Fundamental Equity Analysis - Top 100 Gold Mining Companies Worldwide Over the past two days the gold market has witnessed one of the largest corrections in modern history, falling roughly USD200/oz (c.13%) from Friday's opening of over USD1,560/oz. A surge in speculative selling, stop-loss and long-liquidation has coincided with a number of technical breaks in gold's price trend. The key break was the USD1,525/oz level which has been regarded as a major support level. Once broken selling escalated, and pushed through USD1,400/oz and USD1,375/oz, a price region which was last observed in late 2010. We expect selling pressure could continue but at this stage it is very difficult to determine how an instrument will bottom in such a volatile environment. Fundamentally we believe that this move in gold is likely associated with the capitulation in inflationary bias associated with ultraaccommodative monetary policy. Disappointing growth data in China, despite high levels of Social Financing, coincides with low CPI. In the US, economic indicators are disappointing and the Fed is cooling on its QE stance; inflation remains very low. The ECB is actually witnessing a contraction in its balance sheet. The contraction in the Western World central bank balance sheet combined with a further decline in the velocity of money, represents a key challenge for gold. This is particularly true in US dollar terms as capital flows continue to move towards the US as a place of apparent lower risk yield - particularly US equities. Marginal industry costs for the gold mining industry reside around the USD1,300/oz; while the gold market should not be expected to behave similarly to the base metals in relation to industry production costs, we expect that as the gold mining industry is threatened with contraction, the market could see some support around that level if this situation worsens.

1. This material does not constitute investment advice and should not be
viewed as a current or past recommendation or a solicitation of an
offer to buy or sell any securities or to adopt any investment strategy.
Fundamental Analysis &
Analyst Recommendations
Top 100 Gold Mining Companies Worldwide
April 2013
Q M S Advisors
. .
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

2. Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Market Total Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moody's LT
Capitalization (in mio Daily Common Total Debt Preferred Interest Equivalents Value Tot. Rev. - Rev. - Tr. Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA - Est. EPS - Est. EPS - Est. EPS - P/E Ratio - Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Credit S&P LT Credit Credit Moody's LT Credit
Currency USD) Volume (M) Shares (M) (USD) Stock (USD) (USD) (USD) (USD) LFY 12M Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY Tr. 12M 2013 2014 LFY 12M Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin - Rating - Rating Date Rating Rating Date
S&P 500 INDEX USD 14291609 1924.708 1113 1113 205 220 220 101.44 110.69 110.69 15.31 15.31 14.03 14.03 18.82
Euro Stoxx 50 Pr EUR 2523313 5400.899 4693 4693 754 782 782 232.46 311.38 311.38 18.94 16.50 14.14 14.14 20.10
NIKKEI 225 JPY 2488565 181.8844 190 190 18 21 21 5.02 6.65 6.65 0.27 0.27 0.20 0.20 0.11
FTSE 100 INDEX GBP 2654439 11577.88 9617 9617 1462 1668 1668 537.24 832.74 832.74 27.37 22.69 17.66 17.66 22.74
SWISS MARKET INDEX CHF 1031265 10988.61 4155 4155 876 846 846 411.25 558.08 558.08 21.39 18.28 15.76 15.76 22.93
S&P/TSX COMPOSITE INDEX CAD 1631195 16825.11 7918 7918 1846 2086 2086 799.64 888.01 888.01 14.90 14.90 13.42 13.42 24.28
S&P/ASX 200 INDEX AUD 1381075 6618.416 2857 2857 601 701 701 250.89 341.32 341.32 21.11 17.15 15.51 15.51 22.16
HANG SENG INDEX HKD 1647917 3137.031 1694 1694 372 404 404 270.66 268.15 268.15 1.33 1.43 1.34 1.34 2.97
MSCI EM USD 7561015 1393.83 1030 1030 194 196 196 84.37 95.69 95.69 11.95 13.29 10.54 10.54 19.64
GOLDCORP INC USD 22874 2156 812 1 0 0 1 22.95 5435 5435 5767 7204 2798 2798 740 740 1.99 1.89 1.82 2.59 14.75 14.75 15.32 10.78 1.36 19.30 19.78 21.03 51.48 BBB+ 01.06.2009 Baa2 13.03.2013
BARRICK GOLD CORP USD 17900 11280 1001 14 0 3 2 32.41 14547 14547 14455 15563 7358 7358 1848 1848 3.54 3.54 3.75 4.07 5.23 5.23 4.94 4.54 2.18 17.85 -11.64 24.49 50.58 BBB+ 30.07.2012 Baa1 *- 17.04.2013
NEWMONT MINING CORP USD 16130 2635 497 6 0 3 2 23.96 9868 9868 10114 11594 4169 4169 966 966 3.78 3.77 3.63 4.43 8.75 8.75 9.09 7.45 -4.73 16.65 -19.24 19.37 42.25 BBB+ 11.08.2008 Baa1 26.07.2010
