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

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

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

Analyst Recommendations
QMS Gold Miners FlexIndex The QMS Advisors' Gold Miners Flexible Index tracks
companies involved in the Gold Mining Industry.
July 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
14827808
2000.805
1118
1118
204
220
220
102.41
110.19
110.19
15.69
15.69
14.58
14.58
18.73
Euro Stoxx 50 Pr
EUR
2548017
5339.84
4610
4610
738
771
771
205.58
300.90
300.90
21.67
17.15
14.81
14.81
20.37
NIKKEI 225
JPY
2653801
188.4611
192
192
18
22
22
5.43
7.94
7.94
0.26
0.24
0.18
0.18
0.11
FTSE 100 INDEX
GBP
2606011
11425.82
10175
10175
1424
1682
1682
592.58
812.01
812.01
24.49
21.53
17.88
17.88
21.45
SWISS MARKET INDEX
CHF
1029308
10842.85
4132
4132
868
835
835
420.45
562.22
562.22
20.54
17.05
15.36
15.36
22.32
S&P/TSX COMPOSITE INDEX
CAD
1561598
16437.06
8368
8368
1784
1983
1983
737.92
823.55
823.55
14.85
14.85
13.31
13.31
23.26
S&P/ASX 200 INDEX
AUD
1209852
5805.067
2584
2584
555
632
632
227.09
302.19
302.19
17.45
14.28
13.11
13.11
20.39
HANG SENG INDEX
HKD
1603954
3014.557
1669
1669
356
397
397
278.82
270.43
270.43
1.24
1.41
1.28
1.28
2.92
MSCI EM
USD
7107686
1301.645
969
969
188
180
180
82.42
90.56
90.56
11.41
11.60
10.38
10.38
19.23
GOLDCORP INC
USD
20080
13961
812
20.55
5435
5101
4677
5879
2798
2532
555
555
1.99
1.70
1.27
1.83
14.51
14.51
19.44
13.51
1.36
13.48
19.78
21.03
49.64
BBB+
01.06.2009
Baa2
13.03.2013
BARRICK GOLD CORP
USD
15758
31012
1001
14
30.91
14547
14340
13188
13960
7358
7071
1475
1475
3.74
3.30
2.90
2.93
4.77
4.77
5.43
5.38
2.18
13.61
-11.64
24.49
49.31
BBB
26.04.2013
Baa2
24.04.2013
NEWMONT MINING CORP
USD
14943
21350
497
23.11
9868
9362
8841
10057
4169
3731
711
711
3.71
3.34
2.41
2.93
8.97
8.97
12.42
10.22
-4.73
4.99
-19.24
19.37
39.85
BBB+
11.08.2008
Baa1
26.07.2010
RANDGOLD RESOURCES LTD-ADR
USD
5905
1871
92
5.81
1318
1331
1319
1740
699
689
4.65
4.48
4.06
6.36
14.29
14.29
15.75
10.07
16.92
27.97
20.16
53.34
51.75
YAMANA GOLD INC
USD
7155
13005
7.72
2337
2312
2353
2883
1269
1164
241
241
0.69
0.98
13.70
9.73
7.52
14.54
0.53
26.81
50.35
GOLD FIELDS LTD-SPONS ADR
USD
3884
6925
16
28916
38146
28744
31456
14243
18261
12281
12281
5.29
7.53
9.79
6.88
14.46
8.58
5.29
13.85
47.87
BB+
15.11.2012
SILVER WHEATON CORP
USD
6975
9886
850
856
854
969
701
700
148
148
1.39
1.54
14.18
12.74
16.38
43.77
13.36
43.74
81.79
ANGLOGOLD ASHANTI-SPON ADR
USD
5511
3469
30
52160
51968
61184
70391
19105
17635
20567
20567
14.10
26.22
10.01
5.38
-4.14
11.91
-17.82
86.63
33.93
BBB-
10.12.2012
CIA DE MINAS BUENAVENTUR-ADR
USD
4068
3412
4.30
1564
1492
1601
1718
569
518
199
199
2.69
2.27
2.11
1.97
6.49
6.47
7.00
7.48
0.44
14.04
-30.59
7.40
34.71
NEW GOLD INC
USD
3062
6485
3.24
791
824
921
985
390
388
95
95
0.37
0.51
17.21
12.61
13.70
39.01
13.39
63.80
47.02
BB-
27.03.2012
B2
27.03.2012
AGNICO EAGLE MINES LTD
USD
4761
3530
5.28
1918
1865
1673
1988
787
735
111
111
0.95
1.55
28.90
17.83
5.26
38.09
4.59
31.64
39.41
NR
12.03.2003
WR
05.03.2002
ELDORADO GOLD CORP
USD
4419
8458
4.63
1148
1214
1227
1338
584
631
114
114
0.38
0.45
16.18
13.76
3.97
58.56
-9.24
53.95
51.94
BB
13.11.2012
Ba3
12.11.2012
KINROSS GOLD CORP
USD
5822
20939
1140
6.63
4311
4333
3903
3963
1962
1981
338
338
0.77
0.74
0.39
0.47
6.89
6.89
13.21
10.83
12.20
27.96
1.87
40.67
45.72
BBB-
15.08.2011
Baa3
15.08.2011
ROYAL GOLD INC
USD
2709
2188
59
2.35
263
292
298
358
233
260
58
58
1.63
1.45
1.51
1.97
28.96
28.96
27.96
21.41
21.52
33.98
25.17
44.69
88.90
HARMONY GOLD MNG-SPON ADR
USD
1658
4247
15169
16353
17453
21284
4222
3140
4857
4857
3.88
4.80
9.70
7.84
30.81
9.67
79.35
16.71
19.20
IAMGOLD CORP
USD
1631
13844
1.71
1670
1571
1389
1590
710
642
127
127
0.46
0.60
9.37
7.25
-0.19
12.44
-9.54
30.21
40.84
BB-
10.09.2012
PAN AMERICAN SILVER CORP
USD
1762
4614
1.32
929
943
897
978
362
345
52
52
0.61
0.81
18.96
14.37
8.57
24.85
-18.81
25.23
36.62
FIRST MAJESTIC SILVER CORP
USD
1238
2422
1.16
247
256
320
474
135
132
0.74
1.21
14.37
8.78
0.68
59.29
-13.49
101.01
51.60
COEUR MINING INC
USD
1350
3888
1.37
895
863
849
998
378
343
78
78
0.59
0.68
0.43
1.11
19.56
19.56
31.07
11.99
-12.31
37.42
-28.81
43.35
39.75
B+
25.06.2012
B3
24.01.2013
AURICO GOLD INC
USD
1079
5960
0.98
164
285
374
52
53
20
20
0.22
0.36
19.77
12.31
94.95
15.72
2151.89
ALLIED NEVADA GOLD CORP
USD
673
11451
90
1.01
215
225
348
588
95
98
25
25
0.54
0.54
0.67
1.34
11.91
11.91
9.72
4.84
41.13
95.75
43.59
07.06.2012
B3
16.05.2012
HECLA MINING CO
USD
850
11906
285
0.71
321
306
480
665
93
74
45
45
0.07
0.12
0.10
0.28
24.83
24.83
29.50
10.53
-32.76
22.69
-63.53
10.36
24.02
04.04.2013
B2
02.04.2013
NEVSUN RESOURCES LTD
USD
587
1146
0.40
566
488
291
668
426
347
21
21
0.25
0.84
11.66
3.53
3.34
-0.64
71.21
AURIZON MINES LTD
USD
635
5181
0.48
224
210
92
78
0.06
0.19
67.51
21.32
-14.02
5.97
-26.18
14.15
37.08
SILVER STANDARD RESOURCES
USD
512
1545
0.23
241
252
55
65
-6
-6
-0.27
-0.16
63.09
38.56
25.82
SEABRIDGE GOLD INC
USD
430
767
0.41
-16
-15
-15
-0.22
-0.46
20.14
TANZANIAN ROYALTY EXPLORATIO
USD
272
701
0.27
-5
-5
-16.99
GOLDEN STAR RESOURCES LTD
USD
109
28562
259
0.16
551
552
125
117
15
15
-0.05
-0.16
-0.10
0.07
16.89
21.87
35.80
83.24
21.18
VISTA GOLD CORP
USD
79
5706
82
0.02
-36
-36
-0.54
-0.51
-0.27
-0.25
-26.58
GREAT BASIN GOLD LTD
USD
3503
0.32
170
145
18
-26
70.83
-18.00
ARGONAUT GOLD INC
CAD
806
1336
149
0.62
178
196
194
253
102
112
16
16
0.65
0.60
0.36
0.50
8.16
8.16
75.04
87.25
54.21
TOREX GOLD RESOURCES INC
CAD
767
5955
604
0.40
-57
-61
-0.13
-0.14
-0.08
-0.08
-73.37
LIONGOLD CORP LTD
SGD
804
7738
922
0.77
95
90
-12
-0.02
-0.03
17.94
6.97
-155.65
1.17
CHINA GOLD INTERNATIONAL RES
CAD
1055
641
396
1.13
316
315
PERSEUS MINING LTD
CAD
213
2455
0.19
138
SANDSTORM GOLD LTD
CAD
539
970
86
0.46
53
OCEANAGOLD CORP
CAD
363
1144
294
0.56
MEDUSA MINING LTD
AUD
273
2634
189
DUNDEE PRECIOUS METALS INC
CAD
515
867
126
RIO ALTO MINING LTD
CAD
326
942
176
AURIZON MINES LTD
USD
635
5181
ENDEAVOUR SILVER CORP
USD
342
2212
CONTINENTAL GOLD LTD
CAD
397
858
108
RUBICON MINERALS CORP
CAD
370
1239
288
SILVERCORP METALS INC
USD
482
1834
EVOLUTION MINING LTD
AUD
373
2690
CHINA PRECIOUS METAL RESOURC
HKD
724
2756
SEABRIDGE GOLD INC
USD
430
767
BEADELL RESOURCES LTD
AUD
369
6220
RESOLUTE MINING LTD
AUD
347
4561
254
90
7.99
188
446
204
459
6.00
13.67
9.83
320
521
132
141
121
121
0.17
0.17
0.14
0.15
13.82
13.82
16.86
16.32
6.43
-1.24
42.61
284
340
53
121
0.09
0.13
5.08
3.66
55
62
85
35
34
0.24
0.16
0.16
0.34
32.79
32.79
32.98
15.61
82.39
87.09
58.01
366
373
500
555
137
161
45
45
0.08
0.10
0.17
0.22
10.68
10.68
6.42
5.02
-2.44
13.24
-11.45
63.77
41.00
0.24
74
85
100
209
53
59
0.24
0.26
0.35
0.71
4.63
3.45
1.72
-41.88
86.44
-47.76
63.64
0.51
366
355
393
439
17
17
0.37
0.32
0.51
0.76
12.00
12.00
7.67
5.09
12.97
41.31
0.28
301
267
313
299
165
126
0.54
0.39
0.41
0.42
4.51
4.51
4.28
4.20
44.84
0.48
224
210
92
78
0.06
0.19
67.51
21.32
-14.02
5.97
-26.18
14.15
37.08
0.34
208
229
238
281
90
88
0.27
0.40
12.56
8.64
62.57
53.81
38.56
38.27
0.22
-11
-0.07
-0.10
-0.08
-0.09
0.23
64
-11
-11
-0.04
-0.04
-0.03
0.03
41.39
44.25
0.44
182
182
254
354
90
91
0.30
0.50
9.40
5.70
-23.68
11.35
-41.73
3.36
50.02
707
0.41
431
584
558
627
175
196
94
94
0.06
0.17
0.08
0.09
2.87
6.35
5.33
261.59
496.24
30.83
4351
1.01
210
210
233
303
144
144
144
144
0.02
0.02
0.02
1.38
1.28
1.06
5.84
26.55
4.61
8.88
0.41
-16
-15
-15
-0.22
-0.46
20.14
742
0.49
280
304
-13
135
135
-0.04
-0.05
0.12
0.15
3.57
2.87
55.37
636
0.29
529
567
605
529
233
239
0.15
0.23
0.21
0.11
2.13
2.34
4.47
27.13
26.81
120.30
96.07
38.62
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Valuation Measures I/II

Market Capitalization & Asset Liability data
Market
Total
Capitalization (in mio
Daily
Common Total Debt Preferred
Currency
USD)
Volume (M) Shares (M)
(USD)
Stock (USD)
Minority
Interest
(USD)
Total Revenue
Cash and Enterprise
Equivalents
Value
(USD)
(USD)
Tot. Rev. LFY
Est. Tot.
Rev. - Tr.
12M
EBITDA
Earnings Per Share
Est. Tot.
Est. Tot.
Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M
2013
2014
EPS - LFY
Price/Earnings ratio
Est. EPS Tr. 12M
Est. EPS 2013
Est. EPS 2014
P/E Ratio LFY
Est. P/E
Ratio - Tr.
12M
Rev. Growth
EBITDA Growth
Est.
Est.
Est. Est.
Est. P/E
Est. P/E
Revenue
Revenue Est. EBITDA
EBITDA
Est. EBITDA
Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -
S&P 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
14827808
2000.805
1118
1118
204
220
220
102.41
110.19
110.19
15.69
15.69
14.58
14.58
18.73
Euro Stoxx 50 Pr
EUR
2548017
5339.84
4610
4610
738
771
771
205.58
300.90
300.90
21.67
17.15
14.81
14.81
20.37
NIKKEI 225
JPY
2653801
188.4611
192
192
18
22
22
5.43
7.94
7.94
0.26
0.24
0.18
0.18
0.11
FTSE 100 INDEX
GBP
2606011
11425.82
10175
10175
1424
1682
1682
592.58
812.01
812.01
24.49
21.53
17.88
17.88
21.45
SWISS MARKET INDEX
CHF
1029308
10842.85
4132
4132
868
835
835
420.45
562.22
562.22
20.54
17.05
15.36
15.36
22.32
CAD
1561598
16437.06
8368
8368
1784
1983
1983
737.92
823.55
823.55
14.85
14.85
13.31
13.31
23.26
S&P/ASX 200 INDEX
AUD
1209852
5805.067
2584
2584
555
632
632
227.09
302.19
302.19
17.45
14.28
13.11
13.11
20.39
HANG SENG INDEX
HKD
1603954
3014.557
1669
1669
356
397
397
278.82
270.43
270.43
1.24
1.41
1.28
1.28
2.92
MSCI EM
USD
7107686
1301.645
969
969
188
180
180
82.42
90.56
90.56
11.41
11.60
10.38
10.38
19.23
ENDEAVOUR MINING CORP
CAD
220
5809
391
0.37
329
366
456
543
129
130
0.13
0.08
5.26
5.26
3.86
6.26
130.81
204.08
37.42
FORTUNA SILVER MINES INC
CAD
417
1074
125
0.33
153
153
163
201
67
62
0.26
0.22
0.22
0.30
13.75
13.75
13.81
10.07
44.08
45.08
42.57
64.01
38.42
MCEWEN MINING INC
USD
499
27070
296
0.45
39
22
20
-92
-67
-0.19
-0.17
-0.05
0.04
48.00
-54.81
-171.96
MAG SILVER CORP
CAD
352
183
60
0.32
-13
-13
-3
-3
-0.21
-0.23
-0.17
-0.19
-38.94
PRIMERO MINING CORP
CAD
516
618
97
0.39
174
176
191
238
74
68
29
29
0.51
0.48
0.39
0.52
8.33
8.33
10.38
7.76
16.03
6.02
36.89
KINGSGATE CONSOLIDATED LTD
AUD
186
2249
151
0.31
328
341
311
332
151
0.48
0.32
0.18
0.15
3.54
6.12
7.65
98.45
77.23
134.54
TIMMINS GOLD CORP
CAD
318
698
144
0.31
148
158
187
204
65
72
17
17
0.24
0.30
0.31
0.31
6.89
6.89
6.66
6.83
83.78
57.10
43.49
ST BARBARA LTD
AUD
208
3497
325
0.35
496
478
480
572
205
184
0.38
0.25
0.07
0.12
1.56
5.61
3.26
46.32
25.52
96.25
77.54
35.34
15.03.2013
PREMIER GOLD MINES LTD
CAD
260
2188
149
0.20
-12
-13
-0.14
-0.10
0.01
-0.07
133.80
-5.07
-1376.44
NORTHERN STAR RESOURCES LTD
AUD
247
3841
402
0.21
91
105
44
53
69
69
0.05
0.07
0.07
0.08
7.26
7.76
-12.29
4.80
46.49
USD
272
701
0.27
-5
-5
-16.99
REAL GOLD MINING LTD
HKD
1032
907
0.49
176
176
153
153
0.12
0.12
0.94
0.95
4.55
7.03
11.19
USD
109
28562
259
0.16
551
552
125
117
15
15
-0.05
-0.16
-0.10
0.07
16.89
21.87
35.80
83.24
21.18
ROMARCO MINERALS INC
CAD
262
1412
585
0.20
-11
-11
-8
-8
-0.02
-0.02
-0.02
-0.01
21.42
BANRO CORPORATION
CAD
196
1904
202
0.34
41
72
133
326
21
-0.02
0.03
0.04
0.34
24.70
24.70
2.06
28.29
COLOSSUS MINERALS INC
CAD
145
1722
106
0.17
10
159
-31
-27
-6
-6
-0.27
-0.16
-0.12
0.27
3.92
-11.63
RAINY RIVER RESOURCES LTD
CAD
338
7315
100
0.24
-61
-61
-14
-14
-0.69
-0.59
-0.19
-0.13
-286.68
SULLIDEN GOLD CORP LTD
CAD
203
700
243
0.18
-11
-4
-0.06
-0.04
-0.04
-0.04
-34.70
ASANKO GOLD INC
CAD
182
598
76
-34
-35
-0.47
-0.25
-0.23
-0.16
6.98
BEAR CREEK MINING CORP
CAD
149
218
92
0.08
-30
-26
-0.32
-0.28
-0.20
-0.06
-5.61
PARAMOUNT GOLD AND SILVER
USD
185
1707
0.17
-18
-17
-9
-9
-0.06
-0.06
-59.56
-54.62
-27663.33
KIRKLAND LAKE GOLD INC
CAD
295
997
70
0.35
152
132
224
53
23
22
22
0.54
-0.01
0.02
0.38
51.98
59.45
105.42
16.70
GUYANA GOLDFIELDS INC
CAD
162
531
95
0.04
393
-8
-7
-0.09
-0.06
-0.07
-0.06
18.65
HIGHLAND GOLD MINING LTD
GBp
265
10
325
0.33
535
535
701
247
247
239
239
0.58
0.58
0.41
0.49
3.28
3.27
26.18
37.68
5.46
62.71
70.14
INDOPHIL RESOURCES NL
AUD
292
853
1203
0.08
-16
-16
0.00
0.00
51.60
-113.62
LYDIAN INTERNATIONAL LTD
CAD
148
418
127
0.06
-0.05
-0.06
-0.03
-0.02
SABINA GOLD & SILVER CORP
CAD
175
621
174
0.08
-11
-11
-0.08
-0.08
-0.03
-0.03
-17.79
LAKE SHORE GOLD CORP
CAD
125
3041
416
0.23
126
144
185
233
36
44
-0.21
-0.21
-0.02
0.03
11.09
95.83
396.33
29.00
BRIGUS GOLD CORP
USD
118
1129
0.19
118
136
148
160
48
63
0.12
0.12
4.18
4.36
63.78
239.92
60.49
46.39
GREAT PANTHER SILVER LTD
USD
104
546
0.08
61
60
57
68
16
12
0.02
0.04
52.96
21.47
5.74
21.76
-28.90
19.63
INTREPID MINES LTD
AUD
143
2307
555
0.12
-44
-44
-0.10
-0.12
-0.01
-0.01
-19.91
VISTA GOLD CORP
USD
79
5706
82
0.02
-36
-36
-0.54
-0.51
-0.27
-0.25
-26.58
ALEXCO RESOURCE CORP
USD
70
688
0.06
85
77
25
20
-0.21
-0.17
87.81
276.59
160.76
26.11
ATAC RESOURCES LTD
CAD
89
320
104
0.06
-1
-1
-0.08
-0.02
-0.03
-0.04
SCORPIO MINING CORP
CAD
64
642
198
0.03
44
40
13
12
0.04
0.03
0.03
0.03
10.77
10.77
-23.75
-49.20
28.55
MIDWAY GOLD CORP
USD
121
1954
128
0.10
-14
-16
-0.12
-0.12
-0.11
-0.13
21.14
PATAGONIA GOLD PLC
GBp
117
15
813
0.12
-24
-24
-0.03
-0.03
79.12
GRYPHON MINERALS LTD
AUD
50
5118
348
0.00
-7
-7
-0.01
-0.01
-0.01
45.27
DRDGOLD LTD-SPONSORED ADR
USD
209
85
1764
1959
2066
2096
380
400
460
460
6.82
7.43
27.89
7.86
62.47
13.51
20.40
RED 5 LTD
AUD
15
37
113
-3
-4
-0.01
-0.06
-0.06
0.21
39.77
-27.08
LINGBAO GOLD CO LTD-H
HKD
134
824
824
892
850
95
95
97
97
0.03
0.03
0.02
0.02
0.65
0.62
1.49
INTL TOWER HILL MINES LTD
USD
64
454
-56
-57
-0.09
-0.04
SARACEN MINERAL HOLDINGS LTD
AUD
66
4332
595
192
184
58
48
60
60
0.04
-0.02
0.05
0.06
EXETER RESOURCE CORP
USD
63
226
-26
-23
-0.29
-0.26
-0.13
-0.11
RICHMONT MINES INC
USD
60
RAMELIUS RESOURCES LTD
AUD
GOLDEN MINERALS CO
133
446
147
459
147
582
73
46
85
74
-0.04
0.10
6.00
16.10
221.11
4.64
10.42
7.86
135
818
770
0.62
0.04
0.07
169
171
88
0.01
207
40
0.02
102
100
105
134
-0.08
-0.21
0.05
0.36
35.54
42
3181
336
0.01
77
106
117
145
12
-10
22
22
0.01
-0.06
0.00
0.03
24.76
USD
59
3145
43
0.02
26
26
28
39
-35
-31
-6
-6
-1.44
-1.37
-0.45
-0.34
SAN GOLD CORP
CAD
33
4399
335
0.04
135
124
125
160
34
24
-0.04
-0.06
-0.07
-0.03
OREZONE GOLD CORP
CAD
34
306
86
0.02
-27
-29
-0.06
-0.10
-0.13
GRAN COLOMBIA GOLD CORP
CAD
27
107
15
0.19
160
155
14
10
-1.90
-1.43
-1.49
161
191
6.40
10.53
3.81
9.79
7.21
0.78
0.85
1.52
2.37
-1.33
0.92
-463.04
1.90
1.75
16.55
5.59
25.48
17.44
4.44
-14.20
11.05
-79.79
8.26
2.89
3.75
-39.49
160.51
-80.92
7.99
-8.33
1320.81
45.58
-120.89
23.33
132.20
178.55
17.95
-0.06
9.26
0.29
21.07
833.21
6.36
5.60
Valuation Measures II/II

Price to Book Ratio
Price to Sales Ratio
Price to Cash Flow Ratio
Enterprise Value to EBITDA Ratio
Price to Earnings Ratio
Estimated Dividend Yield
Target
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
%D to Spot
S&P 500 INDEX
2.25
2.25
2.06
1.89
2.25
1.44
1.44
1.37
1.32
1.44
10.14
10.14
9.46
9.81
10.14
9.09
9.09
8.38
7.83
9.09
14.58
14.58
13.09
11.89
14.58
2.17
2.17
2.34
2.52
2.17
1775.4
10.5%
Euro Stoxx 50 Pr
1.14
1.14
1.08
1.02
1.14
0.74
0.74
0.72
0.70
0.74
5.65
5.65
5.18
4.72
5.65
6.93
6.93
6.55
6.19
6.93
11.34
11.34
10.12
9.11
11.35
4.40
4.40
4.68
5.04
4.40
2974.5
13.7%
NIKKEI 225
1.51
1.51
1.41
1.31
1.51
0.72
0.72
0.70
0.68
0.72
8.87
8.87
8.20
7.47
8.87
8.66
8.66
8.02
7.54
8.66
17.52
17.52
15.59
14.02
17.52
1.66
1.66
1.81
1.96
1.66
14876.5
7.4%
FTSE 100 INDEX
1.66
1.66
1.55
1.45
1.66
0.94
0.94
0.91
0.93
0.94
8.24
8.25
7.48
6.85
8.24
6.79
6.79
6.40
6.01
6.79
11.75
11.75
10.70
9.86
11.75
3.98
3.98
4.28
4.66
3.98
6996.7
11.6%
SWISS MARKET INDEX
2.32
2.32
2.15
2.00
2.32
1.98
1.98
1.88
1.80
1.98
11.84
11.84
10.80
9.66
11.84
12.99
12.99
11.96
11.20
12.99
14.52
14.52
13.07
11.91
14.52
3.34
3.34
3.73
4.27
3.34
8621.0
11.8%
1.61
1.61
1.50
1.40
1.61
1.38
1.38
1.42
1.47
1.38
8.15
8.15
7.35
6.12
8.15
8.29
8.29
7.33
6.76
8.29
14.00
14.00
12.35
11.27
14.00
3.32
3.32
3.47
3.64
3.32
14185.0
16.9%
S&P/ASX 200 INDEX
1.78
1.78
1.69
1.59
1.78
1.67
1.67
1.58
1.50
1.67
10.55
10.55
9.37
8.52
10.55
9.18
9.18
8.18
7.48
9.18
14.29
14.29
12.81
11.68
14.29
4.80
4.80
5.11
5.48
4.80
5209.2
10.6%
HANG SENG INDEX
1.24
1.24
1.14
1.05
1.24
1.61
1.61
1.48
1.37
1.61
7.39
7.39
7.04
6.63
7.39
7.59
7.59
6.93
6.31
7.59
9.92
9.92
9.14
8.35
9.92
3.88
3.88
4.18
4.59
3.88
24826.0
19.3%
MSCI EM
1.36
1.36
1.25
1.14
1.36
0.97
0.97
0.91
0.85
0.97
6.72
6.72
6.16
5.71
6.72
7.24
7.24
6.56
6.12
7.24
10.38
10.38
9.35
8.58
10.38
2.97
2.97
3.29
3.61
2.97
1132.2
20.4%
GOLDCORP INC
0.90
0.86
0.84
0.81
0.70
3.64
4.29
3.42
3.09
2.56
8.69
10.87
8.23
6.69
5.17
6.96
9.40
6.60
5.63
4.44
12.48
19.44
13.51
11.98
8.13
2.17
2.39
2.41
2.43
2.43
35.58
43.9%
BARRICK GOLD CORP
0.61
0.68
0.66
0.61
0.51
1.11
1.19
1.13
1.15
1.02
2.86
3.51
3.38
3.21
2.86
4.14
4.86
4.65
4.54
3.75
4.14
5.43
5.38
5.56
4.27
4.78
5.10
5.13
5.21
6.99
25.53
62.2%
NEWMONT MINING CORP
1.09
1.04
1.00
0.97
0.95
1.49
1.69
1.49
1.51
1.59
4.96
5.97
5.20
5.90
8.23
5.35
7.64
6.41
6.57
6.93
8.42
12.42
10.22
11.57
13.90
4.79
4.18
3.99
3.33
4.01
38.30
27.9%
RANDGOLD RESOURCES LTD-ADR
2.26
1.97
1.69
1.47
4.36
4.48
3.39
3.44
3.77
10.08
9.79
6.57
5.92
9.74
8.13
8.77
6.25
5.74
6.75
13.56
15.75
10.07
9.36
10.22
0.76
0.74
0.89
1.00
108.64
69.8%
YAMANA GOLD INC
0.91
0.89
0.84
0.80
3.01
3.04
2.48
2.50
2.09
6.68
7.17
5.75
5.29
4.66
5.88
6.56
4.95
4.95
3.54
10.42
13.70
9.73
9.19
7.99
2.51
2.62
2.60
2.48
16.06
68.9%
GOLD FIELDS LTD-SPONS ADR
0.64
0.74
0.68
0.63
0.78
1.33
1.22
1.21
2.36
3.60
3.65
3.36
4.57
9.79
6.88
6.05
6.87
3.27
4.06
4.75
7.70
46.7%
SILVER WHEATON CORP
2.23
2.06
1.86
1.67
8.52
8.17
7.20
6.61
10.31
10.45
9.41
8.42
11.89
14.18
12.74
11.83
1.90
2.29
2.11
2.33
34.70
76.4%
ANGLOGOLD ASHANTI-SPON ADR
1.02
0.87
0.78
0.71
0.90
0.89
0.77
0.85
3.21
2.99
2.54
3.19
5.24
10.01
5.38
7.25
2.68
1.37
2.00
1.46
25.64
79.3%
CIA DE MINAS BUENAVENTUR-ADR
1.04
0.92
0.85
0.78
2.65
2.54
2.37
2.52
9.11
12.62
10.01
5.20
7.00
7.48
8.27
4.15
3.03
3.86
3.47
24.48
65.8%
NEW GOLD INC
1.18
1.08
1.02
0.96
3.99
3.33
3.11
3.06
3.05
10.37
8.54
6.79
6.38
10.81
68.4%
AGNICO EAGLE MINES LTD
1.37
1.38
1.37
1.34
2.49
2.85
2.39
2.39
2.19
6.74
9.43
7.40
39.83
44.6%
ELDORADO GOLD CORP
0.73
0.73
0.72
0.70
3.82
3.60
3.30
2.37
1.57
9.49
9.29
11.29
82.7%
KINROSS GOLD CORP
0.44
0.60
0.59
0.58
1.35
1.49
1.47
1.56
1.40
4.06
7.58
48.7%
ROYAL GOLD INC
1.36
1.13
1.10
1.04
9.89
9.08
7.57
5.73
HARMONY GOLD MNG-SPON ADR
0.43
0.42
0.41
0.40
0.97
0.94
0.77
0.68
IAMGOLD CORP
0.43
0.43
0.42
0.42
0.99
1.17
1.03
1.01
PAN AMERICAN SILVER CORP
0.62
0.66
0.66
0.64
1.84
1.96
1.80
FIRST MAJESTIC SILVER CORP
2.00
4.70
3.87
COEUR MINING INC
0.56
0.57
0.55
0.52
0.46
1.49
AURICO GOLD INC
0.57
0.55
0.54
0.53
0.46
ALLIED NEVADA GOLD CORP
0.92
0.75
0.54
0.46
HECLA MINING CO
0.75
0.76
0.72
0.67
NEVSUN RESOURCES LTD
0.95
0.91
0.80
0.74
AURIZON MINES LTD
1.72
SILVER STANDARD RESOURCES
0.49
1.28
4.96
0.43
0.43
11.71
12.23
10.51
9.68
7.00
9.39
2.85
5.01
6.21
5.72
6.19
6.42
8.19
7.05
5.86
5.23
4.93
15.81
17.21
12.61
12.05
13.66
0.00
0.00
6.69
5.86
6.38
9.02
6.65
6.37
4.12
13.06
28.90
17.83
16.88
12.95
2.79
3.08
3.05
2.99
8.26
5.62
3.30
7.63
7.72
7.02
4.63
2.68
13.46
16.18
13.76
8.82
4.66
2.35
2.02
1.93
2.39
4.45
4.25
4.66
4.25
3.34
4.40
4.03
4.28
3.58
6.91
13.21
10.83
12.32
10.04
3.14
3.14
3.14
3.14
13.56
14.29
11.79
9.01
9.70
8.83
7.46
5.72
24.03
27.96
21.41
14.25
1.30
1.78
1.97
2.26
73.11
73.7%
3.90
3.63
3.32
3.43
5.50
9.70
7.84
11.94
3.18
1.48
2.10
1.68
6.60
73.2%
0.94
3.04
4.02
3.42
3.41
3.14
2.32
3.09
2.53
2.66
1.99
5.03
9.37
7.25
8.05
7.02
5.87
5.80
5.38
5.20
5.77
7.59
75.2%
1.84
1.52
6.52
7.92
7.38
7.91
4.95
3.34
4.79
3.96
4.41
2.21
9.27
18.96
14.37
18.96
9.51
1.52
4.28
4.27
4.28
4.30
15.21
30.6%
2.61
2.33
2.15
8.57
8.53
6.05
5.20
4.79
6.90
7.16
4.69
3.97
3.47
11.03
14.37
8.78
7.30
6.79
17.67
66.8%
1.59
1.35
1.48
1.60
4.49
5.55
4.40
4.60
5.55
3.68
4.31
3.20
3.52
4.21
12.20
31.07
11.99
12.48
18.22
18.56
39.6%
3.45
3.79
2.88
2.32
2.04
10.79
10.05
6.13
5.38
4.68
6.80
7.46
4.90
3.97
3.47
10.93
19.77
12.31
11.38
11.06
0.43
3.10
1.94
1.14
1.04
0.64
7.17
6.61
3.80
2.90
2.02
10.67
6.63
3.62
3.24
2.18
12.00
9.72
4.84
4.21
2.54
0.63
2.60
1.77
1.28
1.22
1.16
9.55
8.44
5.08
4.25
3.76
6.43
4.05
2.25
1.98
1.70
27.59
29.50
10.53
8.90
7.45
1.34
1.07
1.17
0.84
1.07
2.02
0.88
0.92
1.44
2.23
4.78
2.45
2.76
3.53
0.96
2.46
0.90
0.96
1.66
4.23
11.66
3.53
4.54
7.38
3.36
3.90
3.69
3.83
9.42
10.13
6.33
19.66
67.50
21.32
12.53
13.69
12.65
0.85
0.57
0.51
2.95
0.43
6.97
2.73
0.33
2.06
2.72
2.51
2.52
2.25
4.92
11.44
6.50
3.23
6.65
5.11
4.79
0.00
4.10
3.16
3.50
2.90
3.14
4.42
1.34
0.00
1.68
181.14
0.00
0.00
0.00
0.00
SEABRIDGE GOLD INC
6.35
45.2%
13.36
106.1%
4.50
51.0%
5.05
71.3%
4.67
21.4%
11.51
81.6%
25.08
166.0%

0.25
VISTA GOLD CORP
0.57
0.27
0.27
0.23
0.00
0.20
GREAT BASIN GOLD LTD
0.00
ARGONAUT GOLD INC
1.35
0.91
0.84
0.75
4.34
TOREX GOLD RESOURCES INC
1.49
2.77
1.46
1.37
1841.66
0.24
0.24
0.23
0.21
0.94
1.94
1.35
1.20
0.88
1.39
2.69
1.39
10.78
0.01
LIONGOLD CORP LTD
3.03
2.69
1.98
6.41
2.37
7.83
1.91
0.77
0.69
0.62
PERSEUS MINING LTD
0.66
0.59
0.52
0.41
0.33
OCEANAGOLD CORP
0.60
0.56
0.54
0.52
0.57
MEDUSA MINING LTD
0.86
0.74
0.56
0.44
0.39
DUNDEE PRECIOUS METALS INC
0.71
0.66
0.56
0.52
RIO ALTO MINING LTD
1.50
1.11
1.01
AURIZON MINES LTD
1.72
SANDSTORM GOLD LTD
7.63
5.85
6.70
19.00
11.77
6.20
6.53
4.65
3.77
2.82
3.13
1.93
7.95
9.36
7.25
1.45
0.78
0.65
0.45
0.40
3.79
3.58
2.30
1.26
1.30
3.30
1.86
1.53
0.84
9.12
8.28
6.05
4.78
6.13
10.70
12.56
8.37
6.73
9.54
11.38
13.56
6.98
5.28
0.93
0.69
0.62
0.66
0.84
3.00
1.83
1.71
1.91
3.63
4.06
2.71
2.76
3.01
6.29
3.01
2.50
1.20
1.05
0.78
5.00
4.00
2.56
1.71
1.69
4.04
3.51
1.60
1.43
1.53
1.31
1.17
1.07
4.38
4.42
3.40
2.99
2.70
3.92
3.57
2.57
2.09
1.04
1.09
1.04
3.11
3.15
3.30
3.22
2.75
1.57
2.34
2.09
1.92
9.42
10.13
6.33
4.12
5.58
4.00
CONTINENTAL GOLD LTD

RUBICON MINERALS CORP
6.65
0.89
1.44
1.22
1.16
1.15
220.35
264.41
247.87
2.17
0.83
5.82
SILVERCORP METALS INC

EVOLUTION MINING LTD
0.37
0.36
0.33
0.30
CHINA PRECIOUS METAL RESOURC
1.43
1.03
0.91
0.75
0.31
9.76
14.38
10.34
4.41
3.14
1.66
3.85
1.33
0.00
0.74
77.0%
4.55
368.9%
7.92
8.91
39.12
35.95
0.00
0.00
0.49
0.00
0.00
0.00
0.00
0.39
0.00
0.00
10.22
79.7%
2.47
85.5%
5.51
5.91
184.17
2.95
ENDEAVOUR SILVER CORP
6.00
10.15
9.66
9.18
CHINA GOLD INTERNATIONAL RES
8.75
0.84
0.08
3.94
1.16
2.39
1.90
1.36
1.54
0.86
0.67
0.60
0.58
3.76
3.11
2.39
2.46
0.61
12.98
17.74
17.17
4.06
5.35
3.85
1.96
2.04
19.42
34.70
16.43
11.59
22.56
19.31
6.75
5.28
6.37
1.40
4.64
3.76
1.87
1.74
2.12
6.99
1.38
1.55
7.13
8.07
5.35
4.76
4.30
0.00
0.00
3.70
4.50
4.42
4.38
3.36
0.00
0.00
19.66
67.50
21.32
7.83
12.56
8.64
0.82
4.92
3.76
3.46
174.25
6.97
32.14
4.43
6.23
5.13
3.20
3.81
2.06
2.12
1.91
1.86
3.84
4.74
3.11
2.82
2.90
12.60
1.88
11.73
3.73
2.34
2.81
2.48
1.89
1.64
1.58
7.99
7.01
5.76
5.41
1.78
8.03
11.77
0.00
0.00
7.71
3.67
4.74
5.26
43.55
7.11
13.24
9.40
5.70
7.05
5.58
6.93
5.81
4.87
12.90
9.92
8.22
8.06
4.32
1.80
1.18
0.93
0.60
72.91
1.32
1.21
1.37
1.47
RESOLUTE MINING LTD
0.66
0.58
0.51
0.44
0.31
0.62
0.57
0.66
0.62
0.61
1.87
3.57
2.52
3.47
1.73
2.33
1.95
2.09
1.19
3.59
3.03
3.97
5.09
1.16
1.55
1.30
1.10
2.71
18.3%
1.60
226.3%
11.01
78.4%
2.09
61.1%
4.45
182.4%
10.00
132.6%
5.28
171.0%
4.67
21.4%
7.89
6.84
99.4%
8.71
9.38
184.1%
2.33
72.8%
5.30
88.1%
0.97
68.5%
3.48
5.42
0.00
1.39
2.96
3.13
2.61
0.78
SEABRIDGE GOLD INC

BEADELL RESOURCES LTD
3.31
1.66
28.4%
25.08
166.0%
3.89
3.13
4.15
3.78
0.00
0.39
1.76
1.76
3.33
0.94
84.9%
2.55
4.88
3.86
3.60
0.00
6.61
3.05
4.75
8.47
1.18
99.6%
Valuation Measures II/II

Price to Book Ratio
Price to Sales Ratio
Price to Cash Flow Ratio
Enterprise Value to EBITDA Ratio
Price to Earnings Ratio
Estimated Dividend Yield
Target
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
%D to Spot
S&P 500 INDEX
2.25
2.25
2.06
1.89
2.25
1.44
1.44
1.37
1.32
1.44
10.14
10.14
9.46
9.81
10.14
9.09
9.09
8.38
7.83
9.09
14.58
14.58
13.09
11.89
14.58
2.17
2.17
2.34
2.52
2.17
1775.4
10.5%
Euro Stoxx 50 Pr
1.14
1.14
1.08
1.02
1.14
0.74
0.74
0.72
0.70
0.74
5.65
5.65
5.18
4.72
5.65
6.93
6.93
6.55
6.19
6.93
11.34
11.34
10.12
9.11
11.35
4.40
4.40
4.68
5.04
4.40
2974.5
13.7%
NIKKEI 225
1.51
1.51
1.41
1.31
1.51
0.72
0.72
0.70
0.68
0.72
8.87
8.87
8.20
7.47
8.87
8.66
8.66
8.02
7.54
8.66
17.52
17.52
15.59
14.02
17.52
1.66
1.66
1.81
1.96
1.66
14876.5
7.4%
FTSE 100 INDEX
1.66
1.66
1.55
1.45
1.66
0.94
0.94
0.91
0.93
0.94
8.24
8.25
7.48
6.85
8.24
6.79
6.79
6.40
6.01
6.79
11.75
11.75
10.70
9.86
11.75
3.98
3.98
4.28
4.66
3.98
6996.7
11.6%
SWISS MARKET INDEX
2.32
2.32
2.15
2.00
2.32
1.98
1.98
1.88
1.80
1.98
11.84
11.84
10.80
9.66
11.84
12.99
12.99
11.96
11.20
12.99
14.52
14.52
13.07
11.91
14.52
3.34
3.34
3.73
4.27
3.34
8621.0
11.8%
1.61
1.61
1.50
1.40
1.61
1.38
1.38
1.42
1.47
1.38
8.15
8.15
7.35
6.12
8.15
8.29
8.29
7.33
6.76
8.29
14.00
14.00
12.35
11.27
14.00
3.32
3.32
3.47
3.64
3.32
14185.0
16.9%
S&P/ASX 200 INDEX
1.78
1.78
1.69
1.59
1.78
1.67
1.67
1.58
1.50
1.67
10.55
10.55
9.37
8.52
10.55
9.18
9.18
8.18
7.48
9.18
14.29
14.29
12.81
11.68
14.29
4.80
4.80
5.11
5.48
4.80
5209.2
10.6%
HANG SENG INDEX
1.24
1.24
1.14
1.05
1.24
1.61
1.61
1.48
1.37
1.61
7.39
7.39
7.04
6.63
7.39
7.59
7.59
6.93
6.31
7.59
9.92
9.92
9.14
8.35
9.92
3.88
3.88
4.18
4.59
3.88
24826.0
19.3%
MSCI EM
1.36
1.36
1.25
1.14
1.36
0.97
0.97
0.91
0.85
0.97
6.72
6.72
6.16
5.71
6.72
7.24
7.24
6.56
6.12
7.24
10.38
10.38
9.35
8.58
10.38
2.97
2.97
3.29
3.61
2.97
1132.2
20.4%
0.65
0.48
0.40
0.36
0.22
1.32
1.45
1.19
0.95
0.49
2.71
2.06
1.81
1.58
1.20
3.61
4.06
6.59
3.29
0.93
2.17
287.5%
2.43
1.97
1.98
2.08
6.19
7.12
6.14
5.85
6.79
4.96
5.06
3.70
3.53
4.23
12.05
14.53
10.60
9.32
11.47
4.80
37.2%
23.21
25.21
3.47
8.25
45.40
7.44
3.31
48.00
13.44
33.60
3.27
94.5%
14.25
131.7%
8.42
79.2%
2.35
76.4%
ENDEAVOUR MINING CORP

FORTUNA SILVER MINES INC
1.71
MCEWEN MINING INC
1.39
1.18
1.02
0.57
0.57
0.56
0.91
MAG SILVER CORP
2.61
2.90
3.47
4.13
PRIMERO MINING CORP
0.75
0.76
0.81
0.66
KINGSGATE CONSOLIDATED LTD
0.27
0.29
0.30
0.29
TIMMINS GOLD CORP
2.08
1.58
1.25
1.25
ST BARBARA LTD
0.28
0.24
0.21
0.20
0.25
PREMIER GOLD MINES LTD
0.64
NORTHERN STAR RESOURCES LTD
2.90
2.18
1.80
1.51
1.32
0.00
2.46
12.00
33.60
2.13
0.43
5.59
18.67
2.57
7.50
0.00
0.00
0.00
8.24
2.78
2.57
2.06
1.51
1.16
4.81
5.68
5.19
4.44
2.45
4.71
4.62
2.98
1.98
1.32
9.02
10.92
8.17
6.69
3.68
0.00
0.00
0.56
0.60
0.56
0.53
0.44
1.66
2.33
1.92
1.79
2.36
1.97
3.01
2.73
2.44
1.72
2.23
6.68
8.34
6.51
2.33
16.18
7.12
7.49
2.09
1.70
1.56
1.52
1.51
5.87
4.85
4.98
4.97
4.55
4.33
3.74
3.62
4.01
3.45
8.35
7.01
7.18
6.82
6.54
0.00
0.00
0.00
0.42
0.43
0.36
0.34
0.39
0.71
2.42
1.36
1.26
1.67
1.73
2.44
1.67
1.61
2.02
1.28
6.12
3.55
3.35
5.34
0.00
0.00
2.15
3.87
4.30
1.86
1.68
1.68
0.95
6.41
4.23
4.74
5.43
2.76
4.48
3.06
2.77
2.81
1.75
11.34
6.98
6.76
4.70
0.00
4.72
3.62
5.51
0.24
0.24
0.23
0.21
1.94
1.35
1.20
0.88
2.69
1.39
1.16
1.91
6.00
3.85
1.33
2.75
1.83
18.61
40.62
1.20
0.98
1.03
4.31
1.57
1.51
144.07
2.45
140.77
8.47
17.90
0.00
4.09
3.31
42.8%
1.02
120.4%
5.34
191.8%
0.99
56.5%

REAL GOLD MINING LTD
1.43
0.25
0.27
0.27
0.23
ROMARCO MINERALS INC
0.27
0.46
0.30
0.21
1.34
0.81
BANRO CORPORATION
COLOSSUS MINERALS INC
4.50
0.46
1.08
1.69
0.20
4.46
6.01
1.40
0.57
0.53
0.47
13.67
0.87
0.53
0.61
355.81
355.81
RAINY RIVER RESOURCES LTD
1.48
SULLIDEN GOLD CORP LTD
0.78
17.39
1.47
0.84
2.09
0.67
ASANKO GOLD INC
0.80
BEAR CREEK MINING CORP
1.09
0.94
70.85
3.34
3.80
1.39
7.55
197.54
8.26
2.94
2.42
1.70
2.22
0.96
1.08
5.27
4.94
1.24
1.09
0.80
1.87
GUYANA GOLDFIELDS INC
0.68
0.56
0.59
0.60
0.47
HIGHLAND GOLD MINING LTD
0.34
0.31
0.29
0.26
0.23
LYDIAN INTERNATIONAL LTD
1.97
1.24
SABINA GOLD & SILVER CORP
0.56
0.33
0.56
0.58
LAKE SHORE GOLD CORP
0.14
0.20
0.18
0.77
2.00
0.69
16.94
2.17
1.79
1.90
1.28
4.13
2.04
2.00
0.00
2.12
1.31
0.93
0.69
0.41
0.82
0.75
0.57
0.56
0.57
1.48
0.96
9.40
2.64
0.00
0.00
7.70
8.98
5.79
1.97
11.39
2.51
4.91
1.89
2.56
1.75
2.81
1.38
1.85
1.57
6.63
2.75
3.95
3.96
0.69
1.32
0.00
446.73
0.00
PARAMOUNT GOLD AND SILVER

KIRKLAND LAKE GOLD INC
0.00
8.75
0.47
5.71
1.38
11.71
1.36
4.83
1.10
2.41
2.11
1.16
0.42
1.07
1.15
6.07
2.60
232.63
3.05
11.08
2.51
0.00
0.00
0.00
0.00
0.74
77.0%
1.16
146.5%
1.77
115.9%
4.09
235.4%
3.73
5.2%
1.68
112.8%
4.07
81.0%
3.47
104.1%
37.8%
0.86
1.64
4.32
2.83
8.03
81.6%
6.99
2.33
4.79
254.9%
2.75
2.91
135.65
153.5%
15.30
14.14
3.23
169.3%
3.89
297.2%
0.00
9.09
8.60
9.21
7.74
INDOPHIL RESOURCES NL
BRIGUS GOLD CORP
0.00
0.43
GREAT PANTHER SILVER LTD

INTREPID MINES LTD
0.86
VISTA GOLD CORP
0.57
1.09
1.14
1.01
0.60
0.54
0.47
0.40
3.00
2.30
1.51
1.14
0.85
7.67
3.84
2.13
1.89
1.40
0.97
0.80
0.74
0.59
0.43
2.21
1.83
1.83
1.62
1.26
3.47
2.41
2.14
1.76
1.67
1.77
1.93
1.61
5.97
15.57
7.94
4.96
4.18
4.65
10.48
4.57
4325.94
0.83
1.04
0.92
0.86
0.80
1.29
1.87
1.65
1.63
0.25
0.25
0.25
0.21
SCORPIO MINING CORP

MIDWAY GOLD CORP
0.67
4.45
0.60
1.43
1.01
1.39
0.87
0.79
0.50
0.86
3.25
5.07
2.08
1.25
0.87
0.31
11.67
4.77
3.50
0.96
205.6%
141.3%
5.20
4.18
4.36
2.76
2.43
1.23
12.22
52.95
21.47
79.43
26.48
1.15
52.2%
0.21
-25.0%
4.55
368.9%
0.00
10.78
ALEXCO RESOURCE CORP

ATAC RESOURCES LTD
0.94
12.27
4.42
3.86
2.91
2.00
0.00
0.00
0.00
0.84
1.41
0.74
5.56
3.02
58.28
3.59
29.14
21.04
3.09
8.50
21.57
8.27
25.19
2.38
0.99
0.81
0.20
0.05
19.64
10.97
10.30
3.42
1.62
99.21
15.26
3.07
1.05
1.94
72.9%
2.13
156.0%
1.57
360.8%
1.70
80.0%
0.39
190.2%
6.90
27.1%
PATAGONIA GOLD PLC

GRYPHON MINERALS LTD
0.12
21.94
19.45
29.08
1.00
0.99
6.09
2.07
0.68
0.66
0.12
0.12
0.12
0.14
DRDGOLD LTD-SPONSORED ADR

RED 5 LTD
LINGBAO GOLD CO LTD-H
0.33
0.33
INTL TOWER HILL MINES LTD
0.29
1.14
SARACEN MINERAL HOLDINGS LTD
0.40
0.24
EXETER RESOURCE CORP
0.32
0.31
OREZONE GOLD CORP

GRAN COLOMBIA GOLD CORP
7.86
0.00
7.21
0.00
0.00
5.51
4.56
0.00
0.00
0.41
0.86
6.01
6.39
5.94
6.24
3.92
6.05
6.62
7.85
6.99
5.19
4.72
3.78
0.25
0.21
0.19
0.39
0.34
0.36
0.35
0.31
1.26
1.03
0.98
1.00
1.01
1.30
1.21
1.06
0.92
1.11
2.67
2.07
1.90
1.88
1.43
0.00
0.00
0.00
0.00
0.00
1.15
0.28
0.17
0.15
0.15
GOLDEN MINERALS CO
SAN GOLD CORP
4.70
0.00
RICHMONT MINES INC

RAMELIUS RESOURCES LTD
6.14
5.60
0.15
0.16
4.12
4.12
0.60
0.60
0.47
0.49
0.36
0.29
2.35
2.10
1.50
0.25
0.27
0.21
4.12
0.33
0.27
5.71
5.24
2.24
6.14
0.99
1.50
0.16
0.13
0.35
0.26
0.21
1.53
0.91
1.54
0.66
0.41
0.13
1.57
0.08
0.70
0.26
0.15
15.23
35.53
4.44
3.65
27.00
4.09
0.40
0.81
1.37
3.40
1.97
1.64
3.33
25.26
0.99
0.39
5.21
28.27
6.43
4.95
2.22
58.93
5.89
3.38
0.00
0.00
0.00
3.70
7.41
1.83
36.2%
1.85
184.6%
0.19
60.0%
1.89
165.9%
3.56
134.0%
0.25
88.9%
1.07
-21.2%
0.23
117.5%
7.39
1.94
362.1%
0.86
9.25
397.3%
01.07.2013
Goldcorp Inc
Goldcorp, Inc. is engaged in the acquisition, exploration, development and
operation of precious metal properties in Canada, the United States, Mexico and
Central and South America.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2012)
52-Week Low (26.06.2013)
Daily Volume
Current Price (7/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.05.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
GG US EQUITY YTD Change
GG US EQUITY YTD % CHANGE
12/2012
03/yy
47.42
22.22
13'961'380.00
24.73
-47.85%
11.30%
9.96%
812.0
20'080.41
783.00
0.0
213.0
918.00
20'554.41
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
2'723.6
3'738.0
10.50x
9.95x
1'366.2
2'026.0
20.94x
18.36x
240.2
2'051.0
50.85x
30.36x
Profitability
20.0 M
15.0 M
10.0 M
5.0 M
.0 M
a-12
LTM-4Q
31.12.2011
5'362.0
6.61x
2'336.0
15.18x
1'187.0
22.24x
31.12.2012
5'435.0
5.50x
2'798.0
10.69x
1'749.0
18.47x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
2'798.00
2'123.00
39.06%
41.44%
5.06%
7.08%
6.69%
0.16%
44.6%
49.6%
36.6%
32.2%
2.15
1.39
2.51%
3.45%
8.61
4.47
Price/ Cash Flow
03/yy
5'357
27.45x
2'966.0
12.15x
1'709.0
23.69x
s-12
o-12
n-12
d-12
LTM
03/yy
5'101
24.55x
2'532.0
10.97x
1'579.0
19.73x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
2.24
0.71
809.06
5.26
-33.10%
-31.96%
0.711
27
4.407
11'029'279
7'844'050
7'903'566
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
4'677
5'879
1'151
1'206
4.60x
3.69x
18.12x
17.49x
2'187.7
3'115.5
555.4
603.6
9.40x
6.60x
8.68x
8.49x
1'066.8
1'513.5
210.1
248.0
19.44x
13.51x
18.41x
16.96x
S&P Issuer Ratings
Long-Term Rating Date

Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle
01.06.2009
BBB+
STABLE
93.27
6.33
0.10
0.90
3.4%
3.3%
0.16
0.20
42.40
81.59
83.78
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
j-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
01.07.2013
Goldcorp Inc
Holdings By:
All
Holder Name
FMR LLC
VAN ECK ASSOCIATES C
ROYAL BANK OF CANADA
BMO FINANCIAL CORP
FIRST EAGLE INVESTME
CARMIGNAC GESTION
FRANKLIN RESOURCES
TD ASSET MANAGEMENT
CI INVESTMENTS INC
TORONTO DOMINION BAN
CIBC WORLD MARKETS I
CAISSE DE DEPOT ET P
BLACKROCK
RS INVESTMENT MANAGE
CIBC GLOBAL ASSET MA
FIERA CAPITAL CORPOR
IA CLARINGTON INVEST
GREYSTONE MANAGED IN
BANK OF AMERICA CORP
NORGES BANK
Firm Name
Deutsche Bank
Stifel
Cowen and Company
Credit Suisse
RBC Capital Markets
Salman Partners
TD Securities
GMP
EVA Dimensions
JPMorgan
Scotia Capital
Macquarie
BMO Capital Markets
Canaccord Genuity Corp
CIBC World Markets
Davenport & Co
Cormark Securities Inc.
Mackie Research Capital Corp.
Veritas Investment Research Co
Barclays
Jefferies
HSBC
Makor Capital
Morgan Stanley
Raymond James
Portfolio Name
n/a
n/a
n/a
BMO FINANCIAL CORP
CARMIGNAC GESTION
n/a
TD ASSET MANAGEMENT
Multiple Portfolios
n/a
Multiple Portfolios
BANK OF AMERICA
NORGES BANK
Analyst
JORGE M BERISTAIN
GEORGE J TOPPING
ADAM P GRAF
ANITA SONI
STEPHEN D WALKER
DAVID WEST
GREG BARNES
GEORGE V ALBINO
CRAIG STERLING
JOHN BRIDGES
TANYA M JAKUSCONEK
TONY LESIAK
DAVID HAUGHTON
STEVEN BUTLER
ALEC KODATSKY
LLOYD T O'CARROLL
RICHARD GRAY
BARRY D ALLAN
PAWEL RAJSZEL
FAROOQ HAMED
PETER D WARD
PATRICK CHIDLEY
ALBERT SAPORTA
PARETOSH MISRA
BRAD HUMPHREY
Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
MF-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
MF-AGG
13F
13F
13F
Recommendation
hold
buy
market perform
neutral
outperform
top pick
buy
buy
overweight
overweight
sector outperform
outperform
outperform
buy
sector outperform
buy
buy
buy
sell
overweight
hold
overweight
buy
Equalwt/In-Line
Under Review
Amt Held
30'068'165
28'365'944
23'371'159
19'122'015
18'417'273
17'580'357
15'884'009
15'368'322
12'996'285
11'605'532
11'582'812
11'159'562
10'893'980
8'785'563
7'186'295
6'835'256
6'101'525
6'076'235
5'947'164
5'776'522
% Out
3.7
3.49
2.88
2.35
2.27
2.17
1.96
1.89
1.6
1.43
1.43
1.37
1.34
1.08
0.89
0.84
0.75
0.75
0.73
0.71
Weighting
Change
3
5
3
3
5
5
5
5
5
5
5
5
5
5
5
5
5
5
1
5
3
5
5
3
#N/A N/A
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
Latest Chg
(2'289'399)
(3'227'565)
379'529
(574'672)
7'264'832
17'580'357
5'768'962
(264'603)
(440'597)
195'729
(224'052)
3'920'300
(533'828)
4'171'254
(176'695)
1'053'271
(20'600)
(1'030'733)
1'660'114
-
Target Price
27
36
23
28
36
45
37
41
#N/A N/A
47
39
37
42
41
45
35
43
44
28
38
27
35
33
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.03.2013
Investment Advisor
28.06.2013
Investment Advisor
31.03.2013
Bank
31.03.2013
Investment Advisor
31.03.2013 Hedge Fund Manager
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
27.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
Date
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
28.06.2013
28.06.2013
26.06.2013
25.06.2013
24.06.2013
19.06.2013
19.06.2013
17.06.2013
12.06.2013
06.06.2013
24.05.2013
17.05.2013
09.05.2013
09.05.2013
08.05.2013
08.05.2013
07.05.2013
03.05.2013
03.05.2013
03.05.2013
02.05.2013
28.04.2013
15.04.2013
08.01.2013
19.11.2008
01.07.2013
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 (21.09.2012)
52-Week Low (28.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ABX US EQUITY YTD Change
ABX US EQUITY YTD % CHANGE
12/2012
03/yy
43.19
14.67
31'011'569.00
15.74
-63.56%
7.29%
3.75%
1'001.2
15'758.14
13'943.00
0.0
2'663.0
2'093.00
30'905.14
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40.0 M
20
30.0 M
15
20.0 M
10
10.0 M
5
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
20.18x
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
16.56x
15.62x
Profitability
LTM-4Q
31.12.2011
14'236.0
4.08x
8'327.0
6.98x
4'484.0
9.79x
31.12.2012
14'547.0
3.41x
7'358.0
6.73x
(665.0)
9.36x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
7'358.00
5'636.00
38.74%
-6.28%
-1.71%
-3.63%
0.29%
47.4%
49.3%
37.2%
-4.6%
1.33
0.58
29.49%
63.83%
34.72
2.91
Price/ Cash Flow
LTM
03/yy
14'793.0
15.70x
8'579.0
6.58x
4'522.0
9.18x
03/yy
14'340.0
14.05x
7'071.0
6.30x
(847.0)
8.90x
FY+1
5.08
0.75
998.40
13.37
-56.94%
-54.30%
0.753
33
3.727
29'540'970
18'750'142
21'192'920
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
13'188.3
13'960.4
3'138.9
3'232.1
2.40x
2.28x
9.92x
9.76x
6'360.8
6'652.7
1'475.1
1'555.6
4.86x
4.65x
5.07x
5.06x
2'955.2
2'961.6
607.6
646.3
5.43x
5.38x
5.83x
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
26.04.2013
BBB
NEG
19.05.2011
A-2
9.89
1.33
1.76
2.09
63.8%
36.3%
0.29
0.48
10.51
125.35
94.50
33.82
14.00
16'000.0
12.00
14'000.0
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
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
01.07.2013
Barrick Gold Corp

Holdings By:
All
Holder Name
CAPITAL GROUP COMPAN
WELLINGTON MANAGEMEN
ALLIANZ ASSET MANAGE
FMR LLC
CI INVESTMENTS INC
BMO FINANCIAL CORP
FRANKLIN RESOURCES
HARTFORD INVESTMENT
TD ASSET MANAGEMENT
BANK OF NEW YORK MEL
INSTITUTIONAL CAPITA
OLDFIELD PARTNERS LL
NWQ INVESTMENT MANAG
SUSQUEHANNA INTERNAT
SCHEER ROWLETT & ASS
Firm Name
RBC Capital Markets
JPMorgan
BMO Capital Markets
Deutsche Bank
Stifel
Salman Partners
GMP
Cowen and Company
Credit Suisse
Sterne, Agee & Leach
TD Securities
Haywood Securities Inc.
Scotia Capital
Macquarie
HSBC
CIBC World Markets
Davenport & Co
Argus Research Corp
Hamburger Sparkasse
Jefferies
Barclays
Makor Capital
Accountability Research Corp
EVA Dimensions
S&P Capital IQ
Morgan Stanley
Investec
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
BMO FINANCIAL CORP
n/a
Multiple Portfolios
TD ASSET MANAGEMENT
INSTITUTIONAL CAPITA
OLDFIELD PARTNERS LL
SCHEER ROWLETT & ASS
Analyst
STEPHEN D WALKER
JOHN BRIDGES
DAVID HAUGHTON
JORGE M BERISTAIN
GEORGE J TOPPING
DAVID WEST
GEORGE V ALBINO
ADAM P GRAF
ANITA SONI
MICHAEL S DUDAS
GREG BARNES
KERRY SMITH
STEVEN BUTLER
RICHARD GRAY
TANYA M JAKUSCONEK
TONY LESIAK
PATRICK CHIDLEY
ALEC KODATSKY
LLOYD T O'CARROLL
WILLIAM V SELESKY
INGO SCHMIDT
PETER D WARD
BARRY D ALLAN
PAWEL RAJSZEL
FAROOQ HAMED
ALBERT SAPORTA
HARRIET LI
CRAIG STERLING
LEO LARKIN
PARETOSH MISRA
PIETER MARAIS
Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
MF-AGG
13F
13F
ULT-AGG
MF-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
sector perform
neutral
underperform
hold
buy
buy
buy
market perform
neutral
neutral
hold
buy
hold
market perform
sector perform
underperform
overweight
sector perform
buy
hold
buy
buy
buy
buy
equalweight
buy
buy
sell
buy
Equalwt/In-Line
hold
Amt Held
29'144'249
27'703'488
27'616'252
26'847'836
23'321'665
19'206'428
17'663'919
17'095'925
14'741'836
14'593'546
14'352'644
14'348'784
13'797'555
13'698'310
12'481'312
8'964'554
8'491'106
8'429'880
8'348'606
8'254'922
% Out
2.91
2.77
2.76
2.68
2.33
1.92
1.76
1.71
1.47
1.46
1.43
1.43
1.38
1.37
1.25
0.9
0.85
0.84
0.83
0.82
Weighting
Change
3
3
1
3
5
5
5
3
3
3
3
5
3
3
3
1
5
3
5
3
5
5
5
5
3
5
5
1
5
3
3
M
M
D
M
M
M
M
M
D
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
Latest Chg
(4'654'979)
(2'366'585)
(47'634'385)
16'089'445
11'821'880
(791'864)
771'337
(4'625'429)
(68'927)
3'726'545
(49'223)
925'862
(4'803'846)
111'566
(248'326)
1'678'488
2'265'919
(1'597'843)
3'202'367
397'151
Target Price
24
28
17
20
30
29
24
13
20
#N/A N/A
24
26
23
23
27
18
28
33
27
#N/A N/A
#N/A N/A
30
33
28
24
30
43
#N/A N/A
38
#N/A N/A
48
File Dt
28.06.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
Date
12 month
6 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
01.07.2013
01.07.2013
30.06.2013
28.06.2013
28.06.2013
28.06.2013
27.06.2013
26.06.2013
25.06.2013
19.06.2013
19.06.2013
11.06.2013
05.06.2013
29.05.2013
27.05.2013
16.05.2013
09.05.2013
08.05.2013
08.05.2013
03.05.2013
03.05.2013
30.04.2013
25.04.2013
25.04.2013
24.04.2013
15.04.2013
03.04.2013
26.02.2013
15.02.2013
20.11.2012
18.03.2011
01.07.2013
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 (26.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NEM US EQUITY YTD Change
NEM US EQUITY YTD % CHANGE
12/2012
03/yy
57.93
27.07
21'349'943.00
29.95
-48.30%
10.64%
9.33%
492.3
14'942.67
6'298.00
0.0
3'175.0
1'647.00
23'109.67
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
20
5.0 M
10
0
j-12
31.12.2009
31.12.2010
7'705.0
9'540.0
3.46x
3.45x
3'799.0
5'118.0
7.02x
6.43x
1'297.0
2'277.0
16.99x
13.50x
Profitability
31.12.2011
10'358.0
3.38x
5'162.0
6.78x
366.0
13.93x
31.12.2012
9'868.0
3.13x
4'169.0
7.41x
1'809.0
12.52x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
4'169.00
3'137.00
31.79%
31.04%
5.59%
12.12%
9.02%
0.32%
46.6%
39.9%
28.4%
18.3%
1.89
0.80
21.24%
45.73%
12.69
3.29
Price/ Cash Flow
s-12
o-12
LTM-4Q
LTM
03/yy
10'576.0
12.61x
5'185.0
6.08x
342.0
11.59x
03/yy
9'362.0
13.44x
3'731.0
7.72x
1'634.0
12.55x
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
4.92
0.64
491.01
15.90
-36.00%
-34.13%
0.645
24
3.583
13'695'702
8'923'446
9'125'666
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
8'841.4
10'057.2
2'092.6
2'149.6
2.66x
2.38x
11.17x
10.95x
3'025.6
3'606.0
710.7
751.7
7.64x
6.41x
7.54x
7.27x
1'203.4
1'569.8
230.2
275.0
12.42x
10.22x
12.03x
11.16x
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+
NEG
11.71
2.69
1.32
1.71
45.7%
27.1%
0.32
0.54
28.77
111.05
34.85
89.70
12.00
12'000.0
10.00
10'000.0
8.00
8'000.0
6.00
6'000.0
4.00
4'000.0
2.00
2'000.0
0.00
01.01.2010
.0 M
a-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
01.07.2013
Newmont Mining Corp

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FRANKLIN RESOURCES
DEUTSCHE BANK AG
T ROWE PRICE ASSOCIA
NORTHERN TRUST CORPO
CARMIGNAC GESTION
FMR LLC
GAMCO
UBS
LAZARD ASSET MANAGEM
JP MORGAN
NORGES BANK
AMERICAN CENTURY COM
Firm Name
Stifel
Deutsche Bank
Cowen and Company
Credit Suisse
RBC Capital Markets
BB&T Capital Markets
TD Securities
GMP
JPMorgan
Argus Research Corp
Jefferies
CIBC World Markets
Scotia Capital
Barclays
EVA Dimensions
BMO Capital Markets
HSBC
S&P Capital IQ
Morgan Stanley
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
CARMIGNAC GESTION
n/a
n/a
n/a
n/a
n/a
NORGES BANK
BANK OF AMERICA
Analyst
GEORGE J TOPPING
JORGE M BERISTAIN
ADAM P GRAF
ANITA SONI
STEPHEN D WALKER
GARRETT S. NELSON
MICHAEL S DUDAS
GREG BARNES
GEORGE V ALBINO
JOHN BRIDGES
WILLIAM V SELESKY
PETER D WARD
BARRY D ALLAN
ALEC KODATSKY
TANYA M JAKUSCONEK
FAROOQ HAMED
CRAIG STERLING
DAVID HAUGHTON
PATRICK CHIDLEY
PAWEL RAJSZEL
LEO LARKIN
PARETOSH MISRA
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
Recommendation
hold
sell
market perform
neutral
sector perform
buy
buy
hold
hold
overweight
buy
hold
buy
sector perform
sector perform
overweight
overweight
outperform
overweight
sell
hold
Equalwt/In-Line
Amt Held
47'168'624
23'252'143
21'619'673
19'347'700
18'679'612
12'509'376
11'032'090
10'350'619
7'585'611
7'349'484
7'008'200
6'023'181
5'834'755
5'497'991
5'444'844
4'937'393
4'884'655
4'796'938
4'420'359
3'840'057
% Out
9.58
4.72
4.39
3.93
3.79
2.54
2.24
2.1
1.54
1.49
1.42
1.22
1.19
1.12
1.11
1
0.99
0.97
0.9
0.78
Weighting
Change
3
1
3
3
3
5
5
3
3
5
5
3
5
3
3
5
5
5
5
1
3
3
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
D
M
M
M
D
M
Latest Chg
6'267'389
1'215'913
108'377
(32'540'600)
(1'772'862)
8'462'980
(1'096'373)
2'264'400
(37'784)
470'862
7'008'200
(290'400)
(3'985'658)
453'905
663'471
(276'645)
(1'656'954)
747'540
261'014
Target Price
#N/A N/A
24
23
32
41
42
48
37
39
54
42
30
42
45
41
45
#N/A N/A
56
39
44
53
#N/A N/A
File Dt
Inst Type
27.06.2013
Investment Advisor
31.03.2013
Investment Advisor
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Unclassified
31.03.2013
Unclassified
31.03.2013
Unclassified
30.04.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
6 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Date
28.06.2013
27.06.2013
26.06.2013
25.06.2013
24.06.2013
24.06.2013
19.06.2013
19.06.2013
17.06.2013
06.06.2013
13.05.2013
01.05.2013
01.05.2013
30.04.2013
30.04.2013
30.04.2013
30.04.2013
29.04.2013
28.04.2013
07.11.2012
07.09.2012
27.04.2012
01.07.2013
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 (26.06.2013)
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
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
12/2012
03/yy
127.27
60.44
1'870'725.00
64
-49.71%
5.89%
5.33%
92.3
5'904.65
18.02
0.0
166.1
390.76
5'813.08
31.12.2009
31.12.2010
432.8
484.6
15.50x
14.79x
142.3
164.3
47.15x
43.62x
69.4
103.5
94.26x
72.03x
Profitability
LTM-4Q
31.12.2011
1'127.1
7.97x
581.9
15.44x
383.9
24.30x
31.12.2012
1'317.8
6.59x
699.2
12.43x
431.8
20.57x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
699.18
567.44
43.06%
43.12%
14.57%
16.52%
18.72%
0.47%
51.1%
51.7%
39.9%
32.8%
4.07
1.92
0.58%
0.69%
-
Price/ Cash Flow
03/yy
1'175.7
27.71x
622.0
12.18x
431.7
18.19x
LTM
03/yy
1'331.2
26.69x
688.9
11.41x
412.0
19.26x
FY+1
0.78
0.62
1.20
-28.46%
-35.09%
0.616
10
4.400
1'410'567
945'564
932'266
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
1'319.0
1'740.3
339.0
361.0
4.44x
3.07x
662.8
930.8
8.77x
6.25x
403.5
623.8
85.0
94.5
15.75x
10.07x
13.85x
11.85x
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
582.65
114.09
-0.36
0.00
0.7%
0.6%
0.47
1.07
136.09
160.00
1'400.0
140.00
1'200.0
120.00
1'000.0
100.00
800.0
80.00
600.0
60.00
400.0
40.00
200.0
20.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
Randgold Resources Ltd

Holdings By:
All
Holder Name
BLACKROCK
WELLS FARGO
FMR LLC
CARMIGNAC GESTION
AGF INVESTMENTS INC
FRANKLIN RESOURCES
POWER CORP OF CANADA
JENNISON ASSOCIATES
GAMCO
OPPENHEIMERFUNDS INC
JP MORGAN
PAULSON & CO
TOCQUEVILLE ASSET MA
IVY MANAGEMENT INCOR
INVESCO LTD
ASA BERMUDA LIMITED
UNITED SERVICES AUTO
Firm Name
EVA Dimensions
Clarus Securities
Scotia Capital
BMO Capital Markets
HSBC
Dundee Securities Corp
S&P Capital IQ
GARP Research
Portfolio Name
n/a
n/a
n/a
n/a
CARMIGNAC GESTION
AGF INVESTMENTS INC
n/a
n/a
JENNISON ASSOCIATES
n/a
OPPENHEIMER FUNDS IN
n/a
PAULSON & CO
Multiple Portfolios
n/a
ASA BERMUDA LIMITED
n/a
Analyst
TIMOTHY STANISH
NANA SANGMUAH
TANYA M JAKUSCONEK
ANDREW BREICHMANAS
PATRICK CHIDLEY
JOSH WOLFSON
TIM DUDLEY
LEO LARKIN
SETH DADDS
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
MF-AGG
ULT-AGG
13F
ULT-AGG
13F
Recommendation
underweight
buy
sector perform
outperform
overweight
buy
buy
buy
buy
Amt Held
8'525'499
6'186'287
5'429'467
4'337'790
3'917'000
1'639'811
1'531'763
1'487'200
1'264'736
1'081'729
1'032'315
956'494
947'594
926'192
891'270
775'000
676'284
444'700
425'216
416'777
% Out
9.24
6.71
5.88
4.7
4.25
1.78
1.66
1.61
1.37
1.17
1.12
1.04
1.03
1
0.97
0.84
0.73
0.48
0.46
0.45
Weighting
Change
1
5
3
5
5
5
5
5
5
M
M
M
M
M
M
M
M
M
Latest Chg
(58'564)
(441'271)
265'676
288'408
3'917'000
442'950
(121'450)
954'000
67'989
213'780
300'000
(20'901)
(4'310)
(60'950)
550'000
(145'226)
128'654
156'408
Target Price
#N/A N/A
100
94
100
91
100
133
125
#N/A N/A
File Dt
Inst Type
27.06.2013
Investment Advisor
28.06.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Holding Company
31.03.2013
Investment Advisor
31.03.2013
Unclassified
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Bank
31.03.2013
Investment Advisor
Date
Not Provided
18 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Date
06.06.2013
05.06.2013
21.05.2013
20.05.2013
07.05.2013
03.05.2013
11.04.2013
16.11.2012
10.08.2012
01.07.2013
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
20.0 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
20
15
Valuation Analysis
10
Latest Fiscal Year:

LTM as of:
52-Week High (09.11.2012)
52-Week Low (26.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AUY US EQUITY YTD Change
AUY US EQUITY YTD % CHANGE
12/2012
03/yy
20.59
8.55
13'004'845.00
9.51
-53.81%
11.23%
7.97%
752.4
7'155.42
765.91
0.0
46.8
349.59
7'720.13
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
j-12
31.12.2009
31.12.2010
1'183.3
1'686.8
7.39x
5.76x
575.5
884.1
15.19x
11.00x
192.6
466.5
Profitability
LTM-4Q
31.12.2011
2'173.3
5.04x
1'262.7
8.67x
548.3
-
31.12.2012
2'336.8
5.73x
1'269.4
10.56x
442.1
1'269.45
885.71
37.90%
34.88%
3.25%
4.84%
0.20%
64.4%
50.4%
33.4%
18.9%
1.38
0.78
6.49%
9.80%
18.96
5.16
03/yy
2'257.0
18.35x
1'302.7
8.88x
570.1
0.00x
o-12
n-12
d-12
LTM
03/yy
2'311.9
22.46x
1'164.1
10.44x
374.1
0.00x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
0.74
749.75
5.56
-37.05%
-44.08%
0.738
23
4.391
9'139'369
7'651'814
8'017'587
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
2'352.9
2'882.7
522.5
597.8
3.31x
2.57x
14.81x
12.97x
1'177.4
1'560.7
241.0
295.0
6.56x
4.95x
6.58x
6.18x
492.8
682.9
98.2
125.4
13.70x
9.73x
12.51x
11.02x
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
22.03
-4.66
0.44
0.74
9.8%
8.9%
0.20
0.24
19.25
70.76
130.52
-62.98
2'500.0
1.00
2'000.0
0.60
s-12
Market Data
1.20
0.80
a-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
-
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
01.07.2013
Yamana Gold Inc

Holdings By:
All
Holder Name
FMR LLC
AGF INVESTMENTS INC
BMO FINANCIAL CORP
TD ASSET MANAGEMENT
DONALD SMITH & CO IN
JP MORGAN
CONNOR CLARK & LUNN
CARMIGNAC GESTION
INVESTEC ASSET MANAG
Firm Name
Davy
Cowen and Company
Morgan Stanley
Credit Suisse
RBC Capital Markets
EVA Dimensions
TD Securities
GMP
Raymond James
National Bank Financial
Paradigm Capital Inc
Macquarie
Davenport & Co
HSBC
CIBC World Markets
Scotia Capital
Barclays
BMO Capital Markets
VSA Capital Ltd
Portfolio Name
n/a
n/a
n/a
n/a
AGF INVESTMENTS INC
BMO FINANCIAL CORP
TD ASSET MANAGEMENT
n/a
CONNOR CLARK & LUNN
CARMIGNAC GESTION
Analyst
BART JAWORSKI
ADAM P GRAF
PARETOSH MISRA
ANITA SONI
DAN ROLLINS
CRAIG STERLING
STEVEN J GREEN
GEORGE V ALBINO
BRAD HUMPHREY
STEPHEN PARSONS
DON MACLEAN
TONY LESIAK
LLOYD T O'CARROLL
RICHARD GRAY
PATRICK CHIDLEY
PAWEL RAJSZEL
ALEC KODATSKY
TANYA M JAKUSCONEK
JOSH WOLFSON
FAROOQ HAMED
DAVID HAUGHTON
STEVEN BUTLER
CHARLIE LONG
Source
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
Recommendation
underperform
outperform
Overwt/In-Line
outperform
outperform
overweight
buy
buy
outperform
outperform
buy
neutral
buy
buy
neutral
sell
sector outperform
sector outperform
neutral
overweight
outperform
buy
not rated
Amt Held
32'345'793
28'005'526
21'120'135
18'875'707
18'819'251
12'696'118
11'430'227
10'433'341
10'227'965
9'490'738
9'335'908
8'469'389
7'226'163
6'942'805
6'839'801
6'398'774
6'019'943
5'913'740
5'822'420
5'339'800
% Out
4.3
3.72
2.81
2.51
2.5
1.69
1.52
1.39
1.36
1.26
1.24
1.13
0.96
0.92
0.91
0.85
0.8
0.79
0.77
0.71
Weighting
Change
1
5
5
5
5
5
5
5
5
5
5
3
5
5
3
1
5
5
3
5
5
5
#N/A N/A
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
1'752'155
(2'389'675)
186'776
(20'681'489)
8'691'202
12'696'118
11'430'227
10'433'341
10'227'965
3'729'389
(199'345)
3'072'073
(304'473)
6'942'805
6'839'801
6'398'774
783'343
(332'388)
352'746
(619'328)
Target Price
#N/A N/A
12
12
15
14
#N/A N/A
18
15
19
18
20
12
14
20
12
12
19
17
17
16
22
20
#N/A N/A
File Dt
Inst Type
31.03.2013
Investment Advisor
28.06.2013
Investment Advisor
31.03.2013
Bank
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
26.06.2013
26.06.2013
25.06.2013
25.06.2013
24.06.2013
20.06.2013
19.06.2013
17.06.2013
12.06.2013
26.05.2013
22.05.2013
17.05.2013
08.05.2013
07.05.2013
06.05.2013
02.05.2013
01.05.2013
01.05.2013
01.05.2013
01.05.2013
30.04.2013
30.04.2013
10.01.2013
01.07.2013
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 (13.08.2012)
52-Week Low (26.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GFI US EQUITY YTD Change
GFI US EQUITY YTD % CHANGE
12/2012
03/yy
12.03
4.67
6'925'132.00
5.25
-56.37%
12.42%
7.88%
739.8
3'884.00
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
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
23'009.5
3.10x
8'713.0
8.19x
4'457.5
-
31.12.2009
31.12.2010
29'086.9
31'565.3
2.56x
2.56x
10'955.0
11'960.3
6.80x
6.75x
1'535.6
3'631.4
Profitability
LTM-4Q
31.12.2011
25'263.7
3.99x
13'527.5
7.45x
7'026.7
-
31.12.2012
28'915.8
3.05x
14'243.0
6.20x
5'658.1
14'243.00
10'149.20
35.10%
22.47%
7.83%
13.81%
10.97%
0.47%
38.7%
47.9%
33.2%
19.6%
1.76
0.39
16.85%
31.19%
-
LTM
03/yy
27'566.3
13.68x
13'712.4
0.00x
8'055.0
0.00x
03/yy
38'145.8
8.85x
18'260.7
3.66x
6'365.9
0.00x
FY+1
0.71
3.85
-51.16%
-50.68%
0.714
3
3.000
5'828'941
5'062'988
5'531'397
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
28'744.4
31'456.0
1.76x
1.55x
12'281.2
14'919.9
3'780.0
5'128.2
9.79x
6.88x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
15.11.2012
BB+
STABLE
15.11.2012
B
24.36
6.99
0.72
1.01
31.2%
23.2%
0.47
0.64
69.00
35'000.0
30'000.0
25'000.0
0.80
20'000.0
0.60
15'000.0
0.40
10'000.0
5'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
Gold Fields Ltd

Holdings By:
All
Holder Name
DIMENSIONAL FUND ADV
THORNBURG INVESTMENT
FMR LLC
BLACKROCK
PAULSON & CO
NORGES BANK
RUFFER LLP
RENAISSANCE TECHNOLO
WELLS FARGO
GAMCO
PROSPECTOR PARTNERS
CREDIT SUISSE AG
Firm Name
Scotia Capital
HSBC
Portfolio Name
n/a
n/a
THORNBURG INVESTMENT
n/a
n/a
n/a
PAULSON & CO
Multiple Portfolios
RUFFER LLP
n/a
n/a
Multiple Portfolios
PROSPECTOR PARTNERS
n/a
Analyst
TANYA M JAKUSCONEK
PATRICK CHIDLEY
Source
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
MF-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
MF-AGG
13F
ULT-AGG
Recommendation
sector perform
neutral
Amt Held
47'177'664
40'934'319
23'613'066
12'217'700
9'090'390
8'464'843
7'254'900
6'795'326
6'529'748
6'177'141
5'396'309
4'690'600
4'629'808
4'338'700
4'244'739
3'930'403
3'907'319
3'815'976
3'424'400
3'168'803
% Out
6.38
5.53
3.19
1.65
1.23
1.14
0.98
0.92
0.88
0.83
0.73
0.63
0.63
0.59
0.57
0.53
0.53
0.52
0.46
0.43
Weighting
Change
3
3
Latest Chg
(20'500)
5'017'592
1'237'745
5'072'700
2'820'234
(1'275'318)
4'486'300
(1'745'314)
(11'852)
(21'230)
(472'200)
(405'213)
(225'930)
(7'900)
1'826
9'500
(349'900)
2'839'790
Target Price
M
D
File Dt
31.03.2013
28.06.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
27.06.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
30.04.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
31.03.2013
31.03.2013
Date
8
8
12 month
Not Provided
Inst Type
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Government
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Date
10.05.2013
28.04.2013
01.07.2013
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 (26.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SLW US EQUITY YTD Change
SLW US EQUITY YTD % CHANGE
12/2012
03/yy
41.30
17.75
9'885'631.00
19.67
-52.37%
10.82%
8.15%
354.6
6'975.20
50.06
0.0
0.0
778.22
7'989.66
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
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
166.7
12.14x
105.5
19.18x
17.3
-
8.0 M
20
Valuation Analysis
31.12.2009
31.12.2010
239.3
423.4
21.12x
31.91x
158.5
316.2
31.87x
42.72x
117.9
153.4
Profitability
LTM-4Q
31.12.2011
730.0
13.01x
618.8
15.35x
550.0
-
31.12.2012
849.6
14.18x
701.5
17.17x
586.0
701.46
600.00
70.63%
70.72%
15.45%
19.11%
0.23%
74.3%
81.8%
69.1%
69.0%
15.88
15.86
1.57%
1.61%
148.71
-
03/yy
771.5
53.44x
654.1
16.49x
575.0
0.00x
LTM
03/yy
855.7
53.99x
699.9
17.30x
572.3
0.00x
FY+1
1.06
354.10
4.33
-25.63%
-44.95%
1.063
17
4.529
9'031'429
5'642'020
6'027'691
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
853.7
969.2
189.4
205.4
9.23x
7.69x
42.29x
38.73x
653.1
760.5
148.0
165.0
12.23x
10.51x
12.22x
12.12x
480.0
539.8
95.5
105.9
14.18x
12.74x
14.20x
13.47x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
1.45
1.56
1.6%
1.6%
0.23
0.28
2.45
21.26
-
900.0
800.0
1.00
0.80
700.0
600.0
500.0
0.60
400.0
300.0
0.40
0.20
200.0
100.0
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
Silver Wheaton Corp

Holdings By:
All
Holder Name
CARMIGNAC GESTION
FMR LLC
BMO FINANCIAL CORP
TD ASSET MANAGEMENT
BLACKROCK
TCW GROUP INC
CONNOR CLARK & LUNN
GREAT WEST LIFE ASSU
UBS
JP MORGAN
FRANKLIN RESOURCES
Firm Name
RBC Capital Markets
Salman Partners
Credit Suisse
BMO Capital Markets
TD Securities
JPMorgan
Scotia Capital
GMP
CIBC World Markets
EVA Dimensions
Macquarie
Raymond James
Portfolio Name
n/a
CARMIGNAC GESTION
n/a
n/a
BMO FINANCIAL CORP
TD ASSET MANAGEMENT
n/a
TCW GROUP INCORPORAT
CONNOR CLARK & LUNN
GREAT WEST LIFE ASSU
n/a
n/a
n/a
Analyst
DAN ROLLINS
DAVID WEST
RALPH M PROFITI
ANDREW KAIP
DANIEL EARLE
CHRIS LICHTENHELDT
JOHN BRIDGES
SHANE NAGLE
TREVOR TURNBULL
CHELSEA HAMILTON
COSMOS CHIU
STEVEN BUTLER
CRAIG STERLING
TONY LESIAK
BRAD HUMPHREY
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
Recommendation
outperform
top pick
neutral
outperform
buy
buy
overweight
outperform
focus stock
buy
sector outperform
buy
underweight
neutral
outperform
Amt Held
14'997'993
13'917'000
6'485'341
6'284'267
5'382'984
4'958'532
4'748'500
4'623'285
4'268'462
3'923'917
3'770'833
3'473'930
3'333'501
3'099'463
2'967'396
2'750'546
2'727'431
2'623'306
2'612'842
2'456'700
% Out
4.23
3.92
1.83
1.77
1.52
1.4
1.34
1.3
1.2
1.11
1.06
0.98
0.94
0.87
0.84
0.78
0.77
0.74
0.74
0.69
Weighting
Change
5
5
3
5
5
5
5
5
5
5
5
5
1
3
5
M
M
D
M
M
M
M
N
M
M
M
M
M
M
M
Latest Chg
66'224
13'917'000
(926'166)
(378'634)
180'499
(2'425)
20'000
(1'872'251)
(81'137)
(1'545'382)
(18'415)
(35'700)
420'000
(230'385)
195'633
(208'041)
1'642'706
26'794
283'586
(5'718'600)
Target Price
29
37
21
40
35
34
37
36
50
32
42
42
#N/A N/A
27
41
File Dt
Inst Type
28.06.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Bank
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
27.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Insurance Company
31.03.2013
Unclassified
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
12 month
Not Provided
18 month
12 month
Not Provided
12 month
12 month
Date
01.07.2013
26.06.2013
25.06.2013
24.06.2013
19.06.2013
17.06.2013
06.06.2013
05.06.2013
29.05.2013
29.05.2013
27.05.2013
26.05.2013
21.05.2013
17.05.2013
14.05.2013
01.07.2013
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
12.0 M
35
10.0 M
30
8.0 M
25
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.09.2012)
52-Week Low (26.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AU US EQUITY YTD Change
AU US EQUITY YTD % CHANGE
12/2012
03/yy
36.93
13.08
3'469'397.00
14.3
-61.28%
9.33%
5.12%
383.8
5'510.72
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
4.0 M
10
2.0 M
5
0
j-12
31.12.2009
31.12.2010
30'745.0
38'833.0
3.88x
3.60x
(2'435.0)
9'720.0
14.37x
(2'762.0)
637.0
Profitability
LTM-4Q
31.12.2011
47'849.0
3.00x
20'443.0
7.03x
11'282.0
-
31.12.2012
52'160.3
2.30x
19'105.5
6.27x
6'814.6
-
s-12
o-12
n-12
19'105.47
12'553.61
24.07%
18.43%
4.24%
9.11%
7.82%
0.51%
36.1%
33.9%
20.5%
13.1%
1.37
0.53
28.22%
65.78%
3.72
LTM
03/yy
51'123.2
10.32x
22'721.7
5.12x
14'088.2
0.00x
d-12
03/yy
51'861.6
9.37x
17'555.7
5.70x
4'225.8
0.00x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
0.75
6.46
-57.90%
-54.18%
0.746
6
3.667
3'729'503
3'935'596
3'435'400
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
61'184.0
70'390.8
1.37x
1.13x
20'567.1
27'317.3
5'056.7
9'814.6
10.01x
5.38x
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
10.12.2012
BBBNEG
10.07
2.46
1.36
1.69
65.8%
39.6%
0.51
0.84
98.24
63.01
1.20
60'000.0
1.00
50'000.0
0.80
40'000.0
0.60
.0 M
a-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
29'774.0
3.48x
3'278.0
31.64x
(16'138.0)
-
6.0 M
15
30'000.0
20'000.0
0.40
10'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
AngloGold Ashanti Ltd

Holdings By:
All
Holder Name
PAULSON & CO
FRANKLIN RESOURCES
FMR LLC
WELLS FARGO
BLACKROCK
DUPONT CAPITAL MANAG
TRADEWINDS GLOBAL IN
PASSPORT CAPITAL LLC
NUVEEN ASSET MANAGEM
PLATINUM INVESTMENT
GAMCO
Firm Name
Societe Generale
EVA Dimensions
Scotia Capital
HSBC
Makor Capital
Portfolio Name
PAULSON & CO
n/a
n/a
n/a
n/a
n/a
DUPONT CAPITAL MANAG
n/a
Multiple Portfolios
PLATINUM INVESTMENT
n/a
n/a
n/a
Analyst
BRUCE ALWAY
TIMOTHY STANISH
TANYA M JAKUSCONEK
PATRICK CHIDLEY
ALBERT SAPORTA
Source
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
MF-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
Recommendation
sell
hold
sector perform
overweight
buy
Amt Held
28'254'950
14'810'494
11'336'430
8'747'623
5'518'760
5'498'290
5'230'372
4'945'084
3'731'629
3'728'373
3'398'300
2'612'472
2'137'844
2'090'384
2'059'815
1'939'517
1'839'523
1'622'856
1'611'720
1'608'497
% Out
7.36
3.86
2.95
2.28
1.44
1.43
1.36
1.29
0.97
0.97
0.89
0.68
0.56
0.54
0.54
0.51
0.48
0.42
0.42
0.42
Weighting
Change
1
3
3
5
5
M
M
M
M
M
Latest Chg
50'951
(814'185)
(431'746)
(128'150)
(1'096'046)
(30'115)
(1'261'046)
(259'531)
3'731'629
(458'492)
157'600
(22'697)
733'688
(581'425)
(145'000)
350'187
98'426
(95'200)
(310)
(700)
Target Price
13
#N/A N/A
25
31
25
File Dt
31.03.2013
28.06.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
27.06.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
Date
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Date
17.06.2013
06.06.2013
21.05.2013
28.04.2013
15.04.2013
01.07.2013
Cia de Minas Buenaventura SAA

Cia de Minas Buenaventura S.A. explores for, mines, and processes gold, silver,
zinc, and other metals. The Company operates mines in Peru, a lime plant, an
electric power transmission company, and an engineering services company.
Buenaventura also markets metal concentrates to smelters internationally.
Price/Volume
45
6.0 M
40
5.0 M
35
30
4.0 M
25
12/2011
03/yy
40.09
13.38
3'411'829.00
14.76
-63.18%
10.31%
5.17%
274.9
4'068.37
179.30
0.0
262.3
241.22
4'295.31
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15
2.0 M
10
1.0 M
5
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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 (19.09.2012)
52-Week Low (26.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BVN US EQUITY YTD Change
BVN US EQUITY YTD % CHANGE
31.12.2009
31.12.2010
881.5
1'103.8
9.30x
10.85x
351.5
475.4
23.33x
25.19x
593.6
660.8
14.29x
18.66x
Profitability
LTM-4Q
31.12.2011
1'556.6
6.05x
820.2
11.49x
858.9
11.16x
31.12.2012
1'563.5
6.00x
569.3
16.47x
684.7
13.41x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
569.30
421.85
26.98%
56.63%
13.23%
16.53%
16.37%
0.34%
47.5%
34.7%
23.2%
43.8%
2.30
1.42
3.91%
4.84%
9.25
5.58
Price/ Cash Flow
03/yy
1'570.2
24.14x
589.1
16.81x
848.7
11.93x
LTM
03/yy
1'492.0
23.72x
517.8
13.14x
579.9
11.38x
FY+1
0.52
1.82
-60.41%
-58.43%
0.522
13
3.462
2'968'186
1'820'631
1'649'934
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
1'601.4
1'717.5
388.0
411.0
2.60x
2.35x
691.3
750.5
199.0
204.5
6.21x
5.72x
4.84x
480.3
503.9
103.3
106.9
7.00x
7.48x
10.54x
10.30x
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
68.67
15.24
-0.07
0.35
4.8%
4.3%
0.34
1.44
39.45
65.36
59.17
44.85
30.00
1'800.0
1'600.0
25.00
1'400.0
1'200.0
20.00
1'000.0
15.00
800.0
600.0
10.00
400.0
5.00
0.00
01.01.2010
200.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
Cia de Minas Buenaventura SAA

Holdings By:
All
Holder Name
BLACKROCK
VONTOBEL ASSET MANAG
FRANKLIN RESOURCES
VANGUARD GROUP INC
STATE STREET
WELLS FARGO
GRANTHAM MAYO VAN OT
FMR LLC
HARRIS TRUST & SAVIN
CREDIT SUISSE AG
NORGES BANK
THE BANK OF NOVA SCO
CREDIT AGRICOLE SA
PARAMETRIC PORTFOLIO
ING GROEP NV
ING INVESTMENT MANAG
GAMCO
Firm Name
Morgan Stanley
Credit Suisse
EVA Dimensions
JPMorgan
Banco BTG Pactual SA
Banco de Credito del Peru
Inteligo SAB
Grupo Santander
Scotia Capital
Euro Pacific Capital Inc
Kallpa Securities SAB
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
Multiple Portfolios
n/a
NORGES BANK
Multiple Portfolios
CREDIT AGRICOLE SA
PARAMETRIC PORTFOLIO
ING GROEP NV
Multiple Portfolios
n/a
Analyst
CARLOS DE ALBA
SANTIAGO PEREZ TEUFFER
TIMOTHY STANISH
JOHN BRIDGES
CESAR PEREZ-NOVOA
HECTOR JOSUE COLLANTES
LALI MERINO
WALTER CHIARVESIO
TANYA M JAKUSCONEK
HEIKO IHLE
EDDER CASTRO
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
MF-AGG
ULT-AGG
13F
13F
13F
MF-AGG
13F
13F
13F
MF-AGG
ULT-AGG
Recommendation
Equalwt/No Rating
neutral
overweight
neutral
buy
hold
buy
buy
sector perform
neutral
overweight
Amt Held
25'536'584
13'179'122
12'497'006
8'641'735
5'406'540
4'674'992
4'469'673
4'187'270
4'170'730
3'497'516
2'490'156
2'298'752
1'858'000
1'691'231
1'679'805
1'677'132
1'434'207
1'100'345
1'094'442
1'062'400
% Out
9.29
4.79
4.55
3.14
1.97
1.7
1.63
1.52
1.52
1.27
0.91
0.84
0.68
0.62
0.61
0.61
0.52
0.4
0.4
0.39
Weighting
Change
3
3
5
3
5
3
5
5
3
3
5
M
M
U
M
M
M
M
M
M
M
M
Latest Chg
(4'985'793)
1'099'130
4'814'696
2'695'645
355'351
371'700
(18'676)
3'390'686
(172'571)
1'025'840
1'647'792
51'500
(868'730)
28'779
216'700
33'736
1'054'067
(399)
(50'400)
Target Price
21
21
#N/A N/A
34
30
21
29
33
25
27
33
File Dt
27.06.2013
28.06.2013
31.03.2013
31.03.2013
31.03.2013
28.06.2013
30.04.2013
31.03.2013
31.03.2013
28.03.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
31.01.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
31.03.2013
Date
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Date
25.06.2013
25.06.2013
25.06.2013
06.06.2013
20.05.2013
06.05.2013
03.05.2013
30.04.2013
30.04.2013
11.03.2013
07.03.2013
01.07.2013
New Gold Inc

New Gold Inc. is a natural resource company. The Company acquires, explores,
and develops gold properties.
Price/Volume
14
16.0 M
12
14.0 M
10
12.0 M
10.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2012)
52-Week Low (27.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NGD US EQUITY YTD Change
NGD US EQUITY YTD % CHANGE
12/2012
03/yy
12.84
5.70
6'485'111.00
6.42
-50.00%
12.63%
10.08%
476.9
3'061.81
847.80
0.0
0.0
687.80
3'243.71
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
6.0 M
4.0 M
2.0 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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)
-
8.0 M
31.12.2009
31.12.2010
323.8
530.5
4.31x
6.83x
110.4
239.2
12.64x
15.15x
(194.3)
47.5
Profitability
LTM-4Q
31.12.2011
695.9
6.62x
344.0
13.39x
179.0
-
31.12.2012
791.3
6.86x
390.1
13.91x
199.0
390.10
273.90
34.61%
35.23%
5.31%
7.96%
0.22%
85.3%
47.0%
30.6%
25.1%
5.18
4.15
19.79%
31.68%
32.86
1.75
03/yy
693.5
26.07x
339.3
13.50x
187.8
0.00x
LTM
03/yy
824.3
24.77x
387.6
11.65x
201.7
0.00x
FY+1
0.96
461.94
8.77
-32.42%
-41.80%
0.957
14
4.857
5'242'483
4'439'728
4'146'315
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
920.8
984.5
239.7
252.0
3.56x
3.67x
460.3
554.0
95.4
112.0
7.05x
5.86x
160.0
224.1
14.6
47.6
17.21x
12.61x
14.59x
12.84x
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
27.03.2012
BBSTABLE
9.70
-3.13
0.47
2.20
31.7%
24.1%
0.22
0.27
11.11
209.12
40.25
378.94
900.0
800.0
1.00
0.80
700.0
600.0
500.0
0.60
400.0
300.0
0.40
0.20
200.0
100.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
New Gold Inc

Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
BANK OF NOVA SCOTIA
LASSONDE PIERRE
JP MORGAN
CANADA PENSION PLAN
PUBLIC SECTOR PENSIO
OLIPHANT RANDALL
Firm Name
EVA Dimensions
Credit Suisse
RBC Capital Markets
TD Securities
GMP
Casimir Capital
CIBC World Markets
Scotia Capital
BMO Capital Markets
Global Hunter Securities
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
CANADA PENSION PLAN
n/a
Analyst
CRAIG STERLING
ANITA SONI
DAN ROLLINS
STEVEN J GREEN
GEORGE V ALBINO
STUART MCDOUGALL
STEVEN BUTLER
DON MACLEAN
ALEC KODATSKY
TREVOR TURNBULL
BARRY D ALLAN
STEPHEN PARSONS
ANDREW KAIP
RICHARD GRAY
JEFF WRIGHT
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
SEDI
13F
MF-AGG
13F
ULT-AGG
13F
13F
SEDI
Recommendation
buy
outperform
restricted
buy
buy
buy
buy
buy
sector perform
sector outperform
buy
outperform
restricted
buy
buy
Amt Held
62'551'684
51'601'629
35'344'411
12'987'264
12'943'570
12'469'841
11'134'273
11'078'536
10'011'303
8'366'671
7'393'443
6'040'968
5'645'000
5'379'731
5'091'201
5'091'201
4'883'382
4'785'859
4'584'060
4'570'855
% Out
13.12
10.82
7.41
2.72
2.71
2.61
2.33
2.32
2.1
1.75
1.55
1.27
1.18
1.13
1.07
1.07
1.02
1
0.96
0.96
Weighting
Change
5
5
#N/A N/A
5
5
5
5
5
3
5
5
5
#N/A N/A
5
5
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
Latest Chg
(19'073)
(401'290)
1'051'834
250'000
(1'200'483)
1'234'109
1'017'815
(5'156'495)
(127'400)
1'122'945
3'201'270
(238'800)
(326'365)
(27'471)
703'973
190'800
320'855
Target Price
#N/A N/A
10
10
10
10
16
11
12
11
13
9
10
#N/A N/A
14
10
File Dt
Inst Type
27.06.2013
Investment Advisor
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Holding Company
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Bank
31.03.2013
Investment Advisor
31.03.2013
Bank
31.03.2013
Investment Advisor
22.03.2012
n/a
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013 Pension Fund (ERISA)
31.03.2013
Investment Advisor
23.11.2012
n/a
Date
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Date
26.06.2013
25.06.2013
24.06.2013
19.06.2013
17.06.2013
17.06.2013
05.06.2013
04.06.2013
03.06.2013
03.06.2013
03.06.2013
02.06.2013
31.05.2013
31.05.2013
31.05.2013
01.07.2013
Agnico Eagle Mines Ltd

Agnico Eagle Mines Limited is a gold producer with operations primarily in
northwestern Quebec, northern Mexico, northern Finland and Nunavut. The
Company also has exploration activities in Canada, Europe, Latin America, and
the United States. Agnico Eagle Mines focuses on the exploration, development,
and expansion of its gold properities primarily from underground operations.
Price/Volume
60
6.0 M
12/2012
03/yy
57.35
25.00
3'529'737.00
27.54
-51.98%
10.16%
7.85%
172.9
4'760.80
842.96
0.0
0.0
351.28
5'277.37
Price/ Cash Flow
2.0 M
0
j-12
31.12.2009
31.12.2010
613.8
1'422.5
14.47x
9.45x
202.5
601.8
43.86x
22.34x
86.5
332.1
Profitability
1.0 M
.0 M
a-12
LTM-4Q
31.12.2011
1'821.8
3.75x
752.9
9.08x
(568.9)
-
31.12.2012
1'917.7
4.96x
787.4
12.08x
310.9
787.42
515.56
26.88%
22.69%
5.00%
7.63%
7.06%
0.36%
39.0%
39.4%
24.5%
16.2%
3.26
1.51
16.04%
24.72%
23.11
4.16
03/yy
1'882.7
18.58x
801.6
7.78x
(535.6)
0.00x
s-12
o-12
n-12
d-12
LTM
03/yy
1'865.2
18.18x
735.0
10.34x
256.2
0.00x
j-13
f-13 m-13
a-13
m-13
j-13
FY+1
0.62
172.06
1.77
-30.55%
-46.86%
0.624
27
3.444
2'436'184
1'958'873
1'986'257
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
1'672.8
1'988.1
355.7
407.7
3.32x
2.78x
14.99x
13.20x
585.4
793.7
111.3
140.0
9.02x
6.65x
8.84x
8.29x
167.3
270.7
20.2
34.1
28.90x
17.83x
26.20x
20.97x
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
12.03.2003
NR
13.60
5.91
0.70
1.10
24.7%
19.8%
0.36
0.46
15.79
87.72
50.91
66.58
2'500.0
1.00
2'000.0
0.60
3.0 M
10
1.20
0.80
4.0 M
20
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
5.0 M
30
Latest Fiscal Year:

LTM as of:
52-Week High (26.11.2012)
52-Week Low (26.06.2013)
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
01.07.2013
Agnico Eagle Mines Ltd

Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
WELLS FARGO
CONNOR CLARK & LUNN
BMO FINANCIAL CORP
VINIK ASSET MANAGEME
INVESCO LTD
GAMCO
TD ASSET MANAGEMENT
VANGUARD GROUP INC
Firm Name
Cowen and Company
Credit Suisse
RBC Capital Markets
Salman Partners
TD Securities
GMP
Raymond James
JPMorgan
EVA Dimensions
Macquarie
BMO Capital Markets
HSBC
CIBC World Markets
Scotia Capital
Barclays
Morgan Stanley
Portfolio Name
n/a
n/a
n/a
n/a
n/a
CONNOR CLARK & LUNN
BMO FINANCIAL CORP
n/a
n/a
TD ASSET MANAGEMENT
Multiple Portfolios
Analyst
ADAM P GRAF
ANITA SONI
STEPHEN D WALKER
JEFF WRIGHT
MICHAEL S DUDAS
DAVID WEST
GREG BARNES
GEORGE V ALBINO
BRAD HUMPHREY
JOHN BRIDGES
TIMOTHY STANISH
STEPHEN PARSONS
DON MACLEAN
TONY LESIAK
DAVID HAUGHTON
RICHARD GRAY
STEVEN BUTLER
BARRY D ALLAN
PATRICK CHIDLEY
ALEC KODATSKY
TANYA M JAKUSCONEK
JOSH WOLFSON
PAWEL RAJSZEL
FAROOQ HAMED
PARETOSH MISRA
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
MF-AGG
Recommendation
market perform
outperform
outperform
buy
neutral
buy
buy
buy
market perform
neutral
underweight
sector perform
buy
underperform
market perform
buy
hold
hold
underweight
sector perform
sector outperform
neutral
sell
equalweight
Equalwt/In-Line
Amt Held
20'005'396
13'384'122
11'305'234
8'353'624
6'927'650
4'381'540
3'956'923
3'739'449
3'507'319
3'247'664
2'433'065
2'128'571
1'800'000
1'598'700
1'553'050
1'551'262
1'501'826
1'343'527
1'210'011
1'051'526
% Out
11.57
7.74
6.54
4.83
4.01
2.53
2.29
2.16
2.03
1.88
1.41
1.23
1.04
0.92
0.9
0.9
0.87
0.78
0.7
0.61
Weighting
Change
3
5
5
5
3
5
5
5
3
3
1
3
5
1
3
5
3
3
1
3
5
3
1
3
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
Latest Chg
2'418'540
696'000
501'322
223'720
414'729
(551'324)
(57'068)
1'303'500
(83'945)
(37'672)
845
(665'218)
418'800
428'246
(35'750)
(15'150)
57'043
36'572
78'180
Target Price
21
39
40
47
#N/A N/A
44
41
41
46
39
#N/A N/A
42
47
28
45
49
41
38
29
54
46
45
30
39
#N/A N/A
File Dt
Inst Type
27.06.2013
Investment Advisor
31.03.2013
Investment Advisor
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Bank
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
28.06.2013
Investment Advisor
31.03.2013
Unclassified
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
6 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
26.06.2013
25.06.2013
24.06.2013
24.06.2013
19.06.2013
19.06.2013
19.06.2013
17.06.2013
12.06.2013
06.06.2013
06.06.2013
26.05.2013
22.05.2013
17.05.2013
07.05.2013
30.04.2013
29.04.2013
29.04.2013
28.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
25.10.2012
01.07.2013
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 (27.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EGO US EQUITY YTD Change
EGO US EQUITY YTD % CHANGE
12/2012
03/yy
16.20
5.56
8'458'269.00
6.18
-61.85%
11.22%
5.86%
715.0
4'418.75
593.32
0.0
284.1
818.83
4'628.14
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
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
277.7
10.15x
132.0
21.36x
163.7
-
8.0 M
Valuation Analysis
31.12.2009
31.12.2010
358.5
791.2
21.00x
12.74x
181.2
423.3
41.53x
23.82x
102.4
221.0
Profitability
LTM-4Q
31.12.2011
1'103.7
6.66x
643.9
11.41x
318.7
-
31.12.2012
1'147.5
8.06x
584.4
15.83x
305.3
584.40
470.87
41.03%
38.89%
2.51%
3.32%
3.23%
0.16%
62.7%
51.9%
41.8%
26.6%
4.90
3.96
7.48%
10.01%
16.01
2.17
03/yy
1'156.1
29.80x
659.7
14.80x
334.0
0.00x
LTM
03/yy
1'214.1
29.81x
630.5
11.16x
192.0
0.00x
FY+1
0.81
708.51
4.07
-49.26%
-51.73%
0.809
22
4.091
7'193'704
5'558'692
5'812'822
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
1'226.8
1'337.8
265.7
281.7
3.98x
3.88x
17.88x
17.07x
599.5
659.0
113.5
123.0
7.72x
7.02x
9.42x
9.18x
256.2
303.0
49.8
58.7
16.18x
13.76x
15.77x
14.61x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
13.11.2012
BB
STABLE
83.69
22.66
-0.12
0.94
10.0%
8.7%
0.16
0.21
22.79
167.85
189.39
43.64
1'400.0
1'200.0
1'000.0
0.80
800.0
0.60
600.0
0.40
400.0
200.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
Eldorado Gold Corp

Holdings By:
All
Holder Name
FMR LLC
CARMIGNAC GESTION
JENNISON ASSOCIATES
BMO FINANCIAL CORP
AGF INVESTMENTS INC
JP MORGAN
BAILLIE GIFFORD AND
PRUDENTIAL FINANCIAL
IG INVESTMENT MANAGE
FRANKLIN RESOURCES
Firm Name
GMP
Morgan Stanley
Credit Suisse
RBC Capital Markets
Salman Partners
TD Securities
Raymond James
EVA Dimensions
Macquarie
CIBC World Markets
Scotia Capital
Barclays
BMO Capital Markets
HSBC
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
JENNISON ASSOCIATES
BMO FINANCIAL CORP
AGF INVESTMENTS INC
n/a
BAILLIE GIFFORD & CO
n/a
n/a
Analyst
GEORGE V ALBINO
PARETOSH MISRA
ANITA SONI
DAN ROLLINS
DAVID WEST
STEVEN J GREEN
BRAD HUMPHREY
KERRY SMITH
DON MACLEAN
CRAIG STERLING
TONY LESIAK
COSMOS CHIU
MIKE KOZAK
PAWEL RAJSZEL
TANYA M JAKUSCONEK
JOSH WOLFSON
STEVEN BUTLER
FAROOQ HAMED
DAVID HAUGHTON
PATRICK CHIDLEY
BARRY D ALLAN
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
MF-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
Recommendation
buy
Overwt/In-Line
outperform
sector perform
buy
action list buy
outperform
buy
hold
underweight
neutral
sector outperform
buy
sell
sector outperform
neutral
buy
equalweight
outperform
overweight
hold
Amt Held
46'240'578
46'199'408
33'729'686
17'640'602
13'044'870
12'322'002
11'861'546
11'661'328
11'264'562
10'662'061
10'031'223
9'924'291
9'088'523
8'799'121
8'762'181
8'616'810
7'601'100
6'756'612
5'819'530
5'033'900
% Out
6.47
6.46
4.72
2.47
1.82
1.72
1.66
1.63
1.58
1.49
1.4
1.39
1.27
1.23
1.23
1.21
1.06
0.94
0.81
0.7
Weighting
Change
5
5
5
3
5
5
5
5
3
1
3
5
5
1
5
3
5
3
5
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(1'069'723)
1'979'063
6'645'120
426'594
(14'814'642)
(163'800)
11'861'546
861'550
771'210
(256'391)
(12'436)
(1'473'143)
(223'376)
(2'010'762)
(170'141)
966'831
50'000
64'734
(2'247'589)
45'300
Target Price
13
8
10
9
13
14
16
14
10
#N/A N/A
8
14
12
7
12
10
11
9
12
13
13
File Dt
Inst Type
31.03.2013
Investment Advisor
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Bank
29.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
26.06.2013
25.06.2013
25.06.2013
24.06.2013
19.06.2013
19.06.2013
12.06.2013
11.06.2013
22.05.2013
22.05.2013
17.05.2013
06.05.2013
06.05.2013
06.05.2013
03.05.2013
03.05.2013
03.05.2013
03.05.2013
02.05.2013
28.04.2013
12.03.2013
01.07.2013
Kinross Gold Corp

Kinross Gold Corporation is involved in the exploration, development, and
production of gold in countries located around the world. The Company currently
has operations in the United States, Brazil, Chile, Ecuador and Russia.
Price/Volume
12
45.0 M
40.0 M
10
35.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.10.2012)
52-Week Low (26.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
KGC US EQUITY YTD Change
KGC US EQUITY YTD % CHANGE
12/2012
03/yy
11.20
4.53
20'938'684.00
5.1
-54.44%
12.58%
8.55%
1'141.7
5'822.49
2'632.60
0.0
75.5
1'982.70
6'632.79
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
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
20.0 M
15.0 M
10.0 M
2
0
j-12
5.0 M
.0 M
a-12
LTM-4Q
31.12.2011
3'842.5
3.37x
1'926.2
6.73x
(2'073.6)
15.25x
31.12.2012
4'311.4
2.74x
1'962.2
6.01x
(2'504.9)
12.61x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
1'962.20
1'281.00
29.71%
-53.16%
-15.73%
-21.83%
0.28%
57.1%
45.7%
28.1%
-58.1%
2.76
1.74
17.69%
26.73%
15.04
1.53
Price/ Cash Flow
03/yy
3'910.6
14.92x
1'885.9
6.00x
(2'225.3)
12.84x
s-12
o-12
n-12
d-12
LTM
03/yy
4'332.9
10.04x
1'980.9
4.97x
(2'450.1)
10.69x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
3.14
0.76
1'139.64
8.09
-36.31%
-47.00%
0.757
27
3.963
15'526'687
13'126'443
13'778'005
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
3'903.3
3'962.5
922.7
890.4
1.79x
1.80x
7.33x
7.82x
1'508.7
1'645.8
338.2
325.7
4.40x
4.03x
4.91x
4.74x
434.4
555.1
7.0
81.0
13.21x
10.83x
13.67x
11.38x
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
15.08.2011
BBBSTABLE
13.84
0.25
0.37
1.09
26.7%
21.0%
0.28
0.47
24.27
239.28
108.04
222.18
20.00
5'000.0
18.00
4'500.0
16.00
4'000.0
14.00
3'500.0
12.00
3'000.0
10.00
8.00
2'500.0
2'000.0
6.00
1'500.0
4.00
1'000.0
2.00
500.0
0.00
01.01.2010
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
1'617.0
7.84x
656.3
19.32x
(807.2)
46.21x
30.0 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
01.07.2013
Kinross Gold Corp

