fundamental equity analysis - world gold miners - gdx index members

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May 2012

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Currency

Market Capitalization (in mio

USD)Daily

Volume (M)

Total Common

Shares (M)Total Debt

(USD)Preferred

Stock (USD)

Minority Interest (USD)

Cash and Equivalents

(USD)

Enterprise Value (USD)

Tot. Rev. - LFY

Est. Tot. Rev. - Tr.

12MEst. Tot.

Rev. - 2013Est. Tot.

Rev. - 2014 EBITDA - LFYEst. EBITDA -

Tr. 12MEst. EBITDA -

2013Est. EBITDA -

2014 EPS - LFYEst. EPS - Tr. 12M

Est. EPS - 2013

Est. EPS - 2014

P/E Ratio - LFY

Est. P/E Ratio - Tr.

12MEst. P/E

Ratio - 2013Est. P/E

Ratio - 2014

Est. Revenue

Growth - 1Y

Est. Revenue

Growth - 5YEst. EBITDA Growth - 1Y

Est. Est. EBITDA

Growth - 5YEst. EBITDA

Margin -

S&P LT Credit

Rating - S&P LT Credit Rating Date

Moody's LT Credit Rating

Moody's LT Credit Rating Date

S&P 500 INDEX USD 12975877 1920.565 1093 1093 199 212 212 98.57 105.28 105.28 14.23 14.23 13.32 13.32 19.04

Euro Stoxx 50 Pr EUR 2193744 10814.03 4810 4810 772 819 819 199.14 330.72 330.72 19.92 13.54 12.00 12.01 21.28

NIKKEI 225 JPY 2234468 178.6691 223 223 23 25 25 4.83 8.16 8.16 0.30 - 0.18 0.18 0.14

FTSE 100 INDEX GBP 2612433 13691.9 9427 9427 1647 1759 1759 821.12 893.93 893.93 18.49 17.38 16.98 16.98 28.16

SWISS MARKET INDEX CHF 860832 11146.94 4007 4007 837 802 802 379.16 537.88 537.88 19.35 18.92 13.64 13.64 24.15

S&P/TSX COMPOSITE INDEX CAD 1655486 18663.49 7722 7722 2116 2179 2179 867.68 929.59 929.59 14.55 14.55 13.58 13.58 23.95

S&P/ASX 200 INDEX AUD 1217305 8035.442 2877 2877 628 685 685 300.89 349.76 349.76 15.55 14.70 13.38 13.38 23.63

HANG SENG INDEX HKD 1553549 2665.423 1503 1503 350 379 379 274.70 253.82 253.82 1.28 1.42 1.39 1.39 3.18

MSCI EM USD 7423919 1358.268 995 995 184 195 195 87.15 96.78 96.78 11.82 12.74 10.64 10.64 19.67

BARRICK GOLD CORP USD 37886 5593 1000 13 0 2 3 50.95 14312 14866 15800 18426 8327 8557 2223 2223 4.65 4.68 4.87 6.02 8.09 8.09 7.78 6.30 30.10 30.70 34.07 30.02 58.18 A- 19.05.2011 Baa1 17.05.2011

GOLDCORP INC USD 29826 3394 810 1 0 0 2 29.39 5362 5495 6095 7631 3030 3034 814 814 2.00 1.90 2.32 3.24 19.17 19.17 15.70 11.25 43.45 25.41 49.56 26.76 56.51 BBB+ 01.06.2009 - -

NEWMONT MINING CORP USD 22768 2978 495 4 0 3 2 29.12 10358 10576 10930 11857 5162 5185 1206 1206 4.31 4.35 4.81 5.57 10.53 10.53 9.51 8.22 8.57 20.51 0.86 22.31 49.84 BBB+ 11.08.2008 Baa1 26.07.2010

ANGLOGOLD ASHANTI-SPON ADR USD 12689 781 #VALUE! 20 0 1 9 #VALUE! 47849 47849 63743 64581 20443 20443 31950 31950 - - 37.91 38.18 - - 6.72 6.68 23.22 24.91 110.32 29.79 42.72 BBB- 09.04.2010 - -

CIA DE MINAS BUENAVENTUR-ADR USD 10992 251 #VALUE! 0 0 0 1 #VALUE! 1494 1489 1699 1960 804 - 351 351 - - 3.78 4.23 - - 10.55 9.41 35.34 24.23 77.80 18.63 53.84 - - - -

YAMANA GOLD INC USD 10272 3792 #VALUE! 0 0 0 1 10.22 2173 2257 2554 3177 1263 1303 380 380 - - 1.11 1.49 - - 12.36 9.25 28.84 44.50 42.83 232.29 58.10 - - - -

SILVER WHEATON CORP USD 10262 2393 #VALUE! 0 0 0 1 9.50 730 730 897 1068 619 619 174 174 - - 1.93 2.35 - - 15.07 12.35 72.43 56.19 95.70 44.02 84.77 - - - -

KINROSS GOLD CORP USD 9758 3803 1138 2 0 0 2 9.70 3943 3943 4700 5127 1973 1973 555 555 0.76 0.76 0.95 1.19 11.28 11.28 9.04 7.19 31.00 34.57 64.32 48.53 50.02 BBB- 15.08.2011 Baa3 15.08.2011

GOLD FIELDS LTD-SPONS ADR USD 9013 1231 #VALUE! 16 0 1 6 #VALUE! 41877 41877 52654 52599 21094 20892 - - - - 14.05 14.05 - - 6.85 6.85 32.67 23.39 85.27 34.52 50.37 BBB- 19.03.2009 - -

ELDORADO GOLD CORP USD 9255 2544 #VALUE! 0 0 0 0 9.00 1099 1099 1436 1708 639 639 202 202 - - 0.70 0.87 - - 18.53 14.98 38.90 71.78 50.99 - 58.15 - - - -

RANDGOLD RESOURCES LTD-ADR USD 7539 588 92 0 0 0 0 7.20 1127 1127 1471 1731 570 570 - - 4.09 4.13 6.45 7.14 19.91 20.11 12.73 11.52 132.60 40.32 246.86 41.92 50.55 - - - -

AGNICO-EAGLE MINES LTD USD 6393 1212 #VALUE! 1 0 0 0 6.90 1822 1883 1801 1948 753 802 240 240 - - 1.83 2.23 - - 20.43 16.81 28.07 43.96 25.09 25.10 41.32 NR 12.03.2003 WR 05.03.2002

IAMGOLD CORP USD 4517 780 #VALUE! 0 0 0 1 3.53 2 K 2 K 2 K 2 K 785 785 248 248 - - 1.24 1.60 - - 9.69 7.49 52.51 34.53 66.91 46.41 46.91 - - - -

HARMONY GOLD MNG-SPON ADR USD 3995 635 #VALUE! 2 0 0 1 #VALUE! 12473 15121 17845 19772 2241 - 5529 5529 - - 5.82 6.92 - - 12.31 10.35 19.65 16.64 39.65 15.59 17.97 - - - -

NEW GOLD INC USD 3989 1079 #VALUE! 0 0 0 0 4.02 696 693 811 1047 344 339 130 130 - - 0.50 0.76 - - 17.47 11.40 31.20 - 43.81 - 49.43 BB- 27.03.2012 B2 27.03.2012

ROYAL GOLD INC USD 3480 352 54 0 0 0 0 3.68 216 262 277 332 186 216 61 61 1.29 1.68 1.85 2.49 35.20 35.20 32.03 23.71 58.51 46.10 63.11 60.17 86.07 - - - -

PAN AMERICAN SILVER CORP USD 2684 2072 #VALUE! 0 0 0 0 2.23 855 855 1089 1233 446 456 93 93 - - 2.09 2.24 - - 8.36 7.78 32.28 45.36 60.49 32.02 52.13 - - - -

ALLIED NEVADA GOLD CORP USD 2533 135 90 0 0 0 0 2.30 152 152 380 602 49 49 29 29 0.39 0.39 1.47 2.32 72.69 72.69 19.34 12.21 16.11 - 59.86 - 32.08 - - - -

AURICO GOLD INC USD 2449 854 #VALUE! 0 0 0 0 2.50 402 402 699 937 204 204 76 76 - - 0.76 1.10 - - 11.45 7.89 68.68 29.73 90.91 - 50.66 - - - -

COEUR D'ALENE MINES CORP USD 1793 535 90 0 0 0 0 1.73 1021 1021 1076 1210 531 531 109 109 1.08 1.08 2.26 3.22 18.46 18.46 8.83 6.18 98.12 65.37 142.92 40.99 52.03 NR 15.01.2010 - -

FIRST MAJESTIC SILVER CORP USD 1575 305 #VALUE! 0 0 0 0 1.50 246 246 311 504 156 156 36 36 - - 1.24 1.98 - - 12.00 7.52 108.23 117.78 192.22 - 63.62 - - - -

HECLA MINING CO USD 1144 1511 285 0 0 0 0 0.89 478 478 393 543 255 253 33 33 0.43 0.43 0.32 0.57 9.33 9.33 12.72 7.05 14.04 29.61 20.57 31.15 53.33 NR 20.05.2005 - -

SILVER STANDARD RESOURCES USD 1072 501 #VALUE! 0 0 0 0 0.87 148 148 293 330 39 39 9 9 - - 0.79 1.07 - - 16.81 12.43 31.70 - 647.00 - 26.65 - - - -

SEABRIDGE GOLD INC USD 680 167 #VALUE! 0 0 0 0 0.61 0 0 #VALUE! #VALUE! -20 -20 -20 -20 - - -0.31 -0.58 - - #VALUE! #VALUE! - - -244.92 - - - - - -

AURIZON MINES LTD USD #VALUE! 158 #VALUE! 0 0 0 0 #VALUE! 260 260 266 272 125 124 38 38 - - 0.38 0.42 - - 13.42 12.30 45.46 - 78.90 - 48.05 - - - -

NEVSUN RESOURCES LTD USD #VALUE! 187 #VALUE! 0 0 0 0 #VALUE! 548 548 332 320 429 429 - - - - 0.44 0.40 - - 7.92 8.71 - - - - 78.35 - - - -

TANZANIAN ROYALTY EXPLORATIO USD 420 205 #VALUE! 0 0 0 0 0.39 0 0 #VALUE! #VALUE! -8 -8 - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! - - -171.01 - - - - - -

GOLDEN STAR RESOURCES LTD USD 375 597 259 0 0 0 0 0.41 471 471 611 664 92 92 35 35 -0.03 -0.03 0.17 0.32 - - 8.69 4.59 8.85 36.22 -14.64 34.60 19.49 - - - -

GREAT BASIN GOLD LTD USD #VALUE! 343 #VALUE! 0 0 0 0 #VALUE! 170 170 309 440 18 18 - - - - 0.05 0.16 - - 15.18 4.27 70.83 - - - 10.77 - - - -

VISTA GOLD CORP USD 206 103 72 0 0 0 0 0.19 0 0 1 0 -28 -28 -6 -6 -0.34 -0.37 -0.21 -0.21 - - #VALUE! #VALUE! - - -58.76 - - - - - -

B2GOLD CORP CAD 1349 1580 382 0 0 0 0 1.27 229 229 270 343 114 114 34 34 0.16 0.17 0.23 0.33 20.89 20.89 15.95 11.00 77.95 - 196.81 - 50.49 - - - -

CHINA GOLD INTERNATIONAL RES CAD 1747 89 396 0 0 0 0 1.65 316 316 360 398 143 143 167 167 0.19 0.19 0.26 0.32 23.46 23.46 17.32 14.05 135.87 - 104.34 - 45.85 - - - -

SILVERCORP METALS INC CAD 1138 153 175 0 0 0 0 1.05 170 240 248 315 112 161 29 29 0.40 0.46 0.47 0.60 15.01 15.01 14.49 11.48 57.04 55.76 67.18 - 67.00 - - - -

PERSEUS MINING LTD AUD 1238 2115 426 0 0 0 0 1.18 0 0 157 433 -15 -12 21 21 - 0.01 0.12 0.28 255.02 - 23.30 9.98 - - -41.93 - - - - - -

KINGSGATE CONSOLIDATED LTD AUD 957 391 135 0 0 0 0 1.11 177 260 388 509 69 113 - - 0.32 0.34 0.68 1.14 18.88 - 9.61 5.70 -1.83 86.36 1050.45 - 39.84 - - - -

MEDUSA MINING LTD AUD 1091 383 188 0 0 0 0 1.08 153 114 109 201 124 88 80 80 0.60 0.42 0.36 0.78 14.60 - 16.93 7.84 60.03 91.95 66.42 - 83.06 - - - -

DUNDEE PRECIOUS METALS INC CAD 904 779 125 0 0 0 0 0.83 344 344 330 596 - 78 - - 0.62 0.62 0.57 1.37 11.83 11.83 12.86 5.34 68.65 40.96 - - - - - - -

EVOLUTION MINING LTD AUD 1210 1323 182 0 0 0 0 1.08 125 235 505 722 30 - - - -0.01 -0.08 0.16 0.26 - - 11.11 6.87 459.60 - 910.81 - 24.23 - - - -

BANRO CORPORATION CAD 815 482 197 0 0 0 0 0.82 0 0 160 391 -10 -10 - - -0.05 -0.04 0.27 0.79 - - 15.66 5.30 - - 1.11 - - - - - -

ENDEAVOUR SILVER CORP USD 758 351 #VALUE! 0 0 0 0 0.65 128 128 254 276 65 65 - - - - 0.99 1.11 - - 8.71 7.76 47.96 48.03 111.14 - 50.64 - - - -

RUBICON MINERALS CORP CAD 858 893 238 0 0 0 0 0.79 0 0 #VALUE! #VALUE! -22 -22 - - -0.10 -0.10 -0.02 0.00 - - #VALUE! #VALUE! - - 15.09 - - - - - -

KIRKLAND LAKE GOLD INC CAD 887 68 70 0 0 0 0 0.85 107 152 167 315 27 50 - - 0.29 0.47 0.87 1.84 27.50 27.50 14.78 7.00 106.99 73.58 - - 25.56 - - - -

TOREX GOLD RESOURCES INC CAD 735 380 353 0 0 0 0 0.64 0 0 0 0 -35 -41 -5 -5 -0.08 -0.09 -0.05 -0.03 - - #VALUE! #VALUE! - - -90.99 - - - - - -

AURIZON MINES LTD CAD 860 60 163 0 0 0 0 0.64 264 264 270 276 127 126 39 39 0.27 0.27 0.39 0.43 19.46 19.46 13.68 12.54 46.19 - 80.17 - 48.82 - - - -

RESOLUTE MINING LTD AUD 1148 6865 468 0 0 0 0 1.07 457 549 671 745 114 211 - - 0.11 0.21 0.27 0.34 8.75 - 6.79 5.29 30.78 27.82 38.88 32.97 25.57 - - - -

ARGONAUT GOLD INC CAD 728 97 92 0 0 0 0 0.71 106 106 165 279 57 57 23 23 0.28 0.28 0.50 0.81 28.49 28.49 16.05 10.01 104.45 - 269.64 - 54.36 - - - -

NEVSUN RESOURCES LTD CAD 707 231 200 0 0 0 0 0.47 557 557 337 325 436 436 - - 0.74 0.74 0.45 0.41 4.89 4.89 8.06 8.86 - - - - 79.61 - - - -

RIO ALTO MINING LTD CAD 701 115 169 0 0 0 0 0.70 0 0 281 306 -8 -9 - - -0.07 -0.07 0.50 0.45 - - 8.36 9.20 - - -108.82 - - - - - -

ST BARBARA LTD AUD 733 1294 326 0 0 0 0 0.62 370 448 544 478 107 148 220 220 0.18 0.23 0.39 0.43 9.96 - 6.00 5.37 21.76 31.46 41.52 - 29.88 - - - -

OCEANAGOLD CORP CAD 590 124 263 0 0 0 0 0.71 402 400 412 617 167 148 39 39 0.17 0.10 0.15 0.54 22.75 22.75 14.97 4.26 29.91 - 16.66 60.58 42.19 - - - -

Valuation Measures I/IIMarket Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 %D to Spot

S&P 500 INDEX 2.10 2.10 1.91 1.73 2.10 1.28 1.28 1.22 1.17 1.28 8.95 8.95 8.10 7.40 8.95 9.07 9.07 8.33 7.79 9.07 13.32 13.32 11.84 10.67 13.32 2.13 2.13 2.37 2.55 2.13 1571.0 12.0%

Euro Stoxx 50 Pr 1.00 1.00 0.95 0.89 1.00 0.63 0.63 0.61 0.59 0.63 4.47 4.47 4.19 3.93 4.47 13.21 13.21 12.43 11.93 13.21 9.12 9.13 8.18 7.58 9.13 5.31 5.30 5.69 6.05 5.30 2787.1 21.5%

NIKKEI 225 1.13 1.13 1.05 0.98 1.13 0.52 0.52 0.51 0.50 0.52 6.26 6.26 5.87 5.67 6.26 7.11 7.11 6.59 6.24 7.11 14.30 14.30 12.45 10.71 14.30 2.17 2.17 2.32 2.55 2.17 10672.3 13.8%

FTSE 100 INDEX 1.57 1.57 1.44 1.33 1.57 1.00 1.00 0.96 0.95 1.00 6.92 6.92 6.36 5.99 6.92 7.78 7.78 7.23 6.95 7.78 10.50 10.50 9.50 8.88 10.50 4.06 4.06 4.40 4.78 4.06 6585.3 13.6%

SWISS MARKET INDEX 1.94 1.94 1.80 1.66 1.94 1.67 1.67 1.58 1.51 1.67 10.28 10.29 9.15 8.37 10.29 13.89 13.89 12.87 11.96 13.89 12.46 12.46 11.14 10.27 12.46 3.80 3.80 4.23 4.59 3.80 6839.6 11.7%

S&P/TSX COMPOSITE INDEX 1.70 1.70 1.55 1.41 1.70 1.61 1.61 1.50 1.43 1.61 7.94 7.94 7.09 6.20 7.94 8.57 8.57 7.42 7.03 8.57 13.37 13.37 11.60 10.76 13.37 3.01 3.01 3.08 3.33 3.01 14579.2 19.2%

S&P/ASX 200 INDEX 1.70 1.70 1.59 1.49 1.70 1.58 1.58 1.48 1.40 1.58 9.66 9.66 8.44 7.83 9.66 11.72 11.72 10.19 9.43 11.72 13.02 13.02 11.41 10.51 13.02 4.76 4.76 5.16 5.54 4.76 4842.5 9.3%

HANG SENG INDEX 1.36 1.36 1.24 1.13 1.36 1.82 1.82 1.67 1.53 1.82 6.50 6.50 5.89 5.78 6.50 7.02 7.02 6.47 5.94 7.02 10.79 10.79 9.74 8.79 10.79 3.64 3.64 3.96 4.41 3.64 23574.0 10.9%

MSCI EM 1.50 1.50 1.35 1.18 1.50 1.03 1.03 0.95 0.89 1.03 6.51 6.51 5.83 5.39 6.51 6.97 6.97 6.30 5.85 6.97 10.64 10.64 9.39 8.49 10.64 3.07 3.07 3.47 3.69 3.07 1195.4 16.1%

BARRICK GOLD CORP 1.61 1.37 1.12 0.98 0.85 2.66 2.40 2.06 2.18 2.34 6.10 5.81 4.85 5.03 5.55 5.85 5.59 4.58 4.84 5.36 7.89 7.78 6.29 6.73 7.99 1.33 1.73 1.79 1.84 2.11 60.46 59.7%

GOLDCORP INC 1.37 1.30 1.17 1.06 0.94 5.56 4.90 3.91 3.81 4.08 11.74 10.95 8.02 7.31 7.59 9.14 8.34 6.11 5.80 6.09 16.72 15.70 11.25 10.39 11.12 1.09 1.40 1.40 1.39 1.36 59.46 63.3%

NEWMONT MINING CORP 1.57 1.55 1.35 1.21 1.00 2.18 2.08 1.92 1.86 1.71 6.35 6.22 5.43 5.27 5.44 5.59 5.58 4.90 4.69 5.49 10.07 9.51 8.22 9.13 11.24 2.26 3.47 3.87 3.28 2.67 69.07 50.8%

ANGLOGOLD ASHANTI-SPON ADR 2.46 1.86 1.42 1.17 1.86 1.54 1.52 1.35 5.11 4.23 4.37 3.89 8.69 6.72 6.68 5.76 1.24 2.53 2.56 2.53 59.50 80.5%

CIA DE MINAS BUENAVENTUR-ADR 3.27 2.54 2.01 1.75 7.24 6.50 5.63 5.36 6.69 19.45 18.05 11.92 10.55 9.42 9.85 1.52 1.41 1.76 2.42 53.88 35.1%

YAMANA GOLD INC 1.36 1.26 1.13 1.01 4.62 4.02 3.23 3.07 3.40 8.78 8.42 6.35 6.79 6.75 7.62 6.64 5.19 4.96 5.70 14.40 12.36 9.25 9.70 10.24 1.05 1.55 1.53 1.60 1.60 20.63 49.8%

SILVER WHEATON CORP 3.85 3.17 2.66 2.33 13.75 11.45 9.61 10.67 9.94 16.21 13.29 11.01 11.26 11.85 15.38 12.93 11.14 11.96 11.14 18.31 15.07 12.34 13.04 13.50 0.62 1.44 1.67 12.40 1.65 45.30 56.1%

KINROSS GOLD CORP 0.64 0.73 0.67 0.62 0.57 2.44 2.08 1.90 1.98 2.03 6.22 5.59 4.61 5.04 5.18 4.65 4.22 3.56 3.85 3.87 10.72 9.05 7.18 8.26 9.48 1.22 1.76 1.80 1.78 1.87 13.88 62.0%

GOLD FIELDS LTD-SPONS ADR 1.50 1.24 1.09 0.96 1.60 1.32 1.33 1.31 4.80 4.11 3.87 3.83 9.57 6.85 6.85 6.24 2.59 3.80 4.21 5.55 21.00 68.8%

ELDORADO GOLD CORP 2.19 1.89 1.70 1.41 8.55 6.44 5.42 4.96 3.74 14.38 12.97 10.97 9.61 7.43 14.19 10.48 8.32 7.30 5.19 20.95 18.53 14.97 13.51 0.32 1.03 1.41 1.72 1.41 1.69 20.15 54.9%

RANDGOLD RESOURCES LTD-ADR 3.47 2.75 2.18 1.83 6.70 5.12 4.35 3.76 14.58 10.28 8.57 8.42 9.93 12.57 8.37 6.95 5.38 18.61 12.73 11.51 10.91 14.24 0.47 0.49 0.49 0.50 120.55 46.7%

AGNICO-EAGLE MINES LTD 1.76 1.87 1.70 1.63 3.48 3.55 3.28 3.43 3.30 9.23 10.23 8.93 9.44 9.64 8.62 8.74 7.43 8.13 7.42 19.12 20.43 16.80 17.73 19.48 1.68 1.99 2.04 2.08 2.14 44.11 18.0%

IAMGOLD CORP 1.28 1.18 1.03 0.91 2.65 2.56 2.19 2.21 2.26 6.93 6.86 5.45 5.67 6.77 4.26 3.86 3.15 3.41 3.90 10.05 9.69 7.49 8.08 11.66 1.45 1.90 2.00 1.98 2.08 20.34 69.4%

HARMONY GOLD MNG-SPON ADR 0.97 0.95 0.88 0.79 2.37 1.73 1.56 1.45 9.99 7.93 4.60 4.67 24.07 12.32 10.36 7.99 0.70 1.54 0.77 0.77 15.00 62.0%

NEW GOLD INC 1.79 1.53 1.26 5.75 4.92 3.81 4.29 3.75 13.75 11.83 7.57 8.02 6.76 11.74 9.61 6.68 6.57 5.74 19.26 17.47 11.38 12.12 12.36 0.00 0.00 0.00 14.66 69.6%

ROYAL GOLD INC 2.23 1.92 1.82 1.68 15.96 12.56 10.47 8.44 22.72 18.65 14.62 12.42 19.48 15.27 12.77 10.09 44.90 32.03 23.71 19.31 0.72 0.90 0.94 0.91 85.00 43.7%

PAN AMERICAN SILVER CORP 1.16 1.26 1.11 0.86 0.83 3.10 2.47 2.18 2.37 2.20 4.99 6.05 5.57 6.15 5.10 4.47 4.14 3.24 3.79 3.65 7.61 8.36 7.78 8.54 8.39 0.54 0.67 0.67 0.57 0.86 30.46 74.6%

ALLIED NEVADA GOLD CORP 4.51 3.70 2.88 2.48 14.30 6.67 4.20 3.09 2.07 48.78 16.45 11.04 8.92 4.71 40.98 10.93 6.32 5.64 2.93 74.58 19.35 12.20 9.61 5.70 49.03 73.0%

AURICO GOLD INC 2.21 1.03 0.91 0.84 5.45 3.50 2.61 2.98 2.88 8.02 7.76 5.55 6.54 6.82 10.08 6.70 5.01 5.12 5.09 12.38 11.45 7.89 10.25 9.76 0.00 0.00 0.00 13.27 52.7%

COEUR D'ALENE MINES CORP 0.83 0.78 0.69 0.61 0.55 1.77 1.67 1.48 1.93 1.61 4.35 4.07 3.54 5.36 3.97 3.36 3.24 2.61 4.30 3.11 9.48 8.83 6.19 13.44 7.52 0.00 0.00 32.26 61.8%

FIRST MAJESTIC SILVER CORP 4.45 3.33 2.70 2.23 6.37 5.06 3.13 2.82 11.75 9.60 6.30 7.40 9.36 8.11 4.43 7.31 14.44 12.00 7.52 6.84 23.30 56.2%

HECLA MINING CO 1.01 0.95 0.86 0.81 0.74 2.40 2.92 2.11 2.60 2.35 5.13 7.39 4.81 6.07 6.33 3.35 4.76 2.90 4.01 3.24 8.74 12.72 7.05 8.66 9.93 1.19 1.57 2.11 1.12 1.24 5.88 46.5%

SILVER STANDARD RESOURCES 1.10 1.03 0.99 0.99 0.81 6.88 3.66 3.25 4.34 2.76 86.23 9.86 7.41 12.56 5.33 10.85 7.45 7.83 9.17 2.84 63.24 16.81 12.43 46.93 6.88 0.00 0.00 0.00 0.00 22.72 71.1%

SEABRIDGE GOLD INC 3.87 1545.15 85.74 447.9%

AURIZON MINES LTD 2.68 1.98 1.61 1.27 8.53 7.55 7.33 9.98 17.12 13.42 12.30 18.53 0.00 0.00 7.36 41.1%

NEVSUN RESOURCES LTD 1.20 1.31 1.24 2.90 4.64 5.17 2.79 2.17 4.66 7.92 8.71 3.73 3.86 1.71 2.85 2.85 5.05 44.0%

TANZANIAN ROYALTY EXPLORATIO

GOLDEN STAR RESOURCES LTD 0.88 0.82 0.66 0.56 0.81 0.61 0.57 0.64 8.07 3.02 2.29 2.42 6.18 2.53 1.87 2.29 8.63 4.56 5.29 0.00 0.00 2.32 60.0%

GREAT BASIN GOLD LTD 0.64 0.68 0.57 0.49 15.88 5.14 2.93 3.50 2.97 15.18 4.27 3.73 7.59 1.68 143.4%

VISTA GOLD CORP 1.48 1.40 0.76 0.80 1548.35 205.93 0.64 1.05 10.59 1247.15 4.27 1.24 8.38 191.0%

B2GOLD CORP 3.52 2.47 1.97 1.59 6.06 5.07 3.99 4.21 3.36 11.39 10.82 8.35 8.50 6.83 11.38 8.75 5.89 6.30 5.41 18.15 15.79 10.89 10.10 8.94 5.42 57.1%

CHINA GOLD INTERNATIONAL RES 1.36 1.25 1.14 1.05 5.54 4.91 4.44 3.62 25.87 15.16 12.56 7.85 10.98 9.84 7.31 8.04 20.45 17.04 13.83 12.39 0.00 0.00 0.00 0.57 4.44 2.2%

SILVERCORP METALS INC 2.80 2.60 2.28 2.06 6.94 4.66 3.66 3.77 11.87 9.63 8.10 7.38 8.76 6.88 6.35 6.65 15.64 14.26 11.30 11.17 1.17 1.34 1.41 1.34 10.24 56.1%

PERSEUS MINING LTD 4.72 3.43 2.46 1.72 1.51 138.62 7.87 2.86 2.01 2.16 328.75 14.86 7.01 4.65 6.26 20.04 5.23 3.55 3.69 22.67 9.70 5.99 8.09 0.00 0.00 0.00 0.00 0.00 3.75 42.4%

KINGSGATE CONSOLIDATED LTD 1.59 1.20 1.01 0.87 0.76 5.43 2.47 1.88 1.71 1.48 13.30 6.19 3.78 3.34 3.01 15.14 5.89 4.00 3.45 2.99 16.92 9.35 5.55 4.61 4.06 3.41 3.86 6.46 7.56 9.79 7.64 24.1%

MEDUSA MINING LTD 4.00 3.30 2.33 1.60 1.31 7.58 10.30 5.56 3.75 3.76 12.45 16.57 7.34 4.95 4.82 9.14 13.53 6.73 4.50 4.64 10.37 16.47 7.63 5.30 5.15 1.73 1.77 1.79 1.84 2.25 7.63 35.8%

DUNDEE PRECIOUS METALS INC 1.28 1.17 0.92 0.78 2.37 2.75 1.52 1.85 7.74 9.53 3.88 4.39 4.28 6.38 4.60 2.65 3.01 2.33 11.58 12.71 5.25 6.19 6.03 13.20 85.9%

EVOLUTION MINING LTD 2.09 1.21 0.99 0.81 0.97 9.51 2.40 1.68 1.48 1.70 10.41 5.78 4.29 3.36 3.94 33.31 5.63 3.13 2.48 2.92 32.02 10.81 6.69 5.14 6.94 0.00 0.00 1.02 2.82 5.59 2.24 34.5%

BANRO CORPORATION 67.16 5.16 2.11 1.94 10.75 3.97 2.83 8.89 4.03 2.91 15.41 5.22 3.72 0.49 0.74 0.99 1.23 7.97 99.2%

ENDEAVOUR SILVER CORP 5.25 2.99 2.75 3.56 10.50 6.00 5.08 4.45 10.24 5.16 4.15 3.91 21.39 8.71 7.76 8.31 10.94 26.6%

RUBICON MINERALS CORP 5.25 588.00 10.89 8.95 17.29 5.00 70.1%

KIRKLAND LAKE GOLD INC 4.70 3.56 2.49 1.78 8.04 5.30 2.82 1.94 26.32 10.92 5.11 3.47 23.68 12.11 5.73 4.15 35.57 14.54 6.89 5.00 21.87 75.6%

TOREX GOLD RESOURCES INC 2.36 2.02 1.58 1257.46 1907.75 1689.34 35.40 11.67 78.91 14.58 3.15 80.0%

AURIZON MINES LTD 2.69 1.98 1.62 1.28 3.35 3.18 3.11 3.47 2.24 8.56 7.58 7.35 10.02 5.18 4.47 4.23 4.25 17.18 13.46 12.34 18.60 0.00 0.00 7.30 41.2%

RESOLUTE MINING LTD 2.49 1.66 1.20 1.01 0.97 2.60 1.71 1.54 1.62 1.66 11.63 4.60 3.54 3.96 4.38 9.55 3.49 2.82 3.01 3.56 34.90 6.60 5.15 5.34 7.53 0.00 0.00 0.00 0.00 0.00 2.19 28.0%

ARGONAUT GOLD INC 5.69 2.45 1.49 1.22 6.81 4.46 2.64 1.86 1.94 18.18 12.21 7.74 5.20 5.86 11.94 7.22 3.84 3.10 3.30 26.35 15.80 9.85 6.87 8.35 10.63 37.1%

NEVSUN RESOURCES LTD 1.20 1.31 1.24 1.40 2.12 2.20 1.08 1.18 2.90 4.64 5.18 2.80 2.17 1.04 1.82 1.79 0.89 0.99 4.67 7.94 8.72 3.74 3.86 1.71 2.84 2.84 5.03 44.9%

RIO ALTO MINING LTD 3.15 2.36 10.08 2.50 2.29 2.28 1.86 22.64 5.63 6.24 5.35 4.31 25.47 4.00 4.10 4.35 33.58 8.22 9.06 7.90 6.25 0.00 0.00 5.92 47.0%

ST BARBARA LTD 1.65 1.28 1.02 0.88 0.76 1.96 1.35 1.53 1.66 1.75 5.56 3.30 3.41 4.36 4.29 4.93 2.83 2.77 2.91 3.17 11.65 5.84 5.23 6.12 6.26 0.00 0.00 0.00 0.00 2.62 19.6%

OCEANAGOLD CORP 1.42 1.31 1.09 0.95 1.32 1.56 1.45 0.97 0.98 1.61 4.61 5.21 2.41 2.32 3.93 4.33 3.94 2.20 2.28 3.72 14.63 14.73 4.19 4.29 14.94 3.87 75.0%

Price to Earnings Ratio

Valuation Measures II/IIEstimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target


03.05.2012

Barrick Gold Corporation is an international gold company with operating mines

and development projects in the United States, Canada, South America, Australia,and Africa.