YAMANA GOLD INC USD 8509 4120 1 0 0 0 8.97 2337 2337 2746 3312 1269 1502 307 307 - - 1.01 1.34 - - 11.33 8.59 7.52 203.49 0.53 26.81 64.28 - - - -
RANDGOLD RESOURCES LTD-ADR USD 6434 431 92 0 0 0 0 6.23 1318 1318 1548 2043 699 699 - - 4.65 4.70 4.93 7.48 15.19 15.19 14.48 9.54 16.92 45.49 20.16 53.34 53.06 - - - -
CIA DE MINAS BUENAVENTUR-ADR USD 5656 251 254 0 0 0 0 5.86 1564 1509 1771 1891 572 572 - - 2.69 2.69 3.02 2.95 7.79 7.79 6.93 7.11 0.44 17.76 -30.27 7.50 37.90 - - - -
SILVER WHEATON CORP USD 7780 2362 0 0 0 1 7.05 850 850 1036 1149 701 701 202 202 - - 1.73 1.90 - - 13.31 12.10 16.38 63.12 13.36 43.74 82.57 - - - -
ANGLOGOLD ASHANTI-SPON ADR USD 6792 1100 30 0 0 8 52160 52152 60643 62974 19105 19105 - - - - 23.15 27.70 - - 7.44 6.21 -4.14 24.62 -17.82 86.63 36.63 BBB- 10.12.2012 - -
AGNICO-EAGLE MINES LTD USD 5365 695 1 0 0 0 5.86 1918 1918 1864 2136 787 791 206 206 - - 1.73 2.13 - - 18.87 15.32 5.26 54.48 4.59 31.64 41.27 NR 12.03.2003 WR 05.03.2002
GOLD FIELDS LTD-SPONS ADR USD 4671 2127 16 0 2 5 28916 42194 39752 49164 14243 20101 - - - - 7.36 8.32 - - 8.21 7.26 14.46 - 5.29 13.85 47.64 BB+ 15.11.2012 - -
ROYAL GOLD INC USD 3290 335 59 0 0 0 0 2.91 263 287 309 413 233 258 67 67 1.63 1.62 1.65 2.66 32.18 32.18 31.68 19.62 21.52 - 25.17 44.69 89.62 - - - -
KINROSS GOLD CORP USD 5878 3896 1140 3 0 0 2 6.60 4311 4311 4279 4536 1962 1962 460 460 0.77 0.77 0.58 0.73 6.97 6.97 9.20 7.34 12.20 34.92 1.87 40.67 45.51 BBB- 15.08.2011 Baa3 15.08.2011
ELDORADO GOLD CORP USD 4880 1758 1 0 0 1 4.94 1148 1148 1368 1585 584 584 169 169 - - 0.52 0.65 - - 13.55 10.92 3.97 78.05 -9.24 53.95 50.93 BB 13.11.2012 Ba3 12.11.2012
NEW GOLD INC USD 3173 843 1 0 0 1 3.33 791 791 995 1031 390 390 123 123 - - 0.50 0.58 - - 13.73 11.80 13.70 48.12 13.39 63.80 49.30 BB- 27.03.2012 B2 27.03.2012
HARMONY GOLD MNG-SPON ADR USD 2011 665 2 0 0 2 15169 16047 17466 23566 4222 3562 - - - - 4.38 9.81 - - 10.27 4.58 30.81 19.23 79.35 16.71 22.20 - - - -
PAN AMERICAN SILVER CORP USD 1824 584 0 0 0 1 1.37 929 929 1071 1123 362 362 97 97 - - 1.17 1.38 - - 10.44 8.92 8.57 47.85 -18.81 25.23 38.98 - - - -
IAMGOLD CORP USD 1779 1708 1 0 0 1 1.68 1670 1670 1689 1851 710 710 191 191 - - 0.64 0.81 - - 7.54 5.97 -0.19 21.94 -9.54 30.21 42.52 BB- 10.09.2012 - -
FIRST MAJESTIC SILVER CORP USD 1302 423 0 0 0 0 1.22 247 247 409 569 135 135 - - - - 1.07 1.56 - - 10.83 7.42 0.68 55.79 -13.49 101.01 54.66 - - - -
COEUR D'ALENE MINES CORP USD 1219 572 90 0 0 0 0 1.19 895 895 967 1075 378 378 98 98 0.59 0.58 1.25 1.64 24.36 24.36 11.29 8.62 -12.31 64.18 -28.81 43.35 42.24 B+ 25.06.2012 B3 24.01.2013
AURICO GOLD INC USD 1127 712 0 0 0 1 0.71 164 305 416 52 80 35 35 - - 0.29 0.44 - - 16.68 10.82 94.95 - 2151.89 - - - - - -
ALLIED NEVADA GOLD CORP USD 955 483 90 1 0 0 0 1.13 215 215 420 585 95 95 33 33 0.52 0.52 1.12 1.92 20.64 20.64 9.59 5.60 41.13 - 95.75 - 44.49 B 07.06.2012 B3 16.05.2012
HECLA MINING CO USD 856 1752 285 0 0 0 0 0.68 321 321 476 597 93 93 23 23 0.07 0.07 0.21 0.37 44.14 44.14 14.44 8.26 -32.76 35.19 -63.53 10.36 28.93 B 04.04.2013 B2 02.04.2013
AURIZON MINES LTD USD 662 154 0 0 0 0 0.47 224 224 212 272 92 92 - - - - 0.19 0.28 - - 22.11 14.61 -14.02 16.43 -26.18 14.15 41.26 - - - -
NEVSUN RESOURCES LTD USD #VALUE! 153 0 0 0 0 566 566 394 670 426 426 38 38 - - 0.43 0.96 - - 7.67 3.47 3.34 - -0.64 - 75.34 - - - -
SILVER STANDARD RESOURCES USD 546 400 0 0 0 0 0.32 241 241 243 262 55 55 12 12 - - 0.00 0.08 - - 87.04 63.09 - 38.56 - 22.64 - - - -
SEABRIDGE GOLD INC USD 442 152 0 0 0 0 0.40 0 0 -16 - -15 -15 - - -0.28 -0.40 - - - - 20.14 - - - - - -
TANZANIAN ROYALTY EXPLORATIO USD 262 141 0 0 0 0 0.25 0 0 -5 -5 - - - - - - - - -16.99 - - - - - -
GOLDEN STAR RESOURCES LTD USD 251 234 259 0 0 0 0 0.29 551 551 558 589 125 126 34 34 -0.05 -0.14 0.04 0.16 - - 26.21 5.88 16.89 19.35 35.80 - 22.85 - - - -
VISTA GOLD CORP USD 127 114 82 0 0 0 0 0.04 0 0 0 -36 -34 -6 -6 -0.54 -0.50 -0.25 -0.23 - - - - -26.58 - - - - - -
GREAT BASIN GOLD LTD USD 5 521 0 0 0 0 0.32 170 145 18 -26 - - - - - - 70.83 - - - -18.00 - - - -
ARGONAUT GOLD INC CAD 805 103 149 0 0 0 0 0.60 184 184 220 292 105 105 19 19 0.67 0.61 0.42 0.56 9.22 9.22 13.33 10.07 77.60 - 90.22 - 56.36 - - - -
TOREX GOLD RESOURCES INC CAD 763 180 604 0 0 0 0 0.35 0 0 0 0 -59 -59 - - -0.14 -0.15 -0.08 -0.06 - - - - -75.87 - - - - - -