Holdings By:
All
Holder Name
INVESCO LTD
BMO FINANCIAL CORP
ARTISAN PARTNERS HOL
JENNISON ASSOCIATES
LAZARD ASSET MANAGEM
NORGES BANK
ALTRINSIC GLOBAL ADV
FMR LLC
JP MORGAN
CARMIGNAC GESTION
TD ASSET MANAGEMENT
Firm Name
Stifel
Deutsche Bank
Cowen and Company
Credit Suisse
RBC Capital Markets
Salman Partners
TD Securities
Macquarie
HSBC
Scotia Capital
GMP
BMO Capital Markets
JPMorgan
EVA Dimensions
Jefferies
CIBC World Markets
Barclays
Makor Capital
Morgan Stanley
Portfolio Name
n/a
n/a
BMO FINANCIAL CORP
ARTISAN PARTNERS LP
JENNISON ASSOCIATES
n/a
n/a
NORGES BANK
ALTRINSIC GLOBAL ADV
n/a
n/a
CARMIGNAC GESTION
TD ASSET MANAGEMENT
Analyst
GEORGE J TOPPING
JORGE M BERISTAIN
ADAM P GRAF
ANITA SONI
STEPHEN D WALKER
DAVID WEST
GREG BARNES
RICHARD GRAY
STEVEN BUTLER
TONY LESIAK
PATRICK CHIDLEY
TANYA M JAKUSCONEK
GEORGE V ALBINO
PAWEL RAJSZEL
DAVID HAUGHTON
PAOLO LOSTRITTO
JOHN BRIDGES
DON MACLEAN
CRAIG STERLING
PETER D WARD
ALEC KODATSKY
FAROOQ HAMED
BARRY D ALLAN
ALBERT SAPORTA
PARETOSH MISRA
Source
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
Recommendation
hold
hold
market perform
outperform
outperform
buy
buy
buy
hold
outperform
overweight
sector perform
buy
sell
outperform
outperform
overweight
Under Review
overweight
hold
sector underperform
equalweight
buy
buy
Underwt/In-Line
Amt Held
57'357'709
29'798'050
25'903'233
22'078'500
20'640'874
20'421'586
19'663'848
16'877'973
16'120'045
15'598'099
14'937'516
14'193'873
13'959'251
13'897'771
12'761'242
12'697'029
12'671'799
12'416'200
12'217'459
10'443'940
% Out
5.02
2.61
2.27
1.93
1.81
1.79
1.72
1.48
1.41
1.37
1.31
1.24
1.22
1.22
1.12
1.11
1.11
1.09
1.07
0.91
Weighting
Change
3
3
3
5
5
5
5
5
3
5
5
3
5
1
5
5
5
#N/A N/A
5
3
1
3
5
5
1
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
D
Latest Chg
(2'019'268)
6'302'441
3'849'773
22'078'500
3'329'797
(1'148'398)
(977'748)
(15'894)
(8'201'037)
30'083
47'316
(3'120'469)
13'897'771
(4'877'985)
(5'850'702)
(1'130'000)
12'416'200
(1'903'663)
2'570
Target Price
#N/A N/A
6
5
7
8
8
8
10
8
7
10
8
8
6
9
11
12
#N/A N/A
#N/A N/A
6
8
7
10
8
#N/A N/A
File Dt
Inst Type
28.06.2013
Investment Advisor
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Unclassified
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Bank
31.12.2012
Government
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Date
28.06.2013
27.06.2013
26.06.2013
25.06.2013
24.06.2013
19.06.2013
19.06.2013
18.06.2013
17.06.2013
12.06.2013
11.06.2013
11.06.2013
11.06.2013
11.06.2013
10.06.2013
10.06.2013
06.06.2013
22.05.2013
22.05.2013
08.05.2013
08.05.2013
08.05.2013
30.04.2013
15.04.2013
10.10.2012
01.07.2013
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
3.5 M
100
3.0 M
2.5 M
80
2.0 M
60
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.10.2012)
52-Week Low (26.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RGLD US EQUITY YTD Change
RGLD US EQUITY YTD % CHANGE
06/2012
03/yy
100.84
38.64
2'188'022.00
42.08
-58.27%
8.92%
5.54%
64.4
2'708.90
293.25
0.0
25.0
390.47
2'345.57
30.06.2008
66.3
13.56x
51.3
17.51x
24.0
51.41x
1.5 M
40
1.0 M
20
.5 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
120
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
30.06.2012
263.1
17.19x
233.2
19.39x
92.5
48.25x
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
233.22
158.22
60.15%
58.17%
3.16%
3.82%
4.04%
0.12%
71.5%
88.9%
61.2%
35.2%
29.27
28.23
12.36%
15.95%
4.82
-
Price/ Cash Flow
03/yy
262.2
55.35x
230.7
16.28x
93.6
39.16x
LTM
03/yy
292.0
66.52x
259.6
16.16x
79.0
48.88x
FY+1
1.66
0.66
61.85
2.72
-45.85%
-47.99%
0.657
10
3.800
1'589'738
897'753
994'849
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
06/13 Q4 09/13 Q1
298.4
358.0
65.5
68.8
7.99x
6.18x
36.27x
265.6
314.6
58.4
56.5
8.83x
7.46x
9.07x
8.22x
92.6
123.0
18.6
20.0
27.96x
21.41x
27.54x
23.47x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
30.27
-5.64
-1.49
1.16
16.0%
13.6%
0.12
0.15
75.69
10.43
-
90.00
300.0
80.00
250.0
70.00
200.0
60.00
50.00
150.0
40.00
100.0
30.00
20.00
50.0
10.00
0.00
03.07.2009
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
Royal Gold Inc

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
WELLS FARGO
STUCKERT JAMES W
FMR LLC
AGF INVESTMENTS INC
GAMCO
UBS
NEUBERGER BERMAN LLC
AMERIPRISE FINANCIAL
DEUTSCHE BANK AG
Firm Name
RBC Capital Markets
BB&T Capital Markets
MLV & Co
CIBC World Markets
Scotia Capital
HSBC
EVA Dimensions
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
AGF INVESTMENTS INC
n/a
n/a
NEUBERGER BERMAN GRO
n/a
Analyst
STEPHEN D WALKER
GARRETT S. NELSON
SHANE NAGLE
MICHAEL D PETERSON
COSMOS CHIU
TANYA M JAKUSCONEK
PATRICK CHIDLEY
CRAIG STERLING
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
Form 4
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
ULT-AGG
Recommendation
sector perform
buy
outperform
buy
sector perform
sector perform
overweight
sell
Amt Held
6'803'771
5'518'786
3'592'556
2'384'184
1'842'278
1'443'600
1'392'949
1'361'050
1'329'864
1'209'346
1'115'000
867'401
838'175
678'787
633'761
624'300
621'096
560'996
558'674
533'948
% Out
10.57
8.57
5.58
3.7
2.86
2.24
2.16
2.11
2.07
1.88
1.73
1.35
1.3
1.05
0.98
0.97
0.96
0.87
0.87
0.83
Weighting
Change
3
5
5
5
3
3
5
1
M
M
M
M
M
M
M
M
Latest Chg
207'220
78'125
159'701
183'158
129'548
(178'495)
(895'027)
(47'750)
95'610
441'649
745'000
838'175
149'690
25'047
9'000
518'527
(413'048)
82'417
(96'771)
Target Price
71
80
78
80
88
71
77
#N/A N/A
File Dt
Inst Type
27.06.2013
Investment Advisor
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
26.06.2013
n/a
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Unclassified
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Unclassified
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Date
24.06.2013
24.06.2013
04.06.2013
03.05.2013
02.05.2013
02.05.2013
28.04.2013
15.01.2013
01.07.2013
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 (16.08.2012)
52-Week Low (24.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HMY US EQUITY YTD Change
HMY US EQUITY YTD % CHANGE
06/2012
03/yy
10.54
3.29
4'246'570.00
3.81
-63.85%
15.81%
7.17%
435.3
1'658.45
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
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
9'617.0
4.37x
1'393.0
30.15x
(245.0)
-
8.0 M
Valuation Analysis
30.06.2009
30.06.2010
11'496.0
11'284.0
2.83x
3.13x
2'125.0
1'737.0
15.29x
20.33x
2'927.0
(192.0)
Profitability
LTM-4Q
30.06.2011
11'596.0
3.41x
2'354.0
16.81x
617.0
-
30.06.2012
15'169.0
2.18x
4'222.0
7.84x
2'645.0
4'222.00
2'231.00
14.71%
12.72%
2.66%
3.41%
3.58%
0.37%
25.7%
19.2%
7.8%
17.4%
2.28
0.93
4.27%
5.41%
11.93
11.89
LTM
03/yy
13'997.0
11.33x
3'190.0
0.00x
2'496.0
0.00x
03/yy
16'353.0
7.37x
3'140.0
8.01x
1'176.0
0.00x
FY+1
0.84
3.31
-58.81%
-57.10%
0.836
3
5.000
4'069'205
3'443'423
3'318'861
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
06/13 Q4 09/13 Q1
17'452.9
21'284.3
0.93x
0.83x
4'856.8
6'494.5
1'678.5
2'091.7
9.70x
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
14.26
3.47
-0.18
0.80
5.4%
5.1%
0.37
0.49
30.59
30.71
47.72
31.22
16'000.0
14'000.0
12'000.0
0.80
0.60
10'000.0
8'000.0
6'000.0
0.40
0.20
4'000.0
2'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
Harmony Gold Mining Co Ltd

Holdings By:
All
Holder Name
DEUTSCHE BANK TRUST
BLACKROCK
FMR LLC
CREDIT SUISSE AG
GAMCO
TWO SIGMA INVESTMENT
TEXAS TEACHER RETIRE
CREDIT AGRICOLE SA
CITIGROUP INCORPORAT
TWO SIGMA ADVISERS L
US GLOBAL INVESTORS
DEUTSCHE BANK AG
HUSSMAN ECONOMETRICS
GAM HOLDING LTD
AMUNDI LUXEMBOURG SA
Firm Name
EVA Dimensions
HSBC
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
TEACHER RETIREMENT S
CREDIT AGRICOLE SA
n/a
TWO SIGMA ADVISERS L
US GLOBAL INVESTORS
n/a
HUSSMAN ECONOMETRICS
GAM HOLDING LTD
Multiple Portfolios
Analyst
TIMOTHY STANISH
PATRICK CHIDLEY
Source
20F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
MF-AGG
Recommendation
overweight
overweight
Amt Held
135'983'632
30'771'192
20'829'043
20'017'881
9'383'119
5'755'000
3'994'173
3'030'594
2'283'081
1'982'360
1'780'331
1'500'000
1'265'348
1'203'118
1'129'600
1'050'000
1'005'045
1'000'000
998'850
751'348
% Out
31.24
7.07
4.79
4.6
2.16
1.32
0.92
0.7
0.52
0.46
0.41
0.34
0.29
0.28
0.26
0.24
0.23
0.23
0.23
0.17
Weighting
Change
5
5
M
M
Latest Chg
781'177
(1'394'122)
(3'910'953)
129'354
1'930'000
(462'600)
(2'974'400)
1'802'132
(270)
458'902
(81'600)
490'639
726'300
(1'320'115)
55'000
-
Target Price
#N/A N/A
7
File Dt
Inst Type
22.10.2012
Investment Advisor
28.06.2013
Investment Advisor
27.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Unclassified
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
Date
Not Provided
Not Provided
Date
06.06.2013
28.04.2013
01.07.2013
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
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.10.2012)
52-Week Low (26.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
IAG US EQUITY YTD Change
IAG US EQUITY YTD % CHANGE
12/2012
03/yy
16.88
3.81
13'844'235.00
4.33
-74.35%
13.65%
3.98%
376.6
1'630.52
641.40
0.0
76.7
813.50
1'710.82
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
18.0 M
16
16.0 M
14
14.0 M
12
12.0 M
10
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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)
-
18
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%
4.65%
6.17%
6.75%
0.32%
43.2%
40.8%
30.5%
20.0%
3.76
2.61
11.93%
17.20%
9.95
2.52
03/yy
1'613.3
13.37x
748.7
5.37x
772.4
0.00x
LTM
03/yy
1'571.1
10.75x
641.7
4.36x
226.4
0.00x
FY+1
0.97
370.84
5.99
-61.83%
-61.16%
0.975
25
3.480
9'095'037
7'228'772
7'211'735
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
1'388.8
1'590.4
326.6
325.4
1.30x
1.33x
5.57x
5.81x
553.4
675.6
127.1
142.6
3.09x
2.53x
3.32x
3.45x
171.3
222.1
32.3
32.5
9.37x
7.25x
8.59x
7.77x
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
10.09.2012
BBSTABLE
14.20
0.19
0.00
1.01
17.2%
14.4%
0.32
0.62
36.68
144.64
80.12
94.44
1'800.0
1'600.0
1.00
0.80
1'400.0
1'200.0
1'000.0
0.60
800.0
600.0
0.40
0.20
400.0
200.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
IAMGOLD Corp
Holdings By:
All
Holder Name
BLACKROCK
AGF INVESTMENTS INC
FMR LLC
HEXAVEST INC
BMO FINANCIAL CORP
SCHRODER INVESTMENT
PAULSON & CO
MANULIFE ASSET MANAG
DEUTSCHE BANK AG
FRANKLIN RESOURCES
CARIBBEAN INVESTMENT
JP MORGAN
CLARINGTON CAPITAL M
Firm Name
Stifel
Credit Suisse
RBC Capital Markets
Salman Partners
TD Securities
Societe Generale
Clarus Securities
GMP
EVA Dimensions
Scotia Capital
Macquarie
Barclays
CIBC World Markets
BMO Capital Markets
HSBC
Morgan Stanley
Portfolio Name
n/a
n/a
AGF INVESTMENTS INC
n/a
HEXAVEST INC
BMO FINANCIAL CORP
SCHRODER INVESTMENT
PAULSON & CO
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Analyst
MICHAEL A SCOON
ANITA SONI
DAN ROLLINS
DAVID WEST
STEVEN J GREEN
BRUCE ALWAY
JEFF WRIGHT
STEVEN BUTLER
NANA SANGMUAH
GEORGE V ALBINO
PAOLO LOSTRITTO
DON MACLEAN
CRAIG STERLING
TANYA M JAKUSCONEK
TONY LESIAK
JOSH WOLFSON
MIKE KOZAK
FAROOQ HAMED
ALEC KODATSKY
PAWEL RAJSZEL
DAVID HAUGHTON
PATRICK CHIDLEY
BARRY D ALLAN
PARETOSH MISRA
Source
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
SEDI
ULT-AGG
MF-AGG
Recommendation
hold
underperform
sector perform
buy
buy
sell
buy
buy
hold
buy
outperform
hold
buy
sector perform
outperform
neutral
market perform
equalweight
sector perform
sell
market perform
overweight
hold
Equalwt/In-Line
Amt Held
33'007'505
26'609'525
9'719'845
9'271'077
7'117'169
6'755'000
6'125'592
5'890'847
5'356'509
5'016'061
4'925'902
4'905'401
3'863'912
3'566'791
3'462'599
3'407'054
3'204'100
3'119'569
3'071'125
3'035'395
% Out
8.77
7.07
2.58
2.46
1.89
1.79
1.63
1.56
1.42
1.33
1.31
1.3
1.03
0.95
0.92
0.9
0.85
0.83
0.82
0.81
Weighting
Change
3
1
3
5
5
1
5
5
3
5
5
3
5
3
5
3
3
3
3
1
3
5
3
3
M
M
M
M
M
M
N
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
N
Latest Chg
(13'095'832)
1'300'000
1'611'410
(2'626'159)
290'599
(776'100)
(3'062'014)
(87'839)
(268'526)
308'452
2'828'200
(17'988)
1'447'076
275'900
536'267
(1'256'100)
6'609
2'248'674
Target Price
#N/A N/A
4
7
9
11
5
8
7
10
9
14
7
#N/A N/A
7
7
9
6
7
9
5
8
8
14
#N/A N/A
File Dt
Inst Type
31.05.2013
Investment Advisor
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Holding Company
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
06.09.2011
Bank
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
18 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
28.06.2013
25.06.2013
24.06.2013
19.06.2013
19.06.2013
17.06.2013
14.06.2013
05.06.2013
05.06.2013
29.05.2013
26.05.2013
22.05.2013
22.05.2013
21.05.2013
17.05.2013
14.05.2013
09.05.2013
09.05.2013
08.05.2013
08.05.2013
07.05.2013
28.04.2013
12.03.2013
10.10.2012
01.07.2013
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
9.0 M
8.0 M
20
7.0 M
6.0 M
15
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.11.2012)
52-Week Low (26.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PAAS US EQUITY YTD Change
PAAS US EQUITY YTD % CHANGE
12/2012
03/yy
22.83
10.23
4'613'588.00
11.64
-49.01%
13.78%
11.19%
151.4
1'762.36
77.98
0.0
7.3
542.32
1'323.17
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
4.0 M
3.0 M
2.0 M
1.0 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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
-
5.0 M
10
31.12.2009
31.12.2010
454.8
646.6
5.14x
6.33x
179.1
277.8
13.05x
14.73x
62.0
13.7
Profitability
LTM-4Q
31.12.2011
855.3
2.15x
445.9
4.12x
352.5
-
31.12.2012
928.6
2.57x
362.0
6.60x
87.4
361.98
253.83
27.33%
19.53%
1.70%
2.12%
2.17%
0.28%
45.2%
36.6%
24.1%
9.4%
4.96
3.44
2.30%
2.87%
7.26
2.25
03/yy
893.6
11.23x
456.8
6.30x
310.2
0.00x
LTM
03/yy
942.8
9.96x
345.3
5.94x
57.6
0.00x
FY+1
1.00
149.02
2.68
-29.42%
-36.75%
1.003
16
3.250
3'382'052
2'904'188
2'585'931
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
897.3
978.2
210.5
208.3
1.57x
1.56x
6.15x
6.08x
276.5
334.3
52.3
51.2
4.79x
3.96x
6.37x
6.28x
87.0
132.9
14.2
13.2
18.96x
14.37x
17.99x
15.71x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
47.15
26.32
-1.29
0.13
2.9%
2.8%
0.28
0.43
50.25
162.08
74.80
154.58
1'000.0
900.0
1.00
800.0
700.0
0.80
0.60
0.40
600.0
500.0
400.0
300.0
200.0
0.20
100.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
Pan American Silver Corp

Holdings By:
All
Holder Name
ROYCE AND ASSOCIATES
RIVER ROAD ASSET MAN
BEATY ROSS J
DEUTSCHE BANK AG
ASTON ASSET MANAGEME
GLOBAL X MANAGEMENT
DREMAN VALUE MANAGEM
CARLSON CAPITAL LP
INTREPID CAPITAL MAN
FMR LLC
MORGAN STANLEY
CANADA PENSION PLAN
AXA
JP MORGAN
TD ASSET MANAGEMENT
Firm Name
BMO Capital Markets
Deutsche Bank
Cowen and Company
Credit Suisse
Salman Partners
TD Securities
JPMorgan
EVA Dimensions
Raymond James
Scotia Capital
RBC Capital Markets
CIBC World Markets
Portfolio Name
n/a
ROYCE & ASSOCIATES L
n/a
n/a
Multiple Portfolios
GLOBAL X MANAGEMENT
CARLSON CAPITAL LP
INTREPID CAPITAL MAN
n/a
n/a
CANADA PENSION PLAN
n/a
n/a
TD ASSET MANAGEMENT
Analyst
ANDREW KAIP
JORGE M BERISTAIN
ADAM P GRAF
RALPH M PROFITI
MICHAEL S DUDAS
DAVID WEST
DANIEL EARLE
CHRIS LICHTENHELDT
JOHN BRIDGES
CRAIG STERLING
BRAD HUMPHREY
TREVOR TURNBULL
DAN ROLLINS
RAHUL PAUL
ARNOLD VAN GRAAN
Source
ULT-AGG
13F
13F
13F
13F
SEDI
ULT-AGG
13F
MF-AGG
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
Recommendation
underperform
hold
market perform
neutral
neutral
buy
hold
neutral
underweight
overweight
outperform
sector outperform
sector perform
buy
sector perform
Amt Held
10'733'900
10'001'527
3'721'492
3'576'503
3'257'722
2'118'680
1'969'181
1'939'341
1'767'772
1'511'945
1'467'674
1'390'676
1'200'000
1'198'545
1'134'677
1'117'492
1'109'882
1'095'911
1'087'824
986'026
% Out
7.09
6.61
2.46
2.36
2.15
1.4
1.3
1.28
1.17
1
0.97
0.92
0.79
0.79
0.75
0.74
0.73
0.72
0.72
0.65
Weighting
Change
1
3
3
3
3
5
3
3
1
5
5
5
3
5
3
D
M
M
D
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
235'556
(1'140'970)
1'725'646
(374'997)
(10'899)
300'000
151'207
(110'000)
(3'472)
(21'408)
20'900
(14'164)
1'200'000
(19'831)
393'712
(151'875)
(925'154)
22'621
Target Price
10
12
10
14
#N/A N/A
19
16
17
19
#N/A N/A
21
16
14
20
19
File Dt
Inst Type
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2012
n/a
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Date
28.06.2013
28.06.2013
26.06.2013
25.06.2013
19.06.2013
19.06.2013
19.06.2013
17.06.2013
06.06.2013
22.05.2013
15.05.2013
15.05.2013
14.05.2013
14.05.2013
11.04.2013
01.07.2013
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,
the La Guitarra Silver Mine, and Del Toro Silver Mine.
Price/Volume
25
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
20
15
Valuation Analysis
10
Latest Fiscal Year:

LTM as of:
52-Week High (09.11.2012)
52-Week Low (26.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AG US EQUITY YTD Change
AG US EQUITY YTD % CHANGE
12/2012
03/yy
24.20
8.81
2'422'044.00
10.59
-56.24%
20.20%
11.57%
116.9
1'238.20
29.64
0.0
0.0
111.59
1'162.92
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
j-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
31.12.2009
31.12.2010
52.4
117.9
6.36x
11.66x
11.7
53.4
28.43x
25.73x
5.6
35.1
Profitability
LTM-4Q
31.12.2011
245.5
6.93x
156.2
10.89x
103.6
-
31.12.2012
247.2
9.19x
135.1
16.82x
88.9
135.11
109.13
44.15%
44.90%
13.40%
17.73%
17.25%
0.39%
57.5%
51.6%
40.3%
36.0%
3.02
2.29
3.65%
4.99%
14.68
5.46
03/yy
248.1
27.16x
157.7
10.69x
106.1
0.00x
LTM
03/yy
256.4
32.01x
132.3
13.74x
89.1
0.00x
FY+1
1.17
111.85
0.86
-26.71%
-47.55%
1.171
8
4.500
1'537'139
1'297'909
1'271'895
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
319.7
474.3
3.86x
2.26x
162.4
247.8
7.16x
4.69x
106.2
175.0
14.37x
8.78x
12.23x
10.27x
S&P Issuer Ratings

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

31.12.2008
41.8
3.30x
2.3
59.08x
(4.9)
-
150.0
100.0
0.40
50.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
First Majestic Silver Corp

Holdings By:
All
Holder Name
SPROTT INC
NEUMEYER KEITH
CONNOR CLARK & LUNN
BARING INTERNATIONAL
CANADA PENSION PLAN
TD ASSET MANAGEMENT
POLAR SECURITIES INC
GLOBAL X MANAGEMENT
LB SWISS INVESTMENT
CLAYMORE INVESTMENTS
INVESCO LTD
VANGUARD GROUP INC
NORGES BANK
Firm Name
BMO Capital Markets
Cowen and Company
TD Securities
Casimir Capital
Raymond James
EVA Dimensions
Portfolio Name
n/a
SPROTT INC
n/a
CONNOR CLARK & LUNN
BARING INTERNATIONAL
n/a
CANADA PENSION PLAN
TD ASSET MANAGEMENT
POLAR SECURITIES INC
GLOBAL X MANAGEMENT
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
NORGES BANK
Multiple Portfolios
Analyst
ANDREW KAIP
ADAM P GRAF
DANIEL EARLE
CHRIS LICHTENHELDT
STUART MCDOUGALL
CHRIS THOMPSON
GRAEME JENNINGS
CRAIG STERLING
Source
ULT-AGG
13F
13F
SEDI
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
13F
MF-AGG
Recommendation
outperform
outperform
buy
buy
buy
outperform
buy
underweight
Amt Held
8'250'379
4'404'872
3'871'362
3'126'000
2'550'000
2'462'160
2'154'471
1'556'516
1'203'343
1'127'680
1'095'918
1'034'662
953'685
777'102
700'000
689'593
663'271
659'529
636'734
620'900
% Out
7.06
3.77
3.31
2.67
2.18
2.11
1.84
1.33
1.03
0.96
0.94
0.88
0.82
0.66
0.6
0.59
0.57
0.56
0.54
0.53
Weighting
Change
5
5
5
5
5
5
5
1
U
M
M
M
M
M
M
M
Latest Chg
251'339
(376'800)
(159'106)
150'000
2'550'000
(181'475)
(122'348)
158'465
19'400
31'000
9'418
(378'403)
777'102
25'000
(231'913)
71'372
-
Target Price
12
14
16
17
23
21
21
#N/A N/A
File Dt
Inst Type
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
19.11.2012
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Bank
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
28.03.2013
Investment Advisor
31.12.2012
Investment Advisor
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Date
28.06.2013
26.06.2013
19.06.2013
17.06.2013
17.06.2013
14.06.2013
29.05.2013
22.05.2013
01.07.2013
Coeur Mining Inc

Coeur Mining, Inc., through its subsidiaries, explores, develops,
operates, and/or owns silver and gold mining properties and companies. The
Company's properties are located primarily in the United States, Australia, and
South America.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.11.2012)
52-Week Low (26.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CDE US EQUITY YTD Change
CDE US EQUITY YTD % CHANGE
12/2012
03/yy
31.97
11.48
3'887'630.00
13.3
-58.40%
15.85%
8.88%
101.5
1'349.64
124.55
0.0
0.0
153.50
1'368.80
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
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
170.9
5.09x
0.3
2750.95x
(0.6)
-
35
31.12.2009
31.12.2010
300.4
515.5
5.42x
4.98x
78.2
218.7
20.82x
11.74x
(27.1)
(91.3)
Profitability
LTM-4Q
31.12.2011
1'021.2
2.05x
531.3
3.95x
93.5
22.35x
31.12.2012
895.5
2.45x
378.2
5.80x
48.7
41.69x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
378.23
159.37
17.80%
13.10%
1.71%
2.63%
2.91%
0.26%
24.6%
39.7%
14.6%
5.4%
1.70
0.79
3.87%
5.67%
11.28
3.99
Price/ Cash Flow
03/yy
1'026.1
8.11x
539.5
3.90x
85.0
24.22x
LTM
03/yy
862.7
9.12x
342.9
4.99x
57.0
27.74x
FY+1
0.00
1.28
100.83
3.55
-24.26%
-45.93%
1.276
9
3.556
2'092'718
1'733'643
1'812'073
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
848.7
998.2
218.0
221.0
1.51x
1.11x
5.97x
5.99x
317.8
428.0
78.1
72.2
4.31x
3.20x
4.60x
4.78x
46.8
106.4
18.0
10.7
31.07x
11.99x
20.52x
15.78x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
25.06.2012
B+
STABLE
13.10
8.08
0.06
1.09
5.7%
5.4%
0.26
0.33
32.36
91.49
30.34
77.12
50.00
1'200.0
45.00
1'000.0
40.00
35.00
800.0
30.00
600.0
25.00
20.00
400.0
15.00
10.00
200.0
5.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
Coeur Mining Inc

Holdings By:
All
Holder Name
GUGGENHEIM
BLACKROCK
VANGUARD GROUP INC
STATE STREET
DEUTSCHE BANK AG
SUN VALLEY GOLD LLC
JP MORGAN
SPROTT INC
PANAGORA ASSET MANAG
CREDIT SUISSE AG
Firm Name
BMO Capital Markets
Deutsche Bank
Scotia Capital
JPMorgan
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
SUN VALLEY GOLD LLC
n/a
SPROTT INC
PANAGORA ASSET MANAG
n/a
Analyst
ANDREW KAIP
JORGE M BERISTAIN
TREVOR TURNBULL
CHRIS LICHTENHELDT
JEFF WRIGHT
MICHAEL S DUDAS
JOHN BRIDGES
CRAIG STERLING
GRAEME JENNINGS
Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
Recommendation
underperform
buy
sector perform
neutral
accumulate
buy
neutral
buy
market perform
Amt Held
6'405'227
5'542'767
5'209'001
4'876'942
4'809'149
4'641'704
3'163'120
2'963'100
2'810'872
1'892'202
1'588'191
1'278'258
1'251'341
1'194'069
942'523
838'500
791'096
699'487
670'115
660'625
% Out
6.31
5.46
5.13
4.81
4.74
4.57
3.12
2.92
2.77
1.86
1.57
1.26
1.23
1.18
0.93
0.83
0.78
0.69
0.66
0.65
Weighting
Change
1
5
3
3
4
5
3
5
3
D
M
M
M
M
M
M
U
M
Latest Chg
239'786
3'168'130
693
(420'427)
364'532
3'039'676
(18'288)
560'000
(256'964)
34'861
(207'650)
(14'548)
197'959
60'718
(341'000)
516'832
668'603
145'492
436'039
Target Price
10
18
15
17
21
28
19
#N/A N/A
21
File Dt
28.06.2013
31.05.2013
27.06.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
Date
12 month
12 month
12 month
Not Provided
12 month
12 month
6 month
Not Provided
12 month
Inst Type
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Pension Fund (ERISA)
Investment Advisor
Date
28.06.2013
28.06.2013
26.06.2013
26.06.2013
26.06.2013
19.06.2013
06.06.2013
27.05.2013
10.05.2013
01.07.2013
AuRico Gold Inc

AuRico Gold Inc. is a Canadian gold producer with mines and projects in North
America that have solid production growth and exploration potential. The Company
is focused on its core operations including the Young-Davidson gold mine in
northern Ontario and the El Chanate mine in Sonora State, Mexico. AuRico's
project pipeline also includes development opportunities in Canada and Mexico.
Price/Volume
9
25.0 M
8
20.0 M
7
6
15.0 M
5
4
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.07.2012)
52-Week Low (27.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AUQ US EQUITY YTD Change
AUQ US EQUITY YTD % CHANGE
12/2012
03/yy
8.62
4.01
5'959'539.00
4.37
-49.30%
8.98%
7.81%
246.9
1'078.76
188.57
0.0
0.0
603.40
981.30
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
5.0 M
1
0
j-12
31.12.2009
31.12.2010
206.8
238.3
6.86x
4.42x
70.5
106.6
20.14x
9.87x
8.2
(134.7)
Profitability
LTM-4Q
31.12.2011
83.9
27.78x
2.3
1003.29x
176.9
-
31.12.2012
163.6
11.67x
52.3
36.48x
33.2
52.33
33.61
20.54%
-60.53%
1.72%
2.35%
43.2%
20.3%
7.76
6.33
6.51%
8.21%
-
03/yy
175.3
47.64x
83.7
0.00x
166.3
0.00x
s-12
o-12
n-12
d-12
LTM
03/yy
185.8
42.87x
53.2
27.39x
50.2
0.00x
j-13
f-13 m-13
a-13
m-13
j-13
FY+1
0.84
245.99
12.86
-45.08%
-46.22%
0.837
14
3.500
3'441'227
2'641'640
2'865'415
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
284.5
374.5
54.8
69.6
3.59x
2.74x
11.06x
13.30x
131.6
200.2
19.9
38.3
7.46x
4.90x
6.23x
5.33x
49.4
77.2
4.5
14.4
19.77x
12.31x
17.41x
14.05x
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
23.39
-142.03
-1.83
3.23
8.2%
7.6%
-
1.20
300.0
1.00
250.0
0.80
200.0
0.60
.0 M
a-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
212.5
3.30x
53.3
13.17x
38.7
-
10.0 M
150.0
100.0
0.40
50.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
AuRico Gold Inc

Holdings By:
All
Holder Name
HARTFORD INVESTMENT
HEARTLAND ADVISORS I
OPUS CAPITAL GROUP L
HEXAVEST INC
MAK CAPITAL ONE LLC
SUN VALLEY GOLD LLC
GEOLOGIC RESOURCE PA
SENTRY SELECT CAPITA
Firm Name
TD Securities
BMO Capital Markets
RBC Capital Markets
Raymond James
Scotia Capital
Desjardins Securities
Credit Suisse
EVA Dimensions
CIBC World Markets
GMP
Macquarie
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
OPUS CAPITAL GROUP L
HEXAVEST INC
n/a
MAK CAPITAL ONE LLC
SUN VALLEY GOLD LLC
Analyst
STEVEN J GREEN
BRIAN QUAST
DAN ROLLINS
Phil Russo
TREVOR TURNBULL
ADAM MELNYK
JOE FAZZINI
RAHUL PAUL
ANITA SONI
CRAIG STERLING
COSMOS CHIU
CHELSEA HAMILTON
TONY LESIAK
PAOLO LOSTRITTO
Source
13F
ULT-AGG
13F
MF-AGG
13F
13F
13F
13F
13F
MF-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
Recommendation
reduce
market perform
sector perform
market perform
sector perform
buy
neutral
buy
neutral
hold
sector perform
buy
outperform
sector perform
Amt Held
34'465'703
22'916'069
12'665'571
11'974'228
11'173'993
8'574'011
7'954'202
7'469'100
6'556'114
5'523'501
4'478'647
3'895'355
3'862'659
3'767'019
3'677'730
3'493'185
3'444'100
3'207'165
3'186'064
2'867'697
% Out
13.96
9.28
5.13
4.85
4.53
3.47
3.22
3.03
2.66
2.24
1.81
1.58
1.56
1.53
1.49
1.42
1.4
1.3
1.29
1.16
Weighting
Change
2
3
3
3
3
5
3
5
3
3
3
5
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
14'538'023
(2'190'375)
11'536'239
(669'511)
2'838'940
(3'159'581)
(359'998)
6'556'114
593'007
1'610'951
(1'586'686)
371'532
3'767'019
(11'562'015)
(8'592'660)
(730'412)
(1'925'861)
Target Price
4
5
6
7
7
7
6
9
6
#N/A N/A
8
9
6
6
File Dt
Inst Type
31.03.2013
Investment Advisor
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Holding Company
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
18 month
Not Provided
12 month
12 month
Date
27.06.2013
26.06.2013
26.06.2013
26.06.2013
26.06.2013
26.06.2013
26.06.2013
26.06.2013
25.06.2013
22.06.2013
09.06.2013
29.05.2013
17.05.2013
10.05.2013
01.07.2013
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
14.0 M
40
12.0 M
35
10.0 M
30
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (17.10.2012)
52-Week Low (27.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ANV US EQUITY YTD Change
ANV US EQUITY YTD % CHANGE
12/2012
03/yy
41.02
5.40
11'451'181.00
6.48
-84.20%
20.00%
3.03%
103.9
673.19
525.19
0.0
0.0
347.05
1'011.70
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
20
6.0 M
15
4.0 M
10
2.0 M
5
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
43.2
(0.8)
8.5
-
25
31.12.2009
31.12.2010
43.2
130.9
15.41x
(0.8)
30.5
66.12x
8.5
34.1
64.17x
Profitability
LTM-4Q
31.12.2011
152.0
16.34x
48.8
50.94x
36.7
77.21x
31.12.2012
214.6
13.43x
95.5
30.19x
47.7
55.90x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
95.46
80.87
37.69%
29.90%
4.47%
7.35%
6.66%
0.23%
49.0%
43.6%
36.3%
22.2%
5.58
4.00
42.43%
84.71%
13.92
2.06
Price/ Cash Flow
03/yy
159.3
69.10x
64.8
42.00x
48.6
62.56x
LTM
03/yy
224.5
47.39x
97.9
18.56x
44.5
30.25x
FY+1
0.00
0.93
95.83
4.37
-77.17%
-78.49%
0.934
10
3.500
5'113'967
3'404'562
3'215'585
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
347.8
588.2
72.6
89.1
2.85x
1.91x
11.55x
10.45x
152.5
279.2
24.9
31.9
6.63x
3.62x
7.85x
6.90x
84.9
131.5
13.8
18.1
9.72x
4.84x
6.11x
4.83x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
07.06.2012
B
NEG
3.69
-6.45
3.46
5.94
84.7%
45.9%
0.23
0.46
26.22
177.50
95.94
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
01.07.2013
Allied Nevada Gold Corp

Holdings By:
All
Holder Name
BANK OF NOVA SCOTIA
VANGUARD GROUP INC
PESCIO CARL A
GUGGENHEIM
BLACKROCK
BUCHAN ROBERT M
STATE STREET
FMR LLC
TACONIC CAPITAL ADVI
PAULSON & CO
COLUMBIA WANGER ASSE
HARTFORD INVESTMENT
Firm Name
Cowen and Company
RBC Capital Markets
EVA Dimensions
GMP
Macquarie
CIBC World Markets
BMO Capital Markets
Scotia Capital
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
n/a
TACONIC CAPITAL ADVI
PAULSON & CO
Multiple Portfolios
Analyst
ADAM P GRAF
SAM CRITTENDEN
CRAIG STERLING
STEVEN BUTLER
MIKE KOZAK
ANDREW MIKITCHOOK
MICHAEL GRAY
CHITIMUKULU MUSONDA
BRIAN QUAST
TREVOR TURNBULL
Source
Co File
ULT-AGG
ULT-AGG
13F
13F
13F
Form 4
ULT-AGG
13F
ULT-AGG
13F
Form 4
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
MF-AGG
Recommendation
outperform
sector perform
buy
buy
speculative buy
buy
underperform
sector perform
underperform
sector perform
Amt Held
14'514'762
7'266'752
5'552'375
4'851'092
4'618'576
4'534'307
4'453'800
4'451'595
4'264'100
3'054'914
2'596'885
2'512'474
2'464'979
2'189'300
2'048'400
2'000'000
1'768'623
1'502'184
1'322'000
1'198'749
% Out
13.97
6.99
5.34
4.67
4.45
4.36
4.29
4.28
4.1
2.94
2.5
2.42
2.37
2.11
1.97
1.93
1.7
1.45
1.27
1.15
Weighting
Change
5
3
5
5
4
5
1
3
1
3
M
M
U
M
M
M
M
M
M
M
Latest Chg
9'663'670
128'651
874'964
(88'198)
(1'437'400)
50'000
2'693'449
9'400
(174'019)
188'152
106'871
331'500
(1'176'615)
2'000'000
(400'400)
(7'037)
(122'000)
275'051
Target Price
19
14
#N/A N/A
17
16
10
7
15
11
12
File Dt
Inst Type
31.05.2013
Investment Advisor
28.06.2013
Investment Advisor
18.04.2013
Bank
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
18.06.2013
n/a
31.05.2013
Unclassified
31.03.2013
Investment Advisor
27.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Date
26.06.2013
24.06.2013
20.06.2013
17.06.2013
29.05.2013
29.05.2013
17.05.2013
02.05.2013
01.05.2013
01.05.2013
01.07.2013
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
25.0 M
20.0 M
6
5
Latest Fiscal Year:

LTM as of:
52-Week High (21.09.2012)
52-Week Low (27.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HL US EQUITY YTD Change
HL US EQUITY YTD % CHANGE
12/2012
03/yy
6.92
2.65
11'906'110.00
2.98
-56.96%
12.45%
7.72%
285.2
849.79
17.50
0.0
0.0
190.98
711.75
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
3
2
5.0 M
1
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
204.7
3.08x
15.3
41.21x
(66.6)
-
15.0 M
Valuation Analysis
31.12.2009
31.12.2010
312.5
418.8
4.39x
6.28x
132.3
211.3
10.38x
12.44x
67.8
49.0
34.33x
62.56x
Profitability
LTM-4Q
31.12.2011
477.6
2.59x
254.7
4.85x
151.2
12.16x
31.12.2012
321.1
4.64x
92.9
16.03x
15.0
83.29x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
92.91
42.79
13.33%
7.42%
0.97%
1.13%
1.31%
0.22%
44.7%
24.0%
6.5%
4.7%
2.98
2.20
1.27%
1.54%
34.48
6.40
Price/ Cash Flow
03/yy
432.4
11.93x
210.2
5.01x
120.4
14.00x
LTM
03/yy
306.4
17.19x
73.6
13.43x
13.5
32.92x
FY+1
2.10
1.34
283.08
28.45
-36.76%
-48.69%
1.338
9
3.444
9'039'584
9'191'715
7'680'246
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
480.0
665.0
119.5
146.5
2.40x
1.66x
8.90x
7.70x
175.6
317.0
44.9
61.1
4.05x
2.25x
3.23x
3.21x
36.3
107.1
3.5
9.0
29.50x
10.53x
18.17x
12.63x
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
04.04.2013
B
STABLE
38.28
-8.32
-1.98
0.31
1.5%
1.5%
0.22
0.31
10.59
57.05
63.06
-4.24
35.00
600.0
30.00
500.0
25.00
400.0
20.00
300.0
15.00
200.0
10.00
100.0
5.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
Hecla Mining Co
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
CS MCKEE LP
KESTREL INVESTMENT M
CREDIT SUISSE AG
LRI-FUND MANAGEMENT
GLOBAL X MANAGEMENT
MORGAN STANLEY
AXA
BNP PARIBAS INV PART
QUANTEX AG
NEW JERSEY DIVISION
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
C S MCKEE LP
KESTREL INVESTMENT M
n/a
Multiple Portfolios
GLOBAL X MANAGEMENT
n/a
n/a
n/a
Multiple Portfolios
STATE OF NJ COMMON P
n/a
Firm Name
Analyst
Deutsche Bank
BMO Capital Markets
EVA Dimensions
Scotia Capital
JPMorgan
JORGE M BERISTAIN
ANDREW KAIP
JEFF WRIGHT
CRAIG STERLING
MICHAEL S DUDAS
TREVOR TURNBULL
JOHN BRIDGES
STEVEN BUTLER
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
MF-AGG
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
13F
13F
ULT-AGG
Recommendation
hold
market perform
buy
hold
neutral
sector perform
neutral
buy
Amt Held
20'163'923
17'197'314
15'111'549
10'875'818
5'454'844
4'997'041
4'173'590
4'127'550
3'911'135
3'247'355
2'800'000
2'728'961
2'623'100
2'493'254
2'418'493
2'250'000
2'035'400
1'900'000
1'771'132
1'698'286
% Out
7.07
6.03
5.3
3.81
1.91
1.75
1.46
1.45
1.37
1.14
0.98
0.96
0.92
0.87
0.85
0.79
0.71
0.67
0.62
0.6
Weighting
Change
3
3
5
3
3
3
3
5
M
M
M
U
M
M
M
M
Latest Chg
491'092
1'322'490
(139'843)
(1'098'945)
913'185
(97'116)
1'290'990
130'300
945'081
(497'214)
(42'581)
(2'027'715)
8'934
(150'000)
(330'000)
(155'431)
1'054'728
Target Price
4
4
6
#N/A N/A
#N/A N/A
5
6
5
File Dt
Inst Type
28.06.2013
Investment Advisor
27.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
29.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
6 month
12 month
Date
28.06.2013
24.06.2013
24.06.2013
21.06.2013
19.06.2013
17.06.2013
06.06.2013
13.05.2013
01.07.2013
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 (26.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NSU US EQUITY YTD Change
NSU US EQUITY YTD % CHANGE
12/2012
03/yy
4.98
2.65
1'145'504.00
2.95
-40.76%
11.32%
12.88%
199.0
587.07
0.00
0.0
143.5
396.40
404.27
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
j-12
31.12.2009
31.12.2010
0.0
0.0
(4.9)
(12.2)
(4.3)
(13.3)
Profitability
LTM-4Q
31.12.2011
547.8
1.60x
429.2
2.04x
147.1
-
31.12.2012
566.0
1.05x
426.5
1.40x
145.3
426.46
397.41
70.21%
70.80%
14.32%
19.57%
27.26%
0.61%
89.9%
71.2%
66.0%
25.7%
6.56
5.92
0.00%
0.00%
10.64
1.08
03/yy
646.6
5.21x
509.2
1.15x
176.5
0.00x
s-12
o-12
n-12
d-12
LTM
03/yy
487.8
4.68x
347.4
1.68x
114.6
0.00x
j-13
f-13 m-13
a-13
m-13
j-13
FY+1
1.07
194.77
1.09
-5.49%
-29.32%
1.069
13
4.231
1'067'729
1'856'419
1'259'718
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
291.0
667.5
61.4
34.7
1.07x
0.15x
6.44x
11.28x
164.3
448.0
21.4
14.1
2.46x
0.90x
1.75x
1.21x
54.4
161.6
4.3
2.8
11.66x
3.53x
7.76x
5.21x
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
683.43
544.86
-0.96
0.00
0.0%
0.0%
0.61
1.50
34.31
339.31
65.11
235.97
1.20
600.0
1.00
500.0
0.80
400.0
0.60
.0 M
a-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
01.07.2013
Nevsun Resources Ltd

Holdings By:
All
Holder Name
PRUDENTIAL PLC
BLACKROCK
FRANKLIN RESOURCES
ACADIAN ASSET MANAGE
SCHRODER INVESTMENT
CONNOR CLARK & LUNN
CANADA PENSION PLAN
DAVIS CLIFFORD T
CLARKE JOHN A
NORGES BANK
TD ASSET MANAGEMENT
VANGUARD GROUP INC
MCKINLEY CAPITAL MAN
BATTERYMARCH FINANCI
MORGAN STANLEY
Firm Name
EVA Dimensions
TD Securities
PI Financial Corp.
RBC Capital Markets
Raymond James
CIBC World Markets
Scotia Capital
GMP
Portfolio Name
n/a
n/a
n/a
n/a
SCHRODER INVESTMENT
CONNOR CLARK & LUNN
CANADA PENSION PLAN
n/a
n/a
NORGES BANK
TD ASSET MANAGEMENT
Multiple Portfolios
MCKINLEY CAPITAL MAN
n/a
Analyst
CLIFF HALE-SANDERS
CRAIG STERLING
RAHUL PAUL
STEVEN J GREEN
ALEEM LADAK
STEFAN IOANNOU
PATRICK MORTON
ADAM LOW
COSMOS CHIU
MARK TURNER
ANDREW MIKITCHOOK
DAVID DAVIDSON
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
SEDI
13F
SEDI
13F
13F
MF-AGG
13F
13F
13F
ULT-AGG
Recommendation
buy
buy
buy
hold
buy
buy
sector perform
outperform
sector perform
sector outperform
hold
buy
Amt Held
38'500'000
35'394'658
19'717'500
14'062'861
5'077'040
4'239'444
3'054'900
2'652'816
1'922'020
1'635'201
1'553'219
1'433'700
1'367'000
1'233'881
1'119'275
1'104'711
1'094'380
1'091'342
1'031'500
1'028'199
% Out
19.35
17.79
9.91
7.07
2.55
2.13
1.54
1.33
0.97
0.82
0.78
0.72
0.69
0.62
0.56
0.56
0.55
0.55
0.52
0.52
Weighting
Change
5
5
5
3
5
5
3
5
3
5
3
5
M
M
U
M
M
M
M
M
M
N
M
M
Latest Chg
364'628
613'900
124'000
51'600
(409'688)
43'700
(248'400)
(50'100)
390'400
(276'702)
60'000
1'094'380
11'479
24'900
763'003
Target Price
5
#N/A N/A
5
4
6
4
4
4
4
5
4
8
File Dt
Inst Type
31.03.2013
Unclassified
27.06.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
19.11.2012
n/a
31.12.2012
n/a
31.12.2012
Government
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Date
25.06.2013
22.06.2013
19.06.2013
19.06.2013
19.06.2013
18.06.2013
17.06.2013
17.06.2013
17.06.2013
13.06.2013
29.05.2013
13.05.2013
01.07.2013
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
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.09.2012)
52-Week Low (24.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AZK US EQUITY YTD Change
AZK US EQUITY YTD % CHANGE
12/2012
03/yy
5.37
3.19
5'181'137.00
3.85
-28.31%
20.69%
30.28%
164.8
634.63
0.00
0.0
0.0
204.71
478.28
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
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
0
j-12
31.12.2009
31.12.2010
175.6
178.7
3.65x
5.82x
87.5
69.8
7.32x
14.90x
36.7
17.2
Profitability
LTM-4Q
31.12.2011
260.0
2.31x
124.9
4.81x
43.9
-
31.12.2012
223.6
1.61x
92.2
3.90x
31.8
92.23
54.50
24.38%
25.08%
4.76%
5.91%
6.03%
0.49%
41.0%
37.1%
18.6%
14.2%
7.30
6.49
0.00%
0.00%
18.89
7.42
03/yy
269.5
9.71x
134.3
4.46x
49.7
0.00x
s-12
o-12
n-12
LTM
03/yy
210.1
10.01x
77.9
6.98x
20.6
0.00x
d-12
j-13
f-13
m-13
a-13
m-13
1.01
3.36
1.006
2
3.000
0
427'832
644'519
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2
09/13 Q3
67.50x
21.32x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
107.74
19.32
-2.43
0.00
0.0%
0.0%
0.49
1.07
19.33
49.19
82.16
14.19
1.20
300.0
1.00
250.0
0.80
200.0
0.60
.0 M
a-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
144.5
4.07x
53.5
10.98x
4.9
-
150.0
100.0
0.40
50.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
Aurizon Mines Ltd

Holdings By:
All
Holder Name
HECLA MINING CO
ALAMOS GOLD INC
SUN VALLEY GOLD LLC
ALPINE ASSOCIATES AD
HARVARD MANAGEMENT C
LONGFELLOW INVESTMEN
TOUCHSTONE ADVISORS
CANADA PENSION PLAN
MORGAN STANLEY
JP MORGAN
UBS
HALL DAVID P
TD ASSET MANAGEMENT
NORGES BANK
BMO FINANCIAL CORP
Firm Name
EVA Dimensions
Portfolio Name
n/a
n/a
SUN VALLEY GOLD LLC
Multiple Portfolios
Multiple Portfolios
CANADA PENSION PLAN
n/a
n/a
n/a
n/a
TD ASSET MANAGEMENT
NORGES BANK
BMO FINANCIAL CORP
Analyst
TIMOTHY STANISH
RYAN HANLEY
HEIKO IHLE
Source
Research
13D
13F
13F
13F
13F
MF-AGG
13F
13F
MF-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
SEDI
13F
13F
13F
Recommendation
underweight
tender
buy
Amt Held
164'838'394
26'507'283
5'855'560
4'647'300
4'273'700
3'842'000
2'222'430
1'707'800
1'674'818
1'655'218
1'584'910
1'304'320
1'289'081
1'264'143
1'121'404
1'093'674
990'342
962'464
955'334
929'694
% Out
100
16.08
3.55
2.82
2.59
2.33
1.35
1.04
1.02
1
0.96
0.79
0.78
0.77
0.68
0.66
0.6
0.58
0.58
0.56
Weighting
Change
1
#N/A N/A
5
M
M
M
Latest Chg
104'300
(159'200)
4'273'700
3'842'000
1'707'800
1'674'818
1'655'218
45'000
(1'626'815)
1'097'036
1'264'143
(1'183'046)
1'062'194
5'000
12'062
(173'619)
Target Price
#N/A N/A
5
5
File Dt
06.06.2013
19.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
28.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
04.04.2012
31.03.2013
31.12.2012
31.03.2013
Date
Not Provided
Not Provided
12 month
Inst Type
Corporation
Other
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Endowment
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Unclassified
n/a
Investment Advisor
Government
Investment Advisor
Date
06.06.2013
16.05.2013
04.03.2013
01.07.2013
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 (27.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SSRI US EQUITY YTD Change
SSRI US EQUITY YTD % CHANGE
12/2012
03/yy
16.92
5.57
1'545'112.00
6.34
-62.53%
13.82%
6.78%
80.8
511.98
135.81
0.0
0.0
366.95
230.36
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
j-12
31.12.2009
31.12.2010
5.4
112.3
307.12x
18.82x
(17.7)
5.3
400.55x
(13.2)
338.5
Profitability
.0 M
a-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%
3.78%
4.86%
0.19%
19.1%
25.8%
7.9%
22.7%
2.76
2.10
10.31%
12.84%
3.68
2.11
03/yy
126.2
40.61x
20.7
50.61x
69.1
0.00x
s-12
o-12
n-12
d-12
LTM
03/yy
251.8
13.14x
65.0
8.77x
51.3
0.00x
j-13
f-13 m-13
a-13
m-13
j-13
FY+1
1.04
80.57
3.13
-43.59%
-57.42%
1.037
13
3.615
1'495'357
1'316'658
1'367'807
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
188.3
203.7
45.6
46.6
1.31x
2.19x
5.44x
5.75x
34.7
45.0
(5.9)
(7.3)
6.65x
5.11x
(23.6)
(14.2)
(8.0)
(1.1)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
2.23
-0.30
-4.33
2.77
12.8%
11.4%
0.19
0.44
99.30
173.25
128.71
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
01.07.2013
Silver Standard Resources Inc

Holdings By:
All
Holder Name
WELLS FARGO
AXA
NEWGATE CAPITAL MANA
CARLSON CAPITAL LP
GLOBAL X MANAGEMENT
CANADA PENSION PLAN
UBS
LB SWISS INVESTMENT
ATLANTIC INVESTMENT
LRI-FUND MANAGEMENT
NEUFLIZE OBC ASSET M
NORGES BANK
TD ASSET MANAGEMENT
Firm Name
Deutsche Bank
Cowen and Company
Credit Suisse
BMO Capital Markets
Salman Partners
GMP
EVA Dimensions
RBC Capital Markets
Scotia Capital
CIBC World Markets
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
NEWGATE CAPITAL MANA
CARLSON CAPITAL LP
GLOBAL X MANAGEMENT
n/a
CANADA PENSION PLAN
n/a
Multiple Portfolios
ATLANTIC INVESTMENT
Multiple Portfolios
Multiple Portfolios
NORGES BANK
TD ASSET MANAGEMENT
Analyst
JORGE M BERISTAIN
ADAM P GRAF
RALPH M PROFITI
ANDREW KAIP
ASH GUGLANI
CHRIS LICHTENHELDT
CHELSEA HAMILTON
CRAIG STERLING
JEFF WRIGHT
DAN ROLLINS
TREVOR TURNBULL
ARNOLD VAN GRAAN
Source
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
MF-AGG
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
MF-AGG
13F
MF-AGG
MF-AGG
13F
13F
Recommendation
hold
outperform
neutral
market perform
buy
neutral
buy
hold
buy
sector perform
sector perform
sector perform
Amt Held
6'782'680
5'716'543
3'564'858
2'504'177
1'841'793
1'508'237
1'390'811
1'283'256
1'127'900
1'076'357
915'000
811'912
804'279
778'570
720'000
697'830
696'000
618'576
498'001
493'683
% Out
8.4
7.08
4.41
3.1
2.28
1.87
1.72
1.59
1.4
1.33
1.13
1.01
1
0.96
0.89
0.86
0.86
0.77
0.62
0.61
Weighting
Change
3
5
3
3
5
3
5
3
5
3
3
3
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(1'486'526)
141'978
592'287
722'770
747'006
8'300
757'156
302'640
923'744
(8'883)
(75'000)
288'500
88'666
10'800
697'830
15'000
9'039
Target Price
7
10
9
12
16
15
14
#N/A N/A
17
10
9
12
File Dt
Inst Type
31.03.2013
Investment Advisor
28.06.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.03.2013
Unclassified
31.03.2013
Investment Advisor
28.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
30.12.2011
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
Date
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Date
28.06.2013
26.06.2013
25.06.2013
24.06.2013
19.06.2013
17.06.2013
29.05.2013
22.05.2013
13.05.2013
09.05.2013
09.05.2013
11.04.2013
01.07.2013
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 (28.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SA US EQUITY YTD Change
SA US EQUITY YTD % CHANGE
12/2012
03/yy
20.34
8.23
767'073.00
9.43
-53.63%
14.58%
9.91%
45.6
429.60
0.00
0.0
0.0
52.04
408.81
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
2.0 M
1.5 M
1.0 M
.5 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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
-5.76%
-6.05%
0.00%
5.11
5.11
0.00%
0.00%
0.00
-
03/yy
0.0
#DIV/0!
(19.8)
0.00x
(18.3)
0.00x
LTM
03/yy
0.0
#DIV/0!
(5.1)
0.00x
(14.1)
0.00x
0.92
41.47
4.77
-34.92%
-47.52%
0.919
2
4.000
680'716
410'079
384'575
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2
09/13 Q3
(15.0)
(16.0)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-385.83
-1574.22
0.0%
0.0%
0.00
0.00
-
1.0
0.9
1.00
0.8
0.7
0.80
0.60
0.40
0.6
0.5
0.4
0.3
0.2
0.20
0.1
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
Seabridge Gold Inc

