'735
5'406'540
4'674'992
4'619'673
4'200'079
4'187'270
3'497'516
2'490'156
2'298'752
1'858'000
1'679'805
1'677'132
1'434'207
1'100'345
1'097'662
1'087'600
1'038'976
% Out
9.29
4.79
4.55
3.14
1.97
1.7
1.68
1.53
1.52
1.27
0.91
0.84
0.68
0.61
0.61
0.52
0.4
0.4
0.4
0.38
Weighting
Change
3
5
3
5
3
3
5
3
3
3
5
M
M
M
M
M
D
M
M
M
M
M
Latest Chg
(4'985'793)
1'099'130
4'814'696
2'695'645
355'351
371'700
46'724
(1'591'439)
3'390'686
1'025'840
1'647'792
1'801'505
51'500
28'779
216'700
33'736
1'054'067
(1'561)
(25'200)
(71'704)
Target Price
21
29
34
33
24
28
30
25
#N/A N/A
27
33
File Dt
14.05.2013
15.05.2013
31.03.2013
31.03.2013
31.03.2013
15.05.2013
31.03.2013
31.03.2013
31.03.2013
28.03.2013
31.03.2013
31.12.2012
31.03.2013
31.01.2013
31.03.2013
31.03.2013
31.03.2013
28.02.2013
31.03.2013
31.03.2013
Date
Not Provided
Not Provided
6 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Date
06.05.2013
03.05.2013
01.05.2013
30.04.2013
30.04.2013
30.04.2013
30.04.2013
23.04.2013
27.03.2013
11.03.2013
07.03.2013
16.05.2013
New Gold Inc

New Gold Inc. is a natural resource company. The Company acquires, explores,
and develops gold properties.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2012)
52-Week Low (15.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NGD US EQUITY YTD Change
NGD US EQUITY YTD % CHANGE
12/2012
03/yy
12.84
6.25
5'423'404.00
6.49
-49.45%
3.84%
3.64%
476.9
3'094.87
847.80
0.0
0.0
687.80
3'276.77
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
14.0 M
12
12.0 M
10
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
143.1
2.55x
13.8
26.46x
(102.7)
-
14
31.12.2009
31.12.2010
323.8
530.5
4.31x
6.83x
110.4
239.2
12.64x
15.15x
(194.3)
47.5
Profitability
LTM-4Q
31.12.2011
695.9
6.62x
344.0
13.39x
179.0
-
31.12.2012
791.3
6.86x
390.1
13.91x
199.0
390.10
273.90
34.61%
35.23%
5.31%
7.96%
0.22%
85.3%
47.0%
30.6%
25.1%
5.18
4.15
19.79%
31.68%
32.86
2.22
03/yy
693.5
26.07x
339.3
13.50x
187.8
0.00x
LTM
03/yy
824.3
24.77x
387.6
11.65x
201.7
0.00x
FY+1
0.97
461.89
3.05
-10.73%
-41.16%
0.966
15
4.600
3'238'248
4'016'974
3'414'111
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
933.0
986.6
254.0
286.5
3.43x
3.17x
482.0
579.1
115.0
149.0
6.80x
5.66x
170.9
227.4
30.7
62.6
16.02x
12.04x
14.49x
13.11x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
27.03.2012
BBSTABLE
9.70
-3.13
0.47
2.20
31.7%
24.1%
0.22
0.27
11.11
164.46
32.87
378.94
900.0
800.0
1.00
0.80
700.0
600.0
500.0
0.60
400.0
300.0
0.40
0.20
200.0
100.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
New Gold Inc

Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
GCIC LTD/CANADA
LASSONDE PIERRE
JP MORGAN
CANADA PENSION PLAN
PUBLIC SECTOR PENSIO
OLIPHANT RANDALL
Firm Name
BMO Capital Markets
RBC Capital Markets
TD Securities
Casimir Capital
CIBC World Markets
GMP
Credit Suisse
EVA Dimensions
Scotia Capital
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
GCIC LTD
n/a
Multiple Portfolios
n/a
CANADA PENSION PLAN
n/a
Analyst
ANDREW KAIP
DAN ROLLINS
STEPHEN PARSONS
RICHARD GRAY
STEVEN J GREEN
STUART MCDOUGALL
ALEC KODATSKY
GEORGE V ALBINO
BARRY D ALLAN
ANITA SONI
STEVEN BUTLER
CRAIG STERLING
DON MACLEAN
TREVOR TURNBULL
Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
MF-AGG
13F
13F
ULT-AGG
13F
13F
13F
SEDI
13F
MF-AGG
13F
ULT-AGG
13F
13F
SEDI
Recommendation
outperform
outperform
outperform
buy
buy
buy
sector perform
buy
hold
outperform
buy
hold
buy
sector outperform
Amt Held
62'551'684
51'601'629
35'344'411
15'167'798
12'987'264
12'693'570
12'469'841
11'134'273
11'078'536
8'366'671
6'966'945
6'040'968
5'645'000
5'379'731
5'091'201
5'091'201
4'883'382
4'785'859
4'584'060
4'570'855
% Out
13.12
10.82
7.41
3.18
2.72
2.66
2.61
2.33
2.32
1.75
1.46
1.27
1.18
1.13
1.07
1.07
1.02
1
0.96
0.96
Weighting
Change
5
5
5
5
5
5
3
5
3
5
5
3
5
5
M
M
M
M
M
M
M
M
M
M
M
U
M
M
Latest Chg
(19'073)
(401'290)
15'004'748
1'051'834
(1'200'483)
1'234'109
1'017'815
(127'400)
1'127'145
3'201'270
(238'800)
(179'446)
(326'365)
(27'471)
703'973
190'800
320'855
Target Price
12
10
11
14
11
16
12
16
8
12
11
#N/A N/A
16
13
File Dt
Inst Type
14.05.2013
Investment Advisor
15.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Holding Company
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Bank
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
22.03.2012
n/a
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013 Pension Fund (ERISA)
31.03.2013
Investment Advisor
23.11.2012
n/a
Date
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Date
15.05.2013
15.05.2013
10.05.2013
07.05.2013
03.05.2013
03.05.2013
02.05.2013
02.05.2013
02.05.2013
01.05.2013
01.05.2013
16.04.2013
08.04.2013
05.04.2013
16.05.2013
Agnico Eagle Mines Ltd

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.
Price/Volume
60
6.0 M
12/2012
03/yy
57.35
28.48
2'008'427.00
28.53
-50.25%
0.18%
0.17%
172.7
4'927.70
842.96
0.0
0.0
351.28
5'444.27
Price/ Cash Flow
2.0 M
0
m-12
31.12.2009
31.12.2010
613.8
1'422.5
14.47x
9.45x
202.5
601.8
43.86x
22.34x
86.5
332.1
Profitability
1.0 M
.0 M
j-12
LTM-4Q
31.12.2011
1'821.8
3.75x
752.9
9.08x
(568.9)
-
31.12.2012
1'917.7
4.96x
787.4
12.08x
310.9
787.42
515.56
26.88%
22.69%
5.00%
7.63%
7.06%
0.36%
39.0%
39.4%
24.5%
16.2%
3.26
1.51
16.04%
24.72%
23.11
4.16
03/yy
1'882.7
18.58x
801.6
7.78x
(535.6)
0.00x
j-12
a-12
s-12
o-12
LTM
03/yy
1'865.2
18.18x
735.0
10.34x
256.2
0.00x
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
0.61
171.85
1.80
-14.60%
-45.33%
0.610
25
3.560
1'745'726
2'070'931
1'815'801
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
1'705.3
2'061.1
373.3
439.8
3.34x
2.71x
14.73x
12.62x
616.9
866.0
178.5
222.8
8.83x
6.29x
6.80x
7.03x
184.0
319.3
25.3
56.7
27.67x
16.04x
24.74x
20.39x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
12.03.2003
NR
13.60
5.91
0.70
1.10
24.7%
19.8%
0.36
0.46
15.79
87.72
50.91
66.58
2'500.0
1.00
2'000.0
0.60
3.0 M
10
1.20
0.80
4.0 M
20
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
5.0 M
30
Latest Fiscal Year:

LTM as of:
52-Week High (26.11.2012)
52-Week Low (15.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AEM US EQUITY YTD Change
AEM US EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
7.0 M
40
Valuation Analysis
31.12.2008
368.9
21.80x
94.9
84.80x
73.2
-
8.0 M
50
1'500.0
1'000.0
0.40
500.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Agnico Eagle Mines Ltd

Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
WELLS FARGO
CONNOR CLARK & LUNN
BMO FINANCIAL CORP
VINIK ASSET MANAGEME
INVESCO LTD
GAMCO
TD ASSET MANAGEMENT
VANGUARD GROUP INC
Firm Name
Global Hunter Securities
BMO Capital Markets
RBC Capital Markets
Credit Suisse
Macquarie
Salman Partners
JPMorgan
Raymond James
TD Securities
HSBC
CIBC World Markets
GMP
Barclays
Scotia Capital
Morgan Stanley
Portfolio Name
n/a
n/a
n/a
n/a
n/a
CONNOR CLARK & LUNN
BMO FINANCIAL CORP
n/a
n/a
TD ASSET MANAGEMENT
Multiple Portfolios
Analyst
ADAM P GRAF
JEFF WRIGHT
STEPHEN PARSONS
DAVID HAUGHTON
STEPHEN D WALKER
ANITA SONI
TONY LESIAK
DAVID WEST
RICHARD GRAY
JOHN BRIDGES
BRAD HUMPHREY
MICHAEL S DUDAS
STEVEN BUTLER
GREG BARNES
BARRY D ALLAN
PATRICK CHIDLEY
ALEC KODATSKY
JOSH WOLFSON
GEORGE V ALBINO
PAWEL RAJSZEL
FAROOQ HAMED
TANYA M JAKUSCONEK
PARETOSH MISRA
DON MACLEAN
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
MF-AGG
Recommendation
hold
buy
sector perform
market perform
outperform
outperform
underperform
buy
buy
neutral
market perform
neutral
hold
buy
hold
underweight
sector perform
neutral
buy
sell
equalweight
sector outperform
Equalwt/In-Line
buy
Amt Held
20'005'396
13'384'186
11'305'234
8'353'624
6'927'650
4'729'613
4'381'540
3'956'923
3'507'319
3'247'664
2'433'065
2'127'726
1'800'000
1'598'700
1'551'262
1'551'011
1'501'826
1'343'527
1'210'011
1'051'526
% Out
11.58
7.75
6.55
4.84
4.01
2.74
2.54
2.29
2.03
1.88
1.41
1.23
1.04
0.93
0.9
0.9
0.87
0.78
0.7
0.61
Weighting
Change
3
5
3
3
5
5
1
5
5
3
3
3
3
5
3
1
3
3
5
1
3
5
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
Latest Chg
2'418'604
696'000
501'322
223'720
(157'068)
414'729
(551'324)
1'303'500
(83'945)
(37'672)
75'223
(665'218)
418'800
(35'750)
428'246
(15'150)
57'043
36'572
78'180
Target Price
#N/A N/A
47
42
45
40
51
30
45
49
39
46
#N/A N/A
41
41
38
29
54
45
55
30
39
46
#N/A N/A
59
File Dt
Inst Type
14.05.2013
Investment Advisor
31.03.2013
Investment Advisor
15.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Bank
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
15.05.2013
Investment Advisor
31.03.2013
Unclassified
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
6 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Date
13.05.2013
13.05.2013
10.05.2013
07.05.2013
07.05.2013
07.05.2013
07.05.2013
30.04.2013
30.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
28.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
23.04.2013
25.10.2012
05.01.2012
16.05.2013
Eldorado Gold Corp

Eldorado Gold Corporation acquires, explores, and develops mineral properties.
The Company currently has operating gold mines in Brazil, China, Turkey, Greece,
and surrounding regions.
Price/Volume
18
16.0 M
16
14.0 M
14
12.0 M
12
10.0 M
10
Latest Fiscal Year:

LTM as of:
52-Week High (19.09.2012)
52-Week Low (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EGO US EQUITY YTD Change
EGO US EQUITY YTD % CHANGE
12/2012
03/yy
16.20
6.59
4'370'584.00
6.89
-57.47%
4.55%
3.12%
714.6
4'923.45
593.32
0.0
284.1
818.83
5'132.84
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
1.00
6.0 M
6
4
4.0 M
2.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
277.7
10.15x
132.0
21.36x
163.7
-
8.0 M
Valuation Analysis
31.12.2009
31.12.2010
358.5
791.2
21.00x
12.74x
181.2
423.3
41.53x
23.82x
102.4
221.0
Profitability
LTM-4Q
31.12.2011
1'103.7
6.66x
643.9
11.41x
318.7
-
31.12.2012
1'147.5
8.06x
584.4
15.83x
305.3
584.40
470.87
41.03%
38.89%
2.51%
3.32%
3.23%
0.16%
62.7%
51.9%
41.8%
26.6%
4.90
3.96
7.48%
10.01%
16.01
2.17
03/yy
1'156.1
29.80x
659.7
14.80x
334.0
0.00x
LTM
03/yy
1'214.1
29.81x
630.5
11.16x
192.0
0.00x
FY+1
0.84
708.10
3.14
-32.01%
-46.18%
0.840
21
4.143
3'953'494
6'022'282
5'603'205
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
1'263.9
1'402.4
291.0
310.3
4.25x
4.09x
18.06x
17.12x
632.6
724.4
136.0
146.5
8.11x
7.09x
9.15x
9.32x
275.5
338.1
59.3
69.3
15.91x
13.12x
15.91x
15.35x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
13.11.2012
BB
STABLE
83.69
22.66
-0.12
0.94
10.0%
8.7%
0.16
0.21
22.79
167.85
189.39
43.64
1'400.0
1'200.0
1'000.0
0.80
800.0
0.60
600.0
0.40
400.0
200.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Eldorado Gold Corp

Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
CARMIGNAC GESTION
JENNISON ASSOCIATES
BMO FINANCIAL CORP
AGF INVESTMENTS INC
JP MORGAN
BAILLIE GIFFORD AND
IG INVESTMENT MANAGE
PRUDENTIAL FINANCIAL
Firm Name
RBC Capital Markets
Raymond James
CIBC World Markets
Salman Partners
TD Securities
Credit Suisse
Macquarie
GMP
Barclays
BMO Capital Markets
HSBC
Morgan Stanley
Scotia Capital
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
JENNISON ASSOCIATES
BMO FINANCIAL CORP
AGF INVESTMENTS INC
n/a
BAILLIE GIFFORD & CO
n/a
Analyst
DAN ROLLINS
BRAD HUMPHREY
COSMOS CHIU
DAVID WEST
MIKE KOZAK
KERRY SMITH
STEVEN J GREEN
PAWEL RAJSZEL
ANITA SONI
TONY LESIAK
JOSH WOLFSON
STEVEN BUTLER
GEORGE V ALBINO
FAROOQ HAMED
DAVID HAUGHTON
PATRICK CHIDLEY
PARETOSH MISRA
TANYA M JAKUSCONEK
CRAIG STERLING
BARRY D ALLAN
DON MACLEAN
Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
MF-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
Recommendation
sector perform
outperform
sector outperform
buy
buy
buy
action list buy
sell
outperform
neutral
neutral
buy
buy
equalweight
outperform
overweight
Overwt/In-Line
sector outperform
underweight
hold
hold
Amt Held
115'755'188
46'388'863
46'199'408
33'729'686
17'640'602
13'044'870
12'322'002
11'861'546
11'661'328
11'264'562
10'662'061
10'031'223
9'924'291
9'088'523
8'932'322
8'799'121
8'616'810
8'067'119
7'601'100
6'793'010
% Out
16.2
6.49
6.47
4.72
2.47
1.83
1.72
1.66
1.63
1.58
1.49
1.4
1.39
1.27
1.25
1.23
1.21
1.13
1.06
0.95
Weighting
Change
3
5
5
5
5
5
5
1
5
3
3
5
5
3
5
5
5
5
1
3
3
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
Latest Chg
(1'071'523)
1'979'063
6'645'120
426'594
(14'814'642)
(163'800)
11'861'546
861'550
771'210
(256'391)
(12'436)
(1'473'143)
(223'376)
329'970
(2'010'762)
966'831
1'115'425
50'000
201'650
Target Price
9
16
14
13
12
17
14
7
15
8
10
11
20
9
12
13
10
12
#N/A N/A
13
18
File Dt
Inst Type
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
15.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Bank
29.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Date
06.05.2013
06.05.2013
06.05.2013
06.05.2013
06.05.2013
06.05.2013
06.05.2013
06.05.2013
03.05.2013
03.05.2013
03.05.2013
03.05.2013
03.05.2013
03.05.2013
02.05.2013
28.04.2013
23.04.2013
23.04.2013
16.04.2013
12.03.2013
21.02.2012
16.05.2013
Kinross Gold Corp

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.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.10.2012)
52-Week Low (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
KGC US EQUITY YTD Change
KGC US EQUITY YTD % CHANGE
12/2012
03/yy
11.20
4.97
21'000'452.00
5.28
-52.84%
6.24%
4.98%
1'141.7
6'027.99
2'632.60
0.0
75.5
1'982.70
6'838.29
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.0 M
10
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
0
m-12
31.12.2009
31.12.2010
2'412.1
3'010.1
5.37x
6.92x
1'093.2
1'200.4
11.85x
17.35x
309.9
759.7
41.68x
146.30x
Profitability
LTM-4Q
31.12.2011
3'842.5
3.37x
1'926.2
6.73x
(2'073.6)
15.25x
31.12.2012
4'311.4
2.74x
1'962.2
6.01x
(2'504.9)
12.61x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
1'962.20
1'281.00
29.71%
-53.16%
-15.73%
-21.83%
0.28%
57.1%
45.7%
28.1%
-58.1%
2.76
1.74
17.69%
26.73%
15.04
1.53
Price/ Cash Flow
03/yy
3'910.6
14.92x
1'885.9
6.00x
(2'225.3)
12.84x
j-12
a-12
s-12
o-12
LTM
03/yy
4'332.9
10.04x
1'980.9
4.97x
(2'450.1)
10.69x
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
3.03
0.77
1'139.69
4.05
-26.58%
-45.13%
0.767
27
4.333
12'709'566
14'970'154
11'695'044
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
4'040.9
4'209.3
934.0
951.1
1.78x
1.71x
7.60x
7.68x
1'655.9
1'889.3
346.8
374.8
4.13x
3.62x
4.41x
4.27x
534.9
691.9
87.8
109.0
11.63x
9.50x
11.35x
10.11x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
15.08.2011
BBBSTABLE
13.84
0.25
0.37
1.09
26.7%
21.0%
0.28
0.47
24.27
239.28
108.04
222.18
20.00
5'000.0
18.00
4'500.0
16.00
4'000.0
14.00
3'500.0
12.00
3'000.0
10.00
8.00
2'500.0
2'000.0
6.00
1'500.0
4.00
1'000.0
2.00
500.0
0.00
01.01.2010
.0 M
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'617.0
7.84x
656.3
19.32x
(807.2)
46.21x
12
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Kinross Gold Corp

Holdings By:
All
Holder Name
INVESCO LTD
BMO FINANCIAL CORP
ARTISAN PARTNERS HOL
JENNISON ASSOCIATES
LAZARD ASSET MANAGEM
NORGES BANK
ALTRINSIC GLOBAL ADV
JP MORGAN
FMR LLC
CARMIGNAC GESTION
TD ASSET MANAGEMENT
Firm Name
JPMorgan
HSBC
Macquarie
Salman Partners
Jefferies
CIBC World Markets
GMP
TD Securities
Barclays
BMO Capital Markets
Deutsche Bank
RBC Capital Markets
Credit Suisse
Stifel
Scotia Capital
EVA Dimensions
Morgan Stanley
Portfolio Name
n/a
n/a
BMO FINANCIAL CORP
ARTISAN PARTNERS LP
JENNISON ASSOCIATES
n/a
n/a
NORGES BANK
ALTRINSIC GLOBAL ADV
n/a
n/a
CARMIGNAC GESTION
TD ASSET MANAGEMENT
Analyst
JOHN BRIDGES
STEVEN BUTLER
ADAM P GRAF
PATRICK CHIDLEY
PAOLO LOSTRITTO
TONY LESIAK
DAVID WEST
PETER D WARD
ALEC KODATSKY
RICHARD GRAY
GEORGE V ALBINO
GREG BARNES
PAWEL RAJSZEL
FAROOQ HAMED
DAVID HAUGHTON
JORGE M BERISTAIN
STEPHEN D WALKER
ANITA SONI
GEORGE J TOPPING
BARRY D ALLAN
TANYA M JAKUSCONEK
CRAIG STERLING
PARETOSH MISRA
DON MACLEAN
Source
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
Recommendation
overweight
buy
buy
overweight
outperform
outperform
buy
hold
sector underperform
buy
buy
buy
buy
equalweight
outperform
hold
outperform
outperform
hold
buy
sector perform
overweight
Underwt/In-Line
buy
Amt Held
57'357'709
29'781'489
25'903'233
22'078'500
20'640'874
20'421'586
19'663'848
16'877'973
16'120'045
15'598'099
14'937'516
14'411'242
14'146'557
13'959'327
13'897'771
12'697'029
12'671'799
12'416'200
12'217'459
10'443'940
% Out
5.02
2.61
2.27
1.93
1.81
1.79
1.72
1.48
1.41
1.37
1.31
1.26
1.24
1.22
1.22
1.11
1.11
1.09
1.07
0.91
Weighting
Change
5
5
5
5
5
5
5
3
1
5
5
5
5
3
5
3
5
5
3
5
3
5
1
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
D
M
Latest Chg
(2'019'268)
6'302'441
3'849'773
22'078'500
3'329'797
(1'148'398)
(977'748)
(15'894)
(8'201'037)
4'274'423
30'083
(3'227'985)
(132'094)
(3'126'980)
13'897'771
(5'850'702)
(1'130'000)
12'416'200
(1'903'663)
2'570
Target Price
12
8
8
10
11
6
8
6
8
10
9
8
6
7
9
6
7
10
#N/A N/A
10
8
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
Inst Type
15.05.2013
Investment Advisor
15.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Unclassified
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Bank
31.12.2012
Government
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
Date
6 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
16.05.2013
13.05.2013
13.05.2013
10.05.2013
10.05.2013
09.05.2013
09.05.2013
08.05.2013
08.05.2013
08.05.2013
08.05.2013
08.05.2013
08.05.2013
08.05.2013
07.05.2013
07.05.2013
07.05.2013
07.05.2013
03.05.2013
30.04.2013
23.04.2013
21.03.2013
10.10.2012
25.01.2012
16.05.2013
Royal Gold Inc

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.
Price/Volume
120
80
60
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.10.2012)
52-Week Low (15.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RGLD US EQUITY YTD Change
RGLD US EQUITY YTD % CHANGE
06/2012
03/yy
100.84
50.02
915'322.00
50.53
-49.89%
1.02%
1.00%
64.4
3'252.87
293.25
0.0
25.0
390.47
2'889.54
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40
20
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
66.3
13.56x
51.3
17.51x
24.0
56.00x
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
100
30.06.2009
30.06.2010
73.8
136.6
19.29x
18.40x
59.9
114.2
23.77x
22.00x
38.3
21.5
91.09x
61.79x
Profitability
LTM-4Q
30.06.2011
216.5
15.32x
186.3
17.80x
71.4
45.40x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2012
263.1
17.19x
233.2
19.39x
92.5
48.25x
233.22
158.22
60.15%
58.17%
3.16%
3.82%
4.04%
0.12%
71.5%
88.9%
61.2%
35.2%
29.27
28.23
12.36%
15.95%
4.82
-
Price/ Cash Flow
03/yy
262.2
55.35x
230.7
16.28x
93.6
39.16x
LTM
03/yy
292.0
66.52x
259.6
16.16x
79.0
50.62x
FY+1
1.39
0.68
61.68
2.70
-17.41%
-37.55%
0.677
10
3.800
686'554
1'110'852
975'450
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
06/13 Q4 09/13 Q1
303.2
379.1
70.7
71.0
9.59x
7.18x
41.30x
271.0
336.0
65.0
63.1
10.66x
8.60x
9.58x
8.39x
95.9
133.3
21.0
22.3
33.31x
24.02x
28.89x
24.04x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
30.27
-5.64
-1.49
1.16
16.0%
13.6%
0.12
0.15
75.69
10.43
-
90.00
300.0
80.00
250.0
70.00
200.0
60.00
50.00
150.0
40.00
100.0
30.00
20.00
50.0
10.00
0.00
03.07.2009
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Royal Gold Inc

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
WELLS FARGO
STUCKERT JAMES W
FMR LLC
AGF INVESTMENTS INC
GAMCO
UBS
NEUBERGER BERMAN LLC
AMERIPRISE FINANCIAL
DEUTSCHE BANK AG
Firm Name
MLV & Co
CIBC World Markets
BB&T Capital Markets
RBC Capital Markets
HSBC
Scotia Capital
EVA Dimensions
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
AGF INVESTMENTS INC
n/a
n/a
NEUBERGER BERMAN GRO
Analyst
SHANE NAGLE
MICHAEL D PETERSON
COSMOS CHIU
GARRETT S. NELSON
STEPHEN D WALKER
PATRICK CHIDLEY
TANYA M JAKUSCONEK
CRAIG STERLING
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
Form 4
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
Recommendation
outperform
buy
sector perform
buy
sector perform
overweight
sector perform
sell
Amt Held
7'427'251
5'518'786
3'592'556
2'384'184
2'252'514
1'622'095
1'392'949
1'361'050
1'329'864
1'209'346
1'115'000
867'401
838'175
678'787
633'761
624'300
621'096
560'996
558'674
533'948
% Out
11.54
8.57
5.58
3.7
3.5
2.52
2.16
2.11
2.07
1.88
1.73
1.35
1.3
1.05
0.98
0.97
0.96
0.87
0.87
0.83
Weighting
Change
5
5
3
5
3
5
3
1
M
M
M
M
M
M
M
M
Latest Chg
78'125
159'701
183'158
147'148
(150'000)
(895'027)
(47'750)
95'610
441'649
745'000
838'175
149'690
25'047
9'000
518'527
(413'048)
82'417
(96'771)
Target Price
80
80
88
80
71
77
71
#N/A N/A
File Dt
Inst Type
31.03.2013
Investment Advisor
15.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
24.04.2013
n/a
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Unclassified
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Unclassified
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Date
10.05.2013
03.05.2013
02.05.2013
02.05.2013
30.04.2013
28.04.2013
23.04.2013
15.01.2013
16.05.2013
Harmony Gold Mining Co Ltd

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.
Price/Volume
12
14.0 M
10
12.0 M
10.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (06.06.2012)
52-Week Low (15.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HMY US EQUITY YTD Change
HMY US EQUITY YTD % CHANGE
06/2012
03/yy
10.73
4.09
3'256'872.00
4.11
-61.70%
0.49%
0.30%
435.3
1'788.91
1'844.00
0.0
0.0
1'773.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
1.00
6.0 M
4.0 M
2.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
9'617.0
4.37x
1'393.0
30.15x
(245.0)
-
8.0 M
Valuation Analysis
30.06.2009
30.06.2010
11'496.0
11'284.0
2.83x
3.13x
2'125.0
1'737.0
15.29x
20.33x
2'927.0
(192.0)
Profitability
LTM-4Q
30.06.2011
11'596.0
3.41x
2'354.0
16.81x
617.0
-
30.06.2012
15'169.0
2.18x
4'222.0
7.84x
2'645.0
4'222.00
2'231.00
14.71%
12.72%
2.66%
3.41%
3.58%
0.37%
25.7%
19.2%
7.8%
17.4%
2.28
0.93
4.27%
5.41%
11.93
11.89
LTM
03/yy
13'997.0
11.33x
3'190.0
0.00x
2'496.0
0.00x
03/yy
16'353.0
7.37x
3'140.0
8.01x
1'176.0
0.00x
FY+1
0.87
2.42
-52.21%
-53.72%
0.874
3
5.000
2'068'648
3'403'348
2'880'964
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
06/13 Q4 09/13 Q1
16'517.1
21'952.5
1.00x
0.82x
4'735.2
8'182.3
1'772.9
3'348.3
9.80x
4.96x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
14.26
3.47
-0.18
0.80
5.4%
5.1%
0.37
0.49
30.59
30.71
47.72
31.22
16'000.0
14'000.0
12'000.0
0.80
0.60
10'000.0
8'000.0
6'000.0
0.40
0.20
4'000.0
2'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Harmony Gold Mining Co Ltd

Holdings By:
All
Holder Name
DEUTSCHE BANK TRUST
BLACKROCK
FMR LLC
CREDIT SUISSE AG
GAMCO
TWO SIGMA INVESTMENT
TEXAS TEACHER RETIRE
CREDIT AGRICOLE SA
CITIGROUP INCORPORAT
TWO SIGMA ADVISERS L
US GLOBAL INVESTORS
CAPITAL INTERNATIONA
DEUTSCHE BANK AG
HUSSMAN ECONOMETRICS
GAM HOLDING LTD
Firm Name
HSBC
EVA Dimensions
BMO Capital Markets
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
CREDIT SUISSE AG
n/a
TEACHER RETIREMENT S
CREDIT AGRICOLE SA
TWO SIGMA ADVISERS L
US GLOBAL INVESTORS
Multiple Portfolios
HUSSMAN ECONOMETRICS
GAM HOLDING LTD
Analyst
PATRICK CHIDLEY
CRAIG STERLING
DAVID HAUGHTON
Source
20F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
MF-AGG
13F
13F
13F
Recommendation
overweight
overweight
market perform
Amt Held
135'983'632
30'771'192
20'829'043
20'017'881
10'223'297
5'755'000
3'994'173
3'030'594
2'283'081
1'982'360
1'780'331
1'500'000
1'265'348
1'203'118
1'129'600
1'050'000
1'037'400
1'005'045
1'000'000
998'850
% Out
31.24
7.07
4.79
4.6
2.35
1.32
0.92
0.7
0.52
0.46
0.41
0.34
0.29
0.28
0.26
0.24
0.24
0.23
0.23
0.23
Weighting
Change
5
5
3
M
M
M
Latest Chg
781'177
(1'394'122)
(3'910'953)
199'574
1'930'000
(462'623)
(2'974'400)
1'802'132
(270)
458'902
(81'600)
490'639
726'300
(106'100)
(1'320'115)
55'000
Target Price
7
#N/A N/A
11
File Dt
Inst Type
22.10.2012
Investment Advisor
15.05.2013
Investment Advisor
14.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Unclassified
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
Date
28.04.2013
28.03.2013
24.02.2010
16.05.2013
IAMGOLD Corp
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.
Price/Volume
18
16.0 M
16
14.0 M
14
12.0 M
12
10.0 M
10
Latest Fiscal Year:

LTM as of:
52-Week High (05.10.2012)
52-Week Low (18.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
IAG US EQUITY YTD Change
IAG US EQUITY YTD % CHANGE
12/2012
03/yy
16.88
4.60
6'874'243.00
5.04
-70.14%
9.57%
3.58%
376.6
1'897.88
641.40
0.0
76.7
813.50
1'978.18
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
6.0 M
6
4
4.0 M
2.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
869.6
2.09x
342.1
5.31x
(9.9)
-
8.0 M
Valuation Analysis
31.12.2009
31.12.2010
914.3
1'097.1
6.14x
5.88x
378.6
470.3
14.82x
13.71x
114.1
262.6
Profitability
LTM-4Q
31.12.2011
1'673.2
785.0
806.6
-
31.12.2012
1'670.0
2.52x
710.1
5.94x
334.7
710.10
546.20
32.71%
34.17%
4.65%
6.17%
6.75%
0.32%
43.2%
40.8%
30.5%
20.0%
3.76
2.61
11.93%
17.20%
9.95
2.52
03/yy
1'613.3
13.37x
748.7
5.37x
772.4
0.00x
LTM
03/yy
1'571.1
10.75x
641.7
4.36x
226.4
0.00x
FY+1
0.98
370.97
4.06
-44.33%
-56.06%
0.984
24
3.500
6'846'406
7'328'017
7'065'220
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
1'479.0
1'680.6
388.8
406.0
1.43x
1.46x
5.43x
5.45x
576.0
713.0
148.0
163.5
3.43x
2.77x
3.34x
3.52x
192.3
255.5
37.1
49.7
9.73x
7.43x
8.47x
7.92x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
10.09.2012
BBSTABLE
14.20
0.19
0.00
1.01
17.2%
14.4%
0.32
0.62
36.68
144.64
80.12
94.44
1'800.0
1'600.0
1.00
0.80
1'400.0
1'200.0
1'000.0
0.60
800.0
600.0
0.40
0.20
400.0
200.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
IAMGOLD Corp
Holdings By:
All
Holder Name
BLACKROCK
AGF INVESTMENTS INC
FMR LLC
HEXAVEST INC
BMO FINANCIAL CORP
SCHRODER INVESTMENT
PAULSON & CO
MANULIFE ASSET MANAG
DEUTSCHE BANK AG
FRANKLIN RESOURCES
CARIBBEAN INVESTMENT
JP MORGAN
CLARINGTON CAPITAL M
Firm Name
Salman Partners
TD Securities
Barclays
Societe Generale
RBC Capital Markets
CIBC World Markets
GMP
Clarus Securities
BMO Capital Markets
Credit Suisse
Stifel
HSBC
Macquarie
Scotia Capital
EVA Dimensions
Morgan Stanley
Portfolio Name
n/a
n/a
AGF INVESTMENTS INC
n/a
HEXAVEST INC
BMO FINANCIAL CORP
SCHRODER INVESTMENT
PAULSON & CO
n/a
n/a
n/a
n/a
Multiple Portfolios
Analyst
JOSH WOLFSON
STEVEN BUTLER
PAOLO LOSTRITTO
DAVID WEST
MIKE KOZAK
STEVEN J GREEN
FAROOQ HAMED
BRUCE ALWAY
DAN ROLLINS
ALEC KODATSKY
GEORGE V ALBINO
PAWEL RAJSZEL
NANA SANGMUAH
DAVID HAUGHTON
ANITA SONI
MICHAEL A SCOON
PATRICK CHIDLEY
TONY LESIAK
TANYA M JAKUSCONEK
DON MACLEAN
BARRY D ALLAN
CRAIG STERLING
PARETOSH MISRA
Source
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
SEDI
ULT-AGG
MF-AGG
Recommendation
neutral
buy
outperform
buy
market perform
buy
equalweight
sell
sector perform
sector perform
buy
sell
hold
market perform
underperform
hold
overweight
outperform
sector perform
buy
hold
buy
Equalwt/In-Line
Amt Held
36'891'874
26'609'525
9'719'845
9'271'077
7'184'974
6'755'000
6'125'592
5'890'847
5'356'509
5'016'061
4'905'401
4'617'450
3'863'912
3'566'791
3'462'599
3'407'054
3'204'100
3'119'569
3'071'125
3'035'395
% Out
9.8
7.07
2.58
2.46
1.91
1.79
1.63
1.56
1.42
1.33
1.3
1.23
1.03
0.95
0.92
0.9
0.85
0.83
0.82
0.81
Weighting
Change
3
5
5
5
3
5
3
1
3
3
5
1
3
3
1
3
5
5
3
5
3
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
N
Latest Chg
(7'062'191)
(13'095'832)
1'300'000
1'611'410
(2'667'734)
290'599
(776'100)
(3'062'014)
(87'839)
(268'526)
2'828'200
158'233
(17'988)
1'447'076
275'900
536'267
(1'256'100)
6'609
2'248'674
Target Price
9
7
14
9
6
11
7
5
7
9
15
5
13
8
7
#N/A N/A
8
7
7
25
14
#N/A N/A
#N/A N/A
File Dt
Inst Type
30.04.2013
Investment Advisor
15.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Holding Company
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
06.09.2011
Bank
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
14.05.2013
13.05.2013
10.05.2013
09.05.2013
09.05.2013
09.05.2013
09.05.2013
08.05.2013
08.05.2013
08.05.2013
08.05.2013
08.05.2013
08.05.2013
07.05.2013
07.05.2013
03.05.2013
28.04.2013
25.04.2013
23.04.2013
25.03.2013
12.03.2013
24.01.2013
10.10.2012
16.05.2013
Pan American Silver Corp

Pan American Silver Corporation is a silver mining company with its principal
property in Peru. The Company also explores and develops mines in Mexico.
Price/Volume
25
7.0 M
6.0 M
20
5.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.11.2012)
52-Week Low (18.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PAAS US EQUITY YTD Change
PAAS US EQUITY YTD % CHANGE
12/2012
03/yy
22.83
11.78
2'604'023.00
11.95
-47.66%
1.44%
1.54%
151.5
1'810.25
77.98
0.0
7.3
542.32
1'371.06
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
4.0 M
10
3.0 M
2.0 M
5
0
m-12
1.0 M
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
338.6
4.05x
121.0
11.33x
24.6
-
15
31.12.2009
31.12.2010
454.8
646.6
5.14x
6.33x
179.1
277.8
13.05x
14.73x
62.0
13.7
Profitability
LTM-4Q
31.12.2011
855.3
2.15x
445.9
4.12x
352.5
-
31.12.2012
928.6
2.57x
362.0
6.60x
87.4
361.98
253.83
27.33%
19.53%
1.70%
2.12%
2.17%
0.28%
45.2%
36.6%
24.1%
9.4%
4.96
3.44
2.30%
2.87%
7.26
2.25
03/yy
893.6
11.23x
456.8
6.30x
310.2
0.00x
LTM
03/yy
942.8
9.96x
345.3
5.94x
57.6
0.00x
FY+1
1.02
149.11
4.16
-18.56%
-35.72%
1.018
15
3.533
2'254'973
2'373'496
1'994'011
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
1'004.4
1'076.8
253.0
257.5
1.40x
1.26x
5.25x
4.98x
345.6
414.0
90.7
97.4
3.97x
3.31x
3.22x
2.92x
142.4
187.6
39.8
44.1
12.90x
10.59x
10.91x
10.34x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
47.15
26.32
-1.29
0.13
2.9%
2.8%
0.28
0.43
50.25
162.08
74.80
154.58
1'000.0
900.0
1.00
800.0
700.0
0.80
0.60
0.40
600.0
500.0
400.0
300.0
200.0
0.20
100.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Pan American Silver Corp

Holdings By:
All
Holder Name
ROYCE AND ASSOCIATES
RIVER ROAD ASSET MAN
BEATY ROSS J
DEUTSCHE BANK AG
ASTON ASSET MANAGEME
GLOBAL X MANAGEMENT
DREMAN VALUE MANAGEM
ALETHEIA RESEARCH &
CARLSON CAPITAL LP
INTREPID CAPITAL MAN
FMR LLC
CANADA PENSION PLAN
MORGAN STANLEY
AXA
JP MORGAN
Firm Name
Raymond James
Salman Partners
TD Securities
BMO Capital Markets
Deutsche Bank
RBC Capital Markets
Credit Suisse
Scotia Capital
JPMorgan
CIBC World Markets
EVA Dimensions
Portfolio Name
n/a
ROYCE & ASSOCIATES L
n/a
Multiple Portfolios
GLOBAL X MANAGEMENT
ALETHEIA RESEARCH &
CARLSON CAPITAL LP
INTREPID CAPITAL MAN
n/a
CANADA PENSION PLAN
n/a
n/a
n/a
Analyst
BRAD HUMPHREY
DAVID WEST
DANIEL EARLE
ANDREW KAIP
JORGE M BERISTAIN
DAN ROLLINS
RALPH M PROFITI
RAHUL PAUL
ADAM P GRAF
TREVOR TURNBULL
JOHN BRIDGES
ARNOLD VAN GRAAN
CRAIG STERLING
MICHAEL S DUDAS
Source
ULT-AGG
13F
13F
13F
13F
SEDI
13F
13F
MF-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
Recommendation
outperform
buy
hold
market perform
hold
sector perform
outperform
buy
buy
sector outperform
underweight
sector perform
hold
neutral
Amt Held
10'733'900
10'001'527
3'721'492
3'576'503
3'257'722
2'118'680
1'969'181
1'939'341
1'795'904
1'511'945
1'467'674
1'390'676
1'212'045
1'200'000
1'198'545
1'134'677
1'109'882
1'105'942
1'095'911
1'087'824
% Out
7.09
6.6
2.46
2.36
2.15
1.4
1.3
1.28
1.19
1
0.97
0.92
0.8
0.79
0.79
0.75
0.73
0.73
0.72
0.72
Weighting
Change
5
5
3
3
3
3
5
5
5
5
1
3
3
3
M
M
M
M
M
M
M
M
M
M
M
M
U
M
Latest Chg
235'556
(1'140'970)
1'725'646
(374'997)
(10'899)
300'000
151'207
(110'000)
82'638
(21'408)
20'900
(14'164)
412'637
1'200'000
(19'831)
(151'875)
393'712
(925'154)
Target Price
21
19
16
20
16
14
20
20
19
16
18
19
#N/A N/A
#N/A N/A
File Dt
15.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2012
31.03.2013
31.03.2013
28.03.2013
31.03.2013
31.03.2013
31.03.2013
30.09.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
Date
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Pension Fund (ERISA)
Investment Advisor
Investment Advisor
Investment Advisor
Date
15.05.2013
15.05.2013
15.05.2013
14.05.2013
14.05.2013
14.05.2013
14.05.2013
14.05.2013
14.05.2013
23.04.2013
19.04.2013
11.04.2013
21.03.2013
25.02.2013
16.05.2013
First Majestic Silver Corp

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.
Price/Volume
25
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
20
15
Valuation Analysis
10
Latest Fiscal Year:

LTM as of:
52-Week High (09.11.2012)
52-Week Low (15.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AG US EQUITY YTD Change
AG US EQUITY YTD % CHANGE
12/2012
03/yy
24.20
10.13
1'994'179.00
10.24
-57.69%
1.04%
0.75%
117.0
1'197.95
29.64
0.0
0.0
111.59
1'122.67
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
0
m-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
31.12.2009
31.12.2010
52.4
117.9
6.36x
11.66x
11.7
53.4
28.43x
25.73x
5.6
35.1
Profitability
LTM-4Q
31.12.2011
245.5
6.93x
156.2
10.89x
103.6
-
31.12.2012
247.2
9.19x
135.1
16.82x
88.9
135.11
109.13
44.15%
44.90%
13.40%
17.73%
17.25%
0.39%
57.5%
51.6%
40.3%
36.0%
3.02
2.29
3.65%
4.99%
14.68
5.46
03/yy
248.1
27.16x
157.7
10.69x
106.1
0.00x
LTM
03/yy
256.4
32.01x
132.3
13.74x
89.1
0.00x
FY+1
1.19
111.92
1.06
-17.42%
-49.28%
1.195
7
4.143
1'069'037
1'247'196
1'104'784
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
373.0
542.5
208.7
300.7
5.38x
3.73x
146.4
217.5
12.19x
7.94x
8.57x
7.44x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
58.92
-17.45
-0.57
0.26
5.0%
4.8%
0.39
0.54
24.87
66.83
78.63
23.35
1.20
300.0
1.00
250.0
0.80
200.0
0.60
j-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
41.8
3.30x
2.3
59.08x
(4.9)
-
150.0
100.0
0.40
50.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
First Majestic Silver Corp

Holdings By:
All
Holder Name
SPROTT INC
NEUMEYER KEITH
CONNOR CLARK & LUNN
BARING INTERNATIONAL
CANADA PENSION PLAN
TD ASSET MANAGEMENT
POLAR SECURITIES INC
GLOBAL X MANAGEMENT
CLAYMORE INVESTMENTS
LB SWISS INVESTMENT
INVESCO LTD
VANGUARD GROUP INC
Firm Name
BMO Capital Markets
Raymond James
Casimir Capital
TD Securities
EVA Dimensions
Portfolio Name
n/a
SPROTT INC
n/a
CONNOR CLARK & LUNN
n/a
CANADA PENSION PLAN
TD ASSET MANAGEMENT
POLAR SECURITIES INC
Multiple Portfolios
GLOBAL X MANAGEMENT
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
ANDREW KAIP
CHRIS THOMPSON
ADAM P GRAF
STUART MCDOUGALL
DANIEL EARLE
GRAEME JENNINGS
CRAIG STERLING
Source
ULT-AGG
13F
13F
SEDI
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
MF-AGG
13F
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
market perform
outperform
buy
buy
buy
buy
underweight
Amt Held
8'250'379
4'404'872
3'871'362
3'126'000
2'550'000
2'462'160
2'154'471
1'558'416
1'332'088
1'203'343
1'127'680
1'095'918
1'034'662
991'400
836'400
777'102
689'593
675'000
659'782
659'529
% Out
7.05
3.77
3.31
2.67
2.18
2.1
1.84
1.33
1.14
1.03
0.96
0.94
0.88
0.85
0.71
0.66
0.59
0.58
0.56
0.56
Weighting
Change
3
5
5
5
5
5
1
M
M
M
M
M
M
M
Latest Chg
251'339
(376'800)
(159'106)
150'000
2'550'000
(181'475)
(122'348)
159'265
1'295'488
19'400
31'000
9'418
(207'700)
777'102
(125'000)
(231'913)
71'372
Target Price
18
21
15
22
18
21
#N/A N/A
File Dt
Inst Type
15.05.2013
Investment Advisor
31.03.2013
Investment Advisor
19.11.2012
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Bank
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
15.05.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Date
15.05.2013
15.05.2013
15.05.2013
02.05.2013
23.04.2013
22.04.2013
15.01.2013
16.05.2013
Coeur d'Alene Mines Corp

Coeur Mining, Inc., through its subsidiaries, explores, develops,
operates, and/or owns silver and gold mining properties and companies. The
Company's properties are located primarily in the United States, Australia, and
South America.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.11.2012)
52-Week Low (18.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CDE US EQUITY YTD Change
CDE US EQUITY YTD % CHANGE
12/2012
03/yy
31.97
13.31
1'921'726.00
13.56
-57.59%
1.88%
1.34%
101.5
1'376.02
124.55
0.0
0.0
153.50
1'395.18
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
14.0 M
30
12.0 M
25
10.0 M
20
8.0 M
15
6.0 M
10
4.0 M
2.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
170.9
5.09x
0.3
2750.95x
(0.6)
-
35
31.12.2009
31.12.2010
300.4
515.5
5.42x
4.98x
78.2
218.7
20.82x
11.74x
(27.1)
(91.3)
Profitability
LTM-4Q
31.12.2011
1'021.2
2.05x
531.3
3.95x
93.5
22.35x
31.12.2012
895.5
2.45x
378.2
5.80x
48.7
41.69x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
378.23
159.37
17.80%
13.10%
1.71%
2.63%
2.91%
0.26%
24.6%
39.7%
14.6%
5.4%
1.70
0.79
3.87%
5.67%
11.28
3.99
Price/ Cash Flow
03/yy
1'026.1
8.11x
539.5
3.90x
85.0
24.22x
LTM
03/yy
862.7
9.12x
342.9
4.99x
57.0
27.74x
FY+1
0.00
1.29
100.89
3.54
-18.07%
-44.88%
1.292
8
4.125
1'819'855
1'909'807
1'744'966
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
901.0
1'065.8
233.0
243.7
1.42x
1.04x
5.86x
5.47x
385.3
516.3
89.1
99.5
3.62x
2.70x
2.97x
2.61x
67.2
158.4
15.4
16.1
22.87x
10.24x
15.82x
12.54x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
25.06.2012
B+
STABLE
13.10
8.08
0.06
1.09
5.7%
5.4%
0.26
0.33
32.36
91.49
30.34
77.12
50.00
1'200.0
45.00
1'000.0
40.00
35.00
800.0
30.00
600.0
25.00
20.00
400.0
15.00
10.00
200.0
5.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Coeur d'Alene Mines Corp

Holdings By:
All
Holder Name
BLACKROCK
GUGGENHEIM
VANGUARD GROUP INC
STATE STREET
DEUTSCHE BANK AG
SUN VALLEY GOLD LLC
JP MORGAN
SPROTT INC
PANAGORA ASSET MANAG
CREDIT SUISSE AG
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
SUN VALLEY GOLD LLC
n/a
SPROTT INC
PANAGORA ASSET MANAG
CREDIT SUISSE AG
Firm Name
Analyst
JPMorgan
BMO Capital Markets
EVA Dimensions
Deutsche Bank
Sidoti & Company LLC
JOHN BRIDGES
ANDREW KAIP
JEFF WRIGHT
MICHAEL S DUDAS
GRAEME JENNINGS
CRAIG STERLING
JORGE M BERISTAIN
ADAM BROOKS
Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
Recommendation
neutral
market perform
accumulate
buy
market perform
overweight
buy
buy
Amt Held
7'408'808
6'405'227
5'212'830
4'876'942
4'849'068
4'641'704
3'163'120
2'963'100
2'810'872
1'892'202
1'588'191
1'278'258
1'251'341
1'194'069
942'523
838'500
791'096
699'487
670'115
660'625
% Out
7.3
6.31
5.14
4.81
4.78
4.57
3.12
2.92
2.77
1.86
1.57
1.26
1.23
1.18
0.93
0.83
0.78
0.69
0.66
0.65
Weighting
Change
3
3
4
5
3
5
5
5
M
M
M
M
M
D
M
M
Latest Chg
239'786
2'953'122
(420'427)
372'118
3'039'676
(18'288)
560'000
(256'964)
34'861
(207'650)
(14'548)
197'959
(89'282)
(341'000)
516'832
668'603
145'492
436'039
Target Price
19
17
21
28
21
#N/A N/A
21
24
File Dt
31.03.2013
15.05.2013
30.04.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
Date
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Date
16.05.2013
13.05.2013
13.05.2013
10.05.2013
10.05.2013
10.05.2013
09.05.2013
09.05.2013
16.05.2013
AuRico Gold Inc