Latest Fiscal Year: 12/2011LTM as of: 03/yy52-Week High (08.09.2011) 55.9552-Week Low (03.05.2012) 37.78Daily Volume

37.86552-Week High % Change -32.23% Dividend Yield 1.4352-Week Low % Change 0.22% Beta 0.82% 52 Week Price Range High/Low 5.15% Equity Float 998.19

Shares Out 30.04.2012 1'000.5 Short Int 3.6937'885.70 1 Yr Total Return -21.26%

Total Debt 13'369.00 YTD Return -16.06%Preferred Stock 0.0 Adjusted BETA 0.825Minority Interest 2'191.0 Analyst Recs 29Cash and Equivalents 2'745.00 Consensus Rating 4.586Enterprise Value 50'948.70

Average Volume 5 Day 6'827'236ABX US EQUITY YTD Change - Average Volume 30 Day 7'432'773ABX US EQUITY YTD % CHANGE - Average Volume 3 Month 7'607'551

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q36'332.0 7'613.0 8'136.0 11'001.0 14'312.0 11'510.0 14'866.0 15'799.9 18'425.5 3'843.1 4'094.9

5.99x 4.64x 5.27x 5.25x 4.06x 18.53x 15.62x 3.15x 2.48x 12.93x 12.07x2'461.0 3'010.0 3'589.0 6'211.0 8'327.0 6'549.0 8'557.0 9'113.2 11'119.2 2'222.7 2'414.7

15.41x 11.75x 11.95x 9.30x 6.98x 8.56x 6.60x 5.59x 4.58x 5.08x 4.71x1'119.0 785.0 (4'274.0) 3'582.0 4'484.0 3'763.0 4'512.0 4'914.3 6'412.5 1'133.7 1'197.0

33.19x 20.18x 16.56x 15.62x 9.74x 14.43x 9.27x 7.78x 6.29x 7.57x 7.20x

EBITDA 8'327.00 Long-Term Rating Date 19.05.2011EBIT 6'908.00 Long-Term Rating A-Operating Margin 48.27% Long-Term Outlook NEGPretax Margin 47.68% Short-Term Rating Date 19.05.2011Return on Assets 10.74% Short-Term Rating A-2Return on Common Equity 20.94%Return on Capital 13.98% EBITDA/Interest Exp. 13.72Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 5.53

Net Debt/EBITDA 1.28Gross Margin 55.9% Total Debt/EBITDA 1.61EBITDA Margin 58.2%EBIT Margin 48.3% Total Debt/Equity 57.2%Net Income Margin 31.3% Total Debt/Capital 34.3%

Asset Turnover 0.34Current Ratio 2.25 Net Fixed Asset Turnover 0.61Quick Ratio 1.09 Accounts receivable turnover-days 10.15Debt to Assets 27.35% Inventory Days 124.13Tot Debt to Common Equity 57.22% Accounts Payable Turnover Day 93.49Accounts Receivable Turnover 35.96 Cash Conversion Cycle 40.80Inventory Turnover 2.94

Fiscal Year Ended

Barrick Gold CorpPrice/Volume

Valuation Analysis

5'592'751.00Current Price (5/dd/yy) Market Data

Net IncomeP/E

Market Capitalization

Average Daily Trading VolumeRelative Stock Price Performance

Total RevenueTEV/Revenue

EBITDATEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 42'280'500 4.23 (100'000) 31.12.2011 Investment AdvisorVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 31'173'037 3.12 (498'273) 31.12.2011 Investment AdvisorTRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 24'960'029 2.49 756'838 31.12.2011 Investment AdvisorBLACKROCK INC BLACKROCK INC 13F 24'517'004 2.45 (175'239) 31.12.2011 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 24'050'923 2.4 2'224'989 31.12.2011 Investment AdvisorRBC GLOBAL ASSET MAN RBC GLOBAL ASSET MGM 13F 21'149'337 2.11 1'123'505 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 19'692'719 1.97 (57'200) 31.12.2011 Investment AdvisorPYRAMIS GLOBAL ADVIS PYRAMIS GLOBAL ADVIS 13F 19'445'378 1.94 2'715'290 31.12.2011 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 18'864'576 1.89 (713'063) 30.12.2011 Hedge Fund ManagerBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 17'157'690 1.71 680'161 31.12.2011 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 15'849'673 1.58 769'040 31.12.2011 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 15'223'294 1.52 1'243'886 31.03.2012 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 12'658'000 1.27 - 31.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 11'854'876 1.18 120'259 31.12.2011 Investment AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 11'556'153 1.15 (2'341'651) 31.12.2011 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 11'367'456 1.14 565'363 31.12.2011 Investment AdvisorIA CLARINGTON INVEST Multiple Portfolios MF-AGG 11'306'054 1.13 660'600 31.12.2011 Investment AdvisorCIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 9'310'523 0.93 (80'522) 31.03.2012 Investment AdvisorCAPITAL RESEARCH GLO CAPITAL RESEARCH GLO 13F 9'186'104 0.92 - 31.12.2011 Investment AdvisorCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 8'751'247 0.87 612'235 31.12.2011 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Deutsche Bank JORGE M BERISTAIN buy 5 M 69 12 month 03.05.2012Morgan Stanley PARETOSH MISRA Overwt/In-Line 5 M 63 12 month 03.05.2012Jefferies PETER WARD buy 5 M 53 12 month 03.05.2012CIBC World Markets ALEC KODATSKY sector perform 3 M 60 12 month 03.05.2012Cormark Securities Inc. RICHARD GRAY market perform 3 M 48 12 month 03.05.2012TD Newcrest GREG BARNES buy 5 M 58 12 month 03.05.2012BMO Capital Markets DAVID HAUGHTON outperform 5 M 65 12 month 02.05.2012RBC Capital Markets STEPHEN D WALKER sector perform 3 M 56 12 month 02.05.2012Stifel Nicolaus GEORGE TOPPING buy 5 M 66 12 month 02.05.2012Scotia Capital TANYA M JAKUSCONEK sector outperform 5 M 58 12 month 02.05.2012Dundee Securities Corp PAUL BURCHELL buy 5 M 62 12 month 02.05.2012Canaccord Genuity Corp STEVEN BUTLER hold 3 M 53 12 month 02.05.2012Dahlman Rose & Co ADAM P GRAF hold 3 M #N/A N/A Not Provided 30.04.2012HSBC PATRICK CHIDLEY overweight 5 M 84 Not Provided 24.04.2012JPMorgan JOHN BRIDGES overweight 5 M 48 6 month 17.04.2012Macquarie TONY LESIAK outperform 5 M 65 12 month 16.04.2012EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 11.04.2012Salman Partners DAVID WEST buy 5 M 62 12 month 02.04.2012GMP GEORGE V ALBINO buy 5 M 70 Not Provided 27.02.2012Argus Research Corp WILLIAM V SELESKY buy 5 M #N/A N/A Not Provided 23.02.2012Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 20.02.2012Haywood Securities Inc. KERRY SMITH sector outperform 5 M 62 Not Provided 17.02.2012Mackie Research Capital Corp. BARRY D ALLAN hold 3 D 51 Not Provided 17.02.2012Veritas Investment Research Co PAWEL RAJSZEL buy 5 M 55 Not Provided 17.02.2012Credit Suisse ANITA SONI outperform 5 M 60 Not Provided 16.02.2012Davenport & Co LLOYD T O'CARROLL buy 5 M 54 Not Provided 16.02.2012Investec PIETER MARAIS hold 3 M 48 Not Provided 18.03.2011

Holdings By:

Barrick Gold Corp ee


03.05.2012

Goldcorp, Inc. is engaged in the acquisition, exploration, development and

operation of precious metal properties in Canada, the Unites States, Mexico andCentral and South America.



Shares Out 30.04.2012 810.0 Short Int 8.2329'825.79 1 Yr Total Return -28.14%

Total Debt 737.00 YTD Return -17.36%Preferred Stock 0.0 Adjusted BETA 0.769Minority Interest 213.0 Analyst Recs 26Cash and Equivalents 1'502.00 Consensus Rating 4.385Enterprise Value 29'392.79

Average Volume 5 Day 8'018'844GG US EQUITY YTD Change - Average Volume 30 Day 5'968'444GG US EQUITY YTD % CHANGE - Average Volume 3 Month 5'579'158


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q32'206.8 2'419.6 2'723.6#N/A Requesting Data... 5'362.0 4'236.0 5'495.0 6'095.3 7'631.0 1'470.5 1'595.9

11.39x 9.42x 10.50x#N/A Requesting Data... 6.61x 33.46x 26.76x 4.82x 3.68x 19.99x 18.46x1'077.4 1'052.2 1'366.2#N/A Requesting Data... 3'030.0 2'339.0 3'034.0 3'525.9 4'812.7 813.7 885.8

23.33x 21.66x 20.94x#N/A Requesting Data... 11.71x 16.87x 11.88x 8.34x 6.11x 7.51x 6.73x460.1 1'475.6 240.2#N/A Requesting Data... 1'881.0 2'455.0 1'709.0 1'940.5 2'755.7 431.7 475.668.21x 57.34x 50.85x#N/A Requesting Data... 22.24x 30.03x 23.69x 15.70x 11.25x 14.14x 12.71x

EBITDA 3'030.00 Long-Term Rating Date 01.06.2009EBIT 2'336.00 Long-Term Rating BBB+Operating Margin 43.57% Long-Term Outlook STABLEPretax Margin 47.87% Short-Term Rating Date -Return on Assets 6.60% Short-Term Rating -Return on Common Equity 9.21%Return on Capital 8.89% EBITDA/Interest Exp. 131.74Asset Turnover 0.19% (EBITDA-Capex)/Interest Exp. 54.43

Net Debt/EBITDA -0.25Gross Margin 49.0% Total Debt/EBITDA 0.24EBITDA Margin 56.5%EBIT Margin 43.6% Total Debt/Equity 3.5%Net Income Margin 35.1% Total Debt/Capital 3.3%



Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Goldcorp IncPrice/Volume

Valuation Analysis


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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 41'670'846 5.14 365'561 31.12.2011 Investment AdvisorVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 30'291'855 3.74 (649'215) 31.12.2011 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 29'613'940 3.66 296'354 31.12.2011 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 21'810'471 2.69 1'393'094 31.12.2011 Investment AdvisorCIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 21'066'974 2.6 11'588'744 31.03.2012 Investment AdvisorBLACKROCK INC BLACKROCK INC 13F 20'765'033 2.56 566'034 31.12.2011 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 16'881'357 2.08 - 31.12.2011 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 14'571'294 1.8 (370'128) 30.12.2011 Hedge Fund ManagerRBC GLOBAL ASSET MAN RBC GLOBAL ASSET MGM 13F 14'396'477 1.78 (1'628'905) 31.12.2011 Investment AdvisorPYRAMIS GLOBAL ADVIS PYRAMIS GLOBAL ADVIS 13F 13'594'652 1.68 (4'440'020) 31.12.2011 Investment AdvisorGREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 11'986'374 1.48 (91'915) 31.12.2011 Investment AdvisorGOODMAN & CO INVESTM GOODMAN & COMPANY IN 13F 9'984'253 1.23 (1'181'687) 31.12.2011 Hedge Fund ManagerBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 9'845'390 1.22 690'576 31.12.2011 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 9'618'852 1.19 692'036 31.12.2011 Investment AdvisorCAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 9'534'762 1.18 (2'119'261) 31.12.2011 Investment AdvisorIA CLARINGTON INVEST Multiple Portfolios MF-AGG 8'989'580 1.11 45'300 31.12.2011 Investment AdvisorBLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 7'936'784 0.98 167'337 31.12.2011 Investment AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 7'906'675 0.98 (1'034'113) 31.12.2011 Investment AdvisorMACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 7'084'430 0.87 1'361'985 31.03.2012 Investment AdvisorONTARIO TEACHERS PEN ONTARIO TEACHERS PEN 13F 6'803'220 0.84 (1'954'089) 31.12.2011 Pension Fund (ERISA)


Jefferies PETER WARD hold 3 M 39 12 month 02.05.2012Stifel Nicolaus GEORGE TOPPING buy 5 M 64 12 month 02.05.2012Canaccord Genuity Corp STEVEN BUTLER buy 5 M 63 12 month 02.05.2012GMP GEORGE V ALBINO buy 5 M 75 12 month 02.05.2012Cormark Securities Inc. RICHARD GRAY buy 5 M 56 12 month 01.05.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 01.05.2012RBC Capital Markets STEPHEN D WALKER outperform 5 M 62 12 month 30.04.2012Scotia Capital TANYA M JAKUSCONEK sector outperform 5 M 59 12 month 30.04.2012Dahlman Rose & Co ADAM P GRAF hold 3 M #N/A N/A Not Provided 30.04.2012Credit Suisse ANITA SONI outperform 5 M 60 Not Provided 27.04.2012JPMorgan JOHN BRIDGES overweight 5 M 60 9 month 27.04.2012Davenport & Co LLOYD T O'CARROLL buy 5 M 68 12 month 27.04.2012Dundee Securities Corp PAUL BURCHELL buy 5 M 58 12 month 27.04.2012Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 59 Not Provided 27.04.2012Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 38 Not Provided 27.04.2012CIBC World Markets ALEC KODATSKY sector outperform 5 M 64 Not Provided 26.04.2012Macquarie TONY LESIAK outperform 5 M 59 12 month 26.04.2012Salman Partners DAVID WEST top pick 5 M 68 12 month 26.04.2012TD Newcrest GREG BARNES buy 5 M 62 12 month 26.04.2012BMO Capital Markets DAVID HAUGHTON outperform 5 M 68 Not Provided 25.04.2012Deutsche Bank JORGE M BERISTAIN buy 5 M 55 12 month 25.04.2012HSBC PATRICK CHIDLEY overweight 5 M 67 Not Provided 20.04.2012Morgan Stanley PARETOSH MISRA Equalwt/In-Line 3 M #N/A N/A Not Provided 21.03.2012Raymond James BRAD HUMPHREY Under Review #N/A N/A N #N/A N/A Not Provided 19.11.2008

Holdings By:

Goldcorp Inc ee


03.05.2012

Newmont Mining Corporation acquires, explores, and develops mineral properties.

The Company produces gold from operations in the United States, Australia, Peru,Indonesia, Ghana, Canada, New Zealand and Mexico. Newmont also mines andprocesses copper in Indonesia.




Total Debt 4'313.00 YTD Return -23.21%Preferred Stock 0.0 Adjusted BETA 0.779Minority Interest 2'875.0 Analyst Recs 20Cash and Equivalents 1'854.00 Consensus Rating 3.700Enterprise Value 29'117.18

Average Volume 5 Day 5'902'315NEM US EQUITY YTD Change - Average Volume 30 Day 7'424'379NEM US EQUITY YTD % CHANGE - Average Volume 3 Month 6'987'005


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q35'526.0 6'124.0 7'705.0#N/A Requesting Data... 10'358.0 9'763.0 10'576.0 10'929.9 11'857.3 2'630.0 2'854.7

4.56x 3.70x 3.46x#N/A Requesting Data... 3.38x 13.12x 12.61x 2.63x 2.37x 11.20x 10.45x1'720.0 2'139.0 3'799.0#N/A Requesting Data... 5'162.0 5'238.0 5'185.0 5'222.4 5'938.9 1'206.0 1'411.3

14.66x 10.60x 7.02x#N/A Requesting Data... 6.78x 5.51x 6.08x 5.58x 4.90x 4.90x 4.56x(1'886.0) 831.0 1'297.0#N/A Requesting Data... 366.0 2'245.0 342.0 2'546.2 2'943.8 551.0 610.5101.73x 20.98x 17.02x#N/A Requesting Data... 13.92x 12.02x 11.79x 9.51x 8.22x 9.05x 8.68x

EBITDA 5'162.00 Long-Term Rating Date 11.08.2008EBIT 4'126.00 Long-Term Rating BBB+Operating Margin 39.83% Long-Term Outlook STABLEPretax Margin 17.58% Short-Term Rating Date -Return on Assets 1.38% Short-Term Rating -Return on Common Equity 2.79%Return on Capital 5.57% EBITDA/Interest Exp. 17.44Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. 8.02




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Newmont Mining CorpPrice/Volume

Valuation Analysis


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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 37'163'695 7.57 - 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 22'481'604 4.58 2'145'340 31.12.2011 Investment AdvisorVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 21'189'924 4.32 (315'223) 31.12.2011 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 19'835'296 4.04 316'031 31.12.2011 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 19'309'729 3.94 (109'987) 31.12.2011 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 15'895'484 3.24 (238'409) 31.12.2011 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 13'087'100 2.67 250'000 31.12.2011 Investment AdvisorTRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 13'072'872 2.66 (15'410) 31.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 12'786'957 2.61 839'329 31.12.2011 Investment AdvisorPRUDENTIAL PLC PRUDENTIAL PLC 13F 11'227'733 2.29 616'300 31.12.2011 Investment AdvisorLAZARD ASSET MANAGEM LAZARD ASSET MANAGEM 13F 8'290'051 1.69 379'940 31.12.2011 Investment AdvisorDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 8'203'944 1.67 709'322 31.12.2011 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 7'557'366 1.54 (69'274) 31.03.2012 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 6'847'766 1.4 833'275 31.12.2011 Hedge Fund ManagerNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5'477'840 1.12 (57'680) 31.12.2011 Investment AdvisorNORGES BANK NORGES BANK 13F 5'205'883 1.06 5'205'883 31.12.2011 GovernmentBLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 4'913'506 1 359'062 31.12.2011 Investment AdvisorJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 4'723'918 0.96 1'149'808 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 4'413'245 0.9 (60'589) 31.12.2011 Investment AdvisorCAPITAL RESEARCH GLO CAPITAL RESEARCH GLO 13F 4'000'000 0.82 4'000'000 31.12.2011 Investment Advisor


Argus Research Corp WILLIAM V SELESKY buy 5 M #N/A N/A Not Provided 03.05.2012Jefferies PETER WARD hold 3 M 49 12 month 02.05.2012Stifel Nicolaus GEORGE TOPPING hold 3 M #N/A N/A Not Provided 02.05.2012GMP GEORGE V ALBINO buy 5 M 76 Not Provided 02.05.2012TD Newcrest GREG BARNES hold 3 M 73 12 month 01.05.2012JPMorgan JOHN BRIDGES overweight 5 M 79 6 month 30.04.2012Mackie Research Capital Corp. BARRY D ALLAN buy 5 U 60 Not Provided 30.04.2012Dahlman Rose & Co ADAM P GRAF buy 5 M 62 Not Provided 30.04.2012RBC Capital Markets STEPHEN D WALKER sector perform 3 M 66 12 month 29.04.2012Deutsche Bank JORGE M BERISTAIN hold 3 M 64 12 month 27.04.2012Morgan Stanley PARETOSH MISRA Equalwt/In-Line 3 M #N/A N/A Not Provided 27.04.2012CIBC World Markets ALEC KODATSKY sector perform 3 M 74 Not Provided 27.04.2012BMO Capital Markets DAVID HAUGHTON outperform 5 M 75 Not Provided 26.04.2012Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 65 12 month 26.04.2012HSBC PATRICK CHIDLEY overweight 5 M 102 Not Provided 24.04.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 25.02.2012Credit Suisse ANITA SONI neutral 3 M 68 Not Provided 23.02.2012

Holdings By:

Newmont Mining Corp ee


03.05.2012

AngloGold Ashanti Limited is a holding company for a group of companies which

explore for and mine gold internationally. The Group has operations in the VaalRiver and West Witwatersrand areas of South Africa as well as Namibia, Mali,Brazil, Argentina, Australia, Tanzania and the United States.


32.9652-Week High % Change -34.48% Dividend Yield -52-Week Low % Change 2.11% Beta 0.89% 52 Week Price Range High/Low 8.43% Equity Float -


Total Debt 20'006.00 YTD Return -21.85%Preferred Stock 0.0 Adjusted BETA 0.886Minority Interest 1'106.0 Analyst Recs 3Cash and Equivalents 8'944.00 Consensus Rating 5.000Enterprise Value -

Average Volume 5 Day 1'317'714AU US EQUITY YTD Change - Average Volume 30 Day 2'235'575AU US EQUITY YTD % CHANGE - Average Volume 3 Month 2'015'847


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q221'101.0 29'774.0 30'745.0#N/A Requesting Data... 47'849.0 38'833.0 47'849.0 63'743.4 64'581.0 - -

4.37x 3.48x 3.88x#N/A Requesting Data... 3.00x 13.06x 11.44x 1.65x 1.53x - -718.0 3'311.0 (2'435.0)#N/A Requesting Data... 20'443.0 9'720.0 20'443.0 31'950.3 31'069.5 - -

128.52x 31.32x -#N/A Requesting Data... 7.03x 14.37x 7.03x - - - -(4'269.0) (16'105.0) (2'762.0)#N/A Requesting Data... 11'282.0 637.0 11'282.0 15'642.9 15'749.1 - -

- - -#N/A Requesting Data... - 0.00x 0.00x 6.72x 6.68x - -

EBITDA 20'443.00 Long-Term Rating Date 09.04.2010EBIT 14'844.00 Long-Term Rating BBB-Operating Margin 31.02% Long-Term Outlook STABLEPretax Margin 35.45% Short-Term Rating Date -Return on Assets 15.09% Short-Term Rating -Return on Common Equity 33.86%Return on Capital 23.69% EBITDA/Interest Exp. 14.43Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 7.20



Fiscal Year Ended

AngloGold Ashanti LtdPrice/Volume

Valuation Analysis

781'157.00Current Price (5/dd/yy) Market Data

Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePAULSON & CO PAULSON & CO 13F 34'290'702 8.97 (2'396'017) 31.12.2011 Hedge Fund ManagerNWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 14'559'893 3.81 (736'825) 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 14'167'350 3.7 (1'225'900) 31.12.2011 Investment AdvisorTRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 13'958'619 3.65 (942'503) 31.12.2011 Investment AdvisorVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 13'429'472 3.51 (62'348) 31.12.2011 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 7'909'419 2.07 (1'692'261) 31.12.2011 Investment AdvisorFRANKLIN RESOURCES I FRANKLIN ADVISERS IN 13F 6'031'203 1.58 1'054'200 31.12.2011 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 4'464'107 1.17 (662'358) 31.12.2011 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 4'020'289 1.05 158'720 31.12.2011 Hedge Fund ManagerNUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 3'210'535 0.84 (801'830) 29.02.2012 Investment AdvisorWELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 2'503'259 0.65 307'000 31.12.2011 Investment AdvisorUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 2'121'002 0.55 (10'698) 31.12.2011 Investment AdvisorBARCLAYS PLC BARCLAYS PLC 13F 1'973'089 0.52 432'963 31.12.2011 Investment AdvisorPLATINUM INVESTMENT PLATINUM INVESTMENT 13F 1'937'815 0.51 (543'000) 31.12.2011 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 1'919'850 0.5 191'750 31.12.2011 Investment AdvisorCREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 1'811'200 0.47 899'251 31.12.2011 Investment AdvisorBLACKROCK INC BLACKROCK INC 13F 1'714'353 0.45 (123'022) 31.12.2011 Investment AdvisorCAPITAL INTERNATIONA CAPITAL INTERNATIONA 13F 1'469'611 0.38 (4'400) 31.12.2011 Investment AdvisorINVESCO LTD INVESCO LTD 13F 1'394'622 0.36 49'743 31.12.2011 Investment AdvisorGABELLI FUNDS LLC GABELLI FUNDS LLC 13F 1'349'000 0.35 (20'000) 31.12.2011 Investment Advisor


HSBC RICHARD HART overweight 5 M 76 Not Provided 24.04.2012Societe Generale BRUCE ALWAY buy 5 N 43 12 month 20.04.2012EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011BMO Capital Markets DAVID HAUGHTON market perform 3 M 0 Not Provided 24.02.2010

Holdings By:

AngloGold Ashanti Ltd ee


03.05.2012

Cia de Minas Buenaventura S.A. explores for, mines, and processes gold, silver,

zinc, and other metals. The Company operates mines in Peru, a lime plant, anelectric power transmission company, and an engineering services company.Buenaventura also markets metal concentrates to smelters internationally.




Total Debt 106.11 YTD Return 5.03%Preferred Stock 0.0 Adjusted BETA 0.643Minority Interest 258.8 Analyst Recs 12Cash and Equivalents 534.64 Consensus Rating 4.333Enterprise Value -

Average Volume 5 Day 744'332BVN US EQUITY YTD Change - Average Volume 30 Day 874'699BVN US EQUITY YTD % CHANGE - Average Volume 3 Month 923'786


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3781.0 766.6 881.5#N/A Requesting Data... 1'493.9 1'265.5 1'489.4 1'698.7 1'960.2 389.0 417.09.01x 6.61x 9.30x#N/A Requesting Data... 6.31x 34.16x 18.80x - - - -

398.5 (54.4) 351.5#N/A Requesting Data... 804.4 568.5 349.6 1'213.4 1'313.5 350.5 376.017.66x - 23.33x#N/A Requesting Data... 11.71x 18.20x 0.00x - - - -274.8 153.3 593.6#N/A Requesting Data... 861.4 726.1 850.6 970.7 1'101.7 221.0 234.5

- - -#N/A Requesting Data... - 0.00x 0.00x 10.55x 9.42x 9.53x 8.51x

EBITDA 804.37 Long-Term Rating Date -EBIT 709.88 Long-Term Rating -Operating Margin 47.52% Long-Term Outlook -Pretax Margin 78.76% Short-Term Rating Date -Return on Assets 23.74% Short-Term Rating -Return on Common Equity 29.85%Return on Capital 30.27% EBITDA/Interest Exp. 68.03Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. 42.27




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Cia de Minas Buenaventura SAPrice/Volume

Valuation Analysis


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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 27'255'748 9.92 (1'675'419) 31.12.2011 Investment AdvisorVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 11'081'020 4.03 823'922 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 6'931'700 2.52 (1'111'629) 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 5'336'539 1.94 365'321 31.12.2011 Investment AdvisorVONTOBEL ASSET MANAG VONTOBEL ASSET MANAG 13F 4'698'182 1.71 4'103'588 31.12.2011 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 4'144'270 1.51 67'699 31.12.2011 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 3'869'380 1.41 113'731 31.12.2011 Investment AdvisorTHE BANK OF NOVA SCO THE BANK OF NOVA SCO 13F 3'549'157 1.29 1'314'068 31.12.2011 Investment AdvisorWELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 2'596'474 0.94 282'600 31.12.2011 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'407'330 0.88 (123'230) 31.03.2012 Investment AdvisorAGF INVESTMENTS INC AGF INVESTMENTS INC 13F 2'356'810 0.86 605'343 31.12.2011 Investment AdvisorMORGAN STANLEY INVES MORGAN STANLEY INVES 13F 2'006'969 0.73 (59'800) 31.12.2011 Investment AdvisorCREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 2'001'754 0.73 94'937 31.12.2011 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 1'949'845 0.71 (37'151) 31.12.2011 Investment AdvisorING INV MANAGEMENT E ING INVESTMENT MANAG 13F 1'938'942 0.71 125'800 31.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 1'875'815 0.68 215'426 31.12.2011 Investment AdvisorTEMPLETON ASSET MANA TEMPLETON ASSET MANA 13F 1'778'590 0.65 (55'190) 31.12.2011 Investment AdvisorUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 1'738'901 0.63 103'001 31.12.2011 Investment AdvisorFIDELITY INTERNATION FIDELITY INTERNATION 13F 1'513'497 0.55 294'250 31.12.2011 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 1'513'174 0.55 (246'228) 31.12.2011 Investment Advisor


Banco BTG Pactual SA EDMO CHAGAS neutral 3 M 48 12 month 30.04.2012Celfin Capital ISABEL DARRIGRANDI buy 5 M 49 12 month 30.04.2012Euro Pacific Capital Inc HEIKO IHLE neutral 3 D 44 12 month 30.04.2012Morgan Stanley CARLOS DE ALBA Overwt/No Rating 5 M 54 12 month 29.04.2012Larrain Vial Corredores de Bolsa JOSE PEDRO FUENZALIDA buy 5 M 48 Not Provided 24.04.2012JPMorgan JOHN BRIDGES neutral 3 M 47 6 month 17.04.2012Inteligo SAB JORGE RODRIGUEZ buy 5 M 89 12 month 15.04.2012Banco de Credito del Peru HECTOR COLLANTES buy 5 M 53 Not Provided 11.04.2012Grupo Santander MANUEL SALAZAR buy 5 U 48 Not Provided 13.12.2011Kallpa Securities SAB ALBERTO ARISPE BAZAN overweight 5 M 50 Not Provided 24.11.2011

Holdings By:

Cia de Minas Buenaventura SA ee


03.05.2012

Yamana Gold Inc. is an intermediate gold producer with production, development

stage, and exploration properties throughout Brazil. The Company also holdsgold exploration properties in Argentina.