Holdings By:
All
Holder Name
PAN ATLANTIC BANK
WEISS ASSET MANAGEME
FRONK RUDI P
ANTHONY JAMES S
FMR LLC
FCMI FINANCIAL CORP
BRISTOL INVESTMENT P
FNDTN FOR STUDY OBJ
FIDEURAM GESTIONS SA
BLACKROCK
FOX LOUIS J
PORTOLA GROUP INCORP
THRELKELD WILLIAM E
BANFIELD A FREDERICK
NORGES BANK
VANGUARD GROUP INC
Firm Name
Cowen and Company
Stonecap Securities Inc
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
Source
PROXY
ULT-AGG
13F
13F
SEDI
PROXY
ULT-AGG
13F
PROXY
13F
PROXY
MF-AGG
ULT-AGG
PROXY
13F
SEDI
PROXY
13F
MF-AGG
13F
Recommendation
outperform
sector perform
Amt Held
8'001'232
6'613'905
5'837'287
2'022'491
1'180'000
779'791
601'905
572'976
555'000
478'467
425'334
385'000
344'050
300'750
286'420
265'000
245'000
235'224
199'794
167'000
% Out
17.56
14.52
12.81
4.44
2.59
1.71
1.32
1.26
1.22
1.05
0.93
0.85
0.76
0.66
0.63
0.58
0.54
0.52
0.44
0.37
Weighting
Change
5
3
Latest Chg
661'363
(289'596)
10'000
115'079
(203'241)
(30'000)
(465'199)
(23'150)
(10'000)
21'035
-
Target Price
M
M
28
22
File Dt
Inst Type
06.05.2013
Bank
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
16.11.2012
n/a
06.05.2013
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
06.05.2013
Corporation
06.05.2013
Other
03.06.2013
Investment Advisor
27.06.2013
Investment Advisor
06.05.2013
n/a
31.03.2013
Investment Advisor
30.08.2011
n/a
06.05.2013
n/a
31.12.2012
Government
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
12 month
Date
26.06.2013
03.06.2013
01.07.2013
Tanzanian Royalty Exploration Corp

Tanzanian Royalty Exploration Corporation acquires, explores, and develops
mineral properties. The Company explores for gold.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2012)
52-Week Low (26.06.2013)
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
2.14
701'476.00
2.7
-49.44%
26.17%
17.50%
100.8
272.26
2.07
0.0
0.0
20.06
272.89
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
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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)
-
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
1.22
92.87
7.83
-34.94%
-38.78%
1.219
0
567'705
481'385
471'574
FY+1
FY+2
FQ+1
FQ+2
08/13 Y
08/14 Y
05/13 Q3
08/13 Q4
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-49.26
-133.96
-0.21
4.1%
3.9%
0.00
0.00
-
1.0
0.9
1.00
0.8
0.7
0.80
0.60
0.40
0.6
0.5
0.4
0.3
0.2
0.20
0.1
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013

Holdings By:
All
Holder Name
GEIER GROUP LLC
BPI FUNDOS GFIM SA/P
SINCLAIR JAMES E
BPI GLOBAL INVESTMEN
BLACKROCK
CANADA PENSION PLAN
VANGUARD GROUP INC
MORROW ROSALIND
HARVEY WILLIAM M
BMO FINANCIAL CORP
JONES HEWARD INVESTM
LUIS VICTORIA
DEUTSCHE BANK AG
VAN TONGEREN STEVEN
ALTUS CAPITAL INC
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
CANADA PENSION PLAN
Multiple Portfolios
n/a
n/a
BMO FINANCIAL CORP
n/a
Multiple Portfolios
n/a
n/a
n/a
BANK OF AMERICA
ALTUS CAPITAL INC
Analyst
Source
ULT-AGG
13G
MF-AGG
SEDI
MF-AGG
ULT-AGG
13F
MF-AGG
SEDI
SEDI
13F
ULT-AGG
MF-AGG
13F
13F
20F
ULT-AGG
SEDI
13F
13F
Recommendation
Amt Held
14'700'030
4'879'743
3'383'846
1'885'543
673'902
533'661
498'912
474'292
445'065
340'090
334'811
287'556
270'808
212'810
190'479
144'045
141'479
125'103
124'831
104'500
% Out
14.58
4.84
3.36
1.87
0.67
0.53
0.49
0.47
0.44
0.34
0.33
0.29
0.27
0.21
0.19
0.14
0.14
0.12
0.12
0.1
Weighting
Change
Latest Chg
1'177'305
(4'801'048)
(287'350)
(1'000)
(37'877)
131'800
60'200
15'636
7'732
4'654
102'344
250
22'792
(4'090)
440
27'380
56'500
Target Price
#N/A N/A
File Dt
Inst Type
28.06.2013
Investment Advisor
10.11.2011
Other
31.03.2013
Investment Advisor
08.02.2013
n/a
28.09.2012
Investment Advisor
27.06.2013
Investment Advisor
31.03.2013
Investment Advisor
04.06.2013
n/a
12.04.2013
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.10.2012
n/a
31.03.2013
Investment Advisor
07.06.2013
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Date
01.07.2013
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
30.0 M
25.0 M
20.0 M
15.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.10.2012)
52-Week Low (21.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GSS US EQUITY YTD Change
GSS US EQUITY YTD % CHANGE
12/1997
03/yy
2.11
0.40
28'561'579.00
0.42
-80.09%
5.00%
1.17%
259.1
108.82
117.48
0.0
(2.0)
78.88
155.60
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5.0 M
0
j-12
31.12.2009
31.12.2010
400.7
432.7
1.99x
2.72x
136.7
107.6
5.85x
10.93x
16.5
(11.2)
39.07x
Profitability
LTM-4Q
31.12.2011
471.0
0.98x
91.8
5.00x
(2.1)
-
31.12.2012
550.5
0.95x
124.7
4.18x
(9.5)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
124.67
25.74
4.68%
1.20%
-3.45%
-5.78%
0.76%
9.6%
21.2%
2.9%
-1.7%
1.58
0.69
16.18%
27.10%
46.13
5.98
Price/ Cash Flow
03/yy
485.5
4.31x
94.4
5.74x
1.1
0.00x
s-12
o-12
n-12
d-12
LTM
03/yy
552.4
3.44x
117.0
3.95x
(25.2)
0.00x
j-13
f-13 m-13
a-13
m-13
j-13
FY+1
0.00
1.12
257.63
17.61
-63.79%
-77.17%
1.124
10
2.200
8'557'640
3'941'497
3'223'665
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
445.7
458.6
106.3
107.0
0.39x
0.41x
1.53x
1.55x
57.8
112.1
15.2
18.6
2.69x
1.39x
2.29x
2.22x
(25.9)
19.2
(10.5)
(7.1)
6.00x
32.31x
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
12.27
3.56
0.43
0.95
27.1%
21.4%
0.76
1.06
7.91
61.01
51.20
-1.28
30.00
600.0
25.00
500.0
20.00
400.0
15.00
300.0
10.00
200.0
5.00
100.0
0.00
01.01.2010
.0 M
a-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)
-
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
01.07.2013

Holdings By:
All
Holder Name
BLACKROCK
HILLSDALE INVESTMENT
CONNOR CLARK & LUNN
STATE STREET
CANADA PENSION PLAN
NORGES BANK
MD MANAGEMENT LTD
LEGG MASON CAPITAL M
PRINCIPAL FINANCIAL
TIAA CREF INVESTMENT
TECHNICAL FINANCIAL
Firm Name
Credit Suisse
Macquarie
BMO Capital Markets
CIBC World Markets
Scotia Capital
Raymond James
EVA Dimensions
Portfolio Name
n/a
n/a
CONNOR CLARK & LUNN
n/a
CANADA PENSION PLAN
NORGES BANK
n/a
Multiple Portfolios
Multiple Portfolios
n/a
TIAA-CREF INVESTMENT
TFS CAPITAL LLC
Analyst
ANITA SONI
PIERRE VAILLANCOURT
ANDREW BREICHMANAS
COSMOS CHIU
TREVOR TURNBULL
RAHUL PAUL
PAOLO LOSTRITTO
BRAD HUMPHREY
CRAIG STERLING
Source
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
13F
13F
Recommendation
underperform
neutral
underperform
sector underperform
sector underperform
hold
sector perform
market perform
overweight
Amt Held
39'316'268
28'879'600
26'830'259
10'793'356
7'898'726
5'237'500
4'819'436
4'558'095
4'350'000
3'221'423
3'178'325
2'972'612
2'625'741
1'934'059
1'870'572
1'795'127
1'467'781
1'271'090
1'235'376
1'175'635
% Out
15.17
11.15
10.35
4.17
3.05
2.02
1.86
1.76
1.68
1.24
1.23
1.15
1.01
0.75
0.72
0.69
0.57
0.49
0.48
0.45
Weighting
Change
1
3
1
1
1
3
3
3
5
M
M
M
M
M
M
M
M
D
Latest Chg
3'237'877
(1'359'000)
844'389
723'887
1'617'352
5'237'500
(1'475'687)
12'016
4'350'000
(492'267)
(308'600)
(92'341)
1'267'792
(50'700)
(619'837)
(1'024'176)
455'015
Target Price
0
1
1
1
0
1
2
1
#N/A N/A
File Dt
Inst Type
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
27.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
18 month
12 month
12 month
12 month
12 month
Not Provided
Date
25.06.2013
20.06.2013
18.06.2013
18.06.2013
18.06.2013
17.06.2013
17.06.2013
12.06.2013
25.05.2013
01.07.2013
Vista Gold Corp

Vista Gold Corp. is an international gold mining company. The Company is
focused on its core projects, the Concordia gold project located in Baja
California Sur, Mexico and the Mt. Todd gold project in Northern Territory,
Australia.
Price/Volume
5
6.0 M
5.0 M
4
3
4.0 M
12/2007
03/yy
4.09
0.95
5'705'968.00
0.97
-76.28%
2.11%
0.64%
81.7
79.27
0.00
0.0
0.0
88.40
21.81
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
1.00
2.0 M
1.0 M
1
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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 (28.06.2013)
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
-62.87%
-82.96%
0.00%
2.94
2.84
0.00%
0.00%
-
03/yy
0.0
#DIV/0!
(31.9)
0.00x
44.2
0.00x
LTM
03/yy
0.0
#DIV/0!
(35.7)
0.00x
(85.7)
0.00x
0.00
1.18
68.25
2.48
-66.67%
-64.07%
1.180
4
5.000
1'726'669
729'735
560'053
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2
09/13 Q3
(29.0)
(29.0)
(42.9)
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
(4.4)
-
(5.9)
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
01.07.2013
Vista Gold Corp

Holdings By:
All
Holder Name
SUN VALLEY GOLD LLC
SUN VALLEY GOLD LLC
SPROTT INC
BLACKROCK
LOEWS CORPORATION
ANDREEFF EQUITY ADVI
STATE STREET
PERRITT CAPITAL MANA
TECHNICAL FINANCIAL
CANADA PENSION PLAN
PARKER FREDERICK H E
CREDIT SUISSE AG
RICHINGS MICHAEL B
Firm Name
Cowen and Company
Roth Capital Partners
Portfolio Name
SUN VALLEY GOLD LLC
n/a
n/a
SPROTT INC
n/a
LOEWS CORPORATION
n/a
TFS CAPITAL LLC
CANADA PENSION PLAN
n/a
n/a
n/a
n/a
Analyst
ADAM P GRAF
BRIAN W POST
JEFF WRIGHT
PAOLO LOSTRITTO
Source
13F
Research
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
Form 4
ULT-AGG
13F
ULT-AGG
13F
13F
Form 4
Recommendation
outperform
buy
buy
outperform
Amt Held
12'084'310
12'084'310
11'374'527
6'145'260
2'577'504
1'758'748
1'386'026
881'631
871'929
822'000
755'864
713'381
632'415
566'325
412'356
327'993
248'473
201'025
199'168
188'121
% Out
14.79
14.79
13.92
7.52
3.15
2.15
1.7
1.08
1.07
1.01
0.92
0.87
0.77
0.69
0.5
0.4
0.3
0.25
0.24
0.23
Weighting
Change
5
5
5
5
Latest Chg
1'172'092
(430'462)
268'822
(200'000)
(20'701)
343'929
627'319
4'326
(100'000)
10'000
327'220
44'000
88'467
11'051
(72'615)
-
Target Price
M
M
M
M
File Dt
31.03.2013
31.03.2013
28.06.2013
31.03.2013
27.06.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
08.01.2013
Date
3
7
5
3
12 month
12 month
12 month
12 month
Inst Type
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Corporation
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Date
26.06.2013
30.05.2013
30.05.2013
29.05.2013
01.07.2013
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 (03.07.2012)
52-Week Low (27.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GBGLF US EQUITY YTD Change
GBGLF US EQUITY YTD % CHANGE
12/2011
09/yy
0.71
0.00
3'502'987.00
0.0033
-99.54%
560.00%
0.39%
552.4
1.82
282.45
0.0
0.0
25.75
318.11
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
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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
0.51
-99.48%
0
3'355'381
1'637'767
1'798'485
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
01.07.2013
Great Basin Gold Ltd

Holdings By:
All
Holder Name
BLACKROCK
RUFFER LLP
TRANTER GOLD (BEE)
UOB ASSET MANAGEMENT
VANGUARD GROUP INC
FRANKLIN RESOURCES
DIPPENAAR FERDINAND
MOSTERT JACOB DAWID
COOKE PATRICK RANDAL
THIESSEN RONALD W
MOMENTUM
NESTOR INVESTMENT MA
STATE STREET
PRUDENTIAL OF AMERIC
CHARTIST INC
FLAGSHIP PRIVATE ASS
SHELL ASSET MANAGEME
Firm Name
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
CHARTIST INC
Multiple Portfolios
SHELL ASSET MANAGEME
Analyst
Source
ULT-AGG
MF-AGG
ULT-AGG
Research
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
SEDI
SEDI
SEDI
SEDI
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
13F
MF-AGG
13F
Recommendation
Amt Held
23'107'390
22'797'000
22'307'920
20'932'183
9'258'959
3'530'000
2'801'617
2'686'303
1'785'700
1'126'800
731'273
525'202
468'531
422'273
300'000
266'255
240'200
231'940
222'200
164'263
% Out
4.18
4.13
4.04
3.79
1.68
0.64
0.51
0.49
0.32
0.2
0.13
0.1
0.08
0.08
0.05
0.05
0.04
0.04
0.04
0.03
Weighting
Change
Latest Chg
(68'246'952)
(16'883)
(17'500)
1'050
(17'785'700)
100'000
100'000
240'200
-
Target Price
#N/A N/A
File Dt
28.03.2013
27.12.2012
28.06.2013
24.04.2012
28.02.2013
30.06.2012
29.03.2013
31.03.2013
31.03.2013
13.04.2012
16.04.2012
31.12.2012
25.04.2012
31.03.2013
28.03.2013
28.06.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
Date
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Holding Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
n/a
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Date
01.07.2013
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 (27.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AR CN EQUITY YTD Change
AR CN EQUITY YTD % CHANGE
12/2012
03/yy
11.08
5.03
1'336'270.00
5.69
-48.65%
13.12%
10.91%
149.0
847.77
0.00
0.0
0.0
191.89
657.44
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
j-12
1.0 M
.0 M
a-12
LTM-4Q
31.12.2011
104.6
5.77x
55.9
10.78x
26.3
24.42x
31.12.2012
187.1
6.53x
107.3
11.39x
64.9
14.00x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
107.29
85.19
45.53%
45.69%
10.77%
12.01%
11.78%
0.32%
62.5%
57.0%
45.0%
34.7%
12.31
9.89
0.00%
0.00%
17.76
1.74
Price/ Cash Flow
03/yy
103.2
26.41x
55.7
13.93x
27.6
30.39x
s-12
o-12
n-12
d-12
LTM
03/yy
205.8
18.85x
117.4
9.02x
69.2
12.87x
j-13
f-13 m-13
a-13
m-13
j-13
FY+1
0.00
1.27
144.55
11.42
-25.91%
-39.92%
1.268
11
4.455
1'464'373
1'225'920
1'234'676
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
204.3
266.3
42.4
53.1
3.13x
2.38x
15.26x
12.16x
100.6
141.4
17.3
26.4
6.53x
4.65x
6.90x
6.43x
54.0
77.3
10.2
15.9
14.38x
10.34x
12.61x
11.02x
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
296.39
159.48
-1.26
0.18
0.0%
0.0%
0.32
0.42
20.55
209.79
24.91
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
01.07.2013
Argonaut Gold Inc

Holdings By:
All
Holder Name
LIBRA ADVISORS LLC
FMR LLC
MONTRUSCO BOLTON INV
BANK OF NOVA SCOTIA
ALTAMIRA MANAGEMENT
GLOBAL STRATEGY FINA
KENNEDY BRIAN JOHN
BLACKROCK
DOUGHERTY PETER C
SMITH EDGAR A
NORTHWEST MUTUAL FUN
CARMIGNAC GESTION
LOMBARD ODIER DARIER
TD ASSET MANAGEMENT
Firm Name
Stifel
RBC Capital Markets
GMP
Macquarie
BMO Capital Markets
CIBC World Markets
Scotia Capital
Mine2Capital Inc
MLV & Co
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
CRAIG P STANLEY
SAM CRITTENDEN
CHRISTOS DOULIS
ANDREW MIKITCHOOK
MICHAEL SIPERCO
ANDREW KAIP
CHITIMUKULU MUSONDA
OVAIS HABIB
RAHUL PAUL
BARRY D ALLAN
ALKA SINGH
RICHARD TROTMAN
Source
ULT-AGG
Co File
SEDI
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
SEDI
ULT-AGG
SEDI
SEDI
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
Recommendation
buy
outperform
outperform
buy
outperform
outperform
sector perform
sector outperform
buy
buy
sell
suspended coverage
Amt Held
15'290'043
6'707'533
5'768'001
5'602'697
3'512'062
2'995'484
2'592'336
2'186'110
2'002'343
1'533'218
1'525'384
1'472'476
1'374'098
1'337'779
1'120'359
1'112'935
1'050'881
1'028'750
994'950
980'800
% Out
10.26
4.5
3.87
3.76
2.36
2.01
1.74
1.47
1.34
1.03
1.02
0.99
0.92
0.9
0.75
0.75
0.71
0.69
0.67
0.66
Weighting
Change
5
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
M
Latest Chg
2'255'841
(117'000)
1'022'200
97'125
2'506'318
31'190
2'301
391'927
5'488
(997)
54'885
39'286
(221)
(99'119)
331'100
379'800
Target Price
8
11
9
10
9
12
8
14
11
12
8
#N/A N/A
File Dt
Inst Type
28.06.2013
Investment Advisor
30.09.2011
Investment Advisor
30.04.2013
Investment Advisor
30.04.2013
Investment Advisor
30.04.2013
Investment Advisor
28.02.2013
Bank
28.03.2013
Unclassified
28.03.2013
Investment Advisor
28.02.2013
Holding Company
28.03.2013
Investment Advisor
06.02.2013
n/a
27.06.2013
Investment Advisor
06.02.2013
n/a
14.02.2011
n/a
30.04.2013
Investment Advisor
29.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Date
28.06.2013
24.06.2013
03.06.2013
29.05.2013
15.05.2013
14.05.2013
14.05.2013
14.05.2013
14.05.2013
27.03.2013
26.02.2013
16.07.2012
01.07.2013
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 (27.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TXG CN EQUITY YTD Change
TXG CN EQUITY YTD % CHANGE
10/2012
03/yy
2.29
1.12
5'955'201.00
1.33
-41.92%
18.75%
17.95%
606.5
806.65
0.00
0.0
0.0
423.29
425.92
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
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.10.2008
0.0
(0.3)
(0.3)
-
31.10.2009
31.10.2010
0.0
0.0
(1.1)
(18.0)
(1.0)
(16.4)
Profitability
LTM-4Q
31.10.2011
0.0
(34.1)
(33.9)
-
31.10.2012
0.0
(60.4)
(61.2)
-60.39
-60.89
-14.08%
-14.28%
0.00%
50.56
50.21
0.00%
0.00%
0.00
-
01/yy
0.0
#DIV/0!
(40.3)
0.00x
(39.9)
0.00x
LTM
03/yy
0.0
#DIV/0!
(64.4)
0.00x
(66.0)
0.00x
FY+1
0.00
1.12
604.09
3.03
-19.39%
-39.55%
1.122
9
4.556
3'817'779
3'489'501
3'829'930
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
0.0
0.0
0.0
0.0
(41.3)
(10.2)
(54.1)
(46.5)
(10.8)
(16.6)
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
-
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
01.07.2013
Torex Gold Resources Inc

Holdings By:
All
Holder Name
TYRUS CAPITAL S.A.M.
BANK OF NOVA SCOTIA
FMR LLC
FRANKLIN RESOURCES
INVESCO LTD
CARMIGNAC GESTION
RUFFER LLP
BLACKROCK
SPROTT INC
WELLS FARGO
BMO INVESTMENTS INC
LB SWISS INVESTMENT
VANGUARD GROUP INC
FALCON FUND MANAGEME
Firm Name
Stifel
BMO Capital Markets
TD Securities
Clarus Securities
GMP
RBC Capital Markets
Scotia Capital
Macquarie
Industrial Alliance Securities
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MICHAEL A SCOON
ANDREW BREICHMANAS
DANIEL EARLE
JAMIE SPRATT
GEORGE V ALBINO
DAN ROLLINS
TREVOR TURNBULL
PIERRE VAILLANCOURT
MERRILL MCHENRY
Source
Co File
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
Recommendation
buy
speculative outperform
reduce
buy
buy
outperform
sector outperform
outperform
buy
Amt Held
92'450'000
62'073'069
34'109'990
25'387'350
21'207'024
20'684'500
17'468'277
14'003'240
6'062'900
5'808'000
5'373'920
5'133'800
5'129'653
5'036'452
4'657'467
4'024'658
3'749'500
3'027'518
2'809'056
2'784'900
% Out
15.24
10.23
5.62
4.19
3.5
3.41
2.88
2.31
1
0.96
0.89
0.85
0.85
0.83
0.77
0.66
0.62
0.5
0.46
0.46
Weighting
Change
5
4
2
5
5
5
5
5
5
Latest Chg
6'150'000
1'557'667
(42'200)
14'581'050
(766'697)
(915'500)
(588'900)
4'065'337
(1'969'100)
(931'500)
(4'068)
150'000
807'658
800'000
391'260
(245'778)
-
Target Price
M
M
M
M
M
M
M
M
M
File Dt
30.04.2013
28.06.2013
31.03.2013
31.03.2013
30.04.2013
28.03.2013
28.03.2013
28.06.2013
29.03.2013
27.12.2012
27.06.2013
31.12.2012
31.03.2013
30.04.2013
28.06.2013
28.03.2013
29.04.2013
31.03.2013
31.03.2013
28.03.2013
Date
3
3
1
3
3
3
3
3
2
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
Bank
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Date
28.06.2013
19.06.2013
19.06.2013
19.06.2013
18.06.2013
13.06.2013
13.06.2013
07.06.2013
21.05.2013
01.07.2013
LionGold Corp Ltd

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

LTM as of:
52-Week High (26.07.2012)
52-Week Low (08.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LIGO SP EQUITY YTD Change
LIGO SP EQUITY YTD % CHANGE
03/2013
03/yy
1.30
1.04
7'738'000.00
1.105
-15.00%
6.76%
33.96%
921.9
1'018.74
28.65
0.0
30.2
97.92
979.67
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
0
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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

31.03.2009
79.8
0.56x
(3.7)
(5.0)
-
31.03.2010
31.03.2011
70.4
83.9
3.80x
6.95x
3.1
4.0
84.96x
144.70x
2.9
0.9
92.86x
740.91x
Profitability
LTM-4Q
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
31.03.2013
120.2
8.53x
(15.8)
(8.4)
-15.79
-26.51
-22.05%
-9.69%
-13.46%
-23.76%
0.55%
8.1%
1.5%
-1.4%
-7.0%
2.73
2.39
7.34%
11.66%
4.14
7.99
Price/ Cash Flow
03/yy
98.0
26.92x
(27.3)
0.00x
(26.4)
0.00x
LTM
03/yy
120.2
33.33x
(18.1)
0.00x
(15.7)
0.00x
0.00
0.67
736.17
-12.30%
0.91%
0.674
2
3.000
8'907'000
8'108'500
13'158'690
FY+1
FY+2
FQ+1
FQ+2
03/14 Y
03/15 Y
06/13 Q1
09/13 Q2
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
-2.11
-3.34
-15.19
25.31
11.7%
9.4%
0.55
7.06
88.47
45.83
145.53
-7.78
800.00
140.0
700.00
120.0
600.00
100.0
500.00
80.0
400.00
60.0
300.00
40.0
200.00
20.0
100.00
0.00
02.04.2010
0.0
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
02.04.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
01.07.2013
LionGold Corp Ltd

Holdings By:
All
Holder Name
ASIASONS INVESTMENT
MACQUARIE GROUP
VENATON HOLDINGS LIM
FORTE SERVICES LIMIT
NOMURA
CREDIT SUISSE AG
BIN ABDUL DAI MD WIR
NORGES BANK
DMG & PARTNERS SECUR
VANGUARD GROUP INC
BLACKROCK
NG YICK HING NICHOLA
STATE STREET
CHARLES SCHWAB INVES
SCANLAN GARY FRANCIS
INVESCO LTD
GLOBAL X MANAGEMENT
HARTFORD INVESTMENT
Firm Name
EVA Dimensions
SIAS Research Pte Ltd
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
TIMOTHY STANISH
JINSHU LIU
Source
EXCH
ULT-AGG
ULT-AGG
EXCH
EXCH
ULT-AGG
ULT-AGG
EXCH
MF-AGG
Co File
MF-AGG
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
MF-AGG
EXCH
ULT-AGG
MF-AGG
MF-AGG
Recommendation
sell
overweight
Amt Held
77'500'000
59'245'000
45'000'000
42'100'000
40'000'000
39'154'410
29'800'996
16'425'000
13'066'202
7'600'000
4'139'691
2'721'000
2'132'000
2'000'000
426'000
312'000
135'005
99'000
72'609
51'612
% Out
8.41
6.43
4.88
4.57
4.34
4.25
3.23
1.78
1.42
0.82
0.45
0.3
0.23
0.22
0.05
0.03
0.01
0.01
0.01
0.01
Weighting
Change
1
5
M
M
Latest Chg
4'746'000
(2'001'000)
(8'000)
47'000
5'000
2'000'000
11'990
Target Price
#N/A N/A
1
File Dt
28.03.2013
28.06.2013
05.06.2013
06.11.2012
06.11.2012
09.04.2013
04.12.2012
06.11.2012
31.12.2012
29.06.2012
31.03.2013
31.07.2012
27.06.2013
14.02.2013
28.06.2013
28.06.2013
08.10.2012
28.06.2013
28.06.2013
31.05.2013
Date
Not Provided
12 month
Inst Type
Holding Company
Investment Advisor
Investment Advisor
Holding Company
Other
Unclassified
Investment Advisor
n/a
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Date
06.06.2013
10.07.2012
01.07.2013
China Gold International Resources Corp Ltd

China Gold International Resources Corp Ltd. is a mining company focused on the
exploration and development of gold projects in inner Mongolia and copper
projects in Tibet Autonomous Region of China.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2012)
52-Week Low (31.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CGG CN EQUITY YTD Change
CGG CN EQUITY YTD % CHANGE
12/2012
03/yy
4.65
2.30
641'280.00
2.8
-39.78%
21.74%
21.28%
396.4
1'109.80
212.93
0.0
8.1
181.74
1'189.17
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13
m-13
a-13
m-13
j-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
j-12
31.12.2009
31.12.2010
81.0
133.2
7.07x
15.60x
25.0
69.3
22.93x
29.97x
(9.3)
26.2
39.69x
Profitability
LTM-4Q
31.12.2011
311.3
2.82x
140.5
6.24x
79.4
13.23x
31.12.2012
332.4
4.21x
138.7
10.08x
70.9
19.15x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
138.66
99.49
29.93%
29.99%
3.98%
5.42%
5.27%
0.18%
37.6%
44.8%
30.8%
21.3%
1.57
1.26
11.79%
15.66%
11.17
6.29
Price/ Cash Flow
03/yy
353.5
14.89x
145.6
12.87x
89.1
22.91x
LTM
03/yy
331.6
17.52x
148.6
10.98x
72.5
20.64x
FY+1
0.00
1.41
240.39
2.04
-12.77%
-17.89%
1.410
7
3.857
510'957
520'624
426'805
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
336.5
548.0
3.71x
2.29x
127.0
164.0
9.36x
7.25x
59.7
62.0
17.74x
17.17x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
11.05
-6.09
0.85
1.88
15.7%
13.5%
0.18
0.23
32.68
58.02
59.84
-50.04
160.00
350.0
140.00
300.0
120.00
250.0
100.00
200.0
80.00
150.0
60.00
100.0
40.00
50.0
20.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
China Gold International Resources Corp Ltd

Holdings By:
All
Holder Name
CHINA NATIONAL GOLD
NORGES BANK
BLACKROCK
FRANKLIN RESOURCES
VANGUARD GROUP INC
HE YINGBIN
TD ASSET MANAGEMENT
SWISSCANTO FONDSLEIT
MARLBOROUGH FUND MAN
STATE STREET
DAIWA SB INVESTMENT
OPPENHEIM KAPITALANL
INDEXIQ ADVISORS LLC
BESSEMER GROUP INCOR
SUN LIFE FINANCIAL I
Firm Name
EVA Dimensions
BOCOM International Holdings
Credit Suisse
Argonaut Securities Pty Ltd
Guotai Junan
Citic Securities Co., Ltd
CCB International Securities Ltd
GuoSen Securities Co Ltd
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
TIMOTHY STANISH
BENJAMIN PEI
OWEN LIANG
CHRIS JIANG
KEVIN GUO
SONG XIAOQING
KIN CHUNG LI
CHENGMING GAO
Source
SEDI
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
SEDI
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
hold
neutral
neutral
buy
neutral
overweight
outperform
buy
Amt Held
155'794'830
18'041'902
3'766'753
1'882'069
1'685'900
890'593
844'196
161'992
160'000
151'700
150'000
146'950
125'996
100'000
97'155
90'000
84'689
74'886
59'705
57'376
% Out
39.31
4.55
0.95
0.47
0.43
0.22
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
0.01
Weighting
Change
3
3
3
5
3
5
5
5
U
D
M
M
D
N
M
M
Latest Chg
184'200
162'984
(4'599)
33'750
(819)
40'000
53'000
(1'515)
-
Target Price
#N/A N/A
3
3
4
3
4
4
5
File Dt
30.09.2011
28.06.2013
31.12.2012
27.06.2013
28.03.2013
31.03.2013
29.03.2013
28.06.2013
09.01.2013
31.12.2012
28.02.2013
03.12.2012
28.06.2013
11.01.2013
31.01.2013
31.01.2013
28.06.2013
31.12.2012
31.01.2013
30.04.2013
Date
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Not Provided
12 month
Inst Type
Corporation
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
17.06.2013
20.05.2013
16.05.2013
16.05.2013
22.04.2013
14.01.2013
12.09.2012
02.02.2012
01.07.2013
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
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
3
3
2
Valuation Analysis
Latest Fiscal Year:

LTM as of:
52-Week High (04.10.2012)
52-Week Low (28.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PRU CN EQUITY YTD Change
PRU CN EQUITY YTD % CHANGE
06/2012
03/yy
3.07
0.40
2'454'997.00
0.49
-84.04%
22.50%
3.37%
458.0
224.40
60.26
0.0
(0.6)
105.50
196.25
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)
-
1
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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
30.06.2009
(3.3)
(4.8)
Profitability
30.06.2010
0.0
(10.1)
(9.7)
-
LTM-4Q
30.06.2011
0.0
(32.0)
(48.2)
-
30.06.2012
144.7
7.53x
55.3
19.72x
47.2
55.28
45.11
31.18%
41.62%
12.17%
17.73%
32.6%
1.55
1.13
11.39%
16.72%
-
03/yy
0.0
#DIV/0!
(46.3)
0.00x
24.8
0.00x
LTM
03/yy
291.8
11.32x
167.9
0.00x
44.6
0.00x
FY+1
1.47
446.89
0.47
-81.44%
-77.73%
1.472
23
4.087
2'481'815
2'479'335
2'223'797
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
06/13 Q4 09/13 Q1
298.8
357.9
96.1
116.0
0.65x
0.71x
105.6
128.6
1.86x
1.53x
45.8
54.2
26.0
34.1
5.35x
3.85x
2.50x
2.13x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
01.07.2013
Perseus Mining Ltd

Holdings By:
All
Holder Name
BANK OF NOVA SCOTIA
JP MORGAN
FMR LLC
BMO INVESTMENTS INC
IVY MANAGEMENT INCOR
SPROTT INC
WELLS FARGO
LB SWISS INVESTMENT
CALDERWOOD MARK ANDR
BLACKROCK
VANGUARD GROUP INC
TD ASSET MANAGEMENT
Firm Name
Clarus Securities
Goldman Sachs
RBC Capital Markets
Credit Suisse
JPMorgan
Macquarie
CIMB
Commonwealth Bank
GMP
BMO Capital Markets
Morgan Stanley
CIBC World Markets
EVA Dimensions
Nomura
Bell Potter
Evans & Partners Pty Ltd
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
NANA SANGMUAH
PAUL HISSEY
STEUART MCINTYRE
REG SPENCER
MICHAEL SLIFIRSKI
JOSEPH KIM
PIERRE VAILLANCOURT
MICHAEL EVANS
ANDREW KNUCKEY
LEVI SPRY
ANDREW BREICHMANAS
BRENDAN FITZPATRICK
COSMOS CHIU
JOSH WOLFSON
PATRICK CHANG
TIMOTHY STANISH
MIKE KOZAK
DAVID RADCLYFFE
STEPHEN THOMAS
CATHY MOISES
Source
ULT-AGG
EXCH
ULT-AGG
EXCH
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
EXCH
ULT-AGG
MF-AGG
MF-AGG
Recommendation
hold
neutral/attractive
sector perform
buy
outperform
neutral
outperform
outperform
neutral
buy
outperform
Overwt/In-Line
sector perform
neutral
buy
buy
market perform
suspended coverage
hold
Positive
Amt Held
49'299'344
44'475'800
43'511'503
21'999'741
13'439'700
11'813'400
10'294'000
8'160'134
6'894'410
6'778'993
6'459'171
5'921'800
5'531'332
5'097'421
4'260'600
4'000'000
3'600'000
3'466'593
3'109'619
2'873'200
% Out
10.76
9.71
9.5
4.8
2.93
2.58
2.25
1.78
1.51
1.48
1.41
1.29
1.21
1.11
0.93
0.87
0.79
0.76
0.68
0.63
Weighting
Change
3
3
3
5
5
3
5
5
3
5
5
5
3
3
5
5
3
#N/A N/A
3
4
M
M
M
M
M
D
M
M
M
M
M
M
M
D
M
M
M
M
M
U
Latest Chg
5'604'112
(5'324'430)
(39'197)
(2'286'330)
(5'800)
1'483'000
300'000
500'000
392'732
255'851
(350'300)
2'352
443'404
-
Target Price
2
1
2
1
2
1
2
1
1
1
2
2
2
1
1
#N/A N/A
3
#N/A N/A
3
#N/A N/A
File Dt
Inst Type
28.06.2013
Investment Advisor
22.04.2013
Investment Advisor
31.03.2013
Bank
05.03.2013
Investment Advisor
28.02.2013
Holding Company
30.04.2013
Investment Advisor
30.06.2012
Investment Advisor
30.04.2013
Investment Advisor
28.06.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
30.04.2013
Investment Advisor
28.03.2013
Investment Advisor
28.03.2013
Investment Advisor
31.01.2013
n/a
27.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
Not Provided
6 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
28.06.2013
26.06.2013
26.06.2013
26.06.2013
25.06.2013
25.06.2013
25.06.2013
25.06.2013
25.06.2013
25.06.2013
24.06.2013
24.06.2013
24.06.2013
24.06.2013
21.06.2013
06.06.2013
22.04.2013
12.04.2013
16.01.2013
03.01.2013
01.07.2013
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
12/2012
03/yy
14.99
4.98
969'511.00
6.17
-58.84%
23.90%
11.89%
91.9
566.98
0.00
0.0
0.0
127.36
485.70
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
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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

(0.1)
-
4.0 M
12
8
Latest Fiscal Year:

LTM as of:
52-Week High (05.10.2012)
52-Week Low (28.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SSL CN EQUITY YTD Change
SSL CN EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.5 M
14
10
Valuation Analysis
31.03.2008
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
36.63
21.91
39.17%
45.00%
1.77%
1.95%
0.19%
78.7%
61.0%
33.3%
39.2%
27.97
24.35
0.00%
0.00%
27.76
48.57
Price/ Cash Flow
03/yy
39.8
42.83x
27.3
22.74x
15.9
47.06x
LTM
03/yy
57.8
55.75x
35.3
22.68x
5.4
55.67x
FY+1
0.00
1.34
84.99
3.15
-25.66%
-47.22%
1.337
10
4.100
698'397
522'489
460'994
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
65.1
89.1
35.8
69.6
13.56x
6.98x
13.8
23.1
34.70x
16.43x
25.06x
20.36x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-2.75
0.00
0.0%
0.0%
0.19
0.27
13.15
7.52
24.65
-
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 03.10.2009 03.04.2010 03.10.2010 03.04.2011 03.10.2011 03.04.2012 03.10.2012 03.04.2013
0.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
Sandstorm Gold Ltd

Holdings By:
All
Holder Name
LIBRA ADVISORS LLC
ARIAS RESOURCE CAPIT
WELLS FARGO
MASON HILL ADVISORS
CARMIGNAC GESTION
BMO FINANCIAL CORP
WATSON NOLAN ALLAN
BMO INVESTMENTS INC
GBC ASSET MANAGEMENT
DE WITT DAVID E
AWRAM DAVID I
CANADA PENSION PLAN
Firm Name
RBC Capital Markets
TD Securities
Casimir Capital
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
MASON HILL ADVISORS
n/a
Multiple Portfolios
Multiple Portfolios
BMO FINANCIAL CORP
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
CANADA PENSION PLAN
Multiple Portfolios
Analyst
CHRISTOS DOULIS
NICHOLAS CAMPBELL
DAN ROLLINS
DANIEL EARLE
DON MACLEAN
ERIC WINMILL
CRAIG STERLING
RICHARD GRAY
SHANE NAGLE
HEIKO IHLE
Source
13F
ULT-AGG
Co File
Co File
ULT-AGG
13F
13F
13F
ULT-AGG
MF-AGG
13F
MF-AGG
13F
SEDI
MF-AGG
MF-AGG
SEDI
SEDI
13F
MF-AGG
Recommendation
outperform
speculative buy
outperform
hold
buy
buy
sell
buy
outperform
neutral
Amt Held
5'862'520
5'815'015
4'502'755
4'410'862
3'147'295
2'876'862
2'292'300
1'836'404
1'236'912
1'086'266
1'010'000
1'009'660
1'005'674
930'000
797'250
777'820
767'000
759'100
594'946
542'100
% Out
6.38
6.33
4.9
4.8
3.42
3.13
2.49
2
1.35
1.18
1.1
1.1
1.09
1.01
0.87
0.85
0.83
0.83
0.65
0.59
Weighting
Change
5
4
5
3
5
5
1
5
5
3
N
M
M
M
M
M
M
M
M
M
Latest Chg
(37'200)
52'416
75'677
242'100
1'250'000
1'836'404
(216'668)
607
153'250
(163'340)
(92'716)
36'500
(3'400)
(60'200)
(167'900)
Target Price
7
11
10
9
11
14
#N/A N/A
14
13
13
File Dt
Inst Type
31.03.2013
Investment Advisor
28.06.2013
Investment Advisor
16.05.2013
Private Equity
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Bank
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
29.03.2013
Investment Advisor
31.03.2013
Investment Advisor
11.06.2013
n/a
28.06.2013
Investment Advisor
31.12.2011
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
Not Provided
Not Provided
12 month
12 month
12 month
Date
27.06.2013
25.06.2013
24.06.2013
19.06.2013
17.06.2013
17.06.2013
22.05.2013
10.05.2013
10.05.2013
29.01.2013
01.07.2013
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 (26.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
OGC CN EQUITY YTD Change
OGC CN EQUITY YTD % CHANGE
12/2012
03/yy
3.70
1.04
1'144'264.00
1.3
-64.86%
25.00%
9.77%
293.6
381.65
266.87
0.0
0.0
96.50
585.23
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
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13
m-13
a-13
m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
217.2
0.77x
63.7
2.62x
(54.7)
-
31.12.2009
31.12.2010
237.1
305.6
1.89x
3.30x
106.6
141.1
4.20x
7.15x
54.5
44.4
5.68x
18.76x
Profitability
LTM-4Q
31.12.2011
395.6
1.61x
164.3
3.88x
44.2
13.02x
31.12.2012
385.4
2.62x
144.5
7.00x
20.7
35.81x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
144.50
53.12
13.78%
8.37%
3.38%
5.67%
6.12%
0.42%
17.7%
43.1%
17.9%
5.4%
0.93
0.56
25.87%
43.76%
18.81
4.11
Price/ Cash Flow
03/yy
393.4
7.19x
145.7
5.58x
25.5
26.83x
LTM
03/yy
392.5
9.75x
169.3
6.24x
31.6
25.85x
FY+1
0.00
2.16
283.52
1.25
-33.33%
-54.39%
2.160
5
4.400
1'412'549
1'001'664
967'303
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
525.7
584.3
135.0
151.0
1.02x
0.86x
4.30x
3.85x
215.7
212.3
47.6
61.8
2.71x
2.76x
2.82x
2.85x
50.3
56.1
8.5
18.4
6.75x
5.28x
5.37x
5.26x
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
1.31
1.48
43.8%
30.4%
0.42
0.57
19.41
88.89
55.75
17.15
35.00
450.0
30.00
400.0
350.0
25.00
300.0
20.00
250.0
15.00
200.0
150.0
10.00
100.0
5.00
0.00
01.01.2010
50.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
OceanaGold Corp
Holdings By:
All
Holder Name
AMP CAPITAL INVESTOR
NEW ZEALAND CENTRAL
FMR LLC
BLACKROCK
INVESCO LTD
US GLOBAL INVESTORS
VANGUARD GROUP INC
NORGES BANK
BOND STREET CUSTODIA
YANDAL INVESTMENTS P
ASKEW JAMES EDWARD
INTERNATIONAL MINING
SPROTT INC
DEUTSCHE BANK AG
SFB INVESTMENTS PTY
Firm Name
Forsyth Barr
BMO Capital Markets
GMP
Macquarie
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Analyst
ANDREW HARVEY-GREEN
BRIAN QUAST
ANDREW MIKITCHOOK
MICHAEL SIPERCO
MIKE KOZAK
Source
ULT-AGG
EXCH
MF-AGG
ULT-AGG
PROXY
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
PROXY
PROXY
PROXY
SEDI
MF-AGG
ULT-AGG
PROXY
Recommendation
accumulate
market perform
buy
outperform
buy
Amt Held
23'372'747
14'660'107
8'700'000
5'252'926
5'005'882
3'660'000
3'565'116
3'222'300
2'604'738
1'930'223
1'930'100
1'631'518
1'486'726
1'289'396
1'123'653
1'097'008
1'097'008
900'000
816'437
800'000
% Out
7.96
4.99
2.96
1.79
1.71
1.25
1.21
1.1
0.89
0.66
0.66
0.56
0.51
0.44
0.38
0.37
0.37
0.31
0.28
0.27
Weighting
Change
4
3
5
5
5
Latest Chg
(1'119'773)
100'000
(4'700)
(30'000)
(1'953)
(547'087)
1'330'100
275'600
10'000
(93'932)
-
Target Price
M
D
M
M
M
File Dt
Inst Type
28.06.2013
Investment Advisor
21.01.2013
Other
28.02.2013
Investment Advisor
29.03.2013
Investment Advisor
02.04.2013
Government
30.04.2013
Investment Advisor
28.03.2013
Bank
30.04.2013
Investment Advisor
27.06.2013
Investment Advisor
28.06.2013
Investment Advisor
28.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
02.04.2013
Other
02.04.2013
Investment Advisor
12.04.2013
n/a
30.12.2012
Other
30.04.2013
Investment Advisor
02.04.2013
Other
Date
1
1
2
3
3
12 month
Not Provided
Not Provided
12 month
12 month
Date
30.06.2013
27.06.2013
17.06.2013
17.05.2013
30.04.2013
01.07.2013
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
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.10.2012)
52-Week Low (25.06.2013)
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
1.27
2'634'459.00
1.575
-76.49%
24.51%
5.15%
188.9
297.52
0.00
0.0
0.0
12.47
264.03
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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)
-
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
30.06.2012
80.8
11.40x
57.6
16.00x
49.2
18.94x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
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
-
1.43
1.01
168.42
1.41
-67.28%
-70.99%
1.012
11
4.636
3'386'352
2'627'769
2'233'604
FY+2
06/13 Y
06/14 Y
109.0
228.1
2.42x
0.84x
75.1
164.9
3.51x
1.60x
63.3
147.8
3.76x
1.87x
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
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
01.07.2013
Medusa Mining Ltd

Holdings By:
All
Holder Name
PRUDENTIAL PLC
BLACKROCK
FMR LLC
UCA FUNDS MANAGEMENT
DAVIS GEOFFREY JOHN
FORTY TRADERS LTD
GOODFELLOW WILLIAM D
CEDARDALE HOLDINGS P
BANQUE DE LUXEMBOURG
AFDAL SAMUEL G
OLD MUTUAL
DANIEL ROY PHILIP
UCA AG
Firm Name
Goldman Sachs
RBC Capital Markets
Deutsche Bank
Morgan Stanley
Ord Minnett
SP Angel
EVA Dimensions
Cantor Fitzgerald
Blackswan Equities Ltd
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Analyst
PAUL HISSEY
STEUART MCINTYRE
CHRIS TERRY
BRENDAN FITZPATRICK
DAVID BRENNAN
CAROLE FERGUSON
TIMOTHY STANISH
ASA BRIDLE
RHYS BRADLEY
Source
ULT-AGG
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
EXCH
Co File
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
Co File
ULT-AGG
Co File
Co File
MF-AGG
Recommendation
buy/attractive
sector perform
hold
Overwt/In-Line
buy
buy
overweight
buy
buy
Amt Held
15'309'037
12'932'853
10'998'900
9'541'215
9'421'413
5'876'563
4'102'750
3'660'631
3'210'425
3'187'673
2'613'520
2'500'000
2'000'000
2'000'000
1'750'000
1'450'000
1'448'400
1'425'000
1'300'000
1'142'000
% Out
8.1
6.85
5.82
5.05
4.99
3.11
2.17
1.94
1.7
1.69
1.38
1.32
1.06
1.06
0.93
0.77
0.77
0.75
0.69
0.6
Weighting
Change
5
3
3
5
5
5
5
5
5
M
M
D
M
M
M
U
M
N
Latest Chg
1'902'381
3'480'817
(1'500'000)
(1'496'675)
780'119
50'000
371'061
(569'800)
Target Price
3
4
2
5
4
8
#N/A N/A
5
7
File Dt
Inst Type
28.06.2013
Investment Advisor
26.06.2013
Investment Advisor
18.06.2013
Unclassified
27.06.2013
Investment Advisor
24.05.2013
Investment Advisor
31.05.2013
Investment Advisor
03.05.2013
n/a
17.09.2012
Unclassified
17.09.2012
n/a
17.09.2012
Unclassified
30.04.2013
Investment Advisor
30.04.2013
Investment Advisor
17.09.2012
Investment Advisor
28.02.2013
Investment Advisor
30.06.2012
n/a
29.03.2013
Unclassified
30.06.2012
n/a
17.09.2012
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Date
26.06.2013
26.06.2013
25.06.2013
24.06.2013
24.06.2013
21.06.2013
19.06.2013
03.05.2013
01.03.2013
01.07.2013
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 (26.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DPM CN EQUITY YTD Change
DPM CN EQUITY YTD % CHANGE
12/2012
03/yy
9.94
3.69
866'571.00
4.3
-56.74%
16.53%
9.76%
125.9
541.38
81.77
0.0
7.0
123.36
537.47
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
2.0 M
2
0
j-12
1.0 M
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
105.1
0.65x
(36.2)
(79.2)
-
4.0 M
Valuation Analysis
31.12.2009
31.12.2010
137.6
202.0
2.15x
5.56x
16.4
18.00x
5.1
22.9
44.88x
49.37x
Profitability
LTM-4Q
31.12.2011
338.5
2.84x
86.1
13.48x
31.12.2012
384.7
2.68x
54.4
21.72x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
76.66
19.93%
12.91%
4.98%
6.53%
3.49%
0.40%
40.8%
15.6%
14.1%
3.10
2.36
8.41%
10.94%
7.43
4.66
Price/ Cash Flow
03/yy
367.9
10.79x
14.7
0.00x
80.0
16.02x
LTM
03/yy
373.5
10.35x
16.6
0.00x
46.9
23.19x
FY+1
0.00
1.41
90.37
16.01
-29.85%
-49.23%
1.414
9
4.889
999'074
681'831
595'419
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
414.0
461.8
90.1
102.5
1.15x
1.17x
150.7
209.2
17.9
3.57x
2.57x
78.3
122.5
7.4
18.6
8.07x
5.35x
6.81x
6.24x
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%
0.40
0.64
49.14
78.39
63.33
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
01.07.2013
Dundee Precious Metals Inc

Holdings By:
All
Holder Name
DUNDEE CORP
US GLOBAL INVESTORS
NORGES BANK
TD ASSET MANAGEMENT
NATCAN INVESTMENT MA
SPROTT INC
LB SWISS INVESTMENT
VANGUARD GROUP INC
Firm Name
Stifel
RBC Capital Markets
GMP
Scotia Capital
EVA Dimensions
BMO Capital Markets
CIBC World Markets
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MICHAEL A SCOON
SAM CRITTENDEN
OLIVER TURNER
LEILY OMOUMI
TIMOTHY STANISH
DON MACLEAN
JOSH WOLFSON
JOHN P HAYES
MIKE KOZAK
LEON ESTERHUIZEN
Source
SEDI
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
outperform
buy
sector outperform
buy
buy
not rated
top pick
sector outperform
Amt Held
34'720'807
8'442'571
7'677'015
5'684'509
5'331'900
4'734'500
4'514'449
3'756'865
3'634'800
2'607'288
2'212'200
1'918'596
1'651'367
1'423'900
1'163'346
952'701
771'700
761'500
650'000
583'541
% Out
27.58
6.71
6.1
4.52
4.23
3.76
3.59
2.98
2.89
2.07
1.76
1.52
1.31
1.13
0.92
0.76
0.61
0.6
0.52
0.46
Weighting
Change
5
5
5
5
5
5
#N/A N/A
4
5
5
M
M
M
M
M
M
M
M
M
M
Latest Chg
3'592'000
69'312
4'124'249
(242'700)
(60'359)
666'900
(450'600)
53'212
10'000
43'784
650'000
28'700
Target Price
8
9
11
11
#N/A N/A
9
#N/A N/A
10
11
11
File Dt
Inst Type
12.06.2013
Holding Company
28.02.2013
Investment Advisor
28.06.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.12.2012
Investment Advisor
28.03.2013
Bank
28.02.2013
Investment Advisor
28.03.2013
Investment Advisor
31.12.2012
Investment Advisor
28.03.2013
Investment Advisor
29.03.2013
Investment Advisor
28.02.2013
Holding Company
28.03.2013
Investment Advisor
28.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Date
28.06.2013
24.06.2013
17.06.2013
12.06.2013
06.06.2013
22.05.2013
16.05.2013
12.05.2013
10.05.2013
11.04.2013
01.07.2013
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 (27.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RIO CN EQUITY YTD Change
RIO CN EQUITY YTD % CHANGE
12/2012
03/yy
6.00
1.75
941'635.00
1.95
-67.50%
11.43%
4.71%
175.9
342.98
3.26
0.0
0.0
38.61
298.92
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.05.2008
0.0
(2.3)
(1.9)
-
31.05.2009
31.05.2010
0.0
0.0
(1.5)
(3.9)
(1.5)
(12.6)
Profitability
LTM-4Q
31.05.2011
0.0
(8.0)
(8.0)
-
31.12.2012
316.5
2.71x
173.1
4.96x
100.4
8.93x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
173.12
151.44
47.85%
48.82%
24.91%
38.84%
0.92%
62.4%
47.2%
37.5%
31.7%
1.61
0.74
0.92%
1.43%
27.72
4.87
Price/ Cash Flow
03/yy
94.7
15.20x
61.5
0.00x
29.2
0.00x
LTM
03/yy
280.6
11.13x
132.4
5.87x
75.6
11.35x
FY+1
0.00
1.11
162.59
1.36
-52.21%
-61.69%
1.112
10
4.400
866'214
832'476
791'935
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
329.0
315.0
0.94x
127.8
143.3
2.34x
2.09x
64.6
79.3
4.50x
4.42x
4.97x
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
-0.33
0.02
1.4%
1.4%
0.92
1.64
13.17
75.02
120.40
-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
05.06.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
Rio Alto Mining Ltd

Holdings By:
All
Holder Name
JP MORGAN
BLACKROCK
AUSCAN ASSETS LIMITE
NORWICH ROGER
CONNOR CLARK & LUNN
CANADA PENSION PLAN
BMO FINANCIAL CORP
TD ASSET MANAGEMENT
LB SWISS INVESTMENT
US GLOBAL INVESTORS
INTACT INVESTMENT MA
SOLDI JAIME
Firm Name
GMP
BMO Capital Markets
Scotia Capital
Clarus Securities
EVA Dimensions
CIBC World Markets
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
CONNOR CLARK & LUNN
CANADA PENSION PLAN
BMO FINANCIAL CORP
TD ASSET MANAGEMENT
Multiple Portfolios
US GLOBAL INVESTORS
INTACT INVESTEMENT M
n/a
Analyst
GEORGE V ALBINO
CHRISTOS DOULIS
BRIAN QUAST
MARK TURNER
ADAM MELNYK
MIKE BANDROWSKI
CRAIG STERLING
MATTHEW GIBSON
HUMBERTO LEON
HEIKO IHLE
Source
13F
PROXY
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
SEDI
PROXY
13F
13F
13F
13F
13F
13F
13F
MF-AGG
13F
13F
SEDI
Recommendation
buy
outperform
market perform
sector perform
hold
buy
buy
sector outperform
overweight
buy
Amt Held
27'493'900
25'949'700
14'800'000
12'941'982
8'340'500
7'048'072
6'530'445
4'994'651
4'734'195
4'296'000
2'902'100
2'360'802
2'068'242
1'970'000
1'854'700
1'560'100
1'550'000
1'351'000
1'076'700
1'028'288
% Out
15.63
14.75
8.41
7.36
4.74
4.01
3.71
2.84
2.69
2.44
1.65
1.34
1.18
1.12
1.05
0.89
0.88
0.77
0.61
0.58
Weighting
Change
5
5
3
3
3
5
5
5
5
5
M
U
M
M
M
M
M
M
M
M
Latest Chg
27'493'900
(1'544'200)
8'820'000
116'664
8'340'500
4'001'000
6'530'445
25'000
4'296'000
2'902'100
2'360'802
2'068'242
1'970'000
1'854'700
1'560'100
1'550'000
1'351'000
1'076'700
126'000
Target Price
6
4
4
4
5
6
#N/A N/A
7
5
7
File Dt
Inst Type
31.03.2013
Investment Advisor
26.04.2013
Investment Advisor
31.03.2013
Investment Advisor
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
27.06.2013
Investment Advisor
31.03.2013
Bank
11.06.2013
Other
26.04.2013
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
28.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
02.01.2013
n/a
Date
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Date
17.06.2013
12.06.2013
05.06.2013
05.06.2013
05.06.2013
05.06.2013
22.05.2013
15.05.2013
03.05.2013
08.04.2013
01.07.2013
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
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.09.2012)
52-Week Low (24.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AZK US EQUITY YTD Change
AZK US EQUITY YTD % CHANGE
12/2012
03/yy
5.37
3.19
5'181'137.00
3.85
-28.31%
20.69%
30.28%
164.8
634.63
0.00
0.0
0.0
204.71
478.28
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
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
0
j-12
31.12.2009
31.12.2010
175.6
178.7
3.65x
5.82x
87.5
69.8
7.32x
14.90x
36.7
17.2
Profitability
LTM-4Q
31.12.2011
260.0
2.31x
124.9
4.81x
43.9
-
31.12.2012
223.6
1.61x
92.2
3.90x
31.8
92.23
54.50
24.38%
25.08%
4.76%
5.91%
6.03%
0.49%
41.0%
37.1%
18.6%
14.2%
7.30
6.49
0.00%
0.00%
18.89
7.42
03/yy
269.5
9.71x
134.3
4.46x
49.7
0.00x
s-12
o-12
n-12
LTM
03/yy
210.1
10.01x
77.9
6.98x
20.6
0.00x
d-12
j-13
f-13
m-13
a-13
m-13
1.01
3.36
1.006
2
3.000
0
427'832
644'519
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2
09/13 Q3
67.50x
21.32x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
107.74
19.32
-2.43
0.00
0.0%
0.0%
0.49
1.07
19.33
49.19
82.16
14.19
1.20
300.0
1.00
250.0
0.80
200.0
0.60
.0 M
a-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
144.5
4.07x
53.5
10.98x
4.9
-
150.0
100.0
0.40
50.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
Aurizon Mines Ltd