AuRico Gold Inc. is a Canadian gold producer with mines and projects in North
America that have solid production growth and exploration potential. The Company
is focused on its core operations including the Young-Davidson gold mine in
northern Ontario and the El Chanate mine in Sonora State, Mexico. AuRico's
project pipeline also includes development opportunities in Canada and Mexico.
Price/Volume
9
25.0 M
8
20.0 M
7
6
15.0 M
5
4
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.06.2012)
52-Week Low (18.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AUQ US EQUITY YTD Change
AUQ US EQUITY YTD % CHANGE
12/2012
03/yy
8.79
4.52
2'104'375.00
4.66
-46.99%
3.10%
3.28%
246.8
1'149.97
188.57
0.0
0.0
603.40
1'052.52
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
5.0 M
1
0
m-12
31.12.2009
31.12.2010
206.8
238.3
6.86x
4.42x
70.5
106.6
20.14x
9.87x
8.2
(134.7)
Profitability
LTM-4Q
31.12.2011
83.9
27.78x
2.3
1003.29x
176.9
-
31.12.2012
163.6
11.67x
52.3
36.48x
33.2
52.33
33.61
20.54%
-60.53%
1.72%
2.35%
43.2%
20.3%
7.76
6.33
6.51%
8.21%
-
03/yy
175.3
47.64x
83.7
0.00x
166.3
0.00x
j-12
a-12
s-12
o-12
LTM
03/yy
185.8
42.87x
53.2
27.39x
50.2
0.00x
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
0.87
245.93
13.48
-31.01%
-42.65%
0.866
14
3.357
1'879'781
3'071'386
3'246'067
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
292.9
397.5
58.4
72.8
3.73x
2.75x
11.68x
13.73x
134.1
199.4
21.0
39.1
7.85x
5.28x
6.45x
5.56x
55.6
78.8
6.6
16.2
18.27x
11.92x
15.23x
12.53x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
23.39
-142.03
-1.83
3.23
8.2%
7.6%
-
1.20
300.0
1.00
250.0
0.80
200.0
0.60
.0 M
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
212.5
3.30x
53.3
13.17x
38.7
-
10.0 M
150.0
100.0
0.40
50.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
AuRico Gold Inc

Holdings By:
All
Holder Name
HARTFORD INVESTMENT
HEARTLAND ADVISORS I
OPUS CAPITAL GROUP L
HEXAVEST INC
ASTON ASSET MANAGEME
SUN VALLEY GOLD LLC
GEOLOGIC RESOURCE PA
SENTRY SELECT CAPITA
MAK CAPITAL ONE LLC
RUFFER LLP
Firm Name
Desjardins Securities
TD Securities
BMO Capital Markets
CIBC World Markets
RBC Capital Markets
Credit Suisse
GMP
Macquarie
Raymond James
EVA Dimensions
Scotia Capital
Portfolio Name
n/a
Multiple Portfolios
OPUS CAPITAL GROUP L
HEXAVEST INC
n/a
Multiple Portfolios
SUN VALLEY GOLD LLC
MAK CAPITAL ONE LLC
Multiple Portfolios
Analyst
ADAM MELNYK
RAHUL PAUL
STEVEN J GREEN
BRIAN QUAST
COSMOS CHIU
DAN ROLLINS
ANITA SONI
JOE FAZZINI
CHELSEA HAMILTON
PAOLO LOSTRITTO
ADAM P GRAF
TONY LESIAK
GARY J BASCHUK
CRAIG STERLING
TREVOR TURNBULL
Source
13F
ULT-AGG
MF-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
MF-AGG
13F
13F
13F
13F
13F
13F
MF-AGG
Recommendation
buy
buy
reduce
market perform
sector perform
sector perform
neutral
neutral
buy
sector perform
hold
outperform
Under Review
underweight
sector perform
Amt Held
34'465'703
22'916'069
12'572'597
11'173'993
8'574'011
7'954'202
7'469'100
6'556'114
4'478'647
3'895'355
3'862'659
3'677'730
3'654'124
3'493'185
3'444'100
3'207'165
3'186'064
2'867'697
2'606'897
2'480'000
% Out
13.97
9.29
5.09
4.53
3.47
3.22
3.03
2.66
1.81
1.58
1.57
1.49
1.48
1.42
1.4
1.3
1.29
1.16
1.06
1
Weighting
Change
5
5
2
3
3
3
3
3
5
3
3
5
#N/A N/A
1
3
U
M
M
M
M
M
M
M
M
M
M
M
M
U
M
Latest Chg
14'538'023
(2'190'375)
1'193'174
2'838'940
(3'159'581)
(359'998)
6'556'114
1'610'951
(1'586'686)
371'532
(11'562'015)
488'507
(8'592'660)
(730'412)
(1'925'861)
2'606'897
(145'000)
Target Price
7
9
5
7
8
6
8
6
12
6
#N/A N/A
6
#N/A N/A
#N/A N/A
7
File Dt
31.03.2013
15.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
28.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
27.12.2012
Date
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Holding Company
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Date
13.05.2013
13.05.2013
13.05.2013
12.05.2013
12.05.2013
10.05.2013
10.05.2013
10.05.2013
10.05.2013
10.05.2013
10.05.2013
25.04.2013
18.04.2013
15.04.2013
04.04.2013
16.05.2013
Allied Nevada Gold Corp

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.
Price/Volume
45
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
40
35
30
25
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (17.10.2012)
52-Week Low (15.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ANV US EQUITY YTD Change
ANV US EQUITY YTD % CHANGE
12/2012
03/yy
41.02
7.78
3'841'882.00
7.82
-80.94%
0.51%
0.12%
89.9
702.93
525.19
0.0
0.0
347.05
881.08
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
5
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
0.0
(38.7)
(79.6)
-
15
31.12.2009
31.12.2010
43.2
130.9
23.79x
15.41x
(0.8)
30.5
66.12x
8.5
34.1
107.71x
64.17x
Profitability
LTM-4Q
31.12.2011
152.0
16.34x
48.8
50.94x
36.7
77.64x
31.12.2012
214.6
13.43x
95.5
30.19x
47.7
57.94x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
95.46
80.87
37.69%
29.90%
5.04%
8.05%
6.96%
0.23%
49.0%
44.5%
37.7%
22.2%
5.58
4.00
42.43%
84.71%
7.10
2.60
Price/ Cash Flow
03/yy
159.3
69.10x
64.8
42.00x
48.6
62.56x
LTM
03/yy
224.5
39.30x
77.6
0.00x
44.5
33.59x
FY+1
0.00
1.01
82.61
6.58
-67.17%
-74.05%
1.005
10
3.500
2'274'512
3'131'877
2'249'297
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
368.2
559.7
72.6
89.1
2.80x
2.25x
7.37x
4.92x
159.0
294.2
24.9
31.9
5.54x
3.00x
6.84x
6.01x
82.1
131.5
10.1
14.4
9.35x
5.19x
7.46x
5.89x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
07.06.2012
B
STABLE
3.69
-6.45
1.87
5.50
84.7%
45.9%
0.23
0.62
51.58
140.60
115.64
76.54
800.00
250.0
700.00
200.0
600.00
500.00
150.0
400.00
100.0
300.00
200.00
50.0
100.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Allied Nevada Gold Corp

Holdings By:
All
Holder Name
VANGUARD GROUP INC
PESCIO CARL A
GUGGENHEIM
GCIC LTD/CANADA
BLACKROCK
STATE STREET
BUCHAN ROBERT M
FMR LLC
TACONIC CAPITAL ADVI
SCOTIA ASSET MANAGEM
PAULSON & CO
COLUMBIA WANGER ASSE
JANUS CAPITAL MANAGE
Firm Name
EVA Dimensions
CIBC World Markets
BMO Capital Markets
Macquarie
RBC Capital Markets
Scotia Capital
GMP
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
n/a
n/a
TACONIC CAPITAL ADVI
Multiple Portfolios
PAULSON & CO
n/a
Analyst
CRAIG STERLING
STEVEN BUTLER
ADAM P GRAF
CHITIMUKULU MUSONDA
BRIAN QUAST
MICHAEL GRAY
SAM CRITTENDEN
TREVOR TURNBULL
MIKE KOZAK
ANDREW MIKITCHOOK
Source
13G
ULT-AGG
13F
13F
Form 4
13F
ULT-AGG
13G
ULT-AGG
13F
ULT-AGG
PROXY
13F
ULT-AGG
13F
13F
MF-AGG
13F
13F
ULT-AGG
Recommendation
overweight
buy
buy
sector perform
underperform
underperform
sector perform
sector perform
speculative buy
buy
Amt Held
12'563'335
7'266'752
4'618'576
4'534'307
4'403'800
4'264'100
4'094'906
3'931'475
3'054'914
2'596'885
2'464'979
2'211'500
2'189'300
2'048'400
2'000'000
1'768'623
1'620'900
1'502'184
1'322'000
981'800
% Out
13.98
8.08
5.14
5.04
4.9
4.74
4.56
4.37
3.4
2.89
2.74
2.46
2.44
2.28
2.22
1.97
1.8
1.67
1.47
1.09
Weighting
Change
5
5
5
3
1
1
3
3
4
5
U
M
M
M
M
M
M
U
M
M
Latest Chg
7'712'243
128'651
(88'198)
(1'437'400)
(296'200)
9'400
2'895'167
(1'009'900)
(174'019)
188'152
106'871
(23'300)
331'500
(1'176'615)
2'000'000
(400'400)
(7'037)
(122'000)
837'700
Target Price
#N/A N/A
17
34
15
11
9
15
12
24
43
File Dt
Inst Type
30.04.2013
Investment Advisor
15.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
21.09.2012
n/a
31.03.2013
Investment Advisor
30.04.2013
Unclassified
18.04.2013
Investment Advisor
14.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
08.03.2013
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Date
15.05.2013
13.05.2013
13.05.2013
02.05.2013
01.05.2013
01.05.2013
30.04.2013
23.04.2013
22.04.2013
09.04.2013
16.05.2013
Hecla Mining Co
Hecla Mining Company explores, develops, and mines precious metals, gold and
silver. The Company has operations in the United States and Mexico.
Price/Volume
8
18.0 M
16.0 M
14.0 M
12.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2012)
52-Week Low (18.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HL US EQUITY YTD Change
HL US EQUITY YTD % CHANGE
12/2012
03/yy
6.92
2.95
6'774'904.00
3.1
-55.22%
5.08%
3.78%
285.2
884.01
17.50
0.0
0.0
190.98
745.97
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
6.0 M
4.0 M
2.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
204.7
3.08x
15.3
41.21x
(66.6)
-
10.0 M
31.12.2009
31.12.2010
312.5
418.8
4.39x
6.28x
132.3
211.3
10.38x
12.44x
67.8
49.0
34.33x
62.56x
Profitability
LTM-4Q
31.12.2011
477.6
2.59x
254.7
4.85x
151.2
12.16x
31.12.2012
321.1
4.64x
92.9
16.03x
15.0
83.29x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
92.91
42.79
13.33%
7.42%
0.97%
1.13%
1.31%
0.22%
44.7%
24.0%
6.5%
4.7%
2.98
2.20
1.27%
1.54%
34.48
6.40
Price/ Cash Flow
03/yy
432.4
11.93x
210.2
5.01x
120.4
14.00x
LTM
03/yy
306.4
17.19x
73.6
13.43x
13.5
32.92x
FY+1
2.02
1.36
283.22
26.09
-16.09%
-46.67%
1.356
8
3.500
5'170'497
6'445'187
6'366'699
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
483.6
641.6
111.4
151.5
2.41x
1.68x
6.93x
7.46x
205.4
340.9
49.7
83.3
3.63x
2.19x
2.31x
2.04x
60.1
125.8
9.2
16.6
16.76x
8.24x
11.88x
9.04x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
04.04.2013
B
STABLE
38.28
-8.32
-1.98
0.31
1.5%
1.5%
0.22
0.31
10.59
57.05
63.06
-4.24
35.00
600.0
30.00
500.0
25.00
400.0
20.00
300.0
15.00
200.0
10.00
100.0
5.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Hecla Mining Co
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
CS MCKEE LP
KESTREL INVESTMENT M
CREDIT SUISSE AG
LRI-FUND MANAGEMENT
GLOBAL X MANAGEMENT
MORGAN STANLEY
AXA
BNP PARIBAS INV PART
QUANTEX AG
NEW JERSEY DIVISION
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
C S MCKEE LP
KESTREL INVESTMENT M
CREDIT SUISSE AG
Multiple Portfolios
GLOBAL X MANAGEMENT
n/a
n/a
n/a
Multiple Portfolios
STATE OF NJ COMMON P
Firm Name
Analyst
BMO Capital Markets

Deutsche Bank
JPMorgan
EVA Dimensions
Scotia Capital
ANDREW KAIP
MICHAEL S DUDAS
STEVEN BUTLER
JEFF WRIGHT
JORGE M BERISTAIN
JOHN BRIDGES
CRAIG STERLING
TREVOR TURNBULL
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
MF-AGG
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
13F
13F
13F
Recommendation
market perform
neutral
buy
buy
hold
neutral
hold
restricted
Amt Held
20'163'923
15'874'824
15'111'549
10'875'818
5'583'337
4'997'041
4'173'590
4'127'550
3'911'135
3'247'355
2'800'000
2'728'961
2'623'100
2'493'254
2'418'493
2'250'000
2'035'400
1'900'000
1'771'132
1'698'286
% Out
7.07
5.57
5.3
3.81
1.96
1.75
1.46
1.45
1.37
1.14
0.98
0.96
0.92
0.87
0.85
0.79
0.71
0.67
0.62
0.6
Weighting
Change
3
3
5
5
3
3
3
#N/A N/A
M
M
M
M
M
M
U
M
Latest Chg
491'092
(139'843)
(1'098'945)
913'185
(97'116)
1'290'990
130'300
945'081
(497'214)
(42'581)
(2'027'715)
8'934
(150'000)
(330'000)
(155'431)
1'054'728
Target Price
4
#N/A N/A
5
6
4
6
#N/A N/A
#N/A N/A
File Dt
Inst Type
15.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
29.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
Not Provided
12 month
12 month
12 month
6 month
Not Provided
Not Provided
Date
13.05.2013
13.05.2013
13.05.2013
13.05.2013
09.05.2013
19.04.2013
17.04.2013
05.03.2013
16.05.2013
Nevsun Resources Ltd

Nevsun Resources Ltd. is a gold producer and base metal developer. The Company
has a gold-copper-zinc mine in Eritrea.
Price/Volume
6
25.0 M
20.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (07.11.2012)
52-Week Low (16.05.2012)
Daily Volume
Shares Out #N/A N/A
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NSU US EQUITY YTD Change
NSU US EQUITY YTD % CHANGE
12/2012
03/yy
4.98
2.68
930'950.00
3.49
-29.92%
30.22%
35.22%
0.00
0.0
143.5
396.40
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
10.0 M
5.0 M
1
0
m-12
31.12.2009
31.12.2010
0.0
0.0
(4.9)
(12.2)
(4.3)
(13.3)
Profitability
LTM-4Q
31.12.2011
547.8
1.60x
429.2
2.04x
147.1
-
31.12.2012
566.0
1.05x
426.5
1.40x
145.3
426.46
397.41
70.21%
70.80%
14.32%
19.57%
27.26%
0.61%
89.9%
71.2%
66.0%
25.7%
6.56
5.92
0.00%
0.00%
10.64
1.08
03/yy
646.6
5.21x
509.2
1.15x
176.5
0.00x
j-12
a-12
s-12
o-12
LTM
03/yy
487.8
4.68x
347.4
1.68x
114.6
0.00x
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
1.04
1.08
33.27%
-18.46%
1.040
12
4.000
613'246
761'792
1'116'330
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
319.8
671.5
61.4
34.7
197.5
449.3
21.4
14.1
55.4
165.4
4.3
2.8
10.54x
3.73x
7.26x
5.17x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
683.43
544.86
-0.96
0.00
0.0%
0.0%
0.61
1.50
34.31
339.31
94.57
235.97
1.20
600.0
1.00
500.0
0.80
400.0
0.60
.0 M
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
0.0
(6.1)
(5.7)
-
15.0 M
Valuation Analysis
300.0
200.0
0.40
100.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Nevsun Resources Ltd

Holdings By:
All
Holder Name
VANGUARD GROUP INC
M&G INVESTMENT MANAG
BLACKROCK
FRANKLIN RESOURCES
ACADIAN ASSET MANAGE
SCHRODER INVESTMENT
CONNOR CLARK & LUNN
CANADA PENSION PLAN
DAVIS CLIFFORD T
CLARKE JOHN A
NORGES BANK
TD ASSET MANAGEMENT
MCKINLEY CAPITAL MAN
BATTERYMARCH FINANCI
MORGAN STANLEY
Firm Name
RBC Capital Markets
Raymond James
CIBC World Markets
GMP
TD Securities
PI Financial Corp.
EVA Dimensions
Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
SCHRODER INVESTMENT
CONNOR CLARK & LUNN
CANADA PENSION PLAN
n/a
n/a
NORGES BANK
TD ASSET MANAGEMENT
MCKINLEY CAPITAL MAN
n/a
Analyst
PATRICK MORTON
ADAM LOW
COSMOS CHIU
DAVID DAVIDSON
RAHUL PAUL
CLIFF HALE-SANDERS
STEFAN IOANNOU
ANDREW MIKITCHOOK
STEVEN J GREEN
ALEEM LADAK
CRAIG STERLING
Source
MF-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
SEDI
13F
SEDI
13F
13F
13F
13F
13F
ULT-AGG
Recommendation
sector perform
outperform
sector perform
buy
hold
buy
buy
hold
hold
buy
buy
Amt Held
39'604'711
38'500'000
29'730'099
19'717'500
14'062'861
5'077'040
4'239'444
3'054'900
2'652'816
1'922'020
1'635'201
1'553'219
1'433'700
1'367'000
1'233'881
1'119'275
1'094'380
1'091'342
1'031'500
1'028'199
% Out
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Weighting
Change
3
5
3
5
3
5
5
3
3
5
5
M
M
U
M
M
M
M
M
M
M
M
Latest Chg
60'000
364'628
613'900
124'000
51'600
(409'688)
43'700
(248'400)
(50'100)
390'400
(146'716)
(276'702)
1'094'380
11'479
24'900
763'003
Target Price
5
4
4
8
4
5
5
4
4
6
#N/A N/A
File Dt
Inst Type
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
14.05.2013
Investment Advisor
30.04.2013
Investment Advisor
15.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
19.11.2012
n/a
31.12.2012
n/a
31.12.2012
Government
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Date
15.05.2013
13.05.2013
13.05.2013
13.05.2013
13.05.2013
13.05.2013
13.05.2013
13.05.2013
13.05.2013
13.05.2013
17.01.2013
16.05.2013
Aurizon Mines Ltd

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.
Price/Volume
6
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
5
4
3
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.09.2012)
52-Week Low (24.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AZK US EQUITY YTD Change
AZK US EQUITY YTD % CHANGE
12/2012
03/yy
5.37
3.19
207'992.00
3.81
-29.05%
19.44%
28.44%
164.7
627.38
0.00
0.0
0.0
204.71
449.51
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1
0
m-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
31.12.2009
31.12.2010
175.6
178.7
3.65x
5.82x
87.5
69.8
7.32x
14.90x
36.7
17.2
Profitability
LTM-4Q
31.12.2011
260.0
2.31x
124.9
4.81x
43.9
-
31.12.2012
223.6
1.61x
92.2
3.90x
31.8
92.23
54.50
24.38%
25.08%
4.76%
5.91%
6.03%
0.49%
41.0%
37.1%
18.6%
14.2%
7.30
6.49
0.00%
0.00%
18.89
7.42
03/yy
269.5
9.71x
134.3
4.46x
49.7
0.00x
LTM
03/yy
210.1
10.01x
77.9
6.98x
20.6
0.00x
FY+1
0.96
136.32
2.40
-3.54%
9.48%
0.958
5
3.000
412'945
888'891
917'810
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
209.3
266.3
46.6
49.5
94.0
139.0
4.79x
3.23x
27.9
51.1
3.4
4.6
29.85x
14.92x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
107.74
19.32
-2.43
0.00
0.0%
0.0%
0.49
1.07
19.33
49.19
82.16
14.19
1.20
300.0
1.00
250.0
0.80
200.0
0.60
j-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
144.5
4.07x
53.5
10.98x
4.9
-
150.0
100.0
0.40
50.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Aurizon Mines Ltd

Holdings By:
All
Holder Name
ALAMOS GOLD INC
SUN VALLEY GOLD LLC
ALPINE ASSOCIATES AD
HARVARD MANAGEMENT C
LONGFELLOW INVESTMEN
TOUCHSTONE ADVISORS
LB SWISS INVESTMENT
BLACKROCK
CANADA PENSION PLAN
MORGAN STANLEY
JP MORGAN
UBS
HALL DAVID P
TD ASSET MANAGEMENT
NORGES BANK
Firm Name
BMO Capital Markets
EVA Dimensions
Raymond James
CIBC World Markets
Loewen, Ondaatje, McCutcheon Ltd
Scotia Capital
Portfolio Name
n/a
n/a
SUN VALLEY GOLD LLC
Multiple Portfolios
Multiple Portfolios
n/a
CANADA PENSION PLAN
n/a
n/a
n/a
n/a
TD ASSET MANAGEMENT
NORGES BANK
Analyst
BRIAN QUAST
JEFF WRIGHT
ADAM MELNYK
PAOLO LOSTRITTO
CRAIG STERLING
RYAN HANLEY
HEIKO IHLE
FORBES GEMMELL
COSMOS CHIU
MICHAEL G FOWLER
OVAIS HABIB
Source
13D
ULT-AGG
13F
13F
13F
13F
13F
13F
MF-AGG
13F
MF-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
SEDI
13F
13F
Recommendation
underperform
neutral
tender
tender
underweight
tender
buy
Under Review
restricted
buy
restricted
Amt Held
26'507'283
22'947'156
5'855'560
4'647'300
4'273'700
3'842'000
1'707'800
1'674'818
1'655'218
1'584'910
1'400'000
1'379'219
1'304'320
1'289'081
1'264'143
1'121'404
1'093'674
990'342
962'464
955'334
% Out
16.1
13.94
3.56
2.82
2.6
2.33
1.04
1.02
1.01
0.96
0.85
0.84
0.79
0.78
0.77
0.68
0.66
0.6
0.58
0.58
Weighting
Change
1
3
#N/A N/A
#N/A N/A
1
#N/A N/A
5
#N/A N/A
#N/A N/A
5
#N/A N/A
M
M
M
M
D
M
M
M
M
M
M
Latest Chg
(4'072'245)
104'300
(159'200)
4'273'700
3'842'000
1'707'800
1'674'818
1'655'218
45'000
(1'626'815)
1'097'036
1'264'143
(1'183'046)
1'062'194
5'000
12'062
(248'713)
Target Price
4
5
5
5
#N/A N/A
5
5
#N/A N/A
#N/A N/A
6
#N/A N/A
File Dt
19.03.2013
15.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
28.03.2013
31.03.2013
31.12.2012
14.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
04.04.2012
31.03.2013
31.12.2012
Date
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Other
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Endowment
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Unclassified
n/a
Investment Advisor
Government
Date
15.05.2013
13.05.2013
10.05.2013
10.05.2013
15.03.2013
05.03.2013
04.03.2013
05.02.2013
25.01.2013
23.01.2013
21.01.2013
16.05.2013
Silver Standard Resources Inc

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.
Price/Volume
18
4.0 M
16
3.5 M
14
3.0 M
12
2.5 M
10
Latest Fiscal Year:

LTM as of:
52-Week High (21.09.2012)
52-Week Low (15.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SSRI US EQUITY YTD Change
SSRI US EQUITY YTD % CHANGE
12/2012
03/yy
16.92
6.43
1'879'463.00
6.49
-61.64%
0.93%
0.57%
80.8
524.10
135.81
0.0
0.0
366.95
292.95
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.0 M
.5 M
0
m-12
31.12.2009
31.12.2010
5.4
112.3
307.12x
18.82x
(17.7)
5.3
400.55x
(13.2)
338.5
Profitability
.0 M
j-12
LTM-4Q
31.12.2011
147.8
6.19x
39.4
23.24x
80.1
-
31.12.2012
241.1
4.03x
54.6
17.81x
54.8
54.59
9.75
4.04%
14.55%
4.23%
5.37%
0.19%
19.1%
22.6%
4.0%
22.7%
2.76
2.10
10.31%
12.84%
4.69
1.98
03/yy
126.2
40.61x
20.8
50.46x
69.1
0.00x
j-12
a-12
s-12
o-12
LTM
03/yy
251.8
10.87x
46.9
0.00x
51.3
0.00x
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
1.09
80.57
3.54
-36.18%
-56.41%
1.089
11
3.545
1'167'253
1'457'722
1'234'993
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
215.9
243.4
56.1
59.4
1.75x
2.23x
6.05x
6.85x
58.2
79.7
11.9
15.4
5.04x
3.68x
4.06x
3.53x
(10.4)
(5.2)
(1.9)
(1.1)
540.83x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
2.23
-0.30
-4.23
2.49
12.8%
11.4%
0.19
0.44
78.06
184.84
114.73
148.18
1.20
300.0
1.00
250.0
0.80
200.0
0.60
1.5 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
0.0
(17.9)
(5.6)
-
2.0 M
Valuation Analysis
150.0
100.0
0.40
50.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Silver Standard Resources Inc

Holdings By:
All
Holder Name
WELLS FARGO
AXA
NEWGATE CAPITAL MANA
CARLSON CAPITAL LP
GLOBAL X MANAGEMENT
CANADA PENSION PLAN
UBS
LB SWISS INVESTMENT
ATLANTIC INVESTMENT
LRI-FUND MANAGEMENT
NEUFLIZE OBC ASSET M
NORGES BANK
TD ASSET MANAGEMENT
VANGUARD GROUP INC
Firm Name
BMO Capital Markets
Salman Partners
Deutsche Bank
RBC Capital Markets
Credit Suisse
GMP
Scotia Capital
EVA Dimensions
CIBC World Markets
Portfolio Name
n/a
n/a
n/a
NEWGATE CAPITAL MANA
CARLSON CAPITAL LP
GLOBAL X MANAGEMENT
n/a
CANADA PENSION PLAN
n/a
Multiple Portfolios
ATLANTIC INVESTMENT
Multiple Portfolios
Multiple Portfolios
NORGES BANK
TD ASSET MANAGEMENT
Multiple Portfolios
Analyst
ANDREW KAIP
ADAM P GRAF
JEFF WRIGHT
ASH GUGLANI
JORGE M BERISTAIN
DAN ROLLINS
RALPH M PROFITI
CHELSEA HAMILTON
TREVOR TURNBULL
CRAIG STERLING
ARNOLD VAN GRAAN
Source
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
MF-AGG
13F
MF-AGG
MF-AGG
13F
13F
MF-AGG
Recommendation
market perform
buy
buy
buy
sell
sector perform
neutral
buy
sector perform
hold
sector perform
Amt Held
6'782'680
5'716'543
3'564'858
2'504'177
1'841'793
1'508'237
1'283'256
1'127'900
1'076'357
915'000
811'912
804'279
778'570
720'000
697'830
681'000
618'576
498'001
493'683
466'332
% Out
8.4
7.08
4.41
3.1
2.28
1.87
1.59
1.4
1.33
1.13
1.01
1
0.96
0.89
0.86
0.84
0.77
0.62
0.61
0.58
Weighting
Change
3
5
5
5
1
3
3
5
3
3
3
M
M
M
M
M
M
M
M
M
U
M
Latest Chg
(1'486'526)
141'978
592'287
722'770
747'006
8'300
302'640
923'744
(8'883)
(75'000)
288'500
88'666
10'800
(180'000)
697'830
(78'964)
9'039
39'728
Target Price
12
22
17
16
9
10
17
27
9
#N/A N/A
12
File Dt
Inst Type
31.03.2013
Investment Advisor
15.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.03.2013
Unclassified
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
30.12.2011
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Date
13.05.2013
13.05.2013
13.05.2013
10.05.2013
09.05.2013
09.05.2013
09.05.2013
09.05.2013
23.04.2013
18.04.2013
11.04.2013
16.05.2013
Seabridge Gold Inc

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.
Price/Volume
25
4.5 M
4.0 M
20
3.5 M
3.0 M
15
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.09.2012)
52-Week Low (18.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SA US EQUITY YTD Change
SA US EQUITY YTD % CHANGE
12/2012
03/yy
20.34
9.63
467'017.00
10.19
-49.89%
5.82%
5.23%
45.6
464.22
0.00
0.0
0.0
52.04
420.67
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
2.0 M
1.5 M
1.0 M
.5 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
0.0
(5.6)
10.3
-
2.5 M
10
31.12.2009
31.12.2010
0.0
0.0
(5.0)
(5.7)
(4.7)
3.3
Profitability
LTM-4Q
31.12.2011
0.0
(19.8)
(20.1)
-
31.12.2012
0.0
(15.8)
(12.5)
-15.82
-15.83
-5.08%
-5.37%
0.00%
5.11
5.11
0.00%
0.00%
0.00
-
03/yy
0.0
#DIV/0!
(19.8)
0.00x
(18.3)
0.00x
LTM
03/yy
0.0
#DIV/0!
(5.1)
0.00x
(14.1)
0.00x
0.99
41.57
3.88
-19.95%
-43.29%
0.990
2
4.000
249'532
378'080
377'719
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2
09/13 Q3
(15.0)
(16.0)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-385.83
-1574.22
0.0%
0.0%
0.00
0.00
-
1.0
0.9
1.00
0.8
0.7
0.80
0.60
0.40
0.6
0.5
0.4
0.3
0.2
0.20
0.1
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Seabridge Gold Inc

Holdings By:
All
Holder Name
PAN ATLANTIC BANK
WEISS ASSET MANAGEME
FRONK RUDI P
ANTHONY JAMES S
FMR LLC
FCMI FINANCIAL CORP
BRISTOL INVESTMENT P
FNDTN FOR STUDY OBJ
FIDEURAM GESTIONS SA
BLACKROCK
FOX LOUIS J
PORTOLA GROUP INCORP
THRELKELD WILLIAM E
BANFIELD A FREDERICK
NORGES BANK
VANGUARD GROUP INC
THE BANK OF NOVA SCO
Firm Name
Stonecap Securities Inc
Nomura
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
NORGES BANK
Multiple Portfolios
Analyst
ADAM P GRAF
CHRISTOS DOULIS
TYLER BRODA
Source
ULT-AGG
PROXY
13F
13F
SEDI
PROXY
ULT-AGG
13F
PROXY
13F
SEDI
MF-AGG
ULT-AGG
SEDI
13F
SEDI
PROXY
13F
MF-AGG
13F
Recommendation
buy
sector perform
buy
Amt Held
12'566'447
8'001'232
5'837'287
2'022'491
1'180'000
779'791
601'905
572'976
555'000
478'467
425'334
415'000
338'868
300'750
286'420
265'000
245'000
235'224
199'794
167'000
% Out
27.58
17.56
12.81
4.44
2.59
1.71
1.32
1.26
1.22
1.05
0.93
0.91
0.74
0.66
0.63
0.58
0.54
0.52
0.44
0.37
Weighting
Change
5
3
5
Latest Chg
661'363
(289'596)
10'000
115'079
(203'241)
(35'000)
(465'199)
(23'150)
(10'000)
(71'639)
21'035
-
Target Price
M
M
M
64
22
24
File Dt
Inst Type
15.05.2013
Investment Advisor
10.05.2012
Bank
31.03.2013
Investment Advisor
16.11.2012
n/a
15.05.2012
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
10.05.2012
Corporation
06.02.2012
Other
02.05.2013
Investment Advisor
14.05.2013
Investment Advisor
06.12.2011
n/a
31.03.2013
Investment Advisor
30.08.2011
n/a
15.05.2012
n/a
31.12.2012
Government
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
Date
13.05.2013
08.03.2013
16.05.2012
16.05.2013
Tanzanian Royalty Exploration Corp

Tanzanian Royalty Exploration Corporation acquires, explores, and develops
mineral properties. The Company explores for gold.
Price/Volume
6
3.5 M
3.0 M
2.5 M
Latest Fiscal Year:

LTM as of:
52-Week High (21.09.2012)
52-Week Low (18.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TRX US EQUITY YTD Change
TRX US EQUITY YTD % CHANGE
08/2012
02/yy
5.34
2.42
323'081.00
2.63
-50.75%
8.68%
7.19%
100.7
264.79
2.07
0.0
0.0
20.06
256.10
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
1.5 M
1.0 M
.5 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.08.2008
0.0
(2.9)
(3.7)
-
2.0 M
Valuation Analysis
31.08.2009
31.08.2010
0.0
0.0
(3.4)
(3.0)
(4.7)
(3.4)
Profitability
LTM-4Q
31.08.2011
0.0
(4.3)
(11.1)
-
31.08.2012
0.0
(5.1)
(8.9)
-5.06
-5.44
-3.52%
-4.13%
0.00%
8.84
8.68
3.28%
4.09%
0.00
-
02/yy
0.0
#DIV/0!
(4.6)
0.00x
(14.6)
0.00x
LTM
02/yy
0.0
#DIV/0!
(5.0)
0.00x
(2.2)
0.00x
1.25
92.75
8.19
-26.54%
-40.36%
1.246
0
277'054
472'773
474'072
FY+1
FY+2
FQ+1
FQ+2
08/13 Y
08/14 Y
05/13 Q3
08/13 Q4
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-49.26
-133.96
-0.21
4.1%
3.9%
0.00
0.00
-
1.0
0.9
1.00
0.8
0.7
0.80
0.60
0.40
0.6
0.5
0.4
0.3
0.2
0.20
0.1
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013

Holdings By:
All
Holder Name
GEIER GROUP LLC
BPI FUNDOS GFIM SA/P
SINCLAIR JAMES E
BPI GLOBAL INVESTMEN
BLACKROCK
CANADA PENSION PLAN
VANGUARD GROUP INC
MORROW ROSALIND
HARVEY WILLIAM M
BMO FINANCIAL CORP
JONES HEWARD INVESTM
LUIS VICTORIA
DEUTSCHE BANK AG
VAN TONGEREN STEVEN
ALTUS CAPITAL INC
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
CANADA PENSION PLAN
Multiple Portfolios
n/a
n/a
BMO FINANCIAL CORP
Multiple Portfolios
n/a
BANK OF AMERICA
n/a
ALTUS CAPITAL INC
Analyst
Source
ULT-AGG
13G
MF-AGG
SEDI
MF-AGG
ULT-AGG
13F
MF-AGG
SEDI
SEDI
13F
MF-AGG
13F
13F
13F
20F
13F
13F
SEDI
13F
Recommendation
Amt Held
14'700'030
4'879'743
3'669'696
1'885'543
673'902
516'924
498'912
474'292
429'429
340'090
334'811
309'070
287'556
212'810
190'479
144'045
141'479
124'831
124'663
104'500
% Out
14.6
4.85
3.64
1.87
0.67
0.51
0.5
0.47
0.43
0.34
0.33
0.31
0.29
0.21
0.19
0.14
0.14
0.12
0.12
0.1
Weighting
Change
Latest Chg
1'177'305
(4'801'048)
(116'921)
(1'000)
(37'877)
131'800
60'200
5'382
7'732
4'654
102'344
250
22'792
(4'090)
27'380
544
56'500
Target Price
#N/A N/A
File Dt
Inst Type
15.05.2013
Investment Advisor
10.11.2011
Other
28.02.2013
Investment Advisor
08.02.2013
n/a
28.09.2012
Investment Advisor
14.05.2013
Investment Advisor
31.03.2013
Investment Advisor
11.03.2013
n/a
12.04.2013
n/a
31.03.2013
Investment Advisor
15.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.10.2012
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
09.05.2013
n/a
31.03.2013
Investment Advisor
Date
Date
16.05.2013
Golden Star Resources Ltd

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.
Price/Volume
3
14.0 M
12.0 M
10.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.10.2012)
52-Week Low (15.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GSS US EQUITY YTD Change
GSS US EQUITY YTD % CHANGE
12/1997
03/yy
2.11
0.66
3'521'219.00
0.7
-66.82%
6.06%
2.76%
259.1
181.37
117.48
0.0
(2.0)
78.88
228.15
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
6.0 M
4.0 M
2.0 M
0
m-12
31.12.2009
Profitability
31.12.2010
432.7
2.72x
107.6
10.93x
(11.2)
-
LTM-4Q
31.12.2011
471.0
0.98x
91.8
5.00x
(2.1)
-
31.12.2012
550.5
0.95x
124.7
4.18x
(9.5)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
124.67
25.74
4.68%
1.20%
-3.45%
-5.78%
0.76%
9.6%
21.2%
2.9%
-1.7%
1.58
0.69
16.18%
27.10%
46.13
5.98
Price/ Cash Flow
03/yy
485.5
4.31x
94.4
5.74x
1.1
0.00x
j-12
a-12
s-12
o-12
LTM
03/yy
552.4
3.44x
117.0
3.95x
(25.2)
0.00x
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
0.00
1.06
257.69
12.89
-44.88%
-61.96%
1.057
10
2.200
3'531'699
2'504'985
2'193'966
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
481.9
487.2
123.0
123.7
0.60x
0.58x
1.96x
2.05x
77.4
117.8
26.0
27.8
2.95x
1.94x
2.24x
2.36x
(9.0)
26.7
0.4
2.2
8.24x
21.88x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
12.27
3.56
0.43
0.95
27.1%
21.4%
0.76
1.06
7.91
61.01
51.20
-1.28
30.00
600.0
25.00
500.0
20.00
400.0
15.00
300.0
10.00
200.0
5.00
100.0
0.00
01.01.2010
.0 M
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
257.4
1.43x
1.8
200.09x
(119.3)
-
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013

Holdings By:
All
Holder Name
BLACKROCK
HILLSDALE INVESTMENT
CONNOR CLARK & LUNN
STATE STREET
CANADA PENSION PLAN
NORGES BANK
MD MANAGEMENT LTD
LEGG MASON CAPITAL M
PRINCIPAL FINANCIAL
TIAA CREF INVESTMENT
TECHNICAL FINANCIAL
Firm Name
BMO Capital Markets
Macquarie
Raymond James
EVA Dimensions
Credit Suisse
CIBC World Markets
Scotia Capital
Portfolio Name
n/a
n/a
CONNOR CLARK & LUNN
n/a
CANADA PENSION PLAN
NORGES BANK
Multiple Portfolios
Multiple Portfolios
n/a
TIAA-CREF INVESTMENT
TFS CAPITAL LLC
Analyst
ANDREW BREICHMANAS
RAHUL PAUL
PIERRE VAILLANCOURT
BRAD HUMPHREY
PAOLO LOSTRITTO
CRAIG STERLING
ANITA SONI
COSMOS CHIU
TREVOR TURNBULL
Source
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
MF-AGG
MF-AGG
ULT-AGG
13F
13F
Recommendation
underperform
hold
neutral
market perform
sector perform
buy
underperform
sector underperform
sector underperform
Amt Held
39'316'268
28'879'600
26'830'259
10'793'356
7'898'726
5'237'500
4'819'436
4'558'095
4'350'000
3'221'423
3'178'325
2'972'612
2'625'741
1'934'059
1'870'572
1'795'127
1'467'781
1'271'090
1'235'376
1'175'635
% Out
15.17
11.15
10.35
4.17
3.05
2.02
1.86
1.76
1.68
1.24
1.23
1.15
1.01
0.75
0.72
0.69
0.57
0.49
0.48
0.45
Weighting
Change
1
3
3
3
3
5
1
1
1
D
M
M
M
M
U
M
D
D
Latest Chg
3'237'877
(1'359'000)
844'389
723'887
1'617'352
5'237'500
(1'475'687)
12'016
4'350'000
(492'267)
(308'600)
(92'341)
1'267'792
(50'700)
(619'837)
(1'024'176)
455'015
Target Price
1
1
1
1
2
#N/A N/A
1
1
0
File Dt
Inst Type
15.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
14.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Date
14.05.2013
13.05.2013
11.05.2013
10.05.2013
10.05.2013
10.05.2013
09.05.2013
09.05.2013
23.04.2013
16.05.2013
Vista Gold Corp

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.
Price/Volume
5
6.0 M
5.0 M
4
3
4.0 M
12/2007
03/yy
4.09
1.30
484'396.00
1.32
-67.73%
1.54%
0.72%
81.7
107.87
0.00
0.0
0.0
88.40
19.48
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
1.00
2.0 M
1.0 M
1
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
0.0
(6.5)
(10.0)
-
3.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2012)
52-Week Low (15.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
VGZ US EQUITY YTD Change
VGZ US EQUITY YTD % CHANGE
31.12.2009
31.12.2010
0.0
0.0
(6.1)
(17.7)
(1.9)
(20.0)
Profitability
LTM-4Q
31.12.2011
0.0
(28.1)
51.5
-
31.12.2012
0.0
(35.6)
(70.7)
-35.63
-36.22
-44.30%
-57.29%
0.00%
2.94
2.84
0.00%
0.00%
-
03/yy
0.0
#DIV/0!
(31.9)
0.00x
44.2
0.00x
LTM
03/yy
0.0
#DIV/0!
(26.7)
0.00x
(85.7)
0.00x
FY+1
0.00
1.17
68.27
1.54
-46.12%
-51.11%
1.168
4
5.000
306'286
414'468
483'989
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
0.0
(18.8)
(14.6)
(26.5)
(6.4)
(4.4)
(5.9)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
0.00
0.0%
0.0%
0.00
0.00
-
1.6
1.4
1.2
0.80
0.60
1.0
0.8
0.6
0.40
0.20
0.4
0.2
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Vista Gold Corp

Holdings By:
All
Holder Name
SUN VALLEY GOLD LLC
SUN VALLEY GOLD LLC
SPROTT INC
BLACKROCK
LOEWS CORPORATION
ANDREEFF EQUITY ADVI
STATE STREET
PERRITT CAPITAL MANA
TECHNICAL FINANCIAL
CANADA PENSION PLAN
PARKER FREDERICK H E
CREDIT SUISSE AG
RICHINGS MICHAEL B
Firm Name
Roth Capital Partners
Portfolio Name
n/a
SUN VALLEY GOLD LLC
n/a
SPROTT INC
n/a
LOEWS CORPORATION
n/a
TFS CAPITAL LLC
CANADA PENSION PLAN
n/a
CREDIT SUISSE AG
n/a
Analyst
BRIAN W POST
ADAM P GRAF
JEFF WRIGHT
PAOLO LOSTRITTO
Source
Research
13F
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
Form 4
13F
13F
13F
13F
13F
Form 4
Recommendation
buy
buy
buy
outperform
Amt Held
12'084'310
12'084'310
11'374'527
6'145'260
2'577'504
1'758'748
1'386'026
881'631
871'929
822'000
755'864
713'381
632'415
556'325
412'356
327'993
248'473
201'025
199'168
188'121
% Out
14.79
14.79
13.92
7.52
3.15
2.15
1.7
1.08
1.07
1.01
0.92
0.87
0.77
0.68
0.5
0.4
0.3
0.25
0.24
0.23
Weighting
Change
5
5
5
5
Latest Chg
1'172'092
(430'462)
268'822
(200'000)
(20'701)
343'929
627'319
4'326
(100'000)
327'220
44'000
88'467
11'051
(72'615)
-
Target Price
M
M
M
M
7
12
5
4
File Dt
31.12.2012
31.03.2013
15.05.2013
31.03.2013
14.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
05.09.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
08.01.2013
Date
12 month
Not Provided
12 month
12 month
Inst Type
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Corporation
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Date
13.05.2013
13.05.2013
13.05.2013
10.05.2013
16.05.2013
Great Basin Gold Ltd

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.
Price/Volume
1
35.0 M
30.0 M
25.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (15.06.2012)
52-Week Low (03.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GBGLF US EQUITY YTD Change
GBGLF US EQUITY YTD % CHANGE
12/2011
09/yy
0.78
0.01
3'262'601.00
0.006
-99.23%
0.00%
0.00%
552.4
3.31
282.45
0.0
0.0
25.75
319.56
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
15.0 M
0
0
10.0 M
5.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
0.0
(62.2)
(51.2)
-
20.0 M
Valuation Analysis
31.12.2008
31.12.2009
24.7
33.7
14.86x
19.15x
(104.9)
(50.6)
(84.9)
(48.4)
Profitability
LTM-4Q
31.12.2010
99.7
14.22x
(15.7)
(27.1)
-
31.12.2011
170.3
4.16x
18.3
38.63x
(17.7)
18.34
-0.57
-0.33%
-38.35%
-11.45%
-22.67%
0.18%
29.7%
-18.0%
-28.2%
-10.4%
0.78
0.50
33.22%
59.90%
18.55
5.26
09/yy
172.5
28.57x
24.5
43.55x
(48.2)
0.00x
LTM
09/yy
144.8
13.73x
(26.1)
0.00x
(91.7)
0.00x
0.69
-98.78%
0
1'076'966
1'944'195
2'560'745
FY+1
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4
03/13 Q1
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
0.75
-5.72
-12.49
59.9%
37.5%
0.18
0.20
19.73
69.54
202.52
39.53
180.0
160.0
1.00
0.80
140.0
120.0
100.0
0.60
80.0
60.0
0.40
0.20
40.0
20.0
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
16.05.2013
Great Basin Gold Ltd

Holdings By:
All
Holder Name
BLACKROCK
RUFFER LLP
TRANTER GOLD (BEE)
UOB ASSET MANAGEMENT
VANGUARD GROUP INC
FRANKLIN RESOURCES
DIPPENAAR FERDINAND
MOSTERT JACOB DAWID
COOKE PATRICK RANDAL
THIESSEN RONALD W
MOMENTUM
TIMBER HILL LLC
NESTOR INVESTMENT MA
UNIVERSAL INS HOLDIN
STATE STREET
PRUDENTIAL OF AMERIC
Firm Name
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
TIMBER HILL LLC
Multiple Portfolios
n/a
n/a
n/a
Analyst
Source
ULT-AGG
MF-AGG
ULT-AGG
Research
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
13F
SEDI
SEDI
SEDI
SEDI
MF-AGG
13F
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Recommendation
Amt Held
23'107'390
22'797'000
22'362'762
20'932'183
9'258'842
3'530'000
3'012'546
2'686'303
1'785'700
1'173'800
1'126'800
731'273
525'202
468'531
422'273
381'096
300'000
297'928
266'255
240'200
% Out
4.18
4.13
4.05
3.79
1.68
0.64
0.55
0.49
0.32
0.21
0.2
0.13
0.1
0.08
0.08
0.07
0.05
0.05
0.05
0.04
Weighting
Change
Latest Chg
(68'246'952)
(17'025)
1'050
(17'785'700)
(768'400)
100'000
100'000
240'200
Target Price
#N/A N/A
File Dt
Inst Type
31.01.2013
Investment Advisor
15.05.2013
Investment Advisor
24.04.2012
n/a
31.01.2013
Holding Company
30.06.2012
Investment Advisor
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
13.04.2012
n/a
16.04.2012
n/a
31.12.2012
n/a
25.04.2012
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.03.2013
Investment Advisor
31.12.2012
Insurance Company
15.05.2013
Investment Advisor
31.12.2012
Insurance Company
Date
Date
16.05.2013
Argonaut Gold Inc

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.
Price/Volume
12
9.0 M
8.0 M
10
7.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.10.2012)
52-Week Low (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AR CN EQUITY YTD Change
AR CN EQUITY YTD % CHANGE
12/2012
03/yy
11.08
5.24
1'218'660.00
6.24
-43.68%
19.08%
17.12%
149.0
929.57
0.00
0.0
0.0
191.89
720.93
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
(0.1)
-
31.12.2009
(0.5)
Profitability
31.12.2010
51.6
4.70x
15.3
15.83x
3.7
66.38x
4.0 M
3.0 M
2.0 M
2
0
m-12
1.0 M
.0 M
j-12
LTM-4Q
31.12.2011
104.6
5.77x
55.9
10.78x
26.3
24.42x
31.12.2012
187.1
6.53x
107.3
11.39x
64.9
14.00x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
107.29
85.19
45.53%
45.69%
10.38%
11.44%
11.43%
0.30%
62.5%
57.3%
45.5%
34.7%
12.31
9.89
0.00%
0.00%
21.94
2.00
Price/ Cash Flow
03/yy
103.2
26.41x
55.7
13.93x
27.6
30.39x
j-12
a-12
s-12
o-12
LTM
03/yy
205.8
13.70x
94.7
0.00x
69.2
12.87x
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
0.00
1.16
144.53
11.88
-5.31%
-34.11%
1.163
11
4.273
1'304'896
1'246'969
1'365'788
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
204.5
262.3
41.0
53.8
3.65x
2.83x
18.38x
13.97x
97.2
140.0
16.8
26.4
7.42x
5.15x
7.60x
7.05x
55.1
81.8
10.0
17.4
15.75x
10.55x
13.93x
12.11x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
296.39
159.48
-1.79
0.00
0.0%
0.0%
0.30
0.41
16.68
182.86
31.36
178.40
4'000.00
200.0
3'500.00
180.0
160.0
3'000.00
140.0
2'500.00
120.0
2'000.00
100.0
80.0
1'500.00
60.0
1'000.00
40.0
500.00
20.0
0.00
01.01.2010
5.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
6.0 M
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Argonaut Gold Inc

