Issuu on Google+

This material does not constitute investment advice and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.

Fundamental Analysis & Analyst Recommendations Top 50 Gold Miners - Gold BUGS September 2012

Q M S Advisors .

.

Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


Index Analysis - Financial Statements Name: NYSE Arca Gold BUGS View

Currency: USD Current

Number of Member Stocks: 16 30.12.2011 31.12.2010

CY 2012

CY1 2011

CY1 2010

31.12.2009

31.12.2008

31.12.2007

29.12.2006

30.12.2005

31.12.2004

CY1 2009

CY1 2008

CY1 2007

CY1 2006

CY1 2005

CY1 2004

31.12.2003

31.12.2002

31.12.2001

29.12.2000

31.12.1999

31.12.1998

31.12.1997

31.12.1996

29.12.1995

30.12.1994

31.12.1993

31.12.1992

CY1 2003

CY1 2002

CY1 2001

CY1 2000

CY1 1999

CY1 1998

CY1 1997

CY1 1996

CY1 1995

CY1 1994

CY1 1993

CY1 1992

Index Summary Income Statement 30.2 18.0 29.9 30.2 137.9 6.7 64.8

29.41 120.52 119.58 126.38 1906.17 22.7593 344.7

19.69 246.97 237.65 246.97 3485.57 108.525 626.62

12.64 192.45 190.9 214.07 3235.49 115.7297 605.11

7.3 130.69 140.74 141.65 1877.49 5.2533 310.04

8.78

8.78

1.72

1.95

3.91

0.88

-1.05

-10.48

-9.07

-52.58

-4.32

-13.77

0

0

0

0

Book Value Per Share Enterprise Value Per Share Net Debt Per Share

283.9 544.6 28.6

2256.82 8190 5966.83

2256.82 8190 5966.83

2087.4 8979.21 5496.08

2153.91 7640.74 5117.82

Cash Flow Cash Flow Per Share Free Cash Flow Per Share

48.0 3.1

101.47 -34.58

30.77 -195.75

257.45 36.24

175.64 47.86

Price Ratios Price/EPS P/E Before XO Diluted P/E Cont Ops Price/EPS Positive Price/Book Price/Sales Price/Cash Flow Dividend Yield Price/EBITDA

16.7 28.0 16.8 16.7 1.8 3.6 10.5 1.3 7.8

11.3082 11.3082 11.7518 11.3082 1.2375 0.8013 90.7571 3.8859 4.457

11.3082 11.3082 11.7518 11.3082 1.2375 0.8013 90.7571 3.8859 4.457

15.4066 15.4066 15.5312 13.8504 1.4204 0.9164 11.5166 3.9032 4.8998

10.3113 10.3113 8.6643 9.4549 1.0755 0.6392 5.39 5.094 3.7728

Market Data Last Price Volume Index Market Cap Total Market Cap Free Float Market Cap Average Market Cap

503.2 16296201 4758600 2.14794E+11 213499.6406 13424.63477

498.73 4237945428 4716238.88 217087.16 215987.17 12769.83

573.32 4235554190 5421612.42 245042.98 244076.61 15315.19

429.91 5247026330 4071563.87 187478.5 186638.48 11717.41

302.41 5835399626 2864094.43 134054.69 133362.72 8936.98

409.37 6440220506 3877124.43 132809.16 131322.91 8853.94

338.24 6727359178 3209827.48 92219.38 90761.2 6147.96

276.9 4160914415 2627794.46 69999.97 69387.45 4666.66

215.33 4629189815 2043479.4 49872.73 0 3324.85

242.93 4114544218 2305438.13 53313.47 0 3554.23

145.12 2859892233 1377211.29 29242.2 0 2658.38

65.2 924084200 618751.09 7289.74 0 0

40.97 565792800 409677.25 4701.17 0 0

74.03 636139300 0 0 0 0

67.66 714049200 0 0 0 0

96.21 612806300 0 0 0 0

162.7 360994400 0 0 0 0

170.03 0 0 0 0 0

159.96 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

Earnings Per Share EPS Before XO Diluted EPS from Continuing Ops EPS Positive Sales Per Share Dividends Per Share Dividends Per Share - Gross Dividends Per Share - Net EBITDA Per Share R&D Expenditures

30.2 18.0 29.9 30.2 137.9 6.7 6.7 6.7 64.8 -

29.41 29.89 27.34 29.41 128.04 4.7449 4.74 4.73 62.63 0

19.69 21.06 19.65 21.49 110.33 2.9129 2.91 2.9 48.71 0

12.64 2.3 13.48 16.2 85.04 2.2413 2.24 2.21 32.47 0

7.3 4.47 7 11.47 74.11 2.1305 2.13 2.12 20.53 1.61

8.78 3.99 9.49 10.47 78.04 1.8498 1.85 1.84 24.29 1.67

8.78 8.97 9.32 13.15 67.38 3.798 3.8 3.8 26.35 1.41

1.72 0.77 0.48 5.8 49.86 2.3466 2.35 2.35 13.85 1.27

1.95 1.14 2.8 4.14 46.86 1.5692 1.57 1.57 11.9 1.41

0.88 -1.42 -0.38 4.68 53.66 0.7135 0.71 0.7 16.31 1.06

-1.05 0 -6.24 0.43 29.68 0.3263 0 0 6.98 0

-10.48 0 -8.27 0.09 33.71 0.186 0 0 6.42 0

-9.07 0 -7.79 0.6 40.36 0.161 0 0 8.01 0

-52.58 0 -5.64 0.56 45.54 0.4168 0 0 10.12 0

-4.32 0 -3.96 1.16 52.44 2.147 0 0 9.96 0

-13.77 0 -3.98 1.15 43.49 2.4473 0 0 5.98 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

Asset Fields Cash & Equivalents Per Share Current Assets Total Assets

31.7 69.1 449.7

38.86 74.25 426.82

32.28 64.09 408.3

24.66 49.59 333.29

12.83 37.81 339

32.64 56.33 321.6

20.76 38.34 179.75

19.47 34.39 140.72

21.78 33.74 133

18.28 29.76 114.92

9.39 29.26 120.17

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

Liability Fields Current Liabilities Total Debt Net Debt Per Share Total Liabilities Total Shareholders' Equity

29.8 60.4 28.6 153.2 296.4

32.62 48.81 9.88 144.09 282.73

29.6 37.03 3.29 127.75 280.55

26.3 34.75 9.83 106.74 226.55

27.51 40.52 26.96 115.66 223.34

23.01 33.1 -1.49 102.72 218.88

16.04 18.86 -1.95 58.01 121.74

12.3 18.15 -1.59 48.67 92.05

10.07 17.54 -3.87 45.38 87.62

10.58 14.49 -4.71 42.13 72.79

13.61 36.13 20.38 67.82 52.36

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

Reference Items Book Value Per Share Enterprise Value Per Share Retained Earnings Capital Expenditures Goodwill

283.9 544.6 40.8 -44.7 35.3

272.35 522.36 34.26 -33.36 35

263.28 606.33 21.34 -28.02 26.63

219.42 455.23 -0.99 -27.56 20.03

215.93 334.99 -16.83 -33.84 17.35

198.21 416.69 -4.27 -27.9 22.17

113.21 396.9 -15.24 -24.58 16.54

85.38 293.62 -26.65 -13.97 9.41

78.38 218.37 -13.44 -10.55 9.18

67.53 239.35 -6.81 -7.73 9.95

31.73 193.22 -74.48 -5.12 36.04

8.73 0 0 0 0

13.09 0 0 0 0

20.94 0 0 0 0

27.88 0 0 0 0

79.19 0 0 0 0

84.59 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

3.1 2300669.9 -49642578.1

14.29 8.11 -221.31

5.89 5.01 -194.53

-9.65 20.43 -158.94

-20.03 24.34

-11.28 14.39

-8.37 10.69

-4.89 3.15

-3.96 7.04

5.01 -0.08

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

Price/EPS P/E Before XO Diluted P/E Cont Ops Price/EPS Positive Price/Book Price/Sales Price/Cash Flow Dividend Yield Dividend Yield - Gross Dividend Yield - Net Price/EBITDA Total Debt to Total Equity Total Debt to Total Assets Sales Per Employee Current Ratio EV/T12M Sales EV/T12M EBITDA Net Debt to EBITDA

16.7 28.0 16.8 16.7 1.8 #N/A Field Not Applicable 10.5 1.3 1.3 1.3 7.8 20.4 13.4 2.3 3.9 8.4 0.4

16.9605 16.6877 18.2421 16.9605 1.8312 3.8951 10.3865 0.9514 0.95 0.95 7.9637 17.26 11.43 335299.09 2.28 4.0796 8.3408 0.16

29.1244 27.2292 29.171 26.6738 2.1777 5.1965 16.227 0.5081 0.51 0.51 11.7707 13.2 9.07 332782.03 2.17 5.4957 12.4484 0.07

34.024 187.2496 31.8883 26.537 1.9593 5.0556 23.6971 0.5213 0.52 0.51 13.242 15.34 10.43 284677.78 1.89 5.3534 14.0219 0.3

41.4498 67.5861 43.2252 26.375 1.4005 4.0805 19.3522 0.7045 0.7 0.7 14.7323 18.14 11.95 221384.17 1.37 4.5201 16.3193 1.31

46.6364 102.6868 43.1524 39.0814 2.0653 5.2456 25.7181 0.4519 0.45 0.45 16.8566 15.12 10.29 204350.53 2.45 5.3394 17.1579 -0.06

38.502 37.7284 36.2805 25.7169 2.9879 5.0202 19.4152 1.1229 1.12 1.12 12.8375 15.49 10.49 223430.58 2.39 5.8909 15.064 -0.07

160.9369 360.6267 579.0222 47.781 3.243 5.5537 29.1073 0.8475 0.85 0.85 19.9881 19.72 12.9 0 2.79 5.889 21.1947 -0.11

110.6811 188.4248 76.9102 52.0483 2.7473 4.5951 29.8767 0.7288 0.73 0.73 18.0955 20.02 13.19 0 3.35 4.6601 18.3513 -0.32

164.5669 0 0 30.9964 4.5732 2.7046 13.8243 0.4916 0.49 0.48 8.8949 69.01 30.07 164622.17 2.15 3.601 11.8429 1.25

0 0 0 150.6261 7.4681 2.1971 14.4047 0.5004 0 0 9.3419 0 0 0 0 0 0 0

0 0 0 456.0329 3.1307 1.2153 9.2942 0.4541 0 0 6.3849 0 0 0 0 0 0 0

0 0 0 122.4405 3.5352 1.8341 14.7348 0.2174 0 0 9.2476 0 0 0 0 0 0 0

0 0 0 120.0646 2.4266 1.4858 17.3012 0.6161 0 0 6.6835 0 0 0 0 0 0 0

0 0 0 82.9046 1.2149 1.8346 13.9797 2.2316 0 0 9.6583 0 0 0 0 0 0 0

0 0 0 141.7581 1.9233 3.7407 26.4787 1.5042 0 0 27.2247 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Gross Margin Operating Margin Profit Margin EBITDA Margin Return on Assets Return on Common Equity Return on Capital

48.9 36.9 16.7 47.0 5.4 8.6 9.6

48.93 38.49 27.01 48.91 8.94 14 12.21

44.35 32.3 25.92 44.15 6.82 10.59 10.79

38.29 24.5 2.67 38.18 0.63 0.28 5.86

34.46 17.77 14.28 27.7 2.6 1.3 7.45

33.82 20.08 8.83 31.12 1.61 1.5 4.7

37.27 22.61 5.76 39.11 5.23 20.51 15.72

22.46 16.61 5.96 27.79 1.61 9.13 9.1

33.7 13.31 5.88 25.39 1.62 5.61 5.63

34.87 22.79 9.17 30.41 4.47 10.88 15.43

0 0 0 23.52 0 0 0

0 0 0 19.03 0 0 0

0 0 0 19.83 0 0 0

0 0 0 22.23 0 0 0

0 0 0 18.99 0 0 0

0 0 0 13.74 0 0 0

0 0 0 0 0 0 0

0 0 0 0 0 0 0

0 0 0 0 0 0 0

0 0 0 0 0 0 0

503.2 16296201.0 4758600.0 214794156250.0 213499.6 13424.6

498.73 4237945428 4716238.88 217087.16 215987.17 12769.83

573.32 4235554190 5421612.42 245042.98 244076.61 15315.19

429.91 5247026330 4071563.87 187478.5 186638.48 11717.41

302.41 5835399626 2864094.43 134054.69 133362.72 8936.98

409.37 6440220506 3877124.43 132809.16 131322.91 8853.94

338.24 6727359178 3209827.48 92219.38 90761.2 6147.96

276.9 4160914415 2627794.46 69999.97 69387.45 4666.66

215.33 4629189815 2043479.4 49872.73 0 3324.85

145.12 2859892233 1377211.29 29242.2 0 2658.38

65.2 924084200 618751.09 7289.74 0 0

40.97 565792800 409677.25 4701.17 0 0

74.03 636139300 0 0 0 0

67.66 714049200 0 0 0 0

96.21 612806300 0 0 0 0

162.7 360994400 0 0 0 0

170.03 0 0 0 0 0

159.96 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

Earnings Per Share EPS Before XO Diluted EPS from Continuing Ops EPS Positive Sales Per Share Dividends Per Share EBITDA Per Share

Balance Sheet

Income Statement 3.91 1.77 2.88 6 43.15 1.6034 1.6 1.6 13.3 1.16

Balance Sheet

Cash Flow Free Cash Flow Per Share Cash from Financing Activities Cash from Investing Activities

1.15 6.15

Ratio Analysis 62.1791 137.5415 84.2095 40.5176 3.5972 5.6295 26.2764 0.66 0.66 0.66 18.2675 19.9 12.61 144425.91 2.81 5.5465 17.9983 -0.35

Profitability 30.84 16.76 4.81 30.82 2.08 6.09 10.54

Market Data Last Price Volume Index Market Cap Total Market Cap Free Float Market Cap Average Market Cap

242.93 4114544218 2305438.13 53313.47 0 3554.23

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


Valuation Measures I/II Market Capitalization & Asset Liability data Market Total Capitalization (in mio Daily Common Total Debt Preferred Currency USD) Volume (M) Shares (M) (USD) Stock (USD)

Minority Interest (USD)

Total Revenue Cash and Enterprise Equivalents Value (USD) (USD)

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

Est. Est. Est. Est. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -

S&P LT Credit Rating -

S&P LT Credit Rating Date

Moody's LT Credit Moody's LT Credit Rating Rating Date

S&P 500 INDEX

USD

13501161

1959.153

1086

1086

201

209

209

98.30

103.55

103.55

14.85

14.85

14.10

14.10

19.07

Euro Stoxx 50 Pr

EUR

2435636

10746.72

4635

4635

760

786

786

153.03

305.91

305.91

28.29

14.75

14.15

14.15

20.96

NIKKEI 225

JPY

2189574

179.5731

231

231

23

25

25

5.22

8.11

8.11

0.29

0.23

0.19

0.19

0.14

FTSE 100 INDEX

GBP

2607638

13689.72

9479

9479

1555

1655

1655

726.31

832.25

832.25

21.03

19.87

18.35

18.35

25.97

SWISS MARKET INDEX

CHF

881484

10926.87

3978

3978

811

795

795

387.91

519.96

519.96

19.33

19.04

14.42

14.42

22.36

S&P/TSX COMPOSITE INDEX

CAD

1715359

19426.36

7957

7957

1987

1991

1991

842.07

860.19

860.19

15.74

15.74

15.41

15.41

25.85

S&P/ASX 200 INDEX

AUD

1234917

8155.294

2967

2967

630

730

730

277.76

358.59

358.59

17.70

15.23

13.71

13.71

23.35

HANG SENG INDEX

HKD

1502077

2319.689

1448

1448

345

354

354

254.86

243.98

243.98

1.35

1.45

1.41

1.41

3.13

MSCI EM

USD

7200021

1330.231

958

958

178

182

182

79.75

88.93

88.93

12.31

12.52

11.04

11.04

18.92

BARRICK GOLD CORP

USD

41655

14620

1000

13

0

2

3

55.69

14622

16789

8327

8109

2072

2072

4.65

4.29

4.19

4.96

9.70

9.70

9.94

8.40

30.10

15.87

34.07

30.02

58.18

BBB+

30.07.2012

GOLDCORP INC

USD

37175

9787

810

1

0

0

2

36.93

5362

5285

5422

7098

3030

2873

739

739

2.00

1.68

1.93

2.85

27.03

27.03

23.59

15.95

43.45

19.02

49.56

26.76

56.51

BBB+

01.06.2009

-

-

NEWMONT MINING CORP

USD

27606

12626

495

4

0

3

2

34.78

10358

10421

10300

11218

5162

4913

1218

1218

4.31

4.06

3.99

4.92

13.66

13.66

13.91

11.26

8.57

12.60

0.86

22.31

49.84

BBB+

11.08.2008

Baa1

26.07.2010

SILVER WHEATON CORP

USD

13550

9466

#VALUE!

0

0

0

1

12.51

730

778

830

1002

619

653

167

167

-

-

1.70

2.11

-

-

22.52

18.11

72.43

48.20

95.70

44.02

84.77

-

-

-

-

YAMANA GOLD INC

USD

13866

10674

#VALUE!

0

0

0

1

13.98

2173

2219

2399

3038

1263

1212

363

363

-

-

0.95

1.41

-

-

19.37

13.06

28.84

31.75

42.83

232.29

58.10

-

-

-

-

RANDGOLD RESOURCES LTD-ADR

USD

10503

647

92

0

0

0

0

10.19

1127

1238

1435

1682

570

-

-

-

4.09

4.68

5.52

6.97

-

-

20.70

16.41

132.60

52.68

246.86

41.92

50.55

-

-

-

-

ANGLOGOLD ASHANTI-SPON ADR

USD

13644

2498

#VALUE!

20

0

1

9

#VALUE!

47849

53738

62945

68894

20443

23269

29355

29355

-

-

35.96

38.88

-

-

8.10

7.49

23.22

18.89

110.32

29.79

42.72

BBB-

09.04.2010

-

-

ELDORADO GOLD CORP

USD

10774

8625

#VALUE!

0

0

0

0

10.89

1099

1145

1186

1594

639

623

177

177

-

-

0.51

0.75

-

-

29.69

20.04

38.90

36.73

50.99

-

58.15

-

-

-

-

KINROSS GOLD CORP

USD

11279

19693

1138

2

0

0

2

11.63

3943

4062

4316

4889

1973

1855

521

521

0.76

0.73

0.71

1.03

13.56

13.56

13.88

9.64

31.00

32.49

64.32

48.53

50.02

BBB-

15.08.2011

Baa3

15.08.2011

AGNICO-EAGLE MINES LTD

USD

8601

3717

#VALUE!

1

0

0

0

9.11

1822

1909

1823

1932

753

795

180

180

-

-

1.83

2.24

-

-

27.42

22.43

28.07

44.02

25.09

25.10

41.32

NR

12.03.2003

WR

05.03.2002

GOLD FIELDS LTD-SPONS ADR

USD

9403

12659

#VALUE!

16

0

1

6

#VALUE!

41877

45897

48124

53026

21094

23330

23530

23530

-

-

13.01

15.76

-

-

8.15

6.73

32.67

18.71

85.27

34.52

50.37

BBB-

19.03.2009

-

-

CIA DE MINAS BUENAVENTUR-ADR

USD

10510

891

254

0

0

0

1

10.51

1557

1557

1597

1761

820

520

226

226

3.38

3.13

3.16

3.39

12.18

12.18

12.05

11.26

41.03

31.20

72.54

19.09

52.69

-

-

-

-

ROYAL GOLD INC

USD

5392

1066

59

0

0

0

0

5.32

0K

0K

0K

0K

233

233

62

62

1.63

1.62

1.92

2.68

56.57

56.57

47.70

34.23

21.52

34.75

25.17

44.69

88.66

-

-

-

-

NEW GOLD INC

USD

5406

4179

#VALUE!

0

0

0

0

5.56

696

698

772

1038

344

335

127

127

-

-

0.45

0.78

-

-

26.00

15.10

31.20

39.04

43.81

-

49.43

BB-

27.03.2012

B2

27.03.2012

IAMGOLD CORP

USD

5526

3993

#VALUE!

0

0

0

1

5.19

1673

1728

1669

1991

785

780

251

251

-

-

0.99

1.39

-

-

14.85

10.55

52.51

23.17

66.91

46.41

46.91

BB-

10.09.2012

-

-

HARMONY GOLD MNG-SPON ADR

USD

3868

3762

#VALUE!

0

0

0

0

#VALUE!

1957

2052

2265

2692

320

-

723

723

-

-

0.66

0.96

-

-

13.47

9.26

21.57

4.84

-

15.59

17.97

-

-

-

-

ALLIED NEVADA GOLD CORP

USD

3419

972

90

0

0

0

0

3.31

152

159

276

603

49

72

43

43

0.39

0.55

0.94

2.29

69.15

69.15

40.67

16.62

16.11

-

59.86

-

32.08

B

07.06.2012

B3

16.05.2012

PAN AMERICAN SILVER CORP

USD

2983

4457

#VALUE!

0

0

0

0

2.48

855

862

992

1168

446

457

110

110

-

-

1.43

1.80

-

-

13.69

10.89

32.28

22.82

60.49

32.02

52.13

-

-

-

-

COEUR D'ALENE MINES CORP

USD

2409

3196

90

0

0

0

0

2.32

1021

1049

989

1123

531

510

128

128

1.08

0.84

1.71

2.70

31.90

31.90

15.66

9.94

98.12

44.04

142.92

40.99

52.03

B+

25.06.2012

WR

16.07.2012

FIRST MAJESTIC SILVER CORP

USD

2534

1631

#VALUE!

0

0

0

0

2.48

246

235

270

433

156

142

42

42

-

-

0.98

1.64

-

-

22.46

13.44

108.23

58.75

192.22

-

63.62

-

-

-

-

AURICO GOLD INC

USD

1787

4362

#VALUE!

0

0

0

0

2.02

402

412

425

636

204

201

39

39

-

-

0.35

0.66

-

-

18.32

9.68

68.68

27.32

90.91

-

50.66

-

-

-

-

HECLA MINING CO

USD

1781

11579

285

0

0

0

0

1.57

478

382

341

491

255

156

27

27

0.43

0.22

0.15

0.44

28.36

28.36

40.52

14.12

14.04

14.22

20.57

31.15

53.33

NR

20.05.2005

-

-

SILVER STANDARD RESOURCES

USD

1285

2033

#VALUE!

0

0

0

0

1.06

148

121

222

281

39

15

20

20

-

-

0.17

0.40

-

-

91.49

39.41

31.70

-

647.00

-

26.65

-

-

-

-

NEVSUN RESOURCES LTD

USD

#VALUE!

1085

#VALUE!

0

0

0

0

#VALUE!

548

657

449

296

429

521

95

95

-

-

0.59

0.37

-

-

7.90

12.73

-

-

-

-

78.35

-

-

-

-

SEABRIDGE GOLD INC

USD

853

880

#VALUE!

0

0

0

0

0.78

0

0

#VALUE!

#VALUE!

-20

-17

-20

-20

-

-

-0.32

-0.45

-

-

#VALUE!

#VALUE!

-

-

-244.92

-

-

-

-

-

-

AURIZON MINES LTD

USD

806

1209

#VALUE!

0

0

0

0

0.57

260

271

248

265

125

132

32

32

-

-

0.28

0.33

-

-

16.78

14.25

45.46

29.24

78.90

-

48.05

-

-

-

-

TANZANIAN ROYALTY EXPLORATIO

USD

493

538

#VALUE!

0

0

0

0

0.46

0

0

#VALUE!

#VALUE!

-8

-8

-

-

-

-

#VALUE!

#VALUE!

-

-

#VALUE!

#VALUE!

-

-

-171.01

-

-

-

-

-

-

GOLDEN STAR RESOURCES LTD

USD

437

5086

259

0

0

0

0

0.48

471

512

568

640

92

120

48

48

-0.03

-0.05

0.12

0.29

-

-

13.74

5.79

8.85

45.46

-14.64

-

19.49

-

-

-

-

VISTA GOLD CORP

USD

273

832

72

0

0

0

0

0.27

0

0

#VALUE!

#VALUE!

-28

-34

-8

-8

-0.34

-0.47

-0.60

-0.27

-

-

#VALUE!

#VALUE!

-

-

-58.76

-

-

-

-

-

-

GREAT BASIN GOLD LTD

USD

48

28841

#VALUE!

0

0

0

0

0.32

170

153

187

267

18

-11

-

-

-

-

-0.12

0.04

-

-

#VALUE!

2.35

70.83

-

-

-

10.77

-

-

-

-

B2GOLD CORP

CAD

1667

4947

382

0

0

0

0

1.65

233

247

268

350

116

115

36

36

0.17

0.17

0.20

0.31

27.48

27.48

22.90

14.56

79.44

-

200.58

-

51.46

-

-

-

-

PERSEUS MINING LTD

CAD

1352

8488

#VALUE!

0

0

0

0

1.28

150

150

409

579

57

57

39

39

-

-

0.26

0.40

-

-

11.69

7.44

-

-

-

-

39.56

-

-

-

-

SILVERCORP METALS INC

USD

1120

2619

#VALUE!

0

0

0

0

1.06

238

213

198

296

155

126

26

26

-

-

0.24

0.45

-

-

27.91

14.48

42.21

25.64

40.76

43.24

65.26

-

-

-

-

MEDUSA MINING LTD

AUD

1197

1413

189

0

0

0

0

1.25

86

86

181

301

61

61

143

143

0.28

0.28

0.68

1.10

25.70

-

10.50

6.43

-48.32

92.13

-55.11

-

75.42

-

-

-

-

RUBICON MINERALS CORP

CAD

1069

1219

238

0

0

0

0

0.84

0

0

#VALUE!

#VALUE!

-22

-24

-

-

-0.10

-0.10

-0.02

0.00

-

-

#VALUE!

#VALUE!

-

-

15.38

-

-

-

-

-

-

CHINA GOLD INTERNATIONAL RES

CAD

1568

582

396

0

0

0

0

1.52

322

349

332

362

145

134

140

140

0.20

0.18

0.19

0.23

23.02

23.02

22.76

18.37

138.47

-

106.34

-

46.73

-

-

-

-

BANRO CORPORATION

CAD

929

2736

197

0

0

0

0

1.01

0

0

65

348

-11

-13

14

14

-0.05

-0.07

0.06

0.70

-

-

87.15

7.12

-

-

1.13

-

-

-

-

-

-

NEVSUN RESOURCES LTD

CAD

929

2061

200

0

0

0

0

0.72

567

680

465

306

444

540

98

98

0.76

0.92

0.61

0.38

5.42

5.42

8.18

13.18

-

-

-

-

81.14

-

-

-

-

DUNDEE PRECIOUS METALS INC

CAD

1198

489

125

0

0

0

0

1.16

351

399

389

501

-

-

-

-

0.63

0.61

0.54

1.03

16.35

16.35

18.28

9.57

69.97

28.04

-

-

-

-

-

-

-

ARGONAUT GOLD INC

CAD

954

1503

92

0

0

0

0

0.97

108

123

155

307

58

67

25

25

0.29

0.34

0.46

0.77

32.33

32.33

24.25

14.30

106.45

-

274.80

-

55.40

-

-

-

-

CGA MINING LTD

CAD

885

1753

#VALUE!

0

0

0

0

0.89

191

191

304

448

44

44

-

-

-

-

0.27

0.45

-

-

10.43

6.24

-22.46

-

-51.65

-

23.68

-

-

-

-

ENDEAVOUR SILVER CORP

USD

993

2454

#VALUE!

0

0

0

0

0.86

128

146

227

314

65

71

-

-

-

-

0.66

0.96

-

-

15.10

10.43

47.96

54.88

111.14

-

50.64

-

-

-

-

KIRKLAND LAKE GOLD INC

CAD

872

2495

70

0

0

0

0

0.85

166

162

271

407

27

-

31

31

0.60

0.29

1.01

1.76

43.75

43.75

12.72

7.31

53.80

46.65

-

-

26.05

-

-

-

-

RIO ALTO MINING LTD

CAD

944

1066

169

0

0

0

0

0.88

0

180

310

371

-8

109

-

-

-0.07

0.31

0.61

0.67

18.12

18.12

9.20

8.45

-

-

-110.91

-

-

-

-

-

-

EVOLUTION MINING LTD

AUD

1359

15472

707

0

0

0

0

1.25

497

497

690

845

201

-

-

-

0.07

0.08

0.20

0.28

25.78

-

10.38

7.33

301.83

-

572.60

-

42.92

-

-

-

-

TOREX GOLD RESOURCES INC

CAD

886

3210

353

0

0

0

0

0.81

0

0

1

3

-35

-56

-13

-13

-0.08

-0.13

-0.09

-0.05

-

-

#VALUE!

#VALUE!

-

-

-92.73

-

-

-

-

-

-

PREMIER GOLD MINES LTD

CAD

841

811

127

0

0

0

0

0.82

0

0

0

0

-14

-

-

-

-0.16

-0.16

-0.11

-0.10

-

-

#VALUE!

#VALUE!