Holdings By:
All
Holder Name
HECLA MINING CO
ALAMOS GOLD INC
SUN VALLEY GOLD LLC
TOUCHSTONE ADVISORS
CANADA PENSION PLAN
MORGAN STANLEY
JP MORGAN
UBS
HALL DAVID P
TD ASSET MANAGEMENT
NORGES BANK
BMO FINANCIAL CORP
Firm Name
EVA Dimensions
Portfolio Name
n/a
n/a
SUN VALLEY GOLD LLC
Multiple Portfolios
Multiple Portfolios
CANADA PENSION PLAN
n/a
n/a
n/a
n/a
TD ASSET MANAGEMENT
NORGES BANK
BMO FINANCIAL CORP
Analyst
TIMOTHY STANISH
RYAN HANLEY
HEIKO IHLE
Source
Research
13D
13F
13F
13F
13F
MF-AGG
13F
13F
MF-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
SEDI
13F
13F
13F
Recommendation
underweight
tender
buy
Amt Held
164'838'394
26'507'283
5'855'560
4'647'300
4'273'700
3'842'000
2'222'430
1'707'800
1'674'818
1'655'218
1'584'910
1'304'320
1'289'081
1'264'143
1'121'404
1'093'674
990'342
962'464
955'334
929'694
% Out
100
16.08
3.55
2.82
2.59
2.33
1.35
1.04
1.02
1
0.96
0.79
0.78
0.77
0.68
0.66
0.6
0.58
0.58
0.56
Weighting
Change
1
#N/A N/A
5
M
M
M
Latest Chg
104'300
(159'200)
4'273'700
3'842'000
1'707'800
1'674'818
1'655'218
45'000
(1'626'815)
1'097'036
1'264'143
(1'183'046)
1'062'194
5'000
12'062
(173'619)
Target Price
#N/A N/A
5
5
File Dt
06.06.2013
19.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
28.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
04.04.2012
31.03.2013
31.12.2012
31.03.2013
Date
Not Provided
Not Provided
12 month
Inst Type
Corporation
Other
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Endowment
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Unclassified
n/a
Investment Advisor
Government
Investment Advisor
Date
06.06.2013
16.05.2013
04.03.2013
01.07.2013
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 (26.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EXK US EQUITY YTD Change
EXK US EQUITY YTD % CHANGE
12/2012
03/yy
10.73
2.88
2'212'099.00
3.43
-68.03%
19.10%
7.01%
99.7
341.94
9.00
0.0
0.0
27.14
343.71
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
0
j-12
31.12.2009
31.12.2010
50.8
86.5
3.98x
5.80x
11.3
30.7
17.91x
16.36x
(1.9)
(20.4)
Profitability
.5 M
.0 M
a-12
LTM-4Q
31.12.2011
128.0
5.79x
64.8
11.43x
18.8
-
31.12.2012
208.1
3.68x
89.8
8.53x
42.1
89.81
59.85
28.76%
28.88%
9.33%
12.72%
12.20%
0.58%
41.6%
38.3%
23.6%
20.2%
2.07
1.00
1.88%
2.65%
12.57
3.68
03/yy
141.7
18.97x
71.1
9.84x
38.0
0.00x
s-12
o-12
n-12
d-12
LTM
03/yy
228.9
12.83x
87.6
7.11x
36.7
0.00x
j-13
f-13 m-13
a-13
m-13
j-13
FY+1
1.17
98.17
1.45
-57.76%
-56.53%
1.170
9
4.556
1'505'070
1'044'397
1'228'233
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
237.8
280.5
1.53x
1.02x
72.6
110.4
8.3
13.5
4.74x
3.11x
24.5
48.1
12.56x
8.64x
31.76x
15.24x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
185.55
48.70
0.02
0.38
2.6%
2.6%
0.58
1.01
29.04
99.29
56.54
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
01.07.2013
Endeavour Silver Corp

Holdings By:
All
Holder Name
BLACKROCK
NEUBERGER BERMAN LLC
GLOBAL X MANAGEMENT
AGF INVESTMENTS INC
COOKE BRADFORD JAMES
LB SWISS INVESTMENT
VANGUARD GROUP INC
NORGES BANK
TD ASSET MANAGEMENT
SPROTT INC
TECHNICAL FINANCIAL
PADCO ADVISORS INC
CANADA PENSION PLAN
GUGGENHEIM
Firm Name
BMO Capital Markets
Salman Partners
CIBC World Markets
GMP
EVA Dimensions
Raymond James
Portfolio Name
n/a
n/a
NEUBERGER BERMAN GRO
GLOBAL X MANAGEMENT
AGF INVESTMENTS INC
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
NORGES BANK
TD ASSET MANAGEMENT
SPROTT INC
TFS CAPITAL LLC
Multiple Portfolios
CANADA PENSION PLAN
n/a
Analyst
ANDREW KAIP
ASH GUGLANI
CHRIS LICHTENHELDT
BENJAMIN ASUNCION
LEON ESTERHUIZEN
CHELSEA HAMILTON
CRAIG STERLING
CHRIS THOMPSON
HEIKO IHLE
Source
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
SEDI
13F
MF-AGG
MF-AGG
13F
MF-AGG
13F
13F
13F
13F
MF-AGG
13F
ULT-AGG
Recommendation
underperform
buy
buy
buy
sector outperform
buy
buy
outperform
buy
Amt Held
8'013'149
4'503'915
3'482'397
3'118'300
1'502'600
1'141'496
1'110'237
1'085'337
922'750
901'150
900'000
836'900
558'672
547'823
481'933
446'820
364'494
333'781
298'727
285'801
% Out
8.04
4.52
3.49
3.13
1.51
1.15
1.11
1.09
0.93
0.9
0.9
0.84
0.56
0.55
0.48
0.45
0.37
0.33
0.3
0.29
Weighting
Change
1
5
5
5
5
5
5
5
5
D
M
M
M
M
M
M
M
M
Latest Chg
1'059'160
(646'415)
(277'402)
224'200
95'000
(18'119)
(16'700)
(200'000)
(71'300)
321'900
25'700
77'803
(9'867)
(49'400)
193'362
11'600
(744'233)
(32'688)
Target Price
3
8
7
6
9
6
#N/A N/A
9
6
File Dt
Inst Type
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
22.04.2013
n/a
31.03.2013
Investment Advisor
28.03.2013
Investment Advisor
28.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Unclassified
Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Date
28.06.2013
19.06.2013
17.06.2013
12.06.2013
02.06.2013
29.05.2013
22.05.2013
07.05.2013
07.05.2013
01.07.2013
Continental Gold Ltd

Continental Gold Ltd. is an advanced-stage exploration company. The Company has
a portfolio of gold projects located in established mineral belts in Colombia,
South America. Continental Gold's priorities include advanced exploration and
definition drilling programs at its Buritica gold project and phase-one drilling
at its Berlin project.
Price/Volume
12
6.0 M
Price/ Cash Flow
1.20
4.0 M
3.0 M
12/2012
03/yy
10.03
2.71
858'099.00
3.3
-67.10%
21.77%
8.06%
126.4
417.27
0.00
0.0
0.0
83.89
236.48
2.0 M
2
1.0 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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 (28.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CNL CN EQUITY YTD Change
CNL CN EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
7.0 M
Valuation Analysis
31.12.2008
0.0
(0.6)
(0.6)
-
8.0 M
10
31.12.2009
31.12.2010
0.0
0.0
(4.2)
(10.7)
(4.1)
(119.1)
Profitability
LTM-4Q
31.12.2011
0.0
(11.8)
18.2
38.93x
31.12.2012
03/yy
0.0
#DIV/0!
(6.7)
0.00x
(11.3)
0.00x
(7.9)
-11.77
-12.17
-5.55%
-6.03%
0.00%
8.87
8.87
0.00%
0.00%
0.00
-
LTM
03/yy
0.0
#DIV/0!
(5.0)
0.00x
(13.6)
0.00x
FY+1
1.26
103.21
0.41
-49.92%
-62.71%
1.259
6
4.000
705'812
462'830
578'355
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
1.8
1.5
(12.3)
(9.5)
(12.4)
(12.8)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-141.81
-569.05
0.0%
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
01.07.2013
Continental Gold Ltd

Holdings By:
All
Holder Name
BANK OF NOVA SCOTIA
BULLET HOLDING CORP
COASTAL FINANCING CO
REINDEER CAPITAL LTD
HARTFORD INVESTMENT
SPROTT INC
EXPERT FUNDING CORP
FMR LLC
CARMIGNAC GESTION
FRANKLIN RESOURCES
VANGUARD GROUP INC
SUSSMAN ARI B
BMO INVESTMENTS INC
PENTAGON PROPERTIES
QUANTEX AG
Firm Name
Stifel
Clarus Securities
TD Securities
GMP
Raymond James
RBC Capital Markets
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
CRAIG P STANLEY
JAMIE SPRATT
DANIEL EARLE
JOE FAZZINI
GEORGE V ALBINO
GARY J BASCHUK
DAN ROLLINS
Source
ULT-AGG
Co File
SEDI
ULT-AGG
SEDI
ULT-AGG
SEDI
MF-AGG
MF-AGG
MF-AGG
SEDI
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
SEDI
MF-AGG
SEDI
MF-AGG
Recommendation
hold
speculative buy
speculative buy
buy
buy
Under Review
sector perform
Amt Held
18'776'800
16'205'564
8'024'456
7'640'303
5'786'124
4'839'018
3'668'490
3'023'105
2'548'837
2'488'200
2'316'327
2'251'350
2'236'400
2'141'942
1'659'000
1'567'461
1'191'576
1'163'429
1'025'000
900'000
% Out
14.85
12.82
6.35
6.04
4.58
3.83
2.9
2.39
2.02
1.97
1.83
1.78
1.77
1.69
1.31
1.24
0.94
0.92
0.81
0.71
Weighting
Change
3
4
4
5
5
#N/A N/A
3
M
M
M
M
M
M
M
Latest Chg
116'400
1'985'981
(200'000)
68'760
(250'000)
(1'100)
(250'000)
175'495
277'037
16'800
(35'000)
896'200
20'000
(188'058)
329'000
495'815
42'425
500'000
90'000
Target Price
#N/A N/A
9
9
9
12
#N/A N/A
11
File Dt
Inst Type
28.02.2013
Bank
31.03.2013
Investment Advisor
05.10.2012
Holding Company
28.06.2013
Investment Advisor
21.12.2012
Other
28.03.2013
Bank
21.12.2012
Other
31.05.2013
Investment Advisor
28.02.2013
Investment Advisor
02.11.2012
Corporation
30.04.2013
Investment Advisor
29.03.2013
Investment Advisor
28.03.2013
Investment Advisor
31.03.2013
Investment Advisor
13.05.2013
n/a
28.06.2013
Investment Advisor
23.04.2012
Other
29.03.2013
Investment Advisor
Date
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Date
28.06.2013
25.06.2013
19.06.2013
18.06.2013
17.06.2013
18.04.2013
07.01.2013
01.07.2013
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
7.0 M
6.0 M
5.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (17.09.2012)
52-Week Low (27.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RMX CN EQUITY YTD Change
RMX CN EQUITY YTD % CHANGE
12/2012
03/yy
3.80
1.23
1'239'218.00
1.35
-64.47%
9.76%
4.67%
288.5
389.46
0.44
0.0
0.0
171.99
241.89
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
2.0 M
1.0 M
0
j-12
31.12.2009
31.12.2010
0.0
0.0
(4.6)
(25.4)
(0.6)
(25.5)
Profitability
.0 M
a-12
LTM-4Q
31.12.2011
0.0
(21.6)
(21.4)
-
31.12.2012
0.0
(11.6)
(10.4)
-11.56
-11.63
-2.18%
-2.26%
0.00%
10.32
10.29
0.09%
0.10%
0.00
-
03/yy
0.0
#DIV/0!
(21.9)
0.00x
(21.5)
0.00x
s-12
o-12
n-12
d-12
LTM
03/yy
0.0
#DIV/0!
(11.8)
0.00x
(10.4)
0.00x
j-13
f-13
m-13
a-13
m-13
j-13
FY+1
0.00
1.28
274.34
2.33
-56.59%
-47.06%
1.277
4
4.250
985'546
699'557
773'295
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
66.9
(13.7)
19.2
12.60x
(10.1)
7.9
43.55x
675.00x
61.36x
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
-0.03
0.1%
0.1%
0.00
0.00
-
1.20
0.1
1.00
0.1
0.80
0.1
0.60
3.0 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)
-
4.0 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
01.07.2013
Rubicon Minerals Corp

Holdings By:
All
Holder Name
GREYWOLF CAPITAL MAN
AGNICO-EAGLE MINES L
SUN VALLEY GOLD LLC
FMR LLC
TD ASSET MANAGEMENT
INVESCO LTD
BLACKROCK
CANADA PENSION PLAN
CAPITAL TACTICS ADVI
TECHNICAL FINANCIAL
VANGUARD GROUP INC
NORGES BANK
ADAMSON DAVID W
LOEWS CORPORATION
SHARE SICAV
D E SHAW & COMPANY I
GLOBAL X MANAGEMENT
Firm Name
GMP
TD Securities
BMO Capital Markets
Portfolio Name
GREYWOLF CAPITAL MAN
n/a
SUN VALLEY GOLD LLC
n/a
TD ASSET MANAGEMENT
n/a
n/a
CANADA PENSION PLAN
CAPITAL TACTICS ADVI
TFS CAPITAL LLC
Multiple Portfolios
NORGES BANK
n/a
LOEWS CORPORATION
Multiple Portfolios
D E SHAW & CO
GLOBAL X MANAGEMENT
Analyst
GEORGE V ALBINO
DANIEL EARLE
ANDREW KAIP
BARRY D ALLAN
Source
13F
13F
13F
13D
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
MF-AGG
13F
SEDI
13F
MF-AGG
13F
13F
Recommendation
buy
speculative buy
market perform
buy
Amt Held
28'491'142
13'599'600
12'987'200
10'671'827
7'263'300
5'002'102
4'815'492
3'708'273
2'770'500
2'556'175
2'247'666
1'992'710
1'938'402
1'661'675
1'560'601
1'535'189
1'401'817
1'244'300
1'175'037
1'019'385
% Out
9.88
4.71
4.5
3.7
2.52
1.73
1.67
1.29
0.96
0.89
0.78
0.69
0.67
0.58
0.54
0.53
0.49
0.43
0.41
0.35
Weighting
Change
5
4
3
5
Latest Chg
5'755'275
(183'500)
3'862'200
(11'000'000)
1'345'750
(22'525)
441'768
75'100
(1'949)
(164'800)
(35'900)
814'628
200'100
107'000
22'000
(217'500)
1'019'385
Target Price
M
M
M
M
File Dt
31.03.2013
31.03.2013
31.03.2013
01.06.2012
31.03.2013
31.03.2013
31.03.2013
28.06.2013
31.03.2013
27.06.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
04.02.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
Date
3
3
2
6
12 month
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Hedge Fund Manager
Corporation
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Government
n/a
Corporation
Investment Advisor
Hedge Fund Manager
Investment Advisor
Date
27.06.2013
26.06.2013
25.06.2013
29.01.2013
01.07.2013
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
7
6.0 M
5.0 M
4.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.09.2012)
52-Week Low (24.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SVM US EQUITY YTD Change
SVM US EQUITY YTD % CHANGE
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
2.0 M
1.0 M
1
0
j-12
31.03.2010
31.03.2011
107.2
167.3
9.86x
14.29x
66.4
110.3
15.92x
21.68x
38.5
67.7
Profitability
LTM-4Q
31.03.2012
238.0
4.61x
155.3
7.06x
73.8
-
31.03.2013
181.6
3.52x
90.5
7.06x
27.2
90.49
75.91
41.79%
39.23%
4.73%
6.37%
8.34%
0.32%
59.8%
50.0%
42.0%
15.0%
2.78
2.51
0.00%
0.00%
25.32
10.01
03/yy
238.0
20.33x
155.3
7.06x
73.8
0.00x
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
LTM
03/yy
181.6
18.67x
90.8
7.03x
27.2
0.00x
FY+1
0.96
164.93
5.98
-47.71%
-44.03%
0.959
4
4.500
1'340'372
1'052'389
1'149'572
FY+2
FQ+1
FQ+2
03/14 Y
03/15 Y
06/13 Q1 09/13 Q2
254.0
354.0
1.74x
1.27x
118.5
189.0
3.73x
2.34x
50.7
84.9
9.40x
5.70x
14.84x
S&P Issuer Ratings
983.62
-7.66
-1.30
0.00
0.0%
0.0%
0.32
0.49
14.42
36.45
131.72
-80.41
250.0
1.00
200.0
0.60
s-12

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
1.20
0.80
.0 M
a-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

31.03.2009
83.5
3.67x
40.4
7.59x
(16.0)
-
3.0 M
03/2013
03/yy
6.86
2.36
1'833'653.00
2.82
-58.89%
19.49%
10.22%
170.8
481.60
0.00
0.0
77.7
117.91
441.36
150.0
100.0
0.40
50.0
0.20
0.0
0.00
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
01.07.2013
Silvercorp Metals Inc

Holdings By:
All
Holder Name
FENG RUI
AXA
GLOBAL X MANAGEMENT
CANADA PENSION PLAN
TD ASSET MANAGEMENT
NORGES BANK
VANGUARD GROUP INC
GAO JIANGUO
UBS
INVESCO LTD
SIMPSON S PAUL
GOLDMAN SACHS GROUP
Firm Name
BMO Capital Markets
Salman Partners
Raymond James
EVA Dimensions
Knight
Portfolio Name
n/a
n/a
n/a
GLOBAL X MANAGEMENT
CANADA PENSION PLAN
TD ASSET MANAGEMENT
NORGES BANK
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Analyst
ANDREW KAIP
ASH GUGLANI
BRAD HUMPHREY
CRAIG STERLING
TEAM COVERAGE
Source
ULT-AGG
13F
13F
SEDI
ULT-AGG
13F
13F
13F
13F
13F
13F
MF-AGG
MF-AGG
MF-AGG
SEDI
ULT-AGG
ULT-AGG
ULT-AGG
PROXY
ULT-AGG
Recommendation
market perform
buy
outperform
buy
strong buy
Amt Held
17'994'480
5'068'400
4'484'200
4'169'500
2'259'386
2'207'900
2'176'845
1'644'860
1'393'690
1'065'516
976'053
961'280
888'000
810'200
803'713
701'217
653'024
651'294
648'005
644'603
% Out
10.54
2.97
2.63
2.44
1.32
1.29
1.27
0.96
0.82
0.62
0.57
0.56
0.52
0.47
0.47
0.41
0.38
0.38
0.38
0.38
Weighting
Change
3
5
5
5
5
M
M
M
M
M
Latest Chg
1'507'271
863'400
(1'325'850)
30'000
510'000
(33'942)
44'900
(39'797)
55'500
2'990
157'314
(49'295)
(29'089)
(50'126)
Target Price
5
5
6
#N/A N/A
13
File Dt
Inst Type
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
22.01.2013
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
16.09.2011
n/a
31.03.2013
Bank
31.03.2013
Unclassified
28.06.2013
Investment Advisor
17.08.2012
n/a
31.03.2013
Investment Advisor
Date
Not Provided
12 month
12 month
Not Provided
12 month
Date
24.06.2013
19.06.2013
24.05.2013
21.05.2013
20.09.2011
01.07.2013
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 (26.06.2013)
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
0.53
2'690'474.00
0.575
-73.13%
8.49%
2.48%
708.1
407.15
35.85
0.0
0.0
141.78
442.23
8.0 M
30.06.2009
(2.3)
(2.3)
-
6.0 M
4.0 M
2.0 M
0
j-12
(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)
-
30.06.2012
469.5
2.00x
190.4
4.92x
37.3
20.77x
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
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
s-12
o-12
LTM-4Q
LTM
01/yy
01/yy
-
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
FY+1
-
0.00
1.23
442.71
22.11
-61.02%
-66.37%
1.233
15
4.133
3'321'902
3'308'971
3'909'905
FY+2
06/13 Y
06/14 Y
608.9
684.0
0.85x
0.62x
233.4
269.5
1.89x
1.64x
58.4
71.4
6.93x
5.81x
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
.0 M
a-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
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
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
01.07.2013
Evolution Mining Ltd

Holdings By:
All
Holder Name
NEWCREST MINING LTD
ALLAN GRAY AUSTRALIA
BLACKROCK
RUFFER LLP
WALKER DONALD ROBIN
KLEIN JACOB
Trinity Management P
AMP LIFE LTD
LB SWISS INVESTMENT
LUJETA PTY LTD
FRANKLIN RESOURCES
CREASY MARK GARETH
JJ HOLDINGS (VIC) PT
NORGES BANK
VANGUARD GROUP INC
FMR LLC
VANGUARD INVESTMENTS
Firm Name
Goldman Sachs
Deutsche Bank
Morgan Stanley
Nomura
Macquarie
Paterson Securities
RBC Capital Markets
EVA Dimensions
Investec
JPMorgan
BBY Limited
Credit Suisse
RBS Morgans
Ord Minnett
Bell Potter
Hartleys
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
BRETT COTTRELL
CHRIS TERRY
CAMERON O'NEILL
AMBER MACKINNON
MITCH RYAN
MATTHEW TRIVETT
GEOFF BREEN
TIMOTHY STANISH
COLIN MCLELLAND
JOSEPH KIM
KURT WORDEN
MICHAEL SLIFIRSKI
JAMES WILSON
DAVID BRENNAN
CATHY MOISES
CHRIS WHITEHEAD
PETER GRAY
Source
Co File
EXCH
ULT-AGG
ULT-AGG
MF-AGG
Co File
EXCH
Co File
MF-AGG
Co File
MF-AGG
Co File
ULT-AGG
Co File
Co File
MF-AGG
MF-AGG
ULT-AGG
13F
MF-AGG
Recommendation
neutral/attractive
hold
Equalwt/Attractive
suspended coverage
outperform
buy
outperform
buy
buy
neutral
strong buy
outperform
outperform
buy
negative
buy
buy
Amt Held
231'082'631
85'084'420
50'810'629
19'373'176
11'341'660
6'015'385
5'800'000
5'382'930
5'000'000
4'933'179
4'500'000
4'220'000
4'050'000
3'856'176
3'552'009
3'182'195
2'701'033
2'566'395
2'493'191
2'377'918
% Out
32.63
12.02
7.18
2.74
1.6
0.85
0.82
0.76
0.71
0.7
0.64
0.6
0.57
0.54
0.5
0.45
0.38
0.36
0.35
0.34
Weighting
Change
3
3
3
#N/A N/A
5
5
5
5
5
3
5
5
5
5
2
5
5
M
M
N
M
M
M
M
M
M
M
M
U
N
M
D
M
M
Latest Chg
7'973'829
7'214'914
4'417
50'000
302'373
(20'500)
(18'512)
Target Price
1
1
1
#N/A N/A
1
1
1
#N/A N/A
1
1
1
1
2
#N/A N/A
#N/A N/A
2
2
File Dt
Inst Type
17.09.2012
Corporation
25.06.2013
Investment Advisor
28.06.2013
Investment Advisor
27.06.2013
Investment Advisor
27.12.2012
Investment Advisor
17.09.2012
n/a
05.02.2013
n/a
17.09.2012
Unclassified
30.04.2013
Investment Advisor
17.09.2012
Investment Advisor
28.03.2013
Investment Advisor
17.09.2012
Corporation
28.03.2013
Investment Advisor
17.09.2012
n/a
30.08.2012
Other
31.12.2012
Government
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
30.09.2012
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Date
26.06.2013
25.06.2013
25.06.2013
24.06.2013
18.06.2013
13.06.2013
06.06.2013
06.06.2013
04.06.2013
24.05.2013
24.04.2013
23.04.2013
27.11.2012
01.11.2012
26.10.2012
06.03.2012
02.02.2012
01.07.2013
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
2'756'000.00
1.29
-20.37%
19.44%
38.89%
4'350.7
5'612.44
2'289.17
0.0
0.0
100.19
7'801.42
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
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
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
139.5
1.97x
(51.4)
(52.2)
-
31.12.2009
31.12.2010
19.4
168.2
167.09x
37.32x
5.1
116.1
639.25x
54.07x
(29.2)
21.9
72.08x
Profitability
31.12.2011
1'119.3
5.56x
824.5
7.55x
417.4
12.00x
31.12.2012
1'626.0
5.31x
1'119.6
7.71x
445.1
12.13x
1'119.57
850.89
52.33%
40.73%
5.76%
9.71%
8.62%
0.21%
63.9%
68.9%
52.3%
27.4%
0.42
0.23
24.60%
40.84%
12.48
9.33
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.00
0.58
3'550.71
0.00%
-12.84%
0.583
4
5.000
5'061'229
9'350'243
7'258'301
FY+2
12/13 Y
12/14 Y
1'806.0
2'353.0
4.09x
2.98x
1'113.0
1'354.0
7.01x
5.76x
507.5
647.3
9.92x
8.22x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
4.03
0.10
1.96
2.04
40.8%
29.0%
0.21
1.11
29.33
39.24
5.63
62.95
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
01.07.2013
China Precious Metal Resources Holdings Co Ltd

Holdings By:
All
Holder Name
MUNSUN GL MINING INV
YIM YANG CHANG
CHINA INTERNATIONAL
ASWELL GROUP LTD
PREMIUM WISE INC
SIMPLE BEST LTD
NORGES BANK
VANGUARD GROUP INC
BLACKROCK
ZHANG SHU GUANG
XIAOBING DAI
CHAM LAM
CHAM LAM
CLAYMORE ADVISORS LL
STATE STREET
XIMIN MEI
Firm Name
EVA Dimensions
Daiwa Securities Co. 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
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
TIMOTHY STANISH
JOEY CHEN
BENJAMIN PEI
CHRIS JIANG
Source
EXCH
EXCH
EXCH
EXCH
ULT-AGG
EXCH
EXCH
ULT-AGG
EXCH
MF-AGG
MF-AGG
ULT-AGG
EXCH
EXCH
EXCH
Short
MF-AGG
ULT-AGG
Co File
MF-AGG
Recommendation
buy
buy
long-term buy
buy
Amt Held
% Out
312'576'000
7.18
307'206'000
7.06
279'650'000
6.43
257'196'670
5.91
239'602'000
5.51
217'908'000
5.01
187'636'382
4.31
22'500'000
0.52
16'682'000
0.38
15'562'110
0.36
15'208'000
0.35
11'022'000
0.25
10'300'000
0.24
10'000'000
0.23
7'400'000
0.17
(6'000'000) -0.14
4'035'933
0.09
3'366'000
0.08
2'000'000
0.05
1'920'000
0.04
Weighting
Change
5
5
5
5
M
M
D
M
Latest Chg
(126'190'000)
24'900'000
28'964'000
2'026'000
(679'470'000)
(50'000'000)
794'000
24'000
1'120'000
(1'000'000)
-
Target Price
#N/A N/A
2
2
2
File Dt
02.05.2013
26.10.2012
18.06.2013
16.10.2012
28.06.2013
22.01.2013
08.11.2012
29.03.2013
07.10.2011
31.12.2012
31.03.2013
27.06.2013
18.04.2012
10.04.2013
16.10.2012
16.10.2012
28.06.2013
28.06.2013
31.12.2011
31.01.2013
Date
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
n/a
Investment Advisor
Other
Investment Advisor
Investment Advisor
Holding Company
Investment Advisor
Other
Government
Investment Advisor
Investment Advisor
n/a
n/a
n/a
n/a
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Date
06.06.2013
23.05.2013
20.05.2013
19.04.2013
01.07.2013
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 (28.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SA US EQUITY YTD Change
SA US EQUITY YTD % CHANGE
12/2012
03/yy
20.34
8.23
767'073.00
9.43
-53.63%
14.58%
9.91%
45.6
429.60
0.00
0.0
0.0
52.04
408.81
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
2.0 M
1.5 M
1.0 M
.5 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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
-5.76%
-6.05%
0.00%
5.11
5.11
0.00%
0.00%
0.00
-
03/yy
0.0
#DIV/0!
(19.8)
0.00x
(18.3)
0.00x
LTM
03/yy
0.0
#DIV/0!
(5.1)
0.00x
(14.1)
0.00x
0.92
41.47
4.77
-34.92%
-47.52%
0.919
2
4.000
680'716
410'079
384'575
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2
09/13 Q3
(15.0)
(16.0)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-385.83
-1574.22
0.0%
0.0%
0.00
0.00
-
1.0
0.9
1.00
0.8
0.7
0.80
0.60
0.40
0.6
0.5
0.4
0.3
0.2
0.20
0.1
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
Seabridge Gold Inc

Holdings By:
All
Holder Name
PAN ATLANTIC BANK
FRONK RUDI P
ANTHONY JAMES S
FMR LLC
FCMI FINANCIAL CORP
FNDTN FOR STUDY OBJ
BLACKROCK
FOX LOUIS J
THRELKELD WILLIAM E
BANFIELD A FREDERICK
NORGES BANK
VANGUARD GROUP INC
Firm Name
Cowen and Company
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
Source
PROXY
ULT-AGG
13F
13F
SEDI
PROXY
ULT-AGG
13F
PROXY
13F
PROXY
MF-AGG
ULT-AGG
PROXY
13F
SEDI
PROXY
13F
MF-AGG
13F
Recommendation
outperform
sector perform
Amt Held
8'001'232
6'613'905
5'837'287
2'022'491
1'180'000
779'791
601'905
572'976
555'000
478'467
425'334
385'000
344'050
300'750
286'420
265'000
245'000
235'224
199'794
167'000
% Out
17.56
14.52
12.81
4.44
2.59
1.71
1.32
1.26
1.22
1.05
0.93
0.85
0.76
0.66
0.63
0.58
0.54
0.52
0.44
0.37
Weighting
Change
5
3
Latest Chg
661'363
(289'596)
10'000
115'079
(203'241)
(30'000)
(465'199)
(23'150)
(10'000)
21'035
-
Target Price
M
M
28
22
File Dt
Inst Type
06.05.2013
Bank
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
16.11.2012
n/a
06.05.2013
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
06.05.2013
Corporation
06.05.2013
Other
03.06.2013
Investment Advisor
27.06.2013
Investment Advisor
06.05.2013
n/a
31.03.2013
Investment Advisor
30.08.2011
n/a
06.05.2013
n/a
31.12.2012
Government
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
12 month
Date
26.06.2013
03.06.2013
01.07.2013
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
35.0 M
30.0 M
20.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (07.12.2012)
52-Week Low (28.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BDR AU EQUITY YTD Change
BDR AU EQUITY YTD % CHANGE
12/2012
01/yy
1.14
0.49
6'219'639.00
0.51
-55.07%
5.15%
2.31%
788.3
402.02
132.84
0.0
0.0
5.38
529.48
31.12.2009
(5.9)
(5.3)
-
15.0 M
10.0 M
5.0 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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
(3.9)
(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
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
FY+1
-
0.00
1.25
669.18
55.31
-18.40%
-47.96%
1.247
14
4.643
8'072'287
7'333'885
8'086'335
FY+2
12/13 Y
12/14 Y
305.3
331.2
1.26x
0.84x
147.4
174.7
3.59x
3.03x
118.1
137.0
3.89x
3.13x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
Valuation Analysis
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
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
01.07.2013
Beadell Resources Ltd

Holdings By:
All
Holder Name
MACQUARIE GROUP
COUPLAND CARDIFF ASS
L1 CAPITAL PTY LTD
BOWLER PETER
FRANKLIN RESOURCES
BLACKROCK
OZ MINERALS INVESTME
LUJETA PTY LTD
FMR LLC
BARRETT GREGORY MICH
LEIBOWITZ ANTHONY HO
AMP LIFE LTD
WATKINS ROBERT
NORGES BANK
TWYNAM AGRICULTURAL
VANGUARD GROUP INC
Firm Name
Shaw Stockbroking
Ord Minnett
Macquarie
EVA Dimensions
GMP
Octa Phillip Securities Ltd
Hartleys
Casimir Capital
RBS Morgans
Bell Potter
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
VINCENT PISANI
DAVID BRENNAN
MITCH RYAN
TIMOTHY STANISH
LEVI SPRY
PATRICK CHANG
ANDREW SHEARER
TRENT BARNETT
ERIC ALLISON
RHYS BRADLEY
JAMES WILSON
CATHY MOISES
CHRIS WHITEHEAD
Source
EXCH
ULT-AGG
ULT-AGG
Co File
EXCH
EXCH
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
Co File
EXCH
Co File
EXCH
MF-AGG
EXCH
Co File
MF-AGG
MF-AGG
Recommendation
buy
buy
outperform
sell
buy
buy
buy
buy
overweight
buy
outperform
Positive
buy
Amt Held
77'350'646
57'959'639
39'552'582
37'132'343
23'660'753
21'043'333
19'652'465
16'604'550
12'800'000
12'100'000
11'653'618
9'351'651
8'586'457
6'724'506
6'650'001
4'785'317
4'708'336
3'975'000
3'801'493
3'675'833
% Out
9.81
7.35
5.02
4.71
3
2.67
2.49
2.11
1.62
1.53
1.48
1.19
1.09
0.85
0.84
0.61
0.6
0.5
0.48
0.47
Weighting
Change
5
5
5
1
5
5
5
5
5
5
5
4
5
M
M
M
M
M
N
M
M
M
N
N
N
M
Latest Chg
12'464'715
(21'000'000)
70'000
(57'504)
263'091
500'000
(2'000'000)
414'888
(21'582)
Target Price
1
1
1
#N/A N/A
1
1
1
1
2
1
1
#N/A N/A
1
File Dt
Inst Type
24.06.2013
Investment Advisor
28.06.2013
Investment Advisor
13.05.2013
Investment Advisor
22.11.2012
Investment Advisor
18.06.2013
n/a
28.03.2013
Investment Advisor
27.06.2013
Investment Advisor
28.03.2013
Unclassified
28.03.2013
Corporation
30.04.2013
Investment Advisor
28.03.2013
n/a
30.11.2012
n/a
28.03.2013
Investment Advisor
28.06.2013
n/a
31.12.2012
Government
24.06.2013
Investment Advisor
28.03.2013
Other
31.03.2013
Investment Advisor
30.09.2012
Investment Advisor
Date
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Date
26.06.2013
24.06.2013
17.06.2013
06.06.2013
29.05.2013
26.04.2013
24.04.2013
23.04.2013
16.01.2013
21.12.2012
27.11.2012
24.10.2012
05.03.2012
01.07.2013
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
40.0 M
35.0 M
30.0 M
25.0 M
20.0 M
Valuation Analysis
Latest Fiscal Year:

LTM as of:
52-Week High (05.10.2012)
52-Week Low (27.06.2013)
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
0.56
4'560'641.00
0.59
-71.63%
5.36%
2.63%
641.0
378.19
11.02
0.0
(33.3)
48.78
317.06
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
5.0 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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)
-
15.0 M
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
30.06.2012
576.7
1.37x
254.4
3.10x
105.1
7.25x
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
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
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
8.47
1.18
506.93
7.00
-55.15%
-64.02%
1.183
13
3.769
5'045'271
6'953'538
5'920'208
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
12/11 Q2 03/12 Q3
659.5
576.6
0.39x
0.46x
273.0
204.5
1.16x
1.55x
145.0
83.3
2.55x
4.88x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
01.07.2013
Resolute Mining Ltd

Holdings By:
All
Holder Name
UTILICO INVESTMENTS
ALLIANCE LIFE COMMON
PRUDENTIAL PLC
VINVA INVESTMENT MGM
CF RUFFER BAKER STEE
RUFFER LLP
UTILICO EMERGING MAR
ECLECTIC INVEST TRUS
JP MORGAN
PERMANENT INVESTMENT
GENUS DYNAMIC GOLD F
BAKER STEEL CAPITAL
NORGES BANK
VANGUARD GROUP INC
SULLIVAN PETER ROSS
FMR LLC
Firm Name
Morgan Stanley
EVA Dimensions
GMP
Veritas Securities
Bell Potter
BMO Capital Markets
Foster Stockbroking
Westhouse Securities
Helmsec Global Capital Limited
Deutsche Bank
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
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
PATRICK CHANG
BRENDAN FITZPATRICK
TIMOTHY STANISH
LEVI SPRY
REG SPENCER
MATTHEW BAILLIE
STEPHEN THOMAS
DAVID HAUGHTON
CRAIG BROWN
ROB BROKE
GAVIN VAN DER WATH
CHRIS TERRY
Source
EXCH
EXCH
ULT-AGG
EXCH
ULT-AGG
EXCH
EXCH
MF-AGG
EXCH
EXCH
ULT-AGG
EXCH
ULT-AGG
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
EXCH
ULT-AGG
Recommendation
buy
Equalwt/In-Line
buy
buy
sell
buy
buy
market perform
buy
add
speculative buy
not rated
Amt Held
122'029'227
62'989'484
47'186'677
39'392'367
37'350'000
32'497'591
19'097'479
12'576'000
8'000'000
7'350'000
5'344'844
5'010'643
4'915'429
4'811'000
4'300'000
3'713'389
3'621'289
3'455'670
3'007'448
2'988'261
% Out
19.04
9.83
7.36
6.15
5.83
5.07
2.98
1.96
1.25
1.15
0.83
0.78
0.77
0.75
0.67
0.58
0.56
0.54
0.47
0.47
Weighting
Change
5
3
5
5
1
5
5
3
5
4
4
#N/A N/A
M
M
M
M
M
M
M
M
U
M
M
M
Latest Chg
1'000'000
13'495'137
(9'442'393)
(7'250'000)
(3'846'391)
2'000'000
188'900
(4'989'357)
192'015
807'280
(500'000)
-
Target Price
1
1
#N/A N/A
1
1
2
2
2
2
2
2
#N/A N/A
File Dt
21.05.2013
21.05.2013
28.06.2013
10.05.2012
15.05.2013
31.01.2013
04.04.2012
27.12.2012
21.05.2013
21.05.2013
30.04.2013
12.07.2012
29.03.2013
23.02.2012
04.04.2012
31.12.2012
31.03.2013
30.09.2012
02.01.2013
30.04.2013
Date
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Other
Investment Advisor
n/a
Investment Advisor
Government
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Date
01.07.2013
28.06.2013
06.06.2013
29.05.2013
13.05.2013
30.04.2013
24.04.2013
15.04.2013
25.01.2013
08.11.2012
31.07.2012
22.02.2012
01.07.2013
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
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.10.2012)
52-Week Low (28.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EDV CN EQUITY YTD Change
EDV CN EQUITY YTD % CHANGE
12/2012
03/yy
2.56
0.42
5'808'804.00
0.56
-78.13%
34.94%
6.76%
412.5
230.99
201.83
0.0
75.0
113.67
394.12
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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
109.2
57.1
3.99x
30.06.2009
30.06.2010
(219.3)
167.1
(237.2)
130.7
(241.8)
125.3
1.70x
Profitability
LTM-4Q
31.12.2011
145.6
3.93x
43.3
13.22x
(23.5)
-
31.12.2012
346.1
2.81x
136.2
7.14x
(8.6)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
136.25
62.12
17.95%
10.05%
-0.61%
-0.97%
-0.90%
0.25%
27.4%
39.4%
18.0%
-2.5%
2.48
1.17
11.50%
19.00%
16.54
4.08
Price/ Cash Flow
03/yy
193.0
6.42x
70.0
7.66x
(44.4)
0.00x
LTM
03/yy
385.0
5.32x
100.9
0.00x
24.8
14.83x
FY+1
0.00
1.10
406.80
0.55
-74.77%
-72.95%
1.100
5
4.800
4'635'289
2'392'465
2'164'485
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
479.7
571.7
109.0
114.0
191.3
217.5
2.06x
1.81x
43.6
6.6
4.06x
6.59x
4.09x
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
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
01.07.2013
Endeavour Mining Corp

Holdings By:
All
Holder Name
RUFFER LLP
SPROTT INC
FMR LLC
ASHDELL LTD
BLACKROCK
VANGUARD GROUP INC
NORGES BANK
WELLS FARGO
CONNELLY MARK
DWS INVESTMENT SA
LB SWISS INVESTMENT
WOODYER NEIL
JP MORGAN
Firm Name
Goldman Sachs
Raymond James
GMP
CIBC World Markets
BMO Capital Markets
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
EUGENE KING
NICHOLAS CAMPBELL
BRAD HUMPHREY
ANDREW MIKITCHOOK
LEON ESTERHUIZEN
ANDREW BREICHMANAS
Source
ULT-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
13G
MF-AGG
PROXY
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
SEDI
MF-AGG
MF-AGG
SEDI
ULT-AGG
Recommendation
Buy/Neutral
speculative buy
outperform
buy
sector outperform
not rated
Amt Held
26'364'292
20'147'799
9'321'000
9'035'988
8'804'330
4'850'000
3'700'000
2'800'000
2'607'777
2'328'144
1'918'223
1'877'316
1'155'630
1'109'284
1'094'899
855'000
800'000
700'000
447'127
389'000
% Out
6.39
4.88
2.26
2.19
2.13
1.18
0.9
0.68
0.63
0.56
0.47
0.46
0.28
0.27
0.27
0.21
0.19
0.17
0.11
0.09
Weighting
Change
5
4
5
5
5
#N/A N/A
M
M
M
M
M
M
Latest Chg
238'022
526'000
8'494'987
(5'257'500)
(500'000)
421'209
200'338
1'094'899
50'000
(4'368'617)
Target Price
1
3
3
2
2
#N/A N/A
File Dt
Inst Type
28.06.2013
Investment Advisor
31.10.2012
Investment Advisor
27.12.2012
Investment Advisor
30.04.2013
Investment Advisor
31.12.2011
Investment Advisor
30.04.2013
Investment Advisor
01.05.2013
Other
29.03.2013
Investment Advisor
27.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
30.04.2013
Investment Advisor
28.06.2013
Investment Advisor
28.03.2013
Investment Advisor
12.12.2011
n/a
30.04.2013
Investment Advisor
29.04.2013
Investment Advisor
19.04.2013
n/a
28.02.2013
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
30.06.2013
25.06.2013
12.06.2013
29.05.2013
11.04.2013
24.01.2013
01.07.2013
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
4
3
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2012)
52-Week Low (16.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FVI CN EQUITY YTD Change
FVI CN EQUITY YTD % CHANGE
12/2012
03/yy
5.85
2.65
1'074'250.00
3.5
-40.17%
32.08%
26.56%
125.3
438.57
2.70
0.0
0.0
64.74
351.60
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2
1
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
m-13
a-13
m-13
j-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
24.8
1.39x
0.1
401.05x
(0.9)
-
2.0 M
1.8 M
1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
31.12.2009
31.12.2010
51.4
74.1
3.01x
6.78x
21.3
34.1
7.25x
14.71x
0.6
16.0
99.42x
34.34x
Profitability
LTM-4Q
31.12.2011
110.0
5.78x
48.8
13.01x
19.5
32.35x
31.12.2012
161.0
2.86x
70.7
6.51x
31.5
15.45x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
70.72
49.34
30.64%
28.09%
8.88%
10.53%
10.55%
0.53%
43.9%
40.4%
27.0%
19.5%
5.72
4.96
0.85%
1.02%
6.86
7.63
Price/ Cash Flow
03/yy
128.7
17.74x
59.4
8.66x
25.9
20.48x
LTM
03/yy
161.1
11.84x
65.1
7.29x
27.0
18.73x
FY+1
0.00
1.48
124.53
0.34
0.57%
-15.66%
1.478
11
4.000
560'481
566'338
515'377
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
171.9
211.3
39.0
40.7
2.09x
1.50x
69.4
94.9
9.7
14.4
5.06x
3.70x
32.3
44.2
4.7
6.1
14.53x
10.60x
12.75x
10.98x
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
-1.00
0.04
1.0%
1.0%
0.53
0.79
53.24
47.82
52.14
61.77
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
01.07.2013
Fortuna Silver Mines Inc

Holdings By:
All
Holder Name
SPROTT INC
MASON HILL ADVISORS
BLACKROCK
GLOBAL X MANAGEMENT
TD ASSET MANAGEMENT
AGF INVESTMENTS INC
CQS CAYMAN LP
CANADA PENSION PLAN
VANGUARD GROUP INC
FEDERATED INVESTORS
QUANTEX AG
NORTHWEST MUTUAL FUN
MD MANAGEMENT LTD
VEHRS THOMAS I
Firm Name
BMO Capital Markets
EVA Dimensions
Raymond James
CIBC World Markets
Scotia Capital
Portfolio Name
SPROTT INC
MASON HILL ADVISORS
n/a
GLOBAL X MANAGEMENT
TD ASSET MANAGEMENT
AGF INVESTMENTS INC
Multiple Portfolios
CQS CAYMAN LP
n/a
CANADA PENSION PLAN
Multiple Portfolios
FEDERATED INVESTORS
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
ANDREW KAIP
NICHOLAS CAMPBELL
GRAEME JENNINGS
JEFF WRIGHT
CRAIG STERLING
CHRIS THOMPSON
LEON ESTERHUIZEN
BENJAMIN ASUNCION
CHRIS LICHTENHELDT
HEIKO IHLE
TREVOR TURNBULL
Source
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
MF-AGG
13F
ULT-AGG
13F
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
SEDI
Recommendation
underperform
speculative buy
market perform
buy
overweight
outperform
sector outperform
hold
buy
buy
sector perform
Amt Held
9'880'700
8'370'809
7'932'400
3'994'740
2'187'340
1'641'307
1'380'838
1'210'600
1'169'500
997'900
956'989
750'000
711'800
704'591
615'180
600'000
600'000
505'241
462'200
425'000
% Out
7.89
6.68
6.33
3.19
1.75
1.31
1.1
0.97
0.93
0.8
0.76
0.6
0.57
0.56
0.49
0.48
0.48
0.4
0.37
0.34
Weighting
Change
1
4
3
5
5
5
5
3
5
5
3
D
M
M
M
U
M
M
M
M
M
M
Latest Chg
(643'800)
(356'649)
1'487'550
180'272
1'641'307
(16'962)
36'400
(239'800)
(289'500)
(180'200)
(100'000)
138'400
206'500
47'900
225'000
Target Price
3
6
5
5
#N/A N/A
5
6
5
6
4
4
File Dt
31.03.2013
31.03.2013
31.03.2013
31.03.2013
27.06.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
28.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
29.03.2013
30.04.2013
31.03.2013
29.11.2011
Date
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Inst Type
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Holding Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Date
28.06.2013
25.06.2013
25.06.2013
24.06.2013
21.06.2013
18.06.2013
18.06.2013
18.06.2013
17.06.2013
08.05.2013
07.05.2013
01.07.2013
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 (26.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MUX US EQUITY YTD Change
MUX US EQUITY YTD % CHANGE
12/2012
03/yy
4.72
1.63
27'070'206.00
1.68
-64.38%
3.07%
1.62%
258.6
499.11
0.00
0.0
0.0
70.92
453.99
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
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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
j-12
31.12.2009
31.12.2010
0.0
0.0
(17.3)
(29.0)
(27.7)
(33.1)
Profitability
LTM-4Q
31.12.2011
0.0
(59.6)
(61.9)
-
31.12.2012
6.0
178.15x
(92.3)
(66.7)
-92.34
-93.37
-1565.02%
-1573.89%
-5.11%
-6.66%
0.03%
10.5%
-172.0%
-174.8%
-1117.2%
3.65
2.82
0.00%
0.00%
3.60
03/yy
3.0
948.65x
(69.8)
0.00x
(70.5)
0.00x
LTM
03/yy
38.9
99.45x
(66.8)
0.00x
(58.4)
0.00x
FY+1
0.00
1.41
184.40
31.08
-41.54%
-56.14%
1.412
4
4.000
8'196'452
4'050'025
3'829'238
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
21.5
19.8
2.4
2.9
10.0
61.0
45.40x
7.44x
(21.3)
(7.5)
(3.2)
(3.4)
48.00x
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
0.00
0.0%
0.0%
0.03
0.05
101.38
188.52
-
7.0
6.0
5.0
0.80
4.0
0.60
3.0
0.40
2.0
1.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
McEwen Mining Inc

Holdings By:
All
Holder Name
MCEWEN ROBERT R
BLACKROCK
VANGUARD GROUP INC
STATE STREET
JENNISON ASSOCIATES
STALEY CAPITAL ADVIS
GLOBAL X MANAGEMENT
HORIZON KINETICS
SPROTT INC
WELLS FARGO
FMR LLC
AEGIS FINANCIAL CORP
Firm Name
Stifel
Cowen and Company
Euro Pacific Canada Inc
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
JENNISON ASSOCIATES
n/a
STALEY CAPITAL ADVIS
GLOBAL X MANAGEMENT
n/a
SPROTT INC
n/a
Multiple Portfolios
n/a
Analyst
CRAIG P STANLEY
ADAM P GRAF
MATTHEW ZYLSTRA
CRAIG STERLING
Source
Form 4
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
MF-AGG
13F
ULT-AGG
13F
13F
Recommendation
buy
outperform
buy
underweight
Amt Held
73'428'564
14'825'787
13'257'883
10'796'918
8'798'586
7'321'268
6'747'005
3'845'444
3'200'440
2'998'509
2'696'531
2'166'610
1'770'336
1'735'340
1'478'932
1'410'913
1'166'475
1'152'810
1'104'843
1'063'594
% Out
28.4
5.73
5.13
4.18
3.4
2.83
2.61
1.49
1.24
1.16
1.04
0.84
0.68
0.67
0.57
0.55
0.45
0.45
0.43
0.41
Weighting
Change
5
5
5
1
M
M
N
U
Latest Chg
2'112'575
(77'738)
(90'000)
(3'843'036)
(2'501'373)
(79'379)
991'111
753'503
(38'931)
450'000
(26'038)
(82'987)
(1'000'000)
153'696
73'405
295'800
27'168
1'063'594
Target Price
3
4
3
#N/A N/A
File Dt
Inst Type
18.04.2013
n/a
28.06.2013
Investment Advisor
27.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
12 month
12 month
Not Provided
Date
28.06.2013
26.06.2013
07.05.2013
18.04.2013
01.07.2013
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
1.6 M
12
1.4 M
1.2 M
10
1.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.11.2012)
52-Week Low (26.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MAG CN EQUITY YTD Change
MAG CN EQUITY YTD % CHANGE
12/2012
03/yy
13.32
5.34
182'534.00
6.15
-53.83%
15.17%
10.15%
60.1
369.87
0.00
0.0
0.0
41.05
331.84
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
(6.7)
(5.9)
-
.6 M
.4 M
.2 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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 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
-11.30%
-11.54%
0.00%
31.79
31.65
0.00%
0.00%
0.00
-
03/yy
0.0
#DIV/0!
(9.6)
0.00x
(7.6)
0.00x
LTM
03/yy
0.0
#DIV/0!
(13.8)
0.00x
(13.2)
0.00x
FY+1
0.00
1.76
49.00
0.24
-31.36%
-39.53%
1.758
4
4.500
213'863
190'621
166'776
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
0.0
0.0
#DIV/0!
#DIV/0!
(10.8)
(10.5)
(3.5)
(3.5)
(11.1)
(12.7)
(3.5)
(4.0)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
0.00
0.0%
0.0%
0.00
0.00
-
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
01.07.2013
MAG Silver Corp

Holdings By:
All
Holder Name
FRESNILLO PLC
MASON HILL ADVISORS
SPROTT INC
FRANKLIN RESOURCES
CANADA PENSION PLAN
SUN VALLEY GOLD LLC
GLOBAL X MANAGEMENT
US GLOBAL INVESTORS
WELLS FARGO
CARLSON ERIC H
RAFFLES ASSOCIATES L
AGF INVESTMENTS INC
TD ASSET MANAGEMENT
Firm Name
BMO Capital Markets
Macquarie
Raymond James
Portfolio Name
n/a
n/a
n/a
SPROTT INC
n/a
CANADA PENSION PLAN
SUN VALLEY GOLD LLC
GLOBAL X MANAGEMENT
US GLOBAL INVESTORS
Multiple Portfolios
n/a
n/a
AGF INVESTMENTS INC
n/a
TD ASSET MANAGEMENT
Analyst
NICHOLAS CAMPBELL
JOHN P HAYES
MICHAEL GRAY
DAVID SADOWSKI
Source
PROXY
13G
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
MF-AGG
ULT-AGG
13F
SEDI
13F
13F
ULT-AGG
13F
Recommendation
speculative buy
outperform
outperform
Amt Held
9'746'193
6'265'424
4'329'250
3'597'500
2'832'219
2'755'754
1'626'550
1'583'225
986'206
788'555
764'000
528'682
432'000
402'144
390'000
379'200
372'900
370'978
340'200
320'000
% Out
16.21
10.42
7.2
5.98
4.71
4.58
2.7
2.63
1.64
1.31
1.27
0.88
0.72
0.67
0.65
0.63
0.62
0.62
0.57
0.53
Weighting
Change
4
4
5
5
M
M
M
M
Latest Chg
1'037'863
1'805'500
2'224'600
25'536
2'755'754
(544'950)
466'927
(10'525)
4'000
8'100
90'000
50'000
105'600
(200)
-
Target Price
15
#N/A N/A
14
14
File Dt
07.09.2012
26.06.2013
31.03.2013
31.03.2013
28.06.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
28.03.2013
30.04.2013
31.03.2013
03.08.2012
31.03.2013
31.03.2013
31.05.2013
31.03.2013
Date
12 month
Not Provided
12 month
12 month
Inst Type
Unclassified
Hedge Fund Manager
Hedge Fund Manager
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
n/a
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Date
25.06.2013
24.06.2013
24.05.2013
24.04.2013
01.07.2013
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 (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
P
CN EQUITY YTD Change
P
CN EQUITY YTD % CHANGE
12/2012
03/yy
7.89
2.53
617'561.00
4.7
-40.43%
85.77%
40.49%
115.4
542.47
40.00
0.0
0.0
139.24
406.63
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
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13
m-13
a-13
m-13
j-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
5.81x
31.12.2012
182.9
2.88x
77.4
6.79x
49.6
11.91x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
77.44
49.39
27.00%
24.42%
7.25%
8.68%
0.28%
58.7%
38.8%
22.8%
27.1%
3.07
2.66
5.97%
7.00%
34.70
7.65
Price/ Cash Flow
03/yy
166.6
6.89x
80.8
2.70x
76.1
2.95x
LTM
03/yy
185.3
8.97x
71.9
7.52x
48.3
13.08x
FY+1
0.00
1.49
83.01
1.98
78.71%
-26.56%
1.494
12
4.833
524'866
345'298
330'575
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
200.6
250.8
57.8
51.8
1.89x
1.55x
6.76x
7.37x
88.0
136.4
30.2
22.5
4.62x
2.98x
4.11x
3.89x
48.2
67.2
21.8
13.4
10.92x
8.17x
11.14x
10.27x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
26.82
13.06
-1.52
0.45
7.0%
6.5%
0.28
0.38
10.52
47.70
173.68
-86.81
7.00
200.0
180.0
6.00
160.0
5.00
140.0
120.0
4.00
100.0
80.0
3.00
60.0
2.00
40.0
1.00
0.00
01.01.2010
20.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
Primero Mining Corp

