Fundamental Equity Analysis - Top 100 Gold Mining Companies Worldwide

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
Top 100 Gold Mining Companies Worldwide
April 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
14291609
1924.708
1113
1113
205
220
220
101.44
110.69
110.69
15.31
15.31
14.03
14.03
18.82
Euro Stoxx 50 Pr
EUR
2523313
5400.899
4693
4693
754
782
782
232.46
311.38
311.38
18.94
16.50
14.14
14.14
20.10
NIKKEI 225
JPY
2488565
181.8844
190
190
18
21
21
5.02
6.65
6.65
0.27
0.27
0.20
0.20
0.11
FTSE 100 INDEX
GBP
2654439
11577.88
9617
9617
1462
1668
1668
537.24
832.74
832.74
27.37
22.69
17.66
17.66
22.74
SWISS MARKET INDEX
CHF
1031265
10988.61
4155
4155
876
846
846
411.25
558.08
558.08
21.39
18.28
15.76
15.76
22.93
S&P/TSX COMPOSITE INDEX
CAD
1631195
16825.11
7918
7918
1846
2086
2086
799.64
888.01
888.01
14.90
14.90
13.42
13.42
24.28
S&P/ASX 200 INDEX
AUD
1381075
6618.416
2857
2857
601
701
701
250.89
341.32
341.32
21.11
17.15
15.51
15.51
22.16
HANG SENG INDEX
HKD
1647917
3137.031
1694
1694
372
404
404
270.66
268.15
268.15
1.33
1.43
1.34
1.34
2.97
MSCI EM
USD
7561015
1393.83
1030
1030
194
196
196
84.37
95.69
95.69
11.95
13.29
10.54
10.54
19.64
GOLDCORP INC
USD
22874
2156
812
22.95
5435
5435
5767
7204
2798
2798
740
740
1.99
1.89
1.82
2.59
14.75
14.75
15.32
10.78
1.36
19.30
19.78
21.03
51.48
BBB+
01.06.2009
Baa2
13.03.2013
BARRICK GOLD CORP
USD
17900
11280
1001
14
32.41
14547
14547
14455
15563
7358
7358
1848
1848
3.54
3.54
3.75
4.07
5.23
5.23
4.94
4.54
2.18
17.85
-11.64
24.49
50.58
BBB+
30.07.2012
Baa1 *-
17.04.2013
NEWMONT MINING CORP
USD
16130
2635
497
23.96
9868
9868
10114
11594
4169
4169
966
966
3.78
3.77
3.63
4.43
8.75
8.75
9.09
7.45
-4.73
16.65
-19.24
19.37
42.25
BBB+
11.08.2008
Baa1
26.07.2010
YAMANA GOLD INC
USD
8509
4120
8.97
2337
2337
2746
3312
1269
1502
307
307
1.01
1.34
11.33
8.59
7.52
203.49
0.53
26.81
64.28
RANDGOLD RESOURCES LTD-ADR
USD
6434
431
92
6.23
1318
1318
1548
2043
699
699
4.65
4.70
4.93
7.48
15.19
15.19
14.48
9.54
16.92
45.49
20.16
53.34
53.06
CIA DE MINAS BUENAVENTUR-ADR
USD
5656
251
254
5.86
1564
1509
1771
1891
572
572
2.69
2.69
3.02
2.95
7.79
7.79
6.93
7.11
0.44
17.76
-30.27
7.50
37.90
SILVER WHEATON CORP
USD
7780
2362
7.05
850
850
1036
1149
701
701
202
202
1.73
1.90
13.31
12.10
16.38
63.12
13.36
43.74
82.57
ANGLOGOLD ASHANTI-SPON ADR
USD
6792
1100
30
52160
52152
60643
62974
19105
19105
23.15
27.70
7.44
6.21
-4.14
24.62
-17.82
86.63
36.63
BBB-
10.12.2012
AGNICO-EAGLE MINES LTD
USD
5365
695
1918
1918
1864
2136
787
791
206
206
1.73
2.13
18.87
15.32
5.26
54.48
4.59
31.64
41.27
NR
12.03.2003
WR
05.03.2002
GOLD FIELDS LTD-SPONS ADR
USD
4671
2127
16
28916
42194
39752
49164
14243
20101
7.36
8.32
8.21
7.26
14.46
5.29
13.85
47.64
BB+
15.11.2012
ROYAL GOLD INC
USD
3290
335
59
2.91
263
287
309
413
233
258
67
67
1.63
1.62
1.65
2.66
32.18
32.18
31.68
19.62
21.52
25.17
44.69
89.62
KINROSS GOLD CORP
USD
5878
3896
1140
6.60
4311
4311
4279
4536
1962
1962
460
460
0.77
0.77
0.58
0.73
6.97
6.97
9.20
7.34
12.20
34.92
1.87
40.67
45.51
BBB-
15.08.2011
Baa3
15.08.2011
ELDORADO GOLD CORP
USD
4880
1758
4.94
1148
1148
1368
1585
584
584
169
169
0.52
0.65
13.55
10.92
3.97
78.05
-9.24
53.95
50.93
BB
13.11.2012
Ba3
12.11.2012
NEW GOLD INC
USD
3173
843
3.33
791
791
995
1031
390
390
123
123
0.50
0.58
13.73
11.80
13.70
48.12
13.39
63.80
49.30
BB-
27.03.2012
B2
27.03.2012
HARMONY GOLD MNG-SPON ADR
USD
2011
665
15169
16047
17466
23566
4222
3562
4.38
9.81
10.27
4.58
30.81
19.23
79.35
16.71
22.20
PAN AMERICAN SILVER CORP
USD
1824
584
1.37
929
929
1071
1123
362
362
97
97
1.17
1.38
10.44
8.92
8.57
47.85
-18.81
25.23
38.98
IAMGOLD CORP
USD
1779
1708
1.68
1670
1670
1689
1851
710
710
191
191
0.64
0.81
7.54
5.97
-0.19
21.94
-9.54
30.21
42.52
BB-
10.09.2012
FIRST MAJESTIC SILVER CORP
USD
1302
423
1.22
247
247
409
569
135
135
1.07
1.56
10.83
7.42
0.68
55.79
-13.49
101.01
54.66
COEUR D'ALENE MINES CORP
USD
1219
572
1.19
895
895
967
1075
378
378
98
98
0.59
0.58
1.25
1.64
24.36
24.36
11.29
8.62
-12.31
64.18
-28.81
43.35
42.24
B+
25.06.2012
B3
24.01.2013
AURICO GOLD INC
USD
1127
712
0.71
164
305
416
52
80
35
35
0.29
0.44
16.68
10.82
94.95
2151.89
ALLIED NEVADA GOLD CORP
USD
955
483
90
1.13
215
215
420
585
95
95
33
33
0.52
0.52
1.12
1.92
20.64
20.64
9.59
5.60
41.13
95.75
44.49
07.06.2012
B3
16.05.2012
HECLA MINING CO
USD
856
1752
285
0.68
321
321
476
597
93
23
23
0.07
0.07
0.21
0.37
44.14
44.14
14.44
8.26
-32.76
35.19
-63.53
10.36
28.93
04.04.2013
B2
02.04.2013
AURIZON MINES LTD
USD
662
154
0.47
224
224
212
272
92
92
0.19
0.28
22.11
14.61
-14.02
16.43
-26.18
14.15
41.26
NEVSUN RESOURCES LTD
USD
#VALUE!
153
566
566
394
670
426
426
38
38
0.43
0.96
7.67
3.47
3.34
-0.64
75.34
SILVER STANDARD RESOURCES
USD
546
400
0.32
241
241
243
262
55
55
12
12
0.00
0.08
87.04
63.09
38.56
22.64
SEABRIDGE GOLD INC
USD
442
152
0.40
-16
-15
-15
-0.28
-0.40
20.14
TANZANIAN ROYALTY EXPLORATIO
USD
262
141
0.25
-5
-5
-16.99
GOLDEN STAR RESOURCES LTD
USD
251
234
259
0.29
551
551
589
125
126
34
34
-0.05
-0.14
0.04
0.16
16.89
19.35
35.80
22.85
VISTA GOLD CORP
USD
127
114
82
0.04
-36
-34
-6
-6
-0.54
-0.50
-0.25
-0.23
-26.58
GREAT BASIN GOLD LTD
USD
521
0.32
170
145
18
-26
70.83
-18.00
ARGONAUT GOLD INC
CAD
805
103
149
0.60
184
184
220
292
105
105
19
19
0.67
0.61
0.42
0.56
9.22
9.22
77.60
90.22
56.36
TOREX GOLD RESOURCES INC
CAD
763
180
604
0.35
-59
-59
-0.14
-0.15
-0.08
-0.06
-75.87
CHINA GOLD INTERNATIONAL RES
CAD
1157
56
396
1.03
327
327
358
553
138
119
166
166
0.18
0.17
0.21
0.22
16.30
16.30
13.48
13.17
6.65
35.83
LIONGOLD CORP LTD
SGD
783
11911
731
0.75
79
92
90
116
-4
-0.02
-0.03
0.00
0.01
143.56
66.26
13.51
7.14
1.20
PERSEUS MINING LTD
CAD
612
315
0.54
142
313
416
54
125
0.14
0.21
9.29
6.05
AURIZON MINES LTD
USD
662
154
0.47
224
224
212
272
92
92
0.19
0.28
22.11
14.61
-14.02
16.43
-26.18
14.15
41.26
OCEANAGOLD CORP
CAD
522
260
294
0.68
379
379
593
655
142
142
56
56
0.08
0.08
0.30
0.40
23.47
23.47
6.20
4.58
-2.52
26.73
-11.84
65.94
36.85
MEDUSA MINING LTD
AUD
540
2943
189
0.55
84
96
126
295
60
67
0.27
0.30
0.43
1.03
11.91
8.29
3.44
-47.44
97.93
-54.11
72.10
DUNDEE PRECIOUS METALS INC
CAD
708
88
126
0.67
378
379
476
543
0.38
0.38
0.88
1.08
14.79
14.79
6.43
5.24
13.42
49.21
RIO ALTO MINING LTD
CAD
602
155
176
0.57
311
312
306
350
170
171
0.56
0.54
0.51
0.59
6.29
6.29
6.70
5.82
53.78
SANDSTORM GOLD LTD
CAD
577
129
86
0.44
55
55
75
97
36
36
0.25
0.25
0.32
0.49
28.24
28.24
21.53
14.12
85.20
90.06
64.35
CHINA PRECIOUS METAL RESOURC
HKD
757
2260
3332
0.99
209
209
277
319
106
136
186
186
0.02
0.02
0.02
0.02
1.42
1.09
0.94
5.83
26.53
9.27
EVOLUTION MINING LTD
AUD
673
7198
707
0.71
488
661
670
771
198
222
155
155
0.07
0.19
0.13
0.16
5.27
7.92
6.36
296.35
562.19
34.93
ENDEAVOUR SILVER CORP
USD
443
466
0.42
208
208
263
330
90
90
0.49
0.65
9.57
7.17
62.57
87.74
38.56
43.16
SILVERCORP METALS INC
USD
441
266
0.39
238
193
203
269
155
102
0.22
0.34
12.35
7.88
42.21
27.32
40.76
43.24
53.14
BEADELL RESOURCES LTD
AUD
500
11367
0.63
351
351
-15
190
190
-0.05
-0.06
0.17
0.19
4.24
3.98
62.73
SEABRIDGE GOLD INC
USD
442
152
0.40
-16
-15
-15
-0.28
-0.40
20.14
RUBICON MINERALS CORP
CAD
448
101
288
0.28
-11
-11
-0.04
-0.04
-0.05
0.20
7.67
45.76
RESOLUTE MINING LTD
AUD
615
4341
636
0.55
599
642
687
654
264
270
0.17
0.26
0.24
0.22
3.98
4.37
4.87
30.73
30.37
136.29
108.84
43.76
KINGSGATE CONSOLIDATED LTD
AUD
379
2120
151
0.52
371
386
367
435
171
0.54
0.36
0.35
0.47
7.87
8.10
6.05
111.53
87.49
152.42
90
742
5.86
558
93
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
26.21
13.33
5.88
10.07
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
Equivalents
(USD)
Enterprise Value
(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
14291609
1924.708496
1113
1113
205
220
220
101.44
110.69
110.69
15.31
15.31
14.03
14.03
18.82
Euro Stoxx 50 Pr
EUR
2523313
5400.898656
4693
4693
754
782
782
232.46
311.38
311.38
18.94
16.50
14.14
14.14
20.10
NIKKEI 225
JPY
2488565
181.8843549
190
190
18
21
21
5.02
6.65
6.65
0.27
0.27
0.20
0.20
0.11
FTSE 100 INDEX
GBP
2654439
11577.87525
9617
9617
1462
1668
1668
537.24
832.74
832.74
27.37
22.69
17.66
17.66
22.74
SWISS MARKET INDEX
CHF
1031265
10988.6097
4155
4155
876
846
846
411.25
558.08
558.08
21.39
18.28
15.76
15.76
22.93
CAD
1631195
16825.11027
7918
7918
1846
2086
2086
799.64
888.01
888.01
14.90
14.90
13.42
13.42
24.28
S&P/ASX 200 INDEX
AUD
1381075
6618.416193
2857
2857
601
701
701
250.89
341.32
341.32
21.11
17.15
15.51
15.51
22.16
HANG SENG INDEX
HKD
1647917
3137.031017
1694
1694
372
404
404
270.66
268.15
268.15
1.33
1.43
1.34
1.34
2.97
MSCI EM
USD
7561015
1393.829834
1030
1030
194
196
196
84.37
95.69
95.69
11.95
13.29
10.54
10.54
19.64
ST BARBARA LTD
AUD
363
4861
325
0.52
573
674
233
209
0.43
0.28
0.14
0.23
5.46
3.39
52.48
28.91
109.04
87.85
40.04
15.03.2013
CONTINENTAL GOLD LTD
CAD
496
110
108
0.38
-12
-10
-0.07
-0.07
-0.09
-0.10
ENDEAVOUR MINING CORP
CAD
377
214
391
0.54
340
341
514
645
134
134
-0.04
0.00
0.18
0.22
842.29
842.29
4.78
3.97
135.27
211.05
38.70
FORTUNA SILVER MINES INC
CAD
339
209
0.27
158
158
182
210
70
70
0.27
0.27
0.29
0.34
10.36
10.36
9.55
7.98
45.58
89.76
44.03
66.20
43.17
PRIMERO MINING CORP
CAD
492
42
97
0.38
180
180
214
276
76
76
23
23
0.53
0.51
0.43
0.71
9.58
9.58
11.37
6.94
16.57
6.23
41.61
MAG SILVER CORP
CAD
414
23
60
0.37
-13
-13
-1
-1
-0.22
-0.22
-0.14
-0.15
-40.27
MCEWEN MINING INC
USD
498
926
296
0.43
27
150
217
-92
-72
-0.19
-0.20
0.11
0.23
18.38
8.58
-54.81
-266.78
TIMMINS GOLD CORP
CAD
319
87
144
0.31
153
153
214
232
67
67
22
22
0.25
0.25
0.37
0.38
9.77
9.77
6.41
6.33
86.64
59.05
43.14
NORTHERN STAR RESOURCES LTD
AUD
311
5831
402
0.27
103
118
146
186
49
60
75
75
0.05
0.08
0.09
0.12
10.05
10.44
8.80
6.56
-13.92
5.44
52.66
ROMARCO MINERALS INC
CAD
279
320
585
0.21
-12
-12
-9
-9
-0.02
-0.02
-0.02
-0.02
22.15
REAL GOLD MINING LTD
HKD
1031
907
0.50
176
176
153
153
0.12
0.12
0.95
0.95
4.55
7.02
11.18
USD
251
234
259
0.29
551
551
558
589
125
126
34
34
-0.05
-0.14
0.04
0.16
16.89
19.35
35.80
22.85
PREMIER GOLD MINES LTD
CAD
248
336
149
0.22
-12
-12
-0.15
-0.16
-0.07
-0.08
-5.25
-1302.84
USD
262
141
0.25
-5
-5
-16.99
BANRO CORPORATION
CAD
216
99
202
0.34
42
42
167
428
-0.02
-0.02
0.15
0.75
13.91
RAINY RIVER RESOURCES LTD
CAD
210
44
100
0.11
-63
-63
-0.72
-0.72
-0.69
-0.18
-296.46
INDOPHIL RESOURCES NL
AUD
338
260
1203
0.09
-18
-18
0.00
0.00
63.97
-128.71
COLOSSUS MINERALS INC
CAD
198
168
106
0.20
70
308
-32
-32
-7
-7
-0.28
-0.28
0.07
1.51
23.23
1.10
-12.02
AURCANA CORPORATION
CAD
188
1118
467
0.18
56
56
140
250
20
20
0.02
0.02
0.08
0.12
21.17
21.17
5.09
3.49
19.40
69.40
42.55
35.34
ASANKO GOLD INC
CAD
202
28
76
0.01
-35
-34
-0.48
-0.26
-0.18
-0.11
7.21
SULLIDEN GOLD CORP LTD
CAD
189
44
243
0.17
-12
-4
-0.06
-0.04
-0.03
-0.03
-35.88
BEAR CREEK MINING CORP
CAD
208
25
92
0.14
-31
-31
-0.33
-0.32
-0.17
-0.19
LAKE SHORE GOLD CORP
CAD
180
234
416
0.27
131
131
37
37
-0.22
-0.23
-0.01
0.06
PARAMOUNT GOLD AND SILVER
USD
220
210
0.21
-18
-18
-8
-8
-0.04
-0.04
HIGHLAND GOLD MINING LTD
GBp
400
207
325
0.38
460
465
240
207
239
239
0.44
0.37
0.48
0.45
7.77
9.00
SABINA GOLD & SILVER CORP
CAD
213
65
174
0.10
-12
-12
-0.08
-0.08
-0.03
-0.03
KIRKLAND LAKE GOLD INC
CAD
187
213
70
0.25
157
137
259
55
24
16
16
0.56
-0.01
0.03
0.75
GUYANA GOLDFIELDS INC
CAD
205
54
95
0.17
407
-8
-8
-0.09
-0.10
-0.07
-0.08
LYDIAN INTERNATIONAL LTD
CAD
188
49
127
0.10
-0.05
-0.05
-0.04
-0.06
CAD
1260
12
1.20
880
880
1057
372
372
97
97
1.23
GREAT PANTHER SILVER LTD
USD
137
143
0.12
61
61
60
66
16
16
BRIGUS GOLD CORP
USD
130
441
0.19
118
118
161
172
48
48
INTREPID MINES LTD
AUD
133
1701
0.13
-50
-50
-0.12
ALEXCO RESOURCE CORP
USD
127
104
0.11
85
85
84
118
25
25
VISTA GOLD CORP
USD
127
114
82
0.04
-36
-34
-6
SARACEN MINERAL HOLDINGS LTD
AUD
102
13164
595
0.11
191
194
250
66
54
ATAC RESOURCES LTD
CAD
131
36
104
0.12
PATAGONIA GOLD PLC
GBp
154
618
736
0.15
LINGBAO GOLD CO LTD-H
HKD
251
376
770
0.77
824
824
892
SCORPIO MINING CORP
CAD
95
55
198
0.06
45
45
80
MIDWAY GOLD CORP
USD
118
14
128
0.09
DRDGOLD LTD-SPONSORED ADR
USD
245
11
1764
1959
2201
INTL TOWER HILL MINES LTD
USD
96
49
0.07
RED 5 LTD
AUD
82
431
135
0.09
17
GRYPHON MINERALS LTD
AUD
81
5757
348
0.03
EXETER RESOURCE CORP
USD
80
43
88
0.02
RICHMONT MINES INC
USD
76
33
40
0.02
102
104
OREZONE GOLD CORP
CAD
77
76
86
0.06
RAMELIUS RESOURCES LTD
AUD
72
1890
336
0.03
88
120
143
SAN GOLD CORP
CAD
59
93
335
0.05
140
140
128
555
562
542
2.72
26.21
7.22
5.88
1.42
-5.80
99.10
409.85
28.01
-59.56
-54.62
-29165.25
35.55
50.93
46.14
99.37
68.05
-18.40
53.75
61.48
109.01
17.27
19.28
1.61
10.87
8.30
-12.10
63.08
-28.32
42.61
41.51
B+
25.06.2012
B3
24.01.2013
0.06
0.08
16.35
12.37
5.74
36.44
-28.90
25.56
0.16
0.18
3.62
3.24
63.78
239.92
60.49
41.21
-0.14
-0.01
-0.02
-22.55
-0.02
0.18
87.81
444.74
160.76
30.03
-6
-0.54
-0.50
-0.25
-0.23
-26.58
65
65
0.04
-0.02
0.04
0.08
18.75
6.34
28.86
-1
-1
-0.08
-0.07
-0.05
-0.05
-50
-40
-0.07
-0.05
-289.09
850
106
98
97
97
0.06
0.04
0.03
0.04
0.92
0.93
1.01
0.89
1.51
2.37
2.22
1.83
111
14
14
0.04
0.04
0.06
0.14
12.78
12.78
8.11
3.58
-24.56
-50.87
30.42
-14
-14
-0.12
-0.13
-0.11
-0.11
21.14
2563
371
400
621
621
9.38
13.74
27.89
7.86
64.25
12.94
20.40
-56
-56
-0.09
-0.06
-463.04
52
132
-3
-5
-0.01
-0.07
0.00
0.31
45.05
-30.68
-8
-8
-0.01
-0.02
-0.01
51.28
-26
-26
-0.29
-0.29
-0.13
-0.11
17.44
-0.08
-0.09
0.29
0.43
4.83
-14.20
30.03
-79.79
8.26
7.56
-28
-28
-0.06
-0.08
-0.15
0.01
65.59
9.58
190
13
-11
36
36
0.01
-0.06
0.06
0.12
2.01
-44.74
181.84
-91.67
9.06
-9.44
167
35
35
-0.04
-0.03
-0.04
-0.02
24.13
114.68
184.64
24.82
199
534
151
950
218
111
259
608
135
7.58
6.01
101.80
6.44
3.74
11.85
4.66
6.25
161.04
7.20
4.34
2.39
4.28
2.13
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
S&P 500 INDEX
2.16
2.16
1.98
1.80
2.16
1.40
1.40
1.33
1.28
1.40
9.94
9.94
9.65
9.45
9.94
8.76
8.76
8.10
7.59
8.76
14.03
14.03
12.57
11.40
14.03
2.22
2.22
2.38
2.58
2.22
1688.6
8.7%
Euro Stoxx 50 Pr
1.13
1.13
1.06
1.00
1.13
0.72
0.72
0.70
0.68
0.72
5.24
5.24
4.89
4.66
5.24
6.91
6.91
6.54
6.22
6.91
10.87
10.87
9.75
8.93
10.87
4.42
4.42
4.75
5.08
4.42
2901.3
11.5%
NIKKEI 225
1.51
1.51
1.41
1.37
1.51
0.70
0.70
0.69
0.69
0.70
8.73
8.73
8.13
8.05
8.73
8.52
8.52
7.94
7.82
8.52
20.11
20.11
15.85
14.22
20.11
1.56
1.56
1.79
1.92
1.56
12101.0
-8.3%
FTSE 100 INDEX
1.65
1.65
1.54
1.33
1.65
1.00
1.00
0.96
0.97
1.00
8.10
8.10
7.38
5.27
8.10
6.94
6.94
6.51
6.25
6.94
11.53
11.53
10.48
9.63
11.53
3.98
3.98
4.28
4.71
3.98
6849.6
9.2%
SWISS MARKET INDEX
2.36
2.36
2.19
2.02
2.36
1.98
1.98
1.88
1.80
1.98
12.05
12.05
11.06
9.84
12.05
12.99
12.99
12.01
11.27
12.99
14.73
14.73
13.19
12.00
14.73
3.34
3.34
3.71
4.21
3.34
8060.0
4.9%
1.64
1.64
1.52
1.42
1.64
1.53
1.53
1.44
1.39
1.53
8.17
8.17
7.34
6.81
8.17
8.07
8.07
7.17
6.80
8.07
13.65
13.65
12.07
11.06
13.65
3.22
3.22
3.37
3.58
3.22
14560.3
18.1%
S&P/ASX 200 INDEX
1.86
1.86
1.76
1.66
1.86
1.78
1.78
1.68
1.59
1.78
10.98
10.98
9.78
8.92
10.98
9.44
9.44
8.34
7.72
9.44
14.93
14.93
13.29
12.22
14.93
4.45
4.45
4.76
5.13
4.45
5156.3
5.1%
HANG SENG INDEX
1.29
1.29
1.19
1.09
1.29
1.65
1.65
1.53
1.41
1.65
6.92
6.92
6.41
6.05
6.92
7.77
7.77
7.10
6.53
7.77
10.43
10.43
9.59
8.60
10.43
3.69
3.69
3.97
4.49
3.69
24855.2
14.4%
MSCI EM
1.41
1.41
1.28
1.19
1.41
0.98
0.98
0.91
0.86
0.98
6.69
6.69
6.16
5.77
6.69
7.12
7.12
6.51
6.13
7.12
10.54
10.54
9.48
8.81
10.54
3.14
3.14
3.61
6.20
3.14
1180.3
17.1%
GOLDCORP INC
1.01
0.97
0.91
0.83
4.15
3.99
3.18
2.97
3.13
9.75
9.82
7.11
6.15
5.10
7.77
7.63
5.50
4.89
4.93
13.99
15.21
10.71
9.77
8.60
1.94
2.13
2.08
2.07
2.16
44.58
60.6%
BARRICK GOLD CORP
0.69
0.71
0.64
0.59
1.26
1.23
1.15
1.14
1.16
3.25
3.38
3.06
2.92
2.82
4.36
4.36
3.94
3.78
3.73
4.70
4.72
4.39
4.56
4.15
4.21
4.49
4.52
4.40
6.14
38.18
113.5%
NEWMONT MINING CORP
1.18
1.09
0.99
0.91
1.63
1.61
1.41
1.42
5.37
5.40
4.47
4.63
5.59
5.65
4.62
4.79
6.75
9.11
8.90
7.31
7.72
9.68
4.43
5.09
5.06
4.83
4.32
50.26
55.2%
YAMANA GOLD INC
1.08
1.00
0.94
0.88
3.58
3.07
2.57
2.66
2.48
7.94
6.78
5.60
5.57
6.87
5.73
4.53
4.76
4.16
12.39
11.17
8.47
10.02
6.81
2.11
2.17
2.19
2.12
20.65
82.6%
RANDGOLD RESOURCES LTD-ADR
2.47
2.14
1.79
1.54
4.70
4.16
3.15
3.19
3.13
10.99
9.36
6.60
6.25
8.63
8.11
5.29
5.15
5.52
14.80
14.17
9.34
9.89
11.40
0.68
0.73
1.53
0.64
117.61
68.4%
CIA DE MINAS BUENAVENTUR-ADR
1.45
1.20
1.05
0.97
3.71
3.23
3.02
3.11
12.65
12.43
11.43
6.88
5.93
5.73
6.26
7.22
6.76
6.94
7.48
2.99
2.95
3.40
3.87
31.27
52.4%
SILVER WHEATON CORP
2.49
2.19
1.95
1.74
9.51
7.48
6.80
6.46
11.51
9.56
8.64
8.43
7.23
10.58
8.40
7.62
7.40
5.76
13.26
12.43
11.27
11.44
1.70
2.22
2.37
2.62
45.63
107.9%
ANGLOGOLD ASHANTI-SPON ADR
1.17
1.07
0.91
0.80
1.04
1.05
1.01
1.04
3.68
3.07
3.00
3.43
6.01
6.99
5.84
6.20
2.34
1.65
1.72
1.73
34.02
93.0%
AGNICO-EAGLE MINES LTD
1.54
1.50
1.42
1.33
2.80
2.87
2.51
2.47
7.61
9.14
7.39
6.71
6.22
7.19
7.66
6.10
5.93
4.66
14.75
17.97
14.58
13.59
2.47
2.68
2.62
2.64
50.26
61.6%
GOLD FIELDS LTD-SPONS ADR
0.72
0.80
0.73
0.67
0.87
1.08
0.87
1.26
2.65
3.84
3.77
3.42
5.13
7.92
7.00
6.13
6.11
3.53
4.18
4.91
9.84
55.0%
ROYAL GOLD INC
1.65
1.36
1.30
1.22
11.96
10.59
7.94
5.89
16.41
16.49
11.50
8.98
29.09
30.86
19.13
13.81
1.08
1.42
1.55
1.67
88.58
73.3%
KINROSS GOLD CORP
0.45
0.55
0.53
0.51
1.36
1.36
1.29
1.39
1.27
4.10
4.18
3.51
3.95
7.98
6.51
3.11
3.02
3.00
3.11
10.59
105.6%
ELDORADO GOLD CORP
0.81
0.80
0.75
0.70
4.22
3.56
3.08
2.27
1.56
10.49
8.67
7.20
2.55
3.72
14.82
117.0%
NEW GOLD INC
1.23
1.10
1.02
0.96
4.13
3.19
3.08
3.04
3.39
10.76
7.42
6.51
HARMONY GOLD MNG-SPON ADR
0.49
0.46
0.43
0.42
1.09
1.05
0.78
0.74
4.40
3.57
2.69
3.36
PAN AMERICAN SILVER CORP
0.64
0.64
0.61
0.56
1.91
1.70
1.62
1.63
1.31
6.73
6.16
5.51
6.23
4.17
3.52
3.33
2.97
2.95
IAMGOLD CORP
0.47
0.46
0.44
0.43
1.08
1.06
0.96
0.99
0.95
3.31
3.77
3.13
3.39
2.92
2.33
2.46
2.14
2.26
FIRST MAJESTIC SILVER CORP
2.09
4.91
3.17
2.27
2.08
1.84
8.95
7.14
4.99
4.62
3.70
7.29
5.94
3.94
3.50
0.56
0.55
0.50
0.46
1.35
1.26
1.13
1.14
1.00
4.55
4.09
3.58
3.71
3.28
3.02
2.29
2.21
AURICO GOLD INC
0.60
0.56
0.56
0.56
0.45
3.60
3.69
2.70
2.34
1.99
11.28
8.03
5.54
5.09
4.41
5.09
4.97
3.37
2.85
ALLIED NEVADA GOLD CORP
1.51
1.36
0.98
0.80
0.61
4.40
2.28
1.64
1.20
0.56
11.78
6.92
4.20
2.28
1.66
11.96
5.39
3.13
HECLA MINING CO
0.75
0.71
0.68
0.59
0.52
2.62
1.80
1.43
1.53
1.38
9.62
6.96
5.06
4.47
4.39
6.29
3.22
2.16
AURIZON MINES LTD
1.75
1.70
3.00
3.20
2.49
2.77
2.66
9.59
9.75
7.11
7.68
6.40
4.87
5.05
3.41
NEVSUN RESOURCES LTD
1.05
0.94
0.83
0.74
2.46
4.13
2.31
2.74
3.61
SILVER STANDARD RESOURCES
0.52
0.48
0.47
0.45
13.34
9.78
8.51
6.29
6.76
1.42
0.45
0.92
0.49
2.20
2.25
2.09
1.87
5.09
2.48
1.07
4.58
9.06
12.98
2.82
%D to Spot
12.20
10.71
8.00
6.12
3.54
3.34
3.50
2.98
3.36
2.76
6.98
8.82
7.03
5.04
2.94
8.21
6.76
5.64
3.95
2.38
14.88
13.02
10.49
7.41
3.67
2.12
2.17
6.11
6.68
8.41
5.83
5.18
5.05
5.30
16.40
13.31
11.44
11.34
13.77
0.00
0.00
6.21
9.67
4.31
10.23
2.82
1.43
3.05
1.52
1.76
9.57
10.39
8.73
10.57
6.91
1.47
3.60
3.43
3.10
4.16
20.94
74.4%
2.02
5.48
7.41
5.86
6.80
6.29
5.38
5.19
4.90
4.83
5.27
11.08
134.5%
2.93
11.52
10.32
7.06
6.84
5.95
21.78
95.7%
12.37
10.76
8.21
7.85
25.02
85.6%
2.23
11.43
15.83
10.34
9.48
8.57
2.29
1.32
19.72
9.54
5.56
2.85
2.02
2.09
2.16
27.78
14.04
8.03
7.63
7.85
1.33
20.03
22.06
14.58
14.89
14.37
0.00
4.66
7.49
3.38
4.01
6.99
3.05
3.05
3.05
83.33
24.49
34.67
0.00
0.00
0.00
4.41
4.58
3.41
2.70
0.00
3.82
1.06
3.09
2.00
3.57
2.66
3.11
4.32
1.33
3.05
SEABRIDGE GOLD INC
13.24
98.9%
10.35
124.0%
7.93
73.4%
28.26
165.6%
5.42
80.7%
4.87
21.3%
5.20
60.5%
17.26
155.7%
43.82
351.7%

0.59
0.59
0.54
VISTA GOLD CORP
0.91
0.49
0.50
GREAT BASIN GOLD LTD
0.01
ARGONAUT GOLD INC
1.34
0.89
0.81
0.78
4.30
TOREX GOLD RESOURCES INC
1.44
1.36
1.44
1.33
1772.33
CHINA GOLD INTERNATIONAL RES
0.84
0.80
0.73
0.64
3.42
3.15
2.04
1.23
LIONGOLD CORP LTD
15.00
10.04
8.72
6.77
4.94
PERSEUS MINING LTD
1.67
1.48
3.67
1.86
1.40
0.96
0.95
9.61
6.19
3.72
2.24
2.59
9.30
4.16
2.94
AURIZON MINES LTD
1.75
1.70
3.00
3.20
2.49
2.77
2.66
9.59
9.75
7.11
7.68
6.40
4.87
5.05
3.41
OCEANAGOLD CORP
0.86
0.78
0.73
0.70
0.81
1.33
0.85
0.77
0.82
1.01
4.28
2.29
2.03
2.11
3.44
4.78
2.63
2.49
2.93
MEDUSA MINING LTD
1.69
1.35
0.94
0.71
0.55
5.90
4.42
1.88
1.71
1.49
9.79
5.81
2.57
2.12
2.16
8.05
6.25
2.45
2.24
DUNDEE PRECIOUS METALS INC
0.94
0.83
2.04
1.49
1.30
1.36
5.84
4.32
3.53
3.25
5.00
3.18
2.38
2.09
8.94
1.96
1.72
1.61
19.55
5.35
5.32
4.70
21.36
3.35
3.11
2.89
9.68
7.51
5.78
4.35
11.77
11.67
8.30
6.85
10.42
7.74
5.34
4.52
3.93
2.74
2.37
12.27
15.00
7.84
5.32
4.18
1.37
1.01
0.87
0.88
3.29
2.72
2.35
2.25
3.82
2.59
2.10
2.15
2.15
1.69
1.34
1.47
5.34
5.38
3.93
4.27
4.92
4.33
2.75
3.01
1.81
2.18
1.64
1.32
1.23
3.75
5.67
4.57
2.60
2.64
4.24
2.81
2.28
2.02
87.24
1.42
1.42
1.56
1.83
3.68
2.82
4.08
3.33
3.19
4.11
6.90
RIO ALTO MINING LTD
0.62
0.45
1.22
2.04
0.91
0.70
1.84
SANDSTORM GOLD LTD

CHINA PRECIOUS METAL RESOURC
1.50
1.23
1.04
EVOLUTION MINING LTD
0.60
0.57
0.50
0.45
0.43
ENDEAVOUR SILVER CORP

1.01
BEADELL RESOURCES LTD
5.30
0.43
0.42
0.28
1.72
0.33
2.45
1.96
0.03
2.68
SILVERCORP METALS INC
0.45
2.56
1.28
0.97
2.16
2.49
1.87
1.76
0.85
0.24
3.57
2.69
2.57
2.12
1.44
0.60
7.76
2.30
20.20
26.21
5.91
1.52
0.89
1.25
1.77
82.7%
0.69
0.00
6.98
347.5%
7.39
11.93
117.0%
2.67
108.7%
3.89
30.8%
2.67
96.0%
10.27
8.82
6.32
5.11
5.41
5.72
5.41
4.01
3.99
2.59
9.67
12.49
9.44
28.44
7.23
4.83
0.90
5.21
4.99
7.22
36.57
2.04
7.04
3.78
2.41
2.94
6.24
4.31
2.86
1.72
14.12
1.91
13.46
13.16
14.37
175.00
80.77
40.38
0.45
0.45
0.69
11.65
0.00
1.32
3.96
10.30
9.07
5.85
3.35
4.00
0.00
20.03
22.06
14.58
14.89
14.37
0.00
4.83
27.56
5.79
4.28
6.88
2.04
9.10
6.89
2.86
2.56
2.45
3.57
1.17
4.06
9.50
6.37
5.20
5.94
5.46
0.00
0.00
0.00
29.00
6.72
5.84
5.47
4.99
0.00
0.00
21.36
19.55
12.90
9.64
13.50
8.60
7.38
8.88
7.50
6.02
6.02
10.14
9.06
6.79
7.66
5.55
11.94
7.62
4.54
5.29
3.44
3.86
3.72
3.49
4.25
4.70
0.00
0.00
1.86
2.21
5.68
0.74
2.22
3.70
0.00
0.98
2.19
0.48
6.11
2.33
5.30
0.00
2.62
2.40
2.84
4.80
SEABRIDGE GOLD INC

RUBICON MINERALS CORP
4.87
21.3%
3.81
110.5%
5.59
103.2%
11.96
108.8%
6.14
76.6%
13.33
101.4%
1.75
30.0%
1.51
64.5%
8.84
99.0%
6.65
157.3%
1.13
80.1%
43.82
351.7%
4.91
4.24
7.85
7.14
5.50
248.1%
RESOLUTE MINING LTD
1.03
0.98
0.81
0.67
0.48
0.97
0.89
0.94
0.89
0.96
2.93
2.49
2.72
2.30
3.10
1.98
1.89
2.04
1.73
1.84
4.24
3.97
4.42
4.28
5.23
0.00
4.46
3.37
3.80
5.43
1.68
82.9%
KINGSGATE CONSOLIDATED LTD
0.48
0.43
0.39
0.35
0.26
1.00
1.04
0.87
0.68
0.49
2.99
2.55
1.76
1.36
1.17
2.93
3.79
2.78
1.95
1.42
4.01
7.14
5.33
4.89
2.47
8.96
5.96
9.79
10.67
19.08
4.07
69.6%
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
S&P 500 INDEX
2.16
2.16
1.98
1.80
2.16
1.40
1.40
1.33
1.28
1.40
9.94
9.94
9.65
9.45
9.94
8.76
8.76
8.10
7.59
8.76
14.03
14.03
12.57
11.40
14.03
2.22
2.22
2.38
2.58
2.22
1688.6
8.7%
Euro Stoxx 50 Pr
1.13
1.13
1.06
1.00
1.13
0.72
0.72
0.70
0.68
0.72
5.24
5.24
4.89
4.66
5.24
6.91
6.91
6.54
6.22
6.91
10.87
10.87
9.75
8.93
10.87
4.42
4.42
4.75
5.08
4.42
2901.3
11.5%
NIKKEI 225
1.51
1.51
1.41
1.37
1.51
0.70
0.70
0.69
0.69
0.70
8.73
8.73
8.13
8.05
8.73
8.52
8.52
7.94
7.82
8.52
20.11
20.11
15.85
14.22
20.11
1.56
1.56
1.79
1.92
1.56
12101.0
-8.3%
FTSE 100 INDEX
1.65
1.65
1.54
1.33
1.65
1.00
1.00
0.96
0.97
1.00
8.10
8.10
7.38
5.27
8.10
6.94
6.94
6.51
6.25
6.94
11.53
11.53
10.48
9.63
11.53
3.98
3.98
4.28
4.71
3.98
6849.6
9.2%
SWISS MARKET INDEX
2.36
2.36
2.19
2.02
2.36
1.98
1.98
1.88
1.80
1.98
12.05
12.05
11.06
9.84
12.05
12.99
12.99
12.01
11.27
12.99
14.73
14.73
13.19
12.00
14.73
3.34
3.34
3.71
4.21
3.34
8060.0
4.9%
1.64
1.64
1.52
1.42
1.64
1.53
1.53
1.44
1.39
1.53
8.17
8.17
7.34
6.81
8.17
8.07
8.07
7.17
6.80
8.07
13.65
13.65
12.07
11.06
13.65
3.22
3.22
3.37
3.58
3.22
14560.3
18.1%
S&P/ASX 200 INDEX
1.86
1.86
1.76
1.66
1.86
1.78
1.78
1.68
1.59
1.78
10.98
10.98
9.78
8.92
10.98
9.44
9.44
8.34
7.72
9.44
14.93
14.93
13.29
12.22
14.93
4.45
4.45
4.76
5.13
4.45
5156.3
5.1%
HANG SENG INDEX
1.29
1.29
1.19
1.09
1.29
1.65
1.65
1.53
1.41
1.65
6.92
6.92
6.41
6.05
6.92
7.77
7.77
7.10
6.53
7.77
10.43
10.43
9.59
8.60
10.43
3.69
3.69
3.97
4.49
3.69
24855.2
14.4%
MSCI EM
1.41
1.41
1.28
1.19
1.41
0.98
0.98
0.91
0.86
0.98
6.69
6.69
6.16
5.77
6.69
7.12
7.12
6.51
6.13
7.12
10.54
10.54
9.48
8.81
10.54
3.14
3.14
3.61
6.20
3.14
1180.3
17.1%
ST BARBARA LTD
0.43
0.35
0.32
0.28
0.28
0.65
0.63
0.54
0.50
0.49
1.09
2.04
1.54
1.42
1.48
2.30
2.83
1.96
1.86
1.47
1.98
5.26
3.26
3.82
3.47
0.00
0.00
2.38
2.80
1.82
1.64
129.8%
3.85
1.49
2.62
13.50
237.5%
1.08
0.73
0.59
0.56
0.37
2.20
2.14
1.83
1.73
0.90
3.76
2.48
2.12
1.73
1.81
6.00
5.08
4.17
4.23
1.72
2.88
209.7%
1.98
1.72
1.54
1.57
4.99
4.86
4.27
3.96
4.32
3.86
3.27
2.67
2.65
2.92
9.71
8.90
7.66
7.02
8.12
5.09
85.2%
2.63
2.24
1.74
1.34
5.41
5.94
4.30
3.62
2.66
4.50
3.47
2.30
1.78
1.26
10.14
11.46
6.99
5.32
4.32
CONTINENTAL GOLD LTD

ENDEAVOUR MINING CORP
FORTUNA SILVER MINES INC
1.38
1.10
0.95
0.81
PRIMERO MINING CORP
0.85
0.94
0.84
0.70
MAG SILVER CORP
2.97
3.20
3.59
MCEWEN MINING INC
0.53
0.48
0.44
TIMMINS GOLD CORP
2.01
1.49
1.16
1.26
NORTHERN STAR RESOURCES LTD
3.20
2.43
1.87
1.53
ROMARCO MINERALS INC
0.28
0.30
0.23
0.22
REAL GOLD MINING LTD
1.44
0.59
0.59
0.54
0.62
PREMIER GOLD MINES LTD
0.60
0.72
1.26
1.10
2.33
0.00
0.00
3.39
2.34
1.62
12.21
12.67
5.34
3.39
7.90
6.16
3.17
1.93
19.00
16.29
7.60
5.18
2.02
1.49
1.37
1.39
1.35
5.70
4.22
4.18
4.65
4.25
4.24
3.09
2.98
3.29
3.31
8.09
5.80
5.70
6.28
5.70
0.00
0.00
0.00
2.72
2.13
1.67
1.65
0.97
6.98
4.33
3.53
3.11
2.71
5.05
3.59
2.52
2.48
2.00
12.59
8.01
5.97
5.30
5.88
0.00
3.97
4.96
2.88
1.33
20.34
3.12
0.42
0.28
1.76
0.85
4.53
0.45
6.06
0.45
0.43
2.16
3.38
2.49
1.87
2.57
7.60
2.12
1.44
2.30
20.20
4.54
2.84
%D to Spot
9.19
78.4%
15.58
122.6%
5.45
217.8%
3.74
66.2%
1.26
78.2%
1.55
219.6%
0.00
26.21
5.91
4.83
1.25
0.00
132.82
0.00
1.77
82.7%
5.91
250.0%

BANRO CORPORATION
RAINY RIVER RESOURCES LTD
4.86
0.81
1.71
0.72
1.71
1.76
0.69
1.26
0.49
0.53
855.51
642.28
2.76
0.63
0.68
1.35
0.75
96.56
3.29
0.85
1.00
191.10
4.07
1.31
1.26
7.08
1.39
1.66
0.94
0.00
0.00
4.00
267.0%
0.00
0.00
0.00
6.73
214.6%
0.00
0.00
6.96
270.2%
1.26
207.5%
INDOPHIL RESOURCES NL
COLOSSUS MINERALS INC
0.48
AURCANA CORPORATION
ASANKO GOLD INC
3.17
0.88
0.85
SULLIDEN GOLD CORP LTD

BEAR CREEK MINING CORP
1.51
2.87
LAKE SHORE GOLD CORP
0.19
0.31
0.30
HIGHLAND GOLD MINING LTD
0.57
0.51
0.46
0.41
SABINA GOLD & SILVER CORP
0.72
0.81
0.71
0.74
KIRKLAND LAKE GOLD INC
0.81
0.82
0.69
0.65
GUYANA GOLDFIELDS INC
0.83
0.71
0.43
0.36
LYDIAN INTERNATIONAL LTD
2.53
1.34
0.58
0.56
0.70
10.00
1.07
0.70
15.64
1.38
14.89
1.02
1.51
1.61
4.27
2.56
2.65
2.83
4.74
2.25
14.00
0.77
2.29
1.33
0.93
15.19
1.31
0.91
0.69
0.69
0.55
4.19
2.80
1.80
1.74
1.32
1.14
1.00
0.84
0.80
3.31
2.97
3.14
2.59
1.26
1.15
1.24
0.30
0.53
0.41
1.41
0.99
0.50
1.00
0.83
2.40
1.50
1.85
1.20
6.93
1.90
1.18
1.03
1.16
GREAT PANTHER SILVER LTD
2.27
2.35
2.13
BRIGUS GOLD CORP
1.07
0.81
0.76
1.46
1.54
1.10
0.53
0.46
0.41
0.97
0.47
0.72
1.29
0.94
0.82
0.55
ALEXCO RESOURCE CORP

VISTA GOLD CORP
0.91
0.49
0.50
SARACEN MINERAL HOLDINGS LTD
0.55
0.36
0.31
0.27
ATAC RESOURCES LTD
1.48
1.31
1.20
1.12
0.62
0.60
0.57
0.57
1.72
1.85
3.39
3.87
4.14
6.16
2.88
8.69
3.49
2.23
2.63
1.61
1.60
1.48
1.19
0.00
4.39
1.59
6.98
5.87
4.20
3.45
0.58
1.18
0.00
8.00
1.08
3.89
3.92
3.62
6.20
6.04
3.83
4.73
4.57
50.00
1.38
0.79
0.51
2.36
1.19
4.94
1.67
0.87
0.37
25.10
1.57
4.94
PARAMOUNT GOLD AND SILVER
INTREPID MINES LTD
8.54
0.22
3987.21
0.65
0.47
4.10
0.56
0.94
0.80
1.72
0.33
0.34
0.32
3.55
7.08
2.13
3.86
4.67
4.19
3.68
3.83
3.29
7.68
8.52
6.81
5.11
5.38
6.35
2.43
1.84
1.73
1.72
1.35
3.61
5.94
4.07
3.32
2.89
2.11
9.93
1.72
1.38
1.31
0.98
8.37
3.02
2.33
2.33
2.30
1.55
1.21
1.37
1.18
2.22
1.93
1.65
8.79
6.23
1.74
3.72
96.79
3.54
2.05
1.61
3.79
2.12
48.16
12.04
0.00
1.38
1.65
1.21
0.83
4.35
89.1%
1.40
218.2%
4.47
200.0%
145.94
81.9%
4.40
252.0%
10.20
276.4%
6.36
285.4%
3.86
155.4%
25.47
79.6%
8.42
8.08
15.72
17.03
12.78
20.44
34.07
1.50
50.8%
5.72
3.50
3.15
2.99
2.55
1.57
179.5%
11.97
13.06
5.01
2.26
1.76
38.48
0.00
0.00
0.00
0.69
0.74
122.3%
11.04
0.90
1.74
97.3%
1.76
12.68
0.00
0.60
4.78
3.75
4.02
1.38
0.00
0.00
0.00
10.30
0.24
4.3%
4.38
108.5%
6.98
347.5%
0.44
168.7%
3.80
222.0%
PATAGONIA GOLD PLC