-

-

-2.64

-

-

-

-

-

-

OCEANAGOLD CORP

CAD

771

897

263

0

0

0

0

0.96

410

399

389

615

170

141

47

47

0.18

0.08

0.05

0.47

37.93

37.93

58.36

6.74

30.48

40.07

16.98

61.74

43.00

-

-

-

-

RESOLUTE MINING LTD

AUD

1251

5027

634

0

0

0

0

1.18

610

610

716

681

269

269

-

-

0.17

0.22

0.25

0.24

9.39

-

8.47

8.69

31.30

27.90

137.33

110.86

46.68

-

-

-

-

AURIZON MINES LTD

CAD

809

1951

163

0

0

0

0

0.59

269

281

256

274

129

137

33

33

0.28

0.32

0.29

0.34

15.87

15.87

17.44

14.82

47.07

30.27

81.71

-

49.76

-

-

-

-

14312

14718

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Baa1

17.05.2011


Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

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

2.18

2.18

1.99

1.82

2.18

1.34

1.34

1.30

1.24

1.34

9.57

9.57

8.73

7.99

9.57

9.37

9.37

8.70

8.08

9.37

14.10

14.10

12.64

11.34

14.10

2.09

2.09

2.33

2.52

2.09

1568.9

7.5%

Euro Stoxx 50 Pr

1.14

1.14

1.08

1.01

1.14

0.72

0.72

0.70

0.68

0.72

5.16

5.16

4.88

4.50

5.16

13.67

13.67

12.99

12.34

13.67

10.85

10.85

9.80

8.92

10.85

4.20

4.20

4.69

5.08

4.20

2667.6

4.9%

NIKKEI 225

1.11

1.11

1.04

0.97

1.11

0.51

0.51

0.48

0.48

0.51

6.52

6.52

5.93

5.68

6.52

7.17

7.17

6.55

6.21

7.17

14.56

14.56

12.88

10.75

14.56

2.26

2.26

2.31

2.66

2.26

9975.1

8.9%

FTSE 100 INDEX

1.62

1.62

1.49

1.39

1.62

0.99

0.99

0.96

0.94

0.99

7.21

7.21

6.60

6.13

7.21

8.27

8.27

7.59

7.22

8.27

11.33

11.33

10.24

9.44

11.33

4.05

4.05

4.33

4.64

4.05

6337.0

8.9%

SWISS MARKET INDEX

2.08

2.08

1.94

1.79

2.08

1.76

1.76

1.65

1.57

1.76

11.50

11.50

9.96

8.97

11.50

13.75

13.75

12.62

11.75

13.75

13.44

13.44

11.99

10.93

13.44

3.60

3.60

3.96

4.32

3.60

6992.1

7.4%

S&P/TSX COMPOSITE INDEX

1.75

1.75

1.62

1.49

1.75

1.61

1.61

1.50

1.45

1.61

8.86

8.86

7.92

7.18

8.86

9.76

9.76

8.50

7.91

9.76

14.88

14.88

13.00

11.75

14.88

2.95

2.95

3.06

3.25

2.95

14017.8

13.4%

S&P/ASX 200 INDEX

1.66

1.66

1.56

1.48

1.66

1.57

1.57

1.47

1.40

1.57

9.54

9.54

8.71

8.17

9.54

11.17

11.17

9.96

9.27

11.17

12.95

12.95

11.65

10.82

12.95

4.93

4.93

5.28

5.66

4.93

4672.0

6.4%

HANG SENG INDEX

1.35

1.35

1.24

1.15

1.35

1.84

1.84

1.70

1.57

1.84

6.60

6.60

6.11

5.83

6.60

6.55

6.55

5.95

5.50

6.55

10.90

10.91

10.08

9.12

10.90

3.56

3.56

3.82

4.18

3.56

22398.6

8.6%

MSCI EM

1.47

1.47

1.33

1.21

1.47

1.02

1.02

0.95

0.88

1.02

6.91

6.91

6.21

5.58

6.91

7.29

7.29

6.55

5.99

7.29

11.04

11.04

9.72

8.82

11.04

2.97

2.97

3.20

3.54

2.97

1122.0

14.3%

BARRICK GOLD CORP

1.77

1.58

1.35

1.22

0.99

2.92

2.85

2.48

2.58

2.72

6.71

7.14

6.01

6.20

6.55

6.40

6.95

5.88

6.23

6.31

8.67

9.94

8.40

9.00

9.86

1.21

1.83

1.89

1.95

2.08

48.61

16.8%

GOLDCORP INC

1.71

1.67

1.52

1.38

1.19

6.93

6.86

5.24

4.72

4.71

14.64

15.94

10.93

9.22

9.12

11.48

12.73

8.70

7.52

7.40

20.85

23.59

15.95

13.51

12.95

0.88

1.14

1.12

1.11

1.09

52.56

15.8%

NEWMONT MINING CORP

1.90

1.99

1.78

1.60

1.26

2.64

2.68

2.46

2.40

2.12

7.69

8.50

7.00

6.58

7.20

6.67

7.36

6.30

6.10

6.87

12.20

13.91

11.26

11.69

15.11

1.87

2.74

3.21

2.71

2.48

59.17

6.7%

SILVER WHEATON CORP

5.08

4.33

3.67

3.15

18.16

16.32

13.52

13.50

11.16

21.38

19.34

15.48

15.46

14.90

20.19

18.11

14.81

15.05

12.46

24.16

22.52

18.11

18.44

17.93

0.47

1.00

1.28

1.30

1.32

43.01

12.3%

YAMANA GOLD INC

1.82

1.74

1.58

1.43

6.23

5.78

4.56

4.18

4.61

11.77

12.49

8.65

8.40

9.25

10.39

10.15

7.33

6.90

7.49

19.31

19.37

13.06

12.64

13.52

0.78

1.26

1.33

1.34

1.41

20.66

11.9%

RANDGOLD RESOURCES LTD-ADR

4.82

3.89

3.09

2.57

9.34

7.32

6.24

5.31

5.00

20.30

15.27

12.17

10.47

12.27

17.63

12.41

10.03

8.13

10.38

25.90

20.70

16.41

14.69

13.27

0.33

0.29

0.35

0.35

0.35

117.37

2.6%

ANGLOGOLD ASHANTI-SPON ADR

2.81

2.08

1.60

1.33

2.13

1.78

1.63

1.47

5.84

4.65

4.87

4.52

9.92

8.10

7.49

6.36

1.09

2.10

2.14

2.37

50.63

43.0%

ELDORADO GOLD CORP

2.55

1.76

1.70

1.60

9.95

9.08

6.76

5.58

3.86

16.70

21.84

14.93

11.46

8.67

17.12

16.64

11.56

9.29

5.87

24.33

29.69

20.04

16.44

12.91

0.89

0.95

1.28

1.18

1.32

17.62

16.6%

KINROSS GOLD CORP

0.74

0.86

0.80

0.75

2.82

2.61

2.31

2.28

2.92

7.18

7.93

5.97

5.92

8.05

5.56

5.90

4.65

4.72

5.93

12.38

13.88

9.64

10.21

15.81

1.06

1.56

1.56

1.55

1.62

11.31

14.3%

AGNICO-EAGLE MINES LTD

2.37

2.51

2.32

2.20

4.67

4.72

4.45

4.31

4.10

12.38

13.26

11.90

11.59

12.24

11.30

11.55

9.98

9.97

9.76

25.64

27.42

22.43

21.23

20.07

1.25

1.50

1.52

1.55

1.59

49.13

-2.1%

GOLD FIELDS LTD-SPONS ADR

1.65

1.22

1.07

0.93

1.78

1.61

1.46

1.31

5.30

5.07

4.27

4.03

10.55

8.15

6.73

6.50

2.35

3.39

4.53

5.51

18.20

41.2%

CIA DE MINAS BUENAVENTUR-ADR

3.13

2.61

2.20

1.94

6.89

6.58

5.97

5.68

6.17

6.40

20.07

19.02

24.13

8.75

14.63

11.60

12.03

11.40

12.05

11.26

11.30

1.59

1.39

1.58

1.94

43.54

14.2%

ROYAL GOLD INC

2.97

2.79

2.60

2.40

19.68

17.87

13.96

11.12

14.57

29.52

26.88

21.25

17.04

22.00

19.66

15.39

12.58

52.34

47.70

34.23

28.68

0.60

0.66

0.67

0.72

NEW GOLD INC

2.43

2.14

1.76

1.21

7.78

7.00

5.21

5.89

5.08

18.60

17.86

10.49

10.47

9.00

16.24

14.40

8.62

10.16

7.94

26.06

26.00

15.10

18.69

16.71

0.00

0.00

0.00

IAMGOLD CORP

1.57

1.47

1.32

1.20

3.24

3.31

2.78

2.90

3.17

8.48

9.29

6.99

7.44

9.68

6.25

6.49

4.92

5.49

6.06

12.29

14.85

10.55

12.69

21.76

1.18

1.57

1.69

HARMONY GOLD MNG-SPON ADR

0.87

0.83

0.76

1.95

1.71

1.44

7.87

5.29

5.17

11.11

13.47

9.26

1.57

0.79

0.79

ALLIED NEVADA GOLD CORP

6.05

5.17

4.03

3.24

19.31

12.37

5.67

4.47

2.16

65.46

32.07

13.89

11.72

6.09

58.97

22.00

9.18

8.16

4.22

100.08

40.67

16.62

13.27

5.63

PAN AMERICAN SILVER CORP

1.31

1.04

0.95

0.88

0.79

3.44

3.01

2.55

2.69

2.57

5.61

9.55

7.07

7.33

7.91

4.99

5.66

4.40

4.62

4.38

8.55

13.69

10.89

11.28

12.96

0.48

0.73

COEUR D'ALENE MINES CORP

1.11

1.06

0.95

0.83

0.76

2.38

2.43

2.15

2.42

2.17

5.85

6.01

5.00

5.63

5.45

4.51

5.00

3.78

5.27

4.36

12.74

15.66

9.94

13.26

9.93

0.00

0.00

FIRST MAJESTIC SILVER CORP

6.56

4.97

4.10

3.40

10.25

9.40

5.85

4.63

17.30

17.86

10.77

9.61

9.43

15.37

14.74

8.47

7.69

21.27

22.46

13.44

12.01

11.32

AURICO GOLD INC

1.61

0.80

0.74

0.69

3.98

4.21

2.81

2.47

2.64

5.85

11.28

5.97

5.35

7.73

8.08

10.77

5.68

4.80

4.78

9.03

18.32

9.68

9.98

22.64

0.00

0.00

0.00

HECLA MINING CO

1.57

1.54

1.42

1.27

1.20

3.72

5.22

3.63

3.62

4.16

7.97

17.43

8.97

9.31

9.83

5.90

12.26

5.99

5.42

6.20

13.57

40.52

14.12

13.11

16.86

0.77

1.01

1.28

1.01

SILVER STANDARD RESOURCES

1.31

1.24

1.22

1.20

1.00

8.25

5.80

4.58

4.54

2.82

103.38

27.93

12.31

10.95

7.04

13.17

16.21

15.67

9.18

3.80

75.81

91.49

39.41

65.79

8.65

0.00

0.00

0.00

NEVSUN RESOURCES LTD

1.59

1.50

1.35

1.05

3.84

4.24

7.18

3.60

3.38

6.19

7.90

12.73

5.94

6.45

1.29

2.15

2.15

SEABRIDGE GOLD INC

4.75

AURIZON MINES LTD

2.46

1.91

1.62

1.13

GOLDEN STAR RESOURCES LTD

1.02

1.01

0.82

0.66

VISTA GOLD CORP

1.82

GREAT BASIN GOLD LTD

0.08

0.09

0.08

0.08

0.26

0.25

0.18

0.16

0.13

1.97

0.77

0.53

0.53

10.25

56.97

3.28

2.23

2.69

2.35

1.18

B2GOLD CORP

4.29

3.00

2.42

2.02

7.53

6.45

4.93

5.05

3.91

13.87

13.52

10.30

11.03

7.45

14.59

12.79

7.37

7.56

6.06

22.11

22.11

14.06

12.86

PERSEUS MINING LTD

3.58

2.70

1.95

1.49

7.97

3.24

2.28

1.93

2.23

19.37

8.97

5.07

4.89

7.06

20.93

6.41

4.19

3.50

4.54

22.67

11.29

7.19

6.23

9.72

0.00

0.00

0.14

0.79

SILVERCORP METALS INC

2.56

2.48

2.25

2.14

4.60

5.66

3.79

3.80

2.85

9.51

16.20

9.79

10.02

6.19

7.01

10.79

6.44

6.41

4.41

14.08

27.91

14.48

15.44

9.79

1.36

1.52

1.51

1.48

MEDUSA MINING LTD

3.75

2.74

1.89

1.48

13.08

7.01

4.21

4.03

3.34

17.70

9.53

5.47

5.81

4.89

17.89

8.77

5.22

4.87

4.92

20.06

9.92

6.08

6.31

6.28

1.59

1.37

1.74

2.64

35.90

11.22

0.68

14.24

14.78

0.76

1.68

0.89

1.36

1.70

0.89

3.14

2.94

3.04

3.77

7.84

8.59

7.58

8.73

14.79

0.94

0.77

0.68

0.70

0.77

9.34

3.57

2.79

2.83

7.35

4.67

5.06

4.52

4.93

7.14

2.93

2.26

2.36

7.00

15.72

16.78

14.25

14.65

13.74

5.79

5.99

41.15

-4.1%

13.79

17.9%

17.55

19.5%

14.90

67.6%

46.64

22.6%

22.51

14.8%

27.59

3.0%

21.18

-3.6%

7.81

23.3%

5.44

-12.8%

0.00

20.84

30.9%

2.15

5.00

7.2%

51.07

160.0% 27.9%

0.96

1896.83 3.08

87.88

0.00

0.00

6.27

0.00

0.00

1.67

-1.3%

8.73

146.6%

1.69

0.99

1032.8%

9.43

5.25

28.0%

3.34

17.3%

8.08

23.2%

7.06

17.9%

TANZANIAN ROYALTY EXPLORATIO

2054.98

1.26

1.20

15.00

RUBICON MINERALS CORP CHINA GOLD INTERNATIONAL RES

5.55 1.22

1.14

1.07

1.00

NEVSUN RESOURCES LTD

1.59

1.50

1.35

1.05

DUNDEE PRECIOUS METALS INC

1.66

1.56

1.32

ARGONAUT GOLD INC

7.47

2.63

2.02

4.89

4.49

4.47

76.76

14.90

2.77

2.21

67.08

4.98

3.32

1.84

2.07

3.14

1.50

1.74

3.84

4.24

7.18

3.60

3.38

1.56

1.13

3.09

3.08

2.39

2.35

2.14

10.08

11.24

6.52

6.03

5.77

1.60

8.95

6.37

3.22

2.58

2.72

23.85

17.52

10.84

7.49

8.31

4.67

3.01

2.04

17.12

8.01

4.85

6.87

4.37

3.17

2.80

12.16

10.76

6.32

5.67

5.08

3.22

2.14

1.95

2.33

15.71

10.93

5.39

4.77

13.30

3.04

2.54

2.80

2.22

29.49

7.74

7.54

2.77

1.97

1.61

1.70

1.95

6.48

4.64

3.80

1487.39

1763.40

296.96

40.33

CGA MINING LTD ENDEAVOUR SILVER CORP KIRKLAND LAKE GOLD INC

3.58

RIO ALTO MINING LTD

7.16

4.98

BANRO CORPORATION

2.74

1.86

1.33

5.24

23.27

9.95

10.83

8.35

8.96

40.81

5.30

3.48

1.88

3.40

1.45

1.63

6.19

8.71

8.73

4.42

4.22

3.03

16.08

11.00

5.72

4.20

4.79

22.32

8.64

4.05

6.67

13.63

8.48

5.06

7.50

12.68

6.72

4.22

18.40

8.20

5.85

31.30

4.88

4.13

8.93

4.37

5.58

6.86

4.07

2.99

3.30

21.98

3.50

-2.5%

17.74

18.14

0.00

0.08

0.18

0.18

3.08

-19.3%

84.16

6.88

5.09

7.90

12.73

5.94

6.44

0.43

0.32

0.43

0.54

6.14

37.3%

1.29

2.15

2.15

2.15

4.96

15.08

17.65

9.24

8.72

10.3%

8.43

12.15

34.57

23.42

13.81

9.66

31.6%

11.51

10.87

23.82

10.08

6.02

9.3%

3.43

35.5%

4.86

24.78

15.10

10.43

8.41

8.86

9.99

-0.2%

3.43

16.48

12.28

7.06

6.20

10.43

17.99

49.9%

43.75

8.88

8.16

9.16

7.07

18.91

9.81

6.93

8.33

14.76

3.95

3.00

2.65

1.30

1.04

0.90

0.83

TOREX GOLD RESOURCES INC

2.80

2.62

1.93

2.48

PREMIER GOLD MINES LTD

2.46

2.51

2.46

2.24

OCEANAGOLD CORP

1.85

1.73

1.47

1.31

1.72

2.04

2.05

1.30

1.24

1.45

6.03

7.40

3.69

3.49

4.44

5.77

6.90

3.08

3.10

3.99

19.15

56.36

6.51

6.47

10.97

RESOLUTE MINING LTD

2.11

1.75

1.46

1.22

1.10

1.93

1.75

1.84

1.83

2.03

5.73

5.00

5.22

5.00

6.60

4.17

3.77

4.02

3.86

4.43

8.70

8.00

8.21

9.31

10.44

0.00

1.60

AURIZON MINES LTD

2.47

1.92

1.62

1.14

3.09

3.15

2.95

3.05

3.78

7.86

8.62

7.61

8.76

14.84

4.69

5.08

4.54

4.95

7.04

15.78

16.84

14.31

14.71

41.30

0.00

0.00

19.35

4.61 16.80

0.00

0.00

0.00

0.00

0.44

1.76

2.37

35.69 0.00

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

2.37

28.72

EVOLUTION MINING LTD

0.85

1.79

1.65

1.60

3.31

5.66

7.9%

2.01

10.5%

2.69

29.8%

9.21

57.2%

3.50

23.7%

1.73

-7.8%

6.14

29.4%


14.09.2012

Barrick Gold Corp Barrick Gold Corporation is an international gold company with operating mines and development projects in the United States, Canada, South America, Australia, and Africa.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2011) 52-Week Low (26.07.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ABX US EQUITY YTD Change ABX US EQUITY YTD % CHANGE

Price/Volume

12/2011 06/yy 55.20 31.00 14'619'654.00 41.63 -24.58% 34.29% 43.93% 1'000.6 41'654.63 13'369.00 0.0 2'191.0 2'745.00 55'693.63

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.0 M

50

25.0 M

40

20.0 M

30

15.0 M

20

10.0 M

10

5.0 M

0 s-11

31.12.2008 31.12.2009 7'613.0 8'136.0 4.64x 5.27x 3'010.0 3'589.0 11.75x 11.95x 785.0 (4'274.0) 20.18x 16.56x Profitability

LTM-4Q 31.12.2010 11'001.0 5.25x 6'211.0 9.30x 3'582.0 15.62x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 14'312.0 4.06x 8'327.0 6.98x 4'484.0 9.74x 8'327.00 6'908.00 48.27% 47.68% 10.74% 20.94% 13.98% 0.34% 55.9% 58.2% 48.3% 31.3% 2.25 1.09 27.35% 57.22% 35.96 2.94

Price/ Cash Flow

06/yy 12'302.0 18.00x 7'149.0 8.09x 4'063.0 11.41x

n-11

d-11

j-12

f-12 m-12

LTM 06/yy 14'718.0 15.35x 8'109.0 6.37x 4'103.0 8.78x

a-12 m-12

j-12

j-12

a-12

.0 M s-12

FY+1

1.49 0.74 998.18 6.82 -19.68% -6.74% 0.741 31 4.355 9'089'261 7'600'721 8'556'934 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 14'622.2 16'789.4 3'704.5 4'146.9 3.78x 3.19x 15.02x 13.37x 8'011.1 9'469.2 2'072.3 2'399.7 6.95x 5.88x 5.93x 5.69x 4'167.0 5'105.5 1'016.4 1'266.7 9.94x 8.40x 8.89x 8.50x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

30.07.2012 BBB+ NEG 19.05.2011 A-2 13.72 5.53 1.28 1.61 57.2% 34.3% 0.34 0.61 10.15 124.13 93.49 40.80

Sales/Revenue/Turnover

20.00

16'000.0

18.00

14'000.0

16.00

12'000.0

14.00

10'000.0

12.00 10.00

8'000.0

8.00

6'000.0

6.00

4'000.0

4.00

2'000.0

2.00 0.00 02.01.2009

o-11

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 6'332.0 5.99x 2'461.0 15.41x 1'119.0 33.19x

60

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Barrick Gold Corp Holdings By:

All

Holder Name CAPITAL WORLD INVEST VAN ECK ASSOCIATES C BLACKROCK INC BMO FINANCIAL CORP RBC GLOBAL ASSET MAN CI INVESTMENTS INC BLACKROCK GROUP LIMI BANK OF NEW YORK MEL CIBC WORLD MARKETS I FIDELITY MANAGEMENT TD ASSET MANAGEMENT PYRAMIS GLOBAL ADVIS TORONTO DOMINION BAN BLACKROCK INSTITUTIO WELLINGTON MANAGEMEN INSTITUTIONAL CAPITA IA CLARINGTON INVEST TRADEWINDS GLOBAL IN CARMIGNAC GESTION CAPITAL RESEARCH GLO

Firm Name Macquarie Deutsche Bank CIBC World Markets RBC Capital Markets Stifel Nicolaus Canaccord Genuity Corp Sterne, Agee & Leach Credit Suisse Dundee Securities Corp TD Securities Salman Partners Scotia Capital BMO Capital Markets Argus Research Corp Dahlman Rose & Co EVA Dimensions GMP JPMorgan Cormark Securities Inc. Morgan Stanley HSBC Davenport & Co Haywood Securities Inc. Mackie Research Capital Corp. Veritas Investment Research Co Jefferies S&P Capital IQ Hamburger Sparkasse Investec

Portfolio Name CAPITAL WORLD INVEST VAN ECK ASSOCIATES C BLACKROCK INC BMO FINANCIAL CORP RBC GLOBAL ASSET MGM Multiple Portfolios BLACKROCK GROUP LIMI BANK OF NEW YORK MEL CIBC WORLD MARKETS I FIDELITY MANAGEMENT TD ASSET MANAGEMENT PYRAMIS GLOBAL ADVIS TORONTO DOMINION BAN BLACKROCK INSTITUTIO WELLINGTON MANAGEMEN INSTITUTIONAL CAPITA Multiple Portfolios TRADEWINDS GLOBAL IN Multiple Portfolios CAPITAL RESEARCH GLO

Analyst TONY LESIAK JORGE M BERISTAIN ALEC KODATSKY STEPHEN D WALKER GEORGE TOPPING STEVEN BUTLER MICHAEL S DUDAS ANITA SONI RON STEWART GREG BARNES DAVID WEST TANYA M JAKUSCONEK DAVID HAUGHTON WILLIAM V SELESKY ADAM P GRAF TEAM COVERAGE GEORGE V ALBINO JOHN BRIDGES RICHARD GRAY PARETOSH MISRA PATRICK CHIDLEY LLOYD T O'CARROLL KERRY SMITH BARRY D ALLAN PAWEL RAJSZEL PETER WARD LEO LARKIN INGO SCHMIDT PIETER MARAIS

Source 13F 13F 13F 13F 13F MF-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F MF-AGG 13F MF-AGG 13F

Recommendation neutral buy sector perform sector perform buy hold neutral outperform buy buy buy sector outperform outperform buy hold overweight buy overweight market perform Overwt/In-Line overweight buy sector outperform hold sell buy strong buy buy hold

Amt Held 42'200'500 36'012'128 28'102'877 23'928'196 20'326'495 17'157'397 16'067'551 15'480'628 14'509'450 14'506'021 14'498'703 13'321'640 12'399'538 12'317'823 12'080'958 11'536'461 10'758'354 10'122'371 9'908'000 9'871'000

% Out 4.22 3.6 2.81 2.39 2.03 1.71 1.61 1.55 1.45 1.45 1.45 1.33 1.24 1.23 1.21 1.15 1.08 1.01 0.99 0.99

Weighting

Change 3 5 3 3 5 3 3 5 5 5 5 5 5 5 3 5 5 5 3 5 5 5 5 3 1 5 5 5 3

M M M M M M M M M M M M M M M D M M M M M M M M M M M M M

Latest Chg 430'389 2'272'613 1'010'233 1'164'738 (1'712'742) (1'393'380) 257'334 14'509'450 (1'661'298) 776'841 (22'838) 388'663 658'668 (2'090'644) 11'536'461 247'000 (9'626'364) -

Target Price 42 50 57 44 58 39 #N/A N/A 46 42 42 49 53 44 #N/A N/A #N/A N/A #N/A N/A 65 45 36 52 63 50 50 45 34 43 52 #N/A N/A 48

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.12.2011 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2012 Investment Advisor 30.06.2012 Investment Advisor 29.06.2012 Investment Advisor 30.06.2012 Investment Advisor

Date 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 3 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided

Date 07.09.2012 06.09.2012 06.09.2012 05.09.2012 04.09.2012 04.09.2012 22.08.2012 21.08.2012 17.08.2012 17.08.2012 16.08.2012 16.08.2012 14.08.2012 14.08.2012 13.08.2012 11.08.2012 08.08.2012 01.08.2012 31.07.2012 30.07.2012 27.07.2012 27.07.2012 27.07.2012 27.07.2012 27.07.2012 26.07.2012 26.07.2012 21.05.2012 18.03.2011


14.09.2012

Goldcorp Inc Goldcorp, Inc. is engaged in the acquisition, exploration, development and operation of precious metal properties in Canada, the Unites States, Mexico and Central and South America.

Price/Volume 60 50 40 30

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.12.2011) 52-Week Low (12.07.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GG US EQUITY YTD Change GG US EQUITY YTD % CHANGE

12/2011 06/yy 54.14 31.54 9'786'721.00 45.41 -16.12% 43.98% 61.37% 810.6 37'174.86 737.00 0.0 213.0 1'502.00 36'925.86

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10 0 s-11

o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

j-12

a-12

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 2'206.8 11.39x 1'077.4 23.33x 460.1 68.21x

20

31.12.2008 31.12.2009 2'419.6 2'723.6 9.42x 10.50x 1'052.2 1'366.2 21.66x 20.94x 1'475.6 240.2 57.34x 50.85x Profitability

LTM-4Q 31.12.2010 3'738.0 9.95x 2'026.0 18.36x 2'051.0 30.36x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 5'362.0 6.61x 3'030.0 11.71x 1'881.0 22.24x 3'030.00 2'336.00 43.57% 47.87% 6.60% 9.21% 8.89% 0.19% 49.0% 56.5% 43.6% 35.1% 3.83 2.61 2.51% 3.46% 10.50 5.64

Price/ Cash Flow

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M s-12

06/yy 4'744.0 31.10x 2'667.0 14.48x 2'423.0 26.15x

LTM 06/yy 5'285.0 26.24x 2'873.0 10.53x 1'488.0 22.40x

FY+1

1.10 0.73 805.05 8.12 -9.64% 3.67% 0.731 26 4.385 6'035'283 4'379'959 5'307'441 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 5'422.2 7'098.2 1'417.1 1'603.9 6.85x 5.11x 26.20x 23.25x 2'899.9 4'242.4 738.8 835.8 12.73x 8.70x 9.82x 8.92x 1'581.9 2'431.9 373.7 422.9 23.59x 15.95x 18.97x 17.09x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

01.06.2009 BBB+ STABLE 131.74 54.43 -0.25 0.24 3.5% 3.3% 0.19 0.23 34.75 64.77 74.30 25.22

Sales/Revenue/Turnover

35.00

6'000.0

30.00

5'000.0

25.00

4'000.0

20.00

3'000.0 15.00

2'000.0 10.00

1'000.0

5.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Goldcorp Inc Holdings By:

All

Holder Name VAN ECK ASSOCIATES C BLACKROCK GROUP LIMI FIDELITY MANAGEMENT BLACKROCK INC BMO FINANCIAL CORP CARMIGNAC GESTION RBC GLOBAL ASSET MAN CI INVESTMENTS INC CIBC WORLD MARKETS I CAISSE DE DEPOT ET P GREYSTONE MANAGED IN BLACKROCK INSTITUTIO TORONTO DOMINION BAN PYRAMIS GLOBAL ADVIS FIRST EAGLE INVESTME TD ASSET MANAGEMENT IA CLARINGTON INVEST MACKENZIE FINANCIAL ONTARIO TEACHERS PEN BLACKROCK ADVISERS

Firm Name Macquarie Dundee Securities Corp BMO Capital Markets Deutsche Bank RBC Capital Markets Credit Suisse Scotia Capital Canaccord Genuity Corp Stifel Nicolaus Dahlman Rose & Co EVA Dimensions GMP JPMorgan Cormark Securities Inc. Jefferies CIBC World Markets Salman Partners Davenport & Co TD Securities Mackie Research Capital Corp. HSBC Morgan Stanley Veritas Investment Research Co Raymond James

Portfolio Name VAN ECK ASSOCIATES C BLACKROCK GROUP LIMI FIDELITY MANAGEMENT BLACKROCK INC BMO FINANCIAL CORP Multiple Portfolios RBC GLOBAL ASSET MGM Multiple Portfolios CIBC WORLD MARKETS I CAISSE DE DEPOT ET P GREYSTONE MANAGED IN BLACKROCK INSTITUTIO TORONTO DOMINION BAN PYRAMIS GLOBAL ADVIS FIRST EAGLE INVESTME TD ASSET MANAGEMENT Multiple Portfolios MACKENZIE FINANCIAL ONTARIO TEACHERS PEN BLACKROCK ADVISORS L

Analyst TONY LESIAK RON STEWART DAVID HAUGHTON JORGE M BERISTAIN STEPHEN D WALKER ANITA SONI TANYA M JAKUSCONEK STEVEN BUTLER GEORGE TOPPING ADAM P GRAF TEAM COVERAGE GEORGE V ALBINO JOHN BRIDGES RICHARD GRAY PETER WARD ALEC KODATSKY DAVID WEST LLOYD T O'CARROLL GREG BARNES BARRY D ALLAN PATRICK CHIDLEY PARETOSH MISRA PAWEL RAJSZEL BRAD HUMPHREY

Source 13F 13F 13F 13F 13F MF-AGG 13F MF-AGG 13F 13F 13F 13F 13F 13F 13F 13F MF-AGG 13F 13F 13F

Recommendation outperform buy outperform buy outperform outperform sector outperform buy buy hold sell buy overweight buy hold sector outperform top pick buy buy buy overweight Equalwt/In-Line sell Under Review

Amt Held 33'431'627 31'310'862 28'080'125 22'521'869 22'299'614 17'668'857 14'624'804 14'308'518 11'651'198 10'967'662 10'597'408 10'553'412 10'064'571 9'972'252 9'673'746 9'482'504 8'535'080 7'375'676 7'042'735 6'937'075

% Out 4.12 3.86 3.46 2.78 2.75 2.18 1.8 1.77 1.44 1.35 1.31 1.3 1.24 1.23 1.19 1.17 1.05 0.91 0.87 0.86

Weighting

Change

5 5 5 5 5 5 5 5 5 3 1 5 5 5 3 5 5 5 5 5 5 3 1 #N/A N/A

M M M M M M M M M M D M M M M M M M M M M M M N

Latest Chg 400'506 (1'110'931) (5'447'620) 1'195'346 69'601 787'500 (1'025'488) (265'011) 946'361 (88'600) (868'037) 922'893 405'365 (3'137'700) 6'258'726 454'607 (677'400) 291'246 109'103 (1'085'071)

Target Price 55 49 58 45 51 46 54 53 59 #N/A N/A #N/A N/A 70 48 48 36 64 61 50 48 57 60 #N/A N/A 38 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 29.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.12.2011 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 31.03.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Pension Fund (ERISA) 30.06.2012 Investment Advisor

Date 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 3 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Date 07.09.2012 07.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 04.09.2012 04.09.2012 22.08.2012 08.08.2012 01.08.2012 31.07.2012 27.07.2012 27.07.2012 27.07.2012 27.07.2012 27.07.2012 27.07.2012 26.07.2012 11.07.2012 27.04.2012 19.11.2008


14.09.2012

Newmont Mining Corp 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 and processes copper in Indonesia.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.11.2011) 52-Week Low (27.07.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NEM US EQUITY YTD Change NEM US EQUITY YTD % CHANGE

12/2011 06/yy 72.42 42.95 12'625'835.00 55.45 -23.43% 29.10% 42.42% 491.2 27'605.73 4'313.00 0.0 2'875.0 1'854.00 34'781.73

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

16.0 M

70

14.0 M

60

12.0 M

50

10.0 M

40

8.0 M

30

6.0 M

20

4.0 M

10

2.0 M

0 s-11

o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

j-12

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 5'526.0 4.56x 1'720.0 14.66x (1'886.0) 101.73x

80

31.12.2008 31.12.2009 6'124.0 7'705.0 3.70x 3.46x 2'139.0 3'799.0 10.60x 7.02x 831.0 1'297.0 20.98x 17.02x Profitability

LTM-4Q 31.12.2010 9'540.0 3.45x 5'118.0 6.43x 2'277.0 13.44x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 10'358.0 3.38x 5'162.0 6.78x 366.0 13.92x 5'162.00 4'126.00 39.83% 17.58% 1.38% 2.79% 5.57% 0.39% 52.4% 49.8% 39.8% 3.5% 1.37 0.63 15.70% 33.44% 16.06 3.70

Price/ Cash Flow

LTM

06/yy 9'994.0 12.65x 5'272.0 5.92x 2'250.0 11.63x

06/yy 10'421.0 12.77x 4'913.0 6.31x 234.0 11.95x

FY+1

.0 M s-12

2.43 0.69 489.95 10.05 -11.35% -5.70% 0.690 23 3.522 6'939'229 4'930'909 5'144'975 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 10'299.6 11'218.1 2'611.0 2'815.8 3.31x 3.00x 4'724.0 5'518.5 1'218.3 1'448.3 7.36x 6.30x 6.10x 5.63x 1'969.3 2'370.6 491.0 617.8 13.91x 11.26x 11.56x 10.70x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

11.08.2008 BBB+ STABLE 17.44 8.02 0.48 0.84 33.4% 21.5% 0.39 0.72 22.73 98.55 35.80 85.47

Sales/Revenue/Turnover

20.00

12'000.0

18.00

10'000.0

16.00 14.00

8'000.0

12.00

6'000.0

10.00 8.00

4'000.0

6.00 4.00

2'000.0

2.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Newmont Mining Corp Holdings By:

All

Holder Name CAPITAL WORLD INVEST STATE STREET CORP VAN ECK ASSOCIATES C VANGUARD GROUP INC CAPITAL RESEARCH GLO BLACKROCK GROUP LIMI FIDELITY MANAGEMENT BLACKROCK INSTITUTIO DEUTSCHE BANK AG BANK OF NEW YORK MEL CARMIGNAC GESTION PRUDENTIAL PLC NORTHERN TRUST CORPO FIRST EAGLE INVESTME NORGES BANK BLACKROCK FUND ADVIS UBS AG BESSEMER GROUP INCOR TRADEWINDS GLOBAL IN JP MORGAN CHASE & CO

Firm Name CIBC World Markets RBC Capital Markets Stifel Nicolaus Dahlman Rose & Co Sterne, Agee & Leach Argus Research Corp GMP Credit Suisse JPMorgan HSBC Deutsche Bank TD Securities Mackie Research Capital Corp. Veritas Investment Research Co Jefferies Scotia Capital S&P Capital IQ BMO Capital Markets Morgan Stanley EVA Dimensions

Portfolio Name CAPITAL WORLD INVEST STATE STREET CORPORA VAN ECK ASSOCIATES C VANGUARD GROUP INC Multiple Portfolios BLACKROCK GROUP LIMI FIDELITY MANAGEMENT BLACKROCK INSTITUTIO DEUTSCHE BANK AKTIEN BANK OF NEW YORK MEL Multiple Portfolios PRUDENTIAL PLC NORTHERN TRUST CORPO FIRST EAGLE INVESTME NORGES BANK BLACKROCK FUND ADVIS UBS AG BESSEMER GROUP INCOR TRADEWINDS GLOBAL IN JP MORGAN CHASE & CO

Analyst ALEC KODATSKY STEPHEN D WALKER GEORGE TOPPING ADAM P GRAF MICHAEL S DUDAS WILLIAM V SELESKY GEORGE V ALBINO ANITA SONI JOHN BRIDGES PATRICK CHIDLEY JORGE M BERISTAIN GREG BARNES BARRY D ALLAN PAWEL RAJSZEL PETER WARD TANYA M JAKUSCONEK LEO LARKIN DAVID HAUGHTON PARETOSH MISRA TEAM COVERAGE

Source 13F 13F 13F 13F MF-AGG 13F 13F 13F 13F 13F MF-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation sector perform sector perform hold buy buy buy buy neutral overweight overweight hold hold hold sell hold sector perform buy outperform Equalwt/In-Line sell

Amt Held 36'503'247 21'607'433 21'410'138 21'085'877 17'337'691 14'945'182 14'829'640 12'809'709 10'495'570 7'756'127 7'042'100 6'949'016 6'417'104 6'127'798 5'205'883 4'486'415 4'107'107 3'962'767 3'791'151 3'749'659

% Out 7.43 4.4 4.36 4.29 3.53 3.04 3.02 2.61 2.14 1.58 1.43 1.41 1.31 1.25 1.06 0.91 0.84 0.81 0.77 0.76

Weighting

Change 3 3 3 5 5 5 5 3 5 5 3 3 3 1 3 3 5 5 3 1

M M M M M M M M M M M M D M M M M M M D

Latest Chg (660'448) 627'724 198'892 276'433 (310'309) (1'000'094) (1'368'057) 260'756 464'289 198'761 625'000 (1'419'217) 665'305 57'853 5'205'883 (5'775) 163'588 483'978 (7'648'325) (360'402)

Target Price 75 54 #N/A N/A 64 65 #N/A N/A 76 56 66 83 50 53 50 42 43 62 53 63 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 29.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 31.12.2011 Government 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor

Date Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 3 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided

Date 06.09.2012 05.09.2012 04.09.2012 04.09.2012 22.08.2012 14.08.2012 08.08.2012 07.08.2012 01.08.2012 01.08.2012 31.07.2012 30.07.2012 30.07.2012 30.07.2012 27.07.2012 27.07.2012 27.07.2012 26.07.2012 27.04.2012 25.02.2012


14.09.2012

Silver Wheaton Corp 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 the silver production from mines in Mexico, Sweden, Peru, Greece and the United States.

Price/Volume 45

14.0 M

40

12.0 M

35

10.0 M

30

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2011) 52-Week Low (16.05.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SLW US EQUITY YTD Change SLW US EQUITY YTD % CHANGE

12/2011 06/yy 42.50 22.94 9'465'965.00 38.29 -9.91% 66.91% 78.48% 353.9 13'549.73 78.62 0.0 0.0 840.20 12'511.96

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20 1.00

8.0 M

20

6.0 M

15

4.0 M

10

2.0 M

5 0 s-11

o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

j-12

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 175.4 23.88x 114.3 36.64x 91.9 0.00x

25

31.12.2008 31.12.2009 166.7 239.3 12.14x 21.12x 105.5 158.5 19.18x 31.87x 17.3 117.9 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 423.4 31.91x 316.2 42.72x 153.4 0.00x

31.12.2011 730.0 13.01x 618.8 15.35x 550.0 0.00x 618.81 561.09 76.86% 76.49% 19.97% 22.38% 0.27% 80.3% 84.8% 76.9% 75.3% 5.03 5.02 2.74% 2.96% 132.99 -

06/yy 595.3 81.45x 488.7 22.62x 357.8 0.00x

LTM 06/yy 778.1 49.66x 652.6 12.98x 568.4 0.00x

FY+1

.0 M s-12

1.17 352.99 4.33 0.73% 33.43% 1.169 15 4.600 5'140'602 4'267'525 4'261'807 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 830.3 1'002.0 195.2 225.4 15.30x 12.33x 64.59x 56.99x 691.0 844.7 166.5 198.5 18.11x 14.81x 15.92x 15.30x 596.6 723.2 144.0 172.0 22.52x 18.11x 20.53x 19.64x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

-1.23 0.13 3.0% 2.9% 0.27 0.39 2.74 23.56 -

Sales/Revenue/Turnover

800.0 700.0 600.0

0.80 0.60

500.0 400.0 300.0

0.40 0.20

200.0 100.0 0.0

0.00

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Silver Wheaton Corp Holdings By:

All

Holder Name VAN ECK ASSOCIATES C PYRAMIS GLOBAL ADVIS CAISSE DE DEPOT ET P BLACKROCK INC TD ASSET MANAGEMENT BMO FINANCIAL CORP BLACKROCK ADVISERS CIBC WORLD MARKETS I OPPENHEIMERFUNDS INC BLACKROCK INSTITUTIO TORONTO DOMINION BAN FIERA SCEPTRE INC TCW GROUP INC TOCQUEVILLE ASSET MA IG INVESTMENT MANAGE RBC GLOBAL ASSET MAN JENNISON ASSOCIATES NORGES BANK JP MORGAN CHASE & CO SUSQUEHANNA INTERNAT

Portfolio Name VAN ECK ASSOCIATES C PYRAMIS GLOBAL ADVIS CAISSE DE DEPOT ET P BLACKROCK INC TD ASSET MANAGEMENT BMO FINANCIAL CORP BLACKROCK ADVISORS L CIBC WORLD MARKETS I OPPENHEIMER FUNDS IN BLACKROCK INSTITUTIO TORONTO DOMINION BAN FIERA SCEPTRE INC TCW GROUP INCORPORAT TOCQUEVILLE ASSET MA IG INVESTMENT MANAGE RBC GLOBAL ASSET MGM JENNISON ASSOCIATES NORGES BANK JP MORGAN CHASE & CO SUSQUEHANNA INTERNAT

Firm Name

Analyst

Macquarie EVA Dimensions BMO Capital Markets Canaccord Genuity Corp JPMorgan Salman Partners TD Securities Credit Suisse Raymond James CIBC World Markets RBC Capital Markets Scotia Capital GMP

TONY LESIAK TEAM COVERAGE ANDREW KAIP STEVEN BUTLER JOHN BRIDGES DAVID WEST DANIEL EARLE RALPH M PROFITI BRAD HUMPHREY COSMOS CHIU DAN ROLLINS TREVOR TURNBULL CRAIG WEST

Source 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation neutral hold outperform buy overweight top pick buy neutral outperform sector outperform outperform sector outperform buy

Amt Held 16'155'112 9'920'014 8'133'900 7'435'689 6'700'536 5'560'822 4'902'363 4'891'861 4'648'500 4'557'152 4'153'365 4'076'359 3'890'152 3'110'775 3'070'314 3'007'271 2'621'238 2'604'931 2'567'886 2'278'259

% Out 4.57 2.8 2.3 2.1 1.89 1.57 1.39 1.38 1.31 1.29 1.17 1.15 1.1 0.88 0.87 0.85 0.74 0.74 0.73 0.64

Weighting

Change 3 3 5 5 5 5 5 3 5 5 5 5 5

M U M M M M M M M M M M M

Latest Chg 2'883'940 (1'964'631) 264'900 282'799 (1'113'417) (906'010) (180'346) 444'615 (88'720) 312'889 123'495 2'442'939 (775'477) 17'550 1'019'900 (1'589'468) (182'593) 2'604'931 (78'249) 731'827

Target Price 41 #N/A N/A 40 41 40 49 37 34 42 45 44 47 46

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2011 Government 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor

Date 12 month Not Provided Not Provided 12 month 3 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided

Date 07.09.2012 05.09.2012 04.09.2012 04.09.2012 17.08.2012 13.08.2012 13.08.2012 10.08.2012 10.08.2012 10.08.2012 09.08.2012 09.08.2012 09.08.2012


14.09.2012

Yamana Gold Inc Yamana Gold Inc. is an intermediate gold producer with production, development stage, and exploration properties throughout Brazil. The Company also holds gold exploration properties in Argentina.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.09.2012) 52-Week Low (04.10.2011) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AUY US EQUITY YTD Change AUY US EQUITY YTD % CHANGE

Price/Volume

12/2011 06/yy 18.46 12.35 10'673'539.00 18.46 0.00% 49.47% 100.00% 751.2 13'866.37 431.77 0.0 46.8 550.44 13'979.75

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

31.12.2008 31.12.2009 949.4 1'183.3 6.36x 7.39x 438.9 575.5 13.76x 15.19x 434.8 192.6 0.00x 0.00x Profitability

31.12.2011 2'173.3 5.04x 1'262.7 8.67x 548.3 0.00x

20.0 M 15.0 M 10.0 M 5.0 M

o-11

1'262.70 905.94 41.68% 37.65% 5.20% 7.57% 7.49% 0.21% 50.6% 58.1% 41.7% 25.2% 2.23 1.53 4.01% 5.80% 10.37 7.67

06/yy 2'038.5 17.86x 1'151.5 7.55x 607.7 0.00x

n-11

d-11

j-12

f-12 m-12

LTM 06/yy 2'219.4 19.99x 1'212.3 9.59x 418.3 0.00x

a-12 m-12

j-12

j-12

a-12

FY+1

.0 M s-12

0.81 748.45 5.34 16.06% 26.57% 0.808 21 4.238 7'471'477 5'460'501 5'582'971 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 2'399.4 3'037.9 639.5 700.3 5.75x 4.37x 21.78x 19.68x 1'377.3 1'907.9 362.7 417.7 10.15x 7.33x 8.37x 7.82x 676.0 1'016.1 181.3 216.7 19.37x 13.06x 16.01x 14.62x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

26.13 9.11 -0.09 0.34 5.8% 5.4% 0.21 0.25 35.19 47.58 107.43 -24.66

Sales/Revenue/Turnover

2'500.0

1.00

2'000.0

0.60

25.0 M

LTM-4Q 31.12.2010 1'686.8 5.76x 884.1 11.00x 466.5 0.00x

1.20

0.80

30.0 M

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 747.1 12.15x 387.1 23.45x 157.2 0.00x

20 18 16 14 12 10 8 6 4 2 0 s-11

1'500.0 1'000.0

0.40

500.0 0.20

0.0 0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Yamana Gold Inc Holdings By:

All

Holder Name BANK OF NEW YORK MEL VAN ECK ASSOCIATES C BLACKROCK GROUP LIMI BLACKROCK INC GREYSTONE MANAGED IN RBC GLOBAL ASSET MAN CONNOR CLARK & LUNN PYRAMIS GLOBAL ADVIS FIDELITY MANAGEMENT CALAMOS ADVISORS LLC BMO FINANCIAL CORP CIBC WORLD MARKETS I BLACKROCK INSTITUTIO FIERA SCEPTRE INC AGF INVESTMENTS INC TORONTO DOMINION BAN DONALD SMITH & CO IN UNITED SERVICES AUTO TD ASSET MANAGEMENT ALBERTA INVESTMENT M

Firm Name Macquarie Canaccord Genuity Corp Dahlman Rose & Co Scotia Capital CIBC World Markets BMO Capital Markets Desjardins Securities Credit Suisse Dundee Securities Corp EVA Dimensions RBC Capital Markets Raymond James GMP TD Securities Veritas Investment Research Co Davenport & Co Cormark Securities Inc. National Bank Financial HSBC Paradigm Capital Inc

Portfolio Name BANK OF NEW YORK MEL VAN ECK ASSOCIATES C BLACKROCK GROUP LIMI BLACKROCK INC GREYSTONE MANAGED IN RBC GLOBAL ASSET MGM CONNOR CLARK & LUNN PYRAMIS GLOBAL ADVIS FIDELITY MANAGEMENT CALAMOS ADVISORS LLC BMO FINANCIAL CORP CIBC WORLD MARKETS I BLACKROCK INSTITUTIO FIERA SCEPTRE INC AGF INVESTMENTS INC TORONTO DOMINION BAN DONALD SMITH & CO IN UNITED SERVICES AUTO TD ASSET MANAGEMENT ALBERTA INV MGMT COR

Analyst TONY LESIAK STEVEN BUTLER ADAM P GRAF TANYA M JAKUSCONEK ALEC KODATSKY DAVID HAUGHTON BRIAN CHRISTIE ANITA SONI RON STEWART TEAM COVERAGE MICHAEL D CURRAN BRAD HUMPHREY CRAIG WEST STEVEN J GREEN PAWEL RAJSZEL LLOYD T O'CARROLL RICHARD GRAY STEPHEN PARSONS PATRICK CHIDLEY DON MACLEAN

Source 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation neutral buy hold sector perform sector perform outperform buy outperform neutral underweight outperform outperform buy buy buy buy buy sector perform overweight buy

Amt Held 31'513'456 29'517'353 19'993'778 19'817'241 17'767'280 17'696'253 15'799'435 15'784'660 15'223'021 12'042'920 10'358'722 10'189'521 10'002'641 9'470'021 9'168'730 8'764'037 8'268'908 7'359'803 6'819'570 6'751'300

% Out 4.2 3.93 2.66 2.64 2.37 2.36 2.1 2.1 2.03 1.6 1.38 1.36 1.33 1.26 1.22 1.17 1.1 0.98 0.91 0.9

Weighting

Change 3 5 3 3 3 5 5 5 3 1 5 5 5 5 5 5 5 3 5 5

M M M M M M M M M D M M M M M M M M U M

Latest Chg (330'433) 1'784'256 754'430 (22'356) (1'371'493) 959'362 5'340'050 1'220'400 (1'354'600) 2'637'549 330'857 727'340 862'568 4'946'243 (143'741) 130'902 2'330'319 30'803 1'799'779 379'100

Target Price 19 25 #N/A N/A 20 23 21 22 23 17 #N/A N/A 21 22 19 21 18 19 25 18 18 21

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012

Date 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government

Date 07.09.2012 04.09.2012 04.09.2012 03.09.2012 26.08.2012 22.08.2012 22.08.2012 21.08.2012 17.08.2012 13.08.2012 10.08.2012 10.08.2012 10.08.2012 10.08.2012 10.08.2012 09.08.2012 09.08.2012 09.08.2012 26.07.2012 19.06.2012


14.09.2012

Randgold Resources Ltd Randgold Resources Ltd. provides mining services. The Company offers acquisition, development, and exploration of gold and other precious metal in Africa.

