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

1. Fundamental Analysis &
Analyst Recommendations
QMS Gold Miners FlexIndex -
The QMS Advisors' Gold Miners Flexible Index tracks
companies involved in the Gold Mining Industry.
May 2013
Q.M.S Advisors
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
This material does not constitute investment advice and should not be
viewed as a current or past recommendation or a solicitation of an
offer to buy or sell any securities or to adopt any investment strategy.

2. Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD)
Minority
Interest
(USD)
Cash and
Equivalents
(USD)
Enterprise
Value
(USD)
Tot. Rev. -
LFY
Est. Tot.
Rev. - Tr.
12M
Est. Tot.
Rev. - 2013
Est. Tot.
Rev. - 2014 EBITDA - LFY
Est. EBITDA -
Tr. 12M
Est. EBITDA -
2013
Est. EBITDA -
2014 EPS - LFY
Est. EPS -
Tr. 12M
Est. EPS -
2013
Est. EPS -
2014
P/E Ratio -
LFY
Est. P/E
Ratio - Tr.
12M
Est. P/E
Ratio - 2013
Est. P/E
Ratio - 2014
Est.
Revenue
Growth - 1Y
Est.
Revenue
Growth - 5Y
Est. EBITDA
Growth - 1Y
Est. Est.
EBITDA
Growth - 5Y
Est. EBITDA
Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Rating
Moody's LT Credit
Rating Date
S&P 500 INDEX USD 15271312 2038.193 1112 1112 204 219 219 102.23 110.27 110.27 16.23 16.23 15.04 15.04 18.84
Euro Stoxx 50 Pr EUR 2713836 5590.895 4551 4551 731 763 763 202.40 299.27 299.27 22.86 18.53 15.46 15.46 19.77
NIKKEI 225 JPY 2852100 197.0179 188 188 18 21 21 5.31 6.87 6.87 0.27 0.26 0.21 0.21 0.11
FTSE 100 INDEX GBP 2809303 12390.57 10063 10063 1461 1738 1738 596.00 825.06 825.06 25.99 24.24 18.77 18.77 21.64
SWISS MARKET INDEX CHF 1085883 11249.94 4065 4065 856 827 827 415.65 550.90 550.90 21.22 17.66 16.01 16.01 21.76
S&P/TSX COMPOSITE INDEX CAD 1651404 17113.04 7809 7809 1834 2018 2018 762.43 858.26 858.26 15.77 15.77 14.01 14.01 23.87
S&P/ASX 200 INDEX AUD 1389289 6566.53 2688 2688 606 669 669 240.56 321.94 321.94 20.69 16.62 15.46 15.46 22.18
HANG SENG INDEX HKD 1749899 3449.621 1687 1687 371 408 408 283.55 271.07 271.07 1.35 1.53 1.41 1.41 3.00
MSCI EM USD 7868207 1854.702 1023 1023 212 285 285 83.89 94.75 94.75 12.47 12.76 11.04 11.04 18.21
GOLDCORP INC USD 22265 8975 812 1 0 0 1 22.74 5435 5101 4905 6245 2798 2532 570 570 1.99 1.70 1.40 2.10 16.02 16.02 19.46 13.01 1.36 13.48 19.78 21.03 49.64 BBB+ 01.06.2009 Baa2 13.03.2013
BARRICK GOLD CORP USD 19462 23817 1001 14 0 3 2 34.61 14547 14340 13583 14589 7358 7071 1583 1583 3.74 3.30 3.16 3.33 5.89 5.89 6.16 5.84 2.18 13.61 -11.64 24.49 49.31 BBB 26.04.2013 Baa2 24.04.2013
NEWMONT MINING CORP USD 15751 9296 497 6 0 3 2 23.92 9868 9362 9216 10761 4169 3731 808 808 3.78 3.34 2.71 3.41 9.45 9.45 11.67 9.27 -4.73 4.99 -19.24 19.37 39.85 BBB+ 11.08.2008 Baa1 26.07.2010
RANDGOLD RESOURCES LTD-ADR USD 6633 765 92 0 0 0 0 6.54 1318 1331 1383 1791 699 689 - - 4.65 4.48 4.33 6.73 16.08 16.08 16.64 10.70 16.92 27.97 20.16 53.34 51.75 - - - -
YAMANA GOLD INC USD 8344 9956 1 0 0 0 8.91 2337 2312 2481 2998 1269 1164 263 263 - - 0.78 1.06 - - 14.18 10.44 7.52 14.54 0.53 26.81 50.35 - - - -
GOLD FIELDS LTD-SPONS ADR USD 4461 5794 16 0 2 5 28916 38146 29086 30284 14243 18261 12706 12706 - - 6.00 7.52 - - 9.41 7.50 14.46 8.58 5.29 13.85 47.87 BB+ 15.11.2012 - -
SILVER WHEATON CORP USD 7865 6872 0 0 0 1 8.88 850 856 965 1085 701 700 181 181 - - 1.59 1.76 - - 13.98 12.57 16.38 43.77 13.36 43.74 81.79 - - - -
ANGLOGOLD ASHANTI-SPON ADR USD 6820 4166 30 0 0 8 52160 51968 57034 62449 19105 17635 20359 20359 - - 14.62 23.71 - - 11.27 6.95 -4.14 11.91 -17.82 86.63 33.93 BBB- 10.12.2012 - -
CIA DE MINAS BUENAVENTUR-ADR USD 4994 1441 253 0 0 0 5.22 1564 1492 1642 1761 569 - 174 174 2.69 2.27 2.21 2.35 7.97 7.95 8.21 7.71 0.44 14.04 -30.59 7.40 - - - - -
NEW GOLD INC USD 3095 5423 1 0 0 1 3.28 791 824 933 987 390 388 115 115 - - 0.41 0.54 - - 16.02 12.04 13.70 39.01 13.39 63.80 47.02 BB- 27.03.2012 B2 27.03.2012
AGNICO EAGLE MINES LTD USD 4928 2008 1 0 0 0 5.44 1918 1865 1705 2061 787 735 179 179 - - 1.03 1.78 - - 27.67 16.04 5.26 38.09 4.59 31.64 39.41 NR 12.03.2003 WR 05.03.2002
ELDORADO GOLD CORP USD 4923 4371 1 0 0 1 5.13 1148 1214 1264 1402 584 631 136 136 - - 0.43 0.53 - - 15.91 13.12 3.97 58.56 -9.24 53.95 51.94 BB 13.11.2012 Ba3 12.11.2012
KINROSS GOLD CORP USD 6028 21000 1140 3 0 0 2 6.84 4311 4333 4041 4209 1962 1981 347 347 0.77 0.74 0.45 0.56 7.14 7.14 11.63 9.50 12.20 27.96 1.87 40.67 45.72 BBB- 15.08.2011 Baa3 15.08.2011
ROYAL GOLD INC USD 3253 915 59 0 0 0 0 2.89 263 292 303 379 233 260 65 65 1.63 1.40 1.52 2.10 36.01 36.01 33.31 24.02 21.52 33.98 25.17 44.69 88.90 - - - -
HARMONY GOLD MNG-SPON ADR USD 1789 3257 2 0 0 2 15169 16353 16517 21953 4222 3140 4735 4735 - - 3.91 7.72 - - 9.80 4.96 30.81 9.67 79.35 16.71 19.20 - - - -
IAMGOLD CORP USD 1898 6874 1 0 0 1 1.98 1670 1571 1479 1681 710 642 148 148 - - 0.52 0.68 - - 9.73 7.43 -0.19 12.44 -9.54 30.21 40.84 BB- 10.09.2012 - -
PAN AMERICAN SILVER CORP USD 1810 2604 0 0 0 1 1.37 929 943 1004 1077 362 345 91 91 - - 0.93 1.13 - - 12.90 10.59 8.57 24.85 -18.81 25.23 36.62 - - - -
FIRST MAJESTIC SILVER CORP USD 1198 1994 0 0 0 0 1.12 247 256 373 543 135 132 - - - - 0.84 1.29 - - 12.19 7.94 0.68 59.29 -13.49 101.01 51.60 - - - -
COEUR D'ALENE MINES CORP USD 1376 1922 90 0 0 0 0 1.40 895 863 901 1066 378 343 89 89 0.59 0.68 0.59 1.32 19.94 19.94 22.87 10.24 -12.31 37.42 -28.81 43.35 39.75 B+ 25.06.2012 B3 24.01.2013
AURICO GOLD INC USD 1150 2104 0 0 0 1 1.05 164 293 398 52 53 21 21 - - 0.26 0.39 - - 18.27 11.92 94.95 15.72 2151.89 - - - - - -
ALLIED NEVADA GOLD CORP USD 703 3842 90 1 0 0 0 0.88 215 225 368 560 95 95 25 25 0.52 0.49 0.84 1.51 15.96 15.96 9.35 5.19 41.13 - 95.75 - 44.49 B 07.06.2012 B3 16.05.2012
HECLA MINING CO USD 884 6775 285 0 0 0 0 0.75 321 306 484 642 93 74 50 50 0.07 0.12 0.19 0.38 25.83 25.83 16.76 8.24 -32.76 22.69 -63.53 10.36 24.02 B 04.04.2013 B2 02.04.2013
NEVSUN RESOURCES LTD USD 931 0 0 0 0 566 488 320 672 426 347 21 21 - - 0.33 0.94 - - 10.54 3.73 3.34 - -0.64 - 71.21 - - - -
AURIZON MINES LTD USD 627 208 0 0 0 0 0.45 224 210 209 266 92 78 - - - - 0.13 0.26 - - 29.85 14.92 -14.02 5.97 -26.18 14.15 37.08 - - - -
SILVER STANDARD RESOURCES USD 524 1879 0 0 0 0 0.29 241 252 216 243 55 55 12 12 - - -0.10 -0.02 - - 63.09 - 38.56 - 22.64 - - - -
SEABRIDGE GOLD INC USD 464 467 0 0 0 0 0.42 0 0 -16 - -15 -15 - - -0.22 -0.46 - - - - 20.14 - - - - - -
TANZANIAN ROYALTY EXPLORATIO USD 265 323 0 0 0 0 0.26 0 0 -5 -5 - - - - - - - - -16.99 - - - - - -
GOLDEN STAR RESOURCES LTD USD 181 3521 259 0 0 0 0 0.23 551 552 482 487 125 117 26 26 -0.05 -0.16 -0.05 0.09 - - 8.24 16.89 21.87 35.80 - 21.18 - - - -
VISTA GOLD CORP USD 108 484 82 0 0 0 0 0.02 0 0 0 -36 -34 - - -0.54 -0.51 -0.29 -0.18 - - - - -26.58 - - - - - -
GREAT BASIN GOLD LTD USD 3 3263 0 0 0 0 0.32 170 145 18 -26 - - - - - - 70.83 - - - -18.00 - - - -
ARGONAUT GOLD INC CAD 913 1219 149 0 0 0 0 0.71 184 202 201 258 105 105 16 16 0.67 0.62 0.38 0.57 9.55 9.55 15.47 10.36 77.52 - 90.14 - 56.30 - - - -
TOREX GOLD RESOURCES INC CAD 852 10756 604 0 0 0 0 0.48 0 0 0 0 -59 -63 -15 -15 -0.14 -0.15 -0.10 -0.09 - - - - -75.80 - - - - - -
LIONGOLD CORP LTD SGD 838 8437 731 0 0 0 0 0.81 78 91 89 114 -4 1 - - -0.02 -0.03 0.00 0.01 - - 151.58 69.96 13.33 7.04 - - 1.18 - - - -
CHINA GOLD INTERNATIONAL RES CAD 1063 368 396 0 0 0 0 1.08 326 326 348 625 136 136 151 151 0.18 0.18 0.16 0.18 14.12 14.12 16.45 14.38 6.65 - -1.28 - 40.96 - - - -
PERSEUS MINING LTD CAD 535 1705 0 0 0 0 0.50 142 307 391 54 125 - - - - 0.12 0.19 - - 9.20 6.03 - - - - - - - - -
SANDSTORM GOLD LTD CAD 620 300 86 0 0 0 0 0.56 55 57 70 94 36 35 - - 0.25 0.17 0.18 0.38 39.70 39.70 37.08 17.67 85.12 - 89.97 - 59.93 - - - -
OCEANAGOLD CORP CAD 522 861 294 0 0 0 0 0.73 378 385 576 625 142 166 50 50 0.08 0.11 0.22 0.30 15.87 15.87 7.93 5.63 -2.52 13.67 -11.83 65.88 42.36 - - - -
MEDUSA MINING LTD AUD 438 2077 189 0 0 0 0 0.42 79 91 111 262 57 63 - - 0.26 0.28 0.40 0.92 7.95 - 5.57 2.44 -44.82 92.52 -51.12 - 68.11 - - - -
DUNDEE PRECIOUS METALS INC CAD 538 1462 126 0 0 0 0 0.50 378 368 426 502 - - - - 0.38 0.34 0.54 0.76 12.52 12.52 7.74 5.55 13.40 42.70 - - - - - - -
RIO ALTO MINING LTD CAD 556 1644 176 0 0 0 0 0.52 311 276 313 314 170 170 - - 0.56 0.40 0.45 0.53 7.68 7.68 6.89 5.88 - - - - 53.73 - - - -
AURIZON MINES LTD USD 627 208 0 0 0 0 0.45 224 210 209 266 92 78 - - - - 0.13 0.26 - - 29.85 14.92 -14.02 5.97 -26.18 14.15 37.08 - - - -
ENDEAVOUR SILVER CORP USD 407 1439 0 0 0 0 0.41 208 229 238 280 90 88 24 24 - - 0.41 0.60 - - 9.93 6.86 62.57 53.81 38.56 - 38.27 - - - -
CONTINENTAL GOLD LTD CAD 449 480 108 0 0 0 0 0.34 0 0 14 14 -12 -10 - - -0.07 -0.11 -0.06 -0.07 - - - - - - - - - - -
RUBICON MINERALS CORP CAD 442 880 288 0 0 0 0 0.30 0 0 -11 -12 - - -0.04 -0.04 -0.05 0.20 - - 7.66 - - 45.71 - - - - - -
SILVERCORP METALS INC USD 444 1312 0 0 0 0 0.39 238 193 202 256 155 102 - - - - 0.21 0.29 - - 12.21 8.87 42.21 27.32 40.76 43.24 53.14 - - - -
EVOLUTION MINING LTD AUD 577 4029 707 0 0 0 0 0.61 461 625 602 689 187 210 136 136 0.06 0.18 0.08 0.11 4.44 - 9.70 7.08 279.97 - 531.12 - 33.00 - - - -
CHINA PRECIOUS METAL RESOURC HKD 762 42412 4351 0 0 0.99 209 209 246 309 143 143 164 164 - 0.02 0.02 0.02 1.44 - 1.21 1.07 5.83 26.53 4.47 - 8.80 - - - -
SEABRIDGE GOLD INC USD 464 467 0 0 0 0 0.42 0 0 -16 - -15 -15 - - -0.22 -0.46 - - - - 20.14 - - - - - -
BEADELL RESOURCES LTD AUD 482 6881 742 0 0 0 0 0.61 1 1 307 327 -14 - 158 158 -0.05 -0.06 0.14 0.17 - - 4.32 3.61 - - 59.26 - - - - - -
RESOLUTE MINING LTD AUD 464 11228 636 0 0 0 0 0.40 566 606 645 574 250 255 - - 0.16 0.25 0.22 0.16 2.83 - 3.15 4.51 29.04 28.70 128.76 102.83 41.34 - - - -
Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

3. Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD)
Minority
Interest
(USD)
Cash and
Equivalents
(USD)
Enterprise
Value
(USD)
Tot. Rev. -
LFY
Est. Tot.
Rev. - Tr.
12M
Est. Tot.
Rev. - 2013
Est. Tot.
Rev. - 2014 EBITDA - LFY
Est. EBITDA -
Tr. 12M
Est. EBITDA -
2013
Est. EBITDA -
2014 EPS - LFY
Est. EPS -
Tr. 12M
Est. EPS -
2013
Est. EPS -
2014
P/E Ratio -
LFY
Est. P/E
Ratio - Tr.
12M
Est. P/E
Ratio - 2013
Est. P/E
Ratio - 2014
Est.
Revenue
Growth - 1Y
Est.
Revenue
Growth - 5Y
Est. EBITDA
Growth - 1Y
Est. Est.
EBITDA
Growth - 5Y
Est. EBITDA
Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Rating
Moody's LT Credit
Rating Date
S&P 500 INDEX USD 15271312 2038.193 1112 1112 204 219 219 102.23 110.27 110.27 16.23 16.23 15.04 15.04 18.84
Euro Stoxx 50 Pr EUR 2713836 5590.895 4551 4551 731 763 763 202.40 299.27 299.27 22.86 18.53 15.46 15.46 19.77
NIKKEI 225 JPY 2852100 197.0179 188 188 18 21 21 5.31 6.87 6.87 0.27 0.26 0.21 0.21 0.11
FTSE 100 INDEX GBP 2809303 12390.57 10063 10063 1461 1738 1738 596.00 825.06 825.06 25.99 24.24 18.77 18.77 21.64
SWISS MARKET INDEX CHF 1085883 11249.94 4065 4065 856 827 827 415.65 550.90 550.90 21.22 17.66 16.01 16.01 21.76
S&P/TSX COMPOSITE INDEX CAD 1651404 17113.04 7809 7809 1834 2018 2018 762.43 858.26 858.26 15.77 15.77 14.01 14.01 23.87
S&P/ASX 200 INDEX AUD 1389289 6566.53 2688 2688 606 669 669 240.56 321.94 321.94 20.69 16.62 15.46 15.46 22.18
HANG SENG INDEX HKD 1749899 3449.621 1687 1687 371 408 408 283.55 271.07 271.07 1.35 1.53 1.41 1.41 3.00
MSCI EM USD 7868207 1854.702 1023 1023 212 285 285 83.89 94.75 94.75 12.47 12.76 11.04 11.04 18.21
ENDEAVOUR MINING CORP CAD 356 2009 391 0 0 0 0 0.52 340 378 482 623 134 134 - - -0.04 0.10 0.14 0.17 8.54 8.54 6.13 4.99 135.13 - 210.84 - 38.66 - - - -
FORTUNA SILVER MINES INC CAD 345 739 0.28 158 158 167 201 69 69 20 20 0.27 0.23 0.24 0.32 11.74 11.74 11.20 8.33 45.54 46.57 43.98 66.13 43.12 - - - -
MCEWEN MINING INC USD 609 3088 296 0 0 0 0 0.56 6 39 150 217 -92 -67 - - -0.19 -0.17 -0.01 0.08 - - 25.63 - - -54.81 - -171.96 - - - -
MAG SILVER CORP CAD 384 146 60 0 0 0 0 0.34 0 0 -13 -13 -1 -1 -0.22 -0.22 -0.13 -0.14 - - - - -40.23 - - - - - -
PRIMERO MINING CORP CAD 495 342 97 0 0 0 0 0.38 180 182 198 246 76 71 33 33 0.53 0.50 0.42 0.59 9.78 9.78 11.54 8.36 16.56 - 6.22 - 38.11 - - - -
KINGSGATE CONSOLIDATED LTD AUD 246 3329 151 0 0 0 0 0.37 351 365 335 382 162 - - - 0.51 0.34 0.24 0.25 4.67 - 6.67 6.33 105.36 82.66 144.00 - - - - - -
TIMMINS GOLD CORP CAD 314 879 144 0 0 0 0 0.30 153 163 193 211 67 75 17 17 0.25 0.31 0.34 0.33 6.81 6.81 6.37 6.55 86.56 - 58.99 - 44.93 - - - -
ST BARBARA LTD AUD 297 4439 325 0 0 0 0 0.44 531 512 520 609 220 197 - - 0.40 0.27 0.08 0.15 2.23 - 7.51 3.93 49.58 27.31 103.02 82.99 37.82 B 15.03.2013 - -
PREMIER GOLD MINES LTD CAD 252 1366 149 0 0 0 0 0.23 0 1 0 0 -12 -12 - - -0.15 -0.16 -0.07 -0.07 - - - - -5.24 - -1301.56 - - - -
NORTHERN STAR RESOURCES LTD AUD 302 4498 402 0 0 0 0 0.26 98 112 131 161 47 57 74 74 0.05 0.08 0.07 0.09 9.24 9.60 9.62 7.65 -13.15 - 5.14 - 49.75 - - - -
TANZANIAN ROYALTY EXPLORATIO USD 265 323 0 0 0 0 0.26 0 0 -5 -5 - - - - - - - - -16.99 - - - - - -
REAL GOLD MINING LTD HKD 1031 0 907 0 0 0 0 0.49 176 176 153 153 - - 0.12 0.12 0.94 0.95 4.55 - 7.02 - 11.18 - - - -
GOLDEN STAR RESOURCES LTD USD 181 3521 259 0 0 0 0 0.23 551 552 482 487 125 117 26 26 -0.05 -0.16 -0.05 0.09 - - 8.24 16.89 21.87 35.80 - 21.18 - - - -
ROMARCO MINERALS INC CAD 213 1067 585 0 0 0 0 0.16 0 0 -12 -11 -8 -8 -0.02 -0.02 -0.01 -0.01 - - - - 22.12 - - - - - -
BANRO CORPORATION CAD 270 1837 202 0 0 0 0 0.39 42 74 143 347 6 6 - - -0.02 0.03 0.06 0.31 35.04 35.04 18.12 3.33 - - - - 13.90 - - - -
COLOSSUS MINERALS INC CAD 192 1092 106 0 0 0 0 0.20 0 0 41 282 -32 -32 -7 -7 -0.27 -0.27 -0.12 0.83 - - 2.09 - - -12.01 - - - - - -
RAINY RIVER RESOURCES LTD CAD 207 352 100 0 0 0 0 0.11 0 0 1 1 -63 -63 -15 -15 -0.72 -0.61 -0.19 -0.14 - - - - -296.17 - - - - - -
SULLIDEN GOLD CORP LTD CAD 218 2032 243 0 0 0 0 0.20 0 0 -12 -4 - - -0.06 -0.04 -0.03 -0.03 - - - - -35.85 - - - - - -
ASANKO GOLD INC CAD 196 297 76 0 0 0 0 0.01 0 0 0 -35 -34 - - -0.48 -0.26 -0.15 -0.16 - - - - 7.21 - - - - - -
BEAR CREEK MINING CORP CAD 168 123 92 0 0 0 0 0.10 0 0 -31 -31 - - -0.33 -0.32 -0.21 -0.07 - - - - -5.79 - - - - - -
PARAMOUNT GOLD AND SILVER USD 215 571 0 0 0 0 0.20 0 0 -18 -18 -8 -8 - - -0.04 -0.04 - - -59.56 - -54.62 - -29165.25 - - - -
KIRKLAND LAKE GOLD INC CAD 241 687 70 0 0 0 0 0.30 157 137 154 258 55 24 22 22 0.56 -0.01 0.01 0.53 - - 429.60 6.36 53.70 61.42 108.90 - 17.26 - - - -
GUYANA GOLDFIELDS INC CAD 188 340 95 0 0 0 0 0.16 0 0 407 -8 -8 - - -0.09 -0.10 -0.08 -0.09 - - - - 19.26 - - - - - -
HIGHLAND GOLD MINING LTD GBp 399 45 325 0 0 0 0 0.53 535 535 587 689 247 247 247 247 0.58 0.57 0.42 0.49 4.94 4.93 6.72 5.85 26.16 37.65 5.46 62.66 70.09 - - - -
INDOPHIL RESOURCES NL AUD 295 849 1203 0 0 0 0 0.06 0 0 -17 -17 - - 0.00 0.00 52.10 - - - -121.60 - - - - - -
LYDIAN INTERNATIONAL LTD CAD 189 433 127 0 0 0 0 0.10 0 0 - - - - -0.05 -0.05 -0.04 -0.02 - - - - - - - - - - -
SABINA GOLD & SILVER CORP CAD 193 928 174 0 0 0 0 0.08 0 0 -12 -12 - - -0.08 -0.08 -0.03 -0.03 - - - - -18.38 - - - - - -
LAKE SHORE GOLD CORP CAD 119 5464 416 0 0 0 0 0.21 131 149 196 265 37 37 - - -0.22 -0.22 -0.01 0.05 - - 5.70 99.00 - 409.44 - 27.99 - - - -
BRIGUS GOLD CORP USD 139 1186 0 0 0 0 0.20 118 136 152 159 48 48 - - - - 0.15 0.13 - - 4.06 4.52 63.78 - 239.92 60.49 41.21 - - - -
GREAT PANTHER SILVER LTD USD 110 952 0 0 0 0 0.09 61 60 57 68 16 16 - - - - 0.04 0.05 - - 23.13 16.19 5.74 21.76 -28.90 - 25.56 - - - -
INTREPID MINES LTD AUD 153 5787 555 0 0 0 0 0.14 0 0 -47 -47 - - -0.11 -0.13 -0.01 -0.01 - - - - -21.31 - - - - - -
VISTA GOLD CORP USD 108 484 82 0 0 0 0 0.02 0 0 0 -36 -34 - - -0.54 -0.51 -0.29 -0.18 - - - - -26.58 - - - - - -
ALEXCO RESOURCE CORP USD 99 437 0 0 0 0 0.08 85 77 78 95 25 25 - - - - -0.14 -0.04 - - 87.81 276.59 160.76 - 30.03 - - - -
ATAC RESOURCES LTD CAD 109 325 104 0 0 0 0 0.09 0 0 - - -1 -1 -0.08 -0.07 -0.05 -0.05 - - - - - - - - - - -
SCORPIO MINING CORP CAD 90 386 198 0 0 0 0 0.06 45 41 50 102 14 14 - - 0.04 0.03 0.03 0.13 15.06 15.06 13.28 3.40 -24.54 - -50.82 - 30.39 - - - -
MIDWAY GOLD CORP USD 113 393 128 0 0 0 0 0.08 0 0 -14 -14 - - -0.12 -0.12 -0.11 -0.12 - - - - 21.14 - - - - - -
PATAGONIA GOLD PLC GBp 140 443 813 0 0 0 0 0.14 0 0 -24 -24 - - -0.03 -0.03 - - - - 79.06 - - - - - -
GRYPHON MINERALS LTD AUD 90 5524 348 0 0 0 0 0.04 0 0 1 1 -8 -7 - - - -0.01 -0.02 -0.01 - - - - 48.45 - - - - - -
DRDGOLD LTD-SPONSORED ADR USD 235 71 0 0 0 0 1764 1959 2129 2546 371 400 526 526 - - 7.97 12.05 - - 7.11 4.71 27.89 7.86 64.25 12.94 20.40 - - - -
RED 5 LTD AUD 82 68 135 0 0 0 0 0.09 4 16 43 123 -3 -5 9 9 -0.01 -0.07 -0.06 0.25 - - 2.41 - - 42.56 - -28.99 - - - -
LINGBAO GOLD CO LTD-H HKD 216 1498 770 1 0 0 0 0.69 824 824 892 850 95 95 97 97 0.03 0.03 0.02 0.02 1.05 1.02 1.23 1.20 1.51 2.37 -1.33 0.92 1.49 - - - -
INTL TOWER HILL MINES LTD USD 82 242 0 0 0 0 0.06 0 0 0 0 -56 -57 - - - - -0.10 -0.07 - - - - -463.04 - - - - - -
SARACEN MINERAL HOLDINGS LTD AUD 91 6924 595 0 0 0 0 0.10 180 184 207 227 62 51 61 61 0.04 -0.02 0.03 0.07 - - 4.35 2.20 17.71 - 5.99 - 27.27 - - - -
EXETER RESOURCE CORP USD 65 240 88 0 0 0 0 0.01 0 0 -26 -26 - - -0.29 -0.29 -0.13 -0.11 - - - - 17.44 - - - - - -
RICHMONT MINES INC USD 70 189 40 0 0 0 0 0.03 102 100 105 134 8 3 - - -0.08 -0.21 0.05 0.36 - - 40.28 5.04 -14.20 10.98 -79.79 8.26 2.89 - - - -
RAMELIUS RESOURCES LTD AUD 68 1355 336 0 0 0 0 0.03 83 114 126 164 13 -10 25 25 0.01 -0.06 0.01 0.08 - - 25.15 2.37 -42.27 171.79 -86.60 8.55 -8.92 - - - -
GOLDEN MINERALS CO USD 65 263 43 0 0 0 0 0.03 26 26 33 52 -35 -35 -6 -6 -1.44 -1.37 -0.68 -0.29 - - 1320.81 - 45.58 - -133.08 - - - -
SAN GOLD CORP CAD 44 3775 335 0 0 0 0 0.04 140 129 129 165 35 35 - - -0.04 -0.06 -0.05 -0.02 - - 24.11 136.57 184.46 - 24.79 - - - -
OREZONE GOLD CORP CAD 56 324 86 0 0 0 0 0.04 0 0 -28 -28 - - -0.06 -0.08 -0.17 -0.08 - - - - 9.57 - - - - - -
GRAN COLOMBIA GOLD CORP CAD 64 536 382 0 0 0 0 0.25 165 160 171 207 15 15 10 10 -0.08 -0.06 -0.06 0.03 - - 5.46 21.77 - 860.78 - 8.63 - - - -
Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4. 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot
S&P 500 INDEX 2.33 2.33 2.14 1.96 2.33 1.49 1.49 1.43 1.37 1.49 10.49 10.49 9.79 10.09 10.49 9.32 9.32 8.61 8.06 9.32 15.04 15.04 13.53 12.29 15.04 2.09 2.09 2.25 2.43 2.09 1741.9 5.0%
Euro Stoxx 50 Pr 1.22 1.22 1.15 1.08 1.22 0.79 0.79 0.77 0.75 0.79 6.03 6.03 5.58 5.01 6.03 7.32 7.32 6.91 6.55 7.32 12.03 12.03 10.73 9.73 12.03 4.09 4.09 4.38 4.71 4.09 2934.4 4.8%
NIKKEI 225 1.69 1.69 1.58 1.46 1.69 0.78 0.78 0.76 0.75 0.78 9.86 9.86 9.20 8.58 9.86 9.47 9.47 8.81 8.36 9.47 21.35 21.35 19.52 15.65 21.35 1.47 1.47 1.50 1.74 1.47 13690.9 -9.0%
FTSE 100 INDEX 1.76 1.76 1.64 1.56 1.76 1.01 1.01 0.99 1.00 1.01 8.65 8.65 7.86 6.85 8.65 7.13 7.13 6.73 6.32 7.13 12.35 12.35 11.28 10.42 12.34 3.75 3.75 4.03 4.39 3.75 6965.9 4.0%
SWISS MARKET INDEX 2.47 2.47 2.32 2.12 2.47 2.10 2.10 2.00 1.91 2.10 12.78 12.78 11.55 10.40 12.78 13.60 13.60 12.56 11.77 13.60 15.52 15.52 13.95 12.71 15.52 3.13 3.13 3.48 4.00 3.13 8389.6 1.2%
S&P/TSX COMPOSITE INDEX 1.67 1.67 1.55 1.45 1.67 1.57 1.57 1.48 1.39 1.57 8.34 8.34 7.50 6.93 8.34 8.48 8.48 7.50 7.06 8.48 14.27 14.27 12.59 11.64 14.27 3.20 3.20 3.35 3.54 3.20 14270.4 14.4%
S&P/ASX 200 INDEX 1.95 1.95 1.85 1.75 1.95 1.89 1.89 1.78 1.68 1.89 11.58 11.58 10.31 9.44 11.58 9.81 9.81 8.72 8.06 9.81 15.75 15.75 14.13 12.95 15.75 4.35 4.35 4.64 4.98 4.35 5247.6 1.6%
HANG SENG INDEX 1.36 1.36 1.26 1.15 1.36 1.76 1.76 1.63 1.50 1.76 8.18 8.18 7.73 7.34 8.18 8.45 8.45 7.69 7.09 8.45 10.97 10.97 10.08 9.17 10.97 3.53 3.53 3.81 4.22 3.53 24962.1 8.1%
MSCI EM 1.47 1.47 1.16 1.23 1.47 1.02 1.02 0.95 0.90 1.02 7.16 7.16 6.60 6.20 7.16 6.52 6.52 5.97 5.61 6.52 11.04 11.04 9.88 9.20 11.04 2.80 2.80 3.09 3.38 2.80 1184.0 13.2%
GOLDCORP INC 0.99 0.95 0.91 0.86 4.04 4.54 3.57 3.25 3.05 9.59 11.38 7.97 6.72 5.77 7.70 9.51 6.56 5.73 5.02 13.77 19.46 13.01 11.43 9.13 1.97 2.18 2.18 2.20 2.20 38.45 40.8%
BARRICK GOLD CORP 0.75 0.81 0.77 0.70 1.37 1.43 1.33 1.35 1.25 3.54 4.09 3.78 3.57 3.47 4.63 5.22 4.77 4.62 4.07 5.11 6.16 5.84 6.08 5.25 3.87 4.13 4.16 4.05 5.66 28.94 48.9%
NEWMONT MINING CORP 1.15 1.05 1.02 0.97 1.57 1.71 1.46 1.47 5.23 5.87 4.89 5.10 8.94 5.54 6.85 5.44 5.66 8.55 8.88 11.67 9.27 10.26 14.93 4.54 4.64 4.53 3.90 3.80 41.22 30.6%
RANDGOLD RESOURCES LTD-ADR 2.55 2.22 1.91 1.65 4.84 4.80 3.70 3.86 4.24 11.34 10.94 7.39 6.66 10.96 9.00 9.39 6.61 6.46 7.60 15.25 16.64 10.70 10.53 11.50 0.66 0.71 0.88 0.89 109.13 51.6%
YAMANA GOLD INC 1.06 1.03 0.96 0.91 3.51 3.36 2.78 2.87 2.43 7.79 7.84 6.12 5.85 5.44 6.78 7.01 5.33 5.45 4.08 12.15 14.18 10.44 10.16 9.32 2.16 2.24 2.21 2.13 2.34 16.94 52.8%
GOLD FIELDS LTD-SPONS ADR 0.70 0.81 0.75 0.68 0.84 1.43 1.37 1.31 2.57 3.95 3.99 3.66 4.97 9.41 7.50 6.59 6.30 3.32 3.63 4.36 8.53 40.8%
SILVER WHEATON CORP 2.52 2.26 2.01 1.80 1.46 9.61 8.15 7.25 6.98 5.14 11.63 10.72 9.61 8.98 7.87 13.01 11.53 10.01 9.91 7.07 13.40 13.98 12.57 12.47 10.32 1.69 1.66 1.68 1.56 -0.41 39.55 78.3%
ANGLOGOLD ASHANTI-SPON ADR 1.19 1.09 0.95 0.85 1.05 1.11 1.02 1.04 3.75 3.41 3.20 3.65 6.12 11.27 6.95 7.47 2.30 1.47 1.43 1.47 28.72 62.3%
CIA DE MINAS BUENAVENTUR-ADR 1.28 1.12 1.00 0.91 3.25 3.04 2.84 2.94 11.19 13.37 10.41 6.09 8.08 6.79 7.23 6.38 8.21 7.71 8.14 3.38 2.69 3.48 3.06 26.80 47.9%
NEW GOLD INC 1.20 1.08 1.01 0.93 0.89 4.03 3.32 3.14 3.09 3.32 10.48 7.96 6.53 6.00 6.69 8.27 6.80 5.66 5.26 5.27 15.99 16.02 12.04 11.17 14.92 0.00 0.00 12.28 89.2%
AGNICO EAGLE MINES LTD 1.42 1.41 1.36 1.30 2.57 2.89 2.39 2.41 2.27 6.98 9.59 7.08 6.52 6.07 6.58 8.83 6.29 6.10 4.25 13.53 27.67 16.04 14.98 13.41 2.69 2.97 2.94 2.88 2.80 42.65 49.5%
ELDORADO GOLD CORP 0.82 0.81 0.79 0.74 4.26 3.90 3.51 2.53 1.75 10.58 9.93 8.30 5.63 3.46 8.46 8.11 7.09 4.76 2.97 15.01 15.91 13.12 8.70 5.25 2.10 1.89 2.06 2.51 3.05 12.49 81.3%
KINROSS GOLD CORP 0.46 0.59 0.57 0.56 0.56 1.39 1.49 1.43 1.55 1.42 4.20 4.58 4.05 4.57 4.33 3.45 4.13 3.62 4.05 3.54 7.15 11.63 9.50 11.14 9.53 3.03 2.94 2.92 3.03 3.03 8.15 54.3%
ROYAL GOLD INC 1.64 1.35 1.31 1.22 11.87 10.73 8.58 6.30 16.28 17.32 13.24 9.46 11.95 10.66 8.60 6.43 28.86 33.31 24.02 15.78 1.09 1.43 1.56 1.68 77.03 52.4%
HARMONY GOLD MNG-SPON ADR 0.44 0.43 0.42 0.41 0.99 1.01 0.76 0.70 3.97 3.88 2.89 3.49 5.60 9.80 4.96 12.15 3.12 1.49 3.28 1.65 7.85 91.0%
IAMGOLD CORP 0.50 0.50 0.48 0.47 1.16 1.28 1.13 1.11 1.03 3.54 4.52 3.66 3.82 3.44 2.68 3.43 2.77 2.95 2.30 5.85 9.73 7.43 8.62 7.71 5.04 4.88 4.64 4.54 4.96 9.51 88.6%
PAN AMERICAN SILVER CORP 0.63 0.66 0.62 0.58 0.53 1.89 1.80 1.68 1.68 1.32 6.69 7.25 6.45 7.26 4.66 3.46 3.97 3.31 3.62 1.79 9.52 12.90 10.59 13.00 8.17 1.48 3.68 3.44 3.11 4.18 17.76 48.6%
FIRST MAJESTIC SILVER CORP 1.94 4.55 3.21 2.21 1.93 1.70 8.28 7.89 5.36 4.44 3.61 6.66 5.38 3.73 3.34 2.81 10.67 12.19 7.94 6.67 5.95 19.16 87.1%
COEUR D'ALENE MINES CORP 0.57 0.55 0.51 0.46 1.52 1.53 1.29 1.28 1.13 4.58 5.59 4.58 3.74 3.76 3.62 2.70 2.53 12.44 22.87 10.24 8.06 21.46 58.3%
AURICO GOLD INC 0.61 0.58 0.57 0.56 0.48 3.68 3.93 2.89 2.45 2.07 11.51 9.61 5.93 5.48 4.48 7.30 7.85 5.28 4.29 3.33 11.65 18.27 11.92 11.51 9.43 0.00 3.86 3.07 3.37 4.29 7.25 55.6%
ALLIED NEVADA GOLD CORP 1.11 0.91 0.69 0.59 0.52 3.24 1.91 1.26 0.91 0.66 8.65 6.46 3.72 2.70 2.44 9.29 5.54 3.00 2.59 1.89 14.48 9.35 5.19 3.59 3.06 19.90 154.5%
HECLA MINING CO 0.78 0.74 0.70 0.61 0.54 2.71 1.83 1.38 1.38 1.36 9.94 6.30 4.98 4.22 4.49 6.74 3.63 2.19 1.90 2.02 28.70 16.76 8.24 7.28 8.09 1.29 1.19 1.94 2.58 1.29 4.84 56.1%
NEVSUN RESOURCES LTD 1.13 1.04 0.92 0.85 2.64 5.48 2.50 2.90 5.02 5.00 10.54 3.73 4.49 7.84 2.84 2.87 2.84 2.87 5.16 47.9%
AURIZON MINES LTD 1.65 1.64 2.82 3.05 2.40 2.61 2.50 9.02 9.95 6.99 7.23 6.02 4.62 4.79 3.23 18.84 29.85 14.92 14.21 13.52 0.00 4.70 23.3%
SILVER STANDARD RESOURCES 0.50 0.46 0.45 0.44 0.34 2.11 2.43 2.15 1.89 1.11 12.83 11.74 10.76 6.88 5.45 4.11 5.04 3.68 2.75 1.19 42.98 45.38 0.00 0.00 0.00 15.05 131.9%
SEABRIDGE GOLD INC 42.93 321.3%
TANZANIAN ROYALTY EXPLORATIO
GOLDEN STAR RESOURCES LTD 0.42 0.43 0.42 0.38 0.33 0.38 0.37 0.37 0.36 1.56 3.11 2.04 1.96 1.43 2.04 2.95 1.94 1.83 3.59 14.58 8.24 6.60 2.03 0.00 0.95 36.0%
VISTA GOLD CORP 0.77 0.41 0.42 1.46 0.28 0.50 0.49 0.58 6.75 411.7%
GREAT BASIN GOLD LTD 0.01 0.02 0.14 10.20
ARGONAUT GOLD INC 1.53 1.03 0.93 0.82 4.91 4.46 3.48 2.80 2.24 8.87 11.10 7.35 6.46 5.47 6.80 7.42 5.15 4.13 3.09 11.06 15.75 10.55 8.89 8.63 10.91 74.9%
TOREX GOLD RESOURCES INC 1.61 1.55 1.56 1.39 1980.13 6.99 37.63 26.30 89.38 0.00 2.56 78.8%
LIONGOLD CORP LTD 16.29 10.90 9.47 7.35 5.36 190.00 87.69 43.85
CHINA GOLD INTERNATIONAL RES 0.77 0.72 0.67 0.61 3.16 3.00 1.67 1.10 6.70 0.77 1.68 0.34 7.37 7.18 4.51 2.93 13.08 16.75 14.65 12.18 0.48 0.48 0.63 12.12 3.61 32.4%
PERSEUS MINING LTD 1.54 1.35 1.14 0.85 0.72 3.39 1.74 1.37 0.95 0.94 8.88 7.04 3.92 2.38 2.83 8.55 4.09 3.04 1.71 2.02 9.52 9.37 6.14 3.51 4.49 0.00 0.00 0.25 2.86 2.52 2.36 97.9%
SANDSTORM GOLD LTD 10.50 8.72 6.50 4.86 12.54 14.14 9.40 7.57 10.91 13.28 12.68 7.65 6.05 22.76 37.76 17.99 12.32 31.25 12.25 75.0%
OCEANAGOLD CORP 0.86 0.80 0.76 0.72 0.82 1.34 0.89 0.82 0.89 1.07 4.31 2.59 2.35 2.54 4.56 5.17 3.27 3.41 3.84 7.30 27.77 8.08 5.73 7.53 2.98 64.7%
MEDUSA MINING LTD 1.38 1.14 0.81 0.63 0.58 4.83 3.88 1.64 1.50 1.10 8.02 4.70 2.46 2.18 2.41 6.56 5.57 2.16 1.99 1.84 7.45 5.68 2.48 2.33 2.51 4.36 1.42 4.92 7.47 9.93 5.06 114.3%
DUNDEE PRECIOUS METALS INC 0.72 0.65 0.51 0.47 1.55 1.26 1.07 1.08 4.44 4.29 3.35 3.02 2.74 3.75 3.22 2.24 1.76 1.48 7.23 7.88 5.65 5.32 4.32 0.00 0.00 0.00 10.79 147.4%
RIO ALTO MINING LTD 2.48 1.87 1.86 1.77 1.77 1.79 1.47 5.14 5.38 5.11 4.60 3.70 2.78 3.88 3.81 3.36 2.19 6.11 7.02 5.99 6.04 5.55 0.00 0.00 0.00 5.97 85.5%
AURIZON MINES LTD 1.65 1.64 2.82 3.05 2.40 2.61 2.50 9.02 9.95 6.99 7.23 6.02 4.62 4.79 3.23 18.84 29.85 14.92 14.21 13.52 0.00 4.70 23.3%
ENDEAVOUR SILVER CORP 1.97 1.71 1.45 1.45 4.90 5.21 3.89 4.25 4.57 4.70 3.10 3.26 9.32 9.93 6.86 8.11 8.20 101.0%
CONTINENTAL GOLD LTD 32.11 32.11 29.96 1.94 4.23 5.36 6.55 11.81 226.3%
RUBICON MINERALS CORP 0.96 4.88 4.22 7.80 7.09 4.83 209.8%
SILVERCORP METALS INC 1.02 1.82 2.20 1.73 1.32 1.23 3.77 5.74 5.13 2.61 2.59 4.18 2.76 2.23 5.58 12.21 8.87 4.56 5.31 3.42 3.85 6.20 138.5%
EVOLUTION MINING LTD 0.54 0.52 0.47 0.43 0.45 1.25 0.96 0.84 0.85 0.90 2.99 3.02 2.60 2.68 2.74 3.49 2.66 2.15 2.21 2.49 8.06 9.88 7.22 6.06 8.65 0.00 1.20 2.41 2.65 2.53 1.16 39.6%
CHINA PRECIOUS METAL RESOURC 1.51 1.09 0.95 0.80 3.96 3.10 2.47 2.59 12.36 15.11 7.84 6.00 4.81 5.31 13.60 9.38 8.34 8.50 0.74 1.70 25.0%
SEABRIDGE GOLD INC 42.93 321.3%
BEADELL RESOURCES LTD 5.30 2.77 1.40 1.12 89.15 1.57 1.48 1.71 1.96 3.98 3.09 4.31 3.84 3.39 4.61 7.10 4.40 3.68 5.12 5.08 0.00 0.32 1.44 1.76 4.80 1.00 60.5%
RESOLUTE MINING LTD 0.82 0.74 0.62 0.52 0.38 0.77 0.72 0.81 0.76 0.76 2.34 2.13 2.77 2.30 2.63 1.54 1.50 1.84 1.55 1.43 3.39 3.21 4.59 4.40 4.48 0.00 6.53 3.40 4.49 6.80 1.38 87.6%
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

5. 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot
S&P 500 INDEX 2.33 2.33 2.14 1.96 2.33 1.49 1.49 1.43 1.37 1.49 10.49 10.49 9.79 10.09 10.49 9.32 9.32 8.61 8.06 9.32 15.04 15.04 13.53 12.29 15.04 2.09 2.09 2.25 2.43 2.09 1741.9 5.0%
Euro Stoxx 50 Pr 1.22 1.22 1.15 1.08 1.22 0.79 0.79 0.77 0.75 0.79 6.03 6.03 5.58 5.01 6.03 7.32 7.32 6.91 6.55 7.32 12.03 12.03 10.73 9.73 12.03 4.09 4.09 4.38 4.71 4.09 2934.4 4.8%
NIKKEI 225 1.69 1.69 1.58 1.46 1.69 0.78 0.78 0.76 0.75 0.78 9.86 9.86 9.20 8.58 9.86 9.47 9.47 8.81 8.36 9.47 21.35 21.35 19.52 15.65 21.35 1.47 1.47 1.50 1.74 1.47 13690.9 -9.0%
FTSE 100 INDEX 1.76 1.76 1.64 1.56 1.76 1.01 1.01 0.99 1.00 1.01 8.65 8.65 7.86 6.85 8.65 7.13 7.13 6.73 6.32 7.13 12.35 12.35 11.28 10.42 12.34 3.75 3.75 4.03 4.39 3.75 6965.9 4.0%
SWISS MARKET INDEX 2.47 2.47 2.32 2.12 2.47 2.10 2.10 2.00 1.91 2.10 12.78 12.78 11.55 10.40 12.78 13.60 13.60 12.56 11.77 13.60 15.52 15.52 13.95 12.71 15.52 3.13 3.13 3.48 4.00 3.13 8389.6 1.2%
S&P/TSX COMPOSITE INDEX 1.67 1.67 1.55 1.45 1.67 1.57 1.57 1.48 1.39 1.57 8.34 8.34 7.50 6.93 8.34 8.48 8.48 7.50 7.06 8.48 14.27 14.27 12.59 11.64 14.27 3.20 3.20 3.35 3.54 3.20 14270.4 14.4%
S&P/ASX 200 INDEX 1.95 1.95 1.85 1.75 1.95 1.89 1.89 1.78 1.68 1.89 11.58 11.58 10.31 9.44 11.58 9.81 9.81 8.72 8.06 9.81 15.75 15.75 14.13 12.95 15.75 4.35 4.35 4.64 4.98 4.35 5247.6 1.6%
HANG SENG INDEX 1.36 1.36 1.26 1.15 1.36 1.76 1.76 1.63 1.50 1.76 8.18 8.18 7.73 7.34 8.18 8.45 8.45 7.69 7.09 8.45 10.97 10.97 10.08 9.17 10.97 3.53 3.53 3.81 4.22 3.53 24962.1 8.1%
MSCI EM 1.47 1.47 1.16 1.23 1.47 1.02 1.02 0.95 0.90 1.02 7.16 7.16 6.60 6.20 7.16 6.52 6.52 5.97 5.61 6.52 11.04 11.04 9.88 9.20 11.04 2.80 2.80 3.09 3.38 2.80 1184.0 13.2%
ENDEAVOUR MINING CORP 1.02 0.74 0.57 0.57 0.35 2.08 2.18 1.80 1.61 0.80 3.62 2.73 2.24 2.10 1.66 5.68 6.24 5.09 4.76 1.52 2.61 196.6%
FORTUNA SILVER MINES INC 1.42 1.15 0.98 0.84 0.75 2.03 2.02 1.68 1.64 5.12 5.57 4.71 4.53 4.43 3.99 3.85 2.74 2.64 3.02 9.96 11.41 8.49 8.21 8.33 4.94 76.4%
MCEWEN MINING INC 0.64 0.58 0.53 4.06 2.81 1.96 14.64 58.57 10.25 10.25 13.43 4.95 2.71 22.78 25.63 10.79 41.00 5.13 150.0%
MAG SILVER CORP 2.76 2.97 3.26 3.44 14.25 118.9%
PRIMERO MINING CORP 0.86 0.84 0.87 0.74 2.67 2.45 1.97 1.45 1.12 5.47 6.08 4.91 4.64 2.78 4.47 4.33 2.83 1.88 1.25 10.26 11.75 8.52 7.29 4.18 0.00 0.00 8.60 66.4%
KINGSGATE CONSOLIDATED LTD 0.33 0.30 0.28 0.26 0.22 0.68 0.73 0.64 0.52 0.38 2.05 1.99 1.47 1.32 1.11 2.25 3.33 2.65 2.42 1.78 2.75 6.80 6.45 6.09 3.26 13.07 6.63 11.19 14.65 25.78 3.15 91.2%
TIMMINS GOLD CORP 1.99 1.51 1.20 1.20 2.00 1.63 1.49 1.42 1.37 5.62 4.55 4.72 4.77 4.35 4.14 3.51 3.43 3.70 3.43 7.99 6.49 6.67 6.38 6.08 0.00 0.00 0.00 3.43 54.4%
ST BARBARA LTD 0.38 0.30 0.28 0.26 0.33 0.56 0.57 0.49 0.45 0.54 0.94 2.67 1.61 1.41 2.05 2.08 2.87 1.91 1.89 2.37 1.71 7.65 4.00 4.25 8.73 0.00 0.00 1.94 2.90 2.58 1.27 105.3%
PREMIER GOLD MINES LTD 0.61 135.21 0.00 5.57 223.8%
NORTHERN STAR RESOURCES LTD 3.30 2.50 2.03 1.74 1.65 2.80 2.30 1.87 1.82 1.11 7.18 4.93 5.49 6.42 3.63 5.22 3.55 2.91 3.26 2.14 12.95 9.80 7.80 7.80 5.75 0.00 3.59 4.14 3.45 4.83 1.01 39.6%
TANZANIAN ROYALTY EXPLORATIO
REAL GOLD MINING LTD 1.43 4.51 6.03 3.35 7.56 0.00
GOLDEN STAR RESOURCES LTD 0.42 0.43 0.42 0.38 0.33 0.38 0.37 0.37 0.36 1.56 3.11 2.04 1.96 1.43 2.04 2.95 1.94 1.83 3.59 14.58 8.24 6.60 2.03 0.00 0.95 36.0%
ROMARCO MINERALS INC 0.22 0.91 2.24 1.04 8.07 2.42 12.11 1.48 300.0%
BANRO CORPORATION 0.64 6.12 1.85 0.76 0.71 0.65 97.30 4.98 1.63 1.31 1.41 222.05 8.63 2.42 2.32 1.91 18.45 3.39 3.21 2.61 0.93 0.00 0.00 5.61 6.54 1.94 78.0%
COLOSSUS MINERALS INC 1.68 1.74 0.68 0.48 4.56 0.67 0.66 0.69 1.77 1.49 1.87 16.81 0.98 0.90 2.13 1.80 2.35 0.00 0.00 6.76 269.4%
RAINY RIVER RESOURCES LTD 0.94 210.94 210.94 2.54 191.82 4.14 0.00 6.61 213.2%
SULLIDEN GOLD CORP LTD 0.81 18.05 1.59 4.82 5.13 1.95 4.32 4.56 1.72 110.0%
ASANKO GOLD INC 0.86 0.92 2.26 0.72 2.85 1.08 384.59 4.27 0.00 0.00 0.00 0.00 4.34 84.8%
BEAR CREEK MINING CORP 1.23 2.33 4.01 116.9%
PARAMOUNT GOLD AND SILVER 0.80 0.56 1.00 3.67 165.9%
KIRKLAND LAKE GOLD INC 1.04 0.98 0.87 0.73 1.48 1.57 0.93 0.69 0.53 4.58 9.21 3.76 1.94 1.29 4.72 9.68 2.94 1.91 1.48 4.81 437.50 6.48 2.84 2.11 9.01 157.5%
GUYANA GOLDFIELDS INC 0.77 0.63 0.39 0.33 0.28 0.46 0.92 0.76 2.30 1.38 1.35 1.07 3.82 1.95 0.00 5.26 246.2%
HIGHLAND GOLD MINING LTD 0.51 0.46 0.42 0.39 0.35 1.16 1.03 0.88 0.90 0.90 2.97 3.51 2.87 2.92 2.41 2.24 2.15 1.80 1.84 1.96 3.92 4.42 3.85 4.28 5.58 6.03 5.78 6.19 5.86 6.51 140.04 73.4%
INDOPHIL RESOURCES NL
LYDIAN INTERNATIONAL LTD 2.51 1.69 1.88 1.22 7.03 3.36 19.50 15.93 3.56 140.7%
SABINA GOLD & SILVER CORP 0.65 0.38 0.65 0.67 0.00 4.28 278.3%
LAKE SHORE GOLD CORP 0.13 0.18 0.17 0.86 0.60 0.45 0.45 0.37 2.76 1.88 1.30 1.21 0.78 6.73 2.78 1.73 2.03 1.23 5.80 3.49 3.22 1.23 324.6%
BRIGUS GOLD CORP 0.50 1.15 0.92 0.88 0.71 0.51 2.60 1.96 2.04 1.86 1.50 3.79 2.61 2.32 1.93 1.84 6.13 4.06 4.52 3.25 2.86 1.41 134.9%
GREAT PANTHER SILVER LTD 1.80 1.97 1.64 6.09 11.56 6.75 4.26 4.26 4.74 10.69 4.66 12.46 23.13 16.19 16.19 26.98 1.23 54.8%
INTREPID MINES LTD 0.92 1.09 1.13 0.96 0.64 4629.42 4.76 0.65 0.00 0.00 0.00 0.00 0.24 -14.3%
VISTA GOLD CORP 0.77 0.41 0.42 1.46 0.28 0.50 0.49 0.58 6.75 411.7%
ALEXCO RESOURCE CORP 1.13 1.30 1.07 0.94 0.70 4.46 6.40 3.25 2.36 1.78 7.24 39.11 39.12 28.92 13.49 3.86 3.20 101.1%
ATAC RESOURCES LTD 1.23 1.09 1.00 0.93 3.53 259.7%
SCORPIO MINING CORP 1.94 1.79 0.88 6.87 5.54 1.63 1.00 5.06 5.68 3.24 11.50 13.53 3.46 2.19 1.78 287.7%
MIDWAY GOLD CORP 1.17 2.00 1.36 1.34 1.76 0.98 35.97 29.97 26.07 1.85 29.97 1.77 101.0%
PATAGONIA GOLD PLC
GRYPHON MINERALS LTD 0.42 0.44 0.41 0.36 0.20 37.38 121.19 67.33 1.57 0.55 8.85 1.68 1.53 2.52 0.59 4.42 1.97 0.00 0.00 0.00 0.00 0.00 0.60 162.8%
DRDGOLD LTD-SPONSORED ADR 1.03 0.86 5.35 3.62 7.11 4.71 5.27 7.03 8.40 37.9%
RED 5 LTD 0.62 0.58 0.47 0.37 6.09 1.92 0.67 0.64 0.42 10.88 1.20 1.01 20.24 11.47 1.27 1.13 0.69 22.96 2.45 1.86 1.44 0.00 0.00 0.00 0.00 0.97 56.5%
LINGBAO GOLD CO LTD-H 0.53 0.53 0.51 0.50 0.19 0.19 0.20 0.23 6.65 7.06 6.57 6.91 6.37 9.55 9.29 12.73 4.31 3.49 3.20 2.33 2.14 -1.4%
INTL TOWER HILL MINES LTD 0.36 0.52 0.31 0.00 4.06 385.4%
SARACEN MINERAL HOLDINGS LTD 0.52 0.34 0.30 0.26 0.21 0.50 0.44 0.40 0.32 0.33 1.61 1.65 1.40 1.08 1.29 1.65 1.61 1.21 0.88 1.12 3.52 4.43 2.25 1.91 1.63 0.00 0.00 0.00 7.10 6.45 0.30 91.9%
EXETER RESOURCE CORP 1.19 4.55 519.3%
RICHMONT MINES INC 0.68 0.68 0.54 6.47 5.94 2.54 17.26 40.28 5.03 3.60 102.3%
RAMELIUS RESOURCES LTD 0.43 0.25 0.25 0.22 0.74 0.54 0.41 0.45 0.34 9.32 6.41 1.88 1.86 1.67 1.19 0.55 0.59 0.53 5.54 25.63 2.41 2.81 3.42 0.00 0.00 1.95 2.93 9.76 0.34 63.4%
GOLDEN MINERALS CO 2.60 2.00 1.25 0.84 25.00 1.55 0.53 2.94 4.03 168.5%
SAN GOLD CORP 0.19 0.21 0.32 0.35 0.27 1.16 1.63 0.95 1.04 1.04 1.19 1.36 0.98 1.84 0.23 70.4%
OREZONE GOLD CORP 0.26 6.58 0.67 5.06 5.46 8.22 2.50 273.8%
GRAN COLOMBIA GOLD CORP 0.31 0.37 0.30 0.19 2.38 1.85 0.83 6.63 25.19 5.25 2.49 5.56 5.56 1.67 0.70 311.8%
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6. 16.05.2013
Goldcorp, Inc. is engaged in the acquisition, exploration, development and
operation of precious metal properties in Canada, the Unites States, Mexico and
Central and South America.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (21.09.2012) 47.42
52-Week Low (17.04.2013) 27.11
Daily Volume
27.3
52-Week High % Change -42.43% Dividend Yield 2.03
52-Week Low % Change 0.70% Beta 0.73
% 52 Week Price Range High/Low 0.94% Equity Float 809.15
Shares Out 30.04.2013 812.0 Short Int 7.29
22'264.98 1 Yr Total Return -15.34%
Total Debt 783.00 YTD Return -25.03%
Preferred Stock 0.0 Adjusted BETA 0.730
Minority Interest 213.0 Analyst Recs 27
Cash and Equivalents 918.00 Consensus Rating 4.333
Enterprise Value 22'738.98
Average Volume 5 Day 7'053'540
GG US EQUITY YTD Change - Average Volume 30 Day 8'147'308
GG US EQUITY YTD % CHANGE - Average Volume 3 Month 7'330'675
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
2'419.6 2'723.6 3'738.0 5'362.0 5'435.0 5'357 5'101 4'905 6'245 1'171 1'289
9.42x 10.50x 9.95x 6.61x 5.50x 27.45x 24.55x 4.83x 3.77x 19.67x 18.04x
1'052.2 1'366.2 2'026.0 2'336.0 2'798.0 2'966.0 2'532.0 2'391.9 3'464.5 569.6 660.7
21.66x 20.94x 18.36x 15.18x 10.69x 12.15x 10.97x 9.51x 6.56x 8.86x 8.74x
1'475.6 240.2 2'051.0 1'187.0 1'749.0 1'709.0 1'579.0 1'192.9 1'767.9 220.9 294.6
57.34x 50.85x 30.36x 22.24x 18.47x 23.69x 19.73x 19.46x 13.01x 18.27x 16.28x
EBITDA 2'798.00 Long-Term Rating Date 01.06.2009
EBIT 2'123.00 Long-Term Rating BBB+
Operating Margin 39.06% Long-Term Outlook STABLE
Pretax Margin 41.44% Short-Term Rating Date -
Return on Assets 5.06% Short-Term Rating -
Return on Common Equity 7.08%
Return on Capital 6.69% EBITDA/Interest Exp. 93.27
Asset Turnover 0.16% (EBITDA-Capex)/Interest Exp. 6.33
Net Debt/EBITDA 0.10
Gross Margin 44.6% Total Debt/EBITDA 0.90
EBITDA Margin 49.6%
EBIT Margin 36.6% Total Debt/Equity 3.4%
Net Income Margin 32.2% Total Debt/Capital 3.3%
Asset Turnover 0.16
Current Ratio 2.15 Net Fixed Asset Turnover 0.20
Quick Ratio 1.39 Accounts receivable turnover-days 42.40
Debt to Assets 2.51% Inventory Days 85.97
Tot Debt to Common Equity 3.45% Accounts Payable Turnover Day 88.00
Accounts Receivable Turnover 8.61 Cash Conversion Cycle 33.03
Inventory Turnover 4.25
Fiscal Year Ended
Goldcorp Inc
Price/Volume
Valuation Analysis
8'974'858.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
0
5
10
15
20
25
30
35
40
45
50
m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13
.0 M
5.0 M
10.0 M
15.0 M
20.0 M
25.0 M
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
5.00
10.00
15.00
20.00
25.00
30.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

7. 16.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 95'391'332 11.75 - 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 30'706'526 3.78 (2'230'630) 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 28'365'944 3.49 (3'227'565) 15.05.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 23'371'159 2.88 379'529 31.03.2013 Bank
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 19'122'015 2.35 (574'672) 31.03.2013 Investment Advisor
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 18'417'273 2.27 7'264'832 31.03.2013 Hedge Fund Manager
CARMIGNAC GESTION CARMIGNAC GESTION 13F 17'580'357 2.17 17'580'357 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 15'798'349 1.95 5'678'487 31.03.2013 Investment Advisor
TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 15'368'322 1.89 (264'603) 31.03.2013 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 12'996'285 1.6 (440'597) 31.12.2012 Investment Advisor
CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 11'582'812 1.43 (224'052) 31.03.2013 Investment Advisor
TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 11'409'803 1.41 1'401'951 31.12.2012 Investment Advisor
CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 11'159'562 1.37 3'920'300 31.03.2013 Investment Advisor
RS INVESTMENT MANAGE RS INVESTMENT MANAGE 13F 8'785'563 1.08 4'171'254 31.03.2013 Investment Advisor
IA CLARINGTON INVEST Multiple Portfolios MF-AGG 8'426'680 1.04 (27'800) 31.12.2012 Investment Advisor
CIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 7'186'295 0.89 (176'695) 31.03.2013 Investment Advisor
FIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 6'835'256 0.84 1'053'271 31.03.2013 Investment Advisor
GREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 6'076'235 0.75 (1'030'733) 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 5'947'164 0.73 1'660'114 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 5'776'522 0.71 1'267'153 31.12.2012 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Cowen Securities LLC ADAM P GRAF hold 3 M #N/A N/A Not Provided 13.05.2013
BMO Capital Markets DAVID HAUGHTON outperform 5 M 42 Not Provided 09.05.2013
Credit Suisse ANITA SONI neutral 3 M 35 Not Provided 09.05.2013
JPMorgan JOHN BRIDGES overweight 5 M 47 12 month 09.05.2013
Macquarie TONY LESIAK outperform 5 M 40 12 month 09.05.2013
Canaccord Genuity Corp STEVEN BUTLER buy 5 M 41 12 month 09.05.2013
GMP GEORGE V ALBINO buy 5 M 61 Not Provided 09.05.2013
TD Securities GREG BARNES buy 5 M 37 12 month 09.05.2013
RBC Capital Markets STEPHEN D WALKER outperform 5 M 36 12 month 08.05.2013
CIBC World Markets ALEC KODATSKY sector outperform 5 M 45 Not Provided 08.05.2013
Davenport & Co LLOYD T O'CARROLL buy 5 M 35 Not Provided 08.05.2013
Cormark Securities Inc. RICHARD GRAY buy 5 M 43 12 month 07.05.2013
Stifel GEORGE J TOPPING buy 5 M 36 12 month 03.05.2013
Salman Partners DAVID WEST top pick 5 M 46 12 month 03.05.2013
Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 44 12 month 03.05.2013
Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 28 Not Provided 03.05.2013
Barclays FAROOQ HAMED overweight 5 M 38 Not Provided 03.05.2013
Deutsche Bank JORGE M BERISTAIN hold 3 M 28 12 month 02.05.2013
Jefferies PETER D WARD hold 3 M 27 12 month 02.05.2013
HSBC PATRICK CHIDLEY overweight 5 M 35 Not Provided 28.04.2013
Scotia Capital TANYA M JAKUSCONEK sector outperform 5 M 39 12 month 23.04.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 15.03.2013
Morgan Stanley PARETOSH MISRA Equalwt/In-Line 3 M #N/A N/A Not Provided 08.01.2013
Raymond James BRAD HUMPHREY Under Review #N/A N/A N #N/A N/A Not Provided 19.11.2008
Holdings By:
Goldcorp Inc
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

8. 16.05.2013
Barrick Gold Corporation is an international gold company with operating mines
and development projects in the United States, Canada, South America, Australia,
and Africa.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (06.06.2012) 43.30
52-Week Low (17.04.2013) 17.51
Daily Volume
19.44
52-Week High % Change -55.10% Dividend Yield 4.12
52-Week Low % Change 11.02% Beta 0.79
% 52 Week Price Range High/Low 7.48% Equity Float 998.50
Shares Out 30.04.2013 1'001.2 Short Int 13.82
19'462.40 1 Yr Total Return -43.57%
Total Debt 13'943.00 YTD Return -44.12%
Preferred Stock 0.0 Adjusted BETA 0.792
Minority Interest 2'663.0 Analyst Recs 32
Cash and Equivalents 2'093.00 Consensus Rating 3.938
Enterprise Value 34'609.40
Average Volume 5 Day 16'409'598
ABX US EQUITY YTD Change - Average Volume 30 Day 25'081'874
ABX US EQUITY YTD % CHANGE - Average Volume 3 Month 17'541'120
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
7'613.0 8'136.0 11'001.0 14'236.0 14'547.0 14'793.0 14'340.0 13'583.2 14'589.4 3'306.0 3'425.3
4.64x 5.27x 5.25x 4.08x 3.41x 15.70x 14.05x 2.60x 2.43x 10.56x 10.31x
3'010.0 3'589.0 6'211.0 8'327.0 7'358.0 8'579.0 7'071.0 6'625.6 7'258.9 1'583.0 1'700.6
11.75x 11.95x 9.30x 6.98x 6.73x 6.58x 6.30x 5.22x 4.77x 5.24x 5.32x
785.0 (4'274.0) 3'582.0 4'484.0 (665.0) 4'522.0 (847.0) 3'096.5 3'322.4 660.6 736.0
20.18x 16.56x 15.62x 9.79x 9.36x 9.18x 8.90x 6.16x 5.84x 6.60x 6.43x
EBITDA 7'358.00 Long-Term Rating Date 26.04.2013
EBIT 5'636.00 Long-Term Rating BBB
Operating Margin 38.74% Long-Term Outlook NEG
Pretax Margin -6.28% Short-Term Rating Date 19.05.2011
Return on Assets -1.71% Short-Term Rating A-2
Return on Common Equity -3.63%
Return on Capital - EBITDA/Interest Exp. 9.89
Asset Turnover 0.29% (EBITDA-Capex)/Interest Exp. 1.33
Net Debt/EBITDA 1.76
Gross Margin 47.4% Total Debt/EBITDA 2.09
EBITDA Margin 49.3%
EBIT Margin 37.2% Total Debt/Equity 63.8%
Net Income Margin -4.6% Total Debt/Capital 36.3%
Asset Turnover 0.29
Current Ratio 1.33 Net Fixed Asset Turnover 0.48
Quick Ratio 0.58 Accounts receivable turnover-days 10.51
Debt to Assets 29.49% Inventory Days 125.35
Tot Debt to Common Equity 63.83% Accounts Payable Turnover Day 94.50
Accounts Receivable Turnover 34.72 Cash Conversion Cycle 33.82
Inventory Turnover 2.91
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Barrick Gold Corp
Price/Volume
Valuation Analysis
23'816'719.00
Current Price (5/dd/yy) Market Data
0
5
10
15
20
25
30
35
40
45
m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13
.0 M
10.0 M
20.0 M
30.0 M
40.0 M
50.0 M
60.0 M
70.0 M
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

9. 16.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 87'777'710 8.77 - 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 29'144'249 2.91 (4'654'979) 15.05.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 27'711'488 2.77 (2'358'585) 31.03.2013 Bank
CAPITAL GROUP COMPAN n/a ULT-AGG 27'616'252 2.76 (47'634'385) 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 26'847'836 2.68 16'089'445 31.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 23'305'185 2.33 11'852'598 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 19'232'728 1.92 (765'564) 31.03.2013 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 17'663'919 1.76 771'337 31.12.2012 Investment Advisor
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 17'095'925 1.71 (4'625'429) 31.03.2013 Investment Advisor
CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 14'741'836 1.47 (68'927) 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 14'548'226 1.45 3'777'420 31.03.2013 Investment Advisor
TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 14'348'784 1.43 925'862 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 13'797'555 1.38 (4'803'846) 31.03.2013 Investment Advisor
TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 13'586'744 1.36 1'359'379 31.12.2012 Investment Advisor
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 12'481'312 1.25 (248'326) 31.03.2013 Investment Advisor
IA CLARINGTON INVEST Multiple Portfolios MF-AGG 10'376'354 1.04 (576'200) 31.12.2012 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 9'682'770 0.97 128'664 31.03.2013 Investment Advisor
OLDFIELD PARTNERS LL OLDFIELD PARTNERS LL 13F 8'964'554 0.9 1'678'488 31.03.2013 Investment Advisor
NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 8'491'106 0.85 2'265'919 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 8'451'322 0.84 2'825'528 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank JORGE M BERISTAIN hold 3 M 23 12 month 13.05.2013
Salman Partners DAVID WEST buy 5 M 30 Not Provided 13.05.2013
Cowen Securities LLC ADAM P GRAF hold 3 M #N/A N/A Not Provided 13.05.2013
BMO Capital Markets DAVID HAUGHTON market perform 3 M 30 Not Provided 09.05.2013
Credit Suisse ANITA SONI outperform 5 M 36 Not Provided 09.05.2013
JPMorgan JOHN BRIDGES neutral 3 M 31 6 month 09.05.2013
HSBC PATRICK CHIDLEY overweight 5 M 28 Not Provided 09.05.2013
Canaccord Genuity Corp STEVEN BUTLER hold 3 M 23 12 month 09.05.2013
Haywood Securities Inc. KERRY SMITH buy 5 M 34 Not Provided 09.05.2013
GMP GEORGE V ALBINO buy 5 M 50 Not Provided 09.05.2013
TD Securities GREG BARNES hold 3 M 24 12 month 09.05.2013
RBC Capital Markets STEPHEN D WALKER sector perform 3 M 24 12 month 08.05.2013
CIBC World Markets ALEC KODATSKY sector perform 3 M 33 Not Provided 08.05.2013
Davenport & Co LLOYD T O'CARROLL buy 5 M 27 Not Provided 08.05.2013
Argus Research Corp WILLIAM V SELESKY hold 3 M #N/A N/A Not Provided 03.05.2013
Macquarie TONY LESIAK neutral 3 M 21 12 month 03.05.2013
Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 03.05.2013
Stifel GEORGE J TOPPING buy 5 M 34 12 month 03.05.2013
Jefferies PETER D WARD buy 5 M 30 12 month 30.04.2013
Cormark Securities Inc. RICHARD GRAY market perform 3 M 26 12 month 30.04.2013
Sterne, Agee & Leach MICHAEL S DUDAS neutral 3 M #N/A N/A Not Provided 25.04.2013
Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 33 12 month 25.04.2013
Veritas Investment Research Co PAWEL RAJSZEL buy 5 M 28 Not Provided 25.04.2013
Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 24 12 month 24.04.2013
Barclays FAROOQ HAMED equalweight 3 M 24 Not Provided 24.04.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 26.02.2013
S&P Capital IQ LEO LARKIN buy 5 M 38 12 month 15.02.2013
Morgan Stanley PARETOSH MISRA Equalwt/In-Line 3 M #N/A N/A Not Provided 20.11.2012
Investec PIETER MARAIS hold 3 M 48 Not Provided 18.03.2011
Holdings By:
Barrick Gold Corp
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

10. 16.05.2013
Newmont Mining Corporation acquires, explores, and develops mineral properties.
The Company produces gold from operations in the United States, Australia, Peru,
Indonesia, Ghana, Canada, New Zealand and Mexico. Newmont also mines and
processes copper in Indonesia.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (21.09.2012) 57.93
52-Week Low (30.04.2013) 31.33
Daily Volume
31.57
52-Week High % Change -45.50% Dividend Yield 4.67
52-Week Low % Change 0.77% Beta 0.67
% 52 Week Price Range High/Low 0.90% Equity Float 491.01
Shares Out 22.04.2013 492.3 Short Int 16.84
15'750.92 1 Yr Total Return -25.04%
Total Debt 6'298.00 YTD Return -31.28%
Preferred Stock 0.0 Adjusted BETA 0.673
Minority Interest 3'175.0 Analyst Recs 24
Cash and Equivalents 1'647.00 Consensus Rating 3.833
Enterprise Value 23'917.92
Average Volume 5 Day 6'667'299
NEM US EQUITY YTD Change - Average Volume 30 Day 9'507'130
NEM US EQUITY YTD % CHANGE - Average Volume 3 Month 8'849'534
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
6'124.0 7'705.0 9'540.0 10'358.0 9'868.0 10'576.0 9'362.0 9'215.8 10'761.2 2'208.0 2'318.6
3.70x 3.46x 3.45x 3.38x 3.13x 12.61x 13.44x 2.63x 2.25x 10.95x 10.49x
2'139.0 3'799.0 5'118.0 5'162.0 4'169.0 5'185.0 3'731.0 3'491.3 4'396.1 808.0 875.5
10.60x 7.02x 6.43x 6.78x 7.41x 6.08x 7.72x 6.85x 5.44x 6.46x 6.07x
831.0 1'297.0 2'277.0 366.0 1'809.0 342.0 1'634.0 1'382.9 1'977.4 281.4 326.0
20.98x 16.99x 13.50x 13.92x 12.29x 11.70x 12.55x 11.67x 9.27x 10.75x 9.80x
EBITDA 4'169.00 Long-Term Rating Date 11.08.2008
EBIT 3'137.00 Long-Term Rating BBB+
Operating Margin 31.79% Long-Term Outlook NEG
Pretax Margin 31.04% Short-Term Rating Date -
Return on Assets 5.59% Short-Term Rating -
Return on Common Equity 12.12%
Return on Capital 9.02% EBITDA/Interest Exp. 11.71
Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 2.69
Net Debt/EBITDA 1.32
Gross Margin 46.6% Total Debt/EBITDA 1.71
EBITDA Margin 39.9%
EBIT Margin 28.4% Total Debt/Equity 45.7%
Net Income Margin 18.3% Total Debt/Capital 27.1%
Asset Turnover 0.32
Current Ratio 1.89 Net Fixed Asset Turnover 0.54
Quick Ratio 0.80 Accounts receivable turnover-days 28.77
Debt to Assets 21.24% Inventory Days 111.05
Tot Debt to Common Equity 45.73% Accounts Payable Turnover Day 34.85
Accounts Receivable Turnover 12.69 Cash Conversion Cycle 89.70
Inventory Turnover 3.29
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Newmont Mining Corp
Price/Volume
Valuation Analysis
9'295'938.00
Current Price (5/dd/yy) Market Data
0
10
20
30
40
50
60
m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13
.0 M
5.0 M
10.0 M
15.0 M
20.0 M
25.0 M
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
2.00
4.00
6.00
8.00
10.00
12.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

11. 16.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 61'681'268 12.53 - 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 23'252'143 4.72 1'215'913 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 21'606'678 4.39 108'377 15.05.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 19'347'700 3.93 (32'540'600) 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 18'679'612 3.79 (1'772'862) 15.05.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 12'509'376 2.54 8'462'980 31.03.2013 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 11'032'090 2.24 (1'096'373) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 10'350'619 2.1 2'264'400 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 7'585'611 1.54 (37'784) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 7'349'484 1.49 470'862 31.03.2013 Investment Advisor
CARMIGNAC GESTION CARMIGNAC GESTION 13F 7'008'200 1.42 7'008'200 31.12.2012 Investment Advisor
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 6'023'181 1.22 (290'400) 31.03.2013 Hedge Fund Manager
FMR LLC n/a ULT-AGG 5'834'755 1.19 (4'006'058) 31.03.2013 Investment Advisor
GAMCO n/a ULT-AGG 5'497'991 1.12 453'905 31.03.2013 Unclassified
UBS n/a ULT-AGG 5'431'744 1.1 655'171 31.03.2013 Unclassified
LAZARD ASSET MANAGEM n/a ULT-AGG 4'937'393 1 (276'645) 31.03.2013 Unclassified
JP MORGAN n/a ULT-AGG 4'884'655 0.99 (1'656'954) 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 4'796'938 0.97 (408'945) 31.12.2012 Government
BANK OF AMERICA CORP BANK OF AMERICA 13F 4'420'359 0.9 747'540 31.03.2013 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 3'840'057 0.78 261'014 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Argus Research Corp WILLIAM V SELESKY buy 5 M 42 Not Provided 13.05.2013
Cowen Securities LLC ADAM P GRAF buy 5 M 34 Not Provided 13.05.2013
Stifel GEORGE J TOPPING hold 3 M #N/A N/A Not Provided 03.05.2013
JPMorgan JOHN BRIDGES overweight 5 M 51 6 month 01.05.2013
Jefferies PETER D WARD hold 3 M 30 12 month 01.05.2013
Sterne, Agee & Leach MICHAEL S DUDAS buy 5 M 48 12 month 01.05.2013
TD Securities GREG BARNES hold 3 M 37 12 month 01.05.2013
Mackie Research Capital Corp. BARRY D ALLAN buy 5 U 42 12 month 01.05.2013
Credit Suisse ANITA SONI neutral 3 M 45 Not Provided 30.04.2013
CIBC World Markets ALEC KODATSKY sector perform 3 M 45 Not Provided 30.04.2013
BB&T Capital Markets GARRETT S. NELSON buy 5 M 42 12 month 30.04.2013
Barclays FAROOQ HAMED overweight 5 M 45 Not Provided 30.04.2013
EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 30.04.2013
BMO Capital Markets DAVID HAUGHTON outperform 5 M 56 Not Provided 29.04.2013
Deutsche Bank JORGE M BERISTAIN sell 1 M 24 12 month 29.04.2013
RBC Capital Markets STEPHEN D WALKER sector perform 3 M 41 12 month 29.04.2013
HSBC PATRICK CHIDLEY overweight 5 M 39 Not Provided 28.04.2013
Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 41 12 month 23.04.2013
GMP GEORGE V ALBINO buy 5 M 60 Not Provided 02.04.2013
Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 44 Not Provided 07.11.2012
S&P Capital IQ LEO LARKIN hold 3 D 53 12 month 07.09.2012
Morgan Stanley PARETOSH MISRA Equalwt/In-Line 3 M #N/A N/A Not Provided 27.04.2012
Holdings By:
Newmont Mining Corp
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12. 16.05.2013
Randgold Resources Ltd. provides mining services. The Company offers
acquisition, development, and exploration of gold and other precious metal in
Africa.
Latest Fiscal Year: 12/2011
LTM as of: 03/yy
52-Week High (05.10.2012) 127.27
52-Week Low (17.04.2013) 66.51
Daily Volume
72
52-Week High % Change -43.43% Dividend Yield 0.69
52-Week Low % Change 8.25% Beta 0.64
% 52 Week Price Range High/Low 9.04% Equity Float -
Shares Out 30.04.2013 92.1 Short Int 1.36
6'633.50 1 Yr Total Return -2.14%
Total Debt 18.02 YTD Return -26.98%
Preferred Stock 0.0 Adjusted BETA 0.644
Minority Interest 166.1 Analyst Recs 10
Cash and Equivalents 390.76 Consensus Rating 4.400
Enterprise Value 6'541.92
Average Volume 5 Day 743'752
GOLD US EQUITY YTD Change - Average Volume 30 Day 980'909
GOLD US EQUITY YTD % CHANGE - Average Volume 3 Month 781'136
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
338.6 432.8 484.6 1'127.1 1'317.8 1'175.7 1'331.2 1'383.4 1'791.2 339.0 361.0
9.01x 15.50x 14.79x 7.97x 6.59x 27.71x 26.69x 4.76x 3.39x - -
97.3 142.3 164.3 581.9 699.2 622.0 688.9 697.0 989.4 - -
31.34x 47.15x 43.62x 15.44x 12.43x 12.18x 11.41x 9.39x 6.61x - -
41.6 69.4 103.5 383.9 431.8 431.7 412.0 424.2 657.8 85.0 94.5
78.87x 94.26x 72.03x 24.30x 20.57x 18.19x 19.26x 16.64x 10.70x 15.17x 13.33x
EBITDA 699.18 Long-Term Rating Date -
EBIT 567.44 Long-Term Rating -
Operating Margin 43.06% Long-Term Outlook -
Pretax Margin 43.12% Short-Term Rating Date -
Return on Assets 14.57% Short-Term Rating -
Return on Common Equity 16.52%
Return on Capital 18.72% EBITDA/Interest Exp. 582.65
Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 114.09
Net Debt/EBITDA -0.36
Gross Margin 51.1% Total Debt/EBITDA 0.00
EBITDA Margin 51.7%
EBIT Margin 39.9% Total Debt/Equity 0.7%
Net Income Margin 32.8% Total Debt/Capital 0.6%
Asset Turnover 0.47
Current Ratio 4.07 Net Fixed Asset Turnover 1.07
Quick Ratio 1.92 Accounts receivable turnover-days -
Debt to Assets 0.58% Inventory Days -
Tot Debt to Common Equity 0.69% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 136.09
Inventory Turnover -
Fiscal Year Ended
Randgold Resources Ltd
Price/Volume
Valuation Analysis
765'378.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
0
20
40
60
80
100
120
140
m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13
.0 M
.5 M
1.0 M
1.5 M
2.0 M
2.5 M
3.0 M
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
20.00
40.00
60.00
80.00
100.00
120.00
140.00
160.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

13. 16.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 8'511'020 9.24 (58'542) 14.05.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 6'269'467 6.8 255'676 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 6'186'287 6.71 (441'271) 15.05.2013 Investment Advisor
FMR LLC n/a ULT-AGG 4'337'790 4.71 288'408 31.03.2013 Investment Advisor
CARMIGNAC GESTION CARMIGNAC GESTION 13F 3'917'000 4.25 3'917'000 31.12.2012 Investment Advisor
AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 1'639'811 1.78 442'950 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'530'963 1.66 (121'450) 31.03.2013 Investment Advisor
POWER CORP OF CANADA n/a ULT-AGG 1'487'200 1.61 954'000 31.03.2013 Holding Company
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 1'264'736 1.37 - 31.03.2013 Hedge Fund Manager
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 1'081'729 1.17 67'989 31.03.2013 Investment Advisor
GAMCO n/a ULT-AGG 1'032'315 1.12 213'780 31.03.2013 Unclassified
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 956'494 1.04 300'000 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 947'594 1.03 (20'901) 31.03.2013 Investment Advisor
PAULSON & CO PAULSON & CO 13F 926'192 1.01 (4'310) 31.03.2013 Hedge Fund Manager
TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 891'270 0.97 (60'950) 31.03.2013 Hedge Fund Manager
IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 775'000 0.84 550'000 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 676'284 0.73 (145'226) 15.05.2013 Investment Advisor
ASA BERMUDA LIMITED ASA BERMUDA LIMITED 13F 444'700 0.48 - 31.03.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 425'216 0.46 128'654 31.03.2013 Bank
UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 416'777 0.45 156'408 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC PATRICK CHIDLEY overweight 5 M 91 Not Provided 07.05.2013
Clarus Securities NANA SANGMUAH buy 5 M 120 18 month 07.05.2013
Dundee Securities Corp JOSH WOLFSON buy 5 M 100 12 month 03.05.2013
BMO Capital Markets ANDREW BREICHMANAS outperform 5 M 100 Not Provided 02.05.2013
Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 94 12 month 23.04.2013
Canaccord Genuity Corp TIM DUDLEY buy 5 M 133 12 month 11.04.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 28.03.2013
S&P Capital IQ LEO LARKIN buy 5 M 125 Not Provided 16.11.2012
GARP Research SETH DADDS buy 5 M #N/A N/A Not Provided 10.08.2012
Holdings By:
Randgold Resources Ltd
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

14. 16.05.2013
Yamana Gold Inc. is an intermediate gold producer with production, development
stage, and exploration properties throughout Brazil. The Company also holds
gold exploration properties in Argentina.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (09.11.2012) 20.59
52-Week Low (17.04.2013) 11.02
Daily Volume
11.09
52-Week High % Change -46.14% Dividend Yield -
52-Week Low % Change 0.64% Beta 0.75
% 52 Week Price Range High/Low 0.73% Equity Float 749.87
Shares Out 30.04.2013 752.4 Short Int 5.36
8'344.19 1 Yr Total Return -13.45%
Total Debt 765.91 YTD Return -35.28%
Preferred Stock 0.0 Adjusted BETA 0.747
Minority Interest 46.8 Analyst Recs 23
Cash and Equivalents 349.59 Consensus Rating 4.304
Enterprise Value 8'908.90
Average Volume 5 Day 6'461'217
AUY US EQUITY YTD Change - Average Volume 30 Day 8'449'024
AUY US EQUITY YTD % CHANGE - Average Volume 3 Month 7'855'324
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
949.4 1'183.3 1'686.8 2'173.3 2'336.8 2'257.0 2'311.9 2'481.1 2'997.5 551.3 652.8
6.36x 7.39x 5.76x 5.04x 5.73x 18.35x 22.46x 3.61x 2.86x 16.16x 13.70x
438.9 575.5 884.1 1'262.7 1'269.4 1'302.7 1'164.1 1'271.0 1'672.3 262.7 337.7
13.76x 15.19x 11.00x 8.67x 10.56x 8.88x 10.44x 7.01x 5.33x 6.78x 6.46x
434.8 192.6 466.5 548.3 442.1 570.1 374.1 533.8 750.8 113.0 153.0
- - - - - 0.00x 0.00x 14.18x 10.44x 13.79x 12.34x
EBITDA 1'269.45 Long-Term Rating Date -
EBIT 885.71 Long-Term Rating -
Operating Margin 37.90% Long-Term Outlook -
Pretax Margin 34.88% Short-Term Rating Date -
Return on Assets 3.25% Short-Term Rating -
Return on Common Equity 4.84%
Return on Capital - EBITDA/Interest Exp. 22.03
Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. -4.66
Net Debt/EBITDA 0.44
Gross Margin 64.4% Total Debt/EBITDA 0.74
EBITDA Margin 50.4%
EBIT Margin 33.4% Total Debt/Equity 9.8%
Net Income Margin 18.9% Total Debt/Capital 8.9%
Asset Turnover 0.20
Current Ratio 1.38 Net Fixed Asset Turnover 0.24
Quick Ratio 0.78 Accounts receivable turnover-days 19.25
Debt to Assets 6.49% Inventory Days 70.76
Tot Debt to Common Equity 9.80% Accounts Payable Turnover Day 130.52
Accounts Receivable Turnover 18.96 Cash Conversion Cycle -62.98
Inventory Turnover 5.16
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Yamana Gold Inc
Price/Volume
Valuation Analysis
9'955'697.00
Current Price (5/dd/yy) Market Data
0
5
10
15
20
25
m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13
.0 M
2.0 M
4.0 M
6.0 M
8.0 M
10.0 M
12.0 M
14.0 M
16.0 M
18.0 M
20.0 M
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00
0.20
0.40
0.60
0.80
1.00
1.20
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

15. 16.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 32'345'793 4.3 1'752'155 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 28'005'526 3.72 (2'389'675) 15.05.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 21'120'135 2.81 186'776 31.03.2013 Bank
ALLIANZ ASSET MANAGE n/a ULT-AGG 18'951'251 2.52 8'923'202 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 18'879'315 2.51 (21'825'881) 31.03.2013 Investment Advisor
GREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 12'696'118 1.69 12'696'118 31.03.2013 Investment Advisor
AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 11'430'227 1.52 11'430'227 31.03.2013 Investment Advisor
CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 10'433'341 1.39 10'433'341 31.03.2013 Investment Advisor
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 10'227'965 1.36 10'227'965 31.03.2013 Investment Advisor
TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 9'535'253 1.27 307'566 31.12.2012 Investment Advisor
TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 9'490'738 1.26 3'729'389 31.03.2013 Investment Advisor
DONALD SMITH & CO IN DONALD SMITH & CO IN 13F 8'469'389 1.13 3'072'073 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 7'226'163 0.96 (304'473) 31.03.2013 Investment Advisor
CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 6'942'805 0.92 6'942'805 31.03.2013 Investment Advisor
CARMIGNAC GESTION CARMIGNAC GESTION 13F 6'398'774 0.85 6'398'774 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 6'069'801 0.81 6'069'801 31.03.2013 Investment Advisor
TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 6'019'943 0.8 783'343 31.03.2013 Hedge Fund Manager
INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 5'913'740 0.79 (332'388) 31.03.2013 Investment Advisor
FIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 5'822'420 0.77 352'746 31.03.2013 Investment Advisor
UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 5'339'800 0.71 (619'328) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Cowen Securities LLC ADAM P GRAF buy 5 M 13 Not Provided 13.05.2013
National Bank Financial STEPHEN PARSONS outperform 5 M 19 12 month 10.05.2013
Davenport & Co LLOYD T O'CARROLL buy 5 M 14 Not Provided 08.05.2013
Cormark Securities Inc. RICHARD GRAY buy 5 M 20 12 month 07.05.2013
HSBC PATRICK CHIDLEY neutral 3 M 12 Not Provided 06.05.2013
Raymond James BRAD HUMPHREY outperform 5 M 19 12 month 02.05.2013
TD Securities STEVEN J GREEN buy 5 M 18 12 month 02.05.2013
Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 12 Not Provided 02.05.2013
RBC Capital Markets DAN ROLLINS outperform 5 M 14 12 month 01.05.2013
Credit Suisse ANITA SONI outperform 5 M 19 Not Provided 01.05.2013
CIBC World Markets ALEC KODATSKY sector outperform 5 M 19 Not Provided 01.05.2013
Dundee Securities Corp JOSH WOLFSON neutral 3 M 17 12 month 01.05.2013
GMP GEORGE V ALBINO buy 5 M 22 Not Provided 01.05.2013
Barclays FAROOQ HAMED overweight 5 M 16 Not Provided 01.05.2013
BMO Capital Markets DAVID HAUGHTON outperform 5 M 22 Not Provided 30.04.2013
Canaccord Genuity Corp STEVEN BUTLER buy 5 M 20 Not Provided 30.04.2013
Macquarie TONY LESIAK neutral 3 M 12 12 month 25.04.2013
Morgan Stanley PARETOSH MISRA Overwt/In-Line 5 M 16 12 month 23.04.2013
Scotia Capital TANYA M JAKUSCONEK sector outperform 5 M 17 12 month 23.04.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 16.04.2013
Davy BART JAWORSKI underperform 1 D #N/A N/A Not Provided 15.04.2013
VSA Capital Ltd CHARLIE LONG not rated #N/A N/A M #N/A N/A Not Provided 10.01.2013
Paradigm Capital Inc DON MACLEAN buy 5 M 21 12 month 19.06.2012
Holdings By:
Yamana Gold Inc
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

16. 16.05.2013
Gold Fields Limited produces precious metals. The Company has mines in South
Africa, Ghana, and Australia, as well as a partnership in Finland. Gold Fields
has a precious metals programs in Africa, Australasia, Europe, North America,
and South America.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (04.06.2012) 12.09
52-Week Low (15.05.2013) 6.06
Daily Volume
6.06
52-Week High % Change -49.86% Dividend Yield -
52-Week Low % Change 0.00% Beta 0.74
% 52 Week Price Range High/Low 0.00% Equity Float -
Shares Out 07.03.2013 736.1 Short Int 6.16
4'461.06 1 Yr Total Return -38.74%
Total Debt 16'015.70 YTD Return -43.07%
Preferred Stock 0.0 Adjusted BETA 0.744
Minority Interest 1'803.9 Analyst Recs 3
Cash and Equivalents 5'195.60 Consensus Rating 3.000
Enterprise Value -
Average Volume 5 Day 4'105'706
GFI US EQUITY YTD Change - Average Volume 30 Day 6'143'583
GFI US EQUITY YTD % CHANGE - Average Volume 3 Month 5'974'145
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
23'009.5 29'086.9 31'565.3 25'263.7 28'915.8 27'566.3 38'145.8 29'086.1 30'284.2 - -
3.10x 2.56x 2.56x 3.99x 3.05x 13.68x 8.85x 1.85x 1.71x - -
8'713.0 10'955.0 11'960.3 13'527.5 14'243.0 13'712.4 18'260.7 12'705.8 14'066.7 - -
8.19x 6.80x 6.75x 7.45x 6.20x 0.00x 3.66x - - - -
4'457.5 1'535.6 3'631.4 7'026.7 5'658.1 8'055.0 6'365.9 4'713.9 5'404.3 - -
- - - - - 0.00x 0.00x 9.41x 7.50x - -
EBITDA 14'243.00 Long-Term Rating Date 15.11.2012
EBIT 10'149.20 Long-Term Rating BB+
Operating Margin 35.10% Long-Term Outlook STABLE
Pretax Margin 22.47% Short-Term Rating Date 15.11.2012
Return on Assets 7.83% Short-Term Rating B
Return on Common Equity 13.81%
Return on Capital 10.97% EBITDA/Interest Exp. 24.36
Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 6.99
Net Debt/EBITDA 0.72
Gross Margin 38.7% Total Debt/EBITDA 1.01
EBITDA Margin 47.9%
EBIT Margin 33.2% Total Debt/Equity 31.2%
Net Income Margin 19.6% Total Debt/Capital 23.2%
Asset Turnover 0.47
Current Ratio 1.76 Net Fixed Asset Turnover 0.64
Quick Ratio 0.39 Accounts receivable turnover-days -
Debt to Assets 16.85% Inventory Days -
Tot Debt to Common Equity 31.19% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 69.00
Inventory Turnover -
Fiscal Year Ended
Gold Fields Ltd
Price/Volume
Valuation Analysis
5'793'853.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
0
2
4
6
8
10
12
14
m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13
.0 M
5.0 M
10.0 M
15.0 M
20.0 M
25.0 M
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00
0.20
0.40
0.60
0.80
1.00
1.20
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

17. 16.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 47'177'664 6.41 (20'500) 31.03.2013 Hedge Fund Manager
VAN ECK ASSOCIATES C n/a ULT-AGG 40'934'319 5.56 5'017'592 15.05.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 24'337'148 3.31 1'371'059 31.03.2013 Investment Advisor
THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 12'217'700 1.66 5'072'700 31.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 9'090'390 1.23 2'820'234 30.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 8'464'843 1.15 (1'275'318) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 7'254'900 0.99 4'486'300 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 6'795'326 0.92 (1'745'314) 14.05.2013 Investment Advisor
PAULSON & CO PAULSON & CO 13F 6'529'748 0.89 (11'852) 31.03.2013 Hedge Fund Manager
NORGES BANK Multiple Portfolios MF-AGG 6'177'141 0.84 - 31.12.2012 Government
RUFFER LLP RUFFER LLP 13F 5'396'309 0.73 (21'230) 31.03.2013 Hedge Fund Manager
WELLS FARGO n/a ULT-AGG 4'906'608 0.67 (128'413) 31.03.2013 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 4'690'600 0.64 (472'200) 31.03.2013 Hedge Fund Manager
UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 4'338'700 0.59 - 31.03.2013 Investment Advisor
GAMCO n/a ULT-AGG 4'244'739 0.58 (225'930) 31.03.2013 Unclassified
INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 3'930'403 0.53 (7'900) 31.03.2013 Investment Advisor
TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 3'907'319 0.53 1'826 31.03.2013 Hedge Fund Manager
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 3'806'476 0.52 - 28.02.2013 Investment Advisor
PROSPECTOR PARTNERS PROSPECTOR PARTNERS 13F 3'424'400 0.47 (349'900) 31.03.2013 Hedge Fund Manager
CREDIT SUISSE AG CREDIT SUISSE AG 13F 3'168'803 0.43 2'839'790 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC PATRICK CHIDLEY neutral 3 D 8 Not Provided 28.04.2013
Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 8 12 month 23.04.2013
EVA Dimensions TEAM COVERAGE dropped coverage #N/A N/A M #N/A N/A Not Provided 18.01.2013
BMO Capital Markets DAVID HAUGHTON market perform 3 M 13 12 month 04.03.2010
Holdings By:
Gold Fields Ltd
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

18. 16.05.2013
Silver Wheaton Corporation purchases and sells by-product silver from operating
mines. The Company has long term contracts to purchase all or a portion of the
silver production from mines in Mexico, Sweden, Peru, Greece and the United
States.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (01.11.2012) 41.30
52-Week Low (18.04.2013) 21.79
Daily Volume
22.18
52-Week High % Change -46.30% Dividend Yield -
52-Week Low % Change 1.79% Beta 1.08
% 52 Week Price Range High/Low 2.00% Equity Float 354.14
Shares Out 30.04.2013 354.6 Short Int 3.75
7'865.27 1 Yr Total Return -4.40%
Total Debt 50.06 YTD Return -38.25%
Preferred Stock 0.0 Adjusted BETA 1.079
Minority Interest 0.0 Analyst Recs 15
Cash and Equivalents 778.22 Consensus Rating 4.600
Enterprise Value 8'879.73
Average Volume 5 Day 5'562'602
SLW US EQUITY YTD Change - Average Volume 30 Day 6'530'004
SLW US EQUITY YTD % CHANGE - Average Volume 3 Month 5'481'579
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
166.7 239.3 423.4 730.0 849.6 771.5 855.7 964.8 1'085.3 229.2 243.2
12.14x 21.12x 31.91x 13.01x 14.18x 53.44x 53.99x 8.54x 7.62x 37.72x 35.72x
105.5 158.5 316.2 618.8 701.5 654.1 699.9 769.9 886.8 180.5 198.5
19.18x 31.87x 42.72x 15.35x 17.17x 16.49x 17.30x 11.53x 10.01x 11.54x 11.75x
17.3 117.9 153.4 550.0 586.0 575.0 572.3 573.7 650.5 124.5 136.8
- - - - - 0.00x 0.00x 13.98x 12.57x 14.37x 13.72x
EBITDA 701.46 Long-Term Rating Date -
EBIT 600.00 Long-Term Rating -
Operating Margin 70.63% Long-Term Outlook -
Pretax Margin 70.72% Short-Term Rating Date -
Return on Assets 15.45% Short-Term Rating -
Return on Common Equity 19.11%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.23% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 1.45
Gross Margin 74.3% Total Debt/EBITDA 1.56
EBITDA Margin 81.8%
EBIT Margin 69.1% Total Debt/Equity 1.6%
Net Income Margin 69.0% Total Debt/Capital 1.6%
Asset Turnover 0.23
Current Ratio 15.88 Net Fixed Asset Turnover 0.28
Quick Ratio 15.86 Accounts receivable turnover-days 2.45
Debt to Assets 1.57% Inventory Days -
Tot Debt to Common Equity 1.61% Accounts Payable Turnover Day 21.26
Accounts Receivable Turnover 148.71 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Silver Wheaton Corp
Price/Volume
Valuation Analysis
6'872'492.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
0
5
10
15
20
25
30
35
40
45
m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13
.0 M
2.0 M
4.0 M
6.0 M
8.0 M
10.0 M
12.0 M
14.0 M
16.0 M
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00
0.20
0.40
0.60
0.80
1.00
1.20
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

19. 16.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 26'099'114 7.36 - 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 14'997'993 4.23 66'224 15.05.2013 Investment Advisor
CARMIGNAC GESTION CARMIGNAC GESTION 13F 13'917'000 3.92 13'917'000 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 6'521'841 1.84 (925'966) 31.03.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 6'284'267 1.77 (378'634) 31.03.2013 Bank
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 5'382'984 1.52 180'499 31.03.2013 Investment Advisor
CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 4'958'532 1.4 (2'425) 31.03.2013 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 4'748'500 1.34 20'000 31.03.2013 Investment Advisor
TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 4'623'285 1.3 (1'872'251) 31.03.2013 Investment Advisor
TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 4'349'599 1.23 90'737 31.12.2012 Investment Advisor
TCW GROUP INC TCW GROUP INCORPORAT 13F 3'770'833 1.06 (18'415) 31.03.2013 Investment Advisor
TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 3'473'930 0.98 (35'700) 31.03.2013 Hedge Fund Manager
CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 3'333'501 0.94 420'000 31.03.2013 Investment Advisor
GREAT WEST LIFE ASSU GREAT WEST LIFE ASSU 13F 3'099'463 0.87 (230'385) 31.03.2013 Insurance Company
UBS n/a ULT-AGG 2'862'094 0.81 89'806 31.03.2013 Unclassified
JP MORGAN n/a ULT-AGG 2'750'546 0.78 (488'041) 31.03.2013 Investment Advisor
SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 2'623'306 0.74 26'794 31.03.2013 Investment Advisor
FIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 2'612'842 0.74 283'586 31.03.2013 Investment Advisor
CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 2'456'700 0.69 (5'718'600) 31.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'171'641 0.61 153'760 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James BRAD HUMPHREY outperform 5 M 41 12 month 14.05.2013
Salman Partners DAVID WEST top pick 5 M 38 Not Provided 14.05.2013
BMO Capital Markets ANDREW KAIP outperform 5 M 40 Not Provided 13.05.2013
Credit Suisse RALPH M PROFITI outperform 5 M 38 Not Provided 13.05.2013
CIBC World Markets COSMOS CHIU sector outperform 5 M 45 Not Provided 13.05.2013
Canaccord Genuity Corp STEVEN BUTLER buy 5 M 42 12 month 13.05.2013
GMP CHELSEA HAMILTON buy 5 M 47 12 month 13.05.2013
TD Securities DANIEL EARLE buy 5 M 35 12 month 13.05.2013
RBC Capital Markets DAN ROLLINS outperform 5 M 33 12 month 12.05.2013
Macquarie TONY LESIAK neutral 3 M 27 12 month 26.04.2013
Scotia Capital TREVOR TURNBULL focus stock 5 M 50 12 month 23.04.2013
JPMorgan JOHN BRIDGES overweight 5 M 40 6 month 19.04.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Holdings By:
Silver Wheaton Corp
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

20. 16.05.2013
AngloGold Ashanti Limited is a holding company for a group of companies which
explore for and mine gold internationally. The Group has operations in the Vaal
River and West Witwatersrand areas of South Africa as well as Namibia, Mali,
Brazil, Argentina, Australia, Tanzania and the United States.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (06.06.2012) 38.31
52-Week Low (17.04.2013) 17.45
Daily Volume
17.7
52-Week High % Change -53.80% Dividend Yield -
52-Week Low % Change 1.43% Beta 0.77
% 52 Week Price Range High/Low 1.20% Equity Float -
Shares Out 09.05.2013 383.7 Short Int 3.76
6'820.34 1 Yr Total Return -43.46%
Total Debt 30'375.96 YTD Return -43.45%
Preferred Stock 0.0 Adjusted BETA 0.775
Minority Interest 186.5 Analyst Recs 6
Cash and Equivalents 7'562.20 Consensus Rating 4.000
Enterprise Value -
Average Volume 5 Day 2'821'677
AU US EQUITY YTD Change - Average Volume 30 Day 3'191'695
AU US EQUITY YTD % CHANGE - Average Volume 3 Month 2'570'135
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
29'774.0 30'745.0 38'833.0 47'849.0 52'160.3 51'123.2 51'861.6 57'033.6 62'449.0 - -
3.48x 3.88x 3.60x 3.00x 2.30x 10.50x 9.48x 1.56x 1.33x - -
3'278.0 (2'435.0) 9'720.0 20'443.0 19'105.5 22'721.7 17'555.7 20'358.6 24'979.0 - -
31.64x - 14.37x 7.03x 6.27x 5.50x 6.01x - - - -
(16'138.0) (2'762.0) 637.0 11'282.0 6'814.6 14'088.2 4'225.8 6'005.9 8'569.5 - -
- - - - - 0.00x 0.00x 11.27x 6.95x - -
EBITDA 19'105.47 Long-Term Rating Date 10.12.2012
EBIT 12'553.61 Long-Term Rating BBB-
Operating Margin 24.07% Long-Term Outlook NEG
Pretax Margin 18.43% Short-Term Rating Date -
Return on Assets 4.24% Short-Term Rating -
Return on Common Equity 9.11%
Return on Capital 7.82% EBITDA/Interest Exp. 10.07
Asset Turnover 0.51% (EBITDA-Capex)/Interest Exp. 2.46
Net Debt/EBITDA 1.67
Gross Margin 36.1% Total Debt/EBITDA 1.69
EBITDA Margin 33.9%
EBIT Margin 20.5% Total Debt/Equity 65.8%
Net Income Margin 13.1% Total Debt/Capital 39.6%
Asset Turnover 0.51
Current Ratio 1.37 Net Fixed Asset Turnover 0.84
Quick Ratio 0.53 Accounts receivable turnover-days -
Debt to Assets 28.22% Inventory Days 98.24
Tot Debt to Common Equity 65.78% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 63.01
Inventory Turnover 3.72
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
AngloGold Ashanti Ltd
Price/Volume
Valuation Analysis
4'165'573.00
Current Price (5/dd/yy) Market Data
0
5
10
15
20
25
30
35
40
m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13
.0 M
1.0 M
2.0 M
3.0 M
4.0 M
5.0 M
6.0 M
7.0 M
8.0 M
9.0 M
10.0 M
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00
0.20
0.40
0.60
0.80
1.00
1.20
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

21. 16.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PAULSON & CO PAULSON & CO 13F 28'254'950 7.36 50'951 31.03.2013 Hedge Fund Manager
VAN ECK ASSOCIATES C n/a ULT-AGG 14'810'494 3.86 (814'185) 15.05.2013 Investment Advisor
NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 11'336'430 2.95 (431'746) 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 8'747'623 2.28 (128'150) 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 5'693'290 1.48 164'885 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 5'518'760 1.44 (1'096'046) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 5'230'372 1.36 (1'261'046) 14.05.2013 Investment Advisor
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 4'945'084 1.29 (259'531) 31.03.2013 Hedge Fund Manager
DUPONT CAPITAL MANAG DUPONT CAPITAL MANAG 13F 3'731'629 0.97 3'731'629 31.03.2013 Investment Advisor
TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 3'728'373 0.97 (458'492) 31.03.2013 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 3'398'300 0.89 157'600 31.03.2013 Hedge Fund Manager
NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 2'663'932 0.69 6'463 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 2'612'472 0.68 (22'697) 31.03.2013 Investment Advisor
PLATINUM INVESTMENT PLATINUM INVESTMENT 13F 2'204'815 0.57 147'000 31.12.2012 Investment Advisor
PASSPORT CAPITAL LLC PASSPORT CAPITAL LLC 13F 2'137'844 0.56 733'688 31.03.2013 Hedge Fund Manager
DIMENSIONAL FUND ADV n/a ULT-AGG 1'932'470 0.5 352'945 31.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'741'097 0.45 (357'793) 31.03.2013 Investment Advisor
UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 1'622'856 0.42 (95'200) 31.03.2013 Investment Advisor
GAMCO n/a ULT-AGG 1'611'720 0.42 (310) 31.03.2013 Unclassified
INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 1'608'497 0.42 (700) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale BRUCE ALWAY hold 3 M 20 12 month 14.05.2013
HSBC PATRICK CHIDLEY overweight 5 M 31 Not Provided 28.04.2013
Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 25 12 month 23.04.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 05.04.2013
BMO Capital Markets DAVID HAUGHTON market perform 3 M 0 Not Provided 24.02.2010
Holdings By:
AngloGold Ashanti Ltd
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

22. 16.05.2013
Cia de Minas Buenaventura S.A. explores for, mines, and processes gold, silver,
zinc, and other metals. The Company operates mines in Peru, a lime plant, an
electric power transmission company, and an engineering services company.
Buenaventura also markets metal concentrates to smelters internationally.
Latest Fiscal Year: 12/2011
LTM as of: 03/yy
52-Week High (06.06.2012) 42.73
52-Week Low (15.05.2013) 18.00
Daily Volume
18.12
52-Week High % Change -57.59% Dividend Yield -
52-Week Low % Change 0.67% Beta 0.56
% 52 Week Price Range High/Low 0.49% Equity Float -
Shares Out 04.02.2013 274.9 Short Int 1.40
4'994.50 1 Yr Total Return -48.20%
Total Debt 179.30 YTD Return -48.97%
Preferred Stock - Adjusted BETA 0.561
Minority Interest 262.3 Analyst Recs 13
Cash and Equivalents 241.22 Consensus Rating 3.308
Enterprise Value 5'221.44
Average Volume 5 Day 1'212'045
BVN US EQUITY YTD Change - Average Volume 30 Day 1'588'915
BVN US EQUITY YTD % CHANGE - Average Volume 3 Month 1'472'551
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
766.6 881.5 1'103.8 1'556.6 1'563.5 1'570.2 1'492.0 1'641.5 1'761.1 373.3 413.3
6.61x 9.30x 10.85x 6.05x 5.98x 24.14x 23.70x 3.17x 2.92x - -
(54.4) 351.5 475.4 820.2 569.3 429.4 260.9 645.8 769.2 174.0 208.0
- 23.33x 25.19x 11.49x 16.42x 0.00x 0.00x 8.08x 6.79x - -
153.3 593.6 660.8 858.9 684.7 848.7 579.9 544.0 608.6 125.0 147.0
33.61x 14.29x 18.66x 11.16x 13.41x 11.93x 11.38x 8.21x 7.71x 8.76x 8.22x
EBITDA 569.30 Long-Term Rating Date -
EBIT 421.85 Long-Term Rating -
Operating Margin 26.98% Long-Term Outlook -
Pretax Margin 56.63% Short-Term Rating Date -
Return on Assets 13.23% Short-Term Rating -
Return on Common Equity 16.53%
Return on Capital 16.37% EBITDA/Interest Exp. 68.67
Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 15.24
Net Debt/EBITDA -
Gross Margin 47.5% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 23.2% Total Debt/Equity 4.8%
Net Income Margin 43.8% Total Debt/Capital 4.3%
Asset Turnover 0.34
Current Ratio 2.30 Net Fixed Asset Turnover 1.44
Quick Ratio 1.42 Accounts receivable turnover-days 39.45
Debt to Assets 3.91% Inventory Days 65.36
Tot Debt to Common Equity 4.84% Accounts Payable Turnover Day 59.17
Accounts Receivable Turnover 9.25 Cash Conversion Cycle 44.85
Inventory Turnover 5.58
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Cia de Minas Buenaventura SA
Price/Volume
Valuation Analysis
1'441'073.00
Current Price (5/dd/yy) Market Data
0
5
10
15
20
25
30
35
40
45
m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13
.0 M
1.0 M
2.0 M
3.0 M
4.0 M
5.0 M
6.0 M
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
1'800.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
5.00
10.00
15.00
20.00
25.00
30.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23. 16.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 25'536'584 9.29 (4'985'793) 14.05.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 13'179'122 4.79 1'099'130 15.05.2013 Investment Advisor
VONTOBEL ASSET MANAG VONTOBEL ASSET MANAG 13F 12'497'006 4.55 4'814'696 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 8'641'735 3.14 2'695'645 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 5'406'540 1.97 355'351 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 4'674'992 1.7 371'700 15.05.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 4'619'673 1.68 46'724 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 4'200'079 1.53 (1'591'439) 31.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 4'187'270 1.52 3'390'686 31.03.2013 Investment Advisor
HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 3'497'516 1.27 1'025'840 28.03.2013 Unclassified
CREDIT SUISSE AG CREDIT SUISSE AG 13F 2'490'156 0.91 1'647'792 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 2'298'752 0.84 1'801'505 31.12.2012 Government
UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 1'858'000 0.68 51'500 31.03.2013 Investment Advisor
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 1'679'805 0.61 28'779 31.01.2013 Investment Advisor
CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 1'677'132 0.61 216'700 31.03.2013 Investment Advisor
PARAMETRIC PORTFOLIO PARAMETRIC PORTFOLIO 13F 1'434'207 0.52 33'736 31.03.2013 Investment Advisor
ING GROEP NV ING GROEP NV 13F 1'100'345 0.4 1'054'067 31.03.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 1'097'662 0.4 (1'561) 28.02.2013 Investment Advisor
GAMCO n/a ULT-AGG 1'087'600 0.4 (25'200) 31.03.2013 Unclassified
ING INV MANAGEMENT E ING INVESTMENT MANAG 13F 1'038'976 0.38 (71'704) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Banco de Credito del Peru HECTOR JOSUE COLLANTES hold 3 M 21 Not Provided 06.05.2013
Inteligo SAB LALI MERINO buy 5 M 29 Not Provided 03.05.2013
JPMorgan JOHN BRIDGES neutral 3 M 34 6 month 01.05.2013
Grupo Santander WALTER CHIARVESIO buy 5 M 33 Not Provided 30.04.2013
Morgan Stanley CARLOS DE ALBA Equalwt/No Rating 3 M 24 12 month 30.04.2013
Credit Suisse SANTIAGO PEREZ TEUFFER neutral 3 D 28 Not Provided 30.04.2013
Banco BTG Pactual SA CESAR PEREZ-NOVOA buy 5 M 30 12 month 30.04.2013
Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 25 12 month 23.04.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 27.03.2013
Euro Pacific Capital Inc HEIKO IHLE neutral 3 M 27 12 month 11.03.2013
Kallpa Securities SAB EDDER CASTRO overweight 5 M 33 Not Provided 07.03.2013
Holdings By:
Cia de Minas Buenaventura SA
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

24. 16.05.2013
New Gold Inc. is a natural resource company. The Company acquires, explores,
and develops gold properties.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (21.09.2012) 12.84
52-Week Low (15.04.2013) 6.25
Daily Volume
6.49
52-Week High % Change -49.45% Dividend Yield -
52-Week Low % Change 3.84% Beta 0.97
% 52 Week Price Range High/Low 3.64% Equity Float 461.89
Shares Out 30.04.2013 476.9 Short Int 3.05
3'094.87 1 Yr Total Return -10.73%
Total Debt 847.80 YTD Return -41.16%
Preferred Stock 0.0 Adjusted BETA 0.966
Minority Interest 0.0 Analyst Recs 15
Cash and Equivalents 687.80 Consensus Rating 4.600
Enterprise Value 3'276.77
Average Volume 5 Day 3'238'248
NGD US EQUITY YTD Change - Average Volume 30 Day 4'016'974
NGD US EQUITY YTD % CHANGE - Average Volume 3 Month 3'414'111
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
143.1 323.8 530.5 695.9 791.3 693.5 824.3 933.0 986.6 254.0 286.5
2.55x 4.31x 6.83x 6.62x 6.86x 26.07x 24.77x 3.43x 3.17x - -
13.8 110.4 239.2 344.0 390.1 339.3 387.6 482.0 579.1 115.0 149.0
26.46x 12.64x 15.15x 13.39x 13.91x 13.50x 11.65x 6.80x 5.66x - -
(102.7) (194.3) 47.5 179.0 199.0 187.8 201.7 170.9 227.4 30.7 62.6
- - - - - 0.00x 0.00x 16.02x 12.04x 14.49x 13.11x
EBITDA 390.10 Long-Term Rating Date 27.03.2012
EBIT 273.90 Long-Term Rating BB-
Operating Margin 34.61% Long-Term Outlook STABLE
Pretax Margin 35.23% Short-Term Rating Date -
Return on Assets 5.31% Short-Term Rating -
Return on Common Equity 7.96%
Return on Capital - EBITDA/Interest Exp. 9.70
Asset Turnover 0.22% (EBITDA-Capex)/Interest Exp. -3.13
Net Debt/EBITDA 0.47
Gross Margin 85.3% Total Debt/EBITDA 2.20
EBITDA Margin 47.0%
EBIT Margin 30.6% Total Debt/Equity 31.7%
Net Income Margin 25.1% Total Debt/Capital 24.1%
Asset Turnover 0.22
Current Ratio 5.18 Net Fixed Asset Turnover 0.27
Quick Ratio 4.15 Accounts receivable turnover-days 11.11
Debt to Assets 19.79% Inventory Days 164.46
Tot Debt to Common Equity 31.68% Accounts Payable Turnover Day 32.87
Accounts Receivable Turnover 32.86 Cash Conversion Cycle 378.94
Inventory Turnover 2.22
Fiscal Year Ended
New Gold Inc
Price/Volume
Valuation Analysis
5'423'404.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
0
2
4
6
8
10
12
14
m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13
.0 M
2.0 M
4.0 M
6.0 M
8.0 M
10.0 M
12.0 M
14.0 M
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00
0.20
0.40
0.60
0.80
1.00
1.20
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

25. 16.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 62'551'684 13.12 - 14.05.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 51'601'629 10.82 (19'073) 15.05.2013 Investment Advisor
FMR LLC n/a ULT-AGG 35'344'411 7.41 (401'290) 31.03.2013 Investment Advisor
TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 15'167'798 3.18 15'004'748 31.12.2012 Investment Advisor
POWER CORP OF CANADA n/a ULT-AGG 12'987'264 2.72 1'051'834 31.03.2013 Holding Company
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 12'693'570 2.66 - 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 12'469'841 2.61 (1'200'483) 31.03.2013 Investment Advisor
RS INVESTMENT MANAGE RS INVESTMENT MANAGE 13F 11'134'273 2.33 1'234'109 31.03.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 11'078'536 2.32 1'017'815 31.03.2013 Bank
TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 8'366'671 1.75 (127'400) 31.03.2013 Hedge Fund Manager
GCIC LTD/CANADA GCIC LTD 13F 6'966'945 1.46 1'127'145 31.03.2013 Investment Advisor
FIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 6'040'968 1.27 3'201'270 31.03.2013 Investment Advisor
LASSONDE PIERRE n/a SEDI 5'645'000 1.18 - 22.03.2012 n/a
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 5'379'731 1.13 (238'800) 31.03.2013 Hedge Fund Manager
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 5'091'201 1.07 (179'446) 28.02.2013 Investment Advisor
INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 5'091'201 1.07 (326'365) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 4'883'382 1.02 (27'471) 31.03.2013 Investment Advisor
CANADA PENSION PLAN CANADA PENSION PLAN 13F 4'785'859 1 703'973 31.03.2013 Pension Fund (ERISA)
PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 4'584'060 0.96 190'800 31.03.2013 Investment Advisor
OLIPHANT RANDALL n/a SEDI 4'570'855 0.96 320'855 23.11.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets ANDREW KAIP outperform 5 M 12 12 month 15.05.2013
RBC Capital Markets DAN ROLLINS outperform 5 M 10 12 month 15.05.2013
National Bank Financial STEPHEN PARSONS outperform 5 M 11 12 month 10.05.2013
Cormark Securities Inc. RICHARD GRAY buy 5 M 14 12 month 07.05.2013
TD Securities STEVEN J GREEN buy 5 M 11 12 month 03.05.2013
Casimir Capital STUART MCDOUGALL buy 5 M 16 12 month 03.05.2013
CIBC World Markets ALEC KODATSKY sector perform 3 M 12 Not Provided 02.05.2013
GMP GEORGE V ALBINO buy 5 M 16 Not Provided 02.05.2013
Mackie Research Capital Corp. BARRY D ALLAN hold 3 M 8 12 month 02.05.2013
Credit Suisse ANITA SONI outperform 5 M 12 Not Provided 01.05.2013
Canaccord Genuity Corp STEVEN BUTLER buy 5 M 11 Not Provided 01.05.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 16.04.2013
Paradigm Capital Inc DON MACLEAN buy 5 M 16 12 month 08.04.2013
Scotia Capital TREVOR TURNBULL sector outperform 5 M 13 12 month 05.04.2013
Holdings By:
New Gold Inc
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

26. 16.05.2013
Agnico Eagle Mines Limited is a gold producer with operations primarily in
northwestern Quebec, northern Mexico, northern Finland and Nunavut. The
Company also has exploration activities in Canada, Europe, Latin America, and
the United States. Agnico Eagle Mines focuses on the exploration, development,
and expansion of its gold properities primarily from underground operations.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (26.11.2012) 57.35
52-Week Low (15.05.2013) 28.48
Daily Volume
28.53
52-Week High % Change -50.25% Dividend Yield -
52-Week Low % Change 0.18% Beta 0.61
% 52 Week Price Range High/Low 0.17% Equity Float 171.85
Shares Out 30.04.2013 172.7 Short Int 1.80
4'927.70 1 Yr Total Return -14.60%
Total Debt 842.96 YTD Return -45.33%
Preferred Stock 0.0 Adjusted BETA 0.610
Minority Interest 0.0 Analyst Recs 25
Cash and Equivalents 351.28 Consensus Rating 3.560
Enterprise Value 5'444.27
Average Volume 5 Day 1'745'726
AEM US EQUITY YTD Change - Average Volume 30 Day 2'070'931
AEM US EQUITY YTD % CHANGE - Average Volume 3 Month 1'815'801
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
368.9 613.8 1'422.5 1'821.8 1'917.7 1'882.7 1'865.2 1'705.3 2'061.1 373.3 439.8
21.80x 14.47x 9.45x 3.75x 4.96x 18.58x 18.18x 3.34x 2.71x 14.73x 12.62x
94.9 202.5 601.8 752.9 787.4 801.6 735.0 616.9 866.0 178.5 222.8
84.80x 43.86x 22.34x 9.08x 12.08x 7.78x 10.34x 8.83x 6.29x 6.80x 7.03x
73.2 86.5 332.1 (568.9) 310.9 (535.6) 256.2 184.0 319.3 25.3 56.7
- - - - - 0.00x 0.00x 27.67x 16.04x 24.74x 20.39x
EBITDA 787.42 Long-Term Rating Date 12.03.2003
EBIT 515.56 Long-Term Rating NR
Operating Margin 26.88% Long-Term Outlook -
Pretax Margin 22.69% Short-Term Rating Date -
Return on Assets 5.00% Short-Term Rating -
Return on Common Equity 7.63%
Return on Capital 7.06% EBITDA/Interest Exp. 13.60
Asset Turnover 0.36% (EBITDA-Capex)/Interest Exp. 5.91
Net Debt/EBITDA 0.70
Gross Margin 39.0% Total Debt/EBITDA 1.10
EBITDA Margin 39.4%
EBIT Margin 24.5% Total Debt/Equity 24.7%
Net Income Margin 16.2% Total Debt/Capital 19.8%
Asset Turnover 0.36
Current Ratio 3.26 Net Fixed Asset Turnover 0.46
Quick Ratio 1.51 Accounts receivable turnover-days 15.79
Debt to Assets 16.04% Inventory Days 87.72
Tot Debt to Common Equity 24.72% Accounts Payable Turnover Day 50.91
Accounts Receivable Turnover 23.11 Cash Conversion Cycle 66.58
Inventory Turnover 4.16
Fiscal Year Ended
Agnico Eagle Mines Ltd
Price/Volume
Valuation Analysis
2'008'427.00
Current Price (5/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
0
10
20
30
40
50
60
m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13
.0 M
1.0 M
2.0 M
3.0 M
4.0 M
5.0 M
6.0 M
7.0 M
8.0 M
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00
0.20
0.40
0.60
0.80
1.00
1.20
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |