Fundamental Analysis & Analyst Recommendations - Uranium Exploration and Extraction Universe

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
Uranium Exploration & Extraction Universe
June 2012
Q M S Advisors
. .
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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 11827593 1793.428 1100 1100 198 210 210 98.97 104.86 104.86 12.91 12.91 12.19 12.19 18.92
Euro Stoxx 50 Pr EUR 1883560 9389.343 4514 4514 719 768 768 149.76 308.87 308.87 21.45 13.33 10.40 10.40 19.65
NIKKEI 225 JPY 2054320 168.0403 231 231 23 26 26 5.28 8.52 8.52 0.26 - 0.16 0.16 0.14
FTSE 100 INDEX GBP 2257229 12132.55 9169 9169 1607 1696 1696 791.00 864.96 864.96 15.66 14.97 14.32 14.32 26.63
SWISS MARKET INDEX CHF 759496 10086.57 3839 3839 805 765 765 384.72 515.56 515.56 15.91 15.59 11.88 11.88 22.49
S&P/TSX COMPOSITE INDEX CAD 1444373 16918.94 7202 7202 1959 2043 2043 831.94 878.31 878.31 12.59 12.59 11.92 11.92 25.32
S&P/ASX 200 INDEX AUD 1056664 7121.979 2743 2743 607 657 657 289.10 333.17 333.17 13.25 12.47 11.50 11.50 22.59
HANG SENG INDEX HKD 1363954 2318.043 1488 1488 348 378 378 265.96 250.46 250.46 1.14 1.24 1.21 1.21 3.20
MSCI EM USD 6435970 1220.684 940 940 175 182 182 83.26 92.08 92.08 10.60 11.19 9.58 9.58 19.40
CAMECO CORP CAD 7298 1216 395 1 0 0 1 7.13 2292 2397 2247 2492 762 798 152 152 1.11 1.19 1.16 1.54 14.89 14.89 15.36 11.53 11.80 8.38 4.92 9.29 31.97 BBB+ 19.12.2003 WR 17.01.2006
PALADIN ENERGY LTD AUD 1004 5277 778 1 0 0 0 1.73 260 316 364 497 -3 - - - -0.11 -0.22 -0.03 0.05 - - #VALUE! 23.40 31.22 - - - -1.06 - - - -
URANIUM ONE INC CAD 2116 1832 957 0 0 0 1 1.76 510 504 605 785 319 313 68 68 0.11 0.10 0.14 0.23 21.29 21.29 14.58 8.95 59.83 658.87 155.72 - 60.11 BB- 11.11.2011 - -
DENISON MINES CORP CAD 551 756 385 0 0 0 0 0.49 93 93 74 72 1 3 - - -0.10 -0.14 -0.07 -0.05 - - #VALUE! #VALUE! -23.61 18.51 -94.51 - 0.73 - - - -
ENERGY RESOURCES OF AUST AUD 658 2056 518 0 0 0 1 0.04 634 634 417 443 -66 -66 -35 -35 - -0.53 -0.19 -0.14 - - #VALUE! #VALUE! 13.45 22.23 - - -10.19 - - - -
ROCKGATE CAPITAL CORP CAD 52 21 109 0 0 0 0 0.03 0 0 #VALUE! #VALUE! -11 -22 - - -0.12 -0.19 #VALUE! #VALUE! - - #VALUE! #VALUE! - - -84.47 - - - - - -
URANIUM ENERGY CORP USD 153 980 73 0 0 0 0 0.14 0 #VALUE! 15 39 -27 - - - -0.40 -0.33 -0.22 0.01 - - #VALUE! 155.38 - - -26.25 - - - - - -
UR-ENERGY INC CAD 107 49 104 0 0 0 0 0.07 0 0 #VALUE! 36 -15 -14 - - -0.15 -0.13 -0.05 0.02 - - #VALUE! 44.21 - - -9.97 - - - - - -
URANERZ ENERGY CORP USD 96 449 77 #VALUE! #VALUE! 0 0 0.07 #VALUE! 0 16 53 -16 -12 - - -0.20 -0.15 0.04 0.10 - - 35.43 13.05 - - -2.75 - - - - - -
AZIMUTH RESOURCES LTD AUD 166 1754 336 0 0 0 0 0.15 0 #VALUE! #VALUE! #VALUE! -3 -4 -2 -2 -0.01 -0.01 0.00 0.00 - - #VALUE! #VALUE! 1475.54 - -12.58 - -7669.07 - - - -
USEC INC USD 85 526 123 1 0 0 0 0.63 1672 1853 1460 1175 -197 -190 - - -4.48 -4.54 -0.30 0.24 - - #VALUE! 2.91 -17.86 9.45 - - -11.80 CCC+ *- 15.05.2012 Caa2 18.12.2009
GREENLAND MINERALS & ENERGY AUD 146 192 416 0 0 0 0 0.13 0 0 #VALUE! #VALUE! -14 -14 - - -0.03 -0.04 #VALUE! #VALUE! - - #VALUE! #VALUE! - - -102.11 - - - - - -
UEX CORP CAD 126 560 203 0 0 0 0 0.11 0K 0K #VALUE! #VALUE! -5 -5 - - -0.03 -0.02 #VALUE! #VALUE! - - #VALUE! #VALUE! - - 33.84 - - - - - -
URANIUM RESOURCES INC USD 71 346 94 0 0 0 0 0.06 #VALUE! #VALUE! #VALUE! #VALUE! -9 -10 - - -0.10 -0.11 #VALUE! #VALUE! - - #VALUE! #VALUE! - - -23.10 - - - - - -