Holdings By:
All
Holder Name
LIBRA ADVISORS LLC
MONTRUSCO BOLTON INV
GCIC LTD/CANADA
FMR LLC
ALTAMIRA MANAGEMENT
KENNEDY BRIAN JOHN
DOUGHERTY PETER C
BLACKROCK
GLOBAL STRATEGY FINA
SMITH EDGAR A
NORTHWEST MUTUAL FUN
CARMIGNAC GESTION
LOMBARD ODIER DARIER
Firm Name
Macquarie
BMO Capital Markets
RBC Capital Markets
CIBC World Markets
GMP
Scotia Capital
Mine2Capital Inc
MLV & Co
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MICHAEL SIPERCO
CHRISTOS DOULIS
ANDREW KAIP
SAM CRITTENDEN
CHITIMUKULU MUSONDA
RAHUL PAUL
ANDREW MIKITCHOOK
ADAM P GRAF
OVAIS HABIB
BARRY D ALLAN
ALKA SINGH
RICHARD TROTMAN
Source
ULT-AGG
Co File
SEDI
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
SEDI
SEDI
ULT-AGG
MF-AGG
SEDI
MF-AGG
MF-AGG
MF-AGG
13F
Recommendation
outperform
outperform
outperform
outperform
sector perform
buy
buy
hold
sector outperform
buy
sell
suspended coverage
Amt Held
15'290'043
6'707'533
5'768'001
5'602'697
3'138'600
2'898'359
2'517'350
2'489'862
2'186'110
1'971'153
1'530'917
1'472'476
1'337'779
1'333'212
1'133'457
1'120'359
1'113'156
1'050'881
1'028'750
994'950
% Out
10.26
4.5
3.87
3.76
2.11
1.95
1.69
1.67
1.47
1.32
1.03
0.99
0.9
0.89
0.76
0.75
0.75
0.71
0.69
0.67
Weighting
Change
5
5
5
5
3
5
5
3
5
5
1
#N/A N/A
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
2'255'841
(117'000)
2'517'350
422'500
8'074
87'779
(8'500)
5'488
54'885
1'892
(54'000)
39'286
(30'100)
(99'119)
331'100
Target Price
9
10
12
11
8
11
15
#N/A N/A
14
12
8
#N/A N/A
File Dt
Inst Type
15.05.2013
Investment Advisor
30.09.2011
Investment Advisor
31.03.2013
Investment Advisor
30.06.2012
Investment Advisor
28.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
28.03.2013
Unclassified
28.02.2013
Investment Advisor
31.01.2013
Holding Company
06.02.2013
n/a
06.02.2013
n/a
14.05.2013
Investment Advisor
28.09.2012
Investment Advisor
14.02.2011
n/a
31.03.2013
Investment Advisor
29.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Date
15.05.2013
15.05.2013
14.05.2013
14.05.2013
14.05.2013
14.05.2013
14.05.2013
14.05.2013
23.04.2013
27.03.2013
26.02.2013
16.07.2012
16.05.2013
Torex Gold Resources Inc

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.
Price/Volume
3
35.0 M
30.0 M
25.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2012)
52-Week Low (15.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TXG CN EQUITY YTD Change
TXG CN EQUITY YTD % CHANGE
10/2012
03/yy
2.29
1.19
10'755'520.00
1.43
-37.55%
20.17%
21.82%
606.5
867.30
0.00
0.0
0.0
423.29
486.57
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
1.00
20.0 M
15.0 M
10.0 M
5.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.10.2008
0.0
(0.3)
(0.3)
-
31.10.2009
31.10.2010
0.0
0.0
(1.1)
(18.0)
(1.0)
(16.4)
Profitability
LTM-4Q
31.10.2011
0.0
(34.1)
(33.9)
-
31.10.2012
0.0
(60.4)
(61.2)
-60.39
-60.89
-14.08%
-14.28%
0.00%
50.56
50.21
0.00%
0.00%
0.00
-
01/yy
0.0
#DIV/0!
(40.3)
0.00x
(39.9)
0.00x
LTM
03/yy
0.0
#DIV/0!
(64.4)
0.00x
(66.0)
0.00x
FY+1
0.00
1.04
604.09
2.40
-4.67%
-35.00%
1.038
9
4.667
4'257'434
4'141'879
3'646'038
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
0.0
0.0
0.0
0.0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
(61.7)
(60.9)
(15.2)
(15.2)
(57.6)
(64.1)
(12.7)
(13.0)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
0.00
0.0%
0.0%
0.00
0.00
-
0.0
0.0
0.0
0.80
0.0
0.60
0.0
0.40
0.0
0.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Torex Gold Resources Inc

Holdings By:
All
Holder Name
TYRUS CAPITAL S.A.M.
GCIC LTD/CANADA
FMR LLC
FRANKLIN RESOURCES
INVESCO LTD
CARMIGNAC GESTION
RUFFER LLP
BLACKROCK
SPROTT INC
WELLS FARGO
FIRST CANADIAN MUTUA
VANGUARD GROUP INC
LB SWISS INVESTMENT
Firm Name
BMO Capital Markets
Industrial Alliance Securities
Stifel
Macquarie
TD Securities
GMP
Clarus Securities
RBC Capital Markets
Scotia Capital
Portfolio Name
#N/A N/A
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ANDREW BREICHMANAS
MERRILL MCHENRY
MICHAEL A SCOON
PIERRE VAILLANCOURT
DANIEL EARLE
GEORGE V ALBINO
JAMIE SPRATT
DAN ROLLINS
TREVOR TURNBULL
Source
Co File
ULT-AGG
13F
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
Recommendation
speculative outperform
buy
buy
outperform
hold
buy
buy
outperform
sector outperform
Amt Held
92'450'000
60'515'402
34'109'990
25'131'050
22'706'997
20'684'500
18'072'377
11'270'799
6'062'900
5'808'000
5'297'720
5'250'000
5'133'800
5'129'653
5'036'452
4'657'714
3'217'000
3'027'518
2'949'500
2'809'056
% Out
15.24
9.98
5.62
4.14
3.74
3.41
2.98
1.86
1
0.96
0.87
0.87
0.85
0.85
0.83
0.77
0.53
0.5
0.49
0.46
Weighting
Change
4
5
5
5
3
5
5
5
5
Latest Chg
6'150'000
(827'068)
(42'200)
14'571'050
2'147'411
(915'500)
1'674'300
1'434'766
(1'969'100)
(931'500)
7'700
5'250'000
150'000
391'260
2'500'000
(245'778)
Target Price
M
M
M
M
M
M
N
M
M
File Dt
30.04.2013
15.05.2013
31.03.2013
28.02.2013
31.12.2012
28.03.2013
28.03.2013
15.05.2013
29.03.2013
27.12.2012
14.05.2013
31.12.2012
31.12.2012
31.03.2013
31.03.2013
15.05.2013
28.09.2012
31.03.2013
27.03.2013
31.03.2013
Date
3
2
3
3
2
3
3
3
3
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Inst Type
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Date
07.05.2013
06.05.2013
03.05.2013
25.04.2013
23.04.2013
15.04.2013
07.03.2013
07.01.2013
31.10.2012
16.05.2013
LionGold Corp Ltd

LionGold Corp is an investment holding company focusing on gold mining, mine
development and exploration globally.
Price/Volume
1
1
1
1
Valuation Analysis
Latest Fiscal Year:

LTM as of:
52-Week High (26.07.2012)
52-Week Low (23.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LIGO SP EQUITY YTD Change
LIGO SP EQUITY YTD % CHANGE
03/2012
12/yy
1.30
0.96
8'437'000.00
1.14
-12.31%
18.75%
52.94%
921.9
1'051.01
31.11
0.0
(3.0)
31.66
1'012.39
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
0
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
72.0
0.64x
0.4
114.85x
(4.7)
-
31.03.2009
31.03.2010
79.8
70.4
0.56x
3.80x
(3.7)
3.1
84.96x
(5.0)
2.9
92.86x
Profitability
LTM-4Q
31.03.2011
83.9
6.95x
4.0
144.70x
0.9
740.91x
31.03.2012
98.0
7.95x
(5.3)
(27.8)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
-5.31
-6.26
-6.39%
-31.95%
-13.46%
-23.76%
0.55%
10.5%
1.5%
-1.4%
-28.4%
2.52
1.58
33.89%
93.42%
4.14
7.99
Price/ Cash Flow
50.0 M
45.0 M
40.0 M
35.0 M
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
.0 M
m-13
12/yy
77.1
24.11x
(9.1)
0.00x
(15.1)
0.00x
LTM
12/yy
111.8
33.63x
(18.2)
0.00x
(18.5)
0.00x
FY+1
0.00
0.61
736.17
16.92%
4.11%
0.612
2
3.000
14'727'200
18'051'800
17'475'350
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
111.0
143.0
4.9
10.1
190.00x
87.69x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-1.79
-2.01
-15.19
25.31
93.4%
50.7%
0.55
7.06
88.47
45.83
145.53
2.67
800.00
120.0
700.00
100.0
600.00
80.0
500.00
400.00
60.0
300.00
40.0
200.00
20.0
100.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
03.04.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
LionGold Corp Ltd

Holdings By:
All
Holder Name
ASIASONS INVESTMENT
MACQUARIE GROUP
VENATON HOLDINGS LIM
FORTE SERVICES LIMIT
NOMURA
CREDIT SUISSE AG
BIN ABDUL DAI MD WIR
NORGES BANK
DMG & PARTNERS SECUR
VANGUARD GROUP INC
NG YICK HING NICHOLA
BLACKROCK
JOHN HANCOCK INVESTM
STATE STREET
CHARLES SCHWAB INVES
SCANLAN GARY FRANCIS
INVESCO LTD
HARTFORD INVESTMENT
Firm Name
EVA Dimensions
SIAS Research Pte Ltd
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
CRAIG STERLING
JINSHU LIU
Source
EXCH
ULT-AGG
ULT-AGG
EXCH
EXCH
ULT-AGG
EXCH
EXCH
MF-AGG
Co File
MF-AGG
ULT-AGG
EXCH
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
EXCH
ULT-AGG
MF-AGG
Recommendation
sell
overweight
Amt Held
77'500'000
59'245'000
48'666'000
42'100'000
40'000'000
39'154'410
29'800'996
16'425'000
13'066'202
7'600'000
4'139'691
2'721'000
2'000'000
1'980'000
611'000
430'000
303'000
135'005
120'000
39'622
% Out
8.41
6.43
5.28
4.57
4.34
4.25
3.23
1.78
1.42
0.82
0.45
0.3
0.22
0.21
0.07
0.05
0.03
0.01
0.01
0
Weighting
Change
1
5
M
M
Latest Chg
4'746'000
3'500'000
(2'001'000)
(8'000)
47'000
2'000'000
45'000
10'000
-
Target Price
#N/A N/A
1
File Dt
28.03.2013
15.05.2013
28.03.2013
06.11.2012
06.11.2012
09.04.2013
04.12.2012
06.11.2012
31.12.2012
29.06.2012
31.03.2013
31.07.2012
14.02.2013
14.05.2013
31.03.2013
15.05.2013
15.05.2013
08.10.2012
15.05.2013
31.03.2013
Date
Not Provided
12 month
Inst Type
Holding Company
Investment Advisor
Investment Advisor
Holding Company
Other
Unclassified
Investment Advisor
n/a
Government
Unclassified
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Date
17.01.2013
10.07.2012
16.05.2013
China Gold International Resources Corp Ltd

China Gold International Resources Corp Ltd. is a mining company focused on the
exploration and development of gold projects in inner Mongolia and copper
projects in Tibet Autonomous Region of China.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2012)
52-Week Low (31.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CGG CN EQUITY YTD Change
CGG CN EQUITY YTD % CHANGE
12/2012
03/yy
4.65
2.30
368'171.00
2.73
-41.29%
18.70%
18.30%
396.4
1'082.06
212.93
0.0
8.1
181.74
1'101.94
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
29.4
3.54x
(0.1)
14.6
36.15x
5
5
4
4
3
3
2
2
1
1
0
m-12
31.12.2009
31.12.2010
81.0
133.2
7.07x
15.60x
25.0
69.3
22.93x
29.97x
(9.3)
26.2
39.69x
Profitability
LTM-4Q
31.12.2011
311.3
2.82x
140.5
6.24x
79.4
13.23x
31.12.2012
332.4
4.21x
138.7
10.08x
70.9
19.15x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
138.66
99.49
29.93%
29.99%
4.00%
5.37%
5.34%
0.19%
37.6%
41.7%
29.9%
21.3%
1.57
1.26
11.79%
15.66%
26.30
6.33
Price/ Cash Flow
03/yy
353.5
14.89x
145.6
12.87x
89.1
22.91x
LTM
03/yy
331.5
12.60x
118.9
0.00x
73.1
20.27x
FY+1
0.00
1.35
240.39
1.52
-11.36%
-19.94%
1.348
7
3.857
227'206
331'250
342'408
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
354.5
636.3
3.55x
1.98x
153.5
244.5
7.18x
4.51x
65.3
95.3
16.75x
14.65x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
11.05
-6.09
0.22
1.54
15.7%
13.5%
0.19
0.24
13.92
57.83
121.78
-50.04
160.00
350.0
140.00
300.0
120.00
250.0
100.00
200.0
80.00
150.0
60.00
100.0
40.00
50.0
20.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
China Gold International Resources Corp Ltd

Holdings By:
All
Holder Name
CHINA NATIONAL GOLD
NORGES BANK
BLACKROCK
FRANKLIN RESOURCES
VANGUARD GROUP INC
HE YINGBIN
TD ASSET MANAGEMENT
SWISSCANTO FONDSLEIT
MARLBOROUGH FUND MAN
STATE STREET
DAIWA SB INVESTMENT
OPPENHEIM KAPITALANL
INDEXIQ ADVISORS LLC
BESSEMER GROUP INCOR
SUN LIFE FINANCIAL I
Firm Name
Argonaut Securities Pty Ltd
Guotai Junan
Credit Suisse
EVA Dimensions
BOCOM International Holdings
Citic Securities Co., Ltd
CCB International Securities Ltd
GuoSen Securities Co Ltd
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
CHRIS JIANG
KEVIN GUO
OWEN LIANG
CRAIG STERLING
BENJAMIN PEI
SONG XIAOQING
KIN CHUNG LI
CHENGMING GAO
Source
SEDI
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
SEDI
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
buy
neutral
neutral
underweight
long-term buy
overweight
outperform
buy
Amt Held
155'794'830
19'367'676
3'766'753
1'952'963
1'685'900
911'636
890'593
170'322
160'000
151'700
150'000
146'950
127'028
100'000
97'155
90'000
88'342
74'886
59'705
57'376
% Out
39.31
4.89
0.95
0.49
0.43
0.23
0.22
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.01
Weighting
Change
5
3
3
1
5
5
5
5
M
D
M
U
M
N
M
M
Latest Chg
184'200
3'082
11'974
33'750
40'000
53'000
2'580
(1'515)
1'243
Target Price
4
3
3
#N/A N/A
4
4
4
5
File Dt
30.09.2011
15.05.2013
31.12.2012
14.05.2013
28.03.2013
31.01.2013
31.03.2013
15.05.2013
09.01.2013
31.12.2012
28.02.2013
01.11.2012
15.05.2013
11.01.2013
31.12.2012
31.01.2013
15.05.2013
31.12.2012
31.01.2013
28.03.2013
Date
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Not Provided
12 month
Inst Type
Corporation
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
16.05.2013
22.04.2013
09.04.2013
02.04.2013
28.03.2013
14.01.2013
12.09.2012
02.02.2012
16.05.2013
Perseus Mining Ltd

Perseus Mining Limited is a mineral exploration Company. The Company explores
for gold in West Africa and Central Asia regions.
Price/Volume
4
9.0 M
8.0 M
7.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.10.2012)
52-Week Low (15.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PRU CN EQUITY YTD Change
PRU CN EQUITY YTD % CHANGE
06/2012
03/yy
3.07
1.18
1'705'127.00
1.19
-61.24%
1.28%
0.79%
458.0
544.97
60.26
0.0
(0.6)
105.50
508.87
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
1.00
(5.5)
(4.8)
-
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
6.0 M
30.06.2009
(3.3)
(4.8)
Profitability
30.06.2010
0.0
(10.1)
(9.7)
-
LTM-4Q
30.06.2011
0.0
(32.0)
(48.2)
-
30.06.2012
144.7
7.53x
55.3
19.72x
47.2
55.28
45.11
31.18%
41.62%
12.17%
17.73%
32.6%
1.55
1.13
11.39%
16.72%
-
03/yy
0.0
#DIV/0!
(46.3)
0.00x
24.8
0.00x
LTM
03/yy
291.8
11.32x
167.9
0.00x
44.6
0.00x
FY+1
1.40
446.89
0.32
-48.71%
-45.91%
1.398
23
4.348
1'359'431
2'138'338
1'749'024
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
06/13 Q4 09/13 Q1
312.5
398.6
96.1
116.0
1.61x
1.36x
124.5
167.3
4.09x
3.04x
58.5
86.0
26.0
34.1
9.37x
6.14x
5.13x
4.48x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
28.41
26.49
-0.31
0.00
16.7%
14.3%
-
160.0
140.0
120.0
0.80
0.60
100.0
80.0
60.0
0.40
0.20
40.0
20.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Perseus Mining Ltd

Holdings By:
All
Holder Name
GCIC LTD/CANADA
JP MORGAN
FMR LLC
IVY MANAGEMENT INCOR
SPROTT INC
WELLS FARGO
LB SWISS INVESTMENT
CALDERWOOD MARK ANDR
BLACKROCK
VANGUARD GROUP INC
Firm Name
Macquarie
RBC Capital Markets
Clarus Securities
Credit Suisse
Goldman Sachs
Morgan Stanley
BMO Capital Markets
JPMorgan
CIBC World Markets
CIMB
GMP
Commonwealth Bank
Nomura
EVA Dimensions
Bell Potter
Evans & Partners Pty Ltd
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
PIERRE VAILLANCOURT
STEUART MCINTYRE
REG SPENCER
NANA SANGMUAH
MICHAEL SLIFIRSKI
PAUL HISSEY
BRENDAN FITZPATRICK
MIKE KOZAK
PATRICK CHANG
ANDREW BREICHMANAS
JOSEPH KIM
COSMOS CHIU
JAMES STEWART
LEVI SPRY
ANDREW KNUCKEY
JOSH WOLFSON
DAVID RADCLYFFE
CRAIG STERLING
STEPHEN THOMAS
CATHY MOISES
Source
EXCH
ULT-AGG
MF-AGG
EXCH
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
EXCH
ULT-AGG
MF-AGG
Recommendation
outperform
sector perform
buy
buy
outperform
neutral/attractive
Overwt/In-Line
market perform
buy
outperform
overweight
sector perform
outperform
buy
neutral
buy
suspended coverage
overweight
hold
Positive
Amt Held
44'475'800
43'695'232
38'604'803
21'999'741
13'439'700
11'009'300
10'294'000
8'160'134
6'800'650
6'459'171
5'921'800
5'531'332
5'295'993
4'921'700
4'839'476
4'610'900
4'000'000
3'600'000
3'173'872
3'109'619
% Out
9.71
9.54
8.43
4.8
2.93
2.4
2.25
1.78
1.48
1.41
1.29
1.21
1.16
1.07
1.06
1.01
0.87
0.79
0.69
0.68
Weighting
Change
5
3
5
5
5
3
5
3
5
5
5
3
5
5
3
5
#N/A N/A
5
3
4
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
U
Latest Chg
(5'324'430)
(49'197)
(2'286'330)
930'000
29'000
520'000
300'000
500'000
392'732
661'134
443'404
Target Price
2
2
2
3
2
2
2
3
2
3
2
3
3
3
2
3
#N/A N/A
#N/A N/A
3
#N/A N/A
File Dt
Inst Type
22.04.2013
Investment Advisor
15.05.2013
Investment Advisor
28.02.2013
Investment Advisor
05.03.2013
Investment Advisor
31.01.2013
Holding Company
31.03.2013
Investment Advisor
30.06.2012
Investment Advisor
31.03.2013
Investment Advisor
15.05.2013
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
28.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
n/a
14.05.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Date
16.05.2013
13.05.2013
13.05.2013
13.05.2013
29.04.2013
24.04.2013
22.04.2013
22.04.2013
22.04.2013
19.04.2013
19.04.2013
19.04.2013
19.04.2013
19.04.2013
16.04.2013
12.04.2013
12.04.2013
05.04.2013
16.01.2013
03.01.2013
16.05.2013
Sandstorm Gold Ltd

Sandstorm Gold Ltd. acquires gold purchase agreements with companies that have
advanced stage development projects or operating mines. The Company makes an
upfront cash payment to its partners and receives the right to purchase a
percentage of the gold produced, for the life of the mine, at a fixed price per
ounce.
Price/Volume
4.5 M
14
4.0 M
12
3.5 M
3.0 M
10
2.5 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.10.2012)
52-Week Low (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SSL CN EQUITY YTD Change
SSL CN EQUITY YTD % CHANGE
12/2012
03/yy
14.99
6.47
299'905.00
7
-53.30%
8.19%
6.22%
90.2
631.48
0.00
0.0
0.0
127.36
566.85
(0.1)
-
2.0 M
1.5 M
1.0 M
.5 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
16
31.03.2009
31.12.2010
0.0
3.1
72.23x
(0.2)
(0.4)
(2.8)
80.46x
Profitability
LTM-4Q
31.12.2011
30.0
12.63x
19.1
19.80x
12.5
39.35x
31.12.2012
55.9
15.79x
36.6
24.12x
21.9
47.00x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
36.63
21.91
39.17%
45.00%
1.77%
1.95%
0.19%
78.7%
61.0%
33.3%
39.2%
27.97
24.35
0.00%
0.00%
27.76
-
Price/ Cash Flow
03/yy
39.8
42.83x
27.3
22.74x
15.9
47.06x
LTM
03/yy
57.8
46.72x
35.3
7.87x
5.4
55.67x
FY+1
0.00
1.22
82.73
2.97
-7.28%
-40.12%
1.217
9
4.000
329'411
423'610
459'821
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
71.1
95.3
44.7
74.1
12.68x
7.65x
15.0
23.6
37.76x
17.99x
29.01x
23.87x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-2.75
0.00
0.0%
0.0%
0.19
0.27
13.15
-
700.00
60.0
600.00
50.0
500.00
40.0
400.00
30.0
300.00
20.0
200.00
10.0
100.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
03.04.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Sandstorm Gold Ltd

Holdings By:
All
Holder Name
LIBRA ADVISORS LLC
ARIAS RESOURCE CAPIT
WELLS FARGO
MASON HILL ADVISORS
CARMIGNAC GESTION
BMO FINANCIAL CORP
WATSON NOLAN ALLAN
GBC ASSET MANAGEMENT
DE WITT DAVID E
AWRAM DAVID I
CANADA PENSION PLAN
Firm Name
TD Securities
Casimir Capital
EVA Dimensions
RBC Capital Markets
Portfolio Name
n/a
n/a
n/a
n/a
MASON HILL ADVISORS
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
BMO FINANCIAL CORP
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
CANADA PENSION PLAN
Analyst
RICHARD GRAY
DANIEL EARLE
SHANE NAGLE
ERIC WINMILL
CRAIG STERLING
DAN ROLLINS
NICHOLAS CAMPBELL
DON MACLEAN
HEIKO IHLE
Source
ULT-AGG
13F
SEDI
SEDI
ULT-AGG
13F
13F
13F
ULT-AGG
MF-AGG
MF-AGG
13F
MF-AGG
13F
SEDI
MF-AGG
MF-AGG
SEDI
SEDI
13F
Recommendation
buy
hold
outperform
buy
sell
outperform
speculative buy
buy
neutral
Amt Held
6'287'563
5'862'520
4'928'760
4'840'000
3'147'295
2'876'862
2'292'300
1'836'404
1'236'912
1'086'266
1'065'600
1'010'000
1'009'660
1'005'674
930'000
777'820
767'280
767'000
759'100
594'946
% Out
6.97
6.5
5.46
5.37
3.49
3.19
2.54
2.04
1.37
1.2
1.18
1.12
1.12
1.11
1.03
0.86
0.85
0.85
0.84
0.66
Weighting
Change
5
3
5
5
1
5
4
5
3
M
M
M
M
D
M
M
M
M
Latest Chg
(37'200)
103'625
242'100
1'250'000
1'836'404
(216'668)
607
(314'400)
153'250
(163'340)
(92'716)
(22'700)
(3'400)
(60'200)
Target Price
14
9
13
14
#N/A N/A
10
11
16
13
File Dt
Inst Type
15.05.2013
Investment Advisor
31.03.2013
Investment Advisor
25.02.2010
Private Equity
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Bank
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
29.03.2013
Investment Advisor
31.03.2013
Investment Advisor
19.06.2012
n/a
31.12.2011
Investment Advisor
30.11.2012
Investment Advisor
10.05.2012
n/a
04.01.2013
n/a
Date
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Date
10.05.2013
10.05.2013
10.05.2013
10.05.2013
10.05.2013
09.05.2013
09.05.2013
01.04.2013
29.01.2013
16.05.2013
OceanaGold Corp
OceanaGold Corporation is a gold mining and exploration company. The Company
currently owns interests in projects in New Zealand and the Philippines.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.10.2012)
52-Week Low (23.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
OGC CN EQUITY YTD Change
OGC CN EQUITY YTD % CHANGE
12/2012
03/yy
3.70
1.70
861'303.00
1.81
-51.08%
6.47%
5.50%
293.5
531.27
266.87
0.0
0.0
96.50
744.14
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
217.2
0.77x
63.7
2.62x
(54.7)
-
31.12.2009
31.12.2010
237.1
305.6
1.89x
3.30x
106.6
141.1
4.20x
7.15x
54.5
44.4
5.68x
18.76x
Profitability
LTM-4Q
31.12.2011
395.6
1.61x
164.3
3.88x
44.2
13.02x
31.12.2012
385.4
2.62x
144.5
7.00x
20.7
35.81x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
144.50
53.12
13.78%
8.37%
3.38%
5.67%
6.12%
0.42%
17.7%
43.1%
17.9%
5.4%
0.93
0.56
25.87%
43.76%
18.81
4.11
Price/ Cash Flow
03/yy
393.4
7.19x
145.7
5.58x
25.5
26.83x
LTM
03/yy
392.5
9.75x
169.3
6.24x
31.6
25.85x
FY+1
0.00
2.08
287.46
1.10
-1.09%
-36.49%
2.084
5
4.800
630'254
980'369
1'158'929
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
586.3
636.3
137.0
156.0
1.08x
0.88x
4.71x
4.06x
227.5
218.0
50.5
65.9
3.27x
3.41x
3.33x
3.34x
52.1
57.7
10.7
21.6
8.08x
5.73x
6.71x
6.35x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
5.98
-6.04
1.31
1.48
43.8%
30.4%
0.42
0.57
19.41
88.89
55.75
17.15
35.00
450.0
30.00
400.0
350.0
25.00
300.0
20.00
250.0
15.00
200.0
150.0
10.00
100.0
5.00
0.00
01.01.2010
50.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
OceanaGold Corp
Holdings By:
All
Holder Name
BAKER STEEL CAPITAL
AMP CAPITAL INVESTOR
FMR LLC
NEW ZEALAND CENTRAL
BLACKROCK
INVESCO LTD
VANGUARD GROUP INC
NORGES BANK
BOND STREET CUSTODIA
YANDAL INVESTMENTS P
INTERNATIONAL MINING
ASKEW JAMES EDWARD
SFB INVESTMENTS PTY
DEN DUYTS CORP & ASS
DEUTSCHE BANK AG
Firm Name
Forsyth Barr
GMP
BMO Capital Markets
Macquarie
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Analyst
ANDREW HARVEY-GREEN
MIKE KOZAK
ANDREW MIKITCHOOK
BRIAN QUAST
MICHAEL SIPERCO
Source
PROXY
EXCH
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
PROXY
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
PROXY
PROXY
SEDI
EXCH
PROXY
PROXY
MF-AGG
Recommendation
accumulate
buy
buy
outperform
outperform
Amt Held
20'669'000
14'660'107
13'382'819
8'700'000
5'372'100
3'565'116
3'560'000
3'252'300
2'703'536
2'653'232
1'897'338
1'631'518
1'486'726
1'284'229
1'123'653
1'097'008
1'087'008
1'000'000
922'855
910'369
% Out
7.04
4.99
4.56
2.96
1.83
1.21
1.21
1.11
0.92
0.9
0.65
0.56
0.51
0.44
0.38
0.37
0.37
0.34
0.31
0.31
Weighting
Change
4
5
5
5
5
Latest Chg
(1'119'773)
9'000
(4'700)
43'200
3'724
(547'087)
275'600
10'000
48'360
(53'699)
Target Price
D
M
M
M
M
File Dt
11.05.2012
21.01.2013
15.05.2013
28.02.2013
31.01.2013
28.03.2013
31.03.2013
31.03.2013
11.05.2012
14.05.2013
15.05.2013
31.03.2013
31.12.2012
11.05.2012
11.05.2012
30.12.2012
07.02.2012
11.05.2012
11.05.2012
29.03.2013
Date
3
3
3
3
3
12 month
12 month
12 month
Not Provided
12 month
Inst Type
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Government
Other
Investment Advisor
Other
n/a
Other
Investment Advisor
Investment Advisor
Date
01.05.2013
30.04.2013
30.04.2013
29.04.2013
25.04.2013
16.05.2013
Medusa Mining Ltd

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.
Price/Volume
7
4.5 M
4.0 M
3.5 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.10.2012)
52-Week Low (16.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MML AU EQUITY YTD Change
MML AU EQUITY YTD % CHANGE
06/2012
01/yy
6.70
2.30
2'076'693.00
2.36
-64.78%
2.61%
1.44%
188.9
445.81
0.00
0.0
0.0
12.47
428.82
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
15.8
9.93x
4.6
34.16x
(1.2)
-
3.0 M
30.06.2009
30.06.2010
42.6
93.9
5.99x
6.25x
30.4
73.0
8.41x
8.04x
28.5
65.8
8.88x
8.74x
Profitability
30.06.2011
148.7
8.51x
120.2
10.54x
110.4
12.02x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2012
80.8
11.40x
57.6
16.00x
49.2
18.94x
57.59
47.69
59.02%
59.50%
16.13%
16.84%
0.28%
74.3%
69.4%
56.7%
60.9%
5.30
0.79
0.00%
0.00%
1.88
2.41
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.89
1.04
168.43
2.71
-50.56%
-56.54%
1.036
10
4.400
1'931'139
1'961'374
1'625'409
FY+2
06/13 Y
06/14 Y
112.7
266.9
3.82x
1.29x
77.0
198.4
5.57x
2.16x
66.0
179.9
5.68x
2.48x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
.0 M
m-13
FQ+1
FQ+2
-0.14
0.00
0.0%
0.0%
0.28
0.37
194.30
152.17
136.57
-
35.00
160.0
30.00
140.0
120.0
25.00
100.0
20.00
80.0
15.00
60.0
10.00
40.0
5.00
20.0
0.00
03.07.2009
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Medusa Mining Ltd

Holdings By:
All
Holder Name
VANGUARD GROUP INC
FMR LLC
UCA FUNDS MANAGEMENT
DAVIS GEOFFREY JOHN
BLACKROCK
FORTY TRADERS LTD
GOODFELLOW WILLIAM D
CEDARDALE HOLDINGS P
YANDAL INVESTMENTS P
BANQUE DE LUXEMBOURG
AFDAL SAMUEL G
OLD MUTUAL
DANIEL ROY PHILIP
UCA AG
Firm Name
Deutsche Bank
EVA Dimensions
Cantor Fitzgerald
Ord Minnett
RBC Capital Markets
Morgan Stanley
Goldman Sachs
Blackswan Equities Ltd
Portfolio Name
Multiple Portfolios
n/a
#N/A N/A
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Analyst
CHRIS TERRY
CRAIG STERLING
ASA BRIDLE
DAVID BRENNAN
STEUART MCINTYRE
BRENDAN FITZPATRICK
PAUL HISSEY
RHYS BRADLEY
Source
MF-AGG
ULT-AGG
EXCH
ULT-AGG
MF-AGG
EXCH
ULT-AGG
Co File
Co File
Co File
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
Co File
ULT-AGG
Co File
Co File
MF-AGG
Recommendation
buy
underweight
buy
buy
sector perform
Overwt/In-Line
buy/attractive
buy
Amt Held
25'137'551
15'309'037
14'982'900
12'833'369
5'096'443
4'102'750
3'829'377
3'660'631
3'210'425
3'187'673
2'613'520
2'500'000
2'000'000
1'750'000
1'628'939
1'450'000
1'448'400
1'425'000
1'300'000
1'166'975
% Out
13.31
8.1
7.93
6.79
2.7
2.17
2.03
1.94
1.7
1.69
1.38
1.32
1.06
0.93
0.86
0.77
0.77
0.75
0.69
0.62
Weighting
Change
5
1
5
5
3
5
5
5
M
U
M
M
M
M
M
N
Latest Chg
(933'152)
1'902'381
(2'000'000)
(2'752'112)
912'960
50'000
(989)
500'000
28'939
(31'235)
(46'992)
Target Price
4
#N/A N/A
5
6
4
5
4
7
File Dt
Inst Type
31.03.2013
Investment Advisor
15.05.2013
Investment Advisor
13.05.2013
Investment Advisor
10.05.2013
Investment Advisor
30.04.2013
Investment Advisor
03.05.2013
n/a
14.05.2013
Investment Advisor
17.09.2012
Unclassified
17.09.2012
n/a
17.09.2012
Unclassified
31.03.2013
Investment Advisor
17.09.2012
Investment Advisor
31.12.2012
Investment Advisor
28.03.2013
Investment Advisor
30.06.2012
n/a
28.02.2013
Unclassified
30.06.2012
n/a
17.09.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Date
13.05.2013
07.05.2013
03.05.2013
03.05.2013
01.05.2013
30.04.2013
24.04.2013
01.03.2013
16.05.2013
Dundee Precious Metals Inc

Dundee Precious Metals Inc. acquires, explores, and develops gold mining
properties. The Company owns interests in mineral properties in Armenia,
Bulgaria, Canada, and Serbia.
Price/Volume
12
7.0 M
10
6.0 M
5.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (21.09.2012)
52-Week Low (15.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DPM CN EQUITY YTD Change
DPM CN EQUITY YTD % CHANGE
12/2012
03/yy
9.94
4.27
1'462'335.00
4.36
-56.14%
2.11%
1.59%
125.7
548.02
81.77
0.0
7.0
123.36
513.43
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
2.0 M
2
0
m-12
1.0 M
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
105.1
0.65x
(36.2)
(79.2)
-
4.0 M
Valuation Analysis
31.12.2009
31.12.2010
137.6
202.0
2.15x
5.56x
16.4
18.00x
5.1
22.9
44.88x
49.37x
Profitability
LTM-4Q
31.12.2011
338.5
2.84x
86.1
13.48x
31.12.2012
384.7
2.68x
54.4
21.72x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
76.66
19.93%
12.91%
5.73%
7.51%
4.04%
0.41%
40.8%
19.9%
14.1%
3.10
2.36
8.41%
10.94%
7.65
4.62
Price/ Cash Flow
03/yy
367.9
10.79x
14.7
0.00x
80.0
16.02x
LTM
03/yy
374.3
7.68x
16.6
0.00x
46.9
22.72x
FY+1
1.36
94.21
23.96
-30.46%
-48.52%
1.355
9
4.889
747'147
523'719
586'568
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
433.6
511.2
100.6
110.0
1.04x
1.03x
159.5
229.3
3.22x
2.24x
94.1
126.1
24.8
31.9
7.88x
5.65x
6.25x
6.07x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
10.9%
9.8%
0.41
0.70
47.87
79.30
70.69
56.62
30.00
450.0
400.0
25.00
350.0
300.0
20.00
250.0
15.00
200.0
150.0
10.00
100.0
5.00
0.00
01.01.2010
50.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
-50.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Dundee Precious Metals Inc

Holdings By:
All
Holder Name
DUNDEE CORP
US GLOBAL INVESTORS
NORGES BANK
TD ASSET MANAGEMENT
NATCAN INVESTMENT MA
SPROTT INC
VANGUARD GROUP INC
Firm Name
BMO Capital Markets
RBC Capital Markets
Scotia Capital
Stifel
EVA Dimensions
CIBC World Markets
GMP
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JOSH WOLFSON
JOHN P HAYES
SAM CRITTENDEN
MIKE KOZAK
LEILY OMOUMI
MICHAEL A SCOON
CRAIG STERLING
LEON ESTERHUIZEN
GEORGE V ALBINO
DON MACLEAN
Source
SEDI
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
not rated
outperform
top pick
sector outperform
buy
overweight
sector outperform
buy
buy
Amt Held
30'629'607
8'442'571
7'650'960
5'684'509
5'331'900
4'734'500
4'514'449
3'944'865
3'634'800
3'394'800
2'655'547
2'369'196
1'651'367
1'423'900
1'163'346
988'297
771'700
761'500
583'541
578'200
% Out
24.37
6.72
6.09
4.52
4.24
3.77
3.59
3.14
2.89
2.7
2.11
1.88
1.31
1.13
0.93
0.79
0.61
0.61
0.46
0.46
Weighting
Change
#N/A N/A
4
5
5
5
5
5
5
5
5
M
M
M
M
M
M
U
M
M
N
Latest Chg
35'000
4'124'249
(432'800)
(2'100)
1'314'000
(12'100)
(50'000)
53'212
10'000
43'784
(19'200)
28'700
(89'400)
Target Price
#N/A N/A
10
9
11
11
9
#N/A N/A
11
15
13
File Dt
Inst Type
26.04.2013
Holding Company
28.02.2013
Investment Advisor
15.05.2013
Investment Advisor
31.12.2012
Government
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
28.03.2013
Bank
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
28.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Holding Company
28.09.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Date
15.05.2013
12.05.2013
10.05.2013
10.05.2013
09.05.2013
03.05.2013
16.04.2013
11.04.2013
04.03.2013
03.12.2012
16.05.2013
Rio Alto Mining Ltd

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.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.11.2012)
52-Week Low (15.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RIO CN EQUITY YTD Change
RIO CN EQUITY YTD % CHANGE
12/2012
03/yy
6.00
3.20
1'643'976.00
3.22
-46.33%
0.62%
0.71%
175.9
566.35
3.26
0.0
0.0
38.61
531.00
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.05.2008
0.0
(2.3)
(1.9)
-
31.05.2009
31.05.2010
0.0
0.0
(1.5)
(3.9)
(1.5)
(12.6)
Profitability
LTM-4Q
31.05.2011
0.0
(8.0)
(8.0)
-
31.12.2012
316.5
2.71x
173.1
4.96x
100.4
8.93x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
173.12
151.44
47.85%
48.82%
38.61%
59.31%
1.22%
62.4%
54.7%
47.9%
31.7%
1.61
0.74
0.92%
1.43%
21.59
11.45
Price/ Cash Flow
03/yy
94.7
15.20x
61.5
0.00x
29.2
0.00x
LTM
03/yy
281.1
8.35x
107.0
0.00x
75.6
11.16x
FY+1
0.00
1.08
160.58
1.14
-13.67%
-36.74%
1.075
10
4.200
776'282
776'354
712'000
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
319.2
320.3
1.66x
136.8
139.5
3.88x
3.81x
74.1
89.2
7.02x
5.99x
8.73x
9.15x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-0.20
0.02
1.4%
1.4%
1.22
1.91
26.87
50.64
114.13
-36.68
16.00
350.0
14.00
300.0
12.00
250.0
10.00
200.0
8.00
150.0
6.00
100.0
4.00
50.0
2.00
0.00
05.06.2009
0.0
05.12.2009
05.06.2010
05.12.2010
05.06.2011
05.12.2011
05.06.2012
05.12.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Rio Alto Mining Ltd

Holdings By:
All
Holder Name
JP MORGAN
BLACKROCK
AUSCAN ASSETS LIMITE
NORWICH ROGER
CONNOR CLARK & LUNN
HAWKSHAW ANTHONY GRA
CANADA PENSION PLAN
BMO FINANCIAL CORP
TD ASSET MANAGEMENT
US GLOBAL INVESTORS
INTACT INVESTMENT MA
SOLDI JAIME
Firm Name
CIBC World Markets
GMP
Clarus Securities
BMO Capital Markets
Scotia Capital
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
CONNOR CLARK & LUNN
n/a
CANADA PENSION PLAN
BMO FINANCIAL CORP
TD ASSET MANAGEMENT
US GLOBAL INVESTORS
INTACT INVESTEMENT M
n/a
Analyst
MATTHEW GIBSON
ADAM MELNYK
GEORGE V ALBINO
MIKE BANDROWSKI
CHRISTOS DOULIS
BRIAN QUAST
HUMBERTO LEON
MARK TURNER
HEIKO IHLE
CRAIG STERLING
Source
13G
13F
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
SEDI
SEDI
13F
SEDI
13F
13F
13F
13F
13F
13F
13F
13F
SEDI
Recommendation
sector outperform
hold
buy
buy
sector perform
market perform
overweight
sector perform
buy
overweight
Amt Held
28'000'700
27'493'900
14'940'000
12'701'102
7'989'300
6'701'405
6'530'445
4'969'651
4'734'195
4'296'000
3'000'000
2'902'100
2'360'802
2'068'242
1'970'000
1'854'700
1'560'100
1'351'000
1'076'700
1'028'288
% Out
15.92
15.63
8.49
7.22
4.54
3.81
3.71
2.83
2.69
2.44
1.71
1.65
1.34
1.18
1.12
1.05
0.89
0.77
0.61
0.58
Weighting
Change
5
3
5
5
3
3
5
3
5
5
M
M
M
M
M
M
M
M
M
M
Latest Chg
27'493'900
8'960'000
102'600
3'973'199
6'530'445
50'000
265'000
4'296'000
2'902'100
2'360'802
2'068'242
1'970'000
1'854'700
1'560'100
1'351'000
1'076'700
126'000
Target Price
7
5
8
7
4
5
5
5
7
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
15.05.2013
Investment Advisor
31.01.2013
Investment Advisor
14.05.2013
Investment Advisor
31.03.2013
Bank
07.12.2012
Other
25.11.2011
n/a
31.03.2013
Investment Advisor
19.10.2011
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
02.01.2013
n/a
Date
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Date
15.05.2013
15.05.2013
15.05.2013
15.05.2013
15.05.2013
14.05.2013
03.05.2013
08.04.2013
08.04.2013
17.01.2013
16.05.2013
Aurizon Mines Ltd

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.
Price/Volume
6
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
5
4
3
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.09.2012)
52-Week Low (24.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AZK US EQUITY YTD Change
AZK US EQUITY YTD % CHANGE
12/2012
03/yy
5.37
3.19
207'992.00
3.81
-29.05%
19.44%
28.44%
164.7
627.38
0.00
0.0
0.0
204.71
449.51
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1
0
m-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
31.12.2009
31.12.2010
175.6
178.7
3.65x
5.82x
87.5
69.8
7.32x
14.90x
36.7
17.2
Profitability
LTM-4Q
31.12.2011
260.0
2.31x
124.9
4.81x
43.9
-
31.12.2012
223.6
1.61x
92.2
3.90x
31.8
92.23
54.50
24.38%
25.08%
4.76%
5.91%
6.03%
0.49%
41.0%
37.1%
18.6%
14.2%
7.30
6.49
0.00%
0.00%
18.89
7.42
03/yy
269.5
9.71x
134.3
4.46x
49.7
0.00x
LTM
03/yy
210.1
10.01x
77.9
6.98x
20.6
0.00x
FY+1
0.96
136.32
2.40
-3.54%
9.48%
0.958
5
3.000
412'945
888'891
917'810
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
209.3
266.3
46.6
49.5
94.0
139.0
4.79x
3.23x
27.9
51.1
3.4
4.6
29.85x
14.92x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
107.74
19.32
-2.43
0.00
0.0%
0.0%
0.49
1.07
19.33
49.19
82.16
14.19
1.20
300.0
1.00
250.0
0.80
200.0
0.60
j-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
144.5
4.07x
53.5
10.98x
4.9
-
150.0
100.0
0.40
50.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Aurizon Mines Ltd

Holdings By:
All
Holder Name
ALAMOS GOLD INC
SUN VALLEY GOLD LLC
TOUCHSTONE ADVISORS
LB SWISS INVESTMENT
BLACKROCK
CANADA PENSION PLAN
MORGAN STANLEY
JP MORGAN
UBS
HALL DAVID P
TD ASSET MANAGEMENT
NORGES BANK
Firm Name
BMO Capital Markets
EVA Dimensions
Raymond James
CIBC World Markets
Loewen, Ondaatje, McCutcheon Ltd
Scotia Capital
Portfolio Name
n/a
n/a
SUN VALLEY GOLD LLC
Multiple Portfolios
Multiple Portfolios
n/a
CANADA PENSION PLAN
n/a
n/a
n/a
n/a
TD ASSET MANAGEMENT
NORGES BANK
Analyst
BRIAN QUAST
JEFF WRIGHT
ADAM MELNYK
PAOLO LOSTRITTO
CRAIG STERLING
RYAN HANLEY
HEIKO IHLE
FORBES GEMMELL
COSMOS CHIU
MICHAEL G FOWLER
OVAIS HABIB
Source
13D
ULT-AGG
13F
13F
13F
13F
13F
13F
MF-AGG
13F
MF-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
SEDI
13F
13F
Recommendation
underperform
neutral
tender
tender
underweight
tender
buy
Under Review
restricted
buy
restricted
Amt Held
26'507'283
22'947'156
5'855'560
4'647'300
4'273'700
3'842'000
1'707'800
1'674'818
1'655'218
1'584'910
1'400'000
1'379'219
1'304'320
1'289'081
1'264'143
1'121'404
1'093'674
990'342
962'464
955'334
% Out
16.1
13.94
3.56
2.82
2.6
2.33
1.04
1.02
1.01
0.96
0.85
0.84
0.79
0.78
0.77
0.68
0.66
0.6
0.58
0.58
Weighting
Change
1
3
#N/A N/A
#N/A N/A
1
#N/A N/A
5
#N/A N/A
#N/A N/A
5
#N/A N/A
M
M
M
M
D
M
M
M
M
M
M
Latest Chg
(4'072'245)
104'300
(159'200)
4'273'700
3'842'000
1'707'800
1'674'818
1'655'218
45'000
(1'626'815)
1'097'036
1'264'143
(1'183'046)
1'062'194
5'000
12'062
(248'713)
Target Price
4
5
5
5
#N/A N/A
5
5
#N/A N/A
#N/A N/A
6
#N/A N/A
File Dt
19.03.2013
15.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
28.03.2013
31.03.2013
31.12.2012
14.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
04.04.2012
31.03.2013
31.12.2012
Date
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Other
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Endowment
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Unclassified
n/a
Investment Advisor
Government
Date
15.05.2013
13.05.2013
10.05.2013
10.05.2013
15.03.2013
05.03.2013
04.03.2013
05.02.2013
25.01.2013
23.01.2013
21.01.2013
16.05.2013
Endeavour Silver Corp

Endeavour Silver Corp. is a small-cap silver mining company focused on the
growth of its silver production, reserves and resources in Mexico.
Price/Volume
12
3.5 M
10
3.0 M
2.5 M
Latest Fiscal Year:

LTM as of:
52-Week High (21.09.2012)
52-Week Low (15.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EXK US EQUITY YTD Change
EXK US EQUITY YTD % CHANGE
12/2012
03/yy
10.73
4.05
1'438'931.00
4.08
-61.98%
0.74%
0.45%
99.7
406.73
9.00
0.0
0.0
27.14
408.49
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
0
m-12
31.12.2009
31.12.2010
50.8
86.5
3.98x
5.80x
11.3
30.7
17.91x
16.36x
(1.9)
(20.4)
Profitability
.5 M
.0 M
j-12
LTM-4Q
31.12.2011
128.0
5.79x
64.8
11.43x
18.8
-
31.12.2012
208.1
3.68x
89.8
8.53x
42.1
89.81
59.85
28.76%
28.88%
9.33%
12.72%
12.20%
0.58%
41.6%
38.3%
23.6%
20.2%
2.07
1.00
1.88%
2.65%
12.57
4.01
03/yy
141.7
18.97x
71.1
9.84x
38.0
0.00x
j-12
a-12
s-12
o-12
LTM
03/yy
228.9
12.83x
87.6
7.11x
36.7
0.00x
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
1.22
98.17
1.24
-45.96%
-48.29%
1.221
8
4.750
1'131'951
1'418'660
1'438'925
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
238.2
279.8
86.9
131.9
24.1
28.7
4.70x
3.10x
33.9
59.8
9.93x
6.86x
13.83x
11.03x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
185.55
48.70
0.02
0.38
2.6%
2.6%
0.58
1.01
29.04
91.04
52.07
75.06
250.0
1.00
200.0
0.60
1.0 M
1.20
0.80
1.5 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
39.3
1.18x
(4.5)
(18.0)
-
2.0 M
Valuation Analysis
150.0
100.0
0.40
50.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Endeavour Silver Corp

Holdings By:
All
Holder Name
BLACKROCK
NEUBERGER BERMAN LLC
GLOBAL X MANAGEMENT
AGF INVESTMENTS INC
COOKE BRADFORD JAMES
LB SWISS INVESTMENT
VANGUARD GROUP INC
NORGES BANK
TD ASSET MANAGEMENT
SPROTT INC
TECHNICAL FINANCIAL
PADCO ADVISORS INC
CANADA PENSION PLAN
Firm Name
BMO Capital Markets
Salman Partners
Raymond James
EVA Dimensions
CIBC World Markets
GMP
Portfolio Name
n/a
n/a
NEUBERGER BERMAN GRO
GLOBAL X MANAGEMENT
AGF INVESTMENTS INC
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
NORGES BANK
TD ASSET MANAGEMENT
SPROTT INC
TFS CAPITAL LLC
Multiple Portfolios
CANADA PENSION PLAN
Analyst
ANDREW KAIP
ASH GUGLANI
BENJAMIN ASUNCION
CHRIS THOMPSON
HEIKO IHLE
CRAIG STERLING
LEON ESTERHUIZEN
CHELSEA HAMILTON
Source
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
SEDI
13F
MF-AGG
13F
MF-AGG
MF-AGG
13F
13F
13F
13F
13F
MF-AGG
13F
Recommendation
market perform
buy
buy
outperform
buy
overweight
sector outperform
buy
Amt Held
8'013'149
4'503'915
3'482'397
3'118'300
1'502'600
1'141'496
1'110'237
1'085'337
922'750
900'000
836'900
579'250
558'672
547'823
482'200
481'933
446'820
364'494
322'181
298'727
% Out
8.04
4.52
3.49
3.13
1.51
1.15
1.11
1.09
0.93
0.9
0.84
0.58
0.56
0.55
0.48
0.48
0.45
0.37
0.32
0.3
Weighting
Change
3
5
5
5
5
5
5
5
M
M
M
M
M
U
N
M
Latest Chg
1'059'160
(646'415)
(277'402)
224'200
95'000
(18'119)
(16'700)
(200'000)
(71'300)
400'000
25'700
77'803
4'210
(9'867)
(49'400)
193'362
36'380
(744'233)
Target Price
6
8
8
9
6
#N/A N/A
9
10
File Dt
Inst Type
15.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
22.04.2013
n/a
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
28.09.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Date
13.05.2013
08.05.2013
08.05.2013
07.05.2013
07.05.2013
16.04.2013
11.04.2013
08.04.2013
16.05.2013
Continental Gold Ltd

