The Weekly Dig February 24, 2017cdn.ceo.ca.s3-us-west-2.amazonaws.com › 1cb601o-MMFeb...Osisko Gold Royalties Ltd. (OR-T, Buy, TP $18.25). Pursuant to this placement, Osisko agreed

The Weekly Dig – February 24, 2017 Mick Carew, PhD [email protected]

Emma Boggio, MSA, CPA (Mass.) 604-697-6166 [email protected]

and the Haywood Mining Team

Member of the Canadian Investor Protection Fund

Please see page 40 for Analyst Certification, and pages 40 to 47 for Important

Information and Legal Disclaimers, Rating Structure, and notes.

Gold Mining Equities Slide despite Gold Surging Above $1,250

It was an unusual week for gold mining equities. While the price of gold surged amid weakness in the U.S. dollar, gold mining equities followed a downward trend, with the S&P/TSX Gold Mining Index falling 1.5% this week to finish at 216. The gold price surged past the $1,250 level, briefly touching $1,260 per ounce before settling at $1,256 per ounce on Friday. Global markets in general were mixed; the S&P/TSX Composite Index fell almost 350 point to close at 15533, while the Dow Jones Industrial Average closed higher for the week, up 50 points to 20821. The mixed performance in global markets followed a number of comments made by President Trump, which included his willingness to increase his Country’s nuclear arsenal. Furthermore, some commentators have alluded to the end of the “Trump Bubble”, a term used to link the recent surge in equity markets since the election to the promise of greater infrastructure spend in the U.S. Meanwhile, comments by the Federal Reserve stating “uncertainty regarding the impact of possible tax cuts and other White House economic policies" also weighed on global markets. Silver (up 1.90%), platinum (up 2.2%) and palladium (up 0.80%) finished the week higher at $18.35, $1026 and $771 per ounce respectively. After last week’s commentary in the Weekly Dig, the daily Broker Average Price (BAP) of uranium fell further this week; down 9.8% since last Friday. Base metals were varied with copper down 0.51% and nickel down 1.71%, finished at $2.68, and $4.90 per pound respectively. Lead was up 0.59% and zinc was up 0.77% finishing at $1.02 and $1.28 per pound respectively. Rounding the week off was WTI crude, which was unchanged this week at $54 per barrel.

DIGGING IN… Metals Sector Macro: Gold up/gold equities down this week…………………………..…..…2 Junior Explorer – Weekly Vantage Point: News from the Junior sector this week included drilling results from Barkerville Gold Mines Ltd. (BGM-V), a private placement announcement from IDM Mining Ltd. (IDM-V), trenching results from Auryn Resources Inc. (AUG-T), and drilling results from Cardinal Resources Limited (CDV-ASX) ……….…………………………….………………………………………………………………………..3 Haywood Research – The Week in Review: Publications from the Haywood Research team this week included a site visit of B2Gold Corp. (BTO-T), a resource update from Marathon Gold Corp. (MOZ-T), Q4/16 results from Richmont Mines Inc. (RIC-T), a feasibility study from Alamos Gold Inc. (AGI-T), a research report for Asanko Gold Inc. (AKG-T), drilling results from NewCastle Gold Ltd. (NCA-T), a research report for Midas Gold Corp. (MAX-T), a research report for Alamos Gold Inc. (AGI-T), and Q4/16 results from OceanaGold Corporation (OGC-T) …….….….11 Weekly Commodities / Indices / Exchange Rates: The S&P/TSX Comp finished at 15,533 while the S&P/TSX Composite Venture Index was down (0.91)%......……....17 Commodities and ETFs: Gold finishes at 1,257 /oz on Friday……………………….…....18 Upcoming Macroeconomic News: Bank of Canada rate decision on Wednesday March 1st.………..………………………………………………………………………………………………….22 Comparables Tables: Consensus and Haywood forecasts and multiples, plus market valuations for in situ resources………………………….………..……………….……..….23 The Dig is intended to provide general information only and it is written for an institutional audience. It is not a solicitation for the purchase of securities, an offer of securities, or intended as investment research or advice. The information presented, while obtained from sources we believe reliable is not guaranteed against errors or omissions. For Canadian residents: Haywood Securities Inc. is a Canadian registered broker-dealer and a member of the Investment Industry Regulatory Organization of Canada, the Toronto Stock Exchange, the Toronto Venture Exchange and the Canadian Investor Protection Fund. Any Canadian client that wishes further information about anything contained herein should contact a qualified salesperson of Haywood Securities Inc. For U.S. residents: The Dig is distributed in the United States by Haywood Securities (USA) Inc.

$1,200

$1,250

$1,300

2/20 2/24

Gold (US$/oz)Last: $1,259

$17.5

$18.0

$18.5

2/20 2/24

Silver (US$/oz)Last: $18.40

$2.50

$2.60

$2.70

$2.80

2/20 2/24

Hu

nd

red

s

Copper (US$/lb)Last: $2.69

$52

$54

$56

2/20 2/24

WTI Crude (US$/bbl)Last: $54.01

The Weekly Dig 2/24/17

Haywood Mining [email protected] Page 2

Metals Sector Macro

Macroeconomic News

United States

The seasonally adjusted U.S. Manufacturing Purchasing Managers’ Index (PMI) decreased to 54.3 in February, following January’s near 2-year high of 55. Falling below expectations, February’s Manufacturing PMI decline was due mainly to softer output and new order growth. Despite February’s slowdown, the latest survey indicated that new order growth remained as fast as it has been since March 2015. Driven by strong sales domestically, this helped offset weaker growth in export markets during February. Mortgage Bankers Association (MBA) Mortgage applications decreased 2% in the week ended February 17. Following a 3.7% decrease in the previous period, refinance applications declined 1%, and applications to purchase a home went down 2.8% last week. In addition, average fixed 30-year mortgage rates increased by 4 basis points to 4.36%. Existing home sales jumped 3.3% on a month-over-month basis to a seasonally adjusted annual rate of 5,690,000 in January. The jump is following a downwardly revised 5,510,000 in the previous month and beating market expectations of 5,550,000. January’s existing home sales are the highest we have seen since February of 2007. This growth is driven by rebounding sales for condos, which are up 8.3% from a 10.4% decline in December, and single-family home sales, which are up 2.6% from a 0.4% decline the month before. For the week ending February 18, initial jobless claims increased by 6,000, from the previous week’s revised 238,000, to reach 244,000. However, claims have been below 300,000 for 103 straight weeks, the longest streak since 1970. New home sales of single-family houses in the U.S. went up 3.7% to a seasonally adjusted annual rate of 555,000 in January. This increase follows a downwardly revised 535,000 in the December. The median sales price of new houses sold in January was $312,900, and the average sales price was $360,900 for the month. According to the Survey of Consumers from the University of Michigan, the Index of Consumer Sentiment for February came in at 96.3, down from January’s 98.5. Still a 5% increase from last February, the Sentiment Index has been higher during the past three months than any time since March 2004. However, this doesn’t appear to be a result of consumer’s expectation that Trump's election will have a positive economic impact. Instead, there appears to be an unprecedented partisan divergence with Democrats expecting recession and Republicans expecting robust growth. While the expectations of Democrats and Republicans largely offset each other, the overall gain in the Expectations Index was due to self-identified Independents, who were much closer to the optimism of the Republicans than the pessimism of the Democrats. Canada

The NSA Consumer Price Index (CPI) in Canada increased by 0.86% from December’s 128.40 to reach an all-time high of 129.50 Index Points in January. The seasonally adjusted CPI increased 0.7% since December, and 2.12% since January 2016, to reach the January 2017 index of 130.3. According to Statistics Canada, the main contributors to the 12 month change in the CPI were: gasoline (+20.6%), purchase of passenger vehicles (+3.8%), homeowners’ replacement cost (+4.3%), natural gas (+15.6%), and food purchased from restaurants (+2.3%). Whereas, the contributors with the greatest decrease were primarily produce and other grocery items with vegetables down 15.5% and fruit down 10.8%.



Junior Explorer: Weekly Vantage Point

News from the Junior sector this week included:

Mining Flashes Other News

Barkerville Gold Mines Ltd. (BGM-V)

IDM Mining Ltd. (IDM-T)

Cardinal Resources Limited (CDV-ASX) Auryn Resources Inc. (AUG-T)

Mining Flashes Barkerville Gold Mines Ltd. (BGM-V, $0.48, not rated) – Expanded Drill Program Yields More High-Grade Drill Results

Mick Carew, [email protected], Emma Boggio, MSA, CPA (Mass.), [email protected]

Barkerville Gold announced additional drill results from Island Mountain, located within the Company’s Cariboo gold project in British Columbia. In addition, Barkerville also completed a number of metallurgical drill holes at Cow Mountain, and has begun drilling at the Tailings Zone, situated between Cow and Island Mountain. The Tailings Zone has not been drill tested since the 1960s.

Highlight results from the drilling at Island Mountain include the following:

Near-surface intersections proximal to the historical Mosquito mine: o IM-17-007: 6.70 metres grading 11.18 g/t gold from a downhole depth of 110.60 metres; this includes

a 0.6 metre intercept grading 22.20 g/t gold, o IM-17-008: 4.50 metres grading 12.40 g/t gold from a downhole depth of 142.0 metres, including 1

metre grading 51.70 g/t gold , and o IM-17-013: 2.05 metres grading 34.06 g/t gold from a downhole depth of 269.45 metres, including

0.70 metre grading 96.30 g/t gold (drilled approximately 70 metres downdip of historical mine development).

Near-surface intersections at the newly discovered Shaft Zone: o IM-17-010: 5.40 metres grading 7.60 g/t gold from a downhole depth 19.25 metres, including 1.25

metres grading 23.60 g/t gold.

See Haywood Securities for the full report

IDM Mining Ltd. (IDM-V, $0.16, not rated) – $15.2 Million Private Placement with Osisko Gold Royalties Ltd.


On Wednesday morning, IDM Mining (IDM-T), which owns the Red Mountain Gold exploration/development project within the “Golden Triangle” of northwest B.C., announced a $15.248 million private placement with Osisko Gold Royalties Ltd. (OR-T, Buy, TP $18.25). Pursuant to this placement, Osisko agreed to purchase 29.4 million common shares at a price of $0.17 per share and 41 million flow-through shares at a price of $0.25 per share. On closing, which is anticipated on or about March 1, 2017, Osisko will hold 19.9% of IDM Mining on a non-diluted basis. The shares will be subject to a 4-month hold period. As part of the deal, IDM Mining will grant to Osisko certain pre-emptive rights in respect to purchases or grants of royalties or streams from the Red Mountain gold project. Proceeds from the offering will be used primarily to advance development of the Red Mountain gold project, as well as to move forward with the feasibility study for the project.

Located in northwestern B.C., Red Mountain is 15 kilometres northeast of the town of Stewart. With Osisko Gold Royalties now a significant shareholder, IDM Mining is preparing to move forward on its feasibility study

mailto:[email protected]




for the Red Mountain project. This study will follow the July 2016 Preliminary Economic Assessment (PEA) for Red Mountain, which returned an after-tax net present value (NPV) of C$86.6 million and an after-tax internal rate of return (IRR) of 32.3% with a 2-year payback period. We note that since then, the Company released an updated Mineral Resource estimate in January, which returned 2.07 million tonnes grading 8.75 g/t gold (583,700 ounces, measured and indicated) and 324,000 tonnes grading 6.21 g/t gold (64,800 ounces, inferred), plus silver credits. Key catalysts for the Company include: metallurgical test work results (Q1/17) and exploration and resource expansion drilling through spring/summer of this year. The feasibility study is expected to be completed in Q2/17. We note that after closing, Osisko Gold Royalties will be a significant shareholder, with approximately 19.9% of the shares outstanding.


Other News Cardinal Resources Limited (CDV-ASX, not rated)

Share Price: $0.38 52-week high/low: $0.77/$0.13 Average Daily Volume for the Week: 1,002,850 shares Market Capitalization: $114 million Shares Outstanding: 304 million Cash and Equivalents: $4.86 million (June 30. 2016) Date of Release: February 21, 2017 Earlier this week, Cardinal Resources Limited (CDV-ASX) announced drill assay results from an additional drill hole. NMDD062 is a west step-out down dip extension drill hole and interested the Namdini mineralised corridor down dip. A total of 150 metres of mineralised interactions, at a 0.5 g/t cut off and weighted average grade of 2.3 g/t gold were returned in NMDD062. Please see further details below in Figure 1.



Figure 1: Cross Section of NMDD062

Source: Cardinal Resources



Auryn Resources Inc. (AUG-T, not rated) Share Price: $3.34 52-week high/low: $4.17/$1.33 Average Daily Volume for the Week: 160,960 shares Market Capitalization: $258.26 million Shares Outstanding: 76.71 million Cash: $42 million (Sept. 30, 2016) Date of Release: February 24, 2017

This week, Auryn Resources Inc. (AUG-T) provided an exploration update from its Sombrero skarn-porhyry gold-copper oxide project located in southern Peru. The trenching results included 53 meters of 1.75g/t Au (including 14 meters of 5.23g/t Au) of oxide mineralization at the margin of a newly discovered 2.3 kilometer by 500 meter gold in soils anomaly (see Figure 1). The mineralized footprint of the Sombrero project was significantly expanded by the two week sample campaign to 4.5 kilometers by 4.2 kilometers were samples returned up to 7.54g/t gold and 16.0 % copper in areas that had not been previously sampled (see Figure 2). This has increased the potential scalability of the mineralized system at Sombrero considerably. Please see Table 1 for details.

Figure 1: Sombrero Soil Survey and Trenching Results

Source: Auryn Resources



Figure 2: Sombrero Rock Chip Samples (Gold)




Table 1: Sombrero Soil Survey and Trenching Results


SAMPLE LONG LAT TYPE MINSAu

ppm

Ag

ppmCu % SAMPLE LONG LAT TYPE MINS

Au

ppm

Ag

ppmCu %

Q921194 -74.42 -13.90 rock oxide 7.54 1.72 0.0227 Q919675 -74.41 -13.90 rock oxide 0.393 8.18 16

Q921196 -74.42 -13.90 rock oxide 7.09 0.89 0.0465 Q921576 -74.42 -13.90 rock oxide 0.032 0.57 3.55











Q921159 -74.43 -13.90 rock 1.74 0.21 0.0301 Q921529 -74.43 -13.90 rock oxide 0.228 3.44 0.43


Q921001 -74.42 -13.89 rock oxide 1.325 2.54 0.0116 Q921167 -74.42 -13.90 rock oxide 0.125 4 0.401









Q921563 -74.43 -13.90 rock oxide 0.688 4.61 0.0166 Q921476 -74.43 -13.90 rock oxide 0.134 6 0.292





Q921037 -74.42 -13.90 rock sulphide 0.513 6.93 0.0047 Q921166 -74.42 -13.90 rock oxide 0.011 0.57 0.251



Q921158 -74.43 -13.90 rock 0.457 0.06 0.0653 Q921521 -74.43 -13.90 rock oxide 0.483 4.05 0.23



Q919675 -74.41 -13.90 rock oxide 0.393 8.18 16 Q919699 -74.42 -13.90 rock oxide 0.05 0.22 0.223








Performance of Companies Included in Junior X and Notable News Flow

Source: Capital IQ and Haywood Securities

Close

Price Market Capitalization

Cash at Quarter

End Weekly Performance QTD Performance

QTD Performance

vs. TSXV Index

Company Ticker (C$) (C$M) (C$M)

Junior Exploration Names

Cardinal Resources Limited ASX:CDV 0.38 114.80 4.70 (5.1)% 56.3% 44.5%

Cordoba Minerals Corp. TSXV:CDB 1.39 123.22 2.54 (4.1)% 85.3% 73.6%

IDM Mining Ltd. TSXV:IDM 0.17 46.77 7.39 3.1% 13.8% 2.0%

Kootenay Silver Inc TSXV:KTN 0.32 54.97 7.12 0.0% (10.0)% (21.8)%

Nighthawk Gold Corp. TSXV:NHK 0.71 109.98 4.63 4.4% 57.8% 46.0%

Orex Minerals Inc. TSXV:REX 0.23 25.52 4.67 (2.2)% (53.1)% (64.9)%

Plateau Uranium Inc. TSXV:PLU 0.65 35.26 2.07 (4.4)% 195.5% 183.7%

Pure Gold Mining Inc. TSXV:PGM 0.66 125.56 13.79 (2.9)% 41.9% 30.2%

Purepoint Uranium Group Inc. TSXV:PTU 0.15 27.43 0.71 (3.3)% 52.6% 40.9%

SilverCrest Metals Inc. TSXV:SIL 2.50 120.46 1.53 2.9% 8.7% (3.1)%

Wealth Minerals Ltd. TSXV:WML 1.70 128.39 1.68 (1.2)% 49.1% 37.4%

Other Companies in the News

Barkerville Gold Mines Ltd. TSXV:BGM 0.48 147.39 13.26 0.0% 3.3% (8.5)%



Key Catalysts for Companies Featured in the Last Junior Exploration Report

Source: Haywood Securities

Company Ticker Catalysts

Junior Exploration Names

Cardinal Resources Limited ASX:CDV• Drill results focussed on expansion of resource - 2017

• Metallurgical results - Q1/17

Cordoba Minerals Corp. TSXV:CDB

• Drill results from Alacran - Q1/17

• Initial resource estimate - Alacran - H1/17

• Regional exploration drill results - Q1/17

IDM Mining Ltd. TSXV:IDM

• Phase 2 drill program - Q1/17

• Environmental Assessment Certificate - mid-2017

• Commencement of production - mid-2018

Kootenay Silver Inc TSXV:KTN

• Drill results from La Soledad - Q1/17

• Initial resource estimate for La Negra - H1/17

• Resource update leading to PEA at La Cigarra - late 2017

Nighthawk Gold Corp. TSXV:NHK

• Recommence drilling at Colomac - Q1/17

• Updated resource estimate - Q2/17

Orex Minerals Inc. TSXV:REX• Drill results from 5,000 metre 2-rig program at Coneto - Q1/17

• Drill results from 4,000 metre program at Sandra Escobar - Q1/17

Plateau Uranium Inc. TSXV:PLU

• Metallurgical test results - Q4/16

• Drill results from Pinochio target - early 2017

• Additional lab test work - 2017

Pure Gold Mining Inc. TSXV:PGM

• Drill results from 77,000 metre program - Q1/17

• Re-open portal at McVeigh horizon - Q4/16

• Updated mineral resource estimate - mid-2017

Purepoint Uranium Group Inc. TSXV:PTU

•Drill results from the balance of 2016 drilling and proposed 2017 drill program -

2017

.

Rupert Resources Ltd. TSXV:RUP• Phase 2 drill program - Q1/17

• Exploration work - Q1/17

SilverCrest Metals Inc. TSXV:SIL

• Drill results from phase 2 exploration program at Las Chispas - H1/17

• Maiden resource at Las Chispas - H1/17

• Results from testing and processing of bulk sample - 2017

Wealth Minerals Ltd. TSXV:WML • Developing exploration program at Atacama



Haywood Research: The Week in Review

Publications from the Haywood Research team for the week included the following:

Site visit of B2Gold Corp. (BTO-T)

Resource update from Marathon Gold Corp. (MOZ-T)

Q4/16 results from Richmont Mines Inc. (RIC-T)

Feasibility study from Alamos Gold Inc. (AGI-T)

Research report for Asanko Gold Inc. (AKG-T)

Drilling results from NewCastle Gold Ltd. (NCA-T)

Research report for Midas Gold Corp. (MAX-T)

Research report for Alamos Gold Inc. (AGI-T)

Q4/16 results from OceanaGold Corporation (OGC-T)

Radar Flashes

B2Gold Corp. (BTO-T, $4.22, [Buy Rating, $5.50 Target Price]) – African Site Visits Highlight B2Gold’s Near- and Mid-Term Organic Growth Potential

Geordie Mark, PhD, FAusIMM [email protected]

Event: Fekola and Otjikoto gold mine visits and exploration review

Impact – Positive: Visits show organic growth base is firmly centred on West Africa, with Otjikoto in optimization phase and Fekola ready for Q4/17 first pour.

Otjikoto Gold Mine: Both the Otjikoto and Wolfshag open-pit mines are operating and feeding material to the Otjikoto carbon in leach / carbon in pulp (CIL-CIP) gold processing plant. Wolfshag feed started to be processed in late 2016. Highlights for the plant include the outstanding rates of gold recovery and the low rates of power consumption that have led to low operating costs…

Fekola Gold Mine: The mine is under development and projected to deliver first gold pour in October 2017. Development costs are in line with budget and ahead of the original schedule. Mining operations are underway, with 3.16 Mt and 13.17 Mt of ore and waste projected to be mined respectively in H1/17 and H2/17…

West African Exploration: Exploration highlights show the potential for resource expansion at Fekola, through delineation of the Kiwi Zone, as well as the materialization of a maiden resource on the Anaconda target. The latter offers the potential for a low-strip-ratio, free-dig mine yielding a lower grade feed to a satellite processing facility…

Q4/16 Production and 2017 Guidance: Q4/16 production of 141.6 koz of gold was in line with our expectations of 141 koz of gold, with La Libertad outperforming and El Limón underperforming. Quarterly revenue was $151 million on the sale of 151.5 koz of gold, which exceeded our expectations of $150 million. 2017 production guidance of 520 koz to 595 koz exceeded our earlier guidance of 561 koz of gold, with Fekola supporting an increase in production guidance, and La Libertad production lower than expected.




Marathon Gold Corp. (MOZ-T, $1.01, [Buy Rating, $1.10 Target Price]) – Upgraded Resource Estimate at

Marathon Deposit


Marathon Gold announced an updated resource estimate for its Marathon deposit, which is part of the Company’s Valentine Lake gold project in Newfoundland. The new National Instrument 43-101 compliant resource estimate for the Marathon deposit is given below:

Measured and indicated: 483,800 ounces grading 1.72 g/t gold (from 195,600 ounces grading 1.98 g/t gold—a 150% increase in contained gold)

Inferred: 583,400 ounces grading 2.20 g/t gold (from only 23,800 ounces grading 2.64 g/t gold).

The Company has also divided the updated resource estimate into open-pit constrained and underground resources. We note that 93% of the measured and indicated resource at Marathon is defined as open-pit resources.

Overall, the Marathon Gold deposit contains a total (measured + indicated + inferred) of 1.067 million ounces grading 1.98 g/t gold, a 400% increase from the previous resource estimate. The global resource estimate for the Valentine Lake gold project (measured + indicated + inferred) now stands at 2.154 million ounces grading 2.02 g/t gold, a 70% increase from the previous resource estimate.


Richmont Mines Inc. (RIC-T, $12.05, [Buy Rating, $14.00 Target Price]) – Q4/16 Results Down Slightly on Lower Realized Gold Price

Kerry Smith, MBA, PEng [email protected], Danny Ochoa, CFA, [email protected]

Q4 CFPS Slightly Below Expectations on Lower Realized Gold Price…Bad Timing the Culprit – Richmont reported Q4 CFPS of $0.17 per share, versus consensus of $0.19 and our estimate of $0.19 per share. For the full year, CFPS came in at $0.80 versus consensus at $0.82 and Haywood at $0.83. The miss in Q4 was due to 1,390 fewer ounces sold than produced, and an average realized gold price in Q4 that was US$31/oz below the London Metal Exchange average price for the quarter (or C$38/oz).

Q4/16 and 2016 Production Pre-released…a Record Year – 2016 production was pre-released at 104,050 ounces of gold at a cash cost of $908/oz (US$685/oz), which compares with our expectations of 101,095 ounces at $875/oz (US$660/oz), a 3% beat on production, and a 4% miss on costs. Production came in at the top end of Company guidance for the year of between 98,000 and 106,000 ounces, and in the middle of cash-cost guidance of $885 to $945/oz (US$675 to US$720/oz). Production in Q4/16 came in at 29,505 ounces of gold at a cash cost of $952/oz (US$714/oz), which compares with our expectations of 26,550 ounces at $805/oz (US$605).

Strong Balance Sheet to Fund Island Mine Development and Exploration – Richmont sold 102,660 ounces of gold in 2016 at an average realized price of $1,640/oz (US$1,238/oz), generating $168.7 million of revenue. Cash balance decreased to $75.1 million, from $78.9 million at the end of Q3, but increased from $61.0 million at year-end 2015. Richmont has a good balance sheet to fund its development of the lower mine at Island and drive ahead with exploration. The Company expects between $58 million and $64 million in capital expenditures, and between $16 million and $19 million for exploration and project evaluation.






Alamos Gold Inc. (AGI-T, $10.53, [Buy Rating, $13.00 Target Price]) – Aği Daği FS and Çamyurt PEA Demonstrate Nice Returns


Aği Daği Delivers Impressive Feasibility Study Results

On Wednesday morning, Alamos announced results of the feasibility study (FS) completed on its 100% owned Aği Daği project in western Turkey. The study highlights a 30,000 tonne per day (tpd) open-pit heap leach operation, with annual gold production averaging 177,600 ounces per year at an average total cash cost of US$374/oz and all-in sustaining cost (AISC) of US$411/oz over the first 5 years. Initial capital cost is estimated at US$250 million (compared with US$278 million in the 2012 prefeasibility study [PFS]). At gold and silver price assumptions of US$1,250/oz and US$16.00/oz, the project returns an NPV5% of US$360 million and an after-tax IRR of 39%. Using these same gold and silver assumptions for the 2012 PFS, NPV8% has increased by 240% (to US$297.6 million from US$87.6 million), and the IRR has increased to 38.7% from 15.4%.

In general, our capex assumption is higher at US$285 million for Aği Daği and US$15 million for Çamyurt. Our average annual production is about 28% less than this FS, and our total cash cost is US$530/oz versus US$374/oz in the FS. We model 1.3 million ounces recoverable versus 0.94 million ounces in the FS at Aği Daği. The total reserve and resource at Aği Daği is currently 1.9 million ounces for all categories, and we expect our modelled recoverable reserves are achievable.

Aği Daği Resources Converted to 2P

A large portion of the measured and indicated (M&I) resource at Aği Daği has been successfully converted to an initial Proven and Probable (2P) Mineral Reserve totalling 54.4 million tonnes at an average gold grade of 0.67 g/t and 5.4 g/t silver, containing 1.17 Moz of gold and 9.5 Moz of silver. Alamos plans to drill a further 57,000 metres before construction starts, with 5,000 metres of infill at Aği Daği, 12,000 metres of step-out drilling at Aği Daği along strike, and a further 18,000 metres of drilling on other nearby targets (Fire Tower, Ilhamur, and Ayi Tepe). Another 22,000 metres of infill and step-out drilling are also planned at Çamyurt. We expect over time that Aği Daği and Çamyurt can reach 2 million ounces mineable.


Asanko Gold Inc. (AKG-T, $3.93, [Buy Rating, $5.50 Target Price]) – Equity Selloff Presents Opportunity


Q4 Financials Expectations

In light of the upcoming financials expected later this quarter, we project that Asanko will deliver operating cash flow (before changes in working capital) of US$19 million, or US$0.09 per share on revenues of US$70 million, delivering earnings before interest, taxes, depreciation, and amortization (EBITDA) of US$23 million.

Q4/16 Operations Summary

Asanko reported gold production of 57,178 ounces and sales of 58,483 ounces of gold for revenues of US$70.1 million at an average gold price of US$1,199/oz. Production was driven by processing of 901 kt of ore material at an average head grade of 2.1 g/t gold, with gold recoveries coming in at 94%. Mining operations removed a total of 7.23 Mt of material (similar to Q3/16), which included 1.30 Mt of ore material for a strip ratio of 4.6:1. Material stockpiles also showed quarter-over-quarter growth in tonnes, average grade and contained metal.




2017 Forecasts

We project total production of 241 koz of gold at a cash cost of $718/oz. Our 2017 forecasts drive revenues of US$3308 million, EBITDA of US$160 million, and operating cash flow of US$110 million or US$0.54 per share.

Target Price, Ratings

Our target remains unchanged, but we have modified our rating to BUY from Hold.


NewCastle Gold Ltd. (NCA-T, $0.76, [Buy Rating, $1.60 Target Price]) – Drilling Returns Impressive Results at South Domes


South Domes Drilling Continues to Deliver Impressive Results

On Wednesday night, NewCastle Gold announced assay results from its ongoing 40,000-metre Phase II drill program (budgeted at $8 million) at the Company’s 100% owned Castle Mountain project located in San Bernardino County, California. The program commenced in November 2016, with seven rigs currently drilling, and to date 50% of the program has been completed. This program should be finished in April, with an updated resource estimate expected in Q3 and a prefeasibility study in Q4. About 80% of this drill program is infilling the South Oro Belle resource area to reserves, and the remainder is infill and step-out drilling at South Domes. NewCastle has cash today of around $15 million and is well funded for the current drill program.

Yesterday’s Results Follow-up on Previously Reported Results at the South Domes Target

The six new drill holes support the expansion of mineralization at the deposit, with drill hole CMM-129, the longest intercept reported to date, ending in mineralization 100 metres below the modelled pit shell. Hole CMM-129 included 5.43 g/t gold over 48.8 metres, which is below the current resource envelope. These six holes are predominately infill and again have delivered some nice grades and widths. Overall grade in South Domes should increase following this drill program given the tenor of the results so far versus the average resource grade currently at South Domes of 0.6 g/t gold.


Midas Gold Corp. (MAX-T, $0.89, [Buy Rating, $1.75 Target Price]) – Shallow High-Grade Gold-Antimony Mineralization Intersected at Yellow Pine


Yellow Pine Exploration: MGI-16-421 returned a significant intersection of 216.70 metres grading 3.24 g/t gold, 6.1 g/t silver, and 0.3% lead. This drill hole was designed to intersect west-northwest- to east-west-trending, north-dipping silica-sulphide vein systems and silica-sulphide breccias zones to better assess true widths. High-grade gold-antimony mineralization is largely bound between the A-B structure and the C structure, the latter of which is projected to coalesce with the G structure at depth.

Drill Holes MGI-16-418 and MGI-16-419: In Addition, these holes returned appreciable intervals of shallow high-grade gold and antimony mineralization, and were completed in the southeast portion of the Yellow Pine deposit to determine continuity of silica-sulphide breccia encountered in earlier 2012 and 2013 drilling campaigns. Drill hole MGI-16-418 (southwest of MGI-16-419) contained modestly higher grade gold mineralization (30%) over slightly greater widths (15%) than encountered in earlier drilling. Antimony grades were reportedly lower than delivered in earlier work. MG-16-419 encountered higher gold grades (2x) over a narrower interval (60%) than earlier results, but breccia may have been affected by post-mineralization faulting. See Haywood Securities for the full report




Alamos Gold Inc. (AGI-T, $10.87, [Buy Rating, $13.00 Target Price]) – Q4 Cash Flow in Line…and Organic Growth Getting Closer


2016 Cash Flow Beats Consensus - Alamos reported 2016 cash flow (before non-cash working-capital changes) of US$148M, or US$0.56 per share, above our estimate of US$0.55 per share, and above consensus of US$0.52 per share. Q4 CFPS came in at $0.13, below our estimate of US$0.15 per share, and in line with consensus at US$0.13 per share…

2016 Production at Top End of Guidance - In 2016, Alamos produced 392,000 ounces of gold, which was at the top end of guidance of 370,000 to 400,000 ounces. All-in sustaining capital (AISC) averaged US$1,010/oz, which was just above the top end of full-year guidance of between US$800/oz and US$975/oz.

2017 Guidance….a 6% Increase on 2016 - Alamos previously released 2017 guidance of between 400,000 and 430,000 ounces of gold at a total cash cost of US$765/oz and an AISC of US$940/oz. We model 420,000 ounces of gold production at a total cash cost of US$750/oz and AISC of US$940/oz.

Reserves Increase by 31% - Alamos also reported updated mineral reserves and resources, with global proven and probable reserves increasing by 31% to 7.7 Moz, resulting in part from a significant increase in reserves at La Yaqui of 519,000 ounces, and initial mineral reserves reported at both Kirazlı and Aği Daği of 1.8M ounces in total.

Target Price, Ratings - We have adjusted our model to account for the recently completed bought-deal financing, as well as 2016 results and 2017 guidance. Our 2017 CFPS declines to US$0.70 from US$0.80, and our target price, which is based on a 12.5x EV/CFPS multiple (from 12.0x), remains unchanged at $13.00. We maintain our BUY rating.


OceanaGold Corporation (OGC-T, C$4.07, [Buy Rating, $5.75 Target Price]) – Q4/16 Financials Deliver Marginal Beat with Haile now in Production


Q4/16 Results - OceanaGold reported revenues of US$147 million, EBITDA of US$67 million and OCF of US$67 million / US$0.11/sh, which came in marginally our estimates of EBTIDA of US$66 million and OCF of US$0.10/sh. Operationally, consolidated production totaled 102 koz of gold and 8.3 Mlb of copper with sales of 106 koz of gold and 10.9 Mlb of copper at a cash cost of US$372 per ounce gold (net of copper). Reported AISC for the year came in at US$708 per ounce. The company has also instituted a US$0.02 dividend payable in equal semi-annual amounts.

Philippine Operations – Production of 30.7 koz gold and 8.3 Mlb copper or 46 koz AuEq. was delivered by processing 0.7 Mt at an average gold and copper grade of 1.71 g/t and 0.48% respectively. The average cash cost came in at -US$120/oz Au. Initial feed from underground mining is expected to be delivered in Q4/17 with open pit mining due for completion in H2/17…




New Zealand Operations - Combined production of 71.73 koz gold at a cash cost of US$614/oz. Waihi - Production of 29.28 koz of gold at a cash cost of US$427/oz by processing 0.129 kt at an average gold grade of 7.77 g/t. Macraes - production of 42.45 koz of gold at a cash cost of US$743/oz via processing 1.48 Mt at an average gold head grade of 1.04 g/t.

Haile Update – First gold pour achieved in January 2017 with initial material fed into the plant in late December 2016. Construction spend for development was estimated at US$380 million The schedule reportedly remains unchanged for early 2017 commercial production with sulphide-bearing material being fed into the plant to commission the flotation and fine-grinding circuits…




Weekly Commodities / Indices / Exchange Rates

Metal and Currency Prices for the Week

Source: Haywood Securities

15,000

15,500

16,000

2/21 2/24

S&P/TSX Composite IndexLast: 15,549

200

220

240

2/21 2/24

S&P/TSX Global Gold IndexLast: 217.08

20,600

20,800

21,000

2/21 2/24

Dow Jones Industrial AverageLast: 20,763

820

830

840

850

2/21 2/24

S&P/TSX Venture Comp IndexLast: 836

104106108110112114116118120

2/21 2/24

S&P/TSX Global Base Metals IndexLast: 110.29

2,350

2,360

2,370

2/21 2/24

S&P 500 IndexLast: 2,359

Name Close 1Wk Δ % 5 Day Trend 52W H/L 1W H/L

Gold Spot 1,257 22.49 1.79% 1,375 1,257

US$/oz 1,123 1,235

Silver Spot 18.35 0.35 1.90% 21.14 18.35

US$/oz 14.62 17.97

Platinum Spot 1,026 22.57 2.20% 1,195 1,026

US$/oz 890 1,003

Palladium Spot 771 (6.14) (0.80)% 797 783

US$/oz 481 769

Copper Future 2.68 (0.01) (0.51)% 2.79 2.75

US$/lb 2.04 2.65

Nickel Spot 4.90 (0.08) (1.71)% 5.32 5.03

US$/lb 3.75 4.77

Lead Spot 1.02 0.01 0.59% 1.12 1.04

US$/lb 0.75 1.01

Zinc Spot 1.28 0.01 0.77% 1.35 1.31

US$/lb 0.78 1.26

Aluminum Spot 0.86 0.01 0.93% 0.86 0.86

US$/lb 0.67 0.84

Iron Ore Spot 87 (0.13) (0.15)% 140 79

US$/t 78 78

Newcastle Coal 83 3.35 4.02% 106 84

US$/t 50 80

Uranium Spot 24.00 (1.00) (4.17)% 35 25

US$/lb 18 24

WTI 54 0.27 0.50% 57 54

US$/bbl 41 54

Brent 56 0.25 0.45% 59 57

US$/bbl 41 56

Henry Hub 2.80 (0.16) (5.58)% 3.65 2.95

US$/MMBtu 2.31 2.69

ENER

GY

BA

SE M

ETA

LSP

REC

IOU

S M

ETA

LS

Name Close 1Wk Δ % 5 Day Trend 52W H/L 1W H/L

TSX 15,533 (305) (1.96)% 15,943 15,922

12,506 15,533

TSXV 836 (7.65) (0.91)% 849 845

532 836

Canadian Dollar 1.31 0.00 0.08% 1.36 1.32

1.25 1.31

Euro 1.06 (0.01) (0.53)% 1.16 1.06

1.03 1.05

China Renminbi 6.87 0.00 0.04% 6.96 6.88

6.45 6.87

Mexican Peso 19.88 (0.55) (2.75)% 22.04 20.43

17.05 19.67

Peruvian Sol 3.25 (0.01) (0.37)% 3.53 3.26

3.23 3.24

S. African Rand 12.96 (0.08) (0.62)% 16.31 13.14

12.79 12.87

Australian Dollar 0.77 0.00 0.09% 0.78 0.77

0.71 0.77

Japanese Yen 112.2 (0.67) (0.60)% 118.7 113.7

99.0 112.2

Chilean Peso 646 1.37 0.21% 700 646

636 641

British Pound 1.25 0.00 0.38% 1.50 1.26

1.18 1.24

Swiss Franc 1.01 0.01 0.50% 1.03 1.01

0.94 1.00

Turkish Lira 3.61 (0.02) (0.68)% 3.94 3.63

2.79 3.57

Indian Rupee 66.83 (0.19) (0.29)% 68.86 67.02

66.07 66.83

EXC

HA

NG

E R

ATE

SIN

DIC

IES



Commodities and ETFs: A Week in Action

Gold - 1-Year US$/oz (left) and Total ETF Holdings (right)

Spot: Gain (+1.8%) for the week

ETF Holdings: 58,788,012 ounces, up 106,042 ounces for the week

Silver - 1-Year US$/oz (left) and Total ETF Holdings (right)



Platinum - 1-Year US$/oz (left) and Total ETF Holdings (right)



Palladium - 1-Year US$/oz (left) and Total ETF Holdings (right)

Spot: Loss (-0.8%) for the week

ETF Holdings: 1,529,783 ounces, up 665 ounces for the week

Copper - 1-Year US$/lb (left) and LME Inventory (right)

Futures: Loss (-0.5%) for the week

LME Copper: 257,150 tonnes, down 6,625 tonnes for the week

$1,000

$1,100

$1,200

$1,300

$1,400

Feb-16 Feb-17Gold ($/oz)

Price

100D MA45

55

65

Feb-16 Feb-17Gold ETF Holdings (Moz)

$13.00

$16.00

$19.00

$22.00

Feb-16 Feb-17Silver ($/oz)

Price

100D MA

590600610620630640650660670680690

Feb-16 Feb-17Silver ETF Holdings (Moz)

$800

$1,000

$1,200

Feb-16 Feb-17Platinum ($/oz)

Price

100D MA

2.2

2.3

2.4

2.5

Feb-16 Feb-17Platinum ETF Holdings (Moz)

$460

$660

$860

Feb-16 Feb-17Palladium ($/oz)

Price

100D MA

1.51.61.71.81.92.02.12.22.32.4

Feb-16 Feb-17Palladium ETF Holdings (Moz)

$1.90

$2.40

Feb-16 Feb-17Copper ($/lb)

Price

100D MA

130,000

230,000

330,000

Feb-16 Feb-17LME Copper Inventories (t)



Nickel - 1-Year US$/lb (left) and LME Inventory (right)

Spot: Loss (-1.7%) for the week

LME Nickel: 379,680 tonnes, up 186 tonnes for the week

Lead - 1-Year US$/lb (left) and LME Inventory (right)


LME Lead: 190,325 tonnes, up 575 tonnes for the week

Zinc - 1-Year US$/lb (left) and LME Inventory (right)


LME Zinc: 381,425 tonnes, down 9,425 tonnes for the week

Iron – 1-Year US$/t 62% Fe (left) and 1-Year US$/t Newcastle (right)

Newcastle Thermal Futures: Gain (+1.9%) for the week

62% Fe Iron Ore: Loss (-0.1%) for the week

Uranium – 1-Year US$/lb Short-Term (left) and Long-Term (right)

Uranium Spot: Loss (-4.0%) for the week

Uranium Long-Term: Unchanged

Source: Bloomberg, UxC Consulting, and Haywood Securities

$3.50

$4.50

Feb-16 Feb-17Nickel ($/lb)

Price

100D MA

350,000

400,000

450,000

Feb-16 Feb-17LME Nickel Inventories (t)

$0.70

$0.90

$1.10

Feb-16 Feb-17Lead ($/lb)

Price

100D MA

140,000

160,000

180,000

200,000

220,000

Feb-16 Feb-17LME Lead Inventories (t)

$0.65

$1.15

Feb-16 Feb-17Zinc ($/lb)

Price

100D MA

300,000

400,000

500,000

600,000

Feb-16 Feb-17LME Zinc Inventories (t)

$35

$55

$75

Feb-16 Feb-1762% Iron Ore ($/t)

Price

100D MA

$30

$50

$70

$90

Feb-16 Feb-17Newcastle Coal (AUD/t)

Price

100D MA

$18

$23

$28

$33

$38

Feb-16 Feb-17Uranium Spot ($/lb)

Price

100D MA

$25

$35

$45

Feb-16 Feb-17Uranium Long-Term ($/lb)

Price

100D MA



Equities: Weekly Performances

S&P TSX Global Mining Index – Top and Bottom Performance (upper) and Constituent Performance (lower)


Top Companies Close $∆ %∆

Altius Minerals Corporation 12.69 0.80 7%

Silvercorp Metals Inc. 5.58 0.26 5%

B2Gold Corp. 4.39 0.17 4%

Randgold Resources Limited 94.77 3.60 4%

TMAC Resources Inc. 17.42 0.55 3%

Silver Standard Resources Inc. 15.09 0.32 2%

Teranga Gold Corporation 1.00 0.02 2%

Kirkland Lake Gold LTD. 10.32 0.09 1%

Stillwater Mining Company 17.06 (0.01) (0)%

Gold Fields Limited 3.25 (0.02) (1)%

1Wk 1Wk

Bottom Companies Close $∆ %∆

Northern Dynasty Minerals Ltd. 2.19 (0.78) (26)%

Torex Gold Resources Inc 26.96 (4.97) (16)%

Eldorado Gold Corporation 4.22 (0.58) (12)%

Dominion Diamond Corporation 11.50 (1.58) (12)%

Ivanhoe Mines Ltd. 4.28 (0.58) (12)%

Freeport-McMoRan Inc. 13.25 (1.66) (11)%

Argonaut Gold Inc. 2.36 (0.28) (11)%

Hecla Mining Company 5.90 (0.68) (10)%

AngloGold Ashanti Limited 11.59 (1.31) (10)%

Nevsun Resources Ltd. 3.55 (0.40) (10)%

1Wk 52Wk 1Wk 52Wk

Ticker Company Close $∆ %∆ High Low Ticker Company Close $∆ %∆ High Low

TSX:AEM Agnico Eagle Mines Limited 59.39 (1.93) (3)% 78.35 44.07 TSX:K Kinross Gold Corporation 4.99 (0.07) (1)% 7.56 3.61

TSX:ASR Alacer Gold Corp. 2.93 (0.07) (2)% 3.79 1.75 TSX:KL Kirkland Lake Gold LTD. 10.32 0.09 1% 11.15 6.33

TSX:AGI Alamos Gold Inc. 10.54 (0.35) (3)% 13.65 5.80 TSX:KDX Klondex Mines Ltd. 7.45 (0.12) (2)% 7.95 3.40

NYSE:AA Alcoa Corporation 34.48 (1.73) (5)% 39.78 20.00 TSX:LUC Lucara Diamond Corp. 2.78 (0.31) (10)% 4.39 2.41

NasdaqGS:ARLP Alliance Resource Partners, L.P. 23.50 (0.80) (3)% 26.65 10.15 TSX:LUN Lundin Mining Corporation 8.17 (0.17) (2)% 8.94 3.66

TSX:ALS Altius Minerals Corporation 12.69 0.80 7% 14.06 9.01 TSX:MAG MAG Silver Corp. 20.34 (0.72) (3)% 23.32 9.29

NYSE:ACH Aluminum Corporation Of China Limited 12.55 (0.59) (4)% 13.85 7.22 TSX:MDI Major Drilling Group International Inc. 7.60 (0.42) (5)% 8.66 5.72

NYSE:AU AngloGold Ashanti Limited 11.59 (1.31) (10)% 22.91 9.28 NYSE:MTRN Materion Corporation 35.45 (0.40) (1)% 41.23 22.36

TSX:AR Argonaut Gold Inc. 2.36 (0.28) (11)% 4.45 1.48 NYSE:MUX McEwen Mining Inc. 3.74 (0.39) (9)% 4.92 1.68

TSX:AZ Arizona Mining Inc. 2.95 (0.07) (2)% 3.49 0.39 TSX:NSU Nevsun Resources Ltd. 3.55 (0.40) (10)% 4.81 3.55

TSX:AKG Asanko Gold Inc. 3.90 (0.04) (1)% 6.09 2.55 TSX:NGD New Gold, Inc. 3.92 (0.13) (3)% 7.87 3.11

TSX:BTO B2Gold Corp. 4.39 0.17 4% 4.74 1.40 NYSE:NEM Newmont Mining Corporation 36.08 (0.93) (3)% 46.07 24.59

TSX:ABX Barrick Gold Corporation 25.59 (0.82) (3)% 30.45 16.95 TSX:NXE NexGen Energy Ltd. 3.87 (0.15) (4)% 4.45 0.93

NYSE:BHP BHP Billiton Limited 37.97 (2.31) (6)% 41.79 22.44 TSX:NDM Northern Dynasty Minerals Ltd. 2.19 (0.78) (26)% 4.54 0.37

NYSE:BBL BHP Billiton plc 32.67 (2.25) (6)% 37.44 19.69 TSX:NG NovaGold Resources Inc. 7.62 (0.25) (3)% 9.56 5.09

TSX:CCO Cameco Corporation 14.38 (0.97) (6)% 17.67 9.88 TSX:OGC OceanaGold Corporation 4.01 (0.05) (1)% 5.56 3.24

TSX:CG Centerra Gold Inc. 6.59 (0.25) (4)% 8.13 5.56 TSX:OR Osisko Gold Royalties Ltd. 14.76 (0.56) (4)% 18.64 11.90

TSX:CGG China Gold International Resources Corp. Ltd. 2.93 (0.03) (1)% 3.67 1.84 TSX:PAAS Pan American Silver Corp. 24.89 (0.40) (2)% 27.99 12.16

NYSE:CDE Coeur Mining, Inc. 8.75 (0.13) (1)% 16.41 3.41 TSX:PG Premier Gold Mines Limited 2.92 (0.29) (9)% 5.05 1.87

NYSE:BVN Compañía de Minas Buenaventura S.A.A. 12.63 (0.50) (4)% 16.45 5.00 TSX:PVG Pretium Resources Inc. 14.23 (0.58) (4)% 16.48 6.00

NYSE:CMP Compass Minerals International, Inc. 75.70 (2.25) (3)% 84.40 67.05 NasdaqGS:GOLD Randgold Resources Limited 94.77 3.60 4% 126.55 67.54

NYSE:CNX CONSOL Energy Inc. 15.78 (1.16) (7)% 22.34 7.54 TSX:RIC Richmont Mines Inc. 11.35 (0.84) (7)% 15.01 5.99

NYSE:CSTM Constellium N.V 8.10 (0.10) (1)% 8.85 4.02 NYSE:RIO Rio Tinto plc 41.69 (3.81) (8)% 47.11 25.44

TSX:CNL Continental Gold Inc. 5.11 (0.42) (8)% 5.75 1.44 NasdaqGS:RGLD Royal Gold, Inc. 68.33 (1.62) (2)% 87.74 42.80

TSX:DGC Detour Gold Corporation 17.07 (1.79) (9)% 35.93 15.36 TSX:SSL Sandstorm Gold Ltd. 5.94 (0.14) (2)% 8.73 3.76

TSX:DDC Dominion Diamond Corporation 11.50 (1.58) (12)% 16.82 10.47 NYSE:SA Seabridge Gold Inc. 11.35 (0.45) (4)% 15.88 7.35

TSX:ELD Eldorado Gold Corporation 4.22 (0.58) (12)% 6.71 3.46 TSX:SMF SEMAFO Inc. 4.42 (0.33) (7)% 7.46 3.60

TSX:EDV Endeavour Mining Corporation 26.76 (0.22) (1)% 28.81 10.11 NYSE:SBGL Sibanye Gold Limited 8.54 (0.10) (1)% 20.97 6.16

TSX:EDR Endeavour Silver Corp. 6.03 (0.18) (3)% 7.75 2.11 TSX:SSO Silver Standard Resources Inc. 15.09 0.32 2% 20.48 6.92

NasdaqGS:GSM Ferroglobe PLC 10.96 (0.47) (4)% 12.53 7.33 TSX:SLW Silver Wheaton Corp. 27.71 (0.51) (2)% 40.80 20.10

TSX:FR First Majestic Silver Corp. 12.50 (0.66) (5)% 24.96 5.76 TSX:SVM Silvercorp Metals Inc. 5.58 0.26 5% 5.90 1.03

TSX:FM First Quantum Minerals Ltd. 14.00 (1.00) (7)% 17.55 4.81 NYSE:SCCO Southern Copper Corporation 36.29 (1.01) (3)% 39.50 23.80

TSX:FVI Fortuna Silver Mines Inc. 8.01 (0.31) (4)% 12.73 4.46 NYSE:SWC Stillwater Mining Company 17.06 (0.01) (0)% 17.50 7.78

TSX:FNV Franco-Nevada Corporation 86.27 (1.79) (2)% 105.69 71.44 TSX:SWY Stornoway Diamond Corporation 0.82 (0.01) (1)% 1.33 0.81

NYSE:FCX Freeport-McMoRan Inc. 13.25 (1.66) (11)% 17.06 7.26 TSX:THO Tahoe Resources Inc. 11.02 (0.60) (5)% 22.13 11.13

NYSE:GFI Gold Fields Limited 3.25 (0.02) (1)% 6.60 2.60 TSX:TECK.B Teck Resources Limited 27.16 (0.82) (3)% 35.67 7.60

TSX:G Goldcorp Inc. 21.70 (1.06) (5)% 26.56 15.95 TSX:TGZ Teranga Gold Corporation 1.00 0.02 2% 1.40 0.55

TSX:GUY Guyana Goldfields Inc. 7.22 (0.37) (5)% 10.35 4.03 TSX:TMR TMAC Resources Inc. 17.42 0.55 3% 20.18 7.10

NYSE:HL Hecla Mining Company 5.90 (0.68) (10)% 7.64 2.44 TSX:TXG Torex Gold Resources Inc 26.96 (4.97) (16)% 35.17 16.00

TSX:HBM Hudbay Minerals Inc. 10.42 (0.29) (3)% 11.95 3.75 TSX:TV Trevali Mining Corporation 1.36 (0.02) (1)% 1.48 0.33

TSX:IMG IAMGOLD Corporation 5.67 (0.28) (5)% 7.65 2.62 TSX:TRQ Turquoise Hill Resources Ltd. 4.46 (0.07) (2)% 5.03 2.87

TSX:IVN Ivanhoe Mines Ltd. 4.28 (0.58) (12)% 5.11 0.66 NYSE:VEDL Vedanta Limited 15.35 (0.14) (1)% 15.89 4.05

NasdaqGS:KALU Kaiser Aluminum Corporation 76.85 (5.22) (6)% 96.06 69.41 TSX:YRI Yamana Gold Inc. 3.66 (0.38) (9)% 7.87 3.29



Upcoming Macroeconomic News

Source: Bloomberg

Date Event Period Survey Prior Revised Relevance Date Event Period Survey Prior Relevance

United States Canada02/27/2017 Durable Goods Orders Jan P 1.60% -0.50% -- 93 02/27/2017 Bloomberg Nanos Confidence 24-Feb -- 57.7 11

02/27/2017 Durables Ex Transportation Jan P 0.50% 0.50% -- 75 02/28/2017 Industrial Product Price MoM Jan -- 0.40% 6402/27/2017 Cap Goods Orders Nondef Ex Air Jan P 0.60% 0.70% -- 61 02/28/2017 Raw Materials Price Index MoM Jan -- 6.50% 5802/27/2017 Cap Goods Ship Nondef Ex Air Jan P -- 1.00% -- 60 03/01/2017 MLI Leading Indicator MoM Jan -- 0.60% 702/27/2017 Pending Home Sales MoM Jan 0.90% 1.60% -- 78 03/01/2017 Current Account Balance 4Q -- -$18.30b 5302/27/2017 Pending Home Sales NSA YoY Jan -- -2.00% -- 31 03/01/2017 Markit Canada Manufacturing PMI Feb -- 53.5 9002/27/2017 Dallas Fed Manf. Activity Feb 20 22.1 -- 66 03/01/2017 Bank of Canada Rate Decision 1-Mar 0.50% 0.50% 9802/28/2017 GDP Annualized QoQ 4Q S 2.10% 1.90% -- 97 03/02/2017 GDP MoM Dec 0.30% 0.40% 8402/28/2017 Personal Consumption 4Q S -- 2.50% -- 68 03/02/2017 GDP YoY Dec -- 1.60% 4002/28/2017 GDP Price Index 4Q S 2.10% 2.10% -- 78 03/02/2017 Quarterly GDP Annualized 4Q 2.00% 3.50% 9302/28/2017 Core PCE QoQ 4Q S -- 1.30% -- 6802/28/2017 Advance Goods Trade Balance Jan -$66.0b -$65.0b -$64.4b 502/28/2017 Wholesale Inventories MoM Jan P 0.40% 1.00% -- 8202/28/2017 Retail Inventories MoM Jan -- 0.00% -- 402/28/2017 S&P CoreLogic CS 20-City MoM SA Dec 0.70% 0.88% -- 2702/28/2017 S&P CoreLogic CS 20-City YoY NSA Dec 5.30% 5.27% -- 4802/28/2017 S&P CoreLogic CS 20-City NSA Index Dec -- 192.14 -- 5302/28/2017 S&P CoreLogic CS US HPI YoY NSA Dec -- 5.64% -- 3702/28/2017 S&P CoreLogic CS US HPI NSA Index Dec -- 185.23 -- 3502/28/2017 Chicago Purchasing Manager Feb 53 50.3 -- 8202/28/2017 Conf. Board Consumer Confidence Feb 111 111.8 -- 9502/28/2017 Conf. Board Present Situation Feb -- 129.7 -- 002/28/2017 Conf. Board Expectations Feb -- 99.8 -- 202/28/2017 Richmond Fed Manufact. Index Feb 10 12 -- 7303/01/2017 MBA Mortgage Applications 24-Feb -- -2.00% -- 9203/01/2017 Personal Income Jan 0.30% 0.30% -- 8603/01/2017 Personal Spending Jan 0.30% 0.50% -- 8603/01/2017 Real Personal Spending Jan -0.20% 0.30% -- 2103/01/2017 PCE Deflator MoM Jan 0.50% 0.20% -- 1803/01/2017 PCE Deflator YoY Jan 2.00% 1.60% -- 4103/01/2017 PCE Core MoM Jan 0.30% 0.10% -- 6003/01/2017 PCE Core YoY Jan 1.80% 1.70% -- 4703/01/2017 Markit US Manufacturing PMI Feb F -- 54.3 -- 9003/01/2017 ISM Manufacturing Feb 56 56 -- 9603/01/2017 ISM Prices Paid Feb 68 69 -- 7503/01/2017 ISM New Orders Feb -- 60.4 -- 5

03/01/2017 ISM Employment Feb -- 56.1 -- 303/01/2017 Construction Spending MoM Jan 0.70% -0.20% -- 8103/01/2017 U.S. Federal Reserve Releases Beige 003/01/2017 Wards Total Vehicle Sales Feb 17.60m 17.48m -- 4503/01/2017 Wards Domestic Vehicle Sales Feb 13.70m 13.60m -- 40

03/02/2017 Challenger Job Cuts YoY Feb -- -38.80% -- 38

03/02/2017 Initial Jobless Claims 25-Feb -- 244k -- 98

03/02/2017 Continuing Claims 18-Feb -- 2060k -- 69

03/02/2017 Bloomberg Consumer Comfort 26-Feb -- 48 -- 69

03/03/2017 Markit US Services PMI Feb F -- 53.9 -- 70

03/03/2017 Markit US Composite PMI Feb F -- 54.3 -- 70

03/03/2017 ISM Non-Manf. Composite Feb 56.4 56.5 -- 79



Precious Metals Comparables – Consensus Estimates


Shares Market Working Enterprise

Company Symbol Price O/S Capitalization Cash Capital Debt Value 2016E 2017E Number of

(millions) (millions) (millions) (millions) (millions) (millions) CFPS CFPS Estimates 2016E 2017E 2016E 2017E 2016E 2017E

Senior Precious Metals Producers

Agnico Eagle Mines Limited TSX:AEM C$ 59.36 225.0 US$ 10,195 US$ 641 US$ 807 US$ 1,073 US$ 10,462 US$ 3.51 US$ 3.18 11 12.9x 14.2x 13.2x 14.6x 12.0x 12.7x

AngloGold Ashanti Limited NYSE:AU C$ 15.51 408.2 US$ 4,833 US$ 220 US$ 406 US$ 2,144 US$ 6,571 US$ 2.71 US$ 2.74 6 4.4x 4.3x 5.9x 5.9x 4.0x 4.1x

Barrick Gold Corporation TSX:ABX C$ 25.59 1166.0 US$ 22,779 US$ 2,389 US$ 3,055 US$ 7,712 US$ 27,436 US$ 2.35 US$ 2.47 13 8.3x 7.9x 10.0x 9.5x 6.8x 7.0x

Compañía de Minas Buenaventura S.A.A.NYSE:BVN C$ 16.54 254.2 US$ 3,210 US$ 117 US$ 159 US$ 272 US$ 3,323 US$ 1.31 US$ 1.57 3 9.6x 8.0x 10.0x 8.3x 9.8x 5.5x

Eldorado Gold Corporation TSX:ELD C$ 4.22 715.3 US$ 2,305 US$ 917 US$ 1,001 US$ 592 US$ 1,895 US$ 0.18 US$ 0.26 15 17.7x 12.4x 14.5x 10.2x 9.7x 8.9x

Fresnillo PLC LSE:FRES C$ 24.96 736.9 US$ 14,042 US$ 701 US$ 1,116 US$ 798 US$ 13,723 US$ 1.00 US$ 1.18 6 19.1x 16.2x 18.7x 15.8x 13.6x 12.2x

Gold Fields Limited NYSE:GFI C$ 4.35 820.6 US$ 2,726 US$ 527 US$ 193 US$ 1,505 US$ 4,038 US$ 1.20 US$ 1.24 6 2.8x 2.7x 4.1x 4.0x 3.1x 3.4x

Goldcorp Inc. TSX:G C$ 21.70 854.0 US$ 14,148 US$ 200 US$ 791 US$ 2,510 US$ 15,867 US$ 1.40 US$ 1.49 17 11.8x 11.1x 13.3x 12.4x 11.0x 10.5x

Kinross Gold Corporation TSX:K C$ 4.99 1245.5 US$ 4,745 US$ 838 US$ 1,443 US$ 1,733 US$ 5,035 US$ 0.75 US$ 0.76 15 5.1x 5.0x 5.4x 5.3x 4.5x 4.6x

Newcrest Mining Limited ASX:NCM C$ 23.69 765.8 US$ 13,853 US$ 248 US$ 479 US$ 2,016 US$ 15,390 US$ 1.35 US$ 1.62 6 13.4x 11.2x 14.9x 12.4x 11.5x 9.9x

Newmont Mining Corporation NYSE:NEM C$ 47.26 531.1 US$ 19,164 US$ 2,812 US$ 2,927 US$ 4,039 US$ 20,276 US$ 4.70 US$ 4.28 9 7.7x 8.4x 8.1x 8.9x 7.0x 7.5x

Randgold Resources Limited LSE:RRS C$ 125.22 93.8 US$ 8,962 US$ 516 US$ 678 US$ 3 US$ 8,286 US$ 4.81 US$ 5.26 6 19.9x 18.2x 18.4x 16.8x 15.1x 13.2x

Yamana Gold Inc. TSX:YRI C$ 3.66 947.6 US$ 2,648 US$ 168 US$ 77 US$ 1,574 US$ 4,144 US$ 0.60 US$ 0.53 15 4.7x 5.3x 7.3x 8.2x 6.4x 6.7x

Group Average - Senior Producers 10.6x 9.6x 11.1x 10.2x 8.8x 8.2x

Group Average - Senior Producers (excluding high/low) 10.4x 9.5x 11.0x 10.2x 8.8x 8.1x

Intermediate Precious Metals Producers

Acacia Mining plc LSE:ACA C$ 8.76 410.1 US$ 2,742 US$ 318 US$ 413 US$ 71 US$ 2,400 US$ 0.86 US$ 1.00 8 7.8x 6.7x 6.8x 5.9x 5.9x 5.3x

Alamos Gold Inc. TSX:AGI C$ 10.54 255.5 US$ 2,056 US$ 403 US$ 494 US$ 313 US$ 1,875 US$ 0.52 US$ 0.55 12 15.4x 14.6x 14.0x 13.3x 13.0x 12.2x

B2Gold Corp. TSX:BTO C$ 4.39 964.9 US$ 3,234 US$ 124 US$ 118 US$ 430 US$ 3,546 US$ 0.33 US$ 0.19 12 10.1x 17.7x 11.1x 19.4x 11.5x 15.4x

Centamin Plc LSE:CEY C$ 2.89 1150.0 US$ 2,538 US$ 400 US$ 509 - US$ 2,029 US$ 0.29 US$ 0.25 6 7.7x 8.9x 6.2x 7.1x 5.5x 5.8xCenterra Gold Inc. TSX:CG C$ 6.59 291.3 US$ 1,465 US$ 160.1 US$ 788.6 US$ 392.9 US$ 1,069.7 US$ 1.40 US$ 1.39 10 3.6x 3.6x 2.6x 2.6x 2.5x 2.5x

Detour Gold Corporation TSX:DGC C$ 17.07 174.6 US$ 2,275 US$ 116 US$ 155 US$ 334 US$ 2,454 US$ 1.20 US$ 1.37 17 10.9x 9.5x 11.7x 10.3x 10.7x 10.1x

Endeavour Mining Corporation TSX:EDV C$ 26.76 93.6 US$ 1,912 US$ 137.1 US$ 109.6 US$ 128.4 US$ 1,930.4 US$ 2.20 US$ 2.73 6 9.3x 7.5x 9.4x 7.6x 8.4x 7.6x

Guyana Goldfields Inc. TSX:GUY C$ 7.22 171.1 US$ 943 US$ 103.9 US$ 111.4 US$ 58.8 US$ 890.7 US$ 0.47 US$ 0.48 6 11.8x 11.6x 11.2x 11.0x 10.3x 10.5x

Harmony Gold Mining Company LimitedNYSE:HMY C$ 3.54 439.3 US$ 1,188 US$ 89 US$ 219 US$ 110 US$ 1,079 US$ 0.52 US$ 0.69 5 5.2x 3.9x 4.8x 3.6x 3.1x 2.7x

Hecla Mining Company NYSE:HL C$ 7.73 395.4 US$ 2,333 US$ 199 US$ 176 US$ 501 US$ 2,658 US$ 0.54 US$ 0.50 7 11.0x 11.8x 12.5x 13.4x 11.2x 11.6x

IAMGOLD Corporation TSX:IMG C$ 5.67 454.3 US$ 1,967 US$ 652 US$ 817 US$ 485 US$ 1,634 US$ 0.65 US$ 0.61 15 6.7x 7.1x 5.6x 5.9x 5.1x 5.6x

Kirkland Lake Gold LTD. TSX:KL C$ 10.32 203.0 US$ 1,600 US$ 161.2 US$ 101.8 US$ 78.6 US$ 1,576.4 US$ 1.09 US$ 1.14 8 7.2x 6.9x 7.1x 6.8x 10.8x 6.3x

New Gold, Inc. TSX:NGD C$ 3.92 513.7 US$ 1,537 US$ 186 US$ 234 US$ 890 US$ 2,193 US$ 0.55 US$ 0.50 16 5.4x 6.0x 7.7x 8.5x 7.4x 7.3x

Nord Gold SE LSE:NORD C$ 4.48 370.4 US$ 1,267 US$ 312 US$ 237 US$ 692 US$ 1,722 US$ 0.50 - 1 6.8x - 9.3x - 3.5x 3.4x

OceanaGold Corporation TSX:OGC C$ 4.01 611.4 US$ 1,872 US$ 69 (US$ 52) US$ 200 US$ 2,124 US$ 0.42 US$ 0.59 14 7.3x 5.2x 8.3x 5.9x 7.6x 5.1x

Pretium Resources Inc. TSX:PVG C$ 14.23 179.8 US$ 1,953 US$ 178 US$ 117 US$ 409 US$ 2,245 (US$ 0.05) US$ 0.34 4 - 31.6x - 36.3x - 36.6x

SEMAFO Inc. TSX:SMF C$ 4.42 324.8 US$ 1,096 US$ 282 US$ 293 US$ 57 US$ 860 US$ 0.44 US$ 0.36 13 7.6x 9.4x 6.0x 7.4x 5.8x 6.7x

TMAC Resources Inc. TSX:TMR C$ 17.42 83.6 US$ 1,112 US$ 47 US$ 53 US$ 86 US$ 1,144 (US$ 0.64) US$ 0.88 1 - 15.1x - 15.6x - 11.8x

Torex Gold Resources Inc TSX:TXG C$ 26.96 79.7 US$ 1,641 US$ 104 US$ 125 US$ 401 US$ 1,918 US$ 1.67 US$ 2.11 7 12.3x 9.8x 14.4x 11.4x 12.0x 8.9x

Group Average - Intermediate Producers 8.6x 10.4x 8.7x 10.7x 7.9x 9.2x

Group Average - Intermediate Producers (excluding high/low) 6.5x 9.5x 6.6x 9.6x - 8.0x