BANNERMAN RESOURCES LTD AUD 42 366 234 0 0 0 0 0.04 0 0 0 0 -12 - -7 -7 - -0.05 -0.03 -0.01 - - #VALUE! #VALUE! - - -35.97 - - - - - -
LARAMIDE RESOURCES CAD 58 37 70 0 0 0 0 0.06 0 0 #VALUE! #VALUE! -2 -2 - - -0.04 -0.04 -0.02 #VALUE! - - #VALUE! #VALUE! - - -5.43 - - - - - -
MEGA URANIUM LTD CAD 48 101 257 0 0 0 0 0.03 0 0 #VALUE! #VALUE! -141 -8 - - -0.53 -0.50 #VALUE! #VALUE! - - #VALUE! #VALUE! - - -1113.52 - - - - - -
BERKELEY RESOURCES LTD AUD 68 164 174 0 0 0 0 0.03 0 #VALUE! #VALUE! #VALUE! -17 - - - -0.10 -0.08 -0.07 -0.04 - - #VALUE! #VALUE! - - -20.25 - - - - - -
EXTRACT RESOURCES LTD AUD #VALUE! 0 251 0 0 0 0 #VALUE! 0 0 0 0 -59 - - - -0.22 -0.16 -0.09 -0.11 - - #VALUE! #VALUE! - - -11.91 - - - - - -
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

3. Valuation Measures II/II
Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target
2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 %D to Spot
S&P 500 INDEX 1.91 1.91 1.73 1.58 1.91 1.16 1.16 1.11 1.06 1.16 8.19 8.19 7.41 6.72 8.19 8.53 8.53 7.85 7.33 8.53 12.19 12.19 10.83 9.76 12.19 2.35 2.35 2.62 2.84 2.35 1566.0 22.5%
Euro Stoxx 50 Pr 0.91 0.91 0.85 0.81 0.91 0.57 0.57 0.55 0.54 0.57 4.07 4.07 3.82 3.57 4.07 12.23 12.23 11.52 11.04 12.23 8.37 8.37 7.48 6.91 8.37 5.81 5.81 6.22 6.65 5.81 2746.2 31.9%
NIKKEI 225 1.01 1.01 0.94 0.88 1.01 0.46 0.46 0.45 0.44 0.46 5.64 5.64 5.26 5.05 5.64 6.55 6.55 6.03 5.75 6.55 12.56 12.56 11.57 9.54 12.56 2.51 2.51 2.54 2.91 2.51 10519.4 25.5%
FTSE 100 INDEX 1.39 1.39 1.28 1.18 1.39 0.88 0.88 0.85 0.84 0.88 6.13 6.13 5.65 5.29 6.13 7.15 7.15 6.65 6.39 7.15 9.33 9.33 8.45 7.91 9.33 4.58 4.58 4.93 5.35 4.58 6524.3 24.0%
SWISS MARKET INDEX 1.80 1.80 1.67 1.54 1.80 1.54 1.54 1.46 1.39 1.54 9.84 9.83 8.54 7.70 9.84 13.18 13.18 12.15 11.36 13.18 11.48 11.48 10.23 9.39 11.48 4.12 4.12 4.60 4.98 4.12 6852.8 19.7%
S&P/TSX COMPOSITE INDEX 1.57 1.57 1.43 1.29 1.57 1.51 1.51 1.40 1.37 1.51 7.83 7.83 6.58 5.79 7.83 8.28 8.28 7.19 6.83 8.28 12.41 12.41 10.79 9.97 12.41 3.21 3.21 3.36 3.56 3.21 14434.9 27.3%
S&P/ASX 200 INDEX 1.54 1.54 1.44 1.35 1.54 1.43 1.43 1.34 1.27 1.43 8.77 8.77 7.69 7.12 8.77 10.85 10.85 9.39 8.67 10.85 11.81 11.81 10.40 9.53 11.81 5.25 5.25 5.68 6.10 5.25 4828.3 19.4%
HANG SENG INDEX 1.20 1.20 1.10 1.01 1.20 1.58 1.58 1.45 1.32 1.58 5.70 5.70 5.17 4.95 5.70 6.13 6.13 5.63 5.18 6.13 9.40 9.40 8.46 7.65 9.40 4.17 4.17 4.54 5.03 4.17 23426.2 28.3%
MSCI EM 1.37 1.37 1.23 1.12 1.37 0.94 0.94 0.86 0.80 0.94 5.84 5.84 5.10 4.80 5.84 6.69 6.69 6.01 5.57 6.69 9.58 9.58 8.50 7.80 9.58 3.36 3.36 3.68 4.01 3.36 1167.4 32.3%
CAMECO CORP 1.48 1.46 1.36 1.26 3.47 3.25 2.93 2.81 2.55 12.65 10.22 8.33 9.50 7.14 11.32 9.86 7.70 7.55 6.04 19.13 15.98 11.99 12.87 9.46 2.08 2.08 2.08 2.08 2.08 32.71 70.3%
PALADIN ENERGY LTD 0.80 0.80 0.76 0.73 0.66 3.57 2.69 1.97 1.76 1.49 8.29 6.53 4.66 75.12 46.11 10.65 7.96 5.72 24.04 12.93 7.16 0.00 0.00 0.00 0.00 0.00 2.20 78.4%
URANIUM ONE INC 0.86 1.00 0.90 0.81 3.86 3.37 2.59 2.09 1.81 8.45 7.66 5.65 4.61 4.71 5.37 4.99 3.60 2.73 2.35 15.82 15.17 9.31 6.82 5.36 0.00 0.00 0.00 4.54 97.5%
DENISON MINES CORP 1.23 1.43 1.38 1.42 5.81 7.21 7.35 6.93 3.54 358.76 23.91 7.97 8.28 28.70 0.00 0.00 1.90 27.5%
ENERGY RESOURCES OF AUST 0.48 0.56 0.59 0.62 0.67 1.15 1.58 1.48 1.73 2.07 6.98 6.90 4.31 5.80 8.70 1.56 0.71 0.38 0.45 0.77 0.00 0.00 0.61 0.00 0.00 1.54 18.3%
ROCKGATE CAPITAL CORP 743.03 2.15 362.4%
URANIUM ENERGY CORP 27.39 9.96 3.94 1.82 1.62 12.10 5.94 19.25 3.31 2.58 155.38 7.09 0.52 3.98 97.2%
UR-ENERGY INC 2.98 7.08 46.00 7.67 1.93 110.1%