Price/Volume 140

4.5 M

120

4.0 M 3.5 M

100

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.11.2011) 52-Week Low (15.05.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GOLD US EQUITY YTD Change GOLD US EQUITY YTD % CHANGE

12/2011 06/yy 120.73 72.91 647'387.00 114.35 -5.28% 56.84% 86.66% 91.8 10'502.64 2.61 0.0 110.3 495.14 10'185.23

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.5 M

60

2.0 M 1.5 M

40

1.0 M

20

.5 M

0 s-11

o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

j-12

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 282.8 8.71x 82.5 29.85x 42.0 60.62x

3.0 M

80

31.12.2008 31.12.2009 338.6 432.8 9.01x 15.50x 97.3 142.3 31.34x 47.15x 41.6 69.4 78.87x 94.26x Profitability

LTM-4Q 31.12.2010 484.6 14.79x 164.3 43.62x 103.5 72.03x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 1'127.1 7.97x 569.8 15.77x 377.1 24.74x 569.78 487.72 43.27% 43.04% 16.66% 18.97% 21.06% 0.50% 52.8% 50.6% 43.3% 33.5% 4.74 3.05 0.10% 0.12% 24.77 2.57

Price/ Cash Flow

06/yy 766.3 39.43x 334.5 21.99x 205.2 37.47x

LTM 06/yy 1'238.2 26.77x 467.4 0.00x 429.2 19.21x

FY+1

.0 M s-12

0.62 0.83 5.84% 12.57% 0.621 10 4.500 590'631 477'607 552'464 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 1'434.8 1'682.3 371.0 415.5 7.02x 5.60x 821.0 1'015.0 12.41x 10.03x 526.2 654.6 136.0 157.0 20.70x 16.41x 18.16x 16.80x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

158.40 33.72 -0.86 0.00 0.1% 0.1% 0.50 1.03 14.74 142.08 17.87 138.94

Sales/Revenue/Turnover

160.00

1'200.0

140.00

1'000.0

120.00

800.0

100.00 80.00

600.0

60.00

400.0

40.00

200.0 20.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Randgold Resources Ltd Holdings By:

All

Holder Name BLACKROCK GROUP LIMI VAN ECK ASSOCIATES C FIDELITY MANAGEMENT WELLS CAPITAL MANAGE CARMIGNAC GESTION FRANKLIN RESOURCES I FIRST EAGLE INVESTME AGF INVESTMENTS INC JENNISON ASSOCIATES PRUDENTIAL FINANCIAL TOCQUEVILLE ASSET MA PYRAMIS GLOBAL ADVIS PAULSON & CO GABELLI FUNDS LLC WELLS FARGO FUNDS MA INVESCO LTD JP MORGAN CHASE & CO BLACKROCK ADVISERS OPPENHEIMERFUNDS INC BLACKROCK INC

Firm Name Stifel Nicolaus Canaccord Genuity Corp GARP Research BMO Capital Markets HSBC Scotia Capital S&P Capital IQ Clarus Securities EVA Dimensions

Portfolio Name BLACKROCK GROUP LIMI VAN ECK ASSOCIATES C FIDELITY MANAGEMENT WELLS CAPITAL MANAGE Multiple Portfolios FRANKLIN ADVISERS IN FIRST EAGLE INVESTME AGF INVESTMENTS INC JENNISON ASSOCIATES Multiple Portfolios TOCQUEVILLE ASSET MA PYRAMIS GLOBAL ADVIS PAULSON & CO GABELLI FUNDS LLC Multiple Portfolios INVESCO LTD JP MORGAN CHASE & CO BLACKROCK ADVISORS L OPPENHEIMER FUNDS IN BLACKROCK INC

Analyst JOSH WOLFSON TIM DUDLEY SETH DADDS ANDREW BREICHMANAS PATRICK CHIDLEY TANYA M JAKUSCONEK LEO LARKIN NANA SANGMUAH TEAM COVERAGE

Source 13F 13F 13F 13F MF-AGG 13F 13F 13F 13F MF-AGG 13F 13F 13F 13F MF-AGG 13F 13F 13F 13F 13F

Recommendation buy buy buy market perform overweight sector perform buy accumulate buy

Amt Held 7'265'006 6'520'758 4'921'241 4'653'532 4'539'299 1'994'582 1'461'736 1'349'153 1'279'015 1'186'647 1'066'480 1'005'540 930'502 900'400 900'000 885'905 827'908 817'404 686'494 505'137

% Out 7.91 7.1 5.36 5.07 4.94 2.17 1.59 1.47 1.39 1.29 1.16 1.09 1.01 0.98 0.98 0.96 0.9 0.89 0.75 0.55

Weighting

Change 5 5 5 3 5 3 5 4 5

M M M M M M M M M

Latest Chg 184'104 1'017'217 (495'414) 336'575 67'299 (130'240) 103'600 (34'128) (42'098) (26'534) 17'630 242'310 (25'800) (84'370) (24'201) (246'407) 189'730 21'644

Target Price 110 118 #N/A N/A 100 123 111 130 110 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 29.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor

Date 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 18 month Not Provided

Date 04.09.2012 04.09.2012 10.08.2012 09.08.2012 09.08.2012 09.08.2012 09.08.2012 07.08.2012 18.11.2011


14.09.2012

AngloGold Ashanti Ltd 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 Vaal River and West Witwatersrand areas of South Africa as well as Namibia, Mali, Brazil, Argentina, Australia, Tanzania and the United States.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.11.2011) 52-Week Low (31.08.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AU US EQUITY YTD Change AU US EQUITY YTD % CHANGE

Price/Volume

12/2011 06/yy 49.14 30.56 2'497'663.00 35.4 -27.96% 15.84% 26.05% 382.9 13'644.10 20'006.00 0.0 1'106.0 8'944.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

6.0 M

50

5.0 M

40

4.0 M

30

3.0 M

20

2.0 M

10

1.0 M

0 s-11

31.12.2008 31.12.2009 29'774.0 30'745.0 3.48x 3.88x 3'311.0 (2'435.0) 31.32x 0.00x (16'105.0) (2'762.0) 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 38'833.0 3.60x 9'720.0 14.37x 637.0 0.00x

31.12.2011 47'849.0 3.00x 20'443.0 7.03x 11'282.0 0.00x

n-11

d-11

j-12

20'443.00 14'844.00 31.02% 35.45% 15.09% 33.86% 23.69% 0.64% 39.9% 42.7% 31.0% 23.6% 2.76 1.56 23.03% 49.48% 30.22 3.99

LTM

06/yy 41'620.1 12.73x 15'015.0 8.12x 5'729.0 0.00x

f-12

06/yy 53'625.3 9.82x 23'135.2 4.93x 13'128.1 0.00x

m-12

a-12 m-12

j-12

j-12

a-12

FY+1

.0 M s-12

0.86 0.94 -20.27% -15.45% 0.856 5 4.600 1'643'654 1'554'575 1'739'185 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 62'945.2 68'894.4 1.91x 1.66x 29'354.5 30'336.4 16'099.3 17'665.3 8.10x 7.49x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

09.04.2010 BBBSTABLE 14.43 7.20 0.54 0.98 49.5% 32.5% 0.64 1.03 12.08 91.42 50.41 53.09

Sales/Revenue/Turnover

1.20

60'000.0

1.00

50'000.0

0.80

40'000.0

0.60

o-11

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 21'101.0 4.37x 718.0 128.52x (4'269.0) 0.00x

60

30'000.0 20'000.0

0.40

10'000.0 0.20

0.0 0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

AngloGold Ashanti Ltd Holdings By:

All

Holder Name PAULSON & CO VAN ECK ASSOCIATES C NWQ INVESTMENT MANAG FIDELITY MANAGEMENT FRANKLIN RESOURCES I TRADEWINDS GLOBAL IN BLACKROCK GROUP LIMI FIRST EAGLE INVESTME WELLS CAPITAL MANAGE WELLINGTON MANAGEMEN T ROWE PRICE ASSOCIA NUVEEN ASSET MANAGEM BARCLAYS PLC RENAISSANCE TECHNOLO UNITED SERVICES AUTO PLATINUM INVESTMENT BLACKROCK INC CAPITAL INTERNATIONA INVESTEC ASSET MANAG INVESTEC ASSET MANAG

Firm Name Societe Generale HSBC Scotia Capital EVA Dimensions BMO Capital Markets

Portfolio Name PAULSON & CO VAN ECK ASSOCIATES C NWQ INVESTMENT MANAG FIDELITY MANAGEMENT FRANKLIN ADVISERS IN TRADEWINDS GLOBAL IN BLACKROCK GROUP LIMI FIRST EAGLE INVESTME WELLS CAPITAL MANAGE WELLINGTON MANAGEMEN T ROWE PRICE ASSOCIA Multiple Portfolios BARCLAYS PLC RENAISSANCE TECHNOLO UNITED SERVICES AUTO PLATINUM INVESTMENT BLACKROCK INC CAPITAL INTERNATIONA INVESTEC ASSET MANAG Multiple Portfolios

Analyst BRUCE ALWAY RICHARD HART TANYA M JAKUSCONEK TEAM COVERAGE DAVID HAUGHTON

Source 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F MF-AGG 13F 13F 13F 13F 13F 13F 13F MF-AGG

Recommendation buy overweight sector perform buy market perform

Amt Held 32'761'921 14'929'851 12'787'187 7'313'731 6'213'753 5'455'670 4'222'778 3'941'577 3'775'432 3'733'325 3'455'350 2'756'719 2'425'939 2'264'900 2'158'856 2'086'815 2'001'006 1'649'711 1'635'197 1'569'952

% Out 8.56 3.9 3.34 1.91 1.62 1.42 1.1 1.03 0.99 0.97 0.9 0.72 0.63 0.59 0.56 0.54 0.52 0.43 0.43 0.41

Weighting

Change 5 5 3 5 3

M M M M M

Latest Chg (400'539) 213'325 369'304 (1'180'170) 199'950 (5'115'453) (597'936) 6'288 166'273 (516'479) 1'792'850 (195'041) (248'542) 1'049'100 22'856 149'000 107'382 180'100 369'200 1'400

Target Price 45 69 43 #N/A N/A 0

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor

Date 12 month Not Provided 12 month Not Provided Not Provided

Date 29.08.2012 07.08.2012 23.07.2012 18.11.2011 24.02.2010


14.09.2012

Eldorado Gold Corp Eldorado Gold Corporation acquires, explores, and develops mineral properties. The Company currently has operating gold mines in Brazil, China, Turkey, Greece, and surrounding regions.

Price/Volume 25

14.0 M 12.0 M

20

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2011) 52-Week Low (23.07.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EGO US EQUITY YTD Change EGO US EQUITY YTD % CHANGE

12/2011 06/yy 21.23 9.78 8'625'266.00 15.11 -28.83% 54.50% 46.55% 713.0 10'773.98 81.03 0.0 56.5 396.40 10'890.01

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

8.0 M

10

6.0 M 4.0 M

5 0 s-11

31.12.2008 31.12.2009 277.7 358.5 10.15x 21.00x 132.0 181.2 21.36x 41.53x 163.7 102.4 0.00x 0.00x Profitability

o-11

LTM-4Q 31.12.2010 791.2 12.74x 423.3 23.82x 221.0 0.00x

31.12.2011 1'098.9 6.69x 639.1 11.50x 318.7 0.00x 639.08 516.67 47.02% 46.66% 8.34% 10.25% 10.70% 0.29% 57.3% 58.2% 47.0% 29.0% 2.64 1.76 2.05% 2.49% 25.93 3.01

06/yy 875.0 42.15x 471.6 16.90x 242.1 0.00x

n-11

d-11

j-12

f-12 m-12

LTM 06/yy 1'145.2 30.89x 622.8 14.28x 305.8 0.00x

a-12 m-12

j-12

j-12

a-12

FY+1

.0 M s-12

0.90 706.81 7.95 -25.45% 11.47% 0.900 22 4.182 5'846'714 3'619'530 3'824'059 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 1'185.9 1'593.9 308.0 386.3 8.86x 6.71x 35.33x 27.93x 654.5 941.8 177.0 253.5 16.64x 11.56x 11.48x 10.57x 340.4 531.7 87.3 128.0 29.69x 20.04x 22.35x 20.36x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

119.88 68.36 -0.49 0.13 2.5% 2.4% 0.29 0.40 14.07 121.17 118.01 17.23

Sales/Revenue/Turnover

1.20

1'200.0

1.00

1'000.0

0.80

800.0

0.60

2.0 M

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 179.3 11.40x 67.6 30.25x 35.4 0.00x

15

600.0 400.0

0.40

200.0 0.20

0.0 0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Eldorado Gold Corp Holdings By:

All

Holder Name BLACKROCK GROUP LIMI VAN ECK ASSOCIATES C PYRAMIS GLOBAL ADVIS FIDELITY MANAGEMENT CARMIGNAC GESTION BLACKROCK INC GREYSTONE MANAGED IN RBC GLOBAL ASSET MAN JENNISON ASSOCIATES AGF INVESTMENTS INC FIERA SCEPTRE INC BMO FINANCIAL CORP OPPENHEIMERFUNDS INC PRUDENTIAL FINANCIAL BAILLIE GIFFORD AND T ROWE PRICE ASSOCIA CIBC WORLD MARKETS I BLACKROCK ADVISERS BLACKROCK INSTITUTIO TORONTO DOMINION BAN

Firm Name Macquarie CIBC World Markets Stifel Nicolaus Canaccord Genuity Corp Credit Suisse HSBC Haywood Securities Inc. GMP EVA Dimensions Desjardins Securities Cormark Securities Inc. RBC Capital Markets Raymond James Salman Partners Dundee Securities Corp TD Securities Veritas Investment Research Co BMO Capital Markets Scotia Capital Mackie Research Capital Corp. Paradigm Capital Inc

Portfolio Name BLACKROCK GROUP LIMI VAN ECK ASSOCIATES C PYRAMIS GLOBAL ADVIS FIDELITY MANAGEMENT Multiple Portfolios BLACKROCK INC GREYSTONE MANAGED IN RBC GLOBAL ASSET MGM JENNISON ASSOCIATES AGF INVESTMENTS INC FIERA SCEPTRE INC BMO FINANCIAL CORP Multiple Portfolios Multiple Portfolios BAILLIE GIFFORD & CO T ROWE PRICE ASSOCIA CIBC WORLD MARKETS I BLACKROCK ADVISORS L BLACKROCK INSTITUTIO TORONTO DOMINION BAN

Analyst TONY LESIAK COSMOS CHIU JOSH WOLFSON STEVEN BUTLER ANITA SONI PATRICK CHIDLEY KERRY SMITH GEORGE V ALBINO TEAM COVERAGE BRIAN CHRISTIE MIKE KOZAK STEPHEN D WALKER BRAD HUMPHREY DAVID WEST RON STEWART STEVEN J GREEN PAWEL RAJSZEL DAVID HAUGHTON TANYA M JAKUSCONEK BARRY D ALLAN DON MACLEAN

Source 13F 13F 13F 13F MF-AGG 13F 13F 13F 13F 13F 13F 13F MF-AGG MF-AGG 13F 13F 13F 13F 13F 13F

Recommendation neutral sector perform buy buy outperform overweight sector outperform buy sell buy buy outperform outperform buy buy action list buy sell outperform sector outperform hold hold

Amt Held 64'319'255 41'936'466 33'522'400 21'763'149 18'343'165 18'010'770 14'165'029 13'276'438 12'864'231 12'852'820 12'058'478 11'919'455 11'301'546 11'197'655 10'267'181 10'045'140 9'984'940 9'949'768 9'004'236 8'300'360

% Out 9.02 5.88 4.7 3.05 2.57 2.53 1.99 1.86 1.8 1.8 1.69 1.67 1.58 1.57 1.44 1.41 1.4 1.4 1.26 1.16

Weighting

Change 3 3 5 5 5 5 5 5 1 5 5 5 5 5 5 5 1 5 5 3 3

M M M M M M M M D M M M M M M M M M M M M

Latest Chg 3'812'927 9'787'171 (1'796'955) (9'090'990) 16'937'165 (790'624) (164'476) (1'470'130) 268'472 (603'185) 7'841'863 (928'620) (811'936) (465'780) 1'261'800 891'113 (1'016'201) 1'220'686 (177'915)

Target Price 14 18 15 18 17 19 20 27 #N/A N/A 20 15 16 19 20 15 18 11 18 20 15 18

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2012 30.06.2012 30.06.2012 30.06.2012 29.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 28.06.2012 31.07.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012

Date 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 07.09.2012 06.09.2012 04.09.2012 04.09.2012 24.08.2012 08.08.2012 08.08.2012 08.08.2012 02.08.2012 01.08.2012 31.07.2012 30.07.2012 30.07.2012 30.07.2012 30.07.2012 30.07.2012 30.07.2012 27.07.2012 27.07.2012 27.07.2012 21.02.2012


14.09.2012

Kinross Gold Corp Kinross Gold Corporation is involved in the exploration, development, and production of gold in countries located around the world. The Company currently has operations in the United States, Brazil, Chile, Ecuador and Russia.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2011) 52-Week Low (09.05.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KGC US EQUITY YTD Change KGC US EQUITY YTD % CHANGE

12/2010 06/yy 17.90 7.11 19'693'076.00 9.9 -44.69% 39.24% 25.86% 1'139.3 11'278.87 1'633.10 0.0 80.3 1'767.30 11'633.87

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

j-12

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 1'093.0 10.36x 356.2 31.80x 334.0 65.94x

20 18 16 14 12 10 8 6 4 2 0 s-11

31.12.2008 31.12.2009 1'617.0 2'412.1 7.84x 5.37x 656.3 1'093.2 19.32x 11.85x (807.2) 309.9 46.21x 41.68x Profitability

LTM-4Q 31.12.2010 3'010.1 6.92x 1'200.4 17.35x 759.7 146.30x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 3'943.3 3.29x 1'972.5 6.57x (2'073.6) 15.05x 1'972.50 1'395.10 35.38% -38.09% -12.09% -15.40% 0.23% 44.9% 50.0% 35.4% -52.6% 3.92 2.61 9.89% 13.18% 12.35 2.55

Price/ Cash Flow

06/yy 3'556.5 21.34x 1'485.7 11.71x 965.5 65.81x

LTM 06/yy 4'061.8 12.46x 1'855.4 5.20x (2'317.2) 11.18x

FY+1

.0 M s-12

2.02 0.78 1'136.92 5.38 -40.57% -12.47% 0.779 27 4.037 13'625'395 9'328'909 9'114'284 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 4'315.9 4'889.1 1'108.9 1'203.7 2.76x 2.41x 10.68x 9.82x 1'972.6 2'504.3 521.0 604.8 5.90x 4.65x 4.62x 4.30x 832.4 1'249.3 225.7 281.0 13.88x 9.64x 9.99x 9.05x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

15.08.2011 BBBSTABLE 21.30 3.47 -0.07 0.83 13.2% 11.6% 0.23 0.47 29.56 143.38 22.76 150.18

Sales/Revenue/Turnover

30.00

4'500.0 4'000.0

25.00

3'500.0 3'000.0

20.00

2'500.0 15.00

2'000.0 1'500.0

10.00

1'000.0 5.00 0.00 02.01.2009

500.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Kinross Gold Corp Holdings By:

All

Holder Name BLACKROCK GROUP LIMI VAN ECK ASSOCIATES C CARMIGNAC GESTION WELLINGTON MANAGEMEN TRADEWINDS GLOBAL IN BLACKROCK INC LAZARD ASSET MANAGEM BMO FINANCIAL CORP CAISSE DE DEPOT ET P JENNISON ASSOCIATES FIDELITY MANAGEMENT PRUDENTIAL FINANCIAL CIBC WORLD MARKETS I INVESCO LTD BLACKROCK INSTITUTIO FIRST EAGLE INVESTME TORONTO DOMINION BAN JP MORGAN CHASE & CO DEUTSCHE BANK AG OPPENHEIMERFUNDS INC

Firm Name Macquarie Stifel Nicolaus Canaccord Genuity Corp Dahlman Rose & Co RBC Capital Markets Credit Suisse Scotia Capital Dundee Securities Corp JPMorgan Salman Partners GMP Mackie Research Capital Corp. National Bank Financial BMO Capital Markets Deutsche Bank Jefferies Cormark Securities Inc. TD Securities CIBC World Markets Veritas Investment Research Co HSBC Paradigm Capital Inc Morgan Stanley EVA Dimensions

Portfolio Name BLACKROCK GROUP LIMI VAN ECK ASSOCIATES C Multiple Portfolios WELLINGTON MANAGEMEN TRADEWINDS GLOBAL IN BLACKROCK INC LAZARD ASSET MANAGEM BMO FINANCIAL CORP CAISSE DE DEPOT ET P JENNISON ASSOCIATES FIDELITY MANAGEMENT Multiple Portfolios CIBC WORLD MARKETS I INVESCO LTD BLACKROCK INSTITUTIO FIRST EAGLE INVESTME TORONTO DOMINION BAN JP MORGAN CHASE & CO DEUTSCHE BANK AKTIEN Multiple Portfolios

Analyst TONY LESIAK GEORGE TOPPING STEVEN BUTLER ADAM P GRAF STEPHEN D WALKER ANITA SONI TANYA M JAKUSCONEK RON STEWART JOHN BRIDGES DAVID WEST GEORGE V ALBINO BARRY D ALLAN PAOLO LOSTRITTO DAVID HAUGHTON JORGE M BERISTAIN PETER WARD RICHARD GRAY GREG BARNES ALEC KODATSKY PAWEL RAJSZEL PATRICK CHIDLEY DON MACLEAN PARETOSH MISRA TEAM COVERAGE

Source 13F 13F MF-AGG 13F 13F 13F 13F 13F 13F 13F 13F MF-AGG 13F 13F 13F 13F 13F 13F 13F MF-AGG

Recommendation neutral hold hold buy sector perform neutral sector perform neutral overweight buy buy buy outperform outperform buy hold market perform hold sector perform buy overweight buy Equalwt/In-Line hold

Amt Held 76'259'108 54'459'487 48'209'432 35'874'302 35'645'373 30'951'785 23'044'674 20'367'340 18'584'231 18'281'877 18'087'419 17'234'030 17'167'591 16'261'107 14'503'293 13'559'589 13'336'833 12'279'231 11'586'257 11'377'771

% Out 6.69 4.78 4.23 3.15 3.13 2.72 2.02 1.79 1.63 1.6 1.59 1.51 1.51 1.43 1.27 1.19 1.17 1.08 1.02 1

Weighting

Change 3 3 3 5 3 3 3 3 5 5 5 5 5 5 5 3 3 3 3 5 5 5 3 3

M M M M M M M M M M M M M M M M M M M M M M M U

Latest Chg (3'170'138) 9'092'436 (3'225'329) (157'143) (20'783'231) 1'017'286 (132'589) 528'038 12'300 748'140 (3'968'599) 1'163'307 1'380'267 955'762 1'777'633 993'400 267'205 (1'397'297) 209'746 216'500

Target Price 10 #N/A N/A 9 12 11 10 10 10 13 13 12 12 13 13 13 8 11 9 13 11 19 #N/A N/A #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 29.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 28.06.2012 Investment Advisor

Date 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 3 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Date 07.09.2012 04.09.2012 04.09.2012 04.09.2012 03.09.2012 24.08.2012 17.08.2012 17.08.2012 14.08.2012 10.08.2012 10.08.2012 10.08.2012 10.08.2012 09.08.2012 09.08.2012 09.08.2012 09.08.2012 09.08.2012 08.08.2012 06.07.2012 30.05.2012 25.01.2012 18.01.2012 18.01.2012


14.09.2012

Agnico-Eagle Mines Ltd Agnico-Eagle Mines Limited is a gold producer with operations primarily in northwestern Quebec, northern Mexico, northern Finland and Nunavut. The Company also has exploration activities in Canada, Europe, Latin America, and the United States. Agnico-Eagle Mines focuses on the exploration, development, and expansion of its gold properities primarily from underground operations.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2011) 52-Week Low (16.02.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AEM US EQUITY YTD Change AEM US EQUITY YTD % CHANGE

12/2011 06/yy 70.69 31.42 3'717'016.00 50.17 -29.03% 59.68% 47.75% 171.4 8'601.46 931.16 0.0 12.2 331.43 9'113.64

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20

16.0 M

70

14.0 M

60

12.0 M

50

10.0 M

40

8.0 M

30

6.0 M

20

4.0 M

10

2.0 M

0 s-11

o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

j-12

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 432.2 17.09x 199.2 37.08x 139.3 0.00x

80

31.12.2008 31.12.2009 368.9 613.8 21.80x 14.47x 94.9 202.5 84.80x 43.86x 73.2 86.5 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 1'422.5 9.45x 601.8 22.34x 332.1 0.00x

31.12.2011 1'821.8 3.75x 752.9 9.08x (568.9) 0.00x 752.85 491.07 26.96% -42.74% -10.80% -16.57% 0.35% 37.5% 41.3% 27.0% -31.2% 3.23 1.60 18.50% 29.07% 19.29 4.25

06/yy 1'683.2 29.01x 714.8 15.61x 323.5 0.00x

LTM 06/yy 1'908.5 16.46x 795.4 9.37x (561.2) 0.00x

FY+1

.0 M s-12

0.66 170.82 3.36 -26.22% 40.21% 0.662 24 3.583 2'183'847 1'766'860 1'971'272 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 1'822.8 1'932.4 436.6 472.6 5.06x 4.69x 21.32x 19.86x 788.8 913.5 179.7 264.0 11.55x 9.98x 9.45x 8.62x 312.5 401.9 63.8 79.7 27.42x 22.43x 26.60x 25.03x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

12.03.2003 NR 13.68 4.91 0.80 1.24 29.1% 22.5% 0.35 0.43 18.92 85.94 60.05 44.81

Sales/Revenue/Turnover

2'000.0 1'800.0

1.00

1'600.0 1'400.0

0.80 0.60 0.40

1'200.0 1'000.0 800.0 600.0 400.0

0.20

200.0 0.0

0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Agnico-Eagle Mines Ltd Holdings By:

All

Holder Name FIRST EAGLE INVESTME VAN ECK ASSOCIATES C T ROWE PRICE ASSOCIA BLACKROCK GROUP LIMI FIDELITY MANAGEMENT BLACKROCK INC BMO FINANCIAL CORP WELLS CAPITAL MANAGE OPPENHEIMERFUNDS INC INVESCO LTD CIBC WORLD MARKETS I RBC GLOBAL ASSET MAN BLACKROCK INSTITUTIO VINIK ASSET MANAGEME TORONTO DOMINION BAN AGF INVESTMENTS INC PERRY CORP GABELLI FUNDS LLC TOCQUEVILLE ASSET MA TD ASSET MANAGEMENT

Firm Name Macquarie CIBC World Markets Global Hunter Securities BMO Capital Markets RBC Capital Markets Raymond James Salman Partners Scotia Capital Dundee Securities Corp TD Securities Canaccord Genuity Corp Dahlman Rose & Co Credit Suisse Sterne, Agee & Leach GMP HSBC Cormark Securities Inc. Veritas Investment Research Co GARP Research JPMorgan Mackie Research Capital Corp. Paradigm Capital Inc

Portfolio Name FIRST EAGLE INVESTME VAN ECK ASSOCIATES C T ROWE PRICE ASSOCIA BLACKROCK GROUP LIMI FIDELITY MANAGEMENT BLACKROCK INC BMO FINANCIAL CORP WELLS CAPITAL MANAGE OPPENHEIMER FUNDS IN INVESCO LTD CIBC WORLD MARKETS I RBC GLOBAL ASSET MGM BLACKROCK INSTITUTIO VINIK ASSET MANAGEME TORONTO DOMINION BAN AGF INVESTMENTS INC PERRY CORPORATION GABELLI FUNDS LLC TOCQUEVILLE ASSET MA TD ASSET MANAGEMENT

Analyst TONY LESIAK ALEC KODATSKY JEFF WRIGHT DAVID HAUGHTON STEPHEN D WALKER BRAD HUMPHREY DAVID WEST TANYA M JAKUSCONEK RON STEWART GREG BARNES STEVEN BUTLER ADAM P GRAF ANITA SONI MICHAEL S DUDAS GEORGE V ALBINO PATRICK CHIDLEY RICHARD GRAY PAWEL RAJSZEL SETH DADDS JOHN BRIDGES BARRY D ALLAN DON MACLEAN

Source 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation neutral sector underperform neutral market perform sector perform market perform buy sector outperform buy hold hold hold outperform neutral hold neutral buy sell buy neutral buy buy

Amt Held 11'490'523 7'837'789 7'555'668 6'915'273 4'818'142 3'966'429 3'658'338 3'393'705 2'975'218 2'836'908 2'461'635 2'336'738 2'060'698 2'033'700 2'015'645 1'968'680 1'800'000 1'694'881 1'453'412 1'360'314

% Out 6.7 4.57 4.41 4.03 2.81 2.31 2.13 1.98 1.74 1.65 1.44 1.36 1.2 1.19 1.18 1.15 1.05 0.99 0.85 0.79

Weighting

Change 3 1 3 3 3 3 5 5 5 3 3 3 5 3 3 3 5 1 5 3 5 5

M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 2'227'629 743'878 (697'705) (531'626) (1'359'698) (171'542) 1'252'767 58'139 189'570 (6'711) 2'461'635 2'326'091 (239'445) 2'033'700 (65'920) 454'450 (265'258) 36'950 32'795 45'777

Target Price 51 50 46 42 56 50 55 53 58 45 48 #N/A N/A 54 #N/A N/A 43 46 49 40 #N/A N/A 34 43 59

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012

Date 12 month 18 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 3 month Not Provided 12 month

Inst Type Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Hedge Fund Manager Investment Advisor

Date 07.09.2012 06.09.2012 06.09.2012 05.09.2012 05.09.2012 05.09.2012 05.09.2012 05.09.2012 05.09.2012 05.09.2012 04.09.2012 04.09.2012 24.08.2012 22.08.2012 08.08.2012 31.07.2012 31.07.2012 31.07.2012 27.07.2012 26.07.2012 26.07.2012 05.01.2012


14.09.2012

Gold Fields Ltd Gold Fields Limited produces precious metals. The Company has mines in South Africa, Ghana, and Australia, as well as a partnership in Finland. Gold Fields has a precious metals programs in Africa, Australasia, Europe, North America, and South America.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2011) 52-Week Low (16.05.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GFI US EQUITY YTD Change GFI US EQUITY YTD % CHANGE

12/2011 06/yy 18.49 11.71 12'658'680.00 12.89 -30.29% 10.08% 17.40% 729.5 9'403.35 15'509.40 0.0 1'174.6 6'049.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20

9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 19'433.8 3.98x 7'445.3 10.40x 2'362.5 0.00x

20 18 16 14 12 10 8 6 4 2 0 s-11

31.12.2008 31.12.2009 23'009.5 29'086.9 3.10x 2.56x 8'713.0 10'955.0 8.19x 6.80x 4'457.5 1'535.6 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 31'565.3 2.56x 11'385.4 7.09x 3'631.4 0.00x

31.12.2011 41'876.8 2.41x 21'093.6 4.78x 7'026.7 0.00x 21'093.60 15'437.70 36.86% 31.57% 9.21% 15.70% 13.74% 0.55% 36.9% 50.4% 36.9% 16.8% 1.17 0.63 18.40% 33.08% 30.75 8.56

LTM

06/yy 34'633.0 9.49x 13'616.6 6.09x 3'582.8 0.00x

06/yy 45'896.9 8.17x 23'330.3 3.80x 8'347.6 0.00x

FY+1

.0 M s-12

0.84 2.50 -20.58% -12.41% 0.839 4 4.000 7'166'026 4'339'169 3'897'421 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 48'123.9 53'026.4 1.42x 1.41x 23'529.6 27'577.2 9'603.2 13'149.6 8.15x 6.73x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

19.03.2009 BBBSTABLE 19.03.2009 A-3 40.85 21.09 0.45 0.74 33.1% 24.4% 0.55 0.73 17.85 64.14 27.48 54.51

Sales/Revenue/Turnover

45'000.0 40'000.0

1.00 0.80

35'000.0 30'000.0 25'000.0

0.60

20'000.0 15'000.0

0.40 0.20

10'000.0 5'000.0 0.0

0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Gold Fields Ltd Holdings By:

All

Holder Name FIRST EAGLE INVESTME VAN ECK ASSOCIATES C DIMENSIONAL FUND ADV PAULSON & CO FIDELITY MANAGEMENT TRADEWINDS GLOBAL IN RUFFER LLP RENAISSANCE TECHNOLO GABELLI FUNDS LLC UNITED SERVICES AUTO BLACKROCK GROUP LIMI INVESTEC ASSET MANAG WELLS CAPITAL MANAGE PROSPECTOR PARTNERS INVESTEC ASSET MANAG BLACKROCK INC TOCQUEVILLE ASSET MA STANDARD PACIFIC CAP PRUDENTIAL FINANCIAL CREDIT AGRICOLE SA

Firm Name Scotia Capital HSBC EVA Dimensions BMO Capital Markets Susquehanna Financial Group

Portfolio Name FIRST EAGLE INVESTME VAN ECK ASSOCIATES C DIMENSIONAL FUND ADV PAULSON & CO FIDELITY MANAGEMENT TRADEWINDS GLOBAL IN RUFFER LLP RENAISSANCE TECHNOLO GABELLI FUNDS LLC UNITED SERVICES AUTO BLACKROCK GROUP LIMI INVESTEC ASSET MANAG WELLS CAPITAL MANAGE PROSPECTOR PARTNERS Multiple Portfolios BLACKROCK INC TOCQUEVILLE ASSET MA STANDARD PACIFIC CAP Multiple Portfolios CREDIT AGRICOLE SA

Analyst TANYA M JAKUSCONEK RICHARD HART TEAM COVERAGE DAVID HAUGHTON BRIAN NIEMIEC

Source 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F MF-AGG 13F 13F 13F MF-AGG 13F

Recommendation sector perform overweight buy market perform neutral

Amt Held 42'899'749 28'513'914 19'170'706 18'038'600 10'030'226 8'378'377 5'422'239 5'094'129 4'853'849 4'428'700 4'326'430 4'026'803 3'945'016 3'896'000 3'894'576 3'711'742 3'548'410 3'093'031 1'968'300 1'946'333

% Out 5.88 3.91 2.63 2.47 1.37 1.15 0.74 0.7 0.67 0.61 0.59 0.55 0.54 0.53 0.53 0.51 0.49 0.42 0.27 0.27

Weighting

Change 3 5 5 3 3

M M M M N

Latest Chg 1'013'500 1'975'265 1'887'479 (819'000) (415'100) (5'796'375) (8'871) 1'537'429 523'200 38'700 (272'800) 315'200 (374'180) (16'300) 217'409 1'040'590 197'126 1'965'950 (68'900)

Target Price 16 25 #N/A N/A 15 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 31.07.2012 30.06.2012

Date 12 month Not Provided Not Provided 12 month Not Provided

Inst Type Hedge Fund Manager Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor

Date 23.08.2012 26.07.2012 18.11.2011 04.03.2010 02.12.2008


14.09.2012

Cia de Minas Buenaventura SA 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, an electric power transmission company, and an engineering services company. Buenaventura also markets metal concentrates to smelters internationally.