Junior Precious Metals Producers

Alacer Gold Corp. TSX:ASR C$ 2.93 292.1 US$ 653 US$ 215 US$ 269 - US$ 384 US$ 0.14 US$ 0.29 8 16.4x 7.8x 9.6x 4.6x 10.6x 4.2xArgonaut Gold Inc. TSX:AR C$ 2.36 158.2 US$ 285 US$ 50.4 US$ 100.6 US$ 0.0 US$ 184.4 US$ 0.23 US$ 0.25 9 7.8x 7.1x 5.1x 4.6x 4.5x 3.7x

Asanko Gold Inc. TSX:AKG C$ 3.90 201.8 US$ 601 US$ 57.6 US$ 55.1 US$ 140.4 US$ 686.2 US$ 0.33 US$ 0.44 8 9.1x 6.8x 10.3x 7.7x 9.6x 6.8x

Dundee Precious Metals Inc. TSX:DPM C$ 3.51 178.4 US$ 478 US$ 12 US$ 33 US$ 25 US$ 470 US$ 0.42 US$ 0.46 5 6.3x 5.9x 6.2x 5.8x 8.2x 6.1xGolden Star Resources Ltd. TSX:GSC C$ 1.30 374.5 US$ 372 US$ 21.8 US$ (60.5) US$ 89.4 US$ 521.6 US$ 0.04 US$ 0.13 5 26.1x 7.7x 36.7x 10.9x 36.4x 8.4x

Highland Gold Mining Limited AIM:HGM C$ 3.12 325.2 US$ 774 US$ 19.8 US$ (4.4) US$ 121.7 US$ 900.2 US$ 0.43 US$ 0.39 2 5.6x 6.1x 6.5x 7.1x 6.3x 6.6x

McEwen Mining Inc. TSX:MUX C$ 4.91 299.6 US$ 1,123 US$ 45.9 US$ 55.6 US$ 0.0 US$ 1,067.3 - - 0 - - - - - -

Perseus Mining Limited TSX:PRU C$ 0.34 1033.2 US$ 264 US$ 39.5 US$ 57.4 US$ 0.0 US$ 206.9 US$ 0.06 US$ 0.05 1 4.1x 4.7x 3.2x 3.7x 12.2x -

Primero Mining Corp. TSX:P C$ 0.88 189.5 US$ 127 US$ 31.2 US$ 0.9 US$ 61.9 US$ 188.3 US$ 0.09 US$ 0.30 14 7.2x 2.2x 10.6x 3.3x 5.3x 3.0x

Richmont Mines Inc. TSX:RIC C$ 11.35 63.0 US$ 546 US$ 55.9 US$ 45.4 US$ 4.8 US$ 505.6 US$ 0.61 US$ 0.81 10 14.1x 10.7x 13.1x 9.9x 14.1x 9.6x

Roxgold Inc. TSXV:ROG C$ 1.40 611.4 US$ 653 US$ 60.6 US$ 26.5 US$ 52.2 US$ 679.1 US$ 0.05 US$ 0.17 7 22.4x 6.1x 23.3x 6.4x 3.2x 3.3x

Teranga Gold Corporation TSX:TGZ C$ 1.00 536.7 US$ 410 US$ 96.4 US$ 71.0 US$ 13.8 US$ 352.6 US$ 0.16 US$ 0.12 6 4.7x 6.3x 4.1x 5.4x 3.3x 5.2x

Timmins Gold Corp. TSX:TMM C$ 0.53 355.6 US$ 144 US$ 18.5 US$ 22.3 US$ 0.0 US$ 121.6 US$ 0.13 US$ 0.05 8 3.2x 8.0x 2.7x 6.8x 2.9x 6.8x

Wesdome Gold Mines Ltd. TSX:WDO C$ 3.62 130.3 US$ 360 US$ 19.9 US$ 11.6 US$ 0.0 US$ 348.5 US$ 0.12 US$ 0.14 7 23.0x 20.4x 22.3x 19.7x 29.1x 17.6x

Group Average - Junior Producers 11.5x 7.7x 11.8x 7.4x 11.2x 6.8x

Group Average - Junior Producers (excluding high/low) 11.0x 7.0x 10.4x 6.6x 9.7x 5.8x

All data sourced from Capital IQ

P/CF Ratio EV/CF Ratio EV/EBITDA Ratio



Other Precious Metals Comparables – Consensus Estimates





PGM Producers

Impala Platinum Holdings Limited JSE:IMP C$ 4.61 709.7 US$ 2,495 US$ 390 US$ 828 US$ 582 US$ 2,250 US$ 0.31 US$ 0.34 4 11.3x 10.3x 10.2x 9.2x 7.7x 6.5x

Lonmin plc LSE:LMI C$ 2.01 282.4 US$ 432 US$ 323 US$ 511 US$ 150 US$ 71 US$ 0.30 US$ 0.31 5 5.0x 4.9x 0.8x 0.8x 0.8x 0.9x

Stillwater Mining Company NYSE:SWC C$ 22.35 121.2 US$ 2,068 US$ 450 US$ 527 US$ 275 US$ 1,816 US$ 0.75 US$ 1.10 2 22.9x 15.5x 20.1x 13.6x 17.9x 11.9x

North American Palladium Ltd. TSX:PDL C$ 5.71 58.1 US$ 253 US$ 11 US$ 6 US$ 34 US$ 281 - - 0 - - - - - -

Group Average - PGM Producers 13.1x 10.2x 10.4x 7.9x 8.8x 6.4x

Group Average - PGM Producers (excluding high/low) 11.3x 10.3x 10.2x 9.2x 7.7x 6.5x

Silver Producers

Aurcana Corporation TSXV:AUN C$ 0.45 84.7 US$ 29 US$ 1 US$ 1 - US$ 28 - - 0 - - - - - -

Coeur Mining, Inc. NYSE:CDE C$ 11.46 181.1 US$ 1,584 US$ 162 US$ 294 US$ 176 US$ 1,466 US$ 1.10 US$ 1.12 5 8.0x 7.8x 7.4x 7.2x 6.3x 6.2x

Endeavour Silver Corp. TSX:EDR C$ 6.03 127.1 US$ 585 US$ 83 US$ 92 US$ 2 US$ 495 US$ 0.23 US$ 0.26 5 19.8x 18.0x 16.8x 15.3x 13.3x 12.9x

First Majestic Silver Corp. TSX:FR C$ 12.50 165.0 US$ 1,574 US$ 143 US$ 131 US$ 32 US$ 1,475 US$ 0.61 US$ 0.69 6 15.5x 13.9x 14.5x 13.0x 13.6x 12.4x

Fortuna Silver Mines Inc. TSX:FVI C$ 8.01 158.9 US$ 971 US$ 105 US$ 91 US$ 40 US$ 920 US$ 0.50 US$ 0.55 5 12.3x 11.2x 11.6x 10.6x 11.4x 9.0x

Hecla Mining Company NYSE:HL C$ 7.73 395.4 US$ 2,333 US$ 199 US$ 176 US$ 501 US$ 2,658 US$ 0.54 US$ 0.50 5 11.0x 11.8x 12.5x 13.4x 11.2x 11.6x

Mandalay Resources Corporation TSX:MND C$ 0.63 451.2 US$ 217 US$ 67 US$ 44 US$ 1 US$ 174 US$ 0.12 US$ 0.11 4 4.1x 4.5x 3.3x 3.6x 3.5x 3.8x

Pan American Silver Corp. TSX:PAAS C$ 24.89 152.2 US$ 2,893 US$ 218 US$ 429 US$ 36 US$ 2,500 US$ 1.48 US$ 1.42 6 12.8x 13.4x 11.1x 11.5x 8.9x 9.2x

Silver Standard Resources Inc. TSX:SSO C$ 15.09 119.4 US$ 1,376 US$ 476 US$ 560 US$ 220 US$ 1,036 US$ 1.45 US$ 1.12 4 7.9x 10.3x 6.0x 7.8x 5.1x 6.8x

Silvercorp Metals Inc. TSX:SVM C$ 5.58 167.3 US$ 713 US$ 97 US$ 64 - US$ 648 US$ 0.18 US$ 0.42 2 23.7x 10.1x 21.5x 9.2x 15.8x -

Tahoe Resources Inc. TSX:THO C$ 11.02 311.1 US$ 2,618 US$ 142 US$ 168 - US$ 2,449 US$ 1.11 US$ 0.98 10 7.6x 8.6x 7.1x 8.0x 6.3x 7.0x

Group Average - Silver Producers 12.3x 11.0x 11.2x 10.0x 9.5x 8.8x

Group Average - Silver Producers (excluding high/low) 11.9x 10.9x 10.9x 10.1x 9.5x 8.9x

Diamond Producers

Dominion Diamond Corporation NYSE:DDC C$ 11.49 83.1 US$ 728 US$ 198 US$ 438 - US$ 290 US$ 1.67 US$ 1.33 4 5.3x 6.6x 2.1x 2.6x 1.2x 1.8x

Lucara Diamond Corp. TSX:LUC C$ 2.78 382.2 US$ 811 US$ 53 US$ 66 - US$ 745 US$ 0.28 US$ 0.28 8 7.5x 7.6x 6.9x 6.9x 4.0x 4.8x

Stornoway Diamond Corporation TSX:SWY C$ 0.82 828.5 US$ 519 US$ 64 US$ 39 US$ 172 US$ 652 US$ 0.10 US$ 0.08 3 6.5x 7.5x 8.1x 9.4x - 6.8x

Group Average - Diamond Producers 6.4x 7.1x 4.5x 4.8x 2.6x 3.3x

Royalty Companies

Anglo Pacific Group plc LSE:APF C$ 2.00 180.0 US$ 275 US$ 5 US$ 0 US$ 12 US$ 286 US$ 0.12 US$ 0.21 3 12.7x 7.2x 13.2x 7.4x 7.0x 4.9x

Franco-Nevada Corporation TSX:FNV C$ 86.27 178.3 US$ 11,740 US$ 278 US$ 358 - US$ 11,383 US$ 2.58 US$ 2.55 15 25.5x 25.8x 24.7x 25.0x 23.5x 23.5x

Osisko Gold Royalties Ltd. TSX:OR C$ 14.76 106.5 US$ 1,200 US$ 299 US$ 296 US$ 35 US$ 939 US$ 0.38 US$ 0.38 11 29.8x 29.7x 23.3x 23.2x 27.2x 25.3x

Royal Gold, Inc. US:RGLD C$ 89.50 65.3 US$ 4,464 US$ 84 US$ 114 US$ 677 US$ 5,028 US$ 3.41 US$ 4.20 9 20.0x 16.3x 22.6x 18.3x 19.0x 16.2x

Sandstorm Gold Ltd. TSX:SSL C$ 5.94 151.9 US$ 689 US$ 21 US$ 24 - US$ 665 US$ 0.27 US$ 0.27 8 16.9x 16.7x 16.3x 16.1x 16.7x 16.1x

Silver Wheaton Corp. US:RGLD C$ 27.71 441.2 US$ 9,334 US$ 126 US$ 115 US$ 1,345 US$ 10,564 US$ 3.41 US$ 4.20 9 6.2x 5.0x 7.0x 5.7x 18.0x 16.7x

Group Average - Royalty Companies 18.5x 16.8x 17.9x 16.0x 18.6x 17.1x

Group Average - Royalty Companies (excluding high/low) 18.8x 16.5x 18.9x 16.3x 19.3x 18.1x





Base Metals Comparables – Consensus Estimates




Large-Cap Base Metals Producers

Anglo American plc LSE:AAL C$ 20.50 1402.2 US$ 21,945 US$ 6,051 US$ 5,924 US$ 11,310 US$ 27,331 US$ 3.79 US$ 4.89 9 4.1x 3.2x 5.1x 4.0x 4.7x 3.4x

Antofagasta plc LSE:ANTO C$ 13.22 985.9 US$ 9,948 US$ 2,180 US$ 1,968 US$ 2,328 US$ 10,308 US$ 1.10 US$ 1.27 10 9.1x 8.0x 9.5x 8.3x 6.7x 6.1x

BHP Billiton Limited ASX:BHP C$ 25.23 5320.5 US$ 102,499 US$ 14,090 US$ 9,502 US$ 30,670 US$ 123,667 US$ 2.73 US$ 3.32 4 7.1x 5.8x 8.5x 7.0x 10.4x 5.7x

First Quantum Minerals Ltd. TSX:FM C$ 14.00 689.4 US$ 7,368 US$ 1,463 US$ 849 US$ 4,561 US$ 11,080 US$ 1.49 US$ 1.68 9 7.2x 6.4x 10.8x 9.6x 10.8x 9.5x

Freeport-McMoRan Inc. NYSE:FCX C$ 17.36 1440.0 US$ 19,080 US$ 4,245 US$ 6,170 US$ 14,795 US$ 27,705 US$ 2.83 US$ 2.75 7 4.7x 4.8x 6.8x 7.0x 5.8x 5.1x

Glencore Plc LSE:GLEN C$ 5.36 14227.8 US$ 58,225 US$ 2,642 US$ 45 US$ 22,862 US$ 81,042 US$ 0.51 US$ 0.60 9 8.1x 6.8x 11.2x 9.5x 8.3x 5.9x

KGHM Polska Miedz Spólka Akcyjna WSE:KGH C$ 41.89 200.0 US$ 6,395 US$ 191 US$ 313 US$ 1,691 US$ 7,774 US$ 4.01 US$ 4.97 4 8.0x 6.4x 9.7x 7.8x 7.4x 6.0x

Rio Tinto plc LSE:RIO C$ 54.27 1799.1 US$ 74,537 US$ 8,560 US$ 5,686 US$ 16,913 US$ 85,764 US$ 5.22 US$ 7.17 7 7.9x 5.8x 9.1x 6.6x 6.5x 5.2x

Teck Resources Limited TSX:TECK.B C$ 27.16 577.1 US$ 11,978 US$ 1,047 US$ 1,907 US$ 6,137 US$ 16,208 US$ 3.52 US$ 6.50 7 5.9x 3.2x 8.0x 4.3x 6.0x 3.6x

Vale S.A. NYSE:VALE C$ 13.87 5153.4 US$ 54,790 US$ 4,632 US$ 11,350 US$ 27,703 US$ 71,142 US$ 1.49 US$ 1.82 6 7.0x 5.8x 9.2x 7.6x 6.3x 4.9x

Group Average - Large-Cap Producers 6.9x 5.6x 8.8x 7.2x 7.3x 5.5x

Group Average - Large-Cap Producers (excluding high/low) 7.0x 5.6x 8.9x 7.3x 7.2x 5.3x

Mid Tier Base Metals Producers

Capstone Mining Corp TSX:CS C$ 1.65 390.4 US$ 492 US$ 130 US$ 171 US$ 325 US$ 646 US$ 0.30 US$ 0.30 10 4.2x 4.2x 5.5x 5.5x 4.4x 4.6x

Cliffs Natural Resources Inc. NYSE:CLF C$ 14.03 288.1 US$ 3,085 US$ 323 US$ 434 US$ 2,175 US$ 4,827 US$ 1.24 US$ 1.72 2 8.7x 6.2x 13.6x 9.8x 14.2x 7.5x

Hudbay Minerals Inc. TSX:HBM C$ 10.42 237.3 US$ 1,887 US$ 150 US$ 122 US$ 1,216 US$ 2,982 US$ 1.55 US$ 1.95 11 5.1x 4.1x 8.1x 6.4x 6.7x 5.2x

Imperial Metals Corporation TSX:III C$ 6.60 93.6 US$ 472 US$ 3 (US$ 37) US$ 640 US$ 1,149 US$ 0.73 US$ 1.32 3 6.9x 3.8x 16.7x 9.3x 14.2x 8.7x

KAZ Minerals plc LSE:KAZ C$ 8.96 446.7 US$ 3,056 US$ 1,108 US$ 866 US$ 3,446 US$ 5,636 US$ 0.60 US$ 0.91 3 11.5x 7.5x 21.2x 13.9x 18.2x 7.8x

Lundin Mining Corporation TSX:LUN C$ 8.17 726.2 US$ 4,529 US$ 715 US$ 2,052 US$ 982 US$ 3,459 US$ 0.52 US$ 1.03 8 12.1x 6.1x 9.2x 4.6x 5.9x 4.1x

MMG Limited HKSE:1208 C$ 0.53 7935.1 US$ 3,190 US$ 234 (US$ 107) US$ 9,572 US$ 12,869 US$ 0.24 US$ 0.16 1 1.7x 2.5x 6.8x 10.1x 15.7x 5.9x

Nevsun Resources Ltd. TSX:NSU C$ 3.55 301.3 US$ 817 US$ 199 US$ 201 - US$ 616 US$ 0.34 US$ 0.26 6 8.0x 10.3x 6.0x 7.8x 5.9x -

Nyrstar NV ENXTBR:NYR C$ 8.11 93.6 US$ 579 US$ 142 (US$ 411) US$ 596 US$ 1,586 US$ 0.92 US$ 2.11 1 6.7x 2.9x 18.5x 8.0x 7.9x 4.7x

OZ Minerals Limited ASX:OZL C$ 9.57 298.7 US$ 2,181 US$ 474 US$ 556 - US$ 1,625 US$ 0.88 US$ 0.75 5 8.3x 9.7x 6.2x 7.3x 5.4x 5.0x

Sherritt International Corporation TSX:S C$ 1.16 294.3 US$ 261 US$ 230 US$ 368 US$ 1,627 US$ 1,519 (US$ 0.38) US$ 0.19 2 - 4.6x - 27.0x 86.5x 6.7x

Turquoise Hill Resources Ltd. TSX:TRQ C$ 4.46 2012.3 US$ 6,852 US$ 1,437 US$ 2,229 US$ 4,099 US$ 8,722 US$ 0.14 (US$ 0.09) 5 24.0x - 30.6x - 23.4x 82.1x

Vedanta Resources plc LSE:VED C$ 14.49 277.1 US$ 3,064 US$ 8,167 US$ 1,358 US$ 12,022 US$ 13,729 US$ 6.62 US$ 10.11 2 1.7x 1.1x 7.5x 4.9x 5.9x 4.3x

Western Areas Ltd ASX:WSA C$ 2.42 272.3 US$ 502 US$ 75 US$ 87 - US$ 416 US$ 0.12 US$ 0.24 3 15.4x 7.6x 12.8x 6.3x 15.0x 7.4x

Group Average - Mid Tier Producers 8.8x 5.4x 12.5x 9.3x 16.4x 11.8x

Group Average - Mid Tier Producers (excluding high/low) 7.5x 5.0x 11.0x 7.8x 11.5x 6.0x

Small Cap Base Metals Producers

Amerigo Resources Ltd. TSX:ARG C$ 0.56 174.7 US$ 75 US$ 16 US$ 1 US$ 59 US$ 133 US$ 0.12 US$ 0.02 1 3.6x 21.4x 6.4x 38.2x 37.0x -

Copper Mountain Mining Corporation TSX:CMMC C$ 1.20 132.7 US$ 122 US$ 23 (US$ 1) US$ 236 US$ 358 US$ 0.27 US$ 0.31 4 3.3x 3.0x 9.9x 8.8x 9.9x 6.9x

Taseko Mines Limited TSX:TKO C$ 1.82 223.9 US$ 311 US$ 67 US$ 82 US$ 278 US$ 507 US$ 0.06 US$ 0.38 5 23.3x 3.6x 38.0x 5.9x 35.8x 6.0x

Trevali Mining Corporation TSX:TV C$ 1.43 402.6 US$ 441 US$ 11 US$ 4 US$ 45 US$ 482 US$ 0.09 US$ 0.23 4 11.8x 4.8x 12.9x 5.3x 10.8x 3.9x

Group Average - Small Cap Producers 10.5x 8.2x 16.8x 14.5x 23.4x 5.6x

Group Average - Small Cap Producers (excluding high/low) 7.7x 4.2x 11.4x 7.3x 23.3x 4.9x





Iron Comparables – Consensus Estimates

Bloomberg Shares Market Daily Enterprise

Company (T icker) Share Price

Consensus

Target

Implied

Return β

Outstanding

(millions)

Capitalization

(millions)

Volume

(millions)

Weekly

Liquidity WACC

Debt

(millions)

Value

(millions) 2017 2018 2019 2017 2018 2019 2017 2018 2019 2017 2018 2019

Diversified Mining Houses

VALE SA (VALE3-BZ) R$ 32.72 R$ 36.55 11.7% 1.59 3,217 R$ 169,141 5.6 1.2% 15.3% R$ 95,563 R$ 257,275 5.97 4.89 5.5x 6.7x 10.6x 13.1x 9.7x 6.1x 6.9x 5.9x

BHP BILLITON (BHP-AU) A$ 25.06 A$ 28.08 12.0% 1.57 3,212 A$ 125,353 10.2 1.7% 10.8% A$ 36,421 A$ 121,989 3.88 3.63 3.53 6.5x 6.9x 7.1x 13.5x 16.4x 17.3x 5.7x 6.4x 6.4x

RIO TINTO (RIO-AU) A$ 62.88 A$ 70.81 12.6% 1.19 424 A$ 100,737 2.7 5.1% 7.8% A$ 18,392 A$ 93,904 8.92 7.34 8.07 7.1x 8.6x 7.8x 12.4x 16.2x 15.0x 5.7x 6.6x 6.3x

Group Average - Diversifed Mining Avg. -> 6.3x 7.4x 7.4x 12.1x 15.2x 14.0x 5.9x 6.6x 6.2x

Producers

KUMBA IRON (KIO-SJE) ZAR 20,654 ZAR 17,994 (12.9)% 1.97 322 ZAR 66,524 0.6 1.2% 12.2% ZAR 4,500 ZAR 69,045 3685 2700 2185 5.6x 7.6x 9.5x 8.6x 12.4x 19.8x 4.2x 5.4x 7.1x

FORTESCUE METALS (FMG-AU) A$ 6.57 A$ 6.71 2.1% 1.59 3,114 A$ 20,458 22.5 4.1% 10.9% A$ 6,771 A$ 19,703 1.58 1.03 1.06 4.2x 6.4x 6.2x 6.9x 11.2x 15.1x 4.1x 5.5x 6.4x

CLIFFS NATURAL (CLF-US) US$ 10.71 US$ 9.63 (10.1)% 1.91 288 US$ 3,085 19.5 39.6% 9.3% US$ 2,231 US$ 5,127 2.45 2.56 1.97 4.4x 4.2x 5.4x 7.3x 10.5x 11.6x 7.7x 10.0x 10.7x

MMX MINERACAO (MMXM3-BRZ) R$ 5.04 0.61 6 R$ 33 0.1 1.1% 13.2% R$ 151 R$ 163

FERREXPO PLC (FXPO-LSE) GBp 161 GBp 146.50 (8.9)% 1.31 589 GBp 947 3.6 2.9% 3.8% GBp 904 GBp 1,932 51.44 34.14 44.01 3.1x 4.7x 3.7x 4.1x 7.9x 7.7x 4.2x 6.7x 7.5x

MOUNT GIBSON (MGX-AU) A$ 0.53 A$ 0.53 0.3% 0.88 1,097 A$ 576 3.8 3.5% 9.0% A$ 0 A$ 129 0.03 0.00 (0.02) 15.9x 15.0x 32.8x

GRANGE RESOURCES (GRR-AU) A$ 0.25 0.83 1,157 A$ 284 2.2 1.2% 8.1% A$ 12 A$ 186

BC IRON (BCI-AU) A$ 0.25 A$ 0.34 38.8% 1.87 393 A$ 96 4.2 8.7% 16.0% A$ 2 A$ 64

Group Average - Producers Avg. -> 6.6x 5.7x 6.2x 8.4x 15.0x 13.5x 5.0x 6.9x 7.9x

Advanced Development / Exploration (Select Group)

SUNDANCE RESOURCES (SDL-AU) A$ 0.01 1.00 7,101 A$ 49.7 31.4 4.8% 4.7% A$ 97 A$ 118

NEW MILLENNIUM (NML-T) C$ 0.29 1.16 181 C$ 51.6 1.1 2.0% 12.9% C$ 0 C$ 37

ALDERON IRON (ADV-T) C$ 0.50 C$ 0.50 0.0% 1.43 132 C$ 66.1 0.6 1.6% 8.0% C$ 21 C$ 120

ZANAGA IRON (ZIOC-LSE) GBp 8 0.07 279 GBp 22.3 0.5 0.3% 4.7% GBp 0 GBp 22

CENTURY GLOBAL (CNT-T) C$ 0.34 98 C$ 33.5 0.0 0.0% 11.4% C$ 0 C$ 20

CHAMPION IRON (CIA-T) C$ 1.15 1.08 386 C$ 443.8 2.0 2.2% 13.1% C$ 0 C$ 430

BLACK IRON (BKI-T) C$ 0.11 (0.47) 160 C$ 17.6 0.9 3.8% -3.0% C$ 0 C$ 10

OCEANIC IRON (FEO-T) C$ 0.28 0.06 50 C$ 13.9 0.1 0.4% 2.1% C$ 2 C$ 15

MACARTHUR MINERALS (MMS-T) C$ 0.13 0.88 140 C$ 18.1 1.8 8.8% 9.1% C$ 0 C$ 17

Group Average - Developers / Explorers Avg. ->

All data sourced from Bloomberg

EV/EBITDAP/EPSCFPS (LoC) P/CFPS



Uranium Comparables – Consensus Estimates

Bloomberg Shares Market Daily Enterprise

Company (T icker)

Share

Price

Consensus

Target

Implied

Return β

Outst.