LINGBAO GOLD CO LTD-H
SCORPIO MINING CORP
MIDWAY GOLD CORP
1.23
2.10
1.43
0.23
0.22
0.24
2.04
1.18
0.85
1.02
0.88
1.41
0.43
0.37
0.37
RED 5 LTD
0.59
0.57
0.45
0.36
GRYPHON MINERALS LTD
0.36
0.35
0.35
0.30
7.24
1.81
DRDGOLD LTD-SPONSORED ADR

INTL TOWER HILL MINES LTD
0.27
3.30
1.67
5.04
3.35
1.03
7.42
7.88
7.33
5.48
3.96
2.28
20.98
7.71
12.06
7.43
7.72
6.80
12.13
7.70
3.46
6.24
4.26
1.97
12.54
62.94
3.69
4.09
4.49
2.49
6.29
5.08
7.78
0.00
0.17
5.74
1.58
0.62
0.59
0.37
31.69
3253.79
74.94
1.14
0.34
0.75
0.71
0.58
3.08
1.29
0.98
7.80
1.13
19.20
5.00
1.12
1.13
0.98
0.52
1.23
0.32
21.67
146.25
1.93
1.54
0.94
0.00
0.00
0.00
0.00
3.68
1.23
0.00
0.00
0.00
0.00
0.00
EXETER RESOURCE CORP

RICHMONT MINES INC
OREZONE GOLD CORP
7.07
3.30
0.89
RAMELIUS RESOURCES LTD
0.43
0.24
SAN GOLD CORP
0.26
0.27
0.24
0.21
0.74
0.50
0.38
0.43
0.46
0.36
0.41
0.32
2.51
18.86
149.42
4.72
9.32
3.20
1.39
1.39
1.55
1.51
1.02
1.33
6.95
4.72
1.38
1.67
0.85
0.42
0.47
1.68
1.34
0.95
1.27
0.45
5.54
3.73
4.66
68.96
7.17
1.72
1.99
2.28
0.00
0.00
5.85
0.00
14.63
2.55
1.0%
1.93
298.6%
1.89
105.1%
8.50
33.4%
4.73
382.8%
1.14
94.9%
0.78
300.5%
3.63
303.3%
4.69
143.2%
2.81
205.0%
0.42
104.9%
0.36
100.0%
19.04.2013
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 (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
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
12/2011
12/yy
47.42
27.11
2'155'852.00
27.76
-40.95%
2.40%
0.49%
811.7
22'874.34
783.00
0.0
213.0
918.00
22'952.34
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
LTM-4Q
31.12.2011
5'362.0
6.61x
2'336.0
15.18x
1'187.0
22.24x
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
31.12.2012
5'435.0
5.50x
2'798.0
10.69x
1'749.0
18.47x
2'798.00
2'123.00
39.06%
41.44%
5.77%
7.95%
7.72%
0.18%
44.6%
51.5%
39.1%
32.2%
2.15
1.39
2.51%
3.45%
8.83
4.65
Price/ Cash Flow
12/yy
5'362
28.06x
3'030.0
11.71x
1'881.0
22.92x
20.0 M
15.0 M
10.0 M
5.0 M
j-12
j-12
a-12
s-12
LTM
12/yy
5'435
24.57x
2'798.0
10.69x
1'749.0
19.41x
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
a-13
FY+1
1.95
0.73
808.91
4.13
-31.10%
-23.90%
0.733
27
4.333
12'699'181
7'478'890
6'522'726
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
5'727
7'204
1'349
1'418
4.20x
3.25x
17.26x
16.60x
3'007.7
4'176.7
739.7
789.3
7.63x
5.50x
6.96x
6.89x
1'498.1
2'185.2
325.7
344.4
15.21x
10.71x
14.82x
13.58x
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
-0.05
0.28
3.4%
3.3%
0.18
0.21
41.45
78.74
87.16
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
a-12 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
19.04.2013
Goldcorp Inc
Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
VAN ECK ASSOCIATES C
ROYAL BANK OF CANADA
BMO FINANCIAL CORP
CARMIGNAC GESTION
TD ASSET MANAGEMENT
CI INVESTMENTS INC
CIBC WORLD MARKETS I
TORONTO DOMINION BAN
FIRST EAGLE INVESTME
FRANKLIN RESOURCES
IA CLARINGTON INVEST
CIBC GLOBAL ASSET MA
CAISSE DE DEPOT ET P
GREYSTONE MANAGED IN
FIERA CAPITAL CORPOR
MACKENZIE FINANCIAL
SUN LIFE FINANCIAL I
NORGES BANK
Firm Name
Stifel
TD Securities
BMO Capital Markets
Deutsche Bank
Canaccord Genuity Corp
CIBC World Markets
Cowen Securities LLC
Credit Suisse
HSBC
GMP
Barclays
Salman Partners
Jefferies
EVA Dimensions
Scotia Capital
Mackie Research Capital Corp.
RBC Capital Markets
Macquarie
JPMorgan
Veritas Investment Research Co
Cormark Securities Inc.
Morgan Stanley
Davenport & Co
Raymond James
Portfolio Name
n/a
n/a
n/a
n/a
BMO FINANCIAL CORP
CARMIGNAC GESTION
TD ASSET MANAGEMENT
Multiple Portfolios
n/a
Multiple Portfolios
MACKENZIE FINANCIAL
n/a
NORGES BANK
Analyst
GEORGE J TOPPING
GREG BARNES
DAVID HAUGHTON
JORGE M BERISTAIN
STEVEN BUTLER
ALEC KODATSKY
ADAM P GRAF
ANITA SONI
PATRICK CHIDLEY
GEORGE V ALBINO
FAROOQ HAMED
DAVID WEST
PETER D WARD
CRAIG STERLING
TANYA M JAKUSCONEK
BARRY D ALLAN
STEPHEN D WALKER
TONY LESIAK
JOHN BRIDGES
PAWEL RAJSZEL
RICHARD GRAY
PARETOSH MISRA
LLOYD T O'CARROLL
BRAD HUMPHREY
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
MF-AGG
13F
13F
13F
ULT-AGG
MF-AGG
13F
13F
13F
13F
13F
ULT-AGG
13F
Recommendation
buy
buy
outperform
hold
buy
sector outperform
hold
neutral
overweight
buy
overweight
top pick
hold
hold
sector outperform
buy
outperform
outperform
overweight
sell
buy
Equalwt/In-Line
buy
Under Review
Amt Held
95'391'332
32'937'156
31'593'509
22'991'630
19'122'015
17'580'357
15'632'925
12'996'285
11'806'864
11'409'803
11'152'441
10'114'617
8'426'680
7'362'990
7'239'262
7'106'968
6'835'256
6'271'509
6'162'583
5'776'522
% Out
11.75
4.06
3.89
2.83
2.36
2.17
1.93
1.6
1.45
1.41
1.37
1.25
1.04
0.91
0.89
0.88
0.84
0.77
0.76
0.71
Weighting
Change
5
5
5
3
5
5
3
3
5
5
5
5
3
3
5
5
5
5
5
1
5
3
5
#N/A N/A
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
N
Latest Chg
(9'098'135)
(836'637)
1'883'662
(574'672)
17'580'357
5'971'920
(440'597)
70'556
1'401'951
95'200
(651'961)
(27'800)
699'268
(4'220'800)
(2'294'891)
1'053'271
(3'832'372)
(935'880)
1'267'153
Target Price
36
45
49
31
46
46
#N/A N/A
37
46
60
50
59
35
#N/A N/A
48
48
49
49
51
33
50
#N/A N/A
44
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
17.04.2013
Investment Advisor
31.12.2012
Bank
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Government
Date
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
9 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
16.04.2013
16.04.2013
15.04.2013
15.04.2013
15.04.2013
11.04.2013
09.04.2013
03.04.2013
03.04.2013
02.04.2013
02.04.2013
01.04.2013
21.03.2013
15.03.2013
14.03.2013
12.03.2013
10.03.2013
09.03.2013
25.02.2013
19.02.2013
15.02.2013
08.01.2013
08.01.2013
19.11.2008
19.04.2013
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
12/2011
12/yy
43.30
17.51
11'279'958.00
17.88
-58.01%
2.11%
0.54%
1'001.1
17'900.35
13'943.00
0.0
2'663.0
2'093.00
32'413.35
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
40.0 M
20
30.0 M
15
20.0 M
10
10.0 M
5
0
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
7'613.0
4.64x
3'010.0
11.75x
785.0
-
25
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
Profitability
LTM-4Q
31.12.2011
14'236.0
4.08x
8'327.0
6.98x
4'484.0
-
31.12.2012
14'547.0
3.41x
7'358.0
6.73x
(665.0)
7'358.00
5'636.00
38.74%
-6.28%
-1.38%
-2.94%
0.30%
47.4%
50.6%
38.7%
-4.6%
1.33
0.58
29.49%
63.83%
33.25
2.95
LTM
12/yy
14'236.0
16.28x
8'327.0
6.98x
4'484.0
0.00x
12/yy
14'547.0
14.67x
7'358.0
6.73x
(665.0)
0.00x
FY+1
.0 M
a-13
4.19
0.72
998.49
6.44
-55.49%
-48.60%
0.720
32
4.000
43'747'904
16'816'592
13'509'902
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
14'572.7
15'562.7
3'489.3
3'591.4
2.31x
2.11x
9.42x
9.29x
7'475.4
8'270.4
1'848.0
1'903.0
4.36x
3.94x
4.10x
4.09x
3'660.3
3'958.0
861.7
889.5
4.72x
4.39x
4.72x
4.72x
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
30.07.2012
BBB+
NEG
19.05.2011
A-2
9.89
1.33
1.61
1.89
63.8%
36.3%
0.30
0.50
11.01
124.16
101.35
33.82
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
19.04.2013
Barrick Gold Corp

Holdings By:
All
Holder Name
BLACKROCK
CAPITAL GROUP COMPAN
FMR LLC
CI INVESTMENTS INC
BMO FINANCIAL CORP
ALLIANZ ASSET MANAGE
BANK OF NEW YORK MEL
TD ASSET MANAGEMENT
INSTITUTIONAL CAPITA
FRANKLIN RESOURCES
WELLINGTON MANAGEMEN
HARTFORD INVESTMENT
MACKENZIE FINANCIAL
OLDFIELD PARTNERS LL
Firm Name
Deutsche Bank
Stifel
Haywood Securities Inc.
TD Securities
BMO Capital Markets
JPMorgan
RBC Capital Markets
CIBC World Markets
Macquarie
GMP
Credit Suisse
Sterne, Agee & Leach
HSBC
Barclays
Salman Partners
Jefferies
Scotia Capital
EVA Dimensions
Argus Research Corp
Hamburger Sparkasse
S&P Capital IQ
Morgan Stanley
Davenport & Co
Investec
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
BMO FINANCIAL CORP
n/a
TD ASSET MANAGEMENT
INSTITUTIONAL CAPITA
n/a
Multiple Portfolios
Multiple Portfolios
MACKENZIE FINANCIAL
OLDFIELD PARTNERS LL
Analyst
JORGE M BERISTAIN
GEORGE J TOPPING
KERRY SMITH
GREG BARNES
DAVID HAUGHTON
JOHN BRIDGES
STEVEN BUTLER
BARRY D ALLAN
STEPHEN D WALKER
ALEC KODATSKY
TONY LESIAK
GEORGE V ALBINO
PAWEL RAJSZEL
ADAM P GRAF
ANITA SONI
MICHAEL S DUDAS
PATRICK CHIDLEY
FAROOQ HAMED
DAVID WEST
PETER D WARD
TANYA M JAKUSCONEK
CRAIG STERLING
WILLIAM V SELESKY
INGO SCHMIDT
RICHARD GRAY
LEO LARKIN
PARETOSH MISRA
LLOYD T O'CARROLL
PIETER MARAIS
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
13F
MF-AGG
13F
MF-AGG
13F
13F
Recommendation
buy
buy
buy
hold
market perform
neutral
hold
buy
sector perform
sector perform
neutral
buy
buy
hold
outperform
neutral
overweight
equalweight
buy
buy
sector perform
sell
hold
buy
market perform
buy
Equalwt/In-Line
buy
hold
Amt Held
87'777'710
58'280'637
33'799'228
30'078'073
20'600'402
17'663'919
17'095'925
16'861'144
14'810'763
13'797'555
13'586'744
13'422'922
12'729'638
10'867'001
10'758'391
10'376'354
10'027'723
9'553'806
9'250'600
8'964'554
% Out
8.77
5.82
3.38
3
2.06
1.76
1.71
1.68
1.48
1.38
1.36
1.34
1.27
1.09
1.07
1.04
1
0.95
0.92
0.9
Weighting
Change
5
5
5
3
3
3
3
5
3
3
3
5
5
3
5
3
5
3
5
5
3
1
3
5
3
5
3
5
3
M
M
M
M
M
D
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
Latest Chg
(23'472'640)
(1'012'978)
3'795'193
(3'418'885)
771'337
(4'625'429)
3'198'295
38'951
(4'803'846)
1'359'379
866'236
(401'738)
372'180
353'171
(2'442'600)
1'562'724
6'763'418
(491'846)
1'678'488
Target Price
40
34
43
31
33
35
31
34
32
43
33
49
38
#N/A N/A
38
#N/A N/A
43
42
45
45
39
#N/A N/A
#N/A N/A
#N/A N/A
40
38
#N/A N/A
53
48
File Dt
31.12.2012
31.03.2013
17.04.2013
31.12.2012
28.02.2013
31.12.2012
31.03.2013
31.03.2013
31.12.2012
31.03.2013
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.03.2013
Date
12 month
12 month
Not Provided
12 month
Not Provided
9 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
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
Date
16.04.2013
16.04.2013
16.04.2013
16.04.2013
15.04.2013
15.04.2013
15.04.2013
12.04.2013
11.04.2013
11.04.2013
11.04.2013
11.04.2013
11.04.2013
11.04.2013
10.04.2013
10.04.2013
03.04.2013
02.04.2013
27.03.2013
21.03.2013
21.03.2013
26.02.2013
20.02.2013
15.02.2013
15.02.2013
15.02.2013
20.11.2012
02.11.2012
18.03.2011
19.04.2013
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 (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NEM US EQUITY YTD Change
NEM US EQUITY YTD % CHANGE
12/2012
12/yy
57.93
32.13
2'635'332.00
32.3799
-43.47%
0.78%
0.89%
491.8
16'129.63
6'298.00
0.0
3'175.0
1'647.00
23'955.63
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
20
5.0 M
10
0
a-12 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
17.02x
13.44x
Profitability
31.12.2011
10'358.0
3.38x
5'162.0
6.78x
366.0
13.92x
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
9'868.0
3.13x
4'169.0
7.41x
1'809.0
12.29x
4'169.00
3'137.00
31.79%
31.04%
6.49%
13.57%
10.60%
0.35%
46.6%
42.2%
31.8%
18.3%
1.89
0.80
21.24%
45.73%
13.34
3.55
Price/ Cash Flow
j-12
LTM-4Q
LTM
12/yy
10'358.0
12.62x
5'162.0
6.78x
366.0
13.86x
12/yy
9'868.0
13.03x
4'169.0
7.41x
1'809.0
12.32x
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
FY+1
.0 M
a-13
4.32
0.66
490.56
15.05
-30.15%
-29.51%
0.665
25
3.800
14'665'942
8'405'762
8'081'394
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
10'134.3
11'593.9
2'349.0
2'392.2
2.40x
2.10x
10.31x
10.12x
4'274.4
5'224.5
973.2
996.2
5.65x
4.62x
5.59x
5.20x
1'938.1
2'419.1
401.5
448.0
8.90x
7.31x
8.59x
8.16x
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+
STABLE
11.71
2.69
1.12
1.51
45.7%
27.1%
0.35
0.58
27.45
103.03
40.77
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
19.04.2013
Newmont Mining Corp

Holdings By:
All
Holder Name
BLACKROCK
STATE STREET
VANGUARD GROUP INC
DEUTSCHE BANK AG
FMR LLC
T ROWE PRICE ASSOCIA
CARMIGNAC GESTION
NORTHERN TRUST CORPO
JP MORGAN
LAZARD ASSET MANAGEM
GAMCO
NORGES BANK
UBS
SUSQUEHANNA INTERNAT
FRANKLIN RESOURCES
CITIGROUP INCORPORAT
Firm Name
BMO Capital Markets
BB&T Capital Markets
RBC Capital Markets
TD Securities
Deutsche Bank
Stifel
CIBC World Markets
Credit Suisse
HSBC
GMP
Barclays
Jefferies
Scotia Capital
Argus Research Corp
JPMorgan
EVA Dimensions
S&P Capital IQ
Morgan Stanley
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
DEUTSCHE BANK AKTIEN
n/a
CARMIGNAC GESTION
n/a
n/a
n/a
NORGES BANK
n/a
n/a
Analyst
DAVID HAUGHTON
GARRETT S. NELSON
ADAM P GRAF
STEPHEN D WALKER
GREG BARNES
JORGE M BERISTAIN
GEORGE J TOPPING
ALEC KODATSKY
ANITA SONI
PATRICK CHIDLEY
GEORGE V ALBINO
FAROOQ HAMED
PETER D WARD
TANYA M JAKUSCONEK
BARRY D ALLAN
WILLIAM V SELESKY
JOHN BRIDGES
MICHAEL S DUDAS
CRAIG STERLING
PAWEL RAJSZEL
LEO LARKIN
PARETOSH MISRA
Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
Recommendation
outperform
buy
buy
sector perform
hold
hold
hold
sector perform
neutral
overweight
buy
overweight
hold
sector perform
hold
buy
overweight
buy
buy
sell
hold
Equalwt/In-Line
Amt Held
61'681'268
39'690'300
29'102'298
23'252'143
20'452'474
12'128'463
9'840'813
8'086'219
7'585'611
7'008'200
6'878'622
6'499'609
6'313'581
5'214'490
5'044'086
4'796'938
4'774'573
4'397'226
4'033'696
3'899'426
% Out
12.54
8.07
5.92
4.73
4.16
2.47
2
1.64
1.54
1.42
1.4
1.32
1.28
1.06
1.03
0.98
0.97
0.89
0.82
0.79
Weighting
Change
5
5
5
3
3
3
3
3
3
5
5
5
3
3
3
5
5
5
5
1
3
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
D
M
Latest Chg
(10'724'298)
(3'263'614)
1'215'913
(543'864)
(5'869'326)
(3'033'787)
1'819'020
(37'784)
7'008'200
410'310
212'944
62'200
(336'183)
405'185
(408'945)
279'951
950'823
339'748
3'883'215
Target Price
56
52
35
52
48
40
#N/A N/A
52
45
56
60
56
40
50
43
60
63
65
#N/A N/A
44
53
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
17.04.2013
Investment Advisor
31.03.2013
Investment Advisor
17.04.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Unclassified
31.12.2012
Unclassified
31.12.2012
Government
28.02.2013
Unclassified
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
9 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Date
18.04.2013
18.04.2013
18.04.2013
17.04.2013
16.04.2013
15.04.2013
12.04.2013
11.04.2013
03.04.2013
03.04.2013
02.04.2013
02.04.2013
21.03.2013
14.03.2013
12.03.2013
27.02.2013
25.02.2013
25.02.2013
22.02.2013
07.11.2012
07.09.2012
27.04.2012
19.04.2013
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
12/yy
20.59
11.02
4'120'267.00
11.31
-44.27%
2.63%
0.84%
752.3
8'508.68
765.91
0.0
46.8
349.59
8'971.80
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
a-12 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%
3.92%
5.79%
0.21%
64.4%
64.3%
35.7%
18.9%
1.38
0.78
6.49%
9.80%
12.25
5.73
12/yy
2'173.3
18.01x
1'271.5
8.61x
548.3
0.00x
a-12
s-12
LTM
12/yy
2'336.8
21.98x
1'502.0
8.92x
442.1
0.00x
o-12
n-12
d-12
j-13
f-13 m-13
FY+1
0.73
749.79
6.54
-20.69%
-34.00%
0.726
23
4.478
12'594'273
7'655'994
7'141'474
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
2'767.7
3'312.2
561.0
625.5
3.25x
2.55x
16.09x
14.45x
1'577.9
1'994.2
307.0
340.5
5.73x
4.53x
6.36x
6.18x
788.0
1'020.2
146.5
159.0
11.17x
8.47x
11.18x
10.35x
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
22.03
-4.66
0.28
0.51
9.8%
8.9%
0.21
0.24
29.87
63.88
134.99
-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
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
19.04.2013
Yamana Gold Inc

Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
BMO FINANCIAL CORP
CONNOR CLARK & LUNN
JP MORGAN
AGF INVESTMENTS INC
CALAMOS ADVISORS LLC
OPPENHEIMERFUNDS INC
CARMIGNAC GESTION
INVESTEC ASSET MANAG
UNITED SERVICES AUTO
TD ASSET MANAGEMENT
Firm Name
TD Securities
EVA Dimensions
BMO Capital Markets
Davy
Dundee Securities Corp
CIBC World Markets
National Bank Financial
Credit Suisse
HSBC
GMP
Barclays
Scotia Capital
Macquarie
Raymond James
RBC Capital Markets
Morgan Stanley
VSA Capital Ltd
Davenport & Co
Paradigm Capital Inc
Portfolio Name
n/a
n/a
n/a
n/a
n/a
BMO FINANCIAL CORP
CONNOR CLARK & LUNN
n/a
AGF INVESTMENTS INC
CALAMOS ADVISORS LLC
Multiple Portfolios
CARMIGNAC GESTION
TD ASSET MANAGEMENT
Analyst
STEVEN J GREEN
CRAIG STERLING
DAVID HAUGHTON
STEVEN BUTLER
BART JAWORSKI
JOSH WOLFSON
ALEC KODATSKY
STEPHEN PARSONS
ADAM P GRAF
ANITA SONI
PATRICK CHIDLEY
GEORGE V ALBINO
FAROOQ HAMED
TANYA M JAKUSCONEK
TONY LESIAK
BRAD HUMPHREY
PAWEL RAJSZEL
DAN ROLLINS
RICHARD GRAY
PARETOSH MISRA
CHARLIE LONG
LLOYD T O'CARROLL
DON MACLEAN
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
MF-AGG
13F
13F
13F
13F
13F
Recommendation
buy
hold
outperform
buy
underperform
buy
sector outperform
outperform
buy
outperform
overweight
buy
overweight
sector outperform
neutral
outperform
sell
outperform
buy
Overwt/In-Line
not rated
buy
buy
Amt Held
78'066'044
39'560'804
32'345'793
30'395'201
20'933'359
14'372'698
13'228'300
10'309'781
10'227'965
9'535'253
8'387'255
7'376'636
6'727'417
6'618'118
6'409'801
6'398'774
6'246'128
5'959'128
5'822'420
5'761'349
% Out
10.38
5.26
4.3
4.04
2.78
1.91
1.76
1.37
1.36
1.27
1.11
0.98
0.89
0.88
0.85
0.85
0.83
0.79
0.77
0.77
Weighting
Change
5
3
5
5
1
5
5
5
5
5
5
5
5
5
3
5
1
5
5
5
#N/A N/A
5
5
M
U
M
M
D
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
6'000'156
32'345'793
33'993
(281'596)
4'180'320
(4'648'298)
(74'839)
10'227'965
307'566
(3'112'528)
(495'642)
89'500
6'618'118
160'000
6'398'774
6'246'128
5'959'128
352'746
5'761'349
Target Price
24
#N/A N/A
22
21
#N/A N/A
18
25
20
16
19
17
22
22
21
16
23
15
22
24
23
#N/A N/A
22
21
File Dt
16.04.2013
28.02.2013
31.03.2013
17.04.2013
31.12.2012
31.03.2013
31.12.2012
31.12.2012
31.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.03.2013
31.12.2012
Date
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
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
Date
16.04.2013
16.04.2013
15.04.2013
15.04.2013
15.04.2013
12.04.2013
11.04.2013
09.04.2013
09.04.2013
03.04.2013
03.04.2013
02.04.2013
02.04.2013
14.03.2013
07.03.2013
22.02.2013
22.02.2013
21.02.2013
21.02.2013
28.01.2013
10.01.2013
30.10.2012
19.06.2012
19.04.2013
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
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
12/yy
127.27
66.51
431'201.00
69.84
-44.54%
5.01%
0.63%
92.1
6'434.49
18.02
0.0
166.1
390.76
6'227.86
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
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
1'317.8
6.59x
699.2
12.43x
431.8
20.57x
699.18
567.44
43.06%
43.12%
15.23%
17.95%
20.07%
0.46%
51.1%
53.1%
43.1%
32.8%
4.07
1.92
0.58%
0.69%
23.85
-
Price/ Cash Flow
12/yy
1'127.1
28.37x
581.9
15.44x
383.9
24.30x
LTM
12/yy
1'317.8
26.72x
699.2
12.43x
431.8
20.57x
FY+1
.0 M
a-13
0.72
0.63
0.66
-19.50%
-29.61%
0.634
10
4.400
1'396'622
735'815
642'269
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'547.6
2'042.6
321.0
339.0
4.03x
2.77x
773.8
1'187.0
8.11x
5.29x
454.5
696.9
75.3
85.0
14.17x
9.34x
18.10x
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
-0.53
0.03
0.7%
0.6%
0.46
0.87
15.35
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
19.04.2013
Randgold Resources Ltd

Holdings By:
All
Holder Name
BLACKROCK
WELLS FARGO
FMR LLC
CARMIGNAC GESTION
FRANKLIN RESOURCES
AGF INVESTMENTS INC
JENNISON ASSOCIATES
JP MORGAN
TOCQUEVILLE ASSET MA
PAULSON & CO
INVESCO LTD
GAMCO
MACKENZIE FINANCIAL
ASA BERMUDA LIMITED
RENAISSANCE TECHNOLO
NIKKO ASSET MANAGEME
AMERICAN CENTURY COM
Firm Name
BMO Capital Markets
HSBC
Clarus Securities
Scotia Capital
EVA Dimensions
S&P Capital IQ
GARP Research
Portfolio Name
n/a
n/a
n/a
n/a
CARMIGNAC GESTION
n/a
AGF INVESTMENTS INC
JENNISON ASSOCIATES
n/a
PAULSON & CO
INVESCO LTD
n/a
OPPENHEIMER FUNDS IN
MACKENZIE FINANCIAL
ASA BERMUDA LIMITED
n/a
Analyst
ANDREW BREICHMANAS
JOSH WOLFSON
TIM DUDLEY
PATRICK CHIDLEY
NANA SANGMUAH
TANYA M JAKUSCONEK
CRAIG STERLING
LEO LARKIN
SETH DADDS
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
Recommendation
outperform
buy
buy
overweight
buy
sector perform
underweight
buy
buy
Amt Held
8'564'157
6'627'558
6'013'791
4'049'382
3'917'000
1'651'613
1'264'736
1'196'861
1'013'740
968'495
952'220
930'502
821'510
818'535
656'494
533'200
444'700
399'700
386'300
385'000
% Out
9.3
7.19
6.53
4.4
4.25
1.79
1.37
1.3
1.1
1.05
1.03
1.01
0.89
0.89
0.71
0.58
0.48
0.43
0.42
0.42
Weighting
Change
5
5
5
5
5
3
1
5
5
U
M
M
M
M
M
M
M
M
Latest Chg
(1'049'859)
365'169
394'983
(992'666)
3'917'000
(232'819)
(47'000)
(132'195)
(96'778)
(224'221)
(175'960)
(72'716)
1'320
30'000
164'900
171'000
65'300
(15'400)
Target Price
100
105
133
120
120
109
#N/A N/A
125
#N/A N/A
File Dt
16.04.2013
17.04.2013
28.02.2013
28.02.2013
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.03.2013
31.12.2012
Date
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
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
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Unclassified
Investment Advisor
Date
14.04.2013
12.04.2013
11.04.2013
03.04.2013
01.04.2013
28.03.2013
28.03.2013
16.11.2012
10.08.2012
19.04.2013
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
12/yy
43.04
20.19
251'162.00
20.52
-51.84%
1.63%
0.26%
274.9
5'656.02
179.30
0.0
262.3
241.22
5'856.44
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15
2.0 M
10
1.0 M
5
0
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
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 (19.04.2012)
52-Week Low (17.04.2013)
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
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
1'563.5
6.00x
571.9
16.39x
684.7
13.40x
571.92
418.23
26.75%
56.63%
16.03%
19.90%
19.50%
0.35%
39.7%
37.9%
27.7%
43.8%
2.30
1.42
3.91%
4.84%
7.03
5.57
Price/ Cash Flow
12/yy
1'556.6
24.64x
629.3
14.97x
858.9
11.16x
LTM
12/yy
1'508.9
25.51x
571.9
16.39x
684.7
13.40x
FY+1
.0 M
a-13
0.56
1.19
-50.08%
-42.21%
0.558
13
3.462
2'331'672
1'466'871
1'511'563
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'770.7
1'891.4
420.0
425.0
3.01x
2.63x
999.1
1'031.9
290.5
281.5
5.93x
5.73x
4.80x
758.3
761.5
163.0
157.0
6.76x
6.94x
7.37x
7.00x
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
68.99
15.56
-0.11
0.31
4.8%
4.3%
0.35
1.54
52.03
65.70
70.83
45.41
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
19.04.2013
Cia de Minas Buenaventura SA

Holdings By:
All
Holder Name
BLACKROCK
VONTOBEL ASSET MANAG
FRANKLIN RESOURCES
VANGUARD GROUP INC
WELLS FARGO
STATE STREET
FMR LLC
THE BANK OF NOVA SCO
HARRIS TRUST & SAVIN
NORGES BANK
AGF INVESTMENTS INC
JENNISON ASSOCIATES
CREDIT AGRICOLE SA
PARAMETRIC PORTFOLIO
GAMCO
ING INV MANAGEMENT E
ING INVESTMENT MANAG
Firm Name
Inteligo SAB
Banco BTG Pactual SA
EVA Dimensions
Grupo Santander
JPMorgan
Scotia Capital
Euro Pacific Capital Inc
Morgan Stanley
Credit Suisse
Kallpa Securities SAB
Banco de Credito del Peru
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
Multiple Portfolios
NORGES BANK
AGF INVESTMENTS INC
JENNISON ASSOCIATES
Multiple Portfolios
CREDIT AGRICOLE SA
PARAMETRIC PORTFOLIO
n/a
ING INVESTMENT MANAG
Multiple Portfolios
Analyst
LALI MERINO
CESAR PEREZ-NOVOA
CRAIG STERLING
WALTER CHIARVESIO
JOHN BRIDGES
TANYA M JAKUSCONEK
HEIKO IHLE
CARLOS DE ALBA
SANTIAGO PEREZ TEUFFER
EDDER CASTRO
HECTOR JOSUE COLLANTES
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
MF-AGG
13F
13F
13F
13F
MF-AGG
13F
13F
ULT-AGG
13F
MF-AGG
Recommendation
buy
buy
hold
buy
neutral
sector perform
neutral
Equalwt/No Rating
outperform
overweight
hold
Amt Held
30'511'977
12'079'992
7'682'310
6'304'890
5'406'540
4'578'349
4'411'760
4'343'301
2'559'961
2'471'676
2'298'752
2'165'035
1'806'500
1'778'056
1'651'026
1'460'432
1'434'207
1'112'800
1'110'680
1'097'662
% Out
11.1
4.39
2.79
2.29
1.97
1.67
1.6
1.58
0.93
0.9
0.84
0.79
0.66
0.65
0.6
0.53
0.52
0.4
0.4
0.4
Weighting
Change
5
5
3
5
3
3
3
3
5
5
3
M
M
M
U
M
M
M
M
M
M
M
Latest Chg
(31'769)
349'674
770'800
355'351
536'429
297'630
(1'580'101)
(1'514'324)
558'323
1'801'505
(60'256)
(22'000)
(70'363)
224'921
(302'643)
33'736
(475'416)
(1'561)
Target Price
32
43
#N/A N/A
33
34
31
27
31
35
33
33
File Dt
16.04.2013
17.04.2013
31.12.2012
31.12.2012
31.03.2013
28.02.2013
17.04.2013
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.03.2013
31.12.2012
31.12.2012
28.02.2013
Date
Not Provided
12 month
Not Provided
Not Provided
9 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Date
16.04.2013
01.04.2013
27.03.2013
22.03.2013
14.03.2013
14.03.2013
11.03.2013
10.03.2013
08.03.2013
07.03.2013
01.03.2013
19.04.2013
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
12/yy
41.30
21.79
2'362'120.00
21.95
-45.50%
0.73%
0.87%
354.4
7'779.81
50.06
0.0
0.0
778.22
7'051.66
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
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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%
19.34%
20.34%
0.28%
74.3%
82.6%
70.6%
69.0%
15.88
15.86
1.57%
1.61%
168.45
-
12/yy
730.0
62.08x
618.8
15.35x
550.0
0.00x
LTM
12/yy
849.6
52.82x
701.5
17.17x
586.0
0.00x
FY+1
.0 M
a-13
1.05
353.96
1.97
-24.83%
-38.89%
1.052
15
4.733
9'416'089
5'592'767
4'439'652
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'040.9
1'145.2
248.2
245.4
8.01x
7.28x
35.22x
35.69x
862.0
950.5
202.3
201.8
8.40x
7.62x
8.75x
8.94x
625.1
695.9
146.5
143.3
12.43x
11.27x
12.83x
12.40x
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
-1.04
0.07
1.6%
1.6%
0.28
0.41
2.17
24.47
-
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
19.04.2013
Silver Wheaton Corp

Holdings By:
All
Holder Name
BLACKROCK
CARMIGNAC GESTION
FMR LLC
TD ASSET MANAGEMENT
BMO FINANCIAL CORP
TCW GROUP INC
GREAT WEST LIFE ASSU
JP MORGAN
CONNOR CLARK & LUNN
UBS
Firm Name
TD Securities
BMO Capital Markets
Raymond James
CIBC World Markets
Macquarie
RBC Capital Markets
Credit Suisse
GMP
Salman Partners
JPMorgan
Scotia Capital
EVA Dimensions
Portfolio Name
n/a
n/a
CARMIGNAC GESTION
n/a
n/a
TD ASSET MANAGEMENT
BMO FINANCIAL CORP
TCW GROUP INCORPORAT
GREAT WEST LIFE ASSU
n/a
CONNOR CLARK & LUNN
n/a
Analyst
DANIEL EARLE
ANDREW KAIP
STEVEN BUTLER
BRAD HUMPHREY
COSMOS CHIU
TONY LESIAK
DAN ROLLINS
RALPH M PROFITI
CHELSEA HAMILTON
DAVID WEST
JOHN BRIDGES
TREVOR TURNBULL
CRAIG STERLING
Source
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
Recommendation
buy
outperform
buy
outperform
sector outperform
outperform
outperform
outperform
buy
top pick
overweight
focus stock
underweight
Amt Held
26'099'114
14'931'769
13'917'000
8'175'300
7'447'807
6'662'901
6'495'536
5'382'984
4'960'957
4'728'500
4'349'599
3'789'248
3'509'630
3'329'848
2'958'587
2'913'501
2'772'288
2'633'600
2'612'842
2'596'512
% Out
7.36
4.21
3.93
2.31
2.1
1.88
1.83
1.52
1.4
1.33
1.23
1.07
0.99
0.94
0.83
0.82
0.78
0.74
0.74
0.73
Weighting
Change
5
5
5
5
5
5
5
5
5
5
5
5
1
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(446'773)
13'917'000
(31'900)
(6'668'009)
830'039
(1'461'400)
180'499
49'457
20'000
90'737
(27'067)
(6'350)
205'032
(938'492)
700'890
79'450
986'200
283'586
665'106
Target Price
46
40
45
50
45
40
48
43
47
48
40
50
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
17.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Bank
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Insurance Company
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Unclassified
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
9 month
12 month
Not Provided
Date
16.04.2013
15.04.2013
15.04.2013
11.04.2013
11.04.2013
11.04.2013
10.04.2013
10.04.2013
02.04.2013
01.04.2013
22.03.2013
22.03.2013
17.01.2013
19.04.2013
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
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
12/yy
38.31
17.45
1'099'736.00
17.63
-53.35%
1.03%
0.53%
383.7
6'792.44
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
a-12 m-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-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
6.28x
6'814.6
19'105.47
12'553.61
24.07%
18.43%
7.08%
15.88%
12.20%
0.54%
36.1%
36.6%
24.1%
13.1%
1.37
0.70
28.22%
65.78%
15.50
3.46
LTM
12/yy
47'846.3
11.44x
20'438.6
7.03x
11'269.3
0.00x
12/yy
51'994.5
9.54x
18'922.1
6.28x
6'452.4
0.00x
FY+1
0.77
3.11
-46.94%
-43.68%
0.774
6
4.000
5'403'744
2'577'430
2'269'433
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
60'643.3
62'974.4
1.43x
1.25x
24'663.9
27'047.3
9'439.9
10'641.1
6.99x
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
10.12.2012
BBBNEG
10.07
2.46
1.16
1.54
65.8%
39.6%
0.54
0.90
23.61
105.75
73.67
55.66
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
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
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
19.04.2013
AngloGold Ashanti Ltd

Holdings By:
All
Holder Name
PAULSON & CO
NWQ INVESTMENT MANAG
FRANKLIN RESOURCES
FMR LLC
BLACKROCK
WELLS FARGO
TRADEWINDS GLOBAL IN
NUVEEN ASSET MANAGEM
PLATINUM INVESTMENT
GAMCO
NIKKO ASSET MANAGEME
DIMENSIONAL FUND ADV
Firm Name
Societe Generale
EVA Dimensions
HSBC
Scotia Capital
BMO Capital Markets
Portfolio Name
PAULSON & CO
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
PLATINUM INVESTMENT
n/a
n/a
n/a
Multiple Portfolios
Analyst
BRUCE ALWAY
CRAIG STERLING
PATRICK CHIDLEY
TANYA M JAKUSCONEK
DAVID HAUGHTON
Source
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
MF-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
MF-AGG
13F
Recommendation
hold
hold
overweight
sector perform
market perform
Amt Held
28'203'999
15'624'679
11'768'176
8'874'473
6'722'122
6'491'418
5'528'405
5'204'615
4'186'865
3'240'700
2'661'632
2'635'169
2'204'815
1'741'097
1'718'056
1'612'030
1'609'197
1'607'200
1'542'152
1'527'685
% Out
7.35
4.07
3.07
2.31
1.75
1.69
1.44
1.36
1.09
0.84
0.69
0.69
0.57
0.45
0.45
0.42
0.42
0.42
0.4
0.4
Weighting
Change
3
3
5
3
3
M
U
M
M
M
Latest Chg
(199'546)
1'302'862
(511'763)
66'069
(133'085)
(1'151'354)
535'659
607'438
(559'541)
(420'800)
79'377
(10'100)
147'000
(461'493)
(681'300)
88'230
(8'000)
252'500
88'647
Target Price
25
#N/A N/A
45
32
0
File Dt
Inst Type
17.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
16.04.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.03.2013
Unclassified
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
Not Provided
Not Provided
12 month
Not Provided
Date
12.04.2013
05.04.2013
03.04.2013
18.03.2013
24.02.2010
19.04.2013
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
12/yy
57.35
30.75
695'477.00
31.1
-44.76%
1.14%
0.30%
172.5
5'364.79
842.96
0.0
0.0
351.28
5'856.46
Price/ Cash Flow
2.0 M
0
a-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
m-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%
6.04%
9.40%
8.39%
0.37%
39.0%
41.3%
27.1%
16.2%
3.26
1.51
16.04%
24.72%
26.70
3.82
12/yy
1'821.8
22.22x
762.1
8.97x
(568.9)
0.00x
j-12
j-12
a-12
s-12
LTM
12/yy
1'917.7
17.04x
791.4
12.02x
310.9
0.00x
o-12
n-12
d-12
j-13
f-13 m-13
FY+1
.0 M
a-13
0.62
171.64
1.65
-5.69%
-40.40%
0.617
25
3.640
2'860'860
1'740'916
1'558'893
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'870.8
2'136.1
404.7
429.8
3.28x
2.86x
14.67x
13.82x
777.6
977.1
205.8
219.3
7.66x
6.10x
6.39x
6.67x
314.1
414.1
56.5
64.4
17.97x
14.58x
17.46x
16.55x
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
0.62
1.07
24.7%
19.8%
0.37
0.48
13.71
95.87
43.00
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 (18.04.2013)
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
19.04.2013
Agnico-Eagle Mines Ltd

Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
WELLS FARGO
BMO FINANCIAL CORP
CONNOR CLARK & LUNN
GAMCO
AGF INVESTMENTS INC
TD ASSET MANAGEMENT
VINIK ASSET MANAGEME
INVESCO LTD
Firm Name
TD Securities
BMO Capital Markets
CIBC World Markets
Global Hunter Securities
Raymond James
Credit Suisse
HSBC
GMP
Barclays
Salman Partners
RBC Capital Markets
Scotia Capital
Macquarie
JPMorgan
Morgan Stanley
Portfolio Name
n/a
n/a
n/a
n/a
n/a
BMO FINANCIAL CORP
CONNOR CLARK & LUNN
n/a
AGF INVESTMENTS INC
TD ASSET MANAGEMENT
INVESCO LTD
Analyst
JOSH WOLFSON
GREG BARNES
DAVID HAUGHTON
STEVEN BUTLER
ALEC KODATSKY
JEFF WRIGHT
BRAD HUMPHREY
STEPHEN PARSONS
ADAM P GRAF
ANITA SONI
PATRICK CHIDLEY
GEORGE V ALBINO
FAROOQ HAMED
DAVID WEST
STEPHEN D WALKER
TANYA M JAKUSCONEK
BARRY D ALLAN
TONY LESIAK
JOHN BRIDGES
MICHAEL S DUDAS
PAWEL RAJSZEL
RICHARD GRAY
PARETOSH MISRA
DON MACLEAN
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
Recommendation
neutral
buy
market perform
hold
sector perform
neutral
market perform
sector perform
hold
outperform
neutral
buy
equalweight
buy
outperform
sector outperform
hold
neutral
neutral
neutral
sell
buy
Equalwt/In-Line
buy
Amt Held
20'005'396
10'965'646
10'609'234
7'852'302
6'703'930
4'886'681
4'508'247
3'966'811
3'247'664
2'470'737
2'465'218
2'203'819
2'127'726
1'587'012
1'516'976
1'419'955
1'286'484
1'179'900
1'173'439
1'116'161
% Out
11.6
6.36
6.15
4.55
3.89
2.83
2.61
2.3
1.88
1.43
1.43
1.28
1.23
0.92
0.88
0.82
0.75
0.68
0.68
0.65
Weighting
Change
3
5
3
3
3
3
3
3
3
5
3
5
3
5
5
5
3
3
3
3
1
5
3
5
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
1'566'877
(768'808)
(1'072'408)
(231'825)
410'801
1'219'028
3'966'811
(83'945)
25'248
(510'000)
1'150'325
75'223
109'805
(201'330)
(340'584)
9'866
155'300
92'994
(158'619)
Target Price
44
53
45
45
56
51
55
45
#N/A N/A
50
43
55
51
55
63
58
43
46
39
#N/A N/A
41
58
#N/A N/A
59
File Dt
Inst Type
16.04.2013
Investment Advisor
28.02.2013
Investment Advisor
17.04.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Bank
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
9 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Date
17.04.2013
16.04.2013
15.04.2013
15.04.2013
11.04.2013
10.04.2013
09.04.2013
09.04.2013
09.04.2013
03.04.2013
03.04.2013
02.04.2013
02.04.2013
26.03.2013
18.03.2013
14.03.2013
12.03.2013
07.03.2013
25.02.2013
19.02.2013
15.02.2013
14.02.2013
25.10.2012
05.01.2012
19.04.2013
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 (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GFI US EQUITY YTD Change
GFI US EQUITY YTD % CHANGE
12/2012
12/yy
12.09
6.23
2'126'609.00
6.345
-47.13%
1.85%
0.51%
736.1
4'670.86
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
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
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%
6.31%
11.52%
9.18%
0.47%
38.7%
47.6%
33.6%
19.6%
1.76
0.39
16.85%
31.19%
22.99
-
LTM
12/yy
29'609.9
13.11x
13'851.2
0.00x
7'026.7
0.00x
12/yy
42'193.5
8.38x
20'100.6
4.39x
5'658.1
0.00x
FY+1
.0 M
a-13
0.75
4.73
-40.41%
-40.39%
0.746
3
3.667
9'621'236
6'413'551
5'361'271
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
39'751.8
49'164.5
1.38x
0.78x
13'998.6
15'063.5
11'610.4
13'914.0
7.92x
7.00x
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
15.11.2012
BB+
STABLE
15.11.2012
B
24.36
6.99
0.54
0.80
31.2%
23.2%
0.47
0.72
15.92
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
19.04.2013
Gold Fields Ltd

Holdings By:
All
Holder Name
FMR LLC
BLACKROCK
THORNBURG INVESTMENT
PAULSON & CO
RUFFER LLP
WELLS FARGO
GAMCO
PROSPECTOR PARTNERS
PASSPORT CAPITAL LLC
FRANK RUSSELL TRUST
Firm Name
Scotia Capital
HSBC
EVA Dimensions
BMO Capital Markets
Portfolio Name
n/a
n/a
n/a
THORNBURG INVESTMENT
PAULSON & CO
n/a
RUFFER LLP
n/a
n/a
Multiple Portfolios
PROSPECTOR PARTNERS
FRANK RUSSELL COMPAN
Analyst
TANYA M JAKUSCONEK
PATRICK CHIDLEY
TEAM COVERAGE
DAVID HAUGHTON
Source
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
MF-AGG
13F
13F
13F
Recommendation
sector perform
overweight
dropped coverage
market perform
Amt Held
47'198'164
35'916'727
22'259'805
9'740'161
8'747'451
7'145'000
6'541'600
6'270'156
5'423'998
5'417'539
5'162'800
5'035'021
4'470'669
4'338'700
3'938'303
3'905'493
3'806'476
3'774'300
3'394'316
2'993'616
% Out
6.41
4.88
3.02
1.32
1.19
0.97
0.89
0.85
0.74
0.74
0.7
0.68
0.61
0.59
0.53
0.53
0.52
0.51
0.46
0.41
Weighting
Change
3
5
#N/A N/A
3
M
M
M
M
Latest Chg
408'600
1'204'375
1'621'222
(96'300)
(497'451)
4'291'310
1'864'617
(1'957'356)
(2'800)
(1'012'600)
(58'502)
(469'100)
(368'600)
(21'100)
291'703
(145'200)
3'394'316
382'294
Target Price
9
11
#N/A N/A
13
File Dt
31.12.2012
17.04.2013
31.12.2012
28.02.2013
16.04.2013
31.12.2012
31.12.2012
31.03.2013
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
Date
12 month
Not Provided
Not Provided
12 month
Inst Type
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Date
03.04.2013
02.04.2013
18.01.2013
04.03.2010
19.04.2013
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
100
80
60
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.10.2012)
52-Week Low (18.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RGLD US EQUITY YTD Change
RGLD US EQUITY YTD % CHANGE
06/2012
12/yy
100.84
50.20
335'300.00
51.11
-48.68%
1.81%
0.26%
64.4
3'289.78
293.25
0.0
25.0
390.47
2'912.65
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20
0
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
66.3
13.56x
51.3
17.51x
24.0
56.00x
40
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%
4.04%
5.14%
4.99%
0.12%
71.5%
89.6%
62.1%
35.2%
29.27
28.23
12.36%
15.95%
4.25
-
Price/ Cash Flow
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
12/yy
248.1
55.25x
215.8
17.98x
87.2
42.80x
LTM
12/yy
287.5
66.05x
257.6
18.80x
98.6
50.12x
FY+1
1.27
0.65
61.52
2.44
-14.91%
-36.83%
0.655
10
3.800
1'973'596
1'052'989
872'999
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
03/13 Q3 06/13 Q4
309.2
413.1
75.4
80.0
9.68x
6.74x
39.77x
37.53x
276.2
369.3
66.8
73.6
10.71x
8.00x
9.35x
8.05x
104.8
157.4
24.4
27.3
30.86x
19.13x
27.21x
22.89x
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
30.27
-5.64
-1.56
1.16
16.0%
13.6%
0.12
0.15
86.11
11.57
-
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
19.04.2013
Royal Gold Inc