CHINA GOLD INTERNATIONAL RES CAD 1157 56 396 0 0 0 0 1.03 327 327 358 553 138 119 166 166 0.18 0.17 0.21 0.22 16.30 16.30 13.48 13.17 6.65 - - - 35.83 - - - -
LIONGOLD CORP LTD SGD 783 11911 731 0 0 0 0 0.75 79 92 90 116 -4 1 - - -0.02 -0.03 0.00 0.01 - - 143.56 66.26 13.51 7.14 - - 1.20 - - - -
PERSEUS MINING LTD CAD 612 315 0 0 0 0 0.54 142 313 416 54 125 - - - - 0.14 0.21 - - 9.29 6.05 - - - - - - - - -
AURIZON MINES LTD USD 662 154 0 0 0 0 0.47 224 224 212 272 92 92 - - - - 0.19 0.28 - - 22.11 14.61 -14.02 16.43 -26.18 14.15 41.26 - - - -
OCEANAGOLD CORP CAD 522 260 294 0 0 0 0 0.68 379 379 593 655 142 142 56 56 0.08 0.08 0.30 0.40 23.47 23.47 6.20 4.58 -2.52 26.73 -11.84 65.94 36.85 - - - -
MEDUSA MINING LTD AUD 540 2943 189 0 0 0 0 0.55 84 96 126 295 60 67 - - 0.27 0.30 0.43 1.03 11.91 - 8.29 3.44 -47.44 97.93 -54.11 - 72.10 - - - -
DUNDEE PRECIOUS METALS INC CAD 708 88 126 0 0 0 0 0.67 378 379 476 543 - - - - 0.38 0.38 0.88 1.08 14.79 14.79 6.43 5.24 13.42 49.21 - - - - - - -
RIO ALTO MINING LTD CAD 602 155 176 0 0 0 0 0.57 311 312 306 350 170 171 - - 0.56 0.54 0.51 0.59 6.29 6.29 6.70 5.82 - - - - 53.78 - - - -
SANDSTORM GOLD LTD CAD 577 129 86 0 0 0 0 0.44 55 55 75 97 36 36 - - 0.25 0.25 0.32 0.49 28.24 28.24 21.53 14.12 85.20 - 90.06 - 64.35 - - - -
CHINA PRECIOUS METAL RESOURC HKD 757 2260 3332 0 0 0 0 0.99 209 209 277 319 106 136 186 186 0.02 0.02 0.02 0.02 1.42 - 1.09 0.94 5.83 26.53 - - 9.27 - - - -
EVOLUTION MINING LTD AUD 673 7198 707 0 0 0 0 0.71 488 661 670 771 198 222 155 155 0.07 0.19 0.13 0.16 5.27 - 7.92 6.36 296.35 - 562.19 - 34.93 - - - -
ENDEAVOUR SILVER CORP USD 443 466 0 0 0 0 0.42 208 208 263 330 90 90 - - - - 0.49 0.65 - - 9.57 7.17 62.57 87.74 38.56 - 43.16 - - - -
SILVERCORP METALS INC USD 441 266 0 0 0 0 0.39 238 193 203 269 155 102 - - - - 0.22 0.34 - - 12.35 7.88 42.21 27.32 40.76 43.24 53.14 - - - -
BEADELL RESOURCES LTD AUD 500 11367 742 0 0 0 0 0.63 1 1 351 351 -15 - 190 190 -0.05 -0.06 0.17 0.19 - - 4.24 3.98 - - 62.73 - - - - - -
SEABRIDGE GOLD INC USD 442 152 0 0 0 0 0.40 0 0 -16 - -15 -15 - - -0.28 -0.40 - - - - 20.14 - - - - - -
RUBICON MINERALS CORP CAD 448 101 288 0 0 0 0 0.28 0 0 -11 -11 - - -0.04 -0.04 -0.05 0.20 - - 7.67 - - 45.76 - - - - - -
RESOLUTE MINING LTD AUD 615 4341 636 0 0 0 0 0.55 599 642 687 654 264 270 - - 0.17 0.26 0.24 0.22 3.98 - 4.37 4.87 30.73 30.37 136.29 108.84 43.76 - - - -
KINGSGATE CONSOLIDATED LTD AUD 379 2120 151 0 0 0 0 0.52 371 386 367 435 171 - - - 0.54 0.36 0.35 0.47 7.87 - 8.10 6.05 111.53 87.49 152.42 - - - - - -
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

3. Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Market Total Minority Cash and Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moody's LT
Capitalization (in mio Daily Common Total Debt Preferred Interest Equivalents Enterprise Value Tot. Rev. - Rev. - Tr. Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA - Est. EPS - Est. EPS - Est. EPS - P/E Ratio - Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Credit S&P LT Credit Credit Moody's LT Credit
Currency USD) Volume (M) Shares (M) (USD) Stock (USD) (USD) (USD) (USD) LFY 12M Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY Tr. 12M 2013 2014 LFY 12M Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin - Rating - Rating Date Rating Rating Date
S&P 500 INDEX USD 14291609 1924.708496 1113 1113 205 220 220 101.44 110.69 110.69 15.31 15.31 14.03 14.03 18.82
Euro Stoxx 50 Pr EUR 2523313 5400.898656 4693 4693 754 782 782 232.46 311.38 311.38 18.94 16.50 14.14 14.14 20.10
NIKKEI 225 JPY 2488565 181.8843549 190 190 18 21 21 5.02 6.65 6.65 0.27 0.27 0.20 0.20 0.11
FTSE 100 INDEX GBP 2654439 11577.87525 9617 9617 1462 1668 1668 537.24 832.74 832.74 27.37 22.69 17.66 17.66 22.74
SWISS MARKET INDEX CHF 1031265 10988.6097 4155 4155 876 846 846 411.25 558.08 558.08 21.39 18.28 15.76 15.76 22.93
S&P/TSX COMPOSITE INDEX CAD 1631195 16825.11027 7918 7918 1846 2086 2086 799.64 888.01 888.01 14.90 14.90 13.42 13.42 24.28
S&P/ASX 200 INDEX AUD 1381075 6618.416193 2857 2857 601 701 701 250.89 341.32 341.32 21.11 17.15 15.51 15.51 22.16
HANG SENG INDEX HKD 1647917 3137.031017 1694 1694 372 404 404 270.66 268.15 268.15 1.33 1.43 1.34 1.34 2.97
MSCI EM USD 7561015 1393.829834 1030 1030 194 196 196 84.37 95.69 95.69 11.95 13.29 10.54 10.54 19.64
ST BARBARA LTD AUD 363 4861 325 0 0 0 0 0.52 562 542 573 674 233 209 - - 0.43 0.28 0.14 0.23 2.72 - 5.46 3.39 52.48 28.91 109.04 87.85 40.04 B 15.03.2013 - -
CONTINENTAL GOLD LTD CAD 496 110 108 0 0 0 0 0.38 0 0 -12 -10 - - -0.07 -0.07 -0.09 -0.10 - - - - - - - - - - -
ENDEAVOUR MINING CORP CAD 377 214 391 0 0 0 0 0.54 340 341 514 645 134 134 - - -0.04 0.00 0.18 0.22 842.29 842.29 4.78 3.97 135.27 - 211.05 - 38.70 - - - -
FORTUNA SILVER MINES INC CAD 339 209 0.27 158 158 182 210 70 70 - - 0.27 0.27 0.29 0.34 10.36 10.36 9.55 7.98 45.58 89.76 44.03 66.20 43.17 - - - -
PRIMERO MINING CORP CAD 492 42 97 0 0 0 0 0.38 180 180 214 276 76 76 23 23 0.53 0.51 0.43 0.71 9.58 9.58 11.37 6.94 16.57 - 6.23 - 41.61 - - - -
MAG SILVER CORP CAD 414 23 60 0 0 0 0 0.37 0 0 -13 -13 -1 -1 -0.22 -0.22 -0.14 -0.15 - - - - -40.27 - - - - - -
MCEWEN MINING INC USD 498 926 296 0 0 0 0 0.43 6 27 150 217 -92 -72 - - -0.19 -0.20 0.11 0.23 - - 18.38 8.58 - - -54.81 - -266.78 - - - -
TIMMINS GOLD CORP CAD 319 87 144 0 0 0 0 0.31 153 153 214 232 67 67 22 22 0.25 0.25 0.37 0.38 9.77 9.77 6.41 6.33 86.64 - 59.05 - 43.14 - - - -
NORTHERN STAR RESOURCES LTD AUD 311 5831 402 0 0 0 0 0.27 103 118 146 186 49 60 75 75 0.05 0.08 0.09 0.12 10.05 10.44 8.80 6.56 -13.92 - 5.44 - 52.66 - - - -
ROMARCO MINERALS INC CAD 279 320 585 0 0 0 0 0.21 0 0 -12 -12 -9 -9 -0.02 -0.02 -0.02 -0.02 - - - - 22.15 - - - - - -
REAL GOLD MINING LTD HKD 1031 0 907 0 0 0 0 0.50 176 176 153 153 - - 0.12 0.12 0.95 0.95 4.55 - 7.02 - 11.18 - - - -
GOLDEN STAR RESOURCES LTD USD 251 234 259 0 0 0 0 0.29 551 551 558 589 125 126 34 34 -0.05 -0.14 0.04 0.16 - - 26.21 5.88 16.89 19.35 35.80 - 22.85 - - - -
PREMIER GOLD MINES LTD CAD 248 336 149 0 0 0 0 0.22 0 1 0 0 -12 -12 - - -0.15 -0.16 -0.07 -0.08 - - - - -5.25 - -1302.84 - - - -
TANZANIAN ROYALTY EXPLORATIO USD 262 141 0 0 0 0 0.25 0 0 -5 -5 - - - - - - - - -16.99 - - - - - -
BANRO CORPORATION CAD 216 99 202 0 0 0 0 0.34 42 42 167 428 6 6 - - -0.02 -0.02 0.15 0.75 - - 7.22 1.42 - - - - 13.91 - - - -
RAINY RIVER RESOURCES LTD CAD 210 44 100 0 0 0 0 0.11 0 0 0 0 -63 -63 - - -0.72 -0.72 -0.69 -0.18 - - - - -296.46 - - - - - -
INDOPHIL RESOURCES NL AUD 338 260 1203 0 0 0 0 0.09 0 0 -18 -18 - - 0.00 0.00 63.97 - - - -128.71 - - - - - -
COLOSSUS MINERALS INC CAD 198 168 106 0 0 0 0 0.20 0 0 70 308 -32 -32 -7 -7 -0.28 -0.28 0.07 1.51 - - 23.23 1.10 - - -12.02 - - - - - -
AURCANA CORPORATION CAD 188 1118 467 0 0 0 0 0.18 56 56 140 250 20 20 - - 0.02 0.02 0.08 0.12 21.17 21.17 5.09 3.49 19.40 69.40 42.55 - 35.34 - - - -
ASANKO GOLD INC CAD 202 28 76 0 0 0 0 0.01 0 0 -35 -34 - - -0.48 -0.26 -0.18 -0.11 - - - - 7.21 - - - - - -
SULLIDEN GOLD CORP LTD CAD 189 44 243 0 0 0 0 0.17 0 0 -12 -4 - - -0.06 -0.04 -0.03 -0.03 - - - - -35.88 - - - - - -
BEAR CREEK MINING CORP CAD 208 25 92 0 0 0 0 0.14 0 0 -31 -31 - - -0.33 -0.32 -0.17 -0.19 - - - - -5.80 - - - - - -
LAKE SHORE GOLD CORP CAD 180 234 416 0 0 0 0 0.27 131 131 199 259 37 37 - - -0.22 -0.23 -0.01 0.06 - - 7.58 99.10 - 409.85 - 28.01 - - - -
PARAMOUNT GOLD AND SILVER USD 220 210 0 0 0 0 0.21 0 0 -18 -18 -8 -8 - - -0.04 -0.04 - - -59.56 - -54.62 - -29165.25 - - - -
HIGHLAND GOLD MINING LTD GBp 400 207 325 0 0 0 0 0.38 460 465 534 608 240 207 239 239 0.44 0.37 0.48 0.45 7.77 9.00 6.01 6.44 35.55 50.93 46.14 99.37 68.05 - - - -
SABINA GOLD & SILVER CORP CAD 213 65 174 0 0 0 0 0.10 0 0 -12 -12 - - -0.08 -0.08 -0.03 -0.03 - - - - -18.40 - - - - - -
KIRKLAND LAKE GOLD INC CAD 187 213 70 0 0 0 0 0.25 157 137 151 259 55 24 16 16 0.56 -0.01 0.03 0.75 - - 101.80 3.74 53.75 61.48 109.01 - 17.27 - - - -
GUYANA GOLDFIELDS INC CAD 205 54 95 0 0 0 0 0.17 0 0 407 -8 -8 - - -0.09 -0.10 -0.07 -0.08 - - - - 19.28 - - - - - -
LYDIAN INTERNATIONAL LTD CAD 188 49 127 0 0 0 0 0.10 0 0 - - - - -0.05 -0.05 -0.04 -0.06 - - - - - - - - - - -
COEUR D'ALENE MINES CORP CAD 1260 12 0 0 0 0 1.20 880 880 950 1057 372 372 97 97 - - 1.23 1.61 - - 10.87 8.30 -12.10 63.08 -28.32 42.61 41.51 B+ 25.06.2012 B3 24.01.2013
GREAT PANTHER SILVER LTD USD 137 143 0 0 0 0 0.12 61 61 60 66 16 16 - - - - 0.06 0.08 - - 16.35 12.37 5.74 36.44 -28.90 - 25.56 - - - -
BRIGUS GOLD CORP USD 130 441 0 0 0 0 0.19 118 118 161 172 48 48 - - - - 0.16 0.18 - - 3.62 3.24 63.78 - 239.92 60.49 41.21 - - - -
INTREPID MINES LTD AUD 133 1701 555 0 0 0 0 0.13 0 0 0 -50 -50 - - -0.12 -0.14 -0.01 -0.02 - - - - -22.55 - - - - - -
ALEXCO RESOURCE CORP USD 127 104 0 0 0 0 0.11 85 85 84 118 25 25 - - - - -0.02 0.18 - - 11.85 87.81 444.74 160.76 - 30.03 - - - -
VISTA GOLD CORP USD 127 114 82 0 0 0 0 0.04 0 0 0 -36 -34 -6 -6 -0.54 -0.50 -0.25 -0.23 - - - - -26.58 - - - - - -
