Fundamental Equity Analysis - QMS Gold Miners FlexIndex 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 QMS Gold Miners FlexIndex The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry. July 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

14827808

2000.805

1118

204

220

102.41

110.19

15.69

14.58

18.73

Euro Stoxx 50 Pr

EUR

2548017

5339.84

4610

738

771

205.58

300.90

21.67

17.15

14.81

20.37

NIKKEI 225

JPY

2653801

188.4611

192

5.43

7.94

0.26

0.24

0.18

0.11

FTSE 100 INDEX

GBP

2606011

11425.82

10175

1424

1682

592.58

812.01

24.49

21.53

17.88

21.45

SWISS MARKET INDEX

CHF

1029308

10842.85

4132

868

835

420.45

562.22

20.54

17.05

15.36

22.32

S&P/TSX COMPOSITE INDEX

CAD

1561598

16437.06

8368

1784

1983

737.92

823.55

14.85

13.31

23.26

S&P/ASX 200 INDEX

AUD

1209852

5805.067

2584

555

632

227.09

302.19

17.45

14.28

13.11

20.39

HANG SENG INDEX

HKD

1603954

3014.557

1669

356

397

278.82

270.43

1.24

1.41

1.28

2.92

MSCI EM

USD

7107686

1301.645

969

188

180

82.42

90.56

11.41

11.60

10.38

19.23

GOLDCORP INC

USD

20080

13961

812

20.55

5435

5101

4677

5879

2798

2532

555

1.99

1.70

1.27

1.83

14.51

19.44

13.51

1.36

13.48

19.78

21.03

49.64

BBB+

01.06.2009

Baa2

13.03.2013

BARRICK GOLD CORP

USD

15758

31012

1001

30.91

14547

14340

13188

13960

7358

7071

1475

3.74

3.30

2.90

2.93

4.77

5.43

5.38

2.18

13.61

-11.64

24.49

49.31

BBB

26.04.2013

Baa2

24.04.2013

NEWMONT MINING CORP

USD

14943

21350

497

23.11

9868

9362

8841

10057

4169

3731

711

3.71

3.34

2.41

2.93

8.97

12.42

10.22

-4.73

4.99

-19.24

19.37

39.85

BBB+

11.08.2008

Baa1

26.07.2010

RANDGOLD RESOURCES LTD-ADR

USD

5905

1871

5.81

1318

1331

1319

1740

699

689

4.65

4.48

4.06

6.36

14.29

15.75

10.07

16.92

27.97

20.16

53.34

51.75

YAMANA GOLD INC

USD

7155

13005

7.72

2337

2312

2353

2883

1269

1164

241

0.69

0.98

13.70

9.73

7.52

14.54

0.53

26.81

50.35

GOLD FIELDS LTD-SPONS ADR

USD

3884

6925

28916

38146

28744

31456

14243

18261

12281

5.29

7.53

9.79

6.88

14.46

8.58

5.29

13.85

47.87

BB+

15.11.2012

SILVER WHEATON CORP

USD

6975

9886

850

856

854

969

701

700

148

1.39

1.54

14.18

12.74

16.38

43.77

13.36

43.74

81.79

ANGLOGOLD ASHANTI-SPON ADR

USD

5511

3469

52160

51968

61184

70391

19105

17635

20567

14.10

26.22

10.01

5.38

-4.14

11.91

-17.82

86.63

33.93

BBB-

10.12.2012

CIA DE MINAS BUENAVENTUR-ADR

USD

4068

3412

4.30

1564

1492

1601

1718

569

518

199

2.69

2.27

2.11

1.97

6.49

6.47

7.00

7.48

0.44

14.04

-30.59

7.40

34.71

NEW GOLD INC

USD

3062

6485

3.24

791

824

921

985

390

388

0.37

0.51

17.21

12.61

13.70

39.01

13.39

63.80

47.02

BB-

27.03.2012

AGNICO EAGLE MINES LTD

USD

4761

3530

5.28

1918

1865

1673

1988

787

735

111

0.95

1.55

28.90

17.83

5.26

38.09

4.59

31.64

39.41

12.03.2003

05.03.2002

ELDORADO GOLD CORP

USD

4419

8458

4.63

1148

1214

1227

1338

584

631

114

0.38

0.45

16.18

13.76

3.97

58.56

-9.24

53.95

51.94

13.11.2012

Ba3

12.11.2012

KINROSS GOLD CORP

USD

5822

20939

1140

6.63

4311

4333

3903

3963

1962

1981

338

0.77

0.74

0.39

0.47

6.89

13.21

10.83

12.20

27.96

1.87

40.67

45.72

BBB-

15.08.2011

Baa3

15.08.2011

ROYAL GOLD INC

USD

2709

2188

2.35

263

292

298

358

233

260

1.63

1.45

1.51

1.97

28.96

27.96

21.41

21.52

33.98

25.17

44.69

88.90

HARMONY GOLD MNG-SPON ADR

USD

1658

4247

15169

16353

17453

21284

4222

3140

4857

3.88

4.80

9.70

7.84

30.81

9.67

79.35

16.71

19.20

IAMGOLD CORP

USD

1631

13844

1.71

1670

1571

1389

1590

710

642

127

0.46

0.60

9.37

7.25

-0.19

12.44

-9.54

30.21

40.84

BB-

10.09.2012

PAN AMERICAN SILVER CORP

USD

1762

4614

1.32

929

943

897

978

362

345

0.61

0.81

18.96

14.37

8.57

24.85

-18.81

25.23

36.62

FIRST MAJESTIC SILVER CORP

USD

1238

2422

1.16

247

256

320

474

135

132

0.74

1.21

14.37

8.78

0.68

59.29

-13.49

101.01

51.60

COEUR MINING INC

USD

1350

3888

1.37

895

863

849

998

378

343

0.59

0.68

0.43

1.11

19.56

31.07

11.99

-12.31

37.42

-28.81

43.35

39.75

B+

25.06.2012

24.01.2013

AURICO GOLD INC

USD

1079

5960

0.98

164

285

374

0.22

0.36

19.77

12.31

94.95

15.72

2151.89

ALLIED NEVADA GOLD CORP

USD

673

11451

1.01

215

225

348

588

0.54

0.67

1.34

11.91

9.72

4.84

41.13

95.75

43.59

07.06.2012

16.05.2012

HECLA MINING CO

USD

850

11906

285

0.71

321

306

480

665

0.07

0.12

0.10

0.28

24.83

29.50

10.53

-32.76

22.69

-63.53

10.36

24.02

04.04.2013

02.04.2013

NEVSUN RESOURCES LTD

USD

587

1146

0.40

566

488

291

668

426

347

0.25

0.84

11.66

3.53

3.34

-0.64

71.21

AURIZON MINES LTD

USD

635

5181

0.48

224

210

0.06

0.19

67.51

21.32

-14.02

5.97

-26.18

14.15

37.08

SILVER STANDARD RESOURCES

USD

512

1545

0.23

241

252

-6

-0.27

-0.16

63.09

38.56

25.82

SEABRIDGE GOLD INC

USD

430

767

0.41

-16

-15

-0.22

-0.46

20.14

TANZANIAN ROYALTY EXPLORATIO

USD

272

701

0.27

-5

-16.99

GOLDEN STAR RESOURCES LTD

USD

109

28562

259

0.16

551

552

125

117

-0.05

-0.16

-0.10

0.07

16.89

21.87

35.80

83.24

21.18

VISTA GOLD CORP

USD

5706

0.02

-36

-0.54

-0.51

-0.27

-0.25

-26.58

GREAT BASIN GOLD LTD

USD

3503

0.32

170

145

-26

70.83

-18.00

ARGONAUT GOLD INC

CAD

806

1336

149

0.62

178

196

194

253

102

112

0.65

0.60

0.36

0.50

8.16

75.04

87.25

54.21

TOREX GOLD RESOURCES INC

CAD

767

5955

604

0.40

-57

-61

-0.13

-0.14

-0.08

-73.37

LIONGOLD CORP LTD

SGD

804

7738

922

0.77

-12

-0.02

-0.03

17.94

6.97

-155.65

1.17

CHINA GOLD INTERNATIONAL RES

CAD

1055

641

396

1.13

316

315

PERSEUS MINING LTD

CAD

213

2455

0.19

138

SANDSTORM GOLD LTD

CAD

539

970

0.46

OCEANAGOLD CORP

CAD

363

1144

294

0.56

MEDUSA MINING LTD

AUD

273

2634

189

DUNDEE PRECIOUS METALS INC

CAD

515

867

126

RIO ALTO MINING LTD

CAD

326

942

176

AURIZON MINES LTD

USD

635

5181

ENDEAVOUR SILVER CORP

USD

342

2212

CONTINENTAL GOLD LTD

CAD

397

858

108

RUBICON MINERALS CORP

CAD

370

1239

288

SILVERCORP METALS INC

USD

482

1834

EVOLUTION MINING LTD

AUD

373

2690

CHINA PRECIOUS METAL RESOURC

HKD

724

2756

SEABRIDGE GOLD INC

USD

430

767

BEADELL RESOURCES LTD

AUD

369

6220

RESOLUTE MINING LTD

AUD

347

4561

254

7.99

188

446

204

459

6.00

13.67

9.83

320

521

132

141

121

0.17

0.14

0.15

13.82

16.86

16.32

6.43

-1.24

42.61

284

340

121

0.09

0.13

5.08

3.66

0.24

0.16

0.34

32.79

32.98

15.61

82.39

87.09

58.01

366

373

500

555

137

161

0.08

0.10

0.17

0.22

10.68

6.42

5.02

-2.44

13.24

-11.45

63.77

41.00

0.24

100

209

0.24

0.26

0.35

0.71

4.63

3.45

1.72

-41.88

86.44

-47.76

63.64

0.51

366

355

393

439

0.37

0.32

0.51

0.76

12.00

7.67

5.09

12.97

41.31

0.28

301

267

313

299

165

126

0.54

0.39

0.41

0.42

4.51

4.28

4.20

44.84

0.48

224

210

0.06

0.19

67.51

21.32

-14.02

5.97

-26.18

14.15

37.08

0.34

208

229

238

281

0.27

0.40

12.56

8.64

62.57

53.81

38.56

38.27

0.22

-11

-0.07

-0.10

-0.08

-0.09

0.23

-11

-0.04

-0.03

0.03

41.39

44.25

0.44

182

254

354

0.30

0.50

9.40

5.70

-23.68

11.35

-41.73

3.36

50.02

707

0.41

431

584

558

627

175

196

0.06

0.17

0.08

0.09

2.87

6.35

5.33

261.59

496.24

30.83

4351

1.01

210

233

303

144

0.02

1.38

1.28

1.06

5.84

26.55

4.61

8.88

0.41

-16

-15

-0.22

-0.46

20.14

742

0.49

280

304

-13

135

-0.04

-0.05

0.12

0.15

3.57

2.87

55.37

636

0.29

529

567

605

529

233

239

0.15

0.23

0.21

0.11

2.13

2.34

4.47

27.13

26.81

120.30

96.07

38.62

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

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

Minority Interest (USD)

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

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

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

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

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

S&P LT Credit Rating -

S&P LT Credit Rating Date

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

S&P 500 INDEX

USD

14827808

2000.805

1118

204

220

102.41

110.19

15.69

14.58

18.73

Euro Stoxx 50 Pr

EUR

2548017

5339.84

4610

738

771

205.58

300.90

21.67

17.15

14.81

20.37

NIKKEI 225

JPY

2653801

188.4611

192

5.43

7.94

0.26

0.24

0.18

0.11

FTSE 100 INDEX

GBP

2606011

11425.82

10175

1424

1682

592.58

812.01

24.49

21.53

17.88

21.45

SWISS MARKET INDEX

CHF

1029308

10842.85

4132

868

835

420.45

562.22

20.54

17.05

15.36

22.32

S&P/TSX COMPOSITE INDEX

CAD

1561598

16437.06

8368

1784

1983

737.92

823.55

14.85

13.31

23.26

S&P/ASX 200 INDEX

AUD

1209852

5805.067

2584

555

632

227.09

302.19

17.45

14.28

13.11

20.39

HANG SENG INDEX

HKD

1603954

3014.557

1669

356

397

278.82

270.43

1.24

1.41

1.28

2.92

MSCI EM

USD

7107686

1301.645

969

188

180

82.42

90.56

11.41

11.60

10.38

19.23

ENDEAVOUR MINING CORP

CAD

220

5809

391

0.37

329

366

456

543

129

130

0.13

0.08

5.26

3.86

6.26

130.81

204.08

37.42

FORTUNA SILVER MINES INC

CAD

417

1074

125

0.33

153

163

201

0.26

0.22

0.30

13.75

13.81

10.07

44.08

45.08

42.57

64.01

38.42

MCEWEN MINING INC

USD

499

27070

296

0.45

-92

-67

-0.19

-0.17

-0.05

0.04

48.00

-54.81

-171.96

MAG SILVER CORP

CAD

352

183

0.32

-13

-3

-0.21

-0.23

-0.17

-0.19

-38.94

PRIMERO MINING CORP

CAD

516

618

0.39

174

176

191

238

0.51

0.48

0.39

0.52

8.33

10.38

7.76

16.03

6.02

36.89

KINGSGATE CONSOLIDATED LTD

AUD

186

2249

151

0.31

328

341

311

332

151

0.48

0.32

0.18

0.15

3.54

6.12

7.65

98.45

77.23

134.54

TIMMINS GOLD CORP

CAD

318

698

144

0.31

148

158

187

204

0.24

0.30

0.31

6.89

6.66

6.83

83.78

57.10

43.49

ST BARBARA LTD

AUD

208

3497

325

0.35

496

478

480

572

205

184

0.38

0.25

0.07

0.12

1.56

5.61

3.26

46.32

25.52

96.25

77.54

35.34

15.03.2013

PREMIER GOLD MINES LTD

CAD

260

2188

149

0.20

-12

-13

-0.14

-0.10

0.01

-0.07

133.80

-5.07

-1376.44

NORTHERN STAR RESOURCES LTD

AUD

247

3841

402

0.21

105

0.05

0.07

0.08

7.26

7.76

-12.29

4.80

46.49

TANZANIAN ROYALTY EXPLORATIO

USD

272

701

0.27

-5

-16.99

REAL GOLD MINING LTD

HKD

1032

907

0.49

176

153

0.12

0.94

0.95

4.55

7.03

11.19

GOLDEN STAR RESOURCES LTD

USD

109

28562

259

0.16

551

552

125

117

-0.05

-0.16

-0.10

0.07

16.89

21.87

35.80

83.24

21.18

ROMARCO MINERALS INC

CAD

262

1412

585

0.20

-11

-8

-0.02

-0.01

21.42

BANRO CORPORATION

CAD

196

1904

202

0.34

133

326

-0.02

0.03

0.04

0.34

24.70

2.06

28.29

COLOSSUS MINERALS INC

CAD

145

1722

106

0.17

159

-31

-27

-6

-0.27

-0.16

-0.12

0.27

3.92

-11.63

RAINY RIVER RESOURCES LTD

CAD

338

7315

100

0.24

-61

-14

-0.69

-0.59

-0.19

-0.13

-286.68

SULLIDEN GOLD CORP LTD

CAD

203

700

243

0.18

-11

-4

-0.06

-0.04

-34.70

ASANKO GOLD INC

CAD

182

598

-34

-35

-0.47

-0.25

-0.23

-0.16

6.98

BEAR CREEK MINING CORP

CAD

149

218

0.08

-30

-26

-0.32

-0.28

-0.20

-0.06

-5.61

PARAMOUNT GOLD AND SILVER

USD

185

1707

0.17

-18

-17

-9

-0.06

-59.56

-54.62

-27663.33

KIRKLAND LAKE GOLD INC

CAD

295

997

0.35

152

132

224

0.54

-0.01

0.02

0.38

51.98

59.45

105.42

16.70

GUYANA GOLDFIELDS INC

CAD

162

531

0.04

393

-8

-7

-0.09

-0.06

-0.07

-0.06

18.65

HIGHLAND GOLD MINING LTD

GBp

265

325

0.33

535

701

247

239

0.58

0.41

0.49

3.28

3.27

26.18

37.68

5.46

62.71

70.14

INDOPHIL RESOURCES NL

AUD

292

853

1203

0.08

-16

0.00

51.60

-113.62

LYDIAN INTERNATIONAL LTD

CAD

148

418

127

0.06

-0.05

-0.06

-0.03

-0.02

SABINA GOLD & SILVER CORP

CAD

175

621

174

0.08

-11

-0.08

-0.03

-17.79

LAKE SHORE GOLD CORP

CAD

125

3041

416

0.23

126

144

185

233

-0.21

-0.02

0.03

11.09

95.83

396.33

29.00

BRIGUS GOLD CORP

USD

118

1129

0.19

118

136

148

160

0.12

4.18

4.36

63.78

239.92

60.49

46.39

GREAT PANTHER SILVER LTD

USD

104

546

0.08

0.02

0.04

52.96

21.47

5.74

21.76

-28.90

19.63

INTREPID MINES LTD

AUD

143

2307

555

0.12

-44

-0.10

-0.12

-0.01

-19.91

VISTA GOLD CORP

USD

5706

0.02

-36

-0.54

-0.51

-0.27

-0.25

-26.58

ALEXCO RESOURCE CORP

USD

688

0.06

-0.21

-0.17

87.81

276.59

160.76

26.11

ATAC RESOURCES LTD

CAD

320

104

0.06

-1

-0.08

-0.02

-0.03

-0.04

SCORPIO MINING CORP

CAD

642

198

0.03

0.04

0.03

10.77

-23.75

-49.20

28.55

MIDWAY GOLD CORP

USD

121

1954

128

0.10

-14

-16

-0.12

-0.11

-0.13

21.14

PATAGONIA GOLD PLC

GBp

117

813

0.12

-24

-0.03

79.12

GRYPHON MINERALS LTD

AUD

5118

348

0.00

-7

-0.01

45.27

DRDGOLD LTD-SPONSORED ADR

USD

209

1764

1959

2066

2096

380

400

460

6.82

7.43

27.89

7.86

62.47

13.51

20.40

RED 5 LTD

AUD

113

-3

-4

-0.01

-0.06

0.21

39.77

-27.08

LINGBAO GOLD CO LTD-H

HKD

134

824

892

850

0.03

0.02

0.65

0.62

1.49

INTL TOWER HILL MINES LTD

USD

454

-56

-57

-0.09

-0.04

SARACEN MINERAL HOLDINGS LTD

AUD

4332

595

192

184

0.04

-0.02

0.05

0.06

EXETER RESOURCE CORP

USD

226

-26

-23

-0.29

-0.26

-0.13

-0.11

RICHMONT MINES INC

USD

RAMELIUS RESOURCES LTD

AUD

GOLDEN MINERALS CO

133

446

147

459

147

582

-0.04

0.10

6.00

16.10

221.11

4.64

10.42

7.86

135

818

770

0.62

0.04

0.07

169

171

0.01

207

0.02

102

100

105

134

-0.08

-0.21

0.05

0.36

35.54

3181

336

0.01

106

117

145

-10

0.01

-0.06

0.00

0.03

24.76

USD

3145

0.02

-35

-31

-6

-1.44

-1.37

-0.45

-0.34

SAN GOLD CORP

CAD

4399

335

0.04

135

124

125

160

-0.04

-0.06

-0.07

-0.03

OREZONE GOLD CORP

CAD

306

0.02

-27

-29

-0.06

-0.10

-0.13

GRAN COLOMBIA GOLD CORP

CAD

107

0.19

160

155

-1.90

-1.43

-1.49

161

191

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

6.40

10.53

3.81

9.79

7.21

0.78

0.85

1.52

2.37

-1.33

0.92

-463.04

1.90

1.75

16.55

5.59

25.48

17.44

4.44

-14.20

11.05

-79.79

8.26

2.89

3.75

-39.49

160.51

-80.92

7.99

-8.33

1320.81

45.58

-120.89

23.33

132.20

178.55

17.95

-0.06

9.26

0.29

21.07

833.21

6.36

5.60

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.25

2.06

1.89

2.25

1.44

1.37

1.32

1.44

10.14

9.46

9.81

10.14

9.09

8.38

7.83

9.09

14.58

13.09

11.89

14.58

2.17

2.34

2.52

2.17

1775.4

10.5%

Euro Stoxx 50 Pr

1.14

1.08

1.02

1.14

0.74

0.72

0.70

0.74

5.65

5.18

4.72

5.65

6.93

6.55

6.19

6.93

11.34

10.12

9.11

11.35

4.40

4.68

5.04

4.40

2974.5

13.7%

NIKKEI 225

1.51

1.41

1.31

1.51

0.72

0.70

0.68

0.72

8.87

8.20

7.47

8.87

8.66

8.02

7.54

8.66

17.52

15.59

14.02

17.52

1.66

1.81

1.96

1.66

14876.5

7.4%

FTSE 100 INDEX

1.66

1.55

1.45

1.66

0.94

0.91

0.93

0.94

8.24

8.25

7.48

6.85

8.24

6.79

6.40

6.01

6.79

11.75

10.70

9.86

11.75

3.98

4.28

4.66

3.98

6996.7

11.6%

SWISS MARKET INDEX

2.32

2.15

2.00

2.32

1.98

1.88

1.80

1.98

11.84

10.80

9.66

11.84

12.99

11.96

11.20

12.99

14.52

13.07

11.91

14.52

3.34

3.73

4.27

3.34

8621.0

11.8%

S&P/TSX COMPOSITE INDEX

1.61

1.50

1.40

1.61

1.38

1.42

1.47

1.38

8.15

7.35

6.12

8.15

8.29

7.33

6.76

8.29

14.00

12.35

11.27

14.00

3.32

3.47

3.64

3.32

14185.0

16.9%

S&P/ASX 200 INDEX

1.78

1.69

1.59

1.78

1.67

1.58

1.50

1.67

10.55

9.37

8.52

10.55

9.18

8.18

7.48

9.18

14.29

12.81

11.68

14.29

4.80

5.11

5.48

4.80

5209.2

10.6%

HANG SENG INDEX

1.24

1.14

1.05

1.24

1.61

1.48

1.37

1.61

7.39

7.04

6.63

7.39

7.59

6.93

6.31

7.59

9.92

9.14

8.35

9.92

3.88

4.18

4.59

3.88

24826.0

19.3%

MSCI EM

1.36

1.25

1.14

1.36

0.97

0.91

0.85

0.97

6.72

6.16

5.71

6.72

7.24

6.56

6.12

7.24

10.38

9.35

8.58

10.38

2.97

3.29

3.61

2.97

1132.2

20.4%

GOLDCORP INC

0.90

0.86

0.84

0.81

0.70

3.64

4.29

3.42

3.09

2.56

8.69

10.87

8.23

6.69

5.17

6.96

9.40

6.60

5.63

4.44

12.48

19.44

13.51

11.98

8.13

2.17

2.39

2.41

2.43

35.58

43.9%

BARRICK GOLD CORP

0.61

0.68

0.66

0.61

0.51

1.11

1.19

1.13

1.15

1.02

2.86

3.51

3.38

3.21

2.86

4.14

4.86

4.65

4.54

3.75

4.14

5.43

5.38

5.56

4.27

4.78

5.10

5.13

5.21

6.99

25.53

62.2%

NEWMONT MINING CORP

1.09

1.04

1.00

0.97

0.95

1.49

1.69

1.49

1.51

1.59

4.96

5.97

5.20

5.90

8.23

5.35

7.64

6.41

6.57

6.93

8.42

12.42

10.22

11.57

13.90

4.79

4.18

3.99

3.33

4.01

38.30

27.9%

RANDGOLD RESOURCES LTD-ADR

2.26

1.97

1.69

1.47

4.36

4.48

3.39

3.44

3.77

10.08

9.79

6.57

5.92

9.74

8.13

8.77

6.25

5.74

6.75

13.56

15.75

10.07

9.36

10.22

0.76

0.74

0.89

1.00

108.64

69.8%

YAMANA GOLD INC

0.91

0.89

0.84

0.80

3.01

3.04

2.48

2.50

2.09

6.68

7.17

5.75

5.29

4.66

5.88

6.56

4.95

3.54

10.42

13.70

9.73

9.19

7.99

2.51

2.62

2.60

2.48

16.06

68.9%

GOLD FIELDS LTD-SPONS ADR

0.64

0.74

0.68

0.63

0.78

1.33

1.22

1.21

2.36

3.60

3.65

3.36

4.57

9.79

6.88

6.05

6.87

3.27

4.06

4.75

7.70

46.7%

SILVER WHEATON CORP

2.23

2.06

1.86

1.67

8.52

8.17

7.20

6.61

10.31

10.45

9.41

8.42

11.89

14.18

12.74

11.83

1.90

2.29

2.11

2.33

34.70

76.4%

ANGLOGOLD ASHANTI-SPON ADR

1.02

0.87

0.78

0.71

0.90

0.89

0.77

0.85

3.21

2.99

2.54

3.19

5.24

10.01

5.38

7.25

2.68

1.37

2.00

1.46

25.64

79.3%

CIA DE MINAS BUENAVENTUR-ADR

1.04

0.92

0.85

0.78

2.65

2.54

2.37

2.52

9.11

12.62

10.01

5.20

7.00

7.48

8.27

4.15

3.03

3.86

3.47

24.48

65.8%

NEW GOLD INC

1.18

1.08

1.02

0.96

3.99

3.33

3.11

3.06

3.05

10.37

8.54

6.79

6.38

10.81

68.4%

AGNICO EAGLE MINES LTD

1.37

1.38

1.37

1.34

2.49

2.85

2.39

2.19

6.74

9.43

7.40

39.83

44.6%

ELDORADO GOLD CORP

0.73

0.72

0.70

3.82

3.60

3.30

2.37

1.57

9.49

9.29

11.29

82.7%

KINROSS GOLD CORP

0.44

0.60

0.59

0.58

1.35

1.49

1.47

1.56

1.40

4.06

7.58

48.7%

ROYAL GOLD INC

1.36

1.13

1.10

1.04

9.89

9.08

7.57

5.73

HARMONY GOLD MNG-SPON ADR

0.43

0.42

0.41

0.40

0.97

0.94

0.77

0.68

IAMGOLD CORP

0.43

0.42

0.99

1.17

1.03

1.01

PAN AMERICAN SILVER CORP

0.62

0.66

0.64

1.84

1.96

1.80

FIRST MAJESTIC SILVER CORP

2.00

4.70

3.87

COEUR MINING INC

0.56

0.57

0.55

0.52

0.46

1.49

AURICO GOLD INC

0.57

0.55

0.54

0.53

0.46

ALLIED NEVADA GOLD CORP

0.92

0.75

0.54

0.46

HECLA MINING CO

0.75

0.76

0.72

0.67

NEVSUN RESOURCES LTD

0.95

0.91

0.80

0.74

AURIZON MINES LTD

1.72

SILVER STANDARD RESOURCES

0.49

1.28

4.96

0.43

11.71

12.23

10.51

9.68

7.00

9.39

2.85

5.01

6.21

5.72

6.19

6.42

8.19

7.05

5.86

5.23

4.93

15.81

17.21

12.61

12.05

13.66

0.00

6.69

5.86

6.38

9.02

6.65

6.37

4.12

13.06

28.90

17.83

16.88

12.95

2.79

3.08

3.05

2.99

8.26

5.62

3.30

7.63

7.72

7.02

4.63

2.68

13.46

16.18

13.76

8.82

4.66

2.35

2.02

1.93

2.39

4.45

4.25

4.66

4.25

3.34

4.40

4.03

4.28

3.58

6.91

13.21

10.83

12.32

10.04

3.14

13.56

14.29

11.79

9.01

9.70

8.83

7.46

5.72

24.03

27.96

21.41

14.25

1.30

1.78

1.97

2.26

73.11

73.7%

3.90

3.63

3.32

3.43

5.50

9.70

7.84

11.94

3.18

1.48

2.10

1.68

6.60

73.2%

0.94

3.04

4.02

3.42

3.41

3.14

2.32

3.09

2.53

2.66

1.99

5.03

9.37

7.25

8.05

7.02

5.87

5.80

5.38

5.20

5.77

7.59

75.2%

1.84

1.52

6.52

7.92

7.38

7.91

4.95

3.34

4.79

3.96

4.41

2.21

9.27

18.96

14.37

18.96

9.51

1.52

4.28

4.27

4.28

4.30

15.21

30.6%

2.61

2.33

2.15

8.57

8.53

6.05

5.20

4.79

6.90

7.16

4.69

3.97

3.47

11.03

14.37

8.78

7.30

6.79

17.67

66.8%

1.59

1.35

1.48

1.60

4.49

5.55

4.40

4.60

5.55

3.68

4.31

3.20

3.52

4.21

12.20

31.07

11.99

12.48

18.22

18.56

39.6%

3.45

3.79

2.88

2.32

2.04

10.79

10.05

6.13

5.38

4.68

6.80

7.46

4.90

3.97

3.47

10.93

19.77

12.31

11.38

11.06

0.43

3.10

1.94

1.14

1.04

0.64

7.17

6.61

3.80

2.90

2.02

10.67

6.63

3.62

3.24

2.18

12.00

9.72

4.84

4.21

2.54

0.63

2.60

1.77

1.28

1.22

1.16

9.55

8.44

5.08

4.25

3.76

6.43

4.05

2.25

1.98

1.70

27.59

29.50

10.53

8.90

7.45

1.34

1.07

1.17

0.84

1.07

2.02

0.88

0.92

1.44

2.23

4.78

2.45

2.76

3.53

0.96

2.46

0.90

0.96

1.66

4.23

11.66

3.53

4.54

7.38

3.36

3.90

3.69

3.83

9.42

10.13

6.33

19.66

67.50

21.32

12.53

13.69

12.65

0.85

0.57

0.51

2.95 0.43

6.97

2.73

0.33

2.06

2.72

2.51

2.52

2.25

4.92 11.44

6.50

3.23

6.65

5.11

4.79

0.00

4.10

3.16

3.50

2.90

3.14

4.42

1.34

0.00

1.68

181.14

0.00

SEABRIDGE GOLD INC

6.35

45.2%

13.36

106.1%

4.50

51.0%

5.05

71.3%

4.67

21.4%

11.51

81.6%

25.08

166.0%

TANZANIAN ROYALTY EXPLORATIO GOLDEN STAR RESOURCES LTD

0.25

VISTA GOLD CORP

0.57

0.27

0.23

0.00

0.20

GREAT BASIN GOLD LTD

0.00

ARGONAUT GOLD INC

1.35

0.91

0.84

0.75

4.34

TOREX GOLD RESOURCES INC

1.49

2.77

1.46

1.37

1841.66

0.24

0.23

0.21

0.94

1.94

1.35

1.20

0.88

1.39

2.69

1.39

10.78 0.01

LIONGOLD CORP LTD

3.03

2.69

1.98

6.41

2.37

7.83

1.91

0.77

0.69

0.62

PERSEUS MINING LTD

0.66

0.59

0.52

0.41

0.33

OCEANAGOLD CORP

0.60

0.56

0.54

0.52

0.57

MEDUSA MINING LTD

0.86

0.74

0.56

0.44

0.39

DUNDEE PRECIOUS METALS INC

0.71

0.66

0.56

0.52

RIO ALTO MINING LTD

1.50

1.11

1.01

AURIZON MINES LTD

1.72

SANDSTORM GOLD LTD

7.63

5.85

6.70

19.00

11.77

6.20

6.53

4.65

3.77

2.82

3.13

1.93

7.95

9.36

7.25

1.45

0.78

0.65

0.45

0.40

3.79

3.58

2.30

1.26

1.30

3.30

1.86

1.53

0.84

9.12

8.28

6.05

4.78

6.13

10.70

12.56

8.37

6.73

9.54

11.38

13.56

6.98

5.28

0.93

0.69

0.62

0.66

0.84

3.00

1.83

1.71

1.91

3.63

4.06

2.71

2.76

3.01

6.29

3.01

2.50

1.20

1.05

0.78

5.00

4.00

2.56

1.71

1.69

4.04

3.51

1.60

1.43

1.53

1.31

1.17

1.07

4.38

4.42

3.40

2.99

2.70

3.92

3.57

2.57

2.09

1.04

1.09

1.04

3.11

3.15

3.30

3.22

2.75

1.57

2.34

2.09

1.92

9.42

10.13

6.33

4.12

5.58

4.00

CONTINENTAL GOLD LTD RUBICON MINERALS CORP

6.65

0.89

1.44

1.22

1.16

1.15

220.35

264.41

247.87

2.17

0.83

5.82

SILVERCORP METALS INC EVOLUTION MINING LTD

0.37

0.36

0.33

0.30

CHINA PRECIOUS METAL RESOURC

1.43

1.03

0.91

0.75

0.31

9.76

14.38

10.34

4.41

3.14

1.66

3.85

1.33

0.00

0.74

77.0%

4.55

368.9%

7.92

8.91

39.12

35.95

0.00

0.49

0.00

0.39

0.00

10.22

79.7%

2.47

85.5%

5.51

5.91

184.17

2.95

ENDEAVOUR SILVER CORP

6.00

10.15 9.66

9.18

CHINA GOLD INTERNATIONAL RES

8.75

0.84

0.08 3.94

1.16

2.39

1.90

1.36

1.54

0.86

0.67

0.60

0.58

3.76

3.11

2.39

2.46

0.61

12.98

17.74

17.17

4.06

5.35

3.85

1.96

2.04

19.42

34.70

16.43

11.59

22.56

19.31

6.75

5.28

6.37

1.40

4.64

3.76

1.87

1.74

2.12

6.99

1.38

1.55

7.13

8.07

5.35

4.76

4.30

0.00

3.70

4.50

4.42

4.38

3.36

0.00

19.66

67.50

21.32

7.83

12.56

8.64

0.82

4.92 3.76

3.46

174.25

6.97

32.14

4.43

6.23

5.13

3.20

3.81

2.06

2.12

1.91

1.86

3.84

4.74

3.11

2.82

2.90

12.60

1.88

11.73

3.73

2.34

2.81

2.48

1.89

1.64

1.58

7.99

7.01

5.76

5.41

1.78

8.03

11.77

0.00

0.00 7.71

3.67

4.74

5.26

43.55

7.11

13.24

9.40

5.70

7.05

5.58

6.93

5.81

4.87

12.90

9.92

8.22

8.06

4.32

1.80

1.18

0.93

0.60

72.91

1.32

1.21

1.37

1.47

RESOLUTE MINING LTD

0.66

0.58

0.51

0.44

0.31

0.62

0.57

0.66

0.62

0.61

1.87

3.57

2.52

3.47

1.73

2.33

1.95

2.09

1.19

3.59

3.03

3.97

5.09

1.16

1.55

1.30

1.10

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

2.71

18.3%

1.60

226.3%

11.01

78.4%

2.09

61.1%

4.45

182.4%

10.00

132.6%

5.28

171.0%

4.67

21.4%

7.89

6.84

99.4%

8.71

9.38

184.1%

2.33

72.8%

5.30

88.1%

0.97

68.5%

3.48 5.42

0.00

1.39

2.96

3.13

2.61

0.78

SEABRIDGE GOLD INC BEADELL RESOURCES LTD

3.31

1.66

28.4%

25.08

166.0%

3.89

3.13

4.15

3.78

0.00

0.39

1.76

3.33

0.94

84.9%

2.55

4.88

3.86

3.60

0.00

6.61

3.05

4.75

8.47

1.18

99.6%

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.25

2.06

1.89

2.25

1.44

1.37

1.32

1.44

10.14

9.46

9.81

10.14

9.09

8.38

7.83

9.09

14.58

13.09

11.89

14.58

2.17

2.34

2.52

2.17

1775.4

10.5%

Euro Stoxx 50 Pr

1.14

1.08

1.02

1.14

0.74

0.72

0.70

0.74

5.65

5.18

4.72

5.65

6.93

6.55

6.19

6.93

11.34

10.12

9.11

11.35

4.40

4.68

5.04

4.40

2974.5

13.7%

NIKKEI 225

1.51

1.41

1.31

1.51

0.72

0.70

0.68

0.72

8.87

8.20

7.47

8.87

8.66

8.02

7.54

8.66

17.52

15.59

14.02

17.52

1.66

1.81

1.96

1.66

14876.5

7.4%

FTSE 100 INDEX

1.66

1.55

1.45

1.66

0.94

0.91

0.93

0.94

8.24

8.25

7.48

6.85

8.24

6.79

6.40

6.01

6.79

11.75

10.70

9.86

11.75

3.98

4.28

4.66

3.98

6996.7

11.6%

SWISS MARKET INDEX

2.32

2.15

2.00

2.32

1.98

1.88

1.80

1.98

11.84

10.80

9.66

11.84

12.99

11.96

11.20

12.99

14.52

13.07

11.91

14.52

3.34

3.73

4.27

3.34

8621.0

11.8%

S&P/TSX COMPOSITE INDEX

1.61

1.50

1.40

1.61

1.38

1.42

1.47

1.38

8.15

7.35

6.12

8.15

8.29

7.33

6.76

8.29

14.00

12.35

11.27

14.00

3.32

3.47

3.64

3.32

14185.0

16.9%

S&P/ASX 200 INDEX

1.78

1.69

1.59

1.78

1.67

1.58

1.50

1.67

10.55

9.37

8.52

10.55

9.18

8.18

7.48

9.18

14.29

12.81

11.68

14.29

4.80

5.11

5.48

4.80

5209.2

10.6%

HANG SENG INDEX

1.24

1.14

1.05

1.24

1.61

1.48

1.37

1.61

7.39

7.04

6.63

7.39

7.59

6.93

6.31

7.59

9.92

9.14

8.35

9.92

3.88

4.18

4.59

3.88

24826.0

19.3%

MSCI EM

1.36

1.25

1.14

1.36

0.97

0.91

0.85

0.97

6.72

6.16

5.71

6.72

7.24

6.56

6.12

7.24

10.38

9.35

8.58

10.38

2.97

3.29

3.61

2.97

1132.2

20.4%

0.65

0.48

0.40

0.36

0.22

1.32

1.45

1.19

0.95

0.49

2.71

2.06

1.81

1.58

1.20

3.61

4.06

6.59

3.29

0.93

2.17

287.5%

2.43

1.97

1.98

2.08

6.19

7.12

6.14

5.85

6.79

4.96

5.06

3.70

3.53

4.23

12.05

14.53

10.60

9.32

11.47

4.80

37.2%

23.21

25.21

3.47

8.25

45.40

7.44

3.31

48.00

13.44

33.60

3.27

94.5%

14.25

131.7%

8.42

79.2%

2.35

76.4%

ENDEAVOUR MINING CORP FORTUNA SILVER MINES INC

1.71

MCEWEN MINING INC

1.39

1.18

1.02

0.57

0.56

0.91

MAG SILVER CORP

2.61

2.90

3.47

4.13

PRIMERO MINING CORP

0.75

0.76

0.81

0.66

KINGSGATE CONSOLIDATED LTD

0.27

0.29

0.30

0.29

TIMMINS GOLD CORP

2.08

1.58

1.25

ST BARBARA LTD

0.28

0.24

0.21

0.20

0.25

PREMIER GOLD MINES LTD

0.64

NORTHERN STAR RESOURCES LTD

2.90

2.18

1.80

1.51

1.32

0.00

2.46

12.00

33.60

2.13

0.43

5.59

18.67 2.57

7.50

0.00

8.24

2.78

2.57

2.06

1.51

1.16

4.81

5.68

5.19

4.44

2.45

4.71

4.62

2.98

1.98

1.32

9.02

10.92

8.17

6.69

3.68

0.00

0.56

0.60

0.56

0.53

0.44

1.66

2.33

1.92

1.79

2.36

1.97

3.01

2.73

2.44

1.72

2.23

6.68

8.34

6.51

2.33

16.18

7.12

7.49

2.09

1.70

1.56

1.52

1.51

5.87

4.85

4.98

4.97

4.55

4.33

3.74

3.62

4.01

3.45

8.35

7.01

7.18

6.82

6.54

0.00

0.42

0.43

0.36

0.34

0.39

0.71

2.42

1.36

1.26

1.67

1.73

2.44

1.67

1.61

2.02

1.28

6.12

3.55

3.35

5.34

0.00

2.15

3.87

4.30

1.86

1.68

0.95

6.41

4.23

4.74

5.43

2.76

4.48

3.06

2.77

2.81

1.75

11.34

6.98

6.76

4.70

0.00

4.72

3.62

5.51

0.24

0.23

0.21

1.94

1.35

1.20

0.88

2.69

1.39

1.16

1.91

6.00

3.85

1.33

2.75

1.83

18.61

40.62

1.20

0.98

1.03

4.31

1.57

1.51

144.07 2.45

140.77 8.47

17.90

0.00 4.09

3.31

42.8%

1.02

120.4%

5.34

191.8%

0.99

56.5%

TANZANIAN ROYALTY EXPLORATIO REAL GOLD MINING LTD

1.43

GOLDEN STAR RESOURCES LTD

0.25

0.27

0.23

ROMARCO MINERALS INC

0.27

0.46

0.30

0.21

1.34

0.81

BANRO CORPORATION COLOSSUS MINERALS INC

4.50

0.46 1.08

1.69

0.20

4.46

6.01

1.40

0.57

0.53

0.47

13.67

0.87

0.53

0.61

355.81

RAINY RIVER RESOURCES LTD

1.48

SULLIDEN GOLD CORP LTD

0.78

17.39

1.47

0.84

2.09

0.67

ASANKO GOLD INC

0.80

BEAR CREEK MINING CORP

1.09

0.94

70.85

3.34

3.80

1.39

7.55

197.54

8.26

2.94

2.42

1.70

2.22

0.96

1.08

5.27

4.94

1.24

1.09

0.80

1.87

GUYANA GOLDFIELDS INC

0.68

0.56

0.59

0.60

0.47

HIGHLAND GOLD MINING LTD

0.34

0.31

0.29

0.26

0.23

LYDIAN INTERNATIONAL LTD

1.97

1.24

SABINA GOLD & SILVER CORP

0.56

0.33

0.56

0.58

LAKE SHORE GOLD CORP

0.14

0.20

0.18

0.77

2.00

0.69

16.94

2.17

1.79

1.90

1.28

4.13

2.04

2.00

0.00

2.12

1.31

0.93

0.69

0.41

0.82

0.75

0.57

0.56

0.57

1.48

0.96

9.40

2.64

0.00

7.70

8.98

5.79

1.97

11.39

2.51

4.91

1.89

2.56

1.75

2.81

1.38

1.85

1.57

6.63

2.75

3.95 3.96

0.69 1.32

0.00

446.73

0.00

PARAMOUNT GOLD AND SILVER KIRKLAND LAKE GOLD INC

0.00

8.75

0.47 5.71

1.38

11.71

1.36

4.83

1.10

2.41

2.11

1.16

0.42

1.07

1.15

6.07

2.60

232.63

3.05

11.08

2.51

0.00

0.74

77.0%

1.16

146.5%

1.77

115.9%

4.09

235.4%

3.73

5.2%

1.68

112.8%

4.07

81.0%

3.47

104.1% 37.8%

0.86

1.64

4.32

2.83

8.03

81.6%

6.99

2.33

4.79

254.9%

2.75

2.91

135.65

153.5%

15.30

14.14

3.23

169.3%

3.89

297.2%

0.00 9.09

8.60

9.21

7.74

INDOPHIL RESOURCES NL

BRIGUS GOLD CORP

0.00

0.43

GREAT PANTHER SILVER LTD INTREPID MINES LTD

0.86

VISTA GOLD CORP

0.57

1.09

1.14

1.01

0.60

0.54

0.47

0.40

3.00

2.30

1.51

1.14

0.85

7.67

3.84

2.13

1.89

1.40

0.97

0.80

0.74

0.59

0.43

2.21

1.83

1.62

1.26

3.47

2.41

2.14

1.76

1.67

1.77

1.93

1.61

5.97

15.57

7.94

4.96

4.18

4.65

10.48

4.57

4325.94

0.83 1.04

0.92

0.86

0.80

1.29

1.87

1.65

1.63

0.25

0.21

SCORPIO MINING CORP MIDWAY GOLD CORP

0.67

4.45

0.60

1.43

1.01

1.39

0.87

0.79

0.50

0.86

3.25

5.07 2.08

1.25

0.87

0.31

11.67

4.77

3.50

0.96

205.6% 141.3%

5.20

4.18

4.36

2.76

2.43

1.23

12.22

52.95

21.47

79.43

26.48

1.15

52.2%

0.21

-25.0%

4.55

368.9%

0.00 10.78

ALEXCO RESOURCE CORP ATAC RESOURCES LTD

0.94

12.27

4.42

3.86

2.91

2.00

0.00

0.84 1.41

0.74

5.56

3.02

58.28

3.59

29.14

21.04

3.09

8.50

21.57

8.27

25.19

2.38

0.99

0.81

0.20

0.05

19.64

10.97

10.30

3.42

1.62 99.21

15.26

3.07

1.05

1.94

72.9%

2.13

156.0%

1.57

360.8%

1.70

80.0%

0.39

190.2%

6.90

27.1%

PATAGONIA GOLD PLC GRYPHON MINERALS LTD

0.12

21.94

19.45

29.08

1.00

0.99

6.09

2.07

0.68

0.66

0.12

0.14

DRDGOLD LTD-SPONSORED ADR RED 5 LTD LINGBAO GOLD CO LTD-H

0.33

INTL TOWER HILL MINES LTD

0.29

1.14

SARACEN MINERAL HOLDINGS LTD

0.40

0.24

EXETER RESOURCE CORP

0.32

0.31

OREZONE GOLD CORP GRAN COLOMBIA GOLD CORP

7.86

0.00

7.21

0.00

5.51

4.56

0.00

0.41

0.86 6.01

6.39

5.94

6.24

3.92

6.05

6.62

7.85

6.99

5.19

4.72

3.78

0.25

0.21

0.19

0.39

0.34

0.36

0.35

0.31

1.26

1.03

0.98

1.00

1.01

1.30

1.21

1.06

0.92

1.11

2.67

2.07

1.90

1.88

1.43

0.00

1.15

0.28

0.17

0.15

GOLDEN MINERALS CO SAN GOLD CORP

4.70

0.00

RICHMONT MINES INC RAMELIUS RESOURCES LTD

6.14 5.60

0.15

0.16 4.12

4.12

0.60

0.47

0.49

0.36

0.29

2.35

2.10

1.50

0.25

0.27

0.21

4.12

0.33

0.27

5.71

5.24

2.24

6.14

0.99

1.50

0.16

0.13

0.35

0.26

0.21

1.53 0.91

1.54

0.66

0.41 0.13

1.57

0.08

0.70

0.26

0.15

15.23

35.53

4.44

3.65

27.00

4.09

0.40 0.81

1.37

3.40

1.97

1.64

3.33 25.26

0.99

0.39

5.21

28.27

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

6.43

4.95

2.22

58.93

5.89

3.38

0.00

3.70

7.41

1.83

36.2%

1.85

184.6%

0.19

60.0%

1.89

165.9%

3.56

134.0%

0.25

88.9%

1.07

-21.2%

0.23

117.5%

7.39

1.94

362.1%

0.86

9.25

397.3%

01.07.2013

Goldcorp Inc Goldcorp, Inc. is engaged in the acquisition, exploration, development and operation of precious metal properties in Canada, the United 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 (26.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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

12/2012 03/yy 47.42 22.22 13'961'380.00 24.73 -47.85% 11.30% 9.96% 812.0 20'080.41 783.00 0.0 213.0 918.00 20'554.41

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

20.0 M 15.0 M 10.0 M 5.0 M .0 M a-12

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

31.12.2012 5'435.0 5.50x 2'798.0 10.69x 1'749.0 18.47x

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

2'798.00 2'123.00 39.06% 41.44% 5.06% 7.08% 6.69% 0.16% 44.6% 49.6% 36.6% 32.2% 2.15 1.39 2.51% 3.45% 8.61 4.47

Price/ Cash Flow

03/yy 5'357 27.45x 2'966.0 12.15x 1'709.0 23.69x

s-12

o-12

n-12

d-12

LTM 03/yy 5'101 24.55x 2'532.0 10.97x 1'579.0 19.73x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

2.24 0.71 809.06 5.26 -33.10% -31.96% 0.711 27 4.407 11'029'279 7'844'050 7'903'566 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 4'677 5'879 1'151 1'206 4.60x 3.69x 18.12x 17.49x 2'187.7 3'115.5 555.4 603.6 9.40x 6.60x 8.68x 8.49x 1'066.8 1'513.5 210.1 248.0 19.44x 13.51x 18.41x 16.96x 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 0.10 0.90 3.4% 3.3% 0.16 0.20 42.40 81.59 83.78 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 j-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 |

01.07.2013

Goldcorp Inc Holdings By:

All

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

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

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

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

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

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

Amt Held 30'068'165 28'365'944 23'371'159 19'122'015 18'417'273 17'580'357 15'884'009 15'368'322 12'996'285 11'605'532 11'582'812 11'159'562 10'893'980 8'785'563 7'186'295 6'835'256 6'101'525 6'076'235 5'947'164 5'776'522

% Out 3.7 3.49 2.88 2.35 2.27 2.17 1.96 1.89 1.6 1.43 1.43 1.37 1.34 1.08 0.89 0.84 0.75 0.75 0.73 0.71

Weighting

Change

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

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

Latest Chg (2'289'399) (3'227'565) 379'529 (574'672) 7'264'832 17'580'357 5'768'962 (264'603) (440'597) 195'729 (224'052) 3'920'300 (533'828) 4'171'254 (176'695) 1'053'271 (20'600) (1'030'733) 1'660'114 -

