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 14664995 1960.721 1107 1107 204 218 218 101.88 110.18 110.18 15.64 15.64 14.46 14.46 18.83
Euro Stoxx 50 Pr EUR 2665458 5644.23 4685 4685 751 783 783 212.38 307.58 307.58 21.91 18.23 15.13 15.13 20.12
NIKKEI 225 JPY 2754343 195.4507 193 193 18 22 22 5.03 6.89 6.89 0.29 0.28 0.21 0.21 0.11
FTSE 100 INDEX GBP 2770298 12036.34 9308 9308 1468 1668 1668 548.60 826.37 826.37 28.19 23.76 18.71 18.71 23.07
SWISS MARKET INDEX CHF 1069323 11302.06 4148 4148 879 844 844 422.09 560.69 560.69 21.41 18.40 16.12 16.12 22.77
S&P/TSX COMPOSITE INDEX CAD 1638689 17043.62 7901 7901 1862 2073 2073 795.38 870.10 870.10 15.16 15.16 13.86 13.86 24.48
S&P/ASX 200 INDEX AUD 1457007 6845.162 2833 2833 630 701 701 250.06 336.12 336.12 22.19 17.81 16.51 16.51 23.22
HANG SENG INDEX HKD 1731677 3400.73 1701 1701 364 405 405 274.80 269.60 269.60 1.37 1.50 1.40 1.40 2.97
MSCI EM USD 7701703 1416.96 7066542 7066542 196 195 195 85.16 95.99 95.99 12.07 13.13 10.70 10.70 19.56
GOLDCORP INC USD 23158 2732 812 1 0 0 1 23.24 5435 5435 5511 6878 2798 2798 719 719 1.99 1.89 1.54 2.20 14.88 14.88 18.27 12.82 1.36 19.30 19.78 21.03 51.48 BBB+ 01.06.2009 Baa2 13.03.2013
BARRICK GOLD CORP USD 19241 5335 1001 14 0 3 2 34.39 14547 14340 13641 14699 7358 7071 1538 1538 3.74 3.30 3.20 3.47 5.82 5.82 6.01 5.53 2.18 13.61 -11.64 24.49 49.31 BBB 26.04.2013 Baa2 24.04.2013
NEWMONT MINING CORP USD 15766 6491 497 6 0 3 2 23.93 9868 9362 9627 11209 4169 3731 882 882 3.78 3.34 2.99 3.79 9.46 9.46 10.58 8.33 -4.73 4.99 -19.24 19.37 39.85 BBB+ 11.08.2008 Baa1 26.07.2010
RANDGOLD RESOURCES LTD-ADR USD 7259 380 92 0 0 0 0 7.05 1318 1318 1505 1959 699 699 - - 4.65 4.70 4.67 7.35 16.77 16.77 16.87 10.71 16.92 45.49 20.16 53.34 53.06 - - - -
YAMANA GOLD INC USD 8832 1897 1 0 0 0 9.30 2337 2337 2666 3177 1269 1502 313 313 - - 0.85 1.13 - - 13.84 10.35 7.52 203.49 0.53 26.81 64.28 - - - -
GOLD FIELDS LTD-SPONS ADR USD 5241 899 16 0 2 5 28916 42194 28557 30284 14243 20101 - - - - 5.89 7.52 - - 10.89 8.53 14.46 - 5.29 13.85 47.64 BB+ 15.11.2012 - -
SILVER WHEATON CORP USD 8372 1107 0 0 0 1 7.64 850 850 1001 1128 701 701 197 197 - - 1.59 1.76 - - 14.89 13.40 16.38 63.12 13.36 43.74 82.57 - - - -
ANGLOGOLD ASHANTI-SPON ADR USD 7159 384 30 0 0 8 52160 52152 59970 62195 19105 19105 - - - - 19.30 23.51 - - 8.68 7.12 -4.14 24.62 -17.82 86.63 36.63 BBB- 10.12.2012 - -
CIA DE MINAS BUENAVENTUR-ADR USD 5452 544 254 0 0 0 0 5.65 1564 1509 1722 1854 572 572 290 290 2.69 2.69 2.71 2.76 7.35 7.35 7.31 7.17 0.44 17.76 -30.27 7.50 37.90 - - - -
NEW GOLD INC USD 3644 831 1 0 0 1 3.80 791 791 988 1031 390 390 123 123 - - 0.44 0.53 - - 17.23 14.44 13.70 48.12 13.39 63.80 49.30 BB- 27.03.2012 B2 27.03.2012
AGNICO EAGLE MINES LTD USD 5310 486 1 0 0 0 5.80 1918 1865 1731 2077 787 735 192 192 - - 1.07 1.78 - - 28.82 17.31 5.26 38.09 4.59 31.64 39.41 NR 12.03.2003 WR 05.03.2002
ELDORADO GOLD CORP USD 5273 872 1 0 0 1 5.33 1148 1148 1309 1522 584 584 170 170 - - 0.46 0.59 - - 16.18 12.53 3.97 78.05 -9.24 53.95 50.93 BB 13.11.2012 Ba3 12.11.2012
KINROSS GOLD CORP USD 6083 3036 1140 3 0 0 2 6.81 4311 4311 4045 4314 1962 1962 437 437 0.77 0.77 0.46 0.59 6.92 6.92 11.71 8.97 12.20 34.92 1.87 40.67 45.51 BBB- 15.08.2011 Baa3 15.08.2011
ROYAL GOLD INC USD 3455 171 59 0 0 0 0 3.08 263 287 306 398 233 258 65 65 1.63 1.62 1.60 2.28 33.06 33.06 33.59 23.49 21.52 - 25.17 44.69 89.62 - - - -
HARMONY GOLD MNG-SPON ADR USD 2107 433 2 0 0 2 15169 16047 16682 22264 4222 3562 4867 4867 - - 4.10 8.11 - - 10.64 5.38 30.81 19.23 79.35 16.71 22.20 - - - -
IAMGOLD CORP USD 1914 1494 1 0 0 1 1.82 1670 1670 1631 1810 710 710 189 189 - - 0.51 0.68 - - 9.93 7.53 -0.19 21.94 -9.54 30.21 42.52 BB- 10.09.2012 - -
PAN AMERICAN SILVER CORP USD 1910 356 0 0 0 1 1.45 929 929 1036 1110 362 362 95 95 - - 0.98 1.17 - - 12.81 10.73 8.57 47.85 -18.81 25.23 38.98 - - - -
FIRST MAJESTIC SILVER CORP USD 1387 259 0 0 0 0 1.31 247 247 373 543 135 135 - - - - 0.85 1.31 - - 14.00 9.03 0.68 55.79 -13.49 101.01 54.66 - - - -
COEUR D'ALENE MINES CORP USD 1497 306 90 0 0 0 0 1.47 895 895 940 1061 378 378 74 74 0.59 0.58 0.73 1.34 25.16 25.16 20.12 10.92 -12.31 64.18 -28.81 43.35 42.24 B+ 25.06.2012 B3 24.01.2013
AURICO GOLD INC USD 1233 474 0 0 0 1 0.82 164 301 415 52 80 27 27 - - 0.27 0.41 - - 18.45 12.29 94.95 - 2151.89 - - - - - -
ALLIED NEVADA GOLD CORP USD 962 834 90 1 0 0 0 1.14 215 225 394 586 95 95 25 25 0.52 0.49 0.90 1.73 21.84 21.84 11.90 6.19 41.13 - 95.75 - 44.49 B 07.06.2012 B3 16.05.2012
HECLA MINING CO USD 924 1293 285 0 0 0 0 0.75 321 321 493 619 93 93 40 40 0.07 0.07 0.22 0.38 46.29 46.29 15.07 8.64 -32.76 35.19 -63.53 10.36 28.93 B 04.04.2013 B2 02.04.2013
NEVSUN RESOURCES LTD USD 98 0 0 0 0 566 566 394 670 426 426 38 38 - - 0.43 0.95 - - 8.70 3.92 3.34 - -0.64 - 75.34 - - - -
AURIZON MINES LTD USD 688 172 0 0 0 0 0.49 224 224 206 266 92 92 - - - - 0.17 0.26 - - 24.95 16.54 -14.02 16.43 -26.18 14.15 41.26 - - - -
SILVER STANDARD RESOURCES USD 578 236 0 0 0 0 0.35 241 241 234 260 55 55 12 12 - - -0.08 -0.01 - - 63.09 - 38.56 - 22.64 - - - -
SEABRIDGE GOLD INC USD 489 96 0 0 0 0 0.44 0 0 -16 - -15 -15 - - -0.28 -0.40 - - - - 20.14 - - - - - -
TANZANIAN ROYALTY EXPLORATIO USD 298 72 0 0 0 0 0.29 0 0 -5 -5 - - - - - - - - -16.99 - - - - - -
GOLDEN STAR RESOURCES LTD USD 272 285 259 0 0 0 0 0.31 551 551 540 585 125 126 26 26 -0.05 -0.14 0.00 0.16 - - 6.52 16.89 19.35 35.80 - 22.85 - - - -
VISTA GOLD CORP USD 132 31 82 0 0 0 0 0.04 0 0 0 -36 -34 -6 -6 -0.54 -0.50 -0.25 -0.23 - - - - -26.58 - - - - - -
GREAT BASIN GOLD LTD USD 5 675 0 0 0 0 0.32 170 145 18 -26 - - - - - - 70.83 - - - -18.00 - - - -
ARGONAUT GOLD INC CAD 934 87 149 0 0 0 0 0.74 185 185 219 292 106 106 19 19 0.67 0.61 0.40 0.55 10.03 10.03 15.51 11.21 78.12 - 90.83 - 56.74 - - - -
TOREX GOLD RESOURCES INC CAD 792 302 604 0 0 0 0 0.37 0 0 0 0 -60 -60 -15 -15 -0.14 -0.15 -0.08 -0.08 - - - - -76.39 - - - - - -
LIONGOLD CORP LTD SGD 857 15119 731 0 0 0 0 0.83 80 92 90 116 -4 1 - - -0.02 -0.03 0.00 0.01 - - 154.91 71.50 13.56 7.17 - - 1.20 - - - -
CHINA GOLD INTERNATIONAL RES CAD 1082 24 396 0 0 0 0 1.11 329 329 351 630 137 137 152 152 0.18 0.18 0.16 0.19 15.12 15.12 16.92 14.48 6.70 - -1.29 - 41.28 - - - -
PERSEUS MINING LTD CAD 643 183 0 0 0 0 0.58 143 312 399 55 126 - - - - 0.13 0.20 - - 10.12 6.66 - - - - - - - - -
SANDSTORM GOLD LTD CAD 678 50 86 0 0 0 0 0.55 55 55 75 98 36 36 - - 0.25 0.25 0.28 0.43 30.29 30.29 27.05 17.49 85.77 - 90.67 - 64.78 - - - -
OCEANAGOLD CORP CAD 622 103 294 0 0 0 0 0.78 381 388 587 647 143 143 50 50 0.08 0.11 0.24 0.34 19.08 19.08 8.60 6.17 -2.54 13.78 -11.92 66.39 37.10 - - - -
MEDUSA MINING LTD AUD 639 1449 189 0 0 0 0 0.65 84 96 124 287 60 66 - - 0.27 0.30 0.44 1.01 12.24 - 8.14 3.59 -47.21 97.45 -53.84 - 71.75 - - - -
DUNDEE PRECIOUS METALS INC CAD 773 76 126 0 0 0 0 0.74 381 381 472 547 - - - - 0.39 0.39 0.77 0.82 15.75 15.75 7.92 7.46 13.51 49.54 - - - - - - -
RIO ALTO MINING LTD CAD 646 39 176 0 0 0 0 0.61 313 314 310 339 171 172 - - 0.56 0.55 0.52 0.54 6.66 6.66 6.97 6.70 - - - - 54.14 - - - -
AURIZON MINES LTD USD 688 172 0 0 0 0 0.49 224 224 206 266 92 92 - - - - 0.17 0.26 - - 24.95 16.54 -14.02 16.43 -26.18 14.15 41.26 - - - -
ENDEAVOUR SILVER CORP USD 506 276 0 0 0 0 0.49 208 208 249 291 90 90 25 25 - - 0.49 0.63 - - 10.43 8.06 62.57 87.74 38.56 - 43.16 - - - -
CONTINENTAL GOLD LTD CAD 601 45 108 0 0 0 0 0.49 0 0 14 14 -12 -10 - - -0.07 -0.07 -0.08 -0.09 - - - - - - - - - - -
RUBICON MINERALS CORP CAD 497 94 288 0 0 0 0 0.33 0 0 -11 -11 - - -0.04 -0.04 -0.05 0.21 - - 8.20 - - 46.06 - - - - - -
SILVERCORP METALS INC USD 482 264 0 0 0 0 0.43 238 193 202 256 155 102 - - - - 0.27 0.40 - - 10.35 7.06 42.21 27.32 40.76 43.24 53.14 - - - -
EVOLUTION MINING LTD AUD 714 3944 707 0 0 0 0 0.75 485 658 641 738 197 221 144 144 0.07 0.19 0.09 0.14 5.49 - 11.46 7.64 294.91 - 559.45 - 34.76 - - - -
CHINA PRECIOUS METAL RESOURC HKD 746 1600 4351 0 0 0 0 0.97 210 210 268 319 144 144 186 186 0.02 0.02 0.02 0.02 1.42 - 1.11 0.94 5.83 26.53 4.61 - 8.87 - - - -
SEABRIDGE GOLD INC USD 489 96 0 0 0 0 0.44 0 0 -16 - -15 -15 - - -0.28 -0.40 - - - - 20.14 - - - - - -
BEADELL RESOURCES LTD AUD 573 12022 742 0 0 0 0 0.71 1 1 326 347 -14 - 167 167 -0.05 -0.06 0.15 0.18 - - 4.99 4.24 - - 62.42 - - - - - -
RESOLUTE MINING LTD AUD 635 1962 636 0 0 0 0 0.57 596 639 679 621 263 269 - - 0.17 0.26 0.24 0.18 3.88 - 4.31 5.71 30.58 30.23 135.62 108.31 43.54 - - - -
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 14664995 1960.721 1107 1107 204 218 218 101.88 110.18 110.18 15.64 15.64 14.46 14.46 18.83
Euro Stoxx 50 Pr EUR 2665458 5644.23 4685 4685 751 783 783 212.38 307.58 307.58 21.91 18.23 15.13 15.13 20.12
NIKKEI 225 JPY 2754343 195.4507 193 193 18 22 22 5.03 6.89 6.89 0.29 0.28 0.21 0.21 0.11
FTSE 100 INDEX GBP 2770298 12036.34 9308 9308 1468 1668 1668 548.60 826.37 826.37 28.19 23.76 18.71 18.71 23.07
SWISS MARKET INDEX CHF 1069323 11302.06 4148 4148 879 844 844 422.09 560.69 560.69 21.41 18.40 16.12 16.12 22.77
S&P/TSX COMPOSITE INDEX CAD 1638689 17043.62 7901 7901 1862 2073 2073 795.38 870.10 870.10 15.16 15.16 13.86 13.86 24.48
S&P/ASX 200 INDEX AUD 1457007 6845.162 2833 2833 630 701 701 250.06 336.12 336.12 22.19 17.81 16.51 16.51 23.22
HANG SENG INDEX HKD 1731677 3400.73 1701 1701 364 405 405 274.80 269.60 269.60 1.37 1.50 1.40 1.40 2.97
MSCI EM USD 7701703 1416.96 7066542 7066542 196 195 195 85.16 95.99 95.99 12.07 13.13 10.70 10.70 19.56
ENDEAVOUR MINING CORP CAD 420 182 391 0 0 0 0 0.58 342 343 496 631 135 135 - - -0.04 0.00 0.15 0.20 981.35 981.35 6.53 4.97 136.18 - 212.47 - 38.96 - - - -
FORTUNA SILVER MINES INC CAD 388 105 0.32 159 159 173 200 70 70 17 17 0.27 0.27 0.24 0.30 11.37 11.37 12.58 10.13 45.89 90.36 44.32 66.64 43.46 - - - -