13.7752-Week High % Change -24.22% Dividend Yield -52-Week Low % Change 24.05% Beta 0.88% 52 Week Price Range High/Low 45.89% Equity Float 743.06

Shares Out 30.04.2012 746.0 Short Int 5.0210'272.09 1 Yr Total Return 16.16%

Total Debt 431.77 YTD Return -5.93%Preferred Stock 0.0 Adjusted BETA 0.881Minority Interest 46.8 Analyst Recs 21Cash and Equivalents 550.44 Consensus Rating 4.429Enterprise Value 10'217.31

Average Volume 5 Day 5'093'167AUY US EQUITY YTD Change - Average Volume 30 Day 6'524'969AUY US EQUITY YTD % CHANGE - Average Volume 3 Month 7'218'920


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3747.1 949.4 1'183.3#N/A Requesting Data... 2'173.3 1'816.5 2'257.0 2'553.5 3'176.7 647.0 688.812.15x 6.36x 7.39x#N/A Requesting Data... 5.04x 19.61x 18.35x 3.91x 2.87x 15.93x 14.82x387.1 438.9 575.5#N/A Requesting Data... 1'262.7 995.6 1'302.7 1'542.5 1'972.8 379.7 417.723.45x 13.76x 15.19x#N/A Requesting Data... 8.67x 9.31x 8.88x 6.64x 5.19x 5.94x 5.45x157.2 434.8 192.6#N/A Requesting Data... 548.3 483.2 570.1 822.2 1'127.5 209.7 230.7

- - -#N/A Requesting Data... - 0.00x 0.00x 12.36x 9.25x 11.49x 10.61x

EBITDA 1'262.70 Long-Term Rating Date -EBIT 905.94 Long-Term Rating -Operating Margin 41.68% Long-Term Outlook -Pretax Margin 37.65% Short-Term Rating Date -Return on Assets 5.20% Short-Term Rating -Return on Common Equity 7.57%Return on Capital 7.49% EBITDA/Interest Exp. 26.13Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. 9.11


Asset Turnover 0.21Current Ratio 2.23 Net Fixed Asset Turnover 0.25Quick Ratio 1.53 Accounts receivable turnover-days 35.19Debt to Assets 4.01% Inventory Days 47.58Tot Debt to Common Equity 5.80% Accounts Payable Turnover Day 107.43Accounts Receivable Turnover 10.37 Cash Conversion Cycle -24.66Inventory Turnover 7.67

Fiscal Year Ended

Yamana Gold IncPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 32'950'816 4.42 (1'191'099) 31.12.2011 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 31'843'889 4.27 638'881 31.03.2012 Investment AdvisorBLACKROCK INC BLACKROCK INC 13F 19'948'671 2.67 1'001'072 31.12.2011 Investment AdvisorCIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 18'654'055 2.5 9'966'509 31.03.2012 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 18'553'961 2.49 145'260 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 17'961'321 2.41 (2'681'400) 31.12.2011 Investment AdvisorPYRAMIS GLOBAL ADVIS PYRAMIS GLOBAL ADVIS 13F 14'271'460 1.91 3'134'760 31.12.2011 Investment AdvisorGREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 13'583'047 1.82 13'583'047 31.12.2011 Investment AdvisorRBC GLOBAL ASSET MAN RBC GLOBAL ASSET MGM 13F 12'946'421 1.74 4'821'585 31.12.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 10'474'187 1.4 172'530 31.12.2011 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 9'640'300 1.29 1'726'512 31.12.2011 Investment AdvisorDONALD SMITH & CO IN DONALD SMITH & CO IN 13F 9'465'247 1.27 2'490 31.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 8'840'740 1.19 949'387 31.12.2011 Investment AdvisorAGF INVESTMENTS INC AGF INVESTMENTS INC 13F 8'474'495 1.14 3'164'099 31.12.2011 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 8'282'492 1.11 425'497 31.12.2011 Investment AdvisorUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 7'460'405 1 (594'499) 31.12.2011 Investment AdvisorCALAMOS ADVISORS LLC CALAMOS ADVISORS LLC 13F 6'410'219 0.86 6'410'219 31.12.2011 Investment AdvisorCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 6'325'985 0.85 2'377'560 31.12.2011 Investment AdvisorALLIANZ GLOBAL INV O NFJ INVESTMENT GROUP 13F 6'323'743 0.85 (1'119'600) 31.12.2011 Investment AdvisorALBERTA INVESTMENT M ALBERTA INV MGMT COR 13F 6'100'800 0.82 (283'700) 31.12.2011 Government


RBC Capital Markets MICHAEL D CURRAN outperform 5 M 21 12 month 03.05.2012Macquarie TONY LESIAK neutral 3 M 18 12 month 03.05.2012Veritas Investment Research Co PAWEL RAJSZEL buy 5 M 18 Not Provided 03.05.2012Raymond James BRAD HUMPHREY outperform 5 M 22 12 month 02.05.2012CIBC World Markets ALEC KODATSKY sector perform 3 M 23 18 month 02.05.2012Davenport & Co LLOYD T O'CARROLL buy 5 M 21 12 month 02.05.2012Dundee Securities Corp RON STEWART buy 5 M 19 12 month 02.05.2012Canaccord Genuity Corp STEVEN BUTLER buy 5 M 25 12 month 02.05.2012Cormark Securities Inc. RICHARD GRAY buy 5 M 25 12 month 02.05.2012GMP CRAIG WEST buy 5 U 19 12 month 02.05.2012TD Newcrest STEVEN J GREEN buy 5 M 22 12 month 02.05.2012National Bank Financial STEPHEN PARSONS sector perform 3 M 18 12 month 02.05.2012Dahlman Rose & Co ADAM P GRAF hold 3 M #N/A N/A Not Provided 02.05.2012BMO Capital Markets DAVID HAUGHTON outperform 5 M 22 Not Provided 01.05.2012Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 19 12 month 01.05.2012Desjardins Securities BRIAN CHRISTIE buy 5 M 22 12 month 25.04.2012HSBC PATRICK CHIDLEY overweight 5 M 20 Not Provided 20.04.2012Paradigm Capital Inc DON MACLEAN buy 5 M 18 12 month 27.03.2012EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 05.03.2012Credit Suisse ANITA SONI outperform 5 M 21 Not Provided 22.02.2012

Holdings By:

Yamana Gold Inc ee


03.05.2012

Silver Wheaton Corporation purchases and sells by-product silver from operating

mines. The Company has long term contracts to purchase all or a portion of thesilver production from mines in Mexico, Sweden, Peru, Greece and the UnitedStates.




Total Debt 78.62 YTD Return 0.47%Preferred Stock 0.0 Adjusted BETA 1.196Minority Interest 0.0 Analyst Recs 15Cash and Equivalents 840.20 Consensus Rating 4.600Enterprise Value 9'500.47

Average Volume 5 Day 4'032'033SLW US EQUITY YTD Change - Average Volume 30 Day 4'821'343SLW US EQUITY YTD % CHANGE - Average Volume 3 Month 5'036'156


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2175.4 166.7 239.3 423.4 730.0 423.4 730.0 896.6 1'067.6 207.2 210.823.88x 12.14x 21.12x 31.91x 13.01x 81.47x 62.08x 10.11x 7.94x 45.41x 44.03x114.3 105.5 158.5 316.2 618.8 316.2 618.8 737.4 855.9 173.5 179.836.64x 19.18x 31.87x 42.72x 15.35x 42.72x 15.35x 12.93x 11.14x 12.87x 12.29x

91.9 17.3 117.9 153.4 550.0 153.4 550.0 690.3 833.5 153.0 159.5- - - - - 0.00x 0.00x 15.07x 12.34x 15.07x 14.31x

EBITDA 618.81 Long-Term Rating Date -EBIT 561.09 Long-Term Rating -Operating Margin 76.86% Long-Term Outlook -Pretax Margin 76.49% Short-Term Rating Date -Return on Assets 19.97% Short-Term Rating -Return on Common Equity 22.38%Return on Capital 21.56% EBITDA/Interest Exp. -Asset Turnover 0.27% (EBITDA-Capex)/Interest Exp. -


Asset Turnover 0.27Current Ratio 5.03 Net Fixed Asset Turnover 0.39Quick Ratio 5.02 Accounts receivable turnover-days 2.74Debt to Assets 2.74% Inventory Days -Tot Debt to Common Equity 2.96% Accounts Payable Turnover Day 23.56Accounts Receivable Turnover 132.99 Cash Conversion Cycle -Inventory Turnover -

Fiscal Year Ended

Silver Wheaton CorpPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 15'491'146 4.38 1'321'539 31.12.2011 Investment AdvisorPYRAMIS GLOBAL ADVIS PYRAMIS GLOBAL ADVIS 13F 14'781'445 4.18 1'179'100 31.12.2011 Investment AdvisorCIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 8'851'175 2.5 4'789'822 31.03.2012 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 7'484'367 2.12 1'697'527 31.12.2011 Investment AdvisorBLACKROCK INC BLACKROCK INC 13F 6'845'150 1.94 288'913 31.12.2011 Investment AdvisorCAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 6'459'300 1.83 2'307'900 31.12.2011 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 5'127'550 1.45 89'260 31.12.2011 Investment AdvisorBLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 5'054'615 1.43 6'782 31.12.2011 Investment AdvisorRBC GLOBAL ASSET MAN RBC GLOBAL ASSET MGM 13F 4'540'952 1.28 109'230 31.12.2011 Investment AdvisorTCW GROUP INC TCW GROUP INCORPORAT 13F 4'220'927 1.19 1'163'218 31.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 3'979'012 1.13 282'772 31.12.2011 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 3'918'950 1.11 169'418 31.12.2011 Investment AdvisorJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 3'241'814 0.92 (324'570) 31.12.2011 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 3'163'575 0.89 13'550 31.12.2011 Hedge Fund ManagerJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 2'771'665 0.78 (30'160) 31.12.2011 Investment AdvisorNORGES BANK NORGES BANK 13F 2'604'931 0.74 2'604'931 31.12.2011 GovernmentFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 2'586'825 0.73 (860'975) 31.12.2011 Investment AdvisorCAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 2'530'000 0.72 - 31.12.2011 Investment AdvisorSUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 2'502'774 0.71 (346'574) 31.12.2011 Investment AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 2'482'094 0.7 (1'141'221) 31.12.2011 Investment Advisor


Canaccord Genuity Corp STEVEN BUTLER buy 5 M 46 12 month 02.05.2012BMO Capital Markets ANDREW KAIP outperform 5 M 46 Not Provided 30.04.2012Raymond James BRAD HUMPHREY outperform 5 M 45 12 month 25.04.2012TD Newcrest DANIEL EARLE buy 5 M 40 12 month 23.04.2012JPMorgan JOHN BRIDGES overweight 5 M 47 6 month 17.04.2012CIBC World Markets COSMOS CHIU sector outperform 5 M 48 Not Provided 17.04.2012Macquarie TONY LESIAK neutral 3 M 38 12 month 16.04.2012RBC Capital Markets STEPHEN D WALKER outperform 5 M 46 12 month 03.04.2012Salman Partners DAVID WEST top pick 5 M 53 12 month 02.04.2012Scotia Capital TREVOR TURNBULL sector outperform 5 M 50 12 month 02.04.2012GMP CRAIG WEST buy 5 M 46 12 month 26.03.2012Credit Suisse RALPH M PROFITI neutral 3 M 38 Not Provided 23.03.2012EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 02.03.2012

Holdings By:

Silver Wheaton Corp ee


03.05.2012

Kinross Gold Corporation is involved in the exploration, development, and

production of gold in countries located around the world. The Company currentlyhas operations in the United States, Brazil, Chile, Ecuador and Russia.


8.5752-Week High % Change -53.04% Dividend Yield 2.5752-Week Low % Change 0.00% Beta 0.87% 52 Week Price Range High/Low 2.49% Equity Float 1'136.30

Shares Out 30.04.2012 1'138.6 Short Int 4.739'758.01 1 Yr Total Return -41.98%

Total Debt 1'633.10 YTD Return -24.23%Preferred Stock 0.0 Adjusted BETA 0.867Minority Interest 80.3 Analyst Recs 27Cash and Equivalents 1'767.30 Consensus Rating 4.111Enterprise Value 9'704.11

Average Volume 5 Day 8'566'382KGC US EQUITY YTD Change - Average Volume 30 Day 8'568'457KGC US EQUITY YTD % CHANGE - Average Volume 3 Month 8'898'502


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q21'093.0 1'617.0 2'412.1 3'010.1 3'943.3 3'010.1 3'943.3 4'699.9 5'126.6 1'089.7 1'141.9

10.36x 7.84x 5.37x 6.92x 3.29x 21.67x 16.27x 2.22x 2.03x 9.13x 8.79x356.2 656.3 1'093.2 1'200.4 1'972.5 1'200.4 1'972.5 2'309.9 2'735.2 554.8 573.231.80x 19.32x 11.85x 17.35x 6.57x 17.35x 6.57x 4.22x 3.56x 3.95x 3.68x334.0 (807.2) 309.9 759.7 (2'073.6) 759.7 (2'073.6) 1'102.6 1'406.9 240.0 264.265.94x 46.21x 41.68x 146.30x 15.05x 95.09x 15.05x 9.05x 7.18x 8.98x 8.16x

EBITDA 1'972.50 Long-Term Rating Date 15.08.2011EBIT 1'395.10 Long-Term Rating BBB-Operating Margin 35.38% Long-Term Outlook STABLEPretax Margin -38.09% Short-Term Rating Date -Return on Assets -12.09% Short-Term Rating -Return on Common Equity -15.40%Return on Capital - EBITDA/Interest Exp. 21.30Asset Turnover 0.23% (EBITDA-Capex)/Interest Exp. 3.47

Net Debt/EBITDA -0.07Gross Margin 44.9% Total Debt/EBITDA 0.83EBITDA Margin 50.0%EBIT Margin 35.4% Total Debt/Equity 13.2%Net Income Margin -52.6% Total Debt/Capital 11.6%



Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Kinross Gold CorpPrice/Volume

Valuation Analysis


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4'000.0

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 83'004'326 7.29 (1'684'851) 31.12.2011 Investment AdvisorTRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 55'602'619 4.88 13'420'735 31.12.2011 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 52'437'632 4.61 (510'000) 31.12.2011 Investment AdvisorVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 48'009'540 4.22 1'232'956 31.12.2011 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 40'295'471 3.54 (5'406'088) 31.12.2011 Investment AdvisorCIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 31'258'518 2.75 17'814'555 31.03.2012 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 30'919'030 2.72 (5'093'827) 31.12.2011 Investment AdvisorBLACKROCK INC BLACKROCK INC 13F 30'697'632 2.7 480'361 31.12.2011 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 22'619'159 1.99 2'079'420 31.12.2011 Investment AdvisorGREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 22'272'879 1.96 (1'976'801) 31.12.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 20'237'430 1.78 1'470'957 31.12.2011 Investment AdvisorCAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 18'542'931 1.63 37'200 31.12.2011 Investment AdvisorLAZARD ASSET MANAGEM LAZARD ASSET MANAGEM 13F 18'043'219 1.58 (61'359) 31.12.2011 Investment AdvisorJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 17'905'177 1.57 (4'959'554) 31.12.2011 Investment AdvisorNUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 14'470'213 1.27 597'451 29.02.2012 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 12'884'470 1.13 526'140 31.12.2011 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 12'527'522 1.1 536'256 31.12.2011 Investment AdvisorINVESCO LTD INVESCO LTD 13F 11'552'289 1.01 521'727 31.12.2011 Investment AdvisorNORGES BANK NORGES BANK 13F 11'323'676 0.99 11'323'676 31.12.2011 GovernmentFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 10'794'939 0.95 1'928'796 31.12.2011 Hedge Fund Manager


Jefferies PETER WARD hold 3 M 11 12 month 02.05.2012Stifel Nicolaus GEORGE TOPPING buy 5 M 16 12 month 02.05.2012Canaccord Genuity Corp STEVEN BUTLER buy 5 M 14 12 month 02.05.2012Dahlman Rose & Co ADAM P GRAF buy 5 M 13 Not Provided 30.04.2012Dundee Securities Corp PAUL BURCHELL neutral 3 M 11 12 month 26.04.2012TD Newcrest GREG BARNES hold 3 M 14 12 month 23.04.2012National Bank Financial PAOLO LOSTRITTO outperform 5 M 15 12 month 23.04.2012HSBC PATRICK CHIDLEY overweight 5 M 20 Not Provided 20.04.2012RBC Capital Markets STEPHEN D WALKER sector perform 3 M 12 12 month 17.04.2012JPMorgan JOHN BRIDGES overweight 5 M 16 6 month 17.04.2012CIBC World Markets ALEC KODATSKY sector perform 3 M 13 Not Provided 17.04.2012Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 13 12 month 17.04.2012Macquarie TONY LESIAK outperform 5 M 14 12 month 16.04.2012Deutsche Bank JORGE M BERISTAIN buy 5 M 17 12 month 09.04.2012BMO Capital Markets DAVID HAUGHTON outperform 5 M 15 Not Provided 05.04.2012Salman Partners DAVID WEST buy 5 M 16 12 month 14.03.2012Cormark Securities Inc. RICHARD GRAY market perform 3 M 14 12 month 28.02.2012GMP GEORGE V ALBINO buy 5 M 17 Not Provided 27.02.2012Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 11 Not Provided 21.02.2012Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 16 Not Provided 17.02.2012Credit Suisse ANITA SONI neutral 3 M 12 Not Provided 16.02.2012Paradigm Capital Inc DON MACLEAN buy 5 M #N/A N/A Not Provided 25.01.2012Morgan Stanley PARETOSH MISRA Equalwt/In-Line 3 M #N/A N/A Not Provided 18.01.2012EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 18.01.2012

Holdings By:

Kinross Gold Corp ee


03.05.2012

Gold Fields Limited produces precious metals. The Company has mines in South

Africa, Ghana, and Australia, as well as a partnership in Finland. Gold Fieldshas a precious metals programs in Africa, Australasia, Europe, North America,and South America.




Total Debt 15'509.40 YTD Return -16.75%Preferred Stock 0.0 Adjusted BETA 0.859Minority Interest 1'174.6 Analyst Recs 3Cash and Equivalents 6'049.00 Consensus Rating 4.333Enterprise Value -

Average Volume 5 Day 2'640'000GFI US EQUITY YTD Change - Average Volume 30 Day 3'481'997GFI US EQUITY YTD % CHANGE - Average Volume 3 Month 3'516'385


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q219'433.8 23'009.5 29'086.9 31'565.3 41'876.8 31'565.3 41'876.8 52'654.2 52'599.1 - -

3.98x 3.10x 2.56x 2.56x 2.41x 9.69x 9.08x 1.19x 1.25x - -7'445.3 8'713.0 10'955.0 11'385.4 21'093.6 11'385.4 20'892.0 24'817.1 25'104.1 - -

10.40x 8.19x 6.80x 7.09x 4.78x 7.09x 4.83x - - - -2'362.5 4'457.5 1'535.6 3'631.4 7'026.7 3'631.4 7'026.7 11'160.0 9'359.0 - -

- - - - - 0.00x 0.00x 6.85x 6.85x - -

EBITDA 21'093.60 Long-Term Rating Date 19.03.2009EBIT 15'437.70 Long-Term Rating BBB-Operating Margin 36.86% Long-Term Outlook STABLEPretax Margin 31.57% Short-Term Rating Date 19.03.2009Return on Assets 9.21% Short-Term Rating A-3Return on Common Equity 15.70%Return on Capital 13.74% EBITDA/Interest Exp. 46.92Asset Turnover 0.55% (EBITDA-Capex)/Interest Exp. 24.22


Asset Turnover 0.55Current Ratio 1.17 Net Fixed Asset Turnover 0.73Quick Ratio 0.50 Accounts receivable turnover-days -Debt to Assets 18.40% Inventory Days 64.14Tot Debt to Common Equity 33.08% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover 8.56


Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Gold Fields LtdPrice/Volume

Valuation Analysis


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5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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45'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 40'715'649 5.62 374'092 31.12.2011 Hedge Fund ManagerVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 27'079'481 3.74 (433'605) 31.12.2011 Investment AdvisorPAULSON & CO PAULSON & CO 13F 23'505'693 3.24 (1'058'007) 31.12.2011 Hedge Fund ManagerTRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 22'732'316 3.14 (4'584'117) 31.12.2011 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 17'585'665 2.43 (1'321'797) 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 10'551'426 1.46 (20'100) 31.12.2011 Investment AdvisorRUFFER LLP RUFFER LLP 13F 5'399'340 0.75 7'200 31.12.2011 Hedge Fund ManagerUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 4'613'015 0.64 (260'900) 31.12.2011 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 4'581'230 0.63 78'620 31.12.2011 Investment AdvisorGABELLI FUNDS LLC GABELLI FUNDS LLC 13F 4'173'649 0.58 (245'000) 31.12.2011 Investment AdvisorPROSPECTOR PARTNERS PROSPECTOR PARTNERS 13F 3'907'000 0.54 105'000 31.12.2011 Hedge Fund ManagerWELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 3'491'096 0.48 184'800 31.12.2011 Investment AdvisorBLACKROCK INC BLACKROCK INC 13F 3'230'316 0.45 (252'732) 31.12.2011 Investment AdvisorINVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 3'168'803 0.44 10'400 31.12.2011 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 3'042'276 0.42 10'800 29.02.2012 Investment AdvisorACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 2'580'648 0.36 (3'768'579) 31.03.2012 Hedge Fund ManagerTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 2'429'500 0.34 27'000 31.12.2011 Hedge Fund ManagerCREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 2'379'833 0.33 1'006'388 31.12.2011 Investment AdvisorSTANDARD PACIFIC CAP STANDARD PACIFIC CAP 13F 2'364'626 0.33 646'390 31.12.2011 Hedge Fund ManagerTWO SIGMA INVESTMENT TWO SIGMA INVESTMENT 13F 2'306'846 0.32 2'052'646 31.12.2011 Hedge Fund Manager


HSBC RICHARD HART overweight 5 M 25 Not Provided 24.04.2012Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 17 12 month 17.04.2012EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011BMO Capital Markets DAVID HAUGHTON market perform 3 M 15 12 month 04.03.2010Susquehanna Financial Group BRIAN NIEMIEC neutral 3 N #N/A N/A Not Provided 02.12.2008

Holdings By:

Gold Fields Ltd ee


03.05.2012

Eldorado Gold Corporation acquires, explores, and develops mineral properties.

The Company currently has operating gold mines in Brazil, China, Turkey, Greece,and surrounding regions.





Average Volume 5 Day 3'076'352EGO US EQUITY YTD Change - Average Volume 30 Day 4'171'070EGO US EQUITY YTD % CHANGE - Average Volume 3 Month 4'024'815


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2179.3 277.7 358.5 791.2 1'098.9 791.2 1'098.9 1'436.4 1'707.9 332.3 353.511.40x 10.15x 21.00x 12.74x 6.69x 45.66x 30.50x 6.20x 5.12x 27.05x 25.71x

67.6 132.0 181.2 423.3 639.1 423.3 639.1 862.1 1'085.2 201.5 226.530.25x 21.36x 41.53x 23.82x 11.50x 23.82x 11.50x 10.48x 8.32x 10.13x 9.09x

35.4 163.7 102.4 221.0 318.7 221.0 318.7 505.0 636.1 112.3 119.7- - - - - 0.00x 0.00x 18.53x 14.97x 17.44x 16.41x




Fiscal Year Ended

Eldorado Gold CorpPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 44'666'644 6.28 2'119'600 31.12.2011 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 32'552'676 4.58 (196'985) 31.12.2011 Investment AdvisorVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 27'739'548 3.9 2'700'389 31.12.2011 Investment AdvisorPYRAMIS GLOBAL ADVIS PYRAMIS GLOBAL ADVIS 13F 26'849'660 3.77 (1'983'950) 31.12.2011 Investment AdvisorCIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 17'857'827 2.51 11'311'593 31.03.2012 Investment AdvisorGOODMAN & CO INVESTM GOODMAN & COMPANY IN 13F 15'162'623 2.13 (3'952'110) 31.12.2011 Hedge Fund ManagerGREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 15'158'586 2.13 (1'571'424) 31.12.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 14'832'174 2.08 (3'072'752) 31.12.2011 Investment AdvisorBLACKROCK INC BLACKROCK INC 13F 13'991'032 1.97 711'588 31.12.2011 Investment AdvisorIA CLARINGTON INVEST Multiple Portfolios MF-AGG 12'889'000 1.81 (2'300) 31.12.2011 Investment AdvisorRBC GLOBAL ASSET MAN RBC GLOBAL ASSET MGM 13F 12'577'772 1.77 (221'863) 31.12.2011 Investment AdvisorAGF INVESTMENTS INC AGF INVESTMENTS INC 13F 12'456'049 1.75 3'908'186 31.12.2011 Investment AdvisorPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 12'005'905 1.69 2'675'488 31.03.2012 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 11'442'623 1.61 215'970 31.12.2011 Investment AdvisorBLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 10'621'009 1.49 120'042 31.12.2011 Investment AdvisorCAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 9'872'102 1.39 (490'300) 31.12.2011 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 8'915'921 1.25 (147'390) 31.12.2011 Investment AdvisorBAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 8'657'913 1.22 883'735 31.12.2011 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 7'647'640 1.08 (782'001) 31.12.2011 Investment AdvisorUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 7'589'004 1.07 90'003 31.12.2011 Investment Advisor


Canaccord Genuity Corp STEVEN BUTLER buy 5 M 20 12 month 02.05.2012Stifel Nicolaus JOSH WOLFSON hold 3 M #N/A N/A Not Provided 30.04.2012Dundee Securities Corp PAUL BURCHELL buy 5 M 20 12 month 26.04.2012Raymond James BRAD HUMPHREY outperform 5 M 21 12 month 25.04.2012Desjardins Securities BRIAN CHRISTIE buy 5 M 22 12 month 25.04.2012HSBC PATRICK CHIDLEY overweight 5 M 23 Not Provided 24.04.2012BMO Capital Markets DAVID HAUGHTON outperform 5 M 20 Not Provided 23.04.2012TD Newcrest STEVEN J GREEN action list buy 5 M 21 12 month 23.04.2012RBC Capital Markets STEPHEN D WALKER outperform 5 M 19 12 month 18.04.2012CIBC World Markets COSMOS CHIU sector perform 3 M 20 Not Provided 17.04.2012Cormark Securities Inc. MIKE KOZAK buy 5 M 20 12 month 16.04.2012GMP GEORGE V ALBINO buy 5 M 27 Not Provided 13.04.2012Mackie Research Capital Corp. BARRY D ALLAN hold 3 M 16 Not Provided 13.04.2012Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 14 Not Provided 13.04.2012Scotia Capital TANYA M JAKUSCONEK sector outperform 5 M 20 12 month 12.04.2012Haywood Securities Inc. KERRY SMITH sector outperform 5 M 18 Not Provided 12.03.2012Salman Partners DAVID WEST buy 5 M 23 12 month 29.02.2012Macquarie TONY LESIAK neutral 3 M 17 12 month 28.02.2012Credit Suisse ANITA SONI outperform 5 M 23 Not Provided 27.02.2012Paradigm Capital Inc DON MACLEAN hold 3 M 18 12 month 21.02.2012EVA Dimensions TEAM COVERAGE underweight 1 N #N/A N/A Not Provided 06.01.2012

Holdings By:

Eldorado Gold Corp ee


03.05.2012

Randgold Resources Ltd. provides mining services. The Company offers

acquisition, development, and exploration of gold and other precious metal inAfrica.


82.1952-Week High % Change -31.91% Dividend Yield 0.4952-Week Low % Change 12.44% Beta 0.62% 52 Week Price Range High/Low 27.76% Equity Float -



Average Volume 5 Day 568'351GOLD US EQUITY YTD Change - Average Volume 30 Day 1'008'981GOLD US EQUITY YTD % CHANGE - Average Volume 3 Month 807'649


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3282.8 338.6 432.8 484.6 1'127.1 547.7 1'212.8 1'470.9 1'731.3 375.0 402.58.71x 9.01x 15.50x 14.79x 7.97x 56.81x 26.84x 4.76x 3.63x - -82.5 97.3 142.3 164.3 569.8 203.3 493.7 867.4 1'044.4 - -

29.85x 31.34x 47.15x 43.62x 15.77x 34.27x 0.00x 8.37x 6.95x - -42.0 41.6 69.4 103.5 377.1 126.2 425.0 608.3 665.9 138.0 139.0

60.62x 78.87x 94.26x 72.03x 24.74x 57.44x 18.49x 12.73x 11.51x 12.78x 12.50x




Fiscal Year Ended

Randgold Resources LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 6'809'642 7.42 (190'204) 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 6'451'783 7.03 496'207 31.12.2011 Investment AdvisorVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 6'334'035 6.91 89'032 31.12.2011 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 4'568'500 4.98 (215'500) 31.12.2011 Investment AdvisorWELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 4'327'972 4.72 (203'234) 31.12.2011 Investment AdvisorFRANKLIN RESOURCES I FRANKLIN ADVISERS IN 13F 2'219'772 2.42 (254'230) 31.12.2011 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 1'375'136 1.5 - 31.12.2011 Hedge Fund ManagerJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 1'338'885 1.46 (216'465) 31.12.2011 Investment AdvisorAGF INVESTMENTS INC AGF INVESTMENTS INC 13F 1'227'691 1.34 229'796 31.12.2011 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 1'061'900 1.16 (118'050) 31.12.2011 Hedge Fund ManagerBLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 1'057'527 1.15 11'566 31.12.2011 Investment AdvisorPAULSON & CO PAULSON & CO 13F 938'700 1.02 15'700 31.12.2011 Hedge Fund ManagerPYRAMIS GLOBAL ADVIS PYRAMIS GLOBAL ADVIS 13F 912'530 0.99 13'750 31.12.2011 Investment AdvisorJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 908'360 0.99 (30'957) 31.12.2011 Investment AdvisorWELLS FARGO FUNDS MA Multiple Portfolios MF-AGG 900'000 0.98 (60'000) 29.02.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 899'012 0.98 611'207 31.12.2011 Investment AdvisorGABELLI FUNDS LLC GABELLI FUNDS LLC 13F 861'200 0.94 (90'000) 31.12.2011 Investment AdvisorBARING ASSET MANAGEM BARING ASSET MANAGEM 13F 813'945 0.89 (217'900) 31.12.2011 Investment AdvisorAMERICAN CENTURY COM AMERICAN CENTURY COM 13F 689'404 0.75 (76'753) 31.12.2011 Investment AdvisorASA BERMUDA LIMITED ASA BERMUDA LIMITED 13F 494'700 0.54 (100'000) 31.12.2011 Investment Advisor


BMO Capital Markets ANDREW BREICHMANAS market perform 3 M 100 12 month 03.05.2012Stifel Nicolaus JOSH WOLFSON buy 5 M 110 Not Provided 30.04.2012HSBC PATRICK CHIDLEY overweight 5 M 132 Not Provided 24.04.2012Canaccord Genuity Corp DMITRY KALACHEV buy 5 M 121 12 month 20.04.2012Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 111 12 month 17.04.2012GARP Research SETH DADDS buy 5 M #N/A N/A Not Provided 28.03.2012Clarus Securities NANA SANGMUAH accumulate 4 M 117 Not Provided 27.02.2012EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011

Holdings By:

Randgold Resources Ltd ee


03.05.2012

Agnico-Eagle Mines Limited is a gold producer with operations primarily in

northwestern Quebec, northern Mexico, northern Finland and Nunavut. TheCompany also has exploration activities in Canada, Europe, Latin America, andthe United States. Agnico-Eagle Mines focuses on the exploration, development,and expansion of its gold properities primarily from underground operations.





Average Volume 5 Day 3'707'215AEM US EQUITY YTD Change - Average Volume 30 Day 2'153'219AEM US EQUITY YTD % CHANGE - Average Volume 3 Month 2'403'305


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3432.2 368.9 613.8 1'422.5 1'821.8 1'597.0 1'882.7 1'801.2 1'947.9 422.7 456.317.09x 21.80x 14.47x 9.45x 3.75x 29.94x 18.57x 3.91x 3.52x 16.68x 15.44x199.2 94.9 202.5 601.8 752.9 679.2 801.6 795.5 935.2 239.8 248.837.08x 84.80x 43.86x 22.34x 9.08x 17.26x 7.74x 8.74x 7.43x 6.86x 6.63x139.3 73.2 86.5 332.1 (568.9) 355.0 (535.6) 318.9 422.2 67.9 77.3

- - - - - 0.00x 0.00x 20.43x 16.80x 20.32x 18.30x

EBITDA 752.85 Long-Term Rating Date 12.03.2003EBIT 491.07 Long-Term Rating NROperating Margin 26.96% Long-Term Outlook -Pretax Margin -42.74% Short-Term Rating Date -Return on Assets -10.80% Short-Term Rating -Return on Common Equity -16.57%Return on Capital - EBITDA/Interest Exp. 13.68Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. 4.91

Net Debt/EBITDA 0.80Gross Margin 37.5% Total Debt/EBITDA 1.24EBITDA Margin 41.3%EBIT Margin 27.0% Total Debt/Equity 29.1%Net Income Margin -31.2% Total Debt/Capital 22.5%



Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Agnico-Eagle Mines LtdPrice/Volume

Valuation Analysis


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Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 11'253'461 6.58 1'063'873 31.12.2011 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 8'551'483 5 474'155 31.12.2011 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 7'954'223 4.65 1'033'778 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 5'887'840 3.44 (443'500) 31.12.2011 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 4'527'215 2.65 2'258'300 31.12.2011 Hedge Fund ManagerBLACKROCK INC BLACKROCK INC 13F 4'017'231 2.35 (250'214) 31.12.2011 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 3'703'978 2.17 481'440 31.12.2011 Investment AdvisorCAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 2'983'834 1.74 (728'373) 31.12.2011 Investment AdvisorWELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 2'862'819 1.67 757'404 31.12.2011 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 2'505'121 1.46 (1'027'759) 31.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 2'179'716 1.27 174'237 31.12.2011 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 2'060'180 1.2 123'628 31.12.2011 Investment AdvisorBLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 1'964'202 1.15 1'285'187 31.12.2011 Investment AdvisorUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 1'765'001 1.03 197'799 31.12.2011 Investment AdvisorDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1'752'367 1.02 489'226 31.12.2011 Investment AdvisorAGF INVESTMENTS INC AGF INVESTMENTS INC 13F 1'711'054 1 714'572 31.12.2011 Investment AdvisorINVESCO LTD INVESCO LTD 13F 1'612'146 0.94 492'226 31.12.2011 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 1'589'008 0.93 407'095 31.12.2011 Pension Fund (ERISA)IA CLARINGTON INVEST Multiple Portfolios MF-AGG 1'572'800 0.92 (900) 31.12.2011 Investment AdvisorGABELLI FUNDS LLC GABELLI FUNDS LLC 13F 1'543'931 0.9 (40'500) 31.12.2011 Investment Advisor


RBC Capital Markets STEPHEN D WALKER sector perform 3 M 45 12 month 03.05.2012Canaccord Genuity Corp STEVEN BUTLER hold 3 M 44 12 month 02.05.2012GMP GEORGE V ALBINO hold 3 M 42 12 month 02.05.2012Dundee Securities Corp PAUL BURCHELL buy 5 M 48 12 month 01.05.2012Raymond James BRAD HUMPHREY outperform 5 M 46 12 month 30.04.2012Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 43 Not Provided 30.04.2012Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 33 Not Provided 30.04.2012Dahlman Rose & Co ADAM P GRAF buy 5 M 36 Not Provided 30.04.2012BMO Capital Markets DAVID HAUGHTON market perform 3 M 45 Not Provided 27.04.2012Credit Suisse ANITA SONI outperform 5 U 45 Not Provided 27.04.2012CIBC World Markets ALEC KODATSKY sector underperform 1 M 42 Not Provided 27.04.2012Macquarie TONY LESIAK neutral 3 M 42 12 month 27.04.2012Cormark Securities Inc. RICHARD GRAY buy 5 U 49 12 month 27.04.2012TD Newcrest GREG BARNES hold 3 M 44 12 month 27.04.2012GARP Research SETH DADDS buy 5 M #N/A N/A Not Provided 27.04.2012Global Hunter Securities JEFF WRIGHT buy 5 M 46 12 month 27.04.2012Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 47 12 month 26.04.2012HSBC PATRICK CHIDLEY overweight 5 M 49 Not Provided 20.04.2012JPMorgan JOHN BRIDGES neutral 3 M 33 6 month 17.04.2012Salman Partners DAVID WEST buy 5 M 47 12 month 14.03.2012Paradigm Capital Inc DON MACLEAN buy 5 M 59 12 month 05.01.2012

Holdings By:

Agnico-Eagle Mines Ltd ee


03.05.2012

IAMGOLD Corporation is a mid-tier gold mining company. The Company is focused

in West Africa, the Guiana Shield of South America and in Quebec where it has apipeline of development and exploration projects.