Holdings By:
All
Holder Name
GOLDCORP INC
FRANKLIN RESOURCES
BLACKROCK
CONNOR CLARK & LUNN
O'SHAUGHNESSY ASSET
SPROTT INC
SUN VALLEY GOLD LLC
FMR LLC
CONWAY JOSEPH F
SPARK INVESTMENT MAN
MD MANAGEMENT LTD
Firm Name
RBC Capital Markets
TD Securities
EVA Dimensions
GMP
Scotia Capital
BMO Capital Markets
Macquarie
CIBC World Markets
Cantor Fitzgerald
Portfolio Name
n/a
n/a
n/a
n/a
CONNOR CLARK & LUNN
n/a
O'SHAUGHNESSY ASSET
SPROTT INC
Multiple Portfolios
SUN VALLEY GOLD LLC
n/a
n/a
SPARK INVESTMENT MAN
Multiple Portfolios
Analyst
DAN ROLLINS
STEVEN J GREEN
CRAIG STERLING
CHELSEA HAMILTON
OVAIS HABIB
BRIAN QUAST
MICHAEL GRAY
STEVEN BUTLER
RICHARD GRAY
CHITIMUKULU MUSONDA
ROB CHANG
BARRY D ALLAN
Source
SEDI
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
MF-AGG
13F
ULT-AGG
13F
13F
SEDI
13F
13F
MF-AGG
Recommendation
sector perform
buy
overweight
buy
sector outperform
outperform
outperform
buy
buy
sector outperform
buy
buy
Amt Held
31'151'200
7'443'290
7'016'800
6'354'449
5'775'088
5'548'175
4'851'400
4'120'705
1'895'988
1'707'777
1'452'000
1'116'000
1'076'900
918'600
879'700
755'000
563'300
548'800
529'500
510'100
% Out
26.99
6.45
6.08
5.51
5
4.81
4.2
3.57
1.64
1.48
1.26
0.97
0.93
0.8
0.76
0.65
0.49
0.48
0.46
0.44
Weighting
Change
3
5
5
5
5
5
5
5
5
5
5
5
M
M
D
M
M
M
M
M
M
M
M
M
Latest Chg
(8'422'460)
(34'700)
68'800
(36)
52'056
79'800
3'822'900
(297'524)
108'693
(1'155'890)
(128'000)
(1'221'100)
(144'400)
81'100
50'000
548'800
(53'300)
(66'400)
Target Price
7
9
#N/A N/A
8
9
9
7
10
9
9
9
10
File Dt
12.10.2012
31.03.2013
31.03.2013
31.03.2013
28.06.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
28.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
04.07.2012
31.03.2013
31.03.2013
31.03.2013
Date
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Inst Type
Corporation
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Date
24.06.2013
19.06.2013
31.05.2013
29.05.2013
23.05.2013
21.05.2013
17.05.2013
13.05.2013
09.05.2013
08.05.2013
08.05.2013
27.03.2013
01.07.2013
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
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.10.2012)
52-Week Low (28.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
KCN AU EQUITY YTD Change
KCN AU EQUITY YTD % CHANGE
06/2012
01/yy
6.20
1.24
2'249'079.00
1.335
-78.47%
7.66%
0.50%
152.2
203.18
157.54
0.0
0.0
90.62
334.84
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
0
j-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
30.06.2012
357.4
2.24x
164.9
4.86x
75.2
9.24x
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
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
s-12
o-12
LTM-4Q
LTM
01/yy
01/yy
-
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
FY+1
-
11.24
1.20
134.99
6.65
-71.52%
-69.25%
1.203
13
2.615
2'840'781
2'471'004
1'941'324
FY+2
06/13 Y
06/14 Y
339.1
362.4
0.98x
0.99x
111.3
122.8
3.01x
2.73x
20.9
29.0
6.68x
8.34x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
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
.0 M
a-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
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
01.07.2013
Kingsgate Consolidated Ltd

Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
RUFFER LLP
SMYTH-KIRK ROSS DONA
SILVER STANDARD AUS
BIRD BRUCE CLAYTON
AMP LIFE LTD
LUJETA PTY LTD
KOMOR CHRIS & GRADY
SIXTEEN PTY LTD
THOMAS GAVIN
NORGES BANK
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Firm Name
Analyst
Goldman Sachs
RBC Capital Markets
Macquarie
BBY Limited
EVA Dimensions
Investec
BMO Capital Markets
Baillieu Holst Ltd
Veritas Securities
Deutsche Bank
Bell Potter
PAUL HISSEY
STEUART MCINTYRE
MITCH RYAN
KURT WORDEN
TIMOTHY STANISH
COLIN MCLELLAND
DAVID HAUGHTON
SOPHIE SPARTALIS
MATTHEW BAILLIE
CATHY MOISES
CHRIS TERRY
PETER CHAPMAN
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
Co File
Co File
Co File
Co File
Co File
ULT-AGG
Co File
MF-AGG
Co File
ULT-AGG
EXCH
MF-AGG
Recommendation
sell/attractive
underperform
neutral
strong buy
overweight
hold
market perform
sell
buy
negative
not rated
Under Review
Amt Held
13'423'543
11'810'983
10'654'665
7'730'085
5'550'000
4'693'651
4'118'481
3'706'582
3'442'939
3'440'367
3'207'110
2'682'899
2'643'982
1'313'464
1'097'462
1'065'821
1'050'000
985'005
946'403
944'190
% Out
8.82
7.76
7
5.08
3.65
3.08
2.71
2.44
2.26
2.26
2.11
1.76
1.74
0.86
0.72
0.7
0.69
0.65
0.62
0.62
Weighting
Change
1
1
3
5
5
3
3
1
5
2
#N/A N/A
#N/A N/A
M
M
M
M
M
M
M
M
M
D
M
M
Latest Chg
1'893'721
(299'029)
(221)
50'000
383'873
310'561
16'822
-
Target Price
1
1
3
3
#N/A N/A
2
5
1
3
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
Inst Type
26.04.2013
Investment Advisor
27.06.2013
Investment Advisor
28.06.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
27.12.2012
Investment Advisor
03.04.2013
n/a
14.09.2012
Investment Advisor
14.09.2012
Unclassified
14.09.2012
n/a
14.09.2012
Investment Advisor
14.09.2012
Corporation
31.05.2013
Investment Advisor
14.09.2012
n/a
30.09.2012
Investment Advisor
14.09.2012
Unclassified
29.03.2013
Investment Advisor
06.05.2013
n/a
31.12.2012
Government
Date
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
28.06.2013
28.06.2013
18.06.2013
06.06.2013
06.06.2013
04.06.2013
03.06.2013
03.06.2013
30.04.2013
02.11.2012
22.02.2012
02.11.2011
01.07.2013
Timmins Gold Corp

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

LTM as of:
52-Week High (13.11.2012)
52-Week Low (24.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TMM CN EQUITY YTD Change
TMM CN EQUITY YTD % CHANGE
12/2012
03/yy
3.48
1.62
698'345.00
2.32
-33.33%
43.21%
37.63%
144.2
334.45
17.55
0.0
0.0
24.06
324.82
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
1.5 M
2
1
1.0 M
.5 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13
m-13
a-13
m-13
j-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
(4.2)
(5.3)
-
2.0 M
Valuation Analysis
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
68.51
60.58
38.80%
36.58%
21.95%
33.32%
30.52%
0.80%
49.1%
45.8%
40.4%
23.1%
1.97
0.97
8.12%
11.93%
17.74
2.58
Price/ Cash Flow
03/yy
105.8
12.87x
56.7
5.63x
21.2
14.12x
LTM
03/yy
166.2
8.95x
76.0
5.36x
45.5
9.04x
FY+1
0.00
1.10
137.58
0.20
24.06%
-22.41%
1.101
15
4.333
729'707
539'886
626'859
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
197.0
214.1
47.0
46.2
1.43x
1.01x
6.80x
6.74x
86.9
89.8
17.5
19.9
3.74x
3.62x
4.25x
4.28x
50.4
49.7
10.6
9.2
7.01x
7.18x
7.07x
6.93x
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
27.48
13.71
-0.12
0.23
11.9%
10.7%
0.80
1.27
20.58
141.38
55.91
151.43
500.00
180.0
450.00
160.0
400.00
140.0
350.00
120.0
300.00
100.0
250.00
80.0
200.00
60.0
150.00
40.0
100.00
20.0
50.00
0.00
03.04.2009 03.10.2009 03.04.2010 03.10.2010 03.04.2011 03.10.2011 03.04.2012 03.10.2012 03.04.2013
0.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
Timmins Gold Corp

Holdings By:
All
Holder Name
CONNOR CLARK & LUNN
SPROTT INC
RUFFER LLP
BRAGAGNOLO BRUCE
BANK OF NOVA SCOTIA
BONILLAS ZEPEDA F A
CANADA PENSION PLAN
CQS CAYMAN LP
MD MANAGEMENT LTD
BLACKROCK
BMO FINANCIAL CORP
VANGUARD GROUP INC
Firm Name
Cowen and Company
RBC Capital Markets
TD Securities
Casimir Capital
EVA Dimensions
BMO Capital Markets
Macquarie
M Partners Inc
Scotia Capital
PI Financial Corp.
MGI Securities
Portfolio Name
n/a
n/a
CONNOR CLARK & LUNN
SPROTT INC
Multiple Portfolios
n/a
n/a
n/a
CANADA PENSION PLAN
CQS CAYMAN LP
Multiple Portfolios
n/a
BMO FINANCIAL CORP
Multiple Portfolios
Analyst
ADAM P GRAF
NICHOLAS CAMPBELL
SAM CRITTENDEN
STEVEN J GREEN
STUART MCDOUGALL
TIMOTHY STANISH
BRIAN SZETO
ANDREW KAIP
SHANE NAGLE
MICHAEL SIPERCO
KYLE MCPHEE
ERIK BERMEL
OVAIS HABIB
JOE FAZZINI
PHILIP KER
MARC PAIS
Source
13F
ULT-AGG
ULT-AGG
13F
13F
13F
MF-AGG
SEDI
ULT-AGG
13F
SEDI
13F
13F
13F
13F
13F
MF-AGG
ULT-AGG
13F
MF-AGG
Recommendation
market perform
sell
outperform
buy
buy
overweight
outperform
market perform
outperform
neutral
buy
buy
sector outperform
buy
buy
buy
Amt Held
25'551'300
10'590'719
8'131'210
5'781'224
5'253'300
3'810'200
3'706'900
2'878'000
2'728'100
2'705'400
2'584'800
2'217'500
2'050'500
2'003'600
1'929'200
1'500'000
1'054'100
820'191
698'391
659'429
% Out
17.72
7.35
5.64
4.01
3.64
2.64
2.57
2
1.89
1.88
1.79
1.54
1.42
1.39
1.34
1.04
0.73
0.57
0.48
0.46
Weighting
Change
3
1
5
5
5
5
5
3
5
3
5
5
5
5
5
5
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
Latest Chg
262'100
95'616
70'979
5'781'224
161'700
860'000
(20'000)
463'100
100'000
(34'729)
536'400
(1'661'700)
200'000
243'100
200'000
(35'600)
63'043
(4'915)
83'000
Target Price
2
2
4
4
4
#N/A N/A
3
3
4
3
3
4
4
4
3
5
File Dt
31.03.2013
28.06.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
27.12.2012
21.06.2013
31.03.2013
31.03.2013
19.12.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
Date
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
n/a
Bank
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
26.06.2013
25.06.2013
24.06.2013
19.06.2013
17.06.2013
06.06.2013
03.06.2013
30.05.2013
10.05.2013
09.05.2013
09.05.2013
09.05.2013
08.05.2013
08.05.2013
08.05.2013
05.07.2011
01.07.2013
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 (27.06.2013)
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
0.37
3'497'480.00
0.465
-80.63%
27.40%
4.18%
488.1
226.95
4.26
0.0
0.0
185.40
377.70
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5.0 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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
30.06.2012
541.2
0.73x
224.1
1.76x
130.2
4.42x
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
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
1.27
486.24
23.09
-73.73%
-67.82%
1.269
12
4.250
4'991'780
4'094'313
4'413'281
FY+2
06/13 Y
06/14 Y
523.3
623.6
0.71x
0.46x
155.0
226.2
2.44x
1.67x
31.1
60.2
6.12x
3.55x
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
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
01.07.2013
St Barbara Ltd
Holdings By:
All
Holder Name
PRUDENTIAL PLC
VANGUARD GROUP INC
FRANKLIN RESOURCES
PARADICE INVESTMENT
UBS
STATE STREET
RUFFER LLP
LSV ASSET MANAGEMENT
BLACKROCK
COMMONWEALTH BANK OF
HUNTER HALL INVESTME
JP MORGAN
JCP INVESTMENT PARTN
BANQUE DE LUXEMBOURG
CENTAURUS CAPITAL LT
NATIONAL AUSTRALIA B
FMR LLC
Firm Name
Goldman Sachs
Deutsche Bank
Ord Minnett
Nomura
RBC Capital Markets
Macquarie
EVA Dimensions
Baillieu Holst Ltd
Portfolio Name
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
Multiple Portfolios
n/a
n/a
n/a
Analyst
PAUL HISSEY
CHRIS TERRY
DAVID BRENNAN
AMBER MACKINNON
STEUART MCINTYRE
MITCH RYAN
TIMOTHY STANISH
SOPHIE SPARTALIS
LUKE SMITH
CATHY MOISES
TROY IRVIN
Source
ULT-AGG
EXCH
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
EXCH
ULT-AGG
MF-AGG
RNS-RUL8
ULT-AGG
RNS-RUL8
RNS-RUL8
MF-AGG
ULT-AGG
RNS-RUL8
MF-AGG
Short
ULT-AGG
ULT-AGG
Recommendation
neutral/attractive
buy
buy
neutral
outperform
outperform
buy
buy
buy
Positive
buy
Amt Held
% Out
93'372'398 19.13
60'536'881
12.4
38'851'254
7.96
36'215'568
7.42
19'990'864
4.1
16'608'948
3.4
16'240'544
3.33
12'749'179
2.61
12'528'000
2.57
11'363'061
2.33
11'351'052
2.33
8'897'062
1.82
7'754'662
1.59
6'700'000
1.37
6'453'327
1.32
6'032'951
1.24
6'000'000
1.23
(5'746'460) -1.18
5'603'376
1.15
5'448'377
1.12
Weighting
Change
3
5
5
3
5
5
5
5
5
4
5
M
M
M
M
M
M
M
M
M
U
U
Latest Chg
9'536'881
12'768'675
512'340
(1'270'413)
79'914
684'600
400'193
(8'245'338)
300'000
(2'151)
(326'553)
(506'570)
6'496
(90'000)
Target Price
1
1
1
1
1
1
#N/A N/A
1
1
#N/A N/A
3
File Dt
14.02.2013
29.01.2013
28.06.2013
28.03.2013
13.09.2012
06.09.2012
03.11.2011
28.06.2013
27.12.2012
23.07.2012
27.06.2013
31.08.2012
12.07.2012
28.02.2013
30.09.2012
09.08.2012
30.04.2013
06.09.2012
10.09.2012
30.04.2013
Date
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Inst Type
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Date
26.06.2013
25.06.2013
24.06.2013
24.06.2013
18.06.2013
18.06.2013
06.06.2013
27.05.2013
13.05.2013
19.07.2012
18.06.2012
01.07.2013
Premier Gold Mines Ltd

Premier Gold Mines Limited is a mining and exploration company focused on
developing gold projects worldwide.
Price/Volume
8
12.0 M
10.0 M
6
8.0 M
5
4
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2012)
52-Week Low (26.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PG CN EQUITY YTD Change
PG CN EQUITY YTD % CHANGE
12/2012
03/yy
6.79
1.51
2'187'802.00
1.83
-73.05%
21.19%
6.06%
149.6
273.73
18.50
0.0
40.6
85.10
213.66
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
0.0
0.0
(6.2)
(13.2)
(3.7)
(10.9)
Profitability
2.0 M
1
0
j-12
.0 M
a-12
LTM-4Q
31.12.2011
0.0
(11.9)
(16.8)
-
31.12.2012
0.0
(12.5)
(32.1)
-
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
-12.54
-12.60
-2.15%
-2.46%
0.00%
-1448.2%
-1490.8%
5.74
5.59
3.85%
4.95%
1.28
-
Price/ Cash Flow
03/yy
0.0
#DIV/0!
(6.8)
0.00x
(18.0)
0.00x
s-12
o-12
n-12
d-12
LTM
03/yy
0.9
2652.92x
(13.4)
0.00x
(8.9)
0.00x
j-13
f-13 m-13
a-13
m-13
j-13
0.00
1.74
144.53
1.51
-58.41%
-56.43%
1.744
12
4.167
1'998'780
1'889'049
1'576'504
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2
09/13 Q3
2.0
(32.0)
140.77x
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
-34.03
-100.44
-1.42
5.0%
4.3%
0.00
0.00
285.31
4878.55
-
400.00
1.0
350.00
0.9
0.8
300.00
0.7
250.00
0.6
200.00
0.5
0.4
150.00
0.3
100.00
0.2
50.00
0.1
0.00
01.01.2010
4.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
0.0
(3.2)
0.2
-
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
01.07.2013
Premier Gold Mines Ltd

Holdings By:
All
Holder Name
FMR LLC
BANK OF NOVA SCOTIA
DOWNIE EWAN S
LB SWISS INVESTMENT
BLACKROCK
SHARE SICAV
GBC ASSET MANAGEMENT
MIDDLEFIELD SECURITI
VANGUARD GROUP INC
TD ASSET MANAGEMENT
SPROTT INC
AGF INVESTMENTS INC
BHR FUND ADVISORS LP
Firm Name
Stifel
Laurentian Bank Securities
RBC Capital Markets
CIBC World Markets
Cantor Fitzgerald
Scotia Capital
Octagon Capital Corporation
Beacon Securities Ltd
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
SAM CRITTENDEN
JEFF KILLEEN
ROB CHANG
OVAIS HABIB
CHRISTOS DOULIS
ANNIE ZHANG
MICHAEL CURRAN
STEVEN BUTLER
BARRY D ALLAN
CRAIG STERLING
Source
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
SEDI
MF-AGG
MF-AGG
13F
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
outperform
sector perform
buy
sector outperform
outperform
speculative buy
buy
speculative buy
speculative buy
sell
Amt Held
19'258'570
13'922'500
10'988'812
7'648'501
3'130'601
2'900'000
1'318'700
1'166'300
957'245
947'736
822'618
820'314
812'900
800'000
720'847
705'900
548'899
539'336
430'800
420'000
% Out
12.88
9.31
7.35
5.11
2.09
1.94
0.88
0.78
0.64
0.63
0.55
0.55
0.54
0.53
0.48
0.47
0.37
0.36
0.29
0.28
Weighting
Change
5
4
5
3
5
5
5
4
5
4
4
1
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
3'271'500
99'216
(184'200)
7'500
(502'900)
1'845
(148'500)
163'248
(100'000)
54'600
(16'800)
-
Target Price
4
4
5
7
6
6
3
6
6
7
#N/A N/A
#N/A N/A
File Dt
Inst Type
30.04.2013
Investment Advisor
28.02.2013
Bank
28.06.2013
Investment Advisor
28.02.2013
Investment Advisor
24.04.2013
n/a
28.03.2013
Investment Advisor
31.03.2013
Investment Advisor
27.06.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.03.2013
Investment Advisor
31.12.2011
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
28.03.2013
Investment Advisor
30.06.2012
Investment Advisor
28.03.2013
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Date
28.06.2013
28.06.2013
27.06.2013
27.06.2013
27.06.2013
27.06.2013
03.06.2013
21.05.2013
19.04.2013
11.04.2013
30.01.2013
17.01.2013
01.07.2013
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
0.53
3'840'558.00
0.635
-59.94%
19.81%
5.21%
424.3
269.42
9.43
0.0
0.0
64.96
230.30
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.06.2009
(0.1)
(0.1)
-
20.0 M
10.0 M
0
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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 (27.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NST AU EQUITY YTD Change
NST AU EQUITY YTD % CHANGE
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
30.06.2012
99.5
2.55x
47.5
5.35x
22.0
12.62x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
47.49
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
-
5.51
0.70
330.47
7.96
-14.67%
-48.01%
0.699
6
4.333
4'682'136
3'548'678
3'907'220
FY+2
06/13 Y
06/14 Y
145.0
160.5
1.50x
1.27x
75.3
83.0
3.06x
2.77x
33.5
38.4
8.47x
6.98x
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
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
01.07.2013
Northern Star Resources Ltd

Holdings By:
All
Holder Name
BLACKROCK
INVESTMET LTD
PARADICE INVESTMENT
BEAMENT WILLIAM JAME
JP MORGAN
DELTA RESOURCE MGMT
WYLLIE GROUP PTY LTD
FOTIOS MICHAEL GEORG
UBS
ROWE CHRISTOPHER
BANK OF NOVA SCOTIA
MORGAN STANLEY AUSTR
KYIM PTY LTD
NAVIGATOR AUSTRALIA
LEEFAB PTY LTD
MULTI METAL CONSULTA
TC CAPITAL LTD
WILKINSON CATHERINE
Firm Name
Ord Minnett
Paterson Securities
RBC Capital Markets
EVA Dimensions
Hartleys
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
Multiple Portfolios
n/a
n/a
Analyst
DAVID BRENNAN
TIM MCCORMACK
STEUART MCINTYRE
TIMOTHY STANISH
PATRICK CHANG
MIKE MILLIKAN
Source
ULT-AGG
ULT-AGG
EXCH
EXCH
EXCH
ULT-AGG
Co File
Co File
EXCH
ULT-AGG
EXCH
ULT-AGG
EXCH
Co File
Co File
Co File
Co File
MF-AGG
Co File
Co File
Recommendation
buy
buy
sector perform
hold
buy
buy
Amt Held
37'540'183
26'706'283
21'946'900
18'915'010
12'134'735
11'796'950
11'130'000
9'170'360
7'103'474
5'811'224
3'986'195
3'350'000
3'202'580
3'048'000
2'587'146
2'499'998
2'455'125
2'250'000
2'180'000
2'165'000
% Out
8.85
6.29
5.17
4.46
2.86
2.78
2.62
2.16
1.67
1.37
0.94
0.79
0.75
0.72
0.61
0.59
0.58
0.53
0.51
0.51
Weighting
Change
5
5
3
3
5
5
M
M
M
M
M
M
Latest Chg
5'258'897
3'981'558
(18'089'000)
(2'872'573)
(6'900)
(7'400'000)
3'350'000
(36'529'953)
-
Target Price
1
1
1
#N/A N/A
1
1
File Dt
27.06.2013
28.06.2013
30.11.2012
08.01.2013
30.11.2012
30.04.2013
28.09.2012
28.09.2012
30.11.2012
28.09.2012
30.11.2012
31.12.2012
04.12.2012
28.09.2012
28.09.2012
28.09.2012
28.09.2012
30.06.2012
28.09.2012
28.09.2012
Date
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
n/a
Investment Advisor
Corporation
Other
n/a
Unclassified
n/a
Bank
Investment Advisor
n/a
Corporation
n/a
n/a
Investment Advisor
n/a
n/a
Date
24.06.2013
13.06.2013
06.06.2013
06.06.2013
29.05.2013
29.04.2013
01.07.2013

Tanzanian Royalty Exploration Corporation acquires, explores, and develops
mineral properties. The Company explores for gold.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2012)
52-Week Low (26.06.2013)
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
2.14
701'476.00
2.7
-49.44%
26.17%
17.50%
100.8
272.26
2.07
0.0
0.0
20.06
272.89
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
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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)
-
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
1.22
92.87
7.83
-34.94%
-38.78%
1.219
0
567'705
481'385
471'574
FY+1
FY+2
FQ+1
FQ+2
08/13 Y
08/14 Y
05/13 Q3
08/13 Q4
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-49.26
-133.96
-0.21
4.1%
3.9%
0.00
0.00
-
1.0
0.9
1.00
0.8
0.7
0.80
0.60
0.40
0.6
0.5
0.4
0.3
0.2
0.20
0.1
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013

Holdings By:
All
Holder Name
GEIER GROUP LLC
SINCLAIR JAMES E
BPI GLOBAL INVESTMEN
BLACKROCK
CANADA PENSION PLAN
VANGUARD GROUP INC
MORROW ROSALIND
HARVEY WILLIAM M
BMO FINANCIAL CORP
LUIS VICTORIA
DEUTSCHE BANK AG
VAN TONGEREN STEVEN
ALTUS CAPITAL INC
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
CANADA PENSION PLAN
Multiple Portfolios
n/a
n/a
BMO FINANCIAL CORP
n/a
Multiple Portfolios
n/a
n/a
n/a
BANK OF AMERICA
ALTUS CAPITAL INC
Analyst
Source
ULT-AGG
13G
MF-AGG
SEDI
MF-AGG
ULT-AGG
13F
MF-AGG
SEDI
SEDI
13F
ULT-AGG
MF-AGG
13F
13F
20F
ULT-AGG
SEDI
13F
13F
Recommendation
Amt Held
14'700'030
4'879'743
3'383'846
1'885'543
673'902
533'661
498'912
474'292
445'065
340'090
334'811
287'556
270'808
212'810
190'479
144'045
141'479
125'103
124'831
104'500
% Out
14.58
4.84
3.36
1.87
0.67
0.53
0.49
0.47
0.44
0.34
0.33
0.29
0.27
0.21
0.19
0.14
0.14
0.12
0.12
0.1
Weighting
Change
Latest Chg
1'177'305
(4'801'048)
(287'350)
(1'000)
(37'877)
131'800
60'200
15'636
7'732
4'654
102'344
250
22'792
(4'090)
440
27'380
56'500
Target Price
#N/A N/A
File Dt
Inst Type
28.06.2013
Investment Advisor
10.11.2011
Other
31.03.2013
Investment Advisor
08.02.2013
n/a
28.09.2012
Investment Advisor
27.06.2013
Investment Advisor
31.03.2013
Investment Advisor
04.06.2013
n/a
12.04.2013
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.10.2012
n/a
31.03.2013
Investment Advisor
07.06.2013
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Date
01.07.2013
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 (03.07.2012)
52-Week Low (03.07.2012)
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
3'824.13
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)
-
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13
m-13
a-13
m-13
j-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
j-12
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
06/yy
1'185.7
0.00x
0.0
0.00x
650.8
0.00x
LTM
06/yy
1'523.7
0.00x
0.0
0.00x
831.3
0.00x
0.60
0.33
429.41
0.00%
0.00%
0.328
0
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
01.07.2013
Real Gold Mining Ltd

Holdings By:
All
Holder Name
LV DEZHI
LEAD HONEST MANAGEME
LEAD HONEST MANAGEME
SHI GUANGWEI
VALUE PARTNERS GROUP
BANK OF NOVA SCOTIA
MANULIFE FUNDS DIREC
JP MORGAN
MACQUARIE GROUP
DEKA INVESTMENT GMBH
ALLIANCE BERNSTEIN
SANFORD C BERNSTEIN
VANGUARD GROUP INC
Firm Name
Kingsway SW Securities
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
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
RONGJIN LUO
ZIBO CHEN
Source
ULT-AGG
EXCH
Research
Short
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
neutral
buy
Amt Held
% Out
242'773'628 26.71
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
4'131'500
0.45
4'103'427
0.45
2'762'500
0.3
2'500'500
0.28
1'788'000
0.2
1'584'476
0.17
Weighting
Change
3
5
Latest Chg
(234'376'000)
-
Target Price
D
M
9
19
File Dt
12.06.2012
27.09.2012
26.09.2012
31.12.2011
27.09.2012
26.09.2012
28.06.2013
31.12.2012
30.06.2012
30.04.2013
30.04.2013
31.01.2013
28.02.2013
30.06.2011
29.03.2013
28.12.2012
03.06.2013
30.04.2013
30.04.2013
31.03.2013
Date
12 month
Not Provided
Inst Type
Investment Advisor
n/a
Other
Other
n/a
Corporation
Investment Advisor
Bank
Unclassified
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
03.06.2011
14.03.2011
01.07.2013

Golden Star Resources Ltd. is a mid-tier gold mining company. The Company's
operating mines are situated along the Ashanti Gold Belt in Ghana, West Africa.
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 (16.10.2012)
52-Week Low (21.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GSS US EQUITY YTD Change
GSS US EQUITY YTD % CHANGE
12/1997
03/yy
2.11
0.40
28'561'579.00
0.42
-80.09%
5.00%
1.17%
259.1
108.82
117.48
0.0
(2.0)
78.88
155.60
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5.0 M
0
j-12
31.12.2009
31.12.2010
400.7
432.7
1.99x
2.72x
136.7
107.6
5.85x
10.93x
16.5
(11.2)
39.07x
Profitability
LTM-4Q
31.12.2011
471.0
0.98x
91.8
5.00x
(2.1)
-
31.12.2012
550.5
0.95x
124.7
4.18x
(9.5)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
124.67
25.74
4.68%
1.20%
-3.45%
-5.78%
0.76%
9.6%
21.2%
2.9%
-1.7%
1.58
0.69
16.18%
27.10%
46.13
5.98
Price/ Cash Flow
03/yy
485.5
4.31x
94.4
5.74x
1.1
0.00x
s-12
o-12
n-12
d-12
LTM
03/yy
552.4
3.44x
117.0
3.95x
(25.2)
0.00x
j-13
f-13 m-13
a-13
m-13
j-13
FY+1
0.00
1.12
257.63
17.61
-63.79%
-77.17%
1.124
10
2.200
8'557'640
3'941'497
3'223'665
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
445.7
458.6
106.3
107.0
0.39x
0.41x
1.53x
1.55x
57.8
112.1
15.2
18.6
2.69x
1.39x
2.29x
2.22x
(25.9)
19.2
(10.5)
(7.1)
6.00x
32.31x
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
12.27
3.56
0.43
0.95
27.1%
21.4%
0.76
1.06
7.91
61.01
51.20
-1.28
30.00
600.0
25.00
500.0
20.00
400.0
15.00
300.0
10.00
200.0
5.00
100.0
0.00
01.01.2010
.0 M
a-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)
-
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
01.07.2013

Holdings By:
All
Holder Name
BLACKROCK
CONNOR CLARK & LUNN
STATE STREET
CANADA PENSION PLAN
NORGES BANK
MD MANAGEMENT LTD
LEGG MASON CAPITAL M
PRINCIPAL FINANCIAL
TECHNICAL FINANCIAL
Firm Name
Credit Suisse
Macquarie
BMO Capital Markets
CIBC World Markets
Scotia Capital
Raymond James
EVA Dimensions
Portfolio Name
n/a
n/a
CONNOR CLARK & LUNN
n/a
CANADA PENSION PLAN
NORGES BANK
n/a
Multiple Portfolios
Multiple Portfolios
n/a
TFS CAPITAL LLC
Analyst
ANITA SONI
PIERRE VAILLANCOURT
ANDREW BREICHMANAS
COSMOS CHIU
TREVOR TURNBULL
RAHUL PAUL
PAOLO LOSTRITTO
BRAD HUMPHREY
CRAIG STERLING
Source
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
13F
13F
Recommendation
underperform
neutral
underperform
sector underperform
sector underperform
hold
sector perform
market perform
overweight
Amt Held
39'316'268
28'879'600
26'830'259
10'793'356
7'898'726
5'237'500
4'819'436
4'558'095
4'350'000
3'221'423
3'178'325
2'972'612
2'625'741
1'934'059
1'870'572
1'795'127
1'467'781
1'271'090
1'235'376
1'175'635
% Out
15.17
11.15
10.35
4.17
3.05
2.02
1.86
1.76
1.68
1.24
1.23
1.15
1.01
0.75
0.72
0.69
0.57
0.49
0.48
0.45
Weighting
Change
1
3
1
1
1
3
3
3
5
M
M
M
M
M
M
M
M
D
Latest Chg
3'237'877
(1'359'000)
844'389
723'887
1'617'352
5'237'500
(1'475'687)
12'016
4'350'000
(492'267)
(308'600)
(92'341)
1'267'792
(50'700)
(619'837)
(1'024'176)
455'015
Target Price
0
1
1
1
0
1
2
1
#N/A N/A
File Dt
Inst Type
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
27.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
18 month
12 month
12 month
12 month
12 month
Not Provided
Date
25.06.2013
20.06.2013
18.06.2013
18.06.2013
18.06.2013
17.06.2013
17.06.2013
12.06.2013
25.05.2013
01.07.2013
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
18.0 M
16.0 M
14.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (17.09.2012)
52-Week Low (21.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
R
CN EQUITY YTD Change
R
CN EQUITY YTD % CHANGE
12/2012
03/yy
1.40
0.31
1'412'162.00
0.47
-66.43%
54.10%
15.07%
585.5
275.18
0.00
0.0
0.0
64.78
212.27
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
8.0 M
6.0 M
4.0 M
2.0 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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)
-
12.0 M
31.12.2009
31.12.2010
0.0
0.0
(7.3)
(65.4)
(7.2)
(66.2)
Profitability
LTM-4Q
31.12.2011
0.0
(15.3)
(15.7)
-
31.12.2012
0.0
(11.8)
(11.9)
-11.81
-12.13
-4.72%
-4.88%
0.00%
5.88
5.81
0.00%
0.00%
0.00
-
03/yy
0.0
#DIV/0!
(15.9)
0.00x
(14.5)
0.00x
LTM
03/yy
0.0
#DIV/0!
(11.6)
0.00x
(12.0)
0.00x
0.00
1.43
581.26
0.74
-11.32%
-38.96%
1.431
6
4.167
1'182'182
1'243'448
1'445'675
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2
09/13 Q3
(8.6)
(7.1)
(8.8)
(7.3)
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
-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
01.07.2013
Romarco Minerals Inc

Holdings By:
All
Holder Name
BLACKROCK
FRANKLIN RESOURCES
NORGES BANK
FMR LLC
JP MORGAN
TD ASSET MANAGEMENT
RUFFER LLP
GAMCO
QUANTEX AG
VANGUARD GROUP INC
SHARE SICAV
SPROTT INC
COLONIAL FIRST STATE
GARRETT DIANE RENEE
Firm Name
BMO Capital Markets
RBC Capital Markets
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
ANDREW KAIP
DON BLYTH
PAOLO LOSTRITTO
HEIKO IHLE
SAM CRITTENDEN
RICHARD GRAY
Source
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
13F
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
Recommendation
market perform
speculative buy
outperform
buy
sector perform
buy
Amt Held
122'133'079
45'178'500
42'984'688
30'127'000
24'008'527
21'188'200
19'871'100
15'392'433
11'682'793
11'093'500
8'551'000
5'550'000
3'750'000
3'000'000
2'975'080
2'931'235
2'828'384
2'266'700
1'959'403
1'568'000
% Out
20.86
7.72
7.34
5.15
4.1
3.62
3.39
2.63
2
1.89
1.46
0.95
0.64
0.51
0.51
0.5
0.48
0.39
0.33
0.27
Weighting
Change
3
4
5
5
3
5
Latest Chg
1'507'579
(1'398'000)
388'320
53'500
626'000
(37'300)
(147'237)
(147'500)
(100'000)
253'000
(520'200)
31'500
Target Price
M
M
M
M
M
M
File Dt
Inst Type
27.06.2013
Investment Advisor
28.03.2013
Investment Advisor
28.06.2013
Investment Advisor
30.04.2013
Investment Advisor
31.12.2012
Government
30.04.2013
Investment Advisor
30.04.2013
Investment Advisor
28.02.2013
Bank
31.12.2012
Investment Advisor
27.12.2012
Investment Advisor
28.03.2013
Unclassified
29.03.2013
Investment Advisor
31.01.2013
Bank
28.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
19.10.2012
Investment Advisor
19.04.2013
n/a
Date
1
1
2
1
1
1
Not Provided
12 month
12 month
12 month
12 month
12 month
Date
27.06.2013
27.06.2013
27.06.2013
27.06.2013
26.06.2013
22.04.2013
01.07.2013
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
14.0 M
12.0 M
10.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (07.09.2012)
52-Week Low (26.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BAA CN EQUITY YTD Change
BAA CN EQUITY YTD % CHANGE
12/2012
03/yy
5.03
0.65
1'904'117.00
0.82
-83.70%
26.15%
3.88%
252.1
206.72
154.69
0.0
0.0
27.05
353.63
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
4.0 M
2.0 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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
8.0 M
Valuation Analysis
31.12.2009
31.12.2010
0.0
0.0
(7.6)
(10.3)
(4.8)
(3.0)
Profitability
LTM-4Q
31.12.2011
0.0
(10.2)
(9.3)
-
31.12.2012
42.6
16.23x
6.0
114.64x
(4.6)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
6.03
-2.06
-4.84%
-10.70%
0.82%
1.23%
1.48%
0.12%
29.2%
29.8%
11.5%
-10.7%
1.06
0.47
24.33%
36.54%
-
Price/ Cash Flow
03/yy
0.0
#DIV/0!
(11.0)
0.00x
(11.3)
0.00x
LTM
03/yy
75.8
39.57x
22.6
22.28x
5.2
57.06x
FY+1
0.00
2.00
249.62
2.19
-78.02%
-70.50%
1.998
6
2.833
1'452'429
1'609'382
1'871'250
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
140.3
342.7
32.6
24.6
42.8
120.2
8.26x
2.94x
8.5
73.5
16.94x
2.17x
12.37x
5.03x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
2.62
-57.93
6.96
7.73
36.5%
26.8%
0.12
0.17
-
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
01.07.2013
Banro Corp
Holdings By:
All
Holder Name
BLACKROCK
JP MORGAN
FRANKLIN RESOURCES
ACUITY INVESTMENT MA
NUVEEN ASSET MANAGEM
FMR LLC
CANADA PENSION PLAN
RUFFER LLP
DEUTSCHE BANK AG
KONDRAT ARNOLD T
Firm Name
Goldman Sachs
EVA Dimensions
GMP
CIBC World Markets
BMO Capital Markets
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
CANADA PENSION PLAN
Multiple Portfolios
n/a
n/a
Analyst
EUGENE KING
TIMOTHY STANISH
BROCK SALIER
MIKE KOZAK
COSMOS CHIU
ANDREW BREICHMANAS
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
MF-AGG
ULT-AGG
13F
13F
13F
13F
MF-AGG
13F
MF-AGG
ULT-AGG
SEDI
Recommendation
Sell/Neutral
underweight
buy
speculative buy
sector perform
market perform
Amt Held
29'151'624
24'383'469
22'439'310
18'520'712
16'980'300
11'716'838
10'721'545
8'156'000
6'252'125
4'649'372
2'466'182
2'152'177
2'026'058
1'944'700
1'827'360
1'471'482
1'438'715
1'400'000
1'347'995
1'226'048
% Out
11.56
9.67
8.9
7.35
6.74
4.65
4.25
3.24
2.48
1.84
0.98
0.85
0.8
0.77
0.72
0.58
0.57
0.56
0.53
0.49
Weighting
Change
1
1
5
4
3
3
M
M
M
M
M
M
Latest Chg
232'185
167'208
2'913'300
7'631'297
41'100
3'531'100
1'416'340
1'084'709
(2'005'700)
(4'660'861)
(41'296)
65'300
1'827'360
(1'425'300)
(865'900)
(703'421)
100'000
Target Price
1
#N/A N/A
2
3
2
2
File Dt
Inst Type
27.06.2013
Investment Advisor
30.04.2013
Investment Advisor
30.04.2013
Investment Advisor
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
28.03.2013
Investment Advisor
27.12.2012
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
n/a
Date
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Date
30.06.2013
06.06.2013
29.05.2013
10.05.2013
09.05.2013
08.05.2013
01.07.2013
Colossus Minerals Inc

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

LTM as of:
52-Week High (20.09.2012)
52-Week Low (26.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CSI CN EQUITY YTD Change
CSI CN EQUITY YTD % CHANGE
12/2012
03/yy
6.03
0.95
1'721'781.00
1.22
-79.77%
28.42%
5.31%
124.9
152.44
72.14
0.0
2.7
63.59
181.85
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
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.07.2008
0.0
(2.5)
(2.3)
-
31.07.2009
31.07.2010
0.0
0.0
(2.7)
(9.5)
(4.6)
(9.7)
Profitability
LTM-4Q
31.12.2011
0.0
(29.3)
(32.1)
-
31.12.2012
0.0
(32.9)
(30.1)
-32.86
-33.29
-7.41%
-14.70%
0.00%
4.66
4.55
25.80%
62.37%
0.00
0.00
03/yy
0.0
#DIV/0!
(32.7)
0.00x
(37.0)
0.00x
LTM
03/yy
0.0
#DIV/0!
(28.2)
0.00x
(19.3)
0.00x
FY+1
0.00
1.66
100.89
3.16
-65.54%
-73.54%
1.657
6
4.000
1'535'934
1'760'042
1'512'393
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
10.6
166.8
0.8
14.45x
0.48x
111.70x
(13.8)
81.9
(6.7)
(7.2)
2.22x
(16.7)
40.4
(8.5)
(8.7)
4.13x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-7.02
-26.45
-2.35
62.4%
37.9%
0.00
0.00
2295.33
-
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
01.07.2013
Colossus Minerals Inc

Holdings By:
All
Holder Name
ARIAS RESOURCE CAPIT
SPROTT ASSET MANAGEM
FRANKLIN RESOURCES
FMR LLC
SUSSMAN ARI B
MCLEAN BUDDEN LTD
JP MORGAN
KISHIDA AUGUSTO
VANGUARD GROUP INC
DEUTSCHE BANK AG
TCW GROUP INC
US GLOBAL INVESTORS
FROSTIAK JOHN
BMO INVESTMENTS INC
GAM INTERNATIONAL MA
Firm Name
Stifel
Macquarie
GMP
Clarus Securities
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
CRAIG P STANLEY
NICHOLAS CAMPBELL
MICHAEL GRAY
JOE FAZZINI
GEORGE V ALBINO
JAMIE SPRATT
Source
Co File
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
SEDI
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
SEDI
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
MF-AGG
MF-AGG
Recommendation
buy
speculative buy
underperform
buy
buy
accumulate
Amt Held
20'723'900
10'530'371
10'062'391
9'947'500
4'883'500
3'895'600
1'761'401
1'454'900
1'093'732
1'049'000
1'032'633
958'000
486'563
483'369
321'612
300'000
250'000
229'800
207'600
200'000
% Out
16.59
8.43
8.05
7.96
3.91
3.12
1.41
1.16
0.88
0.84
0.83
0.77
0.39
0.39
0.26
0.24
0.2
0.18
0.17
0.16
Weighting
Change
5
4
1
5
5
4
Latest Chg
7'500'000
77'607
(1'572'900)
29'000
35'000
50'000
(43'080)
(58'132)
(28'496)
(11'954)
300'000
(275'000)
50'000
50'000
Target Price
M
M
D
M
M
M
File Dt
12.06.2013
31.10.2012
28.06.2013
28.02.2013
28.03.2013
30.04.2013
27.06.2012
30.04.2013
28.02.2013
28.02.2013
31.12.2012
09.08.2012
31.03.2013
30.04.2013
28.03.2013
31.05.2013
28.03.2013
16.02.2013
31.01.2013
28.02.2013
Date
4
6
1
4
7
3
Not Provided
12 month
12 month
12 month
12 month
12 month
Inst Type
Private Equity
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Date
28.06.2013
25.06.2013
24.06.2013
19.06.2013
19.06.2013
19.06.2013
01.07.2013
Rainy River Resources Ltd

Rainy River Resources Ltd. is a gold exploration and production company.
Price/Volume
7
60.0 M
50.0 M
40.0 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
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
20.0 M
10.0 M
1
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2008
0.0
(2.6)
(1.0)
-
30.0 M
12/2012
03/yy
6.17
1.97
7'315'408.00
3.55
-42.46%
80.20%
37.62%
100.2
355.81
0.13
0.0
0.0
102.12
253.82
30.09.2009
30.09.2010
0.0
0.0
(4.2)
(9.1)
(3.6)
(6.8)
Profitability
LTM-4Q
30.09.2011
0.0
(16.1)
(13.5)
-
31.12.2012
0.0
(64.6)
(65.9)
-64.60
-64.98
-33.90%
-35.35%
0.00%
15.73
15.71
0.08%
0.09%
0.00
-
03/yy
0.0
#DIV/0!
(31.6)
0.00x
(29.6)
0.00x
LTM
03/yy
0.0
#DIV/0!
(45.2)
0.00x
(57.5)
0.00x
FY+1
0.00
1.16
98.02
0.70
-12.13%
-28.57%
1.161
7
3.286
7'761'707
5'729'237
2'929'391
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
1.0
1.0
(14.9)
(13.0)
(24.7)
(25.3)
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
-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
01.07.2013
Rainy River Resources Ltd

Holdings By:
All
Holder Name
SALIDA CAPITAL LP
FMR LLC
JP MORGAN
BEREZAN LEO
LB SWISS INVESTMENT
QUANTEX AG
BLACKROCK
GLOBAL X MANAGEMENT
VANGUARD GROUP INC
AVERILL STUART ALLAN
LAZARIDIS MICHAEL
Firm Name
Stifel
Casimir Capital
CIBC World Markets
BMO Capital Markets
Scotia Capital
RBC Capital Markets
Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
CRAIG P STANLEY
ERIC WINMILL
JEFF KILLEEN
PAOLO LOSTRITTO
JOHN P HAYES
LEILY OMOUMI
ADAM MELNYK
SAM CRITTENDEN
DON BLYTH
Source
ULT-AGG
MF-AGG
Co File
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
PROXY
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
SEDI
MF-AGG
MF-AGG
Recommendation
hold
tender
sector perform
sector perform
restricted
sector outperform
hold
sector perform
hold
Amt Held
10'195'389
8'350'000
8'043'070
4'991'700
3'463'400
3'168'800
1'756'100
1'334'048
890'000
830'000
644'838
572'953
461'000
459'467
445'300
401'000
360'000
355'000
300'000
268'787
% Out
10.17
8.33
8.02
4.98
3.46
3.16
1.75
1.33
0.89
0.83
0.64
0.57
0.46
0.46
0.44
0.4
0.36
0.35
0.3
0.27
Weighting
Change
3
#N/A N/A
3
3
#N/A N/A
5
3
3
3
M
M
M
D
M
M
D
M
D
Latest Chg
250'474
(655'430)
774'400
83'000
(2'100)
90'000
118'000
1'236
61'400
116'000
(7'800)
5'000
-
Target Price
#N/A N/A
#N/A N/A
4
4
#N/A N/A
4
4
4
3
File Dt
Inst Type
28.06.2013
Investment Advisor
31.12.2012
Investment Advisor
30.11.2011
Investment Advisor
30.04.2013
Investment Advisor
30.04.2013
Investment Advisor
28.02.2013
Investment Advisor
19.04.2013
n/a
28.03.2013
Investment Advisor
29.03.2013
Investment Advisor
27.06.2013
Investment Advisor
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
28.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
06.02.2013
n/a
14.03.2012
n/a
30.06.2012
Investment Advisor
28.06.2013
Investment Advisor
Date
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Date
28.06.2013
17.06.2013
03.06.2013
02.06.2013
31.05.2013
31.05.2013
31.05.2013
24.05.2013
22.05.2013
01.07.2013
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
700'167.00
0.79
-45.21%
19.70%
16.62%
270.7
213.89
0.00
0.0
0.0
47.34
194.06
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
6.0 M
4.0 M
2.0 M
0
j-12
30.04.2009
30.04.2010
0.0
0.0
(6.2)
(2.6)
(4.4)
Profitability
.0 M
a-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
s-12
o-12
n-12
d-12
LTM
01/yy
0.0
#DIV/0!
(4.3)
0.00x
(4.9)
0.00x
j-13
f-13 m-13
a-13
m-13
j-13
0.00
1.48
238.04
0.58
-28.18%
-15.05%
1.478
11
4.818
635'603
1'172'956
1'043'038
FY+1
FY+2
FQ+1
FQ+2
04/13 Y
04/14 Y
04/13 Q4
07/13 Q1
(4.2)
(7.3)
(4.6)
(8.8)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-0.05
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
01.07.2013
Sulliden Gold Corp Ltd

Holdings By:
All
Holder Name
ABERDEEN INTERNATION
FMR LLC
BEUTEL GOODMAN & COM
FERNANDEZ-CONCHA STU
COLEMAN JAMES H
HUMPHREY RAYMOND BRU
MOORE GEOFFREY S
FRONT BARNETT ASSOCI
AMIREAULT STEPHANE
NCF SOC ADMIN DE FON
TAGLIAMONTE PETER W
BLACKROCK
Firm Name
Raymond James
GMP
BMO Capital Markets
Mine2Capital Inc
Grupo Coril
Seminarios SAB
Portfolio Name
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
FRONT BARNETT ASSOCI
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
KERRY SMITH
CHRIS THOMPSON
GEORGE V ALBINO
STEPHEN PARSONS
RICHARD GRAY
ANDREW KAIP
ADAM MELNYK
HUMBERTO LEON
ALKA SINGH
EDUARDO NORIEGA
HUMBERTO AGURTO
Source
SEDI
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
SEDI
SEDI
PROXY
SEDI
MF-AGG
13F
MF-AGG
SEDI
MF-AGG
MF-AGG
SEDI
ULT-AGG
Recommendation
buy
outperform
buy
outperform
buy
buy
overweight
buy
strong buy
speculative buy
Amt Held
26'966'292
19'908'806
15'904'572
8'875'213
5'573'503
5'403'200
5'163'500
2'907'900
1'435'000
1'108'614
862'978
829'423
800'000
609'700
510'000
478'500
375'000
367'131
342'981
285'690
% Out
9.96
7.35
5.87
3.28
2.06
2
1.91
1.07
0.53
0.41
0.32
0.31
0.3
0.23
0.19
0.18
0.14
0.14
0.13
0.11
Weighting
Change
5
5
5
5
5
4
5
5
5
5
4
Latest Chg
179'568
(642'587)
(8)
2'332'800
(2'800)
250'000
100'000
50'000
3'139
Target Price
M
N
M
M
M
M
M
M
N
M
M
File Dt
09.04.2013
28.06.2013
31.07.2012
31.01.2013
28.02.2013
30.04.2013
30.04.2013
28.02.2013
20.10.2011
21.10.2011
05.09.2012
04.10.2012
30.06.2012
31.03.2013
28.02.2013
10.06.2013
03.08.2011
31.05.2012
03.10.2012
27.06.2013
Date
2
2
2
2
2
1
2
2
2
2
2
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Corporation
Investment Advisor
Unclassified
Bank
Holding Company
Investment Advisor
Investment Advisor
Investment Advisor
n/a
n/a
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Date
11.06.2013
31.05.2013
29.05.2013
26.05.2013
22.04.2013
16.04.2013
16.04.2013
12.04.2013
24.12.2012
18.11.2012
12.10.2012
01.07.2013
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 (26.06.2013)
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
2.00
597'580.00
2.25
-48.75%
12.50%
10.46%
85.0
191.33
0.00
0.0
0.0
197.61
-
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
1.00
2.0 M
1.8 M
1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13
m-13
a-13
m-13
j-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
j-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
-8.95%
-9.73%
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!
(36.9)
0.00x
(21.6)
0.00x
FY+1
0.00
1.45
75.26
0.14
-26.23%
-43.04%
1.448
8
3.750
356'718
271'552
242'764
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
0.0
(15.9)
(12.9)
(19.8)
(20.1)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-628.60
-658.98
0.00
0.0%
0.0%
0.00
0.00
-
0.0
0.0
0.0
0.80
0.60
0.0
0.0
0.0
0.40
0.20
0.0
0.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
Asanko Gold Inc

Holdings By:
All
Holder Name
HIGHLAND PARK SA
BLACKROCK
SPROTT INC
JP MORGAN
SPROTT INC
SALI ROBERT J
GLOBAL X MANAGEMENT
FIL LIMITED
VANGUARD GROUP INC
TECHNICAL FINANCIAL
LB SWISS INVESTMENT
BMO FINANCIAL CORP
Firm Name
BMO Capital Markets
Clarus Securities
RBC Capital Markets
CIBC World Markets
Scotia Capital
Jennings Capital
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
SPROTT INC
n/a
n/a
GLOBAL X MANAGEMENT
n/a
Multiple Portfolios
Multiple Portfolios
TFS CAPITAL LLC
Multiple Portfolios
BMO FINANCIAL CORP
Multiple Portfolios
Analyst
NICHOLAS CAMPBELL
MIKE KOZAK
ANDREW BREICHMANAS
NANA SANGMUAH
JONATHAN GUY
JEFF KILLEEN
LEILY OMOUMI
DAN HRUSHEWSKY
Source
ULT-AGG
SEDI
13G
ULT-AGG
13G
ULT-AGG
ULT-AGG
13F
13F
SEDI
ULT-AGG
13F
ULT-AGG
13F
MF-AGG
MF-AGG
13F
MF-AGG
13F
MF-AGG
Recommendation
speculative buy
speculative buy
market perform
buy
sector perform
sector perform
sector perform
buy
Amt Held
8'900'057
8'191'174
5'457'500
4'486'062
3'702'527
3'640'600
3'234'225
3'195'867
1'202'200
830'000
690'256
606'745
566'900
501'083
451'000
436'649
371'976
350'000
267'599
228'973
% Out
10.47
9.63
6.42
5.28
4.35
4.28
3.8
3.76
1.41
0.98
0.81
0.71
0.67
0.59
0.53
0.51
0.44
0.41
0.31
0.27
Weighting
Change
4
4
3
5
3
3
3
5
Latest Chg
840'782
477'500
(10'797'099)
(546'938)
1'480'300
(506'660)
(46'700)
150'000
21'712
606'745
566'900
356'659
69'400
131'309
(12'274)
-
Target Price
M
M
M
M
M
M
M
M
File Dt
Inst Type
28.06.2013
Investment Advisor
13.11.2012
Other
31.12.2012
Investment Advisor
27.06.2013
Investment Advisor
31.03.2013
Holding Company
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
16.05.2012
n/a
31.03.2013
Bank
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
29.04.2013
Investment Advisor
31.03.2013
Investment Advisor
28.06.2013
Investment Advisor
Date
5
4
3
4
3
4
5
5
12 month
12 month
Not Provided
18 month
12 month
12 month
12 month
12 month
Date
25.06.2013
25.06.2013
20.06.2013
05.06.2013
22.05.2013
15.05.2013
14.05.2013
14.05.2013
01.07.2013
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 (26.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BCM CN EQUITY YTD Change
BCM CN EQUITY YTD % CHANGE
12/2012
03/yy
3.81
1.17
218'080.00
1.7
-55.38%
45.30%
20.08%
92.2
156.78
0.00
0.0
0.0
68.45
85.79
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
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13
m-13
a-13
m-13
j-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
-18.04%
-18.49%
0.00%
32.85
32.66
0.00%
0.00%
-
03/yy
0.0
#DIV/0!
(32.6)
0.00x
(34.0)
0.00x
LTM
03/yy
0.0
#DIV/0!
(27.3)
0.00x
(27.5)
0.00x
0.00
1.35
74.97
0.09
-40.35%
-49.55%
1.349
5
3.600
177'090
150'157
143'072
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2
09/13 Q3
(24.7)
(20.8)
(19.6)
(17.8)
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
-
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
01.07.2013
Bear Creek Mining Corp