MCEWEN MINING INC USD 627 860 296 0 0 0 0 0.56 6 27 150 217 -92 -72 - - -0.19 -0.20 0.10 0.17 - - 22.74 12.71 - - -54.81 - -266.78 - - - -
MAG SILVER CORP CAD 464 20 60 0 0 0 0 0.42 0 0 -13 -13 -1 -1 -0.22 -0.22 -0.13 -0.14 - - - - -40.54 - - - - - -
PRIMERO MINING CORP CAD 565 109 97 0 0 0 0 0.46 181 181 211 277 77 77 17 17 0.53 0.51 0.36 0.66 11.07 11.07 15.65 8.62 16.69 - 6.27 - 41.89 - - - -
KINGSGATE CONSOLIDATED LTD AUD 340 1587 151 0 0 0 0 0.48 369 385 360 413 170 - - - 0.54 0.36 0.31 0.37 6.45 - 7.57 6.26 110.99 87.07 151.68 - - - - - -
TIMMINS GOLD CORP CAD 348 53 144 0 0 0 0 0.34 154 154 210 230 68 68 19 19 0.25 0.25 0.32 0.32 9.68 9.68 7.57 7.43 87.22 - 59.45 - 43.43 - - - -
ST BARBARA LTD AUD 303 3350 325 0 0 0 0 0.46 560 539 553 653 232 208 - - 0.42 0.28 0.09 0.17 2.27 - 7.13 3.67 52.22 28.77 108.51 87.42 39.84 B 15.03.2013 - -
PREMIER GOLD MINES LTD CAD 293 325 149 0 0 0 0 0.27 0 1 0 0 -12 -12 - - -0.15 -0.16 -0.07 -0.07 - - - - -5.28 - -1311.61 - - - -
NORTHERN STAR RESOURCES LTD AUD 296 6775 402 0 0 0 0 0.26 103 118 143 177 49 60 73 73 0.05 0.08 0.08 0.11 9.06 9.41 8.62 6.46 -13.85 - 5.41 - 52.41 - - - -
TANZANIAN ROYALTY EXPLORATIO USD 298 72 0 0 0 0 0.29 0 0 -5 -5 - - - - - - - - -16.99 - - - - - -
REAL GOLD MINING LTD HKD 1032 0 907 0 0 0 0 0.50 176 176 153 153 - - 0.12 0.12 0.95 0.95 4.55 - 7.02 - 11.19 - - - -
GOLDEN STAR RESOURCES LTD USD 272 285 259 0 0 0 0 0.31 551 551 540 585 125 126 26 26 -0.05 -0.14 0.00 0.16 - - 6.52 16.89 19.35 35.80 - 22.85 - - - -
ROMARCO MINERALS INC CAD 258 282 585 0 0 0 0 0.19 0 0 -12 -12 -8 -8 -0.02 -0.02 -0.01 -0.01 - - - - 22.29 - - - - - -
BANRO CORPORATION CAD 307 429 202 0 0 0 0 0.43 42 42 158 385 6 6 - - -0.02 -0.02 0.08 0.56 - - 15.88 2.12 - - - - 14.01 - - - -
COLOSSUS MINERALS INC CAD 237 183 106 0 0 0 0 0.25 0 0 41 283 -33 -33 -7 -7 -0.28 -0.28 -0.12 0.82 - - 2.64 - - -12.10 - - - - - -
RAINY RIVER RESOURCES LTD CAD 228 29 100 0 0 0 0 0.13 0 0 1 -64 -64 - - -0.72 -0.72 -0.19 - - - - -298.45 - - - - - -
SULLIDEN GOLD CORP LTD CAD 244 124 243 0 0 0 0 0.22 0 0 -12 -4 - - -0.06 -0.04 -0.03 -0.03 - - - - -36.12 - - - - - -
ASANKO GOLD INC CAD 216 13 76 0 0 0 0 0.03 0 0 -35 -35 - - -0.48 -0.26 -0.19 -0.15 - - - - 7.26 - - - - - -
BEAR CREEK MINING CORP CAD 237 25 92 0 0 0 0 0.17 0 0 -31 -31 - - -0.34 -0.33 -0.17 -0.07 - - - - -5.84 - - - - - -
PARAMOUNT GOLD AND SILVER USD 232 128 0 0 0 0 0.22 0 0 -18 -18 -8 -8 - - -0.04 -0.04 - - -59.56 - -54.62 - -29165.25 - - - -
KIRKLAND LAKE GOLD INC CAD 225 81 70 0 0 0 0 0.28 158 138 152 259 55 24 16 16 0.56 -0.01 -0.03 0.51 - - 6.25 54.12 61.89 109.74 - 17.39 - - - -
GUYANA GOLDFIELDS INC CAD 222 91 95 0 0 0 0 0.19 0 0 410 -8 -8 - - -0.09 -0.10 -0.08 -0.09 - - - - 19.41 - - - - - -
HIGHLAND GOLD MINING LTD GBp 413 285 325 0 0 0 0 0.56 545 545 594 712 251 251 248 248 0.59 0.59 0.42 0.51 5.22 5.22 7.20 5.99 26.65 38.35 5.22 63.72 71.23 - - - -
INDOPHIL RESOURCES NL AUD 330 406 1203 0 0 0 0 0.09 0 0 -18 -18 - - 0.00 0.00 58.17 - - - -128.09 - - - - - -
LYDIAN INTERNATIONAL LTD CAD 195 22 127 0 0 0 0 0.10 0 0 - - - - -0.05 -0.05 -0.04 -0.03 - - - - - - - - - - -
SABINA GOLD & SILVER CORP CAD 206 20 174 0 0 0 0 0.09 0 0 -12 -12 - - -0.08 -0.08 -0.03 -0.02 - - - - -18.52 - - - - - -
LAKE SHORE GOLD CORP CAD 163 237 416 0 0 0 0 0.26 132 132 198 267 38 38 - - -0.22 -0.23 -0.01 0.04 - - 9.53 99.77 - 412.60 - 28.20 - - - -
BRIGUS GOLD CORP USD 153 210 0 0 0 0 0.22 118 118 157 168 48 48 - - - - 0.13 0.14 - - 5.10 4.94 63.78 - 239.92 60.49 41.21 - - - -
GREAT PANTHER SILVER LTD USD 141 116 0 0 0 0 0.12 61 61 60 66 16 16 - - - - 0.06 0.08 - - 17.15 12.86 5.74 36.44 -28.90 - 25.56 - - - -
INTREPID MINES LTD AUD 152 2760 555 0 0 0 0 0.15 0 0 -49 -49 - - -0.12 -0.14 -0.01 -0.02 - - - - -22.44 - - - - - -
VISTA GOLD CORP USD 132 31 82 0 0 0 0 0.04 0 0 0 -36 -34 -6 -6 -0.54 -0.50 -0.25 -0.23 - - - - -26.58 - - - - - -
ALEXCO RESOURCE CORP USD 128 71 0 0 0 0 0.11 85 85 77 112 25 25 - - - - -0.08 0.08 - - 25.85 87.81 444.74 160.76 - 30.03 - - - -
ATAC RESOURCES LTD CAD 129 40 104 0 0 0 0 0.11 0 0 - - -1 -1 -0.08 -0.07 -0.05 -0.05 - - - - - - - - - - -
SCORPIO MINING CORP CAD 94 86 198 0 0 0 0 0.06 45 45 80 112 14 14 - - 0.04 0.04 0.05 0.13 11.87 11.87 8.96 3.65 -24.73 - -51.22 - 30.62 - - - -
MIDWAY GOLD CORP USD 125 31 128 0 0 0 0 0.09 0 0 -14 -14 - - -0.12 -0.13 -0.11 -0.12 - - - - 21.14 - - - - - -
PATAGONIA GOLD PLC GBp 162 1459 736 0 0 0 0 0.16 0 0 -50 -41 - - -0.07 -0.05 - - - - - - - - - - -
GRYPHON MINERALS LTD AUD 85 1851 348 0 0 0 0 0.03 0 0 1 1 -8 -8 - - - -0.01 -0.02 -0.02 - - - - 51.03 - - - - - -
DRDGOLD LTD-SPONSORED ADR USD 254 11 0 0 0 0 1764 1959 2129 2546 371 400 526 526 - - 7.97 12.05 - - 7.46 4.94 27.89 7.86 64.25 12.94 20.40 - - - -
RED 5 LTD AUD 87 68 135 0 0 0 0 0.10 4 17 52 131 -3 -5 9 9 -0.01 -0.07 -0.05 0.31 - - 2.14 - - 44.83 - -30.53 - - - -
LINGBAO GOLD CO LTD-H HKD 228 397 770 1 0 0 0 0.70 824 824 892 850 95 95 97 97 0.03 0.03 0.02 0.02 1.12 1.07 1.30 1.27 1.51 2.37 -1.33 0.92 1.49 - - - -
INTL TOWER HILL MINES LTD USD 99 31 0 0 0 0 0.07 0 0 0 0 -56 -56 - - - - -0.10 -0.07 - - - - -463.04 - - - - - -
SARACEN MINERAL HOLDINGS LTD AUD 89 15969 595 0 0 0 0 0.10 190 193 218 247 65 54 64 64 0.04 -0.02 0.04 0.07 - - 4.41 2.20 18.66 - 6.31 - 28.72 - - - -
EXETER RESOURCE CORP USD 80 16 88 0 0 0 0 0.02 0 0 -26 -26 - - -0.29 -0.29 -0.13 -0.11 - - - - 17.44 - - - - - -
RICHMONT MINES INC USD 82 20 40 0 0 0 0 0.02 102 104 111 135 8 8 - - -0.08 -0.09 0.29 0.43 - - 7.29 4.89 -14.20 30.03 -79.79 8.26 7.56 - - - -
RAMELIUS RESOURCES LTD AUD 70 1496 336 0 0 0 0 0.03 87 120 132 173 13 -11 26 26 0.01 -0.06 0.01 0.09 - - 25.85 2.43 -44.52 180.96 -91.22 9.01 -9.39 - - - -
GOLDEN MINERALS CO USD 78 48 43 0 0 0 0 0.03 26 26 36 56 -35 -35 -6 -6 -1.44 -1.51 -0.74 -0.29 - - 1320.81 - 45.58 - -133.08 - - - -
SAN GOLD CORP CAD 63 158 335 0 0 0 0 0.05 141 141 129 168 36 36 - - -0.04 -0.03 -0.05 -0.02 - - 24.29 115.45 185.88 - 24.98 - - - -
OREZONE GOLD CORP CAD 63 31 86 0 0 0 0 0.05 0 0 -28 -28 - - -0.06 -0.08 -0.15 -0.08 - - - - 9.64 - - - - - -
GRAN COLOMBIA GOLD CORP CAD 64 303 382 0 0 0 0 0.25 166 166 172 209 15 15 10 10 -0.08 -0.09 -0.06 0.03 - - 5.56 21.94 - 867.42 - 8.69 - - - -
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 2.23 2.23 2.05 1.87 2.23 1.44 1.44 1.38 1.33 1.44 10.03 10.03 9.39 9.69 10.03 9.01 9.01 8.34 7.81 9.01 14.46 14.46 13.01 11.80 14.46 2.18 2.18 2.34 2.52 2.18 1719.1 7.9%
Euro Stoxx 50 Pr 1.18 1.18 1.12 1.05 1.18 0.76 0.76 0.74 0.72 0.76 5.89 5.89 5.46 4.90 5.89 7.21 7.21 6.82 6.47 7.21 11.57 11.57 10.33 9.43 11.57 4.21 4.21 4.52 4.84 4.21 2915.9 7.1%
NIKKEI 225 1.57 1.57 1.47 1.41 1.57 0.74 0.74 0.72 0.71 0.74 9.11 9.11 8.48 8.25 9.11 8.93 8.93 8.32 7.94 8.93 20.64 20.64 16.38 14.55 20.64 1.51 1.51 1.72 1.87 1.51 13153.7 -5.1%
FTSE 100 INDEX 1.71 1.71 1.59 1.38 1.71 1.07 1.07 1.04 1.01 1.07 8.45 8.45 7.68 6.11 8.45 7.22 7.22 6.78 6.38 7.22 12.08 12.08 10.98 10.07 12.08 3.86 3.86 4.14 4.52 3.86 6931.4 7.5%
SWISS MARKET INDEX 2.41 2.41 2.26 2.06 2.41 2.04 2.04 1.94 1.85 2.04 12.46 12.46 11.35 10.03 12.46 13.40 13.40 12.40 11.60 13.40 15.09 15.09 13.54 12.32 15.09 3.24 3.24 3.59 4.10 3.24 8289.2 4.7%
S&P/TSX COMPOSITE INDEX 1.65 1.65 1.53 1.43 1.65 1.54 1.54 1.46 1.37 1.54 8.22 8.22 7.42 6.84 8.22 8.22 8.22 7.30 6.86 8.22 14.00 14.00 12.39 11.38 14.00 3.23 3.23 3.39 3.59 3.23 14254.0 15.8%
S&P/ASX 200 INDEX 1.97 1.97 1.87 1.77 1.97 1.89 1.89 1.78 1.69 1.89 11.76 11.76 10.47 9.56 11.76 9.77 9.77 8.63 7.97 9.77 15.97 15.97 14.26 13.07 15.97 4.24 4.24 4.53 4.88 4.24 5163.8 -0.5%
HANG SENG INDEX 1.35 1.35 1.24 1.14 1.35 1.72 1.72 1.59 1.47 1.72 8.08 8.08 7.58 7.25 8.08 8.39 8.39 7.65 7.05 8.39 10.87 10.87 9.98 9.03 10.87 3.56 3.56 3.85 4.24 3.56 24857.0 9.3%
MSCI EM 1.44 1.44 1.31 1.21 1.44 0.00 0.00 0.00 0.00 0.00 6.95 6.95 6.42 6.05 6.95 7.28 7.28 6.64 6.27 7.28 10.70 10.70 9.62 8.97 10.70 3.11 3.11 3.56 3.46 3.11 1190.5 15.9%
GOLDCORP INC 1.02 0.98 0.94 0.89 4.20 4.21 3.37 3.12 3.18 9.90 10.61 7.85 6.51 5.17 7.87 8.34 5.99 5.25 5.00 14.21 18.26 12.82 11.01 8.72 1.91 2.12 2.11 2.13 2.13 39.80 41.2%
BARRICK GOLD CORP 0.74 0.80 0.75 0.67 1.36 1.41 1.31 1.30 1.23 3.50 4.04 3.66 3.39 3.02 4.61 5.25 4.71 4.45 3.89 5.05 6.00 5.53 5.65 4.47 3.91 4.19 4.21 4.10 5.73 29.23 52.1%
NEWMONT MINING CORP 1.15 1.08 1.00 0.94 1.59 1.66 1.42 1.45 5.24 5.80 4.74 4.78 5.58 6.25 4.93 5.21 6.73 8.89 10.57 8.33 8.98 9.42 4.54 4.80 4.89 4.39 4.44 44.40 40.5%
RANDGOLD RESOURCES LTD-ADR 2.79 2.42 2.08 1.79 5.30 4.82 3.70 3.62 3.49 12.40 11.12 7.95 7.09 8.87 9.70 9.72 6.26 5.86 6.10 16.69 16.86 10.71 11.24 12.46 0.60 0.65 1.36 0.57 111.36 41.3%
YAMANA GOLD INC 1.12 1.09 1.01 0.96 3.72 3.31 2.78 2.88 2.58 8.24 7.64 6.22 6.08 4.75 7.11 6.31 5.02 5.33 4.29 12.86 13.84 10.35 11.76 7.07 2.04 2.08 2.11 2.04 17.98 53.2%
GOLD FIELDS LTD-SPONS ADR 0.80 0.92 0.85 0.78 0.96 1.65 1.56 1.49 2.92 4.57 4.54 4.17 5.65 10.89 8.53 7.49 5.54 2.89 3.20 3.84 8.53 19.9%
SILVER WHEATON CORP 2.68 2.40 2.14 1.92 1.55 10.23 8.36 7.42 7.15 5.46 12.39 11.17 10.13 9.59 7.76 11.22 9.22 8.11 8.17 6.10 14.27 14.87 13.40 13.32 9.75 1.58 2.01 2.18 2.39 2.63 40.83 72.8%
ANGLOGOLD ASHANTI-SPON ADR 1.21 1.11 0.97 0.87 1.07 1.08 1.04 1.07 3.81 3.50 3.30 3.72 6.22 8.67 7.12 7.59 2.26 1.44 1.40 1.44 29.82 60.5%
CIA DE MINAS BUENAVENTUR-ADR 1.40 1.17 1.03 0.96 3.55 3.17 2.94 3.09 12.21 12.96 11.05 6.60 7.51 6.66 7.27 6.96 7.30 7.17 8.08 3.10 2.99 3.43 3.05 28.22 42.7%
NEW GOLD INC 1.41 1.26 1.18 1.10 1.06 4.75 3.68 3.53 3.48 3.87 12.36 8.99 7.78 7.02 7.64 9.60 6.72 5.89 5.74 6.02 18.84 17.21 14.44 13.17 15.82 0.00 0.00 12.62 65.0%
