the weekly dig august 28, 2015cdn.ceo.ca.s3-us-west-2.amazonaws.com/1au1lbj-mmaug282015_c… · the...

The Weekly Dig – August 28, 2015 Haywood Mining Team

Member of the Canadian Investor Protection Fund Please see page 37 for Analyst Certification, Important Information

and Legal Disclaimers, page 40 for Risk Profile Definitions, and pages 38 to 47 for Disclosures, Rating Structure, and notes.

GLOBAL ECONOMIC OUTLOOK CLOUDED AS MARKET VOLATILITY PERSISTS

The collapse of global equity markets continued early in the week, headlined by the capitulation of the Shanghai Composite Index, which fell 19% from Monday’s open to Tuesday’s close. The fall sent shockwaves around the world, with most global equity markets dropping as growing concerns over the severity of the slowdown of the Chinese economy prompted investors to abandon equities. No asset class appeared safe; the U.S. dollar index fell on Monday by 1.7% only to recover for the remainder of the week to finish at 96.32. Eyes are now clearly turning to the Federal Reserve’s decision next month on whether to raise interest rates, which, up until a couple of weeks ago, appeared to be a sure thing. Key to the decision will be whether the Fed sees the latest market turmoil as a short-term correction, or a sustained issue that could hamper global economic growth in the medium-term. The price of gold fell before stabilizing later in the week to finish 2.3% down, with some commentators questioning its status as a safe haven asset. Other precious metals were also down, with silver (↓5%) and palladium (↓2.5%) both falling during the week; platinum was flat and finished at $1,019 per ounce. Industrial metals were volatile for the most part; copper (↑1.6%), lead (↑1.7%) and zinc (↑2.5%) were all up for the week, after falling earlier in the week. Nickel continued its horror run, falling 1.4% for the week, and finishing on Friday at $4.55 per pound. The price of WTI crude fell below the $40 per barrel mark on Monday, hitting a low of $37.8 in intra-day trading before rallying later in the week by 15% to finish at $45.3 per barrel. The UxC Broker Average Price (BAP) for uranium continued to maintain its gradual rise from last week, climbing slightly to finish at $36.81 per pound.

DIGGING IN… Metals Sector Macro: Highly volatile week in global markets following concerns over China’s economy .............................................................................................................................................. 2 Junior Explorer – Weekly Vantage Point: News from the Junior sector this week included scintillometre results from NexGen Energy (NXE-V), results of a bulk sample from Kennady Diamonds (KDI-V), drill assay results from Coventry Resources (CYY-ASX) and early-stage exploration results from Midland Exploration (MD-V) ………………………….………..………..………………. ……………………..3 Haywood Research – The Week in Review: Publications from the Haywood Research team this week included: FY/15 financial results from Paladin Energy Ltd. (PDN-T) and a progress update from True Gold Mining Inc. (TGM-V). ................................................................................ 7 Market Essentials: FY/15 financial results from BHP Billiton (BHP-ASX) and spin-off company South32 (S32-ASX). ............................................................................................................................... 9 Equity Financings: This Week: 10 equity raises for C$10 million ........................................ 11 Weekly Commodities / Indices / Exchange Rates: The S&P/TSX Comp recovered after last week plunge, up 2.6% and finishing at 13,865, while the S&P/TSX Venture Comp was also up, finishing at 556 .............................................................................................................. 12 Commodities and ETFs: A Week in Action: WTI crude recovers to finish 12% higher at 45.3 per barrel ........................................................................................................................................... 13 Equities: Weekly Performances: Teck Resources Ltd. (TCK.A-T) up 13% for the week .......... 15 Comparables Tables: Consensus and Haywood forecasts and multiples, plus market valuations for in situ resources ............................................................................................................................ 18 Important Notice & Disclaimer – Please Read The Dig is intended to provide general information only and it is written for an institutional audience. It is not a solicitation for the purchase of securities, an offer of securities, or intended as investment research or advice. The information presented, while obtained from sources we believe reliable is not guaranteed against errors or omissions. For Canadian residents: Haywood Securities Inc. is a Canadian registered broker-dealer and a member of the Investment Industry Regulatory Organization of Canada, the Toronto Stock Exchange, the Toronto Venture Exchange and the Canadian Investor Protection Fund. Any Canadian client that wishes further information about anything contained herein should contact a qualified salesperson of Haywood Securities Inc. For U.S. residents: The Dig is distributed in the United States by Haywood Securities (USA) Inc.

$1,100

$1,150

8/24 8/28

Gold (US$/oz)Last: $1,134

$14

$15

8/24 8/28

Silver (US$/oz)Last: $14.57

$2.20

$2.30

$2.40

8/24 8/28

Copper (US$/lb)Last: $2.34

$37

$39

$41

$43

$45

8/24 8/28

WTI Crude (US$/bbl)Last: $45.34

The Weekly Dig 8/28/15

Haywood Mining [email protected]

METALS SECTOR MACRO

Macroeconomic News

Global: After the capitulation in global markets last week, market volatility ensued as doubts remained over just how dire the state of the Chinese economy is—compounded by a 19% drop in the Shanghai Composite Index from Monday’s open to Tuesday’s close. The uncertainty translated into severe market gyrations, as evident on Tuesday with the Dow Jones Industrial Average rising almost 500 point. The Dow regained ground on Wednesday and Thursday, before finishing at 16,643 on Friday. Tuesday’s volatility in North American markets followed the People’s Bank of China’s (PBOC) decision to cut interest rates by 0.25 basis points. On Wednesday, the PBOC then pumped $22 billion into its banking system in the form of short-term loans. Thursday saw a rally in global markets; the Shanghai Composite index rose 3%, while the Dow Jones recovered 600 points. The volatility suggests investors are nervous about what will happen next - with an interest rate decision by the Federal Reserve next month a key variable that could influence how the markets will react for the remainder of the year.

United States: Macroeconomic data this week in the United States were received warily in light of the turmoil in the stock markets; new home sales provided further support of a pick-up in the housing market, rising 21% year on year (YoY) in July compared with a year earlier, and 5.4 month on month (MoM) compared with the month prior. The new-home sales figure for July came in at 507,000. Last week’s Mortgage Bankers Association (MBA) figure for mortgage applications continued the positive tone in housing, rising 0.2% for the week ending August 21, 2015; fixed 30-year mortgage rates averaged 4.08% in the week, down 3 basis points from 4.11% the previous week. Consumer confidence rebounded higher than expected in August, with the Conference Board returning a figure of 101.4, compared with economists’ 93.4 and the previous month’s revised figure of 91.0. This was in contrast to the University of Michigan consumer confidence figures later in the week which was down slightly for August, falling to 91.9 from 92.9 a month prior; economists were expecting a figure of 93.0. Durable goods orders also followed the positive trend, up 2% in July compared with the 4.1% gain in June. While the July increase is encouraging, U.S. manufacturers still face a host of problems from a stronger dollar and the economic turbulence in China. The positive economic data continued later in the week, with gross domestic product (GDP) growing 3.7% quarter on quarter (QoQ) for Q2/15, which was better than the expected figure of 2.3%. U.S. consumer spending in July rose 0.3% MoM after a similar rise in June, while personal income rose 0.4% in July. Signs that the market was stabilizing rekindled expectations of an interest rate increase this year, but interest rate swap rates indicated only a 25% chance of a hike next month. The reduced likelihood of an interest rate hike coincided with an upswing in U.S. markets on Thursday. The U.S. Federal Reserve, which meets from September 16 to 17, has said it will raise rates only when it sees a sustained recovery in the economy. On the jobs front, initial jobless claims fell more than expected last week, slipping 6,000 to a seasonally adjusted 271,000 for the week ending August 22, 2015. Economists had forecast claims falling to 274,000 last week.

China: Following a sequence of severe losses on the Shanghai Composite Index last week and earlier this week (see above), the PBOC has attempted to adopt a number of measures to instil confidence in its markets and economy. On Thursday, “The central bank chose a rarely used tool this time—the FX swaps—to intervene, and it did so via a couple of midsize banks, instead of the usual big state lenders that serve as its agent banks,” said one person familiar with the matter. The purpose, according to reports, was to tame expectations that the yuan would fall in value further, after the yuan was devalued last week.

Japan: On Wednesday, the Japanese government released its monthly economic report, stating that it believed the economy was recovering moderately, albeit unevenly, at odds with August data that showed the Japanese economy contracted in Q2/15. The government raised its assessment of housing construction, but cut its views on exports, private consumption, and imports and also downgraded its



assessment of the global economy for the first time in 3 years. It kept its view of the overall economy unchanged. On Friday, data showed inflation was flat for July, beating expectations of a drop below zero.

Europe: August saw a more upbeat tone for economic sentiment in the Eurozone; the European Commission’s Economic Sentiment Indicator rose to 104.2 from 104.0 in July. Economists surveyed by The Wall Street Journal last week had expected a modest decline to 103.8. However, commentators took the numbers with a grain of salt, as the survey was conducted after the Greek bailout deal and prior to the recent turmoil in Chinese markets.



JUNIOR EXPLORER: WEEKLY VANTAGE POINT

News from the Junior sector this week included scintillometer results from NexGen Energy (NXE) at its Arrow project in Saskatchewan, results of a bulk sample from Kennady Diamonds Corp. (KDI-V) for its Kennady North project in the Northwest Territories, and early stage exploration results from Midland Exploration’s (MD-V) 100% owned Willbob property,

Mining Flashes Other News

NexGen Energy Ltd. (NXE-V) Kennady Diamonds Inc. (KDI-V)

Midland Exploration Inc. (MD-V) Coventry Resources Inc. (CYY-ASX)

Mining Flashes

NexGen Energy Ltd. (NXE-V, $0.65) – NexGen Confirms High-Grade Potential Within the A2 and A3 Extension Zones

Mick Carew, [email protected], Colin Healey, [email protected]

A2 and A3 Extension Zones Continue to Deliver – NexGen released scintillometer results on drilling from its 2015 summer program at Arrow, located within the Company ’s 100% owned Rook I property in the Athabasca Basin, Saskatchewan. The latest results support those of very promising extension drilling released by the Company earlier this month, which successfully extended the A2 and A3 Zones by approximately 200 metres to the southwest. Of the latest set of drill results from Arrow, hole AR -15-54c1 returned 68.5 metres of total composite mineralization, including 10.35 metres with greater than 10,000 counts per second (cps) radioactivity within a 302.5-metre section, confirming the presence of high-grade mineralization within step-out hole AR-15-51 (see Mining Flash, August 5, 2015). On the back of the latest expansion drill results, NexGen has increased its ongoing summer 2015 drilling program by 5,000 metres to 30,000 metres, so additional infill drilling can be conducted within the expansion zone and ultimately be included in a maiden National Instrument 43-101 compliant resource estimate scheduled for Q1/16.

See Haywood Securities for the full report

Kennady Diamonds Inc. (KDI-V, $3.52) – Kelvin Bulk Sample Furnishes Grade and Size

Mick Carew, [email protected], Geordie Mark, [email protected]

2015 Kelvin Bulk Sample Returns 2.02 Carats per Tonne – Kennady released the results of a 443-tonne bulk sample from the Kelvin kimberlite. The sample was derived from reverse circulation (RC) drilling of the southeast lobe of the kimberlite, and was processed by dense media separation at the Geoanalytical Laboratories Diamond Services of the Saskatchewan Research Council (SRC). A summary of the results includes the following:

o Commercial-size diamonds (> 0.85 mm) from the sample came in at an average grade of 2.02 carats per tonne, including Zone A and Zone B material grading 2.85 ct/t and 2.46 ct/t respectively.




Other News

Midland Exploration Inc. (MD-V, $0.63) Share Price: (52-week high/low: $0.93/$0.54) Daily Average Volume for the Week: 35,721 Market Capitalization: $33.6 million Shares Outstanding: 53.3 million Cash: $18 million (August 2015) Date of Release: August 26, 2015 Event: Midland Exploration announced results from early phase exploration work at its 100% owned Willbob project in the Labrador Trough. Midland is a project-generator company with a number of joint-venture and earn-in projects in Quebec.

Results: The Company reported assay results for grab samples from several new gold showings within its land package. Two new showings were identified, both located within 500 and 850 metres of the Kuni Showing (grab samples up to 19.8 g/t gold). Gold-only grab-sample results included 1.25 grams per tonne (g/t) gold and 77.6 g/t gold, while a polymetallic grab sample returned 1.2 g/t gold, 132 g/t silver, 8.5% lead, and 7.1% zinc. Systematic grab sampling around the LaFrance system returned grab samples up to 21.9 g/t gold, designed to test the quartz-iron-carbonate alteration halo. Grab samples returned up to 9.3 g/t gold from iron carbonate alteration believed to be associated with orogenic-style gold mineralization.

Implications: The results from Willbob indicate that the Company has another good-quality early stage exploration project in the prolific Abitibi region. It is worth noting that the Willbob target has no historical drilling and is thus untested below surface. Midland plans on conducting further exploration work in the area, including channel sampling and geological mapping later this year. Midland has a number of joint-venture and earn-in agreements on several projects in Quebec, and Willbob represents one of the few in its portfolio that remains 100%-owned.

Coventry Resources Inc. (CYY-ASX, $0.07) Share Price: (52-week high/low: $0.11/$0.01) Daily Average Volume for the Week: 4.9 million Market Capitalization: $16 million Shares Outstanding: 231 million Cash: ~$1.5 million (August 2015) Date of Release: August 26 and 27, 2015 Event: Coventry Resources sent out a series of press releases pertaining to an A$1.32 million private placement and initial drill results from its Caribou project in Alaska. The Caribou project is currently under an earn-in agreement, whereby Coventry can earn an 80% interest in the project by spending US$9 million from June 2015 to June 2023, plus making cash payments of US$1.96 million over the same period, or completing a feasibility study at or before the June 2023 deadline. This week, the Company also announced preliminary drill and assay results.

Results: Late last week, Coventry announced an A$1.32 million private placement, which has subsequently been oversubscribed, to fund a 4,000-metre drill program at its Caribou project. The drill program, designed to test a number of 3D induced polarization (IP) anomalies and follow-up on historical shallow drilling, has returned intervals of massive sulphide at the 7/8 lenses (assay pending) and high-grade copper mineralization at its Lens 2 target, highlights of which include the following:



Hole CD15-09 that intersected 3.4 metres grading 4.8% copper from 51.6 metres and 3.5 metres grading 1.9% copper from 67.9 metres; this included a higher grade intersection of 0.7 metres grading 11.8% copper.

Hole CD15-06 that intersected 4.6 metres grading 10.6 % copper from 3.0 metres and 3.2 metres grading 8.7% copper from 14.5 metres.

Implications: The most important aspect of the preliminary results from the 4,000-metre program is the apparent correlation between high-grade copper mineralization associated with massive sulphide and elevated IP anomalism. In the case of Lens 2, the IP anomaly becomes broader and thicker with depth; the depth extent will be tested with subsequent drilling. The massive sulphide intersected at Lens 7/8 is also associated with a 1,765-metre-long IP anomaly, and assay results are expected soon. Coventry also received assay results from confirmatory drilling aimed at validating historical assay results from the Caribou project. Hole CD15-06 returned copper results consistent with hole DH15 drilled in 1965, suggesting historical data may be of good enough quality to incorporate into a future resource estimate of the project. Drilling is now underway at the Lens 7/8 target. A second rig is currently being mobilized and is expected to begin drilling within a few days. Assay results are also pending for four drill holes, all of which are expected next week.



Performance of Companies Included in Junior X and Notable News Flow

Source: Capital IQ and Haywood Securities

Key Catalysts for Companies Featured in the Last Junior Exploration Report

Source: Haywood Securities

Close

Price Market Capitalization

Cash at Quarter

End

Company Ticker (C$) (C$M) (C$M)

Junior Exploration Names

Atlantic Gold Corporation TSXV:AGB 0.30 35.80 13.65 (3.2)% 17.6% 36.4%

Balmoral Resources Ltd TSX:BAR 0.52 54.64 9.72 (5.5)% (24.6)% (5.9)%

Calibre Mining Corp. TSXV:CXB 0.09 21.18 2.06 5.9% (35.7)% (17.0)%

Columbus Gold Corp. TSXV:CGT 0.36 46.75 4.85 (1.4)% (16.3)% 2.5%

Constantine Metal Resources Ltd. TSXV:CEM 0.09 9.93 0.53 0 (37.0)% (18.3)%

Kennady Diamonds Inc. TSXV:KDI 3.68 109.70 3.37 11.5% (22.7)% (3.9)%

Marathon Gold Corporation TSX:MOZ 0.22 17.58 3.46 0 (10.2)% 8.6%

NexGen Energy Ltd. TSXV:NXE 0.64 159.69 28.56 (15.8)% (17.9)% 0.8%

North American Nickel Inc. TSXV:NAN 0.19 0.00 0.40 (2.6)% (13.6)% 5.1%

Orex Minerals Inc. TSXV:REX 0.19 18.85 0.54 (2.6)% (7.5)% 11.3%

Plateau Uranium Inc. TSXV:PLU 0.36 12.16 0.34 2.9% (8.9)% 9.9%

Pure Gold Mining Inc. TSXV:PGM 0.12 17.60 1.93 (20.0)% (17.2)% 1.5%

TerraX Minerals Inc. TSXV:TXR 0.25 17.53 1.14 (2.0)% (32.4)% (13.7)%

Tinka Resources Ltd. TSXV:TK 0.18 26.97 2.72 0 (25.0)% (6.2)%

Other Companies in the News

Coventry Resources Inc. ASX:CYY 0.07 16.42 0.26 (4.2)% 97.1% 115.9%

Midland Exploration Inc. TSXV:MD 0.65 34.62 11.84 10.2% (7.1)% 11.6%

QTD Performance

vs. TSXV IndexQTD Performance Weekly Performance

Company Ticker Catalysts

Junior Exploration Names

Atlantic Gold Corporation TSXV:AGB • Drilling and permitting - ongoing through 2015

• EIA on Beaver Dam and Cochrane Hill - mid 2015

Balmoral Resources Ltd TSX:BAR • $5 million exploration program at Grasset (~20,000 m) and Martiniere (~6,000) -

H2/15

• Metallurgical testwork results on Grasset and Martiniere - Q4/15

• NI 43-101 compliant resource estimate for Martiniere -Q4/15

• NI 43-101 compliant resource estimate for Grasset - H2/15

Calibre Mining Corp. TSXV:CXB • Eastern Borosi Project (IAMGOLD): Phase 2 +5,500 metre drill program with

results during Q3'15

• $1.5 million estimated to be spent on B2Gold JV, no program finalized yet

• Follow-up results from 100%-owned Montes de Oro

Columbus Gold Corp. TSXV:CGT • Paul Isnard Project: PEA - July 2015

• Eastside Project: Resource estimate - end of 2015

Constantine Metal Resources Ltd. TSXV:CEM • Palmer exploration results from US$5M - 2015 resource expansion drilling -

H2/15

Kennady Diamonds Inc. TSXV:KDI • Faraday: Results of 1 tonne bulk sample - July 2015

• Kelvin: Results of 436 tonne bulk sample - Q3/15

• Continued drilling on Kelvin and Faraday

• NI 43-101 compliant resource expected Q3/15

Marathon Gold Corporation TSX:MOZ • Commence 10,000 ($3 million) metre drill program

• $60,000 magnetic survey

• PEA - estimated late 2016

NexGen Energy Ltd. TSXV:NXE • Drilling results from summer 2015 exploration work

• Maiden resource estimate at Arrow Zone by end of 2015

North American Nickel Inc. TSXV:NAN •2015 exploration results from Maniitsoq - H2/15

Orex Minerals Inc. TSXV:REX • Coneto: ~4,500 metres/12-hole drill program completed, Assay results pending

for 4 holes, maiden resource estimate - Late Q3/15

• Barsele: Drill program under development. Agnico Eagle has committed to

spend US$7.0 million over 3-years

• Corporate: Proposed spin-out of Sweden assets (Barsele) to existing

shareholders

Plateau Uranium Inc. TSXV:PLU • Updated PEA integrating consolidated resources (mid-2015)

• Results of further metallurgical testwork, and exploration results (H2-2015)

Pure Gold Mining Inc. TSXV:PGM • Results from Phase 2 Drill Program Q2/15 to Q4/15

TerraX Minerals Inc. TSXV:TXR • 7,000 metre ($2.2 million) drill program scheduled to commence end July

Tinka Resources Ltd. TSXV:TK •Ayawilca exploration results from ~$4 million (~10,000 metre) 2015 drill program

(2 rigs) - H2/15



HAYWOOD RESEARCH: THE WEEK IN REVIEW

Publications from the Haywood Research team for the week included the following:

FY/15 financial results from Paladin Energy Ltd. (PDN-T)

Progress update from True Gold Mining Inc. (TGM-V)

RADAR FLASHES

Paladin Energy Ltd. (PDN-T, $0.19; PDN-AU, A$0.195) – FY/15 Results – Adjusted Earnings in Line, OCF (Outflow) Better Than Estimate

Colin Healey, [email protected]

FY/15 Earnings and Cash Flow – Paladin posted a net loss after tax of US$300 million (US$268 million attributable to members of the parent, or US$0.189 per share), the bulk of which included US$237.5 million in non-cash impairment charges relating to Australian exploration assets (details below). After adjusting for the write-downs, results were very much in line with our estimates: we estimate an adjusted net loss of ~US$84.6 million, or US$0.06 per share, versus our estimate of US$85.6 million, or a loss of US$0.06 per share on the disclosed weighted-average shares outstanding for the year. Cash flow from operations was $(24.7 million), or $(0.02) per share, ahead of our estimate of $(0.06) per share, and consensus of $(0.03) per share, on improved margin.

FY/15 Sales and Production (100% basis) – Paladin sold 5.367 million pounds (Mlb) of U3O8 at an average price of US$37/lb, for revenue of US$198.6 million (↓39% YoY; previously released), which compared to our estimate at the time of release (mid-July) of sales of 5.2 Mlb at US$40/lb, for revenue of US$209 million. Revenue was slightly lower than estimated for the year, but was a wash to our earnings estimate on better margins. Langer Heinrich mine production was also previously released, coming in at 5.04 Mlb (↓13% YoY).


True Gold Mining Inc. (TGM-V, $0.18) – Well Positioned for First Gold in Q1/16

Tara Hassan, [email protected], Danny Ochoa, Peng, [email protected]

True Gold continues to make good progress at Karma and remains on schedule for first gold pour by the end of Q1/16. Although True Gold remains on track to build one of Burkina Faso ’s next gold mines, it is trading at a discount to both Global and African peers. While we expect risk to be elevated in Burkina Faso through the scheduled October 2015 elections, continued construction progress and the pending transition to producer status could benefit the share price in the nearer term.




OTHER REPORTS

Silver Industry Report – Silver Sector Q2/15 Post-Mortem Commissioning

Benjamin [email protected], Geordie [email protected]

Preferred Focus on Free-Cash-Flow Generation and Yield – We are highlighting Tahoe Resources and Mandalay Resources within our coverage universe given their yield (2.7% and 5.1% respectively), in addition to the ability to generate cash flow in the current metal price environment.

Cash and All-In Sustaining Costs – Within the scope of the broader producer universe, those companies with larger scale, higher grade assets showed more favourable cash and all-in sustaining-cost profiles. Operating costs have come down to adjust to the current precious metals paradigm and support operating margins, with average earnings before interest, taxes, depreciation, and amortization (EBITDA) margins of 26%.

Unit Cost Improvements – The majority of companies in Haywood’s coverage universe delivered sequential (QoQ) improvements in Q2/15A unit costs, driven by reductions in input costs (fuel and consumables) and favourable foreign-exchange headwinds for non-U.S.-domiciled producers.

Cash-Flow Forecasts – Across the board, forecasts generally call for sequential (YoY) increases in operating cash flow based on an expectation of higher commodity prices. Current consensus silver price forecasts call for annual averages of US$17.06/oz in 2015 and US$17.64/oz in 2016 (source: Capital IQ), which compares with a current spot price of US$14.62/oz and Haywood forecasts of US$16.35/oz for 2015 and US$17.00/oz for 2016.