SARACEN MINERAL HOLDINGS LTD AUD 102 13164 595 0 0 0 0 0.11 191 194 218 250 66 54 65 65 0.04 -0.02 0.04 0.08 - - 4.66 2.39 18.75 - 6.34 - 28.86 - - - -
ATAC RESOURCES LTD CAD 131 36 104 0 0 0 0 0.12 0 0 - - -1 -1 -0.08 -0.07 -0.05 -0.05 - - - - - - - - - - -
PATAGONIA GOLD PLC GBp 154 618 736 0 0 0 0 0.15 0 0 -50 -40 - - -0.07 -0.05 - - - - -289.09 - - - - - -
LINGBAO GOLD CO LTD-H HKD 251 376 770 0 0 0 0 0.77 824 824 892 850 106 98 97 97 0.06 0.04 0.03 0.04 0.92 0.93 1.01 0.89 1.51 2.37 - 2.22 1.83 - - - -
SCORPIO MINING CORP CAD 95 55 198 0 0 0 0 0.06 45 45 80 111 14 14 - - 0.04 0.04 0.06 0.14 12.78 12.78 8.11 3.58 -24.56 - -50.87 - 30.42 - - - -
MIDWAY GOLD CORP USD 118 14 128 0 0 0 0 0.09 0 0 -14 -14 - - -0.12 -0.13 -0.11 -0.11 - - - - 21.14 - - - - - -
DRDGOLD LTD-SPONSORED ADR USD 245 11 0 0 0 0 1764 1959 2201 2563 371 400 621 621 - - 9.38 13.74 - - 6.25 4.28 27.89 7.86 64.25 12.94 20.40 - - - -
INTL TOWER HILL MINES LTD USD 96 49 0 0 0 0 0.07 0 0 0 0 -56 -56 - - - - -0.09 -0.06 - - - - -463.04 - - - - - -
RED 5 LTD AUD 82 431 135 0 0 0 0 0.09 4 17 52 132 -3 -5 - - -0.01 -0.07 0.00 0.31 - - 161.04 2.13 - - 45.05 - -30.68 - - - -
GRYPHON MINERALS LTD AUD 81 5757 348 0 0 0 0 0.03 0 0 0 1 -8 -8 - - - -0.01 -0.02 -0.01 - - - - 51.28 - - - - - -
EXETER RESOURCE CORP USD 80 43 88 0 0 0 0 0.02 0 0 -26 -26 - - -0.29 -0.29 -0.13 -0.11 - - - - 17.44 - - - - - -
RICHMONT MINES INC USD 76 33 40 0 0 0 0 0.02 102 104 111 135 8 8 - - -0.08 -0.09 0.29 0.43 - - 7.20 4.83 -14.20 30.03 -79.79 8.26 7.56 - - - -
OREZONE GOLD CORP CAD 77 76 86 0 0 0 0.06 0 0 -28 -28 - - -0.06 -0.08 -0.15 0.01 - - 65.59 - - 9.58 - - - - - -
RAMELIUS RESOURCES LTD AUD 72 1890 336 0 0 0 0 0.03 88 120 143 190 13 -11 36 36 0.01 -0.06 0.06 0.12 - - 4.34 2.01 -44.74 181.84 -91.67 9.06 -9.44 - - - -
SAN GOLD CORP CAD 59 93 335 0 0 0 0 0.05 140 140 128 167 35 35 - - -0.04 -0.03 -0.04 -0.02 - - 24.13 114.68 184.64 - 24.82 - - - -
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4. Valuation Measures II/II
Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot
S&P 500 INDEX 2.16 2.16 1.98 1.80 2.16 1.40 1.40 1.33 1.28 1.40 9.94 9.94 9.65 9.45 9.94 8.76 8.76 8.10 7.59 8.76 14.03 14.03 12.57 11.40 14.03 2.22 2.22 2.38 2.58 2.22 1688.6 8.7%
Euro Stoxx 50 Pr 1.13 1.13 1.06 1.00 1.13 0.72 0.72 0.70 0.68 0.72 5.24 5.24 4.89 4.66 5.24 6.91 6.91 6.54 6.22 6.91 10.87 10.87 9.75 8.93 10.87 4.42 4.42 4.75 5.08 4.42 2901.3 11.5%
NIKKEI 225 1.51 1.51 1.41 1.37 1.51 0.70 0.70 0.69 0.69 0.70 8.73 8.73 8.13 8.05 8.73 8.52 8.52 7.94 7.82 8.52 20.11 20.11 15.85 14.22 20.11 1.56 1.56 1.79 1.92 1.56 12101.0 -8.3%
FTSE 100 INDEX 1.65 1.65 1.54 1.33 1.65 1.00 1.00 0.96 0.97 1.00 8.10 8.10 7.38 5.27 8.10 6.94 6.94 6.51 6.25 6.94 11.53 11.53 10.48 9.63 11.53 3.98 3.98 4.28 4.71 3.98 6849.6 9.2%
SWISS MARKET INDEX 2.36 2.36 2.19 2.02 2.36 1.98 1.98 1.88 1.80 1.98 12.05 12.05 11.06 9.84 12.05 12.99 12.99 12.01 11.27 12.99 14.73 14.73 13.19 12.00 14.73 3.34 3.34 3.71 4.21 3.34 8060.0 4.9%
S&P/TSX COMPOSITE INDEX 1.64 1.64 1.52 1.42 1.64 1.53 1.53 1.44 1.39 1.53 8.17 8.17 7.34 6.81 8.17 8.07 8.07 7.17 6.80 8.07 13.65 13.65 12.07 11.06 13.65 3.22 3.22 3.37 3.58 3.22 14560.3 18.1%
S&P/ASX 200 INDEX 1.86 1.86 1.76 1.66 1.86 1.78 1.78 1.68 1.59 1.78 10.98 10.98 9.78 8.92 10.98 9.44 9.44 8.34 7.72 9.44 14.93 14.93 13.29 12.22 14.93 4.45 4.45 4.76 5.13 4.45 5156.3 5.1%
HANG SENG INDEX 1.29 1.29 1.19 1.09 1.29 1.65 1.65 1.53 1.41 1.65 6.92 6.92 6.41 6.05 6.92 7.77 7.77 7.10 6.53 7.77 10.43 10.43 9.59 8.60 10.43 3.69 3.69 3.97 4.49 3.69 24855.2 14.4%
MSCI EM 1.41 1.41 1.28 1.19 1.41 0.98 0.98 0.91 0.86 0.98 6.69 6.69 6.16 5.77 6.69 7.12 7.12 6.51 6.13 7.12 10.54 10.54 9.48 8.81 10.54 3.14 3.14 3.61 6.20 3.14 1180.3 17.1%
GOLDCORP INC 1.01 0.97 0.91 0.83 4.15 3.99 3.18 2.97 3.13 9.75 9.82 7.11 6.15 5.10 7.77 7.63 5.50 4.89 4.93 13.99 15.21 10.71 9.77 8.60 1.94 2.13 2.08 2.07 2.16 44.58 60.6%
BARRICK GOLD CORP 0.69 0.71 0.64 0.59 1.26 1.23 1.15 1.14 1.16 3.25 3.38 3.06 2.92 2.82 4.36 4.36 3.94 3.78 3.73 4.70 4.72 4.39 4.56 4.15 4.21 4.49 4.52 4.40 6.14 38.18 113.5%
NEWMONT MINING CORP 1.18 1.09 0.99 0.91 1.63 1.61 1.41 1.42 5.37 5.40 4.47 4.63 5.59 5.65 4.62 4.79 6.75 9.11 8.90 7.31 7.72 9.68 4.43 5.09 5.06 4.83 4.32 50.26 55.2%
YAMANA GOLD INC 1.08 1.00 0.94 0.88 3.58 3.07 2.57 2.66 2.48 7.94 6.78 5.60 5.57 4.58 6.87 5.73 4.53 4.76 4.16 12.39 11.17 8.47 10.02 6.81 2.11 2.17 2.19 2.12 20.65 82.6%
RANDGOLD RESOURCES LTD-ADR 2.47 2.14 1.79 1.54 4.70 4.16 3.15 3.19 3.13 10.99 9.36 6.60 6.25 8.63 8.11 5.29 5.15 5.52 14.80 14.17 9.34 9.89 11.40 0.68 0.73 1.53 0.64 117.61 68.4%
CIA DE MINAS BUENAVENTUR-ADR 1.45 1.20 1.05 0.97 3.71 3.23 3.02 3.11 12.65 12.43 11.43 6.88 5.93 5.73 6.26 7.22 6.76 6.94 7.48 2.99 2.95 3.40 3.87 31.27 52.4%
SILVER WHEATON CORP 2.49 2.19 1.95 1.74 1.42 9.51 7.48 6.80 6.46 5.09 11.51 9.56 8.64 8.43 7.23 10.58 8.40 7.62 7.40 5.76 13.26 12.43 11.27 11.44 9.06 1.70 2.22 2.37 2.62 2.82 45.63 107.9%
ANGLOGOLD ASHANTI-SPON ADR 1.17 1.07 0.91 0.80 1.04 1.05 1.01 1.04 3.68 3.07 3.00 3.43 6.01 6.99 5.84 6.20 2.34 1.65 1.72 1.73 34.02 93.0%
AGNICO-EAGLE MINES LTD 1.54 1.50 1.42 1.33 2.80 2.87 2.51 2.47 2.48 7.61 9.14 7.39 6.71 6.22 7.19 7.66 6.10 5.93 4.66 14.75 17.97 14.58 13.59 12.98 2.47 2.68 2.62 2.64 50.26 61.6%
GOLD FIELDS LTD-SPONS ADR 0.72 0.80 0.73 0.67 0.87 1.08 0.87 1.26 2.65 3.84 3.77 3.42 5.13 7.92 7.00 6.13 6.11 3.53 4.18 4.91 9.84 55.0%
ROYAL GOLD INC 1.65 1.36 1.30 1.22 11.96 10.59 7.94 5.89 16.41 16.49 11.50 8.98 12.20 10.71 8.00 6.12 29.09 30.86 19.13 13.81 1.08 1.42 1.55 1.67 88.58 73.3%
KINROSS GOLD CORP 0.45 0.55 0.53 0.51 0.45 1.36 1.36 1.29 1.39 1.27 4.10 4.18 3.51 3.95 3.54 3.34 3.50 2.98 3.36 2.76 6.98 8.82 7.03 7.98 6.51 3.11 3.02 3.00 3.11 3.11 10.59 105.6%
ELDORADO GOLD CORP 0.81 0.80 0.75 0.70 4.22 3.56 3.08 2.27 1.56 10.49 8.67 7.20 5.04 2.94 8.21 6.76 5.64 3.95 2.38 14.88 13.02 10.49 7.41 3.67 2.12 2.17 2.55 3.72 14.82 117.0%
NEW GOLD INC 1.23 1.10 1.02 0.96 0.92 4.13 3.19 3.08 3.04 3.39 10.76 7.42 6.51 6.11 6.68 8.41 5.83 5.18 5.05 5.30 16.40 13.31 11.44 11.34 13.77 0.00 0.00 13.24 98.9%
HARMONY GOLD MNG-SPON ADR 0.49 0.46 0.43 0.42 1.09 1.05 0.78 0.74 4.40 3.57 2.69 3.36 6.21 9.67 4.31 10.23 2.82 1.43 3.05 1.52 10.35 124.0%
PAN AMERICAN SILVER CORP 0.64 0.64 0.61 0.56 0.49 1.91 1.70 1.62 1.63 1.31 6.73 6.16 5.51 6.23 4.17 3.52 3.33 2.97 2.95 1.76 9.57 10.39 8.73 10.57 6.91 1.47 3.60 3.43 3.10 4.16 20.94 74.4%
IAMGOLD CORP 0.47 0.46 0.44 0.43 1.08 1.06 0.96 0.99 0.95 3.31 3.77 3.13 3.39 2.92 2.33 2.46 2.14 2.26 2.02 5.48 7.41 5.86 6.80 6.29 5.38 5.19 4.90 4.83 5.27 11.08 134.5%
FIRST MAJESTIC SILVER CORP 2.09 4.91 3.17 2.27 2.08 1.84 8.95 7.14 4.99 4.62 3.70 7.29 5.94 3.94 3.50 2.93 11.52 10.32 7.06 6.84 5.95 21.78 95.7%
COEUR D'ALENE MINES CORP 0.56 0.55 0.50 0.46 1.35 1.26 1.13 1.14 1.00 4.55 4.09 3.58 3.71 3.28 3.02 2.29 2.21 12.37 10.76 8.21 7.85 25.02 85.6%
AURICO GOLD INC 0.60 0.56 0.56 0.56 0.45 3.60 3.69 2.70 2.34 1.99 11.28 8.03 5.54 5.09 4.41 5.09 4.97 3.37 2.85 2.23 11.43 15.83 10.34 9.48 8.57 0.00 3.82 3.09 3.57 4.32 7.93 73.4%
ALLIED NEVADA GOLD CORP 1.51 1.36 0.98 0.80 0.61 4.40 2.28 1.64 1.20 0.56 11.78 6.92 4.20 2.28 1.66 11.96 5.39 3.13 2.29 1.32 19.72 9.54 5.56 2.85 2.02 28.26 165.6%
HECLA MINING CO 0.75 0.71 0.68 0.59 0.52 2.62 1.80 1.43 1.53 1.38 9.62 6.96 5.06 4.47 4.39 6.29 3.22 2.16 2.09 2.16 27.78 14.04 8.03 7.63 7.85 1.33 1.06 2.00 2.66 1.33 5.42 80.7%
AURIZON MINES LTD 1.75 1.70 3.00 3.20 2.49 2.77 2.66 9.59 9.75 7.11 7.68 6.40 4.87 5.05 3.41 20.03 22.06 14.58 14.89 14.37 0.00 4.87 21.3%
NEVSUN RESOURCES LTD 1.05 0.94 0.83 0.74 2.46 4.13 2.31 2.74 3.61 4.66 7.49 3.38 4.01 6.99 3.05 3.05 3.05 3.05 5.20 60.5%
SILVER STANDARD RESOURCES 0.52 0.48 0.47 0.45 2.20 2.25 2.09 1.87 1.07 13.34 9.78 8.51 6.29 6.76 4.41 4.58 3.41 2.70 83.33 24.49 34.67 0.00 0.00 0.00 17.26 155.7%
SEABRIDGE GOLD INC 43.82 351.7%
TANZANIAN ROYALTY EXPLORATIO
GOLDEN STAR RESOURCES LTD 0.59 0.59 0.54 0.62 0.45 0.45 0.43 0.42 0.28 2.16 2.49 1.87 1.76 0.85 2.57 2.12 1.44 2.30 20.20 26.21 5.91 4.83 1.25 0.00 1.77 82.7%
VISTA GOLD CORP 0.91 0.49 0.50 1.72 0.33 0.60 0.90 0.69 6.98 347.5%
GREAT BASIN GOLD LTD 0.01 0.03 0.24 10.27
ARGONAUT GOLD INC 1.34 0.89 0.81 0.78 4.30 3.57 2.69 2.45 1.96 7.76 8.82 6.32 5.11 5.41 5.72 5.41 4.01 3.99 2.59 9.67 12.49 9.44 7.22 7.39 11.93 117.0%
TOREX GOLD RESOURCES INC 1.44 1.36 1.44 1.33 1772.33 28.44 36.57 2.67 108.7%
CHINA GOLD INTERNATIONAL RES 0.84 0.80 0.73 0.64 3.42 3.15 2.04 1.23 7.23 5.21 4.99 2.04 7.04 6.24 4.31 2.86 14.12 13.46 13.16 14.37 0.45 0.45 0.69 11.65 3.89 30.8%
LIONGOLD CORP LTD 15.00 10.04 8.72 6.77 4.94 175.00 80.77 40.38
PERSEUS MINING LTD 1.67 1.48 1.22 0.91 0.70 3.67 1.86 1.40 0.96 0.95 9.61 6.19 3.72 2.24 2.59 9.30 4.16 2.94 1.72 1.91 10.30 9.07 5.85 3.35 4.00 0.00 0.00 1.32 3.96 2.33 2.67 96.0%
AURIZON MINES LTD 1.75 1.70 3.00 3.20 2.49 2.77 2.66 9.59 9.75 7.11 7.68 6.40 4.87 5.05 3.41 20.03 22.06 14.58 14.89 14.37 0.00 4.87 21.3%