AGNICO EAGLE MINES LTD 1.53 1.52 1.47 1.40 2.77 3.07 2.56 2.57 2.44 7.53 10.37 7.62 7.06 6.53 7.04 9.23 6.51 6.54 4.55 14.60 28.79 17.31 16.05 14.42 2.49 2.75 2.73 2.68 2.60 43.05 39.9%
ELDORADO GOLD CORP 0.88 0.86 0.83 0.78 4.56 4.02 3.46 2.54 1.87 11.34 10.41 8.22 5.81 3.23 8.79 7.72 6.36 4.56 3.08 16.08 16.16 12.53 9.05 5.58 1.96 1.82 2.25 3.12 2.85 13.06 77.0%
KINROSS GOLD CORP 0.46 0.60 0.57 0.56 0.47 1.41 1.50 1.41 1.52 1.32 4.24 4.66 3.93 4.35 3.71 3.45 4.18 3.48 3.77 2.84 7.22 11.71 8.97 9.89 7.03 3.00 2.91 2.89 3.00 3.00 8.77 64.6%
ROYAL GOLD INC 1.74 1.43 1.39 1.30 12.61 11.29 8.69 6.44 17.29 18.15 13.80 9.94 12.78 11.42 8.85 6.77 30.65 33.58 23.50 15.86 1.02 1.35 1.47 1.58 79.47 48.1%
HARMONY GOLD MNG-SPON ADR 0.50 0.48 0.47 0.46 1.12 1.14 0.85 0.78 4.52 3.83 3.19 3.92 6.39 10.63 5.38 13.67 2.74 1.37 2.93 1.46 8.05 66.3%
IAMGOLD CORP 0.51 0.50 0.48 0.48 1.17 1.17 1.06 1.08 1.02 3.57 4.51 3.63 3.75 3.13 2.47 2.79 2.36 2.55 2.14 5.90 9.93 7.53 8.43 6.75 5.00 4.84 4.57 4.51 4.92 9.84 93.6%
PAN AMERICAN SILVER CORP 0.67 0.68 0.64 0.60 0.52 2.00 1.84 1.72 1.71 1.37 7.05 7.23 6.68 7.21 4.36 3.70 3.61 3.14 3.40 1.84 10.02 12.81 10.73 12.52 7.24 1.41 3.43 3.27 2.96 3.97 18.65 48.2%
FIRST MAJESTIC SILVER CORP 2.24 5.27 3.72 2.56 2.23 1.97 9.60 8.20 6.15 5.09 3.97 7.76 6.11 4.24 3.84 3.10 12.35 14.00 9.03 7.54 6.38 19.36 63.3%
COEUR D'ALENE MINES CORP 0.61 0.59 0.54 0.50 1.66 1.59 1.41 1.40 1.22 4.93 5.16 4.24 4.01 3.97 3.83 2.85 2.67 13.39 20.10 10.93 8.49 23.49 61.0%
AURICO GOLD INC 0.66 0.62 0.61 0.60 0.50 3.94 4.10 2.97 2.57 2.19 12.35 9.17 6.40 6.01 4.84 5.76 5.76 3.82 3.23 2.53 12.50 18.47 12.29 11.76 9.41 0.00 3.66 2.82 3.26 3.94 7.46 49.2%
ALLIED NEVADA GOLD CORP 1.52 1.41 1.01 0.81 0.63 4.43 2.44 1.64 1.19 0.56 11.84 8.24 4.49 2.49 1.67 12.02 6.10 3.29 2.31 1.32 19.81 11.90 6.19 3.11 2.02 23.97 124.0%
HECLA MINING CO 0.82 0.77 0.73 0.64 0.56 2.83 1.87 1.49 1.64 1.48 10.38 6.78 5.18 4.79 4.66 6.79 3.39 2.30 2.26 2.35 30.00 15.07 8.64 8.10 8.24 1.23 1.14 1.85 2.47 1.23 5.09 57.1%
NEVSUN RESOURCES LTD 1.21 1.08 0.96 0.85 2.83 4.89 2.70 3.15 4.16 5.36 8.70 3.92 4.62 8.04 2.65 2.65 2.65 2.65 5.19 38.9%
AURIZON MINES LTD 1.79 1.78 3.07 3.37 2.61 2.83 2.71 9.81 10.54 7.63 7.91 6.54 5.03 5.21 3.52 20.47 24.95 16.54 15.45 14.69 0.00 4.69 12.1%
SILVER STANDARD RESOURCES 0.55 0.51 0.50 0.48 2.33 2.47 2.22 1.97 1.13 14.11 12.02 10.83 7.48 7.18 4.85 5.34 3.76 2.98 36.43 36.62 0.00 0.00 0.00 16.04 124.7%
SEABRIDGE GOLD INC 43.82 308.4%
TANZANIAN ROYALTY EXPLORATIO
GOLDEN STAR RESOURCES LTD 0.63 0.65 0.60 0.70 0.00 0.49 0.50 0.47 0.45 0.37 2.34 3.05 2.04 1.91 1.38 2.76 2.66 1.65 2.14 2.24 21.88 6.52 4.61 2.23 0.00 1.59 51.0%
VISTA GOLD CORP 0.95 0.50 0.52 1.78 0.34 0.62 1.07 0.71 6.98 330.9%
GREAT BASIN GOLD LTD 0.01 0.03 0.20 10.25
ARGONAUT GOLD INC 1.57 1.07 0.96 0.93 5.04 4.24 3.17 2.88 2.31 9.10 11.38 7.95 6.58 6.37 7.02 6.76 4.93 4.97 3.19 11.34 15.72 11.32 8.94 8.70 11.52 81.7%
TOREX GOLD RESOURCES INC 1.48 1.44 1.44 1.29 1827.72 6.50 20.72 2.56 93.7%
LIONGOLD CORP LTD 16.36 10.94 9.51 7.38 5.39 190.83 88.08 44.04
CHINA GOLD INTERNATIONAL RES 0.79 0.74 0.68 0.63 3.23 3.09 1.70 1.14 6.84 0.79 1.71 0.35 7.52 7.40 4.60 3.02 13.35 17.29 14.63 12.57 0.48 0.47 0.62 11.75 3.62 31.2%
PERSEUS MINING LTD 1.76 1.55 1.29 0.99 0.83 3.87 1.99 1.54 1.08 1.06 10.15 7.78 4.40 2.69 3.26 9.86 4.60 3.40 1.96 2.22 10.88 10.30 6.73 3.89 4.81 0.00 0.00 0.22 3.21 2.19 2.36 66.2%
SANDSTORM GOLD LTD 11.49 8.92 6.86 5.20 13.96 15.21 10.73 8.31 12.92 9.61 6.62 5.65 25.34 27.37 17.68 12.30 12.23 58.4%
OCEANAGOLD CORP 1.03 0.95 0.91 0.86 0.98 1.60 1.05 0.95 1.00 1.22 5.15 3.09 2.78 2.52 4.16 5.51 3.19 3.07 3.31 5.59 33.15 8.69 6.24 7.99 3.17 48.0%
MEDUSA MINING LTD 2.02 1.62 1.14 0.87 0.71 7.06 5.32 2.31 2.09 1.86 11.71 4.86 3.18 2.74 2.74 9.65 7.58 3.04 2.76 2.61 10.88 7.87 3.47 3.18 3.15 2.98 0.98 3.40 5.11 4.43 5.39 64.9%
DUNDEE PRECIOUS METALS INC 1.02 0.92 0.73 0.67 2.21 1.65 1.41 1.50 6.33 5.43 4.70 4.00 5.45 3.55 2.59 2.30 10.32 8.08 7.54 6.98 5.98 0.00 0.00 0.00 11.36 82.6%
RIO ALTO MINING LTD 2.86 2.10 2.03 9.53 2.09 1.90 1.75 1.61 20.84 5.86 5.89 5.45 5.37 22.86 3.32 3.79 3.10 2.00 30.92 7.06 6.77 6.02 6.89 0.00 0.00 0.00 6.09 64.1%
AURIZON MINES LTD 1.79 1.78 3.07 3.37 2.61 2.83 2.71 9.81 10.54 7.63 7.91 6.54 5.03 5.21 3.52 20.47 24.95 16.54 15.45 14.69 0.00 4.69 12.1%
ENDEAVOUR SILVER CORP 2.46 2.03 1.74 1.77 6.11 5.53 4.55 4.88 5.45 4.70 3.27 3.71 11.60 10.43 8.06 8.76 8.75 72.2%
CONTINENTAL GOLD LTD 43.36 43.00 40.47 2.62 2.88 7.80 5.94 11.81 145.6%
RUBICON MINERALS CORP 5.27 4.61 8.29 7.61 4.83 177.8%
SILVERCORP METALS INC 1.10 1.98 2.39 1.88 1.44 1.34 4.09 5.23 4.24 2.84 3.21 2.83 4.58 3.02 2.44 2.16 6.06 10.35 7.06 4.96 5.77 3.15 3.47 6.18 118.9%
EVOLUTION MINING LTD 0.63 0.61 0.55 0.50 0.49 1.46 1.11 0.97 0.97 0.99 3.51 3.39 2.99 2.94 2.84 4.06 3.05 2.41 2.43 2.53 9.47 11.08 7.39 7.22 7.17 0.00 0.92 1.95 2.36 2.26 1.21 24.6%
CHINA PRECIOUS METAL RESOURC 1.48 1.21 1.02 3.88 2.79 2.34 12.09 14.78 7.70 5.22 4.11 13.30 8.58 7.27 0.75 2.26 3.76 1.70 27.8%
SEABRIDGE GOLD INC 43.82 308.4%
BEADELL RESOURCES LTD 5.97 3.26 1.57 1.24 100.56 1.76 1.65 1.87 2.12 4.43 3.33 4.70 4.23 3.69 4.83 7.59 4.83 4.10 5.38 5.30 0.00 0.00 0.14 1.84 4.26 1.02 44.0%
RESOLUTE MINING LTD 1.07 0.97 0.83 0.70 0.50 1.01 0.93 1.02 0.97 0.99 3.04 2.73 3.35 2.84 3.41 2.07 2.00 2.31 2.01 1.92 4.40 4.17 5.52 5.43 5.82 0.00 5.03 2.62 3.25 5.24 1.32 38.7%
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 2.23 2.23 2.05 1.87 2.23 1.44 1.44 1.38 1.33 1.44 10.03 10.03 9.39 9.69 10.03 9.01 9.01 8.34 7.81 9.01 14.46 14.46 13.01 11.80 14.46 2.18 2.18 2.34 2.52 2.18 1719.1 7.9%
Euro Stoxx 50 Pr 1.18 1.18 1.12 1.05 1.18 0.76 0.76 0.74 0.72 0.76 5.89 5.89 5.46 4.90 5.89 7.21 7.21 6.82 6.47 7.21 11.57 11.57 10.33 9.43 11.57 4.21 4.21 4.52 4.84 4.21 2915.9 7.1%
NIKKEI 225 1.57 1.57 1.47 1.41 1.57 0.74 0.74 0.72 0.71 0.74 9.11 9.11 8.48 8.25 9.11 8.93 8.93 8.32 7.94 8.93 20.64 20.64 16.38 14.55 20.64 1.51 1.51 1.72 1.87 1.51 13153.7 -5.1%
FTSE 100 INDEX 1.71 1.71 1.59 1.38 1.71 1.07 1.07 1.04 1.01 1.07 8.45 8.45 7.68 6.11 8.45 7.22 7.22 6.78 6.38 7.22 12.08 12.08 10.98 10.07 12.08 3.86 3.86 4.14 4.52 3.86 6931.4 7.5%
SWISS MARKET INDEX 2.41 2.41 2.26 2.06 2.41 2.04 2.04 1.94 1.85 2.04 12.46 12.46 11.35 10.03 12.46 13.40 13.40 12.40 11.60 13.40 15.09 15.09 13.54 12.32 15.09 3.24 3.24 3.59 4.10 3.24 8289.2 4.7%
S&P/TSX COMPOSITE INDEX 1.65 1.65 1.53 1.43 1.65 1.54 1.54 1.46 1.37 1.54 8.22 8.22 7.42 6.84 8.22 8.22 8.22 7.30 6.86 8.22 14.00 14.00 12.39 11.38 14.00 3.23 3.23 3.39 3.59 3.23 14254.0 15.8%
S&P/ASX 200 INDEX 1.97 1.97 1.87 1.77 1.97 1.89 1.89 1.78 1.69 1.89 11.76 11.76 10.47 9.56 11.76 9.77 9.77 8.63 7.97 9.77 15.97 15.97 14.26 13.07 15.97 4.24 4.24 4.53 4.88 4.24 5163.8 -0.5%
HANG SENG INDEX 1.35 1.35 1.24 1.14 1.35 1.72 1.72 1.59 1.47 1.72 8.08 8.08 7.58 7.25 8.08 8.39 8.39 7.65 7.05 8.39 10.87 10.87 9.98 9.03 10.87 3.56 3.56 3.85 4.24 3.56 24857.0 9.3%
MSCI EM 1.44 1.44 1.31 1.21 1.44 0.00 0.00 0.00 0.00 0.00 6.95 6.95 6.42 6.05 6.95 7.28 7.28 6.64 6.27 7.28 10.70 10.70 9.62 8.97 10.70 3.11 3.11 3.56 3.46 3.11 1190.5 15.9%
ENDEAVOUR MINING CORP 1.20 0.86 0.67 0.63 0.41 2.43 2.54 2.06 1.87 0.92 4.05 2.87 2.39 2.00 1.94 6.65 6.67 5.02 4.46 1.73 2.76 168.0%
FORTUNA SILVER MINES INC 1.60 1.31 1.12 0.96 0.85 2.29 2.22 1.92 1.81 5.78 6.20 5.39 4.78 5.00 4.61 4.05 3.20 2.97 3.48 11.24 12.70 10.24 8.53 9.39 4.80 53.4%
MCEWEN MINING INC 0.67 0.61 0.55 4.18 2.89 2.02 15.43 48.00 18.00 8.00 10.17 6.70 4.06 2.67 24.00 22.74 12.71 8.64 5.45 152.3%
MAG SILVER CORP 3.31 3.56 3.90 4.13 14.25 82.7%
PRIMERO MINING CORP 0.98 1.06 1.02 0.87 3.05 2.65 2.02 1.56 1.28 6.27 7.64 5.30 4.41 3.08 5.40 4.39 2.77 2.14 1.51 11.76 15.84 8.71 6.24 5.00 0.00 0.00 8.59 46.3%
KINGSGATE CONSOLIDATED LTD 0.43 0.39 0.36 0.34 0.29 0.90 0.94 0.82 0.66 0.50 2.69 2.44 1.73 1.48 1.41 2.71 3.67 2.86 2.02 1.54 3.61 7.32 6.05 6.35 3.33 9.95 6.06 9.81 11.81 21.20 3.38 56.4%
TIMMINS GOLD CORP 2.18 1.65 1.27 1.41 2.20 1.65 1.51 1.49 1.46 6.18 5.36 5.26 5.24 4.58 4.60 3.48 3.30 3.72 3.58 8.78 7.62 7.51 7.06 6.15 0.00 0.00 0.00 3.46 41.9%
ST BARBARA LTD 0.36 0.29 0.27 0.24 0.28 0.54 0.55 0.46 0.42 0.49 0.91 2.46 1.47 1.27 1.61 2.04 2.73 1.78 1.71 1.84 1.66 6.90 3.55 3.49 4.80 0.00 0.00 2.00 3.00 2.67 1.31 118.2%
PREMIER GOLD MINES LTD 0.70 155.62 0.00 5.57 181.3%
NORTHERN STAR RESOURCES LTD 3.07 2.35 1.86 1.56 1.53 2.60 2.08 1.67 1.63 1.02 6.68 4.50 3.61 3.43 3.38 4.81 3.52 2.59 2.50 2.45 12.05 8.33 6.25 5.67 9.51 0.00 3.85 4.44 4.30 1.48 1.01 49.3%
TANZANIAN ROYALTY EXPLORATIO
REAL GOLD MINING LTD 1.44 4.52 6.04 3.36 7.58 0.00
GOLDEN STAR RESOURCES LTD 0.63 0.65 0.60 0.70 0.00 0.49 0.50 0.47 0.45 0.37 2.34 3.05 2.04 1.91 1.38 2.76 2.66 1.65 2.14 2.24 21.88 6.52 4.61 2.23 0.00 1.59 51.0%
ROMARCO MINERALS INC 0.26 1.10 2.72 1.26 9.80 2.94 14.71 1.48 232.6%
BANRO CORPORATION 0.73 6.97 1.93 0.79 0.75 0.74 110.84 4.90 1.35 1.53 1.75 243.03 6.85 2.23 2.00 2.09 16.11 2.14 2.25 3.14 0.82 0.00 0.00 4.90 5.72 2.60 111.4%
COLOSSUS MINERALS INC 2.08 2.18 0.85 0.60 5.71 0.83 0.83 0.85 2.21 1.86 1.95 20.90 1.22 1.13 2.67 2.24 2.24 0.00 0.00 6.76 201.8%
RAINY RIVER RESOURCES LTD 0.87 1.03 230.87 231.87 0.00 0.00 6.61 186.1%
SULLIDEN GOLD CORP LTD 0.90 20.03 1.77 5.35 5.69 2.19 4.79 5.06 1.72 89.2%
ASANKO GOLD INC 0.95 0.97 0.76 0.76 6.86 2.44 8.91 3.12 0.00 0.00 4.62 79.7%
BEAR CREEK MINING CORP 1.74 3.30 4.01 54.3%
PARAMOUNT GOLD AND SILVER 0.91 0.61 1.14 3.70 135.7%
KIRKLAND LAKE GOLD INC 0.97 0.97 0.84 0.83 1.37 1.50 0.87 0.63 0.49 4.24 10.22 3.60 1.83 1.19 4.44 9.66 2.72 1.81 1.40 4.45 6.32 2.68 1.94 9.81 202.8%
GUYANA GOLDFIELDS INC 0.90 0.74 0.46 0.39 0.33 0.54 1.08 0.90 2.71 1.62 1.62 1.29 4.43 2.29 0.00 5.33 199.4%
HIGHLAND GOLD MINING LTD 0.53 0.48 0.43 0.39 0.34 1.21 1.08 0.90 0.90 0.90 3.08 3.62 2.93 2.76 2.27 2.34 2.27 1.84 1.81 1.91 4.07 4.65 3.87 4.02 4.32 5.81 4.95 5.18 5.65 6.28 139.58 70.2%
INDOPHIL RESOURCES NL
LYDIAN INTERNATIONAL LTD 2.60 1.76 1.91 1.24 7.32 1.96 20.32 12.45 3.71 139.6%
SABINA GOLD & SILVER CORP 0.69 0.27 0.00 4.28 256.3%
LAKE SHORE GOLD CORP 0.17 0.26 0.27 1.17 0.82 0.61 0.62 0.50 3.76 2.56 1.80 1.70 1.13 8.10 3.25 2.08 2.45 1.48 9.63 6.08 7.18 1.23 211.7%
BRIGUS GOLD CORP 1.27 0.99 0.91 0.77 0.57 2.87 2.32 2.26 2.05 1.61 4.06 2.63 2.16 1.86 1.96 6.77 5.13 4.91 3.55 3.03 1.46 120.2%
GREAT PANTHER SILVER LTD 2.29 2.36 2.15 7.74 8.57 6.86 5.14 5.42 6.41 15.83 17.15 12.86 20.58 34.30 1.50 47.3%
INTREPID MINES LTD 0.91 1.08 1.13 0.96 0.64 4619.61 4.75 0.65 0.00 0.00 0.00 0.00 0.24 -9.4%
VISTA GOLD CORP 0.95 0.50 0.52 1.78 0.34 0.62 1.07 0.71 6.98 330.9%
ALEXCO RESOURCE CORP 1.45 1.68 1.15 0.94 0.80 5.70 5.08 3.48 2.79 2.05 9.84 8.71 6.18 36.93 25.85 12.92 4.92 3.52 71.5%
ATAC RESOURCES LTD 1.44 1.28 1.17 1.10 3.53 206.5%
SCORPIO MINING CORP 2.02 1.17 0.84 7.16 3.58 1.73 1.02 5.39 3.84 2.24 12.00 9.06 3.69 2.29 1.93 302.8%
MIDWAY GOLD CORP 1.27 2.18 1.48 1.46 1.91 1.07 48.95 18.99 2.07 6.53 1.86 92.0%
PATAGONIA GOLD PLC
GRYPHON MINERALS LTD 0.38 0.39 0.36 0.32 0.18 33.32 108.02 60.01 1.40 0.49 7.88 1.51 1.37 1.91 0.44 4.02 1.75 0.00 0.00 0.00 0.00 0.00 0.65 217.1%
DRDGOLD LTD-SPONSORED ADR 1.08 0.90 5.61 3.79 7.46 4.94 5.03 6.70 8.40 27.3%
RED 5 LTD 0.62 0.58 0.47 0.37 6.09 1.68 0.66 0.63 0.40 9.25 1.20 1.01 20.24 6.25 1.18 1.03 0.55 22.96 2.07 1.62 1.00 0.00 0.00 0.00 0.00 1.14 83.9%
LINGBAO GOLD CO LTD-H 0.57 0.56 0.54 0.53 0.20 0.20 0.21 0.24 6.75 7.17 6.66 7.01 6.74 10.11 9.83 13.48 4.07 3.30 3.02 2.20 2.14 -6.6%
INTL TOWER HILL MINES LTD 0.44 0.62 0.37 0.00 4.72 367.7%
SARACEN MINERAL HOLDINGS LTD 0.48 0.32 0.28 0.24 0.20 0.47 0.41 0.36 0.30 0.30 1.51 1.54 1.31 1.01 1.21 1.55 1.53 1.13 0.82 0.79 3.30 4.26 2.13 1.75 1.48 0.00 0.00 0.00 7.59 13.79 0.30 103.4%
EXETER RESOURCE CORP 1.47 3.45 279.3%
RICHMONT MINES INC 0.78 0.74 0.61 7.42 3.46 2.63 19.79 7.29 4.89 4.69 127.9%
RAMELIUS RESOURCES LTD 0.42 0.25 0.24 0.22 0.72 0.53 0.40 0.44 0.34 9.09 6.25 1.83 1.82 1.57 1.12 0.52 0.56 0.50 5.41 25.00 2.35 2.74 3.33 0.00 0.00 2.00 3.00 10.00 0.34 67.5%
GOLDEN MINERALS CO 3.13 2.18 1.40 1.02 28.69 1.89 0.61 3.44 4.85 168.5%
SAN GOLD CORP 0.27 0.29 0.45 0.49 0.38 1.64 1.90 1.33 1.50 1.46 1.79 1.57 1.15 2.21 0.31 63.2%
OREZONE GOLD CORP 0.15 0.75 5.64 3.62 9.17 2.57 247.6%
GRAN COLOMBIA GOLD CORP 0.31 0.37 0.31 0.19 2.41 1.87 0.84 6.65 25.25 5.26 2.50 5.62 5.62 1.69 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. 30.04.2013
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: 12/yy
52-Week High (21.09.2012) 47.42
52-Week Low (17.04.2013) 27.11
Daily Volume
28.18
52-Week High % Change -40.72% Dividend Yield 1.92
52-Week Low % Change 3.95% Beta 0.73
% 52 Week Price Range High/Low 8.47% Equity Float 808.91
Shares Out 28.03.2013 811.7 Short Int 5.19
23'157.77 1 Yr Total Return -25.20%
Total Debt 783.00 YTD Return -22.75%
Preferred Stock 0.0 Adjusted BETA 0.727
Minority Interest 213.0 Analyst Recs 27
Cash and Equivalents 918.00 Consensus Rating 4.333
Enterprise Value 23'235.77
Average Volume 5 Day 7'859'788
GG US EQUITY YTD Change - Average Volume 30 Day 7'606'458
GG US EQUITY YTD % CHANGE - Average Volume 3 Month 6'880'145
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
2'419.6 2'723.6 3'738.0 5'362.0 5'435.0 5'362 5'435 5'511 6'878 1'351 1'305
9.42x 10.50x 9.95x 6.61x 5.50x 28.06x 24.57x 4.43x 3.49x 17.38x 18.22x
1'052.2 1'366.2 2'026.0 2'336.0 2'798.0 3'030.0 2'798.0 2'789.2 3'880.4 718.6 669.1
21.66x 20.94x 18.36x 15.18x 10.69x 11.71x 10.69x 8.34x 5.99x 8.00x 8.04x
1'475.6 240.2 2'051.0 1'187.0 1'749.0 1'881.0 1'749.0 1'320.8 1'969.3 311.3 263.3
57.34x 50.85x 30.36x 22.24x 18.47x 22.92x 19.41x 18.26x 12.82x 17.15x 15.65x
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 5.77% Short-Term Rating -
Return on Common Equity 7.95%
Return on Capital 7.72% EBITDA/Interest Exp. 93.27
Asset Turnover 0.18% (EBITDA-Capex)/Interest Exp. 6.33
Net Debt/EBITDA -0.05
Gross Margin 44.6% Total Debt/EBITDA 0.28
EBITDA Margin 51.5%
EBIT Margin 39.1% Total Debt/Equity 3.4%
Net Income Margin 32.2% Total Debt/Capital 3.3%
Asset Turnover 0.18
Current Ratio 2.15 Net Fixed Asset Turnover 0.21
Quick Ratio 1.39 Accounts receivable turnover-days 41.45
Debt to Assets 2.51% Inventory Days 78.74
Tot Debt to Common Equity 3.45% Accounts Payable Turnover Day 87.16
Accounts Receivable Turnover 8.83 Cash Conversion Cycle 33.03
Inventory Turnover 4.65
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
Goldcorp Inc
Price/Volume
Valuation Analysis
2'731'668.00
Current Price (4/dd/yy) Market Data
0
5
10
15
20
25
30
35
40
45
50
a-12 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
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. 30.04.2013
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 32'937'156 4.06 (9'098'135) 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 31'593'509 3.89 (836'637) 29.04.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 22'991'630 2.83 1'883'662 31.12.2012 Bank
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 19'122'015 2.36 (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 15'796'349 1.95 5'676'487 31.03.2013 Investment Advisor
TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 15'632'925 1.93 5'971'920 31.12.2012 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
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 7'362'990 0.91 699'268 31.12.2012 Investment Advisor
CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 7'239'262 0.89 (4'220'800) 31.12.2012 Investment Advisor
GREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 7'106'968 0.88 (2'294'891) 31.12.2012 Investment Advisor
FIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 6'835'256 0.84 1'053'271 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 6'162'583 0.76 (935'880) 28.02.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 5'776'522 0.71 1'267'153 31.12.2012 Government
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 5'736'927 0.71 (2'008'888) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies PETER D WARD hold 3 M 27 12 month 30.04.2013
HSBC PATRICK CHIDLEY overweight 5 M 35 Not Provided 28.04.2013
Stifel GEORGE J TOPPING buy 5 M 36 Not Provided 26.04.2013
Macquarie TONY LESIAK outperform 5 M 39 12 month 25.04.2013
Scotia Capital TANYA M JAKUSCONEK sector outperform 5 M 41 12 month 23.04.2013
TD Securities GREG BARNES buy 5 M 37 12 month 23.04.2013
Barclays FAROOQ HAMED overweight 5 M 40 Not Provided 23.04.2013
Deutsche Bank JORGE M BERISTAIN hold 3 M 28 12 month 22.04.2013
Credit Suisse ANITA SONI neutral 3 M 37 Not Provided 22.04.2013
Davenport & Co LLOYD T O'CARROLL buy 5 M 35 Not Provided 22.04.2013
Cormark Securities Inc. RICHARD GRAY buy 5 M 42 12 month 22.04.2013
RBC Capital Markets STEPHEN D WALKER outperform 5 M 36 12 month 19.04.2013
JPMorgan JOHN BRIDGES overweight 5 M 50 6 month 19.04.2013
BMO Capital Markets DAVID HAUGHTON outperform 5 M 49 Not Provided 15.04.2013
Canaccord Genuity Corp STEVEN BUTLER buy 5 M 46 12 month 15.04.2013
CIBC World Markets ALEC KODATSKY sector outperform 5 M 46 Not Provided 11.04.2013
Cowen Securities LLC ADAM P GRAF hold 3 M #N/A N/A Not Provided 09.04.2013
GMP GEORGE V ALBINO buy 5 M 60 Not Provided 02.04.2013
Salman Partners DAVID WEST top pick 5 M 59 12 month 01.04.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 15.03.2013
Mackie Research Capital Corp. BARRY D ALLAN buy 5 M 48 Not Provided 12.03.2013
Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 33 Not Provided 19.02.2013
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. 30.04.2013
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
19.219
52-Week High % Change -56.03% Dividend Yield 4.16
52-Week Low % Change 9.76% Beta 0.77
% 52 Week Price Range High/Low 6.79% Equity Float 998.49
Shares Out 31.03.2013 1'001.1 Short Int 9.30
19'240.87 1 Yr Total Return -51.38%
Total Debt 13'943.00 YTD Return -44.75%
Preferred Stock 0.0 Adjusted BETA 0.772
Minority Interest 2'663.0 Analyst Recs 32
Cash and Equivalents 2'093.00 Consensus Rating 3.938
Enterprise Value 34'387.87
Average Volume 5 Day 24'445'460
ABX US EQUITY YTD Change - Average Volume 30 Day 21'168'664
ABX US EQUITY YTD % CHANGE - Average Volume 3 Month 15'802'371
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 13'640.9 14'699.3 3'337.0 3'484.3
4.64x 5.27x 5.25x 4.08x 3.41x 15.70x 14.05x 2.57x 2.36x 10.28x 9.98x
3'010.0 3'589.0 6'211.0 8'327.0 7'358.0 8'579.0 7'071.0 6'557.0 7'308.1 1'538.4 1'682.0
11.75x 11.95x 9.30x 6.98x 6.73x 6.58x 6.30x 5.25x 4.71x 5.16x 5.08x
785.0 (4'274.0) 3'582.0 4'484.0 (665.0) 4'522.0 (847.0) 3'100.7 3'413.1 635.7 727.6
- - - - - 0.00x 0.00x 6.00x 5.53x 6.45x 6.19x
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
Fiscal Year Ended
Barrick Gold Corp
Price/Volume
Valuation Analysis
5'334'847.00
Current Price (4/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
a-12 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
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 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 |

9. 30.04.2013
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
CAPITAL GROUP COMPAN n/a ULT-AGG 58'280'637 5.82 (23'472'640) 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 33'799'228 3.38 (1'012'978) 29.04.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 30'078'073 3 3'795'193 31.12.2012 Bank
FMR LLC n/a ULT-AGG 20'600'402 2.06 (3'418'885) 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