MARKET ESSENTIALS

Companies in the News

BHP Billiton (BHP-ASX) released its full-year FY/15 financial results. The results were the worst in 11 years for the Company. Profit after taxation plummeted 86% to US$1.91 billion for the full year 2015, from US$13.83 billion a year ago, amid a “significant decline in commodity prices.” Earnings included losses on exceptional items totalling US$3.2 billion and a write-down of US$2.0 billion over the Company’s onshore U.S. assets, and US$290 million on its Nickel West assets. Revenue for the Company was US$43.46 billion, lower than the US$55.05 billion of the previous year. Despite the poor results, BHP Billiton announced a dividend of US$1.24 per share for the year, a 2.5% YoY increase. In recent weeks, it has announced a series of cuts, particularly at its Escondida and Olympic Dam assets in Chile and Australia respectively.

Meanwhile, BHP Billiton’s spinoff company South32 Ltd. (S32-ASX) announced its full-year financial results, which returned a pro forma profit after tax of US$28 million, or $0.05 per share in its first set of earnings as a standalone unit. This was a 56% drop on the prior financial year’s pro forma profit after tax of US$64 million, which was in line with analyst estimates. Coinciding with the release of the results, the Company announced plans to cut US$350 million in annual costs and reduce capex in 2016 by 9% to US$650 million. South32 announced in June that it would write down the value of its manganese assets, and it has revealed a further $416 million of asset impairment, all of which was incorporated into the results.

According to reports, copper concentrate exports from Freeport-McMoRan’s (FCX-NYSE) Grasberg copper project in Indonesia have almost stopped completely after an exemption from a new rule on payment methods expired last month. According to Freeport Indonesia spokesman Riza Pratama, “We are gradually working with our buyers to change their method of payment … hopefully we will get this matter resolved very soon. We are talking with the government so we can continue our exports .” Following the news, the Company announced plans to cut capital spending plans for 2016 by 29%, and reduce its U.S.-based workforce by 10%. Freeport revealed it now expects capital spending of $4 billion next year, down from its July estimate of $5.6 billion. The Company also announced it will slash 2016 mineral exploration costs from $100 million to $50 million.

Workers at Eldorado Gold Corporation’s (EDR-T) Skouries gold mine in northern Greece have staged a counter-protest against the threatened closure of the operation, a day after fights broke out at a demonstration by activists who are against the project. This action comes after a series of protests from locals and non-governmental organizations (NGOs) who have long opposed the mine, citing environmental damage and risks to tourism as concerns. Technical studies were suspended last week after the Greek government accused the Company of breaking an agreement, which apparently stated that certain technical studies were not done in country. Eldorado claimed that the studies were conducted in Finland. Eldorado has since sued the government, and was handed a small victory late in the week by the top court of Greece, ruling that the argument used by the energy and environment minister to revoke the Company’s permits is invalid.

Anglo American (AAL-LON) announced it has sold two of its copper mines in Chile to a consortium led by UK-based investment firm Audley Capital for $300 million. The two assets, open-pit mines Montos Blancos and Mantoverde, come with a clause for future payments under certain conditions, which could add up to an additional $200 million to the price. The potential price increase would also depend on whether Audley pursues an expansion plan for the Mantoverde mine to extend its life. The Company has looked at selling a number of assets in South America, so it can instead concentrate on its larger operations, including Collahuasi and Los Broncos, as well as its Quellaveco copper project in Peru.



Meanwhile, Anglo American’s De Beers plans additional investment into promoting diamonds in the United States and China, as demand appears to be weakening. According to De Beers CEO Philippe Mellier, “This will help to stimulate downstream demand for polished diamonds and create renewed momentum in the diamond sector at a crucial point in the year.” Also, the Company announced it has cut diamond prices by as much as 9% owing to the weakening demand, according to reports.

Gold Standard Ventures Corp. (GSV-V) announced it has begun its second phase of drilling at the Pinion and Dark Star oxide gold deposits in the Carlin Trend, Nevada. The second phase of the 2015 exploration program will focus on the most promising near-term targets that emerged in Phase 1, with the aim of adding oxide gold resources at Pinion and Dark Star. Phase 2 will also test additional targets that have been identified over the past year. In addition, bottle-roll tests will be completed in Phase 2, as a follow-up to cyanide-soluble-recovery results, which averaged 82.4% in oxidized multilithic dissolution collapse breccia, the main gold host at Pinion.

DuSolo Fertilizers Inc. (DSF-V) announced a corporate update, whereby the Company commented on the soft market conditions for Direct Application Natural Fertilizer (DANF), which have led to lower than expected DANF sales. New CEO Darren Bowden stated, “In light of the current market conditions in Brazil, and the effect it has had on the Company’s performance, DuSolo’s new board and management have undertaken a strategic review of all operations. … In the coming months, the Company plans to implement a number of sales and production strategies in an attempt to increase revenues, while managing its production costs. According to the Company, “DuSolo’s long-term focus remains unchanged, as we continue to build the Company into a domestic Brazilian phosphate producer.” Strategic initiatives will include the drawdown of a recently announced credit facility, the reconfiguration of the Bomfim processing plant, and alternative sales strategies, including forward sales contracts and expanding sales into other parts of Brazil.

Mergers and Acquisitions

Canadian miners Teck Resources (TCK.A-T) and Goldcorp (G-T) announced a joint-venture partnership whereby neighbouring projects in Chile will be combined, which will likely see significantly lower development costs. The two projects, El Moroo (Goldcorp) and Relincho (Teck) , will be a 50:50 venture, and combined, will now require ~US$3.5 billion, well below the standalone development costs of the El Morro and Relincho projects announced previously, which were $3.9 billion and $4.5 billion respectively. The Companies estimate that Corridor will have a 32-year lifespan and produce an average of 190,000 tonnes of copper and 315,000 ounces of gold per year, over the first decade. Meanwhile, Goldcorp signed an agreement to acquire New Gold Inc.'s (NGD-T) 30% interest in the El Morro copper-gold project in Chile, by paying US$90 million and a 4% stream on future gold production from the property.

Financings

Kootenay Silver Inc. (KTN-V) announced it has closed the first tranche of its non-brokered private placement for $1.075 million, which comprises a total of 3.59 million common shares for $0.30 per share, plus a purchase warrant priced at $0.55 per share for a period of 2 years. The net proceeds from the private placement will be used to finance additional work on Kootenay’s Promontorio property, which includes the new La Negra Breccia discovery, and its other properties, and for general working capital.



Completed Equity Financings 2013 to Date (C$ million and average transaction size)

Source: Capital IQ

Announced Equity/Debt Raisings and Streaming Deals for the Week (> $500,000)


$0

$10

$20

$30

$40

$50

$60

$70

$80

$0

$2,000

$4,000

$6,000

$8,000

$10,000

Jan

-13

Feb

-13

Mar

-13

Ap

r-1

3

May

-13

Jun

-13

Jul-

13

Au

g-1

3

Sep

-13

Oct

-13

No

v-1

3

De

c-1

3

Jan

-14

Feb

-14

Mar

-14

Ap

r-1

4

May

-14

Jun

-14

Jul-

14

Au

g-1

4

Sep

-14

Oct

-14

No

v-1

4

De

c-1

4

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Ave

rage

Siz

e (

C$

Mill

ion

)

Val

ue

(C

$ M

illio

n)

Monthly ($millions)

Cumulative ($millions)

Average Size ($millions)

Date Company Ticker Value Price 20 Day VWAP

Prem /

Disc Details

Equity Raisings

28-Aug-15 Electra Stone Ltd. (TSXV:ELT) TSXV:ELT C$2.0 M NA $0.09 NA Details to be released

25-Aug-15 Canarc Resource Corp. (TSX:CCM) TSX:CCM C$0.8 M $0.06 $0.06 5% 12.5M sh at C$0.06/sh plus half warr at C$0.10/sh for 24 months

24-Aug-15 Pershimco Resources Inc. (TSXV:PRO) TSXV:PRO C$3.3 M $0.17 $0.15 16% 18.7M sh at C$0.17/sh

24-Aug-15 Scandium International Mining Corp. (TSX:SCY) TSX:SCY C$2.2 M $0.10 $0.09 14% 21.7 million at C$0.10/sh

24-Aug-15 Happy Creek Minerals Ltd. (TSXV:HPY) TSXV:HPY C$1.1 M $0.11 $0.10 7% 10M sh at C$0.11/sh plus half warr at C$0.15/sh for 36 months

Debt Raisings

No debt financings for the week

Premium/discount based on closing price one day prior to announcement

Premium/discount based on common shares (where applicable) or quoted security

E = equity; D = Debt; sh = shares; FT = flow through; warr = warrant



WEEKLY COMMODITIES / INDICES / EXCHANGE RATES

METAL AND CURRENCY PRICES FOR THE WEEK

Source: Haywood Securities

13,000

13,500

14,000

8/24 8/28

S&P/TSX Composite IndexLast: 13,844

115

8/24 8/28

S&P/TSX Global Gold IndexLast: 130.1

15,000

16,000

17,000

8/24 8/28

Dow Jones Industrial AverageLast: 16,574

510

560

8/24 8/28

S&P/TSX Venture Comp IndexLast: 553 70

80

8/24 8/28

S&P/TSX Global Base Metals IndexLast: 81.05

1,800

1,900

2,000

8/24 8/28

S&P 500 IndexLast: 1,986

Name Close 1Wk Δ % 5 Day Trend 52W H/L 1W H/L

Gold Spot 1,135 (26.05) (2.30)% 1,308 1,161

US$/oz 1,077 1,125

Silver Spot 14.60 (0.72) (4.95)% 19.64 15.32

US$/oz 13.98 14.13

Platinum Spot 1,019 (0.95) (0.09)% 1,429 1,020

US$/oz 945 977

Palladium Spot 588 (14.40) (2.45)% 912 602

US$/oz 521 533

Copper Future 2.33 0.04 1.62% 3.19 2.35

US$/lb 2.21 2.25

Nickel Spot 4.55 (0.06) (1.35)% 8.99 4.61

US$/lb 4.22 4.30

Lead Spot 0.78 0.01 1.71% 1.02 0.78

US$/lb 0.74 0.74

Zinc Spot 0.82 0.02 2.50% 1.10 0.82

US$/lb 0.77 0.76

Aluminum Spot 0.72 0.03 4.05% 0.96 0.72

US$/lb 0.67 0.68

Iron Ore Spot 55 (0.38) (0.69)% 140 79

US$/t 78 78

Newcastle Coal 58 2.15 3.70% 70 58

US$/t 52 55

CAAP Coal 43 0.16 0.37% 57 43

US$/t 41 43

Uranium Spot 36.90 0.50 1.36% 39 37

US$/lb 35 36

WTI 45 4.91 10.82% 92 45

US$/bbl 38 38

Brent 50 4.59 9.17% 103 50

US$/bbl 42 43

Henry Hub 2.72 0.02 0.92% 3.97 2.72

US$/MMBtu 2.64 2.66

ENER

GY

BA

SE M

ETA

LSP

REC

IOU

S M

ETA

LS

Name Close 1Wk Δ % 5 Day Trend 52W H/L 1W H/L

TSX 13,865 391 2.82% 15,685 13,865

12,705 13,053

TSXV 556 18.15 3.27% 1,028 556

509 518

Canadian Dollar 1.32 0.00 0.17% 1.34 1.33

1.08 1.32

Euro 1.12 (0.02) (1.74)% 1.32 1.16

1.05 1.12

China Renminbi 6.39 0.00 0.01% 6.45 6.41

6.11 6.39

Mexican Peso 16.76 (0.23) (1.37)% 17.31 17.21

13.02 16.76

Peruvian New Sol 3.23 (0.04) (1.35)% 3.31 3.31

2.84 3.23

S. African Rand 13.31 0.34 2.59% 14.07 13.31

10.59 12.97

Australian Dollar 0.72 (0.01) (2.04)% 0.94 0.73

0.71 0.71

Japanese Yen 121.4 (0.61) (0.50)% 125.9 122.0

103.7 118.4

Chilean Peso 693 (5.44) (0.79)% 709 707

574 693

British Pound 1.54 (0.03) (1.92)% 1.66 1.58

1.46 1.54

Swiss Franc 0.96 0.02 1.63% 1.02 0.97

0.74 0.93

Norwegian Krone 8.28 0.08 1.02% 8.42 8.38

6.17 8.20

Turkish Lira 2.92 0.01 0.17% 3.00 2.94

2.15 2.91

Indian Rupee 66.16 0.33 0.50% 66.77 66.65

60.20 65.83

EXC

HA

NG

E R

ATE

SIN

DIC

IES



COMMODITIES AND ETFS: A WEEK IN ACTION

Gold - 1-Year US$/oz (left) and Total ETF Holdings (right)

Spot: Loss (-2.2%) for the week

ETF Holdings: 49,171,257 ounces, up 355,967 ounces for the week

Silver - 1-Year US$/oz (left) and Total ETF Holdings (right)


ETF Holdings: 620,162,934 ounces, down 893,619 ounces for the week

Platinum - 1-Year US$/oz (left) and Total ETF Holdings (right)

Spot: Gain (+0.1%) for the week


Palladium - 1-Year US$/oz (left) and Total ETF Holdings (right)



Copper - 1-Year US$/lb (left) and LME Inventory (right)

Futures: Gain (+1.6%) for the week

LME Copper: 371,250 tonnes, up 17,425 tonnes for the week

Nickel - 1-Year US$/lb (left) and LME Inventory (right)


LME Nickel: 455,166 tonnes, up 174 tonnes for the week

$1,000

$1,100

$1,200

$1,300

$1,400

Au

g-1

4

Sep

-14

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Gold ($/oz)

Price

100D MA

$1,000

$1,100

$1,200

$1,300

$1,400

Au

g-1

4

Sep

-14

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Gold ($/oz)

Price

100D MA

$14.00

$17.00

$20.00

Au

g-1

4

Sep

-14

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Silver ($/oz)

Price

100D MA

610

620

630

640

650

660

Au

g-1

4

Sep

-14

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Silver ETF Holdings (Moz)

$930

$1,030

$1,130

$1,230

$1,330

$1,430

$1,530

Au

g-1

4

Sep

-14

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Platinum ($/oz)

Price

100D MA

2.6

2.7

2.7

2.8

2.8

2.9

2.9

Au

g-1

4

Sep

-14

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Platinum ETF Holdings (Moz)

$580

$630

$680

$730

$780

$830

$880

$930

Au

g-1

4

Sep

-14

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Palladium ($/oz)

Price

100D MA

2.8

2.9

3.0

3.1

Au

g-1

4

Sep

-14

Oct

-14

No

v-14

De

c-1

4

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Palladium ETF Holdings (Moz)

$2.20

$2.30

$2.40

$2.50

$2.60

$2.70

$2.80

$2.90

$3.00

$3.10

$3.20

Au

g-1

4

Sep

-14

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Copper ($/lb)

Price

100D MA

130,000

180,000

230,000

280,000

330,000

380,000

430,000

Au

g-1

4

Sep

-14

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

LME Copper Inventories (t)

$4.50

$5.00

$5.50

$6.00

$6.50

$7.00

$7.50

$8.00

$8.50

$9.00

$9.50

Au

g-1

4

Sep

-14

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Nickel ($/lb)

Price

100D MA

260,000

310,000

360,000

410,000

460,000

510,000

Au

g-1

4

Sep

-14

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

LME Nickel Inventories (t)



Lead - 1-Year US$/lb (left) and LME Inventory (right)


LME Lead: 187,400 tonnes, down 7,325 tonnes for the week

Zinc - 1-Year US$/lb (left) and LME Inventory (right)


LME Zinc: 522,875 tonnes, up 17,425 tonnes for the week

Iron – 1-Year US$/t 58% Fe (left) and 62% Fe (right)

58% Fe Iron Ore: Loss (-3.5%) for the week

62% Fe Iron Ore: Loss (-0.7%) for the week

Metallurgical Coal – 1-Year US$/t Platts (left) and PCI (right)

Premium Low Vol: unchanged for the week

Low Vol PCI: Gain (+1%) for the week

Thermal Coal – 1-Year US$/t Central Appalachian (left) and Newcastle (right)

CAPP Futures: Gain (+0.4%) for the week

Newcastle Thermal Futures: Gain (+0.6%) for the week

Uranium – 1-Year US$/lb Short-Term (left) and Long-Term (right)

Uranium Spot: Gain (+1.4%) for the week

Uranium Long-Term: unchanged for the week

Source: Bloomberg, UxC Consulting, Platts, and Haywood Securities

$0.75

$0.80

$0.85

$0.90

$0.95

$1.00

$1.05

Au

g-1

4

Sep

-14

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Lead ($/lb)Price

100D MA

150,000

170,000

190,000

210,000

230,000

Au

g-1

4

Sep

-14

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

LME Lead Inventories (t)

$0.75

$0.80

$0.85

$0.90

$0.95

$1.00

$1.05

$1.10

$1.15

Au

g-1

4

Sep

-14

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Zinc ($/lb)

Price

100D MA

400,000

500,000

600,000

700,000

800,000

Au

g-1

4

Sep

-14

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

LME Zinc Inventories (t)

$40

$50

$60

$70

$80

$90

Au

g-1

4

Sep

-14

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

58% Iron Ore ($/t)

Price

100D MA

$45

$55

$65

$75

$85

$95

$105

Au

g-1

4

Sep

-14

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

62% Iron Ore ($/t)

Price

100D MA

$75

$80

$85

$90

$95

$100

$105

$110

$115

Au

g-1

4

Sep

-14

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Premium Low Vol ($/t FOB Aus)

Price

100D MA$60

$65

$70

$75

$80

$85

$90

$95

$100

Au

g-1

4

Sep

-14

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Low Vol PCI ($/t FOB Aus)

Price

100D MA

$40

$45

$50

$55

$60

$65

Au

g-1

4

Sep

-14

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Central App Coal ($/t)

Price

100D MA

$40

$45

$50

$55

$60

$65

Au

g-1

4

Sep

-14

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Newcastle Coal (AUD/t)

Price

100D MA

$25

$30

$35

$40

$45

Au

g-1

4

Sep

-14

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Uranium Spot ($/lb)

Price

100D MA

$42

$46

$50

Au

g-1

4

Sep

-14

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Uranium Long-Term ($/lb)

Price

100D MA



EQUITIES: WEEKLY PERFORMANCES

S&P TSX Global Mining Index – Top and Bottom Performance (upper) and Constituent Performance (lower)


Top Companies Close $∆ %∆

Arch Coal Inc. 8.16 4.31 112%

Peabody Energy Corporation 2.37 0.59 33%

Hi-Crush Partners LP 16.04 3.39 27%

Cloud Peak Energy Inc. 4.21 0.88 26%

Westmoreland Coal Co. 14.89 2.25 18%

CONSOL Energy Inc. 14.26 1.65 13%

Teck Resources Limited 9.37 1.07 13%

Natural Resource Partners LP 3.20 0.36 13%

Sherritt International Corporation 1.17 0.12 11%

Horsehead Holding Corp. 7.85 0.73 10%

1WkBottom Companies Close $∆ %∆

Yamana Gold, Inc. 2.56 (0.45) (15)%

Harmony Gold Mining Company Limited 0.92 (0.16) (15)%

Kinross Gold Corporation 2.37 (0.35) (13)%

Fortuna Silver Mines Inc. 3.30 (0.47) (12)%

Barrick Gold Corporation 9.39 (1.13) (11)%

Goldcorp Inc. 18.26 (2.15) (11)%

Eldorado Gold Corporation 4.01 (0.47) (10)%

Gold Fields Ltd. 3.19 (0.37) (10)%

Capstone Mining Corp. 0.63 (0.07) (10)%

Royal Gold, Inc. 49.50 (5.46) (10)%

1Wk

Ticker Company Close $∆ %∆ High Low Ticker Company Close $∆ %∆ High Low

TSX:AEM Agnico Eagle Mines Limited 32.33 (2.14) (6)% 43.70 25.05 TSX:IMG IAMGOLD Corp. 2.23 (0.24) (10)% 4.37 1.50

TSX:ASR Alacer Gold Corp. 2.95 (0.06) (2)% 3.22 1.77 TSX:III Imperial Metals Corp. 7.86 0.03 0% 13.69 7.07

IQT301905143 Alamos Gold, Inc. - - - - - TSX:IVN Ivanhoe Mines Ltd. 0.74 0.04 6% 1.45 0.62

NYSE:AA Alcoa Inc. 9.29 0.56 6% 17.75 7.97 NasdaqGS:KALU Kaiser Aluminum Corporation 82.42 0.14 0% 88.47 68.26

NasdaqGS:ARLP Alliance Resource Partners LP 25.20 0.58 2% 50.65 19.95 TSX:K Kinross Gold Corporation 2.37 (0.35) (13)% 4.48 2.10

TSX:ALS Altius Minerals Corp. 12.49 (0.21) (2)% 15.47 9.86 TSX:KGI Kirkland Lake Gold Inc. 5.38 (0.18) (3)% 6.88 2.79

NYSE:ACH Aluminum Corporation Of China Limited 8.67 0.35 4% 17.44 7.20 TSX:LSG Lake Shore Gold Corp. 1.12 (0.03) (3)% 1.38 0.70

NYSE:AU AngloGold Ashanti Ltd. 8.08 (0.05) (1)% 17.21 5.67 TSX:LUC Lucara Diamond Corp. 1.70 (0.04) (2)% 2.45 1.55

NYSE:ACI Arch Coal Inc. 8.16 4.31 112% 31.70 1.00 TSX:LUN Lundin Mining Corporation 4.24 - - 6.46 3.68

TSX:AKG Asanko Gold Inc. 2.23 (0.07) (3)% 2.80 1.50 TSX:MAG MAG Silver Corp. 9.70 (0.14) (1)% 11.00 6.56

TSX:BTO B2Gold Corp. 1.60 (0.08) (5)% 2.88 1.32 TSX:MDI Major Drilling Group International Inc. 4.22 0.30 8% 8.42 3.75

TSX:ABX Barrick Gold Corporation 9.39 (1.13) (11)% 20.03 8.60 NYSE:MTRN Materion Corporation 31.27 (0.03) (0)% 41.85 26.64

NYSE:BHP BHP Billiton Limited 36.70 2.02 6% 68.89 31.59 NYSE:NRP Natural Resource Partners LP 3.20 0.36 13% 16.08 2.21

NYSE:BBL BHP Billiton plc 34.83 1.81 5% 63.83 30.24 TSX:NSU Nevsun Resources Ltd. 3.80 0.16 4% 5.35 3.41

TSX:CCO Cameco Corporation 18.04 0.32 2% 22.46 16.45 TSX:NGD New Gold, Inc. 2.96 (0.04) (1)% 7.09 2.52

TSX:CS Capstone Mining Corp. 0.63 (0.07) (10)% 2.84 0.55 NYSE:NEM Newmont Mining Corporation 17.06 (1.08) (6)% 27.90 15.39

TSX:CG Centerra Gold Inc. 6.84 (0.71) (9)% 7.98 3.96 TSX:NG NovaGold Resources Inc. 4.95 0.22 5% 5.22 2.65

NasdaqGS:CENX Century Aluminum Co. 5.43 0.26 5% 31.75 4.07 TSX:OGC OceanaGold Corporation 2.37 (0.19) (7)% 3.15 1.70

TSX:CGG China Gold International Resources Corp Ltd 1.83 (0.18) (9)% 3.40 1.30 TSX:OR Osisko Gold Royalties Ltd. 15.24 (0.39) (2)% 18.85 12.39

NYSE:CLD Cloud Peak Energy Inc. 4.21 0.88 26% 15.71 2.51 TSX:PAA Pan American Silver Corp. 8.95 (0.45) (5)% 15.70 7.77

NYSE:CDE Coeur Mining, Inc. 3.41 (0.20) (6)% 7.98 2.67 NYSE:BTU Peabody Energy Corporation 2.37 0.59 33% 15.94 1.01

NYSE:BVN Compañía de Minas Buenaventura S.A.A. 6.54 (0.48) (7)% 14.70 5.73 TSX:PG Premier Gold Mines Limited 2.32 0.04 2% 3.02 1.61

NYSE:CMP Compass Minerals International Inc. 81.55 (0.91) (1)% 95.68 78.88 TSX:PVG Pretium Resources Inc. 6.92 (0.42) (6)% 9.05 4.60