OCEANAGOLD CORP 0.86 0.78 0.73 0.70 0.81 1.33 0.85 0.77 0.82 1.01 4.28 2.29 2.03 2.11 3.44 4.78 2.63 2.49 2.93 4.83 27.56 5.79 4.28 6.88 3.81 110.5%
MEDUSA MINING LTD 1.69 1.35 0.94 0.71 0.55 5.90 4.42 1.88 1.71 1.49 9.79 5.81 2.57 2.12 2.16 8.05 6.25 2.45 2.24 2.04 9.10 6.89 2.86 2.56 2.45 3.57 1.17 4.06 6.11 5.30 5.59 103.2%
DUNDEE PRECIOUS METALS INC 0.94 0.83 2.04 1.49 1.30 1.36 5.84 4.32 3.53 3.25 5.00 3.18 2.38 2.09 9.50 6.37 5.20 5.94 5.46 0.00 0.00 0.00 11.96 108.8%
RIO ALTO MINING LTD 2.68 2.04 1.84 8.94 1.96 1.72 1.61 1.52 19.55 5.35 5.32 4.70 3.78 21.36 3.35 3.11 2.89 1.86 29.00 6.72 5.84 5.47 4.99 0.00 0.00 0.00 6.14 76.6%
SANDSTORM GOLD LTD 9.68 7.51 5.78 4.35 11.77 11.67 8.30 6.85 10.42 7.74 5.34 4.52 21.36 19.55 12.90 9.64 13.33 101.4%
CHINA PRECIOUS METAL RESOURC 1.50 1.23 1.04 3.93 2.74 2.37 12.27 15.00 7.84 5.32 4.18 13.50 8.60 7.38 0.74 2.22 3.70 1.75 30.0%
EVOLUTION MINING LTD 0.60 0.57 0.50 0.45 0.43 1.37 1.01 0.87 0.88 0.89 3.29 2.72 2.35 2.25 2.41 3.82 2.59 2.10 2.15 2.21 8.88 7.50 6.02 6.02 5.68 0.00 0.98 2.19 2.62 2.84 1.51 64.5%
ENDEAVOUR SILVER CORP 2.15 1.69 1.34 1.47 5.34 5.38 3.93 4.27 4.92 4.33 2.75 3.01 10.14 9.06 6.79 7.66 8.84 99.0%
SILVERCORP METALS INC 1.01 1.81 2.18 1.64 1.32 1.23 3.75 5.67 4.57 2.60 2.94 2.64 4.24 2.81 2.28 2.02 5.55 11.94 7.62 4.54 5.29 3.44 3.86 6.65 157.3%
BEADELL RESOURCES LTD 5.30 2.56 1.28 0.97 87.24 1.42 1.42 1.56 1.83 3.68 2.82 4.08 3.33 3.19 4.11 6.90 3.72 3.49 4.25 4.70 0.00 0.00 0.48 2.40 4.80 1.13 80.1%
SEABRIDGE GOLD INC 43.82 351.7%
RUBICON MINERALS CORP 4.91 4.24 7.85 7.14 5.50 248.1%
RESOLUTE MINING LTD 1.03 0.98 0.81 0.67 0.48 0.97 0.89 0.94 0.89 0.96 2.93 2.49 2.72 2.30 3.10 1.98 1.89 2.04 1.73 1.84 4.24 3.97 4.42 4.28 5.23 0.00 4.46 3.37 3.80 5.43 1.68 82.9%
KINGSGATE CONSOLIDATED LTD 0.48 0.43 0.39 0.35 0.26 1.00 1.04 0.87 0.68 0.49 2.99 2.55 1.76 1.36 1.17 2.93 3.79 2.78 1.95 1.42 4.01 7.14 5.33 4.89 2.47 8.96 5.96 9.79 10.67 19.08 4.07 69.6%
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

5. Valuation Measures II/II
Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot
S&P 500 INDEX 2.16 2.16 1.98 1.80 2.16 1.40 1.40 1.33 1.28 1.40 9.94 9.94 9.65 9.45 9.94 8.76 8.76 8.10 7.59 8.76 14.03 14.03 12.57 11.40 14.03 2.22 2.22 2.38 2.58 2.22 1688.6 8.7%
Euro Stoxx 50 Pr 1.13 1.13 1.06 1.00 1.13 0.72 0.72 0.70 0.68 0.72 5.24 5.24 4.89 4.66 5.24 6.91 6.91 6.54 6.22 6.91 10.87 10.87 9.75 8.93 10.87 4.42 4.42 4.75 5.08 4.42 2901.3 11.5%
NIKKEI 225 1.51 1.51 1.41 1.37 1.51 0.70 0.70 0.69 0.69 0.70 8.73 8.73 8.13 8.05 8.73 8.52 8.52 7.94 7.82 8.52 20.11 20.11 15.85 14.22 20.11 1.56 1.56 1.79 1.92 1.56 12101.0 -8.3%
FTSE 100 INDEX 1.65 1.65 1.54 1.33 1.65 1.00 1.00 0.96 0.97 1.00 8.10 8.10 7.38 5.27 8.10 6.94 6.94 6.51 6.25 6.94 11.53 11.53 10.48 9.63 11.53 3.98 3.98 4.28 4.71 3.98 6849.6 9.2%
SWISS MARKET INDEX 2.36 2.36 2.19 2.02 2.36 1.98 1.98 1.88 1.80 1.98 12.05 12.05 11.06 9.84 12.05 12.99 12.99 12.01 11.27 12.99 14.73 14.73 13.19 12.00 14.73 3.34 3.34 3.71 4.21 3.34 8060.0 4.9%
S&P/TSX COMPOSITE INDEX 1.64 1.64 1.52 1.42 1.64 1.53 1.53 1.44 1.39 1.53 8.17 8.17 7.34 6.81 8.17 8.07 8.07 7.17 6.80 8.07 13.65 13.65 12.07 11.06 13.65 3.22 3.22 3.37 3.58 3.22 14560.3 18.1%
S&P/ASX 200 INDEX 1.86 1.86 1.76 1.66 1.86 1.78 1.78 1.68 1.59 1.78 10.98 10.98 9.78 8.92 10.98 9.44 9.44 8.34 7.72 9.44 14.93 14.93 13.29 12.22 14.93 4.45 4.45 4.76 5.13 4.45 5156.3 5.1%
HANG SENG INDEX 1.29 1.29 1.19 1.09 1.29 1.65 1.65 1.53 1.41 1.65 6.92 6.92 6.41 6.05 6.92 7.77 7.77 7.10 6.53 7.77 10.43 10.43 9.59 8.60 10.43 3.69 3.69 3.97 4.49 3.69 24855.2 14.4%
MSCI EM 1.41 1.41 1.28 1.19 1.41 0.98 0.98 0.91 0.86 0.98 6.69 6.69 6.16 5.77 6.69 7.12 7.12 6.51 6.13 7.12 10.54 10.54 9.48 8.81 10.54 3.14 3.14 3.61 6.20 3.14 1180.3 17.1%
ST BARBARA LTD 0.43 0.35 0.32 0.28 0.28 0.65 0.63 0.54 0.50 0.49 1.09 2.04 1.54 1.42 1.48 2.30 2.83 1.96 1.86 1.47 1.98 5.26 3.26 3.82 3.47 0.00 0.00 2.38 2.80 1.82 1.64 129.8%
CONTINENTAL GOLD LTD 3.85 1.49 2.33 2.62 13.50 237.5%
ENDEAVOUR MINING CORP 1.08 0.73 0.59 0.56 0.37 2.20 2.14 1.83 1.73 0.90 3.76 2.48 2.12 1.73 1.81 6.00 5.08 4.17 4.23 1.72 2.88 209.7%
FORTUNA SILVER MINES INC 1.38 1.10 0.95 0.81 0.72 1.98 1.72 1.54 1.57 4.99 4.86 4.27 3.96 4.32 3.86 3.27 2.67 2.65 2.92 9.71 8.90 7.66 7.02 8.12 5.09 85.2%
PRIMERO MINING CORP 0.85 0.94 0.84 0.70 2.63 2.24 1.74 1.34 1.10 5.41 5.94 4.30 3.62 2.66 4.50 3.47 2.30 1.78 1.26 10.14 11.46 6.99 5.32 4.32 0.00 0.00 9.19 78.4%
MAG SILVER CORP 2.97 3.20 3.59 15.58 122.6%
MCEWEN MINING INC 0.53 0.48 0.44 3.39 2.34 1.62 12.21 12.67 5.34 3.39 7.90 6.16 3.17 1.93 19.00 16.29 7.60 5.18 5.45 217.8%
TIMMINS GOLD CORP 2.01 1.49 1.16 1.26 2.02 1.49 1.37 1.39 1.35 5.70 4.22 4.18 4.65 4.25 4.24 3.09 2.98 3.29 3.31 8.09 5.80 5.70 6.28 5.70 0.00 0.00 0.00 3.74 66.2%
NORTHERN STAR RESOURCES LTD 3.20 2.43 1.87 1.53 1.26 2.72 2.13 1.67 1.65 0.97 6.98 4.33 3.53 3.11 2.71 5.05 3.59 2.52 2.48 2.00 12.59 8.01 5.97 5.30 5.88 0.00 3.97 4.96 4.54 2.84 1.26 78.2%
ROMARCO MINERALS INC 0.28 0.30 0.23 0.22 2.88 1.33 20.34 3.12 1.55 219.6%
REAL GOLD MINING LTD 1.44 4.53 6.06 3.38 7.60 0.00
GOLDEN STAR RESOURCES LTD 0.59 0.59 0.54 0.62 0.45 0.45 0.43 0.42 0.28 2.16 2.49 1.87 1.76 0.85 2.57 2.12 1.44 2.30 20.20 26.21 5.91 4.83 1.25 0.00 1.77 82.7%
PREMIER GOLD MINES LTD 0.60 132.82 0.00 5.91 250.0%
TANZANIAN ROYALTY EXPLORATIO
BANRO CORPORATION 4.86 1.26 0.49 0.53 96.56 3.29 0.85 1.00 191.10 4.07 1.31 1.26 7.08 1.39 1.66 0.94 0.00 0.00 4.00 267.0%
RAINY RIVER RESOURCES LTD 0.81 1.71 0.72 855.51 642.28 0.00 0.00 0.00 6.73 214.6%
INDOPHIL RESOURCES NL
COLOSSUS MINERALS INC 1.71 1.76 0.69 0.48 2.76 0.63 0.68 0.70 14.89 1.02 1.51 1.61 14.00 0.77 0.93 25.10 1.19 1.72 1.85 0.00 0.00 6.96 270.2%
AURCANA CORPORATION 3.17 1.35 0.75 10.00 4.27 2.56 2.65 2.83 8.54 2.29 1.33 15.19 4.94 3.39 3.87 4.14 1.26 207.5%
ASANKO GOLD INC 0.88 0.85 1.07 0.70 4.74 2.25 1.57 6.16 2.88 0.00 0.00 4.78 97.3%
SULLIDEN GOLD CORP LTD 15.64 1.38 4.94 1.67 4.39 1.76 122.3%
BEAR CREEK MINING CORP 1.51 2.87 4.35 89.1%
LAKE SHORE GOLD CORP 0.19 0.31 0.30 1.31 0.91 0.69 0.69 0.55 4.19 2.80 1.80 1.74 1.26 8.69 3.49 2.23 2.63 1.59 6.98 5.87 8.00 1.40 218.2%
PARAMOUNT GOLD AND SILVER 0.87 0.58 1.08 4.47 200.0%
HIGHLAND GOLD MINING LTD 0.57 0.51 0.46 0.41 0.37 1.32 1.14 1.00 0.84 0.80 3.31 2.97 3.14 2.59 2.36 1.61 1.60 1.48 1.19 1.18 3.89 3.92 4.20 3.45 3.62 6.20 6.04 3.83 4.73 4.57 145.94 81.9%
SABINA GOLD & SILVER CORP 0.72 0.81 0.71 0.74 50.00 4.40 252.0%
KIRKLAND LAKE GOLD INC 0.81 0.82 0.69 0.65 1.15 1.24 0.72 0.53 0.41 3.55 7.08 2.13 1.41 0.99 3.86 8.37 2.33 1.55 1.21 3.72 96.79 3.54 2.05 1.61 10.20 276.4%
GUYANA GOLDFIELDS INC 0.83 0.71 0.43 0.36 0.30 0.50 1.00 0.83 2.40 1.50 1.37 1.18 3.79 2.12 0.00 6.36 285.4%
LYDIAN INTERNATIONAL LTD 2.53 1.34 1.85 1.20 6.93 1.90 48.16 12.04 3.86 155.4%
COEUR D'ALENE MINES CORP 0.58 0.56 0.51 0.47 1.38 1.29 1.16 1.18 1.03 4.67 4.19 3.68 3.83 3.29 3.02 2.30 2.22 12.68 11.04 8.42 8.08 25.47 79.6%
GREAT PANTHER SILVER LTD 2.27 2.35 2.13 7.68 8.52 6.81 5.11 5.38 6.35 15.72 17.03 12.78 20.44 34.07 1.50 50.8%
BRIGUS GOLD CORP 1.07 0.81 0.76 0.65 0.47 2.43 1.84 1.73 1.72 1.35 3.61 2.33 1.93 1.65 1.74 5.72 3.50 3.15 2.99 2.55 1.57 179.5%
INTREPID MINES LTD 0.79 0.94 0.97 0.82 0.55 3987.21 4.10 0.56 0.00 0.00 0.00 0.00 0.24 4.3%
ALEXCO RESOURCE CORP 1.46 1.54 1.10 0.94 0.80 5.94 4.07 3.32 2.89 2.11 9.93 8.79 6.23 38.48 11.97 13.06 5.01 4.38 108.5%
VISTA GOLD CORP 0.91 0.49 0.50 1.72 0.33 0.60 0.90 0.69 6.98 347.5%
SARACEN MINERAL HOLDINGS LTD 0.55 0.36 0.31 0.27 0.22 0.53 0.46 0.41 0.34 0.32 1.72 1.38 1.31 0.98 1.38 1.74 1.65 1.21 0.83 0.74 3.75 4.02 2.26 1.76 1.38 0.00 0.00 0.00 10.30 0.44 168.7%
ATAC RESOURCES LTD 1.48 1.31 1.20 1.12 3.80 222.0%
PATAGONIA GOLD PLC
LINGBAO GOLD CO LTD-H 0.62 0.60 0.57 0.57 0.23 0.22 0.24 0.27 7.42 7.88 7.33 7.71 7.43 7.72 6.80 12.54 3.69 4.09 4.49 2.49 2.55 1.0%
SCORPIO MINING CORP 2.04 1.18 0.85 7.24 3.30 1.67 5.48 3.96 2.28 12.13 7.70 3.46 1.93 298.6%
MIDWAY GOLD CORP 1.23 2.10 1.43 1.41 1.81 1.03 20.98 12.06 1.97 62.94 6.29 1.89 105.1%
DRDGOLD LTD-SPONSORED ADR 1.02 0.88 5.04 3.35 6.24 4.26 5.08 7.78 8.50 33.4%
INTL TOWER HILL MINES LTD 0.43 0.37 0.37 0.00 4.73 382.8%
RED 5 LTD 0.59 0.57 0.45 0.36 5.74 1.58 0.62 0.59 0.37 3.08 1.29 0.98 19.20 5.00 1.12 0.98 0.52 21.67 146.25 1.93 1.54 0.94 0.00 0.00 0.00 0.00 1.14 94.9%
GRYPHON MINERALS LTD 0.36 0.35 0.35 0.30 0.17 31.69 3253.79 74.94 1.14 0.34 7.80 1.13 1.13 1.23 0.32 3.68 1.23 0.00 0.00 0.00 0.00 0.00 0.78 300.5%
EXETER RESOURCE CORP 3.63 303.3%
RICHMONT MINES INC 0.75 0.71 0.58 7.07 3.30 2.51 18.86 6.95 4.66 4.69 143.2%
OREZONE GOLD CORP 0.89 149.42 4.72 4.72 68.96 7.17 2.81 205.0%
RAMELIUS RESOURCES LTD 0.43 0.24 0.24 0.21 0.74 0.50 0.38 0.41 0.32 9.32 3.20 1.39 1.39 1.67 0.85 0.42 0.47 0.45 5.54 3.73 1.72 1.99 2.28 0.00 0.00 5.85 0.00 14.63 0.42 104.9%
SAN GOLD CORP 0.26 0.27 0.43 0.46 0.36 1.55 1.51 1.02 1.33 1.38 1.68 1.34 0.95 1.27 0.36 100.0%
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