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
WELLS FARGO
STUCKERT JAMES W
NEUBERGER BERMAN LLC
DEUTSCHE BANK AG
GAMCO
AMERIPRISE FINANCIAL
TIAA CREF INVESTMENT
ANALYTIC INVESTORS L
Firm Name
BB&T Capital Markets
HSBC
CIBC World Markets
MLV & Co
RBC Capital Markets
Scotia Capital
EVA Dimensions
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
NEUBERGER BERMAN GRO
n/a
TIAA-CREF INVESTMENT
ANALYTIC INVESTORS L
Analyst
GARRETT S. NELSON
PATRICK CHIDLEY
COSMOS CHIU
SHANE NAGLE
MICHAEL D PETERSON
STEPHEN D WALKER
TANYA M JAKUSCONEK
CRAIG STERLING
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
Form 4
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
Recommendation
buy
overweight
sector perform
outperform
buy
sector perform
sector perform
sell
Amt Held
7'427'251
5'440'661
3'592'556
3'187'787
2'287'976
2'105'366
1'772'095
1'408'800
1'234'254
974'044
867'401
767'697
633'761
630'719
615'300
529'097
476'257
473'052
471'399
459'681
% Out
11.54
8.45
5.58
4.95
3.55
3.27
2.75
2.19
1.92
1.51
1.35
1.19
0.98
0.98
0.96
0.82
0.74
0.73
0.73
0.71
Weighting
Change
5
5
3
5
5
3
3
1
M
M
M
U
M
M
M
M
Latest Chg
1'174'946
159'701
217'528
(1'907'624)
145'087
(5'000)
(28'625)
(67'745)
106'304
(3'407)
(30'935)
25'047
258'938
(30'000)
(120'280)
163'416
69'031
20'921
(43'558)
Target Price
85
84
88
88
92
105
90
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
17.04.2013
Investment Advisor
31.03.2013
Investment Advisor
17.04.2013
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
25.03.2013
n/a
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
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Date
15.04.2013
12.04.2013
11.04.2013
09.04.2013
08.04.2013
05.04.2013
14.03.2013
15.01.2013
19.04.2013
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.
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
Price/Volume
12/2010
12/yy
11.20
4.97
3'895'960.00
5.15
-53.51%
3.62%
0.48%
1'141.4
5'877.98
2'632.60
0.0
75.5
1'982.70
6'603.38
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
a-12 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
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
4'311.4
2.74x
1'962.2
6.01x
(2'504.9)
12.61x
1'962.20
1'281.00
29.71%
-53.16%
-15.96%
-22.53%
0.27%
57.1%
45.5%
29.7%
-58.1%
2.76
1.74
17.69%
26.73%
14.45
1.66
Price/ Cash Flow
12/yy
3'842.5
16.69x
1'926.2
6.73x
(2'080.9)
15.46x
j-12
a-12
s-12
LTM
12/yy
4'311.4
10.44x
1'962.2
6.01x
(2'504.9)
12.61x
o-12
n-12
d-12
j-13
f-13 m-13
FY+1
.0 M
a-13
3.11
0.74
1'139.59
5.85
-43.21%
-46.49%
0.742
27
4.481
21'432'650
10'595'060
10'065'156
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
4'299.2
4'535.6
1'059.5
1'023.9
1.64x
1.58x
6.53x
6.82x
1'902.2
2'234.2
459.8
437.3
3.50x
2.98x
3.51x
3.41x
733.4
885.0
158.5
145.2
8.82x
7.03x
8.29x
7.51x
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
0.33
1.34
26.7%
21.0%
0.27
0.48
25.33
220.88
24.03
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
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
19.04.2013
Kinross Gold Corp

Holdings By:
All
Holder Name
BMO FINANCIAL CORP
LAZARD ASSET MANAGEM
JP MORGAN
JENNISON ASSOCIATES
FMR LLC
INVESCO LTD
NORGES BANK
ALTRINSIC GLOBAL ADV
CARMIGNAC GESTION
DEUTSCHE BANK AG
TD ASSET MANAGEMENT
Firm Name
Deutsche Bank
BMO Capital Markets
Stifel
CIBC World Markets
TD Securities
Credit Suisse
HSBC
GMP
Barclays
Jefferies
EVA Dimensions
Scotia Capital
Macquarie
JPMorgan
RBC Capital Markets
Salman Partners
Morgan Stanley
Portfolio Name
n/a
BMO FINANCIAL CORP
n/a
n/a
n/a
JENNISON ASSOCIATES
n/a
INVESCO LTD
NORGES BANK
ALTRINSIC GLOBAL ADV
Multiple Portfolios
CARMIGNAC GESTION
TD ASSET MANAGEMENT
Analyst
JORGE M BERISTAIN
DAVID HAUGHTON
STEVEN BUTLER
GEORGE J TOPPING
ALEC KODATSKY
PAOLO LOSTRITTO
ADAM P GRAF
GREG BARNES
ANITA SONI
PATRICK CHIDLEY
GEORGE V ALBINO
FAROOQ HAMED
PETER D WARD
CRAIG STERLING
TANYA M JAKUSCONEK
BARRY D ALLAN
TONY LESIAK
JOHN BRIDGES
STEPHEN D WALKER
DAVID WEST
RICHARD GRAY
PAWEL RAJSZEL
PARETOSH MISRA
DON MACLEAN
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
MF-AGG
13F
13F
13F
13F
Recommendation
buy
outperform
buy
hold
sector perform
outperform
buy
buy
outperform
overweight
buy
equalweight
hold
overweight
sector perform
buy
outperform
overweight
outperform
buy
buy
buy
Underwt/In-Line
buy
Amt Held
59'376'977
25'903'233
24'321'082
21'571'575
20'641'596
18'547'731
17'639'227
17'311'077
17'079'796
16'893'867
16'216'880
15'598'099
14'907'433
14'146'557
14'121'122
13'817'771
13'801'799
12'416'200
10'563'778
10'441'370
% Out
5.2
2.27
2.13
1.89
1.81
1.63
1.55
1.52
1.5
1.48
1.42
1.37
1.31
1.24
1.24
1.21
1.21
1.09
0.93
0.91
Weighting
Change
5
5
5
3
3
5
5
5
5
5
5
3
3
5
3
5
5
5
5
5
5
5
1
5
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
U
M
D
M
Latest Chg
2'536'128
3'849'773
14'542'877
(1'617'166)
(9'067'104)
(100'100)
(295'795)
(452'461)
(14'149'102)
68'796
1'845'992
4'274'423
(259'550)
(132'094)
4'740'498
100'000
12'416'200
(2'044'058)
701'284
Target Price
9
11
10
#N/A N/A
10
11
10
12
11
15
11
11
9
#N/A N/A
10
12
10
12
11
12
12
10
#N/A N/A
#N/A N/A
File Dt
Inst Type
17.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Bank
31.03.2013
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
9 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
16.04.2013
15.04.2013
15.04.2013
12.04.2013
11.04.2013
09.04.2013
09.04.2013
04.04.2013
03.04.2013
03.04.2013
02.04.2013
02.04.2013
21.03.2013
21.03.2013
14.03.2013
12.03.2013
07.03.2013
25.02.2013
18.02.2013
15.02.2013
14.02.2013
14.02.2013
10.10.2012
25.01.2012
19.04.2013
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
12/yy
16.20
6.59
1'757'893.00
6.83
-57.22%
3.64%
0.42%
714.5
4'880.27
593.32
0.0
284.1
818.83
4'938.85
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
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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%
5.14%
6.65%
6.33%
0.19%
62.7%
50.9%
41.0%
26.6%
4.90
3.96
7.48%
10.01%
14.84
2.08
12/yy
1'103.7
30.37x
643.9
11.41x
318.7
0.00x
LTM
12/yy
1'147.5
33.92x
584.4
15.83x
305.3
0.00x
FY+1
.0 M
a-13
0.85
708.11
2.96
-51.42%
-46.65%
0.850
21
4.238
9'059'547
6'106'978
4'890'786
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'369.3
1'584.5
346.3
319.0
3.85x
3.55x
14.57x
16.44x
738.8
885.3
169.0
158.5
6.76x
5.64x
7.66x
7.97x
374.3
458.1
90.0
82.0
13.02x
10.49x
12.61x
12.38x
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
-0.39
1.02
10.0%
8.7%
0.19
0.26
24.66
176.07
157.09
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
19.04.2013
Eldorado Gold Corp

Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
CARMIGNAC GESTION
AGF INVESTMENTS INC
BAILLIE GIFFORD AND
BMO FINANCIAL CORP
JENNISON ASSOCIATES
JP MORGAN
IG INVESTMENT MANAGE
Firm Name
TD Securities
EVA Dimensions
BMO Capital Markets
CIBC World Markets
Credit Suisse
HSBC
Salman Partners
Scotia Capital
GMP
Barclays
Morgan Stanley
Macquarie
Raymond James
RBC Capital Markets
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
AGF INVESTMENTS INC
BAILLIE GIFFORD & CO
BMO FINANCIAL CORP
JENNISON ASSOCIATES
n/a
Analyst
JOSH WOLFSON
KERRY SMITH
STEVEN J GREEN
CRAIG STERLING
DAVID HAUGHTON
STEVEN BUTLER
COSMOS CHIU
ANITA SONI
PATRICK CHIDLEY
DAVID WEST
TANYA M JAKUSCONEK
GEORGE V ALBINO
FAROOQ HAMED
PARETOSH MISRA
BARRY D ALLAN
TONY LESIAK
MIKE KOZAK
BRAD HUMPHREY
PAWEL RAJSZEL
DAN ROLLINS
DON MACLEAN
Source
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
13F
ULT-AGG
13F
MF-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
Recommendation
neutral
buy
action list buy
underweight
outperform
buy
sector outperform
outperform
overweight
buy
sector outperform
buy
equalweight
Overwt/In-Line
hold
neutral
buy
outperform
sell
outperform
hold
Amt Held
115'755'188
47'460'386
44'220'345
27'859'512
27'084'566
17'214'008
12'485'802
11'711'546
11'397'434
10'809'883
10'799'778
10'662'061
10'493'352
10'043'659
9'311'899
8'932'322
8'616'810
8'067'119
8'034'377
7'551'100
% Out
16.2
6.64
6.19
3.9
3.79
2.41
1.75
1.64
1.6
1.51
1.51
1.49
1.47
1.41
1.3
1.25
1.21
1.13
1.12
1.06
Weighting
Change
3
5
5
1
5
5
5
5
5
5
5
5
3
5
3
3
5
5
1
5
3
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(8'965'098)
2'071'841
6'587'539
(178'880)
1'231'174
536'600
(190'584)
224'171
76'340
(256'391)
335'758
5'391
(1'516'264)
329'970
966'831
1'115'425
(3'436'746)
-
Target Price
10
19
17
#N/A N/A
13
13
15
15
16
18
16
20
13
16
13
10
16
18
8
14
18
File Dt
Inst Type
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
17.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Bank
31.12.2012
Investment Advisor
28.02.2013
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
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
31.12.2012
Investment Advisor
Date
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Date
17.04.2013
16.04.2013
16.04.2013
16.04.2013
15.04.2013
15.04.2013
11.04.2013
03.04.2013
03.04.2013
03.04.2013
02.04.2013
02.04.2013
02.04.2013
21.03.2013
12.03.2013
11.03.2013
05.03.2013
25.02.2013
25.02.2013
22.02.2013
21.02.2012
19.04.2013
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
12/yy
12.84
6.25
843'105.00
6.66
-48.01%
6.56%
1.82%
476.4
3'172.82
847.80
0.0
0.0
687.80
3'332.82
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
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
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%
5.30%
8.02%
0.21%
85.3%
49.3%
34.6%
25.1%
5.18
4.15
19.79%
31.68%
18.73
2.12
12/yy
695.9
25.77x
344.0
13.39x
179.0
0.00x
LTM
12/yy
791.3
25.89x
390.1
13.91x
198.9
0.00x
FY+1
.0 M
a-13
0.98
461.42
2.83
-33.00%
-39.62%
0.982
15
4.600
6'009'835
3'192'597
2'899'300
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
994.9
1'031.0
232.0
278.0
3.27x
3.09x
572.4
644.6
123.0
142.0
5.83x
5.18x
6.07x
238.6
282.6
47.5
66.9
13.31x
11.44x
13.40x
12.06x
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
23.79
-7.68
0.41
2.17
31.7%
24.1%
0.21
0.27
19.54
172.84
78.91
287.67
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
19.04.2013
New Gold Inc

Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
MACKENZIE FINANCIAL
RS INVESTMENT MANAGE
CONNOR CLARK & LUNN
GCIC LTD/CANADA
LASSONDE PIERRE
JP MORGAN
OLIPHANT RANDALL
PUBLIC SECTOR PENSIO
Firm Name
EVA Dimensions
BMO Capital Markets
CIBC World Markets
Casimir Capital
Scotia Capital
GMP
RBC Capital Markets
TD Securities
Credit Suisse
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
MACKENZIE FINANCIAL
n/a
RS INVESTMENT MANAGE
CONNOR CLARK & LUNN
GOODMAN & COMPANY IN
n/a
Multiple Portfolios
n/a
n/a
Analyst
CRAIG STERLING
ANDREW KAIP
STEVEN BUTLER
ALEC KODATSKY
STEPHEN PARSONS
STUART MCDOUGALL
DON MACLEAN
TREVOR TURNBULL
GEORGE V ALBINO
DAN ROLLINS
STEVEN J GREEN
ANITA SONI
BARRY D ALLAN
RICHARD GRAY
Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
MF-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
SEDI
13F
13F
MF-AGG
ULT-AGG
SEDI
13F
Recommendation
hold
outperform
buy
sector perform
outperform
strong buy
buy
sector outperform
buy
outperform
buy
outperform
hold
buy
Amt Held
62'551'684
51'620'702
35'745'701
15'167'798
13'670'324
12'693'570
11'935'430
10'060'721
9'900'164
8'494'071
6'168'803
6'040'968
5'839'800
5'645'000
5'618'531
5'417'566
5'270'647
4'910'853
4'570'855
4'393'260
% Out
13.13
10.84
7.5
3.18
2.87
2.66
2.51
2.11
2.08
1.78
1.29
1.27
1.23
1.18
1.18
1.14
1.11
1.03
0.96
0.92
Weighting
Change
3
5
5
3
5
5
5
5
5
5
5
5
3
5
U
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(2'416'637)
15'004'748
4'853'453
682'828
148'803
258'671
(278'509)
(1'836'450)
3'201'270
45'000
(252'000)
434'429
(146'919)
1'605'402
320'855
49'900
Target Price
#N/A N/A
12
13
12
12
16
16
13
15
12
13
13
10
16
File Dt
Inst Type
16.04.2013
Investment Advisor
17.04.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Bank
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
22.03.2012
n/a
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
23.11.2012
n/a
31.12.2012
Investment Advisor
Date
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Date
16.04.2013
15.04.2013
15.04.2013
11.04.2013
09.04.2013
09.04.2013
08.04.2013
05.04.2013
05.04.2013
04.04.2013
04.04.2013
03.04.2013
12.03.2013
05.03.2013
19.04.2013
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 (18.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HMY US EQUITY YTD Change
HMY US EQUITY YTD % CHANGE
06/2012
12/yy
10.73
4.58
664'849.00
4.62
-56.66%
0.87%
0.49%
435.3
2'010.89
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
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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%
5.25%
6.80%
0.36%
25.7%
22.2%
10.7%
17.4%
2.28
0.93
4.27%
5.41%
13.25
12.59
LTM
12/yy
13'536.0
12.28x
3'077.0
0.00x
1'720.0
0.00x
12/yy
16'047.0
8.20x
3'562.0
9.00x
2'314.0
0.00x
FY+1
.0 M
a-13
0.89
2.81
-51.39%
-47.97%
0.888
3
5.000
5'359'823
2'931'113
2'756'966
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
03/13 Q3 06/13 Q4
17'466.3
23'566.3
1.07x
0.79x
5'160.2
9'624.7
1'971.9
4'238.7
9.67x
4.31x
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
-0.04
0.67
5.4%
5.1%
0.36
0.48
27.63
29.08
51.94
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
19.04.2013
Harmony Gold Mining Co Ltd

Holdings By:
All
Holder Name
DEUTSCHE BANK TRUST
BLACKROCK
FMR LLC
DEUTSCHE BANK AG
GAMCO
TEXAS TEACHER RETIRE
CREDIT AGRICOLE SA
TWO SIGMA INVESTMENT
CAPITAL INTERNATIONA
US GLOBAL INVESTORS
HUSSMAN ECONOMETRICS
GAM HOLDING LTD
AMUNDI LUXEMBOURG SA
Firm Name
HSBC
EVA Dimensions
BMO Capital Markets
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
TEACHER RETIREMENT S
CREDIT AGRICOLE SA
TWO SIGMA INVESTMENT
Multiple Portfolios
US GLOBAL INVESTORS
HUSSMAN ECONOMETRICS
GAM HOLDING LTD
Multiple Portfolios
Multiple Portfolios
Analyst
PATRICK CHIDLEY
CRAIG STERLING
DAVID HAUGHTON
Source
20F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
MF-AGG
13F
13F
13F
MF-AGG
MF-AGG
Recommendation
overweight
overweight
market perform
Amt Held
135'983'632
29'990'015
23'928'834
22'223'165
9'196'293
6'004'994
4'456'773
3'825'000
2'325'160
1'982'630
1'826'300
1'500'000
1'346'948
1'321'429
1'143'500
1'050'000
1'000'000
943'850
840'178
751'348
% Out
31.24
6.89
5.5
5.11
2.11
1.38
1.02
0.88
0.53
0.46
0.42
0.34
0.31
0.3
0.26
0.24
0.23
0.22
0.19
0.17
Weighting
Change
5
5
3
M
M
M
Latest Chg
5'544'228
355'104
142'600
559'805
(1'282'000)
(196'323)
3'825'000
589'627
132'770
(286'323)
1'500'000
(81'700)
916'557
500'000
300'000
70'220
19'800
Target Price
12
#N/A N/A
11
File Dt
22.10.2012
17.04.2013
16.04.2013
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
30.11.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
30.11.2012
Date
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Hedge Fund Manager
Pension Fund (ERISA)
Investment Advisor
Hedge Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
03.04.2013
28.03.2013
24.02.2010
19.04.2013
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
12/yy
22.83
11.78
583'747.00
12.012
-46.39%
1.97%
0.37%
151.8
1'823.61
77.98
0.0
7.3
542.32
1'366.60
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
4.0 M
10
3.0 M
2.0 M
5
0
a-12
1.0 M
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
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%
3.27%
4.05%
4.11%
0.35%
45.2%
39.0%
27.3%
9.4%
4.96
3.44
2.30%
2.87%
7.80
2.67
12/yy
855.3
12.63x
455.9
4.03x
352.5
0.00x
LTM
12/yy
928.6
11.01x
362.0
6.60x
87.4
0.00x
FY+1
.0 M
a-13
0.98
149.44
3.15
-37.22%
-35.38%
0.979
15
3.533
3'808'078
2'045'236
1'669'685
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'071.3
1'123.2
260.8
260.3
1.30x
1.16x
5.36x
5.28x
419.5
470.1
96.8
98.7
3.33x
2.97x
3.47x
3.18x
198.8
227.9
42.0
45.1
10.39x
8.73x
9.04x
8.30x
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
-1.28
0.22
2.9%
2.8%
0.35
0.55
46.91
137.18
36.38
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
19.04.2013
Pan American Silver Corp

Holdings By:
All
Holder Name
BLACKROCK
ROYCE AND ASSOCIATES
BEATY ROSS J
JP MORGAN
RIVER ROAD ASSET MAN
DEUTSCHE BANK AG
ASTON ASSET MANAGEME
GLOBAL X MANAGEMENT
DREMAN VALUE MANAGEM
CANADA PENSION PLAN
ALETHEIA RESEARCH &
INTREPID CAPITAL MAN
FMR LLC
AXA
FRANKLIN RESOURCES
Firm Name
BMO Capital Markets
Deutsche Bank
Raymond James
CIBC World Markets
TD Securities
Credit Suisse
EVA Dimensions
Scotia Capital
JPMorgan
Salman Partners
RBC Capital Markets
Portfolio Name
n/a
ROYCE & ASSOCIATES L
n/a
n/a
n/a
RIVER ROAD ASSET MAN
Multiple Portfolios
GLOBAL X MANAGEMENT
CANADA PENSION PLAN
ALETHEIA RESEARCH &
INTREPID CAPITAL MAN
n/a
n/a
n/a
Analyst
ANDREW KAIP
RAHUL PAUL
JORGE M BERISTAIN
BRAD HUMPHREY
ARNOLD VAN GRAAN
ADAM P GRAF
DANIEL EARLE
RALPH M PROFITI
CRAIG STERLING
TREVOR TURNBULL
JOHN BRIDGES
MICHAEL S DUDAS
DAVID WEST
DAN ROLLINS
Source
ULT-AGG
13F
ULT-AGG
13F
13F
SEDI
13F
ULT-AGG
13F
13F
MF-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
Recommendation
market perform
buy
hold
outperform
sector perform
buy
hold
outperform
hold
sector outperform
underweight
neutral
buy
sector perform
Amt Held
12'051'414
11'142'497
10'498'344
3'951'500
3'268'621
2'118'680
2'049'341
2'012'978
1'995'846
1'817'974
1'713'266
1'533'353
1'446'774
1'404'840
1'261'757
1'212'045
1'198'545
1'154'508
1'095'911
1'011'887
% Out
7.94
7.34
6.92
2.6
2.15
1.4
1.35
1.33
1.31
1.2
1.13
1.01
0.95
0.93
0.83
0.8
0.79
0.76
0.72
0.67
Weighting
Change
3
5
3
5
3
5
3
5
3
5
1
3
5
3
M
M
M
M
M
M
M
M
U
M
M
M
M
M
Latest Chg
(104'500)
1'951'350
(126'002)
341'563
300'000
130'000
(38'186)
561'998
784'238
(10'580)
(17'297)
16'500
882'133
(23'600)
412'637
(13'530)
(48'347)
(71'622)
(506'600)
Target Price
20
21
16
30
19
20
20
23
#N/A N/A
22
17
#N/A N/A
22
22
File Dt
Inst Type
16.04.2013
Investment Advisor
31.12.2012
Investment Advisor
17.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.05.2012
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Pension Fund (ERISA)
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
9 month
Not Provided
12 month
12 month
Date
15.04.2013
15.04.2013
11.04.2013
11.04.2013
11.04.2013
09.04.2013
04.04.2013
03.04.2013
21.03.2013
14.03.2013
25.02.2013
25.02.2013
22.02.2013
21.02.2013
19.04.2013
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
12/yy
16.88
4.60
1'708'348.00
4.725
-71.09%
2.72%
0.24%
376.6
1'779.26
641.40
0.0
76.7
813.50
1'683.86
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
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
2.98x
785.0
6.36x
806.6
-
31.12.2012
1'670.0
2.52x
710.1
5.94x
334.7
710.10
546.20
32.71%
34.17%
6.85%
9.29%
9.60%
0.34%
43.2%
42.5%
32.7%
20.0%
3.76
2.61
11.93%
17.20%
11.40
2.57
12/yy
1'673.2
15.16x
785.0
6.36x
806.6
0.00x
LTM
12/yy
1'670.0
10.85x
710.1
5.94x
334.7
0.00x
FY+1
.0 M
a-13
0.92
371.42
4.10
-61.84%
-58.81%
0.925
24
3.417
11'525'336
7'884'718
6'552'597
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'689.2
1'851.3
396.4
408.0
1.26x
1.34x
4.73x
4.90x
699.4
803.4
190.5
191.0
2.46x
2.14x
2.19x
2.38x
255.8
325.1
51.7
52.0
7.41x
5.86x
7.21x
6.87x
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
10.09.2012
BBSTABLE
38.38
0.52
-0.24
0.90
17.2%
14.4%
0.34
0.73
32.10
142.44
82.70
91.84
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
19.04.2013
IAMGOLD Corp
Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
AGF INVESTMENTS INC
HEXAVEST INC
BMO FINANCIAL CORP
FRANKLIN RESOURCES
PAULSON & CO
INTERNATIONAL VALUE
MACKENZIE FINANCIAL
CARIBBEAN INVESTMENT
Firm Name
TD Securities
BMO Capital Markets
GMP
Societe Generale
Stifel
CIBC World Markets
Clarus Securities
Credit Suisse
HSBC
Barclays
Salman Partners
Scotia Capital
Macquarie
RBC Capital Markets
EVA Dimensions
Morgan Stanley
Portfolio Name
n/a
n/a
n/a
n/a
AGF INVESTMENTS INC
HEXAVEST INC
n/a
BMO FINANCIAL CORP
n/a
PAULSON & CO
INTERNATIONAL VALUE
MACKENZIE FINANCIAL
n/a
Analyst
STEVEN J GREEN
DAVID HAUGHTON
STEVEN BUTLER
GEORGE V ALBINO
PAOLO LOSTRITTO
BRUCE ALWAY
MICHAEL A SCOON
JOSH WOLFSON
ALEC KODATSKY
NANA SANGMUAH
ANITA SONI
PATRICK CHIDLEY
FAROOQ HAMED
DON MACLEAN
DAVID WEST
TANYA M JAKUSCONEK
BARRY D ALLAN
TONY LESIAK
MIKE KOZAK
DAN ROLLINS
PAWEL RAJSZEL
CRAIG STERLING
PARETOSH MISRA
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
SEDI
Recommendation
buy
market perform
hold
buy
outperform
sell
hold
neutral
sector perform
hold
underperform
overweight
equalweight
buy
buy
sector perform
hold
outperform
market perform
sector perform
sell
buy
Equalwt/In-Line
Amt Held
43'954'065
35'765'320
14'154'923
9'811'133
8'419'845
7'659'667
6'901'692
6'464'401
5'890'847
5'861'067
5'498'913
5'444'348
5'249'538
5'016'061
4'617'450
4'451'300
3'881'900
3'575'932
3'186'699
3'119'569
% Out
11.67
9.5
3.76
2.61
2.24
2.03
1.83
1.72
1.56
1.56
1.46
1.45
1.39
1.33
1.23
1.18
1.03
0.95
0.85
0.83
Weighting
Change
5
3
3
5
5
1
3
3
3
3
1
5
3
5
5
3
3
5
3
3
1
5
3
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
U
N
Latest Chg
(4'226'809)
2'840'159
(2'608'732)
1'500'000
1'552'618
(90'001)
(3'062'014)
649'685
68'530
21'103
(169'616)
(268'526)
158'233
(582'800)
(963'988)
(2'172'250)
-
Target Price
14
9
8
15
14
5
#N/A N/A
9
9
13
7
13
11
25
14
9
14
10
10
10
7
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.03.2013
Investment Advisor
17.04.2013
Investment Advisor
31.12.2012
Bank
28.02.2013
Investment Advisor
31.12.2012
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
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
06.09.2011
Bank
Date
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
16.04.2013
15.04.2013
15.04.2013
15.04.2013
15.04.2013
12.04.2013
12.04.2013
12.04.2013
11.04.2013
05.04.2013
03.04.2013
03.04.2013
02.04.2013
25.03.2013
22.03.2013
21.03.2013
12.03.2013
07.03.2013
22.02.2013
21.02.2013
21.02.2013
24.01.2013
10.10.2012
19.04.2013
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
20
15
Valuation Analysis
10
Latest Fiscal Year:

LTM as of:
52-Week High (09.11.2012)
52-Week Low (18.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AG US EQUITY YTD Change
AG US EQUITY YTD % CHANGE
12/2012
12/yy
24.20
10.88
422'842.00
11.13
-52.85%
2.30%
0.45%
117.0
1'301.95
29.64
0.0
0.0
111.59
1'220.00
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
0
a-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-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%
14.15%
18.83%
18.36%
0.39%
57.5%
54.7%
44.2%
36.0%
3.02
2.29
3.65%
4.99%
14.05
5.49
12/yy
245.5
29.14x
156.2
10.89x
103.6
0.00x
LTM
12/yy
247.2
32.67x
135.1
16.82x
88.9
0.00x
FY+1
1.16
111.15
1.20
-28.42%
-44.87%
1.157
7
4.143
1'882'229
1'087'807
997'068
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
408.5
568.5
207.3
312.3
5.94x
3.94x
149.5
224.0
10.32x
7.06x
10.77x
8.86x
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
58.92
-17.45
-0.61
0.22
5.0%
4.8%
0.39
0.56
26.05
66.66
69.36
23.35
1.20
300.0
1.00
250.0
0.80
200.0
0.60
m-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)
-
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
a-13
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
19.04.2013
First Majestic Silver Corp

Holdings By:
All
Holder Name
SPROTT INC
NEUMEYER KEITH
CONNOR CLARK & LUNN
BARING INTERNATIONAL
BARING ASSET MANAGEM
ALBERTA INVESTMENT M
ALBERTA INVESTMENT M
CANADA PENSION PLAN
TD ASSET MANAGEMENT
POLAR SECURITIES INC
INVESCO LTD
ALTAMIRA MANAGEMENT
Firm Name
BMO Capital Markets
Raymond James
Casimir Capital
TD Securities
EVA Dimensions
Portfolio Name
n/a
SPROTT INC
n/a
CONNOR CLARK & LUNN
Multiple Portfolios
BARING INTERNATIONAL
n/a
ALBERTA INV MGMT COR
n/a
CANADA PENSION PLAN
TD ASSET MANAGEMENT
INVESCO LTD
Multiple Portfolios
Multiple Portfolios
Analyst
ANDREW KAIP
CHRIS THOMPSON
STUART MCDOUGALL
ADAM P GRAF
DANIEL EARLE
GRAEME JENNINGS
CRAIG STERLING
Source
ULT-AGG
13F
13F
SEDI
13F
MF-AGG
13F
13F
ULT-AGG
13F
13F
Research
13F
13F
13F
13F
13F
13F
MF-AGG
MF-AGG
Recommendation
market perform
outperform
strong buy
buy
buy
buy
underweight
Amt Held
7'999'040
4'781'672
4'030'468
3'126'000
2'643'635
2'550'000
2'276'819
2'274'076
1'399'351
1'332'088
1'223'700
1'223'700
1'183'943
1'096'680
1'086'500
1'034'662
991'400
889'282
836'400
696'394
% Out
6.84
4.09
3.45
2.67
2.26
2.18
1.95
1.94
1.2
1.14
1.05
1.05
1.01
0.94
0.93
0.88
0.85
0.76
0.72
0.6
Weighting
Change
3
5
5
5
5
5
1
M
M
M
M
M
M
M
Latest Chg
1'502'609
(118'400)
(380'759)
150'000
850'190
2'276'819
481'911
646'365
1'295'488
120'400
(118'994)
12'400
(23'800)
(207'700)
321'483
241'639
Target Price
18
24
22
17
24
27
#N/A N/A
File Dt
Inst Type
17.04.2013
Investment Advisor
31.12.2012
Investment Advisor
19.11.2012
n/a
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
30.09.2012
Investment Advisor
28.02.2013
Bank
31.12.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Government
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Unclassified
Date
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Date
15.04.2013
15.04.2013
15.04.2013
09.04.2013
04.04.2013
27.02.2013
15.01.2013
19.04.2013
Coeur d'Alene Mines Corp

Coeur d'Alene Mines Corporation, through its subsidiaries, explores, develops,
operates, and/or owns silver and gold mining properties and companies. The
Company's properties are located primarily in the United States, Australia, and
South America.
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
12/yy
31.97
13.34
572'157.00
13.4801
-56.99%
1.05%
0.11%
90.4
1'219.06
124.55
0.0
0.0
153.50
1'190.11
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
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
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
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
895.5
2.45x
378.2
5.80x
48.7
41.69x
378.23
159.37
17.80%
13.10%
1.50%
2.25%
0.28%
24.6%
42.2%
17.8%
5.4%
1.70
0.79
3.87%
5.67%
12.27
4.45
Price/ Cash Flow
12/yy
1'021.2
9.28x
531.3
3.95x
93.5
22.35x
LTM
12/yy
895.5
9.22x
378.2
5.80x
48.7
42.41x
FY+1
.0 M
a-13
1.28
89.85
3.50
-37.85%
-45.20%
1.280
7
4.286
2'864'370
1'648'065
1'599'872
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
967.0
1'075.0
229.3
237.0
1.19x
0.91x
5.10x
5.22x
404.0
530.0
98.3
92.6
3.02x
2.29x
2.92x
2.58x
120.6
184.6
27.4
25.4
10.76x
8.21x
10.76x
9.93x
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
-0.08
0.33
5.7%
5.4%
0.28
0.33
29.82
82.19
34.90
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
19.04.2013

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
GUGGENHEIM
ATLANTIC INVESTMENT
DEUTSCHE BANK AG
DONALD SMITH & CO IN
SUN VALLEY GOLD LLC
SPROTT INC
FMR LLC
NEW JERSEY DIVISION
JP MORGAN
INVESCO LTD
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
ATLANTIC INVESTMENT
SUN VALLEY GOLD LLC
SPROTT INC
n/a
STATE OF NJ COMMON P
n/a
INVESCO LTD
Firm Name
Analyst
BMO Capital Markets

Sidoti & Company LLC
Deutsche Bank
JPMorgan
EVA Dimensions
ANDREW KAIP
ADAM BROOKS
JEFF WRIGHT
MICHAEL S DUDAS
GRAEME JENNINGS
JORGE M BERISTAIN
JOHN BRIDGES
CRAIG STERLING
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
Recommendation
market perform
buy
accumulate
buy
market perform
buy
restricted
overweight
Amt Held
7'408'808
6'165'441
4'876'942
4'441'973
4'438'757
3'067'836
2'403'100
2'259'708
2'031'590
1'857'341
1'795'841
1'602'028
1'278'258
1'265'889
1'179'500
1'105'840
1'000'000
996'110
881'805
733'057
% Out
8.19
6.82
5.39
4.91
4.91
3.39
2.66
2.5
2.25
2.05
1.99
1.77
1.41
1.4
1.3
1.22
1.11
1.1
0.98
0.81
Weighting
Change
3
5
4
5
3
5
#N/A N/A
5
M
M
M
M
M
M
M
D
Latest Chg
1'114'305
(420'427)
296'209
256'439
1'399'434
350'000
986'778
(285'500)
60'904
(457'409)
1'602'028
272'396
(232'106)
(498'100)
(51'910)
1'000'000
756'816
(447'471)
(410'219)
Target Price
17
24
25
36
28
21
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
17.04.2013
Investment Advisor
31.03.2013
Investment Advisor
17.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Date
17.04.2013
17.04.2013
15.04.2013
12.04.2013
12.04.2013
11.04.2013
25.02.2013
22.02.2013
19.04.2013
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
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.05.2012)
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
12/yy
9.50
4.52
711'871.00
4.57
-51.16%
1.11%
0.41%
246.6
1'127.13
188.57
0.0
0.0
603.40
712.30
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
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%
1.09%
1.46%
43.2%
20.3%
7.76
6.33
6.51%
8.21%
-
12/yy
212.3
33.27x
106.8
0.00x
176.9
0.00x
20.0 M
15.0 M
10.0 M
5.0 M
j-12
j-12
a-12
s-12
LTM
12/yy
233.4
39.23x
79.9
23.88x
33.2
0.00x
o-12
n-12
d-12
j-13
f-13 m-13
FY+1
.0 M
a-13
0.84
245.81
12.50
-47.00%
-43.76%
0.845
15
3.333
4'860'958
3'448'223
3'627'075
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
305.1
416.4
65.2
64.6
3.52x
2.55x
9.60x
9.79x
147.8
218.2
35.4
32.0
4.97x
3.37x
4.67x
4.30x
57.3
83.5
5.3
(9.0)
15.83x
10.34x
16.46x
14.21x
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
-5.19
2.36
8.2%
7.6%
-
1.20
300.0
1.00
250.0
0.80
200.0
0.60
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

31.12.2008
212.5
3.30x
53.3
13.17x
38.7
-
10
9
8
7
6
5
4
3
2
1
0
a-12 m-12
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
19.04.2013
AuRico Gold Inc

Holdings By:
All
Holder Name
SENTRY SELECT CAPITA
HEARTLAND ADVISORS I
HARTFORD INVESTMENT
HEXAVEST INC
SUN VALLEY GOLD LLC
MACKENZIE FINANCIAL
GEOLOGIC RESOURCE PA
DEUTSCHE BANK AG
ASTON ASSET MANAGEME
PCJ INVESTMENT COUNS
Firm Name
TD Securities
BMO Capital Markets
Raymond James
Macquarie
Desjardins Securities
GMP
EVA Dimensions
CIBC World Markets
Scotia Capital
Credit Suisse
RBC Capital Markets
Portfolio Name
n/a
n/a
Multiple Portfolios
HEXAVEST INC
SUN VALLEY GOLD LLC
MACKENZIE FINANCIAL
Multiple Portfolios
PCJ INVESTMENT COUNS
Analyst
JOE FAZZINI
STEVEN J GREEN
BRIAN QUAST
GARY J BASCHUK
TONY LESIAK
ADAM MELNYK
RAHUL PAUL
CHELSEA HAMILTON
PAOLO LOSTRITTO
CRAIG STERLING
COSMOS CHIU
TREVOR TURNBULL
ANITA SONI
DAN ROLLINS
ADAM P GRAF
Source
13G
ULT-AGG
13F
13F
MF-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
MF-AGG
13F
Recommendation
neutral
reduce
market perform
outperform
outperform
hold
buy
buy
sector perform
underweight
sector perform
sector perform
neutral
sector perform
hold
Amt Held
29'437'231
24'673'016
11'799'825
11'733'592
11'379'423
8'335'053
8'314'200
7'469'100
4'793'558
3'916'476
3'895'355
3'699'470
3'677'730
3'493'185
3'491'127
3'453'046
3'444'100
3'343'677
3'165'617
3'165'548
% Out
11.94
10
4.78
4.76
4.61
3.38
3.37
3.03
1.94
1.59
1.58
1.5
1.49
1.42
1.42
1.4
1.4
1.36
1.28
1.28
Weighting
Change
3
2
3
5
5
3
5
5
3
1
3
3
3
3
3
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
Latest Chg
9'509'551
(2'491'500)
(677'807)
815'274
164'601
(87'073)
680'000
38'100
(2'801'559)
(1'586'686)
1'016'940
(11'562'015)
(50'000)
809'604
(54'087)
(500'000)
(389'322)
1'402'243
(197'900)
Target Price
7
6
8
9
8
8
9
12
6
#N/A N/A
8
7
8
8
#N/A N/A
File Dt
Inst Type
31.01.2013
Investment Advisor
17.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
16.04.2013
16.04.2013
15.04.2013
15.04.2013
15.04.2013
15.04.2013
15.04.2013
15.04.2013
15.04.2013
15.04.2013
11.04.2013
04.04.2013
03.04.2013
26.03.2013
26.03.2013
19.04.2013
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
40
35
30
25
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (17.10.2012)
52-Week Low (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ANV US EQUITY YTD Change
ANV US EQUITY YTD % CHANGE
12/2012
12/yy
41.02
10.42
482'905.00
10.64
-74.52%
2.11%
0.10%
89.7
954.81
525.19
0.0
0.0
347.05
1'132.96
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
5
0
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
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
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
214.6
13.43x
95.5
30.19x
47.7
57.94x
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
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
12/yy
152.0
73.35x
48.8
50.94x
36.7
77.64x
LTM
12/yy
214.6
53.80x
95.5
30.19x
47.7
57.94x
FY+1
0.00
1.04
82.46
6.25
-63.86%
-64.69%
1.042
10
3.300
3'376'607
2'354'601
1'720'144
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
420.3
585.2
73.4
80.7
3.22x
2.47x
10.16x
8.82x
210.8
362.3
32.7
32.5
5.39x
3.13x
7.74x
7.21x
112.7
193.3
16.4
16.7
9.54x
5.56x
9.29x
7.02x
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
19.04.2013
Allied Nevada Gold Corp

Holdings By:
All
Holder Name
GCIC LTD/CANADA
VANGUARD GROUP INC
PESCIO CARL A
STATE STREET
BLACKROCK
FMR LLC
BAUPOST GROUP LLC
BUCHAN ROBERT M
PERRY CORP
SCOTIA ASSET MANAGEM
PAULSON & CO
COLUMBIA WANGER ASSE
GUGGENHEIM
Firm Name
EVA Dimensions
CIBC World Markets
BMO Capital Markets
RBC Capital Markets
GMP
Scotia Capital
Macquarie
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
THE BAUPOST GROUP LL
n/a
PERRY CORPORATION
Multiple Portfolios
PAULSON & CO
n/a
Analyst
CRAIG STERLING
STEVEN BUTLER
CHITIMUKULU MUSONDA
BRIAN QUAST
SAM CRITTENDEN
ANDREW MIKITCHOOK
ADAM P GRAF
TREVOR TURNBULL
MIKE KOZAK
MICHAEL GRAY
Source
ULT-AGG
13F
13F
13F
Form 4
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
PROXY
13F
13F
13F
MF-AGG
13F
13F
ULT-AGG
Recommendation
hold
buy
sector perform
underperform
outperform
buy
buy
sector underperform
speculative buy
underperform
Amt Held
7'138'101
5'971'707
5'778'795
4'618'576
4'403'800
4'254'700
3'976'128
3'682'834
3'228'933
3'225'015
2'853'550
2'408'733
2'211'500
2'169'023
2'142'250
1'857'800
1'620'900
1'509'221
1'444'000
1'199'739
% Out
7.95
6.65
6.44
5.15
4.91
4.74
4.43
4.1
3.6
3.59
3.18
2.68
2.46
2.42
2.39
2.07
1.81
1.68
1.61
1.34
Weighting
Change
3
5
3
1
5
5
5
1
4
1
U
M
M
M
M
M
M
M
D
M
Latest Chg
1'164'848
(857'650)
(156'600)
(88'198)
(296'200)
5'600
1'180'057
339'043
34'153
192'715
(2'200'000)
18'784
(23'300)
38'575
259'000
300'000
155'800
1'444'000
571'495
Target Price
#N/A N/A
26
19
18
33
43
46
15
37
16
File Dt
17.04.2013
31.12.2012
31.12.2012
31.03.2013
21.09.2012
31.12.2012
31.12.2012
17.04.2013
16.04.2013
28.02.2013
31.12.2012
31.12.2012
08.03.2013
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.03.2013
Date
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
n/a
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Unclassified
Date
18.04.2013
15.04.2013
11.04.2013
09.04.2013
09.04.2013
09.04.2013
09.04.2013
08.04.2013
28.03.2013
27.03.2013
19.04.2013
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
12/yy
6.92
3.00
1'752'332.00
3
-56.38%
0.00%
0.51%
285.2
855.58
17.50
0.0
0.0
190.98
682.13
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
6.0 M
4.0 M
2.0 M
0
a-12
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
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
321.1
4.64x
92.9
16.03x
15.0
83.29x
92.91
42.79
13.33%
7.42%
1.08%
1.26%
1.44%
0.23%
44.7%
28.9%
13.3%
4.7%
2.98
2.20
1.27%
1.54%
16.96
6.48
Price/ Cash Flow
12/yy
477.6
13.26x
253.4
4.88x
151.2
12.16x
j-12
j-12
a-12
s-12
LTM
12/yy
321.1
16.68x
92.9
16.03x
15.0
83.29x
o-12
n-12
d-12
j-13
f-13 m-13
FY+1
.0 M
a-13
2.00
1.33
283.18
21.90
-26.47%
-48.39%
1.334
8
3.500
10'228'620
6'937'524
5'405'031
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
476.4
597.3
85.9
95.4
2.41x
1.78x
8.31x
7.82x
215.7
322.5
23.4
26.5
3.22x
2.16x
3.79x
2.74x
79.3
135.2
6.7
4.6
14.04x
8.03x
13.10x
10.12x
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
-1.87
0.19
1.5%
1.5%
0.23
0.33
21.58
56.49
82.31
-4.24
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
m-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
204.7
3.08x
15.3
41.21x
(66.6)
-
10.0 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
19.04.2013
Hecla Mining Co
Holdings By:
All
Holder Name
STATE STREET
BLACKROCK
VANGUARD GROUP INC
JENNISON ASSOCIATES
KESTREL INVESTMENT M
CREDIT SUISSE AG
CS MCKEE LP
LRI-FUND MANAGEMENT
GLOBAL X MANAGEMENT
MORGAN STANLEY
DENVER INVESTMENT AD
AXA
BNP PARIBAS INV PART
QUANTEX AG
NEW JERSEY DIVISION
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
JENNISON ASSOCIATES
KESTREL INVESTMENT M
CREDIT SUISSE AG
C S MCKEE LP
Multiple Portfolios
GLOBAL X MANAGEMENT
n/a
DENVER INVESTMENT AD
n/a
n/a
Multiple Portfolios
Firm Name
Analyst
EVA Dimensions
BMO Capital Markets
Deutsche Bank
JPMorgan
Scotia Capital
CRAIG STERLING
ANDREW KAIP
STEVEN BUTLER
JORGE M BERISTAIN
JEFF WRIGHT
JOHN BRIDGES
MICHAEL S DUDAS
TREVOR TURNBULL
Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
MF-AGG
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
MF-AGG
13F
Recommendation
hold
market perform
buy
hold
buy
neutral
neutral
restricted
Amt Held
19'672'831
17'573'097
15'874'824
15'111'549
5'094'157
4'650'815
4'531'959
4'041'712
3'997'250
3'744'569
2'966'054
2'882'600
2'800'000
2'771'542
2'484'320
2'443'226
2'418'493
2'250'000
2'035'400
1'900'000
% Out
6.9
6.16
5.57
5.3
1.79
1.63
1.59
1.42
1.4
1.31
1.04
1.01
0.98
0.97
0.87
0.86
0.85
0.79
0.71
0.67
Weighting
Change
3
3
5
3
5
3
3
#N/A N/A
U
M
M
U
M
M
M
M
Latest Chg
3'630'060
819'574
(139'843)
233'659
(121'000)
275'066
(340'534)
(98'000)
1'615'970
(525'202)
(359'600)
413'542
(671'814)
325'638
(193'270)
(150'000)
(330'000)
(2'100'000)
Target Price
#N/A N/A
5
6
4
6
6
#N/A N/A
#N/A N/A
File Dt
Inst Type
17.04.2013
Investment Advisor
17.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
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
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
29.03.2013
Investment Advisor
Date
Not Provided
Not Provided
12 month
12 month
12 month
9 month
Not Provided
Not Provided
Date
17.04.2013
15.04.2013
15.04.2013
11.04.2013
10.04.2013
21.03.2013
06.03.2013
05.03.2013
19.04.2013
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
4
3
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.05.2012)
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
12/yy
5.57
3.19
154'008.00
4.02
-28.19%
26.02%
34.45%
164.6
661.54
0.00
0.0
0.0
204.71
474.20
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
1
0
a-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-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%
7.33%
9.28%
9.42%
0.51%
41.0%
41.3%
24.4%
14.2%
7.30
6.49
0.00%
0.00%
28.73
9.10
12/yy
260.0
11.47x
124.9
4.81x
43.9
0.00x
LTM
12/yy
223.6
9.66x
92.2
3.90x
31.8
0.00x
FY+1
1.00
136.22
1.25
-15.37%
15.52%
0.995
5
3.000
1'412'735
884'253
936'444
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
212.0
272.3
40.4
54.1
94.0
139.0
5.05x
3.41x
33.2
55.5
3.5
8.8
22.06x
14.58x
23.31x
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
-2.22
0.00
0.0%
0.0%
0.51
1.18
12.74
40.24
38.79
14.19
1.20
300.0
1.00
250.0
0.80
200.0
0.60
m-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
-
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
a-13
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
19.04.2013
Aurizon Mines Ltd

Holdings By:
All
Holder Name
ALAMOS GOLD INC
MONTRUSCO BOLTON INV
GCIC LTD/CANADA
SUN VALLEY GOLD LLC
WELLS FARGO
INVESCO LTD
CANADA PENSION PLAN
FMR LLC
FRANKLIN RESOURCES
BLACKROCK
LB SWISS INVESTMENT
HALL DAVID P
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
n/a
INVESCO LTD
CANADA PENSION PLAN
n/a
n/a
n/a
Multiple Portfolios
n/a
NORGES BANK
Analyst
BRIAN QUAST
PAOLO LOSTRITTO
ADAM MELNYK
JEFF WRIGHT
CRAIG STERLING
RYAN HANLEY
HEIKO IHLE
FORBES GEMMELL
COSMOS CHIU
MICHAEL G FOWLER
OVAIS HABIB
Source
13D
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
MF-AGG
13F
SEDI
13F
Recommendation
underperform
tender
tender
neutral
underweight
tender
buy
Under Review
restricted
buy
restricted
Amt Held
26'507'283
22'005'946
7'000'000
6'138'783
5'947'500
5'751'260
4'943'650
4'806'500
4'430'833
3'537'956
2'931'135
2'304'450
2'190'600
1'671'600
1'539'910
1'439'857
1'400'000
1'251'251
990'342
955'334
% Out
16.11
13.37
4.25
3.73
3.61
3.49
3
2.92
2.69
2.15
1.78
1.4
1.33
1.02
0.94
0.87
0.85
0.76
0.6
0.58
Weighting
Change
1
#N/A N/A
#N/A N/A
3
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
408'275
(6'022'500)
4'054'435
68'876
452'400
1'029'681
136'509
101'700
(176'300)
(421'427)
(73'649)
5'000
(248'713)
Target Price
4
5
4
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
17.04.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
16.04.2013
31.12.2012
31.12.2012
04.04.2012
31.12.2012
Date
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Hedge Fund Manager
n/a
Government
Date
14.04.2013
05.04.2013
20.03.2013
20.03.2013
15.03.2013
05.03.2013
04.03.2013
05.02.2013
25.01.2013
23.01.2013
21.01.2013
19.04.2013
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
12/yy
4.98
2.68
153'083.00
3.24
-34.34%
20.90%
22.61%
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
a-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%
17.62%
26.00%
36.05%
0.69%
89.9%
75.3%
70.2%
25.7%
6.56
5.92
0.00%
0.00%
23.41
1.46
12/yy
551.5
6.89x
429.3
2.04x
147.1
0.00x
j-12
j-12
a-12
s-12
LTM
12/yy
566.0
4.04x
426.5
1.40x
145.3
0.00x
o-12
n-12
d-12
j-13
f-13 m-13
FY+1
.0 M
a-13
1.05
1.23
-6.77%
-24.30%
1.049
11
3.727
1'432'161
1'588'307
1'053'409
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
394.2
669.5
74.5
70.8
246.6
441.0
37.8
27.2
71.9
163.3
11.1
7.0
7.49x
3.38x
7.74x
6.11x
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
683.43
544.86
-0.93
0.00
0.0%
0.0%
0.69
1.83
15.63
250.60
30.26
235.97
1.20
600.0
1.00
500.0
0.80
400.0
0.60
m-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
19.04.2013
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
TD ASSET MANAGEMENT
CLARKE JOHN A
NORGES BANK
BATTERYMARCH FINANCI
O'SHAUGHNESSY ASSET
BPI FUNDOS GFIM SA/P
Firm Name
TD Securities
CIBC World Markets
GMP
RBC Capital Markets
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
TD ASSET MANAGEMENT
n/a
NORGES BANK
O'SHAUGHNESSY ASSET
Multiple Portfolios
Analyst
STEFAN IOANNOU
RAHUL PAUL
CLIFF HALE-SANDERS
STEVEN J GREEN
DAVID DAVIDSON
COSMOS CHIU
ANDREW MIKITCHOOK
PATRICK MORTON
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
MF-AGG
Recommendation
buy
hold
buy
hold
buy
sector underperform
hold
sector perform
buy
buy
Amt Held
39'554'511
38'500'000
29'730'099
25'807'900
13'698'233
5'077'040
4'115'444
3'062'504
3'003'300
1'883'601
1'878'320
1'553'219
1'395'977
1'367'000
1'233'881
1'079'863
1'043'300
1'006'600
826'454
755'420
% Out
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Weighting
Change
5
3
5
3
5
1
3
3
5
5
M
M
M
M
M
M
M
M
M
M
Latest Chg
9'800
(1'170'000)
2'496'855
613'900
1'836'500
3'062'504
1'180'900
4'200
(50'100)
(80'700)
(146'716)
14'897
213'600
384'352
-
Target Price
5
4
5
4
8
4
4
5
6
#N/A N/A
File Dt
Inst Type
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
16.04.2013
Investment Advisor
31.01.2013
Investment Advisor
17.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
19.11.2012
n/a
31.12.2012
Investment Advisor
31.12.2012
n/a
31.12.2012
Government
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Mutual Fund Manager
Date
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Date
16.04.2013
15.04.2013
10.04.2013
04.04.2013
01.04.2013
25.03.2013
22.03.2013
21.03.2013
21.03.2013
17.01.2013
19.04.2013
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 (18.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SSRI US EQUITY YTD Change
SSRI US EQUITY YTD % CHANGE
12/2012
12/yy
16.92
6.50
400'344.00
6.75
-59.69%
3.85%
0.68%
80.9
546.35
135.81
0.0
0.0
366.95
315.21
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
1.0 M
.5 M
0
a-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
m-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
12/yy
147.8
43.58x
39.4
23.24x
80.1
0.00x
j-12
j-12
a-12
s-12
LTM
12/yy
241.1
15.70x
54.6
17.81x
54.8
0.00x
o-12
n-12
d-12
j-13
f-13 m-13
FY+1
.0 M
a-13
1.07
80.75
3.36
-50.04%
-54.67%
1.072
11
3.545
1'960'573
1'175'263
1'124'237
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
243.0
262.0
60.0
60.3
1.63x
2.14x
4.86x
6.00x
68.6
92.2
11.7
11.9
4.58x
3.41x
5.15x
4.37x
3.5
7.8
(2.1)
4.1
83.33x
81.33x
41.93x
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
19.04.2013
Silver Standard Resources Inc

Holdings By:
All
Holder Name
WELLS FARGO
AXA
GLOBAL X MANAGEMENT
NEWGATE CAPITAL MANA
DEUTSCHE BANK AG
LB SWISS INVESTMENT
UBS
LRI-FUND MANAGEMENT
NEUFLIZE OBC ASSET M
CANADA PENSION PLAN
NORGES BANK
TD ASSET MANAGEMENT
VANGUARD GROUP INC
Firm Name
EVA Dimensions
BMO Capital Markets
Salman Partners
GMP
Deutsche Bank
CIBC World Markets
Credit Suisse
Scotia Capital
RBC Capital Markets
Portfolio Name
n/a
n/a
n/a
n/a
GLOBAL X MANAGEMENT
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
CANADA PENSION PLAN
NORGES BANK
TD ASSET MANAGEMENT
Multiple Portfolios
Analyst
CRAIG STERLING
ANDREW KAIP
JEFF WRIGHT
ASH GUGLANI
CHELSEA HAMILTON
ADAM P GRAF
JORGE M BERISTAIN
ARNOLD VAN GRAAN
RALPH M PROFITI
TREVOR TURNBULL
DAN ROLLINS
Source
Co File
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
13F
13F
13F
13F
MF-AGG
Recommendation
hold
market perform
buy
buy
buy
buy
sell
sector perform
neutral
sector perform
sector perform
Amt Held
7'788'781
5'574'565
2'972'571
1'781'407
1'499'937
1'094'787
1'085'240
980'616
915'000
767'770
760'453
720'000
715'613
681'000
618'576
523'412
517'492
498'001
484'644
431'832
% Out
9.62
6.89
3.67
2.2
1.85
1.35
1.34
1.21
1.13
0.95
0.94
0.89
0.88
0.84
0.76
0.65
0.64
0.62
0.6
0.53
Weighting
Change
3
3
5
5
5
5
1
3
3
3
3
U
M
M
M
M
M
M
M
M
M
M
Latest Chg
(480'425)
1'026'633
349'192
(195'800)
1'700
(157'540)
101'480
(125'785)
(75'000)
10'900
97'677
(180'000)
(37'922)
60'200
285'000
65'700
(78'964)
10'100
5'228
Target Price
#N/A N/A
12
20
21
27
27
9
12
17
11
17
File Dt
Inst Type
28.02.2013
Investment Advisor
17.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.03.2013
Investment Advisor
30.12.2011
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Date
18.04.2013
15.04.2013
15.04.2013
12.04.2013
12.04.2013
12.04.2013
11.04.2013
11.04.2013
03.04.2013
14.03.2013
04.03.2013
19.04.2013
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
12/yy
20.34
9.70
151'587.00
9.7
-50.63%
0.00%
1.91%
45.6
441.90
0.00
0.0
0.0
52.04
401.46
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
2.0 M
1.5 M
1.0 M
.5 M
0
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
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
-
12/yy
0.0
#DIV/0!
(19.8)
0.00x
(20.1)
0.00x
LTM
12/yy
0.0
#DIV/0!
(8.7)
0.00x
(12.5)
0.00x
0.96
41.57
3.84
-48.76%
-46.02%
0.960
3
4.333
692'431
438'867
369'533
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1
06/13 Q2
(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
.0 M
a-13
-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
19.04.2013
Seabridge Gold Inc

Holdings By:
All
Holder Name
PAN ATLANTIC BANK
WEISS ASSET MANAGEME
FRONK RUDI P
BLACKROCK
ANTHONY JAMES S
FMR LLC
FCMI FINANCIAL CORP
BRISTOL INVESTMENT P
FIDEURAM GESTIONS SA
FNDTN FOR STUDY OBJ
PORTOLA GROUP INCORP
FOX LOUIS J
THRELKELD WILLIAM E
BANFIELD A FREDERICK
NORGES BANK
DEUTSCHE BANK AG
VANGUARD GROUP INC
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
ULT-AGG
PROXY
ULT-AGG
PROXY
13F
13F
MF-AGG
SEDI
13F
SEDI
SEDI
PROXY
13F
13F
MF-AGG
Recommendation
buy
sector perform
buy
Amt Held
11'905'084
8'001'232
6'126'883
2'022'491
1'180'000
802'453
779'791
601'905
555'000
478'467
457'897
450'000
425'334
309'570
300'750
265'000
245'000
235'224
198'997
185'194
% Out
26.13
17.56
13.45
4.44
2.59
1.76
1.71
1.32
1.22
1.05
1.01
0.99
0.93
0.68
0.66
0.58
0.54
0.52
0.44
0.41
Weighting
Change
5
3
5
Latest Chg
3'512'313
253'000
2'022'491
10'000
(20'896)
(203'241)
129'117
(13'300)
(10'000)
(71'639)
2'534
6'435
Target Price
M
M
M
65
22
24
File Dt
Inst Type
17.04.2013
Investment Advisor
10.05.2012
Bank
31.12.2012
Investment Advisor
16.11.2012
n/a
16.04.2013
Investment Advisor
15.05.2012
n/a
28.02.2013
Investment Advisor
10.05.2012
Corporation
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
06.02.2012
Other
31.12.2012
Investment Advisor
06.12.2011
n/a
30.08.2011
n/a
15.05.2012
n/a
31.12.2012
Government
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
Date
09.04.2013
08.03.2013
16.05.2012
19.04.2013
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
2.45
141'289.00
2.599
-52.25%
6.08%
1.41%
100.7
261.67
2.07
0.0
0.0
20.06
253.95
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
1.20
1.5 M
1.0 M
.5 M
0
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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

31.08.2008
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
1.23
92.85
9.71
-47.81%
-41.07%
1.229
0
924'895
552'807
459'043
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
.0 M
a-13
-49.26
-133.96
0.00
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
19.04.2013

Holdings By:
All
Holder Name
GEIER GROUP LLC
SINCLAIR JAMES E
BPI GLOBAL INVESTMEN
BLACKROCK
MORROW ROSALIND
VANGUARD GROUP INC
CANADA PENSION PLAN
BMO FINANCIAL CORP
HARVEY WILLIAM M
JONES HEWARD INVESTM
MORGAN STANLEY
DEUTSCHE BANK AG
LUIS VICTORIA
BANK OF AMERICA CORP
COMMONWEALTH EQUITY
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
CANADA PENSION PLAN
BMO FINANCIAL CORP
n/a
Multiple Portfolios
n/a
n/a
BANK OF AMERICA
COMMONWEALTH EQUITY
Analyst
Source
ULT-AGG
13G
MF-AGG
SEDI
MF-AGG
ULT-AGG
SEDI
MF-AGG
13F
13F
SEDI
MF-AGG
13F
13F
ULT-AGG
13F
13F
20F
13F
13F
Recommendation
Amt Held
13'522'725
4'879'743
4'088'532
1'885'543
673'902
511'968
424'047
419'292
367'112
334'811
332'358
318'244
212'560
185'212
170'509
167'687
145'569
144'045
97'451
95'500
% Out
13.43
4.85
4.06
1.87
0.67
0.51
0.42
0.42
0.36
0.33
0.33
0.32
0.21
0.18
0.17
0.17
0.14
0.14
0.1
0.09
Weighting
Change
Latest Chg
526'026
(4'801'048)
52'612
(1'000)
(37'877)
(4'130)
17'903
5'200
141'200
4'654
12'845
(3'200)
4'819
108'877
134'479
20'891
(17'701)
13'000
Target Price
#N/A N/A
File Dt
Inst Type
17.04.2013
Investment Advisor
10.11.2011
Other
08.02.2013
n/a
16.04.2013
Investment Advisor
29.05.2012
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
08.05.2012
n/a
17.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
n/a
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
Date
Date
19.04.2013
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 (22.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GSS US EQUITY YTD Change
GSS US EQUITY YTD % CHANGE
12/1997
12/yy
2.11
0.90
233'639.00
0.9698
-53.99%
7.76%
5.22%
259.1
251.28
117.48
0.0
(2.0)
78.88
287.87
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
6.0 M
4.0 M
2.0 M
0
a-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)
-
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
550.5
0.95x
124.7
4.18x
(9.5)
124.67
25.74
4.68%
1.20%
-1.31%
-2.17%
-4.61%
0.76%
9.6%
22.8%
4.7%
-1.7%
1.58
0.69
16.18%
27.10%
50.11
6.05
Price/ Cash Flow
12/yy
471.0
4.90x
91.8
5.00x
(2.1)
0.00x
j-12
j-12
a-12
s-12
LTM
12/yy
550.5
3.58x
125.8
4.14x
(9.5)
0.00x
o-12
n-12
d-12
j-13
f-13 m-13
FY+1
.0 M
a-13
0.00
1.07
257.68
12.28
-36.20%
-47.29%
1.070
10
3.000
4'652'826
2'255'240
1'854'718
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
558.1
589.4
136.0
131.7
0.60x
0.61x
2.13x
2.20x
135.7
199.8
33.7
33.7
2.12x
1.44x
2.14x
2.19x
19.9
48.3
6.9
6.9
26.21x
5.91x
9.90x
7.78x
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
12.27
3.56
0.31
0.93
27.1%
21.4%
0.76
1.06
7.30
60.50
69.08
-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
m-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
19.04.2013

Holdings By:
All
Holder Name
BLACKROCK
HILLSDALE INVESTMENT
STATE STREET
CANADA PENSION PLAN
PRINCIPAL FINANCIAL
NORGES BANK
MD MANAGEMENT LTD
NEW YORK STATE COMMO
SYSTEMATIC FINANCIAL
LEGG MASON CAPITAL M
GOLDMAN SACHS GROUP
Firm Name
BMO Capital Markets
CIBC World Markets
EVA Dimensions
Credit Suisse
Scotia Capital
Macquarie
Raymond James
Portfolio Name
n/a
n/a
n/a
CANADA PENSION PLAN
n/a
NORGES BANK
Multiple Portfolios
Multiple Portfolios
GOLDMAN SACHS GROUP
Multiple Portfolios
Analyst
ANDREW BREICHMANAS
RAHUL PAUL
COSMOS CHIU
PAOLO LOSTRITTO
CRAIG STERLING
ANITA SONI
TREVOR TURNBULL
PIERRE VAILLANCOURT
BRAD HUMPHREY
Source
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
MF-AGG
13F
13F
MF-AGG
13F
MF-AGG
Recommendation
market perform
hold
sector perform
outperform
overweight
underperform
sector perform
neutral
market perform
Amt Held
39'316'268
30'238'600
25'985'870
10'069'469
6'281'374
4'885'815
4'819'436
3'713'690
3'486'925
3'093'334
3'064'953
2'625'741
2'259'552
1'934'059
1'845'827
1'725'479
1'647'710
1'467'781
1'164'787
1'113'498
% Out
15.17
11.67
10.03
3.89
2.42
1.89
1.86
1.43
1.35
1.19
1.18
1.01
0.87
0.75
0.71
0.67
0.64
0.57
0.45
0.43
Weighting
Change
3
3
3
5
5
1
3
3
3
M
M
M
M
U
D
M
M
M
Latest Chg
(350'000)
(1'326'930)
(482'630)
1'230'943
(5'940)
(1'475'687)
3'703'206
2'002'700
1'200'671
(52'441)
125'700
1'129'776
139'300
206'700
277'080
(51'919)
-
Target Price
2
2
2
3
#N/A N/A
1
1
2
2
File Dt
17.04.2013
31.12.2012
31.12.2012
16.04.2013
31.12.2012
17.04.2013
31.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Date
15.04.2013
15.04.2013
11.04.2013
09.04.2013
04.04.2013
03.04.2013
14.03.2013
07.03.2013
06.03.2013
19.04.2013
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
12/yy
4.09
1.47
113'812.00
1.56
-62.10%
6.12%
1.53%
81.6
127.24
0.00
0.0
0.0
88.40
38.84
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
2.0 M
1.0 M
1
0
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
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 (17.04.2013)
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%
-
12/yy
0.0
#DIV/0!
(28.1)
0.00x
51.5
0.00x
LTM
12/yy
0.0
#DIV/0!
(34.5)
0.00x
(69.5)
0.00x
FY+1
.0 M
a-13
0.00
1.17
68.11
1.58
-45.26%
-42.22%
1.171
4
5.000
773'958
561'112
502'566
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
0.0
(20.4)
(19.1)
(5.8)
(5.8)
(20.1)
(13.7)
(6.3)
(6.3)
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
0.00
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
19.04.2013
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
CANADA PENSION PLAN
PARKER FREDERICK H E
AQR CAPITAL MANAGEME
RICHINGS MICHAEL B
IFM - INDEPENDENT FU
EPPLER WILLIAM DURAN
Firm Name
Roth Capital Partners
Stonegate Securities Inc
Portfolio Name
SUN VALLEY GOLD LLC
n/a
n/a
n/a
n/a
LOEWS CORPORATION
n/a
CANADA PENSION PLAN
n/a
n/a
Multiple Portfolios
n/a
Analyst
PAOLO LOSTRITTO
ADAM P GRAF
BRIAN W POST
MARCO RODRIGUEZ
JEFF WRIGHT
Source
13F
Research
ULT-AGG
Co File
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
Form 4
13F
13F
13F
13F
13F
Form 4
MF-AGG
Form 4
Recommendation
outperform
buy
buy
no rating system
buy
Amt Held
12'084'310
12'084'310
11'374'527
6'790'378
2'308'682
1'758'748
1'586'026
908'894
822'000
732'415
709'055
556'325
528'000
283'993
271'783
201'025
193'800
188'121
180'750
168'308
% Out
14.82
14.82
13.95
8.33
2.83
2.16
1.94
1.11
1.01
0.9
0.87
0.68
0.65
0.35
0.33
0.25
0.24
0.23
0.22
0.21
Weighting
Change
5
5
5
#N/A N/A
5
M
M
M
M
M
Latest Chg
1'272'000
214'656
(134'823)
(20'971)
(31'575)
21'681
30'000
(24'847)
160'360
11'051
137'400
(33'250)
-
Target Price
4
13
7
#N/A N/A
5
File Dt
31.12.2012
31.12.2012
17.04.2013
31.01.2013
16.04.2013
31.12.2012
31.12.2012
17.04.2013
31.12.2012
31.12.2012
31.12.2012
05.09.2012
31.12.2012
31.12.2012
31.12.2012
31.03.2013
31.12.2012
08.01.2013
28.02.2013
27.08.2012
Date
12 month
Not Provided
12 month
Not Provided
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
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
n/a
Investment Advisor
n/a
Date
09.04.2013
09.04.2013
28.03.2013
19.03.2013
18.03.2013
19.04.2013
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 (19.03.2013)
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
520'725.00
0.0099
-98.99%
41.43%
0.26%
552.4
5.47
282.45
0.0
0.0
25.75
321.80
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
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
a-13
f-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

31.12.2007
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
0.81
-98.56%
0
1'720'187
2'711'419
3'723'629
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
19.04.2013
Great Basin Gold Ltd

Holdings By:
All
Holder Name
BLACKROCK
RUFFER LLP
TRANTER GOLD (BEE)
FRANKLIN RESOURCES
WELLS FARGO
CANADA PENSION PLAN
UOB ASSET MANAGEMENT
VANGUARD GROUP INC
BARCLAYS PLC
SCOTIA CAPITAL INC
DIPPENAAR FERDINAND
GOLDMAN SACHS GROUP
ZURCHER KANTONALBANK
CREDIT SUISSE AG
MOSTERT JACOB DAWID
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
CANADA PENSION PLAN
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
SCOTIA CAPITAL INC
n/a
GOLDMAN SACHS GROUP
ZURCHER KANTONALBANK
CREDIT SUISSE AG
n/a
Analyst
Source
ULT-AGG
ULT-AGG
MF-AGG
Research
ULT-AGG
13F
ULT-AGG
13F
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
13F
13F
13F
SEDI
13F
13F
13F
SEDI
Recommendation
Amt Held
40'178'947
23'107'390
22'797'000
20'932'183
19'571'400
18'400'000
5'393'613
4'342'634
3'530'000
2'801'617
2'686'303
1'988'058
1'946'721
1'225'751
1'173'800
1'126'800
1'107'918
1'017'100
990'156
731'273
% Out
7.27
4.18
4.13
3.79
3.54
3.33
0.98
0.79
0.64
0.51
0.49
0.36
0.35
0.22
0.21
0.2
0.2
0.18
0.18
0.13
Weighting
Change
Latest Chg
(20'659)
1'340'000
1'050
(286'003)
1'946'721
(128'184)
(768'400)
100'000
990'156
-
Target Price
#N/A N/A
File Dt
Inst Type
17.04.2013
Investment Advisor
31.12.2012
Investment Advisor
24.04.2012
n/a
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.07.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
13.04.2012
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
16.04.2012
n/a
Date
Date
19.04.2013
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
12/yy
11.08
5.24
103'271.00
5.5
-51.44%
4.96%
2.05%
148.9
818.86
0.00
0.0
0.0
191.89
606.03
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
a-12
1.0 M
m-12
LTM-4Q
31.12.2011
104.6
5.77x
55.9
10.78x
26.3
24.42x
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
187.1
6.53x
107.3
11.39x
64.9
14.00x
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
12/yy
104.6
22.56x
55.9
10.78x
26.3
24.42x
j-12
j-12
a-12
s-12
LTM
12/yy
187.1
19.22x
107.3
11.39x
64.9
15.35x
o-12
n-12
d-12
j-13
f-13 m-13
FY+1
.0 M
a-13
0.00
1.18
144.47
12.84
-29.49%
-41.92%
1.175
10
4.400
1'666'360
1'360'989
1'201'994
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
223.5
297.0
42.5
44.8
2.65x
1.97x
13.90x
13.15x
112.0
151.0
18.9
19.6
5.41x
4.01x
6.39x
5.90x
68.7
96.3
12.4
12.4
12.49x
9.44x
12.18x
10.92x
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
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
19.04.2013
Argonaut Gold Inc

Holdings By:
All
Holder Name
LIBRA ADVISORS LLC
GCIC LTD/CANADA
ALTAMIRA MANAGEMENT
FMR LLC
SCEPTRE INVESTMENT C
MACKENZIE FINANCIAL
KENNEDY BRIAN JOHN
DOUGHERTY PETER C
BLACKROCK
CARMIGNAC GESTION
NORTHWEST MUTUAL FUN
GLOBAL STRATEGY FINA
SMITH EDGAR A
LOMBARD ODIER DARIER
TD ASSET MANAGEMENT
NATCAN INVESTMENT MA
Firm Name
Macquarie
BMO Capital Markets
GMP
RBC Capital Markets
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MICHAEL SIPERCO
CHRISTOS DOULIS
ANDREW KAIP
RAHUL PAUL
ANDREW MIKITCHOOK
ADAM P GRAF
SAM CRITTENDEN
BARRY D ALLAN
OVAIS HABIB
ALKA SINGH
RICHARD TROTMAN
Source
ULT-AGG
Co File
SEDI
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
SEDI
SEDI
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
outperform
outperform
buy
buy
hold
outperform
buy
sector outperform
sell
suspended coverage
Amt Held
15'290'043
6'707'533
5'768'001
5'602'697
2'898'359
2'517'350
2'178'036
2'067'362
1'883'374
1'530'917
1'472'476
1'337'779
1'328'205
1'150'000
1'143'256
1'133'457
1'120'359
1'028'750
980'800
681'103
% Out
10.27
4.51
3.87
3.76
1.95
1.69
1.46
1.39
1.26
1.03
0.99
0.9
0.89
0.77
0.77
0.76
0.75
0.69
0.66
0.46
Weighting
Change
5
5
5
5
5
3
5
5
5
1
#N/A N/A
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
2'255'841
(117'000)
(64'299)
2'517'350
484'288
699'000
196'782
(8'500)
5'488
54'885
(3'830)
1'150'000
(60'470)
(54'000)
39'286
379'800
114'201
Target Price
11
11
12
12
15
#N/A N/A
13
12
14
8
#N/A N/A
File Dt
Inst Type
17.04.2013
Investment Advisor
30.09.2011
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Unclassified
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
06.02.2013
n/a
06.02.2013
n/a
16.04.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
28.09.2012
Investment Advisor
14.02.2011
n/a
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Date
17.04.2013
17.04.2013
16.04.2013
16.04.2013
16.04.2013
09.04.2013
27.03.2013
27.03.2013
26.03.2013
26.02.2013
16.07.2012
19.04.2013
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
12/2012
10/yy
2.29
1.19
180'090.00
1.28
-46.29%
7.56%
7.27%
606.5
776.28
0.00
0.0
0.0
423.29
352.99
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
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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

31.10.2008
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
-13.72%
-13.96%
0.00%
50.56
50.21
0.00%
0.00%
0.00
-
10/yy
0.0
#DIV/0!
(34.1)
0.00x
(33.9)
0.00x
LTM
10/yy
0.0
#DIV/0!
(60.4)
0.00x
(61.2)
0.00x
FY+1
.0 M
a-13
0.00
1.04
604.06
3.52
-26.44%
-41.82%
1.044
9
4.667
7'446'252
3'855'869
3'329'152
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
(54.3)
(67.2)
(10.2)
(10.8)
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
-
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
19.04.2013
Torex Gold Resources Inc

Holdings By:
All
Holder Name
TYRUS CAPITAL S.A.M.
GCIC LTD/CANADA
FRANKLIN RESOURCES
FMR LLC
TRIMARK INVESTMENT M
CARMIGNAC GESTION
RUFFER LLP
BLACKROCK
SPROTT INC
WELLS FARGO
FIRST CANADIAN MUTUA
INVESCO LTD
LB SWISS INVESTMENT
SOCIETE GENERALE
Firm Name
Stifel
BMO Capital Markets
GMP
Industrial Alliance Securities
Macquarie
Clarus Securities
TD Securities
RBC Capital Markets
Scotia Capital
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MICHAEL A SCOON
ANDREW BREICHMANAS
GEORGE V ALBINO
MERRILL MCHENRY
PIERRE VAILLANCOURT
JAMIE SPRATT
DANIEL EARLE
DAN ROLLINS
TREVOR TURNBULL
Source
Co File
ULT-AGG
13F
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
speculative outperform
buy
buy
outperform
buy
hold
outperform
sector outperform
Amt Held
86'300'000
61'342'470
34'152'190
25'141'050
21'734'500
21'298'547
18'072'277
8'146'100
8'032'000
6'739'500
5'287'478
5'250'000
5'133'800
5'129'653
5'036'452
4'640'031
3'217'000
3'104'480
2'949'500
2'873'398
% Out
14.23
10.11
5.63
4.15
3.58
3.51
2.98
1.34
1.32
1.11
0.87
0.87
0.85
0.85
0.83
0.77
0.53
0.51
0.49
0.47
Weighting
Change
5
4
5
5
5
5
3
5
5
Latest Chg
1'000'000
15'866'564
2'265'280
14'561'050
6'714'500
3'067'945
1'677'800
1'350'000
8'032'000
(32'076)
5'250'000
150'000
431'600
84'766
2'500'000
(5'400)
Target Price
M
M
M
M
M
N
M
M
M
File Dt
31.01.2013
17.04.2013
31.12.2012
31.01.2013
31.01.2013
28.02.2013
28.02.2013
31.12.2012
31.12.2012
30.11.2012
16.04.2013
31.12.2012
31.12.2012
31.12.2012
28.02.2013
17.04.2013
28.09.2012
17.04.2013
28.02.2013
30.11.2012
Date
3
3
3
2
3
3
2
3
3
12 month
Not Provided
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
Unclassified
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Bank
Date
16.04.2013
15.04.2013
15.04.2013
11.04.2013
07.03.2013
07.03.2013
12.02.2013
07.01.2013
31.10.2012
19.04.2013
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 (19.04.2012)
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
12/yy
4.74
2.30
56'361.00
2.97
-38.29%
29.13%
27.46%
396.4
1'177.19
227.54
0.0
5.7
354.31
1'052.25
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
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
29.4
3.54x
(0.1)
14.6
36.15x
5
5
4
4
3
3
2
2
1
1
0
a-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
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
332.4
70.9
19.04x
140.49
102.93
33.06%
33.56%
4.33%
5.94%
5.88%
0.19%
38.8%
36.5%
28.8%
21.3%
2.96
2.71
13.04%
17.71%
10.83
7.12
Price/ Cash Flow
12/yy
311.3
17.98x
140.5
6.24x
79.4
13.23x
LTM
12/yy
332.4
14.00x
81.9
0.00x
71.7
19.28x
FY+1
.0 M
a-13
0.00
1.38
240.39
1.62
-34.29%
-12.90%
1.376
7
3.857
580'392
411'461
318'293
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
364.5
562.8
3.08x
1.94x
168.7
244.0
6.24x
4.31x
81.0
108.2
13.46x
13.16x
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
10.00
4.93
-0.84
1.88
17.7%
15.0%
0.19
0.39
33.79
51.39
132.07
-93.09
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
19.04.2013
China Gold International Resources Corp Ltd

Holdings By:
All
Holder Name
CHINA NATIONAL GOLD
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
Credit Suisse
Argonaut Securities Pty Ltd
EVA Dimensions
Guotai Junan
BOCOM International Holdings
Citic Securities Co., Ltd
CCB International Securities Ltd
GuoSen Securities Co Ltd
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
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
Multiple Portfolios
n/a
Analyst
OWEN LIANG
CHRIS JIANG
CRAIG STERLING
KEVIN GUO
BENJAMIN PEI
SONG XIAOQING
KIN CHUNG LI
CHENGMING GAO
Source
SEDI
ULT-AGG
ULT-AGG
ULT-AGG
MF-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
MF-AGG
ULT-AGG
Recommendation
neutral
hold
underweight
buy
long-term buy
overweight
outperform
buy
Amt Held
155'794'830
19'647'448
1'925'158
1'685'900
842'343
835'296
166'242
160'000
151'700
150'000
146'950
124'448
100'000
97'155
90'000
78'018
74'886
67'440
59'705
56'133
% Out
39.31
4.96
0.49
0.43
0.21
0.21
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.01
Weighting
Change
3
3
1
5
5
5
5
5
M
D
U
M
M
N
M
M
Latest Chg
184'200
(65'304)
(1'303)
(100'000)
(14'500)
40'000
53'000
(1'515)
11'974
684
Target Price
3
#N/A N/A
#N/A N/A
4
4
4
4
5
File Dt
Inst Type
30.09.2011
Corporation
17.04.2013
Investment Advisor
16.04.2013
Investment Advisor
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
31.07.2012
Investment Advisor
17.04.2013
Investment Advisor
09.01.2013
n/a
31.12.2012
Investment Advisor
17.04.2013
Investment Advisor
11.01.2013
Investment Advisor
31.12.2012
Bank
17.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Not Provided
12 month
Date
09.04.2013
02.04.2013
02.04.2013
28.03.2013
28.03.2013
14.01.2013
12.09.2012
02.02.2012
19.04.2013
LionGold Corp Ltd

LionGold Corp is an investment holding company focusing on gold mining, mine
development and exploration globally.
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 (26.07.2012)
52-Week Low (19.04.2012)
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
0.89
11'911'000.00
1.05
-19.23%
17.98%
43.90%
921.9
968.03
31.11
0.0
(3.0)
31.66
929.42
31.03.2008
72.0
0.64x
0.4
114.85x
(4.7)
-
15.0 M
10.0 M
5.0 M
0
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
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
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 M
a-13
0.00
0.59
736.17
8.25%
-4.11%
0.593
2
3.000
21'448'600
14'670'470
18'262'260
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
175.00x
80.77x
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
19.04.2013
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
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
GLOBAL X MANAGEMENT
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
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
CRAIG STERLING
JINSHU LIU
Source
EXCH
ULT-AGG
ULT-AGG
EXCH
EXCH
ULT-AGG
EXCH
EXCH
Co File
MF-AGG
MF-AGG
EXCH
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
EXCH
MF-AGG
MF-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
7'600'000
4'232'691
2'721'000
2'000'000
1'863'000
566'000
420'000
294'000
135'005
120'000
39'622
35'809
% Out
8.41
6.43
5.28
4.57
4.34
4.25
3.23
1.78
0.82
0.46
0.3
0.22
0.2
0.06
0.05
0.03
0.01
0.01
0
0
Weighting
Change
1
5
M
M
Latest Chg
4'746'000
3'500'000
(2'001'000)
692'000
47'000
2'000'000
(110'000)
8'000
-
Target Price
#N/A N/A
1
File Dt
Inst Type
28.03.2013
Holding Company
17.04.2013
Investment Advisor
28.03.2013
Investment Advisor
06.11.2012
Holding Company
06.11.2012
Other
09.04.2013
Unclassified
04.12.2012
Investment Advisor
06.11.2012
n/a
29.06.2012
Unclassified
31.03.2013
Investment Advisor
31.07.2012
Investment Advisor
14.02.2013
n/a
16.04.2013
Investment Advisor
17.04.2013
Investment Advisor
17.04.2013
Investment Advisor
08.10.2012
n/a
17.04.2013
Investment Advisor
28.02.2013
Investment Advisor
16.04.2013
Investment Advisor
Date
Not Provided
12 month
Date
17.01.2013
10.07.2012
19.04.2013
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 (15.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PRU CN EQUITY YTD Change
PRU CN EQUITY YTD % CHANGE
06/2012
12/yy
3.07
1.26
314'781.00
1.36
-57.65%
7.94%
7.73%
458.0
622.83
60.26
0.0
(0.6)
105.50
553.32
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
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
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%
-
12/yy
0.0
#DIV/0!
(8.7)
0.00x
4.4
0.00x
LTM
12/yy
291.8
14.83x
127.3
7.27x
62.5
0.00x
FY+1
.0 M
a-13
1.44
449.49
0.28
-45.38%
-38.18%
1.444
23
4.348
2'888'159
1'749'013
1'478'706
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
03/13 Q3 06/13 Q4
316.8
421.5
96.1
96.1
1.73x
1.33x
132.9
188.1
4.16x
2.94x
63.8
98.4
26.0
26.0
9.07x
5.85x
6.34x
5.25x
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
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
19.04.2013
Perseus Mining Ltd

Holdings By:
All
Holder Name
DUNDEE CORP
GCIC LTD/CANADA
MACKENZIE FINANCIAL
JP MORGAN
FMR LLC
IVY MANAGEMENT INCOR
SPROTT INC
WELLS FARGO
LB SWISS INVESTMENT
CALDERWOOD MARK ANDR
BLACKROCK
TD ASSET MANAGEMENT
Firm Name
Credit Suisse
Morgan Stanley
Commonwealth Bank
BMO Capital Markets
JPMorgan
Nomura
CIBC World Markets
Goldman Sachs
Clarus Securities
EVA Dimensions
CIMB
RBC Capital Markets
Macquarie
GMP
Bell Potter
Evans & Partners Pty Ltd
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
MICHAEL SLIFIRSKI
BRENDAN FITZPATRICK
ANDREW KNUCKEY
ANDREW BREICHMANAS
JOSEPH KIM
REG SPENCER
JOSH WOLFSON
DAVID RADCLYFFE
COSMOS CHIU
PAUL HISSEY
NANA SANGMUAH
CRAIG STERLING
JAMES STEWART
STEUART MCINTYRE
PIERRE VAILLANCOURT
PATRICK CHANG
MIKE KOZAK
LEVI SPRY
STEPHEN THOMAS
CATHY MOISES
Source
EXCH
Co File
ULT-AGG
MF-AGG
EXCH
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
EXCH
ULT-AGG
MF-AGG
Recommendation
outperform
Overwt/Attractive
neutral
outperform
overweight
buy
buy
suspended coverage
sector perform
neutral/attractive
buy
overweight
outperform
sector perform
outperform
buy
market perform
buy
hold
Positive
Amt Held
50'889'000
49'800'230
43'695'232
38'629'803
24'286'071
13'439'700
10'980'300
7'640'134
6'785'343
6'159'171
5'531'332
5'421'800
5'295'993
4'921'700
4'610'900
4'180'243
4'000'000
3'600'000
3'152'172
2'873'200
% Out
11.11
10.87
9.54
8.44
5.3
2.93
2.4
1.67
1.48
1.34
1.21
1.18
1.16
1.07
1.01
0.91
0.87
0.79
0.69
0.63
Weighting
Change
5
5
3
5
5
5
5
#N/A N/A
3
3
5
5
5
3
5
5
3
5
3
4
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
U
Latest Chg
(5'997'500)
(44'197)
930'000
610'826
3'159'171
392'732
83'550
1'760
(18'795)
-
Target Price
3
2
2
3
2
3
3
#N/A N/A
3
2
4
#N/A N/A
3
2
3
3
3
3
3
#N/A N/A
File Dt
Inst Type
12.10.2011
Holding Company
20.09.2012
Investment Advisor
17.04.2013
Investment Advisor
31.01.2013
Investment Advisor
05.03.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
17.04.2013
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
28.09.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
n/a
16.04.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
12 month
12 month
Not Provided
9 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
17.04.2013
16.04.2013
16.04.2013
15.04.2013
15.04.2013
15.04.2013
12.04.2013
12.04.2013
11.04.2013
10.04.2013
05.04.2013
05.04.2013
13.03.2013
10.03.2013
06.03.2013
05.03.2013
22.01.2013
22.01.2013
16.01.2013
03.01.2013
19.04.2013
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
4
3
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.05.2012)
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
12/yy
5.57
3.19
154'008.00
4.02
-28.19%
26.02%
34.45%
164.6
661.54
0.00
0.0
0.0
204.71
474.20
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
1
0
a-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-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%
7.33%
9.28%
9.42%
0.51%
41.0%
41.3%
24.4%
14.2%
7.30
6.49
0.00%
0.00%
28.73
9.10
12/yy
260.0
11.47x
124.9
4.81x
43.9
0.00x
LTM
12/yy
223.6
9.66x
92.2
3.90x
31.8
0.00x
FY+1
1.00
136.22
1.25
-15.37%
15.52%
0.995
5
3.000
1'412'735
884'253
936'444
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
212.0
272.3
40.4
54.1
94.0
139.0
5.05x
3.41x
33.2
55.5
3.5
8.8
22.06x
14.58x
23.31x
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
-2.22
0.00
0.0%
0.0%
0.51
1.18
12.74
40.24
38.79
14.19
1.20
300.0
1.00
250.0
0.80
200.0
0.60
m-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
-
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
a-13
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
19.04.2013
Aurizon Mines Ltd

Holdings By:
All
Holder Name
ALAMOS GOLD INC
GCIC LTD/CANADA
SUN VALLEY GOLD LLC
WELLS FARGO
INVESCO LTD
CANADA PENSION PLAN
FMR LLC
FRANKLIN RESOURCES
BLACKROCK
LB SWISS INVESTMENT
HALL DAVID P
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
n/a
INVESCO LTD
CANADA PENSION PLAN
n/a
n/a
n/a
Multiple Portfolios
n/a
NORGES BANK
Analyst
BRIAN QUAST
PAOLO LOSTRITTO
ADAM MELNYK
JEFF WRIGHT
CRAIG STERLING
RYAN HANLEY
HEIKO IHLE
FORBES GEMMELL
COSMOS CHIU
MICHAEL G FOWLER
OVAIS HABIB
Source
13D
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
MF-AGG
13F
SEDI
13F
Recommendation
underperform
tender
tender
neutral
underweight
tender
buy
Under Review
restricted
buy
restricted
Amt Held
26'507'283
22'005'946
7'000'000
6'138'783
5'947'500
5'751'260
4'943'650
4'806'500
4'430'833
3'537'956
2'931'135
2'304'450
2'190'600
1'671'600
1'539'910
1'439'857
1'400'000
1'251'251
990'342
955'334
% Out
16.11
13.37
4.25
3.73
3.61
3.49
3
2.92
2.69
2.15
1.78
1.4
1.33
1.02
0.94
0.87
0.85
0.76
0.6
0.58
Weighting
Change
1
#N/A N/A
#N/A N/A
3
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
408'275
(6'022'500)
4'054'435
68'876
452'400
1'029'681
136'509
101'700
(176'300)
(421'427)
(73'649)
5'000
(248'713)
Target Price
4
5
4
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
17.04.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
16.04.2013
31.12.2012
31.12.2012
04.04.2012
31.12.2012
Date
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Hedge Fund Manager
n/a
Government
Date
14.04.2013
05.04.2013
20.03.2013
20.03.2013
15.03.2013
05.03.2013
04.03.2013
05.02.2013
25.01.2013
23.01.2013
21.01.2013
19.04.2013
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
12/yy
3.70
1.70
259'658.00
1.81
-52.70%
6.47%
13.50%
293.5
531.27
266.87
0.0
0.0
96.50
688.04
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
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
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
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
385.4
2.62x
144.5
7.00x
20.7
35.81x
144.50
53.12
13.78%
8.37%
2.24%
3.80%
4.57%
0.42%
17.7%
37.5%
13.8%
5.4%
0.93
0.56
25.87%
43.76%
34.08
5.63
Price/ Cash Flow
01/yy
395.6
6.97x
164.3
3.88x
44.2
13.02x
LTM
12/yy
385.4
9.30x
144.5
7.00x
20.7
35.81x
FY+1
.0 M
a-13
0.00
2.05
287.46
0.82
-25.51%
-36.49%
2.046
4
5.000
1'852'706
1'325'080
1'185'701
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
603.0
666.0
143.0
152.0
0.96x
0.70x
4.54x
4.20x
260.5
275.0
57.0
63.4
2.63x
2.49x
2.74x
2.69x
86.6
108.3
15.7
20.1
5.79x
4.28x
7.02x
6.26x
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
1.18
1.85
43.8%
30.4%
0.42
0.59
10.71
64.88
58.44
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
19.04.2013
OceanaGold Corp
Holdings By:
All
Holder Name
BAKER STEEL CAPITAL
AMP CAPITAL INVESTOR
FMR LLC
NEW ZEALAND CENTRAL
BLACKROCK
INVESCO LTD
VANGUARD GROUP INC
BOND STREET CUSTODIA
YANDAL INVESTMENTS P
INTERNATIONAL MINING
ASKEW JAMES EDWARD
SFB INVESTMENTS PTY
DEUTSCHE BANK AG
DEN DUYTS CORP & ASS
SPROTT INC
Firm Name
Macquarie
GMP
Forsyth Barr
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
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
n/a
Multiple Portfolios
Analyst
MICHAEL SIPERCO
MIKE KOZAK
ANDREW MIKITCHOOK
ANDREW HARVEY-GREEN
Source
PROXY
EXCH
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
PROXY
ULT-AGG
MF-AGG
MF-AGG
PROXY
PROXY
SEDI
EXCH
PROXY
MF-AGG
PROXY
MF-AGG
Recommendation
outperform
buy
buy
buy
Amt Held
20'669'000
14'660'107
13'382'819
8'700'000
5'237'726
3'565'116
3'560'000
3'209'100
2'703'536
2'642'115
1'881'480
1'392'118
1'284'229
1'123'653
1'097'008
1'087'008
1'000'000
964'068
922'855
900'000
% Out
7.04
4.99
4.56
2.96
1.78
1.21
1.21
1.09
0.92
0.9
0.64
0.47
0.44
0.38
0.37
0.37
0.34
0.33
0.31
0.31
Weighting
Change
5
5
5
5
Latest Chg
(1'119'773)
(2'300'000)
(4'700)
564'100
(5'499)
(547'087)
44'200
10'000
48'360
890'327
-
Target Price
M
M
M
M
File Dt
Inst Type
11.05.2012
Investment Advisor
21.01.2013
Other
17.04.2013
Investment Advisor
30.11.2012
Investment Advisor
31.07.2012
Investment Advisor
28.02.2013
Bank
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
11.05.2012
Government
16.04.2013
Investment Advisor
17.04.2013
Investment Advisor
31.03.2013
Investment Advisor
11.05.2012
Other
11.05.2012
Investment Advisor
30.12.2012
Other
07.02.2012
n/a
11.05.2012
Other
28.02.2013
Investment Advisor
11.05.2012
Investment Advisor
Date
5
4
4
3
12 month
12 month
12 month
12 month
Date
26.03.2013
26.03.2013
25.03.2013
17.02.2013
19.04.2013
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 (16.04.2013)
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
2.68
2'943'203.00
2.75
-58.96%
2.61%
9.20%
188.9
519.49
0.00
0.0
0.0
12.47
525.87
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
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
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
-
0.73
0.97
175.06
3.87
-49.55%
-49.36%
0.974
10
4.400
2'399'635
1'278'148
1'219'542
FY+2
06/13 Y
06/14 Y
121.0
284.3
4.32x
1.45x
84.1
214.3
6.25x
2.45x
72.4
196.7
6.89x
2.86x
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
.0 M
a-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
19.04.2013
Medusa Mining Ltd

Holdings By:
All
Holder Name
VANGUARD GROUP INC
FMR LLC
BLACKROCK
Rex Harbour & Associ
UCA FUNDS MANAGEMENT
DAVIS GEOFFREY JOHN
BANQUE DE LUXEMBOURG
AFDAL SAMUEL G
OLD MUTUAL
DANIEL ROY PHILIP
QUANTEX AG
SPROTT INC
VANGUARD INVESTMENTS
Firm Name
Ord Minnett
Deutsche Bank
Morgan Stanley
RBC Capital Markets
Goldman Sachs
Blackswan Equities Ltd
Cantor Fitzgerald
EVA Dimensions
Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
DAVID BRENNAN
CHRIS TERRY
BRENDAN FITZPATRICK
STEUART MCINTYRE
PAUL HISSEY
RHYS BRADLEY
ASA BRIDLE
CRAIG STERLING
Source
MF-AGG
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
EXCH
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
ULT-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
Overwt/Attractive
sector perform
buy/attractive
buy
buy
sell
Amt Held
26'083'703
24'334'900
16'875'265
15'309'037
13'269'857
6'647'146
4'183'483
4'052'750
2'613'520
2'000'000
1'750'000
1'600'000
1'450'000
1'448'400
1'425'000
1'166'975
1'142'000
1'070'000
1'016'738
983'673
% Out
13.81
12.88
8.93
8.1
7.02
3.52
2.21
2.15
1.38
1.06
0.93
0.85
0.77
0.77
0.75
0.62
0.6
0.57
0.54
0.52
Weighting
Change
5
5
5
3
5
5
5
1
N
M
M
D
M
N
M
M
Latest Chg
13'000
(215'100)
(3'619'607)
1'902'381
(1'726'969)
(4'714'520)
887'915
(31'235)
(46'992)
(569'800)
(6'415)
Target Price
6
7
6
5
4
7
#N/A N/A
#N/A N/A
File Dt
31.03.2013
18.02.2013
16.04.2013
17.04.2013
16.04.2013
24.03.2011
31.03.2013
29.08.2012
30.09.2012
28.02.2013
30.11.2012
28.02.2013
30.06.2012
28.02.2013
30.06.2012
31.12.2012
31.03.2013
29.03.2013
31.12.2012
30.09.2012
Date
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Mutual Fund Manager
n/a
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Unclassified
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Mutual Fund Manager
Date
17.04.2013
16.04.2013
16.04.2013
14.04.2013
10.04.2013
01.03.2013
27.02.2013
17.01.2013
19.04.2013
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 (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DPM CN EQUITY YTD Change
DPM CN EQUITY YTD % CHANGE
12/2012
12/yy
9.94
5.45
87'700.00
5.73
-42.71%
5.14%
4.23%
125.7
720.11
81.77
0.0
7.0
123.36
685.53
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
2.0 M
2
0
a-12
1.0 M
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
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
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
384.7
2.68x
54.4
21.72x
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
12/yy
336.3
11.75x
35.1
0.00x
85.8
13.52x
LTM
12/yy
385.5
10.23x
16.6
0.00x
54.5
21.68x
FY+1
.0 M
a-13
1.39
94.26
24.14
-32.43%
-32.35%
1.393
9
4.889
674'723
425'706
567'134
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
484.8
552.5
1.30x
1.17x
215.8
288.0
3.18x
2.38x
129.5
162.5
6.37x
5.20x
6.06x
5.63x
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
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
19.04.2013
Dundee Precious Metals Inc

