Fundamental Analysis & Analyst Recommendations Uranium Exploration & Extraction Universe June 2012 Q.M.S Advisors Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: [email protected] | 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.
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Fundamental Analysis & Analyst Recommendations - Uranium Exploration and Extraction Universe
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Valuation Measures I/IIMarket Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Valuation Measures II/IIEstimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target
Cameco Corporation explores for, develops, mines, refines, converts, and
fabricates uranium for sale as fuel for generating electricity in nuclear powerreactors in Canada and other countries. The Company also operates the Bruce Bnuclear reactors in Ontario, as well as through a subsidiary, explores for,develops, mines, and sells gold.
Latest Fiscal Year: 12/2011LTM as of: 03/yy52-Week High (06.06.2011) 27.6852-Week Low (25.11.2011) 17.25Daily Volume
EBITDA 793.04 Long-Term Rating Date 19.12.2003EBIT 518.21 Long-Term Rating BBB+Operating Margin 21.73% Long-Term Outlook STABLEPretax Margin 18.89% Short-Term Rating Date 19.12.2003Return on Assets 6.00% Short-Term Rating A-2Return on Common Equity 9.37%Return on Capital 8.47% EBITDA/Interest Exp. 10.77Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 1.98
Net Debt/EBITDA -0.21Gross Margin 32.5% Total Debt/EBITDA 1.31EBITDA Margin 33.3%EBIT Margin 21.7% Total Debt/Equity 21.1%Net Income Margin 18.9% Total Debt/Capital 16.9%
Asset Turnover 0.32Current Ratio 3.65 Net Fixed Asset Turnover 0.56Quick Ratio 2.56 Accounts receivable turnover-days 81.18Debt to Assets 13.31% Inventory Days 116.53Tot Debt to Common Equity 21.12% Accounts Payable Turnover Day 98.55Accounts Receivable Turnover 4.50 Cash Conversion Cycle 99.17Inventory Turnover 3.13
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net IncomeP/E
Market Capitalization
Average Daily Trading VolumeRelative Stock Price Performance
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTRADEWINDS GLOBAL IN n/a Co File 32'393'599 8.2 (8'497'795) 30.04.2012 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 17'825'756 4.51 462'915 30.12.2011 Hedge Fund ManagerMANNING & NAPIER ADV MANNING & NAPIER ADV 13F 12'826'189 3.25 2'850'369 31.03.2012 Investment AdvisorJARISLOWSKY FRASER L JARISLOWSKY FRASER L 13F 10'504'868 2.66 (466'478) 31.03.2012 Investment AdvisorNUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 9'348'430 2.37 (3'881'039) 30.04.2012 Investment AdvisorBEUTEL GOODMAN & COM BEUTEL, GOODMAN & CO 13F 8'355'220 2.11 160'068 31.03.2012 Investment AdvisorBLACKROCK INC BLACKROCK INC 13F 6'513'835 1.65 586'001 31.03.2012 Investment AdvisorCAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 6'503'245 1.65 609'800 31.03.2012 Investment AdvisorCAPITAL GUARDIAN TRU CAPITAL GUARDIAN TRU 13F 5'972'987 1.51 (441'400) 31.03.2012 Investment AdvisorIG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 5'701'402 1.44 168'030 31.03.2012 Investment AdvisorMACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 5'528'748 1.4 2'022'957 31.03.2012 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 5'333'861 1.35 1'043'430 31.03.2012 Investment AdvisorCIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 5'145'316 1.3 535'097 31.03.2012 Investment AdvisorBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 4'977'840 1.26 191'034 31.03.2012 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 4'731'482 1.2 84'902 31.03.2012 Investment AdvisorIA CLARINGTON INVEST Multiple Portfolios MF-AGG 4'691'520 1.19 122'000 31.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 4'569'895 1.16 (132'708) 31.03.2012 Investment AdvisorGUARDIAN CAPITAL LP GUARDIAN CAPITAL LP 13F 3'902'709 0.99 (72'686) 31.03.2012 Investment AdvisorFRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 3'781'413 0.96 (273'028) 31.03.2012 Investment AdvisorAGF INVESTMENTS INC AGF INVESTMENTS INC 13F 3'771'493 0.95 1'614'700 31.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date DateCanaccord Genuity Corp OREST WOWKODAW buy 5 M 31 12 month 01.06.2012Salman Partners RAYMOND GOLDIE buy 5 M 43 12 month 30.05.2012Desjardins Securities JOHN F HUGHES buy 5 M 38 12 month 29.05.2012BMO Capital Markets EDWARD STERCK outperform 5 M 29 Not Provided 23.05.2012TD Newcrest GREG BARNES buy 5 M 30 12 month 22.05.2012Dahlman Rose & Co ANTHONY YOUNG buy 5 M 31 Not Provided 21.05.2012RBC Capital Markets FRASER PHILLIPS outperform 5 M 32 12 month 14.05.2012Cormark Securities Inc. MIKE KOZAK buy 5 M 41 12 month 08.05.2012CIBC World Markets IAN PARKINSON sector perform 3 M 37 Not Provided 02.05.2012Gabelli & Co BRIAN CHIN buy 5 M #N/A N/A Not Provided 02.05.2012EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 02.05.2012Credit Suisse RALPH M PROFITI neutral 3 M 28 Not Provided 01.05.2012JPMorgan TYLER LANGTON overweight 5 M 29 6 month 01.05.2012Daiwa Securities Co. Ltd. HIDETOSHI NISHIWAKI neutral 3 M #N/A N/A Not Provided 22.11.2011Paradigm Capital Inc DAVID DAVIDSON buy 5 M 30 12 month 14.02.2011
