goldsep0314review dundee

Please see Disclosures and Disclaimers at the end of this report. A division of Dundee Securities Ltd.

Dundee Capital Markets is a registered trademark of Dundee Corporation, used under license.

Gold Sector

September 3, 2014

Mid-term Report Card; Digesting Sector Cost Trends in 1H14

Josh Wolfson, CFA / (416) 350-5045 [email protected]

Joseph Fazzini, CPA, CA, CFA/ (647) 428-8248 [email protected]

Jon French / (416) 350-3311 [email protected]

Kent Neale/ (416) 350-3337 [email protected]

Year over year to September 1, the XAU gold index has decreased by 1%, comparing favourably to the prior year's 39% plunge. Although equity prices are largely unchanged from one year prior, material underlying corporate shifts have evolved in 1H14, analyzed on page 2-5. A review of 2Q results, guidance, and upcoming catalysts is provided on pages 6-12.

1H Fully Loaded Costs Down $228/oz, Predominantly Due to Capex Cuts

In conjunction with gold's precipitous decline in 2013, gold companies have realized material cost savings in 1H14, both from active cost cutting and from mine optimization and sequencing to accelerate cash flow.

In 1H14, implied costs by cash flow statements were $1,195/oz for companies under coverage, a considerable $228/oz decrease from 1H13's $1,423/oz. Compared to average gold prices over the same period, margins have been stable at 7% (from $101/oz in 1H13 to $96/oz in 1H14).

Of the $228/oz reduction in 1H costs, an overwhelming 75% of savings can be explained by $171/oz from reductions in sustaining capex. Other factors include savings of $53/oz from processing higher grade ore and $27/oz from lower taxes, offset by $38/oz from higher per tonne unit costs.

Companies which have demonstrated the greatest cost improvement in 1H14 compared to 1H13 include IAMGOLD and Kinross, while those which have demonstrated the least improvement include Alamos and Primero. The lowest 1H14 cost producers have been Eldorado and Randgold, while the highest have been AuRico and Perseus.

2Q Yields Lower Earnings, 2H Guidance Updates & Upcoming Catalysts

In 2Q14, companies under coverage reported earnings which decreased 54% year-over-year, largely explained by 9% lower gold prices and 3% higher total cash costs, offset by 1% higher production.

Of the 17 producing companies which reported CY2Q14 earnings, 3 companies reported revised guidance which was stronger (Agnico Eagle, Barrick, and Eldorado), and 3 companies reported weaker revised guidance (Detour, DPM, and Yamana). To achieve guidance, 9/17 companies are required to report a stronger 2H than 1H. While seasonal trends and mine ramp-ups explain a portion of this, we see the greatest pressure to deliver better results from Alamos and DPM, and the least pressure from Timmins, Kinross, AuRico, and Agnico.

Heading into a season of typically busier corporate activity and upcoming industry conferences, announcements are anticipated to increase. Companies where we expect meaningful catalysts to be delivered in 2H include Alamos, B2Gold, Goldcorp, IAMGOLD, Kirkland Lake, and Perseus.

Company Ticker Rating

(1)

Risk Target

Price

Analyst

(2)

Senior Producers

Barrick Gold Corp. ABX N High $24.00 JW

Goldcorp Inc. G N High $33.00 JW

Kinross Gold Corp. K B High $5.00 JW

Intermediate Producers

Agnico-Eagle AEM B High $47.00 JW

Eldorado Gold Corp. ELD N High $8.50 JW

IAMGOLD Corp. IMG S High $3.75 JW

New Gold Inc. NGD B High $7.50 JW

Detour Gold Corp. DGC N High $15.00 JF

Randgold Resources GOLD B High US$100.00 JW

Yamana Gold Inc. YRI S High $8.00 JW

Junior Producers

Alamos Gold Inc. AGI N High $11.00 JW

AuRico Gold Inc. AUQ N High $5.25 JF

B2Gold Corp. BTO B High $3.75 JF

Dundee Precious Metals DPM NR N/A N/A JW

Kirkland Lake Gold KGI B High $5.25 JF

Marlin Gold Mining Ltd. MLN B Spec $1.70 JF

Perseus Mining Ltd. PRU N High $0.45 JW

Primero Mining P B High $9.50 JF

Timmins Gold Corp. TMM B High $2.50 JF

Developers/Explorecos

Belo Sun Mining BSX B Spec $0.50 JF

Continental Gold Ltd. CNL B Spec $6.00 JF

Premier Gold Mines Ltd. PG B Spec $4.25 JF

Torex Gold Resources TXG B Spec $2.00 JW

Royalty

Osisko Gold Royalties OR N High $14.50 JF

(1) B - Buy, N - Neutral, S - Sell, NR- Not Rated. Refer to

disclosures for more information.(2) JF - Joe Fazzini, JW -Josh Wolfson.

mailto:[email protected]




Gold Sector September 3, 2014

DUNDEE CAPITAL MARKETS Page | 2

A CHANGE IN GOLD PRICE HAS BRED FEAR, BUT ALSO OPPORTUNITY

In 2013, the gold price collapsed, having closed the year down 28% to $1,206/oz. With 2013 marking the first annual gold prices decrease in 12 years, reasonable and genuine concerns emerged related to profitability, growth plans, and even solvency in certain cases. Although gold prices have yet to materially rebound (currently $1,266/oz, +5% YTD), meaningful sector changes have occurred to accommodate operating in a lower gold price environment.

To better understand industry changes, Dundee evaluated gold producers under coverage which in total operated a combined 86 gold mines that generated output of 10.8 MMoz in 1H14, representing approximately 25% of industry production. When accounting for every cost of operating a mine which relates to cash flow, costs in 1H14 were $1,195/oz, a $228/oz decrease from 1H13's $1,423/oz. Overwhelmingly, cost savings have been driven by a considerable reduction in capital expenditure, resulting in a savings of $171/oz, which can be explained by lower incentives to invest in operations at lower gold prices as well as some genuine cost cutting, such as mine optimization. However, this also reflects deferred capital spending which is likely required to be spent in future periods. Other material factors affecting cost changes include 8% higher processed grades, resulting in a savings of $53/oz, and lower cash taxes paid, resulting in a savings of $27/oz. This is partially offset by 5% higher total per tonne unit costs, resulting in higher costs of $38/oz.

Changes in Key Items Impacting Fully Loaded Costs from 1H13 to 1H14 (Co-Product)

Source: Company reports, Dundee Capital Markets estimates

Changes in Key Mining Trends from 1H13 to 1H14


-171

-53

-27-11 -6 -5

10 17

38

-200

-150

-100

-50

0

50

100

Capex

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5.2%

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-2.5%

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5.0%

7.5%

10.0%

Throughput Recoveries Per Tonne Costs Grade

1H

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Dundee evaluates costs for gold producers in an all-encompassing manner, defined as movement of cash. This is a more comprehensive metric than typically quoted AISC. For details on calculations, please refer to our June 19 Sector Note

http://research.dundeecapitalmarkets.com/en/~/media/Dcm/Publications/CoverageListResearch/2014/June/G/Gold061914outlook.ashx

http://research.dundeecapitalmarkets.com/en/~/media/Dcm/Publications/CoverageListResearch/2014/June/G/Gold061914outlook.ashx



COST REVIEW & OUTLOOK

To avoid relying on inconsistencies included in All-In Sustaining Cost (AISC) reporting, Dundee analyzes reported cash flow statements to better understand the true costs of production by company and on a basis which is equally comparable. Below we outline the reported costs of production in 1H14 based on actual reported cash flow information, which we refer to as Sustaining Production Costs per ounce. Key conclusions we would highlight include:

The lowest cost producers in 1H14 have been Agnico Eagle, Eldorado, Randgold, and Timmins, both when accounting for and when excluding the impact of working capital adjustments.