Continental Gold Ltd. is an advanced-stage exploration company. The Company has
a portfolio of gold projects located in established mineral belts in Colombia,
South America. Continental Gold's priorities include advanced exploration and
definition drilling programs at its Buritica gold project and phase-one drilling
at its Berlin project.
Price/Volume
12
6.0 M
Price/ Cash Flow
1.20
4.0 M
3.0 M
12/2012
03/yy
10.03
3.54
479'646.00
3.62
-63.91%
2.26%
1.23%
126.4
457.73
0.00
0.0
0.0
83.89
346.58
2.0 M
2
1.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
5.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (12.11.2012)
52-Week Low (15.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CNL CN EQUITY YTD Change
CNL CN EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
7.0 M
Valuation Analysis
31.12.2008
0.0
(0.6)
(0.6)
-
8.0 M
10
31.12.2009
31.12.2010
0.0
0.0
(4.2)
(10.7)
(4.1)
(119.1)
Profitability
LTM-4Q
31.12.2011
0.0
(11.8)
18.2
38.93x
31.12.2012
03/yy
0.0
#DIV/0!
(9.5)
0.00x
(11.3)
0.00x
(7.9)
-11.77
-12.17
-4.13%
-4.55%
0.00%
8.87
8.87
0.00%
0.00%
0.00
-
LTM
03/yy
0.0
#DIV/0!
(5.0)
0.00x
(13.6)
0.00x
FY+1
0.00
1.15
103.24
0.27
-34.30%
-59.10%
1.150
7
4.000
267'401
639'849
634'223
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
14.0
14.0
(9.6)
(9.6)
(9.6)
(12.8)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-141.81
-569.05
0.00
0.0%
0.0%
0.00
0.00
-
1.0
0.9
1.00
0.8
0.7
0.80
0.60
0.40
0.6
0.5
0.4
0.3
0.2
0.20
0.1
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Continental Gold Ltd

Holdings By:
All
Holder Name
GCIC LTD/CANADA
BULLET HOLDING CORP
COASTAL FINANCING CO
REINDEER CAPITAL LTD
SPROTT INC
EXPERT FUNDING CORP
HARTFORD INVESTMENT
FMR LLC
CARMIGNAC GESTION
FRANKLIN RESOURCES
VANGUARD GROUP INC
SUSSMAN ARI B
PENTAGON PROPERTIES
QUANTEX AG
Firm Name
Stifel
Clarus Securities
TD Securities
Raymond James
GMP
RBC Capital Markets
Interbolsa SA
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
CRAIG P STANLEY
JAMIE SPRATT
JOE FAZZINI
DANIEL EARLE
GARY J BASCHUK
GEORGE V ALBINO
DAN ROLLINS
GABRIEL BAYONA
Source
Co File
Co File
ULT-AGG
SEDI
SEDI
ULT-AGG
SEDI
MF-AGG
MF-AGG
SEDI
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
SEDI
MF-AGG
SEDI
MF-AGG
Recommendation
hold
speculative buy
buy
speculative buy
Under Review
buy
sector perform
speculative buy
Amt Held
17'893'800
16'205'564
8'109'507
8'024'456
5'786'124
4'842'218
3'668'490
2'582'500
2'471'400
2'316'327
2'293'942
2'216'400
2'141'942
1'659'000
1'567'461
1'523'400
1'149'151
1'078'849
1'025'000
900'000
% Out
14.15
12.82
6.41
6.35
4.58
3.83
2.9
2.04
1.95
1.83
1.81
1.75
1.69
1.31
1.24
1.2
0.91
0.85
0.81
0.71
Weighting
Change
3
4
5
4
#N/A N/A
5
3
4
M
M
M
M
M
M
M
M
Latest Chg
116'400
1'985'981
(200'000)
(250'000)
111'800
(250'000)
485'700
(35'000)
353'535
(771'400)
(188'058)
329'000
495'815
1'523'400
10'606
58'800
500'000
90'000
Target Price
#N/A N/A
14
9
10
#N/A N/A
15
11
13
File Dt
Inst Type
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
15.05.2013
Investment Advisor
05.10.2012
Holding Company
21.12.2012
Other
28.03.2013
Bank
21.12.2012
Other
31.01.2013
Investment Advisor
02.11.2012
Corporation
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
29.03.2013
Investment Advisor
28.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
21.08.2012
n/a
15.05.2013
Investment Advisor
23.04.2012
Other
29.03.2013
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Date
03.05.2013
03.05.2013
24.04.2013
23.04.2013
18.04.2013
11.04.2013
07.01.2013
01.10.2012
16.05.2013
Rubicon Minerals Corp

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.
Price/Volume
4
25.0 M
20.0 M
3
3
Latest Fiscal Year:

LTM as of:
52-Week High (17.09.2012)
52-Week Low (18.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RMX CN EQUITY YTD Change
RMX CN EQUITY YTD % CHANGE
12/2012
03/yy
3.80
1.44
880'101.00
1.56
-58.95%
8.33%
5.08%
288.5
450.01
0.44
0.0
0.0
171.99
302.44
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
5.0 M
1
0
m-12
31.12.2009
31.12.2010
0.0
0.0
(4.6)
(25.4)
(0.6)
(25.5)
Profitability
.0 M
j-12
LTM-4Q
31.12.2011
0.0
(21.6)
(21.4)
-
31.12.2012
0.0
(11.6)
(10.4)
-11.56
-11.63
-2.18%
-2.26%
0.00%
10.32
10.29
0.09%
0.10%
0.00
-
03/yy
0.0
#DIV/0!
(21.9)
0.00x
(21.5)
0.00x
j-12
a-12
s-12
o-12
LTM
03/yy
0.0
#DIV/0!
(11.8)
0.00x
(10.4)
0.00x
n-12
d-12
j-13
f-13 m-13
a-13
0.00
1.20
274.32
2.75
-40.23%
-38.82%
1.201
4
4.250
573'435
856'914
849'211
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2
09/13 Q3
7.80x 1560.00x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
25.16x
-0.03
0.1%
0.1%
0.00
0.00
-
1.20
0.1
1.00
0.1
0.80
0.1
0.60
10.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
0.0
(3.4)
(2.4)
-
15.0 M
Valuation Analysis
0.1
0.0
0.40
0.0
0.20
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Rubicon Minerals Corp

Holdings By:
All
Holder Name
GREYWOLF CAPITAL MAN
AGNICO-EAGLE MINES L
SUN VALLEY GOLD LLC
FMR LLC
TD ASSET MANAGEMENT
INVESCO LTD
BLACKROCK
CANADA PENSION PLAN
CAPITAL TACTICS ADVI
TECHNICAL FINANCIAL
VANGUARD GROUP INC
NORGES BANK
ADAMSON DAVID W
LOEWS CORPORATION
SHARE SICAV
D E SHAW & COMPANY I
GLOBAL X MANAGEMENT
Firm Name
TD Securities
BMO Capital Markets
GMP
Portfolio Name
GREYWOLF CAPITAL MAN
n/a
SUN VALLEY GOLD LLC
n/a
TD ASSET MANAGEMENT
n/a
n/a
CANADA PENSION PLAN
CAPITAL TACTICS ADVI
TFS CAPITAL LLC
Multiple Portfolios
NORGES BANK
n/a
LOEWS CORPORATION
Multiple Portfolios
D E SHAW & CO
GLOBAL X MANAGEMENT
Analyst
DANIEL EARLE
ANDREW KAIP
GEORGE V ALBINO
BARRY D ALLAN
Source
13F
13F
13F
13D
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
MF-AGG
13F
SEDI
13F
MF-AGG
13F
13F
Recommendation
speculative buy
market perform
buy
buy
Amt Held
28'491'142
13'783'100
12'987'200
10'671'827
7'263'300
5'002'102
4'815'492
3'672'663
2'770'500
2'510'876
2'247'666
1'992'710
1'938'402
1'661'675
1'560'601
1'535'189
1'401'817
1'244'300
1'175'037
1'019'385
% Out
9.88
4.78
4.5
3.7
2.52
1.73
1.67
1.27
0.96
0.87
0.78
0.69
0.67
0.58
0.54
0.53
0.49
0.43
0.41
0.35
Weighting
Change
4
3
5
5
Latest Chg
5'755'275
423'700
3'862'200
(11'000'000)
1'345'750
(22'525)
441'768
75'100
3'648
(164'800)
(35'900)
814'628
200'100
(247'212)
107'000
22'000
(217'500)
1'019'385
Target Price
M
M
M
M
File Dt
31.03.2013
31.12.2012
31.03.2013
01.06.2012
31.03.2013
31.03.2013
31.03.2013
15.05.2013
31.03.2013
14.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
04.02.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
Date
4
3
8
6
12 month
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Hedge Fund Manager
Corporation
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Government
n/a
Corporation
Investment Advisor
Hedge Fund Manager
Investment Advisor
Date
23.04.2013
15.04.2013
18.03.2013
29.01.2013
16.05.2013
Silvercorp Metals Inc

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.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.09.2012)
52-Week Low (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SVM US EQUITY YTD Change
SVM US EQUITY YTD % CHANGE
03/2012
12/yy
6.86
2.55
1'312'332.00
2.6
-62.10%
1.96%
1.16%
170.8
444.03
0.00
0.0
77.0
154.51
389.71
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
0
m-12
31.03.2009
31.03.2010
83.5
107.2
3.67x
9.86x
40.4
66.4
7.59x
15.92x
(16.0)
38.5
Profitability
LTM-4Q
31.03.2011
167.3
14.29x
110.3
21.68x
67.7
-
31.03.2012
238.0
4.61x
155.3
7.06x
73.8
155.30
141.60
59.50%
61.72%
5.24%
7.01%
9.37%
0.33%
74.3%
53.1%
45.1%
31.0%
4.48
4.16
0.00%
0.00%
32.88
9.50
12/yy
236.1
25.98x
158.2
6.33x
76.2
0.00x
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
LTM
12/yy
192.8
19.96x
102.5
8.01x
30.6
0.00x
FY+1
1.01
164.96
5.03
-47.90%
-48.91%
1.014
4
4.500
731'770
1'150'804
1'427'932
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
201.7
256.0
2.24x
93.2
141.0
4.18x
2.76x
29.5
53.8
12.21x
8.87x
7.88x
6.27x
S&P Issuer Ratings
1652.13
900.45
-1.27
0.00
0.0%
0.0%
0.33
0.54
11.13
38.51
156.53
-60.19
250.0
1.00
200.0
0.60
j-12

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
1.20
0.80
.0 M
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
108.4
10.33x
76.7
14.60x
59.9
-
150.0
100.0
0.40
50.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Silvercorp Metals Inc

Holdings By:
All
Holder Name
FENG RUI
AXA
GLOBAL X MANAGEMENT
CANADA PENSION PLAN
TD ASSET MANAGEMENT
NORGES BANK
VANGUARD GROUP INC
GAO JIANGUO
UBS
SIMPSON S PAUL
GOLDMAN SACHS GROUP
Firm Name
BMO Capital Markets
Raymond James
Salman Partners
EVA Dimensions
Knight
Portfolio Name
n/a
n/a
n/a
GLOBAL X MANAGEMENT
CANADA PENSION PLAN
Multiple Portfolios
TD ASSET MANAGEMENT
NORGES BANK
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
GOLDMAN SACHS GROUP
Analyst
ANDREW KAIP
BRAD HUMPHREY
ASH GUGLANI
CRAIG STERLING
TEAM COVERAGE
Source
ULT-AGG
13F
13F
SEDI
ULT-AGG
13F
13F
13F
13F
13F
MF-AGG
13F
13F
MF-AGG
MF-AGG
SEDI
ULT-AGG
ULT-AGG
PROXY
13F
Recommendation
market perform
outperform
buy
overweight
strong buy
Amt Held
17'994'480
5'068'400
4'484'200
4'169'500
2'259'386
2'207'900
2'176'845
1'644'860
1'393'690
1'333'300
1'083'600
1'065'516
976'053
961'280
888'000
803'713
701'217
653'024
648'005
644'603
% Out
10.54
2.97
2.63
2.44
1.32
1.29
1.27
0.96
0.82
0.78
0.63
0.62
0.57
0.56
0.52
0.47
0.41
0.38
0.38
0.38
Weighting
Change
3
5
5
5
5
M
M
M
U
M
Latest Chg
1'507'271
863'400
(1'325'850)
30'000
510'000
(33'942)
44'900
25'000
(39'797)
(301'811)
55'500
2'990
157'314
(49'295)
(50'126)
Target Price
5
7
7
#N/A N/A
13
File Dt
Inst Type
15.05.2013
Investment Advisor
31.03.2013
Investment Advisor
22.01.2013
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
16.09.2011
n/a
31.03.2013
Bank
31.03.2013
Unclassified
17.08.2012
n/a
31.03.2013
Investment Advisor
Date
Not Provided
12 month
12 month
Not Provided
12 month
Date
13.05.2013
24.04.2013
17.04.2013
09.04.2013
20.09.2011
16.05.2013
Evolution Mining Ltd

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.
Price/Volume
3
18.0 M
16.0 M
14.0 M
12.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.10.2012)
52-Week Low (24.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EVN AU EQUITY YTD Change
EVN AU EQUITY YTD % CHANGE
06/2012
01/yy
2.14
0.83
4'029'300.00
0.83
-61.21%
0.00%
8.02%
708.1
587.72
35.85
0.0
0.0
141.78
622.80
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
(2.3)
(2.3)
-
8.0 M
6.0 M
4.0 M
2.0 M
0
m-12
30.06.2009
(3.3)
(3.3)
Profitability
30.06.2010
22.3
13.04x
2.9
99.74x
5.5
41.35x
30.06.2011
121.9
2.11x
29.7
8.65x
(2.3)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2012
469.5
2.00x
190.4
4.92x
37.3
20.77x
190.41
95.24
20.29%
14.16%
7.60%
9.11%
9.13%
0.50%
28.1%
33.6%
21.2%
7.9%
1.60
1.17
2.82%
3.39%
23.51
9.08
Price/ Cash Flow
j-12
a-12
LTM-4Q
LTM
01/yy
01/yy
-
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
m-13
a-13
FY+1
-
0.00
1.28
442.71
22.07
-38.06%
-51.46%
1.279
14
4.071
4'735'785
4'688'599
3'561'535
FY+2
06/13 Y
06/14 Y
613.6
701.9
1.15x
0.93x
234.4
289.2
2.66x
2.15x
57.8
82.4
9.88x
7.22x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
27.52
-3.81
0.16
0.39
3.4%
3.3%
0.50
0.63
15.57
40.32
62.99
6.10
80.00
500.0
70.00
450.0
400.0
60.00
350.0
50.00
300.0
40.00
250.0
200.0
30.00
150.0
20.00
100.0
10.00
50.0
0.00
03.07.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
10.0 M
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Evolution Mining Ltd

Holdings By:
All
Holder Name
NEWCREST MINING LTD
ALLAN GRAY AUSTRALIA
BLACKROCK
RUFFER LLP
WALKER DONALD ROBIN
KLEIN JACOB
Trinity Management P
AMP LIFE LTD
LB SWISS INVESTMENT
LUJETA PTY LTD
FRANKLIN RESOURCES
CREASY MARK GARETH
JJ HOLDINGS (VIC) PT
NORGES BANK
FMR LLC
VANGUARD GROUP INC
VANGUARD INVESTMENTS
Portfolio Name
n/a
#N/A N/A
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Firm Name
Analyst
Macquarie
Deutsche Bank
Goldman Sachs
Investec
RBC Capital Markets
JPMorgan
BBY Limited
Credit Suisse
Paterson Securities
Nomura
EVA Dimensions
RBS Morgans
Ord Minnett
Bell Potter
Hartleys
MITCH RYAN
CHRIS TERRY
PAUL HISSEY
TIM GERRARD
GEOFF BREEN
JOSEPH KIM
KURT WORDEN
MICHAEL SLIFIRSKI
MATTHEW TRIVETT
DAVID RADCLYFFE
CRAIG STERLING
JAMES WILSON
DAVID BRENNAN
CATHY MOISES
CHRIS WHITEHEAD
PETER GRAY
Source
Co File
EXCH
ULT-AGG
ULT-AGG
MF-AGG
Co File
EXCH
Co File
MF-AGG
Co File
MF-AGG
Co File
ULT-AGG
Co File
Co File
MF-AGG
ULT-AGG
MF-AGG
13F
MF-AGG
Recommendation
outperform
hold
neutral/attractive
buy
outperform
neutral
strong buy
outperform
hold
suspended coverage
buy
outperform
buy
negative
buy
buy
Amt Held
231'082'631
69'618'085
43'595'715
19'201'488
11'341'660
6'015'385
5'800'000
5'382'930
5'000'000
4'933'179
4'500'000
4'220'000
4'050'000
3'856'176
3'552'009
3'182'195
3'139'480
2'701'033
2'493'191
2'377'918
% Out
32.63
9.83
6.16
2.71
1.6
0.85
0.82
0.76
0.71
0.7
0.64
0.6
0.57
0.54
0.5
0.45
0.44
0.38
0.35
0.34
Weighting
Change
5
3
3
5
5
3
5
5
3
#N/A N/A
5
5
5
2
5
5
M
D
M
M
M
M
M
U
M
M
U
N
M
D
M
M
Latest Chg
9'983'115
(2'500)
50'000
67'263
302'373
(20'500)
(18'512)
Target Price
1
1
1
1
1
1
1
1
1
#N/A N/A
#N/A N/A
2
#N/A N/A
#N/A N/A
2
2
File Dt
Inst Type
17.09.2012
Corporation
09.05.2013
Investment Advisor
15.05.2013
Investment Advisor
14.05.2013
Investment Advisor
17.09.2012
n/a
05.02.2013
n/a
17.09.2012
Unclassified
31.03.2013
Investment Advisor
17.09.2012
Investment Advisor
31.12.2012
Investment Advisor
17.09.2012
Corporation
28.03.2013
Investment Advisor
17.09.2012
n/a
30.08.2012
Other
31.12.2012
Government
31.10.2012
Investment Advisor
31.03.2013
Investment Advisor
30.09.2012
Investment Advisor
Date
12 month
12 month
12 month
12 month
12 month
9 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Date
14.05.2013
13.05.2013
09.05.2013
26.04.2013
24.04.2013
24.04.2013
24.04.2013
23.04.2013
23.04.2013
12.04.2013
20.02.2013
27.11.2012
01.11.2012
26.10.2012
06.03.2012
02.02.2012
16.05.2013
China Precious Metal Resources Holdings Co Ltd

China Precious Metal Resources Holdings Co Ltd.through its subsidiary, mines for
precious metals.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.11.2012)
52-Week Low (16.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
1194 HK EQUITY YTD Change
1194 HK EQUITY YTD % CHANGE
12/2012
01/yy
1.62
1.08
42'412'001.00
1.36
-16.05%
25.93%
50.00%
4'350.7
5'916.99
1'841.42
100.19
7'658.21
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
180.0 M
160.0 M
140.0 M
120.0 M
100.0 M
80.0 M
60.0 M
40.0 M
20.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
139.5
1.97x
(51.4)
(52.2)
-
31.12.2009
31.12.2010
19.4
168.2
167.09x
37.32x
5.1
116.1
639.25x
54.07x
(29.2)
21.9
72.08x
Profitability
31.12.2011
1'119.3
5.56x
824.5
7.55x
417.4
12.00x
31.12.2012
1'626.0
5.03x
1'110.5
7.37x
445.1
12.13x
1'110.52
841.85
51.77%
40.73%
5.76%
9.71%
0.21%
63.9%
68.3%
51.8%
27.4%
0.47
0.30
19.79%
32.85%
10.74
9.33
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.00
0.63
3'550.71
0.74%
-8.11%
0.626
4
5.000
6'086'558
5'300'008
7'618'551
FY+2
12/13 Y
12/14 Y
1'910.0
2'396.3
4.03x
3.05x
1'277.0
1'593.5
6.00x
4.81x
569.0
679.3
9.38x
8.34x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
6.19
0.11
1.57
1.66
32.9%
24.7%
0.21
1.11
34.07
39.24
135.77
-62.45
5'000.0
4'500.0
1.00
4'000.0
3'500.0
0.80
0.60
0.40
3'000.0
2'500.0
2'000.0
1'500.0
1'000.0
0.20
500.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
China Precious Metal Resources Holdings Co Ltd

Holdings By:
All
Holder Name
MUNSUN GL MINING INV
YIM YANG CHANG
ASWELL GROUP LTD
PREMIUM WISE INC
SIMPLE BEST LTD
NORGES BANK
VANGUARD GROUP INC
ZHANG SHU GUANG
XIAOBING DAI
BLACKROCK
CHAM LAM
CHAM LAM
CLAYMORE ADVISORS LL
STATE STREET
XIMIN MEI
KIN SANG CHAN
Firm Name
Daiwa Securities Co. Ltd.
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Analyst
JOEY CHEN
CHRIS JIANG
BENJAMIN PEI
CRAIG STERLING
Source
EXCH
EXCH
EXCH
ULT-AGG
EXCH
EXCH
ULT-AGG
EXCH
MF-AGG
MF-AGG
EXCH
EXCH
ULT-AGG
EXCH
Short
MF-AGG
ULT-AGG
Co File
MF-AGG
Co File
Recommendation
Amt Held
% Out
312'576'000
7.18
307'206'000
7.06
257'196'670
5.91
221'008'000
5.08
217'908'000
5.01
187'636'382
4.31
25'326'000
0.58
16'682'000
0.38
15'562'110
0.36
15'208'000
0.35
10'300'000
0.24
10'000'000
0.23
9'512'000
0.22
7'400'000
0.17
(6'000'000) -0.14
4'858'000
0.11
3'528'000
0.08
2'000'000
0.05
1'920'000
0.04
800'000
0.02
Weighting
buy
buy
buy
buy
Change
5
5
5
5
N
M
M
U
Latest Chg
(126'190'000)
24'900'000
(679'470'000)
(50'000'000)
794'000
1'120'000
(1'000'000)
-
Target Price
2
2
2
#N/A N/A
File Dt
02.05.2013
26.10.2012
16.10.2012
15.05.2013
22.01.2013
08.11.2012
31.01.2013
07.10.2011
31.12.2012
31.03.2013
18.04.2012
10.04.2013
14.05.2013
16.10.2012
16.10.2012
15.05.2013
15.05.2013
31.12.2011
31.01.2013
31.12.2011
Date
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
n/a
Other
Investment Advisor
Investment Advisor
Holding Company
Investment Advisor
Other
Government
Investment Advisor
n/a
n/a
Investment Advisor
n/a
n/a
Investment Advisor
Investment Advisor
n/a
Investment Advisor
n/a
Date
10.05.2013
19.04.2013
02.04.2013
17.01.2013
16.05.2013
Seabridge Gold Inc

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.
Price/Volume
25
4.5 M
4.0 M
20
3.5 M
3.0 M
15
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.09.2012)
52-Week Low (18.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SA US EQUITY YTD Change
SA US EQUITY YTD % CHANGE
12/2012
03/yy
20.34
9.63
467'017.00
10.19
-49.89%
5.82%
5.23%
45.6
464.22
0.00
0.0
0.0
52.04
420.67
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
2.0 M
1.5 M
1.0 M
.5 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
0.0
(5.6)
10.3
-
2.5 M
10
31.12.2009
31.12.2010
0.0
0.0
(5.0)
(5.7)
(4.7)
3.3
Profitability
LTM-4Q
31.12.2011
0.0
(19.8)
(20.1)
-
31.12.2012
0.0
(15.8)
(12.5)
-15.82
-15.83
-5.08%
-5.37%
0.00%
5.11
5.11
0.00%
0.00%
0.00
-
03/yy
0.0
#DIV/0!
(19.8)
0.00x
(18.3)
0.00x
LTM
03/yy
0.0
#DIV/0!
(5.1)
0.00x
(14.1)
0.00x
0.99
41.57
3.88
-19.95%
-43.29%
0.990
2
4.000
249'532
378'080
377'719
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2
09/13 Q3
(15.0)
(16.0)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-385.83
-1574.22
0.0%
0.0%
0.00
0.00
-
1.0
0.9
1.00
0.8
0.7
0.80
0.60
0.40
0.6
0.5
0.4
0.3
0.2
0.20
0.1
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Seabridge Gold Inc

Holdings By:
All
Holder Name
PAN ATLANTIC BANK
FRONK RUDI P
ANTHONY JAMES S
FMR LLC
FCMI FINANCIAL CORP
FNDTN FOR STUDY OBJ
BLACKROCK
FOX LOUIS J
THRELKELD WILLIAM E
BANFIELD A FREDERICK
NORGES BANK
VANGUARD GROUP INC
Firm Name
Nomura
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
NORGES BANK
Multiple Portfolios
Analyst
ADAM P GRAF
CHRISTOS DOULIS
TYLER BRODA
Source
ULT-AGG
PROXY
13F
13F
SEDI
PROXY
ULT-AGG
13F
PROXY
13F
SEDI
MF-AGG
ULT-AGG
SEDI
13F
SEDI
PROXY
13F
MF-AGG
13F
Recommendation
buy
sector perform
buy
Amt Held
12'566'447
8'001'232
5'837'287
2'022'491
1'180'000
779'791
601'905
572'976
555'000
478'467
425'334
415'000
338'868
300'750
286'420
265'000
245'000
235'224
199'794
167'000
% Out
27.58
17.56
12.81
4.44
2.59
1.71
1.32
1.26
1.22
1.05
0.93
0.91
0.74
0.66
0.63
0.58
0.54
0.52
0.44
0.37
Weighting
Change
5
3
5
Latest Chg
661'363
(289'596)
10'000
115'079
(203'241)
(35'000)
(465'199)
(23'150)
(10'000)
(71'639)
21'035
-
Target Price
M
M
M
64
22
24
File Dt
Inst Type
15.05.2013
Investment Advisor
10.05.2012
Bank
31.03.2013
Investment Advisor
16.11.2012
n/a
15.05.2012
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
10.05.2012
Corporation
06.02.2012
Other
02.05.2013
Investment Advisor
14.05.2013
Investment Advisor
06.12.2011
n/a
31.03.2013
Investment Advisor
30.08.2011
n/a
15.05.2012
n/a
31.12.2012
Government
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
Date
13.05.2013
08.03.2013
16.05.2012
16.05.2013
Beadell Resources Ltd

Beadell Resources Limited is a gold development company. The Company's
primary asset is the Tucano gold project, located in Brazil. Beadell also has
an extensive portfolio of gold exploration tenements throughout Australia
and Brazil, including the prospective Tropicana East Project located adjacent
to the Tropicana gold deposit
Price/Volume
12/2012
01/yy
1.14
0.52
6'881'259.00
0.625
-44.93%
20.19%
22.76%
786.5
491.55
132.84
0.0
0.0
5.38
619.01
31.12.2009
(3.9)
(3.9)
Profitability
31.12.2010
2.9
28.44x
(7.5)
(8.3)
-
31.12.2011
0.0
(35.3)
(34.8)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
20.0 M
15.0 M
10.0 M
5.0 M
0
m-12
j-12
j-12
a-12
LTM-4Q
LTM
01/yy
01/yy
31.12.2012
0.9
976.94x
(14.0)
(43.0)
-13.98
-14.11
-1612.69%
-4944.23%
-22.34%
-100.81%
0.00%
-1612.7%
-4913.5%
0.44
0.05
53.81%
407.55%
-
Price/ Cash Flow
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
m-13
a-13
FY+1
-
0.00
1.31
628.43
39.70
17.92%
-36.22%
1.313
14
4.643
6'406'797
9'031'217
8'016'993
FY+2
12/13 Y
12/14 Y
313.1
332.8
1.50x
1.02x
161.1
182.5
3.84x
3.39x
127.8
141.0
4.40x
3.68x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
-5.55
-16.00
407.5%
80.3%
0.00
0.01
-
70.00
3.5
60.00
3.0
50.00
2.5
40.00
2.0
30.00
1.5
20.00
1.0
10.00
0.5
0.00
03.07.2009
25.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

(5.9)
(5.3)
-
30.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (07.12.2012)
52-Week Low (16.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BDR AU EQUITY YTD Change
BDR AU EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
35.0 M
1
1
Valuation Analysis
31.12.2008
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Beadell Resources Ltd

Holdings By:
All
Holder Name
MACQUARIE GROUP
COUPLAND CARDIFF ASS
L1 CAPITAL PTY LTD
BOWLER PETER
FRANKLIN RESOURCES
BLACKROCK
OZ MINERALS INVESTME
AMP LIFE LTD
UNISUPER
FMR LLC
BRAIDWOOD INVESTMENT
LEIBOWITZ ANTHONY HO
BARRETT GREGORY MICH
ACORN CAPITAL LTD
HOOKIPA PTY LTD
WATKINS ROBERT
TWYNAM AGRICULTURAL
NORGES BANK
Firm Name
Macquarie
Shaw Stockbroking
Ord Minnett
Octa Phillip Securities Ltd
Hartleys
GMP
Casimir Capital
EVA Dimensions
Blackswan Equities Ltd
RBS Morgans
Bell Potter
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Analyst
MITCH RYAN
VINCENT PISANI
DAVID BRENNAN
PATRICK CHANG
ANDREW SHEARER
TRENT BARNETT
LEVI SPRY
ERIC ALLISON
CRAIG STERLING
RHYS BRADLEY
JAMES WILSON
CATHY MOISES
CHRIS WHITEHEAD
Source
EXCH
ULT-AGG
ULT-AGG
Co File
EXCH
EXCH
ULT-AGG
ULT-AGG
Co File
Co File
EXCH
ULT-AGG
Co File
EXCH
Co File
EXCH
Co File
EXCH
Co File
MF-AGG
Recommendation
outperform
buy
buy
buy
buy
buy
buy
overweight
sell
buy
outperform
Positive
buy
Amt Held
61'627'671
57'959'639
39'552'582
37'132'343
23'660'753
21'043'333
19'652'465
16'469'711
12'800'000
12'331'993
12'137'228
11'653'618
9'100'001
8'586'457
8'351'651
7'556'401
7'254'650
6'150'001
5'975'000
4'785'317
% Out
7.84
7.37
5.03
4.72
3.01
2.68
2.5
2.09
1.63
1.57
1.54
1.48
1.16
1.09
1.06
0.96
0.92
0.78
0.76
0.61
Weighting
Change
5
5
5
5
5
5
5
5
1
5
5
4
5
M
M
M
N
M
M
M
M
M
N
N
N
M
Latest Chg
386'033
12'464'715
(21'000'000)
(4'000'000)
70'000
65'047
1'685'000
263'091
-
Target Price
1
1
1
1
1
1
1
2
#N/A N/A
1
1
#N/A N/A
1
File Dt
Inst Type
18.04.2013
Investment Advisor
15.05.2013
Investment Advisor
13.05.2013
Investment Advisor
22.11.2012
Investment Advisor
30.11.2012
n/a
28.03.2013
Investment Advisor
14.05.2013
Investment Advisor
31.03.2012
Unclassified
31.03.2012
Investment Advisor
05.12.2011
Other
31.03.2013
Investment Advisor
31.03.2012
Unclassified
30.11.2012
n/a
31.12.2011
n/a
05.12.2011
Investment Advisor
31.03.2012
Unclassified
14.11.2012
n/a
31.12.2012
Other
31.12.2012
Government
Date
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Date
14.05.2013
03.05.2013
01.05.2013
26.04.2013
24.04.2013
23.04.2013
28.03.2013
16.01.2013
15.01.2013
21.12.2012
27.11.2012
24.10.2012
05.03.2012
16.05.2013
Resolute Mining Ltd

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.
Price/Volume
3
2
2
Valuation Analysis
Latest Fiscal Year:

LTM as of:
52-Week High (05.10.2012)
52-Week Low (16.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RSG AU EQUITY YTD Change
RSG AU EQUITY YTD % CHANGE
06/2012
01/yy
2.08
0.71
11'227'856.00
0.735
-64.66%
4.26%
1.54%
643.1
472.67
11.02
0.0
(33.3)
48.78
411.55
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
231.5
2.48x
20.9
27.45x
(56.7)
-
30.06.2009
30.06.2010
299.7
334.9
1.12x
1.49x
57.3
80.3
5.85x
6.23x
30.7
(37.2)
6.17x
Profitability
30.06.2011
445.1
1.36x
110.0
5.49x
59.7
8.72x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2012
576.7
1.37x
254.4
3.10x
105.1
7.25x
254.40
180.99
31.38%
21.58%
21.89%
25.34%
27.39%
0.90%
35.8%
42.1%
31.0%
18.2%
3.40
0.76
1.66%
1.91%
28.85
2.69
Price/ Cash Flow
20.0 M
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
m-13
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
6.80
1.25
510.03
0.94
-45.93%
-55.18%
1.252
13
3.769
9'066'289
5'008'541
4'297'626
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
12/11 Q2 03/12 Q3
657.1
585.1
0.53x
0.56x
274.6
224.3
1.50x
1.84x
144.8
96.9
3.21x
4.59x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
24.36
22.02
-0.13
0.06
1.9%
2.0%
0.90
3.38
12.69
136.26
32.96
85.74
25.00
700.0
600.0
20.00
500.0
15.00
400.0
300.0
10.00
200.0
5.00
0.00
03.07.2009
100.0
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Resolute Mining Ltd

Holdings By:
All
Holder Name
UTILICO INVESTMENTS
ALLIANCE LIFE COMMON
VANGUARD GROUP INC
VINVA INVESTMENT MGM
CF RUFFER BAKER STEE
RUFFER LLP
ECLECTIC INVEST TRUS
PERMANENT INVESTMENT
GENUS DYNAMIC GOLD F
JP MORGAN
BAKER STEEL CAPITAL
NORGES BANK
SULLIVAN PETER ROSS
FMR LLC
ICM LTD
Firm Name
Veritas Securities
Morgan Stanley
GMP
Bell Potter
BMO Capital Markets
EVA Dimensions
Westhouse Securities
Helmsec Global Capital Limited
Deutsche Bank
Portfolio Name
n/a
n/a
#N/A N/A
#N/A N/A
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Analyst
REG SPENCER
MATTHEW BAILLIE
BRENDAN FITZPATRICK
LEVI SPRY
STEPHEN THOMAS
PATRICK CHANG
DAVID HAUGHTON
CRAIG STERLING
ROB BROKE
GAVIN VAN DER WATH
CHRIS TERRY
Source
EXCH
Co File
EXCH
EXCH
EXCH
ULT-AGG
EXCH
EXCH
MF-AGG
EXCH
ULT-AGG
EXCH
EXCH
ULT-AGG
EXCH
MF-AGG
MF-AGG
EXCH
ULT-AGG
EXCH
Recommendation
sell
buy
Equalwt/In-Line
buy
buy
buy
market perform
buy
add
speculative buy
not rated
Amt Held
121'029'227
62'989'484
47'350'000
44'600'000
39'392'367
33'691'540
32'497'591
19'097'479
12'576'000
5'350'000
5'020'898
5'010'643
4'811'000
4'776'489
4'300'000
3'713'389
3'455'670
3'007'448
2'988'261
2'903'765
% Out
18.82
9.79
7.36
6.94
6.13
5.24
5.05
2.97
1.96
0.83
0.78
0.78
0.75
0.74
0.67
0.58
0.54
0.47
0.46
0.45
Weighting
Change
1
5
3
5
5
5
3
5
4
4
#N/A N/A
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(9'650'000)
(5'750'000)
(9'442'393)
(3'846'391)
1'850'000
(4'989'357)
807'280
(500'000)
-
Target Price
1
2
1
2
2
2
2
#N/A N/A
2
2
#N/A N/A
File Dt
Inst Type
24.04.2013
Investment Advisor
24.04.2013
n/a
09.05.2013
Investment Advisor
10.05.2013
Investment Advisor
10.05.2012
Investment Advisor
15.05.2013
Investment Advisor
31.01.2013
Investment Advisor
04.04.2012
n/a
24.04.2013
Investment Advisor
31.01.2013
Investment Advisor
12.07.2012
Other
23.02.2012
n/a
31.03.2013
Investment Advisor
04.04.2012
Investment Advisor
31.12.2012
Government
30.09.2012
Investment Advisor
02.01.2013
n/a
31.03.2013
Investment Advisor
24.04.2013
Other
Date
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Date
13.05.2013
30.04.2013
24.04.2013
24.04.2013
24.04.2013
24.04.2013
15.04.2013
17.01.2013
08.11.2012
31.07.2012
22.02.2012
16.05.2013
Endeavour Mining Corp

Endeavour Mining Corp. is a growth focused West African gold producer. The
Company's operations include three operating mines in Ghana, Mali, and Burkina
Faso, and a fourth mine in Cote d'Ivoire that is currently in construction.
Endeavour also has a large West African land position with active exploration
programs.
Price/Volume
3
8.0 M
7.0 M
6.0 M
5.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.10.2012)
52-Week Low (18.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EDV CN EQUITY YTD Change
EDV CN EQUITY YTD % CHANGE
12/2012
03/yy
2.56
0.83
2'009'360.00
0.88
-65.63%
6.02%
2.89%
412.5
362.99
201.83
0.0
75.0
113.67
526.11
30.06.2008
109.2
57.1
3.99x
4.0 M
3.0 M
2.0 M
1.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
9.0 M
30.06.2009
30.06.2010
(219.3)
167.1
(237.2)
130.7
(241.8)
125.3
1.70x
Profitability
LTM-4Q
31.12.2011
145.6
3.93x
43.3
13.22x
(23.5)
-
31.12.2012
346.1
2.81x
136.2
7.14x
(8.6)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
136.25
62.12
17.95%
10.05%
-0.61%
-0.97%
-0.90%
0.25%
27.4%
39.4%
18.0%
-2.5%
2.48
1.17
11.50%
19.00%
16.54
4.08
Price/ Cash Flow
03/yy
193.0
6.42x
70.0
7.66x
(44.4)
0.00x
LTM
03/yy
385.0
5.32x
100.9
0.00x
24.8
14.83x
FY+1
0.00
0.99
406.80
0.43
-55.33%
-57.49%
0.985
5
4.800
2'004'066
1'953'092
2'075'166
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
490.8
634.0
103.0
120.0
193.0
235.3
2.73x
2.24x
81.6
207.0
6.24x
5.09x
5.95x
4.78x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
25.82
2.76
0.65
1.48
19.0%
15.1%
0.25
0.33
22.12
89.61
90.61
21.22
90.00
400.0
80.00
300.0
70.00
60.00
200.0
50.00
100.0
40.00
0.0
30.00
20.00
-100.0
10.00
-200.0
0.00
03.07.2009
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
-300.0
16.05.2013
Endeavour Mining Corp

Holdings By:
All
Holder Name
FMR LLC
RUFFER LLP
JP MORGAN
ASHDELL LTD
BLACKROCK
VANGUARD GROUP INC
NORGES BANK
WELLS FARGO
CONNELLY MARK
DWS INVESTMENT SA
LB SWISS INVESTMENT
SPROTT INC
WOODYER NEIL
LAING DAVID C
Firm Name
Goldman Sachs
Raymond James
CIBC World Markets
GMP
BMO Capital Markets
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
EUGENE KING
BRAD HUMPHREY
NICHOLAS CAMPBELL
LEON ESTERHUIZEN
ANDREW MIKITCHOOK
ANDREW BREICHMANAS
Source
ULT-AGG
Co File
ULT-AGG
MF-AGG
13G
ULT-AGG
MF-AGG
PROXY
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
SEDI
MF-AGG
MF-AGG
MF-AGG
SEDI
SEDI
Recommendation
Buy/Neutral
outperform
speculative buy
sector outperform
buy
not rated
Amt Held
32'707'812
20'147'799
14'061'830
9'321'000
4'850'000
4'757'617
3'700'000
2'800'000
2'765'232
2'268'936
1'918'223
1'877'316
1'266'210
999'030
855'000
800'000
700'000
541'001
447'127
388'618
% Out
7.93
4.88
3.41
2.26
1.18
1.15
0.9
0.68
0.67
0.55
0.47
0.46
0.31
0.24
0.21
0.19
0.17
0.13
0.11
0.09
Weighting
Change
5
5
4
5
5
#N/A N/A
M
M
M
M
M
M
Latest Chg
(7'178'000)
526'000
(500'000)
(3'078'475)
14'500
421'209
60'256
799'000
(171'161)
50'000
60'000
Target Price
2
3
3
2
3
#N/A N/A
File Dt
Inst Type
15.05.2013
Investment Advisor
31.10.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2011
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
10.09.2012
Other
31.01.2013
Investment Advisor
14.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
15.05.2013
Investment Advisor
31.03.2013
Investment Advisor
12.12.2011
n/a
28.03.2013
Investment Advisor
27.03.2013
Investment Advisor
19.04.2013
n/a
16.04.2013
n/a
Date
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
15.05.2013
15.05.2013
15.05.2013
11.04.2013
01.04.2013
24.01.2013
16.05.2013
Fortuna Silver Mines Inc

Fortuna Silver Mines Inc. is a growth oriented, silver and base metal producer
focused on mining opportunities in Latin America. The Company's primary assets
are the San Jose silver-gold mine in Mexico and the Caylloma silver-lead-zinc
mine in Peru. Fortuna Silver Mines is selectively pursuing additional
acquisition opportunities in the Americas.
Price/Volume
6
6.0 M
5.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (21.09.2012)
52-Week Low (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FVI CN EQUITY YTD Change
FVI CN EQUITY YTD % CHANGE
12/2012
03/yy
5.85
2.67
739'038.00
2.8
-52.14%
4.87%
4.09%
125.3
350.85
282.51
4.0 M
3.0 M
2.0 M
1
1.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
7.0 M
Valuation Analysis
31.12.2008
24.8
1.39x
0.1
401.05x
(0.9)
-
8.0 M
31.12.2009
31.12.2010
51.4
74.1
3.01x
6.78x
21.3
34.1
7.25x
14.71x
0.6
16.0
99.42x
34.34x
Profitability
LTM-4Q
31.12.2011
110.0
5.78x
48.8
13.01x
19.5
32.35x
31.12.2012
161.0
70.7
31.5
15.45x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
70.72
49.34
30.64%
28.09%
10.70%
12.77%
12.75%
0.55%
43.9%
43.9%
30.6%
19.5%
6.97
7.48
Price/ Cash Flow
03/yy
128.7
17.74x
59.4
8.66x
25.9
20.48x
LTM
03/yy
161.1
8.90x
49.2
0.00x
27.0
18.73x
FY+1
0.00
1.44
124.53
2.97
-21.13%
-32.53%
1.439
10
4.300
469'640
477'159
455'622
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
170.2
204.8
39.0
40.7
73.4
103.2
20.0
23.5
3.85x
2.74x
30.7
42.7
4.7
6.1
11.41x
8.49x
10.58x
9.42x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
125.83
46.04
-0.88
0.04
0.55
0.83
52.51
48.91
39.64
-
35.00
180.0
30.00
160.0
140.0
25.00
120.0
20.00
100.0
15.00
80.0
60.0
10.00
40.0
5.00
0.00
01.01.2010
20.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Fortuna Silver Mines Inc

Holdings By:
All
Holder Name
SPROTT INC
MASON HILL ADVISORS
BLACKROCK
GLOBAL X MANAGEMENT
TD ASSET MANAGEMENT
AGF INVESTMENTS INC
CQS CAYMAN LP
CANADA PENSION PLAN
VANGUARD GROUP INC
FEDERATED INVESTORS
QUANTEX AG
NORTHWEST MUTUAL FUN
MD MANAGEMENT LTD
VEHRS THOMAS I
Firm Name
BMO Capital Markets
Raymond James
EVA Dimensions
CIBC World Markets
Scotia Capital
Portfolio Name
SPROTT INC
MASON HILL ADVISORS
n/a
GLOBAL X MANAGEMENT
TD ASSET MANAGEMENT
AGF INVESTMENTS INC
Multiple Portfolios
CQS CAYMAN LP
n/a
CANADA PENSION PLAN
Multiple Portfolios
FEDERATED INVESTORS
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
ANDREW KAIP
NICHOLAS CAMPBELL
JEFF WRIGHT
CHRIS THOMPSON
GRAEME JENNINGS
BENJAMIN ASUNCION
CRAIG STERLING
HEIKO IHLE
LEON ESTERHUIZEN
TREVOR TURNBULL
Source
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
MF-AGG
13F
13F
ULT-AGG
13F
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
SEDI
Recommendation
market perform
speculative buy
buy
outperform
market perform
buy
overweight
buy
sector outperform
sector perform
Amt Held
9'880'700
8'370'809
7'932'400
3'994'740
2'187'340
1'641'307
1'380'838
1'210'600
1'169'500
1'137'189
997'900
750'000
711'800
704'591
615'180
600'000
600'000
505'241
462'200
425'000
% Out
7.89
6.68
6.33
3.19
1.75
1.31
1.1
0.97
0.93
0.91
0.8
0.6
0.57
0.56
0.49
0.48
0.48
0.4
0.37
0.34
Weighting
Change
3
4
5
5
3
5
5
5
5
3
M
M
M
U
M
M
D
M
N
M
Latest Chg
(643'800)
(356'649)
1'487'550
180'272
1'641'307
(16'962)
36'400
(239'800)
(289'500)
(100'000)
138'400
206'500
47'900
225'000
Target Price
5
6
5
5
4
5
#N/A N/A
4
6
4
File Dt
Inst Type
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
14.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
28.09.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Holding Company
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
29.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
29.11.2011
n/a
Date
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Date
13.05.2013
13.05.2013
13.05.2013
09.05.2013
09.05.2013
09.05.2013
09.05.2013
08.05.2013
11.04.2013
21.03.2013
16.05.2013
McEwen Mining Inc

McEwen Mining Inc. is a high growth, low cost mid-tier gold producer in the
Americas.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.11.2012)
52-Week Low (18.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MUX US EQUITY YTD Change
MUX US EQUITY YTD % CHANGE
12/2012
03/yy
4.72
1.67
3'088'439.00
2.05
-56.54%
22.75%
12.47%
258.6
609.04
0.00
0.0
0.0
70.92
563.91
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
1.00
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
0.0
(19.7)
(131.1)
-
5
5
4
4
3
3
2
2
1
1
0
m-12
31.12.2009
31.12.2010
0.0
0.0
(17.3)
(29.0)
(27.7)
(33.1)
Profitability
LTM-4Q
31.12.2011
0.0
(59.6)
(61.9)
-
31.12.2012
6.0
178.15x
(92.3)
(66.7)
-92.34
-93.37
-1565.02%
-1573.89%
-5.11%
-6.66%
0.03%
10.5%
-172.0%
-174.8%
-1117.2%
3.65
2.82
0.00%
0.00%
3.60
03/yy
3.0
948.65x
(69.8)
0.00x
(70.5)
0.00x
LTM
03/yy
38.9
99.45x
(66.8)
0.00x
(58.4)
0.00x
FY+1
0.00
1.48
184.40
29.24
-4.14%
-46.48%
1.484
3
3.667
2'961'632
3'765'805
3'341'979
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
150.0
217.0
34.8
39.2
42.0
114.0
13.43x
4.95x
70.9
114.0
16.1
18.8
25.63x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
0.00
0.0%
0.0%
0.03
0.05
101.38
188.52
-
7.0
6.0
5.0
0.80
4.0
0.60
3.0
0.40
2.0
1.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
McEwen Mining Inc

Holdings By:
All
Holder Name
MCEWEN ROBERT R
BLACKROCK
VANGUARD GROUP INC
STATE STREET
JENNISON ASSOCIATES
STALEY CAPITAL ADVIS
GLOBAL X MANAGEMENT
HORIZON KINETICS
SPROTT INC
WELLS FARGO
FMR LLC
AEGIS FINANCIAL CORP
Firm Name
Stifel
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
JENNISON ASSOCIATES
n/a
STALEY CAPITAL ADVIS
GLOBAL X MANAGEMENT
n/a
SPROTT INC
n/a
Multiple Portfolios
n/a
Analyst
ADAM P GRAF
CRAIG P STANLEY
CRAIG STERLING
Source
Form 4
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
MF-AGG
13F
ULT-AGG
13F
13F
Recommendation
buy
buy
underweight
Amt Held
73'428'564
14'825'787
13'335'621
10'796'918
8'798'586
7'321'268
6'747'005
3'940'961
3'200'440
2'998'509
2'696'531
2'166'610
1'770'336
1'735'340
1'478'932
1'410'913
1'166'475
1'152'810
1'104'843
1'063'594
% Out
28.4
5.73
5.16
4.18
3.4
2.83
2.61
1.52
1.24
1.16
1.04
0.84
0.68
0.67
0.57
0.55
0.45
0.45
0.43
0.41
Weighting
Change
5
5
1
M
M
U
Latest Chg
2'112'575
(90'000)
(3'843'036)
(2'501'373)
(79'379)
993'013
753'503
(38'931)
450'000
(26'038)
(82'987)
(1'000'000)
153'696
15'016
73'405
295'800
27'168
1'063'594
Target Price
7
3
#N/A N/A
File Dt
Inst Type
18.04.2013
n/a
15.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
Date
13.05.2013
09.05.2013
18.04.2013
16.05.2013
MAG Silver Corp