EBITDA -2.90 Long-Term Rating Date -EBIT -40.00 Long-Term Rating -Operating Margin -14.99% Long-Term Outlook -Pretax Margin -39.39% Short-Term Rating Date -Return on Assets -3.76% Short-Term Rating -Return on Common Equity -7.59%Return on Capital - EBITDA/Interest Exp. -0.08Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -3.63
Net Debt/EBITDA -Gross Margin 16.7% Total Debt/EBITDA -248.17EBITDA Margin -1.1%EBIT Margin -15.0% Total Debt/Equity 56.6%Net Income Margin -30.8% Total Debt/Capital 34.7%
Asset Turnover 0.12Current Ratio 2.77 Net Fixed Asset Turnover 0.38Quick Ratio 0.99 Accounts receivable turnover-days 9.71Debt to Assets 29.94% Inventory Days 235.72Tot Debt to Common Equity 56.60% Accounts Payable Turnover Day 83.59Accounts Receivable Turnover 37.58 Cash Conversion Cycle 161.85Inventory Turnover 1.55
Fiscal Year Ended
Paladin Energy LtdPrice/Volume
Valuation Analysis
5'277'339.00Current Price (6/dd/yy) Market Data
Net IncomeP/E
Market Capitalization
Average Daily Trading VolumeRelative Stock Price Performance
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeNEWMONT MINING CORP n/a Co File 52'097'937 6.23 - 16.09.2011 CorporationL1 CAPITAL PTY LTD n/a EXCH 44'135'468 5.28 - 17.02.2012 Mutual Fund ManagerNATIONAL AUSTRALIA B n/a EXCH 41'932'448 5.02 21'028 14.02.2012 BankUBS AG n/a EXCH 39'980'126 4.78 (2'257'895) 07.05.2012 Investment AdvisorGE ASSET MANAGEMENT n/a EXCH 37'554'068 4.49 - 06.01.2011 Investment AdvisorBORSHOFF JOHN n/a Co File 21'877'394 2.62 - 31.08.2011 n/aFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 20'715'383 2.48 120'688 30.04.2012 Investment AdvisorGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 18'433'218 2.21 - 30.04.2012 Investment AdvisorIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 8'687'500 1.04 (400'000) 29.02.2012 Investment AdvisorCRABB RICK WAYNE n/a Co File 4'881'528 0.58 - 31.08.2011 n/aVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 4'567'121 0.55 13'171 30.03.2012 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 4'103'025 0.49 (11'051) 31.03.2012 Investment AdvisorCI INVESTMENTS INC Multiple Portfolios MF-AGG 3'884'075 0.46 (8'198'642) 30.06.2011 Hedge Fund ManagerTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'757'200 0.45 913'037 31.12.2011 Investment AdvisorKLEINHEINZ CAPITAL P KLEINHEINZ CAPITAL P 13F 3'750'000 0.45 750'000 31.03.2012 Hedge Fund ManagerVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 2'493'389 0.3 - 01.06.2012 Investment AdvisorMIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 2'125'000 0.25 (175'000) 30.03.2012 Mutual Fund ManagerMANNING & NAPIER ADV Multiple Portfolios MF-AGG 2'120'710 0.25 - 30.04.2012 Investment AdvisorSWABY GILLIAN n/a SEDI 2'081'655 0.25 (755'000) 12.09.2011 n/aFEDERATED INVESTORS Multiple Portfolios MF-AGG 2'000'000 0.24 2'000'000 31.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date DateCommonwealth Bank ANDREW KNUCKEY hold 3 M 2 12 month 04.06.2012Canaccord Genuity Corp OREST WOWKODAW buy 5 M 3 12 month 01.06.2012Haywood Securities Inc. GEORDIE MARK sector outperform 5 M 2 12 month 01.06.2012Salman Partners PATRICK DONNELLY Under Review #N/A N/A M #N/A N/A Not Provided 30.05.2012Deutsche Bank PAUL-D YOUNG buy 5 U 2 12 month 25.05.2012Cormark Securities Inc. MIKE KOZAK buy 5 M 4 12 month 23.05.2012BMO Capital Markets EDWARD STERCK market perform 3 M 2 Not Provided 18.05.2012JPMorgan MARK BUSUTTIL overweight 5 M 3 6 month 17.05.2012RBC Capital Markets ADAM SCHATZKER sector perform 3 M 2 12 month 16.05.2012Macquarie MARTIN STULPNER neutral 3 U 1 12 month 16.05.2012Dundee Securities Corp DAVID A TALBOT buy 5 M 3 12 month 16.05.2012Credit Suisse RALPH M PROFITI outperform 5 M 3 Not Provided 15.05.2012CIBC World Markets IAN PARKINSON sector outperform 5 M 4 Not Provided 15.05.2012Paterson Securities SIMON TONKIN sell 1 M 1 12 month 15.05.2012EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 15.05.2012E.L. & C. Baillieu RAY CHANTRY hold 3 M 2 12 month 17.04.2012Ambrian Partners Ltd ADAM KILEY hold 3 N 2 Not Provided 12.04.2012Austock Securities ANDREW SHEARER buy 5 M 3 Not Provided 16.02.2012Argonaut Securities Pty Ltd TROY IRVIN speculative buy 4 M 2 12 month 15.02.2012Paradigm Capital Inc DAVID DAVIDSON hold 3 D 5 12 month 16.11.2010
EBITDA 331.70 Long-Term Rating Date 11.11.2011EBIT 206.50 Long-Term Rating BB-Operating Margin 38.93% Long-Term Outlook STABLEPretax Margin 28.53% Short-Term Rating Date -Return on Assets 2.83% Short-Term Rating -Return on Common Equity 4.54%Return on Capital 5.24% EBITDA/Interest Exp. 6.73Asset Turnover 0.17% (EBITDA-Capex)/Interest Exp. 3.65
Net Debt/EBITDA -1.22Gross Margin 49.5% Total Debt/EBITDA 0.65EBITDA Margin 62.5%EBIT Margin 38.9% Total Debt/Equity 10.8%Net Income Margin 16.7% Total Debt/Capital 9.7%
Asset Turnover 0.17Current Ratio 6.30 Net Fixed Asset Turnover 0.24Quick Ratio 5.61 Accounts receivable turnover-days 83.10Debt to Assets 6.49% Inventory Days 123.48Tot Debt to Common Equity 10.75% Accounts Payable Turnover Day 81.82Accounts Receivable Turnover 4.39 Cash Conversion Cycle 124.76Inventory Turnover 2.96
Fiscal Year Ended
Uranium One IncPrice/Volume
Valuation Analysis
1'832'025.00Current Price (6/dd/yy) Market Data
Net IncomeP/E
Market Capitalization
Average Daily Trading VolumeRelative Stock Price Performance
Firm Name Analyst Recommendation Weighting Change Target Price Date DateRBC Capital Markets ADAM SCHATZKER outperform 5 M 4 12 month 04.06.2012Canaccord Genuity Corp OREST WOWKODAW buy 5 M 4 12 month 01.06.2012Desjardins Securities JOHN F HUGHES buy 5 M 5 12 month 29.05.2012IFG Continent ERLAN ABDIKARIMOV buy 5 M 6 Not Provided 28.05.2012EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 24.05.2012Halyk Finance MARIYAM ZHUMADIL buy 5 M 3 12 month 11.05.2012BMO Capital Markets EDWARD STERCK outperform 5 M 5 Not Provided 09.05.2012Cormark Securities Inc. MIKE KOZAK market perform 3 M 6 12 month 09.05.2012JPMorgan TYLER LANGTON overweight 5 M 5 6 month 08.05.2012CIBC World Markets IAN PARKINSON sector outperform 5 M 6 Not Provided 08.05.2012Dundee Securities Corp DAVID A TALBOT buy 5 M 5 12 month 08.05.2012Credit Suisse RALPH M PROFITI outperform 5 M 5 Not Provided 07.05.2012Troika Dialog MIKHAIL STISKIN hold 3 M 4 12 month 07.03.2012Visor Capital LEILA KULBAYEVA buy 5 M 5 12 month 28.02.2012Renaissance Capital MIKHAIL SAFIN Under Review #N/A N/A M #N/A N/A Not Provided 17.01.2012Paradigm Capital Inc DAVID DAVIDSON buy 5 M 5 12 month 09.11.2011Broker Credit Service OLEG PETROPAVLOVSKIY hold 3 M 7 2 month 14.03.2011
EBITDA 0.73 Long-Term Rating Date -EBIT -39.25 Long-Term Rating -Operating Margin -40.54% Long-Term Outlook -Pretax Margin -74.29% Short-Term Rating Date -Return on Assets -13.79% Short-Term Rating -Return on Common Equity -15.34%Return on Capital - EBITDA/Interest Exp. 19.32Asset Turnover 0.19% (EBITDA-Capex)/Interest Exp. -619.47
Net Debt/EBITDA -72.61Gross Margin -6.6% Total Debt/EBITDA 0.30EBITDA Margin 0.8%EBIT Margin -40.5% Total Debt/Equity 0.0%Net Income Margin -73.2% Total Debt/Capital 0.0%
Asset Turnover 0.19Current Ratio 9.28 Net Fixed Asset Turnover 0.27Quick Ratio 5.86 Accounts receivable turnover-days 62.00Debt to Assets 0.04% Inventory Days 115.41Tot Debt to Common Equity 0.05% Accounts Payable Turnover Day 38.15Accounts Receivable Turnover 5.89 Cash Conversion Cycle 139.26Inventory Turnover 3.16
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net IncomeP/E
Market Capitalization
Average Daily Trading VolumeRelative Stock Price Performance
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeKEPCO CANADA URANIUM n/a PROXY 58'000'000 15.08 - 14.03.2011 CorporationDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 8'281'048 2.15 2'326'275 31.07.2011 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 5'616'143 1.46 (66'202) 31.03.2012 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 4'828'958 1.26 988'300 31.03.2012 Pension Fund (ERISA)ANDREEFF EQUITY ADVI ANDREEFF EQUITY ADVI 13F 3'681'653 0.96 (40'971) 31.03.2012 Hedge Fund ManagerPUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 2'845'600 0.74 - 31.03.2012 Investment AdvisorNORGES BANK NORGES BANK 13F 2'755'701 0.72 2'755'701 31.12.2011 GovernmentVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 2'377'169 0.62 - 01.06.2012 Investment AdvisorCQS CAYMAN LP CQS CAYMAN LP 13F 2'360'000 0.61 - 31.03.2012 Investment AdvisorTD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 2'308'400 0.6 378'900 31.03.2012 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 2'207'593 0.57 (74'035) 31.03.2012 Investment AdvisorBLACKROCK INC BLACKROCK INC 13F 1'895'772 0.49 182'652 31.03.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1'895'164 0.49 175'300 31.03.2012 Investment AdvisorGOODMAN & CO INVESTM Multiple Portfolios MF-AGG 1'500'000 0.39 1'500'000 30.06.2011 Hedge Fund ManagerLUNDIN LUKAS HENRIK n/a SEDI 1'050'000 0.27 300'000 31.03.2011 n/aINVESCO LTD INVESCO LTD 13F 1'043'608 0.27 (112'949) 31.03.2012 Investment AdvisorOMERS ADMINISTRATION OMERS ADMINISTRATION 13F 993'530 0.26 (590'400) 31.03.2012 Pension Fund (ERISA)HOCHSTEIN RONALD F n/a SEDI 918'000 0.24 10'000 23.12.2010 n/aASTON HILL ASSET MAN Multiple Portfolios MF-AGG 827'454 0.22 33'000 31.12.2011 Investment AdvisorROYAL BANK OF CANADA ROYAL BANK OF CANADA 13F 673'740 0.18 (637'211) 31.03.2012 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date DateHaywood Securities Inc. GEORDIE MARK restricted #N/A N/A M #N/A N/A Not Provided 01.06.2012Salman Partners PATRICK DONNELLY Under Review #N/A N/A M #N/A N/A Not Provided 30.05.2012Cormark Securities Inc. MIKE KOZAK buy 5 M 3 12 month 29.05.2012TD Newcrest CRAIG MILLER reduce 2 M 1 12 month 22.05.2012Dahlman Rose & Co ANTHONY YOUNG hold 3 M #N/A N/A Not Provided 21.05.2012BMO Capital Markets EDWARD STERCK market perform 3 M 2 Not Provided 10.05.2012RBC Capital Markets ADAM SCHATZKER sector perform 3 M 2 12 month 10.05.2012CIBC World Markets IAN PARKINSON sector underperform 1 M 2 Not Provided 10.05.2012Credit Suisse RALPH M PROFITI neutral 3 M 2 Not Provided 09.05.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 19.04.2012Paradigm Capital Inc DAVID DAVIDSON buy 5 U 2 12 month 18.04.2012Toll Cross Securities STEVE KING Under Review #N/A N/A M #N/A N/A Not Provided 08.11.2010
Energy Resources of Australia Limited is a uranium company which mines,
processes and sells uranium oxide from the Ranger mine in the Northern Territoryand uranium concentrates sourced outside Australia to nuclear electric utilitiesin Japan, South Korea, Europe and North America. The Company also providesenvironmental consulting services.
