The Weekly Dig November 4, 2016 - Amazon Web Servicescdn.ceo.ca.s3-us-west-2.amazonaws.com ›...

The Weekly Dig – November 4, 2016 Mick Carew, PhD [email protected]

and the Haywood Mining Team

Member of the Canadian Investor Protection Fund

Please see page 36 for Analyst Certification, and pages 36 to 46 for Important Information,

Legal Disclaimers, Disclosures, Rating Structure, and notes.

Election Uncertainty Boosts Gold While December Rate Hike Still Expected

It was a positive week for precious and base metals over all, with gold in particular rising above the $1,300 per ounce level as increased uncertainty over next week’s election result jittered equity markets. Last week, it looked increasingly likely that Hillary Clinton would prevail as voters, and even members of the Republican Party, veered further away from Donald Trump’s controversial rhetoric. However, with the announcement that the FBI would reopen Clinton’s email file, her decisive lead in the polls quickly evaporated. With markets nervous at the prospect of Trump occupying the White House equity markets fell, with the Dow Jones Industrial Average and the S&P/TSX Composite index down 1.5% and 2% respectively. Meanwhile, precious metals bounced; gold rose 2.2% before finishing at $1,304 per ounce, while silver (3.5%), platinum (2%) and palladium (1%) also rose during the week, finishing at $18.40, $997 and $624 per ounce respectively. Meanwhile, base metals were also up this week as activity in China’s industrial sector rose to its highest level in two years In particular, the price of copper continues to surprise investors, up 3% this week to finish at $2.26 per pound. Lead and zinc also enjoyed a lift, up 1.6% and 1.8% respectively, while nickel finished marginally higher at $4.73 per pound. The news wasn’t so good for oil; after WTI crude pierced the $50 per barrel level on the back of news that OPEC could restrict supply, oil prices have pulled back hard, with WTI crude finishing 11% lower at $44 per barrel. Finally, uranium prices continue to struggle as reactors in Japan remain offline and excess supply endures; the Broker Average Price for uranium (BAP) for uranium fell 1% to finish at 18.75 per pound.

DIGGING IN… Metals Sector Macro: U.S. rates steady – gold rises above $1,300 per ounce…….2 Junior Explorer – Weekly Vantage Point: News from the Junior sector this week included drill assay results from North American Nickel Inc. (NAN-V.), Pure Gold Mining Inc. (PGM-V) and Arizona Mining Inc. (AZ-T)………………………….……………………3 Haywood Research – The Week in Review: Publications from the Haywood Research team this week included Q3/16 financial results from DGC-T, ELD-T, NSU-T, THO-T, MND-T and BTO-T, site visit notes for OSK-T, receipt of environmental invoice and Q3/16 results for AKG-T, drill assay results from NXE-V and TV-T, and an update on an expansion PEA from RIC-T……………………....…………………………… .….7 Equities Financings: This Week: 24 equity raises for C$100 million…………….……….12 Weekly Commodities / Indices / Exchange Rates: Both the S&P/TSX Comp and S&P/TSX Venture Comp fell to 14,509 and 761 respectively…..……………..……..…..…13 Commodities and ETFs: A Week in Action: WTI crude down 11% per barrel.…………………………………………………………………………………………………………………..14 Upcoming Macro Economic News: September Wholesales Inventories data on Wednesday…………………………………………………………………………………………………………....18 Comparables Tables: Consensus and Haywood forecasts and multiples, plus market valuations for in situ resources………………………….………………………………………………..…..19 The Dig is intended to provide general information only and it is written for an institutional audience. It is not a solicitation for the purchase of securities, an offer of securities, or intended as investment research or advice. The information presented, while obtained from sources we believe reliable is not guaranteed against errors or omissions. For Canadian residents: Haywood Securities Inc. is a Canadian registered broker-dealer and a member of the Investment Industry Regulatory Organization of Canada, the Toronto Stock Exchange, the Toronto Venture Exchange and the Canadian Investor Protection Fund. Any Canadian client that wishes further information about anything contained herein should contact a qualified salesperson of Haywood Securities Inc. For U.S. residents: The Dig is distributed in the United States by Haywood Securities (USA) Inc

$1,250

$1,300

$1,350

10/31 11/4

Gold (US$/oz)Last: $1,304

$17.5

$18.5

10/31 11/4

Silver (US$/oz)Last: $18.40

$2.15

$2.25

10/31 11/4

Copper (US$/oz)Last: $2.26

$43

$45

$47

$49

10/31 11/4

WTI Crude (US$/bbl)Last $44

The Weekly Dig 11/4/16

Haywood Mining [email protected]

Metals Sector Macro

Macroeconomic News

United States: It was a busy week for macroeconomic data from the United States, which began with personal income and personal spending figures; U.S. consumer spending rose more than expected in September as households boosted purchases of motor vehicles, and inflation increased steadily. The Department of Commerce said on Monday that consumer spending, which accounts for about 70% of U.S. economic activity, increased 0.5% after a downwardly revised 0.1% in August. When adjusted for inflation, consumer spending rose 0.3% after falling 0.2% in August. Consumer spending increased at a 2.1% annual pace after advancing at a robust 4.3% rate in the prior period. Manufacturing figures were lower than expected, with the Chicago Purchasing Manager’s Index (PMI) coming in at 50.6, a 5-month low. The report noted that the decline was led by a slowdown in production, which fell 5.4 points, but remained above the 2016 average, and new orders, which dipped to their lowest level since May. Meanwhile, the Markit and Institute for Supply Management (ISM) Manufacturing Indices came in below and in line with expectations respectively. ISM’s Non-Manufacturing Index also came in at 54.8, well below last month’s 57.1 reading, while Markit’s reading came in at 54.8, above last month’s reading of 52.3. U.S. factory orders on Thursday were up slightly, 0.3% for the month of September following a 0.4% advance in August, the Department of Commerce reported, while durable goods orders for September dropped by 0.3%, slightly worse than the 0.1% decline estimated last week in an advance report. On the housing front, the latest mortgage application report from the Mortgage Bankers Association (MBA) showed a very small drop, while mortgage interest rates appear to be rising. For the week ending October 28, mortgage applications decreased 1.2% from 1 week earlier. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 3.75%, from 3.71%. In employment, U.S. private employers added 147,000 jobs in October, below economists’ expectations, a report by a payroll processor showed on Wednesday. Economists surveyed had forecast the ADP National Employment Report would show a gain of 165,000 jobs, with estimates ranging from 130,000 to 190,000. Following on, initial jobless claims rose slightly, although figures are still at 15-year lows. Initial jobless claims rose by 7,000 to 265,000 last week, while continued claims fell by 14,000 to 2.026 million, the Department of Labor said on Thursday.

Canada: On Tuesday, Canada’s GDP month on month expanded 0.2% in August from July 2016, following a downwardly revised 0.4% growth in the previous period and in line with market expectations. The growth was driven mainly by mining, quarrying, and oil and gas extraction (+1.4%), as production returned to normal levels following maintenance shutdowns in April and the Fort McMurray wildfire and evacuation in May. Meanwhile, the RBC Canadian Manufacturing Purchasing Managers’ Index (PMI), a measure of business conditions, rose to a seasonally adjusted 51.1 in October from 50.3 in September.

China: China’s industrial sector picked up last month, with an official gauge of factory activity rising to its highest level in 2 years, driven by higher commodity prices and a property boom that are stabilizing the wobbly economy. China’s official Manufacturing Purchasing Managers Index increased to 51.2 in October from September’s 50.4, the National Bureau of Statistics said on Tuesday. The reading, the third straight month of expansion, beat the median forecast of 50.3 expected by economists.



Junior Explorer: Weekly Vantage Point

News from the Junior sector this week included:

Mining Flashes Other News

Arizona Mining Inc. (AZ-T)

Pure Gold Mining Inc. (PGM-V) North American Nickel Inc. (NAN-V)

No other news this week

Mining Flashes

Arizona Mining Inc. (AZ-T, $2.84) – 2016 Taylor Drilling Delivers Resource Expansion As Expected

Stefan Ioannou, [email protected], Mick Carew, [email protected]

Arizona Mining recently tabled a resource update for the Taylor zinc-lead-silver sulphide deposit, which composes part of the Company’s 100% owned Hermosa project in Santa Cruz County, Arizona.

A very successful ongoing ~50-hole (38,100-metre) 2016 infill and step-out drill program has prompted Arizona Mining to table an updated resource estimate for the Taylor deposit, well in advance of original plans to update the resource in early Q1/17.

The deposit is now underpinned by a National Instrument 43-101 compliant indicated resource inventory of 31.1 million tons grading 4.7% zinc, 4.4% lead, and 1.8 ounces per ton silver (10.9% zinc equivalent), as well as an additional inferred resource totalling 82.7 million tons grading 4.2% zinc, 4.7% lead, and 2.2 ounces per ton silver (11.1% zinc equivalent), both calculated using a 4% zinc equivalent cutoff grade).

See Haywood Securities for the full report

Pure Gold Mining Inc. (PGM-V, $0.66) – New A3 Target Identified Adjacent to Historical Workings at Austin

Mick Carew, [email protected]

On Monday morning, Pure Gold announced drill assay results from its 100% owned Madsen project in the Red Lake District in Ontario. The latest results are part of the Company ’s 77,000-metre drill program, with three drill rigs focused on the Austin/McVeigh Horizons where ~2 million ounces of gold were historically produced and 1.23 million ounces of gold grading 9.61 g/t have been defined in a National Instrument 43-101 compliant resource estimate from 2015.

Highlight results include the intersection of high-grade gold mineralization adjacent to historically mined stopes at the Austin Horizon:

o Hole PG16-229 (A3) that intersected 8.0 metres grading 25.4 g/t gold from a downhole depth of 467.7 metres, including 4.6 metres grading 41.3 g/t gold

o Hole PG16-231 (A3) that intersected 1.0 metre grading 16.7 g/t gold from a downhole depth of 402.0 metres.




North American Nickel Inc. (NAN-V, $0.10) – Event: 2016 Drill Program Extends Mikissoq Sulphide Mineralization Downdip

Stefan Ioannou, [email protected]

Drilling on at the Mikissoq target on the Company ’s 100% owned Maniitsoq project in southwest Greenland has traced mineralization an additional 130 metres in the downdip direction.

The recent drilling has transformed the Mikissoq target from a small area of near -surface mineralization into a wide steeply dipping lens(es) of high nickel tenor magmatic sulphides that extend to a vertical depth of ~350 metres and remain open. Furthermore, Mikissoq is located within close proximity to mineralization outlined at Imiak Hill and Spotty Hill. Given the recent success, NAN plans to make definition drilling at Mikissoq a priority in 2017.

Three recently completed holes (1,167 metres) have intersected sulphide mineralization over a dip extent of ~105 metres starting at a vertical depth of ~200 metres below the surface. High nickel tenor (8% to 11%) mineralization is characterized by coarse-grained magmatic disseminations and blebs, with local remobilized sulphide stringers and veins.




Performance of Companies Included in Junior X and Notable News Flow

Source: Capital IQ and Haywood Securities

Close

Price Market Capitalization

Cash at Quarter

End Weekly Performance QTD Performance

QTD Performance

vs. TSXV Index

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

Junior Exploration Names

Algold Resources Ltd. TSXV:ALG 0.33 36.32 1.78 (7.1)% 1.6% (2.6)%

Arizona Mining Inc. TSX:AZ 2.78 648.18 21.01 (2.1)% 67.5% 63.3%

Auryn Resources Ltd. TSX:AUG 195.89 2.94 2.94 (5.2)% 6.9% 2.7%

Aurion Resources Ltd. TSXV:AU 0.42 22.88 0.07 6.4% 38.3% 34.2%

Cardinal Resources Limited ASX:CDV 0.63 195.93 4.70 (6.0)% 110.0% 105.8%

Euro Sun Mining Inc. TSX:ESM 0.95 47.50 11.48 (3.1)% NA NA

Cordoba Minerals Corp. TSXV:CDB 0.73 63.38 1.40 4.3% (15.1)% (19.3)%

Coro Mining Corp. TSX:COP 0.13 55.74 2.30 (3.8)% 25.0% 20.8%

GPM Metals Inc. TSXV:GPM 0.22 19.85 4.27 (10.2)% (48.8)% (53.0)%

NuLegacy Gold Corporation TSXV:NUG 0.38 108.22 8.63 (12.8)% 4.2% (0.0)%

Plateau Uranium Inc. TSXV:PLU 0.24 12.50 2.69 2.1% (22.6)% (26.8)%

Pure Gold Mining Inc. TSXV:PGM 0.64 110.46 9.85 (7.2)% (8.6)% (12.7)%

Regulus Resources Inc. TSXV:REG 1.40 84.23 3.13 7.7% 8.5% 4.3%

Rupert Resources Ltd. TSXV:RUP 0.75 61.22 0.09 5.6% (6.3)% (10.4)%

SilverCrest Metals Inc. TSXV:SIL 2.80 118.20 2.91 9.4% 129.5% 125.3%

Wolfden Resources Corporation TSXV:WLF 0.11 8.15 0.58 0.0% (21.4)% (25.6)%

Other Companies in the News

North American Nickel Inc. TSXV:NAN 0.11 52.67 0.56 10.0% 46.7% 42.5%



Key Catalysts for Companies Featured in the Last Junior Exploration Report

Source: Haywood Securities

Company Ticker Catalysts

Junior Exploration Names

Algold Resources Ltd. TSXV:ALG

• Drill Results from Phase 1 Program - through Q3/16

• Start Phase 2 Drill Program Sept'16

• Resource Update - Q4/16

• Results from Phase 2 Program - through Q1/17

Arizona Mining Inc. TSX:AZ

• Additional Taylor deposit step-out drill hole assay results (H2/16)

• Taylor deposit resource update / PEA (2017)

• Corporate activity

Auryn Resources Inc. TSXV:AUG

• 3,000 metre diamond drill program at 3 Bluffs

• 10,000 metre RAB drilling program at various exploration targets

• $3 million budget allocated to southern Peru (details to come)

Aurion Resources Ltd. TSXV:AU

Kutuvuoma-Ahvenjarvi Joint Venture

• 2016 Field Program - Q3/16

• Geochemical Results from 100% Owned Properties - Q3/16

• Drill results - H2/16

Cardinal Resources Limited ASX:CDV

• Results from diamond infill drilling and RC expansion drilling (Q3/16)

• Geophysical surveys to enhance drill targeting (Q3/16)

• Initial JORC compliant resource estimate (Q3/16)

Carpathian Gold Inc. OTCPK:CPNF.F

• Relisting on TSX - by Q4/16

• Mine Permit Notification - Q1/17

• Grant of New Exploration Permits - H1/17

• Feasibility Study - Q4/17

Cordoba Minerals Corp. TSXV:CDB

• Drill results from Alacran - 18,000 metre program - Q3/16

• Initial resource estimate - Alacran - H2/16

• Drill testing several targets identified via Typhoon survey - H2/16

Coro Mining Corp. TSX:COP

• Project constellation de-risking (surface rights acquisition + environmental

base studies)

• Filo del Sol drill target development and metallurgical (leach) test work.

• Potential partner engagement

GPM Metals Inc. TSXV:GPM• Updated PEA integrating consolidated resources (Q1/2016)

• Results of further metallurgical testwork and exploration (2016)

Marathon Gold Corporation TSX:MOZ• Updated PEA integrating consolidated resources (Q1/2016)

• Results of further metallurgical testwork and exploration (2016)

NuLegacy Gold Corporation TSXV:NUGDrilling at Iceberg and other targets - ~10,000 metres

Plateau Uranium Inc. TSXV:PLU• Follow-up work to study lithium potential (H2/2016)

• Metallurgical results (2016)

Pure Gold M ining Inc. TSXV:PGM• Results from 51,000 metre drill program - H2/16

•Assessment to re-open portal at McVeigh - H2/16

Regulus Resources Inc. TSXV:REG

Antakori:

• (resource proximal) exploraiton results (Q4/16)

• Resource update (mid-2017)

• Regional exploraiton results (H2/17)

Rupert Resources Ltd. TSXV:RUP

• 3,000 metre drill program - near mine exploration (H2/16)

• Trenching - adjacent to open-pits

• Phase 2 drill program - details to follow

• Engage mine contractors for restart of operations (H2/17)

SilverCrest Metals Inc. TSXV:SIL

• Drill results from Las Chispas (Q3/16)

• Underground channel sampling results (Q3/16)

• Receipt of permit for undergound drilling (expected H2/16)

Wolfden Resources Corporation TSXV:WLF • Rice Island summer exploration (drill hole assay) results (mid-H2/16)



Haywood Research: The Week in Review

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

Receipt of Environmental Invoice and Q3/16 financial results for Asanko Gold Inc. (AKG-T)

Q3/16 results for Detour Gold Corporation (DGC-T), Eldorado Gold Corporation (ELD-T), Nevsun Resources Ltd. (NSU-T), Tahoe Resources Inc. (THO-T), Mandalay Resources Corp. (MND-T) and B2Gold Corp. (BTO-T)

Drill assay results from NexGen Energy Ltd. (NXE-V)

Site visit notes for Osisko Mining Inc. (OSK-T)

An update on an expansion PEA from Richmont Mines Inc. (RIC-T)

Q3/16 Financials and Operations Preview from Tahoe Resources Inc. (THO-T)

Exploration drilling results from Trevali Mining Corporation (TV-T)

Radar Flashes

B2Gold Corp. (BTO-T, $3.92) – B2Gold Driving Costs Lower as Fekola Continues to Advance

Geordie Mark, PhD, [email protected], Benjamin [email protected]

Operating cash flow (before changes in working capital) of US$0.10/sh beat consensus (US0.09/sh), and were in-line with our estimates (US$0.10/sh). Revenues totaled US$193 million with EBITDA of US$113 million on sales of 145.0 koz of gold at an average price of US$1,331 per ounce.

Production totaled 146.7 koz of gold at a total cash cost of US$544/oz, and AISC of US$702/oz, which was 7% higher than our total cash cost estimate of US$508/oz but 24% below our AISC estimate of US$927/oz. Operational performance, largely driven by Masbate manifest a lowering of 2016 corporate cost guidance with new operating cash costs range of US$500-US$535/oz (US$560-US$595/oz gold), and AISC cost range of $780-810/oz (US$895-US$925/oz gold). 2016 CAPEX is projected to be $31 million lower than forecast in the budget (ex. Fekola) with a large part deferred into 2017.


Asanko Gold Inc. (AKG-T, $5.15) – Phase 2A Board Approval As Receipt of Environmental Invoice Opens Paths for Esaase

Geordie Mark, PhD, [email protected], Benjamin [email protected]

Phase 2A: Board approval and receipt of the Environmental Invoice (precursor to the Final Environment permit on receipt of the final Environmental Impact Statement) for Phase 2A enables management to enact a staged capacity-expansion plan to initially move from 3.6 Mtpa to 5.0 Mtpa.

The Phase 2 definitive feasibility study is due to be published this quarter. Phase 2A envisages blending 3 Mtpa of ore from Nkran and satellite pits with 2 Mtpa of ore from the Esaase pit where anticipated gold recoveries are estimated to be around 90.9%. Material from Esaase will be transported to the existing plant site via a 27 km conveyor.




Mandalay Resources Corp. (MND-T, $0.93) – Q3/16 Financials In-line But Alignment With 2017 Guidance Prompts Target Revision

Benjamin [email protected]

Q3/16 Financials: MND reported OCFPS of US$0.03 which compared with Haywood estimates of US$0.03 and consensus of US$0.04. Reported revenues of US$49M drove EBITDA of US$14M, net income of US$1M (US$0.00/sh) and operating cash flow of US$13M (US$0.03/sh).

Q3/16 Operations: Consolidated gold-equivalent production totalled 34.9 koz at a cash cost of US$896/oz and all-in costs of US$1,289/oz. Actual results were generally consistent with Haywood estimates of production of 34.6 koz AuEq (1% higher), cash costs of US$823/oz (9% higher) and all -in site costs of US$1,354/oz (5% lower).

Dividend: Consistent with the dividend policy (6% of gross revenues), the Board declared a US$2.9M dividend or US$0.0065/sh (C$0.0086/sh) payable on November 24th to shareholders of record as of November 14th.


Detour Gold Corporation. (DGC-T) – Q3/16 Results and 2017 Guidance Below Expectations

Kerry Smith, MBA, [email protected], Danny [email protected]

Q3 production slightly below expectations – Detour reported production of 127,758 ounces at a total cash cost of US$802/oz and all-in sustaining cost (AISC) of US$1,042/oz. Production was above the Company’s quarterly guidance range of 120,000 ounces, but below our estimate of 145,000 ounces at an AISC of US$900/oz. The Company sold only 113,845 ounces (about 13,900 ounces less than production, which reduced cash flow per share by about US$0.04 per share) at a realized price of US$1,281/oz (~US$54/oz lower than the average London Metal Exchange price of US$1,335/oz owing to hedging).

Cash flow from operations before working-capital changes for the quarter was US$47.9M, or US$0.27 per share, below consensus at US$0.34 per share. Production and costs were below expectations primarily from an 8-day plant shutdown, the pit flooding in September that limited access to higher grade ore in the pit bottom, along with reduced material movement over the year vs budget, which has slowed bench development into better grades.


Eldorado Gold Corporation (ELD-T, $4.45) – Q3 Results Down on a Weak Quarter at Kışladağ


Q3/16 cash flow per share (CFPS) Below Expectations….Kışladağ Weaker Again – Eldorado reported Q3/16 cash flow from operations (before working-capital changes) of US$40.5M, or US$0.06 per share. Eldorado classifies its Chinese assets as ‘discontinued operations’, and they are not included in the reported CFPS.

Adjusting cash flow to include estimated Cash Flow from Discontinued Operations results in an increase in cash flow (before working-capital changes) to $48.7M or $0.07 per share, below the consensus estimate of US$0.08 and Haywood at US$0.09 per share.