(millions)

Capitalization

(millions)

Volume

(millions)

Weekly

Liquidity

Value

(millions)

Resource

(M lb)

USD

EV/lb

Resource 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018

CAMECO CORP (CCO-T) C$ 14.38 C$ 15.87 10.3% 0.99 396 C$ 5,691 3.53 3.3% C$ 6,865 996.1 $5.26 1.17 1.64 1.22 12.3x 8.8x 11.8x 0.51 0.83 1.06 28.2x 17.3x 13.5x

PALADIN ENERGY (PDN-AU) A$ 0.12 A$ 0.11 (2.9)% 1.00 1,713 A$ 197 2.81 1.0% A$ 482 510.5 $0.72 (0.02) 0.00 0.00 38.3x 115.0x (0.03) 0.02 7.2x

ENERGY RESOURCES (ERA-AU) C$ 0.60 C$ 0.05 (92)% 0.63 518 C$ 311 0.79 1.0% C$ -85 473.0 ($0.14) (0.06) 0.00 300.0x (0.12) (0.07) (0.05)

ENERGY FUELS (EFR-T) C$ 2.85 C$ 5.62 97.0% 1.71 67 C$ 190 0.40 2.6% C$ 162 152.0 $0.82 (0.18) (0.16) (0.05) (0.52) (0.33)

UR-ENERGY INC (URE-T) C$ 1.02 C$ 2.08 104.3% 0.72 144 C$ 147 0.22 0.5% C$ 135 29.9 $3.44 0.01 0.01 (0.02) 127.5x 127.5x (0.02) 0.02 0.00 51.0x 340.0x

URANIUM ENERGY (UEC-AMEX) US$ 1.60 US$ 2.81 75.8% 1.46 135 US$ 216 2.39 7.2% US$ 231 89.3 $2.59 (0.10) (0.09) 0.06 29.1x (0.12) (0.10) (0.07)

Group Average - Producers $2.12 69.9x 118.7x 52.0x 28.2x 34.1x 120.2x

DEEP YELLOW (DYL-AU) A$ 0.02 0.12 2,592 A$ 54 17.67 1.7% A$ 53 106.0 $0.38

DENISON MINES (DML-T) US$ 0.88 US$ 1.40 59.5% 1.44 533 US$ 469 2.26 1.9% US$ 346 204.3 $1.29 (0.02) (0.02) (0.01) (0.02) (0.03) (0.02)

FORSYS METALS (FSY-T) C$ 0.17 0.28 146 C$ 24 0.24 0.5% C$ 24 125.0 $0.14

UR-ENERGY INC (URE-T) C$ 1.02 C$ 2.08 104.3%

MEGA URANIUM (MGA-T) C$ 0.26 1.35 284 C$ 73 2.15 2.7% C$ 71 43.1 $1.27

LARAMIDE RESOURCES (LAM-T) C$ 0.63 C$ 0.75 19.0% 1.10 111 C$ 70 0.56 2.1% C$ 69 62.3 $0.85 (0.03) (0.03) (0.02) (0.02) (0.03) (0.02)

BANNERMAN RESOURCES (BMN-AU) A$ 0.06 1.04 849 A$ 52 3.08 2.4% A$ 50 169.6 $0.23

PLATEAU URANIUM (PLU-V) C$ 0.65 1.10 55 C$ 35 0.20 4.7% C$ 25 124.0 $0.15

TORO ENERGY (TOE-AU) A$ 0.05 A$ 0.07 55.6% 0.52 2,008 A$ 90 1.59 0.3% A$ 80 96.0 $0.64

ALLIANCE RESOURCES (AGS-AU) A$ 0.10 0.27 104 A$ 10 NA NA A$ -15 17.8 ($0.64)

PENINSULA ENERGY (PEN-AU) C$ 0.66 C$ 1.14 74.3% 1.20 198 C$ 130 0.45 0.6% C$ 151 110.6 $1.05 (0.03) 0.06 0.07 10.9x (0.03) 0.04 0.08 18.7x 8.4x

Group Average - Developers $0.54 10.9x 18.7x

FISSION URANIUM (FCU-T) C$ 0.78 C$ 1.70 117.9% 1.15 484 C$ 378 1.87 1.5% C$ 324 108.3 $2.29 (0.02) (0.02) (0.02) (0.02) (0.02) (0.02)

FISSION 3.0 (FUU-V) C$ 0.08 1.19 178 C$ 13 0.49 0.4% C$ 12

NEXGEN ENERGY (NXE-T) C$ 3.87 C$ 4.60 18.9% 1.1 306 C$ 1,185 2.55 4.1% C$ 1,167 201.9 $4.41 (0.03) (0.02) (0.02) (0.05) (0.04) (0.04)

KIVALLIQ ENERGY (KIV-V) C$ 0.15 C$ 0.15 3.4% 1.23 247 C$ 36 0.60 0.8% C$ 35 20.0 $0.35

AZINCOURT URANIUM (AAZ-V) C$ 0.16 1.03 14 C$ 2 0.05 3.2% C$ 2

URACAN RESOURCES (URC-V) C$ 0.06 0.19 106 C$ 6 0.14 1.1% C$ 6 44.0 $0.11

Group Average - Explorers $1.79

URANIUM PARTICIPATION (U-T) C$ 4.28 C$ 4.83 12.9% 0.57 121 C$ 517 0.35 1.1% C$ 507 (0.04) (0.04)


PR

OD

UC

ER

SD

EV

ELO

PE

RS

EX

PLO

RE

RS

P/EPSCFPS (LoC) P/CFPS EPS (LoC)



Coal Comparables – Consensus Estimates

Large Cap USA Bloomberg Shares Market Daily Enterprise

Company (T icker) Share Price

Consensus

Target

Implied

Return β

Outstanding

(millions)

Capitalization

(millions)

Volume

(millions)

Weekly

Liquidity WACC

Debt

(millions)

Value

(millions) 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017

Large Cap USA

CONSOL ENERGY (CNX-US) US$ 15.78 US$ 22.73 44.0% 1.69 229 US$ 3,621 3.7 12.5% 9.8% US$ 2,774 US$ 6,477 3.17 4.04 5.20 5.0x 3.9x 3.0x 33.4x 17.3x 12.2x 6.9x 5.7x 4.9x

FORESIGHT ENERGY (FELP-US) US$ 6.46 1.75 66 US$ 847 0.1 0.3% 6.6% US$ 1,644 US$ 2,183 76.0x 11.4x 7.4x

CORSA COAL (CSO-V) C$ 2.72 C$ 4.25 56.3% 1.47 94 C$ 257 0.1 0.2% 13.1% C$ 40 C$ 260 (0.01) 0.36 0.42 5.8x 4.9x 17.3x 26.0x 40.7x 4.3x 4.1x

WESTMORELAND COAL (WLB-US) C$ 15.16 C$ 19.00 25.3% 1.25 19 C$ 282 0.3 7.9% 4.7% C$ 1,046 C$ 1,377 7.33 7.26 2.1x 2.1x 151.6x 141.7x 5.3x 5.1x 5.2x

WALTER ENERGY (WLT-US) US$ 0.10 1.51 81 US$ 8 0.4 2.3% 12.4% US$ 3,136 US$- 174

CLOUD PEAK (CLD-US) US$ 5.11 US$ 6.09 19.3% 1.74 75 US$ 383 1.9 43.6% 7.7% US$ 483 US$ 782 1.10 1.24 1.04 4.7x 4.1x 4.9x 511.0x 6.8x 7.4x 6.7x

Group Average - Large Cap USA Avg. -> 3.9x 4.0x 4.3x 92.5x 63.1x 183.1x 14.2x 6.0x 5.2x

Limitied Partnerships

ALLIANCE RESOURCE (ARLP-US) US$ 23.50 US$ 27.71 17.9% 1.15 75 US$ 1,753 0.4 2.5% 8.1% US$ 662 US$ 2,381 8.8x 9.0x 9.6x 4.1x 4.0x 4.1x

NATURAL RESOURCE (NRP-US) US$ 41.45 US$ 30.00 (27.6)% 1.14 12 US$ 507 0.1 5.3% 5.3% US$ 1,385 US$ 1,612 13.41 10.79 11.65 3.1x 3.8x 3.6x 6.1x 7.5x 5.9x 6.2x 7.5x 7.1x

Group Average - Limited Partnerships Avg. -> 7.5x 8.3x 7.7x 5.2x 5.7x 5.6x

Large Cap Non-North America

NEW HOPE (NHC-AU) A$ 1.75 A$ 1.82 4.4% 0.83 831 A$ 1,450 0.2 0.1% 8.6% A$ 15 A$ 1,374 0.28 0.24 0.19 6.2x 7.3x 9.0x 12.0x 10.8x 13.8x 5.4x 5.0x 6.1x

WHITEHAVEN COAL (WHC-AU) A$ 2.83 A$ 3.11 10.0% 1.73 1,026 A$ 2,904 7.7 3.8% 12.3% A$ 961 A$ 3,533 0.65 0.62 0.50 4.3x 4.6x 5.7x 6.5x 8.2x 10.3x 4.4x 5.3x 6.2x

BANPU PUBLIC (BANPU-SET) ฿ 19.50 ฿ 22.69 16.4% 1.50 4,937 ฿ 96,275 60.3 6.0% 6.7% ฿ 114,111 ฿ 212,809 2.84 2.73 6.9x 7.1x 10.6x 10.8x 8.1x 9.5x 10.2x 8.8x

CHINA COAL (1898-HK) HK$ 4.14 HK$ 4.62 11.6% 1.36 4,107 HK$ 80,104 13.1 1.5% 6.2% HK$ 113,026 HK$ 170,025 0.64 0.88 0.85 5.7x 4.1x 4.3x 27.7x 14.9x 14.2x 13.3x 10.8x 11.0x

CHINA SHENHUA (1088-HK) HK$ 16.28 HK$ 18.10 11.2% 1.28 3,399 HK$ 371,277 21.0 2.2% 8.2% HK$ 106,595 HK$ 408,529 2.72 2.95 2.97 5.3x 4.9x 4.8x 11.2x 10.0x 10.0x 5.6x 5.2x 5.3x

COAL OF (CZA-AU) A$ 0.05 A$ 0.08 63.6% 2,216 A$ 111 0.0 0.0% 9.8% A$ 0 A$ 66

NINE ENTERTAINMENT (NEC-AU) A$ 1.04 A$ 1.12 7.8% 1.03 871 A$ 902 2.8 3.4% 8.5% A$ 220 A$ 1,079 0.10 0.17 0.14 10.0x 6.2x 7.6x 8.9x 8.9x 9.7x 6.0x 6.1x 6.9x

YANZHOU COAL (1171-HK) HK$ 6.22 HK$ 6.26 0.6% 1.54 1,952 HK$ 48,543 14.0 3.8% 6.7% HK$ 69,480 HK$ 90,809 1.19 1.73 1.62 4.6x 3.2x 3.4x 16.6x 8.4x 10.1x 12.3x 8.3x 9.8x

Group Average - Large Cap Non-North-America Avg. -> 6.1x 5.3x 5.8x 13.4x 10.3x 10.9x 6.4x 7.3x 7.7x

Developer/Explorers

EAST ENERGY (EER-AU) A$ 0.01 356 A$ 2.5 0.0 0.0% 4.0% A$ 23 A$ 25

FORTUNE MINERALS (FT -T) C$ 0.27 0.65 271 C$ 73.1 1.4 7.4% 7.3% C$ 4 C$ 77

JAMESON RESOURCES (JAL-AU) A$ 0.10 0.59 223 A$ 21.2 0.1 0.0% 6.7% A$ 0 A$ 19

Group Average - Developers / Explorers Avg. ->

Sundry Companies

ADARO ENERGY (ADRO-JKSE) ¥ 1,700 ¥ 1,901 11.8% 1.70 31,986 ¥ 54,376,135 30.7 0.3% 11.9% ¥ 1,567 ¥ 5,062 0.02 0.02 0.02 7.5x 6.4x 6.4x 15.9x 11.6x 11.6x 6.7x 5.3x 5.1x

NLC INDIA (NEYVELILIG-NSEI) रू 93.65 रू 110.00 17.5% 0.89 1,678 रू 157,118 0.2 0.0% 9.2% रू 83,844 रू 211,183

SOUTHGOBI RESOURCES (SGQ-T) C$ 0.56 0.82 258 C$ 144 0.0 0.0% 5.3% C$ 109 C$ 226

TAMBANG BATUBARA (PTBA-JKSE) ¥ 11,150 ¥ 14,129 26.7% 1.36 2,304 ¥ 25,691,070 2.6 0.7% 12.9% ¥ 2,022,057 ¥ 25,379,781 700.17 1378.70 1433.08 15.9x 8.1x 7.8x 15.4x 9.4x 9.1x 10.8x 6.8x 6.7x

Group Average - Sundry Companies Avg. -> 8.0x 5.0x 4.8x 10.9x 7.4x 7.1x 20.3x 16.3x 11.6x


EV/EBITDAP/EPSCFPS (LoC) P/CFPS



Senior/Intermediate Gold Producers – EV/oz Comparables

Symbol Market Working EnterpriseGlobal Reserves & Resources Reserves ReservesResources (M&I and Inferred) Global

Au Au AuEq AuEq % Au Au Au AuEq AuEq % Au EV/oz Au Au AuEq AuEq % Au % Au EV/oz EV/oz

Agnico Eagle Mines Limited NYSE:AEM US $10,195 US $807 US $10,763 53.4 1.95 59.6 2.19 89% 19.1 2.37 20.6 2.55 93% US $564 34.3 1.78 39.1 2.03 88% 54% US $202 US $180

AngloGold Ashanti Limited JSE:ANG US $4,833 US $406 US $6,949 208.7 1.23 236.2 1.39 88% 51.9 0.80 55.6 0.86 93% US $134 157.0 1.55 180.9 1.79 87% 32% US $33 US $29

B2Gold Corp. TSX:BTO US $3,234 US $118 US $3,566 23.2 0.75 29.0 0.95 80% 7.5 1.38 7.5 1.38 100% US $478 15.7 0.62 21.6 0.85 73% 47% US $154 US $123

Barrick Gold Corporation TSX:ABX US $22,779 US $3,055 US $30,901 199.0 0.80 319.4 1.29 62% 102.3 1.13 141.2 1.56 72% US $302 96.7 0.61 178.3 1.13 54% 33% US $155 US $97

Compañía de Minas Buenaventura S.A.A. NYSE:BVN US $3,210 US $159 US $3,980 20.2 0.22 89.0 0.96 23% 3.6 0.11 24.7 0.75 15% US $1,107 16.4 0.28 64.1 1.08 26% 35% US $197 US $45

Detour Gold Corporation TSX:DGC US $2,275 US $155 US $2,494 21.4 0.98 21.4 0.98 100% 16.4 0.99 16.4 0.99 100% US $152 5.0 0.96 5.0 0.96 100% 22% US $117 US $117

Eldorado Gold Corporation TSX:ELD US $2,305 US $1,001 US $2,062 37.4 0.76 53.7 1.10 70% 20.6 1.10 28.7 1.53 72% US $100 16.9 0.56 25.0 0.83 67% 59% US $55 US $38

Gold Fields Limited JSE:GFI US $2,726 US $193 US $4,092 111.3 2.09 130.9 2.46 85% 48.0 2.78 49.2 2.85 98% US $85 63.3 1.76 81.8 2.27 77% 44% US $37 US $31

Goldcorp Inc. TSX:G US $14,148 US $791 US $16,775 113.6 0.77 190.5 1.28 60% 42.3 0.71 84.8 1.42 50% US $397 71.2 0.80 105.6 1.19 67% 35% US $148 US $88

Harmony Gold Mining Company Limited JSE:HAR US $1,188 US $232 US $1,210 81.2 1.04 111.5 1.43 73% 23.7 0.66 35.6 1.00 66% US $51 57.5 1.35 75.0 1.77 77% 36% US $15 US $11

IAMGOLD Corporation TSX:IMG US $1,967 US $817 US $1,846 33.4 1.22 33.4 1.22 100% 8.8 1.39 8.8 1.39 100% US $210 24.6 1.17 24.6 1.17 100% 33% US $55 US $55

Kinross Gold Corporation TSX:K US $4,745 US $1,443 US $5,702 67.1 0.70 73.8 0.77 91% 33.2 0.71 37.0 0.79 90% US $172 33.9 0.70 36.9 0.76 92% 15% US $85 US $77

New Gold, Inc. TSX:NGD US $1,537 US $234 US $2,259 23.5 0.76 31.1 1.00 75% 15.0 0.78 18.7 0.97 80% US $151 8.5 0.72 12.4 1.05 68% 22% US $96 US $73

Newmont Mining Corporation NYSE:NEM US $19,164 US $2,927 US $22,120 122.6 0.72 167.9 0.99 73% 71.3 0.82 79.5 0.91 90% US $310 51.3 0.62 88.4 1.07 58% 34% US $180 US $132

Randgold Resources Limited LSE:RRS US $8,962 US $678 US $8,698 27.9 3.31 27.9 3.31 100% 14.8 3.69 14.8 3.69 100% US $590 13.1 2.96 13.1 2.96 100% 51% US $312 US $312

Tahoe Resources Inc. TSX:THO US $2,618 US $168 US $2,529 18.9 0.66 32.0 1.11 59% 4.5 0.48 11.8 1.27 38% US $567 14.4 0.74 20.2 1.04 72% 56% US $134 US $79

Yamana Gold Inc. TSX:YRI US $2,648 US $77 US $4,219 64.5 0.55 120.9 1.03 53% 22.3 0.41 55.3 1.02 40% US $189 42.2 0.67 65.6 1.04 64% 39% US $65 US $35

Group Average - Total # Companies: 17 US $327 US $120 US $90

Equivalency assumptions (US$ / 03-24-16): $1,235/oz Au, $18.00/oz Ag, $1,003/oz Pt, $778/oz Pd, $2.70/lb Cu, $1.27/lb Zn, $1.02/lb Pb, $4.99/lb Ni, $7.77/lb Mo, $20.07/lb Co, $7,950/t Sb, $25.00/lb U3O8, $0.20/lb Sn, $93.00/t HCC, $86.40/t 62% Fe

Source: SNL Financial retrieved on February 24, 2017

Reserves

Alamos Gold Inc. TSX:AGI US $2,402 US $355 US $2,442 21.7 1.20 22.4 1.23 97% 5.9 1.67 5.9 1.67 100% US $415 15.9 1.08 16.5 1.13 96% 30% US $112 US $109

Argonaut Gold Inc. TSX:AR US $285 US $101 US $236 9.3 0.67 9.9 0.71 94% 3.3 0.82 3.3 0.82 100% US $71 6.0 0.61 6.6 0.67 91% 23% US $25 US $24

Centamin Plc LSE:CEY US $2,538 US $509 US $2,133 10.1 1.18 10.1 1.18 100% 4.4 1.08 4.4 1.08 100% US $485 5.7 1.27 5.7 1.27 100% 31% US $211 US $211

China Gold International Resources Corp. Ltd. TSX:CGG US $887 US ($323) US $1,974 12.2 0.18 65.2 0.94 19% 5.4 0.29 24.3 1.32 22% US $368 6.9 0.13 40.8 0.80 17% 51% US $162 US $30

Evolution Mining Limited ASX:EVN US $2,931 US $67 US $3,384 16.2 1.33 16.8 1.39 96% 7.6 1.29 7.7 1.31 98% US $445 8.2 1.38 8.7 1.47 94% 46% US $209 US $201