ALLIANZ ASSET MANAGE n/a ULT-AGG 16'861'844 1.68 3'198'995 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
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
TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 13'422'922 1.34 866'236 31.12.2012 Investment Advisor
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 12'729'638 1.27 (401'738) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 10'758'391 1.07 353'171 31.12.2012 Investment Advisor
IA CLARINGTON INVEST Multiple Portfolios MF-AGG 10'376'354 1.04 (2'442'600) 31.12.2012 Investment Advisor
CIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 10'027'723 1 1'562'724 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
WELLS FARGO n/a ULT-AGG 8'501'322 0.85 2'875'528 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies PETER D WARD buy 5 M 30 12 month 30.04.2013
Deutsche Bank JORGE M BERISTAIN hold 3 M 23 12 month 29.04.2013
Canaccord Genuity Corp STEVEN BUTLER hold 3 M 23 12 month 29.04.2013
HSBC PATRICK CHIDLEY overweight 5 M 29 Not Provided 28.04.2013
Stifel GEORGE J TOPPING buy 5 M 34 Not Provided 26.04.2013
CIBC World Markets ALEC KODATSKY sector perform 3 M 33 Not Provided 25.04.2013
Macquarie TONY LESIAK neutral 3 M 21 12 month 25.04.2013
Sterne, Agee & Leach MICHAEL S DUDAS neutral 3 M #N/A N/A Not Provided 25.04.2013
Salman Partners DAVID WEST buy 5 M 29 12 month 25.04.2013
Cormark Securities Inc. RICHARD GRAY market perform 3 M 25 12 month 25.04.2013
Haywood Securities Inc. KERRY SMITH buy 5 M 34 12 month 25.04.2013
TD Securities GREG BARNES hold 3 M 22 12 month 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
Cowen Securities LLC ADAM P GRAF hold 3 M #N/A N/A Not Provided 25.04.2013
BMO Capital Markets DAVID HAUGHTON market perform 3 M 30 Not Provided 24.04.2013
RBC Capital Markets STEPHEN D WALKER sector perform 3 M 24 12 month 24.04.2013
Credit Suisse ANITA SONI outperform 5 M 38 Not Provided 24.04.2013
JPMorgan JOHN BRIDGES neutral 3 M 32 6 month 24.04.2013
Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 24 12 month 24.04.2013
GMP GEORGE V ALBINO buy 5 M 49 12 month 24.04.2013
Barclays FAROOQ HAMED equalweight 3 M 24 Not Provided 24.04.2013
Davenport & Co LLOYD T O'CARROLL buy 5 M 26 Not Provided 22.04.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 26.02.2013
Argus Research Corp WILLIAM V SELESKY hold 3 M #N/A N/A Not Provided 20.02.2013
Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 15.02.2013
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. 30.04.2013
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) 31.56
Daily Volume
31.5999
52-Week High % Change -45.70% Dividend Yield 4.67
52-Week Low % Change 0.13% Beta 0.67
% 52 Week Price Range High/Low 8.41% Equity Float 491.01
Shares Out 22.04.2013 492.3 Short Int 15.85
15'765.83 1 Yr Total Return -31.49%
Total Debt 6'298.00 YTD Return -31.21%
Preferred Stock 0.0 Adjusted BETA 0.675
Minority Interest 3'175.0 Analyst Recs 24
Cash and Equivalents 1'647.00 Consensus Rating 3.750
Enterprise Value 23'932.83
Average Volume 5 Day 9'550'125
NEM US EQUITY YTD Change - Average Volume 30 Day 8'914'642
NEM US EQUITY YTD % CHANGE - Average Volume 3 Month 8'472'661
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 9'627.0 11'208.8 2'262.4 2'361.1
3.70x 3.46x 3.45x 3.38x 3.13x 12.61x 13.44x 2.51x 2.15x 10.56x 10.14x
2'139.0 3'799.0 5'118.0 5'162.0 4'169.0 5'185.0 3'731.0 3'859.1 4'882.1 881.5 939.2
10.60x 7.02x 6.43x 6.78x 7.41x 6.08x 7.71x 6.25x 4.93x 5.80x 5.31x
831.0 1'297.0 2'277.0 366.0 1'809.0 342.0 1'634.0 1'559.9 2'105.0 373.3 407.3
20.98x 17.02x 13.44x 13.92x 12.29x 11.55x 12.54x 10.57x 8.33x 8.89x 7.87x
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
Fiscal Year Ended
Newmont Mining Corp
Price/Volume
Valuation Analysis
6'490'939.00
Current Price (4/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
a-12 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
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. 30.04.2013
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
CAPITAL GROUP COMPAN n/a ULT-AGG 39'690'300 8.06 (10'014'717) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 29'136'091 5.92 91'985 29.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 23'252'143 4.72 1'215'913 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 20'452'474 4.15 (543'864) 29.04.2013 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 12'128'463 2.46 (5'869'326) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 9'840'813 2 (3'033'787) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 8'086'219 1.64 1'819'020 31.12.2012 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
CARMIGNAC GESTION CARMIGNAC GESTION 13F 7'008'200 1.42 7'008'200 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'878'622 1.4 410'310 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
UBS n/a ULT-AGG 5'132'224 1.04 322'413 31.03.2013 Unclassified
GAMCO n/a ULT-AGG 5'044'086 1.02 405'185 31.12.2012 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
SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 4'397'226 0.89 950'823 31.12.2012 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
Jefferies PETER D WARD hold 3 M 32 12 month 30.04.2013
Cowen Securities LLC ADAM P GRAF buy 5 M 33 12 month 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
Sterne, Agee & Leach MICHAEL S DUDAS buy 5 M 65 12 month 29.04.2013
HSBC PATRICK CHIDLEY overweight 5 M 39 Not Provided 28.04.2013
Stifel GEORGE J TOPPING hold 3 M #N/A N/A Not Provided 26.04.2013
Argus Research Corp WILLIAM V SELESKY buy 5 M 60 Not Provided 24.04.2013
Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 41 12 month 23.04.2013
TD Securities GREG BARNES hold 3 M 37 12 month 23.04.2013
Barclays FAROOQ HAMED overweight 5 M 45 Not Provided 23.04.2013
Credit Suisse ANITA SONI neutral 3 M 45 Not Provided 22.04.2013
JPMorgan JOHN BRIDGES overweight 5 M 51 6 month 19.04.2013
BB&T Capital Markets GARRETT S. NELSON buy 5 M 52 12 month 18.04.2013
CIBC World Markets ALEC KODATSKY sector perform 3 M 52 Not Provided 11.04.2013
GMP GEORGE V ALBINO buy 5 M 60 Not Provided 02.04.2013
Mackie Research Capital Corp. BARRY D ALLAN hold 3 M 43 Not Provided 12.03.2013
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. 30.04.2013
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: 12/yy
52-Week High (05.10.2012) 127.27
52-Week Low (17.04.2013) 66.51
Daily Volume
78.785
52-Week High % Change -38.34% Dividend Yield 0.63
52-Week Low % Change 18.46% Beta 0.65
% 52 Week Price Range High/Low 24.56% Equity Float -
Shares Out 30.04.2013 92.1 Short Int 0.81
7'258.61 1 Yr Total Return -11.17%
Total Debt 18.02 YTD Return -20.59%
Preferred Stock 0.0 Adjusted BETA 0.651
Minority Interest 166.1 Analyst Recs 10
Cash and Equivalents 390.76 Consensus Rating 4.400
Enterprise Value 7'051.98
Average Volume 5 Day 1'118'052
GOLD US EQUITY YTD Change - Average Volume 30 Day 831'432
GOLD US EQUITY YTD % CHANGE - Average Volume 3 Month 715'132
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
338.6 432.8 484.6 1'127.1 1'317.8 1'127.1 1'317.8 1'505.4 1'959.4 321.0 339.0
9.01x 15.50x 14.79x 7.97x 6.59x 28.37x 26.72x 4.74x 3.40x - -
97.3 142.3 164.3 581.9 699.2 581.9 699.2 726.0 1'126.2 - -
31.34x 47.15x 43.62x 15.44x 12.43x 15.44x 12.43x 9.72x 6.26x - -
41.6 69.4 103.5 383.9 431.8 383.9 431.8 431.0 696.9 75.3 85.0
78.87x 94.26x 72.03x 24.30x 20.57x 24.30x 20.57x 16.86x 10.71x 19.13x 16.43x
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 15.23% Short-Term Rating -
Return on Common Equity 17.95%
Return on Capital 20.07% EBITDA/Interest Exp. 582.65
Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 114.09
Net Debt/EBITDA -0.53
Gross Margin 51.1% Total Debt/EBITDA 0.03
EBITDA Margin 53.1%
EBIT Margin 43.1% Total Debt/Equity 0.7%
Net Income Margin 32.8% Total Debt/Capital 0.6%
Asset Turnover 0.46
Current Ratio 4.07 Net Fixed Asset Turnover 0.87
Quick Ratio 1.92 Accounts receivable turnover-days 15.35
Debt to Assets 0.58% Inventory Days -
Tot Debt to Common Equity 0.69% Accounts Payable Turnover Day -
Accounts Receivable Turnover 23.85 Cash Conversion Cycle 136.09
Inventory Turnover -
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
Randgold Resources Ltd
Price/Volume
Valuation Analysis
379'878.00
Current Price (4/dd/yy) Market Data
0
20
40
60
80
100
120
140
a-12 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 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. 30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 8'508'542 9.24 (57'745) 26.04.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 6'627'558 7.19 365'169 29.04.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 6'279'467 6.82 265'676 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 4'049'382 4.4 (992'666) 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
MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 1'487'200 1.61 954'000 31.03.2013 Investment Advisor
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 1'264'736 1.37 - 31.03.2013 Hedge Fund Manager
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 1'013'740 1.1 (96'778) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 947'594 1.03 (20'901) 31.03.2013 Investment Advisor
PAULSON & CO PAULSON & CO 13F 930'502 1.01 - 31.12.2012 Hedge Fund Manager
TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 891'270 0.97 (60'950) 31.03.2013 Hedge Fund Manager
INVESCO LTD n/a ULT-AGG 821'510 0.89 (72'716) 31.12.2012 Investment Advisor
GAMCO n/a ULT-AGG 818'535 0.89 1'320 31.12.2012 Unclassified
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 656'494 0.71 30'000 31.12.2012 Investment Advisor
