Analyst: Victor Sula, Ph.D.

Initial Report
October 17th,
20th, 2008

17/10/08
MFGD daily
1.75

1.50

1.25

1.00

0.75

0.50
Money4Gold Holdings Inc.
0.25
595 South Federal Highway, Suite 600
Boca Raton, Florida 33432 volume © BigCharts.com
400

Thousands
300
Tel: 561-544-2525
200
E-mail: info@money4gold.com
100
Website: www.money4gold.com
0
Aug Sep Oct

MARKET DATA Company Introduction

Money4Gold Holdings Inc. (MFGD) is a full-service refiner and ac-
quirer of precious metals. The Company buys and assays unwant-
Symbol MFGD ed or broken jewelry containing gold, silver, platinum, palladium,
Exchanges OTC BB
as well as other items containing precious metals, and then refines
Current Price $0.54
Price Target $1.17 these products into pure form and sells the metals at market value.
Rating Speculative Buy MFGD provides its services to businesses and individual consum-
Outstanding Shares 83.1 Million ers interested in converting precious metals into cash. The Compa-
Market Cap. $44.87 Million ny reaches its customers through direct marketing, which involves
Average 50-day Volume 14.271 telemarketing, radio and broadcast TV, as well as online channels
such as dollars4gold.com, dollars4gold.net, money4gold.com and
Source: Yahoo Finance, Analyst Estimates more than 70 similarly named domains. In addition, to extend the
Company’s reach into the Hispanic marketplace and make it easier
for native Spanish speakers to utilize Dollars4Gold.com services,
MFGD has launched a Spanish language version of Dollars4Gold.
com – es.dollars4gold.com.

A major competitive advantage for MFGD is its direct relationship

with one of America’s largest and most respected precious metal
refiners, Republic Metals. This refiner has been in business for more
than 35 years and was the first U.S. refinery to receive ISO 14001
certification - the highest environmental certification. Republic is
also a patron member of the International Precious Metal Institute
(IPMI) Board of Directors IPMI, and a member of Climate Wise,
Performance Track and the Jewelers Board of Trade.

MFGD is the only publicly listed precious metals recycling com-

pany in the United States. The Company trades over-the-counter in
the U.S. and has also listed its common stock on Germany’s Frank-
furt and Berlin exchanges under the symbols MGL.F and MGL.BE.

Money4Gold Holdings Inc. (OTCBB: MFGD) 1

 Analyst: Victor Sula, Ph.D.
Initial Report
October 20th,
17th, 2008

Investment Highlights
Favorable industry outlook

Demand for precious metals exceeds national and international supply. Gold, silver and platinum sell for more
than twice their price five years ago. In addition, gold, silver and platinum are increasingly expensive to mine.
Despite substantial price hike, less gold was produced in 2007 than in 2006, and less will be produced in 2008.

Recycling plays a key role in these markets, accounting for roughly 25% of the global supply of gold each year.
Scrap recovery of gold has risen from 14 million ounces in 1997 to approximately 32 million ounces in 2007. Re-
cycling is the second-largest source of gold, silver and platinum supply. Because of supply/demand imbalances,
recycling represents the fastest-growing segment of the precious metals market.

First publicly traded company involved in precious metals recycling

MFGD is producing gold silver, platinum and other metals, and is facilitating the large-scale recycling of jewelry,
coins, select electronic components, heirloom collectibles and other items containing precious metals. The Com-
pany’s position as the first such public company in North America provides potential investors with a unique
vehicle for participating in the growth of the rapidly expanding, counter-cyclical precious metals recycling mar-
ket.

Business model leverages the Internet and eliminates the middle man

The Internet is changing the way individuals and groups recycle their precious metals items. Historically, people
went to their local jeweler or pawnshop for precious metals recycling and received a modest percent of the true
value of the precious metal content. MFGD is changing this model by aggregating precious metal items for re-
cycling and marketing its services over the Internet and other direct channels. By soliciting customers through
low-cost channels and connecting them directly with refineries, MFGD eliminates the intermediary (jewelry
stores or pawn shops) who historically took large margins. As a result, the Company is able to offer a better
payout to sellers.

Partnership with Republic Metals, a major North Ameri-

can precious metals refiner

MFGD is one of the few recyclers to have a direct rela-

tionship with a major refinery. Republic Metals is a ma-
jor shareholder in the Company and has representation
on MFGD’s board of directors. Republic Metals services
all of MFGD’s U.S.-based operating needs, including as-
sessment of customer materials, assaying, warehousing,
refining and selling.