G-Resources Group Limited SEHK:1051 US $495 US $976 US ($359) - - - - - - - - - - - - - - - - - - -

Nord Gold SE LSE:NORD US $1,267 US $237 US $1,896 31.6 1.02 32.4 1.05 98% 13.6 1.01 13.9 1.03 98% US $140 18.1 1.03 18.5 1.06 98% 43% US $60 US $59

Northern Star Resources Limited ASX:NST US $2,045 US $209 US $1,835 8.5 3.26 21.3 8.21 40% 1.7 5.24 1.7 5.24 100% US $1,050 6.7 3.02 19.6 8.76 34% 58% US $216 US $86

OceanaGold Corporation TSX:OGC US $1,872 US ($52) US $2,134 15.8 1.53 17.2 1.66 92% 5.3 1.47 6.2 1.71 86% US $400 10.5 1.56 11.0 1.63 95% 32% US $135 US $124

Primero Mining Corp. TSX:P US $127 US $1 US $210 6.8 0.84 10.9 1.35 62% 1.8 1.38 2.9 2.29 60% US $120 5.0 0.73 8.0 1.17 62% 27% US $31 US $19

Regis Resources Limited ASX:RRL US $1,367 US $84 US $1,297 8.6 0.96 8.6 0.96 100% 2.1 1.09 2.1 1.09 100% US $610 6.4 0.93 6.4 0.93 100% 25% US $152 US $152

Resolute Mining Limited ASX:RSG US $1,054 US $144 US $977 11.5 1.40 11.5 1.40 100% 5.2 1.50 5.2 1.50 100% US $190 5.9 1.26 5.9 1.26 100% 42% US $85 US $85

SEMAFO Inc. TSX:SMF US $1,096 US $293 US $897 7.6 2.80 7.6 2.80 100% 3.0 3.29 3.0 3.29 100% US $302 4.6 2.56 4.6 2.56 100% 42% US $118 US $118




% Au

Inferred

Enterprise

Value

(millions)

Company Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

Global Reserves & Resources Reserves Resources (M&I and Inferred)

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

Global

EV/oz

Au% Au

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)

EV/oz

Au

EV/oz

AuEq

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au



Junior Gold Producers – EV/oz Comparables

Reserves

Alacer Gold Corp. TSX:ASR US $653 US $269 US $591 7.7 0.40 17.9 0.92 43% 3.9 2.04 5.5 2.83 72% US $151 3.8 0.22 12.4 0.71 31% 53% US $76 US $33

Asanko Gold Inc. TSX:AKG US $601 US $55 US $696 9.5 1.68 9.5 1.68 100% 4.7 1.68 4.7 1.68 100% US $147 4.8 1.68 4.8 1.68 100% 48% US $73 US $73

Avesoro Resources Inc. TSX:ASO US $163 US ($29) US $274 2.5 2.48 2.5 2.48 100% 0.8 3.38 0.8 3.38 100% US $329 1.7 2.19 1.7 2.19 100% 68% US $108 US $108

Beadell Resources Limited ASX:BDR US $265 US $28 US $294 3.5 - 18.2 - 19% 1.5 - 1.5 - 100% US $199 2.1 - 16.7 - 12% 68% US $83 US $16

Avnel Gold Mining Limited TSX:AVK US $67 US $5 US $47 2.7 4.11 2.7 4.11 100% 1.6 2.81 1.6 2.81 100% US $30 1.2 11.05 1.2 11.05 100% 21% US $17 US $17

Azumah Resources Limited ASX:AZM US $16 US ($1) US $17 1.9 1.55 1.9 1.55 100% 0.6 2.14 0.6 2.14 100% US $30 1.3 1.38 1.3 1.38 100% 47% US $9 US $9

Banro Corporation TSX:BAA US $43 US ($242) US $337 12.1 1.60 12.1 1.60 100% 3.2 2.03 3.2 2.03 100% US $106 8.9 1.49 8.9 1.49 100% 57% US $28 US $28

Dundee Precious Metals Inc. TSX:DPM US $478 US $33 US $523 11.1 0.43 20.3 0.78 55% 3.0 3.36 4.0 4.54 74% US $175 8.1 0.32 16.2 0.64 50% 51% US $47 US $26

Endeavour Mining Corporation TSX:EDV US $1,912 US $110 US $1,974 15.2 1.59 15.2 1.59 100% 5.5 1.71 5.5 1.71 100% US $357 9.6 1.54 9.6 1.54 100% 49% US $130 US $130

Golden Star Resources Ltd. TSX:GSC US $372 US ($60) US $387 8.6 2.96 8.6 2.96 100% 1.9 2.77 1.9 2.77 100% US $205 6.7 3.02 6.7 3.02 100% 46% US $45 US $45

Goldgroup Mining Inc. TSX:GGA US $15 US $3 US $13 0.5 0.76 0.9 1.48 52% - - - - - - 0.5 0.76 0.9 1.48 52% 41% US $27 US $14

Guyana Goldfields Inc. TSX:GUY US $943 US $111 US $917 8.9 2.95 8.9 2.95 100% 3.0 2.94 3.0 2.94 100% US $302 5.9 2.95 5.9 2.95 100% 36% US $103 US $103

Kirkland Lake Gold LTD. TSX:KL US $1,600 US $66 US $1,541 10.6 5.23 10.6 5.23 100% 2.3 9.51 2.3 9.51 100% US $671 8.3 4.65 8.3 4.65 100% 41% US $145 US $145

Klondex Mines Ltd. TSX:KDX US $997 US $120 US $898 3.5 1.71 3.7 1.79 96% 0.5 8.51 - - - US $1,635 3.0 1.49 - - - 55% US $255 US $244

Mandalay Resources Corporation TSX:MND US $217 US $44 US $209 1.8 0.86 4.3 2.09 41% 0.7 2.30 1.0 3.40 68% US $296 1.0 0.61 3.2 1.86 33% 21% US $119 US $49

Metanor Resources Inc. TSXV:MTO US $23 US ($4) US $28 1.7 1.53 1.7 1.53 100% 0.2 7.37 0.2 7.37 100% US $139 1.5 1.38 1.5 1.38 100% 79% US $16 US $16

Orosur Mining Inc. TSX:OMI US $22 US $7 US $16 1.6 0.68 2.7 1.10 61% 0.1 1.43 0.1 1.43 100% US $130 1.5 0.65 2.5 1.09 59% 5% US $10 US $6

Orvana Minerals Corp. TSX:ORV US $22 US $5 US $28 3.5 2.50 4.3 3.04 82% 0.3 2.82 0.5 3.84 73% US $84 3.2 2.47 3.8 2.97 83% 48% US $8 US $7

Perseus Mining Limited TSX:PRU US $264 US $61 US $229 17.2 1.28 17.2 1.28 100% 6.5 1.50 6.5 1.50 100% US $35 10.7 1.17 10.7 1.17 100% 43% US $13 US $13

Richmont Mines Inc. TSX:RIC US $546 US $47 US $498 4.7 3.59 4.7 3.60 100% 0.6 8.05 0.6 8.05 100% US $797 4.1 3.30 4.1 3.32 100% 59% US $106 US $106

Roxgold Inc. TSXV:ROG US $397 US $26 US $412 1.2 13.55 1.2 13.55 100% 0.7 11.83 0.7 11.83 100% US $603 0.5 16.96 0.5 16.96 100% 91% US $350 US $350

Rubicon Minerals Corporation TSX:RMX US $80 US ($137) US $134 0.4 6.39 0.4 6.39 100% - - - - - - 0.4 6.39 0.4 6.39 100% 74% US $325 US $325

Shanta Gold Ltd. AIM:SHG US $76 US $34 US $104 3.1 3.19 3.1 3.19 100% 0.8 4.95 0.8 4.95 100% US $135 2.3 2.95 2.3 2.95 100% 57% US $33 US $33

Teranga Gold Corporation TSX:TGZ US $410 US $71 US $339 8.5 1.52 8.5 1.52 100% 3.2 1.40 3.2 1.40 100% US $106 5.3 1.61 5.3 1.61 100% 28% US $40 US $40

Timmins Gold Corp. TSX:TMM US $144 US $22 US $128 3.2 0.94 3.3 0.97 97% 0.6 0.50 0.6 0.50 100% US $201 2.6 1.20 2.7 1.25 96% 4% US $40 US $38

Torex Gold Resources Inc TSX:TXG US $1,641 US $125 US $1,951 8.5 2.48 11.7 3.42 73% 3.6 2.62 3.7 2.68 98% US $538 4.9 2.39 8.0 3.91 61% 88% US $229 US $166

Wesdome Gold Mines Ltd. TSX:WDO US $360 US $12 US $350 6.4 1.43 6.4 1.43 100% 0.4 4.63 0.4 4.63 100% US $812 6.0 1.36 6.0 1.36 100% 59% US $55 US $55




EV/oz

Au

Enterprise

Value

(millions)

Company Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)


Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

Global

% AuAu

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)

EV/oz

Au

EV/oz

AuEq

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

% Au

Inferred


Haywood Mining [email protected]

Page 30

Gold Development-Stage Companies (Engineering Study Complete) – EV/oz Comparables

Company Reserves

African Gold Group, Inc. TSXV:AGG US $12 US ($1) US $12 2.0 1.01 2.0 1.01 100% 0.5 1.25 0.5 1.25 100% 1.5 0.96 1.5 0.96 100% 59% US $6 US $6

Almaden Minerals Ltd. TSX:AMM US $99 US $10 US $89 2.0 0.54 3.7 0.99 54% - - - - - 2.0 0.54 3.7 0.99 54% 18% US $45 US $24

Amarillo Gold Corporation TSXV:AGC US $22 US ($1) US $30 2.0 1.30 2.0 1.30 100% - - - - - 2.0 1.30 - - - 29% US $15 US $15

ATAC Resources Ltd. TSXV:ATC US $44 US $12 US $31 0.7 2.35 0.7 2.39 98% - - - - - 0.7 2.35 0.7 2.39 98% 28% US $46 US $45

Barkerville Gold Mines Ltd. TSXV:BGM US $113 US $19 US $87 5.0 2.43 5.1 2.45 99% 0.0 4.82 - - - 5.0 2.42 - - - 41% US $17 US $17

Chaarat Gold Holdings Limited AIM:CGH US $89 US $2 US $87 7.1 2.53 7.2 2.57 98% - - - - - 7.1 2.53 7.2 2.57 98% 15% US $12 US $12

Chalice Gold Mines Limited ASX:CHN US $36 US $47 US ($11) 0.2 4.09 0.2 4.09 100% - - - - - 0.2 4.09 0.2 4.09 100% 83% - -

Chesapeake Gold Corp. TSXV:CKG US $143 US $17 US $127 19.8 0.49 32.1 0.80 62% 18.3 0.52 29.7 0.84 62% 1.5 0.33 2.4 0.52 64% 53% US $6 US $4

Continental Gold Inc. TSX:CNL US $553 US $29 US $521 9.1 9.91 9.7 10.61 93% 3.7 8.41 3.9 8.77 96% 5.4 11.31 5.9 12.33 92% 86% US $57 US $54

Dacian Gold Limited ASX:DCN US $238 US $5 US $231 3.3 - 3.3 - 100% 1.2 - - - - 2.1 - - - - 53% US $69 US $69

Dalradian Resources Inc. TSX:DNA US $240 US $31 US $207 4.4 10.74 4.4 10.74 100% - - - - - 4.4 10.74 4.4 10.74 100% 52% US $47 US $47

Exeter Resource Corporation TSX:XRC US $96 US $14 US $82 25.3 0.49 39.8 0.77 64% 0.0 3.31 0.0 3.31 100% 25.3 0.49 39.8 0.77 64% 7% US $3 US $2

Falco Resources Ltd. TSXV:FPC US $108 US $14 US $91 5.6 1.54 9.7 2.65 58% - - - - - 5.6 1.54 9.7 2.65 58% 19% US $16 US $9

First Mining Finance Corp. TSXV:FF US $435 US $33 US $404 14.0 1.64 14.4 1.69 97% 0.2 1.50 - - - 13.8 1.64 - - - 41% US $29 US $28

Gabriel Resources Ltd. TSX:GBU US $126 US $60 US $120 16.4 - 17.5 - 94% 8.1 - - - - 8.3 - - - - 27% US $7 US $7

Gold Road Resources Limited ASX:GOR US $368 US $67 US $299 3.3 1.11 3.4 1.15 96% 1.8 1.20 1.8 1.20 100% 1.5 1.02 1.7 1.10 93% 62% US $90 US $87

Golden Queen Mining Co. Ltd. TSX:GQM US $74 US ($17) US $165 0.9 0.53 1.1 0.66 80% 0.5 0.66 0.6 0.82 80% 0.4 0.43 0.5 0.54 80% 30% US $185 US $148

Goldquest Mining Corp. TSXV:GQC US $81 US $6 US $74 2.2 2.60 3.4 3.96 66% 0.8 3.72 1.2 5.09 73% 1.4 2.19 2.0 3.29 67% 16% US $34 US $22

Hummingbird Resources PLC AIM:HUM US $114 US $37 US $95 6.4 1.64 6.4 1.64 100% 0.6 3.14 0.6 3.14 100% US $157 5.8 1.57 5.8 1.57 100% 53% US $15 US $15

Integra Gold Corp. TSXV:ICG US $307 US $14 US $263 5.4 6.38 5.4 6.39 100% - - - - - - 5.4 6.38 5.4 6.39 100% 60% US $49 US $49

International Tower Hill Mines Ltd. TSX:ITH US $95 US ($13) US $94 12.6 0.68 12.6 0.68 100% 9.0 0.71 9.0 0.71 100% US $10 3.6 0.60 3.6 0.60 100% 31% US $7 US $7

INV Metals Inc. TSX:INV US $47 US $8 US $38 3.1 - 3.9 - 79% 1.9 - - - - US $21 1.2 - - - - 44% US $12 US $10

K92 Mining Inc. TSXV:KNT US $90 US $14 US $76 1.4 8.09 2.0 11.27 72% - - - - - - 1.4 8.09 - - - 84% US $53 US $38

KEFI Minerals Plc AIM:KEFI US $17 US ($2) US $17 1.9 1.96 1.9 1.96 100% 1.0 2.12 1.0 2.12 100% US $17 0.9 1.82 0.9 1.82 100% 20% US $9 US $9

Lundin Gold Inc. TSX:LUG US $492 US $50 US $437 9.5 - 9.7 - 98% 4.8 - - - - US $91 4.7 - - - - 46% US $46 US $45

Lupaka Gold Corp. TSXV:LPK US $18 US ($1) US $18 2.8 1.17 3.2 1.35 87% - - - - - - 2.8 1.17 3.2 1.35 87% 42% US $7 US $6

Lydian International Limited TSX:LYD US $201 US $154 US $103 5.0 0.69 5.4 0.73 94% 2.4 0.78 2.6 0.83 94% US $43 2.6 0.62 2.8 0.66 94% 77% US $21 US $19

Metals Exploration Plc AIM:MTL US $120 US ($44) US $200 1.7 1.62 2.0 1.89 86% 0.9 1.86 1.0 2.10 89% US $223 0.8 1.43 1.0 1.72 83% 82% US $115 US $99

Midas Gold Corp. TSX:MAX US $121 US $37 US $100 6.5 1.57 7.2 1.73 91% 4.6 1.60 5.1 1.78 90% US $22 2.0 1.49 2.1 1.63 91% 55% US $15 US $14

Moneta Porcupine Mines Inc. TSX:ME US $44 US $5 US $38 4.3 1.17 4.3 1.17 100% - - - - - - 4.3 1.17 4.3 1.17 100% 75% US $9 US $9

NewCastle Gold Ltd. TSX:NCA US $112 US $1 US $120 5.4 0.24 14.2 0.63 38% - - - - - - 5.4 0.24 14.2 0.63 38% 17% US $22 US $8

NovaGold Resources Inc. TSX:NG US $1,870 US $104 US $1,849 28.7 - 44.4 - 65% 19.6 - - - - US $94 9.1 - - - - 58% US $64 US $42

Orca Gold Inc. TSXV:ORG US $34 US $8 US $14 1.6 1.88 1.9 2.26 83% - - - - - - 1.6 1.88 1.9 2.26 83% 24% US $9 US $8

Orezone Gold Corporation TSXV:ORE US $75 US $24 US $51 4.5 0.77 4.5 0.77 100% - - - - - - 4.5 0.77 4.5 0.77 100% 15% US $11 US $11

Pershimco Resources Inc. TSXV:PRO US $56 US ($13) US $68 0.8 0.69 1.0 0.87 79% 0.5 0.77 0.5 0.83 93% US $140 0.1 7.46 0.1 7.46 100% 12% US $85 US $67

Pilot Gold Inc. TSX:PLG US $69 US $4 US $88 2.0 0.36 4.4 0.78 47% - - - - - - 2.0 0.36 4.4 0.78 47% 35% US $44 US $20

Premier Gold Mines Limited TSX:PG US $449 US $65 US $457 7.2 1.74 7.3 1.77 98% 2.9 1.20 2.9 1.22 98% US $159 4.3 2.49 4.4 2.55 98% 54% US $64 US $63

Pretium Resources Inc. TSX:PVG US $1,953 US $117 US $2,184 49.0 0.68 63.3 0.88 77% 7.5 14.14 7.9 14.98 94% US $291 41.5 0.58 55.4 0.78 75% 31% US $45 US $35

Red Eagle Mining Corporation TSX:R US $168 US $2 US $215 0.6 3.35 0.6 3.35 100% 0.4 5.19 0.4 5.19 100% US $532 0.2 1.98 0.2 1.98 100% 64% US $352 US $352

RTG Mining Inc. TSX:RTG US $27 US $14 US $13 0.6 1.66 1.3 3.74 44% 0.3 2.04 0.8 5.09 40% US $40 0.3 1.35 0.5 2.64 51% 84% US $22 US $10

Sabina Gold & Silver Corp. TSX:SBB US $227 US $32 US $195 7.2 6.21 7.2 6.21 100% 2.5 6.30 2.5 6.30 100% US $78 4.7 6.16 4.7 6.16 100% 40% US $27 US $27

Sandspring Resources Ltd. TSXV:SSP US $51 US $5 US $46 10.0 0.84 11.3 0.95 88% 4.1 1.00 4.6 1.12 90% US $11 5.9 0.75 6.6 0.85 88% 53% US $5 US $4

Seabridge Gold Inc. TSX:SEA US $613 US $10 US $597 109.8 0.48 221.8 0.96 50% 45.3 0.61 71.4 0.97 63% US $13 64.6 0.41 150.4 0.96 43% 76% US $5 US $3

Sihayo Gold Limited ASX:SIH US $18 US ($4) US $15 1.1 2.60 1.1 2.60 100% 0.4 2.41 0.4 2.41 100% US $37 0.7 2.73 0.7 2.73 100% 43% US $14 US $14

Sulliden Mining Capital Inc. TSX:SMC US $9 US $13 US ($4) 1.4 - 1.6 - 88% - - - - - - 1.4 - - - - 26% - -

Terraco Gold Corp. TSXV:TEN US $17 US $2 US $22 1.0 0.70 1.0 0.70 100% - - - - - - 1.0 0.70 1.0 0.70 100% 8% US $21 US $21

Vast Resources plc AIM:VAST US $29 US ($0) US $42 2.4 1.53 2.9 1.89 81% 0.6 1.83 1.0 3.26 56% US $73 1.8 1.45 1.9 1.54 94% 75% US $18 US $14

Victoria Gold Corp. TSXV:VIT US $223 US $42 US $175 4.5 0.65 4.6 0.66 99% 2.7 0.67 2.7 0.67 100% US $66 1.9 0.62 1.9 0.63 97% 30% US $39 US $38


Group Average - 0 - 20 million ounces # Companies: 44 US $40 US $36

Group Average - 20 - 50 million ounces # Companies: 3 US $37 US $16

Group Average - +50 million ounces # Companies: 1 US $5 US $19



Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

Enterprise

Value

(millions)

Global Reserves & ResourcesAu

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

AuEq

(Moz)

AuEq

(g/t)

% Au

Inferre% Au

AuEq

(g/t)

EV/oz

Au

ReservesAu

(Moz)

Au

(g/t)

GlobalEV/oz

Au

EV/oz

AuEq

Resources (M&I and Inferred)Au

(Moz)

Au

(g/t)

AuEq

(Moz)% Au


Haywood Mining [email protected]

Page 31

Gold Exploration-Stage Companies (Resource Only) – EV/oz Comparables

Alexandria Minerals Corporation TSXV:AZX US $20 US $2 US $18 1.6 1.82 2.1 2.43 75% - - - - - 1.6 1.82 2.1 2.43 75% 41% US $11 US $8

Atacama Pacific Gold Corporation TSXV:ATM US $22 US ($1) US $22 5.9 0.37 5.9 0.37 100% 3.7 0.40 3.7 0.40 100% 2.1 0.33 2.1 0.33 100% 29% US $4 US $4

Auryn Resources Inc. TSX:AUG US $190 US $4 US $184 2.7 4.85 3.0 5.49 88% - - - - - 2.7 4.85 - - - 70% US $69 US $61

Balmoral Resources Ltd TSX:BAR US $80 US $8 US $70 0.6 0.77 1.1 1.49 51% - - - - - 0.6 0.77 1.1 1.49 51% 68% US $119 US $61Bellhaven Copper & Gold Inc. TSXV:BHV US $9 US ($0) US $9 1.0 - 1.5 - 65% - - - - - 1.0 - - - - 27% US $9 US $6

Calibre Mining Corp. TSXV:CXB US $59 US $3 US $56 1.1 2.34 1.4 2.83 83% - - - - - 1.1 2.34 1.4 2.83 83% 97% US $50 US $42

Cardinal Resources Limited ASX:CDV US $88 US $3 US $84 - - - - - - - - - - - - - - - - - -

Columbus Gold Corporation TSX:CGT US $105 US ($4) US $102 2.9 0.86 3.6 1.06 82% - - - - - 2.9 0.86 3.6 1.06 82% 40% US $35 US $29

Condor Gold PLC AIM:CNR US $47 US $4 US $44 3.7 3.08 4.1 3.37 91% 0.7 3.04 0.7 3.12 98% 3.1 3.09 3.4 3.43 90% 65% US $12 US $11

