Fundamental Equity Analysis - Top 100 Gold Mining Companies Worldwide by Q.M.S Advisors

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 |

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

Minority Interest (USD)

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

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

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

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

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

S&P LT Credit Rating -

S&P LT Credit Rating Date

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

S&P 500 INDEX

USD

14291609

1924.708

1113

205

220

101.44

110.69

15.31

14.03

18.82

Euro Stoxx 50 Pr

EUR

2523313

5400.899

4693

754

782

232.46

311.38

18.94

16.50

14.14

20.10

NIKKEI 225

JPY

2488565

181.8844

190

5.02

6.65

0.27

0.20

0.11

FTSE 100 INDEX

GBP

2654439

11577.88

9617

1462

1668

537.24

832.74

27.37

22.69

17.66

22.74

SWISS MARKET INDEX

CHF

1031265

10988.61

4155

876

846

411.25

558.08

21.39

18.28

15.76

22.93

S&P/TSX COMPOSITE INDEX

CAD

1631195

16825.11

7918

1846

2086

799.64

888.01

14.90

13.42

24.28

S&P/ASX 200 INDEX

AUD

1381075

6618.416

2857

601

701

250.89

341.32

21.11

17.15

15.51

22.16

HANG SENG INDEX

HKD

1647917

3137.031

1694

372

404

270.66

268.15

1.33

1.43

1.34

2.97

MSCI EM

USD

7561015

1393.83

1030

194

196

84.37

95.69

11.95

13.29

10.54

19.64

GOLDCORP INC

USD

22874

2156

812

22.95

5435

5767

7204

2798

740

1.99

1.89

1.82

2.59

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

32.41

14547

14455

15563

7358

1848

3.54

3.75

4.07

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

23.96

9868

10114

11594

4169

966

3.78

3.77

3.63

4.43

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

8.97

2337

2746

3312

1269

1502

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

6.23

1318

1548

2043

699

4.65

4.70

4.93

7.48

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

5.86

1564

1509

1771

1891

572

2.69

3.02

2.95

7.79

6.93

7.11

0.44

17.76

-30.27

7.50

37.90

SILVER WHEATON CORP

USD

7780

2362

7.05

850

1036

1149

701

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

52160

52152

60643

62974

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

1918

1864

2136

787

791

206

1.73

2.13

18.87

15.32

5.26

54.48

4.59

31.64

41.27

12.03.2003

05.03.2002

GOLD FIELDS LTD-SPONS ADR

USD

4671

2127

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

2.91

263

287

309

413

233

258

1.63

1.62

1.65

2.66

32.18

31.68

19.62

21.52

25.17

44.69

89.62

KINROSS GOLD CORP

USD

5878

3896

1140

6.60

4311

4279

4536

1962

460

0.77

0.58

0.73

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

4.94

1148

1368

1585

584

169

0.52

0.65

13.55

10.92

3.97

78.05

-9.24

53.95

50.93

13.11.2012

Ba3

12.11.2012

NEW GOLD INC

USD

3173

843

3.33

791

995

1031

390

123

0.50

0.58

13.73

11.80

13.70

48.12

13.39

63.80

49.30

BB-

27.03.2012

HARMONY GOLD MNG-SPON ADR

USD

2011

665

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

1.37

929

1071

1123

362

1.17

1.38

10.44

8.92

8.57

47.85

-18.81

25.23

38.98

IAMGOLD CORP

USD

1779

1708

1.68

1670

1689

1851

710

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

1.22

247

409

569

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

1.19

895

967

1075

378

0.59

0.58

1.25

1.64

24.36

11.29

8.62

-12.31

64.18

-28.81

43.35

42.24

B+

25.06.2012

24.01.2013

AURICO GOLD INC

USD

1127

712

0.71

164

305

416

0.29

0.44

16.68

10.82

94.95

2151.89

ALLIED NEVADA GOLD CORP

USD

955

483

1.13

215

420

585

0.52

1.12

1.92

20.64

9.59

5.60

41.13

95.75

44.49

07.06.2012

16.05.2012

HECLA MINING CO

USD

856

1752

285

0.68

321

476

597

0.07

0.21

0.37

44.14

14.44

8.26

-32.76

35.19

-63.53

10.36

28.93

04.04.2013

02.04.2013

AURIZON MINES LTD

USD

662

154

0.47

224

212

272

0.19

0.28

22.11

14.61

-14.02

16.43

-26.18

14.15

41.26

NEVSUN RESOURCES LTD

USD

#VALUE!

153

566

394

670

426

0.43

0.96

7.67

3.47

3.34

-0.64

75.34

SILVER STANDARD RESOURCES

USD

546

400

0.32

241

243

262

0.00

0.08

87.04

63.09

38.56

22.64

SEABRIDGE GOLD INC

USD

442

152

0.40

-16

-15

-0.28

-0.40

20.14

TANZANIAN ROYALTY EXPLORATIO

USD

262

141

0.25

-5

-16.99

GOLDEN STAR RESOURCES LTD

USD

251

234

259

0.29

551

589

125

126

-0.05

-0.14

0.04

0.16

16.89

19.35

35.80

22.85

VISTA GOLD CORP

USD

127

114

0.04

-36

-34

-6

-0.54

-0.50

-0.25

-0.23

-26.58

GREAT BASIN GOLD LTD

USD

521

0.32

170

145

-26

70.83

-18.00

ARGONAUT GOLD INC

CAD

805

103

149

0.60

184

220

292

105

0.67

0.61

0.42

0.56

9.22

77.60

90.22

56.36

TOREX GOLD RESOURCES INC

CAD

763

180

604

0.35

-59

-0.14

-0.15

-0.08

-0.06

-75.87

CHINA GOLD INTERNATIONAL RES

CAD

1157

396

1.03

327

358

553

138

119

166

0.18

0.17

0.21

0.22

16.30

13.48

13.17

6.65

35.83

LIONGOLD CORP LTD

SGD

783

11911

731

0.75

116

-4

-0.02

-0.03

0.00

0.01

143.56

66.26

13.51

7.14

1.20

PERSEUS MINING LTD

CAD

612

315

0.54

142

313

416

125

0.14

0.21

9.29

6.05

AURIZON MINES LTD

USD

662

154

0.47

224

212

272

0.19

0.28

22.11

14.61

-14.02

16.43

-26.18

14.15

41.26

OCEANAGOLD CORP

CAD

522

260

294

0.68

379

593

655

142

0.08

0.30

0.40

23.47

6.20

4.58

-2.52

26.73

-11.84

65.94

36.85

MEDUSA MINING LTD

AUD

540

2943

189

0.55

126

295

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

126

0.67

378

379

476

543

0.38

0.88

1.08

14.79

6.43

5.24

13.42

49.21

RIO ALTO MINING LTD

CAD

602

155

176

0.57

311

312

306

350

170

171

0.56

0.54

0.51

0.59

6.29

6.70

5.82

53.78

SANDSTORM GOLD LTD

CAD

577

129

0.44

0.25

0.32

0.49

28.24

21.53

14.12

85.20

90.06

64.35

CHINA PRECIOUS METAL RESOURC

HKD

757

2260

3332

0.99

209

277

319

106

136

186

0.02

1.42

1.09

0.94

5.83

26.53

9.27

EVOLUTION MINING LTD

AUD

673

7198

707

0.71

488

661

670

771

198

222

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

0.42

208

263

330

0.49

0.65

9.57

7.17

62.57

87.74

38.56

43.16

SILVERCORP METALS INC

USD

441

266

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

0.63

351

-15

190

-0.05

-0.06

0.17

0.19

4.24

3.98

62.73

SEABRIDGE GOLD INC

USD

442

152

0.40

-16

-15

-0.28

-0.40

20.14

RUBICON MINERALS CORP

CAD

448

101

288

0.28

-11

-0.04

-0.05

0.20

7.67

45.76

RESOLUTE MINING LTD

AUD

615

4341

636

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

0.52

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

742

5.86

558

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

26.21

13.33

5.88

10.07

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

Minority Interest (USD)

Total Revenue Cash and Equivalents (USD)

Enterprise Value (USD)

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

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

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

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

S&P LT Credit Rating -

S&P LT Credit Rating Date

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

S&P 500 INDEX

USD

14291609

1924.708496

1113

205

220

101.44

110.69

15.31

14.03

18.82

Euro Stoxx 50 Pr

EUR

2523313

5400.898656

4693

754

782

232.46

311.38

18.94

16.50

14.14

20.10

NIKKEI 225

JPY

2488565

181.8843549

190

5.02

6.65

0.27

0.20

0.11

FTSE 100 INDEX

GBP

2654439

11577.87525

9617

1462

1668

537.24

832.74

27.37

22.69

17.66

22.74

SWISS MARKET INDEX

CHF

1031265

10988.6097

4155

876

846

411.25

558.08

21.39

18.28

15.76

22.93

S&P/TSX COMPOSITE INDEX

CAD

1631195

16825.11027

7918

1846

2086

799.64

888.01

14.90

13.42

24.28

S&P/ASX 200 INDEX

AUD

1381075

6618.416193

2857

601

701

250.89

341.32

21.11

17.15

15.51

22.16

HANG SENG INDEX

HKD

1647917

3137.031017

1694

372

404

270.66

268.15

1.33

1.43

1.34

2.97

MSCI EM

USD

7561015

1393.829834

1030

194

196

84.37

95.69

11.95

13.29

10.54

19.64

ST BARBARA LTD

AUD

363

4861

325

0.52

573

674

233

209

0.43

0.28

0.14

0.23

5.46

3.39

52.48

28.91

109.04

87.85

40.04

15.03.2013

CONTINENTAL GOLD LTD

CAD

496

110

108

0.38

-12

-10

-0.07

-0.09

-0.10

ENDEAVOUR MINING CORP

CAD

377

214

391

0.54

340

341

514

645

134

-0.04

0.00

0.18

0.22

842.29

4.78

3.97

135.27

211.05

38.70

FORTUNA SILVER MINES INC

CAD

339

209

0.27

158

182

210

0.27

0.29

0.34

10.36

9.55

7.98

45.58

89.76

44.03

66.20

43.17

PRIMERO MINING CORP

CAD

492

0.38

180

214

276

0.53

0.51

0.43

0.71

9.58

11.37

6.94

16.57

6.23

41.61

MAG SILVER CORP

CAD

414

0.37

-13

-1

-0.22

-0.14

-0.15

-40.27

MCEWEN MINING INC

USD

498

926

296

0.43

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

144

0.31

153

214

232

0.25

0.37

0.38

9.77

6.41

6.33

86.64

59.05

43.14

NORTHERN STAR RESOURCES LTD

AUD

311

5831

402

0.27

103

118

146

186

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

0.21

-12

-9

-0.02

22.15

REAL GOLD MINING LTD

HKD

1031

907

0.50

176

153

0.12

0.95

4.55

7.02

11.18

GOLDEN STAR RESOURCES LTD

USD

251

234

259

0.29

551

558

589

125

126

-0.05

-0.14

0.04

0.16

16.89

19.35

35.80

22.85

PREMIER GOLD MINES LTD

CAD

248

336

149

0.22

-12

-0.15

-0.16

-0.07

-0.08

-5.25

-1302.84

TANZANIAN ROYALTY EXPLORATIO

USD

262

141

0.25

-5

-16.99

BANRO CORPORATION

CAD

216

202

0.34

167

428

-0.02

0.15

0.75

13.91

RAINY RIVER RESOURCES LTD

CAD

210

100

0.11

-63

-0.72

-0.69

-0.18

-296.46

INDOPHIL RESOURCES NL

AUD

338

260

1203

0.09

-18

0.00

63.97

-128.71

COLOSSUS MINERALS INC

CAD

198

168

106

0.20

308

-32

-7

-0.28

0.07

1.51

23.23

1.10

-12.02

AURCANA CORPORATION

CAD

188

1118

467

0.18

140

250

0.02

0.08

0.12

21.17

5.09

3.49

19.40

69.40

42.55

35.34

ASANKO GOLD INC

CAD

202

0.01

-35

-34

-0.48

-0.26

-0.18

-0.11

7.21

SULLIDEN GOLD CORP LTD

CAD

189

243

0.17

-12

-4

-0.06

-0.04

-0.03

-35.88

BEAR CREEK MINING CORP

CAD

208

0.14

-31

-0.33

-0.32

-0.17

-0.19

LAKE SHORE GOLD CORP

CAD

180

234

416

0.27

131

-0.22

-0.23

-0.01

0.06

PARAMOUNT GOLD AND SILVER

USD

220

210

0.21

-18

-8

-0.04

HIGHLAND GOLD MINING LTD

GBp

400

207

325

0.38

460

465

240

207

239

0.44

0.37

0.48

0.45

7.77

9.00

SABINA GOLD & SILVER CORP

CAD

213

174

0.10

-12

-0.08

-0.03

KIRKLAND LAKE GOLD INC

CAD

187

213

0.25

157

137

259

0.56

-0.01

0.03

0.75

GUYANA GOLDFIELDS INC

CAD

205

0.17

407

-8

-0.09

-0.10

-0.07

-0.08

LYDIAN INTERNATIONAL LTD

CAD

188

127

0.10

-0.05

-0.04

-0.06

COEUR D'ALENE MINES CORP

CAD

1260

1.20

880

1057

372

1.23

GREAT PANTHER SILVER LTD

USD

137

143

0.12

BRIGUS GOLD CORP

USD

130

441

0.19

118

161

172

INTREPID MINES LTD

AUD

133

1701

0.13

-50

-0.12

ALEXCO RESOURCE CORP

USD

127

104

0.11

118

VISTA GOLD CORP

USD

127

114

0.04

-36

-34

-6

SARACEN MINERAL HOLDINGS LTD

AUD

102

13164

595

0.11

191

194

250

ATAC RESOURCES LTD

CAD

131

104

0.12

PATAGONIA GOLD PLC

GBp

154

618

736

0.15

LINGBAO GOLD CO LTD-H

HKD

251

376

770

0.77

824

892

SCORPIO MINING CORP

CAD

198

0.06

MIDWAY GOLD CORP

USD

118

128

0.09

DRDGOLD LTD-SPONSORED ADR

USD

245

1764

1959

2201

INTL TOWER HILL MINES LTD

USD

0.07

RED 5 LTD

AUD

431

135

0.09

GRYPHON MINERALS LTD

AUD

5757

348

0.03

EXETER RESOURCE CORP

USD

0.02

RICHMONT MINES INC

USD

0.02

102

104

OREZONE GOLD CORP

CAD

0.06

RAMELIUS RESOURCES LTD

AUD

1890

336

0.03

120

143

SAN GOLD CORP

CAD

335

0.05

140

128

555

562

542

2.72

26.21

7.22

5.88

1.42

-5.80

99.10

409.85

28.01

-59.56

-54.62

-29165.25

35.55

50.93

46.14

99.37

68.05

-18.40

53.75

61.48

109.01

17.27

19.28

1.61

10.87

8.30

-12.10

63.08

-28.32

42.61

41.51

B+

25.06.2012

24.01.2013

0.06

0.08

16.35

12.37

5.74

36.44

-28.90

25.56

0.16

0.18

3.62

3.24

63.78

239.92

60.49

41.21

-0.14

-0.01

-0.02

-22.55

-0.02

0.18

87.81

444.74

160.76

30.03

-6

-0.54

-0.50

-0.25

-0.23

-26.58

0.04

-0.02

0.04

0.08

18.75

6.34

28.86

-1

-0.08

-0.07

-0.05

-50

-40

-0.07

-0.05

-289.09

850

106

0.06

0.04

0.03

0.04

0.92

0.93

1.01

0.89

1.51

2.37

2.22

1.83

111

0.04

0.06

0.14

12.78

8.11

3.58

-24.56

-50.87

30.42

-14

-0.12

-0.13

-0.11

21.14

2563

371

400

621

9.38

13.74

27.89

7.86

64.25

12.94

20.40

-56

-0.09

-0.06

-463.04

132

-3

-5

-0.01

-0.07

0.00

0.31

45.05

-30.68

-8

-0.01

-0.02

-0.01

51.28

-26

-0.29

-0.13

-0.11

17.44

-0.08

-0.09

0.29

0.43

4.83

-14.20

30.03

-79.79

8.26

7.56

-28

-0.06

-0.08

-0.15

0.01

65.59

9.58

190

-11

0.01

-0.06

0.06

0.12

2.01

-44.74

181.84

-91.67

9.06

-9.44

167

-0.04

-0.03

-0.04

-0.02

24.13

114.68

184.64

24.82

199

534

151

950

218

111

259

608

135

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

7.58

6.01

101.80

6.44

3.74

11.85

4.66

6.25

161.04

7.20

4.34

2.39

4.28

2.13

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

S&P 500 INDEX

2.16

1.98

1.80

2.16

1.40

1.33

1.28

1.40

9.94

9.65

9.45

9.94

8.76

8.10

7.59

8.76

14.03

12.57

11.40

14.03

2.22

2.38

2.58

2.22

1688.6

8.7%

Euro Stoxx 50 Pr

1.13

1.06

1.00

1.13

0.72

0.70

0.68

0.72

5.24

4.89

4.66

5.24

6.91

6.54

6.22

6.91

10.87

9.75

8.93

10.87

4.42

4.75

5.08

4.42

2901.3

11.5%

NIKKEI 225

1.51

1.41

1.37

1.51

0.70

0.69

0.70

8.73

8.13

8.05

8.73

8.52

7.94

7.82

8.52

20.11

15.85

14.22

20.11

1.56

1.79

1.92

1.56

12101.0

-8.3%

FTSE 100 INDEX

1.65

1.54

1.33

1.65

1.00

0.96

0.97

1.00

8.10

7.38

5.27

8.10

6.94

6.51

6.25

6.94

11.53

10.48

9.63

11.53

3.98

4.28

4.71

3.98

6849.6

9.2%

SWISS MARKET INDEX

2.36

2.19

2.02

2.36

1.98

1.88

1.80

1.98

12.05

11.06

9.84

12.05

12.99

12.01

11.27

12.99

14.73

13.19

12.00

14.73

3.34

3.71

4.21

3.34

8060.0

4.9%

S&P/TSX COMPOSITE INDEX

1.64

1.52

1.42

1.64

1.53

1.44

1.39

1.53

8.17

7.34

6.81

8.17

8.07

7.17

6.80

8.07

13.65

12.07

11.06

13.65

3.22

3.37

3.58

3.22

14560.3

18.1%

S&P/ASX 200 INDEX

1.86

1.76

1.66

1.86

1.78

1.68

1.59

1.78

10.98

9.78

8.92

10.98

9.44

8.34

7.72

9.44

14.93

13.29

12.22

14.93

4.45

4.76

5.13

4.45

5156.3

5.1%

HANG SENG INDEX

1.29

1.19

1.09

1.29

1.65

1.53

1.41

1.65

6.92

6.41

6.05

6.92

7.77

7.10

6.53

7.77

10.43

9.59

8.60

10.43

3.69

3.97

4.49

3.69

24855.2

14.4%

MSCI EM

1.41

1.28

1.19

1.41

0.98

0.91

0.86

0.98

6.69

6.16

5.77

6.69

7.12

6.51

6.13

7.12

10.54

9.48

8.81

10.54

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

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

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

9.51

7.48

6.80

6.46

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

1.70

2.22

2.37

2.62

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

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

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

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

1.36

1.29

1.39

1.27

4.10

4.18

3.51

3.95

7.98

6.51

3.11

3.02

3.00

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

2.55

3.72

14.82

117.0%

NEW GOLD INC

1.23

1.10

1.02

0.96

4.13

3.19

3.08

3.04

3.39

10.76

7.42

6.51

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

PAN AMERICAN SILVER CORP

0.64

0.61

0.56

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

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

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

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

AURICO GOLD INC

0.60

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

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

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

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

NEVSUN RESOURCES LTD

1.05

0.94

0.83

0.74

2.46

4.13

2.31

2.74

3.61

SILVER STANDARD RESOURCES

0.52

0.48

0.47

0.45

13.34

9.78

8.51

6.29

6.76

1.42

0.45

0.92

0.49

2.20

2.25

2.09

1.87

5.09

2.48

1.07

4.58

9.06

12.98

2.82

%D to Spot

12.20

10.71

8.00

6.12

3.54

3.34

3.50

2.98

3.36

2.76

6.98

8.82

7.03

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

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

6.21

9.67

4.31

10.23

2.82

1.43

3.05

1.52

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%

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%

2.93

11.52

10.32

7.06

6.84

5.95

21.78

95.7%

12.37

10.76

8.21

7.85

25.02

85.6%

2.23

11.43

15.83

10.34

9.48

8.57

2.29

1.32

19.72

9.54

5.56

2.85

2.02

2.09

2.16

27.78

14.04

8.03

7.63

7.85

1.33

20.03

22.06

14.58

14.89

14.37

0.00

4.66

7.49

3.38

4.01

6.99

3.05

83.33

24.49

34.67

0.00

4.41

4.58

3.41

2.70

0.00

3.82

1.06

3.09

2.00

3.57

2.66

3.11

4.32

1.33

3.05

SEABRIDGE GOLD INC

13.24

98.9%

10.35

124.0%

7.93

73.4%

28.26

165.6%

5.42

80.7%

4.87

21.3%

5.20

60.5%

17.26

155.7%

43.82

351.7%

TANZANIAN ROYALTY EXPLORATIO GOLDEN STAR RESOURCES LTD

0.59

0.54

VISTA GOLD CORP

0.91

0.49

0.50

GREAT BASIN GOLD LTD

0.01

ARGONAUT GOLD INC

1.34

0.89

0.81

0.78

4.30

TOREX GOLD RESOURCES INC

1.44

1.36

1.44

1.33

1772.33

CHINA GOLD INTERNATIONAL RES

0.84

0.80

0.73

0.64

3.42

3.15

2.04

1.23

LIONGOLD CORP LTD

15.00

10.04

8.72

6.77

4.94

PERSEUS MINING LTD

1.67

1.48

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

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

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

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

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

8.94

1.96

1.72

1.61

19.55

5.35

5.32

4.70

21.36

3.35

3.11

2.89

9.68

7.51

5.78

4.35

11.77

11.67

8.30

6.85

10.42

7.74

5.34

4.52

3.93

2.74

2.37

12.27

15.00

7.84

5.32

4.18

1.37

1.01

0.87

0.88

3.29

2.72

2.35

2.25

3.82

2.59

2.10

2.15

1.69

1.34

1.47

5.34

5.38

3.93

4.27

4.92

4.33

2.75

3.01

1.81

2.18

1.64

1.32

1.23

3.75

5.67

4.57

2.60

2.64

4.24

2.81

2.28

2.02

87.24

1.42

1.56

1.83

3.68

2.82

4.08

3.33

3.19

4.11

6.90

RIO ALTO MINING LTD

0.62

0.45

1.22

2.04

0.91

0.70

1.84

SANDSTORM GOLD LTD CHINA PRECIOUS METAL RESOURC

1.50

1.23

1.04

EVOLUTION MINING LTD

0.60

0.57

0.50

0.45

0.43

ENDEAVOUR SILVER CORP 1.01

BEADELL RESOURCES LTD

5.30

0.43

0.42

0.28

1.72

0.33

2.45

1.96

0.03

2.68

SILVERCORP METALS INC

0.45

2.56

1.28

0.97

2.16

2.49

1.87

1.76

0.85

0.24 3.57

2.69

2.57

2.12

1.44

0.60

7.76

2.30

20.20

26.21

5.91

1.52

0.89

1.25

1.77

82.7%

0.69

0.00

6.98

347.5%

7.39

11.93

117.0%

2.67

108.7%

3.89

30.8%

2.67

96.0%

10.27 8.82

6.32

5.11

5.41

5.72

5.41

4.01

3.99

2.59

9.67

12.49

9.44

28.44 7.23

4.83

0.90

5.21

4.99

7.22 36.57

2.04

7.04

3.78

2.41

2.94

6.24

4.31

2.86

1.72

14.12

1.91

13.46

13.16

14.37

175.00

80.77

40.38

0.45

0.69

11.65

0.00

1.32

3.96

10.30

9.07

5.85

3.35

4.00

0.00

20.03

22.06

14.58

14.89

14.37

0.00

4.83

27.56

5.79

4.28

6.88

2.04

9.10

6.89

2.86

2.56

2.45

3.57

1.17

4.06

9.50

6.37

5.20

5.94

5.46

0.00

29.00

6.72

5.84

5.47

4.99

0.00

21.36

19.55

12.90

9.64

13.50

8.60

7.38

8.88

7.50

6.02

10.14

9.06

6.79

7.66

5.55

11.94

7.62

4.54

5.29

3.44

3.86

3.72

3.49

4.25

4.70

0.00

1.86

2.21

5.68

0.74

2.22

3.70

0.00

0.98

2.19

0.48

6.11

2.33

5.30

0.00

2.62

2.40

2.84

4.80

SEABRIDGE GOLD INC RUBICON MINERALS CORP

4.87

21.3%

3.81

110.5%

5.59

103.2%

11.96

108.8%

6.14

76.6%

13.33

101.4%

1.75

30.0%

1.51

64.5%

8.84

99.0%

6.65

157.3%

1.13

80.1%

43.82

351.7%

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 |

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

S&P 500 INDEX

2.16

1.98

1.80

2.16

1.40

1.33

1.28

1.40

9.94

9.65

9.45

9.94

8.76

8.10

7.59

8.76

14.03

12.57

11.40

14.03

2.22

2.38

2.58

2.22

1688.6

8.7%

Euro Stoxx 50 Pr

1.13

1.06

1.00

1.13

0.72

0.70

0.68

0.72

5.24

4.89

4.66

5.24

6.91

6.54

6.22

6.91

10.87

9.75

8.93

10.87

4.42

4.75

5.08

4.42

2901.3

11.5%

NIKKEI 225

1.51

1.41

1.37

1.51

0.70

0.69

0.70

8.73

8.13

8.05

8.73

8.52

7.94

7.82

8.52

20.11

15.85

14.22

20.11

1.56

1.79

1.92

1.56

12101.0

-8.3%

FTSE 100 INDEX

1.65

1.54

1.33

1.65

1.00

0.96

0.97

1.00

8.10

7.38

5.27

8.10

6.94

6.51

6.25

6.94

11.53

10.48

9.63

11.53

3.98

4.28

4.71

3.98

6849.6

9.2%

SWISS MARKET INDEX

2.36

2.19

2.02

2.36

1.98

1.88

1.80

1.98

12.05

11.06

9.84

12.05

12.99

12.01

11.27

12.99

14.73

13.19

12.00

14.73

3.34

3.71

4.21

3.34

8060.0

4.9%

S&P/TSX COMPOSITE INDEX

1.64

1.52

1.42

1.64

1.53

1.44

1.39

1.53

8.17

7.34

6.81

8.17

8.07

7.17

6.80

8.07

13.65

12.07

11.06

13.65

3.22

3.37

3.58

3.22

14560.3

18.1%

S&P/ASX 200 INDEX

1.86

1.76

1.66

1.86

1.78

1.68

1.59

1.78

10.98

9.78

8.92

10.98

9.44

8.34

7.72

9.44

14.93

13.29

12.22

14.93

4.45

4.76

5.13

4.45

5156.3

5.1%

HANG SENG INDEX

1.29

1.19

1.09

1.29

1.65

1.53

1.41

1.65

6.92

6.41

6.05

6.92

7.77

7.10

6.53

7.77

10.43

9.59

8.60

10.43

3.69

3.97

4.49

3.69

24855.2

14.4%

MSCI EM

1.41

1.28

1.19

1.41

0.98

0.91

0.86

0.98

6.69

6.16

5.77

6.69

7.12

6.51

6.13

7.12

10.54

9.48

8.81

10.54

3.14

3.61

6.20

3.14

1180.3

17.1%

ST BARBARA LTD

0.43

0.35

0.32

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

2.38

2.80

1.82

1.64

129.8%

3.85

1.49

2.62

13.50

237.5%

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%

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%

2.63

2.24

1.74

1.34

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

CONTINENTAL GOLD LTD ENDEAVOUR MINING CORP FORTUNA SILVER MINES INC

1.38

1.10

0.95

0.81

PRIMERO MINING CORP

0.85

0.94

0.84

0.70

MAG SILVER CORP

2.97

3.20

3.59

MCEWEN MINING INC

0.53

0.48

0.44

TIMMINS GOLD CORP

2.01

1.49

1.16

1.26

NORTHERN STAR RESOURCES LTD

3.20

2.43

1.87

1.53

ROMARCO MINERALS INC

0.28

0.30

0.23

0.22

REAL GOLD MINING LTD

1.44

GOLDEN STAR RESOURCES LTD

0.59

0.54

0.62

PREMIER GOLD MINES LTD

0.60

0.72

1.26

1.10

2.33

0.00

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

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

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

2.88

1.33

20.34

3.12

0.42

0.28

1.76

0.85

4.53 0.45

6.06 0.45

0.43

2.16

3.38 2.49

1.87

2.57

7.60 2.12

1.44

2.30

20.20

4.54

2.84

%D to Spot

9.19

78.4%

15.58

122.6%

5.45

217.8%

3.74

66.2%

1.26

78.2%

1.55

219.6%

0.00 26.21

5.91

4.83

1.25

0.00

132.82

0.00

1.77

82.7%

5.91

250.0%

TANZANIAN ROYALTY EXPLORATIO BANRO CORPORATION RAINY RIVER RESOURCES LTD

4.86 0.81

1.71

0.72

1.71

1.76

0.69

1.26

0.49

0.53

855.51

642.28

2.76

0.63

0.68

1.35

0.75

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

4.00

267.0%

0.00

6.73

214.6%

0.00

6.96

270.2%

1.26

207.5%

INDOPHIL RESOURCES NL COLOSSUS MINERALS INC

0.48

AURCANA CORPORATION ASANKO GOLD INC

3.17 0.88

0.85

SULLIDEN GOLD CORP LTD BEAR CREEK MINING CORP

1.51

2.87

LAKE SHORE GOLD CORP

0.19

0.31

0.30

HIGHLAND GOLD MINING LTD

0.57

0.51

0.46

0.41

SABINA GOLD & SILVER CORP

0.72

0.81

0.71

0.74

KIRKLAND LAKE GOLD INC

0.81

0.82

0.69

0.65

GUYANA GOLDFIELDS INC

0.83

0.71

0.43

0.36

LYDIAN INTERNATIONAL LTD

2.53

1.34

COEUR D'ALENE MINES CORP

0.58

0.56

0.70 10.00

1.07

0.70

15.64

1.38

14.89

1.02

1.51

1.61

4.27

2.56

2.65

2.83

4.74

2.25

14.00

0.77

2.29

1.33

0.93 15.19

1.31

0.91

0.69

0.55

4.19

2.80

1.80

1.74

1.32

1.14

1.00

0.84

0.80

3.31

2.97

3.14

2.59

1.26

1.15

1.24

0.30

0.53

0.41

1.41

0.99

0.50

1.00

0.83

2.40

1.50

1.85

1.20

6.93

1.90

1.18

1.03

1.16

GREAT PANTHER SILVER LTD

2.27

2.35

2.13

BRIGUS GOLD CORP

1.07

0.81

0.76

1.46

1.54

1.10

0.53

0.46

0.41

0.97

0.47

0.72

1.29

0.94

0.82

0.55

ALEXCO RESOURCE CORP VISTA GOLD CORP

0.91

0.49

0.50

SARACEN MINERAL HOLDINGS LTD

0.55

0.36

0.31

0.27

ATAC RESOURCES LTD

1.48

1.31

1.20

1.12

0.62

0.60

0.57

1.72

1.85

3.39

3.87

4.14

6.16

2.88

8.69

3.49

2.23

2.63

1.61

1.60

1.48

1.19

0.00

4.39

1.59

6.98

5.87

4.20

3.45

0.58 1.18

0.00

8.00 1.08

3.89

3.92

3.62

6.20

6.04

3.83

4.73

4.57

50.00

1.38

0.79

0.51

2.36

1.19

4.94

1.67

0.87 0.37

25.10

1.57

4.94

PARAMOUNT GOLD AND SILVER

INTREPID MINES LTD

8.54

0.22

3987.21

0.65

0.47

4.10

0.56

0.94

0.80

1.72

0.33

0.34

0.32

3.55

7.08

2.13

3.86

4.67

4.19

3.68

3.83

3.29

7.68

8.52

6.81

5.11

5.38

6.35

2.43

1.84

1.73

1.72

1.35

3.61

5.94

4.07

3.32

2.89

2.11

9.93

1.72

1.38

1.31

0.98

8.37

3.02

2.33

2.30

1.55

1.21

1.37

1.18

2.22

1.93

1.65

8.79

6.23

1.74

3.72

96.79

3.54

2.05

1.61

3.79

2.12

48.16

12.04

0.00

1.38

1.65

1.21

0.83

4.35

89.1%

1.40

218.2%

4.47

200.0%

145.94

81.9%

4.40

252.0%

10.20

276.4%

6.36

285.4%

3.86

155.4%

25.47

79.6%

8.42

8.08

15.72

17.03

12.78

20.44

34.07

1.50

50.8%

5.72

3.50

3.15

2.99

2.55

1.57

179.5%

11.97

13.06

5.01

2.26

1.76

38.48

0.00

0.69 0.74

122.3%

11.04

0.90 1.74

97.3%

1.76

12.68

0.00

0.60

4.78

3.75

4.02

1.38

0.00

10.30

0.24

4.3%

4.38

108.5%

6.98

347.5%

0.44

168.7%

3.80

222.0%

PATAGONIA GOLD PLC LINGBAO GOLD CO LTD-H SCORPIO MINING CORP MIDWAY GOLD CORP

1.23

2.10

1.43

0.23

0.22

0.24

2.04

1.18

0.85

1.02

0.88

1.41

0.43

0.37

RED 5 LTD

0.59

0.57

0.45

0.36

GRYPHON MINERALS LTD

0.36

0.35

0.30

7.24 1.81

DRDGOLD LTD-SPONSORED ADR INTL TOWER HILL MINES LTD

0.27 3.30

1.67

5.04

3.35

1.03

7.42

7.88

7.33

5.48

3.96

2.28

20.98

7.71

12.06

7.43

7.72

6.80

12.13

7.70

3.46

6.24

4.26

1.97

12.54

62.94

3.69

4.09

4.49

2.49

6.29 5.08

7.78

0.00

0.17

5.74

1.58

0.62

0.59

0.37

31.69

3253.79

74.94

1.14

0.34

0.75

0.71

0.58

3.08

1.29

0.98

7.80

1.13

19.20

5.00

1.12

1.13

0.98

0.52

1.23

0.32

21.67

146.25

1.93

1.54

0.94

0.00

3.68

1.23

0.00

EXETER RESOURCE CORP RICHMONT MINES INC OREZONE GOLD CORP

7.07

3.30

0.89

RAMELIUS RESOURCES LTD

0.43

0.24

SAN GOLD CORP

0.26

0.27

0.24

0.21

0.74

0.50

0.38

0.43

0.46

0.36

0.41

0.32

2.51

18.86

149.42

4.72

9.32

3.20

1.39

1.55

1.51

1.02

1.33

6.95

4.72

1.38

1.67

0.85

0.42

0.47

1.68

1.34

0.95

1.27

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

0.45

5.54

3.73

4.66 68.96

7.17

1.72

1.99

2.28

0.00

5.85

0.00

14.63

2.55

1.0%

1.93

298.6%

1.89

105.1%

8.50

33.4%

4.73

382.8%

1.14

94.9%

0.78

300.5%

3.63

303.3%

4.69

143.2%

2.81

205.0%

0.42

104.9%

0.36

100.0%

19.04.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GG US EQUITY YTD Change GG US EQUITY YTD % CHANGE

12/2011 12/yy 47.42 27.11 2'155'852.00 27.76 -40.95% 2.40% 0.49% 811.7 22'874.34 783.00 0.0 213.0 918.00 22'952.34

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

31.12.2009 31.12.2010 2'723.6 3'738.0 10.50x 9.95x 1'366.2 2'026.0 20.94x 18.36x 240.2 2'051.0 50.85x 30.36x Profitability

LTM-4Q 31.12.2011 5'362.0 6.61x 2'336.0 15.18x 1'187.0 22.24x

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

31.12.2012 5'435.0 5.50x 2'798.0 10.69x 1'749.0 18.47x 2'798.00 2'123.00 39.06% 41.44% 5.77% 7.95% 7.72% 0.18% 44.6% 51.5% 39.1% 32.2% 2.15 1.39 2.51% 3.45% 8.83 4.65

Price/ Cash Flow

12/yy 5'362 28.06x 3'030.0 11.71x 1'881.0 22.92x

20.0 M 15.0 M 10.0 M 5.0 M

j-12

a-12

s-12

LTM 12/yy 5'435 24.57x 2'798.0 10.69x 1'749.0 19.41x

o-12

n-12

d-12

j-13

f-13 m-13

.0 M a-13

FY+1

1.95 0.73 808.91 4.13 -31.10% -23.90% 0.733 27 4.333 12'699'181 7'478'890 6'522'726 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 5'727 7'204 1'349 1'418 4.20x 3.25x 17.26x 16.60x 3'007.7 4'176.7 739.7 789.3 7.63x 5.50x 6.96x 6.89x 1'498.1 2'185.2 325.7 344.4 15.21x 10.71x 14.82x 13.58x S&P Issuer Ratings

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

01.06.2009 BBB+ STABLE 93.27 6.33 -0.05 0.28 3.4% 3.3% 0.18 0.21 41.45 78.74 87.16 33.03

Sales/Revenue/Turnover

30.00

6'000.0

25.00

5'000.0

20.00

4'000.0

15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 01.01.2010

25.0 M

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

Fiscal Year Ended 31.12.2008 2'419.6 9.42x 1'052.2 21.66x 1'475.6 57.34x

50 45 40 35 30 25 20 15 10 5 0 a-12 m-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

19.04.2013

Goldcorp Inc Holdings By:

All

Holder Name BLACKROCK FMR LLC VAN ECK ASSOCIATES C ROYAL BANK OF CANADA BMO FINANCIAL CORP CARMIGNAC GESTION TD ASSET MANAGEMENT CI INVESTMENTS INC CIBC WORLD MARKETS I TORONTO DOMINION BAN FIRST EAGLE INVESTME FRANKLIN RESOURCES IA CLARINGTON INVEST CIBC GLOBAL ASSET MA CAISSE DE DEPOT ET P GREYSTONE MANAGED IN FIERA CAPITAL CORPOR MACKENZIE FINANCIAL SUN LIFE FINANCIAL I NORGES BANK

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

Portfolio Name n/a n/a n/a n/a BMO FINANCIAL CORP CARMIGNAC GESTION TD ASSET MANAGEMENT Multiple Portfolios CIBC WORLD MARKETS I TORONTO DOMINION BAN FIRST EAGLE INVESTME n/a Multiple Portfolios CIBC GLOBAL ASSET MA CAISSE DE DEPOT ET P GREYSTONE MANAGED IN FIERA CAPITAL CORPOR MACKENZIE FINANCIAL n/a NORGES BANK

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

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

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

Amt Held 95'391'332 32'937'156 31'593'509 22'991'630 19'122'015 17'580'357 15'632'925 12'996'285 11'806'864 11'409'803 11'152'441 10'114'617 8'426'680 7'362'990 7'239'262 7'106'968 6'835'256 6'271'509 6'162'583 5'776'522

% Out 11.75 4.06 3.89 2.83 2.36 2.17 1.93 1.6 1.45 1.41 1.37 1.25 1.04 0.91 0.89 0.88 0.84 0.77 0.76 0.71

Weighting

Change

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

M M M M M M M M M M M M M U M M M M M M M M M N

Latest Chg (9'098'135) (836'637) 1'883'662 (574'672) 17'580'357 5'971'920 (440'597) 70'556 1'401'951 95'200 (651'961) (27'800) 699'268 (4'220'800) (2'294'891) 1'053'271 (3'832'372) (935'880) 1'267'153

Target Price 36 45 49 31 46 46 #N/A N/A 37 46 60 50 59 35 #N/A N/A 48 48 49 49 51 33 50 #N/A N/A 44 #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 17.04.2013 Investment Advisor 31.12.2012 Bank 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Government

Date 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 9 month Not Provided 12 month Not Provided 12 month Not Provided

Date 16.04.2013 16.04.2013 15.04.2013 15.04.2013 15.04.2013 11.04.2013 09.04.2013 03.04.2013 03.04.2013 02.04.2013 02.04.2013 01.04.2013 21.03.2013 15.03.2013 14.03.2013 12.03.2013 10.03.2013 09.03.2013 25.02.2013 19.02.2013 15.02.2013 08.01.2013 08.01.2013 19.11.2008

19.04.2013

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

Price/Volume 45

70.0 M

60.0 M

50.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.06.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ABX US EQUITY YTD Change ABX US EQUITY YTD % CHANGE

12/2011 12/yy 43.30 17.51 11'279'958.00 17.88 -58.01% 2.11% 0.54% 1'001.1 17'900.35 13'943.00 0.0 2'663.0 2'093.00 32'413.35

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

1.20 1.00

40.0 M

30.0 M

20.0 M

10.0 M

5 0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 7'613.0 4.64x 3'010.0 11.75x 785.0 -

31.12.2009 31.12.2010 8'136.0 11'001.0 5.27x 5.25x 3'589.0 6'211.0 11.95x 9.30x (4'274.0) 3'582.0 Profitability

LTM-4Q 31.12.2011 14'236.0 4.08x 8'327.0 6.98x 4'484.0 -

31.12.2012 14'547.0 3.41x 7'358.0 6.73x (665.0) 7'358.00 5'636.00 38.74% -6.28% -1.38% -2.94% 0.30% 47.4% 50.6% 38.7% -4.6% 1.33 0.58 29.49% 63.83% 33.25 2.95

LTM

12/yy 14'236.0 16.28x 8'327.0 6.98x 4'484.0 0.00x

12/yy 14'547.0 14.67x 7'358.0 6.73x (665.0) 0.00x

FY+1

.0 M a-13

4.19 0.72 998.49 6.44 -55.49% -48.60% 0.720 32 4.000 43'747'904 16'816'592 13'509'902 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 14'572.7 15'562.7 3'489.3 3'591.4 2.31x 2.11x 9.42x 9.29x 7'475.4 8'270.4 1'848.0 1'903.0 4.36x 3.94x 4.10x 4.09x 3'660.3 3'958.0 861.7 889.5 4.72x 4.39x 4.72x 4.72x S&P Issuer Ratings

30.07.2012 BBB+ NEG 19.05.2011 A-2 9.89 1.33 1.61 1.89 63.8% 36.3% 0.30 0.50 11.01 124.16 101.35 33.82

Sales/Revenue/Turnover

16'000.0 14'000.0 12'000.0

0.80 0.60

10'000.0 8'000.0 6'000.0

0.40 0.20

4'000.0 2'000.0 0.0

0.00

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

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

19.04.2013

Barrick Gold Corp Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN VAN ECK ASSOCIATES C ROYAL BANK OF CANADA FMR LLC CI INVESTMENTS INC BMO FINANCIAL CORP ALLIANZ ASSET MANAGE CIBC WORLD MARKETS I BANK OF NEW YORK MEL TORONTO DOMINION BAN TD ASSET MANAGEMENT INSTITUTIONAL CAPITA FRANKLIN RESOURCES WELLINGTON MANAGEMEN IA CLARINGTON INVEST CIBC GLOBAL ASSET MA HARTFORD INVESTMENT MACKENZIE FINANCIAL OLDFIELD PARTNERS LL

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

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios BMO FINANCIAL CORP n/a CIBC WORLD MARKETS I BANK OF NEW YORK MEL TORONTO DOMINION BAN TD ASSET MANAGEMENT INSTITUTIONAL CAPITA n/a WELLINGTON MANAGEMEN Multiple Portfolios CIBC GLOBAL ASSET MA Multiple Portfolios MACKENZIE FINANCIAL OLDFIELD PARTNERS LL

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

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

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

Amt Held 87'777'710 58'280'637 33'799'228 30'078'073 20'600'402 17'663'919 17'095'925 16'861'144 14'810'763 13'797'555 13'586'744 13'422'922 12'729'638 10'867'001 10'758'391 10'376'354 10'027'723 9'553'806 9'250'600 8'964'554

% Out 8.77 5.82 3.38 3 2.06 1.76 1.71 1.68 1.48 1.38 1.36 1.34 1.27 1.09 1.07 1.04 1 0.95 0.92 0.9

Weighting

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

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

Latest Chg (23'472'640) (1'012'978) 3'795'193 (3'418'885) 771'337 (4'625'429) 3'198'295 38'951 (4'803'846) 1'359'379 866'236 (401'738) 372'180 353'171 (2'442'600) 1'562'724 6'763'418 (491'846) 1'678'488

Target Price 40 34 43 31 33 35 31 34 32 43 33 49 38 #N/A N/A 38 #N/A N/A 43 42 45 45 39 #N/A N/A #N/A N/A #N/A N/A 40 38 #N/A N/A 53 48

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

File Dt 31.12.2012 31.03.2013 17.04.2013 31.12.2012 28.02.2013 31.12.2012 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.03.2013

Date 12 month 12 month Not Provided 12 month Not Provided 9 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided

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

Date 16.04.2013 16.04.2013 16.04.2013 16.04.2013 15.04.2013 15.04.2013 15.04.2013 12.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 10.04.2013 10.04.2013 03.04.2013 02.04.2013 27.03.2013 21.03.2013 21.03.2013 26.02.2013 20.02.2013 15.02.2013 15.02.2013 15.02.2013 20.11.2012 02.11.2012 18.03.2011

19.04.2013

Newmont Mining Corp Newmont Mining Corporation acquires, explores, and develops mineral properties. The Company produces gold from operations in the United States, Australia, Peru, Indonesia, Ghana, Canada, New Zealand and Mexico. Newmont also mines and processes copper in Indonesia.

Price/Volume 60

25.0 M

20.0 M

Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NEM US EQUITY YTD Change NEM US EQUITY YTD % CHANGE

12/2012 12/yy 57.93 32.13 2'635'332.00 32.3799 -43.47% 0.78% 0.89% 491.8 16'129.63 6'298.00 0.0 3'175.0 1'647.00 23'955.63

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

10.0 M

5.0 M

10 0 a-12 m-12

31.12.2009 31.12.2010 7'705.0 9'540.0 3.46x 3.45x 3'799.0 5'118.0 7.02x 6.43x 1'297.0 2'277.0 17.02x 13.44x Profitability

31.12.2011 10'358.0 3.38x 5'162.0 6.78x 366.0 13.92x

31.12.2012 9'868.0 3.13x 4'169.0 7.41x 1'809.0 12.29x 4'169.00 3'137.00 31.79% 31.04% 6.49% 13.57% 10.60% 0.35% 46.6% 42.2% 31.8% 18.3% 1.89 0.80 21.24% 45.73% 13.34 3.55

Price/ Cash Flow

j-12

LTM-4Q

LTM

12/yy 10'358.0 12.62x 5'162.0 6.78x 366.0 13.86x

12/yy 9'868.0 13.03x 4'169.0 7.41x 1'809.0 12.32x

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

4.32 0.66 490.56 15.05 -30.15% -29.51% 0.665 25 3.800 14'665'942 8'405'762 8'081'394 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 10'134.3 11'593.9 2'349.0 2'392.2 2.40x 2.10x 10.31x 10.12x 4'274.4 5'224.5 973.2 996.2 5.65x 4.62x 5.59x 5.20x 1'938.1 2'419.1 401.5 448.0 8.90x 7.31x 8.59x 8.16x S&P Issuer Ratings

11.08.2008 BBB+ STABLE 11.71 2.69 1.12 1.51 45.7% 27.1% 0.35 0.58 27.45 103.03 40.77 89.70

Sales/Revenue/Turnover

12.00

12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 01.01.2010

j-12

Fiscal Year Ended 31.12.2008 6'124.0 3.70x 2'139.0 10.60x 831.0 20.98x

15.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

19.04.2013

Newmont Mining Corp Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN STATE STREET VANGUARD GROUP INC VAN ECK ASSOCIATES C DEUTSCHE BANK AG FMR LLC T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL CARMIGNAC GESTION NORTHERN TRUST CORPO JP MORGAN FIRST EAGLE INVESTME LAZARD ASSET MANAGEM GAMCO NORGES BANK UBS SUSQUEHANNA INTERNAT FRANKLIN RESOURCES CITIGROUP INCORPORAT

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

Portfolio Name n/a n/a n/a VANGUARD GROUP INC n/a DEUTSCHE BANK AKTIEN n/a T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL CARMIGNAC GESTION NORTHERN TRUST CORPO n/a FIRST EAGLE INVESTME n/a n/a NORGES BANK n/a SUSQUEHANNA INTERNAT n/a CITIGROUP INCORPORAT

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

Source ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F 13F 13F 13F ULT-AGG 13F ULT-AGG ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F

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

Amt Held 61'681'268 39'690'300 29'102'298 23'252'143 20'452'474 12'128'463 9'840'813 8'086'219 7'585'611 7'008'200 6'878'622 6'499'609 6'313'581 5'214'490 5'044'086 4'796'938 4'774'573 4'397'226 4'033'696 3'899'426

% Out 12.54 8.07 5.92 4.73 4.16 2.47 2 1.64 1.54 1.42 1.4 1.32 1.28 1.06 1.03 0.98 0.97 0.89 0.82 0.79

Weighting

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

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

Latest Chg (10'724'298) (3'263'614) 1'215'913 (543'864) (5'869'326) (3'033'787) 1'819'020 (37'784) 7'008'200 410'310 212'944 62'200 (336'183) 405'185 (408'945) 279'951 950'823 339'748 3'883'215

Target Price 56 52 35 52 48 40 #N/A N/A 52 45 56 60 56 40 50 43 60 63 65 #N/A N/A 44 53 #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 17.04.2013 Investment Advisor 31.03.2013 Investment Advisor 17.04.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.03.2013 Unclassified 31.12.2012 Unclassified 31.12.2012 Government 28.02.2013 Unclassified 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 9 month 12 month Not Provided Not Provided 12 month Not Provided

Date 18.04.2013 18.04.2013 18.04.2013 17.04.2013 16.04.2013 15.04.2013 12.04.2013 11.04.2013 03.04.2013 03.04.2013 02.04.2013 02.04.2013 21.03.2013 14.03.2013 12.03.2013 27.02.2013 25.02.2013 25.02.2013 22.02.2013 07.11.2012 07.09.2012 27.04.2012

19.04.2013

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

Price/Volume 25 20 15

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (09.11.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AUY US EQUITY YTD Change AUY US EQUITY YTD % CHANGE

12/2012 12/yy 20.59 11.02 4'120'267.00 11.31 -44.27% 2.63% 0.84% 752.3 8'508.68 765.91 0.0 46.8 349.59 8'971.80

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

0 a-12 m-12

31.12.2009 31.12.2010 1'183.3 1'686.8 7.39x 5.76x 575.5 884.1 15.19x 11.00x 192.6 466.5 Profitability

LTM-4Q 31.12.2011 2'173.3 5.04x 1'262.7 8.67x 548.3 -

31.12.2012 2'336.8 5.73x 1'269.4 10.56x 442.1 1'269.45 885.71 37.90% 34.88% 3.92% 5.79% 0.21% 64.4% 64.3% 35.7% 18.9% 1.38 0.78 6.49% 9.80% 12.25 5.73

12/yy 2'173.3 18.01x 1'271.5 8.61x 548.3 0.00x

a-12

s-12

LTM 12/yy 2'336.8 21.98x 1'502.0 8.92x 442.1 0.00x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

0.73 749.79 6.54 -20.69% -34.00% 0.726 23 4.478 12'594'273 7'655'994 7'141'474 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'767.7 3'312.2 561.0 625.5 3.25x 2.55x 16.09x 14.45x 1'577.9 1'994.2 307.0 340.5 5.73x 4.53x 6.36x 6.18x 788.0 1'020.2 146.5 159.0 11.17x 8.47x 11.18x 10.35x S&P Issuer Ratings

22.03 -4.66 0.28 0.51 9.8% 8.9% 0.21 0.24 29.87 63.88 134.99 -62.98

Sales/Revenue/Turnover

2'500.0

1.00

2'000.0

0.60

j-12

Market Data

1.20

0.80

j-12

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

Fiscal Year Ended 31.12.2008 949.4 6.36x 438.9 13.76x 434.8 -

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M a-13

1'500.0 1'000.0

0.40

500.0 0.20

0.0 0.00

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

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

19.04.2013

Yamana Gold Inc Holdings By:

All

Holder Name BLACKROCK FMR LLC BANK OF NEW YORK MEL VAN ECK ASSOCIATES C ROYAL BANK OF CANADA ALLIANZ ASSET MANAGE GREYSTONE MANAGED IN CIBC WORLD MARKETS I BMO FINANCIAL CORP TORONTO DOMINION BAN CONNOR CLARK & LUNN JP MORGAN AGF INVESTMENTS INC CALAMOS ADVISORS LLC OPPENHEIMERFUNDS INC CARMIGNAC GESTION INVESTEC ASSET MANAG UNITED SERVICES AUTO FIERA CAPITAL CORPOR TD ASSET MANAGEMENT

Firm Name TD Securities EVA Dimensions BMO Capital Markets Canaccord Genuity Corp Davy Dundee Securities Corp CIBC World Markets National Bank Financial Cowen Securities LLC Credit Suisse HSBC GMP Barclays Scotia Capital Macquarie Raymond James Veritas Investment Research Co RBC Capital Markets Cormark Securities Inc. Morgan Stanley VSA Capital Ltd Davenport & Co Paradigm Capital Inc

Portfolio Name n/a n/a BANK OF NEW YORK MEL n/a n/a n/a GREYSTONE MANAGED IN CIBC WORLD MARKETS I BMO FINANCIAL CORP TORONTO DOMINION BAN CONNOR CLARK & LUNN n/a AGF INVESTMENTS INC CALAMOS ADVISORS LLC Multiple Portfolios CARMIGNAC GESTION INVESTEC ASSET MANAG UNITED SERVICES AUTO FIERA CAPITAL CORPOR TD ASSET MANAGEMENT

Analyst STEVEN J GREEN CRAIG STERLING DAVID HAUGHTON STEVEN BUTLER BART JAWORSKI JOSH WOLFSON ALEC KODATSKY STEPHEN PARSONS ADAM P GRAF ANITA SONI PATRICK CHIDLEY GEORGE V ALBINO FAROOQ HAMED TANYA M JAKUSCONEK TONY LESIAK BRAD HUMPHREY PAWEL RAJSZEL DAN ROLLINS RICHARD GRAY PARETOSH MISRA CHARLIE LONG LLOYD T O'CARROLL DON MACLEAN

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

Recommendation buy hold outperform buy underperform buy sector outperform outperform buy outperform overweight buy overweight sector outperform neutral outperform sell outperform buy Overwt/In-Line not rated buy buy

Amt Held 78'066'044 39'560'804 32'345'793 30'395'201 20'933'359 14'372'698 13'228'300 10'309'781 10'227'965 9'535'253 8'387'255 7'376'636 6'727'417 6'618'118 6'409'801 6'398'774 6'246'128 5'959'128 5'822'420 5'761'349

% Out 10.38 5.26 4.3 4.04 2.78 1.91 1.76 1.37 1.36 1.27 1.11 0.98 0.89 0.88 0.85 0.85 0.83 0.79 0.77 0.77

Weighting

Change

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

M U M M D N M M M M M M M M M M M M M M M M M

Latest Chg 6'000'156 32'345'793 33'993 (281'596) 4'180'320 (4'648'298) (74'839) 10'227'965 307'566 (3'112'528) (495'642) 89'500 6'618'118 160'000 6'398'774 6'246'128 5'959'128 352'746 5'761'349

Target Price 24 #N/A N/A 22 21 #N/A N/A 18 25 20 16 19 17 22 22 21 16 23 15 22 24 23 #N/A N/A 22 21

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

File Dt 16.04.2013 28.02.2013 31.03.2013 17.04.2013 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012

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

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

Date 16.04.2013 16.04.2013 15.04.2013 15.04.2013 15.04.2013 12.04.2013 11.04.2013 09.04.2013 09.04.2013 03.04.2013 03.04.2013 02.04.2013 02.04.2013 14.03.2013 07.03.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 28.01.2013 10.01.2013 30.10.2012 19.06.2012

19.04.2013

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

Price/Volume 140

3.0 M

120

2.5 M

100

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GOLD US EQUITY YTD Change GOLD US EQUITY YTD % CHANGE

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

1.0 M

.5 M

20 0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 338.6 9.01x 97.3 31.34x 41.6 78.87x

1.5 M

12/2011 12/yy 127.27 66.51 431'201.00 69.84 -44.54% 5.01% 0.63% 92.1 6'434.49 18.02 0.0 166.1 390.76 6'227.86

31.12.2009 31.12.2010 432.8 484.6 15.50x 14.79x 142.3 164.3 47.15x 43.62x 69.4 103.5 94.26x 72.03x Profitability

LTM-4Q 31.12.2011 1'127.1 7.97x 581.9 15.44x 383.9 24.30x

31.12.2012 1'317.8 6.59x 699.2 12.43x 431.8 20.57x 699.18 567.44 43.06% 43.12% 15.23% 17.95% 20.07% 0.46% 51.1% 53.1% 43.1% 32.8% 4.07 1.92 0.58% 0.69% 23.85 -

Price/ Cash Flow

12/yy 1'127.1 28.37x 581.9 15.44x 383.9 24.30x

LTM 12/yy 1'317.8 26.72x 699.2 12.43x 431.8 20.57x

FY+1

.0 M a-13

0.72 0.63 0.66 -19.50% -29.61% 0.634 10 4.400 1'396'622 735'815 642'269 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'547.6 2'042.6 321.0 339.0 4.03x 2.77x 773.8 1'187.0 8.11x 5.29x 454.5 696.9 75.3 85.0 14.17x 9.34x 18.10x S&P Issuer Ratings

582.65 114.09 -0.53 0.03 0.7% 0.6% 0.46 0.87 15.35 136.09

Sales/Revenue/Turnover

160.00

1'400.0

140.00

1'200.0

120.00

1'000.0

100.00

800.0

80.00

600.0

60.00

400.0

40.00

200.0

20.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

19.04.2013

Randgold Resources Ltd Holdings By:

All

Holder Name BLACKROCK VAN ECK ASSOCIATES C WELLS FARGO FMR LLC CARMIGNAC GESTION FRANKLIN RESOURCES FIRST EAGLE INVESTME AGF INVESTMENTS INC JENNISON ASSOCIATES JP MORGAN TOCQUEVILLE ASSET MA PAULSON & CO INVESCO LTD GAMCO OPPENHEIMERFUNDS INC MACKENZIE FINANCIAL ASA BERMUDA LIMITED RENAISSANCE TECHNOLO NIKKO ASSET MANAGEME AMERICAN CENTURY COM

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

Portfolio Name n/a n/a n/a n/a CARMIGNAC GESTION n/a FIRST EAGLE INVESTME AGF INVESTMENTS INC JENNISON ASSOCIATES n/a TOCQUEVILLE ASSET MA PAULSON & CO INVESCO LTD n/a OPPENHEIMER FUNDS IN MACKENZIE FINANCIAL ASA BERMUDA LIMITED RENAISSANCE TECHNOLO n/a AMERICAN CENTURY COM

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

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F ULT-AGG 13F 13F 13F ULT-AGG 13F 13F 13F 13F ULT-AGG 13F

Recommendation outperform buy buy overweight buy sector perform underweight buy buy

Amt Held 8'564'157 6'627'558 6'013'791 4'049'382 3'917'000 1'651'613 1'264'736 1'196'861 1'013'740 968'495 952'220 930'502 821'510 818'535 656'494 533'200 444'700 399'700 386'300 385'000

% Out 9.3 7.19 6.53 4.4 4.25 1.79 1.37 1.3 1.1 1.05 1.03 1.01 0.89 0.89 0.71 0.58 0.48 0.43 0.42 0.42

Weighting

Change 5 5 5 5 5 3 1 5 5

U M M M M M M M M

Latest Chg (1'049'859) 365'169 394'983 (992'666) 3'917'000 (232'819) (47'000) (132'195) (96'778) (224'221) (175'960) (72'716) 1'320 30'000 164'900 171'000 65'300 (15'400)

Target Price 100 105 133 120 120 109 #N/A N/A 125 #N/A N/A

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

File Dt 16.04.2013 17.04.2013 28.02.2013 28.02.2013 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012

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

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

Date 14.04.2013 12.04.2013 11.04.2013 03.04.2013 01.04.2013 28.03.2013 28.03.2013 16.11.2012 10.08.2012

19.04.2013

Cia de Minas Buenaventura SA Cia de Minas Buenaventura S.A. explores for, mines, and processes gold, silver, zinc, and other metals. The Company operates mines in Peru, a lime plant, an electric power transmission company, and an engineering services company. Buenaventura also markets metal concentrates to smelters internationally.

Price/Volume 45

6.0 M

5.0 M

35 30

4.0 M

12/2011 12/yy 43.04 20.19 251'162.00 20.52 -51.84% 1.63% 0.26% 274.9 5'656.02 179.30 0.0 262.3 241.22 5'856.44

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

2.0 M

1.0 M

5 0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 766.6 6.61x (54.4) 153.3 33.61x

3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.04.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BVN US EQUITY YTD Change BVN US EQUITY YTD % CHANGE

31.12.2009 31.12.2010 881.5 1'103.8 9.30x 10.85x 351.5 475.4 23.33x 25.19x 593.6 660.8 14.29x 18.66x Profitability

LTM-4Q 31.12.2011 1'556.6 6.05x 820.2 11.49x 858.9 11.16x

31.12.2012 1'563.5 6.00x 571.9 16.39x 684.7 13.40x 571.92 418.23 26.75% 56.63% 16.03% 19.90% 19.50% 0.35% 39.7% 37.9% 27.7% 43.8% 2.30 1.42 3.91% 4.84% 7.03 5.57

Price/ Cash Flow

12/yy 1'556.6 24.64x 629.3 14.97x 858.9 11.16x

LTM 12/yy 1'508.9 25.51x 571.9 16.39x 684.7 13.40x

FY+1

.0 M a-13

0.56 1.19 -50.08% -42.21% 0.558 13 3.462 2'331'672 1'466'871 1'511'563 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'770.7 1'891.4 420.0 425.0 3.01x 2.63x 999.1 1'031.9 290.5 281.5 5.93x 5.73x 4.80x 758.3 761.5 163.0 157.0 6.76x 6.94x 7.37x 7.00x S&P Issuer Ratings

68.99 15.56 -0.11 0.31 4.8% 4.3% 0.35 1.54 52.03 65.70 70.83 45.41

Sales/Revenue/Turnover

30.00

1'800.0 1'600.0

25.00

1'400.0 1'200.0

20.00

1'000.0 15.00

800.0 600.0

10.00

400.0 5.00 0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

19.04.2013

Cia de Minas Buenaventura SA Holdings By:

All

Holder Name BLACKROCK VAN ECK ASSOCIATES C VONTOBEL ASSET MANAG FRANKLIN RESOURCES VANGUARD GROUP INC WELLS FARGO STATE STREET FMR LLC THE BANK OF NOVA SCO HARRIS TRUST & SAVIN NORGES BANK AGF INVESTMENTS INC UNITED SERVICES AUTO JENNISON ASSOCIATES VONTOBEL ASSET MANAG CREDIT AGRICOLE SA PARAMETRIC PORTFOLIO GAMCO ING INV MANAGEMENT E ING INVESTMENT MANAG

Firm Name Inteligo SAB Banco BTG Pactual SA EVA Dimensions Grupo Santander JPMorgan Scotia Capital Euro Pacific Capital Inc Morgan Stanley Credit Suisse Kallpa Securities SAB Banco de Credito del Peru

Portfolio Name n/a n/a VONTOBEL ASSET MANAG n/a VANGUARD GROUP INC n/a n/a n/a THE BANK OF NOVA SCO Multiple Portfolios NORGES BANK AGF INVESTMENTS INC UNITED SERVICES AUTO JENNISON ASSOCIATES Multiple Portfolios CREDIT AGRICOLE SA PARAMETRIC PORTFOLIO n/a ING INVESTMENT MANAG Multiple Portfolios

Analyst LALI MERINO CESAR PEREZ-NOVOA CRAIG STERLING WALTER CHIARVESIO JOHN BRIDGES TANYA M JAKUSCONEK HEIKO IHLE CARLOS DE ALBA SANTIAGO PEREZ TEUFFER EDDER CASTRO HECTOR JOSUE COLLANTES

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

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

Amt Held 30'511'977 12'079'992 7'682'310 6'304'890 5'406'540 4'578'349 4'411'760 4'343'301 2'559'961 2'471'676 2'298'752 2'165'035 1'806'500 1'778'056 1'651'026 1'460'432 1'434'207 1'112'800 1'110'680 1'097'662

% Out 11.1 4.39 2.79 2.29 1.97 1.67 1.6 1.58 0.93 0.9 0.84 0.79 0.66 0.65 0.6 0.53 0.52 0.4 0.4 0.4

Weighting

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

M M M U M M M M M M M

Latest Chg (31'769) 349'674 770'800 355'351 536'429 297'630 (1'580'101) (1'514'324) 558'323 1'801'505 (60'256) (22'000) (70'363) 224'921 (302'643) 33'736 (475'416) (1'561)

Target Price 32 43 #N/A N/A 33 34 31 27 31 35 33 33

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

File Dt 16.04.2013 17.04.2013 31.12.2012 31.12.2012 31.03.2013 28.02.2013 17.04.2013 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 28.02.2013

Date Not Provided 12 month Not Provided Not Provided 9 month 12 month 12 month 12 month Not Provided Not Provided Not Provided

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

Date 16.04.2013 01.04.2013 27.03.2013 22.03.2013 14.03.2013 14.03.2013 11.03.2013 10.03.2013 08.03.2013 07.03.2013 01.03.2013

19.04.2013

Silver Wheaton Corp Silver Wheaton Corporation purchases and sells by-product silver from operating mines. The Company has long term contracts to purchase all or a portion of the silver production from mines in Mexico, Sweden, Peru, Greece and the United States.

Price/Volume 45

16.0 M

14.0 M

12.0 M

10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (01.11.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SLW US EQUITY YTD Change SLW US EQUITY YTD % CHANGE

12/2012 12/yy 41.30 21.79 2'362'120.00 21.95 -45.50% 0.73% 0.87% 354.4 7'779.81 50.06 0.0 0.0 778.22 7'051.66

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

1.20

6.0 M

15 10

4.0 M

2.0 M

0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 166.7 12.14x 105.5 19.18x 17.3 -

8.0 M

Valuation Analysis

31.12.2009 31.12.2010 239.3 423.4 21.12x 31.91x 158.5 316.2 31.87x 42.72x 117.9 153.4 Profitability

LTM-4Q 31.12.2011 730.0 13.01x 618.8 15.35x 550.0 -

31.12.2012 849.6 14.18x 701.5 17.17x 586.0 701.46 600.00 70.63% 70.72% 19.34% 20.34% 0.28% 74.3% 82.6% 70.6% 69.0% 15.88 15.86 1.57% 1.61% 168.45 -

12/yy 730.0 62.08x 618.8 15.35x 550.0 0.00x

LTM 12/yy 849.6 52.82x 701.5 17.17x 586.0 0.00x

FY+1

.0 M a-13

1.05 353.96 1.97 -24.83% -38.89% 1.052 15 4.733 9'416'089 5'592'767 4'439'652 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'040.9 1'145.2 248.2 245.4 8.01x 7.28x 35.22x 35.69x 862.0 950.5 202.3 201.8 8.40x 7.62x 8.75x 8.94x 625.1 695.9 146.5 143.3 12.43x 11.27x 12.83x 12.40x S&P Issuer Ratings

-1.04 0.07 1.6% 1.6% 0.28 0.41 2.17 24.47 -

Sales/Revenue/Turnover

900.0 800.0

1.00 0.80

700.0 600.0 500.0

0.60

400.0 300.0

0.40 0.20

200.0 100.0 0.0

0.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

19.04.2013

Silver Wheaton Corp Holdings By:

All

Holder Name BLACKROCK VAN ECK ASSOCIATES C CARMIGNAC GESTION CAISSE DE DEPOT ET P FMR LLC ROYAL BANK OF CANADA TD ASSET MANAGEMENT BMO FINANCIAL CORP CIBC WORLD MARKETS I OPPENHEIMERFUNDS INC TORONTO DOMINION BAN TCW GROUP INC TOCQUEVILLE ASSET MA GREAT WEST LIFE ASSU JP MORGAN CONNOR CLARK & LUNN UBS RENAISSANCE TECHNOLO FIERA CAPITAL CORPOR SUSQUEHANNA INTERNAT

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

Portfolio Name n/a n/a CARMIGNAC GESTION CAISSE DE DEPOT ET P n/a n/a TD ASSET MANAGEMENT BMO FINANCIAL CORP CIBC WORLD MARKETS I OPPENHEIMER FUNDS IN TORONTO DOMINION BAN TCW GROUP INCORPORAT TOCQUEVILLE ASSET MA GREAT WEST LIFE ASSU n/a CONNOR CLARK & LUNN n/a RENAISSANCE TECHNOLO FIERA CAPITAL CORPOR SUSQUEHANNA INTERNAT

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

Source ULT-AGG ULT-AGG 13F 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F ULT-AGG 13F ULT-AGG 13F 13F 13F

Recommendation buy outperform buy outperform sector outperform outperform outperform outperform buy top pick overweight focus stock underweight

Amt Held 26'099'114 14'931'769 13'917'000 8'175'300 7'447'807 6'662'901 6'495'536 5'382'984 4'960'957 4'728'500 4'349'599 3'789'248 3'509'630 3'329'848 2'958'587 2'913'501 2'772'288 2'633'600 2'612'842 2'596'512

% Out 7.36 4.21 3.93 2.31 2.1 1.88 1.83 1.52 1.4 1.33 1.23 1.07 0.99 0.94 0.83 0.82 0.78 0.74 0.74 0.73

Weighting

Change 5 5 5 5 5 5 5 5 5 5 5 5 1

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

Latest Chg (446'773) 13'917'000 (31'900) (6'668'009) 830'039 (1'461'400) 180'499 49'457 20'000 90'737 (27'067) (6'350) 205'032 (938'492) 700'890 79'450 986'200 283'586 665'106

Target Price 46 40 45 50 45 40 48 43 47 48 40 50 #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 17.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Bank 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Insurance Company 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Unclassified 31.12.2012 Hedge Fund Manager 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 9 month 12 month Not Provided

Date 16.04.2013 15.04.2013 15.04.2013 11.04.2013 11.04.2013 11.04.2013 10.04.2013 10.04.2013 02.04.2013 01.04.2013 22.03.2013 22.03.2013 17.01.2013

19.04.2013

AngloGold Ashanti Ltd AngloGold Ashanti Limited is a holding company for a group of companies which explore for and mine gold internationally. The Group has operations in the Vaal River and West Witwatersrand areas of South Africa as well as Namibia, Mali, Brazil, Argentina, Australia, Tanzania and the United States.

Price/Volume 40 35 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.06.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AU US EQUITY YTD Change AU US EQUITY YTD % CHANGE

12/2012 12/yy 38.31 17.45 1'099'736.00 17.63 -53.35% 1.03% 0.53% 383.7 6'792.44 30'375.96 0.0 186.5 7'562.20 -

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

10 5 0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

31.12.2009 31.12.2010 30'745.0 38'833.0 3.88x 3.60x (2'435.0) 9'720.0 14.37x (2'762.0) 637.0 Profitability

LTM-4Q 31.12.2011 47'849.0 3.00x 20'443.0 7.03x 11'282.0 -

31.12.2012 52'160.3 2.30x 19'105.5 6.28x 6'814.6 19'105.47 12'553.61 24.07% 18.43% 7.08% 15.88% 12.20% 0.54% 36.1% 36.6% 24.1% 13.1% 1.37 0.70 28.22% 65.78% 15.50 3.46

LTM

12/yy 47'846.3 11.44x 20'438.6 7.03x 11'269.3 0.00x

12/yy 51'994.5 9.54x 18'922.1 6.28x 6'452.4 0.00x

FY+1

0.77 3.11 -46.94% -43.68% 0.774 6 4.000 5'403'744 2'577'430 2'269'433 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 60'643.3 62'974.4 1.43x 1.25x 24'663.9 27'047.3 9'439.9 10'641.1 6.99x 5.84x S&P Issuer Ratings

10.12.2012 BBBNEG 10.07 2.46 1.16 1.54 65.8% 39.6% 0.54 0.90 23.61 105.75 73.67 55.66

Sales/Revenue/Turnover

1.20

60'000.0

1.00

50'000.0

0.80

40'000.0

0.60

j-12

Fiscal Year Ended 31.12.2008 29'774.0 3.48x 3'278.0 31.64x (16'138.0) -

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M a-13

30'000.0 20'000.0

0.40

10'000.0 0.20

0.0 0.00

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

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

19.04.2013

AngloGold Ashanti Ltd Holdings By:

All

Holder Name PAULSON & CO VAN ECK ASSOCIATES C NWQ INVESTMENT MANAG FRANKLIN RESOURCES FMR LLC BLACKROCK WELLS FARGO FIRST EAGLE INVESTME TRADEWINDS GLOBAL IN RENAISSANCE TECHNOLO NUVEEN ASSET MANAGEM CAPITAL GROUP COMPAN PLATINUM INVESTMENT ALLIANZ ASSET MANAGE UNITED SERVICES AUTO GAMCO INVESTEC ASSET MANAG NIKKO ASSET MANAGEME INVESTEC ASSET MANAG DIMENSIONAL FUND ADV

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

Portfolio Name PAULSON & CO n/a NWQ INVESTMENT MANAG n/a n/a n/a n/a FIRST EAGLE INVESTME TRADEWINDS GLOBAL IN RENAISSANCE TECHNOLO Multiple Portfolios n/a PLATINUM INVESTMENT n/a UNITED SERVICES AUTO n/a INVESTEC ASSET MANAG n/a Multiple Portfolios DIMENSIONAL FUND ADV

Analyst BRUCE ALWAY CRAIG STERLING PATRICK CHIDLEY TANYA M JAKUSCONEK DAVID HAUGHTON

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

Recommendation hold hold overweight sector perform market perform

Amt Held 28'203'999 15'624'679 11'768'176 8'874'473 6'722'122 6'491'418 5'528'405 5'204'615 4'186'865 3'240'700 2'661'632 2'635'169 2'204'815 1'741'097 1'718'056 1'612'030 1'609'197 1'607'200 1'542'152 1'527'685

% Out 7.35 4.07 3.07 2.31 1.75 1.69 1.44 1.36 1.09 0.84 0.69 0.69 0.57 0.45 0.45 0.42 0.42 0.42 0.4 0.4

Weighting

Change 3 3 5 3 3

M U M M M

Latest Chg (199'546) 1'302'862 (511'763) 66'069 (133'085) (1'151'354) 535'659 607'438 (559'541) (420'800) 79'377 (10'100) 147'000 (461'493) (681'300) 88'230 (8'000) 252'500 88'647

Target Price 25 #N/A N/A 45 32 0

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

File Dt Inst Type 31.12.2012 Hedge Fund Manager 17.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 16.04.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.03.2013 Unclassified 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month Not Provided Not Provided 12 month Not Provided

Date 12.04.2013 05.04.2013 03.04.2013 18.03.2013 24.02.2010

19.04.2013

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

Price/Volume 60

6.0 M

12/2012 12/yy 57.35 30.75 695'477.00 31.1 -44.76% 1.14% 0.30% 172.5 5'364.79 842.96 0.0 0.0 351.28 5'856.46

Price/ Cash Flow

2.0 M 0 a-12

31.12.2009 31.12.2010 613.8 1'422.5 14.47x 9.45x 202.5 601.8 43.86x 22.34x 86.5 332.1 Profitability

1.0 M m-12

LTM-4Q 31.12.2011 1'821.8 3.75x 752.9 9.08x (568.9) -

31.12.2012 1'917.7 4.96x 787.4 12.08x 310.9 787.42 515.56 26.88% 22.69% 6.04% 9.40% 8.39% 0.37% 39.0% 41.3% 27.1% 16.2% 3.26 1.51 16.04% 24.72% 26.70 3.82

12/yy 1'821.8 22.22x 762.1 8.97x (568.9) 0.00x

j-12

a-12

s-12

LTM 12/yy 1'917.7 17.04x 791.4 12.02x 310.9 0.00x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

0.62 171.64 1.65 -5.69% -40.40% 0.617 25 3.640 2'860'860 1'740'916 1'558'893 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'870.8 2'136.1 404.7 429.8 3.28x 2.86x 14.67x 13.82x 777.6 977.1 205.8 219.3 7.66x 6.10x 6.39x 6.67x 314.1 414.1 56.5 64.4 17.97x 14.58x 17.46x 16.55x S&P Issuer Ratings

12.03.2003 NR 13.60 5.91 0.62 1.07 24.7% 19.8% 0.37 0.48 13.71 95.87 43.00 66.58

Sales/Revenue/Turnover

2'500.0

1.00

2'000.0

0.60

3.0 M

1.20

0.80

4.0 M

Fiscal Year Ended

5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (26.11.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AEM US EQUITY YTD Change AEM US EQUITY YTD % CHANGE

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

7.0 M

Valuation Analysis

31.12.2008 368.9 21.80x 94.9 84.80x 73.2 -

8.0 M

1'500.0 1'000.0

0.40

500.0 0.20

0.0 0.00

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

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

19.04.2013

Agnico-Eagle Mines Ltd Holdings By:

All

Holder Name BLACKROCK FMR LLC FIRST EAGLE INVESTME VAN ECK ASSOCIATES C T ROWE PRICE ASSOCIA WELLS FARGO ROYAL BANK OF CANADA GREYSTONE MANAGED IN BMO FINANCIAL CORP CIBC WORLD MARKETS I OPPENHEIMERFUNDS INC CONNOR CLARK & LUNN TORONTO DOMINION BAN TOCQUEVILLE ASSET MA GAMCO AGF INVESTMENTS INC TD ASSET MANAGEMENT VINIK ASSET MANAGEME CIBC GLOBAL ASSET MA INVESCO LTD

Firm Name Dundee Securities Corp TD Securities BMO Capital Markets Canaccord Genuity Corp CIBC World Markets Global Hunter Securities Raymond James National Bank Financial Cowen Securities LLC Credit Suisse HSBC GMP Barclays Salman Partners RBC Capital Markets Scotia Capital Mackie Research Capital Corp. Macquarie JPMorgan Sterne, Agee & Leach Veritas Investment Research Co Cormark Securities Inc. Morgan Stanley Paradigm Capital Inc

Portfolio Name n/a n/a FIRST EAGLE INVESTME n/a T ROWE PRICE ASSOCIA n/a n/a GREYSTONE MANAGED IN BMO FINANCIAL CORP CIBC WORLD MARKETS I OPPENHEIMER FUNDS IN CONNOR CLARK & LUNN TORONTO DOMINION BAN TOCQUEVILLE ASSET MA n/a AGF INVESTMENTS INC TD ASSET MANAGEMENT VINIK ASSET MANAGEME CIBC GLOBAL ASSET MA INVESCO LTD

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

Source ULT-AGG ULT-AGG 13F ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F 13F ULT-AGG 13F 13F 13F 13F 13F

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

Amt Held 20'005'396 10'965'646 10'609'234 7'852'302 6'703'930 4'886'681 4'508'247 3'966'811 3'247'664 2'470'737 2'465'218 2'203'819 2'127'726 1'587'012 1'516'976 1'419'955 1'286'484 1'179'900 1'173'439 1'116'161

% Out 11.6 6.36 6.15 4.55 3.89 2.83 2.61 2.3 1.88 1.43 1.43 1.28 1.23 0.92 0.88 0.82 0.75 0.68 0.68 0.65

Weighting

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

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

Latest Chg 1'566'877 (768'808) (1'072'408) (231'825) 410'801 1'219'028 3'966'811 (83'945) 25'248 (510'000) 1'150'325 75'223 109'805 (201'330) (340'584) 9'866 155'300 92'994 (158'619)

Target Price 44 53 45 45 56 51 55 45 #N/A N/A 50 43 55 51 55 63 58 43 46 39 #N/A N/A 41 58 #N/A N/A 59

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

File Dt Inst Type 16.04.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 17.04.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Bank 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 9 month Not Provided Not Provided 12 month Not Provided 12 month

Date 17.04.2013 16.04.2013 15.04.2013 15.04.2013 11.04.2013 10.04.2013 09.04.2013 09.04.2013 09.04.2013 03.04.2013 03.04.2013 02.04.2013 02.04.2013 26.03.2013 18.03.2013 14.03.2013 12.03.2013 07.03.2013 25.02.2013 19.02.2013 15.02.2013 14.02.2013 25.10.2012 05.01.2012

19.04.2013

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

Price/Volume 14

25.0 M

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.06.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GFI US EQUITY YTD Change GFI US EQUITY YTD % CHANGE

12/2012 12/yy 12.09 6.23 2'126'609.00 6.345 -47.13% 1.85% 0.51% 736.1 4'670.86 16'015.70 0.0 1'803.9 5'195.60 -

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

1.20 1.00

15.0 M

10.0 M

4 5.0 M

2 0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 23'009.5 3.10x 8'713.0 8.19x 4'457.5 -

31.12.2009 31.12.2010 29'086.9 31'565.3 2.56x 2.56x 10'955.0 11'960.3 6.80x 6.75x 1'535.6 3'631.4 Profitability

LTM-4Q 31.12.2011 25'263.7 3.99x 13'527.5 7.45x 7'026.7 -

31.12.2012 28'915.8 3.05x 14'243.0 6.20x 5'658.1 14'243.00 10'149.20 35.10% 22.47% 6.31% 11.52% 9.18% 0.47% 38.7% 47.6% 33.6% 19.6% 1.76 0.39 16.85% 31.19% 22.99 -

LTM

12/yy 29'609.9 13.11x 13'851.2 0.00x 7'026.7 0.00x

12/yy 42'193.5 8.38x 20'100.6 4.39x 5'658.1 0.00x

FY+1

.0 M a-13

0.75 4.73 -40.41% -40.39% 0.746 3 3.667 9'621'236 6'413'551 5'361'271 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 39'751.8 49'164.5 1.38x 0.78x 13'998.6 15'063.5 11'610.4 13'914.0 7.92x 7.00x S&P Issuer Ratings

15.11.2012 BB+ STABLE 15.11.2012 B 24.36 6.99 0.54 0.80 31.2% 23.2% 0.47 0.72 15.92 69.00

Sales/Revenue/Turnover

35'000.0 30'000.0 25'000.0

0.80

20'000.0 0.60

15'000.0

0.40

10'000.0 5'000.0

0.20

0.0 0.00

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

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

19.04.2013

Gold Fields Ltd Holdings By:

All

Holder Name FIRST EAGLE INVESTME VAN ECK ASSOCIATES C DIMENSIONAL FUND ADV FMR LLC BLACKROCK THORNBURG INVESTMENT PAULSON & CO ALLIANZ ASSET MANAGE TRADEWINDS GLOBAL IN RUFFER LLP RENAISSANCE TECHNOLO WELLS FARGO GAMCO UNITED SERVICES AUTO INVESTEC ASSET MANAG TOCQUEVILLE ASSET MA INVESTEC ASSET MANAG PROSPECTOR PARTNERS PASSPORT CAPITAL LLC FRANK RUSSELL TRUST

Firm Name Scotia Capital HSBC EVA Dimensions BMO Capital Markets

Portfolio Name FIRST EAGLE INVESTME n/a DIMENSIONAL FUND ADV n/a n/a THORNBURG INVESTMENT PAULSON & CO n/a TRADEWINDS GLOBAL IN RUFFER LLP RENAISSANCE TECHNOLO n/a n/a UNITED SERVICES AUTO INVESTEC ASSET MANAG TOCQUEVILLE ASSET MA Multiple Portfolios PROSPECTOR PARTNERS PASSPORT CAPITAL LLC FRANK RUSSELL COMPAN

Analyst TANYA M JAKUSCONEK PATRICK CHIDLEY TEAM COVERAGE DAVID HAUGHTON

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

Recommendation sector perform overweight dropped coverage market perform

Amt Held 47'198'164 35'916'727 22'259'805 9'740'161 8'747'451 7'145'000 6'541'600 6'270'156 5'423'998 5'417'539 5'162'800 5'035'021 4'470'669 4'338'700 3'938'303 3'905'493 3'806'476 3'774'300 3'394'316 2'993'616

% Out 6.41 4.88 3.02 1.32 1.19 0.97 0.89 0.85 0.74 0.74 0.7 0.68 0.61 0.59 0.53 0.53 0.52 0.51 0.46 0.41

Weighting

Change

3 5 #N/A N/A 3

M M M M

Latest Chg 408'600 1'204'375 1'621'222 (96'300) (497'451) 4'291'310 1'864'617 (1'957'356) (2'800) (1'012'600) (58'502) (469'100) (368'600) (21'100) 291'703 (145'200) 3'394'316 382'294

Target Price 9 11 #N/A N/A 13

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

File Dt 31.12.2012 17.04.2013 31.12.2012 28.02.2013 16.04.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012

Date 12 month Not Provided Not Provided 12 month

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

Date 03.04.2013 02.04.2013 18.01.2013 04.03.2010

19.04.2013

Royal Gold Inc Royal Gold, Inc. acquires and manages precious metals royalties. The Company seeks to acquire existing royalties or to finance projects that are in production or near production in exchange for royalty interests. Royal Gold Inc.'s gold-focused portfolio contains royalties ranging from those in production and development to those in the evaluation and exploration stages.

Price/Volume 120 100 80 60

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.10.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RGLD US EQUITY YTD Change RGLD US EQUITY YTD % CHANGE

06/2012 12/yy 100.84 50.20 335'300.00 51.11 -48.68% 1.81% 0.26% 64.4 3'289.78 293.25 0.0 25.0 390.47 2'912.65

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

20 0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

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

30.06.2009 30.06.2010 73.8 136.6 19.29x 18.40x 59.9 114.2 23.77x 22.00x 38.3 21.5 91.09x 61.79x Profitability

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

30.06.2012 263.1 17.19x 233.2 19.39x 92.5 48.25x 233.22 158.22 60.15% 58.17% 4.04% 5.14% 4.99% 0.12% 71.5% 89.6% 62.1% 35.2% 29.27 28.23 12.36% 15.95% 4.25 -

Price/ Cash Flow

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M a-13

12/yy 248.1 55.25x 215.8 17.98x 87.2 42.80x

LTM 12/yy 287.5 66.05x 257.6 18.80x 98.6 50.12x

FY+1

1.27 0.65 61.52 2.44 -14.91% -36.83% 0.655 10 3.800 1'973'596 1'052'989 872'999 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 309.2 413.1 75.4 80.0 9.68x 6.74x 39.77x 37.53x 276.2 369.3 66.8 73.6 10.71x 8.00x 9.35x 8.05x 104.8 157.4 24.4 27.3 30.86x 19.13x 27.21x 22.89x S&P Issuer Ratings

30.27 -5.64 -1.56 1.16 16.0% 13.6% 0.12 0.15 86.11 11.57 -

Sales/Revenue/Turnover

90.00

300.0

80.00

250.0

70.00

200.0

60.00 50.00

150.0

40.00

100.0

30.00 20.00

50.0

10.00 0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

19.04.2013

Royal Gold Inc Holdings By:

All

Holder Name BLACKROCK VAN ECK ASSOCIATES C VANGUARD GROUP INC STATE STREET FMR LLC WELLS FARGO STUCKERT JAMES W TOCQUEVILLE ASSET MA ALLIANZ ASSET MANAGE NEUBERGER BERMAN LLC FIRST EAGLE INVESTME T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL DEUTSCHE BANK AG UNITED SERVICES AUTO GAMCO AMERIPRISE FINANCIAL NORTHERN TRUST CORPO TIAA CREF INVESTMENT ANALYTIC INVESTORS L

Firm Name BB&T Capital Markets HSBC CIBC World Markets National Bank Financial MLV & Co RBC Capital Markets Scotia Capital EVA Dimensions

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a n/a n/a TOCQUEVILLE ASSET MA n/a NEUBERGER BERMAN GRO FIRST EAGLE INVESTME T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL DEUTSCHE BANK AKTIEN UNITED SERVICES AUTO n/a AMERIPRISE FINANCIAL NORTHERN TRUST CORPO TIAA-CREF INVESTMENT ANALYTIC INVESTORS L

Analyst GARRETT S. NELSON PATRICK CHIDLEY COSMOS CHIU SHANE NAGLE MICHAEL D PETERSON STEPHEN D WALKER TANYA M JAKUSCONEK CRAIG STERLING

Source ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG ULT-AGG Form 4 13F ULT-AGG 13F 13F 13F 13F 13F 13F ULT-AGG 13F 13F 13F 13F

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

Amt Held 7'427'251 5'440'661 3'592'556 3'187'787 2'287'976 2'105'366 1'772'095 1'408'800 1'234'254 974'044 867'401 767'697 633'761 630'719 615'300 529'097 476'257 473'052 471'399 459'681

% Out 11.54 8.45 5.58 4.95 3.55 3.27 2.75 2.19 1.92 1.51 1.35 1.19 0.98 0.98 0.96 0.82 0.74 0.73 0.73 0.71

Weighting

Change 5 5 3 5 5 3 3 1

M M M U M M M M

Latest Chg 1'174'946 159'701 217'528 (1'907'624) 145'087 (5'000) (28'625) (67'745) 106'304 (3'407) (30'935) 25'047 258'938 (30'000) (120'280) 163'416 69'031 20'921 (43'558)

Target Price 85 84 88 88 92 105 90 #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 17.04.2013 Investment Advisor 31.03.2013 Investment Advisor 17.04.2013 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 25.03.2013 n/a 31.12.2012 Hedge Fund Manager 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 15.04.2013 12.04.2013 11.04.2013 09.04.2013 08.04.2013 05.04.2013 14.03.2013 15.01.2013

19.04.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.10.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KGC US EQUITY YTD Change KGC US EQUITY YTD % CHANGE

Price/Volume

12/2010 12/yy 11.20 4.97 3'895'960.00 5.15 -53.51% 3.62% 0.48% 1'141.4 5'877.98 2'632.60 0.0 75.5 1'982.70 6'603.38

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

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 a-12 m-12

31.12.2009 31.12.2010 2'412.1 3'010.1 5.37x 6.92x 1'093.2 1'200.4 11.85x 17.35x 309.9 759.7 41.68x 146.30x Profitability

LTM-4Q 31.12.2011 3'842.5 3.37x 1'926.2 6.73x (2'073.6) 15.25x

31.12.2012 4'311.4 2.74x 1'962.2 6.01x (2'504.9) 12.61x 1'962.20 1'281.00 29.71% -53.16% -15.96% -22.53% 0.27% 57.1% 45.5% 29.7% -58.1% 2.76 1.74 17.69% 26.73% 14.45 1.66

Price/ Cash Flow

12/yy 3'842.5 16.69x 1'926.2 6.73x (2'080.9) 15.46x

j-12

a-12

s-12

LTM 12/yy 4'311.4 10.44x 1'962.2 6.01x (2'504.9) 12.61x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

3.11 0.74 1'139.59 5.85 -43.21% -46.49% 0.742 27 4.481 21'432'650 10'595'060 10'065'156 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'299.2 4'535.6 1'059.5 1'023.9 1.64x 1.58x 6.53x 6.82x 1'902.2 2'234.2 459.8 437.3 3.50x 2.98x 3.51x 3.41x 733.4 885.0 158.5 145.2 8.82x 7.03x 8.29x 7.51x S&P Issuer Ratings

15.08.2011 BBBSTABLE 13.84 0.25 0.33 1.34 26.7% 21.0% 0.27 0.48 25.33 220.88 24.03 222.18

Sales/Revenue/Turnover

20.00

5'000.0

18.00

4'500.0

16.00

4'000.0

14.00

3'500.0

12.00

3'000.0

10.00 8.00

2'500.0 2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

j-12

Fiscal Year Ended 31.12.2008 1'617.0 7.84x 656.3 19.32x (807.2) 46.21x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

19.04.2013

Kinross Gold Corp Holdings By:

All

Holder Name VAN ECK ASSOCIATES C BMO FINANCIAL CORP ROYAL BANK OF CANADA LAZARD ASSET MANAGEM TRADEWINDS GLOBAL IN CAISSE DE DEPOT ET P JP MORGAN JENNISON ASSOCIATES FMR LLC CIBC WORLD MARKETS I INVESCO LTD NORGES BANK ALTRINSIC GLOBAL ADV TORONTO DOMINION BAN PASSPORT CAPITAL LLC OPPENHEIMERFUNDS INC FIRST EAGLE INVESTME CARMIGNAC GESTION DEUTSCHE BANK AG TD ASSET MANAGEMENT

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

Portfolio Name n/a BMO FINANCIAL CORP n/a n/a TRADEWINDS GLOBAL IN CAISSE DE DEPOT ET P n/a JENNISON ASSOCIATES n/a CIBC WORLD MARKETS I INVESCO LTD NORGES BANK ALTRINSIC GLOBAL ADV TORONTO DOMINION BAN PASSPORT CAPITAL LLC Multiple Portfolios FIRST EAGLE INVESTME CARMIGNAC GESTION DEUTSCHE BANK AKTIEN TD ASSET MANAGEMENT

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

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

Recommendation buy outperform buy hold sector perform outperform buy buy outperform overweight buy equalweight hold overweight sector perform buy outperform overweight outperform buy buy buy Underwt/In-Line buy

Amt Held 59'376'977 25'903'233 24'321'082 21'571'575 20'641'596 18'547'731 17'639'227 17'311'077 17'079'796 16'893'867 16'216'880 15'598'099 14'907'433 14'146'557 14'121'122 13'817'771 13'801'799 12'416'200 10'563'778 10'441'370

% Out 5.2 2.27 2.13 1.89 1.81 1.63 1.55 1.52 1.5 1.48 1.42 1.37 1.31 1.24 1.24 1.21 1.21 1.09 0.93 0.91

Weighting

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

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

Latest Chg 2'536'128 3'849'773 14'542'877 (1'617'166) (9'067'104) (100'100) (295'795) (452'461) (14'149'102) 68'796 1'845'992 4'274'423 (259'550) (132'094) 4'740'498 100'000 12'416'200 (2'044'058) 701'284

Target Price 9 11 10 #N/A N/A 10 11 10 12 11 15 11 11 9 #N/A N/A 10 12 10 12 11 12 12 10 #N/A N/A #N/A N/A

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

File Dt Inst Type 17.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Bank 31.03.2013 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 28.02.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 9 month 12 month 12 month 12 month Not Provided Not Provided Not Provided

Date 16.04.2013 15.04.2013 15.04.2013 12.04.2013 11.04.2013 09.04.2013 09.04.2013 04.04.2013 03.04.2013 03.04.2013 02.04.2013 02.04.2013 21.03.2013 21.03.2013 14.03.2013 12.03.2013 07.03.2013 25.02.2013 18.02.2013 15.02.2013 14.02.2013 14.02.2013 10.10.2012 25.01.2012

19.04.2013

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

Price/Volume 18

16.0 M

14.0 M

12.0 M

10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (19.09.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EGO US EQUITY YTD Change EGO US EQUITY YTD % CHANGE

12/2012 12/yy 16.20 6.59 1'757'893.00 6.83 -57.22% 3.64% 0.42% 714.5 4'880.27 593.32 0.0 284.1 818.83 4'938.85

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

1.20 1.00

6.0 M

6 4

4.0 M

2.0 M

0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 277.7 10.15x 132.0 21.36x 163.7 -

8.0 M

Valuation Analysis

31.12.2009 31.12.2010 358.5 791.2 21.00x 12.74x 181.2 423.3 41.53x 23.82x 102.4 221.0 Profitability

LTM-4Q 31.12.2011 1'103.7 6.66x 643.9 11.41x 318.7 -

31.12.2012 1'147.5 8.06x 584.4 15.83x 305.3 584.40 470.87 41.03% 38.89% 5.14% 6.65% 6.33% 0.19% 62.7% 50.9% 41.0% 26.6% 4.90 3.96 7.48% 10.01% 14.84 2.08

12/yy 1'103.7 30.37x 643.9 11.41x 318.7 0.00x

LTM 12/yy 1'147.5 33.92x 584.4 15.83x 305.3 0.00x

FY+1

.0 M a-13

0.85 708.11 2.96 -51.42% -46.65% 0.850 21 4.238 9'059'547 6'106'978 4'890'786 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'369.3 1'584.5 346.3 319.0 3.85x 3.55x 14.57x 16.44x 738.8 885.3 169.0 158.5 6.76x 5.64x 7.66x 7.97x 374.3 458.1 90.0 82.0 13.02x 10.49x 12.61x 12.38x S&P Issuer Ratings

13.11.2012 BB STABLE 83.69 22.66 -0.39 1.02 10.0% 8.7% 0.19 0.26 24.66 176.07 157.09 43.64

Sales/Revenue/Turnover

1'400.0 1'200.0 1'000.0

0.80

800.0 0.60

600.0

0.40

400.0 200.0

0.20

0.0 0.00

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

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

19.04.2013

Eldorado Gold Corp Holdings By:

All

Holder Name BLACKROCK FMR LLC VAN ECK ASSOCIATES C CARMIGNAC GESTION T ROWE PRICE ASSOCIA ROYAL BANK OF CANADA CAISSE DE DEPOT ET P OPPENHEIMERFUNDS INC AGF INVESTMENTS INC BAILLIE GIFFORD AND TOCQUEVILLE ASSET MA BMO FINANCIAL CORP JENNISON ASSOCIATES CIBC WORLD MARKETS I JP MORGAN TORONTO DOMINION BAN BANK OF NEW YORK MEL IG INVESTMENT MANAGE GREYSTONE MANAGED IN UNITED SERVICES AUTO

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

Portfolio Name n/a n/a n/a Multiple Portfolios T ROWE PRICE ASSOCIA n/a CAISSE DE DEPOT ET P Multiple Portfolios AGF INVESTMENTS INC BAILLIE GIFFORD & CO TOCQUEVILLE ASSET MA BMO FINANCIAL CORP JENNISON ASSOCIATES CIBC WORLD MARKETS I n/a TORONTO DOMINION BAN BANK OF NEW YORK MEL IG INVESTMENT MANAGE GREYSTONE MANAGED IN UNITED SERVICES AUTO

Analyst JOSH WOLFSON KERRY SMITH STEVEN J GREEN CRAIG STERLING DAVID HAUGHTON STEVEN BUTLER COSMOS CHIU ANITA SONI PATRICK CHIDLEY DAVID WEST TANYA M JAKUSCONEK GEORGE V ALBINO FAROOQ HAMED PARETOSH MISRA BARRY D ALLAN TONY LESIAK MIKE KOZAK BRAD HUMPHREY PAWEL RAJSZEL DAN ROLLINS DON MACLEAN

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

Recommendation neutral buy action list buy underweight outperform buy sector outperform outperform overweight buy sector outperform buy equalweight Overwt/In-Line hold neutral buy outperform sell outperform hold

Amt Held 115'755'188 47'460'386 44'220'345 27'859'512 27'084'566 17'214'008 12'485'802 11'711'546 11'397'434 10'809'883 10'799'778 10'662'061 10'493'352 10'043'659 9'311'899 8'932'322 8'616'810 8'067'119 8'034'377 7'551'100

% Out 16.2 6.64 6.19 3.9 3.79 2.41 1.75 1.64 1.6 1.51 1.51 1.49 1.47 1.41 1.3 1.25 1.21 1.13 1.12 1.06

Weighting

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

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

Latest Chg (8'965'098) 2'071'841 6'587'539 (178'880) 1'231'174 536'600 (190'584) 224'171 76'340 (256'391) 335'758 5'391 (1'516'264) 329'970 966'831 1'115'425 (3'436'746) -

Target Price 10 19 17 #N/A N/A 13 13 15 15 16 18 16 20 13 16 13 10 16 18 8 14 18

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

File Dt Inst Type 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 17.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Bank 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 17.04.2013 16.04.2013 16.04.2013 16.04.2013 15.04.2013 15.04.2013 11.04.2013 03.04.2013 03.04.2013 03.04.2013 02.04.2013 02.04.2013 02.04.2013 21.03.2013 12.03.2013 11.03.2013 05.03.2013 25.02.2013 25.02.2013 22.02.2013 21.02.2012

19.04.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (15.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NGD US EQUITY YTD Change NGD US EQUITY YTD % CHANGE

12/2012 12/yy 12.84 6.25 843'105.00 6.66 -48.01% 6.56% 1.82% 476.4 3'172.82 847.80 0.0 0.0 687.80 3'332.82

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

1.20

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 143.1 2.55x 13.8 26.46x (102.7) -

31.12.2009 31.12.2010 323.8 530.5 4.31x 6.83x 110.4 239.2 12.64x 15.15x (194.3) 47.5 Profitability

LTM-4Q 31.12.2011 695.9 6.62x 344.0 13.39x 179.0 -

31.12.2012 791.3 6.86x 390.1 13.91x 199.0 390.10 273.90 34.61% 35.23% 5.30% 8.02% 0.21% 85.3% 49.3% 34.6% 25.1% 5.18 4.15 19.79% 31.68% 18.73 2.12

12/yy 695.9 25.77x 344.0 13.39x 179.0 0.00x

LTM 12/yy 791.3 25.89x 390.1 13.91x 198.9 0.00x

FY+1

.0 M a-13

0.98 461.42 2.83 -33.00% -39.62% 0.982 15 4.600 6'009'835 3'192'597 2'899'300 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 994.9 1'031.0 232.0 278.0 3.27x 3.09x 572.4 644.6 123.0 142.0 5.83x 5.18x 6.07x 238.6 282.6 47.5 66.9 13.31x 11.44x 13.40x 12.06x S&P Issuer Ratings

27.03.2012 BBSTABLE 23.79 -7.68 0.41 2.17 31.7% 24.1% 0.21 0.27 19.54 172.84 78.91 287.67

Sales/Revenue/Turnover

900.0 800.0

1.00 0.80

700.0 600.0 500.0

0.60

400.0 300.0

0.40 0.20

200.0 100.0 0.0

0.00

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

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

19.04.2013

New Gold Inc Holdings By:

All

Holder Name BLACKROCK VAN ECK ASSOCIATES C FMR LLC TORONTO DOMINION BAN WELLINGTON MANAGEMEN OPPENHEIMERFUNDS INC MACKENZIE FINANCIAL ROYAL BANK OF CANADA RS INVESTMENT MANAGE TOCQUEVILLE ASSET MA CONNOR CLARK & LUNN FIERA CAPITAL CORPOR GCIC LTD/CANADA LASSONDE PIERRE FIRST EAGLE INVESTME INVESTEC ASSET MANAG INVESTEC ASSET MANAG JP MORGAN OLIPHANT RANDALL PUBLIC SECTOR PENSIO

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

Portfolio Name n/a n/a n/a TORONTO DOMINION BAN WELLINGTON MANAGEMEN Multiple Portfolios MACKENZIE FINANCIAL n/a RS INVESTMENT MANAGE TOCQUEVILLE ASSET MA CONNOR CLARK & LUNN FIERA CAPITAL CORPOR GOODMAN & COMPANY IN n/a FIRST EAGLE INVESTME INVESTEC ASSET MANAG Multiple Portfolios n/a n/a PUBLIC SECTOR PENSIO

Analyst CRAIG STERLING ANDREW KAIP STEVEN BUTLER ALEC KODATSKY STEPHEN PARSONS STUART MCDOUGALL DON MACLEAN TREVOR TURNBULL GEORGE V ALBINO DAN ROLLINS STEVEN J GREEN ANITA SONI BARRY D ALLAN RICHARD GRAY

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

Recommendation hold outperform buy sector perform outperform strong buy buy sector outperform buy outperform buy outperform hold buy

Amt Held 62'551'684 51'620'702 35'745'701 15'167'798 13'670'324 12'693'570 11'935'430 10'060'721 9'900'164 8'494'071 6'168'803 6'040'968 5'839'800 5'645'000 5'618'531 5'417'566 5'270'647 4'910'853 4'570'855 4'393'260

% Out 13.13 10.84 7.5 3.18 2.87 2.66 2.51 2.11 2.08 1.78 1.29 1.27 1.23 1.18 1.18 1.14 1.11 1.03 0.96 0.92

Weighting

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

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

Latest Chg (2'416'637) 15'004'748 4'853'453 682'828 148'803 258'671 (278'509) (1'836'450) 3'201'270 45'000 (252'000) 434'429 (146'919) 1'605'402 320'855 49'900

Target Price #N/A N/A 12 13 12 12 16 16 13 15 12 13 13 10 16

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

File Dt Inst Type 16.04.2013 Investment Advisor 17.04.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Bank 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 22.03.2012 n/a 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 23.11.2012 n/a 31.12.2012 Investment Advisor

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

Date 16.04.2013 15.04.2013 15.04.2013 11.04.2013 09.04.2013 09.04.2013 08.04.2013 05.04.2013 05.04.2013 04.04.2013 04.04.2013 03.04.2013 12.03.2013 05.03.2013

19.04.2013

Harmony Gold Mining Co Ltd Harmony Gold Mining Company Limited is a mining company which produces gold from its operations in the district of Virginia, Orange Free State. Harmony owns and operates the Harmony, Randfontein, Evander, Consolidated Modderfontein, Grootvei and Bissett gold mines. Harmony also has gold mining operations in Australia.

Price/Volume 12

14.0 M

12.0 M 10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (06.06.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HMY US EQUITY YTD Change HMY US EQUITY YTD % CHANGE

06/2012 12/yy 10.73 4.58 664'849.00 4.62 -56.66% 0.87% 0.49% 435.3 2'010.89 1'844.00 0.0 0.0 1'773.00 -

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

1.20 1.00

6.0 M

4.0 M

2.0 M

0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 30.06.2008 9'617.0 4.37x 1'393.0 30.15x (245.0) -

8.0 M

Valuation Analysis

30.06.2009 30.06.2010 11'496.0 11'284.0 2.83x 3.13x 2'125.0 1'737.0 15.29x 20.33x 2'927.0 (192.0) Profitability

LTM-4Q 30.06.2011 11'596.0 3.41x 2'354.0 16.81x 617.0 -

30.06.2012 15'169.0 2.18x 4'222.0 7.84x 2'645.0 4'222.00 2'231.00 14.71% 12.72% 5.25% 6.80% 0.36% 25.7% 22.2% 10.7% 17.4% 2.28 0.93 4.27% 5.41% 13.25 12.59

LTM

12/yy 13'536.0 12.28x 3'077.0 0.00x 1'720.0 0.00x

12/yy 16'047.0 8.20x 3'562.0 9.00x 2'314.0 0.00x

FY+1

.0 M a-13

0.89 2.81 -51.39% -47.97% 0.888 3 5.000 5'359'823 2'931'113 2'756'966 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 17'466.3 23'566.3 1.07x 0.79x 5'160.2 9'624.7 1'971.9 4'238.7 9.67x 4.31x S&P Issuer Ratings

14.26 3.47 -0.04 0.67 5.4% 5.1% 0.36 0.48 27.63 29.08 51.94 31.22

Sales/Revenue/Turnover

16'000.0 14'000.0 12'000.0

0.80 0.60

10'000.0 8'000.0 6'000.0

0.40 0.20

4'000.0 2'000.0 0.0

0.00

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

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

19.04.2013

Harmony Gold Mining Co Ltd Holdings By:

All

Holder Name DEUTSCHE BANK TRUST VAN ECK ASSOCIATES C BLACKROCK FIRST EAGLE INVESTME DIMENSIONAL FUND ADV CAPITAL GROUP COMPAN FMR LLC UNITED SERVICES AUTO DEUTSCHE BANK AG GAMCO RENAISSANCE TECHNOLO TEXAS TEACHER RETIRE CREDIT AGRICOLE SA TWO SIGMA INVESTMENT CAPITAL INTERNATIONA US GLOBAL INVESTORS HUSSMAN ECONOMETRICS GAM HOLDING LTD DIMENSIONAL FUND ADV AMUNDI LUXEMBOURG SA

Firm Name HSBC EVA Dimensions BMO Capital Markets

Portfolio Name n/a n/a n/a FIRST EAGLE INVESTME DIMENSIONAL FUND ADV n/a n/a UNITED SERVICES AUTO DEUTSCHE BANK AKTIEN n/a RENAISSANCE TECHNOLO TEACHER RETIREMENT S CREDIT AGRICOLE SA TWO SIGMA INVESTMENT Multiple Portfolios US GLOBAL INVESTORS HUSSMAN ECONOMETRICS GAM HOLDING LTD Multiple Portfolios Multiple Portfolios

Analyst PATRICK CHIDLEY CRAIG STERLING DAVID HAUGHTON

Source 20F ULT-AGG ULT-AGG 13F 13F ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F 13F 13F 13F MF-AGG 13F 13F 13F MF-AGG MF-AGG

Recommendation overweight overweight market perform

Amt Held 135'983'632 29'990'015 23'928'834 22'223'165 9'196'293 6'004'994 4'456'773 3'825'000 2'325'160 1'982'630 1'826'300 1'500'000 1'346'948 1'321'429 1'143'500 1'050'000 1'000'000 943'850 840'178 751'348

% Out 31.24 6.89 5.5 5.11 2.11 1.38 1.02 0.88 0.53 0.46 0.42 0.34 0.31 0.3 0.26 0.24 0.23 0.22 0.19 0.17

Weighting

Change 5 5 3

M M M

Latest Chg 5'544'228 355'104 142'600 559'805 (1'282'000) (196'323) 3'825'000 589'627 132'770 (286'323) 1'500'000 (81'700) 916'557 500'000 300'000 70'220 19'800

Target Price 12 #N/A N/A 11

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

File Dt 22.10.2012 17.04.2013 16.04.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.11.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 30.11.2012

Date Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Hedge Fund Manager Pension Fund (ERISA) Investment Advisor Hedge Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 03.04.2013 28.03.2013 24.02.2010

19.04.2013

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

Price/Volume 25

7.0 M 6.0 M

5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.11.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PAAS US EQUITY YTD Change PAAS US EQUITY YTD % CHANGE

12/2012 12/yy 22.83 11.78 583'747.00 12.012 -46.39% 1.97% 0.37% 151.8 1'823.61 77.98 0.0 7.3 542.32 1'366.60

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

1.20

4.0 M

3.0 M 2.0 M

5 0 a-12

1.0 M m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 338.6 4.05x 121.0 11.33x 24.6 -

31.12.2009 31.12.2010 454.8 646.6 5.14x 6.33x 179.1 277.8 13.05x 14.73x 62.0 13.7 Profitability

LTM-4Q 31.12.2011 855.3 2.15x 445.9 4.12x 352.5 -

31.12.2012 928.6 2.57x 362.0 6.60x 87.4 361.98 253.83 27.33% 19.53% 3.27% 4.05% 4.11% 0.35% 45.2% 39.0% 27.3% 9.4% 4.96 3.44 2.30% 2.87% 7.80 2.67

12/yy 855.3 12.63x 455.9 4.03x 352.5 0.00x

LTM 12/yy 928.6 11.01x 362.0 6.60x 87.4 0.00x

FY+1

.0 M a-13

0.98 149.44 3.15 -37.22% -35.38% 0.979 15 3.533 3'808'078 2'045'236 1'669'685 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'071.3 1'123.2 260.8 260.3 1.30x 1.16x 5.36x 5.28x 419.5 470.1 96.8 98.7 3.33x 2.97x 3.47x 3.18x 198.8 227.9 42.0 45.1 10.39x 8.73x 9.04x 8.30x S&P Issuer Ratings

47.15 26.32 -1.28 0.22 2.9% 2.8% 0.35 0.55 46.91 137.18 36.38 154.58

Sales/Revenue/Turnover

1'000.0 900.0

1.00

800.0 700.0

0.80 0.60 0.40

600.0 500.0 400.0 300.0 200.0

0.20

100.0 0.0

0.00

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

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

19.04.2013

Pan American Silver Corp Holdings By:

All

Holder Name BLACKROCK ROYCE AND ASSOCIATES VAN ECK ASSOCIATES C UNITED SERVICES AUTO TOCQUEVILLE ASSET MA BEATY ROSS J OPPENHEIMERFUNDS INC JP MORGAN RIVER ROAD ASSET MAN DEUTSCHE BANK AG ASTON ASSET MANAGEME GLOBAL X MANAGEMENT PUBLIC SECTOR PENSIO DREMAN VALUE MANAGEM CANADA PENSION PLAN ALETHEIA RESEARCH & INTREPID CAPITAL MAN FMR LLC AXA FRANKLIN RESOURCES

Firm Name BMO Capital Markets Canaccord Genuity Corp Deutsche Bank Raymond James CIBC World Markets Cowen Securities LLC TD Securities Credit Suisse EVA Dimensions Scotia Capital JPMorgan Sterne, Agee & Leach Salman Partners RBC Capital Markets

Portfolio Name n/a ROYCE & ASSOCIATES L n/a UNITED SERVICES AUTO TOCQUEVILLE ASSET MA n/a OPPENHEIMER FUNDS IN n/a RIVER ROAD ASSET MAN DEUTSCHE BANK AKTIEN Multiple Portfolios GLOBAL X MANAGEMENT PUBLIC SECTOR PENSIO DREMAN VALUE MANAGEM CANADA PENSION PLAN ALETHEIA RESEARCH & INTREPID CAPITAL MAN n/a n/a n/a

Analyst ANDREW KAIP RAHUL PAUL JORGE M BERISTAIN BRAD HUMPHREY ARNOLD VAN GRAAN ADAM P GRAF DANIEL EARLE RALPH M PROFITI CRAIG STERLING TREVOR TURNBULL JOHN BRIDGES MICHAEL S DUDAS DAVID WEST DAN ROLLINS

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

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

Amt Held 12'051'414 11'142'497 10'498'344 3'951'500 3'268'621 2'118'680 2'049'341 2'012'978 1'995'846 1'817'974 1'713'266 1'533'353 1'446'774 1'404'840 1'261'757 1'212'045 1'198'545 1'154'508 1'095'911 1'011'887

% Out 7.94 7.34 6.92 2.6 2.15 1.4 1.35 1.33 1.31 1.2 1.13 1.01 0.95 0.93 0.83 0.8 0.79 0.76 0.72 0.67

Weighting

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

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

Latest Chg (104'500) 1'951'350 (126'002) 341'563 300'000 130'000 (38'186) 561'998 784'238 (10'580) (17'297) 16'500 882'133 (23'600) 412'637 (13'530) (48'347) (71'622) (506'600)

Target Price 20 21 16 30 19 20 20 23 #N/A N/A 22 17 #N/A N/A 22 22

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

File Dt Inst Type 16.04.2013 Investment Advisor 31.12.2012 Investment Advisor 17.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.05.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Pension Fund (ERISA) 30.09.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor

Date Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 9 month Not Provided 12 month 12 month

Date 15.04.2013 15.04.2013 11.04.2013 11.04.2013 11.04.2013 09.04.2013 04.04.2013 03.04.2013 21.03.2013 14.03.2013 25.02.2013 25.02.2013 22.02.2013 21.02.2013

19.04.2013

IAMGOLD Corp IAMGOLD Corporation is a mid-tier gold mining company. The Company is focused in West Africa, the Guiana Shield of South America and in Quebec where it has a pipeline of development and exploration projects.