ASA BERMUDA LIMITED ASA BERMUDA LIMITED 13F 444'700 0.48 - 31.12.2012 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 399'700 0.43 171'000 31.12.2012 Hedge Fund Manager
NIKKO ASSET MANAGEME n/a ULT-AGG 386'300 0.42 65'300 31.03.2013 Unclassified
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 385'000 0.42 - 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Dundee Securities Corp JOSH WOLFSON buy 5 M 105 Not Provided 30.04.2013
HSBC PATRICK CHIDLEY overweight 5 M 91 Not Provided 28.04.2013
Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 94 12 month 23.04.2013
BMO Capital Markets ANDREW BREICHMANAS outperform 5 U 100 Not Provided 14.04.2013
Canaccord Genuity Corp TIM DUDLEY buy 5 M 133 12 month 11.04.2013
Clarus Securities NANA SANGMUAH buy 5 M 120 12 month 01.04.2013
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. 30.04.2013
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: 12/yy
52-Week High (09.11.2012) 20.59
52-Week Low (17.04.2013) 11.02
Daily Volume
11.74
52-Week High % Change -43.22% Dividend Yield -
52-Week Low % Change 6.53% Beta 0.75
% 52 Week Price Range High/Low 10.24% Equity Float 749.79
Shares Out 28.03.2013 752.3 Short Int 7.18
8'832.17 1 Yr Total Return -18.91%
Total Debt 765.91 YTD Return -31.49%
Preferred Stock 0.0 Adjusted BETA 0.750
Minority Interest 46.8 Analyst Recs 23
Cash and Equivalents 349.59 Consensus Rating 4.304
Enterprise Value 9'295.29
Average Volume 5 Day 8'396'875
AUY US EQUITY YTD Change - Average Volume 30 Day 8'441'024
AUY US EQUITY YTD % CHANGE - Average Volume 3 Month 7'530'020
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
949.4 1'183.3 1'686.8 2'173.3 2'336.8 2'173.3 2'336.8 2'665.6 3'177.1 564.6 582.5
6.36x 7.39x 5.76x 5.04x 5.73x 18.01x 21.98x 3.52x 2.82x 16.75x 16.31x
438.9 575.5 884.1 1'262.7 1'269.4 1'271.5 1'502.0 1'479.5 1'859.7 313.0 302.3
13.76x 15.19x 11.00x 8.67x 10.56x 8.61x 8.92x 6.31x 5.02x 6.79x 6.80x
434.8 192.6 466.5 548.3 442.1 548.3 442.1 704.5 921.4 147.7 136.7
- - - - - 0.00x 0.00x 13.84x 10.35x 13.13x 11.94x
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 3.92% Short-Term Rating -
Return on Common Equity 5.79%
Return on Capital - EBITDA/Interest Exp. 22.03
Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. -4.66
Net Debt/EBITDA 0.28
Gross Margin 64.4% Total Debt/EBITDA 0.51
EBITDA Margin 64.3%
EBIT Margin 35.7% Total Debt/Equity 9.8%
Net Income Margin 18.9% Total Debt/Capital 8.9%
Asset Turnover 0.21
Current Ratio 1.38 Net Fixed Asset Turnover 0.24
Quick Ratio 0.78 Accounts receivable turnover-days 29.87
Debt to Assets 6.49% Inventory Days 69.74
Tot Debt to Common Equity 9.80% Accounts Payable Turnover Day 146.62
Accounts Receivable Turnover 12.25 Cash Conversion Cycle -62.98
Inventory Turnover 5.25
Fiscal Year Ended
Yamana Gold Inc
Price/Volume
Valuation Analysis
1'896'532.00
Current Price (4/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
a-12 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
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. 30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 78'066'044 10.38 - 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 39'560'804 5.26 6'000'156 31.03.2013 Investment Advisor
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 30'395'201 4.04 33'993 29.04.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 20'933'359 2.78 (281'596) 31.12.2012 Bank
ALLIANZ ASSET MANAGE n/a ULT-AGG 14'372'698 1.91 4'180'320 31.03.2013 Investment Advisor
GREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 13'228'300 1.76 (4'648'298) 31.12.2012 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
CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 8'387'255 1.11 (3'112'528) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 7'226'163 0.96 (304'473) 31.03.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 6'409'801 0.85 160'000 28.02.2013 Investment Advisor
CARMIGNAC GESTION CARMIGNAC GESTION 13F 6'398'774 0.85 6'398'774 31.12.2012 Investment Advisor
INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 6'246'128 0.83 6'246'128 31.12.2012 Investment Advisor
TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 6'019'943 0.8 783'343 31.03.2013 Hedge Fund Manager
UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 5'959'128 0.79 5'959'128 31.12.2012 Investment Advisor
FIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 5'822'420 0.77 352'746 31.03.2013 Investment Advisor
TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 5'761'349 0.77 5'761'349 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets DAN ROLLINS outperform 5 M 15 12 month 29.04.2013
Dundee Securities Corp JOSH WOLFSON neutral 3 D 17 12 month 29.04.2013
HSBC PATRICK CHIDLEY neutral 3 M 13 Not Provided 28.04.2013
Macquarie TONY LESIAK neutral 3 M 12 12 month 25.04.2013
Raymond James BRAD HUMPHREY outperform 5 M 20 12 month 24.04.2013
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
TD Securities STEVEN J GREEN buy 5 M 20 12 month 23.04.2013
Barclays FAROOQ HAMED overweight 5 M 17 Not Provided 23.04.2013
Credit Suisse ANITA SONI outperform 5 M 19 Not Provided 22.04.2013
Davenport & Co LLOYD T O'CARROLL buy 5 M 14 Not Provided 22.04.2013
Cormark Securities Inc. RICHARD GRAY buy 5 M 19 12 month 22.04.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 16.04.2013
BMO Capital Markets DAVID HAUGHTON outperform 5 M 22 Not Provided 15.04.2013
Canaccord Genuity Corp STEVEN BUTLER buy 5 M 21 12 month 15.04.2013
Davy BART JAWORSKI underperform 1 D #N/A N/A Not Provided 15.04.2013
CIBC World Markets ALEC KODATSKY sector outperform 5 M 25 Not Provided 11.04.2013
National Bank Financial STEPHEN PARSONS outperform 5 M 20 12 month 09.04.2013
Cowen Securities LLC ADAM P GRAF buy 5 M 16 Not Provided 09.04.2013
GMP GEORGE V ALBINO buy 5 M 22 Not Provided 02.04.2013
Veritas Investment Research Co PAWEL RAJSZEL sell 1 M 15 Not Provided 22.02.2013
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. 30.04.2013
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: 12/yy
52-Week High (04.06.2012) 12.09
52-Week Low (17.04.2013) 6.23
Daily Volume
7.12
52-Week High % Change -41.42% Dividend Yield -
52-Week Low % Change 14.29% Beta 0.75
% 52 Week Price Range High/Low 18.61% Equity Float -
Shares Out 07.03.2013 736.1 Short Int 5.43
5'241.38 1 Yr Total Return -34.07%
Total Debt 16'015.70 YTD Return -33.11%
Preferred Stock 0.0 Adjusted BETA 0.751
Minority Interest 1'803.9 Analyst Recs 3
Cash and Equivalents 5'195.60 Consensus Rating 3.000
Enterprise Value -
Average Volume 5 Day 6'587'472
GFI US EQUITY YTD Change - Average Volume 30 Day 6'128'878
GFI US EQUITY YTD % CHANGE - Average Volume 3 Month 5'750'875
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
23'009.5 29'086.9 31'565.3 25'263.7 28'915.8 29'609.9 42'193.5 28'557.2 30'284.2 - -
3.10x 2.56x 2.56x 3.99x 3.05x 13.11x 8.38x 2.10x 1.91x - -
8'713.0 10'955.0 11'960.3 13'527.5 14'243.0 13'851.2 20'100.6 12'491.6 14'066.7 - -
8.19x 6.80x 6.75x 7.45x 6.20x 0.00x 4.39x - - - -
4'457.5 1'535.6 3'631.4 7'026.7 5'658.1 7'026.7 5'658.1 4'000.8 5'404.3 - -
- - - - - 0.00x 0.00x 10.89x 8.53x - -
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 6.31% Short-Term Rating B
Return on Common Equity 11.52%
Return on Capital 9.18% EBITDA/Interest Exp. 24.36
Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 6.99
Net Debt/EBITDA 0.54
Gross Margin 38.7% Total Debt/EBITDA 0.80
EBITDA Margin 47.6%
EBIT Margin 33.6% 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 0.72
Quick Ratio 0.39 Accounts receivable turnover-days 15.92
Debt to Assets 16.85% Inventory Days -
Tot Debt to Common Equity 31.19% Accounts Payable Turnover Day -
Accounts Receivable Turnover 22.99 Cash Conversion Cycle 69.00
Inventory Turnover -
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
Gold Fields Ltd
Price/Volume
Valuation Analysis
899'045.00
Current Price (4/dd/yy) Market Data
0
2
4
6
8
10
12
14
a-12 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. 30.04.2013
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 35'916'727 4.88 1'204'375 29.04.2013 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 22'259'805 3.02 1'621'222 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 9'740'161 1.32 (96'300) 31.03.2013 Investment Advisor
THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 7'145'000 0.97 4'291'310 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 6'975'326 0.95 (1'745'314) 26.04.2013 Investment Advisor
PAULSON & CO PAULSON & CO 13F 6'541'600 0.89 - 31.12.2012 Hedge Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'270'156 0.85 1'864'617 31.03.2013 Investment Advisor
TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 5'423'998 0.74 (1'957'356) 31.12.2012 Investment Advisor
RUFFER LLP RUFFER LLP 13F 5'396'309 0.73 (21'230) 31.03.2013 Hedge Fund Manager
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 5'162'800 0.7 (1'012'600) 31.12.2012 Hedge Fund Manager
WELLS FARGO n/a ULT-AGG 4'906'608 0.67 (128'413) 31.03.2013 Investment Advisor
GAMCO n/a ULT-AGG 4'470'669 0.61 (469'100) 31.12.2012 Unclassified
UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 4'338'700 0.59 (368'600) 31.12.2012 Investment Advisor
INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 3'938'303 0.53 (21'100) 31.12.2012 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 3'774'300 0.51 (145'200) 31.12.2012 Hedge Fund Manager
PASSPORT CAPITAL LLC PASSPORT CAPITAL LLC 13F 3'394'316 0.46 3'394'316 31.12.2012 Hedge Fund Manager
FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 2'993'616 0.41 382'294 31.12.2012 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. 30.04.2013
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: 12/yy
52-Week High (01.11.2012) 41.30