Target Price 27 36 23 28 36 45 37 41 #N/A N/A 47 39 37 42 41 45 35 43 44 28 38 27 35 33 #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 28.06.2013 Investment Advisor 31.03.2013 Bank 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 27.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government

Date 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 6 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided

Date 28.06.2013 28.06.2013 26.06.2013 25.06.2013 24.06.2013 19.06.2013 19.06.2013 17.06.2013 12.06.2013 06.06.2013 24.05.2013 17.05.2013 09.05.2013 09.05.2013 08.05.2013 08.05.2013 07.05.2013 03.05.2013 03.05.2013 03.05.2013 02.05.2013 28.04.2013 15.04.2013 08.01.2013 19.11.2008

01.07.2013

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 (21.09.2012) 52-Week Low (28.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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

12/2012 03/yy 43.19 14.67 31'011'569.00 15.74 -63.56% 7.29% 3.75% 1'001.2 15'758.14 13'943.00 0.0 2'663.0 2'093.00 30'905.14

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

40.0 M

30.0 M

20.0 M

10.0 M

5 0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 7'613.0 4.64x 3'010.0 11.75x 785.0 20.18x

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 16.56x 15.62x Profitability

LTM-4Q 31.12.2011 14'236.0 4.08x 8'327.0 6.98x 4'484.0 9.79x

31.12.2012 14'547.0 3.41x 7'358.0 6.73x (665.0) 9.36x

7'358.00 5'636.00 38.74% -6.28% -1.71% -3.63% 0.29% 47.4% 49.3% 37.2% -4.6% 1.33 0.58 29.49% 63.83% 34.72 2.91

Price/ Cash Flow

LTM

03/yy 14'793.0 15.70x 8'579.0 6.58x 4'522.0 9.18x

03/yy 14'340.0 14.05x 7'071.0 6.30x (847.0) 8.90x

FY+1

5.08 0.75 998.40 13.37 -56.94% -54.30% 0.753 33 3.727 29'540'970 18'750'142 21'192'920 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 13'188.3 13'960.4 3'138.9 3'232.1 2.40x 2.28x 9.92x 9.76x 6'360.8 6'652.7 1'475.1 1'555.6 4.86x 4.65x 5.07x 5.06x 2'955.2 2'961.6 607.6 646.3 5.43x 5.38x 5.83x 5.63x S&P Issuer Ratings

26.04.2013 BBB NEG 19.05.2011 A-2 9.89 1.33 1.76 2.09 63.8% 36.3% 0.29 0.48 10.51 125.35 94.50 33.82

Sales/Revenue/Turnover

14.00

16'000.0

12.00

14'000.0 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

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 |

01.07.2013

Barrick Gold Corp Holdings By:

All

Holder Name VAN ECK ASSOCIATES C ROYAL BANK OF CANADA CAPITAL GROUP COMPAN WELLINGTON MANAGEMEN ALLIANZ ASSET MANAGE FMR LLC CI INVESTMENTS INC BMO FINANCIAL CORP CIBC WORLD MARKETS I FRANKLIN RESOURCES HARTFORD INVESTMENT TD ASSET MANAGEMENT BANK OF NEW YORK MEL TORONTO DOMINION BAN INSTITUTIONAL CAPITA OLDFIELD PARTNERS LL NWQ INVESTMENT MANAG CIBC GLOBAL ASSET MA SUSQUEHANNA INTERNAT SCHEER ROWLETT & ASS

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

Portfolio Name n/a n/a n/a WELLINGTON MANAGEMEN n/a n/a Multiple Portfolios BMO FINANCIAL CORP CIBC WORLD MARKETS I n/a Multiple Portfolios TD ASSET MANAGEMENT BANK OF NEW YORK MEL TORONTO DOMINION BAN INSTITUTIONAL CAPITA OLDFIELD PARTNERS LL NWQ INVESTMENT MANAG CIBC GLOBAL ASSET MA SUSQUEHANNA INTERNAT SCHEER ROWLETT & ASS

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

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

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

Amt Held 29'144'249 27'703'488 27'616'252 26'847'836 23'321'665 19'206'428 17'663'919 17'095'925 14'741'836 14'593'546 14'352'644 14'348'784 13'797'555 13'698'310 12'481'312 8'964'554 8'491'106 8'429'880 8'348'606 8'254'922

% Out 2.91 2.77 2.76 2.68 2.33 1.92 1.76 1.71 1.47 1.46 1.43 1.43 1.38 1.37 1.25 0.9 0.85 0.84 0.83 0.82

Weighting

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

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

Latest Chg (4'654'979) (2'366'585) (47'634'385) 16'089'445 11'821'880 (791'864) 771'337 (4'625'429) (68'927) 3'726'545 (49'223) 925'862 (4'803'846) 111'566 (248'326) 1'678'488 2'265'919 (1'597'843) 3'202'367 397'151

Target Price 24 28 17 20 30 29 24 13 20 #N/A N/A 24 26 23 23 27 18 28 33 27 #N/A N/A #N/A N/A 30 33 28 24 30 43 #N/A N/A 38 #N/A N/A 48

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

File Dt 28.06.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013

Date 12 month 6 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided

Inst Type 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 Investment Advisor Investment Advisor

Date 01.07.2013 01.07.2013 30.06.2013 28.06.2013 28.06.2013 28.06.2013 27.06.2013 26.06.2013 25.06.2013 19.06.2013 19.06.2013 11.06.2013 05.06.2013 29.05.2013 27.05.2013 16.05.2013 09.05.2013 08.05.2013 08.05.2013 03.05.2013 03.05.2013 30.04.2013 25.04.2013 25.04.2013 24.04.2013 15.04.2013 03.04.2013 26.02.2013 15.02.2013 20.11.2012 18.03.2011

01.07.2013

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 (26.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.04.2013 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 03/yy 57.93 27.07 21'349'943.00 29.95 -48.30% 10.64% 9.33% 492.3 14'942.67 6'298.00 0.0 3'175.0 1'647.00 23'109.67

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

10.0 M

5.0 M

10 0 j-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 16.99x 13.50x Profitability

31.12.2011 10'358.0 3.38x 5'162.0 6.78x 366.0 13.93x

31.12.2012 9'868.0 3.13x 4'169.0 7.41x 1'809.0 12.52x

4'169.00 3'137.00 31.79% 31.04% 5.59% 12.12% 9.02% 0.32% 46.6% 39.9% 28.4% 18.3% 1.89 0.80 21.24% 45.73% 12.69 3.29

Price/ Cash Flow

s-12

o-12

LTM-4Q

LTM

03/yy 10'576.0 12.61x 5'185.0 6.08x 342.0 11.59x

03/yy 9'362.0 13.44x 3'731.0 7.72x 1'634.0 12.55x

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

4.92 0.64 491.01 15.90 -36.00% -34.13% 0.645 24 3.583 13'695'702 8'923'446 9'125'666 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 8'841.4 10'057.2 2'092.6 2'149.6 2.66x 2.38x 11.17x 10.95x 3'025.6 3'606.0 710.7 751.7 7.64x 6.41x 7.54x 7.27x 1'203.4 1'569.8 230.2 275.0 12.42x 10.22x 12.03x 11.16x S&P Issuer Ratings

11.08.2008 BBB+ NEG 11.71 2.69 1.32 1.71 45.7% 27.1% 0.32 0.54 28.77 111.05 34.85 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

.0 M a-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 |

01.07.2013

Newmont Mining Corp Holdings By:

All

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

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

Portfolio Name n/a VANGUARD GROUP INC n/a n/a n/a n/a n/a T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL NORTHERN TRUST CORPO CARMIGNAC GESTION FIRST EAGLE INVESTME n/a n/a n/a n/a n/a NORGES BANK BANK OF AMERICA AMERICAN CENTURY COM

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

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

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

Amt Held 47'168'624 23'252'143 21'619'673 19'347'700 18'679'612 12'509'376 11'032'090 10'350'619 7'585'611 7'349'484 7'008'200 6'023'181 5'834'755 5'497'991 5'444'844 4'937'393 4'884'655 4'796'938 4'420'359 3'840'057

% Out 9.58 4.72 4.39 3.93 3.79 2.54 2.24 2.1 1.54 1.49 1.42 1.22 1.19 1.12 1.11 1 0.99 0.97 0.9 0.78

Weighting

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

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

Latest Chg 6'267'389 1'215'913 108'377 (32'540'600) (1'772'862) 8'462'980 (1'096'373) 2'264'400 (37'784) 470'862 7'008'200 (290'400) (3'985'658) 453'905 663'471 (276'645) (1'656'954) 747'540 261'014

Target Price #N/A N/A 24 23 32 41 42 48 37 39 54 42 30 42 45 41 45 #N/A N/A 56 39 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 27.06.2013 Investment Advisor 31.03.2013 Investment Advisor 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Unclassified 31.03.2013 Unclassified 31.03.2013 Unclassified 30.04.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

Date Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 6 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided

Date 28.06.2013 27.06.2013 26.06.2013 25.06.2013 24.06.2013 24.06.2013 19.06.2013 19.06.2013 17.06.2013 06.06.2013 13.05.2013 01.05.2013 01.05.2013 30.04.2013 30.04.2013 30.04.2013 30.04.2013 29.04.2013 28.04.2013 07.11.2012 07.09.2012 27.04.2012

01.07.2013

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 (26.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.06.2013 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 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

1.5 M

12/2012 03/yy 127.27 60.44 1'870'725.00 64 -49.71% 5.89% 5.33% 92.3 5'904.65 18.02 0.0 166.1 390.76 5'813.08

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% 14.57% 16.52% 18.72% 0.47% 51.1% 51.7% 39.9% 32.8% 4.07 1.92 0.58% 0.69% -

Price/ Cash Flow

03/yy 1'175.7 27.71x 622.0 12.18x 431.7 18.19x

LTM 03/yy 1'331.2 26.69x 688.9 11.41x 412.0 19.26x

FY+1

0.78 0.62 1.20 -28.46% -35.09% 0.616 10 4.400 1'410'567 945'564 932'266 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'319.0 1'740.3 339.0 361.0 4.44x 3.07x 662.8 930.8 8.77x 6.25x 403.5 623.8 85.0 94.5 15.75x 10.07x 13.85x 11.85x S&P Issuer Ratings

582.65 114.09 -0.36 0.00 0.7% 0.6% 0.47 1.07 136.09

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 |

01.07.2013

Randgold Resources Ltd Holdings By:

All

Holder Name BLACKROCK VAN ECK ASSOCIATES C WELLS FARGO FMR LLC CARMIGNAC GESTION AGF INVESTMENTS INC FRANKLIN RESOURCES POWER CORP OF CANADA FIRST EAGLE INVESTME JENNISON ASSOCIATES GAMCO OPPENHEIMERFUNDS INC JP MORGAN PAULSON & CO TOCQUEVILLE ASSET MA IVY MANAGEMENT INCOR INVESCO LTD ASA BERMUDA LIMITED ROYAL BANK OF CANADA UNITED SERVICES AUTO

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

Portfolio Name n/a n/a n/a n/a CARMIGNAC GESTION AGF INVESTMENTS INC n/a n/a FIRST EAGLE INVESTME JENNISON ASSOCIATES n/a OPPENHEIMER FUNDS IN n/a PAULSON & CO TOCQUEVILLE ASSET MA Multiple Portfolios n/a ASA BERMUDA LIMITED n/a UNITED SERVICES AUTO

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

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

Recommendation underweight buy sector perform outperform overweight buy buy buy buy

Amt Held 8'525'499 6'186'287 5'429'467 4'337'790 3'917'000 1'639'811 1'531'763 1'487'200 1'264'736 1'081'729 1'032'315 956'494 947'594 926'192 891'270 775'000 676'284 444'700 425'216 416'777

% Out 9.24 6.71 5.88 4.7 4.25 1.78 1.66 1.61 1.37 1.17 1.12 1.04 1.03 1 0.97 0.84 0.73 0.48 0.46 0.45

Weighting

Change 1 5 3 5 5 5 5 5 5

M M M M M M M M M

Latest Chg (58'564) (441'271) 265'676 288'408 3'917'000 442'950 (121'450) 954'000 67'989 213'780 300'000 (20'901) (4'310) (60'950) 550'000 (145'226) 128'654 156'408

Target Price #N/A N/A 100 94 100 91 100 133 125 #N/A N/A

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

File Dt Inst Type 27.06.2013 Investment Advisor 28.06.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Holding Company 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Unclassified 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Bank 31.03.2013 Investment Advisor

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

Date 06.06.2013 05.06.2013 21.05.2013 20.05.2013 07.05.2013 03.05.2013 11.04.2013 16.11.2012 10.08.2012

01.07.2013

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

20.0 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

20 15

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (09.11.2012) 52-Week Low (26.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 20.59 8.55 13'004'845.00 9.51 -53.81% 11.23% 7.97% 752.4 7'155.42 765.91 0.0 46.8 349.59 7'720.13

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

0 j-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% 3.25% 4.84% 0.20% 64.4% 50.4% 33.4% 18.9% 1.38 0.78 6.49% 9.80% 18.96 5.16

03/yy 2'257.0 18.35x 1'302.7 8.88x 570.1 0.00x

o-12

n-12

d-12

LTM 03/yy 2'311.9 22.46x 1'164.1 10.44x 374.1 0.00x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

0.74 749.75 5.56 -37.05% -44.08% 0.738 23 4.391 9'139'369 7'651'814 8'017'587 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'352.9 2'882.7 522.5 597.8 3.31x 2.57x 14.81x 12.97x 1'177.4 1'560.7 241.0 295.0 6.56x 4.95x 6.58x 6.18x 492.8 682.9 98.2 125.4 13.70x 9.73x 12.51x 11.02x S&P Issuer Ratings

22.03 -4.66 0.44 0.74 9.8% 8.9% 0.20 0.24 19.25 70.76 130.52 -62.98

Sales/Revenue/Turnover

2'500.0

1.00

2'000.0

0.60

s-12

Market Data

1.20

0.80

a-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 -

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 |

01.07.2013

Yamana Gold Inc Holdings By:

All

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

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

Portfolio Name BANK OF NEW YORK MEL n/a n/a n/a n/a GREYSTONE MANAGED IN AGF INVESTMENTS INC CIBC WORLD MARKETS I BMO FINANCIAL CORP TD ASSET MANAGEMENT TORONTO DOMINION BAN DONALD SMITH & CO IN n/a CONNOR CLARK & LUNN OPPENHEIMER FUNDS IN CARMIGNAC GESTION TOCQUEVILLE ASSET MA INVESTEC ASSET MANAG FIERA CAPITAL CORPOR UNITED SERVICES AUTO

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

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

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

Amt Held 32'345'793 28'005'526 21'120'135 18'875'707 18'819'251 12'696'118 11'430'227 10'433'341 10'227'965 9'490'738 9'335'908 8'469'389 7'226'163 6'942'805 6'839'801 6'398'774 6'019'943 5'913'740 5'822'420 5'339'800

% Out 4.3 3.72 2.81 2.51 2.5 1.69 1.52 1.39 1.36 1.26 1.24 1.13 0.96 0.92 0.91 0.85 0.8 0.79 0.77 0.71

Weighting

Change

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

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

Latest Chg 1'752'155 (2'389'675) 186'776 (20'681'489) 8'691'202 12'696'118 11'430'227 10'433'341 10'227'965 3'729'389 (199'345) 3'072'073 (304'473) 6'942'805 6'839'801 6'398'774 783'343 (332'388) 352'746 (619'328)

Target Price #N/A N/A 12 12 15 14 #N/A N/A 18 15 19 18 20 12 14 20 12 12 19 17 17 16 22 20 #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 28.06.2013 Investment Advisor 31.03.2013 Bank 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 26.06.2013 26.06.2013 25.06.2013 25.06.2013 24.06.2013 20.06.2013 19.06.2013 17.06.2013 12.06.2013 26.05.2013 22.05.2013 17.05.2013 08.05.2013 07.05.2013 06.05.2013 02.05.2013 01.05.2013 01.05.2013 01.05.2013 01.05.2013 30.04.2013 30.04.2013 10.01.2013

01.07.2013

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 (13.08.2012) 52-Week Low (26.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.03.2013 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 03/yy 12.03 4.67 6'925'132.00 5.25 -56.37% 12.42% 7.88% 739.8 3'884.00 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 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-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% 7.83% 13.81% 10.97% 0.47% 38.7% 47.9% 33.2% 19.6% 1.76 0.39 16.85% 31.19% -

LTM

03/yy 27'566.3 13.68x 13'712.4 0.00x 8'055.0 0.00x

03/yy 38'145.8 8.85x 18'260.7 3.66x 6'365.9 0.00x

FY+1

0.71 3.85 -51.16% -50.68% 0.714 3 3.000 5'828'941 5'062'988 5'531'397 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 28'744.4 31'456.0 1.76x 1.55x 12'281.2 14'919.9 3'780.0 5'128.2 9.79x 6.88x S&P Issuer Ratings

15.11.2012 BB+ STABLE 15.11.2012 B 24.36 6.99 0.72 1.01 31.2% 23.2% 0.47 0.64 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 |

01.07.2013

Gold Fields Ltd Holdings By:

All

Holder Name FIRST EAGLE INVESTME VAN ECK ASSOCIATES C DIMENSIONAL FUND ADV THORNBURG INVESTMENT ALLIANZ ASSET MANAGE FMR LLC T ROWE PRICE ASSOCIA BLACKROCK PAULSON & CO NORGES BANK RUFFER LLP RENAISSANCE TECHNOLO WELLS FARGO UNITED SERVICES AUTO GAMCO INVESTEC ASSET MANAG TOCQUEVILLE ASSET MA INVESTEC ASSET MANAG PROSPECTOR PARTNERS CREDIT SUISSE AG

Firm Name Scotia Capital HSBC

Portfolio Name FIRST EAGLE INVESTME n/a n/a THORNBURG INVESTMENT n/a n/a T ROWE PRICE ASSOCIA n/a PAULSON & CO Multiple Portfolios RUFFER LLP RENAISSANCE TECHNOLO n/a UNITED SERVICES AUTO n/a INVESTEC ASSET MANAG TOCQUEVILLE ASSET MA Multiple Portfolios PROSPECTOR PARTNERS n/a

Analyst TANYA M JAKUSCONEK PATRICK CHIDLEY

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

Recommendation sector perform neutral

Amt Held 47'177'664 40'934'319 23'613'066 12'217'700 9'090'390 8'464'843 7'254'900 6'795'326 6'529'748 6'177'141 5'396'309 4'690'600 4'629'808 4'338'700 4'244'739 3'930'403 3'907'319 3'815'976 3'424'400 3'168'803

% Out 6.38 5.53 3.19 1.65 1.23 1.14 0.98 0.92 0.88 0.83 0.73 0.63 0.63 0.59 0.57 0.53 0.53 0.52 0.46 0.43

Weighting

Change 3 3

Latest Chg (20'500) 5'017'592 1'237'745 5'072'700 2'820'234 (1'275'318) 4'486'300 (1'745'314) (11'852) (21'230) (472'200) (405'213) (225'930) (7'900) 1'826 9'500 (349'900) 2'839'790

Target Price

M D

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

File Dt 31.03.2013 28.06.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 27.06.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013

Date 8 8

12 month Not Provided

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

Date 10.05.2013 28.04.2013

01.07.2013

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 (26.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 41.30 17.75 9'885'631.00 19.67 -52.37% 10.82% 8.15% 354.6 6'975.20 50.06 0.0 0.0 778.22 7'989.66

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 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-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% 15.45% 19.11% 0.23% 74.3% 81.8% 69.1% 69.0% 15.88 15.86 1.57% 1.61% 148.71 -

03/yy 771.5 53.44x 654.1 16.49x 575.0 0.00x

LTM 03/yy 855.7 53.99x 699.9 17.30x 572.3 0.00x

FY+1

1.06 354.10 4.33 -25.63% -44.95% 1.063 17 4.529 9'031'429 5'642'020 6'027'691 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 853.7 969.2 189.4 205.4 9.23x 7.69x 42.29x 38.73x 653.1 760.5 148.0 165.0 12.23x 10.51x 12.22x 12.12x 480.0 539.8 95.5 105.9 14.18x 12.74x 14.20x 13.47x S&P Issuer Ratings

1.45 1.56 1.6% 1.6% 0.23 0.28 2.45 21.26 -

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 |

01.07.2013

Silver Wheaton Corp Holdings By:

All

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

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

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

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

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

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

Amt Held 14'997'993 13'917'000 6'485'341 6'284'267 5'382'984 4'958'532 4'748'500 4'623'285 4'268'462 3'923'917 3'770'833 3'473'930 3'333'501 3'099'463 2'967'396 2'750'546 2'727'431 2'623'306 2'612'842 2'456'700

% Out 4.23 3.92 1.83 1.77 1.52 1.4 1.34 1.3 1.2 1.11 1.06 0.98 0.94 0.87 0.84 0.78 0.77 0.74 0.74 0.69

Weighting

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

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

Latest Chg 66'224 13'917'000 (926'166) (378'634) 180'499 (2'425) 20'000 (1'872'251) (81'137) (1'545'382) (18'415) (35'700) 420'000 (230'385) 195'633 (208'041) 1'642'706 26'794 283'586 (5'718'600)

Target Price 29 37 21 40 35 34 37 36 50 32 42 42 #N/A N/A 27 41

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

File Dt Inst Type 28.06.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Bank 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 27.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Insurance Company 31.03.2013 Unclassified 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

Date 12 month 12 month Not Provided Not Provided 12 month Not Provided 6 month 12 month 12 month Not Provided 18 month 12 month Not Provided 12 month 12 month

Date 01.07.2013 26.06.2013 25.06.2013 24.06.2013 19.06.2013 17.06.2013 06.06.2013 05.06.2013 29.05.2013 29.05.2013 27.05.2013 26.05.2013 21.05.2013 17.05.2013 14.05.2013

01.07.2013

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

12.0 M

10.0 M

30 8.0 M

25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2012) 52-Week Low (26.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.06.2013 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 03/yy 36.93 13.08 3'469'397.00 14.3 -61.28% 9.33% 5.12% 383.8 5'510.72 30'375.96 0.0 186.5 7'562.20 -

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

4.0 M

10 2.0 M

5 0 j-12

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 6.27x 6'814.6 -

s-12

o-12

n-12

19'105.47 12'553.61 24.07% 18.43% 4.24% 9.11% 7.82% 0.51% 36.1% 33.9% 20.5% 13.1% 1.37 0.53 28.22% 65.78% 3.72

LTM

03/yy 51'123.2 10.32x 22'721.7 5.12x 14'088.2 0.00x

d-12

03/yy 51'861.6 9.37x 17'555.7 5.70x 4'225.8 0.00x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

0.75 6.46 -57.90% -54.18% 0.746 6 3.667 3'729'503 3'935'596 3'435'400 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 61'184.0 70'390.8 1.37x 1.13x 20'567.1 27'317.3 5'056.7 9'814.6 10.01x 5.38x S&P Issuer Ratings

10.12.2012 BBBNEG 10.07 2.46 1.36 1.69 65.8% 39.6% 0.51 0.84 98.24 63.01

Sales/Revenue/Turnover

1.20

60'000.0

1.00

50'000.0

0.80

40'000.0

0.60

.0 M a-12

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

6.0 M

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 |

01.07.2013

AngloGold Ashanti Ltd Holdings By:

All

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

Firm Name Societe Generale EVA Dimensions Scotia Capital HSBC Makor Capital

Portfolio Name PAULSON & CO n/a NWQ INVESTMENT MANAG n/a n/a n/a n/a FIRST EAGLE INVESTME DUPONT CAPITAL MANAG TRADEWINDS GLOBAL IN RENAISSANCE TECHNOLO n/a PASSPORT CAPITAL LLC Multiple Portfolios PLATINUM INVESTMENT n/a n/a UNITED SERVICES AUTO n/a INVESTEC ASSET MANAG

Analyst BRUCE ALWAY TIMOTHY STANISH TANYA M JAKUSCONEK PATRICK CHIDLEY ALBERT SAPORTA

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

Recommendation sell hold sector perform overweight buy

Amt Held 28'254'950 14'810'494 11'336'430 8'747'623 5'518'760 5'498'290 5'230'372 4'945'084 3'731'629 3'728'373 3'398'300 2'612'472 2'137'844 2'090'384 2'059'815 1'939'517 1'839'523 1'622'856 1'611'720 1'608'497

% Out 7.36 3.86 2.95 2.28 1.44 1.43 1.36 1.29 0.97 0.97 0.89 0.68 0.56 0.54 0.54 0.51 0.48 0.42 0.42 0.42

Weighting

Change 1 3 3 5 5

M M M M M

Latest Chg 50'951 (814'185) (431'746) (128'150) (1'096'046) (30'115) (1'261'046) (259'531) 3'731'629 (458'492) 157'600 (22'697) 733'688 (581'425) (145'000) 350'187 98'426 (95'200) (310) (700)

Target Price 13 #N/A N/A 25 31 25

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

File Dt 31.03.2013 28.06.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 27.06.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013

Date 12 month Not Provided 12 month Not Provided Not Provided

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

Date 17.06.2013 06.06.2013 21.05.2013 28.04.2013 15.04.2013

01.07.2013

Cia de Minas Buenaventura SAA 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 03/yy 40.09 13.38 3'411'829.00 14.76 -63.18% 10.31% 5.17% 274.9 4'068.37 179.30 0.0 262.3 241.22 4'295.31

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

2.0 M

1.0 M

5 0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-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 (19.09.2012) 52-Week Low (26.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 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 569.3 16.47x 684.7 13.41x

569.30 421.85 26.98% 56.63% 13.23% 16.53% 16.37% 0.34% 47.5% 34.7% 23.2% 43.8% 2.30 1.42 3.91% 4.84% 9.25 5.58

Price/ Cash Flow

03/yy 1'570.2 24.14x 589.1 16.81x 848.7 11.93x

LTM 03/yy 1'492.0 23.72x 517.8 13.14x 579.9 11.38x

FY+1

0.52 1.82 -60.41% -58.43% 0.522 13 3.462 2'968'186 1'820'631 1'649'934 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'601.4 1'717.5 388.0 411.0 2.60x 2.35x 691.3 750.5 199.0 204.5 6.21x 5.72x 4.84x 480.3 503.9 103.3 106.9 7.00x 7.48x 10.54x 10.30x S&P Issuer Ratings

68.67 15.24 -0.07 0.35 4.8% 4.3% 0.34 1.44 39.45 65.36 59.17 44.85

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 |

01.07.2013

Cia de Minas Buenaventura SAA Holdings By:

All

Holder Name BLACKROCK VAN ECK ASSOCIATES C VONTOBEL ASSET MANAG FRANKLIN RESOURCES VANGUARD GROUP INC STATE STREET WELLS FARGO GRANTHAM MAYO VAN OT FMR LLC HARRIS TRUST & SAVIN CREDIT SUISSE AG NORGES BANK UNITED SERVICES AUTO THE BANK OF NOVA SCO VONTOBEL ASSET MANAG CREDIT AGRICOLE SA PARAMETRIC PORTFOLIO ING GROEP NV ING INVESTMENT MANAG GAMCO

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

Portfolio Name n/a n/a VONTOBEL ASSET MANAG n/a VANGUARD GROUP INC n/a n/a GRANTHAM MAYO VAN OT n/a Multiple Portfolios n/a NORGES BANK UNITED SERVICES AUTO THE BANK OF NOVA SCO Multiple Portfolios CREDIT AGRICOLE SA PARAMETRIC PORTFOLIO ING GROEP NV Multiple Portfolios n/a

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

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

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

Amt Held 25'536'584 13'179'122 12'497'006 8'641'735 5'406'540 4'674'992 4'469'673 4'187'270 4'170'730 3'497'516 2'490'156 2'298'752 1'858'000 1'691'231 1'679'805 1'677'132 1'434'207 1'100'345 1'094'442 1'062'400

% Out 9.29 4.79 4.55 3.14 1.97 1.7 1.63 1.52 1.52 1.27 0.91 0.84 0.68 0.62 0.61 0.61 0.52 0.4 0.4 0.39

Weighting

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

M M U M M M M M M M M

Latest Chg (4'985'793) 1'099'130 4'814'696 2'695'645 355'351 371'700 (18'676) 3'390'686 (172'571) 1'025'840 1'647'792 51'500 (868'730) 28'779 216'700 33'736 1'054'067 (399) (50'400)

Target Price 21 21 #N/A N/A 34 30 21 29 33 25 27 33

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

File Dt 27.06.2013 28.06.2013 31.03.2013 31.03.2013 31.03.2013 28.06.2013 30.04.2013 31.03.2013 31.03.2013 28.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.01.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013

Date 12 month Not Provided Not Provided 6 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided

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

Date 25.06.2013 25.06.2013 25.06.2013 06.06.2013 20.05.2013 06.05.2013 03.05.2013 30.04.2013 30.04.2013 11.03.2013 07.03.2013

01.07.2013

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

Price/Volume 14

16.0 M

14.0 M

12.0 M 10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (27.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 12.84 5.70 6'485'111.00 6.42 -50.00% 12.63% 10.08% 476.9 3'061.81 847.80 0.0 0.0 687.80 3'243.71

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

1.20

6.0 M

4.0 M

2.0 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

8.0 M

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% 5.31% 7.96% 0.22% 85.3% 47.0% 30.6% 25.1% 5.18 4.15 19.79% 31.68% 32.86 1.75

03/yy 693.5 26.07x 339.3 13.50x 187.8 0.00x

LTM 03/yy 824.3 24.77x 387.6 11.65x 201.7 0.00x

FY+1

0.96 461.94 8.77 -32.42% -41.80% 0.957 14 4.857 5'242'483 4'439'728 4'146'315 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 920.8 984.5 239.7 252.0 3.56x 3.67x 460.3 554.0 95.4 112.0 7.05x 5.86x 160.0 224.1 14.6 47.6 17.21x 12.61x 14.59x 12.84x S&P Issuer Ratings

27.03.2012 BBSTABLE 9.70 -3.13 0.47 2.20 31.7% 24.1% 0.22 0.27 11.11 209.12 40.25 378.94

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 |

01.07.2013

New Gold Inc Holdings By:

All

Holder Name BLACKROCK VAN ECK ASSOCIATES C FMR LLC POWER CORP OF CANADA OPPENHEIMERFUNDS INC WELLINGTON MANAGEMEN RS INVESTMENT MANAGE ROYAL BANK OF CANADA TORONTO DOMINION BAN TOCQUEVILLE ASSET MA BANK OF NOVA SCOTIA FIERA CAPITAL CORPOR LASSONDE PIERRE FIRST EAGLE INVESTME INVESTEC ASSET MANAG INVESTEC ASSET MANAG JP MORGAN CANADA PENSION PLAN PUBLIC SECTOR PENSIO OLIPHANT RANDALL

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

Portfolio Name n/a n/a n/a n/a Multiple Portfolios WELLINGTON MANAGEMEN RS INVESTMENT MANAGE n/a TORONTO DOMINION BAN TOCQUEVILLE ASSET MA n/a FIERA CAPITAL CORPOR n/a FIRST EAGLE INVESTME Multiple Portfolios INVESTEC ASSET MANAG n/a CANADA PENSION PLAN PUBLIC SECTOR PENSIO n/a

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

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

Recommendation buy outperform restricted buy buy buy buy buy sector perform sector outperform buy outperform restricted buy buy

Amt Held 62'551'684 51'601'629 35'344'411 12'987'264 12'943'570 12'469'841 11'134'273 11'078'536 10'011'303 8'366'671 7'393'443 6'040'968 5'645'000 5'379'731 5'091'201 5'091'201 4'883'382 4'785'859 4'584'060 4'570'855

% Out 13.12 10.82 7.41 2.72 2.71 2.61 2.33 2.32 2.1 1.75 1.55 1.27 1.18 1.13 1.07 1.07 1.02 1 0.96 0.96

Weighting

Change

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

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

Latest Chg (19'073) (401'290) 1'051'834 250'000 (1'200'483) 1'234'109 1'017'815 (5'156'495) (127'400) 1'122'945 3'201'270 (238'800) (326'365) (27'471) 703'973 190'800 320'855

Target Price #N/A N/A 10 10 10 10 16 11 12 11 13 9 10 #N/A N/A 14 10

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

File Dt Inst Type 27.06.2013 Investment Advisor 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Holding Company 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Bank 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Bank 31.03.2013 Investment Advisor 22.03.2012 n/a 31.03.2013 Hedge Fund Manager 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Pension Fund (ERISA) 31.03.2013 Investment Advisor 23.11.2012 n/a

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

Date 26.06.2013 25.06.2013 24.06.2013 19.06.2013 17.06.2013 17.06.2013 05.06.2013 04.06.2013 03.06.2013 03.06.2013 03.06.2013 02.06.2013 31.05.2013 31.05.2013 31.05.2013

01.07.2013

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 03/yy 57.35 25.00 3'529'737.00 27.54 -51.98% 10.16% 7.85% 172.9 4'760.80 842.96 0.0 0.0 351.28 5'277.37

Price/ Cash Flow

2.0 M 0 j-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 .0 M a-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% 5.00% 7.63% 7.06% 0.36% 39.0% 39.4% 24.5% 16.2% 3.26 1.51 16.04% 24.72% 23.11 4.16

03/yy 1'882.7 18.58x 801.6 7.78x (535.6) 0.00x

s-12

o-12

n-12

d-12

LTM 03/yy 1'865.2 18.18x 735.0 10.34x 256.2 0.00x

j-13

f-13 m-13

a-13

m-13

j-13

FY+1

0.62 172.06 1.77 -30.55% -46.86% 0.624 27 3.444 2'436'184 1'958'873 1'986'257 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'672.8 1'988.1 355.7 407.7 3.32x 2.78x 14.99x 13.20x 585.4 793.7 111.3 140.0 9.02x 6.65x 8.84x 8.29x 167.3 270.7 20.2 34.1 28.90x 17.83x 26.20x 20.97x S&P Issuer Ratings

12.03.2003 NR 13.60 5.91 0.70 1.10 24.7% 19.8% 0.36 0.46 15.79 87.72 50.91 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 (26.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 |

01.07.2013

Agnico Eagle Mines Ltd Holdings By:

All

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

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

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

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

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

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

Amt Held 20'005'396 13'384'122 11'305'234 8'353'624 6'927'650 4'381'540 3'956'923 3'739'449 3'507'319 3'247'664 2'433'065 2'128'571 1'800'000 1'598'700 1'553'050 1'551'262 1'501'826 1'343'527 1'210'011 1'051'526

% Out 11.57 7.74 6.54 4.83 4.01 2.53 2.29 2.16 2.03 1.88 1.41 1.23 1.04 0.92 0.9 0.9 0.87 0.78 0.7 0.61

Weighting

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

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

Latest Chg 2'418'540 696'000 501'322 223'720 414'729 (551'324) (57'068) 1'303'500 (83'945) (37'672) 845 (665'218) 418'800 428'246 (35'750) (15'150) 57'043 36'572 78'180

Target Price 21 39 40 47 #N/A N/A 44 41 41 46 39 #N/A N/A 42 47 28 45 49 41 38 29 54 46 45 30 39 #N/A N/A

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

File Dt Inst Type 27.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Bank 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 28.06.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Unclassified 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

Date 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 6 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Date 26.06.2013 25.06.2013 24.06.2013 24.06.2013 19.06.2013 19.06.2013 19.06.2013 17.06.2013 12.06.2013 06.06.2013 06.06.2013 26.05.2013 22.05.2013 17.05.2013 07.05.2013 30.04.2013 29.04.2013 29.04.2013 28.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 25.10.2012

01.07.2013

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 (27.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 16.20 5.56 8'458'269.00 6.18 -61.85% 11.22% 5.86% 715.0 4'418.75 593.32 0.0 284.1 818.83 4'628.14

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 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-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% 2.51% 3.32% 3.23% 0.16% 62.7% 51.9% 41.8% 26.6% 4.90 3.96 7.48% 10.01% 16.01 2.17

03/yy 1'156.1 29.80x 659.7 14.80x 334.0 0.00x

LTM 03/yy 1'214.1 29.81x 630.5 11.16x 192.0 0.00x

FY+1

0.81 708.51 4.07 -49.26% -51.73% 0.809 22 4.091 7'193'704 5'558'692 5'812'822 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'226.8 1'337.8 265.7 281.7 3.98x 3.88x 17.88x 17.07x 599.5 659.0 113.5 123.0 7.72x 7.02x 9.42x 9.18x 256.2 303.0 49.8 58.7 16.18x 13.76x 15.77x 14.61x S&P Issuer Ratings

13.11.2012 BB STABLE 83.69 22.66 -0.12 0.94 10.0% 8.7% 0.16 0.21 22.79 167.85 189.39 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 |

01.07.2013

Eldorado Gold Corp Holdings By:

All

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

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

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

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

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

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

Amt Held 46'240'578 46'199'408 33'729'686 17'640'602 13'044'870 12'322'002 11'861'546 11'661'328 11'264'562 10'662'061 10'031'223 9'924'291 9'088'523 8'799'121 8'762'181 8'616'810 7'601'100 6'756'612 5'819'530 5'033'900

% Out 6.47 6.46 4.72 2.47 1.82 1.72 1.66 1.63 1.58 1.49 1.4 1.39 1.27 1.23 1.23 1.21 1.06 0.94 0.81 0.7

Weighting

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

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

Latest Chg (1'069'723) 1'979'063 6'645'120 426'594 (14'814'642) (163'800) 11'861'546 861'550 771'210 (256'391) (12'436) (1'473'143) (223'376) (2'010'762) (170'141) 966'831 50'000 64'734 (2'247'589) 45'300

Target Price 13 8 10 9 13 14 16 14 10 #N/A N/A 8 14 12 7 12 10 11 9 12 13 13

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 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Bank 29.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 26.06.2013 25.06.2013 25.06.2013 24.06.2013 19.06.2013 19.06.2013 12.06.2013 11.06.2013 22.05.2013 22.05.2013 17.05.2013 06.05.2013 06.05.2013 06.05.2013 03.05.2013 03.05.2013 03.05.2013 03.05.2013 02.05.2013 28.04.2013 12.03.2013

01.07.2013

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.

Price/Volume 12

45.0 M 40.0 M

35.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.10.2012) 52-Week Low (26.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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

12/2012 03/yy 11.20 4.53 20'938'684.00 5.1 -54.44% 12.58% 8.55% 1'141.7 5'822.49 2'632.60 0.0 75.5 1'982.70 6'632.79

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

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

20.0 M 15.0 M 10.0 M

2 0 j-12

5.0 M .0 M a-12

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% -15.73% -21.83% 0.28% 57.1% 45.7% 28.1% -58.1% 2.76 1.74 17.69% 26.73% 15.04 1.53

Price/ Cash Flow

03/yy 3'910.6 14.92x 1'885.9 6.00x (2'225.3) 12.84x

s-12

o-12

n-12

d-12

LTM 03/yy 4'332.9 10.04x 1'980.9 4.97x (2'450.1) 10.69x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

3.14 0.76 1'139.64 8.09 -36.31% -47.00% 0.757 27 3.963 15'526'687 13'126'443 13'778'005 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 3'903.3 3'962.5 922.7 890.4 1.79x 1.80x 7.33x 7.82x 1'508.7 1'645.8 338.2 325.7 4.40x 4.03x 4.91x 4.74x 434.4 555.1 7.0 81.0 13.21x 10.83x 13.67x 11.38x S&P Issuer Ratings

15.08.2011 BBBSTABLE 13.84 0.25 0.37 1.09 26.7% 21.0% 0.28 0.47 24.27 239.28 108.04 222.18

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

25.0 M

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

30.0 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 |

01.07.2013

Kinross Gold Corp Holdings By:

All

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

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

Portfolio Name n/a n/a BMO FINANCIAL CORP ARTISAN PARTNERS LP JENNISON ASSOCIATES n/a TRADEWINDS GLOBAL IN CIBC WORLD MARKETS I n/a NORGES BANK ALTRINSIC GLOBAL ADV TORONTO DOMINION BAN n/a OPPENHEIMER FUNDS IN n/a CAISSE DE DEPOT ET P FIRST EAGLE INVESTME CARMIGNAC GESTION PASSPORT CAPITAL LLC TD ASSET MANAGEMENT

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

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

Recommendation hold hold market perform outperform outperform buy buy buy hold outperform overweight sector perform buy sell outperform outperform overweight Under Review overweight hold sector underperform equalweight buy buy Underwt/In-Line

Amt Held 57'357'709 29'798'050 25'903'233 22'078'500 20'640'874 20'421'586 19'663'848 16'877'973 16'120'045 15'598'099 14'937'516 14'193'873 13'959'251 13'897'771 12'761'242 12'697'029 12'671'799 12'416'200 12'217'459 10'443'940

% Out 5.02 2.61 2.27 1.93 1.81 1.79 1.72 1.48 1.41 1.37 1.31 1.24 1.22 1.22 1.12 1.11 1.11 1.09 1.07 0.91

Weighting

Change

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

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

Latest Chg (2'019'268) 6'302'441 3'849'773 22'078'500 3'329'797 (1'148'398) (977'748) (15'894) (8'201'037) 30'083 47'316 (3'120'469) 13'897'771 (4'877'985) (5'850'702) (1'130'000) 12'416'200 (1'903'663) 2'570

Target Price #N/A N/A 6 5 7 8 8 8 10 8 7 10 8 8 6 9 11 12 #N/A N/A #N/A N/A 6 8 7 10 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 28.06.2013 Investment Advisor 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Unclassified 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Bank 31.12.2012 Government 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.12.2012 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor

Date Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 6 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided

Date 28.06.2013 27.06.2013 26.06.2013 25.06.2013 24.06.2013 19.06.2013 19.06.2013 18.06.2013 17.06.2013 12.06.2013 11.06.2013 11.06.2013 11.06.2013 11.06.2013 10.06.2013 10.06.2013 06.06.2013 22.05.2013 22.05.2013 08.05.2013 08.05.2013 08.05.2013 30.04.2013 15.04.2013 10.10.2012

01.07.2013

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 3.5 M

100

3.0 M 2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.10.2012) 52-Week Low (26.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 100.84 38.64 2'188'022.00 42.08 -58.27% 8.92% 5.54% 64.4 2'708.90 293.25 0.0 25.0 390.47 2'345.57

30.06.2008 66.3 13.56x 51.3 17.51x 24.0 51.41x

1.5 M

1.0 M

.5 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

120

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% 3.16% 3.82% 4.04% 0.12% 71.5% 88.9% 61.2% 35.2% 29.27 28.23 12.36% 15.95% 4.82 -

Price/ Cash Flow

03/yy 262.2 55.35x 230.7 16.28x 93.6 39.16x

LTM 03/yy 292.0 66.52x 259.6 16.16x 79.0 48.88x

FY+1

1.66 0.66 61.85 2.72 -45.85% -47.99% 0.657 10 3.800 1'589'738 897'753 994'849 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 06/13 Q4 09/13 Q1 298.4 358.0 65.5 68.8 7.99x 6.18x 36.27x 265.6 314.6 58.4 56.5 8.83x 7.46x 9.07x 8.22x 92.6 123.0 18.6 20.0 27.96x 21.41x 27.54x 23.47x S&P Issuer Ratings

30.27 -5.64 -1.49 1.16 16.0% 13.6% 0.12 0.15 75.69 10.43 -

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 |

01.07.2013

Royal Gold Inc Holdings By:

All

Holder Name BLACKROCK VAN ECK ASSOCIATES C VANGUARD GROUP INC STATE STREET WELLS FARGO STUCKERT JAMES W FMR LLC TOCQUEVILLE ASSET MA ALLIANZ ASSET MANAGE T ROWE PRICE ASSOCIA OPPENHEIMERFUNDS INC FIRST EAGLE INVESTME AGF INVESTMENTS INC GAMCO BANK OF NEW YORK MEL UNITED SERVICES AUTO UBS NEUBERGER BERMAN LLC AMERIPRISE FINANCIAL DEUTSCHE BANK AG

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

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a n/a n/a TOCQUEVILLE ASSET MA n/a T ROWE PRICE ASSOCIA OPPENHEIMER FUNDS IN FIRST EAGLE INVESTME AGF INVESTMENTS INC n/a BANK OF NEW YORK MEL UNITED SERVICES AUTO n/a NEUBERGER BERMAN GRO AMERIPRISE FINANCIAL n/a

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

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

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

Amt Held 6'803'771 5'518'786 3'592'556 2'384'184 1'842'278 1'443'600 1'392'949 1'361'050 1'329'864 1'209'346 1'115'000 867'401 838'175 678'787 633'761 624'300 621'096 560'996 558'674 533'948

% Out 10.57 8.57 5.58 3.7 2.86 2.24 2.16 2.11 2.07 1.88 1.73 1.35 1.3 1.05 0.98 0.97 0.96 0.87 0.87 0.83

Weighting

Change 3 5 5 5 3 3 5 1

M M M M M M M M

Latest Chg 207'220 78'125 159'701 183'158 129'548 (178'495) (895'027) (47'750) 95'610 441'649 745'000 838'175 149'690 25'047 9'000 518'527 (413'048) 82'417 (96'771)

Target Price 71 80 78 80 88 71 77 #N/A N/A

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

File Dt Inst Type 27.06.2013 Investment Advisor 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 26.06.2013 n/a 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Unclassified 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Unclassified 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 24.06.2013 24.06.2013 04.06.2013 03.05.2013 02.05.2013 02.05.2013 28.04.2013 15.01.2013

01.07.2013

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 (16.08.2012) 52-Week Low (24.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.06.2013 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 03/yy 10.54 3.29 4'246'570.00 3.81 -63.85% 15.81% 7.17% 435.3 1'658.45 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 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-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% 2.66% 3.41% 3.58% 0.37% 25.7% 19.2% 7.8% 17.4% 2.28 0.93 4.27% 5.41% 11.93 11.89

LTM

03/yy 13'997.0 11.33x 3'190.0 0.00x 2'496.0 0.00x

03/yy 16'353.0 7.37x 3'140.0 8.01x 1'176.0 0.00x

FY+1

0.84 3.31 -58.81% -57.10% 0.836 3 5.000 4'069'205 3'443'423 3'318'861 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 06/13 Q4 09/13 Q1 17'452.9 21'284.3 0.93x 0.83x 4'856.8 6'494.5 1'678.5 2'091.7 9.70x 7.84x S&P Issuer Ratings

14.26 3.47 -0.18 0.80 5.4% 5.1% 0.37 0.49 30.59 30.71 47.72 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 |

01.07.2013

Harmony Gold Mining Co Ltd Holdings By:

All

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

Firm Name EVA Dimensions HSBC

Portfolio Name n/a n/a FIRST EAGLE INVESTME n/a n/a UNITED SERVICES AUTO n/a n/a n/a n/a TWO SIGMA INVESTMENT TEACHER RETIREMENT S CREDIT AGRICOLE SA n/a TWO SIGMA ADVISERS L US GLOBAL INVESTORS n/a HUSSMAN ECONOMETRICS GAM HOLDING LTD Multiple Portfolios

Analyst TIMOTHY STANISH PATRICK CHIDLEY

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

Recommendation overweight overweight

Amt Held 135'983'632 30'771'192 20'829'043 20'017'881 9'383'119 5'755'000 3'994'173 3'030'594 2'283'081 1'982'360 1'780'331 1'500'000 1'265'348 1'203'118 1'129'600 1'050'000 1'005'045 1'000'000 998'850 751'348

% Out 31.24 7.07 4.79 4.6 2.16 1.32 0.92 0.7 0.52 0.46 0.41 0.34 0.29 0.28 0.26 0.24 0.23 0.23 0.23 0.17

Weighting

Change 5 5

M M

Latest Chg 781'177 (1'394'122) (3'910'953) 129'354 1'930'000 (462'600) (2'974'400) 1'802'132 (270) 458'902 (81'600) 490'639 726'300 (1'320'115) 55'000 -

Target Price #N/A N/A 7

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

File Dt Inst Type 22.10.2012 Investment Advisor 28.06.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 27.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Unclassified 31.03.2013 Hedge Fund Manager 31.03.2013 Pension Fund (ERISA) 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor

Date Not Provided Not Provided

Date 06.06.2013 28.04.2013

01.07.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (26.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 16.88 3.81 13'844'235.00 4.33 -74.35% 13.65% 3.98% 376.6 1'630.52 641.40 0.0 76.7 813.50 1'710.82

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

1.20

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 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

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% 4.65% 6.17% 6.75% 0.32% 43.2% 40.8% 30.5% 20.0% 3.76 2.61 11.93% 17.20% 9.95 2.52

03/yy 1'613.3 13.37x 748.7 5.37x 772.4 0.00x

LTM 03/yy 1'571.1 10.75x 641.7 4.36x 226.4 0.00x

FY+1

0.97 370.84 5.99 -61.83% -61.16% 0.975 25 3.480 9'095'037 7'228'772 7'211'735 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'388.8 1'590.4 326.6 325.4 1.30x 1.33x 5.57x 5.81x 553.4 675.6 127.1 142.6 3.09x 2.53x 3.32x 3.45x 171.3 222.1 32.3 32.5 9.37x 7.25x 8.59x 7.77x S&P Issuer Ratings

10.09.2012 BBSTABLE 14.20 0.19 0.00 1.01 17.2% 14.4% 0.32 0.62 36.68 144.64 80.12 94.44

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 |

01.07.2013

IAMGOLD Corp Holdings By:

All

Holder Name BLACKROCK VAN ECK ASSOCIATES C OPPENHEIMERFUNDS INC AGF INVESTMENTS INC FMR LLC UNITED SERVICES AUTO FIRST EAGLE INVESTME HEXAVEST INC CIBC WORLD MARKETS I BMO FINANCIAL CORP TORONTO DOMINION BAN SCHRODER INVESTMENT PAULSON & CO MANULIFE ASSET MANAG POWER CORP OF CANADA DEUTSCHE BANK AG FRANKLIN RESOURCES CARIBBEAN INVESTMENT JP MORGAN CLARINGTON CAPITAL M

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

Portfolio Name n/a n/a OPPENHEIMER FUNDS IN AGF INVESTMENTS INC n/a UNITED SERVICES AUTO FIRST EAGLE INVESTME HEXAVEST INC CIBC WORLD MARKETS I BMO FINANCIAL CORP TORONTO DOMINION BAN SCHRODER INVESTMENT PAULSON & CO MANULIFE ASSET MANAG n/a n/a n/a n/a n/a Multiple Portfolios

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

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

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

Amt Held 33'007'505 26'609'525 9'719'845 9'271'077 7'117'169 6'755'000 6'125'592 5'890'847 5'356'509 5'016'061 4'925'902 4'905'401 3'863'912 3'566'791 3'462'599 3'407'054 3'204'100 3'119'569 3'071'125 3'035'395

% Out 8.77 7.07 2.58 2.46 1.89 1.79 1.63 1.56 1.42 1.33 1.31 1.3 1.03 0.95 0.92 0.9 0.85 0.83 0.82 0.81

Weighting

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

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

Latest Chg (13'095'832) 1'300'000 1'611'410 (2'626'159) 290'599 (776'100) (3'062'014) (87'839) (268'526) 308'452 2'828'200 (17'988) 1'447'076 275'900 536'267 (1'256'100) 6'609 2'248'674

Target Price #N/A N/A 4 7 9 11 5 8 7 10 9 14 7 #N/A N/A 7 7 9 6 7 9 5 8 8 14 #N/A N/A

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

File Dt Inst Type 31.05.2013 Investment Advisor 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Holding Company 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 06.09.2011 Bank 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor

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

Date 28.06.2013 25.06.2013 24.06.2013 19.06.2013 19.06.2013 17.06.2013 14.06.2013 05.06.2013 05.06.2013 29.05.2013 26.05.2013 22.05.2013 22.05.2013 21.05.2013 17.05.2013 14.05.2013 09.05.2013 09.05.2013 08.05.2013 08.05.2013 07.05.2013 28.04.2013 12.03.2013 10.10.2012

01.07.2013

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

9.0 M 8.0 M

7.0 M 6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.11.2012) 52-Week Low (26.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 22.83 10.23 4'613'588.00 11.64 -49.01% 13.78% 11.19% 151.4 1'762.36 77.98 0.0 7.3 542.32 1'323.17

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 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

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

5.0 M

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% 1.70% 2.12% 2.17% 0.28% 45.2% 36.6% 24.1% 9.4% 4.96 3.44 2.30% 2.87% 7.26 2.25

03/yy 893.6 11.23x 456.8 6.30x 310.2 0.00x

LTM 03/yy 942.8 9.96x 345.3 5.94x 57.6 0.00x

FY+1

1.00 149.02 2.68 -29.42% -36.75% 1.003 16 3.250 3'382'052 2'904'188 2'585'931 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 897.3 978.2 210.5 208.3 1.57x 1.56x 6.15x 6.08x 276.5 334.3 52.3 51.2 4.79x 3.96x 6.37x 6.28x 87.0 132.9 14.2 13.2 18.96x 14.37x 17.99x 15.71x S&P Issuer Ratings

47.15 26.32 -1.29 0.13 2.9% 2.8% 0.28 0.43 50.25 162.08 74.80 154.58

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 |

01.07.2013

Pan American Silver Corp Holdings By:

All

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

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

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

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

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

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

Amt Held 10'733'900 10'001'527 3'721'492 3'576'503 3'257'722 2'118'680 1'969'181 1'939'341 1'767'772 1'511'945 1'467'674 1'390'676 1'200'000 1'198'545 1'134'677 1'117'492 1'109'882 1'095'911 1'087'824 986'026

% Out 7.09 6.61 2.46 2.36 2.15 1.4 1.3 1.28 1.17 1 0.97 0.92 0.79 0.79 0.75 0.74 0.73 0.72 0.72 0.65

Weighting

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

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

Latest Chg 235'556 (1'140'970) 1'725'646 (374'997) (10'899) 300'000 151'207 (110'000) (3'472) (21'408) 20'900 (14'164) 1'200'000 (19'831) 393'712 (151'875) (925'154) 22'621

Target Price 10 12 10 14 #N/A N/A 19 16 17 19 #N/A N/A 21 16 14 20 19

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

File Dt Inst Type 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.05.2012 n/a 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Pension Fund (ERISA) 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

Date 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 6 month Not Provided 12 month 12 month 12 month Not Provided Not Provided

Date 28.06.2013 28.06.2013 26.06.2013 25.06.2013 19.06.2013 19.06.2013 19.06.2013 17.06.2013 06.06.2013 22.05.2013 15.05.2013 15.05.2013 14.05.2013 14.05.2013 11.04.2013

01.07.2013

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, the La Guitarra Silver Mine, and Del Toro Silver Mine.