Coral Gold Resources Ltd. TSXV:CLH US $12 US $0 US $12 2.7 0.49 2.7 0.49 100% - - - - - 2.7 0.49 - - - 100% US $4 US $4

Corvus Gold Inc. TSX:KOR US $60 US $4 US $56 1.8 0.26 1.9 0.28 94% - - - - - 1.8 0.26 1.9 0.28 94% 64% US $32 US $30

Eastmain Resources Inc. TSX:ER US $67 US $9 US $54 1.8 4.37 1.8 4.37 100% - - - - - 1.8 4.37 1.8 4.37 100% 34% US $30 US $30

Eco Oro Minerals Corp TSX:EOM US $53 US ($1) US $52 3.5 4.38 3.7 4.64 95% - - - - - 3.5 4.38 3.7 4.64 95% 37% US $15 US $14

Eurasian Minerals Inc. TSXV:EMX US $74 US $5 US $71 - - - - - - - - - - - - - - - - - -

Falco Resources Ltd. TSXV:FPC US $108 US $14 US $91 5.6 1.54 9.7 2.65 58% - - - - - 5.6 1.54 9.7 2.65 58% 19% US $16 US $9

GobiMin Inc. TSXV:GMN US $21 US $34 US ($10) 2.9 1.49 2.9 1.50 99% - - - - - 2.9 1.49 2.9 1.50 99% 63% - -

Granada Gold Mine Inc. TSXV:GGM US $21 US ($3) US $21 0.7 3.07 0.7 3.39 91% 0.1 4.24 0.1 4.24 100% 0.6 2.96 0.6 3.31 89% 6% US $32 US $29

Gold Standard Ventures Corp TSXV:GSV US $603 US $18 US $582 2.1 0.56 2.3 0.61 92% - - - - - 2.1 0.56 2.3 0.61 92% 70% US $279 US $257

Harte Gold Corp. TSX:HRT US $138 US $0 US $136 0.5 9.47 0.5 9.47 100% - - - - - 0.5 9.47 0.5 9.47 100% 33% US $287 US $287

IDM Mining Ltd. TSXV:IDM US $36 US $3 US $30 0.5 7.80 0.6 8.12 96% - - - - - 0.5 7.80 0.6 8.12 96% 20% US $55 US $53

Kasbah Resources Limited ASX:KAS US $11 US $0 US $10 0.2 0.55 0.3 0.64 87% - - 0.0 0.09 - 0.2 0.90 0.2 0.97 92% - US $44 US $38

Lexam VG Gold Inc. TSX:LEX US $47 US $1 US $46 2.4 2.74 2.4 2.74 100% - - - - - 2.4 2.74 2.4 2.74 100% 39% US $19 US $19

Lincoln Mining Corporation TSXV:LMG US $1 US ($3) US $5 0.4 2.29 0.4 2.29 100% - - - - - 0.4 2.29 - - - 82% US $12 US $12

Lion One Metals Limited TSXV:LIO US $66 US $25 US $41 0.7 0.09 17.5 2.25 4% - - - - - 0.7 0.09 17.5 2.25 4% 60% US $55 US $2

Marathon Gold Corporation TSX:MOZ US $86 US $2 US $83 1.3 2.37 1.3 2.37 100% - - - - - 1.3 2.37 1.3 2.37 100% 15% US $63 US $63

Orex Minerals Inc. TSXV:REX US $19 US $5 US $16 0.1 0.28 0.4 1.64 17% - - - - - 0.1 0.28 0.4 1.64 17% 47% US $249 US $42

Puma Exploration Inc. TSXV:PUM US $9 US ($0) US $9 0.4 0.52 3.2 4.46 12% - - - - - 0.4 0.52 3.1 4.40 12% 2% US $25 US $3

Pure Gold Mining Inc. TSXV:PGM US $96 US $9 US $85 1.2 9.47 1.2 9.47 100% - - - - - 1.2 9.47 1.2 9.47 100% 24% US $70 US $70

RNI NL ASX:RNI US $16 US $2 US $14 - - 0.2 2.18 - - - - - - - - 0.2 2.18 - - - US $60

Rye Patch Gold Corp. TSXV:RPM US $95 US $13 US $87 4.4 0.42 5.0 0.48 87% - - - - - 4.4 0.42 5.0 0.48 87% 29% US $20 US $17

Sarama Resources Ltd TSXV:SWA US $21 US ($2) US $19 0.7 1.68 0.7 1.68 100% - - - - - 0.7 1.68 0.7 1.68 100% 100% US $26 US $26

Spanish Mountain Gold Ltd TSXV:SPA US $33 US $2 US $31 7.0 0.40 7.2 0.41 98% - - - - - 7.0 0.40 7.2 0.41 98% 50% US $4 US $4

Teras Resources Inc. TSXV:TRA US $19 US $0 US $19 1.1 0.48 1.3 0.56 86% - - - - - 1.1 0.48 1.3 0.56 86% 10% US $16 US $14

Treasury Metals Inc. TSX:TML US $57 US ($3) US $59 1.6 1.88 1.9 2.26 83% - - - - - 1.6 1.88 1.9 2.26 83% 24% US $38 US $31

TriMetals Mining Inc. TSX:TMI US $33 US $3 US $32 1.8 0.07 15.1 0.58 12% - - - - - 1.8 0.07 15.1 0.58 12% 47% US $18 US $2

West Kirkland Mining Inc. TSXV:WKM US $25 US ($0) US $25 1.3 0.55 1.6 0.67 83% 0.6 0.58 0.7 0.69 83% 0.7 0.53 0.9 0.65 83% 23% US $19 US $16

Group Average - Total # Companies: 38 US $47 US $37



EV/oz

Au

EV/oz

AuEq

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

Global

% Au% AuAu

(Moz)

Au

(g/t)

AuEq

(Moz)

Global Reserves & Resources Reserves Resources (M&I and Inferred)Au

(Moz

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)

AuEq

(g/t)

% Au

Inferre

Company Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

Enterprise

Value

(millions)



Silver – EV/oz Comparables

Reserves

Alexco Resource Corp. TSX:AXR US $169 US $19 US $150 67 319 124 586 54% - - - - - - 67 319 124 586 54% 18% US $2.23 US $1.21

Americas Silver Corporation TSX:USA US $141 US $28 US $122 109 150 225 311 48% 31 185 - - - US $3.93 78 140 - - - 35% US $1.12 US $0.54

Athena Silver Corp OTCPK:AHNR US $3 US ($2) US $5 43 67 43 67 100% - - - - - - 43 67 43 67 100% - US $0.12 US $0.12

Bear Creek Mining Corporation TSXV:BCM US $232 US $33 US $198 523 41 1,093 85 48% 291 52 623 111 47% US $0.68 232 32 471 65 49% 33% US $0.38 US $0.18

Defiance Silver Corp. TSXV:DEF US $27 US $1 US $27 17 182 18 191 95% - - - - - - 17 182 18 191 95% 100% US $1.57 US $1.50

Dolly Varden Silver Corporation TSXV:DV US $19 US $3 US $17 43 333 43 333 100% - - - - - - 43 333 43 333 100% 25% US $0.39 US $0.39

Golden Arrow Resources Corporation TSXV:GRG US $49 US $7 US $42 58 83 102 145 57% 6 145 7 166 87% US $6.97 52 79 95 144 55% 25% US $0.73 US $0.42

Golden Minerals Company AMEX:AUMN US $58 US $4 US $54 113 41 286 103 40% - - - - - - 113 41 286 103 40% 58% US $0.48 US $0.19

Iberian Minerals Ltd. TSXV:IML US $21 US $0 US $20 22 9 414 164 5% - - - - - - 22 9 414 164 5% - US $0.90 US $0.05

Investigator Resources Limited ASX:IVR US $20 US $1 US $19 33 117 33 117 100% - - - - - - 33 117 33 117 100% 100% US $0.58 US $0.58

Kootenay Silver Inc TSXV:KTN US $42 US $6 US $36 76 62 118 96 65% - - - - - - 76 62 118 96 65% 19% US $0.48 US $0.31

MacPhersons Resources Limited ASX:MRP US $59 US $10 US $56 20 28 65 89 31% 8 44 25 134 33% US $6.74 12 22 40 73 30% 29% US $2.76 US $0.86

MAG Silver Corp. TSX:MAG US $1,253 US $141 US $1,112 152 65 525 225 29% - - - - - - 152 65 525 225 29% 59% US $7.32 US $2.12

Minco Silver Corporation TSX:MSV US $66 US $40 US $35 162 158 252 246 64% 50 189 62 234 81% US $0.71 112 148 190 250 59% 52% US $0.22 US $0.14

Silver Bear Resources Inc. TSX:SBR US $56 US $3 US $104 56 723 57 729 99% 23 852 23 852 100% US $4.62 34 - 34 - 99% 67% US $1.85 US $1.83

Silver Bull Resources, Inc. OTCPK:SVBL US $20 US $1 US $19 91 48 456 240 20% - - - - - - 91 48 456 240 20% 0% US $0.21 US $0.04

Silver Predator Corp. TSXV:SPD US $7 US $1 US $11 21 67 21 67 100% - - - - - - 21 67 21 67 100% 19% US $0.53 US $0.53

Silver Range Resources Ltd. TSXV:SNG US $9 US $1 US $8 2 9 76 401 2% - - - - - - 2 9 76 401 2% - US $4.75 US $0.11

T inka Resources Limited TSXV:TK US $53 US $1 US $52 39 31 223 173 18% - - - - - - 39 31 223 173 18% 64% US $1.32 US $0.23

Group Average - Total # Companies: 19 US $3.94 US $1.47 US $0.60



EV/oz

Ag

EV/oz

AgEq

Ag

(Moz)

Ag

(g/t)

AgEq

(Moz)

AgEq

(g/t)% Ag

Global

% Ag% AgAg

(Moz)

Ag

(g/t)

AgEq

(Moz)


Ag

(Moz)

Ag

(g/t)

AgEq

(Moz)

AgEq

(g/t)

AgEq

(g/t)

% Ag

Inferred

EV/oz

Ag

Company Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

Enterprise

Value

(millions)



Copper Non-Producers – EV/lb Comparables

Shares Market Working LTD Enterprise Copper

Company Symbol Price O/S Capitalization Capital Value Value Ratio*** Reserve (P&P) Resource (Total)

(million) (million) (million) (million) (million) (% Contained) (CuEq** Mlb) (CuEq** Mlb) Reserve Total

AQM Copper Inc. TSXV:AQM C$ 0.23 143.0 US$ 25 US$ 1.4 US$ 0.0 US$ 23 Cu / Au 90% - 2,026 - $0.011

Bellhaven Copper and Gold Inc.TSXV:BHV C$ 0.51 22.0 US$ 9 US$ (0.3) US$ 0.0 US$ 9 Au / Cu 40% - 1,036 - $0.009

Candente Copper Corp. TSX:DNT C$ 0.11 163.7 US$ 14 US$ (1.3) US$ 0.0 US$ 15 Cu / Au 89% - 12,427 - $0.001

Colorado Resources Ltd. TSXV:CXO C$ 0.30 81.0 US$ 18 US$ 2.7 US$ 0.0 US$ 16 Cu / Au 59% - 1,165 - $0.013

Copper Fox Metals Inc TSXV:CUU C$ 0.16 427.8 US$ 51 US$ 1.6 US$ 0.0 US$ 49 Cu / Au 68% 2,375 5,648 $0.021 $0.009

Coro Mining Corp. TSX:COP C$ 0.18 483.4 US$ 65 US$ 0.1 US$ 0.3 US$ 65 Cu / Au 84% 195 965 $0.332 $0.067

Crazy Horse Resources Inc. TSXV:CZH C$ 0.02 48.6 US$ 1 US$ (0.2) US$ 0.0 US$ 1 Cu / Au 80% 2,638 5,794 $0.000 $0.000

Exeter Resource Corporation TSX:XRC C$ 1.42 88.7 US$ 96 US$ 14.2 US$ 0.0 US$ 82 Au / Cu 41% 12,504 22,559 $0.007 $0.004

Foran Mining Corporation TSXV:FOM C$ 0.38 96.9 US$ 28 US$ 0.9 US$ 0.0 US$ 27 Cu / Zn 46% - 1,756 - $0.015

Getty Copper Inc. TSXV:GTC C$ 0.03 108.4 US$ 2 US$ (0.5) US$ 0.0 US$ 3 Cu / Mo 96% 620 969 $0.004 $0.003

Gold Reach Resources Ltd. TSXV:GRV C$ 0.15 47.0 US$ 5 US$ 0.3 US$ 0.0 US$ 5 Cu / Mo 68% - 5,444 - $0.001

Highland Copper Co Inc. TSXV:HI C$ 0.17 208.3 US$ 27 US$ (1.7) US$ 0.3 US$ 29 Cu / Ag 96% 871 6,019 $0.033 $0.005

Indico Resources Ltd. TSXV:IDI C$ 0.02 147.0 US$ 2 US$ 0.1 US$ 0.0 US$ 2 Cu / - 100% - 410 - $0.005

Kiska Metals Corporation TSXV:KSK C$ 0.09 131.4 US$ 9 US$ 5.9 US$ 0.0 US$ 3 Au / Cu 38% - 2,048 - $0.002

Los Andes Copper Limited TSXV:LA C$ 0.19 244.9 US$ 35 US$ (1.3) US$ 0.0 US$ 36 Cu / Mo 89% - 12,305 - $0.003

Nevada Copper Corp. TSX:NCU C$ 0.77 88.2 US$ 52 US$ 4.6 US$ 148.7 US$ 196 Cu / Au 91% 5,791 7,917 $0.034 $0.025

NGEx Resources Inc. TSX:NGQ C$ 1.35 213.5 US$ 220 US$ 8.0 US$ 0.0 US$ 212 Cu / Au 76% - 27,655 - $0.008

Northern Dynasty Minerals Ltd. TSX:NDM C$ 2.19 291.1 US$ 487 US$ 5.5 US$ 0.0 US$ 481 Cu / Au 57% - 142,635 - $0.003

Northisle Copper and Gold Inc. TSXV:NCX C$ 0.16 105.1 US$ 13 US$ 0.3 US$ 0.0 US$ 12 Cu / Au 51% - 4,358 - $0.003

NovaCopper Inc. TSX:TMQ C$ 0.61 0.0 US$ 0 US$ 15.1 US$ 0.0 US$ (15) Cu / Zn 83% - 9,685 - -

Panoro Minerals Ltd. TSXV:PML C$ 0.17 258.1 US$ 34 US$ 4.8 US$ 0.0 US$ 29 Cu / Au 77% - 10,114 - $0.003

Polymet Mining Corp. TSX:POM C$ 1.06 318.4 US$ 258 US$ 22.0 US$ 103.5 US$ 339 Cu / Ni 49% 3,145 10,139 $0.108 $0.033

Quaterra Resources Inc. TSXV:QTA C$ 0.12 193.5 US$ 18 US$ 5.2 US$ 0.0 US$ 12 Cu / Ag 96% - 8,247 - $0.002

Redhawk Resources, Inc. TSX:RDK C$ 0.06 157.7 US$ 7 US$ (1.1) US$ 1.3 US$ 9 Cu / Mo 92% - 3,835 - $0.002

Regulus Resources Inc TSXV:REG C$ 1.60 68.6 US$ 84 US$ 9.4 US$ 0.0 US$ 74 Cu / Au 0% - - - -

Serengeti Resources Inc. TSXV:SIR C$ 0.17 71.5 US$ 9 US$ 0.4 US$ 0.0 US$ 9 Cu / Au 67% - 4,153 - $0.002

St Augustine Gold and Copper LimitedTSX:SAU C$ 0.03 726.8 US$ 17 US$ (0.3) US$ 0.0 US$ 17 Cu / Au 58% 2,131 3,263 $0.008 $0.005

Tintina Resources Inc. TSXV:TAU C$ 0.12 323.5 US$ 28 US$ 3.6 US$ 0.0 US$ 25 Cu / Co 86% - 1,538 - $0.016

Western Copper and Gold CorporationTSX:WRN C$ 1.98 95.0 US$ 144 US$ 5.8 US$ 0.0 US$ 138 Cu / Au 45% 10,033 22,599 $0.014 $0.006

Yellowhead Mining Inc. TSX:YMI C$ 0.08 0.0 US$ 0 US$ 0.4 US$ 0.0 US$ (0) Cu / Au 91% 4,475 8,701 - -

Group Average - Total $0.056 $0.009

*All reserve and resource data sourced from IntierraRMG, additional data sourced from Capital IQ and Market Q.

**CuEq = copper equivalent. Calculated based on Haywood's formal long-term metal price forecasts.

***Copper Ratio = value of in situ copper / total value of in situ metals.

Primary /

Secondary

Metal

Reserves & Resources* - Attributable

EV/lb CuEq** (US$)



Nickel Non-Producers – EV/lb Comparables

Zinc Non-Producers – EV/lb Comparables

Shares Market Working LTD Enterprise Nickel


(million) (million) (million) (million) (million) (% Contained) (NiEq** Mlb) (NiEq** Mlb) Reserve Total

Anfield Nickel Corp. TSXV:ANF C$ 1.08 117.0 US$ 96 US$ 32.4 US$ 0.0 US$ 64 Ni / Co 99% 2,169 3,616 $0.030 $0.018

Asian Mineral Resources LimitedTSXV:ASN C$ 0.02 788.9 US$ 12 US$ 4.7 US$ 0.0 US$ 7 Ni / Cu 86% 85 146 $0.087 $0.051

Canadian Arrow Mines Ltd. TSXV:CRO C$ 0.02 140.0 US$ 2 US$ (0.6) US$ 0.0 US$ 2 Ni / Cu 82% - 141 - $0.015

First Point Minerals Corp. TSXV:FPX C$ 0.11 122.3 US$ 10 US$ 0.2 US$ 5.1 US$ 15 Ni / Cu 182% - 141 - $0.105

Hard Creek Nickel Corporation TSXV:HNC C$ 0.09 43.1 US$ 3 US$ 0.1 US$ 0.0 US$ 3 Ni / Co 91% - 9,161 - $0.000

Mustang Minerals Corp. TSXV:MUM C$ 0.02 256.5 US$ 4 US$ (0.5) US$ 0.0 US$ 4 Co / Ni 38% 2 1,176 $1.857 $0.004

Noront Resources Ltd TSXV:NOT C$ 0.25 306.3 US$ 58 US$ 7.4 US$ 32.8 US$ 84 Ni / Cu 78% 498 851 $0.168 $0.099

North American Nickel Inc. TSXV:NAN C$ 0.09 122.2 US$ 8 US$ 4.0 US$ 0.0 US$ 4 Ni / Cu 0% - - - -

Northern Shield Resources Inc. TSXV:NRN C$ 0.06 205.0 US$ 9 US$ 1.7 US$ 0.0 US$ 7 Ni / Cu 0% - - - -

Poseidon Nickel Limited ASX:POS C$ 0.05 865.0 US$ 31 US$ (0.9) US$ 14.4 US$ 47 Ni / Au 98% 171 1,284 $0.273 $0.036

Royal Nickel Corporation TSX:RNX C$ 0.36 276.2 US$ 76 US$ (13.6) US$ 13.0 US$ 103 Ni / Cu 0% - - - -

Sama Resources Inc. TSXV:SME C$ 0.15 119.0 US$ 14 US$ (0.0) US$ 0.0 US$ 14 Ni / Cu 71% - 195 - $0.070

Strongbow Exploration Inc. TSXV:SBW C$ 0.16 57.9 US$ 7 US$ 0.4 US$ 1.1 US$ 8 Ni / Cu 86% - 417 - $0.019

Talon Metals Corporation TSX:TLO C$ 0.10 129.6 US$ 9 US$ 0.6 US$ 13.6 US$ 22 Ni / Fe 56% - 125 - $0.180

Group Average - Total $0.483 $0.054

*All reserve and resource data sourced from IntierraRMG, additional data sourced from Capital IQ and Market Q.

**NiEq = nickel equivalent. Calculated based on Haywood's formal long-term metal price forecasts.

***Nickel Ratio = value of in situ nickel / total value of in situ metals.

Primary /

Secondary

Metal


EV/lb NiEq** (US$)

Shares Market Working LTD Enterprise Zinc


(million) (million) (million) (million) (million) (% Contained) (ZnEq** Mlb) (ZnEq** Mlb) Reserve Total

Aquila Resources Inc. TSX:AQA C$ 0.25 271.5 US$ 51 US$ (0.4) US$ 0.0 US$ 51 Au / Zn 19% - 1,587 - $0.032

Canada Zinc Metals Corp. TSXV:CZX C$ 0.36 155.2 US$ 43 US$ 4.6 US$ 0.0 US$ 38 Zn / Pb 82% - 6,096 - $0.006

Canadian Zinc Corporation TSX:CZN C$ 0.26 265.9 US$ 52 US$ 7.0 US$ 0.0 US$ 45 Zn / Pb 40% 2,525 10,077 $0.018 $0.004

El Nino Ventures Inc. TSXV:ELN C$ 0.03 61.6 US$ 1 US$ 0.2 US$ 0.0 US$ 1 Zn / Cu 45% - 1,357 - $0.001

Firestone Ventures Inc. TSXV:FV C$ 0.05 36.8 US$ 1 US$ (0.6) US$ 0.0 US$ 2 Zn / Pb 73% - 454 - $0.004

Foran Mining Corporation TSXV:FOM C$ 0.38 96.9 US$ 28 US$ 0.9 US$ 0.0 US$ 27 Cu / Zn 33% - 4,962 - $0.005

InZinc Mining Ltd. TSXV:IZN C$ 0.25 72.7 US$ 14 US$ 0.4 US$ 0.0 US$ 13 Zn / Cu 77% - 3,873 - $0.003

Rathdowney Resources Ltd. TSXV:RTH C$ 0.30 139.9 US$ 32 US$ (0.6) US$ 0.0 US$ 33 Zn / Pb 80% - 3,437 - $0.009

Wolfden Resources Corp. TSXV:WLF C$ 0.17 81.1 US$ 10 US$ 1.2 US$ 0.0 US$ 9 Au / Zn 29% - 4,516 - $0.002

Group Average - Total $0.018 $0.005*All reserve and resource data sourced from IntierraRMG, additional data sourced from Capital IQ and Market Q.