MAG Silver Corp acquires and explores mineral properties with a focus on
high-grade silver and gold. The Company, through its subsidiary, holds options
to earn an interest in properties located in Mexico.
Price/Volume
14
.8 M
12
.7 M
.6 M
10
.5 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.11.2012)
52-Week Low (15.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MAG CN EQUITY YTD Change
MAG CN EQUITY YTD % CHANGE
12/2012
12/yy
13.32
6.50
145'824.00
6.51
-51.13%
0.15%
0.15%
60.1
391.52
0.00
0.0
0.0
41.05
350.47
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
(6.7)
(5.9)
-
.3 M
.2 M
.1 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
.4 M
31.12.2009
31.12.2010
0.0
0.0
(9.4)
(12.9)
(13.5)
(12.6)
Profitability
LTM-4Q
31.12.2011
0.0
(9.5)
(8.3)
-
31.12.2012
0.0
(13.4)
(12.3)
-13.45
-13.49
-10.53%
-10.72%
0.00%
31.79
31.65
0.00%
0.00%
0.00
-
12/yy
0.0
#DIV/0!
(9.5)
0.00x
(8.3)
0.00x
LTM
12/yy
0.0
#DIV/0!
(13.5)
0.00x
(12.3)
0.00x
0.00
1.68
48.04
0.20
-8.70%
-35.99%
1.681
4
4.500
108'497
140'367
178'965
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1
06/13 Q2
(3.4)
(3.4)
(4.4)
(9.2)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
(0.9)
(0.9)
-
(0.9)
(0.9)
0.00
0.0%
0.0%
0.00
0.00
-
1.0
0.9
1.00
0.8
0.7
0.80
0.60
0.40
0.6
0.5
0.4
0.3
0.2
0.20
0.1
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
MAG Silver Corp

Holdings By:
All
Holder Name
FRESNILLO PLC
MASON HILL ADVISORS
SPROTT INC
FRANKLIN RESOURCES
CANADA PENSION PLAN
BLACKROCK
SUN VALLEY GOLD LLC
CARMAX ENTERPRISES
GLOBAL X MANAGEMENT
US GLOBAL INVESTORS
FALCON FUND MANAGEME
WELLS FARGO
CARLSON ERIC H
RAFFLES ASSOCIATES L
AGF INVESTMENTS INC
Firm Name
BMO Capital Markets
Macquarie
Raymond James
Portfolio Name
n/a
MASON HILL ADVISORS
n/a
SPROTT INC
n/a
CANADA PENSION PLAN
n/a
SUN VALLEY GOLD LLC
n/a
GLOBAL X MANAGEMENT
US GLOBAL INVESTORS
Multiple Portfolios
n/a
n/a
AGF INVESTMENTS INC
Analyst
JOHN P HAYES
NICHOLAS CAMPBELL
MICHAEL GRAY
DAVID SADOWSKI
Source
PROXY
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
Co File
13F
13F
13F
MF-AGG
ULT-AGG
13F
SEDI
13F
13F
Recommendation
speculative buy
outperform
outperform
Amt Held
9'746'193
5'227'561
4'329'250
3'859'581
3'597'500
2'755'754
1'626'550
1'583'225
992'852
986'206
946'300
788'555
764'000
528'682
432'000
402'144
390'000
379'200
372'900
370'978
% Out
16.21
8.69
7.2
6.42
5.98
4.58
2.7
2.63
1.65
1.64
1.57
1.31
1.27
0.88
0.72
0.67
0.65
0.63
0.62
0.62
Weighting
Change
4
4
5
5
M
M
M
M
Latest Chg
1'805'500
2'224'600
2'755'754
(544'950)
466'927
(408'125)
(10'525)
4'000
8'100
90'000
50'000
105'600
Target Price
#N/A N/A
15
14
14
File Dt
07.09.2012
31.03.2013
31.03.2013
15.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
14.05.2013
31.03.2013
31.12.2010
31.03.2013
31.03.2013
31.03.2013
28.02.2013
31.03.2013
31.03.2013
03.08.2012
31.03.2013
31.03.2013
Date
Not Provided
12 month
12 month
12 month
Inst Type
Unclassified
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Corporation
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Hedge Fund Manager
Investment Advisor
Date
13.05.2013
07.05.2013
25.04.2013
24.04.2013
16.05.2013
Primero Mining Corp

Primero Mining Corporation is a gold and silver producer. The Company focuses
on building a precious metals portfolio in the Americas.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (24.10.2012)
52-Week Low (28.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
P
CN EQUITY YTD Change
P
CN EQUITY YTD % CHANGE
12/2012
03/yy
7.89
2.43
342'492.00
5.17
-34.47%
112.76%
50.18%
97.4
503.74
40.00
0.0
0.0
139.24
385.66
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
0.0
(0.6)
(0.7)
-
LTM-4Q
31.12.2009
31.12.2010
0.0
60.3
8.68x
(0.6)
12.8
40.81x
(0.7)
(31.5)
Profitability
31.12.2011
156.5
1.80x
72.8
3.86x
49.6
5.81x
31.12.2012
182.9
2.88x
77.4
6.79x
49.6
11.91x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
77.44
49.39
27.00%
24.42%
7.25%
8.68%
0.28%
58.7%
38.8%
22.8%
27.1%
3.07
2.66
5.97%
7.00%
34.70
7.65
Price/ Cash Flow
03/yy
166.6
6.89x
80.8
2.70x
76.1
2.95x
LTM
03/yy
185.3
8.97x
71.9
7.52x
48.3
13.08x
FY+1
0.00
1.48
65.03
5.51
104.35%
-19.22%
1.482
12
4.667
209'352
305'423
374'610
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
201.5
250.8
61.2
53.1
1.75x
1.44x
5.97x
6.70x
89.1
136.4
33.6
23.7
4.33x
2.83x
3.64x
3.57x
48.3
69.0
25.1
14.6
11.75x
8.52x
11.70x
10.49x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
26.82
13.06
-1.52
0.45
7.0%
6.5%
0.28
0.38
10.52
47.70
173.68
-86.81
7.00
200.0
180.0
6.00
160.0
5.00
140.0
120.0
4.00
100.0
80.0
3.00
60.0
2.00
40.0
1.00
0.00
01.01.2010
20.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Primero Mining Corp

Holdings By:
All
Holder Name
GOLDCORP INC
FRANKLIN RESOURCES
BLACKROCK
CONNOR CLARK & LUNN
O'SHAUGHNESSY ASSET
SPROTT INC
SUN VALLEY GOLD LLC
FMR LLC
CONWAY JOSEPH F
SPARK INVESTMENT MAN
MD MANAGEMENT LTD
Firm Name
Macquarie
TD Securities
BMO Capital Markets
RBC Capital Markets
CIBC World Markets
Cantor Fitzgerald
GMP
Scotia Capital
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
CONNOR CLARK & LUNN
n/a
n/a
O'SHAUGHNESSY ASSET
SPROTT INC
Multiple Portfolios
SUN VALLEY GOLD LLC
n/a
n/a
SPARK INVESTMENT MAN
Multiple Portfolios
Analyst
STEVEN BUTLER
MICHAEL GRAY
RICHARD GRAY
STEVEN J GREEN
BRIAN QUAST
DAN ROLLINS
CHITIMUKULU MUSONDA
ROB CHANG
CHELSEA HAMILTON
OVAIS HABIB
CRAIG STERLING
BARRY D ALLAN
Source
SEDI
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
MF-AGG
13F
ULT-AGG
13F
13F
SEDI
13F
13F
MF-AGG
Recommendation
buy
outperform
buy
buy
outperform
sector perform
sector outperform
buy
buy
sector outperform
hold
buy
Amt Held
31'151'200
7'443'290
7'016'800
6'354'449
5'548'175
5'225'586
4'851'400
4'120'705
1'895'988
1'707'777
1'452'000
1'116'000
1'076'900
918'600
879'700
755'000
563'300
548'800
529'500
510'100
% Out
31.97
7.64
7.2
6.52
5.69
5.36
4.98
4.23
1.95
1.75
1.49
1.15
1.11
0.94
0.9
0.77
0.58
0.56
0.54
0.52
Weighting
Change
5
5
5
5
5
3
5
5
5
5
3
5
M
M
M
M
M
M
M
M
M
M
U
M
Latest Chg
(8'422'460)
(34'700)
68'800
(36)
79'800
3'822'900
(297'524)
108'693
(1'155'890)
(128'000)
(1'221'100)
(144'400)
81'100
50'000
548'800
(53'300)
(66'400)
Target Price
10
7
9
9
9
7
9
9
10
9
#N/A N/A
10
File Dt
12.10.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
15.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
28.02.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
04.07.2012
31.03.2013
31.03.2013
31.03.2013
Date
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Inst Type
Corporation
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Date
13.05.2013
09.05.2013
09.05.2013
09.05.2013
08.05.2013
08.05.2013
08.05.2013
08.05.2013
08.05.2013
23.04.2013
15.04.2013
27.03.2013
16.05.2013
Kingsgate Consolidated Ltd

Kingsgate Consolidated Limited is a gold mining and exploration company with
operations focused in Thailand at the Chatree gold project. The Company also
explores for silver and other metals.
Price/Volume
7
4.5 M
4.0 M
3.5 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.10.2012)
52-Week Low (16.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
KCN AU EQUITY YTD Change
KCN AU EQUITY YTD % CHANGE
06/2012
01/yy
6.20
1.61
3'329'013.00
1.645
-73.47%
2.17%
1.02%
152.2
250.36
157.54
0.0
0.0
90.62
382.02
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
0
m-12
30.06.2009
30.06.2010
113.0
176.1
5.46x
5.16x
(38.1)
84.7
10.74x
32.5
66.3
19.20x
12.59x
Profitability
30.06.2011
172.4
6.69x
66.8
17.26x
21.1
42.78x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2012
357.4
2.24x
164.9
4.86x
75.2
9.24x
164.86
97.31
27.23%
25.54%
4.93%
6.76%
6.48%
0.37%
33.2%
23.9%
21.0%
2.03
0.98
15.03%
20.31%
18.50
-
Price/ Cash Flow
j-12
a-12
LTM-4Q
LTM
01/yy
01/yy
-
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
-
.0 M
m-13
9.12
1.33
146.95
9.16
-66.42%
-62.11%
1.328
12
2.750
1'823'418
1'464'115
1'346'155
FY+2
06/13 Y
06/14 Y
341.8
389.2
1.11x
0.97x
114.8
144.1
3.33x
2.65x
33.5
46.0
6.80x
6.45x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
10.36
-0.38
20.3%
16.9%
0.37
0.47
19.78
42.36
50.00
400.0
45.00
350.0
40.00
300.0
35.00
250.0
30.00
25.00
200.0
20.00
150.0
15.00
100.0
10.00
50.0
5.00
0.00
03.07.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
74.3
6.01x
19.6
22.77x
36.2
10.12x
3.0 M
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Kingsgate Consolidated Ltd

Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
RUFFER LLP
SMYTH-KIRK ROSS DONA
THOMAS GAVIN
NORGES BANK
ARINYA INVESTMENTS P
VANGUARD GROUP INC
AXA ROSENBERG INTL
ERSTE SPARINVEST KAG
SCHRODER INVESTMENT
PACIFIC INCOME ADVIS
HSBC TRINKAUS INVEST
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Firm Name
Analyst
EVA Dimensions
Macquarie
Goldman Sachs
BBY Limited
Veritas Securities
RBC Capital Markets
BMO Capital Markets
E.L. & C. Baillieu
Deutsche Bank
Bell Potter
CRAIG STERLING
MITCH RYAN
PAUL HISSEY
KURT WORDEN
MATTHEW BAILLIE
STEUART MCINTYRE
DAVID HAUGHTON
SOPHIE SPARTALIS
CATHY MOISES
CHRIS TERRY
PETER CHAPMAN
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
ULT-AGG
EXCH
MF-AGG
ULT-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
overweight
neutral
sell/attractive
strong buy
buy
underperform
market perform
hold
negative
not rated
Under Review
Amt Held
13'470'832
10'654'665
9'639'841
8'578'820
5'550'000
4'693'651
4'118'481
3'706'582
1'065'821
1'042'573
946'403
944'190
925'953
879'689
751'153
662'402
540'000
354'759
281'011
225'000
% Out
8.85
7
6.33
5.64
3.65
3.08
2.71
2.44
0.7
0.69
0.62
0.62
0.61
0.58
0.49
0.44
0.35
0.23
0.18
0.15
Weighting
Change
5
3
1
5
5
1
3
3
2
#N/A N/A
#N/A N/A
U
M
M
M
M
D
M
M
D
M
M
Latest Chg
(450'000)
(1'356'557)
(369'358)
50'000
310'561
16'822
3'261
63'808
523'974
308'118
-
Target Price
#N/A N/A
3
2
3
3
2
5
4
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
Inst Type
14.05.2013
Investment Advisor
15.05.2013
Investment Advisor
26.04.2013
Investment Advisor
31.10.2012
Investment Advisor
28.02.2013
Investment Advisor
03.04.2013
n/a
30.09.2012
Investment Advisor
31.01.2013
Investment Advisor
06.05.2013
n/a
31.12.2012
Government
28.03.2013
Investment Advisor
03.04.2013
Other
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
28.12.2012
Investment Advisor
31.03.2013
Investment Advisor
28.03.2013
Investment Advisor
31.07.2012
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
14.05.2013
13.05.2013
09.05.2013
30.04.2013
30.04.2013
29.04.2013
15.04.2013
15.03.2013
02.11.2012
22.02.2012
02.11.2011
16.05.2013
Timmins Gold Corp

Timmins Gold Corporation operates as a gold exploration and production company.
The Company owns and operates a Mexican based mine where they develop, explore
and produce gold.
Price/Volume
4
3.5 M
3.0 M
2.5 M
Latest Fiscal Year:

LTM as of:
52-Week High (13.11.2012)
52-Week Low (23.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TMM CN EQUITY YTD Change
TMM CN EQUITY YTD % CHANGE
12/2012
03/yy
3.48
1.49
879'490.00
2.22
-36.21%
48.99%
36.68%
144.1
319.87
17.55
0.0
0.0
24.06
310.24
31.03.2008
0.0
(4.2)
(5.3)
-
1.5 M
2
1
1.0 M
.5 M
0
m-12
31.03.2009
31.03.2010
0.0
0.0
(3.5)
(6.7)
(3.4)
(8.6)
Profitability
LTM-4Q
31.03.2011
84.4
4.15x
43.5
8.05x
11.5
27.89x
31.12.2012
156.1
2.73x
68.5
6.22x
36.1
12.02x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
68.51
60.58
38.80%
36.58%
21.95%
33.32%
30.52%
0.80%
49.1%
45.8%
40.4%
23.1%
1.97
0.97
8.12%
11.93%
17.74
2.58
Price/ Cash Flow
03/yy
105.8
12.87x
56.7
5.63x
21.2
14.12x
j-12
a-12
s-12
o-12
LTM
03/yy
166.2
8.95x
76.0
5.36x
45.5
9.04x
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
0.00
1.11
137.45
0.12
37.04%
-25.75%
1.108
14
4.571
479'660
673'355
654'738
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
196.3
214.8
47.0
46.2
1.37x
0.94x
6.48x
6.42x
88.4
90.5
17.5
19.9
3.51x
3.43x
4.06x
4.09x
49.8
48.0
10.6
9.2
6.49x
6.67x
6.73x
6.63x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
27.48
13.71
-0.12
0.23
11.9%
10.7%
0.80
1.27
20.58
141.38
55.91
151.43
500.00
180.0
450.00
160.0
400.00
140.0
350.00
120.0
300.00
100.0
250.00
80.0
200.00
60.0
150.00
40.0
100.00
20.0
50.00
0.00
03.04.2009
.0 M
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
Valuation Analysis
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
03.04.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Timmins Gold Corp

Holdings By:
All
Holder Name
CONNOR CLARK & LUNN
SPROTT INC
RUFFER LLP
BRAGAGNOLO BRUCE
GCIC LTD/CANADA
BONILLAS ZEPEDA F A
CANADA PENSION PLAN
CQS CAYMAN LP
MD MANAGEMENT LTD
BLACKROCK
BMO FINANCIAL CORP
VANGUARD GROUP INC
Firm Name
Macquarie
TD Securities
M Partners Inc
RBC Capital Markets
PI Financial Corp.
Casimir Capital
Scotia Capital
EVA Dimensions
MGI Securities
Portfolio Name
n/a
n/a
CONNOR CLARK & LUNN
SPROTT INC
Multiple Portfolios
n/a
GCIC LTD
n/a
CANADA PENSION PLAN
CQS CAYMAN LP
Multiple Portfolios
n/a
BMO FINANCIAL CORP
Multiple Portfolios
Analyst
ADAM P GRAF
SHANE NAGLE
MICHAEL SIPERCO
KYLE MCPHEE
STEVEN J GREEN
ERIK BERMEL
SAM CRITTENDEN
JOE FAZZINI
NICHOLAS CAMPBELL
PHILIP KER
BRIAN SZETO
STUART MCDOUGALL
OVAIS HABIB
CRAIG STERLING
MARC PAIS
Source
13F
ULT-AGG
ULT-AGG
13F
13F
13F
MF-AGG
SEDI
13F
13F
SEDI
13F
13F
13F
13F
13F
MF-AGG
ULT-AGG
13F
MF-AGG
Recommendation
buy
outperform
neutral
buy
buy
buy
outperform
buy
sell
buy
outperform
buy
sector outperform
overweight
buy
Amt Held
25'551'300
10'964'736
8'131'210
5'781'224
5'253'300
3'810'200
3'706'900
2'928'000
2'728'100
2'705'400
2'584'800
2'217'500
2'050'500
2'003'600
1'929'200
1'500'000
1'054'100
820'191
698'391
659'429
% Out
17.73
7.61
5.64
4.01
3.65
2.64
2.57
2.03
1.89
1.88
1.79
1.54
1.42
1.39
1.34
1.04
0.73
0.57
0.48
0.46
Weighting
Change
5
5
3
5
5
5
5
5
1
5
5
5
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
262'100
70'979
5'781'224
161'700
860'000
(25'000)
463'100
100'000
(34'729)
536'400
(1'661'700)
200'000
243'100
200'000
(35'600)
63'043
(4'915)
83'000
Target Price
3
4
3
3
4
4
4
4
2
3
4
4
4
#N/A N/A
5
File Dt
31.03.2013
15.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
27.12.2012
03.01.2013
31.03.2013
31.03.2013
19.12.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
Date
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
n/a
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
13.05.2013
10.05.2013
09.05.2013
09.05.2013
09.05.2013
09.05.2013
08.05.2013
08.05.2013
08.05.2013
08.05.2013
08.05.2013
01.05.2013
23.04.2013
15.01.2013
05.07.2011
16.05.2013
St Barbara Ltd
St. Barbara Limited is a gold exploration and production company. The Company's
exploration projects include its Southern Cross and Leonora Operations which
are located in Western Australia.
Price/Volume
3
30.0 M
25.0 M
20.0 M
15.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.10.2012)
52-Week Low (08.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SBM AU EQUITY YTD Change
SBM AU EQUITY YTD % CHANGE
06/2012
01/yy
2.40
0.51
4'438'933.00
0.62
-74.17%
21.57%
7.94%
488.1
302.61
4.26
0.0
0.0
185.40
453.36
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
143.1
3.41x
(0.1)
(17.3)
-
10.0 M
30.06.2009
30.06.2010
281.1
296.8
1.33x
2.01x
50.3
77.2
7.42x
7.74x
(76.3)
(40.2)
Profitability
30.06.2011
359.6
1.58x
109.3
5.21x
68.6
9.29x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2012
541.2
0.73x
224.1
1.76x
130.2
4.42x
224.06
133.19
24.61%
20.23%
9.10%
13.09%
0.55%
50.3%
38.5%
21.0%
24.1%
3.39
2.62
0.62%
0.75%
27.54
4.82
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.00
1.23
486.24
13.37
-66.49%
-57.09%
1.225
14
4.357
6'088'577
4'944'770
4'005'479
FY+2
06/13 Y
06/14 Y
530.2
620.2
0.83x
0.56x
158.2
237.0
2.87x
1.91x
39.9
78.3
7.65x
4.00x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
15.03.2013
B
STABLE
308.62
164.28
0.75
1.08
0.8%
0.7%
0.55
0.71
13.29
75.96
69.88
-34.88
25.00
600.0
500.0
20.00
400.0
15.00
300.0
10.00
200.0
5.00
0.00
03.07.2009
100.0
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
St Barbara Ltd
Holdings By:
All
Holder Name
FRANKLIN RESOURCES
VANGUARD GROUP INC
PARADICE INVESTMENT
UBS
STATE STREET
RUFFER LLP
BLACKROCK
LSV ASSET MANAGEMENT
FMR LLC
COMMONWEALTH BANK OF
HUNTER HALL INVESTME
JP MORGAN
JCP INVESTMENT PARTN
BANQUE DE LUXEMBOURG
CENTAURUS CAPITAL LT
Firm Name
Deutsche Bank
Goldman Sachs
Ord Minnett
Macquarie
Bell Potter
RBC Capital Markets
E.L. & C. Baillieu
Nomura
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Analyst
CHRIS TERRY
PAUL HISSEY
LUKE SMITH
DAVID BRENNAN
MITCH RYAN
STEPHEN THOMAS
STEUART MCINTYRE
SOPHIE SPARTALIS
DAVID RADCLYFFE
CRAIG STERLING
CATHY MOISES
TROY IRVIN
Source
EXCH
ULT-AGG
EXCH
ULT-AGG
EXCH
ULT-AGG
EXCH
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
RNS-RUL8
ULT-AGG
RNS-RUL8
RNS-RUL8
MF-AGG
ULT-AGG
RNS-RUL8
MF-AGG
Short
Recommendation
buy
neutral/attractive
buy
buy
outperform
buy
outperform
buy
neutral
buy
Positive
buy
Amt Held
% Out
93'372'398 19.13
70'959'173 14.54
60'536'881
12.4
38'851'254
7.96
19'990'864
4.1
16'608'948
3.4
16'240'544
3.33
15'874'016
3.25
12'749'179
2.61
12'528'000
2.57
11'424'935
2.34
11'363'061
2.33
10'598'053
2.17
8'897'062
1.82
7'754'662
1.59
6'700'000
1.37
6'200'627
1.27
6'032'951
1.24
6'000'000
1.23
(5'746'460) -1.18
Weighting
Change
5
3
5
5
5
5
5
5
3
5
4
5
M
M
M
M
M
M
M
M
M
M
U
U
Latest Chg
(547'654)
9'536'881
12'768'675
512'340
(1'270'413)
38'344
79'914
(1'335'100)
684'600
(536'807)
(8'245'338)
300'000
(2'413'751)
(326'553)
500'000
(506'570)
Target Price
1
1
1
1
1
1
1
2
1
#N/A N/A
#N/A N/A
3
File Dt
Inst Type
14.02.2013
Investment Advisor
28.03.2013
Investment Advisor
29.01.2013
Investment Advisor
15.05.2013
Investment Advisor
13.09.2012
Investment Advisor
06.09.2012
Unclassified
03.11.2011
Investment Advisor
31.01.2013
Investment Advisor
15.05.2013
Investment Advisor
14.05.2013
Investment Advisor
23.07.2012
Investment Advisor
31.03.2013
Investment Advisor
31.08.2012
Bank
12.07.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
09.08.2012
Investment Advisor
28.03.2013
Investment Advisor
06.09.2012
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
13.05.2013
13.05.2013
13.05.2013
01.05.2013
26.04.2013
24.04.2013
23.04.2013
23.04.2013
08.03.2013
17.01.2013
19.07.2012
18.06.2012
16.05.2013
Premier Gold Mines Ltd

Premier Gold Mines Limited is a mining and exploration company focused on
developing gold projects worldwide.
Price/Volume
8
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
7
6
5
4
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2012)
52-Week Low (18.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PG CN EQUITY YTD Change
PG CN EQUITY YTD % CHANGE
12/2012
12/yy
6.79
1.57
1'366'168.00
1.72
-74.67%
9.55%
2.87%
149.4
256.90
18.50
0.0
40.6
85.10
230.94
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2
1
0
m-12
31.12.2009
31.12.2010
0.0
0.0
(6.2)
(13.2)
(3.7)
(10.9)
Profitability
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
LTM-4Q
31.12.2011
0.0
(11.9)
(16.8)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
0.0
(12.5)
(32.1)
-12.54
-12.60
-8.06%
-9.88%
0.00%
-1325.5%
-1366.1%
5.74
5.59
3.85%
4.95%
1.21
-
Price/ Cash Flow
12/yy
0.0
#DIV/0!
(5.4)
0.00x
(16.8)
0.00x
LTM
12/yy
0.9
2932.95x
(12.2)
0.00x
(32.1)
0.00x
FY+1
0.00
1.79
144.31
5.28
-52.09%
-59.05%
1.792
12
4.167
974'211
1'415'851
1'066'926
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
0.0
0.0
(11.0)
(11.0)
(15.2)
(20.8)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-34.03
-100.44
-1.51
5.0%
4.3%
0.00
0.00
302.60
3549.64
-
450.00
1.0
400.00
0.9
350.00
0.8
0.7
300.00
0.6
250.00
200.00
0.5
0.4
150.00
0.3
100.00
0.2
50.00
0.1
0.00
01.01.2010
j-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
0.0
(3.2)
0.2
-
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Premier Gold Mines Ltd

Holdings By:
All
Holder Name
FMR LLC
GCIC LTD/CANADA
DOWNIE EWAN S
LB SWISS INVESTMENT
BLACKROCK
SHARE SICAV
MIDDLEFIELD SECURITI
VANGUARD GROUP INC
TD ASSET MANAGEMENT
US GLOBAL INVESTORS
AGF INVESTMENTS INC
SPROTT INC
Firm Name
Stifel
Scotia Capital
Beacon Securities Ltd
Cantor Fitzgerald
Laurentian Bank Securities
CIBC World Markets
Octagon Capital Corporation
RBC Capital Markets
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
CRAIG P STANLEY
OVAIS HABIB
MICHAEL CURRAN
ROB CHANG
ERIC LEMIEUX
JEFF KILLEEN
STEVEN BUTLER
ANNIE ZHANG
CHRISTOS DOULIS
SAM CRITTENDEN
BARRY D ALLAN
CRAIG STERLING
Source
ULT-AGG
Co File
ULT-AGG
MF-AGG
SEDI
MF-AGG
MF-AGG
ULT-AGG
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
sector outperform
buy
buy
speculative buy
sector perform
speculative buy
speculative buy
outperform
outperform
speculative buy
sell
Amt Held
19'258'570
13'896'800
11'579'722
7'832'701
3'130'601
2'900'000
1'318'700
1'300'423
1'166'300
947'736
822'618
820'314
812'900
800'000
720'847
705'900
700'000
562'437
556'136
548'899
% Out
12.89
9.3
7.75
5.24
2.1
1.94
0.88
0.87
0.78
0.63
0.55
0.55
0.54
0.54
0.48
0.47
0.47
0.38
0.37
0.37
Weighting
Change
5
5
5
5
4
3
4
4
5
5
4
1
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
3'271'500
(10'800)
7'500
275'000
1'896
(502'900)
(148'500)
163'248
(100'000)
54'600
10'000
(15'100)
-
Target Price
4
6
6
6
4
7
7
6
6
5
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.03.2013
Investment Advisor
31.10.2012
Investment Advisor
15.05.2013
Investment Advisor
31.01.2013
Investment Advisor
24.04.2013
n/a
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
14.05.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2011
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
15.05.2013
Investment Advisor
28.09.2012
Investment Advisor
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Date
03.05.2013
23.04.2013
19.04.2013
18.04.2013
18.04.2013
11.04.2013
11.04.2013
02.04.2013
28.03.2013
12.03.2013
30.01.2013
17.01.2013
16.05.2013
Northern Star Resources Ltd

Northern Star Resources Ltd is an Australian Gold Producer with tenement
holdings and gold deposits located in the Ashburton - Pilbara Region of Western
Australia.
Price/Volume
2
60.0 M
50.0 M
1
1
40.0 M
06/2012
01/yy
1.59
0.61
4'498'099.00
0.725
-54.26%
19.83%
14.80%
424.3
307.60
9.43
0.0
0.0
64.96
268.49
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
(0.1)
(0.1)
-
20.0 M
10.0 M
0
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
30.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.11.2012)
52-Week Low (16.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NST AU EQUITY YTD Change
NST AU EQUITY YTD % CHANGE
30.06.2009
30.06.2010
(5.1)
(4.7)
Profitability
(1.3)
(1.3)
-
30.06.2011
114.9
1.11x
45.1
2.83x
16.3
7.80x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2012
99.5
2.55x
47.5
5.35x
22.0
12.62x
47.49
30.02
30.16%
31.60%
29.17%
42.20%
38.16%
1.05%
57.3%
50.7%
34.2%
22.1%
3.13
2.68
7.03%
9.97%
3404.63
5.45
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
4.83
0.66
373.09
5.19
20.03%
-40.64%
0.663
6
4.333
3'348'683
4'402'472
4'275'693
FY+2
06/13 Y
06/14 Y
133.9
164.5
1.91x
1.45x
75.7
92.4
3.55x
2.91x
33.4
41.1
9.80x
7.80x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
89.78
40.79
-0.68
0.20
10.0%
9.1%
1.05
2.27
0.11
67.11
67.12
-39.98
12.00
140.0
10.00
120.0
100.0
8.00
80.0
6.00
60.0
4.00
40.0
2.00
20.0
0.00
03.07.2009
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Northern Star Resources Ltd

Holdings By:
All
Holder Name
BLACKROCK
INVESTMET LIMITED
PARADICE INVESTMENT
BEAMENT WILLIAM JAME
JP MORGAN
FOTIOS MICHAEL GEORG
ROWE CHRISTOPHER
GCIC LTD/CANADA
MORGAN STANLEY AUSTR
VANGUARD GROUP INC
NORGES BANK
BROWN KAREN ELIZABET
MACQUARIE GROUP
O'CONNOR PETER EDMUN
PARRY RAYMOND JOSEPH
OBERWEIS ASSET MANAG
Firm Name
RBC Capital Markets
Ord Minnett
Hartleys
Paterson Securities
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Analyst
PATRICK CHANG
STEUART MCINTYRE
DAVID BRENNAN
MIKE MILLIKAN
TIM MCCORMACK
CRAIG STERLING
Source
ULT-AGG
ULT-AGG
EXCH
EXCH
EXCH
ULT-AGG
EXCH
EXCH
MF-AGG
EXCH
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Co File
ULT-AGG
EXCH
Co File
MF-AGG
Recommendation
buy
sector perform
buy
buy
buy
hold
Amt Held
31'535'653
26'706'283
21'946'900
18'915'010
12'134'735
11'803'850
7'103'474
3'986'195
3'350'000
3'202'580
2'250'000
2'095'462
1'638'853
1'572'104
1'501'596
1'191'666
1'168'772
850'000
378'334
316'200
% Out
7.43
6.29
5.17
4.46
2.86
2.78
1.67
0.94
0.79
0.75
0.53
0.49
0.39
0.37
0.35
0.28
0.28
0.2
0.09
0.07
Weighting
Change
5
3
5
5
5
3
M
M
M
M
M
U
Latest Chg
(230'268)
3'981'558
(18'089'000)
(2'872'573)
(1'514'461)
(7'400'000)
3'350'000
(36'529'953)
(15'180)
38'476
212'438
(310'278)
316'200
Target Price
1
1
1
1
1
#N/A N/A
File Dt
14.05.2013
15.05.2013
30.11.2012
08.01.2013
30.11.2012
31.03.2013
30.11.2012
30.11.2012
31.12.2012
04.12.2012
30.06.2012
30.09.2012
31.01.2013
31.03.2013
31.12.2012
30.06.2012
30.06.2011
03.12.2012
30.06.2012
31.12.2012
Date
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
n/a
Investment Advisor
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
n/a
Investment Advisor
n/a
n/a
Investment Advisor
Date
16.05.2013
08.05.2013
01.05.2013
29.04.2013
29.04.2013
28.02.2013
16.05.2013

Tanzanian Royalty Exploration Corporation acquires, explores, and develops
mineral properties. The Company explores for gold.
Price/Volume
6
3.5 M
3.0 M
2.5 M
Latest Fiscal Year:

LTM as of:
52-Week High (21.09.2012)
52-Week Low (18.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TRX US EQUITY YTD Change
TRX US EQUITY YTD % CHANGE
08/2012
02/yy
5.34
2.42
323'081.00
2.63
-50.75%
8.68%
7.19%
100.7
264.79
2.07
0.0
0.0
20.06
256.10
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
1.5 M
1.0 M
.5 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.08.2008
0.0
(2.9)
(3.7)
-
2.0 M
Valuation Analysis
31.08.2009
31.08.2010
0.0
0.0
(3.4)
(3.0)
(4.7)
(3.4)
Profitability
LTM-4Q
31.08.2011
0.0
(4.3)
(11.1)
-
31.08.2012
0.0
(5.1)
(8.9)
-5.06
-5.44
-3.52%
-4.13%
0.00%
8.84
8.68
3.28%
4.09%
0.00
-
02/yy
0.0
#DIV/0!
(4.6)
0.00x
(14.6)
0.00x
LTM
02/yy
0.0
#DIV/0!
(5.0)
0.00x
(2.2)
0.00x
1.25
92.75
8.19
-26.54%
-40.36%
1.246
0
277'054
472'773
474'072
FY+1
FY+2
FQ+1
FQ+2
08/13 Y
08/14 Y
05/13 Q3
08/13 Q4
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-49.26
-133.96
-0.21
4.1%
3.9%
0.00
0.00
-
1.0
0.9
1.00
0.8
0.7
0.80
0.60
0.40
0.6
0.5
0.4
0.3
0.2
0.20
0.1
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013

Holdings By:
All
Holder Name
GEIER GROUP LLC
SINCLAIR JAMES E
BPI GLOBAL INVESTMEN
BLACKROCK
CANADA PENSION PLAN
VANGUARD GROUP INC
MORROW ROSALIND
HARVEY WILLIAM M
BMO FINANCIAL CORP
LUIS VICTORIA
DEUTSCHE BANK AG
VAN TONGEREN STEVEN
ALTUS CAPITAL INC
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
CANADA PENSION PLAN
Multiple Portfolios
n/a
n/a
BMO FINANCIAL CORP
Multiple Portfolios
n/a
BANK OF AMERICA
n/a
ALTUS CAPITAL INC
Analyst
Source
ULT-AGG
13G
MF-AGG
SEDI
MF-AGG
ULT-AGG
13F
MF-AGG
SEDI
SEDI
13F
MF-AGG
13F
13F
13F
20F
13F
13F
SEDI
13F
Recommendation
Amt Held
14'700'030
4'879'743
3'669'696
1'885'543
673'902
516'924
498'912
474'292
429'429
340'090
334'811
309'070
287'556
212'810
190'479
144'045
141'479
124'831
124'663
104'500
% Out
14.6
4.85
3.64
1.87
0.67
0.51
0.5
0.47
0.43
0.34
0.33
0.31
0.29
0.21
0.19
0.14
0.14
0.12
0.12
0.1
Weighting
Change
Latest Chg
1'177'305
(4'801'048)
(116'921)
(1'000)
(37'877)
131'800
60'200
5'382
7'732
4'654
102'344
250
22'792
(4'090)
27'380
544
56'500
Target Price
#N/A N/A
File Dt
Inst Type
15.05.2013
Investment Advisor
10.11.2011
Other
28.02.2013
Investment Advisor
08.02.2013
n/a
28.09.2012
Investment Advisor
14.05.2013
Investment Advisor
31.03.2013
Investment Advisor
11.03.2013
n/a
12.04.2013
n/a
31.03.2013
Investment Advisor
15.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.10.2012
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
09.05.2013
n/a
31.03.2013
Investment Advisor
Date
Date
16.05.2013
Real Gold Mining Ltd

Real Gold Mining Limited mines gold and processes ore into concentrates
containing gold and other minerals for subsequent sale.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.05.2012)
52-Week Low (16.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2010
06/yy
8.81
8.81
0.00
8.81
0.00%
0.00%
0.00%
908.8
8'006.41
0.00
0.0
135.1
2'965.19
3'835.93
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
(0.1)
(0.1)
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
31.12.2007
31.12.2008
8.0
312.3
(1.1)
190.4
(2.2)
103.9
Profitability
LTM-4Q
31.12.2009
1'011.2
5.88x
768.9
7.73x
526.7
13.02x
31.12.2010
1'368.2
5.55x
1'187.9
6.39x
798.0
12.06x
1'187.92
1'149.66
84.03%
80.97%
19.98%
22.56%
22.32%
0.34%
77.3%
86.8%
84.0%
58.3%
18.07
17.99
0.00%
0.00%
41.52
44.95
Price/ Cash Flow
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2006
10
9
8
7
6
5
4
3
2
1
0
m-12
06/yy
1'185.7
0.00x
0.0
0.00x
650.8
0.00x
LTM
06/yy
1'523.7
0.00x
0.0
0.00x
831.3
0.00x
0.60
0.33
429.41
0.00%
0.00%
0.329
1
5.000
0
0
0
FY+1
FY+2
FQ+1
FQ+2
12/11 Y
12/12 Y
09/11 Q3
12/11 Q4
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-2.50
0.00
0.0%
0.0%
0.34
3.23
8.79
8.12
0.25
16.66
18.00
1'600.0
16.00
1'400.0
14.00
1'200.0
12.00
1'000.0
10.00
800.0
8.00
600.0
6.00
400.0
4.00
200.0
2.00
0.00
04.01.200804.07.200804.01.200904.07.200904.01.201004.07.201004.01.201104.07.201104.01.201204.07.201204.01.2013
0.0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
16.05.2013
Real Gold Mining Ltd

Holdings By:
All
Holder Name
LV DEZHI
LEAD HONEST MANAGEME
LEAD HONEST MANAGEME
SHI GUANGWEI
VALUE PARTNERS GROUP
GCIC LTD/CANADA
MANULIFE FUNDS DIREC
JP MORGAN
MACQUARIE GROUP
DEKA INVESTMENT GMBH
ALLIANCE BERNSTEIN
SANFORD C BERNSTEIN
Firm Name
EVA Dimensions
Kingsway SW Securities
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
TEAM COVERAGE
RONGJIN LUO
ZIBO CHEN
Source
EXCH
EXCH
Research
Short
EXCH
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
Short
MF-AGG
Recommendation
buy
neutral
buy
Amt Held
% Out
245'182'757 26.98
226'250'667
24.9
140'000'000 15.41
(126'967'191) -13.97
113'125'333 12.45
77'678'000
8.55
19'288'900
2.12
17'816'505
1.96
16'916'500
1.86
10'673'000
1.17
9'609'000
1.06
7'861'000
0.86
6'089'500
0.67
4'499'000
0.5
4'353'500
0.48
4'103'427
0.45
2'762'500
0.3
2'500'500
0.28
(2'409'129) -0.27
1'788'000
0.2
Weighting
Change
5
3
5
N
D
M
Latest Chg
(234'376'000)
-
Target Price
#N/A N/A
9
19
File Dt
12.06.2012
27.09.2012
26.09.2012
31.12.2011
27.09.2012
26.09.2012
15.05.2013
31.12.2012
30.06.2012
31.03.2013
28.02.2013
31.12.2012
31.12.2012
31.01.2013
30.06.2011
28.12.2012
02.05.2013
31.03.2013
12.06.2012
31.03.2013
Date
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
n/a
Other
Other
n/a
Corporation
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
14.07.2012
03.06.2011
14.03.2011
16.05.2013

Golden Star Resources Ltd. is a mid-tier gold mining company. The Company's
operating mines are situated along the Ashanti Gold Belt in Ghana, West Africa.
Price/Volume
3
14.0 M
12.0 M
10.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.10.2012)
52-Week Low (15.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GSS US EQUITY YTD Change
GSS US EQUITY YTD % CHANGE
12/1997
03/yy
2.11
0.66
3'521'219.00
0.7
-66.82%
6.06%
2.76%
259.1
181.37
117.48
0.0
(2.0)
78.88
228.15
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
6.0 M
4.0 M
2.0 M
0
m-12
31.12.2009
Profitability
31.12.2010
432.7
2.72x
107.6
10.93x
(11.2)
-
LTM-4Q
31.12.2011
471.0
0.98x
91.8
5.00x
(2.1)
-
31.12.2012
550.5
0.95x
124.7
4.18x
(9.5)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
124.67
25.74
4.68%
1.20%
-3.45%
-5.78%
0.76%
9.6%
21.2%
2.9%
-1.7%
1.58
0.69
16.18%
27.10%
46.13
5.98
Price/ Cash Flow
03/yy
485.5
4.31x
94.4
5.74x
1.1
0.00x
j-12
a-12
s-12
o-12
LTM
03/yy
552.4
3.44x
117.0
3.95x
(25.2)
0.00x
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
0.00
1.06
257.69
12.89
-44.88%
-61.96%
1.057
10
2.200
3'531'699
2'504'985
2'193'966
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
481.9
487.2
123.0
123.7
0.60x
0.58x
1.96x
2.05x
77.4
117.8
26.0
27.8
2.95x
1.94x
2.24x
2.36x
(9.0)
26.7
0.4
2.2
8.24x
21.88x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
12.27
3.56
0.43
0.95
27.1%
21.4%
0.76
1.06
7.91
61.01
51.20
-1.28
30.00
600.0
25.00
500.0
20.00
400.0
15.00
300.0
10.00
200.0
5.00
100.0
0.00
01.01.2010
.0 M
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
257.4
1.43x
1.8
200.09x
(119.3)
-
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013

Holdings By:
All
Holder Name
BLACKROCK
CONNOR CLARK & LUNN
STATE STREET
CANADA PENSION PLAN
NORGES BANK
MD MANAGEMENT LTD
LEGG MASON CAPITAL M
PRINCIPAL FINANCIAL
TECHNICAL FINANCIAL
Firm Name
BMO Capital Markets
Macquarie
Raymond James
EVA Dimensions
Credit Suisse
CIBC World Markets
Scotia Capital
Portfolio Name
n/a
n/a
CONNOR CLARK & LUNN
n/a
CANADA PENSION PLAN
NORGES BANK
Multiple Portfolios
Multiple Portfolios
n/a
TFS CAPITAL LLC
Analyst
ANDREW BREICHMANAS
RAHUL PAUL
PIERRE VAILLANCOURT
BRAD HUMPHREY
PAOLO LOSTRITTO
CRAIG STERLING
ANITA SONI
COSMOS CHIU
TREVOR TURNBULL
Source
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
MF-AGG
MF-AGG
ULT-AGG
13F
13F
Recommendation
underperform
hold
neutral
market perform
sector perform
buy
underperform
sector underperform
sector underperform
Amt Held
39'316'268
28'879'600
26'830'259
10'793'356
7'898'726
5'237'500
4'819'436
4'558'095
4'350'000
3'221'423
3'178'325
2'972'612
2'625'741
1'934'059
1'870'572
1'795'127
1'467'781
1'271'090
1'235'376
1'175'635
% Out
15.17
11.15
10.35
4.17
3.05
2.02
1.86
1.76
1.68
1.24
1.23
1.15
1.01
0.75
0.72
0.69
0.57
0.49
0.48
0.45
Weighting
Change
1
3
3
3
3
5
1
1
1
D
M
M
M
M
U
M
D
D
Latest Chg
3'237'877
(1'359'000)
844'389
723'887
1'617'352
5'237'500
(1'475'687)
12'016
4'350'000
(492'267)
(308'600)
(92'341)
1'267'792
(50'700)
(619'837)
(1'024'176)
455'015
Target Price
1
1
1
1
2
#N/A N/A
1
1
0
File Dt
Inst Type
15.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
14.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Date
14.05.2013
13.05.2013
11.05.2013
10.05.2013
10.05.2013
10.05.2013
09.05.2013
09.05.2013
23.04.2013
16.05.2013
Romarco Minerals Inc

Romarco Minerals, Inc. is an emerging gold producer. The Company's flagship
project is the Haile Gold Mine in South Carolina.
Price/Volume
1
25.0 M
20.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (17.09.2012)
52-Week Low (15.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
R
CN EQUITY YTD Change
R
CN EQUITY YTD % CHANGE
12/2012
03/yy
1.40
0.37
1'066'854.00
0.37
-73.57%
0.00%
0.00%
585.4
216.59
0.00
0.0
0.0
64.78
163.39
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
10.0 M
5.0 M
0
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
0.0
(3.6)
(4.5)
-
15.0 M
Valuation Analysis
31.12.2009
31.12.2010
0.0
0.0
(7.3)
(65.4)
(7.2)
(66.2)
Profitability
LTM-4Q
31.12.2011
0.0
(15.3)
(15.7)
-
31.12.2012
0.0
(11.8)
(11.9)
-11.81
-12.13
-4.72%
-4.88%
0.00%
5.88
5.81
0.00%
0.00%
0.00
-
03/yy
0.0
#DIV/0!
(15.9)
0.00x
(14.5)
0.00x
LTM
03/yy
0.0
#DIV/0!
(11.6)
0.00x
(12.0)
0.00x
0.00
1.16
581.16
0.44
-52.56%
-51.95%
1.165
6
4.167
1'072'823
1'675'935
1'412'582
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2
09/13 Q3
(8.0)
(8.0)
(7.8)
(12.0)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-58.20
-263.13
0.00
0.0%
0.0%
0.00
0.00
-
1.0
0.9
1.00
0.8
0.7
0.80
0.60
0.40
0.6
0.5
0.4
0.3
0.2
0.20
0.1
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Romarco Minerals Inc

Holdings By:
All
Holder Name
BLACKROCK
FRANKLIN RESOURCES
NORGES BANK
FMR LLC
JP MORGAN
TD ASSET MANAGEMENT
RUFFER LLP
GAMCO
QUANTEX AG
VANGUARD GROUP INC
SHARE SICAV
SPROTT INC
COLONIAL FIRST STATE
GARRETT DIANE RENEE
Firm Name
BMO Capital Markets
RBC Capital Markets
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
PAOLO LOSTRITTO
ANDREW KAIP
RICHARD GRAY
SAM CRITTENDEN
DON BLYTH
HEIKO IHLE
Source
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
13F
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
Recommendation
outperform
market perform
buy
sector perform
speculative buy
buy
Amt Held
148'952'579
46'391'088
45'178'500
30'127'000
24'008'527
21'188'200
19'245'100
15'429'733
11'682'793
11'093'500
8'551'000
5'550'000
3'750'000
3'000'000
2'975'080
2'931'235
2'828'384
2'266'700
1'959'403
1'568'000
% Out
25.45
7.92
7.72
5.15
4.1
3.62
3.29
2.64
2
1.9
1.46
0.95
0.64
0.51
0.51
0.5
0.48
0.39
0.33
0.27
Weighting
Change
5
3
5
3
4
5
Latest Chg
28'585'573
(1'398'000)
53'500
85'000
(147'237)
(147'500)
(100'000)
253'000
(520'200)
31'500
Target Price
M
M
M
M
M
N
File Dt
Inst Type
14.05.2013
Investment Advisor
15.05.2013
Investment Advisor
28.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.01.2013
Bank
31.12.2012
Investment Advisor
31.12.2012
Unclassified
29.03.2013
Investment Advisor
31.12.2012
Bank
28.09.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
19.10.2012
Investment Advisor
19.04.2013
n/a
Date
2
1
1
1
2
2
12 month
Not Provided
12 month
12 month
12 month
12 month
Date
10.05.2013
02.05.2013
22.04.2013
02.04.2013
11.03.2013
28.09.2012
16.05.2013
Banro Corp
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.
Price/Volume
6
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
5
4
3
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.09.2012)
52-Week Low (07.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BAA CN EQUITY YTD Change
BAA CN EQUITY YTD % CHANGE
12/2012
03/yy
5.03
0.95
1'836'889.00
1.09
-78.33%
14.74%
3.43%
252.1
274.79
154.69
0.0
0.0
27.05
397.49
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
0.0
(6.2)
(8.5)
9.34x
31.12.2009
31.12.2010
0.0
0.0
(7.6)
(10.3)
(4.8)
(3.0)
Profitability
LTM-4Q
31.12.2011
0.0
(10.2)
(9.3)
-
31.12.2012
42.6
16.23x
6.0
114.64x
(4.6)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
6.03
-2.06
-4.84%
-10.70%
-0.86%
-1.12%
0.08%
29.2%
14.2%
-4.8%
-10.7%
1.06
0.47
24.33%
36.54%
-
Price/ Cash Flow
03/yy
0.0
#DIV/0!
(11.0)
0.00x
(11.3)
0.00x
LTM
03/yy
75.8
32.93x
9.4
0.00x
5.2
57.06x
FY+1
0.00
1.93
249.62
6.26
-68.86%
-60.79%
1.928
6
2.833
1'884'234
2'152'675
2'262'718
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
146.0
353.0
32.2
26.9
46.1
164.0
8.63x
2.42x
15.4
79.3
18.45x
3.39x
14.27x
6.49x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
2.62
-57.93
21.15
25.64
36.5%
26.8%
0.08
0.11
-
700.00
45.0
600.00
40.0
35.0
500.00
30.0
400.00
25.0
300.00
20.0
15.0
200.00
10.0
100.00
0.00
01.01.2010
5.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Banro Corp
Holdings By:
All
Holder Name
BLACKROCK
JP MORGAN
FRANKLIN RESOURCES
ACUITY INVESTMENT MA
FMR LLC
NUVEEN ASSET MANAGEM
CANADA PENSION PLAN
RUFFER LLP
DEUTSCHE BANK AG
Firm Name
CIBC World Markets
BMO Capital Markets
GMP
Goldman Sachs
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
CANADA PENSION PLAN
Multiple Portfolios
Analyst
MIKE KOZAK
COSMOS CHIU
ANDREW BREICHMANAS
BROCK SALIER
EUGENE KING
CRAIG STERLING
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
MF-AGG
MF-AGG
ULT-AGG
13F
13F
MF-AGG
13F
13F
13F
MF-AGG
13F
Recommendation
speculative buy
sector perform
market perform
buy
Sell/Neutral
underweight
Amt Held
29'151'624
24'223'469
22'439'310
16'010'002
14'067'000
11'716'838
10'721'545
8'156'000
6'252'125
3'887'474
2'886'582
2'466'182
2'152'177
2'026'058
1'985'433
1'944'700
1'827'360
1'438'715
1'400'000
1'347'995
% Out
11.56
9.61
8.9
6.35
5.58
4.65
4.25
3.24
2.48
1.54
1.15
0.98
0.85
0.8
0.79
0.77
0.72
0.57
0.56
0.53
Weighting
Change
4
3
3
5
1
1
M
M
M
M
D
U
Latest Chg
72'185
4'088'200
7'631'297
41'100
3'531'100
1'416'340
(135'897)
(948'300)
(6'554'178)
(4'660'861)
(41'296)
1'699'554
65'300
1'827'360
(865'900)
(703'421)
Target Price
3
2
2
2
1
#N/A N/A
File Dt
14.05.2013
31.03.2013
30.04.2013
15.05.2013
31.12.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
28.02.2013
28.02.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
27.12.2012
31.03.2013
Date
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Date
10.05.2013
09.05.2013
08.05.2013
08.05.2013
03.05.2013
10.04.2013
16.05.2013
Colossus Minerals Inc