Latest Fiscal Year: 12/2011LTM as of: 01/yy52-Week High (01.08.2011) 3.2252-Week Low (09.01.2012) 1.14Daily Volume
EBITDA -68.18 Long-Term Rating Date -EBIT -194.11 Long-Term Rating -Operating Margin -29.80% Long-Term Outlook -Pretax Margin -31.68% Short-Term Rating Date -Return on Assets -9.11% Short-Term Rating -Return on Common Equity -13.72%Return on Capital - EBITDA/Interest Exp. -32.31Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. -78.49
Net Debt/EBITDA -Gross Margin 25.6% Total Debt/EBITDA 0.00EBITDA Margin -10.5%EBIT Margin -29.8% Total Debt/Equity 0.0%Net Income Margin -23.6% Total Debt/Capital 0.0%
Asset Turnover 0.39Current Ratio 7.08 Net Fixed Asset Turnover 0.77Quick Ratio 5.91 Accounts receivable turnover-days 35.43Debt to Assets 0.00% Inventory Days 99.63Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 55.36Accounts Receivable Turnover 10.30 Cash Conversion Cycle 79.71Inventory Turnover 3.66
Fiscal Year Ended
Energy Resources of Australia LtdPrice/Volume
Valuation Analysis
2'056'495.00Current Price (6/dd/yy) Market Data
Net IncomeP/E
Market Capitalization
Average Daily Trading VolumeRelative Stock Price Performance
Firm Name Analyst Recommendation Weighting Change Target Price Date DateCredit Suisse MATTHEW HOPE underperform 1 M 1 Not Provided 25.05.2012Macquarie LEE BOWERS underperform 1 M 1 12 month 17.05.2012BMO Capital Markets EDWARD STERCK market perform 3 M 2 Not Provided 19.04.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 19.04.2012JPMorgan MARK BUSUTTIL neutral 3 M 2 6 month 17.04.2012RBC Capital Markets ADAM SCHATZKER underperform 1 M 2 12 month 10.04.2012Commonwealth Bank ANDREW HINES sell 1 M 1 12 month 10.04.2012Investec TIM GERRARD hold 3 M 2 12 month 07.11.2011E.L. & C. Baillieu RAY CHANTRY hold 3 M 2 12 month 13.10.2011
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSPROTT INC n/a Co File 17'587'402 15.08 8'696'569 31.12.2011 Hedge Fund ManagerGOODMAN & CO INVESTM Multiple Portfolios MF-AGG 11'922'000 10.22 7'270'300 30.06.2011 Hedge Fund ManagerGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 11'780'208 10.1 - 30.04.2012 Investment AdvisorNED GOODMAN INVESTME n/a Co File 8'800'000 7.54 - 31.10.2011 Investment AdvisorPINETREE CAPITAL LTD n/a SEDI 7'927'500 6.8 500'000 24.12.2010 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 4'650'000 3.99 - 29.02.2012 Investment AdvisorMIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 1'500'000 1.29 (200'000) 30.03.2012 Mutual Fund ManagerFEDERATED INVESTORS Multiple Portfolios MF-AGG 1'020'000 0.87 - 31.03.2012 Investment AdvisorINWENTASH SHELDON n/a SEDI 1'006'250 0.86 (25'000) 26.12.2010 n/aKOTTMEIER KARL n/a SEDI 718'231 0.62 20'000 10.04.2012 n/aAMBROSE ALLEN V n/a SEDI 650'000 0.56 (50'000) 24.01.2012 n/aWARNER LORNE n/a SEDI 292'000 0.25 (10'000) 03.03.2011 n/aIFM - INDEPENDENT FU Multiple Portfolios MF-AGG 200'000 0.17 - 26.03.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 127'002 0.11 - 31.05.2012 Investment AdvisorHYDE BRYAN n/a SEDI 100'000 0.09 - 19.05.2011 n/aFORD EDWARD DOUGLAS n/a SEDI 98'000 0.08 - 06.02.2012 n/aFORD DOUGLAS E n/a SEDI 90'000 0.08 - 30.04.2009 n/aJP MORGAN CHASE & CO Multiple Portfolios MF-AGG 86'000 0.07 - 30.04.2012 Investment AdvisorCITY OF LONDON INVES Multiple Portfolios MF-AGG 50'000 0.04 50'000 29.07.2011 Investment AdvisorGOOD TIMES ENTERPRIS n/a SEDI 50'000 0.04 - 05.04.2011 Other
Firm Name Analyst Recommendation Weighting Change Target Price Date DateGMP ANDREW MIKITCHOOK buy 5 N 2 Not Provided 09.05.2012Dundee Securities Corp DAVID A TALBOT buy 5 M 3 12 month 26.04.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 5'019'400 6.61 109'200 31.03.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 3'709'094 4.88 210'257 31.03.2012 Investment AdvisorHUBER CAPITAL MANAGE HUBER CAPITAL MGMT L 13F 3'221'458 4.24 653'830 31.03.2012 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 2'606'503 3.43 (379'671) 31.03.2012 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 2'191'906 2.89 (57'168) 31.03.2012 Investment AdvisorADNANI AMIR n/a PROXY 1'745'301 2.3 - 25.05.2010 n/aCQS CAYMAN LP CQS CAYMAN LP 13F 1'628'926 2.14 50'000 31.03.2012 Investment AdvisorBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 1'597'069 2.1 39 31.03.2012 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 1'381'803 1.82 57'378 31.03.2012 Investment AdvisorLINDSAY ALAN PETER n/a PROXY 1'306'287 1.72 - 25.05.2010 n/aYANCEY CLYDE L n/a Form 4 1'160'136 1.53 (30'000) 06.02.2012 n/aVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 1'090'471 1.44 189'221 31.03.2012 Investment AdvisorJUPITER ASSET MANAGE JUPITER ASSET MANAGE 13F 1'000'000 1.32 7'858 31.03.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 968'049 1.27 42'605 31.03.2012 Investment AdvisorCIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 943'568 1.24 - 31.12.2011 Investment AdvisorJUPITER ASSET MANAGE Multiple Portfolios MF-AGG 842'142 1.11 (26'248) 30.11.2011 Investment AdvisorANTHONY IV HARRY L n/a Form 4 822'500 1.08 (12'918) 18.02.2010 n/aCLEARBRIDGE ADVISORS CLEARBRIDGE ADVISORS 13F 664'008 0.87 (44'859) 31.03.2012 Investment AdvisorPERRITT CAPITAL MANA PERRITT CAPITAL MANA 13F 653'100 0.86 - 31.03.2012 Investment AdvisorWELLINGTON SHIELDS & WELLINGTON SHIELDS & 13F 647'000 0.85 (94'200) 31.03.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date DateDahlman Rose & Co ANTHONY YOUNG buy 5 N 3 12 month 05.06.2012Haywood Securities Inc. GEORDIE MARK sector perform 3 M 3 12 month 01.06.2012Global Hunter Securities JEFF WRIGHT accumulate 4 M 5 12 month 16.05.2012RBC Capital Markets ADAM SCHATZKER underperform 1 M 3 12 month 08.05.2012Dundee Securities Corp DAVID A TALBOT buy 5 M 5 12 month 08.05.2012CIBC World Markets IAN PARKINSON sector perform 3 M 5 Not Provided 29.04.2012McNicoll Lewis & Vlak LLC RICHARD A VERDI buy 5 N 6 12 month 24.02.2012EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 18.01.2012Prosdocimi TEAM COVERAGE buy 5 M 10 Not Provided 25.11.2010