Holdings By:
All
Holder Name
DUNDEE CORP
MASON HILL ADVISORS
US GLOBAL INVESTORS
THIRD AVENUE MANAGEM
TD ASSET MANAGEMENT
NATCAN INVESTMENT MA
SPROTT INC
MACKENZIE FINANCIAL
Firm Name
Stifel
EVA Dimensions
BMO Capital Markets
CIBC World Markets
Scotia Capital
RBC Capital Markets
GMP
Portfolio Name
n/a
n/a
#N/A N/A
n/a
n/a
Multiple Portfolios
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
Analyst
MICHAEL A SCOON
JOSH WOLFSON
CRAIG STERLING
JOHN P HAYES
LEON ESTERHUIZEN
MIKE KOZAK
LEILY OMOUMI
SAM CRITTENDEN
GEORGE V ALBINO
DON MACLEAN
Source
SEDI
PROXY
Research
ULT-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
not rated
overweight
sector outperform
top pick
sector outperform
outperform
buy
buy
Amt Held
30'380'007
12'884'085
8'442'571
7'761'364
7'556'820
5'331'900
4'734'500
4'514'449
4'000'665
3'634'800
3'394'800
2'655'547
2'369'196
1'598'155
1'423'900
1'163'346
947'401
771'700
761'500
667'600
% Out
24.17
10.25
6.72
6.18
6.01
4.24
3.77
3.59
3.18
2.89
2.7
2.11
1.89
1.27
1.13
0.93
0.75
0.61
0.61
0.53
Weighting
Change
5
#N/A N/A
5
4
5
5
5
5
5
5
M
M
U
M
M
U
M
M
M
N
Latest Chg
269'200
(25'794)
(4'286'512)
4'124'249
(372'000)
(2'100)
1'314'000
(52'200)
(50'000)
4'773
10'000
43'784
(19'200)
(96'700)
Target Price
9
#N/A N/A
#N/A N/A
10
11
16
12
12
15
13
File Dt
08.03.2013
26.03.2012
28.02.2013
17.04.2013
31.08.2009
31.12.2012
28.02.2013
31.12.2012
28.02.2013
31.01.2013
31.12.2012
31.01.2013
30.09.2012
28.02.2013
31.12.2012
31.03.2013
31.07.2012
31.01.2013
28.09.2012
31.12.2012
Date
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Inst Type
Holding Company
Unclassified
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
16.04.2013
16.04.2013
16.04.2013
14.04.2013
11.04.2013
03.04.2013
14.03.2013
06.03.2013
04.03.2013
03.12.2012
19.04.2013
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 (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RIO CN EQUITY YTD Change
RIO CN EQUITY YTD % CHANGE
12/2012
12/yy
6.00
3.37
154'779.00
3.48
-42.67%
3.26%
0.76%
175.9
612.08
3.26
0.0
0.0
38.61
576.73
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
(1.0)
(1.0)
-
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
0
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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

31.05.2007
31.05.2008
31.05.2009
0.0
0.0
(2.3)
(1.5)
(1.9)
(1.5)
Profitability
LTM-4Q
31.05.2010
0.0
(3.9)
(12.6)
-
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
31.05.2011
0.0
(8.0)
(8.0)
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
05/yy
0.0
#DIV/0!
(5.1)
0.00x
(4.0)
0.00x
LTM
12/yy
317.2
9.56x
173.5
4.94x
100.7
9.23x
FY+1
.0 M
a-13
0.00
0.99
160.58
4.34
-20.37%
-31.63%
0.994
10
4.200
990'646
644'650
679'096
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
311.6
355.8
81.8
1.76x
172.0
185.5
3.35x
3.11x
94.4
115.0
6.72x
5.84x
8.74x
7.84x
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
-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
19.04.2013
Rio Alto Mining Ltd

Holdings By:
All
Holder Name
JP MORGAN
AUSCAN ASSETS LIMITE
NORWICH ROGER
HAWKSHAW ANTHONY GRA
BLACKROCK
BMO FINANCIAL CORP
TD ASSET MANAGEMENT
US GLOBAL INVESTORS
SOLDI JAIME
VANGUARD GROUP INC
WELLS FARGO
ZEITLER KLAUS M
MD MANAGEMENT LTD
NCF SOC ADMIN DE FON
Firm Name
Clarus Securities
CIBC World Markets
GMP
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
n/a
BMO FINANCIAL CORP
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MIKE BANDROWSKI
CHRISTOS DOULIS
MATTHEW GIBSON
ADAM MELNYK
GEORGE V ALBINO
BRIAN QUAST
MARK TURNER
HEIKO IHLE
HUMBERTO LEON
CRAIG STERLING
Source
13G
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
SEDI
SEDI
SEDI
ULT-AGG
13F
MF-AGG
MF-AGG
MF-AGG
SEDI
MF-AGG
ULT-AGG
SEDI
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
sector perform
sector outperform
hold
buy
market perform
sector perform
buy
overweight
overweight
Amt Held
28'000'700
12'884'278
10'851'000
7'989'300
7'082'953
4'969'651
4'734'195
3'000'000
2'797'430
2'360'802
1'720'000
1'248'400
1'051'000
1'028'288
759'587
755'020
750'000
675'600
603'190
550'309
% Out
15.92
7.33
6.17
4.54
4.03
2.83
2.69
1.71
1.59
1.34
0.98
0.71
0.6
0.58
0.43
0.43
0.43
0.38
0.34
0.31
Weighting
Change
5
3
5
3
5
3
3
5
5
5
M
D
M
M
M
M
M
M
M
M
Latest Chg
(42'750)
(150'000)
102'600
50'000
265'000
(28'758)
2'360'802
500'000
978'500
201'000
126'000
39'604
597'190
(10'000)
Target Price
7
4
7
5
8
6
5
7
6
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
17.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Bank
07.12.2012
Other
25.11.2011
n/a
19.10.2011
n/a
16.04.2013
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
02.01.2013
n/a
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
22.11.2011
n/a
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Date
18.04.2013
18.04.2013
17.04.2013
17.04.2013
17.04.2013
16.04.2013
08.04.2013
08.04.2013
22.03.2013
17.01.2013
19.04.2013
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
12/yy
14.99
6.47
128'754.00
6.62
-55.64%
2.32%
0.94%
88.7
587.19
0.00
0.0
0.0
127.36
444.81
(0.1)
-
2.0 M
1.5 M
1.0 M
.5 M
0
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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

31.03.2008
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%
8.87%
8.98%
0.23%
78.7%
65.5%
39.2%
39.2%
27.97
24.35
0.00%
0.00%
274.90
-
Price/ Cash Flow
12/yy
30.0
45.91x
19.1
19.80x
12.5
39.35x
LTM
12/yy
55.9
54.42x
36.6
24.12x
21.9
47.00x
FY+1
.0 M
a-13
0.00
1.21
81.21
3.17
-19.27%
-43.37%
1.211
9
4.000
818'904
419'177
424'175
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
76.2
99.0
16.0
33.85x
57.5
83.3
7.74x
5.34x
34.2
47.0
19.55x
12.90x
19.55x
16.54x
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
-3.48
0.00
0.0%
0.0%
0.23
0.36
1.33
23.45
-
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
19.04.2013
Sandstorm Gold Ltd

Holdings By:
All
Holder Name
LIBRA ADVISORS LLC
ARIAS RESOURCE CAPIT
WELLS FARGO
CARMIGNAC GESTION
BMO FINANCIAL CORP
WATSON NOLAN ALLAN
GBC ASSET MANAGEMENT
DE WITT DAVID E
AWRAM DAVID I
Firm Name
TD Securities
Casimir Capital
RBC Capital Markets
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
BMO FINANCIAL CORP
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
NICHOLAS CAMPBELL
DANIEL EARLE
SHANE NAGLE
ERIC WINMILL
DAN ROLLINS
DON MACLEAN
CRAIG STERLING
RICHARD GRAY
HEIKO IHLE
Source
ULT-AGG
13F
SEDI
SEDI
ULT-AGG
13F
ULT-AGG
MF-AGG
13F
MF-AGG
MF-AGG
13F
13F
SEDI
13F
MF-AGG
MF-AGG
SEDI
SEDI
13F
Recommendation
speculative buy
hold
outperform
strong buy
outperform
buy
underweight
buy
neutral
Amt Held
6'378'186
5'899'720
4'928'760
4'840'000
3'040'179
2'634'762
1'453'580
1'173'000
1'150'440
1'085'659
1'065'600
1'042'300
1'005'674
930'000
856'750
777'820
767'280
767'000
759'100
688'100
% Out
7.19
6.65
5.56
5.46
3.43
2.97
1.64
1.32
1.3
1.22
1.2
1.18
1.13
1.05
0.97
0.88
0.87
0.86
0.86
0.78
Weighting
Change
4
3
5
5
5
5
1
5
3
M
M
M
M
M
M
U
M
M
Latest Chg
(21'168)
50'000
31'482
(86'410)
(9'516)
173'000
(101'600)
133'753
(314'400)
620'000
(92'716)
856'750
(22'700)
(3'400)
688'100
Target Price
11
11
13
15
13
16
#N/A N/A
17
13
File Dt
Inst Type
17.04.2013
Investment Advisor
31.12.2012
Investment Advisor
25.02.2010
Private Equity
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Bank
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
19.06.2012
n/a
31.12.2012
Investment Advisor
31.12.2011
Investment Advisor
30.11.2012
Investment Advisor
10.05.2012
n/a
04.01.2013
n/a
31.12.2012
Investment Advisor
Date
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Date
17.04.2013
16.04.2013
09.04.2013
09.04.2013
05.04.2013
01.04.2013
21.02.2013
20.02.2013
29.01.2013
19.04.2013
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
2'260'000.00
1.35
-16.67%
25.00%
46.30%
4'350.7
5'873.48
1'511.00
0.0
0.0
86.96
7'663.70
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
a-12 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
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
445.1
12.13x
824.54
646.88
57.79%
51.05%
7.68%
12.90%
10.67%
0.24%
64.7%
72.0%
56.4%
27.4%
0.42
0.24
24.57%
42.47%
51.28
6.96
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.00
0.61
3'550.71
-1.46%
-8.78%
0.613
3
5.000
9'568'000
11'004'750
7'890'217
FY+2
12/13 Y
12/14 Y
2'146.7
2'473.7
1'441.0
1'833.0
5.32x
4.18x
656.0
796.0
8.60x
7.38x
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
6.80
1.44
1.70
1.81
42.5%
29.8%
0.24
1.46
7.14
52.62
5.41
37.11
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
19.04.2013
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
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
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
CHRIS JIANG
BENJAMIN PEI
CRAIG STERLING
Source
EXCH
EXCH
EXCH
ULT-AGG
EXCH
EXCH
MF-AGG
EXCH
MF-AGG
EXCH
EXCH
ULT-AGG
EXCH
Short
MF-AGG
ULT-AGG
MF-AGG
Co File
MF-AGG
Co File
Recommendation
Amt Held
% Out
438'766'000 10.08
307'206'000
7.06
257'196'670
5.91
226'270'000
5.2
217'908'000
5.01
187'636'382
4.31
21'864'000
0.5
16'682'000
0.38
14'414'000
0.33
10'300'000
0.24
10'000'000
0.23
9'240'000
0.21
7'400'000
0.17
(6'000'000) -0.14
5'094'000
0.12
3'528'000
0.08
2'826'000
0.06
2'000'000
0.05
1'920'000
0.04
800'000
0.02
Weighting
buy
buy
buy
Change
5
5
5
M
M
U
Latest Chg
7'190'000
24'900'000
(756'000)
(679'470'000)
(50'000'000)
1'034'000
1'120'000
(1'000'000)
198'000
-
Target Price
2
2
#N/A N/A
File Dt
Inst Type
26.10.2012
n/a
16.10.2012
Other
17.04.2013
Investment Advisor
22.01.2013
Investment Advisor
08.11.2012
Holding Company
31.07.2012
Investment Advisor
07.10.2011
Other
31.12.2012
Investment Advisor
18.04.2012
n/a
10.04.2013
n/a
16.04.2013
Investment Advisor
16.10.2012
n/a
16.10.2012
n/a
17.04.2013
Investment Advisor
17.04.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2011
n/a
31.12.2011
n/a
Date
12 month
Not Provided
Not Provided
Date
02.04.2013
02.04.2013
17.01.2013
19.04.2013
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 (18.04.2013)
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
0.91
7'197'886.00
0.915
-57.24%
0.55%
2.54%
708.1
647.91
35.85
0.0
0.0
141.78
682.99
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
a-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
j-12
LTM-4Q
LTM
01/yy
01/yy
-
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
a-13
f-13 m-13
FY+1
-
0.00
1.19
463.14
16.69
-47.41%
-46.49%
1.195
14
3.643
8'397'217
3'273'675
3'084'437
FY+2
06/13 Y
06/14 Y
644.4
742.1
1.10x
0.79x
263.8
324.9
2.59x
2.10x
81.7
110.6
7.50x
6.02x
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
m-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
19.04.2013
Evolution Mining Ltd

Holdings By:
All
Holder Name
NEWCREST MINING LTD
ALLAN GRAY AUSTRALIA
BLACKROCK
RUFFER LLP
KLEIN JACOB
LB SWISS INVESTMENT
FRANKLIN RESOURCES
JJ HOLDINGS (VIC) PT
FMR LLC
VANGUARD GROUP INC
SHARE SICAV
NESTOR INVESTMENT MA
POLLOCK MURRAY G
MALONEY PETER JOSEPH
Portfolio Name
n/a
#N/A N/A
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Firm Name
Analyst
Credit Suisse
Deutsche Bank
Paterson Securities
JPMorgan
BBY Limited
Nomura
Goldman Sachs
RBC Capital Markets
Investec
Macquarie
EVA Dimensions
RBS Morgans
Ord Minnett
Bell Potter
Hartleys
MICHAEL SLIFIRSKI
CHRIS TERRY
MATTHEW TRIVETT
JOSEPH KIM
KURT WORDEN
DAVID RADCLYFFE
PAUL HISSEY
GEOFF BREEN
TIM GERRARD
MITCH RYAN
CRAIG STERLING
JAMES WILSON
DAVID BRENNAN
CATHY MOISES
CHRIS WHITEHEAD
PETER GRAY
Source
Co File
EXCH
ULT-AGG
ULT-AGG
MF-AGG
EXCH
EXCH
MF-AGG
MF-AGG
ULT-AGG
Co File
ULT-AGG
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
EXCH
Recommendation
underperform
buy
hold
neutral
underperform
suspended coverage
neutral/attractive
outperform
buy
outperform
buy
outperform
buy
negative
buy
buy
Amt Held
231'082'631
51'634'391
43'595'715
19'577'726
11'341'660
8'827'967
5'800'000
5'000'000
4'500'000
4'050'000
3'552'009
3'139'480
2'513'691
2'452'309
2'377'918
2'111'002
2'007'608
1'863'899
1'839'492
1'379'579
% Out
32.63
7.29
6.16
2.76
1.6
1.25
0.82
0.71
0.64
0.57
0.5
0.44
0.35
0.35
0.34
0.3
0.28
0.26
0.26
0.19
Weighting
Change
1
5
3
3
1
#N/A N/A
3
5
5
5
5
5
5
2
5
5
M
M
M
M
D
M
M
M
M
M
U
N
M
D
M
M
Latest Chg
7'132'268
(2'500)
(1'757'340)
(414'122)
50'000
253'920
447'365
53'649
(18'512)
(155'000)
3'180
75'000
-
Target Price
1
2
1
1
1
#N/A N/A
1
2
2
2
#N/A N/A
2
#N/A N/A
#N/A N/A
2
2
File Dt
17.09.2012
11.04.2013
17.04.2013
16.04.2013
30.11.2012
30.03.2011
05.02.2013
28.02.2013
31.12.2012
31.01.2013
30.08.2012
28.02.2013
31.12.2012
31.03.2013
30.09.2012
31.12.2012
31.07.2012
28.02.2013
18.10.2011
18.10.2011
Date
Not Provided
12 month
12 month
9 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
n/a
Investment Advisor
Mutual Fund Manager
Investment Advisor
Other
Investment Advisor
Hedge Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
n/a
n/a
Date
18.04.2013
16.04.2013
16.04.2013
15.04.2013
15.04.2013
12.04.2013
10.04.2013
25.03.2013
18.03.2013
06.03.2013
20.02.2013
27.11.2012
01.11.2012
26.10.2012
06.03.2012
02.02.2012
19.04.2013
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 (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EXK US EQUITY YTD Change
EXK US EQUITY YTD % CHANGE
12/2012
12/yy
10.73
4.31
465'709.00
4.44
-57.41%
3.02%
1.25%
99.7
442.61
9.00
0.0
0.0
27.14
424.48
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
0
a-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
m-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%
11.59%
15.60%
15.47%
0.57%
41.6%
43.2%
28.8%
20.2%
2.07
1.00
1.88%
2.65%
14.91
3.24
12/yy
128.0
21.01x
64.8
11.43x
18.8
0.00x
j-12
j-12
a-12
s-12
LTM
12/yy
208.1
14.48x
89.8
8.53x
42.1
0.00x
o-12
n-12
d-12
j-13
f-13 m-13
FY+1
.0 M
a-13
1.22
97.98
1.35
-48.85%
-43.73%
1.219
8
4.750
2'151'200
1'556'899
1'404'861
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
262.5
330.0
101.6
159.8
4.33x
2.75x
50.9
91.8
9.06x
6.79x
22.20x
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
-0.20
0.10
2.6%
2.6%
0.57
0.96
24.55
112.96
62.45
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
19.04.2013
Endeavour Silver Corp

Holdings By:
All
Holder Name
BLACKROCK
NEUBERGER BERMAN LLC
COOKE BRADFORD JAMES
GLOBAL X MANAGEMENT
AGF INVESTMENTS INC
CANADA PENSION PLAN
LB SWISS INVESTMENT
DEUTSCHE BANK AG
BROOKFIELD ASSET MGM
CONNOR CLARK & LUNN
NORGES BANK
VANGUARD GROUP INC
SPROTT INC
Firm Name
EVA Dimensions
BMO Capital Markets
Raymond James
CIBC World Markets
Salman Partners
GMP
Portfolio Name
n/a
n/a
NEUBERGER BERMAN GRO
n/a
GLOBAL X MANAGEMENT
AGF INVESTMENTS INC
CANADA PENSION PLAN
Multiple Portfolios
BROOKFIELD ASSET MAN
CONNOR CLARK & LUNN
Multiple Portfolios
NORGES BANK
Multiple Portfolios
SPROTT INC
Analyst
BENJAMIN ASUNCION
CRAIG STERLING
ANDREW KAIP
CHRIS THOMPSON
LEON ESTERHUIZEN
ASH GUGLANI
CHELSEA HAMILTON
HEIKO IHLE
Source
ULT-AGG
ULT-AGG
13F
13F
13F
13F
SEDI
13F
13F
13F
13F
MF-AGG
13F
13F
13F
13F
MF-AGG
13F
MF-AGG
13F
Recommendation
buy
overweight
market perform
outperform
sector outperform
buy
buy
buy
Amt Held
6'953'989
4'503'915
3'759'799
2'894'100
1'407'600
1'373'500
1'285'337
1'159'615
1'126'937
1'042'960
994'050
900'000
830'979
811'200
761'586
756'563
579'250
547'823
499'972
496'220
% Out
6.98
4.52
3.77
2.9
1.41
1.38
1.29
1.16
1.13
1.05
1
0.9
0.83
0.81
0.76
0.76
0.58
0.55
0.5
0.5
Weighting
Change
5
5
3
5
5
5
5
5
M
U
M
M
N
M
M
M
Latest Chg
72'847
(646'415)
(53'515)
2'894'100
(87'000)
1'373'500
10'000
115'522
402'700
200'400
(20'350)
400'000
(576'400)
761'586
(981'867)
4'210
51'503
(600)
Target Price
8
#N/A N/A
6
10
9
10
10
9
File Dt
17.04.2013
28.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
12.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.09.2012
31.12.2012
31.03.2013
31.12.2012
Date
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Hedge Fund Manager
Date
16.04.2013
16.04.2013
15.04.2013
11.04.2013
11.04.2013
08.04.2013
08.04.2013
08.04.2013
19.04.2013
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 (01.05.2012)
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
7.10
2.55
266'319.00
2.585
-62.68%
1.37%
0.66%
170.8
441.47
0.00
0.0
77.0
154.51
387.15
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
a-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
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
LTM
12/yy
192.8
19.96x
102.5
8.01x
30.6
0.00x
FY+1
.0 M
a-13
0.99
164.96
5.25
-60.41%
-49.20%
0.994
4
4.500
1'768'250
1'683'471
1'506'101
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
202.7
269.3
2.26x
93.2
141.0
4.24x
2.81x
29.5
53.8
11.94x
7.62x
6.64x
5.34x
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
m-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
19.04.2013
Silvercorp Metals Inc

Holdings By:
All
Holder Name
FENG RUI
AXA
GLOBAL X MANAGEMENT
BLACKROCK
CANADA PENSION PLAN
TD ASSET MANAGEMENT
NORGES BANK
VANGUARD GROUP INC
GAO JIANGUO
UBS
GOLDMAN SACHS GROUP
Firm Name
Salman Partners
BMO Capital Markets
Raymond James
EVA Dimensions
Knight
Portfolio Name
n/a
n/a
n/a
GLOBAL X MANAGEMENT
n/a
CANADA PENSION PLAN
TD ASSET MANAGEMENT
Multiple Portfolios
NORGES BANK
Multiple Portfolios
Multiple Portfolios
n/a
n/a
GOLDMAN SACHS GROUP
Analyst
ASH GUGLANI
ANDREW KAIP
BRAD HUMPHREY
CRAIG STERLING
TEAM COVERAGE
Source
ULT-AGG
13F
13F
SEDI
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
MF-AGG
13F
MF-AGG
MF-AGG
SEDI
13F
ULT-AGG
13F
Recommendation
buy
market perform
outperform
overweight
strong buy
Amt Held
17'488'211
5'810'050
4'205'000
4'169'500
2'259'386
2'210'787
1'697'900
1'599'960
1'485'887
1'393'690
1'333'300
1'105'313
1'083'600
976'053
916'580
888'000
803'713
781'858
702'319
694'729
% Out
10.24
3.4
2.46
2.44
1.32
1.29
0.99
0.94
0.87
0.82
0.78
0.65
0.63
0.57
0.54
0.52
0.47
0.46
0.41
0.41
Weighting
Change
5
3
5
5
5
M
M
M
U
M
Latest Chg
438'002
(91'200)
237'300
30'000
211'112
28'800
(14'567)
(240'000)
25'000
141'100
(301'811)
43'100
2'990
(30'382)
(634'288)
46'447
Target Price
7
5
8
#N/A N/A
13
File Dt
Inst Type
17.04.2013
Investment Advisor
31.12.2012
Investment Advisor
22.01.2013
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
16.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
16.09.2011
n/a
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
Date
12 month
Not Provided
12 month
Not Provided
12 month
Date
17.04.2013
15.04.2013
11.04.2013
09.04.2013
20.09.2011
19.04.2013
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
11'367'471.00
0.625
-44.93%
20.19%
23.58%
769.7
481.05
132.84
0.0
0.0
5.38
608.51
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
a-12
m-12
j-12
j-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
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
a-13
f-13 m-13
FY+1
-
0.00
1.30
651.18
18.33
-6.72%
-36.22%
1.299
13
4.615
10'433'380
7'666'057
6'719'190
FY+2
12/13 Y
12/14 Y
338.0
337.7
1.33x
0.89x
182.9
190.6
3.33x
3.19x
142.3
146.1
3.72x
3.49x
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
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 (15.05.2012)
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
19.04.2013
Beadell Resources Ltd

Holdings By:
All
Holder Name
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
SUNSUPER FUND
MICROCAP INVESTMENT
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
n/a
n/a
Firm Name
Analyst
Macquarie
Ord Minnett
GMP
Shaw Stockbroking
Hartleys
Octa Phillip Securities Ltd
Casimir Capital
EVA Dimensions
Blackswan Equities Ltd
RBS Morgans
Bell Potter
MITCH RYAN
DAVID BRENNAN
LEVI SPRY
VINCENT PISANI
TRENT BARNETT
ANDREW SHEARER
ERIC ALLISON
CRAIG STERLING
RHYS BRADLEY
JAMES WILSON
CATHY MOISES
CHRIS WHITEHEAD
Source
EXCH
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
EXCH
EXCH
Recommendation
outperform
buy
buy
buy
buy
buy
overweight
sell
buy
outperform
Positive
buy
Amt Held
61'241'638
57'959'639
37'132'343
23'660'753
21'043'333
19'652'465
17'139'937
12'800'000
12'331'993
12'137'228
9'968'618
9'100'001
8'586'457
8'351'651
7'556'401
7'254'650
6'150'001
5'975'000
4'733'422
4'575'753
% Out
7.96
7.53
4.82
3.07
2.73
2.55
2.23
1.66
1.6
1.58
1.3
1.18
1.12
1.09
0.98
0.94
0.8
0.78
0.61
0.59
Weighting
Change
5
5
5
5
5
5
5
1
5
5
4
5
M
M
M
M
M
M
M
M
N
N
N
M
Latest Chg
12'464'715
(21'000'000)
(4'000'000)
70'000
65'047
1'527'853
263'091
-
Target Price
1
1
1
1
1
1
2
#N/A N/A
1
1
#N/A N/A
1
File Dt
Inst Type
15.04.2013
Investment Advisor
17.04.2013
Investment Advisor
30.11.2012
n/a
31.01.2013
Investment Advisor
16.04.2013
Investment Advisor
31.03.2012
Unclassified
31.03.2012
Investment Advisor
05.12.2011
Other
28.02.2013
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
05.12.2011
Other
05.12.2011
Other
Date
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Date
17.04.2013
17.04.2013
28.03.2013
28.03.2013
19.03.2013
25.01.2013
16.01.2013
15.01.2013
21.12.2012
27.11.2012
24.10.2012
05.03.2012
19.04.2013
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
12/yy
20.34
9.70
151'587.00
9.7
-50.63%
0.00%
1.91%
45.6
441.90
0.00
0.0
0.0
52.04
401.46
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
2.0 M
1.5 M
1.0 M
.5 M
0
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
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
-
12/yy
0.0
#DIV/0!
(19.8)
0.00x
(20.1)
0.00x
LTM
12/yy
0.0
#DIV/0!
(8.7)
0.00x
(12.5)
0.00x
0.96
41.57
3.84
-48.76%
-46.02%
0.960
3
4.333
692'431
438'867
369'533
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1
06/13 Q2
(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
.0 M
a-13
-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
19.04.2013
Seabridge Gold Inc

Holdings By:
All
Holder Name
PAN ATLANTIC BANK
FRONK RUDI P
BLACKROCK
ANTHONY JAMES S
FMR LLC
FCMI FINANCIAL CORP
FNDTN FOR STUDY OBJ
FOX LOUIS J
THRELKELD WILLIAM E
BANFIELD A FREDERICK
NORGES BANK
DEUTSCHE BANK AG
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
ULT-AGG
PROXY
ULT-AGG
PROXY
13F
13F
MF-AGG
SEDI
13F
SEDI
SEDI
PROXY
13F
13F
MF-AGG
Recommendation
buy
sector perform
buy
Amt Held
11'905'084
8'001'232
6'126'883
2'022'491
1'180'000
802'453
779'791
601'905
555'000
478'467
457'897
450'000
425'334
309'570
300'750
265'000
245'000
235'224
198'997
185'194
% Out
26.13
17.56
13.45
4.44
2.59
1.76
1.71
1.32
1.22
1.05
1.01
0.99
0.93
0.68
0.66
0.58
0.54
0.52
0.44
0.41
Weighting
Change
5
3
5
Latest Chg
3'512'313
253'000
2'022'491
10'000
(20'896)
(203'241)
129'117
(13'300)
(10'000)
(71'639)
2'534
6'435
Target Price
M
M
M
65
22
24
File Dt
Inst Type
17.04.2013
Investment Advisor
10.05.2012
Bank
31.12.2012
Investment Advisor
16.11.2012
n/a
16.04.2013
Investment Advisor
15.05.2012
n/a
28.02.2013
Investment Advisor
10.05.2012
Corporation
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
06.02.2012
Other
31.12.2012
Investment Advisor
06.12.2011
n/a
30.08.2011
n/a
15.05.2012
n/a
31.12.2012
Government
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
Date
09.04.2013
08.03.2013
16.05.2012
19.04.2013
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 (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RMX CN EQUITY YTD Change
RMX CN EQUITY YTD % CHANGE
12/2012
12/yy
3.80
1.48
100'500.00
1.58
-60.26%
6.76%
2.16%
288.5
455.78
0.44
0.0
0.0
171.99
284.23
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
5.0 M
1
0
a-12
31.12.2009
31.12.2010
0.0
0.0
(4.6)
(25.4)
(0.6)
(25.5)
Profitability
m-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
-2.73%
-2.85%
0.00%
10.32
10.29
0.09%
0.10%
0.00
-
12/yy
0.0
#DIV/0!
(21.6)
0.00x
(21.4)
0.00x
j-12
j-12
a-12
s-12
LTM
12/yy
0.0
#DIV/0!
(11.6)
0.00x
(10.4)
0.00x
o-12
n-12
d-12
j-13
.0 M
a-13
f-13 m-13
0.00
1.21
274.32
2.66
-45.52%
-38.04%
1.215
4
4.250
1'266'455
869'096
915'269
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1
06/13 Q2
7.85x
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
-0.04
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
19.04.2013
Rubicon Minerals Corp

Holdings By:
All
Holder Name
AGNICO-EAGLE MINES L
GREYWOLF CAPITAL MAN
SUN VALLEY GOLD LLC
TD ASSET MANAGEMENT
FMR LLC
INVESCO LTD
BLACKROCK
CANADA PENSION PLAN
BRIDGER MANAGEMENT L
CAPITAL TACTICS ADVI
NORGES BANK
ADAMSON DAVID W
VANGUARD GROUP INC
LOEWS CORPORATION
D E SHAW & COMPANY I
SHARE SICAV
Firm Name
BMO Capital Markets
GMP
TD Securities
Portfolio Name
n/a
GREYWOLF CAPITAL MAN
SUN VALLEY GOLD LLC
TD ASSET MANAGEMENT
n/a
INVESCO LTD
n/a
CANADA PENSION PLAN
BRIDGER MANAGEMENT L
CAPITAL TACTICS ADVI
NORGES BANK
n/a
n/a
Multiple Portfolios
LOEWS CORPORATION
D E SHAW & CO
Multiple Portfolios
Analyst
ANDREW KAIP
GEORGE V ALBINO
DANIEL EARLE
BARRY D ALLAN
Source
13F
13F
13D
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
SEDI
MF-AGG
13F
13F
MF-AGG
Recommendation
market perform
buy
speculative buy
buy
Amt Held
22'735'867
13'783'100
10'671'827
9'125'000
7'263'300
4'838'017
3'656'352
3'230'895
2'695'400
2'514'619
2'412'466
2'170'000
2'028'610
1'560'601
1'537'646
1'535'189
1'503'175
1'401'817
1'392'537
1'244'300
% Out
7.88
4.78
3.7
3.16
2.52
1.68
1.27
1.12
0.93
0.87
0.84
0.75
0.7
0.54
0.53
0.53
0.52
0.49
0.48
0.43
Weighting
Change
3
5
4
5
Latest Chg
12'173'845
423'700
(11'000'000)
4'155'700
639'100
705'000
138'068
(15'257)
122'900
627'918
(247'212)
(3'356'720)
107'000
41'600
(127'000)
22'000
Target Price
M
M
M
M
File Dt
31.12.2012
31.12.2012
01.06.2012
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
16.04.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
04.02.2013
31.03.2013
31.12.2012
31.12.2012
31.12.2012
Date
3
8
6
6
Not Provided
12 month
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Corporation
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Government
Bank
n/a
Investment Advisor
Corporation
Hedge Fund Manager
Investment Advisor
Date
15.04.2013
18.03.2013
12.02.2013
29.01.2013
19.04.2013
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 (16.04.2013)
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
0.85
4'340'952.00
0.92
-55.77%
8.88%
9.31%
643.1
591.65
11.02
0.0
(33.3)
48.78
530.52
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
0
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
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
a-13
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
5.43
1.26
314.96
2.13
-43.80%
-43.90%
1.256
13
3.769
4'004'289
3'111'626
4'341'912
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
12/11 Q2 03/12 Q3
661.4
629.6
0.68x
0.68x
280.1
259.8
1.89x
2.04x
146.6
133.0
3.97x
4.42x
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
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
19.04.2013
Resolute Mining Ltd

Holdings By:
All
Holder Name
ICM LTD
UTILICO INVESTMENTS
VANGUARD GROUP INC
VINVA INVESTMENT MGM
CF RUFFER BAKER STEE
RUFFER LLP
PERMANENT INVESTMENT
GENUS DYNAMIC GOLD F
JP MORGAN
BAKER STEEL CAPITAL
ECLECTIC INVEST TRUS
SULLIVAN PETER ROSS
FMR LLC
SCHRODER INVESTMENT
GRANTHAM MAYO VAN OT
Firm Name
Morgan Stanley
BMO Capital Markets
Bell Potter
Veritas Securities
GMP
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
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
BRENDAN FITZPATRICK
DAVID HAUGHTON
REG SPENCER
STEPHEN THOMAS
MATTHEW BAILLIE
LEVI SPRY
PATRICK CHANG
CRAIG STERLING
ROB BROKE
GAVIN VAN DER WATH
CHRIS TERRY
Source
EXCH
EXCH
EXCH
EXCH
EXCH
ULT-AGG
EXCH
EXCH
MF-AGG
EXCH
MF-AGG
EXCH
ULT-AGG
EXCH
EXCH
MF-AGG
EXCH
ULT-AGG
MF-AGG
MF-AGG
Recommendation
Equalwt/Attractive
market perform
hold
buy
buy
hold
buy
buy
add
speculative buy
not rated
Amt Held
192'072'476
126'929'227
64'000'000
57'000'000
39'392'367
33'691'540
32'497'591
19'097'479
12'576'000
5'010'643
4'891'038
4'811'000
4'776'489
4'300'000
3'500'000
3'455'670
3'007'448
2'988'261
2'121'716
1'485'807
% Out
29.87
19.74
9.95
8.86
6.13
5.24
5.05
2.97
1.96
0.78
0.76
0.75
0.74
0.67
0.54
0.54
0.47
0.46
0.33
0.23
Weighting
Change
3
3
3
5
5
3
5
5
4
4
#N/A N/A
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(5'037'500)
1'500'000
(5'700'000)
5'034'971
(9'442'393)
(3'846'391)
(1'065'000)
(4'989'357)
(77'000)
1'500'000
807'280
(500'000)
(300'000)
2'121'716
108'451
Target Price
1
2
2
2
2
2
2
#N/A N/A
2
2
#N/A N/A
File Dt
Inst Type
20.11.2012
Other
12.07.2012
Investment Advisor
08.02.2013
Investment Advisor
05.10.2012
Investment Advisor
10.05.2012
Investment Advisor
17.04.2013
Investment Advisor
31.01.2013
Investment Advisor
04.04.2012
n/a
12.07.2012
Other
31.07.2012
Investment Advisor
23.02.2012
n/a
28.02.2013
Investment Advisor
04.04.2012
Investment Advisor
12.07.2012
Investment Advisor
02.01.2013
n/a
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.05.2012
Investment Advisor
Date
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Date
16.04.2013
15.04.2013
25.03.2013
25.02.2013
25.01.2013
23.01.2013
23.01.2013
17.01.2013
08.11.2012
31.07.2012
22.02.2012
19.04.2013
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 (26.04.2012)
52-Week Low (18.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
KCN AU EQUITY YTD Change
KCN AU EQUITY YTD % CHANGE
06/2012
01/yy
6.42
2.40
2'120'222.00
2.4
-62.62%
0.00%
0.80%
152.2
365.26
157.54
0.0
0.0
90.62
496.93
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
a-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
j-12
LTM-4Q
LTM
01/yy
01/yy
-
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
FY+1
-
.0 M
a-13
6.25
1.26
146.95
12.59
-60.07%
-44.72%
1.265
12
2.750
1'418'762
1'062'232
1'110'599
FY+2
06/13 Y
06/14 Y
352.8
418.2
1.38x
1.28x
131.2
178.8
3.79x
2.78x
47.8
76.7
7.14x
5.33x
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
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
m-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
19.04.2013
Kingsgate Consolidated Ltd

Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
RUFFER LLP
SMYTH-KIRK ROSS DONA
THOMAS GAVIN
PRUDENTIAL FINANCIAL
ARINYA INVESTMENTS P
VANGUARD GROUP INC
ERSTE SPARINVEST KAG
FRANKLIN RESOURCES
SCHRODER INVESTMENT
PACIFIC INCOME ADVIS
HSBC TRINKAUS INVEST
MACINTYRE PHILIP
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Firm Name
Analyst
BMO Capital Markets

BBY Limited
Goldman Sachs
E.L. & C. Baillieu
Macquarie
RBC Capital Markets
EVA Dimensions
Veritas Securities
Deutsche Bank
Bell Potter
DAVID HAUGHTON
KURT WORDEN
PAUL HISSEY
SOPHIE SPARTALIS
MITCH RYAN
STEUART MCINTYRE
CRAIG STERLING
MATTHEW BAILLIE
CATHY MOISES
CHRIS TERRY
PETER CHAPMAN
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
EXCH
ULT-AGG
EXCH
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
Recommendation
market perform
strong buy
sell/attractive
hold
neutral
sector perform
hold
buy
negative
not rated
Under Review
Amt Held
13'901'854
11'529'822
10'654'665
8'578'820
5'500'000
4'693'651
4'118'481
3'706'582
1'065'821
979'875
946'403
922'692
879'689
698'198
540'000
360'716
349'189
281'011
225'000
200'000
% Out
9.13
7.58
7
5.64
3.61
3.08
2.71
2.44
0.7
0.64
0.62
0.61
0.58
0.46
0.35
0.24
0.23
0.18
0.15
0.13
Weighting
Change
3
5
1
3
3
3
3
5
2
#N/A N/A
#N/A N/A
M
M
M
M
M
M
D
M
D
M
M
Latest Chg
8'382
2'130'110
(369'358)
310'561
16'822
11'731
10'853
(1'154'049)
312'360
-
Target Price
5
4
2
4
5
4
#N/A N/A
6
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
16.04.2013
12.03.2013
17.04.2013
31.12.2012
30.11.2012
30.11.2012
30.09.2012
03.04.2013
30.09.2012
31.07.2012
23.11.2012
28.02.2013
03.04.2013
31.03.2013
30.11.2012
31.01.2013
31.12.2012
28.03.2013
31.07.2012
30.08.2012
Date
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
n/a
Mutual Fund Manager
Investment Advisor
n/a
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
n/a
Date
15.04.2013
15.04.2013
10.04.2013
15.03.2013
06.03.2013
04.03.2013
04.03.2013
31.01.2013
02.11.2012
22.02.2012
02.11.2011
19.04.2013
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 (18.04.2013)
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
0.71
4'861'278.00
0.715
-70.21%
0.70%
0.92%
488.1
348.97
4.26
0.0
0.0
185.40
499.72
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5.0 M
0
a-12 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
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
1.19
486.39
6.22
-65.46%
-50.52%
1.185
14
4.357
3'300'863
3'017'180
2'951'586
FY+2
06/13 Y
06/14 Y
551.2
648.9
0.72x
0.42x
176.8
254.7
2.83x
1.96x
52.2
100.6
5.26x
3.26x
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
19.04.2013
St Barbara Ltd
Holdings By:
All
Holder Name
FRANKLIN RESOURCES
VANGUARD GROUP INC
PARADICE INVESTMENT
UBS
BLACKROCK
STATE STREET
RUFFER LLP
LSV ASSET MANAGEMENT
FMR LLC
COMMONWEALTH BANK OF
HUNTER HALL INVESTME
JP MORGAN
JCP INVESTMENT PARTN
CENTAURUS CAPITAL LT
NATIONAL AUSTRALIA B
Firm Name
Goldman Sachs
Ord Minnett
Deutsche Bank
RBC Capital Markets
Nomura
Macquarie
E.L. & C. Baillieu
Bell Potter
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
Multiple Portfolios
n/a
n/a
n/a
n/a
Analyst
IAN PRESTON
DAVID BRENNAN
CHRIS TERRY
LUKE SMITH
STEUART MCINTYRE
DAVID RADCLYFFE
MITCH RYAN
SOPHIE SPARTALIS
STEPHEN THOMAS
CRAIG STERLING
CATHY MOISES
TROY IRVIN
Source
EXCH
ULT-AGG
EXCH
ULT-AGG
EXCH
ULT-AGG
EXCH
RNS-RUL8
ULT-AGG
ULT-AGG
MF-AGG
RNS-RUL8
ULT-AGG
RNS-RUL8
RNS-RUL8
MF-AGG
ULT-AGG
RNS-RUL8
Short
ULT-AGG
Recommendation
neutral/attractive
buy
buy
buy
outperform
neutral
outperform
buy
buy
buy
Positive
buy
Amt Held
% Out
93'372'398 19.13
71'596'827 14.67
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
13'247'660
2.71
13'139'510
2.69
12'749'179
2.61
12'528'000
2.57
11'363'061
2.33
11'078'053
2.27
8'897'062
1.82
7'754'662
1.59
6'400'000
1.31
6'200'627
1.27
6'032'951
1.24
(5'746'460) -1.18
5'603'376
1.15
Weighting
Change
3
5
5
5
5
3
5
5
5
5
4
5
D
M
M
M
M
M
M
M
M
M
U
U
Latest Chg
90'001
9'536'881
12'768'675
512'340
(1'270'413)
22'932
397'199
79'914
852'000
684'600
(156'807)
(8'245'338)
925'000
(2'413'751)
(326'553)
(506'570)
6'496
Target Price
1
2
2
2
2
1
2
2
2
#N/A N/A
#N/A N/A
3
File Dt
Inst Type
14.02.2013
Investment Advisor
31.01.2013
Investment Advisor
29.01.2013
Investment Advisor
17.04.2013
Investment Advisor
13.09.2012
Investment Advisor
06.09.2012
Unclassified
03.11.2011
Investment Advisor
07.09.2012
Investment Advisor
16.04.2013
Investment Advisor
06.09.2012
Investment Advisor
23.07.2012
Investment Advisor
28.02.2013
Investment Advisor
31.08.2012
Bank
12.07.2012
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
09.08.2012
Investment Advisor
06.09.2012
Investment Advisor
10.09.2012
Bank
Date
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
18.04.2013
17.04.2013
16.04.2013
15.04.2013
14.03.2013
08.03.2013
06.03.2013
27.02.2013
21.02.2013
17.01.2013
19.07.2012
18.06.2012
19.04.2013
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
12/yy
10.03
3.86
110'139.00
4
-61.02%
3.63%
0.32%
126.3
505.04
0.00
0.0
0.0
83.89
389.21
2.0 M
2
1.0 M
0
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
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 (17.04.2013)
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
12/yy
0.0
#DIV/0!
(8.8)
0.00x
18.2
38.93x
(7.9)
-11.77
-12.17
-4.13%
-4.55%
0.00%
8.87
8.87
0.00%
0.00%
0.00
-
LTM
12/yy
0.0
#DIV/0!
(7.8)
0.00x
(7.9)
0.00x
0.00
1.11
103.22
0.23
-45.73%
-54.80%
1.111
7
4.000
1'087'771
795'388
576'981
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1
06/13 Q2
(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
.0 M
a-13
-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
19.04.2013
Continental Gold Ltd

Holdings By:
All
Holder Name
GCIC LTD/CANADA
BULLET HOLDING CORP
COASTAL FINANCING CO
REINDEER CAPITAL LTD
FMR LLC
SPROTT INC
CARMIGNAC GESTION
EXPERT FUNDING CORP
HARTFORD INVESTMENT
FRANKLIN RESOURCES
SUSSMAN ARI B
VANGUARD GROUP INC
PENTAGON PROPERTIES
QUANTEX AG
Firm Name
Raymond James
Stifel
Clarus Securities
GMP
TD Securities
RBC Capital Markets
Interbolsa SA
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
GARY J BASCHUK
CRAIG P STANLEY
JAMIE SPRATT
GEORGE V ALBINO
DANIEL EARLE
DAN ROLLINS
GABRIEL BAYONA
Source
Co File
Co File
ULT-AGG
SEDI
SEDI
ULT-AGG
SEDI
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
MF-AGG
MF-AGG
ULT-AGG
SEDI
MF-AGG
MF-AGG
SEDI
MF-AGG
Recommendation
outperform
hold
speculative buy
buy
speculative buy
sector perform
speculative buy
Amt Held
17'893'800
16'205'564
8'226'825
8'024'456
5'786'124
4'842'018
3'668'490
2'987'800
2'582'500
2'471'400
2'330'000
2'316'327
1'940'407
1'523'400
1'334'000
1'149'151
1'074'746
1'073'739
1'025'000
900'000
% Out
14.17
12.84
6.52
6.36
4.58
3.83
2.91
2.37
2.05
1.96
1.85
1.83
1.54
1.21
1.06
0.91
0.85
0.85
0.81
0.71
Weighting
Change
5
3
4
5
4
3
4
M
M
M
M
M
M
M
Latest Chg
116'400
1'985'981
(27'270)
(200'000)
(250'000)
112'300
(250'000)
350'000
485'700
(170'000)
(35'000)
357'487
1'523'400
254'000
10'606
660'800
58'800
500'000
90'000
Target Price
11
#N/A N/A
14
15
14
11
13
File Dt
Inst Type
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
17.04.2013
Investment Advisor
05.10.2012
Holding Company
21.12.2012
Other
28.02.2013
Bank
21.12.2012
Other
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
02.11.2012
Corporation
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
21.08.2012
n/a
31.03.2013
Investment Advisor
17.04.2013
Investment Advisor
23.04.2012
Other
29.03.2013
Investment Advisor
Date
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Date
12.04.2013
12.04.2013
12.04.2013
11.04.2013
12.02.2013
07.01.2013
01.10.2012
19.04.2013
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
7.0 M
6.0 M
5.0 M
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
EDV CN EQUITY YTD Change
EDV CN EQUITY YTD % CHANGE
12/2012
12/yy
2.56
0.89
214'423.00
0.93
-66.02%
4.49%
2.99%
412.5
383.62
201.83
0.0
75.0
113.67
546.74
4.0 M
3.0 M
2.0 M
1.0 M
0
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
Valuation Analysis
30.06.2008
109.2
57.1
3.99x
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)
-
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
346.1
2.81x
136.2
7.14x
(8.6)
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
12/yy
146.0
5.51x
42.7
13.22x
(26.5)
0.00x
LTM
12/yy
347.1
7.47x
136.6
7.12x
(8.3)
1993.13x
FY+1
.0 M
a-13
0.00
0.92
407.04
0.80
-58.48%
-55.07%
0.922
5
4.800
2'867'725
2'332'105
1'933'673
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
523.0
655.8
110.0
118.0
220.7
258.0
2.48x
2.12x
101.8
127.0
5.08x
4.17x
4.27x
3.56x
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
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
19.04.2013
Endeavour Mining Corp

Holdings By:
All
Holder Name
FMR LLC
RUFFER LLP
JP MORGAN
ASHDELL LTD
BLACKROCK
VANGUARD GROUP INC
WELLS FARGO
CONNELLY MARK
LB SWISS INVESTMENT
SPROTT INC
WOODYER NEIL
SMITH & WILLIAMSON H
LAING DAVID C
BOWLBY DOUGLAS J
Firm Name
CIBC World Markets
Raymond James
GMP
Goldman Sachs
BMO Capital Markets
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Analyst
NICHOLAS CAMPBELL
LEON ESTERHUIZEN
BRAD HUMPHREY
ANDREW MIKITCHOOK
EUGENE KING
ANDREW BREICHMANAS
Source
ULT-AGG
ULT-AGG
Co File
MF-AGG
MF-AGG
13G
ULT-AGG
PROXY
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
SEDI
MF-AGG
MF-AGG
SEDI
ULT-AGG
SEDI
SEDI
Recommendation
speculative buy
sector outperform
outperform
buy
Buy/Neutral
not rated
Amt Held
33'180'672
21'239'830
20'147'799
8'795'000
6'778'475
4'850'000
4'757'617
2'800'000
2'587'277
2'257'352
1'790'523
1'303'796
983'104
855'000
700'000
541'001
397'127
323'601
288'618
266'357
% Out
8.04
5.15
4.88
2.13
1.64
1.18
1.15
0.68
0.63
0.55
0.43
0.32
0.24
0.21
0.17
0.13
0.1
0.08
0.07
0.06
Weighting
Change
4
5
5
5
5
#N/A N/A
M
M
M
M
M
M
Latest Chg
(110'276)
465'000
1'919'355
(500'000)
(16'870)
1'074'288
(12'800)
185'160
(171'161)
221'827
66'548
37'287
Target Price
3
2
4
3
2
#N/A N/A
File Dt
Inst Type
17.04.2013
Investment Advisor
28.02.2013
Investment Advisor
31.10.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2011
Investment Advisor
31.12.2012
Investment Advisor
10.09.2012
Other
31.07.2012
Investment Advisor
16.04.2013
Investment Advisor
31.03.2013
Investment Advisor
17.04.2013
Investment Advisor
28.02.2013
Investment Advisor
12.12.2011
n/a
30.01.2013
n/a
28.02.2013
Investment Advisor
30.01.2013
n/a
30.01.2013
n/a
Date
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
17.04.2013
11.04.2013
01.04.2013
01.04.2013
15.03.2013
24.01.2013
19.04.2013
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
12/yy
5.85
2.67
208'938.00
2.75
-52.82%
3.00%
4.09%
125.3
344.52
273.67
4.0 M
3.0 M
2.0 M
1
1.0 M
0
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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