Colossus Minerals Inc. is a mineral exploration and production company. The
Company explores for and develops gold-platinum-palladium properties in Brazil.
Price/Volume
7
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
6
5
4
Valuation Analysis
Latest Fiscal Year:

LTM as of:
52-Week High (20.09.2012)
52-Week Low (18.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CSI CN EQUITY YTD Change
CSI CN EQUITY YTD % CHANGE
12/2012
12/yy
6.03
1.73
1'091'766.00
1.83
-69.65%
5.78%
2.33%
107.0
195.72
72.14
0.0
2.7
63.59
203.45
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
1
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.07.2008
0.0
(2.5)
(2.3)
-
31.07.2009
31.07.2010
0.0
0.0
(2.7)
(9.5)
(4.6)
(9.7)
Profitability
LTM-4Q
31.12.2011
0.0
(29.3)
(32.1)
-
31.12.2012
0.0
(32.9)
(30.1)
-32.86
-33.29
-11.68%
-23.01%
0.00%
4.66
4.55
25.80%
62.37%
0.00
0.00
12/yy
0.0
#DIV/0!
(29.3)
0.00x
(32.1)
0.00x
LTM
12/yy
0.0
#DIV/0!
(32.9)
0.00x
(30.1)
0.00x
FY+1
0.00
1.56
90.39
3.06
-50.54%
-60.30%
1.564
5
4.600
738'507
1'324'510
1'460'940
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
42.1
287.7
3.86x
-0.06x
12.1
208.0
(7.0)
(7.0)
16.81x
0.98x
16.58x
3.40x
(6.6)
136.7
(8.7)
(8.7)
2.13x
5.13x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-7.02
-26.45
-2.20
62.4%
37.9%
0.00
0.00
3704.00
-
1.0
0.9
1.00
0.8
0.7
0.80
0.60
0.40
0.6
0.5
0.4
0.3
0.2
0.20
0.1
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Colossus Minerals Inc

Holdings By:
All
Holder Name
ARIAS RESOURCE CAPIT
SPROTT ASSET MANAGEM
FRANKLIN RESOURCES
FMR LLC
SUSSMAN ARI B
MCLEAN BUDDEN LTD
JP MORGAN
KISHIDA AUGUSTO
BLACKROCK
US GLOBAL INVESTORS
DEUTSCHE BANK AG
VANGUARD GROUP INC
FROSTIAK JOHN
TD ASSET MANAGEMENT
Firm Name
Stifel
Clarus Securities
Macquarie
GMP
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
NICHOLAS CAMPBELL
CRAIG P STANLEY
JAMIE SPRATT
MICHAEL GRAY
GEORGE V ALBINO
Source
Co File
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
SEDI
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
SEDI
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
MF-AGG
MF-AGG
Recommendation
speculative buy
buy
speculative buy
outperform
buy
Amt Held
13'223'900
10'530'371
9'947'500
9'179'634
4'883'500
3'860'635
1'761'401
1'457'780
1'093'732
1'060'133
1'049'000
958'000
698'287
525'000
495'323
486'563
321'612
229'800
207'600
180'500
% Out
12.36
9.85
9.3
8.58
4.57
3.61
1.65
1.36
1.02
0.99
0.98
0.9
0.65
0.49
0.46
0.45
0.3
0.21
0.19
0.17
Weighting
Change
4
5
4
5
5
Latest Chg
(1'572'900)
(4'522)
29'000
397'528
50'000
(41'820)
(58'132)
4
(31'792)
50'000
-
Target Price
M
M
M
M
M
8
4
8
3
12
File Dt
22.04.2013
31.10.2012
28.02.2013
15.05.2013
28.03.2013
31.03.2013
27.06.2012
28.03.2013
28.02.2013
31.12.2012
31.12.2012
09.08.2012
14.05.2013
31.12.2012
29.03.2013
31.03.2013
28.09.2012
16.02.2013
30.11.2012
31.12.2012
Date
12 month
12 month
12 month
12 month
Not Provided
Inst Type
Private Equity
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Date
07.05.2013
03.05.2013
03.05.2013
25.04.2013
01.04.2013
16.05.2013
Rainy River Resources Ltd

Rainy River Resources Ltd. is a gold exploration and production company.
Price/Volume
7
9.0 M
8.0 M
7.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.10.2012)
52-Week Low (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RR CN EQUITY YTD Change
RR CN EQUITY YTD % CHANGE
12/2012
03/yy
6.17
1.97
351'927.00
2.11
-65.80%
7.11%
3.33%
100.0
210.94
0.13
0.0
0.0
102.12
108.96
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2008
0.0
(2.6)
(1.0)
-
6.0 M
30.09.2009
30.09.2010
0.0
0.0
(4.2)
(9.1)
(3.6)
(6.8)
Profitability
LTM-4Q
30.09.2011
0.0
(16.1)
(13.5)
-
31.12.2012
0.0
(64.6)
(65.9)
-64.60
-64.98
-33.90%
-35.35%
0.00%
15.73
15.71
0.08%
0.09%
0.00
-
03/yy
0.0
#DIV/0!
(31.6)
0.00x
(29.6)
0.00x
LTM
03/yy
0.0
#DIV/0!
(45.2)
0.00x
(57.5)
0.00x
FY+1
0.00
1.16
97.77
0.57
-38.48%
-57.55%
1.162
9
4.000
511'350
563'783
626'941
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
1.0
1.0
113.34x
-67.06x
(15.2)
(14.5)
(23.3)
(22.9)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-10003.84
-12740.42
0.00
0.1%
0.1%
0.00
0.00
-
4.5
4.0
1.00
0.80
3.5
3.0
2.5
0.60
2.0
1.5
0.40
0.20
1.0
0.5
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Rainy River Resources Ltd

Holdings By:
All
Holder Name
SALIDA CAPITAL LP
FMR LLC
JP MORGAN
BEREZAN LEO
QUANTEX AG
LB SWISS INVESTMENT
BLACKROCK
GLOBAL X MANAGEMENT
VANGUARD GROUP INC
AVERILL STUART ALLAN
LAZARIDIS MICHAEL
SOCIETE GENERALE
Firm Name
BMO Capital Markets
Stifel
Casimir Capital
Scotia Capital
CIBC World Markets
RBC Capital Markets
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JOHN P HAYES
ADAM MELNYK
PAOLO LOSTRITTO
CRAIG P STANLEY
ERIC WINMILL
LEILY OMOUMI
JEFF KILLEEN
SAM CRITTENDEN
DON BLYTH
Source
ULT-AGG
Co File
ULT-AGG
ULT-AGG
MF-AGG
SEDI
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
SEDI
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
outperform
hold
speculative buy
sector outperform
sector perform
sector perform
speculative buy
Amt Held
9'944'915
8'043'070
3'380'400
3'170'900
1'756'100
1'334'048
830'000
800'000
623'686
539'677
538'228
461'000
453'100
401'000
360'000
355'000
343'467
306'835
300'000
255'600
% Out
9.95
8.05
3.38
3.17
1.76
1.33
0.83
0.8
0.62
0.54
0.54
0.46
0.45
0.4
0.36
0.36
0.34
0.31
0.3
0.26
Weighting
Change
4
5
5
3
4
5
3
3
4
M
M
M
M
M
M
M
M
M
Latest Chg
(140'306)
(655'430)
359'000
313'000
17'000
118'000
800'000
(409'100)
61'400
(2'600)
5'000
(25'700)
Target Price
#N/A N/A
6
8
#N/A N/A
7
6
7
5
9
File Dt
15.05.2013
30.11.2011
31.03.2013
31.03.2013
31.01.2013
22.05.2012
29.03.2013
31.12.2012
14.05.2013
14.05.2013
28.02.2013
31.03.2013
31.12.2012
31.03.2013
06.02.2013
14.03.2012
28.09.2012
15.05.2013
30.06.2012
31.12.2012
Date
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Date
14.05.2013
14.05.2013
14.05.2013
03.05.2013
01.05.2013
23.04.2013
12.04.2013
11.04.2013
17.09.2012
16.05.2013
Sulliden Gold Corp Ltd

Sulliden Gold Corp Ltd. is a mineral exploration company. The Company is
focused on the development of its Shahuindo Gold Project located in northern
Peru.
Price/Volume
2
18.0 M
16.0 M
14.0 M
12.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.08.2012)
52-Week Low (15.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SUE CN EQUITY YTD Change
SUE CN EQUITY YTD % CHANGE
04/2012
01/yy
1.44
0.66
2'032'264.00
0.82
-43.13%
24.24%
20.46%
270.7
222.01
0.00
0.0
0.0
47.34
202.18
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
6.0 M
4.0 M
2.0 M
0
m-12
30.04.2009
30.04.2010
0.0
0.0
(6.2)
(2.6)
(4.4)
Profitability
.0 M
j-12
LTM-4Q
30.04.2011
0.0
(8.8)
(10.3)
-
30.04.2012
0.0
(11.9)
(13.3)
-11.95
-11.95
-2.59%
-2.69%
0.00%
23.62
23.62
0.00%
0.00%
0.00
-
01/yy
0.0
#DIV/0!
(11.8)
0.00x
(13.6)
0.00x
j-12
a-12
s-12
o-12
LTM
01/yy
0.0
#DIV/0!
(4.3)
0.00x
(4.9)
0.00x
n-12
d-12
j-13
f-13 m-13
a-13
0.00
1.44
236.50
0.18
-10.87%
-11.83%
1.444
9
4.778
1'230'300
964'664
768'794
FY+1
FY+2
FQ+1
FQ+2
04/13 Y
04/14 Y
04/13 Q4
07/13 Q1
(5.2)
(7.4)
(3.6)
(11.3)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-0.05
0.0%
0.0%
0.00
0.00
-
1.20
0.3
1.00
0.3
0.80
0.2
0.60
8.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.04.2008
0.0
(2.5)
(4.2)
-
10.0 M
0.2
0.1
0.40
0.1
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Sulliden Gold Corp Ltd

Holdings By:
All
Holder Name
ABERDEEN INTERNATION
FMR LLC
BEUTEL GOODMAN & COM
BHARTI STAN
FERNANDEZ-CONCHA STU
COLEMAN JAMES H
FIRST TRUST ADVISORS
HUMPHREY RAYMOND BRU
MOORE GEOFFREY S
FRONT BARNETT ASSOCI
AMIREAULT STEPHANE
SWISSCANTO FONDSLEIT
NCF SOC ADMIN DE FON
Firm Name
Raymond James
BMO Capital Markets
GMP
Mine2Capital Inc
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
FRONT BARNETT ASSOCI
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
STEPHEN PARSONS
RICHARD GRAY
GARY J BASCHUK
ANDREW KAIP
ADAM MELNYK
KERRY SMITH
GEORGE V ALBINO
HUMBERTO LEON
ALKA SINGH
Source
SEDI
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
SEDI
SEDI
MF-AGG
PROXY
SEDI
MF-AGG
13F
SEDI
MF-AGG
MF-AGG
Recommendation
outperform
buy
Under Review
buy
buy
buy
overweight
buy
Amt Held
26'966'292
18'957'246
15'904'572
9'517'800
5'573'512
5'403'200
5'166'300
2'907'900
2'341'926
1'563'955
1'435'000
1'108'614
920'363
862'978
829'423
800'000
609'700
516'500
510'000
375'000
% Out
9.96
7
5.87
3.52
2.06
2
1.91
1.07
0.87
0.58
0.53
0.41
0.34
0.32
0.31
0.3
0.23
0.19
0.19
0.14
Latest Chg
-
Weighting
Change
Target Price
5
5
#N/A N/A
4
5
5
5
5
5
M
M
M
M
M
M
M
M
N
12
2'332'800
(730'700)
(325'000)
250'000
46'526
100'000
200'000
-
2
2
#N/A N/A
1
2
2
2
2
2
File Dt
09.04.2013
15.05.2013
31.07.2012
31.12.2012
31.01.2013
31.03.2013
31.03.2013
31.01.2013
28.09.2012
08.02.2013
20.10.2011
21.10.2011
28.03.2013
05.09.2012
04.10.2012
30.06.2012
31.03.2013
30.03.2013
28.02.2013
03.08.2011
Date
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Inst Type
Corporation
Investment Advisor
Unclassified
Bank
Holding Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
n/a
n/a
Investment Advisor
n/a
n/a
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Date
10.05.2013
22.04.2013
18.04.2013
16.04.2013
16.04.2013
16.04.2013
16.04.2013
12.04.2013
24.12.2012
16.05.2013
Asanko Gold Inc

Asanko Gold Inc. is a gold development company focussing on near term gold
production at its Esaase gold project in Ghana, West Africa.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (09.11.2012)
52-Week Low (14.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AKG CN EQUITY YTD Change
AKG CN EQUITY YTD % CHANGE
03/2012
12/yy
4.39
2.25
296'687.00
2.35
-46.47%
4.44%
4.67%
85.0
199.83
0.00
0.0
0.0
197.61
10.42
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
1.00
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
0.0
(4.0)
(4.2)
-
5
5
4
4
3
3
2
2
1
1
0
m-12
31.03.2009
31.03.2010
0.0
0.0
(3.2)
(6.3)
(3.7)
(6.4)
Profitability
LTM-4Q
31.03.2011
0.0
(38.4)
(34.9)
-
31.03.2012
0.0
(35.6)
(38.2)
-35.61
-36.23
-8.07%
-8.49%
0.00%
41.24
41.05
0.00%
0.00%
-
12/yy
0.0
#DIV/0!
(49.2)
0.00x
(41.4)
0.00x
LTM
12/yy
0.0
#DIV/0!
(31.2)
0.00x
(21.6)
0.00x
FY+1
0.00
1.42
75.26
0.19
-11.65%
-40.51%
1.419
8
3.750
292'320
216'864
261'308
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
0.0
(10.6)
(12.9)
(11.7)
(20.1)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-628.60
-658.98
0.00
0.0%
0.0%
0.00
0.00
-
0.0
0.0
0.0
0.80
0.60
0.0
0.0
0.0
0.40
0.20
0.0
0.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Asanko Gold Inc

Holdings By:
All
Holder Name
HIGHLAND PARK SA
BLACKROCK
SPROTT INC
JP MORGAN
SPROTT INC
SALI ROBERT J
GLOBAL X MANAGEMENT
FMR LLC
VANGUARD GROUP INC
TECHNICAL FINANCIAL
LB SWISS INVESTMENT
BMO FINANCIAL CORP
Firm Name
CIBC World Markets
Clarus Securities
BMO Capital Markets
RBC Capital Markets
Jennings Capital
Scotia Capital
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
SPROTT INC
n/a
n/a
GLOBAL X MANAGEMENT
n/a
Multiple Portfolios
Multiple Portfolios
TFS CAPITAL LLC
Multiple Portfolios
BMO FINANCIAL CORP
Multiple Portfolios
Analyst
JEFF KILLEEN
MIKE KOZAK
NANA SANGMUAH
ANDREW BREICHMANAS
JONATHAN GUY
NICHOLAS CAMPBELL
DAN HRUSHEWSKY
LEILY OMOUMI
Source
ULT-AGG
SEDI
ULT-AGG
13G
13G
ULT-AGG
ULT-AGG
13F
13F
SEDI
ULT-AGG
13F
ULT-AGG
13F
MF-AGG
MF-AGG
13F
MF-AGG
13F
MF-AGG
Recommendation
sector perform
speculative buy
buy
market perform
sector perform
speculative buy
buy
sector perform
Amt Held
8'900'057
8'191'174
5'720'748
5'457'500
3'702'527
3'640'600
3'234'225
3'195'867
1'248'900
830'000
690'256
606'745
566'900
501'083
451'000
436'649
371'976
350'000
267'599
261'112
% Out
10.47
9.63
6.73
6.42
4.35
4.28
3.8
3.76
1.47
0.98
0.81
0.71
0.67
0.59
0.53
0.51
0.44
0.41
0.31
0.31
Weighting
Change
3
4
5
3
3
4
5
3
Latest Chg
840'782
477'500
(546'938)
1'480'300
(506'660)
382'700
150'000
21'712
606'745
476'900
356'659
69'400
131'309
(12'274)
-
Target Price
M
M
M
M
M
M
M
M
File Dt
Inst Type
15.05.2013
Investment Advisor
13.11.2012
Other
14.05.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Holding Company
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
16.05.2012
n/a
31.03.2013
Bank
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
27.03.2013
Investment Advisor
31.03.2013
Investment Advisor
15.05.2013
Investment Advisor
Date
4
4
6
3
3
5
5
5
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Date
15.05.2013
15.05.2013
15.05.2013
14.05.2013
14.05.2013
14.05.2013
14.05.2013
23.04.2013
16.05.2013
Bear Creek Mining Corp

Bear Creek Mining Corporation acquires and explores mineral properties. The
Company is currently conducting silver and gold exploration activities on its
prospects located in Peru.
Price/Volume
4
1.8 M
1.6 M
1.4 M
1.2 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.10.2012)
52-Week Low (15.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BCM CN EQUITY YTD Change
BCM CN EQUITY YTD % CHANGE
12/2012
12/yy
3.81
1.81
123'278.00
1.85
-51.44%
2.21%
2.00%
92.2
170.61
0.00
0.0
0.0
68.45
99.08
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
.8 M
.6 M
.4 M
.2 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
0.0
(16.5)
(18.1)
-
1.0 M
31.12.2009
31.12.2010
0.0
0.0
(8.7)
(16.8)
(8.7)
(16.3)
Profitability
LTM-4Q
31.12.2011
0.0
(29.5)
(29.7)
-
31.12.2012
0.0
(31.2)
(31.0)
-31.20
-31.32
-19.68%
-20.20%
0.00%
32.85
32.66
0.00%
0.00%
-
12/yy
0.0
#DIV/0!
(29.5)
0.00x
(29.7)
0.00x
LTM
12/yy
0.0
#DIV/0!
(31.2)
0.00x
(31.0)
0.00x
0.00
1.08
75.40
0.06
-23.24%
-45.10%
1.082
4
4.000
104'810
147'478
144'536
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1
06/13 Q2
(19.4)
(21.7)
(19.1)
(18.1)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
0.00
0.0%
0.0%
0.00
0.00
-
1.0
0.9
1.00
0.8
0.7
0.80
0.60
0.40
0.6
0.5
0.4
0.3
0.2
0.20
0.1
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Bear Creek Mining Corp

Holdings By:
All
Holder Name
SILVER WHEATON CORP
SPROTT INC
ATLANTIC INVESTMENT
GLOBAL X MANAGEMENT
KEM CAPITAL LLC
MCLEOD-SELTZER CATHE
SWARTHOUT ANDREW
VANGUARD GROUP INC
TD ASSET MANAGEMENT
DE WITT DAVID E
AGF INVESTMENTS INC
DEAN COREY M
NATIXIS ASSET MANAGE
Firm Name
BMO Capital Markets
Raymond James
Scotia Capital
Portfolio Name
n/a
#N/A N/A
ATLANTIC INVESTMENT
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
ANDREW KAIP
NICHOLAS CAMPBELL
BRAD HUMPHREY
TREVOR TURNBULL
DON BLYTH
Source
PROXY
13F
Co File
13F
ULT-AGG
MF-AGG
MF-AGG
SEDI
PROXY
SEDI
MF-AGG
MF-AGG
MF-AGG
MF-AGG
PROXY
MF-AGG
MF-AGG
SEDI
MF-AGG
MF-AGG
Recommendation
speculative buy
outperform
sector perform
speculative buy
Amt Held
13'264'305
9'422'575
9'042'064
8'584'360
6'067'572
1'542'800
1'267'900
1'081'262
966'562
879'592
750'000
660'000
559'000
457'000
375'650
240'867
204'600
185'000
146'500
132'000
% Out
14.38
10.22
9.8
9.31
6.58
1.67
1.37
1.17
1.05
0.95
0.81
0.72
0.61
0.5
0.41
0.26
0.22
0.2
0.16
0.14
Weighting
Change
4
4
5
3
4
Latest Chg
20'000
(729'993)
216'810
23'200
5'000
35'000
20'100
-
Target Price
M
M
M
M
M
File Dt
Inst Type
17.04.2012
Corporation
31.03.2013
Investment Advisor
15.05.2013
Investment Advisor
31.03.2013
Investment Advisor
14.05.2013
Investment Advisor
21.03.2012
Investment Advisor
17.04.2012
n/a
06.12.2012
n/a
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor
17.04.2012
n/a
28.09.2012
Investment Advisor
28.09.2012
Investment Advisor
11.11.2010
n/a
28.02.2013
Investment Advisor
28.03.2013
Investment Advisor
Date
3
5
4
4
6
Not Provided
12 month
12 month
12 month
12 month
Date
13.05.2013
07.05.2013
24.04.2013
04.04.2013
16.11.2011
16.05.2013
Paramount Gold and Silver Corp

Paramount Gold and Silver Corporation explores for precious metals in Mexico.
Price/Volume
3
3.5 M
3.0 M
2.5 M
Latest Fiscal Year:

LTM as of:
52-Week High (07.09.2012)
52-Week Low (10.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PZG US EQUITY YTD Change
PZG US EQUITY YTD % CHANGE
06/2012
03/yy
2.82
1.34
571'396.00
1.38
-51.06%
2.99%
2.70%
155.5
214.63
0.00
0.0
0.0
20.00
200.34
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
1.5 M
1.0 M
.5 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
0.0
(18.8)
(18.4)
-
2.0 M
Valuation Analysis
30.06.2009
30.06.2010
0.0
0.0
(7.3)
(8.6)
(7.2)
(5.4)
Profitability
LTM-4Q
30.06.2011
0.2
2370.69x
(11.6)
(28.5)
-
30.06.2012
0.1
4555.15x
(17.9)
(12.1)
-17.95
-18.02
-24647.56%
-16534.40%
-16.27%
-19.70%
0.00%
-29165.2%
-29280.4%
-16534.4%
1.82
1.77
0.00%
0.00%
0.05
-
LTM
03/yy
03/yy
0.1
0.1
14099.12x 17031.05x
(15.9)
(13.1)
0.00x
0.00x
(3.7)
(8.1)
0.00x
0.00x
1.15
123.65
15.71
-31.34%
-40.52%
1.153
1
5.000
534'754
847'838
849'763
FY+1
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
06/13 Q4
09/13 Q1
(8.0)
(8.0)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-1685.54
-1699.47
0.00
0.0%
0.0%
0.00
0.00
7443.11
-
0.2
0.2
1.00
0.2
0.1
0.80
0.60
0.40
0.1
0.1
0.1
0.1
0.0
0.20
0.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Paramount Gold and Silver Corp

Holdings By:
All
Holder Name
FCMI FINANCIAL CORP
VANGUARD GROUP INC
BLACKROCK
CRUPI CHRISTOPHER
STATE STREET
GLOBAL X MANAGEMENT
FRONK RUDI P
ROTHSCHILD & COMPAGN
MACKELLER IAN
AMERICAN INTERNATION
PORTER PARTNERS LP
BARD ASSOCIATES INC
TALKOT CAPITAL LLC
KENNEDY SHAWN M
Firm Name
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
GLOBAL X MANAGEMENT
n/a
Multiple Portfolios
n/a
n/a
n/a
BARD ASSOCIATES INC
TALKOT CAPITAL LLC
n/a
Analyst
ADAM P GRAF
CHRISTOS DOULIS
Source
13D
ULT-AGG
13F
ULT-AGG
Form 4
ULT-AGG
13F
13F
SEDI
MF-AGG
13F
424B
13F
13F
ULT-AGG
424B
13F
13F
13F
Form 4
Recommendation
buy
not rated
Amt Held
24'444'234
9'548'229
6'329'298
5'522'962
3'992'766
2'108'527
1'491'776
1'042'771
1'025'000
1'000'000
602'058
577'500
577'010
575'246
551'119
446'250
444'859
417'050
400'000
364'735
% Out
15.72
6.14
4.07
3.55
2.57
1.36
0.96
0.67
0.66
0.64
0.39
0.37
0.37
0.37
0.35
0.29
0.29
0.27
0.26
0.23
Weighting
Change
5
#N/A N/A
M
M
Latest Chg
1'170'732
1'257'651
(110'324)
451'575
29'500
(484)
(100'804)
325'683
800'000
310'380
(43'050)
9'087
88'565
(4'130)
(3'400)
(59'011)
Target Price
4
#N/A N/A
File Dt
Inst Type
12.03.2013
Corporation
15.05.2013
Investment Advisor
31.03.2013
Investment Advisor
14.05.2013
Investment Advisor
17.04.2013
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
10.01.2011
n/a
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
19.04.2012
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Government
19.04.2012
Other
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
04.03.2013
n/a
Date
Not Provided
Not Provided
Date
13.05.2013
24.04.2013
16.05.2013
Kirkland Lake Gold Inc

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.
Price/Volume
16
6.0 M
14
5.0 M
12
4.0 M
10
8
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.08.2012)
52-Week Low (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
KGI CN EQUITY YTD Change
KGI CN EQUITY YTD % CHANGE
04/2012
01/yy
14.57
2.64
687'448.00
3.5
-75.98%
32.58%
7.21%
70.2
245.53
8.83
0.0
0.0
30.17
306.11
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.04.2009
30.04.2010
43.5
51.2
10.98x
9.15x
(6.8)
(7.6)
(10.5)
(12.3)
Profitability
1.0 M
2
0
m-12
.0 M
j-12
LTM-4Q
30.04.2011
103.3
9.01x
26.4
35.24x
19.9
48.55x
30.04.2012
159.8
5.53x
55.7
15.86x
41.3
22.63x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
55.73
41.94
26.24%
26.48%
-2.83%
-4.15%
-11.87%
0.40%
38.5%
17.6%
5.4%
25.8%
2.09
1.48
3.27%
3.79%
26.25
6.90
Price/ Cash Flow
01/yy
149.6
22.77x
49.3
24.58x
45.1
38.76x
j-12
a-12
s-12
o-12
LTM
01/yy
139.2
20.90x
24.5
19.82x
(9.8)
0.00x
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
0.00
1.56
60.80
9.16
-65.92%
-40.17%
1.561
10
4.100
732'457
857'968
778'693
FY+2
FQ+1
FQ+2
04/13 Y
04/14 Y
04/13 Q4 07/13 Q1
156.7
262.9
49.7
45.5
2.24x
1.28x
6.98x
7.38x
31.6
104.3
22.8
10.0
9.68x
2.94x
4.89x
5.40x
2.8
43.1
18.0
4.9
437.50x
6.48x
7.20x
6.86x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
224.70
-62.85
2.48
6.07
3.8%
3.7%
0.40
0.56
13.94
53.02
82.70
-22.72
800.00
180.0
700.00
160.0
600.00
140.0
120.0
500.00
100.0
400.00
80.0
300.00
60.0
200.00
40.0
100.00
20.0
0.00
01.05.2009
2.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.04.2008
41.4
9.87x
(1.0)
(3.3)
-
3.0 M
0.0
01.11.2009
01.05.2010
01.11.2010
01.05.2011
01.11.2011
01.05.2012
01.11.2012
01.05.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Kirkland Lake Gold Inc

Holdings By:
All
Holder Name
RESOLUTE FUNDS LTD
DOBSON DAVID HARRY
HORIZON INVESTMENTS
JP MORGAN
MILTON GEORGE A
IA MICHAEL INVESTMEN
NORGES BANK
SPROTT INC
HINCHCLIFFE BRIAN A
GAMCO
FMR LLC
BLACKROCK
EMPIRE LIFE INSURANC
Firm Name
Macquarie
Mirabaud Securities
BMO Capital Markets
CIBC World Markets
Panmure Gordon & Co Limited
Investec
Raymond James
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
MICHAEL SIPERCO
RICHARD MORGAN
BRIAN QUAST
COSMOS CHIU
ADAM MELNYK
JOE FAZZINI
PAOLO LOSTRITTO
ALISON TURNER
HUNTER HILLCOAT
FORBES GEMMELL
CRAIG STERLING
Source
RNS-MAJ
ULT-AGG
Research
Research
Research
Research
ULT-AGG
SEDI
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Research
PROXY
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
Recommendation
outperform
speculative buy
market perform
sector perform
buy
buy
outperform
buy
buy
Under Review
sell
Amt Held
4'950'000
4'643'659
4'160'300
3'765'000
3'469'303
3'153'493
2'804'148
2'723'036
2'525'000
2'300'000
1'700'000
1'647'411
1'611'100
1'577'666
1'113'000
905'000
708'690
706'000
578'251
544'236
% Out
7.06
6.62
5.93
5.37
4.95
4.5
4
3.88
3.6
3.28
2.42
2.35
2.3
2.25
1.59
1.29
1.01
1.01
0.82
0.78
Weighting
Change
5
4
3
3
5
5
5
5
5
#N/A N/A
1
U
M
M
M
M
M
M
M
M
M
M
Latest Chg
557'500
(551'900)
40'000
2'300'000
1'475'000
(38'500)
396'600
(85'000)
788
76'236
Target Price
5
10
7
6
9
8
18
8
11
#N/A N/A
#N/A N/A
File Dt
Inst Type
19.02.2013
Investment Advisor
15.05.2013
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
n/a
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
13.01.2012
n/a
01.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
05.09.2012
n/a
31.12.2012
Unclassified
28.03.2013
Investment Advisor
31.03.2013
Investment Advisor
14.05.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Date
15.05.2013
15.05.2013
14.05.2013
14.05.2013
14.05.2013
14.05.2013
14.05.2013
14.05.2013
18.04.2013
05.02.2013
15.01.2013
16.05.2013
Guyana Goldfields Inc

Guyana Goldfields Inc. is a metals exploration company. The Company is
primarily exploring for gold in Guyana.
Price/Volume
5
6.0 M
5.0 M
4
3
4.0 M
10/2012
01/yy
4.40
1.50
340'152.00
1.52
-65.45%
1.33%
0.69%
126.1
191.71
0.00
0.0
0.0
37.62
161.24
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
2.0 M
1.0 M
1
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.10.2008
0.0
(3.4)
(12.5)
-
3.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.01.2013)
52-Week Low (15.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GUY CN EQUITY YTD Change
GUY CN EQUITY YTD % CHANGE
31.10.2009
31.10.2010
0.0
0.0
(4.9)
(7.7)
(6.7)
(6.3)
Profitability
LTM-4Q
31.10.2011
0.0
(9.8)
(5.1)
-
31.10.2012
0.0
(8.0)
(9.8)
-8.04
-8.07
-4.88%
-4.94%
0.00%
16.74
16.74
0.00%
0.00%
0.00
-
01/yy
0.0
#DIV/0!
(7.8)
0.00x
(10.1)
0.00x
LTM
01/yy
0.0
#DIV/0!
(8.3)
0.00x
(9.5)
0.00x
FY+1
0.00
1.58
118.37
2.49
-14.12%
-51.59%
1.579
10
4.400
243'939
521'969
594'551
FY+2
FQ+1
FQ+2
10/13 Y
10/14 Y
04/13 Q2 07/13 Q3
414.0
(10.5)
(10.5)
(9.8)
(10.5)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
0.00
0.0%
0.0%
0.00
0.00
-
1.0
0.9
1.00
0.8
0.7
0.80
0.60
0.40
0.6
0.5
0.4
0.3
0.2
0.20
0.1
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Guyana Goldfields Inc

Holdings By:
All
Holder Name
BAUPOST GROUP LLC
FRANKLIN RESOURCES
SHERIDAN JR JOHN PAT
FMR LLC
LB SWISS INVESTMENT
NORGES BANK
SPROTT INC
CARMIGNAC GESTION
RAIFFEISEN KAPITALAN
QUANTEX AG
VANGUARD GROUP INC
MMA INVESTMENT MANAG
TD ASSET MANAGEMENT
US GLOBAL INVESTORS
FERRY ALAN L H
Firm Name
Raymond James
TD Securities
BMO Capital Markets
Casimir Capital
Scotia Capital
RBC Capital Markets
Salman Partners
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
ADAM P GRAF
BRAD HUMPHREY
DANIEL EARLE
RICHARD GRAY
ANDREW KAIP
STUART MCDOUGALL
TREVOR TURNBULL
SAM CRITTENDEN
DON BLYTH
DAVID WEST
Source
SEDI
ULT-AGG
Co File
ULT-AGG
SEDI
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
Recommendation
buy
outperform
speculative buy
buy
speculative buy
sector perform
outperform
speculative buy
buy
Amt Held
24'878'669
23'104'950
8'051'804
7'878'198
6'600'103
5'032'198
2'300'000
1'831'603
1'513'804
1'237'322
1'166'650
981'800
950'000
597'180
590'000
550'000
550'000
330'000
300'000
228'000
% Out
19.73
18.32
6.38
6.25
5.23
3.99
1.82
1.45
1.2
0.98
0.92
0.78
0.75
0.47
0.47
0.44
0.44
0.26
0.24
0.18
Weighting
Change
5
5
4
5
4
4
3
5
4
5
Latest Chg
(529'600)
(3'647'450)
345'000
299'858
500'000
995'700
(310'000)
1'166'650
981'800
149'549
(2'988'804)
16'000
-
Target Price
M
M
M
M
M
M
D
U
M
M
File Dt
Inst Type
28.03.2013
Investment Advisor
30.11.2010
Investment Advisor
15.05.2013
Investment Advisor
22.02.2013
n/a
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
29.03.2013
Investment Advisor
31.01.2013
Investment Advisor
29.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2011
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
23.04.2012
n/a
Date
7
5
4
5
5
8
4
6
9
6
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Date
13.05.2013
24.04.2013
23.04.2013
22.04.2013
15.04.2013
09.04.2013
06.03.2013
15.01.2013
15.01.2013
14.01.2013
16.05.2013
Highland Gold Mining Ltd

Highland Gold Mining Limited is a holding company for a group of companies which
own operating and development assets in the Russian gold mining industry. The
Group's gold mining assets are located in the Far East of the Russian
Federation.
Price/Volume
140
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
a-13 m-13
120
100
80
Valuation Analysis
60
Latest Fiscal Year:

LTM as of:
52-Week High (21.09.2012)
52-Week Low (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HGM LN EQUITY YTD Change
HGM LN EQUITY YTD % CHANGE
12/2012
01/yy
128.91
75.50
45'292.00
80.75
-37.36%
6.95%
12.17%
325.2
262.62
8.75
0.0
2.2
61.35
349.03
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20
0
m-12
31.12.2009
31.12.2010
164.7
243.6
2.05x
3.16x
56.5
120.3
5.97x
6.40x
78.8
122.3
5.92x
7.81x
Profitability
31.12.2011
300.2
2.75x
156.5
5.27x
103.8
9.14x
31.12.2012
351.8
1.31x
162.2
2.83x
122.9
4.15x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
162.15
125.34
35.63%
43.67%
14.63%
16.59%
16.59%
0.42%
41.6%
46.1%
35.6%
34.9%
5.40
2.12
0.96%
1.11%
43.40
3.25
Price/ Cash Flow
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
Market Data
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
7.88
0.93
63.68
-21.39%
-13.26%
0.934
12
4.167
676'787
649'738
892'906
FY+2
12/13 Y
12/14 Y
386.0
452.9
1.36x
1.25x
162.4
194.4
2.15x
1.80x
88.3
104.7
4.42x
3.85x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
123.31
28.23
-0.32
0.05
1.1%
1.1%
0.42
0.77
8.43
112.73
13.09
108.07
20.00
400.0
18.00
350.0
16.00
300.0
14.00
250.0
12.00
10.00
200.0
8.00
150.0
6.00
100.0
4.00
50.0
2.00
0.00
01.01.2010
j-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
149.1
1.02x
38.7
3.92x
(232.4)
-
40
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Highland Gold Mining Ltd

Holdings By:
All
Holder Name
MILLHOUSE LLC
BARRICK GOLD CORP
SHVIDLER EVGENY MARK
PROTSVETANIYE HOLDIN
JP MORGAN
KOULAKOV IVAN EUGENE
HAKANSSON PETER ELAM
LANCRENAN INVESTMENT
NORGES BANK
EAST CAPITAL ASSET M
FLEMING FAMILY & PAR
LEGAL & GENERAL
URALSIB JSC
DWS FINANZ SERVICE G
BLACKROCK
PARVEST INVESTMENT M
CARNEGIE ASSET MANAG
Firm Name
RBC Capital Markets
Otkritie Capital
Numis Securities Ltd
Westhouse Securities
VSA Capital Ltd
Uralsib
VTB Capital
Alfa-Bank
Sberbank CIB
EVA Dimensions
Aton LLC
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
JONATHAN GUY
ANDY JONES
CAILEY BARKER
NICK HATCH
CHARLIE LONG
VALENTINA BOGOMOLOVA
NIKOLAY SOSNOVSKIY
BARRY EHRLICH
MIKHAIL STISKIN
CRAIG STERLING
ILYA MAKAROV
Source
Co File
Co File
RNS-DIR
RNS-MAJ
ULT-AGG
Co File
RNS-MAJ
ULT-AGG
RNS-MAJ
MF-AGG
MF-AGG
ULT-AGG
RNS-MAJ
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
sector perform
buy
buy
buy
buy
hold
sell
equalweight
buy
buy
buy
Amt Held
105'910'000
66'235'264
28'057'794
22'879'845
20'996'780
17'552'500
11'101'386
10'838'123
9'786'032
9'094'169
8'062'000
5'496'428
4'211'883
1'977'736
1'850'620
1'580'000
1'384'600
1'244'701
900'000
830'000
% Out
32.57
20.37
8.63
7.04
6.46
5.4
3.41
3.33
3.01
2.8
2.48
1.69
1.3
0.61
0.57
0.49
0.43
0.38
0.28
0.26
Weighting
Change
3
5
5
5
5
3
1
3
5
5
5
M
M
M
M
M
M
D
M
M
M
M
Latest Chg
2'037'794
3'371'722
(254'398)
(27'000)
(10'700'000)
1'850'620
1'580'000
(55'688)
-
Target Price
120
122
170
135
175
131
82
126
183
#N/A N/A
136
File Dt
18.04.2011
18.04.2011
13.07.2012
24.04.2013
31.03.2013
26.04.2011
30.04.2012
15.05.2013
12.04.2013
31.12.2012
31.03.2013
28.02.2013
29.09.2010
31.01.2013
31.01.2013
31.05.2012
20.08.2012
14.05.2013
30.11.2012
30.09.2012
Date
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Holding Company
Corporation
n/a
Holding Company
Investment Advisor
n/a
n/a
Investment Advisor
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
24.04.2013
24.04.2013
23.04.2013
23.04.2013
16.04.2013
09.04.2013
04.04.2013
26.02.2013
25.02.2013
17.01.2013
28.06.2012
16.05.2013
Indophil Resources NL
Indophil Resources NL is a mineral exploration company that acquires, explores
and develops gold and copper-gold resources in the Asia-Pacific region.
Price/Volume
0
25.0 M
0
20.0 M
0
0
15.0 M
0
0
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.05.2012)
52-Week Low (22.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
IRN AU EQUITY YTD Change
IRN AU EQUITY YTD % CHANGE
12/2012
01/yy
0.40
0.22
848'744.00
0.25
-37.50%
16.28%
40.54%
1'203.1
300.79
0.00
0.0
0.0
235.04
65.75
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
5.0 M
0
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
0.0
(20.8)
(14.8)
-
10.0 M
31.12.2009
31.12.2010
0.0
0.0
(17.1)
(7.7)
(10.6)
2.3
196.30x
Profitability
31.12.2011
0.0
(7.9)
1.0
319.23x
104.48
103.72
0.00%
0.00%
-
254'973
464'589
956'380
LTM-4Q
LTM
FY+1
FY+2
FQ+1
01/yy
01/yy
12/13 Y
12/14 Y
31.12.2012
0.0
(17.7)
5.5
52.17x
-17.66
-17.70
1.16%
1.17%
1.17%
0.00%
0.00
1.05
668.60
0.70
-32.43%
4.17%
1.053
1
5.000
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+2
-
0.00
0.0%
0.0%
0.00
0.00
-
1.0
0.9
1.00
0.8
0.7
0.80
0.60
0.40
0.6
0.5
0.4
0.3
0.2
0.20
0.1
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Indophil Resources NL
Holdings By:
All
Holder Name
ALSONS DEVELOPMENT &
GLENCORE XSTRATA PLC
L1 CAPITAL PTY LTD
UBS
SAN MIGUEL CORP
MORGAN STANLEY
ACORN CAPITAL LTD
UNISUPER
WESTOZ FUNDS MANAGEM
SUNSUPER FUND
HEALTH SUPER
MICROCAP INVESTMENT
CBA OFFICERS SUPER F
FMR LLC
QLD LOCAL GOVT SUPER
NORGES BANK
AUSCOAL SUPER FUND
Firm Name
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Analyst
CRAIG STERLING
Source
EXCH
ULT-AGG
EXCH
EXCH
ULT-AGG
ULT-AGG
EXCH
EXCH
EXCH
EXCH
MF-AGG
EXCH
EXCH
EXCH
EXCH
ULT-AGG
ULT-AGG
EXCH
MF-AGG
EXCH
Recommendation
buy
Amt Held
240'508'334
157'189'422
77'094'557
59'777'753
53'395'800
52'235'438
48'016'960
26'097'859
20'419'416
19'610'481
16'200'000
13'290'433
9'408'868
9'086'904
8'280'549
7'192'750
5'608'073
5'326'550
5'286'123
4'856'892
% Out
19.99
13.06
6.41
4.97
4.44
4.34
3.99
2.17
1.7
1.63
1.35
1.1
0.78
0.76
0.69
0.6
0.47
0.44
0.44
0.4
Weighting
Change
5
Latest Chg
141'041'667
(12'125'963)
(11'905'784)
(27'664'747)
-
Target Price
#N/A N/A
File Dt
06.02.2012
06.02.2012
10.04.2013
28.08.2012
15.05.2013
17.06.2011
17.06.2011
10.10.2011
09.02.2012
09.02.2012
30.06.2011
09.02.2012
09.02.2012
09.02.2012
09.02.2012
31.10.2012
31.01.2013
09.02.2012
31.12.2012
09.02.2012
Date
Not Provided
Inst Type
Corporation
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Corporation
Investment Advisor
Investment Advisor
Other
Investment Advisor
Other
Other
Other
Other
Investment Advisor
Investment Advisor
Other
Government
Other
Date
02.04.2013
16.05.2013
Lydian International Ltd

Lydian International, Ltd. is a gold focused mineral exploration and
development company.
Price/Volume
3
8.0 M
7.0 M
6.0 M
2
Latest Fiscal Year:

LTM as of:
52-Week High (05.09.2012)
52-Week Low (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LYD CN EQUITY YTD Change
LYD CN EQUITY YTD % CHANGE
12/2012
12/yy
2.56
1.43
433'244.00
1.48
-42.19%
3.50%
4.42%
130.2
192.66
0.00
0.0
0.0
20.11
104.28
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
31.12.2009
-
4.0 M
3.0 M
2.0 M
1
1.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5.0 M
Valuation Analysis
31.12.2010
(1.9)
Profitability
(3.4)
(5.9)
-
LTM-4Q
31.12.2011
0.0
(5.9)
-
31.12.2012
0.0
(6.4)
-5.92
-14.30%
-16.44%
0.00%
5.62
5.51
0.00%
0.00%
-
12/yy
0.0
#DIV/0!
(3.6)
0.00x
(5.9)
0.00x
LTM
12/yy
0.0
#DIV/0!
(2.9)
0.00x
(6.4)
0.00x
0.00
1.33
102.55
0.56
-26.73%
-29.19%
1.332
9
4.778
244'825
257'206
360'491
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1
06/13 Q2
(8.9)
(5.0)
(13.2)
(5.4)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
0.0%
0.0%
0.00
0.00
-
1.0
0.9
1.00
0.8
0.7
0.80
0.60
0.40
0.6
0.5
0.4
0.3
0.2
0.20
0.1
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Lydian International Ltd

Holdings By:
All
Holder Name
INTERNATIONAL FINANC
EUROPEAN BANK FOR RE
NEWMONT MINING CORP
FRANKLIN RESOURCES
GCIC LTD/CANADA
INVESCO LTD
HAYK ALOYAN
FMR LLC
HENDERSON MARC C
MULLENS PETER
ANDROSS LIMITED
GLOBAL X MANAGEMENT
TARGET GENERATION SO
QUANTEX AG
SPROTT INC
Firm Name
Stifel
Scotia Capital
TD Securities
RBC Capital Markets
BMO Capital Markets
GMP
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
SHANE NAGLE
CRAIG P STANLEY
LEILY OMOUMI
DANIEL EARLE
MIKE KOZAK
JONATHAN GUY
TARA HASSAN
JOHN P HAYES
ANDREW MIKITCHOOK
Source
ULT-AGG
SEDI
Research
SEDI
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
SEDI
ULT-AGG
ULT-AGG
SEDI
SEDI
SEDI
MF-AGG
MF-AGG
SEDI
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
buy
sector outperform
speculative buy
buy
outperform
buy
buy
Amt Held
13'148'278
10'309'771
9'038'780
8'650'000
5'775'000
3'790'000
2'351'900
2'000'000
1'791'500
1'625'300
1'567'700
1'502'500
1'430'000
1'340'450
1'248'559
1'179'400
1'007'500
950'000
941'400
903'610
% Out
10.1
7.92
6.94
6.65
4.44
2.91
1.81
1.54
1.38
1.25
1.2
1.15
1.1
1.03
0.96
0.91
0.77
0.73
0.72
0.69
Weighting
Change
5
5
5
4
5
5
5
4
5
M
M
M
M
M
M
M
M
M
Latest Chg
1'419'732
500'000
1'890'000
2'000
100'000
392'600
(100'000)
(90'500)
200'000
500'000
(344'000)
Target Price
4
3
4
4
3
3
4
#N/A N/A
5
File Dt
Inst Type
15.05.2013
Investment Advisor
28.03.2013
Government
29.03.2012
Bank
24.09.2010
Corporation
28.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Bank
31.12.2012
Investment Advisor
22.02.2013
n/a
31.03.2013
Investment Advisor
31.01.2013
Holding Company
12.03.2013
n/a
07.02.2013
n/a
12.10.2012
Other
14.05.2013
Investment Advisor
31.03.2013
Investment Advisor
21.09.2010
Other
29.03.2013
Investment Advisor
28.09.2012
Investment Advisor
Date
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Date
10.05.2013
03.05.2013
23.04.2013
23.04.2013
22.04.2013
19.04.2013
16.04.2013
14.04.2013
05.03.2013
16.05.2013
Sabina Gold & Silver Corp

Sabina Gold & Silver Corporation explores and develops mineral properties. The
Company is a precious metals exploration Company with a portfolio of different
properties in Canada at different stages of development. Sabina explores for
minerals that include copper, gold and silver.
Price/Volume
4
3.5 M
3.0 M
2.5 M
Latest Fiscal Year:

LTM as of:
52-Week High (07.09.2012)
52-Week Low (07.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SBB CN EQUITY YTD Change
SBB CN EQUITY YTD % CHANGE
12/2012
03/yy
3.55
1.07
928'403.00
1.13
-68.17%
5.61%
2.42%
173.6
196.14
0.00
0.0
0.0
116.39
79.75
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
1.5 M
2
1
1.0 M
.5 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
0.0
(3.6)
(3.1)
-
2.0 M
Valuation Analysis
31.12.2009
31.12.2010
0.0
0.0
(4.5)
(5.4)
(1.1)
(8.8)
Profitability
LTM-4Q
31.12.2011
0.0
(10.0)
(12.7)
-
31.12.2012
0.0
(11.9)
(14.1)
-11.86
-11.90
-4.29%
-4.80%
0.00%
42.88
41.36
0.00%
0.00%
0.00
0.00
03/yy
0.0
#DIV/0!
(8.7)
0.00x
(11.1)
0.00x
LTM
03/yy
0.0
#DIV/0!
(7.7)
0.00x
(13.6)
0.00x
0.00
1.56
110.19
0.56
-37.22%
-57.36%
1.561
7
4.143
584'491
536'138
455'689
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2
09/13 Q3
(5.8)
(6.0)
(6.0)
(7.0)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
0.00
0.0%
0.0%
0.00
0.00
350.34
-
0.0
0.0
1.00
0.80
0.0
0.0
0.0
0.60
0.0
0.0
0.40
0.20
0.0
0.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Sabina Gold & Silver Corp