Price/Volume 25

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

20 15

Valuation Analysis

12/2012 03/yy 24.20 8.81 2'422'044.00 10.59 -56.24% 20.20% 11.57% 116.9 1'238.20 29.64 0.0 0.0 111.59 1'162.92

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

0 j-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-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% 13.40% 17.73% 17.25% 0.39% 57.5% 51.6% 40.3% 36.0% 3.02 2.29 3.65% 4.99% 14.68 5.46

03/yy 248.1 27.16x 157.7 10.69x 106.1 0.00x

LTM 03/yy 256.4 32.01x 132.3 13.74x 89.1 0.00x

FY+1

1.17 111.85 0.86 -26.71% -47.55% 1.171 8 4.500 1'537'139 1'297'909 1'271'895 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 319.7 474.3 3.86x 2.26x 162.4 247.8 7.16x 4.69x 106.2 175.0 14.37x 8.78x 12.23x 10.27x S&P Issuer Ratings

58.92 -17.45 -0.57 0.26 5.0% 4.8% 0.39 0.54 24.87 66.83 78.63 23.35

Sales/Revenue/Turnover

1.20

300.0

1.00

250.0

0.80

200.0

0.60

a-12

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

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 |

01.07.2013

First Majestic Silver Corp Holdings By:

All

Holder Name VAN ECK ASSOCIATES C SPROTT INC GREYSTONE MANAGED IN NEUMEYER KEITH OPPENHEIMERFUNDS INC CONNOR CLARK & LUNN BARING INTERNATIONAL ROYAL BANK OF CANADA CANADA PENSION PLAN PUBLIC SECTOR PENSIO TD ASSET MANAGEMENT POLAR SECURITIES INC TORONTO DOMINION BAN GLOBAL X MANAGEMENT LB SWISS INVESTMENT CLAYMORE INVESTMENTS INVESCO LTD VANGUARD GROUP INC NORGES BANK IA CLARINGTON INVEST

Firm Name BMO Capital Markets Cowen and Company TD Securities Dundee Securities Corp Casimir Capital Raymond James Cormark Securities Inc. EVA Dimensions

Portfolio Name n/a SPROTT INC GREYSTONE MANAGED IN n/a OPPENHEIMER FUNDS IN CONNOR CLARK & LUNN BARING INTERNATIONAL n/a CANADA PENSION PLAN PUBLIC SECTOR PENSIO TD ASSET MANAGEMENT POLAR SECURITIES INC TORONTO DOMINION BAN GLOBAL X MANAGEMENT Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios NORGES BANK Multiple Portfolios

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

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

Recommendation outperform outperform buy buy buy outperform buy underweight

Amt Held 8'250'379 4'404'872 3'871'362 3'126'000 2'550'000 2'462'160 2'154'471 1'556'516 1'203'343 1'127'680 1'095'918 1'034'662 953'685 777'102 700'000 689'593 663'271 659'529 636'734 620'900

% Out 7.06 3.77 3.31 2.67 2.18 2.11 1.84 1.33 1.03 0.96 0.94 0.88 0.82 0.66 0.6 0.59 0.57 0.56 0.54 0.53

Weighting

Change 5 5 5 5 5 5 5 1

U M M M M M M M

Latest Chg 251'339 (376'800) (159'106) 150'000 2'550'000 (181'475) (122'348) 158'465 19'400 31'000 9'418 (378'403) 777'102 25'000 (231'913) 71'372 -

Target Price 12 14 16 17 23 21 21 #N/A N/A

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

File Dt Inst Type 28.06.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 19.11.2012 n/a 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Bank 31.03.2013 Pension Fund (ERISA) 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 28.03.2013 Investment Advisor 31.12.2012 Investment Advisor 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor

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

Date 28.06.2013 26.06.2013 19.06.2013 17.06.2013 17.06.2013 14.06.2013 29.05.2013 22.05.2013

01.07.2013

Coeur Mining Inc Coeur Mining, Inc., 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 (26.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.05.2013 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 03/yy 31.97 11.48 3'887'630.00 13.3 -58.40% 15.85% 8.88% 101.5 1'349.64 124.55 0.0 0.0 153.50 1'368.80

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 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-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% 1.71% 2.63% 2.91% 0.26% 24.6% 39.7% 14.6% 5.4% 1.70 0.79 3.87% 5.67% 11.28 3.99

Price/ Cash Flow

03/yy 1'026.1 8.11x 539.5 3.90x 85.0 24.22x

LTM 03/yy 862.7 9.12x 342.9 4.99x 57.0 27.74x

FY+1

0.00 1.28 100.83 3.55 -24.26% -45.93% 1.276 9 3.556 2'092'718 1'733'643 1'812'073 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 848.7 998.2 218.0 221.0 1.51x 1.11x 5.97x 5.99x 317.8 428.0 78.1 72.2 4.31x 3.20x 4.60x 4.78x 46.8 106.4 18.0 10.7 31.07x 11.99x 20.52x 15.78x S&P Issuer Ratings

25.06.2012 B+ STABLE 13.10 8.08 0.06 1.09 5.7% 5.4% 0.26 0.33 32.36 91.49 30.34 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 |

01.07.2013

Coeur Mining Inc Holdings By:

All

Holder Name VAN ECK ASSOCIATES C GUGGENHEIM BLACKROCK VANGUARD GROUP INC DIMENSIONAL FUND ADV DONALD SMITH & CO IN STATE STREET OPPENHEIMERFUNDS INC AMERICAN CENTURY COM NORTHERN TRUST CORPO DEUTSCHE BANK AG SUN VALLEY GOLD LLC DREMAN VALUE MANAGEM AMERIPRISE FINANCIAL JP MORGAN SPROTT INC PANAGORA ASSET MANAG TWO SIGMA INVESTMENT TEXAS TEACHER RETIRE CREDIT SUISSE AG

Firm Name BMO Capital Markets Deutsche Bank Scotia Capital Dundee Securities Corp Global Hunter Securities Sterne, Agee & Leach JPMorgan EVA Dimensions Cormark Securities Inc.

Portfolio Name n/a n/a n/a VANGUARD GROUP INC n/a DONALD SMITH & CO IN n/a OPPENHEIMER FUNDS IN AMERICAN CENTURY COM NORTHERN TRUST CORPO n/a SUN VALLEY GOLD LLC DREMAN VALUE MANAGEM AMERIPRISE FINANCIAL n/a SPROTT INC PANAGORA ASSET MANAG TWO SIGMA INVESTMENT TEACHER RETIREMENT S n/a

Analyst ANDREW KAIP JORGE M BERISTAIN TREVOR TURNBULL CHRIS LICHTENHELDT JEFF WRIGHT MICHAEL S DUDAS JOHN BRIDGES CRAIG STERLING GRAEME JENNINGS

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

Recommendation underperform buy sector perform neutral accumulate buy neutral buy market perform

Amt Held 6'405'227 5'542'767 5'209'001 4'876'942 4'809'149 4'641'704 3'163'120 2'963'100 2'810'872 1'892'202 1'588'191 1'278'258 1'251'341 1'194'069 942'523 838'500 791'096 699'487 670'115 660'625

% Out 6.31 5.46 5.13 4.81 4.74 4.57 3.12 2.92 2.77 1.86 1.57 1.26 1.23 1.18 0.93 0.83 0.78 0.69 0.66 0.65

Weighting

Change 1 5 3 3 4 5 3 5 3

D M M M M M M U M

Latest Chg 239'786 3'168'130 693 (420'427) 364'532 3'039'676 (18'288) 560'000 (256'964) 34'861 (207'650) (14'548) 197'959 60'718 (341'000) 516'832 668'603 145'492 436'039

Target Price 10 18 15 17 21 28 19 #N/A N/A 21

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

File Dt 28.06.2013 31.05.2013 27.06.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013

Date 12 month 12 month 12 month Not Provided 12 month 12 month 6 month Not Provided 12 month

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

Date 28.06.2013 28.06.2013 26.06.2013 26.06.2013 26.06.2013 19.06.2013 06.06.2013 27.05.2013 10.05.2013

01.07.2013

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 9

25.0 M

8 20.0 M

7 6

15.0 M

5 4

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.07.2012) 52-Week Low (27.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 8.62 4.01 5'959'539.00 4.37 -49.30% 8.98% 7.81% 246.9 1'078.76 188.57 0.0 0.0 603.40 981.30

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

5.0 M

1 0 j-12

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% 1.72% 2.35% 43.2% 20.3% 7.76 6.33 6.51% 8.21% -

03/yy 175.3 47.64x 83.7 0.00x 166.3 0.00x

s-12

o-12

n-12

d-12

LTM 03/yy 185.8 42.87x 53.2 27.39x 50.2 0.00x

j-13

f-13 m-13

a-13

m-13

j-13

FY+1

0.84 245.99 12.86 -45.08% -46.22% 0.837 14 3.500 3'441'227 2'641'640 2'865'415 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 284.5 374.5 54.8 69.6 3.59x 2.74x 11.06x 13.30x 131.6 200.2 19.9 38.3 7.46x 4.90x 6.23x 5.33x 49.4 77.2 4.5 14.4 19.77x 12.31x 17.41x 14.05x S&P Issuer Ratings

23.39 -142.03 -1.83 3.23 8.2% 7.6% -

Sales/Revenue/Turnover

1.20

300.0

1.00

250.0

0.80

200.0

0.60

.0 M a-12

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

10.0 M

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 |

01.07.2013

AuRico Gold Inc Holdings By:

All

Holder Name WELLINGTON MANAGEMEN VAN ECK ASSOCIATES C TORONTO DOMINION BAN HARTFORD INVESTMENT DONALD SMITH & CO IN HEARTLAND ADVISORS I UNITED SERVICES AUTO OPPENHEIMERFUNDS INC RIVER ROAD ASSET MAN ASTON ASSET MANAGEME OPUS CAPITAL GROUP L HEXAVEST INC POWER CORP OF CANADA MAK CAPITAL ONE LLC FIERA CAPITAL CORPOR SUN VALLEY GOLD LLC GEOLOGIC RESOURCE PA SENTRY SELECT CAPITA NWQ INVESTMENT MANAG PUBLIC SECTOR PENSIO

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

Portfolio Name WELLINGTON MANAGEMEN n/a TORONTO DOMINION BAN Multiple Portfolios DONALD SMITH & CO IN HEARTLAND ADVISORS I UNITED SERVICES AUTO OPPENHEIMER FUNDS IN RIVER ROAD ASSET MAN Multiple Portfolios OPUS CAPITAL GROUP L HEXAVEST INC n/a MAK CAPITAL ONE LLC FIERA CAPITAL CORPOR SUN VALLEY GOLD LLC GEOLOGIC RESOURCE PA SENTRY SELECT CAPITA NWQ INVESTMENT MANAG PUBLIC SECTOR PENSIO

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

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

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

Amt Held 34'465'703 22'916'069 12'665'571 11'974'228 11'173'993 8'574'011 7'954'202 7'469'100 6'556'114 5'523'501 4'478'647 3'895'355 3'862'659 3'767'019 3'677'730 3'493'185 3'444'100 3'207'165 3'186'064 2'867'697

% Out 13.96 9.28 5.13 4.85 4.53 3.47 3.22 3.03 2.66 2.24 1.81 1.58 1.56 1.53 1.49 1.42 1.4 1.3 1.29 1.16

Weighting

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

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

Latest Chg 14'538'023 (2'190'375) 11'536'239 (669'511) 2'838'940 (3'159'581) (359'998) 6'556'114 593'007 1'610'951 (1'586'686) 371'532 3'767'019 (11'562'015) (8'592'660) (730'412) (1'925'861)

Target Price 4 5 6 7 7 7 6 9 6 #N/A N/A 8 9 6 6

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 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Holding Company 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 27.06.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 25.06.2013 22.06.2013 09.06.2013 29.05.2013 17.05.2013 10.05.2013

01.07.2013

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

14.0 M

12.0 M

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.10.2012) 52-Week Low (27.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 41.02 5.40 11'451'181.00 6.48 -84.20% 20.00% 3.03% 103.9 673.19 525.19 0.0 0.0 347.05 1'011.70

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

8.0 M

6.0 M

4.0 M

2.0 M

5 0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 43.2 (0.8) 8.5 -

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

LTM-4Q 31.12.2011 152.0 16.34x 48.8 50.94x 36.7 77.21x

31.12.2012 214.6 13.43x 95.5 30.19x 47.7 55.90x

95.46 80.87 37.69% 29.90% 4.47% 7.35% 6.66% 0.23% 49.0% 43.6% 36.3% 22.2% 5.58 4.00 42.43% 84.71% 13.92 2.06

Price/ Cash Flow

03/yy 159.3 69.10x 64.8 42.00x 48.6 62.56x

LTM 03/yy 224.5 47.39x 97.9 18.56x 44.5 30.25x

FY+1

0.00 0.93 95.83 4.37 -77.17% -78.49% 0.934 10 3.500 5'113'967 3'404'562 3'215'585 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 347.8 588.2 72.6 89.1 2.85x 1.91x 11.55x 10.45x 152.5 279.2 24.9 31.9 6.63x 3.62x 7.85x 6.90x 84.9 131.5 13.8 18.1 9.72x 4.84x 6.11x 4.83x S&P Issuer Ratings

07.06.2012 B NEG 3.69 -6.45 3.46 5.94 84.7% 45.9% 0.23 0.46 26.22 177.50 95.94 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 |

01.07.2013

Allied Nevada Gold Corp Holdings By:

All

Holder Name WELLINGTON MANAGEMEN VAN ECK ASSOCIATES C BANK OF NOVA SCOTIA WELLINGTON MANAGEMEN VANGUARD GROUP INC ROYCE AND ASSOCIATES PESCIO CARL A GUGGENHEIM SENTRY SELECT CAPITA BLACKROCK UNITED SERVICES AUTO BUCHAN ROBERT M STATE STREET OPPENHEIMERFUNDS INC FMR LLC TACONIC CAPITAL ADVI TOCQUEVILLE ASSET MA PAULSON & CO COLUMBIA WANGER ASSE HARTFORD INVESTMENT

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

Portfolio Name n/a n/a n/a WELLINGTON MANAGEMEN VANGUARD GROUP INC ROYCE & ASSOCIATES L n/a n/a SENTRY SELECT CAPITA n/a UNITED SERVICES AUTO n/a n/a OPPENHEIMER FUNDS IN n/a TACONIC CAPITAL ADVI TOCQUEVILLE ASSET MA PAULSON & CO COLUMBIA WANGER ASSE Multiple Portfolios

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

Source Co File ULT-AGG ULT-AGG 13F 13F 13F Form 4 ULT-AGG 13F ULT-AGG 13F Form 4 ULT-AGG 13F ULT-AGG 13F 13F 13F 13F MF-AGG

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

Amt Held 14'514'762 7'266'752 5'552'375 4'851'092 4'618'576 4'534'307 4'453'800 4'451'595 4'264'100 3'054'914 2'596'885 2'512'474 2'464'979 2'189'300 2'048'400 2'000'000 1'768'623 1'502'184 1'322'000 1'198'749

% Out 13.97 6.99 5.34 4.67 4.45 4.36 4.29 4.28 4.1 2.94 2.5 2.42 2.37 2.11 1.97 1.93 1.7 1.45 1.27 1.15

Weighting

Change 5 3 5 5 4 5 1 3 1 3

M M U M M M M M M M

Latest Chg 9'663'670 128'651 874'964 (88'198) (1'437'400) 50'000 2'693'449 9'400 (174'019) 188'152 106'871 331'500 (1'176'615) 2'000'000 (400'400) (7'037) (122'000) 275'051

Target Price 19 14 #N/A N/A 17 16 10 7 15 11 12

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

File Dt Inst Type 31.05.2013 Investment Advisor 28.06.2013 Investment Advisor 18.04.2013 Bank 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 18.06.2013 n/a 31.05.2013 Unclassified 31.03.2013 Investment Advisor 27.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 n/a 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Hedge Fund Manager 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor

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

Date 26.06.2013 24.06.2013 20.06.2013 17.06.2013 29.05.2013 29.05.2013 17.05.2013 02.05.2013 01.05.2013 01.05.2013

01.07.2013

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

25.0 M

20.0 M

6 5

Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (27.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.05.2013 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 03/yy 6.92 2.65 11'906'110.00 2.98 -56.96% 12.45% 7.72% 285.2 849.79 17.50 0.0 0.0 190.98 711.75

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

10.0 M

3 2

5.0 M

1 0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

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

15.0 M

Valuation Analysis

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% 0.97% 1.13% 1.31% 0.22% 44.7% 24.0% 6.5% 4.7% 2.98 2.20 1.27% 1.54% 34.48 6.40

Price/ Cash Flow

03/yy 432.4 11.93x 210.2 5.01x 120.4 14.00x

LTM 03/yy 306.4 17.19x 73.6 13.43x 13.5 32.92x

FY+1

2.10 1.34 283.08 28.45 -36.76% -48.69% 1.338 9 3.444 9'039'584 9'191'715 7'680'246 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 480.0 665.0 119.5 146.5 2.40x 1.66x 8.90x 7.70x 175.6 317.0 44.9 61.1 4.05x 2.25x 3.23x 3.21x 36.3 107.1 3.5 9.0 29.50x 10.53x 18.17x 12.63x S&P Issuer Ratings

04.04.2013 B STABLE 38.28 -8.32 -1.98 0.31 1.5% 1.5% 0.22 0.31 10.59 57.05 63.06 -4.24

Sales/Revenue/Turnover

35.00

600.0

30.00

500.0

25.00

400.0

20.00

300.0 15.00

200.0 10.00

100.0

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 |

01.07.2013

Hecla Mining Co Holdings By:

All

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

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a NORTHERN TRUST CORPO C S MCKEE LP KESTREL INVESTMENT M n/a SUSQUEHANNA INTERNAT Multiple Portfolios GLOBAL X MANAGEMENT ROYCE & ASSOCIATES L n/a n/a n/a Multiple Portfolios STATE OF NJ COMMON P BANK OF NEW YORK MEL n/a

Firm Name

Analyst

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

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

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

Recommendation hold market perform buy hold neutral sector perform neutral buy

Amt Held 20'163'923 17'197'314 15'111'549 10'875'818 5'454'844 4'997'041 4'173'590 4'127'550 3'911'135 3'247'355 2'800'000 2'728'961 2'623'100 2'493'254 2'418'493 2'250'000 2'035'400 1'900'000 1'771'132 1'698'286

% Out 7.07 6.03 5.3 3.81 1.91 1.75 1.46 1.45 1.37 1.14 0.98 0.96 0.92 0.87 0.85 0.79 0.71 0.67 0.62 0.6

Weighting

Change 3 3 5 3 3 3 3 5

M M M U M M M M

Latest Chg 491'092 1'322'490 (139'843) (1'098'945) 913'185 (97'116) 1'290'990 130'300 945'081 (497'214) (42'581) (2'027'715) 8'934 (150'000) (330'000) (155'431) 1'054'728

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

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

File Dt Inst Type 28.06.2013 Investment Advisor 27.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 29.03.2013 Investment Advisor 31.03.2013 Pension Fund (ERISA) 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

Date 12 month Not Provided 12 month Not Provided Not Provided 12 month 6 month 12 month

Date 28.06.2013 24.06.2013 24.06.2013 21.06.2013 19.06.2013 17.06.2013 06.06.2013 13.05.2013

01.07.2013

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 (26.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 4.98 2.65 1'145'504.00 2.95 -40.76% 11.32% 12.88% 199.0 587.07 0.00 0.0 143.5 396.40 404.27

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

10.0 M

5.0 M

1 0 j-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% 14.32% 19.57% 27.26% 0.61% 89.9% 71.2% 66.0% 25.7% 6.56 5.92 0.00% 0.00% 10.64 1.08

03/yy 646.6 5.21x 509.2 1.15x 176.5 0.00x

s-12

o-12

n-12

d-12

LTM 03/yy 487.8 4.68x 347.4 1.68x 114.6 0.00x

j-13

f-13 m-13

a-13

m-13

j-13

FY+1

1.07 194.77 1.09 -5.49% -29.32% 1.069 13 4.231 1'067'729 1'856'419 1'259'718 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 291.0 667.5 61.4 34.7 1.07x 0.15x 6.44x 11.28x 164.3 448.0 21.4 14.1 2.46x 0.90x 1.75x 1.21x 54.4 161.6 4.3 2.8 11.66x 3.53x 7.76x 5.21x S&P Issuer Ratings

683.43 544.86 -0.96 0.00 0.0% 0.0% 0.61 1.50 34.31 339.31 65.11 235.97

Sales/Revenue/Turnover

1.20

600.0

1.00

500.0

0.80

400.0

0.60

.0 M a-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 |

01.07.2013

Nevsun Resources Ltd Holdings By:

All

Holder Name PRUDENTIAL PLC BLACKROCK FRANKLIN RESOURCES VAN ECK ASSOCIATES C ACADIAN ASSET MANAGE SCHRODER INVESTMENT CONNOR CLARK & LUNN WELLINGTON MANAGEMEN PUBLIC SECTOR PENSIO CANADA PENSION PLAN DAVIS CLIFFORD T RENAISSANCE TECHNOLO CLARKE JOHN A NORGES BANK TD ASSET MANAGEMENT VANGUARD GROUP INC MCKINLEY CAPITAL MAN AMERICAN CENTURY COM BATTERYMARCH FINANCI MORGAN STANLEY

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

Portfolio Name n/a n/a n/a n/a ACADIAN ASSET MANAGE SCHRODER INVESTMENT CONNOR CLARK & LUNN WELLINGTON MANAGEMEN PUBLIC SECTOR PENSIO CANADA PENSION PLAN n/a RENAISSANCE TECHNOLO n/a NORGES BANK TD ASSET MANAGEMENT Multiple Portfolios MCKINLEY CAPITAL MAN AMERICAN CENTURY COM BATTERYMARCH FINANCI n/a

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

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

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

Amt Held 38'500'000 35'394'658 19'717'500 14'062'861 5'077'040 4'239'444 3'054'900 2'652'816 1'922'020 1'635'201 1'553'219 1'433'700 1'367'000 1'233'881 1'119'275 1'104'711 1'094'380 1'091'342 1'031'500 1'028'199

% Out 19.35 17.79 9.91 7.07 2.55 2.13 1.54 1.33 0.97 0.82 0.78 0.72 0.69 0.62 0.56 0.56 0.55 0.55 0.52 0.52

Weighting

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

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

Latest Chg 364'628 613'900 124'000 51'600 (409'688) 43'700 (248'400) (50'100) 390'400 (276'702) 60'000 1'094'380 11'479 24'900 763'003

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

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

File Dt Inst Type 31.03.2013 Unclassified 27.06.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Pension Fund (ERISA) 19.11.2012 n/a 31.03.2013 Hedge Fund Manager 31.12.2012 n/a 31.12.2012 Government 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 25.06.2013 22.06.2013 19.06.2013 19.06.2013 19.06.2013 18.06.2013 17.06.2013 17.06.2013 17.06.2013 13.06.2013 29.05.2013 13.05.2013

01.07.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2012) 52-Week Low (24.12.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 5.37 3.19 5'181'137.00 3.85 -28.31% 20.69% 30.28% 164.8 634.63 0.00 0.0 0.0 204.71 478.28

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

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 j-12

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% 4.76% 5.91% 6.03% 0.49% 41.0% 37.1% 18.6% 14.2% 7.30 6.49 0.00% 0.00% 18.89 7.42

03/yy 269.5 9.71x 134.3 4.46x 49.7 0.00x

s-12

o-12

n-12

LTM 03/yy 210.1 10.01x 77.9 6.98x 20.6 0.00x

d-12

j-13

f-13

m-13

a-13

m-13

1.01 3.36 1.006 2 3.000 0 427'832 644'519

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

06/13 Q2

09/13 Q3

67.50x 21.32x S&P Issuer Ratings

107.74 19.32 -2.43 0.00 0.0% 0.0% 0.49 1.07 19.33 49.19 82.16 14.19

Sales/Revenue/Turnover

1.20

300.0

1.00

250.0

0.80

200.0

0.60

.0 M a-12

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

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 |

01.07.2013

Aurizon Mines Ltd Holdings By:

All

Holder Name HECLA MINING CO ALAMOS GOLD INC SUN VALLEY GOLD LLC RENAISSANCE TECHNOLO GRANTHAM MAYO VAN OT ALPINE ASSOCIATES AD CAISSE DE DEPOT ET P HARVARD MANAGEMENT C LONGFELLOW INVESTMEN TOUCHSTONE ADVISORS PUBLIC SECTOR PENSIO CANADA PENSION PLAN MORGAN STANLEY JP MORGAN FIRST EAGLE INVESTME UBS HALL DAVID P TD ASSET MANAGEMENT NORGES BANK BMO FINANCIAL CORP

Firm Name EVA Dimensions Mackie Research Capital Corp. Euro Pacific Capital Inc

Portfolio Name n/a n/a SUN VALLEY GOLD LLC RENAISSANCE TECHNOLO GRANTHAM MAYO VAN OT ALPINE ASSOCIATES AD Multiple Portfolios HARVARD MANAGEMENT C LONGFELLOW INVESTMEN Multiple Portfolios PUBLIC SECTOR PENSIO CANADA PENSION PLAN n/a n/a FIRST EAGLE INVESTME n/a n/a TD ASSET MANAGEMENT NORGES BANK BMO FINANCIAL CORP

Analyst TIMOTHY STANISH RYAN HANLEY HEIKO IHLE

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

Recommendation underweight tender buy

Amt Held 164'838'394 26'507'283 5'855'560 4'647'300 4'273'700 3'842'000 2'222'430 1'707'800 1'674'818 1'655'218 1'584'910 1'304'320 1'289'081 1'264'143 1'121'404 1'093'674 990'342 962'464 955'334 929'694

% Out 100 16.08 3.55 2.82 2.59 2.33 1.35 1.04 1.02 1 0.96 0.79 0.78 0.77 0.68 0.66 0.6 0.58 0.58 0.56

Weighting

Change

1 #N/A N/A 5

M M M

Latest Chg 104'300 (159'200) 4'273'700 3'842'000 1'707'800 1'674'818 1'655'218 45'000 (1'626'815) 1'097'036 1'264'143 (1'183'046) 1'062'194 5'000 12'062 (173'619)

Target Price #N/A N/A 5 5

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

File Dt 06.06.2013 19.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 28.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 04.04.2012 31.03.2013 31.12.2012 31.03.2013

Date Not Provided Not Provided 12 month

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

Date 06.06.2013 16.05.2013 04.03.2013

01.07.2013

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 (27.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 16.92 5.57 1'545'112.00 6.34 -62.53% 13.82% 6.78% 80.8 511.98 135.81 0.0 0.0 366.95 230.36

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

1.0 M

.5 M

0 j-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

.0 M a-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% 3.78% 4.86% 0.19% 19.1% 25.8% 7.9% 22.7% 2.76 2.10 10.31% 12.84% 3.68 2.11

03/yy 126.2 40.61x 20.7 50.61x 69.1 0.00x

s-12

o-12

n-12

d-12

LTM 03/yy 251.8 13.14x 65.0 8.77x 51.3 0.00x

j-13

f-13 m-13

a-13

m-13

j-13

FY+1

1.04 80.57 3.13 -43.59% -57.42% 1.037 13 3.615 1'495'357 1'316'658 1'367'807 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 188.3 203.7 45.6 46.6 1.31x 2.19x 5.44x 5.75x 34.7 45.0 (5.9) (7.3) 6.65x 5.11x (23.6) (14.2) (8.0) (1.1) S&P Issuer Ratings

2.23 -0.30 -4.33 2.77 12.8% 11.4% 0.19 0.44 99.30 173.25 128.71 148.18

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 |

01.07.2013

Silver Standard Resources Inc Holdings By:

All

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

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

Portfolio Name ROYCE & ASSOCIATES L n/a n/a VINIK ASSET MANAGEME TRADEWINDS GLOBAL IN n/a Multiple Portfolios NEWGATE CAPITAL MANA CARLSON CAPITAL LP GLOBAL X MANAGEMENT n/a CANADA PENSION PLAN n/a PUBLIC SECTOR PENSIO Multiple Portfolios ATLANTIC INVESTMENT Multiple Portfolios Multiple Portfolios NORGES BANK TD ASSET MANAGEMENT

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

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

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

Amt Held 6'782'680 5'716'543 3'564'858 2'504'177 1'841'793 1'508'237 1'390'811 1'283'256 1'127'900 1'076'357 915'000 811'912 804'279 778'570 720'000 697'830 696'000 618'576 498'001 493'683

% Out 8.4 7.08 4.41 3.1 2.28 1.87 1.72 1.59 1.4 1.33 1.13 1.01 1 0.96 0.89 0.86 0.86 0.77 0.62 0.61

Weighting

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

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

Latest Chg (1'486'526) 141'978 592'287 722'770 747'006 8'300 757'156 302'640 923'744 (8'883) (75'000) 288'500 88'666 10'800 697'830 15'000 9'039

Target Price 7 10 9 12 16 15 14 #N/A N/A 17 10 9 12

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 28.06.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Pension Fund (ERISA) 31.03.2013 Unclassified 31.03.2013 Investment Advisor 28.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 30.12.2011 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor

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

Date 28.06.2013 26.06.2013 25.06.2013 24.06.2013 19.06.2013 17.06.2013 29.05.2013 22.05.2013 13.05.2013 09.05.2013 09.05.2013 11.04.2013

01.07.2013

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 (28.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 20.34 8.23 767'073.00 9.43 -53.63% 14.58% 9.91% 45.6 429.60 0.00 0.0 0.0 52.04 408.81

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 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-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 -5.76% -6.05% 0.00% 5.11 5.11 0.00% 0.00% 0.00 -

03/yy 0.0 #DIV/0! (19.8) 0.00x (18.3) 0.00x

LTM 03/yy 0.0 #DIV/0! (5.1) 0.00x (14.1) 0.00x

0.92 41.47 4.77 -34.92% -47.52% 0.919 2 4.000 680'716 410'079 384'575

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

06/13 Q2

09/13 Q3

(15.0) (16.0) S&P Issuer Ratings

-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 |

01.07.2013

Seabridge Gold Inc Holdings By:

All

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

Firm Name Cowen and Company Stonecap Securities Inc

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

Analyst ADAM P GRAF CHRISTOS DOULIS

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

Recommendation outperform sector perform

Amt Held 8'001'232 6'613'905 5'837'287 2'022'491 1'180'000 779'791 601'905 572'976 555'000 478'467 425'334 385'000 344'050 300'750 286'420 265'000 245'000 235'224 199'794 167'000

% Out 17.56 14.52 12.81 4.44 2.59 1.71 1.32 1.26 1.22 1.05 0.93 0.85 0.76 0.66 0.63 0.58 0.54 0.52 0.44 0.37

Weighting

Change 5 3

Latest Chg 661'363 (289'596) 10'000 115'079 (203'241) (30'000) (465'199) (23'150) (10'000) 21'035 -

Target Price

M M

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

28 22

File Dt Inst Type 06.05.2013 Bank 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 16.11.2012 n/a 06.05.2013 n/a 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 06.05.2013 Corporation 31.03.2013 Hedge Fund Manager 06.05.2013 Other 03.06.2013 Investment Advisor 27.06.2013 Investment Advisor 06.05.2013 n/a 31.03.2013 Investment Advisor 30.08.2011 n/a 06.05.2013 n/a 31.12.2012 Government 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

Date 12 month 12 month

Date 26.06.2013 03.06.2013

01.07.2013

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

Price/Volume

08/2012 02/yy 5.34 2.14 701'476.00 2.7 -49.44% 26.17% 17.50% 100.8 272.26 2.07 0.0 0.0 20.06 272.89

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

1.20

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

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

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

1.22 92.87 7.83 -34.94% -38.78% 1.219 0 567'705 481'385 471'574

FY+1

FY+2

FQ+1

FQ+2

08/13 Y

08/14 Y

05/13 Q3

08/13 Q4

S&P Issuer Ratings

-49.26 -133.96 -0.21 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 |

01.07.2013

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 CANADA PENSION PLAN VANGUARD GROUP INC MORROW ROSALIND HARVEY WILLIAM M BMO FINANCIAL CORP CITIGROUP INCORPORAT JONES HEWARD INVESTM PORTOLA GROUP INCORP SUSQUEHANNA INTERNAT LUIS VICTORIA DEUTSCHE BANK AG VAN TONGEREN STEVEN BANK OF AMERICA CORP ALTUS CAPITAL INC

Firm Name

Portfolio Name n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a CANADA PENSION PLAN Multiple Portfolios n/a n/a BMO FINANCIAL CORP n/a Multiple Portfolios PORTOLA GROUP INCORP SUSQUEHANNA INTERNAT n/a n/a n/a BANK OF AMERICA ALTUS CAPITAL INC

Analyst

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

Recommendation

Amt Held 14'700'030 4'879'743 3'383'846 1'885'543 673'902 533'661 498'912 474'292 445'065 340'090 334'811 287'556 270'808 212'810 190'479 144'045 141'479 125'103 124'831 104'500

% Out 14.58 4.84 3.36 1.87 0.67 0.53 0.49 0.47 0.44 0.34 0.33 0.29 0.27 0.21 0.19 0.14 0.14 0.12 0.12 0.1

Weighting

Change

Latest Chg 1'177'305 (4'801'048) (287'350) (1'000) (37'877) 131'800 60'200 15'636 7'732 4'654 102'344 250 22'792 (4'090) 440 27'380 56'500

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 28.06.2013 Investment Advisor 10.11.2011 Other 31.03.2013 Investment Advisor 08.02.2013 n/a 28.09.2012 Investment Advisor 27.06.2013 Investment Advisor 31.03.2013 Pension Fund (ERISA) 31.03.2013 Investment Advisor 04.06.2013 n/a 12.04.2013 n/a 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.10.2012 n/a 31.03.2013 Investment Advisor 07.06.2013 n/a 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

Date

01.07.2013

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

30.0 M

25.0 M 20.0 M

15.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.10.2012) 52-Week Low (21.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 2.11 0.40 28'561'579.00 0.42 -80.09% 5.00% 1.17% 259.1 108.82 117.48 0.0 (2.0) 78.88 155.60

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

5.0 M

0 j-12

31.12.2009 31.12.2010 400.7 432.7 1.99x 2.72x 136.7 107.6 5.85x 10.93x 16.5 (11.2) 39.07x Profitability

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% -3.45% -5.78% 0.76% 9.6% 21.2% 2.9% -1.7% 1.58 0.69 16.18% 27.10% 46.13 5.98

Price/ Cash Flow

03/yy 485.5 4.31x 94.4 5.74x 1.1 0.00x

s-12

o-12

n-12

d-12

LTM 03/yy 552.4 3.44x 117.0 3.95x (25.2) 0.00x

j-13

f-13 m-13

a-13

m-13

j-13

FY+1

0.00 1.12 257.63 17.61 -63.79% -77.17% 1.124 10 2.200 8'557'640 3'941'497 3'223'665 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 445.7 458.6 106.3 107.0 0.39x 0.41x 1.53x 1.55x 57.8 112.1 15.2 18.6 2.69x 1.39x 2.29x 2.22x (25.9) 19.2 (10.5) (7.1) 6.00x 32.31x S&P Issuer Ratings

12.27 3.56 0.43 0.95 27.1% 21.4% 0.76 1.06 7.91 61.01 51.20 -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

.0 M a-12

Fiscal Year Ended 31.12.2008 257.4 1.43x 1.8 200.09x (119.3) -

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 |

01.07.2013

Golden Star Resources Ltd Holdings By:

All

Holder Name VAN ECK ASSOCIATES C SENTRY SELECT CAPITA HEARTLAND ADVISORS I BLACKROCK HILLSDALE INVESTMENT CONNOR CLARK & LUNN ACADIAN ASSET MANAGE STATE STREET GEOLOGIC RESOURCE PA WELLINGTON MANAGEMEN CANADA PENSION PLAN NORTHERN TRUST CORPO BATTERYMARCH FINANCI NORGES BANK CITIGROUP INCORPORAT MD MANAGEMENT LTD LEGG MASON CAPITAL M PRINCIPAL FINANCIAL TIAA CREF INVESTMENT TECHNICAL FINANCIAL

Firm Name Credit Suisse Macquarie BMO Capital Markets CIBC World Markets Scotia Capital Canaccord Genuity Corp National Bank Financial Raymond James EVA Dimensions

Portfolio Name n/a SENTRY SELECT CAPITA HEARTLAND ADVISORS I n/a HILLSDALE INVESTMENT CONNOR CLARK & LUNN ACADIAN ASSET MANAGE n/a GEOLOGIC RESOURCE PA WELLINGTON MANAGEMEN CANADA PENSION PLAN NORTHERN TRUST CORPO BATTERYMARCH FINANCI NORGES BANK n/a Multiple Portfolios Multiple Portfolios n/a TIAA-CREF INVESTMENT TFS CAPITAL LLC

Analyst ANITA SONI PIERRE VAILLANCOURT ANDREW BREICHMANAS COSMOS CHIU TREVOR TURNBULL RAHUL PAUL PAOLO LOSTRITTO BRAD HUMPHREY CRAIG STERLING

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

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

Amt Held 39'316'268 28'879'600 26'830'259 10'793'356 7'898'726 5'237'500 4'819'436 4'558'095 4'350'000 3'221'423 3'178'325 2'972'612 2'625'741 1'934'059 1'870'572 1'795'127 1'467'781 1'271'090 1'235'376 1'175'635

% Out 15.17 11.15 10.35 4.17 3.05 2.02 1.86 1.76 1.68 1.24 1.23 1.15 1.01 0.75 0.72 0.69 0.57 0.49 0.48 0.45

Weighting

Change 1 3 1 1 1 3 3 3 5

M M M M M M M M D

Latest Chg 3'237'877 (1'359'000) 844'389 723'887 1'617'352 5'237'500 (1'475'687) 12'016 4'350'000 (492'267) (308'600) (92'341) 1'267'792 (50'700) (619'837) (1'024'176) 455'015

Target Price 0 1 1 1 0 1 2 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 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 27.06.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Pension Fund (ERISA) 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 25.06.2013 20.06.2013 18.06.2013 18.06.2013 18.06.2013 17.06.2013 17.06.2013 12.06.2013 25.05.2013

01.07.2013

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 03/yy 4.09 0.95 5'705'968.00 0.97 -76.28% 2.11% 0.64% 81.7 79.27 0.00 0.0 0.0 88.40 21.81

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

1.20 1.00

2.0 M

1.0 M

1 0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 0.0 (6.5) (10.0) -

3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (28.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VGZ US EQUITY YTD Change VGZ US EQUITY YTD % CHANGE

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 -62.87% -82.96% 0.00% 2.94 2.84 0.00% 0.00% -

03/yy 0.0 #DIV/0! (31.9) 0.00x 44.2 0.00x

LTM 03/yy 0.0 #DIV/0! (35.7) 0.00x (85.7) 0.00x

0.00 1.18 68.25 2.48 -66.67% -64.07% 1.180 4 5.000 1'726'669 729'735 560'053

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

06/13 Q2

09/13 Q3

(29.0) (29.0) (42.9) S&P Issuer Ratings

(4.4) -

(5.9) 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 |

01.07.2013

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 ROYCE AND ASSOCIATES PERRITT CAPITAL MANA TECHNICAL FINANCIAL NORTHERN TRUST CORPO CANADA PENSION PLAN PARKER FREDERICK H E CREDIT SUISSE AG TIAA CREF INVESTMENT CITIGROUP INCORPORAT BANK OF NEW YORK MEL SUSQUEHANNA INTERNAT RICHINGS MICHAEL B

Firm Name Cowen and Company Roth Capital Partners Global Hunter Securities National Bank Financial

Portfolio Name SUN VALLEY GOLD LLC n/a n/a SPROTT INC n/a LOEWS CORPORATION ANDREEFF EQUITY ADVI n/a ROYCE & ASSOCIATES L PERRITT CAPITAL MANA TFS CAPITAL LLC NORTHERN TRUST CORPO CANADA PENSION PLAN n/a n/a TIAA-CREF INVESTMENT n/a BANK OF NEW YORK MEL SUSQUEHANNA INTERNAT n/a

Analyst ADAM P GRAF BRIAN W POST JEFF WRIGHT PAOLO LOSTRITTO

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

Recommendation outperform buy buy outperform

Amt Held 12'084'310 12'084'310 11'374'527 6'145'260 2'577'504 1'758'748 1'386'026 881'631 871'929 822'000 755'864 713'381 632'415 566'325 412'356 327'993 248'473 201'025 199'168 188'121

% Out 14.79 14.79 13.92 7.52 3.15 2.15 1.7 1.08 1.07 1.01 0.92 0.87 0.77 0.69 0.5 0.4 0.3 0.25 0.24 0.23

Weighting

Change 5 5 5 5

Latest Chg 1'172'092 (430'462) 268'822 (200'000) (20'701) 343'929 627'319 4'326 (100'000) 10'000 327'220 44'000 88'467 11'051 (72'615) -

Target Price

M M M M

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

File Dt 31.03.2013 31.03.2013 28.06.2013 31.03.2013 27.06.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 08.01.2013

Date 3 7 5 3

12 month 12 month 12 month 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 Investment Advisor Investment Advisor Investment Advisor Pension Fund (ERISA) n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a

Date 26.06.2013 30.05.2013 30.05.2013 29.05.2013

01.07.2013

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 (03.07.2012) 52-Week Low (27.06.2013) Daily Volume Current Price (7/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 0.71 0.00 3'502'987.00 0.0033 -99.54% 560.00% 0.39% 552.4 1.82 282.45 0.0 0.0 25.75 318.11

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 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-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

0.51 -99.48% 0 3'355'381 1'637'767 1'798'485

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 |

01.07.2013

Great Basin Gold Ltd Holdings By:

All

Holder Name BLACKROCK RUFFER LLP VAN ECK ASSOCIATES C TRANTER GOLD (BEE) POWER CORP OF CANADA UOB ASSET MANAGEMENT DIMENSIONAL FUND ADV VANGUARD GROUP INC FRANKLIN RESOURCES DIPPENAAR FERDINAND MOSTERT JACOB DAWID COOKE PATRICK RANDAL THIESSEN RONALD W MOMENTUM NESTOR INVESTMENT MA STATE STREET PRUDENTIAL OF AMERIC CHARTIST INC FLAGSHIP PRIVATE ASS SHELL ASSET MANAGEME

Firm Name

Portfolio Name n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a CHARTIST INC Multiple Portfolios SHELL ASSET MANAGEME

Analyst

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

Recommendation

Amt Held 23'107'390 22'797'000 22'307'920 20'932'183 9'258'959 3'530'000 2'801'617 2'686'303 1'785'700 1'126'800 731'273 525'202 468'531 422'273 300'000 266'255 240'200 231'940 222'200 164'263

% Out 4.18 4.13 4.04 3.79 1.68 0.64 0.51 0.49 0.32 0.2 0.13 0.1 0.08 0.08 0.05 0.05 0.04 0.04 0.04 0.03

Weighting

Change

Latest Chg (68'246'952) (16'883) (17'500) 1'050 (17'785'700) 100'000 100'000 240'200 -

Target Price

#N/A N/A

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

File Dt 28.03.2013 27.12.2012 28.06.2013 24.04.2012 28.02.2013 30.06.2012 29.03.2013 31.03.2013 31.03.2013 13.04.2012 16.04.2012 31.12.2012 25.04.2012 31.03.2013 28.03.2013 28.06.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013

Date

Inst Type Investment Advisor Investment Advisor Investment Advisor n/a Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a n/a n/a n/a Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor

Date

01.07.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.10.2012) 52-Week Low (27.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AR CN EQUITY YTD Change AR CN EQUITY YTD % CHANGE

12/2012 03/yy 11.08 5.03 1'336'270.00 5.69 -48.65% 13.12% 10.91% 149.0 847.77 0.00 0.0 0.0 191.89 657.44

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 j-12

1.0 M .0 M a-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% 10.77% 12.01% 11.78% 0.32% 62.5% 57.0% 45.0% 34.7% 12.31 9.89 0.00% 0.00% 17.76 1.74

Price/ Cash Flow

03/yy 103.2 26.41x 55.7 13.93x 27.6 30.39x

s-12

o-12

n-12

d-12

LTM 03/yy 205.8 18.85x 117.4 9.02x 69.2 12.87x

j-13

f-13 m-13

a-13

m-13

j-13

FY+1

0.00 1.27 144.55 11.42 -25.91% -39.92% 1.268 11 4.455 1'464'373 1'225'920 1'234'676 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 204.3 266.3 42.4 53.1 3.13x 2.38x 15.26x 12.16x 100.6 141.4 17.3 26.4 6.53x 4.65x 6.90x 6.43x 54.0 77.3 10.2 15.9 14.38x 10.34x 12.61x 11.02x S&P Issuer Ratings

296.39 159.48 -1.26 0.18 0.0% 0.0% 0.32 0.42 20.55 209.79 24.91 178.40

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 |

01.07.2013

Argonaut Gold Inc Holdings By:

All

Holder Name VAN ECK ASSOCIATES C IG INVESTMENT MANAGE LIBRA ADVISORS LLC OPPENHEIMERFUNDS INC FMR LLC MONTRUSCO BOLTON INV BANK OF NOVA SCOTIA ALTAMIRA MANAGEMENT FIERA CAPITAL CORPOR POWER CORP OF CANADA GLOBAL STRATEGY FINA KENNEDY BRIAN JOHN BLACKROCK DOUGHERTY PETER C SMITH EDGAR A NORTHWEST MUTUAL FUN CARMIGNAC GESTION LOMBARD ODIER DARIER TOCQUEVILLE ASSET MA TD ASSET MANAGEMENT

Firm Name Stifel RBC Capital Markets Stonecap Securities Inc GMP Macquarie BMO Capital Markets CIBC World Markets Scotia Capital Canaccord Genuity Corp Mackie Research Capital Corp. Mine2Capital Inc MLV & Co

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios TOCQUEVILLE ASSET MA Multiple Portfolios

Analyst CRAIG P STANLEY SAM CRITTENDEN CHRISTOS DOULIS ANDREW MIKITCHOOK MICHAEL SIPERCO ANDREW KAIP CHITIMUKULU MUSONDA OVAIS HABIB RAHUL PAUL BARRY D ALLAN ALKA SINGH RICHARD TROTMAN

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

Recommendation buy outperform outperform buy outperform outperform sector perform sector outperform buy buy sell suspended coverage

Amt Held 15'290'043 6'707'533 5'768'001 5'602'697 3'512'062 2'995'484 2'592'336 2'186'110 2'002'343 1'533'218 1'525'384 1'472'476 1'374'098 1'337'779 1'120'359 1'112'935 1'050'881 1'028'750 994'950 980'800

% Out 10.26 4.5 3.87 3.76 2.36 2.01 1.74 1.47 1.34 1.03 1.02 0.99 0.92 0.9 0.75 0.75 0.71 0.69 0.67 0.66

Weighting

Change

5 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 M

Latest Chg 2'255'841 (117'000) 1'022'200 97'125 2'506'318 31'190 2'301 391'927 5'488 (997) 54'885 39'286 (221) (99'119) 331'100 379'800

Target Price 8 11 9 10 9 12 8 14 11 12 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 28.06.2013 Investment Advisor 30.09.2011 Investment Advisor 02.03.2012 Hedge Fund Manager 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor 28.02.2013 Bank 28.03.2013 Unclassified 28.03.2013 Investment Advisor 28.02.2013 Holding Company 28.03.2013 Investment Advisor 06.02.2013 n/a 27.06.2013 Investment Advisor 06.02.2013 n/a 14.02.2011 n/a 30.04.2013 Investment Advisor 29.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.12.2012 Investment Advisor

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

Date 28.06.2013 24.06.2013 03.06.2013 29.05.2013 15.05.2013 14.05.2013 14.05.2013 14.05.2013 14.05.2013 27.03.2013 26.02.2013 16.07.2012

01.07.2013

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 (27.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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

10/2012 03/yy 2.29 1.12 5'955'201.00 1.33 -41.92% 18.75% 17.95% 606.5 806.65 0.00 0.0 0.0 423.29 425.92

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 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-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 -14.08% -14.28% 0.00% 50.56 50.21 0.00% 0.00% 0.00 -

01/yy 0.0 #DIV/0! (40.3) 0.00x (39.9) 0.00x

LTM 03/yy 0.0 #DIV/0! (64.4) 0.00x (66.0) 0.00x

FY+1

0.00 1.12 604.09 3.03 -19.39% -39.55% 1.122 9 4.556 3'817'779 3'489'501 3'829'930 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 0.0 0.0 0.0 0.0 (41.3) (10.2) (54.1) (46.5) (10.8) (16.6) 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 |

01.07.2013

Torex Gold Resources Inc Holdings By:

All

Holder Name TYRUS CAPITAL S.A.M. VAN ECK ASSOCIATES C TOCQUEVILLE ASSET MA BANK OF NOVA SCOTIA FMR LLC FRANKLIN RESOURCES ROYAL BANK OF CANADA INVESCO LTD CARMIGNAC GESTION RUFFER LLP BLACKROCK SPROTT INC AMERICAN CENTURY COM WELLS FARGO BMO INVESTMENTS INC GLOBAL STRATEGY FINA LB SWISS INVESTMENT VANGUARD GROUP INC BRISTOL INVESTMENT P FALCON FUND MANAGEME

Firm Name Stifel BMO Capital Markets TD Securities Clarus Securities GMP RBC Capital Markets Scotia Capital Macquarie Industrial Alliance Securities

Portfolio Name n/a n/a TOCQUEVILLE ASSET MA n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios BRISTOL INVESTMENT P Multiple Portfolios

Analyst MICHAEL A SCOON ANDREW BREICHMANAS DANIEL EARLE JAMIE SPRATT GEORGE V ALBINO DAN ROLLINS TREVOR TURNBULL PIERRE VAILLANCOURT MERRILL MCHENRY

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

Recommendation buy speculative outperform reduce buy buy outperform sector outperform outperform buy

Amt Held 92'450'000 62'073'069 34'109'990 25'387'350 21'207'024 20'684'500 17'468'277 14'003'240 6'062'900 5'808'000 5'373'920 5'133'800 5'129'653 5'036'452 4'657'467 4'024'658 3'749'500 3'027'518 2'809'056 2'784'900

% Out 15.24 10.23 5.62 4.19 3.5 3.41 2.88 2.31 1 0.96 0.89 0.85 0.85 0.83 0.77 0.66 0.62 0.5 0.46 0.46

Weighting

Change 5 4 2 5 5 5 5 5 5

Latest Chg 6'150'000 1'557'667 (42'200) 14'581'050 (766'697) (915'500) (588'900) 4'065'337 (1'969'100) (931'500) (4'068) 150'000 807'658 800'000 391'260 (245'778) -

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 30.04.2013 28.06.2013 31.03.2013 31.03.2013 30.04.2013 28.03.2013 28.03.2013 28.06.2013 29.03.2013 27.12.2012 27.06.2013 31.12.2012 31.03.2013 30.04.2013 28.06.2013 28.03.2013 29.04.2013 31.03.2013 31.03.2013 28.03.2013

Date 3 3 1 3 3 3 3 3 2

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 Bank Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor

Date 28.06.2013 19.06.2013 19.06.2013 19.06.2013 18.06.2013 13.06.2013 13.06.2013 07.06.2013 21.05.2013

01.07.2013

LionGold Corp Ltd LionGold Corp is an investment holding company focusing on gold mining, mine development and exploration globally.