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
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
161.0
70.7
31.5
15.45x
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
12/yy
110.0
20.85x
48.8
13.01x
19.5
32.35x
LTM
12/yy
161.0
12.10x
70.7
6.51x
31.5
15.45x
FY+1
.0 M
a-13
0.00
1.42
124.51
2.87
-30.73%
-33.73%
1.419
9
4.000
708'880
469'866
449'370
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
194.8
217.5
83.8
102.5
3.27x
2.67x
41.6
49.5
8.90x
7.66x
8.51x
7.98x
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
19.04.2013
Fortuna Silver Mines Inc

Holdings By:
All
Holder Name
SPROTT INC
MASON HILL ADVISORS
BLACKROCK
AGF INVESTMENTS INC
TD ASSET MANAGEMENT
INTACT INVESTMENT MA
CQS CAYMAN LP
FEDERATED INVESTORS
QUANTEX AG
MACKENZIE FINANCIAL
VANGUARD GROUP INC
NORTHWEST MUTUAL FUN
CANADA PENSION PLAN
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
AGF INVESTMENTS INC
TD ASSET MANAGEMENT
INTACT INVESTEMENT M
Multiple Portfolios
CQS CAYMAN LP
n/a
FEDERATED INVESTORS
Multiple Portfolios
MACKENZIE FINANCIAL
Multiple Portfolios
Multiple Portfolios
CANADA PENSION PLAN
Multiple Portfolios
n/a
Analyst
ANDREW KAIP
CHRIS THOMPSON
HEIKO IHLE
BENJAMIN ASUNCION
CRAIG STERLING
LEON ESTERHUIZEN
NICHOLAS CAMPBELL
GRAEME JENNINGS
TREVOR TURNBULL
Source
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
MF-AGG
13F
ULT-AGG
13F
MF-AGG
13F
MF-AGG
MF-AGG
13F
MF-AGG
SEDI
Recommendation
market perform
market perform
buy
buy
buy
sector outperform
speculative buy
market perform
sector perform
Amt Held
10'524'500
8'727'458
7'932'400
2'507'190
2'007'068
1'409'300
1'397'800
1'287'400
1'174'200
1'137'189
850'000
683'198
600'000
600'000
573'400
571'980
505'241
498'091
462'200
425'000
% Out
8.4
6.97
6.33
2
1.6
1.12
1.12
1.03
0.94
0.91
0.68
0.55
0.48
0.48
0.46
0.46
0.4
0.4
0.37
0.34
Weighting
Change
3
3
5
5
5
5
4
3
3
M
M
M
M
U
N
M
D
M
Latest Chg
465'900
(149'240)
(543'900)
(162'200)
204'101
(10'100)
206'300
(470'000)
(294'511)
260'000
429'500
4'700
56'738
33'300
225'000
Target Price
5
5
4
6
#N/A N/A
6
6
6
4
File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
16.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Bank
31.12.2012
Investment Advisor
29.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
29.11.2011
n/a
Date
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Date
17.04.2013
17.04.2013
17.04.2013
16.04.2013
16.04.2013
11.04.2013
11.04.2013
22.03.2013
21.03.2013
19.04.2013
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
12/yy
7.89
2.43
41'924.00
5.15
-35.74%
111.93%
49.27%
97.2
500.61
40.00
0.0
0.0
139.24
388.56
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
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
0.0
(0.6)
(0.7)
-
31.12.2009
31.12.2010
0.0
60.3
8.68x
(0.6)
12.8
40.81x
(0.7)
(31.5)
Profitability
LTM-4Q
31.12.2011
156.5
1.80x
72.8
3.86x
49.6
5.92x
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
182.9
2.88x
77.4
6.79x
49.6
11.91x
77.44
49.39
27.00%
24.42%
7.74%
9.35%
0.29%
58.7%
42.3%
27.0%
27.1%
3.07
2.66
5.97%
7.00%
39.27
7.36
Price/ Cash Flow
12/yy
156.5
8.77x
72.8
3.86x
49.6
5.51x
LTM
12/yy
182.9
7.32x
77.4
6.79x
49.6
12.37x
FY+1
.0 M
a-13
0.00
1.40
64.80
5.46
101.17%
-19.53%
1.403
10
4.600
422'508
406'101
405'000
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
217.8
280.5
48.8
64.4
1.80x
1.46x
8.05x
6.01x
112.0
169.0
23.6
39.2
3.47x
2.30x
3.28x
3.13x
52.6
91.4
11.1
22.4
11.46x
6.99x
11.86x
10.20x
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
-1.28
0.52
7.0%
6.5%
0.29
0.37
9.32
49.71
145.84
-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
19.04.2013
Primero Mining Corp

Holdings By:
All
Holder Name
GOLDCORP INC
FRANKLIN RESOURCES
BLACKROCK
CONNOR CLARK & LUNN
FMR LLC
O'SHAUGHNESSY ASSET
SPROTT INC
FALCON FUND MANAGEME
SUN VALLEY GOLD LLC
SPARK INVESTMENT MAN
MD MANAGEMENT LTD
CONWAY JOSEPH F
Firm Name
BMO Capital Markets
EVA Dimensions
TD Securities
RBC Capital Markets
Scotia Capital
GMP
Macquarie
Cantor Fitzgerald
Portfolio Name
n/a
n/a
n/a
CONNOR CLARK & LUNN
n/a
n/a
n/a
O'SHAUGHNESSY ASSET
SPROTT INC
Multiple Portfolios
SUN VALLEY GOLD LLC
Multiple Portfolios
n/a
Analyst
BRIAN QUAST
STEVEN BUTLER
CRAIG STERLING
STEVEN J GREEN
BARRY D ALLAN
DAN ROLLINS
OVAIS HABIB
CHELSEA HAMILTON
MICHAEL GRAY
ROB CHANG
RICHARD GRAY
Source
SEDI
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
MF-AGG
13F
13F
13F
13F
13F
MF-AGG
SEDI
13F
Recommendation
outperform
buy
hold
restricted
buy
sector perform
sector outperform
buy
outperform
buy
buy
Amt Held
31'151'200
7'477'990
6'971'800
6'354'485
5'468'375
5'302'349
4'418'229
2'139'700
1'787'295
1'707'777
1'580'000
1'116'000
1'076'900
1'028'500
1'024'100
673'900
582'800
576'500
563'300
488'600
% Out
32.05
7.69
7.17
6.54
5.63
5.45
4.55
2.2
1.84
1.76
1.63
1.15
1.11
1.06
1.05
0.69
0.6
0.59
0.58
0.5
Weighting
Change
5
5
3
#N/A N/A
5
3
5
5
5
5
5
M
M
U
M
M
M
M
M
M
M
M
Latest Chg
(8'422'460)
1'162'990
55'600
166
(1'803'625)
(17'586)
2'393'237
1'635'400
1'270'148
(1'155'890)
1'580'000
(1'418'700)
1'028'500
(323'500)
241'500
70'000
(22'900)
50'000
488'600
Target Price
9
11
#N/A N/A
#N/A N/A
10
8
9
10
8
9
10
File Dt
12.10.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
17.04.2013
31.01.2013
28.02.2013
31.12.2012
31.03.2013
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.02.2013
04.07.2012
31.12.2012
Date
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Inst Type
Corporation
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Date
15.04.2013
15.04.2013
15.04.2013
04.04.2013
27.03.2013
26.03.2013
26.03.2013
26.03.2013
07.03.2013
22.02.2013
22.02.2013
19.04.2013
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 (17.04.2013)
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
6.57
22'669.00
7
-49.10%
6.54%
2.96%
60.1
420.91
0.00
0.0
0.0
41.05
379.86
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
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
.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
48.03
0.15
-25.37%
-31.17%
1.680
4
4.500
239'568
211'763
179'052
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1
06/13 Q2
(6.8)
(6.6)
(7.0)
(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 M
a-13
(1.5)
(1.5)
-
(1.5)
(1.5)
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
19.04.2013
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
WELLS FARGO
CARLSON ERIC H
RAFFLES ASSOCIATES L
TD ASSET MANAGEMENT
MACINNIS DANIEL T
Firm Name
BMO Capital Markets
Raymond James
Macquarie
Portfolio Name
n/a
MASON HILL ADVISORS
n/a
n/a
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
TD ASSET MANAGEMENT
n/a
Analyst
JOHN P HAYES
DAVID SADOWSKI
NICHOLAS CAMPBELL
MICHAEL GRAY
Source
PROXY
13F
ULT-AGG
13G
13F
ULT-AGG
13F
13F
ULT-AGG
13F
Co File
13F
13F
13F
MF-AGG
ULT-AGG
SEDI
13F
13F
SEDI
Recommendation
outperform
speculative buy
outperform
Amt Held
9'746'193
5'227'561
3'915'289
2'951'054
2'523'750
2'198'500
1'372'900
1'116'298
993'763
986'206
946'300
799'080
760'000
520'582
432'000
402'144
379'200
372'900
320'000
301'300
% Out
16.21
8.69
6.51
4.91
4.2
3.66
2.28
1.86
1.65
1.64
1.57
1.33
1.26
0.87
0.72
0.67
0.63
0.62
0.53
0.5
Weighting
Change
4
5
4
5
M
M
M
M
Latest Chg
(227'749)
(12'996)
696'050
33'000
1'372'900
52'900
(408'125)
264'085
10'000
68'991
50'000
-
Target Price
#N/A N/A
16
15
16
File Dt
07.09.2012
31.12.2012
17.04.2013
31.01.2013
31.12.2012
31.01.2013
31.12.2012
31.12.2012
16.04.2013
31.12.2012
31.12.2010
31.12.2012
31.12.2012
31.12.2012
28.02.2013
28.02.2013
03.08.2012
31.12.2012
31.12.2012
03.08.2012
Date
Not Provided
12 month
12 month
12 month
Inst Type
Unclassified
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Corporation
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
n/a
Hedge Fund Manager
Investment Advisor
n/a
Date
15.04.2013
11.04.2013
11.04.2013
07.03.2013
19.04.2013
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
12/yy
4.72
1.67
925'736.00
1.715
-62.58%
2.69%
1.00%
215.3
498.02
0.00
0.0
0.0
70.92
427.10
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
1.00
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
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
0.0
(19.7)
(131.1)
-
5
5
4
4
3
3
2
2
1
1
0
a-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%
-9.12%
-12.02%
0.04%
10.5%
-266.8%
-270.6%
-1117.2%
3.65
2.82
0.00%
0.00%
-
12/yy
0.0
#DIV/0!
(59.6)
0.00x
(61.9)
0.00x
LTM
12/yy
26.8
156.88x
(71.5)
0.00x
(66.7)
0.00x
FY+1
.0 M
a-13
0.00
1.48
183.28
28.45
-47.17%
-55.22%
1.478
4
4.000
4'926'177
3'387'802
2'918'148
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
150.0
217.0
32.6
34.8
71.0
138.0
6.16x
3.17x
70.9
114.0
14.7
16.1
16.29x
7.60x
7.43x
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
0.00
0.0%
0.0%
0.04
0.05
-
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
19.04.2013
McEwen Mining Inc

Holdings By:
All
Holder Name
MCEWEN ROBERT R
STATE STREET
BLACKROCK
VANGUARD GROUP INC
JENNISON ASSOCIATES
SPROTT INC
STALEY CAPITAL ADVIS
GLOBAL X MANAGEMENT
MANUFACTURERS LIFE I
HORIZON KINETICS
WELLS FARGO
RAYMOND JAMES & ASSO
Firm Name
EVA Dimensions
Stifel
Fraser Mackenzie Limited
Portfolio Name
n/a
n/a
n/a
n/a
VANGUARD GROUP INC
JENNISON ASSOCIATES
SPROTT INC
STALEY CAPITAL ADVIS
GLOBAL X MANAGEMENT
MANUFACTURERS LIFE I
n/a
Multiple Portfolios
n/a
RAYMOND JAMES & ASSO
Analyst
CRAIG STERLING
CRAIG P STANLEY
ADAM P GRAF
ALEKSANDRA BUKACHEVA
Source
Form 4
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
MF-AGG
ULT-AGG
13F
13F
13F
Recommendation
underweight
buy
buy
buy
Amt Held
31'325'279
13'948'984
13'335'621
12'713'212
10'886'918
8'798'586
6'826'384
3'037'440
2'849'695
2'735'340
2'446'937
2'246'531
2'192'648
2'116'076
1'853'323
1'662'931
1'325'236
1'166'475
1'077'675
912'507
% Out
14.55
6.48
6.19
5.9
5.06
4.09
3.17
1.41
1.32
1.27
1.14
1.04
1.02
0.98
0.86
0.77
0.62
0.54
0.5
0.42
Weighting
Change
1
5
5
5
U
M
M
M
Latest Chg
2'847'752
3'477'924
380'310
(75'000)
(3'843'036)
755'211
353'723
1'584'177
(687'697)
366'137
486'048
564'871
195'158
23'185
313'982
77'704
73'405
63'377
132'810
Target Price
#N/A N/A
3
8
5
File Dt
Inst Type
03.12.2012
n/a
17.04.2013
Investment Advisor
31.12.2012
Investment Advisor
17.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Insurance Company
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
Date
Not Provided
12 month
12 month
Not Provided
Date
18.04.2013
16.04.2013
12.04.2013
02.01.2013
19.04.2013
Timmins Gold Corp

Timmins Gold Corporation explores for gold in Mexico.
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
12/yy
3.48
1.49
86'750.00
2.25
-36.21%
51.01%
39.20%
144.1
324.19
17.55
0.0
0.0
24.06
317.68
31.03.2008
0.0
(4.2)
(5.3)
-
1.5 M
2
1
1.0 M
.5 M
0
a-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%
21.53%
32.20%
29.65%
0.93%
49.1%
43.9%
38.8%
23.1%
1.97
0.97
8.12%
11.93%
21.11
3.33
Price/ Cash Flow
03/yy
84.4
14.70x
43.5
8.05x
11.5
27.89x
j-12
j-12
a-12
s-12
LTM
12/yy
155.7
8.93x
68.3
6.24x
35.9
12.04x
o-12
n-12
d-12
j-13
f-13 m-13
FY+1
.0 M
a-13
0.00
1.09
137.45
0.05
8.70%
-24.75%
1.090
14
4.714
924'422
746'250
596'464
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
218.1
236.5
46.2
47.8
1.25x
0.88x
6.77x
6.38x
103.0
106.6
22.6
20.3
3.09x
2.98x
3.83x
4.08x
56.3
58.1
13.6
11.8
5.80x
5.70x
5.75x
5.54x
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
27.48
13.71
-0.10
0.26
11.9%
10.7%
0.93
1.38
30.37
192.30
70.83
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
m-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
19.04.2013
Timmins Gold Corp

Holdings By:
All
Holder Name
CONNOR CLARK & LUNN
RUFFER LLP
SPROTT INC
BRAGAGNOLO BRUCE
BONILLAS ZEPEDA F A
GCIC LTD/CANADA
GILDER GAGNON HOWE
CANADA PENSION PLAN
CQS CAYMAN LP
MD MANAGEMENT LTD
BLACKROCK
US GLOBAL INVESTORS
Firm Name
TD Securities
PI Financial Corp.
M Partners Inc
Casimir Capital
Macquarie
RBC Capital Markets
Scotia Capital
EVA Dimensions
MGI Securities
Portfolio Name
n/a
n/a
Multiple Portfolios
CONNOR CLARK & LUNN
Multiple Portfolios
SPROTT INC
n/a
n/a
n/a
CANADA PENSION PLAN
CQS CAYMAN LP
Multiple Portfolios
n/a
US GLOBAL INVESTORS
Analyst
NICHOLAS CAMPBELL
STEVEN J GREEN
JOE FAZZINI
ADAM P GRAF
BRIAN SZETO
KYLE MCPHEE
PHILIP KER
SHANE NAGLE
INGRID RICO
STUART MCDOUGALL
MICHAEL SIPERCO
SAM CRITTENDEN
OVAIS HABIB
CRAIG STERLING
MARC PAIS
Source
13F
ULT-AGG
ULT-AGG
MF-AGG
13F
13F
MF-AGG
13F
SEDI
13F
SEDI
13F
13G
13F
13F
13F
13F
MF-AGG
ULT-AGG
13F
Recommendation
sell
buy
buy
buy
outperform
buy
buy
outperform
buy
strong buy
outperform
outperform
sector outperform
overweight
buy
Amt Held
25'289'200
11'123'234
8'060'231
5'781'224
5'091'600
3'712'200
3'706'900
2'950'200
2'928'000
2'605'400
2'584'800
2'265'000
2'050'954
1'803'600
1'686'100
1'681'100
1'300'000
1'089'700
757'148
740'000
% Out
17.55
7.72
5.59
4.01
3.53
2.58
2.57
2.05
2.03
1.81
1.79
1.57
1.42
1.25
1.17
1.17
0.9
0.76
0.53
0.51
Weighting
Change
1
5
5
5
5
5
5
5
5
5
5
5
5
5
5
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
Latest Chg
(829'400)
(36'972)
(29'956)
313'100
3'712'200
(233'300)
(3'800)
(25'000)
(34'729)
2'265'000
(8'014'415)
371'900
(1'820'300)
83'200
606'652
250'000
Target Price
2
4
4
3
4
4
4
4
4
4
3
5
4
#N/A N/A
5
File Dt
31.12.2012
17.04.2013
31.01.2013
28.02.2013
31.12.2012
31.12.2012
30.11.2012
31.12.2012
03.01.2013
31.12.2012
19.12.2012
31.12.2012
30.09.2011
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
Date
12 month
12 month
Not Provided
Not Provided
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
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
n/a
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
16.04.2013
16.04.2013
12.04.2013
11.04.2013
11.04.2013
10.04.2013
10.04.2013
10.04.2013
10.04.2013
10.04.2013
21.03.2013
20.03.2013
20.03.2013
15.01.2013
05.07.2011
19.04.2013
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
5'830'544.00
0.705
-55.52%
16.53%
15.82%
424.3
299.12
9.43
0.0
0.0
64.96
260.00
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
(0.1)
(0.1)
-
20.0 M
10.0 M
0
0
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
a-13
f-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
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
-
4.96
0.62
373.08
4.07
-21.14%
-42.28%
0.622
6
4.333
5'352'934
3'930'273
3'729'712
FY+2
06/13 Y
06/14 Y
140.4
179.3
1.76x
1.22x
72.4
103.3
3.59x
2.52x
35.5
52.2
8.01x
5.97x
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
19.04.2013
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
BROWN KAREN ELIZABET
MACQUARIE GROUP
O'CONNOR PETER EDMUN
BHR FUND ADVISORS LP
PARRY RAYMOND JOSEPH
OBERWEIS ASSET MANAG
Firm Name
Ord Minnett
Paterson Securities
Hartleys
RBC Capital Markets
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
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
DAVID BRENNAN
TIM MCCORMACK
MIKE MILLIKAN
STEUART MCINTYRE
PATRICK CHANG
CRAIG STERLING
Source
ULT-AGG
ULT-AGG
EXCH
EXCH
EXCH
ULT-AGG
EXCH
EXCH
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
ULT-AGG
EXCH
MF-AGG
Co File
MF-AGG
Recommendation
buy
buy
buy
sector perform
buy
hold
Amt Held
30'260'964
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
1'588'462
1'377'303
1'191'666
1'168'772
850'000
500'000
378'334
316'200
% Out
7.13
6.29
5.17
4.46
2.86
2.78
1.67
0.94
0.79
0.75
0.53
0.49
0.37
0.32
0.28
0.28
0.2
0.12
0.09
0.07
Weighting
Change
5
5
5
3
5
3
N
M
M
M
M
U
Latest Chg
(215'301)
3'981'558
(18'089'000)
(2'872'573)
(1'584'461)
(7'400'000)
3'350'000
(36'529'953)
(15'180)
38'476
108'722
(310'278)
100'000
316'200
Target Price
1
1
1
1
2
#N/A N/A
File Dt
Inst Type
16.04.2013
Investment Advisor
17.04.2013
Investment Advisor
30.11.2012
Corporation
08.01.2013
Investment Advisor
30.11.2012
n/a
28.02.2013
Investment Advisor
30.11.2012
n/a
30.11.2012
n/a
31.12.2012
Investment Advisor
04.12.2012
Investment Advisor
31.07.2012
Investment Advisor
31.03.2013
Investment Advisor
30.06.2012
n/a
30.06.2011
Investment Advisor
03.12.2012
n/a
31.01.2013
Investment Advisor
30.06.2012
n/a
31.12.2012
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Date
17.04.2013
16.04.2013
19.03.2013
11.03.2013
28.02.2013
28.02.2013
19.04.2013
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 (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
R
CN EQUITY YTD Change
R
CN EQUITY YTD % CHANGE
12/2012
12/yy
1.40
0.44
319'597.00
0.485
-66.07%
10.23%
7.29%
585.0
283.71
0.00
0.0
0.0
64.78
211.68
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
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
a-13
f-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
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
-4.58%
-4.80%
0.00%
5.88
5.81
0.00%
0.00%
0.00
-
12/yy
0.0
#DIV/0!
(15.3)
0.00x
(15.7)
0.00x
LTM
12/yy
0.0
#DIV/0!
(11.8)
0.00x
(11.9)
0.00x
0.00
1.15
580.85
0.54
-48.40%
-37.01%
1.148
6
4.167
2'591'794
1'480'469
1'253'678
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1
06/13 Q2
(9.3)
(8.8)
(9.3)
(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
-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
19.04.2013
Romarco Minerals Inc

Holdings By:
All
Holder Name
BLACKROCK
FRANKLIN RESOURCES
FMR LLC
JP MORGAN
TD ASSET MANAGEMENT
RUFFER LLP
GAMCO
QUANTEX AG
SHARE SICAV
VANGUARD GROUP INC
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
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
Multiple Portfolios
Analyst
ANDREW KAIP
PAOLO LOSTRITTO
SAM CRITTENDEN
RICHARD GRAY
DON BLYTH
HEIKO IHLE
Source
ULT-AGG
ULT-AGG
ULT-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
MF-AGG
Recommendation
market perform
outperform
sector perform
buy
speculative buy
buy
Amt Held
149'323'767
47'061'248
46'766'500
30'127'000
21'134'700
19'160'100
15'429'733
11'830'030
11'093'500
8'551'000
5'550'000
3'750'000
3'000'000
2'975'080
2'828'384
2'703'235
2'266'700
1'959'403
1'536'500
1'361'600
% Out
25.53
8.04
7.99
5.15
3.61
3.28
2.64
2.02
1.9
1.46
0.95
0.64
0.51
0.51
0.48
0.46
0.39
0.33
0.26
0.23
Weighting
Change
3
5
3
5
4
5
Latest Chg
28'561'563
(156'412)
(470'500)
100'900
730'000
(54'088)
(147'500)
(100'000)
(520'200)
205'500
400'000
-
Target Price
M
M
M
M
M
N
File Dt
16.04.2013
17.04.2013
31.01.2013
28.02.2013
31.12.2012
28.02.2013
28.02.2013
30.11.2012
31.12.2012
30.11.2012
31.12.2012
29.03.2013
31.12.2012
28.09.2012
31.12.2012
31.03.2013
31.12.2012
19.10.2012
23.02.2012
28.02.2013
Date
1
2
1
2
2
2
Not Provided
12 month
12 month
12 month
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Hedge Fund Manager
Unclassified
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
n/a
Mutual Fund Manager
Date
15.04.2013
09.04.2013
02.04.2013
15.03.2013
11.03.2013
28.09.2012
19.04.2013
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 (18.04.2012)
52-Week Low (18.04.2012)
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
3'869.76
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)
-
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-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
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

31.12.2006
10
9
8
7
6
5
4
3
2
1
0
a-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
0.35
429.41
0.00%
0.00%
0.355
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
19.04.2013
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
Multiple Portfolios
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
MF-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
4'353'500
0.48
4'103'427
0.45
4'097'000
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
Inst Type
12.06.2012
Investment Advisor
27.09.2012
n/a
26.09.2012
Other
31.12.2011
Other
27.09.2012
n/a
26.09.2012
Corporation
17.04.2013
Investment Advisor
31.12.2012
Investment Advisor
30.06.2012
Unclassified
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Bank
31.12.2012
Investment Advisor
30.06.2011
Investment Advisor
31.07.2012
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
12.06.2012
Investment Advisor
28.02.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
Date
14.07.2012
03.06.2011
14.03.2011
19.04.2013

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 (22.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GSS US EQUITY YTD Change
GSS US EQUITY YTD % CHANGE
12/1997
12/yy
2.11
0.90
233'639.00
0.9698
-53.99%
7.76%
5.22%
259.1
251.28
117.48
0.0
(2.0)
78.88
287.87
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
6.0 M
4.0 M
2.0 M
0
a-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)
-
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
550.5
0.95x
124.7
4.18x
(9.5)
124.67
25.74
4.68%
1.20%
-1.31%
-2.17%
-4.61%
0.76%
9.6%
22.8%
4.7%
-1.7%
1.58
0.69
16.18%
27.10%
50.11
6.05
Price/ Cash Flow
12/yy
471.0
4.90x
91.8
5.00x
(2.1)
0.00x
j-12
j-12
a-12
s-12
LTM
12/yy
550.5
3.58x
125.8
4.14x
(9.5)
0.00x
o-12
n-12
d-12
j-13
f-13 m-13
FY+1
.0 M
a-13
0.00
1.07
257.68
12.28
-36.20%
-47.29%
1.070
10
3.000
4'652'826
2'255'240
1'854'718
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
558.1
589.4
136.0
131.7
0.60x
0.61x
2.13x
2.20x
135.7
199.8
33.7
33.7
2.12x
1.44x
2.14x
2.19x
19.9
48.3
6.9
6.9
26.21x
5.91x
9.90x
7.78x
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
12.27
3.56
0.31
0.93
27.1%
21.4%
0.76
1.06
7.30
60.50
69.08
-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
m-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
19.04.2013

Holdings By:
All
Holder Name
BLACKROCK
STATE STREET
CANADA PENSION PLAN
PRINCIPAL FINANCIAL
NORGES BANK
MD MANAGEMENT LTD
LEGG MASON CAPITAL M
GOLDMAN SACHS GROUP
Firm Name
BMO Capital Markets
CIBC World Markets
EVA Dimensions
Credit Suisse
Scotia Capital
Macquarie
Raymond James
Portfolio Name
n/a
n/a
n/a
CANADA PENSION PLAN
n/a
NORGES BANK
Multiple Portfolios
Multiple Portfolios
GOLDMAN SACHS GROUP
Multiple Portfolios
Analyst
ANDREW BREICHMANAS
RAHUL PAUL
COSMOS CHIU
PAOLO LOSTRITTO
CRAIG STERLING
ANITA SONI
TREVOR TURNBULL
PIERRE VAILLANCOURT
BRAD HUMPHREY
Source
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
MF-AGG
13F
13F
MF-AGG
13F
MF-AGG
Recommendation
market perform
hold
sector perform
outperform
overweight
underperform
sector perform
neutral
market perform
Amt Held
39'316'268
30'238'600
25'985'870
10'069'469
6'281'374
4'885'815
4'819'436
3'713'690
3'486'925
3'093'334
3'064'953
2'625'741
2'259'552
1'934'059
1'845'827
1'725'479
1'647'710
1'467'781
1'164'787
1'113'498
% Out
15.17
11.67
10.03
3.89
2.42
1.89
1.86
1.43
1.35
1.19
1.18
1.01
0.87
0.75
0.71
0.67
0.64
0.57
0.45
0.43
Weighting
Change
3
3
3
5
5
1
3
3
3
M
M
M
M
U
D
M
M
M
Latest Chg
(350'000)
(1'326'930)
(482'630)
1'230'943
(5'940)
(1'475'687)
3'703'206
2'002'700
1'200'671
(52'441)
125'700
1'129'776
139'300
206'700
277'080
(51'919)
-
Target Price
2
2
2
3
#N/A N/A
1
1
2
2
File Dt
17.04.2013
31.12.2012
31.12.2012
16.04.2013
31.12.2012
17.04.2013
31.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Date
15.04.2013
15.04.2013
11.04.2013
09.04.2013
04.04.2013
03.04.2013
14.03.2013
07.03.2013
06.03.2013
19.04.2013
Premier Gold Mines Ltd

Premier Gold Mines Limited is a mining and exploration company focused on
developing gold projects worldwide.
Price/Volume
8
7
6
5
4
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
PG CN EQUITY YTD Change
PG CN EQUITY YTD % CHANGE
12/2012
12/yy
6.79
1.64
335'570.00
1.69
-76.14%
3.05%
1.55%
149.3
252.36
18.50
0.0
40.6
85.10
226.40
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2
1
0
a-12
31.12.2009
31.12.2010
0.0
0.0
(6.2)
(13.2)
(3.7)
(10.9)
Profitability
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-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
1.75
144.34
4.99
-63.97%
-59.76%
1.745
12
4.167
1'984'958
939'726
850'116
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
0.0
0.0
(12.5)
(12.5)
(14.2)
(17.7)
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
-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
m-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
-
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
a-13
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
19.04.2013
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
TD ASSET MANAGEMENT
US GLOBAL INVESTORS
VANGUARD GROUP INC
AGF INVESTMENTS INC
SPROTT INC
Firm Name
Stifel
Laurentian Bank Securities
CIBC World Markets
Scotia Capital
Octagon Capital Corporation
Beacon Securities Ltd
RBC Capital Markets
Cantor Fitzgerald
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
ERIC LEMIEUX
JEFF KILLEEN
STEVEN BUTLER
OVAIS HABIB
ANNIE ZHANG
CHRISTOS DOULIS
MICHAEL CURRAN
SAM CRITTENDEN
ROB CHANG
BARRY D ALLAN
CRAIG STERLING
Source
ULT-AGG
Co File
ULT-AGG
MF-AGG
SEDI
MF-AGG
13F
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
speculative buy
sector perform
speculative buy
sector outperform
speculative buy
outperform
buy
outperform
buy
speculative buy
sell
Amt Held
19'258'570
13'896'800
11'747'001
7'832'701
3'123'101
2'900'000
1'669'200
1'318'700
1'303'180
947'736
822'618
820'314
812'900
800'000
705'900
700'000
666'247
573'493
556'136
548'899
% Out
12.9
9.31
7.87
5.25
2.09
1.94
1.12
0.88
0.87
0.63
0.55
0.55
0.54
0.54
0.47
0.47
0.45
0.38
0.37
0.37
Weighting
Change
5
4
3
4
5
4
5
5
5
5
4
1
M
M
M
M
M
M
M
N
M
M
M
M
Latest Chg
3'271'500
(39'042)
(10'800)
35'000
275'000
6'690
233'600
(7'899)
(148'500)
163'248
(100'000)
10'000
59'500
(4'700)
(15'100)
-
Target Price
4
4
7
7
9
6
6
6
5
7
#N/A N/A
#N/A N/A
File Dt
28.02.2013
31.10.2012
17.04.2013
31.01.2013
04.04.2013
31.12.2012
31.12.2012
31.12.2012
16.04.2013
31.12.2012
31.12.2012
28.09.2012
31.12.2011
28.03.2013
31.12.2012
31.12.2012
31.03.2013
17.04.2013
28.09.2012
31.12.2012
Date
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Mutual Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Date
16.04.2013
16.04.2013
11.04.2013
11.04.2013
02.04.2013
02.04.2013
28.03.2013
26.03.2013
12.03.2013
25.02.2013
30.01.2013
17.01.2013
19.04.2013

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
2.45
141'289.00
2.599
-52.25%
6.08%
1.41%
100.7
261.67
2.07
0.0
0.0
20.06
253.95
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
1.20
1.5 M
1.0 M
.5 M
0
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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

31.08.2008
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
1.23
92.85
9.71
-47.81%
-41.07%
1.229
0
924'895
552'807
459'043
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
.0 M
a-13
-49.26
-133.96
0.00
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
19.04.2013

Holdings By:
All
Holder Name
GEIER GROUP LLC
SINCLAIR JAMES E
BPI GLOBAL INVESTMEN
BLACKROCK
MORROW ROSALIND
VANGUARD GROUP INC
CANADA PENSION PLAN
BMO FINANCIAL CORP
HARVEY WILLIAM M
MORGAN STANLEY
DEUTSCHE BANK AG
LUIS VICTORIA
COMMONWEALTH EQUITY
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
CANADA PENSION PLAN
BMO FINANCIAL CORP
n/a
Multiple Portfolios
n/a
n/a
BANK OF AMERICA
COMMONWEALTH EQUITY
Analyst
Source
ULT-AGG
13G
MF-AGG
SEDI
MF-AGG
ULT-AGG
SEDI
MF-AGG
13F
13F
SEDI
MF-AGG
13F
13F
ULT-AGG
13F
13F
20F
13F
13F
Recommendation
Amt Held
13'522'725
4'879'743
4'088'532
1'885'543
673'902
511'968
424'047
419'292
367'112
334'811
332'358
318'244
212'560
185'212
170'509
167'687
145'569
144'045
97'451
95'500
% Out
13.43
4.85
4.06
1.87
0.67
0.51
0.42
0.42
0.36
0.33
0.33
0.32
0.21
0.18
0.17
0.17
0.14
0.14
0.1
0.09
Weighting
Change
Latest Chg
526'026
(4'801'048)
52'612
(1'000)
(37'877)
(4'130)
17'903
5'200
141'200
4'654
12'845
(3'200)
4'819
108'877
134'479
20'891
(17'701)
13'000
Target Price
#N/A N/A
File Dt
Inst Type
17.04.2013
Investment Advisor
10.11.2011
Other
08.02.2013
n/a
16.04.2013
Investment Advisor
29.05.2012
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
08.05.2012
n/a
17.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
n/a
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
Date
Date
19.04.2013
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
5
4
3
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.09.2012)
52-Week Low (15.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BAA CN EQUITY YTD Change
BAA CN EQUITY YTD % CHANGE
12/2012
12/yy
5.03
1.03
99'473.00
1.09
-78.93%
5.83%
1.50%
201.9
220.05
154.69
0.0
0.0
27.05
342.06
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1
0
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
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)
-
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
42.6
16.23x
6.0
114.64x
(4.6)
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
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
12/yy
0.0
#DIV/0!
(10.2)
0.00x
(9.3)
0.00x
LTM
12/yy
42.6
80.50x
6.0
114.64x
(4.6)
0.00x
FY+1
0.00
1.90
199.78
6.03
-72.89%
-60.79%
1.902
4
3.250
3'708'547
2'873'011
1'995'308
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
169.7
435.7
36.9
36.2
84.0
262.0
4.07x
1.31x
37.6
166.3
7.08x
1.39x
6.14x
3.05x
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
19.04.2013
Banro Corp
Holdings By:
All
Holder Name
BLACKROCK
JP MORGAN
FRANKLIN RESOURCES
FMR LLC
ACUITY INVESTMENT MA
CANADA PENSION PLAN
DEUTSCHE BANK AG
CONNOR CLARK & LUNN
TD ASSET MANAGEMENT
Firm Name
CIBC World Markets
EVA Dimensions
BMO Capital Markets
Goldman Sachs
GMP
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
CANADA PENSION PLAN
CONNOR CLARK & LUNN
TD ASSET MANAGEMENT
Analyst
COSMOS CHIU
CRAIG STERLING
ANDREW BREICHMANAS
EUGENE KING
MIKE KOZAK
BROCK SALIER
Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
MF-AGG
13F
MF-AGG
13F
13F
13F
13F
13F
13F
13F
Recommendation
restricted
underweight
restricted
neutral/neutral
speculative buy
buy
Amt Held
29'151'624
23'871'284
16'241'293
14'067'000
12'134'500
10'680'445
9'020'360
4'835'785
4'624'900
4'085'541
4'023'371
4'023'371
3'824'682
2'304'615
2'152'177
2'051'416
2'026'058
1'879'400
1'842'700
1'715'800
% Out
14.44
11.82
8.04
6.97
6.01
5.29
4.47
2.4
2.29
2.02
1.99
1.99
1.89
1.14
1.07
1.02
1
0.93
0.91
0.85
Weighting
Change
#N/A N/A
1
#N/A N/A
3
4
5
M
U
M
M
M
M
Latest Chg
(743'373)
(53'982)
4'088'200
1'226'600
498'655
(1'648'935)
778'978
1'689'300
1'766'536
1'791'580
(593'900)
(316'700)
(4'660'861)
(1'218'959)
(41'296)
(641'000)
(266'100)
Target Price
#N/A N/A
#N/A N/A
#N/A N/A
3
3
6
File Dt
Inst Type
16.04.2013
Investment Advisor
31.12.2012
Investment Advisor
17.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Date
16.04.2013
10.04.2013
09.04.2013
15.03.2013
07.03.2013
04.02.2013
19.04.2013
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
12/yy
6.17
1.97
44'236.00
2.14
-66.29%
8.63%
2.86%
99.9
213.88
0.13
0.0
0.0
102.12
111.89
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
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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

30.09.2007
0.0
(4.2)
(1.8)
-
6.0 M
30.09.2008
30.09.2009
0.0
0.0
(2.6)
(4.2)
(1.0)
(3.6)
Profitability
LTM-4Q
30.09.2010
0.0
(9.1)
(6.8)
-
30.09.2011
0.0
(16.1)
(13.5)
-64.60
-64.98
-33.90%
-35.35%
0.00%
15.73
15.71
0.08%
0.09%
0.00
-
09/yy
0.0
#DIV/0!
(16.1)
0.00x
(13.5)
0.00x
LTM
12/yy
0.0
#DIV/0!
(64.6)
0.00x
(65.9)
0.00x
FY+1
.0 M
a-13
0.00
1.15
97.75
0.61
-57.71%
-56.94%
1.149
9
4.000
835'373
544'032
667'215
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
0.0
0.3
#DIV/0!
465.11x
(59.2)
(15.2)
(62.0)
(22.2)
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
-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
19.04.2013
Rainy River Resources Ltd

Holdings By:
All
Holder Name
SALIDA CAPITAL LP
JP MORGAN
FMR LLC
BEREZAN LEO
QUANTEX AG
LB SWISS INVESTMENT
BLACKROCK
GLOBAL X MANAGEMENT
VANGUARD GROUP INC
AVERILL STUART ALLAN
LAZARIDIS MICHAEL
SOCIETE GENERALE
Firm Name
Stifel
BMO Capital Markets
CIBC World Markets
Casimir Capital
RBC Capital Markets
Scotia Capital
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
CRAIG P STANLEY
JOHN P HAYES
JEFF KILLEEN
ADAM MELNYK
ERIC WINMILL
SAM CRITTENDEN
PAOLO LOSTRITTO
LEILY OMOUMI
DON BLYTH
Source
ULT-AGG
Co File
ULT-AGG
ULT-AGG
MF-AGG
SEDI
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
SEDI
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
sector perform
buy
speculative buy
sector perform
outperform
sector outperform
speculative buy
Amt Held
10'085'221
8'043'070
3'170'900
3'021'400
1'756'100
1'334'048
947'328
830'000
800'000
621'246
524'985
455'700
401'000
399'600
360'000
355'000
343'467
315'943
300'000
281'300
% Out
10.09
8.05
3.17
3.02
1.76
1.33
0.95
0.83
0.8
0.62
0.53
0.46
0.4
0.4
0.36
0.36
0.34
0.32
0.3
0.28
Weighting
Change
3
4
3
5
4
3
5
5
4
M
M
M
M
M
M
M
M
M
Latest Chg
920'049
(655'430)
313'000
637'200
17'000
118'000
800'000
(4'115)
22'038
5'000
(3'100)
281'300
Target Price
#N/A N/A
#N/A N/A
7
6
7
5
8
7
9
File Dt
Inst Type
17.04.2013
Investment Advisor
30.11.2011
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
22.05.2012
n/a
31.01.2013
Investment Advisor
29.03.2013
Investment Advisor
16.04.2013
Investment Advisor
16.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
06.02.2013
n/a
14.03.2012
n/a
28.09.2012
Investment Advisor
17.04.2013
Investment Advisor
30.11.2012
Bank
Date
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Date
15.04.2013
14.04.2013
12.04.2013
12.04.2013
12.04.2013
11.04.2013
11.04.2013
26.02.2013
17.09.2012
19.04.2013
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 (19.04.2012)
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
0.43
0.22
260'359.00
0.27
-37.21%
25.58%
25.58%
1'203.1
324.85
0.00
0.0
0.0
235.04
89.81
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
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
a-13
f-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
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%
-
1'045'963
1'249'665
1'265'645
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
1.09
668.60
1.39
-34.15%
12.50%
1.086
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
19.04.2013
Indophil Resources NL
Holdings By:
All
Holder Name
ALSONS DEVELOPMENT &
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
AUSCOAL SUPER FUND
MILITARY SUPER & BEN
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
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Analyst
CRAIG STERLING
Source
EXCH
EXCH
EXCH
EXCH
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
EXCH
EXCH
MF-AGG
EXCH
EXCH
EXCH
EXCH
ULT-AGG
MF-AGG
EXCH
EXCH
EXCH
Recommendation
buy
Amt Held
240'508'334
157'189'422
77'094'557
59'777'753
54'751'244
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
5'392'977
5'326'550
4'856'892
4'371'077
% Out
19.99
13.06
6.41
4.97
4.55
4.34
3.99
2.17
1.7
1.63
1.35
1.1
0.78
0.76
0.69
0.6
0.45
0.44
0.4
0.36
Weighting
Change
5
Latest Chg
141'041'667
(12'125'963)
(11'905'784)
(181'972)
(27'664'747)
-
Target Price
#N/A N/A
File Dt
Inst Type
06.02.2012
Corporation
06.02.2012
Corporation
28.08.2012
Investment Advisor
17.04.2013
Investment Advisor
17.06.2011
Unclassified
17.06.2011
Corporation
10.10.2011
Investment Advisor
09.02.2012
Investment Advisor
09.02.2012
Other
09.02.2012
Other
09.02.2012
Other
09.02.2012
Other
09.02.2012
Other
31.10.2012
Investment Advisor
31.07.2012
Investment Advisor
09.02.2012
Other
09.02.2012
Other
09.02.2012
Other
Date
Not Provided
Date
02.04.2013
19.04.2013
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
9.0 M
8.0 M
7.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.09.2012)
52-Week Low (17.04.2013)
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
1.77
168'054.00
1.88
-68.74%
6.21%
1.64%
107.0
201.07
72.14
0.0
2.7
63.59
207.17
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
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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

31.07.2008
0.0
(2.5)
(2.3)
-
6.0 M
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 M
a-13
0.00
1.48
92.85
2.27
-61.48%
-59.22%
1.479
5
4.600
1'303'654
1'514'575
1'215'467
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
70.9
313.3
2.43x
-0.20x
14.8
270.5
(6.9)
(6.9)
14.00x
0.77x
13.99x
3.27x
8.7
171.8
(8.6)
(8.6)
25.10x
1.19x
5.09x
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
19.04.2013
Colossus Minerals Inc

Holdings By:
All
Holder Name
ARIAS RESOURCE CAPIT
SPROTT ASSET MANAGEM
FRANKLIN RESOURCES
FMR LLC
SUSSMAN ARI B
MCLEAN BUDDEN LTD
MANULIFE ASSET MANAG
JP MORGAN
KISHIDA AUGUSTO
BLACKROCK
DEUTSCHE BANK AG
US GLOBAL INVESTORS
VANGUARD GROUP INC
FROSTIAK JOHN
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
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
CRAIG P STANLEY
NICHOLAS CAMPBELL
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
MF-AGG
SEDI
MF-AGG
Recommendation
buy
speculative buy
speculative buy
outperform
buy
Amt Held
10'833'800
10'530'371
9'947'500
9'345'598
4'883'500
3'460'235
1'761'401
1'459'400
1'151'864
1'059'133
1'049'000
958'000
701'317
553'600
527'115
525'000
486'563
321'612
229'800
207'600
% Out
10.13
9.85
9.3
8.74
4.57
3.24
1.65
1.36
1.08
0.99
0.98
0.9
0.66
0.52
0.49
0.49
0.45
0.3
0.21
0.19
Weighting
Change
5
4
4
5
5
Latest Chg
(1'572'900)
(27'630)
29'000
623'728
50'000
(37'490)
(6'989)
(996)
(4'355)
(6'612)
50'000
-
Target Price
M
M
M
M
M
4
8
8
4
12
File Dt
11.03.2013
31.10.2012
28.02.2013
17.04.2013
31.01.2013
28.02.2013
27.06.2012
28.02.2013
28.02.2013
31.12.2012
31.12.2012
09.08.2012
16.04.2013
30.06.2011
28.02.2013
31.12.2012
31.03.2013
28.09.2012
16.02.2013
30.11.2012
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
Investment Advisor
n/a
Investment Advisor
Date
16.04.2013
11.04.2013
05.04.2013
02.04.2013
01.04.2013
19.04.2013
Aurcana Corp
Aurcana Corporation is a Canadian silver producing company. The Company
acquires, explores and develops properties for silver, copper, lead, and zinc in
Mexico and the United States.
Price/Volume
1
1
1
1
Valuation Analysis
Latest Fiscal Year:

LTM as of:
52-Week High (25.09.2012)
52-Week Low (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AUN CN EQUITY YTD Change
AUN CN EQUITY YTD % CHANGE
12/2012
12/yy
1.26
0.35
1'118'379.00
0.41
-67.86%
17.14%
6.04%
467.2
191.55
7.08
0.0
0.0
10.74
187.93
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
0
0
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
8.8
2.82x
(7.2)
(24.1)
-
31.12.2009
31.12.2010
16.1
26.1
3.07x
9.14x
0.6
6.6
89.59x
36.10x
3.8
(8.8)
11.17x
Profitability
LTM-4Q
31.12.2011
47.5
5.75x
14.3
19.12x
7.0
35.50x
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
56.9
7.57x
20.5
21.04x
9.9
46.50x
20.47
15.59
27.38%
26.81%
5.72%
6.42%
6.26%
0.33%
72.4%
36.0%
27.4%
17.4%
1.53
0.83
3.68%
4.14%
73.76
8.92
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
a-13
12/yy
46.7
20.49x
14.0
19.47x
6.9
35.86x
LTM
12/yy
56.9
30.45x
20.4
21.06x
9.9
46.57x
FY+1
0.00
1.25
463.43
0.39
-52.21%
-55.91%
1.252
5
4.200
4'608'127
2'183'288
1'974'379
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
142.0
254.0
23.7
28.0
1.01x
82.2
141.0
2.29x
1.33x
45.3
75.5
7.3
9.6
4.94x
3.39x
5.13x
3.73x
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
137.65
-309.50
-0.18
0.35
4.1%
4.0%
0.33
0.41
4.96
41.03
107.05
-114.36
1'000.00
60.0
900.00
50.0
800.00
700.00
40.0
600.00
30.0
500.00
400.00
20.0
300.00
200.00
10.0
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
19.04.2013
Aurcana Corp
Holdings By:
All
Holder Name
SPROTT INC
BLACKROCK
GLOBAL X MANAGEMENT
RODRIGUEZ LENIC
HARTFORD INVESTMENT
AGUIRRE GOMEZ ADRIAN
MATRIX FUND MANAGEME
NATIXIS ASSET MANAGE
HUERTA SALVADOR
USSEPA HOLDINGS LTD
RADIAN GROUP
GUSTAVIADAVEGARDH FO
IFOS INTERNATIONALE
ZUERCHER KANTONALBAN
CB-ACCENT LUX SICAV
Firm Name
EVA Dimensions
RBC Capital Markets
Casimir Capital
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
CRAIG STERLING
BRIAN W POST
CHRISTOS DOULIS
DAN ROLLINS
ERIC ALLISON
Source
Co File
ULT-AGG
Co File
ULT-AGG
MF-AGG
PROXY
MF-AGG
SEDI
MF-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
PROXY
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
buy
outperform
sector perform
overweight
Amt Held
45'550'121
37'643'588
35'011'380
9'038'125
5'938'256
1'500'000
1'294'500
1'280'000
1'246'774
1'200'000
665'000
565'000
360'000
350'000
326'300
299'000
264'900
240'000
235'000
200'000
% Out
9.75
8.06
7.49
1.93
1.27
0.32
0.28
0.27
0.27
0.26
0.14
0.12
0.08
0.07
0.07
0.06
0.06
0.05
0.05
0.04
Weighting
Change
3
5
5
3
5
U
M
M
M
M
Latest Chg
(124'912)
(5'168'500)
(200)
(100'000)
(60'000)
(140'000)
(100'000)
(15'000)
299'000
-
Target Price
#N/A N/A
2
1
1
2
File Dt
10.10.2012
17.04.2013
28.03.2013
16.04.2013
16.04.2013
09.04.2012
28.02.2013
05.02.2013
28.02.2013
28.12.2012
30.11.2012
28.02.2013
02.10.2012
09.04.2012
31.12.2012
31.12.2012
28.02.2013
28.02.2013
31.12.2012
28.03.2013
Date
Not Provided
12 month
12 month
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
n/a
Investment Advisor
n/a
Hedge Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
n/a
Other
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Date
16.04.2013
15.04.2013
15.04.2013
12.04.2013
18.10.2012
19.04.2013
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 (17.04.2013)
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
2.26
28'032.00
2.42
-46.92%
7.08%
8.92%
85.0
205.78
0.00
0.0
0.0
197.61
14.70
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
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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