Holdings By:
All
Holder Name
GCIC LTD/CANADA
GOODMAN INVESTMENT C
DUNDEE PRECIOUS META
DUNDEE CORP
FMR LLC
QUANTEX AG
SHARE SICAV
GLOBAL X MANAGEMENT
US GLOBAL INVESTORS
VANGUARD GROUP INC
WHITTON JOHN F
SPROTT INC
WILKES LEROY E
PACIFIC INCOME ADVIS
Firm Name
Salman Partners
BMO Capital Markets
RBC Capital Markets
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
DAVID WEST
PAOLO LOSTRITTO
ANDREW KAIP
ADAM MELNYK
RICHARD GRAY
STEPHEN D WALKER
DON MACLEAN
Source
SEDI
SEDI
PROXY
ULT-AGG
SEDI
ULT-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
MF-AGG
SEDI
MF-AGG
Recommendation
speculative buy
sector perform
speculative buy
buy
outperform
speculative buy
Amt Held
20'350'304
19'728'304
18'539'713
10'428'291
2'828'700
2'780'000
1'140'000
1'122'000
1'034'100
945'100
936'866
899'400
838'000
742'157
725'400
642'400
628'042
560'700
343'373
300'000
% Out
11.72
11.37
10.68
6.01
1.63
1.6
0.66
0.65
0.6
0.54
0.54
0.52
0.48
0.43
0.42
0.37
0.36
0.32
0.2
0.17
Weighting
Change
4
3
4
4
5
5
4
Latest Chg
1'491'804
(368'000)
2'151'700
50'000
1'034'100
45'000
98'500
75'000
5'000
-
Target Price
M
M
M
M
M
M
M
File Dt
Inst Type
06.03.2013
Investment Advisor
26.04.2013
Investment Advisor
08.05.2012
Corporation
15.05.2013
Investment Advisor
29.06.2012
Holding Company
31.03.2013
Investment Advisor
29.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
14.05.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor
28.09.2012
Investment Advisor
31.03.2013
Investment Advisor
01.11.2011
n/a
02.01.2013
n/a
28.03.2013
Investment Advisor
Date
5
4
3
7
3
3
6
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Date
10.05.2013
10.05.2013
09.05.2013
09.05.2013
22.04.2013
14.04.2013
12.11.2012
16.05.2013
Lake Shore Gold Corp

Lake Shore Gold Corp. acquires and explores mineral properties. The Company is
currently exploring for gold in the gold mining district of northern Ontario
and Quebec.
Price/Volume
1
30.0 M
25.0 M
20.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.06.2012)
52-Week Low (15.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LSG CN EQUITY YTD Change
LSG CN EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
5.0 M
0
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
0.0
(9.6)
(5.5)
-
15.0 M
12/2012
03/yy
1.17
0.28
5'463'818.00
0.29
-75.21%
5.45%
1.68%
416.6
120.82
142.44
0.0
0.0
48.72
214.55
31.12.2009
31.12.2010
0.0
0.0
(9.6)
(19.4)
2.1
(6.5)
413.00x
Profitability
LTM-4Q
31.12.2011
66.2
7.86x
7.3
70.97x
(10.9)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
133.0
3.05x
37.9
10.70x
(317.9)
37.91
-4.90
-3.69%
-187.52%
-34.24%
-40.51%
0.14%
7.8%
28.5%
-3.7%
-239.0%
1.49
0.83
17.31%
22.22%
7.55
Price/ Cash Flow
03/yy
70.9
36.63x
8.0
52.14x
(16.1)
0.00x
LTM
03/yy
151.3
8.29x
32.8
0.00x
(315.6)
0.00x
FY+1
0.00
1.33
415.25
2.00
-64.63%
-61.33%
1.325
9
3.667
2'775'840
3'251'675
2'588'974
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
199.8
270.0
0.96x
0.53x
77.2
123.9
2.78x
1.73x
(0.5)
32.3
5.80x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
11.55
-37.76
2.47
3.76
22.2%
18.2%
0.14
0.16
48.46
20.00
-
80.00
140.0
70.00
120.0
60.00
100.0
50.00
80.0
40.00
60.0
30.00
40.0
20.00
20.0
10.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Lake Shore Gold Corp

Holdings By:
All
Holder Name
TD ASSET MANAGEMENT
RUFFER LLP
BLACKROCK
FMR LLC
SHARE SICAV
VANGUARD GROUP INC
NORGES BANK
BMO FINANCIAL CORP
CANADA PENSION PLAN
HAUCK & AUFHAUSER IN
POLYGON MANAGEMENT L
Firm Name
RBC Capital Markets
M Partners Inc
TD Securities
BMO Capital Markets
CIBC World Markets
EVA Dimensions
Portfolio Name
n/a
TD ASSET MANAGEMENT
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
NORGES BANK
n/a
BMO FINANCIAL CORP
n/a
CANADA PENSION PLAN
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
STEPHEN D WALKER
PAOLO LOSTRITTO
INGRID RICO
DANIEL EARLE
BARRY D ALLAN
KERRY SMITH
BRIAN QUAST
COSMOS CHIU
CRAIG STERLING
Source
ULT-AGG
13F
13F
13F
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
MF-AGG
MF-AGG
13F
MF-AGG
Recommendation
sector perform
outperform
buy
buy
buy
buy
underperform
sector perform
underweight
Amt Held
31'367'128
27'505'500
14'840'645
12'114'420
10'803'000
4'600'000
4'299'914
3'656'600
3'475'500
3'060'065
2'956'500
2'746'733
2'114'330
1'614'955
1'461'593
1'403'624
1'278'902
1'100'000
1'006'500
963'900
% Out
7.53
6.6
3.56
2.91
2.59
1.1
1.03
0.88
0.83
0.73
0.71
0.66
0.51
0.39
0.35
0.34
0.31
0.26
0.24
0.23
Weighting
Change
3
5
5
5
5
5
1
3
1
M
M
M
M
M
M
M
M
M
Latest Chg
4'117'500
(30'000)
(1'574'400)
(896'343)
(1'504'300)
412'000
29'385
1'300'000
(50'500)
(117'621)
(1'973'829)
(1'900'000)
1'006'500
-
Target Price
1
2
2
1
2
2
1
1
#N/A N/A
File Dt
15.05.2013
31.03.2013
31.03.2013
31.03.2013
27.12.2012
30.06.2012
14.05.2013
31.03.2013
31.12.2012
31.03.2013
31.12.2012
31.12.2012
31.01.2013
31.03.2013
31.03.2013
31.03.2013
15.05.2013
28.03.2013
31.03.2013
31.12.2011
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
15.05.2013
15.05.2013
10.05.2013
23.04.2013
23.04.2013
16.04.2013
14.04.2013
11.04.2013
15.01.2013
16.05.2013
Brigus Gold Corp

Brigus Gold Corp. is an emerging mid-tier gold producer . The Company's current
projects are in Ontario, Saskatchewan, Mexico and the Dominican Republic.
Price/Volume
1
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
1
1
1
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2012)
52-Week Low (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BRD US EQUITY YTD Change
BRD US EQUITY YTD % CHANGE
12/2012
03/yy
1.09
0.53
1'186'293.00
0.6011
-44.85%
14.47%
13.45%
231.5
139.13
93.20
0.0
0.0
29.81
202.52
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
1.00
0
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
0.0
(9.1)
1.2
-
31.12.2009
31.12.2010
47.0
85.9
4.84x
13.8
32.7
12.72x
(61.7)
(55.5)
Profitability
LTM-4Q
31.12.2011
71.9
3.27x
14.3
16.46x
15.8
-
31.12.2012
117.7
2.36x
48.5
5.72x
18.9
48.49
23.35
19.84%
15.79%
4.77%
9.12%
0.30%
30.9%
41.2%
19.8%
16.1%
1.15
0.76
22.12%
40.06%
30.94
9.59
03/yy
84.1
12.74x
24.0
8.39x
17.0
0.00x
LTM
03/yy
135.7
5.70x
39.3
0.00x
27.1
0.00x
FY+1
1.17
225.88
1.44
-19.85%
-36.05%
1.170
8
4.750
789'608
1'020'473
944'025
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
151.8
158.8
31.2
31.2
77.7
87.3
2.61x
2.32x
31.7
31.6
1.5
1.5
4.06x
4.52x
5.84x
5.84x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
5.34
-0.55
1.31
1.92
40.1%
28.6%
0.30
0.37
11.83
38.15
98.53
-48.56
140.0
120.0
100.0
0.80
80.0
0.60
60.0
0.40
40.0
20.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Brigus Gold Corp

Holdings By:
All
Holder Name
SPROTT INC
RUFFER LLP
CONNOR CLARK & LUNN
DAWE WADE K
QUAKER CAPITAL MANAG
GROSS MICHAEL
LIBRA ADVISORS LLC
BLACKROCK
BMO FINANCIAL CORP
CITY OF LONDON INVES
CANADA PENSION PLAN
FRANK RUSSELL TRUST
KELLIGREW INC
COE CAPITAL MANAGEME
Firm Name
BMO Capital Markets
Casimir Capital
EVA Dimensions
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
CONNOR CLARK & LUNN
n/a
QUAKER CAPITAL MANAG
n/a
LIBRA ADVISORS LLC
n/a
BMO FINANCIAL CORP
n/a
CITY OF LONDON INVES
CANADA PENSION PLAN
FRANK RUSSELL COMPAN
n/a
COE CAPITAL MANAGEME
Analyst
RICHARD GRAY
KERRY SMITH
BRIAN QUAST
ERIC WINMILL
JEFF WRIGHT
STEVEN BUTLER
DON BLYTH
TEAM COVERAGE
Source
ULT-AGG
13G
MF-AGG
13F
ULT-AGG
13F
13F
SEDI
13F
PROXY
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
SEDI
13F
Recommendation
buy
buy
market perform
buy
buy
buy
buy
overweight
Amt Held
18'568'232
9'336'421
7'027'000
4'428'400
3'552'474
3'203'084
2'896'000
2'438'422
1'678'100
1'578'085
1'430'200
1'128'900
1'095'790
1'000'000
967'386
885'000
826'510
819'000
655'289
499'380
% Out
8.02
4.03
3.04
1.91
1.53
1.38
1.25
1.05
0.73
0.68
0.62
0.49
0.47
0.43
0.42
0.38
0.36
0.35
0.28
0.22
Weighting
Change
5
5
3
5
5
5
5
5
M
M
M
M
M
M
M
U
Latest Chg
2'818'808
(1'057'930)
1'084'200
10'360
(5'011'416)
564'200
16'025
1'678'100
(71'100)
595'790
(10'948)
(27'000)
(363'190)
600'700
30'000
(215'250)
Target Price
1
2
1
2
1
1
2
#N/A N/A
File Dt
15.05.2013
30.04.2013
27.12.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
03.04.2013
31.03.2013
13.04.2012
31.03.2013
31.12.2012
31.03.2013
31.03.2013
31.01.2013
31.03.2013
31.03.2013
31.03.2013
29.09.2011
31.03.2013
Date
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Bank
Hedge Fund Manager
Investment Advisor
n/a
Hedge Fund Manager
n/a
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Date
15.05.2013
15.05.2013
14.05.2013
14.05.2013
14.05.2013
13.05.2013
03.04.2013
29.06.2012
16.05.2013
Great Panther Silver Ltd

Great Panther Silver Ltd. explores for and produces silver. The Company is
focused on acquiring, developing and mining precious metals in Mexico. Great
Panther's projects include The Guanajuato Mines property, located in the State
of Guanajuato, Mexico, and The Topia Silver-Lead-Zinc property, located in the
Topia Mining District in west-central Durango State, Mexico.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.09.2012)
52-Week Low (15.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GPL US EQUITY YTD Change
GPL US EQUITY YTD % CHANGE
Price/Volume
12/2012
03/yy
2.48
0.76
951'650.00
0.795
-67.94%
4.40%
1.95%
137.9
109.61
0.00
0.0
0.0
25.90
85.72
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
1.00
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
22.4
1.28x
(9.9)
(13.8)
-
31.12.2009
31.12.2010
31.7
42.2
2.85x
7.67x
4.9
14.2
18.35x
22.73x
(0.9)
10.7
Profitability
LTM-4Q
31.12.2011
57.8
4.05x
22.0
10.65x
11.5
-
31.12.2012
61.1
3.05x
15.6
11.93x
5.5
15.63
6.74
11.02%
15.88%
5.02%
5.72%
5.74%
0.56%
32.0%
25.6%
11.0%
9.0%
6.23
5.17
0.00%
0.00%
3.80
7.21
03/yy
56.0
21.76x
18.3
14.61x
9.2
0.00x
LTM
03/yy
60.2
11.31x
11.4
0.00x
2.1
0.00x
FY+1
1.14
134.84
0.52
-48.38%
-48.04%
1.141
4
3.500
635'846
549'802
613'256
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
56.8
68.0
8.0
18.4
10.69x
4.66x
0.3
2.7
23.13x
16.19x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
459.68
-325.97
-1.66
0.00
0.0%
0.0%
0.56
1.17
96.31
50.73
60.30
86.73
70.0
60.0
50.0
0.80
40.0
0.60
30.0
0.40
20.0
10.0
0.20
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Great Panther Silver Ltd

Holdings By:
All
Holder Name
GLOBAL X MANAGEMENT
TECHNICAL FINANCIAL
LB SWISS INVESTMENT
ARCHER ROBERT A
SANCHEZ FRANCISCO RA
BROWN CHARLES P
PUPLAVA FINANCIAL SE
KOPCHEFF JOHN THOMAS
CANADA PENSION PLAN
WAY FUND MANAGERS
BLACKROCK
JANE STREET HOLDING
SCHOELLERBANK INVEST
IFOS INTERNATIONALE
Firm Name
EVA Dimensions
Salman Partners
Portfolio Name
n/a
GLOBAL X MANAGEMENT
TFS CAPITAL LLC
Multiple Portfolios
n/a
n/a
n/a
PUPLAVA FINANCIAL SE
n/a
CANADA PENSION PLAN
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
JANE STREET HOLDING
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
CRAIG STERLING
ASH GUGLANI
HEIKO IHLE
CHRISTOS DOULIS
Source
ULT-AGG
13F
13F
MF-AGG
SEDI
20F
SEDI
13F
SEDI
13F
MF-AGG
MF-AGG
ULT-AGG
13F
MF-AGG
13F
MF-AGG
13F
MF-AGG
ULT-AGG
Recommendation
hold
buy
buy
underperform
Amt Held
10'968'414
1'765'875
1'415'289
1'387'500
1'191'300
1'075'000
448'000
410'201
280'000
260'501
200'000
200'000
190'484
153'000
153'000
145'556
130'000
101'500
100'000
87'802
% Out
7.96
1.28
1.03
1.01
0.86
0.78
0.32
0.3
0.2
0.19
0.15
0.15
0.14
0.11
0.11
0.11
0.09
0.07
0.07
0.06
Weighting
Change
3
5
5
1
U
M
M
D
Latest Chg
1'435'555
1'765'875
519'096
587'500
(61'200)
36'000
(19'100)
200'000
(32'600)
(35'000)
(46'366)
4'000
101'500
45'062
Target Price
#N/A N/A
1
1
1
File Dt
Inst Type
15.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
14.09.2011
n/a
29.02.2012
n/a
18.11.2011
n/a
25.08.2011
n/a
31.01.2013
Investment Advisor
28.03.2013
Investment Advisor
14.05.2013
Investment Advisor
31.03.2013
Investment Advisor
28.03.2013
Investment Advisor
31.03.2013
Investment Advisor
28.03.2013
Investment Advisor
27.03.2013
Investment Advisor
31.03.2013
Bank
Date
Not Provided
12 month
12 month
12 month
Date
14.05.2013
09.05.2013
09.05.2013
09.05.2013
16.05.2013
Intrepid Mines Ltd

Intrepid Mines Limited is an international precious metals development and
exploration company with primary operations in Indonesia. The Company's current
project is located in the province of East Java, where it explores for gold,
silver, and copper-gold.
Price/Volume
1
90.0 M
80.0 M
70.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.05.2012)
52-Week Low (23.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
IAU AU EQUITY YTD Change
IAU AU EQUITY YTD % CHANGE
12/2012
03/yy
0.67
0.19
5'786'721.00
0.28
-57.89%
47.37%
18.95%
555.9
155.65
0.00
0.0
0.0
9.65
145.26
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
54.4
1.06x
2.2
26.51x
(42.7)
-
60.0 M
31.12.2009
31.12.2010
0.0
0.0
1.9
(24.2)
39.18x
(9.9)
(5.0)
Profitability
LTM-4Q
31.12.2011
0.0
(39.2)
(30.0)
-
31.12.2012
0.0
(47.7)
(71.8)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
-47.73
-47.76
-50.47%
-51.74%
0.00%
57.06
5.01
0.00%
0.00%
-
Price/ Cash Flow
03/yy
0.0
#DIV/0!
(30.7)
0.00x
(29.4)
0.00x
LTM
03/yy
0.0
#DIV/0!
(17.3)
0.00x
(63.9)
0.00x
0.00
1.64
486.83
18.19
-53.33%
33.33%
1.645
5
2.400
5'132'540
2'458'447
3'015'753
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2
09/13 Q3
(9.9)
(9.3)
(7.1)
(8.8)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
0.00
0.0%
0.0%
0.00
0.00
-
20.00
60.0
18.00
50.0
16.00
14.00
40.0
12.00
30.0
10.00
8.00
20.0
6.00
4.00
10.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Intrepid Mines Ltd

Holdings By:
All
Holder Name
TAURUS SM HOLDINGS P
QUANTUM PACIFIC INVE
FMR LLC
UNISUPER
ACORN CAPITAL LTD
MACQUARIE GROUP
SUNSUPER FUND
NORGES BANK
MICROCAP INVESTMENT
HEALTH SUPER
CBA OFFICERS SUPER F
VANGUARD GROUP INC
QLD LOCAL GOVT SUPER
AUSCOAL SUPER FUND
GORDON BRADLEY AUSTI
Firm Name
Wilson HTM Investment Group
Hartleys
RBC Capital Markets
RBS Morgans
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Analyst
MIKE KOZAK
STEPHEN PARSONS
CAMERON JUDD
PETER GRAY
GEOFF BREEN
GARY LAMPARD
CHRIS BROWN
JEAN-FRANCOIS BERTINCOURT
TEAM COVERAGE
Source
Co File
ULT-AGG
EXCH
EXCH
MF-AGG
EXCH
ULT-AGG
EXCH
EXCH
ULT-AGG
EXCH
MF-AGG
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
EXCH
EXCH
EXCH
Recommendation
Under Review
Under Review
sell
speculative buy
underperform
suspended coverage
outperform
buy
sell
Amt Held
48'192'131
41'772'440
29'982'667
25'513'559
19'156'073
17'837'142
9'529'798
8'304'156
7'545'656
6'348'158
5'436'384
4'420'172
3'995'655
3'920'180
3'537'176
2'706'075
2'551'202
2'225'422
2'091'335
1'970'295
% Out
8.67
7.51
5.39
4.59
3.45
3.21
1.71
1.49
1.36
1.14
0.98
0.8
0.72
0.71
0.64
0.49
0.46
0.4
0.38
0.35
Weighting
Change
#N/A N/A
#N/A N/A
1
4
1
#N/A N/A
5
5
1
M
M
D
M
D
M
N
N
M
Latest Chg
7'384'262
(1'063'213)
(2'399'347)
(12'563'151)
1'263'247
700'425
(179'360)
878'800
478'000
602'600
530'300
(16'476)
340'300
327'800
235'000
Target Price
#N/A N/A
#N/A N/A
0
0
0
#N/A N/A
1
2
#N/A N/A
File Dt
Inst Type
16.03.2012
Holding Company
15.05.2013
Investment Advisor
23.04.2013
Unclassified
21.09.2011
Bank
26.09.2011
Investment Advisor
31.03.2013
Investment Advisor
06.06.2012
Other
06.06.2012
Investment Advisor
31.08.2011
Investment Advisor
06.06.2012
Other
31.12.2012
Government
06.06.2012
Other
06.06.2012
Other
06.06.2012
Other
30.09.2012
Investment Advisor
31.03.2013
Investment Advisor
06.06.2012
Other
06.06.2012
Other
01.03.2013
n/a
Date
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Date
07.05.2013
27.03.2013
21.03.2013
19.03.2013
27.02.2013
19.02.2013
27.11.2012
17.04.2012
31.01.2012
16.05.2013
Vista Gold Corp

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.
Price/Volume
5
6.0 M
5.0 M
4
3
4.0 M
12/2007
03/yy
4.09
1.30
484'396.00
1.32
-67.73%
1.54%
0.72%
81.7
107.87
0.00
0.0
0.0
88.40
19.48
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
1.00
2.0 M
1.0 M
1
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
0.0
(6.5)
(10.0)
-
3.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2012)
52-Week Low (15.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
VGZ US EQUITY YTD Change
VGZ US EQUITY YTD % CHANGE
31.12.2009
31.12.2010
0.0
0.0
(6.1)
(17.7)
(1.9)
(20.0)
Profitability
LTM-4Q
31.12.2011
0.0
(28.1)
51.5
-
31.12.2012
0.0
(35.6)
(70.7)
-35.63
-36.22
-44.30%
-57.29%
0.00%
2.94
2.84
0.00%
0.00%
-
03/yy
0.0
#DIV/0!
(31.9)
0.00x
44.2
0.00x
LTM
03/yy
0.0
#DIV/0!
(26.7)
0.00x
(85.7)
0.00x
FY+1
0.00
1.17
68.27
1.54
-46.12%
-51.11%
1.168
4
5.000
306'286
414'468
483'989
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
0.0
(18.8)
(14.6)
(26.5)
(6.4)
(4.4)
(5.9)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
0.00
0.0%
0.0%
0.00
0.00
-
1.6
1.4
1.2
0.80
0.60
1.0
0.8
0.6
0.40
0.20
0.4
0.2
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Vista Gold Corp

Holdings By:
All
Holder Name
SUN VALLEY GOLD LLC
SUN VALLEY GOLD LLC
SPROTT INC
BLACKROCK
LOEWS CORPORATION
STATE STREET
TECHNICAL FINANCIAL
CANADA PENSION PLAN
PARKER FREDERICK H E
CREDIT SUISSE AG
RICHINGS MICHAEL B
Firm Name
Roth Capital Partners
Portfolio Name
n/a
SUN VALLEY GOLD LLC
n/a
SPROTT INC
n/a
LOEWS CORPORATION
n/a
TFS CAPITAL LLC
CANADA PENSION PLAN
n/a
CREDIT SUISSE AG
n/a
Analyst
BRIAN W POST
ADAM P GRAF
JEFF WRIGHT
PAOLO LOSTRITTO
Source
Research
13F
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
Form 4
13F
13F
13F
13F
13F
Form 4
Recommendation
buy
buy
buy
outperform
Amt Held
12'084'310
12'084'310
11'374'527
6'145'260
2'577'504
1'758'748
1'386'026
881'631
871'929
822'000
755'864
713'381
632'415
556'325
412'356
327'993
248'473
201'025
199'168
188'121
% Out
14.79
14.79
13.92
7.52
3.15
2.15
1.7
1.08
1.07
1.01
0.92
0.87
0.77
0.68
0.5
0.4
0.3
0.25
0.24
0.23
Weighting
Change
5
5
5
5
Latest Chg
1'172'092
(430'462)
268'822
(200'000)
(20'701)
343'929
627'319
4'326
(100'000)
327'220
44'000
88'467
11'051
(72'615)
-
Target Price
M
M
M
M
7
12
5
4
File Dt
31.12.2012
31.03.2013
15.05.2013
31.03.2013
14.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
05.09.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
08.01.2013
Date
12 month
Not Provided
12 month
12 month
Inst Type
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Corporation
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Date
13.05.2013
13.05.2013
13.05.2013
10.05.2013
16.05.2013
Alexco Resource Corp

Alexco Resource Corporation is a mineral exploration and production company.
The Company mines for minerals that include gold and silver.
Price/Volume
6
1.6 M
1.4 M
1.2 M
4
Latest Fiscal Year:

LTM as of:
52-Week High (06.06.2012)
52-Week Low (15.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AXU US EQUITY YTD Change
AXU US EQUITY YTD % CHANGE
12/2012
03/yy
5.58
1.57
437'268.00
1.59
-71.50%
1.27%
0.50%
62.6
99.49
0.00
0.0
0.0
23.09
78.23
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
.8 M
.6 M
.4 M
1
.2 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
5.7
18.66x
(4.8)
(4.0)
-
1.0 M
Valuation Analysis
31.12.2009
31.12.2010
5.8
4.6
14.71x
32.68x
(6.1)
(6.0)
(9.6)
(5.2)
Profitability
LTM-4Q
31.12.2011
45.1
8.09x
9.8
37.41x
3.5
-
31.12.2012
84.7
2.27x
25.4
7.55x
3.4
25.44
1.26
1.49%
9.42%
1.62%
2.42%
2.44%
0.40%
21.2%
30.0%
1.5%
4.0%
2.57
2.01
0.00%
0.00%
10.53
7.28
03/yy
68.2
24.16x
18.8
20.36x
5.2
0.00x
LTM
03/yy
76.7
8.66x
17.7
0.00x
(0.3)
0.00x
FY+1
1.04
52.25
0.84
-63.19%
-55.46%
1.037
5
3.400
254'923
456'356
406'194
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
78.0
94.6
20.5
23.7
(4.0)
2.0
39.11x
(2.2)
17.0
(0.5)
0.2
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
553.04
-174.91
-0.91
0.00
0.0%
0.0%
0.40
0.57
52.22
75.58
110.73
17.06
90.0
80.0
1.00
0.80
70.0
60.0
50.0
0.60
40.0
30.0
0.40
0.20
20.0
10.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Alexco Resource Corp

Holdings By:
All
Holder Name
SPROTT INC
SPROTT INC
ASSET LIABILITY MANA
NAUMAN CLYNTON R
PATHSTONE FAMILY OFF
GLOBAL X MANAGEMENT
BLACKROCK
THRALL BRADLEY A
LB SWISS INVESTMENT
TECHNICAL FINANCIAL
SEMAPHORE MANAGEMENT
FORUM INVESTMENT ADV
VANGUARD GROUP INC
US GLOBAL INVESTORS
NOMURA
Firm Name
EVA Dimensions
Portfolio Name
SPROTT INC
#N/A N/A
n/a
#N/A N/A
n/a
PATHSTONE FAMILY OFF
GLOBAL X MANAGEMENT
n/a
n/a
Multiple Portfolios
TFS CAPITAL LLC
SEMAPHORE MANAGEMENT
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
JEFF WRIGHT
NICHOLAS CAMPBELL
GRAEME JENNINGS
CHRISTOS DOULIS
CRAIG STERLING
Source
13F
Co File
ULT-AGG
13F
13F
PROXY
PROXY
13F
13F
13F
ULT-AGG
SEDI
MF-AGG
13F
13F
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
Recommendation
neutral
hold
market perform
sector perform
buy
Amt Held
6'235'350
6'004'850
4'009'408
2'629'000
2'100'000
1'940'299
1'725'001
1'203'671
814'919
638'317
586'930
523'200
500'000
484'850
409'942
381'904
251'242
200'000
137'613
91'006
% Out
9.96
9.6
6.41
4.2
3.36
3.1
2.76
1.92
1.3
1.02
0.94
0.84
0.8
0.77
0.66
0.61
0.4
0.32
0.22
0.15
Weighting
Change
3
3
3
3
5
M
M
M
D
U
Latest Chg
(624'500)
(230'500)
527'964
(54'000)
2'100'000
(10'515)
(425'145)
3'200
175'434
14'810
35'740
(325'000)
(24'760)
Target Price
4
3
4
3
#N/A N/A
File Dt
31.03.2013
30.04.2013
15.05.2013
31.03.2013
31.03.2013
01.05.2013
01.05.2013
31.03.2013
31.03.2013
31.03.2013
14.05.2013
20.02.2013
27.03.2013
31.03.2013
31.12.2012
31.12.2012
31.03.2013
31.12.2012
31.12.2012
31.03.2013
Date
12 month
Not Provided
12 month
12 month
Not Provided
Inst Type
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Other
n/a
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Unclassified
Date
13.05.2013
10.05.2013
10.05.2013
10.05.2013
15.04.2013
16.05.2013
Atac Resources Ltd

ATAC Resources Ltd. explores for gold in Canada.
Price/Volume
4
3.0 M
2.5 M
3
2.0 M
3
2
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.06.2012)
52-Week Low (04.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ATC CN EQUITY YTD Change
ATC CN EQUITY YTD % CHANGE
12/2012
12/yy
3.50
0.91
324'926.00
0.98
-72.00%
7.69%
2.70%
113.2
110.89
0.00
0.0
0.0
15.04
95.85
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.0 M
1
.5 M
1
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1.5 M
31.12.2009
31.12.2010
0.0
0.0
(1.1)
(3.1)
(1.1)
(2.2)
Profitability
LTM-4Q
31.12.2011
0.0
(24.8)
-
31.12.2012
0.0
(7.5)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
-6.54
-8.85%
-10.04%
0.00%
18.93
18.66
0.00%
0.00%
-
Price/ Cash Flow
12/yy
0.0
#DIV/0!
0.0
0.00x
(24.8)
0.00x
LTM
12/yy
0.0
#DIV/0!
0.0
0.00x
(7.5)
0.00x
0.00
1.64
90.26
0.14
-50.25%
-43.68%
1.643
2
5.000
178'839
205'989
320'445
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1
06/13 Q2
(5.4)
(5.4)
(3.5)
(3.5)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
(1.0)
(0.9)
-
(1.0)
(1.0)
0.0%
0.0%
0.00
0.00
-
300.00
1.0
0.9
250.00
0.8
0.7
200.00
0.6
150.00
0.5
0.4
100.00
0.3
0.2
50.00
0.00
01.01.2010
0.1
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Atac Resources Ltd

Holdings By:
All
Holder Name
STRATEGIC METALS LTD
CARNE ROBERT C
GLOBAL X MANAGEMENT
TD ASSET MANAGEMENT
SPROTT INC
GOSS DOUGLAS O
YEADON GLENN ROBERT
KENWAY BRUCE J
LB SWISS INVESTMENT
GESIURIS SA SGIIC
DOWNS GRAHAM NOLAN
NEXGEN FINANCIAL LP
TALBOT IAN J
Firm Name
Macquarie
Raymond James
GMP
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
MICHAEL GRAY
GARY J BASCHUK
ANDREW MIKITCHOOK
DON MACLEAN
Source
13F
SEDI
SEDI
ULT-AGG
SEDI
MF-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
PROXY
PROXY
MF-AGG
MF-AGG
MF-AGG
SEDI
MF-AGG
MF-AGG
SEDI
MF-AGG
Recommendation
outperform
Under Review
buy
hold
Amt Held
14'971'600
9'600'000
9'556'286
6'470'185
1'987'126
1'531'428
1'124'700
558'195
523'000
482'588
424'667
400'000
370'900
300'000
300'000
255'000
225'000
193'000
111'400
97'200
% Out
13.23
8.48
8.45
5.72
1.76
1.35
0.99
0.49
0.46
0.43
0.38
0.35
0.33
0.27
0.27
0.23
0.2
0.17
0.1
0.09
Weighting
Change
5
#N/A N/A
5
3
M
M
M
M
Latest Chg
30'100
(250'000)
20'000
(1'400)
(463'800)
28'300
135'000
75'000
(5'000)
13'300
Target Price
2
#N/A N/A
5
4
File Dt
Inst Type
20.03.2013
Corporation
05.04.2011
Corporation
15.05.2013
Investment Advisor
22.02.2013
n/a
14.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
25.02.2013
n/a
17.04.2013
n/a
17.04.2013
n/a
28.02.2013
Investment Advisor
27.03.2013
Investment Advisor
30.04.2013
Investment Advisor
17.02.2012
n/a
30.06.2012
Investment Advisor
28.03.2013
Investment Advisor
07.06.2012
n/a
28.02.2013
Investment Advisor
Date
12 month
Not Provided
12 month
12 month
Date
25.04.2013
18.04.2013
19.03.2013
06.03.2012
16.05.2013
Scorpio Mining Corp

Scorpio Mining Corporation explores for silver in Canada and Mexico.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.10.2012)
52-Week Low (01.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SPM CN EQUITY YTD Change
SPM CN EQUITY YTD % CHANGE
12/2012
03/yy
1.28
0.45
386'125.00
0.46
-64.06%
3.37%
1.80%
198.4
91.26
0.00
0.0
0.0
31.05
60.22
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
0.0
(4.6)
(90.7)
-
31.12.2009
31.12.2010
19.4
34.2
4.59x
5.75x
6.6
11.9
13.58x
16.54x
13.5
30.7
6.00x
9.00x
Profitability
LTM-4Q
31.12.2011
61.1
5.89x
29.4
12.25x
12.6
32.50x
31.12.2012
45.8
3.78x
14.2
12.23x
7.1
25.75x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
14.18
10.32
22.52%
24.11%
4.85%
4.98%
5.00%
0.31%
41.6%
30.9%
22.5%
15.5%
21.39
18.19
0.00%
0.00%
7.06
4.45
Price/ Cash Flow
03/yy
56.1
19.77x
21.8
9.87x
10.0
25.80x
LTM
03/yy
41.6
11.09x
9.3
0.00x
4.3
23.33x
FY+1
0.00
1.46
196.42
0.11
-47.73%
-55.34%
1.460
4
5.000
269'606
660'774
513'762
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
51.1
104.0
10.6
18.6
5.68x
3.24x
13.53x
3.46x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-2.19
0.00
0.0%
0.0%
0.31
0.54
51.87
82.23
27.78
106.31
80.00
70.0
70.00
60.0
60.00
50.0
50.00
40.0
40.00
30.0
30.00
20.0
20.00
10.0
10.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Scorpio Mining Corp

Holdings By:
All
Holder Name
JP MORGAN
GLOBAL X MANAGEMENT
SPROTT INC
HAWLEY PETER J
FACTOR ADVISORS LLC
SADEK JOHN
BLACKROCK
IFOS INTERNATIONALE
MASON EWAN
SAWH HEMDAT
Firm Name
Clarus Securities
Casimir Capital
MLV & Co
EVA Dimensions
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
BARRY D ALLAN
MIKE BANDROWSKI
ERIC WINMILL
RICHARD TROTMAN
TEAM COVERAGE
Source
13F
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Co File
Co File
Recommendation
buy
buy
buy
suspended coverage
buy
Amt Held
34'089'105
15'758'728
9'523'000
3'867'521
3'800'000
1'941'000
1'843'436
1'639'600
1'400'000
1'322'400
424'600
215'588
131'178
79'150
75'011
65'721
45'000
40'000
20'000
10'500
% Out
17.18
7.94
4.8
1.95
1.92
0.98
0.93
0.83
0.71
0.67
0.21
0.11
0.07
0.04
0.04
0.03
0.02
0.02
0.01
0.01
Weighting
Change
5
5
5
#N/A N/A
5
M
M
M
M
U
Latest Chg
(203'900)
(2'341'300)
20'000
-
Target Price
2
2
1
#N/A N/A
#N/A N/A
File Dt
Inst Type
15.05.2013
Investment Advisor
31.12.2012
Investment Advisor
14.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
n/a
28.09.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
29.11.2012
Unclassified
31.12.2012
n/a
31.01.2013
Investment Advisor
14.05.2013
Investment Advisor
27.03.2013
Investment Advisor
28.03.2013
Investment Advisor
31.12.2012
n/a
31.12.2012
n/a
Date
12 month
12 month
12 month
Not Provided
Not Provided
Date
13.05.2013
13.05.2013
13.05.2013
16.07.2012
12.06.2012
16.05.2013
Midway Gold Corp

Midway Gold Corp. explores and develops mineral resource properties. The
Company is currently exploring for gold on its Midway Prospect property located
in Nevada in the United States.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.10.2012)
52-Week Low (15.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MDW US EQUITY YTD Change
MDW US EQUITY YTD % CHANGE
12/2010
03/yy
1.80
0.86
393'364.00
0.883
-50.94%
2.36%
2.18%
128.5
113.42
0.00
44.3
0.0
75.05
84.71
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
0.0
(11.6)
(16.2)
-
2
2
2
1
1
1
1
1
0
0
0
m-12
31.12.2009
31.12.2010
0.0
0.0
(3.8)
(6.3)
(2.6)
(5.8)
Profitability
LTM-4Q
31.12.2011
0.0
(18.2)
(15.5)
-
31.12.2012
0.0
(14.3)
(15.3)
-14.33
-14.73
-15.54%
-26.88%
0.00%
43.98
43.90
0.00%
0.00%
0.00
-
03/yy
0.0
#DIV/0!
(18.6)
0.00x
(15.9)
0.00x
LTM
03/yy
0.0
#DIV/0!
(11.4)
0.00x
(6.3)
0.00x
0.00
1.04
98.45
3.91
-26.42%
-36.47%
1.041
7
4.429
305'086
330'129
345'929
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2
09/13 Q3
(6.5)
(7.5)
(10.0)
(15.1)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
(5.0)
-
(5.0)
-5311.80
-8155.64
0.00
0.0%
0.0%
0.00
0.00
-
1.0
0.9
1.00
0.8
0.7
0.80
0.60
0.40
0.6
0.5
0.4
0.3
0.2
0.20
0.1
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Midway Gold Corp

Holdings By:
All
Holder Name
SHEERIN MATT
HAWES GEORGE T
FRANKLIN RESOURCES
HALE CAPITAL PARTNER
BLACKROCK
DISBROW ROBERT
VANGUARD GROUP INC
YU FRANK S
STATE STREET
WOLFUS DANIEL EDWARD
NANTAHALA CAPITAL MA
DAVENPORT & COMPANY
DEANS KNIGHT CAPITAL
US GLOBAL INVESTORS
SUN VALLEY GOLD LLC
Firm Name
Stifel
Jacob Securities Inc
RBC Capital Markets
MLV & Co
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
NANTAHALA CAPITAL MA
DAVENPORT & COMPANY
n/a
US GLOBAL INVESTORS
Multiple Portfolios
SUN VALLEY GOLD LLC
Analyst
ADAM P GRAF
JOE MAZUMDAR
MICHAEL A SCOON
MATTHEW SHEPPARD
KYLE MCPHEE
SAM CRITTENDEN
BRIAN SZETO
RICHARD TROTMAN
Source
ULT-AGG
PROXY
PROXY
ULT-AGG
PROXY
ULT-AGG
13G
13F
PROXY
ULT-AGG
PROXY
13F
13F
13F
13G
13F
MF-AGG
13F
13F
13F
Recommendation
hold
speculative buy
buy
buy
speculative buy
outperform
outperform
suspended coverage
Amt Held
10'847'196
7'929'506
7'112'952
6'557'700
6'127'310
5'299'564
5'072'200
2'914'011
1'709'646
1'634'300
1'570'117
1'526'751
1'470'179
1'416'296
1'144'360
571'863
558'000
445'429
435'535
376'690
% Out
8.44
6.17
5.54
5.11
4.77
4.13
3.95
2.27
1.33
1.27
1.22
1.19
1.14
1.1
0.89
0.45
0.43
0.35
0.34
0.29
Weighting
Change
3
4
5
5
4
5
5
#N/A N/A
M
M
M
M
M
M
M
M
Latest Chg
915'894
(271'400)
60'000
467'767
(75'800)
(1'449'218)
(26'204)
1'526'751
14'700
(65'462)
(4'310)
Target Price
#N/A N/A
2
2
2
2
2
2
#N/A N/A
File Dt
Inst Type
15.05.2013
Investment Advisor
18.04.2013
n/a
18.04.2013
n/a
31.03.2013
Investment Advisor
18.04.2013
Other
14.05.2013
Investment Advisor
31.12.2011
n/a
31.03.2013
Investment Advisor
18.04.2013
n/a
31.03.2013
Investment Advisor
18.04.2013
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Date
13.05.2013
08.05.2013
03.05.2013
23.04.2013
22.04.2013
05.02.2013
08.01.2013
16.07.2012
16.05.2013
Patagonia Gold PLC

Patagonia Gold PLC holds investments in mineral exploration companies involved
in identifying, acquiring, and developing mineral projects, either alone or with
joint-venture partners. The Company explores for gold in locations throughout
Argentina.
Price/Volume
35
9.0 M
30
8.0 M
7.0 M
25
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.05.2012)
52-Week Low (26.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PGD LN EQUITY YTD Change
PGD LN EQUITY YTD % CHANGE
12/2012
01/yy
33.50
9.75
442'856.00
10.75
-67.91%
10.26%
11.58%
855.5
91.96
0.00
0.0
2.5
2.87
91.55
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
5.0 M
15
4.0 M
3.0 M
10
2.0 M
1.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
0.0
(5.8)
(5.8)
-
6.0 M
20
31.12.2009
31.12.2010
0.0
0.0
(7.3)
(11.3)
(7.3)
(11.3)
Profitability
31.12.2011
0.0
(32.6)
(33.2)
-
-15.81
-16.48
-39.10%
-54.75%
0.00%
1.80
0.78
0.00%
0.00%
0.00
0.00
0.91
540.59
-51.14%
-52.22%
0.908
1
4.000
664'383
1'413'518
1'463'209
LTM-4Q
LTM
FY+1
FY+2
FQ+1
01/yy
01/yy
12/13 Y
12/14 Y
31.12.2012
0.0
(15.8)
(13.1)
-
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
.0 M
m-13
FQ+2
-
-368.56
-457.66
0.00
0.0%
0.0%
0.00
0.00
441.36
-
1.0
0.9
1.00
0.8
0.7
0.80
0.60
0.40
0.6
0.5
0.4
0.3
0.2
0.20
0.1
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Patagonia Gold PLC

Holdings By:
All
Holder Name
DIRECTOR & RELATED H
BLACKROCK
MIGUENS CARLOS JOSE
UBS
CINCO VIENTOS URUGUA
VAN ECK GLOBAL
MIGUENS DIEGO
TAHEH INTERNATIONAL
BARRICK GOLD CORP
MIGUENS CRISTINA
HUMPHRIES WILLIAM HE
HARGREAVE
PRIVATE INDIVIDUALS
COUTTS PRIVATE BANKI
F&C FUND MANAGEMENT
F&C ASSET MANAGEMENT
CRAVEN JOHN ANTHONY
WALKER CRIPS STOCKBR
INVESTEC WEALTH & IN
Firm Name
Mirabaud Securities
Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
NICHOLAS CHALMERS
Source
REG
ULT-AGG
RNS-DIR
ULT-AGG
REG
ULT-AGG
REG
Co File
REG
REG
Co File
RNS-DIR
ULT-AGG
REG
REG
MF-AGG
REG
Co File
REG
REG
Recommendation
speculative buy
Amt Held
149'037'867
140'259'219
125'072'109
96'575'359
50'361'585
41'728'143
36'986'715
29'562'152
28'353'264
28'323'264
24'485'645
23'296'857
16'987'188
13'399'969
12'894'789
9'941'137
9'722'734
9'455'190
9'385'378
7'247'490
% Out
17.42
16.4
14.62
11.29
5.89
4.88
4.32
3.46
3.31
3.31
2.86
2.72
1.99
1.57
1.51
1.16
1.14
1.11
1.1
0.85
Weighting
Change
4
Latest Chg
2'753'684
(116'604)
590'460
9'636'316
(1'116'233)
4'403'000
4'345'000
(908'112)
(2'554'143)
(231'500)
(38'500)
Target Price
35
File Dt
02.01.2013
14.05.2013
03.05.2013
02.01.2013
02.01.2013
15.05.2013
02.01.2013
24.04.2012
02.01.2013
02.01.2013
24.04.2012
27.06.2012
02.01.2013
02.01.2013
02.01.2013
28.02.2013
02.01.2013
24.04.2012
02.01.2013
02.01.2013
Date
12 month
Inst Type
Other
Investment Advisor
n/a
Unclassified
Other
Investment Advisor
Unclassified
n/a
Other
Corporation
n/a
n/a
Unclassified
Other
Unclassified
Investment Advisor
Investment Advisor
n/a
Other
Investment Advisor
Date
04.12.2012
16.05.2013
Gryphon Minerals Ltd

Gryphon Minerals Ltd. explores for gold. The Company operates on the Banfora
Gold Project in Burkina Faso, Africa, and properties in Mauritania.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (24.09.2012)
52-Week Low (02.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GRY AU EQUITY YTD Change
GRY AU EQUITY YTD % CHANGE
Price/Volume
06/2012
01/yy
0.99
0.19
5'524'442.00
0.23
-76.77%
24.32%
5.59%
400.5
92.11
0.00
0.0
0.0
46.22
41.45
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
0.0
(3.3)
(3.1)
-
30.06.2009
30.06.2010
0.0
0.0
(2.7)
(3.9)
(2.3)
(3.2)
Profitability
30.06.2011
0.0
(15.9)
(8.9)
-
LTM-4Q
LTM
01/yy
01/yy
30.06.2012
0.0
(8.0)
(5.9)
-8.04
-8.20
-1.76%
-1.82%
0.00%
3.81
3.75
0.00%
0.00%
0.00
-
FY+1
-
0.00
1.47
390.07
13.71
-64.06%
-55.34%
1.465
13
4.000
4'069'073
3'923'475
3'666'811
FY+2
06/13 Y
06/14 Y
0.8
1.4
62.07x
86.73x
(10.2)
(8.8)
(8.6)
(6.7)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
0.00
0.0%
0.0%
0.00
0.00
-
1.0
0.9
1.00
0.8
0.7
0.80
0.60
0.40
0.6
0.5
0.4
0.3
0.2
0.20
0.1
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Gryphon Minerals Ltd