Nevsun Resources Ltd. (NSU-T, $3.80) – Eye on the Prize…But Transitional Patience Required

Colin Healey, [email protected]

NexGen has released further drill results from its seven-rig summer 2016 program owing to wind up in the next couple of weeks. The two main takeaways are very positive: 1) Drilling along strike between the Arrow deposit and the 180-metre zone to the southwest has returned some very strongly mineralized intervals, and success here suggests that mineralization is likely continuous between the main Arrow body and the 180 Zone, underscoring the large resource growth potential at the wholly owned Rook 1 project; 2) Step-out drilling from the A2 shear high-grade domain to the northeast returned highly radioactive intervals confirming the growth potential of the ultra -high-grade A2 shear subzone.

A2 high-grade subzone shows growth potential – Step-out drilling to the northeast of the A2 shear subzone has intersected strongly mineralized intervals, which have highly positive implications for the growth potential of this critical high-value area of the Arrow deposit. The A2 subzone hosts 120.5 Mlb of U3O8 (grading 13.26% U3O8) of the 202 Mlb total inferred resources at Arrow (grading 2.63% U3O8). High radioactivity values intersected outside this ultra-high-grade subzone suggest the potential to add materially to this part of the resource in the most accretive area for additional pounds.


NexGen Energy Ltd. (NXE-T, $1.57) – Drilling Suggests Continuity Between Arrow Deposit and 180 Zone

Colin Healey, [email protected]

NexGen has released initial benchtop scale metallurgical test work results from a 55 kg composite sample “blended and homogenized from 131 core assay reject samples” from the 100% owned Arrow deposit.

Results indicate > 98% uranium recoveries in leach times of 8 hours or less, producing a high-quality commercial/marketable yellowcake product meeting American Society for Testing and Materials (ASTM) standards.

The benchtop results are positive in that they suggest ore from the Arrow deposit could be processed using established commercial processes, with high recovery potential using mild acid concentration and modest consumption.


Osisko Mining Inc. (OSK-T, $2.97) – Site Visit: Aggressive Drill Program Set to Reveal Resource Upside at Windfall

Mick Carew, [email protected]

Last week, we visited Osisko Mining’s Windfall gold project in the Abitibi Belt, Quebec. Overall, the site visit was positive. Key takeaways from the site visit include the following:

o Windfall resource set to grow – Osisko has already completed almost 100,000 metres of drilling since last year. This drilling has successfully expanded several zones (e.g., Underdog) and defined greater grade continuity. The deposit remains open at depth and downplunge to the northwest. Osisko has ramped-up its drill program with seven rigs currently on-site and an additional four expected soon.

o Atypical (Abitibi) gold-bearing system, implications for grade continuity – Windfall has been interpreted as an intrusion-related gold system, which differs from the vein-controlled greenstone-hosted gold deposits typical of the Abitibi Belt. The style of mineralization associated with this deposit type has



important implications for both grade continuity and mineability; in particular, we see the potential to incorporate a starter pit and a gravity circuit into the mine plan originally outlined in the 2015 Preliminary Economic Assessment..

See Haywood Securities for the full report 6

Richmont Mines Inc. (RIC-T, $12.78) – Expansion Case PEA Update


On Tuesday morning, Richmont provided a status update on an expansion-case Preliminary Economic Assessment (PEA) for the Company’s 100% owned Island gold mine located in northern Ontario. This PEA is currently underway by InnovExplo and Soutex and is expected to be released in H1/17, after incorporating the 2016 year-end resource estimate.

We had been expecting the release of the actual study on Tuesday; however, Richmont has now decided to incorporate the year-end 2016 reserves/resources into the study, instead of releasing a PEA based on last year’s resources and then adjusting it next year once reserves/resources are updated. Doing so makes sense to us, but wasn’t communicated well to the market.


Tahoe Resources Inc. (THO-T, TAHO-N; $16.66) – Q3/16 Financials and Operations Preview – What to Look For

Geordie Mark, [email protected], Benjamin [email protected]

We anticipate Tahoe will deliver operating cash flow (before working-capital changes) of US$103 million or US$0.33 per share, which is marginally above consensus expectations of US$0.32 per share.

For the quarter, we are looking for consolidated production of 5.1 Moz of silver plus 115 koz of gold and base metals (lead and zinc). On a gold equivalent basis, our consolidated estimates represent production of 197 koz of gold at a cash cost of US$513/oz and all-in cost of US$938/oz. Escobal: payable production of 5.1 Moz of silver plus by-product credits (gold/lead/zinc) at a cash cost of US$6.71/oz. La Arena: payable production of 51.6 koz of gold at a cash cost of US$729/oz. Shahuindo: payable production of 23.4 koz of gold at a cash cost of 733/oz. Bell Creek / Timmins West: payable production of 37.9 koz of gold at a cash cost of US$706/oz.


Tahoe Resources Inc. (THO-T, TAHO-N; $15.17) – Q3/16 Financials Inline But Teething Pains at Shahuindo Give Cause for Pause

Geordie Mark, [email protected], Benjamin [email protected]

Reported revenues of US$235 million driving EBITDA of US$127 million and a net income of US$63 million or US$0.20/sh. Operating cash flow came in at US$105 million or US$0.34/sh with free cash flow of US$19 million or US$0.06/sh. Overall operating cash flow was in-line with Haywood estimates of US$103M or US$0.33/sh (consensus of US$0.32/sh) on revenues of US$254M, EBITDA of US$130M, and net income of US$71M or US$0.23/sh.


https://ik141.infusionsoft.com/app/linkClick/56848/8efe13d335164220/2630424/3c926c32c7ba54f7



Trevali Mining Corporation (TV-T, $1.03) – Exploration Drilling Results

Stefan Ioannou, [email protected]

Recent exploration drilling at Trevali’s 100% Santander mine in Peru continues to bear fruit. Three recently completed diamond-core holes drilled from underground have successfully tested the area between the Magistral North and Magistral Central deposits, where geological modelling identified a high-priority target(s). Work to date continues to demonstrate Santander ’s geological pedigree as one of the larger end-members of the carbonate replacement deposit (CRD) type (refer to Appendix, Radar Screen, November 3, 2015).


Other Reports

Technical Analysis – Still Rangebound

Keith Edwards, Technical Advisor

The 4-month consolidation/trading ranges (DJIA: 18,700/17,950, S&P: 2195/2120, TSX: 14,900/14,400) remain in place and appear to have further to go. We need a break either up or down to provide direction. However, as risk is increasing, the initial break may be to the downside.

o Investors have shown little enthusiasm on the buy side, becoming increasingly selective as evidenced by the decline in the number of new 52-week highs. A downside break to lower prices may be required to reignite investor enthusiasm. A break of the lower range boundaries opens support straddling the 200-day moving averages: DJIA: 17500-800, S&P: 2050-80, TSX: 13900-14100, then 13600.

o Although daily momentum is improving, weekly momentum has accelerated to the downside and is expected to remain under pressure into late November. This situation suggests bounces are likely to have only limited upside before being drawn lower once again.

o Small-cap indices such as the Russell 2000 and the S&P 600 Small Cap have already broken down from their ranges and may be a precursor to a breakdown in the large-cap indices.




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

Source: Capital IQ

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


$0

$10

$20

$30

$40

$50

$60

$0

$2,000

$4,000

$6,000

$8,000

$10,000

Jan

-14

Feb

-14

Mar

-14

Ap

r-1

4

May

-14

Jun

-14

Jul-

14

Au

g-1

4

Sep

-14

Oct

-14

No

v-1

4

De

c-1

4

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Oct

-15

No

v-1

5

De

c-1

5

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

Ave

rage

Siz

e (

C$

Mill

ion

)

Val

ue

(C

$ M

illio

n)

Monthly ($millions)

Cumulative ($millions)

Average Size ($millions)

Date Company Ticker Value Price 20 Day VWAP

Prem /

Disc Details

Equity Raisings11/03/2016 Hunt Mining Corp. (TSXV:HMX) TSXV:HMX C$1.0 M $0.25 $0.23 NA 4M sh C$0.25/sh plus warrants

11/03/2016 Rotation Minerals Ltd. (TSXV:ROT) TSXV:ROT C$1.0 M $0.25 NA NA 2M FT shat C$0.25 and 2M sh at C$0.25 plus warrants

11/03/2016 Alix Resources Corp. (TSXV:AIX) TSXV:AIX C$0.7 M $0.08 $0.07 18.8% 6.25M FT and 4M sh at C$0.08/sh plus warrants

11/02/2016 Toachi Mining Inc. (TSXV:TIM) TSXV:TIM C$5.3 M $0.40 $0.44 (9.3)% 10M sh at C$0.40/sh

11/02/2016 East Africa Metals Inc. (TSXV:EAM) TSXV:EAM C$5.2 M $0.26 $0.22 18.5% 20M sh at C$0.26/sh plus warrants

11/02/2016 PNG Gold Corp. (TSXV:PGK) TSXV:PGK C$3.0 M $0.30 $0.01 NA 10M sh at C$0.30/sh plus warrants (post consolidation)

11/02/2016 NV Gold Corporation (TSXV:NVX) TSXV:NVX C$2.1 M $0.30 $0.36 (16.9)% 7M sh at C$0.30/sh plus warrants

11/02/2016 Rokmaster Resources Corp. (TSXV:RKR) TSXV:RKR C$1.5 M $0.05 $0.02 117.7% 30M sh at C$0.05/sh plus warrants

11/02/2016 Compass Gold Corporation (TSXV:CVB.H) TSXV:CVB.H C$0.5 M $0.05 NA NA 10M sh at C$0.05/sh plus warrants

11/01/2016 Teranga Gold Corporation (TSX:TGZ) TSX:TGZ C$31.0 M $1.05 $1.11 (5.3)% 29.5M sh at C$1.05/sh

11/01/2016 Horizonte Minerals Plc (AIM:HZM) AIM:HZM C$14.7 M NA $0.02 NA details to follow

11/01/2016 Noront Resources Ltd. (TSXV:NOT) TSXV:NOT C$2.8 M $0.30 $0.26 16.9% 9.3M FT sh at C$0.30/sh

11/01/2016 Prosper Gold Corp. (TSXV:PGX) TSXV:PGX C$1.7 M $0.35 $0.29 20.3% 4.7M sh at C$0.35/sh plus warrants

11/01/2016 Southern Lithium Corp. (TSXV:SNL) TSXV:SNL C$1.4 M $0.25 $0.23 8.1% 5.6M sh at C$0.25/sh plus warrants

11/01/2016 Metallic Minerals Corp. (TSXV:MMG) TSXV:MMG C$1.1 M $0.50 $0.44 13.6% 2.25M FT sh at C$0.50/sh plus warrants

10/31/2016 Carube Copper Corp. (TSXV:CUC) TSXV:CUC C$1.5 M $0.10 $0.10 1.5% 12M sh at C$0.10/sh and 2.5M FT sh at $0.12/sh plus warrants

10/31/2016 HPQ Silicon Resources Inc. (TSXV:HPQ) TSXV:HPQ C$1.3 M $0.22 $0.16 36.1% 5.68M FT sh at C$0.22/sh plus warrants

Debt FinancingsNo debt financings this week

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

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

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



Weekly Commodities / Indices / Exchange Rates

Metal and Currency Prices for the Week

Source: Haywood Securities

14,450

14,650

14,850

10/31 11/3

S&P/TSX Comp IndexLast: 14,509

200

250

10/31 11/3

S&P/TSX Global Gold IndexLast: 227

17,900

18,100

10/31 11/4

Dow Jones Industrial AverageLast: 17,888

750

770

790

10/31 11/3

S&P/TSX Venture Comp INdexLast: 761

92

94

96

98

10/31 11/3

S&P/TSX Global Base Metal IndexLast: 93.9

2,050

2,100

2,150

10/31 11/4

S&P 500 IndexLast: 2,085

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

Gold Spot 1,305 29.55 2.26% 1,375 1,305

US$/oz 1,046 1,275

Silver Spot 18.43 0.67 3.63% 21.14 18.48

US$/oz 13.65 17.76

Platinum Spot 998 17.73 1.78% 1,195 998

US$/oz 811 981

Palladium Spot 627 6.45 1.03% 747 633

US$/oz 452 619

Copper Future 2.26 0.07 2.93% 2.34 2.26

US$/lb 1.95 2.19

Nickel Spot 4.73 0.01 0.21% 4.95 4.74

US$/lb 3.43 4.66

Lead Spot 0.95 0.01 1.58% 0.96 0.95

US$/lb 0.70 0.92

Zinc Spot 1.10 0.02 1.78% 1.11 1.12

US$/lb 0.66 1.08

Aluminum Spot 0.78 (0.00) (0.17)% 0.84 0.79

US$/lb 0.65 0.78

Iron Ore Spot 63 5.38 8.51% 140 79

US$/t 78 78

Newcastle Coal 101 2.80 2.76% 106 105

US$/t 50 99

CAAP Coal 40 - 0.00% 45 40

US$/t 40 40

Uranium Spot 18.75 (0.90) (4.80)% 38 20

US$/lb 19 19

WTI 44 (4.62) (10.48)% 54 49

US$/bbl 34 44

Brent 46 (5.15) (11.31)% 56 51

US$/bbl 34 46

Henry Hub 2.78 (0.32) (11.65)% 3.56 3.11

US$/MMBtu 2.37 2.77

ENER

GY

BA

SE M

ETA

LSP

REC

IOU

S M

ETA

LS

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

TSX 14,509 (276) (1.90)% 14,964 14,787

11,531 14,509

TSXV 762 (13.89) (1.82)% 848 780

466 761

Canadian Dollar 1.34 0.00 0.02% 1.47 1.34

1.25 1.34

Euro 1.11 0.02 1.38% 1.16 1.11

1.05 1.10

China Renminbi 6.76 (0.02) (0.33)% 6.79 6.78

6.35 6.76

Mexican Peso 19.03 0.04 0.24% 19.93 19.37

16.44 18.86

Peruvian Sol 3.39 0.02 0.70% 3.54 3.39

3.24 3.36

S. African Rand 13.60 (0.24) (1.75)% 17.92 13.84

13.20 13.46

Australian Dollar 0.77 0.01 1.00% 0.78 0.77

0.68 0.76

Japanese Yen 103.0 (1.71) (1.66)% 123.8 104.8

99.0 103.0

Chilean Peso 657 8.27 1.26% 733 657

643 649

British Pound 1.25 0.03 2.67% 1.53 1.25

1.18 1.22

Swiss Franc 0.97 (0.02) (1.96)% 1.03 0.99

0.94 0.97

Norwegian Krone 8.16 (0.10) (1.26)% 8.99 8.26

7.95 8.16

Turkish Lira 3.16 0.05 1.62% 3.17 3.16

2.79 3.09

Indian Rupee 66.71 (0.07) (0.11)% 68.79 66.78

65.73 66.71

EXC

HA

NG

E R

ATE

SIN

DIC

IES



Commodities and ETFs: A Week in Action

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

Spot: Gain (+2.3%) for the week

ETF Holdings: 65,743,678 ounces, up 208,688 ounces for the week

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


ETF Holdings: 671,939,094 ounces, up 1,501,709 ounces for the week

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



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



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

Futures: Gain (+3.0%) for the week

LME Copper: 305,000 tonnes, down 21,400 tonnes for the week

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


LME Nickel: 363,708 tonnes, up 1,998 tonnes for the week

$1,000

$1,100

$1,200

$1,300

$1,400

No

v-15

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-16

Gold ($/oz)Price

100D MA

46

48

50

52

54

56

58

60

62

64

66

No

v-15

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

Gold ETF Holdings (Moz)

$13.00

$16.00

$19.00

$22.00

No

v-15

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

Silver ($/oz)

Price

100D MA

590

600

610

620

630

640

650

660

670

680

690

No

v-15

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-1

6

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

Silver ETF Holdings (Moz)

$800

$850

$900

$950

$1,000

$1,050

$1,100

$1,150

$1,200

No

v-15

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-16

Platinum ($/oz)

Price

100D MA

2.2

2.3

2.3

2.4

2.4

2.5

2.5

No

v-15

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

Platinum ETF Holdings (Moz)

$460

$510

$560

$610

$660

$710

$760

No

v-15

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-16

Palladium ($/oz)

Price

100D MA

2.0

2.1

2.2

2.3

2.4

2.5

2.6

No

v-15

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

Palladium ETF Holdings (Moz)

$1.90

$2.00

$2.10

$2.20

$2.30

$2.40

$2.50

No

v-15

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-16

Copper ($/lb)

Price

100D MA

130,000

180,000

230,000

280,000

330,000

380,000

No

v-15

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-16

LME Copper Inventories (t)

$3.50

$3.70

$3.90

$4.10

$4.30

$4.50

$4.70

$4.90

$5.10

No

v-15

De

c-1

5

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-16

Nickel ($/lb)Price

100D MA

350,000

400,000

450,000

500,000

No

v-15

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-16

LME Nickel Inventories (t)



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


LME Lead: 188,350 tonnes, down 800 tonnes for the week

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


LME Zinc: 449,350 tonnes, down 2,075 tonnes for the week

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

58% Fe Iron Ore: Gain (+3.1%) for the week

62% Fe Iron Ore: Gain (+9.1%) for the week

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

CAPP Futures: Unchanged (0.0%) for the week

Newcastle Thermal Futures: Gain (+4.3%) for the week

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

Uranium Spot: Loss (-6.3%) for the week

Uranium Long-Term: Unchanged

Source: Bloomberg, UxC Consulting, and Haywood Securities

$0.70

$0.75

$0.80

$0.85

$0.90

$0.95

No

v-15

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-16

Lead ($/lb)Price

100D MA

120,000

140,000

160,000

180,000

200,000

220,000

No

v-15

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-16

LME Lead Inventories (t)

$0.65

$0.70

$0.75

$0.80

$0.85

$0.90

$0.95

$1.00

$1.05

$1.10

No

v-15

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-16

Zinc ($/lb)

Price

100D MA

300,000

400,000

500,000

600,000

No

v-15

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-16

LME Zinc Inventories (t)

$30

$40

$50

No

v-15

Dec

-15

Jan

-16

58% Iron Ore ($/t)

Price

100D MA

$35

$40

$45

$50

$55

$60

$65

No

v-15

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-16

62% Iron Ore ($/t)

Price

100D MA

$39

$40

$41

$42

$43

$44

$45

No

v-15

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

Central App Coal ($/t)

Price

100D MA

$30

$35

$40

$45

$50

$55

$60

$65

$70

$75

$80

No

v-15

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-16

Newcastle Coal (AUD/t)

Price

100D MA

$18

$23

$28

$33

$38

No

v-15

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-16

Uranium Spot ($/lb)

Price

100D MA

$35

$39

$43

$47

No

v-15

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-1

6

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-16

Uranium Long-Term ($/lb)

Price

100D MA



Equities: Weekly Performances

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


Top Companies Close $∆ %∆

Endeavour Silver Corp. 6.51 0.86 15%

Royal Gold, Inc. 75.82 9.76 15%

McEwen Mining Inc. 3.55 0.43 14%

Silvercorp Metals Inc. 3.86 0.46 14%

Kirkland Lake Gold Inc. 9.28 1.07 13%

Alcoa Corporation 24.15 2.75 13%

Continental Gold Inc. 4.02 0.43 12%

Hecla Mining Co. 6.45 0.64 11%

NovaGold Resources Inc. 7.28 0.65 10%

Kinross Gold Corporation 5.50 0.47 9%

1Wk

Bottom Companies Close $∆ %∆

Arconic Inc. 17.49 (10.88) (38)%

Detour Gold Corporation 20.69 (4.01) (16)%

NexGen Energy Ltd. 1.47 (0.14) (9)%

Teranga Gold Corporation 1.04 (0.08) (7)%

Lucara Diamond Corp. 3.71 (0.26) (7)%

Turquoise Hill Resources Ltd. 3.92 (0.26) (6)%

Stornoway Diamond Corporation 1.11 (0.05) (4)%

Klondex Mines Ltd. 7.22 (0.30) (4)%

Tahoe Resources Inc. 15.20 (0.63) (4)%

Lundin Mining Corporation 5.15 (0.19) (4)%

1Wk

1Wk 52Wk 1Wk 52Wk

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

TSX:AEM Agnico Eagle Mines Limited 69.26 3.09 5% 78.35 33.00 TSX:K Kinross Gold Corporation 5.50 0.47 9% 7.56 1.91

TSX:ASR Alacer Gold Corp. 2.87 0.18 7% 3.79 2.08 TSX:KLG Kirkland Lake Gold Inc. 9.28 1.07 13% 12.39 4.51

TSX:AGI Alamos Gold, Inc. 10.42 0.16 2% 13.65 3.27 TSX:KDX Klondex Mines Ltd. 7.22 (0.30) (4)% 7.95 2.56

NYSE:AA Alcoa Corporation 24.15 2.75 13% 24.35 22.64 TSX:LUC Lucara Diamond Corp. 3.71 (0.26) (7)% 4.39 1.55

NasdaqGS:ARLP Alliance Resource Partners LP 23.35 (0.65) (3)% 25.85 9.95 TSX:LUN Lundin Mining Corporation 5.15 (0.19) (4)% 5.79 2.98

TSX:ALS Altius Minerals Corp. 11.46 0.42 4% 12.28 7.39 TSX:MAG MAG Silver Corp. 19.73 0.39 2% 23.32 8.67

NYSE:ACH Aluminum Corporation Of China Limited 9.35 (0.02) (0)% 9.69 6.87 TSX:MDI Major Drilling Group International Inc. 6.89 (0.25) (4)% 8.09 3.55

NYSE:AU AngloGold Ashanti Ltd. 14.18 0.66 5% 22.91 6.20 NYSE:MTRN Materion Corporation 31.25 1.70 6% 32.28 20.62

NYSE:ARNC Arconic Inc. 17.49 (10.88) (38)% 34.50 17.42 NYSE:MUX McEwen Mining Inc. 3.55 0.43 14% 4.92 0.79

TSX:AR Argonaut Gold Inc. 2.89 0.17 6% 4.45 0.78 TSX:NSU Nevsun Resources Ltd. 3.67 (0.13) (3)% 4.81 3.27