Price/Volume 60 50 40 30

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2011) 52-Week Low (01.08.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BVN US EQUITY YTD Change BVN US EQUITY YTD % CHANGE

12/2011 06/yy 49.31 31.05 891'492.00 38.13 -22.67% 22.80% 38.77% 274.9 10'509.95 106.11 0.0 262.2 533.15 10'508.74

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10 0 s-11

o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 781.0 9.01x 398.5 17.66x 274.8 26.12x

20

31.12.2008 31.12.2009 766.6 881.5 6.61x 9.30x (54.4) 351.5 0.00x 23.33x 153.3 593.6 33.61x 14.29x Profitability

LTM-4Q 31.12.2010 1'103.8 10.85x 475.4 25.19x 660.8 17.00x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 1'556.6 6.05x 820.2 11.49x 858.9 11.16x 820.18 701.86 45.09% 75.30% 23.75% 29.70% 30.09% 0.43% 60.4% 52.7% 45.1% 55.2% 3.02 2.20 2.68% 3.34% 9.34 5.32

Price/ Cash Flow

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M s-12

06/yy 1'367.4 31.29x 695.7 13.23x 817.3 10.81x

LTM 06/yy 1'556.6 24.50x 519.7 18.13x 796.5 11.83x

FY+1

0.60 0.66 -14.20% 0.42% 0.597 13 4.077 812'260 877'360 916'032 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 1'596.5 1'760.7 417.5 453.5 718.5 905.8 226.0 257.0 14.63x 11.60x 786.7 808.3 193.0 215.5 12.05x 11.26x 11.50x 11.07x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

69.37 42.49 -0.52 0.13 3.3% 3.0% 0.43 2.12 39.10 68.59 62.50 45.19

Sales/Revenue/Turnover

35.00

1'800.0

30.00

1'600.0 1'400.0

25.00

1'200.0

20.00

1'000.0

15.00

800.0 600.0

10.00

400.0

5.00 0.00 02.01.2009

200.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Cia de Minas Buenaventura SA Holdings By:

All

Holder Name BLACKROCK GROUP LIMI VAN ECK ASSOCIATES C VONTOBEL ASSET MANAG FIDELITY MANAGEMENT BLACKROCK FUND ADVIS VANGUARD GROUP INC STATE STREET CORP THE BANK OF NOVA SCO WELLS CAPITAL MANAGE AGF INVESTMENTS INC BANK OF NEW YORK MEL BLACKROCK INSTITUTIO TEMPLETON ASSET MANA JENNISON ASSOCIATES MORGAN STANLEY INVES CREDIT AGRICOLE SA UNITED SERVICES AUTO ING INV MANAGEMENT E SCHRODER INVESTMENT HARRIS TRUST & SAVIN

Firm Name Banco BTG Pactual SA Inteligo SAB Morgan Stanley Larrain Vial Corredores de Bolsa JPMorgan Scotia Capital Euro Pacific Capital Inc Banco de Credito del Peru Celfin Capital Grupo Santander Kallpa Securities SAB

Portfolio Name BLACKROCK GROUP LIMI VAN ECK ASSOCIATES C VONTOBEL ASSET MANAG FIDELITY MANAGEMENT BLACKROCK FUND ADVIS VANGUARD GROUP INC STATE STREET CORPORA THE BANK OF NOVA SCO WELLS CAPITAL MANAGE AGF INVESTMENTS INC BANK OF NEW YORK MEL BLACKROCK INSTITUTIO TEMPLETON ASSET MANA JENNISON ASSOCIATES MORGAN STANLEY INVES CREDIT AGRICOLE SA UNITED SERVICES AUTO ING INVESTMENT MANAG SCHRODER INVESTMENT Multiple Portfolios

Analyst EDMO CHAGAS LALI MERINO CARLOS DE ALBA JUAN CARLOS DELGADO MALCA JOHN BRIDGES TANYA M JAKUSCONEK HEIKO IHLE HECTOR COLLANTES ISABEL DARRIGRANDI MANUEL SALAZAR ALBERTO ARISPE BAZAN

Source 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F MF-AGG

Recommendation neutral buy Equalwt/No Rating buy neutral sector perform neutral buy buy buy overweight

Amt Held 23'476'311 9'696'129 6'428'477 6'190'100 5'014'806 4'787'582 4'174'090 4'106'221 3'006'106 2'444'887 2'350'310 2'326'453 2'276'880 1'882'109 1'879'469 1'854'575 1'778'500 1'562'396 1'462'346 1'398'552

% Out 8.54 3.53 2.34 2.25 1.82 1.74 1.52 1.49 1.09 0.89 0.86 0.85 0.83 0.68 0.68 0.67 0.65 0.57 0.53 0.51

Weighting

Change 3 5 3 5 3 3 3 5 5 5 5

Latest Chg (2'066'478) (154'545) 891'300 (957'200) (682'810) 243'491 (27'559) (175'797) (155'703) (42'727) (57'020) 73'532 35'130 (46'562) (26'500) (153'365) 15'500 (214'300) 174'800 246'440

Target Price

M M D M M M M M M U M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

48 47 43 42 43 43 37 46 49 48 50

File Dt 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 29.06.2012

Date 12 month 12 month 12 month Not Provided 3 month 12 month 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 03.09.2012 23.08.2012 03.08.2012 02.08.2012 01.08.2012 01.08.2012 01.08.2012 26.07.2012 30.04.2012 13.12.2011 24.11.2011


14.09.2012

Royal Gold Inc Royal Gold, Inc. acquires and manages precious metals royalties. The Company seeks to acquire existing royalties or to finance projects that are in production or near production in exchange for royalty interests. Royal Gold Inc.'s gold-focused portfolio contains royalties ranging from those in production and development to those in the evaluation and exploration stages. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.09.2012) 52-Week Low (08.05.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RGLD US EQUITY YTD Change RGLD US EQUITY YTD % CHANGE

Price/Volume

06/2012 06/yy 91.89 57.00 1'066'483.00 91.64 -0.27% 60.77% 99.28% 58.8 5'392.01 293.25 0.0 25.0 390.47 5'319.75

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

j-12

a-12

30.06.2009 30.06.2010 73.8 136.6 19.29x 18.40x 59.9 114.2 23.77x 22.00x 38.3 21.5 88.70x 60.76x Profitability

LTM-4Q 30.06.2011 216.5 15.32x 186.3 17.80x 71.4 45.40x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

30.06.2012 263.1 17.19x 233.2 19.39x 92.5 48.10x 233.22 158.22 60.15% 58.17% 4.33% 5.61% 5.34% 0.12% 71.5% 88.7% 60.1% 35.2% 29.27 28.23 12.36% 15.95% 5.12 -

Price/ Cash Flow

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M s-12

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 30.06.2008 66.3 13.56x 51.3 17.51x 24.0 56.00x

100 90 80 70 60 50 40 30 20 10 0 s-11

06/yy 216.5 55.36x 186.3 17.80x 71.4 45.76x

LTM 06/yy 263.1 59.76x 233.2 19.39x 92.5 48.40x

FY+1

0.61 0.67 55.93 3.44 13.28% 36.77% 0.666 9 3.222 810'199 660'027 765'129 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 09/12 Q1 12/12 Q2 301.8 386.3 68.0 74.6 17.81x 13.38x 270.6 345.6 62.3 70.6 19.66x 15.39x 19.05x 18.32x 114.6 159.9 23.9 28.5 47.70x 34.23x 47.88x 45.34x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

30.27 -5.64 -0.42 1.26 16.0% 13.6% 0.12 0.15 71.50 12.48 -

Sales/Revenue/Turnover

100.00

300.0

90.00

250.0

80.00 70.00

200.0

60.00

150.0

50.00 40.00

100.0

30.00 20.00

50.0

10.00 0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Royal Gold Inc Holdings By:

All

Holder Name FIDELITY MANAGEMENT VAN ECK ASSOCIATES C VANGUARD GROUP INC STUCKERT JAMES W STATE STREET CORP BLACKROCK INSTITUTIO ALLIANZ GLOBAL INV O WELLS CAPITAL MANAGE TOCQUEVILLE ASSET MA BLACKROCK FUND ADVIS CALAMOS ADVISORS LLC OPPENHEIMERFUNDS INC BLACKROCK GROUP LIMI FIRST EAGLE INVESTME NEUBERGER BERMAN LLC T ROWE PRICE ASSOCIA UNITED SERVICES AUTO GABELLI FUNDS LLC GOODMAN & CO INVESTM BANK OF NEW YORK MEL

Firm Name RBC Capital Markets HSBC Scotia Capital McNicoll Lewis & Vlak LLC CIBC World Markets National Bank Financial EVA Dimensions

Portfolio Name FIDELITY MANAGEMENT VAN ECK ASSOCIATES C VANGUARD GROUP INC n/a STATE STREET CORPORA BLACKROCK INSTITUTIO NFJ INVESTMENT GROUP WELLS CAPITAL MANAGE TOCQUEVILLE ASSET MA BLACKROCK FUND ADVIS CALAMOS ADVISORS LLC OPPENHEIMER FUNDS IN BLACKROCK GROUP LIMI FIRST EAGLE INVESTME NEUBERGER BERMAN GRO T ROWE PRICE ASSOCIA UNITED SERVICES AUTO GABELLI FUNDS LLC Multiple Portfolios BANK OF NEW YORK MEL

Analyst STEPHEN D WALKER PATRICK CHIDLEY TANYA M JAKUSCONEK MICHAEL D PETERSON COSMOS CHIU SHANE NAGLE TEAM COVERAGE

Source 13F 13F 13F Form 4 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F MF-AGG 13F

Recommendation sector perform overweight sector perform buy sector perform sector perform sell

Amt Held 4'200'859 3'638'087 3'551'089 1'777'095 1'626'467 1'510'224 1'475'020 1'417'986 1'373'745 1'329'623 1'225'000 1'209'750 960'453 917'401 873'346 872'122 769'829 646'777 564'400 562'972

% Out 7.14 6.18 6.04 3.02 2.76 2.57 2.51 2.41 2.33 2.26 2.08 2.06 1.63 1.56 1.48 1.48 1.31 1.1 0.96 0.96

Weighting

Change 3 5 3 5 3 3 1

M M M M M M M

Latest Chg 683'102 570'832 156'782 2'175 626'588 101'210 (36) (503'177) 14'780 815'010 700'000 199'640 (78'228) (17'000) 18'689 55'183 162'929 (741'500) 322'305

Target Price 89 96 82 82 85 80 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 13.08.2012 n/a 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2011 Hedge Fund Manager 30.06.2012 Investment Advisor

Date 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided

Date 05.09.2012 10.08.2012 10.08.2012 10.08.2012 09.08.2012 09.08.2012 18.11.2011


14.09.2012

New Gold Inc New Gold Inc. is a natural resource company. The Company acquires, explores, and develops gold properties.

Price/Volume 16

12.0 M

14

10.0 M

12 8.0 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2011) 52-Week Low (16.05.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NGD US EQUITY YTD Change NGD US EQUITY YTD % CHANGE

12/2011 06/yy 14.11 7.13 4'179'090.00 11.7 -17.08% 64.10% 65.47% 462.0 5'405.58 251.66 0.0 0.0 309.41 5'559.88

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20 1.00

4.0 M

4 2.0 M

2 0 s-11

o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

j-12

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 131.1 1.71x 33.1 6.77x 14.6 0.00x

6.0 M

6

31.12.2008 31.12.2009 143.1 323.8 2.55x 4.31x 13.8 110.4 26.46x 12.64x (102.7) (194.3) 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 530.5 6.83x 239.2 15.15x 47.5 0.00x

31.12.2011 695.9 6.62x 344.0 13.39x 179.0 0.00x 344.04 267.79 38.48% 37.13% 6.34% 9.42% 8.52% 0.25% 88.9% 49.4% 38.5% 25.7% 2.07 1.55 7.81% 11.03% 28.12 0.73

06/yy 659.3 22.61x 332.5 13.21x 173.6 0.00x

LTM 06/yy 697.9 26.14x 334.7 13.62x 132.9 0.00x

FY+1

.0 M s-12

1.07 446.97 3.37 -13.27% 16.07% 1.067 13 4.077 2'567'293 2'140'303 2'391'825 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 772.3 1'037.6 258.0 285.0 386.1 644.9 127.0 142.0 14.40x 8.62x 190.3 356.4 49.2 64.1 26.00x 15.10x 17.73x 15.81x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

27.03.2012 BBSTABLE 66.91 -13.53 -0.17 0.73 11.0% 9.9% 0.25 0.31 12.98 497.07 105.63 404.42

Sales/Revenue/Turnover

800.0 700.0 600.0

0.80 0.60

500.0 400.0 300.0

0.40 0.20

200.0 100.0 0.0

0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

New Gold Inc Holdings By:

All

Holder Name VAN ECK ASSOCIATES C FIDELITY MANAGEMENT BLACKROCK GROUP LIMI RS INVESTMENT MANAGE OPPENHEIMERFUNDS INC RBC GLOBAL ASSET MAN MACKENZIE FINANCIAL CONNOR CLARK & LUNN TD ASSET MANAGEMENT WELLINGTON MANAGEMEN BLACKROCK INC TOCQUEVILLE ASSET MA BLACKROCK INSTITUTIO INVESTEC ASSET MANAG FIRST EAGLE INVESTME LASSONDE PIERRE PUBLIC SECTOR PENSIO CANADA PENSION PLAN INVESTEC ASSET MANAG OLIPHANT RANDALL

Firm Name CIBC World Markets Canaccord Genuity Corp Cormark Securities Inc. GMP RBC Capital Markets National Bank Financial TD Securities Mackie Research Capital Corp. EVA Dimensions BMO Capital Markets Scotia Capital Paradigm Capital Inc

Portfolio Name VAN ECK ASSOCIATES C FIDELITY MANAGEMENT BLACKROCK GROUP LIMI RS INVESTMENT MANAGE Multiple Portfolios RBC GLOBAL ASSET MGM MACKENZIE FINANCIAL CONNOR CLARK & LUNN TD ASSET MANAGEMENT WELLINGTON MANAGEMEN BLACKROCK INC TOCQUEVILLE ASSET MA BLACKROCK INSTITUTIO INVESTEC ASSET MANAG FIRST EAGLE INVESTME n/a PUBLIC SECTOR PENSIO CANADA PENSION PLAN Multiple Portfolios n/a

Analyst BARRY COOPER STEVEN BUTLER RICHARD GRAY CRAIG WEST MICHAEL D CURRAN STEPHEN PARSONS STEVEN J GREEN BARRY D ALLAN TEAM COVERAGE ANDREW KAIP TREVOR TURNBULL DON MACLEAN

Source 13F 13F 13F 13F MF-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F SEDI 13F 13F MF-AGG PROXY

Recommendation sector perform buy buy buy sector perform outperform hold hold sell outperform sector outperform buy

Amt Held 38'538'141 32'163'066 28'113'649 21'224'821 12'693'570 11'730'575 10'376'758 9'858'343 7'271'235 7'200'929 6'876'699 6'656'963 6'040'952 5'975'045 5'870'531 5'645'000 5'519'060 5'372'202 4'866'431 4'250'000

% Out 8.34 6.96 6.09 4.59 2.75 2.54 2.25 2.13 1.57 1.56 1.49 1.44 1.31 1.29 1.27 1.22 1.19 1.16 1.05 0.92

Weighting

Change 3 5 5 5 3 5 3 3 1 5 5 5

M M M M M M M M D M M M

Latest Chg 11'462'951 3'004'300 352'087 775'728 (536'457) 342'665 (70'000) 299'774 171'806 1'356'388 110'442 1'061'098 (273'274) (680'000) 1'231'900 487'600 (376'434) -

Target Price 15 14 17 15 12 13 11 9 #N/A N/A 15 13 16

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 28.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 22.03.2012 n/a 30.06.2012 Investment Advisor 30.06.2012 Pension Fund (ERISA) 30.06.2012 Investment Advisor 28.03.2012 n/a

Date Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month

Date 06.09.2012 04.09.2012 08.08.2012 08.08.2012 03.08.2012 03.08.2012 02.08.2012 02.08.2012 02.08.2012 01.08.2012 01.08.2012 28.06.2012


14.09.2012

IAMGOLD Corp 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 a pipeline of development and exploration projects.

Price/Volume 25 20 15

Valuation Analysis

10

Latest Fiscal Year: LTM as of: 52-Week High (20.09.2011) 52-Week Low (16.05.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IAG US EQUITY YTD Change IAG US EQUITY YTD % CHANGE

12/2011 06/yy 23.88 9.20 3'992'566.00 14.69 -38.48% 59.67% 37.40% 376.1 5'525.58 6.58 0.0 54.4 1'051.61 5'187.68

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20

0 s-11

o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

j-12

a-12

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 678.1 3.44x 189.7 12.29x (42.1) 0.00x

5

31.12.2008 31.12.2009 869.6 914.3 2.09x 6.14x 342.1 378.6 5.31x 14.82x (9.9) 114.1 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 1'097.1 5.88x 470.3 13.71x 262.6 0.00x

31.12.2011 1'673.2 2.98x 785.0 6.36x 806.7 0.00x 784.96 628.16 37.54% 38.79% 20.73% 26.12% 26.92% 0.43% 45.3% 46.9% 37.5% 48.2% 4.38 3.42 0.15% 0.19% 14.07 3.15

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M s-12

06/yy 1'453.5 18.47x 785.9 7.69x 828.8 0.00x

LTM 06/yy 1'728.3 11.36x 780.0 5.27x 346.5 0.00x

FY+1

0.94 363.88 1.55 -31.00% -6.34% 0.944 22 4.455 2'559'320 2'422'249 2'679'223 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 1'669.3 1'991.0 440.8 475.3 3.21x 2.76x 12.07x 11.35x 799.2 1'054.3 251.0 288.0 6.49x 4.92x 4.47x 4.25x 376.4 542.9 99.6 122.7 14.85x 10.55x 11.82x 11.00x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

10.09.2012 BBSTABLE 110.08 54.66 -1.33 0.01 0.2% 0.2% 0.43 0.91 25.93 115.92 66.12 75.72

Sales/Revenue/Turnover

1'800.0 1'600.0

1.00 0.80

1'400.0 1'200.0 1'000.0

0.60

800.0 600.0

0.40 0.20

400.0 200.0 0.0

0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

IAMGOLD Corp Holdings By:

All

Holder Name VAN ECK ASSOCIATES C BLACKROCK GROUP LIMI RBC GLOBAL ASSET MAN BLACKROCK INC AGF INVESTMENTS INC MACKENZIE FINANCIAL FIRST EAGLE INVESTME UNITED SERVICES AUTO FIDELITY MANAGEMENT OPPENHEIMERFUNDS INC CIBC WORLD MARKETS I T ROWE PRICE ASSOCIA BMO FINANCIAL CORP ALLIANZ GLOBAL INV O BLACKROCK INSTITUTIO TOCQUEVILLE ASSET MA MARZEN HOLDINGS CO L FRANKLIN RESOURCES I INTERNATIONAL VALUE HEXAVEST INC

Firm Name Macquarie CIBC World Markets National Bank Financial Clarus Securities Salman Partners Scotia Capital Stifel Nicolaus Canaccord Genuity Corp RBC Capital Markets Credit Suisse Dundee Securities Corp Societe Generale Cormark Securities Inc. TD Securities Mackie Research Capital Corp. Veritas Investment Research Co EVA Dimensions BMO Capital Markets HSBC GMP GARP Research Paradigm Capital Inc

Portfolio Name VAN ECK ASSOCIATES C BLACKROCK GROUP LIMI RBC GLOBAL ASSET MGM BLACKROCK INC AGF INVESTMENTS INC MACKENZIE FINANCIAL FIRST EAGLE INVESTME UNITED SERVICES AUTO FIDELITY MANAGEMENT OPPENHEIMER FUNDS IN CIBC WORLD MARKETS I T ROWE PRICE ASSOCIA BMO FINANCIAL CORP NFJ INVESTMENT GROUP BLACKROCK INSTITUTIO TOCQUEVILLE ASSET MA n/a FRANKLIN ADVISERS IN INTERNATIONAL VALUE HEXAVEST INC

Analyst TONY LESIAK ALEC KODATSKY PAOLO LOSTRITTO NANA SANGMUAH DAVID WEST TANYA M JAKUSCONEK JOSH WOLFSON STEVEN BUTLER MICHAEL D CURRAN ANITA SONI RON STEWART BRUCE ALWAY MIKE KOZAK STEVEN J GREEN BARRY D ALLAN PAWEL RAJSZEL TEAM COVERAGE DAVID HAUGHTON PATRICK CHIDLEY CRAIG WEST SETH DADDS DON MACLEAN

Source 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F SEDI 13F 13F 13F

Recommendation outperform sector outperform outperform buy buy sector outperform buy buy sector perform neutral restricted sell market perform buy buy buy overweight market perform overweight buy buy buy

Amt Held 31'119'156 30'187'668 12'272'246 11'199'527 7'587'128 7'252'541 6'964'692 6'709'200 6'206'900 5'819'845 5'319'107 5'250'228 5'239'045 5'100'950 5'080'736 5'074'132 4'774'946 4'753'850 4'573'640 4'528'611

% Out 8.27 8.03 3.26 2.98 2.02 1.93 1.85 1.78 1.65 1.55 1.41 1.4 1.39 1.36 1.35 1.35 1.27 1.26 1.22 1.2

Weighting

Change

5 5 5 5 5 5 5 5 3 3 #N/A N/A 1 3 5 5 5 5 3 5 5 5 5

M M M M M M M M M M M M M M M M D M M M M M

Latest Chg 3'574'565 (2'455'627) 8'192'675 594'542 410'700 (7'556'786) 37'100 374'200 (404'000) (41'490) 518'112 (37'300) (911'427) 768 470'374 331'614 (1'153'130) 3'668'940

Target Price 18 20 17 23 19 17 16 15 18 13 #N/A N/A 11 14 18 20 13 #N/A N/A 15 18 30 #N/A N/A 26

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 26.08.2005 n/a 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager

Date 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month

Date 07.09.2012 06.09.2012 06.09.2012 06.09.2012 05.09.2012 05.09.2012 04.09.2012 04.09.2012 03.09.2012 24.08.2012 17.08.2012 15.08.2012 15.08.2012 15.08.2012 15.08.2012 15.08.2012 15.08.2012 13.08.2012 26.07.2012 20.06.2012 15.05.2012 30.04.2012


14.09.2012

Harmony Gold Mining Co Ltd 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 and operates the Harmony, Randfontein, Evander, Consolidated Modderfontein, Grootvei and Bissett gold mines. Harmony also has gold mining operations in Australia.

Price/Volume 16

12.0 M

14

10.0 M

12 8.0 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.11.2011) 52-Week Low (31.08.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HMY US EQUITY YTD Change HMY US EQUITY YTD % CHANGE

06/2012 06/yy 14.64 8.08 3'762'140.00 8.89 -39.28% 10.02% 12.35% 435.1 3'867.72 221.79 0.0 0.0 216.54 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

0 s-11

30.06.2009 30.06.2010 1'290.5 1'488.7 2.83x 3.13x 238.5 229.2 15.29x 20.33x 328.6 (25.3) 0.00x 0.00x Profitability

o-11

LTM-4Q 30.06.2011 1'781.0 3.29x 320.0 18.28x 86.0 0.00x

30.06.2012 1'957.0 2.18x 0.0 0.00x 333.5 0.00x 320.00 270.54 13.82% 12.72% 6.23% 8.06% 0.37% 20.0% 18.0% 13.8% 17.0% 2.32 0.73 4.19% 5.34% 31.51 13.23

06/yy 1'753.8 12.94x 0.0 0.00x 88.0 0.00x

n-11

d-11

j-12

f-12 m-12

LTM 06/yy 2'046.3 9.31x 0.0 0.00x 332.8 0.00x

a-12 m-12

j-12

j-12

a-12

FY+1

.0 M s-12

1.05 1.99 -30.55% -22.73% 1.051 2 3.000 2'394'298 2'107'899 1'963'840 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 09/12 Q1 12/12 Q2 2'265.0 2'692.0 1.54x 1.20x 723.0 943.0 327.0 522.0 13.47x 9.26x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

7.62 -3.05 0.40 0.72 5.3% 5.1% 0.37 0.47 11.58 27.66 11.71 27.61

Sales/Revenue/Turnover

2'500.0

1.00

2'000.0

0.60

2.0 M

2

1.20

0.80

4.0 M

4

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 30.06.2008 1'323.7 4.37x 191.7 30.15x (33.7) 0.00x

6.0 M

6

1'500.0 1'000.0

0.40

500.0 0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Harmony Gold Mining Co Ltd Holdings By:

All

Holder Name FIRST EAGLE INVESTME VAN ECK ASSOCIATES C BLACKROCK GROUP LIMI DIMENSIONAL FUND ADV FIDELITY MANAGEMENT CAPITAL INTERNATIONA RUFFER LLP CAPITAL INTERNATIONA BLACKROCK INC BLACKROCK INSTITUTIO US GLOBAL INVESTORS GABELLI FUNDS LLC CAPITAL GUARDIAN TRU ASHMORE EMM LLC CREDIT AGRICOLE SA ASHMORE GROUP PLC LB SWISS INVESTMENT AMERIPRISE FINANCIAL CREDIT SUISSE AG HUSSMAN ECONOMETRICS

Firm Name HSBC EVA Dimensions BMO Capital Markets

Portfolio Name FIRST EAGLE INVESTME VAN ECK ASSOCIATES C BLACKROCK GROUP LIMI DIMENSIONAL FUND ADV FIDELITY MANAGEMENT CAPITAL INTERNATIONA Multiple Portfolios CAPITAL INTERNATIONA BLACKROCK INC Multiple Portfolios US GLOBAL INVESTORS GABELLI FUNDS LLC CAPITAL GUARDIAN TRU ASHMORE EMM LLC CREDIT AGRICOLE SA ASHMORE GROUP PLC Multiple Portfolios AMERIPRISE FINANCIAL CREDIT SUISSE AG HUSSMAN ECONOMETRICS

Analyst RICHARD HART TEAM COVERAGE DAVID HAUGHTON

Source 13F 13F 13F 13F 13F 13F MF-AGG 13F 13F MF-AGG 13F 13F 13F 13F 13F 13F MF-AGG 13F 13F 13F

Recommendation overweight sell market perform

Amt Held 21'922'665 21'682'052 21'063'570 7'993'248 4'644'700 3'938'394 2'813'000 2'017'200 1'956'012 1'942'045 1'910'000 1'819'700 1'500'800 1'458'400 1'403'048 1'237'200 1'200'000 1'092'015 1'036'567 1'000'000

% Out 5.04 4.98 4.84 1.84 1.07 0.91 0.65 0.46 0.45 0.45 0.44 0.42 0.34 0.34 0.32 0.28 0.28 0.25 0.24 0.23

Weighting

Change 5 1 3

M M M

Latest Chg 90'700 4'461'094 (376'552) 287'780 (254'900) 287'400 600'000 752'400 77'091 577'700 1'458'400 (134'500) 1'224'000 (600'000) (662'018) 676'624 364'000

Target Price 15 #N/A N/A 11

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.04.2012 30.06.2012 30.06.2012 05.09.2012 30.06.2012 30.06.2012 30.06.2012 31.03.2012 30.06.2012 30.06.2012 30.03.2012 30.06.2012 30.06.2012 30.06.2012

Date Not Provided Not Provided Not Provided

Inst Type Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 26.07.2012 18.11.2011 24.02.2010


14.09.2012

Allied Nevada Gold Corp Allied Nevada Gold Corporation evaluates, acquires, explores, and advances gold exploration and potential development projects. The Company's holdings include projects in Nevada, California, Idaho and Colorado in the United States, as well as Bolivia, Mexico, Indonesia and Australia.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.09.2011) 52-Week Low (16.05.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ANV US EQUITY YTD Change ANV US EQUITY YTD % CHANGE

12/2011 06/yy 45.90 23.69 971'747.00 38.03 -17.15% 60.53% 64.57% 89.9 3'418.73 44.55 0.0 0.0 275.00 3'311.56

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2008 31.12.2009 0.0 43.2 0.00x 23.79x (38.7) (0.8) 0.00x 0.00x (79.6) 8.5 0.00x 107.71x Profitability

7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M o-11

LTM-4Q 31.12.2010 130.9 15.41x 30.5 66.12x 34.1 64.17x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 152.0 16.34x 48.8 50.94x 36.7 77.64x 48.77 41.78 27.48% 28.32% 6.00% 6.75% 6.51% 0.25% 58.5% 32.1% 27.5% 24.1% 9.37 6.85 6.78% 7.88% 3.29

Price/ Cash Flow

06/yy 135.9 71.91x 18.6 154.54x 13.5 252.64x

n-11

d-11

j-12

f-12

LTM 06/yy 159.4 66.29x 71.8 33.92x 51.1 51.60x

m-12

a-12 m-12

j-12

j-12

a-12

FY+1

.0 M s-12

0.00 1.07 81.99 6.82 -10.98% 25.59% 1.069 12 4.167 898'049 608'354 628'689 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 276.3 603.3 75.8 127.3 12.21x 5.40x 44.25x 150.5 360.7 42.8 77.7 22.00x 9.18x 10.87x 9.38x 84.6 235.0 27.7 52.6 40.67x 16.62x 20.65x 17.31x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

07.06.2012 B STABLE 68.49 -46.21 -4.73 0.91 7.9% 7.3% 0.25 1.25 110.85 92.44 -

Sales/Revenue/Turnover

450.00

160.0

400.00

140.0

350.00

120.0

300.00

100.0

250.00

80.0

200.00

60.0

150.00

40.0

100.00

20.0

50.00 0.00 02.01.2009

8.0 M

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 0.0 0.00x (11.3) 0.00x (11.3) 0.00x

50 45 40 35 30 25 20 15 10 5 0 s-11

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Allied Nevada Gold Corp Holdings By:

All

Holder Name ROYCE AND ASSOCIATES GOODMAN & CO INVESTM PESCIO CARL A BAUPOST GROUP LLC VAN ECK ASSOCIATES C VANGUARD GROUP INC SENTRY SELECT CAPITA UNITED SERVICES AUTO WELLINGTON MANAGEMEN BUCHAN ROBERT M BLACKROCK INSTITUTIO PERRY CORP TOCQUEVILLE ASSET MA STATE STREET CORP FIDELITY MANAGEMENT SCOTIA ASSET MANAGEM PAULSON & CO OPPENHEIMERFUNDS INC RBC GLOBAL ASSET MAN BMO FINANCIAL CORP

Portfolio Name ROYCE & ASSOCIATES L GOODMAN & COMPANY IN n/a THE BAUPOST GROUP LL VAN ECK ASSOCIATES C VANGUARD GROUP INC SENTRY SELECT CAPITA UNITED SERVICES AUTO WELLINGTON MANAGEMEN n/a BLACKROCK INSTITUTIO PERRY CORPORATION TOCQUEVILLE ASSET MA STATE STREET CORPORA FIDELITY MANAGEMENT Multiple Portfolios PAULSON & CO OPPENHEIMER FUNDS IN RBC GLOBAL ASSET MGM BMO FINANCIAL CORP

Firm Name

Analyst

Macquarie Canaccord Genuity Corp Dahlman Rose & Co Dundee Securities Corp Desjardins Securities GARP Research Cormark Securities Inc. RBC Capital Markets CIBC World Markets GMP Scotia Capital EVA Dimensions

MICHAEL GRAY STEVEN BUTLER ADAM P GRAF RON STEWART BRIAN CHRISTIE SETH DADDS MIKE KOZAK SAM CRITTENDEN BARRY COOPER CRAIG WEST TREVOR TURNBULL TEAM COVERAGE

Source 13F 13F PROXY 13F 13F 13F 13F 13F 13F PROXY 13F 13F 13F 13F 13F MF-AGG 13F 13F 13F 13F

Recommendation underperform buy buy buy buy buy top pick outperform sector perform buy sector outperform underweight

Amt Held 7'774'007 6'406'725 5'300'000 5'053'550 4'990'961 4'625'774 4'227'000 2'781'500 2'500'285 2'234'800 2'087'022 2'082'206 1'977'498 1'941'179 1'933'700 1'576'600 1'509'221 1'447'800 1'425'700 1'299'857

% Out 8.65 7.13 5.9 5.62 5.55 5.15 4.7 3.09 2.78 2.49 2.32 2.32 2.2 2.16 2.15 1.75 1.68 1.61 1.59 1.45

Weighting

Change 1 5 5 5 5 5 5 5 3 5 5 1

D M M M M M M M M M N D

Latest Chg 761'028 (5'734) 1'040'800 758'472 195'539 4'227'000 22'500 958'785 20'613 423'106 243'752 201'609 (2'800) 500'700 (83'469) 114'800 (799'848)

Target Price 32 53 49 40 46 #N/A N/A 55 48 39 58 46 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2012 30.06.2012 20.03.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 20.03.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012

Date 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided

Inst Type Investment Advisor Hedge Fund Manager n/a Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 07.09.2012 04.09.2012 04.09.2012 17.08.2012 15.08.2012 10.08.2012 09.08.2012 08.08.2012 08.08.2012 08.08.2012 09.07.2012 30.11.2011


14.09.2012

Pan American Silver Corp Pan American Silver Corporation is a silver mining company with its principal property in Peru. The Company also explores and develops mines in Mexico.

Price/Volume 40

7.0 M

35

6.0 M

30

5.0 M

25

Latest Fiscal Year: LTM as of: 52-Week High (21.09.2011) 52-Week Low (24.07.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PAAS US EQUITY YTD Change PAAS US EQUITY YTD % CHANGE

12/2011 06/yy 33.50 13.49 4'457'060.00 19.61 -41.46% 45.37% 30.58% 152.1 2'982.62 31.67 0.0 8.2 491.22 2'481.20

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20

3.0 M

15 10

2.0 M

5

1.0 M

0 s-11

o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 301.1 8.65x 117.5 22.16x 88.9 0.00x

4.0 M

20

Valuation Analysis

31.12.2008 31.12.2009 338.6 454.8 4.05x 5.14x 121.0 179.1 11.33x 13.05x 24.6 62.0 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 646.6 6.33x 277.8 14.73x 13.7 0.00x

31.12.2011 855.3 2.15x 445.9 4.12x 352.5 0.00x 445.86 363.11 42.45% 55.10% 19.10% 24.02% 24.01% 0.46% 47.8% 52.1% 42.5% 41.2% 4.22 3.38 1.62% 1.99% 10.04 3.68

06/yy 782.5 17.25x 409.0 7.07x 198.5 0.00x

LTM 06/yy 862.3 8.30x 329.4 0.00x 241.5 0.00x

FY+1

.0 M s-12

1.00 149.74 2.33 -39.89% -9.50% 1.004 17 3.706 2'433'639 1'896'801 1'755'121 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 991.7 1'168.1 266.8 273.4 2.53x 2.04x 9.85x 9.50x 438.1 564.0 110.0 121.5 5.66x 4.40x 4.72x 4.57x 205.7 277.9 55.8 63.5 13.69x 10.89x 11.60x 10.89x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

71.92 51.99 -1.03 0.07 2.0% 1.9% 0.46 0.73 36.34 99.22 59.91 75.65

Sales/Revenue/Turnover

900.0 800.0

1.00 0.80

700.0 600.0 500.0

0.60

400.0 300.0

0.40 0.20

200.0 100.0 0.0

0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Pan American Silver Corp Holdings By:

All

Holder Name ROYCE AND ASSOCIATES VAN ECK ASSOCIATES C UNITED SERVICES AUTO TOCQUEVILLE ASSET MA BLACKROCK INSTITUTIO BEATY ROSS J OPPENHEIMERFUNDS INC BLACKROCK INC CANADA PENSION PLAN JENNISON ASSOCIATES PRUDENTIAL FINANCIAL FRANKLIN RESOURCES I GLOBAL X MANAGEMENT RENAISSANCE TECHNOLO PUBLIC SECTOR PENSIO JP MORGAN CHASE & CO TD ASSET MANAGEMENT RIVER ROAD ASSET MAN INTREPID CAPITAL MAN ASTON ASSET MANAGEME

Portfolio Name ROYCE & ASSOCIATES L VAN ECK ASSOCIATES C UNITED SERVICES AUTO TOCQUEVILLE ASSET MA BLACKROCK INSTITUTIO n/a OPPENHEIMER FUNDS IN BLACKROCK INC CANADA PENSION PLAN JENNISON ASSOCIATES Multiple Portfolios FRANKLIN ADVISERS IN GLOBAL X MANAGEMENT RENAISSANCE TECHNOLO PUBLIC SECTOR PENSIO JP MORGAN CHASE & CO TD ASSET MANAGEMENT RIVER ROAD ASSET MAN INTREPID CAPITAL MAN Multiple Portfolios

Firm Name

Analyst

BMO Capital Markets Canaccord Genuity Corp Dahlman Rose & Co Sterne, Agee & Leach Scotia Capital JPMorgan Raymond James Salman Partners TD Securities Deutsche Bank RBC Capital Markets Credit Suisse CIBC World Markets EVA Dimensions GMP

ANDREW KAIP STEVEN BUTLER ADAM P GRAF MICHAEL S DUDAS TREVOR TURNBULL JOHN BRIDGES BRAD HUMPHREY DAVID WEST DANIEL EARLE JORGE M BERISTAIN DAN ROLLINS RALPH M PROFITI BARRY COOPER TEAM COVERAGE CRAIG WEST

Source 13F 13F 13F 13F 13F SEDI 13F 13F 13F 13F MF-AGG 13F 13F 13F 13F 13F 13F 13F 13F MF-AGG

Recommendation outperform hold buy neutral sector outperform underweight outperform buy hold hold sector perform outperform sector perform overweight hold

Amt Held 11'092'397 7'045'763 4'119'100 2'805'329 2'686'224 2'118'680 1'874'641 1'854'665 1'854'359 1'701'501 1'664'323 1'580'801 1'565'752 1'499'952 1'429'674 1'319'103 1'312'537 1'255'518 1'192'805 1'169'001

% Out 7.29 4.63 2.71 1.84 1.77 1.39 1.23 1.22 1.22 1.12 1.09 1.04 1.03 0.99 0.94 0.87 0.86 0.83 0.78 0.77

Weighting

Change 5 3 5 3 5 1 5 5 3 3 3 5 3 5 3

M M M M M M M M M M M M M D M

Latest Chg 43'320 1'865'197 2'098'100 851'176 1'040'672 300'000 (224'766) 639'929 736'464 (680'914) (574'174) 1'580'801 499'876 678'452 458'744 (70'266) 378'008 174'776 483'980 224'673

Target Price 28 18 26 #N/A N/A 21 20 27 25 18 22 20 27 21 #N/A N/A 23

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 31.05.2012 n/a 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Pension Fund (ERISA) 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor

Date Not Provided 12 month Not Provided Not Provided 12 month 3 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided

Date 04.09.2012 04.09.2012 04.09.2012 22.08.2012 20.08.2012 17.08.2012 16.08.2012 16.08.2012 16.08.2012 15.08.2012 15.08.2012 15.08.2012 15.08.2012 13.08.2012 08.08.2012


14.09.2012

Coeur d'Alene Mines Corp Coeur d'Alene Mines Corporation, through its subsidiaries, explores, develops, operates, and/or owns silver and gold mining properties and companies. The Company's properties are located primarily in the United States, Australia, and South America.

Price/Volume 35

4.5 M

30

4.0 M 3.5 M

25

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (12.07.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CDE US EQUITY YTD Change CDE US EQUITY YTD % CHANGE

12/2011 06/yy 30.88 15.15 3'196'027.00 26.8 -13.21% 76.90% 74.06% 89.9 2'408.95 148.46 0.0 0.0 215.11 2'324.18

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.5 M

15

2.0 M 1.5 M

10

1.0 M

5 0 s-11

.5 M o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 215.3 13.01x 62.5 44.85x 43.9 35.29x

3.0 M

20

31.12.2008 31.12.2009 170.9 300.4 5.09x 5.42x 0.3 78.2 2750.95x 20.82x (0.6) (27.1) 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 515.5 4.98x 218.7 11.74x (91.3) 0.00x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 1'021.2 2.05x 531.3 3.95x 93.5 22.35x 531.30 306.80 30.04% 20.35% 2.91% 4.48% 4.83% 0.32% 36.9% 52.0% 30.0% 9.2% 1.84 1.11 4.55% 6.95% 14.35 5.13

Price/ Cash Flow

06/yy 757.6 13.45x 385.6 5.83x 18.5 83.66x

LTM 06/yy 1'049.5 7.22x 509.9 2.93x 69.4 20.90x

FY+1

.0 M s-12

0.00 1.35 89.37 5.96 -5.17% 11.02% 1.347 9 4.333 1'873'692 1'695'640 1'551'167 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 989.3 1'123.0 256.0 286.0 2.22x 1.63x 8.92x 7.70x 464.5 615.3 128.0 155.3 5.00x 3.78x 3.79x 3.67x 145.3 234.2 40.2 56.2 15.66x 9.94x 11.30x 10.07x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

25.06.2012 B+ STABLE 14.38 11.13 -0.13 0.28 6.9% 6.5% 0.32 0.37 25.44 71.11 46.23 50.33

Sales/Revenue/Turnover

500.00

1'200.0

450.00

1'000.0

400.00 350.00

800.0

300.00

600.0

250.00 200.00

400.0

150.00 100.00

200.0

50.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Coeur d'Alene Mines Corp Holdings By:

All

Holder Name VANGUARD GROUP INC DIMENSIONAL FUND ADV VAN ECK ASSOCIATES C STATE STREET CORP BLACKROCK INSTITUTIO ATLANTIC INVESTMENT AMERICAN CENTURY COM BLACKROCK FUND ADVIS OPPENHEIMERFUNDS INC SPROTT INC NORTHERN TRUST CORPO JP MORGAN CHASE & CO BANK OF NEW YORK MEL DREMAN VALUE MANAGEM DEUTSCHE BANK AG GMT CAPITAL CORP SUN VALLEY GOLD LLC FIDELITY MANAGEMENT JPMORGAN ASSET MANAG INVESCO LTD

Firm Name BMO Capital Markets Sterne, Agee & Leach RBC Capital Markets Cormark Securities Inc. Deutsche Bank JPMorgan Sidoti & Company LLC EVA Dimensions

Portfolio Name VANGUARD GROUP INC DIMENSIONAL FUND ADV VAN ECK ASSOCIATES C STATE STREET CORPORA BLACKROCK INSTITUTIO ATLANTIC INVESTMENT AMERICAN CENTURY COM BLACKROCK FUND ADVIS OPPENHEIMER FUNDS IN SPROTT INC NORTHERN TRUST CORPO JP MORGAN CHASE & CO BANK OF NEW YORK MEL DREMAN VALUE MANAGEM DEUTSCHE BANK AKTIEN GMT CAPITAL CORP SUN VALLEY GOLD LLC FIDELITY MANAGEMENT Multiple Portfolios INVESCO LTD

Analyst ANDREW KAIP MICHAEL S DUDAS MICHAEL D CURRAN GRAEME JENNINGS JORGE M BERISTAIN JOHN BRIDGES ADAM BROOKS TEAM COVERAGE

Source 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F MF-AGG 13F

Recommendation market perform buy sector perform buy buy neutral buy buy

Amt Held 5'569'508 4'309'934 4'115'220 3'206'965 2'638'893 2'387'015 2'062'090 2'029'877 1'983'100 1'728'900 1'724'296 1'703'601 1'640'421 1'539'795 1'399'524 1'331'800 1'271'795 1'233'196 1'083'000 1'010'303

% Out 6.2 4.79 4.58 3.57 2.94 2.66 2.29 2.26 2.21 1.92 1.92 1.9 1.82 1.71 1.56 1.48 1.41 1.37 1.2 1.12

Weighting

Change 3 5 3 5 5 3 5 5

M M M U M M M U

Latest Chg 288'389 (102'158) 822'522 225'376 156'426 575'325 584'762 62'502 3'000 (19'400) 61'480 (748'727) 491'504 5'599 25'998 (93'400) 124'850 2'500 36'594

Target Price 21 24 29 27 30 25 32 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.04.2012 Investment Advisor 30.06.2012 Investment Advisor

Date Not Provided 12 month 12 month 12 month 12 month 3 month 12 month Not Provided

Date 04.09.2012 22.08.2012 13.08.2012 08.08.2012 07.08.2012 07.08.2012 07.08.2012 05.03.2012


14.09.2012

First Majestic Silver Corp First Majestic Silver Corp. is a silver producing mining company. The Company's presently owns and operates producing silver mines in Mexico, the La Parrilla Silver Mine, the San Martin Silver Mine, the La Encantada Silver Mine, and the La Guitarra Silver Mine.

Price/Volume 25

9.0 M 8.0 M

20

7.0 M 6.0 M

15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (16.05.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AG US EQUITY YTD Change AG US EQUITY YTD % CHANGE

12/2011 06/yy 22.20 12.12 1'630'911.00 21.97 -1.04% 81.27% 97.72% 115.4 2'534.26 14.88 0.0 0.0 91.18 2'484.24

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

3.0 M 2.0 M

5

1.0 M 0 s-11

31.12.2008 31.12.2009 41.8 52.4 3.30x 6.36x 2.3 11.7 59.08x 28.43x (4.9) 5.6 0.00x 0.00x Profitability

o-11

LTM-4Q 31.12.2010 117.9 11.66x 53.4 25.73x 35.1 0.00x

31.12.2011 245.5 6.93x 156.2 10.89x 103.6 0.00x 156.19 140.45 57.21% 56.02% 29.55% 36.86% 36.01% 0.70% 66.5% 63.6% 57.2% 42.2% 4.94 3.83 3.36% 4.24% 20.50 7.05

06/yy 194.8 30.45x 112.5 16.26x 77.8 0.00x

n-11

d-11

j-12

f-12

LTM 06/yy 234.8 27.20x 141.7 10.43x 90.8 0.00x

m-12

a-12 m-12

j-12

j-12

a-12

FY+1

.0 M s-12

1.34 111.14 1.32 7.07% 30.46% 1.335 8 4.000 1'018'743 766'072 698'779 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 269.5 433.0 69.6 80.6 9.13x 5.64x 35.35x 30.52x 168.5 293.3 41.8 51.3 14.74x 8.47x 11.48x 11.62x 101.1 177.3 26.3 33.1 22.46x 13.44x 17.16x 15.01x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

123.66 47.71 -0.49 0.10 4.2% 4.1% 0.70 1.03 17.80 51.74 72.04 -2.50

Sales/Revenue/Turnover

1.20

300.0

1.00

250.0

0.80

200.0

0.60

4.0 M

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 40.2 6.84x 4.1 66.77x (6.8) 0.00x

5.0 M

10

150.0 100.0

0.40

50.0 0.20

0.0 0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

First Majestic Silver Corp Holdings By:

All

Holder Name VAN ECK ASSOCIATES C GREYSTONE MANAGED IN SPROTT INC NEUMEYER KEITH OPPENHEIMERFUNDS INC BLACKROCK INC BARING ASSET MANAGEM IG INVESTMENT MANAGE FIERA SCEPTRE INC POLAR SECURITIES INC CANADA PENSION PLAN ALBERTA INVESTMENT M US GLOBAL INVESTORS PUBLIC SECTOR PENSIO GLOBAL X MANAGEMENT LB SWISS INVESTMENT TD ASSET MANAGEMENT CLAYMORE INVESTMENTS BLACKROCK INSTITUTIO CI INVESTMENTS INC

Firm Name BMO Capital Markets Dahlman Rose & Co Dundee Securities Corp Cormark Securities Inc. EVA Dimensions GARP Research

Portfolio Name VAN ECK ASSOCIATES C GREYSTONE MANAGED IN SPROTT INC n/a Multiple Portfolios BLACKROCK INC BARING ASSET MANAGEM IG INVESTMENT MANAGE FIERA SCEPTRE INC POLAR SECURITIES INC CANADA PENSION PLAN ALBERTA INV MGMT COR US GLOBAL INVESTORS PUBLIC SECTOR PENSIO GLOBAL X MANAGEMENT Multiple Portfolios TD ASSET MANAGEMENT CLAYMORE INVESTMENTS BLACKROCK INSTITUTIO Multiple Portfolios

Analyst ANDREW KAIP ADAM P GRAF DALE MAH GRAEME JENNINGS TEAM COVERAGE SETH DADDS

Source 13F 13F 13F SEDI MF-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F MF-AGG 13F 13F 13F MF-AGG

Recommendation market perform buy buy buy underweight buy

Amt Held 4'844'152 4'748'161 4'449'505 2'976'000 2'360'000 1'808'207 1'792'165 1'483'500 1'427'657 1'329'200 1'145'594 1'102'500 1'042'000 978'780 977'759 900'000 852'800 806'385 791'280 714'800

% Out 4.2 4.12 3.86 2.58 2.05 1.57 1.55 1.29 1.24 1.15 0.99 0.96 0.9 0.85 0.85 0.78 0.74 0.7 0.69 0.62

Weighting

Change 3 5 5 5 1 5

M M M M D M

Latest Chg 986'604 (136'308) 305 5'000 676'461 1'792'165 489'840 447'900 (322'050) (448'800) 204'000 5'200 35'394 200'000 28'500 261'815 60'777 700

Target Price 20 20 21 23 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2012 30.06.2012 30.06.2012 19.02.2012 28.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.03.2012 30.06.2012 30.06.2012 30.06.2012 29.07.2011

Date Not Provided Not Provided 12 month 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Hedge Fund Manager n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Pension Fund (ERISA) Government Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager

Date 04.09.2012 04.09.2012 22.08.2012 22.08.2012 13.08.2012 11.05.2012


14.09.2012

AuRico Gold Inc AuRico Gold Inc. is an intermediate gold and silver producer. The Company owns and operates producing mines in Mexico, including the Ocampo mine in Chihuahua State, the El Chanate project in Sonora State, and the El Cubo mine in Guanajuato State.

Price/Volume 14

30.0 M

12

25.0 M

10

20.0 M

8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.09.2011) 52-Week Low (05.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AUQ US EQUITY YTD Change AUQ US EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20

10.0 M

4

5.0 M

2 0 s-11

o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

j-12

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 152.1 6.41x (18.2) 0.00x (101.3) 0.00x

15.0 M

6

12/2011 06/yy 11.58 5.25 4'362'486.00 6.34 -45.25% 20.76% 17.22% 281.9 1'786.98 242.39 0.0 0.0 187.03 2'017.71

31.12.2008 31.12.2009 212.5 206.8 3.30x 6.86x 53.3 70.5 13.17x 20.14x 38.7 8.2 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 238.3 4.42x 106.6 9.87x (134.7) 0.00x

31.12.2011 401.9 5.78x 203.6 11.42x 176.9 0.00x 203.58 150.28 37.39% 63.90% 8.88% 12.26% 11.33% 0.20% 52.1% 50.7% 37.4% 44.0% 2.45 0.83 7.64% 10.82% 1.81

06/yy 309.8 16.56x 158.0 11.55x 74.7 0.00x

LTM 06/yy 412.3 21.86x 201.1 12.40x 164.0 0.00x

FY+1

.0 M s-12

1.00 280.93 5.04 -43.19% -20.85% 1.004 14 3.429 3'700'116 2'697'343 2'701'869 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 424.8 636.1 89.1 136.7 4.76x 3.04x 22.02x 14.19x 187.4 355.5 39.3 76.4 10.77x 5.68x 5.18x 4.31x 96.5 202.6 15.4 38.6 18.32x 9.68x 9.39x 7.90x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

62.03 -8.06 0.27 1.19 10.8% 9.8% 0.20 0.31 201.27 126.62 -

Sales/Revenue/Turnover

450.0 400.0

1.00 0.80

350.0 300.0 250.0

0.60

200.0 150.0

0.40 0.20

100.0 50.0 0.0

0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

AuRico Gold Inc Holdings By:

All

Holder Name FIERA SCEPTRE INC SENTRY SELECT CAPITA VAN ECK ASSOCIATES C HEARTLAND ADVISORS I UNITED SERVICES AUTO NWQ INVESTMENT MANAG TD ASSET MANAGEMENT PUBLIC SECTOR PENSIO OPPENHEIMERFUNDS INC FIDELITY MANAGEMENT BMO FINANCIAL CORP RBC GLOBAL ASSET MAN GEOLOGIC RESOURCE PA IA CLARINGTON INVEST DREMAN VALUE MANAGEM WELLINGTON MANAGEMEN SUN VALLEY GOLD LLC DEUTSCHE BANK AG BLACKROCK INC NATCAN INVESTMENT MA

Portfolio Name FIERA SCEPTRE INC SENTRY SELECT CAPITA VAN ECK ASSOCIATES C HEARTLAND ADVISORS I UNITED SERVICES AUTO NWQ INVESTMENT MANAG TD ASSET MANAGEMENT PUBLIC SECTOR PENSIO OPPENHEIMER FUNDS IN FIDELITY MANAGEMENT BMO FINANCIAL CORP RBC GLOBAL ASSET MGM GEOLOGIC RESOURCE PA Multiple Portfolios DREMAN VALUE MANAGEM WELLINGTON MANAGEMEN SUN VALLEY GOLD LLC DEUTSCHE BANK AKTIEN BLACKROCK INC NATCAN INVESTMENT MA

Firm Name

Analyst

BMO Capital Markets Credit Suisse CIBC World Markets Macquarie Desjardins Securities Dundee Securities Corp Canaccord Genuity Corp GMP TD Securities National Bank Financial Scotia Capital EVA Dimensions Dahlman Rose & Co Raymond James

DAVID HAUGHTON ANITA SONI BARRY COOPER TONY LESIAK BRIAN CHRISTIE RON STEWART RAHUL PAUL CRAIG WEST STEVEN J GREEN PAOLO LOSTRITTO TREVOR TURNBULL TEAM COVERAGE ADAM P GRAF FORBES GEMMELL

Source 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F MF-AGG 13F 13F 13F 13F 13F 13F

Recommendation outperform neutral sector perform outperform hold neutral hold buy hold sector perform sector perform underweight hold Under Review

Amt Held 17'061'554 15'880'725 14'588'161 10'017'400 8'701'200 7'088'208 5'917'318 5'529'458 5'459'100 4'678'563 4'047'904 3'988'806 3'789'100 3'759'600 3'597'865 3'573'854 3'547'834 3'328'086 3'178'443 3'095'778

% Out 6.05 5.63 5.18 3.55 3.09 2.51 2.1 1.96 1.94 1.66 1.44 1.42 1.34 1.33 1.28 1.27 1.26 1.18 1.13 1.1

Weighting

Change

5 3 3 5 3 3 3 5 3 3 3 1 3 #N/A N/A

M M M M D M M M M M D D M M

Latest Chg 9'711'292 15'880'725 2'715'538 (654'831) (1'610'800) (337'381) 3'645'433 1'070'300 (687'542) 325'000 (1'202'794) 978'014 (937'000) 361'000 385'681 (155'087) 4'649 213'466 (462'167) 189'319

Target Price 9 7 7 8 8 7 7 14 5 8 6 #N/A N/A #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 31.03.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2012 Investment Advisor

Date Not Provided Not Provided 18 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided

Date 06.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 05.09.2012 22.08.2012 15.08.2012 16.05.2012


14.09.2012

Hecla Mining Co Hecla Mining Company explores, develops, and mines precious metals, gold and silver. The Company has operations in the United States and Mexico.

Price/Volume 9

60.0 M

8

50.0 M

7 6

40.0 M

5

12/2011 06/yy 7.58 3.70 11'579'032.00 6.24 -17.70% 68.74% 65.45% 285.5 1'781.44 10.27 0.0 0.0 266.46 1'569.61

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3

20.0 M

2

10.0 M

1 0 s-11

o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 153.7 4.79x 56.7 12.98x 53.2 19.48x

30.0 M

4

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2011) 52-Week Low (15.05.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HL US EQUITY YTD Change HL US EQUITY YTD % CHANGE

31.12.2008 31.12.2009 204.7 312.5 3.08x 4.39x 15.3 132.3 41.21x 10.38x (66.6) 67.8 0.00x 34.33x Profitability

LTM-4Q 31.12.2010 418.8 6.28x 211.3 12.44x 49.0 62.56x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 477.6 2.59x 254.7 4.85x 151.2 12.16x 254.74 207.39 43.42% 48.81% 10.88% 14.33% 14.45% 0.34% 55.5% 53.3% 43.4% 31.6% 3.38 2.67 0.74% 0.90% 16.72 9.38

Price/ Cash Flow

06/yy 504.5 15.94x 282.2 6.29x 86.7 24.03x

LTM 06/yy 381.6 11.88x 156.4 7.32x 89.6 21.59x

FY+1

.0 M s-12

0.84 1.44 283.42 24.87 -15.30% 20.27% 1.440 11 3.182 6'373'971 4'685'188 4'594'049 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 341.1 491.2 80.2 86.4 4.74x 3.27x 19.84x 18.82x 128.0 261.9 26.5 32.0 12.26x 5.99x 8.92x 7.79x 48.3 129.0 9.1 10.3 40.52x 14.12x 19.87x 16.55x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

20.05.2005 NR 86.00 56.45 -1.01 0.04 0.9% 0.9% 0.34 0.54 21.84 38.90 57.78 2.96

Sales/Revenue/Turnover

140.00

600.0

120.00

500.0

100.00

400.0

80.00

300.0 60.00

200.0 40.00

100.0

20.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Hecla Mining Co Holdings By:

All

Holder Name VANGUARD GROUP INC VAN ECK ASSOCIATES C STATE STREET CORP BLACKROCK INSTITUTIO BLACKROCK FUND ADVIS ROYCE AND ASSOCIATES NEW JERSEY DIVISION JENNISON ASSOCIATES NORTHERN TRUST CORPO BNP PARIBAS ASSET MG GLOBAL X MANAGEMENT CS MCKEE LP DIMENSIONAL FUND ADV PRUDENTIAL FINANCIAL D E SHAW & COMPANY I AXA SUSQUEHANNA INTERNAT CREDIT SUISSE AG MORGAN STANLEY SMITH QUANTEX AG

Firm Name BMO Capital Markets Canaccord Genuity Corp Scotia Capital EVA Dimensions Sterne, Agee & Leach RBC Capital Markets Global Hunter Securities Deutsche Bank JPMorgan

Portfolio Name VANGUARD GROUP INC VAN ECK ASSOCIATES C STATE STREET CORPORA BLACKROCK INSTITUTIO BLACKROCK FUND ADVIS ROYCE & ASSOCIATES L STATE OF NJ COMMON P JENNISON ASSOCIATES NORTHERN TRUST CORPO Multiple Portfolios GLOBAL X MANAGEMENT C S MCKEE LP DIMENSIONAL FUND ADV Multiple Portfolios D E SHAW & CO AXA SUSQUEHANNA INTERNAT CREDIT SUISSE AG MORGAN STANLEY SMITH Multiple Portfolios

Analyst ANDREW KAIP STEVEN BUTLER TREVOR TURNBULL TEAM COVERAGE MICHAEL S DUDAS MICHAEL D CURRAN JEFF WRIGHT JORGE M BERISTAIN JOHN BRIDGES

Source 13F 13F 13F 13F 13F 13F 13F 13F 13F MF-AGG 13F 13F 13F MF-AGG 13F 13F 13F 13F 13F MF-AGG

Recommendation market perform hold sector perform overweight neutral sector perform neutral hold neutral

Amt Held 14'661'882 13'061'792 10'973'115 7'553'296 6'446'506 5'621'815 5'300'000 4'736'250 4'720'614 3'561'296 3'468'080 3'344'300 2'712'420 2'496'299 2'433'872 2'418'493 2'210'923 2'160'940 2'039'226 2'015'000

% Out 5.14 4.58 3.84 2.65 2.26 1.97 1.86 1.66 1.65 1.25 1.21 1.17 0.95 0.87 0.85 0.85 0.77 0.76 0.71 0.71

Weighting

Change 3 3 3 5 3 3 3 3 3

M M M D M M M M M

Latest Chg 892'441 2'612'180 133'904 (299'536) 287'265 (900'000) (316'980) 198'816 913'800 (180'800) (49'900) (76'248) 2'277'483 353'057 405'849 141'824 -

Target Price 6 5 6 #N/A N/A #N/A N/A 5 5 5 6

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Pension Fund (ERISA) 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 23.08.2012 Investment Advisor

Date Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 3 month

Date 04.09.2012 04.09.2012 03.09.2012 24.08.2012 22.08.2012 13.08.2012 08.08.2012 07.08.2012 07.08.2012


14.09.2012

Silver Standard Resources Inc Silver Standard Resources Inc. is a silver exploration company focused on acquiring and developing silver resources on a global basis. The Company has projects in Argentina, Peru, Mexico, Canada, Chile, the United States and Australia.

Price/Volume 35

8.0 M

30

7.0 M

25

6.0 M 5.0 M

20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.09.2011) 52-Week Low (18.05.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SSRI US EQUITY YTD Change SSRI US EQUITY YTD % CHANGE

12/2011 06/yy 26.92 10.06 2'033'116.00 15.92 -40.86% 58.25% 34.76% 80.7 1'285.49 125.31 0.0 0.0 329.06 1'064.12

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20 1.00

3.0 M

10

2.0 M

5

1.0 M

0 s-11

o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 0.0 0.00x (22.8) 0.00x (33.0) 0.00x

4.0 M

15

31.12.2008 31.12.2009 0.0 5.4 0.00x 307.12x (17.9) (17.7) 0.00x 0.00x (5.6) (13.2) 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 112.3 18.82x 5.3 400.55x 338.5 0.00x

31.12.2011 147.8 6.19x 39.4 23.24x 80.1 0.00x 39.40 22.57 15.26% 75.43% 6.61% 8.37% 8.59% 0.12% 35.1% 26.6% 15.3% 54.2% 6.14 4.49 9.82% 12.74% 5.35 1.42

06/yy 194.0 41.49x 64.2 29.58x 406.9 0.00x

LTM 06/yy 121.3 32.24x 14.8 46.55x 57.9 0.00x

FY+1

.0 M s-12

1.14 80.26 1.73 -38.82% 15.20% 1.145 11 3.636 1'287'002 1'045'178 926'740 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 221.5 280.6 59.9 78.0 4.82x 3.84x 17.71x 13.76x 65.6 67.9 20.3 36.3 16.21x 15.67x 11.21x 11.98x (2.4) 26.1 0.7 8.4 91.49x 39.41x 47.81x 47.66x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

2.27 -1.50 -5.17 3.18 12.7% 11.3% 0.12 0.28 68.28 256.57 100.92 223.93

Sales/Revenue/Turnover

160.0 140.0 120.0

0.80 0.60

100.0 80.0 60.0

0.40 0.20

40.0 20.0 0.0

0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Silver Standard Resources Inc Holdings By:

All

Holder Name ROYCE AND ASSOCIATES TRADEWINDS GLOBAL IN VAN ECK ASSOCIATES C WELLS CAPITAL MANAGE AXA NEWGATE CAPITAL MANA BNP PARIBAS ASSET MG MANULIFE ASSET MANAG GLOBAL X MANAGEMENT BLACKROCK INC NUVEEN ASSET MANAGEM LB SWISS INVESTMENT UBS AG PUBLIC SECTOR PENSIO CARLSON CAPITAL LP BLACKROCK INSTITUTIO JOHN HANCOCK ADVISER LRI-FUND MANAGEMENT NEUFLIZE OBC ASSET M SUSQUEHANNA INTERNAT

Portfolio Name ROYCE & ASSOCIATES L TRADEWINDS GLOBAL IN VAN ECK ASSOCIATES C WELLS CAPITAL MANAGE AXA NEWGATE CAPITAL MANA Multiple Portfolios MANULIFE ASSET MANAG GLOBAL X MANAGEMENT BLACKROCK INC Multiple Portfolios Multiple Portfolios UBS AG PUBLIC SECTOR PENSIO CARLSON CAPITAL LP BLACKROCK INSTITUTIO Multiple Portfolios Multiple Portfolios Multiple Portfolios SUSQUEHANNA INTERNAT

Firm Name

Analyst

BMO Capital Markets Dahlman Rose & Co Credit Suisse EVA Dimensions Salman Partners Deutsche Bank CIBC World Markets Scotia Capital Global Hunter Securities GMP

ANDREW KAIP ADAM P GRAF RALPH M PROFITI TEAM COVERAGE ASH GUGLANI JORGE M BERISTAIN BARRY COOPER TREVOR TURNBULL JEFF WRIGHT CRAIG WEST

Source 13F 13F 13F 13F 13F 13F MF-AGG 13F 13F 13F MF-AGG MF-AGG 13F 13F 13F 13F MF-AGG MF-AGG MF-AGG 13F

Recommendation market perform buy neutral sell buy hold sector perform sector perform accumulate buy

Amt Held 9'978'725 3'791'703 3'707'536 2'870'103 1'501'637 1'459'694 1'041'629 1'025'040 991'398 870'734 842'445 780'000 756'510 744'970 728'733 642'777 625'441 620'800 618'576 588'342

% Out 12.36 4.7 4.59 3.55 1.86 1.81 1.29 1.27 1.23 1.08 1.04 0.97 0.94 0.92 0.9 0.8 0.77 0.77 0.77 0.73

Weighting

Change 3 5 3 1 5 3 3 3 4 5

M M M D M M M M M M

Latest Chg 54'800 (2'402'396) 737'051 242'791 (11'300) 415'984 1'025'040 176'763 (860) (265'975) 780'000 80'412 661'833 27'616 (88'330)

Target Price 14 36 19 #N/A N/A 20 14 18 19 22 27

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.03.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 30.12.2011 Investment Advisor 30.06.2012 Investment Advisor

Date Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided

Date 04.09.2012 04.09.2012 13.08.2012 13.08.2012 10.08.2012 09.08.2012 09.08.2012 09.08.2012 09.08.2012 08.08.2012


14.09.2012

Nevsun Resources Ltd Nevsun Resources Ltd. is a gold producer and base metal developer. The Company has a gold-copper-zinc mine in Eritrea.

Price/Volume 8

7.0 M

7

6.0 M

6

5.0 M

5

Latest Fiscal Year: LTM as of: 52-Week High (20.09.2011) 52-Week Low (16.05.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out #N/A N/A Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NSU US EQUITY YTD Change NSU US EQUITY YTD % CHANGE

12/2011 06/yy 6.93 2.68 1'085'481.00 4.66 -32.76% 73.88% 46.59% 0.00 0.0 110.0 347.58 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

3.0 M

3 2

2.0 M

1

1.0 M

0 s-11

31.12.2008 31.12.2009 0.0 0.0 0.00x 0.00x (6.1) (4.9) 0.00x 0.00x (5.7) (4.3) 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 0.0 0.00x (12.2) 0.00x (13.3) 0.00x

31.12.2011 547.8 1.60x 429.2 2.04x 147.1 0.00x 429.20 403.31 73.63% 74.10% 26.00% 41.77% 62.07% 0.97% 90.3% 78.4% 73.6% 26.8% 2.97 2.66 0.00% 0.00% 42.11 2.46

06/yy 190.4 22.87x 138.4 0.00x 43.2 0.00x

n-11

d-11

j-12

f-12

LTM 06/yy 656.7 4.18x 521.2 0.80x 180.8 0.00x

m-12

a-12

m-12

j-12

j-12

a-12

FY+1

.0 M s-12

1.15 0.67 -28.97% -14.49% 1.146 9 3.889 723'516 415'586 492'310 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 449.1 295.6 123.0 73.1 371.3 205.5 94.7 40.6 120.0 66.4 24.7 11.3 7.90x 12.73x 18.64x 20.09x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

183.89 159.14 -0.81 0.00 0.0% 0.0% 0.97 1.93 8.67 148.31 46.10 110.87

Sales/Revenue/Turnover

1.20

600.0

1.00

500.0

0.80

400.0

0.60

o-11

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 0.0 0.00x (10.6) 0.00x (12.0) 0.00x

4.0 M

4

Valuation Analysis

300.0 200.0

0.40

100.0 0.20

0.0 0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Nevsun Resources Ltd Holdings By:

All

Holder Name VANGUARD GROUP INC PRUDENTIAL PLC FRANKLIN RESOURCES I BLACKROCK GROUP LIMI VAN ECK ASSOCIATES C BLACKROCK INC JP MORGAN CHASE & CO JPMORGAN ASSET MANAG ACADIAN ASSET MANAGE JENNISON ASSOCIATES RUFFER LLP PUBLIC SECTOR PENSIO HIGHSTREET ASSET MAN ACUITY INVESTMENT MA CANADA PENSION PLAN DAVIS CLIFFORD T SCHRODER INVESTMENT TD ASSET MANAGEMENT LONESTAR CAPITAL MAN BLACKROCK INSTITUTIO

Firm Name RBC Capital Markets Canaccord Genuity Corp GMP Paradigm Capital Inc Haywood Securities Inc. TD Securities CIBC World Markets EVA Dimensions

Portfolio Name Multiple Portfolios PRUDENTIAL PLC FRANKLIN ADVISERS IN BLACKROCK GROUP LIMI VAN ECK ASSOCIATES C BLACKROCK INC JP MORGAN CHASE & CO Multiple Portfolios ACADIAN ASSET MANAGE JENNISON ASSOCIATES Multiple Portfolios PUBLIC SECTOR PENSIO HIGHSTREET ASSET MAN ACUITY INVESTMENT MA CANADA PENSION PLAN n/a SCHRODER INVESTMENT TD ASSET MANAGEMENT LONESTAR CAPITAL MAN BLACKROCK INSTITUTIO

Analyst PATRICK MORTON RAHUL PAUL ANDREW MIKITCHOOK DAVID DAVIDSON STEFAN IOANNOU STEVEN J GREEN COSMOS CHIU TEAM COVERAGE

Source MF-AGG 13F 13F 13F 13F 13F 13F MF-AGG 13F 13F MF-AGG 13F 13F 13F 13F SEDI 13F 13F 13F 13F

Recommendation sector perform hold buy buy sector outperform hold sector underperform buy

Amt Held 39'663'403 38'500'000 28'500'800 11'129'142 9'167'718 6'843'097 6'391'135 5'640'835 3'226'940 2'873'132 2'318'000 1'854'020 1'785'364 1'718'100 1'648'068 1'603'319 1'568'800 1'527'377 1'499'500 1'402'891

% Out 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Weighting

Change 3 3 5 5 5 3 1 5

M M M M M M M U

Latest Chg 117'514 (494'840) 6'872 1'834'027 819'120 (4'979'711) (295'000) 1'236'337 (222'303) (300'000) 1'055'774 (1'782'900) 331'700 803'319 492'900 124'277 (20'356)

Target Price 5 4 5 9 5 4 5 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.04.2012 30.06.2012 30.06.2012 30.04.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 18.09.2011 30.06.2012 30.06.2012 30.06.2012 30.06.2012

Date 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Pension Fund (ERISA) n/a Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor

Date 06.09.2012 04.09.2012 21.08.2012 09.08.2012 09.08.2012 09.08.2012 08.08.2012 08.02.2012


14.09.2012

Seabridge Gold Inc Seabridge Gold, Inc. acquires gold projects in North America. The Company expands and verifies these resources, moves them to reserves to determine their economic value, and either sells to or forms joint ventures with larger companies for mine construction and production.

Price/Volume 35 30 25 20

Valuation Analysis

15

Latest Fiscal Year: LTM as of: 52-Week High (14.09.2011) 52-Week Low (16.05.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SA US EQUITY YTD Change SA US EQUITY YTD % CHANGE

12/2011 06/yy 28.16 12.20 880'355.00 19.64 -30.26% 60.98% 46.62% 43.5 853.40 0.00 0.0 0.0 58.68 779.83

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20

5 0 s-11

o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 0.0 0.00x (6.7) 0.00x (5.5) 0.00x

10

31.12.2008 31.12.2009 0.0 0.0 0.00x 0.00x (5.6) (5.0) 0.00x 0.00x 10.3 (4.7) 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 0.0 0.00x (5.7) 0.00x 3.3 0.00x

31.12.2011 0.0 0.00x (19.8) 0.00x (20.1) 0.00x -19.81 -19.84 -9.83% -10.28% 0.00% 7.31 7.31 0.00% 0.00% 0.00 -

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M s-12

06/yy 0.0 #DIV/0! (13.9) 0.00x (6.2) 0.00x

LTM 06/yy 0.0 #DIV/0! (17.4) 0.00x (13.1) 0.00x

0.94 39.34 3.63 -25.10% 21.91% 0.940 3 4.333 383'693 292'380 285'526

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

09/12 Q3

12/12 Q4

(19.5) (20.5) S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

-

-792.36 -2444.56 0.00 0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

1.0 0.9

1.00

0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

0.1 0.0

0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Seabridge Gold Inc Holdings By:

All

Holder Name PAN ATLANTIC BANK ROYCE AND ASSOCIATES VAN ECK ASSOCIATES C FRONK RUDI P ANTHONY JAMES S FIDEURAM GESTIONS SA BRISTOL INVESTMENT P FIDELITY MANAGEMENT FCMI FINANCIAL CORP BLACKROCK ADVISERS FNDTN FOR STUDY OBJ SUSQUEHANNA INTERNAT PORTOLA GROUP INCORP NORGES BANK FOX LOUIS J BLACKROCK INC THRELKELD WILLIAM E BANFIELD A FREDERICK VANGUARD GROUP INC THE BANK OF NOVA SCO

Firm Name Stonecap Securities Inc Dahlman Rose & Co Nomura

Portfolio Name n/a ROYCE & ASSOCIATES L VAN ECK ASSOCIATES C n/a n/a Multiple Portfolios BRISTOL INVESTMENT P FIDELITY MANAGEMENT n/a BLACKROCK ADVISORS L n/a SUSQUEHANNA INTERNAT PORTOLA GROUP INCORP NORGES BANK n/a BLACKROCK INC n/a n/a Multiple Portfolios THE BANK OF NOVA SCO

Analyst CHRISTOS DOULIS ADAM P GRAF TYLER BRODA

Source PROXY 13F 13F SEDI PROXY MF-AGG 13F 13F PROXY 13F SEDI 13F 13F 13F SEDI 13F SEDI PROXY MF-AGG 13F

Recommendation sector perform buy buy

Amt Held 8'001'232 5'773'883 1'986'823 1'170'000 779'791 755'000 663'552 601'905 555'000 495'600 425'334 347'641 334'845 306'863 300'750 269'073 265'000 245'000 189'159 167'000

% Out 18.41 13.29 4.57 2.69 1.79 1.74 1.53 1.39 1.28 1.14 0.98 0.8 0.77 0.71 0.69 0.62 0.61 0.56 0.44 0.38

Weighting

Change 3 5 5

Latest Chg (370'300) 397'924 250'000 (20'600) (208'720) 11'200 208'991 (29'395) 306'863 7'002 (10'000) 12'845 167'000

Target Price

M M M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

19 83 24

File Dt Inst Type 10.05.2012 Bank 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 05.01.2011 n/a 15.05.2012 n/a 31.08.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 10.05.2012 Corporation 30.06.2012 Investment Advisor 06.02.2012 Other 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2011 Government 06.12.2011 n/a 30.06.2012 Investment Advisor 30.08.2011 n/a 15.05.2012 n/a 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor

Date 12 month 12 month Not Provided

Date 06.09.2012 05.09.2012 16.05.2012


14.09.2012

Aurizon Mines Ltd Aurizon Mines Ltd. is a gold mining company. The Company's operations and exploration activities are located in the Abitibi region of north-western Quebec, Canada. Aurizon operates and owns an interest in the Beaufor Mine, the Sleeping Giant Mine, and the Casa Berardi property.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2011) 52-Week Low (16.05.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AZK US EQUITY YTD Change AZK US EQUITY YTD % CHANGE

12/2011 06/yy 7.25 3.82 1'208'803.00 4.9 -32.41% 28.27% 31.49% 164.4 805.60 0.00 0.0 0.0 214.35 569.31

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

4.0 M

7

3.5 M

6

3.0 M

5

2.5 M

4

2.0 M

3

1.5 M

2

1.0 M

1

.5 M

0 s-11

31.12.2008 31.12.2009 144.5 175.6 4.07x 3.65x 53.5 87.5 10.98x 7.32x 4.9 36.7 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 178.7 5.82x 69.8 14.90x 17.2 0.00x

31.12.2011 260.0 2.31x 124.9 4.81x 43.9 0.00x 124.93 85.80 33.00% 33.30% 11.64% 14.90% 15.04% 0.69% 50.9% 48.1% 33.0% 16.9% 5.48 5.07 0.00% 0.00% 31.08 10.37

06/yy 194.6 19.23x 70.9 10.21x 18.4 0.00x

n-11

d-11

j-12

f-12

LTM 06/yy 271.4 9.01x 132.2 4.17x 51.7 0.00x

m-12

a-12

m-12

j-12

j-12

a-12

FY+1

.0 M s-12

1.02 154.30 1.20 -28.88% -0.61% 1.017 13 4.000 772'610 467'525 508'939 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 247.6 264.8 67.6 69.8 2.27x 1.94x 112.6 126.0 32.0 39.1 5.06x 4.52x 44.2 56.9 13.2 15.0 16.78x 14.25x 13.44x 12.79x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

135.65 83.46 -1.72 0.00 0.0% 0.0% 0.69 1.60 11.74 35.19 63.63 -16.69

Sales/Revenue/Turnover

1.20

300.0

1.00

250.0

0.80

200.0

0.60

o-11

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 119.2 5.15x 47.6 12.90x 9.4 0.00x

8

150.0 100.0

0.40

50.0 0.20

0.0 0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Aurizon Mines Ltd Holdings By:

All

Holder Name VAN ECK ASSOCIATES C GOODMAN & CO INVESTM UNITED SERVICES AUTO CAMBIOR INC TD ASSET MANAGEMENT MONTRUSCO BOLTON INV RENAISSANCE TECHNOLO WELLS FARGO FUNDS MA BLACKROCK INC ACADIAN ASSET MANAGE NWQ INVESTMENT MANAG INVESCO LTD CANADA PENSION PLAN HIGHSTREET ASSET MAN FIDELITY MANAGEMENT FIRST EAGLE INVESTME NATCAN INVESTMENT MA MD MANAGEMENT LTD SUN VALLEY GOLD LLC NORTHWEST MUTUAL FUN

Firm Name BMO Capital Markets Desjardins Securities Loewen, Ondaatje, McCutcheon Ltd Global Hunter Securities Scotia Capital National Bank Financial EVA Dimensions Dundee Securities Corp CIBC World Markets Mackie Research Capital Corp. Euro Pacific Capital Inc Clarus Securities Raymond James

Portfolio Name #N/A N/A GOODMAN & COMPANY IN UNITED SERVICES AUTO n/a TD ASSET MANAGEMENT MONTRUSCO BOLTON INV RENAISSANCE TECHNOLO Multiple Portfolios BLACKROCK INC ACADIAN ASSET MANAGE NWQ INVESTMENT MANAG INVESCO LTD CANADA PENSION PLAN HIGHSTREET ASSET MAN FIDELITY MANAGEMENT FIRST EAGLE INVESTME NATCAN INVESTMENT MA Multiple Portfolios SUN VALLEY GOLD LLC Multiple Portfolios

Analyst ANDREW KAIP BRIAN CHRISTIE MICHAEL G FOWLER JEFF WRIGHT OVAIS HABIB PAOLO LOSTRITTO TEAM COVERAGE RON STEWART COSMOS CHIU RYAN HANLEY HEIKO IHLE NANA SANGMUAH FORBES GEMMELL

Source Co File 13F 13F 13D 13F 13F 13F MF-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F MF-AGG 13F MF-AGG

Recommendation market perform buy buy accumulate sector outperform sector perform overweight neutral sector perform buy buy buy Under Review

Amt Held 23'574'055 12'685'000 7'000'000 6'961'953 6'554'755 6'149'808 4'448'300 3'895'597 3'708'026 3'526'254 3'458'881 3'386'775 2'839'435 2'550'907 2'366'900 2'304'450 2'217'934 2'035'269 1'696'825 1'652'599

% Out 14.34 7.72 4.26 4.23 3.99 3.74 2.71 2.37 2.26 2.14 2.1 2.06 1.73 1.55 1.44 1.4 1.35 1.24 1.03 1.01

Weighting

Change

3 5 5 4 5 3 5 3 3 5 5 5 #N/A N/A

M M M M M M D M M M M M M

Latest Chg 11'936'394 (100'000) 5'579'453 111'461 293'600 (223'078) 656'349 (48'424) 19'884 937'900 797'249 (395'100) (175'846) 65'211 (63'599)

Target Price 6 6 9 7 7 5 #N/A N/A 5 7 7 6 8 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.08.2012 30.06.2012 30.06.2012 23.01.2006 30.06.2012 30.06.2012 30.06.2012 31.07.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 31.03.2012 30.06.2012 30.06.2012 31.07.2012

Date 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 18 month Not Provided

Inst Type Investment Advisor Hedge Fund Manager Investment Advisor Corporation Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Pension Fund (ERISA) Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor

Date 07.09.2012 07.09.2012 07.09.2012 07.09.2012 06.09.2012 06.09.2012 13.08.2012 10.08.2012 09.08.2012 09.08.2012 09.08.2012 07.08.2012 16.05.2012


14.09.2012

Tanzanian Royalty Exploration Corp Tanzanian Royalty Exploration Corporation acquires, explores, and develops mineral properties. The Company explores for gold.

Price/Volume 7

18.0 M

6

16.0 M 14.0 M

5

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2011) 52-Week Low (10.11.2011) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TRX US EQUITY YTD Change TRX US EQUITY YTD % CHANGE

08/2011 05/yy 5.85 1.56 537'706.00 4.91 -16.07% 214.74% 78.09% 100.5 493.26 2.96 0.0 0.0 32.46 455.10

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20

10.0 M

3

8.0 M 6.0 M

2

4.0 M

1

2.0 M

0 s-11

o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

.0 M s-12

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.08.2007 0.0 0.00x (2.5) 0.00x (3.9) 0.00x

12.0 M

4

31.08.2008 31.08.2009 0.0 0.0 0.00x 0.00x (2.9) (3.4) 0.00x 0.00x (3.7) (4.7) 0.00x 0.00x Profitability

LTM-4Q 31.08.2010 0.0 0.00x (3.0) 0.00x (3.4) 0.00x

31.08.2011 0.0 0.00x (8.2) 0.00x (10.2) 0.00x -8.17 -8.64 -20.26% -21.98% 0.00% 13.32 13.20 4.34% 4.72% 0.00 -

05/yy 0.0 #DIV/0! (3.7) 0.00x (4.6) 0.00x

LTM 05/yy 0.0 #DIV/0! (8.4) 0.00x (11.7) 0.00x

1.30 92.14 8.63 -16.07% 104.58% 1.297 0 418'255 353'443 375'277

FY+1

FY+2

FQ+1

FQ+2

08/12 Y

08/13 Y

08/12 Q4

11/12 Q1

S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

-

-50.37 -103.24 -0.36 4.7% 4.5% 0.00 0.00 -

Sales/Revenue/Turnover

1.0 0.9

1.00

0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

0.1 0.0

0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Tanzanian Royalty Exploration Corp Holdings By:

All

Holder Name VAN ECK ASSOCIATES C GEIER GROUP LLC BPI FUNDOS GFIM SA/P SINCLAIR JAMES E BPI GLOBAL INVESTMEN BLACKROCK INC BMO FINANCIAL CORP JONES HEWARD INVESTM FRANCIS M REPS MORROW ROSALIND VANGUARD GROUP INC AXA BLACKROCK INSTITUTIO HARVEY WILLIAM M KRECZMER MAREK J PORTOLA GROUP INCORP CANADA PENSION PLAN PEAK6 INVESTMENTS LP HSBC TRINKAUS INVEST DEUTSCHE BANK AG

Firm Name

Portfolio Name VAN ECK ASSOCIATES C n/a Multiple Portfolios n/a Multiple Portfolios BLACKROCK INC BMO FINANCIAL CORP Multiple Portfolios FRANCIS M REPS n/a Multiple Portfolios AXA BLACKROCK INSTITUTIO n/a n/a PORTOLA GROUP INCORP CANADA PENSION PLAN PEAK6 INVESTMENTS LP Multiple Portfolios DEUTSCHE BANK AKTIEN

Analyst

Source 13F 13G MF-AGG SEDI MF-AGG 13F 13F MF-AGG 13F SEDI MF-AGG 13F 13F SEDI SEDI 13F 13F 13F MF-AGG 13F

Recommendation

Amt Held 10'965'252 4'879'743 4'202'587 2'082'643 711'779 592'881 484'695 434'230 430'500 424'047 417'740 395'643 365'410 332'358 319'858 212'560 175'712 112'460 100'000 94'226

% Out 10.92 4.86 4.18 2.07 0.71 0.59 0.48 0.43 0.43 0.42 0.42 0.39 0.36 0.33 0.32 0.21 0.17 0.11 0.1 0.09

Weighting

Change

Latest Chg 2'240'814 (4'801'048) 36'110 (10'980) (53'131) 521'976 38'968 (2'500) 17'903 300 (34'620) 12'845 (3'000) 560 (171'454) 112'460 30'000 40'043

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2012 10.11.2011 30.06.2012 15.06.2012 31.07.2012 30.06.2012 30.06.2012 06.09.2012 31.03.2012 29.05.2012 30.06.2012 30.06.2012 30.06.2012 08.05.2012 05.11.2010 30.06.2012 30.06.2012 30.06.2012 28.02.2011 30.06.2012

Date

Inst Type Investment Advisor Other Mutual Fund Manager n/a Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor n/a n/a Investment Advisor Pension Fund (ERISA) Hedge Fund Manager Mutual Fund Manager Investment Advisor

Date


14.09.2012

Golden Star Resources Ltd 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.

Price/Volume 3

14.0 M

3

12.0 M 10.0 M

2

Latest Fiscal Year: LTM as of: 52-Week High (14.09.2011) 52-Week Low (22.05.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GSS US EQUITY YTD Change GSS US EQUITY YTD % CHANGE

12/1997 06/yy 2.50 0.90 5'085'622.00 1.69 -32.40% 87.78% 49.38% 258.9 437.48 139.22 0.0 (1.3) 103.64 476.08

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

1

4.0 M

1

2.0 M

0 s-11

o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 175.6 4.78x 6.0 139.20x (36.4) 0.00x

8.0 M

2

Valuation Analysis

31.12.2008 31.12.2009 257.4 0.0 1.43x 0.00x 1.8 0.0 200.09x 0.00x (119.3) 0.0 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 432.7 2.72x 107.6 10.93x (11.2) 0.00x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 471.0 0.98x 91.8 5.00x (2.1) 0.00x 91.81 20.34 4.32% 1.80% -0.28% -0.47% -0.87% 0.64% 10.8% 19.5% 4.3% -0.4% 0.86 0.49 19.13% 31.67% 42.89 6.02

Price/ Cash Flow

06/yy 435.4 8.65x 72.3 7.99x 4.5 81.43x

LTM 06/yy 512.0 3.61x 119.7 2.83x 8.6 0.00x

FY+1

.0 M s-12

0.00 1.27 256.00 11.21 -27.47% 2.42% 1.272 11 2.818 2'843'809 2'179'707 2'029'742 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 567.9 639.9 146.0 159.7 0.78x 0.52x 3.07x 3.38x 162.5 210.5 48.0 57.3 2.93x 2.26x 1.69x 1.48x 40.2 83.9 13.3 19.3 13.74x 5.79x 5.20x 4.28x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

10.33 -1.08 0.39 1.52 31.7% 24.1% 0.64 0.94 8.51 60.59 31.99 37.12

Sales/Revenue/Turnover

30.00

500.0 450.0

25.00

400.0 350.0

20.00

300.0

15.00

250.0 200.0

10.00

150.0 100.0

5.00 0.00 02.01.2009

50.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Golden Star Resources Ltd Holdings By:

All

Holder Name SENTRY SELECT CAPITA SENTRY SELECT CAPITA VAN ECK ASSOCIATES C HEARTLAND ADVISORS I ACADIAN ASSET MANAGE BLACKROCK FUND ADVIS STATE STREET CORP BLACKROCK INSTITUTIO NORTHERN TRUST CORPO BATTERYMARCH FINANCI NORGES BANK BLACKROCK INC SUN VALLEY GOLD LLC TIAA CREF INVESTMENT BMO FINANCIAL CORP LEGG MASON CAPITAL M RENAISSANCE TECHNOLO GOLDMAN SACHS GROUP BPI FUNDOS GFIM SA/P JONES HEWARD INVESTM

Firm Name Macquarie Canaccord Genuity Corp EVA Dimensions CIBC World Markets Raymond James National Bank Financial Scotia Capital Credit Suisse BMO Capital Markets Paradigm Capital Inc

Portfolio Name SENTRY SELECT CAPITA n/a VAN ECK ASSOCIATES C HEARTLAND ADVISORS I ACADIAN ASSET MANAGE BLACKROCK FUND ADVIS STATE STREET CORPORA BLACKROCK INSTITUTIO NORTHERN TRUST CORPO BATTERYMARCH FINANCI NORGES BANK BLACKROCK INC SUN VALLEY GOLD LLC TIAA-CREF INVESTMENT BMO FINANCIAL CORP Multiple Portfolios RENAISSANCE TECHNOLO GOLDMAN SACHS GROUP Multiple Portfolios Multiple Portfolios

Analyst PIERRE VAILLANCOURT RAHUL PAUL TEAM COVERAGE COSMOS CHIU BRAD HUMPHREY PAOLO LOSTRITTO TREVOR TURNBULL ANITA SONI ANDREW BREICHMANAS DON MACLEAN

Source 13F PROXY 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F MF-AGG 13F 13F MF-AGG MF-AGG

Recommendation neutral hold buy sector perform market perform sector perform sector perform neutral market perform sell

Amt Held 34'588'600 32'626'900 29'551'718 27'972'500 7'151'979 5'701'267 4'505'660 4'144'032 2'944'837 2'314'354 1'934'059 1'868'773 1'822'482 1'371'693 1'364'452 1'350'494 1'253'700 1'159'509 1'132'798 1'118'669

% Out 13.36 12.6 11.42 10.81 2.76 2.2 1.74 1.6 1.14 0.89 0.75 0.72 0.7 0.53 0.53 0.52 0.48 0.45 0.44 0.43

Weighting

Change 3 3 5 3 3 3 3 3 3 1

M M U M M M M M M M

Latest Chg 34'588'600 5'990'936 5'789'250 (1'214'032) 764'430 (275'630) (751'232) 40'470 638'051 1'934'059 (1'160'481) 116'122 102'421 434'841 1'253'700 70'245 -

Target Price 2 1 #N/A N/A 2 2 2 1 2 2 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2012 14.03.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 31.12.2011 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 06.09.2012

Date 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor

Date 07.09.2012 04.09.2012 17.08.2012 13.08.2012 10.08.2012 10.08.2012 09.08.2012 23.07.2012 17.07.2012 21.02.2012


14.09.2012

Vista Gold Corp Vista Gold Corp. is an international gold mining company. The Company is focused on its core projects, the Concordia gold project located in Baja California Sur, Mexico and the Mt. Todd gold project in Northern Territory, Australia.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2011) 52-Week Low (16.05.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VGZ US EQUITY YTD Change VGZ US EQUITY YTD % CHANGE

12/2007 06/yy 4.59 2.28 832'287.00 3.54 -22.88% 55.26% 54.55% 77.2 273.31 0.00 0.0 0.0 18.86 265.00

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2008 31.12.2009 0.0 0.0 0.00x 0.00x (6.5) (6.1) 0.00x 0.00x (10.0) (1.9) 0.00x 0.00x Profitability

6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M o-11

LTM-4Q 31.12.2010 0.0 0.00x (17.7) 0.00x (20.0) 0.00x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 0.0 0.00x (28.1) 0.00x 51.5 0.00x -28.15 -28.57 39.11% 51.66% 46.38% 0.00% 6.26 5.85 0.00% 0.00% -

Price/ Cash Flow

06/yy 0.0 #DIV/0! (19.7) 0.00x 34.6 0.00x

n-11

d-11

j-12

f-12

LTM 06/yy 0.0 #DIV/0! (34.1) 0.00x (34.1) 0.00x

m-12

a-12

m-12

j-12

j-12

a-12

.0 M s-12

0.00 1.37 65.68 3.73 -22.03% 15.31% 1.374 5 5.000 501'849 391'404 377'119

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

09/12 Q3

12/12 Q4

(30.3) (26.5) (59.0) (21.5) S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

(8.0) (8.6) -

(8.0) (8.6) -234.58 -248.53 0.00 0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

4.00

4.0

3.50

3.5

3.00

3.0

2.50

2.5

2.00

2.0

1.50

1.5

1.00

1.0

0.50

0.5

0.00 02.01.2009

7.0 M

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 0.0 0.00x (9.2) 0.00x (13.2) 0.00x

5 5 4 4 3 3 2 2 1 1 0 s-11

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Vista Gold Corp Holdings By:

All

Holder Name SUN VALLEY GOLD LLC SPROTT INC VAN ECK ASSOCIATES C BLACKROCK INSTITUTIO LOEWS CORPORATION BLACKROCK FUND ADVIS RUFFER LLP STATE STREET CORP NORTHERN TRUST CORPO ANDREEFF EQUITY ADVI ROYCE AND ASSOCIATES TIAA CREF INVESTMENT IFM - INDEPENDENT FU BMO FINANCIAL CORP BANK OF NEW YORK MEL JONES HEWARD INVESTM STRS OHIO GEODE CAPITAL MANAGE FIDELITY MANAGEMENT RICHINGS MICHAEL B

Firm Name Roth Capital Partners Global Hunter Securities Dahlman Rose & Co Stonegate Securities Inc National Bank Financial GMP

Portfolio Name n/a n/a VAN ECK ASSOCIATES C BLACKROCK INSTITUTIO LOEWS CORPORATION BLACKROCK FUND ADVIS Multiple Portfolios STATE STREET CORPORA NORTHERN TRUST CORPO ANDREEFF EQUITY ADVI ROYCE & ASSOCIATES L TIAA-CREF INVESTMENT Multiple Portfolios BMO FINANCIAL CORP BANK OF NEW YORK MEL Multiple Portfolios STRS OHIO GEODE CAPITAL MANAGE Multiple Portfolios n/a

Analyst BRIAN W POST JEFF WRIGHT ADAM P GRAF MARCO RODRIGUEZ PAOLO LOSTRITTO CRAIG WEST

Source Co File Co File 13F 13F 13F 13F MF-AGG 13F 13F 13F 13F 13F MF-AGG 13F 13F MF-AGG 13F 13F MF-AGG Form 4

Recommendation buy buy buy no rating system outperform buy

Amt Held 10'812'310 8'645'873 8'193'288 2'128'050 1'758'748 1'285'745 1'105'000 1'014'508 791'538 755'085 498'000 344'140 342'149 332'497 327'525 309'137 267'400 261'163 255'990 205'457

% Out 14 11.2 10.61 2.76 2.28 1.67 1.43 1.31 1.03 0.98 0.65 0.45 0.44 0.43 0.42 0.4 0.35 0.34 0.33 0.27

Weighting

Change

5 5 5 #N/A N/A 5 5

M M M M M M

Latest Chg 1'666'666 3'096'315 1'680'487 (49'745) (215'989) (149'896) (103'976) (14'549) 57'695 (22'788) (13'000) 26'742 (15'593) 16'700 (411) 1'072 (17'982)

Target Price 9 7 14 #N/A N/A 5 7

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 27.07.2012 31.07.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.04.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 29.03.2012 30.06.2012 30.06.2012 06.09.2012 30.06.2012 30.06.2012 31.07.2012 27.08.2012

Date 12 month 12 month 12 month Not Provided 12 month Not Provided

Inst Type Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Corporation Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Pension Fund (ERISA) Investment Advisor Investment Advisor n/a

Date 07.09.2012 05.09.2012 04.09.2012 13.08.2012 16.07.2012 07.06.2012


14.09.2012

Great Basin Gold Ltd Great Basin Gold Limited explores and develops gold properties. The Company prospects for gold in the Witwatersrand Basin in South Africa and the Carlin Trend in Nevada.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.09.2011) 52-Week Low (13.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GBG US EQUITY YTD Change GBG US EQUITY YTD % CHANGE

12/2011 06/yy 2.29 0.08 28'840'981.00 0.0877 -96.17% 15.09% 0.52% 552.4 48.45 282.45 0.0 0.0 25.75 323.28

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20

25.0 M

2

20.0 M

2

15.0 M

1

10.0 M

1

5.0 M

0 s-11

o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 0.0 0.00x (62.2) 0.00x (51.2) 0.00x

3

31.12.2008 31.12.2009 24.7 33.7 14.86x 19.15x (104.9) (50.6) 0.00x 0.00x (84.9) (48.4) 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 99.7 14.22x (15.7) 0.00x (27.1) 0.00x

31.12.2011 170.3 4.16x 18.3 38.63x (17.7) 0.00x 18.34 -0.57 -0.33% -38.35% -2.21% -3.78% 0.21% 29.7% 10.8% -0.3% -10.4% 0.78 0.50 33.22% 59.90% 14.56 7.66

06/yy 138.0 36.00x 5.2 212.82x (37.5) 0.00x

LTM 06/yy 153.0 19.98x (11.4) 0.00x (36.1) 0.00x

FY+1

.0 M s-12

1.02 528.15 5.73 -95.94% -90.37% 1.015 6 1.667 10'546'661 4'297'666 2'978'569 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 187.0 266.5 85.1 95.9 1.44x 5.7 98.6 56.97x 3.28x (221.1) 35.4 3.3 9.9 2.35x 2.12x 1.16x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

0.75 -5.72 13.99 15.40 59.9% 37.5% 0.21 0.24 25.07 47.62 33.16 39.53

Sales/Revenue/Turnover

180.0 160.0

1.00 0.80

140.0 120.0 100.0

0.60

80.0 60.0

0.40 0.20

40.0 20.0 0.0

0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Great Basin Gold Ltd Holdings By:

All

Holder Name VAN ECK ASSOCIATES C BLACKROCK GROUP LIMI RUFFER LLP TRANTER GOLD (BEE) UNITED SERVICES AUTO FRANKLIN RESOURCES I MACKENZIE FINANCIAL WELLS CAPITAL MANAGE FIRST EAGLE INVESTME NEWGATE CAPITAL MANA FIDELITY MANAGEMENT BMO FINANCIAL CORP ROYCE AND ASSOCIATES BLACKROCK INC NORGES BANK VANGUARD GROUP INC JONES HEWARD INVESTM INVESTEC ASSET MANAG INVESTEC ASSET MANAG AMERICAN CENTURY COM

Firm Name RBC Capital Markets BMO Capital Markets Stifel Nicolaus Dahlman Rose & Co EVA Dimensions Raymond James

Portfolio Name VAN ECK ASSOCIATES C BLACKROCK GROUP LIMI Multiple Portfolios n/a UNITED SERVICES AUTO FRANKLIN ADVISERS IN MACKENZIE FINANCIAL WELLS CAPITAL MANAGE FIRST EAGLE INVESTME NEWGATE CAPITAL MANA FIDELITY MANAGEMENT BMO FINANCIAL CORP ROYCE & ASSOCIATES L BLACKROCK INC NORGES BANK Multiple Portfolios Multiple Portfolios INVESTEC ASSET MANAG Multiple Portfolios AMERICAN CENTURY COM

Analyst JONATHAN GUY ANDREW BREICHMANAS JOSH WOLFSON ADAM P GRAF TEAM COVERAGE BRAD HUMPHREY

Source 13F 13F MF-AGG Research 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F MF-AGG MF-AGG 13F MF-AGG 13F

Recommendation underperform underperform sell buy underweight underperform

Amt Held 25'277'901 24'619'800 22'797'000 20'932'183 18'400'000 17'785'700 17'285'800 13'649'510 9'686'130 5'725'013 5'547'298 3'955'707 3'953'900 3'853'973 3'463'573 2'982'704 2'397'036 2'165'846 2'155'846 2'127'600

% Out 4.58 4.46 4.13 3.79 3.33 3.22 3.13 2.47 1.75 1.04 1 0.72 0.72 0.7 0.63 0.54 0.43 0.39 0.39 0.39

Weighting

Change 1 1 1 5 1 1

M M M M D D

Latest Chg 7'871'906 16'500 2'740'000 4'851'800 1'216'090 (828'600) (1'742'538) (85'000) 529'985 (1'916'136) 3'463'573 175'143 (260'000) (270'000) (440'900)

Target Price 0 #N/A N/A #N/A N/A 3 #N/A N/A 0

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.04.2012 Hedge Fund Manager 24.04.2012 n/a 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2011 Government 30.06.2012 Investment Advisor 06.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor

Date 12 month Not Provided Not Provided Not Provided Not Provided 12 month

Date 07.09.2012 05.09.2012 04.09.2012 04.09.2012 20.08.2012 16.08.2012


14.09.2012

B2Gold Corp B2Gold Corporation is a gold exploration and production company. The Company is a Vancouver based gold producer with mines in Nicaragua and a portfolio of development and exploration assets in Nicaragua, Colombia and Uruguay.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.04.2012) 52-Week Low (16.05.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BTO CN EQUITY YTD Change BTO CN EQUITY YTD % CHANGE

Price/Volume

12/2011 06/yy 4.55 2.63 4'947'071.00 4.1 -9.89% 55.89% 76.56% 392.7 1'609.92 1.46 0.0 3.9 102.29 1'594.96

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M

o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 0.0 0.00x (4.2) 0.00x (4.2) 0.00x

5 5 4 4 3 3 2 2 1 1 0 s-11

31.12.2008 31.12.2009 0.0 20.6 0.00x 15.58x (10.6) (9.6) 0.00x 0.00x (30.0) (27.8) 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 127.5 6.62x 38.1 22.14x 20.0 135.27x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 225.4 4.75x 112.0 9.55x 56.3 19.06x 111.98 85.81 38.08% 35.73% 12.54% 14.79% 14.76% 0.50% 54.7% 49.7% 38.1% 25.0% 4.93 3.58 0.26% 0.31% 39.77 4.43

Price/ Cash Flow

06/yy 195.2 17.61x 91.5 11.80x 58.8 24.15x

LTM 06/yy 238.6 20.70x 111.1 9.83x 56.4 18.78x

FY+1

.0 M s-12

0.00 1.47 357.52 4.53 1.74% 32.26% 1.468 5 4.200 2'660'591 2'042'355 2'169'293 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 258.3 338.3 69.0 74.9 6.11x 4.39x 22.89x 21.07x 124.7 216.3 34.3 39.9 12.79x 7.37x 8.29x 7.25x 67.5 130.0 18.1 22.0 22.11x 14.06x 16.72x 15.06x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

183.28 43.09 -0.90 0.01 0.3% 0.3% 0.50 0.70 9.18 82.46 55.39 36.25

Sales/Revenue/Turnover

140.00

250.0

120.00

200.0

100.00

150.0

80.00 60.00

100.0

40.00

50.0 20.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

B2Gold Corp Holdings By:

All

Holder Name FIDELITY MANAGEMENT RESOLUTE FUNDS LTD VAN ECK ASSOCIATES C BLACKROCK GROUP LIMI RBC GLOBAL ASSET MAN SENTRY SELECT CAPITA JOHNSON CLIVE T OPPENHEIMERFUNDS INC MANULIFE ASSET MANAG CI INVESTMENTS INC GARAGAN THOMAS CORRA MARK A RICHER ROGER THOMAS GLOBAL STRATEGY FINA JPMORGAN ASSET MANAG STANSBURY DENNIS ROB SCEPTRE INVESTMENT C BLACKROCK INSTITUTIO FIRST CANADIAN MUTUA AMERICAN CENTURY COM

Firm Name Macquarie Canaccord Genuity Corp Cormark Securities Inc. TD Securities EVA Dimensions Raymond James

Portfolio Name Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MICHAEL GRAY STEVEN BUTLER RICHARD GRAY STEVEN J GREEN TEAM COVERAGE FORBES GEMMELL

Source MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG SEDI MF-AGG MF-AGG MF-AGG SEDI SEDI SEDI MF-AGG MF-AGG SEDI MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform buy top pick buy underweight Under Review

Amt Held 46'327'233 33'800'000 25'779'935 18'054'900 14'982'735 12'275'000 7'716'820 6'311'108 5'673'411 4'862'641 4'829'832 4'823'582 4'569'832 4'254'075 4'100'000 3'949'132 3'945'920 2'938'186 2'800'800 2'698'517

% Out 11.8 8.61 6.57 4.6 3.82 3.13 1.97 1.61 1.44 1.24 1.23 1.23 1.16 1.08 1.04 1.01 1 0.75 0.71 0.69

Weighting

Change

5 5 5 5 1 #N/A N/A

M M M M D M

Latest Chg 175'000 (11'874'000) 74'858 (1'046'254) (14'705) 230'000 18'108 (84'000) (500'000) (500'000) (500'000) (275'500) (250'000) (1'442'800) (434) (180'000) 4'999

Target Price 5 5 6 5 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.07.2012 Investment Advisor 28.02.2011 Investment Advisor 05.09.2012 Investment Advisor 04.09.2012 Investment Advisor 30.03.2012 Investment Advisor 30.06.2011 Investment Advisor 09.08.2012 n/a 28.06.2012 Investment Advisor 31.08.2012 Investment Advisor 20.08.2012 Hedge Fund Manager 30.05.2012 n/a 30.05.2012 n/a 30.05.2012 n/a 30.09.2011 Investment Advisor 30.04.2012 Investment Advisor 30.05.2012 n/a 31.05.2012 Investment Advisor 05.09.2012 Investment Advisor 30.04.2012 Investment Advisor 30.06.2012 Investment Advisor

Date 12 month 12 month 12 month 12 month Not Provided Not Provided

Date 07.09.2012 04.09.2012 21.08.2012 15.08.2012 13.08.2012 16.05.2012


14.09.2012

Perseus Mining Ltd Perseus Mining Limited is a mineral exploration Company. The Company explores for gold in West Africa and Central Asia regions.

Price/Volume 5

8.0 M

4

7.0 M

4

6.0 M

3

5.0 M

3

Latest Fiscal Year: LTM as of: 52-Week High (21.09.2011) 52-Week Low (09.05.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PRU CN EQUITY YTD Change PRU CN EQUITY YTD % CHANGE

06/2012 06/yy 3.95 2.17 8'487'620.00 2.85 -27.85% 31.34% 37.64% 458.0 1'305.19 60.26 0.0 (0.6) 105.50 1'231.47

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20 1.00

3.0 M

2 1

2.0 M

1

1.0 M

0 s-11

o-11

n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

j-12

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 30.06.2008 0.0 0.00x (5.5) 0.00x (4.8) 0.00x

4.0 M

2

Valuation Analysis

30.06.2009 30.06.2010 0.0 0.0 0.00x 0.00x (3.3) (10.1) 0.00x 0.00x (4.8) (9.7) 0.00x 0.00x Profitability

LTM-4Q 30.06.2011 0.0 0.00x (32.0) 0.00x (48.2) 0.00x

30.06.2012 144.7 7.53x 55.3 19.72x 47.2 0.00x 55.28 45.11 31.18% 41.62% 10.35% 16.28% 15.25% 0.32% 38.2% 31.2% 32.6% 1.55 1.13 11.39% 16.72% 24.73 -

06/yy 0.0 #DIV/0! (10.8) 0.00x (48.2) 0.00x

LTM 06/yy 144.7 30.95x 55.3 19.72x 47.2 0.00x

FY+1

.0 M s-12

1.52 449.33 0.27 -24.00% 12.20% 1.522 22 4.182 4'243'283 1'788'912 1'191'358 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 09/12 Q1 12/12 Q2 394.5 559.4 84.8 84.8 3.14x 2.00x 14.56x 14.56x 192.0 293.7 38.0 38.0 6.41x 4.19x 6.78x 5.89x 110.0 176.6 21.5 21.5 11.29x 7.19x 9.96x 8.91x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

28.59 26.67 -0.82 1.09 16.7% 14.3% 0.32 0.56 14.80 -

Sales/Revenue/Turnover

160.0 140.0 120.0

0.80 0.60

100.0 80.0 60.0

0.40 0.20

40.0 20.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Perseus Mining Ltd Holdings By:

All

Holder Name DUNDEE CORP THE BANK OF NOVA SCO VAN ECK ASSOCIATES C GOODMAN & CO INVESTM RBC GLOBAL ASSET MAN SENTRY SELECT CAPITA MACKENZIE FINANCIAL FIRST CANADIAN MUTUA FIDELITY MANAGEMENT JPMORGAN ASSET MANAG UNITED SERVICES AUTO SCOTIA ASSET MANAGEM GLOBAL STRATEGY FINA WELLS FARGO FUNDS MA CALDERWOOD MARK ANDR MONTRUSCO BOLTON INV LB SWISS INVESTMENT SPROTT INC TD ASSET MANAGEMENT BLACKROCK INSTITUTIO

Firm Name RBC Capital Markets CIBC World Markets Dundee Securities Corp Clarus Securities BMO Capital Markets Credit Suisse JPMorgan Macquarie Nomura GMP Argonaut Securities Pty Ltd Goldman Sachs BGF Equities Pty Ltd RBS Cormark Securities Inc. E.L. & C. Baillieu Evans & Partners Pty Ltd EVA Dimensions

Portfolio Name n/a #N/A N/A n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst STEUART MCINTYRE COSMOS CHIU RON STEWART NANA SANGMUAH ANDREW BREICHMANAS MICHAEL SLIFIRSKI ANDREW MUIR PIERRE VAILLANCOURT DAVID COTTERELL LEVI SPRY PATRICK CHANG PAUL HISSEY REG SPENCER PHILLIP CHIPPINDALE MIKE KOZAK RAY CHANTRY CATHY MOISES TEAM COVERAGE

Source EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation sector perform sector outperform buy buy outperform outperform overweight outperform neutral buy buy neutral/attractive buy buy market perform buy neutral sell

Amt Held 50'889'000 49'800'230 38'275'257 37'964'700 17'196'200 15'141'500 9'425'100 6'820'800 6'804'308 6'475'600 5'421'800 5'125'300 4'610'900 3'800'000 3'600'000 3'504'793 3'500'000 3'293'932 3'135'200 2'890'707

% Out 11.11 10.87 8.36 8.29 3.75 3.31 2.06 1.49 1.49 1.41 1.18 1.12 1.01 0.83 0.79 0.77 0.76 0.72 0.68 0.63

Weighting

Change 3 5 5 5 5 5 5 5 3 5 5 3 5 5 3 5 3 1

M M M M M M M M M M M M M M M M D N

Latest Chg (5'997'500) (1'088'770) 5'186'032 (2'984'100) (2'269'800) 150'000 465'600 (1'000'000) 419'969 300'000 (64'800) -

Target Price 3 4 4 5 3 3 4 3 3 3 3 3 3 3 3 3 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 12.10.2011 Holding Company 31.08.2012 Investment Advisor 01.06.2012 Investment Advisor 31.05.2012 Hedge Fund Manager 30.03.2012 Investment Advisor 30.06.2011 Investment Advisor 31.05.2012 Investment Advisor 30.04.2012 Investment Advisor 31.07.2012 Investment Advisor 30.04.2012 Investment Advisor 31.05.2012 Investment Advisor 31.07.2012 Investment Advisor 30.09.2011 Investment Advisor 30.06.2012 Investment Advisor 04.09.2012 n/a 31.07.2012 Investment Advisor 30.03.2012 Mutual Fund Manager 30.06.2011 Hedge Fund Manager 31.12.2011 Investment Advisor 05.09.2012 Investment Advisor

Date 12 month 12 month 12 month Not Provided Not Provided Not Provided 9 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided

Date 03.09.2012 31.08.2012 31.08.2012 31.08.2012 28.08.2012 28.08.2012 28.08.2012 28.08.2012 28.08.2012 21.08.2012 15.08.2012 14.08.2012 14.08.2012 03.08.2012 31.07.2012 20.07.2012 19.07.2012 13.01.2012


14.09.2012

Silvercorp Metals Inc Silvercorp Metals Inc. acquires, explores, and develops mineral properties in China. The Company is developing its Ying Silver project located in the People's Republic of China.

Price/Volume 12

40.0 M 35.0 M

10

30.0 M 8

Latest Fiscal Year: LTM as of: 52-Week High (28.10.2011) 52-Week Low (16.05.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SVM US EQUITY YTD Change SVM US EQUITY YTD % CHANGE

03/2012 06/yy 10.08 4.89 2'618'718.00 6.56 -34.91% 34.15% 32.19% 170.7 1'119.91 0.00 0.0 77.0 154.51 1'057.37

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

10.0 M 0 s-11

31.03.2009 31.03.2010 83.5 107.2 3.67x 9.86x 40.4 66.4 7.59x 15.92x (16.0) 38.5 0.00x 0.00x Profitability

5.0 M o-11

LTM-4Q 31.03.2011 167.3 14.29x 110.3 21.68x 67.7 0.00x

31.03.2012 238.0 4.61x 155.3 7.06x 73.8 0.00x 155.30 141.60 59.50% 61.72% 13.65% 17.70% 21.00% 0.44% 74.3% 65.3% 59.5% 31.0% 4.48 4.16 0.00% 0.00% 34.10 11.22

06/yy 200.3 35.96x 138.5 10.70x 79.2 0.00x

n-11

d-11

j-12

f-12 m-12

LTM 06/yy 212.8 19.92x 125.9 7.01x 54.3 0.00x

a-12 m-12

j-12

j-12

a-12

FY+1

.0 M s-12

1.21 164.93 9.15 2.76% 3.35% 1.208 6 3.667 1'676'482 1'479'017 1'248'995 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 09/12 Q2 12/12 Q3 198.0 295.8 48.6 53.3 5.61x 3.74x 23.15x 21.22x 98.0 164.3 25.7 30.2 10.79x 6.44x 8.81x 8.06x 38.9 77.2 11.5 14.0 27.91x 14.48x 19.64x 17.13x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

1652.13 900.45 -0.99 0.00 0.0% 0.0% 0.44 0.86 10.73 32.62 103.55 -60.19

Sales/Revenue/Turnover

250.0

1.00

200.0

0.60

15.0 M

2

1.20

0.80

20.0 M

4

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.03.2008 108.4 10.33x 76.7 14.60x 59.9 0.00x

25.0 M

6

Valuation Analysis

150.0 100.0

0.40

50.0 0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Silvercorp Metals Inc Holdings By:

All

Holder Name VAN ECK ASSOCIATES C ROYCE AND ASSOCIATES FENG RUI RENAISSANCE TECHNOLO AXA GLOBAL X MANAGEMENT PUBLIC SECTOR PENSIO IG INVESTMENT MANAGE UBS AG BLACKROCK INSTITUTIO SENTRY SELECT CAPITA NORGES BANK BLACKROCK ADVISERS BLACKROCK INC IA CLARINGTON INVEST TD ASSET MANAGEMENT CANADA PENSION PLAN VANGUARD GROUP INC SUSQUEHANNA INTERNAT LOMBARD ODIER DARIER

Firm Name Salman Partners BMO Capital Markets EVA Dimensions Raymond James Knight

Portfolio Name #N/A N/A ROYCE & ASSOCIATES L n/a RENAISSANCE TECHNOLO AXA GLOBAL X MANAGEMENT PUBLIC SECTOR PENSIO IG INVESTMENT MANAGE UBS AG BLACKROCK INSTITUTIO SENTRY SELECT CAPITA NORGES BANK BLACKROCK ADVISORS L BLACKROCK INC Multiple Portfolios TD ASSET MANAGEMENT CANADA PENSION PLAN Multiple Portfolios SUSQUEHANNA INTERNAT Multiple Portfolios

Analyst ASH GUGLANI ANDREW KAIP TEAM COVERAGE BRAD HUMPHREY TEAM COVERAGE

Source Co File 13F SEDI 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F MF-AGG 13F 13F MF-AGG 13F MF-AGG

Recommendation buy market perform underweight outperform strong buy

Amt Held 17'259'345 5'680'450 4'139'500 3'459'700 2'259'386 2'014'026 1'582'860 1'400'100 1'382'201 1'349'081 1'349'000 1'277'864 1'207'400 1'175'508 1'072'200 1'048'613 1'013'436 981'976 956'399 930'000

% Out 10.11 3.33 2.42 2.03 1.32 1.18 0.93 0.82 0.81 0.79 0.79 0.75 0.71 0.69 0.63 0.61 0.59 0.58 0.56 0.54

Weighting

Change 5 3 1 5 5

M M D M M

Latest Chg 1'306'114 (26'000) 135'000 431'400 316'299 8'253 14'009 1'349'000 1'277'864 27'300 (94'791) 893'500 28'100 232'786 50'664 (63'986) 235'000

Target Price 9 7 #N/A N/A 10 13

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 16.09.2011 n/a 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2011 Government 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Pension Fund (ERISA) 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Mutual Fund Manager

Date 12 month Not Provided Not Provided 12 month 12 month

Date 06.09.2012 04.09.2012 15.08.2012 07.08.2012 20.09.2011


14.09.2012

Medusa Mining Ltd Medusa Mining Limited is a gold exploration and mining Company. The Company has exploration projects located in Western Australia and the Philippines along with mining leases in Tasmania.