31.03.2008
0.0
(4.0)
(4.2)
-
5
5
4
4
3
3
2
2
1
1
0
a-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
0.00
1.48
75.26
0.31
-21.94%
-38.73%
1.484
8
3.625
306'607
261'282
305'264
FY+1
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4
06/13 Q1
(12.7)
(14.4)
(22.2)
(14.0)
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 M
a-13
-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
19.04.2013
Asanko Gold Inc

Holdings By:
All
Holder Name
HIGHLAND PARK SA
BLACKROCK
BEUTEL GOODMAN & COM
SPROTT INC
SPROTT INC
JP MORGAN
MACKENZIE FINANCIAL
SALI ROBERT J
VANGUARD GROUP INC
LB SWISS INVESTMENT
SEAMANS CAPITAL MANA
BMO FINANCIAL CORP
CANADA PENSION PLAN
Firm Name
CIBC World Markets
Clarus Securities
Scotia Capital
RBC Capital Markets
Jennings Capital
BMO Capital Markets
Portfolio Name
n/a
n/a
n/a
n/a
SPROTT INC
n/a
n/a
MACKENZIE FINANCIAL
n/a
Multiple Portfolios
n/a
BANK OF AMERICA
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
SEAMANS CAPITAL MANA
Multiple Portfolios
BMO FINANCIAL CORP
CANADA PENSION PLAN
Analyst
JEFF KILLEEN
NICHOLAS CAMPBELL
NANA SANGMUAH
MIKE KOZAK
LEILY OMOUMI
JONATHAN GUY
DAN HRUSHEWSKY
ANDREW BREICHMANAS
Source
ULT-AGG
SEDI
ULT-AGG
13G
13F
13G
ULT-AGG
13F
13F
SEDI
MF-AGG
ULT-AGG
13F
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
13F
13F
Recommendation
sector perform
speculative buy
buy
speculative buy
sector perform
sector perform
buy
Speculative Underperform
Amt Held
8'861'057
8'191'174
5'720'748
5'457'500
3'702'527
3'702'527
3'234'225
2'160'300
1'248'900
830'000
675'000
668'544
558'000
451'000
372'849
350'000
318'200
268'862
267'599
243'326
% Out
10.42
9.63
6.73
6.42
4.35
4.35
3.8
2.54
1.47
0.98
0.79
0.79
0.66
0.53
0.44
0.41
0.37
0.32
0.31
0.29
Weighting
Change
3
4
5
4
3
3
5
2
Latest Chg
898'582
477'500
687'323
(546'938)
2'160'300
382'700
150'000
652'571
515'800
5'600
318'200
(2'600)
(12'274)
(311'900)
Target Price
M
M
M
M
M
M
M
D
File Dt
17.04.2013
13.11.2012
16.04.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
16.05.2012
30.06.2011
31.12.2012
31.12.2012
28.02.2013
31.03.2013
28.02.2013
31.12.2012
17.04.2013
31.03.2013
31.12.2012
Date
5
5
6
5
5
3
6
3
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Inst Type
Investment Advisor
Other
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Bank
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Date
11.04.2013
11.04.2013
05.04.2013
15.03.2013
14.03.2013
25.02.2013
21.02.2013
19.02.2013
19.04.2013
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
44'187.00
0.79
-44.52%
19.70%
14.07%
243.6
192.43
0.00
0.0
0.0
47.34
172.60
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
6.0 M
4.0 M
2.0 M
0
a-12
30.04.2009
30.04.2010
0.0
0.0
(6.2)
(2.6)
(4.4)
Profitability
m-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
j-12
a-12
s-12
LTM
01/yy
0.0
#DIV/0!
(4.3)
0.00x
(4.9)
0.00x
o-12
n-12
d-12
j-13
.0 M
a-13
f-13 m-13
0.00
1.47
209.54
0.03
-29.46%
-15.05%
1.471
10
4.800
1'055'189
885'483
770'996
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
19.04.2013
Sulliden Gold Corp Ltd

Holdings By:
All
Holder Name
ABERDEEN INTERNATION
MACKENZIE FINANCIAL
FMR LLC
BHARTI STAN
FERNANDEZ-CONCHA STU
COLEMAN JAMES H
FIRST TRUST ADVISORS
HUMPHREY RAYMOND BRU
MOORE GEOFFREY S
FRONT BARNETT ASSOCI
AMIREAULT STEPHANE
Firm Name
BMO Capital Markets
Raymond James
GMP
Mine2Capital Inc
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
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
ANDREW KAIP
GARY J BASCHUK
ADAM MELNYK
KERRY SMITH
GEORGE V ALBINO
HUMBERTO LEON
STEPHEN PARSONS
RICHARD GRAY
ALKA SINGH
Source
SEDI
ULT-AGG
Co File
ULT-AGG
MF-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
strong buy
buy
buy
buy
overweight
outperform
buy
buy
Amt Held
26'966'292
19'230'793
15'904'572
9'517'800
5'573'512
5'403'200
5'166'300
2'907'900
2'526'626
1'563'955
1'435'000
1'108'614
873'837
862'978
829'423
800'000
609'700
516'500
510'000
450'631
% Out
11.07
7.9
6.53
3.91
2.29
2.22
2.12
1.19
1.04
0.64
0.59
0.46
0.36
0.35
0.34
0.33
0.25
0.21
0.21
0.19
Weighting
Change
4
5
5
5
5
5
5
5
5
Latest Chg
(63'810)
12
2'332'800
(426'700)
(325'000)
250'000
74'336
100'000
200'000
(119'700)
Target Price
M
M
M
M
M
M
M
M
N
File Dt
Inst Type
09.04.2013
Corporation
17.04.2013
Investment Advisor
31.07.2012
Unclassified
31.12.2012
Bank
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
28.09.2012
Investment Advisor
08.02.2013
n/a
20.10.2011
n/a
21.10.2011
n/a
28.02.2013
Investment Advisor
05.09.2012
n/a
04.10.2012
n/a
31.12.2012
Investment Advisor
30.03.2013
n/a
29.02.2012
Investment Advisor
Date
1
2
2
2
2
2
2
2
2
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Date
16.04.2013
16.04.2013
16.04.2013
16.04.2013
16.04.2013
12.04.2013
10.04.2013
09.04.2013
24.12.2012
19.04.2013
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 (15.04.2013)
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
2.00
25'128.00
2.3
-40.16%
15.00%
22.10%
92.2
212.11
0.00
0.0
0.0
68.45
138.24
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
.8 M
.6 M
.4 M
.2 M
0
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
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
1.17
75.40
0.03
-26.05%
-31.75%
1.172
4
4.000
383'744
140'532
133'681
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1
06/13 Q2
(20.1)
(22.4)
(19.1)
(12.3)
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 M
a-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
19.04.2013
Bear Creek Mining Corp

Holdings By:
All
Holder Name
SILVER WHEATON CORP
SPROTT INC
ATLANTIC INVESTMENT
KEM CAPITAL LLC
MCLEOD-SELTZER CATHE
SWARTHOUT ANDREW
GLOBAL X MANAGEMENT
VANGUARD GROUP INC
TD ASSET MANAGEMENT
DE WITT DAVID E
AGF INVESTMENTS INC
DEAN COREY M
Firm Name
Raymond James
BMO Capital Markets
Scotia Capital
Portfolio Name
#N/A N/A
n/a
ATLANTIC INVESTMENT
n/a
Multiple Portfolios
#N/A N/A
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
BRAD HUMPHREY
NICHOLAS CAMPBELL
ANDREW KAIP
TREVOR TURNBULL
DON BLYTH
Source
PROXY
Co File
13F
13F
ULT-AGG
MF-AGG
SEDI
PROXY
SEDI
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
PROXY
MF-AGG
MF-AGG
SEDI
MF-AGG
MF-AGG
Recommendation
outperform
speculative buy
sector perform
speculative buy
Amt Held
13'264'305
9'772'057
9'402'575
8'367'550
6'155'045
1'542'800
1'081'262
966'562
879'592
868'539
750'000
660'000
559'000
457'000
375'650
240'867
204'600
185'000
146'500
132'000
% Out
14.38
10.6
10.2
9.07
6.67
1.67
1.17
1.05
0.95
0.94
0.81
0.72
0.61
0.5
0.41
0.26
0.22
0.2
0.16
0.14
Weighting
Change
5
4
4
3
4
Latest Chg
1'478'600
2'656'485
2'308'300
(20'421)
5'000
35'000
20'100
(55'000)
Target Price
M
M
M
M
M
File Dt
17.04.2012
31.01.2013
31.12.2012
31.12.2012
17.04.2013
31.03.2013
21.03.2012
17.04.2012
06.12.2012
16.04.2013
31.12.2012
31.12.2012
28.02.2013
28.02.2013
17.04.2012
28.09.2012
28.09.2012
11.11.2010
28.02.2013
28.02.2013
Date
5
5
3
4
6
12 month
12 month
Not Provided
12 month
12 month
Inst Type
Corporation
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
n/a
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Mutual Fund Manager
Date
16.04.2013
16.04.2013
15.04.2013
04.04.2013
16.11.2011
19.04.2013
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 (17.04.2013)
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
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
0.0
(9.6)
(5.5)
-
15.0 M
12/2012
12/yy
1.17
0.42
233'793.00
0.44
-62.82%
6.02%
4.64%
416.6
183.29
142.44
0.0
0.0
48.72
277.02
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
12/yy
66.2
55.56x
7.3
70.97x
(10.9)
0.00x
LTM
12/yy
133.0
12.58x
37.9
10.70x
(317.9)
0.00x
FY+1
.0 M
a-13
0.00
1.40
415.20
2.29
-51.11%
-41.33%
1.395
9
3.667
2'636'309
2'139'635
1'898'888
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
202.4
264.0
43.0
1.26x
0.78x
79.4
124.4
3.49x
2.23x
(3.4)
31.9
6.98x
20.95x
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
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
19.04.2013
Lake Shore Gold Corp

Holdings By:
All
Holder Name
TD ASSET MANAGEMENT
RUFFER LLP
BLACKROCK
FMR LLC
LIBRA ADVISORS LLC
SHARE SICAV
CANADA PENSION PLAN
VANGUARD GROUP INC
NORGES BANK
BMO FINANCIAL CORP
HAUCK & AUFHAUSER IN
JULIUS BAER MULTICOO
Firm Name
TD Securities
BMO Capital Markets
CIBC World Markets
M Partners Inc
RBC Capital Markets
EVA Dimensions
Portfolio Name
n/a
TD ASSET MANAGEMENT
Multiple Portfolios
n/a
n/a
LIBRA ADVISORS LLC
Multiple Portfolios
CANADA PENSION PLAN
n/a
Multiple Portfolios
NORGES BANK
Multiple Portfolios
BMO FINANCIAL CORP
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
KERRY SMITH
DANIEL EARLE
BRIAN QUAST
COSMOS CHIU
PAOLO LOSTRITTO
INGRID RICO
STEPHEN D WALKER
BARRY D ALLAN
CRAIG STERLING
Source
ULT-AGG
13F
13F
13F
MF-AGG
ULT-AGG
ULT-AGG
13F
MF-AGG
13F
ULT-AGG
MF-AGG
13F
13F
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
underperform
sector perform
outperform
buy
sector perform
buy
underweight
Amt Held
31'820'350
23'388'000
14'870'645
13'688'820
10'803'000
5'196'257
5'160'900
3'489'300
3'475'500
3'303'624
3'245'296
3'060'065
2'956'500
2'746'733
1'933'350
1'614'955
1'316'864
1'100'000
963'900
945'080
% Out
7.64
5.61
3.57
3.29
2.59
1.25
1.24
0.84
0.83
0.79
0.78
0.73
0.71
0.66
0.46
0.39
0.32
0.26
0.23
0.23
Weighting
Change
5
5
1
3
5
5
3
5
1
M
M
M
M
M
M
M
M
M
Latest Chg
(105'758)
8'876'000
667'313
(500'000)
(9'416'224)
1'199'300
(489'300)
412'000
3'051'527
29'385
1'300'000
(50'500)
(117'621)
(13'000)
(19'268)
Target Price
2
1
1
1
2
2
1
2
#N/A N/A
File Dt
17.04.2013
31.12.2012
31.12.2012
31.12.2012
30.11.2012
16.04.2013
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.03.2013
31.12.2012
31.12.2012
31.07.2012
31.03.2013
17.04.2013
28.02.2013
31.12.2011
30.11.2012
Date
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Inst Type
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Date
16.04.2013
16.04.2013
14.04.2013
11.04.2013
09.04.2013
09.04.2013
20.03.2013
20.03.2013
15.01.2013
19.04.2013
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 (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PZG US EQUITY YTD Change
PZG US EQUITY YTD % CHANGE
06/2012
12/yy
2.82
1.44
210'287.00
1.49
-47.52%
3.47%
1.45%
147.6
219.91
0.00
0.0
0.0
20.00
205.61
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
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
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
12/yy
12/yy
0.1
0.1
16235.53x 22190.34x
(14.9)
(17.9)
0.00x
0.00x
(0.9)
(11.0)
0.00x
0.00x
1.13
111.88
15.09
-33.78%
-35.78%
1.129
1
5.000
1'663'765
977'362
773'885
FY+1
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
03/13 Q3
06/13 Q4
(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
.0 M
a-13
-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
19.04.2013
Paramount Gold and Silver Corp

Holdings By:
All
Holder Name
FCMI FINANCIAL CORP
VANGUARD GROUP INC
BLACKROCK
CRUPI CHRIS
CRUPI CHRISTOPHER
STATE STREET
FRONK RUDI P
ROTHSCHILD & COMPAGN
GLOBAL X MANAGEMENT
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
n/a
n/a
Multiple Portfolios
GLOBAL X MANAGEMENT
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
Form 4
ULT-AGG
13F
SEDI
MF-AGG
13F
13F
424B
13F
ULT-AGG
424B
13F
13F
13F
Form 4
Recommendation
buy
not rated
Amt Held
24'444'234
8'290'578
6'329'298
5'071'387
3'963'266
3'958'266
2'115'209
1'592'580
1'025'000
1'000'000
717'088
620'060
577'500
566'159
462'554
446'250
444'859
420'450
400'000
364'735
% Out
16.56
5.62
4.29
3.44
2.69
2.68
1.43
1.08
0.69
0.68
0.49
0.42
0.39
0.38
0.31
0.3
0.3
0.28
0.27
0.25
Weighting
Change
5
#N/A N/A
M
M
Latest Chg
1'170'732
(985'288)
(110'324)
(213'879)
5'000
54'000
3'339
800'000
92'007
(17'000)
13'813
13'936
(4'130)
(2'000)
400'000
(59'011)
Target Price
4
#N/A N/A
File Dt
Inst Type
12.03.2013
Corporation
17.04.2013
Investment Advisor
31.03.2013
Investment Advisor
16.04.2013
Investment Advisor
01.03.2013
n/a
29.01.2013
n/a
17.04.2013
Investment Advisor
31.12.2012
Investment Advisor
10.01.2011
n/a
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
19.04.2012
n/a
31.12.2012
Investment Advisor
31.12.2012
Government
19.04.2012
Other
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
04.03.2013
n/a
Date
Not Provided
Not Provided
Date
09.04.2013
01.03.2013
19.04.2013
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
160
70.0 M
140
60.0 M
120
50.0 M
100
Latest Fiscal Year:

LTM as of:
52-Week High (19.04.2012)
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
12/2011
01/yy
138.04
75.50
206'555.00
80.25
-41.86%
6.29%
8.79%
325.2
260.99
0.00
0.0
3.4
126.75
249.99
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.0 M
60
40
20.0 M
20
10.0 M
0
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
a-13
f-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

31.12.2007
112.1
7.00x
28.9
27.17x
17.5
54.35x
40.0 M
80
Valuation Analysis
31.12.2008
31.12.2009
149.1
164.7
1.02x
2.05x
38.7
56.5
3.92x
5.97x
(232.4)
78.8
5.92x
Profitability
31.12.2010
243.6
3.16x
120.3
6.40x
122.3
7.81x
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
31.12.2011
300.2
2.75x
156.5
5.27x
103.8
9.14x
156.54
129.72
43.21%
44.00%
9.91%
11.07%
12.01%
0.38%
51.5%
44.4%
34.1%
34.6%
12.48
7.30
0.00%
0.00%
4.03
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.93
76.84
-38.72%
-16.84%
0.932
13
4.231
503'453
1'170'443
987'678
FY+2
12/12 Y
12/13 Y
348.9
396.9
1.07x
1.36x
155.8
169.4
1.60x
1.48x
104.3
98.2
3.92x
4.20x
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
9.18
5.33
-1.12
0.00
0.0%
0.0%
0.38
0.79
90.93
128.73
25.00
350.0
300.0
20.00
250.0
15.00
200.0
150.0
10.00
100.0
5.00
0.00
02.01.2009 02.07.2009
50.0
0.0
02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
19.04.2013
Highland Gold Mining Ltd

Holdings By:
All
Holder Name
MILLHOUSE LLC
BARRICK GOLD CORP
PROSPERITY CAPITAL M
SHVIDLER EVGENY MARK
JP MORGAN
PROTSVETANIYE HOLDIN
KOULAKOV IVAN EUGENE
HAKANSSON PETER ELAM
EAST CAPITAL ASSET M
FLEMING FAMILY & PAR
LEGAL & GENERAL
URALSIB JSC
DWS FINANZ SERVICE G
PARVEST INVESTMENT M
CARNEGIE ASSET MANAG
DEUTSCHE ASSET MANAG
VANGUARD GROUP INC
Firm Name
Deutsche Bank
VSA Capital Ltd
RBC Capital Markets
Otkritie Capital
Uralsib
Numis Securities Ltd
Westhouse Securities
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
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ERIK DANEMAR
CHARLIE LONG
JONATHAN GUY
ANDY JONES
VALENTINA BOGOMOLOVA
CAILEY BARKER
NICK HATCH
NIKOLAY SOSNOVSKIY
BARRY EHRLICH
MIKHAIL STISKIN
CRAIG STERLING
ILYA MAKAROV
Source
Co File
Co File
RNS-MAJ
RNS-DIR
ULT-AGG
RNS-MAJ
Co File
RNS-MAJ
ULT-AGG
MF-AGG
ULT-AGG
RNS-MAJ
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
sector perform
buy
hold
buy
buy
sell
equalweight
buy
buy
buy
Amt Held
105'910'000
66'235'264
36'116'799
28'057'794
20'996'780
19'508'123
17'552'500
11'101'386
10'985'430
8'289'000
5'496'428
4'211'883
1'977'736
1'850'620
1'580'000
1'384'600
900'000
830'000
815'400
801'501
% Out
32.57
20.37
11.11
8.63
6.46
6
5.4
3.41
3.38
2.55
1.69
1.3
0.61
0.57
0.49
0.43
0.28
0.26
0.25
0.25
Weighting
Change
5
5
3
5
3
5
5
1
3
5
5
5
M
M
M
U
M
M
M
D
M
M
M
M
Latest Chg
3'404'143
2'037'794
(254'398)
(35'619)
200'000
(10'700'000)
1'850'620
1'580'000
(1'083'333)
Target Price
135
175
150
121
131
170
160
82
126
183
#N/A N/A
136
File Dt
Inst Type
18.04.2011
Holding Company
18.04.2011
Corporation
06.03.2013
Investment Advisor
13.07.2012
n/a
28.02.2013
Investment Advisor
06.03.2013
n/a
26.04.2011
n/a
30.04.2012
n/a
17.04.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
28.12.2012
Unclassified
31.01.2013
Investment Advisor
31.05.2012
Investment Advisor
20.08.2012
Investment Advisor
30.11.2012
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Date
17.04.2013
16.04.2013
10.04.2013
10.04.2013
09.04.2013
09.04.2013
04.04.2013
04.04.2013
26.02.2013
25.02.2013
17.01.2013
28.06.2012
19.04.2013
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 (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SBB CN EQUITY YTD Change
SBB CN EQUITY YTD % CHANGE
12/2012
12/yy
3.55
1.12
65'440.00
1.25
-64.79%
11.61%
4.94%
173.6
216.97
0.00
0.0
0.0
116.39
100.58
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
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
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
12/yy
0.0
#DIV/0!
(10.0)
0.00x
(12.7)
0.00x
LTM
12/yy
0.0
#DIV/0!
(11.9)
0.00x
(14.1)
0.00x
0.00
1.53
110.99
0.45
-52.29%
-52.83%
1.534
7
4.286
559'344
384'246
386'280
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1
06/13 Q2
(6.7)
(6.9)
(6.9)
(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
.0 M
a-13
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
19.04.2013
Sabina Gold & Silver Corp

Holdings By:
All
Holder Name
GOODMAN INVESTMENT C
GCIC LTD/CANADA
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
BMO Capital Markets
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
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
ANDREW KAIP
STEPHEN D WALKER
PAOLO LOSTRITTO
RICHARD GRAY
DAVID WEST
ADAM MELNYK
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
outperform
sector perform
buy
speculative buy
buy
speculative buy
Amt Held
20'416'304
18'858'500
18'539'713
10'578'952
2'828'700
2'730'000
1'140'000
1'122'000
1'021'700
945'100
911'126
899'400
838'000
725'400
643'657
642'400
628'042
560'700
343'373
300'000
% Out
11.76
10.86
10.68
6.09
1.63
1.57
0.66
0.65
0.59
0.54
0.52
0.52
0.48
0.42
0.37
0.37
0.36
0.32
0.2
0.17
Weighting
Change
4
5
3
5
4
5
4
Latest Chg
(17'000)
(234'500)
(35'163)
2'151'700
45'000
183'700
45'000
38'610
75'000
5'000
-
Target Price
M
M
M
M
M
M
M
File Dt
Inst Type
25.01.2013
Investment Advisor
09.10.2012
Investment Advisor
08.05.2012
Corporation
17.04.2013
Investment Advisor
29.06.2012
Holding Company
28.02.2013
Investment Advisor
29.03.2013
Investment Advisor
31.12.2012
Investment Advisor
16.04.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
28.09.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
01.11.2011
n/a
02.01.2013
n/a
28.03.2013
Investment Advisor
Date
3
3
4
4
5
7
6
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Date
15.04.2013
14.04.2013
09.04.2013
15.03.2013
22.02.2013
21.02.2013
12.11.2012
19.04.2013
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
213'206.00
2.71
-81.26%
2.65%
0.34%
70.2
190.11
8.83
0.0
0.0
30.17
250.69
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
a-12
m-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
j-12
a-12
s-12
LTM
01/yy
139.2
20.90x
24.5
19.82x
(9.8)
0.00x
o-12
n-12
d-12
j-13
f-13 m-13
FY+1
.0 M
a-13
0.00
1.45
60.86
8.67
-79.33%
-53.68%
1.446
10
3.900
1'422'257
714'321
696'094
FY+2
FQ+1
FQ+2
04/13 Y
04/14 Y
04/13 Q4 07/13 Q1
153.4
263.4
47.7
41.7
1.99x
1.12x
6.67x
7.65x
30.0
107.6
15.8
8.2
8.37x
2.33x
4.49x
4.18x
(0.1)
48.0
9.9
2.1
96.79x
3.54x
6.38x
5.31x
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
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
19.04.2013
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
SPROTT INC
HINCHCLIFFE BRIAN A
GAMCO
FMR LLC
BLACKROCK
EMPIRE LIFE INSURANC
LB SWISS INVESTMENT
Firm Name
Investec
BMO Capital Markets
CIBC World Markets
Macquarie
Mirabaud Securities
Panmure Gordon & Co Limited
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
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
HUNTER HILLCOAT
BRIAN QUAST
JOE FAZZINI
COSMOS CHIU
PAOLO LOSTRITTO
MICHAEL SIPERCO
ADAM MELNYK
RICHARD MORGAN
ALISON TURNER
FORBES GEMMELL
CRAIG STERLING
Source
RNS-MAJ
ULT-AGG
Research
Research
Research
Research
ULT-AGG
SEDI
Research
MF-AGG
MF-AGG
Research
PROXY
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
market perform
buy
sector perform
outperform
neutral
buy
speculative 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
1'611'100
1'517'666
1'113'000
905'000
791'000
708'690
569'707
544'236
395'000
386'705
% Out
7.06
6.62
5.93
5.37
4.95
4.5
4
3.88
3.6
3.28
2.3
2.16
1.59
1.29
1.13
1.01
0.81
0.78
0.56
0.55
Weighting
Change
5
3
5
3
5
3
5
4
5
#N/A N/A
1
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
557'500
(551'900)
40'000
2'300'000
(38'500)
396'600
11'175
256
76'236
(5'000)
356'807
Target Price
11
7
11
6
18
8
9
15
8
#N/A N/A
#N/A N/A
File Dt
Inst Type
19.02.2013
Investment Advisor
17.04.2013
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
31.03.2013
Investment Advisor
05.09.2012
n/a
31.12.2012
Unclassified
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
16.04.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
18.04.2013
14.04.2013
12.04.2013
11.04.2013
09.04.2013
02.04.2013
12.03.2013
11.03.2013
11.03.2013
05.02.2013
15.01.2013
19.04.2013
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
1.52
54'434.00
1.65
-62.84%
8.55%
1.39%
126.1
208.11
0.00
0.0
0.0
37.62
177.64
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
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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

31.10.2008
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 (17.04.2013)
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 M
a-13
0.00
1.55
118.46
2.06
-41.07%
-47.45%
1.549
10
4.400
795'612
793'644
655'364
FY+2
FQ+1
FQ+2
10/13 Y
10/14 Y
04/13 Q2 07/13 Q3
414.0
(10.6)
(10.6)
(12.1)
(15.4)
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
0.00
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
19.04.2013
Guyana Goldfields Inc

Holdings By:
All
Holder Name
BAUPOST GROUP LLC
FRANKLIN RESOURCES
SHERIDAN JR JOHN PAT
FMR LLC
LB SWISS INVESTMENT
SPROTT INC
QUANTEX AG
MMA INVESTMENT MANAG
TD ASSET MANAGEMENT
BLACKROCK
VANGUARD GROUP INC
US GLOBAL INVESTORS
FERRY ALAN L H
PO ALEXANDER
Firm Name
BMO Capital Markets
Casimir Capital
Scotia Capital
Raymond James
TD Securities
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
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
ANDREW KAIP
ADAM P GRAF
STUART MCDOUGALL
RICHARD GRAY
TREVOR TURNBULL
BRAD HUMPHREY
DANIEL EARLE
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
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
MF-AGG
SEDI
Recommendation
buy
speculative buy
buy
sector perform
outperform
speculative buy
outperform
speculative buy
buy
Amt Held
24'878'669
23'717'550
8'051'804
7'995'337
6'600'103
4'732'498
2'300'000
1'831'603
1'237'322
950'000
590'000
550'000
550'000
430'148
397'680
330'000
300'000
228'000
220'000
215'000
% Out
19.73
18.8
6.38
6.34
5.23
3.75
1.82
1.45
0.98
0.75
0.47
0.44
0.44
0.34
0.32
0.26
0.24
0.18
0.17
0.17
Weighting
Change
4
5
4
5
3
5
4
5
4
5
Latest Chg
83'000
(3'647'450)
(26'559)
345'000
607'209
500'000
995'700
(310'000)
(2'988'804)
(49'951)
16'000
190'000
35'000
Target Price
M
M
M
M
D
M
M
U
M
M
File Dt
28.02.2013
28.02.2013
30.11.2010
17.04.2013
22.02.2013
28.02.2013
31.12.2012
30.09.2012
31.12.2012
29.03.2013
28.02.2013
31.12.2011
31.12.2012
16.04.2013
31.03.2013
28.09.2012
31.12.2012
23.04.2012
31.01.2013
07.03.2012
Date
5
8
8
7
4
6
7
6
9
6
Not Provided
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
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Mutual Fund Manager
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Mutual Fund Manager
n/a
Date
15.04.2013
09.04.2013
09.04.2013
15.03.2013
06.03.2013
26.02.2013
25.02.2013
15.01.2013
15.01.2013
14.01.2013
19.04.2013
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
48'548.00
1.51
-42.97%
5.59%
7.08%
126.9
191.56
0.00
0.0
0.0
20.11
102.07
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
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
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
1.39
99.17
0.00
-36.82%
-27.75%
1.394
9
4.778
489'532
477'499
392'102
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1
06/13 Q2
(4.6)
(5.8)
(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 M
a-13
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
19.04.2013
Lydian International Ltd

Holdings By:
All
Holder Name
INTERNATIONAL FINANC
EUROPEAN BANK FOR RE
NEWMONT MINING CORP
FRANKLIN RESOURCES
GCIC LTD/CANADA
TRIMARK INVESTMENT M
HAYK ALOYAN
HENDERSON MARC C
MACKENZIE FINANCIAL
FMR LLC
MULLENS PETER
ANDROSS LIMITED
GLOBAL X MANAGEMENT
TARGET GENERATION SO
QUANTEX AG
SPROTT INC
Firm Name
Stifel
BMO Capital Markets
TD Securities
Scotia Capital
GMP
RBC Capital Markets
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
CRAIG P STANLEY
TARA HASSAN
JOHN P HAYES
SHANE NAGLE
MIKE KOZAK
DANIEL EARLE
LEILY OMOUMI
ANDREW MIKITCHOOK
JONATHAN GUY
Source
ULT-AGG
SEDI
Research
SEDI
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
SEDI
SEDI
MF-AGG
ULT-AGG
SEDI
SEDI
MF-AGG
MF-AGG
SEDI
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
outperform
buy
speculative buy
sector outperform
buy
outperform
Amt Held
13'148'278
10'298'013
9'038'780
8'650'000
5'775'000
3'790'000
2'351'900
2'000'000
1'791'500
1'602'500
1'567'700
1'525'300
1'430'000
1'340'450
1'214'275
1'179'400
1'007'500
950'000
941'400
903'610
% Out
10.36
8.12
7.12
6.82
4.55
2.99
1.85
1.58
1.41
1.26
1.24
1.2
1.13
1.06
0.96
0.93
0.79
0.75
0.74
0.71
Weighting
Change
5
5
4
5
5
4
5
5
5
M
M
M
M
M
M
M
M
M
Latest Chg
(6'000'000)
1'419'732
500'000
800'000
1'890'000
2'000
(120'000)
392'600
298'100
(90'500)
200'000
51'426
500'000
(344'000)
Target Price
3
4
#N/A N/A
4
4
4
4
5
3
File Dt
Inst Type
17.04.2013
Investment Advisor
05.10.2012
Government
29.03.2012
Bank
24.09.2010
Corporation
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Bank
31.12.2012
Unclassified
22.02.2013
n/a
02.10.2012
n/a
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
07.02.2013
n/a
12.10.2012
Other
16.04.2013
Investment Advisor
21.09.2010
Other
29.03.2013
Investment Advisor
28.09.2012
Investment Advisor
Date
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Date
16.04.2013
16.04.2013
14.04.2013
09.04.2013
15.03.2013
07.03.2013
05.03.2013
05.03.2013
07.01.2013
19.04.2013

Coeur d'Alene Mines Corporation, through its subsidiaries, explores, develops,
operates, and/or owns silver and gold mining properties and companies. The
Company's properties are located primarily in the United States, Australia, and
South America.
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
CDM CN EQUITY YTD Change
CDM CN EQUITY YTD % CHANGE
12/2012
12/yy
31.82
13.68
11'500.00
14.18
-56.63%
3.65%
0.06%
90.4
1'282.36
124.55
0.0
0.0
153.50
1'220.60
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
.7 M
30
.6 M
25
.5 M
20
.4 M
15
.3 M
10
.2 M
.1 M
0
a-12
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
-
31.12.2012
895.5
2.45x
378.2
5.80x
48.7
378.23
159.37
17.80%
13.10%
1.50%
2.25%
0.28%
24.6%
42.2%
17.8%
5.4%
1.70
0.79
3.87%
5.67%
12.27
4.45
12/yy
1'021.2
9.28x
531.3
3.95x
93.5
0.00x
j-12
j-12
a-12
s-12
LTM
12/yy
895.5
9.22x
378.2
5.80x
48.7
0.00x
o-12
n-12
d-12
j-13
f-13 m-13
FY+1
.0 M
a-13
1.69
89.85
0.28
-34.11%
-41.98%
1.694
7
4.286
70'952
73'783
76'962
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
967.0
1'075.0
229.3
237.0
1.19x
0.92x
5.12x
5.25x
404.0
530.0
98.3
92.6
3.02x
2.30x
2.93x
2.60x
120.6
184.6
27.4
25.4
11.04x
8.42x
11.04x
10.23x
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
-0.08
0.33
5.7%
5.4%
0.28
0.33
29.82
82.19
34.90
77.12
1.20
1'200.0
1.00
1'000.0
0.80
800.0
0.60
m-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
170.9
5.09x
0.3
2750.95x
(0.6)
-
35
600.0
400.0
0.40
200.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
19.04.2013

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
GUGGENHEIM
ATLANTIC INVESTMENT
DEUTSCHE BANK AG
SUN VALLEY GOLD LLC
SPROTT INC
FMR LLC
NEW JERSEY DIVISION
JP MORGAN
INVESCO LTD
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
ATLANTIC INVESTMENT
SUN VALLEY GOLD LLC
SPROTT INC
n/a
n/a
INVESCO LTD
Firm Name
Analyst
BMO Capital Markets

Sidoti & Company LLC
Deutsche Bank
JPMorgan
EVA Dimensions
ANDREW KAIP
ADAM BROOKS
JEFF WRIGHT
MICHAEL S DUDAS
GRAEME JENNINGS
JORGE M BERISTAIN
JOHN BRIDGES
CRAIG STERLING
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
Recommendation
market perform
buy
accumulate
buy
market perform
buy
restricted
overweight
Amt Held
7'408'808
6'165'441
4'876'942
4'441'973
4'438'757
3'067'836
2'403'100
2'259'708
2'031'590
1'857'341
1'795'841
1'602'028
1'278'258
1'265'889
1'179'500
1'105'840
1'000'000
996'110
881'805
733'057
% Out
8.19
6.82
5.39
4.91
4.91
3.39
2.66
2.5
2.25
2.05
1.99
1.77
1.41
1.4
1.3
1.22
1.11
1.1
0.98
0.81
Weighting
Change
3
5
4
5
3
5
#N/A N/A
5
M
M
M
M
M
M
M
D
Latest Chg
1'114'305
(420'427)
296'209
256'439
1'399'434
350'000
986'778
(285'500)
60'904
(457'409)
1'602'028
272'396
(232'106)
(498'100)
(51'910)
1'000'000
756'816
(447'471)
(410'219)
Target Price
17
25
26
36
28
21
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
17.04.2013
Investment Advisor
31.03.2013
Investment Advisor
17.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Date
17.04.2013
17.04.2013
15.04.2013
12.04.2013
12.04.2013
11.04.2013
25.02.2013
22.02.2013
19.04.2013
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 (15.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GPL US EQUITY YTD Change
GPL US EQUITY YTD % CHANGE
Price/Volume
12/2012
12/yy
2.48
0.95
143'499.00
0.996
-60.39%
4.84%
5.23%
137.9
137.31
0.00
0.0
0.0
25.90
115.01
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
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
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
12/yy
57.8
25.22x
22.0
10.65x
11.5
0.00x
LTM
12/yy
61.1
15.51x
15.6
11.93x
5.5
0.00x
FY+1
.0 M
a-13
1.14
134.85
0.79
-50.45%
-34.90%
1.136
4
3.500
812'180
689'835
644'490
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
60.0
66.0
17.03x
12.78x
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
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
19.04.2013
Great Panther Silver Ltd

Holdings By:
All
Holder Name
LB SWISS INVESTMENT
ARCHER ROBERT A
SANCHEZ FRANCISCO RA
TECHNICAL FINANCIAL
BROWN CHARLES P
PUPLAVA FINANCIAL SE
CANADA PENSION PLAN
KOPCHEFF JOHN THOMAS
WAY FUND MANAGERS
BLACKROCK
JANE STREET HOLDING
SCHOELLERBANK INVEST
IFOS INTERNATIONALE
CITADEL ADVISORS LLC
Firm Name
EVA Dimensions
Salman Partners
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
TFS CAPITAL LLC
n/a
PUPLAVA FINANCIAL SE
CANADA PENSION PLAN
n/a
Multiple Portfolios
Multiple Portfolios
n/a
JANE STREET HOLDING
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
CITADEL ADVISORS LLC
Multiple Portfolios
Analyst
CHRISTOS DOULIS
HEIKO IHLE
CRAIG STERLING
ASH GUGLANI
Source
ULT-AGG
MF-AGG
SEDI
20F
13F
SEDI
13F
13F
SEDI
MF-AGG
MF-AGG
ULT-AGG
13F
13F
MF-AGG
MF-AGG
MF-AGG
13F
13F
MF-AGG
Recommendation
sector perform
buy
underweight
buy
Amt Held
9'532'859
1'387'500
1'191'300
1'075'000
896'193
448'000
429'301
293'101
280'000
200'000
200'000
192'931
191'922
188'000
153'000
130'000
100'000
93'500
88'245
86'500
% Out
6.91
1.01
0.86
0.78
0.65
0.32
0.31
0.21
0.2
0.15
0.15
0.14
0.14
0.14
0.11
0.09
0.07
0.07
0.06
0.06
Weighting
Change
3
5
1
5
M
M
D
M
Latest Chg
(1'219'935)
587'500
(61'200)
(120'468)
36'000
429'301
235'100
200'000
(73'288)
188'000
(35'000)
4'000
(38'700)
14'272
-
Target Price
1
1
#N/A N/A
2
File Dt
17.04.2013
31.12.2012
14.09.2011
29.02.2012
31.12.2012
18.11.2011
31.12.2012
31.12.2012
25.08.2011
28.12.2012
28.03.2013
16.04.2013
31.12.2012
31.12.2012
28.02.2013
28.03.2013
28.02.2013
31.12.2012
31.12.2012
31.12.2012
Date
12 month
12 month
Not Provided
12 month
Inst Type
Investment Advisor
Mutual Fund Manager
n/a
n/a
Investment Advisor
n/a
Hedge Fund Manager
n/a
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Mutual Fund Manager
Date
16.04.2013
15.04.2013
11.04.2013
15.03.2013
19.04.2013
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
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
12/yy
1.09
0.53
441'345.00
0.5602
-48.99%
6.68%
13.08%
231.5
129.66
93.20
0.0
0.0
29.81
193.05
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
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
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%
1.64
0.76
22.12%
40.06%
30.94
9.59
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
a-13
12/yy
71.9
16.56x
14.3
16.46x
15.8
0.00x
LTM
12/yy
117.7
8.29x
48.5
5.72x
18.9
0.00x
FY+1
1.13
225.93
1.06
-33.31%
-40.40%
1.132
8
4.500
1'830'265
1'109'363
880'929
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
161.0
171.5
42.8
36.0
82.7
100.2
2.33x
1.93x
37.2
49.8
5.9
3.5
3.50x
3.15x
3.33x
3.44x
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
8.31
-0.86
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
19.04.2013
Brigus Gold Corp

Holdings By:
All
Holder Name
SPROTT INC
RUFFER LLP
DAWE WADE K
CONNOR CLARK & LUNN
GROSS MICHAEL
LIBRA ADVISORS LLC
CANADA PENSION PLAN
BLACKROCK
BMO FINANCIAL CORP
CITY OF LONDON INVES
COE CAPITAL MANAGEME
KELLIGREW INC
TECHNICAL FINANCIAL
Firm Name
BMO Capital Markets
Casimir Capital
EVA Dimensions
Portfolio Name
n/a
SPROTT INC
Multiple Portfolios
n/a
n/a
CONNOR CLARK & LUNN
n/a
LIBRA ADVISORS LLC
CANADA PENSION PLAN
n/a
BMO FINANCIAL CORP
Multiple Portfolios
CITY OF LONDON INVES
COE CAPITAL MANAGEME
n/a
TFS CAPITAL LLC
Analyst
KERRY SMITH
STEVEN BUTLER
JEFF WRIGHT
BRIAN QUAST
RICHARD GRAY
ERIC WINMILL
DON BLYTH
TEAM COVERAGE
Source
ULT-AGG
13F
13F
MF-AGG
13F
ULT-AGG
13F
SEDI
13F
PROXY
13F
13F
ULT-AGG
13F
MF-AGG
13F
13F
SEDI
13F
13F
Recommendation
buy
buy
neutral
market perform
buy
strong buy
buy
overweight
Amt Held
15'749'424
15'115'219
8'214'500
7'027'000
3'814'200
3'542'114
3'344'200
2'422'397
2'331'800
1'578'085
1'430'200
1'189'700
1'128'900
1'000'000
914'868
912'000
714'630
655'289
500'000
422'021
% Out
6.8
6.53
3.55
3.04
1.65
1.53
1.44
1.05
1.01
0.68
0.62
0.51
0.49
0.43
0.4
0.39
0.31
0.28
0.22
0.18
Weighting
Change
5
5
3
3
5
5
5
5
M
M
M
M
M
M
M
U
Latest Chg
529'589
(1'098'872)
8'214'500
2'073'500
3'503'207
3'344'200
15'841
573'900
(595'900)
(391'900)
(71'100)
(10'948)
50'000
30'000
80'394
Target Price
2
2
1
1
2
2
2
#N/A N/A
File Dt
17.04.2013
31.12.2012
31.12.2012
30.11.2012
31.12.2012
31.12.2012
31.12.2012
03.01.2013
31.12.2012
13.04.2012
31.12.2012
31.12.2012
31.12.2012
31.03.2013
31.07.2012
31.12.2012
31.12.2012
29.09.2011
31.12.2012
31.12.2012
Date
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Inst Type
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Hedge Fund Manager
Hedge Fund Manager
Bank
Investment Advisor
n/a
Investment Advisor
n/a
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Date
16.04.2013
15.04.2013
15.04.2013
14.04.2013
09.04.2013
09.04.2013
03.04.2013
29.06.2012
19.04.2013
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
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.05.2012)
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
12/yy
0.89
0.19
1'700'611.00
0.23
-74.16%
21.05%
6.43%
555.8
127.83
0.00
0.0
0.0
9.65
121.92
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
90.0 M
80.0 M
70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
54.4
1.06x
2.2
26.51x
(42.7)
-
1
1
1
1
1
1
0
0
0
0
0
a-12
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)
-
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
(47.7)
(71.8)
-47.73
-47.76
-50.47%
-51.74%
0.00%
57.06
5.01
0.00%
0.00%
-
Price/ Cash Flow
09/yy
0.0
#DIV/0!
(18.8)
0.00x
(19.9)
0.00x
LTM
12/yy
0.0
#DIV/0!
(24.5)
0.00x
(71.8)
0.00x
FY+1
.0 M
a-13
0.00
1.70
516.81
15.41
-68.49%
9.52%
1.697
5
2.400
1'848'782
3'038'928
2'596'490
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
0.0
#DIV/0!
(9.3)
(7.6)
(6.2)
(8.9)
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
-
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
19.04.2013
Intrepid Mines Ltd

Holdings By:
All
Holder Name
TAURUS SM HOLDINGS P
FMR LLC
UNISUPER
ACORN CAPITAL LTD
MACQUARIE GROUP
SUNSUPER FUND
MICROCAP INVESTMENT
HEALTH SUPER
CBA OFFICERS SUPER F
VANGUARD GROUP INC
QLD LOCAL GOVT SUPER
AUSCOAL SUPER FUND
GORDON BRADLEY AUSTI
COMMONWEALTH SUPER C
Firm Name
Wilson HTM Investment Group
Hartleys
RBC Capital Markets
RBS Morgans
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
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
n/a
Multiple Portfolios
Analyst
STEPHEN PARSONS
CAMERON JUDD
PETER GRAY
GEOFF BREEN
GARY LAMPARD
CHRIS BROWN
MIKE KOZAK
JEAN-FRANCOIS BERTINCOURT
TEAM COVERAGE
Source
Co File
ULT-AGG
EXCH
MF-AGG
EXCH
ULT-AGG
EXCH
EXCH
ULT-AGG
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
EXCH
EXCH
EXCH
EXCH
MF-AGG
Recommendation
Under Review
sell
speculative buy
underperform
suspended coverage
outperform
Under Review
buy
sell
Amt Held
48'192'131
41'772'440
25'513'559
19'156'073
17'837'142
9'529'798
8'304'156
7'545'656
6'348'158
5'436'384
3'995'655
3'920'180
3'537'176
2'706'075
2'551'202
2'225'422
2'091'335
1'970'295
1'830'425
1'794'707
% Out
8.67
7.52
4.59
3.45
3.21
1.71
1.49
1.36
1.14
0.98
0.72
0.71
0.64
0.49
0.46
0.4
0.38
0.35
0.33
0.32
Weighting
Change
#N/A N/A
1
4
1
#N/A N/A
5
#N/A N/A
5
1
M
D
M
D
M
N
M
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
(30'113)
Target Price
#N/A N/A
0
0
0
#N/A N/A
1
#N/A N/A
2
#N/A N/A
File Dt
Inst Type
16.03.2012
Holding Company
17.04.2013
Investment Advisor
21.09.2011
Bank
26.09.2011
Investment Advisor
28.02.2013
Investment Advisor
06.06.2012
Other
06.06.2012
Investment Advisor
31.08.2011
Investment Advisor
06.06.2012
Other
06.06.2012
Other
06.06.2012
Other
06.06.2012
Other
31.03.2013
Investment Advisor
06.06.2012
Other
06.06.2012
Other
01.03.2013
n/a
06.06.2012
n/a
31.07.2012
Investment Advisor
Date
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
27.03.2013
21.03.2013
19.03.2013
27.02.2013
19.02.2013
27.11.2012
23.07.2012
17.04.2012
31.01.2012
19.04.2013
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
7
1.6 M
1.4 M
1.2 M
1.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.04.2012)
52-Week Low (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AXU US EQUITY YTD Change
AXU US EQUITY YTD % CHANGE
12/2012
12/yy
6.61
2.02
104'079.00
2.1
-68.38%
3.96%
2.83%
60.5
127.00
0.00
0.0
0.0
23.09
107.24
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
.6 M
.4 M
.2 M
0
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
5.7
18.66x
(4.8)
(4.0)
-
.8 M
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
06/yy
45.1
33.40x
9.8
37.41x
3.5
0.00x
LTM
12/yy
84.7
12.36x
25.4
7.55x
3.4
0.00x
FY+1
.0 M
a-13
1.06
49.75
0.85
-67.69%
-41.18%
1.059
5
3.800
655'344
442'704
373'493
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
84.5
118.1
16.6
23.7
(11.1)
12.2
8.79x
7.8
25.5
(0.7)
1.9
11.97x
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
19.04.2013
Alexco Resource Corp