AuRico, IAMGOLD, Perseus, and Primero have been the highest cost producers over this period, before working capital changes.

Of the 17 companies which have reported financial results, 13 reported costs in 2H14 which were lower than in 1H13, while 3 reported costs that were higher. The greatest demonstrated cost improvement in 1H14 from 1H13 has been realized by Kinross, Eldorado, and New Gold, all three of which are due to declining capital spending at operations. The greatest cost increase has occurred at Alamos (higher costs attributable to underground mining transition) and Primero (inclusion of higher cost Black Fox operations).

Sustaining Production Costs Per Ounce 1H14 (Co-Product)


Company Company Working

Capital

1 Eldorado 969 1 Agnico 941 151

2 Randgold 1,001 2 Timmins 1,088 1

3 Timmins 1,089 3 Eldorado 1,101 (132)

4 Agnico 1,092 4 Randgold 1,126 (125)

5 New Gold 1,136 5 Goldcorp 1,152 (12)

6 Goldcorp 1,140 6 New Gold 1,202 (66)

7 Barrick 1,203 7 Kinross 1,242 (2)

8 Alamos 1,208 8 Barrick 1,318 (116)

9 Kinross 1,239 9 DPM 1,326 (57)

10 B2Gold 1,252 10 Alamos 1,377 (169)

11 DPM 1,269 11 Yamana 1,386 (57)

12 Detour Gold 1,313 12 IAMGOLD 1,407 (23)

13 Yamana 1,328 13 B2Gold 1,414 (162)

14 IAMGOLD 1,384 14 Perseus 1,426 27

15 Primero 1,414 15 Detour Gold 1,534 (221)

16 Perseus 1,453 16 AuRico 1,661 45

17 AuRico 1,583 17 Primero 1,692 (278)

18 Kirkland Lake n/a 18 Kirkland Lake n/a n/a

Kirkland Lake has not yet reported f inancial results for CY2Q14.

Sustaining Production Cost

Before Working Capital

Sustaining Production Cost

After Working CapitalSustaining cash flow, defined as cash flow from operations, less a more inclusive definition of capital expenditure, provides the most accurate representation of costs in terms of cash movement for gold companies.



Sustaining Production Costs per Ounce (Co-Product), Sorted By 1H14 - 1H13 vs. 1H14


Sustaining Production Cost Variance - 1H13 vs. 1H14 (Co-Product)


$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

ELD GOLD TMM AEM NGD G ABX AGI K BTO DPM DGC YRI IMG P PRU AUQ

Co

sts

(U

S$

/oz)

1H13 Costs 1H14 Costs

-$400

-$300

-$200

-$100

$0

$100

$200

$300

IMG K TMM AEM DPM GOLD NGD ELD G PRU ABX YRI BTO AUQ P AGI

Va

ria

nc

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er

Oz (

US

$/o

z)

Overall, companies have been successful in reducing 1H14 sustaining production costs per ounce from 1H13.



Calculating a Sustaining Production Cost estimate is useful to determine actual historical reported costs. To forecast future cost figures, Dundee utilizes an estimate called Fully Loaded Costs. Fully Loaded costs seek to accurately forecast the true free cash flow generation of a company's operating asset base. This figure incorporates all cash flow-related costs of production matched with the operating assets over that period, but excludes the impact of growth capital expenditure related strictly to new project development which contributes to growth. This method results in figures which are accurate and consistent, while also being comparable across our coverage universe.

Below we exhibit our Fully Loaded cost forecasts by company under coverage. Based on a Fully Loaded cost analysis, Dundee forecasts an improvement in costs under coverage, from $1,310/oz in 2013 to $1,190/oz in 2014 and $1,182/oz in 2015. Key conclusions we would highlight include:

The lowest cost producers over the 2014-2015 period are forecast to be Randgold, Goldcorp, B2Gold, Eldorado, and Agnico Eagle.

The highest cost producers over the 2014-2015 period are forecast to be Kirkland Lake, IAMGOLD, AuRico, Detour Gold, and Perseus.

We forecast that the greatest cost improvement over the 2013 to 2015 period will be delivered by Detour, AuRico, Kirkland Lake, and Perseus, while we forecast that the least cost improvement will be delivered by Alamos, Goldcorp and Timmins.

Dundee Fully-Loaded Costs 2013-2015 (Co-product), Sorted by 2015 - At Spot Gold


GOLD BTO DPM NGD G YRI AEM P AUQ AGI ELD ABX TMM MLN K PRU DGC IMG KGI

2013 $1,126 $1,173 $1,346 $1,302 $1,089 $1,317 $1,211 $1,264 $1,663 $1,053 $1,301 $1,293 $1,252 $0 $1,518 $1,602 $0 $1,625 $2,218

2014 $1,009 $1,194 $1,268 $1,256 $1,029 $1,235 $1,178 $1,291 $1,419 $1,209 $1,060 $1,243 $1,123 $1,186 $1,209 $1,439 $1,400 $1,277 $1,765

2015 $938 $1,045 $1,103 $1,133 $1,146 $1,149 $1,162 $1,171 $1,200 $1,202 $1,211 $1,216 $1,227 $1,247 $1,271 $1,276 $1,317 $1,337 $1,421

$0

$250

$500

$750

$1,000

$1,250

$1,500

$1,750

$2,000

Co

Pro

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ct

Fu

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US

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2013 2014 2015



2Q14 EARNINGS RECAP

Below we provide an overview of 2Q14 operating results for companies under coverage. Overall, companies under coverage reported equity production which decreased 1% from last quarter and increased 1% from last year, while co-product total cash costs increased 2% from last quarter and 3% from last year.

2Q14 Operating Results Comparison


Key points we highlight:

Of the group of 17 producing companies which have reported 2Q14 results, 4 reported production results which were better than expected, 5 reported results which were weaker, and 8 reported results which were in line.

The greatest production beat relative to Dundee expectations was delivered by Perseus (+8 koz, +21%; lower impact than expected from a plant fire and electricity downtime) and Detour (+11 koz, +10%; higher than anticipated grades), while the greatest production miss was delivered by Alamos (-11 koz, -20%; lower heap leach grades and lower contribution from high grade mill feed) and Agnico Eagle (-24 koz, -7%; lower contribution than expected at LaRonde and Meadowbank).

Companies which demonstrated the greatest production increase year over year include Detour (+59 koz, +102%; ramp-up progressing, increasing grades) and Randgold (+81

Actual % Var % Var % Var Actual % Var % Var % Var

Seniors

Barrick 1,485 1,524 O -3% 1,811 -18% 1,588 -6% $615 $620 - -1% $579 6% $605 2%

Goldcorp 649 645 - 1% 713 -9% 646 0% $643 $673P -4% $713 -10% $673 -4%

Kinross⁵ 680 648P 5% 655 4% 665 2% $742 $769P -4% $737 1% $727 2%

Intermediates

Agnico⁴ 326 350 O -7% 224 45% 366 -11% $626 $626 - 0% $785 -20% $537 17%

Detour 117 106P 10% 58 102% 107 9% $941 $1,011P -7% n/a n/a $976 -4%

Eldorado³ 201 200 - 0% 184 9% 197 2% $549 $556 - -1% $536 2% $577 -5%

IAMGOLD 206 205 - 0% 214 -4% 172 20% $881 $869 - 1% $787 12% $886 -1%

New Gold 90 90 - -1% 102 -13% 91 -2% $682 $646 O 6% $713 -4% $658 4%

Randgold⁶ 277 286 O -3% 196 41% 284 -2% $701 $695 - 1% $795 -12% $685 2%

Yamana⁵ 332 334 - -1% 296 12% 272 22% $622 $588 O 6% $577 8% $640 -3%

Juniors

Alamos 33 41 O -20% 53 -38% 37 -11% $595 $617P -4% $448 33% $617 -4%

Aurico⁴ 56 53P 6% 38 47% 54 4% $801 $814P -2% $655 22% $870 -8%

B2Gold 86 92 O -7% 82 4% 86 -1% $720 $715 - 1% $782 -8% $635 13%

DPM⁴ 44 44 - 0% 38 14% 30 44% $405 $556P -27% $340 19% $595 -32%

Kirkland Lake n/a n/a - n/a - n/a - n/a n/a - n/a - n/a -

Marlin n/a n/a - n/a - n/a - n/a n/a - n/a - n/a -

Primero⁵ 63 64 - -1% 39 62% 40 59% $672 $619 O 9% $677 -1% $686 -2%

Perseus 43 35P 21% 48 -11% 44 -3% $1,232 $1,311P -6% $1,274 -3% $1,158 6%

Timmins⁴ 33 33 - 0% 28 18% 35 -7% $730 $749P -3% $705 4% $703 4%

Total Average⁷ 4,644 4,576 1% 4,691 -1% $689 $669 3% $673 2%

Beat P

Miss O

Notes

¹ Results based on equity production unless otherwise noted.

² Results based on co-product total cash costs unless otherwise noted.

³ ELD results based on consolidated production.

⁴ AEM, AUQ, DPM, and TMM results based on by-product total cash costs, BTO based on operating cash costs.

⁵ K, P, YRI results based on gold equivalent ounces.

⁶ GOLD results based on group production

⁷ Total average costs based on equity gold production and co-product total cash costs.

Dundee Dundee

Production¹ (koz) Total Cash Costs² (US$/oz)

2Q13A 1Q14A 2Q13A 1Q14A2Q14 2Q14



koz, +41%; Kibali ramp-up progressing, improvement in Loulo/Gounkoto grades), while those with the greatest production decrease include Alamos (-20 koz, -38%; lower heap leach grades, substantially lower contribution from higher grade mill feed) and Barrick (-326 koz, -18%; year over year decrease at Cortez due to lower grades, sale of various operations).

8 companies reported cost results which were better than expected, 3 reported results which were weaker, and 6 reported results which were in line. The greatest cost beat relative to Dundee expectations was delivered by DPM (-$151/oz, -27%; lower unit costs at Chelopech and Kapan), while the greatest cost miss was delivered by Primero (+$53/oz, +9%; lower grades and throughput at Black Fox).

Companies which demonstrated the greatest cost decrease year over year include Agnico Eagle (-$159/oz, -20%; cost reduction initiatives, 2Q13 impacted by by-product metal realized pricing) and Randgold (-$94/oz, -12%; improving performance of Loulo/Gounkoto complex), while those with the greatest cost increase include Alamos (+147/oz, 33%; lower contribution from higher grade mill feed) and AuRico (+$146/oz, +22%; higher costs from open pit mining nearing completion).

Below we provide an overview of 2Q14 financial results for companies under coverage. Overall, companies under coverage reported earnings which decreased 24% from last quarter and 54% from last year. The decrease in earnings YoY is largely explained by 9% lower gold prices, but also influenced negatively by 3% higher costs and offset by 1% higher production.

Earnings Report Card


Actual Commentary Re: Beat/Miss

Seniors

Barrick $0.14 $0.12P $0.15 O - lower taxes, depreciation

Goldcorp $0.20 $0.14P $0.14P - more ounces sold, lower taxes

Kinross $0.03 $0.06 O $0.04 O - higher depr. & interest, lower gross margins

Intermediates

Agnico $0.26 $0.31 O $0.28 O - fewer ounces sold

Detour -$0.12 -$0.17P -$0.09 O - higher grade

Eldorado³ $0.05 $0.05 - $0.05 - - higher depr., offset by lower G&A, expl.

IAMGOLD $0.02 $0.03 O $0.03 O - fewer ounces sold

New Gold $0.02 $0.03 O $0.03 O - fewer ounces sold, higher depr.

Randgold $0.54 $0.76 O $0.76 O - Lower Kibali prod'n

Yamana $0.05 $0.01P $0.03P - lower taxes

Juniors

Alamos $0.01 $0.02 O $0.01 - - lower gross margins

Aurico -$0.07 -$0.04 O -$0.05 O - higher depr.

B2Gold $0.00 $0.02 O $0.02 O - higher depr., taxes & G&A

DPM $0.07 $0.06P $0.08 O - higher depr., lower gross margins

Kirkland Lake n/a n/a - n/a - - n/a

Marlin n/a n/a - n/a - - n/a

Primero $0.01 $0.05 O $0.05 O - higher costs at Black Fox

Perseus n/a n/a - n/a - - n/a

Timmins $0.02 $0.03 O $0.05 O - higher G&A

Beat P

Miss O

Dundee Cons.

2Q adj. EPS



1H14 PERFORMANCE AND IMPLIED 2H14 OUTLOOK

With half of the year complete, a number of companies in 2Q revised corporate guidance to reflect realized results to date. Key points we highlight:

Of the 17 producing companies under coverage, three companies reported an improvement in corporate guidance. Barrick reported a decrease in its total cash cost and AISC cost guidance. Agnico Eagle incorporated the joint venture acquisition of Osisko, resulting in higher net corporate production guidance, but updated guidance also reflected an improvement in both production and costs for the company's pre-acquisition assets. Eldorado reported production expectations at the high end of its existing range, while the company meaningfully reduced its cost guidance.

Three companies reported weaker corporate guidance. Yamana incorporated the joint venture acquisition of Osisko, resulting in higher net corporate production guidance, but updated guidance reflected a reduction of production at the company's pre-acquisition assets. Dundee Precious Metals reduced its production forecasts, reflecting challenges experienced at its Kapan mine. Detour lowered the top end of its production guidance range due to weaker than expected mining rates, and cost guidance was increased.

Kinross announced its production would be at the high end of its stated range, while costs would be at the low end of its stated range.

2014 Guidance Revisions


Company 2014 Guidance Update

Production Costs Capex

Seniors

Barrick - q - 6,000 - 6,500 $580 - $630

Goldcorp - - - 2,950 - 3,100 $550 - $600

Kinross³ - - - 2,500 - 2,700 $730 - $780

Intermediates

Agnico p q - 1,350 - 1,370 $650 - $675

Detour q p - 450 - 480 $900 - $975

Eldorado² - q q 790 $495

IAMGOLD - - - 835 - 900 $825 - $875

New Gold - - - 380 - 420 $320 - $340

Randgold - - - 1,130 - 1,200 $650 - $700

Yamana³ q - - 1,420 n/a

Juniors

Alamos - - - 150 - 170 $700 - $740

Aurico - - - 210 - 240 $675 - $775

B2Gold - - - 395 - 420 $667 - $695

DPM q - - 155 - 174 $335 - $505

Kirkland Lake - - - - - - -

Marlin - - - - - - -

Primero³ - - - 225 - 245 $650 - $700

Perseus - - - - - - -

Timmins - - - 115 - 125 $800

Notes

¹ Guidance based on equity gold production & by-product total cash costs unless otherwise noted.

² ELD results based on consolidated production.

³ K, P, YRI guidance based on gold equivalent ounces.

Production¹ (koz) TCC¹ (US$/oz)

Current Guidance



Based on realized results in 1H14 for companies under coverage, we have calculated implied results required in for 2H14 to achieve full year corporate guidance.

Of the 17 producing companies under coverage, we highlight that 9 are required to report better 2H results to achieve outlined guidance. Typically, seasonality and project ramp-ups can weight production for some companies towards 2H14.

Companies where production is not 2H weighted include Barrick, Kinross, Agnico Eagle, Eldorado, Detour, AuRico, and Timmins. In our view, these companies are better positioned to achieve full year results.

Companies whose production is weighted to 2H14 and where we see a greater requirement to deliver better production outside of seasonality includes Alamos and Dundee Precious Metals.

Implied 2H14 Production


Company Reason for 2H14 weighting

koz US$/oz

Seniors

Barrick 3,073 $588 2,930 - 3,430 $572 - $668 No 1H14 Cortez weaker sequencing

Goldcorp 1,329 $490 1,621 - 1,771 $599 - $683 Yes Cerro Negro ramp-up in 2H

Kinross³ 1,338 $735 1,162 - 1,362 $724 - $824 No n/a

Intermediates

Agnico 692 $579 658 - 678 $725 - $773 No n/a

excl. Malartic 530 - 560 $695 - $786 No n/a

Detour 225 $956 225 - 255 $844 - $994 No Ramp-up at Detour Lake

Eldorado² 397 $504 393 $486 No n/a

IAMGOLD 378 $883 457 - 522 $777 - $869 Yes Essakane/Rosebel 1H Seasonality

New Gold 181 $253 199 - 239 $381 - $406 Yes Mesquite/CSP weaker 1H sequencing

Randgold 561 $693 569 - 639 $608 - $706 Yes Kibali 1H weaker from ramp-up commissioning

Yamana³ 604 $630 816 n/a Yes Weak 1H corporate performance, Brazil ramp-up operations slow

excl. Malartic 687 - 697 n/a Yes n/a

Juniors

Alamos 70 $641 80 - 100 $752 - $809 Yes Weak 1H Mulatos performance

Aurico 110 $834 100 - 130 $499 - $725 No Ramp-up at Y/D

B2Gold 182 $675 213 - 238 $660 - $710 Yes Masbate mill change in 1H

DPM 63 $402 92 - 111 $289 $563 Yes Weak 1H Chelopech/Kapan performance

Kirkland Lake n/a n/a n/a n/a n/a n/a

Marlin n/a n/a n/a n/a n/a n/a

Primero³ 100 $677 125 - 145 $628 - $716 Yes Ramp-up at Black Fox

Perseus n/a n/a n/a n/a n/a n/a

Timmins 68 $715 47 - 57 $885 No n/a

Notes

¹ Based on equity gold production & by-product total cash costs unless otherwise noted.

² ELD results based on consolidated production.

³ Guidance based on gold equivalent ounces.

2H14

Wtdkoz US$/oz

1H14 Production Implied 2H14 Prod'n



CATALYST CALENDAR

Company Milestone or Potential Catalyst

Agnico-Eagle

Agnico-EagleEnd 3Q14 Corporate update on 2015 guidance

Agnico-Eagle3Q14 Malartic updated technical report and optimization

Agnico-EagleEnd 2014 Kittila small scale expansion completion (to 3,750 tpd)

Agnico-Eagle2014 Potential Kittila large scale expansion study results

Agnico-Eagle La India sulphides and Tarachi metallurgical testwork

Agnico-Eagle1Q15 Meliadine project certificate issued for construction

Agnico-EagleEarly 2015 Technical study results on satellite zones at Goldex

Agnico-Eagle Meliadine updated feasibility study

Agnico-EagleLate 2015 LaRonde conveyor system completion

AuRico

Aurico 4Q14 Q3/14 production & financials

Aurico 2014 Y/D expansion updates

Aurico Ongoing exploration updates

Alamos

Alamos 3Q14 Escondida ore depletion and San Carlos commencement of production

Alamos 4Q14 Kirazli injunction decision

Alamos 2015 Ağı Dağı forestry and operating permit approval

Alamos Çamyurt resource conversion

Alamos Esperanza EIA approval and construction decision

Alamos Kirazli forestry and operating permit approvals

AlamosLate 2016 Initial production at Esperanza

Alamos 2016 Initial production at Mulatos' La Yaqui satellite deposit

Alamos 2017 Initial production at Mulatos' Cerro Pelon satellite deposit

B2Gold

B2Gold 4Q14 Otjikoto Construction Completion

B2Gold Closing of Papillon acquisition

B2Gold 2014 Ongoing Exploration Updates

B2Gold 2015 Masbaste expansion decision

B2Gold 1Q15 New Feasibility study on Kiaka

Barrick

Barrick 4Q14 Goldstrike thiosulphate project completion

Barrick Zaldivar fines processing feasibility study

BarrickLate 2014 Turquoise Ridge shaft evaluation PFS (75% higher production for 5-8 years)

Barrick 2H14 Pueblo Viejo ramp-up to full capacity

BarrickMid 2015 Goldrush pre-feasibility study completion

BarrickLate 2015 Jabal Sayid first production

BarrickOct 2015 Argentina presidential elections

BarrickLate 2015 Cortez Hills Lower Zone PFS

Barrick 2016 Dominican Republic presidential elections

Detour

Detour 2014 Ongoing updates on Detour Lake ramp-up

Detour 4Q14 Q3 prod & financial results

Detour 1Q15 Block A Reserve Estimate

Dundee Precious Metals

Dundee Precious Metals3Q14 Kapan preliminary underground expansion study results

Dundee Precious MetalsOct 2014 Namibia presidential elections

Dundee Precious Metals Bulgaria federal elections

Dundee Precious Metals2H14 Tsumeb capacity permanently fully restored

Dundee Precious Metals2014 Krumovgrad construction permits

Dundee Precious Metals1Q15 Tsumeb acid plant completion



Eldorado Gold

Eldorado GoldNov 2014 Romania presidential elections

Eldorado GoldEnd 2014 Tocantinzinho feasibility optimization study results

Eldorado Gold Certej permitting appeals and final land acquisition, feasibility study results

Eldorado Gold2014 Commencement of Skouries underground optimization study

Eldorado Gold2015 Potential approval of Perama Hill EIS

Eldorado Gold Potential Hong Kong Exchange listing of Chinese asset base

Eldorado Gold4Q16 Skouries commercial production

Eldorado Gold2017 Olympias phase II production and declaration of commercial production

Goldcorp

Goldcorp 4Q14 Cerro Negro commercial production

Goldcorp First production at Eleonore

Goldcorp Penasquito concentrate enrichment study completion (copper & pyrite)

Goldcorp Cochenour initial production from development ore

Goldcorp 2H14 Penasquito long term tailings solution study completion

Goldcorp Pueblo Viejo ramp-up to full capacity

GoldcorpMid-2015 Camino Rojo pre-feasibility study

Goldcorp 3Q15 Cochenour initial production from production stopes

GoldcorpOct 2015 Argentina presidential elections

Goldcorp 2015 Los Filos crushing/agglomeration expansion results

Goldcorp 2016 Dominican Republic presidential elections

IAMGOLD

IAMGOLD3Q14 Westwood initial commercial production results

IAMGOLD2H14 Niobec expansion permitting

IAMGOLD 2015 Cote Gold permitting

IAMGOLD Rosebel expansion feasibility study completion

IAMGOLD Sadiola deep sulphides construction decision

IAMGOLD 2016 Cote Gold feasibility study completion and construction decision

Kinross

KinrossOct 2014 Brazil presidential elections

Kinross 2014 Potential scoping economics for La Coipa's Phase 7 / Pompeya development