Price/Volume 1

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

1 1 1

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (26.07.2012) 52-Week Low (08.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.07.2013 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

03/2013 03/yy 1.30 1.04 7'738'000.00 1.105 -15.00% 6.76% 33.96% 921.9 1'018.74 28.65 0.0 30.2 97.92 979.67

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

0 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Market Data

Fiscal Year Ended 31.03.2009 79.8 0.56x (3.7) (5.0) -

31.03.2010 31.03.2011 70.4 83.9 3.80x 6.95x 3.1 4.0 84.96x 144.70x 2.9 0.9 92.86x 740.91x Profitability

LTM-4Q 31.03.2012 98.0 7.95x (5.3) (27.8) -

31.03.2013 120.2 8.53x (15.8) (8.4) -15.79 -26.51 -22.05% -9.69% -13.46% -23.76% 0.55% 8.1% 1.5% -1.4% -7.0% 2.73 2.39 7.34% 11.66% 4.14 7.99

Price/ Cash Flow

03/yy 98.0 26.92x (27.3) 0.00x (26.4) 0.00x

LTM 03/yy 120.2 33.33x (18.1) 0.00x (15.7) 0.00x

0.00 0.67 736.17 -12.30% 0.91% 0.674 2 3.000 8'907'000 8'108'500 13'158'690

FY+1

FY+2

FQ+1

FQ+2

03/14 Y

03/15 Y

06/13 Q1

09/13 Q2

S&P Issuer Ratings

-2.11 -3.34 -15.19 25.31 11.7% 9.4% 0.55 7.06 88.47 45.83 145.53 -7.78

Sales/Revenue/Turnover

800.00

140.0

700.00

120.0

600.00

100.0

500.00

80.0

400.00

60.0

300.00

40.0

200.00

20.0

100.00 0.00 02.04.2010

0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

01.07.2013

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 NORGES BANK DMG & PARTNERS SECUR VANGUARD GROUP INC DIMENSIONAL FUND ADV BLACKROCK NG YICK HING NICHOLA STATE STREET CHARLES SCHWAB INVES SCANLAN GARY FRANCIS INVESCO LTD GLOBAL X MANAGEMENT HARTFORD INVESTMENT

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 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 TIMOTHY STANISH JINSHU LIU

Source EXCH ULT-AGG ULT-AGG EXCH EXCH ULT-AGG ULT-AGG EXCH MF-AGG Co File MF-AGG ULT-AGG ULT-AGG EXCH ULT-AGG MF-AGG EXCH ULT-AGG MF-AGG MF-AGG

Recommendation sell overweight

Amt Held 77'500'000 59'245'000 45'000'000 42'100'000 40'000'000 39'154'410 29'800'996 16'425'000 13'066'202 7'600'000 4'139'691 2'721'000 2'132'000 2'000'000 426'000 312'000 135'005 99'000 72'609 51'612

% Out 8.41 6.43 4.88 4.57 4.34 4.25 3.23 1.78 1.42 0.82 0.45 0.3 0.23 0.22 0.05 0.03 0.01 0.01 0.01 0.01

Weighting

Change 1 5

M M

Latest Chg 4'746'000 (2'001'000) (8'000) 47'000 5'000 2'000'000 11'990

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 28.03.2013 28.06.2013 05.06.2013 06.11.2012 06.11.2012 09.04.2013 04.12.2012 06.11.2012 31.12.2012 29.06.2012 31.03.2013 31.07.2012 27.06.2013 14.02.2013 28.06.2013 28.06.2013 08.10.2012 28.06.2013 28.06.2013 31.05.2013

Date Not Provided 12 month

Inst Type Holding Company Investment Advisor Investment Advisor Holding Company Other Unclassified Investment Advisor n/a Government Unclassified Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor

Date 06.06.2013 10.07.2012

01.07.2013

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 (21.09.2012) 52-Week Low (31.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 4.65 2.30 641'280.00 2.8 -39.78% 21.74% 21.28% 396.4 1'109.80 212.93 0.0 8.1 181.74 1'189.17

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 M a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-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 j-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 4.21x 138.7 10.08x 70.9 19.15x

138.66 99.49 29.93% 29.99% 3.98% 5.42% 5.27% 0.18% 37.6% 44.8% 30.8% 21.3% 1.57 1.26 11.79% 15.66% 11.17 6.29

Price/ Cash Flow

03/yy 353.5 14.89x 145.6 12.87x 89.1 22.91x

LTM 03/yy 331.6 17.52x 148.6 10.98x 72.5 20.64x

FY+1

0.00 1.41 240.39 2.04 -12.77% -17.89% 1.410 7 3.857 510'957 520'624 426'805 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 336.5 548.0 3.71x 2.29x 127.0 164.0 9.36x 7.25x 59.7 62.0 17.74x 17.17x S&P Issuer Ratings

11.05 -6.09 0.85 1.88 15.7% 13.5% 0.18 0.23 32.68 58.02 59.84 -50.04

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 |

01.07.2013

China Gold International Resources Corp Ltd Holdings By:

All

Holder Name CHINA NATIONAL GOLD VAN ECK ASSOCIATES C NORGES BANK 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 BESSEMER GROUP INCOR SUN LIFE FINANCIAL I

Firm Name EVA Dimensions BOCOM International Holdings Credit Suisse Argonaut Securities Pty Ltd Guotai Junan Citic Securities Co., Ltd CCB International Securities Ltd GuoSen Securities Co Ltd

Portfolio Name n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst TIMOTHY STANISH BENJAMIN PEI OWEN LIANG CHRIS JIANG KEVIN GUO SONG XIAOQING KIN CHUNG LI CHENGMING GAO

Source SEDI ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG SEDI MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation hold neutral neutral buy neutral overweight outperform buy

Amt Held 155'794'830 18'041'902 3'766'753 1'882'069 1'685'900 890'593 844'196 161'992 160'000 151'700 150'000 146'950 125'996 100'000 97'155 90'000 84'689 74'886 59'705 57'376

% Out 39.31 4.55 0.95 0.47 0.43 0.22 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 0.01

Weighting

Change 3 3 3 5 3 5 5 5

U D M M D N M M

Latest Chg 184'200 162'984 (4'599) 33'750 (819) 40'000 53'000 (1'515) -

Target Price #N/A N/A 3 3 4 3 4 4 5

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

File Dt 30.09.2011 28.06.2013 31.12.2012 27.06.2013 28.03.2013 31.03.2013 29.03.2013 28.06.2013 09.01.2013 31.12.2012 28.02.2013 03.12.2012 28.06.2013 11.01.2013 31.01.2013 31.01.2013 28.06.2013 31.12.2012 31.01.2013 30.04.2013

Date Not Provided Not Provided Not Provided Not Provided Not Provided 6 month Not Provided 12 month

Inst Type Corporation Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 17.06.2013 20.05.2013 16.05.2013 16.05.2013 22.04.2013 14.01.2013 12.09.2012 02.02.2012

01.07.2013

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

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

3 3 2

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (04.10.2012) 52-Week Low (28.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 3.07 0.40 2'454'997.00 0.49 -84.04% 22.50% 3.37% 458.0 224.40 60.26 0.0 (0.6) 105.50 196.25

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) -

1 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Market Data

Fiscal Year Ended 30.06.2008

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% -

03/yy 0.0 #DIV/0! (46.3) 0.00x 24.8 0.00x

LTM 03/yy 291.8 11.32x 167.9 0.00x 44.6 0.00x

FY+1

1.47 446.89 0.47 -81.44% -77.73% 1.472 23 4.087 2'481'815 2'479'335 2'223'797 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 06/13 Q4 09/13 Q1 298.8 357.9 96.1 116.0 0.65x 0.71x 105.6 128.6 1.86x 1.53x 45.8 54.2 26.0 34.1 5.35x 3.85x 2.50x 2.13x 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 |

01.07.2013

Perseus Mining Ltd Holdings By:

All

Holder Name VAN ECK ASSOCIATES C THE BANK OF NOVA SCO BANK OF NOVA SCOTIA WELLINGTON MANAGEMEN POWER CORP OF CANADA JP MORGAN SENTRY SELECT CAPITA FMR LLC BMO INVESTMENTS INC MONTRUSCO BOLTON INV IVY MANAGEMENT INCOR UNITED SERVICES AUTO SPROTT INC WELLS FARGO GLOBAL STRATEGY FINA LB SWISS INVESTMENT CALDERWOOD MARK ANDR BLACKROCK VANGUARD GROUP INC TD ASSET MANAGEMENT

Firm Name Clarus Securities Goldman Sachs RBC Capital Markets Canaccord Genuity Corp Credit Suisse JPMorgan Macquarie CIMB Commonwealth Bank GMP BMO Capital Markets Morgan Stanley CIBC World Markets Dundee Securities Corp Argonaut Securities Pty Ltd EVA Dimensions Cormark Securities Inc. Nomura Bell Potter Evans & Partners Pty Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst NANA SANGMUAH PAUL HISSEY STEUART MCINTYRE REG SPENCER MICHAEL SLIFIRSKI JOSEPH KIM PIERRE VAILLANCOURT MICHAEL EVANS ANDREW KNUCKEY LEVI SPRY ANDREW BREICHMANAS BRENDAN FITZPATRICK COSMOS CHIU JOSH WOLFSON PATRICK CHANG TIMOTHY STANISH MIKE KOZAK DAVID RADCLYFFE STEPHEN THOMAS CATHY MOISES

Source ULT-AGG EXCH ULT-AGG EXCH ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG EXCH ULT-AGG MF-AGG MF-AGG

Recommendation hold neutral/attractive sector perform buy outperform neutral outperform outperform neutral buy outperform Overwt/In-Line sector perform neutral buy buy market perform suspended coverage hold Positive

Amt Held 49'299'344 44'475'800 43'511'503 21'999'741 13'439'700 11'813'400 10'294'000 8'160'134 6'894'410 6'778'993 6'459'171 5'921'800 5'531'332 5'097'421 4'260'600 4'000'000 3'600'000 3'466'593 3'109'619 2'873'200

% Out 10.76 9.71 9.5 4.8 2.93 2.58 2.25 1.78 1.51 1.48 1.41 1.29 1.21 1.11 0.93 0.87 0.79 0.76 0.68 0.63

Weighting

Change

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

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

Latest Chg 5'604'112 (5'324'430) (39'197) (2'286'330) (5'800) 1'483'000 300'000 500'000 392'732 255'851 (350'300) 2'352 443'404 -

Target Price 2 1 2 1 2 1 2 1 1 1 2 2 2 1 1 #N/A N/A 3 #N/A N/A 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 28.06.2013 Investment Advisor 22.04.2013 Investment Advisor 31.03.2013 Bank 05.03.2013 Investment Advisor 28.02.2013 Holding Company 30.04.2013 Investment Advisor 30.06.2012 Investment Advisor 30.04.2013 Investment Advisor 28.06.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor 28.03.2013 Investment Advisor 31.01.2013 n/a 27.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 12 month 12 month Not Provided Not Provided 6 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided

Date 28.06.2013 26.06.2013 26.06.2013 26.06.2013 25.06.2013 25.06.2013 25.06.2013 25.06.2013 25.06.2013 25.06.2013 24.06.2013 24.06.2013 24.06.2013 24.06.2013 21.06.2013 06.06.2013 22.04.2013 12.04.2013 16.01.2013 03.01.2013

01.07.2013

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

12/2012 03/yy 14.99 4.98 969'511.00 6.17 -58.84% 23.90% 11.89% 91.9 566.98 0.00 0.0 0.0 127.36 485.70

3.5 M 3.0 M 2.5 M 2.0 M

1.5 M

1.0 M

.5 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended (0.1) -

4.0 M

12 8

Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (28.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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

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

4.5 M

14 10

Valuation Analysis

31.03.2008

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% 1.77% 1.95% 0.19% 78.7% 61.0% 33.3% 39.2% 27.97 24.35 0.00% 0.00% 27.76 48.57

Price/ Cash Flow

03/yy 39.8 42.83x 27.3 22.74x 15.9 47.06x

LTM 03/yy 57.8 55.75x 35.3 22.68x 5.4 55.67x

FY+1

0.00 1.34 84.99 3.15 -25.66% -47.22% 1.337 10 4.100 698'397 522'489 460'994 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 65.1 89.1 35.8 69.6 13.56x 6.98x 13.8 23.1 34.70x 16.43x 25.06x 20.36x S&P Issuer Ratings

-2.75 0.00 0.0% 0.0% 0.19 0.27 13.15 7.52 24.65 -

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 03.10.2009 03.04.2010 03.10.2010 03.04.2011 03.10.2011 03.04.2012 03.10.2012 03.04.2013

0.0 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 |

01.07.2013

Sandstorm Gold Ltd Holdings By:

All

Holder Name SENTRY SELECT CAPITA VAN ECK ASSOCIATES C LIBRA ADVISORS LLC ARIAS RESOURCE CAPIT WELLS FARGO T ROWE PRICE ASSOCIA OPPENHEIMERFUNDS INC MASON HILL ADVISORS ROYAL BANK OF CANADA AMERICAN CENTURY COM MONTRUSCO BOLTON INV CARMIGNAC GESTION BMO FINANCIAL CORP WATSON NOLAN ALLAN BMO INVESTMENTS INC GBC ASSET MANAGEMENT DE WITT DAVID E AWRAM DAVID I CANADA PENSION PLAN IA CLARINGTON INVEST

Firm Name Stonecap Securities Inc Canaccord Genuity Corp RBC Capital Markets TD Securities Paradigm Capital Inc Casimir Capital EVA Dimensions Cormark Securities Inc. National Bank Financial Euro Pacific Capital Inc

Portfolio Name SENTRY SELECT CAPITA n/a n/a n/a n/a T ROWE PRICE ASSOCIA OPPENHEIMER FUNDS IN MASON HILL ADVISORS n/a Multiple Portfolios MONTRUSCO BOLTON INV Multiple Portfolios BMO FINANCIAL CORP n/a Multiple Portfolios Multiple Portfolios n/a n/a CANADA PENSION PLAN Multiple Portfolios

Analyst CHRISTOS DOULIS NICHOLAS CAMPBELL DAN ROLLINS DANIEL EARLE DON MACLEAN ERIC WINMILL CRAIG STERLING RICHARD GRAY SHANE NAGLE HEIKO IHLE

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

Recommendation outperform speculative buy outperform hold buy buy sell buy outperform neutral

Amt Held 5'862'520 5'815'015 4'502'755 4'410'862 3'147'295 2'876'862 2'292'300 1'836'404 1'236'912 1'086'266 1'010'000 1'009'660 1'005'674 930'000 797'250 777'820 767'000 759'100 594'946 542'100

% Out 6.38 6.33 4.9 4.8 3.42 3.13 2.49 2 1.35 1.18 1.1 1.1 1.09 1.01 0.87 0.85 0.83 0.83 0.65 0.59

Weighting

Change 5 4 5 3 5 5 1 5 5 3

N M M M M M M M M M

Latest Chg (37'200) 52'416 75'677 242'100 1'250'000 1'836'404 (216'668) 607 153'250 (163'340) (92'716) 36'500 (3'400) (60'200) (167'900)

Target Price 7 11 10 9 11 14 #N/A N/A 14 13 13

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 28.06.2013 Investment Advisor 16.05.2013 Hedge Fund Manager 16.05.2013 Private Equity 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Bank 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 29.03.2013 Investment Advisor 31.03.2013 Investment Advisor 11.06.2013 n/a 28.06.2013 Investment Advisor 31.12.2011 Investment Advisor 10.05.2012 n/a 04.01.2013 n/a 31.03.2013 Pension Fund (ERISA) 31.12.2012 Investment Advisor

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

Date 27.06.2013 25.06.2013 24.06.2013 19.06.2013 17.06.2013 17.06.2013 22.05.2013 10.05.2013 10.05.2013 29.01.2013

01.07.2013

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 (26.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.06.2013 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 03/yy 3.70 1.04 1'144'264.00 1.3 -64.86% 25.00% 9.77% 293.6 381.65 266.87 0.0 0.0 96.50 585.23

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 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-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% 3.38% 5.67% 6.12% 0.42% 17.7% 43.1% 17.9% 5.4% 0.93 0.56 25.87% 43.76% 18.81 4.11

Price/ Cash Flow

03/yy 393.4 7.19x 145.7 5.58x 25.5 26.83x

LTM 03/yy 392.5 9.75x 169.3 6.24x 31.6 25.85x

FY+1

0.00 2.16 283.52 1.25 -33.33% -54.39% 2.160 5 4.400 1'412'549 1'001'664 967'303 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 525.7 584.3 135.0 151.0 1.02x 0.86x 4.30x 3.85x 215.7 212.3 47.6 61.8 2.71x 2.76x 2.82x 2.85x 50.3 56.1 8.5 18.4 6.75x 5.28x 5.37x 5.26x S&P Issuer Ratings

5.98 -6.04 1.31 1.48 43.8% 30.4% 0.42 0.57 19.41 88.89 55.75 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 |

01.07.2013

OceanaGold Corp Holdings By:

All

Holder Name VAN ECK ASSOCIATES C AMP CAPITAL INVESTOR UNITED SERVICES AUTO DIMENSIONAL FUND ADV NEW ZEALAND CENTRAL OPPENHEIMERFUNDS INC ROYAL BANK OF CANADA FMR LLC BLACKROCK INVESCO LTD US GLOBAL INVESTORS VANGUARD GROUP INC NORGES BANK BOND STREET CUSTODIA YANDAL INVESTMENTS P ASKEW JAMES EDWARD INTERNATIONAL MINING SPROTT INC DEUTSCHE BANK AG SFB INVESTMENTS PTY

Firm Name Forsyth Barr BMO Capital Markets GMP Macquarie Cormark Securities Inc.

Portfolio Name n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a n/a

Analyst ANDREW HARVEY-GREEN BRIAN QUAST ANDREW MIKITCHOOK MICHAEL SIPERCO MIKE KOZAK

Source ULT-AGG EXCH MF-AGG ULT-AGG PROXY MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG PROXY PROXY PROXY SEDI MF-AGG ULT-AGG PROXY

Recommendation accumulate market perform buy outperform buy

Amt Held 23'372'747 14'660'107 8'700'000 5'252'926 5'005'882 3'660'000 3'565'116 3'222'300 2'604'738 1'930'223 1'930'100 1'631'518 1'486'726 1'289'396 1'123'653 1'097'008 1'097'008 900'000 816'437 800'000

% Out 7.96 4.99 2.96 1.79 1.71 1.25 1.21 1.1 0.89 0.66 0.66 0.56 0.51 0.44 0.38 0.37 0.37 0.31 0.28 0.27

Weighting

Change 4 3 5 5 5

Latest Chg (1'119'773) 100'000 (4'700) (30'000) (1'953) (547'087) 1'330'100 275'600 10'000 (93'932) -

Target Price

M D M M M

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

File Dt Inst Type 28.06.2013 Investment Advisor 21.01.2013 Other 28.02.2013 Investment Advisor 29.03.2013 Investment Advisor 02.04.2013 Government 30.04.2013 Investment Advisor 28.03.2013 Bank 30.04.2013 Investment Advisor 27.06.2013 Investment Advisor 28.06.2013 Investment Advisor 28.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 02.04.2013 Other 02.04.2013 Investment Advisor 12.04.2013 n/a 30.12.2012 Other 31.12.2012 Hedge Fund Manager 30.04.2013 Investment Advisor 02.04.2013 Other

Date 1 1 2 3 3

12 month Not Provided Not Provided 12 month 12 month

Date 30.06.2013 27.06.2013 17.06.2013 17.05.2013 30.04.2013

01.07.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.10.2012) 52-Week Low (25.06.2013) Daily Volume Current Price (7/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 1.27 2'634'459.00 1.575 -76.49% 24.51% 5.15% 188.9 297.52 0.00 0.0 0.0 12.47 264.03

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

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 30.06.2008 15.8 9.93x 4.6 34.16x (1.2) -

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 -

1.43 1.01 168.42 1.41 -67.28% -70.99% 1.012 11 4.636 3'386'352 2'627'769 2'233'604 FY+2

06/13 Y 06/14 Y 109.0 228.1 2.42x 0.84x 75.1 164.9 3.51x 1.60x 63.3 147.8 3.76x 1.87x S&P Issuer Ratings

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 |

01.07.2013

Medusa Mining Ltd Holdings By:

All

Holder Name VAN ECK ASSOCIATES C WELLINGTON MANAGEMEN PRUDENTIAL PLC BLACKROCK FMR LLC UCA FUNDS MANAGEMENT DAVIS GEOFFREY JOHN FORTY TRADERS LTD GOODFELLOW WILLIAM D CEDARDALE HOLDINGS P FIRST EAGLE INVESTME OPPENHEIMERFUNDS INC BANQUE DE LUXEMBOURG YANDAL INVESTMENTS P INVESTEC ASSET MANAG AFDAL SAMUEL G OLD MUTUAL DANIEL ROY PHILIP UCA AG ROYCE AND ASSOCIATES

Firm Name Goldman Sachs RBC Capital Markets Deutsche Bank Morgan Stanley Ord Minnett SP Angel EVA Dimensions Cantor Fitzgerald Blackswan Equities Ltd

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios

Analyst PAUL HISSEY STEUART MCINTYRE CHRIS TERRY BRENDAN FITZPATRICK DAVID BRENNAN CAROLE FERGUSON TIMOTHY STANISH ASA BRIDLE RHYS BRADLEY

Source ULT-AGG EXCH ULT-AGG ULT-AGG ULT-AGG MF-AGG EXCH Co File Co File Co File MF-AGG MF-AGG MF-AGG Co File MF-AGG Co File ULT-AGG Co File Co File MF-AGG

Recommendation buy/attractive sector perform hold Overwt/In-Line buy buy overweight buy buy

Amt Held 15'309'037 12'932'853 10'998'900 9'541'215 9'421'413 5'876'563 4'102'750 3'660'631 3'210'425 3'187'673 2'613'520 2'500'000 2'000'000 2'000'000 1'750'000 1'450'000 1'448'400 1'425'000 1'300'000 1'142'000

% Out 8.1 6.85 5.82 5.05 4.99 3.11 2.17 1.94 1.7 1.69 1.38 1.32 1.06 1.06 0.93 0.77 0.77 0.75 0.69 0.6

Weighting

Change 5 3 3 5 5 5 5 5 5

M M D M M M U M N

Latest Chg 1'902'381 3'480'817 (1'500'000) (1'496'675) 780'119 50'000 371'061 (569'800)

Target Price 3 4 2 5 4 8 #N/A N/A 5 7

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

File Dt Inst Type 28.06.2013 Investment Advisor 26.06.2013 Investment Advisor 18.06.2013 Unclassified 27.06.2013 Investment Advisor 24.05.2013 Investment Advisor 31.05.2013 Investment Advisor 03.05.2013 n/a 17.09.2012 Unclassified 17.09.2012 n/a 17.09.2012 Unclassified 31.03.2013 Hedge Fund Manager 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor 17.09.2012 Investment Advisor 28.02.2013 Investment Advisor 30.06.2012 n/a 29.03.2013 Unclassified 30.06.2012 n/a 17.09.2012 Investment Advisor 31.03.2013 Investment Advisor

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

Date 26.06.2013 26.06.2013 25.06.2013 24.06.2013 24.06.2013 21.06.2013 19.06.2013 03.05.2013 01.03.2013

01.07.2013

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 (26.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 9.94 3.69 866'571.00 4.3 -56.74% 16.53% 9.76% 125.9 541.38 81.77 0.0 7.0 123.36 537.47

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

3.0 M

2.0 M

2 0 j-12

1.0 M .0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-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% 4.98% 6.53% 3.49% 0.40% 40.8% 15.6% 14.1% 3.10 2.36 8.41% 10.94% 7.43 4.66

Price/ Cash Flow

03/yy 367.9 10.79x 14.7 0.00x 80.0 16.02x

LTM 03/yy 373.5 10.35x 16.6 0.00x 46.9 23.19x

FY+1

0.00 1.41 90.37 16.01 -29.85% -49.23% 1.414 9 4.889 999'074 681'831 595'419 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 414.0 461.8 90.1 102.5 1.15x 1.17x 150.7 209.2 17.9 3.57x 2.57x 78.3 122.5 7.4 18.6 8.07x 5.35x 6.81x 6.24x S&P Issuer Ratings

10.9% 9.8% 0.40 0.64 49.14 78.39 63.33 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 |

01.07.2013

Dundee Precious Metals Inc Holdings By:

All

Holder Name DUNDEE CORP US GLOBAL INVESTORS VAN ECK ASSOCIATES C NORGES BANK UNITED SERVICES AUTO OPPENHEIMERFUNDS INC TD ASSET MANAGEMENT ROYAL BANK OF CANADA IG INVESTMENT MANAGE FIERA CAPITAL CORPOR IA CLARINGTON INVEST FIRST EAGLE INVESTME NATCAN INVESTMENT MA SPROTT INC BRISTOL INVESTMENT P DIMENSIONAL FUND ADV POWER CORP OF CANADA GLOBAL STRATEGY FINA LB SWISS INVESTMENT VANGUARD GROUP INC

Firm Name Stifel RBC Capital Markets GMP Scotia Capital EVA Dimensions Paradigm Capital Inc Dundee Securities Corp BMO Capital Markets Cormark Securities Inc. CIBC World Markets

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios BRISTOL INVESTMENT P n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MICHAEL A SCOON SAM CRITTENDEN OLIVER TURNER LEILY OMOUMI TIMOTHY STANISH DON MACLEAN JOSH WOLFSON JOHN P HAYES MIKE KOZAK LEON ESTERHUIZEN

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

Recommendation buy outperform buy sector outperform buy buy not rated speculative outperform top pick sector outperform

Amt Held 34'720'807 8'442'571 7'677'015 5'684'509 5'331'900 4'734'500 4'514'449 3'756'865 3'634'800 2'607'288 2'212'200 1'918'596 1'651'367 1'423'900 1'163'346 952'701 771'700 761'500 650'000 583'541

% Out 27.58 6.71 6.1 4.52 4.23 3.76 3.59 2.98 2.89 2.07 1.76 1.52 1.31 1.13 0.92 0.76 0.61 0.6 0.52 0.46

Weighting

Change

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

M M M M M M M M M M

Latest Chg 3'592'000 69'312 4'124'249 (242'700) (60'359) 666'900 (450'600) 53'212 10'000 43'784 650'000 28'700

Target Price 8 9 11 11 #N/A N/A 9 #N/A N/A 10 11 11

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

File Dt Inst Type 12.06.2013 Holding Company 28.02.2013 Investment Advisor 28.06.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.12.2012 Investment Advisor 28.03.2013 Bank 28.02.2013 Investment Advisor 28.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Hedge Fund Manager 28.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.03.2013 Hedge Fund Manager 29.03.2013 Investment Advisor 28.02.2013 Holding Company 28.03.2013 Investment Advisor 28.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 28.06.2013 24.06.2013 17.06.2013 12.06.2013 06.06.2013 22.05.2013 16.05.2013 12.05.2013 10.05.2013 11.04.2013

01.07.2013

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 (27.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 6.00 1.75 941'635.00 1.95 -67.50% 11.43% 4.71% 175.9 342.98 3.26 0.0 0.0 38.61 298.92

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 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.05.2008 0.0 (2.3) (1.9) -

31.05.2009 31.05.2010 0.0 0.0 (1.5) (3.9) (1.5) (12.6) Profitability

LTM-4Q 31.05.2011 0.0 (8.0) (8.0) -

31.12.2012 316.5 2.71x 173.1 4.96x 100.4 8.93x

173.12 151.44 47.85% 48.82% 24.91% 38.84% 0.92% 62.4% 47.2% 37.5% 31.7% 1.61 0.74 0.92% 1.43% 27.72 4.87

Price/ Cash Flow

03/yy 94.7 15.20x 61.5 0.00x 29.2 0.00x

LTM 03/yy 280.6 11.13x 132.4 5.87x 75.6 11.35x

FY+1

0.00 1.11 162.59 1.36 -52.21% -61.69% 1.112 10 4.400 866'214 832'476 791'935 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 329.0 315.0 0.94x 127.8 143.3 2.34x 2.09x 64.6 79.3 4.50x 4.42x 4.97x 4.72x S&P Issuer Ratings

-0.33 0.02 1.4% 1.4% 0.92 1.64 13.17 75.02 120.40 -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

05.06.2013

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 |

01.07.2013

Rio Alto Mining Ltd Holdings By:

All

Holder Name SENTRY SELECT CAPITA SENTRY SELECT CAPITA JP MORGAN VAN ECK ASSOCIATES C IG INVESTMENT MANAGE BLACKROCK ROYAL BANK OF CANADA AUSCAN ASSETS LIMITE NORWICH ROGER CONNOR CLARK & LUNN CANADA PENSION PLAN BMO FINANCIAL CORP TD ASSET MANAGEMENT OPPENHEIMERFUNDS INC GREYSTONE MANAGED IN PUBLIC SECTOR PENSIO LB SWISS INVESTMENT US GLOBAL INVESTORS INTACT INVESTMENT MA SOLDI JAIME

Firm Name GMP Stonecap Securities Inc BMO Capital Markets Scotia Capital Desjardins Securities Clarus Securities EVA Dimensions CIBC World Markets Kallpa Securities SAB Euro Pacific Capital Inc

Portfolio Name SENTRY SELECT CAPITA n/a n/a n/a IG INVESTMENT MANAGE n/a n/a n/a n/a CONNOR CLARK & LUNN CANADA PENSION PLAN BMO FINANCIAL CORP TD ASSET MANAGEMENT OPPENHEIMER FUNDS IN GREYSTONE MANAGED IN PUBLIC SECTOR PENSIO Multiple Portfolios US GLOBAL INVESTORS INTACT INVESTEMENT M n/a

Analyst GEORGE V ALBINO CHRISTOS DOULIS BRIAN QUAST MARK TURNER ADAM MELNYK MIKE BANDROWSKI CRAIG STERLING MATTHEW GIBSON HUMBERTO LEON HEIKO IHLE

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

Recommendation buy outperform market perform sector perform hold buy buy sector outperform overweight buy

Amt Held 27'493'900 25'949'700 14'800'000 12'941'982 8'340'500 7'048'072 6'530'445 4'994'651 4'734'195 4'296'000 2'902'100 2'360'802 2'068'242 1'970'000 1'854'700 1'560'100 1'550'000 1'351'000 1'076'700 1'028'288

% Out 15.63 14.75 8.41 7.36 4.74 4.01 3.71 2.84 2.69 2.44 1.65 1.34 1.18 1.12 1.05 0.89 0.88 0.77 0.61 0.58

Weighting

Change 5 5 3 3 3 5 5 5 5 5

M U M M M M M M M M

Latest Chg 27'493'900 (1'544'200) 8'820'000 116'664 8'340'500 4'001'000 6'530'445 25'000 4'296'000 2'902'100 2'360'802 2'068'242 1'970'000 1'854'700 1'560'100 1'550'000 1'351'000 1'076'700 126'000

Target Price 6 4 4 4 5 6 #N/A N/A 7 5 7

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 26.04.2013 Investment Advisor 31.03.2013 Investment Advisor 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 27.06.2013 Investment Advisor 31.03.2013 Bank 11.06.2013 Other 26.04.2013 n/a 31.03.2013 Investment Advisor 31.03.2013 Pension Fund (ERISA) 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 28.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 02.01.2013 n/a

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

Date 17.06.2013 12.06.2013 05.06.2013 05.06.2013 05.06.2013 05.06.2013 22.05.2013 15.05.2013 03.05.2013 08.04.2013

01.07.2013

Price/Volume

12/2012 03/yy 5.37 3.19 5'181'137.00 3.85 -28.31% 20.69% 30.28% 164.8 634.63 0.00 0.0 0.0 204.71 478.28

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

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 j-12

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% 4.76% 5.91% 6.03% 0.49% 41.0% 37.1% 18.6% 14.2% 7.30 6.49 0.00% 0.00% 18.89 7.42

03/yy 269.5 9.71x 134.3 4.46x 49.7 0.00x

s-12

o-12

n-12

LTM 03/yy 210.1 10.01x 77.9 6.98x 20.6 0.00x

d-12

j-13

f-13

m-13

a-13

m-13

1.01 3.36 1.006 2 3.000 0 427'832 644'519

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

06/13 Q2

09/13 Q3

67.50x 21.32x S&P Issuer Ratings

107.74 19.32 -2.43 0.00 0.0% 0.0% 0.49 1.07 19.33 49.19 82.16 14.19

Sales/Revenue/Turnover

1.20

300.0

1.00

250.0

0.80

200.0

0.60

.0 M a-12

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

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 |

01.07.2013

Aurizon Mines Ltd Holdings By:

All

Firm Name EVA Dimensions Mackie Research Capital Corp. Euro Pacific Capital Inc

Analyst TIMOTHY STANISH RYAN HANLEY HEIKO IHLE

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

Recommendation underweight tender buy

% Out 100 16.08 3.55 2.82 2.59 2.33 1.35 1.04 1.02 1 0.96 0.79 0.78 0.77 0.68 0.66 0.6 0.58 0.58 0.56

Weighting

Change

1 #N/A N/A 5

M M M

Latest Chg 104'300 (159'200) 4'273'700 3'842'000 1'707'800 1'674'818 1'655'218 45'000 (1'626'815) 1'097'036 1'264'143 (1'183'046) 1'062'194 5'000 12'062 (173'619)

Target Price #N/A N/A 5 5

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

Date Not Provided Not Provided 12 month

Date 06.06.2013 16.05.2013 04.03.2013

01.07.2013

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 (26.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 10.73 2.88 2'212'099.00 3.43 -68.03% 19.10% 7.01% 99.7 341.94 9.00 0.0 0.0 27.14 343.71

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

0 j-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 .0 M a-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% 9.33% 12.72% 12.20% 0.58% 41.6% 38.3% 23.6% 20.2% 2.07 1.00 1.88% 2.65% 12.57 3.68

03/yy 141.7 18.97x 71.1 9.84x 38.0 0.00x

s-12

o-12

n-12

d-12

LTM 03/yy 228.9 12.83x 87.6 7.11x 36.7 0.00x

j-13

f-13 m-13

a-13

m-13

j-13

FY+1

1.17 98.17 1.45 -57.76% -56.53% 1.170 9 4.556 1'505'070 1'044'397 1'228'233 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 237.8 280.5 1.53x 1.02x 72.6 110.4 8.3 13.5 4.74x 3.11x 24.5 48.1 12.56x 8.64x 31.76x 15.24x S&P Issuer Ratings

185.55 48.70 0.02 0.38 2.6% 2.6% 0.58 1.01 29.04 99.29 56.54 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 |

01.07.2013

Endeavour Silver Corp Holdings By:

All

Holder Name VAN ECK ASSOCIATES C BLACKROCK RENAISSANCE TECHNOLO NEUBERGER BERMAN LLC ROYCE AND ASSOCIATES GLOBAL X MANAGEMENT AGF INVESTMENTS INC COOKE BRADFORD JAMES PORTOLA GROUP INCORP GLOBAL STRATEGY FINA LB SWISS INVESTMENT PUBLIC SECTOR PENSIO VANGUARD GROUP INC NORGES BANK TD ASSET MANAGEMENT SPROTT INC TECHNICAL FINANCIAL PADCO ADVISORS INC CANADA PENSION PLAN GUGGENHEIM

Firm Name BMO Capital Markets Salman Partners Dundee Securities Corp Haywood Securities Inc. CIBC World Markets GMP EVA Dimensions Raymond James Euro Pacific Capital Inc

Portfolio Name n/a n/a RENAISSANCE TECHNOLO NEUBERGER BERMAN GRO ROYCE & ASSOCIATES L GLOBAL X MANAGEMENT AGF INVESTMENTS INC n/a PORTOLA GROUP INCORP Multiple Portfolios Multiple Portfolios PUBLIC SECTOR PENSIO Multiple Portfolios NORGES BANK TD ASSET MANAGEMENT SPROTT INC TFS CAPITAL LLC Multiple Portfolios CANADA PENSION PLAN n/a

Analyst ANDREW KAIP ASH GUGLANI CHRIS LICHTENHELDT BENJAMIN ASUNCION LEON ESTERHUIZEN CHELSEA HAMILTON CRAIG STERLING CHRIS THOMPSON HEIKO IHLE

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

Recommendation underperform buy buy buy sector outperform buy buy outperform buy

Amt Held 8'013'149 4'503'915 3'482'397 3'118'300 1'502'600 1'141'496 1'110'237 1'085'337 922'750 901'150 900'000 836'900 558'672 547'823 481'933 446'820 364'494 333'781 298'727 285'801

% Out 8.04 4.52 3.49 3.13 1.51 1.15 1.11 1.09 0.93 0.9 0.9 0.84 0.56 0.55 0.48 0.45 0.37 0.33 0.3 0.29

Weighting

Change 1 5 5 5 5 5 5 5 5

D M M M M M M M M

Latest Chg 1'059'160 (646'415) (277'402) 224'200 95'000 (18'119) (16'700) (200'000) (71'300) 321'900 25'700 77'803 (9'867) (49'400) 193'362 11'600 (744'233) (32'688)

Target Price 3 8 7 6 9 6 #N/A N/A 9 6

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

File Dt Inst Type 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 22.04.2013 n/a 31.03.2013 Investment Advisor 28.03.2013 Investment Advisor 28.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Pension Fund (ERISA) 31.03.2013 Unclassified

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

Date 28.06.2013 19.06.2013 17.06.2013 12.06.2013 02.06.2013 29.05.2013 22.05.2013 07.05.2013 07.05.2013

01.07.2013

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 03/yy 10.03 2.71 858'099.00 3.3 -67.10% 21.77% 8.06% 126.4 417.27 0.00 0.0 0.0 83.89 236.48

2.0 M 2

1.0 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended

5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (12.11.2012) 52-Week Low (28.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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

03/yy 0.0 #DIV/0! (6.7) 0.00x (11.3) 0.00x

(7.9) -11.77 -12.17 -5.55% -6.03% 0.00% 8.87 8.87 0.00% 0.00% 0.00 -

LTM 03/yy 0.0 #DIV/0! (5.0) 0.00x (13.6) 0.00x

FY+1

1.26 103.21 0.41 -49.92% -62.71% 1.259 6 4.000 705'812 462'830 578'355 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1.8 1.5 (12.3) (9.5) (12.4) (12.8) S&P Issuer Ratings

-141.81 -569.05 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 |

01.07.2013

Continental Gold Ltd Holdings By:

All

Holder Name BANK OF NOVA SCOTIA WELLINGTON MANAGEMEN BULLET HOLDING CORP VAN ECK ASSOCIATES C COASTAL FINANCING CO ROYAL BANK OF CANADA REINDEER CAPITAL LTD HARTFORD INVESTMENT SPROTT INC IG INVESTMENT MANAGE EXPERT FUNDING CORP FIRST EAGLE INVESTME FMR LLC CARMIGNAC GESTION FRANKLIN RESOURCES VANGUARD GROUP INC SUSSMAN ARI B BMO INVESTMENTS INC PENTAGON PROPERTIES QUANTEX AG

Firm Name Stifel Clarus Securities TD Securities Dundee Securities Corp GMP Raymond James RBC Capital Markets

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios

Analyst CRAIG P STANLEY JAMIE SPRATT DANIEL EARLE JOE FAZZINI GEORGE V ALBINO GARY J BASCHUK DAN ROLLINS

Source ULT-AGG Co File SEDI ULT-AGG SEDI ULT-AGG SEDI MF-AGG MF-AGG MF-AGG SEDI MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG SEDI MF-AGG SEDI MF-AGG

Recommendation hold speculative buy speculative buy buy buy Under Review sector perform

Amt Held 18'776'800 16'205'564 8'024'456 7'640'303 5'786'124 4'839'018 3'668'490 3'023'105 2'548'837 2'488'200 2'316'327 2'251'350 2'236'400 2'141'942 1'659'000 1'567'461 1'191'576 1'163'429 1'025'000 900'000

% Out 14.85 12.82 6.35 6.04 4.58 3.83 2.9 2.39 2.02 1.97 1.83 1.78 1.77 1.69 1.31 1.24 0.94 0.92 0.81 0.71

Weighting

Change

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

M M M M M M M

Latest Chg 116'400 1'985'981 (200'000) 68'760 (250'000) (1'100) (250'000) 175'495 277'037 16'800 (35'000) 896'200 20'000 (188'058) 329'000 495'815 42'425 500'000 90'000

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

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

File Dt Inst Type 28.02.2013 Bank 31.03.2013 Investment Advisor 05.10.2012 Holding Company 28.06.2013 Investment Advisor 21.12.2012 Other 28.03.2013 Bank 21.12.2012 Other 31.05.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 28.02.2013 Investment Advisor 02.11.2012 Corporation 31.03.2013 Hedge Fund Manager 30.04.2013 Investment Advisor 29.03.2013 Investment Advisor 28.03.2013 Investment Advisor 31.03.2013 Investment Advisor 13.05.2013 n/a 28.06.2013 Investment Advisor 23.04.2012 Other 29.03.2013 Investment Advisor

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

Date 28.06.2013 25.06.2013 19.06.2013 18.06.2013 17.06.2013 18.04.2013 07.01.2013

01.07.2013

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

7.0 M

6.0 M

5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (27.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 3.80 1.23 1'239'218.00 1.35 -64.47% 9.76% 4.67% 288.5 389.46 0.44 0.0 0.0 171.99 241.89

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

2.0 M

1.0 M

0 j-12

31.12.2009 31.12.2010 0.0 0.0 (4.6) (25.4) (0.6) (25.5) Profitability

.0 M a-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 -2.18% -2.26% 0.00% 10.32 10.29 0.09% 0.10% 0.00 -

03/yy 0.0 #DIV/0! (21.9) 0.00x (21.5) 0.00x

s-12

o-12

n-12

d-12

LTM 03/yy 0.0 #DIV/0! (11.8) 0.00x (10.4) 0.00x

j-13

f-13

m-13

a-13

m-13

j-13

FY+1

0.00 1.28 274.34 2.33 -56.59% -47.06% 1.277 4 4.250 985'546 699'557 773'295 FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y 06/13 Q2 09/13 Q3 66.9 (13.7) 19.2 12.60x (10.1) 7.9 43.55x 675.00x 61.36x S&P Issuer Ratings

-0.03 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

3.0 M

Fiscal Year Ended 31.12.2008 0.0 (3.4) (2.4) -

4.0 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 |

01.07.2013

Rubicon Minerals Corp Holdings By:

All

Holder Name WELLINGTON MANAGEMEN IG INVESTMENT MANAGE GREYWOLF CAPITAL MAN AGNICO-EAGLE MINES L SUN VALLEY GOLD LLC FMR LLC TD ASSET MANAGEMENT INVESCO LTD PUBLIC SECTOR PENSIO BLACKROCK CANADA PENSION PLAN CAPITAL TACTICS ADVI TECHNICAL FINANCIAL VANGUARD GROUP INC NORGES BANK ADAMSON DAVID W LOEWS CORPORATION SHARE SICAV D E SHAW & COMPANY I GLOBAL X MANAGEMENT

Firm Name GMP TD Securities BMO Capital Markets Mackie Research Capital Corp.

Portfolio Name WELLINGTON MANAGEMEN IG INVESTMENT MANAGE GREYWOLF CAPITAL MAN n/a SUN VALLEY GOLD LLC n/a TD ASSET MANAGEMENT n/a PUBLIC SECTOR PENSIO n/a CANADA PENSION PLAN CAPITAL TACTICS ADVI TFS CAPITAL LLC Multiple Portfolios NORGES BANK n/a LOEWS CORPORATION Multiple Portfolios D E SHAW & CO GLOBAL X MANAGEMENT

Analyst GEORGE V ALBINO DANIEL EARLE ANDREW KAIP BARRY D ALLAN

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

Recommendation buy speculative buy market perform buy

Amt Held 28'491'142 13'599'600 12'987'200 10'671'827 7'263'300 5'002'102 4'815'492 3'708'273 2'770'500 2'556'175 2'247'666 1'992'710 1'938'402 1'661'675 1'560'601 1'535'189 1'401'817 1'244'300 1'175'037 1'019'385

% Out 9.88 4.71 4.5 3.7 2.52 1.73 1.67 1.29 0.96 0.89 0.78 0.69 0.67 0.58 0.54 0.53 0.49 0.43 0.41 0.35

Weighting

Change 5 4 3 5

Latest Chg 5'755'275 (183'500) 3'862'200 (11'000'000) 1'345'750 (22'525) 441'768 75'100 (1'949) (164'800) (35'900) 814'628 200'100 107'000 22'000 (217'500) 1'019'385

Target Price

M M M M

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

File Dt 31.03.2013 31.03.2013 31.03.2013 01.06.2012 31.03.2013 31.03.2013 31.03.2013 28.06.2013 31.03.2013 27.06.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 04.02.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013

Date 3 3 2 6

12 month 12 month Not Provided Not Provided

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

Date 27.06.2013 26.06.2013 25.06.2013 29.01.2013

01.07.2013

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 7

6.0 M

5.0 M

4.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (24.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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

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

2.0 M

1.0 M

1 0 j-12

31.03.2010 31.03.2011 107.2 167.3 9.86x 14.29x 66.4 110.3 15.92x 21.68x 38.5 67.7 Profitability

LTM-4Q 31.03.2012 238.0 4.61x 155.3 7.06x 73.8 -

31.03.2013 181.6 3.52x 90.5 7.06x 27.2 90.49 75.91 41.79% 39.23% 4.73% 6.37% 8.34% 0.32% 59.8% 50.0% 42.0% 15.0% 2.78 2.51 0.00% 0.00% 25.32 10.01

03/yy 238.0 20.33x 155.3 7.06x 73.8 0.00x

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

LTM 03/yy 181.6 18.67x 90.8 7.03x 27.2 0.00x

FY+1

0.96 164.93 5.98 -47.71% -44.03% 0.959 4 4.500 1'340'372 1'052'389 1'149'572 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 254.0 354.0 1.74x 1.27x 118.5 189.0 3.73x 2.34x 50.7 84.9 9.40x 5.70x 14.84x S&P Issuer Ratings 983.62 -7.66 -1.30 0.00 0.0% 0.0% 0.32 0.49 14.42 36.45 131.72 -80.41

Sales/Revenue/Turnover

250.0

1.00

200.0

0.60

s-12

1.20

0.80

.0 M a-12

Fiscal Year Ended 31.03.2009 83.5 3.67x 40.4 7.59x (16.0) -

3.0 M

03/2013 03/yy 6.86 2.36 1'833'653.00 2.82 -58.89% 19.49% 10.22% 170.8 481.60 0.00 0.0 77.7 117.91 441.36

150.0 100.0

0.40

50.0 0.20

0.0 0.00

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

01.07.2013

Silvercorp Metals Inc Holdings By:

All

Holder Name VAN ECK ASSOCIATES C RENAISSANCE TECHNOLO ROYCE AND ASSOCIATES FENG RUI AXA SENTRY SELECT CAPITA GLOBAL X MANAGEMENT PUBLIC SECTOR PENSIO CANADA PENSION PLAN TD ASSET MANAGEMENT NORGES BANK VANGUARD GROUP INC LOMBARD ODIER DARIER IA CLARINGTON INVEST GAO JIANGUO ROYAL BANK OF CANADA UBS INVESCO LTD SIMPSON S PAUL GOLDMAN SACHS GROUP

Firm Name BMO Capital Markets Salman Partners Raymond James EVA Dimensions Knight

Portfolio Name n/a RENAISSANCE TECHNOLO ROYCE & ASSOCIATES L n/a n/a SENTRY SELECT CAPITA GLOBAL X MANAGEMENT PUBLIC SECTOR PENSIO CANADA PENSION PLAN TD ASSET MANAGEMENT NORGES BANK Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a n/a

Analyst ANDREW KAIP ASH GUGLANI BRAD HUMPHREY CRAIG STERLING TEAM COVERAGE

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

Recommendation market perform buy outperform buy strong buy

Amt Held 17'994'480 5'068'400 4'484'200 4'169'500 2'259'386 2'207'900 2'176'845 1'644'860 1'393'690 1'065'516 976'053 961'280 888'000 810'200 803'713 701'217 653'024 651'294 648'005 644'603

% Out 10.54 2.97 2.63 2.44 1.32 1.29 1.27 0.96 0.82 0.62 0.57 0.56 0.52 0.47 0.47 0.41 0.38 0.38 0.38 0.38

Weighting

Change 3 5 5 5 5

M M M M M

Latest Chg 1'507'271 863'400 (1'325'850) 30'000 510'000 (33'942) 44'900 (39'797) 55'500 2'990 157'314 (49'295) (29'089) (50'126)

Target Price 5 5 6 #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 28.06.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 22.01.2013 n/a 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Pension Fund (ERISA) 31.03.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 16.09.2011 n/a 31.03.2013 Bank 31.03.2013 Unclassified 28.06.2013 Investment Advisor 17.08.2012 n/a 31.03.2013 Investment Advisor

Date Not Provided 12 month 12 month Not Provided 12 month

Date 24.06.2013 19.06.2013 24.05.2013 21.05.2013 20.09.2011

01.07.2013

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 (26.06.2013) Daily Volume Current Price (7/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 0.53 2'690'474.00 0.575 -73.13% 8.49% 2.48% 708.1 407.15 35.85 0.0 0.0 141.78 442.23

8.0 M

30.06.2009

(2.3) (2.3) -

6.0 M 4.0 M

2.0 M 0 j-12

(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

s-12

o-12

LTM-4Q

LTM

01/yy

01/yy -

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

FY+1 -

0.00 1.23 442.71 22.11 -61.02% -66.37% 1.233 15 4.133 3'321'902 3'308'971 3'909'905 FY+2

06/13 Y 06/14 Y 608.9 684.0 0.85x 0.62x 233.4 269.5 1.89x 1.64x 58.4 71.4 6.93x 5.81x 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

.0 M a-12

Fiscal Year Ended 30.06.2008 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

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 |

01.07.2013

Evolution Mining Ltd Holdings By:

All

Holder Name NEWCREST MINING LTD ALLAN GRAY AUSTRALIA VAN ECK ASSOCIATES C BLACKROCK RUFFER LLP WALKER DONALD ROBIN KLEIN JACOB Trinity Management P OPPENHEIMERFUNDS INC AMP LIFE LTD LB SWISS INVESTMENT LUJETA PTY LTD FRANKLIN RESOURCES CREASY MARK GARETH JJ HOLDINGS (VIC) PT NORGES BANK VANGUARD GROUP INC FMR LLC TOCQUEVILLE ASSET MA VANGUARD INVESTMENTS

Firm Name Goldman Sachs Deutsche Bank Morgan Stanley Nomura Macquarie Paterson Securities RBC Capital Markets EVA Dimensions Investec JPMorgan BBY Limited Credit Suisse RBS Morgans Ord Minnett Evans & Partners Pty Ltd Bell Potter Hartleys

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a TOCQUEVILLE ASSET MA Multiple Portfolios

Analyst BRETT COTTRELL CHRIS TERRY CAMERON O'NEILL AMBER MACKINNON MITCH RYAN MATTHEW TRIVETT GEOFF BREEN TIMOTHY STANISH COLIN MCLELLAND JOSEPH KIM KURT WORDEN MICHAEL SLIFIRSKI JAMES WILSON DAVID BRENNAN CATHY MOISES CHRIS WHITEHEAD PETER GRAY

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

Recommendation neutral/attractive hold Equalwt/Attractive suspended coverage outperform buy outperform buy buy neutral strong buy outperform outperform buy negative buy buy

Amt Held 231'082'631 85'084'420 50'810'629 19'373'176 11'341'660 6'015'385 5'800'000 5'382'930 5'000'000 4'933'179 4'500'000 4'220'000 4'050'000 3'856'176 3'552'009 3'182'195 2'701'033 2'566'395 2'493'191 2'377'918

% Out 32.63 12.02 7.18 2.74 1.6 0.85 0.82 0.76 0.71 0.7 0.64 0.6 0.57 0.54 0.5 0.45 0.38 0.36 0.35 0.34

Weighting

Change

3 3 3 #N/A N/A 5 5 5 5 5 3 5 5 5 5 2 5 5

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

Latest Chg 7'973'829 7'214'914 4'417 50'000 302'373 (20'500) (18'512)

Target Price 1 1 1 #N/A N/A 1 1 1 #N/A N/A 1 1 1 1 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 Inst Type 17.09.2012 Corporation 25.06.2013 Investment Advisor 28.06.2013 Investment Advisor 27.06.2013 Investment Advisor 27.12.2012 Investment Advisor 17.09.2012 n/a 05.02.2013 n/a 17.09.2012 Unclassified 30.04.2013 Investment Advisor 17.09.2012 Investment Advisor 28.03.2013 Investment Advisor 17.09.2012 Corporation 28.03.2013 Investment Advisor 17.09.2012 n/a 30.08.2012 Other 31.12.2012 Government 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 30.09.2012 Investment Advisor

Date 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 6 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided

Date 26.06.2013 25.06.2013 25.06.2013 24.06.2013 18.06.2013 13.06.2013 06.06.2013 06.06.2013 04.06.2013 24.05.2013 24.04.2013 23.04.2013 27.11.2012 01.11.2012 26.10.2012 06.03.2012 02.02.2012

01.07.2013

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 (7/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 1194 HK EQUITY YTD Change 1194 HK EQUITY YTD % CHANGE

12/2012 01/yy 1.62 1.08 2'756'000.00 1.29 -20.37% 19.44% 38.89% 4'350.7 5'612.44 2'289.17 0.0 0.0 100.19 7'801.42

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 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-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 5.31x 1'119.6 7.71x 445.1 12.13x 1'119.57 850.89 52.33% 40.73% 5.76% 9.71% 8.62% 0.21% 63.9% 68.9% 52.3% 27.4% 0.42 0.23 24.60% 40.84% 12.48 9.33

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 0.58 3'550.71 0.00% -12.84% 0.583 4 5.000 5'061'229 9'350'243 7'258'301 FY+2

12/13 Y 12/14 Y 1'806.0 2'353.0 4.09x 2.98x 1'113.0 1'354.0 7.01x 5.76x 507.5 647.3 9.92x 8.22x S&P Issuer Ratings

FQ+1

FQ+2

4.03 0.10 1.96 2.04 40.8% 29.0% 0.21 1.11 29.33 39.24 5.63 62.95

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 |

01.07.2013

China Precious Metal Resources Holdings Co Ltd Holdings By:

All

Holder Name MUNSUN GL MINING INV YIM YANG CHANG CHINA INTERNATIONAL ASWELL GROUP LTD VAN ECK ASSOCIATES C BANK OF NEW YORK MEL PREMIUM WISE INC DIMENSIONAL FUND ADV SIMPLE BEST LTD NORGES BANK VANGUARD GROUP INC BLACKROCK ZHANG SHU GUANG XIAOBING DAI CHAM LAM CHAM LAM CLAYMORE ADVISORS LL STATE STREET XIMIN MEI OPPENHEIM KAPITALANL

Firm Name EVA Dimensions Daiwa Securities Co. Ltd. BOCOM International Holdings Argonaut Securities Pty 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 n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios

Analyst TIMOTHY STANISH JOEY CHEN BENJAMIN PEI CHRIS JIANG

Source EXCH EXCH EXCH EXCH ULT-AGG EXCH EXCH ULT-AGG EXCH MF-AGG MF-AGG ULT-AGG EXCH EXCH EXCH Short MF-AGG ULT-AGG Co File MF-AGG

Recommendation buy buy long-term buy buy

Amt Held % Out 312'576'000 7.18 307'206'000 7.06 279'650'000 6.43 257'196'670 5.91 239'602'000 5.51 217'908'000 5.01 187'636'382 4.31 22'500'000 0.52 16'682'000 0.38 15'562'110 0.36 15'208'000 0.35 11'022'000 0.25 10'300'000 0.24 10'000'000 0.23 7'400'000 0.17 (6'000'000) -0.14 4'035'933 0.09 3'366'000 0.08 2'000'000 0.05 1'920'000 0.04

Weighting

Change 5 5 5 5

M M D M

Latest Chg (126'190'000) 24'900'000 28'964'000 2'026'000 (679'470'000) (50'000'000) 794'000 24'000 1'120'000 (1'000'000) -

Target Price #N/A N/A 2 2 2

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

File Dt 02.05.2013 26.10.2012 18.06.2013 16.10.2012 28.06.2013 22.01.2013 08.11.2012 29.03.2013 07.10.2011 31.12.2012 31.03.2013 27.06.2013 18.04.2012 10.04.2013 16.10.2012 16.10.2012 28.06.2013 28.06.2013 31.12.2011 31.01.2013

Date Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor n/a Investment Advisor Other Investment Advisor Investment Advisor Holding Company Investment Advisor Other Government Investment Advisor Investment Advisor n/a n/a n/a n/a Investment Advisor Investment Advisor n/a Investment Advisor

Date 06.06.2013 23.05.2013 20.05.2013 19.04.2013

01.07.2013

Price/Volume 25

4.5 M 4.0 M

3.5 M 3.0 M

12/2012 03/yy 20.34 8.23 767'073.00 9.43 -53.63% 14.58% 9.91% 45.6 429.60 0.00 0.0 0.0 52.04 408.81

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 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-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 -5.76% -6.05% 0.00% 5.11 5.11 0.00% 0.00% 0.00 -

03/yy 0.0 #DIV/0! (19.8) 0.00x (18.3) 0.00x

LTM 03/yy 0.0 #DIV/0! (5.1) 0.00x (14.1) 0.00x

0.92 41.47 4.77 -34.92% -47.52% 0.919 2 4.000 680'716 410'079 384'575

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

06/13 Q2

09/13 Q3

(15.0) (16.0) S&P Issuer Ratings

-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 |

01.07.2013

Seabridge Gold Inc Holdings By:

All

Firm Name Cowen and Company Stonecap Securities Inc

Analyst ADAM P GRAF CHRISTOS DOULIS

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

Recommendation outperform sector perform

Amt Held 8'001'232 6'613'905 5'837'287 2'022'491 1'180'000 779'791 601'905 572'976 555'000 478'467 425'334 385'000 344'050 300'750 286'420 265'000 245'000 235'224 199'794 167'000

% Out 17.56 14.52 12.81 4.44 2.59 1.71 1.32 1.26 1.22 1.05 0.93 0.85 0.76 0.66 0.63 0.58 0.54 0.52 0.44 0.37

Weighting

Change 5 3

Latest Chg 661'363 (289'596) 10'000 115'079 (203'241) (30'000) (465'199) (23'150) (10'000) 21'035 -

Target Price

M M

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

28 22

Date 12 month 12 month

Date 26.06.2013 03.06.2013

01.07.2013

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 35.0 M

30.0 M

20.0 M

Latest Fiscal Year: LTM as of: 52-Week High (07.12.2012) 52-Week Low (28.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.06.2013 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

12/2012 01/yy 1.14 0.49 6'219'639.00 0.51 -55.07% 5.15% 2.31% 788.3 402.02 132.84 0.0 0.0 5.38 529.48

31.12.2009

(5.9) (5.3) -

15.0 M

10.0 M

5.0 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008

(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) -

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

FY+1 -

0.00 1.25 669.18 55.31 -18.40% -47.96% 1.247 14 4.643 8'072'287 7'333'885 8'086'335 FY+2

12/13 Y 12/14 Y 305.3 331.2 1.26x 0.84x 147.4 174.7 3.59x 3.03x 118.1 137.0 3.89x 3.13x 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

Valuation Analysis

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

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 |

01.07.2013

Beadell Resources Ltd Holdings By:

All

Holder Name COLUMBIA WANGER ASSE VAN ECK ASSOCIATES C MACQUARIE GROUP COUPLAND CARDIFF ASS L1 CAPITAL PTY LTD BOWLER PETER FRANKLIN RESOURCES BLACKROCK OZ MINERALS INVESTME LUJETA PTY LTD FMR LLC BARRETT GREGORY MICH LEIBOWITZ ANTHONY HO AMP LIFE LTD WATKINS ROBERT NORGES BANK AMERIPRISE FINANCIAL TWYNAM AGRICULTURAL VANGUARD GROUP INC VANGUARD INVESTMENTS

Firm Name Shaw Stockbroking Ord Minnett Macquarie EVA Dimensions GMP Argonaut Securities Pty Ltd Octa Phillip Securities Ltd Hartleys Casimir Capital Blackswan Equities Ltd RBS Morgans Evans & Partners Pty Ltd Bell Potter

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 Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst VINCENT PISANI DAVID BRENNAN MITCH RYAN TIMOTHY STANISH LEVI SPRY PATRICK CHANG ANDREW SHEARER TRENT BARNETT ERIC ALLISON RHYS BRADLEY JAMES WILSON CATHY MOISES CHRIS WHITEHEAD

Source EXCH ULT-AGG ULT-AGG Co File EXCH EXCH ULT-AGG ULT-AGG Co File Co File ULT-AGG Co File EXCH Co File EXCH MF-AGG EXCH Co File MF-AGG MF-AGG

Recommendation buy buy outperform sell buy buy buy buy overweight buy outperform Positive buy

Amt Held 77'350'646 57'959'639 39'552'582 37'132'343 23'660'753 21'043'333 19'652'465 16'604'550 12'800'000 12'100'000 11'653'618 9'351'651 8'586'457 6'724'506 6'650'001 4'785'317 4'708'336 3'975'000 3'801'493 3'675'833

% Out 9.81 7.35 5.02 4.71 3 2.67 2.49 2.11 1.62 1.53 1.48 1.19 1.09 0.85 0.84 0.61 0.6 0.5 0.48 0.47

Weighting

Change 5 5 5 1 5 5 5 5 5 5 5 4 5

M M M M M N M M M N N N M

Latest Chg 12'464'715 (21'000'000) 70'000 (57'504) 263'091 500'000 (2'000'000) 414'888 (21'582)

Target Price 1 1 1 #N/A N/A 1 1 1 1 2 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 24.06.2013 Investment Advisor 28.06.2013 Investment Advisor 13.05.2013 Investment Advisor 18.02.2013 Hedge Fund Manager 22.11.2012 Investment Advisor 18.06.2013 n/a 28.03.2013 Investment Advisor 27.06.2013 Investment Advisor 28.03.2013 Unclassified 28.03.2013 Corporation 30.04.2013 Investment Advisor 28.03.2013 n/a 30.11.2012 n/a 28.03.2013 Investment Advisor 28.06.2013 n/a 31.12.2012 Government 24.06.2013 Investment Advisor 28.03.2013 Other 31.03.2013 Investment Advisor 30.09.2012 Investment Advisor

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

Date 26.06.2013 24.06.2013 17.06.2013 06.06.2013 29.05.2013 26.04.2013 24.04.2013 23.04.2013 16.01.2013 21.12.2012 27.11.2012 24.10.2012 05.03.2012

01.07.2013

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

40.0 M 35.0 M

30.0 M 25.0 M

20.0 M

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (27.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.07.2013 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 0.56 4'560'641.00 0.59 -71.63% 5.36% 2.63% 641.0 378.19 11.02 0.0 (33.3) 48.78 317.06

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

10.0 M 5.0 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 30.06.2008 231.5 2.48x 20.9 27.45x (56.7) -

15.0 M

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

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

8.47 1.18 506.93 7.00 -55.15% -64.02% 1.183 13 3.769 5'045'271 6'953'538 5'920'208 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 12/11 Q2 03/12 Q3 659.5 576.6 0.39x 0.46x 273.0 204.5 1.16x 1.55x 145.0 83.3 2.55x 4.88x 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 |

01.07.2013

Resolute Mining Ltd Holdings By:

All

Holder Name UTILICO INVESTMENTS ALLIANCE LIFE COMMON VAN ECK ASSOCIATES C BANK OF AMERICA CORP PRUDENTIAL PLC VINVA INVESTMENT MGM CF RUFFER BAKER STEE RUFFER LLP UTILICO EMERGING MAR ECLECTIC INVEST TRUS JP MORGAN PERMANENT INVESTMENT DIMENSIONAL FUND ADV GENUS DYNAMIC GOLD F BAKER STEEL CAPITAL NORGES BANK VANGUARD GROUP INC VANGUARD INVESTMENTS SULLIVAN PETER ROSS FMR LLC

Firm Name Argonaut Securities Pty Ltd Morgan Stanley EVA Dimensions GMP Canaccord Genuity Corp Veritas Securities Bell Potter BMO Capital Markets Foster Stockbroking Westhouse Securities Helmsec Global Capital Limited Deutsche Bank

Portfolio Name 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 n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst PATRICK CHANG BRENDAN FITZPATRICK TIMOTHY STANISH LEVI SPRY REG SPENCER MATTHEW BAILLIE STEPHEN THOMAS DAVID HAUGHTON CRAIG BROWN ROB BROKE GAVIN VAN DER WATH CHRIS TERRY

Source EXCH EXCH ULT-AGG EXCH ULT-AGG EXCH EXCH MF-AGG EXCH EXCH ULT-AGG EXCH ULT-AGG EXCH EXCH MF-AGG MF-AGG MF-AGG EXCH ULT-AGG

Recommendation buy Equalwt/In-Line buy buy sell buy buy market perform buy add speculative buy not rated

Amt Held 122'029'227 62'989'484 47'186'677 39'392'367 37'350'000 32'497'591 19'097'479 12'576'000 8'000'000 7'350'000 5'344'844 5'010'643 4'915'429 4'811'000 4'300'000 3'713'389 3'621'289 3'455'670 3'007'448 2'988'261

% Out 19.04 9.83 7.36 6.15 5.83 5.07 2.98 1.96 1.25 1.15 0.83 0.78 0.77 0.75 0.67 0.58 0.56 0.54 0.47 0.47

Weighting

Change

5 3 5 5 1 5 5 3 5 4 4 #N/A N/A

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

Latest Chg 1'000'000 13'495'137 (9'442'393) (7'250'000) (3'846'391) 2'000'000 188'900 (4'989'357) 192'015 807'280 (500'000) -

Target Price 1 1 #N/A N/A 1 1 2 2 2 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 21.05.2013 21.05.2013 28.06.2013 10.05.2012 15.05.2013 31.01.2013 04.04.2012 27.12.2012 21.05.2013 21.05.2013 30.04.2013 12.07.2012 29.03.2013 23.02.2012 04.04.2012 31.12.2012 31.03.2013 30.09.2012 02.01.2013 30.04.2013

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

Inst Type Investment Advisor n/a Investment Advisor Investment Advisor Unclassified Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor n/a Investment Advisor Government Investment Advisor Investment Advisor n/a Investment Advisor

Date 01.07.2013 28.06.2013 06.06.2013 29.05.2013 13.05.2013 30.04.2013 24.04.2013 15.04.2013 25.01.2013 08.11.2012 31.07.2012 22.02.2012

01.07.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.10.2012) 52-Week Low (28.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 2.56 0.42 5'808'804.00 0.56 -78.13% 34.94% 6.76% 412.5 230.99 201.83 0.0 75.0 113.67 394.12

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

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 30.06.2008 109.2 57.1 3.99x

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

03/yy 193.0 6.42x 70.0 7.66x (44.4) 0.00x

LTM 03/yy 385.0 5.32x 100.9 0.00x 24.8 14.83x

FY+1

0.00 1.10 406.80 0.55 -74.77% -72.95% 1.100 5 4.800 4'635'289 2'392'465 2'164'485 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 479.7 571.7 109.0 114.0 191.3 217.5 2.06x 1.81x 43.6 6.6 4.06x 6.59x 4.09x 3.26x 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 |

01.07.2013

Endeavour Mining Corp Holdings By:

All

Holder Name VAN ECK ASSOCIATES C SENTRY SELECT CAPITA RUFFER LLP SPROTT INC FMR LLC ROYCE AND ASSOCIATES OPPENHEIMERFUNDS INC ASHDELL LTD DIMENSIONAL FUND ADV BLACKROCK VANGUARD GROUP INC NORGES BANK WELLS FARGO JONES HEWARD INVESTM GLOBAL STRATEGY FINA CONNELLY MARK DWS INVESTMENT SA LB SWISS INVESTMENT WOODYER NEIL JP MORGAN

Firm Name Goldman Sachs Canaccord Genuity Corp Raymond James GMP CIBC World Markets BMO Capital Markets

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a

Analyst EUGENE KING NICHOLAS CAMPBELL BRAD HUMPHREY ANDREW MIKITCHOOK LEON ESTERHUIZEN ANDREW BREICHMANAS

Source ULT-AGG Co File MF-AGG MF-AGG ULT-AGG 13G MF-AGG PROXY ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG SEDI MF-AGG MF-AGG SEDI ULT-AGG

Recommendation Buy/Neutral speculative buy outperform buy sector outperform not rated

Amt Held 26'364'292 20'147'799 9'321'000 9'035'988 8'804'330 4'850'000 3'700'000 2'800'000 2'607'777 2'328'144 1'918'223 1'877'316 1'155'630 1'109'284 1'094'899 855'000 800'000 700'000 447'127 389'000

% Out 6.39 4.88 2.26 2.19 2.13 1.18 0.9 0.68 0.63 0.56 0.47 0.46 0.28 0.27 0.27 0.21 0.19 0.17 0.11 0.09

Weighting

Change

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

M M M M M M

Latest Chg 238'022 526'000 8'494'987 (5'257'500) (500'000) 421'209 200'338 1'094'899 50'000 (4'368'617)

Target Price 1 3 3 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 28.06.2013 Investment Advisor 31.10.2012 Investment Advisor 27.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 30.04.2013 Investment Advisor 31.12.2011 Investment Advisor 30.04.2013 Investment Advisor 01.05.2013 Other 29.03.2013 Investment Advisor 27.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 30.04.2013 Investment Advisor 28.06.2013 Investment Advisor 28.03.2013 Investment Advisor 12.12.2011 n/a 30.04.2013 Investment Advisor 29.04.2013 Investment Advisor 19.04.2013 n/a 28.02.2013 Investment Advisor

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

Date 30.06.2013 25.06.2013 12.06.2013 29.05.2013 11.04.2013 24.01.2013

01.07.2013

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

4 3

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (16.05.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 5.85 2.65 1'074'250.00 3.5 -40.17% 32.08% 26.56% 125.3 438.57 2.70 0.0 0.0 64.74 351.60

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

2 1 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-13

Market Data

Fiscal Year Ended 31.12.2008 24.8 1.39x 0.1 401.05x (0.9) -

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M

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 2.86x 70.7 6.51x 31.5 15.45x

70.72 49.34 30.64% 28.09% 8.88% 10.53% 10.55% 0.53% 43.9% 40.4% 27.0% 19.5% 5.72 4.96 0.85% 1.02% 6.86 7.63

Price/ Cash Flow

03/yy 128.7 17.74x 59.4 8.66x 25.9 20.48x

LTM 03/yy 161.1 11.84x 65.1 7.29x 27.0 18.73x

FY+1

0.00 1.48 124.53 0.34 0.57% -15.66% 1.478 11 4.000 560'481 566'338 515'377 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 171.9 211.3 39.0 40.7 2.09x 1.50x 69.4 94.9 9.7 14.4 5.06x 3.70x 32.3 44.2 4.7 6.1 14.53x 10.60x 12.75x 10.98x S&P Issuer Ratings

125.83 46.04 -1.00 0.04 1.0% 1.0% 0.53 0.79 53.24 47.82 52.14 61.77

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 |

01.07.2013

Fortuna Silver Mines Inc Holdings By:

All

Holder Name SENTRY SELECT CAPITA SPROTT INC MASON HILL ADVISORS MONTRUSCO BOLTON INV BLACKROCK GLOBAL X MANAGEMENT TD ASSET MANAGEMENT PUBLIC SECTOR PENSIO AGF INVESTMENTS INC INTACT INVESTMENT MA GLOBAL STRATEGY FINA CQS CAYMAN LP POWER CORP OF CANADA CANADA PENSION PLAN VANGUARD GROUP INC FEDERATED INVESTORS QUANTEX AG NORTHWEST MUTUAL FUN MD MANAGEMENT LTD VEHRS THOMAS I

Firm Name BMO Capital Markets Canaccord Genuity Corp Cormark Securities Inc. Global Hunter Securities EVA Dimensions Raymond James CIBC World Markets Haywood Securities Inc. Dundee Securities Corp Euro Pacific Capital Inc Scotia Capital

Portfolio Name SENTRY SELECT CAPITA SPROTT INC MASON HILL ADVISORS MONTRUSCO BOLTON INV n/a GLOBAL X MANAGEMENT TD ASSET MANAGEMENT PUBLIC SECTOR PENSIO AGF INVESTMENTS INC INTACT INVESTEMENT M Multiple Portfolios CQS CAYMAN LP n/a CANADA PENSION PLAN Multiple Portfolios FEDERATED INVESTORS Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst ANDREW KAIP NICHOLAS CAMPBELL GRAEME JENNINGS JEFF WRIGHT CRAIG STERLING CHRIS THOMPSON LEON ESTERHUIZEN BENJAMIN ASUNCION CHRIS LICHTENHELDT HEIKO IHLE TREVOR TURNBULL

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

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

Amt Held 9'880'700 8'370'809 7'932'400 3'994'740 2'187'340 1'641'307 1'380'838 1'210'600 1'169'500 997'900 956'989 750'000 711'800 704'591 615'180 600'000 600'000 505'241 462'200 425'000

% Out 7.89 6.68 6.33 3.19 1.75 1.31 1.1 0.97 0.93 0.8 0.76 0.6 0.57 0.56 0.49 0.48 0.48 0.4 0.37 0.34

Weighting

Change 1 4 3 5 5 5 5 3 5 5 3

D M M M U M M M M M M

Latest Chg (643'800) (356'649) 1'487'550 180'272 1'641'307 (16'962) 36'400 (239'800) (289'500) (180'200) (100'000) 138'400 206'500 47'900 225'000

Target Price 3 6 5 5 #N/A N/A 5 6 5 6 4 4

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

File Dt 31.03.2013 31.03.2013 31.03.2013 31.03.2013 27.06.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 28.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 29.03.2013 30.04.2013 31.03.2013 29.11.2011

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

Inst Type Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Holding Company Pension Fund (ERISA) Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a

Date 28.06.2013 25.06.2013 25.06.2013 24.06.2013 21.06.2013 18.06.2013 18.06.2013 18.06.2013 17.06.2013 08.05.2013 07.05.2013

01.07.2013

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 (26.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.05.2013 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 03/yy 4.72 1.63 27'070'206.00 1.68 -64.38% 3.07% 1.62% 258.6 499.11 0.00 0.0 0.0 70.92 453.99

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

1.20 1.00

30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 0.0 (19.7) (131.1) -

5 5 4 4 3 3 2 2 1 1 0 j-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% -5.11% -6.66% 0.03% 10.5% -172.0% -174.8% -1117.2% 3.65 2.82 0.00% 0.00% 3.60

03/yy 3.0 948.65x (69.8) 0.00x (70.5) 0.00x

LTM 03/yy 38.9 99.45x (66.8) 0.00x (58.4) 0.00x

FY+1

0.00 1.41 184.40 31.08 -41.54% -56.14% 1.412 4 4.000 8'196'452 4'050'025 3'829'238 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 21.5 19.8 2.4 2.9 10.0 61.0 45.40x 7.44x (21.3) (7.5) (3.2) (3.4) 48.00x S&P Issuer Ratings

0.00 0.0% 0.0% 0.03 0.05 101.38 188.52 -

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 |

01.07.2013

McEwen Mining Inc Holdings By:

All

Holder Name MCEWEN ROBERT R VAN ECK ASSOCIATES C BLACKROCK ROYCE AND ASSOCIATES VANGUARD GROUP INC STATE STREET JENNISON ASSOCIATES DIMENSIONAL FUND ADV STALEY CAPITAL ADVIS NORTHERN TRUST CORPO OPPENHEIMERFUNDS INC GLOBAL X MANAGEMENT HORIZON KINETICS SPROTT INC WELLS FARGO BPI FUNDOS GFIM SA/P BANK OF NEW YORK MEL FMR LLC TIAA CREF INVESTMENT AEGIS FINANCIAL CORP

Firm Name Stifel Cowen and Company Euro Pacific Canada Inc EVA Dimensions

Portfolio Name n/a n/a n/a ROYCE & ASSOCIATES L VANGUARD GROUP INC n/a JENNISON ASSOCIATES n/a STALEY CAPITAL ADVIS NORTHERN TRUST CORPO OPPENHEIMER FUNDS IN GLOBAL X MANAGEMENT n/a SPROTT INC n/a Multiple Portfolios BANK OF NEW YORK MEL n/a TIAA-CREF INVESTMENT AEGIS FINANCIAL CORP

Analyst CRAIG P STANLEY ADAM P GRAF MATTHEW ZYLSTRA CRAIG STERLING

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

Recommendation buy outperform buy underweight

Amt Held 73'428'564 14'825'787 13'257'883 10'796'918 8'798'586 7'321'268 6'747'005 3'845'444 3'200'440 2'998'509 2'696'531 2'166'610 1'770'336 1'735'340 1'478'932 1'410'913 1'166'475 1'152'810 1'104'843 1'063'594

% Out 28.4 5.73 5.13 4.18 3.4 2.83 2.61 1.49 1.24 1.16 1.04 0.84 0.68 0.67 0.57 0.55 0.45 0.45 0.43 0.41

Weighting

Change 5 5 5 1

M M N U

Latest Chg 2'112'575 (77'738) (90'000) (3'843'036) (2'501'373) (79'379) 991'111 753'503 (38'931) 450'000 (26'038) (82'987) (1'000'000) 153'696 73'405 295'800 27'168 1'063'594

Target Price 3 4 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 18.04.2013 n/a 28.06.2013 Investment Advisor 27.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

Date Not Provided 12 month 12 month Not Provided

Date 28.06.2013 26.06.2013 07.05.2013 18.04.2013

01.07.2013

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

1.6 M

1.4 M 1.2 M

1.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.11.2012) 52-Week Low (26.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 13.32 5.34 182'534.00 6.15 -53.83% 15.17% 10.15% 60.1 369.87 0.00 0.0 0.0 41.05 331.84

1.20

(6.7) (5.9) -

.6 M

.4 M

.2 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008

.8 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 -11.30% -11.54% 0.00% 31.79 31.65 0.00% 0.00% 0.00 -

03/yy 0.0 #DIV/0! (9.6) 0.00x (7.6) 0.00x

LTM 03/yy 0.0 #DIV/0! (13.8) 0.00x (13.2) 0.00x

FY+1

0.00 1.76 49.00 0.24 -31.36% -39.53% 1.758 4 4.500 213'863 190'621 166'776 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 0.0 0.0 #DIV/0! #DIV/0! (10.8) (10.5) (3.5) (3.5) (11.1) (12.7) (3.5) (4.0) 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

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 |

01.07.2013

MAG Silver Corp Holdings By:

All

Holder Name FRESNILLO PLC MASON HILL ADVISORS TOCQUEVILLE ASSET MA T ROWE PRICE ASSOCIA VAN ECK ASSOCIATES C SPROTT INC FRANKLIN RESOURCES CANADA PENSION PLAN SUN VALLEY GOLD LLC GLOBAL X MANAGEMENT US GLOBAL INVESTORS ANDREEFF EQUITY ADVI FALCON FUND MANAGEME WELLS FARGO OPPENHEIMERFUNDS INC CARLSON ERIC H RAFFLES ASSOCIATES L AGF INVESTMENTS INC PRUDENTIAL FINANCIAL TD ASSET MANAGEMENT

Firm Name Canaccord Genuity Corp BMO Capital Markets Macquarie Raymond James

Portfolio Name n/a n/a TOCQUEVILLE ASSET MA T ROWE PRICE ASSOCIA n/a SPROTT INC n/a CANADA PENSION PLAN SUN VALLEY GOLD LLC GLOBAL X MANAGEMENT US GLOBAL INVESTORS ANDREEFF EQUITY ADVI Multiple Portfolios n/a OPPENHEIMER FUNDS IN n/a RAFFLES ASSOCIATES L AGF INVESTMENTS INC n/a TD ASSET MANAGEMENT

Analyst NICHOLAS CAMPBELL JOHN P HAYES MICHAEL GRAY DAVID SADOWSKI

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

Recommendation speculative buy speculative outperform outperform outperform

Amt Held 9'746'193 6'265'424 4'329'250 3'597'500 2'832'219 2'755'754 1'626'550 1'583'225 986'206 788'555 764'000 528'682 432'000 402'144 390'000 379'200 372'900 370'978 340'200 320'000

% Out 16.21 10.42 7.2 5.98 4.71 4.58 2.7 2.63 1.64 1.31 1.27 0.88 0.72 0.67 0.65 0.63 0.62 0.62 0.57 0.53

Weighting

Change 4 4 5 5

M M M M

Latest Chg 1'037'863 1'805'500 2'224'600 25'536 2'755'754 (544'950) 466'927 (10'525) 4'000 8'100 90'000 50'000 105'600 (200) -

Target Price 15 #N/A N/A 14 14

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

File Dt 07.09.2012 26.06.2013 31.03.2013 31.03.2013 28.06.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 28.03.2013 30.04.2013 31.03.2013 03.08.2012 31.03.2013 31.03.2013 31.05.2013 31.03.2013

Date 12 month Not Provided 12 month 12 month

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

Date 25.06.2013 24.06.2013 24.05.2013 24.04.2013

01.07.2013

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 (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.06.2013 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 03/yy 7.89 2.53 617'561.00 4.7 -40.43% 85.77% 40.49% 115.4 542.47 40.00 0.0 0.0 139.24 406.63

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 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-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 5.81x

31.12.2012 182.9 2.88x 77.4 6.79x 49.6 11.91x

77.44 49.39 27.00% 24.42% 7.25% 8.68% 0.28% 58.7% 38.8% 22.8% 27.1% 3.07 2.66 5.97% 7.00% 34.70 7.65

Price/ Cash Flow

03/yy 166.6 6.89x 80.8 2.70x 76.1 2.95x

LTM 03/yy 185.3 8.97x 71.9 7.52x 48.3 13.08x

FY+1

0.00 1.49 83.01 1.98 78.71% -26.56% 1.494 12 4.833 524'866 345'298 330'575 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 200.6 250.8 57.8 51.8 1.89x 1.55x 6.76x 7.37x 88.0 136.4 30.2 22.5 4.62x 2.98x 4.11x 3.89x 48.2 67.2 21.8 13.4 10.92x 8.17x 11.14x 10.27x S&P Issuer Ratings

26.82 13.06 -1.52 0.45 7.0% 6.5% 0.28 0.38 10.52 47.70 173.68 -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 |

01.07.2013

Primero Mining Corp Holdings By:

All

Holder Name GOLDCORP INC TOCQUEVILLE ASSET MA FRANKLIN RESOURCES BLACKROCK VAN ECK ASSOCIATES C CONNOR CLARK & LUNN SENTRY SELECT CAPITA ROYAL BANK OF CANADA O'SHAUGHNESSY ASSET ACADIAN ASSET MANAGE SPROTT INC FALCON FUND MANAGEME SUN VALLEY GOLD LLC FMR LLC HILLSDALE INVESTMENT RENAISSANCE TECHNOLO CONWAY JOSEPH F OPPENHEIMERFUNDS INC SPARK INVESTMENT MAN MD MANAGEMENT LTD

Firm Name RBC Capital Markets TD Securities EVA Dimensions GMP Scotia Capital BMO Capital Markets Macquarie Canaccord Genuity Corp Cormark Securities Inc. CIBC World Markets Cantor Fitzgerald Mackie Research Capital Corp.

Portfolio Name n/a TOCQUEVILLE ASSET MA n/a n/a n/a CONNOR CLARK & LUNN SENTRY SELECT CAPITA n/a O'SHAUGHNESSY ASSET ACADIAN ASSET MANAGE SPROTT INC Multiple Portfolios SUN VALLEY GOLD LLC n/a HILLSDALE INVESTMENT RENAISSANCE TECHNOLO n/a OPPENHEIMER FUNDS IN SPARK INVESTMENT MAN Multiple Portfolios

Analyst DAN ROLLINS STEVEN J GREEN CRAIG STERLING CHELSEA HAMILTON OVAIS HABIB BRIAN QUAST MICHAEL GRAY STEVEN BUTLER RICHARD GRAY CHITIMUKULU MUSONDA ROB CHANG BARRY D ALLAN

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

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

Amt Held 31'151'200 7'443'290 7'016'800 6'354'449 5'775'088 5'548'175 4'851'400 4'120'705 1'895'988 1'707'777 1'452'000 1'116'000 1'076'900 918'600 879'700 755'000 563'300 548'800 529'500 510'100

% Out 26.99 6.45 6.08 5.51 5 4.81 4.2 3.57 1.64 1.48 1.26 0.97 0.93 0.8 0.76 0.65 0.49 0.48 0.46 0.44

Weighting

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

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

Latest Chg (8'422'460) (34'700) 68'800 (36) 52'056 79'800 3'822'900 (297'524) 108'693 (1'155'890) (128'000) (1'221'100) (144'400) 81'100 50'000 548'800 (53'300) (66'400)

Target Price 7 9 #N/A N/A 8 9 9 7 10 9 9 9 10

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

File Dt 12.10.2012 31.03.2013 31.03.2013 31.03.2013 28.06.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 28.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 04.07.2012 31.03.2013 31.03.2013 31.03.2013

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

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

Date 24.06.2013 19.06.2013 31.05.2013 29.05.2013 23.05.2013 21.05.2013 17.05.2013 13.05.2013 09.05.2013 08.05.2013 08.05.2013 27.03.2013

01.07.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.10.2012) 52-Week Low (28.06.2013) Daily Volume Current Price (7/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 6.20 1.24 2'249'079.00 1.335 -78.47% 7.66% 0.50% 152.2 203.18 157.54 0.0 0.0 90.62 334.84

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

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 j-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

s-12

o-12

LTM-4Q

LTM

01/yy

01/yy -

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

FY+1 -

11.24 1.20 134.99 6.65 -71.52% -69.25% 1.203 13 2.615 2'840'781 2'471'004 1'941'324 FY+2

06/13 Y 06/14 Y 339.1 362.4 0.98x 0.99x 111.3 122.8 3.01x 2.73x 20.9 29.0 6.68x 8.34x 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

.0 M a-12

Fiscal Year Ended 30.06.2008 74.3 6.01x 19.6 22.77x 36.2 10.12x

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 |

01.07.2013

Kingsgate Consolidated Ltd Holdings By:

All

Holder Name ALLIANZ ASSET MANAGE BLACKROCK VAN ECK ASSOCIATES C FMR LLC UNITED SERVICES AUTO RUFFER LLP FIRST EAGLE INVESTME SMYTH-KIRK ROSS DONA YANDAL INVESTMENTS P SILVER STANDARD AUS BIRD BRUCE CLAYTON AMP LIFE LTD LUJETA PTY LTD PRUDENTIAL FINANCIAL KOMOR CHRIS & GRADY VANGUARD INVESTMENTS SIXTEEN PTY LTD DIMENSIONAL FUND ADV THOMAS GAVIN NORGES BANK

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios 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

Firm Name

Analyst

Goldman Sachs RBC Capital Markets Macquarie BBY Limited EVA Dimensions Investec BMO Capital Markets Baillieu Holst Ltd Veritas Securities Evans & Partners Pty Ltd Deutsche Bank Bell Potter

PAUL HISSEY STEUART MCINTYRE MITCH RYAN KURT WORDEN TIMOTHY STANISH COLIN MCLELLAND DAVID HAUGHTON SOPHIE SPARTALIS MATTHEW BAILLIE CATHY MOISES CHRIS TERRY PETER CHAPMAN

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG EXCH Co File Co File Co File Co File Co File ULT-AGG Co File MF-AGG Co File ULT-AGG EXCH MF-AGG

Recommendation sell/attractive underperform neutral strong buy overweight hold market perform sell buy negative not rated Under Review

Amt Held 13'423'543 11'810'983 10'654'665 7'730'085 5'550'000 4'693'651 4'118'481 3'706'582 3'442'939 3'440'367 3'207'110 2'682'899 2'643'982 1'313'464 1'097'462 1'065'821 1'050'000 985'005 946'403 944'190

% Out 8.82 7.76 7 5.08 3.65 3.08 2.71 2.44 2.26 2.26 2.11 1.76 1.74 0.86 0.72 0.7 0.69 0.65 0.62 0.62

Weighting

Change

1 1 3 5 5 3 3 1 5 2 #N/A N/A #N/A N/A

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

Latest Chg 1'893'721 (299'029) (221) 50'000 383'873 310'561 16'822 -

Target Price 1 1 3 3 #N/A N/A 2 5 1 3 #N/A N/A #N/A N/A #N/A N/A

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

File Dt Inst Type 26.04.2013 Investment Advisor 27.06.2013 Investment Advisor 28.06.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 27.12.2012 Investment Advisor 31.03.2013 Hedge Fund Manager 03.04.2013 n/a 14.09.2012 Investment Advisor 14.09.2012 Unclassified 14.09.2012 n/a 14.09.2012 Investment Advisor 14.09.2012 Corporation 31.05.2013 Investment Advisor 14.09.2012 n/a 30.09.2012 Investment Advisor 14.09.2012 Unclassified 29.03.2013 Investment Advisor 06.05.2013 n/a 31.12.2012 Government

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

Date 28.06.2013 28.06.2013 18.06.2013 06.06.2013 06.06.2013 04.06.2013 03.06.2013 03.06.2013 30.04.2013 02.11.2012 22.02.2012 02.11.2011

01.07.2013

Timmins Gold Corp Timmins Gold Corporation operates as a gold exploration and production company. The Company owns and operates a Mexican based mine where they develop, explore and produce gold.

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 (24.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 3.48 1.62 698'345.00 2.32 -33.33% 43.21% 37.63% 144.2 334.45 17.55 0.0 0.0 24.06 324.82

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

1.5 M

2 1

1.0 M

.5 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-13

Fiscal Year Ended 31.03.2008 0.0 (4.2) (5.3) -

2.0 M

Valuation Analysis

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% 21.95% 33.32% 30.52% 0.80% 49.1% 45.8% 40.4% 23.1% 1.97 0.97 8.12% 11.93% 17.74 2.58

Price/ Cash Flow

03/yy 105.8 12.87x 56.7 5.63x 21.2 14.12x

LTM 03/yy 166.2 8.95x 76.0 5.36x 45.5 9.04x

FY+1

0.00 1.10 137.58 0.20 24.06% -22.41% 1.101 15 4.333 729'707 539'886 626'859 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 197.0 214.1 47.0 46.2 1.43x 1.01x 6.80x 6.74x 86.9 89.8 17.5 19.9 3.74x 3.62x 4.25x 4.28x 50.4 49.7 10.6 9.2 7.01x 7.18x 7.07x 6.93x S&P Issuer Ratings

27.48 13.71 -0.12 0.23 11.9% 10.7% 0.80 1.27 20.58 141.38 55.91 151.43

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 03.10.2009 03.04.2010 03.10.2010 03.04.2011 03.10.2011 03.04.2012 03.10.2012 03.04.2013

0.0 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 |

01.07.2013

Timmins Gold Corp Holdings By:

All

Holder Name SENTRY SELECT CAPITA VAN ECK ASSOCIATES C ROYAL BANK OF CANADA OPPENHEIMERFUNDS INC CONNOR CLARK & LUNN SPROTT INC RUFFER LLP BRAGAGNOLO BRUCE BANK OF NOVA SCOTIA ROYCE AND ASSOCIATES BONILLAS ZEPEDA F A INTACT INVESTMENT MA CIBC GLOBAL ASSET MA CANADA PENSION PLAN HILLSDALE INVESTMENT CQS CAYMAN LP MD MANAGEMENT LTD BLACKROCK BMO FINANCIAL CORP VANGUARD GROUP INC

Firm Name Cowen and Company Canaccord Genuity Corp RBC Capital Markets TD Securities Casimir Capital EVA Dimensions Stonecap Securities Inc BMO Capital Markets National Bank Financial Macquarie Cormark Securities Inc. M Partners Inc Scotia Capital Dundee Securities Corp PI Financial Corp. MGI Securities

Portfolio Name SENTRY SELECT CAPITA n/a n/a OPPENHEIMER FUNDS IN CONNOR CLARK & LUNN SPROTT INC Multiple Portfolios n/a n/a ROYCE & ASSOCIATES L n/a INTACT INVESTEMENT M CIBC GLOBAL ASSET MA CANADA PENSION PLAN HILLSDALE INVESTMENT CQS CAYMAN LP Multiple Portfolios n/a BMO FINANCIAL CORP Multiple Portfolios

Analyst ADAM P GRAF NICHOLAS CAMPBELL SAM CRITTENDEN STEVEN J GREEN STUART MCDOUGALL TIMOTHY STANISH BRIAN SZETO ANDREW KAIP SHANE NAGLE MICHAEL SIPERCO KYLE MCPHEE ERIK BERMEL OVAIS HABIB JOE FAZZINI PHILIP KER MARC PAIS

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

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

Amt Held 25'551'300 10'590'719 8'131'210 5'781'224 5'253'300 3'810'200 3'706'900 2'878'000 2'728'100 2'705'400 2'584'800 2'217'500 2'050'500 2'003'600 1'929'200 1'500'000 1'054'100 820'191 698'391 659'429

% Out 17.72 7.35 5.64 4.01 3.64 2.64 2.57 2 1.89 1.88 1.79 1.54 1.42 1.39 1.34 1.04 0.73 0.57 0.48 0.46

Weighting

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

M M M M M M M N M M M M M M M M

Latest Chg 262'100 95'616 70'979 5'781'224 161'700 860'000 (20'000) 463'100 100'000 (34'729) 536'400 (1'661'700) 200'000 243'100 200'000 (35'600) 63'043 (4'915) 83'000

Target Price 2 2 4 4 4 #N/A N/A 3 3 4 3 3 4 4 4 3 5

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

File Dt 31.03.2013 28.06.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 27.12.2012 21.06.2013 31.03.2013 31.03.2013 19.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013

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

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

Date 26.06.2013 25.06.2013 24.06.2013 19.06.2013 17.06.2013 06.06.2013 03.06.2013 30.05.2013 10.05.2013 09.05.2013 09.05.2013 09.05.2013 08.05.2013 08.05.2013 08.05.2013 05.07.2011

01.07.2013

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 (27.06.2013) Daily Volume Current Price (7/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 0.37 3'497'480.00 0.465 -80.63% 27.40% 4.18% 488.1 226.95 4.26 0.0 0.0 185.40 377.70

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

5.0 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-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 1.27 486.24 23.09 -73.73% -67.82% 1.269 12 4.250 4'991'780 4'094'313 4'413'281 FY+2

06/13 Y 06/14 Y 523.3 623.6 0.71x 0.46x 155.0 226.2 2.44x 1.67x 31.1 60.2 6.12x 3.55x 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 |

01.07.2013

St Barbara Ltd Holdings By:

All

Holder Name PRUDENTIAL PLC VANGUARD GROUP INC VAN ECK ASSOCIATES C FRANKLIN RESOURCES PARADICE INVESTMENT UBS TRADEWINDS GLOBAL IN STATE STREET RUFFER LLP LSV ASSET MANAGEMENT BLACKROCK COMMONWEALTH BANK OF HUNTER HALL INVESTME UNITED SERVICES AUTO JP MORGAN JCP INVESTMENT PARTN BANQUE DE LUXEMBOURG CENTAURUS CAPITAL LT NATIONAL AUSTRALIA B FMR LLC

Firm Name Goldman Sachs Deutsche Bank Ord Minnett Nomura RBC Capital Markets Macquarie EVA Dimensions Baillieu Holst Ltd Canaccord Genuity Corp 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 Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a

Analyst PAUL HISSEY CHRIS TERRY DAVID BRENNAN AMBER MACKINNON STEUART MCINTYRE MITCH RYAN TIMOTHY STANISH SOPHIE SPARTALIS LUKE SMITH CATHY MOISES TROY IRVIN

Source ULT-AGG EXCH ULT-AGG ULT-AGG EXCH ULT-AGG EXCH ULT-AGG MF-AGG RNS-RUL8 ULT-AGG RNS-RUL8 RNS-RUL8 MF-AGG ULT-AGG RNS-RUL8 MF-AGG Short ULT-AGG ULT-AGG

Recommendation neutral/attractive buy buy neutral outperform outperform buy buy buy Positive buy

Amt Held % Out 93'372'398 19.13 60'536'881 12.4 38'851'254 7.96 36'215'568 7.42 19'990'864 4.1 16'608'948 3.4 16'240'544 3.33 12'749'179 2.61 12'528'000 2.57 11'363'061 2.33 11'351'052 2.33 8'897'062 1.82 7'754'662 1.59 6'700'000 1.37 6'453'327 1.32 6'032'951 1.24 6'000'000 1.23 (5'746'460) -1.18 5'603'376 1.15 5'448'377 1.12

Weighting

Change 3 5 5 3 5 5 5 5 5 4 5

M M M M M M M M M U U

Latest Chg 9'536'881 12'768'675 512'340 (1'270'413) 79'914 684'600 400'193 (8'245'338) 300'000 (2'151) (326'553) (506'570) 6'496 (90'000)

Target Price 1 1 1 1 1 1 #N/A N/A 1 1 #N/A N/A 3

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

File Dt 14.02.2013 29.01.2013 28.06.2013 28.03.2013 13.09.2012 06.09.2012 03.11.2011 28.06.2013 27.12.2012 23.07.2012 27.06.2013 31.08.2012 12.07.2012 28.02.2013 30.09.2012 09.08.2012 30.04.2013 06.09.2012 10.09.2012 30.04.2013

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

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

Date 26.06.2013 25.06.2013 24.06.2013 24.06.2013 18.06.2013 18.06.2013 06.06.2013 27.05.2013 13.05.2013 19.07.2012 18.06.2012

01.07.2013

Premier Gold Mines Ltd Premier Gold Mines Limited is a mining and exploration company focused on developing gold projects worldwide.

Price/Volume 8

12.0 M

10.0 M

6 8.0 M

5 4

12/2012 03/yy 6.79 1.51 2'187'802.00 1.83 -73.05% 21.19% 6.06% 149.6 273.73 18.50 0.0 40.6 85.10 213.66

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

31.12.2009 31.12.2010 0.0 0.0 (6.2) (13.2) (3.7) (10.9) Profitability

2.0 M

1 0 j-12

.0 M a-12

LTM-4Q 31.12.2011 0.0 (11.9) (16.8) -

31.12.2012 0.0 (12.5) (32.1) -

-12.54 -12.60 -2.15% -2.46% 0.00% -1448.2% -1490.8% 5.74 5.59 3.85% 4.95% 1.28 -

Price/ Cash Flow

03/yy 0.0 #DIV/0! (6.8) 0.00x (18.0) 0.00x

s-12

o-12

n-12

d-12

LTM 03/yy 0.9 2652.92x (13.4) 0.00x (8.9) 0.00x

j-13

f-13 m-13

a-13

m-13

j-13

0.00 1.74 144.53 1.51 -58.41% -56.43% 1.744 12 4.167 1'998'780 1'889'049 1'576'504

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

06/13 Q2

09/13 Q3

2.0 (32.0) 140.77x S&P Issuer Ratings

-34.03 -100.44 -1.42 5.0% 4.3% 0.00 0.00 285.31 4878.55 -

Sales/Revenue/Turnover

400.00

1.0

350.00

0.9 0.8

300.00

0.7

250.00

0.6

200.00

0.5 0.4

150.00

0.3

100.00

0.2

50.00

0.1

0.00 01.01.2010

4.0 M

Fiscal Year Ended 31.12.2008 0.0 (3.2) 0.2 -

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 |

01.07.2013

Premier Gold Mines Ltd Holdings By:

All

Holder Name FMR LLC BANK OF NOVA SCOTIA VAN ECK ASSOCIATES C IG INVESTMENT MANAGE DOWNIE EWAN S LB SWISS INVESTMENT AMERICAN CENTURY COM TOCQUEVILLE ASSET MA BLACKROCK SHARE SICAV CIBC GLOBAL ASSET MA GLOBAL STRATEGY FINA GBC ASSET MANAGEMENT MIDDLEFIELD SECURITI VANGUARD GROUP INC TD ASSET MANAGEMENT SPROTT INC AGF INVESTMENTS INC SENTRY SELECT CAPITA BHR FUND ADVISORS LP

Firm Name Stifel Laurentian Bank Securities RBC Capital Markets CIBC World Markets Cantor Fitzgerald Scotia Capital Stonecap Securities Inc Octagon Capital Corporation Beacon Securities Ltd Canaccord Genuity Corp Mackie Research Capital Corp. EVA Dimensions

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios TOCQUEVILLE ASSET MA 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 SAM CRITTENDEN JEFF KILLEEN ROB CHANG OVAIS HABIB CHRISTOS DOULIS ANNIE ZHANG MICHAEL CURRAN STEVEN BUTLER BARRY D ALLAN CRAIG STERLING

Source ULT-AGG ULT-AGG ULT-AGG MF-AGG SEDI MF-AGG MF-AGG 13F 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 outperform sector perform buy sector outperform outperform speculative buy buy speculative buy speculative buy sell

Amt Held 19'258'570 13'922'500 10'988'812 7'648'501 3'130'601 2'900'000 1'318'700 1'166'300 957'245 947'736 822'618 820'314 812'900 800'000 720'847 705'900 548'899 539'336 430'800 420'000

% Out 12.88 9.31 7.35 5.11 2.09 1.94 0.88 0.78 0.64 0.63 0.55 0.55 0.54 0.53 0.48 0.47 0.37 0.36 0.29 0.28

Weighting

Change 5 4 5 3 5 5 5 4 5 4 4 1

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

Latest Chg 3'271'500 99'216 (184'200) 7'500 (502'900) 1'845 (148'500) 163'248 (100'000) 54'600 (16'800) -

Target Price 4 4 5 7 6 6 3 6 6 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 30.04.2013 Investment Advisor 28.02.2013 Bank 28.06.2013 Investment Advisor 28.02.2013 Investment Advisor 24.04.2013 n/a 28.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 27.06.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.03.2013 Investment Advisor 31.12.2011 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 28.03.2013 Investment Advisor 30.06.2012 Investment Advisor 28.03.2013 Investment Advisor

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

Date 28.06.2013 28.06.2013 27.06.2013 27.06.2013 27.06.2013 27.06.2013 03.06.2013 21.05.2013 19.04.2013 11.04.2013 30.01.2013 17.01.2013

01.07.2013

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 0.53 3'840'558.00 0.635 -59.94% 19.81% 5.21% 424.3 269.42 9.43 0.0 0.0 64.96 230.30

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

30.06.2009

(0.1) (0.1) -

20.0 M

10.0 M

0 0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-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 (27.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.05.2013 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

30.06.2010

(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 -

5.51 0.70 330.47 7.96 -14.67% -48.01% 0.699 6 4.333 4'682'136 3'548'678 3'907'220 FY+2

06/13 Y 06/14 Y 145.0 160.5 1.50x 1.27x 75.3 83.0 3.06x 2.77x 33.5 38.4 8.47x 6.98x 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 |

01.07.2013

Northern Star Resources Ltd Holdings By:

All

Holder Name BLACKROCK VAN ECK ASSOCIATES C INVESTMET LTD PARADICE INVESTMENT BEAMENT WILLIAM JAME JP MORGAN DELTA RESOURCE MGMT WYLLIE GROUP PTY LTD FOTIOS MICHAEL GEORG UBS ROWE CHRISTOPHER BANK OF NOVA SCOTIA MORGAN STANLEY AUSTR KYIM PTY LTD NAVIGATOR AUSTRALIA LEEFAB PTY LTD MULTI METAL CONSULTA UOB ASSET MANAGEMENT TC CAPITAL LTD WILKINSON CATHERINE

Firm Name Ord Minnett Paterson Securities RBC Capital Markets EVA Dimensions Argonaut Securities Pty Ltd Hartleys

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 Multiple Portfolios n/a n/a

Analyst DAVID BRENNAN TIM MCCORMACK STEUART MCINTYRE TIMOTHY STANISH PATRICK CHANG MIKE MILLIKAN

Source ULT-AGG ULT-AGG EXCH EXCH EXCH ULT-AGG Co File Co File EXCH ULT-AGG EXCH ULT-AGG EXCH Co File Co File Co File Co File MF-AGG Co File Co File

Recommendation buy buy sector perform hold buy buy

Amt Held 37'540'183 26'706'283 21'946'900 18'915'010 12'134'735 11'796'950 11'130'000 9'170'360 7'103'474 5'811'224 3'986'195 3'350'000 3'202'580 3'048'000 2'587'146 2'499'998 2'455'125 2'250'000 2'180'000 2'165'000

% Out 8.85 6.29 5.17 4.46 2.86 2.78 2.62 2.16 1.67 1.37 0.94 0.79 0.75 0.72 0.61 0.59 0.58 0.53 0.51 0.51

Weighting

Change 5 5 3 3 5 5

M M M M M M

Latest Chg 5'258'897 3'981'558 (18'089'000) (2'872'573) (6'900) (7'400'000) 3'350'000 (36'529'953) -

Target Price 1 1 1 #N/A N/A 1 1

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

File Dt 27.06.2013 28.06.2013 30.11.2012 08.01.2013 30.11.2012 30.04.2013 28.09.2012 28.09.2012 30.11.2012 28.09.2012 30.11.2012 31.12.2012 04.12.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 30.06.2012 28.09.2012 28.09.2012

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

Inst Type Investment Advisor Investment Advisor Corporation Investment Advisor n/a Investment Advisor Corporation Other n/a Unclassified n/a Bank Investment Advisor n/a Corporation n/a n/a Investment Advisor n/a n/a

Date 24.06.2013 13.06.2013 06.06.2013 06.06.2013 29.05.2013 29.04.2013

01.07.2013

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

Price/Volume

08/2012 02/yy 5.34 2.14 701'476.00 2.7 -49.44% 26.17% 17.50% 100.8 272.26 2.07 0.0 0.0 20.06 272.89

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

1.20

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

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

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

1.22 92.87 7.83 -34.94% -38.78% 1.219 0 567'705 481'385 471'574

FY+1

FY+2

FQ+1

FQ+2

08/13 Y

08/14 Y

05/13 Q3

08/13 Q4

S&P Issuer Ratings

-49.26 -133.96 -0.21 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 |

01.07.2013

Tanzanian Royalty Exploration Corp Holdings By:

All

Firm Name

Analyst

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

Recommendation

Amt Held 14'700'030 4'879'743 3'383'846 1'885'543 673'902 533'661 498'912 474'292 445'065 340'090 334'811 287'556 270'808 212'810 190'479 144'045 141'479 125'103 124'831 104'500

% Out 14.58 4.84 3.36 1.87 0.67 0.53 0.49 0.47 0.44 0.34 0.33 0.29 0.27 0.21 0.19 0.14 0.14 0.12 0.12 0.1

Weighting

Change

Latest Chg 1'177'305 (4'801'048) (287'350) (1'000) (37'877) 131'800 60'200 15'636 7'732 4'654 102'344 250 22'792 (4'090) 440 27'380 56'500

Target Price

#N/A N/A

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

Date

01.07.2013

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 (03.07.2012) 52-Week Low (03.07.2012) Daily Volume Current Price (7/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 3'824.13

(0.1) (0.1) -

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-13

Market Data

Fiscal Year Ended 31.12.2006

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

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

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 0.33 429.41 0.00% 0.00% 0.328 0 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 |

01.07.2013

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 BANK OF NOVA SCOTIA MANULIFE FUNDS DIREC OPPENHEIMERFUNDS INC INVESTEC ASSET MANAG ROYAL BANK OF CANADA JP MORGAN MACQUARIE GROUP DIMENSIONAL FUND ADV DEKA INVESTMENT GMBH FIDEURAM GESTIONS SA ALLIANCE BERNSTEIN SANFORD C BERNSTEIN VANGUARD GROUP INC

Firm Name BOCOM International Holdings Kingsway SW Securities

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 n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst RONGJIN LUO ZIBO CHEN

Source ULT-AGG EXCH Research Short EXCH ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation neutral buy

Amt Held % Out 242'773'628 26.71 226'250'667 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 4'131'500 0.45 4'103'427 0.45 2'762'500 0.3 2'500'500 0.28 1'788'000 0.2 1'584'476 0.17

Weighting

Change 3 5

Latest Chg (234'376'000) -

Target Price

D M

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

9 19

File Dt 12.06.2012 27.09.2012 26.09.2012 31.12.2011 27.09.2012 26.09.2012 28.06.2013 31.12.2012 30.06.2012 30.04.2013 30.04.2013 31.01.2013 28.02.2013 30.06.2011 29.03.2013 28.12.2012 03.06.2013 30.04.2013 30.04.2013 31.03.2013

Date 12 month Not Provided

Inst Type Investment Advisor n/a Other Other n/a Corporation Investment Advisor Bank Unclassified Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 03.06.2011 14.03.2011

01.07.2013

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

30.0 M

25.0 M 20.0 M

15.0 M

12/1997 03/yy 2.11 0.40 28'561'579.00 0.42 -80.09% 5.00% 1.17% 259.1 108.82 117.48 0.0 (2.0) 78.88 155.60

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

5.0 M

0 j-12

31.12.2009 31.12.2010 400.7 432.7 1.99x 2.72x 136.7 107.6 5.85x 10.93x 16.5 (11.2) 39.07x Profitability

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% -3.45% -5.78% 0.76% 9.6% 21.2% 2.9% -1.7% 1.58 0.69 16.18% 27.10% 46.13 5.98

Price/ Cash Flow

03/yy 485.5 4.31x 94.4 5.74x 1.1 0.00x

s-12

o-12

n-12

d-12

LTM 03/yy 552.4 3.44x 117.0 3.95x (25.2) 0.00x

j-13

f-13 m-13

a-13

m-13

j-13

FY+1

0.00 1.12 257.63 17.61 -63.79% -77.17% 1.124 10 2.200 8'557'640 3'941'497 3'223'665 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 445.7 458.6 106.3 107.0 0.39x 0.41x 1.53x 1.55x 57.8 112.1 15.2 18.6 2.69x 1.39x 2.29x 2.22x (25.9) 19.2 (10.5) (7.1) 6.00x 32.31x S&P Issuer Ratings

12.27 3.56 0.43 0.95 27.1% 21.4% 0.76 1.06 7.91 61.01 51.20 -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

.0 M a-12

Fiscal Year Ended 31.12.2008 257.4 1.43x 1.8 200.09x (119.3) -

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 |

01.07.2013

Golden Star Resources Ltd Holdings By:

All

Firm Name Credit Suisse Macquarie BMO Capital Markets CIBC World Markets Scotia Capital Canaccord Genuity Corp National Bank Financial Raymond James EVA Dimensions

Analyst ANITA SONI PIERRE VAILLANCOURT ANDREW BREICHMANAS COSMOS CHIU TREVOR TURNBULL RAHUL PAUL PAOLO LOSTRITTO BRAD HUMPHREY CRAIG STERLING

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

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

% Out 15.17 11.15 10.35 4.17 3.05 2.02 1.86 1.76 1.68 1.24 1.23 1.15 1.01 0.75 0.72 0.69 0.57 0.49 0.48 0.45

Weighting

Change 1 3 1 1 1 3 3 3 5

M M M M M M M M D

Latest Chg 3'237'877 (1'359'000) 844'389 723'887 1'617'352 5'237'500 (1'475'687) 12'016 4'350'000 (492'267) (308'600) (92'341) 1'267'792 (50'700) (619'837) (1'024'176) 455'015

Target Price 0 1 1 1 0 1 2 1 #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 Not Provided 18 month 12 month 12 month 12 month 12 month Not Provided

Date 25.06.2013 20.06.2013 18.06.2013 18.06.2013 18.06.2013 17.06.2013 17.06.2013 12.06.2013 25.05.2013

01.07.2013

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

18.0 M 16.0 M

14.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (21.05.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance R CN EQUITY YTD Change R CN EQUITY YTD % CHANGE

12/2012 03/yy 1.40 0.31 1'412'162.00 0.47 -66.43% 54.10% 15.07% 585.5 275.18 0.00 0.0 0.0 64.78 212.27

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

1.20

10.0 M 8.0 M

6.0 M 4.0 M

2.0 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 0.0 (3.6) (4.5) -

12.0 M

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 -4.72% -4.88% 0.00% 5.88 5.81 0.00% 0.00% 0.00 -

03/yy 0.0 #DIV/0! (15.9) 0.00x (14.5) 0.00x

LTM 03/yy 0.0 #DIV/0! (11.6) 0.00x (12.0) 0.00x

0.00 1.43 581.26 0.74 -11.32% -38.96% 1.431 6 4.167 1'182'182 1'243'448 1'445'675

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

06/13 Q2

09/13 Q3

(8.6) (7.1) (8.8) (7.3) 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 |

01.07.2013

Romarco Minerals Inc Holdings By:

All

Holder Name BLACKROCK FRANKLIN RESOURCES VAN ECK ASSOCIATES C OPPENHEIMERFUNDS INC NORGES BANK 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 VANGUARD GROUP INC SHARE SICAV SPROTT INC COLONIAL FIRST STATE GARRETT DIANE RENEE

Firm Name BMO Capital Markets Paradigm Capital Inc National Bank Financial Euro Pacific Capital Inc RBC Capital Markets Cormark Securities Inc.

Portfolio Name n/a n/a n/a Multiple Portfolios 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

Analyst ANDREW KAIP DON BLYTH PAOLO LOSTRITTO HEIKO IHLE SAM CRITTENDEN RICHARD GRAY

Source ULT-AGG ULT-AGG ULT-AGG MF-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

Recommendation market perform speculative buy outperform buy sector perform buy

Amt Held 122'133'079 45'178'500 42'984'688 30'127'000 24'008'527 21'188'200 19'871'100 15'392'433 11'682'793 11'093'500 8'551'000 5'550'000 3'750'000 3'000'000 2'975'080 2'931'235 2'828'384 2'266'700 1'959'403 1'568'000

% Out 20.86 7.72 7.34 5.15 4.1 3.62 3.39 2.63 2 1.89 1.46 0.95 0.64 0.51 0.51 0.5 0.48 0.39 0.33 0.27

Weighting

Change 3 4 5 5 3 5

Latest Chg 1'507'579 (1'398'000) 388'320 53'500 626'000 (37'300) (147'237) (147'500) (100'000) 253'000 (520'200) 31'500

Target Price

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 27.06.2013 Investment Advisor 28.03.2013 Investment Advisor 28.06.2013 Investment Advisor 30.04.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Hedge Fund Manager 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor 28.02.2013 Bank 31.12.2012 Investment Advisor 27.12.2012 Investment Advisor 28.03.2013 Unclassified 29.03.2013 Investment Advisor 31.01.2013 Bank 28.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 19.10.2012 Investment Advisor 19.04.2013 n/a

Date 1 1 2 1 1 1

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

Date 27.06.2013 27.06.2013 27.06.2013 27.06.2013 26.06.2013 22.04.2013

01.07.2013

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

14.0 M

12.0 M 10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (07.09.2012) 52-Week Low (26.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 5.03 0.65 1'904'117.00 0.82 -83.70% 26.15% 3.88% 252.1 206.72 154.69 0.0 0.0 27.05 353.63

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

6.0 M

4.0 M

2.0 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 0.0 (6.2) (8.5) 9.34x

8.0 M

Valuation Analysis

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% 0.82% 1.23% 1.48% 0.12% 29.2% 29.8% 11.5% -10.7% 1.06 0.47 24.33% 36.54% -

Price/ Cash Flow

03/yy 0.0 #DIV/0! (11.0) 0.00x (11.3) 0.00x

LTM 03/yy 75.8 39.57x 22.6 22.28x 5.2 57.06x

FY+1

0.00 2.00 249.62 2.19 -78.02% -70.50% 1.998 6 2.833 1'452'429 1'609'382 1'871'250 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 140.3 342.7 32.6 24.6 42.8 120.2 8.26x 2.94x 8.5 73.5 16.94x 2.17x 12.37x 5.03x S&P Issuer Ratings

2.62 -57.93 6.96 7.73 36.5% 26.8% 0.12 0.17 -

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 |

01.07.2013

Banro Corp Holdings By:

All

Holder Name BLACKROCK JP MORGAN FRANKLIN RESOURCES VAN ECK ASSOCIATES C IG INVESTMENT MANAGE TRADEWINDS GLOBAL IN TOCQUEVILLE ASSET MA ACUITY INVESTMENT MA WELLINGTON MANAGEMEN NUVEEN ASSET MANAGEM FMR LLC FIERA CAPITAL CORPOR BRISTOL INVESTMENT P PUBLIC SECTOR PENSIO OPPENHEIMERFUNDS INC FIERA CAPITAL CORPOR CANADA PENSION PLAN RUFFER LLP DEUTSCHE BANK AG KONDRAT ARNOLD T

Firm Name Goldman Sachs EVA Dimensions GMP Cormark Securities Inc. CIBC World Markets BMO Capital Markets

Portfolio Name n/a n/a n/a n/a IG INVESTMENT MANAGE TRADEWINDS GLOBAL IN TOCQUEVILLE ASSET MA ACUITY INVESTMENT MA WELLINGTON MANAGEMEN Multiple Portfolios n/a FIERA CAPITAL CORPOR BRISTOL INVESTMENT P PUBLIC SECTOR PENSIO OPPENHEIMER FUNDS IN Multiple Portfolios CANADA PENSION PLAN Multiple Portfolios n/a n/a

Analyst EUGENE KING TIMOTHY STANISH BROCK SALIER MIKE KOZAK COSMOS CHIU ANDREW BREICHMANAS

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

Recommendation Sell/Neutral underweight buy speculative buy sector perform market perform

Amt Held 29'151'624 24'383'469 22'439'310 18'520'712 16'980'300 11'716'838 10'721'545 8'156'000 6'252'125 4'649'372 2'466'182 2'152'177 2'026'058 1'944'700 1'827'360 1'471'482 1'438'715 1'400'000 1'347'995 1'226'048

% Out 11.56 9.67 8.9 7.35 6.74 4.65 4.25 3.24 2.48 1.84 0.98 0.85 0.8 0.77 0.72 0.58 0.57 0.56 0.53 0.49

Weighting

Change 1 1 5 4 3 3

M M M M M M

Latest Chg 232'185 167'208 2'913'300 7'631'297 41'100 3'531'100 1'416'340 1'084'709 (2'005'700) (4'660'861) (41'296) 65'300 1'827'360 (1'425'300) (865'900) (703'421) 100'000

Target Price 1 #N/A N/A 2 3 2 2

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

File Dt Inst Type 27.06.2013 Investment Advisor 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 28.03.2013 Investment Advisor 31.03.2013 Pension Fund (ERISA) 27.12.2012 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 n/a

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

Date 30.06.2013 06.06.2013 29.05.2013 10.05.2013 09.05.2013 08.05.2013

01.07.2013

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

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

6 5 4

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (20.09.2012) 52-Week Low (26.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.06.2013 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 03/yy 6.03 0.95 1'721'781.00 1.22 -79.77% 28.42% 5.31% 124.9 152.44 72.14 0.0 2.7 63.59 181.85

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

1.20

1 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Market Data

Fiscal Year Ended 31.07.2008 0.0 (2.5) (2.3) -

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 -7.41% -14.70% 0.00% 4.66 4.55 25.80% 62.37% 0.00 0.00

03/yy 0.0 #DIV/0! (32.7) 0.00x (37.0) 0.00x

LTM 03/yy 0.0 #DIV/0! (28.2) 0.00x (19.3) 0.00x

FY+1

0.00 1.66 100.89 3.16 -65.54% -73.54% 1.657 6 4.000 1'535'934 1'760'042 1'512'393 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 10.6 166.8 0.8 14.45x 0.48x 111.70x (13.8) 81.9 (6.7) (7.2) 2.22x (16.7) 40.4 (8.5) (8.7) 4.13x S&P Issuer Ratings

-7.02 -26.45 -2.35 62.4% 37.9% 0.00 0.00 2295.33 -

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 |

01.07.2013

Colossus Minerals Inc Holdings By:

All

Holder Name ARIAS RESOURCE CAPIT ACUITY INVESTMENT MA VAN ECK ASSOCIATES C SPROTT ASSET MANAGEM FRANKLIN RESOURCES FMR LLC SUSSMAN ARI B MCLEAN BUDDEN LTD MANULIFE ASSET MANAG JP MORGAN CIBC GLOBAL ASSET MA KISHIDA AUGUSTO VANGUARD GROUP INC DEUTSCHE BANK AG GLOBAL STRATEGY FINA TCW GROUP INC US GLOBAL INVESTORS FROSTIAK JOHN BMO INVESTMENTS INC GAM INTERNATIONAL MA

Firm Name Stifel Canaccord Genuity Corp Macquarie Dundee Securities Corp GMP Clarus Securities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst CRAIG P STANLEY NICHOLAS CAMPBELL MICHAEL GRAY JOE FAZZINI GEORGE V ALBINO JAMIE SPRATT

Source Co File Co File ULT-AGG Co File ULT-AGG ULT-AGG SEDI MF-AGG MF-AGG ULT-AGG MF-AGG SEDI MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG SEDI MF-AGG MF-AGG

Recommendation buy speculative buy underperform buy buy accumulate

Amt Held 20'723'900 10'530'371 10'062'391 9'947'500 4'883'500 3'895'600 1'761'401 1'454'900 1'093'732 1'049'000 1'032'633 958'000 486'563 483'369 321'612 300'000 250'000 229'800 207'600 200'000

% Out 16.59 8.43 8.05 7.96 3.91 3.12 1.41 1.16 0.88 0.84 0.83 0.77 0.39 0.39 0.26 0.24 0.2 0.18 0.17 0.16

Weighting

Change 5 4 1 5 5 4

Latest Chg 7'500'000 77'607 (1'572'900) 29'000 35'000 50'000 (43'080) (58'132) (28'496) (11'954) 300'000 (275'000) 50'000 50'000

Target Price

M M D M M M

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

File Dt 12.06.2013 31.10.2012 28.06.2013 28.02.2013 28.03.2013 30.04.2013 27.06.2012 30.04.2013 28.02.2013 28.02.2013 31.12.2012 09.08.2012 31.03.2013 30.04.2013 28.03.2013 31.05.2013 28.03.2013 16.02.2013 31.01.2013 28.02.2013

Date 4 6 1 4 7 3

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

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 n/a Investment Advisor Investment Advisor

Date 28.06.2013 25.06.2013 24.06.2013 19.06.2013 19.06.2013 19.06.2013

01.07.2013

Rainy River Resources Ltd Rainy River Resources Ltd. is a gold exploration and production company.

Price/Volume 7

60.0 M

50.0 M

40.0 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 (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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

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

1.20

20.0 M

10.0 M

1 0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 30.09.2008 0.0 (2.6) (1.0) -

30.0 M

12/2012 03/yy 6.17 1.97 7'315'408.00 3.55 -42.46% 80.20% 37.62% 100.2 355.81 0.13 0.0 0.0 102.12 253.82

30.09.2009 30.09.2010 0.0 0.0 (4.2) (9.1) (3.6) (6.8) Profitability

LTM-4Q 30.09.2011 0.0 (16.1) (13.5) -

31.12.2012 0.0 (64.6) (65.9) -64.60 -64.98 -33.90% -35.35% 0.00% 15.73 15.71 0.08% 0.09% 0.00 -

03/yy 0.0 #DIV/0! (31.6) 0.00x (29.6) 0.00x

LTM 03/yy 0.0 #DIV/0! (45.2) 0.00x (57.5) 0.00x

FY+1

0.00 1.16 98.02 0.70 -12.13% -28.57% 1.161 7 3.286 7'761'707 5'729'237 2'929'391 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1.0 1.0 (14.9) (13.0) (24.7) (25.3) 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 |

01.07.2013

Rainy River Resources Ltd Holdings By:

All

Holder Name VAN ECK ASSOCIATES C CAISSE DE DEPOT ET P SALIDA CAPITAL LP FIRST EAGLE INVESTME FMR LLC JP MORGAN IG INVESTMENT MANAGE BEREZAN LEO LB SWISS INVESTMENT QUANTEX AG BLACKROCK GLOBAL X MANAGEMENT VANGUARD GROUP INC GLOBAL STRATEGY FINA CIBC GLOBAL ASSET MA LOMBARD ODIER DARIER AVERILL STUART ALLAN LAZARIDIS MICHAEL UOB ASSET MANAGEMENT JONES HEWARD INVESTM

Firm Name Stifel Casimir Capital CIBC World Markets National Bank Financial BMO Capital Markets Scotia Capital Desjardins Securities RBC Capital Markets Paradigm Capital Inc

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst CRAIG P STANLEY ERIC WINMILL JEFF KILLEEN PAOLO LOSTRITTO JOHN P HAYES LEILY OMOUMI ADAM MELNYK SAM CRITTENDEN DON BLYTH

Source ULT-AGG MF-AGG Co File MF-AGG ULT-AGG ULT-AGG MF-AGG PROXY MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG SEDI SEDI MF-AGG MF-AGG

Recommendation hold tender sector perform sector perform restricted sector outperform hold sector perform hold

Amt Held 10'195'389 8'350'000 8'043'070 4'991'700 3'463'400 3'168'800 1'756'100 1'334'048 890'000 830'000 644'838 572'953 461'000 459'467 445'300 401'000 360'000 355'000 300'000 268'787

% Out 10.17 8.33 8.02 4.98 3.46 3.16 1.75 1.33 0.89 0.83 0.64 0.57 0.46 0.46 0.44 0.4 0.36 0.35 0.3 0.27

Weighting

Change

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

M M M D M M D M D

Latest Chg 250'474 (655'430) 774'400 83'000 (2'100) 90'000 118'000 1'236 61'400 116'000 (7'800) 5'000 -

Target Price #N/A N/A #N/A N/A 4 4 #N/A N/A 4 4 4 3

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

File Dt Inst Type 28.06.2013 Investment Advisor 31.12.2012 Investment Advisor 30.11.2011 Investment Advisor 31.03.2013 Hedge Fund Manager 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor 28.02.2013 Investment Advisor 19.04.2013 n/a 28.03.2013 Investment Advisor 29.03.2013 Investment Advisor 27.06.2013 Investment Advisor 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 28.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 06.02.2013 n/a 14.03.2012 n/a 30.06.2012 Investment Advisor 28.06.2013 Investment Advisor

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

Date 28.06.2013 17.06.2013 03.06.2013 02.06.2013 31.05.2013 31.05.2013 31.05.2013 24.05.2013 22.05.2013

01.07.2013

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 (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 0.66 700'167.00 0.79 -45.21% 19.70% 16.62% 270.7 213.89 0.00 0.0 0.0 47.34 194.06

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

6.0 M

4.0 M

2.0 M

0 j-12

30.04.2009 30.04.2010 0.0 0.0 (6.2) (2.6) (4.4) Profitability

.0 M a-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

s-12

o-12

n-12

d-12

LTM 01/yy 0.0 #DIV/0! (4.3) 0.00x (4.9) 0.00x

j-13

f-13 m-13

a-13

m-13

j-13

0.00 1.48 238.04 0.58 -28.18% -15.05% 1.478 11 4.818 635'603 1'172'956 1'043'038

FY+1

FY+2

FQ+1

FQ+2

04/13 Y

04/14 Y

04/13 Q4

07/13 Q1

(4.2) (7.3) (4.6) (8.8) 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 |

01.07.2013

Sulliden Gold Corp Ltd Holdings By:

All

Holder Name AGNICO-EAGLE MINES L VAN ECK ASSOCIATES C ABERDEEN INTERNATION ROYAL BANK OF CANADA POWER CORP OF CANADA FMR LLC BEUTEL GOODMAN & COM IG INVESTMENT MANAGE FERNANDEZ-CONCHA STU COLEMAN JAMES H HUMPHREY RAYMOND BRU MOORE GEOFFREY S UOB ASSET MANAGEMENT FRONT BARNETT ASSOCI SWISSCANTO FONDSLEIT AMIREAULT STEPHANE NCF SOC ADMIN DE FON CIBC GLOBAL ASSET MA TAGLIAMONTE PETER W BLACKROCK

Firm Name Haywood Securities Inc. Raymond James GMP National Bank Financial Cormark Securities Inc. BMO Capital Markets Desjardins Securities Kallpa Securities SAB Mine2Capital Inc Grupo Coril Seminarios SAB

Portfolio Name 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 FRONT BARNETT ASSOCI Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a

Analyst KERRY SMITH CHRIS THOMPSON GEORGE V ALBINO STEPHEN PARSONS RICHARD GRAY ANDREW KAIP ADAM MELNYK HUMBERTO LEON ALKA SINGH EDUARDO NORIEGA HUMBERTO AGURTO

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

Recommendation buy outperform buy outperform buy speculative outperform buy overweight buy strong buy speculative buy

Amt Held 26'966'292 19'908'806 15'904'572 8'875'213 5'573'503 5'403'200 5'163'500 2'907'900 1'435'000 1'108'614 862'978 829'423 800'000 609'700 510'000 478'500 375'000 367'131 342'981 285'690

% Out 9.96 7.35 5.87 3.28 2.06 2 1.91 1.07 0.53 0.41 0.32 0.31 0.3 0.23 0.19 0.18 0.14 0.14 0.13 0.11

Weighting

Change 5 5 5 5 5 4 5 5 5 5 4

Latest Chg 179'568 (642'587) (8) 2'332'800 (2'800) 250'000 100'000 50'000 3'139

Target Price

M N M M M M M M N M M

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

File Dt 09.04.2013 28.06.2013 31.07.2012 31.01.2013 28.02.2013 30.04.2013 30.04.2013 28.02.2013 20.10.2011 21.10.2011 05.09.2012 04.10.2012 30.06.2012 31.03.2013 28.02.2013 10.06.2013 03.08.2011 31.05.2012 03.10.2012 27.06.2013

Date 2 2 2 2 2 1 2 2 2 2 2

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

Inst Type Corporation Investment Advisor Unclassified Bank Holding Company Investment Advisor Investment Advisor Investment Advisor n/a n/a n/a n/a Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor n/a Investment Advisor

Date 11.06.2013 31.05.2013 29.05.2013 26.05.2013 22.04.2013 16.04.2013 16.04.2013 12.04.2013 24.12.2012 18.11.2012 12.10.2012

01.07.2013

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 (26.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 2.00 597'580.00 2.25 -48.75% 12.50% 10.46% 85.0 191.33 0.00 0.0 0.0 197.61 -

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

1.20 1.00

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-13

Market Data

Fiscal Year Ended 31.03.2008 0.0 (4.0) (4.2) -

5 5 4 4 3 3 2 2 1 1 0 j-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 -8.95% -9.73% 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! (36.9) 0.00x (21.6) 0.00x

FY+1

0.00 1.45 75.26 0.14 -26.23% -43.04% 1.448 8 3.750 356'718 271'552 242'764 FY+2

FQ+1

FQ+2

03/13 Y

03/14 Y 03/13 Q4 06/13 Q1 0.0 (15.9) (12.9) (19.8) (20.1) S&P Issuer Ratings

-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 |

01.07.2013

Asanko Gold Inc Holdings By:

All

Holder Name VAN ECK ASSOCIATES C HIGHLAND PARK SA BEUTEL GOODMAN & COM BLACKROCK SPROTT INC POWER CORP OF CANADA JP MORGAN SPROTT INC IG INVESTMENT MANAGE SALI ROBERT J ROYAL BANK OF CANADA GLOBAL X MANAGEMENT FIL LIMITED SUSQUEHANNA INTERNAT LOMBARD ODIER DARIER VANGUARD GROUP INC TECHNICAL FINANCIAL LB SWISS INVESTMENT BMO FINANCIAL CORP JONES HEWARD INVESTM

Firm Name Canaccord Genuity Corp Cormark Securities Inc. BMO Capital Markets Clarus Securities RBC Capital Markets CIBC World Markets Scotia Capital Jennings Capital

Portfolio Name n/a n/a n/a n/a n/a n/a n/a SPROTT INC IG INVESTMENT MANAGE n/a n/a GLOBAL X MANAGEMENT n/a SUSQUEHANNA INTERNAT Multiple Portfolios Multiple Portfolios TFS CAPITAL LLC Multiple Portfolios BMO FINANCIAL CORP Multiple Portfolios

Analyst NICHOLAS CAMPBELL MIKE KOZAK ANDREW BREICHMANAS NANA SANGMUAH JONATHAN GUY JEFF KILLEEN LEILY OMOUMI DAN HRUSHEWSKY

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

Recommendation speculative buy speculative buy market perform buy sector perform sector perform sector perform buy

Amt Held 8'900'057 8'191'174 5'457'500 4'486'062 3'702'527 3'640'600 3'234'225 3'195'867 1'202'200 830'000 690'256 606'745 566'900 501'083 451'000 436'649 371'976 350'000 267'599 228'973

% Out 10.47 9.63 6.42 5.28 4.35 4.28 3.8 3.76 1.41 0.98 0.81 0.71 0.67 0.59 0.53 0.51 0.44 0.41 0.31 0.27

Weighting

Change 4 4 3 5 3 3 3 5

Latest Chg 840'782 477'500 (10'797'099) (546'938) 1'480'300 (506'660) (46'700) 150'000 21'712 606'745 566'900 356'659 69'400 131'309 (12'274) -

Target Price

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 Inst Type 28.06.2013 Investment Advisor 13.11.2012 Other 31.12.2012 Investment Advisor 27.06.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.03.2013 Holding Company 30.04.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 16.05.2012 n/a 31.03.2013 Bank 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 29.04.2013 Investment Advisor 31.03.2013 Investment Advisor 28.06.2013 Investment Advisor

Date 5 4 3 4 3 4 5 5

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

Date 25.06.2013 25.06.2013 20.06.2013 05.06.2013 22.05.2013 15.05.2013 14.05.2013 14.05.2013

01.07.2013

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 (26.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 3.81 1.17 218'080.00 1.7 -55.38% 45.30% 20.08% 92.2 156.78 0.00 0.0 0.0 68.45 85.79

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

1.20

.8 M

.6 M

.4 M

.2 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-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 -18.04% -18.49% 0.00% 32.85 32.66 0.00% 0.00% -

03/yy 0.0 #DIV/0! (32.6) 0.00x (34.0) 0.00x

LTM 03/yy 0.0 #DIV/0! (27.3) 0.00x (27.5) 0.00x

0.00 1.35 74.97 0.09 -40.35% -49.55% 1.349 5 3.600 177'090 150'157 143'072

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

06/13 Q2

09/13 Q3

(24.7) (20.8) (19.6) (17.8) 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 |

01.07.2013

Bear Creek Mining Corp Holdings By:

All

Holder Name SILVER WHEATON CORP TOCQUEVILLE ASSET MA SPROTT INC ATLANTIC INVESTMENT VAN ECK ASSOCIATES C ROYCE AND ASSOCIATES GLOBAL X MANAGEMENT KEM CAPITAL LLC MCLEOD-SELTZER CATHE SWARTHOUT ANDREW T PRUDENTIAL PLC TD ASSET MANAGEMENT FALCON FUND MANAGEME LOMBARD ODIER DARIER TWEDDLE FRANK R DE WITT DAVID E AGF INVESTMENTS INC DEAN COREY M FALCON FUND MANAGEME NATIXIS ASSET MANAGE

Firm Name BMO Capital Markets Canaccord Genuity Corp Paradigm Capital Inc Raymond James Scotia Capital

Portfolio Name n/a TOCQUEVILLE ASSET MA n/a ATLANTIC INVESTMENT n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst ANDREW KAIP NICHOLAS CAMPBELL DON BLYTH BRAD HUMPHREY TREVOR TURNBULL

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

Recommendation market perform speculative buy hold outperform sector perform

Amt Held 13'264'305 9'422'575 9'042'064 8'584'360 5'496'512 1'542'800 1'498'438 1'081'262 966'562 879'592 750'000 660'000 559'000 457'000 425'000 375'650 196'000 185'000 146'500 132'000

% Out 14.38 10.22 9.8 9.31 5.96 1.67 1.62 1.17 1.05 0.95 0.81 0.72 0.61 0.5 0.46 0.41 0.21 0.2 0.16 0.14

Weighting

Change 3 4 3 5 3

Latest Chg 20'000 (729'993) 216'810 49'536 5'000 (8'600) 35'000 20'100 -

Target Price

D M D M M

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

File Dt Inst Type 22.04.2013 Corporation 31.03.2013 Hedge Fund Manager 30.04.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 28.06.2013 Investment Advisor 22.04.2013 Investment Advisor 22.04.2013 n/a 06.12.2012 n/a 31.03.2013 Unclassified 31.12.2012 Investment Advisor 28.03.2013 Investment Advisor 31.03.2013 Investment Advisor 22.04.2013 n/a 22.04.2013 n/a 28.03.2013 Investment Advisor 11.11.2010 n/a 28.02.2013 Investment Advisor 28.03.2013 Investment Advisor

Date 1 5 3 4 4

12 month 12 month 12 month 12 month 12 month

Date 28.06.2013 25.06.2013 22.05.2013 24.04.2013 23.04.2013

01.07.2013

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 (27.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 2.82 1.04 1'706'574.00 1.19 -57.80% 14.42% 8.43% 155.5 185.08 0.00 0.0 0.0 20.00 168.14

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

1.20

1.5 M

1.0 M

.5 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-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% -10.38% -11.51% 0.00% -27663.3% -27771.7% -16534.4% 1.82 1.77 0.00% 0.00% 0.04 -

LTM

03/yy 03/yy 0.1 0.1 14099.12x 22403.11x (15.9) (17.0) 0.00x 0.00x (3.7) (8.1) 0.00x 0.00x

1.21 123.63 14.85 -50.42% -48.71% 1.213 1 5.000 1'208'751 867'402 852'913

FY+1

FY+2

FQ+1

FQ+2

06/13 Y

06/14 Y

06/13 Q4

09/13 Q1

(9.0) (9.0) S&P Issuer Ratings

-1685.54 -1699.47 0.00 0.0% 0.0% 0.00 0.00 8860.65 -

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 |

01.07.2013

Paramount Gold and Silver Corp Holdings By:

All

Holder Name FCMI FINANCIAL CORP VAN ECK ASSOCIATES C VANGUARD GROUP INC BLACKROCK CRUPI CHRISTOPHER STATE STREET NORTHERN TRUST CORPO GLOBAL X MANAGEMENT FRONK RUDI P ROTHSCHILD & COMPAGN SUSQUEHANNA INTERNAT MACKELLER IAN PORTOLA GROUP INCORP 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 and Company Stonecap Securities Inc

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a n/a NORTHERN TRUST CORPO GLOBAL X MANAGEMENT n/a Multiple Portfolios SUSQUEHANNA INTERNAT n/a PORTOLA GROUP INCORP 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 ULT-AGG 13F 13F SEDI MF-AGG 13F 424B 13F 13F ULT-AGG 424B 13F 13F 13F Form 4

Recommendation outperform not rated

Amt Held 24'444'234 9'548'229 6'329'298 5'522'962 4'004'766 2'108'527 1'491'776 1'042'771 1'025'000 1'000'000 602'058 577'500 577'010 575'246 551'119 446'250 444'859 417'050 400'000 364'735

% Out 15.72 6.14 4.07 3.55 2.57 1.36 0.96 0.67 0.66 0.64 0.39 0.37 0.37 0.37 0.35 0.29 0.29 0.27 0.26 0.23

Weighting

Change

5 #N/A N/A

M M

Latest Chg 1'170'732 1'257'651 (110'324) 451'575 12'000 (484) (100'804) 325'683 800'000 310'380 (43'050) 9'087 88'565 (4'130) (3'400) (59'011)

Target Price 2 #N/A N/A

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

File Dt Inst Type 12.03.2013 Corporation 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 27.06.2013 Investment Advisor 26.06.2013 n/a 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 10.01.2011 n/a 31.01.2013 Investment Advisor 31.03.2013 Investment Advisor 19.04.2012 n/a 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Government 19.04.2012 Other 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 04.03.2013 n/a

Date 12 month Not Provided

Date 26.06.2013 24.04.2013

01.07.2013

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 (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 2.64 997'446.00 4.42 -69.66% 67.42% 14.92% 70.2 310.07 8.83 0.0 0.0 30.17 370.64

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 j-12

.0 M a-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

s-12

o-12

n-12

d-12

LTM 01/yy 139.2 20.90x 24.5 19.82x (9.8) 0.00x

j-13

f-13 m-13

a-13

m-13

j-13

FY+1

0.00 1.65 60.80 9.32 -59.67% -24.44% 1.646 10 4.100 898'246 1'072'968 935'679 FY+2

FQ+1

FQ+2

04/13 Y 04/14 Y 04/13 Q4 07/13 Q1 154.7 236.0 49.7 45.5 2.57x 1.76x 8.28x 8.80x 31.7 76.7 22.8 10.0 11.71x 4.83x 5.92x 6.54x 3.0 29.2 18.0 4.9 232.63x 11.08x 9.31x 9.15x 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 01.05.2013

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 |

01.07.2013

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 IA MICHAEL INVESTMEN JP MORGAN MILTON GEORGE A COLUMBIA WANGER ASSE UNITED SERVICES AUTO NORGES BANK ROYCE AND ASSOCIATES SPROTT INC HINCHCLIFFE BRIAN A GAMCO MONTRUSCO BOLTON INV FMR LLC EMPIRE LIFE INSURANC BLACKROCK

Firm Name Panmure Gordon & Co Limited BMO Capital Markets Desjardins Securities Dundee Securities Corp National Bank Financial EVA Dimensions Investec CIBC World Markets Macquarie Mirabaud Securities Raymond James

Portfolio Name 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 n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a

Analyst ALISON TURNER BRIAN QUAST ADAM MELNYK JOE FAZZINI PAOLO LOSTRITTO TIMOTHY STANISH HUNTER HILLCOAT COSMOS CHIU MICHAEL SIPERCO RICHARD MORGAN FORBES GEMMELL

Source RNS-MAJ ULT-AGG Research Research Research Research MF-AGG ULT-AGG SEDI Research MF-AGG MF-AGG MF-AGG Research PROXY ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation buy market perform buy buy outperform sell buy sector perform outperform speculative buy Under Review

Amt Held 5'700'000 4'643'659 4'160'300 3'765'000 3'469'303 3'153'493 3'100'000 2'804'148 2'723'036 2'525'000 1'700'000 1'647'411 1'611'100 1'577'666 1'113'000 905'000 721'115 706'000 544'236 400'063

% Out 8.13 6.62 5.93 5.37 4.95 4.5 4.42 4 3.88 3.6 2.42 2.35 2.3 2.25 1.59 1.29 1.03 1.01 0.78 0.57

Weighting

Change

5 3 5 5 5 1 5 3 5 4 #N/A N/A

M M M M M M M M U M M

Latest Chg 750'000 800'000 40'000 1'475'000 (38'500) 12'425 76'236 770

Target Price 6 5 9 8 18 #N/A N/A 6 6 5 10 #N/A N/A

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

File Dt Inst Type 17.06.2013 Investment Advisor 28.06.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 n/a 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 28.03.2013 Investment Advisor 28.02.2013 Investment Advisor 13.01.2012 n/a 01.01.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 05.09.2012 n/a 28.03.2013 Unclassified 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor 31.12.2012 Investment Advisor 27.06.2013 Investment Advisor

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

Date 20.06.2013 18.06.2013 18.06.2013 18.06.2013 18.06.2013 06.06.2013 04.06.2013 27.05.2013 15.05.2013 15.05.2013 05.02.2013

01.07.2013

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 04/yy 4.40 1.16 531'499.00 1.35 -69.32% 16.38% 5.86% 126.1 170.27 0.00 0.0 0.0 37.62 47.14

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

1.20

2.0 M

1.0 M

1 0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-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 (26.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 -2.55% -2.58% 0.00% 16.74 16.74 0.00% 0.00% 0.00 -

04/yy 0.0 #DIV/0! (7.8) 0.00x (11.9) 0.00x

LTM 04/yy 0.0 #DIV/0! (7.7) 0.00x (6.6) 0.00x

FY+1

0.00 1.60 118.35 2.06 -42.06% -57.01% 1.597 10 4.400 641'780 894'963 685'966 FY+2

FQ+1

FQ+2

10/13 Y

10/14 Y 07/13 Q3 10/13 Q4 414.0 (10.1) (10.3) (9.8) (9.7) 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 |

01.07.2013

Guyana Goldfields Inc Holdings By:

All

Holder Name BAUPOST GROUP LLC FRANKLIN RESOURCES VAN ECK ASSOCIATES C ACUITY INVESTMENT MA SHERIDAN JR JOHN PAT FMR LLC FIRST EAGLE INVESTME LB SWISS INVESTMENT RAIFFEISEN KAPITALAN NORGES BANK SPROTT INC CARMIGNAC GESTION QUANTEX AG VANGUARD GROUP INC LOMBARD ODIER DARIER TD ASSET MANAGEMENT US GLOBAL INVESTORS FERRY ALAN L H SWISSCANTO FONDSLEIT PO ALEXANDER

Firm Name Cowen and Company Salman Partners TD Securities Casimir Capital Raymond James BMO Capital Markets Paradigm Capital Inc Scotia Capital Cormark Securities Inc. RBC Capital Markets

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a

Analyst ADAM P GRAF DAVID WEST DANIEL EARLE STUART MCDOUGALL BRAD HUMPHREY ANDREW KAIP DON BLYTH TREVOR TURNBULL RICHARD GRAY SAM CRITTENDEN

Source SEDI ULT-AGG ULT-AGG Co File SEDI ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG SEDI MF-AGG SEDI

Recommendation outperform buy speculative buy speculative buy outperform speculative outperform speculative buy sector perform buy outperform

Amt Held 24'878'669 21'508'350 9'265'848 8'051'804 6'600'103 5'182'586 4'045'013 2'650'000 2'095'800 1'513'804 1'237'322 1'166'650 950'000 597'180 590'000 550'000 250'000 228'000 220'000 215'000

% Out 19.73 17.05 7.35 6.38 5.23 4.11 3.21 2.1 1.66 1.2 0.98 0.92 0.75 0.47 0.47 0.44 0.2 0.18 0.17 0.17

Weighting

Change 5 5 4 4 5 4 4 3 5 5

Latest Chg (2'131'200) 83'654 (3'647'450) 345'000 150'388 436'500 350'000 137'100 (310'000) 1'166'650 149'549 (2'988'804) (50'000) 35'000

Target Price

M M M M M M M M M U

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

File Dt Inst Type 28.02.2013 Hedge Fund Manager 31.05.2013 Investment Advisor 28.06.2013 Investment Advisor 30.11.2010 Investment Advisor 22.02.2013 n/a 30.04.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 28.03.2013 Investment Advisor 28.03.2013 Investment Advisor 31.12.2012 Government 31.12.2012 Hedge Fund Manager 29.03.2013 Investment Advisor 29.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 28.03.2013 Investment Advisor 23.04.2012 n/a 28.02.2013 Investment Advisor 07.03.2012 n/a

Date 5 6 4 8 4 5 3 4 5 6

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

Date 26.06.2013 19.06.2013 19.06.2013 17.06.2013 12.06.2013 03.06.2013 22.05.2013 21.05.2013 22.04.2013 15.01.2013

01.07.2013

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 140

12.0 M

120

10.0 M

100

8.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (28.06.2013) Daily Volume Current Price (7/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 HGM LN EQUITY YTD Change HGM LN EQUITY YTD % CHANGE

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

31.12.2009 31.12.2010 164.7 243.6 2.05x 3.16x 56.5 120.3 5.97x 6.40x 78.8 122.3 5.92x 7.81x Profitability

31.12.2011 300.2 2.75x 156.5 5.27x 103.8 9.14x

31.12.2012 351.8 1.31x 162.2 2.83x 122.9 4.15x

162.15 125.34 35.63% 43.67% 14.63% 16.59% 16.59% 0.42% 41.6% 46.1% 35.6% 34.9% 5.40 2.12 0.96% 1.11% 43.40 3.25

Price/ Cash Flow

2.0 M

20 0 j-12

.0 M a-12

s-12

LTM-4Q

LTM

01/yy

01/yy -

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

FY+1 -

11.89 0.97 56.68 -45.34% -42.53% 0.970 9 4.333 982'786 1'029'568 836'492 FY+2

12/13 Y 12/14 Y 382.7 460.8 1.17x 1.10x 157.1 194.8 1.36x 1.10x 86.1 105.8 3.05x 2.51x S&P Issuer Ratings

FQ+1

FQ+2

123.31 28.23 -0.32 0.05 1.1% 1.1% 0.42 0.77 8.43 112.73 13.09 108.07

Sales/Revenue/Turnover

20.00

400.0

18.00

350.0

16.00

300.0

14.00

250.0

12.00 10.00

200.0

8.00

150.0

6.00

100.0

4.00

50.0

2.00 0.00 01.01.2010

4.0 M

Fiscal Year Ended 31.12.2008 149.1 1.02x 38.7 3.92x (232.4) -

6.0 M

12/2012 01/yy 128.91 50.00 9'557.00 53.5 -58.50% 7.00% 4.75% 325.2 173.99 8.75 0.0 2.2 61.35 214.42

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 |

01.07.2013

Highland Gold Mining Ltd Holdings By:

All

Holder Name MILLHOUSE LLC BARRICK GOLD CORP SHVIDLER EVGENY MARK PROTSVETANIYE HOLDIN JP MORGAN KOULAKOV IVAN EUGENE HAKANSSON PETER ELAM LANCRENAN INVESTMENT NORGES BANK PROSPERITY CAPITAL M EAST CAPITAL ASSET M VAN ECK ASSOCIATES C BNP PARIBAS INV PART FLEMING FAMILY & PAR LEGAL & GENERAL BESSEMER GROUP INCOR URALSIB JSC DWS FINANZ SERVICE G BLACKROCK PARVEST INVESTMENT M

Firm Name Numis Securities Ltd Otkritie Capital EVA Dimensions Westhouse Securities VTB Capital Sberbank CIB Fox-Davies Capital VSA Capital Ltd Alfa-Bank Aton LLC

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios PROSPERITY VOSKHOD F Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst CAILEY BARKER ANDY JONES TIMOTHY STANISH NICK HATCH NIKOLAY SOSNOVSKIY MIKHAIL STISKIN PETER ROSE CHARLIE LONG BARRY EHRLICH ILYA MAKAROV

Source Co File Co File RNS-DIR RNS-MAJ ULT-AGG Co File RNS-MAJ RNS-MAJ MF-AGG MF-PART MF-AGG ULT-AGG ULT-AGG RNS-MAJ ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation buy buy buy buy sell buy buy buy equalweight buy

Amt Held 105'910'000 66'235'264 35'059'245 22'879'845 21'698'201 17'552'500 11'101'386 9'786'032 9'094'169 8'402'720 8'062'000 5'812'049 5'496'428 4'211'883 1'977'736 1'850'620 1'580'000 1'384'600 1'314'170 900'000

% Out 32.57 20.37 10.78 7.04 6.67 5.4 3.41 3.01 2.8 2.58 2.48 1.79 1.69 1.3 0.61 0.57 0.49 0.43 0.4 0.28

Weighting

Change 5 5 5 5 1 5 5 5 3 5

M M M M M M M M M M

Latest Chg 1'000'000 3'371'722 (114'656) (27'000) 51'768 (10'700'000) 1'850'620 1'580'000 (54'955) -

Target Price 170 122 #N/A N/A 135 70 121 157 175 126 136

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

File Dt 18.04.2011 18.04.2011 20.06.2013 24.04.2013 30.04.2013 26.04.2011 30.04.2012 12.04.2013 31.12.2012 31.05.2013 31.03.2013 28.06.2013 28.02.2013 29.09.2010 28.03.2013 31.01.2013 31.05.2012 20.08.2012 27.06.2013 31.12.2012

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

Inst Type Holding Company Corporation n/a Holding Company Investment Advisor n/a n/a Unclassified Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 24.06.2013 14.06.2013 06.06.2013 29.05.2013 21.05.2013 20.05.2013 24.04.2013 16.04.2013 26.02.2013 28.06.2012

01.07.2013

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

20.0 M

0 0

Latest Fiscal Year: LTM as of: 52-Week High (10.07.2012) 52-Week Low (13.06.2013) Daily Volume Current Price (7/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 0.39 0.20 853'077.00 0.265 -32.05% 32.50% 34.21% 1'203.1 318.83 0.00 0.0 0.0 235.04 83.80

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

1.20

10.0 M

0 0

5.0 M

0 0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 0.0 (20.8) (14.8) -

15.0 M

Valuation Analysis

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% -

603'927 1'784'640 1'100'245

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 1.01 431.29 1.39 -22.06% 10.42% 1.008 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 |

01.07.2013

Indophil Resources NL Holdings By:

All

Holder Name ALSONS DEVELOPMENT & GLENCORE XSTRATA PLC XSTRATA QUEENSLAND L L1 CAPITAL PTY LTD BANK OF AMERICA CORP VAN ECK ASSOCIATES C UBS SAN MIGUEL CORP COASTAL VIEW EXPLORA ACORN CAPITAL LTD UNISUPER WESTOZ FUNDS MANAGEM PHILEX MINING CORP SUNSUPER FUND HEALTH SUPER MICROCAP INVESTMENT CBA OFFICERS SUPER F FIL LIMITED MATUTUM CONSOLIDATED DIMENSIONAL FUND ADV

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 n/a n/a n/a

Analyst TIMOTHY STANISH

Source Co File ULT-AGG Co File EXCH EXCH ULT-AGG ULT-AGG EXCH Co File EXCH EXCH MF-AGG Co File EXCH EXCH EXCH EXCH ULT-AGG Co File ULT-AGG

Recommendation buy

Amt Held 240'508'334 157'189'422 157'189'422 77'094'557 59'777'753 59'366'360 52'235'438 48'016'960 48'016'960 20'419'416 19'610'481 16'200'000 15'630'806 13'290'433 9'408'868 9'086'904 8'280'549 7'192'750 5'500'000 5'392'977

% Out 19.99 13.06 13.06 6.41 4.97 4.93 4.34 3.99 3.99 1.7 1.63 1.35 1.3 1.1 0.78 0.76 0.69 0.6 0.46 0.45

Weighting

Change 5

Latest Chg (12'125'963) (11'905'784) 476'672 -

Target Price #N/A N/A

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

File Dt 22.03.2013 06.02.2012 22.03.2013 10.04.2013 28.08.2012 28.06.2013 17.06.2011 17.06.2011 22.03.2013 09.02.2012 09.02.2012 30.06.2011 22.03.2013 09.02.2012 09.02.2012 09.02.2012 09.02.2012 31.10.2012 22.03.2013 29.03.2013

Date Not Provided

Inst Type Corporation Corporation Corporation Investment Advisor Investment Advisor Investment Advisor Unclassified Corporation Corporation Investment Advisor Other Investment Advisor Corporation Other Other Other Other Investment Advisor Unclassified Investment Advisor

Date 06.06.2013

01.07.2013

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 (25.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 2.56 1.00 418'214.00 1.2 -53.13% 20.00% 12.82% 130.2 156.21 0.00 0.0 0.0 20.11 66.68

1.20

31.12.2009 -

4.0 M 3.0 M

2.0 M 1

1.0 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-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 -10.26% -11.08% 0.00% 5.62 5.51 0.00% 0.00% -

03/yy 0.0 #DIV/0! (2.6) 0.00x (7.0) 0.00x

LTM 03/yy 0.0 #DIV/0! (1.3) 0.00x (7.4) 0.00x

0.00 1.42 111.21 0.11 -42.58% -42.58% 1.421 9 4.778 395'351 358'326 365'190

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

06/13 Q2

09/13 Q3

(8.4) S&P Issuer Ratings

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 |

01.07.2013

Lydian International Ltd Holdings By:

All

Holder Name VAN ECK ASSOCIATES C INTERNATIONAL FINANC EUROPEAN BANK FOR RE FRANKLIN RESOURCES BANK OF NOVA SCOTIA INVESCO LTD FIRST EAGLE INVESTME ROYAL BANK OF CANADA HAYK ALOYAN FMR LLC POWER CORP OF CANADA HENDERSON MARC C MULLENS PETER ANDROSS LIMITED GLOBAL X MANAGEMENT LOMBARD ODIER DARIER TARGET GENERATION SO QUANTEX AG SPROTT INC GLOBAL STRATEGY FINA

Firm Name Stifel TD Securities BMO Capital Markets Haywood Securities Inc. GMP National Bank Financial Scotia Capital Cormark Securities Inc. RBC Capital Markets

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRAIG P STANLEY DANIEL EARLE JOHN P HAYES TARA HASSAN ANDREW MIKITCHOOK SHANE NAGLE LEILY OMOUMI MIKE KOZAK JONATHAN GUY

Source ULT-AGG SEDI Research ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG SEDI ULT-AGG ULT-AGG SEDI SEDI SEDI MF-AGG MF-AGG SEDI MF-AGG MF-AGG MF-AGG

Recommendation buy speculative buy speculative outperform buy buy outperform sector outperform buy outperform

Amt Held 13'148'278 10'309'771 9'038'780 5'775'000 3'790'000 3'142'696 3'066'400 2'351'900 1'791'500 1'655'300 1'567'700 1'502'500 1'430'000 1'340'450 1'316'829 1'179'400 1'007'500 950'000 941'400 762'610

% Out 10.1 7.92 6.94 4.44 2.91 2.41 2.36 1.81 1.38 1.27 1.2 1.15 1.1 1.03 1.01 0.91 0.77 0.73 0.72 0.59

Weighting

Change 5 4 4 5 5 5 5 5 5

M M M M M M M M M

Latest Chg 1'419'732 1'890'000 1'142'696 431'800 2'000 30'000 (100'000) (90'500) 200'000 500'000 (141'000)

Target Price 3 4 #N/A N/A 3 3 4 4 3 3

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

File Dt Inst Type 28.06.2013 Investment Advisor 28.03.2013 Government 29.03.2012 Bank 28.03.2013 Investment Advisor 31.12.2012 Bank 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.01.2013 Bank 22.02.2013 n/a 30.04.2013 Investment Advisor 28.02.2013 Holding Company 12.03.2013 n/a 07.02.2013 n/a 12.10.2012 Other 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 21.09.2010 Other 29.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 28.03.2013 Investment Advisor

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

Date 28.06.2013 19.06.2013 18.06.2013 18.06.2013 29.05.2013 10.05.2013 23.04.2013 22.04.2013 19.04.2013

01.07.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.09.2012) 52-Week Low (28.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.06.2013 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 03/yy 3.55 0.75 620'800.00 0.98 -72.39% 30.67% 8.21% 188.3 184.51 0.00 0.0 0.0 116.39 80.27

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 j-12

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 -4.03% -4.62% 0.00% 42.88 41.36 0.00% 0.00% 0.00 0.00

Price/ Cash Flow

03/yy 0.0 #DIV/0! (8.7) 0.00x (11.1) 0.00x

s-12

o-12

n-12

d-12

LTM 03/yy 0.0 #DIV/0! (11.5) 0.00x (13.6) 0.00x

j-13

f-13

m-13

a-13

m-13

j-13

0.00 1.70 139.62 0.84 -50.75% -63.02% 1.696 7 4.143 608'178 558'198 523'607

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

06/13 Q2

09/13 Q3

(5.7) (6.0) (5.9) (7.0) S&P Issuer Ratings

0.00 0.0% 0.0% 0.00 0.00 -990.08 -

Sales/Revenue/Turnover

180.00

0.0

160.00

0.0

140.00

0.0

120.00

0.0

100.00

0.0

80.00

0.0

60.00

0.0

40.00

0.0

20.00

0.0

0.00 01.01.2010

.0 M a-12

Fiscal Year Ended 31.12.2008 0.0 (3.6) (3.1) -

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 |

01.07.2013

Sabina Gold & Silver Corp Holdings By:

All

Holder Name GOODMAN INVESTMENT C DUNDEE PRECIOUS META BANK OF NOVA SCOTIA VAN ECK ASSOCIATES C DUNDEE CORP FMR LLC QUANTEX AG LOMBARD ODIER DARIER TOCQUEVILLE ASSET MA GLOBAL X MANAGEMENT SHARE SICAV US GLOBAL INVESTORS FALCON FUND MANAGEME VANGUARD GROUP INC AMERICAN CENTURY COM WHITTON JOHN F SPROTT INC GLOBAL STRATEGY FINA WILKES LEROY E PACIFIC INCOME ADVIS

Firm Name Salman Partners Cormark Securities Inc. BMO Capital Markets Desjardins Securities National Bank Financial Paradigm Capital Inc RBC Capital Markets

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 n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst DAVID WEST RICHARD GRAY ANDREW KAIP ADAM MELNYK PAOLO LOSTRITTO DON MACLEAN STEPHEN D WALKER

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

Recommendation speculative buy buy speculative outperform buy sector perform hold outperform

Amt Held 25'187'590 18'539'713 11'105'200 8'161'251 2'828'700 2'780'000 1'140'000 1'122'000 1'034'100 988'124 945'100 899'400 838'000 742'157 642'400 628'042 560'700 542'600 343'373 300'000

% Out 13.38 9.85 5.9 4.33 1.5 1.48 0.61 0.6 0.55 0.52 0.5 0.48 0.45 0.39 0.34 0.33 0.3 0.29 0.18 0.16

Weighting

Change 4 5 4 5 3 3 5

Latest Chg 5'714'286 (3'630'000) 73'680 2'151'700 1'034'100 45'000 98'500 (182'800) 5'000 -

Target Price

M M M M M D M

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

File Dt Inst Type 13.06.2013 Investment Advisor 09.05.2013 Corporation 31.12.2012 Bank 28.06.2013 Investment Advisor 29.06.2012 Holding Company 30.04.2013 Investment Advisor 29.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 28.06.2013 Investment Advisor 31.12.2012 Investment Advisor 28.03.2013 Investment Advisor 28.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 09.05.2013 n/a 31.12.2012 Hedge Fund Manager 28.03.2013 Investment Advisor 02.01.2013 n/a 31.05.2013 Investment Advisor

Date 5 3 3 7 4 2 3

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

Date 19.06.2013 29.05.2013 28.05.2013 24.05.2013 24.05.2013 22.05.2013 14.04.2013

01.07.2013

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 (10.08.2012) 52-Week Low (21.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 0.0 (9.6) (5.5) -

15.0 M

12/2012 03/yy 1.16 0.16 3'041'213.00 0.315 -72.84% 96.88% 15.50% 416.6 131.24 142.44 0.0 0.0 48.72 244.32

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% -33.31% -39.75% 0.16% 7.8% 30.5% -1.0% -239.0% 1.49 0.83 17.31% 22.22% 6.01

Price/ Cash Flow

03/yy 70.9 36.63x 8.0 52.14x (16.1) 0.00x

LTM 03/yy 151.3 10.72x 46.2 7.95x (315.6) 0.00x

FY+1

0.00 1.67 415.25 1.71 -65.38% -58.00% 1.673 9 3.222 2'800'025 2'448'359 2'759'354 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 195.0 245.0 63.7 114.5 3.84x 2.13x (2.9) 19.2 11.67x S&P Issuer Ratings

11.55 -37.76 2.45 3.57 22.2% 18.2% 0.16 0.18 60.68 89.27 -

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 |

01.07.2013

Lake Shore Gold Corp Holdings By:

All

Holder Name VAN ECK ASSOCIATES C GEOLOGIC RESOURCE PA TD ASSET MANAGEMENT FIRST EAGLE INVESTME RUFFER LLP SENTRY SELECT CAPITA BLACKROCK FMR LLC SHARE SICAV TORONTO DOMINION BAN NORGES BANK VANGUARD GROUP INC DIMENSIONAL FUND ADV BMO FINANCIAL CORP ROYAL BANK OF CANADA CANADA PENSION PLAN HAUCK & AUFHAUSER IN JONES HEWARD INVESTM POLYGON MANAGEMENT L PRUDENTIAL PLC

Firm Name BMO Capital Markets RBC Capital Markets TD Securities Haywood Securities Inc. EVA Dimensions CIBC World Markets M Partners Inc National Bank Financial Mackie Research Capital Corp.

Portfolio Name n/a GEOLOGIC RESOURCE PA TD ASSET MANAGEMENT FIRST EAGLE INVESTME Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios TORONTO DOMINION BAN NORGES BANK Multiple Portfolios n/a BMO FINANCIAL CORP n/a CANADA PENSION PLAN Multiple Portfolios Multiple Portfolios POLYGON MANAGEMENT L n/a

Analyst BRIAN QUAST STEPHEN D WALKER DANIEL EARLE KERRY SMITH TIMOTHY STANISH COSMOS CHIU INGRID RICO PAOLO LOSTRITTO BARRY D ALLAN

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

Recommendation underperform sector perform buy hold underweight sector underperform buy outperform buy

Amt Held 30'607'224 27'505'500 14'840'645 12'114'420 10'803'000 4'600'000 4'299'914 3'656'600 3'475'500 2'956'677 2'746'733 2'060'065 1'948'750 1'614'955 1'461'593 1'403'624 1'400'000 1'121'713 1'006'500 1'000'000

% Out 7.35 6.6 3.56 2.91 2.59 1.1 1.03 0.88 0.83 0.71 0.66 0.49 0.47 0.39 0.35 0.34 0.34 0.27 0.24 0.24

Weighting

Change 1 3 5 3 1 1 5 5 5

M M M M M D M M M

Latest Chg 276'326 4'117'500 (30'000) (1'574'400) (896'343) (1'504'300) 412'000 177 29'385 (50'500) (117'621) (1'783'703) (1'900'000) 300'000 1'006'500 -

Target Price 0 1 1 1 #N/A N/A 0 2 2 2

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

File Dt Inst Type 28.06.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 27.12.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor 29.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Bank 31.03.2013 Pension Fund (ERISA) 31.05.2013 Investment Advisor 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Unclassified

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

Date 24.06.2013 24.06.2013 19.06.2013 11.06.2013 06.06.2013 16.05.2013 16.05.2013 15.05.2013 23.04.2013

01.07.2013

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

8.0 M 7.0 M

6.0 M 1

Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (21.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BRD US EQUITY YTD Change BRD US EQUITY YTD % CHANGE

12/2012 03/yy 1.09 0.41 1'129'464.00 0.51 -53.21% 24.05% 14.56% 231.6 118.10 93.20 0.0 0.0 29.81 185.28

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

1.20 1.00

4.0 M 3.0 M

2.0 M 0

1.0 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 0.0 (9.1) 1.2 -

5.0 M

Valuation Analysis

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% 6.51% 12.06% 11.00% 0.33% 30.9% 46.4% 25.8% 16.1% 1.15 0.76 22.12% 40.06% 35.34 9.69

03/yy 84.1 12.78x 24.2 8.42x 17.0 0.00x

LTM 03/yy 135.7 7.64x 62.9 4.18x 27.2 0.00x

FY+1

1.26 225.97 1.12 -39.86% -45.74% 1.258 7 4.714 1'149'987 887'886 941'839 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 148.0 159.7 31.2 31.2 76.9 86.5 2.41x 2.14x 31.7 31.6 1.5 1.5 4.18x 4.36x 5.48x 4.95x S&P Issuer Ratings

5.34 -0.55 1.07 1.57 40.1% 28.6% 0.33 0.41 10.33 37.65 84.46 -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 |

01.07.2013

Brigus Gold Corp Holdings By:

All

Holder Name VAN ECK ASSOCIATES C SPROTT INC RUFFER LLP INTACT INVESTMENT MA ROYAL BANK OF CANADA WEISS ASSET MANAGEME CONNOR CLARK & LUNN DAWE WADE K QUAKER CAPITAL MANAG GROSS MICHAEL LIBRA ADVISORS LLC THE BANK OF NOVA SCO BMO FINANCIAL CORP DIMENSIONAL FUND ADV CITY OF LONDON INVES CANADA PENSION PLAN FRANK RUSSELL TRUST KELLIGREW INC COE CAPITAL MANAGEME RACINE DANIEL

Firm Name Haywood Securities Inc. Casimir Capital BMO Capital Markets Cormark Securities Inc. Paradigm Capital Inc Canaccord Genuity Corp Global Hunter Securities

Portfolio Name n/a n/a Multiple Portfolios INTACT INVESTEMENT M n/a WEISS ASSET MANAGEME CONNOR CLARK & LUNN n/a QUAKER CAPITAL MANAG n/a LIBRA ADVISORS LLC THE BANK OF NOVA SCO BMO FINANCIAL CORP n/a CITY OF LONDON INVES CANADA PENSION PLAN FRANK RUSSELL COMPAN n/a COE CAPITAL MANAGEME n/a

Analyst KERRY SMITH ERIC WINMILL BRIAN QUAST RICHARD GRAY DON BLYTH STEVEN BUTLER JEFF WRIGHT

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

Recommendation buy buy market perform buy buy buy buy

Amt Held 18'568'232 9'336'421 7'027'000 4'428'400 3'552'474 3'203'084 2'896'000 2'438'422 1'678'100 1'578'085 1'430'200 1'095'790 1'000'000 914'868 885'000 826'510 819'000 655'289 499'380 407'046

% Out 8.02 4.03 3.03 1.91 1.53 1.38 1.25 1.05 0.72 0.68 0.62 0.47 0.43 0.4 0.38 0.36 0.35 0.28 0.22 0.18

Weighting

Change 5 5 3 5 5 5 5

Latest Chg 2'818'808 (1'057'930) 1'084'200 10'360 (5'011'416) 564'200 16'025 1'678'100 595'790 (10'948) (27'000) (363'190) 600'700 30'000 (215'250) 25'436

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 28.06.2013 30.04.2013 27.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013 03.04.2013 31.03.2013 19.04.2013 31.03.2013 31.03.2013 31.03.2013 29.03.2013 31.03.2013 31.03.2013 31.03.2013 29.09.2011 31.03.2013 03.04.2013

Date 2 2 1 1 1 1 1

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

Inst Type Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Bank Hedge Fund Manager Investment Advisor n/a Hedge Fund Manager n/a Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Pension Fund (ERISA) Investment Advisor Corporation Investment Advisor n/a

Date 20.06.2013 20.06.2013 19.06.2013 11.06.2013 22.05.2013 22.05.2013 22.05.2013

01.07.2013

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.

Price/Volume 3

3.0 M

12/2012 03/yy 2.48 0.65 545'523.00 0.755 -69.56% 16.15% 5.74% 138.1 104.26 0.00 0.0 0.0 25.90 84.08

Price/ Cash Flow

1.20 1.00

2.0 M 1.5 M

1.0 M 1

.5 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended

2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (21.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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

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

3.5 M

Valuation Analysis

31.12.2008 22.4 1.28x (9.9) (13.8) -

4.0 M

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% 1.85% 2.11% 2.12% 0.53% 32.0% 19.6% 2.8% 9.0% 6.23 5.17 0.00% 0.00% 5.33 6.31

03/yy 56.0 21.76x 18.3 14.61x 9.2 0.00x

LTM 03/yy 60.2 13.96x 11.8 13.48x 2.1 0.00x

FY+1

1.15 136.36 0.30 -54.79% -50.65% 1.146 4 3.000 396'613 524'759 537'596 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 56.8 68.0 8.0 18.4 10.48x 4.57x 0.3 2.7 52.95x 21.47x S&P Issuer Ratings

459.68 -325.97 -2.17 0.00 0.0% 0.0% 0.53 1.03 68.48 57.88 45.58 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 |

01.07.2013

Great Panther Silver Ltd Holdings By:

All

Holder Name VAN ECK ASSOCIATES C GLOBAL X MANAGEMENT LB SWISS INVESTMENT TECHNICAL FINANCIAL ARCHER ROBERT A BROWN CHARLES P PUPLAVA FINANCIAL SE CANADA PENSION PLAN BLACKROCK OPPENHEIM KAPITALANL WAY FUND MANAGERS NATIXIS ASSET MANAGE NATIXIS ASSET MANAGE JANE STREET HOLDING SCHOELLERBANK INVEST RENAISSANCE TECHNOLO IFOS INTERNATIONALE ROYAL BANK OF CANADA BESSEMER GROUP INCOR PLATORO RESOURCE COR

Firm Name Salman Partners EVA Dimensions Stonecap Securities Inc Euro Pacific Capital Inc

Portfolio Name n/a GLOBAL X MANAGEMENT Multiple Portfolios TFS CAPITAL LLC n/a n/a PUPLAVA FINANCIAL SE CANADA PENSION PLAN n/a Multiple Portfolios Multiple Portfolios NATIXIS ASSET MANAGE Multiple Portfolios JANE STREET HOLDING Multiple Portfolios RENAISSANCE TECHNOLO Multiple Portfolios n/a Multiple Portfolios n/a

Analyst ASH GUGLANI TIMOTHY STANISH CHRISTOS DOULIS HEIKO IHLE

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

Recommendation buy sell underperform buy

Amt Held 10'968'414 1'765'875 1'600'000 1'415'289 1'191'300 448'000 410'201 260'501 217'559 200'000 200'000 153'000 153'000 145'556 140'000 101'500 100'000 87'802 61'578 60'000

% Out 7.94 1.28 1.16 1.02 0.86 0.32 0.3 0.19 0.16 0.14 0.14 0.11 0.11 0.11 0.1 0.07 0.07 0.06 0.04 0.04

Weighting

Change 5 1 1 5

M M M M

Latest Chg 1'435'555 1'765'875 212'500 519'096 36'000 (19'100) (32'600) 1'703 (35'000) (46'366) 10'000 101'500 45'062 -

Target Price 1 #N/A N/A 1 1

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

File Dt Inst Type 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 28.03.2013 Investment Advisor 31.03.2013 Investment Advisor 27.05.2013 n/a 18.11.2011 n/a 31.03.2013 Hedge Fund Manager 31.03.2013 Pension Fund (ERISA) 27.06.2013 Investment Advisor 31.01.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 28.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 29.05.2013 Investment Advisor 31.03.2013 Bank 31.01.2013 Investment Advisor 27.05.2013 n/a

Date 12 month Not Provided 12 month 12 month

Date 19.06.2013 06.06.2013 03.06.2013 09.05.2013

01.07.2013

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 1

90.0 M

80.0 M 70.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.07.2012) 52-Week Low (23.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.06.2013 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 03/yy 0.63 0.19 2'306'867.00 0.28 -55.56% 47.37% 7.95% 556.0 155.67 0.00 0.0 0.0 9.65 135.24

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

50.0 M

40.0 M 30.0 M

20.0 M

10.0 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 54.4 1.06x 2.2 26.51x (42.7) -

60.0 M

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

03/yy 0.0 #DIV/0! (30.7) 0.00x (29.4) 0.00x

LTM 03/yy 0.0 #DIV/0! (17.3) 0.00x (63.9) 0.00x

0.00 1.62 486.95 21.90 -45.63% 33.33% 1.616 5 2.400 1'930'165 4'247'103 3'357'569

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

06/13 Q2

09/13 Q3

(10.1) (9.2) (7.4) (9.7) 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 |

01.07.2013

Intrepid Mines Ltd Holdings By:

All

Holder Name TAURUS SM HOLDINGS P VAN ECK ASSOCIATES C QUANTUM PACIFIC INVE COMMONWEALTH BANK OF BANK OF AMERICA CORP FMR LLC UNISUPER ACORN CAPITAL LTD MACQUARIE GROUP SUNSUPER FUND NORGES BANK 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

Firm Name Wilson HTM Investment Group Cormark Securities Inc. National Bank Financial Hartleys RBC Capital Markets Canaccord Genuity Corp RBS Morgans Canaccord Genuity Corp

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 Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a

Analyst CAMERON JUDD MIKE KOZAK STEPHEN PARSONS PETER GRAY GEOFF BREEN GARY LAMPARD CHRIS BROWN JEAN-FRANCOIS BERTINCOURT

Source Co File ULT-AGG EXCH EXCH EXCH ULT-AGG EXCH EXCH ULT-AGG EXCH MF-AGG EXCH EXCH EXCH MF-AGG MF-AGG EXCH EXCH EXCH EXCH

Recommendation sell Under Review Under Review speculative buy underperform suspended coverage outperform buy

Amt Held 48'192'131 41'772'440 29'867'667 25'513'559 17'837'142 9'529'798 8'304'156 7'545'656 6'348'158 5'436'384 4'420'172 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

% Out 8.67 7.51 5.37 4.59 3.21 1.71 1.49 1.36 1.14 0.98 0.8 0.72 0.71 0.64 0.49 0.46 0.4 0.38 0.35 0.33

Weighting

Change

1 #N/A N/A #N/A N/A 4 1 #N/A N/A 5 5

M M M M D M N N

Latest Chg 7'384'262 (115'000) (1'063'213) (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 -

Target Price 0 #N/A N/A #N/A N/A 0 0 #N/A N/A 1 2

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

File Dt 16.03.2012 28.06.2013 20.06.2013 21.09.2011 26.09.2011 30.04.2013 06.06.2012 06.06.2012 31.08.2011 06.06.2012 31.12.2012 06.06.2012 06.06.2012 06.06.2012 30.09.2012 31.03.2013 06.06.2012 06.06.2012 01.03.2013 06.06.2012

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

Inst Type Holding Company Investment Advisor Unclassified Bank Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Other Government Other Other Other Investment Advisor Investment Advisor Other Other n/a n/a

Date 20.05.2013 07.05.2013 27.03.2013 19.03.2013 27.02.2013 19.02.2013 27.11.2012 17.04.2012

01.07.2013

Price/Volume 5

6.0 M

5.0 M

4 3

4.0 M

12/2007 03/yy 4.09 0.95 5'705'968.00 0.97 -76.28% 2.11% 0.64% 81.7 79.27 0.00 0.0 0.0 88.40 21.81

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

1.20 1.00

2.0 M

1.0 M

1 0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 0.0 (6.5) (10.0) -

3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (28.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VGZ US EQUITY YTD Change VGZ US EQUITY YTD % CHANGE

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 -62.87% -82.96% 0.00% 2.94 2.84 0.00% 0.00% -

03/yy 0.0 #DIV/0! (31.9) 0.00x 44.2 0.00x

LTM 03/yy 0.0 #DIV/0! (35.7) 0.00x (85.7) 0.00x

0.00 1.18 68.25 2.48 -66.67% -64.07% 1.180 4 5.000 1'726'669 729'735 560'053

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

06/13 Q2

09/13 Q3

(29.0) (29.0) (42.9) S&P Issuer Ratings

(4.4) -

(5.9) 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 |

01.07.2013

Vista Gold Corp Holdings By:

All

Firm Name Cowen and Company Roth Capital Partners Global Hunter Securities National Bank Financial

Analyst ADAM P GRAF BRIAN W POST JEFF WRIGHT PAOLO LOSTRITTO

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

Recommendation outperform buy buy outperform

Amt Held 12'084'310 12'084'310 11'374'527 6'145'260 2'577'504 1'758'748 1'386'026 881'631 871'929 822'000 755'864 713'381 632'415 566'325 412'356 327'993 248'473 201'025 199'168 188'121

% Out 14.79 14.79 13.92 7.52 3.15 2.15 1.7 1.08 1.07 1.01 0.92 0.87 0.77 0.69 0.5 0.4 0.3 0.25 0.24 0.23

Weighting

Change 5 5 5 5

Latest Chg 1'172'092 (430'462) 268'822 (200'000) (20'701) 343'929 627'319 4'326 (100'000) 10'000 327'220 44'000 88'467 11'051 (72'615) -

Target Price

M M M M

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

Date 3 7 5 3

12 month 12 month 12 month 12 month

Date 26.06.2013 30.05.2013 30.05.2013 29.05.2013

01.07.2013

Alexco Resource Corp Alexco Resource Corporation is a mineral exploration and production company. The Company mines for minerals that include gold and silver.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.07.2012) 52-Week Low (25.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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

Price/Volume

12/2012 03/yy 4.79 0.90 688'351.00 1.12 -76.62% 24.44% 5.66% 62.6 70.08 0.00 0.0 0.0 23.09 60.02

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

1.20

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 5.7 18.66x (4.8) (4.0) -

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% -0.12% -0.18% -0.18% 0.36% 21.2% 26.1% -6.1% 4.0% 2.57 2.01 0.00% 0.00% 7.30 7.08

03/yy 68.2 24.16x 18.8 20.36x 5.2 0.00x

LTM 03/yy 76.7 11.10x 20.0 9.36x (0.3) 0.00x

FY+1

1.08 52.25 0.75 -74.60% -68.63% 1.076 5 3.400 461'880 464'573 471'031 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 73.0 85.0 21.1 21.9 (4.1) 1.0 58.28x (4.3) 2.1 (0.9) (0.5) S&P Issuer Ratings

553.04 -174.91 -0.68 0.00 0.0% 0.0% 0.36 0.50 49.99 51.56 87.18 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 |

01.07.2013

Alexco Resource Corp Holdings By:

All

Holder Name SPROTT INC VAN ECK ASSOCIATES C COLUMBIA WANGER ASSE WEISS ASSET MANAGEME ASSET LIABILITY MANA NAUMAN CLYNTON R RAFFLES ASSOCIATES L PATHSTONE FAMILY OFF GLOBAL X MANAGEMENT BLACKROCK LB SWISS INVESTMENT THRALL BRADLEY A TECHNICAL FINANCIAL SEMAPHORE MANAGEMENT FORUM INVESTMENT ADV VANGUARD GROUP INC NOMURA BMO INVESTMENTS INC MCINTYRE ROBERT L GENEVA INVESTMENT MA

Firm Name Canaccord Genuity Corp Global Hunter Securities EVA Dimensions Cormark Securities Inc. Stonecap Securities Inc

Portfolio Name n/a n/a COLUMBIA WANGER ASSE WEISS ASSET MANAGEME n/a n/a RAFFLES ASSOCIATES L PATHSTONE FAMILY OFF GLOBAL X MANAGEMENT n/a Multiple Portfolios n/a TFS CAPITAL LLC SEMAPHORE MANAGEMENT Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a GENEVA INVESTMENT MA

Analyst NICHOLAS CAMPBELL JEFF WRIGHT TIMOTHY STANISH GRAEME JENNINGS CHRISTOS DOULIS

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

Recommendation hold neutral overweight market perform sector perform

Amt Held 6'004'850 4'009'408 2'629'000 2'100'000 1'940'299 1'725'001 1'203'671 814'919 638'317 586'930 530'000 523'200 484'850 409'942 381'904 251'242 91'006 85'000 71'887 70'000

% Out 9.6 6.41 4.2 3.36 3.1 2.76 1.92 1.3 1.02 0.94 0.85 0.84 0.77 0.66 0.61 0.4 0.15 0.14 0.11 0.11

Weighting

Change 3 3 5 3 3

M M M M M

Latest Chg (230'500) 527'964 (54'000) 2'100'000 (10'515) (425'145) 30'000 3'200 175'434 14'810 35'740 (24'760) 10'000 26'000

Target Price 2 2 #N/A N/A 2 2

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

File Dt 30.04.2013 28.06.2013 31.03.2013 31.03.2013 01.05.2013 01.05.2013 31.03.2013 31.03.2013 31.03.2013 27.06.2013 29.04.2013 20.02.2013 31.03.2013 31.12.2012 31.12.2012 31.03.2013 31.03.2013 31.01.2013 17.04.2013 31.03.2013

Date 12 month 12 month Not Provided 12 month 12 month

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

Date 25.06.2013 10.06.2013 06.06.2013 04.06.2013 03.06.2013

01.07.2013

Atac Resources Ltd ATAC Resources Ltd. explores for gold in Canada.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.08.2012) 52-Week Low (26.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 2.95 0.69 319'621.00 0.83 -71.86% 20.29% 6.19% 113.2 93.92 0.00 0.0 0.0 15.04 67.27

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

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008

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 -3.12% -3.48% 0.00% 18.93 18.66 0.00% 0.00% -

Price/ Cash Flow

03/yy 0.0 #DIV/0! 0.0 0.00x (11.6) 0.00x

LTM 03/yy 0.0 #DIV/0! 0.0 0.00x (2.8) 0.00x

0.00 1.81 90.26 0.18 -65.13% -52.30% 1.805 2 5.000 415'507 208'346 227'750

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

06/13 Q2

09/13 Q3

(4.2) (4.3) (3.3) (4.1) S&P Issuer Ratings

(1.1) (1.0) -

(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 |

01.07.2013

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 GMP Macquarie Raymond James Paradigm Capital Inc

Portfolio Name TOCQUEVILLE ASSET MA 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 ANDREW MIKITCHOOK MICHAEL GRAY GARY J BASCHUK DON MACLEAN

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

Recommendation buy outperform Under Review hold

Amt Held 14'971'600 9'600'000 9'556'286 5'985'256 1'987'126 1'615'128 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 13.23 8.48 8.45 5.29 1.76 1.43 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 #N/A N/A 3

M M M M

Latest Chg 30'100 (250'000) 54'038 20'000 (1'400) (463'800) 28'300 135'000 75'000 (5'000) 13'300

Target Price 2 2 #N/A N/A 4

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

File Dt Inst Type 31.03.2013 Hedge Fund Manager 20.03.2013 Corporation 05.04.2011 Corporation 28.06.2013 Investment Advisor 22.02.2013 n/a 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 25.02.2013 n/a 17.04.2013 n/a 17.04.2013 n/a 28.03.2013 Investment Advisor 29.04.2013 Investment Advisor 30.04.2013 Investment Advisor 17.02.2012 n/a 30.06.2012 Investment Advisor 28.03.2013 Investment Advisor 07.06.2012 n/a 28.02.2013 Investment Advisor

Date Not Provided 12 month Not Provided 12 month

Date 29.05.2013 24.05.2013 18.04.2013 06.03.2012

01.07.2013

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 (26.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 1.28 0.28 641'623.00 0.34 -73.44% 23.64% 6.47% 198.4 67.45 0.00 0.0 0.0 31.05 35.88

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 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-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% 2.88% 2.99% 3.00% 0.28% 41.6% 30.0% 19.7% 15.5% 21.39 18.19 0.00% 0.00% 5.27 3.81

Price/ Cash Flow

03/yy 56.1 19.77x 21.8 9.87x 10.0 25.80x

LTM 03/yy 41.6 13.67x 12.5 8.58x 4.3 23.33x

FY+1

0.00 1.59 196.42 0.19 -46.88% -66.99% 1.595 3 5.000 605'501 476'339 549'577 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 48.6 78.2 10.0 11.6 3.59x 3.09x 10.97x 10.30x S&P Issuer Ratings

-2.53 0.00 0.0% 0.0% 0.28 0.48 69.28 95.75 50.15 106.31

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 |

01.07.2013

Scorpio Mining Corp Holdings By:

All

Holder Name TOCQUEVILLE ASSET MA VAN ECK ASSOCIATES C JP MORGAN GLOBAL X MANAGEMENT ROYCE AND ASSOCIATES SPROTT INC HAWLEY PETER J FALCON FUND MANAGEME OPPENHEIM KAPITALANL FALCON FUND MANAGEME DIMENSIONAL FUND ADV FACTOR ADVISORS LLC BLACKROCK SADEK JOHN BESSEMER GROUP INCOR IFOS INTERNATIONALE SCHOELLERBANK INVEST MASON EWAN SAWH HEMDAT PRINCIPAL FINANCIAL

Firm Name Casimir Capital Clarus Securities Mackie Research Capital Corp. MLV & Co

Portfolio Name TOCQUEVILLE ASSET MA n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a

Analyst ERIC WINMILL MIKE BANDROWSKI BARRY D ALLAN RICHARD TROTMAN

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

Recommendation buy buy buy suspended coverage

Amt Held 34'089'105 14'597'799 9'523'000 3'905'390 3'800'000 1'941'000 1'843'436 1'400'000 1'322'400 424'600 156'048 131'178 98'840 79'150 75'011 45'000 40'000 20'000 10'500 9'500

% Out 17.18 7.36 4.8 1.97 1.92 0.98 0.93 0.71 0.67 0.21 0.08 0.07 0.05 0.04 0.04 0.02 0.02 0.01 0.01 0

Weighting

Change

5 5 5 #N/A N/A

M M M M

Latest Chg (203'900) 131'582 (2'341'300) 9'500

Target Price 1 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 31.03.2013 Hedge Fund Manager 28.06.2013 Investment Advisor 28.02.2013 Investment Advisor 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 n/a 28.03.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 29.03.2013 Investment Advisor 29.11.2012 Unclassified 27.06.2013 Investment Advisor 31.12.2012 n/a 31.01.2013 Investment Advisor 29.05.2013 Investment Advisor 30.04.2013 Investment Advisor 31.12.2012 n/a 31.12.2012 n/a 31.03.2013 Investment Advisor

Date Not Provided 12 month 12 month Not Provided

Date 17.06.2013 04.06.2013 23.05.2013 16.07.2012

01.07.2013

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.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.10.2012) 52-Week Low (15.05.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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

Price/Volume

12/2010 03/yy 1.80 0.86 1'954'222.00 0.943 -47.61% 9.32% 8.57% 128.5 121.13 0.00 44.3 0.0 75.05 102.01

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

1.20

3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 0.0 (11.6) (16.2) -

2 2 2 1 1 1 1 1 0 0 0 j-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 -6.59% -14.91% 0.00% 43.98 43.90 0.00% 0.00% 0.00 -

03/yy 0.0 #DIV/0! (18.6) 0.00x (15.9) 0.00x

LTM 03/yy 0.0 #DIV/0! (16.2) 0.00x (6.3) 0.00x

0.00 1.15 98.45 4.06 -32.16% -32.16% 1.148 6 4.667 601'898 578'717 446'410

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

06/13 Q2

09/13 Q3

(6.7) (10.8) (11.0) (16.4) S&P Issuer Ratings

(4.6) -

(4.6) -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 |

01.07.2013

Midway Gold Corp Holdings By:

All

Holder Name VAN ECK ASSOCIATES C SHEERIN MATT HAWES GEORGE T FRANKLIN RESOURCES HALE CAPITAL PARTNER BLACKROCK DISBROW ROBERT VANGUARD GROUP INC YU FRANK S STATE STREET WOLFUS DANIEL EDWARD NANTAHALA CAPITAL MA DAVENPORT & COMPANY NORTHERN TRUST CORPO DEANS KNIGHT CAPITAL US GLOBAL INVESTORS LOMBARD ODIER DARIER SUN VALLEY GOLD LLC TIAA CREF INVESTMENT BANK OF NEW YORK MEL

Firm Name Stifel Canaccord Genuity Corp Stonecap Securities Inc Jacob Securities Inc Cormark Securities Inc. RBC Capital Markets 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 NANTAHALA CAPITAL MA DAVENPORT & COMPANY NORTHERN TRUST CORPO n/a US GLOBAL INVESTORS Multiple Portfolios SUN VALLEY GOLD LLC TIAA-CREF INVESTMENT BANK OF NEW YORK MEL

Analyst MICHAEL A SCOON JOE MAZUMDAR BRIAN SZETO MATTHEW SHEPPARD KYLE MCPHEE SAM CRITTENDEN RICHARD TROTMAN

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

Recommendation buy speculative buy outperform buy speculative buy outperform suspended coverage

Amt Held 12'983'125 7'929'506 7'112'952 6'557'700 6'127'310 5'299'564 5'072'200 2'914'011 1'709'646 1'634'300 1'570'117 1'526'751 1'470'179 1'416'296 1'144'360 571'863 558'000 445'429 435'535 376'690

% Out 10.11 6.17 5.54 5.11 4.77 4.13 3.95 2.27 1.33 1.27 1.22 1.19 1.14 1.1 0.89 0.45 0.43 0.35 0.34 0.29

Weighting

Change

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

M M M M M M M

Latest Chg (271'400) 60'000 467'767 (75'800) (1'449'218) (26'204) 1'526'751 14'700 (65'462) (4'310)

Target Price 2 2 2 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 28.06.2013 Investment Advisor 18.04.2013 n/a 18.04.2013 n/a 31.03.2013 Investment Advisor 18.04.2013 Other 27.06.2013 Investment Advisor 31.12.2011 n/a 31.03.2013 Investment Advisor 18.04.2013 n/a 31.03.2013 Investment Advisor 18.04.2013 n/a 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 28.06.2013 25.06.2013 13.06.2013 29.05.2013 22.04.2013 05.02.2013 16.07.2012

01.07.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.09.2012) 52-Week Low (24.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.04.2013 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

12/2012 01/yy 30.75 8.90 15'000.00 9 -70.73% 1.12% 2.06% 855.5 76.99 0.00 0.0 2.5 2.87 76.58

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 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 0.0 (5.8) (5.8) -

31.12.2009 31.12.2010 0.0 0.0 (7.3) (11.3) (7.3) (11.3) Profitability

31.12.2011 0.0 (32.6) (33.2) -

1.80 0.78 0.00% 0.00% 0.00

1'136'883 1'677'797 1'551'015

LTM-4Q

LTM

FY+1

FY+2

FQ+1

01/yy

12/13 Y

12/14 Y

31.12.2012 0.0 (15.8) (13.1) -15.81 -16.48 -39.10% -54.75% 0.00%

0.00 0.85 526.07 -64.00% -60.00% 0.847 1 4.000

S&P Issuer Ratings

FQ+2 -

-368.56 -457.66 0.00 0.0% 0.0% 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

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 |

01.07.2013

Patagonia Gold PLC Holdings By:

All

Holder Name DIRECTOR & RELATED H UBS BLACKROCK MIGUENS CARLOS JOSE CINCO VIENTOS URUGUA VAN ECK ASSOCIATES C VAN ECK GLOBAL MIGUENS DIEGO TAHEH INTERNATIONAL BARRICK GOLD CORP MIGUENS CRISTINA HUMPHRIES WILLIAM HE F&C ASSET MANAGEMENT FOUR CAPITAL PARTNER HARGREAVE PRIVATE INDIVIDUALS BARCLAYS PERSONAL IN COUTTS PRIVATE BANKI F&C FUND MANAGEMENT CRAVEN JOHN ANTHONY

Firm Name Mirabaud Securities

Portfolio Name Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst NICHOLAS CHALMERS

Source REG ULT-AGG ULT-AGG RNS-DIR REG ULT-AGG RNS-MAJ Co File REG REG Co File RNS-DIR REG REG ULT-AGG REG REG REG MF-AGG Co File

Recommendation speculative buy

Amt Held 154'200'010 141'469'892 139'329'693 125'072'109 56'920'252 40'286'416 39'908'174 29'562'152 28'353'264 28'323'264 24'485'645 23'296'857 17'543'465 17'507'313 16'978'688 16'847'969 12'919'075 11'236'067 9'941'137 9'455'190

% Out 18.03 16.54 16.29 14.62 6.65 4.71 4.67 3.46 3.31 3.31 2.86 2.72 2.05 2.05 1.98 1.97 1.51 1.31 1.16 1.11

Weighting

Change 4

Latest Chg 5'162'143 44'894'533 (386'765) 6'558'667 363'136 (3'212'533) 4'403'000 7'820'731 10'610'028 (8'500) 3'448'000 5'999'409 (1'658'722) -

Target Price

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

File Dt 02.04.2013 02.04.2013 27.06.2013 03.05.2013 02.04.2013 28.06.2013 25.06.2013 24.04.2012 02.04.2013 02.04.2013 24.04.2012 27.06.2012 02.04.2013 02.04.2013 02.04.2013 02.04.2013 02.04.2013 02.04.2013 28.02.2013 24.04.2012

Date 12 month

Inst Type Other Unclassified Investment Advisor n/a Other Investment Advisor Unclassified n/a Other Corporation n/a n/a Investment Advisor Other Unclassified Other Investment Advisor Unclassified Investment Advisor n/a

Date 04.12.2012

01.07.2013

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.