Holdings By:
All
Holder Name
SPROTT INC
SPROTT INC
ASSET LIABILITY MANA
NAUMAN CLYNTON R
BLACKROCK
PATHSTONE FAMILY OFF
GLOBAL X MANAGEMENT
THRALL BRADLEY A
LB SWISS INVESTMENT
SEMAPHORE MANAGEMENT
FORUM INVESTMENT ADV
TECHNICAL FINANCIAL
VANGUARD GROUP INC
UNIVERSAL INS HOLDIN
NOMURA
GROUP ONE TRADING LP
Firm Name
EVA Dimensions
Portfolio Name
SPROTT INC
n/a
n/a
n/a
n/a
n/a
PATHSTONE FAMILY OFF
GLOBAL X MANAGEMENT
n/a
Multiple Portfolios
SEMAPHORE MANAGEMENT
Multiple Portfolios
TFS CAPITAL LLC
Multiple Portfolios
n/a
n/a
GROUP ONE TRADING LP
Analyst
NICHOLAS CAMPBELL
JEFF WRIGHT
CRAIG STERLING
GRAEME JENNINGS
CHRISTOS DOULIS
Source
13F
Co File
ULT-AGG
13F
PROXY
SEDI
13F
ULT-AGG
13F
13F
SEDI
MF-AGG
13F
MF-AGG
13F
MF-AGG
ULT-AGG
ULT-AGG
13F
13F
Recommendation
hold
neutral
buy
market perform
outperform
Amt Held
6'859'850
6'445'350
3'481'444
2'683'000
1'940'299
1'725'001
1'203'671
1'012'075
814'919
648'832
523'200
500'000
409'942
381'904
309'416
251'242
137'613
115'766
113'050
112'000
% Out
11.34
10.66
5.76
4.44
3.21
2.85
1.99
1.67
1.35
1.07
0.87
0.83
0.68
0.63
0.51
0.42
0.23
0.19
0.19
0.19
Weighting
Change
3
3
5
3
5
M
M
U
M
M
Latest Chg
(17'600)
(414'500)
(361'629)
(6'000)
225'000
(48'669)
61'066
3'200
(30'000)
14'810
35'740
57'107
(24'419)
10'830
66'400
Target Price
4
4
#N/A N/A
5
5
File Dt
31.12.2012
28.02.2013
17.04.2013
31.12.2012
09.05.2012
30.05.2012
31.12.2012
16.04.2013
31.12.2012
31.12.2012
20.02.2013
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
12 month
Not Provided
12 month
12 month
Inst Type
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Other
n/a
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Mutual Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Unclassified
Investment Advisor
Hedge Fund Manager
Date
16.04.2013
15.04.2013
15.04.2013
01.04.2013
01.04.2013
19.04.2013
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
12/yy
4.09
1.47
113'812.00
1.56
-62.10%
6.12%
1.53%
81.6
127.24
0.00
0.0
0.0
88.40
38.84
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
2.0 M
1.0 M
1
0
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
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 (17.04.2013)
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%
-
12/yy
0.0
#DIV/0!
(28.1)
0.00x
51.5
0.00x
LTM
12/yy
0.0
#DIV/0!
(34.5)
0.00x
(69.5)
0.00x
FY+1
.0 M
a-13
0.00
1.17
68.11
1.58
-45.26%
-42.22%
1.171
4
5.000
773'958
561'112
502'566
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
0.0
(20.4)
(19.1)
(5.8)
(5.8)
(20.1)
(13.7)
(6.3)
(6.3)
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
0.00
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
19.04.2013
Vista Gold Corp

Holdings By:
All
Holder Name
SUN VALLEY GOLD LLC
SUN VALLEY GOLD LLC
SPROTT INC
BLACKROCK
LOEWS CORPORATION
STATE STREET
CANADA PENSION PLAN
PARKER FREDERICK H E
RICHINGS MICHAEL B
IFM - INDEPENDENT FU
EPPLER WILLIAM DURAN
Firm Name
Stonegate Securities Inc
Portfolio Name
SUN VALLEY GOLD LLC
n/a
n/a
n/a
n/a
LOEWS CORPORATION
n/a
CANADA PENSION PLAN
n/a
n/a
Multiple Portfolios
n/a
Analyst
PAOLO LOSTRITTO
ADAM P GRAF
BRIAN W POST
MARCO RODRIGUEZ
JEFF WRIGHT
Source
13F
Research
ULT-AGG
Co File
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
Form 4
13F
13F
13F
13F
13F
Form 4
MF-AGG
Form 4
Recommendation
outperform
buy
buy
no rating system
buy
Amt Held
12'084'310
12'084'310
11'374'527
6'790'378
2'308'682
1'758'748
1'586'026
908'894
822'000
732'415
709'055
556'325
528'000
283'993
271'783
201'025
193'800
188'121
180'750
168'308
% Out
14.82
14.82
13.95
8.33
2.83
2.16
1.94
1.11
1.01
0.9
0.87
0.68
0.65
0.35
0.33
0.25
0.24
0.23
0.22
0.21
Weighting
Change
5
5
5
#N/A N/A
5
M
M
M
M
M
Latest Chg
1'272'000
214'656
(134'823)
(20'971)
(31'575)
21'681
30'000
(24'847)
160'360
11'051
137'400
(33'250)
-
Target Price
4
13
7
#N/A N/A
5
File Dt
31.12.2012
31.12.2012
17.04.2013
31.01.2013
16.04.2013
31.12.2012
31.12.2012
17.04.2013
31.12.2012
31.12.2012
31.12.2012
05.09.2012
31.12.2012
31.12.2012
31.12.2012
31.03.2013
31.12.2012
08.01.2013
28.02.2013
27.08.2012
Date
12 month
Not Provided
12 month
Not Provided
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
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
n/a
Investment Advisor
n/a
Date
09.04.2013
09.04.2013
28.03.2013
19.03.2013
18.03.2013
19.04.2013
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 (01.05.2012)
52-Week Low (18.04.2013)
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
0.16
13'164'323.00
0.165
-73.39%
3.13%
1.14%
595.3
98.22
3.06
0.0
0.0
20.31
105.79
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
10.0 M
5.0 M
0
a-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
j-12
LTM-4Q
LTM
01/yy
01/yy
-
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
a-13
f-13 m-13
FY+1
-
0.00
1.16
532.79
10.63
-69.44%
-56.58%
1.158
7
3.714
6'288'537
5'143'180
4'195'349
FY+2
06/13 Y
06/14 Y
212.2
241.4
0.37x
0.13x
64.2
87.4
1.65x
1.21x
19.0
37.7
4.02x
2.26x
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
m-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
19.04.2013
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
GENUS DYNAMIC GOLD F
FMR LLC
VANGUARD GROUP INC
VON DER HEYDT KERSTE
SNS INVESTMENT FUND
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
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
DAVID BRENNAN
REG SPENCER
CRAIG STERLING
JAMES WILSON
TROY IRVIN
CATHY MOISES
Source
ULT-AGG
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
Co File
EXCH
ULT-AGG
ULT-AGG
MF-AGG
EXCH
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
hold
outperform
hold
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
4'100'000
3'267'666
2'992'488
2'896'045
2'671'902
1'100'000
1'043'794
% 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
0.69
0.55
0.5
0.49
0.45
0.18
0.18
Weighting
Change
5
5
3
5
3
4
N
M
U
N
D
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)
4'500'000
(1'739'000)
6'847
(43'038)
(20'201)
335
Target Price
0
1
#N/A N/A
1
1
#N/A N/A
File Dt
Inst Type
17.04.2013
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
26.05.2011
n/a
31.07.2012
Investment Advisor
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor
28.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Date
17.04.2013
16.04.2013
16.04.2013
27.11.2012
10.10.2012
27.09.2012
19.04.2013
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
35'555.00
1.18
-66.00%
29.67%
12.74%
113.2
133.52
0.00
0.0
0.0
15.04
118.48
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.0 M
1
.5 M
1
0
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
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)
-
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
(7.5)
-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
1.65
90.30
0.09
-49.57%
-32.18%
1.653
3
5.000
411'369
362'320
359'013
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
.0 M
a-13
(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
19.04.2013
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
Raymond James
Macquarie
GMP
Portfolio Name
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
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
GARY J BASCHUK
MICHAEL GRAY
ANDREW MIKITCHOOK
DON MACLEAN
Source
13F
Co File
SEDI
ULT-AGG
SEDI
MF-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
SEDI
PROXY
MF-AGG
MF-AGG
MF-AGG
SEDI
MF-AGG
MF-AGG
SEDI
MF-AGG
Recommendation
outperform
outperform
buy
hold
Amt Held
14'941'500
9'600'000
9'556'286
6'563'956
1'987'126
1'489'396
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
13.2
8.48
8.45
5.8
1.76
1.32
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
5
5
3
Latest Chg
1'135'340
(250'000)
(21'816)
20'000
63'048
(1'400)
(463'800)
28'300
70'000
135'000
75'000
(70'000)
(5'000)
13'300
Target Price
M
M
M
M
File Dt
31.12.2012
20.03.2013
05.04.2011
17.04.2013
22.02.2013
16.04.2013
31.12.2012
31.12.2012
31.12.2012
25.02.2013
08.03.2012
13.04.2012
28.02.2013
28.02.2013
31.03.2013
17.02.2012
30.06.2012
28.02.2013
07.06.2012
28.02.2013
Date
4
3
5
4
12 month
12 month
12 month
12 month
Inst Type
Hedge Fund Manager
Corporation
Corporation
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
n/a
n/a
n/a
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
n/a
Investment Advisor
Mutual Fund Manager
n/a
Investment Advisor
Date
09.04.2013
22.03.2013
19.03.2013
06.03.2012
19.04.2013
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
40
9.0 M
35
8.0 M
30
7.0 M
6.0 M
25
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.04.2012)
52-Week Low (18.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PGD LN EQUITY YTD Change
PGD LN EQUITY YTD % CHANGE
12/2011
01/yy
37.75
11.50
617'581.00
11.75
-68.87%
2.17%
1.92%
854.6
100.41
0.38
0.0
4.0
7.49
100.10
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
4.0 M
15
3.0 M
10
2.0 M
1.0 M
0
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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

31.12.2007
0.0
(6.2)
(6.2)
-
5.0 M
20
31.12.2008
31.12.2009
0.0
0.0
(5.8)
(7.3)
(5.8)
(7.3)
Profitability
31.12.2010
0.0
(11.3)
(11.3)
-
-32.55
-33.37
-89.33%
-107.68%
0.00%
1.83
0.98
0.94%
1.36%
0.00
0.00
0.88
561.11
-67.81%
-47.78%
0.879
2
4.500
1'269'799
1'736'133
1'320'024
LTM-4Q
LTM
FY+1
FY+2
FQ+1
01/yy
01/yy
12/12 Y
12/13 Y
31.12.2011
0.0
(32.6)
(33.2)
-
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 M
a-13
FQ+2
-
-1085.03
-1335.13
0.00
1.4%
1.2%
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
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
19.04.2013
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
Fraser Mackenzie Limited
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
ALEKSANDRA BUKACHEVA
NICHOLAS CHALMERS
Source
REG
ULT-AGG
Co File
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
buy
speculative buy
Amt Held
149'037'867
140'531'949
103'653'116
96'575'359
50'361'585
42'329'577
36'986'715
29'562'152
28'353'264
28'323'264
24'485'645
23'296'857
14'767'188
13'399'969
12'894'789
9'941'137
9'722'734
9'455'190
9'385'378
7'247'490
% Out
17.44
16.44
12.13
11.3
5.89
4.95
4.33
3.46
3.32
3.31
2.87
2.73
1.73
1.57
1.51
1.16
1.14
1.11
1.1
0.85
Weighting
Change
5
4
Latest Chg
2'753'684
(116'604)
590'460
9'636'316
(140'464)
(1'116'233)
4'403'000
2'125'000
(908'112)
(2'554'143)
(231'500)
(38'500)
Target Price
M
M
59
35
File Dt
Inst Type
02.01.2013
Other
16.04.2013
Investment Advisor
24.04.2012
n/a
02.01.2013
Unclassified
02.01.2013
Other
17.04.2013
Investment Advisor
02.01.2013
Unclassified
24.04.2012
n/a
02.01.2013
Other
02.01.2013
Corporation
24.04.2012
n/a
27.06.2012
n/a
02.01.2013
Unclassified
02.01.2013
Other
02.01.2013
Unclassified
02.01.2013
Investment Advisor
24.04.2012
n/a
02.01.2013
Other
02.01.2013
Investment Advisor
Date
Not Provided
12 month
Date
02.01.2013
04.12.2012
19.04.2013
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 (02.05.2012)
52-Week Low (18.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
06/yy
3.99
2.48
376'000.00
2.52
-36.84%
1.61%
0.67%
297.3
1'949.91
3'264.36
0.0
47.0
349.57
5'944.82
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
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
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
165.3
12.10x
824.55
622.24
10.88%
7.64%
2.79%
9.12%
5.28%
0.74%
15.4%
14.2%
9.5%
2.6%
1.31
0.31
49.75%
141.97%
9.59
1.87
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
a-13
4.98
0.82
297.27
-31.51%
-20.25%
0.823
4
2.500
626'000
462'301
558'385
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/12 Q3 12/12 Q4
6'921.5
6'595.0
0.73x
0.76x
754.0
811.0
7.88x
7.33x
200.5
227.5
7.72x
6.80x
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
4.86
2.68
5.74
6.10
142.0%
58.2%
0.74
2.21
38.17
195.75
24.89
125.81
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
19.04.2013
Lingbao Gold Co Ltd

Holdings By:
All
Holder Name
VALUE PARTNERS GROUP
BLACKROCK
VANGUARD GROUP INC
MACQUARIE GROUP
HANDELSBANKEN FONDER
NOMURA INTERNATIONAL
GLOBAL X MANAGEMENT
Firm Name
Credit Suisse
EVA Dimensions
Guotai Junan
First Shanghai Securities Ltd
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
OWEN LIANG
CRAIG STERLING
KEVIN GUO
RONGJIN LUO
ZHANG ZHIBIN
Source
EXCH
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
underperform
underweight
neutral
long-term buy
buy
Amt Held
27'842'000
24'158'000
14'844'000
6'712'000
2'202'000
1'608'558
1'310'000
736'000
230'000
190'000
160'000
122'000
68'000
58'910
54'000
% Out
9.37
8.13
4.99
2.26
0.74
0.54
0.44
0.25
0.08
0.06
0.05
0.04
0.02
0.02
0.02
Weighting
Change
1
1
3
5
5
D
D
D
M
N
Latest Chg
(72'000)
60'000
(136'000)
(580'000)
30'000
-
Target Price
2
#N/A N/A
3
7
6
File Dt
Inst Type
20.03.2013
Investment Advisor
17.04.2013
Investment Advisor
02.06.2011
Corporation
31.07.2012
Investment Advisor
16.04.2013
Investment Advisor
31.12.2012
Investment Advisor
30.06.2011
Investment Advisor
31.01.2013
Investment Advisor
28.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2012
Investment Advisor
16.04.2013
Investment Advisor
31.01.2013
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
12 month
12 month
Date
09.04.2013
02.04.2013
26.02.2013
13.07.2012
28.03.2012
19.04.2013
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 (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SPM CN EQUITY YTD Change
SPM CN EQUITY YTD % CHANGE
12/2012
12/yy
1.28
0.46
55'350.00
0.485
-62.50%
5.43%
4.88%
198.4
96.22
0.00
0.0
0.0
31.05
65.18
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
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
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
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
45.8
3.78x
14.2
12.23x
7.1
25.75x
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
12/yy
61.1
18.97x
29.4
12.25x
12.6
32.50x
LTM
12/yy
45.8
14.77x
14.2
12.23x
7.1
25.75x
FY+1
.0 M
a-13
0.00
1.39
196.42
0.00
-58.90%
-52.91%
1.385
4
5.000
671'946
446'584
406'633
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
81.2
113.0
16.7
28.6
3.96x
2.28x
7.70x
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
19.04.2013
Scorpio Mining Corp

Holdings By:
All
Holder Name
JP MORGAN
GLOBAL X MANAGEMENT
SPROTT INC
HAWLEY PETER J
MATRIX FUND MANAGEME
FACTOR ADVISORS LLC
SADEK JOHN
BLACKROCK
IFOS INTERNATIONALE
Firm Name
Casimir Capital
Clarus Securities
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ERIC WINMILL
MIKE BANDROWSKI
BARRY D ALLAN
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
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
buy
suspended coverage
buy
Amt Held
34'293'005
15'985'937
9'523'000
3'800'000
2'570'166
1'941'000
1'843'436
1'639'600
1'400'000
1'322'400
424'600
295'000
156'048
131'178
79'150
75'011
64'206
59'540
45'000
40'000
% Out
17.29
8.06
4.8
1.92
1.3
0.98
0.93
0.83
0.71
0.67
0.21
0.15
0.08
0.07
0.04
0.04
0.03
0.03
0.02
0.02
Weighting
Change
5
5
5
#N/A N/A
5
M
M
M
M
U
Latest Chg
1'530'500
(53'046)
(2'341'300)
295'000
20'000
Target Price
1
2
2
#N/A N/A
#N/A N/A
File Dt
Inst Type
17.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
16.04.2013
Investment Advisor
31.12.2012
n/a
28.09.2012
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
30.11.2012
Investment Advisor
31.07.2012
Investment Advisor
29.11.2012
Unclassified
31.12.2012
n/a
31.01.2013
Investment Advisor
16.04.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
28.03.2013
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
Not Provided
Date
09.04.2013
05.04.2013
19.03.2013
16.07.2012
12.06.2012
19.04.2013
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 (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MDW US EQUITY YTD Change
MDW US EQUITY YTD % CHANGE
12/2010
12/yy
1.80
0.87
14'321.00
0.92
-49.21%
5.50%
4.09%
128.5
118.18
0.00
44.3
0.0
75.05
90.49
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
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
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
0.0
(11.6)
(16.2)
-
2
2
2
1
1
1
1
1
0
0
0
a-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
-
12/yy
0.0
#DIV/0!
(18.2)
0.00x
(15.5)
0.00x
LTM
12/yy
0.0
#DIV/0!
(14.3)
0.00x
(15.3)
0.00x
0.00
1.06
95.26
3.77
-31.34%
-33.81%
1.056
7
4.429
494'956
380'532
368'742
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1
06/13 Q2
(10.5)
(7.0)
(14.0)
(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 M
a-13
(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
19.04.2013
Midway Gold Corp

Holdings By:
All
Holder Name
SHEERIN MATT
HALE JR MARTIN M
HAWES GEORGE T
FRANKLIN RESOURCES
DISBROW ROBERT
BLACKROCK
VANGUARD GROUP INC
YU FRANK S
STATE STREET
WOLFUS DANIEL EDWARD
DAVENPORT & COMPANY
GILDER GAGNON HOWE
DEANS KNIGHT CAPITAL
KUDU PARTNERS LP
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
DAVENPORT & COMPANY
n/a
n/a
n/a
US GLOBAL INVESTORS
Multiple Portfolios
SUN VALLEY GOLD LLC
Analyst
JOE MAZUMDAR
MICHAEL A SCOON
KYLE MCPHEE
ADAM P GRAF
MATTHEW SHEPPARD
SAM CRITTENDEN
BRIAN SZETO
RICHARD TROTMAN
Source
ULT-AGG
PROXY
13D
SEDI
ULT-AGG
13G
ULT-AGG
13F
PROXY
ULT-AGG
SEDI
13F
13F
13G
13G
SEDI
13F
MF-AGG
13F
13F
Recommendation
speculative buy
buy
speculative buy
hold
buy
outperform
outperform
suspended coverage
Amt Held
9'931'302
8'200'906
8'080'435
7'361'064
6'497'700
5'072'200
4'831'797
2'914'011
1'709'646
1'671'214
1'570'117
1'481'758
1'470'179
1'219'343
1'144'360
815'536
571'863
558'000
445'429
435'535
% Out
7.73
6.38
6.29
5.73
5.06
3.95
3.76
2.27
1.33
1.3
1.22
1.15
1.14
0.95
0.89
0.63
0.45
0.43
0.35
0.34
Weighting
Change
4
5
4
3
5
5
5
#N/A N/A
M
M
N
M
M
M
M
M
Latest Chg
2'604'621
(27'300)
(75'800)
(206'037)
(1'449'218)
145'409
(8'876)
14'700
(161'701)
306'063
(17'965)
Target Price
2
2
2
#N/A N/A
2
2
2
#N/A N/A
File Dt
Inst Type
17.04.2013
Investment Advisor
07.03.2012
n/a
13.12.2012
n/a
31.10.2011
n/a
31.01.2013
Investment Advisor
31.12.2011
n/a
16.04.2013
Investment Advisor
31.03.2013
Investment Advisor
07.03.2012
n/a
17.04.2013
Investment Advisor
12.09.2011
n/a
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
30.04.2009
Investment Advisor
31.12.2012
Investment Advisor
08.11.2007
Other
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Date
18.04.2013
16.04.2013
10.04.2013
09.04.2013
13.03.2013
05.02.2013
08.01.2013
16.07.2012
19.04.2013
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
12/yy
8.59
5.35
11'138.00
6.37
-27.24%
19.07%
31.48%
38.5
245.49
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
a-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%
-
12/yy
1'902.6
2.80x
392.4
3.83x
(119.1)
0.00x
j-12
j-12
a-12
s-12
LTM
12/yy
1'959.2
4.32x
412.8
6.26x
279.6
0.00x
o-12
n-12
d-12
j-13
f-13 m-13
FY+1
.0 M
a-13
0.81
0.09
-3.67%
-19.29%
0.807
2
5.000
137'408
128'186
126'285
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
03/13 Q3 06/13 Q4
2'201.0
2'563.2
621.3
891.5
354.8
523.8
6.24x
4.26x
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
m-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
19.04.2013
DRDGOLD Ltd
Holdings By:
All
Holder Name
SKAGEN AS
BRANCH BANKING & TRU
US GLOBAL INVESTORS
ROTHSCHILD & COMPAGN
JANE STREET HOLDING
FRANK RUSSELL TRUST
RUFFER LLP
MORGAN STANLEY
APERIO GROUP LLC
FMR LLC
SCHRODER INVESTMENT
COMMONWEALTH OF PENN
OXFORD ASSET MANAGEM
Firm Name
EVA Dimensions
Portfolio Name
Multiple Portfolios
n/a
Multiple Portfolios
BRANCH BANKING AND T
US GLOBAL INVESTORS
Multiple Portfolios
JANE STREET HOLDING
FRANK RUSSELL COMPAN
RUFFER LLP
n/a
APERIO GROUP LLC
BANK OF AMERICA
n/a
SCHRODER INVESTMENT
COMMONWEALTH OF PENN
OXFORD ASSET MANAGEM
Analyst
CRAIG STERLING
Source
MF-AGG
ULT-AGG
13F
13F
MF-AGG
13F
13F
MF-AGG
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
Recommendation
overweight
Amt Held
3'724'701
931'970
536'792
390'470
115'000
110'000
110'000
100'000
44'799
36'297
34'015
31'500
29'633
28'307
28'300
28'300
26'529
17'976
16'227
6'552
% Out
9.66
2.42
1.39
1.01
0.3
0.29
0.29
0.26
0.12
0.09
0.09
0.08
0.08
0.07
0.07
0.07
0.07
0.05
0.04
0.02
Weighting
Change
5
Latest Chg
(49'424)
(58'369)
59'200
10'000
(6'532)
5'275
2'739
27'529
28'300
28'300
(9'576)
6'940
7'860
(1'755)
Target Price
#N/A N/A
File Dt
27.03.2013
17.04.2013
31.03.2013
31.12.2012
28.12.2012
31.03.2013
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
Inst Type
Mutual Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Mutual Fund Manager
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
16.04.2013
19.04.2013
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
5
2.5 M
4
2.0 M
4
3
1.5 M
3
2
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.05.2012)
52-Week Low (18.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
THM US EQUITY YTD Change
THM US EQUITY YTD % CHANGE
12/2012
12/yy
4.16
0.91
49'401.00
0.98
-77.16%
7.34%
1.70%
98.1
96.11
0.00
0.0
0.0
30.35
68.28
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
a-12
31.12.2009
31.12.2010
0.0
0.0
(7.3)
(12.1)
(9.8)
(17.9)
Profitability
m-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
-40.55%
-45.46%
0.00%
8.39
8.17
0.00%
0.00%
0.00
-
05/yy
0.0
#DIV/0!
(9.9)
0.00x
(10.2)
0.00x
j-12
j-12
a-12
s-12
LTM
12/yy
0.0
#DIV/0!
(55.5)
0.00x
(56.6)
0.00x
o-12
n-12
d-12
j-13
f-13 m-13
FY+1
.0 M
a-13
1.04
85.66
0.50
-73.44%
-54.84%
1.045
3
2.667
335'206
319'955
239'120
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
0.0
0.0
#DIV/0!
#DIV/0!
(15.5)
(17.3)
(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
.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
(3.2)
(2.4)
-
1.0 M
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
19.04.2013
International Tower Hill Mines Ltd

Holdings By:
All
Holder Name
ANGLOGOLD ASHANTI LT
PAULSON & CO
TEXAS TEACHER RETIRE
INVESCO LTD
FMR LLC
DRESCHER ANTON J
PONTIUS JEFFREY A
VANGUARD GROUP INC
CARRIERE DANIEL A
TECHNICAL FINANCIAL
DEUTSCHE BANK AG
TD ASSET MANAGEMENT
Firm Name
BMO Capital Markets
Credit Suisse
Salman Partners
Portfolio Name
n/a
PAULSON & CO
n/a
TEACHER RETIREMENT S
INVESCO LTD
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
TFS CAPITAL LLC
TD ASSET MANAGEMENT
Multiple Portfolios
Analyst
JOHN P HAYES
ADAM P GRAF
ANITA SONI
DAVID WEST
Source
13F
SEDI
13F
ULT-AGG
13F
13F
13F
13F
MF-AGG
ULT-AGG
SEDI
SEDI
MF-AGG
ULT-AGG
SEDI
13F
13F
13F
13F
MF-AGG
Recommendation
buy
underperform
Under Review
Amt Held
17'169'469
11'073'323
8'949'654
6'413'116
2'099'836
1'926'411
1'014'000
900'425
607'000
546'700
489'218
383'566
345'617
345'555
294'735
266'450
241'109
233'600
220'000
208'228
% Out
17.51
11.29
9.13
6.54
2.14
1.96
1.03
0.92
0.62
0.56
0.5
0.39
0.35
0.35
0.3
0.27
0.25
0.24
0.22
0.21
Weighting
Change
2
5
1
#N/A N/A
D
M
M
M
Latest Chg
351'505
277'201
(1'923'077)
34'847
(50'000)
(195'600)
114'825
(71'809)
110'867
106'100
(224'772)
Target Price
#N/A N/A
8
1
#N/A N/A
File Dt
31.12.2012
07.08.2012
31.12.2012
17.04.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.02.2013
28.02.2013
21.12.2012
07.01.2013
31.03.2013
31.12.2012
22.11.2011
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.02.2013
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
n/a
n/a
Investment Advisor
Insurance Company
n/a
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Mutual Fund Manager
Date
14.04.2013
09.04.2013
03.04.2013
08.11.2012
19.04.2013
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
3
2
2
Valuation Analysis
Latest Fiscal Year:

LTM as of:
52-Week High (20.04.2012)
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
1.98
0.56
431'246.00
0.585
-70.38%
5.41%
1.08%
135.5
79.26
0.00
0.0
(0.4)
13.46
87.53
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
(1.4)
(0.6)
-
0
a-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
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
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
1.55
134.28
0.75
-69.29%
-53.20%
1.551
3
2.667
289'386
323'382
307'108
FY+2
06/13 Y
06/14 Y
50.0
127.0
1.58x
0.25x
17.5
78.1
5.00x
1.12x
1.1
40.0
146.25x
1.93x
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
m-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
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
a-13
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
19.04.2013
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
Firm Name
Wilson HTM Investment Group
Bell Potter
Casimir Capital
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
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
CAMERON JUDD
REG SPENCER
CATHY MOISES
CHRIS WHITEHEAD
JAMES CROSBY
Source
ULT-AGG
Co File
ULT-AGG
ULT-AGG
MF-AGG
EXCH
ULT-AGG
ULT-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
Co File
ULT-AGG
Co File
Co File
MF-AGG
MF-AGG
Recommendation
sell
speculative buy
neutral
buy
overweight
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
53'740
50'000
44'958
41'803
25'000
22'500
17'274
12'704
% 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
0.04
0.04
0.03
0.03
0.02
0.02
0.01
0.01
Weighting
Change
1
4
3
5
5
M
M
D
M
M
Latest Chg
40'000
(1'034'479)
(3'160'399)
145'000
(100'000)
(2'137'799)
-
Target Price
1
1
#N/A N/A
3
3
File Dt
Inst Type
31.01.2013
Investment Advisor
24.09.2012
n/a
31.12.2012
Investment Advisor
17.04.2013
Investment Advisor
24.06.2011
Investment Advisor
31.12.2012
Unclassified
28.02.2013
Investment Advisor
15.11.2012
n/a
30.11.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
n/a
30.06.2012
n/a
16.04.2013
Investment Advisor
26.09.2012
n/a
26.09.2012
n/a
31.01.2013
Investment Advisor
31.07.2012
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
12 month
12 month
Date
17.04.2013
15.04.2013
03.01.2013
01.03.2012
06.02.2012
19.04.2013
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 (18.04.2012)
52-Week Low (18.04.2013)
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
1.02
0.19
5'756'691.00
0.195
-80.79%
2.63%
0.61%
400.5
78.09
0.00
0.0
0.0
46.22
27.44
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
1.20
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
0
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
a-13
f-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
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
1.35
390.17
13.83
-80.30%
-62.14%
1.345
13
4.154
3'810'292
3'914'747
3'238'799
FY+2
06/13 Y
06/14 Y
0.0
1.0
864.63x
86.50x
(10.4)
(8.1)
(10.1)
(3.7)
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
19.04.2013
Gryphon Minerals Ltd

Holdings By:
All
Holder Name
GENESIS ASSET MANAGE
AMP LTD
JP MORGAN
PARSONS STEPHEN
GCIC LTD/CANADA
FMR LLC
MACQUARIE GROUP
GLOBAL X MANAGEMENT
WELLS FARGO
QUANTEX AG
NETHERWAY DAVID GEOR
SHARE SICAV
VANGUARD GROUP INC
ASHTON NORMAN MEL
Firm Name
Morgan Stanley
BMO Capital Markets
Clarus Securities
Credit Suisse
Macquarie
RBS Morgans
RBC Capital Markets
EVA Dimensions
GMP
Deutsche Bank
DJ Carmichael Pty Ltd
Portfolio Name
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
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
REG SPENCER
BRENDAN FITZPATRICK
ANDREW BREICHMANAS
NANA SANGMUAH
MICHAEL SLIFIRSKI
MITCH RYAN
JAMES WILSON
GEOFF BREEN
CRAIG STERLING
TROY IRVIN
DON MACLEAN
LEVI SPRY
CHRIS TERRY
PAUL ADAMS
Source
ULT-AGG
EXCH
EXCH
EXCH
ULT-AGG
ULT-AGG
EXCH
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
EXCH
Recommendation
buy
Equalwt/Attractive
buy
outperform
neutral
outperform
outperform
underweight
speculative buy
speculative buy
buy
not rated
speculative buy
Amt Held
47'385'165
20'682'524
19'591'128
16'488'127
14'803'493
9'593'063
6'990'601
6'850'000
5'590'010
5'507'628
4'370'076
3'934'525
3'498'398
2'360'000
1'988'755
1'847'374
1'820'050
1'634'666
1'589'497
1'000'000
% Out
11.83
5.16
4.89
4.12
3.7
2.4
1.75
1.71
1.4
1.38
1.09
0.98
0.87
0.59
0.5
0.46
0.45
0.41
0.4
0.25
Weighting
Change
5
3
4
5
5
3
5
5
1
4
4
5
#N/A N/A
4
M
D
M
M
M
M
M
M
U
M
M
M
M
M
Latest Chg
681'722
(985'067)
(160'194)
2'154'872
1'850'000
400'000
1'032'776
184'800
(10'410)
(530'000)
(200'000)
Target Price
1
0
1
1
1
1
1
1
#N/A N/A
1
1
1
#N/A N/A
#N/A N/A
File Dt
Inst Type
17.04.2013
Investment Advisor
12.03.2013
Investment Advisor
20.11.2012
Bank
22.10.2012
Insurance Company
05.04.2011
Bank
28.02.2013
Investment Advisor
18.12.2012
n/a
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.08.2011
Investment Advisor
16.04.2013
Investment Advisor
28.02.2013
Investment Advisor
29.03.2013
Investment Advisor
31.07.2012
Investment Advisor
30.06.2012
n/a
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
28.08.2012
n/a
Date
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
17.04.2013
16.04.2013
15.04.2013
05.04.2013
03.04.2013
14.03.2013
06.03.2013
04.03.2013
01.03.2013
11.02.2013
01.02.2013
21.08.2012
22.02.2012
24.08.2011
19.04.2013
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
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.05.2012)
52-Week Low (18.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
XRA US EQUITY YTD Change
XRA US EQUITY YTD % CHANGE
12/2011
12/yy
2.62
0.87
43'310.00
0.9
-66.03%
3.45%
2.59%
88.4
79.57
0.00
0.0
0.0
55.52
24.05
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
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
0
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
0.0
(27.4)
(27.0)
-
1.4 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
0.78
82.28
0.49
-62.81%
-25.62%
0.777
4
2.750
354'291
269'218
217'685
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 M
a-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
19.04.2013
Exeter Resource Corp

Holdings By:
All
Holder Name
SPROTT INC
ROWEN COMPANY LTD
SUN VALLEY GOLD LLC
TSP CAPITAL MANAGEME
POLYGON MANAGEMENT L
SIMPSON YALE R
LIBRA ADVISORS LLC
ROXBURGH BRYCE G
WELLS FARGO
LOEWS CORPORATION
LB SWISS INVESTMENT
OPPENHEIMER & CO INC
TECHNICAL FINANCIAL
FMR LLC
PERKINS SIMON RICHAR
Firm Name
Salman Partners
BMO Capital Markets
TD Securities
Mine2Capital Inc
Portfolio Name
n/a
SPROTT INC
n/a
SUN VALLEY GOLD LLC
TSP CAPITAL MANAGEME
POLYGON MANAGEMENT L
n/a
LIBRA ADVISORS LLC
n/a
n/a
LOEWS CORPORATION
n/a
Multiple Portfolios
Multiple Portfolios
OPPENHEIMER & CO INC
TFS CAPITAL LLC
n/a
n/a
Analyst
DAVID WEST
JOHN P HAYES
DANIEL EARLE
ALKA SINGH
Source
ULT-AGG
13F
13F
SEDI
13F
13F
13F
SEDI
13F
SEDI
13F
ULT-AGG
13F
ULT-AGG
MF-AGG
MF-AGG
13F
13F
ULT-AGG
SEDI
Recommendation
speculative buy
speculative buy
sell
Amt Held
5'857'880
3'328'200
3'050'700
2'600'000
2'445'758
2'413'000
2'062'713
1'709'350
1'546'988
1'409'450
807'700
785'000
642'545
537'725
500'000
463'400
402'861
395'202
272'400
270'652
% Out
6.63
3.76
3.45
2.94
2.77
2.73
2.33
1.93
1.75
1.59
0.91
0.89
0.73
0.61
0.57
0.52
0.46
0.45
0.31
0.31
Weighting
Change
4
2
4
1
M
D
M
M
Latest Chg
(694'273)
(5'800)
1'012'800
100'000
381'741
691'500
2'062'713
13'600
(186'800)
305'300
(500)
329'447
463'400
(739)
(90'298)
100
77'000
Target Price
8
#N/A N/A
2
1
File Dt
17.04.2013
31.12.2012
31.12.2012
09.02.2012
31.12.2012
31.12.2012
31.12.2012
26.12.2012
31.12.2012
02.05.2011
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.03.2013
31.12.2012
31.12.2012
28.02.2013
02.02.2011
Date
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Corporation
Hedge Fund Manager
Investment Advisor
Investment Advisor
n/a
Hedge Fund Manager
n/a
Hedge Fund Manager
Investment Advisor
Corporation
Insurance Company
Mutual Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
n/a
Date
17.04.2013
14.04.2013
12.02.2013
04.02.2013
19.04.2013
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
8
1.4 M
1.2 M
1.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (01.05.2012)
52-Week Low (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RIC US EQUITY YTD Change
RIC US EQUITY YTD % CHANGE
12/2008
12/yy
7.38
1.80
33'047.00
1.93
-74.25%
7.22%
2.69%
39.6
76.42
1.63
0.0
0.0
59.84
20.22
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.6 M
3
2
.4 M
.2 M
0
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
70.6
0.43x
9.8
3.07x
1.6
29.71x
.8 M
Valuation Analysis
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
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
101.7
0.59x
8.2
7.34x
(45.0)
8.18
-2.59
-2.54%
-2.56%
-28.47%
-35.66%
0.66%
27.5%
7.6%
-2.8%
-44.2%
3.63
3.04
1.10%
1.38%
34.87
10.00
Price/ Cash Flow
12/yy
118.5
7.75x
40.5
7.36x
25.9
14.99x
LTM
12/yy
104.3
4.73x
7.9
7.62x
(45.0)
0.00x
FY+1
.0 M
a-13
0.00
1.22
33.26
0.61
-71.91%
-35.88%
1.225
3
4.333
197'028
148'564
148'510
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
111.0
135.0
8.0
17.0
6.95x
4.66x
2.57x
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
-7.38
0.21
1.4%
1.4%
0.66
1.46
10.50
36.58
69.77
-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
19.04.2013
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
CANADA PENSION PLAN
FMR LLC
CONNOR CLARK & LUNN
BOGLE INVESTMENT MAN
HOULE REJEAN
GOLDMAN SACHS ASSET
MACKENZIE FINANCIAL
Firm Name
CIBC World Markets
Casimir Capital
Portfolio Name
n/a
n/a
n/a
n/a
n/a
PARADIGM CAPITAL MAN
SPROTT INC
TFS CAPITAL LLC
US GLOBAL INVESTORS
CANADA PENSION PLAN
n/a
CONNOR CLARK & LUNN
BOGLE INVESTMENT MAN
n/a
Multiple Portfolios
MACKENZIE FINANCIAL
Analyst
ADAM MELNYK
KEVIN CHIEW
ERIC ALLISON
Source
PROXY
13G
13F
ULT-AGG
13F
13G
SEDI
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
SEDI
MF-AGG
13F
Recommendation
buy
sector perform
overweight
Amt Held
5'016'363
3'617'600
2'730'000
2'645'068
2'060'300
1'968'700
995'509
923'765
710'095
672'980
645'500
318'842
260'000
185'200
145'300
137'000
120'105
76'500
57'200
55'750
% Out
12.67
9.14
6.89
6.68
5.2
4.97
2.51
2.33
1.79
1.7
1.63
0.81
0.66
0.47
0.37
0.35
0.3
0.19
0.14
0.14
Weighting
Change
5
3
5
Latest Chg
487'600
159'157
(198'400)
(31'300)
14
(896'035)
420'295
92'400
17'183
(194'200)
115'300
(33'700)
(112'503)
(57'200)
-
Target Price
M
M
M
File Dt
28.03.2013
28.01.2013
31.12.2012
17.04.2013
31.12.2012
29.01.2013
11.01.2012
31.12.2012
31.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
09.03.2012
30.11.2012
31.12.2012
Date
5
4
5
12 month
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
n/a
Investment Advisor
Investment Advisor
Date
12.04.2013
11.04.2013
04.12.2012
19.04.2013
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 (17.04.2013)
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
0.83
76'199.00
0.92
-64.78%
10.84%
3.66%
85.7
78.83
0.00
0.0
16.83
59.98
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
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
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
1.22
80.61
0.26
-48.31%
-45.88%
1.221
9
4.333
285'743
183'971
145'801
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1
06/13 Q2
(16.6)
12.7
4.72x
(15.8)
(9.2)
68.96x
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
.0 M
a-13
-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
19.04.2013
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
BMO Capital Markets
CIBC World Markets
Casimir Capital
RBC Capital Markets
GMP
Raymond James
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
ANDREW BREICHMANAS
JEFF KILLEEN
NICHOLAS CAMPBELL
PAOLO LOSTRITTO
STUART MCDOUGALL
JONATHAN GUY
ADAM MELNYK
ANDREW MIKITCHOOK
BRAD HUMPHREY
Source
SEDI
ULT-AGG
Co File
ULT-AGG
13F
MF-AGG
MF-AGG
MF-AGG
SEDI
SEDI
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
ULT-AGG
ULT-AGG
MF-AGG
Recommendation
market perform
sector outperform
speculative buy
outperform
speculative buy
sector perform
buy
buy
outperform
Amt Held
12'024'600
11'225'518
7'183'500
6'459'738
3'393'687
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
3.96
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
3
5
4
5
4
3
5
5
5
Latest Chg
3'654'500
(1'894'100)
161'575
(18)
6'178
50'000
(12'600)
(20'000)
27'270
302'000
Target Price
M
M
M
M
M
M
M
M
M
File Dt
13.07.2012
17.04.2013
31.12.2011
31.12.2012
31.12.2012
30.09.2012
28.02.2013
28.09.2012
26.04.2012
10.05.2012
30.11.2012
28.02.2013
28.09.2012
31.01.2013
29.03.2013
28.02.2013
17.02.2012
28.02.2013
28.02.2013
31.12.2012
Date
2
3
4
3
3
1
4
3
3
Not Provided
Not Provided
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
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
n/a
n/a
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Date
15.04.2013
11.04.2013
11.04.2013
09.04.2013
09.04.2013
28.03.2013
28.03.2013
28.03.2013
11.02.2013
19.04.2013
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
1
20.0 M
1
1
15.0 M
1
0
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.04.2012)
52-Week Low (16.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RMS AU EQUITY YTD Change
RMS AU EQUITY YTD % CHANGE
06/2012
01/yy
0.83
0.21
1'889'993.00
0.205
-75.15%
0.00%
0.81%
337.6
69.22
4.24
0.0
0.0
48.76
29.91
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5.0 M
0
0
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
a-13
f-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
14.9
6.95x
2.2
46.27x
0.6
191.25x
10.0 M
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
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
84.3
1.40x
12.8
9.27x
2.3
66.44x
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
0.94
306.69
5.84
-74.38%
-53.41%
0.941
4
3.500
2'884'677
2'299'294
2'114'293
FY+2
06/13 Y
06/14 Y
137.5
182.7
0.26x
-0.03x
35.0
70.5
0.85x
0.42x
18.4
39.3
3.73x
1.72x
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
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
19.04.2013
Ramelius Resources Ltd

Holdings By:
All
Holder Name
SPROTT INC
PARADICE INVESTMENT
BEACH ENERGY LTD
MANDURANG PTY LTD
NELSON REGINALD GEOR
MACQUARIE GROUP
HOULDSWORTH JOSEPH F
SCHRODER INVESTMENT
KENNEDY ROBERT MICHA
GORDON IAN JAMES
FMR LLC
PRUDENTIAL FINANCIAL
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
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
DAVID BRENNAN
PATRICK CHANG
TEAM COVERAGE
ERIC ALLISON
Source
EXCH
ULT-AGG
EXCH
EXCH
EXCH
Co File
MF-AGG
ULT-AGG
EXCH
MF-AGG
MF-AGG
EXCH
EXCH
ULT-AGG
ULT-AGG
EXCH
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
buy
hold
underweight
overweight
Amt Held
23'947'605
23'646'913
15'269'179
14'053'269
6'442'856
5'331'984
2'687'685
2'510'025
2'374'259
2'125'196
1'787'654
1'557'144
1'099'021
980'000
608'253
279'000
180'600
156'786
121'715
101'750
% Out
7.09
7
4.52
4.16
1.91
1.58
0.8
0.74
0.7
0.63
0.53
0.46
0.33
0.29
0.18
0.08
0.05
0.05
0.04
0.03
Weighting
Change
5
3
1
5
M
M
D
M
Latest Chg
(5'818'592)
(3'686'804)
(6'046'734)
(197'128)
295'639
1'526
90'000
500'000
192'732
(1'544'752)
-
Target Price
0
0
#N/A N/A
1
File Dt
Inst Type
17.04.2013
Investment Advisor
16.04.2013
Investment Advisor
21.06.2011
Corporation
27.02.2013
Other
27.08.2012
n/a
31.07.2012
Investment Advisor
31.08.2011
Investment Advisor
26.05.2011
n/a
31.12.2012
Investment Advisor
27.02.2013
n/a
26.11.2012
n/a
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
28.07.2010
Other
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
16.04.2013
Investment Advisor
31.01.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
Date
17.04.2013
21.01.2013
05.09.2012
06.05.2012
19.04.2013
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 (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SGR CN EQUITY YTD Change
SGR CN EQUITY YTD % CHANGE
12/2012
12/yy
1.61
0.16
93'483.00
0.18
-88.82%
12.50%
1.72%
335.2
60.34
3.12
0.0
0.0
11.58
51.88
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
1
0
5.0 M
0
0
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-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
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)
-
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
142.1
1.76x
35.9
6.96x
(13.2)
35.89
-12.41
-8.73%
-12.29%
-5.23%
-5.91%
0.56%
14.5%
25.2%
-8.7%
-9.3%
1.46
0.86
1.17%
1.34%
11.21
8.33
Price/ Cash Flow
12/yy
114.1
25.74x
12.5
46.18x
(5.1)
0.00x
LTM
12/yy
142.1
9.22x
35.9
6.96x
(13.2)
0.00x
FY+1
.0 M
a-13
0.00
1.38
323.57
0.34
-87.14%
-76.62%
1.385
7
2.429
2'522'245
1'820'615
2'575'203
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
130.5
169.5
38.8
54.7
1.34x
0.95x
(19.4)
6.3
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
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
19.04.2013
San Gold Corp

Holdings By:
All
Holder Name
GCIC LTD/CANADA
JOHN HANCOCK ADVISER
SPROTT INC
WYNNE HUGH
FRANKLIN RESOURCES
MANULIFE ASSET MANAG
FMR LLC
TD ASSET MANAGEMENT
LB SWISS INVESTMENT
BHR FUND ADVISORS LP
VANGUARD GROUP INC
GINN DALE
SHARE SICAV
FORUM INVESTMENT ADV
HUBERT BENJAMIN ARTH
Firm Name
CIBC World Markets
TD Securities
BMO Capital Markets
EVA Dimensions
Raymond James
Portfolio Name
n/a
n/a
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
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
COSMOS CHIU
DANIEL EARLE
PAOLO LOSTRITTO
BRIAN QUAST
ADAM P GRAF
CHRISTOS DOULIS
CRAIG STERLING
BARRY D ALLAN
FORBES GEMMELL
Source
Co File
ULT-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
MF-AGG
SEDI
MF-AGG
MF-AGG
SEDI
Recommendation
sector underperform
hold
Under Review
underperform
hold
underperform
hold
buy
Under Review
Amt Held
41'625'000
26'426'592
13'600'000
12'158'575
9'190'700
9'041'600
8'160'002
8'001'200
5'856'803
3'188'303
2'006'900
1'900'000
1'875'000
1'600'000
1'400'000
1'378'186
1'336'140
1'306'600
1'214'755
1'181'200
% Out
12.42
7.88
4.06
3.63
2.74
2.7
2.43
2.39
1.75
0.95
0.6
0.57
0.56
0.48
0.42
0.41
0.4
0.39
0.36
0.35
Weighting
Change
1
3
#N/A N/A
1
3
1
3
5
#N/A N/A
M
M
M
M
M
M
U
M
M
Latest Chg
(1'406'400)
(87'832)
3'200'000
3'980'808
20'500
300'000
45'000
368'089
(2'960'000)
(193'600)
(40'000)
30'000
176'300
796'340
(50'000)
Target Price
1
0
#N/A N/A
0
#N/A N/A
0
#N/A N/A
1
#N/A N/A
File Dt
Inst Type
30.11.2012
Investment Advisor
17.04.2013
Investment Advisor
30.11.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
24.05.2011
n/a
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
28.09.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
21.06.2012
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
03.05.2011
n/a
Date
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
17.04.2013
17.04.2013
17.04.2013
16.04.2013
09.04.2013
27.03.2013
13.02.2013
12.02.2013
05.02.2013

Fundamental Equity Analysis - Top 100 Gold Mining Companies Worldwide

Cargado por

Información del documento

Derechos de autor

Formatos disponibles

Compartir este documento

Compartir o incrustar documentos

Opciones para compartir

¿Le pareció útil este documento?

¿Este contenido es inapropiado?

Copyright:

Formatos disponibles

Fundamental Equity Analysis - Top 100 Gold Mining Companies Worldwide

Cargado por

Copyright:

Formatos disponibles

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

YAMANA GOLD INC

RANDGOLD RESOURCES LTD-ADR

CIA DE MINAS BUENAVENTUR-ADR

SILVER WHEATON CORP

ANGLOGOLD ASHANTI-SPON ADR

AGNICO-EAGLE MINES LTD

GOLD FIELDS LTD-SPONS ADR

ROYAL GOLD INC

KINROSS GOLD CORP

ELDORADO GOLD CORP

NEW 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

AURIZON MINES LTD

NEVSUN RESOURCES 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

CHINA GOLD INTERNATIONAL RES

LIONGOLD CORP LTD

PERSEUS MINING LTD

AURIZON MINES LTD

MEDUSA MINING LTD

DUNDEE PRECIOUS METALS INC

RIO ALTO MINING LTD

SANDSTORM GOLD LTD

CHINA PRECIOUS METAL RESOURC

EVOLUTION MINING LTD

ENDEAVOUR SILVER CORP

SILVERCORP METALS INC

BEADELL RESOURCES LTD

SEABRIDGE GOLD INC

RUBICON MINERALS CORP

RESOLUTE MINING LTD

KINGSGATE CONSOLIDATED LTD

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Valuation Measures I/II