52-Week Low (18.04.2013) 21.79
Daily Volume
23.62
52-Week High % Change -43.00% Dividend Yield -
52-Week Low % Change 8.40% Beta 1.08
% 52 Week Price Range High/Low 11.53% Equity Float 353.96
Shares Out 28.03.2013 354.4 Short Int 1.87
8'371.72 1 Yr Total Return -21.63%
Total Debt 50.06 YTD Return -34.24%
Preferred Stock 0.0 Adjusted BETA 1.076
Minority Interest 0.0 Analyst Recs 15
Cash and Equivalents 778.22 Consensus Rating 4.600
Enterprise Value 7'643.56
Average Volume 5 Day 7'005'716
SLW US EQUITY YTD Change - Average Volume 30 Day 6'268'902
SLW US EQUITY YTD % CHANGE - Average Volume 3 Month 5'010'694
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
166.7 239.3 423.4 730.0 849.6 730.0 849.6 1'000.6 1'128.0 242.6 228.8
12.14x 21.12x 31.91x 13.01x 14.18x 62.08x 52.82x 8.78x 7.82x 37.92x 40.32x
105.5 158.5 316.2 618.8 701.5 618.8 701.5 831.0 945.1 197.3 181.3
19.18x 31.87x 42.72x 15.35x 17.17x 15.35x 17.17x 9.22x 8.11x 9.69x 9.88x
17.3 117.9 153.4 550.0 586.0 550.0 586.0 600.1 686.8 144.5 124.0
- - - - - 0.00x 0.00x 14.87x 13.40x 14.89x 14.31x
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 19.34% Short-Term Rating -
Return on Common Equity 20.34%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.28% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -1.04
Gross Margin 74.3% Total Debt/EBITDA 0.07
EBITDA Margin 82.6%
EBIT Margin 70.6% Total Debt/Equity 1.6%
Net Income Margin 69.0% Total Debt/Capital 1.6%
Asset Turnover 0.28
Current Ratio 15.88 Net Fixed Asset Turnover 0.41
Quick Ratio 15.86 Accounts receivable turnover-days 2.17
Debt to Assets 1.57% Inventory Days -
Tot Debt to Common Equity 1.61% Accounts Payable Turnover Day 24.47
Accounts Receivable Turnover 168.45 Cash Conversion Cycle -
Inventory Turnover -
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
Silver Wheaton Corp
Price/Volume
Valuation Analysis
1'106'991.00
Current Price (4/dd/yy) Market Data
0
5
10
15
20
25
30
35
40
45
a-12 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
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. 30.04.2013
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 14'931'769 4.21 (446'773) 29.04.2013 Investment Advisor
CARMIGNAC GESTION CARMIGNAC GESTION 13F 13'917'000 3.93 13'917'000 31.12.2012 Investment Advisor
CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 8'175'300 2.31 (31'900) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 7'447'807 2.1 (6'668'009) 31.03.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 6'662'901 1.88 830'039 31.12.2012 Bank
TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 6'495'536 1.83 (1'461'400) 31.12.2012 Investment Advisor
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 4'728'500 1.33 20'000 31.12.2012 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 3'789'248 1.07 (27'067) 31.12.2012 Investment Advisor
TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 3'473'930 0.98 (35'700) 31.03.2013 Hedge Fund Manager
GREAT WEST LIFE ASSU GREAT WEST LIFE ASSU 13F 3'099'463 0.87 (230'385) 31.03.2013 Insurance Company
CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 2'913'501 0.82 700'890 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 2'750'546 0.78 (488'041) 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 2'708'496 0.76 (136'469) 31.03.2013 Unclassified
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 2'633'600 0.74 986'200 31.12.2012 Hedge Fund Manager
FIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 2'612'842 0.74 283'586 31.03.2013 Investment Advisor
SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 2'596'512 0.73 665'106 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie TONY LESIAK neutral 3 M 27 12 month 26.04.2013
Credit Suisse RALPH M PROFITI outperform 5 M 37 Not Provided 24.04.2013
Raymond James BRAD HUMPHREY outperform 5 M 42 12 month 24.04.2013
Scotia Capital TREVOR TURNBULL focus stock 5 M 50 12 month 23.04.2013
TD Securities DANIEL EARLE buy 5 M 37 12 month 23.04.2013
RBC Capital Markets DAN ROLLINS outperform 5 M 33 12 month 19.04.2013
JPMorgan JOHN BRIDGES overweight 5 M 40 6 month 19.04.2013
BMO Capital Markets ANDREW KAIP outperform 5 M 40 Not Provided 15.04.2013
Canaccord Genuity Corp STEVEN BUTLER buy 5 M 45 Not Provided 15.04.2013
CIBC World Markets COSMOS CHIU sector outperform 5 M 45 Not Provided 11.04.2013
GMP CHELSEA HAMILTON buy 5 M 47 Not Provided 02.04.2013
Salman Partners DAVID WEST top pick 5 M 48 12 month 01.04.2013
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. 30.04.2013
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: 12/yy
52-Week High (06.06.2012) 38.31
52-Week Low (17.04.2013) 17.45
Daily Volume
18.58
52-Week High % Change -51.63% Dividend Yield -
52-Week Low % Change 6.48% Beta 0.77
% 52 Week Price Range High/Low 7.14% Equity Float -
Shares Out 25.04.2013 383.7 Short Int 3.22
7'158.94 1 Yr Total Return -45.34%
Total Debt 30'375.96 YTD Return -40.64%
Preferred Stock 0.0 Adjusted BETA 0.769
Minority Interest 186.5 Analyst Recs 6
Cash and Equivalents 7'562.20 Consensus Rating 4.000
Enterprise Value -
Average Volume 5 Day 2'094'489
AU US EQUITY YTD Change - Average Volume 30 Day 2'658'774
AU US EQUITY YTD % CHANGE - Average Volume 3 Month 2'367'474
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
29'774.0 30'745.0 38'833.0 47'849.0 52'160.3 47'846.3 51'994.5 59'969.9 62'195.1 - -
3.48x 3.88x 3.60x 3.00x 2.30x 11.44x 9.54x 1.51x 1.36x - -
3'278.0 (2'435.0) 9'720.0 20'443.0 19'105.5 20'438.6 18'922.1 22'063.8 25'016.6 - -
31.64x - 14.37x 7.03x 6.28x 7.03x 6.28x - - - -
(16'138.0) (2'762.0) 637.0 11'282.0 6'814.6 11'269.3 6'452.4 8'402.6 8'562.1 - -
- - - - - 0.00x 0.00x 8.67x 7.12x - -
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 7.08% Short-Term Rating -
Return on Common Equity 15.88%
Return on Capital 12.20% EBITDA/Interest Exp. 10.07
Asset Turnover 0.54% (EBITDA-Capex)/Interest Exp. 2.46
Net Debt/EBITDA 1.16
Gross Margin 36.1% Total Debt/EBITDA 1.54
EBITDA Margin 36.6%
EBIT Margin 24.1% Total Debt/Equity 65.8%
Net Income Margin 13.1% Total Debt/Capital 39.6%
Asset Turnover 0.54
Current Ratio 1.37 Net Fixed Asset Turnover 0.90
Quick Ratio 0.70 Accounts receivable turnover-days 23.61
Debt to Assets 28.22% Inventory Days 105.75
Tot Debt to Common Equity 65.78% Accounts Payable Turnover Day 73.67
Accounts Receivable Turnover 15.50 Cash Conversion Cycle 55.66
Inventory Turnover 3.46
Fiscal Year Ended
AngloGold Ashanti Ltd
Price/Volume
Valuation Analysis
384'138.00
Current Price (4/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
a-12 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. 30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PAULSON & CO PAULSON & CO 13F 28'203'999 7.35 (199'546) 31.12.2012 Hedge Fund Manager
VAN ECK ASSOCIATES C n/a ULT-AGG 15'624'679 4.07 1'302'862 29.04.2013 Investment Advisor
NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 11'768'176 3.07 (511'763) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 8'747'623 2.28 (128'150) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 6'722'122 1.75 (133'085) 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 5'693'290 1.48 164'885 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 5'230'372 1.36 (1'261'046) 26.04.2013 Investment Advisor
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 4'945'084 1.29 (259'531) 31.03.2013 Hedge Fund Manager
TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 4'186'865 1.09 (559'541) 31.12.2012 Investment Advisor
DUPONT CAPITAL MANAG DUPONT CAPITAL MANAG 13F 3'731'629 0.97 3'731'629 31.03.2013 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 3'240'700 0.84 (420'800) 31.12.2012 Hedge Fund Manager
NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 2'740'632 0.71 162'163 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 2'635'169 0.69 (10'100) 31.12.2012 Investment Advisor
PLATINUM INVESTMENT PLATINUM INVESTMENT 13F 2'204'815 0.57 147'000 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'741'097 0.45 (461'493) 31.12.2012 Investment Advisor
UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 1'718'056 0.45 (681'300) 31.12.2012 Investment Advisor
GAMCO n/a ULT-AGG 1'612'030 0.42 88'230 31.12.2012 Unclassified
INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 1'609'197 0.42 (8'000) 31.12.2012 Investment Advisor
NIKKO ASSET MANAGEME n/a ULT-AGG 1'607'200 0.42 252'500 31.03.2013 Unclassified
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 1'542'152 0.4 - 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC PATRICK CHIDLEY overweight 5 M 31 Not Provided 28.04.2013
Societe Generale BRUCE ALWAY hold 3 M 25 12 month 26.04.2013
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. 30.04.2013
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: 12/yy
52-Week High (06.06.2012) 42.73
52-Week Low (30.04.2013) 19.42
Daily Volume
19.78
52-Week High % Change -53.83% Dividend Yield -
52-Week Low % Change 1.85% Beta 0.57
% 52 Week Price Range High/Low 4.57% Equity Float -
Shares Out 04.02.2013 274.9 Short Int 2.14
5'452.05 1 Yr Total Return -51.18%
Total Debt 179.30 YTD Return -44.29%
Preferred Stock 0.0 Adjusted BETA 0.570
Minority Interest 262.3 Analyst Recs 13
Cash and Equivalents 241.22 Consensus Rating 3.308
Enterprise Value 5'652.47
Average Volume 5 Day 1'574'176
BVN US EQUITY YTD Change - Average Volume 30 Day 1'384'438
BVN US EQUITY YTD % CHANGE - Average Volume 3 Month 1'497'047
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
766.6 881.5 1'103.8 1'556.6 1'563.5 1'556.6 1'508.9 1'722.0 1'853.9 425.0 408.3
6.61x 9.30x 10.85x 6.05x 6.00x 24.64x 25.51x 2.95x 2.55x - -
(54.4) 351.5 475.4 820.2 571.9 629.3 571.9 753.2 849.7 290.0 214.0