Holdings By:
All
Holder Name
SILVER WHEATON CORP
SPROTT INC
ATLANTIC INVESTMENT
GLOBAL X MANAGEMENT
KEM CAPITAL LLC
MCLEOD-SELTZER CATHE
SWARTHOUT ANDREW T
PRUDENTIAL PLC
TD ASSET MANAGEMENT
TWEDDLE FRANK R
DE WITT DAVID E
AGF INVESTMENTS INC
DEAN COREY M
NATIXIS ASSET MANAGE
Firm Name
BMO Capital Markets
Raymond James
Scotia Capital
Portfolio Name
n/a
n/a
ATLANTIC INVESTMENT
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
ANDREW KAIP
NICHOLAS CAMPBELL
DON BLYTH
BRAD HUMPHREY
TREVOR TURNBULL
Source
PROXY
13F
Co File
13F
ULT-AGG
MF-AGG
MF-AGG
PROXY
PROXY
SEDI
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
PROXY
PROXY
MF-AGG
SEDI
MF-AGG
MF-AGG
Recommendation
market perform
speculative buy
hold
outperform
sector perform
Amt Held
13'264'305
9'422'575
9'042'064
8'584'360
5'496'512
1'542'800
1'498'438
1'081'262
966'562
879'592
750'000
660'000
559'000
457'000
425'000
375'650
196'000
185'000
146'500
132'000
% Out
14.38
10.22
9.8
9.31
5.96
1.67
1.62
1.17
1.05
0.95
0.81
0.72
0.61
0.5
0.46
0.41
0.21
0.2
0.16
0.14
Weighting
Change
3
4
3
5
3
Latest Chg
20'000
(729'993)
216'810
49'536
5'000
(8'600)
35'000
20'100
-
Target Price
D
M
D
M
M
File Dt
Inst Type
22.04.2013
Corporation
31.03.2013
Investment Advisor
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
28.06.2013
Investment Advisor
22.04.2013
Investment Advisor
22.04.2013
n/a
06.12.2012
n/a
31.03.2013
Unclassified
31.12.2012
Investment Advisor
28.03.2013
Investment Advisor
31.03.2013
Investment Advisor
22.04.2013
n/a
22.04.2013
n/a
28.03.2013
Investment Advisor
11.11.2010
n/a
28.02.2013
Investment Advisor
28.03.2013
Investment Advisor
Date
1
5
3
4
4
12 month
12 month
12 month
12 month
12 month
Date
28.06.2013
25.06.2013
22.05.2013
24.04.2013
23.04.2013
01.07.2013
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 (27.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PZG US EQUITY YTD Change
PZG US EQUITY YTD % CHANGE
06/2012
03/yy
2.82
1.04
1'706'574.00
1.19
-57.80%
14.42%
8.43%
155.5
185.08
0.00
0.0
0.0
20.00
168.14
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
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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%
-10.38%
-11.51%
0.00%
-27663.3%
-27771.7%
-16534.4%
1.82
1.77
0.00%
0.00%
0.04
-
LTM
03/yy
03/yy
0.1
0.1
14099.12x 22403.11x
(15.9)
(17.0)
0.00x
0.00x
(3.7)
(8.1)
0.00x
0.00x
1.21
123.63
14.85
-50.42%
-48.71%
1.213
1
5.000
1'208'751
867'402
852'913
FY+1
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
06/13 Q4
09/13 Q1
(9.0)
(9.0)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-1685.54
-1699.47
0.00
0.0%
0.0%
0.00
0.00
8860.65
-
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
01.07.2013
Paramount Gold and Silver Corp

Holdings By:
All
Holder Name
FCMI FINANCIAL CORP
VANGUARD GROUP INC
BLACKROCK
CRUPI CHRISTOPHER
STATE STREET
GLOBAL X MANAGEMENT
FRONK RUDI P
ROTHSCHILD & COMPAGN
MACKELLER IAN
AMERICAN INTERNATION
PORTER PARTNERS LP
BARD ASSOCIATES INC
TALKOT CAPITAL LLC
KENNEDY SHAWN M
Firm Name
Cowen and Company
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
GLOBAL X MANAGEMENT
n/a
Multiple Portfolios
n/a
n/a
n/a
BARD ASSOCIATES INC
TALKOT CAPITAL LLC
n/a
Analyst
ADAM P GRAF
CHRISTOS DOULIS
Source
13D
ULT-AGG
13F
ULT-AGG
Form 4
ULT-AGG
13F
13F
SEDI
MF-AGG
13F
424B
13F
13F
ULT-AGG
424B
13F
13F
13F
Form 4
Recommendation
outperform
not rated
Amt Held
24'444'234
9'548'229
6'329'298
5'522'962
4'004'766
2'108'527
1'491'776
1'042'771
1'025'000
1'000'000
602'058
577'500
577'010
575'246
551'119
446'250
444'859
417'050
400'000
364'735
% Out
15.72
6.14
4.07
3.55
2.57
1.36
0.96
0.67
0.66
0.64
0.39
0.37
0.37
0.37
0.35
0.29
0.29
0.27
0.26
0.23
Weighting
Change
5
#N/A N/A
M
M
Latest Chg
1'170'732
1'257'651
(110'324)
451'575
12'000
(484)
(100'804)
325'683
800'000
310'380
(43'050)
9'087
88'565
(4'130)
(3'400)
(59'011)
Target Price
2
#N/A N/A
File Dt
Inst Type
12.03.2013
Corporation
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
27.06.2013
Investment Advisor
26.06.2013
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
10.01.2011
n/a
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
19.04.2012
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Government
19.04.2012
Other
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
04.03.2013
n/a
Date
12 month
Not Provided
Date
26.06.2013
24.04.2013
01.07.2013
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
997'446.00
4.42
-69.66%
67.42%
14.92%
70.2
310.07
8.83
0.0
0.0
30.17
370.64
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
j-12
.0 M
a-12
LTM-4Q
30.04.2011
103.3
9.01x
26.4
35.24x
19.9
48.55x
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
30.04.2012
159.8
5.53x
55.7
15.86x
41.3
22.63x
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
s-12
o-12
n-12
d-12
LTM
01/yy
139.2
20.90x
24.5
19.82x
(9.8)
0.00x
j-13
f-13 m-13
a-13
m-13
j-13
FY+1
0.00
1.65
60.80
9.32
-59.67%
-24.44%
1.646
10
4.100
898'246
1'072'968
935'679
FY+2
FQ+1
FQ+2
04/13 Y
04/14 Y
04/13 Q4 07/13 Q1
154.7
236.0
49.7
45.5
2.57x
1.76x
8.28x
8.80x
31.7
76.7
22.8
10.0
11.71x
4.83x
5.92x
6.54x
3.0
29.2
18.0
4.9
232.63x
11.08x
9.31x
9.15x
S&P Issuer Ratings

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

30.04.2008
41.4
9.87x
(1.0)
(3.3)
-
3.0 M
0.0
01.11.2009
01.05.2010
01.11.2010
01.05.2011
01.11.2011
01.05.2012
01.11.2012 01.05.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
Kirkland Lake Gold Inc

Holdings By:
All
Holder Name
RESOLUTE FUNDS LTD
DOBSON DAVID HARRY
HORIZON INVESTMENTS
IA MICHAEL INVESTMEN
JP MORGAN
MILTON GEORGE A
NORGES BANK
SPROTT INC
HINCHCLIFFE BRIAN A
GAMCO
FMR LLC
EMPIRE LIFE INSURANC
BLACKROCK
Firm Name
Panmure Gordon & Co Limited
BMO Capital Markets
EVA Dimensions
Investec
CIBC World Markets
Macquarie
Mirabaud Securities
Raymond James
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
ALISON TURNER
BRIAN QUAST
ADAM MELNYK
JOE FAZZINI
PAOLO LOSTRITTO
TIMOTHY STANISH
HUNTER HILLCOAT
COSMOS CHIU
MICHAEL SIPERCO
RICHARD MORGAN
FORBES GEMMELL
Source
RNS-MAJ
ULT-AGG
Research
Research
Research
Research
MF-AGG
ULT-AGG
SEDI
Research
MF-AGG
MF-AGG
MF-AGG
Research
PROXY
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
buy
market perform
buy
buy
outperform
sell
buy
sector perform
outperform
speculative buy
Under Review
Amt Held
5'700'000
4'643'659
4'160'300
3'765'000
3'469'303
3'153'493
3'100'000
2'804'148
2'723'036
2'525'000
1'700'000
1'647'411
1'611'100
1'577'666
1'113'000
905'000
721'115
706'000
544'236
400'063
% Out
8.13
6.62
5.93
5.37
4.95
4.5
4.42
4
3.88
3.6
2.42
2.35
2.3
2.25
1.59
1.29
1.03
1.01
0.78
0.57
Weighting
Change
5
3
5
5
5
1
5
3
5
4
#N/A N/A
M
M
M
M
M
M
M
M
U
M
M
Latest Chg
750'000
800'000
40'000
1'475'000
(38'500)
12'425
76'236
770
Target Price
6
5
9
8
18
#N/A N/A
6
6
5
10
#N/A N/A
File Dt
Inst Type
17.06.2013
Investment Advisor
28.06.2013
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
n/a
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
28.03.2013
Investment Advisor
28.02.2013
Investment Advisor
13.01.2012
n/a
01.01.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
05.09.2012
n/a
28.03.2013
Unclassified
30.04.2013
Investment Advisor
30.04.2013
Investment Advisor
31.12.2012
Investment Advisor
27.06.2013
Investment Advisor
Date
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Date
20.06.2013
18.06.2013
18.06.2013
18.06.2013
18.06.2013
06.06.2013
04.06.2013
27.05.2013
15.05.2013
15.05.2013
05.02.2013
01.07.2013
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
04/yy
4.40
1.16
531'499.00
1.35
-69.32%
16.38%
5.86%
126.1
170.27
0.00
0.0
0.0
37.62
47.14
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
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13
m-13
a-13
m-13
j-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 (26.06.2013)
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
-2.55%
-2.58%
0.00%
16.74
16.74
0.00%
0.00%
0.00
-
04/yy
0.0
#DIV/0!
(7.8)
0.00x
(11.9)
0.00x
LTM
04/yy
0.0
#DIV/0!
(7.7)
0.00x
(6.6)
0.00x
FY+1
0.00
1.60
118.35
2.06
-42.06%
-57.01%
1.597
10
4.400
641'780
894'963
685'966
FY+2
FQ+1
FQ+2
10/13 Y
10/14 Y
07/13 Q3 10/13 Q4
414.0
(10.1)
(10.3)
(9.8)
(9.7)
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
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
01.07.2013
Guyana Goldfields Inc

Holdings By:
All
Holder Name
BAUPOST GROUP LLC
FRANKLIN RESOURCES
SHERIDAN JR JOHN PAT
FMR LLC
LB SWISS INVESTMENT
RAIFFEISEN KAPITALAN
NORGES BANK
SPROTT INC
CARMIGNAC GESTION
QUANTEX AG
VANGUARD GROUP INC
TD ASSET MANAGEMENT
US GLOBAL INVESTORS
FERRY ALAN L H
PO ALEXANDER
Firm Name
Cowen and Company
Salman Partners
TD Securities
Casimir Capital
Raymond James
BMO Capital Markets
Scotia Capital
RBC Capital Markets
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
ADAM P GRAF
DAVID WEST
DANIEL EARLE
STUART MCDOUGALL
BRAD HUMPHREY
ANDREW KAIP
DON BLYTH
TREVOR TURNBULL
RICHARD GRAY
SAM CRITTENDEN
Source
SEDI
ULT-AGG
ULT-AGG
Co File
SEDI
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
MF-AGG
SEDI
Recommendation
outperform
buy
speculative buy
speculative buy
outperform
speculative buy
sector perform
buy
outperform
Amt Held
24'878'669
21'508'350
9'265'848
8'051'804
6'600'103
5'182'586
4'045'013
2'650'000
2'095'800
1'513'804
1'237'322
1'166'650
950'000
597'180
590'000
550'000
250'000
228'000
220'000
215'000
% Out
19.73
17.05
7.35
6.38
5.23
4.11
3.21
2.1
1.66
1.2
0.98
0.92
0.75
0.47
0.47
0.44
0.2
0.18
0.17
0.17
Weighting
Change
5
5
4
4
5
4
4
3
5
5
Latest Chg
(2'131'200)
83'654
(3'647'450)
345'000
150'388
436'500
350'000
137'100
(310'000)
1'166'650
149'549
(2'988'804)
(50'000)
35'000
Target Price
M
M
M
M
M
M
M
M
M
U
File Dt
Inst Type
31.05.2013
Investment Advisor
28.06.2013
Investment Advisor
30.11.2010
Investment Advisor
22.02.2013
n/a
30.04.2013
Investment Advisor
28.03.2013
Investment Advisor
28.03.2013
Investment Advisor
31.12.2012
Government
29.03.2013
Investment Advisor
29.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
28.03.2013
Investment Advisor
23.04.2012
n/a
28.02.2013
Investment Advisor
07.03.2012
n/a
Date
5
6
4
8
4
5
3
4
5
6
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Date
26.06.2013
19.06.2013
19.06.2013
17.06.2013
12.06.2013
03.06.2013
22.05.2013
21.05.2013
22.04.2013
15.01.2013
01.07.2013
Highland Gold Mining Ltd

Highland Gold Mining Limited is a holding company for a group of companies which
own operating and development assets in the Russian gold mining industry. The
Group's gold mining assets are located in the Far East of the Russian
Federation.
Price/Volume
140
12.0 M
120
10.0 M
100
8.0 M
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2012)
52-Week Low (28.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HGM LN EQUITY YTD Change
HGM LN EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
164.7
243.6
2.05x
3.16x
56.5
120.3
5.97x
6.40x
78.8
122.3
5.92x
7.81x
Profitability
31.12.2011
300.2
2.75x
156.5
5.27x
103.8
9.14x
31.12.2012
351.8
1.31x
162.2
2.83x
122.9
4.15x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
162.15
125.34
35.63%
43.67%
14.63%
16.59%
16.59%
0.42%
41.6%
46.1%
35.6%
34.9%
5.40
2.12
0.96%
1.11%
43.40
3.25
Price/ Cash Flow
2.0 M
20
0
j-12
.0 M
a-12
s-12
LTM-4Q
LTM
01/yy
01/yy
-
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
-
11.89
0.97
56.68
-45.34%
-42.53%
0.970
9
4.333
982'786
1'029'568
836'492
FY+2
12/13 Y
12/14 Y
382.7
460.8
1.17x
1.10x
157.1
194.8
1.36x
1.10x
86.1
105.8
3.05x
2.51x
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
FQ+1
FQ+2
123.31
28.23
-0.32
0.05
1.1%
1.1%
0.42
0.77
8.43
112.73
13.09
108.07
20.00
400.0
18.00
350.0
16.00
300.0
14.00
250.0
12.00
10.00
200.0
8.00
150.0
6.00
100.0
4.00
50.0
2.00
0.00
01.01.2010
4.0 M
40
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
149.1
1.02x
38.7
3.92x
(232.4)
-
6.0 M
60
12/2012
01/yy
128.91
50.00
9'557.00
53.5
-58.50%
7.00%
4.75%
325.2
173.99
8.75
0.0
2.2
61.35
214.42
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
01.07.2013
Highland Gold Mining Ltd

Holdings By:
All
Holder Name
MILLHOUSE LLC
BARRICK GOLD CORP
SHVIDLER EVGENY MARK
PROTSVETANIYE HOLDIN
JP MORGAN
KOULAKOV IVAN EUGENE
HAKANSSON PETER ELAM
LANCRENAN INVESTMENT
NORGES BANK
PROSPERITY CAPITAL M
EAST CAPITAL ASSET M
FLEMING FAMILY & PAR
LEGAL & GENERAL
URALSIB JSC
DWS FINANZ SERVICE G
BLACKROCK
PARVEST INVESTMENT M
Firm Name
Numis Securities Ltd
Otkritie Capital
EVA Dimensions
Westhouse Securities
VTB Capital
Sberbank CIB
Fox-Davies Capital
VSA Capital Ltd
Alfa-Bank
Aton LLC
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
PROSPERITY VOSKHOD F
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
CAILEY BARKER
ANDY JONES
TIMOTHY STANISH
NICK HATCH
NIKOLAY SOSNOVSKIY
MIKHAIL STISKIN
PETER ROSE
CHARLIE LONG
BARRY EHRLICH
ILYA MAKAROV
Source
Co File
Co File
RNS-DIR
RNS-MAJ
ULT-AGG
Co File
RNS-MAJ
RNS-MAJ
MF-AGG
MF-PART
MF-AGG
ULT-AGG
ULT-AGG
RNS-MAJ
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
buy
buy
buy
buy
sell
buy
buy
buy
equalweight
buy
Amt Held
105'910'000
66'235'264
35'059'245
22'879'845
21'698'201
17'552'500
11'101'386
9'786'032
9'094'169
8'402'720
8'062'000
5'812'049
5'496'428
4'211'883
1'977'736
1'850'620
1'580'000
1'384'600
1'314'170
900'000
% Out
32.57
20.37
10.78
7.04
6.67
5.4
3.41
3.01
2.8
2.58
2.48
1.79
1.69
1.3
0.61
0.57
0.49
0.43
0.4
0.28
Weighting
Change
5
5
5
5
1
5
5
5
3
5
M
M
M
M
M
M
M
M
M
M
Latest Chg
1'000'000
3'371'722
(114'656)
(27'000)
51'768
(10'700'000)
1'850'620
1'580'000
(54'955)
-
Target Price
170
122
#N/A N/A
135
70
121
157
175
126
136
File Dt
18.04.2011
18.04.2011
20.06.2013
24.04.2013
30.04.2013
26.04.2011
30.04.2012
12.04.2013
31.12.2012
31.05.2013
31.03.2013
28.06.2013
28.02.2013
29.09.2010
28.03.2013
31.01.2013
31.05.2012
20.08.2012
27.06.2013
31.12.2012
Date
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Inst Type
Holding Company
Corporation
n/a
Holding Company
Investment Advisor
n/a
n/a
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
24.06.2013
14.06.2013
06.06.2013
29.05.2013
21.05.2013
20.05.2013
24.04.2013
16.04.2013
26.02.2013
28.06.2012
01.07.2013
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
20.0 M
0
0
Latest Fiscal Year:

LTM as of:
52-Week High (10.07.2012)
52-Week Low (13.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
IRN AU EQUITY YTD Change
IRN AU EQUITY YTD % CHANGE
12/2012
01/yy
0.39
0.20
853'077.00
0.265
-32.05%
32.50%
34.21%
1'203.1
318.83
0.00
0.0
0.0
235.04
83.80
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
10.0 M
0
0
5.0 M
0
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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)
-
15.0 M
Valuation Analysis
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%
-
603'927
1'784'640
1'100'245
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
1.01
431.29
1.39
-22.06%
10.42%
1.008
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
01.07.2013
Indophil Resources NL
Holdings By:
All
Holder Name
ALSONS DEVELOPMENT &
GLENCORE XSTRATA PLC
XSTRATA QUEENSLAND L
L1 CAPITAL PTY LTD
UBS
SAN MIGUEL CORP
COASTAL VIEW EXPLORA
ACORN CAPITAL LTD
UNISUPER
WESTOZ FUNDS MANAGEM
PHILEX MINING CORP
SUNSUPER FUND
HEALTH SUPER
MICROCAP INVESTMENT
CBA OFFICERS SUPER F
FIL LIMITED
MATUTUM CONSOLIDATED
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
n/a
n/a
n/a
Analyst
TIMOTHY STANISH
Source
Co File
ULT-AGG
Co File
EXCH
EXCH
ULT-AGG
ULT-AGG
EXCH
Co File
EXCH
EXCH
MF-AGG
Co File
EXCH
EXCH
EXCH
EXCH
ULT-AGG
Co File
ULT-AGG
Recommendation
buy
Amt Held
240'508'334
157'189'422
157'189'422
77'094'557
59'777'753
59'366'360
52'235'438
48'016'960
48'016'960
20'419'416
19'610'481
16'200'000
15'630'806
13'290'433
9'408'868
9'086'904
8'280'549
7'192'750
5'500'000
5'392'977
% Out
19.99
13.06
13.06
6.41
4.97
4.93
4.34
3.99
3.99
1.7
1.63
1.35
1.3
1.1
0.78
0.76
0.69
0.6
0.46
0.45
Weighting
Change
5
Latest Chg
(12'125'963)
(11'905'784)
476'672
-
Target Price
#N/A N/A
File Dt
22.03.2013
06.02.2012
22.03.2013
10.04.2013
28.08.2012
28.06.2013
17.06.2011
17.06.2011
22.03.2013
09.02.2012
09.02.2012
30.06.2011
22.03.2013
09.02.2012
09.02.2012
09.02.2012
09.02.2012
31.10.2012
22.03.2013
29.03.2013
Date
Not Provided
Inst Type
Corporation
Corporation
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Corporation
Corporation
Investment Advisor
Other
Investment Advisor
Corporation
Other
Other
Other
Other
Investment Advisor
Unclassified
Investment Advisor
Date
06.06.2013
01.07.2013
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 (25.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LYD CN EQUITY YTD Change
LYD CN EQUITY YTD % CHANGE
12/2012
03/yy
2.56
1.00
418'214.00
1.2
-53.13%
20.00%
12.82%
130.2
156.21
0.00
0.0
0.0
20.11
66.68
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
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13
m-13
a-13
m-13
j-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
-10.26%
-11.08%
0.00%
5.62
5.51
0.00%
0.00%
-
03/yy
0.0
#DIV/0!
(2.6)
0.00x
(7.0)
0.00x
LTM
03/yy
0.0
#DIV/0!
(1.3)
0.00x
(7.4)
0.00x
0.00
1.42
111.21
0.11
-42.58%
-42.58%
1.421
9
4.778
395'351
358'326
365'190
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2
09/13 Q3
(8.4)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
0.0%
0.0%
0.00
0.00
-
1.0
0.9
1.00
0.8
0.7
0.80
0.60
0.40
0.6
0.5
0.4
0.3
0.2
0.20
0.1
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
Lydian International Ltd

Holdings By:
All
Holder Name
INTERNATIONAL FINANC
EUROPEAN BANK FOR RE
FRANKLIN RESOURCES
BANK OF NOVA SCOTIA
INVESCO LTD
HAYK ALOYAN
FMR LLC
HENDERSON MARC C
MULLENS PETER
ANDROSS LIMITED
GLOBAL X MANAGEMENT
TARGET GENERATION SO
QUANTEX AG
SPROTT INC
Firm Name
Stifel
TD Securities
BMO Capital Markets
GMP
Scotia Capital
RBC Capital Markets
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
CRAIG P STANLEY
DANIEL EARLE
JOHN P HAYES
TARA HASSAN
ANDREW MIKITCHOOK
SHANE NAGLE
LEILY OMOUMI
MIKE KOZAK
JONATHAN GUY
Source
ULT-AGG
SEDI
Research
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
SEDI
ULT-AGG
ULT-AGG
SEDI
SEDI
SEDI
MF-AGG
MF-AGG
SEDI
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
speculative buy
buy
buy
outperform
sector outperform
buy
outperform
Amt Held
13'148'278
10'309'771
9'038'780
5'775'000
3'790'000
3'142'696
3'066'400
2'351'900
1'791'500
1'655'300
1'567'700
1'502'500
1'430'000
1'340'450
1'316'829
1'179'400
1'007'500
950'000
941'400
762'610
% Out
10.1
7.92
6.94
4.44
2.91
2.41
2.36
1.81
1.38
1.27
1.2
1.15
1.1
1.03
1.01
0.91
0.77
0.73
0.72
0.59
Weighting
Change
5
4
4
5
5
5
5
5
5
M
M
M
M
M
M
M
M
M
Latest Chg
1'419'732
1'890'000
1'142'696
431'800
2'000
30'000
(100'000)
(90'500)
200'000
500'000
(141'000)
Target Price
3
4
#N/A N/A
3
3
4
4
3
3
File Dt
Inst Type
28.06.2013
Investment Advisor
28.03.2013
Government
29.03.2012
Bank
28.03.2013
Investment Advisor
31.12.2012
Bank
31.03.2013
Investment Advisor
31.01.2013
Bank
22.02.2013
n/a
30.04.2013
Investment Advisor
28.02.2013
Holding Company
12.03.2013
n/a
07.02.2013
n/a
12.10.2012
Other
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
21.09.2010
Other
29.03.2013
Investment Advisor
28.03.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Date
28.06.2013
19.06.2013
18.06.2013
18.06.2013
29.05.2013
10.05.2013
23.04.2013
22.04.2013
19.04.2013
01.07.2013
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
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.09.2012)
52-Week Low (28.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SBB CN EQUITY YTD Change
SBB CN EQUITY YTD % CHANGE
12/2012
03/yy
3.55
0.75
620'800.00
0.98
-72.39%
30.67%
8.21%
188.3
184.51
0.00
0.0
0.0
116.39
80.27
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
0
j-12
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)
-
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
-11.86
-11.90
-4.03%
-4.62%
0.00%
42.88
41.36
0.00%
0.00%
0.00
0.00
Price/ Cash Flow
03/yy
0.0
#DIV/0!
(8.7)
0.00x
(11.1)
0.00x
s-12
o-12
n-12
d-12
LTM
03/yy
0.0
#DIV/0!
(11.5)
0.00x
(13.6)
0.00x
j-13
f-13
m-13
a-13
m-13
j-13
0.00
1.70
139.62
0.84
-50.75%
-63.02%
1.696
7
4.143
608'178
558'198
523'607
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2
09/13 Q3
(5.7)
(6.0)
(5.9)
(7.0)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
0.00
0.0%
0.0%
0.00
0.00
-990.08
-
180.00
0.0
160.00
0.0
140.00
0.0
120.00
0.0
100.00
0.0
80.00
0.0
60.00
0.0
40.00
0.0
20.00
0.0
0.00
01.01.2010
.0 M
a-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
(3.6)
(3.1)
-
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
01.07.2013
Sabina Gold & Silver Corp

Holdings By:
All
Holder Name
GOODMAN INVESTMENT C
DUNDEE PRECIOUS META
BANK OF NOVA SCOTIA
DUNDEE CORP
FMR LLC
QUANTEX AG
GLOBAL X MANAGEMENT
SHARE SICAV
US GLOBAL INVESTORS
VANGUARD GROUP INC
WHITTON JOHN F
SPROTT INC
WILKES LEROY E
PACIFIC INCOME ADVIS
Firm Name
Salman Partners
BMO Capital Markets
RBC Capital Markets
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
DAVID WEST
RICHARD GRAY
ANDREW KAIP
ADAM MELNYK
PAOLO LOSTRITTO
DON MACLEAN
STEPHEN D WALKER
Source
SEDI
PROXY
ULT-AGG
ULT-AGG
SEDI
ULT-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
PROXY
MF-AGG
MF-AGG
SEDI
MF-AGG
Recommendation
speculative buy
buy
buy
sector perform
hold
outperform
Amt Held
25'187'590
18'539'713
11'105'200
8'161'251
2'828'700
2'780'000
1'140'000
1'122'000
1'034'100
988'124
945'100
899'400
838'000
742'157
642'400
628'042
560'700
542'600
343'373
300'000
% Out
13.38
9.85
5.9
4.33
1.5
1.48
0.61
0.6
0.55
0.52
0.5
0.48
0.45
0.39
0.34
0.33
0.3
0.29
0.18
0.16
Weighting
Change
4
5
4
5
3
3
5
Latest Chg
5'714'286
(3'630'000)
73'680
2'151'700
1'034'100
45'000
98'500
(182'800)
5'000
-
Target Price
M
M
M
M
M
D
M
File Dt
Inst Type
13.06.2013
Investment Advisor
09.05.2013
Corporation
31.12.2012
Bank
28.06.2013
Investment Advisor
29.06.2012
Holding Company
30.04.2013
Investment Advisor
29.03.2013
Investment Advisor
31.03.2013
Investment Advisor
28.06.2013
Investment Advisor
31.12.2012
Investment Advisor
28.03.2013
Investment Advisor
28.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
09.05.2013
n/a
28.03.2013
Investment Advisor
02.01.2013
n/a
31.05.2013
Investment Advisor
Date
5
3
3
7
4
2
3
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Date
19.06.2013
29.05.2013
28.05.2013
24.05.2013
24.05.2013
22.05.2013
14.04.2013
01.07.2013
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 (10.08.2012)
52-Week Low (21.06.2013)
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
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
0.0
(9.6)
(5.5)
-
15.0 M
12/2012
03/yy
1.16
0.16
3'041'213.00
0.315
-72.84%
96.88%
15.50%
416.6
131.24
142.44
0.0
0.0
48.72
244.32
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)
-
31.12.2012
133.0
3.05x
37.9
10.70x
(317.9)
-
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
37.91
-4.90
-3.69%
-187.52%
-33.31%
-39.75%
0.16%
7.8%
30.5%
-1.0%
-239.0%
1.49
0.83
17.31%
22.22%
6.01
Price/ Cash Flow
03/yy
70.9
36.63x
8.0
52.14x
(16.1)
0.00x
LTM
03/yy
151.3
10.72x
46.2
7.95x
(315.6)
0.00x
FY+1
0.00
1.67
415.25
1.71
-65.38%
-58.00%
1.673
9
3.222
2'800'025
2'448'359
2'759'354
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
195.0
245.0
63.7
114.5
3.84x
2.13x
(2.9)
19.2
11.67x
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
2.45
3.57
22.2%
18.2%
0.16
0.18
60.68
89.27
-
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
01.07.2013
Lake Shore Gold Corp

Holdings By:
All
Holder Name
TD ASSET MANAGEMENT
RUFFER LLP
BLACKROCK
FMR LLC
SHARE SICAV
NORGES BANK
VANGUARD GROUP INC
BMO FINANCIAL CORP
CANADA PENSION PLAN
HAUCK & AUFHAUSER IN
POLYGON MANAGEMENT L
PRUDENTIAL PLC
Firm Name
BMO Capital Markets
RBC Capital Markets
TD Securities
EVA Dimensions
CIBC World Markets
M Partners Inc
Portfolio Name
n/a
TD ASSET MANAGEMENT
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
NORGES BANK
Multiple Portfolios
n/a
BMO FINANCIAL CORP
n/a
CANADA PENSION PLAN
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
BRIAN QUAST
STEPHEN D WALKER
DANIEL EARLE
KERRY SMITH
TIMOTHY STANISH
COSMOS CHIU
INGRID RICO
PAOLO LOSTRITTO
BARRY D ALLAN
Source
ULT-AGG
13F
13F
13F
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
13F
13F
MF-AGG
ULT-AGG
13F
ULT-AGG
13F
MF-AGG
MF-AGG
13F
ULT-AGG
Recommendation
underperform
sector perform
buy
hold
underweight
sector underperform
buy
outperform
buy
Amt Held
30'607'224
27'505'500
14'840'645
12'114'420
10'803'000
4'600'000
4'299'914
3'656'600
3'475'500
2'956'677
2'746'733
2'060'065
1'948'750
1'614'955
1'461'593
1'403'624
1'400'000
1'121'713
1'006'500
1'000'000
% Out
7.35
6.6
3.56
2.91
2.59
1.1
1.03
0.88
0.83
0.71
0.66
0.49
0.47
0.39
0.35
0.34
0.34
0.27
0.24
0.24
Weighting
Change
1
3
5
3
1
1
5
5
5
M
M
M
M
M
D
M
M
M
Latest Chg
276'326
4'117'500
(30'000)
(1'574'400)
(896'343)
(1'504'300)
412'000
177
29'385
(50'500)
(117'621)
(1'783'703)
(1'900'000)
300'000
1'006'500
-
Target Price
0
1
1
1
#N/A N/A
0
2
2
2
File Dt
Inst Type
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
27.12.2012
Investment Advisor
30.06.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
29.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Bank
31.05.2013
Investment Advisor
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Unclassified
Date
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Date
24.06.2013
24.06.2013
19.06.2013
11.06.2013
06.06.2013
16.05.2013
16.05.2013
15.05.2013
23.04.2013
01.07.2013
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
8.0 M
7.0 M
6.0 M
1
Latest Fiscal Year:

LTM as of:
52-Week High (21.09.2012)
52-Week Low (21.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BRD US EQUITY YTD Change
BRD US EQUITY YTD % CHANGE
12/2012
03/yy
1.09
0.41
1'129'464.00
0.51
-53.21%
24.05%
14.56%
231.6
118.10
93.20
0.0
0.0
29.81
185.28
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
1.20
1.00
4.0 M
3.0 M
2.0 M
0
1.0 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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
-
5.0 M
Valuation Analysis
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%
6.51%
12.06%
11.00%
0.33%
30.9%
46.4%
25.8%
16.1%
1.15
0.76
22.12%
40.06%
35.34
9.69
03/yy
84.1
12.78x
24.2
8.42x
17.0
0.00x
LTM
03/yy
135.7
7.64x
62.9
4.18x
27.2
0.00x
FY+1
1.26
225.97
1.12
-39.86%
-45.74%
1.258
7
4.714
1'149'987
887'886
941'839
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
148.0
159.7
31.2
31.2
76.9
86.5
2.41x
2.14x
31.7
31.6
1.5
1.5
4.18x
4.36x
5.48x
4.95x
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
5.34
-0.55
1.07
1.57
40.1%
28.6%
0.33
0.41
10.33
37.65
84.46
-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
01.07.2013
Brigus Gold Corp

Holdings By:
All
Holder Name
SPROTT INC
RUFFER LLP
CONNOR CLARK & LUNN
DAWE WADE K
QUAKER CAPITAL MANAG
GROSS MICHAEL
LIBRA ADVISORS LLC
BMO FINANCIAL CORP
CITY OF LONDON INVES
CANADA PENSION PLAN
FRANK RUSSELL TRUST
KELLIGREW INC
COE CAPITAL MANAGEME
RACINE DANIEL
Firm Name
Casimir Capital
BMO Capital Markets
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
CONNOR CLARK & LUNN
n/a
QUAKER CAPITAL MANAG
n/a
LIBRA ADVISORS LLC
BMO FINANCIAL CORP
n/a
CITY OF LONDON INVES
CANADA PENSION PLAN
FRANK RUSSELL COMPAN
n/a
COE CAPITAL MANAGEME
n/a
Analyst
KERRY SMITH
ERIC WINMILL
BRIAN QUAST
RICHARD GRAY
DON BLYTH
STEVEN BUTLER
JEFF WRIGHT
Source
ULT-AGG
13G
MF-AGG
13F
ULT-AGG
13F
13F
SEDI
13F
PROXY
13F
13F
13F
ULT-AGG
13F
13F
13F
SEDI
13F
SEDI
Recommendation
buy
buy
market perform
buy
buy
buy
buy
Amt Held
18'568'232
9'336'421
7'027'000
4'428'400
3'552'474
3'203'084
2'896'000
2'438'422
1'678'100
1'578'085
1'430'200
1'095'790
1'000'000
914'868
885'000
826'510
819'000
655'289
499'380
407'046
% Out
8.02
4.03
3.03
1.91
1.53
1.38
1.25
1.05
0.72
0.68
0.62
0.47
0.43
0.4
0.38
0.36
0.35
0.28
0.22
0.18
Weighting
Change
5
5
3
5
5
5
5
Latest Chg
2'818'808
(1'057'930)
1'084'200
10'360
(5'011'416)
564'200
16'025
1'678'100
595'790
(10'948)
(27'000)
(363'190)
600'700
30'000
(215'250)
25'436
Target Price
M
M
M
M
M
M
M
File Dt
28.06.2013
30.04.2013
27.12.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
03.04.2013
31.03.2013
19.04.2013
31.03.2013
31.03.2013
31.03.2013
29.03.2013
31.03.2013
31.03.2013
31.03.2013
29.09.2011
31.03.2013
03.04.2013
Date
2
2
1
1
1
1
1
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Inst Type
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Bank
Hedge Fund Manager
Investment Advisor
n/a
Hedge Fund Manager
n/a
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
n/a
Date
20.06.2013
20.06.2013
19.06.2013
11.06.2013
22.05.2013
22.05.2013
22.05.2013
01.07.2013
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.
Price/Volume
3
3.0 M
12/2012
03/yy
2.48
0.65
545'523.00
0.755
-69.56%
16.15%
5.74%
138.1
104.26
0.00
0.0
0.0
25.90
84.08
Price/ Cash Flow
1.20
1.00
2.0 M
1.5 M
1.0 M
1
.5 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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
2.5 M
Latest Fiscal Year:

LTM as of:
52-Week High (14.09.2012)
52-Week Low (21.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GPL US EQUITY YTD Change
GPL US EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.5 M
Valuation Analysis
31.12.2008
22.4
1.28x
(9.9)
(13.8)
-
4.0 M
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%
1.85%
2.11%
2.12%
0.53%
32.0%
19.6%
2.8%
9.0%
6.23
5.17
0.00%
0.00%
5.33
6.31
03/yy
56.0
21.76x
18.3
14.61x
9.2
0.00x
LTM
03/yy
60.2
13.96x
11.8
13.48x
2.1
0.00x
FY+1
1.15
136.36
0.30
-54.79%
-50.65%
1.146
4
3.000
396'613
524'759
537'596
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
56.8
68.0
8.0
18.4
10.48x
4.57x
0.3
2.7
52.95x
21.47x
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
-2.17
0.00
0.0%
0.0%
0.53
1.03
68.48
57.88
45.58
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
01.07.2013
Great Panther Silver Ltd

Holdings By:
All
Holder Name
GLOBAL X MANAGEMENT
LB SWISS INVESTMENT
TECHNICAL FINANCIAL
ARCHER ROBERT A
BROWN CHARLES P
PUPLAVA FINANCIAL SE
CANADA PENSION PLAN
BLACKROCK
WAY FUND MANAGERS
JANE STREET HOLDING
SCHOELLERBANK INVEST
IFOS INTERNATIONALE
PLATORO RESOURCE COR
Firm Name
Salman Partners
EVA Dimensions
Portfolio Name
n/a
GLOBAL X MANAGEMENT
Multiple Portfolios
TFS CAPITAL LLC
n/a
n/a
PUPLAVA FINANCIAL SE
CANADA PENSION PLAN
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
JANE STREET HOLDING
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
ASH GUGLANI
TIMOTHY STANISH
CHRISTOS DOULIS
HEIKO IHLE
Source
ULT-AGG
13F
MF-AGG
13F
PROXY
SEDI
13F
13F
ULT-AGG
MF-AGG
MF-AGG
13F
MF-AGG
13F
MF-AGG
13F
MF-AGG
ULT-AGG
MF-AGG
PROXY
Recommendation
buy
sell
underperform
buy
Amt Held
10'968'414
1'765'875
1'600'000
1'415'289
1'191'300
448'000
410'201
260'501
217'559
200'000
200'000
153'000
153'000
145'556
140'000
101'500
100'000
87'802
61'578
60'000
% Out
7.94
1.28
1.16
1.02
0.86
0.32
0.3
0.19
0.16
0.14
0.14
0.11
0.11
0.11
0.1
0.07
0.07
0.06
0.04
0.04
Weighting
Change
5
1
1
5
M
M
M
M
Latest Chg
1'435'555
1'765'875
212'500
519'096
36'000
(19'100)
(32'600)
1'703
(35'000)
(46'366)
10'000
101'500
45'062
-
Target Price
1
#N/A N/A
1
1
File Dt
Inst Type
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
28.03.2013
Investment Advisor
31.03.2013
Investment Advisor
27.05.2013
n/a
18.11.2011
n/a
27.06.2013
Investment Advisor
31.01.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
28.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
29.05.2013
Investment Advisor
31.03.2013
Bank
31.01.2013
Investment Advisor
27.05.2013
n/a
Date
12 month
Not Provided
12 month
12 month
Date
19.06.2013
06.06.2013
03.06.2013
09.05.2013
01.07.2013
Intrepid Mines Ltd

Intrepid Mines Limited is an international precious metals development and
exploration company with primary operations in Indonesia. The Company's current
project is located in the province of East Java, where it explores for gold,
silver, and copper-gold.
Price/Volume
1
90.0 M
80.0 M
70.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.07.2012)
52-Week Low (23.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
IAU AU EQUITY YTD Change
IAU AU EQUITY YTD % CHANGE
12/2012
03/yy
0.63
0.19
2'306'867.00
0.28
-55.56%
47.37%
7.95%
556.0
155.67
0.00
0.0
0.0
9.65
135.24
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
54.4
1.06x
2.2
26.51x
(42.7)
-
60.0 M
31.12.2009
31.12.2010
0.0
0.0
1.9
(24.2)
39.18x
(9.9)
(5.0)
Profitability
LTM-4Q
31.12.2011
0.0
(39.2)
(30.0)
-
31.12.2012
0.0
(47.7)
(71.8)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
-47.73
-47.76
-50.47%
-51.74%
0.00%
57.06
5.01
0.00%
0.00%
-
Price/ Cash Flow
03/yy
0.0
#DIV/0!
(30.7)
0.00x
(29.4)
0.00x
LTM
03/yy
0.0
#DIV/0!
(17.3)
0.00x
(63.9)
0.00x
0.00
1.62
486.95
21.90
-45.63%
33.33%
1.616
5
2.400
1'930'165
4'247'103
3'357'569
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2
09/13 Q3
(10.1)
(9.2)
(7.4)
(9.7)
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
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
01.07.2013
Intrepid Mines Ltd

Holdings By:
All
Holder Name
TAURUS SM HOLDINGS P
QUANTUM PACIFIC INVE
FMR LLC
UNISUPER
ACORN CAPITAL LTD
MACQUARIE GROUP
SUNSUPER FUND
NORGES BANK
MICROCAP INVESTMENT
HEALTH SUPER
CBA OFFICERS SUPER F
VANGUARD GROUP INC
QLD LOCAL GOVT SUPER
AUSCOAL SUPER FUND
GORDON BRADLEY AUSTI
COMMONWEALTH SUPER C
Firm Name
Wilson HTM Investment Group
Hartleys
RBC Capital Markets
RBS Morgans
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
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Analyst
CAMERON JUDD
MIKE KOZAK
STEPHEN PARSONS
PETER GRAY
GEOFF BREEN
GARY LAMPARD
CHRIS BROWN
JEAN-FRANCOIS BERTINCOURT
Source
Co File
ULT-AGG
EXCH
EXCH
EXCH
ULT-AGG
EXCH
EXCH
ULT-AGG
EXCH
MF-AGG
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
EXCH
EXCH
EXCH
EXCH
Recommendation
sell
Under Review
Under Review
speculative buy
underperform
suspended coverage
outperform
buy
Amt Held
48'192'131
41'772'440
29'867'667
25'513'559
17'837'142
9'529'798
8'304'156
7'545'656
6'348'158
5'436'384
4'420'172
3'995'655
3'920'180
3'537'176
2'706'075
2'551'202
2'225'422
2'091'335
1'970'295
1'830'425
% Out
8.67
7.51
5.37
4.59
3.21
1.71
1.49
1.36
1.14
0.98
0.8
0.72
0.71
0.64
0.49
0.46
0.4
0.38
0.35
0.33
Weighting
Change
1
#N/A N/A
#N/A N/A
4
1
#N/A N/A
5
5
M
M
M
M
D
M
N
N
Latest Chg
7'384'262
(115'000)
(1'063'213)
(12'563'151)
1'263'247
700'425
(179'360)
878'800
478'000
602'600
530'300
(16'476)
340'300
327'800
235'000
-
Target Price
0
#N/A N/A
#N/A N/A
0
0
#N/A N/A
1
2
File Dt
16.03.2012
28.06.2013
20.06.2013
21.09.2011
26.09.2011
30.04.2013
06.06.2012
06.06.2012
31.08.2011
06.06.2012
31.12.2012
06.06.2012
06.06.2012
06.06.2012
30.09.2012
31.03.2013
06.06.2012
06.06.2012
01.03.2013
06.06.2012
Date
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Inst Type
Holding Company
Investment Advisor
Unclassified
Bank
Investment Advisor
Investment Advisor
Other
Investment Advisor
Investment Advisor
Other
Government
Other
Other
Other
Investment Advisor
Investment Advisor
Other
Other
n/a
n/a
Date
20.05.2013
07.05.2013
27.03.2013
19.03.2013
27.02.2013
19.02.2013
27.11.2012
17.04.2012
01.07.2013
Vista Gold Corp

Vista Gold Corp. is an international gold mining company. The Company is
focused on its core projects, the Concordia gold project located in Baja
California Sur, Mexico and the Mt. Todd gold project in Northern Territory,
Australia.
Price/Volume
5
6.0 M
5.0 M
4
3
4.0 M
12/2007
03/yy
4.09
0.95
5'705'968.00
0.97
-76.28%
2.11%
0.64%
81.7
79.27
0.00
0.0
0.0
88.40
21.81
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
1.00
2.0 M
1.0 M
1
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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 (28.06.2013)
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
-62.87%
-82.96%
0.00%
2.94
2.84
0.00%
0.00%
-
03/yy
0.0
#DIV/0!
(31.9)
0.00x
44.2
0.00x
LTM
03/yy
0.0
#DIV/0!
(35.7)
0.00x
(85.7)
0.00x
0.00
1.18
68.25
2.48
-66.67%
-64.07%
1.180
4
5.000
1'726'669
729'735
560'053
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2
09/13 Q3
(29.0)
(29.0)
(42.9)
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
(4.4)
-
(5.9)
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
01.07.2013
Vista Gold Corp

Holdings By:
All
Holder Name
SUN VALLEY GOLD LLC
SUN VALLEY GOLD LLC
SPROTT INC
BLACKROCK
LOEWS CORPORATION
STATE STREET
TECHNICAL FINANCIAL
CANADA PENSION PLAN
PARKER FREDERICK H E
CREDIT SUISSE AG
RICHINGS MICHAEL B
Firm Name
Cowen and Company
Roth Capital Partners
Portfolio Name
SUN VALLEY GOLD LLC
n/a
n/a
SPROTT INC
n/a
LOEWS CORPORATION
n/a
TFS CAPITAL LLC
CANADA PENSION PLAN
n/a
n/a
n/a
n/a
Analyst
ADAM P GRAF
BRIAN W POST
JEFF WRIGHT
PAOLO LOSTRITTO
Source
13F
Research
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
Form 4
ULT-AGG
13F
ULT-AGG
13F
13F
Form 4
Recommendation
outperform
buy
buy
outperform
Amt Held
12'084'310
12'084'310
11'374'527
6'145'260
2'577'504
1'758'748
1'386'026
881'631
871'929
822'000
755'864
713'381
632'415
566'325
412'356
327'993
248'473
201'025
199'168
188'121
% Out
14.79
14.79
13.92
7.52
3.15
2.15
1.7
1.08
1.07
1.01
0.92
0.87
0.77
0.69
0.5
0.4
0.3
0.25
0.24
0.23
Weighting
Change
5
5
5
5
Latest Chg
1'172'092
(430'462)
268'822
(200'000)
(20'701)
343'929
627'319
4'326
(100'000)
10'000
327'220
44'000
88'467
11'051
(72'615)
-
Target Price
M
M
M
M
File Dt
31.03.2013
31.03.2013
28.06.2013
31.03.2013
27.06.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
08.01.2013
Date
3
7
5
3
12 month
12 month
12 month
12 month
Inst Type
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Corporation
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Date
26.06.2013
30.05.2013
30.05.2013
29.05.2013
01.07.2013
Alexco Resource Corp

Alexco Resource Corporation is a mineral exploration and production company.
The Company mines for minerals that include gold and silver.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.07.2012)
52-Week Low (25.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AXU US EQUITY YTD Change
AXU US EQUITY YTD % CHANGE
Price/Volume
12/2012
03/yy
4.79
0.90
688'351.00
1.12
-76.62%
24.44%
5.66%
62.6
70.08
0.00
0.0
0.0
23.09
60.02
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
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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)
-
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%
-0.12%
-0.18%
-0.18%
0.36%
21.2%
26.1%
-6.1%
4.0%
2.57
2.01
0.00%
0.00%
7.30
7.08
03/yy
68.2
24.16x
18.8
20.36x
5.2
0.00x
LTM
03/yy
76.7
11.10x
20.0
9.36x
(0.3)
0.00x
FY+1
1.08
52.25
0.75
-74.60%
-68.63%
1.076
5
3.400
461'880
464'573
471'031
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
73.0
85.0
21.1
21.9
(4.1)
1.0
58.28x
(4.3)
2.1
(0.9)
(0.5)
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
553.04
-174.91
-0.68
0.00
0.0%
0.0%
0.36
0.50
49.99
51.56
87.18
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
01.07.2013
Alexco Resource Corp

Holdings By:
All
Holder Name
SPROTT INC
ASSET LIABILITY MANA
NAUMAN CLYNTON R
PATHSTONE FAMILY OFF
GLOBAL X MANAGEMENT
BLACKROCK
LB SWISS INVESTMENT
THRALL BRADLEY A
TECHNICAL FINANCIAL
SEMAPHORE MANAGEMENT
FORUM INVESTMENT ADV
VANGUARD GROUP INC
NOMURA
BMO INVESTMENTS INC
MCINTYRE ROBERT L
GENEVA INVESTMENT MA
Firm Name
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
PATHSTONE FAMILY OFF
GLOBAL X MANAGEMENT
n/a
Multiple Portfolios
n/a
TFS CAPITAL LLC
SEMAPHORE MANAGEMENT
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
GENEVA INVESTMENT MA
Analyst
NICHOLAS CAMPBELL
JEFF WRIGHT
TIMOTHY STANISH
GRAEME JENNINGS
CHRISTOS DOULIS
Source
Co File
ULT-AGG
13F
13F
PROXY
PROXY
13F
13F
13F
ULT-AGG
MF-AGG
SEDI
13F
13F
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
SEDI
13F
Recommendation
hold
neutral
overweight
market perform
sector perform
Amt Held
6'004'850
4'009'408
2'629'000
2'100'000
1'940'299
1'725'001
1'203'671
814'919
638'317
586'930
530'000
523'200
484'850
409'942
381'904
251'242
91'006
85'000
71'887
70'000
% Out
9.6
6.41
4.2
3.36
3.1
2.76
1.92
1.3
1.02
0.94
0.85
0.84
0.77
0.66
0.61
0.4
0.15
0.14
0.11
0.11
Weighting
Change
3
3
5
3
3
M
M
M
M
M
Latest Chg
(230'500)
527'964
(54'000)
2'100'000
(10'515)
(425'145)
30'000
3'200
175'434
14'810
35'740
(24'760)
10'000
26'000
Target Price
2
2
#N/A N/A
2
2
File Dt
30.04.2013
28.06.2013
31.03.2013
31.03.2013
01.05.2013
01.05.2013
31.03.2013
31.03.2013
31.03.2013
27.06.2013
29.04.2013
20.02.2013
31.03.2013
31.12.2012
31.12.2012
31.03.2013
31.03.2013
31.01.2013
17.04.2013
31.03.2013
Date
12 month
12 month
Not Provided
12 month
12 month
Inst Type
Hedge Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Other
n/a
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
n/a
Investment Advisor
Date
25.06.2013
10.06.2013
06.06.2013
04.06.2013
03.06.2013
01.07.2013
Atac Resources Ltd

ATAC Resources Ltd. explores for gold in Canada.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.08.2012)
52-Week Low (26.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ATC CN EQUITY YTD Change
ATC CN EQUITY YTD % CHANGE
12/2012
03/yy
2.95
0.69
319'621.00
0.83
-71.86%
20.29%
6.19%
113.2
93.92
0.00
0.0
0.0
15.04
67.27
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13
m-13
a-13
m-13
j-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
31.12.2009
31.12.2010
0.0
0.0
(1.1)
(3.1)
(1.1)
(2.2)
Profitability
LTM-4Q
31.12.2011
0.0
(24.8)
-
31.12.2012
0.0
(7.5)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
-6.54
-3.12%
-3.48%
0.00%
18.93
18.66
0.00%
0.00%
-
Price/ Cash Flow
03/yy
0.0
#DIV/0!
0.0
0.00x
(11.6)
0.00x
LTM
03/yy
0.0
#DIV/0!
0.0
0.00x
(2.8)
0.00x
0.00
1.81
90.26
0.18
-65.13%
-52.30%
1.805
2
5.000
415'507
208'346
227'750
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2
09/13 Q3
(4.2)
(4.3)
(3.3)
(4.1)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
(1.1)
(1.0)
-
(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
01.07.2013
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
GMP
Macquarie
Raymond James
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
ANDREW MIKITCHOOK
MICHAEL GRAY
GARY J BASCHUK
DON MACLEAN
Source
13F
SEDI
SEDI
ULT-AGG
SEDI
MF-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
PROXY
PROXY
MF-AGG
MF-AGG
MF-AGG
SEDI
MF-AGG
MF-AGG
SEDI
MF-AGG
Recommendation
buy
outperform
Under Review
hold
Amt Held
14'971'600
9'600'000
9'556'286
5'985'256
1'987'126
1'615'128
1'124'700
558'195
523'000
482'588
424'667
400'000
370'900
300'000
300'000
255'000
225'000
193'000
111'400
97'200
% Out
13.23
8.48
8.45
5.29
1.76
1.43
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
#N/A N/A
3
M
M
M
M
Latest Chg
30'100
(250'000)
54'038
20'000
(1'400)
(463'800)
28'300
135'000
75'000
(5'000)
13'300
Target Price
2
2
#N/A N/A
4
File Dt
Inst Type
20.03.2013
Corporation
05.04.2011
Corporation
28.06.2013
Investment Advisor
22.02.2013
n/a
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
25.02.2013
n/a
17.04.2013
n/a
17.04.2013
n/a
28.03.2013
Investment Advisor
29.04.2013
Investment Advisor
30.04.2013
Investment Advisor
17.02.2012
n/a
30.06.2012
Investment Advisor
28.03.2013
Investment Advisor
07.06.2012
n/a
28.02.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
Date
29.05.2013
24.05.2013
18.04.2013
06.03.2012
01.07.2013
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 (26.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SPM CN EQUITY YTD Change
SPM CN EQUITY YTD % CHANGE
12/2012
03/yy
1.28
0.28
641'623.00
0.34
-73.44%
23.64%
6.47%
198.4
67.45
0.00
0.0
0.0
31.05
35.88
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
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13
m-13
a-13
m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
0.0
(4.6)
(90.7)
-
31.12.2009
31.12.2010
19.4
34.2
4.59x
5.75x
6.6
11.9
13.58x
16.54x
13.5
30.7
6.00x
9.00x
Profitability
LTM-4Q
31.12.2011
61.1
5.89x
29.4
12.25x
12.6
32.50x
31.12.2012
45.8
3.78x
14.2
12.23x
7.1
25.75x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
14.18
10.32
22.52%
24.11%
2.88%
2.99%
3.00%
0.28%
41.6%
30.0%
19.7%
15.5%
21.39
18.19
0.00%
0.00%
5.27
3.81
Price/ Cash Flow
03/yy
56.1
19.77x
21.8
9.87x
10.0
25.80x
LTM
03/yy
41.6
13.67x
12.5
8.58x
4.3
23.33x
FY+1
0.00
1.59
196.42
0.19
-46.88%
-66.99%
1.595
3
5.000
605'501
476'339
549'577
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
48.6
78.2
10.0
11.6
3.59x
3.09x
10.97x
10.30x
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
-2.53
0.00
0.0%
0.0%
0.28
0.48
69.28
95.75
50.15
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
01.07.2013
Scorpio Mining Corp

Holdings By:
All
Holder Name
JP MORGAN
GLOBAL X MANAGEMENT
SPROTT INC
HAWLEY PETER J
FACTOR ADVISORS LLC
BLACKROCK
SADEK JOHN
IFOS INTERNATIONALE
MASON EWAN
SAWH HEMDAT
PRINCIPAL FINANCIAL
Firm Name
Casimir Capital
Clarus Securities
MLV & Co
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Analyst
ERIC WINMILL
MIKE BANDROWSKI
BARRY D ALLAN
RICHARD TROTMAN
Source
13F
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
Co File
Co File
ULT-AGG
Recommendation
buy
buy
buy
suspended coverage
Amt Held
34'089'105
14'597'799
9'523'000
3'905'390
3'800'000
1'941'000
1'843'436
1'400'000
1'322'400
424'600
156'048
131'178
98'840
79'150
75'011
45'000
40'000
20'000
10'500
9'500
% Out
17.18
7.36
4.8
1.97
1.92
0.98
0.93
0.71
0.67
0.21
0.08
0.07
0.05
0.04
0.04
0.02
0.02
0.01
0.01
0
Weighting
Change
5
5
5
#N/A N/A
M
M
M
M
Latest Chg
(203'900)
131'582
(2'341'300)
9'500
Target Price
1
2
2
#N/A N/A
File Dt
Inst Type
28.06.2013
Investment Advisor
28.02.2013
Investment Advisor
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
n/a
28.03.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
29.03.2013
Investment Advisor
29.11.2012
Unclassified
27.06.2013
Investment Advisor
31.12.2012
n/a
31.01.2013
Investment Advisor
29.05.2013
Investment Advisor
30.04.2013
Investment Advisor
31.12.2012
n/a
31.12.2012
n/a
31.03.2013
Investment Advisor
Date
Not Provided
12 month
12 month
Not Provided
Date
17.06.2013
04.06.2013
23.05.2013
16.07.2012
01.07.2013
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.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.10.2012)
52-Week Low (15.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MDW US EQUITY YTD Change
MDW US EQUITY YTD % CHANGE
Price/Volume
12/2010
03/yy
1.80
0.86
1'954'222.00
0.943
-47.61%
9.32%
8.57%
128.5
121.13
0.00
44.3
0.0
75.05
102.01
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
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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
j-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
-6.59%
-14.91%
0.00%
43.98
43.90
0.00%
0.00%
0.00
-
03/yy
0.0
#DIV/0!
(18.6)
0.00x
(15.9)
0.00x
LTM
03/yy
0.0
#DIV/0!
(16.2)
0.00x
(6.3)
0.00x
0.00
1.15
98.45
4.06
-32.16%
-32.16%
1.148
6
4.667
601'898
578'717
446'410
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2
09/13 Q3
(6.7)
(10.8)
(11.0)
(16.4)
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
(4.6)
-
(4.6)
-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
01.07.2013
Midway Gold Corp