Price/Volume 1

80.0 M 70.0 M

60.0 M 1

Latest Fiscal Year: LTM as of: 52-Week High (24.09.2012) 52-Week Low (26.06.2013) Daily Volume Current Price (7/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

06/2012 01/yy 0.99 0.13 5'117'800.00 0.135 -86.36% 8.00% 0.58% 400.5 54.06 0.00 0.0 0.0 46.22 3.41

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

1.20

40.0 M 30.0 M

20.0 M 0

10.0 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 30.06.2008 0.0 (3.3) (3.1) -

50.0 M

Valuation Analysis

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 1.52 390.07 13.94 -80.15% -73.79% 1.519 14 3.643 3'580'253 5'203'682 4'511'137 FY+2

06/13 Y 06/14 Y 2.8 1.9 2.46x 33.64x (7.9) (7.9) (5.7) (6.0) 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 |

01.07.2013

Gryphon Minerals Ltd Holdings By:

All

Holder Name VAN ECK ASSOCIATES C GENESIS ASSET MANAGE COMMONWEALTH BANK OF AMP LTD ROYAL BANK OF CANADA NORGES BANK JP MORGAN PARSONS STEPHEN BANK OF NOVA SCOTIA FMR LLC MACQUARIE GROUP GLOBAL X MANAGEMENT WELLS FARGO LOMBARD ODIER DARIER QUANTEX AG DIMENSIONAL FUND ADV VANGUARD GROUP INC NETHERWAY DAVID GEOR VANGUARD INVESTMENTS SHARE SICAV

Firm Name Morgan Stanley Argonaut Securities Pty Ltd BMO Capital Markets RBC Capital Markets Macquarie EVA Dimensions Clarus Securities GMP Credit Suisse Canaccord Genuity Corp Paradigm Capital Inc Blackswan Equities Ltd RBS Morgans Deutsche Bank DJ Carmichael Pty Ltd

Portfolio Name 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 Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst BRENDAN FITZPATRICK ADAM MIETHKE ANDREW BREICHMANAS GEOFF BREEN MITCH RYAN TIMOTHY STANISH NANA SANGMUAH LEVI SPRY MICHAEL SLIFIRSKI REG SPENCER DON MACLEAN RHYS BRADLEY JAMES WILSON CHRIS TERRY PAUL ADAMS

Source ULT-AGG EXCH EXCH EXCH ULT-AGG MF-AGG ULT-AGG EXCH ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG Co File MF-AGG MF-AGG

Recommendation Equalwt/In-Line hold speculative outperform sector perform neutral underweight buy hold outperform speculative buy speculative buy hold outperform not rated speculative buy

Amt Held 47'385'165 28'079'256 19'591'128 16'488'127 14'803'493 13'598'508 9'872'355 6'990'601 6'850'000 5'590'010 5'507'628 4'738'876 3'934'525 3'498'398 2'360'000 1'988'755 1'939'645 1'847'374 1'820'050 1'634'666

% Out 11.83 7.01 4.89 4.12 3.7 3.4 2.47 1.75 1.71 1.4 1.38 1.18 0.98 0.87 0.59 0.5 0.48 0.46 0.45 0.41

Weighting

Change

3 3 4 3 3 1 5 3 5 4 4 3 5 #N/A N/A 4

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

Latest Chg 681'722 7'396'732 (985'067) (160'194) 1'125'660 1'850'000 1'032'776 350'148 (10'410) (530'000)

Target Price 0 0 1 0 0 #N/A N/A 1 0 1 0 0 0 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 28.11.2012 07.05.2013 20.11.2012 22.10.2012 05.04.2011 31.12.2012 30.04.2013 18.12.2012 31.12.2012 30.04.2013 31.08.2011 28.06.2013 30.04.2013 31.03.2013 29.03.2013 29.03.2013 31.03.2013 30.06.2012 30.09.2012 31.12.2012

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

Inst Type Investment Advisor Investment Advisor Bank Insurance Company Bank Government Investment Advisor n/a Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor

Date 24.06.2013 24.06.2013 20.06.2013 19.06.2013 18.06.2013 06.06.2013 05.06.2013 29.05.2013 27.05.2013 27.05.2013 22.05.2013 22.05.2013 06.03.2013 22.02.2012 24.08.2011

01.07.2013

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 03/yy 8.59 4.90 85'418.00 5.43 -36.79% 10.82% 14.36% 38.5 209.26 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 j-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 234.0 4.66x (287.9) -

30.06.2012 1'764.2 1.09x 380.2 5.08x 308.7 380.19 259.34 14.70% 14.79% 10.71% 19.27% 0.75% 20.6% 20.4% 13.8% 17.5% 1.80 1.15 1.23% 2.05% 13.19

03/yy 2'000.9 2.92x 408.0 4.50x (117.3) 0.00x

s-12

o-12

n-12

d-12

LTM 03/yy 2'031.9 4.62x 411.6 6.72x 291.8 0.00x

j-13

f-13 m-13

a-13

m-13

j-13

FY+1

0.75 0.05 -13.88% -31.20% 0.745 2 5.000 91'293 119'282 107'411 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 06/13 Q4 09/13 Q1 2'065.5 2'096.1 459.9 498.6 260.5 284.9 7.86x 7.21x S&P Issuer Ratings

24.25 3.00 -0.58 0.42 2.0% 1.8% 0.75 1.17 27.74 -

Sales/Revenue/Turnover

1.20

3'000.0

1.00

2'500.0

0.80

2'000.0

0.60

.0 M a-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 (26.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 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 |

01.07.2013

DRDGOLD Ltd Holdings By:

All

Holder Name SKAGEN AS VAN ECK ASSOCIATES C ACADIAN ASSET MANAGE RENAISSANCE TECHNOLO US GLOBAL INVESTORS OPPENHEIM KAPITALANL BRANCH BANKING & TRU ROTHSCHILD & COMPAGN OXFORD ASSET MANAGEM MORGAN STANLEY FRANK RUSSELL TRUST RUFFER LLP APERIO GROUP LLC FMR LLC SCHRODER INVESTMENT COMMONWEALTH OF PENN BLACKROCK DIMENSIONAL FUND ADV O'SHAUGHNESSY ASSET PHILADELPHIA INTERNA

Firm Name EVA Dimensions

Portfolio Name Multiple Portfolios n/a ACADIAN ASSET MANAGE RENAISSANCE TECHNOLO US GLOBAL INVESTORS Multiple Portfolios BRANCH BANKING AND T Multiple Portfolios OXFORD ASSET MANAGEM n/a FRANK RUSSELL COMPAN RUFFER LLP APERIO GROUP LLC n/a SCHRODER INVESTMENT COMMONWEALTH OF PENN n/a n/a O'SHAUGHNESSY ASSET PHILADELPHIA INTERNA

Analyst TIMOTHY STANISH

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

Recommendation overweight

Amt Held 3'724'701 1'073'033 536'792 442'970 125'000 115'000 110'000 100'000 61'336 49'176 36'297 34'015 33'383 28'300 28'300 26'529 20'181 19'729 11'452 9'000

% Out 9.66 2.78 1.39 1.15 0.32 0.3 0.29 0.26 0.16 0.13 0.09 0.09 0.09 0.07 0.07 0.07 0.05 0.05 0.03 0.02

Weighting

Change 5

Latest Chg 141'063 (58'369) 52'500 15'000 43'360 17'676 3'750 20'133 3'502 5'671 9'000

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 31.05.2013 Investment Advisor 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.03.2013 Bank 31.01.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Pension Fund (ERISA) 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

Date Not Provided

Date 06.06.2013

01.07.2013

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 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

2 1 1 1 1

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (7/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 1.75 0.56 0.00 5.44% 135.5 0.00 0.0 (0.4) 13.46 -

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

30.06.2009

(1.4) (0.6) -

0 0 0 j-12

30.06.2010

(1.5) (0.9) Profitability

(2.2) (0.4) -

30.06.2011 0.0 (5.2) (8.1) -

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-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 -

1.48 134.28 0.85 1.484 1 1.000 0 0 65'420 FY+2

06/13 Y 06/14 Y 40.6 123.0 6.7 46.1 (7.8) 30.6 S&P Issuer Ratings

FQ+1

FQ+2

-2798.74 -21673.51 -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

a-12

Fiscal Year Ended 30.06.2008

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 |

01.07.2013

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 BLACKROCK SCANLAN GARY FRANCIS MOBILIA JOE MILAZZO MARK FRANCIS JACKSON COLIN GEORGE BESSEMER GROUP INCOR DIMENSIONAL FUND ADV AUSTRALIAN INDEX INV

Firm Name Wilson HTM Investment Group Evans & Partners Pty Ltd Canaccord Genuity Corp Bell Potter

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 n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios

Analyst CAMERON JUDD CATHY MOISES REG SPENCER CHRIS WHITEHEAD

Source ULT-AGG Co File ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG Co File MF-AGG MF-AGG MF-AGG ULT-AGG EXCH Co File Co File Co File MF-AGG ULT-AGG MF-AGG

Recommendation sell not rated Under Review buy

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 53'493 50'000 44'958 25'000 22'500 17'274 12'704 1'081

% 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 0.02 0.02 0.01 0.01 0

Weighting

Change

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

M M M M

Latest Chg 40'000 (1'034'479) (3'160'399) (100'000) (2'137'799) -

Target Price 1 #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 28.03.2013 Investment Advisor 24.09.2012 n/a 31.01.2013 Investment Advisor 28.06.2013 Investment Advisor 27.12.2012 Investment Advisor 24.06.2011 Investment Advisor 28.03.2013 Unclassified 30.04.2013 Investment Advisor 15.11.2012 n/a 30.09.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 27.06.2013 Investment Advisor 31.12.2012 n/a 30.06.2012 n/a 26.09.2012 n/a 26.09.2012 n/a 31.01.2013 Investment Advisor 29.03.2013 Investment Advisor 03.06.2013 Investment Advisor

Date Not Provided Not Provided Not Provided 12 month

Date 20.05.2013 17.05.2013 14.05.2013 01.03.2012

01.07.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (28.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 3.85 1.32 818'000.00 1.34 -65.19% 1.52% 0.79% 297.3 1'036.86 4'216.29 0.0 46.7 267.94 4'814.73

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

1.20 1.00

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 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 3'559.1 0.72x 354.4 7.26x 115.6 11.63x

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 0.93x 739.3 8.05x 165.3 12.10x 739.33 469.78 7.35% 3.51% 2.28% 7.05% 5.53% 0.88% 12.6% 11.6% 7.3% 2.6% 1.10 0.20 53.24% 176.56% 13.52 2.11

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

6.61 0.83 297.27 -56.89% -55.80% 0.833 4 3.250 1'439'740 1'022'351 747'293 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 6'921.5 6'595.0 0.63x 0.65x 754.0 811.0 6.39x 5.94x 134.0 124.1 6.05x 6.62x S&P Issuer Ratings

3.06 1.51 5.33 5.70 176.6% 63.4% 0.88 2.55 27.06 173.83 26.52 174.37

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 |

01.07.2013

Lingbao Gold Co Ltd Holdings By:

All

Holder Name VAN ECK ASSOCIATES C BANK OF NEW YORK MEL DIMENSIONAL FUND ADV BLACKROCK VANGUARD GROUP INC MACQUARIE GROUP JOHN HANCOCK ADVISER BESSEMER GROUP INCOR SCHOELLERBANK INVEST OPPENHEIM KAPITALANL HANDELSBANKEN FONDER NOMURA INTERNATIONAL

Firm Name Guotai Junan EVA Dimensions Credit Suisse BOCOM International Holdings First Shanghai Securities Ltd

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst KEVIN GUO TIMOTHY STANISH OWEN LIANG RONGJIN LUO ZHANG ZHIBIN

Source ULT-AGG EXCH ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation reduce overweight underperform long-term buy buy

Amt Held 23'758'000 21'264'000 6'766'000 2'338'000 1'608'558 1'310'000 446'000 190'000 180'000 160'000 122'000 68'000

% Out 7.99 7.15 2.28 0.79 0.54 0.44 0.15 0.06 0.06 0.05 0.04 0.02

Weighting

Change 2 5 1 5 5

D M D M N

Latest Chg (136'000) (580'000) (50'000) -

Target Price 2 #N/A N/A 2 7 6

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

File Dt 28.06.2013 25.06.2013 29.03.2013 27.06.2013 31.03.2013 30.06.2011 31.03.2013 31.01.2013 30.04.2013 31.01.2013 31.05.2013 31.03.2012

Date Not Provided Not Provided Not Provided 12 month 12 month

Date 17.06.2013 06.06.2013 09.04.2013 13.07.2012 28.03.2012

01.07.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.08.2012) 52-Week Low (26.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 3.25 0.43 453'625.00 0.65 -80.00% 49.66% 7.66% 98.1 63.74 0.00 0.0 0.0 30.35 42.26

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

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 j-12

31.12.2009 31.12.2010 0.0 0.0 (7.3) (12.1) (9.8) (17.9) Profitability

LTM-4Q 31.12.2011 0.0 (9.9) (10.2) -

31.12.2012 0.0 (55.5) (56.6) -55.52 -55.55 -38.25% -46.46% 0.00% 8.39 8.17 0.00% 0.00% 0.00 -

03/yy 0.0 #DIV/0! (15.2) 0.00x (16.6) 0.00x

s-12

o-12

n-12

d-12

LTM 03/yy 0.0 #DIV/0! (57.4) 0.00x (54.4) 0.00x

j-13

f-13 m-13

a-13

m-13

j-13

1.09 85.65 0.19 -76.62% -70.05% 1.086 2 3.500 532'846 587'500 381'791

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

06/13 Q2

09/13 Q3

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

.0 M a-12

Fiscal Year Ended 31.12.2008 0.0 (3.2) (2.4) -

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 |

01.07.2013

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 GLOBAL X MANAGEMENT FALCON FUND MANAGEME INVESCO LTD FMR LLC DRESCHER ANTON J AEGIS FINANCIAL CORP PONTIUS JEFFREY A VANGUARD GROUP INC CARRIERE DANIEL A TECHNICAL FINANCIAL TD ASSET MANAGEMENT RENAISSANCE TECHNOLO FALCON FUND MANAGEME

Firm Name Cowen and Company Salman Partners BMO Capital Markets

Portfolio Name TOCQUEVILLE ASSET MA n/a PAULSON & CO n/a TEACHER RETIREMENT S WEISS ASSET MANAGEME ROYCE & ASSOCIATES L GLOBAL X MANAGEMENT Multiple Portfolios n/a n/a n/a AEGIS FINANCIAL CORP n/a Multiple Portfolios n/a TFS CAPITAL LLC TD ASSET MANAGEMENT RENAISSANCE TECHNOLO Multiple Portfolios

Analyst ADAM P GRAF DAVID WEST JOHN P HAYES

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

Recommendation outperform Under Review Speculative Underperform

Amt Held 17'207'269 11'073'323 8'908'000 6'906'702 2'099'836 1'407'011 1'014'000 999'932 607'000 561'498 546'700 489'218 403'449 383'566 361'867 294'735 253'453 220'000 159'600 159'100

% Out 17.55 11.29 9.08 7.04 2.14 1.43 1.03 1.02 0.62 0.57 0.56 0.5 0.41 0.39 0.37 0.3 0.26 0.22 0.16 0.16

Weighting

Change

5 #N/A N/A 2

M M D

Latest Chg 37'800 (41'654) 493'586 (519'400) 999'932 (338'927) (50'000) 403'449 (195'600) 16'250 (12'997) (74'000) 21'800

Target Price 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 31.03.2013 07.08.2012 31.03.2013 28.06.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 28.03.2013 31.03.2013 31.03.2013 21.12.2012 31.03.2013 07.01.2013 31.03.2013 16.04.2013 31.03.2013 31.03.2013 31.03.2013 28.02.2013

Date 12 month 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 Investment Advisor n/a Investment Advisor n/a Investment Advisor n/a Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor

Date 26.06.2013 19.06.2013 14.04.2013

01.07.2013

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 0

Latest Fiscal Year: LTM as of: 52-Week High (04.07.2012) 52-Week Low (28.06.2013) Daily Volume Current Price (7/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 0.59 0.12 4'332'475.00 0.12 -79.49% 4.35% 0.00% 595.3 71.43 3.06 0.0 0.0 20.31 79.00

30.06.2008 0.0 (1.9) (1.8) -

20.0 M 15.0 M

10.0 M 0

5.0 M

0 j-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

s-12

o-12

LTM-4Q

LTM

01/yy

01/yy -

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

FY+1 -

0.00 1.09 532.79 16.89 -78.38% -68.42% 1.088 8 3.625 5'919'355 4'609'498 6'014'558 FY+2

06/13 Y 06/14 Y 208.9 200.2 0.21x 0.00x 65.4 74.4 1.21x 1.06x 32.7 33.2 2.07x 1.90x 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

.0 M a-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

25.0 M

Valuation Analysis

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 |

01.07.2013

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 FMR LLC GENUS DYNAMIC GOLD F NORGES BANK DIMENSIONAL FUND ADV VANGUARD GROUP INC VANGUARD INVESTMENTS VON DER HEYDT KERSTE

Firm Name Canaccord Genuity Corp Ord Minnett Octa Phillip Securities Ltd EVA Dimensions Argonaut Securities Pty Ltd RBS Morgans 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 n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst GARY WATSON DAVID BRENNAN ANDREW SHEARER TIMOTHY STANISH ADAM MIETHKE JAMES WILSON CATHY MOISES

Source ULT-AGG EXCH EXCH EXCH EXCH EXCH EXCH EXCH Co File EXCH ULT-AGG ULT-AGG MF-AGG ULT-AGG EXCH MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation speculative buy buy hold hold speculative buy outperform Positive

Amt Held 42'407'248 35'193'341 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 8'500'000 5'000'000 4'816'787 4'100'000 3'699'947 3'267'666 2'896'045 2'671'902 1'100'000

% Out 7.12 5.91 5.07 4.93 4.84 4.82 4.38 3.83 2.42 2.35 2.16 1.43 0.84 0.81 0.69 0.62 0.55 0.49 0.45 0.18

Weighting

Change 4 5 3 3 4 5 4

M M N M D N U

Latest Chg 6'250'328 (2'700'000) 662'238 (1'361'474) (841'000) (320'000) (5'314'150) (2'168'808) (4'949'162) 2'000'000 (1'739'000) 6'847 (43'038) (20'201) -

Target Price 0 0 0 #N/A N/A 0 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 28.06.2013 Investment Advisor 27.06.2013 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 28.02.2013 Investment Advisor 28.03.2013 Unclassified 30.06.2012 Investment Advisor 30.04.2013 Investment Advisor 26.05.2011 n/a 31.12.2012 Government 29.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.09.2012 Investment Advisor 28.12.2012 Investment Advisor

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

Date 26.06.2013 25.06.2013 21.06.2013 06.06.2013 27.05.2013 27.11.2012 27.09.2012

01.07.2013

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

1.4 M 1.2 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (24.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 2.02 0.62 226'322.00 0.71 -64.85% 14.52% 6.43% 88.4 62.77 0.00 0.0 0.0 55.52 12.81

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

1.20

.8 M .6 M .4 M

.2 M 0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 0.0 (27.4) (27.0) -

1.0 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 -37.16% -38.53% 0.00% 60.65 60.55 0.00% 0.00% 0.00 -

03/yy 0.0 #DIV/0! (31.3) 0.00x (30.5) 0.00x

LTM 03/yy 0.0 #DIV/0! (23.2) 0.00x (22.5) 0.00x

0.00 0.76 82.15 0.56 -57.49% -41.32% 0.762 4 2.750 178'939 186'809 180'153

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

06/13 Q2

09/13 Q3

(11.7) (11.5) (11.7) (11.5) 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 |

01.07.2013

Exeter Resource Corp Holdings By:

All

Holder Name VAN ECK ASSOCIATES C GEOLOGIC RESOURCE PA TSP CAPITAL MANAGEME ROWEN COMPANY LTD SUN VALLEY GOLD LLC POLYGON MANAGEMENT L SIMPSON YALE R GLOBAL X MANAGEMENT SPROTT INC LIBRA ADVISORS LLC ROXBURGH BRYCE G RENAISSANCE TECHNOLO WELLS FARGO LOEWS CORPORATION TECHNICAL FINANCIAL ROYCE AND ASSOCIATES LB SWISS INVESTMENT OPPENHEIMER & CO INC FMR LLC PERKINS SIMON RICHAR

Firm Name Salman Partners TD Securities BMO Capital Markets Mine2Capital Inc

Portfolio Name n/a GEOLOGIC RESOURCE PA TSP CAPITAL MANAGEME n/a SUN VALLEY GOLD LLC POLYGON MANAGEMENT L n/a GLOBAL X MANAGEMENT SPROTT INC LIBRA ADVISORS LLC n/a RENAISSANCE TECHNOLO n/a LOEWS CORPORATION TFS CAPITAL LLC ROYCE & ASSOCIATES L Multiple Portfolios OPPENHEIMER & CO INC n/a n/a

Analyst DAVID WEST DANIEL EARLE JOHN P HAYES ALKA SINGH

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

Recommendation speculative buy speculative buy Speculative Underperform sell

Amt Held 6'743'839 3'050'700 2'964'000 2'600'000 2'445'758 2'062'713 1'724'350 1'712'875 1'643'300 1'412'888 1'409'450 920'100 785'000 642'545 637'517 530'200 500'000 412'450 272'300 270'652

% Out 7.63 3.45 3.35 2.94 2.77 2.33 1.95 1.94 1.86 1.6 1.59 1.04 0.89 0.73 0.72 0.6 0.57 0.47 0.31 0.31

Weighting

Change 4 4 2 1

M M M M

Latest Chg 885'959 551'000 5'000 1'712'875 (1'684'900) (134'100) 112'400 242'315 530'200 9'589 (100) 77'000

Target Price 2 1 #N/A N/A 1

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

File Dt 28.06.2013 31.03.2013 31.03.2013 26.04.2013 31.03.2013 31.03.2013 16.05.2013 31.03.2013 31.03.2013 31.03.2013 26.04.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013 28.03.2013 31.03.2013 31.03.2013 02.02.2011

Date 12 month 12 month Not Provided Not Provided

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

Date 19.06.2013 19.06.2013 10.06.2013 04.02.2013

01.07.2013

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 6

1.4 M

1.2 M 1.0 M

Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (27.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 5.50 1.31 207'095.00 1.52 -72.36% 16.03% 5.01% 39.6 60.19 1.63 0.0 0.0 59.84 21.17

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

.6 M

.4 M

.2 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-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% -29.97% -38.71% 0.61% 27.5% 2.9% -7.9% -44.2% 3.63 3.04 1.10% 1.38% 29.61 9.82

Price/ Cash Flow

03/yy 120.3 8.02x 35.4 5.63x 19.2 13.36x

LTM 03/yy 100.0 3.62x 2.9 23.46x (49.3) 0.00x

FY+1

0.00 1.14 33.24 0.55 -67.17% -49.50% 1.136 3 4.333 160'238 121'070 119'966 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 105.0 134.0 2.0 17.0 35.53x 4.44x S&P Issuer Ratings

12.48 -45.23 -14.56 0.57 1.4% 1.4% 0.61 1.23 12.33 37.17 70.32 -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 |

01.07.2013

Richmont Mines Inc Holdings By:

All

Holder Name OXBRIDGE BANK & TRUS RESOLUTE FUNDS LTD VAN ECK ASSOCIATES C CAISSE DE DEPOT ET P RENAISSANCE TECHNOLO CHAMANDY H GREGORY FIERA CAPITAL CORPOR PARADIGM CAPITAL MAN SPROTT INC TECHNICAL FINANCIAL CITIGROUP INCORPORAT US GLOBAL INVESTORS WEISS ASSET MANAGEME FMR LLC CANADA PENSION PLAN HOULE REJEAN CARMEL PAUL R ROYCE AND ASSOCIATES POWER CORP OF CANADA SCHERKUS EBERHARD

Firm Name Desjardins Securities CIBC World Markets Casimir Capital

Portfolio Name n/a n/a n/a CAISSE DE DEPOT ET P RENAISSANCE TECHNOLO n/a FIERA CAPITAL CORPOR PARADIGM CAPITAL MAN SPROTT INC TFS CAPITAL LLC n/a US GLOBAL INVESTORS WEISS ASSET MANAGEME n/a CANADA PENSION PLAN n/a n/a ROYCE & ASSOCIATES L n/a n/a

Analyst ADAM MELNYK KEVIN CHIEW ERIC ALLISON

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

Recommendation buy sector perform overweight

Amt Held 5'016'363 3'617'600 3'048'064 2'730'000 1'999'000 995'509 710'095 675'305 549'500 463'880 416'816 310'000 302'900 230'900 188'200 76'500 63'000 60'900 55'750 50'100

% Out 12.67 9.14 7.7 6.89 5.05 2.51 1.79 1.71 1.39 1.17 1.05 0.78 0.76 0.58 0.48 0.19 0.16 0.15 0.14 0.13

Weighting

Change 5 3 5

Latest Chg 487'600 402'996 (61'300) 14 420'295 2'325 (96'000) 145'038 415'383 50'000 (1'697'100) 85'600 3'000 10'000 (862'865) (9'900)

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 28.06.2013 31.03.2013 31.03.2013 11.01.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 09.03.2012 11.03.2013 31.03.2013 31.03.2013 28.09.2012

Date 3 4 5

Not Provided 12 month 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager n/a Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Pension Fund (ERISA) n/a n/a Investment Advisor Holding Company n/a

Date 19.06.2013 17.06.2013 04.12.2012

01.07.2013

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

70.0 M

60.0 M 50.0 M

Latest Fiscal Year: LTM as of: 52-Week High (30.07.2012) 52-Week Low (21.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.05.2013 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 0.60 0.10 3'180'887.00 0.135 -77.50% 37.76% 2.39% 337.7 45.60 4.24 0.0 0.0 48.76 6.29

30.06.2008 14.9 6.95x 2.2 46.27x 0.6 191.25x

30.0 M

20.0 M

10.0 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40.0 M

Valuation Analysis

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 1.05 307.09 4.03 -72.16% -69.32% 1.046 2 5.000 3'352'008 4'488'522 2'832'075 FY+2

06/13 Y 06/14 Y 127.5 158.3 0.19x 0.09x 24.2 29.4 0.26x 0.21x 2.2 11.7 27.00x 4.09x 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 |

01.07.2013

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 NORGES BANK DIMENSIONAL FUND ADV MACQUARIE GROUP HOULDSWORTH JOSEPH F SCHRODER INVESTMENT VANGUARD INVESTMENTS KENNEDY ROBERT MICHA FMR LLC GORDON IAN JAMES PRUDENTIAL FINANCIAL MERRICKS CAPITAL SPE VANGUARD GROUP INC BLACKROCK BESSEMER GROUP INCOR

Firm Name Ord Minnett Argonaut Securities Pty Ltd Casimir Capital

Portfolio Name n/a n/a n/a n/a n/a 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 DAVID BRENNAN PATRICK CHANG ERIC ALLISON

Source EXCH ULT-AGG EXCH EXCH EXCH Co File MF-AGG ULT-AGG ULT-AGG EXCH MF-AGG MF-AGG EXCH ULT-AGG EXCH ULT-AGG EXCH MF-AGG ULT-AGG MF-AGG

Recommendation buy buy overweight

Amt Held 23'947'605 23'646'913 15'269'179 14'053'269 6'442'856 5'331'984 3'114'406 2'687'685 2'510'025 2'374'259 2'125'196 1'787'654 1'557'144 980'000 796'021 608'253 279'000 180'600 160'134 156'786

% Out 7.09 7 4.52 4.16 1.91 1.58 0.92 0.8 0.74 0.7 0.63 0.53 0.46 0.29 0.24 0.18 0.08 0.05 0.05 0.05

Weighting

Change 5 5 5

Latest Chg (5'818'592) (3'686'804) (6'046'734) (197'128) 256'211 1'526 90'000 (303'000) -

Target Price

M M M

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 14.09.2012 Investment Advisor 16.04.2013 Investment Advisor 21.06.2011 Corporation 27.02.2013 Other 27.08.2012 n/a 31.12.2012 Government 29.03.2013 Investment Advisor 31.08.2011 Investment Advisor 26.05.2011 n/a 31.03.2013 Investment Advisor 30.09.2012 Investment Advisor 27.02.2013 n/a 30.04.2013 Investment Advisor 01.05.2013 n/a 31.05.2013 Investment Advisor 28.07.2010 Other 31.12.2012 Investment Advisor 27.06.2013 Investment Advisor 31.01.2013 Investment Advisor

Date 0 0 1

Not Provided 12 month 12 month

Date 24.06.2013 22.04.2013 06.05.2012

01.07.2013

Golden Minerals Co Golden Minerals Company is a mining company with a focus on exploration, development, providing mining services, and growth through strategic business transactions. The Company manages the San Cristobal silver and zinc mine in Bolivia.

Price/Volume 8

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

7 6 5 4

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.09.2012) 52-Week Low (24.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AUMN US EQUITY YTD Change AUMN US EQUITY YTD % CHANGE

12/2012 03/yy 7.22 1.26 3'145'453.00 1.36 -81.16% 7.94% 1.68% 43.3 58.84 0.00 0.0 0.0 44.65 22.63

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

1.20

2 1 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Market Data

Fiscal Year Ended 31.12.2008 419.5 25.0 (118.2) -

31.12.2009 31.12.2010 12.4 11.2 1.87x 25.16x (14.2) (32.0) 211.3 (33.3) 1.31x Profitability

LTM-4Q 31.12.2011 1.8 86.44x (63.8) (62.7) -

31.12.2012 26.1 5.90x (34.7) (92.0) -34.71 -44.73 -171.46% -383.50% -23.90% -29.03% 0.07% -66.3% -120.9% -162.9% -352.8% 4.12 3.45 0.00% 0.00% 19.96 9.30

03/yy 8.2 98.33x (58.8) 0.00x (56.9) 0.00x

LTM 03/yy 25.5 20.64x (30.9) 0.00x (88.2) 0.00x

FY+1

0.00 1.72 33.75 5.44 -69.84% -70.37% 1.720 3 2.667 1'041'757 431'554 370'435 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 28.0 39.2 5.8 7.5 (24.8) (22.4) (6.2) (5.9) (22.7) (22.1) (6.2) (6.0) S&P Issuer Ratings

0.00 0.0% 0.0% 0.07 0.09 18.29 39.25 49.76 -8.14

Sales/Revenue/Turnover

450.0 400.0

1.00 0.80

350.0 300.0 250.0

0.60

200.0 150.0

0.40 0.20

100.0 50.0 0.0

0.00

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 |

01.07.2013

Golden Minerals Co Holdings By:

All

Holder Name SENTIENT GLB RES IV SENTIENT GLOBAL RESO VAN ECK ASSOCIATES C GILDER GAGNON HOWE BLACKROCK VANGUARD GROUP INC SENTRY SELECT CAPITA CLEVENGER JEFFREY G SPROTT INC STATE STREET NORTHERN TRUST CORPO GLOBAL X MANAGEMENT SGRF III PARALLEL I DIMENSIONAL FUND ADV SUSQUEHANNA INTERNAT BPI FUNDOS GFIM SA/P GEODE CAPITAL MANAGE TIAA CREF INVESTMENT VOGELS ROBERT P SUN VALLEY GOLD LLC

Firm Name Cowen and Company Stonegate Securities Inc TD Securities EVA Dimensions

Portfolio Name n/a n/a n/a GILDER GAGNON HOWE n/a VANGUARD GROUP INC Multiple Portfolios n/a SPROTT INC n/a NORTHERN TRUST CORPO GLOBAL X MANAGEMENT n/a n/a SUSQUEHANNA INTERNAT Multiple Portfolios GEODE CAPITAL MANAGE TIAA-CREF INVESTMENT n/a SUN VALLEY GOLD LLC

Analyst ADAM P GRAF MARCO RODRIGUEZ DANIEL EARLE CRAIG STERLING

Source 13D/PROX 13D/PROX ULT-AGG 13F ULT-AGG 13F MF-AGG Form 4 13F ULT-AGG 13F 13F 13D/PROX ULT-AGG 13F MF-AGG 13F 13F Form 4 13F

Recommendation outperform no rating system reduce underweight

Amt Held 4'483'944 3'582'746 2'834'620 1'640'517 1'477'047 1'065'344 706'350 585'256 513'400 494'651 457'054 441'479 357'044 342'882 254'630 202'002 179'519 169'397 165'331 162'000

% Out 10.36 8.28 6.55 3.79 3.41 2.46 1.63 1.35 1.19 1.14 1.06 1.02 0.83 0.79 0.59 0.47 0.41 0.39 0.38 0.37

Weighting

Change

5 #N/A N/A 2 1

M M M D

Latest Chg 442'156 (67'203) 62'733 (449'632) 44'500 (48'900) (200) (8'854) (7'270) 50'235 (156'257) 2'169 10'600 24'000 -

Target Price 2 #N/A N/A 0 #N/A N/A

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

File Dt Inst Type 28.03.2013 Other 28.03.2013 Other 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 27.06.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2012 Investment Advisor 01.06.2013 n/a 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 28.03.2013 Other 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 01.06.2013 n/a 31.03.2013 Hedge Fund Manager

Date 12 month Not Provided 12 month Not Provided

Date 26.06.2013 24.06.2013 24.06.2013 14.05.2013

01.07.2013

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 1

35.0 M

30.0 M 25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (21.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 1.11 0.10 4'399'249.00 0.105 -90.54% 10.53% 0.99% 335.2 35.20 3.12 0.0 0.0 11.58 42.32

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

15.0 M

10.0 M

5.0 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 8.7 31.33x (44.1) (33.4) -

20.0 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% -7.84% -9.57% 0.46% 14.5% 18.9% -16.2% -9.3% 1.46 0.86 1.17% 1.34% 12.94 7.93

Price/ Cash Flow

03/yy 129.8 20.38x 21.6 20.29x (0.4) 0.00x

LTM 03/yy 131.0 7.45x 24.7 4.15x (22.2) 0.00x

FY+1

0.00 1.62 323.26 0.50 -88.71% -86.36% 1.625 7 2.429 5'237'871 4'975'763 3'290'920 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 131.0 168.0 12.4 25.7 3.40x 1.64x (12.3) 2.5 S&P Issuer Ratings

91.77 -106.87 0.29 1.92 1.3% 1.3% 0.46 0.63 28.21 46.04 33.73 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 |

01.07.2013

San Gold Corp Holdings By:

All

Holder Name BANK OF NOVA SCOTIA UNITED SERVICES AUTO JOHN HANCOCK ADVISER SPROTT INC IG INVESTMENT MANAGE MANULIFE ASSET MANAG WYNNE HUGH FRANKLIN RESOURCES TD ASSET MANAGEMENT FMR LLC LB SWISS INVESTMENT VANGUARD GROUP INC GINN DALE SHARE SICAV BHR FUND ADVISORS LP FORUM INVESTMENT ADV HUBERT BENJAMIN ARTH GLOBAL STRATEGY FINA BOULAY RICHARD A BMO INVESTMENTS INC

Firm Name Cowen and Company TD Securities EVA Dimensions Stonecap Securities Inc CIBC World Markets Mackie Research Capital Corp. BMO Capital Markets National Bank Financial Raymond James

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios

Analyst ADAM P GRAF DANIEL EARLE TIMOTHY STANISH CHRISTOS DOULIS COSMOS CHIU BARRY D ALLAN BRIAN QUAST PAOLO LOSTRITTO FORBES GEMMELL

Source ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG SEDI ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG SEDI MF-AGG MF-AGG MF-AGG SEDI MF-AGG SEDI MF-AGG

Recommendation outperform hold underweight underperform sector underperform buy underperform Under Review Under Review

Amt Held 26'550'000 13'600'000 13'296'317 9'190'700 9'041'600 8'581'053 8'234'002 8'001'200 1'875'000 1'866'900 1'600'000 1'378'186 1'356'140 1'306'600 1'225'000 1'214'755 1'181'200 1'011'203 760'763 700'000

% Out 7.92 4.06 3.97 2.74 2.7 2.56 2.46 2.39 0.56 0.56 0.48 0.41 0.4 0.39 0.37 0.36 0.35 0.3 0.23 0.21

Weighting

Change

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

M M M M M M M M M

Latest Chg (16'975'000) 20'500 2'724'250 74'000 45'000 (193'600) 20'000 176'300 (150'000) 796'340 (50'000) (2'177'100) (100'000) -

Target Price 0 0 #N/A N/A 0 0 0 0 #N/A N/A #N/A N/A

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

File Dt Inst Type 30.04.2013 Bank 28.02.2013 Investment Advisor 30.04.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 18.04.2013 n/a 28.03.2013 Investment Advisor 31.12.2012 Investment Advisor 30.04.2013 Investment Advisor 29.04.2013 Investment Advisor 31.03.2013 Investment Advisor 16.04.2013 n/a 31.12.2012 Investment Advisor 28.03.2013 Investment Advisor 31.12.2012 Investment Advisor 03.05.2011 n/a 28.03.2013 Investment Advisor 01.06.2011 n/a 31.01.2013 Investment Advisor

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

Date 26.06.2013 19.06.2013 06.06.2013 03.06.2013 13.05.2013 13.05.2013 10.05.2013 17.04.2013 05.02.2013

01.07.2013

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

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 (24.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 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 03/yy 2.47 0.32 306'111.00 0.42 -83.00% 31.25% 4.65% 85.7 35.99 0.00 0.0 0.0 16.83 23.17

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 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 0.0 (3.2) (12.8) -

6.0 M

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 -25.71% -27.88% 0.00% 9.69 8.98 0.00% 0.00% 0.00

03/yy 0.0 #DIV/0! (35.7) 0.00x (34.7) 0.00x

LTM 03/yy 0.0 #DIV/0! (30.2) 0.00x (6.8) 0.00x

0.00 1.46 80.41 0.22 -68.42% -75.29% 1.455 11 4.091 473'061 539'007 475'042

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

06/13 Q2

09/13 Q3

(13.9) (5.7) (16.5) (10.1) S&P Issuer Ratings

-1875.44 -1968.91 0.00 0.0% 0.0% 0.00 -61229.90 -

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 |

01.07.2013

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 LITTLE RONALD HALVORSON MICHAEL GLOBAL STRATEGY FINA BMO INVESTMENTS INC LOMBARD ODIER DARIER IG INVESTMENT MANAGE QUANTEX AG AGF INVESTMENTS INC FALCON FUND MANAGEME MARQUIS PASCAL HALCORP CAPITAL LTD FMR LLC SMITH & WILLIAMSON H

Firm Name CIBC World Markets SBG Securities Canaccord Genuity Corp RBC Capital Markets Desjardins Securities BMO Capital Markets Casimir Capital Raymond James GMP National Bank Financial Jennings Capital

Portfolio Name n/a n/a n/a n/a TOCQUEVILLE ASSET MA Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a

Analyst JEFF KILLEEN MICHAEL STARKE NICHOLAS CAMPBELL JONATHAN GUY ADAM MELNYK ANDREW BREICHMANAS STUART MCDOUGALL BRAD HUMPHREY ANDREW MIKITCHOOK PAOLO LOSTRITTO DAN HRUSHEWSKY

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

Recommendation sector perform speculative buy speculative buy sector perform buy market perform speculative buy outperform buy outperform speculative buy

Amt Held 13'394'600 11'225'518 7'183'500 6'459'738 3'425'087 3'001'020 2'093'500 1'840'639 1'531'798 1'455'787 1'121'600 993'762 899'800 890'000 814'125 739'625 658'519 372'720 372'100 360'319

% Out 15.63 13.1 8.38 7.54 4 3.5 2.44 2.15 1.79 1.7 1.31 1.16 1.05 1.04 0.95 0.86 0.77 0.43 0.43 0.42

Weighting

Change 3 4 4 3 5 3 4 5 5 5 4

Latest Chg 1'370'000 (1'894'100) 31'400 (306'950) (23'500) 100'000 (470'400) (20'000) (173'300) 27'270 100'000 -

Target Price

D M 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 01.05.2013 31.03.2013 31.12.2011 28.02.2013 31.03.2013 31.03.2013 30.04.2013 22.04.2013 02.05.2013 28.03.2013 31.01.2013 31.03.2013 28.02.2013 29.03.2013 28.03.2013 28.03.2013 17.02.2012 02.05.2013 30.04.2013 28.03.2013

Date 2 1 1 1 1 2 3 2 2 3 3

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

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

Date 28.06.2013 28.06.2013 25.06.2013 24.06.2013 21.06.2013 20.06.2013 17.06.2013 12.06.2013 29.05.2013 10.05.2013 06.05.2013

01.07.2013

Gran Colombia Gold Corp Gran Colombia Gold Corp. is a mineral exploration and production company. The Company is focused on gold and silver exploration and development in Colombia. Gran Colombia has underground gold and silver mining operations in Colombia.

Price/Volume 12

1.4 M

1.2 M 1.0 M

Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (28.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GCM CN EQUITY YTD Change GCM CN EQUITY YTD % CHANGE

12/2012 03/yy 10.75 1.53 107'034.00 1.86 -82.70% 21.57% 3.58% 15.3 28.42 188.45 0.0 1.0 1.30 197.89

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

31.12.2009 31.12.2010 0.0 0.0 (0.2) (0.2) (0.3) (0.1) Profitability

.4 M

2 0 j-12

.2 M .0 M a-12

LTM-4Q 31.12.2011 137.7 1.81x 1.5 164.64x (37.0) -

31.12.2012 168.2 1.94x 14.8 22.07x (36.2) 14.79 -2.07 -1.23% -23.28% -3.38% -5.43% 0.23% 10.8% 6.7% -3.5% -21.5% 1.39 0.28 24.61% 44.33% 8.83 8.32

Price/ Cash Flow

03/yy 159.6 6.59x 9.6 23.36x (18.0) 0.00x

s-12

o-12

n-12

d-12

LTM 03/yy 163.2 6.31x 10.9 25.13x (23.9) 0.00x

j-13

f-13 m-13

a-13

m-13

j-13

FY+1

0.00 1.71 12.44 0.01 -76.38% -79.33% 1.709 1 4.000 86'101 82'984 58'706 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 169.0 201.0 1.88x 2.42x 7.0 40.0 28.27x 4.95x (24.0) 5.0 5.89x S&P Issuer Ratings

1.68 -4.04 15.59 15.77 44.3% 30.7% 0.23 0.28 41.32 43.86 134.54 -33.90

Sales/Revenue/Turnover

40.00

180.0

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 01.05.2009

.6 M

Fiscal Year Ended 31.12.2008 0.0 (0.2) (0.3) -

.8 M

Valuation Analysis

0.0 01.11.2009

01.05.2010

01.11.2010

01.05.2011

01.11.2011

01.05.2012

01.11.2012

01.05.2013

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 |

01.07.2013

Gran Colombia Gold Corp Holdings By:

All

Holder Name US GLOBAL INVESTORS CAPITAL GROUP COMPAN FRANKLIN RESOURCES ICE ROSE HOLDINGS IACONO SERAFINO LA CAMPA MIGUEL DE FMR LLC TARIBO HOLDINGS LOPEZ AUGUSTO TOSCA ASSETS CORP ORINOQUIA BELT CA DAVIES MICHAEL MONIE HOLLENCREST SECURITI TD ASSET MANAGEMENT TORINO CONSULTANTS MARTINEZ TO HERNAN J VOLK PETER PACHECO MARIO EAST DONALD BRANGER JAIME PEREZ

Firm Name GMP

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 HOLLENCREST SECURITI Multiple Portfolios n/a n/a n/a n/a n/a n/a

Analyst GEORGE V ALBINO

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

Recommendation speculative buy

Amt Held 1'885'406 1'207'000 500'000 326'000 188'016 152'150 70'600 51'380 43'610 40'000 26'624 23'674 18'660 17'563 16'000 14'400 14'246 13'000 10'320 8'874

% Out 12.34 7.9 3.27 2.13 1.23 1 0.46 0.34 0.29 0.26 0.17 0.15 0.12 0.11 0.1 0.09 0.09 0.09 0.07 0.06

Weighting

Change 4

Latest Chg (33'068) 3'960 6'600 5'320 940 23'460 5'200 800 2'400 2'920

Target Price

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

File Dt 17.04.2012 31.03.2013 28.03.2013 25.09.2012 27.09.2012 20.02.2013 30.04.2013 28.01.2013 12.09.2012 30.08.2012 23.08.2012 21.08.2012 31.03.2013 31.12.2012 15.11.2010 26.03.2013 30.04.2013 26.03.2013 06.02.2012 11.06.2012

Date 9

12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Holding Company n/a n/a Investment Advisor Holding Company n/a Other Other n/a Investment Advisor Investment Advisor Other n/a n/a n/a n/a n/a

Date 24.06.2013