- 23.33x 25.19x 11.49x 16.39x 14.97x 16.39x 7.51x 6.66x 5.32x -
153.3 593.6 660.8 858.9 684.7 858.9 684.7 714.9 729.6 162.3 138.0
33.61x 14.29x 18.66x 11.16x 13.40x 11.16x 13.40x 7.30x 7.17x 7.87x 8.05x
EBITDA 571.92 Long-Term Rating Date -
EBIT 418.23 Long-Term Rating -
Operating Margin 26.75% Long-Term Outlook -
Pretax Margin 56.63% Short-Term Rating Date -
Return on Assets 16.03% Short-Term Rating -
Return on Common Equity 19.90%
Return on Capital 19.50% EBITDA/Interest Exp. 68.99
Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. 15.56
Net Debt/EBITDA -0.11
Gross Margin 39.7% Total Debt/EBITDA 0.31
EBITDA Margin 37.9%
EBIT Margin 27.7% Total Debt/Equity 4.8%
Net Income Margin 43.8% Total Debt/Capital 4.3%
Asset Turnover 0.35
Current Ratio 2.30 Net Fixed Asset Turnover 1.54
Quick Ratio 1.42 Accounts receivable turnover-days 52.03
Debt to Assets 3.91% Inventory Days 65.70
Tot Debt to Common Equity 4.84% Accounts Payable Turnover Day 70.83
Accounts Receivable Turnover 7.03 Cash Conversion Cycle 45.41
Inventory Turnover 5.57
Fiscal Year Ended
Cia de Minas Buenaventura SA
Price/Volume
Valuation Analysis
544'174.00
Current Price (4/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
a-12 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. 30.04.2013
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) 26.04.2013 Investment Advisor
VONTOBEL ASSET MANAG VONTOBEL ASSET MANAG 13F 12'497'006 4.55 4'814'696 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 12'079'992 4.39 349'674 29.04.2013 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 4'777'677 1.74 371'700 29.04.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 4'709'673 1.71 136'724 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 4'343'301 1.58 (1'580'101) 31.03.2013 Investment Advisor
THE BANK OF NOVA SCO THE BANK OF NOVA SCO 13F 2'559'961 0.93 (1'514'324) 31.12.2012 Investment Advisor
HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 2'471'676 0.9 558'323 31.12.2012 Unclassified
NORGES BANK NORGES BANK 13F 2'298'752 0.84 1'801'505 31.12.2012 Government
UNITED SERVICES AUTO UNITED SERVICES AUTO 13F 1'806'500 0.66 (22'000) 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 1'778'056 0.65 (70'363) 31.12.2012 Investment Advisor
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 1'651'026 0.6 224'921 31.12.2012 Investment Advisor
CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 1'460'432 0.53 (302'643) 31.12.2012 Investment Advisor
PARAMETRIC PORTFOLIO PARAMETRIC PORTFOLIO 13F 1'434'207 0.52 33'736 31.03.2013 Investment Advisor
GAMCO n/a ULT-AGG 1'112'800 0.4 - 31.12.2012 Unclassified
ING INV MANAGEMENT E ING INVESTMENT MANAG 13F 1'110'680 0.4 (475'416) 31.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 1'097'662 0.4 (1'561) 28.02.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 1'002'949 0.36 245'358 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
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 29.04.2013
Grupo Santander WALTER CHIARVESIO buy 5 M 33 Not Provided 23.04.2013
Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 25 12 month 23.04.2013
JPMorgan JOHN BRIDGES neutral 3 M 34 6 month 19.04.2013
Inteligo SAB LALI MERINO buy 5 M 32 Not Provided 16.04.2013
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
Banco de Credito del Peru HECTOR JOSUE COLLANTES hold 3 M 33 Not Provided 01.03.2013
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. 30.04.2013
New Gold Inc. is a natural resource company. The Company acquires, explores,
and develops gold properties.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (21.09.2012) 12.84
52-Week Low (15.04.2013) 6.25
Daily Volume
7.65
52-Week High % Change -41.04% Dividend Yield -
52-Week Low % Change 22.40% Beta 0.97
% 52 Week Price Range High/Low 23.07% Equity Float 461.42
Shares Out 28.03.2013 476.4 Short Int 3.14
3'644.45 1 Yr Total Return -15.93%
Total Debt 847.80 YTD Return -30.64%
Preferred Stock 0.0 Adjusted BETA 0.972
Minority Interest 0.0 Analyst Recs 15
Cash and Equivalents 687.80 Consensus Rating 4.600
Enterprise Value 3'804.45
Average Volume 5 Day 4'347'746
NGD US EQUITY YTD Change - Average Volume 30 Day 3'464'131
NGD US EQUITY YTD % CHANGE - Average Volume 3 Month 3'137'420
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
143.1 323.8 530.5 695.9 791.3 695.9 791.3 987.8 1'031.1 228.0 271.5
2.55x 4.31x 6.83x 6.62x 6.86x 25.77x 25.89x 3.77x 3.54x - -
13.8 110.4 239.2 344.0 390.1 344.0 390.1 565.3 644.8 123.0 142.0
26.46x 12.64x 15.15x 13.39x 13.91x 13.39x 13.91x 6.72x 5.89x 6.93x -
(102.7) (194.3) 47.5 179.0 199.0 179.0 198.9 233.3 282.6 47.5 66.9
- - - - - 0.00x 0.00x 17.21x 14.44x 16.29x 14.36x
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 5.30% Short-Term Rating -
Return on Common Equity 8.02%
Return on Capital - EBITDA/Interest Exp. 23.79
Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. -7.68
Net Debt/EBITDA 0.41
Gross Margin 85.3% Total Debt/EBITDA 2.17
EBITDA Margin 49.3%
EBIT Margin 34.6% Total Debt/Equity 31.7%
Net Income Margin 25.1% Total Debt/Capital 24.1%
Asset Turnover 0.21
Current Ratio 5.18 Net Fixed Asset Turnover 0.27
Quick Ratio 4.15 Accounts receivable turnover-days 19.54
Debt to Assets 19.79% Inventory Days 172.84
Tot Debt to Common Equity 31.68% Accounts Payable Turnover Day 78.91
Accounts Receivable Turnover 18.73 Cash Conversion Cycle 287.67
Inventory Turnover 2.12
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
New Gold Inc
Price/Volume
Valuation Analysis
830'932.00
Current Price (4/dd/yy) Market Data
0
2
4
6
8
10
12
14
a-12 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. 30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 62'551'684 13.13 - 26.04.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 51'620'702 10.84 - 29.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 35'745'701 7.5 (2'416'637) 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
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 13'670'324 2.87 4'853'453 31.12.2012 Investment Advisor
MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 12'987'264 2.73 1'051'834 31.03.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 12'693'570 2.66 - 28.02.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 10'060'721 2.11 148'803 31.12.2012 Bank
RS INVESTMENT MANAGE RS INVESTMENT MANAGE 13F 9'900'164 2.08 258'671 31.12.2012 Investment Advisor
TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 8'366'671 1.76 (127'400) 31.03.2013 Hedge Fund Manager
CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 6'168'803 1.29 (1'836'450) 31.12.2012 Investment Advisor
FIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 6'040'968 1.27 3'201'270 31.03.2013 Investment Advisor
GCIC LTD/CANADA GOODMAN & COMPANY IN 13F 5'839'800 1.23 45'000 31.12.2012 Investment Advisor
LASSONDE PIERRE n/a SEDI 5'645'000 1.18 - 22.03.2012 n/a
INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 5'417'566 1.14 434'429 31.12.2012 Investment Advisor
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
JP MORGAN n/a ULT-AGG 4'883'382 1.03 (27'471) 31.03.2013 Investment Advisor
OLIPHANT RANDALL n/a SEDI 4'570'855 0.96 320'855 23.11.2012 n/a
PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 4'393'260 0.92 49'900 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets DAN ROLLINS outperform 5 M 9 12 month 29.04.2013
TD Securities STEVEN J GREEN buy 5 M 11 12 month 23.04.2013
Credit Suisse ANITA SONI outperform 5 M 13 Not Provided 22.04.2013
Cormark Securities Inc. RICHARD GRAY buy 5 M 14 12 month 22.04.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 16.04.2013
BMO Capital Markets ANDREW KAIP outperform 5 M 12 Not Provided 15.04.2013
Canaccord Genuity Corp STEVEN BUTLER buy 5 M 13 12 month 15.04.2013
CIBC World Markets ALEC KODATSKY sector perform 3 M 12 Not Provided 11.04.2013
National Bank Financial STEPHEN PARSONS outperform 5 M 12 12 month 09.04.2013
Casimir Capital STUART MCDOUGALL strong buy 5 M 16 12 month 09.04.2013
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
GMP GEORGE V ALBINO buy 5 M 15 Not Provided 05.04.2013
Mackie Research Capital Corp. BARRY D ALLAN hold 3 M 10 Not Provided 12.03.2013
Holdings By:
New Gold Inc
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

26. 30.04.2013
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 (30.04.2013) 30.36
Daily Volume
30.78
52-Week High % Change -46.33% Dividend Yield -
52-Week Low % Change 1.38% Beta 0.61
% 52 Week Price Range High/Low 1.34% Equity Float 171.63
Shares Out 28.03.2013 172.5 Short Int 1.76
5'309.59 1 Yr Total Return -21.46%
Total Debt 842.96 YTD Return -41.01%
Preferred Stock 0.0 Adjusted BETA 0.608
Minority Interest 0.0 Analyst Recs 25
Cash and Equivalents 351.28 Consensus Rating 3.560
Enterprise Value 5'801.23
Average Volume 5 Day 2'469'627
AEM US EQUITY YTD Change - Average Volume 30 Day 1'849'147
AEM US EQUITY YTD % CHANGE - Average Volume 3 Month 1'669'496
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 1'730.6 2'077.4 388.7 439.2
21.80x 14.47x 9.45x 3.75x 4.96x 18.58x 18.17x 3.52x 2.92x 15.22x 13.58x
94.9 202.5 601.8 752.9 787.4 801.6 735.0 631.8 895.0 191.8 158.3
84.80x 43.86x 22.34x 9.08x 12.08x 7.78x 10.31x 9.23x 6.51x 7.98x 8.64x
73.2 86.5 332.1 (568.9) 310.9 (535.6) 256.2 202.0 330.6 25.1 56.7
- - - - - 0.00x 0.00x 28.79x 17.31x 26.20x 21.65x
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 0.67
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
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
Agnico Eagle Mines Ltd
Price/Volume
Valuation Analysis
486'177.00
Current Price (4/dd/yy) Market Data
0
10
20
30
40
50
60
a-12 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 |