Total Debt 6.58 YTD Return -24.23%Preferred Stock 0.0 Adjusted BETA 0.988Minority Interest 54.4 Analyst Recs 22Cash and Equivalents 1'051.61 Consensus Rating 4.364Enterprise Value 3'525.86

Average Volume 5 Day 2'487'462IAG US EQUITY YTD Change - Average Volume 30 Day 2'559'338IAG US EQUITY YTD % CHANGE - Average Volume 3 Month 2'708'653


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2678.1 869.6 914.3 1'097.1 1'673.2 1'131.9 1'691.6 1'763.3 2'065.7 435.6 445.63.44x 2.09x 6.14x 5.88x 2.98x 21.46x 14.99x 2.22x 1.87x 8.80x 9.05x

189.7 342.1 378.6 470.3 785.0 599.0 785.4 916.8 1'125.4 247.5 266.012.29x 5.31x 14.82x 13.71x 6.36x 10.78x 6.36x 3.86x 3.15x 3.34x 3.13x(42.1) (9.9) 114.1 262.6 806.7 283.0 806.7 488.7 621.2 105.9 116.0

- - - - - 0.00x 0.00x 9.69x 7.49x 10.05x 9.41x




Fiscal Year Ended

IAMGOLD CorpPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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400.0

600.0

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 32'163'313 8.55 1'840'672 31.12.2011 Investment AdvisorVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 30'814'743 8.19 425'698 31.12.2011 Investment AdvisorMACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 14'809'327 3.94 1'605'898 31.03.2012 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 12'079'710 3.21 (2'603'140) 31.12.2011 Investment AdvisorPYRAMIS GLOBAL ADVIS PYRAMIS GLOBAL ADVIS 13F 11'284'400 3 (5'490'300) 31.12.2011 Investment AdvisorBLACKROCK INC BLACKROCK INC 13F 9'975'333 2.65 176'554 31.12.2011 Investment AdvisorCIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 9'513'495 2.53 5'106'286 31.03.2012 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 8'463'892 2.25 - 31.12.2011 Hedge Fund ManagerBLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 7'007'213 1.86 59'630 31.12.2011 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 6'581'975 1.75 234'750 31.12.2011 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 6'007'043 1.6 (113'787) 31.12.2011 Investment AdvisorAGF INVESTMENTS INC AGF INVESTMENTS INC 13F 5'998'228 1.6 3'206'350 31.12.2011 Investment AdvisorFRANKLIN RESOURCES I FRANKLIN ADVISERS IN 13F 5'941'730 1.58 (219'400) 31.12.2011 Investment AdvisorUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 5'715'006 1.52 700'003 31.12.2011 Investment AdvisorBAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 5'560'370 1.48 379'956 31.12.2011 Investment AdvisorALLIANZ GLOBAL INV O NFJ INVESTMENT GROUP 13F 5'100'182 1.36 (18'782) 31.12.2011 Investment AdvisorMARZEN HOLDINGS CO L n/a SEDI 4'774'946 1.27 - 26.08.2005 n/aTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 4'622'938 1.23 109'626 31.12.2011 Hedge Fund ManagerBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 4'553'404 1.21 580'938 31.12.2011 Investment AdvisorRBC GLOBAL ASSET MAN RBC GLOBAL ASSET MGM 13F 4'141'371 1.1 1'198'760 31.12.2011 Investment Advisor


Macquarie TONY LESIAK outperform 5 M 19 12 month 02.05.2012Canaccord Genuity Corp STEVEN BUTLER buy 5 M 20 12 month 02.05.2012Cormark Securities Inc. MIKE KOZAK market perform 3 M 21 12 month 01.05.2012GARP Research SETH DADDS buy 5 M #N/A N/A Not Provided 01.05.2012Stifel Nicolaus JOSH WOLFSON buy 5 M 21 12 month 30.04.2012Paradigm Capital Inc DON MACLEAN buy 5 M 26 12 month 30.04.2012Dundee Securities Corp PAUL BURCHELL neutral 3 M 16 12 month 30.04.2012TD Newcrest STEVEN J GREEN buy 5 M 22 12 month 30.04.2012Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 22 Not Provided 30.04.2012Veritas Investment Research Co PAWEL RAJSZEL buy 5 U 15 Not Provided 30.04.2012BMO Capital Markets DAVID HAUGHTON market perform 3 M 17 Not Provided 29.04.2012CIBC World Markets ALEC KODATSKY sector outperform 5 M 21 Not Provided 29.04.2012Societe Generale BRUCE ALWAY sell 1 M 12 12 month 27.04.2012Scotia Capital TANYA M JAKUSCONEK sector outperform 5 M 19 12 month 27.04.2012National Bank Financial PAOLO LOSTRITTO sector perform 3 M 19 12 month 27.04.2012HSBC PATRICK CHIDLEY overweight 5 M 23 Not Provided 24.04.2012RBC Capital Markets MICHAEL D CURRAN sector perform 3 M 21 12 month 17.04.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 02.03.2012Salman Partners DAVID WEST buy 5 M 22 12 month 27.02.2012GMP CRAIG WEST buy 5 M 29 Not Provided 27.02.2012Credit Suisse ANITA SONI outperform 5 M 23 Not Provided 23.02.2012

Holdings By:

IAMGOLD Corp ee


03.05.2012

Harmony Gold Mining Company Limited is a mining company which produces gold from

its operations in the district of Virginia, Orange Free State. Harmony owns andoperates the Harmony, Randfontein, Evander, Consolidated Modderfontein, Grootveiand Bissett gold mines. Harmony also has gold mining operations in Australia.




Total Debt 1'554.85 YTD Return -20.09%Preferred Stock 0.0 Adjusted BETA 1.050Minority Interest 0.0 Analyst Recs 2Cash and Equivalents 689.54 Consensus Rating 3.000Enterprise Value -

Average Volume 5 Day 992'553HMY US EQUITY YTD Change - Average Volume 30 Day 1'717'624HMY US EQUITY YTD % CHANGE - Average Volume 3 Month 1'952'991


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 12/yy 12/yy 06/12 Y 06/13 Y 03/12 Q3 06/12 Q48'037.0 9'617.0 11'496.0 11'284.0 12'473.0 11'189.0 15'121.0 17'845.0 19'771.9 - -

5.19x 4.37x 2.83x 3.13x 3.29x 12.10x 10.98x 1.76x 1.38x - -1'950.0 1'393.0 2'125.0 1'737.0 2'241.1 0.0 0.0 5'528.9 6'858.0 - -

21.38x 30.15x 15.29x 20.33x 18.28x 0.00x 0.00x - - - -382.0 (245.0) 2'927.0 (192.0) 602.3 140.0 1'720.0 2'516.7 2'996.5 - -

- - - - - 0.00x 0.00x 12.32x 10.36x - -

EBITDA 2'241.08 Long-Term Rating Date -EBIT 462.22 Long-Term Rating -Operating Margin 3.71% Long-Term Outlook -Pretax Margin 0.79% Short-Term Rating Date -Return on Assets 1.56% Short-Term Rating -Return on Common Equity 2.08%Return on Capital - EBITDA/Interest Exp. 7.62Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. -3.05




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Harmony Gold Mining Co LtdPrice/Volume

Valuation Analysis


'

.

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4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 22'766'533 5.28 247'708 31.12.2011 Hedge Fund ManagerBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 20'941'771 4.85 517'533 31.12.2011 Investment AdvisorVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 19'454'147 4.51 962'223 31.12.2011 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 7'594'656 1.76 (326'608) 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 6'915'200 1.6 1'479'100 31.12.2011 Investment AdvisorCAPITAL INTERNATIONA CAPITAL INTERNATIONA 13F 3'584'594 0.83 (2'352'900) 31.12.2011 Investment AdvisorRUFFER LLP Multiple Portfolios MF-AGG 3'571'100 0.83 - 30.11.2011 Hedge Fund ManagerCREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 3'194'648 0.74 2'393'150 31.12.2011 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 2'362'600 0.55 (1'800) 31.12.2011 Hedge Fund ManagerUS GLOBAL INVESTORS US GLOBAL INVESTORS 13F 1'910'000 0.44 30'000 31.12.2011 Investment AdvisorLB SWISS INVESTMENT Multiple Portfolios MF-AGG 1'800'000 0.42 1'800'000 30.12.2011 Mutual Fund ManagerRCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 1'765'000 0.41 - 29.02.2012 Investment AdvisorCAPITAL INTERNATIONA CAPITAL INTERNATIONA 13F 1'728'600 0.4 (609'800) 31.12.2011 Investment AdvisorBLACKROCK INC BLACKROCK INC 13F 1'719'074 0.4 (62'121) 31.12.2011 Investment AdvisorGAMCO ASSET MANAGEME Multiple Portfolios MF-AGG 1'494'700 0.35 - 30.12.2011 Investment AdvisorGABELLI FUNDS LLC GABELLI FUNDS LLC 13F 1'494'700 0.35 - 31.12.2011 Investment AdvisorBLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 1'474'359 0.34 17'935 31.12.2011 Investment AdvisorAMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'199'051 0.28 (45'142) 31.12.2011 Investment AdvisorJANE STREET HOLDING JANE STREET HOLDING 13F 998'710 0.23 998'710 31.12.2011 Investment AdvisorCAPITAL GUARDIAN TRU CAPITAL GUARDIAN TRU 13F 950'822 0.22 (273'578) 31.12.2011 Investment Advisor


HSBC RICHARD HART overweight 5 M 15 Not Provided 24.04.2012EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 18.11.2011BMO Capital Markets DAVID HAUGHTON market perform 3 M 11 Not Provided 24.02.2010

Holdings By:

Harmony Gold Mining Co Ltd ee


03.05.2012

New Gold Inc. is a natural resource company. The Company acquires, explores,

and develops gold properties.





Average Volume 5 Day 2'582'618NGD US EQUITY YTD Change - Average Volume 30 Day 2'792'822NGD US EQUITY YTD % CHANGE - Average Volume 3 Month 2'982'286


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3131.1 143.1 323.8 530.5 695.9 600.0 693.5 811.3 1'046.6 246.0 246.01.71x 2.55x 4.31x 6.83x 6.62x 21.30x 26.07x - - - -33.1 13.8 110.4 239.2 344.0 287.7 339.4 418.4 601.6 130.0 130.06.77x 26.46x 12.64x 15.15x 13.39x 15.42x 13.50x 9.61x 6.68x - -14.6 (102.7) (194.3) 47.5 179.0 58.8 187.8 225.3 336.4 66.4 66.4

- - - - - 0.00x 0.00x 17.47x 11.38x 15.13x 13.41x

EBITDA 344.04 Long-Term Rating Date 27.03.2012EBIT 267.79 Long-Term Rating BB-Operating Margin 38.48% Long-Term Outlook STABLEPretax Margin 37.13% Short-Term Rating Date -Return on Assets 6.34% Short-Term Rating -Return on Common Equity 9.42%Return on Capital 8.52% EBITDA/Interest Exp. 66.91Asset Turnover 0.25% (EBITDA-Capex)/Interest Exp. -13.53




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

New Gold IncPrice/Volume

Valuation Analysis


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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 27'425'266 5.94 3'464'655 31.12.2011 Investment AdvisorVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 26'767'131 5.8 1'572'609 31.12.2011 Investment AdvisorRS INVESTMENT MANAGE RS INVESTMENT MANAGE 13F 21'627'136 4.68 1'811'619 31.12.2011 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 21'360'111 4.63 191'712 31.12.2011 Investment AdvisorBMO FINANCIAL CORP n/a 13G 18'836'212 4.08 13'779'435 31.01.2012 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 12'659'038 2.74 418'100 29.02.2012 Investment AdvisorRBC GLOBAL ASSET MAN RBC GLOBAL ASSET MGM 13F 12'059'622 2.61 535'500 31.12.2011 Investment AdvisorMACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 10'034'093 2.17 467'005 31.03.2012 Investment AdvisorALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 9'911'182 2.15 9'515'543 31.12.2011 Investment AdvisorCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 9'000'943 1.95 1'044'743 31.12.2011 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 8'333'451 1.8 - 31.12.2011 Hedge Fund ManagerCANADA PENSION PLAN CANADA PENSION PLAN 13F 7'384'088 1.6 (907'872) 31.12.2011 Pension Fund (ERISA)BLACKROCK INC BLACKROCK INC 13F 6'350'128 1.38 123'026 31.12.2011 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 6'299'713 1.36 (204'088) 31.12.2011 Hedge Fund ManagerLASSONDE PIERRE n/a SEDI 5'645'000 1.22 - 22.03.2012 n/aINVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 5'521'856 1.2 182'103 31.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 4'827'207 1.05 197'497 31.12.2011 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 4'650'875 1.01 - 31.01.2012 Investment AdvisorOLIPHANT RANDALL n/a SEDI 4'250'000 0.92 (1'500'000) 25.06.2010 n/aALBERTA INVESTMENT M ALBERTA INV MGMT COR 13F 4'240'600 0.92 - 31.12.2011 Government


RBC Capital Markets MICHAEL D CURRAN sector perform 3 M 12 12 month 03.05.2012Canaccord Genuity Corp STEVEN BUTLER buy 5 M 16 12 month 03.05.2012Cormark Securities Inc. RICHARD GRAY buy 5 M 15 12 month 03.05.2012National Bank Financial STEPHEN PARSONS sector perform 3 M 13 12 month 03.05.2012BMO Capital Markets ANDREW KAIP outperform 5 M 15 12 month 02.05.2012Scotia Capital TREVOR TURNBULL sector outperform 5 M 13 12 month 02.05.2012Mackie Research Capital Corp. BARRY D ALLAN hold 3 M 11 Not Provided 01.05.2012TD Newcrest STEVEN J GREEN hold 3 M 13 12 month 23.04.2012Paradigm Capital Inc DON MACLEAN buy 5 M 17 12 month 19.04.2012CIBC World Markets BRIAN QUAST sector perform 3 M 15 Not Provided 17.04.2012Jennings Capital STUART MCDOUGALL buy 5 M 19 12 month 13.03.2012GMP CRAIG WEST buy 5 M 16 Not Provided 05.03.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 05.03.2012

Holdings By:

New Gold Inc ee


03.05.2012

Royal Gold, Inc. acquires and manages precious metals royalties. The Company

seeks to acquire existing royalties or to finance projects that are inproduction or near production in exchange for royalty interests. Royal GoldInc.'s gold-focused portfolio contains royalties ranging from those inproduction and development to those in the evaluation and exploration stages.





Average Volume 5 Day 379'062RGLD US EQUITY YTD Change - Average Volume 30 Day 541'100RGLD US EQUITY YTD % CHANGE - Average Volume 3 Month 594'650


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 03/yy 03/yy 06/12 Y 06/13 Y 06/12 Q4 09/12 Q148.4 66.3 73.8 136.6 216.5 197.9 262.2 277.0 332.3 68.9 72.8

13.05x 13.56x 19.29x 18.40x 15.32x 56.50x 41.02x 12.41x 10.13x - -36.8 51.3 59.9 114.2 186.3 171.4 168.1 241.0 288.2 60.6 66.7

17.15x 17.51x 23.77x 22.00x 17.80x 17.22x 0.00x 15.27x 12.77x 12.44x 11.11x19.7 24.0 38.3 21.5 71.4 60.2 93.6 103.0 138.7 25.9 28.4

30.09x 56.00x 88.70x 60.76x 45.40x 46.79x 38.82x 32.03x 23.71x 27.64x 24.84x

EBITDA 186.32 Long-Term Rating Date -EBIT 118.93 Long-Term Rating -Operating Margin 54.94% Long-Term Outlook -Pretax Margin 53.71% Short-Term Rating Date -Return on Assets 3.79% Short-Term Rating -Return on Common Equity 4.99%Return on Capital 4.86% EBITDA/Interest Exp. 24.07Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -12.10


Asset Turnover 0.11Current Ratio 5.87 Net Fixed Asset Turnover 0.14Quick Ratio 5.65 Accounts receivable turnover-days 75.19Debt to Assets 11.88% Inventory Days -Tot Debt to Common Equity 15.48% Accounts Payable Turnover Day 13.18Accounts Receivable Turnover 4.85 Cash Conversion Cycle -Inventory Turnover -


Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Royal Gold IncPrice/Volume

Valuation Analysis


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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 3'012'083 5.12 167'414 31.12.2011 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 2'578'330 4.38 90'173 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 2'238'857 3.81 127'183 31.12.2011 Investment AdvisorSTUCKERT JAMES W n/a Form 4 1'774'920 3.02 - 19.01.2012 n/aALLIANZ GLOBAL INV O NFJ INVESTMENT GROUP 13F 1'475'056 2.51 (124'295) 31.12.2011 Investment AdvisorWELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 1'459'395 2.48 (189'394) 31.12.2011 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 1'368'865 2.33 5'100 31.12.2011 Hedge Fund ManagerINVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 1'354'253 2.3 61'956 31.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 1'224'694 2.08 85'486 31.12.2011 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 1'184'501 2.01 - 31.12.2011 Hedge Fund ManagerBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 1'027'927 1.75 754'911 31.12.2011 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 1'002'080 1.7 - 31.01.2012 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 933'322 1.59 30'112 31.12.2011 Investment AdvisorNEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 734'932 1.25 138'172 31.12.2011 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 730'939 1.24 (6'240) 31.12.2011 Investment AdvisorUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 608'600 1.03 (633'601) 31.12.2011 Investment AdvisorRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 603'309 1.03 (76'100) 31.12.2011 Hedge Fund ManagerBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 580'345 0.99 91'659 31.12.2011 Investment AdvisorSUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 564'976 0.96 28'913 31.12.2011 Investment AdvisorGOODMAN & CO INVESTM GOODMAN & COMPANY IN 13F 564'400 0.96 505'400 31.12.2011 Hedge Fund Manager


HSBC PATRICK CHIDLEY overweight 5 M 91 Not Provided 24.04.2012National Bank Financial SHANE NAGLE outperform 5 M 82 12 month 23.04.2012CIBC World Markets COSMOS CHIU sector perform 3 M 88 Not Provided 17.04.2012Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 83 12 month 17.04.2012RBC Capital Markets STEPHEN D WALKER sector perform 3 M 93 12 month 03.04.2012McNicoll Lewis & Vlak LLC RICHARD TROTMAN buy 5 M 93 12 month 02.02.2012EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 18.11.2011

Holdings By:

Royal Gold Inc ee


03.05.2012

Pan American Silver Corporation is a silver mining company with its principal

property in Peru. The Company also explores and develops mines in Mexico.





Average Volume 5 Day 1'665'058PAAS US EQUITY YTD Change - Average Volume 30 Day 1'651'634PAAS US EQUITY YTD % CHANGE - Average Volume 3 Month 1'802'553


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2301.1 338.6 454.8 646.6 855.3 646.6 855.3 1'088.7 1'232.8 226.8 256.68.65x 4.05x 5.14x 6.33x 2.15x 18.11x 12.60x 2.02x 1.73x 10.18x 8.98x

117.5 121.0 179.1 277.8 445.9 277.8 455.9 536.5 687.2 93.4 119.522.16x 11.33x 13.05x 14.73x 4.12x 14.73x 4.03x 4.14x 3.24x 4.46x 3.94x

88.9 24.6 62.0 13.7 352.5 13.7 352.5 309.3 361.8 49.6 62.6- - - - - 0.00x 0.00x 8.36x 7.78x 8.35x 8.06x




Fiscal Year Ended

Pan American Silver CorpPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 10'960'127 7.12 167'450 31.12.2011 Investment AdvisorVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 6'137'290 3.99 252'400 31.12.2011 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 2'416'170 1.57 (65'778) 31.12.2011 Investment AdvisorPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 2'230'124 1.45 (3'633) 31.03.2012 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 1'912'144 1.24 562'293 31.12.2011 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 1'907'653 1.24 (2'300) 31.12.2011 Hedge Fund ManagerBEATY ROSS J n/a SEDI 1'818'680 1.18 - 14.12.2010 n/aCANADA PENSION PLAN CANADA PENSION PLAN 13F 1'801'242 1.17 (450'089) 31.12.2011 Pension Fund (ERISA)FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 1'599'387 1.04 (46'500) 31.12.2011 Investment AdvisorJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 1'404'172 0.91 (52'433) 31.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 1'376'124 0.89 276'069 31.12.2011 Investment AdvisorBLACKROCK INC BLACKROCK INC 13F 1'200'435 0.78 (80'470) 31.12.2011 Investment AdvisorAXA AXA 13F 1'155'033 0.75 6'200 31.12.2011 Investment AdvisorRIVER ROAD ASSET MAN RIVER ROAD ASSET MAN 13F 1'080'742 0.7 683'450 31.03.2012 Investment AdvisorUNITED SERVICES AUTO Multiple Portfolios MF-AGG 1'070'000 0.7 1'070'000 29.02.2012 Investment AdvisorBRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 994'951 0.65 272'762 31.12.2011 Hedge Fund ManagerPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 981'530 0.64 (16'300) 31.12.2011 Investment AdvisorASTON ASSET MANAGEME Multiple Portfolios MF-AGG 818'362 0.53 193'120 30.03.2012 Investment AdvisorUBS GLOBAL ASSET MAN UBS GLOBAL ASSET MAN 13F 804'928 0.52 (63'556) 31.12.2011 Investment AdvisorLINGOHR & PARTNER AS LINGOHR & PARTNER AS 13F 791'200 0.51 92'400 31.12.2011 Investment Advisor


Canaccord Genuity Corp STEVEN BUTLER hold 3 M 26 12 month 02.05.2012BMO Capital Markets ANDREW KAIP outperform 5 M 35 Not Provided 30.04.2012Dahlman Rose & Co ADAM P GRAF buy 5 M 26 Not Provided 30.04.2012Raymond James BRAD HUMPHREY outperform 5 M 33 12 month 25.04.2012TD Newcrest DANIEL EARLE hold 3 M 28 12 month 23.04.2012JPMorgan JOHN BRIDGES underweight 1 M 37 12 month 17.04.2012CIBC World Markets BRIAN QUAST sector perform 3 M 26 Not Provided 17.04.2012Deutsche Bank JORGE M BERISTAIN buy 5 M 31 12 month 09.04.2012Scotia Capital TREVOR TURNBULL sector outperform 5 M 35 12 month 09.04.2012Salman Partners DAVID WEST buy 5 M 36 12 month 24.02.2012Credit Suisse RALPH M PROFITI outperform 5 M 37 Not Provided 23.02.2012GMP CRAIG WEST buy 5 M 38 Not Provided 01.02.2012EVA Dimensions TEAM COVERAGE buy 5 N #N/A N/A Not Provided 06.01.2012

Holdings By:

Pan American Silver Corp ee


03.05.2012

Allied Nevada Gold Corporation evaluates, acquires, explores, and advances

gold exploration and potential development projects. The Company's holdingsinclude projects in Nevada, California, Idaho and Colorado in the UnitedStates, as well as Bolivia, Mexico, Indonesia and Australia.





Average Volume 5 Day 397'399ANV US EQUITY YTD Change - Average Volume 30 Day 557'047ANV US EQUITY YTD % CHANGE - Average Volume 3 Month 669'299


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q20.0 0.0 43.2 130.9 152.0 130.9 152.0 379.6 602.4 82.2 107.7

- - 23.79x 15.41x 16.34x 50.17x 73.35x 6.26x 3.68x 28.10x 21.77x(11.3) (38.7) (0.8) 30.5 48.8 30.5 48.8 210.6 364.3 28.6 49.6

- - - 66.12x 50.94x 66.12x 50.94x 10.93x 6.32x 9.96x 8.12x(11.3) (79.6) 8.5 34.1 36.7 34.1 36.7 134.5 243.7 14.8 27.0

- - 107.71x 64.17x 77.64x 64.17x 77.64x 19.35x 12.20x 17.49x 14.59x



Asset Turnover 0.25Current Ratio 9.37 Net Fixed Asset Turnover 1.25Quick Ratio 6.85 Accounts receivable turnover-days -Debt to Assets 6.78% Inventory Days 110.85Tot Debt to Common Equity 7.88% Accounts Payable Turnover Day 92.44Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover 3.29

Fiscal Year Ended

Allied Nevada Gold CorpPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 7'190'479 8.05 96'600 31.12.2011 Investment AdvisorGOODMAN & CO INVESTM GOODMAN & COMPANY IN 13F 7'137'559 7.99 (469'320) 31.12.2011 Hedge Fund ManagerSENTRY SELECT CAPITA Multiple Portfolios MF-AGG 5'308'900 5.94 - 30.06.2011 Investment AdvisorPESCIO CARL A n/a Form 4 5'300'000 5.93 (2'000'000) 13.08.2010 n/aVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 4'997'182 5.59 4'243'929 31.12.2011 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 4'251'324 4.76 38'689 31.12.2011 Investment AdvisorBAUPOST GROUP LLC THE BAUPOST GROUP LL 13F 4'012'750 4.49 512'750 31.12.2011 Hedge Fund ManagerFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 3'377'800 3.78 (206'300) 31.12.2011 Investment AdvisorUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 2'759'002 3.09 (4'705) 31.12.2011 Investment AdvisorBUCHAN ROBERT M n/a Form 4 2'214'800 2.48 - 01.07.2010 n/aBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 2'029'480 2.27 23'841 31.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 1'986'462 2.22 172'141 31.12.2011 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 1'818'493 2.04 203'238 31.12.2011 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 1'719'646 1.93 (1'100) 31.12.2011 Hedge Fund ManagerOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 1'546'419 1.73 37'403 31.12.2011 Investment AdvisorRBC GLOBAL ASSET MAN RBC GLOBAL ASSET MGM 13F 1'311'500 1.47 (616'342) 31.12.2011 Investment AdvisorFIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 1'274'500 1.43 - 31.12.2011 Investment AdvisorAGF INVESTMENTS INC AGF INVESTMENTS INC 13F 1'254'222 1.4 448'157 31.12.2011 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 1'169'710 1.31 376'350 31.12.2011 Investment AdvisorSPROTT INC SPROTT INC 13F 992'702 1.11 50'991 31.03.2012 Hedge Fund Manager


Canaccord Genuity Corp STEVEN BUTLER buy 5 M 58 12 month 02.05.2012Dahlman Rose & Co ADAM P GRAF buy 5 M 38 Not Provided 30.04.2012Dundee Securities Corp RON STEWART buy 5 M 46 12 month 26.04.2012Desjardins Securities BRIAN CHRISTIE buy 5 M 54 12 month 25.04.2012National Bank Financial TARA HASSAN outperform 5 M 46 12 month 24.04.2012RBC Capital Markets SAM CRITTENDEN outperform 5 M 52 12 month 23.04.2012CIBC World Markets BRIAN QUAST sector perform 3 M 40 Not Provided 17.04.2012Macquarie MICHAEL GRAY neutral 3 D 35 12 month 16.04.2012Cormark Securities Inc. MIKE KOZAK top pick 5 M 64 12 month 10.04.2012GARP Research SETH DADDS buy 5 M #N/A N/A Not Provided 15.03.2012GMP CRAIG WEST buy 5 M 59 Not Provided 28.02.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 30.11.2011

Holdings By:

Allied Nevada Gold Corp ee


03.05.2012

AuRico Gold Inc. is an intermediate gold and silver producer. The Company

owns and operates producing mines in Mexico, including the Ocampo mine inChihuahua State, the El Chanate project in Sonora State, and the El Cubo mine inGuanajuato State.





Average Volume 5 Day 2'728'939AUQ US EQUITY YTD Change - Average Volume 30 Day 2'371'320AUQ US EQUITY YTD % CHANGE - Average Volume 3 Month 2'274'515


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2152.1 212.5 206.8 238.3 401.9 238.3 401.9 699.2 936.7 134.3 160.36.41x 3.30x 6.86x 4.42x 5.78x 14.86x 17.56x 3.40x 2.34x 18.57x 15.38x(18.2) 53.3 70.5 106.6 203.6 106.6 203.6 375.9 502.9 76.0 97.8

- 13.17x 20.14x 9.87x 11.42x 9.87x 11.42x 6.70x 5.01x 5.59x 4.83x(101.3) 38.7 8.2 (134.7) 176.9 (134.7) 176.9 225.4 358.9 37.4 51.1

- - - - - 0.00x 0.00x 11.45x 7.89x 11.33x 10.06x





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

AuRico Gold IncPrice/Volume

Valuation Analysis


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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C n/a Co File 14'354'898 5.09 73'002 10.01.2012 Investment AdvisorUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 10'312'012 3.66 4'367'009 31.12.2011 Investment AdvisorHEARTLAND ADVISORS I HEARTLAND ADVISORS I 13F 9'678'499 3.44 (416'150) 31.12.2011 Investment AdvisorNWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 7'490'363 2.66 7'490'363 31.12.2011 Investment AdvisorRAINIER INVESTMENT M RAINIER INVESTMENT M 13F 6'844'370 2.43 1'933'690 31.12.2011 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 5'881'212 2.09 227'982 31.12.2011 Investment AdvisorBLACKROCK INC BLACKROCK INC 13F 5'826'301 2.07 2'576'927 31.12.2011 Investment AdvisorSENTRY SELECT CAPITA Multiple Portfolios MF-AGG 5'082'700 1.8 - 30.06.2011 Investment AdvisorCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 4'885'756 1.73 1'922'156 31.12.2011 Investment AdvisorPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 4'448'758 1.58 2'847'078 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 4'291'763 1.52 1'439'263 31.12.2011 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 4'149'965 1.47 2'628'361 31.12.2011 Investment AdvisorDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 3'668'463 1.3 981'239 31.12.2011 Investment AdvisorCREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 3'524'484 1.25 527'004 31.12.2011 Investment AdvisorDREMAN VALUE MANAGEM DREMAN VALUE MANAGEM 13F 3'175'421 1.13 915'545 31.12.2011 Investment AdvisorNATCAN INVESTMENT MA NATCAN INVESTMENT MA 13F 3'095'778 1.1 189'319 31.03.2012 Investment AdvisorRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 3'085'319 1.1 2'363'767 31.12.2011 Hedge Fund ManagerIA CLARINGTON INVEST Multiple Portfolios MF-AGG 2'931'500 1.04 (1'300) 31.12.2011 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 2'907'687 1.03 2'907'687 31.12.2011 Investment AdvisorGOODMAN & CO INVESTM GOODMAN & COMPANY IN 13F 2'824'500 1 2'524'500 31.12.2011 Hedge Fund Manager


Canaccord Genuity Corp RAHUL PAUL buy 5 M 14 12 month 02.05.2012Desjardins Securities BRIAN CHRISTIE buy 5 M 13 12 month 01.05.2012Dahlman Rose & Co ADAM P GRAF hold 3 M #N/A N/A Not Provided 30.04.2012Dundee Securities Corp RON STEWART restricted #N/A N/A M #N/A N/A Not Provided 26.04.2012TD Newcrest STEVEN J GREEN hold 3 M 11 12 month 23.04.2012CIBC World Markets BRIAN QUAST sector outperform 5 M 15 Not Provided 17.04.2012Macquarie TONY LESIAK outperform 5 M 12 12 month 17.04.2012BMO Capital Markets DAVID HAUGHTON outperform 5 M 14 Not Provided 16.04.2012Scotia Capital TREVOR TURNBULL sector outperform 5 M 14 12 month 16.04.2012EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 06.04.2012GMP CRAIG WEST buy 5 N 15 Not Provided 05.04.2012Credit Suisse ANITA SONI neutral 3 M 11 Not Provided 29.03.2012Raymond James FORBES GEMMELL Under Review #N/A N/A M #N/A N/A Not Provided 14.03.2012

Holdings By:

AuRico Gold Inc ee


03.05.2012

Coeur d'Alene Mines Corporation, through its subsidiaries, explores, develops,

operates, and/or owns silver and gold mining properties and companies. TheCompany's properties are located primarily in the United States, Australia, andSouth America.





Average Volume 5 Day 959'287CDE US EQUITY YTD Change - Average Volume 30 Day 1'356'205CDE US EQUITY YTD % CHANGE - Average Volume 3 Month 1'495'458


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2215.3 170.9 300.4 515.5 1'021.2 516.2 1'021.2 1'076.4 1'209.6 230.7 225.313.01x 5.09x 5.42x 4.98x 2.05x 15.55x 9.29x 1.45x 0.98x 7.61x 7.58x

62.5 0.3 78.2 218.7 531.3 220.8 531.3 534.8 665.0 109.5 105.144.85x 2750.95x 20.82x 11.74x 3.95x 11.63x 3.95x 3.24x 2.61x 3.32x 3.00x

43.9 (0.6) (27.1) (91.3) 93.5 (96.1) 93.5 204.8 314.3 30.8 31.535.29x - - - 22.35x 0.00x 22.35x 8.83x 6.19x 8.47x 7.26x

EBITDA 531.30 Long-Term Rating Date 15.01.2010EBIT 306.80 Long-Term Rating NROperating Margin 30.04% Long-Term Outlook -Pretax Margin 20.35% Short-Term Rating Date -Return on Assets 2.91% Short-Term Rating -Return on Common Equity 4.48%Return on Capital 4.83% EBITDA/Interest Exp. 14.38Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 11.13



Fiscal Year Ended

Coeur d'Alene Mines CorpPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVANGUARD GROUP INC VANGUARD GROUP INC 13F 4'909'395 5.46 547'271 31.12.2011 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 4'466'088 4.97 (71'501) 31.12.2011 Investment AdvisorVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 4'053'178 4.51 197'946 31.12.2011 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 2'803'294 3.12 55'986 31.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 2'444'591 2.72 162'542 31.12.2011 Investment AdvisorJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 2'383'537 2.65 (14'134) 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 2'048'347 2.28 44'091 31.12.2011 Investment AdvisorATLANTIC INVESTMENT ATLANTIC INVESTMENT 13F 1'997'185 2.22 (850) 31.12.2011 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 1'874'090 2.08 (159'385) 31.12.2011 Investment AdvisorSPROTT INC SPROTT INC 13F 1'748'300 1.94 (90'000) 31.03.2012 Hedge Fund ManagerDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1'584'481 1.76 (42'938) 31.12.2011 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'583'432 1.76 26'435 31.12.2011 Investment AdvisorGMT CAPITAL CORP GMT CAPITAL CORP 13F 1'566'600 1.74 126'500 31.12.2011 Hedge Fund ManagerDREMAN VALUE MANAGEM DREMAN VALUE MANAGEM 13F 1'522'630 1.69 52'325 31.12.2011 Investment AdvisorUS GLOBAL INVESTORS US GLOBAL INVESTORS 13F 1'470'500 1.64 875'500 31.12.2011 Investment AdvisorSUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 1'271'795 1.41 714'524 31.12.2011 Hedge Fund ManagerALETHEIA RESEARCH & ALETHEIA RESEARCH & 13F 1'256'576 1.4 (619'273) 31.12.2011 Hedge Fund ManagerBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'148'917 1.28 119'249 31.03.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 1'104'050 1.23 25'731 31.12.2011 Investment AdvisorBNP PARIBAS ASSET MG BNP PARIBAS ASSET MA 13F 1'053'776 1.17 (105'514) 31.12.2011 Investment Advisor


Deutsche Bank JORGE M BERISTAIN buy 5 M 38 12 month 03.05.2012BMO Capital Markets ANDREW KAIP market perform 3 M 32 Not Provided 30.04.2012JPMorgan JOHN BRIDGES neutral 3 M 31 6 month 17.04.2012CIBC World Markets BRIAN QUAST sector perform 3 M 25 Not Provided 17.04.2012Sidoti & Company LLC ADAM BROOKS buy 5 M 39 12 month 13.04.2012RBC Capital Markets MICHAEL D CURRAN sector perform 3 M 29 12 month 03.04.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 05.03.2012Cormark Securities Inc. GRAEME JENNINGS market perform 3 D 35 12 month 24.02.2012

Holdings By:

Coeur d'Alene Mines Corp ee


03.05.2012

First Majestic Silver Corp. is a silver producing mining company. The

Company's presently owns and operates producing silver mines in Mexico, the LaParrilla Silver Mine, the San Martin Silver Mine and the La Encantada SilverMine.





Average Volume 5 Day 507'019AG US EQUITY YTD Change - Average Volume 30 Day 635'812AG US EQUITY YTD % CHANGE - Average Volume 3 Month 700'758


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q240.2 41.8 52.4 117.9 245.5 116.7 245.5 311.4 503.6 60.6 61.96.84x 3.30x 6.36x 11.66x 6.93x 22.75x 29.14x 4.92x 2.97x 25.02x 24.69x

4.1 2.3 11.7 53.4 156.2 52.9 156.2 186.8 341.8 36.1 37.466.77x 59.08x 28.43x 25.73x 10.89x 26.02x 10.89x 8.11x 4.43x 8.48x 7.86x

(6.8) (4.9) 5.6 35.1 103.6 34.8 103.6 126.0 240.8 24.8 25.5- - - - - 0.00x 0.00x 12.00x 7.52x 11.77x 10.10x





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

First Majestic Silver CorpPrice/Volume

Valuation Analysis


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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 5'155'112 4.88 (42'619) 31.12.2011 Investment AdvisorVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 4'740'487 4.49 4'740'487 31.12.2011 Investment AdvisorSPROTT INC SPROTT INC 13F 4'449'200 4.21 (135'200) 31.03.2012 Hedge Fund ManagerNEUMEYER KEITH n/a SEDI 2'976'000 2.82 5'000 19.02.2012 n/aCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 2'525'227 2.39 (398'373) 31.12.2011 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'419'004 2.29 - 29.02.2012 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 1'886'750 1.79 738'700 31.12.2011 Pension Fund (ERISA)FIERA SCEPTRE INC FIERA SCEPTRE INC 13F 1'585'657 1.5 (207'200) 31.12.2011 Investment AdvisorALBERTA INVESTMENT M ALBERTA INV MGMT COR 13F 1'449'700 1.37 (3'500) 31.12.2011 GovernmentAXA AXA 13F 1'431'504 1.36 (27'900) 31.12.2011 Investment AdvisorPOLAR SECURITIES INC POLAR SECURITIES INC 13F 1'329'200 1.26 - 31.12.2011 Hedge Fund ManagerMANUFACTURERS LIFE I MANUFACTURERS LIFE I 13F 1'115'417 1.06 287'846 31.12.2011 Insurance CompanyGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 982'108 0.93 (51'731) 31.12.2011 Investment AdvisorSCEPTRE INVESTMENT C Multiple Portfolios MF-AGG 976'200 0.92 (63'300) 31.01.2012 Investment AdvisorPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 973'580 0.92 12'700 31.12.2011 Investment AdvisorUS GLOBAL INVESTORS US GLOBAL INVESTORS 13F 938'000 0.89 728'000 31.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 891'891 0.84 191'753 31.12.2011 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 714'100 0.68 (56'300) 30.06.2011 Hedge Fund ManagerLB SWISS INVESTMENT Multiple Portfolios MF-AGG 700'000 0.66 300'000 30.12.2011 Mutual Fund ManagerNORGES BANK NORGES BANK 13F 689'312 0.65 689'312 31.12.2011 Government


BMO Capital Markets ANDREW KAIP restricted #N/A N/A M #N/A N/A Not Provided 30.04.2012Dahlman Rose & Co ADAM P GRAF buy 5 M 21 Not Provided 30.04.2012CIBC World Markets BRIAN QUAST sector underperform 1 M 18 Not Provided 17.04.2012GARP Research SETH DADDS buy 5 M #N/A N/A Not Provided 09.04.2012Cormark Securities Inc. GRAEME JENNINGS buy 5 M 29 12 month 04.04.2012Jennings Capital STUART MCDOUGALL buy 5 M 30 12 month 13.03.2012EVA Dimensions TEAM COVERAGE hold 3 N #N/A N/A Not Provided 06.01.2012

Holdings By:

First Majestic Silver Corp ee


03.05.2012

Hecla Mining Company explores, develops, and mines precious metals, gold and

silver. The Company has operations in the United States and Mexico.




Total Debt 10.27 YTD Return -23.13%Preferred Stock 0.0 Adjusted BETA 1.483Minority Interest 0.0 Analyst Recs 10Cash and Equivalents 266.46 Consensus Rating 3.200Enterprise Value 887.87

Average Volume 5 Day 3'657'738HL US EQUITY YTD Change - Average Volume 30 Day 4'707'581HL US EQUITY YTD % CHANGE - Average Volume 3 Month 5'662'157


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2153.7 204.7 312.5 418.8 477.6 418.8 477.6 392.6 543.3 85.2 85.94.79x 3.08x 4.39x 6.28x 2.59x 15.26x 13.26x 2.41x 1.65x 10.60x 10.71x56.7 15.3 132.3 211.3 254.7 211.3 253.4 187.3 307.5 33.1 33.1

12.98x 41.21x 10.38x 12.44x 4.85x 12.44x 4.88x 4.76x 2.90x 6.04x 5.23x53.2 (66.6) 67.8 49.0 151.2 49.0 151.2 94.1 169.5 16.1 15.9

19.48x - 34.33x 62.56x 12.16x 75.07x 12.16x 12.72x 7.05x 11.86x 10.55x

EBITDA 254.74 Long-Term Rating Date 20.05.2005EBIT 207.39 Long-Term Rating NROperating Margin 43.42% Long-Term Outlook -Pretax Margin 48.81% Short-Term Rating Date -Return on Assets 10.84% Short-Term Rating -Return on Common Equity 14.33%Return on Capital 14.45% EBITDA/Interest Exp. 86.00Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 56.45




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Hecla Mining CoPrice/Volume

Valuation Analysis


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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVANGUARD GROUP INC VANGUARD GROUP INC 13F 15'976'212 5.6 849'585 31.12.2011 Investment AdvisorVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 15'150'190 5.31 1'963'178 31.12.2011 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 9'776'962 3.43 541'083 31.12.2011 Investment AdvisorRCM CAPITAL MANAGEME RCM CAPITAL MANAGEME 13F 9'326'100 3.27 228'100 31.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 7'655'699 2.68 255'329 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 6'203'871 2.17 (140'225) 31.12.2011 Investment AdvisorNEW JERSEY DIVISION STATE OF NJ COMMON P 13F 6'200'000 2.17 2'700'000 31.03.2012 Pension Fund (ERISA)ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 5'621'815 1.97 700'000 31.12.2011 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 5'028'948 1.76 32'575 31.12.2011 Investment AdvisorWENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 4'720'895 1.65 (94'645) 31.12.2011 Investment AdvisorALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 4'392'500 1.54 20'800 31.12.2011 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4'364'096 1.53 21'395 31.12.2011 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'307'434 1.51 2'708'997 31.03.2012 Investment AdvisorBNP PARIBAS ASSET MG BNP PARIBAS ASSET MA 13F 3'711'296 1.3 (225'694) 31.12.2011 Investment AdvisorBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 3'711'296 1.3 - 29.02.2012 Investment AdvisorCS MCKEE LP C S MCKEE LP 13F 3'506'310 1.23 543'230 31.12.2011 Investment AdvisorSUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 3'182'587 1.12 833'936 31.12.2011 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 2'750'765 0.96 609'387 31.12.2011 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 2'671'049 0.94 367'086 31.12.2011 Investment AdvisorAXA AXA 13F 2'418'493 0.85 - 31.12.2011 Investment Advisor


Canaccord Genuity Corp STEVEN BUTLER hold 3 M 6 12 month 02.05.2012BMO Capital Markets ANDREW KAIP market perform 3 M 6 Not Provided 30.04.2012JPMorgan JOHN BRIDGES neutral 3 M 9 6 month 17.04.2012CIBC World Markets BRIAN QUAST sector underperform 1 M 5 Not Provided 17.04.2012Deutsche Bank JORGE M BERISTAIN hold 3 M 6 12 month 09.04.2012RBC Capital Markets MICHAEL D CURRAN sector perform 3 M 6 12 month 03.04.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 05.03.2012Scotia Capital TREVOR TURNBULL sector perform 3 N 7 12 month 01.03.2012

Holdings By:

Hecla Mining Co ee


03.05.2012

Silver Standard Resources Inc. is a silver exploration company focused on

acquiring and developing silver resources on a global basis. The Companyhas projects in Argentina, Peru, Mexico, Canada, Chile, the United States andAustralia.





Average Volume 5 Day 844'764SSRI US EQUITY YTD Change - Average Volume 30 Day 773'984SSRI US EQUITY YTD % CHANGE - Average Volume 3 Month 917'062


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q20.0 0.0 5.4 112.3 147.8 112.3 147.8 293.1 329.9 44.5 57.4

- - 307.12x 18.82x 6.19x 59.48x 43.58x 2.69x 2.52x 19.56x 13.70x(22.8) (17.9) (17.7) 5.3 39.4 5.3 39.4 117.8 112.1 8.7 18.9

- - - 400.55x 23.24x 400.55x 23.24x 7.45x 7.83x 9.18x 7.72x(33.0) (5.6) (13.2) 338.5 80.1 338.5 80.1 61.4 85.9 (3.6) (2.9)

- - - - - 0.00x 0.00x 16.81x 12.43x 28.14x 18.92x




Fiscal Year Ended

Silver Standard Resources IncPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 10'378'025 12.85 (321'900) 31.12.2011 Investment AdvisorTRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 7'342'687 9.09 6'009'477 31.12.2011 Investment AdvisorVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 3'657'691 4.53 183'506 31.12.2011 Investment AdvisorWELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 1'667'316 2.06 391'523 31.12.2011 Investment AdvisorAXA AXA 13F 1'498'237 1.86 - 31.12.2011 Investment AdvisorNUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 1'466'643 1.82 (2'731) 29.02.2012 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 1'397'200 1.73 186'300 31.12.2011 Investment AdvisorBNP PARIBAS ASSET MG BNP PARIBAS ASSET MA 13F 1'151'629 1.43 (55'241) 31.12.2011 Investment AdvisorBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 1'151'629 1.43 - 29.02.2012 Investment AdvisorNEWGATE CAPITAL MANA NEWGATE CAPITAL MANA 13F 1'043'710 1.29 310'097 31.03.2012 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 846'078 1.05 210'308 31.12.2011 Investment AdvisorPYRAMIS GLOBAL ADVIS PYRAMIS GLOBAL ADVIS 13F 764'900 0.95 (56'100) 31.12.2011 Investment AdvisorPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 744'970 0.92 - 31.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 714'869 0.89 157'215 31.12.2011 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 701'707 0.87 (381'600) 31.12.2011 Pension Fund (ERISA)NEUFLIZE OBC ASSET M Multiple Portfolios MF-AGG 618'576 0.77 - 30.12.2011 UnclassifiedUBS AG UBS AG 13F 592'991 0.73 (453'322) 31.12.2011 Investment AdvisorNORGES BANK NORGES BANK 13F 576'965 0.71 576'965 31.12.2011 GovernmentCARLSON CAPITAL LP CARLSON CAPITAL LP 13F 557'700 0.69 (161'600) 31.12.2011 Hedge Fund ManagerLRI-FUND MANAGEMENT Multiple Portfolios MF-AGG 520'800 0.64 193'000 30.03.2012 Investment Advisor


BMO Capital Markets ANDREW KAIP market perform 3 M 19 Not Provided 30.04.2012Dahlman Rose & Co ADAM P GRAF buy 5 M 35 Not Provided 30.04.2012EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 19.04.2012CIBC World Markets BRIAN QUAST sector perform 3 M 18 Not Provided 17.04.2012Scotia Capital TREVOR TURNBULL sector perform 3 M 24 12 month 16.04.2012Deutsche Bank JORGE M BERISTAIN hold 3 M 18 12 month 09.04.2012Global Hunter Securities JEFF WRIGHT accumulate 4 M 24 Not Provided 27.03.2012Salman Partners ASH GUGLANI buy 5 M 24 12 month 13.03.2012Credit Suisse RALPH M PROFITI neutral 3 M 22 Not Provided 12.03.2012GMP CRAIG WEST buy 5 M 30 Not Provided 01.02.2012

Holdings By:

Silver Standard Resources Inc ee


03.05.2012

Seabridge Gold, Inc. acquires gold projects in North America. The Company

expands and verifies these resources, moves them to reserves to determine theireconomic value, and either sells to or forms joint ventures with largercompanies for mine construction and production.



Shares Out 30.04.2012 43.4 Short Int 3.75679.63 1 Yr Total Return -50.19%


Average Volume 5 Day 344'540SA US EQUITY YTD Change - Average Volume 30 Day 248'326SA US EQUITY YTD % CHANGE - Average Volume 3 Month 342'729


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q20.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -(6.7) (5.6) (5.0) (5.7) (19.8) (5.7) (19.8) (19.9) (20.9) - -

- - - - - 0.00x 0.00x - - - -(5.5) 10.3 (4.7) 3.3 (20.1) 3.3 (20.1) - - - -

- - - - - 0.00x 0.00x - - - -

EBITDA -19.81 Long-Term Rating Date -EBIT -19.84 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -9.83% Short-Term Rating -Return on Common Equity -10.28%Return on Capital - EBITDA/Interest Exp. -792.36Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -2444.56

Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin -EBIT Margin - Total Debt/Equity 0.0%Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover 0.00Current Ratio 7.31 Net Fixed Asset Turnover 0.00Quick Ratio 7.31 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover 0.00 Cash Conversion Cycle -Inventory Turnover -

Fiscal Year Ended

Seabridge Gold IncPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePAN ATLANTIC BANK n/a PROXY 8'001'232 18.42 - 10.05.2011 BankROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 6'034'483 13.9 (78'200) 31.12.2011 Investment AdvisorVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 1'961'703 4.52 140'044 31.12.2011 Investment AdvisorBRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 1'340'816 3.09 204'403 31.12.2011 Hedge Fund ManagerFRONK RUDI P n/a SEDI 1'170'000 2.69 250'000 05.01.2011 n/aWEISS ASSET MANAGEME WEISS ASSET MANAGEME 13F 909'400 2.09 909'400 31.12.2011 Hedge Fund ManagerFIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 860'626 1.98 - 30.04.2012 UnclassifiedANTHONY JAMES S n/a SEDI 779'791 1.8 (5'000) 22.12.2010 n/aJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 756'375 1.74 (1'804) 31.12.2011 Investment AdvisorPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 665'180 1.53 - 31.03.2012 Investment AdvisorFCMI FINANCIAL CORP n/a SEDI 656'025 1.51 (875) 02.07.2010 CorporationFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 601'905 1.39 - 31.12.2011 Investment AdvisorBLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 448'400 1.03 - 31.12.2011 Investment AdvisorFNDTN FOR STUDY OBJ n/a SEDI 425'334 0.98 - 06.02.2012 OtherPORTOLA GROUP INCORP PORTOLA GROUP INCORP 13F 364'240 0.84 (3'800) 31.03.2012 Investment AdvisorNORGES BANK NORGES BANK 13F 306'863 0.71 306'863 31.12.2011 GovernmentFOX LOUIS J n/a SEDI 300'750 0.69 - 06.12.2011 n/aTHRELKELD WILLIAM E n/a SEDI 265'000 0.61 (10'000) 30.08.2011 n/aBANFIELD A FREDERICK n/a SEDI 245'000 0.56 100'000 22.12.2010 n/aSUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 237'477 0.55 33'382 31.12.2011 Investment Advisor


Dahlman Rose & Co ADAM P GRAF buy 5 M 86 Not Provided 30.04.2012Nomura TYLER BRODA buy 5 M 32 12 month 19.01.2012

Holdings By:

Seabridge Gold Inc ee


03.05.2012

Aurizon Mines Ltd. is a gold mining company. The Company's operations and

exploration activities are located in the Abitibi region of north-westernQuebec, Canada. Aurizon operates and owns an interest in the Beaufor Mine,the Sleeping Giant Mine, and the Casa Berardi property.



Shares Out #N/A N/A - Short Int 0.87- 1 Yr Total Return -16.48%

Total Debt 0.00 YTD Return 5.88%Preferred Stock 0.0 Adjusted BETA 0.998Minority Interest 0.0 Analyst Recs 14Cash and Equivalents 214.35 Consensus Rating 4.214Enterprise Value -

Average Volume 5 Day 579'261AZK US EQUITY YTD Change - Average Volume 30 Day 507'326AZK US EQUITY YTD % CHANGE - Average Volume 3 Month 618'911


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2119.2 144.5 175.6 178.7 260.0 178.7 260.0 265.9 271.7 72.3 67.95.15x 4.07x 3.65x 5.82x 2.31x 19.11x 11.47x - - - -47.6 53.5 87.5 69.8 124.9 68.2 124.4 141.2 149.3 38.3 36.1

12.90x 10.98x 7.32x 14.90x 4.81x 15.27x 4.83x - - - -9.4 4.9 36.7 17.2 43.9 17.2 43.9 62.2 70.5 17.9 15.4

- - - - - 0.00x 0.00x 13.42x 12.30x 13.04x 12.66x





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Aurizon Mines LtdPrice/Volume

Valuation Analysis


'

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1

2

3

4

5

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0.0

50.0

100.0

150.0

200.0

250.0

300.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGOODMAN & CO INVESTM GOODMAN & COMPANY IN 13F 13'287'500 0 (50'000) 31.12.2011 Hedge Fund ManagerVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 11'274'433 0 523'437 31.12.2011 Investment AdvisorUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 7'000'001 0 - 31.12.2011 Investment AdvisorCAMBIOR INC n/a 13D 6'961'953 0 - 23.01.2006 CorporationMONTRUSCO BOLTON INV MONTRUSCO BOLTON INV 13F 5'707'897 0 (1'741'050) 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 5'361'234 0 (34'900) 31.12.2011 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 4'979'857 0 70'000 29.02.2012 Investment AdvisorRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 3'781'500 0 53'400 31.12.2011 Hedge Fund ManagerBLACKROCK INC BLACKROCK INC 13F 3'651'276 0 (4'870) 31.12.2011 Investment AdvisorWELLS FARGO FUNDS MA Multiple Portfolios MF-AGG 3'566'519 0 50'700 29.02.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 3'344'827 0 (23'432) 31.12.2011 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 3'342'550 0 - 31.12.2011 Hedge Fund ManagerNWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 2'915'819 0 35'356 31.12.2011 Investment AdvisorACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 2'869'905 0 1'672'480 31.03.2012 Hedge Fund ManagerCANADA PENSION PLAN CANADA PENSION PLAN 13F 2'408'805 0 (22'600) 31.12.2011 Pension Fund (ERISA)AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 2'334'337 0 26'237 31.12.2011 Investment AdvisorNATCAN INVESTMENT MA NATCAN INVESTMENT MA 13F 2'217'934 0 (175'846) 31.03.2012 Investment AdvisorNORTHWEST MUTUAL FUN Multiple Portfolios MF-AGG 1'793'197 0 (46'975) 29.02.2012 Investment AdvisorHIGHSTREET ASSET MAN HIGHSTREET ASSET MAN 13F 1'730'077 0 (8'889) 31.12.2011 Investment AdvisorSUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 1'696'825 0 - 31.12.2011 Hedge Fund Manager


Desjardins Securities BRIAN CHRISTIE buy 5 M 8 Not Provided 26.04.2012Dundee Securities Corp PAUL BURCHELL buy 5 M 9 12 month 26.04.2012National Bank Financial PAOLO LOSTRITTO sector perform 3 M 6 12 month 26.04.2012Scotia Capital OVAIS HABIB sector outperform 5 N 7 12 month 25.04.2012Euro Pacific Capital Inc HEIKO IHLE buy 5 N 6 12 month 24.04.2012CIBC World Markets COSMOS CHIU sector perform 3 M 7 Not Provided 20.04.2012Mackie Research Capital Corp. RYAN HANLEY buy 5 M 8 Not Provided 17.04.2012BMO Capital Markets ANDREW KAIP market perform 3 M 6 Not Provided 16.04.2012Macquarie PIERRE VAILLANCOURT outperform 5 M 6 12 month 16.04.2012Loewen, Ondaatje, McCutcheon Ltd MICHAEL G FOWLER buy 5 M 10 12 month 16.04.2012Clarus Securities NANA SANGMUAH buy 5 M 10 12 month 16.03.2012Global Hunter Securities JEFF WRIGHT accumulate 4 M 8 12 month 16.03.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 16.03.2012Raymond James FORBES GEMMELL Under Review #N/A N/A M #N/A N/A Not Provided 14.03.2012

Holdings By:

Aurizon Mines Ltd ee


03.05.2012

Nevsun Resources Ltd. is a gold producer and base metal developer. The Company

has a gold-copper-zinc mine in Eritrea.




Total Debt 0.00 YTD Return -36.53%Preferred Stock 0.0 Adjusted BETA 1.173Minority Interest 110.0 Analyst Recs 8Cash and Equivalents 347.58 Consensus Rating 3.750Enterprise Value -

Average Volume 5 Day 318'883NSU US EQUITY YTD Change - Average Volume 30 Day 484'951NSU US EQUITY YTD % CHANGE - Average Volume 3 Month 869'258


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q20.0 0.0 0.0 0.0 547.8 0.0 547.8 331.8 319.8 - -

- - - - 1.60x #DIV/0! 6.94x - - - -(10.6) (6.1) (4.9) (12.2) 429.2 (12.2) 429.2 257.0 260.5 - -

- - - - 2.04x 0.00x 2.04x - - - -(12.0) (5.7) (4.3) (13.3) 147.1 (13.3) 147.1 93.3 89.8 - -

- - - - - 0.00x 0.00x 7.92x 8.71x 8.44x 10.87x





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Nevsun Resources LtdPrice/Volume

Valuation Analysis


'

-

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0

1

2

3

4

5

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0.0

100.0

200.0

300.0

400.0

500.0

600.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVANGUARD GROUP INC Multiple Portfolios MF-AGG 39'486'675 0 53'300 31.12.2011 Investment AdvisorPRUDENTIAL PLC PRUDENTIAL PLC 13F 38'500'000 0 38'500'000 31.12.2011 Investment AdvisorFRANKLIN RESOURCES I FRANKLIN ADVISERS IN 13F 28'995'640 0 - 31.12.2011 Investment AdvisorJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 12'070'846 0 (572'200) 31.12.2011 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 11'114'100 0 (60'000) 31.12.2011 Investment AdvisorVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 9'024'569 0 519'900 31.12.2011 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 5'982'442 0 (7'215) 31.12.2011 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 5'935'835 0 - 31.12.2011 Investment AdvisorPASSPORT CAPITAL LLC PASSPORT CAPITAL LLC 13F 4'991'300 0 (653'000) 31.12.2011 Hedge Fund ManagerBLACKROCK INC BLACKROCK INC 13F 4'719'677 0 1'949'332 31.12.2011 Investment AdvisorRUFFER LLP Multiple Portfolios MF-AGG 4'018'700 0 (401'000) 30.11.2011 Hedge Fund ManagerBRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 3'652'753 0 451'621 31.12.2011 Hedge Fund ManagerPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 2'916'544 0 - 31.03.2012 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 2'332'500 0 (347'291) 31.12.2011 Pension Fund (ERISA)ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 1'990'603 0 518'103 31.03.2012 Hedge Fund ManagerPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 1'854'020 0 23'600 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'647'582 0 1'484 01.05.2012 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 1'646'700 0 - 31.12.2011 Hedge Fund ManagerDAVIS CLIFFORD T n/a SEDI 1'603'319 0 803'319 18.09.2011 n/aBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 1'490'994 0 93'366 31.12.2011 Investment Advisor


Canaccord Genuity Corp RAHUL PAUL hold 3 M 4 12 month 02.05.2012TD Newcrest STEVEN J GREEN hold 3 M 4 12 month 23.04.2012RBC Capital Markets JONATHAN GUY sector perform 3 M 5 12 month 17.04.2012CIBC World Markets COSMOS CHIU sector underperform 1 M 5 Not Provided 17.04.2012Paradigm Capital Inc DAVID DAVIDSON buy 5 M 8 12 month 13.04.2012Haywood Securities Inc. STEFAN IOANNOU sector outperform 5 M 4 Not Provided 11.04.2012GMP ANDREW MIKITCHOOK buy 5 M 5 Not Provided 11.04.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 08.02.2012

Holdings By:

Nevsun Resources Ltd ee


03.05.2012

Tanzanian Royalty Exploration Corporation acquires, explores, and develops

mineral properties. The Company explores for gold.




Total Debt 2.96 YTD Return 74.58%Preferred Stock 0.0 Adjusted BETA 1.191Minority Interest 0.0 Analyst Recs 0Cash and Equivalents 32.46 Consensus Rating -Enterprise Value 390.46

Average Volume 5 Day 470'682TRX US EQUITY YTD Change - Average Volume 30 Day 569'041TRX US EQUITY YTD % CHANGE - Average Volume 3 Month 826'684


31.08.2007 31.08.2008 31.08.2009 31.08.2010 31.08.2011 02/yy 02/yy 08/12 Y 08/13 Y 05/12 Q3 08/12 Q40.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -(2.5) (2.9) (3.4) (3.0) (8.2) (3.4) (8.4) - - - -

- - - - - 0.00x 0.00x - - - -(3.9) (3.7) (4.7) (3.4) (10.2) (4.0) (13.6) - - - -

- - - - - 0.00x 0.00x - - - -


Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -0.36EBITDA Margin -EBIT Margin - Total Debt/Equity 4.7%Net Income Margin - Total Debt/Capital 4.5%


Fiscal Year Ended

Tanzanian Royalty Exploration CorpPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

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1

2

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4

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0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 5'168'533 5.15 55'000 31.01.2012 Mutual Fund ManagerGEIER GROUP LLC n/a 13G 4'879'743 4.87 (4'801'048) 10.11.2011 OtherVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 4'517'140 4.5 231'132 31.12.2011 Investment AdvisorPLATINUM MANAGEMENT PLATINUM MANAGEMENT 13F 2'741'285 2.73 (133'835) 31.12.2011 Hedge Fund ManagerSINCLAIR JAMES E n/a SEDI 2'093'623 2.09 (11'000) 05.04.2012 n/aBPI GLOBAL INVESTMEN Multiple Portfolios MF-AGG 764'910 0.76 - 29.02.2012 Mutual Fund ManagerAXA AXA 13F 755'923 0.75 215'899 31.12.2011 Investment AdvisorJONES HEWARD INVESTM Multiple Portfolios MF-AGG 440'717 0.44 - 02.05.2012 UnclassifiedFRANCIS M REPS FRANCIS M REPS 13F 430'500 0.43 (2'500) 31.03.2012 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 420'256 0.42 36'119 31.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 413'340 0.41 32'989 31.12.2011 Investment AdvisorMORROW ROSALIND n/a SEDI 406'144 0.4 4'074 13.04.2012 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 342'100 0.34 - 31.12.2011 Investment AdvisorKRECZMER MAREK J n/a SEDI 319'858 0.32 (3'000) 05.11.2010 n/aHARVEY WILLIAM M n/a SEDI 319'513 0.32 (6'500) 12.03.2012 n/aCANADA PENSION PLAN CANADA PENSION PLAN 13F 272'166 0.27 142'200 31.12.2011 Pension Fund (ERISA)PORTOLA GROUP INCORP PORTOLA GROUP INCORP 13F 212'000 0.21 62'000 31.03.2012 Investment AdvisorSUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 152'505 0.15 62'369 31.12.2011 Investment AdvisorBANK OF AMERICA CORP BANK OF AMERICA 13F 132'305 0.13 41'476 31.12.2011 Investment AdvisorD E SHAW & COMPANY I D E SHAW & CO 13F 120'831 0.12 (14'652) 31.12.2011 Hedge Fund Manager


#N/A N/A

Holdings By:

Tanzanian Royalty Exploration Corp ee


03.05.2012

Golden Star Resources Ltd. is a mid-tier gold mining company. The Company's

operating mines are situated along the Ashanti Gold Belt in Ghana, West Africa.




Total Debt 139.22 YTD Return -12.12%Preferred Stock 0.0 Adjusted BETA 1.267Minority Interest (1.3) Analyst Recs 11Cash and Equivalents 103.64 Consensus Rating 2.455Enterprise Value 409.65

Average Volume 5 Day 1'561'804GSS US EQUITY YTD Change - Average Volume 30 Day 1'750'500GSS US EQUITY YTD % CHANGE - Average Volume 3 Month 1'963'907


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2175.6 257.4 400.7 432.7 471.0 432.7 471.0 611.4 664.0 144.0 156.74.78x 1.43x 1.99x 2.72x 0.98x 10.52x 4.90x 0.67x 0.31x 2.73x 2.43x

6.0 1.8 136.7 107.6 91.8 107.6 91.8 162.0 218.8 34.9 43.0139.20x 200.09x 5.85x 10.93x 5.00x 10.93x 5.00x 2.53x 1.87x 2.50x 1.89x

(36.4) (119.3) 16.5 (11.2) (2.1) (11.2) (2.1) 43.6 89.8 8.0 12.9- - 39.07x - - 0.00x 0.00x 8.63x 4.56x 7.32x 4.72x

EBITDA 91.81 Long-Term Rating Date -EBIT 20.34 Long-Term Rating -Operating Margin 4.32% Long-Term Outlook -Pretax Margin 1.80% Short-Term Rating Date -Return on Assets -0.28% Short-Term Rating -Return on Common Equity -0.47%Return on Capital -0.87% EBITDA/Interest Exp. 10.33Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. -1.08




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Golden Star Resources LtdPrice/Volume

Valuation Analysis


'

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50.0

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200.0

250.0

300.0

350.0

400.0

450.0

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSENTRY SELECT CAPITA n/a Co File 32'626'900 12.6 - 30.06.2010 Investment AdvisorVAN ECK ASSOCIATES C n/a Co File 24'706'814 9.54 62'323 10.01.2012 Investment AdvisorHEARTLAND ADVISORS I HEARTLAND ADVISORS I 13F 21'093'025 8.15 2'708'125 31.12.2011 Investment AdvisorACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 8'366'011 3.23 (454'777) 31.03.2012 Hedge Fund ManagerSTATE STREET CORP STATE STREET CORPORA 13F 4'781'876 1.85 (85'571) 31.12.2011 Investment AdvisorBLACKROCK INC BLACKROCK INC 13F 4'300'598 1.66 1'364'286 31.12.2011 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2'857'304 1.1 83'071 31.12.2011 Investment AdvisorTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 2'680'142 1.04 896'876 31.12.2011 Investment AdvisorPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 2'391'400 0.92 - 31.12.2011 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 2'030'809 0.78 57'020 31.12.2011 Pension Fund (ERISA)BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 2'001'762 0.77 (2'835'625) 31.12.2011 Investment AdvisorNORGES BANK NORGES BANK 13F 1'934'059 0.75 1'934'059 31.12.2011 GovernmentSPROTT INC Multiple Portfolios MF-AGG 1'932'700 0.75 - 30.06.2011 Hedge Fund ManagerSUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 1'822'482 0.7 1'822'482 31.12.2011 Hedge Fund ManagerGOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 1'491'397 0.58 (235'652) 31.12.2011 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 1'264'917 0.49 127'926 31.12.2011 Investment AdvisorBPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 1'226'394 0.47 - 31.01.2012 Mutual Fund ManagerJONES HEWARD INVESTM Multiple Portfolios MF-AGG 1'135'381 0.44 - 02.05.2012 UnclassifiedTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 1'126'700 0.44 (241'389) 31.12.2011 Investment AdvisorUS GLOBAL INVESTORS US GLOBAL INVESTORS 13F 1'125'000 0.43 1'125'000 31.12.2011 Investment Advisor


BMO Capital Markets ANDREW BREICHMANAS market perform 3 M 2 Not Provided 02.05.2012Scotia Capital TREVOR TURNBULL sector perform 3 M 2 12 month 02.05.2012National Bank Financial PAOLO LOSTRITTO underperform 1 M 2 12 month 02.05.2012Raymond James BRAD HUMPHREY market perform 3 M 2 12 month 25.04.2012Canaccord Genuity Corp RAHUL PAUL hold 3 M 2 12 month 20.04.2012CIBC World Markets COSMOS CHIU sector perform 3 M 2 Not Provided 17.04.2012Macquarie PIERRE VAILLANCOURT neutral 3 M 2 12 month 16.04.2012EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 25.02.2012Paradigm Capital Inc DON MACLEAN sell 1 M 4 12 month 21.02.2012Credit Suisse ANITA SONI neutral 3 M 2 Not Provided 07.02.2012

Holdings By:

Golden Star Resources Ltd ee


03.05.2012

Great Basin Gold Limited explores and develops gold properties. The Company

prospects for gold in the Witwatersrand Basin in South Africa and the CarlinTrend in Nevada.




Total Debt 282.45 YTD Return -24.03%Preferred Stock 0.0 Adjusted BETA 0.944Minority Interest 0.0 Analyst Recs 7Cash and Equivalents 25.75 Consensus Rating 3.286Enterprise Value -

Average Volume 5 Day 970'430GBG US EQUITY YTD Change - Average Volume 30 Day 1'039'135GBG US EQUITY YTD % CHANGE - Average Volume 3 Month 2'022'073


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q20.0 24.7 33.7 99.7 170.3 99.7 170.3 309.3 440.0 39.3 71.2

- 14.86x 19.15x 14.22x 4.16x 39.96x 24.76x - - - -(62.2) (104.9) (50.6) (15.7) 18.3 (15.7) 18.3 108.8 233.0 - -

- - - - 38.63x 0.00x 38.63x - - - -(51.2) (84.9) (48.4) (27.1) (17.7) (27.1) (17.7) 32.5 108.5 (7.9) 2.9

- - - - - 0.00x 0.00x 15.18x 4.27x 18.46x 10.84x

EBITDA 18.34 Long-Term Rating Date -EBIT -0.57 Long-Term Rating -Operating Margin -0.33% Long-Term Outlook -Pretax Margin -38.35% Short-Term Rating Date -Return on Assets -2.21% Short-Term Rating -Return on Common Equity -3.78%Return on Capital - EBITDA/Interest Exp. 0.75Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. -5.72

Net Debt/EBITDA 13.99Gross Margin 29.7% Total Debt/EBITDA 15.40EBITDA Margin 10.8%EBIT Margin -0.3% Total Debt/Equity 59.9%Net Income Margin -10.4% Total Debt/Capital 37.5%


Fiscal Year Ended

Great Basin Gold LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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120.0

140.0

160.0

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C n/a Co File 44'955'986 0 17'437'580 29.02.2012 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 24'585'100 0 155'700 31.12.2011 Investment AdvisorTRANTER GOLD (BEE) n/a Research 20'932'183 0 - 24.04.2012 n/aRUFFER LLP Multiple Portfolios MF-AGG 19'589'000 0 3'225'100 30.11.2011 Hedge Fund ManagerFRANKLIN RESOURCES I FRANKLIN ADVISERS IN 13F 16'971'400 0 - 31.12.2011 Investment AdvisorUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 16'900'002 0 1'900'000 31.12.2011 Investment AdvisorMACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 12'434'000 0 (4'102'600) 31.03.2012 Investment AdvisorWELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 11'352'970 0 3'002'860 31.12.2011 Investment AdvisorJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 10'332'144 0 (529'356) 31.12.2011 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 9'250'630 0 - 31.12.2011 Hedge Fund ManagerNEWGATE CAPITAL MANA NEWGATE CAPITAL MANA 13F 7'467'551 0 1'022'757 31.03.2012 Investment AdvisorBLACKROCK INC BLACKROCK INC 13F 5'689'953 0 541'089 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 5'672'900 0 (1'040'000) 31.12.2011 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 5'660'000 0 - 31.12.2011 Investment AdvisorPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 4'392'440 0 - 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 4'041'186 0 1'369 01.05.2012 Investment AdvisorROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 3'953'900 0 - 31.12.2011 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 3'634'600 0 136'240 31.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 3'465'504 0 283'049 31.12.2011 Investment AdvisorNORGES BANK NORGES BANK 13F 3'463'573 0 3'463'573 31.12.2011 Government


Stifel Nicolaus JOSH WOLFSON hold 3 M #N/A N/A Not Provided 30.04.2012Dahlman Rose & Co ADAM P GRAF buy 5 M 3 Not Provided 30.04.2012Raymond James BRAD HUMPHREY market perform 3 M 2 12 month 25.04.2012Macquarie THOMAS MENGEL outperform 5 M 1 12 month 10.04.2012BMO Capital Markets ANDREW BREICHMANAS market perform 3 M 1 Not Provided 05.04.2012EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 28.03.2012RBC Capital Markets JONATHAN GUY sector perform 3 M 2 12 month 07.02.2012

Holdings By:

Great Basin Gold Ltd ee


03.05.2012

Vista Gold Corp. is an international gold mining company. The Company is

focused on its core projects, the Concordia gold project located in BajaCalifornia Sur, Mexico and the Mt. Todd gold project in Northern Territory,Australia.





Average Volume 5 Day 269'447VGZ US EQUITY YTD Change - Average Volume 30 Day 361'911VGZ US EQUITY YTD % CHANGE - Average Volume 3 Month 434'968


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q20.0 0.0 0.0 0.0 0.0 0.0 0.0 1.0 0.0 0.0 0.0

- - - - - #DIV/0! #DIV/0! - - - -(9.2) (6.5) (6.1) (17.7) (28.1) (17.7) (28.1) (20.2) (15.5) (6.5) (6.2)

- - - - - 0.00x 0.00x - - - -(13.2) (10.0) (1.9) (20.0) 51.5 (20.0) 51.5 (18.1) (17.0) (6.3) (6.2)

- - - - - 0.00x 0.00x - - - -

EBITDA -28.15 Long-Term Rating Date -EBIT -28.57 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets 39.11% Short-Term Rating -Return on Common Equity 51.66%Return on Capital 46.38% EBITDA/Interest Exp. -234.58Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -248.53


Asset Turnover 0.00Current Ratio 6.26 Net Fixed Asset Turnover 0.00Quick Ratio 5.85 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -

Fiscal Year Ended

Vista Gold CorpPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSPROTT INC n/a 13G 9'900'914 13.85 - 31.12.2011 Hedge Fund ManagerSUN VALLEY GOLD LLC n/a SEDI 8'884'255 12.42 146'152 25.01.2012 Hedge Fund ManagerVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 6'823'055 9.54 (41'467) 31.12.2011 Investment AdvisorSPROTT INC SPROTT INC 13F 5'061'233 7.08 8'460 31.03.2012 Hedge Fund ManagerBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 2'171'514 3.04 59'761 31.12.2011 Investment AdvisorLOEWS CORPORATION LOEWS CORPORATION 13F 1'758'748 2.46 - 31.12.2011 CorporationBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 1'571'278 2.2 30'607 31.12.2011 Investment AdvisorRUFFER LLP Multiple Portfolios MF-AGG 1'344'500 1.88 - 30.11.2011 Hedge Fund ManagerSTATE STREET CORP STATE STREET CORPORA 13F 1'124'836 1.57 47'036 31.12.2011 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 868'480 1.21 (6'835) 31.12.2011 Investment AdvisorANDREEFF EQUITY ADVI ANDREEFF EQUITY ADVI 13F 796'741 1.11 (130'224) 31.12.2011 Hedge Fund ManagerGLOBAL RESOURCE INVE n/a 13G 429'348 0.6 - 15.12.2010 Investment AdvisorTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 395'028 0.55 (8'200) 31.12.2011 Investment AdvisorIFM - INDEPENDENT FU Multiple Portfolios MF-AGG 355'149 0.5 - 23.02.2012 Investment AdvisorEARNEST FREDERICK H n/a Form 4 355'087 0.5 300'000 16.11.2011 n/aBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 343'118 0.48 (30'498) 31.03.2012 Investment AdvisorJONES HEWARD INVESTM Multiple Portfolios MF-AGG 313'753 0.44 - 02.05.2012 UnclassifiedBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 300'467 0.42 300'467 31.12.2011 Investment AdvisorSTRS OHIO STRS OHIO 13F 250'700 0.35 147'200 31.03.2012 Pension Fund (ERISA)RICHINGS MICHAEL B n/a Form 4 223'439 0.31 - 01.01.2012 n/a


Dahlman Rose & Co ADAM P GRAF buy 5 M 13 Not Provided 30.04.2012National Bank Financial PAOLO LOSTRITTO outperform 5 M 5 12 month 26.04.2012Roth Capital Partners BRIAN W POST buy 5 M 9 12 month 30.03.2012Stonegate Securities Inc MARCO RODRIGUEZ no rating system #N/A N/A M #N/A N/A Not Provided 23.03.2012Global Hunter Securities JEFF WRIGHT buy 5 M 7 12 month 16.03.2012GMP CRAIG WEST buy 5 M 9 Not Provided 01.02.2012

Holdings By:

Vista Gold Corp ee


03.05.2012

B2Gold Corporation is a gold exploration and production company. The Company is

a Vancouver based gold producer with mines in Nicaragua and a portfolio ofdevelopment and exploration assets in Nicaragua, Colombia and Uruguay.





Average Volume 5 Day 1'988'889BTO CN EQUITY YTD Change - Average Volume 30 Day 3'317'835BTO CN EQUITY YTD % CHANGE - Average Volume 3 Month 3'413'155


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q20.0 0.0 20.6 127.5 225.4 127.5 225.4 266.0 337.7 64.8 69.9

- - 15.58x 6.62x 4.75x 17.51x 19.23x 4.67x 3.43x 19.15x 17.78x(4.2) (10.6) (9.6) 38.1 112.0 38.1 112.7 143.0 212.7 33.9 38.4

- - - 22.14x 9.55x 22.14x 9.49x 8.75x 5.89x 8.42x 6.89x(4.2) (30.0) (27.8) 20.0 56.3 20.0 56.3 88.7 137.5 22.7 25.6

- - - 135.27x 19.06x 135.27x 17.94x 15.79x 10.89x 15.93x 13.87x





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

B2Gold CorpPrice/Volume

Valuation Analysis


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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 44'732'233 11.63 (140'000) 31.03.2012 Investment AdvisorRESOLUTE FUNDS LTD n/a Co File 33'800'000 8.79 (11'874'000) 28.02.2011 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 19'721'699 5.13 129'516 01.05.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 17'000'000 4.42 2'000'000 31.01.2012 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 15'924'189 4.14 (57'000) 31.12.2011 Investment AdvisorSENTRY SELECT CAPITA Multiple Portfolios MF-AGG 12'275'000 3.19 - 30.06.2011 Investment AdvisorJOHNSON CLIVE T n/a SEDI 8'091'860 2.1 (17'000) 08.03.2012 n/aOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 7'189'179 1.87 - 29.02.2012 Investment AdvisorMANULIFE ASSET MANAG Multiple Portfolios MF-AGG 5'623'701 1.46 432'336 30.03.2012 Investment AdvisorGARAGAN THOMAS n/a SEDI 5'260'000 1.37 (1'000'000) 06.07.2011 n/aCORRA MARK A n/a SEDI 5'253'750 1.37 (1'000'000) 06.07.2011 n/aSCEPTRE INVESTMENT C Multiple Portfolios MF-AGG 5'002'600 1.3 (40'900) 31.01.2012 Investment AdvisorRICHER ROGER THOMAS n/a SEDI 5'000'000 1.3 (1'040'000) 06.07.2011 n/aCI INVESTMENTS INC Multiple Portfolios MF-AGG 4'904'100 1.27 564'600 30.06.2011 Hedge Fund ManagerCROSS ROBERT n/a PROXY 4'871'660 1.27 - 10.05.2011 n/aGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 4'254'075 1.11 (275'500) 30.09.2011 Investment AdvisorSTANSBURY DENNIS ROB n/a SEDI 4'129'300 1.07 (3'500) 22.02.2012 n/aJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 4'100'000 1.07 - 31.12.2011 Investment AdvisorPALODURO INVESTMENTS n/a SEDI 3'831'660 1 (500'000) 06.07.2011 CorporationDRIEHAUS CAPITAL MAN Multiple Portfolios MF-AGG 2'974'183 0.77 2'558'163 29.02.2012 Hedge Fund Manager


Canaccord Genuity Corp STEVEN BUTLER buy 5 M 6 12 month 02.05.2012Haywood Securities Inc. CHRIS THOMPSON sector outperform 5 M 5 12 month 24.04.2012TD Newcrest STEVEN J GREEN buy 5 M 6 12 month 23.04.2012Macquarie MICHAEL GRAY outperform 5 M 5 12 month 16.04.2012Cormark Securities Inc. RICHARD GRAY top pick 5 M 6 12 month 10.04.2012Raymond James FORBES GEMMELL Under Review #N/A N/A M #N/A N/A Not Provided 14.03.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 09.01.2012

Holdings By:

B2Gold Corp ee


03.05.2012

China Gold International Resources Corp Ltd.is a mining company focused on the

exploration and development of gold projects in throughout Asia.





Average Volume 5 Day 335'031CGG CN EQUITY YTD Change - Average Volume 30 Day 442'160CGG CN EQUITY YTD % CHANGE - Average Volume 3 Month 577'386


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q20.0 29.4 81.0 133.2 311.3 133.2 311.3 354.6 392.0 - -

- 3.54x 7.07x 15.60x 2.82x 34.17x 17.98x 4.06x 3.14x - -(11.9) (0.1) 25.0 69.3 140.5 69.3 140.5 164.7 221.7 - -

- - 22.93x 29.97x 6.24x 29.97x 6.24x 9.84x 7.31x - -(16.5) 14.6 (9.3) 26.2 79.4 26.2 79.4 103.4 128.4 - -

- 36.15x - 39.69x 13.23x 44.36x 13.23x 17.04x 13.83x - -




Fiscal Year Ended

China Gold International Resources Corp LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHINA NATIONAL GOLD n/a SEDI 155'794'830 39.33 184'200 30.09.2011 CorporationVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 14'083'605 3.55 92'808 01.05.2012 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 5'435'907 1.37 - 29.02.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 2'476'200 0.63 - 30.03.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'171'327 0.3 455 01.05.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 727'589 0.18 (75'179) 31.12.2011 Investment AdvisorDAIWA SB INVESTMENT Multiple Portfolios MF-AGG 350'000 0.09 - 11.01.2012 Investment AdvisorBLACKROCK JAPAN CO L Multiple Portfolios MF-AGG 211'000 0.05 - 27.01.2011 Investment AdvisorSWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 155'000 0.04 - 31.01.2012 Mutual Fund ManagerMARLBOROUGH FUND MAN Multiple Portfolios MF-AGG 146'950 0.04 - 02.04.2012 Mutual Fund ManagerGEOGRAPHE CORPORATE n/a SEDI 140'000 0.04 - 27.04.2010 CorporationHE YINGBIN IAN n/a SEDI 120'000 0.03 110'000 10.04.2012 n/aTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 98'700 0.02 - 31.12.2011 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 88'599 0.02 - 01.05.2012 Investment AdvisorPRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 80'200 0.02 45'800 31.12.2011 Insurance CompanyCIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 76'922 0.02 (2'326) 31.12.2011 Investment AdvisorNESTOR INVESTMENT MA Multiple Portfolios MF-AGG 70'000 0.02 - 29.02.2012 Mutual Fund ManagerINDEXIQ ADVISORS LLC Multiple Portfolios MF-AGG 64'705 0.02 - 02.05.2012 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 61'755 0.02 - 31.12.2011 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 59'705 0.02 - 31.01.2012 Investment Advisor


BOCOM International Holdings RONGJIN LUO buy 5 M 5 12 month 03.05.2012Credit Suisse OWEN LIANG neutral 3 D 4 Not Provided 28.03.2012CCB International Securities Ltd KIN CHUNG LI neutral 3 M 5 Not Provided 28.03.2012GuoSen Securities Co Ltd CHENGMING GAO buy 5 M 5 12 month 02.02.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 26.01.2012

Holdings By:

China Gold International Resources Corp Ltd ee


03.05.2012

Silvercorp Metals Inc. acquires, explores, and develops mineral properties in

China. The Company is developing its Ying Silver project located in thePeople's Republic of China.





Average Volume 5 Day 513'701SVM CN EQUITY YTD Change - Average Volume 30 Day 637'475SVM CN EQUITY YTD % CHANGE - Average Volume 3 Month 771'561


31.03.2007 31.03.2008 31.03.2009 31.03.2010 31.03.2011 12/yy 12/yy 03/12 Y 03/13 Y 03/12 Q4 06/12 Q139.8 108.4 83.5 107.2 167.3 153.1 236.1 243.6 310.3 47.4 64.7

18.55x 10.33x 3.67x 9.86x 14.18x 35.23x 25.90x 4.31x 3.35x 22.92x 16.78x25.8 76.7 40.4 66.4 110.3 100.1 158.3 150.8 163.3 28.2 39.1

28.67x 14.60x 7.59x 15.92x 21.51x 20.48x 6.32x 6.88x 6.35x 6.89x 6.51x22.1 59.9 (16.0) 38.5 68.8 65.4 76.7 79.5 100.0 13.2 18.6

37.00x 19.96x 18.75x 27.45x 37.31x 32.85x 14.30x 14.26x 11.30x 14.64x 13.56x





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Silvercorp Metals IncPrice/Volume

Valuation Analysis


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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 5'774'450 3.38 (75'000) 31.12.2011 Investment AdvisorVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 4'260'750 2.5 378'000 31.12.2011 Investment AdvisorFENG RUI n/a SEDI 4'139'500 2.43 135'000 16.09.2011 n/aRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 3'051'900 1.79 (328'100) 31.12.2011 Hedge Fund ManagerAXA AXA 13F 2'259'386 1.32 - 31.12.2011 Investment AdvisorSENTRY SELECT CAPITA Multiple Portfolios MF-AGG 2'030'000 1.19 - 30.06.2011 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 1'762'730 1.03 160'242 31.12.2011 Investment AdvisorUBS AG UBS AG 13F 1'601'524 0.94 (89'401) 31.12.2011 Investment AdvisorPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 1'582'860 0.93 (36'000) 31.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 1'365'256 0.8 135'329 31.12.2011 Investment AdvisorIG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 1'361'100 0.8 (64'400) 31.12.2011 Investment AdvisorNORGES BANK NORGES BANK 13F 1'277'864 0.75 1'277'864 31.12.2011 GovernmentMORGAN STANLEY MORGAN STANLEY 13F 1'205'981 0.71 363'726 31.12.2011 Investment AdvisorBLACKROCK INC BLACKROCK INC 13F 1'179'919 0.69 (116'413) 31.12.2011 Investment AdvisorSUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 1'160'899 0.68 395'201 31.12.2011 Investment AdvisorBLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 1'080'000 0.63 - 31.12.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 882'015 0.52 39'000 31.12.2011 Investment AdvisorGAO JIANGUO n/a SEDI 803'713 0.47 2'990 16.09.2011 n/aFALCON FUND MANAGEME Multiple Portfolios MF-AGG 790'000 0.46 - 29.02.2012 Investment AdvisorLOMBARD ODIER DARIER Multiple Portfolios MF-AGG 773'000 0.45 - 29.02.2012 Mutual Fund Manager


BMO Capital Markets ANDREW KAIP market perform 3 M 9 Not Provided 30.04.2012Raymond James BRAD HUMPHREY outperform 5 M 12 12 month 25.04.2012CIBC World Markets BRIAN QUAST sector perform 3 M 9 Not Provided 17.04.2012EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 02.03.2012Salman Partners ASH GUGLANI buy 5 M 14 12 month 10.02.2012Knight TEAM COVERAGE strong buy 5 M 13 12 month 20.09.2011

Holdings By:

Silvercorp Metals Inc ee


03.05.2012

Perseus Mining Limited is a mineral exploration Company. The Company explores

for gold in West Africa and Central Asia regions.




Total Debt 80.21 YTD Return 9.58%Preferred Stock 0.0 Adjusted BETA 1.383Minority Interest (6.6) Analyst Recs 18Cash and Equivalents 96.46 Consensus Rating 4.167Enterprise Value 1'148.43

Average Volume 5 Day 2'097'885PRU AU EQUITY YTD Change - Average Volume 30 Day 2'347'885PRU AU EQUITY YTD % CHANGE - Average Volume 3 Month 2'020'202


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 12/yy 12/yy 06/12 Y 06/13 Y 03/12 Q3 06/12 Q4- - - 0.0 0.0 0.0 0.0 153.1 421.7 57.0 60.6- - - - - #DIV/0! #DIV/0! 7.52x 2.68x 20.74x 19.50x

(1.9) (5.5) (3.3) (10.1) (14.2) (12.5) (8.7) 57.3 219.5 20.3 20.3- - - - - 0.00x 0.00x 20.04x 5.23x 8.82x 6.73x

(0.5) (4.8) (4.8) (9.7) (48.2) (46.2) 4.4 53.4 123.3 16.4 16.4- - - - - 0.00x 196.72x 22.67x 9.70x 11.95x 9.92x

EBITDA -14.19 Long-Term Rating Date -EBIT -14.44 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -13.19% Short-Term Rating -Return on Common Equity -17.86%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -5.65EBITDA Margin -EBIT Margin - Total Debt/Equity 36.6%Net Income Margin - Total Debt/Capital 27.4%


Fiscal Year Ended

Perseus Mining LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeDUNDEE CORP n/a EXCH 50'889'000 11.11 (5'997'500) 12.10.2011 Holding CompanyGOODMAN & CO INVESTM Multiple Portfolios MF-AGG 40'857'800 8.92 1'614'300 31.01.2012 Hedge Fund ManagerVAN ECK ASSOCIATES C n/a EXCH 33'089'225 7.23 6'668'416 30.01.2012 Investment AdvisorMACQUARIE GROUP LTD n/a EXCH 20'849'302 4.55 (2'231'878) 26.11.2010 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 17'753'300 3.88 - 31.12.2011 Investment AdvisorSENTRY SELECT CAPITA Multiple Portfolios MF-AGG 15'141'500 3.31 - 30.06.2011 Investment AdvisorMACKENZIE FINANCIAL Multiple Portfolios MF-AGG 10'288'900 2.25 (321'800) 31.01.2012 Investment AdvisorFIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 7'065'800 1.54 - 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 6'054'308 1.32 155'000 31.03.2012 Investment AdvisorUNITED SERVICES AUTO Multiple Portfolios MF-AGG 5'421'800 1.18 421'800 29.02.2012 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 5'200'000 1.14 - 31.12.2011 Investment AdvisorSCOTIA ASSET MANAGEM Multiple Portfolios MF-AGG 4'876'200 1.06 450'000 29.02.2012 Investment AdvisorGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 4'610'900 1.01 - 30.09.2011 Investment AdvisorCALDERWOOD MARK ANDR n/a Co File 4'600'000 1 - 30.08.2011 n/aWELLS FARGO FUNDS MA Multiple Portfolios MF-AGG 3'400'000 0.74 400'000 29.02.2012 Investment AdvisorSPROTT INC Multiple Portfolios MF-AGG 3'293'932 0.72 - 30.06.2011 Hedge Fund ManagerLB SWISS INVESTMENT Multiple Portfolios MF-AGG 3'200'000 0.7 - 30.12.2011 Mutual Fund ManagerTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'135'200 0.68 (64'800) 31.12.2011 Investment AdvisorMONTRUSCO BOLTON INV Multiple Portfolios MF-AGG 2'912'021 0.64 - 31.03.2012 Investment AdvisorSHARE SICAV Multiple Portfolios MF-AGG 2'735'414 0.6 358'540 31.03.2011 Investment Advisor


Dundee Securities Corp RON STEWART buy 5 M 4 12 month 26.04.2012Macquarie MITCH RYAN outperform 5 M 4 12 month 19.04.2012Cormark Securities Inc. MIKE KOZAK buy 5 M 4 12 month 19.04.2012Nomura DAVID COTTERELL neutral 3 M 3 Not Provided 19.04.2012Evans & Partners Pty Ltd CATHY MOISES Positive 4 U #N/A N/A Not Provided 19.04.2012Goldman Sachs PAUL HISSEY neutral/attractive 3 M 3 12 month 18.04.2012Credit Suisse MICHAEL SLIFIRSKI outperform 5 U 3 Not Provided 18.04.2012CIBC World Markets COSMOS CHIU sector outperform 5 M 5 Not Provided 18.04.2012Clarus Securities NANA SANGMUAH buy 5 M 6 12 month 18.04.2012BMO Capital Markets ANDREW BREICHMANAS outperform 5 M 3 Not Provided 17.04.2012BGF Equities Pty Ltd WARWICK ROBERT GRIGOR strong buy 5 M 4 Not Provided 24.02.2012E.L. & C. Baillieu RAY CHANTRY buy 5 M 3 12 month 15.02.2012RBS PHILLIP CHIPPINDALE hold 3 M 3 12 month 23.01.2012EVA Dimensions TEAM COVERAGE sell 1 N #N/A N/A Not Provided 13.01.2012

Holdings By:

Perseus Mining Ltd ee


03.05.2012

Kingsgate Consolidated Limited is a gold mining and exploration company with

operations focused in Thailand at the Chatree gold project. The Company alsoexplores for silver and other metals.





Average Volume 5 Day 467'825KCN AU EQUITY YTD Change - Average Volume 30 Day 645'178KCN AU EQUITY YTD % CHANGE - Average Volume 3 Month 839'373


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -52.0 74.3 113.0 175.5 172.4 - - 377.0 494.8 - -

10.19x 6.01x 5.46x 5.18x 6.69x - - 2.62x 1.88x - -(15.5) 19.6 (38.1) 6.0 66.8 - - 183.1 269.4 - -

- 22.77x - 152.63x 17.26x - - 5.89x 4.00x - -(12.6) 36.2 32.5 73.1 21.1 - - 99.7 175.4 - -

- 10.12x 19.20x 12.59x 42.78x - - 9.35x 5.55x - -

EBITDA 66.81 Long-Term Rating Date -EBIT 38.42 Long-Term Rating -Operating Margin 22.29% Long-Term Outlook -Pretax Margin 10.32% Short-Term Rating Date -Return on Assets 3.63% Short-Term Rating -Return on Common Equity 4.62%Return on Capital - EBITDA/Interest Exp. 10.60Asset Turnover 0.30% (EBITDA-Capex)/Interest Exp. -7.12



Fiscal Year Ended

Kingsgate Consolidated LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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160.0

180.0

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFIDELITY MANAGEMENT n/a EXCH 9'884'105 6.54 1'692'700 11.10.2011 Investment AdvisorVAN ECK ASSOCIATES C n/a EXCH 7'596'150 5.02 - 28.03.2012 Investment AdvisorBLACKROCK GROUP n/a EXCH 7'305'200 4.83 - 16.03.2012 Investment AdvisorUBS AG n/a EXCH 6'061'213 4.01 (1'102'089) 16.09.2010 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 5'500'000 3.64 - 31.01.2012 Investment AdvisorUNITED SERVICES AUTO Multiple Portfolios MF-AGG 5'000'000 3.31 - 29.02.2012 Investment AdvisorSMYTH-KIRK ROSS DONA n/a Co File 4'520'176 2.99 - 18.10.2011 n/aFIRST EAGLE INVESTME Multiple Portfolios MF-AGG 4'118'481 2.72 700'000 31.03.2012 Hedge Fund ManagerRUFFER LLP Multiple Portfolios MF-AGG 4'021'651 2.66 - 30.11.2011 Hedge Fund ManagerOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 3'114'200 2.06 2'217'700 29.02.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 2'106'419 1.39 1'267'158 31.10.2011 Investment AdvisorTHOMAS GAVIN n/a EXCH 1'680'388 1.11 (700'000) 26.03.2012 n/aFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 1'650'650 1.09 - 30.03.2012 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 1'027'959 0.68 89'424 30.03.2012 Mutual Fund ManagerQUANTEX AG Multiple Portfolios MF-AGG 710'000 0.47 710'000 30.03.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 618'101 0.41 37'789 31.12.2011 Investment AdvisorGAMCO ASSET MANAGEME Multiple Portfolios MF-AGG 600'000 0.4 - 30.12.2011 Investment AdvisorALLIANZ GLOBAL INV O Multiple Portfolios MF-AGG 587'389 0.39 - 31.12.2011 Investment AdvisorNESTOR INVESTMENT MA Multiple Portfolios MF-AGG 436'179 0.29 100'000 29.02.2012 Mutual Fund ManagerBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 318'909 0.21 - 01.05.2012 Investment Advisor


Veritas Securities MATTHEW BAILLIE buy 5 M 8 Not Provided 02.05.2012Macquarie MITCH RYAN outperform 5 M 8 12 month 27.04.2012BBY Limited MIKE HARROWELL strong buy 5 M 11 12 month 27.04.2012Goldman Sachs PAUL HISSEY buy/attractive 5 M 9 12 month 26.04.2012RBC Capital Markets STEUART MCINTYRE underperform 1 M 7 12 month 26.04.2012Evans & Partners Pty Ltd CATHY MOISES neutral 3 D #N/A N/A Not Provided 26.04.2012BMO Capital Markets DAVID HAUGHTON market perform 3 M 9 Not Provided 05.04.2012RBS PHILLIP CHIPPINDALE hold 3 M 7 12 month 12.03.2012Deutsche Bank CHRIS TERRY not rated #N/A N/A M #N/A N/A Not Provided 22.02.2012EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011Bell Potter PETER CHAPMAN Under Review #N/A N/A M #N/A N/A Not Provided 02.11.2011E.L. & C. Baillieu RAY CHANTRY hold 3 M 7 12 month 24.02.2011

Holdings By:

Kingsgate Consolidated Ltd ee


03.05.2012

Medusa Mining Limited is a gold exploration and mining Company. The Company

has exploration projects located in Western Australia and the Philippines alongwith mining leases in Tasmania.





Average Volume 5 Day 637'923MML AU EQUITY YTD Change - Average Volume 30 Day 795'842MML AU EQUITY YTD % CHANGE - Average Volume 3 Month 817'678


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -8.5 15.8 42.6 93.9 148.7 - - 105.7 195.9 - -

14.86x 9.93x 5.99x - 8.51x - - 10.00x 5.23x - -(1.0) 4.6 30.4 73.0 120.2 - - 77.7 156.1 - -

- 34.16x 8.41x - 10.54x - - 13.53x 6.73x - -7.1 (1.2) 28.5 65.8 110.4 - - 68.4 143.1 - -

13.37x - 8.88x 8.74x 12.02x - - 16.47x 7.63x - -

EBITDA 120.17 Long-Term Rating Date -EBIT 109.98 Long-Term Rating -Operating Margin 73.96% Long-Term Outlook -Pretax Margin 74.29% Short-Term Rating Date -Return on Assets 47.10% Short-Term Rating -Return on Common Equity 48.90%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. -



Fiscal Year Ended

Medusa Mining LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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80.0

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVANGUARD GROUP INC Multiple Portfolios MF-AGG 25'958'333 13.74 43'717 31.12.2011 Investment AdvisorM&G INVESTMENT MANAG n/a EXCH 24'550'000 13 1'695'000 01.08.2011 Investment AdvisorFIDELITY MANAGEMENT n/a EXCH 21'805'480 11.54 (1'962'429) 28.03.2012 Investment AdvisorVAN ECK ASSOCIATES C n/a Co File 9'403'606 4.98 - 31.08.2011 Investment AdvisorBLACKROCK GROUP n/a EXCH 9'336'952 4.94 (134'653) 01.02.2011 Investment AdvisorROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 6'648'801 3.52 (332'299) 31.03.2012 Investment AdvisorREX HARBOUR & ASSOCI n/a EXCH 6'647'146 3.52 (4'714'520) 24.03.2011 n/aBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 4'600'389 2.44 389 29.02.2012 Investment AdvisorDAVIS GEOFFREY JOHN n/a EXCH 4'052'750 2.15 (1'000'000) 10.11.2011 n/aUCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 2'937'453 1.55 390'133 31.03.2012 Mutual Fund ManagerFIRST EAGLE INVESTME Multiple Portfolios MF-AGG 2'613'520 1.38 - 31.03.2012 Hedge Fund ManagerAFDAL SAMUEL G n/a Co File 2'000'000 1.06 - 30.06.2011 n/aDANIEL ROY PHILIP n/a Co File 1'422'006 0.75 - 30.06.2011 n/aFIDELITY INTERNATION Multiple Portfolios MF-AGG 1'365'433 0.72 (98'933) 30.12.2011 Investment AdvisorSPROTT INC Multiple Portfolios MF-AGG 1'348'102 0.71 - 30.06.2011 Hedge Fund ManagerJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 1'300'000 0.69 - 31.12.2011 Investment AdvisorMMA INVESTMENT MANAG Multiple Portfolios MF-AGG 1'020'000 0.54 - 30.06.2011 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 984'166 0.52 4'257 30.03.2012 Mutual Fund ManagerINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 825'000 0.44 - 31.12.2011 Investment AdvisorQUANTEX AG Multiple Portfolios MF-AGG 825'000 0.44 (20'000) 30.03.2012 Investment Advisor


Fairfax I.S. Limited JOHN MEYER buy 5 M 9 Not Provided 03.05.2012Seymour Pierce ASA BRIDLE buy 5 M 7 Not Provided 25.04.2012Morgan Stanley BRENDAN FITZPATRICK Overwt/Attractive 5 M 9 12 month 24.04.2012RBC Capital Markets STEUART MCINTYRE outperform 5 M 7 12 month 24.04.2012Deutsche Bank CHRIS TERRY buy 5 M 7 12 month 03.04.2012RBS PHILLIP CHIPPINDALE buy 5 M 7 12 month 21.03.2012Goldman Sachs PAUL HISSEY buy/attractive 5 M 7 12 month 20.03.2012Paradigm Capital Inc DON MACLEAN buy 5 M 9 12 month 06.03.2012EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 05.03.2012E.L. & C. Baillieu RAY CHANTRY accumulate 4 U 9 12 month 19.05.2011Mirabaud Securities ALEX WOOD buy 5 U 5 12 month 09.08.2010

Holdings By:

Medusa Mining Ltd ee


03.05.2012

Dundee Precious Metals Inc. acquires, explores, and develops gold mining

properties. The Company owns interests in mineral properties in Armenia,Bulgaria, Canada, and Serbia.





Average Volume 5 Day 863'588DPM CN EQUITY YTD Change - Average Volume 30 Day 827'079DPM CN EQUITY YTD % CHANGE - Average Volume 3 Month 703'681


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2122.4 105.1 137.6 202.0 338.5 201.9 338.5 325.0 586.3 93.6 102.03.33x 0.65x 2.15x 5.56x 2.84x 13.18x 11.67x 2.20x 0.92x - -(0.2) (36.2) 16.4 - - 14.5 76.6 179.0 308.7 - -

- - 18.00x - - 77.57x 12.54x 4.60x 2.65x - -15.4 (79.2) 5.1 22.9 86.1 22.4 86.1 52.6 234.3 25.3 29.2

- - 44.88x 49.37x 13.48x 28.42x 13.48x 12.71x 5.25x 9.81x 8.72x

EBITDA - Long-Term Rating Date -EBIT 76.56 Long-Term Rating -Operating Margin 22.62% Long-Term Outlook -Pretax Margin 26.18% Short-Term Rating Date -Return on Assets 9.87% Short-Term Rating -Return on Common Equity 12.77%Return on Capital 10.10% EBITDA/Interest Exp. -Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -Gross Margin 38.6% Total Debt/EBITDA -EBITDA Margin -EBIT Margin 22.6% Total Debt/Equity 11.8%Net Income Margin 25.4% Total Debt/Capital 10.3%



Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Dundee Precious Metals IncPrice/Volume

Valuation Analysis


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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeDUNDEE CORP n/a SEDI 28'308'755 22.59 - 17.03.2010 Holding CompanyMASON HILL ADVISORS n/a Co File 12'884'085 10.28 - 28.02.2010 UnclassifiedUS GLOBAL INVESTORS n/a 13G 9'537'800 7.61 - 31.12.2009 Investment AdvisorTHIRD AVENUE MANAGEM n/a Co File 7'556'820 6.03 (4'286'512) 31.08.2009 Hedge Fund ManagerVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 5'621'052 4.49 37'044 01.05.2012 Investment AdvisorIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 3'704'900 2.96 2'428'226 31.12.2011 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 3'207'070 2.56 591'340 29.02.2012 Investment AdvisorSCEPTRE INVESTMENT C Multiple Portfolios MF-AGG 2'607'700 2.08 256'300 31.01.2012 Investment AdvisorRUFFER LLP Multiple Portfolios MF-AGG 2'589'700 2.07 - 30.11.2011 Hedge Fund ManagerFIRST EAGLE INVESTME Multiple Portfolios MF-AGG 2'419'196 1.93 (1'283'200) 31.03.2012 Hedge Fund ManagerUNITED SERVICES AUTO Multiple Portfolios MF-AGG 1'900'000 1.52 1'900'000 29.02.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'838'734 1.47 - 31.07.2011 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 1'813'893 1.45 (1'913) 31.12.2011 Investment AdvisorNATCAN INVESTMENT MA Multiple Portfolios MF-AGG 1'564'384 1.25 284'656 30.03.2012 Investment AdvisorIA CLARINGTON INVEST Multiple Portfolios MF-AGG 1'362'000 1.09 - 31.12.2011 Investment AdvisorMD MANAGEMENT LTD Multiple Portfolios MF-AGG 1'014'771 0.81 372'025 31.03.2012 Investment AdvisorMACKENZIE FINANCIAL Multiple Portfolios MF-AGG 980'300 0.78 (137'000) 31.01.2012 Investment AdvisorAMERICAN CENTURY COM Multiple Portfolios MF-AGG 971'500 0.78 (76'900) 31.12.2011 Investment AdvisorSPROTT INC Multiple Portfolios MF-AGG 875'200 0.7 - 30.06.2011 Hedge Fund ManagerGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 586'000 0.47 271'600 30.09.2011 Investment Advisor


RBC Capital Markets STEPHEN D WALKER outperform 5 M 12 12 month 01.05.2012BMO Capital Markets JOHN P HAYES speculative outperform 4 M 12 Not Provided 30.04.2012Union Securities PHILIP KER strong buy 5 M 13 12 month 30.04.2012Stifel Nicolaus JOSH WOLFSON buy 5 M 14 Not Provided 30.04.2012Scotia Capital LEILY OMOUMI sector outperform 5 M 12 12 month 30.04.2012Dundee Securities Corp PAUL BURCHELL not rated #N/A N/A M #N/A N/A Not Provided 30.04.2012EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 24.04.2012Cormark Securities Inc. MIKE KOZAK buy 5 M 17 12 month 21.02.2012

Holdings By:

Dundee Precious Metals Inc ee


03.05.2012

Evolution Mining Ltd is a gold exploration company with operations in Western

Australia. The Company owns the gold mines - Cracow, Edna May, Mt Rawdon andPajingo - and the Mt Carlton development project.





Average Volume 5 Day 1'002'330EVN AU EQUITY YTD Change - Average Volume 30 Day 1'214'061EVN AU EQUITY YTD % CHANGE - Average Volume 3 Month 2'075'184


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -- - - 22.3 121.9 - - 491.6 702.7 - -- - - 13.04x 2.11x - - 2.13x 1.26x - -

(10.1) (2.3) (6.9) 2.9 28.7 - - 187.2 336.5 - -- - - 99.74x 8.94x - - 5.63x 3.13x - -

(9.7) (2.3) (6.8) 5.5 (2.3) - - 83.2 179.5 - -- - - 41.35x - - - 10.81x 6.69x - -

EBITDA 28.73 Long-Term Rating Date -EBIT 7.58 Long-Term Rating -Operating Margin 6.22% Long-Term Outlook -Pretax Margin 3.25% Short-Term Rating Date -Return on Assets -1.02% Short-Term Rating -Return on Common Equity -1.54%Return on Capital -2.40% EBITDA/Interest Exp. 6.55Asset Turnover 0.54% (EBITDA-Capex)/Interest Exp. -0.61




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Evolution Mining LtdPrice/Volume

Valuation Analysis


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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeNEWCREST MINING LTD n/a EXCH 231'082'631 32.68 - 13.12.2011 n/aRUFFER LLP Multiple Portfolios MF-AGG 17'765'848 2.51 17'765'848 30.11.2011 Hedge Fund ManagerBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 16'991'504 2.4 - 31.01.2012 Investment AdvisorVAN ECK ASSOCIATES C n/a Co File 14'386'445 2.03 - 22.09.2011 Investment AdvisorUBS AG n/a Co File 8'920'168 1.26 - 22.09.2011 Investment AdvisorBANK OF AMERICA CORP n/a EXCH 8'827'967 1.25 (414'122) 30.03.2011 Investment AdvisorORBIS HOLDINGS LIMIT n/a EXCH 8'411'900 1.19 (552'936) 03.11.2011 Investment AdvisorJJ HOLDINGS (VIC) PT n/a EXCH 6'952'009 0.98 275'862 18.11.2011 n/aKLEIN JACOB n/a EXCH 5'524'999 0.78 - 21.02.2012 n/aLB SWISS INVESTMENT Multiple Portfolios MF-AGG 5'058'823 0.72 (91'177) 30.12.2011 Mutual Fund ManagerNESTOR INVESTMENT MA Multiple Portfolios MF-AGG 3'402'858 0.48 (250'000) 29.02.2012 Mutual Fund ManagerVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 3'061'328 0.43 477'318 30.03.2012 Mutual Fund ManagerUOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'011'168 0.28 - 30.06.2011 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 1'865'755 0.26 1'486'162 31.12.2011 Investment AdvisorPOLLOCK MURRAY G n/a EXCH 1'839'492 0.26 - 18.10.2011 n/aGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 1'706'300 0.24 - 30.09.2011 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 1'542'518 0.22 140'339 30.03.2012 Investment AdvisorLOMBARD ODIER DARIER Multiple Portfolios MF-AGG 1'389'891 0.2 (703'000) 29.02.2012 Mutual Fund ManagerMALONEY PETER JOSEPH n/a EXCH 1'379'579 0.2 - 18.10.2011 n/aFALCON FUND MANAGEME Multiple Portfolios MF-AGG 1'248'691 0.18 - 29.02.2012 Investment Advisor


Macquarie MITCH RYAN outperform 5 M 2 12 month 27.04.2012Nomura DAVID COTTERELL buy 5 M 3 Not Provided 27.04.2012E.L. & C. Baillieu RAY CHANTRY buy 5 U 2 12 month 27.04.2012RBS JAMES WILSON buy 5 M 2 12 month 26.04.2012Goldman Sachs PAUL HISSEY neutral/attractive 3 M 2 12 month 26.04.2012RBC Capital Markets GEOFF BREEN outperform 5 M 2 12 month 26.04.2012BBY Limited MIKE HARROWELL strong buy 5 M 2 12 month 03.04.2012Ord Minnett LUKE SMITH accumulate 4 D 2 Not Provided 06.03.2012Bell Potter CHRIS WHITEHEAD buy 5 M 2 12 month 06.03.2012Paterson Securities ALEX PASSMORE buy 5 M 2 12 month 27.02.2012Hartleys PETER GRAY buy 5 M 2 Not Provided 02.02.2012Evans & Partners Pty Ltd CATHY MOISES neutral 3 N #N/A N/A Not Provided 04.12.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011Investec GEOFF MUERS restricted #N/A N/A M #N/A N/A Not Provided 07.11.2011Argonaut Securities Pty Ltd TIM SERJEANT hold 3 M 2 Not Provided 25.08.2011

Holdings By:

Evolution Mining Ltd ee


03.05.2012

Banro Corporation, through its subsidiary, explores and develops gold

properties. The Company currently holds mining permits and mining concessionsin the Democratic Republic of Congo in Africa.


452-Week High % Change -30.97% Dividend Yield 0.0052-Week Low % Change 37.46% Beta 2.02% 52 Week Price Range High/Low 42.51% Equity Float 197.47

Shares Out 30.04.2012 200.5 Short Int 0.83802.00 1 Yr Total Return 14.29%

Total Debt 0.00 YTD Return 5.82%Preferred Stock 0.0 Adjusted BETA 2.018Minority Interest 0.0 Analyst Recs 3Cash and Equivalents 9.70 Consensus Rating 4.667Enterprise Value 802.78

Average Volume 5 Day 1'222'279BAA CN EQUITY YTD Change - Average Volume 30 Day 1'382'142BAA CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'559'639


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q20.0 0.0 0.0 0.0 0.0 0.0 0.0 157.5 385.0 - -

- - - - - #DIV/0! #DIV/0! - - - -(10.3) (6.2) (7.6) (10.3) (10.2) (10.3) (10.2) 90.3 199.0 - -

- - - - - 0.00x 0.00x 8.89x 4.03x - -(4.3) (8.5) (4.8) (3.0) (9.3) (3.0) (9.3) 49.6 167.0 - -

- 9.34x - - - 0.00x 0.00x 15.41x 5.22x 15.47x 12.87x



Asset Turnover 0.00Current Ratio 0.31 Net Fixed Asset Turnover 0.00Quick Ratio 0.25 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -

Fiscal Year Ended

Banro CorpPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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0.7

0.8

0.9

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 18'218'297 9.09 (1'110'482) 31.12.2011 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 17'993'083 8.97 (32'058) 31.12.2011 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 11'439'202 5.71 75'384 01.05.2012 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 8'963'500 4.47 (25'000) 31.12.2011 Hedge Fund ManagerJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 8'163'571 4.07 - 31.12.2011 Investment AdvisorFRANKLIN RESOURCES I FRANKLIN ADVISERS IN 13F 7'940'300 3.96 45'000 31.12.2011 Investment AdvisorTRADEWINDS GLOBAL IN n/a 13G 7'594'949 3.79 (7'038'669) 31.03.2012 Investment AdvisorIG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 7'382'700 3.68 380'800 31.12.2011 Investment AdvisorRUFFER LLP Multiple Portfolios MF-AGG 6'779'000 3.38 - 30.11.2011 Hedge Fund ManagerDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 3'954'872 1.97 955'317 31.12.2011 Investment AdvisorFIDELITY INTERNATION FIDELITY INTERNATION 13F 3'887'130 1.94 802'727 31.12.2011 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 3'696'400 1.84 1'409'600 31.12.2011 Pension Fund (ERISA)OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 2'793'898 1.39 10'690 31.12.2011 Investment AdvisorDWS INVESTMENT SA Multiple Portfolios MF-AGG 2'675'000 1.33 (125'000) 31.01.2012 Mutual Fund ManagerFIERA SCEPTRE INC FIERA SCEPTRE INC 13F 2'634'100 1.31 1'198'400 31.12.2011 Investment AdvisorBLACKROCK INC BLACKROCK INC 13F 2'364'758 1.18 61'836 31.12.2011 Investment AdvisorPYRAMIS GLOBAL ADVIS PYRAMIS GLOBAL ADVIS 13F 2'229'800 1.11 2'229'800 31.12.2011 Investment AdvisorSCEPTRE INVESTMENT C Multiple Portfolios MF-AGG 2'181'300 1.09 375'000 31.01.2012 Investment AdvisorKONDRAT ARNOLD T n/a SEDI 1'989'748 0.99 (59'500) 09.11.2011 n/aPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 1'827'800 0.91 58'700 31.12.2011 Investment Advisor


Cormark Securities Inc. MIKE KOZAK speculative buy 4 M 7 12 month 26.04.2012CIBC World Markets COSMOS CHIU sector outperform 5 M 9 Not Provided 25.04.2012GMP BROCK SALIER buy 5 M 9 12 month 25.04.2012

Holdings By:

Banro Corp ee


03.05.2012

Endeavour Silver Corp. is a small-cap silver mining company focused on the

growth of its silver production, reserves and resources in Mexico.





Average Volume 5 Day 1'039'567EXK US EQUITY YTD Change - Average Volume 30 Day 1'191'409EXK US EQUITY YTD % CHANGE - Average Volume 3 Month 1'247'225


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q232.3 39.3 50.8 86.5 128.0 86.5 128.0 253.5 275.8 - -5.19x 1.18x 3.98x 5.80x 5.79x 13.30x 21.01x - - - -(7.5) (4.5) 11.3 30.7 64.8 30.7 64.8 126.0 156.5 - -

- - 17.91x 16.36x 11.43x 16.36x 11.43x 5.16x 4.15x - -(12.2) (18.0) (1.9) (20.4) 18.8 (20.4) 18.8 97.9 116.3 - -

- - - - - 0.00x 0.00x 8.71x 7.76x 7.26x 7.05x





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Endeavour Silver CorpPrice/Volume

Valuation Analysis


'

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60.0

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120.0

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 4'392'804 5 (73'218) 31.12.2011 Investment AdvisorCONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 3'603'030 4.1 1'523'667 31.12.2011 Investment AdvisorRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 3'321'399 3.78 138'700 31.12.2011 Hedge Fund ManagerCANADA PENSION PLAN CANADA PENSION PLAN 13F 1'931'713 2.2 173'400 31.12.2011 Pension Fund (ERISA)ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 1'656'600 1.89 (33'100) 31.12.2011 Investment AdvisorCOOKE BRADFORD JAMES n/a SEDI 1'267'837 1.44 (20'000) 16.01.2012 n/aBLACKROCK INC BLACKROCK INC 13F 1'099'208 1.25 551'470 31.12.2011 Investment AdvisorGREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 1'035'225 1.18 (11'700) 31.12.2011 Investment AdvisorPORTOLA GROUP INCORP PORTOLA GROUP INCORP 13F 1'008'600 1.15 297'200 31.03.2012 Investment AdvisorDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 985'299 1.12 (439'615) 31.12.2011 Investment AdvisorCHILTON INVESTMENT C CHILTON INVESTMENT C 13F 898'237 1.02 (180'763) 31.12.2011 Hedge Fund ManagerGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 866'649 0.99 (112'544) 31.12.2011 Investment AdvisorAGF INVESTMENTS INC AGF INVESTMENTS INC 13F 827'059 0.94 7'709 31.12.2011 Investment AdvisorGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 819'350 0.93 (375'900) 30.09.2011 Investment AdvisorPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 810'100 0.92 23'900 31.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 624'575 0.71 36'893 31.12.2011 Investment AdvisorHIGHSTREET ASSET MAN HIGHSTREET ASSET MAN 13F 574'911 0.65 559'903 31.12.2011 Investment AdvisorMD MANAGEMENT LTD Multiple Portfolios MF-AGG 559'700 0.64 (9'400) 31.03.2012 Investment AdvisorNORGES BANK NORGES BANK 13F 543'613 0.62 543'613 31.12.2011 GovernmentBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 515'560 0.59 515'560 31.03.2012 Investment Advisor


BMO Capital Markets ANDREW KAIP market perform 3 M 9 Not Provided 30.04.2012Euro Pacific Capital Inc HEIKO IHLE buy 5 U 11 12 month 26.04.2012CIBC World Markets BRIAN QUAST sector perform 3 M 13 Not Provided 17.04.2012Haywood Securities Inc. CHRIS THOMPSON sector perform 3 M 11 Not Provided 17.04.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 29.03.2012Salman Partners ASH GUGLANI buy 5 M 11 12 month 21.03.2012

Holdings By:

Endeavour Silver Corp ee


03.05.2012

Rubicon Minerals Corporation is a mineral exploration company. The Company

explores for gold deposits in the Red Lake gold camp of Canada, as well asNevada and Alaska.





Average Volume 5 Day 2'950'801RMX CN EQUITY YTD Change - Average Volume 30 Day 2'477'275RMX CN EQUITY YTD % CHANGE - Average Volume 3 Month 2'281'797


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q20.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

- - - - - #DIV/0! #DIV/0! - - - -(3.2) (3.4) (4.6) (25.4) (21.6) (9.0) (21.6) (7.8) (8.2) - -

- - - - - 0.00x 0.00x - - - -(2.2) (2.4) (0.6) (25.5) (21.4) (25.5) (21.4) (5.8) (6.1) - -

- - - - - 0.00x 0.00x - - - -




Fiscal Year Ended

Rubicon Minerals CorpPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'--..001122

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeAGNICO-EAGLE n/a 13D 21'671'827 7.54 - 28.07.2011 CorporationOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 14'722'867 5.13 53'680 31.12.2011 Investment AdvisorIG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 10'125'900 3.53 (1'653'900) 31.12.2011 Investment AdvisorSENTRY SELECT CAPITA Multiple Portfolios MF-AGG 8'634'200 3.01 - 30.06.2011 Investment AdvisorRBC GLOBAL ASSET MAN RBC GLOBAL ASSET MGM 13F 5'322'492 1.85 86'500 31.12.2011 Investment AdvisorJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 3'804'600 1.32 (156'400) 31.12.2011 Investment AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 3'437'800 1.2 (162'217) 31.12.2011 Investment AdvisorMORGAN STANLEY MORGAN STANLEY 13F 2'630'496 0.92 (1'576'137) 31.12.2011 Investment AdvisorBLACKROCK INC BLACKROCK INC 13F 2'548'149 0.89 (2'651) 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 2'356'736 0.82 2'035 01.05.2012 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 2'341'352 0.82 25'000 31.12.2011 Investment AdvisorPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 2'183'400 0.76 - 31.12.2011 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 2'030'000 0.71 - 31.12.2011 Investment AdvisorNORGES BANK NORGES BANK 13F 1'807'813 0.63 1'807'813 31.12.2011 GovernmentHIGHSIDE CAPITAL MAN HIGHSIDE CAPITAL MAN 13F 1'778'900 0.62 13'900 31.12.2011 Hedge Fund ManagerCANADA PENSION PLAN CANADA PENSION PLAN 13F 1'773'250 0.62 (580'800) 31.12.2011 Pension Fund (ERISA)SHARE SICAV Multiple Portfolios MF-AGG 1'694'300 0.59 235'900 31.03.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 1'674'331 0.58 130'538 31.12.2011 Investment AdvisorDIALECTIC CAPITAL MA DIALECTIC CAPITAL MA 13F 1'510'685 0.53 1'510'685 31.12.2011 Hedge Fund ManagerCITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 1'486'066 0.52 1'468'800 31.12.2011 Investment Advisor


Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 6 Not Provided 01.05.2012BMO Capital Markets ANDREW KAIP market perform 3 M 4 Not Provided 30.04.2012TD Newcrest DANIEL EARLE speculative buy 4 M 6 12 month 02.04.2012GMP CRAIG WEST buy 5 M 8 Not Provided 01.02.2012

Holdings By:

Rubicon Minerals Corp ee


03.05.2012

Kirkland Lake Gold, Inc. is an operating gold mining company located in

Ontario, Canada. The Company owns the Macassa Mine and mill and severalcontiguous gold producing properties. Kirkland Lake is developing a lode golddeposit.





Average Volume 5 Day 392'258KGI CN EQUITY YTD Change - Average Volume 30 Day 521'354KGI CN EQUITY YTD % CHANGE - Average Volume 3 Month 486'149


30.04.2007 30.04.2008 30.04.2009 30.04.2010 30.04.2011 01/yy 01/yy 04/12 Y 04/13 Y 04/12 Q4 07/12 Q136.7 41.4 43.5 51.2 105.2 89.2 149.6 164.8 310.0 39.7 61.2

18.75x 9.87x 10.98x 9.15x 8.85x 28.90x 30.16x 4.96x 2.38x - -(6.4) (1.0) (6.8) (7.6) 26.5 25.8 49.2 69.0 146.0 - -

- - - - 35.19x 34.48x 24.66x 12.11x 5.73x - -(8.4) (3.3) (10.5) (12.3) 20.1 20.5 45.0 58.5 123.8 11.5 25.6

- - - - 48.55x 47.03x 38.76x 14.54x 6.89x 9.09x 7.78x

EBITDA 26.45 Long-Term Rating Date -EBIT 18.60 Long-Term Rating -Operating Margin 17.69% Long-Term Outlook -Pretax Margin 18.23% Short-Term Rating Date -Return on Assets 10.80% Short-Term Rating -Return on Common Equity 12.17%Return on Capital - EBITDA/Interest Exp. 836.06Asset Turnover 0.57% (EBITDA-Capex)/Interest Exp. -956.88



Fiscal Year Ended

Kirkland Lake Gold IncPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

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40.0

60.0

80.0

100.0

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeRESOLUTE FUNDS LTD n/a RNS-MAJ 5'615'000 8 705'900 20.04.2012 Investment AdvisorSPROTT INC n/a 13G 4'980'350 7.1 - 30.04.2008 Hedge Fund ManagerINVESTEC ASSET MANAG n/a 13G 4'343'860 6.19 - 30.12.2011 Investment AdvisorDOBSON DAVID HARRY n/a SEDI 3'765'000 5.37 75'000 20.01.2010 n/aVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 3'349'538 4.77 22'080 01.05.2012 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 3'066'224 4.37 584'312 29.02.2012 Investment AdvisorMILTON GEORGE A n/a SEDI 2'723'036 3.88 40'000 13.01.2012 n/aCOLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 1'942'000 2.77 - 29.02.2012 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 1'850'000 2.64 - 31.12.2011 Investment AdvisorHINCHCLIFFE BRIAN A n/a SEDI 1'113'000 1.59 (4'000) 30.12.2010 n/aRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 1'028'353 1.47 (5'815) 31.12.2011 Investment AdvisorROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 919'700 1.31 244'200 31.03.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 869'500 1.24 (286'400) 31.03.2012 Investment AdvisorEMPIRE LIFE INSURANC Multiple Portfolios MF-AGG 536'700 0.77 536'700 30.06.2011 Mutual Fund ManagerBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 524'530 0.75 442 01.05.2012 Investment AdvisorIA CLARINGTON INVEST Multiple Portfolios MF-AGG 415'000 0.59 - 31.12.2011 Investment AdvisorNATCAN INVESTMENT MA Multiple Portfolios MF-AGG 405'404 0.58 405'404 30.03.2012 Investment AdvisorWELLS FARGO FUNDS MA Multiple Portfolios MF-AGG 400'000 0.57 - 29.02.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 322'527 0.46 8'700 31.12.2011 Investment AdvisorJONES HEWARD INVESTM Multiple Portfolios MF-AGG 287'652 0.41 - 02.05.2012 Unclassified


Dundee Securities Corp RON STEWART buy 5 M 19 12 month 26.04.2012National Bank Financial PAOLO LOSTRITTO outperform 5 M 23 12 month 23.04.2012CIBC World Markets COSMOS CHIU sector outperform 5 M 26 Not Provided 17.04.2012Panmure Gordon & Co Limited ALISON TURNER buy 5 M 18 Not Provided 29.03.2012Investec LOUISE COLLINGE buy 5 M 23 12 month 28.03.2012Mirabaud Securities RICHARD MORGAN speculative buy 4 M 22 12 month 28.03.2012Raymond James FORBES GEMMELL Under Review #N/A N/A M #N/A N/A Not Provided 14.03.2012EVA Dimensions TEAM COVERAGE underweight 1 N #N/A N/A Not Provided 06.01.2012

Holdings By:

Kirkland Lake Gold Inc ee


03.05.2012

Torex Gold Resources Inc. is a mining company dedicated to the exploration and

development of precious metal resources with a focus on gold. The Company'sMorelos Project is an advanced stage gold exploration property located in thestate of Guerrero, southwest of Mexico City.





Average Volume 5 Day 4'863'251TXG CN EQUITY YTD Change - Average Volume 30 Day 3'704'470TXG CN EQUITY YTD % CHANGE - Average Volume 3 Month 4'434'429


31.10.2007 31.10.2008 31.10.2009 31.10.2010 31.10.2011 01/yy 01/yy 10/12 Y 10/13 Y 04/12 Q2 07/12 Q30.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.4 - -

- - - - - #DIV/0! #DIV/0! 1409.07x 1574.85x - -(0.2) (0.3) (1.1) (18.0) (34.1) (21.1) (40.3) (13.4) (12.4) (4.5) (4.5)

- - - - - 0.00x 0.00x - - - -(0.2) (0.3) (1.0) (16.4) (27.3) (19.7) (34.6) (15.6) (12.1) (4.5) (4.5)

- - - - - 0.00x 0.00x - - - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Torex Gold Resources IncPrice/Volume

Valuation Analysis


'

-

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTYRUS CAPITAL LLP n/a Co File 66'303'000 16.05 6'327'900 30.11.2011 Hedge Fund ManagerVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 31'394'600 7.6 158'676 01.05.2012 Investment AdvisorGOODMAN & CO INVESTM n/a Co File 26'200'000 6.34 (2'931'960) 30.06.2011 Hedge Fund ManagerLIBRA ADVISORS LLC n/a SEDI 25'870'000 6.26 650'000 25.02.2010 Hedge Fund ManagerFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 14'650'000 3.55 279'300 30.03.2012 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 13'164'800 3.19 940'100 31.12.2011 Hedge Fund ManagerRUFFER LLP Multiple Portfolios MF-AGG 6'361'500 1.54 1'707'000 30.11.2011 Hedge Fund ManagerFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 5'451'000 1.32 95'000 31.03.2012 Investment AdvisorAMERICAN CENTURY COM Multiple Portfolios MF-AGG 4'796'990 1.16 (1'828'547) 31.12.2011 Investment AdvisorSPROTT INC Multiple Portfolios MF-AGG 4'190'000 1.01 - 30.06.2011 Hedge Fund ManagerBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 3'389'986 0.82 2'894 01.05.2012 Investment AdvisorGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 3'217'000 0.78 - 30.09.2011 Investment AdvisorWELLS FARGO FUNDS MA Multiple Portfolios MF-AGG 3'162'500 0.77 - 29.02.2012 Investment AdvisorROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 3'100'000 0.75 - 31.03.2012 Investment AdvisorMANULIFE ASSET MANAG Multiple Portfolios MF-AGG 3'094'692 0.75 462'800 30.03.2012 Investment AdvisorMACKENZIE FINANCIAL n/a Co File 3'073'500 0.74 32'000 26.02.2010 Investment AdvisorSHARE SICAV Multiple Portfolios MF-AGG 2'831'900 0.69 (232'000) 31.03.2011 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 2'445'731 0.59 - 30.03.2012 Investment AdvisorCIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 2'333'650 0.56 (842'950) 31.12.2011 Investment AdvisorSOCIETE GENERALE Multiple Portfolios MF-AGG 2'259'998 0.55 (11'500) 29.02.2012 Bank


Dundee Securities Corp RON STEWART buy 5 M 3 12 month 30.04.2012Stifel Nicolaus JOSH WOLFSON buy 5 M 3 12 month 23.04.2012Scotia Capital TREVOR TURNBULL sector outperform 5 M 4 12 month 23.04.2012GMP GEORGE V ALBINO buy 5 M 3 Not Provided 23.03.2012BMO Capital Markets ANDREW BREICHMANAS speculative outperform 4 M #N/A N/A Not Provided 21.03.2012Macquarie PIERRE VAILLANCOURT outperform 5 M 4 12 month 24.01.2012Euro Pacific Canada Inc ANTHONY G BERTRAM HAYES strong buy 5 N 3 12 month 09.12.2011

Holdings By:

Torex Gold Resources Inc ee


03.05.2012

Aurizon Mines Ltd. is a gold mining company. The Company's operations and

exploration activities are located in the Abitibi region of north-westernQuebec, Canada. Aurizon operates and owns an interest in the Beaufor Mine,the Sleeping Giant Mine, and the Casa Berardi property.





Average Volume 5 Day 786'444ARZ CN EQUITY YTD Change - Average Volume 30 Day 618'742ARZ CN EQUITY YTD % CHANGE - Average Volume 3 Month 719'868



12.90x 10.98x 7.32x 14.90x 4.81x 15.27x 4.83x 4.47x 4.23x 4.08x 3.71x9.4 4.9 36.7 17.2 43.9 17.2 43.9 62.2 70.5 17.9 15.4

64.50x 399.00x 20.57x 72.80x 18.52x 72.80x 18.52x 13.46x 12.34x 13.09x 12.70x





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Aurizon Mines LtdPrice/Volume

Valuation Analysis


'

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGOODMAN & CO INVESTM GOODMAN & COMPANY IN 13F 13'287'500 8.12 (50'000) 31.12.2011 Hedge Fund ManagerVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 11'274'433 6.89 523'437 31.12.2011 Investment AdvisorUNITED SERVICES AUTO UNITED SERVICES AUTO 13F 7'000'001 4.28 - 31.12.2011 Investment AdvisorCAMBIOR INC n/a 13D 6'961'953 4.25 - 23.01.2006 CorporationMONTRUSCO BOLTON INV MONTRUSCO BOLTON INV 13F 5'707'897 3.49 (1'741'050) 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 5'361'234 3.28 (34'900) 31.12.2011 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 4'979'857 3.04 70'000 29.02.2012 Investment AdvisorRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 3'781'500 2.31 53'400 31.12.2011 Hedge Fund ManagerBLACKROCK INC BLACKROCK INC 13F 3'651'276 2.23 (4'870) 31.12.2011 Investment AdvisorWELLS FARGO FUNDS MA Multiple Portfolios MF-AGG 3'566'519 2.18 50'700 29.02.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 3'344'827 2.04 (23'432) 31.12.2011 Investment AdvisorFIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 3'342'550 2.04 - 31.12.2011 Hedge Fund ManagerNWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 2'915'819 1.78 35'356 31.12.2011 Investment AdvisorACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 2'869'905 1.75 1'672'480 31.03.2012 Hedge Fund ManagerCANADA PENSION PLAN CANADA PENSION PLAN 13F 2'408'805 1.47 (22'600) 31.12.2011 Pension Fund (ERISA)AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 2'334'337 1.43 26'237 31.12.2011 Investment AdvisorNATCAN INVESTMENT MA NATCAN INVESTMENT MA 13F 2'217'934 1.36 (175'846) 31.03.2012 Investment AdvisorNORTHWEST MUTUAL FUN Multiple Portfolios MF-AGG 1'793'197 1.1 (46'975) 29.02.2012 Investment AdvisorHIGHSTREET ASSET MAN HIGHSTREET ASSET MAN 13F 1'730'077 1.06 (8'889) 31.12.2011 Investment AdvisorSUN VALLEY GOLD LLC SUN VALLEY GOLD LLC 13F 1'696'825 1.04 - 31.12.2011 Hedge Fund Manager


Desjardins Securities BRIAN CHRISTIE buy 5 M 8 Not Provided 26.04.2012Dundee Securities Corp PAUL BURCHELL buy 5 M 9 12 month 26.04.2012National Bank Financial PAOLO LOSTRITTO sector perform 3 M 6 12 month 26.04.2012Scotia Capital OVAIS HABIB sector outperform 5 N 7 12 month 25.04.2012Euro Pacific Capital Inc HEIKO IHLE buy 5 N 6 12 month 24.04.2012CIBC World Markets COSMOS CHIU sector perform 3 M 7 Not Provided 20.04.2012Mackie Research Capital Corp. RYAN HANLEY buy 5 M 8 Not Provided 17.04.2012BMO Capital Markets ANDREW KAIP market perform 3 M 6 Not Provided 16.04.2012Macquarie PIERRE VAILLANCOURT outperform 5 M 7 12 month 16.04.2012Loewen, Ondaatje, McCutcheon Ltd MICHAEL G FOWLER buy 5 M 10 12 month 16.04.2012Clarus Securities NANA SANGMUAH buy 5 M 10 12 month 16.03.2012Global Hunter Securities JEFF WRIGHT accumulate 4 M 8 12 month 16.03.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 16.03.2012Raymond James FORBES GEMMELL Under Review #N/A N/A M #N/A N/A Not Provided 14.03.2012

Holdings By:

Aurizon Mines Ltd ee


03.05.2012

Resolute Mining Limited explores for, produces and develops gold in Ghana, Mali

Queensland and Tanzania. The Company's gold exploration projects includeObotan, Syama, Ravenswood and Golden Pride.




Total Debt 101.88 YTD Return 4.27%Preferred Stock 0.0 Adjusted BETA 1.440Minority Interest (33.1) Analyst Recs 10Cash and Equivalents 11.91 Consensus Rating 3.800Enterprise Value 1'042.47

Average Volume 5 Day 5'241'926RSG AU EQUITY YTD Change - Average Volume 30 Day 4'986'367RSG AU EQUITY YTD % CHANGE - Average Volume 3 Month 3'813'253


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y 12/11 Q2 03/12 Q3185.3 231.5 299.7 342.5 445.1 - - 652.9 724.9 - -1.43x 2.48x 1.12x 1.46x 1.36x - - 1.52x 1.13x - -

7.1 20.9 57.3 80.3 110.7 - - 298.4 370.1 - -37.37x 27.45x 5.85x 6.23x 5.46x - - 3.49x 2.82x - -170.2 (56.7) 30.7 (37.2) 59.7 - - 156.7 206.9 - -1.96x - 6.17x - 8.72x - - 6.60x 5.15x - -




Fiscal Year Ended

Resolute Mining LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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-

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.

0

i -- e -- e -- M -- o -- l -- j -- T -- e -. a -. i -. M -. i -.!' 8

2!' 8

-'!' 8

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.'!' 8

.2!' 8

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeUTILICO INVESTMENTS n/a EXCH 125'429'227 19.2 77'544'029 30.12.2011 Investment AdvisorM&G INVESTMENT MANAG n/a EXCH 91'019'226 13.93 - 04.01.2012 Investment AdvisorALLIANCE LIFE COMMON n/a EXCH 64'016'639 9.8 36'990'467 30.12.2011 n/aVANGUARD GROUP INC n/a EXCH 51'965'029 7.96 - 25.01.2012 Investment AdvisorBANK OF AMERICA CORP #N/A N/A EXCH 48'834'760 7.48 (6'994'642) 30.04.2012 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 24'458'584 3.74 161'184 01.05.2012 Investment AdvisorCF RUFFER BAKER STEE n/a EXCH 19'097'479 2.92 (3'846'391) 04.04.2012 n/aRUFFER LLP Multiple Portfolios MF-AGG 15'869'000 2.43 (5'191'800) 30.11.2011 Hedge Fund ManagerACORN CAPITAL LTD n/a Co File 11'541'979 1.77 - 30.09.2011 Investment AdvisorPERMANENT INVESTMENT n/a EXCH 10'000'000 1.53 - 30.12.2011 n/aFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 4'911'661 0.75 - 31.03.2012 Investment AdvisorGENUS DYNAMIC GOLD F n/a EXCH 4'811'000 0.74 - 23.02.2012 n/aBAKER STEEL CAPITAL n/a EXCH 4'300'000 0.66 - 04.04.2012 Investment AdvisorSULLIVAN PETER ROSS n/a EXCH 3'507'448 0.54 200'000 31.12.2011 n/aDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'916'893 0.45 1'755'328 31.07.2011 Investment AdvisorICM LIMITED n/a EXCH 2'903'765 0.44 - 30.12.2011 n/aJP MORGAN ASSET MANA Multiple Portfolios MF-AGG 2'854'000 0.44 1'604'000 31.12.2011 Mutual Fund ManagerVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 2'623'824 0.4 772'477 30.03.2012 Mutual Fund ManagerECLECTIC INVEST TRUS n/a EXCH 2'000'000 0.31 - 30.12.2011 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 1'671'373 0.26 (217'172) 31.12.2011 Investment Advisor


Veritas Securities MATTHEW BAILLIE buy 5 M 2 Not Provided 23.04.2012BMO Capital Markets DAVID HAUGHTON market perform 3 M 2 Not Provided 20.04.2012Morgan Stanley BRENDAN FITZPATRICK Equalwt/Attractive 3 M 2 12 month 20.04.2012Westhouse Securities ROB BROKE strong buy 5 M 3 Not Provided 20.04.2012EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 28.03.2012E.L. & C. Baillieu RAY CHANTRY buy 5 M 3 12 month 08.03.2012RBS PHILLIP CHIPPINDALE hold 3 M 2 12 month 06.03.2012Deutsche Bank CHRIS TERRY not rated #N/A N/A M #N/A N/A Not Provided 22.02.2012BGF Equities Pty Ltd REG SPENCER buy 5 N 2 Not Provided 19.10.2011

Holdings By:

Resolute Mining Ltd ee


03.05.2012

Argonaut Gold, Inc. explores for gold. The Company owns the operating El

Castillo mine, the San Antonio development stage project and advanced stageexploration properties including: La Fortuna and La Colorada.





Average Volume 5 Day 535'079AR CN EQUITY YTD Change - Average Volume 30 Day 752'205AR CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'026'849


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q20.0 - - 51.6 104.6 51.2 104.6 162.8 274.5 38.0 41.5

- - - 4.70x 5.77x 13.29x 22.56x 4.14x 2.09x 17.75x 16.25x(0.1) - - 15.3 55.9 15.2 55.9 96.5 181.3 22.4 26.0

- - - 15.83x 10.78x 15.93x 10.78x 7.22x 3.84x 6.56x 4.99x(0.1) (0.1) (0.5) 3.7 26.3 3.7 26.3 56.0 105.5 11.0 13.3

- - - 66.38x 24.42x 66.89x 24.42x 15.80x 9.85x 14.54x 11.31x




Fiscal Year Ended

Argonaut Gold IncPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

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0.0

20.0

40.0

60.0

80.0

100.0

120.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 7'131'617 7.72 33'720 01.05.2012 Investment AdvisorIG INVESTMENT MANAGE n/a Co File 6'707'533 7.26 - 30.09.2011 Investment AdvisorLIBRA ADVISORS LLC n/a SEDI 5'768'001 6.24 (117'000) 02.03.2012 Hedge Fund ManagerQV INVESTORS INC n/a PROXY 4'500'000 4.87 - 17.12.2010 Investment AdvisorMONTRUSCO BOLTON INV Multiple Portfolios MF-AGG 3'494'067 3.78 183'209 31.03.2012 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 3'435'549 3.72 715'482 29.02.2012 Investment AdvisorGOODMAN & CO INVESTM n/a Co File 2'679'000 2.9 (1'988'000) 31.10.2010 Hedge Fund ManagerMACKENZIE FINANCIAL Multiple Portfolios MF-AGG 1'825'600 1.98 - 31.01.2012 Investment AdvisorDOUGHERTY PETER C n/a SEDI 1'653'894 1.79 34'188 10.02.2012 n/aKENNEDY BRIAN JOHN n/a SEDI 1'566'988 1.7 3'945 10.02.2012 n/aQVGD INVESTORS INC Multiple Portfolios MF-AGG 1'566'200 1.69 466'800 30.03.2012 Investment AdvisorCLARINGTON CAPITAL M Multiple Portfolios MF-AGG 1'490'900 1.61 - 31.03.2011 Mutual Fund ManagerGLOBAL STRATEGY FINA Multiple Portfolios MF-AGG 1'393'057 1.51 - 30.09.2011 Investment AdvisorNORTHWEST MUTUAL FUN Multiple Portfolios MF-AGG 1'338'544 1.45 (10'000) 29.02.2012 Investment AdvisorTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'308'000 1.42 391'900 31.12.2011 Investment AdvisorSMITH EDGAR A n/a SEDI 1'120'359 1.21 39'286 14.02.2011 n/aROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 838'400 0.91 (151'600) 31.03.2012 Investment AdvisorNATCAN INVESTMENT MA Multiple Portfolios MF-AGG 823'587 0.89 (313'850) 30.03.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 758'614 0.82 648 01.05.2012 Investment AdvisorLOMBARD ODIER DARIER Multiple Portfolios MF-AGG 716'750 0.78 (55'000) 29.02.2012 Mutual Fund Manager


Canaccord Genuity Corp RAHUL PAUL buy 5 M 13 12 month 02.05.2012Stonecap Securities Inc CHRISTOS DOULIS sector perform 3 M 9 12 month 18.04.2012BMO Capital Markets ANDREW KAIP outperform 5 M 11 Not Provided 17.04.2012Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 11 Not Provided 17.04.2012Macquarie TAJ SINGH neutral 3 M 10 12 month 16.04.2012McNicoll Lewis & Vlak LLC RICHARD TROTMAN buy 5 U 11 12 month 04.04.2012GMP CRAIG WEST buy 5 M 11 Not Provided 01.02.2012NCP Northland Capital Partners Inc TIMOTHY J LEE sector outperform 5 M 9 Not Provided 14.11.2011

Holdings By:

Argonaut Gold Inc ee


03.05.2012

Nevsun Resources Ltd. is a gold producer and base metal developer. The Company

has a gold-copper-zinc mine in Eritrea.





Average Volume 5 Day 664'533NSU CN EQUITY YTD Change - Average Volume 30 Day 761'126NSU CN EQUITY YTD % CHANGE - Average Volume 3 Month 1'056'132


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q20.0 0.0 0.0 0.0 547.8 0.0 547.8 331.8 319.8 - -

- - - - 1.60x #DIV/0! 6.94x - - - -(10.6) (6.1) (4.9) (12.2) 429.2 (12.2) 429.2 257.0 260.5 - -

- - - - 2.04x 0.00x 2.04x 1.82x 1.79x - -(12.0) (5.7) (4.3) (13.3) 147.1 (13.3) 147.1 93.3 89.8 - -

- - - - 7.63x 0.00x 7.63x 7.94x 8.72x 8.45x 10.88x





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Nevsun Resources LtdPrice/Volume

Valuation Analysis


'

-

.

0

1

2

3

4

5

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0.0

100.0

200.0

300.0

400.0

500.0

600.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVANGUARD GROUP INC Multiple Portfolios MF-AGG 39'486'675 19.7 53'300 31.12.2011 Investment AdvisorPRUDENTIAL PLC PRUDENTIAL PLC 13F 38'500'000 19.2 38'500'000 31.12.2011 Investment AdvisorFRANKLIN RESOURCES I FRANKLIN ADVISERS IN 13F 28'995'640 14.46 - 31.12.2011 Investment AdvisorJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 12'070'846 6.02 (572'200) 31.12.2011 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 11'114'100 5.54 (60'000) 31.12.2011 Investment AdvisorVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 9'024'569 4.5 519'900 31.12.2011 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 5'982'442 2.98 (7'215) 31.12.2011 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 5'935'835 2.96 - 31.12.2011 Investment AdvisorPASSPORT CAPITAL LLC PASSPORT CAPITAL LLC 13F 4'991'300 2.49 (653'000) 31.12.2011 Hedge Fund ManagerBLACKROCK INC BLACKROCK INC 13F 4'719'677 2.35 1'949'332 31.12.2011 Investment AdvisorRUFFER LLP Multiple Portfolios MF-AGG 4'018'700 2 (401'000) 30.11.2011 Hedge Fund ManagerBRISTOL INVESTMENT P BRISTOL INVESTMENT P 13F 3'652'753 1.82 451'621 31.12.2011 Hedge Fund ManagerPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 2'916'544 1.45 - 31.03.2012 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 2'332'500 1.16 (347'291) 31.12.2011 Pension Fund (ERISA)ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 1'990'603 0.99 518'103 31.03.2012 Hedge Fund ManagerPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 1'854'020 0.92 23'600 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'647'582 0.82 1'484 01.05.2012 Investment AdvisorTOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 1'646'700 0.82 - 31.12.2011 Hedge Fund ManagerDAVIS CLIFFORD T n/a SEDI 1'603'319 0.8 803'319 18.09.2011 n/aBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 1'490'994 0.74 93'366 31.12.2011 Investment Advisor


Canaccord Genuity Corp RAHUL PAUL hold 3 M 4 12 month 02.05.2012TD Newcrest STEVEN J GREEN hold 3 M 4 12 month 23.04.2012RBC Capital Markets JONATHAN GUY sector perform 3 M 5 12 month 17.04.2012CIBC World Markets COSMOS CHIU sector underperform 1 M 5 Not Provided 17.04.2012Paradigm Capital Inc DAVID DAVIDSON buy 5 M 8 12 month 13.04.2012Haywood Securities Inc. STEFAN IOANNOU sector outperform 5 M 5 Not Provided 11.04.2012GMP ANDREW MIKITCHOOK buy 5 M 6 Not Provided 11.04.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 08.02.2012

Holdings By:

Nevsun Resources Ltd ee


03.05.2012

Rio Alto Mining Limited is a mineral exploration company. The Company currently

is focusing on the development of La Arena gold / copper project, located innorth central Peru.





Average Volume 5 Day 511'482RIO CN EQUITY YTD Change - Average Volume 30 Day 605'808RIO CN EQUITY YTD % CHANGE - Average Volume 3 Month 633'838


31.05.2007 31.05.2008 31.05.2009 31.05.2010 31.05.2011 08/yy 08/yy 05/12 Y 05/13 Y 02/12 Q3 05/12 Q4- 0.0 0.0 0.0 0.0 0.0 0.0 276.5 301.5 - -- - - - - #DIV/0! #DIV/0! 2.28x 2.09x - -

(1.0) (2.3) (1.5) (3.9) (8.0) (4.1) (8.8) 172.0 167.7 - -- - - - - 0.00x 0.00x 4.00x 4.10x - -

(1.0) (1.9) (1.5) (12.6) (8.0) (12.8) (17.3) 96.1 93.1 - -- - - - - 0.00x 0.00x 8.22x 9.06x 19.19x -




Fiscal Year Ended

Rio Alto Mining LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'--..001122

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0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSENTRY SELECT CAPITA n/a Co File 25'949'700 15.15 653'100 31.03.2012 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 8'912'191 5.2 58'524 01.05.2012 Investment AdvisorIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 8'075'800 4.71 429'500 31.12.2011 Investment AdvisorAUSCAN ASSETS LIMITE n/a SEDI 6'169'651 3.6 - 22.11.2011 OtherJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 6'160'000 3.6 - 31.12.2011 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 5'591'904 3.26 (408'800) 31.12.2011 Investment AdvisorNORWICH ROGER n/a SEDI 4'734'195 2.76 265'000 25.11.2011 n/aHAWKSHAW ANTHONY GRA n/a SEDI 3'000'000 1.75 - 19.10.2011 n/aSOMJI FEISAL A n/a SEDI 2'886'386 1.69 84'110 01.06.2010 n/aBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 2'525'029 1.47 (22'646) 01.05.2012 Investment AdvisorSOLDI JAIME n/a SEDI 927'288 0.54 (100'000) 18.07.2011 n/aMIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 890'000 0.52 - 30.03.2012 Mutual Fund ManagerOPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 800'000 0.47 - 30.12.2011 Mutual Fund ManagerZEITLER KLAUS M n/a SEDI 750'000 0.44 - 22.11.2011 n/aWELLS FARGO FUNDS MA Multiple Portfolios MF-AGG 750'000 0.44 - 29.02.2012 Investment AdvisorTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 591'900 0.35 152'000 31.12.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 560'260 0.33 555'678 31.12.2011 Investment AdvisorNCF SOC ADMIN DE FON Multiple Portfolios MF-AGG 550'309 0.32 (10'000) 03.08.2011 Mutual Fund ManagerUS GLOBAL INVESTORS Multiple Portfolios MF-AGG 475'000 0.28 (475'000) 30.12.2011 Investment AdvisorKENNEY DANIEL E n/a SEDI 330'000 0.19 - 22.11.2011 n/a


CIBC World Markets IAN PARKINSON sector perform 3 D 6 Not Provided 22.04.2012Stonecap Securities Inc CHRISTOS DOULIS outperform 5 M 6 12 month 18.04.2012Scotia Capital MARK TURNER sector outperform 5 M 5 12 month 17.04.2012GMP GEORGE V ALBINO buy 5 M 6 Not Provided 17.04.2012Clarus Securities MIKE BANDROWSKI buy 5 M 6 12 month 17.04.2012Kallpa Securities SAB MARIA BELEN VEGA G overweight 5 M 6 Not Provided 11.04.2012Euro Pacific Capital Inc HEIKO IHLE buy 5 N 6 12 month 20.03.2012Dundee Securities Corp DALE MAH buy 5 M #N/A N/A Not Provided 13.03.2012

Holdings By:

Rio Alto Mining Ltd ee


03.05.2012

St. Barbara Limited is a gold exploration and production company. The Company's

exploration projects include its Southern Cross and Leonora Operations whichare located in Western Australia.





Average Volume 5 Day 1'383'860SBM AU EQUITY YTD Change - Average Volume 30 Day 1'284'691SBM AU EQUITY YTD % CHANGE - Average Volume 3 Month 1'484'151


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 01/yy 01/yy 06/12 Y 06/13 Y - -130.9 143.1 281.1 296.8 359.6 - - 529.4 465.4 - -3.23x 3.41x 1.33x 2.01x 1.58x - - 1.03x 0.84x - -10.5 (0.1) 50.3 74.4 104.5 - - 214.0 219.1 - -

40.36x - 7.42x 8.02x 5.45x - - 2.83x 2.77x - -(2.9) (17.3) (76.3) (40.2) 68.6 - - 120.7 134.0 - -

- - - - 9.29x - - 5.84x 5.23x - -

EBITDA 104.52 Long-Term Rating Date -EBIT 46.04 Long-Term Rating -Operating Margin 12.80% Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets 13.36% Short-Term Rating -Return on Common Equity 17.47%Return on Capital - EBITDA/Interest Exp. 105.36Asset Turnover 0.70% (EBITDA-Capex)/Interest Exp. 93.01




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

St Barbara LtdPrice/Volume

Valuation Analysis


'

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.

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100.0

150.0

200.0

250.0

300.0

350.0

400.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''

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'1!'4!.''5 '1!'-!.''6 '1!'4!.''6 '1!'-!.'-' '1!'4!.'-' '1!'-!.'-- '1!'4!.'-- '1!'-!.'-.



03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeM&G INVESTMENT MANAG n/a Co File 59'033'314 18.13 - 14.09.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 52'535'464 16.13 109'221 31.12.2011 Investment AdvisorFRANKLIN RESOURCES I n/a Co File 19'486'045 5.98 - 14.09.2011 Investment AdvisorVAN ECK ASSOCIATES C n/a EXCH 16'583'557 5.09 - 27.03.2012 Investment AdvisorTRADEWINDS GLOBAL IN n/a EXCH 16'240'544 4.99 (1'270'413) 03.11.2011 Investment AdvisorHUNTER HALL INVESTME n/a EXCH 16'000'000 4.91 (1'250'000) 05.04.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 4'644'676 1.43 - 31.03.2012 Investment AdvisorUNITED SERVICES AUTO Multiple Portfolios MF-AGG 3'700'000 1.14 1'800'000 29.02.2012 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 3'050'000 0.94 - 31.12.2011 Investment AdvisorUS GLOBAL INVESTORS Multiple Portfolios MF-AGG 2'000'000 0.61 (900'000) 30.12.2011 Investment AdvisorPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 1'934'900 0.59 152'000 31.03.2012 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 1'806'523 0.55 7'716 30.03.2012 Mutual Fund ManagerAXA ROSENBERG INTL Multiple Portfolios MF-AGG 1'771'852 0.54 (144'000) 30.09.2011 Investment AdvisorBLACKROCK JAPAN CO L Multiple Portfolios MF-AGG 1'645'109 0.51 - 23.08.2011 Investment AdvisorWISE SAUL JONATHAN n/a Co File 1'139'389 0.35 - 30.06.2011 n/aNUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 1'070'966 0.33 - 29.02.2012 Investment AdvisorIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 749'999 0.23 - 31.12.2011 Investment AdvisorLRI-FUND MANAGEMENT Multiple Portfolios MF-AGG 583'353 0.18 - 30.03.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 582'312 0.18 - 01.05.2012 Investment AdvisorMUNDER CAPITAL MANAG Multiple Portfolios MF-AGG 563'233 0.17 (4'127) 31.12.2011 Investment Advisor


E.L. & C. Baillieu RAY CHANTRY buy 5 M 3 12 month 23.04.2012Argonaut Securities Pty Ltd TROY IRVIN hold 3 M 3 Not Provided 20.04.2012Deutsche Bank CHRIS TERRY hold 3 M 2 12 month 19.04.2012Macquarie MITCH RYAN neutral 3 U 2 12 month 19.04.2012Nomura DAVID RADCLYFFE buy 5 M 3 Not Provided 03.04.2012EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 07.03.2012Goldman Sachs IAN PRESTON buy/attractive 5 M 3 12 month 01.03.2012Ord Minnett PETER ARDEN buy 5 U 3 Not Provided 24.02.2012Paterson Securities ALEX PASSMORE hold 3 D 2 12 month 09.12.2011Evans & Partners Pty Ltd CATHY MOISES neutral 3 U #N/A N/A Not Provided 04.12.2011Bell Potter PETER CHAPMAN Under Review #N/A N/A M #N/A N/A Not Provided 02.11.2011BGF Equities Pty Ltd WARWICK ROBERT GRIGOR trading 2 N #N/A N/A Not Provided 21.10.2009

Holdings By:

St Barbara Ltd ee


03.05.2012

OceanaGold Corporation is a gold mining and exploration company. The Company

currently owns interests in projects in New Zealand and the Philippines.





Average Volume 5 Day 335'594OGC CN EQUITY YTD Change - Average Volume 30 Day 405'136OGC CN EQUITY YTD % CHANGE - Average Volume 3 Month 458'191



47.62x 2.62x 4.20x 7.15x 3.88x 4.21x 5.58x 3.94x 2.20x 2.84x 2.25x(69.0) (54.7) 54.5 44.4 44.2 57.4 25.5 48.2 158.7 8.9 15.0

- - 5.68x 18.76x 13.02x 11.05x 26.83x 14.73x 4.19x 6.40x 4.22x





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

OceanaGold CorpPrice/Volume

Valuation Analysis


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50.0

100.0

150.0

200.0

250.0

300.0

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400.0

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03.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBAKER STEEL CAPITAL n/a PROXY 20'497'069 7.8 - 23.02.2010 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 15'002'697 5.71 98'868 01.05.2012 Investment AdvisorUNITED SERVICES AUTO Multiple Portfolios MF-AGG 11'000'000 4.19 - 29.02.2012 Investment AdvisorOSPRAIE MANAGEMENT L n/a Co File 9'805'453 3.73 (5'337'666) 31.01.2009 Hedge Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'850'185 1.85 2'492'013 31.07.2011 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 2'589'416 0.99 (43'338) 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 2'158'186 0.82 2'018 01.05.2012 Investment AdvisorSPROTT INC Multiple Portfolios MF-AGG 1'930'000 0.73 - 30.06.2011 Hedge Fund ManagerDEN DUYTS CORP & ASS n/a SEDI 1'542'855 0.59 - 11.07.2007 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'455'000 0.55 - 31.03.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1'250'921 0.48 81'200 31.12.2011 Investment AdvisorASKEW JAMES EDWARD n/a EXCH 1'087'008 0.41 48'360 07.02.2012 n/aINTERNATIONAL MINING n/a SEDI 1'087'008 0.41 48'360 25.03.2012 OtherUS GLOBAL INVESTORS Multiple Portfolios MF-AGG 757'400 0.29 158'800 30.12.2011 Investment AdvisorINTEGRA CAPITAL MANA Multiple Portfolios MF-AGG 547'684 0.21 76'000 31.03.2012 Investment AdvisorLEVISTE JR JOSE PARE n/a SEDI 376'770 0.14 (50'000) 30.06.2010 n/aMACKENZIE FINANCIAL Multiple Portfolios MF-AGG 276'111 0.11 (160'453) 30.09.2011 Investment AdvisorSWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 275'000 0.1 - 31.01.2012 Mutual Fund ManagerBIBBY PAUL n/a SEDI 250'000 0.1 - 15.09.2010 n/aMLY(A) NO P LTD n/a SEDI 230'115 0.09 - 10.04.2008 n/a


Macquarie TONY LESIAK outperform 5 M 3 12 month 27.04.2012Cormark Securities Inc. MIKE KOZAK buy 5 M 5 12 month 27.04.2012GMP ANDREW MIKITCHOOK buy 5 M 4 Not Provided 27.04.2012EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 05.03.2012Forsyth Barr ANDREW HARVEY-GREEN buy 5 N #N/A N/A Not Provided 11.10.2011

Holdings By:

OceanaGold Corp ee


fundamental equity analysis - world gold miners - gdx index members

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