Price/Volume 18

16.0 M

14.0 M

12.0 M

10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IAG US EQUITY YTD Change IAG US EQUITY YTD % CHANGE

12/2012 12/yy 16.88 4.60 1'708'348.00 4.725 -71.09% 2.72% 0.24% 376.6 1'779.26 641.40 0.0 76.7 813.50 1'683.86

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

1.20

6.0 M

6 4

4.0 M

2.0 M

0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 869.6 2.09x 342.1 5.31x (9.9) -

8.0 M

Valuation Analysis

31.12.2009 31.12.2010 914.3 1'097.1 6.14x 5.88x 378.6 470.3 14.82x 13.71x 114.1 262.6 Profitability

LTM-4Q 31.12.2011 1'673.2 2.98x 785.0 6.36x 806.6 -

31.12.2012 1'670.0 2.52x 710.1 5.94x 334.7 710.10 546.20 32.71% 34.17% 6.85% 9.29% 9.60% 0.34% 43.2% 42.5% 32.7% 20.0% 3.76 2.61 11.93% 17.20% 11.40 2.57

12/yy 1'673.2 15.16x 785.0 6.36x 806.6 0.00x

LTM 12/yy 1'670.0 10.85x 710.1 5.94x 334.7 0.00x

FY+1

.0 M a-13

0.92 371.42 4.10 -61.84% -58.81% 0.925 24 3.417 11'525'336 7'884'718 6'552'597 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'689.2 1'851.3 396.4 408.0 1.26x 1.34x 4.73x 4.90x 699.4 803.4 190.5 191.0 2.46x 2.14x 2.19x 2.38x 255.8 325.1 51.7 52.0 7.41x 5.86x 7.21x 6.87x S&P Issuer Ratings

10.09.2012 BBSTABLE 38.38 0.52 -0.24 0.90 17.2% 14.4% 0.34 0.73 32.10 142.44 82.70 91.84

Sales/Revenue/Turnover

1'800.0 1'600.0

1.00 0.80

1'400.0 1'200.0 1'000.0

0.60

800.0 600.0

0.40 0.20

400.0 200.0 0.0

0.00

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

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

19.04.2013

IAMGOLD Corp Holdings By:

All

Holder Name BLACKROCK VAN ECK ASSOCIATES C ROYAL BANK OF CANADA FMR LLC OPPENHEIMERFUNDS INC AGF INVESTMENTS INC FIRST EAGLE INVESTME UNITED SERVICES AUTO HEXAVEST INC TOCQUEVILLE ASSET MA T ROWE PRICE ASSOCIA CIBC WORLD MARKETS I ALLIANZ ASSET MANAGE BMO FINANCIAL CORP TORONTO DOMINION BAN FRANKLIN RESOURCES PAULSON & CO INTERNATIONAL VALUE MACKENZIE FINANCIAL CARIBBEAN INVESTMENT

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

Portfolio Name n/a n/a n/a n/a OPPENHEIMER FUNDS IN AGF INVESTMENTS INC FIRST EAGLE INVESTME UNITED SERVICES AUTO HEXAVEST INC TOCQUEVILLE ASSET MA T ROWE PRICE ASSOCIA CIBC WORLD MARKETS I n/a BMO FINANCIAL CORP TORONTO DOMINION BAN n/a PAULSON & CO INTERNATIONAL VALUE MACKENZIE FINANCIAL n/a

Analyst STEVEN J GREEN DAVID HAUGHTON STEVEN BUTLER GEORGE V ALBINO PAOLO LOSTRITTO BRUCE ALWAY MICHAEL A SCOON JOSH WOLFSON ALEC KODATSKY NANA SANGMUAH ANITA SONI PATRICK CHIDLEY FAROOQ HAMED DON MACLEAN DAVID WEST TANYA M JAKUSCONEK BARRY D ALLAN TONY LESIAK MIKE KOZAK DAN ROLLINS PAWEL RAJSZEL CRAIG STERLING PARETOSH MISRA

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F ULT-AGG 13F 13F ULT-AGG 13F 13F 13F SEDI

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

Amt Held 43'954'065 35'765'320 14'154'923 9'811'133 8'419'845 7'659'667 6'901'692 6'464'401 5'890'847 5'861'067 5'498'913 5'444'348 5'249'538 5'016'061 4'617'450 4'451'300 3'881'900 3'575'932 3'186'699 3'119'569

% Out 11.67 9.5 3.76 2.61 2.24 2.03 1.83 1.72 1.56 1.56 1.46 1.45 1.39 1.33 1.23 1.18 1.03 0.95 0.85 0.83

Weighting

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

M M M M M M M N M M M M M M M M M M M M M U N

Latest Chg (4'226'809) 2'840'159 (2'608'732) 1'500'000 1'552'618 (90'001) (3'062'014) 649'685 68'530 21'103 (169'616) (268'526) 158'233 (582'800) (963'988) (2'172'250) -

Target Price 14 9 8 15 14 5 #N/A N/A 9 9 13 7 13 11 25 14 9 14 10 10 10 7 #N/A N/A #N/A N/A

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

File Dt Inst Type 31.03.2013 Investment Advisor 17.04.2013 Investment Advisor 31.12.2012 Bank 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 06.09.2011 Bank

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

Date 16.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 12.04.2013 12.04.2013 12.04.2013 11.04.2013 05.04.2013 03.04.2013 03.04.2013 02.04.2013 25.03.2013 22.03.2013 21.03.2013 12.03.2013 07.03.2013 22.02.2013 21.02.2013 21.02.2013 24.01.2013 10.10.2012

19.04.2013

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

Price/Volume 25 20 15

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (09.11.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AG US EQUITY YTD Change AG US EQUITY YTD % CHANGE

12/2012 12/yy 24.20 10.88 422'842.00 11.13 -52.85% 2.30% 0.45% 117.0 1'301.95 29.64 0.0 0.0 111.59 1'220.00

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

0 a-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

31.12.2009 31.12.2010 52.4 117.9 6.36x 11.66x 11.7 53.4 28.43x 25.73x 5.6 35.1 Profitability

LTM-4Q 31.12.2011 245.5 6.93x 156.2 10.89x 103.6 -

31.12.2012 247.2 9.19x 135.1 16.82x 88.9 135.11 109.13 44.15% 44.90% 14.15% 18.83% 18.36% 0.39% 57.5% 54.7% 44.2% 36.0% 3.02 2.29 3.65% 4.99% 14.05 5.49

12/yy 245.5 29.14x 156.2 10.89x 103.6 0.00x

LTM 12/yy 247.2 32.67x 135.1 16.82x 88.9 0.00x

FY+1

1.16 111.15 1.20 -28.42% -44.87% 1.157 7 4.143 1'882'229 1'087'807 997'068 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 408.5 568.5 207.3 312.3 5.94x 3.94x 149.5 224.0 10.32x 7.06x 10.77x 8.86x S&P Issuer Ratings

58.92 -17.45 -0.61 0.22 5.0% 4.8% 0.39 0.56 26.05 66.66 69.36 23.35

Sales/Revenue/Turnover

1.20

300.0

1.00

250.0

0.80

200.0

0.60

m-12

Fiscal Year Ended 31.12.2008 41.8 3.30x 2.3 59.08x (4.9) -

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M a-13

150.0 100.0

0.40

50.0 0.20

0.0 0.00

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

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

19.04.2013

First Majestic Silver Corp Holdings By:

All

Holder Name VAN ECK ASSOCIATES C SPROTT INC GREYSTONE MANAGED IN NEUMEYER KEITH CONNOR CLARK & LUNN OPPENHEIMERFUNDS INC BARING INTERNATIONAL BARING ASSET MANAGEM ROYAL BANK OF CANADA TORONTO DOMINION BAN ALBERTA INVESTMENT M ALBERTA INVESTMENT M CANADA PENSION PLAN PUBLIC SECTOR PENSIO TD ASSET MANAGEMENT POLAR SECURITIES INC IG INVESTMENT MANAGE INVESCO LTD IA CLARINGTON INVEST ALTAMIRA MANAGEMENT

Firm Name BMO Capital Markets Raymond James Casimir Capital Cowen Securities LLC TD Securities Cormark Securities Inc. EVA Dimensions

Portfolio Name n/a SPROTT INC GREYSTONE MANAGED IN n/a CONNOR CLARK & LUNN Multiple Portfolios BARING INTERNATIONAL BARING ASSET MANAGEM n/a TORONTO DOMINION BAN ALBERTA INV MGMT COR n/a CANADA PENSION PLAN PUBLIC SECTOR PENSIO TD ASSET MANAGEMENT POLAR SECURITIES INC IG INVESTMENT MANAGE INVESCO LTD Multiple Portfolios Multiple Portfolios

Analyst ANDREW KAIP CHRIS THOMPSON STUART MCDOUGALL ADAM P GRAF DANIEL EARLE GRAEME JENNINGS CRAIG STERLING

Source ULT-AGG 13F 13F SEDI 13F MF-AGG 13F 13F ULT-AGG 13F 13F Research 13F 13F 13F 13F 13F 13F MF-AGG MF-AGG

Recommendation market perform outperform strong buy buy buy buy underweight

Amt Held 7'999'040 4'781'672 4'030'468 3'126'000 2'643'635 2'550'000 2'276'819 2'274'076 1'399'351 1'332'088 1'223'700 1'223'700 1'183'943 1'096'680 1'086'500 1'034'662 991'400 889'282 836'400 696'394

% Out 6.84 4.09 3.45 2.67 2.26 2.18 1.95 1.94 1.2 1.14 1.05 1.05 1.01 0.94 0.93 0.88 0.85 0.76 0.72 0.6

Weighting

Change 3 5 5 5 5 5 1

M M M M M M M

Latest Chg 1'502'609 (118'400) (380'759) 150'000 850'190 2'276'819 481'911 646'365 1'295'488 120'400 (118'994) 12'400 (23'800) (207'700) 321'483 241'639

Target Price 18 24 22 17 24 27 #N/A N/A

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

File Dt Inst Type 17.04.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 19.11.2012 n/a 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Investment Advisor 28.02.2013 Bank 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Government 31.12.2012 Pension Fund (ERISA) 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Unclassified

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

Date 15.04.2013 15.04.2013 15.04.2013 09.04.2013 04.04.2013 27.02.2013 15.01.2013

19.04.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.11.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CDE US EQUITY YTD Change CDE US EQUITY YTD % CHANGE

12/2012 12/yy 31.97 13.34 572'157.00 13.4801 -56.99% 1.05% 0.11% 90.4 1'219.06 124.55 0.0 0.0 153.50 1'190.11

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

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 170.9 5.09x 0.3 2750.95x (0.6) -

31.12.2009 31.12.2010 300.4 515.5 5.42x 4.98x 78.2 218.7 20.82x 11.74x (27.1) (91.3) Profitability

LTM-4Q 31.12.2011 1'021.2 2.05x 531.3 3.95x 93.5 22.35x

31.12.2012 895.5 2.45x 378.2 5.80x 48.7 41.69x 378.23 159.37 17.80% 13.10% 1.50% 2.25% 0.28% 24.6% 42.2% 17.8% 5.4% 1.70 0.79 3.87% 5.67% 12.27 4.45

Price/ Cash Flow

12/yy 1'021.2 9.28x 531.3 3.95x 93.5 22.35x

LTM 12/yy 895.5 9.22x 378.2 5.80x 48.7 42.41x

FY+1

.0 M a-13

1.28 89.85 3.50 -37.85% -45.20% 1.280 7 4.286 2'864'370 1'648'065 1'599'872 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 967.0 1'075.0 229.3 237.0 1.19x 0.91x 5.10x 5.22x 404.0 530.0 98.3 92.6 3.02x 2.29x 2.92x 2.58x 120.6 184.6 27.4 25.4 10.76x 8.21x 10.76x 9.93x S&P Issuer Ratings

25.06.2012 B+ STABLE 13.10 8.08 -0.08 0.33 5.7% 5.4% 0.28 0.33 29.82 82.19 34.90 77.12

Sales/Revenue/Turnover

50.00

1'200.0

45.00

1'000.0

40.00 35.00

800.0

30.00

600.0

25.00 20.00

400.0

15.00 10.00

200.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

19.04.2013

Coeur d'Alene Mines Corp Holdings By:

All

Holder Name BLACKROCK VAN ECK ASSOCIATES C VANGUARD GROUP INC STATE STREET DIMENSIONAL FUND ADV AMERICAN CENTURY COM OPPENHEIMERFUNDS INC GUGGENHEIM ATLANTIC INVESTMENT NORTHERN TRUST CORPO DEUTSCHE BANK AG DONALD SMITH & CO IN SUN VALLEY GOLD LLC DREMAN VALUE MANAGEM SPROTT INC FMR LLC NEW JERSEY DIVISION AMERIPRISE FINANCIAL JP MORGAN INVESCO LTD

Portfolio Name n/a n/a VANGUARD GROUP INC n/a DIMENSIONAL FUND ADV AMERICAN CENTURY COM OPPENHEIMER FUNDS IN n/a ATLANTIC INVESTMENT NORTHERN TRUST CORPO DEUTSCHE BANK AKTIEN DONALD SMITH & CO IN SUN VALLEY GOLD LLC DREMAN VALUE MANAGEM SPROTT INC n/a STATE OF NJ COMMON P AMERIPRISE FINANCIAL n/a INVESCO LTD

Firm Name

Analyst

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

ANDREW KAIP ADAM BROOKS JEFF WRIGHT MICHAEL S DUDAS GRAEME JENNINGS JORGE M BERISTAIN JOHN BRIDGES CRAIG STERLING

Source ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F ULT-AGG 13F 13F ULT-AGG 13F

Recommendation market perform buy accumulate buy market perform buy restricted overweight

Amt Held 7'408'808 6'165'441 4'876'942 4'441'973 4'438'757 3'067'836 2'403'100 2'259'708 2'031'590 1'857'341 1'795'841 1'602'028 1'278'258 1'265'889 1'179'500 1'105'840 1'000'000 996'110 881'805 733'057

% Out 8.19 6.82 5.39 4.91 4.91 3.39 2.66 2.5 2.25 2.05 1.99 1.77 1.41 1.4 1.3 1.22 1.11 1.1 0.98 0.81

Weighting

Change

3 5 4 5 3 5 #N/A N/A 5

M M M M M M M D

Latest Chg 1'114'305 (420'427) 296'209 256'439 1'399'434 350'000 986'778 (285'500) 60'904 (457'409) 1'602'028 272'396 (232'106) (498'100) (51'910) 1'000'000 756'816 (447'471) (410'219)

Target Price 17 24 25 36 28 21 #N/A N/A #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 17.04.2013 Investment Advisor 31.03.2013 Investment Advisor 17.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 28.02.2013 Investment Advisor 31.12.2012 Pension Fund (ERISA) 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 17.04.2013 17.04.2013 15.04.2013 12.04.2013 12.04.2013 11.04.2013 25.02.2013 22.02.2013

19.04.2013

AuRico Gold Inc AuRico Gold Inc. is a Canadian gold producer with mines and projects in North America that have solid production growth and exploration potential. The Company is focused on its core operations including the Young-Davidson gold mine in northern Ontario and the El Chanate mine in Sonora State, Mexico. AuRico's project pipeline also includes development opportunities in Canada and Mexico.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.05.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AUQ US EQUITY YTD Change AUQ US EQUITY YTD % CHANGE

12/2012 12/yy 9.50 4.52 711'871.00 4.57 -51.16% 1.11% 0.41% 246.6 1'127.13 188.57 0.0 0.0 603.40 712.30

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

31.12.2009 31.12.2010 206.8 238.3 6.86x 4.42x 70.5 106.6 20.14x 9.87x 8.2 (134.7) Profitability

LTM-4Q 31.12.2011 83.9 27.78x 2.3 1003.29x 176.9 -

31.12.2012 163.6 11.67x 52.3 36.48x 33.2 52.33 33.61 20.54% -60.53% 1.09% 1.46% 43.2% 20.3% 7.76 6.33 6.51% 8.21% -

12/yy 212.3 33.27x 106.8 0.00x 176.9 0.00x

20.0 M 15.0 M 10.0 M 5.0 M

j-12

a-12

s-12

LTM 12/yy 233.4 39.23x 79.9 23.88x 33.2 0.00x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

0.84 245.81 12.50 -47.00% -43.76% 0.845 15 3.333 4'860'958 3'448'223 3'627'075 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 305.1 416.4 65.2 64.6 3.52x 2.55x 9.60x 9.79x 147.8 218.2 35.4 32.0 4.97x 3.37x 4.67x 4.30x 57.3 83.5 5.3 (9.0) 15.83x 10.34x 16.46x 14.21x S&P Issuer Ratings

23.39 -142.03 -5.19 2.36 8.2% 7.6% -

Sales/Revenue/Turnover

1.20

300.0

1.00

250.0

0.80

200.0

0.60

25.0 M

Fiscal Year Ended 31.12.2008 212.5 3.30x 53.3 13.17x 38.7 -

10 9 8 7 6 5 4 3 2 1 0 a-12 m-12

150.0 100.0

0.40

50.0 0.20

0.0 0.00

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

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

19.04.2013

AuRico Gold Inc Holdings By:

All

Holder Name WELLINGTON MANAGEMEN VAN ECK ASSOCIATES C SENTRY SELECT CAPITA HEARTLAND ADVISORS I HARTFORD INVESTMENT DONALD SMITH & CO IN UNITED SERVICES AUTO OPPENHEIMERFUNDS INC PUBLIC SECTOR PENSIO NWQ INVESTMENT MANAG HEXAVEST INC INVESTEC ASSET MANAG FIERA CAPITAL CORPOR SUN VALLEY GOLD LLC MACKENZIE FINANCIAL DREMAN VALUE MANAGEM GEOLOGIC RESOURCE PA DEUTSCHE BANK AG ASTON ASSET MANAGEME PCJ INVESTMENT COUNS

Firm Name Dundee Securities Corp TD Securities BMO Capital Markets Raymond James Macquarie Desjardins Securities Canaccord Genuity Corp GMP National Bank Financial EVA Dimensions CIBC World Markets Scotia Capital Credit Suisse RBC Capital Markets Cowen Securities LLC

Portfolio Name n/a n/a SENTRY SELECT CAPITA HEARTLAND ADVISORS I Multiple Portfolios DONALD SMITH & CO IN UNITED SERVICES AUTO OPPENHEIMER FUNDS IN PUBLIC SECTOR PENSIO NWQ INVESTMENT MANAG HEXAVEST INC INVESTEC ASSET MANAG FIERA CAPITAL CORPOR SUN VALLEY GOLD LLC MACKENZIE FINANCIAL DREMAN VALUE MANAGEM GEOLOGIC RESOURCE PA DEUTSCHE BANK AKTIEN Multiple Portfolios PCJ INVESTMENT COUNS

Analyst JOE FAZZINI STEVEN J GREEN BRIAN QUAST GARY J BASCHUK TONY LESIAK ADAM MELNYK RAHUL PAUL CHELSEA HAMILTON PAOLO LOSTRITTO CRAIG STERLING COSMOS CHIU TREVOR TURNBULL ANITA SONI DAN ROLLINS ADAM P GRAF

Source 13G ULT-AGG 13F 13F MF-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F MF-AGG 13F

Recommendation neutral reduce market perform outperform outperform hold buy buy sector perform underweight sector perform sector perform neutral sector perform hold

Amt Held 29'437'231 24'673'016 11'799'825 11'733'592 11'379'423 8'335'053 8'314'200 7'469'100 4'793'558 3'916'476 3'895'355 3'699'470 3'677'730 3'493'185 3'491'127 3'453'046 3'444'100 3'343'677 3'165'617 3'165'548

% Out 11.94 10 4.78 4.76 4.61 3.38 3.37 3.03 1.94 1.59 1.58 1.5 1.49 1.42 1.42 1.4 1.4 1.36 1.28 1.28

Weighting

Change 3 2 3 5 5 3 5 5 3 1 3 3 3 3 3

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

Latest Chg 9'509'551 (2'491'500) (677'807) 815'274 164'601 (87'073) 680'000 38'100 (2'801'559) (1'586'686) 1'016'940 (11'562'015) (50'000) 809'604 (54'087) (500'000) (389'322) 1'402'243 (197'900)

Target Price 7 6 8 9 8 8 9 12 6 #N/A N/A 8 7 8 8 #N/A N/A

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

File Dt Inst Type 31.01.2013 Investment Advisor 17.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor

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

Date 16.04.2013 16.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 11.04.2013 04.04.2013 03.04.2013 26.03.2013 26.03.2013

19.04.2013

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

Price/Volume 45 40 35 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.10.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ANV US EQUITY YTD Change ANV US EQUITY YTD % CHANGE

12/2012 12/yy 41.02 10.42 482'905.00 10.64 -74.52% 2.11% 0.10% 89.7 954.81 525.19 0.0 0.0 347.05 1'132.96

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

10 5 0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

Fiscal Year Ended 31.12.2008 0.0 (38.7) (79.6) -

31.12.2009 31.12.2010 43.2 130.9 23.79x 15.41x (0.8) 30.5 66.12x 8.5 34.1 107.71x 64.17x Profitability

LTM-4Q 31.12.2011 152.0 16.34x 48.8 50.94x 36.7 77.64x

31.12.2012 214.6 13.43x 95.5 30.19x 47.7 57.94x 95.46 80.87 37.69% 29.90% 5.04% 8.05% 6.96% 0.23% 49.0% 44.5% 37.7% 22.2% 5.58 4.00 42.43% 84.71% 7.10 2.60

Price/ Cash Flow

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M a-13

12/yy 152.0 73.35x 48.8 50.94x 36.7 77.64x

LTM 12/yy 214.6 53.80x 95.5 30.19x 47.7 57.94x

FY+1

0.00 1.04 82.46 6.25 -63.86% -64.69% 1.042 10 3.300 3'376'607 2'354'601 1'720'144 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 420.3 585.2 73.4 80.7 3.22x 2.47x 10.16x 8.82x 210.8 362.3 32.7 32.5 5.39x 3.13x 7.74x 7.21x 112.7 193.3 16.4 16.7 9.54x 5.56x 9.29x 7.02x S&P Issuer Ratings

07.06.2012 B STABLE 3.69 -6.45 1.87 5.50 84.7% 45.9% 0.23 0.62 51.58 140.60 115.64 76.54

Sales/Revenue/Turnover

800.00

250.0

700.00

200.0

600.00 500.00

150.0

400.00

100.0

300.00 200.00

50.0

100.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

19.04.2013

Allied Nevada Gold Corp Holdings By:

All

Holder Name VAN ECK ASSOCIATES C ROYCE AND ASSOCIATES GCIC LTD/CANADA VANGUARD GROUP INC PESCIO CARL A SENTRY SELECT CAPITA WELLINGTON MANAGEMEN STATE STREET BLACKROCK FMR LLC BAUPOST GROUP LLC UNITED SERVICES AUTO BUCHAN ROBERT M TOCQUEVILLE ASSET MA PERRY CORP OPPENHEIMERFUNDS INC SCOTIA ASSET MANAGEM PAULSON & CO COLUMBIA WANGER ASSE GUGGENHEIM

Firm Name EVA Dimensions Canaccord Genuity Corp CIBC World Markets BMO Capital Markets RBC Capital Markets GMP Cowen Securities LLC Scotia Capital Cormark Securities Inc. Macquarie

Portfolio Name n/a ROYCE & ASSOCIATES L GOODMAN & COMPANY IN VANGUARD GROUP INC n/a SENTRY SELECT CAPITA WELLINGTON MANAGEMEN n/a n/a n/a THE BAUPOST GROUP LL UNITED SERVICES AUTO n/a TOCQUEVILLE ASSET MA PERRY CORPORATION OPPENHEIMER FUNDS IN Multiple Portfolios PAULSON & CO COLUMBIA WANGER ASSE n/a

Analyst CRAIG STERLING STEVEN BUTLER CHITIMUKULU MUSONDA BRIAN QUAST SAM CRITTENDEN ANDREW MIKITCHOOK ADAM P GRAF TREVOR TURNBULL MIKE KOZAK MICHAEL GRAY

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

Recommendation hold buy sector perform underperform outperform buy buy sector underperform speculative buy underperform

Amt Held 7'138'101 5'971'707 5'778'795 4'618'576 4'403'800 4'254'700 3'976'128 3'682'834 3'228'933 3'225'015 2'853'550 2'408'733 2'211'500 2'169'023 2'142'250 1'857'800 1'620'900 1'509'221 1'444'000 1'199'739

% Out 7.95 6.65 6.44 5.15 4.91 4.74 4.43 4.1 3.6 3.59 3.18 2.68 2.46 2.42 2.39 2.07 1.81 1.68 1.61 1.34

Weighting

Change 3 5 3 1 5 5 5 1 4 1

U M M M M M M M D M

Latest Chg 1'164'848 (857'650) (156'600) (88'198) (296'200) 5'600 1'180'057 339'043 34'153 192'715 (2'200'000) 18'784 (23'300) 38'575 259'000 300'000 155'800 1'444'000 571'495

Target Price #N/A N/A 26 19 18 33 43 46 15 37 16

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

File Dt 17.04.2013 31.12.2012 31.12.2012 31.03.2013 21.09.2012 31.12.2012 31.12.2012 17.04.2013 16.04.2013 28.02.2013 31.12.2012 31.12.2012 08.03.2013 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.03.2013

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

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

Date 18.04.2013 15.04.2013 11.04.2013 09.04.2013 09.04.2013 09.04.2013 09.04.2013 08.04.2013 28.03.2013 27.03.2013

19.04.2013

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

Price/Volume 8

18.0 M

16.0 M

14.0 M 12.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HL US EQUITY YTD Change HL US EQUITY YTD % CHANGE

12/2012 12/yy 6.92 3.00 1'752'332.00 3 -56.38% 0.00% 0.51% 285.2 855.58 17.50 0.0 0.0 190.98 682.13

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

8.0 M

6.0 M

4.0 M

2.0 M

0 a-12

31.12.2009 31.12.2010 312.5 418.8 4.39x 6.28x 132.3 211.3 10.38x 12.44x 67.8 49.0 34.33x 62.56x Profitability

LTM-4Q 31.12.2011 477.6 2.59x 254.7 4.85x 151.2 12.16x

31.12.2012 321.1 4.64x 92.9 16.03x 15.0 83.29x 92.91 42.79 13.33% 7.42% 1.08% 1.26% 1.44% 0.23% 44.7% 28.9% 13.3% 4.7% 2.98 2.20 1.27% 1.54% 16.96 6.48

Price/ Cash Flow

12/yy 477.6 13.26x 253.4 4.88x 151.2 12.16x

j-12

a-12

s-12

LTM 12/yy 321.1 16.68x 92.9 16.03x 15.0 83.29x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

2.00 1.33 283.18 21.90 -26.47% -48.39% 1.334 8 3.500 10'228'620 6'937'524 5'405'031 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 476.4 597.3 85.9 95.4 2.41x 1.78x 8.31x 7.82x 215.7 322.5 23.4 26.5 3.22x 2.16x 3.79x 2.74x 79.3 135.2 6.7 4.6 14.04x 8.03x 13.10x 10.12x S&P Issuer Ratings

04.04.2013 B STABLE 38.28 -8.32 -1.87 0.19 1.5% 1.5% 0.23 0.33 21.58 56.49 82.31 -4.24

Sales/Revenue/Turnover

30.00

600.0

25.00

500.0

20.00

400.0

15.00

300.0

10.00

200.0

5.00

100.0

0.00 01.01.2010

m-12

Fiscal Year Ended 31.12.2008 204.7 3.08x 15.3 41.21x (66.6) -

10.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

19.04.2013

Hecla Mining Co Holdings By:

All

Holder Name VAN ECK ASSOCIATES C STATE STREET BLACKROCK VANGUARD GROUP INC NORTHERN TRUST CORPO ROYCE AND ASSOCIATES DIMENSIONAL FUND ADV JENNISON ASSOCIATES KESTREL INVESTMENT M SUSQUEHANNA INTERNAT CREDIT SUISSE AG CS MCKEE LP LRI-FUND MANAGEMENT GLOBAL X MANAGEMENT MORGAN STANLEY DENVER INVESTMENT AD AXA BNP PARIBAS INV PART QUANTEX AG NEW JERSEY DIVISION

Portfolio Name n/a n/a n/a VANGUARD GROUP INC NORTHERN TRUST CORPO ROYCE & ASSOCIATES L DIMENSIONAL FUND ADV JENNISON ASSOCIATES KESTREL INVESTMENT M SUSQUEHANNA INTERNAT CREDIT SUISSE AG C S MCKEE LP Multiple Portfolios GLOBAL X MANAGEMENT n/a DENVER INVESTMENT AD n/a n/a Multiple Portfolios STATE OF NJ COMMON P

Firm Name

Analyst

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

CRAIG STERLING ANDREW KAIP STEVEN BUTLER JORGE M BERISTAIN JEFF WRIGHT JOHN BRIDGES MICHAEL S DUDAS TREVOR TURNBULL

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

Recommendation hold market perform buy hold buy neutral neutral restricted

Amt Held 19'672'831 17'573'097 15'874'824 15'111'549 5'094'157 4'650'815 4'531'959 4'041'712 3'997'250 3'744'569 2'966'054 2'882'600 2'800'000 2'771'542 2'484'320 2'443'226 2'418'493 2'250'000 2'035'400 1'900'000

% Out 6.9 6.16 5.57 5.3 1.79 1.63 1.59 1.42 1.4 1.31 1.04 1.01 0.98 0.97 0.87 0.86 0.85 0.79 0.71 0.67

Weighting

Change

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

U M M U M M M M

Latest Chg 3'630'060 819'574 (139'843) 233'659 (121'000) 275'066 (340'534) (98'000) 1'615'970 (525'202) (359'600) 413'542 (671'814) 325'638 (193'270) (150'000) (330'000) (2'100'000)

Target Price #N/A N/A 5 6 4 6 6 #N/A N/A #N/A N/A

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

File Dt Inst Type 17.04.2013 Investment Advisor 17.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 29.03.2013 Investment Advisor 31.12.2012 Pension Fund (ERISA)

Date Not Provided Not Provided 12 month 12 month 12 month 9 month Not Provided Not Provided

Date 17.04.2013 15.04.2013 15.04.2013 11.04.2013 10.04.2013 21.03.2013 06.03.2013 05.03.2013

19.04.2013

Aurizon Mines Ltd Aurizon Mines Ltd. is a gold mining company. The Company's operations and exploration activities are located in the Abitibi region of north-western Quebec, Canada. Aurizon operates and owns an interest in the Beaufor Mine, the Sleeping Giant Mine, and the Casa Berardi property.

Price/Volume 6 5 4 3

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.05.2012) 52-Week Low (24.12.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AZK US EQUITY YTD Change AZK US EQUITY YTD % CHANGE

12/2012 12/yy 5.57 3.19 154'008.00 4.02 -28.19% 26.02% 34.45% 164.6 661.54 0.00 0.0 0.0 204.71 474.20

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

1 0 a-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

31.12.2009 31.12.2010 175.6 178.7 3.65x 5.82x 87.5 69.8 7.32x 14.90x 36.7 17.2 Profitability

LTM-4Q 31.12.2011 260.0 2.31x 124.9 4.81x 43.9 -

31.12.2012 223.6 1.61x 92.2 3.90x 31.8 92.23 54.50 24.38% 25.08% 7.33% 9.28% 9.42% 0.51% 41.0% 41.3% 24.4% 14.2% 7.30 6.49 0.00% 0.00% 28.73 9.10

12/yy 260.0 11.47x 124.9 4.81x 43.9 0.00x

LTM 12/yy 223.6 9.66x 92.2 3.90x 31.8 0.00x

FY+1

1.00 136.22 1.25 -15.37% 15.52% 0.995 5 3.000 1'412'735 884'253 936'444 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 212.0 272.3 40.4 54.1 94.0 139.0 5.05x 3.41x 33.2 55.5 3.5 8.8 22.06x 14.58x 23.31x S&P Issuer Ratings

107.74 19.32 -2.22 0.00 0.0% 0.0% 0.51 1.18 12.74 40.24 38.79 14.19

Sales/Revenue/Turnover

1.20

300.0

1.00

250.0

0.80

200.0

0.60

m-12

Fiscal Year Ended 31.12.2008 144.5 4.07x 53.5 10.98x 4.9 -

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M a-13

150.0 100.0

0.40

50.0 0.20

0.0 0.00

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

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

19.04.2013

Aurizon Mines Ltd Holdings By:

All

Holder Name ALAMOS GOLD INC VAN ECK ASSOCIATES C UNITED SERVICES AUTO MONTRUSCO BOLTON INV GCIC LTD/CANADA SUN VALLEY GOLD LLC WELLS FARGO RENAISSANCE TECHNOLO NWQ INVESTMENT MANAG INVESCO LTD CANADA PENSION PLAN FIRST EAGLE INVESTME FMR LLC FRANKLIN RESOURCES PUBLIC SECTOR PENSIO BLACKROCK LB SWISS INVESTMENT GEOLOGIC RESOURCE PA HALL DAVID P NORGES BANK

Firm Name BMO Capital Markets National Bank Financial Desjardins Securities Global Hunter Securities EVA Dimensions Mackie Research Capital Corp. Euro Pacific Capital Inc Raymond James CIBC World Markets Loewen, Ondaatje, McCutcheon Ltd Scotia Capital

Portfolio Name n/a n/a UNITED SERVICES AUTO MONTRUSCO BOLTON INV GOODMAN & COMPANY IN SUN VALLEY GOLD LLC n/a RENAISSANCE TECHNOLO NWQ INVESTMENT MANAG INVESCO LTD CANADA PENSION PLAN FIRST EAGLE INVESTME n/a n/a PUBLIC SECTOR PENSIO n/a Multiple Portfolios GEOLOGIC RESOURCE PA n/a NORGES BANK

Analyst BRIAN QUAST PAOLO LOSTRITTO ADAM MELNYK JEFF WRIGHT CRAIG STERLING RYAN HANLEY HEIKO IHLE FORBES GEMMELL COSMOS CHIU MICHAEL G FOWLER OVAIS HABIB

Source 13D ULT-AGG 13F 13F 13F 13F ULT-AGG 13F 13F 13F 13F 13F ULT-AGG ULT-AGG 13F ULT-AGG MF-AGG 13F SEDI 13F

Recommendation underperform tender tender neutral underweight tender buy Under Review restricted buy restricted

Amt Held 26'507'283 22'005'946 7'000'000 6'138'783 5'947'500 5'751'260 4'943'650 4'806'500 4'430'833 3'537'956 2'931'135 2'304'450 2'190'600 1'671'600 1'539'910 1'439'857 1'400'000 1'251'251 990'342 955'334

% Out 16.11 13.37 4.25 3.73 3.61 3.49 3 2.92 2.69 2.15 1.78 1.4 1.33 1.02 0.94 0.87 0.85 0.76 0.6 0.58

Weighting

Change

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

M M M M D M M M M M M

Latest Chg 408'275 (6'022'500) 4'054'435 68'876 452'400 1'029'681 136'509 101'700 (176'300) (421'427) (73'649) 5'000 (248'713)

Target Price 4 5 4 5 #N/A N/A 5 5 #N/A N/A #N/A N/A 6 #N/A N/A

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

File Dt 19.03.2013 17.04.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012 16.04.2013 31.12.2012 31.12.2012 04.04.2012 31.12.2012

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

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

Date 14.04.2013 05.04.2013 20.03.2013 20.03.2013 15.03.2013 05.03.2013 04.03.2013 05.02.2013 25.01.2013 23.01.2013 21.01.2013

19.04.2013

Nevsun Resources Ltd Nevsun Resources Ltd. is a gold producer and base metal developer. The Company has a gold-copper-zinc mine in Eritrea.

Price/Volume 6

25.0 M

20.0 M

Latest Fiscal Year: LTM as of: 52-Week High (07.11.2012) 52-Week Low (16.05.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out #N/A N/A Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NSU US EQUITY YTD Change NSU US EQUITY YTD % CHANGE

12/2012 12/yy 4.98 2.68 153'083.00 3.24 -34.34% 20.90% 22.61% 0.00 0.0 143.5 396.40 -

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

10.0 M

5.0 M

1 0 a-12

31.12.2009 31.12.2010 0.0 0.0 (4.9) (12.2) (4.3) (13.3) Profitability

LTM-4Q 31.12.2011 547.8 1.60x 429.2 2.04x 147.1 -

31.12.2012 566.0 1.05x 426.5 1.40x 145.3 426.46 397.41 70.21% 70.80% 17.62% 26.00% 36.05% 0.69% 89.9% 75.3% 70.2% 25.7% 6.56 5.92 0.00% 0.00% 23.41 1.46

12/yy 551.5 6.89x 429.3 2.04x 147.1 0.00x

j-12

a-12

s-12

LTM 12/yy 566.0 4.04x 426.5 1.40x 145.3 0.00x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

1.05 1.23 -6.77% -24.30% 1.049 11 3.727 1'432'161 1'588'307 1'053'409 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 394.2 669.5 74.5 70.8 246.6 441.0 37.8 27.2 71.9 163.3 11.1 7.0 7.49x 3.38x 7.74x 6.11x S&P Issuer Ratings

683.43 544.86 -0.93 0.00 0.0% 0.0% 0.69 1.83 15.63 250.60 30.26 235.97

Sales/Revenue/Turnover

1.20

600.0

1.00

500.0

0.80

400.0

0.60

m-12

Fiscal Year Ended 31.12.2008 0.0 (6.1) (5.7) -

15.0 M

Valuation Analysis

300.0 200.0

0.40

100.0 0.20

0.0 0.00

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

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

19.04.2013

Nevsun Resources Ltd Holdings By:

All

Holder Name VANGUARD GROUP INC M&G INVESTMENT MANAG BLACKROCK FRANKLIN RESOURCES VAN ECK ASSOCIATES C ACADIAN ASSET MANAGE SCHRODER INVESTMENT WELLINGTON MANAGEMEN CONNOR CLARK & LUNN CANADA PENSION PLAN PUBLIC SECTOR PENSIO DAVIS CLIFFORD T TD ASSET MANAGEMENT CLARKE JOHN A NORGES BANK AMERICAN CENTURY COM RENAISSANCE TECHNOLO BATTERYMARCH FINANCI O'SHAUGHNESSY ASSET BPI FUNDOS GFIM SA/P

Firm Name Haywood Securities Inc. Canaccord Genuity Corp Cormark Securities Inc. TD Securities Paradigm Capital Inc CIBC World Markets GMP RBC Capital Markets PI Financial Corp. EVA Dimensions

Portfolio Name Multiple Portfolios M&G INVESTMENT MANAG n/a n/a n/a ACADIAN ASSET MANAGE SCHRODER INVESTMENT WELLINGTON MANAGEMEN CONNOR CLARK & LUNN CANADA PENSION PLAN PUBLIC SECTOR PENSIO n/a TD ASSET MANAGEMENT n/a NORGES BANK AMERICAN CENTURY COM RENAISSANCE TECHNOLO BATTERYMARCH FINANCI O'SHAUGHNESSY ASSET Multiple Portfolios

Analyst STEFAN IOANNOU RAHUL PAUL CLIFF HALE-SANDERS STEVEN J GREEN DAVID DAVIDSON COSMOS CHIU ANDREW MIKITCHOOK PATRICK MORTON ALEEM LADAK CRAIG STERLING

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

Recommendation buy hold buy hold buy sector underperform hold sector perform buy buy

Amt Held 39'554'511 38'500'000 29'730'099 25'807'900 13'698'233 5'077'040 4'115'444 3'062'504 3'003'300 1'883'601 1'878'320 1'553'219 1'395'977 1'367'000 1'233'881 1'079'863 1'043'300 1'006'600 826'454 755'420

% Out 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Weighting

Change 5 3 5 3 5 1 3 3 5 5

M M M M M M M M M M

Latest Chg 9'800 (1'170'000) 2'496'855 613'900 1'836'500 3'062'504 1'180'900 4'200 (50'100) (80'700) (146'716) 14'897 213'600 384'352 -

Target Price 5 4 5 4 8 4 4 5 6 #N/A N/A

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

File Dt Inst Type 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 16.04.2013 Investment Advisor 31.01.2013 Investment Advisor 17.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Pension Fund (ERISA) 31.12.2012 Investment Advisor 19.11.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 n/a 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager

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

Date 16.04.2013 15.04.2013 10.04.2013 04.04.2013 01.04.2013 25.03.2013 22.03.2013 21.03.2013 21.03.2013 17.01.2013

19.04.2013

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

Price/Volume 18

4.0 M

3.5 M

3.0 M

2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SSRI US EQUITY YTD Change SSRI US EQUITY YTD % CHANGE

12/2012 12/yy 16.92 6.50 400'344.00 6.75 -59.69% 3.85% 0.68% 80.9 546.35 135.81 0.0 0.0 366.95 315.21

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

1.0 M

.5 M

0 a-12

31.12.2009 31.12.2010 5.4 112.3 307.12x 18.82x (17.7) 5.3 400.55x (13.2) 338.5 Profitability

m-12

LTM-4Q 31.12.2011 147.8 6.19x 39.4 23.24x 80.1 -

31.12.2012 241.1 4.03x 54.6 17.81x 54.8 54.59 9.75 4.04% 14.55% 4.23% 5.37% 0.19% 19.1% 22.6% 4.0% 22.7% 2.76 2.10 10.31% 12.84% 4.69 1.98

12/yy 147.8 43.58x 39.4 23.24x 80.1 0.00x

j-12

a-12

s-12

LTM 12/yy 241.1 15.70x 54.6 17.81x 54.8 0.00x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

1.07 80.75 3.36 -50.04% -54.67% 1.072 11 3.545 1'960'573 1'175'263 1'124'237 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 243.0 262.0 60.0 60.3 1.63x 2.14x 4.86x 6.00x 68.6 92.2 11.7 11.9 4.58x 3.41x 5.15x 4.37x 3.5 7.8 (2.1) 4.1 83.33x 81.33x 41.93x S&P Issuer Ratings

2.23 -0.30 -4.23 2.49 12.8% 11.4% 0.19 0.44 78.06 184.84 114.73 148.18

Sales/Revenue/Turnover

1.20

300.0

1.00

250.0

0.80

200.0

0.60

1.5 M

Fiscal Year Ended 31.12.2008 0.0 (17.9) (5.6) -

2.0 M

Valuation Analysis

150.0 100.0

0.40

50.0 0.20

0.0 0.00

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

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

19.04.2013

Silver Standard Resources Inc Holdings By:

All

Holder Name ROYCE AND ASSOCIATES VAN ECK ASSOCIATES C WELLS FARGO VINIK ASSET MANAGEME AXA TRADEWINDS GLOBAL IN GLOBAL X MANAGEMENT NEWGATE CAPITAL MANA BNP PARIBAS INV PART PUBLIC SECTOR PENSIO DEUTSCHE BANK AG LB SWISS INVESTMENT UBS LRI-FUND MANAGEMENT NEUFLIZE OBC ASSET M CANADA PENSION PLAN SUSQUEHANNA INTERNAT NORGES BANK TD ASSET MANAGEMENT VANGUARD GROUP INC

Firm Name EVA Dimensions BMO Capital Markets Global Hunter Securities Salman Partners GMP Cowen Securities LLC Deutsche Bank CIBC World Markets Credit Suisse Scotia Capital RBC Capital Markets

Portfolio Name n/a n/a n/a VINIK ASSET MANAGEME n/a TRADEWINDS GLOBAL IN GLOBAL X MANAGEMENT NEWGATE CAPITAL MANA n/a PUBLIC SECTOR PENSIO DEUTSCHE BANK AKTIEN Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios CANADA PENSION PLAN SUSQUEHANNA INTERNAT NORGES BANK TD ASSET MANAGEMENT Multiple Portfolios

Analyst CRAIG STERLING ANDREW KAIP JEFF WRIGHT ASH GUGLANI CHELSEA HAMILTON ADAM P GRAF JORGE M BERISTAIN ARNOLD VAN GRAAN RALPH M PROFITI TREVOR TURNBULL DAN ROLLINS

Source Co File ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F ULT-AGG 13F 13F MF-AGG ULT-AGG MF-AGG MF-AGG 13F 13F 13F 13F MF-AGG

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

Amt Held 7'788'781 5'574'565 2'972'571 1'781'407 1'499'937 1'094'787 1'085'240 980'616 915'000 767'770 760'453 720'000 715'613 681'000 618'576 523'412 517'492 498'001 484'644 431'832

% Out 9.62 6.89 3.67 2.2 1.85 1.35 1.34 1.21 1.13 0.95 0.94 0.89 0.88 0.84 0.76 0.65 0.64 0.62 0.6 0.53

Weighting

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

U M M M M M M M M M M

Latest Chg (480'425) 1'026'633 349'192 (195'800) 1'700 (157'540) 101'480 (125'785) (75'000) 10'900 97'677 (180'000) (37'922) 60'200 285'000 65'700 (78'964) 10'100 5'228

Target Price #N/A N/A 12 20 21 27 27 9 12 17 11 17

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

File Dt Inst Type 28.02.2013 Investment Advisor 17.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Unclassified 31.03.2013 Investment Advisor 30.12.2011 Investment Advisor 31.12.2012 Pension Fund (ERISA) 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor

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

Date 18.04.2013 15.04.2013 15.04.2013 12.04.2013 12.04.2013 12.04.2013 11.04.2013 11.04.2013 03.04.2013 14.03.2013 04.03.2013

19.04.2013

Seabridge Gold Inc Seabridge Gold, Inc. acquires gold projects in North America. The Company expands and verifies these resources, moves them to reserves to determine their economic value, and either sells to or forms joint ventures with larger companies for mine construction and production.

Price/Volume 25

4.5 M 4.0 M

3.5 M 3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SA US EQUITY YTD Change SA US EQUITY YTD % CHANGE

12/2012 12/yy 20.34 9.70 151'587.00 9.7 -50.63% 0.00% 1.91% 45.6 441.90 0.00 0.0 0.0 52.04 401.46

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

1.20

2.0 M 1.5 M 1.0 M

.5 M 0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 0.0 (5.6) 10.3 -

2.5 M

31.12.2009 31.12.2010 0.0 0.0 (5.0) (5.7) (4.7) 3.3 Profitability

LTM-4Q 31.12.2011 0.0 (19.8) (20.1) -

31.12.2012 0.0 (15.8) (12.5) -15.82 -15.83 -5.08% -5.37% 0.00% 5.11 5.11 0.00% 0.00% 0.00 -

12/yy 0.0 #DIV/0! (19.8) 0.00x (20.1) 0.00x

LTM 12/yy 0.0 #DIV/0! (8.7) 0.00x (12.5) 0.00x

0.96 41.57 3.84 -48.76% -46.02% 0.960 3 4.333 692'431 438'867 369'533

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

(15.0) (16.0) S&P Issuer Ratings

.0 M a-13

-385.83 -1574.22 0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

1.0 0.9

1.00

0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

0.1 0.0

0.00

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

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

19.04.2013

Seabridge Gold Inc Holdings By:

All

Holder Name VAN ECK ASSOCIATES C PAN ATLANTIC BANK ROYCE AND ASSOCIATES WEISS ASSET MANAGEME FRONK RUDI P BLACKROCK ANTHONY JAMES S FMR LLC FCMI FINANCIAL CORP BRISTOL INVESTMENT P SUSQUEHANNA INTERNAT FIDEURAM GESTIONS SA FNDTN FOR STUDY OBJ PORTOLA GROUP INCORP FOX LOUIS J THRELKELD WILLIAM E BANFIELD A FREDERICK NORGES BANK DEUTSCHE BANK AG VANGUARD GROUP INC

Firm Name Cowen Securities LLC Stonecap Securities Inc Nomura

Portfolio Name n/a n/a ROYCE & ASSOCIATES L WEISS ASSET MANAGEME n/a n/a n/a n/a n/a BRISTOL INVESTMENT P SUSQUEHANNA INTERNAT Multiple Portfolios n/a PORTOLA GROUP INCORP n/a n/a n/a NORGES BANK DEUTSCHE BANK AKTIEN Multiple Portfolios

Analyst ADAM P GRAF CHRISTOS DOULIS TYLER BRODA

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

Recommendation buy sector perform buy

Amt Held 11'905'084 8'001'232 6'126'883 2'022'491 1'180'000 802'453 779'791 601'905 555'000 478'467 457'897 450'000 425'334 309'570 300'750 265'000 245'000 235'224 198'997 185'194

% Out 26.13 17.56 13.45 4.44 2.59 1.76 1.71 1.32 1.22 1.05 1.01 0.99 0.93 0.68 0.66 0.58 0.54 0.52 0.44 0.41

Weighting

Change 5 3 5

Latest Chg 3'512'313 253'000 2'022'491 10'000 (20'896) (203'241) 129'117 (13'300) (10'000) (71'639) 2'534 6'435

Target Price

M M M

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

65 22 24

File Dt Inst Type 17.04.2013 Investment Advisor 10.05.2012 Bank 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 16.11.2012 n/a 16.04.2013 Investment Advisor 15.05.2012 n/a 28.02.2013 Investment Advisor 10.05.2012 Corporation 31.03.2013 Hedge Fund Manager 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 06.02.2012 Other 31.12.2012 Investment Advisor 06.12.2011 n/a 30.08.2011 n/a 15.05.2012 n/a 31.12.2012 Government 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor

Date Not Provided 12 month Not Provided

Date 09.04.2013 08.03.2013 16.05.2012

19.04.2013

Tanzanian Royalty Exploration Corp Tanzanian Royalty Exploration Corporation acquires, explores, and develops mineral properties. The Company explores for gold.

Price/Volume 6

3.5 M

3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TRX US EQUITY YTD Change TRX US EQUITY YTD % CHANGE

08/2012 02/yy 5.34 2.45 141'289.00 2.599 -52.25% 6.08% 1.41% 100.7 261.67 2.07 0.0 0.0 20.06 253.95

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

1.20

1.5 M

1.0 M

.5 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.08.2008 0.0 (2.9) (3.7) -

2.0 M

Valuation Analysis

31.08.2009 31.08.2010 0.0 0.0 (3.4) (3.0) (4.7) (3.4) Profitability

LTM-4Q 31.08.2011 0.0 (4.3) (11.1) -

31.08.2012 0.0 (5.1) (8.9) -5.06 -5.44 -3.52% -4.13% 0.00% 8.84 8.68 3.28% 4.09% 0.00 -

02/yy 0.0 #DIV/0! (4.6) 0.00x (14.6) 0.00x

LTM 02/yy 0.0 #DIV/0! (5.0) 0.00x (2.2) 0.00x

1.23 92.85 9.71 -47.81% -41.07% 1.229 0 924'895 552'807 459'043

FY+1

FY+2

FQ+1

FQ+2

08/13 Y

08/14 Y

05/13 Q3

08/13 Q4

S&P Issuer Ratings

.0 M a-13

-49.26 -133.96 0.00 4.1% 3.9% 0.00 0.00 -

Sales/Revenue/Turnover

1.0 0.9

1.00

0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

0.1 0.0

0.00

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

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

19.04.2013

Tanzanian Royalty Exploration Corp Holdings By:

All

Holder Name VAN ECK ASSOCIATES C GEIER GROUP LLC BPI FUNDOS GFIM SA/P SINCLAIR JAMES E BPI GLOBAL INVESTMEN BLACKROCK MORROW ROSALIND VANGUARD GROUP INC CANADA PENSION PLAN BMO FINANCIAL CORP HARVEY WILLIAM M JONES HEWARD INVESTM PORTOLA GROUP INCORP CITIGROUP INCORPORAT MORGAN STANLEY SUSQUEHANNA INTERNAT DEUTSCHE BANK AG LUIS VICTORIA BANK OF AMERICA CORP COMMONWEALTH EQUITY

Firm Name

Portfolio Name n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios CANADA PENSION PLAN BMO FINANCIAL CORP n/a Multiple Portfolios PORTOLA GROUP INCORP CITIGROUP INCORPORAT n/a SUSQUEHANNA INTERNAT DEUTSCHE BANK AKTIEN n/a BANK OF AMERICA COMMONWEALTH EQUITY

Analyst

Source ULT-AGG 13G MF-AGG SEDI MF-AGG ULT-AGG SEDI MF-AGG 13F 13F SEDI MF-AGG 13F 13F ULT-AGG 13F 13F 20F 13F 13F

Recommendation

Amt Held 13'522'725 4'879'743 4'088'532 1'885'543 673'902 511'968 424'047 419'292 367'112 334'811 332'358 318'244 212'560 185'212 170'509 167'687 145'569 144'045 97'451 95'500

% Out 13.43 4.85 4.06 1.87 0.67 0.51 0.42 0.42 0.36 0.33 0.33 0.32 0.21 0.18 0.17 0.17 0.14 0.14 0.1 0.09

Weighting

Change

Latest Chg 526'026 (4'801'048) 52'612 (1'000) (37'877) (4'130) 17'903 5'200 141'200 4'654 12'845 (3'200) 4'819 108'877 134'479 20'891 (17'701) 13'000

Target Price

#N/A N/A

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

File Dt Inst Type 17.04.2013 Investment Advisor 10.11.2011 Other 31.12.2012 Mutual Fund Manager 08.02.2013 n/a 28.09.2012 Mutual Fund Manager 16.04.2013 Investment Advisor 29.05.2012 n/a 31.03.2013 Investment Advisor 31.12.2012 Pension Fund (ERISA) 31.03.2013 Investment Advisor 08.05.2012 n/a 17.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 n/a 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor

Date

19.04.2013

Golden Star Resources Ltd Golden Star Resources Ltd. is a mid-tier gold mining company. The Company's operating mines are situated along the Ashanti Gold Belt in Ghana, West Africa.

Price/Volume 3

14.0 M 12.0 M

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.10.2012) 52-Week Low (22.05.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GSS US EQUITY YTD Change GSS US EQUITY YTD % CHANGE

12/1997 12/yy 2.11 0.90 233'639.00 0.9698 -53.99% 7.76% 5.22% 259.1 251.28 117.48 0.0 (2.0) 78.88 287.87

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

8.0 M

6.0 M 4.0 M

2.0 M

0 a-12

31.12.2009 Profitability

31.12.2010 432.7 2.72x 107.6 10.93x (11.2) -

LTM-4Q 31.12.2011 471.0 0.98x 91.8 5.00x (2.1) -

31.12.2012 550.5 0.95x 124.7 4.18x (9.5) 124.67 25.74 4.68% 1.20% -1.31% -2.17% -4.61% 0.76% 9.6% 22.8% 4.7% -1.7% 1.58 0.69 16.18% 27.10% 50.11 6.05

Price/ Cash Flow

12/yy 471.0 4.90x 91.8 5.00x (2.1) 0.00x

j-12

a-12

s-12

LTM 12/yy 550.5 3.58x 125.8 4.14x (9.5) 0.00x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

0.00 1.07 257.68 12.28 -36.20% -47.29% 1.070 10 3.000 4'652'826 2'255'240 1'854'718 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 558.1 589.4 136.0 131.7 0.60x 0.61x 2.13x 2.20x 135.7 199.8 33.7 33.7 2.12x 1.44x 2.14x 2.19x 19.9 48.3 6.9 6.9 26.21x 5.91x 9.90x 7.78x S&P Issuer Ratings

12.27 3.56 0.31 0.93 27.1% 21.4% 0.76 1.06 7.30 60.50 69.08 -1.28

Sales/Revenue/Turnover

30.00

600.0

25.00

500.0

20.00

400.0

15.00

300.0

10.00

200.0

5.00

100.0

0.00 01.01.2010

m-12

Fiscal Year Ended 31.12.2008 257.4 1.43x 1.8 200.09x (119.3) -

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

19.04.2013

Golden Star Resources Ltd Holdings By:

All

Holder Name VAN ECK ASSOCIATES C SENTRY SELECT CAPITA HEARTLAND ADVISORS I BLACKROCK HILLSDALE INVESTMENT STATE STREET ACADIAN ASSET MANAGE WELLINGTON MANAGEMEN CANADA PENSION PLAN PRINCIPAL FINANCIAL NORTHERN TRUST CORPO BATTERYMARCH FINANCI TIAA CREF INVESTMENT NORGES BANK MD MANAGEMENT LTD NEW YORK STATE COMMO SYSTEMATIC FINANCIAL LEGG MASON CAPITAL M GOLDMAN SACHS GROUP BPI FUNDOS GFIM SA/P

Firm Name BMO Capital Markets Canaccord Genuity Corp CIBC World Markets National Bank Financial EVA Dimensions Credit Suisse Scotia Capital Macquarie Raymond James

Portfolio Name n/a SENTRY SELECT CAPITA HEARTLAND ADVISORS I n/a HILLSDALE INVESTMENT n/a ACADIAN ASSET MANAGE WELLINGTON MANAGEMEN CANADA PENSION PLAN n/a NORTHERN TRUST CORPO BATTERYMARCH FINANCI TIAA-CREF INVESTMENT NORGES BANK Multiple Portfolios NEW YORK STATE COMMO SYSTEMATIC FINANCIAL Multiple Portfolios GOLDMAN SACHS GROUP Multiple Portfolios

Analyst ANDREW BREICHMANAS RAHUL PAUL COSMOS CHIU PAOLO LOSTRITTO CRAIG STERLING ANITA SONI TREVOR TURNBULL PIERRE VAILLANCOURT BRAD HUMPHREY

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

Recommendation market perform hold sector perform outperform overweight underperform sector perform neutral market perform

Amt Held 39'316'268 30'238'600 25'985'870 10'069'469 6'281'374 4'885'815 4'819'436 3'713'690 3'486'925 3'093'334 3'064'953 2'625'741 2'259'552 1'934'059 1'845'827 1'725'479 1'647'710 1'467'781 1'164'787 1'113'498

% Out 15.17 11.67 10.03 3.89 2.42 1.89 1.86 1.43 1.35 1.19 1.18 1.01 0.87 0.75 0.71 0.67 0.64 0.57 0.45 0.43

Weighting

Change 3 3 3 5 5 1 3 3 3

M M M M U D M M M

Latest Chg (350'000) (1'326'930) (482'630) 1'230'943 (5'940) (1'475'687) 3'703'206 2'002'700 1'200'671 (52'441) 125'700 1'129'776 139'300 206'700 277'080 (51'919) -

Target Price 2 2 2 3 #N/A N/A 1 1 2 2

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

File Dt 17.04.2013 31.12.2012 31.12.2012 16.04.2013 31.12.2012 17.04.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 15.04.2013 15.04.2013 11.04.2013 09.04.2013 04.04.2013 03.04.2013 14.03.2013 07.03.2013 06.03.2013

19.04.2013

Vista Gold Corp Vista Gold Corp. is an international gold mining company. The Company is focused on its core projects, the Concordia gold project located in Baja California Sur, Mexico and the Mt. Todd gold project in Northern Territory, Australia.

Price/Volume 5

6.0 M

5.0 M

4 3

4.0 M

12/2007 12/yy 4.09 1.47 113'812.00 1.56 -62.10% 6.12% 1.53% 81.6 127.24 0.00 0.0 0.0 88.40 38.84

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

1.20 1.00

2.0 M

1.0 M

1 0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 0.0 (6.5) (10.0) -

3.0 M

31.12.2009 31.12.2010 0.0 0.0 (6.1) (17.7) (1.9) (20.0) Profitability

LTM-4Q 31.12.2011 0.0 (28.1) 51.5 -

31.12.2012 0.0 (35.6) (70.7) -35.63 -36.22 -44.30% -57.29% 0.00% 2.94 2.84 0.00% 0.00% -

12/yy 0.0 #DIV/0! (28.1) 0.00x 51.5 0.00x

LTM 12/yy 0.0 #DIV/0! (34.5) 0.00x (69.5) 0.00x

FY+1

.0 M a-13

0.00 1.17 68.11 1.58 -45.26% -42.22% 1.171 4 5.000 773'958 561'112 502'566 FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y 03/13 Q1 06/13 Q2 0.0 (20.4) (19.1) (5.8) (5.8) (20.1) (13.7) (6.3) (6.3) S&P Issuer Ratings

0.00 0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

1.6 1.4 1.2

0.80 0.60

1.0 0.8 0.6

0.40 0.20

0.4 0.2 0.0

0.00

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

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

19.04.2013

Vista Gold Corp Holdings By:

All

Holder Name SUN VALLEY GOLD LLC SUN VALLEY GOLD LLC VAN ECK ASSOCIATES C SPROTT INC BLACKROCK LOEWS CORPORATION ANDREEFF EQUITY ADVI STATE STREET PERRITT CAPITAL MANA CANADA PENSION PLAN NORTHERN TRUST CORPO PARKER FREDERICK H E ROYCE AND ASSOCIATES TIAA CREF INVESTMENT SUSQUEHANNA INTERNAT BANK OF NEW YORK MEL AQR CAPITAL MANAGEME RICHINGS MICHAEL B IFM - INDEPENDENT FU EPPLER WILLIAM DURAN

Firm Name National Bank Financial Cowen Securities LLC Roth Capital Partners Stonegate Securities Inc Global Hunter Securities

Portfolio Name SUN VALLEY GOLD LLC n/a n/a n/a n/a LOEWS CORPORATION ANDREEFF EQUITY ADVI n/a PERRITT CAPITAL MANA CANADA PENSION PLAN NORTHERN TRUST CORPO n/a ROYCE & ASSOCIATES L TIAA-CREF INVESTMENT SUSQUEHANNA INTERNAT BANK OF NEW YORK MEL AQR CAPITAL MANAGEME n/a Multiple Portfolios n/a

Analyst PAOLO LOSTRITTO ADAM P GRAF BRIAN W POST MARCO RODRIGUEZ JEFF WRIGHT

Source 13F Research ULT-AGG Co File ULT-AGG 13F 13F ULT-AGG 13F 13F 13F Form 4 13F 13F 13F 13F 13F Form 4 MF-AGG Form 4

Recommendation outperform buy buy no rating system buy

Amt Held 12'084'310 12'084'310 11'374'527 6'790'378 2'308'682 1'758'748 1'586'026 908'894 822'000 732'415 709'055 556'325 528'000 283'993 271'783 201'025 193'800 188'121 180'750 168'308

% Out 14.82 14.82 13.95 8.33 2.83 2.16 1.94 1.11 1.01 0.9 0.87 0.68 0.65 0.35 0.33 0.25 0.24 0.23 0.22 0.21

Weighting

Change

5 5 5 #N/A N/A 5

M M M M M

Latest Chg 1'272'000 214'656 (134'823) (20'971) (31'575) 21'681 30'000 (24'847) 160'360 11'051 137'400 (33'250) -

Target Price 4 13 7 #N/A N/A 5

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

File Dt 31.12.2012 31.12.2012 17.04.2013 31.01.2013 16.04.2013 31.12.2012 31.12.2012 17.04.2013 31.12.2012 31.12.2012 31.12.2012 05.09.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 08.01.2013 28.02.2013 27.08.2012

Date 12 month Not Provided 12 month Not Provided 12 month

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

Date 09.04.2013 09.04.2013 28.03.2013 19.03.2013 18.03.2013

19.04.2013

Great Basin Gold Ltd Great Basin Gold Limited explores and develops gold properties. The Company prospects for gold in the Witwatersrand Basin in South Africa and the Carlin Trend in Nevada.

Price/Volume 1

35.0 M

30.0 M

25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (15.06.2012) 52-Week Low (19.03.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GBGLF US EQUITY YTD Change GBGLF US EQUITY YTD % CHANGE

12/2011 09/yy 0.78 0.01 520'725.00 0.0099 -98.99% 41.43% 0.26% 552.4 5.47 282.45 0.0 0.0 25.75 321.80

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

1.20

15.0 M

0 0

10.0 M

5.0 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M a-13

f-13 m-13

Fiscal Year Ended 31.12.2007 0.0 (62.2) (51.2) -

20.0 M

Valuation Analysis

31.12.2008 31.12.2009 24.7 33.7 14.86x 19.15x (104.9) (50.6) (84.9) (48.4) Profitability

LTM-4Q 31.12.2010 99.7 14.22x (15.7) (27.1) -

31.12.2011 170.3 4.16x 18.3 38.63x (17.7) 18.34 -0.57 -0.33% -38.35% -11.45% -22.67% 0.18% 29.7% -18.0% -28.2% -10.4% 0.78 0.50 33.22% 59.90% 18.55 5.26

09/yy 172.5 28.57x 24.5 43.55x (48.2) 0.00x

LTM 09/yy 144.8 13.73x (26.1) 0.00x (91.7) 0.00x

0.81 -98.56% 0 1'720'187 2'711'419 3'723'629

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

0.75 -5.72 -12.49 59.9% 37.5% 0.18 0.20 19.73 69.54 202.52 39.53

Sales/Revenue/Turnover

180.0 160.0

1.00 0.80

140.0 120.0 100.0

0.60

80.0 60.0

0.40 0.20

40.0 20.0 0.0

0.00

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

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

19.04.2013

Great Basin Gold Ltd Holdings By:

All

Holder Name VAN ECK ASSOCIATES C BLACKROCK RUFFER LLP TRANTER GOLD (BEE) FRANKLIN RESOURCES UNITED SERVICES AUTO WELLS FARGO CANADA PENSION PLAN UOB ASSET MANAGEMENT DIMENSIONAL FUND ADV VANGUARD GROUP INC BARCLAYS PLC SCOTIA CAPITAL INC NEWGATE CAPITAL MANA IG INVESTMENT MANAGE DIPPENAAR FERDINAND GOLDMAN SACHS GROUP ZURCHER KANTONALBANK CREDIT SUISSE AG MOSTERT JACOB DAWID

Firm Name

Portfolio Name n/a n/a Multiple Portfolios n/a n/a UNITED SERVICES AUTO n/a CANADA PENSION PLAN Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a SCOTIA CAPITAL INC NEWGATE CAPITAL MANA IG INVESTMENT MANAGE n/a GOLDMAN SACHS GROUP ZURCHER KANTONALBANK CREDIT SUISSE AG n/a

Analyst

Source ULT-AGG ULT-AGG MF-AGG Research ULT-AGG 13F ULT-AGG 13F MF-AGG MF-AGG MF-AGG ULT-AGG 13F 13F 13F SEDI 13F 13F 13F SEDI

Recommendation

Amt Held 40'178'947 23'107'390 22'797'000 20'932'183 19'571'400 18'400'000 5'393'613 4'342'634 3'530'000 2'801'617 2'686'303 1'988'058 1'946'721 1'225'751 1'173'800 1'126'800 1'107'918 1'017'100 990'156 731'273

% Out 7.27 4.18 4.13 3.79 3.54 3.33 0.98 0.79 0.64 0.51 0.49 0.36 0.35 0.22 0.21 0.2 0.2 0.18 0.18 0.13

Weighting

Change

Latest Chg (20'659) 1'340'000 1'050 (286'003) 1'946'721 (128'184) (768'400) 100'000 990'156 -

Target Price

#N/A N/A

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

File Dt Inst Type 17.04.2013 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Hedge Fund Manager 24.04.2012 n/a 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Pension Fund (ERISA) 30.06.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 13.04.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 16.04.2012 n/a

Date

19.04.2013

Argonaut Gold Inc Argonaut Gold, Inc. explores for gold. The Company owns the operating El Castillo mine, the San Antonio development stage project and advanced stage exploration properties including: La Fortuna and La Colorada.

Price/Volume 12

9.0 M 8.0 M

7.0 M

12/2012 12/yy 11.08 5.24 103'271.00 5.5 -51.44% 4.96% 2.05% 148.9 818.86 0.00 0.0 0.0 191.89 606.03

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

(0.1) -

31.12.2009 (0.5) Profitability

31.12.2010 51.6 4.70x 15.3 15.83x 3.7 66.38x

4.0 M 3.0 M 2.0 M

2 0 a-12

1.0 M m-12

LTM-4Q 31.12.2011 104.6 5.77x 55.9 10.78x 26.3 24.42x

31.12.2012 187.1 6.53x 107.3 11.39x 64.9 14.00x 107.29 85.19 45.53% 45.69% 10.38% 11.44% 11.43% 0.30% 62.5% 57.3% 45.5% 34.7% 12.31 9.89 0.00% 0.00% 21.94 2.00

Price/ Cash Flow

12/yy 104.6 22.56x 55.9 10.78x 26.3 24.42x

j-12

a-12

s-12

LTM 12/yy 187.1 19.22x 107.3 11.39x 64.9 15.35x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

0.00 1.18 144.47 12.84 -29.49% -41.92% 1.175 10 4.400 1'666'360 1'360'989 1'201'994 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 223.5 297.0 42.5 44.8 2.65x 1.97x 13.90x 13.15x 112.0 151.0 18.9 19.6 5.41x 4.01x 6.39x 5.90x 68.7 96.3 12.4 12.4 12.49x 9.44x 12.18x 10.92x S&P Issuer Ratings

296.39 159.48 -1.79 0.00 0.0% 0.0% 0.30 0.41 16.68 182.86 31.36 178.40

Sales/Revenue/Turnover

4'000.00

200.0

3'500.00

180.0 160.0

3'000.00

140.0

2'500.00

120.0

2'000.00

100.0 80.0

1'500.00

60.0

1'000.00

40.0

500.00

20.0

0.00 01.01.2010

5.0 M

Fiscal Year Ended 31.12.2008

6.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

19.04.2013

Argonaut Gold Inc Holdings By:

All

Holder Name VAN ECK ASSOCIATES C IG INVESTMENT MANAGE LIBRA ADVISORS LLC OPPENHEIMERFUNDS INC MONTRUSCO BOLTON INV GCIC LTD/CANADA ALTAMIRA MANAGEMENT FMR LLC SCEPTRE INVESTMENT C MACKENZIE FINANCIAL KENNEDY BRIAN JOHN DOUGHERTY PETER C BLACKROCK CARMIGNAC GESTION NORTHWEST MUTUAL FUN GLOBAL STRATEGY FINA SMITH EDGAR A LOMBARD ODIER DARIER TD ASSET MANAGEMENT NATCAN INVESTMENT MA

Firm Name Macquarie Stonecap Securities Inc BMO Capital Markets Canaccord Genuity Corp GMP Cowen Securities LLC RBC Capital Markets Mackie Research Capital Corp. Scotia Capital Mine2Capital Inc MLV & Co

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MICHAEL SIPERCO CHRISTOS DOULIS ANDREW KAIP RAHUL PAUL ANDREW MIKITCHOOK ADAM P GRAF SAM CRITTENDEN BARRY D ALLAN OVAIS HABIB ALKA SINGH RICHARD TROTMAN

Source ULT-AGG Co File SEDI MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG SEDI SEDI ULT-AGG MF-AGG MF-AGG MF-AGG SEDI MF-AGG MF-AGG MF-AGG

Recommendation outperform outperform outperform buy buy hold outperform buy sector outperform sell suspended coverage

Amt Held 15'290'043 6'707'533 5'768'001 5'602'697 2'898'359 2'517'350 2'178'036 2'067'362 1'883'374 1'530'917 1'472'476 1'337'779 1'328'205 1'150'000 1'143'256 1'133'457 1'120'359 1'028'750 980'800 681'103

% Out 10.27 4.51 3.87 3.76 1.95 1.69 1.46 1.39 1.26 1.03 0.99 0.9 0.89 0.77 0.77 0.76 0.75 0.69 0.66 0.46

Weighting

Change

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

M M M M M M M M M M M

Latest Chg 2'255'841 (117'000) (64'299) 2'517'350 484'288 699'000 196'782 (8'500) 5'488 54'885 (3'830) 1'150'000 (60'470) (54'000) 39'286 379'800 114'201

Target Price 11 11 12 12 15 #N/A N/A 13 12 14 8 #N/A N/A

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

File Dt Inst Type 17.04.2013 Investment Advisor 30.09.2011 Investment Advisor 02.03.2012 Hedge Fund Manager 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Unclassified 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 06.02.2013 n/a 06.02.2013 n/a 16.04.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 28.09.2012 Investment Advisor 14.02.2011 n/a 28.02.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor

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

Date 17.04.2013 17.04.2013 16.04.2013 16.04.2013 16.04.2013 09.04.2013 27.03.2013 27.03.2013 26.03.2013 26.02.2013 16.07.2012

19.04.2013

Torex Gold Resources Inc Torex Gold Resources Inc. is a mining company dedicated to the exploration and development of precious metal resources with a focus on gold. The Company's Morelos Project is an advanced stage gold exploration property located in the state of Guerrero, southwest of Mexico City.