Kinross 2015 Potential Tasiast mill expansion decision

New Gold

New Gold 3Q14 El Morro Supreme Court permitting injunction decision

New Gold 2H14 Cerro San Pedro resoution of municipality dispute

New GoldEnd 2014 Rainy River EIA Approval and construction decision

New Gold New Afton C-Zone resource update

New Gold 1H15 New Afton C-Zone preliminary economic evaluation

New GoldEarly 2015 Blackwater EIA approval

New Gold 2017 Blackwater initial production

Primero

Primero 4Q14 Q3 Operating and Financial results

Primero Exploration Updates in Canada & Mexico

Primero 1Q15 Cerro del Gallo Optimization Results

Perseus

Perseus 3Q14 Edikan reserves & resources update

Perseus Initial reserve at Bokitsi South satellite deposit

Perseus 2014 Updated Edikan LOM plan

Perseus 2015 Sissingue updated capital costs and construction decision

Perseus Sissingue reserve update

Marlin

Marlin 4Q14 Q3 Production & Financial Results

Marlin 2014 Exploration & Production Updates

Kirkland Lake

Kirkland Lake3Q14 fQ1/15 Financial Results

Kirkland Lake2014 Operational optimization updates

Kirkland Lake4Q14 fQ2/15 Production Results

Randgold Resources

Randgold Resources2014 DRC legislative elections

Randgold Resources DRC updated mining code

Randgold ResourcesEnd 2014 Gounkoto Underground feasibility study

Randgold Resources2014 Cote d'Ivoire windfall tax resolution

Randgold Resources1Q15 Tongon rougher flotation circuit completion

Randgold Resources4Q15 Cote d'Ivoire presidential elections (October)

Randgold ResourcesOct 2015 Cote d'Ivoire presidential elections

Randgold Resources2016 DRC presidential elections




Timmins

Timmins 4Q14 Q3/14 Production & Financial results

Timmins 2014 Ongoing Exploration Results on Local Mexican Targets

Torex

Torex Aug 2014 Updated El Limon-Guajes resource estimate

Torex 4Q15 Morelos initial production

Torex 2H15 Media Luna PEA completion

Torex 2Q16 Morelos commercial production

Yamana

Yamana 3Q14 C1 Santa Luz commercial production

Yamana Malartic updated technical report and optimization

Yamana Pilar commercial production

YamanaOct 2014 Brazil presidential elections

YamanaEnd 2014 Cerro Moro production decision

Yamana Corpo Sul startup of operations at Chapada

Yamana 2014 Chapada recovery improvement study

Yamana 2016 Initial production at Cerro Moro



Comparable Tables - at Spot Gold and Silver

Source: Bloomberg, Dundee Capital Markets

Spot gold priced at US$1,266/oz and spot silver at US$19.17/oz, as of September 2, 2014.

Company Ticker Price

2-Sep-14

Rating

(1)

Target

Price

Basic Mkt

Cap

(MM US$)

NAV at

Spot Gold

P/NAV

at Spot

(2) (3) (4)

% NAV in

Develop.

(5)

EV/EBITDA (CY)

at Spot (6)

Analyst

(9)

2014E 2015E 2014E 2015E 2014E 2015E

Senior Producers

Barrick Gold Corp. ABX CN C$19.52 N $24.00 $20,800 $30,949 $7.14 2.50x 17% 7.6x 6.8x 1.0% 3.4% 8.5x 6.9x 1.1% JW

Goldcorp Inc. G CN C$29.24 N $33.00 $21,754 $24,272 $11.39 2.35x 28% 16.7x 12.7x -3.4% 1.9% 11.8x 9.7x 2.2% JW

Kinross Gold Corp. K CN C$4.22 B $5.00 $4,418 $5,790 $2.56 1.51x 1% 5.9x 6.7x 1.3% 0.6% 5.5x 7.0x - JW

AVERAGE 2.29x 9.8x 8.6x -0.7% 2.5% 9.1x 7.8x

Intermediate Producers

Agnico-Eagle Mines Ltd. AEM CN C$40.36 B $47.00 $7,743 $8,934 $14.37 2.57x 15% 13.8x 14.1x 0.9% 1.7% 12.9x 11.6x 0.8% JW

Detour Gold Corp. DGC CN C$12.99 N $15.00 $1,875 $2,373 $6.86 1.73x 0% 17.2x 18.3x -3.2% -1.0% 57.3x 25.3x - JF

Eldorado Gold Corp. ELD CN C$8.63 N $8.50 $5,655 $5,712 $4.52 1.75x 50% 16.7x 20.0x -1.7% -5.0% 13.1x 14.5x 0.3% JW

IAMGOLD Corp. IMG CN C$4.20 S $3.75 $1,448 $1,799 $3.15 1.22x 39% 5.2x 5.8x -7.8% -4.0% 4.8x 5.2x 0.2% JW

New Gold Inc. NGD CN C$6.75 B $7.50 $3,112 $3,498 $2.74 2.25x 20% 11.4x 10.7x -1.6% -7.5% 11.4x 9.6x - JW

Randgold Resources Ltd. GOLD US US$81.96 B $100.00 $7,593 $7,616 $40.27 2.04x 1% 14.5x 13.1x 1.9% 4.0% 14.1x 12.9x 0.6% JW

Yamana Gold Inc. YRI CN C$9.00 S $8.00 $7,226 $9,057 $3.09 2.67x 17% 12.6x 10.1x -1.4% 1.4% 12.5x 9.7x 2.1% JW

AVERAGE 2.12x 13.0x 12.5x -0.7% -0.2% 12.5x 11.1x

Junior Producers

Alamos Gold Inc. AGI CN C$9.89 N $11.00 $1,152 $760 $8.01 1.13x 42% 21.6x 23.4x -0.2% -0.2% 12.8x 11.1x 2.2% JW

AuRico Gold Inc. AUQ CN C$4.71 N $5.25 $1,071 $1,263 $2.50 1.73x 0% 16.6x 8.8x -8.2% 0.0% 20.1x 8.9x 1.6% JF

B2Gold Corp. BTO CN C$2.71 B $3.75 $1,686 $1,917 $2.09 1.18x 22% 11.3x 8.5x -7.1% 1.5% 13.9x 6.8x - JF

Dundee Precious Metals Inc. DPM CN C$5.43 NR N/A $698 $810 $4.11 1.21x 21% 7.6x 8.3x -13.6% 2.3% 7.4x 6.9x - JW

Kirkland Lake Gold KGI CN C$5.66 B $5.25 $363 $473 $2.82 2.01x 0% 13.8x 6.8x -10.7% -0.6% 21.0x 9.0x - JF

Marlin Gold Mining Ltd. MLN CN C$0.91 B $1.70 $67 $68 $1.29 0.71x 17% - 8.3x -18.1% 10.6% - 6.7x - JF

Perseus Mining Ltd. PRU CN C$0.43 N $0.45 $207 $156 $0.38 1.11x 0% 8.7x 4.3x -14.6% 7.7% 8.7x 3.6x - JW

Primero Mining P CN C$7.13 B $9.50 $1,043 $1,092 $4.97 1.31x 5% 11.4x 10.2x -5.0% 1.3% 13.2x 9.4x - JF

Timmins Gold Corp. TMM CN C$1.76 B $2.50 $263 $219 $1.36 1.18x 0% 5.2x 8.5x 9.9% 5.3% 4.4x 5.5x - JF

AVERAGE 1.28x 11.9x 9.4x -7.0% 1.3% 12.4x 7.7x

Advanced Developers

Torex Gold Resources Inc. TXG CN C$1.71 B $2.00 $1,225 $933 $1.41 1.21x 99% - - -32.2% -32.1% - - - JW

AVERAGE 1.21x NM NM -32.2% -32.1% NM NM

Explorers

Belo Sun Mining BSX CN C$0.22 B $0.50 $59 $52 $0.68 0.32x 100% - - -29.2% -193.3% - - - JF

Continental Gold Ltd. CNL CN C$3.44 B $6.00 $399 $306 $4.76 0.66x 100% - - -16.7% -43.7% - - - JF

Premier Gold Mines Limited PG CN C$2.69 B $4.25 $374 $329 $4.82 0.56x 100% - - -4.1% -5.1% - - - JF

AVERAGE 0.54x NM NM -11.9% -36.8% NM NM

Silver

Coeur Mining CDE US US$7.70 N $8.00 $792 $1,003 $1.79 4.30x 8% - - -9.5% -10.6% 21.1x 22.9x - MO

Endeavour Silver EDR CN C$5.76 N $6.75 $526 $511 $1.64 3.22x 0% 9.6x 16.0x 1.6% 0.7% 8.5x 15.0x - MO

First Majestic Silver Corp FR CN C$10.82 B $14.00 $1,158 $1,195 $3.07 3.23x 0% 15.8x 11.9x -2.2% 0.4% 11.9x 9.5x - MO

Fortuna Silver Mines FVI CN C$5.41 B $7.75 $620 $560 $3.18 1.56x 0% 11.8x 12.1x 3.1% -1.0% 9.6x 8.0x - MO

SilverCrest Mines SVL CN C$2.13 B $2.75 $212 $186 $1.37 1.42x 66% 13.9x 16.2x -8.7% 5.4% 10.5x 9.1x - MO

Tahoe Resources THO CN C$27.27 B $33.50 $3,645 $3,668 $12.51 1.99x 0% 20.4x 23.7x 2.2% 3.5% 18.3x 21.1x - MO

AVERAGE 2.26x 19.3x 21.4x -0.4% 0.5% 14.7x 15.2x

Royalty

Franco Nevada FNV CN C$60.53 UR UR $8,150 $7,448 $25.86 2.14x 21% 28.0x 28.7x -2.9% 0.1% 22.2x 21.5x 1.4% 0

Osisko Gold Royalties OR CN C$14.83 N $14.50 $650 $507 $9.99 1.48x 0% 9.9x 33.0x 37.9% 3.9% 5.0x 16.6x - JF

Silver Wheaton SLW CN C$26.64 UR UR $8,711 $9,570 $13.76 1.77x 28% 19.6x 19.7x 1.8% 4.6% 21.9x 21.2x 1.1% 0

AVERAGE 1.91x 21.9x 23.5x 0.8% 2.7% 19.9x 21.1x

TOTAL AVERAGE 2.02x 12.6x 11.6x -1.1% 1.1% 11.4x 9.9x

(1) B - Buy, N - Neutral, S - Sell, NR - Not Rated, NC - Not Covered, R - Restricted, UR - Under Review. Refer to disclosures for more information

(2) Discount rate varies by company. Generally 5% for gold assets, higher for base metal assets or high technical/political risk

(3) NAVPS at spot calculated at spot gold prices, spot silver prices, and base metal forward curves. P/NAV adjusted at spot FX rates.

(4) Average weighted according to market capitalization

(5) Percent of NAV attributed to mining assets/investments that are not currently in production

(6) Average weighted according to enterprise value

(7) Adjusted free cash flow = operating cash flow before working capital changes, less capital spending and preferred dividends

(8) Average weighted according to ounces of production. Total Acquisition Cost = Breakeven cost of acquisition per oz = (EV + LOM capital spending - Other Assets)/(LOM production) + LOM co-product total cash costs

(9) JF - Joe Fazzini, JW -Josh Wolfson, MO-Matthew O'Keefe

2014E (CY)

Dividend

Yield

(%)

Enterprise

Value

(MM US$)

P/CF at Spot

(CY)

(4)

FCF Yield at

Spot (CY) (6) (7)



APPENDIX

Changes to Targets

Source: Dundee Capital Markets estimates

Changes to Estimates

Source: Dundee Capital Markets estimates

Company Ticker Rating Risk New Target Old Target Analyst

(1) (2) ($) NAVPS '14-16 CFPS

Gold Companies

Agnico-Eagle Mines Ltd. AEM CN B High $47.00 $46.00 1.7x 17x JW

Alamos Gold Inc. AGI CN N High $11.00 $12.00 1.2x 16x JW

AuRico Gold Inc. AUQ CN N High $5.25 $5.25 1.5x - JF

Barrick Gold Corp. ABX CN N High $24.00 $23.00 1.3x 10x JW

B2Gold Corp. BTO CN B High $3.75 $3.75 1.4x - JF

Belo Sun Mining BSX CN B Speculative $0.50 $0.50 0.7x - JF

Continental Gold Ltd. CNL CN B Speculative $6.00 $6.00 1.0x - JF

Dundee Precious Metals Inc. DPM CN NR N/A N/A N/A N/A N/A JW

Detour Gold Corp. DGC CN N High $15.00 $15.00 1.4x - JF

Eldorado Gold Corp. ELD CN N High $8.50 $8.00 1.3x 17x JW

Goldcorp Inc. G CN N High $33.00 $31.00 1.6x 16x JW

IAMGOLD Corp. IMG CN S High $3.75 $3.75 0.9x 4x JW

Kinross Gold Corp. K CN B High $5.00 $5.50 1.1x 7x JW

Kirkland Lake Gold KGI CN B High $5.25 $5.25 1.1x - JF

Marlin Gold Mining Ltd. MLN CN B Speculative $1.70 $1.70 1.1x - JF

New Gold Inc. NGD CN B High $7.50 $7.25 1.3x 15x JW

Osisko Gold Royalties OR CN N High $14.50 $14.50 1.6x - JF

Perseus Mining Ltd. PRU CN N High $0.45 $0.50 0.8x 4x JW

Primero Mining P CN B High $9.50 $9.50 1.5x - JF

Randgold Resources Ltd. GOLD US B High $100.00 $100.00 1.7x 18x JW

Timmins Gold Corp. TMM CN B High $2.50 $2.50 1.3x - JF

Torex Gold Resources Inc. TXG CN B Speculative $2.00 $2.00 1.2x 0x JW

Yamana Gold Inc. YRI CN S High $8.00 $7.75 1.2x 10x JW

(1) B - Buy, N - Neutral, S - Sell, NR - Not Rated, NC - Not Covered, RES - Restricted, T - Tender, U/R - Under Review. Refer to disclosures for more information.

(2) JF - Joseph Fazzini, JW - Josh Wolfson, LC - Laurence Curtis.

(3) JF target price methodology based on a NAVPS multiple; JW target price methodology based on a blend of NAVPS and 2014-2016 CFPS multiples.

(4) Calculated at price deck gold forecasts: 2014=$1,301/oz, 2015=$1,394/oz, 2016=$1,413/oz, Long Term=$1,325/oz.

(5) PRU fiscal year end is June 30; KGI fiscal year end is April 30.

Target Multiples (3)

Company Ticker NAVPS (1) (2) CY 2014 EPS (1) (2) CY 2015 EPS (1) (2) CY 2014 CFPS (1) (2) CY 2015 CFPS (1) (2) Analyst

Prev New % Δ Prev New % Δ Prev New % Δ Prev New % Δ Prev New % Δ (3)

Agnico-Eagle Mines Ltd. AEM CN $18.00 $17.99 0% $1.09 $1.09 0% $1.45 $1.45 0% $2.80 $2.80 0% $3.40 $3.40 0% JW

Alamos Gold Inc. AGI CN $10.20 $9.38 -8% $0.09 $0.09 -1% $0.28 $0.28 2% $0.45 $0.44 -3% $0.50 $0.50 2% JW

AuRico Gold Inc. AUQ CN $3.34 $3.34 0% -$0.10 -$0.10 NM $0.10 $0.10 0% $0.28 $0.28 0% $0.61 $0.61 0% JF

Barrick Gold Corp. ABX CN $9.83 $10.34 5% $0.66 $0.66 0% $1.39 $1.43 3% $2.38 $2.44 2% $3.23 $3.24 0% JW

B2Gold Corp. BTO CN $2.51 $2.51 0% $0.03 $0.03 0% $0.12 $0.12 0% $0.23 $0.23 0% $0.34 $0.34 0% JF

Belo Sun Mining BSX CN $0.76 $0.76 0% -$0.06 -$0.06 0% -$0.02 -$0.02 0% -$0.05 -$0.05 0% -$0.01 -$0.01 0% JF

Continental Gold Ltd. CNL CN $5.40 $5.40 0% -$0.06 -$0.06 0% -$0.07 -$0.07 0% -$0.04 -$0.04 0% -$0.04 -$0.04 0% JF

Detour Gold Corp. DGC CN $9.93 $9.93 0% -$0.59 -$0.59 0% -$0.17 -$0.17 0% $0.73 $0.73 0% $1.06 $1.06 0% JF

Dundee Precious Metals Inc. DPM CN $4.30 $4.91 14% $0.17 $0.21 21% $0.38 $0.39 1% $0.57 $0.67 17% $0.70 $0.75 8% JW

Eldorado Gold Corp. ELD CN $5.29 $5.40 2% $0.22 $0.20 -11% $0.27 $0.22 -16% $0.48 $0.49 1% $0.52 $0.49 -7% JW

Goldcorp Inc. G CN $14.55 $14.24 -2% $0.79 $0.92 16% $1.18 $1.27 8% $1.57 $1.66 6% $2.44 $2.54 4% JW

IAMGOLD Corp. IMG CN $4.71 $4.26 -10% $0.20 $0.20 0% $0.34 $0.30 -10% $0.84 $0.78 -7% $1.01 $0.86 -15% JW

Kinross Gold Corp. K CN $3.63 $3.49 -4% $0.18 $0.13 -29% $0.23 $0.21 -8% $0.76 $0.69 -8% $0.79 $0.77 -2% JW

Kirkland Lake Gold KGI CN $4.72 $4.72 0% -$0.16 -$0.16 0% $0.21 $0.21 0% $0.41 $0.41 0% $0.94 $0.94 0% JF

New Gold Inc. NGD CN $3.32 $3.36 1% $0.16 $0.14 -12% $0.31 $0.31 -2% $0.56 $0.55 -2% $0.71 $0.70 -1% JW

Osisko Gold Royalties OR CN $10.41 $10.41 0% $0.32 $0.32 0% $0.51 $0.51 0% $1.50 $1.50 0% $0.51 $0.51 0% JF

Perseus Mining Ltd. PRU CN $0.50 $0.55 10% -$0.04 -$0.04 1% $0.04 $0.02 -56% $0.03 $0.05 57% $0.13 $0.13 1% JW

Randgold Resources Ltd. GOLD US $46.20 $46.20 0% $3.15 $3.15 0% $4.65 $4.65 0% $5.89 $5.89 0% $7.53 $7.53 0% JW

Timmins Gold Corp. TMM CN $1.79 $1.79 0% $0.11 $0.11 0% $0.12 $0.12 0% $0.33 $0.33 0% $0.25 $0.25 0% JF

Torex Gold Resources Inc. TXG CN $1.56 $1.58 1% -$0.03 -$0.03 -3% -$0.05 -$0.05 5% -$0.04 -$0.04 5% -$0.05 -$0.04 5% JW

Yamana Gold Inc. YRI CN $4.48 $4.28 -4% $0.15 $0.16 6% $0.29 $0.28 -2% $0.72 $0.69 -4% $1.06 $1.05 -1% JW


(2) PRU fiscal year end is June 30; KGI fiscal year end is April 30

(3) JF - Joe Fazzini, JW - Josh Wolfson



Quarterly Earnings and Cash Flow Estimates

Source: Bloomberg, Company reports, Dundee Capital Markets

Company Ticker At Spot

(4)

At Spot

(4)

1Q14A 2Q14A 3Q14E 4Q14E CY14

Dundee

CY14

Cons.

CY14E

Dundee

1Q15E 2Q15E 3Q15E 4Q15E CY15E

Dundee

CY15E

Cons.

CY15E

Dundee

Gold

Agnico-Eagle Mines Ltd. AEM CN $0.57 $0.26 $0.10 $0.16 $1.09 $1.25 $0.99 $0.28 $0.32 $0.39 $0.45 $1.45 $1.28 $0.75

Alamos Gold Inc. AGI CN $0.03 $0.01 -$0.02 $0.07 $0.09 $0.09 $0.07 $0.06 $0.07 $0.06 $0.09 $0.28 $0.19 $0.16

AuRico Gold Inc. AUQ CN -$0.03 -$0.06 -$0.02 $0.01 -$0.10 -$0.15 -$0.12 $0.02 $0.02 $0.03 $0.04 $0.10 -$0.02 $0.01

Barrick Gold ABX CN $0.20 $0.14 $0.13 $0.19 $0.66 $0.74 $0.61 $0.32 $0.33 $0.38 $0.40 $1.43 $1.11 $0.96

B2Gold Corp. BTO CN -$0.04 -$0.02 $0.01 $0.01 $0.03 $0.08 $0.03 $0.02 $0.03 $0.03 $0.03 $0.12 $0.15 $0.07

Belo Sun Mining BSX CN -$0.01 -$0.01 -$0.02 -$0.02 -$0.06 -$0.05 -$0.06 -$0.01 -$0.01 $0.00 $0.00 -$0.02 -$0.03 -$0.02

Continental Gold Ltd. CNL CN -$0.03 $0.01 -$0.03 -$0.02 -$0.06 -$0.09 -$0.06 -$0.02 -$0.02 -$0.02 -$0.01 -$0.07 -$0.09 -$0.07

Detour Gold Corp. DGC CN -$0.20 -$0.12 -$0.14 -$0.13 -$0.59 -$0.39 -$0.63 -$0.11 -$0.08 $0.00 $0.02 -$0.17 $0.31 -$0.58

Dundee Precious Metals Inc. DPM CN -$0.02 $0.07 $0.04 $0.12 $0.21 -$0.15 $0.20 $0.07 $0.10 $0.10 $0.11 $0.39 $0.40 $0.25

Eldorado Gold Corp. ELD CN $0.05 $0.05 $0.06 $0.04 $0.20 $0.23 $0.19 $0.04 $0.06 $0.07 $0.05 $0.22 $0.26 $0.15

Goldcorp G CN $0.26 $0.20 $0.18 $0.28 $0.92 $0.89 $0.83 $0.26 $0.29 $0.33 $0.38 $1.27 $1.15 $0.80

IAMGOLD Corp. IMG CN $0.03 $0.02 $0.07 $0.08 $0.20 $0.14 $0.16 $0.07 $0.07 $0.08 $0.08 $0.30 $0.21 $0.12

Kinross Gold K CN $0.03 $0.03 $0.02 $0.05 $0.13 $0.15 $0.08 $0.04 $0.05 $0.06 $0.07 $0.21 $0.19 $0.04

Kirkland Lake Gold KGI CN -$0.03 -$0.06 -$0.06 -$0.02 -$0.16 -$0.13 -$0.16 $0.08 $0.03 $0.04 $0.06 $0.21 $0.28 $0.14

Marlin Gold Mining Ltd. MLN CN $0.00 -$0.01 -$0.01 $0.00 -$0.02 -$0.06 -$0.03 -$0.01 $0.02 $0.03 $0.04 $0.08 $0.20 $0.02

New Gold Inc. NGD CN $0.04 $0.02 $0.03 $0.06 $0.14 $0.13 $0.13 $0.06 $0.07 $0.09 $0.09 $0.31 $0.21 $0.18

Osisko Royalties Corp OR CN $0.12 $0.00 $0.10 $0.10 $0.32 $0.24 $0.31 $0.12 $0.12 $0.13 $0.13 $0.51 $0.53 $0.45

Perseus Mining Ltd. PRU CN -$0.01 $0.00 -$0.02 -$0.01 -$0.04 $0.02 -$0.04 $0.00 $0.00 $0.01 $0.01 $0.02 $0.03 $0.00

Primero Mining P CN -$0.02 $0.01 $0.02 $0.00 $0.01 $0.05 -$0.01 $0.02 $0.02 $0.05 $0.02 $0.11 $0.23 -$0.02

Randgold Resources Ltd. GOLD US $0.78 $0.54 $0.84 $0.98 $3.15 $3.13 $2.95 $1.04 $1.10 $1.21 $1.30 $4.65 $3.89 $3.50

Timmins Gold Corp. TMM CN $0.05 $0.02 $0.02 $0.02 $0.11 $0.12 $0.10 $0.03 $0.03 $0.03 $0.03 $0.12 $0.12 $0.07

Torex Gold Resources Inc. TXG CN -$0.01 -$0.01 -$0.01 -$0.01 -$0.03 -$0.06 -$0.03 -$0.01 -$0.01 -$0.01 -$0.01 -$0.05 -$0.02 -$0.05

Yamana Gold Inc. YRI CN $0.01 $0.05 $0.04 $0.06 $0.16 $0.21 $0.13 $0.05 $0.06 $0.08 $0.09 $0.28 $0.38 $0.08

Company Ticker At Spot

(4)

At Spot

(4)

1Q14A 2Q14A 3Q14E 4Q14E CY14

Dundee

CY14

Cons.

CY14E

Dundee

1Q15E 2Q15E 3Q15E 4Q15E CY15E

Dundee

CY15E

Cons.

CY15E

Dundee

Gold

Agnico-Eagle Mines Ltd. AEM CN $1.11 $0.75 $0.41 $0.53 $2.80 $3.29 $2.68 $0.74 $0.79 $0.88 $0.99 $3.40 $3.62 $2.61

Alamos Gold Inc. AGI CN $0.13 $0.10 $0.06 $0.15 $0.44 $0.47 $0.42 $0.10 $0.13 $0.12 $0.16 $0.50 $0.58 $0.39

AuRico Gold Inc. AUQ CN $0.05 $0.05 $0.07 $0.10 $0.28 $0.28 $0.26 $0.13 $0.14 $0.16 $0.18 $0.61 $0.45 $0.49

Barrick Gold ABX CN $0.81 $0.47 $0.52 $0.64 $2.44 $2.29 $2.35 $0.74 $0.76 $0.85 $0.89 $3.24 $2.84 $2.63

B2Gold Corp. BTO CN $0.06 $0.04 $0.06 $0.06 $0.23 $0.24 $0.22 $0.08 $0.08 $0.09 $0.10 $0.34 $0.35 $0.29

Belo Sun Mining BSX CN -$0.01 -$0.01 -$0.01 -$0.01 -$0.05 -$0.04 -$0.05 $0.00 $0.00 $0.00 $0.00 -$0.01 -$0.02 -$0.01

Continental Gold Ltd. CNL CN -$0.01 -$0.01 -$0.02 -$0.01 -$0.04 -$0.04 -$0.04 -$0.01 -$0.01 -$0.01 -$0.01 -$0.04 -$0.05 -$0.04

Detour Gold Corp. DGC CN $0.12 $0.26 $0.17 $0.18 $0.73 $0.79 $0.69 $0.18 $0.23 $0.31 $0.34 $1.06 $1.45 $0.65

Dundee Precious Metals Inc. DPM CN $0.11 $0.19 $0.13 $0.24 $0.67 $0.83 $0.66 $0.15 $0.19 $0.20 $0.21 $0.75 $0.93 $0.60

Eldorado Gold Corp. ELD CN $0.13 $0.13 $0.13 $0.09 $0.49 $0.51 $0.47 $0.11 $0.12 $0.15 $0.11 $0.49 $0.56 $0.40

Goldcorp G CN $0.28 $0.42 $0.41 $0.55 $1.66 $1.82 $1.60 $0.53 $0.62 $0.66 $0.73 $2.54 $2.59 $2.11

IAMGOLD Corp. IMG CN $0.17 $0.13 $0.27 $0.22 $0.78 $0.75 $0.74 $0.24 $0.18 $0.25 $0.19 $0.86 $0.90 $0.66

Kinross Gold K CN $0.17 $0.16 $0.17 $0.19 $0.69 $0.86 $0.65 $0.19 $0.19 $0.19 $0.20 $0.77 $0.91 $0.57

Kirkland Lake Gold KGI CN $0.10 $0.03 $0.02 $0.26 $0.41 $0.28 $0.41 $0.28 $0.19 $0.22 $0.25 $0.94 $0.82 $0.83

New Gold Inc. NGD CN $0.18 $0.09 $0.15 $0.13 $0.55 $0.60 $0.54 $0.18 $0.15 $0.21 $0.16 $0.70 $0.70 $0.58

Osisko Royalties Corp OR CN $0.22 $0.43 $0.10 $0.10 $1.50 $0.31 $1.50 $0.12 $0.12 $0.13 $0.13 $0.51 $0.64 $0.45

Perseus Mining Ltd. PRU CN $0.01 $0.02 $0.01 $0.01 $0.05 $0.11 $0.05 $0.03 $0.03 $0.04 $0.04 $0.13 $0.11 $0.10

Primero Mining P CN $0.05 $0.17 $0.17 $0.16 $0.62 $0.54 $0.57 $0.19 $0.19 $0.21 $0.18 $0.77 $0.83 $0.64

Randgold Resources Ltd. GOLD US $1.42 $1.31 $1.50 $1.67 $5.89 $4.95 $5.67 $1.72 $1.83 $1.93 $2.05 $7.53 $6.76 $6.26

Timmins Gold Corp. TMM CN $0.12 $0.08 $0.06 $0.07 $0.33 $0.29 $0.31 $0.06 $0.06 $0.06 $0.06 $0.25 $0.24 $0.19

Torex Gold Resources Inc. TXG CN $0.00 -$0.01 -$0.02 -$0.01 -$0.04 -$0.06 -$0.04 -$0.01 -$0.01 -$0.01 -$0.01 -$0.04 $0.01 -$0.04

Yamana Gold Inc. YRI CN $0.12 $0.14 $0.20 $0.24 $0.69 $0.85 $0.65 $0.23 $0.25 $0.27 $0.29 $1.05 $1.13 $0.82


(2) Consensus values based on Bloomberg reported information.

(3) PRU fiscal year end is June 30; KGI fiscal year end is April 30

2014E Adj. EPS At Price Deck (1) (2) (3) 2015E Adj. EPS At Price Deck (1) (2) (3)

2014E CFPS At Price Deck (1) (2) (3) 2015E CFPS At Price Deck (1) (2) (3)



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All models used for assessing risk incorporate some element of subjectivity. SECURITY ABBREVIATIONS: NVS (non-voting shares); RVS (restricted voting shares); RS (restricted shares); SVS (subordinate voting shares).



Dundee Capital Markets Equity Research Ratings

As at June 30, 2014 Source: Dundee Capital Markets

73%

24%

3%

35%

12%17%

0%

11%

22%

33%

44%

55%

66%

77%

Buy Neutral Sell

% of companies covered by Dundee Capital Markets ineach rating category

% of companies within each rating category for whichDundee Capital Markets has provided investment bankingservices for a fee in the past 12 months.

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