**ZnEq = Zinc equivalent. Calculated based on Haywood's formal long-term metal price forecasts.

***Zinc Ratio = value of in situ zinc / total value of in situ metals.

Primary /

Secondary

Metal


EV/lb ZnEq** (US$)



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Analyst Certification

We, Mick Carew, Geordie Mark, Colin Healey, Pierre Vaillancourt, and Kerry Smith, hereby certify that the views expressed in

this report (which includes the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report)

accurately reflect my/our personal views about the subject securities and the issuer. No part of my/our compensation was, is,

or will be directly or indirectly related to the specific recommendations.

Important Disclosures

Of the companies included in the report the following Important Disclosures apply:

Ticker Company 1 2 3 4 5 6 7 8

TSX:AGI Alamos Gold Inc. X X X

TSX:AKG Asanko Gold Inc. X X

TSXV:AGB Atlantic Gold Corp. X X X X

TSXV:AUG Auryn Resources X X X

TSX:BTO B2Gold Corp. X X

TSXV:BGM Barkerville Gold Mines Ltd. X X

TSX:ABX Barrick Gold Corporation X

ASX:CDV Cardinal Resources Ltd.

TSX:DML Denison Mines Corp. X X X

TSX:DGC Detour Gold Corporation X X X



TSX:ELD Eldorado Gold Corporation X X

TSX:EDV Endeavour Mining Corp. X X X

TSX:EFR Energy Fuels Inc. X X X

ASX:GOR Gold Road Resources Limited X

TSXV:ICG Integra Gold Corp. X X

TSX:LUC Lucara Diamond Corp. X X

TSX:LUG Lundin Gold Inc. X X

TSX:MOZ Marathon Gold Corp. X X X X

TSX:MAX Midas Gold Corp. X X X X

TSX:MPV Mountain Province Diamonds Inc. X X X

TSX:NXE NexGen Energy Ltd. X X

TSXV:NCA NewCastle Gold Ltd. X X X

TSX:OGC OceanaGold Corporation X

TSX:OR Osisko Gold Royalties Ltd. X

TSX:OSK Osisko Mining Inc. X X

TSX:PLG Pilot Gold Inc. X X

TSX:RIC Richmont Mines Inc. X X

TSXV:ROG Roxgold Inc. X X X

TSX:SBB Sabina Gold and Silver Corp. X X X

TSX:SMF SEMAFO Inc. X X

TSX:THO Tahoe Resources Inc. X

AMEX:UEC Uranium Energy Corp. X X X

TSX:U Uranium Participation Corporation X X

1 The Analyst(s) preparing this report (or a member of the Analysts’ households) have a financial interest in this company.

2 As of the end of the month immediately preceding this publication either Haywood Securities, Inc., one of its subsidiaries, its officers or directors beneficially owned 1% or more of this company.

3 Haywood Securities, Inc. has reviewed lead projects of this company and a portion of the expenses for this travel have been reimbursed by the issuer.

4 Haywood Securities Inc. or one of its subsidiaries has managed or co-managed or participated as selling group in a public offering of securities for this company in the past 12 months.

5 Haywood Securities, Inc. or one of its subsidiaries has received compensation for investment banking services from this company in the past 12 months

6 Haywood Securities, Inc. or one of its subsidiaries has received compensation for investment banking services from this company in the past 24 months

7 Haywood Securities, Inc. or one of its subsidiaries is restricted on this company at the time of publication

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Other material conflict of interest of the research analyst of which the research analyst or Haywood Securities Inc. knows or has

reason to know at the time of publication or at the time of public appearance:

n/a

Rating Structure

Each company within an analyst’s universe, or group of companies covered, is assigned: (i) a recommendation or rating, usually

BUY, HOLD, or SELL; (ii) a 12 month target price, which represents an analyst’s current assessment of a company’s potential

stock price over the next year; (iii) an overall risk rating which represents an analyst’s assessment of the company’s overall

investment risk; and (iv) specific risk ratings or risk profile parameters which in their aggregate support an analyst’s overall risk

rating. These ratings are more fully explained below. Before acting on our recommendation we caution you to confer with your



Haywood investment advisor to determine the suitability of our recommendation for your specific investment objectives, risk

tolerance and investment time horizon.

Recommendation Rating

BUY –The analyst believes that the security will outperform other companies in their sector on a risk adjusted basis or for the

reasons stated in the research report the analyst believes that the security is deserving of a (continued) BUY rating.

HOLD – The analyst believes that the security is expected to perform in line with other companies in their sector on a risk

adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued)

HOLD rating.

SELL – Investors are advised to sell the security or hold alternative securities within the sector. Stocks in this category are

expected to under-perform other companies on a risk adjusted basis or for the reasons stated in the research report the analyst

believes that the security is deserving of a (continued) SELL rating.

TENDER – The analyst is recommending that investors tender to a specific offering for the company’s stock.

RESEARCH COMMENT – An analyst comment about an issuer event that does not include a rating or recommendation.

UNDER REVIEW – Placing a stock Under Review does not revise the current rating or recommendation of the analyst. A stock

will be placed Under Review when the relevant company has a significant material event with further information pending or

to be announced. An analyst will place a stock Under Review while he/she awaits sufficient information to re-evaluate the

company’s financial situation.

COVERAGE DROPPED – Haywood Securities will no longer cover the issuer. Haywood will provide notice to clients whenever

coverage of an issuer is discontinued.

Haywood’s focus is to search for undervalued companies which analysts believe may achieve attractive risk-adjusted returns.

This research coverage on potentially undervalued companies may result in an outweighed percentage of companies rated as

BUY. Management regularly reviews rating and targets in all sectors to ensure fairness and accuracy.

For further information on Haywood Securities’ research dissemination policies, please visit: http://haywood.com/what-we-

offer/research/research-policy

Overall Risk Rating

Very High Risk: Venture type companies or more established micro, small, mid or large cap companies whose risk profile

parameters and/or lack of liquidity warrant such a designation. These companies are only appropriate for investors who have a

very high tolerance for risk and volatility and who are capable of incurring temporary or permanent loss of a very significant

portion of their investment capital.

High Risk: Typically micro or small cap companies which have an above average investment risk relative to more established or

mid to large cap companies. These companies will generally not form part of the broad senior stock market indices and often

will have less liquidity than more established mid and large cap companies. These companies are only appropriate for investors

who have a high tolerance for risk and volatility and who are capable of incurring a temporary or permanent loss of a significant

loss of their investment capital.

Medium-High Risk: Typically mid to large cap companies that have a medium to high investment risk. These companies will

often form part of the broader senior stock market indices or sector specific indices. These companies are only appropriate for

investors who have a medium to high tolerance for risk and volatility and who are prepared to accept general stock market risk

including the risk of a temporary or permanent loss of some of their investment capital.

Moderate Risk: Large to very large cap companies with established earnings who have a track record of lower volatility when

compared against the broad senior stock market indices. These companies are only appropriate for investors who have a

medium tolerance for risk and volatility and who are prepared to accept general stock market risk including the risk of a

temporary or permanent loss of some of their investment capital.

http://haywood.com/what-we-offer/research/research-policy

http://haywood.com/what-we-offer/research/research-policy



Distribution of Ratings (as of February 24, 2017)

IB Clients

% # (TTM)

Buy 76.4% 68 92.6%

Hold 9.0% 8 3.7%

Sell 0.0% 0 0.0%

Tender 1.1% 1 0.0%

UR (Buy) 0.0% 0 0.0%

UR (Hold) 0.0% 0 0.0%

UR (Sell) 0.0% 0 0.0% dropped (TTM) 13.5% 12 3.7%

Price Chart, Rating and Target Price History (as of February 24, 2017)

Alamos Gold Inc. (AGI-T) Date Target(C$) Rating7/11/16 $13.00 Buy7/7/16 $14.75 Buy

5/30/16 $10.25 Buy5/13/16 $9.50 Buy3/28/16 $7.75 Buy1/12/16 $7.00 Buy

11/13/15 $8.00 Buy7/15/15 $9.00 Buy1/27/15 $9.25 Buy

10/23/14 $11.25 Buy4/16/14 $12.00 Buy

0

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10

15

20

25

Apr14

Jul14

Oct14

Jan15

Apr15

Jul15

Oct15

Jan16

Apr16

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Oct16

Jan17

Price History (C$) Target/Rating/Coverage Change

Asanko Gold Inc. (AKG-T) Date Target(C$) Rating2/22/17 $5.50 Buy1/25/17 $5.50 Hold7/11/16 $6.50 Buy5/31/16 $5.25 Buy5/3/16 $5.00 Buy4/7/16 $3.50 Buy

3/24/16 $3.25 Hold1/12/16 $3.25 Buy7/15/15 $3.60 Buy1/21/15 $3.20 Buy

10/23/14 $3.35 Buy4/16/14 $3.60 Buy

Initiated Coverage 12/11/13

0

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7

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Atlantic Gold Corporation (AGB-V) Date Target(C$) Rating1/25/17 $1.30 Buy10/6/16 $1.35 Buy7/11/16 $1.25 Buy5/19/16 $1.10 Buy12/9/15 $1.00 Buy3/1/16 $0.85 Buy

1/12/16 $0.55 Buy12/10/15 $0.50 Buy


0

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B2Gold Corp. (BTO-T) Date Target(C$) Rating1/25/17 $5.50 Buy8/5/16 $6.00 Buy8/3/16 $5.00 Buy

7/11/16 $4.50 Buy5/31/16 $2.80 Buy5/13/16 $2.75 Hold3/18/16 $2.10 Hold

11/16/15 $2.10 Buy3/17/15 $2.75 Buy1/27/15 $3.25 Buy

11/17/14 $3.20 Buy10/23/14 $3.45 Buy8/15/14 $3.75 Buy7/9/14 $3.90 Buy

4/16/14 $3.80 Buy3/18/14 $3.75 Buy

Transferred Coverage 09/12/12; Re-Initiated Coverage 02/05/14

0

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7

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May16

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Barrick Gold Corporation (ABX-T) Date Target(C$) Rating2/17/17 $38.50 Buy1/25/17 $33.00 Buy7/11/16 $37.50 Buy5/31/16 $25.25 Buy4/27/16 $25.00 Buy4/18/16 $20.50 Buy2/19/16 $19.50 Buy1/12/16 $14.50 Buy8/7/15 $11.00 Buy

7/15/15 $15.65 Hold4/29/15 $15.75 Hold2/20/15 $15.00 Hold1/27/15 $14.25 Hold

10/23/14 $17.25 Hold7/9/14 $23.50 Hold5/1/14 $23.00 Hold0

5

10

15

20

25

30

35

40

45

Feb14

May14

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Feb16

May16

Aug16

Nov16


Denison Mines Corp. (DML-T) Date Target(C$) Rating5/31/16 $1.80 Buy1/12/16 $1.90 Buy3/25/14 $2.10 Buy

Transferred & Re-initiated Coverage 08/20/12

0

0.5

1

1.5

2

2.5

Feb14

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Detour Gold Corporation (DGC-T) Date Target(C$) Rating1/25/17 $32.00 Buy11/3/16 $38.00 Buy7/11/16 $49.00 Buy5/31/16 $32.00 Buy4/15/16 $28.00 Buy3/11/16 $24.00 Buy1/27/16 $19.50 Buy1/12/16 $18.75 Buy7/15/15 $18.50 Buy1/27/15 $14.00 Buy

10/23/14 $13.50 Buy7/31/14 $15.50 Buy7/9/14 $16.50 Buy

4/16/14 $13.75 Buy3/6/14 $12.50 Buy

0

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50

60

Feb14

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Eldorado Gold Corporation (ELD-T) Date Target(C$) Rating1/25/17 $8.25 Buy7/29/16 $8.75 Buy7/11/16 $9.25 Buy5/31/16 $7.50 Buy5/13/16 $6.75 Buy1/26/16 $4.50 Buy1/12/16 $6.50 Buy7/15/15 $6.75 Buy2/23/15 $7.75 Buy1/27/15 $9.00 Buy

10/23/14 $9.50 Buy7/9/14 $8.50 Hold

4/16/14 $8.00 Hold2/24/14 $7.50 Hold

0

1

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9

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Endeavour Mining Corporation (EDV-T) Date Target(C$) Rating1/25/17 $31.00 Buy

10/20/16 $33.00 Buy7/11/16 $33.00 Buy5/31/16 $22.00 Buy4/21/16 $19.75 Buy3/21/16 $14.50 Buy1/18/16 $12.00 Buy12/3/15 $11.00 Buy1/27/15 $13.00 Buy11/5/14 $11.50 Buy

10/23/14 $10.50 Buy8/21/14 $12.50 Buy

Initiated Coverage 08/21/14; 10:1 Prices/Targets adjusted to reflect

Stock Consolidation 12/02/15; Transfer of Coverage 10/20/16

0

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35

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Energy Fuels Inc. (AMEX:UUUU) Date Target(US$) Rating1/25/17 $4.80 Buy11/4/16 $5.00 Buy5/31/16 $6.00 Buy1/12/16 $7.25 Buy9/30/15 $8.20 Buy7/15/15 $9.41 Buy7/9/14 $11.73 Buy

4/16/14 $12.71 Buy3/31/14 $13.55 Buy

Targets and prices prior to 11/06/13 adjusted for share

consolidation; Transferred & Re-initiated Coverage 08/20/12;

Targets prior to 05/31/16 converted to US$ at spot

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Price History (US$) Target/Rating/Coverage Change

Gold Road Resources Limited (GOR-A) Date Target(C$) Rating10/20/16 $1.00 Buy9/13/16 $1.00 Buy

Initiated Coverage 9/13/2016; Transfer of Coverage 10/20/16

0

0.5

1

1.5

2

2.5

3

Jan14

Apr14

Jul14

Oct14

Jan15

Apr15

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Apr16

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Oct16


Integra Gold Corp. (ICG-V) Date Target(C$) Rating1/25/17 $0.90 Buy7/11/16 $0.90 Hold5/31/16 $0.70 Hold1/12/16 $0.60 Buy7/15/15 $0.70 Buy6/23/15 $0.65 Buy


0

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1

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Aug14

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Aug15

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Lucara Diamond Corp. (LUC-T) Date Target(C$) Rating1/25/17 $3.50 Buy12/1/16 $3.00 Hold

11/10/16 $3.25 Hold8/8/16 $3.70 Hold8/2/16 $3.90 Hold

6/30/16 $3.90 Buy5/31/16 $4.40 Hold5/4/16 $4.10 Buy

3/15/16 $3.40 Buy1/12/16 $3.15 Buy12/3/15 $2.80 Buy8/13/15 $2.50 Buy4/28/15 $2.80 Buy


0

0.5

1

1.5

2

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3

3.5

4

4.5

5

Jan14

Apr14

Jul14

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Jan15

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Oct16


Lundin Gold Inc. (LUG-T) Date Target(C$) Rating1/25/17 $8.25 Buy7/11/16 $8.75 Buy5/31/16 $7.25 Buy12/8/15 $5.00 Buy

Initiated Coverage: 12/08/15

0

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9

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Marathon Gold Corporation (MOZ-T) Date Target(C$) Rating1/17/17 $1.10 Buy


0

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2

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Nov16


Midas Gold Corp. (MAX-T) Date Target(C$) Rating1/25/17 $1.75 Buy7/11/16 $1.90 Buy5/31/16 $0.95 Buy4/21/16 $0.85 Buy3/11/16 $0.65 Buy1/12/16 $0.45 Hold7/15/15 $0.50 Hold1/27/15 $0.80 Buy1/9/15 $0.85 Buy

10/23/14 $1.15 Buy8/21/14 $1.30 Buy7/9/14 $1.40 Buy

Transferred and Re-initiated Coverage 11/05/13

0

0.2

0.4

0.6

0.8

1

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2

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Apr14

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Jan15

Apr15

Jul15

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Apr16

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Oct16


Mountain Province Diamonds Inc. (MPVD-T) Date Target(C$) Rating10/17/16 $10.00 Buy3/31/16 $7.60 Buy1/12/16 $8.00 Buy7/15/15 $8.50 Buy2/19/15 $7.40 Buy2/5/15 $7.70 Buy


0

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8

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12

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Jul14

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Jan15

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Oct16


NewCastle Gold Ltd. (NCA-T) Date Target(C$) Rating1/10/17 $1.60 Buy

10/31/16 UR UR7/11/16 $1.20 Buy5/31/16 $0.80 Buy1/12/16 $0.45 Buy9/3/15 $0.30 Buy

7/15/15 $0.60 Buy1/27/15 $0.70 Buy

12/12/14 $0.65 Buy10/23/14 $0.75 Buy

7/9/14 $1.40 Buy4/16/14 $1.35 Buy

Initiated Coverage 11/28/13; Name changed to NewCastle Gold

06/30/15; Transfer of Coverage 10/20/2016

0

0.2

0.4

0.6

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1

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1.4

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Feb14

May14

Aug14

Nov14

Feb15

May15

Aug15

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May16

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Nov16


NexGen Energy Ltd. (NXE-T) Date Target(C$) Rating1/25/17 $4.50 Buy4/14/16 $4.00 Buy3/30/16 $3.20 Buy1/12/16 $2.00 Buy11/5/15 $2.10 Buy


0

0.5

1

1.5

2

2.5

3

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4

4.5

5

Jan14

Apr14

Jul14

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Jan15

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Oct16


OceanaGold Corporation (OGC-T) Date Target(C$) Rating1/25/17 $5.75 Buy7/11/16 $6.50 Buy5/31/16 $4.40 Hold4/29/16 $4.35 Hold3/1/16 $3.80 Hold

2/19/16 $4.00 Hold10/2/15 $4.00 Buy7/15/15 $4.10 Buy4/30/15 $3.80 Buy2/20/15 $3.60 Buy1/27/15 $3.20 Buy

10/23/14 $3.30 Buy9/22/14 $3.50 Buy


0

1

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4

5

6

7

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Apr14

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Osisko Gold Royalties Ltd. (OR-T) Date Target(C$) Rating1/25/17 $18.25 Buy

10/20/16 $19.00 Buy7/11/16 $20.25 Buy3/2/16 $19.00 Buy

12/16/15 $18.75 Buy

Initiated Coverage 12/16/2015; Transfer of Coverage

10/20/2016

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Osisko Mining Inc. (OSK-T) Date Target(C$) Rating10/20/16 $4.00 Buy7/11/16 $4.00 Buy5/31/16 $3.00 Buy2/4/16 $2.00 Buy

12/10/15 $2.50 Buy

Initiated Coverage 12/10/2016; Transfer of Coverage

10/20/2016

0

1

2

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4

5

6

7

Apr14

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Apr15

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Apr16

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Oct16




B: Buy; H: Hold; S: Sell; T: Tender; UR: Under Review


Pilot Gold Inc. (PLG-T) Date Target(C$) Rating10/20/16 $1.00 Buy7/11/16 $1.20 Buy5/31/16 $1.00 Buy1/12/16 $0.70 Buy7/15/15 $1.50 Buy1/29/15 $1.90 Buy1/27/15 $1.60 Buy

10/23/14 $1.70 Buy4/2/14 $2.00 Buy


0

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Jan14

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Richmont Mines Inc. (RIC-T) Date Target(C$) Rating1/25/17 $14.00 Buy7/11/16 $20.00 Buy5/31/16 $15.75 Buy5/13/16 $12.25 Buy4/13/16 $10.00 Buy3/7/16 $8.00 Buy


0

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25

Feb14

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Aug15

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Roxgold Inc. (ROG-V) Date Target(C$) Rating1/25/17 $2.00 Buy

10/20/16 $2.10 Buy7/11/16 $2.15 Buy5/31/16 $1.60 Buy4/28/16 $1.50 Buy7/15/15 $1.10 Buy11/5/14 $1.00 Buy7/9/14 $1.25 Buy

4/23/14 $1.15 Buy


0

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2

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Feb14

May14

Aug14

Nov14

Feb15

May15

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Nov16


Sabina Gold & Silver Corp. (SBB-T) Date Target(C$) Rating1/25/17 $1.70 Buy6/16/16 UR UR (Buy)5/31/16 $1.65 Buy1/12/16 $1.00 Buy

12/15/15 $0.90 Buy

Initiated Coverage 12-15-15

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Oct16

Price History (C$) Target/Rating/Coverage ChangeThis Company is Restricted

SEMAFO Inc. (SMF-T) Date Target(C$) Rating1/25/17 $7.00 Buy

11/10/16 $7.50 Buy7/11/16 $8.25 Buy5/12/16 $6.50 Buy2/26/16 $6.00 Buy7/15/15 $5.00 Buy1/27/15 $5.75 Buy

10/23/14 $6.25 Buy7/9/14 $6.50 Buy

4/16/14 $5.50 Buy3/13/14 $5.25 Buy

0

1

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7

8

9

Feb14

May14

Aug14

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Nov16


Tahoe Resources Inc. (THO-T) Date Target(C$) Rating1/25/17 $14.00 Hold11/4/16 $25.00 Buy8/11/16 $28.00 Buy7/11/16 $25.00 Buy5/9/16 $20.00 Buy

7/15/15 $16.50 Buy4/29/15 $19.25 Buy4/2/15 $16.00 Hold

1/27/15 $14.50 Sell12/5/14 $12.75 Sell11/7/14 $15.00 Sell

10/23/14 $17.25 Sell7/9/14 $18.75 Sell

5/12/14 $17.00 Sell


0

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Apr14

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Uranium Participation Corporation (U-T) Date Target(C$) Rating1/25/17 $5.10 Buy

12/19/16 $5.80 Buy1/12/16 $6.80 Buy7/15/15 $6.50 Buy1/27/15 $6.20 Buy

10/23/14 $5.80 Buy7/9/14 $5.70 Buy

4/16/14 $6.60 Buy


0

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8

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Uranium Energy Corp. (UEC-AMEX) Date Target(US$) Rating2/3/17 $2.40 Buy

1/25/17 $2.00 Buy5/31/16 $1.80 Buy7/15/15 $2.00 Buy6/24/15 $2.10 Hold7/8/14 $1.70 Hold

4/16/14 $2.00 Hold


0

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Feb14

May14

Aug14

Nov14

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Price History (US$) Target/Rating/Coverage Change

The Weekly Dig February 24, 2017cdn.ceo.ca.s3-us-west-2.amazonaws.com › 1cb601o-MMFeb...Osisko Gold Royalties Ltd. (OR-T, Buy, TP $18.25). Pursuant to this placement, Osisko agreed

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