NYSE:CNX CONSOL Energy Inc. 14.26 1.65 13% 42.26 11.46 TSX:P Primero Mining Corp. 4.03 (0.14) (3)% 7.45 3.23

NYSE:CSTM Constellium N.V 6.67 0.37 6% 29.31 5.40 NasdaqGS:GOLD Randgold Resources Limited 61.30 (4.45) (7)% 85.84 57.63

TSX:DML Denison Mines Corp. 0.64 - - 1.48 0.55 NYSE:RIO Rio Tinto plc 36.68 0.69 2% 56.82 33.25

TSX:DGC Detour Gold Corporation 13.82 (0.79) (5)% 16.37 6.02 TSX:R Romarco Minerals Inc. 0.55 (0.03) (5)% 0.86 0.30

TSX:DDC Dominion Diamond Corporation 15.61 (1.29) (8)% 24.60 14.34 NasdaqGS:RGLD Royal Gold, Inc. 49.50 (5.46) (10)% 77.89 46.12

TSX:ELD Eldorado Gold Corporation 4.01 (0.47) (10)% 9.68 3.63 TSX:RMX Rubicon Minerals Corporation 0.98 - - 1.63 0.88

TSX:FR First Majestic Silver Corp. 4.67 (0.25) (5)% 11.21 3.76 TSX:SSL Sandstorm Gold Ltd. 3.70 (0.22) (6)% 6.46 2.80

TSX:FM First Quantum Minerals Ltd. 6.96 0.17 3% 25.01 5.75 TSX:SMF SEMAFO Inc. 3.29 (0.09) (3)% 4.98 2.39

TSX:FCU Fission Uranium Corp. 0.78 0.01 1% 1.38 0.65 TSX:S Sherritt International Corporation 1.17 0.12 11% 4.33 0.94

TSX:FVI Fortuna Silver Mines Inc. 3.30 (0.47) (12)% 6.30 2.96 NYSE:SBGL Sibanye Gold Limited 4.68 (0.40) (8)% 11.56 4.07

TSX:FNV Franco-Nevada Corporation 57.49 (3.49) (6)% 74.10 49.96 TSX:SSO Silver Standard Resources Inc. 8.61 (0.27) (3)% 10.34 4.47

NYSE:FCX Freeport-McMoRan Inc. 10.45 0.87 9% 36.48 7.76 TSX:SLW Silver Wheaton Corp. 16.42 (1.45) (8)% 29.86 14.92

NasdaqGS:GSM Globe Specialty Metals, Inc. 13.52 0.26 2% 21.99 12.00 NYSE:SCCO Southern Copper Corp. 27.70 1.80 7% 33.31 23.41

NYSE:GFI Gold Fields Ltd. 3.19 (0.37) (10)% 6.01 2.44 NYSE:SWC Stillwater Mining Company 9.34 (0.58) (6)% 18.63 8.37

TSX:G Goldcorp Inc. 18.26 (2.15) (11)% 30.95 16.16 TSX:THO Tahoe Resources Inc. 11.69 (0.73) (6)% 28.00 9.66

NYSE:HMY Harmony Gold Mining Company Limited 0.92 (0.16) (15)% 3.18 0.83 TSX:TCK.B Teck Resources Limited 9.37 1.07 13% 24.80 7.08

NYSE:HL Hecla Mining Co. 2.03 (0.12) (6)% 3.54 1.77 TSX:TXG Torex Gold Resources Inc 1.20 (0.11) (8)% 1.82 0.85

NYSE:HCLP Hi-Crush Partners LP 16.04 3.39 27% 71.88 11.12 TSX:TRQ Turquoise Hill Resources Ltd. 3.98 - - 5.80 3.17

NasdaqGS:ZINC Horsehead Holding Corp. 7.85 0.73 10% 20.65 6.61 NYSE:VEDL Vedanta Limited 5.99 0.42 7% 18.99 4.59

TSX:HBM HudBay Minerals, Inc. 6.79 0.29 4% 12.61 5.67 NasdaqGM:WLB Westmoreland Coal Co. 14.89 2.25 18% 43.76 11.12

TSX:YRI Yamana Gold, Inc. 2.56 (0.45) (15)% 9.28 2.23

NYSE:YZC Yanzhou Coal Mining Co. Ltd. 5.08 0.07 1% 12.24 4.44

52Wk1Wk 52Wk 1Wk



Upcoming Macroeconomic News

Source: Bloomberg

Date Event Period Survey Prior

Relevance

(%) Date Event Period Survey Prior

Relevance

(%)

United States Canada

08/31/2015 ISM Milwaukee Aug -- 47.12 47 08/31/2015 Current Account Balance 2Q -$17.00B -$17.50B 49

08/31/2015 Chicago Purchasing Manager Aug 54.7 54.7 82 08/31/2015 Bloomberg Nanos Confidence 28-Aug -- 53.2 0

08/31/2015 Dallas Fed Manf. Activity Aug -2.5 -4.6 65 09/01/2015 GDP MoM Jun 0.20% -0.20% 83

09/01/2015 Markit US Manufacturing PMI Aug F 52.9 52.9 90 09/01/2015 GDP YoY Jun -- 0.50% 34

09/01/2015 Construction Spending MoM Jul 0.80% 0.10% 80 09/01/2015 Quarterly GDP Annualized 2Q -0.80% -0.60% 93

09/01/2015 IBD/TIPP Economic Optimism Sep -- 46.9 25 09/01/2015 RBC Canadian Manufacturing PMI Aug -- 50.8 90

09/01/2015 ISM Manufacturing Aug 52.8 52.7 96 09/03/2015 Int'l Merchandise Trade Jul -1.40B -0.48B 59

09/01/2015 ISM Prices Paid Aug 39 44 74 09/04/2015 Labor Productivity QoQ 2Q -- -0.10% 44

09/01/2015 Wards Domestic Vehicle Sales Aug 13.85M 13.92M 39 09/04/2015 Unemployment Rate Aug 6.80% 6.80% 88

09/01/2015 Wards Total Vehicle Sales Aug 17.30M 17.46M 45 09/04/2015 Net Change in Employment Aug -2.5K 6.6K 85

09/02/2015 MBA Mortgage Applications 28-Aug -- 0.20% 92 09/04/2015 Full Time Employment Change Aug -- -17.3 37

09/02/2015 ADP Employment Change Aug 200K 185K 83 09/04/2015 Part Time Employment Change Aug -- 23.9 29

09/02/2015 Nonfarm Productivity 2Q F 2.50% 1.30% 44 09/04/2015 Participation Rate Aug -- 65.7 32

09/02/2015 Unit Labor Costs 2Q F -0.70% 0.50% 38 09/04/2015 Ivey Purchasing Managers Index SA Aug -- 52.9 24

09/02/2015 ISM New York Aug -- 68.8 15

09/02/2015 Factory Orders Jul 0.70% 1.80% 87

09/02/2015 Factory Orders Ex Trans Jul -- 0.50% 0

09/02/2015 U.S. Federal Reserve Releases Beige 0

09/03/2015 Challenger Job Cuts YoY Aug -- 125.40% 37

09/03/2015 Initial Jobless Claims 29-Aug 273K 271K 98

09/03/2015 Continuing Claims 22-Aug -- 2269K 69

09/03/2015 Trade Balance Jul -$44.50B -$43.84B 85

09/03/2015 Markit US Composite PMI Aug F -- 55 70

09/03/2015 Markit US Services PMI Aug F -- 55.2 70

09/03/2015 Bloomberg Consumer Comfort 30-Aug -- 42 66

09/03/2015 ISM Non-Manf. Composite Aug 58.3 60.3 77

09/04/2015 Change in Nonfarm Payrolls Aug 220K 215K 99

09/04/2015 Two-Month Payroll Net Revision Aug -- -- 10

09/04/2015 Change in Private Payrolls Aug 215K 210K 30

09/04/2015 Change in Manufact. Payrolls Aug 5K 15K 69

09/04/2015 Unemployment Rate Aug 5.20% 5.30% 89

09/04/2015 Average Hourly Earnings MoM Aug 0.20% 0.20% 29

09/04/2015 Average Hourly Earnings YoY Aug 2.10% 2.10% 27

09/04/2015 Average Weekly Hours All Employees Aug 34.5 34.6 25

09/04/2015 Underemployment Rate Aug -- 10.40% 20

09/04/2015 Change in Household Employment Aug -- 101 21

09/04/2015 Labor Force Participation Rate Aug -- 62.60% 12



COMPARABLES TABLES

Precious Metals Comparables – Consensus Estimates


Shares Market Working Enterprise

Company Symbol Price O/S Capitalization Cash Capital Debt Value 2015E 2016E Number of

(millions) (millions) (millions) (millions) (millions) (millions) CFPS CFPS Estimates 2015E 2016E 2015E 2016E 2015E 2016E

Senior Precious Metals Producers

Agnico Eagle Mines Limited TSX:AEM C$ 32.47 217.0 US$ 5,333 US$ 210 US$ 574 US$ 1,180 US$ 5,939 US$ 3.15 US$ 3.25 15 7.8x 7.6x 8.7x 8.4x 7.7x 7.5x

AngloGold Ashanti Ltd. NYSE:AU C$ 10.50 404.9 US$ 3,219 US$ 461 US$ 1,528 US$ 3,651 US$ 5,342 US$ 2.56 US$ 2.94 6 3.1x 2.7x 5.2x 4.5x 4.3x 4.3x

Barrick Gold Corporation TSX:ABX C$ 9.44 1165.0 US$ 8,322 US$ 2,122 US$ 4,202 US$ 12,082 US$ 16,202 US$ 2.05 US$ 2.32 14 3.5x 3.1x 6.8x 6.0x 4.5x 4.3x

Compañía de Minas Buenaventura S.A.A. NYSE:BVN C$ 8.64 254.2 US$ 1,662 US$ 125 US$ 135 - US$ 1,528 US$ 0.68 US$ 1.00 2 9.6x 6.6x 8.8x 6.0x 4.1x 3.5x

Eldorado Gold Corporation TSX:ELD C$ 4.06 715.4 US$ 2,198 US$ 460 US$ 533 US$ 588 US$ 2,253 US$ 0.32 US$ 0.41 14 9.7x 7.5x 9.9x 7.7x 7.9x 6.6x

Fresnillo PLC LSE:FRES C$ 12.60 736.9 US$ 7,029 US$ 476 US$ 1,079 US$ 797 US$ 6,747 US$ 0.78 US$ 0.81 5 12.2x 11.7x 11.7x 11.3x 11.0x 7.8x

Gold Fields Ltd. NYSE:GFI C$ 4.13 777.2 US$ 2,430 US$ 415 US$ 386 US$ 1,817 US$ 3,861 US$ 0.79 US$ 1.04 5 4.0x 3.0x 6.3x 4.8x 4.2x 3.8x

Goldcorp Inc. TSX:G C$ 18.47 830.0 US$ 11,600 US$ 994 US$ 1,322 US$ 3,361 US$ 13,639 US$ 1.75 US$ 2.18 15 8.0x 6.4x 9.4x 7.6x 7.4x 6.7x

Kinross Gold Corporation TSX:K C$ 2.43 1146.3 US$ 2,108 US$ 1,118 US$ 2,017 US$ 1,987 US$ 2,077 US$ 0.67 US$ 0.76 14 2.8x 2.4x 2.7x 2.4x 2.5x 2.3x

Newcrest Mining Limited ASX:NCM C$ 10.67 765.8 US$ 6,184 US$ 199 US$ 555 US$ 3,093 US$ 8,722 US$ 1.21 US$ 1.28 6 6.7x 6.3x 9.4x 8.9x 7.4x 7.0x

Newmont Mining Corporation NYSE:NEM C$ 22.69 529.1 US$ 9,084 US$ 3,341 US$ 4,200 US$ 6,140 US$ 11,024 US$ 4.15 US$ 4.02 8 4.1x 4.3x 5.0x 5.2x 3.8x 4.0x

Randgold Resources Limited LSE:RRS C$ 80.42 93.2 US$ 5,670 US$ 111 US$ 326 US$ 3 US$ 5,346 US$ 4.33 US$ 5.16 7 14.1x 11.8x 13.3x 11.1x 13.8x 10.1x

Yamana Gold, Inc. TSX:YRI C$ 2.59 946.5 US$ 1,855 US$ 244 US$ 167 US$ 1,842 US$ 3,530 US$ 0.54 US$ 0.71 14 3.6x 2.8x 6.9x 5.3x 5.5x 4.8x

Group Average - Senior Producers 6.9x 5.9x 8.0x 6.8x 6.5x 5.6x

Group Average - Senior Producers (excluding high/low) 6.6x 5.6x 8.0x 6.9x 6.2x 5.5x

Intermediate Precious Metals Producers

Acacia Mining plc LSE:ACA C$ 4.86 410.1 US$ 1,508 US$ 287 US$ 439 US$ 114 US$ 1,183 US$ 0.57 US$ 0.85 10 6.4x 4.3x 5.1x 3.4x 4.8x 3.2x

Alacer Gold Corp. TSX:ASR C$ 2.94 291.0 US$ 647 US$ 357 US$ 419 - US$ 229 US$ 0.41 US$ 0.22 9 5.4x 9.9x 1.9x 3.5x 2.0x 3.3x

Alamos Gold Inc. TSX:AGI C$ 5.49 255.5 US$ 1,061 US$ 403 US$ 494 US$ 313 US$ 880 US$ 0.38 US$ 0.68 13 11.0x 6.1x 9.2x 5.1x 9.7x 4.9x

B2Gold Corp. TSX:BTO C$ 1.62 926.6 US$ 1,136 US$ 110 US$ 137 US$ 396 US$ 1,395 US$ 0.20 US$ 0.25 15 6.1x 5.0x 7.6x 6.1x 7.1x 5.7x

Centamin Plc LSE:CEY C$ 1.22 1146.1 US$ 1,058 US$ 175 US$ 293 - US$ 764 US$ 0.16 US$ 0.18 4 5.8x 5.2x 4.2x 3.8x 4.3x 3.5x

Centerra Gold Inc. TSX:CG C$ 6.78 236.6 US$ 1,214 US$ 582 US$ 800 - US$ 414 US$ 1.12 US$ 1.04 5 4.6x 4.9x 1.6x 1.7x 1.4x 1.6x

Detour Gold Corporation TSX:DGC C$ 13.80 170.7 US$ 1,783 US$ 133 US$ 184 US$ 427 US$ 2,026 US$ 1.01 US$ 1.35 14 10.4x 7.7x 11.8x 8.8x 12.1x 8.2x

Dundee Precious Metals Inc. TSX:DPM C$ 2.49 140.6 US$ 265 US$ 30 US$ 64 US$ 134 US$ 335 US$ 0.59 US$ 0.56 4 3.2x 3.4x 4.0x 4.2x 4.9x 3.7x

Harmony Gold Mining Company Limited NYSE:HMY C$ 1.16 434.5 US$ 381 US$ 88 US$ 123 US$ 280 US$ 538 US$ 0.18 US$ 0.19 5 5.0x 4.5x 7.0x 6.4x 4.5x 2.8x

Hecla Mining Co. NYSE:HL C$ 2.72 377.7 US$ 778 US$ 192 US$ 190 US$ 501 US$ 1,090 US$ 0.26 US$ 0.38 6 7.8x 5.4x 10.9x 7.6x 9.6x 7.5x

IAMGOLD Corp. TSX:IMG C$ 2.25 391.4 US$ 666 US$ 679 US$ 860 US$ 637 US$ 443 US$ 0.43 US$ 0.47 15 4.0x 3.6x 2.7x 2.4x 2.2x 2.1x

New Gold, Inc. TSX:NGD C$ 3.00 509.1 US$ 1,156 US$ 327 US$ 465 US$ 879 US$ 1,570 US$ 0.53 US$ 0.54 15 4.3x 4.2x 5.8x 5.7x 5.6x 5.2x

Nord Gold N.V. LSE:NORD C$ 3.70 374.4 US$ 1,048 US$ 399 US$ 620 US$ 939 US$ 1,367 US$ 0.83 US$ 0.61 2 3.4x 4.6x 4.4x 6.0x 3.0x 3.8x

SEMAFO Inc. TSX:SMF C$ 3.30 294.1 US$ 734 US$ 131 US$ 145 US$ 59 US$ 649 US$ 0.47 US$ 0.44 13 5.4x 5.6x 4.7x 5.0x 4.2x 4.4x

Group Average - Intermediate Producers 5.9x 5.3x 5.8x 5.0x 5.4x 4.3x

Group Average - Intermediate Producers (excluding high/low) 5.7x 5.1x 5.6x 4.9x 5.2x 4.2x

Junior Precious Metals Producers

Argonaut Gold Inc. TSX:AR C$ 1.33 155.3 US$ 156 US$ 43.7 US$ 110.0 US$ 2.0 US$ 48.4 US$ 0.30 US$ 0.38 8 3.4x 2.7x 1.1x 0.8x 1.2x 0.7x

ATNA Resources Ltd. TSX:ATN C$ 0.07 209.8 US$ 10 US$ 1.1 US$ (10.7) US$ 0.8 US$ 21.8 - - 0 - - - - - -

Endeavour Mining Corporation TSX:EDV C$ 0.58 413.8 US$ 182 US$ 52.7 US$ 52.4 US$ 264.6 US$ 393.8 US$ 0.35 US$ 0.30 6 1.3x 1.5x 2.8x 3.2x 2.2x 2.1x

Golden Star Resources, Ltd. TSX:GSC C$ 0.25 259.4 US$ 49 US$ 21.4 US$ (86.3) US$ 105.6 US$ 241.0 (US$ 0.08) (US$ 0.05) 4 - - - - - 13.0x

Highland Gold Mining Ltd. AIM:HGM C$ 1.00 325.2 US$ 245 US$ 55.9 US$ (14.5) US$ 145.4 US$ 404.9 US$ 0.32 US$ 0.35 2 2.4x 2.2x 3.9x 3.6x 3.1x 2.8x

Kirkland Lake Gold Inc. TSX:KGI C$ 5.43 80.4 US$ 331 US$ 66.3 US$ 58.6 US$ 88.7 US$ 360.6 US$ 0.83 US$ 0.86 8 4.9x 4.8x 5.4x 5.2x 6.4x 3.9x

Lake Shore Gold Corp. TSX:LSG C$ 1.14 436.7 US$ 377 US$ 65.3 US$ 54.9 US$ 73.8 US$ 395.6 US$ 0.17 US$ 0.20 10 5.0x 4.4x 5.3x 4.6x 4.8x 4.5x

Luna Gold Corp. TSX:LGC C$ 0.06 266.2 US$ 12 US$ 13.6 US$ 20.0 US$ 42.8 US$ 34.9 US$ 0.03 (US$ 0.02) 1 1.5x - 4.4x - - -

McEwen Mining Inc. TSX:MUX C$ 1.14 300.5 US$ 259 US$ 23.7 US$ 27.0 US$ 0.0 US$ 232.3 - - 0 - - - - - -

OceanaGold Corporation ASX:OGC C$ 2.37 303.4 US$ 543 US$ 48.7 US$ 73.4 US$ 75.0 US$ 544.6 US$ 0.57 US$ 0.58 11 3.1x 3.1x 3.1x 3.1x 3.2x 3.3x

Primero Mining Corp. TSX:P C$ 3.93 162.5 US$ 483 US$ 39.8 US$ 11.2 US$ 70.5 US$ 542.5 US$ 0.53 US$ 0.76 16 5.7x 3.9x 6.3x 4.4x 5.2x 4.0x

Perseus Mining Limited TSX:PRU C$ 0.36 529.3 US$ 144 US$ 79.8 US$ 136.7 US$ 0.0 US$ 7.5 US$ 0.11 US$ 0.05 2 2.4x 5.4x 0.1x 0.3x 0.1x 0.2x

Richmont Mines Inc. TSX:RIC C$ 3.38 58.0 US$ 148 US$ 62.5 US$ 58.6 US$ 5.0 US$ 94.8 US$ 0.40 US$ 0.40 3 6.4x 6.4x 4.1x 4.1x 4.4x 3.6x

Teranga Gold Corporation TSX:TGZ C$ 0.62 352.8 US$ 166 US$ 38.4 US$ 33.7 US$ 0.0 US$ 131.8 US$ 0.18 US$ 0.21 7 2.6x 2.2x 2.0x 1.8x 1.5x 1.3x

Timmins Gold Corp. TSX:TMM C$ 0.36 285.0 US$ 78 US$ 21.6 US$ 40.0 US$ 0.4 US$ 38.0 US$ 0.07 US$ 0.08 10 3.7x 3.5x 1.8x 1.7x 2.0x 1.6x

Group Average - Junior Producers 3.5x 3.6x 3.4x 3.0x 3.1x 3.4x

Group Average - Junior Producers (excluding high/low) 3.3x 2.8x 3.1x 1.7x 2.8x 2.8x

All data sourced from Capital IQ

P/CF Ratio EV/CF Ratio EV/EBITDA Ratio



Other Precious Metals Comparables – Consensus Estimates





PGM Producers

Impala Platinum Holdings Ltd. JSE:IMP C$ 5.03 607.1 US$ 2,309 US$ 235 US$ 710 US$ 620 US$ 2,219 US$ 0.23 US$ 0.73 4 16.9x 5.2x 16.2x 5.0x 7.7x 4.6x

Lonmin plc LSE:LMI C$ 0.71 584.0 US$ 315 US$ 60 US$ 622 US$ 262 (US$ 45) US$ 0.19 US$ 0.38 4 2.9x 1.4x - - - -

Stillwater Mining Company NYSE:SWC C$ 12.41 120.9 US$ 1,135 US$ 531 US$ 622 US$ 302 US$ 815 US$ 0.81 US$ 1.10 2 11.6x 8.5x 8.3x 6.1x 6.2x 4.9x

North American Palladium Ltd. TSX:PDL C$ 4.85 1979.8 US$ 7,266 US$ 17 (US$ 233) US$ 31 US$ 7,530 - - 0 - - - - - -

Group Average - PGM Producers 10.4x 5.0x 12.3x 5.5x 7.0x 4.8x

Group Average - PGM Producers (excluding high/low) 11.6x 5.2x 8.3x 5.0x 6.2x 4.6x

Silver Producers

Aurcana Corporation TSXV:AUN C$ 0.15 84.6 US$ 9 US$ 0 (US$ 20) US$ 19 US$ 49 - - 0 - - - - - -

Coeur Mining, Inc. NYSE:CDE C$ 4.56 137.1 US$ 473 US$ 206 US$ 366 US$ 529 US$ 636 US$ 0.55 US$ 0.71 5 6.3x 4.8x 8.5x 6.5x 6.7x 4.7x

Endeavour Silver Corp. TSX:EDR C$ 2.21 102.0 US$ 171 US$ 33 US$ 27 - US$ 144 US$ 0.30 US$ 0.27 7 5.6x 6.2x 4.7x 5.3x 3.3x 3.7x

First Majestic Silver Corp. TSX:FR C$ 4.64 122.2 US$ 429 US$ 40 (US$ 1) US$ 18 US$ 448 US$ 0.52 US$ 0.74 7 6.7x 4.7x 7.0x 4.9x 6.8x 3.9x

Fortuna Silver Mines Inc. TSX:FVI C$ 3.39 129.1 US$ 331 US$ 110 US$ 122 US$ 39 US$ 248 US$ 0.29 US$ 0.44 7 8.8x 5.9x 6.6x 4.4x 5.1x 3.9x

Hecla Mining Co. NYSE:HL C$ 2.72 377.7 US$ 778 US$ 192 US$ 190 US$ 501 US$ 1,090 US$ 0.26 US$ 0.38 6 7.8x 5.4x 10.9x 7.6x 9.6x 7.5x

Mandalay Resources Corp. TSX:MND C$ 0.84 409.5 US$ 260 US$ 52 US$ 29 US$ 2 US$ 233 US$ 0.17 US$ 0.20 5 3.7x 3.2x 3.4x 2.9x 3.1x 2.6x

Pan American Silver Corp. TSX:PAA C$ 8.90 151.6 US$ 1,021 US$ 275 US$ 470 US$ 21 US$ 572 US$ 0.60 US$ 0.92 8 11.3x 7.3x 6.3x 4.1x 5.2x 4.3x

Silver Standard Resources Inc. TSX:SSO C$ 8.62 80.8 US$ 527 US$ 315 US$ 380 US$ 203 US$ 349 US$ 0.98 US$ 0.94 6 6.6x 7.0x 4.4x 4.6x 3.1x 4.5x

Silvercorp Metals Inc. TSX:SVM C$ 0.94 170.9 US$ 122 US$ 75 US$ 44 - US$ 78 US$ 0.28 US$ 0.15 2 2.5x 4.7x 1.6x 3.0x 2.4x 4.1x

Tahoe Resources Inc. TSX:THO C$ 11.56 227.0 US$ 1,986 US$ 112 US$ 89 - US$ 1,897 US$ 0.82 US$ 1.10 11 10.7x 8.0x 10.2x 7.6x 9.3x 6.7x

Group Average - Silver Producers 7.0x 5.7x 6.4x 5.1x 5.5x 4.6x

Group Average - Silver Producers (excluding high/low) 7.0x 5.8x 6.4x 5.1x 5.3x 4.5x

Diamond Producers

Dominion Diamond Corporation NYSE:DDC C$ 15.66 85.2 US$ 1,010 US$ 368 US$ 697 US$ 34 US$ 347 US$ 3.72 US$ 2.46 4 3.2x 4.8x 1.1x 1.7x 0.9x 1.1x

Lucara Diamond Corp. TSX:LUC C$ 1.70 379.5 US$ 488 US$ 74 US$ 101 - US$ 387 US$ 0.24 US$ 0.23 5 5.5x 5.6x 4.3x 4.5x 3.2x 2.8x

Group Average - Diamond Producers 4.3x 5.2x 2.7x 3.1x 2.0x 1.9x

Royalty Companies

Anglo Pacific Group plc LSE:APF C$ 1.74 169.0 US$ 223 US$ 6 US$ 3 US$ 4 US$ 224 US$ 0.06 US$ 0.10 5 20.5x 12.6x 20.6x 12.7x 22.7x 10.5x

Callinan Royalties Corporation TSX:CAA C$ 2.27 49.3 US$ 85 US$ 27 US$ 32 - US$ 53 - - - - - - - - -

Franco-Nevada Corporation TSX:FNV C$ 57.67 156.8 US$ 6,845 US$ 611 US$ 688 - US$ 6,156 US$ 1.97 US$ 2.08 11 22.2x 21.0x 20.0x 18.9x 19.0x 18.2x

Gold Royalties Corporation TSXV:GRO C$ 0.19 28.7 US$ 4 US$ 2 US$ 2 - US$ 2 - - - - - - - - -

Osisko Gold Royalties Ltd. TSX:OR C$ 15.24 94.3 US$ 1,088 US$ 262 US$ 262 - US$ 826 US$ 0.27 US$ 0.38 9 42.3x 30.5x 32.1x 23.2x 39.2x 27.0x

Royal Gold, Inc. US:RGLD C$ 64.68 65.2 US$ 3,192 US$ 743 US$ 766 US$ 322 US$ 2,748 US$ 2.63 US$ 3.87 9 18.6x 12.6x 16.0x 10.9x 12.6x 8.9x

Sandstorm Gold Ltd. TSX:SSL C$ 3.77 118.2 US$ 337 US$ 52 US$ 52 - US$ 285 US$ 0.29 US$ 0.30 8 9.8x 9.5x 8.3x 8.0x 8.5x 8.2x

Silver Wheaton Corp. US:RGLD C$ 16.38 404.3 US$ 5,011 US$ 72 US$ 58 US$ 715 US$ 5,668 US$ 2.63 US$ 3.87 13 4.7x 3.2x 5.3x 3.6x 13.2x 10.3x

Group Average - Royalty Companies 19.7x 14.9x 17.1x 12.9x 19.2x 13.8x

Group Average - Royalty Companies (excluding high/low) 17.8x 13.9x 16.2x 12.6x 16.9x 12.0x





Base Metals Comparables – Consensus Estimates




Large-Cap Base Metals Producers

Anglo American plc LSE:AAL C$ 15.05 1401.8 US$ 15,967 US$ 7,033 US$ 11,169 US$ 18,125 US$ 22,923 US$ 3.30 US$ 4.02 8 3.5x 2.8x 5.0x 4.1x 4.1x 3.6x

Antofagasta plc LSE:ANTO C$ 12.37 985.9 US$ 9,229 US$ 3,220 US$ 2,775 US$ 1,976 US$ 8,431 US$ 0.99 US$ 1.41 8 9.5x 6.6x 8.7x 6.1x 5.9x 4.0x

BHP Billiton Limited ASX:BHP C$ 24.12 5321.5 US$ 97,107 US$ 6,836 US$ 3,516 US$ 27,969 US$ 121,560 US$ 3.13 US$ 2.81 6 5.8x 6.5x 7.3x 8.1x 5.2x 7.2x

First Quantum Minerals Ltd. TSX:FM C$ 7.05 689.0 US$ 3,675 US$ 289 US$ 1,639 US$ 5,503 US$ 7,539 US$ 1.24 US$ 2.11 17 4.3x 2.5x 8.9x 5.2x 8.7x 4.1x

Freeport-McMoRan Inc. NYSE:FCX C$ 13.88 1040.2 US$ 10,600 US$ 466 US$ 3,958 US$ 20,111 US$ 26,753 US$ 6.77 US$ 6.14 2 1.6x 1.7x 3.8x 4.2x 5.0x 3.2x

Glencore Plc LSE:GLEN C$ 3.01 12937.2 US$ 29,492 US$ 3,223 US$ 5,756 US$ 38,643 US$ 62,379 US$ 0.74 US$ 0.76 8 3.1x 3.0x 6.6x 6.4x 6.2x 5.2x

KGHM Polska Miedz Spólka Akcyjna WSE:KGH C$ 27.93 200.0 US$ 4,228 US$ 230 US$ 250 US$ 1,031 US$ 5,009 US$ 5.96 US$ 5.12 3 3.5x 4.1x 4.2x 4.9x 3.6x 3.5x

Rio T into plc LSE:RIO C$ 48.51 1817.7 US$ 66,722 US$ 11,550 US$ 6,292 US$ 20,672 US$ 81,102 US$ 5.36 US$ 5.55 11 6.8x 6.6x 8.3x 8.0x 6.4x 6.0x

Teck Resources Limited TSX:TCK.B C$ 9.36 576.3 US$ 3,958 US$ 1,064 US$ 1,938 US$ 6,935 US$ 8,955 US$ 2.58 US$ 2.89 17 2.7x 2.4x 6.0x 5.4x 5.0x 4.6x

Vale S.A. NYSE:VALE C$ 6.38 5153.4 US$ 23,428 US$ 3,426 US$ 7,691 US$ 29,392 US$ 45,128 US$ 0.95 US$ 1.24 6 5.1x 3.9x 9.2x 7.0x 6.3x 5.2x

Group Average - Large-Cap Producers 4.6x 4.0x 6.8x 5.9x 5.6x 4.7x

Group Average - Large-Cap Producers (excluding high/low) 4.4x 4.0x 6.9x 5.9x 5.5x 4.5x

Mid Tier Base Metals Producers

Capstone Mining Corp. TSX:CS C$ 0.62 382.0 US$ 179 US$ 98 US$ 198 US$ 298 US$ 280 US$ 0.22 US$ 0.43 17 2.1x 1.1x 3.3x 1.7x 2.9x 1.4x

Cliffs Natural Resources Inc. NYSE:CLF C$ 5.06 153.4 US$ 588 US$ 276 US$ 624 US$ 2,887 US$ 2,851 US$ 1.23 US$ 1.14 3 3.1x 3.4x 15.1x 16.3x 9.0x 8.3x

HudBay Minerals, Inc. TSX:HBM C$ 6.83 235.2 US$ 1,216 US$ 115 US$ 114 US$ 1,176 US$ 2,278 US$ 1.13 US$ 1.81 12 4.6x 2.9x 8.6x 5.4x 6.2x 3.5x

Imperial Metals Corp. TSX:III C$ 7.88 76.2 US$ 455 US$ 14 (US$ 59) US$ 646 US$ 1,160 US$ 0.74 US$ 1.30 3 8.0x 4.6x 20.5x 11.7x 14.4x 6.6x

KAZ Minerals plc LSE:KAZ C$ 3.54 446.1 US$ 1,196 US$ 1,460 US$ 1,133 US$ 2,805 US$ 2,868 US$ 0.13 US$ 0.52 3 21.0x 5.2x 50.4x 12.4x 18.4x 8.7x

Lundin Mining Corporation TSX:LUN C$ 4.27 719.5 US$ 2,325 US$ 507 US$ 695 US$ 983 US$ 2,613 US$ 1.08 US$ 1.00 17 3.0x 3.2x 3.4x 3.6x 2.9x 3.1x

MMG Limited HKSE:1208 C$ 0.28 5290.1 US$ 1,140 US$ 636 US$ 772 US$ 8,863 US$ 9,231 US$ 0.12 US$ 0.25 1 1.8x 0.9x 14.9x 6.9x 12.9x 4.2x

Nevsun Resources Ltd. TSX:NSU C$ 3.85 199.8 US$ 582 US$ 452 US$ 499 - US$ 83 US$ 0.59 US$ 0.41 10 4.9x 7.0x 0.7x 1.0x 0.5x 0.7x

Nyrstar NV ENXTBR:NYR C$ 3.40 327.5 US$ 842 US$ 310 (US$ 376) US$ 505 US$ 1,723 US$ 0.82 US$ 1.20 6 3.1x 2.1x 6.4x 4.4x 4.4x 3.1x

OZ Minerals Limited ASX:OZL C$ 3.58 303.5 US$ 821 US$ 315 US$ 467 - US$ 354 US$ 0.85 US$ 0.96 6 3.2x 2.8x 1.4x 1.2x 1.2x 1.1x

Sherritt International Corporation TSX:S C$ 1.13 293.9 US$ 251 US$ 319 US$ 550 US$ 1,591 US$ 1,293 US$ 0.14 US$ 0.53 5 5.9x 1.6x 30.6x 8.2x - 7.1x

Turquoise Hill Resources Ltd. TSX:TRQ C$ 3.96 2012.3 US$ 6,030 US$ 1,167 US$ 1,300 - US$ 4,730 US$ 0.34 US$ 0.14 6 8.9x 21.1x 6.9x 16.6x 6.9x 12.5x

Vedanta Resources plc LSE:VED C$ 11.12 269.0 US$ 2,264 US$ 8,180 US$ 3,529 US$ 13,489 US$ 12,224 US$ 8.23 US$ 11.82 6 1.0x 0.7x 5.5x 3.8x 3.2x 4.0x

Western Areas Limited ASX:WSA C$ 2.67 233.4 US$ 471 US$ 150 US$ 51 - US$ 420 US$ 0.53 US$ 0.68 6 3.8x 3.0x 3.4x 2.6x 3.8x 2.9x

Group Average - Mid Tier Producers 5.3x 4.3x 12.2x 6.8x 6.7x 4.8x

Group Average - Mid Tier Producers (excluding high/low) 4.4x 3.1x 10.0x 6.5x 5.7x 4.5x

Small Cap Base Metals Producers

Amerigo Resources Ltd. TSX:ARG C$ 0.25 173.6 US$ 33 US$ 13 US$ 13 US$ 37 US$ 57 - US$ 0.22 US$ 1.00 - 0.9x - 1.5x - -

Copper Mountain Mining Corporation TSX:CUM C$ 0.64 118.8 US$ 58 US$ 18 US$ 13 US$ 280 US$ 325 US$ 0.32 US$ 0.47 12 1.5x 1.0x 8.6x 5.9x 7.1x 4.9x

Taseko Mines Ltd. TSX:TKO C$ 0.64 221.8 US$ 107 US$ 61 US$ 39 US$ 206 US$ 274 US$ 0.14 US$ 0.21 8 3.5x 2.3x 8.9x 5.9x 7.1x 4.9x

Thompson Creek Metals Company Inc. TSX:TCM C$ 0.66 221.2 US$ 110 US$ 211 US$ 191 US$ 831 US$ 751 US$ 0.24 US$ 0.39 10 2.1x 1.3x 14.1x 8.7x 5.3x 4.2x

Trevali Mining Corporation TSX:TV C$ 0.54 319.6 US$ 130 US$ 20 US$ 29 US$ 54 US$ 156 US$ 0.07 US$ 0.20 7 5.5x 2.1x 6.6x 2.5x 5.4x 2.1x

Group Average - Small Cap Producers 3.1x 1.5x 9.5x 4.9x 6.2x 4.0x

Group Average - Small Cap Producers (excluding high/low) 2.4x 1.5x 8.0x 4.8x 5.9x 3.7x





Iron Comparables – Consensus Estimates

Bloomberg Shares Market Daily Enterprise

Company (T icker) Share Price

Consensus

Target

Implied

Return β

Outstanding

(millions)

Capitalization

(millions)

Volume

(millions)

Weekly

Liquidity WACC

Debt

(millions)

Value

(millions) 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017

Diversified Mining Houses

VALE SA (VALE3-BZ) R$ 17.31 R$ 18.94 9.4% 0.88 3,217 R$ 83,481 6.0 1.1% 17.1% R$ 76,517 R$ 169,379 3.18 4.09 5.62 5.4x 4.2x 3.1x 23.0x 8.0x 7.6x 6.1x 4.6x

BHP BILLITON (BHP-AU) A$ 25.49 A$ 29.09 14.1% 1.27 3,212 A$ 133,152 9.9 2.6% 9.1% A$ 31,170 A$ 125,711 4.54 3.81 4.21 5.6x 6.7x 6.1x 13.0x 20.8x 13.6x 5.3x 7.3x 5.9x

RIO TINTO (RIO-AU) A$ 51.10 A$ 60.07 17.5% 1.04 424 A$ 93,156 2.3 4.1% 7.3% A$ 25,248 A$ 89,013 7.53 7.54 8.75 6.8x 6.8x 5.8x 14.2x 13.2x 10.6x 7.0x 6.7x 5.9x

Group Average - Diversifed Mining Avg. -> 5.9x 5.9x 5.0x 13.6x 19.0x 10.7x 6.6x 6.7x 5.5x

Producers

KUMBA IRON (KIO-SJE) ZAR 9,047 ZAR 10,947 21.0% 1.32 322 ZAR 29,139 0.9 1.6% 11.4% ZAR 9,593 ZAR 41,525 3742 2405 3662 2.4x 3.8x 2.5x 7.3x 9.3x 7.7x 3.6x 4.3x 3.6x

FORTESCUE METALS (FMG-AU) A$ 1.90 A$ 1.75 (7.9)% 1.24 3,114 A$ 5,916 27.8 5.3% 5.7% A$ 9,569 A$ 11,445 0.59 0.58 0.69 3.2x 3.3x 2.8x 12.6x 22.6x 4.7x 5.8x 5.1x

CLIFFS NATURAL (CLF-US) US$ 3.83 US$ 3.36 (12.3)% 1.27 153 US$ 588 7.1 15.9% 4.3% US$ 3,059 US$ 4,199 0.94 1.04 1.75 4.1x 3.7x 2.2x 13.6x 12.8x 10.5x

MMX MINERACAO (MMXM3-BRZ) R$ 0.35 0.47 162 R$ 57 0.3 1.3% 17.6% R$ 99 R$ 174

FERREXPO PLC (FXPO-LSE) GBp 62 GBp 72.92 18.1% 1.11 589 GBp 363 0.6 0.5% 5.0% GBp 1,305 GBp 1,216 18.22 14.99 13.26 3.4x 4.1x 4.7x 6.5x 11.1x 9.4x 4.7x 6.2x 6.5x

MOUNT GIBSON (MGX-AU) A$ 0.17 A$ 0.25 44.5% 0.84 1,091 A$ 185 3.1 1.3% 8.2% A$ 3 A$ 97 (0.05) (0.05) (0.03)

GRANGE RESOURCES (GRR-AU) A$ 0.11 A$ 0.11 4.8% 0.89 1,157 A$ 122 0.6 0.2% 8.6% A$ 1 A$(31) (0.01) (0.02) 0.01 9.5x 17.5xNORTHERN IRON (NFE-AU) A$ 0.00 0.92 484 A$ 2 0.5 0.0% 4.0% A$ 66 A$ 61

BC IRON (BCI-AU) A$ 0.24 A$ 0.32 35.4% 1.48 196 A$ 47 0.9 3.1% 11.6% A$ 6 A$(14) 0.01 0.05 0.02 24.0x 5.0x 12.6x 0.4x 7.9x 6.1x

Group Average - Producers Avg. -> 3.3x 3.7x 4.3x 8.8x 10.2x 14.3x 6.7x 7.3x 6.4x

Advanced Development / Exploration (Select Group)

SUNDANCE RESOURCES (SDL-AU) A$ 0.02 1.13 3,110 A$ 52.9 4.9 0.8% 6.7% A$ 38 A$ 92

NEW MILLENNIUM (NML-T) C$ 0.08 C$ 0.10 25.0% 0.93 181 C$ 14.5 0.1 0.1% 10.6% C$ 0 C$(8) (0.03) 0.06 1.3x 0.7x 79.3x

ALDERON IRON (ADV-T) C$ 0.18 C$ 0.49 172.2% 2.00 132 C$ 23.8 0.0 0.2% 14.1% C$ 19 C$ 77 (0.05) (0.03)

ZANAGA IRON (ZIOC-LSE) GBp 2 0.98 279 GBp 6.5 0.2 0.3% 10.5% GBp 0 GBp(3)

CENTURY IRON (FER-T) C$ 0.26 (0.11) 99 C$ 25.7 0.0 0.0% 0.3% C$ 0 C$ 16

CHAMPION IRON (CIA-T) C$ 0.16 C$ 0.25 61.3% 198 C$ 30.7 0.1 0.2% 9.3% C$ 0 C$ 26 (0.01) (0.02) (0.03)

ADRIANA RESOURCES (ADI-V) C$ 0.09 1.05 158 C$ 14.2 0.0 0.3% 11.8% C$ 0 C$(28)

IMX RESOURCES (IXR-AU) A$ 0.01 0.30 839 A$ 10.1 3.0 1.5% 4.7% A$ 0 A$ 13

BLACK IRON (BKI-T) C$ 0.04 C$ 0.15 328.6% (0.05) 161 C$ 5.6 0.5 1.0% 1.0% C$ 0 C$(4)

OCEANIC IRON (FEO-T) C$ 0.10 (1.52) 35 C$ 3.5 0.0 0.0% -13.2% C$ 0 C$ 2

MACARTHUR MINERALS (MMS-T) C$ 0.03 1.60 56 C$ 1.4 0.2 1.8% 4.7% C$ 0 C$(1)

Group Average - Developers / Explorers Avg. -> 1.3x 0.7x 79.3x

All data sourced from Bloomberg

EV/EBITDAP/EPSCFPS (LoC) P/CFPS



Uranium Comparables – Consensus Estimates

Bloomberg Shares Market Daily Enterprise

Company (T icker)

Share

Price

Consensus

Target

Implied

Return β

Outst.

(millions)

Capitalization

(millions)

Volume

(millions)

Weekly

Liquidity

Value

(millions)

Resource

(M lb)

USD

EV/lb

Resource 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017

CAMECO CORP (CCO-T) C$ 18.00 C$ 23.72 31.8% 1.08 396 C$ 7,124 1.35 2.2% C$ 8,284 996.1 $6.30 1.28 2.00 1.97 14.1x 9.0x 9.2x 1.03 1.32 1.32 17.5x 13.6x 13.6x

PALADIN ENERGY (PDN-AU) A$ 0.19 A$ 0.34 79.6% 0.86 1,712 A$ 325 0.49 0.1% A$ 541 510.5 $0.80 0.01 0.04 0.06 17.3x 5.1x 3.0x (0.01) 0.01 0.03 19.0x 6.1x

ENERGY RESOURCES (ERA-AU) C$ 0.37 C$ 0.13 (64.9)% 0.71 518 C$ 192 1.34 0.3% C$ -109 473.0 ($0.16) 0.03 0.10 0.05 3.9x 6.9x (0.28) (0.06) 0.05 8.2x

ENERGY FUELS (EFR-T) C$ 4.37 C$ 10.44 138.9% 1.23 45 C$ 197 0.07 1.1% C$ 167 134.0 $0.94 0.14 0.16 31.2x 28.0x (0.26) (0.61)

UR-ENERGY INC (URE-T) C$ 0.83 C$ 2.22 167.0% 1.01 130 C$ 108 0.06 0.2% C$ 114 29.9 $2.89 0.02 0.08 (0.02) 48.8x 11.1x (0.03) 0.03 25.2x

URANIUM ENERGY (UEC-AMEX) US$ 1.15 US$ 2.55 121.7% 0.84 98 US$ 112 1.94 8.5% US$ 130 89.3 $1.46 (0.20) (0.15) (0.02) (0.16) (0.10)

Group Average - Producers $2.04 26.7x 12.1x 11.7x 17.5x 19.3x 9.3x

DEEP YELLOW (DYL-AU) A$ 0.01 0.78 1,918 A$ 17 1.44 0.3% A$ 12 106.0 $0.08

FORSYS METALS (FSY-T) C$ 0.16 0.00 119 C$ 18 0.01 0.1% C$ 18 125.0 $0.11

MEGA URANIUM (MGA-T) C$ 0.08 1.55 282 C$ 23 0.42 0.5% C$ 21 43.1 $0.37

LARAMIDE RESOURCES (LAM-T) C$ 0.24 C$ 0.60 150.0% 0.48 85 C$ 20 0.08 0.5% C$ 19 62.3 $0.23 (0.03) (0.03)

BANNERMAN RESOURCES (BMN-AU) A$ 0.04 0.50 388 A$ 15 0.13 0.0% A$ 22 169.6 $0.09

PLATEAU URANIUM (PLU-V) C$ 0.37 1.39 41 C$ 15 0.04 0.3% C$ 11 124.0 $0.07

TORO ENERGY (TOE-AU) A$ 0.06 A$ 0.09 55.2% 0.19 1,997 A$ 116 0.60 0.2% A$ 105 96.0 $0.78 (0.01) 0.01 0.02 5.8x 2.9x (0.01) 0.02 2.9x

ALLIANCE RESOURCES (AGS-AU) A$ 0.13 0.49 401 A$ 52 1.33 3.3% A$ 53 17.8 $2.15

PENINSULA ENERGY (PEN-AU) C$ 0.02 C$ 0.05 104.2% 0.66 6,937 C$ 166 9.97 1.3% C$ 146 110.6 $0.95

Group Average - Developers $0.57 5.8x 5.5x

FISSION URANIUM (FCU-T) C$ 0.78 C$ 1.75 124.8% 2.67 386 C$ 301 1.97 2.0% C$ 292 105.5 $2.09 (0.02) (0.01) (0.01) (0.02) (0.02) (0.01)

FISSION 3.0 (FUU-V) C$ 0.08 6.59 178 C$ 14 0.23 0.4% C$ 9

ALPHA EXPLORATION (AEX-V) C$ 0.03 2.49 31 C$ 1 0.12 0.5% C$ 0

NEXGEN ENERGY (NXE-V) C$ 0.64 C$ 1.80 181.2% 1.7 253 C$ 162 1.35 4.4% C$ 135 (0.01) (0.01) (0.01) (0.01)

KIVALLIQ ENERGY (KIV-V) C$ 0.09 C$ 0.20 122.2% 0.76 217 C$ 20 0.09 0.2% C$ 19 20.0 $0.35 (0.01) (0.01) (0.01)

AZINCOURT URANIUM (AAZ-V) C$ 0.04 0.72 13 C$ 0 0.03 0.3% C$ 0

URACAN RESOURCES (URC-V) C$ 0.02 1.12 72 C$ 1 0.11 0.5% C$ 1 44.0 $0.02

INVENTORY FUNDS

URANIUM PARTICIPATION (U-T) C$ 5.08 C$ 6.61 30.2% 0.43 117 C$ 592 0.24 1.3% C$ 578 (0.05) (0.04) - (0.09) 0.94 5x


PR

OD

UC

ER

SD

EV

ELO

PE

RS

EX

PLO

RE

RS

P/EPSCFPS (LoC) P/CFPS EPS (LoC)



Coal Comparables – Consensus Estimates

Large Cap USA Bloomberg Shares Market Daily Enterprise

Company (T icker) Share Price

Consensus

Target

Implied

Return β

Outstanding

(millions)

Capitalization

(millions)

Volume

(millions)

Weekly

Liquidity WACC

Debt

(millions)

Value

(millions) 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017

Large Cap USA

ARCH COAL (ACI-US) US$ 8.21 US$ 3.00 (63.4)% (1.13) 21 US$ 175 1.7 191.6% 4.1% US$ 5,160 US$ 4,632 (4.81) (1.81) 0.59 14.0x 16.3x 16.8x 14.6x

PEABODY ENERGY (BTU-US) US$ 2.39 US$ 3.17 32.7% 0.49 278 US$ 665 19.1 48.4% 3.9% US$ 5,987 US$ 6,485 (0.30) 0.69 1.49 3.5x 1.6x 12.7x 9.0x 6.9x

CONSOL ENERGY (CNX-US) US$ 14.39 US$ 24.81 72.4% 1.11 229 US$ 3,295 6.2 18.2% 7.2% US$ 3,289 US$ 6,954 2.93 3.28 4.13 4.9x 4.4x 3.5x 25.2x 10.9x 8.5x 6.8x 5.5x

WALTER ENERGY (WLT-US) US$ 0.13 US$ 0.05 (60.0)% 1.19 81 US$ 10 1.9 1.9% 1.5% US$ 3,136 US$ 2,769 46.1x 30.1x

CLOUD PEAK (CLD-US) US$ 4.37 US$ 6.75 54.5% 1.23 61 US$ 267 2.5 20.9% 5.1% US$ 571 US$ 670 1.04 1.00 1.21 4.2x 4.4x 3.6x 5.6x 6.5x 6.0x

Group Average - Large Cap USA Avg. -> 4.6x 4.1x 5.7x 25.2x 10.9x 10.8x 17.0x 12.6x

Limitied Partnerships

ALLIANCE RESOURCE (ARLP-US) US$ 25.32 US$ 33.50 32.3% 0.78 74 US$ 1,878 0.3 2.0% 6.3% US$ 838 US$ 2,710 9.89 11.16 11.66 2.6x 2.3x 2.2x 7.1x 7.4x 7.5x 3.5x 3.5x 3.8x

NATURAL RESOURCE (NRP-US) US$ 3.22 US$ 2.75 (14.6)% 0.74 122 US$ 394 0.7 2.8% 4.4% US$ 1,475 US$ 1,796 1.62 1.74 1.88 2.0x 1.9x 1.7x 5.1x 5.0x 4.3x 6.6x 6.4x 6.1x

Group Average - Limited Partnerships Avg. -> 2.3x 2.1x 1.9x 6.1x 6.2x 5.9x 5.0x 5.0x 4.9x

Large Cap Non-North America

NEW HOPE (NHC-AU) A$ 1.79 A$ 2.21 23.6% 0.76 831 A$ 1,483 0.2 0.1% 7.8% A$ 0 A$ 367 0.11 0.11 0.15 15.9x 15.8x 12.0x 29.8x 38.0x 28.8x 4.3x 4.5x 3.8x

WHITEHAVEN COAL (WHC-AU) A$ 1.18 A$ 1.44 22.5% 1.18 1,026 A$ 1,206 4.6 4.5% 7.6% A$ 1,038 A$ 2,143 0.11 0.23 0.34 10.4x 5.2x 3.5x 36.7x 10.3x 6.3x 9.6x 6.3x 4.9x

BANPU PUBLIC (BANPU-SET) ฿ 21.20 ฿ 28.39 33.9% 1.08 2,582 ฿ 54,736 9.1 2.6% 5.9% ฿ 106,669 ฿ 159,904 4.75 4.84 5.39 4.5x 4.4x 3.9x 19.1x 12.4x 9.8x 10.6x 10.4x 9.6x

CHINA COAL (1898-HK) HK$ 3.70 HK$ 3.64 (1.6)% 1.10 4,107 HK$ 90,707 34.7 4.8% 6.1% HK$ 94,708 HK$ 169,899 0.35 0.47 0.58 8.8x 6.5x 5.3x 21.0x 17.4x 15.2x

CHINA SHENHUA (1088-HK) HK$ 13.58 HK$ 19.04 40.2% 1.07 3,399 HK$ 352,500 25.5 4.6% 7.7% HK$ 95,370 HK$ 410,016 2.50 2.84 3.01 4.5x 3.9x 3.7x 8.9x 8.6x 7.4x 6.1x 5.9x 5.4x

COAL OF (CZA-AU) A$ 0.07 (0.50) 1,744 A$ 113 0.0 0.0% -0.6% A$ 6 A$ 61

YANZHOU COAL (1171-HK) HK$ 3.90 HK$ 5.30 36.0% 1.59 1,958 HK$ 38,741 17.9 4.6% 4.2% HK$ 63,506 HK$ 86,124 1.11 1.18 1.43 2.9x 2.7x 2.2x 82.4x 48.0x 15.4x 13.5x 11.7x

Group Average - Large Cap Non-North-America Avg. -> 8.1x 6.8x 5.6x 21.1x 27.0x 18.4x 8.1x 9.6x 8.6x

Developer/Explorers

COMPLIANCE ENERGY (CEC-V) C$ 0.08 1.25 8 C$ 0.6 0.0 0.1% 12.8%

EAST ENERGY (EER-AU) A$#N/A N/A 356 A$ 3.6 0.0 0.0% 5.0% A$ 17 A$ 22

FORTUNE MINERALS (FT -T) C$ 0.03 0.79 222 C$ 6.7 0.6 0.3% 1.7% C$ 55 C$ 72

JAMESON RESOURCES (JAL-AU) A$ 0.04 0.59 209 A$ 8.3 0.1 0.0% 5.3% A$ 0 A$ 10

Group Average - Developers / Explorers Avg. ->

Allied Industry

SEDGMAN LTD (SDM-AU) A$ 0.82 A$ 0.85 4.3% 0.86 227 A$ 185 0.1 0.6% 7.6% A$ 21 A$ 94 0.10 0.10 0.09 8.5x 8.2x 9.1x 10.6x 9.5x 9.1x 3.0x 3.0x 3.1x

Group Average - Allied Industry Avg. -> 8.5x 8.2x 9.1x 10.6x 9.5x 9.1x 3.0x 3.0x 3.1x

Sundry Companies

ADARO ENERGY (ADRO-JKSE) ¥ 620 ¥ 811 30.8% 0.80 31,986 ¥ 19,831,296 48.6 1.4% 9.8% ¥ 1,881 ¥ 3,051 0.01 0.01 0.01 3.4x 3.4x 3.4x 8.8x 8.8x 5.5x 4.6x 4.8x 4.3x

BUMI RESOURCES (BUMI-JKSE) ¥ 50 1.16 36,627 ¥ 1,831,351 69.7 0.0% 15.2% ¥ 4,276 ¥ 4,382 0.00 0.00 0.00 17.7x 13.3x 19.6x

NEYVELI LIGNITE (NEYVELILIG-NSEI) रू 74.10 रू 103.00 39.0% 0.95 1,678 रू 124,318 0.3 0.0% 10.4% रू 66,013 रू 157,216

SOUTHGOBI RESOURCES (SGQ-T) C$ 0.45 0.05 246 C$ 111 0.0 0.0% 1.9% C$ 95 C$ 189

TAMBANG BATUBARA (PTBA-JKSE) ¥ 5,950 ¥ 8,439 41.8% 0.88 2,304 ¥ 13,709,585 2.6 0.7% 10.0% ¥ 2,255,416 ¥ 12,295,177 554.49 728.67 736.31 10.7x 8.2x 8.1x 8.9x 8.8x 7.7x 6.3x 6.4x 5.5x

Group Average - Sundry Companies Avg. -> 7.1x 5.8x 5.7x 8.9x 8.8x 6.6x 9.5x 8.2x 9.8x


EV/EBITDAP/EPSCFPS (LoC) P/CFPS



Senior/Intermediate Gold Producers – EV/oz Comparables

Agnico Eagle Mines Limited NYSE:AEM US $5,100 US $574 US $6,102 52.5 1.91 57.8 2.10 91% 20.0 2.40 21.3 2.56 94% 32.5 1.70 36.5 1.90 89% 50% US $116 US $106

AngloGold Ashanti Ltd. JSE:ANG US $3,219 US $1,528 US $6,249 232.1 1.19 265.0 1.36 88% 54.9 0.72 63.0 0.83 87% 168.1 1.48 192.9 1.69 87% 35% US $27 US $24

B2Gold Corp. TSX:BTO US $1,080 US $137 US $1,369 26.1 0.65 39.0 0.98 67% 12.0 1.25 12.0 1.25 100% 14.1 0.46 27.0 0.89 52% 66% US $52 US $35

Barrick Gold Corporation TSX:ABX US $7,978 US $4,202 US $20,540 212.3 0.95 298.1 1.34 71% 85.1 1.03 121.2 1.47 70% 127.2 0.91 176.9 1.26 72% 25% US $97 US $69

Compañía de Minas Buenaventura S.A.A. NYSE:BVN US $1,579 US $135 US $1,814 23.0 0.25 81.4 0.90 28% 9.0 0.23 31.6 0.82 29% 11.1 0.24 46.9 1.03 24% 48% US $79 US $22

Detour Gold Corporation TSX:DGC US $1,708 US $184 US $1,985 20.6 1.03 20.6 1.03 100% 15.0 1.01 15.0 1.01 100% 5.7 1.07 5.7 1.07 100% 13% US $96 US $96

Eldorado Gold Corporation TSX:ELD US $2,149 US $533 US $2,566 44.8 0.86 58.8 1.14 76% 24.4 1.18 31.9 1.53 77% 18.3 0.59 24.9 0.81 74% 66% US $57 US $44

Gold Fields Ltd. JSE:GFI US $2,430 US $386 US $3,900 110.6 2.08 127.9 2.41 86% 45.2 2.84 46.4 2.92 97% 65.7 1.77 81.8 2.20 80% 20% US $35 US $30

Goldcorp Inc. TSX:G US $11,355 US $1,322 US $13,966 116.9 0.69 193.5 1.15 60% 49.9 0.80 86.0 1.38 58% 67.0 0.63 107.5 1.01 62% 38% US $119 US $72

Harmony Gold Mining Company Limited JSE:HAR US $381 US $113 US $557 111.1 1.39 139.0 1.74 80% 35.8 0.84 48.3 1.14 74% 75.2 2.09 90.6 2.51 83% 53% US $5 US $4

IAMGOLD Corp. TSX:IMG US $619 US $860 US $653 32.3 1.29 32.3 1.29 100% 9.8 1.35 9.8 1.35 100% 22.5 1.26 22.5 1.26 100% 38% US $20 US $20

Kinross Gold Corporation TSX:K US $1,969 US $2,017 US $2,874 63.4 0.71 69.3 0.78 91% 34.4 0.72 38.0 0.79 91% 28.9 0.71 31.3 0.77 92% 18% US $45 US $41

New Gold, Inc. TSX:NGD US $1,079 US $465 US $1,600 28.9 0.66 43.7 1.01 66% 17.0 0.72 23.7 1.01 72% 11.9 0.59 20.1 1.00 59% 32% US $55 US $37

Newmont Mining Corporation NYSE:NEM US $8,835 US $4,200 US $14,874 150.1 0.82 202.8 1.11 74% 86.5 0.96 102.3 1.14 85% 60.3 0.69 97.1 1.11 62% 34% US $99 US $73

Randgold Resources Limited LSE:RRS US $5,670 US $326 US $5,766 28.3 3.19 28.3 3.19 100% 15.2 3.57 15.2 3.57 100% 13.1 2.85 13.1 2.85 100% 52% US $204 US $204

Yamana Gold, Inc. TSX:YRI US $1,783 US $167 US $3,310 72.0 0.51 125.2 0.89 57% 24.4 0.37 55.5 0.84 44% 47.5 0.64 69.6 0.94 68% 40% US $46 US $26

Group Average - Total # Companies: 16 US $72 US $56

Equivalency assumptions (US$ / 06-29-15): $1,134/oz Au, $14.59/oz Ag, $1,018/oz Pt, $588/oz Pd, $2.33/lb Cu, $0.82/lb Zn, $0.78/lb Pb, $4.55/lb Ni, $5.88/lb Mo, $12.76/lb Co, $6,625/t Sb, $36.88/lb U3O8, $0.20/lb Sn, $93.00/t HCC, $55.25/t 62% Fe

Source: SNL Financial retrieved on August 28, 2015

Enterprise

Value

(millions)

Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

Global Reserves & Resources Reserves Resources (M&I and Inferred)

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

Global

% AuAu

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)

EV/oz

Au

EV/oz

AuEq

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

% Au

Inferred

Alacer Gold Corp. TSX:ASR US $636 US $419 US $413 8.7 0.43 17.4 0.85 50% 2.8 2.13 3.1 2.37 90% 1.0 0.06 8.4 0.55 12% 276% US $47 US $24

Argonaut Gold Inc. TSX:AR US $148 US $110 US $112 13.1 0.57 13.8 0.60 95% 3.0 0.56 3.0 0.56 100% 10.1 0.58 10.8 0.62 94% 14% US $9 US $8

Alamos Gold, Inc. TSX:AGI US $967 US $148 US $1,142 - - - - - - - - - - - - - - - - - -

Centamin Plc LSE:CEY US $1,058 US $293 US $887 10.9 1.24 10.9 1.24 100% 4.1 1.11 4.1 1.11 100% 6.8 1.33 6.8 1.33 100% 32% US $82 US $82

China Gold International Resources Corp Ltd TSX:CGG US $516 US ($127) US $1,305 12.7 0.18 60.8 0.87 21% 5.8 0.30 23.2 1.22 25% 6.9 0.14 37.5 0.74 18% 51% US $103 US $21

Dundee Precious Metals Inc. TSX:DPM US $253 US $64 US $367 6.7 2.99 9.9 4.41 68% 3.1 3.34 4.1 4.45 75% 3.6 2.74 5.7 4.38 63% 49% US $55 US $37

Evolution Mining Limited ASX:EVN US $1,019 US $139 US $889 12.9 1.29 13.3 1.33 97% 5.2 1.20 5.2 1.20 100% 7.7 1.36 8.1 1.43 95% 36% US $69 US $67

G-Resources Group Limited SEHK:1051 US $692 US $332 US $398 7.1 1.18 8.0 1.32 89% 2.5 1.98 2.9 2.23 88% - - - - - - US $56 US $50

Medusa Mining Limited ASX:MML US $74 US $32 US $71 2.6 2.76 2.6 2.76 100% 0.5 7.29 0.5 7.29 100% 2.1 2.69 2.1 2.69 100% 57% US $27 US $27

Nord Gold N.V. LSE:NORD US $1,048 US $620 US $1,637 30.8 0.68 34.1 0.75 90% 12.4 0.54 12.7 0.56 98% 18.0 0.81 20.9 0.94 86% 43% US $53 US $48

OceanaGold Corporation TSX:OGC US $526 US $73 US $575 11.6 1.31 13.0 1.47 89% 2.9 1.09 3.8 1.44 76% 7.3 1.30 7.4 1.32 98% 56% US $49 US $44

Primero Mining Corp. TSX:P US $472 US $11 US $553 6.8 0.84 10.2 1.27 66% 2.0 1.50 2.9 2.23 67% 3.9 0.59 5.5 0.83 71% 32% US $82 US $54

Regis Resources Limited ASX:RRL US $501 US $38 US $508 7.6 0.95 7.6 0.95 100% 2.0 1.06 2.0 1.06 100% 5.6 0.92 5.6 0.92 100% 19% US $67 US $67

Resolute Mining Limited ASX:RSG US $117 US $35 US $136 15.6 1.58 15.6 1.58 100% 5.5 1.71 5.5 1.71 100% 10.2 1.52 10.2 1.52 100% 36% US $9 US $9

SEMAFO Inc. TSX:SMF US $712 US $145 US $699 7.8 2.89 7.8 2.89 100% 2.0 3.01 2.0 3.01 100% 5.7 2.84 5.7 2.84 100% 38% US $90 US $90




Enterprise

Value

(millions)

Company Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)


Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

Global

% AuAu

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)

EV/oz

Au

EV/oz

AuEq

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

% Au

Inferred



Junior Gold Producers – EV/oz Comparables

Avnel Gold Mining Ltd. TSX:AVK US $47 US $13 US $22 2.0 4.54 2.0 4.54 100% - - - - - 2.0 4.54 2.0 4.54 100% 15% US $11 US $11

Banro Corporation TSX:BAA US $48 US ($51) US $279 12.0 1.47 12.0 1.47 100% 2.9 2.11 2.9 2.11 100% 10.1 1.49 10.1 1.49 100% 52% US $23 US $23

Endeavour Mining Corporation TSX:EDV US $163 US $52 US $367 9.9 2.07 9.9 2.07 100% 4.1 2.32 4.1 2.32 100% 3.2 2.50 3.2 2.50 100% 78% US $37 US $37

Golden Star Resources, Ltd. TSX:GSC US $48 US ($86) US $87 12.8 2.60 12.8 2.60 100% 1.7 2.11 1.7 2.11 100% 11.0 2.69 11.0 2.69 100% 23% US $7 US $7

Goldgroup Mining Inc. TSX:GGA US $6 US ($0) US $9 0.5 0.76 0.8 1.32 58% - - - - - 0.5 0.76 0.8 1.32 58% 41% US $19 US $11

Kirkland Lake Gold Inc. TSX:KGI US $303 US $54 US $335 5.1 18.32 5.1 18.32 100% 1.5 19.33 1.5 19.33 100% 3.6 17.94 3.6 17.94 100% 37% US $66 US $66

Luna Gold Corp. TSX:LGC US $13 US $20 US $41 3.0 1.40 3.0 1.40 100% - - - - - 3.0 1.39 3.0 1.39 100% 4% US $14 US $14

Mandalay Resources Corp. TSX:MND US $254 US $29 US $259 1.2 0.68 3.3 1.87 36% 0.5 2.43 0.6 2.83 86% 0.6 0.42 2.6 1.72 24% 28% US $218 US $79

Metanor Resources Inc. TSXV:MTO US $12 US $1 US $17 1.5 2.09 1.5 2.09 100% 0.2 7.37 0.2 7.37 100% 1.3 1.88 1.3 1.88 100% 75% US $11 US $11

Minera IRL Limited AIM:MIRL US $16 US ($27) US $41 2.6 2.63 2.6 2.64 100% 1.0 3.38 1.0 3.38 100% 1.6 2.31 1.6 2.32 100% 74% US $16 US $16

Orosur Mining Inc. TSX:OMI US $10 US $6 US $6 1.7 0.55 3.4 1.13 49% 0.2 2.01 0.2 2.01 100% 1.1 0.40 2.8 1.06 38% 7% US $4 US $2

Orvana Minerals Corp. TSX:ORV US $20 US $22 US ($2) 3.3 2.44 4.0 2.96 82% 0.4 3.04 0.6 4.61 66% 2.9 2.39 3.5 2.80 85% 49% - -

Perseus Mining Limited ASX:PRU US $133 US $127 US $84 8.1 1.02 8.1 1.02 100% 2.5 1.28 2.5 1.28 100% 5.7 0.94 5.7 0.94 100% 40% US $10 US $10

Richmont Mines Inc. AMEX:RIC US $144 US $55 US $88 5.0 3.68 5.0 3.68 100% 0.2 6.43 0.2 6.43 100% 4.8 3.61 4.8 3.61 100% 59% US $18 US $18

Shanta Gold Ltd. AIM:SHG US $33 US $17 US $71 3.8 3.51 3.8 3.51 100% 1.0 4.51 1.0 4.51 100% 2.7 3.23 2.7 3.23 100% 51% US $19 US $19

St Andrew Goldfields Ltd. TSX:SAS US $86 US $13 US $68 5.7 3.18 5.7 3.18 100% 0.8 5.03 0.8 5.03 100% 4.8 2.99 4.8 2.99 100% 45% US $12 US $12

Teranga Gold Corporation TSX:TGZ US $152 US $34 US $132 7.9 1.21 7.9 1.22 99% 2.3 1.36 2.3 1.36 100% 5.5 1.16 5.6 1.17 99% 39% US $17 US $17

Timmins Gold Corp. TSX:TMM US $72 US $40 US $66 6.8 0.64 6.9 0.66 98% 1.4 0.50 1.4 0.50 100% 5.3 0.69 5.5 0.71 97% 43% US $10 US $10

Wesdome Gold Mines Ltd. TSX:WDO US $81 US $2 US $86 5.5 1.59 5.5 1.59 100% 0.4 4.61 0.4 4.61 100% 5.1 1.52 5.1 1.52 100% 53% US $16 US $16




Enterprise

Value

(millions)

Company Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)


Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

Global

% AuAu

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)

EV/oz

Au

EV/oz

AuEq

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

% Au

Inferred



Gold Development-Stage Companies (Engineering Study Complete) – EV/oz Comparables

Company

African Gold Group Inc. TSXV:AGG US $7 US $0 US $6 2.4 1.00 2.4 1.00 100% - - - - - 2.4 1.00 2.4 1.00 100% 50% US $2 US $2

Almaden Minerals Ltd. TSX:AMM US $37 US $11 US $29 2.0 0.52 4.0 1.02 51% - - - - - 2.0 0.52 4.0 1.02 51% 18% US $15 US $7

Asanko Gold Inc. TSX:AKG US $313 US $204 US $214 10.0 1.68 10.0 1.68 100% 4.8 1.68 4.8 1.68 100% 5.1 1.68 5.1 1.68 100% 44% US $21 US $21

ATAC Resources Ltd. TSXV:ATC US $41 US $14 US $26 0.8 1.61 0.8 1.64 98% - - - - - 0.8 1.61 0.8 1.64 98% 36% US $33 US $33

Aureus Mining Inc. TSX:AUE US $105 US $12 US $173 2.5 2.48 2.5 2.48 100% 0.8 3.38 0.8 3.38 100% 1.7 2.19 1.7 2.19 100% 68% US $68 US $68

Azumah Resources Ltd ASX:AZM US $6 US $1 US $5 1.8 1.51 1.8 1.51 100% 0.6 2.14 0.6 2.14 100% 1.2 1.33 1.2 1.33 100% 49% US $3 US $3

Belo Sun Mining Corp TSX:BSX US $42 US $9 US $31 6.8 1.04 6.8 1.04 100% 3.8 1.02 3.8 1.02 100% 3.0 1.07 3.0 1.07 100% 52% US $5 US $5

Carlisle Goldfields Limited TSX:CGJ US $9 US $5 US $4 2.1 1.74 2.1 1.74 100% - - - - - 2.1 1.74 2.1 1.74 100% 48% US $2 US $2

NewCastle Gold Ltd. TSXV:NCA US $15 US ($1) US $14 4.3 0.60 4.3 0.60 100% - - - - - 4.3 0.60 4.3 0.60 100% 26% US $3 US $3

Chaarat Gold Holdings Ltd AIM:CGH US $32 US $8 US $24 6.1 3.02 6.2 3.07 98% - - - - - 6.1 3.02 6.2 3.07 98% 15% US $4 US $4

Chalice Gold Mines Limited ASX:CHN US $21 US $31 US ($9) 1.5 2.69 1.5 2.69 100% - - - - - 1.5 2.69 1.5 2.69 100% 56% - -

Chesapeake Gold Corp. TSXV:CKG US $59 US $23 US $37 19.8 0.49 29.9 0.75 66% 18.5 0.50 28.2 0.76 65% 1.4 0.44 1.6 0.52 84% 59% US $2 US $1

Pendrell Corporation NasdaqGS:PCO US $364 US $153 US $210 - - - - - - - - - - - - - - - - - -

Dalradian Resources Inc. TSX:DNA US $100 US $25 US $73 3.5 9.87 3.5 10.02 98% - - - - - 3.5 9.87 3.5 10.02 98% 71% US $21 US $21

Exeter Resource Corporation TSX:XRC US $36 US $19 US $17 25.3 0.49 38.9 0.75 65% 0.0 3.31 0.0 3.31 100% 25.3 0.49 38.9 0.75 65% 7% US $1 US $0

Gold Road Resources Limited ASX:GOR US $165 US $15 US $149 6.8 1.17 7.0 1.20 97% - - - - - 6.8 1.17 7.0 1.20 97% 36% US $22 US $21