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 16'376'450 13.53 2'000'000 31.03.2012 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 6'988'601 5.77 3'151'343 31.03.2012 Investment AdvisorBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 2'188'575 1.81 4'309 31.03.2012 Investment AdvisorAUSTIN W MARXE AND D AUSTIN W MARXE AND D 13F 1'900'000 1.57 1'900'000 31.03.2012 Hedge Fund ManagerKLENDA JEFFREY T n/a SEDI 1'576'147 1.3 16'247 22.02.2012 n/aSTATE STREET CORP STATE STREET CORPORA 13F 1'491'380 1.23 56'454 31.03.2012 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 1'213'781 1 (50'607) 31.03.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'136'765 0.94 23'433 31.03.2012 Investment AdvisorTHE BANK OF NOVA SCO THE BANK OF NOVA SCO 13F 939'000 0.78 500'000 31.03.2012 Investment AdvisorASTON HILL ASSET MAN Multiple Portfolios MF-AGG 809'490 0.67 - 31.12.2011 Investment AdvisorBOBERG WALTER WILLIA n/a SEDI 590'662 0.49 11'197 22.02.2012 n/aCQS CAYMAN LP CQS CAYMAN LP 13F 550'000 0.45 - 31.03.2012 Investment AdvisorTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 519'112 0.43 (26'000) 31.03.2012 Investment AdvisorFRANKLIN JAMES M n/a SEDI 455'011 0.38 5'011 22.02.2012 n/aDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 394'885 0.33 2'458 31.03.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 360'058 0.3 (794'390) 31.07.2011 Investment AdvisorANDREEFF EQUITY ADVI ANDREEFF EQUITY ADVI 13F 358'516 0.3 (46'147) 31.03.2012 Hedge Fund ManagerMIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 275'000 0.23 (1'675'000) 30.03.2012 Mutual Fund ManagerBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 249'910 0.21 (1'480) 31.03.2012 Investment AdvisorTORONTO DOMINION BAN TORONTO DOMINION BAN 13F 235'500 0.19 - 31.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date DateHaywood Securities Inc. GEORDIE MARK sector outperform 5 M 2 12 month 01.06.2012RBC Capital Markets ADAM SCHATZKER outperform 5 M 2 12 month 01.05.2012Dundee Securities Corp DAVID A TALBOT buy 5 M 2 12 month 01.05.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeHAYWOOD SECURITIES n/a 13G 5'201'800 6.74 2'547'900 21.09.2011 Investment AdvisorDEANS KNIGHT CAPITAL n/a 13G 4'426'900 5.74 - 31.12.2011 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 4'172'689 5.41 1'275'543 31.03.2012 Investment AdvisorHIGGS DENNIS L n/a Form 4 3'875'000 5.02 - 09.03.2011 n/aDISBROW ROBERT n/a 13G 2'710'000 3.51 1'485'000 21.09.2011 n/aCATCHPOLE GLENN n/a Form 4 1'452'100 1.88 - 15.02.2012 n/aBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 1'376'361 1.78 27'593 31.03.2012 Investment AdvisorHIGHFIELDS CAPITAL M HIGHFIELDS CAPITAL M 13F 1'337'017 1.73 337'017 31.03.2012 Hedge Fund ManagerSTATE STREET CORP STATE STREET CORPORA 13F 928'512 1.2 47'181 31.03.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 923'524 1.2 247'798 31.03.2012 Investment AdvisorHARTMAN GEORGE n/a Form 4 761'900 0.99 10'000 18.05.2012 n/aBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 745'235 0.97 (40'660) 31.03.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 731'851 0.95 21'600 31.03.2012 Investment AdvisorCQS CAYMAN LP CQS CAYMAN LP 13F 728'181 0.94 78'181 31.03.2012 Investment AdvisorMIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 650'000 0.84 (475'000) 30.03.2012 Mutual Fund ManagerCIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 625'869 0.81 - 31.12.2011 Investment AdvisorKIRCHNER GERHARD n/a Form 4 427'122 0.55 - 20.01.2012 n/aRBC DOMINION SECURIT RBC DOMINION SECURIT 13F 424'268 0.55 (1'789) 31.03.2012 Investment AdvisorANDREEFF EQUITY ADVI ANDREEFF EQUITY ADVI 13F 360'499 0.47 (38'584) 31.03.2012 Hedge Fund ManagerTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 309'206 0.4 8'410 31.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date DateDahlman Rose & Co ANTHONY YOUNG buy 5 M 3 12 month 05.06.2012Haywood Securities Inc. GEORDIE MARK sector outperform 5 M 5 12 month 01.06.2012Dundee Securities Corp DAVID A TALBOT buy 5 M 4 12 month 26.04.2012Global Hunter Securities JEFF WRIGHT accumulate 4 N 4 12 month 01.03.2012
EBITDA -2.91 Long-Term Rating Date -EBIT -2.95 Long-Term Rating -Operating Margin -7998.03% Long-Term Outlook -Pretax Margin -9177.68% Short-Term Rating Date -Return on Assets -10.69% Short-Term Rating -Return on Common Equity -13.32%Return on Capital - EBITDA/Interest Exp. -Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA 0.00EBITDA Margin -7879.2%EBIT Margin -7998.0% Total Debt/Equity 0.0%Net Income Margin -9177.7% Total Debt/Capital 0.0%
Asset Turnover 0.00Current Ratio 16.14 Net Fixed Asset Turnover 0.04Quick Ratio 14.73 Accounts receivable turnover-days -Debt to Assets 0.00% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net IncomeP/E
Market Capitalization
Average Daily Trading VolumeRelative Stock Price Performance