Price/Volume 9

3.5 M

8

3.0 M

7

2.5 M

6

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2011) 52-Week Low (29.12.2011) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MML AU EQUITY YTD Change MML AU EQUITY YTD % CHANGE

06/2012 01/yy 8.39 4.31 1'413'189.00 5.99 -28.61% 38.98% 27.21% 188.9 1'131.53 0.00 0.0 0.0 12.47 1'184.75

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

4

1.5 M

3

1.0 M

2

.5 M

1 0 s-11

o-11

n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

j-12

.0 M s-12

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 30.06.2008 15.8 9.93x 4.6 34.16x (1.2) 0.00x

5

30.06.2009 30.06.2010 42.6 93.9 5.99x 6.25x 30.4 73.0 8.41x 8.04x 28.5 65.8 8.88x 8.74x Profitability

30.06.2011 148.7 8.51x 120.2 10.54x 110.4 12.02x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

30.06.2012 80.8 11.40x 57.6 16.00x 49.2 18.94x 57.59 47.69 59.02% 59.50% 15.95% 16.63% 0.26% 74.3% 71.3% 59.0% 60.9% 5.30 0.79 0.00% 0.00% 1.83

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.17 1.16 175.06 1.70 -25.45% 36.20% 1.163 11 4.636 914'201 815'252 685'370 FY+2

06/13 Y 06/14 Y 170.7 284.6 6.76x 3.83x 135.1 227.0 8.77x 5.22x 122.9 204.1 9.92x 6.08x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

FQ+1

FQ+2

-

-

-0.22 0.00 0.0% 0.0% 0.26 1.55 200.48 151.36 -

Sales/Revenue/Turnover

35.00

160.0

30.00

140.0 120.0

25.00

100.0 20.00

80.0 15.00

60.0

10.00

40.0

5.00

20.0

0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Medusa Mining Ltd Holdings By:

All

Holder Name VANGUARD GROUP INC M&G INVESTMENT MANAG FIDELITY MANAGEMENT VAN ECK ASSOCIATES C BLACKROCK GROUP ROYCE AND ASSOCIATES REX HARBOUR & ASSOCI BLACKROCK GROUP LIMI DAVIS GEOFFREY JOHN UCA FUNDS MANAGEMENT FIRST EAGLE INVESTME AFDAL SAMUEL G DANIEL ROY PHILIP QUANTEX AG FIDELITY INTERNATION SPROTT INC JPMORGAN ASSET MANAG VANGUARD INVESTMENTS OLD MUTUAL INVESTMEN OPPENHEIMERFUNDS INC

Firm Name EVA Dimensions Morgan Stanley Goldman Sachs Seymour Pierce Deutsche Bank RBC Capital Markets Fairfax I.S. Limited RBS Paradigm Capital Inc

Portfolio Name Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst TEAM COVERAGE BRENDAN FITZPATRICK PAUL HISSEY ASA BRIDLE CHRIS TERRY STEUART MCINTYRE JOHN MEYER PHILLIP CHIPPINDALE DON MACLEAN

Source MF-AGG EXCH EXCH EXCH EXCH MF-AGG EXCH MF-AGG Co File MF-AGG MF-AGG Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation sell Overwt/Attractive buy/attractive buy buy outperform buy buy buy

Amt Held 26'112'778 24'550'000 21'805'480 13'406'656 9'336'952 6'648'801 6'647'146 4'631'974 4'052'750 2'648'703 2'613'520 1'450'000 1'425'000 1'370'000 1'365'433 1'348'102 1'300'000 990'088 903'400 900'000

% Out 13.82 13 11.54 7.1 4.94 3.52 3.52 2.45 2.15 1.4 1.38 0.77 0.75 0.73 0.72 0.71 0.69 0.52 0.48 0.48

Weighting

Change 1 5 5 5 5 5 5 5 5

D M M M M M M M M

Latest Chg 136'222 1'695'000 (1'962'429) 2'016'127 (134'653) (332'299) (4'714'520) 1'262 (415) (98'933) 5'922 -

Target Price #N/A N/A 7 7 6 7 7 9 7 9

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2012 01.08.2011 28.03.2012 15.06.2012 01.02.2011 31.03.2012 24.03.2011 04.09.2012 29.08.2012 31.07.2012 31.03.2012 30.06.2012 30.06.2012 23.08.2012 30.12.2011 30.06.2011 30.04.2012 29.06.2012 31.07.2012 28.06.2012

Date Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor n/a Mutual Fund Manager Hedge Fund Manager n/a n/a Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor

Date 07.09.2012 06.09.2012 31.08.2012 30.08.2012 29.08.2012 29.08.2012 29.08.2012 03.08.2012 06.03.2012


14.09.2012

Rubicon Minerals Corp Rubicon Minerals Corporation is a mineral exploration company. The Company explores for gold deposits in the Red Lake gold camp of Canada, as well as Nevada and Alaska.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2011) 52-Week Low (16.05.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RMX CN EQUITY YTD Change RMX CN EQUITY YTD % CHANGE

12/2011 06/yy 4.60 2.57 1'219'233.00 3.59 -21.96% 39.69% 50.25% 287.6 1'032.33 0.00 0.0 0.0 69.12 809.22

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

31.12.2008 31.12.2009 0.0 0.0 0.00x 0.00x (3.4) (4.6) 0.00x 0.00x (2.4) (0.6) 0.00x 0.00x Profitability

20.0 M 15.0 M 10.0 M 5.0 M

o-11

LTM-4Q 31.12.2010 0.0 0.00x (25.4) 0.00x (25.5) 0.00x

31.12.2011 0.0 0.00x (21.6) 0.00x (21.4) 0.00x -21.64 -21.69 -8.55% -8.89% 0.00% 7.63 7.61 0.00% 0.00% 0.00 -

06/yy 0.0 #DIV/0! (6.2) 0.00x (22.0) 0.00x

n-11

d-11

j-12

f-12

LTM 06/yy 0.0 #DIV/0! (22.8) 0.00x (22.1) 0.00x

m-12

a-12 m-12

j-12

j-12

.0 M s-12

a-12

0.00 1.46 267.30 2.12 -13.08% -7.24% 1.457 4 4.250 934'926 947'032 980'081

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

09/12 Q3

12/12 Q4

(7.6) (8.3) (5.7) (6.5) S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

-

0.00 0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

1.20

0.1

1.00

0.1

0.80

0.1

0.60

25.0 M

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 0.0 0.00x (3.2) 0.00x (2.2) 0.00x

5 5 4 4 3 3 2 2 1 1 0 s-11

0.1 0.0

0.40

0.0 0.20

0.0 0.00

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Rubicon Minerals Corp Holdings By:

All

Holder Name IG INVESTMENT MANAGE OPPENHEIMERFUNDS INC AGNICO-EAGLE SENTRY SELECT CAPITA RBC GLOBAL ASSET MAN SUN VALLEY GOLD LLC WELLINGTON MANAGEMEN TOGNETTI JOHN TD ASSET MANAGEMENT BLACKROCK INC INVESCO LTD FIDELITY MANAGEMENT PUBLIC SECTOR PENSIO CANADA PENSION PLAN BRIDGER MANAGEMENT L LIBRA ADVISORS LLC BLACKROCK INSTITUTIO NORGES BANK VANGUARD GROUP INC US GLOBAL INVESTORS

Firm Name BMO Capital Markets GMP TD Securities Mackie Research Capital Corp.

Portfolio Name IG INVESTMENT MANAGE OPPENHEIMER FUNDS IN n/a Multiple Portfolios RBC GLOBAL ASSET MGM SUN VALLEY GOLD LLC WELLINGTON MANAGEMEN n/a TD ASSET MANAGEMENT BLACKROCK INC INVESCO LTD FIDELITY MANAGEMENT PUBLIC SECTOR PENSIO CANADA PENSION PLAN BRIDGER MANAGEMENT L LIBRA ADVISORS LLC BLACKROCK INSTITUTIO NORGES BANK Multiple Portfolios US GLOBAL INVESTORS

Analyst ANDREW KAIP CRAIG WEST DANIEL EARLE BARRY D ALLAN

Source 13F 13F 13D MF-AGG 13F 13F 13F SEDI 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F MF-AGG 13F

Recommendation market perform buy speculative buy buy

Amt Held 16'807'800 14'371'727 10'671'827 8'634'200 8'423'343 7'263'300 6'775'589 6'583'483 4'992'017 3'476'473 3'079'706 2'736'352 2'668'400 2'571'566 2'170'000 2'055'500 1'870'779 1'807'813 1'621'029 1'500'000

% Out 5.85 5 3.71 3 2.93 2.53 2.36 2.29 1.74 1.21 1.07 0.95 0.93 0.89 0.75 0.71 0.65 0.63 0.56 0.52

Weighting

Change 3 5 4 5

Latest Chg (345'100) (351'140) (11'000'000) 1'101'751 7'263'300 1'404'643 62'500 294'300 129'101 14'836 137'100 (443'917) 100'000 (116'600) (55'896) 1'807'813 95'323 200'000

Target Price

M M M M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2012 30.06.2012 01.06.2012 30.06.2011 30.06.2012 30.06.2012 30.06.2012 24.08.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 31.12.2011 30.06.2012 30.06.2012

Date 4 8 6 6

Not Provided Not Provided 12 month 12 month

Inst Type Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Pension Fund (ERISA) Hedge Fund Manager Hedge Fund Manager Investment Advisor Government Investment Advisor Investment Advisor

Date 16.07.2012 24.05.2012 22.05.2012 09.05.2012


14.09.2012

China Gold International Resources Corp Ltd China Gold International Resources Corp Ltd.is a mining company focused on the exploration and development of gold projects in throughout Asia.

Price/Volume 6

7.0 M

5

6.0 M 5.0 M

4

Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (14.12.2011) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CGG CN EQUITY YTD Change CGG CN EQUITY YTD % CHANGE

12/2011 06/yy 5.13 1.91 582'298.00 3.82 -25.54% 100.00% 59.32% 396.3 1'513.77 227.54 0.0 5.7 354.31 1'469.89

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

2

2.0 M

1

1.0 M

0 s-11

o-11

n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

j-12

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 0.0 0.00x (11.9) 0.00x (16.5) 0.00x

4.0 M

3

Valuation Analysis

31.12.2008 31.12.2009 29.4 81.0 3.54x 7.07x (0.1) 25.0 0.00x 22.93x 14.6 (9.3) 36.15x 0.00x Profitability

LTM-4Q 31.12.2010 133.2 15.60x 69.3 29.97x 26.2 39.69x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 311.3 2.82x 140.5 6.24x 79.4 13.23x 140.49 102.93 33.06% 33.56% 4.67% 6.39% 6.34% 0.18% 38.8% 45.1% 33.1% 25.5% 2.96 2.71 13.04% 17.71% 41.80 6.22

Price/ Cash Flow

06/yy 223.9 29.55x 107.1 13.76x 55.8 19.82x

LTM 06/yy 337.0 14.66x 129.4 8.90x 74.4 17.71x

FY+1

.0 M s-12

0.00 1.38 240.20 2.72 -3.05% 49.22% 1.382 5 3.400 491'450 356'555 312'640 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 320.5 349.3 4.29x 3.41x 135.7 176.0 10.83x 8.35x 71.3 89.6 21.98x 17.74x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

10.00 4.93 -0.90 1.62 17.7% 15.0% 0.18 0.24 8.73 58.67 160.49 -93.09

Sales/Revenue/Turnover

160.00

350.0

140.00

300.0

120.00

250.0

100.00

200.0

80.00

150.0

60.00

100.0

40.00

50.0

20.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

China Gold International Resources Corp Ltd Holdings By:

All

Holder Name CHINA NATIONAL GOLD VAN ECK ASSOCIATES C FRANKLIN RESOURCES I BLACKROCK INSTITUTIO VANGUARD GROUP INC OPPENHEIMERFUNDS INC DAIWA SB INVESTMENT MARLBOROUGH FUND MAN GEOGRAPHE CORPORATE OPPENHEIM KAPITALANL SWISSCANTO FONDSLEIT HE YINGBIN IAN TD ASSET MANAGEMENT STATE STREET CORP CIBC GLOBAL ASSET MA RBC GLOBAL ASSET MAN BESSEMER GROUP INCOR SEB LUX CAPITAL SELE DIMENSIONAL FUND ADV JULIUS BAER MULTICOO

Firm Name BOCOM International Holdings EVA Dimensions Credit Suisse CCB International Securities Ltd GuoSen Securities Co Ltd

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst RONGJIN LUO TEAM COVERAGE OWEN LIANG KIN CHUNG LI CHENGMING GAO

Source SEDI MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG SEDI MF-AGG MF-AGG SEDI MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy sell underperform outperform buy

Amt Held 155'794'830 18'365'040 1'963'300 1'247'147 906'365 500'000 350'000 146'950 140'000 135'000 125'000 120'000 98'700 83'996 76'922 61'755 59'705 58'700 52'966 46'927

% Out 39.31 4.63 0.5 0.31 0.23 0.13 0.09 0.04 0.04 0.03 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.01 0.01 0.01

Weighting

Change 5 1 1 5 5

U D M M M

Latest Chg 184'200 53'444 (512'900) (209) 14'800 (1'062'400) 135'000 110'000 (2'326) 58'700 (556)

Target Price 3 #N/A N/A 2 3 5

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2011 05.09.2012 29.06.2012 05.09.2012 30.06.2012 28.06.2012 11.01.2012 01.03.2012 27.04.2010 31.05.2012 29.06.2012 10.04.2012 31.12.2011 05.09.2012 31.12.2011 30.03.2012 30.04.2012 30.06.2011 31.05.2012 30.04.2012

Date 12 month Not Provided Not Provided Not Provided 12 month

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Corporation Mutual Fund Manager Mutual Fund Manager n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager

Date 06.09.2012 06.09.2012 23.08.2012 15.08.2012 02.02.2012


14.09.2012

Banro Corp Banro Corporation, through its subsidiary, explores and develops gold properties. The Company currently holds mining permits and mining concessions in the Democratic Republic of Congo in Africa.

Price/Volume 6

14.0 M

5

12.0 M 10.0 M

4

Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 52-Week Low (14.12.2011) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAA CN EQUITY YTD Change BAA CN EQUITY YTD % CHANGE

12/2011 06/yy 5.78 2.91 2'736'060.00 4.47 -22.66% 53.61% 54.36% 200.7 896.96 0.00 0.0 0.0 9.70 975.32

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

2

4.0 M

1

2.0 M

0 s-11

o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 0.0 0.00x (10.3) 0.00x (4.3) 0.00x

8.0 M

3

Valuation Analysis

31.12.2008 31.12.2009 0.0 0.0 0.00x 0.00x (6.2) (7.6) 0.00x 0.00x (8.5) (4.8) 9.34x 0.00x Profitability

LTM-4Q 31.12.2010 0.0 0.00x (10.3) 0.00x (3.0) 0.00x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 0.0 0.00x (10.2) 0.00x (9.3) 0.00x -10.16 -10.20 -2.43% -2.61% 0.00% 0.31 0.25 0.00% 0.00% -

Price/ Cash Flow

06/yy 0.0 #DIV/0! (11.6) 0.00x (4.1) 0.00x

LTM 06/yy 0.0 #DIV/0! (12.1) 0.00x (13.3) 0.00x

FY+1

.0 M s-12

0.00 2.00 197.97 0.84 -6.68% 18.25% 2.001 4 4.750 1'285'489 668'645 720'837 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 62.3 335.7 37.2 41.5 23.9 184.0 13.7 16.7 40.81x 5.30x 8.6 140.3 84.16x 6.88x 22.36x 11.02x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

-220.87 -3303.67 0.00 0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

700.00

1.0 0.9

600.00

0.8

500.00

0.7 0.6

400.00

0.5 0.4

300.00

0.3

200.00

0.2 100.00 0.00 02.01.2009

0.1 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Banro Corp Holdings By:

All

Holder Name BLACKROCK GROUP LIMI JP MORGAN CHASE & CO VAN ECK ASSOCIATES C IG INVESTMENT MANAGE FRANKLIN RESOURCES I TOCQUEVILLE ASSET MA JPMORGAN ASSET MANAG FIERA SCEPTRE INC FIDELITY INTERNATION FIDELITY MANAGEMENT PYRAMIS GLOBAL ADVIS SCEPTRE INVESTMENT C DEUTSCHE BANK AG OPPENHEIMERFUNDS INC PYRAMIS GLOBAL ADVIS TRADEWINDS GLOBAL IN RUFFER LLP DWS INVESTMENT SA CANADA PENSION PLAN BLACKROCK INC

Firm Name Cormark Securities Inc. BMO Capital Markets CIBC World Markets GMP

Portfolio Name BLACKROCK GROUP LIMI JP MORGAN CHASE & CO Multiple Portfolios IG INVESTMENT MANAGE FRANKLIN ADVISERS IN TOCQUEVILLE ASSET MA Multiple Portfolios FIERA SCEPTRE INC FIDELITY INTERNATION FIDELITY MANAGEMENT PYRAMIS GLOBAL ADVIS Multiple Portfolios DEUTSCHE BANK AKTIEN OPPENHEIMER FUNDS IN PYRAMIS GLOBAL ADVIS TRADEWINDS GLOBAL IN Multiple Portfolios Multiple Portfolios CANADA PENSION PLAN BLACKROCK INC

Analyst MIKE KOZAK ANDREW BREICHMANAS COSMOS CHIU BROCK SALIER

Source 13F 13F MF-AGG 13F 13F 13F MF-AGG 13F 13F 13F 13F MF-AGG 13F 13F 13F 13F MF-AGG MF-AGG 13F 13F

Recommendation speculative buy outperform sector outperform buy

Amt Held 18'296'083 16'001'174 14'928'239 10'829'900 10'347'000 9'033'100 8'941'400 7'826'500 5'115'205 4'727'982 4'647'000 4'161'000 4'026'067 3'127'268 3'101'500 2'932'648 2'743'400 2'700'000 2'577'015 2'538'599

% Out 9.12 7.97 7.44 5.4 5.16 4.5 4.46 3.9 2.55 2.36 2.32 2.07 2.01 1.56 1.55 1.46 1.37 1.35 1.28 1.27

Weighting

Change 4 5 5 5

Latest Chg 76'446 (385'328) 43'442 1'029'800 305'000 45'500 (364'000) 3'577'700 (61'543) 2'462'796 454'000 874'500 707'310 (80'030) 21'000 (4'662'301) (1'007'600) 25'000 152'200 (18'524)

Target Price

M M M M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2012 30.06.2012 05.09.2012 30.06.2012 30.06.2012 30.06.2012 30.04.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 31.05.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.04.2012 31.07.2012 30.06.2012 30.06.2012

Date 6 5 7 6

12 month Not Provided 18 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Mutual Fund Manager Pension Fund (ERISA) Investment Advisor

Date 04.09.2012 29.08.2012 29.08.2012 21.08.2012


14.09.2012

Nevsun Resources Ltd Nevsun Resources Ltd. is a gold producer and base metal developer. The Company has a gold-copper-zinc mine in Eritrea.

Price/Volume 8

9.0 M

7

8.0 M

6

7.0 M 6.0 M

5

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.09.2011) 52-Week Low (16.05.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NSU CN EQUITY YTD Change NSU CN EQUITY YTD % CHANGE

12/2011 06/yy 6.86 2.71 2'060'526.00 4.5 -34.40% 66.05% 43.13% 199.5 897.56 0.00 0.0 110.0 347.58 698.91

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

3

3.0 M

2

2.0 M

1

1.0 M

0 s-11

31.12.2008 31.12.2009 0.0 0.0 0.00x 0.00x (6.1) (4.9) 0.00x 0.00x (5.7) (4.3) 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 0.0 0.00x (12.2) 0.00x (13.3) 0.00x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 547.8 1.60x 429.2 2.04x 147.1 7.63x 429.20 403.31 73.63% 74.10% 26.00% 41.77% 62.07% 0.97% 90.3% 78.4% 73.6% 26.8% 2.97 2.66 0.00% 0.00% 42.11 2.46

Price/ Cash Flow

06/yy 190.4 22.87x 138.4 0.00x 43.2 35.63x

n-11

d-11

j-12

f-12

LTM 06/yy 656.7 4.18x 521.2 0.80x 180.8 3.65x

m-12

a-12

m-12

j-12

j-12

a-12

FY+1

.0 M s-12

2.15 1.88 196.65 0.40 -31.00% -19.33% 1.881 9 3.889 1'299'604 859'420 917'909 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 449.1 295.6 123.0 73.1 1.46x 1.98x 5.45x 8.92x 371.3 205.5 94.7 40.6 1.88x 3.40x 3.99x 4.77x 120.0 66.4 24.7 11.3 7.90x 12.73x 18.64x 20.09x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

183.89 159.14 -0.81 0.00 0.0% 0.0% 0.97 1.93 8.67 148.31 46.10 110.87

Sales/Revenue/Turnover

60.00

600.0

50.00

500.0

40.00

400.0

30.00

300.0

20.00

200.0

10.00

100.0

0.00 02.01.2009

o-11

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 0.0 0.00x (10.6) 0.00x (12.0) 0.00x

5.0 M

4

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Nevsun Resources Ltd Holdings By:

All

Holder Name VANGUARD GROUP INC PRUDENTIAL PLC FRANKLIN RESOURCES I BLACKROCK GROUP LIMI VAN ECK ASSOCIATES C BLACKROCK INC JP MORGAN CHASE & CO JPMORGAN ASSET MANAG ACADIAN ASSET MANAGE JENNISON ASSOCIATES RUFFER LLP PUBLIC SECTOR PENSIO HIGHSTREET ASSET MAN ACUITY INVESTMENT MA CANADA PENSION PLAN DAVIS CLIFFORD T SCHRODER INVESTMENT TD ASSET MANAGEMENT LONESTAR CAPITAL MAN BLACKROCK INSTITUTIO

Firm Name RBC Capital Markets Canaccord Genuity Corp GMP Paradigm Capital Inc Haywood Securities Inc. TD Securities CIBC World Markets EVA Dimensions

Portfolio Name Multiple Portfolios PRUDENTIAL PLC FRANKLIN ADVISERS IN BLACKROCK GROUP LIMI VAN ECK ASSOCIATES C BLACKROCK INC JP MORGAN CHASE & CO Multiple Portfolios ACADIAN ASSET MANAGE JENNISON ASSOCIATES Multiple Portfolios PUBLIC SECTOR PENSIO HIGHSTREET ASSET MAN ACUITY INVESTMENT MA CANADA PENSION PLAN n/a SCHRODER INVESTMENT TD ASSET MANAGEMENT LONESTAR CAPITAL MAN BLACKROCK INSTITUTIO

Analyst PATRICK MORTON RAHUL PAUL ANDREW MIKITCHOOK DAVID DAVIDSON STEFAN IOANNOU STEVEN J GREEN COSMOS CHIU TEAM COVERAGE

Source MF-AGG 13F 13F 13F 13F 13F 13F MF-AGG 13F 13F MF-AGG 13F 13F 13F 13F SEDI 13F 13F 13F 13F

Recommendation sector perform hold buy buy sector outperform hold sector underperform buy

Amt Held 39'663'403 38'500'000 28'500'800 11'129'142 9'167'718 6'843'097 6'391'135 5'640'835 3'226'940 2'873'132 2'318'000 1'854'020 1'785'364 1'718'100 1'648'068 1'603'319 1'568'800 1'527'377 1'499'500 1'402'891

% Out 19.89 19.3 14.29 5.58 4.6 3.43 3.2 2.83 1.62 1.44 1.16 0.93 0.9 0.86 0.83 0.8 0.79 0.77 0.75 0.7

Weighting

Change 3 3 5 5 5 3 1 5

M M M M M M M U

Latest Chg 117'514 (494'840) 6'872 1'834'027 819'120 (4'979'711) (295'000) 1'236'337 (222'303) (300'000) 1'055'774 (1'782'900) 331'700 803'319 492'900 124'277 (20'356)

Target Price 5 4 5 9 5 4 5 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.04.2012 30.06.2012 30.06.2012 30.04.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 18.09.2011 30.06.2012 30.06.2012 30.06.2012 30.06.2012

Date 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Pension Fund (ERISA) n/a Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor

Date 06.09.2012 04.09.2012 21.08.2012 09.08.2012 09.08.2012 09.08.2012 08.08.2012 08.02.2012


14.09.2012

Dundee Precious Metals Inc Dundee Precious Metals Inc. acquires, explores, and develops gold mining properties. The Company owns interests in mineral properties in Armenia, Bulgaria, Canada, and Serbia.

Price/Volume 12

7.0 M

10

6.0 M 5.0 M

8

Latest Fiscal Year: LTM as of: 52-Week High (28.02.2012) 52-Week Low (28.06.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DPM CN EQUITY YTD Change DPM CN EQUITY YTD % CHANGE

12/2011 06/yy 10.72 5.81 488'982.00 9.23 -13.90% 58.86% 69.65% 125.3 1'156.92 83.32 0.0 24.8 177.23 1'117.15

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

4

2.0 M

2 0 s-11

1.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 122.4 3.33x (0.2) 0.00x 15.4 0.00x

4.0 M

6

Valuation Analysis

31.12.2008 31.12.2009 105.1 137.6 0.65x 2.15x (36.2) 16.4 0.00x 18.00x (79.2) 5.1 0.00x 44.88x Profitability

LTM-4Q 31.12.2010 202.0 5.56x 0.0 0.00x 22.9 49.37x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 338.5 2.84x 0.0 0.00x 86.1 13.48x 76.56 22.62% 26.18% 9.87% 12.77% 10.10% 0.39% 38.6% 22.6% 25.4% 5.28 4.07 8.98% 11.83% 10.92 4.99

Price/ Cash Flow

06/yy 255.8 15.11x 32.2 30.20x 79.4 15.58x

LTM 06/yy 384.2 9.74x 57.7 0.00x 80.8 10.33x

FY+1

.0 M s-12

1.48 95.92 15.41 2.44% 12.29% 1.481 7 4.714 376'230 327'830 406'463 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 375.3 484.3 86.2 102.0 2.69x 2.01x 128.0 252.7 8.73x 4.42x 55.1 158.8 20.1 28.1 17.65x 9.24x 12.70x 11.19x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

11.8% 10.3% 0.39 0.79 33.41 73.17 62.22 44.36

Sales/Revenue/Turnover

30.00

400.0 350.0

25.00

300.0 20.00

250.0

15.00

200.0 150.0

10.00

100.0 50.0

5.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

-50.0

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Dundee Precious Metals Inc Holdings By:

All

Holder Name DUNDEE CORP MASON HILL ADVISORS US GLOBAL INVESTORS THIRD AVENUE MANAGEM VAN ECK ASSOCIATES C UNITED SERVICES AUTO OPPENHEIMERFUNDS INC IG INVESTMENT MANAGE IA CLARINGTON INVEST SCEPTRE INVESTMENT C FIRST EAGLE INVESTME RBC GLOBAL ASSET MAN ALTAMIRA MANAGEMENT DIMENSIONAL FUND ADV NATCAN INVESTMENT MA MACKENZIE FINANCIAL BRISTOL INVESTMENT P SPROTT INC GOODMAN & CO INVESTM AMERICAN CENTURY COM

Firm Name Stifel Nicolaus Union Securities Dundee Securities Corp EVA Dimensions Cormark Securities Inc. BMO Capital Markets RBC Capital Markets Scotia Capital

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios BRISTOL INVESTMENT P Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst JOSH WOLFSON PHILIP KER RON STEWART TEAM COVERAGE MIKE KOZAK JOHN P HAYES STEPHEN D WALKER LEILY OMOUMI

Source PROXY PROXY 13G Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG 13F MF-AGG MF-AGG MF-AGG

Recommendation buy buy not rated hold buy speculative outperform outperform sector outperform

Amt Held 28'323'755 12'884'085 9'537'800 7'556'820 7'330'503 5'331'900 4'308'100 4'164'900 3'457'200 2'843'300 2'419'196 2'345'800 1'935'133 1'858'434 1'717'556 980'300 913'184 875'200 819'900 764'300

% Out 22.6 10.28 7.61 6.03 5.85 4.25 3.44 3.32 2.76 2.27 1.93 1.87 1.54 1.48 1.37 0.78 0.73 0.7 0.65 0.61

Weighting

Change

5 5 #N/A N/A 3 5 4 5 5

M M M D M M M M

Latest Chg (4'286'512) 21'336 3'431'900 150'000 (1'700) 1'519'000 (131'300) (1'283'200) (114'677) 13'372 89'485 819'900 (168'200)

Target Price 11 #N/A N/A #N/A N/A #N/A N/A 16 10 12 12

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.03.2012 26.03.2012 31.12.2009 31.08.2009 05.09.2012 30.06.2012 28.06.2012 31.05.2012 31.03.2012 31.05.2012 31.03.2012 30.03.2012 31.07.2012 31.01.2012 31.07.2012 31.05.2012 30.06.2012 30.06.2011 31.12.2011 30.06.2012

Date 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month

Inst Type Holding Company Unclassified Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Hedge Fund Manager Hedge Fund Manager Investment Advisor

Date 04.09.2012 22.08.2012 17.08.2012 14.08.2012 08.08.2012 02.08.2012 02.08.2012 01.08.2012


14.09.2012

Argonaut Gold Inc Argonaut Gold, Inc. explores for gold. The Company owns the operating El Castillo mine, the San Antonio development stage project and advanced stage exploration properties including: La Fortuna and La Colorada.

Price/Volume 12

9.0 M 8.0 M

10

7.0 M

8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.02.2012) 52-Week Low (04.10.2011) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AR CN EQUITY YTD Change AR CN EQUITY YTD % CHANGE

12/2011 06/yy 10.20 4.58 1'502'974.00 9.95 -2.45% 117.25% 95.55% 92.6 920.90 6.09 0.0 0.0 34.93 938.12

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

5.0 M 4.0 M

4

3.0 M 2.0 M

2 0 s-11

1.0 M o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 0.0 0.00x (0.1) 0.00x (0.1) 0.00x

6.0 M

6

31.12.2008 31.12.2009 0.0 0.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x (0.1) (0.5) 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 51.6 4.70x 15.3 15.83x 3.7 66.38x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 104.6 5.77x 55.9 10.78x 26.3 24.42x 55.94 43.19 41.30% 41.56% 9.22% 11.40% 11.20% 0.37% 48.1% 53.5% 41.3% 25.1% 4.59 2.57 1.61% 1.90% 21.33 2.12

Price/ Cash Flow

06/yy 77.0 16.83x 37.9 12.23x 16.2 24.70x

LTM 06/yy 119.2 24.72x 64.8 10.53x 33.7 22.85x

FY+1

.0 M s-12

0.00 1.18 87.87 16.32 61.26% 43.17% 1.184 9 4.333 1'118'640 1'056'835 788'661 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 149.7 296.0 41.0 44.5 6.06x 2.75x 22.13x 20.39x 85.3 164.0 24.4 27.9 11.00x 5.72x 5.74x 4.82x 47.1 119.0 12.4 11.8 23.42x 13.81x 14.98x 13.18x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

140.72 41.81 -0.52 0.11 1.9% 1.9% 0.37 0.47 17.11 172.08 25.23 163.96

Sales/Revenue/Turnover

4'000.00

120.0

3'500.00

100.0

3'000.00

80.0

2'500.00 2'000.00

60.0

1'500.00

40.0

1'000.00

20.0 500.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Argonaut Gold Inc Holdings By:

All

Holder Name VAN ECK ASSOCIATES C IG INVESTMENT MANAGE LIBRA ADVISORS LLC OPPENHEIMERFUNDS INC QV INVESTORS INC MONTRUSCO BOLTON INV GOODMAN & CO INVESTM MACKENZIE FINANCIAL DOUGHERTY PETER C KENNEDY BRIAN JOHN GLOBAL STRATEGY FINA TD ASSET MANAGEMENT NORTHWEST MUTUAL FUN SMITH EDGAR A CLARINGTON CAPITAL M FIDELITY MANAGEMENT ROYCE AND ASSOCIATES SCEPTRE INVESTMENT C BLACKROCK INSTITUTIO LOMBARD ODIER DARIER

Firm Name Macquarie Canaccord Genuity Corp Mackie Research Capital Corp. Stonecap Securities Inc BMO Capital Markets Scotia Capital Dahlman Rose & Co GMP McNicoll Lewis & Vlak LLC NCP Northland Capital Partners Inc

Portfolio Name Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MICHAEL SIPERCO RAHUL PAUL BARRY D ALLAN CHRISTOS DOULIS ANDREW KAIP OVAIS HABIB ADAM P GRAF CRAIG WEST RICHARD TROTMAN TIMOTHY J LEE

Source MF-AGG Co File SEDI MF-AGG PROXY MF-AGG Co File MF-AGG SEDI SEDI MF-AGG MF-AGG MF-AGG SEDI MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation neutral buy buy sector perform outperform sector outperform hold buy suspended coverage sector outperform

Amt Held 8'690'659 6'707'533 5'768'001 4'962'697 4'500'000 3'173'802 2'679'000 1'753'738 1'653'894 1'566'988 1'393'057 1'308'000 1'215'517 1'120'359 1'059'600 1'049'800 838'400 797'900 791'467 727'150

% Out 9.39 7.25 6.23 5.36 4.86 3.43 2.89 1.89 1.79 1.69 1.51 1.41 1.31 1.21 1.14 1.13 0.91 0.86 0.86 0.79

Weighting

Change

3 5 5 3 5 5 3 5 #N/A N/A 5

M M M M M M M M M M

Latest Chg 19'432 (117'000) 130'000 (284'566) (1'988'000) 55'338 34'188 3'945 391'900 (152'445) 39'286 25'000 (151'600) 797'900 (121) 77'400

Target Price 10 13 11 10 11 11 #N/A N/A 11 #N/A N/A 9

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 05.09.2012 30.09.2011 02.03.2012 28.06.2012 17.12.2010 31.07.2012 31.10.2010 31.05.2012 10.02.2012 10.02.2012 30.09.2011 31.12.2011 31.07.2012 14.02.2011 31.03.2012 31.07.2012 31.03.2012 31.05.2012 05.09.2012 30.06.2012

Date 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor n/a n/a Investment Advisor Investment Advisor Investment Advisor n/a Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager

Date 07.09.2012 05.09.2012 05.09.2012 05.09.2012 04.09.2012 04.09.2012 04.09.2012 16.08.2012 16.07.2012 14.11.2011


14.09.2012

CGA Mining Ltd CGA Mining Limited is a gold mining company. The Company is focused on exploring, developing and operating resource opportunities throughout the world. The Company's principal asset is the Masbate Gold Project in the Philippines.

Price/Volume 4

8.0 M

3

7.0 M

3

6.0 M 5.0 M

2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.11.2011) 52-Week Low (16.05.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CGA CN EQUITY YTD Change CGA CN EQUITY YTD % CHANGE

06/2012 03/yy 2.98 1.53 1'753'240.00 2.53 -15.10% 65.36% 68.97% 337.8 854.57 54.06 0.0 0.0 79.67 859.24

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

3.0 M

1

2.0 M

1

1.0 M

0 s-11

30.06.2009 30.06.2010 0.0 155.6 0.00x 3.98x (7.5) 50.6 0.00x 12.22x (10.2) 16.0 0.00x 0.00x Profitability

LTM-4Q 30.06.2011 235.3 4.15x 84.1 11.61x 65.1 0.00x

30.06.2012 184.3 3.29x 42.1 14.41x 6.0 0.00x 42.14 25.05 13.59% 3.15% 1.31% 1.98% 21.37% 0.40% 19.8% 22.9% 13.6% 3.2% 1.40 0.98 11.92% 16.83% 6.90

12/yy 198.9 16.00x 62.4 0.00x 48.4 0.00x

d-11

j-12

f-12

m-12

a-12

m-12

j-12

j-12

a-12

LTM 03/yy 162.1 15.37x 16.2 0.00x 14.4 0.00x

FY+1

.0 M s-12

1.54 309.39 0.03 -5.60% 23.41% 1.540 5 4.200 819'823 931'014 866'047 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 06/12 Q4 09/12 Q1 294.0 433.0 99.4 212.0 8.64x 4.05x 105.7 177.0 10.08x 6.02x 14.16x 12.48x S&P Issuer Ratings 11.14 7.97 -0.61 1.28 16.8% 14.4% 0.40 0.96 53.01 30.21 -

Sales/Revenue/Turnover

250.0

1.00

200.0

0.60

n-11

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

1.20

0.80

o-11

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 30.06.2008 0.0 0.00x (14.1) 0.00x (12.9) 0.00x

4.0 M

2

150.0 100.0

0.40

50.0 0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

CGA Mining Ltd Holdings By:

All

Holder Name FRANKLIN RESOURCES I DEANS KNIGHT CAPITAL VAN ECK ASSOCIATES C SPROTT INC MACKENZIE FINANCIAL PORTLAND HOUSE INVES JP MORGAN CHASE & CO FIRST EAGLE INVESTME JPMORGAN ASSET MANAG ROYCE AND ASSOCIATES SAVAGE MARK STUART LB SWISS INVESTMENT RBC GLOBAL ASSET MAN WELLS FARGO FUNDS MA UNITED SERVICES AUTO SAVAGE MARK STUART BRISTOL INVESTMENT P IG INVESTMENT MANAGE HESPERIAN CAPITAL MA CIBC GLOBAL ASSET MA

Firm Name BMO Capital Markets CIBC World Markets Mirabaud Securities Haywood Securities Inc. Raymond James EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a BRISTOL INVESTMENT P Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ANDREW KAIP BARRY COOPER KEITH WATSON KERRY SMITH FORBES GEMMELL TEAM COVERAGE

Source Co File Co File EXCH EXCH Co File Co File EXCH MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG PROXY 13F MF-AGG MF-AGG MF-AGG

Recommendation outperform sector outperform buy sector outperform Under Review sell

Amt Held 34'858'750 25'916'925 21'091'487 20'199'100 17'801'600 17'348'889 16'667'877 10'790'230 7'377'800 6'415'000 5'073'880 4'600'000 3'899'700 3'806'274 3'674'400 3'573'880 3'074'194 2'760'357 2'340'800 2'281'350

% Out 10.32 7.67 6.24 5.98 5.27 5.14 4.93 3.19 2.18 1.9 1.5 1.36 1.15 1.13 1.09 1.06 0.91 0.82 0.69 0.68

Weighting

Change

5 5 5 5 #N/A N/A 1

M M M M M D

Latest Chg 3'497'728 (3'029'400) (1'423) (462'800) 365'000 1'500'000 200'000 (17'039) 3'674'400 (1'309'948) 859'557 (775'872)

Target Price 3 4 3 3 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2012 31.08.2011 01.06.2012 31.03.2011 31.08.2011 31.08.2011 06.12.2011 31.03.2012 30.04.2012 31.03.2012 30.03.2012 30.03.2012 30.03.2012 30.06.2012 31.05.2012 10.10.2011 30.06.2012 31.05.2012 29.06.2012 31.12.2011

Date Not Provided Not Provided 12 month Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Other Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor n/a Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor n/a Hedge Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor

Date 31.08.2012 07.08.2012 23.07.2012 11.07.2012 16.05.2012 25.02.2012


14.09.2012

Endeavour Silver Corp Endeavour Silver Corp. is a small-cap silver mining company focused on the growth of its silver production, reserves and resources in Mexico.

Price/Volume 14

4.5 M

12

4.0 M 3.5 M

10

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2011) 52-Week Low (16.05.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EXK US EQUITY YTD Change EXK US EQUITY YTD % CHANGE

12/2011 06/yy 13.10 7.25 2'453'646.00 10.01 -23.59% 38.07% 47.18% 99.2 992.82 0.00 0.0 0.0 109.53 864.91

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20 1.00

2.5 M

6

2.0 M 1.5 M

4

1.0 M

2 0 s-11

.5 M o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 32.3 5.19x (7.5) 0.00x (12.2) 0.00x

3.0 M

8

31.12.2008 31.12.2009 39.3 50.8 1.18x 3.98x (4.5) 11.3 0.00x 17.91x (18.0) (1.9) 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 86.5 5.80x 30.7 16.36x (20.4) 0.00x

31.12.2011 128.0 5.79x 64.8 11.43x 18.8 0.00x 64.82 47.54 37.14% 27.80% 8.60% 11.39% 11.39% 0.59% 55.9% 50.6% 37.1% 14.7% 12.33 9.30 0.00% 0.00% 16.15 2.40

06/yy 120.3 17.08x 58.2 10.16x (6.5) 0.00x

LTM 06/yy 145.8 18.39x 70.8 8.24x 28.6 0.00x

FY+1

.0 M s-12

1.29 86.46 1.06 -20.05% 3.09% 1.289 5 3.800 1'529'717 1'128'464 1'109'633 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 227.0 313.7 102.0 171.0 8.48x 5.06x 56.3 103.8 15.10x 10.43x 13.00x 11.25x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

1906.32 525.68 -1.69 0.00 0.0% 0.0% 0.59 1.55 22.60 152.06 43.50 131.15

Sales/Revenue/Turnover

140.0 120.0 100.0

0.80

80.0 0.60

60.0

0.40

40.0 20.0

0.20

0.0 0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Endeavour Silver Corp Holdings By:

All

Holder Name AURICO GOLD INC VAN ECK ASSOCIATES C RENAISSANCE TECHNOLO CONNOR CLARK & LUNN ROYCE AND ASSOCIATES COOKE BRADFORD JAMES CANADA PENSION PLAN GREYSTONE MANAGED IN GLOBAL X MANAGEMENT PORTOLA GROUP INCORP GLOBAL STRATEGY FINA PUBLIC SECTOR PENSIO BROOKFIELD ASSET MGM AGF INVESTMENTS INC CHILTON INVESTMENT C BLACKROCK INC BLACKROCK INSTITUTIO HIGHSTREET ASSET MAN NORGES BANK TD ASSET MANAGEMENT

Firm Name BMO Capital Markets Dundee Securities Corp EVA Dimensions Salman Partners Euro Pacific Capital Inc

Portfolio Name n/a VAN ECK ASSOCIATES C RENAISSANCE TECHNOLO CONNOR CLARK & LUNN ROYCE & ASSOCIATES L n/a CANADA PENSION PLAN GREYSTONE MANAGED IN GLOBAL X MANAGEMENT PORTOLA GROUP INCORP Multiple Portfolios PUBLIC SECTOR PENSIO BROOKFIELD ASSET MAN AGF INVESTMENTS INC CHILTON INVESTMENT C BLACKROCK INC BLACKROCK INSTITUTIO HIGHSTREET ASSET MAN NORGES BANK TD ASSET MANAGEMENT

Analyst ANDREW KAIP DALE MAH TEAM COVERAGE ASH GUGLANI HEIKO IHLE

Source SEDI 13F 13F 13F 13F SEDI 13F 13F 13F 13F MF-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation market perform buy underweight buy buy

Amt Held 11'037'528 5'976'642 3'613'899 2'742'630 1'621'000 1'277'837 1'249'660 1'076'425 1'051'575 1'040'150 819'350 810'100 794'489 712'337 635'324 605'602 581'961 547'461 543'613 542'000

% Out 11.13 6.03 3.64 2.77 1.63 1.29 1.26 1.09 1.06 1.05 0.83 0.82 0.8 0.72 0.64 0.61 0.59 0.55 0.55 0.55

Weighting

Change 3 5 1 5 5

M N D M M

Latest Chg 1'227'719 135'000 (154'800) 2'000 10'000 (370'300) 216'868 31'550 (375'900) 794'489 (32'611) (231'579) 8'563 (11'726) (28'100) 543'613 31'500

Target Price 9 10 #N/A N/A 11 10

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 16.07.2012 Corporation 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 15.05.2012 n/a 30.06.2012 Pension Fund (ERISA) 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2011 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2011 Government 30.06.2012 Investment Advisor

Date Not Provided 12 month Not Provided 12 month 12 month

Date 04.09.2012 17.08.2012 13.08.2012 09.08.2012 07.08.2012


14.09.2012

Kirkland Lake Gold Inc Kirkland Lake Gold, Inc. is an operating gold mining company located in Ontario, Canada. The Company owns the Macassa Mine and mill and several contiguous gold producing properties. Kirkland Lake is developing a lode gold deposit.