Golden Queen Mining Co. Ltd. TSX:GQM US $63 US $69 US $91 0.9 0.53 1.1 0.65 82% 0.5 0.66 0.6 0.80 82% 0.4 0.43 0.5 0.52 82% 30% US $101 US $83

Goldrock Mines Corp. TSXV:GRM US $16 US $1 US $11 3.5 0.44 4.7 0.59 74% 1.5 0.72 1.5 0.72 100% 2.0 0.33 3.2 0.54 62% 48% US $3 US $2

Gryphon Minerals Ltd. ASX:GRY US $14 US $15 US ($3) 3.7 1.37 3.7 1.37 100% 0.8 1.48 0.8 1.48 100% 2.8 1.34 2.8 1.34 100% 23% - -

Guyana Goldfields Inc. TSX:GUY US $423 US ($9) US $521 9.0 2.96 9.0 2.96 100% 3.5 2.74 3.5 2.74 100% 5.6 3.12 5.6 3.12 100% 40% US $58 US $58

Hummingbird Resources PLC AIM:HUM US $37 US ($10) US $53 6.2 1.63 6.2 1.63 100% - - - - - 6.2 1.63 6.2 1.63 100% 56% US $9 US $9

Integra Gold Corp. TSXV:ICG US $58 US $4 US $53 4.2 6.41 4.2 6.42 100% - - - - - 0.9 1.33 0.9 1.35 99% 248% US $12 US $12

International Tower Hill Mines Ltd. TSX:ITH US $29 US $9 US $20 20.1 0.59 20.1 0.59 100% 10.1 0.69 10.1 0.69 100% 10.1 0.51 10.1 0.51 100% 44% US $1 US $1

Kaminak Gold Corp. TSXV:KAM US $80 US $15 US $70 4.2 1.39 4.2 1.39 100% - - - - - 4.2 1.39 4.2 1.39 100% 83% US $17 US $17

KEFI Minerals Plc AIM:KEFI US $20 US ($3) US $20 1.9 1.96 1.9 1.96 100% 1.0 2.12 1.0 2.12 100% 0.9 1.82 0.9 1.82 100% 20% US $10 US $10

Kerr Mines Inc. TSX:KER US $4 US ($8) US $10 1.0 7.53 1.0 7.53 100% 0.3 8.77 0.3 8.77 100% 0.7 7.17 0.7 7.17 100% 74% US $10 US $10

Kula Gold Limited ASX:KGD US $5 US $2 US $3 2.1 1.48 2.1 1.48 100% 0.7 2.17 0.7 2.17 100% 1.4 1.27 1.4 1.27 100% 56% US $1 US $1

Lupaka Gold Corp. TSXV:LPK US $6 US ($1) US $6 2.8 1.17 3.1 1.33 88% - - - - - 2.8 1.17 3.1 1.33 88% 42% US $2 US $2

Lydian International Limited TSX:LYD US $39 US $13 US $26 5.0 0.69 5.3 0.73 94% 2.5 0.78 2.7 0.83 94% 2.5 0.61 2.7 0.64 95% 80% US $5 US $5

Magellan Minerals Limited TSXV:MNM US $6 US ($2) US $7 2.2 1.71 2.3 1.74 98% - - - - - 2.2 1.71 2.3 1.74 98% 70% US $3 US $3

Manas Resources Ltd. ASX:MSR US $3 US $15 US $3 1.2 2.18 1.2 2.18 100% - - - - - 1.2 2.18 1.2 2.18 100% 15% US $2 US $2

Metals Exploration Plc AIM:MTL US $92 US $2 US $116 1.5 1.62 1.7 1.84 88% 0.8 1.86 0.8 2.05 90% 0.7 1.43 0.8 1.67 86% 82% US $79 US $70

Midas Gold Corp. TSX:MAX US $46 US $9 US $37 6.5 1.57 7.1 1.71 91% 4.6 1.60 5.0 1.76 91% 2.0 1.49 2.1 1.62 92% 55% US $6 US $5

Moneta Porcupine Mines Inc. TSX:ME US $13 US $0 US $13 4.3 1.17 4.3 1.17 100% - - - - - 4.3 1.17 4.3 1.17 100% 75% US $3 US $3

Orezone Gold Corporation TSX:ORE US $25 US $2 US $23 5.1 1.08 5.1 1.08 100% 1.3 0.76 1.3 0.76 100% 3.8 1.26 3.8 1.26 100% 21% US $4 US $4

Pershimco Resources Inc. TSXV:PRO US $33 US $2 US $31 0.8 0.69 1.0 0.86 80% 0.5 0.77 0.5 0.82 94% 0.1 7.46 0.1 7.46 100% 12% US $38 US $30

Pilot Gold Inc. TSX:PLG US $32 US $13 US $41 1.7 0.31 3.8 0.71 44% 0.0 1.13 0.0 1.13 100% 1.6 0.30 3.8 0.70 43% 40% US $24 US $11

Premier Gold Mines Limited TSX:PG US $298 US $68 US $238 8.9 2.24 9.0 2.28 98% 0.3 4.38 0.3 4.46 98% 8.5 2.20 8.7 2.23 98% 25% US $27 US $26

Pretium Resources Inc. TSX:PVG US $667 US $46 US $614 50.4 0.70 63.4 0.88 79% 7.5 14.14 7.9 14.88 95% 42.9 0.60 55.5 0.78 77% 35% US $12 US $10

Red Eagle Mining Corporation TSXV:RD US $35 US $2 US $35 0.6 3.35 0.6 3.35 100% 0.4 5.19 0.4 5.19 100% 0.2 1.98 0.2 1.98 100% 64% US $58 US $58

RNI NL ASX:RNI US $9 US ($14) US $21 2.2 1.17 2.3 1.22 96% - - - - - 2.2 1.17 2.3 1.22 96% 27% US $9 US $9

Romarco Minerals Inc. TSX:R US $508 US $131 US $380 4.8 1.65 4.8 1.65 100% 2.0 2.06 2.0 2.06 100% 2.8 1.44 2.8 1.44 100% 28% US $78 US $78

Roxgold Inc. TSXV:ROG US $153 US $14 US $133 1.1 13.87 1.1 13.87 100% 0.8 11.83 0.8 11.83 100% 0.3 - 0.3 - 100% 84% US $123 US $123

Rubicon Minerals Corporation TSX:RMX US $275 US $44 US $262 3.3 9.00 3.3 9.00 100% - - - - - 3.3 9.00 3.3 9.00 100% 66% US $78 US $78

Sabina Gold & Silver Corp. TSX:SBB US $48 US $17 US $31 7.2 6.21 7.2 6.21 100% 3.6 5.70 3.6 5.70 100% 3.7 6.91 3.7 6.91 100% 50% US $4 US $4

Sandspring Resources Ltd. TSXV:SSP US $6 US ($1) US $6 10.0 0.84 11.2 0.94 89% 4.1 1.00 4.5 1.11 90% 5.9 0.75 6.7 0.86 88% 53% US $1 US $1

Seabridge Gold, Inc. TSX:SEA US $291 US $11 US $277 87.8 0.54 151.9 0.94 58% 44.7 0.62 68.6 0.95 65% 43.1 0.48 83.4 0.94 52% 70% US $3 US $2

Sihayo Gold Limited ASX:SIH US $6 US ($0) US $3 1.1 2.60 1.1 2.60 100% 0.4 2.41 0.4 2.41 100% 0.7 2.73 0.7 2.73 100% 43% US $3 US $3

Solitario Exploration & Royalty Corp. AMEX:XPL US $20 US ($4) US $24 0.7 0.64 1.5 1.41 45% 0.4 0.83 0.5 0.92 90% 0.2 0.45 1.0 1.89 24% 40% US $35 US $16

Terraco Gold Corp. TSXV:TEN US $8 US $0 US $8 1.0 0.70 1.0 0.70 100% - - - - - 1.0 0.70 1.0 0.70 100% 8% US $8 US $8

Torex Gold Resources Inc TSX:TXG US $695 US $89 US $832 9.3 2.63 12.3 3.49 76% 4.2 2.69 4.2 2.75 98% 5.2 2.59 8.1 4.05 64% 88% US $89 US $68

True Gold Mining Inc. TSXV:TGM US $56 US $34 US $76 4.5 1.10 4.5 1.10 100% 0.9 0.89 0.9 0.89 100% 3.6 - 3.6 - 100% 59% US $17 US $17

Tyhee Gold Corp. TSXV:TDC US $3 US ($6) US $8 2.2 2.08 2.2 2.08 100% 1.3 2.03 1.3 2.03 100% 0.9 2.17 0.9 2.17 100% 56% US $4 US $4

Vast Resources plc AIM:VAST US $30 US ($0) US $31 2.3 1.58 2.3 1.58 100% 0.5 1.90 0.5 1.90 100% 1.8 1.51 1.8 1.51 100% 75% US $13 US $13

Victoria Gold Corp. TSXV:VIT US $32 US $8 US $21 3.1 0.70 3.1 0.71 98% 2.3 0.78 2.3 0.78 100% 4.8 3.23 4.9 3.26 99% 2% US $7 US $7


Group Average - 0 - 20 million ounces # Companies: 51 US $23 US $21

Group Average - 20 - 50 million ounces # Companies: 2 US $1 US $1

Group Average - +50 million ounces # Companies: 2 US $8 US $6



Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

Enterprise

Value

(millions)

Global Reserves & Resources

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

Reserves

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

Global

EV/oz

Au

EV/oz

AuEq

Resources (M&I and Inferred)

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

% Au

Inferred



Gold Exploration-Stage Companies (Resource Only) – EV/oz Comparables

Adventure Gold, Inc. TSXV:AGE US $7 US $1 US $6 0.8 2.61 0.8 2.61 100% - - - - - 0.8 2.61 0.8 2.61 100% 98% US $7 US $7

Alexandria Minerals Corporation TSXV:AZX US $6 US $0 US $6 1.7 2.06 1.9 2.19 94% - - - - - 1.7 2.06 1.9 2.19 94% 54% US $4 US $3

Atacama Pacific Gold Corporation TSXV:ATM US $7 US ($1) US $7 5.9 0.37 5.9 0.37 100% 3.7 0.40 3.7 0.40 100% 2.1 0.33 2.1 0.33 100% 29% US $1 US $1

Balmoral Resources Ltd TSX:BAR US $41 US $6 US $34 1.5 1.21 1.5 1.21 100% - - - - - 1.5 1.21 1.5 1.21 100% 28% US $22 US $22

Brazil Resources Inc. TSXV:BRI US $33 US $2 US $31 3.1 1.27 3.1 1.27 100% - - - - - 3.1 1.27 3.1 1.27 100% 52% US $10 US $10

Calibre Mining Corp. TSXV:CXB US $16 US $1 US $14 0.4 1.86 0.5 2.48 75% - - - - - 0.4 1.86 0.5 2.48 75% 100% US $40 US $30

Columbus Gold Corp. TSXV:CGT US $35 US $4 US $31 2.5 1.48 2.5 1.48 100% - - - - - 2.5 1.48 2.5 1.48 100% 22% US $12 US $12

Condor Gold PLC AIM:CNR US $39 US $8 US $31 3.8 3.06 4.2 3.33 92% 0.7 3.04 0.7 3.11 98% 3.1 3.06 3.5 3.38 91% 66% US $8 US $8

Corvus Gold Inc. TSX:KOR US $27 US $4 US $23 1.7 0.26 1.8 0.28 95% - - - - - 1.7 0.26 1.8 0.28 95% 64% US $13 US $13

Eastmain Resources Inc. TSX:ER US $35 US $3 US $32 1.8 4.37 1.8 4.37 100% - - - - - 1.8 4.37 1.8 4.37 100% 34% US $17 US $17

Eco Oro Minerals Corp TSX:EOM US $29 US ($1) US $28 0.3 2.86 0.3 2.92 98% - - - - - 0.3 2.86 0.3 2.92 98% 100% US $97 US $95

Ecuador Gold and Copper Corp. TSXV:EGX US $3 US ($3) US $4 9.6 0.41 14.3 0.61 67% - - - - - 9.6 0.41 14.3 0.61 67% 25% US $0 US $0

Eurasian Minerals Inc. TSXV:EMX US $38 US $3 US $36 4.0 0.13 28.4 0.96 14% - - - - - 4.0 0.13 28.4 0.96 14% 63% US $9 US $1

Falco Resources Ltd. TSXV:FPC US $23 US $4 US $17 2.2 2.60 2.8 3.38 77% - - - - - 2.2 2.60 2.8 3.38 77% 99% US $8 US $6

Geologix Explorations Inc. TSX:GIX US $3 US $1 US $3 1.7 0.28 3.4 0.57 49% 1.5 0.31 2.9 0.61 50% 0.2 0.15 0.5 0.41 37% 100% US $2 US $1

GobiMin Inc. TSXV:GMN US $15 US $22 US ($12) 2.9 1.48 4.7 2.40 62% - - - - - 2.9 1.48 4.7 2.40 62% 63% - -

Gold Bullion Development Corp. TSXV:GBB US $4 US ($2) US $3 2.7 1.04 2.7 1.06 98% - - - - - 2.7 1.04 2.7 1.06 98% 39% US $1 US $1

Gold Canyon Resources Inc. TSXV:GCU US $14 US $1 US $13 5.4 1.07 5.7 1.14 94% - - - - - 5.4 1.07 5.7 1.14 94% 15% US $2 US $2

Gold Standard Ventures Corp TSXV:GSV US $56 US $13 US $42 2.1 0.63 2.2 0.66 94% - - - - - 2.1 0.63 2.2 0.66 94% 80% US $20 US $19

Golden Reign Resources Ltd. TSXV:GRR US $7 US $1 US $6 0.9 7.81 1.0 7.98 98% - - - - - 0.9 7.81 1.0 7.98 98% 84% US $7 US $7

Goldquest Mining Corp. TSXV:GQC US $13 US $2 US $10 2.8 2.40 4.0 3.47 69% - - - - - 2.8 2.40 4.0 3.47 69% 32% US $4 US $3

Harte Gold Corp. TSX:HRT US $10 US $0 US $9 0.5 9.47 0.5 9.47 100% - - - - - 0.5 9.47 0.5 9.47 100% 33% US $19 US $19

IDM Mining Ltd. TSX:IDM US $5 US ($4) US $5 0.5 8.06 0.5 8.40 96% - - - - - 0.5 8.06 0.5 8.40 96% 18% US $11 US $11

Kasbah Resources Limited ASX:KAS US $8 US $2 US $4 0.2 0.76 0.3 0.84 91% - - 0.0 0.09 - 0.2 4.21 0.2 4.21 100% - US $18 US $16

Kilo Goldmines Ltd. TSXV:KGL US $2 US $1 US ($0) 1.2 2.51 1.2 2.51 100% - - - - - 1.2 2.51 1.2 2.51 100% 100% - -

Lexam VG Gold Inc. TSX:LEX US $14 US $1 US $12 2.4 2.74 2.4 2.74 100% - - - - - 2.4 2.74 2.4 2.74 100% 39% US $5 US $5

Lion One Metals Limited TSXV:LIO US $15 US $4 US $11 0.7 0.09 12.4 1.59 6% - - - - - 0.7 0.09 12.4 1.59 6% 60% US $15 US $1

Marathon Gold Corporation TSX:MOZ US $13 US $4 US $12 1.6 2.24 1.6 2.24 100% - - - - - 1.6 2.24 1.6 2.24 100% 20% US $7 US $7

Newmarket Gold Inc. TSX:NMI US $108 US ($1) US $107 0.9 2.16 0.9 2.16 100% 0.1 3.58 0.1 3.58 100% 0.8 2.00 0.8 2.00 100% 19% US $117 US $117

Nighthawk Gold Corp. TSXV:NHK US $4 US $2 US $2 2.4 1.69 2.4 1.69 100% - - - - - 2.4 1.69 2.4 1.69 100% 88% US $1 US $1

Niogold Mining Corp. TSXV:NOX US $32 US $4 US $28 2.1 1.37 2.1 1.37 100% - - - - - 2.1 1.37 2.1 1.37 100% 28% US $13 US $13

Northern Gold Mining Inc. TSXV:NGM US $4 US ($3) US $7 2.1 1.68 2.1 1.68 100% - - - - - 2.1 1.68 2.1 1.68 100% 39% US $3 US $3

Orca Gold Inc. TSXV:ORG US $14 US $16 US ($12) 1.6 1.78 1.6 1.83 97% - - - - - 1.6 1.78 1.6 1.83 97% 28% - -

Orex Minerals Inc. TSXV:REX US $14 US $6 US $14 0.4 1.18 0.4 1.19 99% - - - - - 0.4 1.18 0.4 1.19 99% 53% US $34 US $34

Puma Exploration Inc. TSXV:PUM US $8 US ($0) US $8 0.3 1.45 0.8 4.66 31% - - - - - 0.3 1.45 0.8 4.66 31% 2% US $30 US $9

Pure Gold Mining Inc. TSXV:PGM US $13 US $2 US $10 1.2 9.47 1.2 9.47 100% - - - - - 1.2 9.47 1.2 9.47 100% 24% US $8 US $8

Renaissance Minerals Limited ASX:RNS US $9 US $3 US $6 1.1 2.22 1.1 2.22 100% - - - - - 1.1 2.22 1.1 2.22 100% 15% US $6 US $6

Rye Patch Gold Corp. TSXV:RPM US $15 US $4 US $12 2.5 0.35 2.9 0.42 84% - - - - - 2.5 0.35 2.9 0.42 84% 32% US $5 US $4

Sarama Resources Limited TSXV:SWA US $5 US $1 US $3 0.4 1.60 0.4 1.60 100% - - - - - 0.4 1.60 0.4 1.60 100% 100% US $8 US $8

Spanish Mountain Gold Ltd TSXV:SPA US $5 US ($1) US $5 7.0 0.40 7.1 0.41 98% - - - - - 7.0 0.40 7.1 0.41 98% 50% US $1 US $1

Temex Resources Corp. TSXV:TME US $16 US $1 US $14 4.5 1.11 4.6 1.11 99% - - - - - 4.5 1.11 4.6 1.11 99% 66% US $3 US $3

Teras Resources Inc. TSXV:TRA US $6 US $1 US $5 1.1 0.48 1.3 0.55 87% - - - - - 1.1 0.48 1.3 0.55 87% 10% US $4 US $4

Treasury Metals Inc. TSX:TML US $29 US ($5) US $33 1.7 2.02 2.0 2.32 87% - - - - - 1.7 2.02 2.0 2.32 87% 52% US $19 US $16

TriMetals Mining Inc. TSX:TMI US $6 US $2 US $4 1.8 0.07 14.2 0.55 12% - - - - - 1.8 0.07 14.2 0.55 12% 47% US $2 US $0

WCB Resources Ltd. TSXV:WCB US $4 US $1 US $3 1.2 1.10 1.3 1.18 93% - - - - - 1.2 1.10 1.3 1.18 93% 22% US $3 US $2

West Kirkland Mining Inc. TSXV:WKM US $12 US $1 US $11 0.9 0.49 1.2 0.62 80% 0.6 0.58 0.7 0.68 85% 0.4 0.40 0.5 0.55 73% 46% US $12 US $9




EV/oz

Au

EV/oz

AuEq

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

Global

% Au% AuAu

(Moz)

Au

(g/t)

AuEq

(Moz)


Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)

AuEq

(g/t)

% Au

Inferred

Company Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

Enterprise

Value

(millions)



Silver – EV/oz Comparables

Alexco Resource Corporation TSX:AXR US $21 US $7 US $15 67 319 115 546 58% - - - - - 67 319 115 546 58% 18% US $0.23 US $0.13

Argentex Mining Corporation OTCPK:AGXM.F US $2 US $1 US $1 26 93 51 185 50% - - - - - 26 93 51 185 50% 18% US $0.03 US $0.02

Athena Silver Corp OTCPK:AHNR US $1 US ($2) US $2 43 67 43 67 100% - - - - - 43 67 43 67 100% - US $0.06 US $0.06

Bear Creek Mining Corp. TSXV:BCM US $46 US $25 US $21 523 41 1,019 79 51% 291 52 581 103 50% 232 32 438 61 53% 33% US $0.04 US $0.02

Defiance Silver Corp. TSXV:DEF US $6 US ($0) US $6 17 182 18 192 95% - - - - - 17 182 18 192 95% 100% US $0.35 US $0.33

Dolly Varden Silver Corporation TSXV:DV US $2 US $0 US $2 14 333 14 333 100% 14 333 14 333 100% - - - - - - US $0.13 US $0.13

Global Minerals Ltd. TSXV:CTG.H US $0 US ($0) US ($0) - - - - - - - - - - - - - - - - - -

Golden Arrow Resources Corp. TSXV:GRG US $12 US $0 US $11 141 60 249 106 57% - - - - - 141 60 249 106 57% 54% US $0.08 US $0.04

Golden Minerals Company AMEX:AUMN US $16 US $3 US $12 154 44 402 116 38% - - - - - 154 44 402 116 38% 58% US $0.08 US $0.03

Iberian Minerals Ltd. TSXV:IML US $7 US $4 US $6 22 11 276 136 8% - - - - - 22 11 276 136 8% - US $0.27 US $0.02

Investigator Resources Limited ASX:IVR US $4 US $3 US $1 21 110 25 132 83% - - - - - 21 110 25 132 83% 100% US $0.05 US $0.04

Kootenay Silver Inc TSXV:KTN US $14 US $2 US $12 53 27 162 83 32% - - - - - 53 27 162 83 32% 24% US $0.23 US $0.07

MacPhersons Resources Limited ASX:MRP US $16 US $2 US $13 20 24 81 95 25% 8 44 25 133 33% 12 18 56 84 21% 29% US $0.63 US $0.16

MAG Silver Corp. TSX:MAG US $482 US $82 US $405 143 689 363 1,748 39% - - - - - 143 689 363 1,748 39% 57% US $2.83 US $1.12

Minco Silver Corporation TSX:MSV US $21 US $52 US ($26) 177 158 271 242 65% 50 189 60 229 82% 127 149 211 247 60% 53% - -

Mines Management, Inc. AMEX:MGN US $10 US $1 US $13 231 68 506 149 46% - - - - - 231 68 506 149 46% 28% US $0.05 US $0.02

Northair Silver Corp. TSXV:INM US $5 US $3 US $2 63 85 75 102 83% - - - - - 63 85 75 102 83% 18% US $0.03 US $0.02

Silver Bear Resources Inc. TSX:SBR US $4 US ($5) US $10 57 576 57 576 100% - - - - - 57 576 57 576 100% 59% US $0.17 US $0.17

Silver Bull Resources, Inc. OTCPK:SVBL US $13 US $2 US $11 91 48 387 203 24% - - - - - 91 48 387 203 24% 0% US $0.12 US $0.03

Silver Predator Corp. TSXV:SPD US $1 US $0 US $4 21 60 28 82 73% - - - - - 21 60 28 82 73% 19% US $0.18 US $0.13

Silver Range Resources Ltd. TSXV:SNG US $2 US $2 US $0 40 28 174 118 23% - - - - - 40 28 174 118 23% 96% US $0.01 US $0.00

Soltoro Ltd. TSXV:SOL US $22 US ($1) US $22 - - - - - - - - - - - - - - - - - -

T inka Resources Ltd. TSXV:TK US $20 US $2 US $18 33 35 133 142 25% - - - - - 33 35 133 142 25% 57% US $0.55 US $0.14

Group Average - Total # Companies: 21 US $0.31 US $0.13



EV/oz

Ag

EV/oz

AgEq

Ag

(Moz)

Ag

(g/t)

AgEq

(Moz)

AgEq

(g/t)% Ag

Global

% Ag% AgAg

(Moz)

Ag

(g/t)

AgEq

(Moz)


Ag

(Moz)

Ag

(g/t)

AgEq

(Moz)

AgEq

(g/t)

AgEq

(g/t)

% Ag

Inferred

Company Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

Enterprise

Value

(millions)



Copper Non-Producers – EV/lb Comparables

Shares Market Working LTD Enterprise Copper

Company Symbol Price O/S Capitalization Capital Value Value Ratio*** Reserve (P&P) Resource (Total)