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMACQUARIE GROUP LTD n/a EXCH 51'289'430 12.78 6'804'620 16.05.2012 Investment AdvisorO'SULLIVAN DOMINIC n/a SEDI 28'286'008 7.05 - 14.05.2012 n/aEYE INVESTMENT FUND n/a EXCH 18'777'298 4.68 (2'222'702) 03.11.2011 n/aPINETREE RESOURCE PA n/a EXCH 18'250'000 4.55 (4'250'000) 14.03.2012 n/aPINETREE CAPITAL LTD n/a EXCH 15'500'000 3.86 (16'869'549) 29.06.2011 Investment AdvisorACORN CAPITAL LTD n/a EXCH 13'632'983 3.4 (1'700'000) 14.01.2011 Investment AdvisorGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 9'949'571 2.48 - 30.04.2012 Investment AdvisorMONTI RICHARD n/a SEDI 9'043'651 2.25 - 14.05.2012 n/aFIRST STATE INVESTME Multiple Portfolios MF-AGG 3'243'833 0.81 - 29.02.2012 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 2'500'000 0.62 - 31.12.2011 Investment AdvisorVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 1'727'600 0.43 1'727'600 30.03.2012 Mutual Fund ManagerBHR FUND ADVISORS LP Multiple Portfolios MF-AGG 1'000'000 0.25 - 29.02.2012 Investment AdvisorWARD JOSHUA SCOTT n/a SEDI 909'139 0.23 - 14.05.2012 n/aLARSON BRUCE EDWIN n/a EXCH 735'000 0.18 - 18.02.2011 n/aHUNT MICHAEL WILLIA n/a EXCH 732'631 0.18 55'000 04.04.2012 n/aFIRST STATE INVESTME Multiple Portfolios MF-AGG 609'709 0.15 (9'978) 29.02.2012 Mutual Fund ManagerFELTON DEAN n/a SEDI 167'262 0.04 - 14.05.2012 n/aBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 76'654 0.02 - 31.05.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 12'771 0 1'839 29.02.2012 Investment AdvisorAUSTRALIAN INDEX INV Multiple Portfolios MF-AGG 3'403 0 - 31.05.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date DatePaterson Securities ALEX PASSMORE speculative buy 4 M 1 12 month 31.05.2012Argonaut Securities Pty Ltd PATRICK CHANG speculative buy 4 M 1 Not Provided 31.05.2012Bell Potter STEPHEN THOMAS accumulate 4 D 1 12 month 01.02.2012
EBITDA -197.30 Long-Term Rating Date 15.05.2012EBIT -247.40 Long-Term Rating CCC+ *-Operating Margin -14.80% Long-Term Outlook -Pretax Margin -15.46% Short-Term Rating Date 26.10.2000Return on Assets -14.62% Short-Term Rating NRReturn on Common Equity -52.34%Return on Capital - EBITDA/Interest Exp. -4.38Asset Turnover 0.45% (EBITDA-Capex)/Interest Exp. -7.78
Net Debt/EBITDA -Gross Margin 5.0% Total Debt/EBITDA -3.12EBITDA Margin -11.8%EBIT Margin -14.8% Total Debt/Equity 81.7%Net Income Margin -32.3% Total Debt/Capital 45.0%
Asset Turnover 0.45Current Ratio 1.39 Net Fixed Asset Turnover 1.38Quick Ratio 0.13 Accounts receivable turnover-days 51.37Debt to Assets 17.33% Inventory Days 376.41Tot Debt to Common Equity 81.74% Accounts Payable Turnover Day 29.38Accounts Receivable Turnover 7.10 Cash Conversion Cycle 398.41Inventory Turnover 0.97
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net IncomeP/E
Market Capitalization
Average Daily Trading VolumeRelative Stock Price Performance
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 8'386'701 6.88 (16'144) 31.03.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 6'738'954 5.53 369'042 31.03.2012 Investment AdvisorGUGGENHEIM CAPITAL L GUGGENHEIM CAPITAL L 13F 6'623'350 5.43 (40'006) 31.03.2012 Investment AdvisorGLOBAL X MANAGEMENT GLOBAL X MANAGEMENT 13F 6'218'127 5.1 2'695'278 31.03.2012 Investment AdvisorNOBLE GROUP LTD n/a 13D/PROX 5'848'940 4.8 - 04.03.2011 CorporationDONALD SMITH & CO IN DONALD SMITH & CO IN 13F 4'884'442 4.01 45 31.03.2012 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 2'965'846 2.43 (114'441) 31.03.2012 Investment AdvisorLSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 2'859'269 2.34 (31'900) 31.03.2012 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 2'323'697 1.91 3'666 31.03.2012 Investment AdvisorZPR INVESTMENT MANAG ZPR INVESTMENT MANAG 13F 2'317'540 1.9 2'317'540 31.03.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2'243'106 1.84 76'716 31.03.2012 Investment AdvisorBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 2'159'325 1.77 - 31.03.2012 Investment AdvisorWELCH JOHN K n/a Form 4 1'969'537 1.62 - 08.05.2012 n/aVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 1'760'158 1.44 299'237 31.03.2012 Investment AdvisorAQR CAPITAL MANAGEME AQR CAPITAL MANAGEME 13F 1'684'164 1.38 1'684'164 31.03.2012 Hedge Fund ManagerRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 1'518'775 1.25 (529'686) 31.03.2012 Hedge Fund ManagerJACOBS LEVY EQUITY M JACOBS LEVY EQUITY M 13F 1'347'876 1.11 (502'600) 31.03.2012 Investment AdvisorWCM INVESTMENT MANAG WCM INVESTMENT MANAG 13F 1'253'260 1.03 (83'362) 31.03.2012 Investment AdvisorSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'000'000 0.82 - 31.12.2011 Investment AdvisorPROXIMA CAPITAL MANA PROXIMA CAPITAL MANA 13F 875'000 0.72 (25'000) 31.03.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date DateJefferies LAURENCE ALEXANDER hold 3 M 1 12 month 03.05.2012EVA Dimensions TEAM COVERAGE hold 3 M #N/A N/A Not Provided 18.11.2011
EBITDA -12.16 Long-Term Rating Date -EBIT -12.41 Long-Term Rating -Operating Margin - Long-Term Outlook -Pretax Margin - Short-Term Rating Date -Return on Assets -14.70% Short-Term Rating -Return on Common Equity -16.96%Return on Capital - EBITDA/Interest Exp. -7.05Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -7.22
Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -0.79EBITDA Margin -EBIT Margin - Total Debt/Equity 13.7%Net Income Margin - Total Debt/Capital 12.1%
Asset Turnover 0.00Current Ratio 1.38 Net Fixed Asset Turnover 0.00Quick Ratio 1.34 Accounts receivable turnover-days -Debt to Assets 11.83% Inventory Days -Tot Debt to Common Equity 13.70% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -
Fiscal Year Ended
Bannerman Resources LtdPrice/Volume
Valuation Analysis
365'595.00Current Price (6/dd/yy) Market Data
Net IncomeP/E
Market Capitalization
Average Daily Trading VolumeRelative Stock Price Performance
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeRESOURCE CAPITAL FUN n/a EXCH 23'338'765 7.79 8'888'888 23.12.2011 Private EquityJONES CLIVE BRUCE n/a EXCH 15'206'940 5.08 - 06.02.2012 n/aGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 11'647'135 3.89 - 30.04.2012 Investment AdvisorBATTEN PETER J R n/a Co File 7'006'940 2.34 - 07.09.2011 n/aWATER ISLAND CAPITAL Multiple Portfolios MF-AGG 4'424'021 1.48 493'968 29.02.2012 Investment AdvisorMIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 1'360'000 0.45 - 30.06.2011 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 967'352 0.32 782'367 31.07.2011 Investment AdvisorROBECO FUND MANAGEME Multiple Portfolios MF-AGG 823'891 0.28 - 30.03.2012 Investment AdvisorSTARCAP AG Multiple Portfolios MF-AGG 600'000 0.2 - 30.12.2011 Investment AdvisorASTON HILL ASSET MAN Multiple Portfolios MF-AGG 595'165 0.2 - 31.12.2011 Investment AdvisorHSBC TRINKAUS INVEST Multiple Portfolios MF-AGG 500'000 0.17 200'000 28.02.2011 Mutual Fund ManagerJUBBER LEONARD STANL n/a EXCH 357'099 0.12 61'159 06.02.2012 n/aTUCKER DAVID n/a EXCH 168'099 0.06 61'159 06.02.2012 n/aBEEVOR RONALD HUGH n/a EXCH 111'159 0.04 61'159 06.02.2012 n/aBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 107'928 0.04 - 31.01.2012 Investment AdvisorTURNEY JOHN n/a SEDI 81'159 0.03 61'159 08.02.2012 n/aMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 67'677 0.02 (368'160) 30.06.2011 Mutual Fund ManagerPRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 32'390 0.01 - 31.12.2011 Insurance CompanyKERR PETER n/a Co File 26'000 0.01 - 30.06.2011 n/aDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 21'815 0.01 - 29.02.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date DateHaywood Securities Inc. GEORDIE MARK sector outperform 5 M 1 12 month 01.06.2012Salman Partners PATRICK DONNELLY Under Review #N/A N/A M #N/A N/A Not Provided 30.05.2012BMO Capital Markets EDWARD STERCK market perform 3 M #N/A N/A Not Provided 10.04.2012Argonaut Securities Pty Ltd TROY IRVIN speculative buy 4 M 0 12 month 10.04.2012
Laramide Resources Ltd. is a mineral resource company. The Company specializes
in the acquisition, discovery and development of uranium projects. Laramide'scurrent main focus is the Westmoreland Uranium Project in Queensland, Australia.
Latest Fiscal Year: 12/2011LTM as of: 03/yy52-Week High (26.03.2012) 1.6152-Week Low (04.10.2011) 0.61Daily Volume
Mega Uranium Ltd. acquires, explores, and develops natural resource properties,
with a focus on uranium. The Company has uranium resources in Australia anduranium exploration projects in Australia, Argentina, Bolivia, Colombia,Canada and Cameroon. Mega Uranium also has interests in base and preciousminerals exploration properties in Canada and Latin America.
Latest Fiscal Year: 09/2011LTM as of: 03/yy52-Week High (06.06.2011) 0.5052-Week Low (19.12.2011) 0.18Daily Volume
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePINETREE CAPITAL LTD n/a SEDI 13'000'000 4.87 - 23.01.2012 Investment AdvisorGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 7'688'586 2.88 - 30.04.2012 Investment AdvisorINWENTASH SHELDON n/a SEDI 6'497'862 2.43 - 04.04.2012 n/aDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'230'441 1.21 341'009 31.07.2011 Investment AdvisorSPROTT INC Multiple Portfolios MF-AGG 992'414 0.37 - 30.06.2011 Hedge Fund ManagerASTON HILL ASSET MAN Multiple Portfolios MF-AGG 747'355 0.28 - 31.12.2011 Investment AdvisorHSBC TRINKAUS INVEST Multiple Portfolios MF-AGG 500'000 0.19 - 28.02.2011 Mutual Fund ManagerTAYLOR STEWART n/a SEDI 390'000 0.15 200'000 05.11.2009 n/aOPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 220'000 0.08 220'000 31.01.2012 Mutual Fund ManagerGOLDBERG LARRY n/a SEDI 215'400 0.08 100'000 23.02.2010 n/aPATRICIO RICHARD J n/a SEDI 101'647 0.04 100'000 17.08.2011 n/aSAVANNAH BANCORP INC SAVANNAH BANCORP INC 13F 75'000 0.03 - 31.03.2012 Investment AdvisorREESON DOUGLAS G n/a SEDI 70'000 0.03 10'000 16.03.2011 n/aDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 53'600 0.02 - 29.02.2012 Investment AdvisorPRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 51'500 0.02 - 31.12.2011 Insurance CompanyGORDIAN INVESTMENTS n/a SEDI 50'000 0.02 (186'000) 30.05.2011 n/aBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 22'931 0.01 - 31.01.2012 Investment AdvisorWILLIAMS PHILIP n/a SEDI 20'000 0.01 - 03.11.2009 n/aHAUCK & AUFHAUSER IN Multiple Portfolios MF-AGG 15'000 0.01 - 30.03.2012 Mutual Fund ManagerSWEATMAN MICHAEL D n/a PROXY 3'500 0 - 24.01.2011 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date DateHaywood Securities Inc. GEORDIE MARK sector outperform 5 M 1 12 month 01.06.2012Salman Partners PATRICK DONNELLY Under Review #N/A N/A M #N/A N/A Not Provided 30.05.2012
Berkeley Resources Limited is a uranium exploration company. The Company owns
exploration projects in Spain as well as exploring other uranium explorationopportunities. The Company also owns exploration projects in Australia for gold,nickel, and base metals.
Latest Fiscal Year: 06/2011LTM as of: 01/yy52-Week High (01.08.2011) 0.5252-Week Low (23.02.2012) 0.30Daily Volume
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeANGLO PACIFIC GROUP n/a Co File 25'185'251 14.05 - 12.10.2011 CorporationCOMMONWEALTH BANK OF n/a EXCH 14'860'660 8.29 (2'579'824) 03.02.2012 BankRESOURCE CAPITAL FUN n/a Co File 13'020'000 7.26 - 12.10.2011 Private EquityHADRON CAPITAL LLP n/a Co File 11'141'859 6.21 - 12.10.2011 n/aIOOF HOLDINGS LTD n/a EXCH 9'312'443 5.19 (766'649) 19.01.2012 Investment AdvisorJP MORGAN CHASE & CO n/a EXCH 8'599'879 4.8 (106'888) 10.02.2012 Investment AdvisorUBS AG n/a EXCH 7'675'463 4.28 - 20.01.2011 Investment AdvisorMORGAN STANLEY n/a EXCH 6'413'185 3.58 (1'352'152) 19.03.2012 Investment AdvisorTHE BANK OF NOVA SCO n/a EXCH 5'465'047 3.05 (10'945'303) 23.03.2011 Investment AdvisorARREDO PTY LTD n/a EXCH 5'300'000 2.96 - 27.04.2012 CorporationGOODMAN & CO INVESTM Multiple Portfolios MF-AGG 4'900'000 2.73 (9'517'000) 30.06.2011 Hedge Fund ManagerFIRST STATE INVESTME Multiple Portfolios MF-AGG 4'015'856 2.24 - 29.02.2012 Investment AdvisorGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 3'902'573 2.18 - 30.04.2012 Investment AdvisorSYME MATTHEW GORDON n/a Co File 2'168'105 1.21 - 27.09.2011 n/aACD SERVICES LIMITED Multiple Portfolios MF-AGG 1'990'813 1.11 - 30.03.2012 UnclassifiedMITSUBISHI UFJ FINAN n/a EXCH 1'411'788 0.79 - 16.03.2012 Holding CompanyCOLONIAL FIRST STATE Multiple Portfolios MF-AGG 1'411'788 0.79 - 19.10.2011 Investment AdvisorMIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 1'250'000 0.7 (550'000) 30.06.2011 Mutual Fund ManagerJP MORGAN ASSET MANA Multiple Portfolios MF-AGG 1'228'310 0.69 - 31.12.2011 Mutual Fund ManagerBEHETS ROBERT ARTHUR n/a EXCH 1'000'000 0.56 - 27.04.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date DateDundee Securities Corp DAVID A TALBOT buy 5 M 1 12 month 26.04.2012RBC Capital Markets ADAM SCHATZKER sector perform 3 M 0 12 month 02.04.2012BMO Capital Markets EDWARD STERCK restricted #N/A N/A M #N/A N/A Not Provided 01.03.2012E.L. & C. Baillieu RAY CHANTRY hold 3 D #N/A N/A Not Provided 27.05.2011Austock Securities ANDREW SHEARER buy 5 N 2 Not Provided 17.05.2011Mirabaud Securities KEITH WATSON buy 5 M 2 12 month 22.04.2010
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeTAURUS MINERALS LTD n/a EXCH 248'110'790 98.37 6'693'438 02.04.2012 CorporationITOCHU CORP n/a EXCH 12'553'639 4.98 (12'553'639) 15.03.2012 CorporationWATER ISLAND CAPITAL Multiple Portfolios MF-AGG 4'446'741 1.76 2'539'553 29.02.2012 Investment AdvisorSPIVEY MARTIN n/a Co File 615'645 0.24 - 30.06.2011 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 507'380 0.2 25'516 31.03.2012 Investment AdvisorMIDDLEFIELD SECURITI Multiple Portfolios MF-AGG 200'000 0.08 (100'000) 30.06.2011 Mutual Fund ManagerMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 121'283 0.05 24'125 31.08.2011 Mutual Fund ManagerCOLONIAL FIRST STATE Multiple Portfolios MF-AGG 120'137 0.05 - 19.10.2011 Investment AdvisorQUAKER FUNDS INC Multiple Portfolios MF-AGG 65'000 0.03 - 30.04.2012 Investment AdvisorJF ASSET MANAGEMENT Multiple Portfolios MF-AGG 57'200 0.02 - 30.09.2011 Mutual Fund ManagerDEKA INTERNATIONAL S Multiple Portfolios MF-AGG 56'000 0.02 (55'500) 31.12.2011 Mutual Fund ManagerPRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 33'022 0.01 - 31.12.2011 Insurance CompanyBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 30'264 0.01 - 31.01.2012 Investment AdvisorHENDERSON INVESTORS Multiple Portfolios MF-AGG 29'585 0.01 - 30.11.2011 Investment AdvisorPENKETHMAN ANDREW n/a Co File 25'645 0.01 - 30.06.2011 n/aWELLS FARGO BANK NAT Multiple Portfolios MF-AGG 20'957 0.01 (5) 31.03.2012 Investment AdvisorGREEN NORMAN n/a Co File 17'500 0.01 - 30.06.2011 n/aING INVESTMENT MANAG Multiple Portfolios MF-AGG 14'732 0.01 (613) 31.03.2012 Investment AdvisorALLSTATE INSURANCE C ALLSTATE INSURANCE C Sch-D 12'229 0 - 31.12.2011 Insurance CompanyTURGOT ASSET MANAGEM Multiple Portfolios MF-AGG 4'000 0 - 29.07.2011 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets ADAM SCHATZKER sector perform 3 M 9 12 month 01.03.2012Commonwealth Bank ANDREW KNUCKEY hold 3 D 9 12 month 17.01.2012Argonaut Securities Pty Ltd TIM SERJEANT speculative buy 4 M 9 Not Provided 12.12.2011E.L. & C. Baillieu RAY CHANTRY buy 5 U 9 12 month 22.11.2011WH Ireland Ltd GAIUS KING buy 5 M 10 12 month 09.08.2011