Price/Volume 25

4.0 M 3.5 M

20

3.0 M 2.5 M

15

2.0 M

Valuation Analysis

10

Latest Fiscal Year: LTM as of: 52-Week High (20.09.2011) 52-Week Low (16.05.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KGI CN EQUITY YTD Change KGI CN EQUITY YTD % CHANGE

04/2012 04/yy 21.21 9.83 2'494'629.00 12 -43.42% 22.08% 19.07% 70.2 841.81 0.00 0.0 0.0 51.23 822.97

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.04.2009 30.04.2010 43.5 51.2 10.98x 9.15x (6.8) (7.6) 0.00x 0.00x (10.5) (12.3) 0.00x 0.00x Profitability

0 s-11

.5 M o-11

LTM-4Q 30.04.2011 105.2 8.85x 26.5 35.19x 20.1 48.55x

30.04.2012 159.8 0.00x 0.0 0.00x 41.3 22.24x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

26.45 18.60 17.69% 18.23% 10.80% 12.17% 0.57% 33.4% 25.2% 17.7% 25.8% 2.96 2.46 0.00% 0.00% 63.17 7.68

Price/ Cash Flow

04/yy 103.3 29.41x 26.3 35.45x 19.8 48.55x

n-11

d-11

j-12

f-12

LTM 04/yy 159.8 22.41x 42.6 0.00x 41.3 32.74x

m-12

a-12 m-12

j-12

j-12

a-12

FY+1

.0 M s-12

1.66 57.40 4.15 -38.74% -22.18% 1.663 9 4.222 1'101'477 632'472 516'181 FY+2

FQ+1

FQ+2

04/13 Y 04/14 Y 10/12 Q2 01/13 Q3 261.3 392.7 59.2 75.7 3.14x 1.86x 13.41x 10.49x 122.5 195.0 30.3 42.9 6.72x 4.22x 4.78x 4.08x 69.3 120.5 19.7 25.8 12.28x 7.06x 9.76x 8.66x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

836.06 -956.88 -1.94 0.00 0.0% 0.0% 0.57 0.92 5.78 47.52 88.21 -34.92

Sales/Revenue/Turnover

800.00

180.0

700.00

160.0

600.00

140.0 120.0

500.00

100.0

400.00

80.0

300.00

60.0

200.00

40.0

100.00

20.0

0.00 01.05.2009

1.0 M

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 30.04.2008 41.4 9.87x (1.0) 0.00x (3.3) 0.00x

1.5 M

5

0.0 01.11.2009

01.05.2010

01.11.2010

01.05.2011

01.11.2011

01.05.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Kirkland Lake Gold Inc Holdings By:

All

Holder Name SPROTT INC RESOLUTE FUNDS LTD VAN ECK ASSOCIATES C INVESTEC ASSET MANAG OPPENHEIMERFUNDS INC DOBSON DAVID HARRY MILTON GEORGE A COLUMBIA WANGER ASSE HINCHCLIFFE BRIAN A IA CLARINGTON INVEST JPMORGAN ASSET MANAG ROYCE AND ASSOCIATES FIDELITY MANAGEMENT IG INVESTMENT MANAGE NATCAN INVESTMENT MA BLACKROCK INSTITUTIO EMPIRE LIFE INSURANC CI INVESTMENTS INC US GLOBAL INVESTORS WELLS FARGO FUNDS MA

Firm Name Macquarie Desjardins Securities National Bank Financial Panmure Gordon & Co Limited Dundee Securities Corp CIBC World Markets Mirabaud Securities Investec Raymond James EVA Dimensions

Portfolio Name n/a #N/A N/A Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MICHAEL SIPERCO ADAM MELNYK PAOLO LOSTRITTO ALISON TURNER RON STEWART COSMOS CHIU RICHARD MORGAN LOUISE COLLINGE FORBES GEMMELL TEAM COVERAGE

Source 13G RNS-MAJ MF-AGG 13G MF-AGG PROXY SEDI MF-AGG SEDI MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform buy outperform buy buy sector outperform speculative buy buy Under Review underweight

Amt Held 4'980'350 4'775'000 4'370'331 4'343'860 3'770'300 3'765'000 2'723'036 2'387'000 1'113'000 1'002'000 990'000 919'700 906'000 791'500 661'057 550'425 536'700 418'000 400'000 400'000

% Out 7.1 6.81 6.23 6.19 5.37 5.37 3.88 3.4 1.59 1.43 1.41 1.31 1.29 1.13 0.94 0.78 0.77 0.6 0.57 0.57

Weighting

Change

5 5 5 5 5 5 4 5 #N/A N/A 1

M M M M M M M M M N

Latest Chg (793'200) 12'719 40'000 480'000 (4'000) 420'000 (110'000) 244'200 (132'000) (9'700) 13'909 (82) 143'600 140'000 -

Target Price 18 17 23 16 16 18 21 23 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.04.2008 Hedge Fund Manager 31.08.2012 Investment Advisor 05.09.2012 Investment Advisor 30.12.2011 Investment Advisor 28.06.2012 Investment Advisor 02.09.2011 n/a 13.01.2012 n/a 29.06.2012 Investment Advisor 30.12.2010 n/a 31.03.2012 Investment Advisor 30.04.2012 Investment Advisor 31.03.2012 Investment Advisor 31.07.2012 Investment Advisor 31.05.2012 Investment Advisor 31.07.2012 Investment Advisor 05.09.2012 Investment Advisor 31.08.2011 Mutual Fund Manager 29.07.2011 Hedge Fund Manager 30.03.2012 Investment Advisor 30.06.2012 Investment Advisor

Date 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided

Date 07.09.2012 05.09.2012 05.09.2012 05.09.2012 24.07.2012 19.07.2012 05.07.2012 28.03.2012 14.03.2012 06.01.2012


14.09.2012

Rio Alto Mining Ltd Rio Alto Mining Limited is a mineral exploration company. The Company currently is focusing on the development of La Arena gold / copper project, located in north central Peru.

Price/Volume 6 5 4 3

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.09.2012) 52-Week Low (29.09.2011) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RIO CN EQUITY YTD Change RIO CN EQUITY YTD % CHANGE

05/2011 06/yy 5.32 2.35 1'066'054.00 5.25 -1.32% 123.40% 97.64% 173.6 911.23 0.00 0.0 0.0 11.53 845.02

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1 0 s-11

o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.05.2007 0.0 0.00x (1.0) 0.00x (1.0) 0.00x

2

31.05.2008 31.05.2009 0.0 0.0 0.00x 0.00x (2.3) (1.5) 0.00x 0.00x (1.9) (1.5) 0.00x 0.00x Profitability

LTM-4Q 31.05.2010 0.0 0.00x (3.9) 0.00x (12.6) 0.00x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.05.2011 0.0 0.00x (8.0) 0.00x (8.0) 0.00x -8.01 -8.07 -8.21% -11.79% 0.00% 2.67 0.99 0.00% 0.00% 0.00 -

Price/ Cash Flow

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M s-12

11/yy 0.0 #DIV/0! (2.4) 0.00x (11.0) 0.00x

LTM 06/yy 173.4 12.01x 105.6 6.08x 58.8 13.60x

FY+1

0.00 1.22 154.70 0.40 93.73% 64.58% 1.223 10 4.200 978'653 727'195 671'146 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 299.5 358.8 173.0 204.7 4.88x 4.13x 106.0 123.7 8.88x 8.16x 13.03x 13.50x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

0.00 0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

14.00

1.0 0.9

12.00

0.8

10.00

0.7 0.6

8.00

0.5 0.4

6.00

0.3

4.00

0.2 2.00 0.00 06.06.2008 06.12.2008 06.06.2009

0.1 0.0 06.12.2009 06.06.2010 06.12.2010 06.06.2011

06.12.2011 06.06.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Rio Alto Mining Ltd Holdings By:

All

Holder Name SENTRY SELECT CAPITA VAN ECK ASSOCIATES C IG INVESTMENT MANAGE RBC GLOBAL ASSET MAN JPMORGAN ASSET MANAG AUSCAN ASSETS LIMITE NORWICH ROGER HAWKSHAW ANTHONY GRA SOMJI FEISAL A BLACKROCK INSTITUTIO FIDELITY MANAGEMENT SOLDI JAIME OPPENHEIM KAPITALANL ZEITLER KLAUS M US GLOBAL INVESTORS WELLS FARGO FUNDS MA VANGUARD GROUP INC TD ASSET MANAGEMENT NCF SOC ADMIN DE FON FIRST CANADIAN MUTUA

Firm Name Desjardins Securities Kallpa Securities SAB EVA Dimensions Dundee Securities Corp Clarus Securities Stonecap Securities Inc CIBC World Markets Euro Pacific Capital Inc Scotia Capital GMP

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ADAM MELNYK MARIA BELEN VEGA G TEAM COVERAGE DALE MAH MIKE BANDROWSKI CHRISTOS DOULIS IAN PARKINSON HEIKO IHLE MARK TURNER GEORGE V ALBINO

Source Co File MF-AGG MF-AGG MF-AGG MF-AGG SEDI SEDI SEDI SEDI MF-AGG MF-AGG SEDI MF-AGG SEDI MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold overweight hold buy buy sector perform sector perform buy sector outperform buy

Amt Held 25'949'700 11'607'701 10'021'400 6'732'304 6'160'000 6'069'651 4'734'195 3'000'000 2'886'386 2'081'663 1'495'200 927'288 800'000 750'000 750'000 750'000 682'357 591'900 550'309 352'000

% Out 14.95 6.69 5.77 3.88 3.55 3.5 2.73 1.73 1.66 1.2 0.86 0.53 0.46 0.43 0.43 0.43 0.39 0.34 0.32 0.2

Weighting

Change 3 5 3 5 5 3 3 5 5 5

M M U M M D M M M M

Latest Chg 653'100 33'705 (295'600) 712'100 50'000 265'000 84'110 (80'580) (100'000) 275'000 61'881 152'000 (10'000) 150'000

Target Price 5 6 #N/A N/A 5 6 6 6 7 5 6

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.03.2012 Investment Advisor 05.09.2012 Investment Advisor 31.05.2012 Investment Advisor 30.03.2012 Investment Advisor 30.04.2012 Investment Advisor 18.06.2012 Other 25.11.2011 n/a 19.10.2011 n/a 01.06.2010 n/a 05.09.2012 Investment Advisor 31.07.2012 Investment Advisor 18.07.2011 n/a 31.05.2012 Mutual Fund Manager 22.11.2011 n/a 30.03.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2011 Investment Advisor 03.08.2011 Mutual Fund Manager 30.04.2012 Investment Advisor

Date 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided

Date 05.09.2012 22.08.2012 15.08.2012 08.08.2012 08.08.2012 08.08.2012 07.08.2012 07.08.2012 06.07.2012 17.04.2012


14.09.2012

Evolution Mining Ltd Evolution Mining Ltd is a gold exploration company with operations in Western Australia. The Company owns the gold mines - Cracow, Edna May, Mt Rawdon and Pajingo - and the Mt Carlton development project.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (12.07.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EVN AU EQUITY YTD Change EVN AU EQUITY YTD % CHANGE

06/2012 01/yy 2.02 1.24 15'472'445.00 1.815 -10.15% 46.37% 66.67% 707.6 1'284.30 35.85 0.0 0.0 141.78 1'178.37

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

25.0 M

2

20.0 M

2

15.0 M

1

10.0 M

1

5.0 M

0 s-11

o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

.0 M s-12

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 30.06.2008 0.0 0.00x (2.3) 0.00x (2.3) 0.00x

3

30.06.2009 30.06.2010 0.0 22.3 0.00x 13.04x (3.3) 2.9 0.00x 99.74x (3.3) 5.5 0.00x 41.35x Profitability

30.06.2011 121.9 2.11x 29.7 8.65x (2.3) 0.00x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

30.06.2012 469.5 2.00x 190.4 4.92x 37.3 20.77x 190.41 95.24 20.29% 14.16% 4.99% 6.16% 6.38% 0.63% 28.1% 40.6% 20.3% 7.9% 1.60 1.17 2.82% 3.39% 51.33 12.69

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 1.27 462.82 1.81 -5.65% 21.00% 1.268 16 4.375 3'921'022 1'670'122 1'276'696 FY+2

06/13 Y 06/14 Y 652.1 798.5 1.72x 1.14x 289.5 394.4 4.07x 2.99x 128.1 189.3 9.81x 6.93x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

FQ+1

FQ+2

-

-

27.52 19.45 -0.56 0.19 3.4% 3.3% 0.63 2.55 7.13 28.85 29.88 6.10

Sales/Revenue/Turnover

80.00

140.0

70.00

120.0

60.00

100.0

50.00

80.0

40.00

60.0

30.00

40.0

20.00

20.0

10.00 0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Evolution Mining Ltd Holdings By:

All

Holder Name NEWCREST MINING LTD VAN ECK ASSOCIATES C BLACKROCK GROUP LIMI RUFFER LLP UBS AG BANK OF AMERICA CORP ORBIS HOLDINGS LIMIT KLEIN JACOB LB SWISS INVESTMENT FRANKLIN RESOURCES I JJ HOLDINGS (VIC) PT OPPENHEIMERFUNDS INC VANGUARD GROUP INC VANGUARD INVESTMENTS NESTOR INVESTMENT MA FIDELITY MANAGEMENT UOB ASSET MANAGEMENT POLLOCK MURRAY G GLOBAL STRATEGY FINA MALONEY PETER JOSEPH

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a

Firm Name

Analyst

EVA Dimensions Goldman Sachs Macquarie RBS RBC Capital Markets Credit Suisse BBY Limited Nomura Ord Minnett Investec E.L. & C. Baillieu Paterson Securities Bell Potter Hartleys Evans & Partners Pty Ltd

TEAM COVERAGE PAUL HISSEY MITCH RYAN JAMES WILSON GEOFF BREEN MICHAEL SLIFIRSKI KURT WORDEN DAVID COTTERELL LUKE SMITH GEOFF MUERS RAY CHANTRY ALEX PASSMORE CHRIS WHITEHEAD PETER GRAY CATHY MOISES

Source EXCH EXCH MF-AGG MF-AGG Co File EXCH EXCH EXCH MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG EXCH

Recommendation overweight neutral/attractive outperform buy outperform neutral strong buy buy buy buy hold buy buy buy neutral

Amt Held 231'082'631 35'785'859 17'068'511 12'735'000 8'920'168 8'827'967 8'411'900 5'700'000 4'500'000 3'895'413 3'552'009 3'200'000 2'697'755 2'396'430 2'277'839 2'258'235 2'011'168 1'839'492 1'706'300 1'379'579

% Out 32.66 5.06 2.41 1.8 1.26 1.25 1.19 0.81 0.64 0.55 0.5 0.45 0.38 0.34 0.32 0.32 0.28 0.26 0.24 0.19

Weighting

Change 5 3 5 5 5 3 5 5 5 5 3 5 5 5 3

U M M M M M M M M M D M M M N

Latest Chg 3'076 (983'526) (414'122) (552'936) (558'823) 2'352'895 (3'400'000) 302'849 (664'898) 200'000 -

Target Price #N/A N/A 2 2 2 2 2 2 3 2 2 1 2 2 2 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 13.12.2011 16.05.2012 04.09.2012 30.04.2012 22.09.2011 30.03.2011 03.11.2011 03.09.2012 30.03.2012 29.06.2012 03.08.2012 28.06.2012 30.06.2012 29.06.2012 29.06.2012 31.07.2012 30.06.2011 18.10.2011 30.09.2011 18.10.2011

Date Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided

Inst Type Corporation Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor n/a Mutual Fund Manager Investment Advisor n/a Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager n/a Investment Advisor n/a

Date 05.09.2012 31.08.2012 31.08.2012 30.08.2012 30.08.2012 30.08.2012 30.08.2012 30.08.2012 14.08.2012 07.08.2012 26.07.2012 18.07.2012 06.03.2012 02.02.2012 04.12.2011


14.09.2012

Torex Gold Resources Inc 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's Morelos Project is an advanced stage gold exploration property located in the state of Guerrero, southwest of Mexico City.

Price/Volume 3

45.0 M 40.0 M

3

35.0 M

2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 52-Week Low (22.09.2011) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TXG CN EQUITY YTD Change TXG CN EQUITY YTD % CHANGE

10/2011 07/yy 2.43 1.16 3'210'074.00 2.07 -14.81% 78.45% 71.65% 413.2 855.25 0.00 0.0 0.0 36.17 786.02

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20 1.00

25.0 M 20.0 M

1

15.0 M 10.0 M

1

5.0 M

0 s-11

o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.10.2007 0.0 0.00x (0.2) 0.00x (0.2) 0.00x

30.0 M

2

31.10.2008 31.10.2009 0.0 0.0 0.00x 0.00x (0.3) (1.1) 0.00x 0.00x (0.3) (1.0) 0.00x 0.00x Profitability

LTM-4Q 31.10.2010 0.0 0.00x (18.0) 0.00x (16.4) 0.00x

31.10.2011 0.0 0.00x (34.1) 0.00x (27.3) 0.00x -34.08 -34.42 -7.91% -10.00% 0.00% 6.68 5.67 0.00% 0.00% 0.00 -

07/yy 0.0 #DIV/0! (30.0) 0.00x (29.2) 0.00x

LTM 07/yy 0.0 #DIV/0! (53.8) 0.00x (51.8) 0.00x

FY+1

.0 M s-12

0.00 1.15 411.48 3.04 44.76% 21.05% 1.149 8 4.625 5'182'367 2'865'658 2'127'071 FY+2

FQ+1

FQ+2

10/12 Y 10/13 Y 10/12 Q4 01/13 Q1 0.5 2.9 1428.14x 213.45x (35.4) (23.7) (13.0) (13.2) (33.1) (21.8) (10.4) (10.5) S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

0.00 0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

0.0 0.0 0.0

0.80

0.0 0.60

0.0

0.40

0.0 0.0

0.20

0.0 0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Torex Gold Resources Inc Holdings By:

All

Holder Name TYRUS CAPITAL LLP VAN ECK ASSOCIATES C GOODMAN & CO INVESTM LIBRA ADVISORS LLC TOCQUEVILLE ASSET MA FRANKLIN RESOURCES I FIDELITY MANAGEMENT RUFFER LLP AMERICAN CENTURY COM SPROTT INC BLACKROCK INSTITUTIO MANULIFE ASSET MANAG RBC GLOBAL ASSET MAN GLOBAL STRATEGY FINA WELLS FARGO FUNDS MA ROYCE AND ASSOCIATES MACKENZIE FINANCIAL INVESCO LTD CIBC GLOBAL ASSET MA DEUTSCHE BANK AG

Firm Name Macquarie TD Securities BMO Capital Markets Dundee Securities Corp GMP Stifel Nicolaus Scotia Capital Euro Pacific Canada Inc

Portfolio Name n/a Multiple Portfolios n/a n/a TOCQUEVILLE ASSET MA Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst PIERRE VAILLANCOURT DANIEL EARLE ANDREW BREICHMANAS RON STEWART GEORGE V ALBINO JOSH WOLFSON TREVOR TURNBULL MERRILL MCHENRY

Source PROXY MF-AGG Co File SEDI 13F MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG

Recommendation outperform hold speculative outperform buy buy buy sector outperform strong buy

Amt Held 66'303'000 38'690'793 26'200'000 25'870'000 19'328'600 14'570'000 8'017'500 5'571'500 4'901'453 4'190'000 3'518'111 3'316'386 3'252'327 3'217'000 3'162'500 3'100'000 3'073'500 2'907'112 2'333'650 2'093'129

% Out 16.05 9.36 6.34 6.26 4.68 3.53 1.94 1.35 1.19 1.01 0.85 0.8 0.79 0.78 0.77 0.75 0.74 0.7 0.56 0.51

Weighting

Change 5 3 4 5 5 5 5 5

Latest Chg 91'350 (2'931'960) 650'000 6'221'700 (80'000) 135'000 310'000 104'463 (540) (118'473) 32'000 (842'950) 11'326

Target Price

M U M M M M M N

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 19.03.2012 05.09.2012 30.06.2011 25.02.2010 30.06.2012 29.06.2012 31.07.2012 30.04.2012 30.06.2012 30.06.2011 05.09.2012 31.08.2012 30.03.2012 30.09.2011 30.06.2012 31.03.2012 26.02.2010 06.09.2012 31.12.2011 31.07.2012

Date 3 2 3 3 3 3 3 3

12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month

Inst Type Hedge Fund Manager Investment Advisor Hedge Fund Manager Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 06.09.2012 06.09.2012 05.09.2012 05.09.2012 05.09.2012 04.09.2012 04.09.2012 07.07.2012


14.09.2012

Premier Gold Mines Ltd Premier Gold Mines Limited is a mining and exploration company focused on developing gold projects worldwide.

Price/Volume 8

9.0 M

7

8.0 M

6

7.0 M 6.0 M

5

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2011) 52-Week Low (16.05.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PG CN EQUITY YTD Change PG CN EQUITY YTD % CHANGE

12/2011 06/yy 6.86 3.51 810'719.00 5.86 -14.58% 66.95% 70.15% 138.6 812.12 9.77 0.0 0.0 39.01 788.26

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

3

3.0 M

2

2.0 M

1

1.0 M

0 s-11

o-11

n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

j-12

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 0.0 0.00x (2.6) 0.00x (1.8) 0.00x

5.0 M

4

31.12.2008 31.12.2009 0.0 0.0 0.00x 0.00x (3.2) (6.2) 0.00x 0.00x 0.2 (3.7) 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 0.0 0.00x (13.2) 0.00x (10.9) 0.00x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 0.0 0.00x (13.5) 0.00x (16.8) 0.00x -13.50 -13.52 -6.82% -8.00% 0.00% 4.95 4.94 3.09% 3.54% 0.00 -

Price/ Cash Flow

LTM

06/yy 06/yy 0.0 0.1 #DIV/0! 16442.09x (5.2) (11.2) 0.00x 0.00x (7.1) (20.0) 0.00x 0.00x

FY+1

.0 M s-12

0.00 1.85 134.17 1.13 -12.41% 29.65% 1.851 10 3.900 602'561 488'072 434'130 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 0.0 0.0 (18.1) (14.0) (5.1) S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

-27.09 -102.59 -0.72 3.5% 3.4% 0.00 0.00 -

Sales/Revenue/Turnover

350.00

1.0 0.9

300.00

0.8

250.00

0.7 0.6

200.00

0.5 0.4

150.00

0.3

100.00

0.2 50.00 0.00 02.01.2009

0.1 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Premier Gold Mines Ltd Holdings By:

All

Holder Name FIDELITY MANAGEMENT GOODMAN & CO INVESTM VAN ECK ASSOCIATES C IG INVESTMENT MANAGE DOWNIE EWAN S LB SWISS INVESTMENT TOCQUEVILLE ASSET MA RBC GLOBAL ASSET MAN BLACKROCK INSTITUTIO SHARE SICAV CI INVESTMENTS INC AMERICAN CENTURY COM GLOBAL STRATEGY FINA GBC ASSET MANAGEMENT IA CLARINGTON INVEST US GLOBAL INVESTORS TD ASSET MANAGEMENT MIDDLEFIELD SECURITI CIBC GLOBAL ASSET MA SPROTT INC

Firm Name RBC Capital Markets Versant Partners Scotia Capital Laurentian Bank Securities Octagon Capital Corporation EVA Dimensions CIBC World Markets Stonecap Securities Inc Canaccord Genuity Corp Mackie Research Capital Corp.

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios TOCQUEVILLE ASSET MA Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MICHAEL D CURRAN ROB CHANG OVAIS HABIB ERIC LEMIEUX ANNIE ZHANG TEAM COVERAGE JEFF KILLEEN CHRISTOS DOULIS STEVEN BUTLER BARRY D ALLAN

Source Co File Co File MF-AGG MF-AGG SEDI MF-AGG 13F MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform speculative buy sector outperform speculative buy speculative buy sell sector perform outperform speculative buy speculative buy

Amt Held 15'031'680 10'625'300 10'163'209 8'238'801 2'825'601 2'000'000 1'479'910 1'244'100 1'170'596 1'152'636 843'600 832'400 820'314 812'900 727'200 700'000 694'800 660'000 659'774 597'900

% Out 10.85 7.67 7.33 5.94 2.04 1.44 1.07 0.9 0.84 0.83 0.61 0.6 0.59 0.59 0.52 0.51 0.5 0.48 0.48 0.43

Weighting

Change 5 4 5 4 4 1 3 5 4 4

M M M M M N M M M M

Latest Chg 27'349 75'000 1'400'000 67'170 (179) (407'500) (206'900) 148'400 606'000 75'600 (55'226) -

Target Price 9 12 10 8 10 #N/A N/A 8 9 10 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.07.2012 31.05.2011 05.09.2012 31.05.2012 10.08.2012 30.03.2012 30.06.2012 30.03.2012 05.09.2012 30.03.2012 29.07.2011 30.06.2012 30.09.2011 31.12.2011 31.03.2012 30.03.2012 31.12.2011 31.07.2012 31.12.2011 30.06.2011

Date 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided

Inst Type Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor n/a Mutual Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Hedge Fund Manager

Date 31.08.2012 27.08.2012 27.08.2012 24.08.2012 23.08.2012 23.08.2012 08.08.2012 01.08.2012 16.07.2012 26.06.2012


14.09.2012

OceanaGold Corp OceanaGold Corporation is a gold mining and exploration company. The Company currently owns interests in projects in New Zealand and the Philippines.

Price/Volume 4

3.0 M

3

2.5 M

3

2.0 M

2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.09.2011) 52-Week Low (23.05.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OGC CN EQUITY YTD Change OGC CN EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

1

.5 M

1 0 s-11

o-11

n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

j-12

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 104.4 5.06x 11.1 47.62x (69.0) 0.00x

1.5 M

2

12/2011 06/yy 2.93 1.70 897'122.00 2.83 -3.41% 66.47% 92.68% 263.0 744.24 225.82 0.0 0.0 169.99 928.16

31.12.2008 31.12.2009 217.2 237.1 0.77x 1.89x 63.7 106.6 2.62x 4.20x (54.7) 54.5 0.00x 5.68x Profitability

LTM-4Q 31.12.2010 305.6 3.30x 141.1 7.15x 44.4 18.76x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 395.6 1.61x 164.3 3.88x 44.2 13.02x 164.28 78.46 19.83% 16.48% 5.80% 9.69% 8.59% 0.52% 23.5% 41.5% 19.8% 11.2% 1.83 1.43 27.62% 47.22% 44.44 7.32

Price/ Cash Flow

06/yy 362.7 9.59x 171.2 4.34x 53.6 11.41x

LTM 06/yy 385.3 7.13x 136.5 4.84x 22.1 23.93x

FY+1

.0 M s-12

0.00 1.98 253.19 0.34 8.85% 25.78% 1.976 5 5.000 589'300 525'145 435'981 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 376.0 593.8 105.0 124.0 2.48x 1.34x 8.94x 7.57x 134.5 301.3 45.0 61.2 6.90x 3.08x 3.01x 2.55x 14.3 118.6 11.5 20.1 56.36x 6.51x 7.61x 5.64x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

8.20 0.88 0.34 1.37 47.2% 32.1% 0.52 0.82 8.24 49.98 46.64 11.57

Sales/Revenue/Turnover

35.00

450.0

30.00

400.0 350.0

25.00

300.0

20.00

250.0

15.00

200.0 150.0

10.00

100.0

5.00 0.00 02.01.2009

50.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

OceanaGold Corp Holdings By:

All

Holder Name BAKER STEEL CAPITAL VAN ECK ASSOCIATES C UNITED SERVICES AUTO DIMENSIONAL FUND ADV NEW ZEALAND CENTRAL RBC GLOBAL ASSET MAN BLACKROCK INSTITUTIO SPROTT INC FIDELITY MANAGEMENT VANGUARD GROUP INC BOND STREET CUSTODIA YANDAL INVESTMENTS P ASKEW JAMES EDWARD INTERNATIONAL MINING SFB INVESTMENTS PTY DEN DUYTS CORP & ASS HESTIAN PTY LTD INTEGRA CAPITAL MANA LEVISTE JR JOSE PARE MACKENZIE FINANCIAL

Firm Name Macquarie GMP Cormark Securities Inc. EVA Dimensions Forsyth Barr

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios

Analyst MICHAEL SIPERCO ANDREW MIKITCHOOK MIKE KOZAK TEAM COVERAGE ANDREW HARVEY-GREEN

Source PROXY PROXY MF-AGG MF-AGG PROXY MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG PROXY PROXY EXCH SEDI PROXY PROXY PROXY MF-AGG PROXY MF-AGG

Recommendation outperform buy buy overweight buy

Amt Held 20'669'000 13'382'819 11'000'000 4'912'646 2'703'536 2'589'416 2'247'026 1'930'000 1'600'000 1'389'047 1'284'229 1'123'653 1'087'008 1'087'008 1'000'000 922'855 900'000 473'184 376'770 274'670

% Out 7.86 5.09 4.18 1.87 1.03 0.98 0.85 0.73 0.61 0.53 0.49 0.43 0.41 0.41 0.38 0.35 0.34 0.18 0.14 0.1

Weighting

Change 5 5 5 5 5

M M M D N

Latest Chg (347) 20'000 91'900 48'360 48'360 (1'441)

Target Price 3 4 3 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 11.05.2012 Investment Advisor 11.05.2012 Investment Advisor 31.05.2012 Investment Advisor 31.01.2012 Investment Advisor 11.05.2012 Government 30.03.2012 Investment Advisor 05.09.2012 Investment Advisor 30.06.2011 Hedge Fund Manager 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 11.05.2012 Other 11.05.2012 Investment Advisor 07.02.2012 n/a 25.03.2012 Other 11.05.2012 n/a 11.05.2012 Investment Advisor 11.05.2012 n/a 31.07.2012 Investment Advisor 11.05.2012 n/a 31.03.2012 Investment Advisor

Date 12 month Not Provided 12 month Not Provided Not Provided

Date 03.09.2012 21.08.2012 31.07.2012 07.06.2012 11.10.2011


14.09.2012

Resolute Mining Ltd Resolute Mining Limited explores for, produces and develops gold in Ghana, Mali Queensland and Tanzania. The Company's gold exploration projects include Obotan, Syama, Ravenswood and Golden Pride.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.02.2012) 52-Week Low (24.07.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 17.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RSG AU EQUITY YTD Change RSG AU EQUITY YTD % CHANGE

06/2012 01/yy 2.21 1.21 5'027'306.00 1.88 -14.93% 55.37% 52.00% 628.6 1'181.82 11.02 0.0 (33.3) 48.78 1'110.72

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

25.0 M

2

20.0 M

2

15.0 M

1

10.0 M

1

5.0 M

0 s-11

o-11

n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 30.06.2008 231.5 2.48x 20.9 27.45x (56.7) 0.00x

3

30.06.2009 30.06.2010 299.7 342.5 1.12x 1.46x 57.3 80.3 5.85x 6.23x 30.7 (37.2) 6.17x 0.00x Profitability

30.06.2011 445.1 1.36x 110.7 5.46x 59.7 8.72x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

30.06.2012 576.7 1.36x 254.4 3.09x 105.1 7.25x 254.39 180.98 31.38% 21.58% 16.91% 21.81% 21.86% 0.93% 35.8% 44.1% 31.4% 18.2% 3.40 0.76 1.66% 1.91% 47.16 3.11

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M s-12

2.66 1.34 457.72 1.17 15.69% 14.63% 1.344 14 4.071 3'789'866 3'796'186 4'500'361 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 12/11 Q2 03/12 Q3 676.8 644.0 1.48x 1.42x 294.8 276.1 3.77x 4.02x 140.0 127.5 8.00x 8.21x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

24.36 22.02 -0.15 0.04 1.9% 2.0% 0.93 3.22 7.76 117.74 39.77 85.74

Sales/Revenue/Turnover

25.00

700.0 600.0

20.00

500.0 15.00

400.0 300.0

10.00

200.0 5.00

0.00 03.07.2009

100.0 0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


14.09.2012

Resolute Mining Ltd Holdings By:

All

Holder Name UTILICO INVESTMENTS M&G INVESTMENT MANAG ALLIANCE LIFE COMMON VANGUARD GROUP INC BANK OF AMERICA CORP VAN ECK ASSOCIATES C CF RUFFER BAKER STEE RUFFER LLP ACORN CAPITAL LTD PERMANENT INVESTMENT FIDELITY MANAGEMENT GENUS DYNAMIC GOLD F BAKER STEEL CAPITAL JPMORGAN ASSET MANAG SULLIVAN PETER ROSS ECLECTIC INVEST TRUS DIMENSIONAL FUND ADV ICM LIMITED VANGUARD INVESTMENTS GRANTHAM MAYO VAN OT

Firm Name EVA Dimensions Argonaut Securities Pty Ltd BMO Capital Markets Morgan Stanley Foster Stockbroking GMP BGF Equities Pty Ltd Westhouse Securities RBS Helmsec Global Capital Limited Veritas Securities E.L. & C. Baillieu Deutsche Bank

Portfolio Name n/a n/a n/a n/a n/a #N/A N/A n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst TEAM COVERAGE PATRICK CHANG DAVID HAUGHTON BRENDAN FITZPATRICK CRAIG BROWN LEVI SPRY REG SPENCER ROB BROKE PHILLIP CHIPPINDALE GAVIN VAN DER WATH MATTHEW BAILLIE RAY CHANTRY CHRIS TERRY

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG Co File EXCH MF-AGG EXCH EXCH MF-AGG EXCH EXCH MF-AGG EXCH MF-AGG MF-AGG

Recommendation buy buy market perform Equalwt/Attractive buy buy buy strong buy hold speculative buy buy buy not rated

Amt Held 126'929'227 91'310'304 67'809'059 51'965'029 39'392'367 31'464'292 19'097'479 14'614'000 11'541'979 5'010'643 4'911'661 4'811'000 4'300'000 3'820'429 3'507'448 3'500'000 2'997'722 2'903'765 2'648'390 1'377'356

% Out 20.19 14.53 10.79 8.27 6.27 5.01 3.04 2.32 1.84 0.8 0.78 0.77 0.68 0.61 0.56 0.56 0.48 0.46 0.42 0.22

Weighting

Change

5 5 3 3 5 5 5 5 3 4 5 5 #N/A N/A

U M M M M M M M M M M U M

Latest Chg 1'500'000 291'078 3'792'420 (9'442'393) (3'846'391) (5'900'870) (4'989'357) (383'571) 200'000 1'500'000 24'566 -

Target Price #N/A N/A 2 2 2 2 2 2 2 1 2 2 2 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 12.07.2012 Investment Advisor 29.05.2012 Investment Advisor 12.07.2012 n/a 25.01.2012 Investment Advisor 10.05.2012 Investment Advisor 05.09.2012 Investment Advisor 04.04.2012 n/a 30.04.2012 Hedge Fund Manager 30.09.2011 Investment Advisor 12.07.2012 n/a 31.07.2012 Investment Advisor 23.02.2012 n/a 04.04.2012 Investment Advisor 30.04.2012 Investment Advisor 31.12.2011 n/a 12.07.2012 Investment Advisor 31.01.2012 Investment Advisor 12.07.2012 n/a 29.06.2012 Mutual Fund Manager 29.02.2012 Investment Advisor

Date Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided

Date 30.08.2012 29.08.2012 28.08.2012 28.08.2012 28.08.2012 21.08.2012 16.08.2012 14.08.2012 03.08.2012 31.07.2012 24.07.2012 23.07.2012 22.02.2012


14.09.2012

Aurizon Mines Ltd Aurizon Mines Ltd. is a gold mining company. The Company's operations and exploration activities are located in the Abitibi region of north-western Quebec, Canada. Aurizon operates and owns an interest in the Beaufor Mine, the Sleeping Giant Mine, and the Casa Berardi property.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2011) 52-Week Low (14.08.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ARZ CN EQUITY YTD Change ARZ CN EQUITY YTD % CHANGE

12/2011 06/yy 7.25 3.80 1'950'569.00 4.75 -34.48% 25.00% 27.54% 164.4 780.94 0.00 0.0 0.0 214.35 572.21

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

8.0 M

7

7.0 M

6

6.0 M

5

5.0 M

4

4.0 M

3

3.0 M

2

2.0 M

1

1.0 M

0 s-11

31.12.2008 31.12.2009 144.5 175.6 4.07x 3.65x 53.5 87.5 10.98x 7.32x 4.9 36.7 399.00x 20.57x Profitability

LTM-4Q 31.12.2010 178.7 5.82x 69.8 14.90x 17.2 72.80x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 260.0 2.31x 124.9 4.81x 43.9 18.52x 124.93 85.80 33.00% 33.30% 11.64% 14.90% 15.04% 0.69% 50.9% 48.1% 33.0% 16.9% 5.48 5.07 0.00% 0.00% 31.08 10.37

Price/ Cash Flow

06/yy 194.6 19.23x 70.9 10.21x 18.4 49.09x

n-11

d-11

j-12

f-12

LTM 06/yy 271.4 9.01x 132.2 4.17x 51.7 14.90x

m-12

a-12

m-12

j-12

j-12

a-12

FY+1

.0 M s-12

0.00 1.40 154.30 9.13 -30.45% -5.00% 1.398 13 4.000 1'000'391 682'926 551'705 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 247.6 264.8 67.6 69.8 2.28x 1.95x 112.6 126.0 32.0 39.1 5.08x 4.54x 44.2 56.9 13.2 15.0 16.84x 14.31x 13.49x 12.84x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

135.65 83.46 -1.72 0.00 0.0% 0.0% 0.69 1.60 11.74 35.19 63.63 -16.69

Sales/Revenue/Turnover

30.00

300.0

25.00

250.0

20.00

200.0

15.00

150.0

10.00

100.0

5.00