GFMS Research and Forecasts on Thomson Reuters EikonPUTTING THE WORLD’S METALS MARKETS AT YOUR COMMAND

The rapidly evolving dynamic of the metals markets means uncovering new opportunities is more complex than ever; staying ahead of the market is critical. You can rely on Thomson Reuters Research and Forecasts to provide you with independent analysis and forecasting for the precious and base metals markets as well as mining, keeping you in front of the action and empowering you to act confidently.

The GFMS team at Thomson Reuters provides independent analysis and research into the metals markets. Outlooks and forecasts cover all key traded metals over a wide range of forward-looking periods, plus historical analysis. This price-moving market intelligence is available via Thomson Reuters Eikon, enabling you to place rich research and forecast information next to real-time and historical price data, unrivaled Reuters news, community forums, and much more for an immediate holistic view of the market.

MARKET-LEADING INSIGHT AND FORECASTSOur expert metals analysts use continuously updated information and sophisticated proprietary modeling to analyze and assess the fundamental elements of the precious metals, base metals and mining markets. By scrutinizing key supply and demand factors, field research reports, and pricing activity alongside investment policy developments and other key drivers of sentiment from economic and financial perspectives, our analysts are able to provide you with pricing forecasts and an independent interpretation of where the market is going. You may already perform similar analysis yourself or have a team of people who do, in which case you can use Thomson Reuters Research and Forecasts data as a broader market reference point for your own forecasts and to support your trading decisions more thoroughly.

INSTANT ACCESS TO THOMSON REUTERS METALS EXPERTS The GFMS team at Thomson Reuters is a leading team of metals markets analysts, with a global reputation for excellence and discretion. If you have a question or want to discuss anything related to the GFMS content, just contact one of our analysts directly via email, phone, or Eikon Messenger.

EXCLUSIVE GFMS ANALYST COMMENTARY ON THOMSON REUTERS EIKONGFMS team publishes exclusive Analyst Commentaries on a regular basis, giving expert insight on metals news and market developments as well as key economic events impacting metals markets.

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GFMS PRECIOUS METALS ANALYSIS PAGES ON THOMSON REUTERS EIKONUse the GFMS Gold, Silver, and Platinum & Palladium pages to quickly understand the key drivers behind market movements. See which factors drove price performance in the past, what will drive the evolution of these markets in the future, and what is happening inside these sectors today.

GFMS BASE METALS ANALYSIS PAGES ON THOMSON REUTERS EIKONDig deeper into the base metals market (including copper, aluminium and alloy, lead, nickel, tin, and zinc) with GFMS analysis and forecasts. This powerful combination of GFMS expert specialized analysis, real-time data from Thomson Reuters Eikon, and Reuters news and commentary gives you a unique 360-degree view of the base metals market – and a genuine competitive edge.

Supply & demand balance on all major industrial metals including copper, aluminium, lead, nickel, tin and zinc.

GFMS MINE ECONOMICS: GOLDGFMS Mine Economics provides you with detailed forward-looking and historic insight into the underlying drivers of gold-mine economics, enabling you to identify profitable gold mines and analyze which mines and projects offer the best growth opportunities. You can use clear evaluation tools to assess possibilities and reveal the most promising operations, including which mines and projects present the best growth and profit opportunities. Analysis is based on highly detailed, rigorous mine-by-mine analysis of production and costs, broken down into key inputs to reveal the factors driving trends, facilitating benchmarking of assets and peer group analysis.

Based on a stringent methodology, GFMS generates “bottom-up” analysis of mine production, energy use, mining, and processing costs, making it ideal for benchmarking assets. The service provides in-depth production and production-cost breakdown, revenues for each operation, and cash-flow projections to 2030. The Mine Economics Advanced Search feature allows you to search for any gold mines or projects covered using a large variety of criteria including companies, countries, mining methods, processing method, capex, reserves, mining costs, and more. In addition, it allows you to create your own portfolio-style reports by selecting the parameters and years you want to monitor and build your own cost curves to compare them for different years.

GFMS PRECIOUS METALS PAGES INCLUDE • Historical global supply and demand statistics

• Forecasts of supply, demand, and price

• Economic outlook

• Field research reports on key markets

• Exclusive analyst commentaries giving expert insight on news and market developments

GFMS BASE METALS PAGES INCLUDE • Historical supply and demand statistics

• Forecasts of supply, demand, and price

• Field research reports on key markets

• Exclusive analyst commentaries giving expert insight on news and market developments

Field research and exclusive analyst commentary.

Historical supply & demand.

Economic outlook: one, three and ten years.

Supply & demand outlook and price forecasts.

Investment data: ETFs, physical bars & retail.

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GFMS PRECIOUS METALS ANALYSIS PAGES ON THOMSON REUTERS EIKONUse the GFMS Gold, Silver, and Platinum & Palladium pages to quickly understand the key drivers behind market movements. See which factors drove price performance in the past, what will drive the evolution of these markets in the future, and what is happening inside these sectors today.

Search by gold mine, country, company, mining method, capex, costs and more.

Create your own portfolio-style reports and build your own cost curves.

GFMS BASE METALS ANALYSIS PAGES ON THOMSON REUTERS EIKONDig deeper into the base metals market (including copper, aluminium and alloy, lead, nickel, tin, and zinc) with GFMS analysis and forecasts. This powerful combination of GFMS expert specialized analysis, real-time data from Thomson Reuters Eikon, and Reuters news and commentary gives you a unique 360-degree view of the base metals market – and a genuine competitive edge.

Supply & demand balance on all major industrial metals including copper, aluminium, lead, nickel, tin and zinc.

GFMS MINE ECONOMICS: GOLDGFMS Mine Economics provides you with detailed forward-looking and historic insight into the underlying drivers of gold-mine economics, enabling you to identify profitable gold mines and analyze which mines and projects offer the best growth opportunities. You can use clear evaluation tools to assess possibilities and reveal the most promising operations, including which mines and projects present the best growth and profit opportunities. Analysis is based on highly detailed, rigorous mine-by-mine analysis of production and costs, broken down into key inputs to reveal the factors driving trends, facilitating benchmarking of assets and peer group analysis.

Based on a stringent methodology, GFMS generates “bottom-up” analysis of mine production, energy use, mining, and processing costs, making it ideal for benchmarking assets. The service provides in-depth production and production-cost breakdown, revenues for each operation, and cash-flow projections to 2030. The Mine Economics Advanced Search feature allows you to search for any gold mines or projects covered using a large variety of criteria including companies, countries, mining methods, processing method, capex, reserves, mining costs, and more. In addition, it allows you to create your own portfolio-style reports by selecting the parameters and years you want to monitor and build your own cost curves to compare them for different years.

KEY FEATURES INCLUDE • Global coverage – analysis of over 350 mines and projects and over 250 operating gold mines

• Mine-by-mine analysis to 2030; detailed reserves/resources, production, operating cost, capital cost, and cash flow analysis

• Granular Data – distilling the mine-by-mine data into analysis of global trends; production and industry cost structure, cost curves

• The data can be downloaded into Excel®

Field research and exclusive analyst commentary.

Economic outlook: one, three and ten years.

Supply & demand outlook and price forecasts.

Investment data: ETFs, physical bars & retail.

The data includes: quarterly production trends; cash costs and total costs by region; an analysis of supply curve quartiles and margins; company rankings based.

At present the coverage comprises 26 copper producing companies controlling 87 copper assets across 23 countries.

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GFMS MINE ECONOMICS: COPPER The GFMS Mine Economics for the copper market provides comprehensive and reliable global copper industry cost data so you can add another layer of fundamental research to your analysis.

Copper Cost Service is updated on a quarterly basis by the GFMS base metals research team. Data is produced exclusively from company releases to provide you with the most current operating and cost data. The content includes quarterly production trends, cash costs and total costs by region, an analysis of supply curve quartiles and margins, company rankings based on attributable production and costs, and company pages with mine-by-mine production and cost data.

GFMS SURVEYS ON THOMSON REUTERS EIKON The GFMS Annual Surveys are recognized as the most authoritative work within precious and base markets. First published in 1967, the Gold Survey is regarded worldwide as the leading authority on the dynamics of the gold market. The Silver, Platinum Group Metals and Copper Surveys, though younger, rapidly established similar reputations for detail, insight, and analysis. The GFMS Annual Surveys all provide in-depth analysis of market developments and contain a wealth of statistics on the main gold, platinum & palladium, and copper trading, consuming, and producing countries. The Surveys contain an immense amount of primary, in-house generated data surrounding the supply and demand fundamentals of these markets, along with, for example, trade flows and market movements, corporate developments in the mining sector, and cost analyses. GFMS Annual Surveys include Gold Survey and its four quarterly updates, Platinum Group Metals Survey, Base Metals Review and Outlook, and Copper Survey. All the GFMS Surveys are exclusively available on Thomson Reuters Eikon as soon as they are released.

KEY FEATURES INCLUDE • Figures updated with the quarterly reporting cycle; historic data from first quarter 2012

• Mine models built on a standard architecture with a focus on headline operating data to avoid reliance on a raft of estimates and assumptions that risk becoming outdated

• Benchmark mine costs in the copper industry, giving visibility on the profitability of individual assets and mining companies

• Key global industry graphs and charts that highlight current development in the copper industry from a supply-side perspective

GFMS surveys on precious and base metals markets.

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