URANERZ ENERGY CORP 5.94 1.81 1.71 1.56 5.17 4.77 35.43 13.05 4.96 3.74 201.2%
AZIMUTH RESOURCES LTD 3.86 2.66 3.04 0.70 64.7%
USEC INC 0.06 0.07 0.17 0.12 13.96 5.92 7.95 6.75 2.91 11.66 5.00 0.90 28.7%
GREENLAND MINERALS & ENERGY
UEX CORP 1.85 213.6%
URANIUM RESOURCES INC 1.45 116.4%
BANNERMAN RESOURCES LTD 0.44 39.13 127.37 0.00 0.43 193.1%
LARAMIDE RESOURCES 2766.36 2.00 132.6%
MEGA URANIUM LTD 12.82 0.60 224.3%
BERKELEY RESOURCES LTD 1.00 254.28 9.75 19.50 0.00 0.55 41.0%
EXTRACT RESOURCES LTD 17.84 3.33
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4. 05.06.2012
Cameco Corp
Cameco Corporation explores for, develops, mines, refines, converts, and Price/Volume
fabricates uranium for sale as fuel for generating electricity in nuclear power
30 9.0 M
reactors in Canada and other countries. The Company also operates the Bruce B 8.0 M
nuclear reactors in Ontario, as well as through a subsidiary, explores for, 25
7.0 M
develops, mines, and sells gold. 20 6.0 M
5.0 M
15
Valuation Analysis 4.0 M
Latest Fiscal Year: 12/2011 10 3.0 M
2.0 M
LTM as of: 03/yy 5
1.0 M
52-Week High (06.06.2011) 27.68 0 .0 M
52-Week Low (25.11.2011) 17.25 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12
Daily Volume 1'215'560.00
Current Price (6/dd/yy) 19.21 Market Data
52-Week High % Change -30.60% Dividend Yield 2.08
52-Week Low % Change 11.36% Beta 1.41
% 52 Week Price Range High/Low 18.79% Equity Float 391.44
Shares Out 31.05.2012 395.3 Short Int 10.09
Market Capitalization 7'592.86 1 Yr Total Return -28.93%
Total Debt 1'038.81 YTD Return 4.83%
Preferred Stock 0.0 Adjusted BETA 1.407
Minority Interest 185.9 Analyst Recs 16
Cash and Equivalents 1'203.42 Consensus Rating 4.375
Enterprise Value 7'420.19 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 1'824'310
CCO CN EQUITY YTD Change - Average Volume 30 Day 1'783'323
CCO CN EQUITY YTD % CHANGE - Average Volume 3 Month 2'168'944
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3
Total Revenue 2'309.7 2'182.6 2'315.0 2'123.7 2'384.4 2'100.0 2'493.4 2'337.6 2'592.7 521.2 568.4
TEV/Revenue 6.35x 4.16x 5.72x 7.46x 3.06x 22.34x 13.33x 3.24x 2.92x 14.33x 13.29x
EBITDA 900.4 891.5 805.5 754.4 793.0 698.4 830.2 752.9 963.3 157.8 175.3
TEV/EBITDA 16.28x 10.19x 16.43x 21.01x 9.19x 16.05x 9.99x 9.86x 7.70x 9.45x 9.10x
Net Income 416.1 450.1 1'099.4 516.4 450.4 464.7 490.7 471.8 611.9 86.5 98.3
P/E 23.55x 18.96x 18.14x 30.07x 15.87x 24.30x 17.27x 15.98x 11.99x 14.83x 13.30x
Profitability S&P Issuer Ratings
EBITDA 793.04 Long-Term Rating Date 19.12.2003
EBIT 518.21 Long-Term Rating BBB+
Operating Margin 21.73% Long-Term Outlook STABLE
Pretax Margin 18.89% Short-Term Rating Date 19.12.2003
Return on Assets 6.00% Short-Term Rating A-2
Return on Common Equity 9.37% Credit Ratios
Return on Capital 8.47% EBITDA/Interest Exp. 10.77
Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 1.98
Margin Analysis Net Debt/EBITDA -0.21
Gross Margin 32.5% Total Debt/EBITDA 1.31
EBITDA Margin 33.3% Reference
EBIT Margin 21.7% Total Debt/Equity 21.1%
Net Income Margin 18.9% Total Debt/Capital 16.9%
Structure Asset Turnover 0.32
Current Ratio 3.65 Net Fixed Asset Turnover 0.56
Quick Ratio 2.56 Accounts receivable turnover-days 81.18
Debt to Assets 13.31% Inventory Days 116.53
Tot Debt to Common Equity 21.12% Accounts Payable Turnover Day 98.55
Accounts Receivable Turnover 4.50 Cash Conversion Cycle 99.17
Inventory Turnover 3.13
Price/ Cash Flow Sales/Revenue/Turnover
35.00 3'000.0
30.00 2'500.0
25.00
2'000.0
20.00
1'500.0
15.00
1'000.0
10.00
500.0
5.00
0.00
0.0
02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

5. 05.06.2012
Cameco Corp
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TRADEWINDS GLOBAL IN n/a Co File 32'393'599 8.2 (8'497'795) 30.04.2012 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 17'825'756 4.51 462'915 30.12.2011 Hedge Fund Manager
MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 12'826'189 3.25 2'850'369 31.03.2012 Investment Advisor
JARISLOWSKY FRASER L JARISLOWSKY FRASER L 13F 10'504'868 2.66 (466'478) 31.03.2012 Investment Advisor
NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 9'348'430 2.37 (3'881'039) 30.04.2012 Investment Advisor
BEUTEL GOODMAN & COM BEUTEL, GOODMAN & CO 13F 8'355'220 2.11 160'068 31.03.2012 Investment Advisor
BLACKROCK INC BLACKROCK INC 13F 6'513'835 1.65 586'001 31.03.2012 Investment Advisor
CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 6'503'245 1.65 609'800 31.03.2012 Investment Advisor
CAPITAL GUARDIAN TRU CAPITAL GUARDIAN TRU 13F 5'972'987 1.51 (441'400) 31.03.2012 Investment Advisor
IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 5'701'402 1.44 168'030 31.03.2012 Investment Advisor
MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 5'528'748 1.4 2'022'957 31.03.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 5'333'861 1.35 1'043'430 31.03.2012 Investment Advisor
CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 5'145'316 1.3 535'097 31.03.2012 Investment Advisor
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 4'977'840 1.26 191'034 31.03.2012 Investment Advisor
TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 4'731'482 1.2 84'902 31.03.2012 Investment Advisor
IA CLARINGTON INVEST Multiple Portfolios MF-AGG 4'691'520 1.19 122'000 31.12.2011 Investment Advisor
BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 4'569'895 1.16 (132'708) 31.03.2012 Investment Advisor
GUARDIAN CAPITAL LP GUARDIAN CAPITAL LP 13F 3'902'709 0.99 (72'686) 31.03.2012 Investment Advisor
FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 3'781'413 0.96 (273'028) 31.03.2012 Investment Advisor
AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 3'771'493 0.95 1'614'700 31.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Canaccord Genuity Corp OREST WOWKODAW buy 5 M 31 12 month 01.06.2012
Salman Partners RAYMOND GOLDIE buy 5 M 43 12 month 30.05.2012
Desjardins Securities JOHN F HUGHES buy 5 M 38 12 month 29.05.2012
BMO Capital Markets EDWARD STERCK outperform 5 M 29 Not Provided 23.05.2012
TD Newcrest GREG BARNES buy 5 M 30 12 month 22.05.2012
Dahlman Rose & Co ANTHONY YOUNG buy 5 M 31 Not Provided 21.05.2012
RBC Capital Markets FRASER PHILLIPS outperform 5 M 32 12 month 14.05.2012
Cormark Securities Inc. MIKE KOZAK buy 5 M 41 12 month 08.05.2012
CIBC World Markets IAN PARKINSON sector perform 3 M 37 Not Provided 02.05.2012
Gabelli & Co BRIAN CHIN buy 5 M #N/A N/A Not Provided 02.05.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 02.05.2012
Credit Suisse RALPH M PROFITI neutral 3 M 28 Not Provided 01.05.2012
JPMorgan TYLER LANGTON overweight 5 M 29 6 month 01.05.2012
Daiwa Securities Co. Ltd. HIDETOSHI NISHIWAKI neutral 3 M #N/A N/A Not Provided 22.11.2011
Paradigm Capital Inc DAVID DAVIDSON buy 5 M 30 12 month 14.02.2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6. 05.06.2012
Paladin Energy Ltd
Paladin Energy Limited primarily explores for uranium in Australia and Southern Price/Volume
Africa.