Holdings By:
All
Holder Name
GENESIS ASSET MANAGE
AMP LTD
NORGES BANK
JP MORGAN
PARSONS STEPHEN
GCIC LTD/CANADA
FMR LLC
MACQUARIE GROUP
GLOBAL X MANAGEMENT
WELLS FARGO
QUANTEX AG
VANGUARD GROUP INC
NETHERWAY DAVID GEOR
SHARE SICAV
Firm Name
Clarus Securities
Macquarie
RBC Capital Markets
GMP
Morgan Stanley
BMO Capital Markets
Credit Suisse
RBS Morgans
EVA Dimensions
Deutsche Bank
DJ Carmichael Pty Ltd
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
REG SPENCER
NANA SANGMUAH
MITCH RYAN
GEOFF BREEN
LEVI SPRY
BRENDAN FITZPATRICK
TROY IRVIN
ANDREW BREICHMANAS
MICHAEL SLIFIRSKI
JAMES WILSON
CRAIG STERLING
DON MACLEAN
CHRIS TERRY
PAUL ADAMS
Source
ULT-AGG
EXCH
EXCH
EXCH
ULT-AGG
MF-AGG
ULT-AGG
EXCH
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
Recommendation
buy
buy
neutral
sector perform
buy
Equalwt/In-Line
speculative buy
outperform
outperform
underweight
speculative buy
not rated
speculative buy
Amt Held
47'385'165
28'079'256
19'591'128
16'488'127
14'803'493
13'598'508
10'018'063
6'990'601
6'850'000
5'590'010
5'507'628
4'493'276
3'934'525
3'498'398
2'360'000
2'139'152
1'939'645
1'847'374
1'820'050
1'634'666
% Out
11.83
7.01
4.89
4.12
3.7
3.4
2.5
1.75
1.71
1.4
1.38
1.12
0.98
0.87
0.59
0.53
0.48
0.46
0.45
0.41
Weighting
Change
5
5
3
3
5
3
4
4
5
5
1
4
#N/A N/A
4
M
M
M
M
M
M
M
M
M
M
U
M
M
M
Latest Chg
681'722
7'396'732
(985'067)
(160'194)
2'579'872
1'850'000
1'032'776
350'148
(10'410)
(530'000)
Target Price
1
1
1
0
0
0
1
1
1
1
#N/A N/A
1
#N/A N/A
#N/A N/A
File Dt
15.05.2013
07.05.2013
20.11.2012
22.10.2012
05.04.2011
31.12.2012
31.03.2013
18.12.2012
31.12.2012
31.03.2013
31.08.2011
14.05.2013
31.03.2013
31.03.2013
29.03.2013
31.01.2013
31.03.2013
30.06.2012
30.09.2012
31.12.2012
Date
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Bank
Insurance Company
Bank
Government
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Date
13.05.2013
03.05.2013
26.04.2013
25.04.2013
24.04.2013
22.04.2013
19.04.2013
15.04.2013
03.04.2013
06.03.2013
01.03.2013
01.02.2013
22.02.2012
24.08.2011
16.05.2013
DRDGOLD Ltd
DRDGOLD Limited is a mid-tier, unhedged gold producer with a mix of assets. The
Company's assets include underground mines and surface re-treatment operation
and exploration activities in South Africa.
Price/Volume
9
1.2 M
1.0 M
7
6
.8 M
06/2012
03/yy
8.59
5.35
70'829.00
6.09
-29.10%
13.83%
22.84%
38.5
234.70
30.69
0.0
136.7
298.51
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
.4 M
.2 M
1
0
m-12
30.06.2009
30.06.2010
1'910.7
1'990.5
1.10x
0.64x
6.9
212.5
301.94x
6.03x
129.1
207.8
Profitability
LTM-4Q
30.06.2011
1'379.5
0.79x
225.7
4.83x
(287.9)
-
30.06.2012
1'764.2
1.09x
370.8
5.21x
308.7
370.76
249.91
14.17%
14.79%
10.71%
19.27%
0.75%
20.6%
20.4%
13.8%
17.5%
1.80
1.15
1.23%
2.05%
-
03/yy
2'000.9
2.92x
408.0
4.50x
(117.3)
0.00x
j-12
a-12
s-12
o-12
LTM
03/yy
2'031.9
4.62x
411.6
6.72x
291.8
0.00x
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
0.79
0.06
10.41%
-22.84%
0.792
2
4.000
93'907
95'857
138'084
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
06/13 Q4 09/13 Q1
2'129.1
2'545.8
526.4
795.5
307.1
462.1
7.11x
4.71x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
23.65
2.40
-0.58
0.42
2.0%
1.8%
0.75
1.17
-
1.20
3'000.0
1.00
2'500.0
0.80
2'000.0
0.60
.0 M
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
1'843.9
0.86x
162.1
9.75x
996.0
-
.6 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.02.2013)
52-Week Low (31.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DRD US EQUITY YTD Change
DRD US EQUITY YTD % CHANGE
1'500.0
1'000.0
0.40
500.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
DRDGOLD Ltd
Holdings By:
All
Holder Name
SKAGEN AS
US GLOBAL INVESTORS
BRANCH BANKING & TRU
ROTHSCHILD & COMPAGN
OXFORD ASSET MANAGEM
MORGAN STANLEY
FRANK RUSSELL TRUST
RUFFER LLP
APERIO GROUP LLC
FMR LLC
SCHRODER INVESTMENT
COMMONWEALTH OF PENN
BLACKROCK
O'SHAUGHNESSY ASSET
PHILADELPHIA INTERNA
Firm Name
EVA Dimensions
Portfolio Name
Multiple Portfolios
n/a
US GLOBAL INVESTORS
Multiple Portfolios
BRANCH BANKING AND T
Multiple Portfolios
OXFORD ASSET MANAGEM
n/a
FRANK RUSSELL COMPAN
RUFFER LLP
APERIO GROUP LLC
n/a
SCHRODER INVESTMENT
COMMONWEALTH OF PENN
n/a
n/a
O'SHAUGHNESSY ASSET
PHILADELPHIA INTERNA
Analyst
CRAIG STERLING
Source
MF-AGG
ULT-AGG
13F
13F
13F
MF-AGG
13F
MF-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
13F
Recommendation
hold
Amt Held
3'724'701
1'073'033
536'792
442'970
125'000
115'000
110'000
100'000
61'336
49'176
36'297
34'015
33'383
28'300
28'300
26'529
20'181
19'729
11'452
9'000
% Out
9.66
2.78
1.39
1.15
0.32
0.3
0.29
0.26
0.16
0.13
0.09
0.09
0.09
0.07
0.07
0.07
0.05
0.05
0.03
0.02
Weighting
Change
3
Latest Chg
141'063
(58'369)
52'500
15'000
43'360
17'676
3'750
20'133
3'502
5'671
9'000
Target Price
#N/A N/A
File Dt
Inst Type
27.03.2013
Investment Advisor
15.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.03.2013
Bank
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
Date
07.05.2013
16.05.2013
Red 5 Ltd
Red 5 Limited is a minieral exploration and development company. The Company's
principal asset is the Siana Gold Project in the Philippines held under a
Mineral Production Sharing Agreement by a Red5 Philippine compliant company.
Red 5's second asset is the Mapawa MPSA, located north of Siana.
Price/Volume
2
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
2
1
1
1
1
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.10.2012)
52-Week Low (18.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RED AU EQUITY YTD Change
RED AU EQUITY YTD % CHANGE
06/2012
01/yy
1.75
0.56
68'467.00
0.62
-64.57%
11.71%
5.44%
135.5
84.00
0.00
0.0
(0.4)
13.46
92.27
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
(1.4)
(0.6)
-
0
0
0
m-12
30.06.2009
30.06.2010
(1.5)
(0.9)
Profitability
(2.2)
(0.4)
-
30.06.2011
0.0
(5.2)
(8.1)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
m-13
a-13
Market Data
LTM-4Q
LTM
01/yy
01/yy
30.06.2012
4.3
42.84x
(2.9)
(1.7)
-2.93
-3.46
-80.96%
-39.34%
-5.70%
-6.67%
0.10%
38.2%
-29.5%
-32.7%
-40.8%
2.36
1.34
0.00%
0.00%
4.83
-
Price/ Cash Flow
FY+1
-
0.00
1.52
134.28
0.79
-53.03%
-50.40%
1.516
2
2.000
0
124'305
213'705
FY+2
06/13 Y
06/14 Y
43.8
125.0
2.16x
0.42x
8.0
72.4
11.47x
1.27x
(7.3)
33.5
2.45x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
-4.91
0.0%
0.0%
0.10
0.28
75.80
-
500.00
4.5
450.00
4.0
400.00
3.5
350.00
3.0
300.00
2.5
250.00
2.0
200.00
1.5
150.00
1.0
100.00
0.5
50.00
0.00
03.07.2009
j-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Red 5 Ltd
Holdings By:
All
Holder Name
FRANKLIN RESOURCES
BAKER STEEL GOLD FUN
JP MORGAN
RUFFER LLP
DEUTSCHE BANK AG
GAMCO
FMR LLC
EDWARDS GREGORY CHAR
EIM CAPITAL MANAGERS
SPROTT INC
SCANLAN GARY FRANCIS
MOBILIA JOE
BLACKROCK
MILAZZO MARK FRANCIS
JACKSON COLIN GEORGE
AUSTRALIAN INDEX INV
Firm Name
Wilson HTM Investment Group
Bell Potter
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
REG SPENCER
CAMERON JUDD
CATHY MOISES
CHRIS WHITEHEAD
Source
ULT-AGG
Co File
ULT-AGG
ULT-AGG
MF-AGG
EXCH
ULT-AGG
ULT-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
EXCH
Co File
ULT-AGG
Co File
Co File
MF-AGG
MF-AGG
Recommendation
Under Review
sell
neutral
buy
Amt Held
17'841'590
11'095'633
9'638'245
9'206'232
6'663'000
3'958'183
2'208'823
1'326'000
1'065'111
679'951
301'926
260'849
66'444
50'000
44'958
41'803
25'000
22'500
17'274
1'081
% Out
13.17
8.19
7.11
6.79
4.92
2.92
1.63
0.98
0.79
0.5
0.22
0.19
0.05
0.04
0.03
0.03
0.02
0.02
0.01
0
Weighting
Change
#N/A N/A
1
3
5
M
M
D
M
Latest Chg
40'000
(1'034'479)
(3'160'399)
(100'000)
(2'137'799)
-
Target Price
#N/A N/A
1
#N/A N/A
3
File Dt
Inst Type
28.03.2013
Investment Advisor
24.09.2012
n/a
31.12.2012
Investment Advisor
15.05.2013
Investment Advisor
24.06.2011
Investment Advisor
31.12.2012
Unclassified
31.03.2013
Investment Advisor
15.11.2012
n/a
30.09.2012
Investment Advisor
30.11.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
n/a
30.06.2012
n/a
14.05.2013
Investment Advisor
26.09.2012
n/a
26.09.2012
n/a
31.01.2013
Investment Advisor
30.04.2013
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
12 month
Date
14.05.2013
17.04.2013
03.01.2013
01.03.2012
16.05.2013
Lingbao Gold Co Ltd

Lingbao Gold Company Ltd. mines and smelts gold. The Company produces gold
bullion, silver, copper products, and sulphuric acid.
Price/Volume
4
7.0 M
6.0 M
5.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (21.05.2012)
52-Week Low (16.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
06/yy
3.96
2.05
1'498'000.00
2.17
-45.20%
5.85%
2.31%
297.3
1'679.09
4'216.29
0.0
46.7
267.94
5'324.93
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
1.00
3.0 M
2
1
2.0 M
1.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
3'559.1
0.72x
354.4
7.26x
115.6
11.63x
4.0 M
Valuation Analysis
31.12.2009
31.12.2010
3'961.7
4'834.6
0.99x
1.40x
738.8
777.4
5.29x
8.71x
118.0
266.5
17.38x
16.59x
Profitability
LTM-4Q
31.12.2011
5'720.8
0.83x
824.5
5.75x
310.6
5.74x
31.12.2012
6'393.3
0.93x
739.3
8.05x
165.3
12.10x
739.33
469.78
7.35%
3.51%
2.28%
7.05%
5.53%
0.88%
12.6%
11.6%
7.3%
2.6%
1.10
0.20
53.24%
176.56%
13.52
2.11
06/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
LTM
06/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
FY+1
.0 M
m-13
4.07
0.80
297.27
-32.29%
-31.33%
0.800
4
3.500
350'240
486'344
515'323
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/12 Q3 12/12 Q4
6'921.5
6'595.0
0.70x
0.72x
754.0
811.0
7.06x
6.57x
140.0
141.0
9.55x
9.29x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
3.06
1.51
5.34
5.70
176.6%
63.4%
0.88
2.55
27.06
173.83
26.52
174.37
7'000.0
6'000.0
5'000.0
0.80
4'000.0
0.60
3'000.0
0.40
2'000.0
1'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Lingbao Gold Co Ltd

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
MACQUARIE GROUP
HANDELSBANKEN FONDER
NOMURA INTERNATIONAL
Firm Name
EVA Dimensions
Guotai Junan
Credit Suisse
First Shanghai Securities Ltd
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
CRAIG STERLING
KEVIN GUO
OWEN LIANG
RONGJIN LUO
ZHANG ZHIBIN
Source
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
overweight
neutral
underperform
long-term buy
buy
Amt Held
27'842'000
23'758'000
7'502'000
2'308'000
1'608'558
1'310'000
230'000
190'000
160'000
122'000
68'000
% Out
9.37
7.99
2.52
0.78
0.54
0.44
0.08
0.06
0.05
0.04
0.02
Weighting
Change
5
3
1
5
5
U
M
D
M
N
Latest Chg
(136'000)
(580'000)
30'000
-
Target Price
#N/A N/A
2
2
7
6
File Dt
20.03.2013
15.05.2013
31.01.2013
14.05.2013
31.03.2013
30.06.2011
28.03.2013
31.01.2013
31.01.2013
31.03.2013
31.03.2012
Date
Not Provided
Not Provided
Not Provided
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
07.05.2013
22.04.2013
09.04.2013
13.07.2012
28.03.2012
16.05.2013
International Tower Hill Mines Ltd

International Tower Hill Mines Ltd. acquires, explores, and evaluates mineral
properties. The Company currently possesses an expanding portfolio of Alaskan
and Nevada based gold and base metal exploration projects.
Price/Volume
4
2.5 M
2.0 M
3
3
Latest Fiscal Year:

LTM as of:
52-Week High (01.06.2012)
52-Week Low (15.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
THM US EQUITY YTD Change
THM US EQUITY YTD % CHANGE
12/2012
03/yy
3.75
0.83
242'460.00
0.8362
-77.70%
0.75%
0.21%
98.1
82.00
0.00
0.0
0.0
30.35
58.71
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
.5 M
1
0
m-12
31.12.2009
31.12.2010
0.0
0.0
(7.3)
(12.1)
(9.8)
(17.9)
Profitability
.0 M
j-12
LTM-4Q
31.12.2011
0.0
(9.9)
(10.2)
-
31.12.2012
0.0
(55.5)
(56.6)
-55.52
-55.55
-38.25%
-46.46%
0.00%
8.39
8.17
0.00%
0.00%
0.00
-
03/yy
0.0
#DIV/0!
(15.2)
0.00x
(16.6)
0.00x
j-12
a-12
s-12
o-12
LTM
03/yy
0.0
#DIV/0!
(57.4)
0.00x
(54.4)
0.00x
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
1.07
85.66
0.37
-68.21%
-61.47%
1.071
3
2.667
149'346
201'525
259'741
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
0.0
0.0
#DIV/0!
#DIV/0!
(17.2)
(19.3)
(13.2)
(14.6)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
0.00
0.0%
0.0%
0.00
0.00
-
1.20
0.0
1.00
0.0
0.80
0.0
0.60
1.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
0.0
(3.2)
(2.4)
-
1.5 M
Valuation Analysis
0.0
0.0
0.40
0.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
International Tower Hill Mines Ltd

Holdings By:
All
Holder Name
ANGLOGOLD ASHANTI LT
PAULSON & CO
GLOBAL X MANAGEMENT
INVESCO LTD
FMR LLC
DRESCHER ANTON J
PONTIUS JEFFREY A
VANGUARD GROUP INC
CARRIERE DANIEL A
TECHNICAL FINANCIAL
TD ASSET MANAGEMENT
Firm Name
Credit Suisse
BMO Capital Markets
Salman Partners
Portfolio Name
n/a
PAULSON & CO
n/a
GLOBAL X MANAGEMENT
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
TFS CAPITAL LLC
TD ASSET MANAGEMENT
Analyst
ADAM P GRAF
ANITA SONI
JOHN P HAYES
DAVID WEST
Source
13F
SEDI
13F
ULT-AGG
13F
13F
13F
13F
MF-AGG
ULT-AGG
ULT-AGG
SEDI
13F
SEDI
MF-AGG
ULT-AGG
SEDI
13F
13F
13F
Recommendation
buy
underperform
Speculative Underperform
Under Review
Amt Held
17'207'269
11'073'323
8'908'000
6'906'702
2'099'836
1'407'011
1'014'000
999'932
607'000
561'498
546'700
489'218
403'449
383'566
361'867
345'555
294'735
253'453
220'000
159'600
% Out
17.55
11.29
9.08
7.04
2.14
1.43
1.03
1.02
0.62
0.57
0.56
0.5
0.41
0.39
0.37
0.35
0.3
0.26
0.22
0.16
Weighting
Change
5
1
2
#N/A N/A
M
M
D
M
Latest Chg
37'800
(41'654)
493'586
(519'400)
999'932
(338'927)
(50'000)
403'449
(195'600)
16'250
114'825
(12'997)
(74'000)
Target Price
7
1
#N/A N/A
#N/A N/A
File Dt
31.03.2013
07.08.2012
31.03.2013
15.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
28.02.2013
31.03.2013
31.03.2013
21.12.2012
31.03.2013
07.01.2013
31.03.2013
31.12.2012
22.11.2011
31.03.2013
31.03.2013
31.03.2013
Date
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Hedge Fund Manager
Holding Company
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
n/a
Investment Advisor
Insurance Company
n/a
Investment Advisor
Investment Advisor
Hedge Fund Manager
Date
13.05.2013
22.04.2013
14.04.2013
08.11.2012
16.05.2013
Saracen Mineral Holdings Ltd

Saracen Mineral Holdings Ltd. explores for and produces gold. The Company
produces gold from its Carosue Dam mine located notheast of Kalgoorlie, Western
Australia.
Price/Volume
1
40.0 M
35.0 M
30.0 M
25.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.06.2012)
52-Week Low (24.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SAR AU EQUITY YTD Change
SAR AU EQUITY YTD % CHANGE
06/2012
01/yy
0.62
0.14
6'924'324.00
0.155
-74.80%
10.71%
5.26%
595.3
92.27
3.06
0.0
0.0
20.31
99.84
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
10.0 M
5.0 M
0
m-12
30.06.2009
(9.5)
(10.0)
Profitability
30.06.2010
31.4
5.26x
14.7
11.26x
(25.4)
-
30.06.2011
155.7
1.58x
59.5
4.15x
47.7
5.49x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2012
183.8
1.70x
63.1
4.96x
18.7
16.82x
63.08
36.49
19.86%
14.53%
-5.47%
-7.16%
0.74%
27.8%
7.1%
10.2%
3.39
0.96
1.21%
1.47%
37.26
-
Price/ Cash Flow
j-12
a-12
LTM-4Q
LTM
01/yy
01/yy
-
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
m-13
a-13
FY+1
-
0.00
1.17
532.79
17.63
-63.95%
-59.21%
1.173
7
3.857
7'181'704
7'507'578
6'155'722
FY+2
06/13 Y
06/14 Y
211.2
230.8
0.53x
0.38x
61.9
82.9
1.61x
1.21x
16.7
35.8
4.43x
2.25x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
492.83
-271.65
0.15
0.28
1.5%
1.4%
0.74
1.33
9.82
-
90.00
200.0
80.00
180.0
70.00
160.0
140.0
60.00
120.0
50.00
40.00
100.0
80.0
30.00
60.0
20.00
40.0
10.00
20.0
0.00
03.07.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
0.0
(1.9)
(1.8)
-
20.0 M
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Saracen Mineral Holdings Ltd

Holdings By:
All
Holder Name
RENAISSANCE SMALL CO
VINVA INVESTMENT MGM
SPROTT INC
ARVE CHARLES
JCP INVESTMENT PARTN
STALTARI GUIDO
CF RUFFER BAKER STEE
JP MORGAN
GAMCO
FMR LLC
GENUS DYNAMIC GOLD F
NORGES BANK
VANGUARD GROUP INC
BLACKROCK
Firm Name
Ord Minnett
EVA Dimensions
RBS Morgans
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
REG SPENCER
DAVID BRENNAN
TROY IRVIN
CRAIG STERLING
JAMES WILSON
CATHY MOISES
Source
ULT-AGG
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
Co File
EXCH
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
EXCH
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
speculative buy
buy
buy
hold
outperform
Positive
Amt Held
42'407'248
37'893'341
30'177'676
29'318'248
28'800'451
28'685'450
26'084'770
22'796'021
14'407'252
14'000'000
12'874'879
6'500'000
5'000'000
4'816'787
4'100'000
3'699'947
3'550'915
2'896'045
2'671'902
1'632'614
% Out
7.12
6.37
5.07
4.93
4.84
4.82
4.38
3.83
2.42
2.35
2.16
1.09
0.84
0.81
0.69
0.62
0.6
0.49
0.45
0.27
Weighting
Change
4
5
5
3
5
4
M
M
M
U
N
U
Latest Chg
6'250'328
7'527'707
662'238
(1'361'474)
(841'000)
(320'000)
(5'314'150)
(2'168'808)
(4'949'162)
(751'999)
4'500'000
1'824'299
(1'739'000)
6'847
(43'038)
(20'201)
-
Target Price
0
0
0
#N/A N/A
1
#N/A N/A
File Dt
Inst Type
15.05.2013
Investment Advisor
27.03.2013
Other
18.03.2013
Investment Advisor
08.03.2012
Bank
19.07.2011
n/a
09.02.2012
Investment Advisor
04.05.2011
Investment Advisor
31.08.2012
n/a
26.05.2011
n/a
31.12.2012
Investment Advisor
31.12.2012
Unclassified
30.06.2012
Investment Advisor
31.03.2013
Investment Advisor
26.05.2011
n/a
31.12.2012
Government
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
30.09.2012
Investment Advisor
14.05.2013
Investment Advisor
Date
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Date
13.05.2013
19.04.2013
19.04.2013
16.04.2013
27.11.2012
27.09.2012
16.05.2013
Exeter Resource Corp

Exeter Resource Corporation explores for, evaluates, and develops mineral
deposits in South America. The Company's focus is on gold exploration in
Argentina and Chile.
Price/Volume
3
1.8 M
1.6 M
1.4 M
1.2 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.06.2012)
52-Week Low (15.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
XRA US EQUITY YTD Change
XRA US EQUITY YTD % CHANGE
12/2011
12/yy
2.41
0.73
240'337.00
0.735
-69.49%
0.68%
0.30%
88.4
64.98
0.00
0.0
0.0
55.52
9.46
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
.8 M
.6 M
.4 M
.2 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
0.0
(27.4)
(27.0)
-
1.0 M
31.12.2009
31.12.2010
0.0
0.0
(27.6)
(29.9)
(27.3)
83.8
Profitability
LTM-4Q
31.12.2011
0.0
(31.8)
(30.9)
-
31.12.2012
0.0
(26.0)
(25.2)
-25.97
-26.09
-39.05%
-39.92%
0.00%
60.65
60.55
0.00%
0.00%
0.00
-
12/yy
0.0
#DIV/0!
(31.8)
0.00x
(31.0)
0.00x
LTM
12/yy
0.0
#DIV/0!
(25.9)
0.00x
(25.2)
0.00x
0.00
0.76
82.20
0.58
-57.27%
-39.26%
0.764
4
2.750
127'680
172'186
203'101
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1
06/13 Q2
(11.7)
(11.5)
(11.7)
(11.5)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
0.00
0.0%
0.0%
0.00
0.00
-
1.0
0.9
1.00
0.8
0.7
0.80
0.60
0.40
0.6
0.5
0.4
0.3
0.2
0.20
0.1
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Exeter Resource Corp

Holdings By:
All
Holder Name
TSP CAPITAL MANAGEME
ROWEN COMPANY LTD
SUN VALLEY GOLD LLC
GLOBAL X MANAGEMENT
SIMPSON YALE R
SPROTT INC
LIBRA ADVISORS LLC
ROXBURGH BRYCE G
WELLS FARGO
LOEWS CORPORATION
TECHNICAL FINANCIAL
LB SWISS INVESTMENT
OPPENHEIMER & CO INC
FMR LLC
Firm Name
TD Securities
Salman Partners
BMO Capital Markets
Mine2Capital Inc
Portfolio Name
n/a
TSP CAPITAL MANAGEME
n/a
SUN VALLEY GOLD LLC
GLOBAL X MANAGEMENT
n/a
SPROTT INC
LIBRA ADVISORS LLC
n/a
n/a
LOEWS CORPORATION
TFS CAPITAL LLC
n/a
Multiple Portfolios
OPPENHEIMER & CO INC
n/a
Analyst
DANIEL EARLE
DAVID WEST
JOHN P HAYES
ALKA SINGH
Source
ULT-AGG
13F
13F
SEDI
13F
13F
13F
SEDI
13F
13F
SEDI
13F
ULT-AGG
13F
13F
ULT-AGG
13F
MF-AGG
13F
ULT-AGG
Recommendation
speculative buy
speculative buy
Speculative Underperform
sell
Amt Held
6'743'839
3'050'700
2'964'000
2'600'000
2'445'758
2'062'713
1'712'875
1'709'350
1'643'300
1'412'888
1'409'450
920'100
785'000
642'545
637'517
537'725
530'200
500'000
412'450
272'300
% Out
7.63
3.45
3.35
2.94
2.77
2.33
1.94
1.93
1.86
1.6
1.59
1.04
0.89
0.73
0.72
0.61
0.6
0.57
0.47
0.31
Weighting
Change
4
4
2
1
M
M
D
M
Latest Chg
885'959
551'000
100'000
1'712'875
13'600
(1'684'900)
(134'100)
112'400
242'315
329'447
530'200
9'589
(100)
Target Price
1
8
#N/A N/A
1
File Dt
15.05.2013
31.03.2013
31.03.2013
09.02.2012
31.03.2013
31.03.2013
31.03.2013
26.12.2012
31.03.2013
31.03.2013
02.05.2011
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
31.12.2012
31.03.2013
31.03.2013
Date
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Hedge Fund Manager
Investment Advisor
Corporation
Hedge Fund Manager
Investment Advisor
Investment Advisor
n/a
Hedge Fund Manager
Hedge Fund Manager
n/a
Hedge Fund Manager
Investment Advisor
Corporation
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Date
23.04.2013
17.04.2013
14.04.2013
04.02.2013
16.05.2013
Richmont Mines Inc

Richmont Mines, Inc. is a Canadian gold mining company. The Company owns and
operates the Francoeur, Beaufor and East Amphi mines located in Quebec, the
Nugget Pond and Hammerdown mines in Newfoundland, and the Island Gold Mine in
Ontario.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.06.2012)
52-Week Low (15.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RIC US EQUITY YTD Change
RIC US EQUITY YTD % CHANGE
12/2008
03/yy
6.77
1.75
189'349.00
1.78
-73.71%
1.71%
0.60%
39.6
70.48
1.63
0.0
0.0
59.84
30.02
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
70.6
0.43x
9.8
3.07x
1.6
29.71x
31.12.2009
31.12.2010
71.9
90.5
1.15x
1.31x
6.9
19.7
11.99x
5.99x
0.3
9.3
16.48x
Profitability
LTM-4Q
31.12.2011
118.6
2.51x
40.5
7.36x
25.9
14.78x
31.12.2012
101.7
0.59x
8.2
7.34x
(45.0)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
8.18
-2.59
-2.54%
-2.56%
-29.97%
-38.71%
0.61%
27.5%
2.9%
-7.9%
-44.2%
3.63
3.04
1.10%
1.38%
29.61
9.82
Price/ Cash Flow
03/yy
119.9
8.05x
35.4
5.64x
19.2
13.36x
LTM
03/yy
100.0
3.62x
2.9
23.60x
(49.3)
0.00x
FY+1
0.00
1.19
33.24
0.64
-65.64%
-40.86%
1.192
3
4.333
109'629
123'693
135'462
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
105.0
134.0
2.0
17.0
40.28x
5.03x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
12.48
-45.23
-14.42
0.69
1.4%
1.4%
0.61
1.23
12.33
37.17
70.32
-23.79
50.00
140.0
45.00
120.0
40.00
35.00
100.0
30.00
80.0
25.00
60.0
20.00
40.0
15.00
10.00
20.0
5.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Richmont Mines Inc

Holdings By:
All
Holder Name
OXBRIDGE BANK & TRUS
RESOLUTE FUNDS LTD
CHAMANDY H GREGORY
PARADIGM CAPITAL MAN
SPROTT INC
TECHNICAL FINANCIAL
US GLOBAL INVESTORS
FMR LLC
CANADA PENSION PLAN
HOULE REJEAN
CARMEL PAUL R
GOLDMAN SACHS ASSET
Firm Name
CIBC World Markets
Casimir Capital
Portfolio Name
n/a
n/a
n/a
n/a
PARADIGM CAPITAL MAN
SPROTT INC
TFS CAPITAL LLC
US GLOBAL INVESTORS
n/a
CANADA PENSION PLAN
n/a
n/a
Multiple Portfolios
n/a
Analyst
ADAM MELNYK
KEVIN CHIEW
ERIC ALLISON
Source
PROXY
13G
ULT-AGG
13F
13F
SEDI
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
SEDI
SEDI
13F
MF-AGG
ULT-AGG
Recommendation
buy
sector perform
overweight
Amt Held
5'016'363
3'617'600
3'048'064
2'730'000
1'999'000
995'509
710'095
675'305
549'500
463'880
416'816
310'000
302'900
230'900
188'200
76'500
63'000
60'900
57'200
55'750
% Out
12.67
9.14
7.7
6.89
5.05
2.51
1.79
1.71
1.39
1.17
1.05
0.78
0.76
0.58
0.48
0.19
0.16
0.15
0.14
0.14
Weighting
Change
5
3
5
Latest Chg
487'600
402'996
(61'300)
14
420'295
2'325
(96'000)
145'038
415'383
50'000
(1'697'100)
85'600
3'000
10'000
(862'865)
(57'200)
-
Target Price
M
M
M
File Dt
28.03.2013
28.01.2013
15.05.2013
31.03.2013
31.03.2013
11.01.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
09.03.2012
11.03.2013
31.03.2013
30.11.2012
31.03.2013
Date
3
4
5
12 month
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
n/a
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
n/a
n/a
Investment Advisor
Investment Advisor
Holding Company
Date
10.05.2013
09.05.2013
04.12.2012
16.05.2013
Ramelius Resources Ltd

Ramelius Resources Limited is a gold exploration and production company with
exploration activities focused in Western Australia. The Company also explores
for base metals.
Price/Volume
1
25.0 M
20.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.06.2012)
52-Week Low (30.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RMS AU EQUITY YTD Change
RMS AU EQUITY YTD % CHANGE
06/2012
01/yy
0.66
0.20
1'355'166.00
0.205
-68.70%
2.50%
2.20%
337.7
69.24
4.24
0.0
0.0
48.76
29.93
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
10.0 M
0
5.0 M
0
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
14.9
6.95x
2.2
46.27x
0.6
191.25x
30.06.2009
30.06.2010
19.9
61.3
0.81x
11.8
38.0
1.30x
5.0
20.2
19.23x
5.93x
Profitability
30.06.2011
148.1
1.95x
108.6
2.66x
62.4
5.98x
30.06.2012
84.3
1.40x
12.8
9.27x
2.3
66.44x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
12.78
1.64
1.94%
5.19%
-6.80%
-9.34%
0.40%
32.6%
-9.1%
-19.7%
2.8%
3.17
1.53
1.49%
2.09%
18.20
6.00
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.00
0.96
307.09
5.69
-57.29%
-53.41%
0.959
3
3.667
1'026'590
1'388'081
1'929'367
FY+2
06/13 Y
06/14 Y
128.0
167.0
0.36x
0.03x
25.2
54.4
1.19x
0.55x
2.8
28.1
25.63x
2.41x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
6.84
-31.59
-0.36
2.1%
2.0%
0.40
0.71
20.11
61.01
65.93
130.79
60.00
160.0
140.0
50.00
120.0
40.00
100.0
80.0
30.00
60.0
20.00
40.0
10.00
0.00
03.07.2009
20.0
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Ramelius Resources Ltd

Holdings By:
All
Holder Name
SPROTT INC
PARADICE INVESTMENT
BEACH ENERGY LTD
MANDURANG PTY LTD
NELSON REGINALD GEOR
NORGES BANK
MACQUARIE GROUP
HOULDSWORTH JOSEPH F
SCHRODER INVESTMENT
KENNEDY ROBERT MICHA
FMR LLC
GORDON IAN JAMES
MERRICKS CAPITAL SPE
VANGUARD GROUP INC
BLACKROCK
Firm Name
Ord Minnett
EVA Dimensions
Casimir Capital
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
PATRICK CHANG
DAVID BRENNAN
TEAM COVERAGE
ERIC ALLISON
Source
EXCH
ULT-AGG
EXCH
EXCH
EXCH
Co File
MF-AGG
ULT-AGG
ULT-AGG
EXCH
MF-AGG
MF-AGG
EXCH
ULT-AGG
EXCH
ULT-AGG
EXCH
MF-AGG
MF-AGG
ULT-AGG
Recommendation
buy
buy
underweight
overweight
Amt Held
23'947'605
23'646'913
15'269'179
14'053'269
6'442'856
5'331'984
3'114'406
2'789'435
2'510'025
2'374'259
2'125'196
1'787'654
1'557'144
980'000
796'021
608'253
279'000
180'600
156'786
121'715
% Out
7.09
7
4.52
4.16
1.91
1.58
0.92
0.83
0.74
0.7
0.63
0.53
0.46
0.29
0.24
0.18
0.08
0.05
0.05
0.04
Weighting
Change
5
5
1
5
M
M
D
M
Latest Chg
(5'818'592)
(3'686'804)
(6'046'734)
(197'128)
256'211
1'526
90'000
(303'000)
(1'500'049)
-
Target Price
0
0
#N/A N/A
1
File Dt
Inst Type
15.05.2013
Investment Advisor
16.04.2013
Investment Advisor
21.06.2011
Corporation
27.02.2013
Other
27.08.2012
n/a
31.12.2012
Government
31.01.2013
Investment Advisor
31.08.2011
Investment Advisor
26.05.2011
n/a
31.03.2013
Investment Advisor
30.09.2012
Investment Advisor
27.02.2013
n/a
31.03.2013
Investment Advisor
01.05.2013
n/a
28.03.2013
Investment Advisor
28.07.2010
Other
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
14.05.2013
Investment Advisor
Date
12 month
Not Provided
Not Provided
12 month
Date
22.04.2013
17.04.2013
05.09.2012
06.05.2012
16.05.2013
Golden Minerals Co
Golden Minerals Company is a mining company with a focus on exploration,
development, providing mining services, and growth through strategic business
transactions. The Company manages the San Cristobal silver and zinc mine in
Bolivia.
Price/Volume
8
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
7
6
5
4
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.09.2012)
52-Week Low (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AUMN US EQUITY YTD Change
AUMN US EQUITY YTD % CHANGE
12/2012
03/yy
7.22
1.46
262'701.00
1.5
-79.22%
2.74%
0.69%
43.3
64.90
0.00
0.0
0.0
44.65
28.69
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
2
1
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
419.5
25.0
(118.2)
-
31.12.2009
31.12.2010
12.4
11.2
1.87x
25.16x
(14.2)
(32.0)
211.3
(33.3)
1.31x
Profitability
LTM-4Q
31.12.2011
1.8
86.44x
(63.8)
(62.7)
-
31.12.2012
26.1
5.90x
(34.7)
(92.0)
-34.71
-44.73
-171.46%
-383.50%
-24.18%
-29.54%
0.07%
-66.3%
-133.1%
-171.5%
-352.8%
4.12
3.45
0.00%
0.00%
20.00
9.97
03/yy
8.2
98.33x
(58.8)
0.00x
(56.9)
0.00x
LTM
03/yy
25.5
18.02x
(23.9)
0.00x
(88.2)
0.00x
FY+1
0.00
1.65
33.77
5.14
-62.96%
-67.32%
1.650
4
2.750
273'158
328'438
349'054
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
32.5
52.1
5.8
7.5
(21.5)
(7.9)
(6.2)
(5.9)
(22.7)
(22.1)
(6.2)
(6.0)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
0.00
0.0%
0.0%
0.07
0.09
18.30
36.70
63.13
-8.14
450.0
400.0
1.00
0.80
350.0
300.0
250.0
0.60
200.0
150.0
0.40
0.20
100.0
50.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Golden Minerals Co
Holdings By:
All
Holder Name
SENTIENT GLB RES IV
SENTIENT GLB FND III
GILDER GAGNON HOWE
BLACKROCK
VANGUARD GROUP INC
CLEVENGER JEFFREY G
SPROTT INC
STATE STREET
GLOBAL X MANAGEMENT
SGRF III PARALLEL I
GEODE CAPITAL MANAGE
SUN VALLEY GOLD LLC
Firm Name
EVA Dimensions
Stonegate Securities Inc
TD Securities
Portfolio Name
n/a
n/a
n/a
GILDER GAGNON HOWE
n/a
VANGUARD GROUP INC
Multiple Portfolios
n/a
SPROTT INC
n/a
GLOBAL X MANAGEMENT
n/a
n/a
Multiple Portfolios
Multiple Portfolios
GEODE CAPITAL MANAGE
SUN VALLEY GOLD LLC
Analyst
CRAIG STERLING
ADAM P GRAF
MARCO RODRIGUEZ
NICHOLAS CAMPBELL
DANIEL EARLE
Source
Form 4
13D
ULT-AGG
13F
ULT-AGG
13F
MF-AGG
Form 4
13F
ULT-AGG
13F
13F
ULT-AGG
13D
13F
MF-AGG
MF-AGG
13F
13F
13F
Recommendation
underweight
buy
no rating system
hold
reduce
Amt Held
4'483'944
3'582'746
2'834'620
1'640'517
1'477'047
1'065'344
706'350
540'756
513'400
494'651
457'054
441'479
357'876
357'044
254'630
223'748
202'002
179'519
169'397
162'000
% Out
10.36
8.28
6.55
3.79
3.41
2.46
1.63
1.25
1.19
1.14
1.06
1.02
0.83
0.83
0.59
0.52
0.47
0.41
0.39
0.37
Weighting
Change
1
5
#N/A N/A
3
2
D
M
M
M
M
Latest Chg
1'365'794
442'156
(67'203)
62'733
(449'632)
285'700
(48'900)
(200)
(8'854)
(7'270)
50'235
(156'257)
(127'252)
(3'325)
2'169
10'600
-
Target Price
#N/A N/A
7
#N/A N/A
4
1
File Dt
Inst Type
19.09.2012
Other
19.09.2012
n/a
15.05.2013
Investment Advisor
31.03.2013
Investment Advisor
14.05.2013
Investment Advisor
31.03.2013
Investment Advisor
30.06.2012
Investment Advisor
14.12.2012
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
19.09.2012
Other
31.03.2013
Investment Advisor
28.09.2012
Investment Advisor
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
12 month
12 month
Date
14.05.2013
13.05.2013
10.05.2013
07.05.2013
23.04.2013
16.05.2013
San Gold Corp

San Gold Corporation explores and develops mineral properties. The Company is
focusing on the development of its gold mine located in Manitoba, Canada.
Price/Volume
2
25.0 M
20.0 M
1
1
Latest Fiscal Year:

LTM as of:
52-Week High (06.06.2012)
52-Week Low (15.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SGR CN EQUITY YTD Change
SGR CN EQUITY YTD % CHANGE
12/2012
03/yy
1.61
0.13
3'774'848.00
0.135
-91.61%
3.85%
0.34%
335.2
45.26
3.12
0.0
0.0
11.58
36.80
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
1
0
5.0 M
0
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
8.7
31.33x
(44.1)
(33.4)
-
15.0 M
Valuation Analysis
31.12.2009
31.12.2010
27.8
58.0
34.61x
19.66x
(29.7)
(18.9)
(29.5)
(24.6)
Profitability
LTM-4Q
31.12.2011
114.1
5.05x
12.5
46.18x
(5.1)
-
31.12.2012
142.1
1.76x
35.9
6.96x
(13.2)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
35.89
-12.41
-8.73%
-12.29%
-5.23%
-5.91%
0.56%
14.5%
25.2%
-16.2%
-9.3%
1.46
0.86
1.17%
1.34%
11.21
8.33
Price/ Cash Flow
03/yy
129.8
20.38x
21.6
20.29x
(0.4)
0.00x
LTM
03/yy
131.0
6.67x
27.6
0.00x
(22.2)
0.00x
FY+1
0.00
1.38
323.26
0.11
-88.46%
-82.47%
1.383
7
2.429
3'470'421
1'875'312
2'250'330
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
131.0
168.0
27.2
37.6
1.36x
0.98x
(12.3)
2.5
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
91.77
-106.87
-0.24
0.09
1.3%
1.3%
0.56
0.72
32.64
43.94
34.65
41.93
600.00
160.0
140.0
500.00
120.0
400.00
100.0
80.0
300.00
60.0
200.00
40.0
100.00
0.00
01.01.2010
20.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
San Gold Corp

Holdings By:
All
Holder Name
GCIC LTD/CANADA
JOHN HANCOCK ADVISER
SPROTT INC
WYNNE HUGH
FRANKLIN RESOURCES
TD ASSET MANAGEMENT
FMR LLC
LB SWISS INVESTMENT
VANGUARD GROUP INC
BHR FUND ADVISORS LP
GINN DALE
SHARE SICAV
FORUM INVESTMENT ADV
HUBERT BENJAMIN ARTH
Firm Name
CIBC World Markets
BMO Capital Markets
TD Securities
EVA Dimensions
Raymond James
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
COSMOS CHIU
BARRY D ALLAN
ADAM P GRAF
CHRISTOS DOULIS
BRIAN QUAST
DANIEL EARLE
PAOLO LOSTRITTO
CRAIG STERLING
FORBES GEMMELL
Source
ULT-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
MF-AGG
MF-AGG
SEDI
Recommendation
sector underperform
buy
hold
underperform
underperform
hold
Under Review
hold
Under Review
Amt Held
26'050'272
24'950'000
13'600'000
13'296'317
9'190'700
9'041'600
8'581'053
8'234'002
8'001'200
3'188'303
1'875'000
1'866'900
1'600'000
1'600'000
1'378'186
1'375'000
1'356'140
1'306'600
1'214'755
1'181'200
% Out
7.77
7.44
4.06
3.97
2.74
2.7
2.56
2.46
2.39
0.95
0.56
0.56
0.48
0.48
0.41
0.41
0.4
0.39
0.36
0.35
Weighting
Change
1
5
3
1
1
3
#N/A N/A
3
#N/A N/A
M
M
M
M
M
M
M
U
M
Latest Chg
(16'675'000)
1'137'742
20'500
2'724'250
74'000
45'000
(193'600)
(140'000)
(300'000)
(25'000)
20'000
176'300
796'340
(50'000)
Target Price
0
0
#N/A N/A
0
0
0
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
Inst Type
15.05.2013
Investment Advisor
30.04.2013
Investment Advisor
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
18.04.2013
n/a
28.03.2013
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
27.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
16.04.2013
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
03.05.2011
n/a
Date
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
13.05.2013
13.05.2013
13.05.2013
13.05.2013
10.05.2013
23.04.2013
17.04.2013
13.02.2013
05.02.2013
16.05.2013
Orezone Gold Corp

Orezone Gold Corporation is a gold exploration and development company. The
Company is focused on the discovery and development of gold deposits in West
Africa. Orezone Gold's current focus is projects in Burkina Faso.
Price/Volume
3
4.0 M
3.5 M
3.0 M
2
Latest Fiscal Year:

LTM as of:
52-Week High (20.09.2012)
52-Week Low (15.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ORE CN EQUITY YTD Change
ORE CN EQUITY YTD % CHANGE
12/2012
12/yy
2.47
0.63
323'889.00
0.67
-72.87%
6.35%
2.17%
85.7
57.41
0.00
0.0
0.0
16.83
39.54
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
2.0 M
1.5 M
1.0 M
1
.5 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
0.0
(3.2)
(12.8)
-
2.5 M
Valuation Analysis
31.12.2009
31.12.2010
0.0
0.0
(2.0)
(8.4)
(1.8)
(8.9)
Profitability
LTM-4Q
31.12.2011
0.0
(31.6)
(30.3)
-
31.12.2012
0.0
(28.5)
(4.8)
-28.53
-29.71
-13.42%
-14.02%
0.00%
9.69
8.98
0.00%
0.00%
0.00
12/yy
0.0
#DIV/0!
(31.6)
0.00x
(30.3)
0.00x
LTM
12/yy
0.0
#DIV/0!
(28.5)
0.00x
(4.8)
0.00x
0.00
1.16
80.61
0.35
-56.21%
-60.59%
1.160
11
4.273
253'343
470'541
312'001
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1
06/13 Q2
(15.4)
7.2
5.46x
(15.1)
(10.2)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-1875.44
-1968.91
0.00
0.0%
0.0%
0.00
4771.61
-
1.0
0.9
1.00
0.8
0.7
0.80
0.60
0.40
0.6
0.5
0.4
0.3
0.2
0.20
0.1
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Orezone Gold Corp

Holdings By:
All
Holder Name
SUN VALLEY GOLD LLC
JP MORGAN
LITTLE RONALD
HALVORSON MICHAEL
AGF INVESTMENTS INC
QUANTEX AG
MARQUIS PASCAL
FMR LLC
SMITH & WILLIAMSON H
GCIC LTD/CANADA
Firm Name
SBG Securities
Jennings Capital
Casimir Capital
CIBC World Markets
BMO Capital Markets
Raymond James
RBC Capital Markets
GMP
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Analyst
PAOLO LOSTRITTO
MICHAEL STARKE
NICHOLAS CAMPBELL
DAN HRUSHEWSKY
STUART MCDOUGALL
JEFF KILLEEN
ANDREW BREICHMANAS
BRAD HUMPHREY
JONATHAN GUY
ADAM MELNYK
ANDREW MIKITCHOOK
Source
SEDI
ULT-AGG
Co File
ULT-AGG
13F
MF-AGG
MF-AGG
MF-AGG
PROXY
SEDI
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
ULT-AGG
ULT-AGG
MF-AGG
Recommendation
outperform
speculative buy
speculative buy
speculative buy
speculative buy
sector outperform
market perform
outperform
sector perform
buy
buy
Amt Held
12'024'600
11'225'518
7'183'500
6'459'738
3'425'087
3'307'970
2'117'000
1'926'187
1'840'639
1'431'798
1'121'600
993'762
987'425
899'800
890'000
739'625
658'519
372'100
360'319
302'000
% Out
14.03
13.1
8.38
7.54
4
3.86
2.47
2.25
2.15
1.67
1.31
1.16
1.15
1.05
1.04
0.86
0.77
0.43
0.42
0.35
Weighting
Change
5
4
4
4
4
5
3
5
3
5
5
Latest Chg
3'654'500
(1'894'100)
31'400
(18)
50'000
(12'600)
(20'000)
27'270
302'000
Target Price
M
N
M
N
M
M
M
M
M
M
M
File Dt
13.07.2012
15.05.2013
31.12.2011
31.12.2012
31.03.2013
30.09.2012
31.03.2013
28.09.2012
22.04.2013
10.05.2012
30.11.2012
31.03.2013
28.09.2012
31.01.2013
29.03.2013
28.02.2013
17.02.2012
31.03.2013
28.03.2013
31.12.2012
Date
3
1
2
3
3
3
2
2
2
4
3
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Inst Type
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Date
10.05.2013
10.05.2013
07.05.2013
06.05.2013
01.05.2013
30.04.2013
29.04.2013
24.04.2013
19.04.2013
28.03.2013
28.03.2013
16.05.2013
Gran Colombia Gold Corp

Gran Colombia Gold Corp. is a mineral exploration and production company. The
Company is focused on gold and silver exploration and development in
Colombia. Gran Colombia has underground gold and silver mining operations in
Colombia.
Price/Volume
0
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
0
0
0
0
0
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2012)
52-Week Low (15.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GCM CN EQUITY YTD Change
GCM CN EQUITY YTD % CHANGE
12/2012
03/yy
0.43
0.15
536'494.00
0.17
-60.47%
13.33%
7.14%
382.0
64.94
188.45
0.0
1.0
1.30
251.92
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
0
0
0
m-12
31.12.2009
31.12.2010
0.0
0.0
(0.2)
(0.2)
(0.3)
(0.1)
Profitability
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
LTM-4Q
31.12.2011
137.7
1.81x
1.5
164.64x
(37.0)
-
31.12.2012
168.2
1.94x
14.8
22.07x
(36.2)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
14.79
-2.07
-1.23%
-23.28%
-5.19%
-8.38%
0.24%
10.8%
8.8%
-1.2%
-21.5%
1.39
0.28
24.61%
44.33%
8.94
7.79
Price/ Cash Flow
03/yy
159.6
6.59x
9.6
23.36x
(21.8)
0.00x
LTM
03/yy
163.2
4.63x
7.2
0.00x
(23.9)
0.00x
FY+1
0.00
1.47
310.99
0.08
-56.41%
-52.78%
1.475
2
4.000
471'676
945'424
828'226
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
174.0
211.0
2.02x
2.44x
10.0
48.0
25.19x
5.25x
(22.0)
11.0
5.56x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
1.68
-4.04
12.67
12.75
44.3%
30.7%
0.24
0.30
40.95
47.00
121.85
-33.90
40.00
180.0
35.00
160.0
30.00
140.0
120.0
25.00
100.0
20.00
80.0
15.00
60.0
10.00
40.0
5.00
20.0
0.00
01.05.2009
j-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
0.0
(0.2)
(0.3)
-
0.0
01.11.2009
01.05.2010
01.11.2010
01.05.2011
01.11.2011
01.05.2012
01.11.2012
01.05.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
16.05.2013
Gran Colombia Gold Corp

Holdings By:
All
Holder Name
US GLOBAL INVESTORS
FRANKLIN RESOURCES
ICE ROSE HOLDINGS
IACONO SERAFINO
LA CAMPA MIGUEL DE
FMR LLC
TARIBO HOLDINGS
LOPEZ AUGUSTO
TOSCA ASSETS CORP
ORINOQUIA BELT CA
DAVIES MICHAEL MONIE
HOLLENCREST SECURITI
TD ASSET MANAGEMENT
TORINO CONSULTANTS
MARTINEZ TO HERNAN J
VOLK PETER
PACHECO MARIO
EAST DONALD
Firm Name
GMP
Interbolsa SA
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
HOLLENCREST SECURITI
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Analyst
GEORGE V ALBINO
GABRIEL BAYONA
Source
PROXY
ULT-AGG
ULT-AGG
ULT-AGG
SEDI
SEDI
SEDI
ULT-AGG
SEDI
SEDI
SEDI
SEDI
SEDI
13F
MF-AGG
SEDI
Co File
SEDI
Co File
SEDI
Recommendation
speculative buy
speculative buy
Amt Held
47'135'169
30'175'000
24'200'701
12'500'000
8'150'000
4'700'416
3'803'773
1'765'000
1'284'500
1'090'250
1'000'000
665'621
591'873
466'500
439'086
400'000
360'000
334'500
325'000
258'000
% Out
12.34
7.9
6.34
3.27
2.13
1.23
1
0.46
0.34
0.29
0.26
0.17
0.15
0.12
0.11
0.1
0.09
0.09
0.09
0.07
Weighting
Change
4
4
Latest Chg
(826'700)
99'000
165'000
133'000
23'500
586'500
130'000
20'000
60'000
Target Price
M
M
File Dt
17.04.2012
31.03.2013
15.05.2013
28.03.2013
25.09.2012
27.09.2012
20.02.2013
31.03.2013
28.01.2013
12.09.2012
30.08.2012
23.08.2012
21.08.2012
31.03.2013
31.12.2012
15.11.2010
26.03.2013
30.08.2012
26.03.2013
06.02.2012
Date
1
2
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Holding Company
n/a
n/a
Investment Advisor
Holding Company
n/a
Other
Other
n/a
Investment Advisor
Investment Advisor
Other
n/a
n/a
n/a
n/a
Date
15.05.2013
23.10.2012

Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index Tracks Companies Involved in The Gold Mining Industry

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Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index Tracks Companies Involved in The Gold Mining Industry

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This material does not constitute investment advice and should not be

viewed as a current or past recommendation or a solicitation of an

Fundamental Analysis &

Valuation Measures I/II

Tot. Rev. LFY

Earnings Per Share

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

BARRICK GOLD CORP

NEWMONT MINING CORP

RANDGOLD RESOURCES LTD-ADR

YAMANA GOLD INC

GOLD FIELDS LTD-SPONS ADR

SILVER WHEATON CORP

ANGLOGOLD ASHANTI-SPON ADR

CIA DE MINAS BUENAVENTUR-ADR

NEW GOLD INC

AGNICO EAGLE MINES LTD

ELDORADO GOLD CORP

KINROSS GOLD CORP

ROYAL GOLD INC

HARMONY GOLD MNG-SPON ADR

PAN AMERICAN SILVER CORP

FIRST MAJESTIC SILVER CORP

COEUR D'ALENE MINES CORP

AURICO GOLD INC

ALLIED NEVADA GOLD CORP

NEVSUN RESOURCES LTD

AURIZON MINES LTD

SILVER STANDARD RESOURCES

SEABRIDGE GOLD INC

TANZANIAN ROYALTY EXPLORATIO

GOLDEN STAR RESOURCES LTD

VISTA GOLD CORP

GREAT BASIN GOLD LTD

ARGONAUT GOLD INC

TOREX GOLD RESOURCES INC

LIONGOLD CORP LTD

CHINA GOLD INTERNATIONAL RES

PERSEUS MINING LTD

SANDSTORM GOLD LTD

MEDUSA MINING LTD

DUNDEE PRECIOUS METALS INC

RIO ALTO MINING LTD

AURIZON MINES LTD

ENDEAVOUR SILVER CORP

CONTINENTAL GOLD LTD

RUBICON MINERALS CORP

SILVERCORP METALS INC

EVOLUTION MINING LTD

CHINA PRECIOUS METAL RESOURC

SEABRIDGE GOLD INC

BEADELL RESOURCES LTD

RESOLUTE MINING LTD