TSX:AKG Asanko Gold Inc. 5.11 0.26 5% 6.09 1.77 TSX:NGD New Gold, Inc. 5.58 0.20 4% 7.87 2.56

TSX:BTO B2Gold Corp. 3.86 0.15 4% 4.74 0.86 TSX:NMI Newmarket Gold Inc. 4.05 0.19 5% 5.07 1.27

TSX:ABX Barrick Gold Corporation 24.50 1.61 7% 30.45 9.18 NYSE:NEM Newmont Mining Corporation 37.80 2.42 7% 46.07 16.05

NYSE:BHP BHP Billiton Limited 33.98 (0.89) (3)% 36.16 18.46 TSX:NXE NexGen Energy Ltd. 1.47 (0.14) (9)% 2.86 0.56

NYSE:BBL BHP Billiton plc 29.20 (0.89) (3)% 31.67 16.36 TSX:NG NovaGold Resources Inc. 7.28 0.65 10% 9.56 4.05

TSX:CCO Cameco Corporation 11.07 0.45 4% 17.67 9.88 TSX:OGC OceanaGold Corporation 3.98 (0.11) (3)% 5.56 2.25

TSX:CG Centerra Gold Inc. 7.05 0.45 7% 8.22 5.64 TSX:OR Osisko Gold Royalties Ltd. 13.97 (0.06) (0)% 18.64 12.34

TSX:CGG China Gold International Resources Corp Ltd 3.47 0.04 1% 3.67 1.75 TSX:PAA Pan American Silver Corp. 22.12 1.48 7% 27.56 7.85

NYSE:CDE Coeur Mining, Inc. 11.23 0.24 2% 16.41 1.62 TSX:PG Premier Gold Mines Limited 3.00 0.13 5% 5.05 2.12

NYSE:BVN Compañía de Minas Buenaventura S.A.A. 12.62 (0.29) (2)% 16.45 3.30 TSX:PVG Pretium Resources Inc. 13.42 0.63 5% 16.17 5.74

NYSE:CMP Compass Minerals International Inc. 72.05 0.20 0% 85.28 66.30 TSX:P Primero Mining Corp. 1.82 (0.05) (3)% 3.78 1.79

NYSE:CNX CONSOL Energy Inc. 16.80 (0.04) (0)% 20.66 4.54 NasdaqGS:GOLD Randgold Resources Limited 85.89 0.04 0% 126.55 58.77

NYSE:CSTM Constellium N.V 5.30 0.05 1% 9.94 3.95 TSX:RIC Richmont Mines Inc. 12.30 0.05 0% 15.01 3.73

TSX:CNL Continental Gold Inc. 4.02 0.43 12% 4.69 1.28 NYSE:RIO Rio Tinto plc 33.93 (0.60) (2)% 35.67 21.89

TSX:DGC Detour Gold Corporation 20.69 (4.01) (16)% 35.93 12.45 NasdaqGS:RGLD Royal Gold, Inc. 75.82 9.76 15% 87.74 24.68

TSX:DDC Dominion Diamond Corporation 11.46 (0.07) (1)% 16.82 9.96 TSX:SSL Sandstorm Gold Ltd. 6.52 0.29 5% 8.73 2.82

TSX:DPM Dundee Precious Metals Inc. 2.92 0.08 3% 4.14 0.84 NYSE:SA Seabridge Gold, Inc. 11.35 0.60 6% 15.88 5.46

TSX:ELD Eldorado Gold Corporation 4.39 (0.06) (1)% 6.71 2.67 TSX:SMF SEMAFO Inc. 5.29 - - 7.46 2.69

TSX:EDV Endeavour Mining Corporation 24.25 (0.58) (2)% 27.17 5.70 NYSE:SBGL Sibanye Gold Limited 11.67 0.68 6% 20.97 4.59

TSX:EDR Endeavour Silver Corp. 6.51 0.86 15% 7.75 1.46 TSX:SSO Silver Standard Resources Inc. 15.33 0.96 7% 20.48 5.28

NasdaqGS:GSM Ferroglobe PLC 8.97 (0.22) (2)% 13.17 6.90 TSX:SLW Silver Wheaton Corp. 31.90 0.53 2% 40.80 14.51

TSX:FR First Majestic Silver Corp. 11.28 0.89 9% 24.96 3.50 TSX:SVM Silvercorp Metals Inc. 3.86 0.46 14% 4.73 0.60

TSX:FM First Quantum Minerals Ltd. 12.10 (0.14) (1)% 12.96 2.15 NYSE:SCCO Southern Copper Corp. 27.33 (0.48) (2)% 31.31 21.55

TSX:FVI Fortuna Silver Mines Inc. 9.50 0.64 7% 12.73 2.92 NYSE:SWC Stillwater Mining Company 13.68 0.65 5% 15.91 4.99

TSX:FNV Franco-Nevada Corporation 90.30 4.32 5% 105.69 58.67 TSX:SWY Stornoway Diamond Corporation 1.11 (0.05) (4)% 1.33 0.66

NYSE:FCX Freeport-McMoRan Inc. 11.05 0.12 1% 14.06 3.52 TSX:THO Tahoe Resources Inc. 15.20 (0.63) (4)% 22.13 9.45

NYSE:GFI Gold Fields Ltd. 4.17 0.12 3% 6.60 2.04 TSX:TCK.B Teck Resources Limited 28.16 (0.05) (0)% 29.58 3.65

TSX:G Goldcorp Inc. 20.50 0.61 3% 26.56 13.55 TSX:TGZ Teranga Gold Corporation 1.04 (0.08) (7)% 1.40 0.38

TSX:GUY Guyana Goldfields Inc. 7.86 0.31 4% 10.35 2.48 TSX:TXG Torex Gold Resources Inc 23.55 (0.49) (2)% 35.17 10.90

NYSE:HL Hecla Mining Co. 6.45 0.64 11% 7.26 1.45 TSX:TRQ Turquoise Hill Resources Ltd. 3.92 (0.26) (6)% 4.72 2.30

TSX:HBM HudBay Minerals, Inc. 5.91 0.44 8% 7.25 2.26 NYSE:VEDL Vedanta Limited 12.51 0.59 5% 13.22 3.52

TSX:IMG IAMGOLD Corp. 5.62 0.37 7% 7.65 1.66 TSX:YRI Yamana Gold, Inc. 4.95 0.37 8% 7.87 2.00

TSX:IVN Ivanhoe Mines Ltd. 2.14 0.12 6% 2.40 0.53 NYSE:YZC Yanzhou Coal Mining Co. Ltd. 7.38 (0.27) (4)% 8.09 3.66



Upcoming Macroeconomic News

Source: Bloomberg

Date Event Period Survey Prior Relevance Date Event Period Survey Prior Relevance

United States Canada

11/07/2016 Labor Market Conditions Index Oct -- -2.2 10 11/07/2016 Bloomberg Nanos Confidence 4-Nov -- 56.2 5

11/07/2016 Consumer Credit Sep $17.750b $25.873b 42 11/08/2016 Housing Starts Oct -- 220.6k 81

11/07/2016 Mortgage Delinquencies 3Q -- 4.66% 33 11/08/2016 Building Permits MoM Sep -- 10.40% 71

11/07/2016 MBA Mortgage Foreclosures 3Q -- 1.64% 21 11/10/2016 New Housing Price Index MoM Sep -- 0.20% 67

11/08/2016 NFIB Small Business Optimism Oct 94.5 94.1 63 11/10/2016 New Housing Price Index YoY Sep -- 2.70% 17

11/08/2016 JOLTS Job Openings Sep -- 5443 22

11/09/2016 MBA Mortgage Applications 4-Nov -- -1.20% 92

11/09/2016 Wholesale Inventories MoM Sep F 0.20% 0.20% 81

11/09/2016 Wholesale Trade Sales MoM Sep 0.60% 0.70% 11

11/10/2016 Initial Jobless Claims 5-Nov -- 265k 98

11/10/2016 Continuing Claims 29-Oct -- 2026k 69

11/10/2016 Bloomberg Consumer Comfort 6-Nov -- 44.6 67

11/10/2016 Monthly Budget Statement Oct -$81.9b $33.4b 76

11/11/2016 U. of Mich. Sentiment Nov P 87.5 87.2 94

11/11/2016 U. of Mich. Current Conditions Nov P -- 103.2 8

11/11/2016 U. of Mich. Expectations Nov P -- 76.8 10

11/11/2016 U. of Mich. 1 Yr Inflation Nov P -- 2.40% 7

11/11/2016 U. of Mich. 5-10 Yr Inflation Nov P -- 2.40% 9



Comparables Tables

Precious Metals Comparables – Consensus Estimates


Shares Market Working Enterprise

Company Symbol Price O/S Capitalization Cash Capital Debt Value 2016E 2017E Number of

(millions) (millions) (millions) (millions) (millions) (millions) CFPS CFPS Estimates 2016E 2017E 2016E 2017E 2016E 2017E

Senior Precious Metals Producers

Agnico Eagle Mines Limited TSX:AEM C$ 69.27 224.6 US$ 11,609 US$ 731 US$ 872 US$ 1,073 US$ 11,811 US$ 3.55 US$ 3.87 12 14.6x 13.3x 14.8x 13.6x 13.0x 11.4x

AngloGold Ashanti Ltd. NYSE:AU C$ 19.03 407.6 US$ 5,788 US$ 473 US$ 224 US$ 2,046 US$ 7,610 US$ 3.29 US$ 4.13 6 4.3x 3.4x 5.7x 4.5x 4.3x 3.7x

Barrick Gold Corporation TSX:ABX C$ 24.50 1165.4 US$ 21,302 US$ 2,648 US$ 3,265 US$ 8,303 US$ 26,340 US$ 2.32 US$ 2.64 13 7.9x 6.9x 9.8x 8.5x 6.6x 6.0x

Compañía de Minas Buenaventura S.A.A.NYSE:BVN C$ 16.92 254.2 US$ 3,208 US$ 117 US$ 159 US$ 272 US$ 3,320 US$ 1.45 US$ 1.71 2 8.7x 7.4x 9.0x 7.7x 7.9x 5.2x

Eldorado Gold Corporation TSX:ELD C$ 4.39 715.3 US$ 2,343 US$ 409 US$ 1,112 US$ 591 US$ 1,822 US$ 0.20 US$ 0.33 12 16.2x 9.8x 12.6x 7.6x 8.5x 6.1x

Fresnillo PLC LSE:FRES C$ 27.28 736.9 US$ 14,995 US$ 701 US$ 1,116 US$ 798 US$ 14,676 US$ 1.06 US$ 1.32 5 19.3x 15.4x 18.9x 15.1x 14.4x 11.5x

Gold Fields Ltd. NYSE:GFI C$ 5.58 820.6 US$ 3,418 US$ 503 US$ 470 US$ 1,638 US$ 4,585 US$ 1.17 US$ 1.40 6 3.5x 3.0x 4.8x 4.0x 3.6x 3.4x

Goldcorp Inc. TSX:G C$ 20.50 854.0 US$ 13,061 US$ 383 US$ 635 US$ 2,479 US$ 14,905 US$ 1.41 US$ 1.95 17 10.8x 7.8x 12.4x 9.0x 10.1x 7.7x

Kinross Gold Corporation TSX:K C$ 5.50 1245.0 US$ 5,108 US$ 756 US$ 1,527 US$ 1,733 US$ 5,314 US$ 0.79 US$ 0.99 14 5.2x 4.1x 5.4x 4.3x 4.6x 3.8x

Newcrest Mining Limited ASX:NCM C$ 24.38 765.8 US$ 13,928 US$ 53 US$ 133 US$ 2,040 US$ 15,835 US$ 1.35 US$ 1.66 6 13.5x 10.9x 15.3x 12.4x 11.9x 9.3x

Newmont Mining Corporation NYSE:NEM C$ 50.67 530.8 US$ 20,062 US$ 2,179 US$ 4,577 US$ 4,536 US$ 20,021 US$ 4.85 US$ 5.07 9 7.8x 7.5x 7.8x 7.4x 6.5x 6.0x

Randgold Resources Limited LSE:RRS C$ 113.97 93.7 US$ 7,970 US$ 361 US$ 549 US$ 3 US$ 7,424 US$ 5.21 US$ 6.22 4 16.3x 13.7x 15.2x 12.7x 12.1x 9.8x

Yamana Gold, Inc. TSX:YRI C$ 4.95 947.6 US$ 3,499 US$ 317 US$ 155 US$ 1,651 US$ 4,995 US$ 0.62 US$ 0.82 11 6.0x 4.5x 8.5x 6.5x 7.2x 5.5x

Group Average - Senior Producers 10.3x 8.3x 10.8x 8.7x 8.5x 6.9x

Group Average - Senior Producers (excluding high/low) 10.1x 8.1x 10.6x 8.6x 8.4x 6.8x

Intermediate Precious Metals Producers

Acacia Mining plc LSE:ACA C$ 8.75 410.1 US$ 2,675 US$ 284 US$ 309 - US$ 2,367 US$ 0.89 US$ 1.10 8 7.3x 5.9x 6.5x 5.3x 5.6x 4.8x

Alamos Gold Inc. TSX:AGI C$ 10.42 255.5 US$ 1,986 US$ 403 US$ 494 US$ 313 US$ 1,805 US$ 0.55 US$ 0.86 14 14.1x 9.1x 12.8x 8.3x 11.2x 6.8x

B2Gold Corp. TSX:BTO C$ 3.86 955.7 US$ 2,752 US$ 124 US$ 118 US$ 430 US$ 3,065 US$ 0.33 US$ 0.30 12 8.7x 9.5x 9.7x 10.6x 10.1x 8.5x

Centamin Plc LSE:CEY C$ 2.63 1146.1 US$ 2,252 US$ 389 US$ 491 - US$ 1,761 US$ 0.32 US$ 0.23 3 6.2x 8.4x 4.8x 6.6x 4.6x 4.7x

Detour Gold Corporation TSX:DGC C$ 20.69 174.9 US$ 2,700 US$ 116 US$ 155 US$ 334 US$ 2,879 US$ 1.31 US$ 1.82 19 11.8x 8.5x 12.5x 9.1x 12.3x 9.1x

Endeavour Mining Corporation TSX:EDV C$ 24.25 93.3 US$ 1,688 US$ 137.1 US$ 109.6 US$ 128.4 US$ 1,706.9 US$ 2.45 US$ 3.30 4 7.4x 5.5x 7.5x 5.5x 7.7x 4.7x

Guyana Goldfields Inc. TSX:GUY C$ 7.86 170.8 US$ 1,002 US$ 16.6 US$ 12.6 US$ 97.6 US$ 1,086.8 US$ 0.50 US$ 0.73 9 11.8x 8.1x 12.8x 8.8x 10.5x 6.9x

Harmony Gold Mining Company LimitedNYSE:HMY C$ 4.48 437.0 US$ 1,460 US$ 110 US$ 98 US$ 138 US$ 1,501 US$ 0.52 US$ 0.96 5 6.5x 3.5x 6.7x 3.6x 4.6x 3.1x

Hecla Mining Co. NYSE:HL C$ 8.66 394.5 US$ 2,548 US$ 159 US$ 181 US$ 500 US$ 2,867 US$ 0.57 US$ 0.68 7 11.4x 9.6x 12.8x 10.8x 11.6x 10.3x

IAMGOLD Corp. TSX:IMG C$ 5.62 450.7 US$ 1,890 US$ 555 US$ 759 US$ 629 US$ 1,759 US$ 0.61 US$ 0.76 14 6.9x 5.5x 6.4x 5.1x 5.8x 4.0x

New Gold, Inc. TSX:NGD C$ 5.58 513.2 US$ 2,136 US$ 151 US$ 242 US$ 789 US$ 2,683 US$ 0.58 US$ 0.61 15 7.2x 6.9x 9.1x 8.6x 8.8x 7.7x

Nord Gold SE LSE:NORD C$ 4.70 370.4 US$ 1,300 US$ 343 US$ 280 US$ 733 US$ 1,753 US$ 0.68 US$ 1.13 2 5.1x 3.1x 6.9x 4.2x 3.2x 2.9x

OceanaGold Corporation TSX:OGC C$ 3.98 611.0 US$ 1,814 US$ 88 US$ 56 US$ 243 US$ 2,001 US$ 0.41 US$ 0.64 13 7.3x 4.6x 8.1x 5.1x 7.1x 4.3x

SEMAFO Inc. TSX:SMF C$ 5.29 324.8 US$ 1,282 US$ 254 US$ 268 US$ 59 US$ 1,073 US$ 0.46 US$ 0.45 13 8.6x 8.8x 7.2x 7.4x 6.7x 6.2x

Torex Gold Resources Inc TSX:TXG C$ 23.55 79.6 US$ 1,398 US$ 94 US$ 120 US$ 402 US$ 1,680 US$ 1.65 US$ 2.54 5 10.6x 6.9x 12.8x 8.3x 14.9x 6.4x

Group Average - Intermediate Producers 8.7x 6.9x 9.1x 7.1x 8.3x 6.0x

Group Average - Intermediate Producers (excluding high/low) 8.6x 7.0x 9.1x 7.1x 8.2x 5.9x

Junior Precious Metals Producers

Alacer Gold Corp. TSX:ASR C$ 2.87 292.0 US$ 625 US$ 254 US$ 298 - US$ 327 US$ 0.22 US$ 0.20 7 9.7x 10.7x 5.1x 5.6x 6.5x 4.9xArgonaut Gold Inc. TSX:AR C$ 2.89 158.5 US$ 342 US$ 50.4 US$ 100.6 US$ 0.0 US$ 241.1 US$ 0.24 US$ 0.34 5 9.0x 6.3x 6.3x 4.4x 5.1x 3.2x

Asanko Gold Inc. TSX:AKG C$ 5.11 199.0 US$ 759 US$ 34.5 US$ 12.8 US$ 140.5 US$ 886.5 US$ 0.29 US$ 0.53 7 13.1x 7.1x 15.3x 8.3x 13.8x 6.7xCenterra Gold Inc. TSX:CG C$ 7.05 291.2 US$ 1,532 US$ 527.4 US$ 784.5 US$ 0.0 US$ 747.1 US$ 1.25 US$ 1.39 8 4.2x 3.8x 2.1x 1.8x 1.9x 1.7x

Dundee Precious Metals Inc. TSX:DPM C$ 2.92 160.6 US$ 350 US$ 24 US$ 38 US$ 123 US$ 435 US$ 0.50 US$ 0.56 5 4.3x 3.9x 5.4x 4.8x 6.6x 5.7xGolden Star Resources, Ltd. TSX:GSC C$ 1.13 328.7 US$ 277 US$ 17.5 US$ (59.0) US$ 93.0 US$ 429.1 US$ 0.06 US$ 0.23 4 14.7x 3.6x 22.7x 5.6x 9.7x 4.1x

Highland Gold Mining Ltd. AIM:HGM C$ 2.53 325.2 US$ 614 US$ 19.8 US$ (4.4) US$ 121.7 US$ 740.0 US$ 0.42 US$ 0.41 2 4.5x 4.6x 5.4x 5.5x 4.6x 4.3x

Kirkland Lake Gold Inc. TSX:KLG C$ 9.28 117.5 US$ 814 US$ 120.0 US$ 64.9 US$ 0.0 US$ 748.6 US$ 1.22 US$ 1.37 5 5.7x 5.0x 5.2x 4.6x 5.2x 3.9x

McEwen Mining Inc. TSX:MUX C$ 4.76 319.4 US$ 1,134 US$ 45.9 US$ 55.6 US$ 0.0 US$ 1,078.7 - - 0 - - - - - -

Newmarket Gold Inc. TSX:NMI C$ 4.05 319.4 US$ 965 US$ 82.5 US$ 64.4 US$ 2.9 US$ 903.6 US$ 0.62 US$ 0.78 10 4.8x 3.9x 4.5x 3.7x 8.5x 6.3x

Perseus Mining Limited TSX:PRU C$ 0.64 1027.6 US$ 491 US$ 112.7 US$ 119.0 US$ 0.0 US$ 371.7 US$ 0.06 US$ 0.06 1 7.7x 8.3x 5.8x 6.3x 21.9x 7.8x

Primero Mining Corp. TSX:P C$ 1.82 188.3 US$ 256 US$ 54.5 US$ 15.4 US$ 63.8 US$ 304.0 US$ 0.28 US$ 0.63 10 4.9x 2.2x 5.8x 2.6x 4.1x 2.2x

Richmont Mines Inc. TSX:RIC C$ 12.30 63.0 US$ 578 US$ 73.6 US$ 62.8 US$ 5.4 US$ 520.4 US$ 0.65 US$ 0.90 12 14.1x 10.2x 12.7x 9.2x 14.3x 8.3x

Roxgold Inc. TSXV:ROG C$ 1.38 611.0 US$ 629 US$ 33.6 US$ 8.6 US$ 59.1 US$ 679.6 US$ 0.05 US$ 0.19 4 19.4x 5.5x 21.0x 6.0x 3.2x 3.3x

Teranga Gold Corporation TSX:TGZ C$ 1.04 472.6 US$ 367 US$ 61.3 US$ 19.5 US$ 13.8 US$ 360.9 US$ 0.18 US$ 0.21 6 4.3x 3.7x 4.2x 3.6x 3.5x 2.7x

Timmins Gold Corp. TSX:TMM C$ 0.65 319.2 US$ 155 US$ 18.5 US$ 22.3 US$ 0.0 US$ 132.5 US$ 0.12 US$ 0.07 4 4.0x 7.0x 3.4x 6.0x 3.0x 4.2x

Wesdome Gold Mines Ltd. TSX:WDO C$ 2.88 130.1 US$ 280 US$ 22.1 US$ 14.6 US$ 0.0 US$ 264.9 US$ 0.13 US$ 0.25 4 16.2x 8.5x 15.4x 8.0x 26.1x 13.6x

Group Average - Junior Producers 8.8x 5.9x 8.8x 5.4x 8.6x 5.2x

Group Average - Junior Producers (excluding high/low) 8.4x 5.8x 8.3x 5.4x 7.9x 4.8x

All data sourced from Capital IQ

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



Other Precious Metals Comparables – Consensus Estimates





PGM Producers

Impala Platinum Holdings Ltd. JSE:IMP C$ 5.33 709.7 US$ 2,824 US$ 461 US$ 814 US$ 500 US$ 2,511 US$ 0.31 US$ 0.43 4 12.8x 9.2x 11.4x 8.1x 9.0x 5.9x

Lonmin plc LSE:LMI C$ 3.61 282.4 US$ 761 US$ 264 US$ 529 US$ 150 US$ 382 US$ 0.27 US$ 0.58 5 9.8x 4.7x 4.9x 2.4x 4.4x 2.5x

Stillwater Mining Company NYSE:SWC C$ 18.34 121.1 US$ 1,656 US$ 439 US$ 533 US$ 269 US$ 1,393 US$ 0.73 US$ 1.26 2 18.8x 10.9x 15.8x 9.2x 13.9x 9.0x

North American Palladium Ltd. TSX:PDL C$ 4.65 58.1 US$ 202 US$ 7 US$ 16 US$ 35 US$ 221 - - 0 - - - - - -

Group Average - PGM Producers 13.8x 8.2x 10.7x 6.6x 9.1x 5.8x

Group Average - PGM Producers (excluding high/low) 12.8x 9.2x 11.4x 8.1x 9.0x 5.9x

Silver Producers

Aurcana Corporation TSXV:AUN C$ 0.49 84.7 US$ 31 US$ 1 US$ 1 - US$ 30 - - 0 - - - - - -

Coeur Mining, Inc. NYSE:CDE C$ 15.05 170.3 US$ 1,913 US$ 223 US$ 354 US$ 364 US$ 1,922 US$ 1.05 US$ 1.72 5 10.7x 6.5x 10.8x 6.6x 8.2x 5.6x

Endeavour Silver Corp. TSX:EDR C$ 6.51 125.9 US$ 611 US$ 83 US$ 92 US$ 2 US$ 521 US$ 0.28 US$ 0.41 5 17.3x 11.9x 14.7x 10.2x 12.5x 9.0x

First Majestic Silver Corp. TSX:FR C$ 11.28 164.3 US$ 1,383 US$ 121 US$ 119 US$ 38 US$ 1,302 US$ 0.65 US$ 0.97 6 13.0x 8.7x 12.2x 8.2x 11.1x 8.0x

Fortuna Silver Mines Inc. TSX:FVI C$ 9.50 145.8 US$ 1,034 US$ 91 US$ 90 US$ 40 US$ 983 US$ 0.49 US$ 0.73 5 14.4x 9.7x 13.7x 9.3x 12.4x 8.3x

Hecla Mining Co. NYSE:HL C$ 8.66 394.5 US$ 2,548 US$ 159 US$ 181 US$ 500 US$ 2,867 US$ 0.57 US$ 0.68 5 11.4x 9.6x 12.8x 10.8x 11.6x 10.3x

Mandalay Resources Corp. TSX:MND C$ 0.92 450.7 US$ 309 US$ 75 US$ 49 US$ 2 US$ 262 US$ 0.14 US$ 0.22 4 4.9x 3.1x 4.2x 2.6x 3.9x 2.3x

Pan American Silver Corp. TSX:PAA C$ 22.12 152.2 US$ 2,512 US$ 204 US$ 399 US$ 57 US$ 2,170 US$ 1.29 US$ 1.72 6 12.8x 9.6x 11.1x 8.3x 9.3x 8.3x

Silver Standard Resources Inc. TSX:SSO C$ 15.33 119.3 US$ 1,365 US$ 426 US$ 530 US$ 214 US$ 1,049 US$ 1.52 US$ 1.46 4 7.5x 7.8x 5.8x 6.0x 5.1x 5.2x

Silvercorp Metals Inc. TSX:SVM C$ 3.86 167.1 US$ 481 US$ 92 US$ 58 - US$ 423 US$ 0.18 US$ 0.27 2 16.0x 10.7x 14.1x 9.4x 10.3x 6.9x

Tahoe Resources Inc. TSX:THO C$ 15.20 311.1 US$ 3,528 US$ 142 US$ 168 - US$ 3,359 US$ 1.18 US$ 1.42 10 9.6x 8.0x 9.2x 7.6x 8.3x 6.9x

Group Average - Silver Producers 11.8x 8.6x 10.9x 7.9x 9.3x 7.1x

Group Average - Silver Producers (excluding high/low) 11.9x 8.8x 11.2x 8.2x 9.5x 7.3x

Diamond Producers

Dominion Diamond Corporation NYSE:DDC C$ 11.45 84.3 US$ 720 US$ 180 US$ 429 - US$ 291 US$ 1.67 US$ 2.71 4 5.1x 3.2x 2.1x 1.3x 1.2x 1.0x

Lucara Diamond Corp. TSX:LUC C$ 3.71 381.8 US$ 1,057 US$ 211 US$ 213 - US$ 843 US$ 0.35 US$ 0.27 8 7.9x 10.1x 6.3x 8.1x 3.5x 5.0x

Group Average - Diamond Producers 6.5x 6.6x 4.2x 4.7x 2.3x 3.0x

Royalty Companies

Anglo Pacific Group plc LSE:APF C$ 2.09 169.0 US$ 264 US$ 5 US$ 0 US$ 12 US$ 275 US$ 0.08 US$ 0.12 3 19.6x 12.9x 20.4x 13.5x 15.0x 9.1x

Franco-Nevada Corporation TSX:FNV C$ 90.30 178.2 US$ 12,008 US$ 226 US$ 296 - US$ 11,712 US$ 2.49 US$ 2.70 15 27.0x 25.0x 26.4x 24.3x 24.7x 22.1x

Osisko Gold Royalties Ltd. TSX:OR C$ 13.97 106.6 US$ 1,111 US$ 327 US$ 325 US$ 35 US$ 821 US$ 0.36 US$ 0.40 11 28.6x 25.9x 21.1x 19.2x 25.8x 20.9x

Royal Gold, Inc. US:RGLD C$ 101.63 65.3 US$ 4,953 US$ 133 US$ 166 US$ 674 US$ 5,460 US$ 3.41 US$ 4.50 9 22.2x 16.8x 24.5x 18.6x 20.7x 15.6x

Sandstorm Gold Ltd. TSX:SSL C$ 6.52 152.2 US$ 741 US$ 3 US$ 3 US$ 60 US$ 797 US$ 0.27 US$ 0.30 8 17.9x 16.2x 19.3x 17.4x 16.6x 17.4x

Silver Wheaton Corp. US:RGLD C$ 31.90 441.2 US$ 10,501 US$ 124 US$ 117 US$ 706 US$ 11,090 US$ 3.41 US$ 4.50 9 7.0x 5.3x 7.4x 5.6x 17.7x 14.9x

Group Average - Royalty Companies 20.4x 17.0x 19.8x 16.4x 20.1x 16.7x

Group Average - Royalty Companies (excluding high/low) 21.7x 17.7x 21.3x 17.2x 19.9x 17.2x





Base Metals Comparables – Consensus Estimates




Large-Cap Base Metals Producers

Anglo American plc LSE:AAL C$ 17.99 1402.2 US$ 18,814 US$ 5,761 US$ 6,290 US$ 14,494 US$ 27,018 US$ 3.58 US$ 3.70 9 3.8x 3.6x 5.4x 5.2x 5.2x 4.8x

Antofagasta plc LSE:ANTO C$ 8.92 985.9 US$ 6,562 US$ 2,180 US$ 1,968 US$ 2,328 US$ 6,922 US$ 0.85 US$ 0.93 9 7.8x 7.2x 8.2x 7.6x 5.5x 5.5x

BHP Billiton Limited ASX:BHP C$ 22.91 5321.2 US$ 90,940 US$ 10,398 US$ 5,374 US$ 33,230 US$ 118,796 US$ 2.45 US$ 2.85 4 7.0x 6.0x 9.1x 7.8x 10.0x 7.6x

First Quantum Minerals Ltd. TSX:FM C$ 12.10 689.3 US$ 6,141 US$ 810 US$ 1,330 US$ 4,702 US$ 9,513 US$ 1.46 US$ 1.50 12 6.2x 6.0x 9.4x 9.2x 10.0x 8.3x

Freeport-McMoRan Inc. NYSE:FCX C$ 14.81 1328.3 US$ 14,252 US$ 1,108 US$ 7,010 US$ 18,180 US$ 25,422 US$ 2.89 US$ 3.22 6 3.8x 3.4x 6.6x 5.9x 5.5x 4.5x

Glencore Plc LSE:GLEN C$ 3.99 14227.5 US$ 42,368 US$ 2,577 US$ 3,018 US$ 29,223 US$ 68,573 US$ 0.49 US$ 0.55 7 6.0x 5.4x 9.8x 8.8x 7.6x 7.0x

KGHM Polska Miedz Spólka Akcyjna WSE:KGH C$ 24.38 200.0 US$ 3,637 US$ 176 US$ 22 US$ 1,468 US$ 5,084 US$ 3.86 US$ 4.55 4 4.7x 4.0x 6.6x 5.6x 5.0x 4.6x

Rio Tinto plc LSE:RIO C$ 45.78 1799.0 US$ 61,445 US$ 8,384 US$ 5,758 US$ 20,490 US$ 76,177 US$ 4.96 US$ 5.33 6 6.9x 6.4x 8.5x 7.9x 6.6x 6.4x

Teck Resources Limited TSX:TCK.B C$ 28.16 576.5 US$ 12,153 US$ 848 US$ 1,551 US$ 6,508 US$ 17,110 US$ 3.55 US$ 5.40 2 5.9x 3.9x 8.4x 5.5x 7.2x 5.4x

Vale S.A. NYSE:VALE C$ 8.93 5153.4 US$ 34,031 US$ 5,626 US$ 8,666 US$ 30,821 US$ 56,187 US$ 1.28 US$ 1.13 5 5.2x 5.9x 8.5x 9.7x 5.8x 6.4x

Group Average - Large-Cap Producers 5.7x 5.2x 8.1x 7.3x 6.8x 6.0x

Group Average - Large-Cap Producers (excluding high/low) 5.7x 5.2x 8.2x 7.3x 6.7x 6.0x

Mid Tier Base Metals Producers

Capstone Mining Corp. TSX:CS C$ 0.92 387.1 US$ 254 US$ 120 US$ 186 US$ 344 US$ 413 US$ 0.29 US$ 0.23 13 2.4x 3.0x 3.7x 4.7x 3.1x 3.8x

Cliffs Natural Resources Inc. NYSE:CLF C$ 7.60 230.6 US$ 1,289 US$ 132 US$ 376 US$ 2,196 US$ 3,109 US$ 1.45 US$ 0.99 2 3.9x 5.7x 9.3x 13.6x 9.0x 7.8x

HudBay Minerals, Inc. TSX:HBM C$ 5.91 236.2 US$ 1,058 US$ 122 US$ 138 US$ 1,207 US$ 2,127 US$ 1.44 US$ 1.34 13 3.1x 3.3x 6.2x 6.7x 4.9x 4.6x

Imperial Metals Corp. TSX:III C$ 5.03 81.8 US$ 305 US$ 3 (US$ 32) US$ 630 US$ 967 US$ 0.76 US$ 1.42 5 4.9x 2.6x 15.5x 8.3x 10.6x 7.4x

KAZ Minerals plc LSE:KAZ C$ 4.68 446.4 US$ 1,559 US$ 1,056 US$ 705 US$ 3,277 US$ 4,131 US$ 0.43 US$ 0.63 2 8.1x 5.5x 21.5x 14.6x 15.5x 7.8x

Lundin Mining Corporation TSX:LUN C$ 5.15 720.2 US$ 2,823 US$ 691 US$ 775 US$ 982 US$ 3,030 US$ 0.56 US$ 0.68 16 6.9x 5.6x 7.6x 6.1x 5.6x 4.9x

MMG Limited HKSE:1208 C$ 0.32 5290.1 US$ 1,255 US$ 234 (US$ 107) US$ 9,572 US$ 10,934 - - 0 - - - - 13.1x 7.6x

Nevsun Resources Ltd. TSX:NSU C$ 3.67 300.5 US$ 830 US$ 218 US$ 207 - US$ 623 US$ 0.30 US$ 0.22 7 9.0x 12.5x 6.8x 9.5x 6.7x 7.9x

Nyrstar NV ENXTBR:NYR C$ 8.10 93.6 US$ 565 US$ 146 (US$ 316) US$ 517 US$ 1,397 US$ 1.66 US$ 2.49 2 3.6x 2.4x 9.0x 6.0x 6.3x 3.9x

OZ Minerals Limited ASX:OZL C$ 7.22 299.1 US$ 1,611 US$ 420 US$ 569 - US$ 1,042 US$ 0.75 US$ 0.83 5 7.2x 6.5x 4.7x 4.2x 3.7x 3.6x

Sherritt International Corporation TSX:S C$ 0.85 293.9 US$ 187 US$ 263 US$ 377 US$ 1,597 US$ 1,407 (US$ 0.32) US$ 0.11 3 - 5.9x - 44.6x 28.7x 8.4x

Turquoise Hill Resources Ltd. TSX:TRQ C$ 3.92 2012.3 US$ 6,085 US$ 1,437 US$ 2,229 US$ 4,112 US$ 7,969 US$ 0.12 (US$ 0.14) 4 25.3x - 34.2x - 25.1x -

Vedanta Resources plc LSE:VED C$ 11.99 277.0 US$ 2,478 US$ 8,908 US$ 1,289 US$ 11,950 US$ 13,139 US$ 8.51 US$ 10.16 2 1.1x 0.9x 5.6x 4.7x 5.6x 4.5x

Western Areas Limited ASX:WSA C$ 2.41 272.2 US$ 489 US$ 56 US$ 70 - US$ 419 US$ 0.12 US$ 0.22 3 14.8x 8.3x 12.7x 7.1x 15.1x 7.8x

Group Average - Mid Tier Producers 7.5x 5.2x 11.4x 10.8x 10.9x 6.2x

Group Average - Mid Tier Producers (excluding high/low) 5.4x 4.1x 8.6x 7.1x 10.1x 6.0x

Small Cap Base Metals Producers

Amerigo Resources Ltd. TSX:ARG C$ 0.17 174.7 US$ 22 US$ 9 (US$ 4) US$ 60 US$ 86 US$ 0.08 US$ 0.08 1 1.6x 1.6x 6.1x 6.1x - -

Copper Mountain Mining Corporation TSX:CUM C$ 0.45 118.8 US$ 39 US$ 4 (US$ 13) US$ 254 US$ 305 US$ 0.24 US$ 0.29 7 1.4x 1.1x 10.6x 8.8x 10.8x 8.2x

Taseko Mines Ltd. TSX:TKO C$ 0.60 221.8 US$ 104 US$ 50 US$ 60 US$ 267 US$ 312 US$ 0.03 US$ 0.20 7 13.1x 2.3x 41.2x 7.2x 39.7x 6.3x

Thompson Creek Metals Company Inc. TSX:TCM C$ 0.67 222.8 US$ 112 US$ 120 US$ 130 US$ 824 US$ 807 US$ 0.10 US$ 0.28 1 5.0x 1.8x 36.2x 12.9x 6.4x 4.2x

Trevali Mining Corporation TSX:TV C$ 1.03 378.8 US$ 315 US$ 7 US$ 14 US$ 58 US$ 359 US$ 0.09 US$ 0.19 7 8.2x 4.0x 10.1x 4.9x 8.9x 3.7x

Group Average - Small Cap Producers 5.8x 2.2x 20.8x 8.0x 16.4x 5.6x

Group Average - Small Cap Producers (excluding high/low) 4.9x 1.9x 18.9x 7.4x 8.7x 4.8x





Iron Comparables – Consensus Estimates

Bloomberg Shares Market Daily Enterprise

Company (T icker) Share Price

Consensus

Target

Implied

Return β

Outstanding

(millions)

Capitalization

(millions)

Volume

(millions)

Weekly

Liquidity WACC

Debt

(millions)

Value

(millions) 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018

Diversified Mining Houses

VALE SA (VALE3-BZ) R$ 21.61 R$ 20.30 (6.1)% 1.59 3,217 R$ 111,080 6.4 1.3% 10.0% R$ 112,667 R$ 202,598 4.11 3.63 3.96 5.3x 6.0x 5.5x 10.4x 21.2x 13.6x 7.1x 7.3x 6.5x

BHP BILLITON (BHP-AU) A$ 22.27 A$ 23.81 6.9% 1.55 3,212 A$ 111,693 10.2 1.3% 10.2% A$ 36,421 A$ 117,602 2.37 2.93 3.25 9.4x 7.6x 6.8x 24.9x 21.6x 10.0x 7.5x 7.3x

RIO TINTO (RIO-AU) A$ 53.31 A$ 55.44 4.0% 1.17 424 A$ 83,777 2.3 2.3% 8.2% A$ 23,063 A$ 83,956 6.28 6.64 6.91 8.5x 8.0x 7.7x 18.7x 17.8x 17.0x 7.3x 7.0x 6.7x

Group Average - Diversifed Mining Avg. -> 7.7x 7.2x 6.7x 14.5x 21.3x 17.4x 8.1x 7.3x 6.8x

Producers

KUMBA IRON (KIO-SJE) ZAR 13,684 ZAR 10,436 (23.7)% 1.89 322 ZAR 44,074 0.6 0.9% 11.9% ZAR 8,205 ZAR 50,280 3683 2529 2057 3.7x 5.4x 6.7x 7.4x 12.6x 20.7x 3.6x 5.4x 6.3x

FORTESCUE METALS (FMG-AU) A$ 5.29 A$ 4.25 (19.6)% 1.57 3,114 A$ 16,472 21.6 3.5% 9.2% A$ 6,771 A$ 17,843 0.94 0.98 0.76 5.6x 5.4x 7.0x 13.8x 9.9x 19.9x 5.9x 5.2x 6.8x

CLIFFS NATURAL (CLF-US) US$ 5.67 US$ 5.00 (11.8)% 1.48 231 US$ 1,308 11.1 24.5% 6.9% US$ 2,774 US$ 3,579 1.54 1.41 1.32 3.7x 4.0x 4.3x 13.3x 13.3x 26.0x 10.0x 9.0x 9.8x

MMX MINERACAO (MMXM3-BRZ) R$ 7.50 0.60 6 R$ 49 0.1 60.5% 15.3% R$ 151 R$ 176

FERREXPO PLC (FXPO-LSE) GBp 101 GBp 65.93 (34.7)% 1.26 589 GBp 595 2.4 7.1% 4.3% GBp 904 GBp 1,496 28.21 22.14 14.78 3.6x 4.6x 6.8x 4.7x 5.9x 10.9x 5.1x 5.8x 6.6x

MOUNT GIBSON (MGX-AU) A$ 0.31 A$ 0.38 23.5% 0.68 1,097 A$ 334 1.9 0.8% 7.6% A$ 0 A$(65) 0.10 0.01 (0.01) 3.1x 21.8x 10.9x

GRANGE RESOURCES (GRR-AU) A$ 0.11 0.81 1,157 A$ 127 0.8 0.3% 8.2% A$ 12 A$ 30 11.0x 9.2x

BC IRON (BCI-AU) A$ 0.15 2.09 196 A$ 31 1.2 1.9% 17.2% A$ 2 A$ 24 55.1x

Group Average - Producers Avg. -> 3.9x 8.2x 6.2x 10.2x 10.2x 19.4x 6.2x 6.4x 7.4x

Advanced Development / Exploration (Select Group)

SUNDANCE RESOURCES (SDL-AU) A$ 0.00 0.44 6,241 A$ 15.6 7.5 0.2% 4.0% A$ 85 A$ 75

NEW MILLENNIUM (NML-T) C$ 0.10 0.93 181 C$ 18.1 0.2 4.5% 11.9% C$ 0 C$ 5

ALDERON IRON (ADV-T) C$ 0.21 1.81 132 C$ 27.7 0.3 1.9% 10.5% C$ 21 C$ 82

ZANAGA IRON (ZIOC-LSE) GBp 3 0.05 279 GBp 8.3 0.1 0.1% 2.2% GBp 0 GBp 4

CENTURY GLOBAL (CNT-T) C$ 0.17 99 C$ 16.8 0.0 0.0% 12.7% C$ 0 C$ 2

CHAMPION IRON (CIA-T) C$ 0.25 0.86 386 C$ 96.5 0.1 0.1% 12.7% C$ 0 C$ 75

ADRIANA RESOURCES (ADI-V) C$ 0.13 1.13 158 C$ 20.5 0.1 0.1% 14.3% C$ 0 C$(8)

BLACK IRON (BKI-T) C$ 0.04 (0.33) 160 C$ 5.6 0.1 0.7% -2.7% C$ 0 C$ 0

OCEANIC IRON (FEO-T) C$ 0.27 (0.05) 47 C$ 12.8 0.0 0.2% 0.8% C$ 2 C$ 14

MACARTHUR MINERALS (MMS-T) C$ 0.06 0.85 126 C$ 7.6 0.6 0.9% 7.5% C$ 0 C$ 7

Group Average - Developers / Explorers Avg. ->

All data sourced from Bloomberg

EV/EBITDAP/EPSCFPS (LoC) P/CFPS



Uranium Comparables – Consensus Estimates

Bloomberg Shares Market Daily Enterprise

Company (T icker)

Share

Price

Consensus

Target

Implied

Return β

Outst.

(millions)

Capitalization

(millions)

Volume

(millions)

Weekly

Liquidity

Value

(millions)

Resource

(M lb)

USD

EV/lb

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

CAMECO CORP (CCO-T) C$ 11.06 C$ 14.04 27.0% 1.04 396 C$ 4,377 2.01 3.7% C$ 5,698 996.1 $4.27 0.94 1.24 1.97 11.8x 8.9x 5.6x 0.79 0.61 1.14 14.0x 18.1x 9.7x

PALADIN ENERGY (PDN-AU) A$ 0.15 A$ 0.17 20.3% 0.75 1,713 A$ 248 0.30 0.1% A$ 477 510.5 $0.70 (0.00) 0.01 0.01 11.2x 14.5x (0.01) 0.01 #DIV/0! 12.1x

ENERGY RESOURCES (ERA-AU) C$ 0.34 C$ 0.53 518 C$ 176 0.07 0.1% C$ -207 473.0 ($0.34) 0.02 (0.02) (0.02) (0.12) (0.11) (0.07)

ENERGY FUELS (EFR-T) C$ 1.78 C$ 6.20 248.3% 1.43 66 C$ 118 0.14 0.9% C$ 110 152.0 $0.54 (0.42) (0.19) 0.10 17.6x (0.58) (0.33) (0.02)

UR-ENERGY INC (URE-T) C$ 0.59 C$ 2.09 253.7% 0.69 144 C$ 85 0.06 0.2% C$ 89 29.9 $2.22 0.03 (0.01) 0.07 21.1x 9.1x (0.02) 0.01 0.02 49.2x 25.7x

Group Average - Producers $1.44 40.0x 9.1x 10.8x 14.0x #DIV/0! 15.8x

DEEP YELLOW (DYL-AU) A$ 0.01 -0.20 2,466 A$ 25 9.46 3.6% A$ 23 106.0 $0.17

DENISON MINES (DML-T) US$ 0.51 US$ 1.20 135.8% 1.23 533 US$ 272 0.77 0.7% US$ 185 204.3 $0.68 (0.03) (0.02) 0.01 39.2x (0.03) (0.02) (0.01)

FORSYS METALS (FSY-T) C$ 0.08 0.12 146 C$ 11 0.06 0.1% C$ 11 125.0 $0.06

UR-ENERGY INC (URE-T) C$ 0.59 C$ 2.09 253.7%

MEGA URANIUM (MGA-T) C$ 0.12 1.40 282 C$ 32 0.56 0.4% C$ 31 43.1 $0.54

LARAMIDE RESOURCES (LAM-T) C$ 0.22 C$ 0.70 218.2% 0.73 94 C$ 21 0.07 0.2% C$ 20 62.3 $0.24

BANNERMAN RESOURCES (BMN-AU) A$ 0.03 0.73 829 A$ 22 0.58 1.6% A$ 20 169.6 $0.09

PLATEAU URANIUM (PLU-V) C$ 0.24 1.24 52 C$ 13 0.05 0.4% C$ 7 124.0 $0.04

TORO ENERGY (TOE-AU) A$ 0.04 A$ 0.07 75.0% 0.41 2,008 A$ 80 0.59 0.1% A$ 78 96.0 $0.62

ALLIANCE RESOURCES (AGS-AU) A$ 0.04 0.46 417 A$ 18 0.91 0.5% A$ -7 17.8 ($0.29)

PENINSULA ENERGY (PEN-AU) C$ 0.52 C$ 1.00 92.3% 1.04 178 C$ 93 0.09 0.2% C$ 95 110.6 $0.66 0.03 0.06 0.08 20.8x 9.5x 0.02 0.07 0.11 28.9x 7.3x 4.6x

WESTERN URANIUM (WUC-CNSX) C$ 1.74 C$ 18 C$ 31 0.00 0.0% C$ 32 98.1 $0.33

Group Average - Developers $0.28 20.8x 9.5x 39.2x 7.3x

FISSION URANIUM (FCU-T) C$ 0.51 C$ 2.23 337.9% 0.92 484 C$ 247 1.06 1.4% C$ 175 108.3 $1.20 (0.02) (0.02) (0.02) (0.02) (0.02) (0.02)

FISSION 3.0 (FUU-V) C$ 0.06 0.95 178 C$ 11 0.12 0.2% C$ 9

NEXGEN ENERGY (NXE-T) C$ 1.47 C$ 3.88 163.9% 0.9 304 C$ 447 1.00 1.9% C$ 413 201.9 $1.53 (0.02) (0.02) (0.02) (0.04) (0.03) (0.03)

KIVALLIQ ENERGY (KIV-V) C$ 0.08 C$ 0.87 221 C$ 17 0.21 0.3% C$ 16 20.0 $0.35

AZINCOURT URANIUM (AAZ-V) C$ 0.06 0.43 10 C$ 1 0.01 1.3% C$ 1

URACAN RESOURCES (URC-V) C$ 0.06 0.31 104 C$ 6 0.06 0.4% C$ 6 44.0 $0.10

INVENTORY FUNDS

URANIUM PARTICIPATION (U-T) C$ 3.71 C$ 5.31 43.1% 0.52 121 C$ 448 0.22 1.0% C$ 443 (0.04) (0.03) - (0.03) (0.03)


PR

OD

UC

ER

SD

EV

ELO

PE

RS

EX

PLO

RE

RS

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



Coal Comparables – Consensus Estimates

Large Cap USA Bloomberg Shares Market Daily Enterprise

Company (T icker) Share Price

Consensus

Target

Implied

Return β

Outstanding

(millions)

Capitalization

(millions)

Volume

(millions)

Weekly

Liquidity WACC

Debt

(millions)

Value

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

Large Cap USA

CONSOL ENERGY (CNX-US) US$ 16.80 US$ 22.11 31.6% 1.73 229 US$ 3,855 4.3 12.9% 9.4% US$ 3,707 US$ 7,040 2.20 2.84 4.09 7.6x 5.9x 4.1x 154.1x 25.2x 10.6x 8.0x 6.5x

FORESIGHT ENERGY (FELP-US) US$ 5.79 US$ 4.00 (30.9)% 1.67 66 US$ 759 0.1 1.1% 3.0% US$ 1,644 US$ 2,116 8.3x 8.6x 9.1x

CORSA COAL (CSO-V) C$ 0.12 1.05 1,721 C$ 206 1.2 0.2% 9.3% C$ 40 C$ 215

WESTMORELAND COAL (WLB-US) C$ 12.47 C$ 14.67 17.6% 1.46 19 C$ 232 0.2 14.3% 4.2% C$ 1,046 C$ 1,327 7.33 7.26 1.7x 1.7x 95.9x 73.4x 5.3x 5.1x 5.1x

WALTER ENERGY (WLT-US) US$ 0.07 (0.15) 81 US$ 6 0.3 1.3% 0.6% US$ 3,136 US$- 176

CLOUD PEAK (CLD-US) US$ 6.59 US$ 5.83 (11.5)% 1.91 61 US$ 405 1.6 22.4% 8.0% US$ 493 US$ 809 0.93 0.32 0.74 7.1x 20.6x 8.9x 8.4x 7.1x 7.4x

Group Average - Large Cap USA Avg. -> 5.5x 9.4x 6.5x 125.0x 49.3x 8.2x 7.2x 7.0x

Limitied Partnerships

ALLIANCE RESOURCE (ARLP-US) US$ 23.35 US$ 24.00 2.8% 1.07 74 US$ 1,737 0.3 2.7% 7.2% US$ 919 US$ 2,494 8.6x 14.7x 11.9x 3.8x 4.7x 4.2x

NATURAL RESOURCE (NRP-US) US$ 30.50 US$ 23.67 (22.4)% 1.02 12 US$ 373 0.1 2.9% 3.8% US$ 1,385 US$ 1,557 12.13 8.40 9.67 2.5x 3.6x 3.2x 7.0x 4.8x 6.6x 8.7x 8.2x

Group Average - Limited Partnerships Avg. -> 8.6x 10.8x 8.3x 5.2x 6.7x 6.2x

Large Cap Non-North America

NEW HOPE (NHC-AU) A$ 1.83 A$ 1.80 (1.8)% 0.82 831 A$ 1,521 0.6 0.3% 8.7% A$ 15 A$ 1,444 0.27 0.24 0.21 6.9x 7.5x 8.7x 14.4x 16.6x 18.3x 6.0x 6.4x 7.0x

WHITEHAVEN COAL (WHC-AU) A$ 3.04 A$ 2.73 (10.3)% 1.88 1,026 A$ 3,119 9.5 4.9% 10.2% A$ 961 A$ 3,979 0.39 0.36 0.36 7.7x 8.5x 8.6x 10.9x 13.8x 14.8x 6.5x 8.0x 8.1x

BANPU PUBLIC (BANPU-SET) ฿ 19.20 ฿ 18.92 (1.5)% 1.41 4,867 ฿ 93,441 112.3 18.1% 4.9% ฿ 120,580 ฿ 217,467 1.46 2.29 2.15 13.2x 8.4x 8.9x 33.9x 24.4x 21.7x 17.9x 15.8x 14.2x

CHINA COAL (1898-HK) HK$ 4.40 HK$ 4.52 2.7% 1.31 4,107 HK$ 87,058 16.2 2.2% 5.3% HK$ 113,026 HK$ 175,033 0.56 0.81 0.80 6.8x 4.7x 4.8x 38.0x 25.2x 21.1x 15.6x 13.3x 13.0x

CHINA SHENHUA (1088-HK) HK$ 16.72 HK$ 17.69 5.8% 1.23 3,399 HK$ 385,105 21.6 4.7% 7.8% HK$ 106,595 HK$ 415,702 2.84 3.10 2.90 5.1x 4.7x 5.0x 12.6x 11.6x 11.7x 6.1x 5.8x 5.9x

COAL OF (CZA-AU) A$ 0.05 A$ 0.08 67.4% (0.23) 1,927 A$ 87 0.0 0.0% 0.5% A$ 0 A$ 47

NINE ENTERTAINMENT (NEC-AU) A$ 0.94 A$ 1.09 17.0% 1.07 871 A$ 815 4.9 1.8% 9.0% A$ 220 A$ 992 0.12 0.15 0.12 7.7x 6.2x 8.0x 8.0x 7.8x 8.6x 5.5x 5.5x 6.3x

YANZHOU COAL (1171-HK) HK$ 5.84 HK$ 5.44 (6.8)% 1.51 1,952 HK$ 54,293 18.0 4.2% 4.9% HK$ 69,480 HK$ 95,183 1.04 1.21 1.22 4.9x 4.2x 4.2x 26.2x 15.2x 23.2x 16.2x 12.4x 13.1x

Group Average - Large Cap Non-North-America Avg. -> 7.5x 6.3x 6.9x 20.6x 16.4x 17.1x 10.2x 9.6x 9.7x

Developer/Explorers

EAST ENERGY (EER-AU) A$ 0.02 356 A$ 6.1 0.2 0.0% 3.5% A$ 23 A$ 29

FORTUNE MINERALS (FT -T) C$ 0.14 0.71 268 C$ 37.5 0.3 0.2% 8.2% C$ 4 C$ 42

JAMESON RESOURCES (JAL-AU) A$ 0.09 0.43 223 A$ 19.4 0.1 0.0% 5.6% A$ 0 A$ 18

Group Average - Developers / Explorers Avg. ->

Sundry Companies

ADARO ENERGY (ADRO-JKSE) ¥ 1,670 ¥ 1,601 (4.1)% 1.85 31,986 ¥ 53,416,557 50.5 0.9% 9.8% ¥ 1,567 ¥ 5,082 0.02 0.02 0.02 8.5x 7.5x 7.5x 18.2x 15.9x 14.1x 7.3x 6.5x 6.4x

NLC INDIA (NEYVELILIG-NSEI) रू 78.40 रू 110.00 40.3% 0.78 1,678 रू 131,532 0.2 0.1% 9.6% रू 83,844 रू 185,598

SOUTHGOBI RESOURCES (SGQ-T) C$ 0.40 0.66 258 C$ 103 0.0 0.0% 3.2% C$ 109 C$ 189

TAMBANG BATUBARA (PTBA-JKSE) ¥ 12,475 ¥ 13,228 6.0% 1.45 2,304 ¥ 28,744,045 4.0 1.5% 10.6% ¥ 2,022,057 ¥ 28,432,756 700.17 1252.36 1293.47 17.8x 10.0x 9.6x 15.0x 11.3x 11.4x 11.0x 8.2x 8.3x

Group Average - Sundry Companies Avg. -> 8.9x 5.9x 5.8x 11.2x 9.2x 8.6x 15.2x 12.7x 12.5x


EV/EBITDAP/EPSCFPS (LoC) P/CFPS



Senior/Intermediate Gold Producers – EV/oz Comparables

Symbol Market Working EnterpriseGlobal Reserves & Resources Reserves ReservesResources (M&I and Inferred) Global

Au Au AuEq AuEq % Au Au Au AuEq AuEq % Au EV/oz Au Au AuEq AuEq % Au % Au EV/oz EV/oz

Agnico Eagle Mines Limited NYSE:AEM US $11,609 US $872 US $12,088 53.4 1.95 58.9 2.16 91% 19.1 2.37 20.4 2.53 94% US $634 34.3 1.78 38.5 2.00 89% 54% US $227 US $205

AngloGold Ashanti Ltd. JSE:ANG US $5,788 US $224 US $8,195 207.8 1.23 229.5 1.35 91% 52.0 0.81 54.7 0.85 95% US $158 156.0 1.57 175.0 1.76 89% 32% US $39 US $36

B2Gold Corp. TSX:BTO US $2,752 US $118 US $3,077 23.9 0.77 28.7 0.93 83% 7.5 1.38 7.5 1.38 100% US $413 16.5 0.64 21.2 0.83 78% 49% US $129 US $107

Barrick Gold Corporation TSX:ABX US $21,302 US $3,265 US $29,346 199.1 0.80 297.8 1.20 67% 102.3 1.13 135.5 1.50 76% US $287 96.8 0.61 162.3 1.03 60% 33% US $147 US $99

Compañía de Minas Buenaventura S.A.A. NYSE:BVN US $3,208 US $159 US $3,978 20.1 0.19 76.1 0.73 26% 3.6 0.11 20.8 0.64 17% US $1,108 16.4 0.23 55.1 0.77 30% 35% US $197 US $52

Detour Gold Corporation TSX:DGC US $2,700 US $155 US $2,914 21.4 0.98 21.4 0.98 100% 16.4 0.99 16.4 0.99 100% US $178 5.0 0.96 5.0 0.96 100% 22% US $136 US $136

Eldorado Gold Corporation TSX:ELD US $2,343 US $1,112 US $2,679 40.2 0.81 53.6 1.08 75% 21.9 1.15 28.8 1.52 76% US $122 18.3 0.60 24.8 0.81 74% 60% US $67 US $50

Gold Fields Ltd. JSE:GFI US $3,418 US $470 US $4,797 108.0 2.13 123.9 2.44 87% 46.3 2.93 47.2 2.99 98% US $104 61.7 1.77 76.7 2.19 81% 44% US $44 US $39

Goldcorp Inc. TSX:G US $13,061 US $635 US $15,555 113.6 0.77 178.7 1.21 64% 42.3 0.71 78.3 1.31 54% US $368 71.2 0.80 100.3 1.13 71% 35% US $137 US $87

Harmony Gold Mining Company Limited JSE:HAR US $1,460 US $106 US $1,513 83.0 1.05 107.0 1.35 78% 24.6 0.69 34.1 0.95 72% US $62 58.5 1.34 72.2 1.66 81% 37% US $18 US $14

IAMGOLD Corp. TSX:IMG US $1,890 US $759 US $2,004 33.4 1.22 33.4 1.22 100% 8.8 1.39 8.8 1.39 100% US $228 24.6 1.17 24.6 1.17 100% 33% US $60 US $60

Kinross Gold Corporation TSX:K US $5,108 US $1,527 US $6,104 66.8 0.70 72.5 0.76 92% 33.2 0.71 36.3 0.78 92% US $184 33.6 0.70 36.2 0.75 93% 14% US $91 US $84

New Gold, Inc. TSX:NGD US $2,136 US $242 US $2,761 23.5 0.76 29.9 0.96 79% 15.0 0.78 18.1 0.94 83% US $184 8.5 0.72 11.8 0.99 72% 22% US $118 US $92

Newmont Mining Corporation NYSE:NEM US $20,062 US $4,577 US $26,006 126.9 0.64 168.0 0.84 76% 73.9 0.76 85.4 0.88 87% US $352 53.0 0.52 82.7 0.80 64% 33% US $205 US $155

Randgold Resources Limited LSE:RRS US $7,970 US $549 US $7,855 27.9 3.31 27.9 3.31 100% 14.8 3.69 14.8 3.69 100% US $532 13.1 2.96 13.1 2.96 100% 51% US $282 US $282

Tahoe Resources Inc. TSX:THO US $3,528 US $168 US $3,441 18.9 0.66 30.6 1.07 62% 4.5 0.48 11.2 1.20 40% US $771 14.4 0.74 19.4 1.00 74% 56% US $182 US $112

Yamana Gold, Inc. TSX:YRI US $3,499 US $155 US $4,926 68.4 0.58 115.8 0.99 59% 23.7 0.44 51.0 0.94 46% US $208 44.7 0.71 64.8 1.02 69% 41% US $72 US $43

Group Average - Total # Companies: 17 US $346 US $127 US $97

Equivalency assumptions (US$ / 03-24-16): $1,305/oz Au, $18.43/oz Ag, $999/oz Pt, $627/oz Pd, $2.26/lb Cu, $1.10/lb Zn, $0.95/lb Pb, $4.73/lb Ni, $6.70/lb Mo, $13.04/lb Co, $7,550/t Sb, $18.75/lb U3O8, $0.20/lb Sn, $93.00/t HCC, $63.67/t 62% Fe

Source: SNL Financial retrieved on November 4, 2016

Reserves

Alamos Gold, Inc. TSX:AGI US $2,076 US $369 US $2,107 21.7 1.20 22.3 1.23 97% 5.9 1.67 5.9 1.67 100% US $358 15.9 1.08 16.5 1.12 96% 30% US $97 US $94

Argonaut Gold Inc. TSX:AR US $342 US $101 US $294 9.3 0.67 9.9 0.71 94% 3.3 0.82 3.3 0.82 100% US $88 6.0 0.61 6.6 0.67 92% 23% US $31 US $30

Centamin Plc LSE:CEY US $2,252 US $491 US $1,878 10.1 1.18 10.1 1.18 100% 4.4 1.08 4.4 1.08 100% US $427 5.7 1.27 5.7 1.27 100% 31% US $186 US $186

China Gold International Resources Corp Ltd TSX:CGG US $1,026 US $32 US $1,932 12.2 0.18 55.5 0.80 22% 5.4 0.29 20.9 1.14 26% US $360 6.9 0.13 34.5 0.68 20% 51% US $158 US $35

Evolution Mining Limited ASX:EVN US $3,150 US $103 US $3,364 16.2 1.33 16.7 1.38 97% 7.6 1.29 7.7 1.31 99% US $443 8.2 1.38 8.6 1.45 95% 46% US $208 US $201

G-Resources Group Limited SEHK:1051 US $478 US $976 US ($377) - - - - - - - - - - - - - - - - - - -

Nord Gold SE LSE:NORD US $1,300 US $280 US $1,930 32.0 1.01 35.3 1.11 91% 13.7 1.00 14.0 1.02 98% US $141 18.3 1.01 21.3 1.18 86% 43% US $60 US $55

Northern Star Resources Limited ASX:NST US $2,046 US $191 US $1,815 8.7 3.21 20.8 7.70 42% 1.7 5.24 1.7 5.24 100% US $1,039 7.0 2.97 19.1 8.16 36% 56% US $209 US $87

OceanaGold Corporation TSX:OGC US $1,814 US $56 US $2,020 15.8 1.53 16.9 1.64 93% 5.3 1.47 6.0 1.67 89% US $379 10.5 1.56 10.9 1.62 96% 32% US $128 US $119

Primero Mining Corp. TSX:P US $256 US $15 US $316 6.8 0.84 10.6 1.31 64% 1.8 1.38 2.8 2.24 62% US $180 5.0 0.73 7.8 1.14 64% 27% US $47 US $30

Regis Resources Limited ASX:RRL US $1,346 US $87 US $1,271 8.6 0.96 8.6 0.96 100% 2.1 1.09 2.1 1.09 100% US $598 6.4 0.93 6.4 0.93 100% 25% US $149 US $149

Resolute Mining Limited ASX:RSG US $922 US $143 US $845 11.5 1.40 11.5 1.40 100% 5.2 1.50 5.2 1.50 100% US $164 5.9 1.26 5.9 1.26 100% 42% US $73 US $73

SEMAFO Inc. TSX:SMF US $1,282 US $268 US $1,118 7.6 2.80 7.6 2.80 100% 3.0 3.29 3.0 3.29 100% US $376 4.6 2.56 4.6 2.56 100% 42% US $147 US $147




% Au

Inferred

Enterprise

Value

(millions)

Company Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

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

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

Global

EV/oz

Au% Au

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)

EV/oz

Au

EV/oz

AuEq

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au



Junior Gold Producers – EV/oz Comparables

Reserves

Alacer Gold Corp. TSX:ASR US $625 US $298 US $510 7.7 0.40 15.9 0.82 49% 3.9 2.04 5.2 2.71 75% US $130 3.8 0.22 10.7 0.61 36% 53% US $66 US $32

Asanko Gold Inc. TSX:AKG US $759 US $13 US $870 9.4 1.68 9.4 1.68 100% 4.7 1.68 4.7 1.68 100% US $184 4.7 1.68 4.7 1.68 100% 48% US $93 US $93

Aureus Mining Inc. TSX:AUE US $27 US ($33) US $145 2.5 2.48 2.5 2.48 100% 0.8 3.38 0.8 3.38 100% US $175 1.7 2.19 1.7 2.19 100% 68% US $57 US $57

Beadell Resources Ltd ASX:BDR US $361 US $28 US $391 3.5 - 13.7 - 26% 1.5 - 1.5 - 100% US $265 2.1 - 12.3 - 17% 68% US $110 US $28

Azumah Resources Ltd ASX:AZM US $17 US ($1) US $18 1.9 1.55 1.9 1.55 100% 0.6 2.14 0.6 2.14 100% US $33 1.3 1.38 1.3 1.38 100% 47% US $10 US $10

Banro Corporation TSX:BAA US $76 US ($246) US $350 12.1 1.60 12.1 1.60 100% 3.2 2.03 3.2 2.03 100% US $110 8.9 1.49 8.9 1.49 100% 57% US $29 US $29

Dundee Precious Metals Inc. TSX:DPM US $350 US $38 US $461 11.1 0.43 18.4 0.71 60% 3.0 3.36 3.8 4.31 78% US $154 8.1 0.32 14.6 0.58 56% 51% US $41 US $25

Endeavour Mining Corporation TSX:EDV US $1,688 US $110 US $1,749 14.9 1.60 14.9 1.60 100% 5.4 1.77 5.4 1.77 100% US $325 9.5 1.51 9.5 1.51 100% 46% US $117 US $117

Golden Star Resources, Ltd. TSX:GSC US $277 US ($59) US $300 8.6 2.96 8.6 2.96 100% 1.9 2.77 1.9 2.77 100% US $159 6.7 3.02 6.7 3.02 100% 46% US $35 US $35

Goldgroup Mining Inc. TSX:GGA US $35 US $0 US $38 0.5 0.76 0.8 1.39 55% - - - - - - 0.5 0.76 0.8 1.39 55% 41% US $82 US $45

Guyana Goldfields Inc. TSX:GUY US $1,002 US $13 US $1,116 8.9 2.95 8.9 2.95 100% 3.0 2.94 3.0 2.94 100% US $367 5.9 2.95 5.9 2.95 100% 36% US $125 US $125

Kirkland Lake Gold Inc. TSX:KLG US $814 US $0 US $792 10.7 5.22 10.7 5.22 100% 2.3 9.51 2.3 9.51 100% US $345 8.4 4.65 8.4 4.65 100% 41% US $74 US $74

Klondex Mines Ltd. TSX:KDX US $784 US $120 US $687 3.1 10.21 3.3 10.81 94% 0.7 9.86 - - - US $955 2.4 10.31 - - - 58% US $218 US $206

Mandalay Resources Corp. TSX:MND US $309 US $49 US $294 1.8 0.86 4.0 1.94 44% 0.7 2.30 1.0 3.34 69% US $417 1.0 0.61 2.9 1.70 36% 21% US $168 US $74

Metanor Resources Inc. TSXV:MTO US $28 US ($1) US $33 1.7 1.53 1.7 1.53 100% 0.2 7.37 0.2 7.37 100% US $163 1.5 1.38 1.5 1.38 100% 79% US $19 US $19

Newmarket Gold Inc. TSX:NMI US $538 US $64 US $463 0.9 2.16 0.9 2.16 100% 0.1 3.58 0.1 3.58 100% US $4,628 0.8 2.00 0.8 2.00 100% 19% US $144 US $144

Orosur Mining Inc. TSX:OMI US $20 US $9 US $16 1.6 0.68 2.4 0.98 69% 0.1 1.43 0.1 1.43 100% US $125 1.5 0.65 2.2 0.96 68% 5% US $10 US $7

Orvana Minerals Corp. TSX:ORV US $27 US $18 US $18 3.5 2.50 4.2 2.94 85% 0.3 2.82 0.4 3.66 77% US $54 3.2 2.47 3.7 2.88 86% 48% US $5 US $4

Perseus Mining Limited TSX:PRU US $491 US $123 US $387 17.2 1.28 17.2 1.28 100% 6.5 1.50 6.5 1.50 100% US $60 10.7 1.17 10.7 1.17 100% 43% US $23 US $23

Richmont Mines Inc. TSX:RIC US $578 US $61 US $515 4.7 3.59 4.7 3.60 100% 0.6 8.05 0.6 8.05 100% US $823 4.1 3.30 4.1 3.32 100% 59% US $110 US $109

Roxgold Inc. TSXV:ROG US $381 US $8 US $422 1.2 13.55 1.2 13.55 100% 0.7 11.83 0.7 11.83 100% US $617 0.5 16.96 0.5 16.96 100% 91% US $358 US $358

Rubicon Minerals Corporation TSX:RMX US $13 US ($129) US $63 0.4 6.39 0.4 6.39 100% - - - - - - 0.4 6.39 0.4 6.39 100% 74% US $153 US $153

Shanta Gold Ltd. AIM:SHG US $92 US $34 US $120 1.9 3.34 1.9 3.34 100% 0.2 5.12 0.2 5.12 100% US $522 1.6 3.19 1.6 3.19 100% 60% US $64 US $64

Teranga Gold Corporation TSX:TGZ US $367 US $20 US $334 8.5 1.52 8.5 1.52 100% 3.2 1.40 3.2 1.40 100% US $105 5.3 1.61 5.3 1.61 100% 28% US $39 US $39

Timmins Gold Corp. TSX:TMM US $155 US $22 US $137 3.2 0.94 3.3 0.97 97% 0.6 0.50 0.6 0.50 100% US $216 2.6 1.20 2.7 1.25 96% 4% US $42 US $41

Torex Gold Resources Inc TSX:TXG US $1,398 US $120 US $1,704 8.5 2.48 11.2 3.26 76% 3.6 2.62 3.7 2.67 98% US $469 4.9 2.39 7.5 3.65 65% 88% US $200 US $152

Wesdome Gold Mines Ltd. TSX:WDO US $280 US $14 US $267 6.4 1.43 6.4 1.43 100% 0.4 4.63 0.4 4.63 100% US $619 6.0 1.36 6.0 1.36 100% 59% US $42 US $42




EV/oz

Au

Enterprise

Value

(millions)

Company Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)


Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

Global

% AuAu

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)

EV/oz

Au

EV/oz

AuEq

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

% Au

Inferred



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

Company Reserves

African Gold Group Inc. TSXV:AGG US $16 US ($1) US $15 2.0 1.01 2.0 1.01 100% 0.5 1.25 0.5 1.25 100% 1.5 0.96 1.5 0.96 100% 59% US $7 US $7

Almaden Minerals Ltd. TSX:AMM US $119 US $5 US $113 2.0 0.54 3.6 0.98 55% - - - - - 2.0 0.54 3.6 0.98 55% 18% US $57 US $31

Amarillo Gold Corp. TSXV:AGC US $17 US ($1) US $24 2.0 1.30 2.0 1.30 100% - - - - - 2.0 1.30 - - - 29% US $12 US $12

ATAC Resources Ltd. TSXV:ATC US $54 US $13 US $41 0.7 2.35 0.7 2.39 98% - - - - - 0.7 2.35 0.7 2.39 98% 28% US $61 US $60

Barkerville Gold Mines Ltd. TSXV:BGM US $133 US $18 US $108 5.0 2.43 5.1 2.45 99% 0.0 4.82 - - - 5.0 2.42 - - - 41% US $22 US $21

Chaarat Gold Holdings Ltd AIM:CGH US $46 US $2 US $44 7.1 2.53 7.1 2.56 99% - - - - - 7.1 2.53 7.1 2.56 99% 15% US $6 US $6

Chalice Gold Mines Limited ASX:CHN US $31 US $47 US ($16) 0.2 4.09 0.2 4.09 100% - - - - - 0.2 4.09 0.2 4.09 100% 83% - -

Chesapeake Gold Corp. TSXV:CKG US $152 US $17 US $136 19.8 0.49 31.1 0.78 64% 18.3 0.52 28.7 0.81 64% 1.5 0.33 2.4 0.51 66% 53% US $7 US $4

Continental Gold Inc. TSX:CNL US $425 US $37 US $388 9.1 9.91 9.7 10.56 94% 3.7 8.41 3.9 8.76 96% 5.4 11.31 5.8 12.23 92% 86% US $43 US $40

Dacian Gold Limited ASX:DCN US $354 US $5 US $347 3.3 - 3.3 - 100% 0.0 - - - - 3.3 - - - - 34% US $104 US $104

Dalradian Resources Inc. TSX:DNA US $262 US $15 US $245 4.4 10.74 4.4 10.74 100% - - - - - 4.4 10.74 4.4 10.74 100% 52% US $56 US $56

Exeter Resource Corporation TSX:XRC US $105 US $15 US $90 25.3 0.49 37.0 0.72 68% 0.0 3.31 0.0 3.31 100% 25.3 0.49 36.9 0.72 68% 7% US $4 US $2

Falco Resources Ltd. TSXV:FPC US $91 US ($1) US $92 5.6 1.54 9.1 2.47 62% - - - - - 5.6 1.54 9.1 2.47 62% 19% US $16 US $10

First Mining Finance Corp. TSXV:FF US $318 US $6 US $313 13.8 1.62 14.2 1.67 97% 0.2 1.50 - - - 13.6 1.63 - - - 42% US $23 US $22

Gabriel Resources Ltd. TSX:GBU US $172 US $33 US $177 16.4 - 17.5 - 94% 8.1 - - - - 8.3 - - - - 27% US $11 US $10

Gold Road Resources Limited ASX:GOR US $420 US $66 US $351 6.6 1.21 6.7 1.23 99% 3.5 1.20 3.5 1.20 100% 3.1 1.23 3.2 1.27 97% 62% US $53 US $52

Golden Queen Mining Co. Ltd. TSX:GQM US $89 US ($29) US $188 0.9 0.53 1.1 0.66 81% 0.5 0.66 0.6 0.82 81% 0.4 0.43 0.5 0.53 80% 30% US $210 US $169

Goldquest Mining Corp. TSXV:GQC US $60 US $7 US $53 2.2 2.60 3.1 3.70 70% 0.8 3.72 1.1 4.82 77% 1.4 2.19 2.0 3.29 67% 16% US $24 US $17

Hummingbird Resources PLC AIM:HUM US $102 US $37 US $83 6.4 1.64 6.4 1.64 100% 0.6 3.14 0.6 3.14 100% US $138 5.8 1.57 5.8 1.57 100% 53% US $13 US $13

Integra Gold Corp. TSXV:ICG US $260 US $40 US $216 5.0 6.39 5.0 6.40 100% - - - - - - 5.0 6.39 5.0 6.40 100% 57% US $43 US $43

International Tower Hill Mines Ltd. TSX:ITH US $91 US ($12) US $88 12.6 0.68 12.6 0.68 100% 9.0 0.71 9.0 0.71 100% US $10 3.6 0.60 3.6 0.60 100% 31% US $7 US $7

INV Metals Inc. TSX:INV US $37 US $9 US $28 3.1 - 3.8 - 81% 1.9 - - - - US $15 1.2 - - - - 44% US $9 US $7

K92 Mining Inc. TSXV:KNT US $108 US $14 US $76 1.4 8.09 1.9 10.68 76% - - - - - - 1.4 8.09 - - - 84% US $53 US $40

KEFI Minerals Plc AIM:KEFI US $18 US ($2) US $18 1.9 1.96 1.9 1.96 100% 1.0 2.12 1.0 2.12 100% US $18 0.9 1.82 0.9 1.82 100% 20% US $9 US $9

Lundin Gold Inc. TSX:LUG US $529 US ($9) US $532 9.5 - 9.7 - 98% 4.8 - - - - US $111 4.7 - - - - 46% US $56 US $55

Lupaka Gold Corp. TSXV:LPK US $21 US ($1) US $21 2.8 1.17 3.1 1.32 88% - - - - - - 2.8 1.17 3.1 1.32 88% 42% US $8 US $7

Lydian International Limited TSX:LYD US $204 US $121 US $107 5.0 0.69 5.4 0.73 94% 2.4 0.78 2.6 0.83 94% US $44 2.6 0.62 2.8 0.66 94% 77% US $21 US $20

Metals Exploration Plc AIM:MTL US $134 US ($44) US $214 1.7 1.62 2.0 1.84 88% 0.9 1.86 1.0 2.05 91% US $239 0.8 1.43 1.0 1.66 86% 82% US $124 US $109

Midas Gold Corp. TSX:MAX US $138 US $39 US $116 6.5 1.57 7.2 1.72 91% 4.6 1.60 5.0 1.76 91% US $25 2.0 1.49 2.1 1.62 92% 55% US $18 US $16

Moneta Porcupine Mines Inc. TSX:ME US $45 US $1 US $44 4.3 1.17 4.3 1.17 100% - - - - - - 4.3 1.17 4.3 1.17 100% 75% US $10 US $10

NewCastle Gold Ltd. TSXV:NCA US $126 US $3 US $131 5.4 0.24 12.5 0.55 43% - - - - - - 5.4 0.24 12.5 0.55 43% 17% US $24 US $11

NovaGold Resources Inc. TSX:NG US $1,738 US $107 US $1,714 28.7 - 41.4 - 69% 19.6 - - - - US $87 9.1 - - - - 58% US $60 US $41

Orca Gold Inc. TSXV:ORG US $37 US $10 US $17 1.6 1.88 1.8 2.21 85% - - - - - - 1.6 1.88 1.8 2.21 85% 24% US $11 US $9

Orezone Gold Corporation TSXV:ORE US $88 US $6 US $83 4.5 0.77 4.5 0.77 100% - - - - - - 4.5 0.77 4.5 0.77 100% 15% US $18 US $18

Pershimco Resources Inc. TSXV:PRO US $63 US $4 US $73 0.8 0.69 1.0 0.83 83% 0.5 0.77 0.5 0.81 95% US $151 0.1 7.46 0.1 7.46 100% 12% US $91 US $75

Pilot Gold Inc. TSX:PLG US $54 US $6 US $71

Premier Gold Mines Limited TSX:PG US $451 US $31 US $426 6.9 2.72 7.1 2.78 98% 0.6 4.60 0.6 4.99 92% US $763 6.4 2.63 6.5 2.67 99% 34% US $61 US $60

Pretium Resources Inc. TSX:PVG US $1,799 US $114 US $2,025 49.0 0.68 60.9 0.85 80% 7.5 14.14 7.9 14.95 95% US $270 41.5 0.58 52.9 0.74 78% 31% US $41 US $33

Red Eagle Mining Corporation TSX:R US $179 US $0 US $212 0.6 3.35 0.6 3.35 100% 0.4 5.19 0.4 5.19 100% US $523 0.2 1.98 0.2 1.98 100% 64% US $346 US $346

RTG Mining Inc. TSX:RTG US $40 US $1 US $39 0.5 1.64 1.1 3.27 50% 0.3 2.04 0.7 4.48 46% US $132 0.2 1.34 0.4 2.33 57% 84% US $72 US $36

Sabina Gold & Silver Corp. TSX:SBB US $223 US $33 US $191 7.2 6.21 7.2 6.21 100% 2.5 6.30 2.5 6.30 100% US $76 4.7 6.16 4.7 6.16 100% 40% US $27 US $27

Sandspring Resources Ltd. TSXV:SSP US $51 US $6 US $45 10.0 0.84 11.1 0.93 90% 4.1 1.00 4.5 1.09 92% US $11 5.9 0.75 6.5 0.83 91% 53% US $4 US $4

Seabridge Gold, Inc. TSX:SEA US $617 US $17 US $596 109.8 0.48 200.0 0.87 55% 45.3 0.61 66.5 0.90 68% US $13 64.6 0.41 133.5 0.85 48% 76% US $5 US $3

Sihayo Gold Limited ASX:SIH US $24 US ($4) US $21 1.1 2.60 1.1 2.60 100% 0.4 2.41 0.4 2.41 100% US $52 0.7 2.73 0.7 2.73 100% 43% US $20 US $20

Sulliden Mining Capital Inc. TSX:SMC US $10 US $15 US ($4) 1.4 - 1.6 - 90% - - - - - - 1.4 - - - - 26% - -

Terraco Gold Corp. TSXV:TEN US $18 US ($0) US $18 1.0 0.70 1.0 0.70 100% - - - - - - 1.0 0.70 1.0 0.70 100% 8% US $18 US $18

Vast Resources plc AIM:VAST US $9 US ($4) US $23 2.4 1.53 2.9 1.83 83% 0.6 1.83 1.0 3.04 60% US $39 1.8 1.45 1.9 1.52 95% 75% US $9 US $8

Victoria Gold Corp. TSXV:VIT US $234 US $41 US $187 4.5 0.65 4.6 0.66 99% 2.7 0.67 2.7 0.67 100% US $70 1.9 0.62 1.9 0.63 98% 30% US $41 US $41


Group Average - 0 - 20 million ounces # Companies: 43 US $42 US $39

Group Average - 20 - 50 million ounces # Companies: 3 US $35 US $16

Group Average - +50 million ounces # Companies: 2 US $3 US $18



Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

Enterprise

Value

(millions)

Global Reserves & ResourcesAu

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

AuEq

(Moz)

AuEq

(g/t)

% Au

Inferre% Au

AuEq

(g/t)

Restricted

GlobalEV/oz

Au

EV/oz

AuEq

Resources (M&I and Inferred)Au

(Moz)

Au

(g/t)

AuEq

(Moz)% Au

EV/oz

Au

ReservesAu

(Moz)

Au

(g/t)



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

Alexandria Minerals Corporation TSXV:AZX US $15 US $3 US $13 1.8 1.97 2.2 2.44 81% - - - - - 1.8 1.97 2.2 2.44 81% 48% US $7 US $6

Atacama Pacific Gold Corporation TSXV:ATM US $26 US ($1) US $26 5.9 0.37 5.9 0.37 100% 3.7 0.40 3.7 0.40 100% 2.1 0.33 2.1 0.33 100% 29% US $4 US $4

Auryn Resources Inc. TSX:AUG US $146 US $7 US $138 2.7 4.85 3.0 5.45 89% - - - - - 2.7 4.85 - - - 70% US $51 US $46

Balmoral Resources Ltd TSX:BAR US $83 US $9 US $73 0.6 0.77 1.1 1.40 55% - - - - - 0.6 0.77 1.1 1.40 55% 68% US $124 US $68Bellhaven Copper & Gold Inc. TSXV:BHV US $7 US ($0) US $7 1.0 - 1.4 - 70% - - - - - 1.0 - - - - 27% US $7 US $5

Brazil Resources Inc. TSXV:BRI US $212 US $6 US $205 18.2 0.56 21.7 0.66 84% - - - - - 18.2 0.56 21.7 0.66 84% 57% US $11 US $9

Calibre Mining Corp. TSXV:CXB US $28 US $2 US $25 0.4 1.61 0.5 2.14 75% - - - - - 0.4 1.61 0.5 2.14 75% 91% US $66 US $49

Cardinal Resources Limited ASX:CDV US $147 US $3 US $143 - - - - - - - - - - - - - - - - - -

Columbus Gold Corp. TSX:CGT US $70 US ($2) US $66 2.3 1.02 2.7 1.23 83% - - - - - 2.3 1.02 2.7 1.23 83% 22% US $29 US $24

Condor Gold PLC AIM:CNR US $46 US $4 US $43 3.7 3.08 4.1 3.36 92% 0.7 3.04 0.7 3.12 98% 3.1 3.09 3.4 3.42 90% 65% US $11 US $10

Coral Gold Resources Ltd. TSXV:CLH US $12 US $0 US $11 2.7 0.49 2.7 0.49 100% - - - - - 2.7 0.49 - - - 100% US $4 US $4

Corvus Gold Inc. TSX:KOR US $59 US $5 US $55 1.8 0.26 1.9 0.28 94% - - - - - 1.8 0.26 1.9 0.28 94% 64% US $31 US $29

Eastmain Resources Inc. TSX:ER US $90 US $12 US $76 1.8 4.37 1.8 4.37 100% - - - - - 1.8 4.37 1.8 4.37 100% 34% US $41 US $41

Eco Oro Minerals Corp TSX:EOM US $23 US ($2) US $23 3.5 4.38 3.7 4.63 95% - - - - - 3.5 4.38 3.7 4.63 95% 37% US $7 US $6

Eurasian Minerals Inc. TSXV:EMX US $68 US $2 US $66 - - - - - - - - - - - - - - - - - -

Falco Resources Ltd. TSXV:FPC US $91 US ($1) US $92 5.6 1.54 9.1 2.47 62% - - - - - 5.6 1.54 9.1 2.47 62% 19% US $16 US $10

GobiMin Inc. TSXV:GMN US $19 US $20 US $1 2.9 1.49 2.9 1.50 99% - - - - - 2.9 1.49 2.9 1.50 99% 63% US $0 US $0

Gold Bullion Development Corp. TSXV:GBB US $25 US ($3) US $24 0.7 3.07 0.7 3.32 92% 0.1 4.24 0.1 4.24 100% 0.6 2.96 0.6 3.24 91% 6% US $38 US $35

Gold Standard Ventures Corp TSXV:GSV US $524 US $25 US $498 2.1 0.56 2.3 0.61 92% - - - - - 2.1 0.56 2.3 0.61 92% 70% US $238 US $220

Harte Gold Corp. TSX:HRT US $72 US ($3) US $73 0.5 9.47 0.5 9.47 100% - - - - - 0.5 9.47 0.5 9.47 100% 33% US $155 US $155

IDM Mining Ltd. TSXV:IDM US $37 US $3 US $31 0.5 7.80 0.6 8.11 96% - - - - - 0.5 7.80 0.6 8.11 96% 20% US $57 US $55

Kasbah Resources Limited ASX:KAS US $10 US $0 US $9 0.2 0.55 0.3 0.63 88% - - 0.0 0.09 - 0.2 0.90 0.2 0.97 93% - US $38 US $33

Lexam VG Gold Inc. TSX:LEX US $51 US $1 US $50 2.4 2.74 2.4 2.74 100% - - - - - 2.4 2.74 2.4 2.74 100% 39% US $21 US $21

Lincoln Mining Corporation TSXV:LMG US $1 US ($3) US $5 0.4 2.29 0.4 2.29 100% - - - - - 0.4 2.29 - - - 82% US $11 US $11

Lion One Metals Limited TSXV:LIO US $68 US ($1) US $68 0.7 0.09 12.4 1.60 6% - - - - - 0.7 0.09 12.4 1.60 6% 60% US $92 US $5

Marathon Gold Corporation TSX:MOZ US $57 US $3 US $54 1.3 2.37 1.3 2.37 100% - - - - - 1.3 2.37 1.3 2.37 100% 15% US $41 US $41

Orex Minerals Inc. TSXV:REX US $40 US $5 US $36 0.1 0.28 0.4 1.60 17% - - - - - 0.1 0.28 0.4 1.60 17% 47% US $556 US $96

Puma Exploration Inc. TSXV:PUM US $7 US ($0) US $7 0.4 0.52 2.7 3.79 14% - - - - - 0.4 0.52 2.7 3.79 14% 2% US $19 US $3

Pure Gold Mining Inc. TSXV:PGM US $82 US $7 US $75 1.2 9.47 1.2 9.47 100% - - - - - 1.2 9.47 1.2 9.47 100% 24% US $61 US $61

RNI NL ASX:RNI US $11 US $1 US $10 - - 0.2 1.52 - - - - - - - - 0.2 1.52 - - - US $57

Rye Patch Gold Corp. TSXV:RPM US $88 US $3 US $85 4.4 0.42 5.0 0.47 88% - - - - - 4.4 0.42 5.0 0.47 88% 29% US $20 US $17

Sarama Resources Limited TSXV:SWA US $18 US $0 US $15 0.8 1.69 0.8 1.69 100% - - - - - 0.8 1.69 0.8 1.69 100% 100% US $20 US $20

Spanish Mountain Gold Ltd TSXV:SPA US $23 US ($1) US $23 7.0 0.40 7.2 0.41 98% - - - - - 7.0 0.40 7.2 0.41 98% 50% US $3 US $3

Teras Resources Inc. TSXV:TRA US $17 US $1 US $16 1.1 0.48 1.3 0.56 86% - - - - - 1.1 0.48 1.3 0.56 86% 10% US $15 US $13

Treasury Metals Inc. TSX:TML US $51 US ($2) US $53 1.6 1.88 1.8 2.21 85% - - - - - 1.6 1.88 1.8 2.21 85% 24% US $34 US $29

TriMetals Mining Inc. TSX:TMI US $28 US $3 US $27 1.8 0.07 12.4 0.48 14% - - - - - 1.8 0.07 12.4 0.48 14% 47% US $15 US $2

West Kirkland Mining Inc. TSXV:WKM US $28 US $0 US $28 0.9 0.49 1.2 0.63 78% 0.6 0.58 0.7 0.69 84% 0.4 0.40 0.5 0.56 71% 46% US $29 US $23

Group Average - Total # Companies: 38 US $48 US $31



EV/oz

Au

EV/oz

AuEq

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

Global

% Au% AuAu

(Moz)

Au

(g/t)

AuEq

(Moz)

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

(Moz

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)

AuEq

(g/t)

% Au

Inferre

Company Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

Enterprise

Value

(millions)



Silver – EV/oz Comparables

Reserves

Alexco Resource Corporation TSX:AXR US $169 US $19 US $153 67 319 117 552 58% - - - - - - 67 319 117 552 58% 18% US $2.26 US $1.31

Americas Silver Corporation TSX:USA US $109 US $18 US $101 109 150 211 292 52% 31 185 - - - US $3.26 78 140 - - - 35% US $0.93 US $0.48

Athena Silver Corp OTCPK:AHNR US $4 US ($2) US $5 43 67 43 67 100% - - - - - - 43 67 43 67 100% - US $0.12 US $0.12

Bear Creek Mining Corp. TSXV:BCM US $204 US $14 US $189 523 41 1,024 80 51% 291 52 583 104 50% US $0.65 232 32 441 61 53% 33% US $0.36 US $0.18

Defiance Silver Corp. TSXV:DEF US $29 US $0 US $28 17 182 18 191 95% - - - - - - 17 182 18 191 95% 100% US $1.64 US $1.56

Dolly Varden Silver Corporation TSXV:DV US $15 US ($2) US $17 43 333 43 333 100% - - - - - - 43 333 43 333 100% 25% US $0.39 US $0.39

Golden Arrow Resources Corp. TSXV:GRG US $57 US $3 US $54 58 83 96 137 61% 6 145 7 163 89% US $8.90 52 79 89 135 58% 25% US $0.93 US $0.56

Golden Minerals Company AMEX:AUMN US $62 US $4 US $58 98 36 246 92 40% - - - - - - 98 36 246 92 40% 52% US $0.59 US $0.23

Iberian Minerals Ltd. TSXV:IML US $11 US $1 US $10 22 9 308 122 7% - - - - - - 22 9 308 122 7% - US $0.43 US $0.03

Investigator Resources Limited ASX:IVR US $16 US $1 US $14 33 117 33 117 100% - - - - - - 33 117 33 117 100% 100% US $0.44 US $0.44

Kootenay Silver Inc TSXV:KTN US $58 US $3 US $55 76 62 115 94 66% - - - - - - 76 62 115 94 66% 19% US $0.72 US $0.48

MacPhersons Resources Limited ASX:MRP US $22 US $10 US $20 20 28 64 87 32% 8 44 24 130 34% US $2.38 12 22 39 72 30% 29% US $0.97 US $0.31

MAG Silver Corp. TSX:MAG US $1,187 US $141 US $1,051 152 65 483 207 31% - - - - - - 152 65 483 207 31% 59% US $6.91 US $2.17

Minco Silver Corporation TSX:MSV US $56 US $39 US $26 162 158 248 242 65% 50 189 60 229 82% US $0.52 112 148 187 247 60% 52% US $0.16 US $0.10

Silver Bear Resources Inc. TSX:SBR US $42 US ($34) US $79 56 723 57 729 99% 23 852 23 852 100% US $3.52 34 - 34 - 99% 67% US $1.41 US $1.40

Silver Bull Resources, Inc. OTCPK:SVBL US $23 US $1 US $22 91 48 402 211 23% - - - - - - 91 48 402 211 23% 0% US $0.24 US $0.05

Silver Predator Corp. TSXV:SPD US $6 US $1 US $10 21 67 21 67 100% - - - - - - 21 67 21 67 100% 19% US $0.46 US $0.46

Silver Range Resources Ltd. TSXV:SNG US $4 US $1 US $3 2 9 66 347 3% - - - - - - 2 9 66 347 3% - US $1.89 US $0.05

T inka Resources Ltd. TSXV:TK US $22 US $2 US $20 39 31 196 152 20% - - - - - - 39 31 196 152 20% 64% US $0.52 US $0.10

Group Average - Total # Companies: 19 US $3.20 US $1.13 US $0.55



EV/oz

Ag

EV/oz

AgEq

Ag

(Moz)

Ag

(g/t)

AgEq

(Moz)

AgEq

(g/t)% Ag

Global

% Ag% AgAg

(Moz)

Ag

(g/t)

AgEq

(Moz)


Ag

(Moz)

Ag

(g/t)

AgEq

(Moz)

AgEq

(g/t)

AgEq

(g/t)

% Ag

Inferred

EV/oz

Ag

Company Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

Enterprise

Value

(millions)



Copper Non-Producers – EV/lb Comparables

Shares Market Working LTD Enterprise Copper

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

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

Africo Resources Ltd. TSX:ARL C$ 1.05 71.3 US$ 56 US$ 45.1 US$ 0.0 US$ 11 Cu / Co 52% - 3,662 - $0.003

AQM Copper Inc. TSXV:AQM C$ 0.16 143.0 US$ 17 US$ 1.6 US$ 0.0 US$ 15 Cu / Au 90% - 2,026 - $0.008

Bellhaven Copper and Gold Inc.TSXV:BHV C$ 0.44 22.0 US$ 7 US$ (0.0) US$ 0.0 US$ 7 Au / Cu 40% - 1,036 - $0.007

Candente Copper Corp. TSX:DNT C$ 0.09 163.6 US$ 11 US$ (1.8) US$ 0.0 US$ 13 Cu / Au 89% - 12,427 - $0.001

Colorado Resources Ltd. TSXV:CXO C$ 0.24 76.7 US$ 14 US$ 4.8 US$ 0.0 US$ 9 Cu / Au 59% - 1,165 - $0.008

Copper Fox Metals Inc TSXV:CUU C$ 0.12 427.8 US$ 37 US$ 1.6 US$ 0.0 US$ 35 Cu / Au 68% 2,375 5,648 $0.015 $0.006

Coro Mining Corp. TSX:COP C$ 0.13 445.9 US$ 42 US$ (0.9) US$ 0.3 US$ 43 Cu / Au 84% 195 965 $0.219 $0.044

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

Exeter Resource Corporation TSX:XRC C$ 1.58 88.7 US$ 105 US$ 15.1 US$ 0.0 US$ 89 Au / Cu 41% 12,504 22,559 $0.007 $0.004

Foran Mining Corporation TSXV:FOM C$ 0.21 96.7 US$ 15 US$ 1.2 US$ 0.0 US$ 14 Cu / Zn 46% - 1,756 - $0.008

Getty Copper Inc. TSXV:GTC C$ 0.02 108.4 US$ 1 US$ (0.5) US$ 0.0 US$ 2 Cu / Mo 96% 620 969 $0.003 $0.002

Gold Reach Resources Ltd. TSXV:GRV C$ 0.14 47.0 US$ 5 US$ (0.1) US$ 0.0 US$ 5 Cu / Mo 68% - 5,444 - $0.001

Highland Copper Co Inc. TSXV:HI C$ 0.12 154.0 US$ 13 US$ (3.3) US$ 0.0 US$ 17 Cu / Ag 96% 871 6,019 $0.019 $0.003

Indico Resources Ltd. TSXV:IDI C$ 0.03 147.0 US$ 3 US$ 0.3 US$ 0.0 US$ 2 Cu / - 100% - 410 - $0.006

Kiska Metals Corporation TSXV:KSK C$ 0.06 116.3 US$ 5 US$ 5.2 US$ 0.0 US$ (0) Au / Cu 38% - 2,048 - -

Los Andes Copper Limited TSXV:LA C$ 0.19 218.1 US$ 31 US$ (0.9) US$ 0.0 US$ 32 Cu / Mo 89% - 12,305 - $0.003

Nevada Copper Corp. TSX:NCU C$ 0.62 88.2 US$ 41 US$ 6.6 US$ 144.9 US$ 179 Cu / Au 91% 5,791 7,917 $0.031 $0.023

NGEx Resources Inc. TSX:NGQ C$ 1.20 205.2 US$ 184 US$ 4.8 US$ 0.0 US$ 179 Cu / Au 76% - 27,655 - $0.006

Northern Dynasty Minerals Ltd. TSX:NDM C$ 0.97 264.7 US$ 192 US$ 7.7 US$ 0.0 US$ 184 Cu / Au 57% - 142,635 - $0.001

Northisle Copper and Gold Inc. TSXV:NCX C$ 0.07 105.1 US$ 5 US$ 0.6 US$ 0.0 US$ 5 Cu / Au 51% - 4,358 - $0.001

NovaCopper Inc. TSX:TMQ C$ 0.65 0.0 US$ 0 US$ 12.5 US$ 0.0 US$ (13) Cu / Zn 83% - 9,685 - -

Panoro Minerals Ltd. TSXV:PML C$ 0.15 241.3 US$ 27 US$ 0.2 US$ 0.0 US$ 27 Cu / Au 77% - 10,114 - $0.003

Polymet Mining Corp. TSX:POM C$ 1.02 317.9 US$ 242 US$ (99.0) US$ 0.0 US$ 341 Cu / Ni 49% 3,145 10,139 $0.108 $0.034

Quaterra Resources Inc. TSXV:QTA C$ 0.08 193.5 US$ 11 US$ 6.3 US$ 0.0 US$ 4 Cu / Ag 96% - 8,247 - $0.001

Redhawk Resources, Inc. TSX:RDK C$ 0.06 157.7 US$ 6 US$ (0.3) US$ 0.5 US$ 7 Cu / Mo 92% - 3,835 - $0.002

Regulus Resources Inc TSXV:REG C$ 1.40 60.2 US$ 63 US$ 1.2 US$ 0.0 US$ 62 Cu / Au 0% - - - -

Serengeti Resources Inc. TSXV:SIR C$ 0.18 71.3 US$ 10 US$ 0.8 US$ 0.0 US$ 9 Cu / Au 67% - 4,153 - $0.002

St Augustine Gold and Copper LimitedTSX:SAU C$ 0.05 726.8 US$ 27 US$ 0.3 US$ 0.0 US$ 27 Cu / Au 58% 2,131 3,263 $0.013 $0.008

Tintina Resources Inc. TSXV:TAU C$ 0.07 323.5 US$ 17 US$ 1.8 US$ 0.0 US$ 15 Cu / Co 86% - 1,538 - $0.010

Western Copper and Gold CorporationTSX:WRN C$ 1.03 94.4 US$ 73 US$ 5.8 US$ 0.0 US$ 67 Cu / Au 45% 10,033 22,599 $0.007 $0.003

Yellowhead Mining Inc. TSX:YMI C$ 0.05 0.0 US$ 0 US$ 0.4 US$ 0.0 US$ (0) Cu / Au 91% 4,475 8,701 - -

Group Average - Total $0.042 $0.007

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

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

***Copper Ratio = value of in situ copper / total value of in situ metals.

Primary /

Secondary

Metal

Reserves & Resources* - Attributable

EV/lb CuEq** (US$)



Nickel Non-Producers – EV/lb Comparables

Zinc Non-Producers – EV/lb Comparables

Shares Market Working LTD Enterprise Nickel


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

Anfield Nickel Corp. TSXV:ANF C$ 1.38 117.0 US$ 120 US$ 14.1 US$ 0.0 US$ 106 Ni / Co 99% 2,169 3,616 $0.049 $0.029

Asian Mineral Resources LimitedTSXV:ASN C$ 0.04 788.9 US$ 24 US$ 3.3 US$ 0.0 US$ 20 Ni / Cu 86% 85 146 $0.239 $0.139

Canadian Arrow Mines Ltd. TSXV:CRO C$ 0.02 140.0 US$ 2 US$ (0.5) US$ 0.0 US$ 2 Ni / Cu 82% - 141 - $0.015

Hard Creek Nickel Corporation TSXV:HNC C$ 0.03 43.1 US$ 1 US$ 0.1 US$ 0.0 US$ 1 Ni / Co 91% - 9,161 - $0.000

Mustang Minerals Corp. TSXV:MUM C$ 0.01 256.5 US$ 2 US$ (0.5) US$ 0.0 US$ 2 Co / Ni 38% 2 1,176 $1.018 $0.002

Noront Resources Ltd TSXV:NOT C$ 0.28 296.9 US$ 61 US$ 2.9 US$ 31.4 US$ 89 Ni / Cu 78% 498 851 $0.179 $0.105

North American Nickel Inc. TSXV:NAN C$ 0.11 122.2 US$ 10 US$ 2.7 US$ 3.3 US$ 11 Ni / Cu 0% - - - -

Northern Shield Resources Inc. TSXV:NRN C$ 0.15 200.9 US$ 22 US$ 0.9 US$ 0.0 US$ 22 Ni / Cu 0% - - - -

Poseidon Nickel Limited ASX:POS C$ 0.05 849.5 US$ 31 US$ (0.9) US$ 14.4 US$ 46 Ni / Au 98% 171 1,284 $0.269 $0.036

Royal Nickel Corporation

Sama Resources Inc. TSXV:SME C$ 0.11 114.9 US$ 9 US$ (0.0) US$ 0.0 US$ 9 Ni / Cu 71% - 195 - $0.046

Strongbow Exploration Inc. TSXV:SBW C$ 0.14 45.9 US$ 5 US$ 0.8 US$ 1.2 US$ 5 Ni / Cu 86% - 417 - $0.012

Talon Metals Corporation TSX:TLO C$ 0.07 129.6 US$ 7 US$ 0.9 US$ 14.0 US$ 20 Ni / Fe 56% - 125 - $0.159

Group Average - Total $0.351 $0.054

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

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

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

Restricted

Primary /

Secondary

Metal


EV/lb NiEq** (US$)

Shares Market Working LTD Enterprise Zinc


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

Aquila Resources Inc. TSX:AQA C$ 0.27 234.4 US$ 47 US$ 0.1 US$ 0.0 US$ 47 Au / Zn 19% - 1,587 - $0.030

Canada Zinc Metals Corp. TSXV:CZX C$ 0.39 152.2 US$ 44 US$ 5.1 US$ 0.0 US$ 39 Zn / Pb 82% - 6,096 - $0.006

Canadian Zinc Corporation TSX:CZN C$ 0.22 258.8 US$ 42 US$ 0.8 US$ 0.0 US$ 41 Zn / Pb 40% 2,525 10,077 $0.016 $0.004

El Nino Ventures Inc. TSXV:ELN C$ 0.03 59.9 US$ 1 US$ 0.2 US$ 0.0 US$ 1 Zn / Cu 45% - 1,357 - $0.001

Firestone Ventures Inc. TSXV:FV C$ 0.05 36.8 US$ 1 US$ (0.6) US$ 0.0 US$ 2 Zn / Pb 73% - 454 - $0.004

Foran Mining Corporation TSXV:FOM C$ 0.21 96.7 US$ 15 US$ 1.2 US$ 0.0 US$ 14 Cu / Zn 33% - 4,962 - $0.003

InZinc Mining Ltd. TSXV:IZN C$ 0.19 72.7 US$ 10 US$ 0.5 US$ 0.0 US$ 10 Zn / Cu 77% - 3,873 - $0.002

Rathdowney Resources Ltd. TSXV:RTH C$ 0.18 133.3 US$ 18 US$ (2.0) US$ 0.0 US$ 20 Zn / Pb 80% - 3,437 - $0.006

Wolfden Resources Corp. TSXV:WLF C$ 0.11 74.1 US$ 6 US$ 0.8 US$ 0.0 US$ 5 Au / Zn 29% - 4,516 - $0.001

Zazu Metals Corporation TSX:ZAZ C$ 0.17 55.4 US$ 7 US$ 0.3 US$ 0.0 US$ 7 Zn / Pb 69% - 3,077 - $0.002

Group Average - Total $0.016 $0.003*All reserve and resource data sourced from IntierraRMG, additional data sourced from Capital IQ and Market Q.

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

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

Primary /

Secondary

Metal


EV/lb ZnEq** (US$)



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Analyst Certification

We, Benjamin Asuncion, Geordie Mark, Colin Healey, Kerry Smith, and Stefan Ioannou, hereby certify that the views expressed

in this report (which includes the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report)

accurately reflect my/our personal views about the subject securities and the issuer. No part of my/our compensation was, is,

or will be directly or indirectly related to the specific recommendations.

Important Disclosures

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

Ticker Company 1 2 3 4 5 6 7 8

TSX:AGI Alamos Gold Inc. X

TSX:AKG Asanko Gold Inc. X X

TSXV:AGB Atlantic Gold Corporation X X X

TSX:BTO B2Gold Corp. X X

TSX:ABX Barrick Gold Corporation X



TSX:CS Capstone Mining Corp. X

TSX:CUM Copper Mountain Mining Corp. X X

TSX:DML Denison Mines Corp. X X

TSX:DGC Detour Gold Corporation X X X

TSX:ELD Eldorado Gold Corporation X X

TSX:EDV Endeavour Mining Corp. X X X

TSX:EFR Energy Fuels Inc. X X X

TSXV:FOM Foran Mining Corporation X X

ASX:GOR Gold Road Resources Limited X

TSXV:HI Highland Copper Company Inc. X X X

TSX:HBM Hudbay Minerals, Inc. X X

TSXV:ICG Integra Gold Corp. X X

TSX:LUC Lucara Diamond Corp. X X

TSX:LUG Lundin Gold Inc. X X

TSX:LUN Lundin Mining Corporation X X X

TSX:MND Mandalay Resources Corp. X X

TSX:MAX Midas Gold Corp. X X X X

TSX:MPV Mountain Province Diamonds Inc. X X

TSX:NXE NexGen Energy Ltd. X X X X

TSX:NSU Nevsun Resources Ltd. X X

TSXV:NCA NewCastle Gold Ltd. X X X X X x

TSX:OGC OceanaGold Corporation X

TSX:OR Osisko Gold Royalties Ltd. X X X

TSX:OSK Osisko Mining Inc. X X

TSX:PLG Pilot Gold Inc. X X

TSX:RIC Richmont Mines Inc. X X

TSXV:ROG Roxgold Inc. X X X X

TSX:RNX RNC Minerals X X X X

TSX:SBB Sabina Gold and Silver Corp. X X

TSX:SMF SEMAFO Inc. X X

TSX:THO Tahoe Resources Inc. X

TSX:TLO Talon Metals Corp. X X

TSX:TV Trevali Resources Corporation X X X

TSX:TMQ Trilogy Metals Inc. X X X X

AMEX:UEC Uranium Energy Corp. X X

TSX:U Uranium Participation Corporation X

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

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

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

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

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

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

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



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

Other material conflict of interest of the research analyst of which the research analyst or Haywood Securities Inc. knows or has

reason to know at the time of publication or at the time of public appearance:

N/A

Rating Structure

Each company within an analyst’s universe, or group of companies covered, is assigned: (i) a recommendation or rating, usually

BUY, HOLD, or SELL; (ii) a 12 month target price, which represents an analyst’s current assessment of a company’s potential

stock price over the next year; (iii) an overall risk rating which represents an analyst’s assessment of the company’s overall

investment risk; and (iv) specific risk ratings or risk profile parameters which in their aggregate support an analyst’s overall risk

rating. These ratings are more fully explained below. Before acting on our recommendation we caution you to confer with your

Haywood investment advisor to determine the suitability of our recommendation for your specific investment objectives, risk

tolerance and investment time horizon.

Recommendation Rating

BUY –The analyst believes that the security will outperform other companies in their sector on a risk adjusted basis or for the

reasons stated in the research report the analyst believes that the security is deserving of a (continued) BUY rating.

HOLD – The analyst believes that the security is expected to perform in line with other companies in their sector on a risk

adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued)

HOLD rating.

SELL – Investors are advised to sell the security or hold alternative securities within the sector. Stocks in this category are

expected to under-perform other companies on a risk adjusted basis or for the reasons stated in the research report the analyst

believes that the security is deserving of a (continued) SELL rating.

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

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

UNDER REVIEW – Placing a stock Under Review does not revise the current rating or recommendation of the analyst. A stock

will be placed Under Review when the relevant company has a significant material event with further information pending or

to be announced. An analyst will place a stock Under Review while he/she awaits sufficient information to re-evaluate the

company’s financial situation.

COVERAGE DROPPED – Haywood Securities will no longer cover the issuer. Haywood will provide notice to clients whenever

coverage of an issuer is discontinued.

Haywood’s focus is to search for undervalued companies which analysts believe may achieve attractive risk-adjusted returns.

This research coverage on potentially undervalued companies may result in an outweighed percentage of companies rated as

BUY. Management regularly reviews rating and targets in all sectors to ensure fairness and accuracy.

For further information on Haywood Securities’ research dissemination policies, please visit:

http://www.haywood.com/research_dissemination.asp

Overall Risk Rating

Very High Risk: Venture type companies or more established micro, small, mid or large cap companies whose risk profile

parameters and/or lack of liquidity warrant such a designation. These companies are only appropriate for investors who have a

very high tolerance for risk and volatility and who are capable of incurring temporary or permanent loss of a very significant

portion of their investment capital.



High Risk: Typically micro or small cap companies which have an above average investment risk relative to more established or

mid to large cap companies. These companies will generally not form part of the broad senior stock market indices and often

will have less liquidity than more established mid and large cap companies. These companies are only appropriate for investors

who have a high tolerance for risk and volatility and who are capable of incurring a temporary or permanent loss of a significant

loss of their investment capital.

Medium-High Risk: Typically mid to large cap companies that have a medium to high investment risk. These companies will

often form part of the broader senior stock market indices or sector specific indices. These companies are only appropriate for

investors who have a medium to high tolerance for risk and volatility and who are prepared to accept general stock market risk

including the risk of a temporary or permanent loss of some of their investment capital

Moderate Risk: Large to very large cap companies with established earnings who have a track record of lower volatility when

compared against the broad senior stock market indices. These companies are only appropriate for investors who have a

medium tolerance for risk and volatility and who are prepared to accept general stock market risk including the risk of a

temporary or permanent loss of some of their investment capital.

Risk Profile Parameters – Mining and Minerals Sector

Forecast Risk: High (7-10) – The Company’s primary project(s) is at an earlier stage of exploration and/or resource delineation

whereby grades, tonnages, capital and operating costs, and other economic/operational parameters are not yet reliably

established. Moderate (4-6) – The Company has taken steps to de-risk its primary producing, or soon to be producing project(s)

and has established reasonably reliable operational and economic parameters. Low (1-3) – The Company has de-risked the

majority of its primary project(s) through operational history and established production profile(s).

Financial Risk: High (7-10) – The Company’s near- and medium-term (capital) expenditure considerations, including the current

year or next forecast year, are not fully funded through a combination of established debt facilities, cash on hand, and/or

anticipated cash flow from existing operations—successful project execution depends, in part, on future (equity) financing(s).

Existing and/or forecast levels of leverage are above average relative to the Company’s peer group. The risk of a significant

capital cost overrun(s) is high given the early stage of project development. Moderate (4-6) – The Company’s near-term (capital)

expenditure program, in the current year or next forecast year, is fully funded through a combination of established debt

facilities, cash on hand, and/or anticipated cash flow from existing operations. Medium-term funding requirements will likely

require additional financing consideration, but should be achievable assuming no significant uncontrollable events impede

access to capital. Existing and/or forecast levels of leverage are in-line with the Company’s peer group. The risk of a significant

capital cost overrun(s) is moderate given the advanced stage of project development. Low (1-3) – the Company’s near- and

medium-term (capital) expenditure program is fully funded through a combination of established debt facilities, cash on hand,

and/or anticipated cash flow from existing operations. Existing and/or forecast levels of leverage are below average relative to

the Company’s peer group.

Valuation Risk: High (7-10) – The current valuation is at a premium to peers. The valuation reflects considerable future

exploration success and/or commodity appreciation. Where applicable, the current capitalization exceeds the “DCF” evaluation

by more than 50%. Moderate (4-6) – The current valuation is within historic ranges and generally consistent with peers. The

valuation reflects reasonable exploration success and/or commodity appreciation. Where applicable, the current capitalization

exceeds the DCF valuation by 15% to 50%. Low (1-3) – The current valuation is at the low end of historic ranges and at a discount

to peer valuations. The valuation reflects limited new exploration success and no commodity appreciation. Where applicable,

the current capitalization exceeds the DCF valuation by less than 15% or falls below the current market value.

Political Risk: High (7-10) –Obtaining permits is challenging. Properties are located in an area(s) with high geo-political

uncertainty, limited access, and/or have significant new infrastructure requirements. Moderate (4-6) – Properties are located

in an area(s) with moderate geo-political risk, reasonable or manageable access, and some established infrastructure. Low (1-

3) – Properties are located in areas with a manageable geo-political risk profile and established access/infrastructure.



Distribution of Ratings (as of November 4, 2016)

IB Clients

% # (TTM)

Buy 77.0% 67 88.5%

Hold 9.2% 8 3.8%

Sell 0.0% 0 0.0%

Tender 0.0% 0 0.0%

UR (Buy) 2.3% 2 3.8%

UR (Hold) 0.0% 0 0.0%

UR (Sell) 0.0% 0 0.0%

dropped (TTM) 11.5% 10 3.8%

Price Chart, Rating and Target Price History (as of November 4, 2016)

Alamos Gold, Inc. (AGI-T) Date Target(C$) Rating7/11/16 $14.75 Buy5/30/16 $10.25 Buy5/13/16 $9.50 Buy3/28/16 $7.75 Buy1/12/16 $7.00 Buy

11/13/15 $8.00 Buy7/15/15 $9.00 Buy1/27/15 $9.25 Buy

10/23/14 $11.25 Buy4/16/14 $12.00 Buy1/29/14 $11.50 Buy1/15/14 $16.00 Buy11/1/13 $17.00 Buy

0

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

Atlantic Gold Corporation (AGB-V) Date Target(C$) Rating10/6/16 $1.35 Buy7/11/16 $1.25 Buy5/19/16 $1.10 Buy3/7/16 $1.00 Buy

12/9/15 $0.85 Buy1/12/16 $0.55 Buy

12/10/15 $0.50 Buy

Initiated Coverage 12/9/15

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Jun16


Asanko Gold Inc. (AKG-T) Date Target(C$) Rating7/11/16 $6.50 Buy5/31/16 $5.25 Buy5/3/16 $5.00 Buy4/7/16 $3.50 Buy

3/24/16 $3.25 Hold1/12/16 $3.25 Buy7/15/15 $3.60 Buy1/21/15 $3.20 Buy

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

12/11/13 $3.30 Buy


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AuRico Metals Inc. (AMI-T) Date Target(C$) Rating9/1/16 $1.40 Buy


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B2Gold Corp. (BTO-T) Date Target(C$) Rating8/5/16 $6.00 Buy8/3/16 $5.00 Buy

7/11/16 $4.50 Buy5/31/16 $2.80 Buy5/13/16 $2.75 Hold3/18/16 $2.10 Hold

11/16/15 $2.10 Buy3/17/15 $2.75 Buy1/27/15 $3.25 Buy

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

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

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

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Barrick Gold Corporation (ABX-T) Date Target(C$) Rating7/11/16 $37.50 Buy5/31/16 $25.25 Buy4/27/16 $25.00 Buy4/18/16 $20.50 Buy2/19/16 $19.50 Buy1/12/16 $14.50 Buy8/7/15 $11.00 Buy

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

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

2/18/14 $24.00 Hold1/15/14 $20.50 Hold0

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Capstone Mining Corp. (CS-T) Date Target(C$) Rating4/28/16 $1.00 Buy4/6/16 $0.80 Buy

2/18/16 $0.60 Buy1/12/16 $0.50 Buy7/9/15 $1.50 Buy

1/27/15 $2.00 Buy

Initiated Coverage on 07/10/07 as Sherwood Copper Corp; Name

changed to Capstone Mining Corp. 11/25/08

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Copper Mountain Mining Corporation (CUM-T) Date Target(C$) Rating10/7/16 $0.60 Buy5/3/16 $0.60 Hold

1/12/16 $0.60 Buy11/10/15 $1.00 Buy7/15/15 $1.85 Buy1/27/15 UR Buy1/19/15 $3.50 UR(Buy)8/11/14 $3.50 Buy7/7/14 $3.00 Buy

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

11/12/13 $2.00 Buy10/22/13 $2.35 Buy

Initiated Coverage: 8/26/10

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Denison Mines Corp. (DML-T) Date Target(C$) Rating5/31/16 $1.80 Buy1/12/16 $1.90 Buy3/25/14 $2.10 Buy

Transferred & Re-initiated Coverage 08/20/12

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Detour Gold Corporation (DGC-T) Date Target(C$) Rating7/11/16 $49.00 Buy5/31/16 $32.00 Buy4/15/16 $28.00 Buy3/11/16 $24.00 Buy1/27/16 $19.50 Buy1/12/16 $18.75 Buy7/15/15 $18.50 Buy1/27/15 $14.00 Buy

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

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

1/15/14 $8.50 Buy11/11/13 $11.00 Buy10/22/13 $13.75 Buy0

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Eldorado Gold Corporation (ELD-T) Date Target(C$) Rating7/29/16 $8.75 Buy7/11/16 $9.25 Buy5/31/16 $7.50 Buy5/13/16 $6.75 Buy1/26/16 $4.50 Buy1/12/16 $6.50 Buy7/15/15 $6.75 Buy2/23/15 $7.75 Buy1/27/15 $9.00 Buy

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

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

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

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Endeavour Mining Corporation (EDV-T) Date Target(C$) Rating10/20/16 $33.00 Buy7/11/16 $33.00 Buy5/31/16 $22.00 Buy4/21/16 $19.75 Buy3/21/16 $14.50 Buy1/18/16 $12.00 Buy12/3/15 $11.00 Buy1/27/15 $13.00 Buy11/5/14 $11.50 Buy

10/23/14 $10.50 Buy8/21/14 $12.50 Buy

Initiated Coverage 08/21/14; 10:1 Prices/Targets adjusted to reflect

Stock Consolidation 12/02/15; Transfer of Coverage 10/20/16

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Energy Fuels Inc. (AMEX:UUUU) Date Target(US$) Rating5/31/16 $6.00 Buy1/12/16 $7.25 Buy9/30/15 $8.20 Buy7/15/15 $9.41 Buy7/9/14 $11.73 Buy

4/16/14 $12.71 Buy3/31/14 $13.55 Buy1/15/14 $14.90 Buy11/6/13 $15.84 Buy11/1/13 UR UR(Buy)

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

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

Targets prior to 05/31/16 converted to US$ at spot

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

Foran Mining Corp. (FOM-V) Date Target(C$) Rating1/12/16 $0.25 Buy7/15/15 $0.35 Buy4/17/15 $0.50 Buy

10/22/13 $0.35 Buy


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Gold Road Resources Limited (GOR-A) Date Target(C$) Rating10/20/16 $1.00 Buy9/13/16 $1.00 Buy

Initiated Coverage 9/13/2016; Transfer of Coverage 10/20/16

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Highland Copper Company Inc. (HI-V) Date Target(C$) Rating7/11/16 $0.15 Hold12/1/15 $0.25 Buy7/16/15 $0.35 Buy2/27/15 $0.50 Buy

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


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HudBay Minerals, Inc. (HBM-T) Date Target(C$) Rating3/1/16 $7.25 Buy

1/18/16 $6.75 Buy1/12/16 $8.50 Buy7/15/15 $12.00 Buy5/11/15 $12.00 Hold2/23/15 $11.00 Hold

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

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

12/19/13 $9.50 Buy


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Integra Gold Corp. (ICG-V) Date Target(C$) Rating7/11/16 $0.90 Hold5/31/16 $0.70 Hold1/12/16 $0.60 Buy7/15/15 $0.70 Buy6/23/15 $0.65 Buy


0

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Lucara Diamond Corp. (LUC-T) Date Target(C$) Rating8/8/16 $3.70 Hold8/2/16 $3.90 Hold

6/30/16 $3.90 Buy5/31/16 $4.40 Hold5/4/16 $4.10 Buy

3/15/16 $3.40 Buy1/12/16 $3.15 Buy12/3/15 $2.80 Buy8/13/15 $2.50 Buy4/28/15 $2.80 Buy


0

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Lundin Gold Inc. (LUG-T) Date Target(C$) Rating7/11/16 $8.25 Buy5/31/16 $7.25 Buy12/8/15 $5.00 Buy


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Lundin Mining Corporation (LUN-T) Date Target(C$) Rating7/28/16 $6.00 Buy4/29/16 $5.50 Buy3/15/16 UR Buy11/2/15 $7.75 UR (Buy)7/15/15 $7.75 Buy1/27/15 $6.75 Buy

10/23/14 $7.75 Buy7/9/14 $7.50 Buy

4/16/14 $6.20 Buy

Transferred Coverage: 11/02/15

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Oct13

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Mandalay Resources Corp. (MND-T) Date Target(C$) Rating7/11/16 $1.50 Buy5/12/16 $1.25 Buy1/12/16 $1.00 Buy11/6/15 $1.25 Buy

10/23/14 $1.50 Buy8/8/14 $1.60 Buy5/7/14 $1.40 Buy

4/16/14 $1.35 Buy1/15/14 $1.30 Buy

10/22/13 $1.40 Buy

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

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Midas Gold Corp. (MAX-T) Date Target(C$) Rating7/11/16 $1.90 Buy5/31/16 $0.95 Buy4/21/16 $0.85 Buy3/11/16 $0.65 Buy1/12/16 $0.45 Hold7/15/15 $0.50 Hold1/27/15 $0.80 Buy1/9/15 $0.85 Buy

10/23/14 $1.15 Buy8/21/14 $1.30 Buy7/9/14 $1.40 Buy

1/15/14 $1.50 Buy11/5/13 $1.70 Buy

Transferred and Re-initiated Coverage 11/05/13

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Mountain Province Diamonds Inc. (MPV-T) Date Target(C$) Rating10/17/16 $10.00 Buy3/31/16 $7.60 Buy1/12/16 $8.00 Buy7/15/15 $8.50 Buy2/19/15 $7.40 Buy2/5/15 $7.70 Buy


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Nevsun Resources Ltd. (NSU-T) Date Target(C$) Rating6/30/16 $6.00 Buy4/26/16 UR UR (Buy)7/15/15 $5.00 Buy4/29/15 $5.50 Buy2/18/14 $5.00 Buy


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NewCastle Gold Ltd. (NCA-V) Date Target(C$) Rating7/11/16 $1.20 Buy5/31/16 $0.80 Buy1/12/16 $0.45 Buy9/3/15 $0.30 Buy

7/15/15 $0.60 Buy1/27/15 $0.70 Buy

12/12/14 $0.65 Buy10/23/14 $0.75 Buy

7/9/14 $1.40 Buy4/16/14 $1.35 Buy1/15/14 $1.20 Buy

11/28/13 $1.50 Buy

Began trading 05/14/13 as Castle Mountain Mining; Initiated

Coverage 11/28/13; Name changed to NewCastle Gold 06/30/15

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Price History (C$) Target/Rating/Coverage ChangeThis company is currently Restricted

NexGen Energy Ltd. (NXE-T) Date Target(C$) Rating4/14/16 $4.00 Buy3/30/16 $3.20 Buy1/12/16 $2.00 Buy11/5/15 $2.10 Buy


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OceanaGold Corporation (OGC-T) Date Target(C$) Rating7/11/16 $6.50 Buy5/31/16 $4.40 Hold4/29/16 $4.35 Hold3/1/16 $3.80 Hold

2/19/16 $4.00 Hold10/2/15 $4.00 Buy7/15/15 $4.10 Buy4/30/15 $3.80 Buy2/20/15 $3.60 Buy1/27/15 $3.20 Buy

10/23/14 $3.30 Buy9/22/14 $3.50 Buy


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Osisko Gold Royalties Ltd. (OR-T) Date Target(C$) Rating7/11/16 $20.25 Buy3/2/16 $19.00 Buy

12/16/15 $18.75 Buy

Initiated Coverage 12-16-2015

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Sep15

Dec15

Mar16

Jun16


Osisko Mining Inc. (OSK-T) Date Target(C$) Rating10/20/16 $4.00 Buy7/11/16 $4.00 Buy5/31/16 $3.00 Buy2/4/16 $2.00 Buy

12/10/15 $2.50 Buy

Initiated Coverage 12/10/2016; Transfer of Coverage

10/20/2016

0

1

2

3

4

5

6

7

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15

Oct15

Jan16

Apr16

Jul16

Oct16




Pilot Gold Inc. (PLG-T) Date Target(C$) Rating10/20/16 $1.00 Buy7/11/16 $1.20 Buy5/31/16 $1.00 Buy1/12/16 $0.70 Buy7/15/15 $1.50 Buy1/29/15 $1.90 Buy1/27/15 $1.60 Buy

10/23/14 $1.70 Buy4/2/14 $2.00 Buy

1/15/14 $1.70 Buy10/22/13 $2.10 Buy


0

0.5

1

1.5

2

2.5

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15

Oct15

Jan16

Apr16

Jul16


Richmont Mines Inc. (RIC-T) Date Target(C$) Rating7/11/16 $20.00 Buy5/31/16 $15.75 Buy5/13/16 $12.25 Buy4/13/16 $10.00 Buy3/7/16 $8.00 Buy


0

5

10

15

20

25

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15

Oct15

Jan16

Apr16

Jul16


RNC Minerals (RNX-T) Date Target(C$) Rating4/27/16 $0.75 Buy1/12/16 $0.35 Buy7/15/15 $0.50 Buy1/27/15 $0.60 Buy4/16/14 $0.75 Buy

10/22/13 $0.50 Buy

Initiated Coverage: 07/05/11; Name Change to RNC Minerals

9/13/2016

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

Sep13

Dec13

Mar14

Jun14

Sep14

Dec14

Mar15

Jun15

Sep15

Dec15

Mar16

Jun16


Roxgold Inc. (ROG-V) Date Target(C$) Rating10/20/16 $2.10 Buy7/11/16 $2.15 Buy5/31/16 $1.60 Buy4/28/16 $1.50 Buy7/15/15 $1.10 Buy11/5/14 $1.00 Buy7/9/14 $1.25 Buy

4/23/14 $1.15 Buy1/27/14 $1.05 Buy


0

0.5

1

1.5

2

2.5

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15

Oct15

Jan16

Apr16

Jul16


Sabina Gold & Silver Corp. (SBB-T) Date Target(C$) Rating6/16/16 UR UR (Buy)5/31/16 $1.65 Buy1/12/16 $1.00 Buy

12/15/15 $0.90 Buy

Initiated Coverage 12-15-15

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15

Oct15

Jan16

Apr16


SEMAFO Inc. (SMF-T) Date Target(C$) Rating7/11/16 $8.25 Buy5/12/16 $6.50 Buy2/26/16 $6.00 Buy7/15/15 $5.00 Buy1/27/15 $5.75 Buy

10/23/14 $6.25 Buy7/9/14 $6.50 Buy

4/16/14 $5.50 Buy3/13/14 $5.25 Buy1/27/14 $4.25 Buy1/15/14 $4.00 Buy

11/14/13 $3.80 Buy10/22/13 $3.30 Buy

0

1

2

3

4

5

6

7

8

9

Sep13

Dec13

Mar14

Jun14

Sep14

Dec14

Mar15

Jun15

Sep15

Dec15

Mar16

Jun16


Talon Metals Corp. (TLO-T) Date Target(C$) Rating1/5/16 $0.25 Buy

7/15/15 $0.35 Buy1/25/14 $0.40 Buy


0

0.1

0.2

0.3

0.4

0.5

0.6

Sep13

Dec13

Mar14

Jun14

Sep14

Dec14

Mar15

Jun15

Sep15

Dec15

Mar16

Jun16




B: Buy; H: Hold; S: Sell; T: Tender; UR: Under Review


Trevali Mining Corporation (TV-T) Date Target(C$) Rating8/15/16 $1.25 Buy7/20/16 $1.00 Buy

11/18/15 $0.75 Buy5/21/15 $1.25 Buy9/26/14 $1.35 Buy8/18/14 UR Hold5/20/14 $1.15 Buy5/14/14 $1.15 UR(Buy)

12/12/13 $1.15 Buy


0

0.2

0.4

0.6

0.8

1

1.2

1.4

Sep13

Dec13

Mar14

Jun14

Sep14

Dec14

Mar15

Jun15

Sep15

Dec15

Mar16

Jun16


Trilogy Metals Inc. (TMQ-T) Date Target(C$) Rating5/31/16 $1.00 Buy1/12/16 $0.65 Buy7/15/15 $1.25 Buy1/27/15 $1.75 Buy7/9/14 $2.00 Buy

3/19/14 $2.75 Buy

Began Trading 04/25/12; Initiated Coverage 03/19/14; Name

Change to Trilogy Metals Inc. 9/8/2016

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0.5

1

1.5

2

2.5

3

Sep13

Dec13

Mar14

Jun14

Sep14

Dec14

Mar15

Jun15

Sep15

Dec15

Mar16

Jun16


Uranium Participation Corp. (U-T) Date Target(C$) Rating1/12/16 $6.80 Buy7/15/15 $6.50 Buy1/27/15 $6.20 Buy

10/23/14 $5.80 Buy7/9/14 $5.70 Buy

4/16/14 $6.60 Buy1/15/14 $6.50 Buy

10/22/13 $5.70 Buy


0

1

2

3

4

5

6

7

8

Jul13

Oct13

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15

Oct15

Jan16

Apr16


Uranium Energy Corp. (UEC-AMEX) Date Target(US$) Rating5/31/16 $1.80 Buy7/15/15 $2.00 Buy6/24/15 $2.10 Hold7/8/14 $1.70 Hold

4/16/14 $2.00 Hold1/15/14 $2.30 Hold

10/22/13 $2.40 Hold6/11/13 $2.70 Hold


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1

1.5

2

2.5

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3.5

Jun13

Sep13

Dec13

Mar14

Jun14

Sep14

Dec14

Mar15

Jun15

Sep15

Dec15

Mar16

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

The Weekly Dig November 4, 2016 - Amazon Web Servicescdn.ceo.ca.s3-us-west-2.amazonaws.com ›...

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