4 120.0 M
3 100.0 M
3
80.0 M
2
60.0 M
Valuation Analysis 2
Latest Fiscal Year: 06/2011 40.0 M
1
LTM as of: 03/yy 1 20.0 M
52-Week High (06.06.2011) 2.99 0 .0 M
52-Week Low (04.10.2011) 1.11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12
Daily Volume 5'277'339.00
Current Price (6/dd/yy) 1.235 Market Data
52-Week High % Change -58.70% Dividend Yield 0.00
52-Week Low % Change 11.26% Beta 1.62
% 52 Week Price Range High/Low 4.26% Equity Float 753.70
Shares Out 31.03.2012 835.6 Short Int 70.32
Market Capitalization 1'032.02 1 Yr Total Return -59.24%
Total Debt 719.70 YTD Return -9.85%
Preferred Stock 0.0 Adjusted BETA 1.617
Minority Interest 83.7 Analyst Recs 22
Cash and Equivalents 117.40 Consensus Rating 3.864
Enterprise Value 1'772.87 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 8'532'097
PDN AU EQUITY YTD Change - Average Volume 30 Day 9'794'344
PDN AU EQUITY YTD % CHANGE - Average Volume 3 Month 9'152'138
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 03/yy 03/yy 06/12 Y 06/13 Y 06/12 Q4 09/12 Q1
Total Revenue 3.3 93.8 111.8 202.0 266.8 256.3 299.5 374.1 510.4 116.0 123.0
TEV/Revenue 1365.40x 44.94x 27.48x 13.05x 10.44x 52.31x 29.04x 4.34x 3.07x - -
EBITDA (41.1) (5.2) (749.9) 21.1 (2.9) 12.1 (19.7) 38.5 166.4 - -
TEV/EBITDA - - - 124.89x - 0.00x 0.00x 46.11x 10.65x - -
Net Income (37.6) (36.0) (480.2) (45.6) (82.3) (54.2) (177.0) (51.3) 44.9 - -
P/E - - - - - 0.00x 0.00x - 24.04x 50.09x 34.35x
Profitability S&P Issuer Ratings
EBITDA -2.90 Long-Term Rating Date -
EBIT -40.00 Long-Term Rating -
Operating Margin -14.99% Long-Term Outlook -
Pretax Margin -39.39% Short-Term Rating Date -
Return on Assets -3.76% Short-Term Rating -
Return on Common Equity -7.59% Credit Ratios
Return on Capital - EBITDA/Interest Exp. -0.08
Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -3.63
Margin Analysis Net Debt/EBITDA -
Gross Margin 16.7% Total Debt/EBITDA -248.17
EBITDA Margin -1.1% Reference
EBIT Margin -15.0% Total Debt/Equity 56.6%
Net Income Margin -30.8% Total Debt/Capital 34.7%
Structure Asset Turnover 0.12
Current Ratio 2.77 Net Fixed Asset Turnover 0.38
Quick Ratio 0.99 Accounts receivable turnover-days 9.71
Debt to Assets 29.94% Inventory Days 235.72
Tot Debt to Common Equity 56.60% Accounts Payable Turnover Day 83.59
Accounts Receivable Turnover 37.58 Cash Conversion Cycle 161.85
Inventory Turnover 1.55
Price/ Cash Flow Sales/Revenue/Turnover
1.20 300.0
1.00 250.0
0.80
200.0
150.0
0.60
100.0
0.40
50.0
0.20
0.0
0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

7. 05.06.2012
Paladin Energy Ltd
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NEWMONT MINING CORP n/a Co File 52'097'937 6.23 - 16.09.2011 Corporation
L1 CAPITAL PTY LTD n/a EXCH 44'135'468 5.28 - 17.02.2012 Mutual Fund Manager
NATIONAL AUSTRALIA B n/a EXCH 41'932'448 5.02 21'028 14.02.2012 Bank
UBS AG n/a EXCH 39'980'126 4.78 (2'257'895) 07.05.2012 Investment Advisor
GE ASSET MANAGEMENT n/a EXCH 37'554'068 4.49 - 06.01.2011 Investment Advisor
BORSHOFF JOHN n/a Co File 21'877'394 2.62 - 31.08.2011 n/a
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 20'715'383 2.48 120'688 30.04.2012 Investment Advisor
GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 18'433'218 2.21 - 30.04.2012 Investment Advisor
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 8'687'500 1.04 (400'000) 29.02.2012 Investment Advisor
CRABB RICK WAYNE n/a Co File 4'881'528 0.58 - 31.08.2011 n/a
VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 4'567'121 0.55 13'171 30.03.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'103'025 0.49 (11'051) 31.03.2012 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 3'884'075 0.46 (8'198'642) 30.06.2011 Hedge Fund Manager
TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'757'200 0.45 913'037 31.12.2011 Investment Advisor
KLEINHEINZ CAPITAL P KLEINHEINZ CAPITAL P 13F 3'750'000 0.45 750'000 31.03.2012 Hedge Fund Manager
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 2'493'389 0.3 - 01.06.2012 Investment Advisor
MIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 2'125'000 0.25 (175'000) 30.03.2012 Mutual Fund Manager
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 2'120'710 0.25 - 30.04.2012 Investment Advisor
SWABY GILLIAN n/a SEDI 2'081'655 0.25 (755'000) 12.09.2011 n/a
FEDERATED INVESTORS Multiple Portfolios MF-AGG 2'000'000 0.24 2'000'000 31.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Commonwealth Bank ANDREW KNUCKEY hold 3 M 2 12 month 04.06.2012
Canaccord Genuity Corp OREST WOWKODAW buy 5 M 3 12 month 01.06.2012
Haywood Securities Inc. GEORDIE MARK sector outperform 5 M 2 12 month 01.06.2012
Salman Partners PATRICK DONNELLY Under Review #N/A N/A M #N/A N/A Not Provided 30.05.2012
Deutsche Bank PAUL-D YOUNG buy 5 U 2 12 month 25.05.2012
Cormark Securities Inc. MIKE KOZAK buy 5 M 4 12 month 23.05.2012
BMO Capital Markets EDWARD STERCK market perform 3 M 2 Not Provided 18.05.2012
JPMorgan MARK BUSUTTIL overweight 5 M 3 6 month 17.05.2012
RBC Capital Markets ADAM SCHATZKER sector perform 3 M 2 12 month 16.05.2012
Macquarie MARTIN STULPNER neutral 3 U 1 12 month 16.05.2012
Dundee Securities Corp DAVID A TALBOT buy 5 M 3 12 month 16.05.2012
Credit Suisse RALPH M PROFITI outperform 5 M 3 Not Provided 15.05.2012
CIBC World Markets IAN PARKINSON sector outperform 5 M 4 Not Provided 15.05.2012
Paterson Securities SIMON TONKIN sell 1 M 1 12 month 15.05.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 15.05.2012
E.L. & C. Baillieu RAY CHANTRY hold 3 M 2 12 month 17.04.2012
Ambrian Partners Ltd ADAM KILEY hold 3 N 2 Not Provided 12.04.2012
Austock Securities ANDREW SHEARER buy 5 M 3 Not Provided 16.02.2012
Argonaut Securities Pty Ltd TROY IRVIN speculative buy 4 M 2 12 month 15.02.2012
Paradigm Capital Inc DAVID DAVIDSON hold 3 D 5 12 month 16.11.2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

8. 05.06.2012
Uranium One Inc
Uranium One, Inc. explores for uranium. The Company operates in Kazakhstan, Price/Volume
the United States, and Australia.
4 35.0 M
4 30.0 M
3 25.0 M
3
20.0 M
2
Valuation Analysis 15.0 M
2
Latest Fiscal Year: 12/2011 10.0 M
1
LTM as of: 03/yy 1 5.0 M
52-Week High (26.07.2011) 3.82 0 .0 M
52-Week Low (04.10.2011) 1.85 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12
Daily Volume 1'832'025.00
Current Price (6/dd/yy) 2.3 Market Data
52-Week High % Change -39.79% Dividend Yield 0.00
52-Week Low % Change 24.32% Beta 1.53
% 52 Week Price Range High/Low 22.84% Equity Float 463.08
Shares Out 31.05.2012 957.2 Short Int 18.01
Market Capitalization 2'201.53 1 Yr Total Return -33.14%
Total Debt 214.40 YTD Return 6.48%
Preferred Stock 0.0 Adjusted BETA 1.531
Minority Interest 0.0 Analyst Recs 17
Cash and Equivalents 619.00 Consensus Rating 4.529
Enterprise Value 1'833.32 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 3'004'650
UUU CN EQUITY YTD Change - Average Volume 30 Day 4'065'291
UUU CN EQUITY YTD % CHANGE - Average Volume 3 Month 5'275'555
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3
Total Revenue 134.0 149.8 152.0 326.9 530.4 393.3 524.4 629.3 817.1 128.0 184.0
TEV/Revenue 31.23x 4.94x 11.73x 14.27x 3.07x 31.92x 16.42x 3.79x 2.85x 18.27x 12.59x
EBITDA 31.3 53.8 38.9 126.6 331.7 181.9 325.5 367.1 508.8 71.2 120.3
TEV/EBITDA 133.72x 13.74x 45.87x 36.86x 4.91x 21.41x 7.27x 4.99x 3.60x 4.10x 3.91x
Net Income (17.6) (2'455.8) (36.1) (153.7) 88.4 (138.3) 78.9 144.6 240.4 25.1 51.4
P/E - - 47.66x - 19.32x 0.00x 27.73x 15.17x 9.31x 13.59x 11.84x
Profitability S&P Issuer Ratings
EBITDA 331.70 Long-Term Rating Date 11.11.2011
EBIT 206.50 Long-Term Rating BB-
Operating Margin 38.93% Long-Term Outlook STABLE
Pretax Margin 28.53% Short-Term Rating Date -
Return on Assets 2.83% Short-Term Rating -
Return on Common Equity 4.54% Credit Ratios
Return on Capital 5.24% EBITDA/Interest Exp. 6.73
Asset Turnover 0.17% (EBITDA-Capex)/Interest Exp. 3.65
Margin Analysis Net Debt/EBITDA -1.22
Gross Margin 49.5% Total Debt/EBITDA 0.65
EBITDA Margin 62.5% Reference
EBIT Margin 38.9% Total Debt/Equity 10.8%
Net Income Margin 16.7% Total Debt/Capital 9.7%
Structure Asset Turnover 0.17
Current Ratio 6.30 Net Fixed Asset Turnover 0.24
Quick Ratio 5.61 Accounts receivable turnover-days 83.10
Debt to Assets 6.49% Inventory Days 123.48
Tot Debt to Common Equity 10.75% Accounts Payable Turnover Day 81.82
Accounts Receivable Turnover 4.39 Cash Conversion Cycle 124.76
Inventory Turnover 2.96
Price/ Cash Flow Sales/Revenue/Turnover
250.00 600.0
500.0
200.00
400.0
150.00
300.0
100.00
200.0
50.00 100.0
0.00
0.0
02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

9. 05.06.2012
Uranium One Inc
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
EFFECTIVE ENERGY n/a SEDI 387'553'219 40.49 73'462'454 30.12.2010 Other
URANIUM MINING CO n/a SEDI 104'664'710 10.93 - 30.12.2010 n/a
CARMIGNAC GESTION Multiple Portfolios MF-AGG 57'154'900 5.97 1'482'600 31.12.2011 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 25'530'243 2.67 (1'474'809) 30.04.2012 Investment Advisor
GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 6'785'477 0.71 - 30.04.2012 Investment Advisor
PYRAMIS GLOBAL ADVIS Multiple Portfolios MF-AGG 5'248'005 0.55 923'489 31.03.2012 Investment Advisor
BEUTEL GOODMAN & COM Multiple Portfolios MF-AGG 5'144'300 0.54 - 30.04.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'764'126 0.39 1'344'000 31.03.2012 Investment Advisor
ALLIANZ GLOBAL INV O Multiple Portfolios MF-AGG 3'336'680 0.35 927'373 31.12.2011 Investment Advisor
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 3'325'900 0.35 - 29.02.2012 Investment Advisor
MD MANAGEMENT LTD Multiple Portfolios MF-AGG 3'231'577 0.34 710'000 30.04.2012 Investment Advisor
URALSIB JSC Multiple Portfolios MF-AGG 2'840'000 0.3 - 31.01.2012 Investment Advisor
CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 2'383'500 0.25 - 29.02.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 2'194'430 0.23 - 30.03.2012 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 1'919'300 0.2 (120'775) 30.04.2012 Investment Advisor
MIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 1'725'000 0.18 (325'000) 30.03.2012 Mutual Fund Manager
TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'458'795 0.15 250'934 31.12.2011 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'442'896 0.15 (557'435) 31.08.2011 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 1'329'831 0.14 - 01.06.2012 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 1'180'700 0.12 501'900 30.06.2011 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets ADAM SCHATZKER outperform 5 M 4 12 month 04.06.2012
Canaccord Genuity Corp OREST WOWKODAW buy 5 M 4 12 month 01.06.2012
Desjardins Securities JOHN F HUGHES buy 5 M 5 12 month 29.05.2012
IFG Continent ERLAN ABDIKARIMOV buy 5 M 6 Not Provided 28.05.2012
EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 24.05.2012
Halyk Finance MARIYAM ZHUMADIL buy 5 M 3 12 month 11.05.2012
BMO Capital Markets EDWARD STERCK outperform 5 M 5 Not Provided 09.05.2012
Cormark Securities Inc. MIKE KOZAK market perform 3 M 6 12 month 09.05.2012
JPMorgan TYLER LANGTON overweight 5 M 5 6 month 08.05.2012
CIBC World Markets IAN PARKINSON sector outperform 5 M 6 Not Provided 08.05.2012
Dundee Securities Corp DAVID A TALBOT buy 5 M 5 12 month 08.05.2012
Credit Suisse RALPH M PROFITI outperform 5 M 5 Not Provided 07.05.2012
Troika Dialog MIKHAIL STISKIN hold 3 M 4 12 month 07.03.2012
Visor Capital LEILA KULBAYEVA buy 5 M 5 12 month 28.02.2012
Renaissance Capital MIKHAIL SAFIN Under Review #N/A N/A M #N/A N/A Not Provided 17.01.2012
Paradigm Capital Inc DAVID DAVIDSON buy 5 M 5 12 month 09.11.2011
Broker Credit Service OLEG PETROPAVLOVSKIY hold 3 M 7 2 month 14.03.2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

10. 05.06.2012
Denison Mines Corp
Denison Mines Corporation explores and produces uranium concentrates. The Price/Volume
Company holds interest in properties in the United States, Canada, and Mongolia.
3 16.0 M
Denison also has a mining project in Zambia.
14.0 M
2
12.0 M
2 10.0 M
8.0 M
Valuation Analysis 1 6.0 M
Latest Fiscal Year: 12/2011
4.0 M
LTM as of: 03/yy 1
2.0 M
52-Week High (06.06.2011) 2.09 0 .0 M
52-Week Low (04.10.2011) 0.86 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12
Daily Volume 755'895.00
Current Price (6/dd/yy) 1.49 Market Data
52-Week High % Change -28.71% Dividend Yield 0.00
52-Week Low % Change 73.26% Beta 1.96
% 52 Week Price Range High/Low 51.22% Equity Float 323.89
Shares Out 31.05.2012 384.7 Short Int 0.81
Market Capitalization 573.14 1 Yr Total Return -27.32%
Total Debt 0.22 YTD Return 17.32%
Preferred Stock 0.0 Adjusted BETA 1.962
Minority Interest 0.0 Analyst Recs 9
Cash and Equivalents 53.52 Consensus Rating 2.889
Enterprise Value 508.92 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 1'141'927
DML CN EQUITY YTD Change - Average Volume 30 Day 1'503'207
DML CN EQUITY YTD % CHANGE - Average Volume 3 Month 2'394'590
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3
Total Revenue 76.8 123.2 79.2 128.3 96.8 133.1 96.4 76.6 75.1 17.7 7.6
TEV/Revenue 21.73x 2.71x 5.13x 9.03x 4.41x 21.21x 20.12x 6.81x 6.43x - -
EBITDA 6.4 0.7 (12.2) 43.8 0.7 43.5 3.1 (7.9) (17.2) - -
TEV/EBITDA 261.52x 509.07x - 26.46x 582.08x 17.41x 180.66x - - - -
Net Income 47.2 (80.6) (147.0) (5.3) (70.9) (5.2) (115.8) (40.6) (19.2) - -
P/E - - - - - 0.00x 0.00x - - - -
Profitability S&P Issuer Ratings
EBITDA 0.73 Long-Term Rating Date -
EBIT -39.25 Long-Term Rating -
Operating Margin -40.54% Long-Term Outlook -
Pretax Margin -74.29% Short-Term Rating Date -
Return on Assets -13.79% Short-Term Rating -
Return on Common Equity -15.34% Credit Ratios
Return on Capital - EBITDA/Interest Exp. 19.32
Asset Turnover 0.19% (EBITDA-Capex)/Interest Exp. -619.47
Margin Analysis Net Debt/EBITDA -72.61
Gross Margin -6.6% Total Debt/EBITDA 0.30
EBITDA Margin 0.8% Reference
EBIT Margin -40.5% Total Debt/Equity 0.0%
Net Income Margin -73.2% Total Debt/Capital 0.0%
Structure Asset Turnover 0.19
Current Ratio 9.28 Net Fixed Asset Turnover 0.27
Quick Ratio 5.86 Accounts receivable turnover-days 62.00
Debt to Assets 0.04% Inventory Days 115.41
Tot Debt to Common Equity 0.05% Accounts Payable Turnover Day 38.15
Accounts Receivable Turnover 5.89 Cash Conversion Cycle 139.26
Inventory Turnover 3.16
Price/ Cash Flow Sales/Revenue/Turnover
100.00 140.0
90.00
120.0
80.00
70.00 100.0
60.00 80.0
50.00
60.0
40.00
30.00 40.0
20.00
20.0
10.00
0.00
0.0
02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

11. 05.06.2012
Denison Mines Corp
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KEPCO CANADA URANIUM n/a PROXY 58'000'000 15.08 - 14.03.2011 Corporation
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 8'281'048 2.15 2'326'275 31.07.2011 Investment Advisor
GLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 5'616'143 1.46 (66'202) 31.03.2012 Investment Advisor
CANADA PENSION PLAN CANADA PENSION PLAN 13F 4'828'958 1.26 988'300 31.03.2012 Pension Fund (ERISA)
ANDREEFF EQUITY ADVI ANDREEFF EQUITY ADVI 13F 3'681'653 0.96 (40'971) 31.03.2012 Hedge Fund Manager
PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 2'845'600 0.74 - 31.03.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 2'755'701 0.72 2'755'701 31.12.2011 Government
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 2'377'169 0.62 - 01.06.2012 Investment Advisor
CQS CAYMAN LP CQS CAYMAN LP 13F 2'360'000 0.61 - 31.03.2012 Investment Advisor
TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 2'308'400 0.6 378'900 31.03.2012 Investment Advisor
BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 2'207'593 0.57 (74'035) 31.03.2012 Investment Advisor
BLACKROCK INC BLACKROCK INC 13F 1'895'772 0.49 182'652 31.03.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'895'164 0.49 175'300 31.03.2012 Investment Advisor
GOODMAN & CO INVESTM Multiple Portfolios MF-AGG 1'500'000 0.39 1'500'000 30.06.2011 Hedge Fund Manager
LUNDIN LUKAS HENRIK n/a SEDI 1'050'000 0.27 300'000 31.03.2011 n/a
INVESCO LTD INVESCO LTD 13F 1'043'608 0.27 (112'949) 31.03.2012 Investment Advisor
OMERS ADMINISTRATION OMERS ADMINISTRATION 13F 993'530 0.26 (590'400) 31.03.2012 Pension Fund (ERISA)
HOCHSTEIN RONALD F n/a SEDI 918'000 0.24 10'000 23.12.2010 n/a
ASTON HILL ASSET MAN Multiple Portfolios MF-AGG 827'454 0.22 33'000 31.12.2011 Investment Advisor
ROYAL BANK OF CANADA ROYAL BANK OF CANADA 13F 673'740 0.18 (637'211) 31.03.2012 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Haywood Securities Inc. GEORDIE MARK restricted #N/A N/A M #N/A N/A Not Provided 01.06.2012
Salman Partners PATRICK DONNELLY Under Review #N/A N/A M #N/A N/A Not Provided 30.05.2012
Cormark Securities Inc. MIKE KOZAK buy 5 M 3 12 month 29.05.2012
TD Newcrest CRAIG MILLER reduce 2 M 1 12 month 22.05.2012
Dahlman Rose & Co ANTHONY YOUNG hold 3 M #N/A N/A Not Provided 21.05.2012
BMO Capital Markets EDWARD STERCK market perform 3 M 2 Not Provided 10.05.2012
RBC Capital Markets ADAM SCHATZKER sector perform 3 M 2 12 month 10.05.2012
CIBC World Markets IAN PARKINSON sector underperform 1 M 2 Not Provided 10.05.2012
Credit Suisse RALPH M PROFITI neutral 3 M 2 Not Provided 09.05.2012
EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 19.04.2012
Paradigm Capital Inc DAVID DAVIDSON buy 5 U 2 12 month 18.04.2012
Toll Cross Securities STEVE KING Under Review #N/A N/A M #N/A N/A Not Provided 08.11.2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |