Fundamental Equity Analysis - World Gold Miners

1. This material does not constitute investment advice and should not be
viewed as a current or past recommendation or a solicitation of an
offer to buy or sell any securities or to adopt any investment strategy.
Fundamental Analysis &
Analyst Recommendations
Top 50 Gold Miners - Gold BUGS
September 2012
Q M S Advisors
. .
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

2. Index Analysis - Financial Statements
Name: NYSE Arca Gold BUGS Currency: USD Number of Member Stocks: 16
View Current 30.12.2011 31.12.2010 31.12.2009 31.12.2008 31.12.2007 29.12.2006 30.12.2005 31.12.2004 31.12.2003 31.12.2002 31.12.2001 29.12.2000 31.12.1999 31.12.1998 31.12.1997 31.12.1996 29.12.1995 30.12.1994 31.12.1993 31.12.1992
CY 2012 CY1 2011 CY1 2010 CY1 2009 CY1 2008 CY1 2007 CY1 2006 CY1 2005 CY1 2004 CY1 2003 CY1 2002 CY1 2001 CY1 2000 CY1 1999 CY1 1998 CY1 1997 CY1 1996 CY1 1995 CY1 1994 CY1 1993 CY1 1992
Index Summary
Income Statement
Earnings Per Share 30.2 29.41 19.69 12.64 7.3 8.78 8.78 1.72 1.95 3.91 0.88 -1.05 -10.48 -9.07 -52.58 -4.32 -13.77 0 0 0 0
EPS Before XO 18.0 120.52 246.97 192.45 130.69
Diluted EPS from Continuing Ops 29.8 119.58 237.65 190.9 140.74
EPS Positive 30.2 126.38 246.97 214.07 141.65
Sales Per Share 137.8 1906.17 3485.57 3235.49 1877.49
Dividends Per Share 6.6 22.7593 108.525 115.7297 5.2533
EBITDA Per Share 64.8 344.7 626.62 605.11 310.04
Balance Sheet
Book Value Per Share 283.8 2256.82 2256.82 2087.4 2153.91
Enterprise Value Per Share 512.6 8190 8190 8979.21 7640.74
Net Debt Per Share 28.5 5966.83 5966.83 5496.08 5117.82
Cash Flow
Cash Flow Per Share 48.0 101.47 30.77 257.45 175.64
Free Cash Flow Per Share 3.1 -34.58 -195.75 36.24 47.86
Price Ratios
Price/EPS 15.9 11.3082 11.3082 15.4066 10.3113
P/E Before XO 26.7 11.3082 11.3082 15.4066 10.3113
Diluted P/E Cont Ops 16.1 11.7518 11.7518 15.5312 8.6643
Price/EPS Positive 15.9 11.3082 11.3082 13.8504 9.4549
Price/Book 1.7 1.2375 1.2375 1.4204 1.0755
Price/Sales 3.5 0.8013 0.8013 0.9164 0.6392
Price/Cash Flow 10.0 90.7571 90.7571 11.5166 5.39
Dividend Yield 1.4 3.8859 3.8859 3.9032 5.094
Price/EBITDA 7.4 4.457 4.457 4.8998 3.7728
Market Data
Last Price 480.4 498.73 573.32 429.91 302.41 409.37 338.24 276.9 215.33 242.93 145.12 65.2 40.97 74.03 67.66 96.21 162.7 170.03 159.96 0 0
Volume 11235391 4237945428 4235554190 5247026330 5835399626 6440220506 6727359178 4160914415 4629189815 4114544218 2859892233 924084200 565792800 636139300 714049200 612806300 360994400 0 0 0 0
Index Market Cap 4448063 4716238.88 5421612.42 4071563.87 2864094.43 3877124.43 3209827.48 2627794.46 2043479.4 2305438.13 1377211.29 618751.09 409677.25 0 0 0 0 0 0 0 0
Total Market Cap 2.01201E+11 217087.16 245042.98 187478.5 134054.69 132809.16 92219.38 69999.97 49872.73 53313.47 29242.2 7289.74 4701.17 0 0 0 0 0 0 0 0
Free Float Market Cap 200005.0156 215987.17 244076.61 186638.48 133362.72 131322.91 90761.2 69387.45 0 0 0 0 0 0 0 0 0 0 0 0 0
Average Market Cap 12575.06543 12769.83 15315.19 11717.41 8936.98 8853.94 6147.96 4666.66 3324.85 3554.23 2658.38 0 0 0 0 0 0 0 0 0 0
Income Statement
Earnings Per Share 30.2 29.41 19.69 12.64 7.3 8.78 8.78 1.72 1.95 3.91 0.88 -1.05 -10.48 -9.07 -52.58 -4.32 -13.77 0 0 0 0
EPS Before XO 18.0 29.89 21.06 2.3 4.47 3.99 8.97 0.77 1.14 1.77 -1.42 0 0 0 0 0 0 0 0 0 0
Diluted EPS from Continuing Ops 29.8 27.34 19.65 13.48 7 9.49 9.32 0.48 2.8 2.88 -0.38 -6.24 -8.27 -7.79 -5.64 -3.96 -3.98 0 0 0 0
EPS Positive 30.2 29.41 21.49 16.2 11.47 10.47 13.15 5.8 4.14 6 4.68 0.43 0.09 0.6 0.56 1.16 1.15 0 0 0 0
Sales Per Share 137.8 128.04 110.33 85.04 74.11 78.04 67.38 49.86 46.86 43.15 53.66 29.68 33.71 40.36 45.54 52.44 43.49 0 0 0 0
Dividends Per Share 6.6 4.7449 2.9129 2.2413 2.1305 1.8498 3.798 2.3466 1.5692 1.6034 0.7135 0.3263 0.186 0.161 0.4168 2.147 2.4473 0 0 0 0
Dividends Per Share - Gross 6.6 4.74 2.91 2.24 2.13 1.85 3.8 2.35 1.57 1.6 0.71 0 0 0 0 0 0 0 0 0 0
Dividends Per Share - Net 6.6 4.73 2.9 2.21 2.12 1.84 3.8 2.35 1.57 1.6 0.7 0 0 0 0 0 0 0 0 0 0
EBITDA Per Share 64.8 62.63 48.71 32.47 20.53 24.29 26.35 13.85 11.9 13.3 16.31 6.98 6.42 8.01 10.12 9.96 5.98 0 0 0 0
R&D Expenditures - 0 0 0 1.61 1.67 1.41 1.27 1.41 1.16 1.06 0 0 0 0 0 0 0 0 0 0
Balance Sheet
Asset Fields
Cash & Equivalents Per Share 31.7 38.86 32.28 24.66 12.83 32.64 20.76 19.47 21.78 18.28 9.39 0 0 0 0 0 0 0 0 0 0
Current Assets 69.1 74.25 64.09 49.59 37.81 56.33 38.34 34.39 33.74 29.76 29.26 0 0 0 0 0 0 0 0 0 0
Total Assets 449.4 426.82 408.3 333.29 339 321.6 179.75 140.72 133 114.92 120.17 0 0 0 0 0 0 0 0 0 0
Liability Fields
Current Liabilities 29.7 32.62 29.6 26.3 27.51 23.01 16.04 12.3 10.07 10.58 13.61 0 0 0 0 0 0 0 0 0 0
Total Debt 60.3 48.81 37.03 34.75 40.52 33.1 18.86 18.15 17.54 14.49 36.13 0 0 0 0 0 0 0 0 0 0
Net Debt Per Share 28.5 9.88 3.29 9.83 26.96 -1.49 -1.95 -1.59 -3.87 -4.71 20.38 0 0 0 0 0 0 0 0 0 0
Total Liabilities 153.1 144.09 127.75 106.74 115.66 102.72 58.01 48.67 45.38 42.13 67.82 0 0 0 0 0 0 0 0 0 0
Total Shareholders' Equity 296.3 282.73 280.55 226.55 223.34 218.88 121.74 92.05 87.62 72.79 52.36 0 0 0 0 0 0 0 0 0 0
Reference Items
Book Value Per Share 283.8 272.35 263.28 219.42 215.93 198.21 113.21 85.38 78.38 67.53 31.73 8.73 13.09 20.94 27.88 79.19 84.59 0 0 0 0
Enterprise Value Per Share 512.6 522.36 606.33 455.23 334.99 416.69 396.9 293.62 218.37 239.35 193.22 0 0 0 0 0 0 0 0 0 0
Retained Earnings 40.8 34.26 21.34 -0.99 -16.83 -4.27 -15.24 -26.65 -13.44 -6.81 -74.48 0 0 0 0 0 0 0 0 0 0
Capital Expenditures -44.7 -33.36 -28.02 -27.56 -33.84 -27.9 -24.58 -13.97 -10.55 -7.73 -5.12 0 0 0 0 0 0 0 0 0 0
Goodwill 35.4 35 26.63 20.03 17.35 22.17 16.54 9.41 9.18 9.95 36.04 0 0 0 0 0 0 0 0 0 0
Cash Flow
Free Cash Flow Per Share 3.1 14.29 5.89 -9.65 -20.03 -11.28 -8.37 -4.89 -3.96 1.15 5.01 0 0 0 0 0 0 0 0 0 0
Cash from Financing Activities 2305419.9 8.11 5.01 20.43 24.34 14.39 10.69 3.15 7.04 6.15 -0.08 0 0 0 0 0 0 0 0 0 0
Cash from Investing Activities -49604541.8 -221.31 -194.53 -158.94
Ratio Analysis
Price/EPS 15.9 16.9605 29.1244 34.024 41.4498 46.6364 38.502 160.9369 110.6811 62.1791 164.5669 0 0 0 0 0 0 0 0 0 0
P/E Before XO 26.7 16.6877 27.2292 187.2496 67.5861 102.6868 37.7284 360.6267 188.4248 137.5415 0 0 0 0 0 0 0 0 0 0 0
Diluted P/E Cont Ops 16.1 18.2421 29.171 31.8883 43.2252 43.1524 36.2805 579.0222 76.9102 84.2095 0 0 0 0 0 0 0 0 0 0 0
Price/EPS Positive 15.9 16.9605 26.6738 26.537 26.375 39.0814 25.7169 47.781 52.0483 40.5176 30.9964 150.6261 456.0329 122.4405 120.0646 82.9046 141.7581 0 0 0 0
Price/Book 1.7 1.8312 2.1777 1.9593 1.4005 2.0653 2.9879 3.243 2.7473 3.5972 4.5732 7.4681 3.1307 3.5352 2.4266 1.2149 1.9233 0 0 0 0
Price/Sales #N/A Field Not Applicable 3.8951 5.1965 5.0556 4.0805 5.2456 5.0202 5.5537 4.5951 5.6295 2.7046 2.1971 1.2153 1.8341 1.4858 1.8346 3.7407 0 0 0 0
Price/Cash Flow 10.0 10.3865 16.227 23.6971 19.3522 25.7181 19.4152 29.1073 29.8767 26.2764 13.8243 14.4047 9.2942 14.7348 17.3012 13.9797 26.4787 0 0 0 0
Dividend Yield 1.4 0.9514 0.5081 0.5213 0.7045 0.4519 1.1229 0.8475 0.7288 0.66 0.4916 0.5004 0.4541 0.2174 0.6161 2.2316 1.5042 0 0 0 0
Dividend Yield - Gross 1.4 0.95 0.51 0.52 0.7 0.45 1.12 0.85 0.73 0.66 0.49 0 0 0 0 0 0 0 0 0 0
Dividend Yield - Net 1.4 0.95 0.51 0.51 0.7 0.45 1.12 0.85 0.73 0.66 0.48 0 0 0 0 0 0 0 0 0 0
Price/EBITDA 7.4 7.9637 11.7707 13.242 14.7323 16.8566 12.8375 19.9881 18.0955 18.2675 8.8949 9.3419 6.3849 9.2476 6.6835 9.6583 27.2247 0 0 0 0
Total Debt to Total Equity 20.4 17.26 13.2 15.34 18.14 15.12 15.49 19.72 20.02 19.9 69.01 0 0 0 0 0 0 0 0 0 0
Total Debt to Total Assets 13.4 11.43 9.07 10.43 11.95 10.29 10.49 12.9 13.19 12.61 30.07 0 0 0 0 0 0 0 0 0 0
Sales Per Employee - 335299.09 332782.03 284677.78 221384.17 204350.53 223430.58 0 0 144425.91 164622.17 0 0 0 0 0 0 0 0 0 0
Current Ratio 2.3 2.28 2.17 1.89 1.37 2.45 2.39 2.79 3.35 2.81 2.15 0 0 0 0 0 0 0 0 0 0
EV/T12M Sales 3.7 4.0796 5.4957 5.3534 4.5201 5.3394 5.8909 5.889 4.6601 5.5465 3.601 0 0 0 0 0 0 0 0 0 0
EV/T12M EBITDA 7.9 8.3408 12.4484 14.0219 16.3193 17.1579 15.064 21.1947 18.3513 17.9983 11.8429 0 0 0 0 0 0 0 0 0 0
Net Debt to EBITDA 0.4 0.16 0.07 0.3 1.31 -0.06 -0.07 -0.11 -0.32 -0.35 1.25 0 0 0 0 0 0 0 0 0 0
Profitability
Gross Margin 48.9 48.93 44.35 38.29 34.46 33.82 37.27 22.46 33.7 30.84 34.87 0 0 0 0 0 0 0 0 0 0
Operating Margin 36.9 38.49 32.3 24.5 17.77 20.08 22.61 16.61 13.31 16.76 22.79 0 0 0 0 0 0 0 0 0 0
Profit Margin 16.7 27.01 25.92 2.67 14.28 8.83 5.76 5.96 5.88 4.81 9.17 0 0 0 0 0 0 0 0 0 0
EBITDA Margin 47.0 48.91 44.15 38.18 27.7 31.12 39.11 27.79 25.39 30.82 30.41 23.52 19.03 19.83 22.23 18.99 13.74 0 0 0 0
Return on Assets 5.4 8.94 6.82 0.63 2.6 1.61 5.23 1.61 1.62 2.08 4.47 0 0 0 0 0 0 0 0 0 0
Return on Common Equity 8.7 14 10.59 0.28 1.3 1.5 20.51 9.13 5.61 6.09 10.88 0 0 0 0 0 0 0 0 0 0
Return on Capital 9.6 12.21 10.79 5.86 7.45 4.7 15.72 9.1 5.63 10.54 15.43 0 0 0 0 0 0 0 0 0 0
Market Data
Last Price 480.4 498.73 573.32 429.91 302.41 409.37 338.24 276.9 215.33 242.93 145.12 65.2 40.97 74.03 67.66 96.21 162.7 170.03 159.96 0 0
Volume 11235391.0 4237945428 4235554190 5247026330 5835399626 6440220506 6727359178 4160914415 4629189815 4114544218 2859892233 924084200 565792800 636139300 714049200 612806300 360994400 0 0 0 0
Index Market Cap 4448063.0 4716238.88 5421612.42 4071563.87 2864094.43 3877124.43 3209827.48 2627794.46 2043479.4 2305438.13 1377211.29 618751.09 409677.25 0 0 0 0 0 0 0 0
Total Market Cap 201201046875.0 217087.16 245042.98 187478.5 134054.69 132809.16 92219.38 69999.97 49872.73 53313.47 29242.2 7289.74 4701.17 0 0 0 0 0 0 0 0
Free Float Market Cap 200005.0 215987.17 244076.61 186638.48 133362.72 131322.91 90761.2 69387.45 0 0 0 0 0 0 0 0 0 0 0 0 0
Average Market Cap 12575.1 12769.83 15315.19 11717.41 8936.98 8853.94 6147.96 4666.66 3324.85 3554.23 2658.38 0 0 0 0 0 0 0 0 0 0
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

3. Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Market Total Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moody's LT
Capitalization (in mio Daily Common Total Debt Preferred Interest Equivalents Value Tot. Rev. - Rev. - Tr. Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA - Est. EPS - Est. EPS - Est. EPS - P/E Ratio - Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Credit S&P LT Credit Credit Moody's LT Credit
Currency USD) Volume (M) Shares (M) (USD) Stock (USD) (USD) (USD) (USD) LFY 12M Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY Tr. 12M 2013 2014 LFY 12M Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin - Rating - Rating Date Rating Rating Date
S&P 500 INDEX USD 13256010 1930.516 1085 1085 201 208 208 98.67 103.45 103.45 14.54 14.54 13.87 13.87 19.04
Euro Stoxx 50 Pr EUR 2380101 10451.81 4538 4538 739 764 764 150.00 299.94 299.94 27.70 14.46 13.85 13.85 20.37
NIKKEI 225 JPY 2150122 176.4765 229 229 23 25 25 5.18 8.04 8.04 0.28 0.23 0.18 0.18 0.14
FTSE 100 INDEX GBP 2556156 13456.14 9491 9491 1538 1639 1639 722.96 829.30 829.30 20.52 19.36 17.89 17.89 25.52
SWISS MARKET INDEX CHF 870067 10762.18 3952 3952 799 781 781 385.17 516.32 516.32 18.94 18.66 14.13 14.13 21.86
S&P/TSX COMPOSITE INDEX CAD 1659840 18908.74 7847 7847 1978 1978 1978 833.13 851.06 851.06 15.30 15.30 14.98 14.98 25.66
S&P/ASX 200 INDEX AUD 1209093 7986.556 2912 2912 619 718 718 272.78 353.51 353.51 17.08 14.82 13.18 13.18 22.96
HANG SENG INDEX HKD 1485177 2283.906 1446 1446 346 356 356 355.90 241.83 241.83 0.92 0.96 1.36 1.36 3.11
MSCI EM USD 6959929 1297.414 989 989 178 184 184 79.12 88.73 88.73 12.01 12.15 10.71 10.71 18.85
BARRICK GOLD CORP USD 40184 4438 1000 13 0 2 3 54.22 14312 14718 14622 16789 8327 8109 2072 2072 4.65 4.29 4.20 4.96 9.36 9.36 9.55 8.09 30.10 15.87 34.07 30.02 58.18 BBB+ 30.07.2012 Baa1 17.05.2011
GOLDCORP INC USD 35297 2523 810 1 0 0 2 35.05 5362 5285 5432 7102 3030 2873 739 739 2.00 1.68 1.92 2.84 25.68 25.68 22.44 15.19 43.45 19.02 49.56 26.76 56.51 BBB+ 01.06.2009 - -
NEWMONT MINING CORP USD 25868 2507 495 4 0 3 2 33.04 10358 10421 10310 11223 5162 4913 1259 1259 4.31 4.06 3.96 4.89 12.80 12.80 13.11 10.63 8.57 12.60 0.86 22.31 49.84 BBB+ 11.08.2008 Baa1 26.07.2010
SILVER WHEATON CORP USD 12860 2243 #VALUE! 0 0 0 1 11.82 730 778 830 1002 619 653 167 167 - - 1.70 2.11 - - 21.38 17.20 72.43 48.20 95.70 44.02 84.77 - - - -
YAMANA GOLD INC USD 13442 3031 #VALUE! 0 0 0 1 13.56 2173 2219 2401 3031 1263 1212 363 363 - - 0.97 1.41 - - 18.45 12.66 28.84 31.75 42.83 232.29 58.10 - - - -
RANDGOLD RESOURCES LTD-ADR USD 10366 415 92 0 0 0 0 10.05 1127 1238 1429 1682 570 - - - 4.09 4.68 5.52 6.97 - - 20.43 16.19 132.60 52.68 246.86 41.92 50.55 - - - -
ANGLOGOLD ASHANTI-SPON ADR USD 13139 581 #VALUE! 20 0 1 9 #VALUE! 47849 53738 62945 68894 20443 23269 29355 29355 - - 35.96 38.88 - - 7.75 7.17 23.22 18.89 110.32 29.79 42.72 BBB- 09.04.2010 - -
ELDORADO GOLD CORP USD 10345 3429 #VALUE! 0 0 0 0 10.46 1099 1145 1186 1594 639 623 177 177 - - 0.51 0.75 - - 28.50 19.29 38.90 36.73 50.99 - 58.15 - - - -
KINROSS GOLD CORP USD 10914 6838 1138 2 0 0 2 11.27 3943 4062 4318 4889 1973 1855 521 521 0.76 0.73 0.72 1.03 13.12 13.12 13.38 9.32 31.00 32.49 64.32 48.53 50.02 BBB- 15.08.2011 Baa3 15.08.2011
AGNICO-EAGLE MINES LTD USD 8476 921 #VALUE! 1 0 0 0 8.99 1822 1909 1818 1913 753 795 170 170 - - 1.81 2.17 - - 27.35 22.78 28.07 44.02 25.09 25.10 41.32 NR 12.03.2003 WR 05.03.2002
GOLD FIELDS LTD-SPONS ADR USD 9681 1589 #VALUE! 16 0 1 6 #VALUE! 41877 45897 48124 53026 21094 23330 23530 23530 - - 13.01 15.76 - - 8.34 6.88 32.67 18.71 85.27 34.52 50.37 BBB- 19.03.2009 - -
CIA DE MINAS BUENAVENTUR-ADR USD 9981 294 254 0 0 0 1 9.98 1557 1557 1597 1761 820 520 226 226 3.38 3.13 3.16 3.39 11.57 11.57 11.44 10.69 41.03 31.20 72.54 19.09 52.69 - - - -
ROYAL GOLD INC USD 5390 196 59 0 0 0 0 5.32 0K 0K 0K 0K 233 233 62 62 1.63 1.62 1.90 2.64 56.55 56.55 48.14 34.69 21.52 34.75 25.17 44.69 88.66 - - - -
NEW GOLD INC USD 5382 888 #VALUE! 0 0 0 0 5.54 696 698 772 1038 344 335 127 127 - - 0.45 0.77 - - 25.89 15.15 31.20 39.04 43.81 - 49.43 BB- 27.03.2012 B2 27.03.2012
IAMGOLD CORP USD 5274 1137 #VALUE! 0 0 0 1 4.94 1673 1728 1671 1996 785 780 251 251 - - 1.03 1.42 - - 13.59 9.85 52.51 23.17 66.91 46.41 46.91 - - - -
HARMONY GOLD MNG-SPON ADR USD 3889 915 #VALUE! 0 0 0 0 #VALUE! 1957 2052 2265 2692 320 - 723 723 - - 0.66 0.96 - - 13.55 9.31 21.57 4.84 - 15.59 17.97 - - - -
ALLIED NEVADA GOLD CORP USD 3093 433 90 0 0 0 0 2.99 152 159 276 603 49 72 43 43 0.39 0.55 0.93 2.28 62.56 62.56 36.96 15.13 16.11 - 59.86 - 32.08 B 07.06.2012 B3 16.05.2012
PAN AMERICAN SILVER CORP USD 2896 982 #VALUE! 0 0 0 0 2.39 855 862 992 1168 446 457 110 110 - - 1.42 1.79 - - 13.38 10.66 32.28 22.82 60.49 32.02 52.13 - - - -
COEUR D'ALENE MINES CORP USD 2236 751 90 0 0 0 0 2.15 1021 1049 983 1127 531 510 128 128 1.08 0.84 1.71 2.70 29.62 29.62 14.54 9.23 98.12 44.04 142.92 40.99 52.03 B+ 25.06.2012 WR 16.07.2012
FIRST MAJESTIC SILVER CORP USD 2399 388 #VALUE! 0 0 0 0 2.35 246 235 266 434 156 142 42 42 - - 0.93 1.63 - - 22.29 12.78 108.23 58.75 192.22 - 63.62 - - - -
AURICO GOLD INC USD 1660 1402 #VALUE! 0 0 0 0 1.89 402 412 425 636 204 201 39 39 - - 0.37 0.67 - - 16.01 8.86 68.68 27.32 90.91 - 50.66 - - - -
HECLA MINING CO USD 1650 3739 285 0 0 0 0 1.44 478 382 341 491 255 156 27 27 0.43 0.22 0.16 0.44 26.27 26.27 35.46 13.08 14.04 14.22 20.57 31.15 53.33 NR 20.05.2005 - -
SILVER STANDARD RESOURCES USD 1225 813 #VALUE! 0 0 0 0 1.00 148 121 222 281 39 15 20 20 - - 0.17 0.39 - - 89.76 38.50 31.70 - 647.00 - 26.65 - - - -
NEVSUN RESOURCES LTD USD #VALUE! 313 #VALUE! 0 0 0 0 #VALUE! 548 657 449 296 429 521 95 95 - - 0.59 0.37 - - 7.98 12.87 - - - - 78.35 - - - -
SEABRIDGE GOLD INC USD 775 171 #VALUE! 0 0 0 0 0.71 0 0 #VALUE! #VALUE! -20 -17 -14 -14 - - -0.26 -0.34 - - #VALUE! #VALUE! - - -244.92 - - - - - -
AURIZON MINES LTD USD 755 306 #VALUE! 0 0 0 0 0.53 260 271 248 265 125 132 32 32 - - 0.29 0.34 - - 15.75 13.40 45.46 29.24 78.90 - 48.05 - - - -
TANZANIAN ROYALTY EXPLORATIO USD 476 221 #VALUE! 0 0 0 0 0.44 0 0 #VALUE! #VALUE! -8 -8 - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! - - -171.01 - - - - - -
GOLDEN STAR RESOURCES LTD USD 412 1115 259 0 0 0 0 0.45 471 512 568 640 92 120 48 48 -0.03 -0.05 0.12 0.29 - - 13.03 5.45 8.85 45.46 -14.64 - 19.49 - - - -
VISTA GOLD CORP USD 259 338 72 0 0 0 0 0.25 0 0 2 #VALUE! -28 -34 -8 -8 -0.34 -0.47 -0.48 -0.23 - - #VALUE! #VALUE! - - -58.76 - - - - - -
GREAT BASIN GOLD LTD USD 138 780 #VALUE! 0 0 0 0 0.41 170 153 196 329 18 -11 - - - - -0.08 0.04 - - #VALUE! 6.41 70.83 - - - 10.77 - - - -
B2GOLD CORP CAD 1617 1304 382 0 0 0 0 1.58 230 244 264 346 114 114 35 35 0.16 0.16 0.20 0.31 26.32 26.32 21.82 13.67 78.39 - 197.92 - 50.77 - - - -
PERSEUS MINING LTD CAD 1277 1989 #VALUE! 0 0 0 0 1.21 148 148 403 572 56 56 39 39 - - 0.25 0.40 - - 11.07 7.10 - - - - 39.04 - - - -
SILVERCORP METALS INC USD 1093 638 #VALUE! 0 0 0 0 1.03 238 213 198 296 155 126 26 26 - - 0.24 0.45 - - 27.23 14.13 42.21 25.64 40.76 43.24 65.26 - - - -
MEDUSA MINING LTD AUD 1118 822 189 #VALUE! #VALUE! #VALUE! 0 1.12 84 84 179 296 60 - 140 140 0.27 0.27 0.66 1.08 23.54 - 9.62 5.89 -47.39 90.48 -54.05 - 73.97 - - - -
RUBICON MINERALS CORP CAD 1099 804 238 0 0 0 0 0.87 0 0 #VALUE! #VALUE! -22 -23 - - -0.10 -0.10 -0.02 -0.01 - - #VALUE! #VALUE! - - 15.17 - - - - - -
CHINA GOLD INTERNATIONAL RES CAD 1579 279 396 0 0 0 0 1.52 318 344 331 367 144 132 134 134 0.19 0.18 0.19 0.23 22.91 22.91 22.39 18.03 136.63 - 104.93 - 46.11 - - - -
BANRO CORPORATION CAD 992 254 197 0 0 0 0 1.06 0 0 64 343 -10 -12 14 14 -0.05 -0.07 0.06 0.69 - - 91.95 7.51 - - 1.11 - - - - - -
NEVSUN RESOURCES LTD CAD 937 538 200 0 0 0 0 0.72 560 671 459 302 439 532 97 97 0.75 0.91 0.60 0.37 5.40 5.40 8.15 13.13 - - - - 80.06 - - - -
DUNDEE PRECIOUS METALS INC CAD 1206 183 125 0 0 0 0 1.17 346 393 384 495 - - - - 0.62 0.60 0.54 1.02 16.47 16.47 18.37 9.60 69.04 27.66 - - - - - - -
ARGONAUT GOLD INC CAD 924 1038 92 0 0 0 0 0.93 107 122 143 276 57 66 25 25 0.29 0.34 0.45 0.76 30.93 30.93 23.25 13.78 105.04 - 271.15 - 54.66 - - - -
CGA MINING LTD CAD 915 244 #VALUE! 0 0 0 0 0.91 188 188 300 442 43 43 - - - - 0.27 0.44 - - 10.65 6.37 -22.16 - -50.96 - 23.36 - - - -
ENDEAVOUR SILVER CORP USD 975 634 #VALUE! 0 0 0 0 0.85 128 146 235 303 65 71 - - - - 0.69 0.90 - - 14.25 10.98 47.96 54.88 111.14 - 50.64 - - - -
KIRKLAND LAKE GOLD INC CAD 954 445 70 0 0 0 0 0.92 163 163 279 411 27 50 18 18 0.59 0.40 1.12 1.82 34.52 34.52 12.36 7.65 53.09 35.56 - - 25.70 - - - -
RIO ALTO MINING LTD CAD 897 326 169 0 0 0 0 0.83 0 177 298 360 -8 108 - - -0.07 0.31 0.60 0.65 17.23 17.23 8.84 8.13 - - -109.43 - - - - - -
EVOLUTION MINING LTD AUD 1204 1790 182 0 0 0 0 1.08 126 487 677 829 30 - - - -0.01 0.03 0.19 0.27 61.90 - 9.46 6.50 - - - - 24.46 - - - -
TOREX GOLD RESOURCES INC CAD 802 4486 353 0 0 0 0 0.73 0 0 0 3 -35 -55 -13 -13 -0.08 -0.13 -0.08 -0.04 - - #VALUE! #VALUE! - - -91.50 - - - - - -
PREMIER GOLD MINES LTD CAD 855 249 127 0 0 0 0 0.83 0 0 0 0 -14 - - - -0.15 -0.15 -0.09 -0.07 - - #VALUE! #VALUE! - - -2.60 - - - - - -
OCEANAGOLD CORP CAD 771 304 263 0 0 0 0 0.95 404 394 384 607 168 139 46 46 0.17 0.08 0.05 0.46 37.46 37.46 57.63 6.66 30.08 39.54 16.76 60.92 42.43 - - - -
RESOLUTE MINING LTD AUD 1054 2324 634 0 0 0 0 0.98 599 599 702 668 264 264 - - 0.17 0.22 0.24 0.23 7.91 - 7.29 7.45 30.70 27.37 134.70 108.73 45.78 - - - -
AURIZON MINES LTD CAD 753 397 163 0 0 0 0 0.54 266 277 253 271 128 135 33 33 0.28 0.32 0.29 0.34 14.77 14.77 16.06 13.66 46.45 29.87 80.62 - 49.10 - - - -
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4. Valuation Measures II/II
Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target
2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 %D to Spot
S&P 500 INDEX 2.15 2.15 1.96 1.79 2.15 1.32 1.32 1.27 1.22 1.32 9.48 9.48 8.90 8.69 9.48 9.26 9.26 8.59 7.97 9.26 13.87 13.87 12.41 11.13 13.87 2.14 2.14 2.37 2.56 2.14 1564.9 9.1%
Euro Stoxx 50 Pr 1.14 1.14 1.07 1.01 1.14 0.72 0.72 0.70 0.68 0.72 5.18 5.17 4.89 4.52 5.18 13.68 13.68 12.99 12.34 13.68 10.85 10.84 9.79 8.91 10.85 4.20 4.20 4.69 5.09 4.20 2657.9 4.4%
NIKKEI 225 1.08 1.08 1.01 0.94 1.08 0.49 0.49 0.47 0.47 0.49 6.30 6.30 5.75 5.47 6.30 7.09 7.09 6.48 6.15 7.09 14.10 14.10 12.48 10.39 14.10 2.34 2.34 2.38 2.75 2.34 9994.0 12.7%
FTSE 100 INDEX 1.59 1.59 1.47 1.37 1.59 0.98 0.98 0.94 0.93 0.98 7.12 7.12 6.53 6.06 7.12 8.21 8.21 7.57 7.19 8.21 11.18 11.18 10.11 9.33 11.18 4.09 4.09 4.38 4.69 4.09 6340.5 9.5%
SWISS MARKET INDEX 2.07 2.07 1.93 1.78 2.07 1.75 1.75 1.64 1.56 1.75 11.50 11.50 9.94 8.92 11.50 13.78 13.78 12.63 11.75 13.78 13.37 13.37 11.92 10.86 13.36 3.61 3.61 3.98 4.34 3.61 6969.8 6.8%
S&P/TSX COMPOSITE INDEX 1.72 1.72 1.59 1.47 1.72 1.59 1.59 1.48 1.42 1.59 8.73 8.73 7.79 7.01 8.73 9.56 9.56 8.32 7.73 9.56 14.66 14.66 12.81 11.57 14.66 2.97 2.97 3.11 3.30 2.97 13974.0 14.4%
S&P/ASX 200 INDEX 1.63 1.63 1.53 1.45 1.63 1.54 1.54 1.45 1.38 1.54 9.39 9.39 8.57 8.03 9.39 11.12 11.12 9.94 9.28 11.12 12.70 12.70 11.43 10.63 12.70 5.01 5.01 5.37 5.75 5.01 4678.0 8.1%
HANG SENG INDEX 1.30 1.30 1.20 1.10 1.30 1.77 1.77 1.63 1.51 1.77 6.39 6.39 5.92 5.65 6.39 6.42 6.42 5.83 5.38 6.42 10.56 10.56 9.73 8.81 10.56 3.69 3.69 3.96 4.34 3.69 22353.5 12.9%
MSCI EM 1.45 1.45 1.31 1.19 1.45 0.96 0.96 0.89 0.82 0.96 6.76 6.76 6.04 5.43 6.76 7.05 7.05 6.33 5.80 7.05 10.71 10.71 9.45 8.57 10.71 3.06 3.06 3.29 3.63 3.06 1114.8 17.3%
BARRICK GOLD CORP 1.70 1.53 1.30 1.18 0.96 2.82 2.75 2.39 2.48 2.62 6.47 6.89 5.81 5.98 6.32 6.22 6.77 5.73 6.06 6.14 8.36 9.55 8.09 8.57 9.51 1.26 1.90 1.96 2.02 2.16 48.09 19.7%
GOLDCORP INC 1.62 1.58 1.44 1.31 1.13 6.58 6.50 4.97 4.48 4.48 13.91 15.19 10.40 8.76 8.66 10.90 12.09 8.28 7.13 7.02 19.81 22.44 15.19 12.84 12.31 0.92 1.19 1.18 1.17 1.15 52.45 21.5%
NEWMONT MINING CORP 1.78 1.86 1.66 1.50 1.18 2.47 2.51 2.30 2.25 1.99 7.20 7.98 6.58 6.17 6.74 6.34 7.01 6.00 5.81 6.53 11.43 13.11 10.63 11.01 14.16 1.99 2.91 3.36 2.85 2.65 58.75 13.1%
SILVER WHEATON CORP 4.82 4.11 3.48 2.99 17.24 15.49 12.84 12.82 10.60 20.30 18.35 14.70 14.69 14.14 19.16 17.18 14.05 14.28 11.83 22.93 21.38 17.20 17.53 17.03 0.50 1.06 1.35 1.37 1.39 42.73 17.6%
YAMANA GOLD INC 1.77 1.69 1.53 1.38 6.04 5.60 4.44 4.06 4.47 11.41 12.02 8.46 8.27 8.97 10.15 9.82 7.21 6.81 7.31 18.71 18.45 12.66 12.27 13.11 0.80 1.30 1.37 1.39 1.45 20.63 15.3%
RANDGOLD RESOURCES LTD-ADR 4.76 3.84 3.05 2.54 9.22 7.25 6.16 5.24 4.94 20.03 15.07 12.01 10.33 12.11 17.39 12.23 9.90 8.02 10.24 25.56 20.43 16.19 14.50 13.09 0.34 0.30 0.35 0.35 0.35 117.37 4.0%
ANGLOGOLD ASHANTI-SPON ADR 2.69 1.99 1.53 1.28 2.04 1.71 1.56 1.41 5.59 4.45 4.66 4.32 9.50 7.75 7.17 6.08 1.14 2.20 2.24 2.48 50.63 48.5%
ELDORADO GOLD CORP 2.45 1.69 1.63 1.54 9.56 8.72 6.49 5.36 3.71 16.03 20.97 14.35 11.07 8.32 16.51 16.05 11.15 8.96 5.66 23.36 28.50 19.29 15.91 12.40 0.92 0.99 1.34 1.23 1.38 17.57 21.1%
KINROSS GOLD CORP 0.72 0.83 0.78 0.73 0.66 2.73 2.53 2.23 2.21 2.83 6.95 7.66 5.78 5.73 7.79 5.42 5.74 4.54 4.60 5.78 11.98 13.38 9.32 9.87 15.30 1.10 1.61 1.61 1.60 1.67 10.99 14.8%
AGNICO-EAGLE MINES LTD 2.33 2.49 2.33 2.20 4.61 4.66 4.43 4.24 4.04 12.20 13.18 11.99 11.38 12.06 11.15 11.50 10.08 9.82 9.63 25.26 27.35 22.78 20.84 19.78 1.27 1.52 1.55 1.57 1.62 48.77 -1.3%
GOLD FIELDS LTD-SPONS ADR 1.69 1.25 1.10 0.95 1.82 1.64 1.49 1.34 5.42 5.19 4.37 4.12 10.80 8.34 6.88 6.65 2.30 3.31 4.43 5.39 18.20 37.2%
CIA DE MINAS BUENAVENTUR-ADR 2.97 2.48 2.09 1.84 6.57 6.28 5.69 5.41 5.88 6.08 19.06 18.06 22.92 8.34 12.04 11.06 11.47 13.57 10.82 11.44 10.69 10.74 14.03 1.67 1.68 1.90 2.04 1.44 43.54 20.2%
ROYAL GOLD INC 2.96 2.78 2.59 2.40 19.67 17.97 14.07 11.32 14.57 29.51 26.87 21.25 17.04 21.99 19.80 15.54 12.83 52.32 48.14 34.69 29.41 0.60 0.66 0.67 0.65 86.00 -6.1%
NEW GOLD INC 2.42 2.13 1.76 1.21 7.75 6.97 5.19 5.87 5.05 18.52 17.92 10.66 10.87 8.96 16.17 14.37 8.76 10.21 7.91 25.95 25.89 15.15 18.29 16.64 0.00 0.00 0.00 13.76 18.1%
IAMGOLD CORP 1.50 1.40 1.26 1.15 3.09 3.16 2.64 2.72 3.03 8.10 8.82 6.68 7.09 9.23 5.95 6.19 4.73 5.23 5.77 11.74 13.59 9.85 11.29 20.79 1.24 1.64 1.77 1.76 1.78 17.52 25.0%
HARMONY GOLD MNG-SPON ADR 0.88 0.83 0.77 1.96 1.72 1.44 7.91 5.32 5.20 11.18 13.55 9.31 1.57 0.78 0.78 14.90 66.7%
ALLIED NEVADA GOLD CORP 5.47 4.68 3.64 2.93 17.48 11.20 5.13 4.04 1.95 59.23 29.01 12.65 10.60 5.51 53.17 19.95 8.35 7.36 3.80 90.55 36.96 15.13 12.01 5.09 46.64 35.5%
PAN AMERICAN SILVER CORP 1.27 1.01 0.92 0.86 0.77 3.34 2.92 2.48 2.61 2.50 5.45 9.32 6.91 7.12 7.68 4.81 5.53 4.31 4.46 4.23 8.30 13.38 10.66 10.95 12.59 0.49 0.75 0.79 0.92 0.92 22.37 17.5%
COEUR D'ALENE MINES CORP 1.03 0.99 0.88 0.77 0.71 2.21 2.28 1.99 2.25 2.01 5.43 5.58 4.65 5.22 5.06 4.19 4.68 3.42 4.57 4.05 11.83 14.54 9.23 12.31 9.21 0.00 0.00 26.74 7.5%
FIRST MAJESTIC SILVER CORP 6.21 4.70 3.88 3.22 9.70 9.01 5.53 4.00 16.38 17.04 10.30 9.09 8.92 14.63 14.25 8.20 7.32 20.14 22.29 12.78 9.31 10.72 20.60 -0.9%
AURICO GOLD INC 1.49 0.75 0.69 0.64 3.70 3.91 2.61 2.30 2.45 5.44 10.24 5.48 4.86 7.18 7.59 9.76 5.25 4.51 4.49 8.39 16.01 8.86 9.62 21.04 0.00 0.00 0.00 7.87 33.6%
HECLA MINING CO 1.46 1.43 1.32 1.18 1.11 3.45 4.84 3.36 3.35 3.85 7.38 16.19 8.30 8.63 9.10 5.43 11.28 5.51 4.99 5.71 12.57 35.46 13.08 12.14 15.62 0.83 1.09 1.38 1.09 1.04 5.34 -7.7%
SILVER STANDARD RESOURCES 1.25 1.18 1.16 1.14 0.95 7.86 5.53 4.36 4.33 2.68 98.51 26.94 11.82 10.43 6.71 12.58 15.69 15.36 8.77 3.63 72.24 89.76 38.50 62.69 8.24 0.00 0.00 0.00 0.00 20.65 36.1%
NEVSUN RESOURCES LTD 1.61 1.52 1.37 1.06 3.89 4.28 7.26 3.63 3.42 6.25 7.98 12.87 6.01 6.51 1.27 2.12 2.12 2.12 5.00 6.1%
SEABRIDGE GOLD INC 4.37 4.30 1743.91 0.00 0.00 51.07 186.4%
AURIZON MINES LTD 2.33 1.81 1.53 1.08 2.92 2.98 2.78 2.87 3.55 7.43 8.13 7.17 8.28 14.25 4.34 4.70 4.20 4.58 6.51 14.91 15.75 13.40 13.60 39.03 0.00 0.00 6.24 36.0%
TANZANIAN ROYALTY EXPLORATIO
GOLDEN STAR RESOURCES LTD 0.96 0.95 0.77 0.62 0.88 0.72 0.64 0.66 0.73 8.78 3.36 2.62 2.66 6.91 6.75 2.81 2.14 2.24 13.03 5.45 5.68 0.00 0.00 1.67 4.9%
VISTA GOLD CORP 1.72 1944.69 129.32 14.17 4.96 8.40 150.7%
GREAT BASIN GOLD LTD 0.23 0.25 0.22 0.22 0.75 0.69 0.41 0.32 0.37 5.67 1.72 1.30 1.52 13.03 1027.69 3.61 2.28 3.43 6.41 2.97 4.87 1.07 330.3%
B2GOLD CORP 4.16 2.92 2.35 1.96 7.31 6.28 4.78 4.90 3.80 13.47 12.91 9.81 10.70 7.23 14.14 12.43 7.15 7.33 5.88 21.46 21.41 13.38 12.49 9.16 5.25 30.3%
PERSEUS MINING LTD 3.45 2.60 1.88 1.43 1.21 7.68 3.12 2.20 1.86 2.15 18.66 8.61 4.89 4.72 6.80 20.14 6.17 4.03 3.37 4.37 21.85 10.84 6.94 6.00 9.36 0.00 0.00 0.15 0.82 1.86 3.34 22.5%
SILVERCORP METALS INC 2.50 2.42 2.20 2.08 4.49 5.52 3.69 3.71 2.78 9.28 15.80 9.55 9.77 6.04 6.87 10.56 6.30 6.27 4.31 13.73 27.23 14.13 15.06 9.55 1.39 1.56 1.55 1.52 7.56 18.2%
MEDUSA MINING LTD 3.50 2.56 1.76 1.39 1.12 12.22 6.48 3.92 3.65 3.12 16.54 8.90 5.11 5.43 4.57 16.31 7.99 4.76 4.44 4.48 18.74 9.27 5.68 5.50 5.86 1.71 1.47 1.86 2.82 2.53 7.06 23.9%
RUBICON MINERALS CORP 5.78 37.40 11.51 7.54 29.92 3.50 -6.4%
CHINA GOLD INTERNATIONAL RES 1.23 1.16 1.08 1.02 5.03 4.88 4.40 4.52 23.46 10.04 11.32 8.60 9.12 18.55 21.91 17.65 18.55 0.00 0.08 0.13 0.18 2.75 -29.4%
BANRO CORPORATION 82.09 15.93 2.96 2.37 71.73 5.32 3.55 43.50 5.65 3.71 89.99 7.35 5.44 0.40 0.30 0.40 0.51 5.85 20.9%
NEVSUN RESOURCES LTD 1.61 1.51 1.37 1.06 1.86 2.09 3.17 1.51 1.76 3.88 4.28 7.25 3.63 3.42 1.58 1.91 3.44 1.47 1.65 6.25 7.97 12.85 6.00 6.51 1.28 2.13 2.13 2.13 4.96 7.9%
DUNDEE PRECIOUS METALS INC 1.69 1.60 1.34 1.16 3.15 3.15 2.44 2.39 2.19 10.28 11.45 6.62 6.12 5.89 8.89 8.91 4.52 4.31 3.09 15.39 17.98 9.39 8.84 8.60 12.15 29.0%
ARGONAUT GOLD INC 7.24 2.78 2.21 1.74 1.85 8.68 6.60 3.43 2.58 2.52 23.13 17.29 10.62 7.63 8.28 15.59 10.73 5.59 4.24 4.55 33.53 22.76 13.48 9.55 10.44 10.87 11.3%
CGA MINING LTD 4.83 3.11 2.11 17.71 8.29 5.02 23.11 8.95 4.20 24.64 10.42 6.23 3.43 29.3%
ENDEAVOUR SILVER CORP 6.75 4.16 3.22 3.06 11.94 8.94 5.52 5.40 13.44 8.36 4.99 4.79 24.33 14.25 10.98 9.73 9.93 1.0%
KIRKLAND LAKE GOLD INC 3.97 3.01 2.05 1.47 5.64 3.42 2.32 2.16 2.59 17.42 10.43 5.68 5.32 8.48 13.81 7.32 4.60 3.73 18.28 12.10 7.49 6.90 11.68 18.43 38.5%
RIO ALTO MINING LTD 3.80 2.89 2.56 12.82 3.01 2.49 2.18 2.14 28.43 7.46 7.27 7.91 5.64 30.08 4.69 3.97 8.58 42.17 8.65 7.96 8.83 6.81 0.00 0.00 0.00 5.71 12.8%
EVOLUTION MINING LTD 1.18 0.94 0.81 0.75 0.77 2.51 1.78 1.45 1.53 1.76 5.86 4.28 3.43 3.95 5.05 6.04 3.58 2.63 2.90 4.06 17.08 9.11 6.26 7.52 13.33 0.00 0.49 1.95 2.62 3.66 2.01 22.3%
TOREX GOLD RESOURCES INC 2.57 2.41 1.78 2.28 1365.24 1618.58 272.57 37.02 17.76 15.29 32.76 2.69 41.4%
PREMIER GOLD MINES LTD 2.54 2.59 2.54 2.30 8.28 9.24 53.1%
OCEANAGOLD CORP 1.86 1.73 1.47 1.31 1.73 2.04 2.05 1.30 1.25 1.45 6.03 7.41 3.69 3.49 4.44 5.78 6.91 3.08 3.10 4.00 19.17 56.40 6.52 6.47 10.98 3.50 22.0%
RESOLUTE MINING LTD 1.81 1.50 1.26 1.05 0.95 1.66 1.50 1.58 1.57 1.75 4.92 4.25 4.45 4.30 5.67 3.54 3.20 3.42 3.28 3.77 7.48 7.02 7.18 8.00 8.97 0.00 1.86 1.92 1.86 1.73 7.3%
AURIZON MINES LTD 2.33 1.81 1.53 1.07 2.91 2.97 2.78 2.87 3.55 7.42 8.12 7.16 8.27 14.22 4.33 4.69 4.19 4.57 6.49 14.88 15.72 13.37 13.58 38.96 0.00 0.00 6.14 37.2%
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

5. 07.09.2012
Barrick Gold Corp
Barrick Gold Corporation is an international gold company with operating mines Price/Volume
and development projects in the United States, Canada, South America, Australia,
60 30.0 M
and Africa.
50 25.0 M
40 20.0 M
30 15.0 M
Valuation Analysis
Latest Fiscal Year: 12/2011 20 10.0 M
LTM as of: 06/yy 10 5.0 M
52-Week High (08.09.2011) 55.95
0 .0 M
52-Week Low (26.07.2012) 31.00 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12
Daily Volume 4'437'927.00
Current Price (9/dd/yy) 40.16 Market Data
52-Week High % Change -28.26% Dividend Yield 1.54
52-Week Low % Change 29.55% Beta 0.74
% 52 Week Price Range High/Low 32.06% Equity Float 998.18
Shares Out 31.08.2012 1'000.6 Short Int 4.53
Market Capitalization 40'183.76 1 Yr Total Return -25.05%
Total Debt 13'369.00 YTD Return -10.03%
Preferred Stock 0.0 Adjusted BETA 0.737
Minority Interest 2'191.0 Analyst Recs 31
Cash and Equivalents 2'745.00 Consensus Rating 4.355
Enterprise Value 54'222.76 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 7'255'844
ABX US EQUITY YTD Change - Average Volume 30 Day 8'244'159
ABX US EQUITY YTD % CHANGE - Average Volume 3 Month 8'801'476
Valuation Multiples
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
Total Revenue 6'332.0 7'613.0 8'136.0 11'001.0 14'312.0 12'302.0 14'718.0 14'622.2 16'789.4 3'704.5 4'146.9
TEV/Revenue 5.99x 4.64x 5.27x 5.25x 4.06x 18.00x 15.35x 3.67x 3.10x 14.61x 13.01x
EBITDA 2'461.0 3'010.0 3'589.0 6'211.0 8'327.0 7'149.0 8'109.0 7'996.6 9'446.1 2'072.3 2'399.7
TEV/EBITDA 15.41x 11.75x 11.95x 9.30x 6.98x 8.09x 6.37x 6.77x 5.73x 5.77x 5.53x
Net Income 1'119.0 785.0 (4'274.0) 3'582.0 4'484.0 4'063.0 4'103.0 4'167.0 5'105.5 1'016.4 1'266.7
P/E 33.19x 20.18x 16.56x 15.62x 9.74x 11.41x 8.78x 9.55x 8.09x 8.57x 8.20x
Profitability S&P Issuer Ratings
EBITDA 8'327.00 Long-Term Rating Date 30.07.2012
EBIT 6'908.00 Long-Term Rating BBB+
Operating Margin 48.27% Long-Term Outlook NEG
Pretax Margin 47.68% Short-Term Rating Date 19.05.2011
Return on Assets 10.74% Short-Term Rating A-2
Return on Common Equity 20.94% Credit Ratios
Return on Capital 13.98% EBITDA/Interest Exp. 13.72
Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 5.53
Margin Analysis Net Debt/EBITDA 1.28
Gross Margin 55.9% Total Debt/EBITDA 1.61
EBITDA Margin 58.2% Reference
EBIT Margin 48.3% Total Debt/Equity 57.2%
Net Income Margin 31.3% Total Debt/Capital 34.3%
Structure Asset Turnover 0.34
Current Ratio 2.25 Net Fixed Asset Turnover 0.61
Quick Ratio 1.09 Accounts receivable turnover-days 10.15
Debt to Assets 27.35% Inventory Days 124.13
Tot Debt to Common Equity 57.22% Accounts Payable Turnover Day 93.49
Accounts Receivable Turnover 35.96 Cash Conversion Cycle 40.80
Inventory Turnover 2.94
20.00
Price/ Cash Flow 16'000.0
Sales/Revenue/Turnover
18.00 14'000.0
16.00
12'000.0
14.00
10'000.0
12.00
10.00 8'000.0
8.00 6'000.0
6.00
4'000.0
4.00
2'000.0
2.00
0.00
0.0
02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6. 07.09.2012
Barrick Gold Corp
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 42'200'500 4.22 - 30.06.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 36'012'128 3.6 430'389 30.06.2012 Investment Advisor
BLACKROCK INC BLACKROCK INC 13F 28'102'877 2.81 2'272'613 30.06.2012 Investment Advisor
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 23'928'196 2.39 1'010'233 30.06.2012 Investment Advisor
RBC GLOBAL ASSET MAN RBC GLOBAL ASSET MGM 13F 20'326'495 2.03 1'164'738 30.06.2012 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 17'157'397 1.71 (1'712'742) 30.12.2011 Hedge Fund Manager
BLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 16'067'551 1.61 (1'393'380) 30.06.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 15'480'628 1.55 257'334 30.06.2012 Investment Advisor
CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 14'509'450 1.45 14'509'450 30.06.2012 Investment Advisor
FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 14'506'021 1.45 (1'661'298) 30.06.2012 Investment Advisor
TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 14'498'703 1.45 776'841 30.06.2012 Investment Advisor
PYRAMIS GLOBAL ADVIS PYRAMIS GLOBAL ADVIS 13F 13'321'640 1.33 (22'838) 30.06.2012 Investment Advisor
TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 12'399'538 1.24 388'663 30.06.2012 Investment Advisor
BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 12'317'823 1.23 658'668 30.06.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 12'080'958 1.21 (2'090'644) 30.06.2012 Investment Advisor
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 11'536'461 1.15 11'536'461 30.06.2012 Investment Advisor
IA CLARINGTON INVEST Multiple Portfolios MF-AGG 10'758'354 1.08 247'000 31.03.2012 Investment Advisor
TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 10'122'371 1.01 (9'626'364) 30.06.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 9'908'000 0.99 - 29.06.2012 Investment Advisor
CAPITAL RESEARCH GLO CAPITAL RESEARCH GLO 13F 9'871'000 0.99 - 30.06.2012 Investment Advisor
Analyst Recommendations
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie TONY LESIAK neutral 3 M 42 12 month 07.09.2012
Deutsche Bank JORGE M BERISTAIN buy 5 M 50 12 month 06.09.2012
CIBC World Markets ALEC KODATSKY sector perform 3 M 57 Not Provided 06.09.2012
RBC Capital Markets STEPHEN D WALKER sector perform 3 M 44 12 month 05.09.2012
Stifel Nicolaus GEORGE TOPPING buy 5 M 58 12 month 04.09.2012
Canaccord Genuity Corp STEVEN BUTLER hold 3 M 39 12 month 04.09.2012
Sterne, Agee & Leach MICHAEL S DUDAS neutral 3 M #N/A N/A Not Provided 22.08.2012
Credit Suisse ANITA SONI outperform 5 M 46 Not Provided 21.08.2012
Dundee Securities Corp RON STEWART buy 5 M 42 12 month 17.08.2012
TD Securities GREG BARNES buy 5 M 42 12 month 17.08.2012
Salman Partners DAVID WEST buy 5 M 49 12 month 16.08.2012
Scotia Capital TANYA M JAKUSCONEK sector outperform 5 M 53 12 month 16.08.2012
BMO Capital Markets DAVID HAUGHTON outperform 5 M 44 Not Provided 14.08.2012
Argus Research Corp WILLIAM V SELESKY buy 5 M #N/A N/A Not Provided 14.08.2012
Dahlman Rose & Co ADAM P GRAF hold 3 M #N/A N/A Not Provided 13.08.2012
EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 11.08.2012
GMP GEORGE V ALBINO buy 5 M 65 Not Provided 08.08.2012
JPMorgan JOHN BRIDGES overweight 5 M 45 3 month 01.08.2012
Cormark Securities Inc. RICHARD GRAY market perform 3 M 36 12 month 31.07.2012
Morgan Stanley PARETOSH MISRA Overwt/In-Line 5 M 52 12 month 30.07.2012
HSBC PATRICK CHIDLEY overweight 5 M 63 Not Provided 27.07.2012
Davenport & Co LLOYD T O'CARROLL buy 5 M 50 Not Provided 27.07.2012
Haywood Securities Inc. KERRY SMITH sector outperform 5 M 50 Not Provided 27.07.2012
Mackie Research Capital Corp. BARRY D ALLAN hold 3 M 45 Not Provided 27.07.2012
Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 34 Not Provided 27.07.2012
Jefferies PETER WARD buy 5 M 43 12 month 26.07.2012
S&P Capital IQ LEO LARKIN strong buy 5 M 52 12 month 26.07.2012
Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 21.05.2012
Investec PIETER MARAIS hold 3 M 48 Not Provided 18.03.2011
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