(millions) (millions) (millions) (millions) (millions) (% Contained) (CuEq** Mlb) (CuEq** Mlb) Reserve Total

Africo Resources Ltd. TSX:ARL C$ 0.41 71.3 US$ 22 US$ 48.4 US$ 0.0 US$ (26) Cu / Co 52% - 3,662 - -

AQM Copper Inc. TSXV:AQM C$ 0.04 141.0 US$ 4 US$ 1.9 US$ 0.0 US$ 2 Cu / Au 90% - 2,026 - $0.001

Aquila Resources Inc. TSX:AQA C$ 0.13 220.9 US$ 22 US$ 0.7 US$ 6.5 US$ 28 Au / Zn 19% - 1,587 - $0.017

Candente Copper Corp. TSX:DNT C$ 0.06 151.7 US$ 6 US$ (1.3) US$ 0.0 US$ 8 Cu / Au 89% - 12,427 - $0.001

Colorado Resources Ltd. TSXV:CXO C$ 0.08 47.2 US$ 3 US$ 2.2 US$ 0.0 US$ 0 Cu / Au 59% - 1,165 - $0.000

Copper Fox Metals Inc TSXV:CUU C$ 0.17 407.7 US$ 51 US$ 4.1 US$ 0.0 US$ 47 Cu / Au 68% 2,375 5,648 $0.020 $0.008

Coro Mining Corp. TSX:COP C$ 0.03 159.4 US$ 3 US$ 0.4 US$ 0.3 US$ 3 Cu / Au 84% 195 965 $0.015 $0.003

Crazy Horse Resources Inc. TSXV:CZH C$ 0.02 48.6 US$ 1 US$ 0.5 US$ 0.0 US$ 0 Cu / Au 80% 2,638 5,794 $0.000 $0.000

EurOmax Resources Limited TSXV:EOX C$ 0.40 116.8 US$ 35 US$ (5.5) US$ 0.0 US$ 41 Cu / Au 48% 1,848 2,680 $0.022 $0.015

Exeter Resource Corporation TSX:XRC C$ 0.53 88.4 US$ 35 US$ 20.1 US$ 0.0 US$ 15 Au / Cu 41% 12,504 22,559 $0.001 $0.001

Foran Mining Corporation TSXV:FOM C$ 0.12 90.8 US$ 8 US$ 1.4 US$ 0.0 US$ 6 Cu / Zn 46% - 1,756 - $0.004

Getty Copper Inc. TSXV:GTC C$ 0.03 108.4 US$ 2 US$ (0.5) US$ 0.0 US$ 3 Cu / Mo 96% 620 969 $0.004 $0.003

Gold Reach Resources Ltd. TSXV:GRV C$ 0.15 38.6 US$ 4 US$ 0.6 US$ 0.0 US$ 4 Cu / Mo 68% - 5,444 - $0.001

Highland Copper Co Inc. TSXV:HI C$ 0.17 129.5 US$ 17 US$ (8.1) US$ 0.0 US$ 25 Cu / Ag 96% 871 6,019 $0.028 $0.004

Indico Resources Ltd. TSXV:IDI C$ 0.07 147.0 US$ 8 US$ (2.0) US$ 0.0 US$ 10 Cu / - 100% - 410 - $0.024

Kiska Metals Corporation TSXV:KSK C$ 0.02 115.5 US$ 2 US$ 0.9 US$ 0.0 US$ 1 Au / Cu 38% - 2,048 - $0.000

Los Andes Copper Limited TSXV:LA C$ 0.18 210.0 US$ 29 US$ 0.2 US$ 0.0 US$ 28 Cu / Mo 89% - 12,305 - $0.002

Marengo Mining Limited TSX:MRN C$ 0.01 1137.9 US$ 4 US$ (15.3) US$ 37.2 US$ 57 Cu / Au 84% - 7,561 - $0.008

Nevada Copper Corp. TSX:NCU C$ 1.08 80.5 US$ 66 US$ (14.6) US$ 86.7 US$ 167 Cu / Au 91% 5,791 7,917 $0.029 $0.021

NGEx Resources Inc. TSX:NGQ C$ 0.60 187.7 US$ 85 US$ 1.1 US$ 0.0 US$ 84 Cu / Au 76% - 27,655 - $0.003

Northern Dynasty Minerals Ltd. TSX:NDM C$ 0.46 131.0 US$ 46 US$ (3.2) US$ 0.0 US$ 49 Cu / Au 57% - 142,635 - $0.000

Northisle Copper and Gold Inc. TSXV:NCX C$ 0.02 77.0 US$ 1 US$ (0.1) US$ 0.0 US$ 1 Cu / Au 51% - 4,358 - $0.000

NovaCopper Inc. TSX:NCQ C$ 0.67 103.9 US$ 53 US$ 2.2 US$ 0.0 US$ 50 Cu / Zn 83% - 9,685 - $0.005

Panoro Minerals Ltd. TSXV:PML C$ 0.12 220.6 US$ 19 US$ 1.4 US$ 0.0 US$ 18 Cu / Au 77% - 10,114 - $0.002

Polymet Mining Corp. TSX:POM C$ 1.20 276.5 US$ 251 US$ (48.6) US$ 0.0 US$ 300 Cu / Ni 49% 3,145 10,139 $0.095 $0.030

Quaterra Resources Inc. TSXV:QTA C$ 0.10 193.5 US$ 14 US$ 4.8 US$ 0.5 US$ 10 Cu / Ag 96% - 8,247 - $0.001

Redhawk Resources, Inc. TSX:RDK C$ 0.04 157.7 US$ 5 US$ 0.0 US$ 0.5 US$ 5 Cu / Mo 92% - 3,835 - $0.001

Regulus Resources Inc TSXV:REG C$ 0.27 56.4 US$ 12 US$ 7.3 US$ 0.0 US$ 4 Cu / Au 0% - 7,290 - $0.001

Reservoir Minerals Inc. TSXV:RMC C$ 4.08 48.1 US$ 149 US$ 27.8 US$ 0.0 US$ 121 Cu / Au 71% - 3,419 - $0.035

Serengeti Resources Inc. TSXV:SIR C$ 0.02 51.1 US$ 1 US$ 0.0 US$ 0.0 US$ 1 Cu / Au 67% - 4,153 - $0.000

St Augustine Gold and Copper Limited TSX:SAU C$ 0.10 726.8 US$ 52 US$ 6.0 US$ 0.0 US$ 46 Cu / Au 58% 2,131 3,263 $0.022 $0.014

Sunridge Gold Corp. TSXV:SGC C$ 0.16 209.9 US$ 25 US$ 5.6 US$ 0.0 US$ 19 Cu / Zn 50% 2,182 3,491 $0.009 $0.005

Tintina Resources Inc. TSXV:TAU C$ 0.04 222.5 US$ 7 US$ 8.2 US$ 0.0 US$ (1) Cu / Co 86% - 1,538 - -

Western Copper and Gold Corporation TSX:WRN C$ 0.42 94.2 US$ 30 US$ 10.1 US$ 0.0 US$ 20 Cu / Au 45% 10,033 22,599 $0.002 $0.001

Yellowhead Mining Inc. TSX:YMI C$ 0.05 99.0 US$ 4 US$ 0.7 US$ 0.0 US$ 3 Cu / Au 91% 4,475 8,701 $0.001 $0.000

Group Average - Total $0.019 $0.006

*All reserve and resource data sourced from IntierraRMG, additional data sourced from Capital IQ and Market Q.

**CuEq = copper equivalent. Calculated based on Haywood's formal long-term metal price forecasts.

Primary /

Secondary

Metal

Reserves & Resources* - Attributable

EV/lb CuEq** (US$)



Nickel Non-Producers – EV/lb Comparables

Zinc Non-Producers – EV/lb Comparables

Shares Market Working LTD Enterprise Nickel


(millions) (millions) (millions) (millions) (millions) (% Contained) (NiEq** Mlb) (NiEq** Mlb) Reserve Total

Anfield Nickel Corp. TSXV:ANF C$ 0.68 43.4 US$ 22 US$ 4.2 US$ 0.0 US$ 18 Ni / Co 99% 2,169 3,616 $0.008 $0.005

Asian Mineral Resources Limited TSXV:ASN C$ 0.06 779.5 US$ 32 US$ 12.9 US$ 8.0 US$ 28 Ni / Cu 86% 85 146 $0.325 $0.188

Canadian Arrow Mines Ltd. TSXV:CRO C$ 0.01 140.0 US$ 1 US$ (0.4) US$ 0.0 US$ 1 Ni / Cu 82% - 141 - $0.011

CaNickel Mining Limited TSX:CML C$ 0.10 37.5 US$ 3 US$ (51.2) US$ 0.0 US$ 54 Ni / - 100% 83 370 $0.655 $0.146

First Point Minerals Corp. TSX:FPX C$ 0.04 105.8 US$ 3 US$ 1.0 US$ 0.0 US$ 2 Ni / - 100% - 2,186 - $0.001

Hard Creek Nickel Corporation TSXV:HNC C$ 0.04 18.1 US$ 0 US$ 0.1 US$ 0.0 US$ 0 Ni / Co 91% - 9,161 - $0.000

Mustang Minerals Corp. TSXV:MUM C$ 0.01 256.5 US$ 2 US$ 0.3 US$ 0.0 US$ 2 Co / Ni 38% 2 1,176 $0.689 $0.001

Noront Resources Ltd TSXV:NOT C$ 0.38 232.3 US$ 67 US$ (19.7) US$ 0.0 US$ 87 Ni / Cu 78% 498 851 $0.174 $0.102

North American Nickel Inc. TSXV:NAN C$ 0.19 122.2 US$ 18 US$ 4.6 US$ 0.0 US$ 13 Ni / Cu 0% - - - -

Northern Shield Resources Inc. TSXV:NRN C$ 0.03 152.6 US$ 3 US$ 0.2 US$ 0.0 US$ 3 Ni / Cu 0% - - - -

Poseidon Nickel Limited ASX:POS A$ 0.07 697.6 US$ 33 US$ 8.7 US$ 26.0 US$ 50 Ni / Au 98% 171 1,284 $0.294 $0.039

Royal Nickel Corporation TSX:RNX C$ 0.26 130.9 US$ 26 US$ 2.5 US$ 0.0 US$ 23 Ni / Co 94% 7,217 13,124 $0.003 $0.002

Sama Resources Inc. TSXV:SME C$ 0.15 99.2 US$ 11 US$ 0.1 US$ 0.0 US$ 11 Ni / Cu 71% - 195 - $0.057

Sirius Resources NL ASX:SIR C$ 2.80 412.2 US$ 873 US$ 191.9 US$ 0.0 US$ 681 Ni / Cu 83% 726 861 $0.939 $0.791

Strongbow Exploration Inc. TSXV:SBW C$ 0.12 25.6 US$ 2 US$ 0.0 US$ 0.0 US$ 2 Ni / Cu 86% - 417 - $0.005

Talon Metals Corporation TSX:TLO C$ 0.09 106.8 US$ 7 US$ (4.6) US$ 0.0 US$ 12 Ni / Fe 56% - 125 - $0.095

Victory Nickel Inc. TSX:NI C$ 0.03 57.6 US$ 1 US$ (6.1) US$ 5.0 US$ 12 Ni / Cu 90% 423 1,033 $0.029 $0.012



**NiEq = nickel equivalent. Calculated based on Haywood's formal long-term metal price forecasts.

***Nickel Ratio = value of in situ nickel / total value of in situ metals.

Primary /

Secondary

Metal


EV/lb NiEq** (US$)

Shares Market Working LTD Enterprise Zinc


(millions) (millions) (millions) (millions) (millions) (% Contained) (ZnEq** Mlb) (ZnEq** Mlb) Reserve Total

Canada Zinc Metals Corp. TSXV:CZX C$ 0.20 152.4 US$ 23 US$ 7.7 US$ 0.0 US$ 15 Zn / Pb 82% - 6,096 - $0.003

Canadian Zinc Corporation TSX:CZN C$ 0.10 218.0 US$ 16 US$ 4.8 US$ 0.0 US$ 12 Zn / Pb 40% 2,525 10,077 $0.005 $0.001

El Nino Ventures Inc. TSXV:ELN C$ 0.02 37.1 US$ 1 US$ (0.1) US$ 0.0 US$ 1 Zn / Cu 45% - 1,357 - $0.000

Firestone Ventures Inc. TSXV:FV C$ 0.01 36.8 US$ 0 US$ (0.5) US$ 0.0 US$ 1 Zn / Pb 73% - 454 - $0.001

Foran Mining Corporation TSXV:FOM C$ 0.12 90.8 US$ 8 US$ 1.4 US$ 0.0 US$ 6 Cu / Zn 33% - 4,962 - $0.001

InZinc Mining Ltd. TSXV:IZN C$ 0.07 72.2 US$ 4 US$ 0.8 US$ 0.0 US$ 3 Zn / Cu 77% - 3,873 - $0.001

Rathdowney Resources Ltd. TSXV:RTH C$ 0.13 118.1 US$ 11 US$ 2.7 US$ 0.0 US$ 9 Zn / Pb 80% - 3,437 - $0.002

Selwyn Resources Ltd. TSXV:SWN C$ 1.35 3.9 US$ 4 US$ 3.2 US$ 0.0 US$ 1 Zn / Pb 63% - 1,531 - $0.001

Sunridge Gold Corp. TSXV:SGC C$ 0.16 209.9 US$ 25 US$ 5.6 US$ 0.0 US$ 19 Cu / Zn 29% 6,167 9,867 $0.003 $0.002

Wolfden Resources Corp. TSXV:WLF C$ 0.09 67.1 US$ 5 US$ 2.1 US$ 0.0 US$ 2 Au / Zn 29% - 4,516 - $0.001

Zazu Metals Corporation TSX:ZAZ C$ 0.16 55.4 US$ 7 US$ 1.0 US$ 0.0 US$ 6 Zn / Pb 69% - 3,077 - $0.002



**ZnEq = Zinc equivalent. Calculated based on Haywood's formal long-term metal price forecasts.

***Zinc Ratio = value of in situ zinc / total value of in situ metals.

Primary /

Secondary

Metal


EV/lb ZnEq** (US$)



Dissemination of Research Research reports are disseminated either through electronic medium or in printed copy. Clients may access reports on our website, or receive publications directly via email. Haywood strives to ensure all clients receive research in a timely manner and at the same time. It is against our policy for analysts to discuss or circulate their recommendations internally prior to public distribution. This policy applies equally to recommendation changes, target changes and/or forecast revisions.

For Canadian residents: Haywood Securities Inc. is a Canadian registered broker-dealer and a member of the Investment Industry Regulatory Organization of Canada, the Toronto Stock Exchange, the Toronto Venture Exchange and the Canadian Investor Protection Fund and accepts responsibility for the dissemination of this report. Any Canadian client that wishes further information on any securities discussed in this report should contact a qualified salesperson of Haywood Securities Inc.

For U.S. residents: This investment research is distributed in the United States, as third party research by Haywood Securities (USA) Inc. Haywood Securities (USA) Inc. is a wholly owned subsidiary of Haywood Securities Inc., registered with the U.S. Securities and Exchange Commission, and is a member of FINRA and the Securities Investor Protection Corporation (SIPC). Haywood Securities (USA) Inc. as a U.S. registered broker-dealer accepts responsibility for this Research Report and its dissemination in the United States. Any U.S. client that wishes further information on any securities discussed in this report or wish to effect a transaction in these securities should contact a qualified salesperson of Haywood Securities (USA) Inc. Haywood Securities Inc. Research Analysts are considered Foreign Research Analysts to the USA and are not registered/qualified as Research Analysts with FINRA. As these analysts are considered Foreign Research Analysts they may not be specifically subject to FINRA (formerly NASD) Rule 2711 and FINRA (formerly NYSE) Rule 472 restrictions on communications with a Subject Company, Public Appearances and trading securities held by a Research Analyst Account.

This report may be distributed in the following states: nil. Otherwise, this report may only be distributed into those states with an institutional buyer state securities registration exemption.

Analyst Certification We, Geordie Mark, Mick Carew, Colin Healey, Kerry Smith, Stefan Ioannou, Ben Asuncion, and Tara Hassan, hereby certify that the views expressed in this report (which includes the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report) accurately reflect my/our personal views about the subject securities and the issuer. No part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendations.



Important Disclosures

Of the companies included in the report the following Important Disclosures apply:

Ticker Company 1 2 3 4 5 6 7 8

TSX:AGI Alamos Gold Inc. X

TSX:AKG Asanko Gold Inc. X X X

TSX:BTO B2Gold Corp. X

TSX:ABX Barrick Gold Corporation X

TSX:CS Capstone Mining Corp. X

TSX:CUM Copper Mountain Mining Corp. X

TSX:COP Coro Mining Inc. X X X X

TSX:DML Denison Mines Corp. X X X X

TSX:DGC Detour Gold Corporation X X X

TSX:ELD Eldorado Gold Corporation X X

TSX:EDV Endeavour Mining Corp. X X

TSX:EDR Endeavour Silver Corp. X

TSX:EFR Energy Fuels Inc. X X

TSX:FM First Quantum Minerals Ltd. X X

TSXV:FOM Foran Mining Corp. X X

TSX:FVI Fortuna Silver Mines Inc. X

TSXV:HI Highland Copper Company Inc. X X X

TSX:HBM Hudbay Minerals, Inc. X X

TSXV:ICG Integra Gold Corp. X X X

TSX:KDX Klondex Mines Ltd. X X X X

TSX:LSG Lake Shore Gold Corp. X X

TSX:LUC Lucara Diamond Corp. X X

TSX:LGC Luna Gold Corp. X X

TSX:LUN Lundin Mining Corporation X X X X

TSX:LYD Lydian International Ltd. X

TSX:MND Mandalay Resources Corp. X

TSX:MAX Midas Gold Corp. X X X X X

TSX:MPV Mountain Province Diamonds Inc. X X X

TSXV:NCA NewCastle Gold Ltd. X X X X

TSX:NSU Nevsun Resources Ltd. X

TSX:NCQ NovaCopper Inc. X X X

TSX:OGC OceanaGold Corporation X

TSX:ORE Orezone Resources Inc. X

TSX:PDN Paladin Energy Limited X

TSX:PLG Pilot Gold Inc. X X X

TSXV:ROG Roxgold Inc. X X X X X

TSX:RNX Royal Nickel Corporation X X

TSXV:SWA Sarama Resources Ltd. X

TSX:SMF SEMAFO Inc. X

TSXV:SVL SilverCrest Mines Inc. X

TSXV:SGC Sunridge Gold Corp. X

TSX:THO Tahoe Resources Inc. X X

TSX:TLO Talon Metals Corp. X X X

TSX:TCK.B Teck Resources Limited X

TSX:TV Trevali Resources Corp. X X X



TSXV:TGM True Gold Mining Inc. X

TSX:URE Ur-Energy Inc. X

AMEX:UEC Uranium Energy Corp. X

TSX:U Uranium Participation Corporation X

TSX:ZAZ Zazu Metals Corp. X X

1 The Analyst(s) preparing this report (or a member of the Analysts’ households) have a financial interest in this company.

2 As of the end of the month immediately preceding this publication either Haywood Securities, Inc., one of its subsidiaries, its officers or directors beneficially owned 1% or more of this company.

3 Haywood Securities, Inc. has reviewed lead projects of this company and a portion of the expenses for this travel have been reimbursed by the issuer.

4 Haywood Securities Inc. or one of its subsidiaries has managed or co-managed or participated as selling group in a public offering of securities for this company in the past 12 months.

5 Haywood Securities, Inc. or one of its subsidiaries has received compensation for investment banking services from this company in the past 12 months.

6 Haywood Securities, Inc. or one of its subsidiaries has received compensation for investment banking services from this company in the past 24 months.

7 Haywood Securities, Inc. or one of its subsidiaries is restricted on this company at the time of publication.

8 Haywood Securities, Inc. or one of its subsidiaries expects to receive or intends to seek compensation for investment banking services from this company in the next 3 months.

Other material conflict of interest of the research analyst of which the research analyst or member knows or has reason to know

at the time of publication or at the time of public appearance:

Haywood Securities Inc. pro group holdings exceed 10% of the issued and outstanding shares of Zazu Metals Corp. (ZAZ-T).

Rating Structure

Each company within an analyst’s universe, or group of companies covered, is assigned: (i) a recommendation or rating, usually BUY, HOLD, or SELL; (ii) a 12 month target price, which represents an analyst’s current assessment of a company’s potential stock price over the next year; (iii) an overall risk rating which represents an analyst’s assessment of the company’s overall investment risk; and (iv) specific risk ratings or risk profile parameters which in their aggregate support an analyst’s overall risk rating. These ratings are more fully explained below. Before acting on our recommendation we caution you to confer with your Haywood investment advisor to determine the suitability of our recommendation for your specific investment objectives, risk tolerance and investment time horizon.

Recommendation Rating

BUY – The analyst believes that the security will outperform other companies in their sector on a risk adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued) BUY rating.

HOLD – The analyst believes that the security is expected to perform in line with other companies in their sector on a risk adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued) HOLD rating.

SELL – Investors are advised to sell the security or hold alternative securities within the sector. Stocks in this category are expected to under-perform other companies on a risk adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued) SELL rating.

TENDER – The analyst is recommending that investors tender to a specific offering for the company’s stock.

RESEARCH COMMENT – An analyst comment about an issuer event that does not include a rating or recommendation.

UNDER REVIEW – Placing a stock Under Review does not revise the current rating or recommendation of the analyst. A stock will be placed Under Review when the relevant company has a significant material event with further information pending or to be announced. An analyst will place a stock Under Review while he/she awaits sufficient information to re-evaluate the company’s financial situation.



COVERAGE DROPPED – Haywood Securities will no longer cover the issuer. Haywood will provide notice to clients whenever coverage of an issuer is discontinued.

Haywood’s focus is to search for undervalued companies which analysts believe may achieve attractive risk-adjusted returns. This research coverage on potentially undervalued companies may result in an outweighed percentage of companies rated as BUY. Management regularly reviews rating and targets in all sectors to ensure fairness and accuracy.

For further information on Haywood Securities’ research dissemination policies, please visit: http://www.haywood.com/research_dissemination.asp

Overall Risk Rating Very High Risk: Venture type companies or more established micro, small, mid or large cap companies whose risk profile parameters and/or lack of liquidity warrant such a designation. These companies are only appropriate for investors who have a very high tolerance for risk and volatility and who are capable of incurring temporary or permanent loss of a very significant portion of their investment capital.

High Risk: Typically micro or small cap companies which have an above average investment risk relative to more established or mid to large cap companies. These companies will generally not form part of the broad senior stock market indices and often will have less liquidity than more established mid and large cap companies. These companies are only appropriate for investors who have a high tolerance for risk and volatility and who are capable of incurring a temporary or permanent loss of a significant loss of their investment capital.

Medium-High Risk: Typically mid to large cap companies that have a medium to high investment risk. These companies will often form part of the broader senior stock market indices or sector specific indices. These companies are only appropriate for investors who have a medium to high tolerance for risk and volatility and who are prepared to accept general stock market risk including the risk of a temporary or permanent loss of some of their investment capital

Moderate Risk: Large to very large cap companies with established earnings who have a track record of lower volatility when compared against the broad senior stock market indices. These companies are only appropriate for investors who have a medium tolerance for risk and volatility and who are prepared to accept general stock market risk including the risk of a temporary or permanent loss of some of their investment capital.

Risk Profile Parameters – Mining and Minerals Sector Forecast Risk: High (7-10) – The Company’s primary project(s) is at an earlier stage of exploration and/or resource delineation whereby grades, tonnages, capital and operating costs, and other economic/operational parameters are not yet reliably established. Moderate (4-6) – The Company has taken steps to de-risk its primary producing, or soon to be producing project(s) and has established reasonably reliable operational and economic parameters. Low (1-3) – The Company has de-risked the majority of its primary project(s) through operational history and established production profile(s).

Financial Risk: High (7-10) – The Company’s near- and medium-term (capital) expenditure considerations, including the current year or next forecast year, are not fully funded through a combination of established debt facilities, cash on hand, and/or anticipated cash flow from existing operations—successful project execution depends, in part, on future (equity) financing(s). Existing and/or forecast levels of leverage are above average relative to the Company’s peer group. The risk of a significant capital cost overrun(s) is high given the early stage of project development. Moderate (4-6) – The Company’s near-term (capital) expenditure program, in the current year or next forecast year, is fully funded through a combination of established debt facilities, cash on hand, and/or anticipated cash flow from existing operations. Medium-term funding requirements will likely require additional financing consideration, but should be achievable assuming no significant uncontrollable events impede access to capital. Existing and/or forecast levels of leverage are in-line with the Company’s peer group. The risk of a significant capital cost overrun(s) is moderate given the advanced stage of project development. Low (1-3) – the Company’s near- and medium-term (capital) expenditure program is fully funded through a combination of established debt facilities, cash on hand, and/or anticipated cash flow from existing operations. Existing and/or forecast levels of leverage are below average relative to the Company’s peer group.



Valuation Risk: High (7-10) – The current valuation is at a premium to peers. The valuation reflects considerable future exploration success and/or commodity appreciation. Where applicable, the current capitalization exceeds the “DCF” evaluation by more than 50%. Moderate (4-6) – The current valuation is within historic ranges and generally consistent with peers. The valuation reflects reasonable exploration success and/or commodity appreciation. Where applicable, the current capitalization exceeds the DCF valuation by 15% to 50%. Low (1-3) – The current valuation is at the low end of historic ranges and at a discount to peer valuations. The valuation reflects limited new exploration success and no commodity appreciation. Where applicable, the current capitalization exceeds the DCF valuation by less than 15% or falls below the current market value.

Political Risk: High (7-10) –Obtaining permits is challenging. Properties are located in an area(s) with high geo-political uncertainty, limited access, and/or have significant new infrastructure requirements. Moderate (4-6) – Properties are located in an area(s) with moderate geo-political risk, reasonable or manageable access, and some established infrastructure. Low (1-3) – Properties are located in areas with a manageable geo-political risk profile and established access/infrastructure.

Distribution of Ratings (as of August 28, 2015)

Distribution of Ratings IB

Clients

% # (TTM)

Buy 62.0% 67 87.5%

Hold 11.1% 12 0.0%

Sell 1.9% 2 0.0%

Tender 0.9% 1 0.0%

UR (Buy) 6.5% 7 12.5%

UR (Hold) 0.0% 0 0.0%

UR (Sell) 0.0% 0 0.0%

dropped (TTM) 17.6% 19 0.0%

Price Chart, Rating and Target Price History (as of August 28, 2015)

Alamos Gold, Inc. (AGI-T) Date Target(C$) Rating7/15/15 $9.00 Buy1/27/15 $9.25 Buy

10/23/14 $11.25 Buy4/16/14 $12.00 Buy1/29/14 $11.50 Buy1/15/14 $16.00 Buy11/1/13 $17.00 Buy6/11/13 $16.00 Buy4/26/13 $19.50 Buy2/22/13 $21.00 Buy1/8/13 $23.00 Buy

0

1

2

3

4

5

6

7

8

9

10

Jul15

Price History (C$) Target/Rating/Coverage Change

Asanko Gold Inc. (AKG-T) Date Target(C$) Rating7/15/15 $3.60 Buy1/21/15 $3.20 Buy

10/23/14 $3.35 Buy4/16/14 $3.60 Buy1/15/14 $3.75 Buy

12/11/13 $3.30 Buy

Initiated Coverage 12/11/13

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

5

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


B2Gold Corp. (BTO-T) Date Target(C$) Rating3/17/15 $2.75 Buy1/27/15 $3.25 Buy

11/17/14 $3.20 Buy10/23/14 $3.45 Buy8/15/14 $3.75 Buy7/9/14 $3.90 Buy

4/16/14 $3.80 Buy3/18/14 $3.75 Buy2/5/14 $3.50 Buy

Transferred Coverage 09/12/12; Re-Initiated Coverage 02/05/14

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

5

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


Barrick Gold Corporation (ABX-T) Date Target(C$) Rating8/7/15 $11.00 Buy

7/15/15 $15.65 Hold4/29/15 $15.75 Hold2/20/15 $15.00 Hold1/27/15 $14.25 Hold

10/23/14 $17.25 Hold7/9/14 $23.50 Hold5/1/14 $23.00 Hold

2/18/14 $24.00 Hold1/15/14 $20.50 Hold

10/22/13 $20.00 Buy6/11/13 $26.50 Buy4/25/13 $34.50 Buy2/15/13 $43.50 Buy1/8/13 $46.25 Buy

11/2/12 $48.25 Buy0

10

20

30

40

50

60

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15




Capstone Mining Corp. (CS-T) Date Target(C$) Rating7/9/15 $1.50 Buy

1/27/15 $2.00 Buy5/8/13 $3.50 Buy

4/30/13 $3.00 UR(Buy)3/15/13 $3.00 Buy1/8/13 $3.25 Buy

11/9/12 $4.00 Buy

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


Copper Mountain Mining Corporation (CUM-T) Date Target(C$) Rating7/15/15 $1.85 Buy1/27/15 $2.00 Buy1/19/15 $3.50 UR(Buy)8/11/14 $3.50 Buy7/7/14 $3.00 Hold7/7/14 $3.00 Buy

4/16/14 $2.75 Buy2/24/14 $2.50 Buy

11/12/13 $2.00 Buy10/22/13 $2.35 Buy6/11/13 $3.00 Buy5/16/13 $3.50 Buy3/20/13 $3.75 Buy1/8/13 $5.00 Buy

11/16/12 $5.50 Buy0

1

2

3

4

5

6

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


Coro Mining Corp. (COP-T) Date Target(C$) Rating3/20/15 $0.05 Hold9/30/14 $0.08 Hold6/11/13 $0.15 Hold5/10/13 $0.20 Hold1/11/13 $0.30 Buy

0

0.05

0.1

0.15

0.2

0.25

0.3

0.35

0.4

0.45

0.5

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


Denison Mines Corp. (DML-T) Date Target(C$) Rating3/25/14 $2.10 Buy8/20/12 $2.00 Buy

Transferred & Re-initiated Coverage 08/20/12

0

0.5

1

1.5

2

2.5

Jun12

Sep12

Dec12

Mar13

Jun13

Sep13

Dec13

Mar14

Jun14

Sep14

Dec14

Mar15

Price History (C$) Target/Rating/Coverage ChangeThis Company is currently restricted

Detour Gold Corporation (DGC-T) Date Target(C$) Rating7/15/15 $18.50 Buy1/27/15 $14.00 Buy

10/23/14 $13.50 Buy7/31/14 $15.50 Buy7/9/14 $16.50 Buy

4/16/14 $13.75 Buy3/6/14 $12.50 Buy

1/15/14 $8.50 Buy11/11/13 $11.00 Buy10/22/13 $13.75 Buy6/11/13 $21.50 Buy4/29/13 $32.00 Buy1/8/13 $42.25 Buy

0

5

10

15

20

25

30

35

40

45

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


Eldorado Gold Corporation (ELD-T) Date Target(C$) Rating7/15/15 $6.75 Buy2/23/15 $7.75 Buy1/27/15 $9.00 Buy

10/23/14 $9.50 Buy7/9/14 $8.50 Hold

4/16/14 $8.00 Hold2/24/14 $7.50 Hold

10/22/13 $7.50 Buy8/6/13 $14.25 Buy

6/11/13 $14.75 Buy5/6/13 $17.50 Buy

2/25/13 $19.25 Buy1/8/13 $19.75 Buy

0

5

10

15

20

25

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


Endeavour Mining Corporation (EDV-T) Date Target(C$) Rating1/27/15 $1.30 Buy11/5/14 $1.15 Buy

10/23/14 $1.05 Buy8/21/14 $1.25 Buy


0

0.5

1

1.5

2

2.5

3

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


Endeavour Silver Corp. (EDR-T) Date Target(C$) Rating7/15/15 $2.65 Hold5/7/15 $2.80 Hold3/6/15 $2.65 Hold

1/27/15 $2.85 Sell11/11/14 $2.75 Sell10/23/14 $4.00 Sell8/13/14 $5.75 Hold7/9/14 $5.50 Hold4/9/14 $5.00 Hold

2/20/14 $5.00 Sell1/15/14 $4.50 Hold11/4/13 $4.80 Hold

10/22/13 $5.00 Hold8/8/13 $5.75 Hold

6/11/13 $6.50 Buy1/31/13 $8.50 Buy1/8/13 $10.50 Buy

10/9/12 $11.25 Buy

Transferred Coverage 09/12/12; Re-initiated Coverage 10/09/12

0

2

4

6

8

10

12

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15




Energy Fuels Inc. (EFR-T) Date Target(C$) Rating7/15/15 $12.00 Buy7/9/14 $12.50 Buy

4/16/14 $14.00 Buy3/31/14 $15.00 Buy1/15/14 $16.00 Buy11/6/13 $16.50 Buy11/1/13 $17.50 UR(Buy)2/14/13 $17.50 Buy

10/18/12 $20.00 Buy8/20/12 $22.50 Buy

Targets and prices prior to 11/06/13 adjusted for share

consolidation; Transferred & Re-initiated Coverage 08/20/12

0

5

10

15

20

25

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


First Quantum Minerals Ltd. (FM-T) Date Target(C$) Rating8/4/15 $10.50 Sell

7/15/15 $15.50 Sell5/7/15 $12.00 Sell

1/27/15 $12.00 Hold10/23/14 $22.00 Hold

8/5/14 $21.50 Sell4/16/14 $21.50 Hold1/15/14 $21.00 Hold

10/22/13 $20.50 Hold6/11/13 $21.50 Hold5/8/13 $20.00 Hold3/8/13 $21.50 Hold1/8/13 $21.75 Sell

11/2/12 $20.50 Sell

0

5

10

15

20

25

30

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


Foran Mining Corp. (FOM-V) Date Target(C$) Rating7/15/15 $0.35 Buy4/17/15 $0.50 Buy

10/22/13 $0.35 Buy6/11/13 $0.65 Buy4/17/13 $0.75 Buy


0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


Fortuna Silver Mines Inc. (FVI-T) Date Target(C$) Rating7/15/15 $5.35 Hold1/27/15 $5.85 Hold

10/23/14 $5.60 Hold8/14/14 $6.00 Hold7/9/14 $5.80 Hold

3/19/14 $5.00 Buy2/20/14 $5.00 Hold1/15/14 $4.00 Hold11/4/13 $3.90 Hold

10/22/13 $4.25 Hold6/11/13 $4.50 Hold4/18/13 $5.30 Buy3/22/13 $5.50 Buy1/8/13 $6.00 Buy

11/12/12 $6.00 Hold10/9/12 $6.00 Buy

Transferred 09/12/12; Re-initiated 10/09/12

0

1

2

3

4

5

6

7

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


Highland Copper Company Inc. (HI-V) Date Target(C$) Rating7/15/15 $0.35 Buy2/27/15 $0.50 Buy

12/17/14 $0.65 Buy7/18/14 $0.75 Buy


0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


HudBay Minerals, Inc. (HBM-T) Date Target(C$) Rating7/15/15 $12.00 Buy5/11/15 $12.00 Hold2/23/15 $11.00 Hold

10/23/14 $11.00 Buy8/1/14 $11.00 Hold

6/24/14 $10.00 Hold5/2/14 $9.50 Hold

12/19/13 $9.50 Buy


0

2

4

6

8

10

12

14

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


Integra Gold Corp. (ICG-V) Date Target(C$) Rating7/15/15 $0.70 Buy6/23/15 $0.65 Buy


0

0.2

0.4

0.6

0.8

1

1.2

1.4

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


Klondex Mines Ltd. (KDX-T) Date Target(C$) Rating7/15/15 $4.00 Buy1/22/15 $3.50 Buy


0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15

Price History (C$) Target/Rating/Coverage ChangeThis Company is currently restricted



Lake Shore Gold Corp. (LSG-T) Date Target(C$) Rating7/15/15 $1.70 Buy

10/23/14 $1.30 Buy7/23/14 $1.40 Buy7/9/14 $1.20 Buy

4/16/14 $1.15 Buy1/24/14 $1.10 Hold1/15/14 $0.75 Hold6/11/13 $0.60 Hold5/17/13 $0.70 Hold3/20/13 $1.20 Buy1/8/13 $1.70 Buy

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


Lucara Diamond Corp. (LUC-T) Date Target(C$) Rating8/13/15 $2.50 Buy4/28/15 $2.80 Buy


0

0.5

1

1.5

2

2.5

3

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


Luna Gold Corp. (LGC-T) Date Target(C$) Rating3/31/15 $0.05 Sell

11/18/14 $0.10 Sell10/23/14 $0.30 Sell

8/6/14 $0.85 Sell7/23/14 $1.05 Sell7/9/14 $1.85 Buy

5/16/14 $2.00 Buy4/15/14 $2.25 Buy2/25/14 $2.80 Buy1/15/14 $3.10 Buy

10/22/13 $3.50 Buy6/11/13 $4.15 Buy5/14/13 $5.00 Buy1/8/13 $5.25 Buy

11/1/12 $4.50 Buy


0

1

2

3

4

5

6

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


Lundin Mining Corporation (LUN-T) Date Target(C$) Rating7/15/15 $7.75 Buy1/27/15 $6.75 Buy

10/23/14 $7.75 Buy7/9/14 $7.50 Buy

4/16/14 $6.20 Buy6/11/13 $5.70 Buy2/25/13 $6.00 Buy1/8/13 $6.00 Hold

0

1

2

3

4

5

6

7

8

9

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


Lydian International Limited (LYD-T) Date Target(C$) Rating7/15/15 $0.80 Buy1/27/15 $0.90 Buy

11/28/14 $0.95 Buy10/23/14 $0.85 Hold9/23/14 $1.00 Hold4/15/14 $1.25 Hold

10/22/13 $1.00 Hold7/25/13 $1.20 Hold6/11/13 $2.60 Buy2/1/13 $3.75 Buy


0

0.5

1

1.5

2

2.5

3

3.5

4

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


Mandalay Resources Corp. (MND-T) Date Target(C$) Rating10/23/14 $1.50 Buy

8/8/14 $1.60 Buy5/7/14 $1.40 Buy

4/16/14 $1.35 Buy1/15/14 $1.30 Buy

10/22/13 $1.40 Buy6/11/13 $1.50 Buy1/8/13 $1.70 Buy

10/9/12 $1.60 Buy

Transferred 09/12/12; Re-initiated 10/09/12

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


Midas Gold Corp. (MAX-T) Date Target(C$) Rating7/15/15 $0.50 Hold1/27/15 $0.80 Buy1/9/15 $0.85 Buy

10/23/14 $1.15 Buy8/21/14 $1.30 Buy7/9/14 $1.40 Buy

1/15/14 $1.50 Buy11/5/13 $1.70 Buy

12/12/12 $6.20 UR(Buy)9/18/12 $6.20 Buy

Transferred and Re-initiated Coverage 11/05/13

0

1

2

3

4

5

6

7

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15

Price History (C$) Target/Rating/Coverage Change Mountain Province Diamonds Inc. (MPV-T) Date Target(C$) Rating

7/15/15 $8.50 Buy2/19/15 $7.40 Buy2/5/15 $7.70 Buy


0

1

2

3

4

5

6

7

8

9

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15




NewCastle Gold Ltd. (NCA-V) Date Target(C$) Rating7/15/15 $0.60 Buy1/27/15 $0.70 Buy

12/12/14 $0.65 Buy10/23/14 $0.75 Buy

7/9/14 $1.40 Buy4/16/14 $1.35 Buy1/15/14 $1.20 Buy

11/28/13 $1.50 Buy

Began trading 05/14/13; Initiated Coverage 11/28/13

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


Nevsun Resources Ltd. (NSU-T) Date Target(C$) Rating7/15/15 $5.00 Buy4/29/15 $5.50 Buy2/18/14 $5.00 Buy6/11/13 $4.50 Buy3/22/13 $5.00 Buy

11/13/12 $5.00 Hold10/16/12 $4.75 Hold

0

1

2

3

4

5

6

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15

Price History (C$) Series5

NovaCopper Inc. (NCQ-T) Date Target(C$) Rating7/15/15 $1.25 Buy1/27/15 $1.75 Buy7/9/14 $2.00 Buy

3/19/14 $2.75 Buy

Began Trading 04/25/12; Initiated Coverage 03/19/14

0

0.5

1

1.5

2

2.5

3

3.5

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


OceanaGold Corporation (OGC-T) Date Target(C$) Rating7/15/15 $4.10 Buy4/30/15 $3.80 Buy2/20/15 $3.60 Buy1/27/15 $3.20 Buy

10/23/14 $3.30 Buy9/22/14 $3.50 Buy


0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


Orezone Gold Corporation (ORE-T) Date Target(C$) Rating7/15/15 $0.55 Hold



0

0.5

1

1.5

2

2.5

3

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


Paladin Energy Ltd (PDN-T) Date Target(C$) Rating7/15/15 $0.45 Hold8/29/14 $0.50 Hold7/28/14 $0.40 Hold7/9/14 $0.30 Hold

4/16/14 $0.60 Hold1/20/14 $0.70 Hold

10/22/13 $0.60 Hold8/30/13 $0.80 Hold8/2/13 $1.00 Hold

6/11/13 $1.50 Buy11/13/12 $2.00 Buy8/20/12 $2.30 Buy


0

0.5

1

1.5

2

2.5

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


Pilot Gold Inc. (PLG-T) Date Target(C$) Rating7/15/15 $1.50 Buy1/29/15 $1.90 Buy1/27/15 $1.60 Buy

10/23/14 $1.70 Buy4/2/14 $2.00 Buy

1/15/14 $1.70 Buy10/22/13 $2.10 Buy6/11/13 $2.60 Buy10/9/12 $3.15 Buy


0

0.5

1

1.5

2

2.5

3

3.5

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


Roxgold Inc. (ROG-V) Date Target(C$) Rating7/15/15 $1.10 Buy11/5/14 $1.00 Buy7/9/14 $1.25 Buy

4/23/14 $1.15 Buy1/27/14 $1.05 Buy


0

0.2

0.4

0.6

0.8

1

1.2

1.4

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15




Royal Nickel Corporation (RNX-T) Date Target(C$) Rating7/15/15 $0.50 Buy1/27/15 $0.60 Buy4/16/14 $0.75 Buy

10/22/13 $0.50 Buy6/20/13 $0.75 Buy1/8/13 $1.00 Buy

0

0.2

0.4

0.6

0.8

1

1.2

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


Sarama Resources Limited (SWA-V) Date Target(C$) Rating7/15/15 $0.20 Buy1/27/15 $0.25 Buy

10/23/14 $0.20 Buy7/9/14 $0.40 Buy



0

0.2

0.4

0.6

0.8

1

1.2

1.4

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


SEMAFO Inc. (SMF-T) Date Target(C$) Rating7/15/15 $5.00 Buy1/27/15 $5.75 Buy

10/23/14 $6.25 Buy7/9/14 $6.50 Buy

4/16/14 $5.50 Buy3/13/14 $5.25 Buy1/27/14 $4.25 Buy1/15/14 $4.00 Buy

11/14/13 $3.80 Buy10/22/13 $3.30 Buy8/27/13 $3.00 Buy8/8/13 $2.30 Buy


0

1

2

3

4

5

6

7

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


Silvercrest Mines Inc. (SVL-T) Date Target(C$) Rating7/28/15 n/a Tender7/15/15 $1.40 Buy4/1/15 $1.70 Hold

1/27/15 $1.90 Hold1/16/15 $1.85 Buy

10/23/14 $2.00 Buy4/16/14 $2.25 Hold2/20/14 $2.60 Hold1/15/14 $2.00 Hold11/4/13 $2.00 Buy

10/22/13 $2.25 Buy7/30/13 $2.30 Buy6/11/13 $2.60 Buy3/5/13 $3.40 Buy


0

0.5

1

1.5

2

2.5

3

3.5

4

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


Sunridge Gold Corp. (SGC-V) Date Target(C$) Rating10/22/13 $0.35 Buy

1/8/13 $0.50 Buy8/21/12 $0.60 Buy


0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


Tahoe Resources Inc. (THO-T) Date Target(C$) Rating7/15/15 $16.50 Buy4/29/15 $19.25 Buy4/2/15 $16.00 Hold

1/27/15 $14.50 Sell12/5/14 $12.75 Sell11/7/14 $15.00 Sell

10/23/14 $17.25 Sell7/9/14 $18.75 Sell

5/12/14 $17.00 Sell1/15/14 $15.00 Sell11/5/13 $15.25 Sell


0

5

10

15

20

25

30

35

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


Talon Metals Corp. (TLO-T) Date Target(C$) Rating7/15/15 $0.35 Buy

11/25/14 $0.50 Buy


0

0.1

0.2

0.3

0.4

0.5

0.6

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


Teck Resources Limited (TCK.B-T) Date Target(C$) Rating7/15/15 $17.75 Hold4/22/15 $17.50 Hold1/27/15 $16.25 Hold


10/25/13 $35.00 Buy10/22/13 $30.50 Buy7/26/13 $32.00 Buy6/11/13 $32.00 Hold4/24/13 $32.50 Hold2/11/13 $35.00 Hold1/8/13 $37.50 Hold

10/25/12 $40.00 Hold0

5

10

15

20

25

30

35

40

45

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15




B: Buy; H: Hold; S: Sell; T: Tender; UR: Under Review Source: Capital IQ and Haywood Securities

Trevali Mining Corporation (TV-T) Date Target(C$) Rating5/21/15 $1.25 Buy9/26/14 $1.35 Buy8/18/14 $1.35 Hold5/20/14 $1.15 Buy5/14/14 $1.15 UR(Buy)

12/12/13 $1.15 Buy6/11/13 $1.35 Buy2/11/13 $1.50 Buy


0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


True Gold Mining Inc. (TGM-V) Date Target(C$) Rating1/15/15 $0.55 Buy

10/23/14 $0.80 Buy8/13/14 $0.75 Buy2/18/14 $0.70 Buy1/15/14 $0.60 Buy

12/18/13 $0.65 Buy6/11/13 $0.60 Buy5/9/13 $0.70 Buy3/5/13 $0.90 Buy


0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


UR-Energy Inc. (URE-T) Date Target(C$) Rating7/15/15 $1.70 Buy1/29/15 $1.80 Buy8/7/14 $1.70 Buy7/9/14 $1.70 Hold

5/23/14 $1.80 Hold4/23/14 $1.90 Hold4/16/14 $2.10 Buy3/4/14 $2.20 Buy

1/15/14 $1.60 Buy10/22/13 $1.50 Buy6/25/13 $1.60 Buy1/8/13 $1.40 Buy

8/20/12 $1.50 Buy


0

0.5

1

1.5

2

2.5

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


Uranium Energy Corp. (UEC-AMEX) Date Target(US$) Rating7/15/15 $2.00 Hold6/24/15 $2.10 Hold7/8/14 $1.70 Hold

4/16/14 $2.00 Hold1/15/14 $2.30 Hold

10/22/13 $2.40 Hold6/11/13 $2.70 Hold1/8/13 $3.10 Buy

8/20/12 $2.90 Buy


0

0.5

1

1.5

2

2.5

3

3.5

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15

Price History (US$) Target/Rating/Coverage Change

Uranium Participation Corp. (U-T) Date Target(C$) Rating7/15/15 $6.50 Buy1/27/15 $6.20 Buy

10/23/14 $5.80 Buy7/9/14 $5.70 Buy

4/16/14 $6.60 Buy1/15/14 $6.50 Buy

10/22/13 $5.70 Buy6/11/13 $6.50 Buy1/8/13 $7.80 Buy

8/20/12 $8.40 Buy


0

1

2

3

4

5

6

7

8

9

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


Zazu Metals Corporation (ZAZ-T) Date Target(C$) Rating7/15/15 $0.35 Buy1/27/15 $0.50 Buy

10/23/14 $0.65 Buy10/22/13 $0.75 Buy6/12/13 $1.10 Buy1/8/13 $1.25 Buy

0

0.2

0.4

0.6

0.8

1

1.2

1.4

Aug12

Nov12

Feb13

May13

Aug13

Nov13

Feb14

May14

Aug14

Nov14

Feb15

May15


the weekly dig august 28, 2015cdn.ceo.ca.s3-us-west-2.amazonaws.com/1au1lbj-mmaug282015_c… · the...

Documents