Price/Volume 3

35.0 M 30.0 M

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (15.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TXG CN EQUITY YTD Change TXG CN EQUITY YTD % CHANGE

12/2012 10/yy 2.29 1.19 180'090.00 1.28 -46.29% 7.56% 7.27% 606.5 776.28 0.00 0.0 0.0 423.29 352.99

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

1.20 1.00

20.0 M

15.0 M 10.0 M

5.0 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.10.2008 0.0 (0.3) (0.3) -

31.10.2009 31.10.2010 0.0 0.0 (1.1) (18.0) (1.0) (16.4) Profitability

LTM-4Q 31.10.2011 0.0 (34.1) (33.9) -

31.10.2012 0.0 (60.4) (61.2) -60.39 -60.89 -13.72% -13.96% 0.00% 50.56 50.21 0.00% 0.00% 0.00 -

10/yy 0.0 #DIV/0! (34.1) 0.00x (33.9) 0.00x

LTM 10/yy 0.0 #DIV/0! (60.4) 0.00x (61.2) 0.00x

FY+1

.0 M a-13

0.00 1.04 604.06 3.52 -26.44% -41.82% 1.044 9 4.667 7'446'252 3'855'869 3'329'152 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 0.0 0.0 0.0 0.0 (54.3) (67.2) (10.2) (10.8) S&P Issuer Ratings

0.00 0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

0.0 0.0 0.0

0.80

0.0 0.60

0.0

0.40

0.0 0.0

0.20

0.0 0.00

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

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

19.04.2013

Torex Gold Resources Inc Holdings By:

All

Holder Name TYRUS CAPITAL S.A.M. VAN ECK ASSOCIATES C TOCQUEVILLE ASSET MA GCIC LTD/CANADA FRANKLIN RESOURCES FMR LLC ROYAL BANK OF CANADA TRIMARK INVESTMENT M CARMIGNAC GESTION RUFFER LLP BLACKROCK IA CLARINGTON INVEST SPROTT INC AMERICAN CENTURY COM WELLS FARGO FIRST CANADIAN MUTUA GLOBAL STRATEGY FINA INVESCO LTD LB SWISS INVESTMENT SOCIETE GENERALE

Firm Name Stifel BMO Capital Markets GMP Industrial Alliance Securities Macquarie Clarus Securities TD Securities RBC Capital Markets Scotia Capital

Portfolio Name n/a n/a TOCQUEVILLE ASSET MA Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MICHAEL A SCOON ANDREW BREICHMANAS GEORGE V ALBINO MERRILL MCHENRY PIERRE VAILLANCOURT JAMIE SPRATT DANIEL EARLE DAN ROLLINS TREVOR TURNBULL

Source Co File ULT-AGG 13F MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy speculative outperform buy buy outperform buy hold outperform sector outperform

Amt Held 86'300'000 61'342'470 34'152'190 25'141'050 21'734'500 21'298'547 18'072'277 8'146'100 8'032'000 6'739'500 5'287'478 5'250'000 5'133'800 5'129'653 5'036'452 4'640'031 3'217'000 3'104'480 2'949'500 2'873'398

% Out 14.23 10.11 5.63 4.15 3.58 3.51 2.98 1.34 1.32 1.11 0.87 0.87 0.85 0.85 0.83 0.77 0.53 0.51 0.49 0.47

Weighting

Change 5 4 5 5 5 5 3 5 5

Latest Chg 1'000'000 15'866'564 2'265'280 14'561'050 6'714'500 3'067'945 1'677'800 1'350'000 8'032'000 (32'076) 5'250'000 150'000 431'600 84'766 2'500'000 (5'400)

Target Price

M M M M M N M M M

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

File Dt 31.01.2013 17.04.2013 31.12.2012 31.01.2013 31.01.2013 28.02.2013 28.02.2013 31.12.2012 31.12.2012 30.11.2012 16.04.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 17.04.2013 28.09.2012 17.04.2013 28.02.2013 30.11.2012

Date 3 3 3 2 3 3 2 3 3

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

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

Date 16.04.2013 15.04.2013 15.04.2013 11.04.2013 07.03.2013 07.03.2013 12.02.2013 07.01.2013 31.10.2012

19.04.2013

China Gold International Resources Corp Ltd China Gold International Resources Corp Ltd. is a mining company focused on the exploration and development of gold projects in inner Mongolia and copper projects in Tibet Autonomous Region of China.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.04.2012) 52-Week Low (31.07.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CGG CN EQUITY YTD Change CGG CN EQUITY YTD % CHANGE

12/2012 12/yy 4.74 2.30 56'361.00 2.97 -38.29% 29.13% 27.46% 396.4 1'177.19 227.54 0.0 5.7 354.31 1'052.25

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

9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 29.4 3.54x (0.1) 14.6 36.15x

5 5 4 4 3 3 2 2 1 1 0 a-12

31.12.2009 31.12.2010 81.0 133.2 7.07x 15.60x 25.0 69.3 22.93x 29.97x (9.3) 26.2 39.69x Profitability

LTM-4Q 31.12.2011 311.3 2.82x 140.5 6.24x 79.4 13.23x

31.12.2012 332.4 70.9 19.04x 140.49 102.93 33.06% 33.56% 4.33% 5.94% 5.88% 0.19% 38.8% 36.5% 28.8% 21.3% 2.96 2.71 13.04% 17.71% 10.83 7.12

Price/ Cash Flow

12/yy 311.3 17.98x 140.5 6.24x 79.4 13.23x

LTM 12/yy 332.4 14.00x 81.9 0.00x 71.7 19.28x

FY+1

.0 M a-13

0.00 1.38 240.39 1.62 -34.29% -12.90% 1.376 7 3.857 580'392 411'461 318'293 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 364.5 562.8 3.08x 1.94x 168.7 244.0 6.24x 4.31x 81.0 108.2 13.46x 13.16x S&P Issuer Ratings

10.00 4.93 -0.84 1.88 17.7% 15.0% 0.19 0.39 33.79 51.39 132.07 -93.09

Sales/Revenue/Turnover

160.00

350.0

140.00

300.0

120.00

250.0

100.00

200.0

80.00

150.0

60.00

100.0

40.00

50.0

20.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

19.04.2013

China Gold International Resources Corp Ltd Holdings By:

All

Holder Name CHINA NATIONAL GOLD VAN ECK ASSOCIATES C BLACKROCK FRANKLIN RESOURCES VANGUARD GROUP INC DIMENSIONAL FUND ADV JONES HEWARD INVESTM HE YINGBIN TD ASSET MANAGEMENT SWISSCANTO FONDSLEIT MARLBOROUGH FUND MAN STATE STREET DAIWA SB INVESTMENT ROYAL BANK OF CANADA OPPENHEIM KAPITALANL INDEXIQ ADVISORS LLC CIBC GLOBAL ASSET MA DIMENSIONAL FUND ADV BESSEMER GROUP INCOR SUN LIFE FINANCIAL I

Firm Name Credit Suisse Argonaut Securities Pty Ltd EVA Dimensions Guotai Junan BOCOM International Holdings Citic Securities Co., Ltd CCB International Securities Ltd GuoSen Securities Co Ltd

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst OWEN LIANG CHRIS JIANG CRAIG STERLING KEVIN GUO BENJAMIN PEI SONG XIAOQING KIN CHUNG LI CHENGMING GAO

Source SEDI ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG SEDI MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation neutral hold underweight buy long-term buy overweight outperform buy

Amt Held 155'794'830 19'647'448 1'925'158 1'685'900 842'343 835'296 166'242 160'000 151'700 150'000 146'950 124'448 100'000 97'155 90'000 78'018 74'886 67'440 59'705 56'133

% Out 39.31 4.96 0.49 0.43 0.21 0.21 0.04 0.04 0.04 0.04 0.04 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.01

Weighting

Change 3 3 1 5 5 5 5 5

M D U M M N M M

Latest Chg 184'200 (65'304) (1'303) (100'000) (14'500) 40'000 53'000 (1'515) 11'974 684

Target Price 3 #N/A N/A #N/A N/A 4 4 4 4 5

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

File Dt Inst Type 30.09.2011 Corporation 17.04.2013 Investment Advisor 16.04.2013 Investment Advisor 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 31.07.2012 Investment Advisor 17.04.2013 Investment Advisor 09.01.2013 n/a 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 01.10.2012 Mutual Fund Manager 17.04.2013 Investment Advisor 11.01.2013 Investment Advisor 31.12.2012 Bank 28.12.2012 Mutual Fund Manager 17.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor

Date Not Provided Not Provided Not Provided Not Provided Not Provided 6 month Not Provided 12 month

Date 09.04.2013 02.04.2013 02.04.2013 28.03.2013 28.03.2013 14.01.2013 12.09.2012 02.02.2012

19.04.2013

LionGold Corp Ltd LionGold Corp is an investment holding company focusing on gold mining, mine development and exploration globally.

Price/Volume 1

40.0 M

35.0 M 30.0 M

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.07.2012) 52-Week Low (19.04.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LIGO SP EQUITY YTD Change LIGO SP EQUITY YTD % CHANGE

03/2012 12/yy 1.30 0.89 11'911'000.00 1.05 -19.23% 17.98% 43.90% 921.9 968.03 31.11 0.0 (3.0) 31.66 929.42

31.03.2008 72.0 0.64x 0.4 114.85x (4.7) -

15.0 M

10.0 M

5.0 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

31.03.2009 31.03.2010 79.8 70.4 0.56x 3.80x (3.7) 3.1 84.96x (5.0) 2.9 92.86x Profitability

LTM-4Q 31.03.2011 83.9 6.95x 4.0 144.70x 0.9 740.91x

31.03.2012 98.0 7.95x (5.3) (27.8) -

-5.31 -6.26 -6.39% -31.95% -13.46% -23.76% 0.55% 10.5% 1.5% -1.4% -28.4% 2.52 1.58 33.89% 93.42% 4.14 7.99

Price/ Cash Flow

12/yy 77.1 24.11x (9.1) 0.00x (15.1) 0.00x

LTM 12/yy 111.8 33.63x (18.2) 0.00x (18.5) 0.00x

FY+1

.0 M a-13

0.00 0.59 736.17 8.25% -4.11% 0.593 2 3.000 21'448'600 14'670'470 18'262'260 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 111.0 143.0 4.9 10.1 175.00x 80.77x S&P Issuer Ratings

-1.79 -2.01 -15.19 25.31 93.4% 50.7% 0.55 7.06 88.47 45.83 145.53 2.67

Sales/Revenue/Turnover

800.00

120.0

700.00

100.0

600.00

80.0

500.00 400.00

60.0

300.00

40.0

200.00

20.0 100.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

03.04.2013

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

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

19.04.2013

LionGold Corp Ltd Holdings By:

All

Holder Name ASIASONS INVESTMENT VAN ECK ASSOCIATES C MACQUARIE GROUP VENATON HOLDINGS LIM FORTE SERVICES LIMIT NOMURA CREDIT SUISSE AG BIN ABDUL DAI MD WIR DMG & PARTNERS SECUR VANGUARD GROUP INC DIMENSIONAL FUND ADV NG YICK HING NICHOLA BLACKROCK JOHN HANCOCK INVESTM STATE STREET CHARLES SCHWAB INVES SCANLAN GARY FRANCIS INVESCO LTD HARTFORD INVESTMENT GLOBAL X MANAGEMENT

Firm Name EVA Dimensions SIAS Research Pte Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING JINSHU LIU

Source EXCH ULT-AGG ULT-AGG EXCH EXCH ULT-AGG EXCH EXCH Co File MF-AGG MF-AGG EXCH ULT-AGG MF-AGG ULT-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG

Recommendation sell overweight

Amt Held 77'500'000 59'245'000 48'666'000 42'100'000 40'000'000 39'154'410 29'800'996 16'425'000 7'600'000 4'232'691 2'721'000 2'000'000 1'863'000 566'000 420'000 294'000 135'005 120'000 39'622 35'809

% Out 8.41 6.43 5.28 4.57 4.34 4.25 3.23 1.78 0.82 0.46 0.3 0.22 0.2 0.06 0.05 0.03 0.01 0.01 0 0

Weighting

Change 1 5

M M

Latest Chg 4'746'000 3'500'000 (2'001'000) 692'000 47'000 2'000'000 (110'000) 8'000 -

Target Price #N/A N/A 1

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

File Dt Inst Type 28.03.2013 Holding Company 17.04.2013 Investment Advisor 28.03.2013 Investment Advisor 06.11.2012 Holding Company 06.11.2012 Other 09.04.2013 Unclassified 04.12.2012 Investment Advisor 06.11.2012 n/a 29.06.2012 Unclassified 31.03.2013 Investment Advisor 31.07.2012 Investment Advisor 14.02.2013 n/a 16.04.2013 Investment Advisor 28.02.2013 Mutual Fund Manager 17.04.2013 Investment Advisor 17.04.2013 Investment Advisor 08.10.2012 n/a 17.04.2013 Investment Advisor 28.02.2013 Investment Advisor 16.04.2013 Investment Advisor

Date Not Provided 12 month

Date 17.01.2013 10.07.2012

19.04.2013

Perseus Mining Ltd Perseus Mining Limited is a mineral exploration Company. The Company explores for gold in West Africa and Central Asia regions.

Price/Volume 4

9.0 M

8.0 M 7.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.10.2012) 52-Week Low (15.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PRU CN EQUITY YTD Change PRU CN EQUITY YTD % CHANGE

06/2012 12/yy 3.07 1.26 314'781.00 1.36 -57.65% 7.94% 7.73% 458.0 622.83 60.26 0.0 (0.6) 105.50 553.32

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

1.20 1.00

(5.5) (4.8) -

5.0 M

4.0 M 3.0 M

2.0 M

1.0 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 30.06.2008

6.0 M

30.06.2009 (3.3) (4.8) Profitability

30.06.2010 0.0 (10.1) (9.7) -

LTM-4Q 30.06.2011 0.0 (32.0) (48.2) -

30.06.2012 144.7 7.53x 55.3 19.72x 47.2 55.28 45.11 31.18% 41.62% 12.17% 17.73% 32.6% 1.55 1.13 11.39% 16.72% -

12/yy 0.0 #DIV/0! (8.7) 0.00x 4.4 0.00x

LTM 12/yy 291.8 14.83x 127.3 7.27x 62.5 0.00x

FY+1

.0 M a-13

1.44 449.49 0.28 -45.38% -38.18% 1.444 23 4.348 2'888'159 1'749'013 1'478'706 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 316.8 421.5 96.1 96.1 1.73x 1.33x 132.9 188.1 4.16x 2.94x 63.8 98.4 26.0 26.0 9.07x 5.85x 6.34x 5.25x S&P Issuer Ratings

28.41 26.49 -0.31 0.00 16.7% 14.3% -

Sales/Revenue/Turnover

160.0 140.0 120.0

0.80 0.60

100.0 80.0 60.0

0.40 0.20

40.0 20.0 0.0

0.00

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

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

19.04.2013

Perseus Mining Ltd Holdings By:

All

Holder Name DUNDEE CORP THE BANK OF NOVA SCO VAN ECK ASSOCIATES C GCIC LTD/CANADA WELLINGTON MANAGEMEN MACKENZIE FINANCIAL JP MORGAN FMR LLC FIRST CANADIAN MUTUA IVY MANAGEMENT INCOR SPROTT INC UNITED SERVICES AUTO MONTRUSCO BOLTON INV SCOTIA ASSET MANAGEM GLOBAL STRATEGY FINA WELLS FARGO LB SWISS INVESTMENT CALDERWOOD MARK ANDR BLACKROCK TD ASSET MANAGEMENT

Firm Name Credit Suisse Morgan Stanley Commonwealth Bank BMO Capital Markets JPMorgan Canaccord Genuity Corp Dundee Securities Corp Nomura CIBC World Markets Goldman Sachs Clarus Securities EVA Dimensions CIMB RBC Capital Markets Macquarie Argonaut Securities Pty Ltd Cormark Securities Inc. GMP Bell Potter Evans & Partners Pty Ltd

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios

Analyst MICHAEL SLIFIRSKI BRENDAN FITZPATRICK ANDREW KNUCKEY ANDREW BREICHMANAS JOSEPH KIM REG SPENCER JOSH WOLFSON DAVID RADCLYFFE COSMOS CHIU PAUL HISSEY NANA SANGMUAH CRAIG STERLING JAMES STEWART STEUART MCINTYRE PIERRE VAILLANCOURT PATRICK CHANG MIKE KOZAK LEVI SPRY STEPHEN THOMAS CATHY MOISES

Source EXCH Co File ULT-AGG MF-AGG EXCH MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG EXCH ULT-AGG MF-AGG

Recommendation outperform Overwt/Attractive neutral outperform overweight buy buy suspended coverage sector perform neutral/attractive buy overweight outperform sector perform outperform buy market perform buy hold Positive

Amt Held 50'889'000 49'800'230 43'695'232 38'629'803 24'286'071 13'439'700 10'980'300 7'640'134 6'785'343 6'159'171 5'531'332 5'421'800 5'295'993 4'921'700 4'610'900 4'180'243 4'000'000 3'600'000 3'152'172 2'873'200

% Out 11.11 10.87 9.54 8.44 5.3 2.93 2.4 1.67 1.48 1.34 1.21 1.18 1.16 1.07 1.01 0.91 0.87 0.79 0.69 0.63

Weighting

Change

5 5 3 5 5 5 5 #N/A N/A 3 3 5 5 5 3 5 5 3 5 3 4

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

Latest Chg (5'997'500) (44'197) 930'000 610'826 3'159'171 392'732 83'550 1'760 (18'795) -

Target Price 3 2 2 3 2 3 3 #N/A N/A 3 2 4 #N/A N/A 3 2 3 3 3 3 3 #N/A N/A

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

File Dt Inst Type 12.10.2011 Holding Company 20.09.2012 Investment Advisor 17.04.2013 Investment Advisor 31.01.2013 Investment Advisor 05.03.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 17.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 30.11.2012 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.01.2013 n/a 16.04.2013 Investment Advisor 31.12.2012 Investment Advisor

Date Not Provided 12 month 12 month Not Provided 9 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided

Date 17.04.2013 16.04.2013 16.04.2013 15.04.2013 15.04.2013 15.04.2013 12.04.2013 12.04.2013 11.04.2013 10.04.2013 05.04.2013 05.04.2013 13.03.2013 10.03.2013 06.03.2013 05.03.2013 22.01.2013 22.01.2013 16.01.2013 03.01.2013

19.04.2013

Price/Volume 6 5 4 3

12/2012 12/yy 5.57 3.19 154'008.00 4.02 -28.19% 26.02% 34.45% 164.6 661.54 0.00 0.0 0.0 204.71 474.20

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

1 0 a-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

31.12.2009 31.12.2010 175.6 178.7 3.65x 5.82x 87.5 69.8 7.32x 14.90x 36.7 17.2 Profitability

LTM-4Q 31.12.2011 260.0 2.31x 124.9 4.81x 43.9 -

31.12.2012 223.6 1.61x 92.2 3.90x 31.8 92.23 54.50 24.38% 25.08% 7.33% 9.28% 9.42% 0.51% 41.0% 41.3% 24.4% 14.2% 7.30 6.49 0.00% 0.00% 28.73 9.10

12/yy 260.0 11.47x 124.9 4.81x 43.9 0.00x

LTM 12/yy 223.6 9.66x 92.2 3.90x 31.8 0.00x

FY+1

1.00 136.22 1.25 -15.37% 15.52% 0.995 5 3.000 1'412'735 884'253 936'444 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 212.0 272.3 40.4 54.1 94.0 139.0 5.05x 3.41x 33.2 55.5 3.5 8.8 22.06x 14.58x 23.31x S&P Issuer Ratings

107.74 19.32 -2.22 0.00 0.0% 0.0% 0.51 1.18 12.74 40.24 38.79 14.19

Sales/Revenue/Turnover

1.20

300.0

1.00

250.0

0.80

200.0

0.60

m-12

Fiscal Year Ended 31.12.2008 144.5 4.07x 53.5 10.98x 4.9 -

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M a-13

150.0 100.0

0.40

50.0 0.20

0.0 0.00

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

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

19.04.2013

Aurizon Mines Ltd Holdings By:

All

Analyst BRIAN QUAST PAOLO LOSTRITTO ADAM MELNYK JEFF WRIGHT CRAIG STERLING RYAN HANLEY HEIKO IHLE FORBES GEMMELL COSMOS CHIU MICHAEL G FOWLER OVAIS HABIB

Source 13D ULT-AGG 13F 13F 13F 13F ULT-AGG 13F 13F 13F 13F 13F ULT-AGG ULT-AGG 13F ULT-AGG MF-AGG 13F SEDI 13F

Recommendation underperform tender tender neutral underweight tender buy Under Review restricted buy restricted

% Out 16.11 13.37 4.25 3.73 3.61 3.49 3 2.92 2.69 2.15 1.78 1.4 1.33 1.02 0.94 0.87 0.85 0.76 0.6 0.58

Weighting

Change

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

M M M M D M M M M M M

Latest Chg 408'275 (6'022'500) 4'054'435 68'876 452'400 1'029'681 136'509 101'700 (176'300) (421'427) (73'649) 5'000 (248'713)

Target Price 4 5 4 5 #N/A N/A 5 5 #N/A N/A #N/A N/A 6 #N/A N/A

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

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

Date 14.04.2013 05.04.2013 20.03.2013 20.03.2013 15.03.2013 05.03.2013 04.03.2013 05.02.2013 25.01.2013 23.01.2013 21.01.2013

19.04.2013

OceanaGold Corp OceanaGold Corporation is a gold mining and exploration company. The Company currently owns interests in projects in New Zealand and the Philippines.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.10.2012) 52-Week Low (23.05.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OGC CN EQUITY YTD Change OGC CN EQUITY YTD % CHANGE

12/2012 12/yy 3.70 1.70 259'658.00 1.81 -52.70% 6.47% 13.50% 293.5 531.27 266.87 0.0 0.0 96.50 688.04

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

8.0 M

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 217.2 0.77x 63.7 2.62x (54.7) -

31.12.2009 31.12.2010 237.1 305.6 1.89x 3.30x 106.6 141.1 4.20x 7.15x 54.5 44.4 5.68x 18.76x Profitability

LTM-4Q 31.12.2011 395.6 1.61x 164.3 3.88x 44.2 13.02x

31.12.2012 385.4 2.62x 144.5 7.00x 20.7 35.81x 144.50 53.12 13.78% 8.37% 2.24% 3.80% 4.57% 0.42% 17.7% 37.5% 13.8% 5.4% 0.93 0.56 25.87% 43.76% 34.08 5.63

Price/ Cash Flow

01/yy 395.6 6.97x 164.3 3.88x 44.2 13.02x

LTM 12/yy 385.4 9.30x 144.5 7.00x 20.7 35.81x

FY+1

.0 M a-13

0.00 2.05 287.46 0.82 -25.51% -36.49% 2.046 4 5.000 1'852'706 1'325'080 1'185'701 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 603.0 666.0 143.0 152.0 0.96x 0.70x 4.54x 4.20x 260.5 275.0 57.0 63.4 2.63x 2.49x 2.74x 2.69x 86.6 108.3 15.7 20.1 5.79x 4.28x 7.02x 6.26x S&P Issuer Ratings

5.98 -6.04 1.18 1.85 43.8% 30.4% 0.42 0.59 10.71 64.88 58.44 17.15

Sales/Revenue/Turnover

35.00

450.0

30.00

400.0 350.0

25.00

300.0

20.00

250.0

15.00

200.0 150.0

10.00

100.0

5.00 0.00 01.01.2010

50.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

19.04.2013

OceanaGold Corp Holdings By:

All

Holder Name BAKER STEEL CAPITAL AMP CAPITAL INVESTOR VAN ECK ASSOCIATES C UNITED SERVICES AUTO DIMENSIONAL FUND ADV ROYAL BANK OF CANADA OPPENHEIMERFUNDS INC FMR LLC NEW ZEALAND CENTRAL BLACKROCK INVESCO LTD VANGUARD GROUP INC BOND STREET CUSTODIA YANDAL INVESTMENTS P INTERNATIONAL MINING ASKEW JAMES EDWARD SFB INVESTMENTS PTY DEUTSCHE BANK AG DEN DUYTS CORP & ASS SPROTT INC

Firm Name Macquarie Cormark Securities Inc. GMP Forsyth Barr

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios

Analyst MICHAEL SIPERCO MIKE KOZAK ANDREW MIKITCHOOK ANDREW HARVEY-GREEN

Source PROXY EXCH ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG PROXY ULT-AGG MF-AGG MF-AGG PROXY PROXY SEDI EXCH PROXY MF-AGG PROXY MF-AGG

Recommendation outperform buy buy buy

Amt Held 20'669'000 14'660'107 13'382'819 8'700'000 5'237'726 3'565'116 3'560'000 3'209'100 2'703'536 2'642'115 1'881'480 1'392'118 1'284'229 1'123'653 1'097'008 1'087'008 1'000'000 964'068 922'855 900'000

% Out 7.04 4.99 4.56 2.96 1.78 1.21 1.21 1.09 0.92 0.9 0.64 0.47 0.44 0.38 0.37 0.37 0.34 0.33 0.31 0.31

Weighting

Change 5 5 5 5

Latest Chg (1'119'773) (2'300'000) (4'700) 564'100 (5'499) (547'087) 44'200 10'000 48'360 890'327 -

Target Price

M M M M

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

File Dt Inst Type 11.05.2012 Investment Advisor 21.01.2013 Other 17.04.2013 Investment Advisor 30.11.2012 Investment Advisor 31.07.2012 Investment Advisor 28.02.2013 Bank 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 11.05.2012 Government 16.04.2013 Investment Advisor 17.04.2013 Investment Advisor 31.03.2013 Investment Advisor 11.05.2012 Other 11.05.2012 Investment Advisor 30.12.2012 Other 07.02.2012 n/a 11.05.2012 Other 28.02.2013 Investment Advisor 11.05.2012 Investment Advisor 31.12.2012 Hedge Fund Manager

Date 5 4 4 3

12 month 12 month 12 month 12 month

Date 26.03.2013 26.03.2013 25.03.2013 17.02.2013

19.04.2013

Medusa Mining Ltd Medusa Mining Limited is a gold exploration and mining Company. The Company has exploration projects located in Western Australia and the Philippines along with mining leases in Tasmania.

Price/Volume 7

4.5 M

4.0 M 3.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.10.2012) 52-Week Low (16.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MML AU EQUITY YTD Change MML AU EQUITY YTD % CHANGE

06/2012 01/yy 6.70 2.68 2'943'203.00 2.75 -58.96% 2.61% 9.20% 188.9 519.49 0.00 0.0 0.0 12.47 525.87

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

2.5 M

2.0 M 1.5 M

1.0 M

.5 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 30.06.2008 15.8 9.93x 4.6 34.16x (1.2) -

3.0 M

30.06.2009 30.06.2010 42.6 93.9 5.99x 6.25x 30.4 73.0 8.41x 8.04x 28.5 65.8 8.88x 8.74x Profitability

30.06.2011 148.7 8.51x 120.2 10.54x 110.4 12.02x

30.06.2012 80.8 11.40x 57.6 16.00x 49.2 18.94x 57.59 47.69 59.02% 59.50% 16.13% 16.84% 0.28% 74.3% 69.4% 56.7% 60.9% 5.30 0.79 0.00% 0.00% 1.88 2.41

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.73 0.97 175.06 3.87 -49.55% -49.36% 0.974 10 4.400 2'399'635 1'278'148 1'219'542 FY+2

06/13 Y 06/14 Y 121.0 284.3 4.32x 1.45x 84.1 214.3 6.25x 2.45x 72.4 196.7 6.89x 2.86x S&P Issuer Ratings

.0 M a-13

FQ+1

FQ+2

-0.14 0.00 0.0% 0.0% 0.28 0.37 194.30 152.17 136.57 -

Sales/Revenue/Turnover

35.00

160.0

30.00

140.0 120.0

25.00

100.0 20.00

80.0 15.00

60.0

10.00

40.0

5.00

20.0

0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

19.04.2013

Medusa Mining Ltd Holdings By:

All

Holder Name VANGUARD GROUP INC M&G INVESTMENT MANAG FMR LLC VAN ECK ASSOCIATES C BLACKROCK Rex Harbour & Associ UCA FUNDS MANAGEMENT DAVIS GEOFFREY JOHN FIRST EAGLE INVESTME OPPENHEIMERFUNDS INC INVESTEC ASSET MANAG BANQUE DE LUXEMBOURG AFDAL SAMUEL G OLD MUTUAL DANIEL ROY PHILIP BARING ASSET MANAGEM ROYCE AND ASSOCIATES QUANTEX AG SPROTT INC VANGUARD INVESTMENTS

Firm Name Ord Minnett Deutsche Bank Morgan Stanley RBC Capital Markets Goldman Sachs Blackswan Equities Ltd Cantor Fitzgerald EVA Dimensions

Portfolio Name Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DAVID BRENNAN CHRIS TERRY BRENDAN FITZPATRICK STEUART MCINTYRE PAUL HISSEY RHYS BRADLEY ASA BRIDLE CRAIG STERLING

Source MF-AGG EXCH ULT-AGG ULT-AGG ULT-AGG EXCH MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG Co File ULT-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy Overwt/Attractive sector perform buy/attractive buy buy sell

Amt Held 26'083'703 24'334'900 16'875'265 15'309'037 13'269'857 6'647'146 4'183'483 4'052'750 2'613'520 2'000'000 1'750'000 1'600'000 1'450'000 1'448'400 1'425'000 1'166'975 1'142'000 1'070'000 1'016'738 983'673

% Out 13.81 12.88 8.93 8.1 7.02 3.52 2.21 2.15 1.38 1.06 0.93 0.85 0.77 0.77 0.75 0.62 0.6 0.57 0.54 0.52

Weighting

Change 5 5 5 3 5 5 5 1

N M M D M N M M

Latest Chg 13'000 (215'100) (3'619'607) 1'902'381 (1'726'969) (4'714'520) 887'915 (31'235) (46'992) (569'800) (6'415)

Target Price 6 7 6 5 4 7 #N/A N/A #N/A N/A

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

File Dt 31.03.2013 18.02.2013 16.04.2013 17.04.2013 16.04.2013 24.03.2011 31.03.2013 29.08.2012 30.09.2012 28.02.2013 30.11.2012 28.02.2013 30.06.2012 28.02.2013 30.06.2012 31.12.2012 31.03.2013 29.03.2013 31.12.2012 30.09.2012

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

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

Date 17.04.2013 16.04.2013 16.04.2013 14.04.2013 10.04.2013 01.03.2013 27.02.2013 17.01.2013

19.04.2013

Dundee Precious Metals Inc Dundee Precious Metals Inc. acquires, explores, and develops gold mining properties. The Company owns interests in mineral properties in Armenia, Bulgaria, Canada, and Serbia.

Price/Volume 12

7.0 M

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DPM CN EQUITY YTD Change DPM CN EQUITY YTD % CHANGE

12/2012 12/yy 9.94 5.45 87'700.00 5.73 -42.71% 5.14% 4.23% 125.7 720.11 81.77 0.0 7.0 123.36 685.53

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

3.0 M

2.0 M

2 0 a-12

1.0 M m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 105.1 0.65x (36.2) (79.2) -

4.0 M

Valuation Analysis

31.12.2009 31.12.2010 137.6 202.0 2.15x 5.56x 16.4 18.00x 5.1 22.9 44.88x 49.37x Profitability

LTM-4Q 31.12.2011 338.5 2.84x 86.1 13.48x

31.12.2012 384.7 2.68x 54.4 21.72x 76.66 19.93% 12.91% 5.73% 7.51% 4.04% 0.41% 40.8% 19.9% 14.1% 3.10 2.36 8.41% 10.94% 7.65 4.62

Price/ Cash Flow

12/yy 336.3 11.75x 35.1 0.00x 85.8 13.52x

LTM 12/yy 385.5 10.23x 16.6 0.00x 54.5 21.68x

FY+1

.0 M a-13

1.39 94.26 24.14 -32.43% -32.35% 1.393 9 4.889 674'723 425'706 567'134 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 484.8 552.5 1.30x 1.17x 215.8 288.0 3.18x 2.38x 129.5 162.5 6.37x 5.20x 6.06x 5.63x S&P Issuer Ratings

10.9% 9.8% 0.41 0.70 47.87 79.30 70.69 56.62

Sales/Revenue/Turnover

30.00

450.0 400.0

25.00

350.0 300.0

20.00

250.0 15.00

200.0 150.0

10.00

100.0 5.00 0.00 01.01.2010

50.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

-50.0

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

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

19.04.2013

Dundee Precious Metals Inc Holdings By:

All

Holder Name DUNDEE CORP MASON HILL ADVISORS US GLOBAL INVESTORS VAN ECK ASSOCIATES C THIRD AVENUE MANAGEM UNITED SERVICES AUTO OPPENHEIMERFUNDS INC TD ASSET MANAGEMENT ROYAL BANK OF CANADA IG INVESTMENT MANAGE IA CLARINGTON INVEST SCEPTRE INVESTMENT C FIRST EAGLE INVESTME NATCAN INVESTMENT MA SPROTT INC BRISTOL INVESTMENT P DIMENSIONAL FUND ADV MACKENZIE FINANCIAL GLOBAL STRATEGY FINA AMERICAN CENTURY COM

Firm Name Stifel Dundee Securities Corp EVA Dimensions BMO Capital Markets CIBC World Markets Cormark Securities Inc. Scotia Capital RBC Capital Markets GMP Paradigm Capital Inc

Portfolio Name n/a n/a #N/A N/A n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios BRISTOL INVESTMENT P Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MICHAEL A SCOON JOSH WOLFSON CRAIG STERLING JOHN P HAYES LEON ESTERHUIZEN MIKE KOZAK LEILY OMOUMI SAM CRITTENDEN GEORGE V ALBINO DON MACLEAN

Source SEDI PROXY Research ULT-AGG Co File MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG 13F MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy not rated overweight speculative outperform sector outperform top pick sector outperform outperform buy buy

Amt Held 30'380'007 12'884'085 8'442'571 7'761'364 7'556'820 5'331'900 4'734'500 4'514'449 4'000'665 3'634'800 3'394'800 2'655'547 2'369'196 1'598'155 1'423'900 1'163'346 947'401 771'700 761'500 667'600

% Out 24.17 10.25 6.72 6.18 6.01 4.24 3.77 3.59 3.18 2.89 2.7 2.11 1.89 1.27 1.13 0.93 0.75 0.61 0.61 0.53

Weighting

Change

5 #N/A N/A 5 4 5 5 5 5 5 5

M M U M M U M M M N

Latest Chg 269'200 (25'794) (4'286'512) 4'124'249 (372'000) (2'100) 1'314'000 (52'200) (50'000) 4'773 10'000 43'784 (19'200) (96'700)

Target Price 9 #N/A N/A #N/A N/A 10 11 16 12 12 15 13

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

File Dt 08.03.2013 26.03.2012 28.02.2013 17.04.2013 31.08.2009 31.12.2012 28.02.2013 31.12.2012 28.02.2013 31.01.2013 31.12.2012 31.01.2013 30.09.2012 28.02.2013 31.12.2012 31.03.2013 31.07.2012 31.01.2013 28.09.2012 31.12.2012

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

Inst Type Holding Company Unclassified Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 16.04.2013 16.04.2013 16.04.2013 14.04.2013 11.04.2013 03.04.2013 14.03.2013 06.03.2013 04.03.2013 03.12.2012

19.04.2013

Rio Alto Mining Ltd Rio Alto Mining Limited is a mineral exploration company. The Company currently is focusing on the development of La Arena gold / copper project, located in north central Peru.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.11.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RIO CN EQUITY YTD Change RIO CN EQUITY YTD % CHANGE

12/2012 12/yy 6.00 3.37 154'779.00 3.48 -42.67% 3.26% 0.76% 175.9 612.08 3.26 0.0 0.0 38.61 576.73

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

(1.0) (1.0) -

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.05.2007

31.05.2008 31.05.2009 0.0 0.0 (2.3) (1.5) (1.9) (1.5) Profitability

LTM-4Q 31.05.2010 0.0 (3.9) (12.6) -

31.05.2011 0.0 (8.0) (8.0) 173.12 151.44 47.85% 48.82% 38.61% 59.31% 1.22% 62.4% 54.7% 47.9% 31.7% 1.61 0.74 0.92% 1.43% 21.59 11.45

Price/ Cash Flow

05/yy 0.0 #DIV/0! (5.1) 0.00x (4.0) 0.00x

LTM 12/yy 317.2 9.56x 173.5 4.94x 100.7 9.23x

FY+1

.0 M a-13

0.00 0.99 160.58 4.34 -20.37% -31.63% 0.994 10 4.200 990'646 644'650 679'096 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 311.6 355.8 81.8 1.76x 172.0 185.5 3.35x 3.11x 94.4 115.0 6.72x 5.84x 8.74x 7.84x S&P Issuer Ratings

-0.20 0.02 1.4% 1.4% 1.22 1.91 26.87 50.64 114.13 -36.68

Sales/Revenue/Turnover

16.00

350.0

14.00

300.0

12.00

250.0

10.00

200.0

8.00

150.0

6.00

100.0

4.00

50.0

2.00 0.00 05.06.2009

0.0 05.12.2009

05.06.2010

05.12.2010

05.06.2011

05.12.2011

05.06.2012

05.12.2012

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

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

19.04.2013

Rio Alto Mining Ltd Holdings By:

All

Holder Name SENTRY SELECT CAPITA VAN ECK ASSOCIATES C JP MORGAN IG INVESTMENT MANAGE ROYAL BANK OF CANADA AUSCAN ASSETS LIMITE NORWICH ROGER HAWKSHAW ANTHONY GRA BLACKROCK BMO FINANCIAL CORP OPPENHEIMERFUNDS INC TD ASSET MANAGEMENT US GLOBAL INVESTORS SOLDI JAIME VANGUARD GROUP INC WELLS FARGO ZEITLER KLAUS M MD MANAGEMENT LTD CIBC GLOBAL ASSET MA NCF SOC ADMIN DE FON

Firm Name Clarus Securities Stonecap Securities Inc CIBC World Markets Desjardins Securities GMP BMO Capital Markets Scotia Capital Euro Pacific Capital Inc Kallpa Securities SAB EVA Dimensions

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a BMO FINANCIAL CORP Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MIKE BANDROWSKI CHRISTOS DOULIS MATTHEW GIBSON ADAM MELNYK GEORGE V ALBINO BRIAN QUAST MARK TURNER HEIKO IHLE HUMBERTO LEON CRAIG STERLING

Source 13G ULT-AGG ULT-AGG MF-AGG ULT-AGG SEDI SEDI SEDI ULT-AGG 13F MF-AGG MF-AGG MF-AGG SEDI MF-AGG ULT-AGG SEDI MF-AGG MF-AGG MF-AGG

Recommendation buy sector perform sector outperform hold buy market perform sector perform buy overweight overweight

Amt Held 28'000'700 12'884'278 10'851'000 7'989'300 7'082'953 4'969'651 4'734'195 3'000'000 2'797'430 2'360'802 1'720'000 1'248'400 1'051'000 1'028'288 759'587 755'020 750'000 675'600 603'190 550'309

% Out 15.92 7.33 6.17 4.54 4.03 2.83 2.69 1.71 1.59 1.34 0.98 0.71 0.6 0.58 0.43 0.43 0.43 0.38 0.34 0.31

Weighting

Change 5 3 5 3 5 3 3 5 5 5

M D M M M M M M M M

Latest Chg (42'750) (150'000) 102'600 50'000 265'000 (28'758) 2'360'802 500'000 978'500 201'000 126'000 39'604 597'190 (10'000)

Target Price 7 4 7 5 8 6 5 7 6 #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 17.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Bank 07.12.2012 Other 25.11.2011 n/a 19.10.2011 n/a 16.04.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 02.01.2013 n/a 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 22.11.2011 n/a 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 03.08.2011 Mutual Fund Manager

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

Date 18.04.2013 18.04.2013 17.04.2013 17.04.2013 17.04.2013 16.04.2013 08.04.2013 08.04.2013 22.03.2013 17.01.2013

19.04.2013

Sandstorm Gold Ltd Sandstorm Gold Ltd. acquires gold purchase agreements with companies that have advanced stage development projects or operating mines. The Company makes an upfront cash payment to its partners and receives the right to purchase a percentage of the gold produced, for the life of the mine, at a fixed price per ounce.

Price/Volume 4.5 M

4.0 M

3.5 M 3.0 M

2.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SSL CN EQUITY YTD Change SSL CN EQUITY YTD % CHANGE

12/2012 12/yy 14.99 6.47 128'754.00 6.62 -55.64% 2.32% 0.94% 88.7 587.19 0.00 0.0 0.0 127.36 444.81

(0.1) -

2.0 M

1.5 M

1.0 M

.5 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.03.2008 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.03.2009 31.12.2010 0.0 3.1 72.23x (0.2) (0.4) (2.8) 80.46x Profitability

LTM-4Q 31.12.2011 30.0 12.63x 19.1 19.80x 12.5 39.35x

31.12.2012 55.9 15.79x 36.6 24.12x 21.9 47.00x

36.63 21.91 39.17% 45.00% 8.87% 8.98% 0.23% 78.7% 65.5% 39.2% 39.2% 27.97 24.35 0.00% 0.00% 274.90 -

Price/ Cash Flow

12/yy 30.0 45.91x 19.1 19.80x 12.5 39.35x

LTM 12/yy 55.9 54.42x 36.6 24.12x 21.9 47.00x

FY+1

.0 M a-13

0.00 1.21 81.21 3.17 -19.27% -43.37% 1.211 9 4.000 818'904 419'177 424'175 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 76.2 99.0 16.0 33.85x 57.5 83.3 7.74x 5.34x 34.2 47.0 19.55x 12.90x 19.55x 16.54x S&P Issuer Ratings

-3.48 0.00 0.0% 0.0% 0.23 0.36 1.33 23.45 -

Sales/Revenue/Turnover

700.00

60.0

600.00

50.0

500.00

40.0

400.00

30.0 300.00

20.0 200.00

10.0

100.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

03.04.2013

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

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

19.04.2013

Sandstorm Gold Ltd Holdings By:

All

Holder Name VAN ECK ASSOCIATES C SENTRY SELECT CAPITA LIBRA ADVISORS LLC ARIAS RESOURCE CAPIT WELLS FARGO T ROWE PRICE ASSOCIA ROYAL BANK OF CANADA CARMIGNAC GESTION CIBC GLOBAL ASSET MA AMERICAN CENTURY COM IA CLARINGTON INVEST OPPENHEIMERFUNDS INC BMO FINANCIAL CORP WATSON NOLAN ALLAN MONTRUSCO BOLTON INV GBC ASSET MANAGEMENT FIRST CANADIAN MUTUA DE WITT DAVID E AWRAM DAVID I GREYSTONE MANAGED IN

Firm Name Canaccord Genuity Corp TD Securities National Bank Financial Casimir Capital RBC Capital Markets Paradigm Capital Inc EVA Dimensions Cormark Securities Inc. Euro Pacific Capital Inc

Portfolio Name n/a SENTRY SELECT CAPITA n/a n/a n/a T ROWE PRICE ASSOCIA n/a Multiple Portfolios CIBC GLOBAL ASSET MA Multiple Portfolios Multiple Portfolios OPPENHEIMER FUNDS IN BMO FINANCIAL CORP n/a MONTRUSCO BOLTON INV Multiple Portfolios Multiple Portfolios n/a n/a GREYSTONE MANAGED IN

Analyst NICHOLAS CAMPBELL DANIEL EARLE SHANE NAGLE ERIC WINMILL DAN ROLLINS DON MACLEAN CRAIG STERLING RICHARD GRAY HEIKO IHLE

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

Recommendation speculative buy hold outperform strong buy outperform buy underweight buy neutral

Amt Held 6'378'186 5'899'720 4'928'760 4'840'000 3'040'179 2'634'762 1'453'580 1'173'000 1'150'440 1'085'659 1'065'600 1'042'300 1'005'674 930'000 856'750 777'820 767'280 767'000 759'100 688'100

% Out 7.19 6.65 5.56 5.46 3.43 2.97 1.64 1.32 1.3 1.22 1.2 1.18 1.13 1.05 0.97 0.88 0.87 0.86 0.86 0.78

Weighting

Change 4 3 5 5 5 5 1 5 3

M M M M M M U M M

Latest Chg (21'168) 50'000 31'482 (86'410) (9'516) 173'000 (101'600) 133'753 (314'400) 620'000 (92'716) 856'750 (22'700) (3'400) 688'100

Target Price 11 11 13 15 13 16 #N/A N/A 17 13

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

File Dt Inst Type 17.04.2013 Investment Advisor 31.12.2012 Investment Advisor 03.08.2011 Hedge Fund Manager 25.02.2010 Private Equity 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Bank 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 19.06.2012 n/a 31.12.2012 Investment Advisor 31.12.2011 Investment Advisor 30.11.2012 Investment Advisor 10.05.2012 n/a 04.01.2013 n/a 31.12.2012 Investment Advisor

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

Date 17.04.2013 16.04.2013 09.04.2013 09.04.2013 05.04.2013 01.04.2013 21.02.2013 20.02.2013 29.01.2013

19.04.2013

China Precious Metal Resources Holdings Co Ltd China Precious Metal Resources Holdings Co Ltd.through its subsidiary, mines for precious metals.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.11.2012) 52-Week Low (16.07.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1194 HK EQUITY YTD Change 1194 HK EQUITY YTD % CHANGE

12/2012 01/yy 1.62 1.08 2'260'000.00 1.35 -16.67% 25.00% 46.30% 4'350.7 5'873.48 1'511.00 0.0 0.0 86.96 7'663.70

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

1.20

180.0 M

160.0 M

140.0 M

120.0 M

100.0 M

80.0 M

60.0 M

40.0 M

20.0 M

0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

.0 M a-13

Fiscal Year Ended 31.12.2008 139.5 1.97x (51.4) (52.2) -

31.12.2009 31.12.2010 19.4 168.2 167.09x 37.32x 5.1 116.1 639.25x 54.07x (29.2) 21.9 72.08x Profitability

31.12.2011 1'119.3 5.56x 824.5 7.55x 417.4 12.00x

31.12.2012 1'626.0 445.1 12.13x 824.54 646.88 57.79% 51.05% 7.68% 12.90% 10.67% 0.24% 64.7% 72.0% 56.4% 27.4% 0.42 0.24 24.57% 42.47% 51.28 6.96

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 0.61 3'550.71 -1.46% -8.78% 0.613 3 5.000 9'568'000 11'004'750 7'890'217 FY+2

12/13 Y 12/14 Y 2'146.7 2'473.7 1'441.0 1'833.0 5.32x 4.18x 656.0 796.0 8.60x 7.38x S&P Issuer Ratings

FQ+1

FQ+2

6.80 1.44 1.70 1.81 42.5% 29.8% 0.24 1.46 7.14 52.62 5.41 37.11

Sales/Revenue/Turnover

5'000.0 4'500.0

1.00

4'000.0 3'500.0

0.80 0.60 0.40

3'000.0 2'500.0 2'000.0 1'500.0 1'000.0

0.20

500.0 0.0

0.00

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

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

19.04.2013

China Precious Metal Resources Holdings Co Ltd Holdings By:

All

Holder Name MUNSUN GL MINING INV YIM YANG CHANG ASWELL GROUP LTD VAN ECK ASSOCIATES C BANK OF NEW YORK MEL PREMIUM WISE INC DIMENSIONAL FUND ADV SIMPLE BEST LTD VANGUARD GROUP INC ZHANG SHU GUANG XIAOBING DAI BLACKROCK CHAM LAM CHAM LAM CLAYMORE ADVISORS LL STATE STREET DIMENSIONAL FUND ADV XIMIN MEI OPPENHEIM KAPITALANL KIN SANG CHAN

Firm Name Argonaut Securities Pty Ltd BOCOM International Holdings EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a

Analyst CHRIS JIANG BENJAMIN PEI CRAIG STERLING

Source EXCH EXCH EXCH ULT-AGG EXCH EXCH MF-AGG EXCH MF-AGG EXCH EXCH ULT-AGG EXCH Short MF-AGG ULT-AGG MF-AGG Co File MF-AGG Co File

Recommendation

Amt Held % Out 438'766'000 10.08 307'206'000 7.06 257'196'670 5.91 226'270'000 5.2 217'908'000 5.01 187'636'382 4.31 21'864'000 0.5 16'682'000 0.38 14'414'000 0.33 10'300'000 0.24 10'000'000 0.23 9'240'000 0.21 7'400'000 0.17 (6'000'000) -0.14 5'094'000 0.12 3'528'000 0.08 2'826'000 0.06 2'000'000 0.05 1'920'000 0.04 800'000 0.02

Weighting buy buy buy

Change 5 5 5

M M U

Latest Chg 7'190'000 24'900'000 (756'000) (679'470'000) (50'000'000) 1'034'000 1'120'000 (1'000'000) 198'000 -

Target Price 2 2 #N/A N/A

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

File Dt Inst Type 25.02.2013 Mutual Fund Manager 26.10.2012 n/a 16.10.2012 Other 17.04.2013 Investment Advisor 22.01.2013 Investment Advisor 08.11.2012 Holding Company 31.07.2012 Investment Advisor 07.10.2011 Other 31.12.2012 Investment Advisor 18.04.2012 n/a 10.04.2013 n/a 16.04.2013 Investment Advisor 16.10.2012 n/a 16.10.2012 n/a 17.04.2013 Investment Advisor 17.04.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2011 n/a 28.12.2012 Mutual Fund Manager 31.12.2011 n/a

Date 12 month Not Provided Not Provided

Date 02.04.2013 02.04.2013 17.01.2013

19.04.2013

Evolution Mining Ltd Evolution Mining Ltd is a gold exploration company with operations in Western Australia. The Company owns the gold mines - Cracow, Edna May, Mt Rawdon and Pajingo - and the Mt Carlton development project.

Price/Volume 3

18.0 M 16.0 M

14.0 M 12.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.10.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EVN AU EQUITY YTD Change EVN AU EQUITY YTD % CHANGE

06/2012 01/yy 2.14 0.91 7'197'886.00 0.915 -57.24% 0.55% 2.54% 708.1 647.91 35.85 0.0 0.0 141.78 682.99

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

(2.3) (2.3) -

8.0 M 6.0 M 4.0 M

2.0 M 0 a-12

30.06.2009 (3.3) (3.3) Profitability

30.06.2010 22.3 13.04x 2.9 99.74x 5.5 41.35x

30.06.2011 121.9 2.11x 29.7 8.65x (2.3) -

30.06.2012 469.5 2.00x 190.4 4.92x 37.3 20.77x 190.41 95.24 20.29% 14.16% 7.60% 9.11% 9.13% 0.50% 28.1% 33.6% 21.2% 7.9% 1.60 1.17 2.82% 3.39% 23.51 9.08

Price/ Cash Flow

j-12

LTM-4Q

LTM

01/yy

01/yy -

a-12

s-12

o-12

n-12

d-12

j-13

.0 M a-13

f-13 m-13

FY+1 -

0.00 1.19 463.14 16.69 -47.41% -46.49% 1.195 14 3.643 8'397'217 3'273'675 3'084'437 FY+2

06/13 Y 06/14 Y 644.4 742.1 1.10x 0.79x 263.8 324.9 2.59x 2.10x 81.7 110.6 7.50x 6.02x S&P Issuer Ratings

FQ+1

FQ+2

27.52 -3.81 0.16 0.39 3.4% 3.3% 0.50 0.63 15.57 40.32 62.99 6.10

Sales/Revenue/Turnover

80.00

500.0

70.00

450.0 400.0

60.00

350.0

50.00

300.0

40.00

250.0 200.0

30.00

150.0

20.00

100.0

10.00

50.0

0.00 03.07.2009

m-12

Fiscal Year Ended 30.06.2008

10.0 M

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

19.04.2013

Evolution Mining Ltd Holdings By:

All

Holder Name NEWCREST MINING LTD ALLAN GRAY AUSTRALIA VAN ECK ASSOCIATES C BLACKROCK RUFFER LLP BANK OF AMERICA CORP KLEIN JACOB OPPENHEIMERFUNDS INC LB SWISS INVESTMENT FRANKLIN RESOURCES JJ HOLDINGS (VIC) PT FMR LLC TOCQUEVILLE ASSET MA VANGUARD GROUP INC VANGUARD INVESTMENTS SHARE SICAV DIMENSIONAL FUND ADV NESTOR INVESTMENT MA POLLOCK MURRAY G MALONEY PETER JOSEPH

Portfolio Name n/a #N/A N/A n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a TOCQUEVILLE ASSET MA Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Firm Name

Analyst

Credit Suisse Deutsche Bank Paterson Securities JPMorgan BBY Limited Nomura Goldman Sachs RBC Capital Markets Investec Macquarie EVA Dimensions RBS Morgans Ord Minnett Evans & Partners Pty Ltd Bell Potter Hartleys

MICHAEL SLIFIRSKI CHRIS TERRY MATTHEW TRIVETT JOSEPH KIM KURT WORDEN DAVID RADCLYFFE PAUL HISSEY GEOFF BREEN TIM GERRARD MITCH RYAN CRAIG STERLING JAMES WILSON DAVID BRENNAN CATHY MOISES CHRIS WHITEHEAD PETER GRAY

Source Co File EXCH ULT-AGG ULT-AGG MF-AGG EXCH EXCH MF-AGG MF-AGG ULT-AGG Co File ULT-AGG 13F MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH EXCH

Recommendation underperform buy hold neutral underperform suspended coverage neutral/attractive outperform buy outperform buy outperform buy negative buy buy

Amt Held 231'082'631 51'634'391 43'595'715 19'577'726 11'341'660 8'827'967 5'800'000 5'000'000 4'500'000 4'050'000 3'552'009 3'139'480 2'513'691 2'452'309 2'377'918 2'111'002 2'007'608 1'863'899 1'839'492 1'379'579

% Out 32.63 7.29 6.16 2.76 1.6 1.25 0.82 0.71 0.64 0.57 0.5 0.44 0.35 0.35 0.34 0.3 0.28 0.26 0.26 0.19

Weighting

Change

1 5 3 3 1 #N/A N/A 3 5 5 5 5 5 5 2 5 5

M M M M D M M M M M U N M D M M

Latest Chg 7'132'268 (2'500) (1'757'340) (414'122) 50'000 253'920 447'365 53'649 (18'512) (155'000) 3'180 75'000 -

Target Price 1 2 1 1 1 #N/A N/A 1 2 2 2 #N/A N/A 2 #N/A N/A #N/A N/A 2 2

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

File Dt 17.09.2012 11.04.2013 17.04.2013 16.04.2013 30.11.2012 30.03.2011 05.02.2013 28.02.2013 31.12.2012 31.01.2013 30.08.2012 28.02.2013 31.12.2012 31.03.2013 30.09.2012 31.12.2012 31.07.2012 28.02.2013 18.10.2011 18.10.2011

Date Not Provided 12 month 12 month 9 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor n/a Investment Advisor Mutual Fund Manager Investment Advisor Other Investment Advisor Hedge Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager n/a n/a

Date 18.04.2013 16.04.2013 16.04.2013 15.04.2013 15.04.2013 12.04.2013 10.04.2013 25.03.2013 18.03.2013 06.03.2013 20.02.2013 27.11.2012 01.11.2012 26.10.2012 06.03.2012 02.02.2012

19.04.2013

Endeavour Silver Corp Endeavour Silver Corp. is a small-cap silver mining company focused on the growth of its silver production, reserves and resources in Mexico.

Price/Volume 12

3.5 M

3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EXK US EQUITY YTD Change EXK US EQUITY YTD % CHANGE

12/2012 12/yy 10.73 4.31 465'709.00 4.44 -57.41% 3.02% 1.25% 99.7 442.61 9.00 0.0 0.0 27.14 424.48

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

0 a-12

31.12.2009 31.12.2010 50.8 86.5 3.98x 5.80x 11.3 30.7 17.91x 16.36x (1.9) (20.4) Profitability

.5 M m-12

LTM-4Q 31.12.2011 128.0 5.79x 64.8 11.43x 18.8 -

31.12.2012 208.1 3.68x 89.8 8.53x 42.1 89.81 59.85 28.76% 28.88% 11.59% 15.60% 15.47% 0.57% 41.6% 43.2% 28.8% 20.2% 2.07 1.00 1.88% 2.65% 14.91 3.24

12/yy 128.0 21.01x 64.8 11.43x 18.8 0.00x

j-12

a-12

s-12

LTM 12/yy 208.1 14.48x 89.8 8.53x 42.1 0.00x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

1.22 97.98 1.35 -48.85% -43.73% 1.219 8 4.750 2'151'200 1'556'899 1'404'861 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 262.5 330.0 101.6 159.8 4.33x 2.75x 50.9 91.8 9.06x 6.79x 22.20x S&P Issuer Ratings

185.55 48.70 -0.20 0.10 2.6% 2.6% 0.57 0.96 24.55 112.96 62.45 75.06

Sales/Revenue/Turnover

250.0

1.00

200.0

0.60

1.0 M

1.20

0.80

1.5 M

Fiscal Year Ended 31.12.2008 39.3 1.18x (4.5) (18.0) -

2.0 M

Valuation Analysis

150.0 100.0

0.40

50.0 0.20

0.0 0.00

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

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

19.04.2013

Endeavour Silver Corp Holdings By:

All

Holder Name VAN ECK ASSOCIATES C BLACKROCK RENAISSANCE TECHNOLO NEUBERGER BERMAN LLC ROYCE AND ASSOCIATES POLAR SECURITIES INC COOKE BRADFORD JAMES GLOBAL X MANAGEMENT AGF INVESTMENTS INC CANADA PENSION PLAN PORTOLA GROUP INCORP LB SWISS INVESTMENT DEUTSCHE BANK AG PUBLIC SECTOR PENSIO BROOKFIELD ASSET MGM CONNOR CLARK & LUNN GLOBAL STRATEGY FINA NORGES BANK VANGUARD GROUP INC SPROTT INC

Firm Name Haywood Securities Inc. EVA Dimensions BMO Capital Markets Raymond James CIBC World Markets Salman Partners GMP Euro Pacific Capital Inc

Portfolio Name n/a n/a RENAISSANCE TECHNOLO NEUBERGER BERMAN GRO ROYCE & ASSOCIATES L POLAR SECURITIES INC n/a GLOBAL X MANAGEMENT AGF INVESTMENTS INC CANADA PENSION PLAN PORTOLA GROUP INCORP Multiple Portfolios DEUTSCHE BANK AKTIEN PUBLIC SECTOR PENSIO BROOKFIELD ASSET MAN CONNOR CLARK & LUNN Multiple Portfolios NORGES BANK Multiple Portfolios SPROTT INC

Analyst BENJAMIN ASUNCION CRAIG STERLING ANDREW KAIP CHRIS THOMPSON LEON ESTERHUIZEN ASH GUGLANI CHELSEA HAMILTON HEIKO IHLE

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

Recommendation buy overweight market perform outperform sector outperform buy buy buy

Amt Held 6'953'989 4'503'915 3'759'799 2'894'100 1'407'600 1'373'500 1'285'337 1'159'615 1'126'937 1'042'960 994'050 900'000 830'979 811'200 761'586 756'563 579'250 547'823 499'972 496'220

% Out 6.98 4.52 3.77 2.9 1.41 1.38 1.29 1.16 1.13 1.05 1 0.9 0.83 0.81 0.76 0.76 0.58 0.55 0.5 0.5

Weighting

Change 5 5 3 5 5 5 5 5

M U M M N M M M

Latest Chg 72'847 (646'415) (53'515) 2'894'100 (87'000) 1'373'500 10'000 115'522 402'700 200'400 (20'350) 400'000 (576'400) 761'586 (981'867) 4'210 51'503 (600)

Target Price 8 #N/A N/A 6 10 9 10 10 9

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

File Dt 17.04.2013 28.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 12.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.09.2012 31.12.2012 31.03.2013 31.12.2012

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

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

Date 16.04.2013 16.04.2013 15.04.2013 11.04.2013 11.04.2013 08.04.2013 08.04.2013 08.04.2013

19.04.2013

Silvercorp Metals Inc Silvercorp Metals Inc. acquires, explores, and develops mineral properties in China. The Company is developing its Ying Silver project located in the People's Republic of China.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.05.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SVM US EQUITY YTD Change SVM US EQUITY YTD % CHANGE

03/2012 12/yy 7.10 2.55 266'319.00 2.585 -62.68% 1.37% 0.66% 170.8 441.47 0.00 0.0 77.0 154.51 387.15

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

4.0 M

3.5 M

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 a-12

31.03.2009 31.03.2010 83.5 107.2 3.67x 9.86x 40.4 66.4 7.59x 15.92x (16.0) 38.5 Profitability

LTM-4Q 31.03.2011 167.3 14.29x 110.3 21.68x 67.7 -

31.03.2012 238.0 4.61x 155.3 7.06x 73.8 155.30 141.60 59.50% 61.72% 5.24% 7.01% 9.37% 0.33% 74.3% 53.1% 45.1% 31.0% 4.48 4.16 0.00% 0.00% 32.88 9.50

12/yy 236.1 25.98x 158.2 6.33x 76.2 0.00x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

LTM 12/yy 192.8 19.96x 102.5 8.01x 30.6 0.00x

FY+1

.0 M a-13

0.99 164.96 5.25 -60.41% -49.20% 0.994 4 4.500 1'768'250 1'683'471 1'506'101 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 202.7 269.3 2.26x 93.2 141.0 4.24x 2.81x 29.5 53.8 11.94x 7.62x 6.64x 5.34x S&P Issuer Ratings 1652.13 900.45 -1.27 0.00 0.0% 0.0% 0.33 0.54 11.13 38.51 156.53 -60.19

Sales/Revenue/Turnover

250.0

1.00

200.0

0.60

j-12

1.20

0.80

m-12

Fiscal Year Ended 31.03.2008 108.4 10.33x 76.7 14.60x 59.9 -

150.0 100.0

0.40

50.0 0.20

0.0 0.00

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

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

19.04.2013

Silvercorp Metals Inc Holdings By:

All

Holder Name VAN ECK ASSOCIATES C ROYCE AND ASSOCIATES RENAISSANCE TECHNOLO FENG RUI AXA GLOBAL X MANAGEMENT SENTRY SELECT CAPITA PUBLIC SECTOR PENSIO BLACKROCK CANADA PENSION PLAN IG INVESTMENT MANAGE TD ASSET MANAGEMENT IA CLARINGTON INVEST NORGES BANK VANGUARD GROUP INC LOMBARD ODIER DARIER GAO JIANGUO SUSQUEHANNA INTERNAT UBS GOLDMAN SACHS GROUP

Firm Name Salman Partners BMO Capital Markets Raymond James EVA Dimensions Knight

Portfolio Name n/a ROYCE & ASSOCIATES L RENAISSANCE TECHNOLO n/a n/a GLOBAL X MANAGEMENT SENTRY SELECT CAPITA PUBLIC SECTOR PENSIO n/a CANADA PENSION PLAN IG INVESTMENT MANAGE TD ASSET MANAGEMENT Multiple Portfolios NORGES BANK Multiple Portfolios Multiple Portfolios n/a SUSQUEHANNA INTERNAT n/a GOLDMAN SACHS GROUP

Analyst ASH GUGLANI ANDREW KAIP BRAD HUMPHREY CRAIG STERLING TEAM COVERAGE

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

Recommendation buy market perform outperform overweight strong buy

Amt Held 17'488'211 5'810'050 4'205'000 4'169'500 2'259'386 2'210'787 1'697'900 1'599'960 1'485'887 1'393'690 1'333'300 1'105'313 1'083'600 976'053 916'580 888'000 803'713 781'858 702'319 694'729

% Out 10.24 3.4 2.46 2.44 1.32 1.29 0.99 0.94 0.87 0.82 0.78 0.65 0.63 0.57 0.54 0.52 0.47 0.46 0.41 0.41

Weighting

Change 5 3 5 5 5

M M M U M

Latest Chg 438'002 (91'200) 237'300 30'000 211'112 28'800 (14'567) (240'000) 25'000 141'100 (301'811) 43'100 2'990 (30'382) (634'288) 46'447

Target Price 7 5 8 #N/A N/A 13

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

File Dt Inst Type 17.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 22.01.2013 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 16.04.2013 Investment Advisor 31.12.2012 Pension Fund (ERISA) 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor 28.02.2013 Mutual Fund Manager 16.09.2011 n/a 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor

Date 12 month Not Provided 12 month Not Provided 12 month

Date 17.04.2013 15.04.2013 11.04.2013 09.04.2013 20.09.2011

19.04.2013

Beadell Resources Ltd Beadell Resources Limited is a gold development company. The Company's primary asset is the Tucano gold project, located in Brazil. Beadell also has an extensive portfolio of gold exploration tenements throughout Australia and Brazil, including the prospective Tropicana East Project located adjacent to the Tropicana gold deposit

Price/Volume

12/2012 01/yy 1.14 0.52 11'367'471.00 0.625 -44.93% 20.19% 23.58% 769.7 481.05 132.84 0.0 0.0 5.38 608.51

31.12.2009 (3.9) (3.9) Profitability

31.12.2010 2.9 28.44x (7.5) (8.3) -

31.12.2011 0.0 (35.3) (34.8) -

20.0 M 15.0 M

10.0 M

5.0 M

0 a-12

m-12

j-12

LTM-4Q

LTM

01/yy

31.12.2012 0.9 976.94x (14.0) (43.0) -13.98 -14.11 -1612.69% -4944.23% -22.34% -100.81% 0.00% -1612.7% -4913.5% 0.44 0.05 53.81% 407.55% -

Price/ Cash Flow

a-12

s-12

o-12

n-12

d-12

j-13

.0 M a-13

f-13 m-13

FY+1 -

0.00 1.30 651.18 18.33 -6.72% -36.22% 1.299 13 4.615 10'433'380 7'666'057 6'719'190 FY+2

12/13 Y 12/14 Y 338.0 337.7 1.33x 0.89x 182.9 190.6 3.33x 3.19x 142.3 146.1 3.72x 3.49x S&P Issuer Ratings

FQ+1

FQ+2

-5.55 -16.00 407.5% 80.3% 0.00 0.01 -

Sales/Revenue/Turnover

70.00

3.5

60.00

3.0

50.00

2.5

40.00

2.0

30.00

1.5

20.00

1.0

10.00

0.5

0.00 03.07.2009

25.0 M

Fiscal Year Ended (5.9) (5.3) -

30.0 M

Latest Fiscal Year: LTM as of: 52-Week High (07.12.2012) 52-Week Low (15.05.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BDR AU EQUITY YTD Change BDR AU EQUITY YTD % CHANGE

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

35.0 M

1 1

Valuation Analysis

31.12.2008

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

19.04.2013

Beadell Resources Ltd Holdings By:

All

Holder Name COLUMBIA WANGER ASSE VAN ECK ASSOCIATES C COUPLAND CARDIFF ASS L1 CAPITAL PTY LTD BOWLER PETER FRANKLIN RESOURCES BLACKROCK OZ MINERALS INVESTME AMP LIFE LTD UNISUPER FMR LLC BRAIDWOOD INVESTMENT LEIBOWITZ ANTHONY HO BARRETT GREGORY MICH ACORN CAPITAL LTD HOOKIPA PTY LTD WATKINS ROBERT TWYNAM AGRICULTURAL SUNSUPER FUND MICROCAP INVESTMENT

Portfolio Name #N/A N/A n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Firm Name

Analyst

Macquarie Ord Minnett GMP Shaw Stockbroking Hartleys Octa Phillip Securities Ltd Casimir Capital EVA Dimensions Blackswan Equities Ltd RBS Morgans Evans & Partners Pty Ltd Bell Potter

MITCH RYAN DAVID BRENNAN LEVI SPRY VINCENT PISANI TRENT BARNETT ANDREW SHEARER ERIC ALLISON CRAIG STERLING RHYS BRADLEY JAMES WILSON CATHY MOISES CHRIS WHITEHEAD

Source EXCH ULT-AGG Co File EXCH EXCH ULT-AGG ULT-AGG Co File Co File EXCH ULT-AGG Co File EXCH Co File EXCH Co File EXCH Co File EXCH EXCH

Recommendation outperform buy buy buy buy buy overweight sell buy outperform Positive buy

Amt Held 61'241'638 57'959'639 37'132'343 23'660'753 21'043'333 19'652'465 17'139'937 12'800'000 12'331'993 12'137'228 9'968'618 9'100'001 8'586'457 8'351'651 7'556'401 7'254'650 6'150'001 5'975'000 4'733'422 4'575'753

% Out 7.96 7.53 4.82 3.07 2.73 2.55 2.23 1.66 1.6 1.58 1.3 1.18 1.12 1.09 0.98 0.94 0.8 0.78 0.61 0.59

Weighting

Change 5 5 5 5 5 5 5 1 5 5 4 5

M M M M M M M M N N N M

Latest Chg 12'464'715 (21'000'000) (4'000'000) 70'000 65'047 1'527'853 263'091 -

Target Price 1 1 1 1 1 1 2 #N/A N/A 1 1 #N/A N/A 1

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

File Dt Inst Type 15.04.2013 Investment Advisor 17.04.2013 Investment Advisor 18.02.2013 Hedge Fund Manager 22.11.2012 Mutual Fund Manager 30.11.2012 n/a 31.01.2013 Investment Advisor 16.04.2013 Investment Advisor 31.03.2012 Unclassified 31.03.2012 Investment Advisor 05.12.2011 Other 28.02.2013 Investment Advisor 31.03.2012 Unclassified 30.11.2012 n/a 31.12.2011 n/a 05.12.2011 Investment Advisor 31.03.2012 Unclassified 14.11.2012 n/a 31.12.2012 Other 05.12.2011 Other 05.12.2011 Other

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

Date 17.04.2013 17.04.2013 28.03.2013 28.03.2013 19.03.2013 25.01.2013 16.01.2013 15.01.2013 21.12.2012 27.11.2012 24.10.2012 05.03.2012

19.04.2013

Price/Volume 25

4.5 M 4.0 M

3.5 M 3.0 M

12/2012 12/yy 20.34 9.70 151'587.00 9.7 -50.63% 0.00% 1.91% 45.6 441.90 0.00 0.0 0.0 52.04 401.46

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

1.20

2.0 M 1.5 M 1.0 M

.5 M 0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 0.0 (5.6) 10.3 -

2.5 M

31.12.2009 31.12.2010 0.0 0.0 (5.0) (5.7) (4.7) 3.3 Profitability

LTM-4Q 31.12.2011 0.0 (19.8) (20.1) -

31.12.2012 0.0 (15.8) (12.5) -15.82 -15.83 -5.08% -5.37% 0.00% 5.11 5.11 0.00% 0.00% 0.00 -

12/yy 0.0 #DIV/0! (19.8) 0.00x (20.1) 0.00x

LTM 12/yy 0.0 #DIV/0! (8.7) 0.00x (12.5) 0.00x

0.96 41.57 3.84 -48.76% -46.02% 0.960 3 4.333 692'431 438'867 369'533

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

(15.0) (16.0) S&P Issuer Ratings

.0 M a-13

-385.83 -1574.22 0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

1.0 0.9

1.00

0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

0.1 0.0

0.00

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

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

19.04.2013

Seabridge Gold Inc Holdings By:

All

Firm Name Cowen Securities LLC Stonecap Securities Inc Nomura

Analyst ADAM P GRAF CHRISTOS DOULIS TYLER BRODA

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

Recommendation buy sector perform buy

Amt Held 11'905'084 8'001'232 6'126'883 2'022'491 1'180'000 802'453 779'791 601'905 555'000 478'467 457'897 450'000 425'334 309'570 300'750 265'000 245'000 235'224 198'997 185'194

% Out 26.13 17.56 13.45 4.44 2.59 1.76 1.71 1.32 1.22 1.05 1.01 0.99 0.93 0.68 0.66 0.58 0.54 0.52 0.44 0.41

Weighting

Change 5 3 5

Latest Chg 3'512'313 253'000 2'022'491 10'000 (20'896) (203'241) 129'117 (13'300) (10'000) (71'639) 2'534 6'435

Target Price

M M M

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

65 22 24

Date Not Provided 12 month Not Provided

Date 09.04.2013 08.03.2013 16.05.2012

19.04.2013

Rubicon Minerals Corp Rubicon Minerals Corporation is a mineral exploration company. The Company explores for gold deposits in the Red Lake gold camp of Canada, as well as Nevada and Alaska.

Price/Volume 4

25.0 M

20.0 M

3 3

Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RMX CN EQUITY YTD Change RMX CN EQUITY YTD % CHANGE

12/2012 12/yy 3.80 1.48 100'500.00 1.58 -60.26% 6.76% 2.16% 288.5 455.78 0.44 0.0 0.0 171.99 284.23

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

5.0 M

1 0 a-12

31.12.2009 31.12.2010 0.0 0.0 (4.6) (25.4) (0.6) (25.5) Profitability

m-12

LTM-4Q 31.12.2011 0.0 (21.6) (21.4) -

31.12.2012 0.0 (11.6) (10.4) -11.56 -11.63 -2.73% -2.85% 0.00% 10.32 10.29 0.09% 0.10% 0.00 -

12/yy 0.0 #DIV/0! (21.6) 0.00x (21.4) 0.00x

j-12

a-12

s-12

LTM 12/yy 0.0 #DIV/0! (11.6) 0.00x (10.4) 0.00x

o-12

n-12

d-12

j-13

.0 M a-13

f-13 m-13

0.00 1.21 274.32 2.66 -45.52% -38.04% 1.215 4 4.250 1'266'455 869'096 915'269

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

7.85x S&P Issuer Ratings

-0.04 0.1% 0.1% 0.00 0.00 -

Sales/Revenue/Turnover

1.20

0.1

1.00

0.1

0.80

0.1

0.60

10.0 M

Fiscal Year Ended 31.12.2008 0.0 (3.4) (2.4) -

15.0 M

Valuation Analysis

0.1 0.0

0.40

0.0 0.20

0.0 0.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

19.04.2013

Rubicon Minerals Corp Holdings By:

All

Holder Name WELLINGTON MANAGEMEN IG INVESTMENT MANAGE AGNICO-EAGLE MINES L GREYWOLF CAPITAL MAN SUN VALLEY GOLD LLC TD ASSET MANAGEMENT FMR LLC INVESCO LTD PUBLIC SECTOR PENSIO BLACKROCK CANADA PENSION PLAN BRIDGER MANAGEMENT L CAPITAL TACTICS ADVI NORGES BANK ROYAL BANK OF CANADA ADAMSON DAVID W VANGUARD GROUP INC LOEWS CORPORATION D E SHAW & COMPANY I SHARE SICAV

Firm Name BMO Capital Markets GMP TD Securities Mackie Research Capital Corp.

Portfolio Name WELLINGTON MANAGEMEN IG INVESTMENT MANAGE n/a GREYWOLF CAPITAL MAN SUN VALLEY GOLD LLC TD ASSET MANAGEMENT n/a INVESCO LTD PUBLIC SECTOR PENSIO n/a CANADA PENSION PLAN BRIDGER MANAGEMENT L CAPITAL TACTICS ADVI NORGES BANK n/a n/a Multiple Portfolios LOEWS CORPORATION D E SHAW & CO Multiple Portfolios

Analyst ANDREW KAIP GEORGE V ALBINO DANIEL EARLE BARRY D ALLAN

Source 13F 13F 13D 13F 13F 13F ULT-AGG 13F 13F ULT-AGG 13F 13F 13F 13F ULT-AGG SEDI MF-AGG 13F 13F MF-AGG

Recommendation market perform buy speculative buy buy

Amt Held 22'735'867 13'783'100 10'671'827 9'125'000 7'263'300 4'838'017 3'656'352 3'230'895 2'695'400 2'514'619 2'412'466 2'170'000 2'028'610 1'560'601 1'537'646 1'535'189 1'503'175 1'401'817 1'392'537 1'244'300

% Out 7.88 4.78 3.7 3.16 2.52 1.68 1.27 1.12 0.93 0.87 0.84 0.75 0.7 0.54 0.53 0.53 0.52 0.49 0.48 0.43

Weighting

Change 3 5 4 5

Latest Chg 12'173'845 423'700 (11'000'000) 4'155'700 639'100 705'000 138'068 (15'257) 122'900 627'918 (247'212) (3'356'720) 107'000 41'600 (127'000) 22'000

Target Price

M M M M

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

File Dt 31.12.2012 31.12.2012 01.06.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 16.04.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 04.02.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012

Date 3 8 6 6

Not Provided 12 month 12 month Not Provided

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

Date 15.04.2013 18.03.2013 12.02.2013 29.01.2013

19.04.2013

Resolute Mining Ltd Resolute Mining Limited explores for, produces and develops gold in Ghana, Mali Queensland and Tanzania. The Company's gold exploration projects include Obotan, Syama, Ravenswood and Golden Pride.

Price/Volume 3 2 2

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (16.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RSG AU EQUITY YTD Change RSG AU EQUITY YTD % CHANGE

06/2012 01/yy 2.08 0.85 4'340'952.00 0.92 -55.77% 8.88% 9.31% 643.1 591.65 11.02 0.0 (33.3) 48.78 530.52

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

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

Fiscal Year Ended 30.06.2008 231.5 2.48x 20.9 27.45x (56.7) -

30.06.2009 30.06.2010 299.7 334.9 1.12x 1.49x 57.3 80.3 5.85x 6.23x 30.7 (37.2) 6.17x Profitability

30.06.2011 445.1 1.36x 110.0 5.49x 59.7 8.72x

30.06.2012 576.7 1.37x 254.4 3.10x 105.1 7.25x 254.40 180.99 31.38% 21.58% 21.89% 25.34% 27.39% 0.90% 35.8% 42.1% 31.0% 18.2% 3.40 0.76 1.66% 1.91% 28.85 2.69

Price/ Cash Flow

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M a-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

5.43 1.26 314.96 2.13 -43.80% -43.90% 1.256 13 3.769 4'004'289 3'111'626 4'341'912 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 12/11 Q2 03/12 Q3 661.4 629.6 0.68x 0.68x 280.1 259.8 1.89x 2.04x 146.6 133.0 3.97x 4.42x S&P Issuer Ratings

24.36 22.02 -0.13 0.06 1.9% 2.0% 0.90 3.38 12.69 136.26 32.96 85.74

Sales/Revenue/Turnover

25.00

700.0 600.0

20.00

500.0 15.00

400.0 300.0

10.00

200.0 5.00

0.00 03.07.2009

100.0 0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

19.04.2013

Resolute Mining Ltd Holdings By:

All

Holder Name ICM LTD UTILICO INVESTMENTS M&G INVESTMENT MANAG VANGUARD GROUP INC BANK OF AMERICA CORP VAN ECK ASSOCIATES C VINVA INVESTMENT MGM CF RUFFER BAKER STEE RUFFER LLP PERMANENT INVESTMENT DIMENSIONAL FUND ADV GENUS DYNAMIC GOLD F JP MORGAN BAKER STEEL CAPITAL ECLECTIC INVEST TRUS VANGUARD INVESTMENTS SULLIVAN PETER ROSS FMR LLC SCHRODER INVESTMENT GRANTHAM MAYO VAN OT

Firm Name Morgan Stanley BMO Capital Markets Canaccord Genuity Corp Bell Potter Veritas Securities GMP Argonaut Securities Pty Ltd EVA Dimensions Westhouse Securities Helmsec Global Capital Limited Deutsche Bank

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst BRENDAN FITZPATRICK DAVID HAUGHTON REG SPENCER STEPHEN THOMAS MATTHEW BAILLIE LEVI SPRY PATRICK CHANG CRAIG STERLING ROB BROKE GAVIN VAN DER WATH CHRIS TERRY

Source EXCH EXCH EXCH EXCH EXCH ULT-AGG EXCH EXCH MF-AGG EXCH MF-AGG EXCH ULT-AGG EXCH EXCH MF-AGG EXCH ULT-AGG MF-AGG MF-AGG

Recommendation Equalwt/Attractive market perform hold buy buy hold buy buy add speculative buy not rated

Amt Held 192'072'476 126'929'227 64'000'000 57'000'000 39'392'367 33'691'540 32'497'591 19'097'479 12'576'000 5'010'643 4'891'038 4'811'000 4'776'489 4'300'000 3'500'000 3'455'670 3'007'448 2'988'261 2'121'716 1'485'807

% Out 29.87 19.74 9.95 8.86 6.13 5.24 5.05 2.97 1.96 0.78 0.76 0.75 0.74 0.67 0.54 0.54 0.47 0.46 0.33 0.23

Weighting

Change

3 3 3 5 5 3 5 5 4 4 #N/A N/A

M M M M M M M M M M M

Latest Chg (5'037'500) 1'500'000 (5'700'000) 5'034'971 (9'442'393) (3'846'391) (1'065'000) (4'989'357) (77'000) 1'500'000 807'280 (500'000) (300'000) 2'121'716 108'451

Target Price 1 2 2 2 2 2 2 #N/A N/A 2 2 #N/A N/A

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

File Dt Inst Type 20.11.2012 Other 12.07.2012 Investment Advisor 08.02.2013 Investment Advisor 05.10.2012 Investment Advisor 10.05.2012 Investment Advisor 17.04.2013 Investment Advisor 31.01.2013 Investment Advisor 04.04.2012 n/a 30.11.2012 Hedge Fund Manager 12.07.2012 Other 31.07.2012 Investment Advisor 23.02.2012 n/a 28.02.2013 Investment Advisor 04.04.2012 Investment Advisor 12.07.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 02.01.2013 n/a 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.05.2012 Investment Advisor

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

Date 16.04.2013 15.04.2013 25.03.2013 25.02.2013 25.01.2013 23.01.2013 23.01.2013 17.01.2013 08.11.2012 31.07.2012 22.02.2012

19.04.2013

Kingsgate Consolidated Ltd Kingsgate Consolidated Limited is a gold mining and exploration company with operations focused in Thailand at the Chatree gold project. The Company also explores for silver and other metals.

Price/Volume 7

4.5 M

4.0 M 3.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.04.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KCN AU EQUITY YTD Change KCN AU EQUITY YTD % CHANGE

06/2012 01/yy 6.42 2.40 2'120'222.00 2.4 -62.62% 0.00% 0.80% 152.2 365.26 157.54 0.0 0.0 90.62 496.93

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

2.5 M

2.0 M 1.5 M

1.0 M

.5 M

0 a-12

30.06.2009 30.06.2010 113.0 176.1 5.46x 5.16x (38.1) 84.7 10.74x 32.5 66.3 19.20x 12.59x Profitability

30.06.2011 172.4 6.69x 66.8 17.26x 21.1 42.78x

30.06.2012 357.4 2.24x 164.9 4.86x 75.2 9.24x 164.86 97.31 27.23% 25.54% 4.93% 6.76% 6.48% 0.37% 33.2% 23.9% 21.0% 2.03 0.98 15.03% 20.31% 18.50 -

Price/ Cash Flow

j-12

LTM-4Q

LTM

01/yy

01/yy -

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

FY+1 -

.0 M a-13

6.25 1.26 146.95 12.59 -60.07% -44.72% 1.265 12 2.750 1'418'762 1'062'232 1'110'599 FY+2

06/13 Y 06/14 Y 352.8 418.2 1.38x 1.28x 131.2 178.8 3.79x 2.78x 47.8 76.7 7.14x 5.33x S&P Issuer Ratings

FQ+1

FQ+2

10.36 -0.38 20.3% 16.9% 0.37 0.47 19.78 42.36

Sales/Revenue/Turnover

50.00

400.0

45.00

350.0

40.00

300.0

35.00

250.0

30.00 25.00

200.0

20.00

150.0

15.00

100.0

10.00

50.0

5.00 0.00 03.07.2009

m-12

Fiscal Year Ended 30.06.2008 74.3 6.01x 19.6 22.77x 36.2 10.12x

3.0 M

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

19.04.2013

Kingsgate Consolidated Ltd Holdings By:

All

Holder Name BLACKROCK ALLIANZ ASSET MANAGE VAN ECK ASSOCIATES C FMR LLC UNITED SERVICES AUTO RUFFER LLP FIRST EAGLE INVESTME SMYTH-KIRK ROSS DONA VANGUARD INVESTMENTS DIMENSIONAL FUND ADV THOMAS GAVIN PRUDENTIAL FINANCIAL ARINYA INVESTMENTS P VANGUARD GROUP INC ERSTE SPARINVEST KAG FRANKLIN RESOURCES SCHRODER INVESTMENT PACIFIC INCOME ADVIS HSBC TRINKAUS INVEST MACINTYRE PHILIP

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Firm Name

Analyst

BMO Capital Markets BBY Limited Goldman Sachs E.L. & C. Baillieu Macquarie RBC Capital Markets EVA Dimensions Veritas Securities Evans & Partners Pty Ltd Deutsche Bank Bell Potter

DAVID HAUGHTON KURT WORDEN PAUL HISSEY SOPHIE SPARTALIS MITCH RYAN STEUART MCINTYRE CRAIG STERLING MATTHEW BAILLIE CATHY MOISES CHRIS TERRY PETER CHAPMAN

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG EXCH ULT-AGG EXCH MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG Co File

Recommendation market perform strong buy sell/attractive hold neutral sector perform hold buy negative not rated Under Review

Amt Held 13'901'854 11'529'822 10'654'665 8'578'820 5'500'000 4'693'651 4'118'481 3'706'582 1'065'821 979'875 946'403 922'692 879'689 698'198 540'000 360'716 349'189 281'011 225'000 200'000

% Out 9.13 7.58 7 5.64 3.61 3.08 2.71 2.44 0.7 0.64 0.62 0.61 0.58 0.46 0.35 0.24 0.23 0.18 0.15 0.13

Weighting

Change

3 5 1 3 3 3 3 5 2 #N/A N/A #N/A N/A

M M M M M M D M D M M

Latest Chg 8'382 2'130'110 (369'358) 310'561 16'822 11'731 10'853 (1'154'049) 312'360 -

Target Price 5 4 2 4 5 4 #N/A N/A 6 #N/A N/A #N/A N/A #N/A N/A

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

File Dt 16.04.2013 12.03.2013 17.04.2013 31.12.2012 30.11.2012 30.11.2012 30.09.2012 03.04.2013 30.09.2012 31.07.2012 23.11.2012 28.02.2013 03.04.2013 31.03.2013 30.11.2012 31.01.2013 31.12.2012 28.03.2013 31.07.2012 30.08.2012

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

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

Date 15.04.2013 15.04.2013 10.04.2013 15.03.2013 06.03.2013 04.03.2013 04.03.2013 31.01.2013 02.11.2012 22.02.2012 02.11.2011

19.04.2013

St Barbara Ltd St. Barbara Limited is a gold exploration and production company. The Company's exploration projects include its Southern Cross and Leonora Operations which are located in Western Australia.

Price/Volume 3

30.0 M

25.0 M 20.0 M

15.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.10.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SBM AU EQUITY YTD Change SBM AU EQUITY YTD % CHANGE

06/2012 01/yy 2.40 0.71 4'861'278.00 0.715 -70.21% 0.70% 0.92% 488.1 348.97 4.26 0.0 0.0 185.40 499.72

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

5.0 M

0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

.0 M a-13

Fiscal Year Ended 30.06.2008 143.1 3.41x (0.1) (17.3) -

10.0 M

30.06.2009 30.06.2010 281.1 296.8 1.33x 2.01x 50.3 77.2 7.42x 7.74x (76.3) (40.2) Profitability

30.06.2011 359.6 1.58x 109.3 5.21x 68.6 9.29x

30.06.2012 541.2 0.73x 224.1 1.76x 130.2 4.42x 224.06 133.19 24.61% 20.23% 9.10% 13.09% 0.55% 50.3% 38.5% 21.0% 24.1% 3.39 2.62 0.62% 0.75% 27.54 4.82

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 1.19 486.39 6.22 -65.46% -50.52% 1.185 14 4.357 3'300'863 3'017'180 2'951'586 FY+2

06/13 Y 06/14 Y 551.2 648.9 0.72x 0.42x 176.8 254.7 2.83x 1.96x 52.2 100.6 5.26x 3.26x S&P Issuer Ratings

FQ+1

FQ+2

15.03.2013 B STABLE 308.62 164.28 0.75 1.08 0.8% 0.7% 0.55 0.71 13.29 75.96 69.88 -34.88

Sales/Revenue/Turnover

25.00

600.0 500.0

20.00

400.0 15.00

300.0 10.00

200.0

5.00

0.00 03.07.2009

100.0 0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

19.04.2013

St Barbara Ltd Holdings By:

All

Holder Name M&G INVESTMENT MANAG FRANKLIN RESOURCES VANGUARD GROUP INC VAN ECK ASSOCIATES C PARADICE INVESTMENT UBS TRADEWINDS GLOBAL IN DIMENSIONAL FUND ADV BLACKROCK STATE STREET RUFFER LLP LSV ASSET MANAGEMENT FMR LLC COMMONWEALTH BANK OF HUNTER HALL INVESTME UNITED SERVICES AUTO JP MORGAN JCP INVESTMENT PARTN CENTAURUS CAPITAL LT NATIONAL AUSTRALIA B

Firm Name Goldman Sachs Ord Minnett Deutsche Bank Canaccord Genuity Corp RBC Capital Markets Nomura Macquarie E.L. & C. Baillieu Bell Potter EVA Dimensions Evans & Partners Pty Ltd Argonaut Securities Pty Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a

Analyst IAN PRESTON DAVID BRENNAN CHRIS TERRY LUKE SMITH STEUART MCINTYRE DAVID RADCLYFFE MITCH RYAN SOPHIE SPARTALIS STEPHEN THOMAS CRAIG STERLING CATHY MOISES TROY IRVIN

Source EXCH ULT-AGG EXCH ULT-AGG EXCH ULT-AGG EXCH RNS-RUL8 ULT-AGG ULT-AGG MF-AGG RNS-RUL8 ULT-AGG RNS-RUL8 RNS-RUL8 MF-AGG ULT-AGG RNS-RUL8 Short ULT-AGG

Recommendation neutral/attractive buy buy buy outperform neutral outperform buy buy buy Positive buy

Amt Held % Out 93'372'398 19.13 71'596'827 14.67 60'536'881 12.4 38'851'254 7.96 19'990'864 4.1 16'608'948 3.4 16'240'544 3.33 13'247'660 2.71 13'139'510 2.69 12'749'179 2.61 12'528'000 2.57 11'363'061 2.33 11'078'053 2.27 8'897'062 1.82 7'754'662 1.59 6'400'000 1.31 6'200'627 1.27 6'032'951 1.24 (5'746'460) -1.18 5'603'376 1.15

Weighting

Change 3 5 5 5 5 3 5 5 5 5 4 5

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

Latest Chg 90'001 9'536'881 12'768'675 512'340 (1'270'413) 22'932 397'199 79'914 852'000 684'600 (156'807) (8'245'338) 925'000 (2'413'751) (326'553) (506'570) 6'496

Target Price 1 2 2 2 2 1 2 2 2 #N/A N/A #N/A N/A 3

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

File Dt Inst Type 14.02.2013 Investment Advisor 31.01.2013 Investment Advisor 29.01.2013 Investment Advisor 17.04.2013 Investment Advisor 13.09.2012 Investment Advisor 06.09.2012 Unclassified 03.11.2011 Investment Advisor 07.09.2012 Investment Advisor 16.04.2013 Investment Advisor 06.09.2012 Investment Advisor 30.11.2012 Hedge Fund Manager 23.07.2012 Investment Advisor 28.02.2013 Investment Advisor 31.08.2012 Bank 12.07.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 09.08.2012 Investment Advisor 06.09.2012 Investment Advisor 10.09.2012 Bank

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

Date 18.04.2013 17.04.2013 16.04.2013 15.04.2013 14.03.2013 08.03.2013 06.03.2013 27.02.2013 21.02.2013 17.01.2013 19.07.2012 18.06.2012

19.04.2013

Continental Gold Ltd Continental Gold Ltd. is an advanced-stage exploration company. The Company has a portfolio of gold projects located in established mineral belts in Colombia, South America. Continental Gold's priorities include advanced exploration and definition drilling programs at its Buritica gold project and phase-one drilling at its Berlin project.

Price/Volume 12

6.0 M

Price/ Cash Flow

1.20

4.0 M 3.0 M

12/2012 12/yy 10.03 3.86 110'139.00 4 -61.02% 3.63% 0.32% 126.3 505.04 0.00 0.0 0.0 83.89 389.21

2.0 M 2

1.0 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended

5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (12.11.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CNL CN EQUITY YTD Change CNL CN EQUITY YTD % CHANGE

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

7.0 M

Valuation Analysis

31.12.2008 0.0 (0.6) (0.6) -

8.0 M

31.12.2009 31.12.2010 0.0 0.0 (4.2) (10.7) (4.1) (119.1) Profitability

LTM-4Q 31.12.2011 0.0 (11.8) 18.2 38.93x

31.12.2012

12/yy 0.0 #DIV/0! (8.8) 0.00x 18.2 38.93x

(7.9) -11.77 -12.17 -4.13% -4.55% 0.00% 8.87 8.87 0.00% 0.00% 0.00 -

LTM 12/yy 0.0 #DIV/0! (7.8) 0.00x (7.9) 0.00x

0.00 1.11 103.22 0.23 -45.73% -54.80% 1.111 7 4.000 1'087'771 795'388 576'981

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

(16.0) S&P Issuer Ratings

.0 M a-13

-141.81 -569.05 0.00 0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

1.0 0.9

1.00

0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

0.1 0.0

0.00

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

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

19.04.2013

Continental Gold Ltd Holdings By:

All

Holder Name GCIC LTD/CANADA WELLINGTON MANAGEMEN VAN ECK ASSOCIATES C BULLET HOLDING CORP COASTAL FINANCING CO ROYAL BANK OF CANADA REINDEER CAPITAL LTD FMR LLC SPROTT INC IG INVESTMENT MANAGE CARMIGNAC GESTION EXPERT FUNDING CORP HARTFORD INVESTMENT IA CLARINGTON INVEST FRANKLIN RESOURCES SUSSMAN ARI B VANGUARD GROUP INC FIRST CANADIAN MUTUA PENTAGON PROPERTIES QUANTEX AG

Firm Name Raymond James Stifel Clarus Securities GMP TD Securities RBC Capital Markets Interbolsa SA

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst GARY J BASCHUK CRAIG P STANLEY JAMIE SPRATT GEORGE V ALBINO DANIEL EARLE DAN ROLLINS GABRIEL BAYONA

Source Co File Co File ULT-AGG SEDI SEDI ULT-AGG SEDI ULT-AGG MF-AGG MF-AGG MF-AGG SEDI MF-AGG MF-AGG ULT-AGG SEDI MF-AGG MF-AGG SEDI MF-AGG

Recommendation outperform hold speculative buy buy speculative buy sector perform speculative buy

Amt Held 17'893'800 16'205'564 8'226'825 8'024'456 5'786'124 4'842'018 3'668'490 2'987'800 2'582'500 2'471'400 2'330'000 2'316'327 1'940'407 1'523'400 1'334'000 1'149'151 1'074'746 1'073'739 1'025'000 900'000

% Out 14.17 12.84 6.52 6.36 4.58 3.83 2.91 2.37 2.05 1.96 1.85 1.83 1.54 1.21 1.06 0.91 0.85 0.85 0.81 0.71

Weighting

Change 5 3 4 5 4 3 4

M M M M M M M

Latest Chg 116'400 1'985'981 (27'270) (200'000) (250'000) 112'300 (250'000) 350'000 485'700 (170'000) (35'000) 357'487 1'523'400 254'000 10'606 660'800 58'800 500'000 90'000

Target Price 11 #N/A N/A 14 15 14 11 13

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

File Dt Inst Type 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 17.04.2013 Investment Advisor 05.10.2012 Holding Company 21.12.2012 Other 28.02.2013 Bank 21.12.2012 Other 28.02.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 02.11.2012 Corporation 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 21.08.2012 n/a 31.03.2013 Investment Advisor 17.04.2013 Investment Advisor 23.04.2012 Other 29.03.2013 Investment Advisor

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

Date 12.04.2013 12.04.2013 12.04.2013 11.04.2013 12.02.2013 07.01.2013 01.10.2012

19.04.2013

Endeavour Mining Corp Endeavour Mining Corp. is a growth focused West African gold producer. The Company's operations include three operating mines in Ghana, Mali, and Burkina Faso, and a fourth mine in Cote d'Ivoire that is currently in construction. Endeavour also has a large West African land position with active exploration programs.

Price/Volume 3

7.0 M 6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (10.10.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EDV CN EQUITY YTD Change EDV CN EQUITY YTD % CHANGE

12/2012 12/yy 2.56 0.89 214'423.00 0.93 -66.02% 4.49% 2.99% 412.5 383.62 201.83 0.0 75.0 113.67 546.74

4.0 M

3.0 M 2.0 M

1.0 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

8.0 M

Valuation Analysis

30.06.2008 109.2 57.1 3.99x

9.0 M

30.06.2009 30.06.2010 (219.3) 167.1 (237.2) 130.7 (241.8) 125.3 1.70x Profitability

LTM-4Q 31.12.2011 145.6 3.93x 43.3 13.22x (23.5) -

31.12.2012 346.1 2.81x 136.2 7.14x (8.6) 136.25 62.12 17.95% 10.05% -0.61% -0.97% -0.90% 0.25% 27.4% 39.4% 18.0% -2.5% 2.48 1.17 11.50% 19.00% 16.54 4.08

Price/ Cash Flow

12/yy 146.0 5.51x 42.7 13.22x (26.5) 0.00x

LTM 12/yy 347.1 7.47x 136.6 7.12x (8.3) 1993.13x

FY+1

.0 M a-13

0.00 0.92 407.04 0.80 -58.48% -55.07% 0.922 5 4.800 2'867'725 2'332'105 1'933'673 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 523.0 655.8 110.0 118.0 220.7 258.0 2.48x 2.12x 101.8 127.0 5.08x 4.17x 4.27x 3.56x S&P Issuer Ratings

25.82 2.76 0.65 1.48 19.0% 15.1% 0.25 0.33 22.12 89.61 90.61 21.22

Sales/Revenue/Turnover

90.00

400.0

80.00

300.0

70.00 60.00

200.0

50.00

100.0

40.00

0.0

30.00 20.00

-100.0

10.00

-200.0

0.00 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

-300.0

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

19.04.2013

Endeavour Mining Corp Holdings By:

All

Holder Name VAN ECK ASSOCIATES C FMR LLC SENTRY SELECT CAPITA RUFFER LLP OPPENHEIMERFUNDS INC ROYCE AND ASSOCIATES JP MORGAN ASHDELL LTD DIMENSIONAL FUND ADV BLACKROCK VANGUARD GROUP INC JONES HEWARD INVESTM WELLS FARGO CONNELLY MARK LB SWISS INVESTMENT SPROTT INC WOODYER NEIL SMITH & WILLIAMSON H LAING DAVID C BOWLBY DOUGLAS J

Firm Name Canaccord Genuity Corp CIBC World Markets Raymond James GMP Goldman Sachs BMO Capital Markets

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a

Analyst NICHOLAS CAMPBELL LEON ESTERHUIZEN BRAD HUMPHREY ANDREW MIKITCHOOK EUGENE KING ANDREW BREICHMANAS

Source ULT-AGG ULT-AGG Co File MF-AGG MF-AGG 13G ULT-AGG PROXY MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG SEDI MF-AGG MF-AGG SEDI ULT-AGG SEDI SEDI

Recommendation speculative buy sector outperform outperform buy Buy/Neutral not rated

Amt Held 33'180'672 21'239'830 20'147'799 8'795'000 6'778'475 4'850'000 4'757'617 2'800'000 2'587'277 2'257'352 1'790'523 1'303'796 983'104 855'000 700'000 541'001 397'127 323'601 288'618 266'357

% Out 8.04 5.15 4.88 2.13 1.64 1.18 1.15 0.68 0.63 0.55 0.43 0.32 0.24 0.21 0.17 0.13 0.1 0.08 0.07 0.06

Weighting

Change

4 5 5 5 5 #N/A N/A

M M M M M M

Latest Chg (110'276) 465'000 1'919'355 (500'000) (16'870) 1'074'288 (12'800) 185'160 (171'161) 221'827 66'548 37'287

Target Price 3 2 4 3 2 #N/A N/A

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

File Dt Inst Type 17.04.2013 Investment Advisor 28.02.2013 Investment Advisor 31.10.2012 Investment Advisor 30.11.2012 Hedge Fund Manager 28.02.2013 Investment Advisor 31.12.2011 Investment Advisor 31.12.2012 Investment Advisor 10.09.2012 Other 31.07.2012 Investment Advisor 16.04.2013 Investment Advisor 31.03.2013 Investment Advisor 17.04.2013 Investment Advisor 28.02.2013 Investment Advisor 12.12.2011 n/a 28.02.2013 Mutual Fund Manager 31.12.2012 Hedge Fund Manager 30.01.2013 n/a 28.02.2013 Investment Advisor 30.01.2013 n/a 30.01.2013 n/a

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

Date 17.04.2013 11.04.2013 01.04.2013 01.04.2013 15.03.2013 24.01.2013

19.04.2013

Fortuna Silver Mines Inc Fortuna Silver Mines Inc. is a growth oriented, silver and base metal producer focused on mining opportunities in Latin America. The Company's primary assets are the San Jose silver-gold mine in Mexico and the Caylloma silver-lead-zinc mine in Peru. Fortuna Silver Mines is selectively pursuing additional acquisition opportunities in the Americas.

Price/Volume 6

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FVI CN EQUITY YTD Change FVI CN EQUITY YTD % CHANGE

12/2012 12/yy 5.85 2.67 208'938.00 2.75 -52.82% 3.00% 4.09% 125.3 344.52 273.67

4.0 M 3.0 M

2.0 M 1

1.0 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

7.0 M

Valuation Analysis

31.12.2008 24.8 1.39x 0.1 401.05x (0.9) -

8.0 M

31.12.2009 31.12.2010 51.4 74.1 3.01x 6.78x 21.3 34.1 7.25x 14.71x 0.6 16.0 99.42x 34.34x Profitability

LTM-4Q 31.12.2011 110.0 5.78x 48.8 13.01x 19.5 32.35x

31.12.2012 161.0 70.7 31.5 15.45x 70.72 49.34 30.64% 28.09% 10.70% 12.77% 12.75% 0.55% 43.9% 43.9% 30.6% 19.5% 6.97 7.48

Price/ Cash Flow

12/yy 110.0 20.85x 48.8 13.01x 19.5 32.35x

LTM 12/yy 161.0 12.10x 70.7 6.51x 31.5 15.45x

FY+1

.0 M a-13

0.00 1.42 124.51 2.87 -30.73% -33.73% 1.419 9 4.000 708'880 469'866 449'370 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 194.8 217.5 83.8 102.5 3.27x 2.67x 41.6 49.5 8.90x 7.66x 8.51x 7.98x S&P Issuer Ratings

125.83 46.04 -0.88 0.04 0.55 0.83 52.51 48.91 39.64 -

Sales/Revenue/Turnover

35.00

180.0

30.00

160.0 140.0

25.00

120.0

20.00

100.0

15.00

80.0 60.0

10.00

40.0

5.00 0.00 01.01.2010

20.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

19.04.2013

Fortuna Silver Mines Inc Holdings By:

All

Holder Name SENTRY SELECT CAPITA SPROTT INC MASON HILL ADVISORS MONTRUSCO BOLTON INV BLACKROCK AGF INVESTMENTS INC TD ASSET MANAGEMENT INTACT INVESTMENT MA PUBLIC SECTOR PENSIO GLOBAL STRATEGY FINA CQS CAYMAN LP ROYAL BANK OF CANADA FEDERATED INVESTORS QUANTEX AG MACKENZIE FINANCIAL VANGUARD GROUP INC NORTHWEST MUTUAL FUN CANADA PENSION PLAN MD MANAGEMENT LTD VEHRS THOMAS I

Firm Name BMO Capital Markets Raymond James Euro Pacific Capital Inc Haywood Securities Inc. EVA Dimensions CIBC World Markets Canaccord Genuity Corp Cormark Securities Inc. Scotia Capital

Portfolio Name SENTRY SELECT CAPITA SPROTT INC MASON HILL ADVISORS MONTRUSCO BOLTON INV n/a AGF INVESTMENTS INC TD ASSET MANAGEMENT INTACT INVESTEMENT M PUBLIC SECTOR PENSIO Multiple Portfolios CQS CAYMAN LP n/a FEDERATED INVESTORS Multiple Portfolios MACKENZIE FINANCIAL Multiple Portfolios Multiple Portfolios CANADA PENSION PLAN Multiple Portfolios n/a

Analyst ANDREW KAIP CHRIS THOMPSON HEIKO IHLE BENJAMIN ASUNCION CRAIG STERLING LEON ESTERHUIZEN NICHOLAS CAMPBELL GRAEME JENNINGS TREVOR TURNBULL

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

Recommendation market perform market perform buy buy buy sector outperform speculative buy market perform sector perform

Amt Held 10'524'500 8'727'458 7'932'400 2'507'190 2'007'068 1'409'300 1'397'800 1'287'400 1'174'200 1'137'189 850'000 683'198 600'000 600'000 573'400 571'980 505'241 498'091 462'200 425'000

% Out 8.4 6.97 6.33 2 1.6 1.12 1.12 1.03 0.94 0.91 0.68 0.55 0.48 0.48 0.46 0.46 0.4 0.4 0.37 0.34

Weighting

Change 3 3 5 5 5 5 4 3 3

M M M M U N M D M

Latest Chg 465'900 (149'240) (543'900) (162'200) 204'101 (10'100) 206'300 (470'000) (294'511) 260'000 429'500 4'700 56'738 33'300 225'000

Target Price 5 5 4 6 #N/A N/A 6 6 6 4

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

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 16.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Bank 31.12.2012 Investment Advisor 29.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Pension Fund (ERISA) 28.02.2013 Investment Advisor 29.11.2011 n/a

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

Date 17.04.2013 17.04.2013 17.04.2013 16.04.2013 16.04.2013 11.04.2013 11.04.2013 22.03.2013 21.03.2013

19.04.2013

Primero Mining Corp Primero Mining Corporation is a gold and silver producer. The Company focuses on building a precious metals portfolio in the Americas.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.10.2012) 52-Week Low (28.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance P CN EQUITY YTD Change P CN EQUITY YTD % CHANGE

12/2012 12/yy 7.89 2.43 41'924.00 5.15 -35.74% 111.93% 49.27% 97.2 500.61 40.00 0.0 0.0 139.24 388.56

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

9.0 M

8.0 M

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 0.0 (0.6) (0.7) -

31.12.2009 31.12.2010 0.0 60.3 8.68x (0.6) 12.8 40.81x (0.7) (31.5) Profitability

LTM-4Q 31.12.2011 156.5 1.80x 72.8 3.86x 49.6 5.92x

31.12.2012 182.9 2.88x 77.4 6.79x 49.6 11.91x 77.44 49.39 27.00% 24.42% 7.74% 9.35% 0.29% 58.7% 42.3% 27.0% 27.1% 3.07 2.66 5.97% 7.00% 39.27 7.36

Price/ Cash Flow

12/yy 156.5 8.77x 72.8 3.86x 49.6 5.51x

LTM 12/yy 182.9 7.32x 77.4 6.79x 49.6 12.37x

FY+1

.0 M a-13

0.00 1.40 64.80 5.46 101.17% -19.53% 1.403 10 4.600 422'508 406'101 405'000 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 217.8 280.5 48.8 64.4 1.80x 1.46x 8.05x 6.01x 112.0 169.0 23.6 39.2 3.47x 2.30x 3.28x 3.13x 52.6 91.4 11.1 22.4 11.46x 6.99x 11.86x 10.20x S&P Issuer Ratings

26.82 13.06 -1.28 0.52 7.0% 6.5% 0.29 0.37 9.32 49.71 145.84 -86.81

Sales/Revenue/Turnover

7.00

200.0 180.0

6.00

160.0

5.00

140.0 120.0

4.00

100.0 80.0

3.00

60.0

2.00

40.0 1.00 0.00 01.01.2010

20.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

19.04.2013

Primero Mining Corp Holdings By:

All

Holder Name GOLDCORP INC TOCQUEVILLE ASSET MA FRANKLIN RESOURCES BLACKROCK CONNOR CLARK & LUNN VAN ECK ASSOCIATES C ROYAL BANK OF CANADA FMR LLC O'SHAUGHNESSY ASSET ACADIAN ASSET MANAGE SPROTT INC FALCON FUND MANAGEME SUN VALLEY GOLD LLC SENTRY SELECT CAPITA HILLSDALE INVESTMENT RENAISSANCE TECHNOLO SPARK INVESTMENT MAN MD MANAGEMENT LTD CONWAY JOSEPH F BATTERYMARCH FINANCI

Firm Name BMO Capital Markets Canaccord Genuity Corp EVA Dimensions TD Securities Mackie Research Capital Corp. RBC Capital Markets Scotia Capital GMP Macquarie Cantor Fitzgerald Cormark Securities Inc.

Portfolio Name n/a TOCQUEVILLE ASSET MA n/a n/a CONNOR CLARK & LUNN n/a n/a n/a O'SHAUGHNESSY ASSET ACADIAN ASSET MANAGE SPROTT INC Multiple Portfolios SUN VALLEY GOLD LLC SENTRY SELECT CAPITA HILLSDALE INVESTMENT RENAISSANCE TECHNOLO SPARK INVESTMENT MAN Multiple Portfolios n/a BATTERYMARCH FINANCI

Analyst BRIAN QUAST STEVEN BUTLER CRAIG STERLING STEVEN J GREEN BARRY D ALLAN DAN ROLLINS OVAIS HABIB CHELSEA HAMILTON MICHAEL GRAY ROB CHANG RICHARD GRAY

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

Recommendation outperform buy hold restricted buy sector perform sector outperform buy outperform buy buy

Amt Held 31'151'200 7'477'990 6'971'800 6'354'485 5'468'375 5'302'349 4'418'229 2'139'700 1'787'295 1'707'777 1'580'000 1'116'000 1'076'900 1'028'500 1'024'100 673'900 582'800 576'500 563'300 488'600

% Out 32.05 7.69 7.17 6.54 5.63 5.45 4.55 2.2 1.84 1.76 1.63 1.15 1.11 1.06 1.05 0.69 0.6 0.59 0.58 0.5

Weighting

Change

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

M M U M M M M M M M M

Latest Chg (8'422'460) 1'162'990 55'600 166 (1'803'625) (17'586) 2'393'237 1'635'400 1'270'148 (1'155'890) 1'580'000 (1'418'700) 1'028'500 (323'500) 241'500 70'000 (22'900) 50'000 488'600

Target Price 9 11 #N/A N/A #N/A N/A 10 8 9 10 8 9 10

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

File Dt 12.10.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012 17.04.2013 31.01.2013 28.02.2013 31.12.2012 31.03.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 04.07.2012 31.12.2012

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

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

Date 15.04.2013 15.04.2013 15.04.2013 04.04.2013 27.03.2013 26.03.2013 26.03.2013 26.03.2013 07.03.2013 22.02.2013 22.02.2013

19.04.2013

MAG Silver Corp MAG Silver Corp acquires and explores mineral properties with a focus on high-grade silver and gold. The Company, through its subsidiary, holds options to earn an interest in properties located in Mexico.

Price/Volume 14

.8 M

.7 M .6 M

.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.11.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MAG CN EQUITY YTD Change MAG CN EQUITY YTD % CHANGE

12/2012 12/yy 13.32 6.57 22'669.00 7 -49.10% 6.54% 2.96% 60.1 420.91 0.00 0.0 0.0 41.05 379.86

1.20

(6.7) (5.9) -

.3 M

.2 M

.1 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008

.4 M

31.12.2009 31.12.2010 0.0 0.0 (9.4) (12.9) (13.5) (12.6) Profitability

LTM-4Q 31.12.2011 0.0 (9.5) (8.3) -

31.12.2012 0.0 (13.4) (12.3) -13.45 -13.49 -10.53% -10.72% 0.00% 31.79 31.65 0.00% 0.00% 0.00 -

12/yy 0.0 #DIV/0! (9.5) 0.00x (8.3) 0.00x

LTM 12/yy 0.0 #DIV/0! (13.5) 0.00x (12.3) 0.00x

0.00 1.68 48.03 0.15 -25.37% -31.17% 1.680 4 4.500 239'568 211'763 179'052

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

(6.8) (6.6) (7.0) (9.2) S&P Issuer Ratings

.0 M a-13

(1.5) (1.5) -

(1.5) (1.5) 0.00 0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

1.0 0.9

1.00

0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

0.1 0.0

0.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

19.04.2013

MAG Silver Corp Holdings By:

All

Holder Name FRESNILLO PLC MASON HILL ADVISORS VAN ECK ASSOCIATES C SPROTT INC TOCQUEVILLE ASSET MA FRANKLIN RESOURCES T ROWE PRICE ASSOCIA CANADA PENSION PLAN BLACKROCK SUN VALLEY GOLD LLC CARMAX ENTERPRISES GLOBAL X MANAGEMENT US GLOBAL INVESTORS ANDREEFF EQUITY ADVI FALCON FUND MANAGEME WELLS FARGO CARLSON ERIC H RAFFLES ASSOCIATES L TD ASSET MANAGEMENT MACINNIS DANIEL T

Firm Name BMO Capital Markets Raymond James Canaccord Genuity Corp Macquarie

Portfolio Name n/a MASON HILL ADVISORS n/a n/a TOCQUEVILLE ASSET MA n/a T ROWE PRICE ASSOCIA CANADA PENSION PLAN n/a SUN VALLEY GOLD LLC n/a GLOBAL X MANAGEMENT US GLOBAL INVESTORS ANDREEFF EQUITY ADVI Multiple Portfolios n/a n/a RAFFLES ASSOCIATES L TD ASSET MANAGEMENT n/a

Analyst JOHN P HAYES DAVID SADOWSKI NICHOLAS CAMPBELL MICHAEL GRAY

Source PROXY 13F ULT-AGG 13G 13F ULT-AGG 13F 13F ULT-AGG 13F Co File 13F 13F 13F MF-AGG ULT-AGG SEDI 13F 13F SEDI

Recommendation speculative outperform outperform speculative buy outperform

Amt Held 9'746'193 5'227'561 3'915'289 2'951'054 2'523'750 2'198'500 1'372'900 1'116'298 993'763 986'206 946'300 799'080 760'000 520'582 432'000 402'144 379'200 372'900 320'000 301'300

% Out 16.21 8.69 6.51 4.91 4.2 3.66 2.28 1.86 1.65 1.64 1.57 1.33 1.26 0.87 0.72 0.67 0.63 0.62 0.53 0.5

Weighting

Change 4 5 4 5

M M M M

Latest Chg (227'749) (12'996) 696'050 33'000 1'372'900 52'900 (408'125) 264'085 10'000 68'991 50'000 -

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

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

File Dt 07.09.2012 31.12.2012 17.04.2013 31.01.2013 31.12.2012 31.01.2013 31.12.2012 31.12.2012 16.04.2013 31.12.2012 31.12.2010 31.12.2012 31.12.2012 31.12.2012 28.02.2013 28.02.2013 03.08.2012 31.12.2012 31.12.2012 03.08.2012

Date Not Provided 12 month 12 month 12 month

Inst Type Unclassified Hedge Fund Manager Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Pension Fund (ERISA) Investment Advisor Hedge Fund Manager Corporation Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor n/a Hedge Fund Manager Investment Advisor n/a

Date 15.04.2013 11.04.2013 11.04.2013 07.03.2013

19.04.2013

McEwen Mining Inc McEwen Mining Inc. is a high growth, low cost mid-tier gold producer in the Americas.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.11.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MUX US EQUITY YTD Change MUX US EQUITY YTD % CHANGE

12/2012 12/yy 4.72 1.67 925'736.00 1.715 -62.58% 2.69% 1.00% 215.3 498.02 0.00 0.0 0.0 70.92 427.10

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

1.20 1.00

18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 0.0 (19.7) (131.1) -

5 5 4 4 3 3 2 2 1 1 0 a-12

31.12.2009 31.12.2010 0.0 0.0 (17.3) (29.0) (27.7) (33.1) Profitability

LTM-4Q 31.12.2011 0.0 (59.6) (61.9) -

31.12.2012 6.0 178.15x (92.3) (66.7) -92.34 -93.37 -1565.02% -1573.89% -9.12% -12.02% 0.04% 10.5% -266.8% -270.6% -1117.2% 3.65 2.82 0.00% 0.00% -

12/yy 0.0 #DIV/0! (59.6) 0.00x (61.9) 0.00x

LTM 12/yy 26.8 156.88x (71.5) 0.00x (66.7) 0.00x

FY+1

.0 M a-13

0.00 1.48 183.28 28.45 -47.17% -55.22% 1.478 4 4.000 4'926'177 3'387'802 2'918'148 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 150.0 217.0 32.6 34.8 71.0 138.0 6.16x 3.17x 70.9 114.0 14.7 16.1 16.29x 7.60x 7.43x S&P Issuer Ratings

0.00 0.0% 0.0% 0.04 0.05 -

Sales/Revenue/Turnover

7.0 6.0 5.0

0.80

4.0 0.60

3.0

0.40

2.0 1.0

0.20

0.0 0.00

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

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

19.04.2013

McEwen Mining Inc Holdings By:

All

Holder Name MCEWEN ROBERT R STATE STREET BLACKROCK VAN ECK ASSOCIATES C ROYCE AND ASSOCIATES VANGUARD GROUP INC JENNISON ASSOCIATES NORTHERN TRUST CORPO DIMENSIONAL FUND ADV SPROTT INC STALEY CAPITAL ADVIS OPPENHEIMERFUNDS INC GLOBAL X MANAGEMENT MANUFACTURERS LIFE I HORIZON KINETICS BPI FUNDOS GFIM SA/P WELLS FARGO BANK OF NEW YORK MEL TIAA CREF INVESTMENT RAYMOND JAMES & ASSO

Firm Name EVA Dimensions Stifel Cowen Securities LLC Fraser Mackenzie Limited

Portfolio Name n/a n/a n/a n/a ROYCE & ASSOCIATES L VANGUARD GROUP INC JENNISON ASSOCIATES NORTHERN TRUST CORPO DIMENSIONAL FUND ADV SPROTT INC STALEY CAPITAL ADVIS OPPENHEIMER FUNDS IN GLOBAL X MANAGEMENT MANUFACTURERS LIFE I n/a Multiple Portfolios n/a BANK OF NEW YORK MEL TIAA-CREF INVESTMENT RAYMOND JAMES & ASSO

Analyst CRAIG STERLING CRAIG P STANLEY ADAM P GRAF ALEKSANDRA BUKACHEVA

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

Recommendation underweight buy buy buy

Amt Held 31'325'279 13'948'984 13'335'621 12'713'212 10'886'918 8'798'586 6'826'384 3'037'440 2'849'695 2'735'340 2'446'937 2'246'531 2'192'648 2'116'076 1'853'323 1'662'931 1'325'236 1'166'475 1'077'675 912'507

% Out 14.55 6.48 6.19 5.9 5.06 4.09 3.17 1.41 1.32 1.27 1.14 1.04 1.02 0.98 0.86 0.77 0.62 0.54 0.5 0.42

Weighting

Change 1 5 5 5

U M M M

Latest Chg 2'847'752 3'477'924 380'310 (75'000) (3'843'036) 755'211 353'723 1'584'177 (687'697) 366'137 486'048 564'871 195'158 23'185 313'982 77'704 73'405 63'377 132'810

Target Price #N/A N/A 3 8 5

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

File Dt Inst Type 03.12.2012 n/a 17.04.2013 Investment Advisor 31.12.2012 Investment Advisor 17.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Insurance Company 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date Not Provided 12 month 12 month Not Provided

Date 18.04.2013 16.04.2013 12.04.2013 02.01.2013

19.04.2013

Timmins Gold Corp Timmins Gold Corporation explores for gold in Mexico.

Price/Volume 4

3.5 M

3.0 M

2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (13.11.2012) 52-Week Low (23.05.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TMM CN EQUITY YTD Change TMM CN EQUITY YTD % CHANGE

12/2012 12/yy 3.48 1.49 86'750.00 2.25 -36.21% 51.01% 39.20% 144.1 324.19 17.55 0.0 0.0 24.06 317.68

31.03.2008 0.0 (4.2) (5.3) -

1.5 M

2 1

1.0 M

.5 M

0 a-12

31.03.2009 31.03.2010 0.0 0.0 (3.5) (6.7) (3.4) (8.6) Profitability

LTM-4Q 31.03.2011 84.4 4.15x 43.5 8.05x 11.5 27.89x

31.12.2012 156.1 2.73x 68.5 6.22x 36.1 12.02x

68.51 60.58 38.80% 36.58% 21.53% 32.20% 29.65% 0.93% 49.1% 43.9% 38.8% 23.1% 1.97 0.97 8.12% 11.93% 21.11 3.33

Price/ Cash Flow

03/yy 84.4 14.70x 43.5 8.05x 11.5 27.89x

j-12

a-12

s-12

LTM 12/yy 155.7 8.93x 68.3 6.24x 35.9 12.04x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

0.00 1.09 137.45 0.05 8.70% -24.75% 1.090 14 4.714 924'422 746'250 596'464 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 218.1 236.5 46.2 47.8 1.25x 0.88x 6.77x 6.38x 103.0 106.6 22.6 20.3 3.09x 2.98x 3.83x 4.08x 56.3 58.1 13.6 11.8 5.80x 5.70x 5.75x 5.54x S&P Issuer Ratings

27.48 13.71 -0.10 0.26 11.9% 10.7% 0.93 1.38 30.37 192.30 70.83 151.43

Sales/Revenue/Turnover

500.00

180.0

450.00

160.0

400.00

140.0

350.00

120.0

300.00

100.0

250.00

80.0

200.00

60.0

150.00

40.0

100.00

20.0

50.00 0.00 03.04.2009

m-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

Valuation Analysis

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

03.04.2013

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

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

19.04.2013

Timmins Gold Corp Holdings By:

All

Holder Name SENTRY SELECT CAPITA VAN ECK ASSOCIATES C ROYAL BANK OF CANADA OPPENHEIMERFUNDS INC CONNOR CLARK & LUNN CIBC GLOBAL ASSET MA RUFFER LLP SPROTT INC BRAGAGNOLO BRUCE ROYCE AND ASSOCIATES BONILLAS ZEPEDA F A GCIC LTD/CANADA GILDER GAGNON HOWE CANADA PENSION PLAN HILLSDALE INVESTMENT INTACT INVESTMENT MA CQS CAYMAN LP MD MANAGEMENT LTD BLACKROCK US GLOBAL INVESTORS

Firm Name Canaccord Genuity Corp TD Securities Dundee Securities Corp Cowen Securities LLC Stonecap Securities Inc Cormark Securities Inc. PI Financial Corp. National Bank Financial M Partners Inc Casimir Capital Macquarie RBC Capital Markets Scotia Capital EVA Dimensions MGI Securities

Portfolio Name SENTRY SELECT CAPITA n/a n/a Multiple Portfolios CONNOR CLARK & LUNN CIBC GLOBAL ASSET MA Multiple Portfolios SPROTT INC n/a ROYCE & ASSOCIATES L n/a GOODMAN & COMPANY IN n/a CANADA PENSION PLAN HILLSDALE INVESTMENT INTACT INVESTEMENT M CQS CAYMAN LP Multiple Portfolios n/a US GLOBAL INVESTORS

Analyst NICHOLAS CAMPBELL STEVEN J GREEN JOE FAZZINI ADAM P GRAF BRIAN SZETO KYLE MCPHEE PHILIP KER SHANE NAGLE INGRID RICO STUART MCDOUGALL MICHAEL SIPERCO SAM CRITTENDEN OVAIS HABIB CRAIG STERLING MARC PAIS

Source 13F ULT-AGG ULT-AGG MF-AGG 13F 13F MF-AGG 13F SEDI 13F SEDI 13F 13G 13F 13F 13F 13F MF-AGG ULT-AGG 13F

Recommendation sell buy buy buy outperform buy buy outperform buy strong buy outperform outperform sector outperform overweight buy

Amt Held 25'289'200 11'123'234 8'060'231 5'781'224 5'091'600 3'712'200 3'706'900 2'950'200 2'928'000 2'605'400 2'584'800 2'265'000 2'050'954 1'803'600 1'686'100 1'681'100 1'300'000 1'089'700 757'148 740'000

% Out 17.55 7.72 5.59 4.01 3.53 2.58 2.57 2.05 2.03 1.81 1.79 1.57 1.42 1.25 1.17 1.17 0.9 0.76 0.53 0.51

Weighting

Change 1 5 5 5 5 5 5 5 5 5 5 5 5 5 5

M M M M M N M M M M M M M M M

Latest Chg (829'400) (36'972) (29'956) 313'100 3'712'200 (233'300) (3'800) (25'000) (34'729) 2'265'000 (8'014'415) 371'900 (1'820'300) 83'200 606'652 250'000

Target Price 2 4 4 3 4 4 4 4 4 4 3 5 4 #N/A N/A 5

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

File Dt 31.12.2012 17.04.2013 31.01.2013 28.02.2013 31.12.2012 31.12.2012 30.11.2012 31.12.2012 03.01.2013 31.12.2012 19.12.2012 31.12.2012 30.09.2011 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012

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

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

Date 16.04.2013 16.04.2013 12.04.2013 11.04.2013 11.04.2013 10.04.2013 10.04.2013 10.04.2013 10.04.2013 10.04.2013 21.03.2013 20.03.2013 20.03.2013 15.01.2013 05.07.2011

19.04.2013

Northern Star Resources Ltd Northern Star Resources Ltd is an Australian Gold Producer with tenement holdings and gold deposits located in the Ashburton - Pilbara Region of Western Australia.

Price/Volume 2

60.0 M

50.0 M

1 1

40.0 M

06/2012 01/yy 1.59 0.61 5'830'544.00 0.705 -55.52% 16.53% 15.82% 424.3 299.12 9.43 0.0 0.0 64.96 260.00

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

(0.1) (0.1) -

20.0 M

10.0 M

0 0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M a-13

f-13 m-13

Fiscal Year Ended 30.06.2008

30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.11.2012) 52-Week Low (16.05.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NST AU EQUITY YTD Change NST AU EQUITY YTD % CHANGE

30.06.2009

30.06.2010

(5.1) (4.7) Profitability

(1.3) (1.3) -

30.06.2011 114.9 1.11x 45.1 2.83x 16.3 7.80x

30.06.2012 99.5 2.55x 47.5 5.35x 22.0 12.62x 47.49 30.02 30.16% 31.60% 29.17% 42.20% 38.16% 1.05% 57.3% 50.7% 34.2% 22.1% 3.13 2.68 7.03% 9.97% 3404.63 5.45

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.96 0.62 373.08 4.07 -21.14% -42.28% 0.622 6 4.333 5'352'934 3'930'273 3'729'712 FY+2

06/13 Y 06/14 Y 140.4 179.3 1.76x 1.22x 72.4 103.3 3.59x 2.52x 35.5 52.2 8.01x 5.97x S&P Issuer Ratings

FQ+1

FQ+2

89.78 40.79 -0.68 0.20 10.0% 9.1% 1.05 2.27 0.11 67.11 67.12 -39.98

Sales/Revenue/Turnover

12.00

140.0

10.00

120.0 100.0

8.00

80.0 6.00

60.0

4.00

40.0

2.00

20.0

0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

19.04.2013

Northern Star Resources Ltd Holdings By:

All

Holder Name BLACKROCK VAN ECK ASSOCIATES C INVESTMET LIMITED PARADICE INVESTMENT BEAMENT WILLIAM JAME JP MORGAN FOTIOS MICHAEL GEORG ROWE CHRISTOPHER GCIC LTD/CANADA MORGAN STANLEY AUSTR UOB ASSET MANAGEMENT VANGUARD INVESTMENTS DIMENSIONAL FUND ADV VANGUARD GROUP INC BROWN KAREN ELIZABET MACQUARIE GROUP O'CONNOR PETER EDMUN BHR FUND ADVISORS LP PARRY RAYMOND JOSEPH OBERWEIS ASSET MANAG

Firm Name Ord Minnett Paterson Securities Hartleys RBC Capital Markets Argonaut Securities Pty Ltd EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios

Analyst DAVID BRENNAN TIM MCCORMACK MIKE MILLIKAN STEUART MCINTYRE PATRICK CHANG CRAIG STERLING

Source ULT-AGG ULT-AGG EXCH EXCH EXCH ULT-AGG EXCH EXCH MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG Co File ULT-AGG EXCH MF-AGG Co File MF-AGG

Recommendation buy buy buy sector perform buy hold

Amt Held 30'260'964 26'706'283 21'946'900 18'915'010 12'134'735 11'803'850 7'103'474 3'986'195 3'350'000 3'202'580 2'250'000 2'095'462 1'588'462 1'377'303 1'191'666 1'168'772 850'000 500'000 378'334 316'200

% Out 7.13 6.29 5.17 4.46 2.86 2.78 1.67 0.94 0.79 0.75 0.53 0.49 0.37 0.32 0.28 0.28 0.2 0.12 0.09 0.07

Weighting

Change 5 5 5 3 5 3

N M M M M U

Latest Chg (215'301) 3'981'558 (18'089'000) (2'872'573) (1'584'461) (7'400'000) 3'350'000 (36'529'953) (15'180) 38'476 108'722 (310'278) 100'000 316'200

Target Price 1 1 1 1 2 #N/A N/A

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

File Dt Inst Type 16.04.2013 Investment Advisor 17.04.2013 Investment Advisor 30.11.2012 Corporation 08.01.2013 Investment Advisor 30.11.2012 n/a 28.02.2013 Investment Advisor 30.11.2012 n/a 30.11.2012 n/a 31.12.2012 Investment Advisor 04.12.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 30.09.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 31.03.2013 Investment Advisor 30.06.2012 n/a 30.06.2011 Investment Advisor 03.12.2012 n/a 31.01.2013 Investment Advisor 30.06.2012 n/a 31.12.2012 Investment Advisor

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

Date 17.04.2013 16.04.2013 19.03.2013 11.03.2013 28.02.2013 28.02.2013

19.04.2013

Romarco Minerals Inc Romarco Minerals, Inc. is an emerging gold producer. The Company's flagship project is the Haile Gold Mine in South Carolina.

Price/Volume 1

25.0 M

20.0 M

12/2012 12/yy 1.40 0.44 319'597.00 0.485 -66.07% 10.23% 7.29% 585.0 283.71 0.00 0.0 0.0 64.78 211.68

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

1.20

10.0 M

5.0 M

0 0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M a-13

f-13 m-13

Fiscal Year Ended 31.12.2008 0.0 (3.6) (4.5) -

15.0 M

Valuation Analysis

31.12.2009 31.12.2010 0.0 0.0 (7.3) (65.4) (7.2) (66.2) Profitability

LTM-4Q 31.12.2011 0.0 (15.3) (15.7) -

31.12.2012 0.0 (11.8) (11.9) -11.81 -12.13 -4.58% -4.80% 0.00% 5.88 5.81 0.00% 0.00% 0.00 -

12/yy 0.0 #DIV/0! (15.3) 0.00x (15.7) 0.00x

LTM 12/yy 0.0 #DIV/0! (11.8) 0.00x (11.9) 0.00x

0.00 1.15 580.85 0.54 -48.40% -37.01% 1.148 6 4.167 2'591'794 1'480'469 1'253'678

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

(9.3) (8.8) (9.3) (13.0) S&P Issuer Ratings

-58.20 -263.13 0.00 0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

1.0 0.9

1.00

0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

0.1 0.0

0.00

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

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

19.04.2013

Romarco Minerals Inc Holdings By:

All

Holder Name BLACKROCK VAN ECK ASSOCIATES C FRANKLIN RESOURCES OPPENHEIMERFUNDS INC TOCQUEVILLE ASSET MA FMR LLC JP MORGAN COMMONWEALTH BANK OF TD ASSET MANAGEMENT RUFFER LLP GAMCO QUANTEX AG ROYAL BANK OF CANADA GLOBAL STRATEGY FINA SHARE SICAV VANGUARD GROUP INC SPROTT INC COLONIAL FIRST STATE GARRETT DIANE RENEE LOMBARD ODIER DARIER

Firm Name BMO Capital Markets National Bank Financial RBC Capital Markets Cormark Securities Inc. Paradigm Capital Inc Euro Pacific Capital Inc

Portfolio Name n/a n/a n/a Multiple Portfolios TOCQUEVILLE ASSET MA n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst ANDREW KAIP PAOLO LOSTRITTO SAM CRITTENDEN RICHARD GRAY DON BLYTH HEIKO IHLE

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

Recommendation market perform outperform sector perform buy speculative buy buy

Amt Held 149'323'767 47'061'248 46'766'500 30'127'000 21'134'700 19'160'100 15'429'733 11'830'030 11'093'500 8'551'000 5'550'000 3'750'000 3'000'000 2'975'080 2'828'384 2'703'235 2'266'700 1'959'403 1'536'500 1'361'600

% Out 25.53 8.04 7.99 5.15 3.61 3.28 2.64 2.02 1.9 1.46 0.95 0.64 0.51 0.51 0.48 0.46 0.39 0.33 0.26 0.23

Weighting

Change 3 5 3 5 4 5

Latest Chg 28'561'563 (156'412) (470'500) 100'900 730'000 (54'088) (147'500) (100'000) (520'200) 205'500 400'000 -

Target Price

M M M M M N

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

File Dt 16.04.2013 17.04.2013 31.01.2013 28.02.2013 31.12.2012 28.02.2013 28.02.2013 30.11.2012 31.12.2012 30.11.2012 31.12.2012 29.03.2013 31.12.2012 28.09.2012 31.12.2012 31.03.2013 31.12.2012 19.10.2012 23.02.2012 28.02.2013

Date 1 2 1 2 2 2

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

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Bank Investment Advisor Hedge Fund Manager Unclassified Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor n/a Mutual Fund Manager

Date 15.04.2013 09.04.2013 02.04.2013 15.03.2013 11.03.2013 28.09.2012

19.04.2013

Real Gold Mining Ltd Real Gold Mining Limited mines gold and processes ore into concentrates containing gold and other minerals for subsequent sale.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.04.2012) 52-Week Low (18.04.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.09.2011 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 246 HK EQUITY YTD Change 246 HK EQUITY YTD % CHANGE

12/2010 06/yy 8.81 8.81 0.00 8.81 0.00% 0.00% 0.00% 908.8 8'006.41 0.00 0.0 135.1 2'965.19 3'869.76

(0.1) (0.1) -

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

31.12.2007 31.12.2008 8.0 312.3 (1.1) 190.4 (2.2) 103.9 Profitability

LTM-4Q 31.12.2009 1'011.2 5.88x 768.9 7.73x 526.7 13.02x

31.12.2010 1'368.2 5.55x 1'187.9 6.39x 798.0 12.06x 1'187.92 1'149.66 84.03% 80.97% 19.98% 22.56% 22.32% 0.34% 77.3% 86.8% 84.0% 58.3% 18.07 17.99 0.00% 0.00% 41.52 44.95

Price/ Cash Flow

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M a-13

Market Data

Fiscal Year Ended 31.12.2006

10 9 8 7 6 5 4 3 2 1 0 a-12

06/yy 1'185.7 0.00x 0.0 0.00x 650.8 0.00x

LTM 06/yy 1'523.7 0.00x 0.0 0.00x 831.3 0.00x

0.60 0.35 429.41 0.00% 0.00% 0.355 1 5.000 0 0 0

FY+1

FY+2

FQ+1

FQ+2

12/11 Y

12/12 Y

09/11 Q3

12/11 Q4

S&P Issuer Ratings

-2.50 0.00 0.0% 0.0% 0.34 3.23 8.79 8.12 0.25 16.66

Sales/Revenue/Turnover

18.00

1'600.0

16.00

1'400.0

14.00

1'200.0

12.00

1'000.0

10.00

800.0

8.00

600.0

6.00

400.0

4.00

200.0

2.00 0.00 04.01.200804.07.200804.01.200904.07.200904.01.201004.07.201004.01.201104.07.201104.01.201204.07.201204.01.2013

0.0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

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

19.04.2013

Real Gold Mining Ltd Holdings By:

All

Holder Name CITIGROUP INCORPORAT LV DEZHI LEAD HONEST MANAGEME LEAD HONEST MANAGEME SHI GUANGWEI VALUE PARTNERS GROUP VAN ECK ASSOCIATES C GCIC LTD/CANADA MANULIFE FUNDS DIREC OPPENHEIMERFUNDS INC INVESTEC ASSET MANAG ROYAL BANK OF CANADA JP MORGAN MACQUARIE GROUP DEKA INVESTMENT GMBH DIMENSIONAL FUND ADV FIDEURAM GESTIONS SA ALLIANCE BERNSTEIN CITIGROUP INCORPORAT SANFORD C BERNSTEIN

Firm Name EVA Dimensions BOCOM International Holdings Kingsway SW Securities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Analyst TEAM COVERAGE RONGJIN LUO ZIBO CHEN

Source EXCH EXCH Research Short EXCH ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG Short MF-AGG

Recommendation buy neutral buy

Amt Held % Out 245'182'757 26.98 226'250'667 24.9 140'000'000 15.41 (126'967'191) -13.97 113'125'333 12.45 77'678'000 8.55 19'288'900 2.12 17'816'505 1.96 16'916'500 1.86 10'673'000 1.17 9'609'000 1.06 7'861'000 0.86 6'089'500 0.67 4'353'500 0.48 4'103'427 0.45 4'097'000 0.45 2'762'500 0.3 2'500'500 0.28 (2'409'129) -0.27 1'788'000 0.2

Weighting

Change 5 3 5

N D M

Latest Chg (234'376'000) -

Target Price #N/A N/A 9 19

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

File Dt Inst Type 12.06.2012 Investment Advisor 27.09.2012 n/a 26.09.2012 Other 31.12.2011 Other 27.09.2012 n/a 26.09.2012 Corporation 17.04.2013 Investment Advisor 31.12.2012 Investment Advisor 30.06.2012 Unclassified 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Bank 31.12.2012 Investment Advisor 30.06.2011 Investment Advisor 28.12.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 12.06.2012 Investment Advisor 28.02.2013 Investment Advisor

Date Not Provided 12 month Not Provided

Date 14.07.2012 03.06.2011 14.03.2011

19.04.2013

Golden Star Resources Ltd Golden Star Resources Ltd. is a mid-tier gold mining company. The Company's operating mines are situated along the Ashanti Gold Belt in Ghana, West Africa.

Price/Volume 3

14.0 M 12.0 M

10.0 M

12/1997 12/yy 2.11 0.90 233'639.00 0.9698 -53.99% 7.76% 5.22% 259.1 251.28 117.48 0.0 (2.0) 78.88 287.87

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

8.0 M

6.0 M 4.0 M

2.0 M

0 a-12

31.12.2009 Profitability

31.12.2010 432.7 2.72x 107.6 10.93x (11.2) -

LTM-4Q 31.12.2011 471.0 0.98x 91.8 5.00x (2.1) -

31.12.2012 550.5 0.95x 124.7 4.18x (9.5) 124.67 25.74 4.68% 1.20% -1.31% -2.17% -4.61% 0.76% 9.6% 22.8% 4.7% -1.7% 1.58 0.69 16.18% 27.10% 50.11 6.05

Price/ Cash Flow

12/yy 471.0 4.90x 91.8 5.00x (2.1) 0.00x

j-12

a-12

s-12

LTM 12/yy 550.5 3.58x 125.8 4.14x (9.5) 0.00x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

0.00 1.07 257.68 12.28 -36.20% -47.29% 1.070 10 3.000 4'652'826 2'255'240 1'854'718 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 558.1 589.4 136.0 131.7 0.60x 0.61x 2.13x 2.20x 135.7 199.8 33.7 33.7 2.12x 1.44x 2.14x 2.19x 19.9 48.3 6.9 6.9 26.21x 5.91x 9.90x 7.78x S&P Issuer Ratings

12.27 3.56 0.31 0.93 27.1% 21.4% 0.76 1.06 7.30 60.50 69.08 -1.28

Sales/Revenue/Turnover

30.00

600.0

25.00

500.0

20.00

400.0

15.00

300.0

10.00

200.0

5.00

100.0

0.00 01.01.2010

m-12

Fiscal Year Ended 31.12.2008 257.4 1.43x 1.8 200.09x (119.3) -

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

19.04.2013

Golden Star Resources Ltd Holdings By:

All

Firm Name BMO Capital Markets Canaccord Genuity Corp CIBC World Markets National Bank Financial EVA Dimensions Credit Suisse Scotia Capital Macquarie Raymond James

Analyst ANDREW BREICHMANAS RAHUL PAUL COSMOS CHIU PAOLO LOSTRITTO CRAIG STERLING ANITA SONI TREVOR TURNBULL PIERRE VAILLANCOURT BRAD HUMPHREY

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

Recommendation market perform hold sector perform outperform overweight underperform sector perform neutral market perform

% Out 15.17 11.67 10.03 3.89 2.42 1.89 1.86 1.43 1.35 1.19 1.18 1.01 0.87 0.75 0.71 0.67 0.64 0.57 0.45 0.43

Weighting

Change 3 3 3 5 5 1 3 3 3

M M M M U D M M M

Latest Chg (350'000) (1'326'930) (482'630) 1'230'943 (5'940) (1'475'687) 3'703'206 2'002'700 1'200'671 (52'441) 125'700 1'129'776 139'300 206'700 277'080 (51'919) -

Target Price 2 2 2 3 #N/A N/A 1 1 2 2

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

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

Date 15.04.2013 15.04.2013 11.04.2013 09.04.2013 04.04.2013 03.04.2013 14.03.2013 07.03.2013 06.03.2013

19.04.2013

Premier Gold Mines Ltd Premier Gold Mines Limited is a mining and exploration company focused on developing gold projects worldwide.

Price/Volume 8 7 6 5 4

12/2012 12/yy 6.79 1.64 335'570.00 1.69 -76.14% 3.05% 1.55% 149.3 252.36 18.50 0.0 40.6 85.10 226.40

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

2 1 0 a-12

31.12.2009 31.12.2010 0.0 0.0 (6.2) (13.2) (3.7) (10.9) Profitability

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

LTM-4Q 31.12.2011 0.0 (11.9) (16.8) -

31.12.2012 0.0 (12.5) (32.1) -12.54 -12.60 -8.06% -9.88% 0.00% -1325.5% -1366.1% 5.74 5.59 3.85% 4.95% 1.21 -

Price/ Cash Flow

12/yy 0.0 #DIV/0! (5.4) 0.00x (16.8) 0.00x

LTM 12/yy 0.9 2932.95x (12.2) 0.00x (32.1) 0.00x

FY+1

0.00 1.75 144.34 4.99 -63.97% -59.76% 1.745 12 4.167 1'984'958 939'726 850'116 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 0.0 0.0 (12.5) (12.5) (14.2) (17.7) S&P Issuer Ratings

-34.03 -100.44 -1.51 5.0% 4.3% 0.00 0.00 302.60 3549.64 -

Sales/Revenue/Turnover

450.00

1.0

400.00

0.9

350.00

0.8 0.7

300.00

0.6

250.00 200.00

0.5 0.4

150.00

0.3

100.00

0.2

50.00

0.1

0.00 01.01.2010

m-12

Fiscal Year Ended 31.12.2008 0.0 (3.2) 0.2 -

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M a-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

19.04.2013

Premier Gold Mines Ltd Holdings By:

All

Holder Name FMR LLC GCIC LTD/CANADA VAN ECK ASSOCIATES C IG INVESTMENT MANAGE DOWNIE EWAN S LB SWISS INVESTMENT TOCQUEVILLE ASSET MA AMERICAN CENTURY COM BLACKROCK SHARE SICAV CIBC GLOBAL ASSET MA GLOBAL STRATEGY FINA GBC ASSET MANAGEMENT MIDDLEFIELD SECURITI TD ASSET MANAGEMENT US GLOBAL INVESTORS VANGUARD GROUP INC JONES HEWARD INVESTM AGF INVESTMENTS INC SPROTT INC

Firm Name Stifel Laurentian Bank Securities CIBC World Markets Canaccord Genuity Corp Scotia Capital Octagon Capital Corporation Stonecap Securities Inc Beacon Securities Ltd RBC Capital Markets Cantor Fitzgerald Mackie Research Capital Corp. EVA Dimensions

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios TOCQUEVILLE ASSET MA Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRAIG P STANLEY ERIC LEMIEUX JEFF KILLEEN STEVEN BUTLER OVAIS HABIB ANNIE ZHANG CHRISTOS DOULIS MICHAEL CURRAN SAM CRITTENDEN ROB CHANG BARRY D ALLAN CRAIG STERLING

Source ULT-AGG Co File ULT-AGG MF-AGG SEDI MF-AGG 13F MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy speculative buy sector perform speculative buy sector outperform speculative buy outperform buy outperform buy speculative buy sell

Amt Held 19'258'570 13'896'800 11'747'001 7'832'701 3'123'101 2'900'000 1'669'200 1'318'700 1'303'180 947'736 822'618 820'314 812'900 800'000 705'900 700'000 666'247 573'493 556'136 548'899

% Out 12.9 9.31 7.87 5.25 2.09 1.94 1.12 0.88 0.87 0.63 0.55 0.55 0.54 0.54 0.47 0.47 0.45 0.38 0.37 0.37

Weighting

Change 5 4 3 4 5 4 5 5 5 5 4 1

M M M M M M M N M M M M

Latest Chg 3'271'500 (39'042) (10'800) 35'000 275'000 6'690 233'600 (7'899) (148'500) 163'248 (100'000) 10'000 59'500 (4'700) (15'100) -

Target Price 4 4 7 7 9 6 6 6 5 7 #N/A N/A #N/A N/A

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

File Dt 28.02.2013 31.10.2012 17.04.2013 31.01.2013 04.04.2013 31.12.2012 31.12.2012 31.12.2012 16.04.2013 31.12.2012 31.12.2012 28.09.2012 31.12.2011 28.03.2013 31.12.2012 31.12.2012 31.03.2013 17.04.2013 28.09.2012 31.12.2012

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

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

Date 16.04.2013 16.04.2013 11.04.2013 11.04.2013 02.04.2013 02.04.2013 28.03.2013 26.03.2013 12.03.2013 25.02.2013 30.01.2013 17.01.2013

19.04.2013

Tanzanian Royalty Exploration Corp Tanzanian Royalty Exploration Corporation acquires, explores, and develops mineral properties. The Company explores for gold.

Price/Volume 6

3.5 M

3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TRX US EQUITY YTD Change TRX US EQUITY YTD % CHANGE

08/2012 02/yy 5.34 2.45 141'289.00 2.599 -52.25% 6.08% 1.41% 100.7 261.67 2.07 0.0 0.0 20.06 253.95

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

1.20

1.5 M

1.0 M

.5 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.08.2008 0.0 (2.9) (3.7) -

2.0 M

Valuation Analysis

31.08.2009 31.08.2010 0.0 0.0 (3.4) (3.0) (4.7) (3.4) Profitability

LTM-4Q 31.08.2011 0.0 (4.3) (11.1) -

31.08.2012 0.0 (5.1) (8.9) -5.06 -5.44 -3.52% -4.13% 0.00% 8.84 8.68 3.28% 4.09% 0.00 -

02/yy 0.0 #DIV/0! (4.6) 0.00x (14.6) 0.00x

LTM 02/yy 0.0 #DIV/0! (5.0) 0.00x (2.2) 0.00x

1.23 92.85 9.71 -47.81% -41.07% 1.229 0 924'895 552'807 459'043

FY+1

FY+2

FQ+1

FQ+2

08/13 Y

08/14 Y

05/13 Q3

08/13 Q4

S&P Issuer Ratings

.0 M a-13

-49.26 -133.96 0.00 4.1% 3.9% 0.00 0.00 -

Sales/Revenue/Turnover

1.0 0.9

1.00

0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

0.1 0.0

0.00

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

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

19.04.2013

Tanzanian Royalty Exploration Corp Holdings By:

All

Firm Name

Analyst

Source ULT-AGG 13G MF-AGG SEDI MF-AGG ULT-AGG SEDI MF-AGG 13F 13F SEDI MF-AGG 13F 13F ULT-AGG 13F 13F 20F 13F 13F

Recommendation

Amt Held 13'522'725 4'879'743 4'088'532 1'885'543 673'902 511'968 424'047 419'292 367'112 334'811 332'358 318'244 212'560 185'212 170'509 167'687 145'569 144'045 97'451 95'500

% Out 13.43 4.85 4.06 1.87 0.67 0.51 0.42 0.42 0.36 0.33 0.33 0.32 0.21 0.18 0.17 0.17 0.14 0.14 0.1 0.09

Weighting

Change

Latest Chg 526'026 (4'801'048) 52'612 (1'000) (37'877) (4'130) 17'903 5'200 141'200 4'654 12'845 (3'200) 4'819 108'877 134'479 20'891 (17'701) 13'000

Target Price

#N/A N/A

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

Date

19.04.2013

Banro Corp Banro Corporation, through its subsidiary, explores and develops gold properties. The Company currently holds mining permits and mining concessions in the Democratic Republic of Congo in Africa.

Price/Volume 6 5 4 3

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.09.2012) 52-Week Low (15.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAA CN EQUITY YTD Change BAA CN EQUITY YTD % CHANGE

12/2012 12/yy 5.03 1.03 99'473.00 1.09 -78.93% 5.83% 1.50% 201.9 220.05 154.69 0.0 0.0 27.05 342.06

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

1 0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

Fiscal Year Ended 31.12.2008 0.0 (6.2) (8.5) 9.34x

31.12.2009 31.12.2010 0.0 0.0 (7.6) (10.3) (4.8) (3.0) Profitability

LTM-4Q 31.12.2011 0.0 (10.2) (9.3) -

31.12.2012 42.6 16.23x 6.0 114.64x (4.6) 6.03 -2.06 -4.84% -10.70% -0.86% -1.12% 0.08% 29.2% 14.2% -4.8% -10.7% 1.06 0.47 24.33% 36.54% -

Price/ Cash Flow

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M a-13

12/yy 0.0 #DIV/0! (10.2) 0.00x (9.3) 0.00x

LTM 12/yy 42.6 80.50x 6.0 114.64x (4.6) 0.00x

FY+1

0.00 1.90 199.78 6.03 -72.89% -60.79% 1.902 4 3.250 3'708'547 2'873'011 1'995'308 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 169.7 435.7 36.9 36.2 84.0 262.0 4.07x 1.31x 37.6 166.3 7.08x 1.39x 6.14x 3.05x S&P Issuer Ratings

2.62 -57.93 21.15 25.64 36.5% 26.8% 0.08 0.11 -

Sales/Revenue/Turnover

700.00

45.0

600.00

40.0 35.0

500.00

30.0

400.00

25.0

300.00

20.0 15.0

200.00

10.0

100.00 0.00 01.01.2010

5.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

19.04.2013

Banro Corp Holdings By:

All

Holder Name BLACKROCK JP MORGAN VAN ECK ASSOCIATES C IG INVESTMENT MANAGE FRANKLIN RESOURCES TOCQUEVILLE ASSET MA FMR LLC WELLINGTON MANAGEMEN ACUITY INVESTMENT MA TRADEWINDS GLOBAL IN INVESTEC ASSET MANAG INVESTEC ASSET MANAG SCEPTRE INVESTMENT C CANADA PENSION PLAN FIERA CAPITAL CORPOR DEUTSCHE BANK AG BRISTOL INVESTMENT P PUBLIC SECTOR PENSIO CONNOR CLARK & LUNN TD ASSET MANAGEMENT

Firm Name CIBC World Markets EVA Dimensions BMO Capital Markets Goldman Sachs Cormark Securities Inc. GMP

Portfolio Name n/a n/a n/a IG INVESTMENT MANAGE n/a TOCQUEVILLE ASSET MA n/a WELLINGTON MANAGEMEN ACUITY INVESTMENT MA TRADEWINDS GLOBAL IN Multiple Portfolios INVESTEC ASSET MANAG Multiple Portfolios CANADA PENSION PLAN FIERA CAPITAL CORPOR DEUTSCHE BANK AKTIEN BRISTOL INVESTMENT P PUBLIC SECTOR PENSIO CONNOR CLARK & LUNN TD ASSET MANAGEMENT

Analyst COSMOS CHIU CRAIG STERLING ANDREW BREICHMANAS EUGENE KING MIKE KOZAK BROCK SALIER

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

Recommendation restricted underweight restricted neutral/neutral speculative buy buy

Amt Held 29'151'624 23'871'284 16'241'293 14'067'000 12'134'500 10'680'445 9'020'360 4'835'785 4'624'900 4'085'541 4'023'371 4'023'371 3'824'682 2'304'615 2'152'177 2'051'416 2'026'058 1'879'400 1'842'700 1'715'800

% Out 14.44 11.82 8.04 6.97 6.01 5.29 4.47 2.4 2.29 2.02 1.99 1.99 1.89 1.14 1.07 1.02 1 0.93 0.91 0.85

Weighting

Change

#N/A N/A 1 #N/A N/A 3 4 5

M U M M M M

Latest Chg (743'373) (53'982) 4'088'200 1'226'600 498'655 (1'648'935) 778'978 1'689'300 1'766'536 1'791'580 (593'900) (316'700) (4'660'861) (1'218'959) (41'296) (641'000) (266'100)

Target Price #N/A N/A #N/A N/A #N/A N/A 3 3 6

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

File Dt Inst Type 16.04.2013 Investment Advisor 31.12.2012 Investment Advisor 17.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Pension Fund (ERISA) 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 16.04.2013 10.04.2013 09.04.2013 15.03.2013 07.03.2013 04.02.2013

19.04.2013

Rainy River Resources Ltd Rainy River Resources Ltd. is a gold exploration and production company.

Price/Volume 7

9.0 M

8.0 M 7.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.10.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RR CN EQUITY YTD Change RR CN EQUITY YTD % CHANGE

12/2012 12/yy 6.17 1.97 44'236.00 2.14 -66.29% 8.63% 2.86% 99.9 213.88 0.13 0.0 0.0 102.12 111.89

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

1.20

5.0 M

4.0 M 3.0 M

2.0 M

1.0 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 30.09.2007 0.0 (4.2) (1.8) -

6.0 M

30.09.2008 30.09.2009 0.0 0.0 (2.6) (4.2) (1.0) (3.6) Profitability

LTM-4Q 30.09.2010 0.0 (9.1) (6.8) -

30.09.2011 0.0 (16.1) (13.5) -64.60 -64.98 -33.90% -35.35% 0.00% 15.73 15.71 0.08% 0.09% 0.00 -

09/yy 0.0 #DIV/0! (16.1) 0.00x (13.5) 0.00x

LTM 12/yy 0.0 #DIV/0! (64.6) 0.00x (65.9) 0.00x

FY+1

.0 M a-13

0.00 1.15 97.75 0.61 -57.71% -56.94% 1.149 9 4.000 835'373 544'032 667'215 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 0.0 0.3 #DIV/0! 465.11x (59.2) (15.2) (62.0) (22.2) S&P Issuer Ratings

-10003.84 -12740.42 0.00 0.1% 0.1% 0.00 0.00 -

Sales/Revenue/Turnover

4.5 4.0

1.00 0.80

3.5 3.0 2.5

0.60

2.0 1.5

0.40 0.20

1.0 0.5 0.0

0.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

19.04.2013

Rainy River Resources Ltd Holdings By:

All

Holder Name VAN ECK ASSOCIATES C SALIDA CAPITAL LP JP MORGAN FMR LLC IG INVESTMENT MANAGE BEREZAN LEO INVESTEC ASSET MANAG QUANTEX AG LB SWISS INVESTMENT BLACKROCK GLOBAL X MANAGEMENT CIBC GLOBAL ASSET MA LOMBARD ODIER DARIER VANGUARD GROUP INC AVERILL STUART ALLAN LAZARIDIS MICHAEL GLOBAL STRATEGY FINA JONES HEWARD INVESTM UOB ASSET MANAGEMENT SOCIETE GENERALE

Firm Name Stifel BMO Capital Markets CIBC World Markets Desjardins Securities Casimir Capital RBC Capital Markets National Bank Financial Scotia Capital Paradigm Capital Inc

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRAIG P STANLEY JOHN P HAYES JEFF KILLEEN ADAM MELNYK ERIC WINMILL SAM CRITTENDEN PAOLO LOSTRITTO LEILY OMOUMI DON BLYTH

Source ULT-AGG Co File ULT-AGG ULT-AGG MF-AGG SEDI MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG SEDI SEDI MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold speculative outperform sector perform buy speculative buy sector perform outperform sector outperform speculative buy

Amt Held 10'085'221 8'043'070 3'170'900 3'021'400 1'756'100 1'334'048 947'328 830'000 800'000 621'246 524'985 455'700 401'000 399'600 360'000 355'000 343'467 315'943 300'000 281'300

% Out 10.09 8.05 3.17 3.02 1.76 1.33 0.95 0.83 0.8 0.62 0.53 0.46 0.4 0.4 0.36 0.36 0.34 0.32 0.3 0.28

Weighting

Change 3 4 3 5 4 3 5 5 4

M M M M M M M M M

Latest Chg 920'049 (655'430) 313'000 637'200 17'000 118'000 800'000 (4'115) 22'038 5'000 (3'100) 281'300

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

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

File Dt Inst Type 17.04.2013 Investment Advisor 30.11.2011 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 22.05.2012 n/a 31.01.2013 Investment Advisor 29.03.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 16.04.2013 Investment Advisor 16.04.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Mutual Fund Manager 31.03.2013 Investment Advisor 06.02.2013 n/a 14.03.2012 n/a 28.09.2012 Investment Advisor 17.04.2013 Investment Advisor 30.06.2012 Mutual Fund Manager 30.11.2012 Bank

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

Date 15.04.2013 14.04.2013 12.04.2013 12.04.2013 12.04.2013 11.04.2013 11.04.2013 26.02.2013 17.09.2012

19.04.2013

Indophil Resources NL Indophil Resources NL is a mineral exploration company that acquires, explores and develops gold and copper-gold resources in the Asia-Pacific region.

Price/Volume 0

25.0 M

0 20.0 M

0 0

15.0 M

0 0

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.04.2012) 52-Week Low (22.11.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IRN AU EQUITY YTD Change IRN AU EQUITY YTD % CHANGE

12/2012 01/yy 0.43 0.22 260'359.00 0.27 -37.21% 25.58% 25.58% 1'203.1 324.85 0.00 0.0 0.0 235.04 89.81

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

1.20

5.0 M

0 0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M a-13

f-13 m-13

Fiscal Year Ended 31.12.2008 0.0 (20.8) (14.8) -

10.0 M

31.12.2009 31.12.2010 0.0 0.0 (17.1) (7.7) (10.6) 2.3 196.30x Profitability

31.12.2011 0.0 (7.9) 1.0 319.23x

104.48 103.72 0.00% 0.00% -

1'045'963 1'249'665 1'265'645

LTM-4Q

LTM

FY+1

FY+2

FQ+1

01/yy

12/13 Y

12/14 Y

31.12.2012 0.0 (17.7) 5.5 52.17x -17.66 -17.70 1.16% 1.17% 1.17% 0.00%

0.00 1.09 668.60 1.39 -34.15% 12.50% 1.086 1 5.000

S&P Issuer Ratings

FQ+2 -

0.00 0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

1.0 0.9

1.00

0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

0.1 0.0

0.00

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

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

19.04.2013

Indophil Resources NL Holdings By:

All

Holder Name ALSONS DEVELOPMENT & XSTRATA PLC L1 CAPITAL PTY LTD BANK OF AMERICA CORP VAN ECK ASSOCIATES C UBS SAN MIGUEL CORP MORGAN STANLEY ACORN CAPITAL LTD UNISUPER WESTOZ FUNDS MANAGEM SUNSUPER FUND HEALTH SUPER MICROCAP INVESTMENT CBA OFFICERS SUPER F FMR LLC DIMENSIONAL FUND ADV QLD LOCAL GOVT SUPER AUSCOAL SUPER FUND MILITARY SUPER & BEN

Firm Name EVA Dimensions

Portfolio Name n/a n/a #N/A N/A n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a

Analyst CRAIG STERLING

Source EXCH EXCH EXCH EXCH ULT-AGG ULT-AGG EXCH ULT-AGG EXCH EXCH MF-AGG EXCH EXCH EXCH EXCH ULT-AGG MF-AGG EXCH EXCH EXCH

Recommendation buy

Amt Held 240'508'334 157'189'422 77'094'557 59'777'753 54'751'244 52'235'438 48'016'960 26'097'859 20'419'416 19'610'481 16'200'000 13'290'433 9'408'868 9'086'904 8'280'549 7'192'750 5'392'977 5'326'550 4'856'892 4'371'077

% Out 19.99 13.06 6.41 4.97 4.55 4.34 3.99 2.17 1.7 1.63 1.35 1.1 0.78 0.76 0.69 0.6 0.45 0.44 0.4 0.36

Weighting

Change 5

Latest Chg 141'041'667 (12'125'963) (11'905'784) (181'972) (27'664'747) -

Target Price #N/A N/A

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

File Dt Inst Type 06.02.2012 Corporation 06.02.2012 Corporation 10.04.2013 Mutual Fund Manager 28.08.2012 Investment Advisor 17.04.2013 Investment Advisor 17.06.2011 Unclassified 17.06.2011 Corporation 10.10.2011 Investment Advisor 09.02.2012 Investment Advisor 09.02.2012 Other 30.06.2011 Mutual Fund Manager 09.02.2012 Other 09.02.2012 Other 09.02.2012 Other 09.02.2012 Other 31.10.2012 Investment Advisor 31.07.2012 Investment Advisor 09.02.2012 Other 09.02.2012 Other 09.02.2012 Other

Date Not Provided

Date 02.04.2013

19.04.2013

Colossus Minerals Inc Colossus Minerals Inc. is a mineral exploration and production company. The Company explores for and develops gold-platinum-palladium properties in Brazil.

Price/Volume 7

9.0 M

8.0 M 7.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.09.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CSI CN EQUITY YTD Change CSI CN EQUITY YTD % CHANGE

12/2012 12/yy 6.03 1.77 168'054.00 1.88 -68.74% 6.21% 1.64% 107.0 201.07 72.14 0.0 2.7 63.59 207.17

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

1.20

5.0 M

4.0 M 3.0 M

2.0 M

1.0 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.07.2008 0.0 (2.5) (2.3) -

6.0 M

31.07.2009 31.07.2010 0.0 0.0 (2.7) (9.5) (4.6) (9.7) Profitability

LTM-4Q 31.12.2011 0.0 (29.3) (32.1) -

31.12.2012 0.0 (32.9) (30.1) -32.86 -33.29 -11.68% -23.01% 0.00% 4.66 4.55 25.80% 62.37% 0.00 0.00

12/yy 0.0 #DIV/0! (29.3) 0.00x (32.1) 0.00x

LTM 12/yy 0.0 #DIV/0! (32.9) 0.00x (30.1) 0.00x

FY+1

.0 M a-13

0.00 1.48 92.85 2.27 -61.48% -59.22% 1.479 5 4.600 1'303'654 1'514'575 1'215'467 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 70.9 313.3 2.43x -0.20x 14.8 270.5 (6.9) (6.9) 14.00x 0.77x 13.99x 3.27x 8.7 171.8 (8.6) (8.6) 25.10x 1.19x 5.09x S&P Issuer Ratings

-7.02 -26.45 -2.20 62.4% 37.9% 0.00 0.00 3704.00 -

Sales/Revenue/Turnover

1.0 0.9

1.00

0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

0.1 0.0

0.00

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

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

19.04.2013

Colossus Minerals Inc Holdings By:

All

Holder Name ARIAS RESOURCE CAPIT ACUITY INVESTMENT MA SPROTT ASSET MANAGEM VAN ECK ASSOCIATES C FRANKLIN RESOURCES FMR LLC SUSSMAN ARI B MCLEAN BUDDEN LTD MANULIFE ASSET MANAG CIBC GLOBAL ASSET MA JP MORGAN KISHIDA AUGUSTO BLACKROCK SENTRY SELECT CAPITA DEUTSCHE BANK AG US GLOBAL INVESTORS VANGUARD GROUP INC GLOBAL STRATEGY FINA FROSTIAK JOHN FIRST CANADIAN MUTUA

Firm Name Stifel Canaccord Genuity Corp Clarus Securities Macquarie GMP

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst CRAIG P STANLEY NICHOLAS CAMPBELL JAMIE SPRATT MICHAEL GRAY GEORGE V ALBINO

Source Co File Co File Co File ULT-AGG ULT-AGG ULT-AGG SEDI MF-AGG MF-AGG MF-AGG ULT-AGG SEDI ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG SEDI MF-AGG

Recommendation buy speculative buy speculative buy outperform buy

Amt Held 10'833'800 10'530'371 9'947'500 9'345'598 4'883'500 3'460'235 1'761'401 1'459'400 1'151'864 1'059'133 1'049'000 958'000 701'317 553'600 527'115 525'000 486'563 321'612 229'800 207'600

% Out 10.13 9.85 9.3 8.74 4.57 3.24 1.65 1.36 1.08 0.99 0.98 0.9 0.66 0.52 0.49 0.49 0.45 0.3 0.21 0.19

Weighting

Change 5 4 4 5 5

Latest Chg (1'572'900) (27'630) 29'000 623'728 50'000 (37'490) (6'989) (996) (4'355) (6'612) 50'000 -

Target Price

M M M M M

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

4 8 8 4 12

File Dt 11.03.2013 31.10.2012 28.02.2013 17.04.2013 31.01.2013 28.02.2013 27.06.2012 28.02.2013 28.02.2013 31.12.2012 31.12.2012 09.08.2012 16.04.2013 30.06.2011 28.02.2013 31.12.2012 31.03.2013 28.09.2012 16.02.2013 30.11.2012

Date 12 month 12 month 12 month 12 month Not Provided

Inst Type Private Equity Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor

Date 16.04.2013 11.04.2013 05.04.2013 02.04.2013 01.04.2013

19.04.2013

Aurcana Corp Aurcana Corporation is a Canadian silver producing company. The Company acquires, explores and develops properties for silver, copper, lead, and zinc in Mexico and the United States.

Price/Volume 1 1 1 1

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (25.09.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AUN CN EQUITY YTD Change AUN CN EQUITY YTD % CHANGE

12/2012 12/yy 1.26 0.35 1'118'379.00 0.41 -67.86% 17.14% 6.04% 467.2 191.55 7.08 0.0 0.0 10.74 187.93

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

0 0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

Fiscal Year Ended 31.12.2008 8.8 2.82x (7.2) (24.1) -

31.12.2009 31.12.2010 16.1 26.1 3.07x 9.14x 0.6 6.6 89.59x 36.10x 3.8 (8.8) 11.17x Profitability

LTM-4Q 31.12.2011 47.5 5.75x 14.3 19.12x 7.0 35.50x

31.12.2012 56.9 7.57x 20.5 21.04x 9.9 46.50x 20.47 15.59 27.38% 26.81% 5.72% 6.42% 6.26% 0.33% 72.4% 36.0% 27.4% 17.4% 1.53 0.83 3.68% 4.14% 73.76 8.92

Price/ Cash Flow

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M a-13

12/yy 46.7 20.49x 14.0 19.47x 6.9 35.86x

LTM 12/yy 56.9 30.45x 20.4 21.06x 9.9 46.57x

FY+1

0.00 1.25 463.43 0.39 -52.21% -55.91% 1.252 5 4.200 4'608'127 2'183'288 1'974'379 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 142.0 254.0 23.7 28.0 1.01x 82.2 141.0 2.29x 1.33x 45.3 75.5 7.3 9.6 4.94x 3.39x 5.13x 3.73x S&P Issuer Ratings

137.65 -309.50 -0.18 0.35 4.1% 4.0% 0.33 0.41 4.96 41.03 107.05 -114.36

Sales/Revenue/Turnover

1'000.00

60.0

900.00

50.0

800.00 700.00

40.0

600.00

30.0

500.00 400.00

20.0

300.00 200.00

10.0

100.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

19.04.2013

Aurcana Corp Holdings By:

All

Holder Name WELLINGTON MANAGEMEN VAN ECK ASSOCIATES C SPROTT INC BLACKROCK GLOBAL X MANAGEMENT RODRIGUEZ LENIC HARTFORD INVESTMENT AGUIRRE GOMEZ ADRIAN AQR CAPITAL MANAGEME OPPENHEIM KAPITALANL MATRIX FUND MANAGEME NATIXIS ASSET MANAGE HUERTA SALVADOR USSEPA HOLDINGS LTD RADIAN GROUP GUSTAVIADAVEGARDH FO ALLIANZ ASSET MANAGE IFOS INTERNATIONALE ZUERCHER KANTONALBAN CB-ACCENT LUX SICAV

Firm Name EVA Dimensions Roth Capital Partners Stonecap Securities Inc RBC Capital Markets Casimir Capital

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING BRIAN W POST CHRISTOS DOULIS DAN ROLLINS ERIC ALLISON

Source Co File ULT-AGG Co File ULT-AGG MF-AGG PROXY MF-AGG SEDI MF-AGG MF-AGG MF-AGG MF-AGG SEDI PROXY ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold buy outperform sector perform overweight

Amt Held 45'550'121 37'643'588 35'011'380 9'038'125 5'938'256 1'500'000 1'294'500 1'280'000 1'246'774 1'200'000 665'000 565'000 360'000 350'000 326'300 299'000 264'900 240'000 235'000 200'000

% Out 9.75 8.06 7.49 1.93 1.27 0.32 0.28 0.27 0.27 0.26 0.14 0.12 0.08 0.07 0.07 0.06 0.06 0.05 0.05 0.04

Weighting

Change 3 5 5 3 5

U M M M M

Latest Chg (124'912) (5'168'500) (200) (100'000) (60'000) (140'000) (100'000) (15'000) 299'000 -

Target Price #N/A N/A 2 1 1 2

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

File Dt 10.10.2012 17.04.2013 28.03.2013 16.04.2013 16.04.2013 09.04.2012 28.02.2013 05.02.2013 28.02.2013 28.12.2012 30.11.2012 28.02.2013 02.10.2012 09.04.2012 31.12.2012 31.12.2012 28.02.2013 28.02.2013 31.12.2012 28.03.2013

Date Not Provided 12 month 12 month 12 month 12 month

Inst Type Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor n/a Investment Advisor n/a Hedge Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager n/a Other Insurance Company Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 16.04.2013 15.04.2013 15.04.2013 12.04.2013 18.10.2012

19.04.2013

Asanko Gold Inc Asanko Gold Inc. is a gold development company focussing on near term gold production at its Esaase gold project in Ghana, West Africa.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.11.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AKG CN EQUITY YTD Change AKG CN EQUITY YTD % CHANGE

03/2012 12/yy 4.39 2.26 28'032.00 2.42 -46.92% 7.08% 8.92% 85.0 205.78 0.00 0.0 0.0 197.61 14.70

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

1.20 1.00

2.5 M 2.0 M 1.5 M 1.0 M .5 M

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.03.2008 0.0 (4.0) (4.2) -

5 5 4 4 3 3 2 2 1 1 0 a-12

31.03.2009 31.03.2010 0.0 0.0 (3.2) (6.3) (3.7) (6.4) Profitability

LTM-4Q 31.03.2011 0.0 (38.4) (34.9) -

31.03.2012 0.0 (35.6) (38.2) -35.61 -36.23 -8.07% -8.49% 0.00% 41.24 41.05 0.00% 0.00% -

12/yy 0.0 #DIV/0! (49.2) 0.00x (41.4) 0.00x

LTM 12/yy 0.0 #DIV/0! (31.2) 0.00x (21.6) 0.00x

0.00 1.48 75.26 0.31 -21.94% -38.73% 1.484 8 3.625 306'607 261'282 305'264

FY+1

FY+2

FQ+1

FQ+2

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

(12.7) (14.4) (22.2) (14.0) S&P Issuer Ratings

.0 M a-13

-628.60 -658.98 0.00 0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

0.0 0.0 0.0

0.80 0.60

0.0 0.0 0.0

0.40 0.20

0.0 0.0 0.0

0.00

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

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

19.04.2013

Asanko Gold Inc Holdings By:

All

Holder Name VAN ECK ASSOCIATES C HIGHLAND PARK SA BLACKROCK BEUTEL GOODMAN & COM SPROTT INC SPROTT INC JP MORGAN MACKENZIE FINANCIAL IG INVESTMENT MANAGE SALI ROBERT J SENTRY SELECT CAPITA ROYAL BANK OF CANADA BANK OF AMERICA CORP LOMBARD ODIER DARIER VANGUARD GROUP INC LB SWISS INVESTMENT SEAMANS CAPITAL MANA JONES HEWARD INVESTM BMO FINANCIAL CORP CANADA PENSION PLAN

Firm Name CIBC World Markets Canaccord Genuity Corp Clarus Securities Cormark Securities Inc. Scotia Capital RBC Capital Markets Jennings Capital BMO Capital Markets

Portfolio Name n/a n/a n/a n/a SPROTT INC n/a n/a MACKENZIE FINANCIAL IG INVESTMENT MANAGE n/a Multiple Portfolios n/a BANK OF AMERICA Multiple Portfolios Multiple Portfolios Multiple Portfolios SEAMANS CAPITAL MANA Multiple Portfolios BMO FINANCIAL CORP CANADA PENSION PLAN

Analyst JEFF KILLEEN NICHOLAS CAMPBELL NANA SANGMUAH MIKE KOZAK LEILY OMOUMI JONATHAN GUY DAN HRUSHEWSKY ANDREW BREICHMANAS

Source ULT-AGG SEDI ULT-AGG 13G 13F 13G ULT-AGG 13F 13F SEDI MF-AGG ULT-AGG 13F MF-AGG MF-AGG MF-AGG 13F MF-AGG 13F 13F

Recommendation sector perform speculative buy buy speculative buy sector perform sector perform buy Speculative Underperform

Amt Held 8'861'057 8'191'174 5'720'748 5'457'500 3'702'527 3'702'527 3'234'225 2'160'300 1'248'900 830'000 675'000 668'544 558'000 451'000 372'849 350'000 318'200 268'862 267'599 243'326

% Out 10.42 9.63 6.73 6.42 4.35 4.35 3.8 2.54 1.47 0.98 0.79 0.79 0.66 0.53 0.44 0.41 0.37 0.32 0.31 0.29

Weighting

Change 3 4 5 4 3 3 5 2

Latest Chg 898'582 477'500 687'323 (546'938) 2'160'300 382'700 150'000 652'571 515'800 5'600 318'200 (2'600) (12'274) (311'900)

Target Price

M M M M M M M D

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

File Dt 17.04.2013 13.11.2012 16.04.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 16.05.2012 30.06.2011 31.12.2012 31.12.2012 28.02.2013 31.03.2013 28.02.2013 31.12.2012 17.04.2013 31.03.2013 31.12.2012

Date 5 5 6 5 5 3 6 3

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

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

Date 11.04.2013 11.04.2013 05.04.2013 15.03.2013 14.03.2013 25.02.2013 21.02.2013 19.02.2013

19.04.2013

Sulliden Gold Corp Ltd Sulliden Gold Corp Ltd. is a mineral exploration company. The Company is focused on the development of its Shahuindo Gold Project located in northern Peru.

Price/Volume 2

18.0 M

16.0 M

14.0 M 12.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.08.2012) 52-Week Low (15.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SUE CN EQUITY YTD Change SUE CN EQUITY YTD % CHANGE

04/2012 01/yy 1.44 0.66 44'187.00 0.79 -44.52% 19.70% 14.07% 243.6 192.43 0.00 0.0 0.0 47.34 172.60

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

6.0 M

4.0 M

2.0 M

0 a-12

30.04.2009 30.04.2010 0.0 0.0 (6.2) (2.6) (4.4) Profitability

m-12

LTM-4Q 30.04.2011 0.0 (8.8) (10.3) -

30.04.2012 0.0 (11.9) (13.3) -11.95 -11.95 -2.59% -2.69% 0.00% 23.62 23.62 0.00% 0.00% 0.00 -

01/yy 0.0 #DIV/0! (11.8) 0.00x (13.6) 0.00x

j-12

a-12

s-12

LTM 01/yy 0.0 #DIV/0! (4.3) 0.00x (4.9) 0.00x

o-12

n-12

d-12

j-13

.0 M a-13

f-13 m-13

0.00 1.47 209.54 0.03 -29.46% -15.05% 1.471 10 4.800 1'055'189 885'483 770'996

FY+1

FY+2

FQ+1

FQ+2

04/13 Y

04/14 Y

04/13 Q4

07/13 Q1

(5.2) (7.4) (3.6) (11.3) S&P Issuer Ratings

-0.05 0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

1.20

0.3

1.00

0.3

0.80

0.2

0.60

8.0 M

Fiscal Year Ended 30.04.2008 0.0 (2.5) (4.2) -

10.0 M

0.2 0.1

0.40

0.1 0.20

0.0 0.00

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

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

19.04.2013

Sulliden Gold Corp Ltd Holdings By:

All

Holder Name AGNICO-EAGLE MINES L VAN ECK ASSOCIATES C ABERDEEN INTERNATION ROYAL BANK OF CANADA MACKENZIE FINANCIAL FMR LLC BEUTEL GOODMAN & COM IG INVESTMENT MANAGE ACUITY INVESTMENT MA BHARTI STAN FERNANDEZ-CONCHA STU COLEMAN JAMES H FIRST TRUST ADVISORS HUMPHREY RAYMOND BRU MOORE GEOFFREY S UOB ASSET MANAGEMENT FRONT BARNETT ASSOCI AMIREAULT STEPHANE SWISSCANTO FONDSLEIT CIBC GLOBAL ASSET MA

Firm Name BMO Capital Markets Raymond James Desjardins Securities Haywood Securities Inc. GMP Kallpa Securities SAB National Bank Financial Cormark Securities Inc. Mine2Capital Inc

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios FRONT BARNETT ASSOCI n/a Multiple Portfolios Multiple Portfolios

Analyst ANDREW KAIP GARY J BASCHUK ADAM MELNYK KERRY SMITH GEORGE V ALBINO HUMBERTO LEON STEPHEN PARSONS RICHARD GRAY ALKA SINGH

Source SEDI ULT-AGG Co File ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG SEDI SEDI SEDI MF-AGG PROXY SEDI MF-AGG 13F SEDI MF-AGG MF-AGG

Recommendation speculative outperform strong buy buy buy buy overweight outperform buy buy

Amt Held 26'966'292 19'230'793 15'904'572 9'517'800 5'573'512 5'403'200 5'166'300 2'907'900 2'526'626 1'563'955 1'435'000 1'108'614 873'837 862'978 829'423 800'000 609'700 516'500 510'000 450'631

% Out 11.07 7.9 6.53 3.91 2.29 2.22 2.12 1.19 1.04 0.64 0.59 0.46 0.36 0.35 0.34 0.33 0.25 0.21 0.21 0.19

Weighting

Change 4 5 5 5 5 5 5 5 5

Latest Chg (63'810) 12 2'332'800 (426'700) (325'000) 250'000 74'336 100'000 200'000 (119'700)

Target Price

M M M M M M M M N

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

File Dt Inst Type 09.04.2013 Corporation 17.04.2013 Investment Advisor 31.07.2012 Unclassified 31.12.2012 Bank 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor 08.02.2013 n/a 20.10.2011 n/a 21.10.2011 n/a 28.02.2013 Investment Advisor 05.09.2012 n/a 04.10.2012 n/a 30.06.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.03.2013 n/a 31.01.2013 Mutual Fund Manager 29.02.2012 Investment Advisor

Date 1 2 2 2 2 2 2 2 2

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

Date 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 12.04.2013 10.04.2013 09.04.2013 24.12.2012

19.04.2013

Bear Creek Mining Corp Bear Creek Mining Corporation acquires and explores mineral properties. The Company is currently conducting silver and gold exploration activities on its prospects located in Peru.

Price/Volume 4

1.8 M

1.6 M

1.4 M 1.2 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.10.2012) 52-Week Low (15.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BCM CN EQUITY YTD Change BCM CN EQUITY YTD % CHANGE

12/2012 12/yy 3.81 2.00 25'128.00 2.3 -40.16% 15.00% 22.10% 92.2 212.11 0.00 0.0 0.0 68.45 138.24

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

1.20

.8 M

.6 M

.4 M

.2 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 0.0 (16.5) (18.1) -

1.0 M

31.12.2009 31.12.2010 0.0 0.0 (8.7) (16.8) (8.7) (16.3) Profitability

LTM-4Q 31.12.2011 0.0 (29.5) (29.7) -

31.12.2012 0.0 (31.2) (31.0) -31.20 -31.32 -19.68% -20.20% 0.00% 32.85 32.66 0.00% 0.00% -

12/yy 0.0 #DIV/0! (29.5) 0.00x (29.7) 0.00x

LTM 12/yy 0.0 #DIV/0! (31.2) 0.00x (31.0) 0.00x

0.00 1.17 75.40 0.03 -26.05% -31.75% 1.172 4 4.000 383'744 140'532 133'681

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

(20.1) (22.4) (19.1) (12.3) S&P Issuer Ratings

.0 M a-13

0.00 0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

1.0 0.9

1.00

0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

0.1 0.0

0.00

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

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

19.04.2013

Bear Creek Mining Corp Holdings By:

All

Holder Name SILVER WHEATON CORP SPROTT INC TOCQUEVILLE ASSET MA ATLANTIC INVESTMENT VAN ECK ASSOCIATES C ROYCE AND ASSOCIATES KEM CAPITAL LLC MCLEOD-SELTZER CATHE SWARTHOUT ANDREW GLOBAL X MANAGEMENT VANGUARD GROUP INC TD ASSET MANAGEMENT FALCON FUND MANAGEME LOMBARD ODIER DARIER DE WITT DAVID E GLOBAL STRATEGY FINA AGF INVESTMENTS INC DEAN COREY M FALCON FUND MANAGEME NATIXIS ASSET MANAGE

Firm Name Raymond James Canaccord Genuity Corp BMO Capital Markets Scotia Capital Paradigm Capital Inc

Portfolio Name #N/A N/A n/a TOCQUEVILLE ASSET MA ATLANTIC INVESTMENT n/a Multiple Portfolios #N/A N/A n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst BRAD HUMPHREY NICHOLAS CAMPBELL ANDREW KAIP TREVOR TURNBULL DON BLYTH

Source PROXY Co File 13F 13F ULT-AGG MF-AGG SEDI PROXY SEDI MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG PROXY MF-AGG MF-AGG SEDI MF-AGG MF-AGG

Recommendation outperform speculative buy speculative outperform sector perform speculative buy

Amt Held 13'264'305 9'772'057 9'402'575 8'367'550 6'155'045 1'542'800 1'081'262 966'562 879'592 868'539 750'000 660'000 559'000 457'000 375'650 240'867 204'600 185'000 146'500 132'000

% Out 14.38 10.6 10.2 9.07 6.67 1.67 1.17 1.05 0.95 0.94 0.81 0.72 0.61 0.5 0.41 0.26 0.22 0.2 0.16 0.14

Weighting

Change 5 4 4 3 4

Latest Chg 1'478'600 2'656'485 2'308'300 (20'421) 5'000 35'000 20'100 (55'000)

Target Price

M M M M M

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

File Dt 17.04.2012 31.01.2013 31.12.2012 31.12.2012 17.04.2013 31.03.2013 21.03.2012 17.04.2012 06.12.2012 16.04.2013 31.12.2012 31.12.2012 28.02.2013 28.02.2013 17.04.2012 28.09.2012 28.09.2012 11.11.2010 28.02.2013 28.02.2013

Date 5 5 3 4 6

12 month 12 month Not Provided 12 month 12 month

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

Date 16.04.2013 16.04.2013 15.04.2013 04.04.2013 16.11.2011

19.04.2013

Lake Shore Gold Corp Lake Shore Gold Corp. acquires and explores mineral properties. The Company is currently exploring for gold in the gold mining district of northern Ontario and Quebec.

Price/Volume 1

30.0 M

25.0 M

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.06.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LSG CN EQUITY YTD Change LSG CN EQUITY YTD % CHANGE

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

10.0 M

5.0 M

0 0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 0.0 (9.6) (5.5) -

15.0 M

12/2012 12/yy 1.17 0.42 233'793.00 0.44 -62.82% 6.02% 4.64% 416.6 183.29 142.44 0.0 0.0 48.72 277.02

31.12.2009 31.12.2010 0.0 0.0 (9.6) (19.4) 2.1 (6.5) 413.00x Profitability

LTM-4Q 31.12.2011 66.2 7.86x 7.3 70.97x (10.9) -

31.12.2012 133.0 3.05x 37.9 10.70x (317.9) 37.91 -4.90 -3.69% -187.52% -34.24% -40.51% 0.14% 7.8% 28.5% -3.7% -239.0% 1.49 0.83 17.31% 22.22% 7.55

Price/ Cash Flow

12/yy 66.2 55.56x 7.3 70.97x (10.9) 0.00x

LTM 12/yy 133.0 12.58x 37.9 10.70x (317.9) 0.00x

FY+1

.0 M a-13

0.00 1.40 415.20 2.29 -51.11% -41.33% 1.395 9 3.667 2'636'309 2'139'635 1'898'888 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 202.4 264.0 43.0 1.26x 0.78x 79.4 124.4 3.49x 2.23x (3.4) 31.9 6.98x 20.95x S&P Issuer Ratings

11.55 -37.76 2.47 3.76 22.2% 18.2% 0.14 0.16 48.46 20.00 -

Sales/Revenue/Turnover

80.00

140.0

70.00

120.0

60.00

100.0

50.00

80.0

40.00

60.0

30.00

40.0

20.00

20.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

19.04.2013

Lake Shore Gold Corp Holdings By:

All

Holder Name VAN ECK ASSOCIATES C GEOLOGIC RESOURCE PA TD ASSET MANAGEMENT FIRST EAGLE INVESTME RUFFER LLP BLACKROCK FMR LLC LIBRA ADVISORS LLC SHARE SICAV CANADA PENSION PLAN ROYAL BANK OF CANADA VANGUARD GROUP INC TORONTO DOMINION BAN NORGES BANK DIMENSIONAL FUND ADV BMO FINANCIAL CORP JONES HEWARD INVESTM HAUCK & AUFHAUSER IN GBC ASSET MANAGEMENT JULIUS BAER MULTICOO

Firm Name Haywood Securities Inc. TD Securities BMO Capital Markets CIBC World Markets National Bank Financial M Partners Inc RBC Capital Markets Mackie Research Capital Corp. EVA Dimensions

Portfolio Name n/a GEOLOGIC RESOURCE PA TD ASSET MANAGEMENT FIRST EAGLE INVESTME Multiple Portfolios n/a n/a LIBRA ADVISORS LLC Multiple Portfolios CANADA PENSION PLAN n/a Multiple Portfolios TORONTO DOMINION BAN NORGES BANK Multiple Portfolios BMO FINANCIAL CORP Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst KERRY SMITH DANIEL EARLE BRIAN QUAST COSMOS CHIU PAOLO LOSTRITTO INGRID RICO STEPHEN D WALKER BARRY D ALLAN CRAIG STERLING

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

Recommendation buy buy underperform sector perform outperform buy sector perform buy underweight

Amt Held 31'820'350 23'388'000 14'870'645 13'688'820 10'803'000 5'196'257 5'160'900 3'489'300 3'475'500 3'303'624 3'245'296 3'060'065 2'956'500 2'746'733 1'933'350 1'614'955 1'316'864 1'100'000 963'900 945'080

% Out 7.64 5.61 3.57 3.29 2.59 1.25 1.24 0.84 0.83 0.79 0.78 0.73 0.71 0.66 0.46 0.39 0.32 0.26 0.23 0.23

Weighting

Change 5 5 1 3 5 5 3 5 1

M M M M M M M M M

Latest Chg (105'758) 8'876'000 667'313 (500'000) (9'416'224) 1'199'300 (489'300) 412'000 3'051'527 29'385 1'300'000 (50'500) (117'621) (13'000) (19'268)

Target Price 2 1 1 1 2 2 1 2 #N/A N/A

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

File Dt 17.04.2013 31.12.2012 31.12.2012 31.12.2012 30.11.2012 16.04.2013 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.07.2012 31.03.2013 17.04.2013 28.02.2013 31.12.2011 30.11.2012

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

Inst Type Investment Advisor Hedge Fund Manager Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Pension Fund (ERISA) Bank Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager

Date 16.04.2013 16.04.2013 14.04.2013 11.04.2013 09.04.2013 09.04.2013 20.03.2013 20.03.2013 15.01.2013

19.04.2013

Paramount Gold and Silver Corp Paramount Gold and Silver Corporation explores for precious metals in Mexico.

Price/Volume 3

3.5 M

3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (07.09.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PZG US EQUITY YTD Change PZG US EQUITY YTD % CHANGE

06/2012 12/yy 2.82 1.44 210'287.00 1.49 -47.52% 3.47% 1.45% 147.6 219.91 0.00 0.0 0.0 20.00 205.61

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

1.20

1.5 M

1.0 M

.5 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 30.06.2008 0.0 (18.8) (18.4) -

2.0 M

Valuation Analysis

30.06.2009 30.06.2010 0.0 0.0 (7.3) (8.6) (7.2) (5.4) Profitability

LTM-4Q 30.06.2011 0.2 2370.69x (11.6) (28.5) -

30.06.2012 0.1 4555.15x (17.9) (12.1) -17.95 -18.02 -24647.56% -16534.40% -16.27% -19.70% 0.00% -29165.2% -29280.4% -16534.4% 1.82 1.77 0.00% 0.00% 0.05 -

LTM

12/yy 12/yy 0.1 0.1 16235.53x 22190.34x (14.9) (17.9) 0.00x 0.00x (0.9) (11.0) 0.00x 0.00x

1.13 111.88 15.09 -33.78% -35.78% 1.129 1 5.000 1'663'765 977'362 773'885

FY+1

FY+2

FQ+1

FQ+2

06/13 Y

06/14 Y

03/13 Q3

06/13 Q4

(8.0) (8.0) S&P Issuer Ratings

.0 M a-13

-1685.54 -1699.47 0.00 0.0% 0.0% 0.00 0.00 7443.11 -

Sales/Revenue/Turnover

0.2 0.2

1.00

0.2 0.1

0.80 0.60 0.40

0.1 0.1 0.1 0.1 0.0

0.20

0.0 0.0

0.00

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

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

19.04.2013

Paramount Gold and Silver Corp Holdings By:

All

Holder Name FCMI FINANCIAL CORP VAN ECK ASSOCIATES C VANGUARD GROUP INC BLACKROCK CRUPI CHRIS CRUPI CHRISTOPHER STATE STREET NORTHERN TRUST CORPO FRONK RUDI P ROTHSCHILD & COMPAGN GLOBAL X MANAGEMENT PORTOLA GROUP INCORP MACKELLER IAN TIAA CREF INVESTMENT AMERICAN INTERNATION PORTER PARTNERS LP BANK OF NEW YORK MEL BARD ASSOCIATES INC TALKOT CAPITAL LLC KENNEDY SHAWN M

Firm Name Cowen Securities LLC Stonecap Securities Inc

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a n/a n/a NORTHERN TRUST CORPO n/a Multiple Portfolios GLOBAL X MANAGEMENT PORTOLA GROUP INCORP n/a TIAA-CREF INVESTMENT n/a n/a BANK OF NEW YORK MEL BARD ASSOCIATES INC TALKOT CAPITAL LLC n/a

Analyst ADAM P GRAF CHRISTOS DOULIS

Source 13D ULT-AGG 13F ULT-AGG Form 4 Form 4 ULT-AGG 13F SEDI MF-AGG 13F 13F 424B 13F ULT-AGG 424B 13F 13F 13F Form 4

Recommendation buy not rated

Amt Held 24'444'234 8'290'578 6'329'298 5'071'387 3'963'266 3'958'266 2'115'209 1'592'580 1'025'000 1'000'000 717'088 620'060 577'500 566'159 462'554 446'250 444'859 420'450 400'000 364'735

% Out 16.56 5.62 4.29 3.44 2.69 2.68 1.43 1.08 0.69 0.68 0.49 0.42 0.39 0.38 0.31 0.3 0.3 0.28 0.27 0.25

Weighting

Change

5 #N/A N/A

M M

Latest Chg 1'170'732 (985'288) (110'324) (213'879) 5'000 54'000 3'339 800'000 92'007 (17'000) 13'813 13'936 (4'130) (2'000) 400'000 (59'011)

Target Price 4 #N/A N/A

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

File Dt Inst Type 12.03.2013 Corporation 17.04.2013 Investment Advisor 31.03.2013 Investment Advisor 16.04.2013 Investment Advisor 01.03.2013 n/a 29.01.2013 n/a 17.04.2013 Investment Advisor 31.12.2012 Investment Advisor 10.01.2011 n/a 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 19.04.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Government 19.04.2012 Other 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 04.03.2013 n/a

Date Not Provided Not Provided

Date 09.04.2013 01.03.2013

19.04.2013

Highland Gold Mining Ltd Highland Gold Mining Limited is a holding company for a group of companies which own operating and development assets in the Russian gold mining industry. The Group's gold mining assets are located in the Far East of the Russian Federation.

Price/Volume 160

70.0 M

140

60.0 M

120

50.0 M

100

Latest Fiscal Year: LTM as of: 52-Week High (19.04.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HGM LN EQUITY YTD Change HGM LN EQUITY YTD % CHANGE

12/2011 01/yy 138.04 75.50 206'555.00 80.25 -41.86% 6.29% 8.79% 325.2 260.99 0.00 0.0 3.4 126.75 249.99

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

30.0 M

60 40

20.0 M

10.0 M

0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M a-13

f-13 m-13

Fiscal Year Ended 31.12.2007 112.1 7.00x 28.9 27.17x 17.5 54.35x

40.0 M

Valuation Analysis

31.12.2008 31.12.2009 149.1 164.7 1.02x 2.05x 38.7 56.5 3.92x 5.97x (232.4) 78.8 5.92x Profitability

31.12.2010 243.6 3.16x 120.3 6.40x 122.3 7.81x

31.12.2011 300.2 2.75x 156.5 5.27x 103.8 9.14x 156.54 129.72 43.21% 44.00% 9.91% 11.07% 12.01% 0.38% 51.5% 44.4% 34.1% 34.6% 12.48 7.30 0.00% 0.00% 4.03

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.93 76.84 -38.72% -16.84% 0.932 13 4.231 503'453 1'170'443 987'678 FY+2

12/12 Y 12/13 Y 348.9 396.9 1.07x 1.36x 155.8 169.4 1.60x 1.48x 104.3 98.2 3.92x 4.20x S&P Issuer Ratings

FQ+1

FQ+2

9.18 5.33 -1.12 0.00 0.0% 0.0% 0.38 0.79 90.93 128.73

Sales/Revenue/Turnover

25.00

350.0 300.0

20.00

250.0 15.00

200.0 150.0

10.00

100.0 5.00

0.00 02.01.2009 02.07.2009

50.0 0.0 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012

02.01.2013

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 |

19.04.2013

Highland Gold Mining Ltd Holdings By:

All

Holder Name MILLHOUSE LLC BARRICK GOLD CORP PROSPERITY CAPITAL M SHVIDLER EVGENY MARK JP MORGAN PROTSVETANIYE HOLDIN KOULAKOV IVAN EUGENE HAKANSSON PETER ELAM VAN ECK ASSOCIATES C EAST CAPITAL ASSET M BNP PARIBAS INV PART FLEMING FAMILY & PAR LEGAL & GENERAL BESSEMER GROUP INCOR URALSIB JSC DWS FINANZ SERVICE G PARVEST INVESTMENT M CARNEGIE ASSET MANAG DEUTSCHE ASSET MANAG VANGUARD GROUP INC

Firm Name Deutsche Bank VSA Capital Ltd RBC Capital Markets Otkritie Capital Uralsib Numis Securities Ltd Westhouse Securities VTB Capital Alfa-Bank Sberbank CIB EVA Dimensions Aton LLC

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ERIK DANEMAR CHARLIE LONG JONATHAN GUY ANDY JONES VALENTINA BOGOMOLOVA CAILEY BARKER NICK HATCH NIKOLAY SOSNOVSKIY BARRY EHRLICH MIKHAIL STISKIN CRAIG STERLING ILYA MAKAROV

Source Co File Co File RNS-MAJ RNS-DIR ULT-AGG RNS-MAJ Co File RNS-MAJ ULT-AGG MF-AGG ULT-AGG RNS-MAJ ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy sector perform buy hold buy buy sell equalweight buy buy buy

Amt Held 105'910'000 66'235'264 36'116'799 28'057'794 20'996'780 19'508'123 17'552'500 11'101'386 10'985'430 8'289'000 5'496'428 4'211'883 1'977'736 1'850'620 1'580'000 1'384'600 900'000 830'000 815'400 801'501

% Out 32.57 20.37 11.11 8.63 6.46 6 5.4 3.41 3.38 2.55 1.69 1.3 0.61 0.57 0.49 0.43 0.28 0.26 0.25 0.25

Weighting

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

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

Latest Chg 3'404'143 2'037'794 (254'398) (35'619) 200'000 (10'700'000) 1'850'620 1'580'000 (1'083'333)

Target Price 135 175 150 121 131 170 160 82 126 183 #N/A N/A 136

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

File Dt Inst Type 18.04.2011 Holding Company 18.04.2011 Corporation 06.03.2013 Investment Advisor 13.07.2012 n/a 28.02.2013 Investment Advisor 06.03.2013 n/a 26.04.2011 n/a 30.04.2012 n/a 17.04.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 29.09.2010 Mutual Fund Manager 28.12.2012 Unclassified 31.01.2013 Investment Advisor 31.05.2012 Investment Advisor 20.08.2012 Investment Advisor 30.11.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 22.10.2012 Mutual Fund Manager 31.03.2013 Investment Advisor

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

Date 17.04.2013 16.04.2013 10.04.2013 10.04.2013 09.04.2013 09.04.2013 04.04.2013 04.04.2013 26.02.2013 25.02.2013 17.01.2013 28.06.2012

19.04.2013

Sabina Gold & Silver Corp Sabina Gold & Silver Corporation explores and develops mineral properties. The Company is a precious metals exploration Company with a portfolio of different properties in Canada at different stages of development. Sabina explores for minerals that include copper, gold and silver.

Price/Volume 4

3.5 M

3.0 M

2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (07.09.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SBB CN EQUITY YTD Change SBB CN EQUITY YTD % CHANGE

12/2012 12/yy 3.55 1.12 65'440.00 1.25 -64.79% 11.61% 4.94% 173.6 216.97 0.00 0.0 0.0 116.39 100.58

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

1.20

1.5 M

2 1

1.0 M

.5 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 0.0 (3.6) (3.1) -

2.0 M

Valuation Analysis

31.12.2009 31.12.2010 0.0 0.0 (4.5) (5.4) (1.1) (8.8) Profitability

LTM-4Q 31.12.2011 0.0 (10.0) (12.7) -

31.12.2012 0.0 (11.9) (14.1) -11.86 -11.90 -4.29% -4.80% 0.00% 42.88 41.36 0.00% 0.00% 0.00 0.00

12/yy 0.0 #DIV/0! (10.0) 0.00x (12.7) 0.00x

LTM 12/yy 0.0 #DIV/0! (11.9) 0.00x (14.1) 0.00x

0.00 1.53 110.99 0.45 -52.29% -52.83% 1.534 7 4.286 559'344 384'246 386'280

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

(6.7) (6.9) (6.9) (8.0) S&P Issuer Ratings

.0 M a-13

0.00 0.0% 0.0% 0.00 0.00 350.34 -

Sales/Revenue/Turnover

0.0 0.0

1.00 0.80

0.0 0.0 0.0

0.60

0.0 0.0

0.40 0.20

0.0 0.0 0.0

0.00

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

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

19.04.2013

Sabina Gold & Silver Corp Holdings By:

All

Holder Name GOODMAN INVESTMENT C GCIC LTD/CANADA DUNDEE PRECIOUS META VAN ECK ASSOCIATES C DUNDEE CORP FMR LLC QUANTEX AG LOMBARD ODIER DARIER TOCQUEVILLE ASSET MA SHARE SICAV GLOBAL X MANAGEMENT US GLOBAL INVESTORS FALCON FUND MANAGEME GLOBAL STRATEGY FINA VANGUARD GROUP INC AMERICAN CENTURY COM WHITTON JOHN F SPROTT INC WILKES LEROY E PACIFIC INCOME ADVIS

Firm Name BMO Capital Markets RBC Capital Markets National Bank Financial Cormark Securities Inc. Salman Partners Desjardins Securities Paradigm Capital Inc

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios TOCQUEVILLE ASSET MA Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios

Analyst ANDREW KAIP STEPHEN D WALKER PAOLO LOSTRITTO RICHARD GRAY DAVID WEST ADAM MELNYK DON MACLEAN

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

Recommendation speculative outperform outperform sector perform buy speculative buy buy speculative buy

Amt Held 20'416'304 18'858'500 18'539'713 10'578'952 2'828'700 2'730'000 1'140'000 1'122'000 1'021'700 945'100 911'126 899'400 838'000 725'400 643'657 642'400 628'042 560'700 343'373 300'000

% Out 11.76 10.86 10.68 6.09 1.63 1.57 0.66 0.65 0.59 0.54 0.52 0.52 0.48 0.42 0.37 0.37 0.36 0.32 0.2 0.17

Weighting

Change 4 5 3 5 4 5 4

Latest Chg (17'000) (234'500) (35'163) 2'151'700 45'000 183'700 45'000 38'610 75'000 5'000 -

Target Price

M M M M M M M

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

File Dt Inst Type 25.01.2013 Investment Advisor 09.10.2012 Investment Advisor 08.05.2012 Corporation 17.04.2013 Investment Advisor 29.06.2012 Holding Company 28.02.2013 Investment Advisor 29.03.2013 Investment Advisor 28.02.2013 Mutual Fund Manager 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 16.04.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 28.09.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 01.11.2011 n/a 31.12.2012 Hedge Fund Manager 02.01.2013 n/a 28.03.2013 Investment Advisor

Date 3 3 4 4 5 7 6

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

Date 15.04.2013 14.04.2013 09.04.2013 15.03.2013 22.02.2013 21.02.2013 12.11.2012

19.04.2013

Kirkland Lake Gold Inc Kirkland Lake Gold, Inc. is an operating gold mining company located in Ontario, Canada. The Company owns the Macassa Mine and mill and several contiguous gold producing properties. Kirkland Lake is developing a lode gold deposit.

Price/Volume 16

6.0 M

5.0 M

12 4.0 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.08.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KGI CN EQUITY YTD Change KGI CN EQUITY YTD % CHANGE

04/2012 01/yy 14.57 2.64 213'206.00 2.71 -81.26% 2.65% 0.34% 70.2 190.11 8.83 0.0 0.0 30.17 250.69

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

30.04.2009 30.04.2010 43.5 51.2 10.98x 9.15x (6.8) (7.6) (10.5) (12.3) Profitability

1.0 M

2 0 a-12

m-12

LTM-4Q 30.04.2011 103.3 9.01x 26.4 35.24x 19.9 48.55x

30.04.2012 159.8 5.53x 55.7 15.86x 41.3 22.63x

55.73 41.94 26.24% 26.48% -2.83% -4.15% -11.87% 0.40% 38.5% 17.6% 5.4% 25.8% 2.09 1.48 3.27% 3.79% 26.25 6.90

Price/ Cash Flow

01/yy 149.6 22.77x 49.3 24.58x 45.1 38.76x

j-12

a-12

s-12

LTM 01/yy 139.2 20.90x 24.5 19.82x (9.8) 0.00x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

0.00 1.45 60.86 8.67 -79.33% -53.68% 1.446 10 3.900 1'422'257 714'321 696'094 FY+2

FQ+1

FQ+2

04/13 Y 04/14 Y 04/13 Q4 07/13 Q1 153.4 263.4 47.7 41.7 1.99x 1.12x 6.67x 7.65x 30.0 107.6 15.8 8.2 8.37x 2.33x 4.49x 4.18x (0.1) 48.0 9.9 2.1 96.79x 3.54x 6.38x 5.31x S&P Issuer Ratings

224.70 -62.85 2.48 6.07 3.8% 3.7% 0.40 0.56 13.94 53.02 82.70 -22.72

Sales/Revenue/Turnover

800.00

180.0

700.00

160.0

600.00

140.0 120.0

500.00

100.0

400.00

80.0

300.00

60.0

200.00

40.0

100.00

20.0

0.00 01.05.2009

2.0 M

Fiscal Year Ended 30.04.2008 41.4 9.87x (1.0) (3.3) -

3.0 M

0.0 01.11.2009

01.05.2010

01.11.2010

01.05.2011

01.11.2011

01.05.2012

01.11.2012

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

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

19.04.2013

Kirkland Lake Gold Inc Holdings By:

All

Holder Name RESOLUTE FUNDS LTD VAN ECK ASSOCIATES C OPPENHEIMERFUNDS INC DOBSON DAVID HARRY INVESTEC ASSET MANAG HORIZON INVESTMENTS JP MORGAN MILTON GEORGE A COLUMBIA WANGER ASSE IA MICHAEL INVESTMEN ROYCE AND ASSOCIATES SPROTT INC HINCHCLIFFE BRIAN A GAMCO FMR LLC MONTRUSCO BOLTON INV BLACKROCK EMPIRE LIFE INSURANC LB SWISS INVESTMENT CIBC GLOBAL ASSET MA

Firm Name Investec BMO Capital Markets Dundee Securities Corp CIBC World Markets National Bank Financial Macquarie Desjardins Securities Mirabaud Securities Panmure Gordon & Co Limited Raymond James EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst HUNTER HILLCOAT BRIAN QUAST JOE FAZZINI COSMOS CHIU PAOLO LOSTRITTO MICHAEL SIPERCO ADAM MELNYK RICHARD MORGAN ALISON TURNER FORBES GEMMELL CRAIG STERLING

Source RNS-MAJ ULT-AGG Research Research Research Research ULT-AGG SEDI Research MF-AGG MF-AGG Research PROXY ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy market perform buy sector perform outperform neutral buy speculative buy buy Under Review sell

Amt Held 4'950'000 4'643'659 4'160'300 3'765'000 3'469'303 3'153'493 2'804'148 2'723'036 2'525'000 2'300'000 1'611'100 1'517'666 1'113'000 905'000 791'000 708'690 569'707 544'236 395'000 386'705

% Out 7.06 6.62 5.93 5.37 4.95 4.5 4 3.88 3.6 3.28 2.3 2.16 1.59 1.29 1.13 1.01 0.81 0.78 0.56 0.55

Weighting

Change

5 3 5 3 5 3 5 4 5 #N/A N/A 1

M M M M M M M M M M M

Latest Chg 557'500 (551'900) 40'000 2'300'000 (38'500) 396'600 11'175 256 76'236 (5'000) 356'807

Target Price 11 7 11 6 18 8 9 15 8 #N/A N/A #N/A N/A

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

File Dt Inst Type 19.02.2013 Investment Advisor 17.04.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 n/a 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 13.01.2012 n/a 01.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 30.06.2012 Hedge Fund Manager 05.09.2012 n/a 31.12.2012 Unclassified 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 16.04.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 28.02.2013 Mutual Fund Manager 31.12.2012 Investment Advisor

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

Date 18.04.2013 14.04.2013 12.04.2013 11.04.2013 09.04.2013 02.04.2013 12.03.2013 11.03.2013 11.03.2013 05.02.2013 15.01.2013

19.04.2013

Guyana Goldfields Inc Guyana Goldfields Inc. is a metals exploration company. The Company is primarily exploring for gold in Guyana.

Price/Volume 5

6.0 M

5.0 M

4 3

4.0 M

10/2012 01/yy 4.40 1.52 54'434.00 1.65 -62.84% 8.55% 1.39% 126.1 208.11 0.00 0.0 0.0 37.62 177.64

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

1.20

2.0 M

1.0 M

1 0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.10.2008 0.0 (3.4) (12.5) -

3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GUY CN EQUITY YTD Change GUY CN EQUITY YTD % CHANGE

31.10.2009 31.10.2010 0.0 0.0 (4.9) (7.7) (6.7) (6.3) Profitability

LTM-4Q 31.10.2011 0.0 (9.8) (5.1) -

31.10.2012 0.0 (8.0) (9.8) -8.04 -8.07 -4.88% -4.94% 0.00% 16.74 16.74 0.00% 0.00% 0.00 -

01/yy 0.0 #DIV/0! (7.8) 0.00x (10.1) 0.00x

LTM 01/yy 0.0 #DIV/0! (8.3) 0.00x (9.5) 0.00x

FY+1

.0 M a-13

0.00 1.55 118.46 2.06 -41.07% -47.45% 1.549 10 4.400 795'612 793'644 655'364 FY+2

FQ+1

FQ+2

10/13 Y

10/14 Y 04/13 Q2 07/13 Q3 414.0 (10.6) (10.6) (12.1) (15.4) S&P Issuer Ratings

0.00 0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

1.0 0.9

1.00

0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

0.1 0.0

0.00

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

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

19.04.2013

Guyana Goldfields Inc Holdings By:

All

Holder Name BAUPOST GROUP LLC FRANKLIN RESOURCES ACUITY INVESTMENT MA VAN ECK ASSOCIATES C SHERIDAN JR JOHN PAT FMR LLC LB SWISS INVESTMENT FIRST EAGLE INVESTME SPROTT INC QUANTEX AG LOMBARD ODIER DARIER MMA INVESTMENT MANAG TD ASSET MANAGEMENT BLACKROCK VANGUARD GROUP INC GLOBAL STRATEGY FINA US GLOBAL INVESTORS FERRY ALAN L H SWISSCANTO FONDSLEIT PO ALEXANDER

Firm Name BMO Capital Markets Cowen Securities LLC Casimir Capital Cormark Securities Inc. Scotia Capital Raymond James TD Securities RBC Capital Markets Paradigm Capital Inc Salman Partners

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a

Analyst ANDREW KAIP ADAM P GRAF STUART MCDOUGALL RICHARD GRAY TREVOR TURNBULL BRAD HUMPHREY DANIEL EARLE SAM CRITTENDEN DON BLYTH DAVID WEST

Source SEDI ULT-AGG Co File ULT-AGG SEDI ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG SEDI MF-AGG SEDI

Recommendation speculative outperform buy speculative buy buy sector perform outperform speculative buy outperform speculative buy buy

Amt Held 24'878'669 23'717'550 8'051'804 7'995'337 6'600'103 4'732'498 2'300'000 1'831'603 1'237'322 950'000 590'000 550'000 550'000 430'148 397'680 330'000 300'000 228'000 220'000 215'000

% Out 19.73 18.8 6.38 6.34 5.23 3.75 1.82 1.45 0.98 0.75 0.47 0.44 0.44 0.34 0.32 0.26 0.24 0.18 0.17 0.17

Weighting

Change 4 5 4 5 3 5 4 5 4 5

Latest Chg 83'000 (3'647'450) (26'559) 345'000 607'209 500'000 995'700 (310'000) (2'988'804) (49'951) 16'000 190'000 35'000

Target Price

M M M M D M M U M M

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

File Dt 28.02.2013 28.02.2013 30.11.2010 17.04.2013 22.02.2013 28.02.2013 31.12.2012 30.09.2012 31.12.2012 29.03.2013 28.02.2013 31.12.2011 31.12.2012 16.04.2013 31.03.2013 28.09.2012 31.12.2012 23.04.2012 31.01.2013 07.03.2012

Date 5 8 8 7 4 6 7 6 9 6

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

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

Date 15.04.2013 09.04.2013 09.04.2013 15.03.2013 06.03.2013 26.02.2013 25.02.2013 15.01.2013 15.01.2013 14.01.2013

19.04.2013

Lydian International Ltd Lydian International, Ltd. is a gold focused mineral exploration and development company.

Price/Volume 3

8.0 M 7.0 M

6.0 M 2

Latest Fiscal Year: LTM as of: 52-Week High (05.09.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LYD CN EQUITY YTD Change LYD CN EQUITY YTD % CHANGE

12/2012 12/yy 2.56 1.43 48'548.00 1.51 -42.97% 5.59% 7.08% 126.9 191.56 0.00 0.0 0.0 20.11 102.07

1.20

31.12.2009 -

4.0 M 3.0 M

2.0 M 1

1.0 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

5.0 M

Valuation Analysis

31.12.2010

(1.9) Profitability

(3.4) (5.9) -

LTM-4Q 31.12.2011 0.0 (5.9) -

31.12.2012 0.0 (6.4) -5.92 -14.30% -16.44% 0.00% 5.62 5.51 0.00% 0.00% -

12/yy 0.0 #DIV/0! (3.6) 0.00x (5.9) 0.00x

LTM 12/yy 0.0 #DIV/0! (2.9) 0.00x (6.4) 0.00x

0.00 1.39 99.17 0.00 -36.82% -27.75% 1.394 9 4.778 489'532 477'499 392'102

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

(4.6) (5.8) (9.2) S&P Issuer Ratings

.0 M a-13

0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

1.0 0.9

1.00

0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

0.1 0.0

0.00

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

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

19.04.2013

Lydian International Ltd Holdings By:

All

Holder Name VAN ECK ASSOCIATES C INTERNATIONAL FINANC EUROPEAN BANK FOR RE NEWMONT MINING CORP FRANKLIN RESOURCES GCIC LTD/CANADA ROYAL BANK OF CANADA TRIMARK INVESTMENT M HAYK ALOYAN HENDERSON MARC C MACKENZIE FINANCIAL FMR LLC MULLENS PETER ANDROSS LIMITED GLOBAL X MANAGEMENT LOMBARD ODIER DARIER TARGET GENERATION SO QUANTEX AG SPROTT INC GLOBAL STRATEGY FINA

Firm Name Stifel Haywood Securities Inc. BMO Capital Markets National Bank Financial Cormark Securities Inc. TD Securities Scotia Capital GMP RBC Capital Markets

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRAIG P STANLEY TARA HASSAN JOHN P HAYES SHANE NAGLE MIKE KOZAK DANIEL EARLE LEILY OMOUMI ANDREW MIKITCHOOK JONATHAN GUY

Source ULT-AGG SEDI Research SEDI ULT-AGG MF-AGG ULT-AGG MF-AGG SEDI SEDI MF-AGG ULT-AGG SEDI SEDI MF-AGG MF-AGG SEDI MF-AGG MF-AGG MF-AGG

Recommendation buy buy speculative outperform outperform buy speculative buy sector outperform buy outperform

Amt Held 13'148'278 10'298'013 9'038'780 8'650'000 5'775'000 3'790'000 2'351'900 2'000'000 1'791'500 1'602'500 1'567'700 1'525'300 1'430'000 1'340'450 1'214'275 1'179'400 1'007'500 950'000 941'400 903'610

% Out 10.36 8.12 7.12 6.82 4.55 2.99 1.85 1.58 1.41 1.26 1.24 1.2 1.13 1.06 0.96 0.93 0.79 0.75 0.74 0.71

Weighting

Change 5 5 4 5 5 4 5 5 5

M M M M M M M M M

Latest Chg (6'000'000) 1'419'732 500'000 800'000 1'890'000 2'000 (120'000) 392'600 298'100 (90'500) 200'000 51'426 500'000 (344'000)

Target Price 3 4 #N/A N/A 4 4 4 4 5 3

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

File Dt Inst Type 17.04.2013 Investment Advisor 05.10.2012 Government 29.03.2012 Bank 24.09.2010 Corporation 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Bank 31.12.2012 Unclassified 22.02.2013 n/a 02.10.2012 n/a 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 07.02.2013 n/a 12.10.2012 Other 16.04.2013 Investment Advisor 28.02.2013 Mutual Fund Manager 21.09.2010 Other 29.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 28.09.2012 Investment Advisor

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

Date 16.04.2013 16.04.2013 14.04.2013 09.04.2013 15.03.2013 07.03.2013 05.03.2013 05.03.2013 07.01.2013

19.04.2013

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.11.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CDM CN EQUITY YTD Change CDM CN EQUITY YTD % CHANGE

12/2012 12/yy 31.82 13.68 11'500.00 14.18 -56.63% 3.65% 0.06% 90.4 1'282.36 124.55 0.0 0.0 153.50 1'220.60

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

.7 M

.6 M

.5 M

.4 M

.3 M

.2 M

.1 M

0 a-12

31.12.2009 31.12.2010 300.4 515.5 5.42x 4.98x 78.2 218.7 20.82x 11.74x (27.1) (91.3) Profitability

LTM-4Q 31.12.2011 1'021.2 2.05x 531.3 3.95x 93.5 -

31.12.2012 895.5 2.45x 378.2 5.80x 48.7 378.23 159.37 17.80% 13.10% 1.50% 2.25% 0.28% 24.6% 42.2% 17.8% 5.4% 1.70 0.79 3.87% 5.67% 12.27 4.45

12/yy 1'021.2 9.28x 531.3 3.95x 93.5 0.00x

j-12

a-12

s-12

LTM 12/yy 895.5 9.22x 378.2 5.80x 48.7 0.00x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

1.69 89.85 0.28 -34.11% -41.98% 1.694 7 4.286 70'952 73'783 76'962 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 967.0 1'075.0 229.3 237.0 1.19x 0.92x 5.12x 5.25x 404.0 530.0 98.3 92.6 3.02x 2.30x 2.93x 2.60x 120.6 184.6 27.4 25.4 11.04x 8.42x 11.04x 10.23x S&P Issuer Ratings

25.06.2012 B+ STABLE 13.10 8.08 -0.08 0.33 5.7% 5.4% 0.28 0.33 29.82 82.19 34.90 77.12

Sales/Revenue/Turnover

1.20

1'200.0

1.00

1'000.0

0.80

800.0

0.60

m-12

Fiscal Year Ended 31.12.2008 170.9 5.09x 0.3 2750.95x (0.6) -

600.0 400.0

0.40

200.0 0.20

0.0 0.00

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

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

19.04.2013

Coeur d'Alene Mines Corp Holdings By:

All

Firm Name

Analyst

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

ANDREW KAIP ADAM BROOKS JEFF WRIGHT MICHAEL S DUDAS GRAEME JENNINGS JORGE M BERISTAIN JOHN BRIDGES CRAIG STERLING

Source ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F ULT-AGG 13F 13F ULT-AGG 13F

Recommendation market perform buy accumulate buy market perform buy restricted overweight

% Out 8.19 6.82 5.39 4.91 4.91 3.39 2.66 2.5 2.25 2.05 1.99 1.77 1.41 1.4 1.3 1.22 1.11 1.1 0.98 0.81

Weighting

Change

3 5 4 5 3 5 #N/A N/A 5

M M M M M M M D

Latest Chg 1'114'305 (420'427) 296'209 256'439 1'399'434 350'000 986'778 (285'500) 60'904 (457'409) 1'602'028 272'396 (232'106) (498'100) (51'910) 1'000'000 756'816 (447'471) (410'219)

Target Price 17 25 26 36 28 21 #N/A N/A #N/A N/A

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

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

Date 17.04.2013 17.04.2013 15.04.2013 12.04.2013 12.04.2013 11.04.2013 25.02.2013 22.02.2013

19.04.2013

Great Panther Silver Ltd Great Panther Silver Ltd. explores for and produces silver. The Company is focused on acquiring, developing and mining precious metals in Mexico. Great Panther's projects include The Guanajuato Mines property, located in the State of Guanajuato, Mexico, and The Topia Silver-Lead-Zinc property, located in the Topia Mining District in west-central Durango State, Mexico. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (15.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GPL US EQUITY YTD Change GPL US EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 2.48 0.95 143'499.00 0.996 -60.39% 4.84% 5.23% 137.9 137.31 0.00 0.0 0.0 25.90 115.01

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

1.20 1.00

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 22.4 1.28x (9.9) (13.8) -

31.12.2009 31.12.2010 31.7 42.2 2.85x 7.67x 4.9 14.2 18.35x 22.73x (0.9) 10.7 Profitability

LTM-4Q 31.12.2011 57.8 4.05x 22.0 10.65x 11.5 -

31.12.2012 61.1 3.05x 15.6 11.93x 5.5 15.63 6.74 11.02% 15.88% 5.02% 5.72% 5.74% 0.56% 32.0% 25.6% 11.0% 9.0% 6.23 5.17 0.00% 0.00% 3.80 7.21

12/yy 57.8 25.22x 22.0 10.65x 11.5 0.00x

LTM 12/yy 61.1 15.51x 15.6 11.93x 5.5 0.00x

FY+1

.0 M a-13

1.14 134.85 0.79 -50.45% -34.90% 1.136 4 3.500 812'180 689'835 644'490 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 60.0 66.0 17.03x 12.78x S&P Issuer Ratings

459.68 -325.97 -1.66 0.00 0.0% 0.0% 0.56 1.17 96.31 50.73 60.30 86.73

Sales/Revenue/Turnover

70.0 60.0 50.0

0.80

40.0 0.60

30.0

0.40

20.0 10.0

0.20

0.0 0.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

19.04.2013

Great Panther Silver Ltd Holdings By:

All

Holder Name VAN ECK ASSOCIATES C LB SWISS INVESTMENT ARCHER ROBERT A SANCHEZ FRANCISCO RA TECHNICAL FINANCIAL BROWN CHARLES P PUPLAVA FINANCIAL SE CANADA PENSION PLAN KOPCHEFF JOHN THOMAS OPPENHEIM KAPITALANL WAY FUND MANAGERS BLACKROCK JANE STREET HOLDING NATIXIS ASSET MANAGE NATIXIS ASSET MANAGE SCHOELLERBANK INVEST IFOS INTERNATIONALE SPARK INVESTMENT MAN CITADEL ADVISORS LLC BPI FUNDOS GFIM SA/P

Firm Name Stonecap Securities Inc Euro Pacific Capital Inc EVA Dimensions Salman Partners

Portfolio Name n/a Multiple Portfolios n/a n/a TFS CAPITAL LLC n/a PUPLAVA FINANCIAL SE CANADA PENSION PLAN n/a Multiple Portfolios Multiple Portfolios n/a JANE STREET HOLDING NATIXIS ASSET MANAGE Multiple Portfolios Multiple Portfolios Multiple Portfolios SPARK INVESTMENT MAN CITADEL ADVISORS LLC Multiple Portfolios

Analyst CHRISTOS DOULIS HEIKO IHLE CRAIG STERLING ASH GUGLANI

Source ULT-AGG MF-AGG SEDI 20F 13F SEDI 13F 13F SEDI MF-AGG MF-AGG ULT-AGG 13F 13F MF-AGG MF-AGG MF-AGG 13F 13F MF-AGG

Recommendation sector perform buy underweight buy

Amt Held 9'532'859 1'387'500 1'191'300 1'075'000 896'193 448'000 429'301 293'101 280'000 200'000 200'000 192'931 191'922 188'000 153'000 130'000 100'000 93'500 88'245 86'500

% Out 6.91 1.01 0.86 0.78 0.65 0.32 0.31 0.21 0.2 0.15 0.15 0.14 0.14 0.14 0.11 0.09 0.07 0.07 0.06 0.06

Weighting

Change 3 5 1 5

M M D M

Latest Chg (1'219'935) 587'500 (61'200) (120'468) 36'000 429'301 235'100 200'000 (73'288) 188'000 (35'000) 4'000 (38'700) 14'272 -

Target Price 1 1 #N/A N/A 2

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

File Dt 17.04.2013 31.12.2012 14.09.2011 29.02.2012 31.12.2012 18.11.2011 31.12.2012 31.12.2012 25.08.2011 28.12.2012 28.03.2013 16.04.2013 31.12.2012 31.12.2012 28.02.2013 28.03.2013 28.02.2013 31.12.2012 31.12.2012 31.12.2012

Date 12 month 12 month Not Provided 12 month

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

Date 16.04.2013 15.04.2013 11.04.2013 15.03.2013

19.04.2013

Brigus Gold Corp Brigus Gold Corp. is an emerging mid-tier gold producer . The Company's current projects are in Ontario, Saskatchewan, Mexico and the Dominican Republic.

Price/Volume 1 1 1 1

12/2012 12/yy 1.09 0.53 441'345.00 0.5602 -48.99% 6.68% 13.08% 231.5 129.66 93.20 0.0 0.0 29.81 193.05

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

1.20 1.00

0 0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

Fiscal Year Ended 31.12.2008 0.0 (9.1) 1.2 -

31.12.2009 31.12.2010 47.0 85.9 4.84x 13.8 32.7 12.72x (61.7) (55.5) Profitability

LTM-4Q 31.12.2011 71.9 3.27x 14.3 16.46x 15.8 -

31.12.2012 117.7 2.36x 48.5 5.72x 18.9 48.49 23.35 19.84% 15.79% 4.77% 9.12% 0.30% 30.9% 41.2% 19.8% 16.1% 1.64 0.76 22.12% 40.06% 30.94 9.59

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M a-13

12/yy 71.9 16.56x 14.3 16.46x 15.8 0.00x

LTM 12/yy 117.7 8.29x 48.5 5.72x 18.9 0.00x

FY+1

1.13 225.93 1.06 -33.31% -40.40% 1.132 8 4.500 1'830'265 1'109'363 880'929 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 161.0 171.5 42.8 36.0 82.7 100.2 2.33x 1.93x 37.2 49.8 5.9 3.5 3.50x 3.15x 3.33x 3.44x S&P Issuer Ratings

8.31 -0.86 1.31 1.92 40.1% 28.6% 0.30 0.37 11.83 38.15 98.53 -48.56

Sales/Revenue/Turnover

140.0 120.0 100.0

0.80

80.0 0.60

60.0

0.40

40.0 20.0

0.20

0.0 0.00

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

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

19.04.2013

Brigus Gold Corp Holdings By:

All

Holder Name VAN ECK ASSOCIATES C SPROTT INC WEISS ASSET MANAGEME RUFFER LLP HILLSDALE INVESTMENT ROYAL BANK OF CANADA INTACT INVESTMENT MA DAWE WADE K CONNOR CLARK & LUNN GROSS MICHAEL LIBRA ADVISORS LLC CANADA PENSION PLAN BLACKROCK BMO FINANCIAL CORP DIMENSIONAL FUND ADV CITY OF LONDON INVES COE CAPITAL MANAGEME KELLIGREW INC THE BANK OF NOVA SCO TECHNICAL FINANCIAL

Firm Name Haywood Securities Inc. Canaccord Genuity Corp Global Hunter Securities BMO Capital Markets Cormark Securities Inc. Casimir Capital Paradigm Capital Inc EVA Dimensions

Portfolio Name n/a SPROTT INC WEISS ASSET MANAGEME Multiple Portfolios HILLSDALE INVESTMENT n/a INTACT INVESTEMENT M n/a CONNOR CLARK & LUNN n/a LIBRA ADVISORS LLC CANADA PENSION PLAN n/a BMO FINANCIAL CORP Multiple Portfolios CITY OF LONDON INVES COE CAPITAL MANAGEME n/a THE BANK OF NOVA SCO TFS CAPITAL LLC

Analyst KERRY SMITH STEVEN BUTLER JEFF WRIGHT BRIAN QUAST RICHARD GRAY ERIC WINMILL DON BLYTH TEAM COVERAGE

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

Recommendation buy buy neutral market perform buy strong buy buy overweight

Amt Held 15'749'424 15'115'219 8'214'500 7'027'000 3'814'200 3'542'114 3'344'200 2'422'397 2'331'800 1'578'085 1'430'200 1'189'700 1'128'900 1'000'000 914'868 912'000 714'630 655'289 500'000 422'021

% Out 6.8 6.53 3.55 3.04 1.65 1.53 1.44 1.05 1.01 0.68 0.62 0.51 0.49 0.43 0.4 0.39 0.31 0.28 0.22 0.18

Weighting

Change 5 5 3 3 5 5 5 5

M M M M M M M U

Latest Chg 529'589 (1'098'872) 8'214'500 2'073'500 3'503'207 3'344'200 15'841 573'900 (595'900) (391'900) (71'100) (10'948) 50'000 30'000 80'394

Target Price 2 2 1 1 2 2 2 #N/A N/A

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

File Dt 17.04.2013 31.12.2012 31.12.2012 30.11.2012 31.12.2012 31.12.2012 31.12.2012 03.01.2013 31.12.2012 13.04.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.07.2012 31.12.2012 31.12.2012 29.09.2011 31.12.2012 31.12.2012

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

Inst Type Investment Advisor Hedge Fund Manager Hedge Fund Manager Hedge Fund Manager Hedge Fund Manager Bank Investment Advisor n/a Investment Advisor n/a Hedge Fund Manager Pension Fund (ERISA) Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor

Date 16.04.2013 15.04.2013 15.04.2013 14.04.2013 09.04.2013 09.04.2013 03.04.2013 29.06.2012

19.04.2013

Intrepid Mines Ltd Intrepid Mines Limited is an international precious metals development and exploration company with primary operations in Indonesia. The Company's current project is located in the province of East Java, where it explores for gold, silver, and copper-gold.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.05.2012) 52-Week Low (23.07.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IAU AU EQUITY YTD Change IAU AU EQUITY YTD % CHANGE

12/2012 12/yy 0.89 0.19 1'700'611.00 0.23 -74.16% 21.05% 6.43% 555.8 127.83 0.00 0.0 0.0 9.65 121.92

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

90.0 M 80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 54.4 1.06x 2.2 26.51x (42.7) -

1 1 1 1 1 1 0 0 0 0 0 a-12

31.12.2009 31.12.2010 0.0 0.0 1.9 (24.2) 39.18x (9.9) (5.0) Profitability

LTM-4Q 31.12.2011 0.0 (39.2) (30.0) -

31.12.2012 0.0 (47.7) (71.8) -47.73 -47.76 -50.47% -51.74% 0.00% 57.06 5.01 0.00% 0.00% -

Price/ Cash Flow

09/yy 0.0 #DIV/0! (18.8) 0.00x (19.9) 0.00x

LTM 12/yy 0.0 #DIV/0! (24.5) 0.00x (71.8) 0.00x

FY+1

.0 M a-13

0.00 1.70 516.81 15.41 -68.49% 9.52% 1.697 5 2.400 1'848'782 3'038'928 2'596'490 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 0.0 #DIV/0! (9.3) (7.6) (6.2) (8.9) S&P Issuer Ratings

0.00 0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

20.00

60.0

18.00

50.0

16.00 14.00

40.0

12.00

30.0

10.00 8.00

20.0

6.00 4.00

10.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

19.04.2013

Intrepid Mines Ltd Holdings By:

All

Holder Name TAURUS SM HOLDINGS P VAN ECK ASSOCIATES C COMMONWEALTH BANK OF FIRST EAGLE INVESTME BANK OF AMERICA CORP FMR LLC UNISUPER ACORN CAPITAL LTD MACQUARIE GROUP SUNSUPER FUND MICROCAP INVESTMENT HEALTH SUPER CBA OFFICERS SUPER F VANGUARD INVESTMENTS VANGUARD GROUP INC QLD LOCAL GOVT SUPER AUSCOAL SUPER FUND GORDON BRADLEY AUSTI COMMONWEALTH SUPER C DIMENSIONAL FUND ADV

Firm Name National Bank Financial Wilson HTM Investment Group Hartleys RBC Capital Markets Canaccord Genuity Corp RBS Morgans Cormark Securities Inc. Canaccord Genuity Corp EVA Dimensions

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios

Analyst STEPHEN PARSONS CAMERON JUDD PETER GRAY GEOFF BREEN GARY LAMPARD CHRIS BROWN MIKE KOZAK JEAN-FRANCOIS BERTINCOURT TEAM COVERAGE

Source Co File ULT-AGG EXCH MF-AGG EXCH ULT-AGG EXCH EXCH ULT-AGG EXCH EXCH EXCH EXCH MF-AGG MF-AGG EXCH EXCH EXCH EXCH MF-AGG

Recommendation Under Review sell speculative buy underperform suspended coverage outperform Under Review buy sell

Amt Held 48'192'131 41'772'440 25'513'559 19'156'073 17'837'142 9'529'798 8'304'156 7'545'656 6'348'158 5'436'384 3'995'655 3'920'180 3'537'176 2'706'075 2'551'202 2'225'422 2'091'335 1'970'295 1'830'425 1'794'707

% Out 8.67 7.52 4.59 3.45 3.21 1.71 1.49 1.36 1.14 0.98 0.72 0.71 0.64 0.49 0.46 0.4 0.38 0.35 0.33 0.32

Weighting

Change

#N/A N/A 1 4 1 #N/A N/A 5 #N/A N/A 5 1

M D M D M N M N M

Latest Chg 7'384'262 (1'063'213) (2'399'347) (12'563'151) 1'263'247 700'425 (179'360) 878'800 478'000 602'600 530'300 (16'476) 340'300 327'800 235'000 (30'113)

Target Price #N/A N/A 0 0 0 #N/A N/A 1 #N/A N/A 2 #N/A N/A

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

File Dt Inst Type 16.03.2012 Holding Company 17.04.2013 Investment Advisor 21.09.2011 Bank 30.09.2012 Hedge Fund Manager 26.09.2011 Investment Advisor 28.02.2013 Investment Advisor 06.06.2012 Other 06.06.2012 Investment Advisor 31.08.2011 Investment Advisor 06.06.2012 Other 06.06.2012 Other 06.06.2012 Other 06.06.2012 Other 30.09.2012 Mutual Fund Manager 31.03.2013 Investment Advisor 06.06.2012 Other 06.06.2012 Other 01.03.2013 n/a 06.06.2012 n/a 31.07.2012 Investment Advisor

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

Date 27.03.2013 21.03.2013 19.03.2013 27.02.2013 19.02.2013 27.11.2012 23.07.2012 17.04.2012 31.01.2012

19.04.2013

Alexco Resource Corp Alexco Resource Corporation is a mineral exploration and production company. The Company mines for minerals that include gold and silver.

Price/Volume 7

1.6 M

1.4 M 1.2 M

1.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.04.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AXU US EQUITY YTD Change AXU US EQUITY YTD % CHANGE

12/2012 12/yy 6.61 2.02 104'079.00 2.1 -68.38% 3.96% 2.83% 60.5 127.00 0.00 0.0 0.0 23.09 107.24

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

1.20

.6 M

.4 M

.2 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 5.7 18.66x (4.8) (4.0) -

.8 M

31.12.2009 31.12.2010 5.8 4.6 14.71x 32.68x (6.1) (6.0) (9.6) (5.2) Profitability

LTM-4Q 31.12.2011 45.1 8.09x 9.8 37.41x 3.5 -

31.12.2012 84.7 2.27x 25.4 7.55x 3.4 25.44 1.26 1.49% 9.42% 1.62% 2.42% 2.44% 0.40% 21.2% 30.0% 1.5% 4.0% 2.57 2.01 0.00% 0.00% 10.53 7.28

06/yy 45.1 33.40x 9.8 37.41x 3.5 0.00x

LTM 12/yy 84.7 12.36x 25.4 7.55x 3.4 0.00x

FY+1

.0 M a-13

1.06 49.75 0.85 -67.69% -41.18% 1.059 5 3.800 655'344 442'704 373'493 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 84.5 118.1 16.6 23.7 (11.1) 12.2 8.79x 7.8 25.5 (0.7) 1.9 11.97x S&P Issuer Ratings

553.04 -174.91 -0.91 0.00 0.0% 0.0% 0.40 0.57 52.22 75.58 110.73 17.06

Sales/Revenue/Turnover

90.0 80.0

1.00 0.80

70.0 60.0 50.0

0.60

40.0 30.0

0.40 0.20

20.0 10.0 0.0

0.00

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

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

19.04.2013

Alexco Resource Corp Holdings By:

All

Holder Name SPROTT INC SPROTT INC VAN ECK ASSOCIATES C COLUMBIA WANGER ASSE ASSET LIABILITY MANA NAUMAN CLYNTON R RAFFLES ASSOCIATES L BLACKROCK PATHSTONE FAMILY OFF GLOBAL X MANAGEMENT THRALL BRADLEY A LB SWISS INVESTMENT SEMAPHORE MANAGEMENT FORUM INVESTMENT ADV TECHNICAL FINANCIAL VANGUARD GROUP INC UNIVERSAL INS HOLDIN NOMURA GROUP ONE TRADING LP RENAISSANCE TECHNOLO

Firm Name Canaccord Genuity Corp Global Hunter Securities EVA Dimensions Cormark Securities Inc. Stonecap Securities Inc

Portfolio Name SPROTT INC n/a n/a COLUMBIA WANGER ASSE n/a n/a RAFFLES ASSOCIATES L n/a PATHSTONE FAMILY OFF GLOBAL X MANAGEMENT n/a Multiple Portfolios SEMAPHORE MANAGEMENT Multiple Portfolios TFS CAPITAL LLC Multiple Portfolios n/a n/a GROUP ONE TRADING LP RENAISSANCE TECHNOLO

Analyst NICHOLAS CAMPBELL JEFF WRIGHT CRAIG STERLING GRAEME JENNINGS CHRISTOS DOULIS

Source 13F Co File ULT-AGG 13F PROXY SEDI 13F ULT-AGG 13F 13F SEDI MF-AGG 13F MF-AGG 13F MF-AGG ULT-AGG ULT-AGG 13F 13F

Recommendation hold neutral buy market perform outperform

Amt Held 6'859'850 6'445'350 3'481'444 2'683'000 1'940'299 1'725'001 1'203'671 1'012'075 814'919 648'832 523'200 500'000 409'942 381'904 309'416 251'242 137'613 115'766 113'050 112'000

% Out 11.34 10.66 5.76 4.44 3.21 2.85 1.99 1.67 1.35 1.07 0.87 0.83 0.68 0.63 0.51 0.42 0.23 0.19 0.19 0.19

Weighting

Change 3 3 5 3 5

M M U M M

Latest Chg (17'600) (414'500) (361'629) (6'000) 225'000 (48'669) 61'066 3'200 (30'000) 14'810 35'740 57'107 (24'419) 10'830 66'400

Target Price 4 4 #N/A N/A 5 5

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

File Dt 31.12.2012 28.02.2013 17.04.2013 31.12.2012 09.05.2012 30.05.2012 31.12.2012 16.04.2013 31.12.2012 31.12.2012 20.02.2013 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month 12 month Not Provided 12 month 12 month

Inst Type Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Other n/a Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor n/a Mutual Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Insurance Company Unclassified Investment Advisor Hedge Fund Manager

Date 16.04.2013 15.04.2013 15.04.2013 01.04.2013 01.04.2013

19.04.2013

Price/Volume 5

6.0 M

5.0 M

4 3

4.0 M

12/2007 12/yy 4.09 1.47 113'812.00 1.56 -62.10% 6.12% 1.53% 81.6 127.24 0.00 0.0 0.0 88.40 38.84

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

1.20 1.00

2.0 M

1.0 M

1 0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 0.0 (6.5) (10.0) -

3.0 M

31.12.2009 31.12.2010 0.0 0.0 (6.1) (17.7) (1.9) (20.0) Profitability

LTM-4Q 31.12.2011 0.0 (28.1) 51.5 -

31.12.2012 0.0 (35.6) (70.7) -35.63 -36.22 -44.30% -57.29% 0.00% 2.94 2.84 0.00% 0.00% -

12/yy 0.0 #DIV/0! (28.1) 0.00x 51.5 0.00x

LTM 12/yy 0.0 #DIV/0! (34.5) 0.00x (69.5) 0.00x

FY+1

.0 M a-13

0.00 1.17 68.11 1.58 -45.26% -42.22% 1.171 4 5.000 773'958 561'112 502'566 FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y 03/13 Q1 06/13 Q2 0.0 (20.4) (19.1) (5.8) (5.8) (20.1) (13.7) (6.3) (6.3) S&P Issuer Ratings

0.00 0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

1.6 1.4 1.2

0.80 0.60

1.0 0.8 0.6

0.40 0.20

0.4 0.2 0.0

0.00

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

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

19.04.2013

Vista Gold Corp Holdings By:

All

Firm Name National Bank Financial Cowen Securities LLC Roth Capital Partners Stonegate Securities Inc Global Hunter Securities

Analyst PAOLO LOSTRITTO ADAM P GRAF BRIAN W POST MARCO RODRIGUEZ JEFF WRIGHT

Source 13F Research ULT-AGG Co File ULT-AGG 13F 13F ULT-AGG 13F 13F 13F Form 4 13F 13F 13F 13F 13F Form 4 MF-AGG Form 4

Recommendation outperform buy buy no rating system buy

Amt Held 12'084'310 12'084'310 11'374'527 6'790'378 2'308'682 1'758'748 1'586'026 908'894 822'000 732'415 709'055 556'325 528'000 283'993 271'783 201'025 193'800 188'121 180'750 168'308

% Out 14.82 14.82 13.95 8.33 2.83 2.16 1.94 1.11 1.01 0.9 0.87 0.68 0.65 0.35 0.33 0.25 0.24 0.23 0.22 0.21

Weighting

Change

5 5 5 #N/A N/A 5

M M M M M

Latest Chg 1'272'000 214'656 (134'823) (20'971) (31'575) 21'681 30'000 (24'847) 160'360 11'051 137'400 (33'250) -

Target Price 4 13 7 #N/A N/A 5

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

Date 12 month Not Provided 12 month Not Provided 12 month

Date 09.04.2013 09.04.2013 28.03.2013 19.03.2013 18.03.2013

19.04.2013

Saracen Mineral Holdings Ltd Saracen Mineral Holdings Ltd. explores for and produces gold. The Company produces gold from its Carosue Dam mine located notheast of Kalgoorlie, Western Australia.

Price/Volume 1

40.0 M

35.0 M 30.0 M

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.05.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAR AU EQUITY YTD Change SAR AU EQUITY YTD % CHANGE

06/2012 01/yy 0.62 0.16 13'164'323.00 0.165 -73.39% 3.13% 1.14% 595.3 98.22 3.06 0.0 0.0 20.31 105.79

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

15.0 M

10.0 M

5.0 M

0 a-12

30.06.2009 (9.5) (10.0) Profitability

30.06.2010 31.4 5.26x 14.7 11.26x (25.4) -

30.06.2011 155.7 1.58x 59.5 4.15x 47.7 5.49x

30.06.2012 183.8 1.70x 63.1 4.96x 18.7 16.82x 63.08 36.49 19.86% 14.53% -5.47% -7.16% 0.74% 27.8% 7.1% 10.2% 3.39 0.96 1.21% 1.47% 37.26 -

Price/ Cash Flow

j-12

LTM-4Q

LTM

01/yy

01/yy -

a-12

s-12

o-12

n-12

d-12

j-13

.0 M a-13

f-13 m-13

FY+1 -

0.00 1.16 532.79 10.63 -69.44% -56.58% 1.158 7 3.714 6'288'537 5'143'180 4'195'349 FY+2

06/13 Y 06/14 Y 212.2 241.4 0.37x 0.13x 64.2 87.4 1.65x 1.21x 19.0 37.7 4.02x 2.26x S&P Issuer Ratings

FQ+1

FQ+2

492.83 -271.65 0.15 0.28 1.5% 1.4% 0.74 1.33 9.82 -

Sales/Revenue/Turnover

90.00

200.0

80.00

180.0

70.00

160.0 140.0

60.00

120.0

50.00 40.00

100.0 80.0

30.00

60.0

20.00

40.0

10.00

20.0

0.00 03.07.2009

m-12

Fiscal Year Ended 30.06.2008 0.0 (1.9) (1.8) -

20.0 M

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

19.04.2013

Saracen Mineral Holdings Ltd Holdings By:

All

Holder Name VAN ECK ASSOCIATES C RENAISSANCE SMALL CO VINVA INVESTMENT MGM COMMONWEALTH BANK OF SPROTT INC ARVE CHARLES JCP INVESTMENT PARTN BANK OF AMERICA CORP STALTARI GUIDO CF RUFFER BAKER STEE JP MORGAN GAMCO UOB ASSET MANAGEMENT GENUS DYNAMIC GOLD F DIMENSIONAL FUND ADV FMR LLC VANGUARD GROUP INC VANGUARD INVESTMENTS VON DER HEYDT KERSTE SNS INVESTMENT FUND

Firm Name Ord Minnett Canaccord Genuity Corp EVA Dimensions RBS Morgans Argonaut Securities Pty Ltd Evans & Partners Pty Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DAVID BRENNAN REG SPENCER CRAIG STERLING JAMES WILSON TROY IRVIN CATHY MOISES

Source ULT-AGG EXCH EXCH EXCH EXCH EXCH EXCH EXCH Co File EXCH ULT-AGG ULT-AGG MF-AGG EXCH MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy hold outperform hold Positive

Amt Held 42'407'248 37'893'341 30'177'676 29'318'248 28'800'451 28'685'450 26'084'770 22'796'021 14'407'252 14'000'000 12'874'879 6'500'000 5'000'000 4'100'000 3'267'666 2'992'488 2'896'045 2'671'902 1'100'000 1'043'794

% Out 7.12 6.37 5.07 4.93 4.84 4.82 4.38 3.83 2.42 2.35 2.16 1.09 0.84 0.69 0.55 0.5 0.49 0.45 0.18 0.18

Weighting

Change 5 5 3 5 3 4

N M U N D U

Latest Chg 6'250'328 7'527'707 662'238 (1'361'474) (841'000) (320'000) (5'314'150) (2'168'808) (4'949'162) 4'500'000 (1'739'000) 6'847 (43'038) (20'201) 335

Target Price 0 1 #N/A N/A 1 1 #N/A N/A

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

File Dt Inst Type 17.04.2013 Investment Advisor 27.03.2013 Other 18.03.2013 Investment Advisor 08.03.2012 Bank 27.01.2012 Hedge Fund Manager 19.07.2011 n/a 09.02.2012 Investment Advisor 04.05.2011 Investment Advisor 31.08.2012 n/a 26.05.2011 n/a 31.12.2012 Investment Advisor 31.12.2012 Unclassified 30.06.2012 Mutual Fund Manager 26.05.2011 n/a 31.07.2012 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 30.09.2012 Mutual Fund Manager 28.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 17.04.2013 16.04.2013 16.04.2013 27.11.2012 10.10.2012 27.09.2012

19.04.2013

Atac Resources Ltd ATAC Resources Ltd. explores for gold in Canada.

Price/Volume 4

3.0 M

2.5 M

3 2.0 M

3 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.06.2012) 52-Week Low (04.03.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ATC CN EQUITY YTD Change ATC CN EQUITY YTD % CHANGE

12/2012 12/yy 3.50 0.91 35'555.00 1.18 -66.00% 29.67% 12.74% 113.2 133.52 0.00 0.0 0.0 15.04 118.48

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

1.0 M

1 .5 M

1 0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008

1.5 M

31.12.2009 31.12.2010 0.0 0.0 (1.1) (3.1) (1.1) (2.2) Profitability

LTM-4Q 31.12.2011 0.0 (24.8) -

31.12.2012 0.0 (7.5) -6.54 -8.85% -10.04% 0.00% 18.93 18.66 0.00% 0.00% -

Price/ Cash Flow

12/yy 0.0 #DIV/0! 0.0 0.00x (24.8) 0.00x

LTM 12/yy 0.0 #DIV/0! 0.0 0.00x (7.5) 0.00x

0.00 1.65 90.30 0.09 -49.57% -32.18% 1.653 3 5.000 411'369 362'320 359'013

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

(5.4) (5.4) (3.5) (3.5) S&P Issuer Ratings

.0 M a-13

(1.0) (0.9) -

(1.0) (1.0) 0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

300.00

1.0 0.9

250.00

0.8 0.7

200.00

0.6

150.00

0.5 0.4

100.00

0.3 0.2

50.00 0.00 01.01.2010

0.1 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

19.04.2013

Atac Resources Ltd Holdings By:

All

Holder Name TOCQUEVILLE ASSET MA AGNICO-EAGLE MINES L STRATEGIC METALS LTD VAN ECK ASSOCIATES C CARNE ROBERT C GLOBAL X MANAGEMENT AMERICAN CENTURY COM TD ASSET MANAGEMENT SPROTT INC GOSS DOUGLAS O YEADON GLENN ROBERT KENWAY BRUCE J FALCON FUND MANAGEME LB SWISS INVESTMENT GESIURIS SA SGIIC DOWNS GRAHAM NOLAN NEXGEN FINANCIAL LP NATIXIS ASSET MANAGE TALBOT IAN J FALCON FUND MANAGEME

Firm Name Raymond James Macquarie GMP Paradigm Capital Inc

Portfolio Name TOCQUEVILLE ASSET MA n/a #N/A N/A n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst GARY J BASCHUK MICHAEL GRAY ANDREW MIKITCHOOK DON MACLEAN

Source 13F Co File SEDI ULT-AGG SEDI MF-AGG MF-AGG MF-AGG MF-AGG SEDI SEDI PROXY MF-AGG MF-AGG MF-AGG SEDI MF-AGG MF-AGG SEDI MF-AGG

Recommendation outperform outperform buy hold

Amt Held 14'941'500 9'600'000 9'556'286 6'563'956 1'987'126 1'489'396 1'124'700 558'195 523'000 482'588 424'667 400'000 370'900 300'000 300'000 255'000 225'000 193'000 111'400 97'200

% Out 13.2 8.48 8.45 5.8 1.76 1.32 0.99 0.49 0.46 0.43 0.38 0.35 0.33 0.27 0.27 0.23 0.2 0.17 0.1 0.09

Weighting

Change 5 5 5 3

Latest Chg 1'135'340 (250'000) (21'816) 20'000 63'048 (1'400) (463'800) 28'300 70'000 135'000 75'000 (70'000) (5'000) 13'300

Target Price

M M M M

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

File Dt 31.12.2012 20.03.2013 05.04.2011 17.04.2013 22.02.2013 16.04.2013 31.12.2012 31.12.2012 31.12.2012 25.02.2013 08.03.2012 13.04.2012 28.02.2013 28.02.2013 31.03.2013 17.02.2012 30.06.2012 28.02.2013 07.06.2012 28.02.2013

Date 4 3 5 4

12 month 12 month 12 month 12 month

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

Date 09.04.2013 22.03.2013 19.03.2013 06.03.2012

19.04.2013

Patagonia Gold PLC Patagonia Gold PLC holds investments in mineral exploration companies involved in identifying, acquiring, and developing mineral projects, either alone or with joint-venture partners. The Company explores for gold in locations throughout Argentina.

Price/Volume 40

9.0 M

8.0 M

7.0 M 6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.04.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PGD LN EQUITY YTD Change PGD LN EQUITY YTD % CHANGE

12/2011 01/yy 37.75 11.50 617'581.00 11.75 -68.87% 2.17% 1.92% 854.6 100.41 0.38 0.0 4.0 7.49 100.10

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

1.20

4.0 M

3.0 M

2.0 M

1.0 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2007 0.0 (6.2) (6.2) -

5.0 M

31.12.2008 31.12.2009 0.0 0.0 (5.8) (7.3) (5.8) (7.3) Profitability

31.12.2010 0.0 (11.3) (11.3) -

-32.55 -33.37 -89.33% -107.68% 0.00% 1.83 0.98 0.94% 1.36% 0.00

0.00 0.88 561.11 -67.81% -47.78% 0.879 2 4.500 1'269'799 1'736'133 1'320'024

LTM-4Q

LTM

FY+1

FY+2

FQ+1

01/yy

12/12 Y

12/13 Y

31.12.2011 0.0 (32.6) (33.2) -

S&P Issuer Ratings

.0 M a-13

FQ+2 -

-1085.03 -1335.13 0.00 1.4% 1.2% 0.00 0.00 441.36 -

Sales/Revenue/Turnover

1.0 0.9

1.00

0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

0.1 0.0

0.00

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

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

19.04.2013

Patagonia Gold PLC Holdings By:

All

Holder Name DIRECTOR & RELATED H BLACKROCK MIGUENS CARLOS JOSE UBS CINCO VIENTOS URUGUA VAN ECK ASSOCIATES C VAN ECK GLOBAL MIGUENS DIEGO TAHEH INTERNATIONAL BARRICK GOLD CORP MIGUENS CRISTINA HUMPHRIES WILLIAM HE HARGREAVE PRIVATE INDIVIDUALS COUTTS PRIVATE BANKI F&C FUND MANAGEMENT F&C ASSET MANAGEMENT CRAVEN JOHN ANTHONY WALKER CRIPS STOCKBR INVESTEC WEALTH & IN

Firm Name Fraser Mackenzie Limited Mirabaud Securities

Portfolio Name Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst ALEKSANDRA BUKACHEVA NICHOLAS CHALMERS

Source REG ULT-AGG Co File ULT-AGG REG ULT-AGG REG Co File REG REG Co File RNS-DIR ULT-AGG REG REG MF-AGG REG Co File REG REG

Recommendation buy speculative buy

Amt Held 149'037'867 140'531'949 103'653'116 96'575'359 50'361'585 42'329'577 36'986'715 29'562'152 28'353'264 28'323'264 24'485'645 23'296'857 14'767'188 13'399'969 12'894'789 9'941'137 9'722'734 9'455'190 9'385'378 7'247'490

% Out 17.44 16.44 12.13 11.3 5.89 4.95 4.33 3.46 3.32 3.31 2.87 2.73 1.73 1.57 1.51 1.16 1.14 1.11 1.1 0.85

Weighting

Change 5 4

Latest Chg 2'753'684 (116'604) 590'460 9'636'316 (140'464) (1'116'233) 4'403'000 2'125'000 (908'112) (2'554'143) (231'500) (38'500)

Target Price

M M

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

59 35

File Dt Inst Type 02.01.2013 Other 16.04.2013 Investment Advisor 24.04.2012 n/a 02.01.2013 Unclassified 02.01.2013 Other 17.04.2013 Investment Advisor 02.01.2013 Unclassified 24.04.2012 n/a 02.01.2013 Other 02.01.2013 Corporation 24.04.2012 n/a 27.06.2012 n/a 02.01.2013 Unclassified 02.01.2013 Other 02.01.2013 Unclassified 28.02.2013 Mutual Fund Manager 02.01.2013 Investment Advisor 24.04.2012 n/a 02.01.2013 Other 02.01.2013 Investment Advisor

Date Not Provided 12 month

Date 02.01.2013 04.12.2012

19.04.2013

Lingbao Gold Co Ltd Lingbao Gold Company Ltd. mines and smelts gold. The Company produces gold bullion, silver, copper products, and sulphuric acid.

Price/Volume 4

7.0 M

6.0 M

5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 3330 HK EQUITY YTD Change 3330 HK EQUITY YTD % CHANGE

12/2012 06/yy 3.99 2.48 376'000.00 2.52 -36.84% 1.61% 0.67% 297.3 1'949.91 3'264.36 0.0 47.0 349.57 5'944.82

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

1.20 1.00

3.0 M

2 1

2.0 M

1.0 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 3'559.1 0.72x 354.4 7.26x 115.6 11.63x

4.0 M

Valuation Analysis

31.12.2009 31.12.2010 3'961.7 4'834.6 0.99x 1.40x 738.8 777.4 5.29x 8.71x 118.0 266.5 17.38x 16.59x Profitability

LTM-4Q 31.12.2011 5'720.8 0.83x 824.5 5.75x 310.6 5.74x

31.12.2012 6'393.3 165.3 12.10x 824.55 622.24 10.88% 7.64% 2.79% 9.12% 5.28% 0.74% 15.4% 14.2% 9.5% 2.6% 1.31 0.31 49.75% 141.97% 9.59 1.87

06/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

LTM 06/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

FY+1

.0 M a-13

4.98 0.82 297.27 -31.51% -20.25% 0.823 4 2.500 626'000 462'301 558'385 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 6'921.5 6'595.0 0.73x 0.76x 754.0 811.0 7.88x 7.33x 200.5 227.5 7.72x 6.80x S&P Issuer Ratings

4.86 2.68 5.74 6.10 142.0% 58.2% 0.74 2.21 38.17 195.75 24.89 125.81

Sales/Revenue/Turnover

7'000.0 6'000.0 5'000.0

0.80

4'000.0 0.60

3'000.0

0.40

2'000.0 1'000.0

0.20

0.0 0.00

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

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

19.04.2013

Lingbao Gold Co Ltd Holdings By:

All

Holder Name BANK OF NEW YORK MEL VAN ECK ASSOCIATES C VALUE PARTNERS GROUP DIMENSIONAL FUND ADV BLACKROCK VANGUARD GROUP INC MACQUARIE GROUP DIMENSIONAL FUND ADV SCHOELLERBANK INVEST BESSEMER GROUP INCOR OPPENHEIM KAPITALANL HANDELSBANKEN FONDER NOMURA INTERNATIONAL GLOBAL X MANAGEMENT DIMENSIONAL FUND ADV

Firm Name Credit Suisse EVA Dimensions Guotai Junan BOCOM International Holdings First Shanghai Securities Ltd

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst OWEN LIANG CRAIG STERLING KEVIN GUO RONGJIN LUO ZHANG ZHIBIN

Source EXCH ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation underperform underweight neutral long-term buy buy

Amt Held 27'842'000 24'158'000 14'844'000 6'712'000 2'202'000 1'608'558 1'310'000 736'000 230'000 190'000 160'000 122'000 68'000 58'910 54'000

% Out 9.37 8.13 4.99 2.26 0.74 0.54 0.44 0.25 0.08 0.06 0.05 0.04 0.02 0.02 0.02

Weighting

Change 1 1 3 5 5

D D D M N

Latest Chg (72'000) 60'000 (136'000) (580'000) 30'000 -

Target Price 2 #N/A N/A 3 7 6

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

File Dt Inst Type 20.03.2013 Investment Advisor 17.04.2013 Investment Advisor 02.06.2011 Corporation 31.07.2012 Investment Advisor 16.04.2013 Investment Advisor 31.12.2012 Investment Advisor 30.06.2011 Investment Advisor 31.01.2013 Investment Advisor 28.03.2013 Investment Advisor 31.01.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 31.03.2013 Investment Advisor 31.03.2012 Investment Advisor 16.04.2013 Investment Advisor 31.01.2013 Investment Advisor

Date Not Provided Not Provided Not Provided 12 month 12 month

Date 09.04.2013 02.04.2013 26.02.2013 13.07.2012 28.03.2012

19.04.2013

Scorpio Mining Corp Scorpio Mining Corporation explores for silver in Canada and Mexico.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.10.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SPM CN EQUITY YTD Change SPM CN EQUITY YTD % CHANGE

12/2012 12/yy 1.28 0.46 55'350.00 0.485 -62.50% 5.43% 4.88% 198.4 96.22 0.00 0.0 0.0 31.05 65.18

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

3.5 M

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 0.0 (4.6) (90.7) -

31.12.2009 31.12.2010 19.4 34.2 4.59x 5.75x 6.6 11.9 13.58x 16.54x 13.5 30.7 6.00x 9.00x Profitability

LTM-4Q 31.12.2011 61.1 5.89x 29.4 12.25x 12.6 32.50x

31.12.2012 45.8 3.78x 14.2 12.23x 7.1 25.75x 14.18 10.32 22.52% 24.11% 4.85% 4.98% 5.00% 0.31% 41.6% 30.9% 22.5% 15.5% 21.39 18.19 0.00% 0.00% 7.06 4.45

Price/ Cash Flow

12/yy 61.1 18.97x 29.4 12.25x 12.6 32.50x

LTM 12/yy 45.8 14.77x 14.2 12.23x 7.1 25.75x

FY+1

.0 M a-13

0.00 1.39 196.42 0.00 -58.90% -52.91% 1.385 4 5.000 671'946 446'584 406'633 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 81.2 113.0 16.7 28.6 3.96x 2.28x 7.70x 3.46x S&P Issuer Ratings

-2.19 0.00 0.0% 0.0% 0.31 0.54 51.87 82.23 27.78 106.31

Sales/Revenue/Turnover

80.00

70.0

70.00

60.0

60.00

50.0

50.00

40.0

40.00

30.0

30.00

20.0

20.00

10.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

19.04.2013

Scorpio Mining Corp Holdings By:

All

Holder Name TOCQUEVILLE ASSET MA VAN ECK ASSOCIATES C JP MORGAN ROYCE AND ASSOCIATES GLOBAL X MANAGEMENT SPROTT INC HAWLEY PETER J GLOBAL STRATEGY FINA FALCON FUND MANAGEME OPPENHEIM KAPITALANL FALCON FUND MANAGEME MATRIX FUND MANAGEME DIMENSIONAL FUND ADV FACTOR ADVISORS LLC SADEK JOHN BESSEMER GROUP INCOR BLACKROCK DIMENSIONAL FUND ADV IFOS INTERNATIONALE SCHOELLERBANK INVEST

Firm Name Casimir Capital Clarus Securities Mackie Research Capital Corp. MLV & Co EVA Dimensions

Portfolio Name TOCQUEVILLE ASSET MA n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ERIC WINMILL MIKE BANDROWSKI BARRY D ALLAN RICHARD TROTMAN TEAM COVERAGE

Source 13F ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy suspended coverage buy

Amt Held 34'293'005 15'985'937 9'523'000 3'800'000 2'570'166 1'941'000 1'843'436 1'639'600 1'400'000 1'322'400 424'600 295'000 156'048 131'178 79'150 75'011 64'206 59'540 45'000 40'000

% Out 17.29 8.06 4.8 1.92 1.3 0.98 0.93 0.83 0.71 0.67 0.21 0.15 0.08 0.07 0.04 0.04 0.03 0.03 0.02 0.02

Weighting

Change

5 5 5 #N/A N/A 5

M M M M U

Latest Chg 1'530'500 (53'046) (2'341'300) 295'000 20'000

Target Price 1 2 2 #N/A N/A #N/A N/A

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

File Dt Inst Type 31.12.2012 Hedge Fund Manager 17.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 16.04.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 n/a 28.09.2012 Investment Advisor 28.02.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 28.02.2013 Investment Advisor 30.11.2012 Investment Advisor 31.07.2012 Investment Advisor 29.11.2012 Unclassified 31.12.2012 n/a 31.01.2013 Investment Advisor 16.04.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 28.03.2013 Investment Advisor

Date 12 month 12 month 12 month Not Provided Not Provided

Date 09.04.2013 05.04.2013 19.03.2013 16.07.2012 12.06.2012

19.04.2013

Midway Gold Corp Midway Gold Corp. explores and develops mineral resource properties. The Company is currently exploring for gold on its Midway Prospect property located in Nevada in the United States.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.10.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MDW US EQUITY YTD Change MDW US EQUITY YTD % CHANGE

12/2010 12/yy 1.80 0.87 14'321.00 0.92 -49.21% 5.50% 4.09% 128.5 118.18 0.00 44.3 0.0 75.05 90.49

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

1.20

4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 0.0 (11.6) (16.2) -

2 2 2 1 1 1 1 1 0 0 0 a-12

31.12.2009 31.12.2010 0.0 0.0 (3.8) (6.3) (2.6) (5.8) Profitability

LTM-4Q 31.12.2011 0.0 (18.2) (15.5) -

31.12.2012 0.0 (14.3) (15.3) -14.33 -14.73 -15.54% -26.88% 0.00% 43.98 43.90 0.00% 0.00% 0.00 -

12/yy 0.0 #DIV/0! (18.2) 0.00x (15.5) 0.00x

LTM 12/yy 0.0 #DIV/0! (14.3) 0.00x (15.3) 0.00x

0.00 1.06 95.26 3.77 -31.34% -33.81% 1.056 7 4.429 494'956 380'532 368'742

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

(10.5) (7.0) (14.0) (14.6) S&P Issuer Ratings

.0 M a-13

(5.0) -

(5.0) -5311.80 -8155.64 0.00 0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

1.0 0.9

1.00

0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

0.1 0.0

0.00

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

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

19.04.2013

Midway Gold Corp Holdings By:

All

Holder Name VAN ECK ASSOCIATES C SHEERIN MATT HALE JR MARTIN M HAWES GEORGE T FRANKLIN RESOURCES DISBROW ROBERT BLACKROCK VANGUARD GROUP INC YU FRANK S STATE STREET WOLFUS DANIEL EDWARD NORTHERN TRUST CORPO DAVENPORT & COMPANY GILDER GAGNON HOWE DEANS KNIGHT CAPITAL KUDU PARTNERS LP US GLOBAL INVESTORS LOMBARD ODIER DARIER SUN VALLEY GOLD LLC TIAA CREF INVESTMENT

Firm Name Canaccord Genuity Corp Stifel Cormark Securities Inc. Cowen Securities LLC Jacob Securities Inc RBC Capital Markets Stonecap Securities Inc MLV & Co

Portfolio Name n/a n/a n/a n/a n/a n/a n/a VANGUARD GROUP INC n/a n/a n/a NORTHERN TRUST CORPO DAVENPORT & COMPANY n/a n/a n/a US GLOBAL INVESTORS Multiple Portfolios SUN VALLEY GOLD LLC TIAA-CREF INVESTMENT

Analyst JOE MAZUMDAR MICHAEL A SCOON KYLE MCPHEE ADAM P GRAF MATTHEW SHEPPARD SAM CRITTENDEN BRIAN SZETO RICHARD TROTMAN

Source ULT-AGG PROXY 13D SEDI ULT-AGG 13G ULT-AGG 13F PROXY ULT-AGG SEDI 13F 13F 13G 13G SEDI 13F MF-AGG 13F 13F

Recommendation speculative buy buy speculative buy hold buy outperform outperform suspended coverage

Amt Held 9'931'302 8'200'906 8'080'435 7'361'064 6'497'700 5'072'200 4'831'797 2'914'011 1'709'646 1'671'214 1'570'117 1'481'758 1'470'179 1'219'343 1'144'360 815'536 571'863 558'000 445'429 435'535

% Out 7.73 6.38 6.29 5.73 5.06 3.95 3.76 2.27 1.33 1.3 1.22 1.15 1.14 0.95 0.89 0.63 0.45 0.43 0.35 0.34

Weighting

Change

4 5 4 3 5 5 5 #N/A N/A

M M N M M M M M

Latest Chg 2'604'621 (27'300) (75'800) (206'037) (1'449'218) 145'409 (8'876) 14'700 (161'701) 306'063 (17'965)

Target Price 2 2 2 #N/A N/A 2 2 2 #N/A N/A

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

File Dt Inst Type 17.04.2013 Investment Advisor 07.03.2012 n/a 13.12.2012 n/a 31.10.2011 n/a 31.01.2013 Investment Advisor 31.12.2011 n/a 16.04.2013 Investment Advisor 31.03.2013 Investment Advisor 07.03.2012 n/a 17.04.2013 Investment Advisor 12.09.2011 n/a 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 30.04.2009 Investment Advisor 31.12.2012 Investment Advisor 08.11.2007 Other 31.12.2012 Investment Advisor 28.02.2013 Mutual Fund Manager 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor

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

Date 18.04.2013 16.04.2013 10.04.2013 09.04.2013 13.03.2013 05.02.2013 08.01.2013 16.07.2012

19.04.2013

DRDGOLD Ltd DRDGOLD Limited is a mid-tier, unhedged gold producer with a mix of assets. The Company's assets include underground mines and surface re-treatment operation and exploration activities in South Africa.

Price/Volume 9

1.2 M

1.0 M

7 6

.8 M

06/2012 12/yy 8.59 5.35 11'138.00 6.37 -27.24% 19.07% 31.48% 38.5 245.49 30.69 0.0 136.7 298.51 -

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

.4 M

.2 M

1 0 a-12

30.06.2009 30.06.2010 1'910.7 1'990.5 1.10x 0.64x 6.9 212.5 301.94x 6.03x 129.1 207.8 Profitability

LTM-4Q 30.06.2011 1'379.5 0.79x 225.7 4.83x (287.9) -

30.06.2012 1'764.2 1.09x 370.8 5.21x 308.7 370.76 249.91 14.17% 14.79% 10.71% 19.27% 0.75% 20.6% 20.4% 13.8% 17.5% 1.80 1.15 1.23% 2.05% -

12/yy 1'902.6 2.80x 392.4 3.83x (119.1) 0.00x

j-12

a-12

s-12

LTM 12/yy 1'959.2 4.32x 412.8 6.26x 279.6 0.00x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

0.81 0.09 -3.67% -19.29% 0.807 2 5.000 137'408 128'186 126'285 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 2'201.0 2'563.2 621.3 891.5 354.8 523.8 6.24x 4.26x S&P Issuer Ratings

23.65 2.40 -0.58 0.42 2.0% 1.8% 0.75 1.17 -

Sales/Revenue/Turnover

1.20

3'000.0

1.00

2'500.0

0.80

2'000.0

0.60

m-12

Fiscal Year Ended 30.06.2008 1'843.9 0.86x 162.1 9.75x 996.0 -

.6 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (31.08.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DRD US EQUITY YTD Change DRD US EQUITY YTD % CHANGE

1'500.0 1'000.0

0.40

500.0 0.20

0.0 0.00

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

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

19.04.2013

DRDGOLD Ltd Holdings By:

All

Holder Name SKAGEN AS VAN ECK ASSOCIATES C ACADIAN ASSET MANAGE RENAISSANCE TECHNOLO OPPENHEIM KAPITALANL BRANCH BANKING & TRU US GLOBAL INVESTORS ROTHSCHILD & COMPAGN JANE STREET HOLDING FRANK RUSSELL TRUST RUFFER LLP MORGAN STANLEY APERIO GROUP LLC BANK OF AMERICA CORP FMR LLC SCHRODER INVESTMENT COMMONWEALTH OF PENN OXFORD ASSET MANAGEM DIMENSIONAL FUND ADV CITIGROUP INCORPORAT

Firm Name EVA Dimensions

Portfolio Name Multiple Portfolios n/a ACADIAN ASSET MANAGE RENAISSANCE TECHNOLO Multiple Portfolios BRANCH BANKING AND T US GLOBAL INVESTORS Multiple Portfolios JANE STREET HOLDING FRANK RUSSELL COMPAN RUFFER LLP n/a APERIO GROUP LLC BANK OF AMERICA n/a SCHRODER INVESTMENT COMMONWEALTH OF PENN OXFORD ASSET MANAGEM DIMENSIONAL FUND ADV CITIGROUP INCORPORAT

Analyst CRAIG STERLING

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

Recommendation overweight

Amt Held 3'724'701 931'970 536'792 390'470 115'000 110'000 110'000 100'000 44'799 36'297 34'015 31'500 29'633 28'307 28'300 28'300 26'529 17'976 16'227 6'552

% Out 9.66 2.42 1.39 1.01 0.3 0.29 0.29 0.26 0.12 0.09 0.09 0.08 0.08 0.07 0.07 0.07 0.07 0.05 0.04 0.02

Weighting

Change 5

Latest Chg (49'424) (58'369) 59'200 10'000 (6'532) 5'275 2'739 27'529 28'300 28'300 (9'576) 6'940 7'860 (1'755)

Target Price #N/A N/A

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

File Dt 27.03.2013 17.04.2013 31.03.2013 31.12.2012 28.12.2012 31.03.2013 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided

Inst Type Mutual Fund Manager Investment Advisor Investment Advisor Hedge Fund Manager Mutual Fund Manager Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Pension Fund (ERISA) Investment Advisor Investment Advisor Investment Advisor

Date 16.04.2013

19.04.2013

International Tower Hill Mines Ltd International Tower Hill Mines Ltd. acquires, explores, and evaluates mineral properties. The Company currently possesses an expanding portfolio of Alaskan and Nevada based gold and base metal exploration projects.

Price/Volume 5

2.5 M

4 2.0 M

4 3

1.5 M

3 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.05.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance THM US EQUITY YTD Change THM US EQUITY YTD % CHANGE

12/2012 12/yy 4.16 0.91 49'401.00 0.98 -77.16% 7.34% 1.70% 98.1 96.11 0.00 0.0 0.0 30.35 68.28

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

1 0 a-12

31.12.2009 31.12.2010 0.0 0.0 (7.3) (12.1) (9.8) (17.9) Profitability

m-12

LTM-4Q 31.12.2011 0.0 (9.9) (10.2) -

31.12.2012 0.0 (55.5) (56.6) -55.52 -55.55 -40.55% -45.46% 0.00% 8.39 8.17 0.00% 0.00% 0.00 -

05/yy 0.0 #DIV/0! (9.9) 0.00x (10.2) 0.00x

j-12

a-12

s-12

LTM 12/yy 0.0 #DIV/0! (55.5) 0.00x (56.6) 0.00x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M a-13

1.04 85.66 0.50 -73.44% -54.84% 1.045 3 2.667 335'206 319'955 239'120 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 0.0 0.0 #DIV/0! #DIV/0! (15.5) (17.3) (13.2) (14.6) S&P Issuer Ratings

0.00 0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

1.20

0.0

1.00

0.0

0.80

0.0

0.60

.5 M

Fiscal Year Ended 31.12.2008 0.0 (3.2) (2.4) -

1.0 M

0.0 0.0

0.40

0.0 0.20

0.0 0.00

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

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

19.04.2013

International Tower Hill Mines Ltd Holdings By:

All

Holder Name TOCQUEVILLE ASSET MA ANGLOGOLD ASHANTI LT PAULSON & CO VAN ECK ASSOCIATES C TEXAS TEACHER RETIRE WEISS ASSET MANAGEME ROYCE AND ASSOCIATES INVESCO LTD FALCON FUND MANAGEME FMR LLC DRESCHER ANTON J PONTIUS JEFFREY A VANGUARD GROUP INC UNIVERSAL INS HOLDIN CARRIERE DANIEL A TECHNICAL FINANCIAL DEUTSCHE BANK AG RENAISSANCE TECHNOLO TD ASSET MANAGEMENT LOMBARD ODIER DARIER

Firm Name BMO Capital Markets Cowen Securities LLC Credit Suisse Salman Partners

Portfolio Name TOCQUEVILLE ASSET MA n/a PAULSON & CO n/a TEACHER RETIREMENT S WEISS ASSET MANAGEME ROYCE & ASSOCIATES L INVESCO LTD Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a TFS CAPITAL LLC DEUTSCHE BANK AKTIEN RENAISSANCE TECHNOLO TD ASSET MANAGEMENT Multiple Portfolios

Analyst JOHN P HAYES ADAM P GRAF ANITA SONI DAVID WEST

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

Recommendation Speculative Underperform buy underperform Under Review

Amt Held 17'169'469 11'073'323 8'949'654 6'413'116 2'099'836 1'926'411 1'014'000 900'425 607'000 546'700 489'218 383'566 345'617 345'555 294'735 266'450 241'109 233'600 220'000 208'228

% Out 17.51 11.29 9.13 6.54 2.14 1.96 1.03 0.92 0.62 0.56 0.5 0.39 0.35 0.35 0.3 0.27 0.25 0.24 0.22 0.21

Weighting

Change

2 5 1 #N/A N/A

D M M M

Latest Chg 351'505 277'201 (1'923'077) 34'847 (50'000) (195'600) 114'825 (71'809) 110'867 106'100 (224'772)

Target Price #N/A N/A 8 1 #N/A N/A

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

File Dt 31.12.2012 07.08.2012 31.12.2012 17.04.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 28.02.2013 21.12.2012 07.01.2013 31.03.2013 31.12.2012 22.11.2011 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013

Date Not Provided Not Provided Not Provided Not Provided

Inst Type Hedge Fund Manager Holding Company Hedge Fund Manager Investment Advisor Pension Fund (ERISA) Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a n/a Investment Advisor Insurance Company n/a Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Mutual Fund Manager

Date 14.04.2013 09.04.2013 03.04.2013 08.11.2012

19.04.2013

Red 5 Ltd Red 5 Limited is a minieral exploration and development company. The Company's principal asset is the Siana Gold Project in the Philippines held under a Mineral Production Sharing Agreement by a Red5 Philippine compliant company. Red 5's second asset is the Mapawa MPSA, located north of Siana.

Price/Volume 3 2 2

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (20.04.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RED AU EQUITY YTD Change RED AU EQUITY YTD % CHANGE

06/2012 01/yy 1.98 0.56 431'246.00 0.585 -70.38% 5.41% 1.08% 135.5 79.26 0.00 0.0 (0.4) 13.46 87.53

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

(1.4) (0.6) -

0 a-12

30.06.2009

30.06.2010

(1.5) (0.9) Profitability

(2.2) (0.4) -

30.06.2011 0.0 (5.2) (8.1) -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

LTM-4Q

LTM

01/yy

30.06.2012 4.3 42.84x (2.9) (1.7) -2.93 -3.46 -80.96% -39.34% -5.70% -6.67% 0.10% 38.2% -29.5% -32.7% -40.8% 2.36 1.34 0.00% 0.00% 4.83 -

Price/ Cash Flow

FY+1 -

0.00 1.55 134.28 0.75 -69.29% -53.20% 1.551 3 2.667 289'386 323'382 307'108 FY+2

06/13 Y 06/14 Y 50.0 127.0 1.58x 0.25x 17.5 78.1 5.00x 1.12x 1.1 40.0 146.25x 1.93x S&P Issuer Ratings

FQ+1

FQ+2

-4.91 0.0% 0.0% 0.10 0.28 75.80 -

Sales/Revenue/Turnover

500.00

4.5

450.00

4.0

400.00

3.5

350.00

3.0

300.00

2.5

250.00

2.0

200.00

1.5

150.00

1.0

100.00

0.5

50.00 0.00 03.07.2009

m-12

Fiscal Year Ended 30.06.2008

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M a-13

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

19.04.2013

Red 5 Ltd Holdings By:

All

Holder Name FRANKLIN RESOURCES BAKER STEEL GOLD FUN JP MORGAN VAN ECK ASSOCIATES C RUFFER LLP DEUTSCHE BANK AG GAMCO FMR LLC EDWARDS GREGORY CHAR VANGUARD INVESTMENTS EIM CAPITAL MANAGERS SPROTT INC DIMENSIONAL FUND ADV SCANLAN GARY FRANCIS MOBILIA JOE BLACKROCK MILAZZO MARK FRANCIS JACKSON COLIN GEORGE BESSEMER GROUP INCOR DIMENSIONAL FUND ADV

Firm Name Wilson HTM Investment Group Canaccord Genuity Corp Evans & Partners Pty Ltd Bell Potter Casimir Capital

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios

Analyst CAMERON JUDD REG SPENCER CATHY MOISES CHRIS WHITEHEAD JAMES CROSBY

Source ULT-AGG Co File ULT-AGG ULT-AGG MF-AGG EXCH ULT-AGG ULT-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG EXCH Co File ULT-AGG Co File Co File MF-AGG MF-AGG

Recommendation sell speculative buy neutral buy overweight

Amt Held 17'841'590 11'095'633 9'638'245 9'206'232 6'663'000 3'958'183 2'208'823 1'326'000 1'065'111 679'951 301'926 260'849 53'740 50'000 44'958 41'803 25'000 22'500 17'274 12'704

% Out 13.17 8.19 7.11 6.79 4.92 2.92 1.63 0.98 0.79 0.5 0.22 0.19 0.04 0.04 0.03 0.03 0.02 0.02 0.01 0.01

Weighting

Change 1 4 3 5 5

M M D M M

Latest Chg 40'000 (1'034'479) (3'160'399) 145'000 (100'000) (2'137'799) -

Target Price 1 1 #N/A N/A 3 3

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

File Dt Inst Type 31.01.2013 Investment Advisor 24.09.2012 n/a 31.12.2012 Investment Advisor 17.04.2013 Investment Advisor 30.11.2012 Hedge Fund Manager 24.06.2011 Investment Advisor 31.12.2012 Unclassified 28.02.2013 Investment Advisor 15.11.2012 n/a 30.09.2012 Mutual Fund Manager 30.11.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.01.2013 Investment Advisor 31.12.2012 n/a 30.06.2012 n/a 16.04.2013 Investment Advisor 26.09.2012 n/a 26.09.2012 n/a 31.01.2013 Investment Advisor 31.07.2012 Investment Advisor

Date Not Provided Not Provided Not Provided 12 month 12 month

Date 17.04.2013 15.04.2013 03.01.2013 01.03.2012 06.02.2012

19.04.2013

Gryphon Minerals Ltd Gryphon Minerals Ltd. explores for gold. The Company operates on the Banfora Gold Project in Burkina Faso, Africa, and properties in Mauritania.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.04.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GRY AU EQUITY YTD Change GRY AU EQUITY YTD % CHANGE

Price/Volume

06/2012 01/yy 1.02 0.19 5'756'691.00 0.195 -80.79% 2.63% 0.61% 400.5 78.09 0.00 0.0 0.0 46.22 27.44

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

1.20

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M a-13

f-13 m-13

Fiscal Year Ended 30.06.2008 0.0 (3.3) (3.1) -

30.06.2009 30.06.2010 0.0 0.0 (2.7) (3.9) (2.3) (3.2) Profitability

30.06.2011 0.0 (15.9) (8.9) -

LTM-4Q

LTM

01/yy

30.06.2012 0.0 (8.0) (5.9) -8.04 -8.20 -1.76% -1.82% 0.00% 3.81 3.75 0.00% 0.00% 0.00 -

FY+1 -

0.00 1.35 390.17 13.83 -80.30% -62.14% 1.345 13 4.154 3'810'292 3'914'747 3'238'799 FY+2

06/13 Y 06/14 Y 0.0 1.0 864.63x 86.50x (10.4) (8.1) (10.1) (3.7) S&P Issuer Ratings

FQ+1

FQ+2

0.00 0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

1.0 0.9

1.00

0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

0.1 0.0

0.00

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

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

19.04.2013

Gryphon Minerals Ltd Holdings By:

All

Holder Name VAN ECK ASSOCIATES C GENESIS ASSET MANAGE COMMONWEALTH BANK OF AMP LTD ROYAL BANK OF CANADA JP MORGAN PARSONS STEPHEN GCIC LTD/CANADA FMR LLC MACQUARIE GROUP GLOBAL X MANAGEMENT WELLS FARGO LOMBARD ODIER DARIER QUANTEX AG DIMENSIONAL FUND ADV NETHERWAY DAVID GEOR VANGUARD INVESTMENTS SHARE SICAV VANGUARD GROUP INC ASHTON NORMAN MEL

Firm Name Canaccord Genuity Corp Morgan Stanley BMO Capital Markets Clarus Securities Credit Suisse Macquarie RBS Morgans RBC Capital Markets EVA Dimensions Argonaut Securities Pty Ltd Paradigm Capital Inc GMP Deutsche Bank DJ Carmichael Pty Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst REG SPENCER BRENDAN FITZPATRICK ANDREW BREICHMANAS NANA SANGMUAH MICHAEL SLIFIRSKI MITCH RYAN JAMES WILSON GEOFF BREEN CRAIG STERLING TROY IRVIN DON MACLEAN LEVI SPRY CHRIS TERRY PAUL ADAMS

Source ULT-AGG EXCH EXCH EXCH ULT-AGG ULT-AGG EXCH MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG EXCH

Recommendation buy Equalwt/Attractive speculative outperform buy outperform neutral outperform outperform underweight speculative buy speculative buy buy not rated speculative buy

Amt Held 47'385'165 20'682'524 19'591'128 16'488'127 14'803'493 9'593'063 6'990'601 6'850'000 5'590'010 5'507'628 4'370'076 3'934'525 3'498'398 2'360'000 1'988'755 1'847'374 1'820'050 1'634'666 1'589'497 1'000'000

% Out 11.83 5.16 4.89 4.12 3.7 2.4 1.75 1.71 1.4 1.38 1.09 0.98 0.87 0.59 0.5 0.46 0.45 0.41 0.4 0.25

Weighting

Change

5 3 4 5 5 3 5 5 1 4 4 5 #N/A N/A 4

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

Latest Chg 681'722 (985'067) (160'194) 2'154'872 1'850'000 400'000 1'032'776 184'800 (10'410) (530'000) (200'000)

Target Price 1 0 1 1 1 1 1 1 #N/A N/A 1 1 1 #N/A N/A #N/A N/A

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

File Dt Inst Type 17.04.2013 Investment Advisor 12.03.2013 Investment Advisor 20.11.2012 Bank 22.10.2012 Insurance Company 05.04.2011 Bank 28.02.2013 Investment Advisor 18.12.2012 n/a 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.08.2011 Investment Advisor 16.04.2013 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Mutual Fund Manager 29.03.2013 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 n/a 30.09.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 28.08.2012 n/a

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

Date 17.04.2013 16.04.2013 15.04.2013 05.04.2013 03.04.2013 14.03.2013 06.03.2013 04.03.2013 01.03.2013 11.02.2013 01.02.2013 21.08.2012 22.02.2012 24.08.2011

19.04.2013

Exeter Resource Corp Exeter Resource Corporation explores for, evaluates, and develops mineral deposits in South America. The Company's focus is on gold exploration in Argentina and Chile.

Price/Volume 3

1.8 M 1.6 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.05.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance XRA US EQUITY YTD Change XRA US EQUITY YTD % CHANGE

12/2011 12/yy 2.62 0.87 43'310.00 0.9 -66.03% 3.45% 2.59% 88.4 79.57 0.00 0.0 0.0 55.52 24.05

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

1.20

1.2 M

1.0 M .8 M

.6 M .4 M

.2 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 0.0 (27.4) (27.0) -

1.4 M

31.12.2009 31.12.2010 0.0 0.0 (27.6) (29.9) (27.3) 83.8 Profitability

LTM-4Q 31.12.2011 0.0 (31.8) (30.9) -

31.12.2012 0.0 (26.0) (25.2) -25.97 -26.09 -39.05% -39.92% 0.00% 60.65 60.55 0.00% 0.00% 0.00 -

12/yy 0.0 #DIV/0! (31.8) 0.00x (31.0) 0.00x

LTM 12/yy 0.0 #DIV/0! (25.9) 0.00x (25.2) 0.00x

0.00 0.78 82.28 0.49 -62.81% -25.62% 0.777 4 2.750 354'291 269'218 217'685

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

(11.7) (11.5) (11.7) (11.5) S&P Issuer Ratings

.0 M a-13

0.00 0.0% 0.0% 0.00 0.00 -

Sales/Revenue/Turnover

1.0 0.9

1.00

0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

0.1 0.0

0.00

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

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

19.04.2013

Exeter Resource Corp Holdings By:

All

Holder Name VAN ECK ASSOCIATES C SPROTT INC GEOLOGIC RESOURCE PA ROWEN COMPANY LTD SUN VALLEY GOLD LLC TSP CAPITAL MANAGEME POLYGON MANAGEMENT L SIMPSON YALE R LIBRA ADVISORS LLC ROXBURGH BRYCE G RENAISSANCE TECHNOLO WELLS FARGO LOEWS CORPORATION UNIVERSAL INS HOLDIN LB SWISS INVESTMENT ROYCE AND ASSOCIATES OPPENHEIMER & CO INC TECHNICAL FINANCIAL FMR LLC PERKINS SIMON RICHAR

Firm Name Salman Partners BMO Capital Markets TD Securities Mine2Capital Inc

Portfolio Name n/a SPROTT INC GEOLOGIC RESOURCE PA n/a SUN VALLEY GOLD LLC TSP CAPITAL MANAGEME POLYGON MANAGEMENT L n/a LIBRA ADVISORS LLC n/a RENAISSANCE TECHNOLO n/a LOEWS CORPORATION n/a Multiple Portfolios Multiple Portfolios OPPENHEIMER & CO INC TFS CAPITAL LLC n/a n/a

Analyst DAVID WEST JOHN P HAYES DANIEL EARLE ALKA SINGH

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

Recommendation speculative buy Speculative Underperform speculative buy sell

Amt Held 5'857'880 3'328'200 3'050'700 2'600'000 2'445'758 2'413'000 2'062'713 1'709'350 1'546'988 1'409'450 807'700 785'000 642'545 537'725 500'000 463'400 402'861 395'202 272'400 270'652

% Out 6.63 3.76 3.45 2.94 2.77 2.73 2.33 1.93 1.75 1.59 0.91 0.89 0.73 0.61 0.57 0.52 0.46 0.45 0.31 0.31

Weighting

Change 4 2 4 1

M D M M

Latest Chg (694'273) (5'800) 1'012'800 100'000 381'741 691'500 2'062'713 13'600 (186'800) 305'300 (500) 329'447 463'400 (739) (90'298) 100 77'000

Target Price 8 #N/A N/A 2 1

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

File Dt 17.04.2013 31.12.2012 31.12.2012 09.02.2012 31.12.2012 31.12.2012 31.12.2012 26.12.2012 31.12.2012 02.05.2011 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 28.02.2013 02.02.2011

Date Not Provided Not Provided 12 month Not Provided

Inst Type Investment Advisor Hedge Fund Manager Hedge Fund Manager Corporation Hedge Fund Manager Investment Advisor Investment Advisor n/a Hedge Fund Manager n/a Hedge Fund Manager Investment Advisor Corporation Insurance Company Mutual Fund Manager Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor n/a

Date 17.04.2013 14.04.2013 12.02.2013 04.02.2013

19.04.2013

Richmont Mines Inc Richmont Mines, Inc. is a Canadian gold mining company. The Company owns and operates the Francoeur, Beaufor and East Amphi mines located in Quebec, the Nugget Pond and Hammerdown mines in Newfoundland, and the Island Gold Mine in Ontario.

Price/Volume 8

1.4 M

1.2 M

1.0 M

Latest Fiscal Year: LTM as of: 52-Week High (01.05.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RIC US EQUITY YTD Change RIC US EQUITY YTD % CHANGE

12/2008 12/yy 7.38 1.80 33'047.00 1.93 -74.25% 7.22% 2.69% 39.6 76.42 1.63 0.0 0.0 59.84 20.22

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

.6 M

3 2

.4 M

.2 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 70.6 0.43x 9.8 3.07x 1.6 29.71x

.8 M

Valuation Analysis

31.12.2009 31.12.2010 71.9 90.5 1.15x 1.31x 6.9 19.7 11.99x 5.99x 0.3 9.3 16.48x Profitability

LTM-4Q 31.12.2011 118.6 2.51x 40.5 7.36x 25.9 14.78x

31.12.2012 101.7 0.59x 8.2 7.34x (45.0) 8.18 -2.59 -2.54% -2.56% -28.47% -35.66% 0.66% 27.5% 7.6% -2.8% -44.2% 3.63 3.04 1.10% 1.38% 34.87 10.00

Price/ Cash Flow

12/yy 118.5 7.75x 40.5 7.36x 25.9 14.99x

LTM 12/yy 104.3 4.73x 7.9 7.62x (45.0) 0.00x

FY+1

.0 M a-13

0.00 1.22 33.26 0.61 -71.91% -35.88% 1.225 3 4.333 197'028 148'564 148'510 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 111.0 135.0 8.0 17.0 6.95x 4.66x 2.57x S&P Issuer Ratings

12.48 -45.23 -7.38 0.21 1.4% 1.4% 0.66 1.46 10.50 36.58 69.77 -23.79

Sales/Revenue/Turnover

50.00

140.0

45.00

120.0

40.00 35.00

100.0

30.00

80.0

25.00

60.0

20.00

40.0

15.00 10.00

20.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

19.04.2013

Richmont Mines Inc Holdings By:

All

Holder Name OXBRIDGE BANK & TRUS RESOLUTE FUNDS LTD CAISSE DE DEPOT ET P VAN ECK ASSOCIATES C RENAISSANCE TECHNOLO WEISS ASSET MANAGEME CHAMANDY H GREGORY ROYCE AND ASSOCIATES FIERA CAPITAL CORPOR PARADIGM CAPITAL MAN SPROTT INC TECHNICAL FINANCIAL US GLOBAL INVESTORS CANADA PENSION PLAN FMR LLC CONNOR CLARK & LUNN BOGLE INVESTMENT MAN HOULE REJEAN GOLDMAN SACHS ASSET MACKENZIE FINANCIAL

Firm Name Desjardins Securities CIBC World Markets Casimir Capital

Portfolio Name n/a n/a CAISSE DE DEPOT ET P n/a RENAISSANCE TECHNOLO n/a n/a ROYCE & ASSOCIATES L FIERA CAPITAL CORPOR PARADIGM CAPITAL MAN SPROTT INC TFS CAPITAL LLC US GLOBAL INVESTORS CANADA PENSION PLAN n/a CONNOR CLARK & LUNN BOGLE INVESTMENT MAN n/a Multiple Portfolios MACKENZIE FINANCIAL

Analyst ADAM MELNYK KEVIN CHIEW ERIC ALLISON

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

Recommendation buy sector perform overweight

Amt Held 5'016'363 3'617'600 2'730'000 2'645'068 2'060'300 1'968'700 995'509 923'765 710'095 672'980 645'500 318'842 260'000 185'200 145'300 137'000 120'105 76'500 57'200 55'750

% Out 12.67 9.14 6.89 6.68 5.2 4.97 2.51 2.33 1.79 1.7 1.63 0.81 0.66 0.47 0.37 0.35 0.3 0.19 0.14 0.14

Weighting

Change 5 3 5

Latest Chg 487'600 159'157 (198'400) (31'300) 14 (896'035) 420'295 92'400 17'183 (194'200) 115'300 (33'700) (112'503) (57'200) -

Target Price

M M M

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

File Dt 28.03.2013 28.01.2013 31.12.2012 17.04.2013 31.12.2012 29.01.2013 11.01.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 09.03.2012 30.11.2012 31.12.2012

Date 5 4 5

12 month Not Provided 12 month

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

Date 12.04.2013 11.04.2013 04.12.2012

19.04.2013

Orezone Gold Corp Orezone Gold Corporation is a gold exploration and development company. The Company is focused on the discovery and development of gold deposits in West Africa. Orezone Gold's current focus is projects in Burkina Faso.

Price/Volume 3

4.0 M 3.5 M

3.0 M 2

Latest Fiscal Year: LTM as of: 52-Week High (20.09.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ORE CN EQUITY YTD Change ORE CN EQUITY YTD % CHANGE

12/2012 12/yy 2.47 0.83 76'199.00 0.92 -64.78% 10.84% 3.66% 85.7 78.83 0.00 0.0 16.83 59.98

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

1.20

2.0 M 1.5 M

1.0 M 1

.5 M

0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 0.0 (3.2) (12.8) -

2.5 M

Valuation Analysis

31.12.2009 31.12.2010 0.0 0.0 (2.0) (8.4) (1.8) (8.9) Profitability

LTM-4Q 31.12.2011 0.0 (31.6) (30.3) -

31.12.2012 0.0 (28.5) (4.8) -28.53 -29.71 -13.42% -14.02% 0.00% 9.69 8.98 0.00% 0.00% 0.00

12/yy 0.0 #DIV/0! (31.6) 0.00x (30.3) 0.00x

LTM 12/yy 0.0 #DIV/0! (28.5) 0.00x (4.8) 0.00x

0.00 1.22 80.61 0.26 -48.31% -45.88% 1.221 9 4.333 285'743 183'971 145'801

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

(16.6) 12.7 4.72x (15.8) (9.2) 68.96x S&P Issuer Ratings

.0 M a-13

-1875.44 -1968.91 0.00 0.0% 0.0% 0.00 4771.61 -

Sales/Revenue/Turnover

1.0 0.9

1.00

0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

0.1 0.0

0.00

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

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

19.04.2013

Orezone Gold Corp Holdings By:

All

Holder Name SUN VALLEY GOLD LLC VAN ECK ASSOCIATES C PASSPORT CAPITAL LLC JP MORGAN TOCQUEVILLE ASSET MA FIRST EAGLE INVESTME BEUTEL GOODMAN & COM GLOBAL STRATEGY FINA LITTLE RONALD HALVORSON MICHAEL FIRST CANADIAN MUTUA LOMBARD ODIER DARIER AGF INVESTMENTS INC IG INVESTMENT MANAGE QUANTEX AG FALCON FUND MANAGEME MARQUIS PASCAL FMR LLC SMITH & WILLIAMSON H GCIC LTD/CANADA

Firm Name BMO Capital Markets CIBC World Markets Canaccord Genuity Corp National Bank Financial Casimir Capital RBC Capital Markets Desjardins Securities GMP Raymond James

Portfolio Name n/a n/a n/a n/a TOCQUEVILLE ASSET MA Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios

Analyst ANDREW BREICHMANAS JEFF KILLEEN NICHOLAS CAMPBELL PAOLO LOSTRITTO STUART MCDOUGALL JONATHAN GUY ADAM MELNYK ANDREW MIKITCHOOK BRAD HUMPHREY

Source SEDI ULT-AGG Co File ULT-AGG 13F MF-AGG MF-AGG MF-AGG SEDI SEDI MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG SEDI ULT-AGG ULT-AGG MF-AGG

Recommendation market perform sector outperform speculative buy outperform speculative buy sector perform buy buy outperform

Amt Held 12'024'600 11'225'518 7'183'500 6'459'738 3'393'687 3'307'970 2'117'000 1'926'187 1'840'639 1'431'798 1'121'600 993'762 987'425 899'800 890'000 739'625 658'519 372'100 360'319 302'000

% Out 14.03 13.1 8.38 7.54 3.96 3.86 2.47 2.25 2.15 1.67 1.31 1.16 1.15 1.05 1.04 0.86 0.77 0.43 0.42 0.35

Weighting

Change 3 5 4 5 4 3 5 5 5

Latest Chg 3'654'500 (1'894'100) 161'575 (18) 6'178 50'000 (12'600) (20'000) 27'270 302'000

Target Price

M M M M M M M M M

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

File Dt 13.07.2012 17.04.2013 31.12.2011 31.12.2012 31.12.2012 30.09.2012 28.02.2013 28.09.2012 26.04.2012 10.05.2012 30.11.2012 28.02.2013 28.09.2012 31.01.2013 29.03.2013 28.02.2013 17.02.2012 28.02.2013 28.02.2013 31.12.2012

Date 2 3 4 3 3 1 4 3 3

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

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

Date 15.04.2013 11.04.2013 11.04.2013 09.04.2013 09.04.2013 28.03.2013 28.03.2013 28.03.2013 11.02.2013

19.04.2013

Ramelius Resources Ltd Ramelius Resources Limited is a gold exploration and production company with exploration activities focused in Western Australia. The Company also explores for base metals.

Price/Volume 1

25.0 M

1 20.0 M

1 1

15.0 M

1 0

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.04.2012) 52-Week Low (16.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RMS AU EQUITY YTD Change RMS AU EQUITY YTD % CHANGE

06/2012 01/yy 0.83 0.21 1'889'993.00 0.205 -75.15% 0.00% 0.81% 337.6 69.22 4.24 0.0 0.0 48.76 29.91

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

5.0 M

0 0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M a-13

f-13 m-13

Fiscal Year Ended 30.06.2008 14.9 6.95x 2.2 46.27x 0.6 191.25x

10.0 M

30.06.2009 30.06.2010 19.9 61.3 0.81x 11.8 38.0 1.30x 5.0 20.2 19.23x 5.93x Profitability

30.06.2011 148.1 1.95x 108.6 2.66x 62.4 5.98x

30.06.2012 84.3 1.40x 12.8 9.27x 2.3 66.44x 12.78 1.64 1.94% 5.19% -6.80% -9.34% 0.40% 32.6% -9.1% -19.7% 2.8% 3.17 1.53 1.49% 2.09% 18.20 6.00

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 0.94 306.69 5.84 -74.38% -53.41% 0.941 4 3.500 2'884'677 2'299'294 2'114'293 FY+2

06/13 Y 06/14 Y 137.5 182.7 0.26x -0.03x 35.0 70.5 0.85x 0.42x 18.4 39.3 3.73x 1.72x S&P Issuer Ratings

FQ+1

FQ+2

6.84 -31.59 -0.36 2.1% 2.0% 0.40 0.71 20.11 61.01 65.93 130.79

Sales/Revenue/Turnover

60.00

160.0 140.0

50.00

120.0 40.00

100.0 80.0

30.00

60.0

20.00

40.0 10.00 0.00 03.07.2009

20.0 0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

19.04.2013

Ramelius Resources Ltd Holdings By:

All

Holder Name SPROTT INC VAN ECK ASSOCIATES C PARADICE INVESTMENT BEACH ENERGY LTD MANDURANG PTY LTD NELSON REGINALD GEOR DIMENSIONAL FUND ADV MACQUARIE GROUP HOULDSWORTH JOSEPH F SCHRODER INVESTMENT VANGUARD INVESTMENTS KENNEDY ROBERT MICHA GORDON IAN JAMES FMR LLC PRUDENTIAL FINANCIAL MERRICKS CAPITAL SPE VANGUARD GROUP INC BESSEMER GROUP INCOR BLACKROCK DIMENSIONAL FUND ADV

Firm Name Ord Minnett Argonaut Securities Pty Ltd EVA Dimensions Casimir Capital

Portfolio Name n/a n/a #N/A N/A n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst DAVID BRENNAN PATRICK CHANG TEAM COVERAGE ERIC ALLISON

Source EXCH ULT-AGG EXCH EXCH EXCH Co File MF-AGG ULT-AGG EXCH MF-AGG MF-AGG EXCH EXCH ULT-AGG ULT-AGG EXCH MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation buy hold underweight overweight

Amt Held 23'947'605 23'646'913 15'269'179 14'053'269 6'442'856 5'331'984 2'687'685 2'510'025 2'374'259 2'125'196 1'787'654 1'557'144 1'099'021 980'000 608'253 279'000 180'600 156'786 121'715 101'750

% Out 7.09 7 4.52 4.16 1.91 1.58 0.8 0.74 0.7 0.63 0.53 0.46 0.33 0.29 0.18 0.08 0.05 0.05 0.04 0.03

Weighting

Change 5 3 1 5

M M D M

Latest Chg (5'818'592) (3'686'804) (6'046'734) (197'128) 295'639 1'526 90'000 500'000 192'732 (1'544'752) -

Target Price 0 0 #N/A N/A 1

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

File Dt Inst Type 06.02.2013 Hedge Fund Manager 17.04.2013 Investment Advisor 16.04.2013 Investment Advisor 21.06.2011 Corporation 27.02.2013 Other 27.08.2012 n/a 31.07.2012 Investment Advisor 31.08.2011 Investment Advisor 26.05.2011 n/a 31.12.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 27.02.2013 n/a 26.11.2012 n/a 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 28.07.2010 Other 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 16.04.2013 Investment Advisor 31.01.2013 Investment Advisor

Date Not Provided 12 month Not Provided 12 month

Date 17.04.2013 21.01.2013 05.09.2012 06.05.2012

19.04.2013

San Gold Corp San Gold Corporation explores and develops mineral properties. The Company is focusing on the development of its gold mine located in Manitoba, Canada.

Price/Volume 2

25.0 M

20.0 M

1 1

Latest Fiscal Year: LTM as of: 52-Week High (06.06.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SGR CN EQUITY YTD Change SGR CN EQUITY YTD % CHANGE

12/2012 12/yy 1.61 0.16 93'483.00 0.18 -88.82% 12.50% 1.72% 335.2 60.34 3.12 0.0 0.0 11.58 51.88

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

10.0 M

1 0

5.0 M

0 0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 8.7 31.33x (44.1) (33.4) -

15.0 M

Valuation Analysis

31.12.2009 31.12.2010 27.8 58.0 34.61x 19.66x (29.7) (18.9) (29.5) (24.6) Profitability

LTM-4Q 31.12.2011 114.1 5.05x 12.5 46.18x (5.1) -

31.12.2012 142.1 1.76x 35.9 6.96x (13.2) 35.89 -12.41 -8.73% -12.29% -5.23% -5.91% 0.56% 14.5% 25.2% -8.7% -9.3% 1.46 0.86 1.17% 1.34% 11.21 8.33

Price/ Cash Flow

12/yy 114.1 25.74x 12.5 46.18x (5.1) 0.00x

LTM 12/yy 142.1 9.22x 35.9 6.96x (13.2) 0.00x

FY+1

.0 M a-13

0.00 1.38 323.57 0.34 -87.14% -76.62% 1.385 7 2.429 2'522'245 1'820'615 2'575'203 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 130.5 169.5 38.8 54.7 1.34x 0.95x (19.4) 6.3 S&P Issuer Ratings

91.77 -106.87 -0.24 0.09 1.3% 1.3% 0.56 0.72 32.64 43.94 34.65 41.93

Sales/Revenue/Turnover

600.00

160.0 140.0

500.00

120.0 400.00

100.0 80.0

300.00

60.0

200.00

40.0 100.00 0.00 01.01.2010

20.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

19.04.2013

San Gold Corp Holdings By:

All

Holder Name GCIC LTD/CANADA VAN ECK ASSOCIATES C UNITED SERVICES AUTO JOHN HANCOCK ADVISER SPROTT INC IG INVESTMENT MANAGE WYNNE HUGH FRANKLIN RESOURCES MANULIFE ASSET MANAG GLOBAL STRATEGY FINA FMR LLC SCOTIA ASSET MANAGEM TD ASSET MANAGEMENT LB SWISS INVESTMENT BHR FUND ADVISORS LP VANGUARD GROUP INC GINN DALE SHARE SICAV FORUM INVESTMENT ADV HUBERT BENJAMIN ARTH

Firm Name CIBC World Markets TD Securities National Bank Financial BMO Capital Markets Cowen Securities LLC Stonecap Securities Inc EVA Dimensions Mackie Research Capital Corp. Raymond James

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a

Analyst COSMOS CHIU DANIEL EARLE PAOLO LOSTRITTO BRIAN QUAST ADAM P GRAF CHRISTOS DOULIS CRAIG STERLING BARRY D ALLAN FORBES GEMMELL

Source Co File ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG SEDI ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG SEDI MF-AGG MF-AGG SEDI

Recommendation sector underperform hold Under Review underperform hold underperform hold buy Under Review

Amt Held 41'625'000 26'426'592 13'600'000 12'158'575 9'190'700 9'041'600 8'160'002 8'001'200 5'856'803 3'188'303 2'006'900 1'900'000 1'875'000 1'600'000 1'400'000 1'378'186 1'336'140 1'306'600 1'214'755 1'181'200

% Out 12.42 7.88 4.06 3.63 2.74 2.7 2.43 2.39 1.75 0.95 0.6 0.57 0.56 0.48 0.42 0.41 0.4 0.39 0.36 0.35

Weighting

Change

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

M M M M M M U M M

Latest Chg (1'406'400) (87'832) 3'200'000 3'980'808 20'500 300'000 45'000 368'089 (2'960'000) (193'600) (40'000) 30'000 176'300 796'340 (50'000)

Target Price 1 0 #N/A N/A 0 #N/A N/A 0 #N/A N/A 1 #N/A N/A

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

File Dt Inst Type 30.11.2012 Investment Advisor 17.04.2013 Investment Advisor 30.11.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.01.2013 Investment Advisor 24.05.2011 n/a 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 21.06.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 03.05.2011 n/a

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

Date 17.04.2013 17.04.2013 17.04.2013 16.04.2013 09.04.2013 27.03.2013 13.02.2013 12.02.2013 05.02.2013