Republic Metals has been in business more than 35 years

and generates annual revenues of around $2.5 billion. It
refines and recycles materials from the jewelry, mining,

Money4Gold Holdings Inc. (OTCBB: MFGD) 2

 Analyst: Victor Sula, Ph.D.
Initial Report
October 20th,
17th, 2008

electronics and industrial sectors and has the expertise and capacity to handle precious metal lots of any type or
size. Republic Metals is ISO 14001 certified and recognized by the U.S. Department of Energy for its commitment
to national environmental protection.

Cost savings through refinery relationship

As a result of its direct relationship with Republic Metals, MFGD is able to maintain a low-cost structure and pro-
vide significantly higher returns to customers. MFGD has contracted with Republic Metals to provide all of the
services relating to assessing the value of the metal, melting it down, warehousing, refining and selling. MFGD
also outsources its call center operations, ensuring minimal fixed costs and the adaptability to successfully com-
pete against jewelry stores or pawnshops.

Strong revenue visibility

MFGD launched its business in the third quarter of 2008 in a test phase supported by Internet marketing. The
quarter’s results met or exceeded all of the Company’s internal targets. With the completion of a $2.4 million
financing in September 2008, MFGD is poised to begin print, TV and radio advertising in the fourth quarter and
achieve meaningful 2008 revenues.

We estimate that the Company will produce revenues in the second half of 2008 in $2.0 million range and antici-
pate exponential revenue growth in 2009 and 2010.

Management team has direct marketing expertise

The Company has assembled a strong management team with 30 years collective experience in online and offline
direct marketing and a proven track record for guiding early-stage businesses to profitability.

CEO Hakan Koyuncu is also the co-founder and CEO of Leadcreations.com LLC, one of the leading Internet-
based lead generation firms. All of Mr. Koyuncu’s businesses have reached multi-million dollar annual sales lev-
els by implementing his strategy of acquiring specialized knowledge of each market and then applying the best
technology and most innovative strategies to gain share.

Chairman Scott Frohman has decades of entrepreneurial experience building and guiding early stage businesses.
His prior experience includes founding and serving as CEO of National Lead Services, which was acquired by
Seisint, spun-off as part of eDirect.com and acquired by Equifax in 2003.

Money4Gold Holdings Inc. (OTCBB: MFGD) 3

 Analyst: Victor Sula, Ph.D.
Initial Report
October 17th, 2008

Business Model
The Company is engaged in the recycling and refining of gold, silver and other precious metals from scrap
sources using the most technologically advanced refining and assay equipment. MFGD purchases unwanted or
broken jewelry, coins, select electronic components and heirloom collectibles containing gold, silver, platinum,
palladium and other precious metals directly from consumers and treats these metals with a proprietary process
to produce refined metals. The Company earns profits from value added in transforming gold (or other precious
metals) to a more refined state.

MFGD’s business is based on collaboration between a direct marketing/online lead generation firm and a pre-
cious metals refinery. The Company is able to provide a higher payout to customers than traditional outlets be-
cause it bypasses middlemen or brokers and passes its savings along to customers. MFGD maintains Web sites at
dollars4gold.com, dollars4gold.net, money4gold.com and more than 70 similarly named domains, which serve
as an information resource for new customers. Interested parties enter their information in the Company’s Web
site or call a toll-free number to receive a return mail package provided by the Company. The customer mails his
items to MFGD; the items are tested for precious metal content (assayed) and a total cash value is determined.
MFGD covers the cost of shipping and insures the package. The process is simple and quick. The Company
assesses the value of the metals within 24 hours of receipt and offers a price to the customer. The price is non-
negotiable and customers have 10 days to accept or reject the offered price.

MFGD has a services agreement with Republic Metals Corporation. The refiner’s state-of-the-art facility houses
a wide assortment of equipment, allowing it to process and accurately sample customer`s material, regardless of
the form in which it is received. On-site equipment includes: ball mills, balers, sifters, processing ovens, blend-
ers, induction and gas melting furnaces, after-burners, dust collectors, bag houses, digestion kettles, multiple
point scales and much more.

All testing and analysis is performed using procedures governed by a quality operation program. Samples are
taken and assayed at each step of the refining process to maintain the high purity of end-products. All measuring
instrumentation and equipment are calibrated to standards set by the National Institute of Standard Technology
and are supported by certifications to substantiate all claims. Republic Metals maintains strict quality control
procedures, inspecting measuring and testing its equipment as required by ISO 14001 Quality Certification.

Corporate strategy

The Company’s basic strategy is to promote steady financial

growth, long-term client partnerships and control costs. Specific
business goals include:

• Increasing leverage by securing contracts with large customers

and suppliers;
• Providing competitive refining schedules that incorporate low
minimum charges and fast settlements to maximize cash flow;
• Easing access to capital, enabling capital investment and shifts
to alternate scrap sources;
• Increasing margins through economies of scale derived from
consolidations;
• Expanding geographic coverage to service national accounts;

Money4Gold Holdings Inc. (OTCBB: MFGD) 4

 Analyst: Victor Sula, Ph.D.
Initial Report
October 17th, 2008

• Establishing vehicles for acquisitions and additional growth;

• Identifying and quantifying synergy improvements;
• Implementing information control platforms;
• Expanding into other precious metals recycling areas; and
• Setting up national marketing and sales programs.

Marketing strategy

The Company markets its services through www.dollars4gold.com and its other similarly named sites utilized for
search engine optimization. These Web sites provide a low cost way to reach consumers and convenient, efficient
and secure channels through which individuals can recycle items containing precious metals. MFGD plans to
build traffic on its sites by tapping an existing network of hundreds of affiliates controlled of one of its principal
partners. Electronic marketing tools such as banners and contextual pop-ups will be distributed across the net-
work on Web sites or sent as e-mails.

MFGD also plans to generate traffic through package inserts, magazines, newspapers, radio and television com-
mercials that invite customers to either visit the site or call the toll-free number.

Services
The Company solicits customers through direct marketing channels. Interested par-
ties will enter their information on the Web site - dollars4gold.com - or call the toll-
free number (888-D4GOLD1).

When the customer completes the form provided on the Web site, the Company
sends a package (G-Pak) containing all the needed materials to ship items to MF-
GD’s refinery. G-Pak contains a welcome letter, a Ziploc pouch and a self-addressed,
postage-prepaid return mail envelope. The customer deposits the envelope in any
U.S. Postal Service mailbox. The package is insured against loss or damage for up
to $100 in value and can be tracked using the tracking number that is provided to
the customer.

Once the piece is received, the Company analyzes the valuables using non-destruc-
tive testing and assigns a value to them based on weight, purity and the current
market price of the precious metal. Because MFGD does 100% of the assaying and refining in-house, the Company
ensures a very high standard of quality control over its refining services.

After valuation, a check will be sent to the prospect and, if accepted, the items will be refined into pure form. If
the customer is not satisfied with the offer, he can return the check to the Company and the items will be shipped
back to the customer.

Money4Gold Holdings Inc. (OTCBB: MFGD) 5

 Analyst: Victor Sula, Ph.D.
Initial Report
October 17th, 2008

Refining Process
The refining process consists of several steps:

1. Receiving/Inspection/Weighing

Each lot received is weighed, digitally photographed, assigned a lot number and logged into the system. An
acknowledgment of receipt, weight and nature of the material is mailed to the customer.

2. Process Determination

The Company determines the most economical method to treat and refine the item. Readily meltable materi-
als proceed to induction or gas melting furnaces. Mixed scrap containing valueless plastics, organics, and base
metals may first go to the incineration department. Materials for leaching/strip/stone recovery proceed to wet
chemical recovery operations.

• Incineration
In many operations using precious metals, solutions are filtered, spills are contained, and reclamation of metal is
made by use of a solid material. Any number of situations can arise causing precious metal bearing waste to be
absorbed into solid material. Burnable materials are fed into incinerators to remove valueless organics. The re-
maining residues are crushed and pulverized in milling operations to achieve very fine powder. The material is
then screened for meltable material and rejectable items such as magnetics. The powder portion is then blended
to finalize homogenization; the material is sampled accordingly.

• Meltable Materials
Meltable materials are precious metal-bearing materials that meet criteria for melting as the fastest and most
efficient method of metal recovery. The most common high-grade materials from jewelers and jewelry manufac-
turers are karat scrap containing various amounts of precious metals. Readily meltable materials or the metallic
portion of mixed scrap are homogenized by a melting process.

• Chemical Stripping
In some instances, finished jewelry that is electroplated can’t be used. However, in most cases the precious metal
is recoverable. The most common recovery method is chemical stripping performed at a precious metal refiner’s
facility. The process used is dictated by several factors, most notably the type of precious metal involved, the
base metal contained, the weight and size of the component structure, or the delicacy involved such as in dia-
mond/stone removal, optical glass etch, or shield deposit.

3. Assaying

A sample is taken from several parts of the metal bar using a high-powered drill press. Drilling various areas
ensures a consistent, accurate sample. On-site laboratories use state-of-the-art techniques for chemical analysis.

Money4Gold Holdings Inc. (OTCBB: MFGD) 6

 Analyst: Victor Sula, Ph.D.
Initial Report
October 17th, 2008

Industry Outlook
Gold

The process of mining gold is extremely capital- and labor-intensive. Gold demand is rising in response to popula-
tion growth as well as industrial, technological and economic growth.

At 3,547 tons, identifiable gold demand in 2007 was 4% higher than in 20061. This was equivalent to a 1/5th rise in
dollar terms, increasing demand to $79.2 billion, which was 19% higher than 2006 and marked a fourth-successive
annual record. The majority of gold is consumed by the jewelry segment. The global jewelry market consumed
2,400 tons of gold last year, up 5% in volume and 22% in dollar terms compared to the prior year. Identifiable de-
mand was 657 tons for industrial applications and 446 tons for dental applications.

Another record was set in the investment sector. In dollar terms, total net gold investment in the fourth quarter
of 2007 exceeded $8 billion, a quarterly record for recent years. Global investment demand for gold continues in
2008. Investments showed the strongest surge, reaching $3.5 billion in the second quarter and up 29% year-over-
year.

Gold demand, tons

3000

2500

2000 2004
1000 2005

500 2006
2007
0
Jewellery Industrial & Identifiable ETFs & similar
consumption dental Investment Products

Source: World Gold Council

Gold supply remained tight in 2007, falling 3% in tonnage terms to 3,469 tons. Asia was the only region to produce
more gold, posting a 66 ton or 12% increase, pushed higher by China and Indonesia2. The supply of gold in the
second quarter of 2008 was only 1.0% higher than a year earlier. A 13% increase in scrap supplies was more than
offset by lower central bank sales. Mine output remained constrained, falling 4% to 590 tons3.

1. www.gold.org/assets/file/pub_archive/pdf/GDT_Q4_2007.pdf
2. www.gfms.co.uk/Market%20Commentary/Gold%20Survey%202008%20Presentation.pdf
3. www.gold.org/assets/file/pr_archive/pdf/GDT_Q2_2008_pr.pdf

Money4Gold Holdings Inc. (OTCBB: MFGD) 7

 Analyst: Victor Sula, Ph.D.
Initial Report
October 17th, 2008

Domestic gold mine production in 2007 was 6% below 2006 levels, which dropped the United States to the fourth
leading gold-producer. Despite decreased production from Nevada mines, this state remains America’s leading
gold producer, accounting for about 80% of the U.S. total. In 2007, the United States was a net exporter of gold4.

Although gold mine production is relatively inelastic, recycled gold (or scrap) ensures a readily available supply
for trading and helps stabilize gold prices. The value of gold makes it economically viable to recover the metal
by melting down items and recycling. Between 2003 and 2007, recycled gold contributed 26% of the available
supply5.

Gold prices

Since August 2007, gold prices have steadily climbed to reach new records. Gold prices in 2007 averaged slightly
less than $700 per ounce, which represented an all-time high. By March, 2008, gold prices had surged nearly
20%, fueled by a weak dollar, record crude oil prices, production disruptions at African mines, worries about the
health of Wall Street banks and concern over a faltering U.S. economy. Gold is seen as a safe haven against infla-
tion, and the economic environment and GDP outlook play a major role in determining gold prices. In addition,
a weaker U.S. dollar makes gold cheaper for holders of other currencies, raising both demand and gold prices.

In March 2008, gold prices hit $1,009 per ounce on the New York Mercantile Exchange before falling back. Ex-
perts think gold prices will climb above $1,000 per ounce again this year as financial turmoil prompts investors
to seek safe havens. GFMS analysts forecast gold prices averaging $970 per ounce for the year.

1 Year Gold High 1002.80 Low 746.90

1050 1050

1000 1000

950 950

900 900
USD per ounce

850 850

800 800

750 750

700 700

650 650
19Oct

27Nov

03Jan

11Feb

19Mar

25Apr

03Jun

10Jul

18Aug

24Sep

17Oct

Based on New York Close

Source: www.goldprices.com, price in $ per oz

4. http://minerals.usgs.gov/minerals/pubs/commodity/gold/mcs-2008-gold.pdf
5. www.invest.gold.org/sites/en/why_gold/demand_and_supply/

Money4Gold Holdings Inc. (OTCBB: MFGD) 8

 Analyst: Victor Sula, Ph.D.
Initial Report
October 17th, 2008

Platinum

According to the U.S. Geological Survey, platinum demand just 10 years ago was only 5 million ounces. The de-
mand for platinum rose 37%6 in 2007, mainly on the strength of industrial applications such as LCDs, hard disks,
oil refining and fuel cell technology. By far, the biggest single consumer of this metal is the automobile industry.
In non-technical terms, platinum serves as a catalyst in converters, enabling chemical reactions that treat vehicle
exhaust emissions. In 2008, demand for the metal is expected to exceed 7.5 million ounces.

Global platinum mine production rose 6% in 2006 to 7.01 million ounces (217.9 tons). Higher output reflects in-
creased production in South Africa. Mine output elsewhere was essentially flat year-on-year, though there was a
modest rise in scrap recovery. In 2007, South African mines produced less, and global platinum output fell 6% to
6.56 million ounces.

Platinum’s prices have risen dramatically in the last 10 years, rising from nearly $400 an ounce in 1997 to $2,000
at the beginning of 2008. In the first half of 2008, platinum and rhodium prices leveled off at record levels. Sup-
ply concerns from South Africa for platinum are impacting current valuations. Platinum prices exceed $2,000 per
ounce, palladium prices are $500 per ounce, and rhodium prices have hit $9,000 per ounce.

Platinum, palladium and rhodium prices have fallen in recent months due to a wave of investor selling of com-
modities (including precious metals), which almost entirely outweighed the impact of fundamentals in each mar-
ket. Investors sold-off long positions in exchange traded funds and on the futures exchanges. The U.S. dollar has
also played a part by rising against the Euro.

1 Year Platinum High 2252.00 Low 962.00

2400 2400
2300 2300
2200 2200
2100 2100
2000 2000
1900 1900
1800 1800
USD per ounce

1700 1700
1600 1600
1500 1500
1400 1400
1300 1300
1200 1200
1100 1100
1000 1000
900 900
800 800
16Oct

22Nov

31Dec

06Feb

14Mar

22Apr

29May

07Jul

13Aug

19Sep

14Oct

Based on New York Close

Source: www.kitco.com/charts/liveplatinum.html

6. www.kitco.com/ind/Wright/fab292008.html

Money4Gold Holdings Inc. (OTCBB: MFGD) 9

 Analyst: Victor Sula, Ph.D.
Initial Report
October 17th, 2008

Silver

Total global silver fabrication grew 1% in 2007 to 843.7 million ounces. Most notably, industrial applications,
a key constituent of overall demand, posted a 7% gain to 455.3 million ounces, the sixth consecutive year of
growth7. Global silver mine production rose 4% in 2007, with particularly solid gains from Chile, China and
Mexico. Total silver mine production was 670.6 million ounces last year.

Silver prices, led by continued strong investor and industrial applications, averaged $13.38 in 2007. This reflects
16% year-over-year growth, which on a percentage basis was stronger than that enjoyed by gold, platinum and
palladium last year. By March 2008, silver prices had jumped above $20 an ounce for the first time since Novem-
ber 1980. However, since July, silver prices have dropped as Wall Street losses forced investors to dump precious
metals to raise badly needed cash. According to GFMS, silver prices will continue to be volatile in 2008 with
prices trading in a $13.20 to $16.50 range and temporary spikes to a $17-$18 range possible. According to RBC
Capital Markets, the fundamental view on silver remains bullish for the next several years.

1 Year Silver High 20.79 Low 9.35

22.00 22.00

20.00 20.00

18.00 18.00
USD per ounce

16.00 16.00

14.00 14.00

12.00 12.00

10.00 10.00

8.00 8.00
19Oct

27Nov

03Jan

11Feb

19Mar

25Apr

03Jun

10Jul

18Aug

24Sep

17Oct

Based on New York Close

Source: www.kitcosilver.com

7. www.gfms.co.uk/Press%20Releases/WSS%202008%20Press%20Release.pdf

Money4Gold Holdings Inc. (OTCBB: MFGD) 10

 Analyst: Victor Sula, Ph.D.
Initial Report
October 17th, 2008

Valuation

The Company’s closest peer is privately-held Cash4Gold, a subsidiary of Albar Precious Metal Refining Inc. Cash4-
Gold/Albar was recognized in Entrepreneur magazine’s “Hot 500” list for the fastest-growing companies in 2007
and is the only precious metal refiner ever to reach that ranking. Cash4Gold has served thousands of customers
and advertises its business on national television spots and satellite radio. Cash4Gold’s marketing spending, esti-
mated at $3.0 million per quarter, indirectly benefits MFGD by increasing consumer awareness and the visibility
of the precious metal recycling industry.

Cash4Gold generated approximately $23 million in sales in 2007. Early in 2008, the company projected 2008 rev-
enues exceeding $40 million, and industry insiders think sales this year could be closer to $100 million.

MFGD is leveraging a model similar to Cash4Gold, using the Internet and other direct marketing tools to reach
customers. The Company’s turnkey relationship with Republic Metals provides access to necessary infrastructure
at low variable costs. MFGD also outsources its call center operations. By outsourcing these activities, the Com-
pany ensures a low cost structure. In addition, the direct marketing experience of MFGD’s management team
provides a significant competitive advantage.

The Company launched its business in a test phase in this year’s third quarter and achieved results exceeding
expectations. Going forward, MFGD has begun print, TV and radio advertising. We project MFGD will generate
evenues ranging around $2.0 million in the second half of 2008 and expect triple-digit revenue growth in 2009 and
2010.

Revenue forecast, $ Mn

16 14.0
14
12
10
8 7.0
6
4
2.0
2
0
2008 2009 2010

Source: Analyst estimates

The Company raised $2.4 million to support its growth plans through a September private placement of stock
and warrants. MFGD issued 8.0 million shares of common stock and 8.0 million three-year warrants exercisable
at $0.50 per share.

Money4Gold Holdings Inc. (OTCBB: MFGD) 11

 Analyst: Victor Sula, Ph.D.
Initial Report
October 17th, 2008

Valuation

The value of gold industry companies is rising, fueled by increased gold consumption and price momentum.
Gold and silver companies are generating strong revenue and earnings growth, which in turn is driving valua-
tion multiples above the basis materials sector and the S&P 500. Higher prices enable gold companies to profit-
ably develop gold reserves that in a low-prices environment would not be economically viable.

Industry Valuation and Growth Ratios

Gold & Silver Basic Materials

Valuation Ratios S&P 500
Industry Sector

P/E Ratio (TTM) 21.04 1.51 26.67

Price to Sales (TTM) 6.30 1.33 2.22

Growth Rates
Sales (MRQ) vs Qtr. 1 Yr. Ago 36.66 8.91 12.01
Sales (TTM) vs TTM 1 Yr. Ago 23.84 2.51 13.82
Sales - 5 Yr. Growth Rate 21.99 10.34 14.82

Source: http://stocks.us.reuters.com/stocks/ratios.asp?ct=0&symbol=ego

MFGD’s business model allows the Company to capitalize on rising demand for recycled precious metals, avoid
mining risk and minimize its overhead spending and cost structure. We therefore think that the Company should
be valued at a premium to gold and silver industry P/S multiples.

We are initiating coverage of MFGD with a Speculative Buy rating and a $1.17 price target, based on a 7.5 times
forward Price/Sales multiple and our estimates of 2010 revenues. The Company will likely need to raise addi-
tional capital to implement its growth plan; therefore our valuation analysis assumes future equity sales and an
increase in the diluted share count to 90 million fully diluted shares outstanding.

We advise investors to consider the Company’s early development stage, financing requirements and unproven
business model as potential risk factors.

Money4Gold Holdings Inc. (OTCBB: MFGD) 12

 Analyst: Victor Sula, Ph.D.
Initial Report
October 17th, 2008

Risk Factors
Volatility of gold prices

MFGD’s profits are determined by global gold prices. The viability of its commercialization effort depends on
gold prices exceeding recovery costs. If gold prices fall substantially, the Company’s development activities may
become uneconomic.

Limited operating history

MFGD has a limited operating history. There can be no assurance that the Company can successfully establish re-
cycling and recovery operations or profitably produce gold. The Company has generated operating and net losses
since its inception and is likely several quarters away from positive operating cash flows.

Need for additional funding

Given its development-stage, MFGD will likely require additional financing for its ongoing marketing and de-
velopment activities. The Company’s ability to implement its business strategy depends on obtaining additional
equity or partner financing.

Money4Gold Holdings Inc. (OTCBB: MFGD) 13

 Analyst: Victor Sula, Ph.D.
Initial Report
October 17th, 2008

Management

Hakan Koyuncu Hakan Koyuncu is the co-founder and CEO of Leadcreations.com LLC, an Internet marketing and online
lead generation company with a focus on technology and innovative strategy, as well as the Director of Op-
Chief Executive Officer tions Media Group, also an Internet marketing company. Upon obtaining his Bachelor of Science in busi-
and Vice Chairman of ness administration with a concentration in marketing, Mr. Koyuncu became director of online marketing
the Board for Tel3, a prepaid long distance phone service company. He quickly grew Tel3’s subscriber base to more
than 35,000 users, positioning this company as one of the nation’s largest prepaid telecommunications
platforms.

At Tel3, Mr. Koyuncu segregated the company’s online marketing efforts into a separate division that even-
tually was spun off into its own company, Inmar LLC. Recognizing the growing value of Internet market-
ing and what it had accomplished for Tel3, Mr. Koyuncu, through Inmar, applied its successful online
marketing strategies to other companies, thereby transforming a marketing department into a thriving
stand-alone business.

LeadCreations.com LLC was founded by Mr. Koyuncu in 2003 as yet another spin off of a business model
derived from Inmar’s online marketing business. Today, it is one of the leading Internet-based lead genera-
tion firms. LeadCreations developed its own proprietary technology platform that brings online publishers
and advertisers together and tracks and reports campaign performance.

Mr Koyuncu’s business acumen extended outside of the United States when in 2005 he started one of Tur-
key’s first independent telecommunications companies, Unitel Telecom, which was acquired by another
telecom company within two years.

Scott Frohman joined Marlin Capital Partners in December 2006. Prior to joining Marlin Capital Partners,
Scott Frohman Mr. Frohman served as CEO of Health Benefits Direct. He co-founded Health Benefits Direct and served
Chairman of the Board on the company’s board of directors from its inception in February 2004 through December 2006. Mr. Fro-
hman also currently serves as the CEO of Options Media Group.

Mr. Frohman has more than a decade of experience as an entrepreneur and builder of professional early
stage businesses. His prior experience includes founding and serving as CEO of National Lead Services,
which was acquired by Seisint and spun-off as part of eDirect.com, which was later acquired by Equifax.

Daniel Brauser is a co-founder of Marlin Capital Partners. Shortly after founding Marlin Capital Partners
Daniel Brauser in 2004, Mr. Brauser left his full-time position with the company to take an executive role with Health
President, Chief Operating Benefits Direct, where he served initially as the company’s CFO and later as senior vice president. His
Officer, Chief Financial corporate responsibilities included a variety of business development and strategic initiatives, as well as
Officer and Director the development and management of financial and accounting operations. In September 2007, he returned
to a full-time role with Marlin Capital Partners while continuing to serve in a consulting role for Health
Benefits Direct.

His prior experience includes financial consulting to several highly successful start-ups. Prior to joining
Health Benefits Direct, Mr. Brauser served as an integral part of the team responsible for the accounting
processes and procedures for Omnipoint Media, a specialized Internet advertising services company.

Prior to joining Omnipoint Media, Mr. Brauser consulted as a data analyst and purchasing agent for Seisint,
Inc. a leader in database and technology services. He also worked directly with several state-level govern-
ment organizations for the procurement of multiple public record databases. Mr. Brauser has a Bachelor of
Science in finance and accounting from the University of Florida an MBA from Duke University’s Fuqua
School of Business.

Money4Gold Holdings Inc. (OTCBB: MFGD) 14

 Analyst: Victor Sula, Ph.D.
Initial Report
October 17th, 2008

Jason Rubin Jason Rubin currently serves as vice president and general counsel for Republic Metals Corp., one of the
largest precious metals refineries in the United States.
Director
Mr. Rubin grew up in the refining business, as his father founded Republic Metals. From the time he was
old enough to push a broom, Mr. Rubin worked for the refiner, performing every possible task and gaining
insight into all aspects of the precious metals business.

Today, Mr. Rubin oversees the financing and trading departments, international operations as well as all
legal aspects of the business. His 15 years at Republic give him unparalleled expertise and countless rela-
tionships in the precious metals industry.

Mr. Rubin is a graduate of the George Washington University School of Business, where he received a
degree in finance and international business. He earned a Juris Doctorate from the Nova Southeastern
University School of Law.

Money4Gold Holdings Inc. (OTCBB: MFGD) 15

 Analyst: Victor Sula, Ph.D.
Initial Report
October 17th, 2008

Disclaimer
DO NOT BASE ANY INVESTMENT DECISION UPON ANY MATERIALS FOUND ON THIS REPORT. We are not registered as a securities broker-dealer or an investment adviser
either with the U.S. Securities and Exchange Commission (the “SEC”) or with any state securities regulatory authority. We are neither licensed nor qualified to provide investment
advice.

The information contained in our report should be viewed as commercial advertisement and is not intended to be investment advice. The report is not provided to any particular
individual with a view toward their individual circumstances. The information contained in our report is not an offer to buy or sell securities. We distribute opinions, comments and
information free of charge exclusively to individuals who wish to receive them.

Our newsletter and website have been prepared for informational purposes only and are not intended to be used as a complete source of information on any particular company. An
individual should never invest in the securities of any of the companies profiled based solely on information contained in our report. Individuals should assume that all information
contained in the report about profiled companies is not trustworthy unless verified by their own independent research.

Any individual who chooses to invest in any securities should do so with caution. Investing in securities is speculative and carries a high degree of risk; you may lose some or all of
the money that is invested. Always research your own investments and consult with a registered investment advisor or licensed stock broker before investing.

The report is a service of BlueWave Advisors, LLC, a financial public relations firm that has been compensated by the companies profiled. All direct and third party compensation
received has been disclosed within each individual profile in accordance with section 17(b) of the Securities Act of 1933. This compensation constitutes a conflict of interest as to our
ability to remain objective in our communication regarding the profiled companies. BlueWave Advisors, LLC, and/or its affiliated will hold, buy, and sell securities in the companies
profiled. When compensated in shares, all readers should be aware that is our policy to liquidate all shares immediately. We reserve the right to buy or sell the shares of any the
companies mentioned in any materials we produce at any time. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regard-
ing the profiled companies. BeaconEquity.com is a Web site wholly-owned by BlueWave Advisors, LLC. BlueWave Advisors, LLC has been compensated forty three thousand five
hundred dollars from JMS Consulting, as a marketing budget to manage a comprehensive investor awareness program including the creation and distribution of this report as well
as other investor relations efforts.

Information contained in our report will contain “forward looking statements” as defined under Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange
Act of 1934. Subscribers are cautioned not to place undue reliance upon these forward looking statements. These forward looking statements are subject to a number of known and
unknown risks and uncertainties outside of our control that could cause actual operations or results to differ materially from those anticipated. Factors that could affect performance
include, but are not limited to, those factors that are discussed in each profiled company’s most recent reports or registration statements filed with the SEC. You should consider these
factors in evaluating the forward looking statements included in the report and not place undue reliance upon such statements.

We are committed to providing factual information on the companies that are profiled. However, we do not provide any assurance as to the accuracy or completeness of the informa-
tion provided, including information regarding a profiled company’s plans or ability to effect any planned or proposed actions. We have no first-hand knowledge of any profiled
company’s operations and therefore cannot comment on their capabilities, intent, resources, nor experience and we make no attempt to do so. Statistical information, dollar amounts,
and market size data was provided by the subject company and related sources which we believe to be reliable.

To the fullest extent of the law, we will not be liable to any person or entity for the quality, accuracy, completeness, reliability, or timeliness of the information provided in the report,
or for any direct, indirect, consequential, incidental, special or punitive damages that may arise out of the use of information we provide to any person or entity (including, but not
limited to, lost profits, loss of opportunities, trading losses, and damages that may result from any inaccuracy or incompleteness of this information).

We encourage you to invest carefully and read investment information available at the websites of the SEC at http://www.sec.gov and FINRA at http://www.finra.org.

All decisions are made solely by the analyst and independent of outside parties or influence.

I, Victor Sula, Ph.D, the author of this report, certify that the material and views presented herein represent my personal opinion regarding the content and securities included in this
report. In no way has my opinion been influenced by outside parties, nor has my compensation been either directly or indirectly tied to the performance of any security listed. I certify
that I do not currently own, nor will own and shares or securities in any of the companies featured in this report.

Victor Sula, Ph.D. - Senior Analyst

Victor Sula, Ph.D. has held the position of Senior Analyst with several independent investment research firms since 2004. Prior to 2004, Mr. Sula held Senior Financial Consultant posi-
tions within the World Bank sponsored Agency for Restructuring and Enterprise Assistance and TACIS sponsored Center for Productivity and Competitiveness of Moldova, where
he was involved in corporate reorganization and liquidation. He is also employed as Associate Professor at the Academy of Economic Studies of Moldova. Mr. Sula earned his Ph.D.
degree in 2001 and bachelor’s degree in Finance in 1997 from the Academy of Economic Studies of Moldova. Mr. Sula is currently a level III candidate in the CFA program.

Money4Gold Holdings Inc. (OTCBB: MFGD) 16