Holdings By:
All
Holder Name
SHEERIN MATT
HAWES GEORGE T
FRANKLIN RESOURCES
HALE CAPITAL PARTNER
BLACKROCK
DISBROW ROBERT
VANGUARD GROUP INC
YU FRANK S
STATE STREET
WOLFUS DANIEL EDWARD
NANTAHALA CAPITAL MA
DAVENPORT & COMPANY
DEANS KNIGHT CAPITAL
US GLOBAL INVESTORS
SUN VALLEY GOLD LLC
Firm Name
Stifel
Jacob Securities Inc
RBC Capital Markets
MLV & Co
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
NANTAHALA CAPITAL MA
DAVENPORT & COMPANY
n/a
US GLOBAL INVESTORS
Multiple Portfolios
SUN VALLEY GOLD LLC
Analyst
MICHAEL A SCOON
JOE MAZUMDAR
BRIAN SZETO
MATTHEW SHEPPARD
KYLE MCPHEE
SAM CRITTENDEN
RICHARD TROTMAN
Source
ULT-AGG
PROXY
PROXY
ULT-AGG
PROXY
ULT-AGG
13G
13F
PROXY
ULT-AGG
PROXY
13F
13F
13F
13G
13F
MF-AGG
13F
13F
13F
Recommendation
buy
speculative buy
outperform
buy
speculative buy
outperform
suspended coverage
Amt Held
12'983'125
7'929'506
7'112'952
6'557'700
6'127'310
5'299'564
5'072'200
2'914'011
1'709'646
1'634'300
1'570'117
1'526'751
1'470'179
1'416'296
1'144'360
571'863
558'000
445'429
435'535
376'690
% Out
10.11
6.17
5.54
5.11
4.77
4.13
3.95
2.27
1.33
1.27
1.22
1.19
1.14
1.1
0.89
0.45
0.43
0.35
0.34
0.29
Weighting
Change
5
4
5
5
4
5
#N/A N/A
M
M
M
M
M
M
M
Latest Chg
(271'400)
60'000
467'767
(75'800)
(1'449'218)
(26'204)
1'526'751
14'700
(65'462)
(4'310)
Target Price
2
2
2
2
2
2
#N/A N/A
File Dt
Inst Type
28.06.2013
Investment Advisor
18.04.2013
n/a
18.04.2013
n/a
31.03.2013
Investment Advisor
18.04.2013
Other
27.06.2013
Investment Advisor
31.12.2011
n/a
31.03.2013
Investment Advisor
18.04.2013
n/a
31.03.2013
Investment Advisor
18.04.2013
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Date
28.06.2013
25.06.2013
13.06.2013
29.05.2013
22.04.2013
05.02.2013
16.07.2012
01.07.2013
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
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.09.2012)
52-Week Low (24.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PGD LN EQUITY YTD Change
PGD LN EQUITY YTD % CHANGE
12/2012
01/yy
30.75
8.90
15'000.00
9
-70.73%
1.12%
2.06%
855.5
76.99
0.00
0.0
2.5
2.87
76.58
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
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
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
0.0
(5.8)
(5.8)
-
35
31.12.2009
31.12.2010
0.0
0.0
(7.3)
(11.3)
(7.3)
(11.3)
Profitability
31.12.2011
0.0
(32.6)
(33.2)
-
1.80
0.78
0.00%
0.00%
0.00
1'136'883
1'677'797
1'551'015
LTM-4Q
LTM
FY+1
FY+2
FQ+1
01/yy
01/yy
12/13 Y
12/14 Y
31.12.2012
0.0
(15.8)
(13.1)
-15.81
-16.48
-39.10%
-54.75%
0.00%
0.00
0.85
526.07
-64.00%
-60.00%
0.847
1
4.000
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
-
-368.56
-457.66
0.00
0.0%
0.0%
0.00
0.00
441.36
-
1.0
0.9
1.00
0.8
0.7
0.80
0.60
0.40
0.6
0.5
0.4
0.3
0.2
0.20
0.1
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
Patagonia Gold PLC

Holdings By:
All
Holder Name
DIRECTOR & RELATED H
UBS
BLACKROCK
MIGUENS CARLOS JOSE
CINCO VIENTOS URUGUA
VAN ECK GLOBAL
MIGUENS DIEGO
TAHEH INTERNATIONAL
BARRICK GOLD CORP
MIGUENS CRISTINA
HUMPHRIES WILLIAM HE
F&C ASSET MANAGEMENT
FOUR CAPITAL PARTNER
HARGREAVE
PRIVATE INDIVIDUALS
BARCLAYS PERSONAL IN
COUTTS PRIVATE BANKI
F&C FUND MANAGEMENT
CRAVEN JOHN ANTHONY
Firm Name
Mirabaud Securities
Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
NICHOLAS CHALMERS
Source
REG
ULT-AGG
ULT-AGG
RNS-DIR
REG
ULT-AGG
RNS-MAJ
Co File
REG
REG
Co File
RNS-DIR
REG
REG
ULT-AGG
REG
REG
REG
MF-AGG
Co File
Recommendation
speculative buy
Amt Held
154'200'010
141'469'892
139'329'693
125'072'109
56'920'252
40'286'416
39'908'174
29'562'152
28'353'264
28'323'264
24'485'645
23'296'857
17'543'465
17'507'313
16'978'688
16'847'969
12'919'075
11'236'067
9'941'137
9'455'190
% Out
18.03
16.54
16.29
14.62
6.65
4.71
4.67
3.46
3.31
3.31
2.86
2.72
2.05
2.05
1.98
1.97
1.51
1.31
1.16
1.11
Weighting
Change
4
Latest Chg
5'162'143
44'894'533
(386'765)
6'558'667
363'136
(3'212'533)
4'403'000
7'820'731
10'610'028
(8'500)
3'448'000
5'999'409
(1'658'722)
-
Target Price
35
File Dt
02.04.2013
02.04.2013
27.06.2013
03.05.2013
02.04.2013
28.06.2013
25.06.2013
24.04.2012
02.04.2013
02.04.2013
24.04.2012
27.06.2012
02.04.2013
02.04.2013
02.04.2013
02.04.2013
02.04.2013
02.04.2013
28.02.2013
24.04.2012
Date
12 month
Inst Type
Other
Unclassified
Investment Advisor
n/a
Other
Investment Advisor
Unclassified
n/a
Other
Corporation
n/a
n/a
Investment Advisor
Other
Unclassified
Other
Investment Advisor
Unclassified
Investment Advisor
n/a
Date
04.12.2012
01.07.2013
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.
Price/Volume
1
80.0 M
70.0 M
60.0 M
1
Latest Fiscal Year:

LTM as of:
52-Week High (24.09.2012)
52-Week Low (26.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GRY AU EQUITY YTD Change
GRY AU EQUITY YTD % CHANGE
06/2012
01/yy
0.99
0.13
5'117'800.00
0.135
-86.36%
8.00%
0.58%
400.5
54.06
0.00
0.0
0.0
46.22
3.41
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
40.0 M
30.0 M
20.0 M
0
10.0 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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)
-
50.0 M
Valuation Analysis
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
1.52
390.07
13.94
-80.15%
-73.79%
1.519
14
3.643
3'580'253
5'203'682
4'511'137
FY+2
06/13 Y
06/14 Y
2.8
1.9
2.46x
33.64x
(7.9)
(7.9)
(5.7)
(6.0)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
01.07.2013
Gryphon Minerals Ltd

Holdings By:
All
Holder Name
GENESIS ASSET MANAGE
AMP LTD
NORGES BANK
JP MORGAN
PARSONS STEPHEN
BANK OF NOVA SCOTIA
FMR LLC
MACQUARIE GROUP
GLOBAL X MANAGEMENT
WELLS FARGO
QUANTEX AG
VANGUARD GROUP INC
NETHERWAY DAVID GEOR
SHARE SICAV
Firm Name
Morgan Stanley
BMO Capital Markets
RBC Capital Markets
Macquarie
EVA Dimensions
Clarus Securities
GMP
Credit Suisse
RBS Morgans
Deutsche Bank
DJ Carmichael Pty Ltd
Portfolio Name
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
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
BRENDAN FITZPATRICK
ADAM MIETHKE
ANDREW BREICHMANAS
GEOFF BREEN
MITCH RYAN
TIMOTHY STANISH
NANA SANGMUAH
LEVI SPRY
MICHAEL SLIFIRSKI
REG SPENCER
DON MACLEAN
RHYS BRADLEY
JAMES WILSON
CHRIS TERRY
PAUL ADAMS
Source
ULT-AGG
EXCH
EXCH
EXCH
ULT-AGG
MF-AGG
ULT-AGG
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
Recommendation
Equalwt/In-Line
hold
sector perform
neutral
underweight
buy
hold
outperform
speculative buy
speculative buy
hold
outperform
not rated
speculative buy
Amt Held
47'385'165
28'079'256
19'591'128
16'488'127
14'803'493
13'598'508
9'872'355
6'990'601
6'850'000
5'590'010
5'507'628
4'738'876
3'934'525
3'498'398
2'360'000
1'988'755
1'939'645
1'847'374
1'820'050
1'634'666
% Out
11.83
7.01
4.89
4.12
3.7
3.4
2.47
1.75
1.71
1.4
1.38
1.18
0.98
0.87
0.59
0.5
0.48
0.46
0.45
0.41
Weighting
Change
3
3
4
3
3
1
5
3
5
4
4
3
5
#N/A N/A
4
M
D
M
M
M
M
M
M
M
D
M
D
M
M
M
Latest Chg
681'722
7'396'732
(985'067)
(160'194)
1'125'660
1'850'000
1'032'776
350'148
(10'410)
(530'000)
Target Price
0
0
1
0
0
#N/A N/A
1
0
1
0
0
0
1
#N/A N/A
#N/A N/A
File Dt
28.11.2012
07.05.2013
20.11.2012
22.10.2012
05.04.2011
31.12.2012
30.04.2013
18.12.2012
31.12.2012
30.04.2013
31.08.2011
28.06.2013
30.04.2013
31.03.2013
29.03.2013
29.03.2013
31.03.2013
30.06.2012
30.09.2012
31.12.2012
Date
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
18 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Bank
Insurance Company
Bank
Government
Investment Advisor
n/a
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Date
24.06.2013
24.06.2013
20.06.2013
19.06.2013
18.06.2013
06.06.2013
05.06.2013
29.05.2013
27.05.2013
27.05.2013
22.05.2013
22.05.2013
06.03.2013
22.02.2012
24.08.2011
01.07.2013
DRDGOLD Ltd
DRDGOLD Limited is a mid-tier, unhedged gold producer with a mix of assets. The
Company's assets include underground mines and surface re-treatment operation
and exploration activities in South Africa.
Price/Volume
9
1.2 M
1.0 M
7
6
.8 M
06/2012
03/yy
8.59
4.90
85'418.00
5.43
-36.79%
10.82%
14.36%
38.5
209.26
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
j-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
234.0
4.66x
(287.9)
-
30.06.2012
1'764.2
1.09x
380.2
5.08x
308.7
380.19
259.34
14.70%
14.79%
10.71%
19.27%
0.75%
20.6%
20.4%
13.8%
17.5%
1.80
1.15
1.23%
2.05%
13.19
03/yy
2'000.9
2.92x
408.0
4.50x
(117.3)
0.00x
s-12
o-12
n-12
d-12
LTM
03/yy
2'031.9
4.62x
411.6
6.72x
291.8
0.00x
j-13
f-13 m-13
a-13
m-13
j-13
FY+1
0.75
0.05
-13.88%
-31.20%
0.745
2
5.000
91'293
119'282
107'411
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
06/13 Q4 09/13 Q1
2'065.5
2'096.1
459.9
498.6
260.5
284.9
7.86x
7.21x
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
24.25
3.00
-0.58
0.42
2.0%
1.8%
0.75
1.17
27.74
-
1.20
3'000.0
1.00
2'500.0
0.80
2'000.0
0.60
.0 M
a-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 (26.06.2013)
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
01.07.2013
DRDGOLD Ltd
Holdings By:
All
Holder Name
SKAGEN AS
US GLOBAL INVESTORS
BRANCH BANKING & TRU
ROTHSCHILD & COMPAGN
OXFORD ASSET MANAGEM
MORGAN STANLEY
FRANK RUSSELL TRUST
RUFFER LLP
APERIO GROUP LLC
FMR LLC
SCHRODER INVESTMENT
COMMONWEALTH OF PENN
BLACKROCK
O'SHAUGHNESSY ASSET
PHILADELPHIA INTERNA
Firm Name
EVA Dimensions
Portfolio Name
Multiple Portfolios
n/a
US GLOBAL INVESTORS
Multiple Portfolios
BRANCH BANKING AND T
Multiple Portfolios
OXFORD ASSET MANAGEM
n/a
FRANK RUSSELL COMPAN
RUFFER LLP
APERIO GROUP LLC
n/a
SCHRODER INVESTMENT
COMMONWEALTH OF PENN
n/a
n/a
O'SHAUGHNESSY ASSET
PHILADELPHIA INTERNA
Analyst
TIMOTHY STANISH
Source
MF-AGG
ULT-AGG
13F
13F
13F
MF-AGG
13F
MF-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
13F
Recommendation
overweight
Amt Held
3'724'701
1'073'033
536'792
442'970
125'000
115'000
110'000
100'000
61'336
49'176
36'297
34'015
33'383
28'300
28'300
26'529
20'181
19'729
11'452
9'000
% Out
9.66
2.78
1.39
1.15
0.32
0.3
0.29
0.26
0.16
0.13
0.09
0.09
0.09
0.07
0.07
0.07
0.05
0.05
0.03
0.02
Weighting
Change
5
Latest Chg
141'063
(58'369)
52'500
15'000
43'360
17'676
3'750
20'133
3'502
5'671
9'000
Target Price
#N/A N/A
File Dt
Inst Type
31.05.2013
Investment Advisor
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.03.2013
Bank
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
Date
06.06.2013
01.07.2013
Red 5 Ltd
Red 5 Limited is a minieral exploration and development company. The Company's
principal asset is the Siana Gold Project in the Philippines held under a
Mineral Production Sharing Agreement by a Red5 Philippine compliant company.
Red 5's second asset is the Mapawa MPSA, located north of Siana.
Price/Volume
2
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
2
1
1
1
1
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.10.2012)
52-Week Low (18.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RED AU EQUITY YTD Change
RED AU EQUITY YTD % CHANGE
06/2012
01/yy
1.75
0.56
0.00
5.44%
135.5
0.00
0.0
(0.4)
13.46
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.06.2009
(1.4)
(0.6)
-
0
0
0
j-12
30.06.2010
(1.5)
(0.9)
Profitability
(2.2)
(0.4)
-
30.06.2011
0.0
(5.2)
(8.1)
-
s-12
o-12
n-12
d-12
j-13
f-13
m-13
a-13
Market Data
LTM-4Q
LTM
01/yy
01/yy
30.06.2012
4.3
42.84x
(2.9)
(1.7)
-
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
-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
-
1.48
134.28
0.85
1.484
1
1.000
0
0
65'420
FY+2
06/13 Y
06/14 Y
40.6
123.0
6.7
46.1
(7.8)
30.6
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
FQ+1
FQ+2
-2798.74
-21673.51
-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
a-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
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
BLACKROCK
SCANLAN GARY FRANCIS
MOBILIA JOE
MILAZZO MARK FRANCIS
JACKSON COLIN GEORGE
AUSTRALIAN INDEX INV
Firm Name
Wilson HTM Investment Group
Bell Potter
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
CAMERON JUDD
CATHY MOISES
REG SPENCER
CHRIS WHITEHEAD
Source
ULT-AGG
Co File
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
EXCH
Co File
Co File
Co File
MF-AGG
ULT-AGG
MF-AGG
Recommendation
sell
not rated
Under Review
buy
Amt Held
17'841'590
11'095'633
9'638'245
9'206'232
6'663'000
3'958'183
2'208'823
1'326'000
1'065'111
679'951
301'926
260'849
53'493
50'000
44'958
25'000
22'500
17'274
12'704
1'081
% Out
13.17
8.19
7.11
6.79
4.92
2.92
1.63
0.98
0.79
0.5
0.22
0.19
0.04
0.04
0.03
0.02
0.02
0.01
0.01
0
Weighting
Change
1
#N/A N/A
#N/A N/A
5
M
M
M
M
Latest Chg
40'000
(1'034'479)
(3'160'399)
(100'000)
(2'137'799)
-
Target Price
1
#N/A N/A
#N/A N/A
3
File Dt
Inst Type
28.03.2013
Investment Advisor
24.09.2012
n/a
31.01.2013
Investment Advisor
28.06.2013
Investment Advisor
27.12.2012
Investment Advisor
24.06.2011
Investment Advisor
28.03.2013
Unclassified
30.04.2013
Investment Advisor
15.11.2012
n/a
30.09.2012
Investment Advisor
30.11.2012
Investment Advisor
27.06.2013
Investment Advisor
31.12.2012
n/a
30.06.2012
n/a
26.09.2012
n/a
26.09.2012
n/a
31.01.2013
Investment Advisor
29.03.2013
Investment Advisor
03.06.2013
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
12 month
Date
20.05.2013
17.05.2013
14.05.2013
01.03.2012
01.07.2013
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
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (17.09.2012)
52-Week Low (28.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
06/yy
3.85
1.32
818'000.00
1.34
-65.19%
1.52%
0.79%
297.3
1'036.86
4'216.29
0.0
46.7
267.94
4'814.73
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
1.00
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
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13
m-13
a-13
m-13
j-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
31.12.2009
31.12.2010
3'961.7
4'834.6
0.99x
1.40x
738.8
777.4
5.29x
8.71x
118.0
266.5
17.38x
16.59x
Profitability
LTM-4Q
31.12.2011
5'720.8
0.83x
824.5
5.75x
310.6
5.74x
31.12.2012
6'393.3
0.93x
739.3
8.05x
165.3
12.10x
739.33
469.78
7.35%
3.51%
2.28%
7.05%
5.53%
0.88%
12.6%
11.6%
7.3%
2.6%
1.10
0.20
53.24%
176.56%
13.52
2.11
06/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
LTM
06/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
FY+1
6.61
0.83
297.27
-56.89%
-55.80%
0.833
4
3.250
1'439'740
1'022'351
747'293
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/12 Q3 12/12 Q4
6'921.5
6'595.0
0.63x
0.65x
754.0
811.0
6.39x
5.94x
134.0
124.1
6.05x
6.62x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
3.06
1.51
5.33
5.70
176.6%
63.4%
0.88
2.55
27.06
173.83
26.52
174.37
7'000.0
6'000.0
5'000.0
0.80
4'000.0
0.60
3'000.0
0.40
2'000.0
1'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
Lingbao Gold Co Ltd

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
MACQUARIE GROUP
JOHN HANCOCK ADVISER
HANDELSBANKEN FONDER
NOMURA INTERNATIONAL
Firm Name
Guotai Junan
EVA Dimensions
Credit Suisse
First Shanghai Securities Ltd
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
KEVIN GUO
TIMOTHY STANISH
OWEN LIANG
RONGJIN LUO
ZHANG ZHIBIN
Source
ULT-AGG
EXCH
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
reduce
overweight
underperform
long-term buy
buy
Amt Held
23'758'000
21'264'000
6'766'000
2'338'000
1'608'558
1'310'000
446'000
190'000
180'000
160'000
122'000
68'000
% Out
7.99
7.15
2.28
0.79
0.54
0.44
0.15
0.06
0.06
0.05
0.04
0.02
Weighting
Change
2
5
1
5
5
D
M
D
M
N
Latest Chg
(136'000)
(580'000)
(50'000)
-
Target Price
2
#N/A N/A
2
7
6
File Dt
28.06.2013
25.06.2013
29.03.2013
27.06.2013
31.03.2013
30.06.2011
31.03.2013
31.01.2013
30.04.2013
31.01.2013
31.05.2013
31.03.2012
Date
Not Provided
Not Provided
Not Provided
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
17.06.2013
06.06.2013
09.04.2013
13.07.2012
28.03.2012
01.07.2013
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
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.08.2012)
52-Week Low (26.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
THM US EQUITY YTD Change
THM US EQUITY YTD % CHANGE
12/2012
03/yy
3.25
0.43
453'625.00
0.65
-80.00%
49.66%
7.66%
98.1
63.74
0.00
0.0
0.0
30.35
42.26
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
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
0
j-12
31.12.2009
31.12.2010
0.0
0.0
(7.3)
(12.1)
(9.8)
(17.9)
Profitability
LTM-4Q
31.12.2011
0.0
(9.9)
(10.2)
-
31.12.2012
0.0
(55.5)
(56.6)
-55.52
-55.55
-38.25%
-46.46%
0.00%
8.39
8.17
0.00%
0.00%
0.00
-
03/yy
0.0
#DIV/0!
(15.2)
0.00x
(16.6)
0.00x
s-12
o-12
n-12
d-12
LTM
03/yy
0.0
#DIV/0!
(57.4)
0.00x
(54.4)
0.00x
j-13
f-13 m-13
a-13
m-13
j-13
1.09
85.65
0.19
-76.62%
-70.05%
1.086
2
3.500
532'846
587'500
381'791
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2
09/13 Q3
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
.0 M
a-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
(3.2)
(2.4)
-
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
01.07.2013
International Tower Hill Mines Ltd

Holdings By:
All
Holder Name
ANGLOGOLD ASHANTI LT
PAULSON & CO
GLOBAL X MANAGEMENT
INVESCO LTD
FMR LLC
DRESCHER ANTON J
PONTIUS JEFFREY A
VANGUARD GROUP INC
CARRIERE DANIEL A
TECHNICAL FINANCIAL
TD ASSET MANAGEMENT
Firm Name
Cowen and Company
Salman Partners
BMO Capital Markets
Portfolio Name
n/a
PAULSON & CO
n/a
GLOBAL X MANAGEMENT
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
TFS CAPITAL LLC
TD ASSET MANAGEMENT
Multiple Portfolios
Analyst
ADAM P GRAF
DAVID WEST
JOHN P HAYES
Source
13F
SEDI
13F
ULT-AGG
13F
13F
13F
13F
MF-AGG
ULT-AGG
ULT-AGG
SEDI
13F
SEDI
MF-AGG
PROXY
13F
13F
13F
MF-AGG
Recommendation
outperform
Under Review
Speculative Underperform
Amt Held
17'207'269
11'073'323
8'908'000
6'906'702
2'099'836
1'407'011
1'014'000
999'932
607'000
561'498
546'700
489'218
403'449
383'566
361'867
294'735
253'453
220'000
159'600
159'100
% Out
17.55
11.29
9.08
7.04
2.14
1.43
1.03
1.02
0.62
0.57
0.56
0.5
0.41
0.39
0.37
0.3
0.26
0.22
0.16
0.16
Weighting
Change
5
#N/A N/A
2
M
M
D
Latest Chg
37'800
(41'654)
493'586
(519'400)
999'932
(338'927)
(50'000)
403'449
(195'600)
16'250
(12'997)
(74'000)
21'800
Target Price
2
#N/A N/A
#N/A N/A
File Dt
31.03.2013
07.08.2012
31.03.2013
28.06.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
28.03.2013
31.03.2013
31.03.2013
21.12.2012
31.03.2013
07.01.2013
31.03.2013
16.04.2013
31.03.2013
31.03.2013
31.03.2013
28.02.2013
Date
12 month
Not Provided
Not Provided
Inst Type
Hedge Fund Manager
Holding Company
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
n/a
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Date
26.06.2013
19.06.2013
14.04.2013
01.07.2013
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
0
Latest Fiscal Year:

LTM as of:
52-Week High (04.07.2012)
52-Week Low (28.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SAR AU EQUITY YTD Change
SAR AU EQUITY YTD % CHANGE
06/2012
01/yy
0.59
0.12
4'332'475.00
0.12
-79.49%
4.35%
0.00%
595.3
71.43
3.06
0.0
0.0
20.31
79.00
30.06.2008
0.0
(1.9)
(1.8)
-
20.0 M
15.0 M
10.0 M
0
5.0 M
0
j-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
30.06.2012
183.8
1.70x
63.1
4.96x
18.7
16.82x
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
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
s-12
o-12
LTM-4Q
LTM
01/yy
01/yy
-
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
FY+1
-
0.00
1.09
532.79
16.89
-78.38%
-68.42%
1.088
8
3.625
5'919'355
4'609'498
6'014'558
FY+2
06/13 Y
06/14 Y
208.9
200.2
0.21x
0.00x
65.4
74.4
1.21x
1.06x
32.7
33.2
2.07x
1.90x
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
.0 M
a-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
25.0 M
Valuation Analysis
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
01.07.2013
Saracen Mineral Holdings Ltd

Holdings By:
All
Holder Name
RENAISSANCE SMALL CO
VINVA INVESTMENT MGM
SPROTT INC
ARVE CHARLES
JCP INVESTMENT PARTN
STALTARI GUIDO
CF RUFFER BAKER STEE
JP MORGAN
GAMCO
FMR LLC
GENUS DYNAMIC GOLD F
NORGES BANK
VANGUARD GROUP INC
VON DER HEYDT KERSTE
Firm Name
Ord Minnett
Octa Phillip Securities Ltd
EVA Dimensions
RBS Morgans
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
GARY WATSON
DAVID BRENNAN
ANDREW SHEARER
TIMOTHY STANISH
ADAM MIETHKE
JAMES WILSON
CATHY MOISES
Source
ULT-AGG
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
Co File
EXCH
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
EXCH
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
speculative buy
buy
hold
hold
speculative buy
outperform
Positive
Amt Held
42'407'248
35'193'341
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
8'500'000
5'000'000
4'816'787
4'100'000
3'699'947
3'267'666
2'896'045
2'671'902
1'100'000
% Out
7.12
5.91
5.07
4.93
4.84
4.82
4.38
3.83
2.42
2.35
2.16
1.43
0.84
0.81
0.69
0.62
0.55
0.49
0.45
0.18
Weighting
Change
4
5
3
3
4
5
4
M
M
N
M
D
N
U
Latest Chg
6'250'328
(2'700'000)
662'238
(1'361'474)
(841'000)
(320'000)
(5'314'150)
(2'168'808)
(4'949'162)
2'000'000
(1'739'000)
6'847
(43'038)
(20'201)
-
Target Price
0
0
0
#N/A N/A
0
1
#N/A N/A
File Dt
Inst Type
28.06.2013
Investment Advisor
27.06.2013
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
28.02.2013
Investment Advisor
28.03.2013
Unclassified
30.06.2012
Investment Advisor
30.04.2013
Investment Advisor
26.05.2011
n/a
31.12.2012
Government
29.03.2013
Investment Advisor
31.03.2013
Investment Advisor
30.09.2012
Investment Advisor
28.12.2012
Investment Advisor
Date
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Date
26.06.2013
25.06.2013
21.06.2013
06.06.2013
27.05.2013
27.11.2012
27.09.2012
01.07.2013
Exeter Resource Corp

Exeter Resource Corporation explores for, evaluates, and develops mineral
deposits in South America. The Company's focus is on gold exploration in
Argentina and Chile.
Price/Volume
3
1.8 M
1.6 M
1.4 M
1.2 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.09.2012)
52-Week Low (24.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
XRA US EQUITY YTD Change
XRA US EQUITY YTD % CHANGE
12/2011
03/yy
2.02
0.62
226'322.00
0.71
-64.85%
14.52%
6.43%
88.4
62.77
0.00
0.0
0.0
55.52
12.81
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
.8 M
.6 M
.4 M
.2 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
0.0
(27.4)
(27.0)
-
1.0 M
31.12.2009
31.12.2010
0.0
0.0
(27.6)
(29.9)
(27.3)
83.8
Profitability
LTM-4Q
31.12.2011
0.0
(31.8)
(30.9)
-
31.12.2012
0.0
(26.0)
(25.2)
-25.97
-26.09
-37.16%
-38.53%
0.00%
60.65
60.55
0.00%
0.00%
0.00
-
03/yy
0.0
#DIV/0!
(31.3)
0.00x
(30.5)
0.00x
LTM
03/yy
0.0
#DIV/0!
(23.2)
0.00x
(22.5)
0.00x
0.00
0.76
82.15
0.56
-57.49%
-41.32%
0.762
4
2.750
178'939
186'809
180'153
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2
09/13 Q3
(11.7)
(11.5)
(11.7)
(11.5)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
0.00
0.0%
0.0%
0.00
0.00
-
1.0
0.9
1.00
0.8
0.7
0.80
0.60
0.40
0.6
0.5
0.4
0.3
0.2
0.20
0.1
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
Exeter Resource Corp

Holdings By:
All
Holder Name
TSP CAPITAL MANAGEME
ROWEN COMPANY LTD
SUN VALLEY GOLD LLC
SIMPSON YALE R
GLOBAL X MANAGEMENT
SPROTT INC
LIBRA ADVISORS LLC
ROXBURGH BRYCE G
WELLS FARGO
LOEWS CORPORATION
TECHNICAL FINANCIAL
LB SWISS INVESTMENT
OPPENHEIMER & CO INC
FMR LLC
PERKINS SIMON RICHAR
Firm Name
Salman Partners
TD Securities
BMO Capital Markets
Mine2Capital Inc
Portfolio Name
n/a
TSP CAPITAL MANAGEME
n/a
SUN VALLEY GOLD LLC
n/a
GLOBAL X MANAGEMENT
SPROTT INC
LIBRA ADVISORS LLC
n/a
n/a
LOEWS CORPORATION
TFS CAPITAL LLC
Multiple Portfolios
OPPENHEIMER & CO INC
n/a
n/a
Analyst
DAVID WEST
DANIEL EARLE
JOHN P HAYES
ALKA SINGH
Source
ULT-AGG
13F
13F
PROXY
13F
13F
SEDI
13F
13F
13F
PROXY
13F
ULT-AGG
13F
13F
13F
MF-AGG
13F
ULT-AGG
SEDI
Recommendation
speculative buy
speculative buy
Speculative Underperform
sell
Amt Held
6'743'839
3'050'700
2'964'000
2'600'000
2'445'758
2'062'713
1'724'350
1'712'875
1'643'300
1'412'888
1'409'450
920'100
785'000
642'545
637'517
530'200
500'000
412'450
272'300
270'652
% Out
7.63
3.45
3.35
2.94
2.77
2.33
1.95
1.94
1.86
1.6
1.59
1.04
0.89
0.73
0.72
0.6
0.57
0.47
0.31
0.31
Weighting
Change
4
4
2
1
M
M
M
M
Latest Chg
885'959
551'000
5'000
1'712'875
(1'684'900)
(134'100)
112'400
242'315
530'200
9'589
(100)
77'000
Target Price
2
1
#N/A N/A
1
File Dt
28.06.2013
31.03.2013
31.03.2013
26.04.2013
31.03.2013
31.03.2013
16.05.2013
31.03.2013
31.03.2013
31.03.2013
26.04.2013
31.03.2013
30.04.2013
31.03.2013
31.03.2013
31.03.2013
28.03.2013
31.03.2013
31.03.2013
02.02.2011
Date
12 month
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Hedge Fund Manager
Investment Advisor
Corporation
Hedge Fund Manager
Investment Advisor
n/a
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
n/a
Hedge Fund Manager
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
n/a
Date
19.06.2013
19.06.2013
10.06.2013
04.02.2013
01.07.2013
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
6
1.4 M
1.2 M
1.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (21.09.2012)
52-Week Low (27.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RIC US EQUITY YTD Change
RIC US EQUITY YTD % CHANGE
12/2008
03/yy
5.50
1.31
207'095.00
1.52
-72.36%
16.03%
5.01%
39.6
60.19
1.63
0.0
0.0
59.84
21.17
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.6 M
.4 M
.2 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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
31.12.2012
101.7
0.59x
8.2
7.34x
(45.0)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
8.18
-2.59
-2.54%
-2.56%
-29.97%
-38.71%
0.61%
27.5%
2.9%
-7.9%
-44.2%
3.63
3.04
1.10%
1.38%
29.61
9.82
Price/ Cash Flow
03/yy
120.3
8.02x
35.4
5.63x
19.2
13.36x
LTM
03/yy
100.0
3.62x
2.9
23.46x
(49.3)
0.00x
FY+1
0.00
1.14
33.24
0.55
-67.17%
-49.50%
1.136
3
4.333
160'238
121'070
119'966
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
105.0
134.0
2.0
17.0
35.53x
4.44x
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
12.48
-45.23
-14.56
0.57
1.4%
1.4%
0.61
1.23
12.33
37.17
70.32
-23.79
50.00
140.0
45.00
120.0
40.00
35.00
100.0
30.00
80.0
25.00
60.0
20.00
40.0
15.00
10.00
20.0
5.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
Richmont Mines Inc

Holdings By:
All
Holder Name
OXBRIDGE BANK & TRUS
RESOLUTE FUNDS LTD
CHAMANDY H GREGORY
PARADIGM CAPITAL MAN
SPROTT INC
TECHNICAL FINANCIAL
US GLOBAL INVESTORS
FMR LLC
CANADA PENSION PLAN
HOULE REJEAN
CARMEL PAUL R
SCHERKUS EBERHARD
Firm Name
CIBC World Markets
Casimir Capital
Portfolio Name
n/a
n/a
n/a
n/a
PARADIGM CAPITAL MAN
SPROTT INC
TFS CAPITAL LLC
n/a
US GLOBAL INVESTORS
n/a
CANADA PENSION PLAN
n/a
n/a
n/a
n/a
Analyst
ADAM MELNYK
KEVIN CHIEW
ERIC ALLISON
Source
PROXY
13G
ULT-AGG
13F
13F
SEDI
13F
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
SEDI
SEDI
13F
ULT-AGG
SEDI
Recommendation
buy
sector perform
overweight
Amt Held
5'016'363
3'617'600
3'048'064
2'730'000
1'999'000
995'509
710'095
675'305
549'500
463'880
416'816
310'000
302'900
230'900
188'200
76'500
63'000
60'900
55'750
50'100
% Out
12.67
9.14
7.7
6.89
5.05
2.51
1.79
1.71
1.39
1.17
1.05
0.78
0.76
0.58
0.48
0.19
0.16
0.15
0.14
0.13
Weighting
Change
5
3
5
Latest Chg
487'600
402'996
(61'300)
14
420'295
2'325
(96'000)
145'038
415'383
50'000
(1'697'100)
85'600
3'000
10'000
(862'865)
(9'900)
Target Price
M
M
M
File Dt
28.03.2013
28.01.2013
28.06.2013
31.03.2013
31.03.2013
11.01.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
09.03.2012
11.03.2013
31.03.2013
31.03.2013
28.09.2012
Date
3
4
5
Not Provided
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
n/a
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
n/a
n/a
Investment Advisor
Holding Company
n/a
Date
19.06.2013
17.06.2013
04.12.2012
01.07.2013
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
70.0 M
60.0 M
50.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (30.07.2012)
52-Week Low (21.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RMS AU EQUITY YTD Change
RMS AU EQUITY YTD % CHANGE
06/2012
01/yy
0.60
0.10
3'180'887.00
0.135
-77.50%
37.76%
2.39%
337.7
45.60
4.24
0.0
0.0
48.76
6.29
30.06.2008
14.9
6.95x
2.2
46.27x
0.6
191.25x
30.0 M
20.0 M
10.0 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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
40.0 M
Valuation Analysis
30.06.2009
30.06.2010
19.9
61.3
0.81x
11.8
38.0
1.30x
5.0
20.2
19.23x
5.93x
Profitability
30.06.2011
148.1
1.95x
108.6
2.66x
62.4
5.98x
30.06.2012
84.3
1.40x
12.8
9.27x
2.3
66.44x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
12.78
1.64
1.94%
5.19%
-6.80%
-9.34%
0.40%
32.6%
-9.1%
-19.7%
2.8%
3.17
1.53
1.49%
2.09%
18.20
6.00
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.00
1.05
307.09
4.03
-72.16%
-69.32%
1.046
2
5.000
3'352'008
4'488'522
2'832'075
FY+2
06/13 Y
06/14 Y
127.5
158.3
0.19x
0.09x
24.2
29.4
0.26x
0.21x
2.2
11.7
27.00x
4.09x
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
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
01.07.2013
Ramelius Resources Ltd

Holdings By:
All
Holder Name
SPROTT INC
PARADICE INVESTMENT
BEACH ENERGY LTD
MANDURANG PTY LTD
NELSON REGINALD GEOR
NORGES BANK
MACQUARIE GROUP
HOULDSWORTH JOSEPH F
SCHRODER INVESTMENT
KENNEDY ROBERT MICHA
FMR LLC
GORDON IAN JAMES
MERRICKS CAPITAL SPE
VANGUARD GROUP INC
BLACKROCK
Firm Name
Ord Minnett
Casimir Capital
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
DAVID BRENNAN
PATRICK CHANG
ERIC ALLISON
Source
EXCH
ULT-AGG
EXCH
EXCH
EXCH
Co File
MF-AGG
ULT-AGG
ULT-AGG
EXCH
MF-AGG
MF-AGG
EXCH
ULT-AGG
EXCH
ULT-AGG
EXCH
MF-AGG
ULT-AGG
MF-AGG
Recommendation
buy
buy
overweight
Amt Held
23'947'605
23'646'913
15'269'179
14'053'269
6'442'856
5'331'984
3'114'406
2'687'685
2'510'025
2'374'259
2'125'196
1'787'654
1'557'144
980'000
796'021
608'253
279'000
180'600
160'134
156'786
% Out
7.09
7
4.52
4.16
1.91
1.58
0.92
0.8
0.74
0.7
0.63
0.53
0.46
0.29
0.24
0.18
0.08
0.05
0.05
0.05
Weighting
Change
5
5
5
Latest Chg
(5'818'592)
(3'686'804)
(6'046'734)
(197'128)
256'211
1'526
90'000
(303'000)
-
Target Price
M
M
M
File Dt
Inst Type
14.09.2012
Investment Advisor
16.04.2013
Investment Advisor
21.06.2011
Corporation
27.02.2013
Other
27.08.2012
n/a
31.12.2012
Government
29.03.2013
Investment Advisor
31.08.2011
Investment Advisor
26.05.2011
n/a
31.03.2013
Investment Advisor
30.09.2012
Investment Advisor
27.02.2013
n/a
30.04.2013
Investment Advisor
01.05.2013
n/a
31.05.2013
Investment Advisor
28.07.2010
Other
31.12.2012
Investment Advisor
27.06.2013
Investment Advisor
31.01.2013
Investment Advisor
Date
0
0
1
Not Provided
12 month
12 month
Date
24.06.2013
22.04.2013
06.05.2012
01.07.2013
Golden Minerals Co
Golden Minerals Company is a mining company with a focus on exploration,
development, providing mining services, and growth through strategic business
transactions. The Company manages the San Cristobal silver and zinc mine in
Bolivia.
Price/Volume
8
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
7
6
5
4
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.09.2012)
52-Week Low (24.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AUMN US EQUITY YTD Change
AUMN US EQUITY YTD % CHANGE
12/2012
03/yy
7.22
1.26
3'145'453.00
1.36
-81.16%
7.94%
1.68%
43.3
58.84
0.00
0.0
0.0
44.65
22.63
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
2
1
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
419.5
25.0
(118.2)
-
31.12.2009
31.12.2010
12.4
11.2
1.87x
25.16x
(14.2)
(32.0)
211.3
(33.3)
1.31x
Profitability
LTM-4Q
31.12.2011
1.8
86.44x
(63.8)
(62.7)
-
31.12.2012
26.1
5.90x
(34.7)
(92.0)
-34.71
-44.73
-171.46%
-383.50%
-23.90%
-29.03%
0.07%
-66.3%
-120.9%
-162.9%
-352.8%
4.12
3.45
0.00%
0.00%
19.96
9.30
03/yy
8.2
98.33x
(58.8)
0.00x
(56.9)
0.00x
LTM
03/yy
25.5
20.64x
(30.9)
0.00x
(88.2)
0.00x
FY+1
0.00
1.72
33.75
5.44
-69.84%
-70.37%
1.720
3
2.667
1'041'757
431'554
370'435
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
28.0
39.2
5.8
7.5
(24.8)
(22.4)
(6.2)
(5.9)
(22.7)
(22.1)
(6.2)
(6.0)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
0.00
0.0%
0.0%
0.07
0.09
18.29
39.25
49.76
-8.14
450.0
400.0
1.00
0.80
350.0
300.0
250.0
0.60
200.0
150.0
0.40
0.20
100.0
50.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
Golden Minerals Co
Holdings By:
All
Holder Name
SENTIENT GLB RES IV
SENTIENT GLOBAL RESO
GILDER GAGNON HOWE
BLACKROCK
VANGUARD GROUP INC
CLEVENGER JEFFREY G
SPROTT INC
STATE STREET
GLOBAL X MANAGEMENT
SGRF III PARALLEL I
GEODE CAPITAL MANAGE
VOGELS ROBERT P
SUN VALLEY GOLD LLC
Firm Name
Cowen and Company
Stonegate Securities Inc
TD Securities
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
GILDER GAGNON HOWE
n/a
VANGUARD GROUP INC
Multiple Portfolios
n/a
SPROTT INC
n/a
GLOBAL X MANAGEMENT
n/a
n/a
Multiple Portfolios
GEODE CAPITAL MANAGE
n/a
SUN VALLEY GOLD LLC
Analyst
ADAM P GRAF
MARCO RODRIGUEZ
DANIEL EARLE
CRAIG STERLING
Source
13D/PROX
13D/PROX
ULT-AGG
13F
ULT-AGG
13F
MF-AGG
Form 4
13F
ULT-AGG
13F
13F
13D/PROX
ULT-AGG
13F
MF-AGG
13F
13F
Form 4
13F
Recommendation
outperform
no rating system
reduce
underweight
Amt Held
4'483'944
3'582'746
2'834'620
1'640'517
1'477'047
1'065'344
706'350
585'256
513'400
494'651
457'054
441'479
357'044
342'882
254'630
202'002
179'519
169'397
165'331
162'000
% Out
10.36
8.28
6.55
3.79
3.41
2.46
1.63
1.35
1.19
1.14
1.06
1.02
0.83
0.79
0.59
0.47
0.41
0.39
0.38
0.37
Weighting
Change
5
#N/A N/A
2
1
M
M
M
D
Latest Chg
442'156
(67'203)
62'733
(449'632)
44'500
(48'900)
(200)
(8'854)
(7'270)
50'235
(156'257)
2'169
10'600
24'000
-
Target Price
2
#N/A N/A
0
#N/A N/A
File Dt
Inst Type
28.03.2013
Other
28.03.2013
Other
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
27.06.2013
Investment Advisor
31.03.2013
Investment Advisor
30.06.2012
Investment Advisor
01.06.2013
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
28.03.2013
Other
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
01.06.2013
n/a
Date
12 month
Not Provided
12 month
Not Provided
Date
26.06.2013
24.06.2013
24.06.2013
14.05.2013
01.07.2013
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
1
35.0 M
30.0 M
25.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (14.09.2012)
52-Week Low (21.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SGR CN EQUITY YTD Change
SGR CN EQUITY YTD % CHANGE
12/2012
03/yy
1.11
0.10
4'399'249.00
0.105
-90.54%
10.53%
0.99%
335.2
35.20
3.12
0.0
0.0
11.58
42.32
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
10.0 M
5.0 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-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)
-
20.0 M
Valuation Analysis
31.12.2009
31.12.2010
27.8
58.0
34.61x
19.66x
(29.7)
(18.9)
(29.5)
(24.6)
Profitability
LTM-4Q
31.12.2011
114.1
5.05x
12.5
46.18x
(5.1)
-
31.12.2012
142.1
1.76x
35.9
6.96x
(13.2)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
35.89
-12.41
-8.73%
-12.29%
-7.84%
-9.57%
0.46%
14.5%
18.9%
-16.2%
-9.3%
1.46
0.86
1.17%
1.34%
12.94
7.93
Price/ Cash Flow
03/yy
129.8
20.38x
21.6
20.29x
(0.4)
0.00x
LTM
03/yy
131.0
7.45x
24.7
4.15x
(22.2)
0.00x
FY+1
0.00
1.62
323.26
0.50
-88.71%
-86.36%
1.625
7
2.429
5'237'871
4'975'763
3'290'920
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
131.0
168.0
12.4
25.7
3.40x
1.64x
(12.3)
2.5
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
91.77
-106.87
0.29
1.92
1.3%
1.3%
0.46
0.63
28.21
46.04
33.73
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
01.07.2013
San Gold Corp

Holdings By:
All
Holder Name
BANK OF NOVA SCOTIA
JOHN HANCOCK ADVISER
SPROTT INC
WYNNE HUGH
FRANKLIN RESOURCES
TD ASSET MANAGEMENT
FMR LLC
LB SWISS INVESTMENT
VANGUARD GROUP INC
GINN DALE
SHARE SICAV
BHR FUND ADVISORS LP
FORUM INVESTMENT ADV
HUBERT BENJAMIN ARTH
BOULAY RICHARD A
BMO INVESTMENTS INC
Firm Name
Cowen and Company
TD Securities
EVA Dimensions
CIBC World Markets
BMO Capital Markets
Raymond James
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
ADAM P GRAF
DANIEL EARLE
TIMOTHY STANISH
CHRISTOS DOULIS
COSMOS CHIU
BARRY D ALLAN
BRIAN QUAST
PAOLO LOSTRITTO
FORBES GEMMELL
Source
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
SEDI
MF-AGG
MF-AGG
MF-AGG
SEDI
MF-AGG
SEDI
MF-AGG
Recommendation
outperform
hold
underweight
underperform
sector underperform
buy
underperform
Under Review
Under Review
Amt Held
26'550'000
13'600'000
13'296'317
9'190'700
9'041'600
8'581'053
8'234'002
8'001'200
1'875'000
1'866'900
1'600'000
1'378'186
1'356'140
1'306'600
1'225'000
1'214'755
1'181'200
1'011'203
760'763
700'000
% Out
7.92
4.06
3.97
2.74
2.7
2.56
2.46
2.39
0.56
0.56
0.48
0.41
0.4
0.39
0.37
0.36
0.35
0.3
0.23
0.21
Weighting
Change
5
3
1
1
1
5
1
#N/A N/A
#N/A N/A
M
M
M
M
M
M
M
M
M
Latest Chg
(16'975'000)
20'500
2'724'250
74'000
45'000
(193'600)
20'000
176'300
(150'000)
796'340
(50'000)
(2'177'100)
(100'000)
-
Target Price
0
0
#N/A N/A
0
0
0
0
#N/A N/A
#N/A N/A
File Dt
Inst Type
30.04.2013
Bank
28.02.2013
Investment Advisor
30.04.2013
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
18.04.2013
n/a
28.03.2013
Investment Advisor
31.12.2012
Investment Advisor
30.04.2013
Investment Advisor
29.04.2013
Investment Advisor
31.03.2013
Investment Advisor
16.04.2013
n/a
31.12.2012
Investment Advisor
28.03.2013
Investment Advisor
31.12.2012
Investment Advisor
03.05.2011
n/a
28.03.2013
Investment Advisor
01.06.2011
n/a
31.01.2013
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
26.06.2013
19.06.2013
06.06.2013
03.06.2013
13.05.2013
13.05.2013
10.05.2013
17.04.2013
05.02.2013
01.07.2013
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
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 (24.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ORE CN EQUITY YTD Change
ORE CN EQUITY YTD % CHANGE
12/2012
03/yy
2.47
0.32
306'111.00
0.42
-83.00%
31.25%
4.65%
85.7
35.99
0.00
0.0
0.0
16.83
23.17
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
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13
m-13
a-13
m-13
j-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)
-
6.0 M
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
-25.71%
-27.88%
0.00%
9.69
8.98
0.00%
0.00%
0.00
03/yy
0.0
#DIV/0!
(35.7)
0.00x
(34.7)
0.00x
LTM
03/yy
0.0
#DIV/0!
(30.2)
0.00x
(6.8)
0.00x
0.00
1.46
80.41
0.22
-68.42%
-75.29%
1.455
11
4.091
473'061
539'007
475'042
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2
09/13 Q3
(13.9)
(5.7)
(16.5)
(10.1)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-1875.44
-1968.91
0.00
0.0%
0.0%
0.00
-61229.90
-
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
01.07.2013
Orezone Gold Corp

Holdings By:
All
Holder Name
SUN VALLEY GOLD LLC
JP MORGAN
LITTLE RONALD
HALVORSON MICHAEL
BMO INVESTMENTS INC
QUANTEX AG
AGF INVESTMENTS INC
MARQUIS PASCAL
HALCORP CAPITAL LTD
FMR LLC
SMITH & WILLIAMSON H
Firm Name
CIBC World Markets
SBG Securities
RBC Capital Markets
BMO Capital Markets
Casimir Capital
Raymond James
GMP
Jennings Capital
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Analyst
JEFF KILLEEN
MICHAEL STARKE
NICHOLAS CAMPBELL
JONATHAN GUY
ADAM MELNYK
ANDREW BREICHMANAS
STUART MCDOUGALL
BRAD HUMPHREY
ANDREW MIKITCHOOK
PAOLO LOSTRITTO
DAN HRUSHEWSKY
Source
SEDI
ULT-AGG
Co File
ULT-AGG
13F
MF-AGG
MF-AGG
PROXY
SEDI
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
SEDI
ULT-AGG
ULT-AGG
Recommendation
sector perform
speculative buy
speculative buy
sector perform
buy
market perform
speculative buy
outperform
buy
outperform
speculative buy
Amt Held
13'394'600
11'225'518
7'183'500
6'459'738
3'425'087
3'001'020
2'093'500
1'840'639
1'531'798
1'455'787
1'121'600
993'762
899'800
890'000
814'125
739'625
658'519
372'720
372'100
360'319
% Out
15.63
13.1
8.38
7.54
4
3.5
2.44
2.15
1.79
1.7
1.31
1.16
1.05
1.04
0.95
0.86
0.77
0.43
0.43
0.42
Weighting
Change
3
4
4
3
5
3
4
5
5
5
4
Latest Chg
1'370'000
(1'894'100)
31'400
(306'950)
(23'500)
100'000
(470'400)
(20'000)
(173'300)
27'270
100'000
-
Target Price
D
M
M
M
M
M
M
M
M
M
N
File Dt
01.05.2013
31.03.2013
31.12.2011
28.02.2013
31.03.2013
31.03.2013
30.04.2013
22.04.2013
02.05.2013
28.03.2013
31.01.2013
31.03.2013
28.02.2013
29.03.2013
28.03.2013
28.03.2013
17.02.2012
02.05.2013
30.04.2013
28.03.2013
Date
2
1
1
1
1
2
3
2
2
3
3
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Inst Type
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Date
28.06.2013
28.06.2013
25.06.2013
24.06.2013
21.06.2013
20.06.2013
17.06.2013
12.06.2013
29.05.2013
10.05.2013
06.05.2013
01.07.2013
Gran Colombia Gold Corp

Gran Colombia Gold Corp. is a mineral exploration and production company. The
Company is focused on gold and silver exploration and development in
Colombia. Gran Colombia has underground gold and silver mining operations in
Colombia.
Price/Volume
12
1.4 M
10
1.2 M
1.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (21.09.2012)
52-Week Low (28.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GCM CN EQUITY YTD Change
GCM CN EQUITY YTD % CHANGE
12/2012
03/yy
10.75
1.53
107'034.00
1.86
-82.70%
21.57%
3.58%
15.3
28.42
188.45
0.0
1.0
1.30
197.89
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
0.0
0.0
(0.2)
(0.2)
(0.3)
(0.1)
Profitability
.4 M
2
0
j-12
.2 M
.0 M
a-12
LTM-4Q
31.12.2011
137.7
1.81x
1.5
164.64x
(37.0)
-
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
168.2
1.94x
14.8
22.07x
(36.2)
14.79
-2.07
-1.23%
-23.28%
-3.38%
-5.43%
0.23%
10.8%
6.7%
-3.5%
-21.5%
1.39
0.28
24.61%
44.33%
8.83
8.32
Price/ Cash Flow
03/yy
159.6
6.59x
9.6
23.36x
(18.0)
0.00x
s-12
o-12
n-12
d-12
LTM
03/yy
163.2
6.31x
10.9
25.13x
(23.9)
0.00x
j-13
f-13 m-13
a-13
m-13
j-13
FY+1
0.00
1.71
12.44
0.01
-76.38%
-79.33%
1.709
1
4.000
86'101
82'984
58'706
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
169.0
201.0
1.88x
2.42x
7.0
40.0
28.27x
4.95x
(24.0)
5.0
5.89x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
1.68
-4.04
15.59
15.77
44.3%
30.7%
0.23
0.28
41.32
43.86
134.54
-33.90
40.00
180.0
35.00
160.0
30.00
140.0
120.0
25.00
100.0
20.00
80.0
15.00
60.0
10.00
40.0
5.00
20.0
0.00
01.05.2009
.6 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
(0.2)
(0.3)
-
.8 M
Valuation Analysis
0.0
01.11.2009
01.05.2010
01.11.2010
01.05.2011
01.11.2011
01.05.2012
01.11.2012
01.05.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.07.2013
Gran Colombia Gold Corp

Holdings By:
All
Holder Name
US GLOBAL INVESTORS
FRANKLIN RESOURCES
ICE ROSE HOLDINGS
IACONO SERAFINO
LA CAMPA MIGUEL DE
FMR LLC
TARIBO HOLDINGS
LOPEZ AUGUSTO
TOSCA ASSETS CORP
ORINOQUIA BELT CA
DAVIES MICHAEL MONIE
HOLLENCREST SECURITI
TD ASSET MANAGEMENT
TORINO CONSULTANTS
MARTINEZ TO HERNAN J
VOLK PETER
PACHECO MARIO
EAST DONALD
BRANGER JAIME PEREZ
Firm Name
GMP
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
HOLLENCREST SECURITI
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Analyst
GEORGE V ALBINO
Source
PROXY
ULT-AGG
ULT-AGG
SEDI
SEDI
SEDI
ULT-AGG
SEDI
SEDI
SEDI
SEDI
SEDI
13F
MF-AGG
SEDI
Co File
SEDI
Co File
SEDI
SEDI
Recommendation
speculative buy
Amt Held
1'885'406
1'207'000
500'000
326'000
188'016
152'150
70'600
51'380
43'610
40'000
26'624
23'674
18'660
17'563
16'000
14'400
14'246
13'000
10'320
8'874
% Out
12.34
7.9
3.27
2.13
1.23
1
0.46
0.34
0.29
0.26
0.17
0.15
0.12
0.11
0.1
0.09
0.09
0.09
0.07
0.06
Weighting
Change
4
Latest Chg
(33'068)
3'960
6'600
5'320
940
23'460
5'200
800
2'400
2'920
Target Price
File Dt
17.04.2012
31.03.2013
28.03.2013
25.09.2012
27.09.2012
20.02.2013
30.04.2013
28.01.2013
12.09.2012
30.08.2012
23.08.2012
21.08.2012
31.03.2013
31.12.2012
15.11.2010
26.03.2013
30.04.2013
26.03.2013
06.02.2012
11.06.2012
Date
9
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Holding Company
n/a
n/a
Investment Advisor
Holding Company
n/a
Other
Other
n/a
Investment Advisor
Investment Advisor
Other
n/a
n/a
n/a
n/a
n/a
Date
24.06.2013

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

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

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

Uploaded by

Copyright:

Available Formats

This material does not constitute investment advice and should not be

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

Fundamental Analysis &

Valuation Measures I/II

Tot. Rev. LFY

Earnings Per Share

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

BARRICK GOLD CORP

NEWMONT MINING CORP

RANDGOLD RESOURCES LTD-ADR

YAMANA GOLD INC

GOLD FIELDS LTD-SPONS ADR

SILVER WHEATON CORP

ANGLOGOLD ASHANTI-SPON ADR

CIA DE MINAS BUENAVENTUR-ADR

NEW GOLD INC

AGNICO EAGLE MINES LTD

ELDORADO GOLD CORP

KINROSS GOLD CORP

ROYAL GOLD INC

HARMONY GOLD MNG-SPON ADR

PAN AMERICAN SILVER CORP

FIRST MAJESTIC SILVER CORP

COEUR MINING INC

AURICO GOLD INC

ALLIED NEVADA GOLD CORP

NEVSUN RESOURCES LTD

AURIZON MINES LTD

SILVER STANDARD RESOURCES

SEABRIDGE GOLD INC

TANZANIAN ROYALTY EXPLORATIO

GOLDEN STAR RESOURCES LTD

VISTA GOLD CORP

GREAT BASIN GOLD LTD

ARGONAUT GOLD INC

TOREX GOLD RESOURCES INC

LIONGOLD CORP LTD

CHINA GOLD INTERNATIONAL RES

PERSEUS MINING LTD

SANDSTORM GOLD LTD

MEDUSA MINING LTD

DUNDEE PRECIOUS METALS INC

RIO ALTO MINING LTD

AURIZON MINES LTD

ENDEAVOUR SILVER CORP

CONTINENTAL GOLD LTD

RUBICON MINERALS CORP

SILVERCORP METALS INC

EVOLUTION MINING LTD

CHINA PRECIOUS METAL RESOURC

SEABRIDGE GOLD INC

BEADELL RESOURCES LTD

RESOLUTE MINING LTD