Canadian Mining Eye Q3 2013

The Canadian Mining Eye tracks Canadian mining sector performance of 100 TSX and TSXV mid-tier and junior companies with market capitalizations at the end of Q3 2013 between $1.4b and $55m. These companies trade on the TSX and TSXV, though some of them are headquartered outside Canada. Movements and analysis of the index are reported quarterly.

To receive copies of the Canadian Mining Eye, please contact Stephanie Dimou at +1 416 943 5438 or stephanie.dimou@ca.ey.com.

All company information is sourced from publicly available sources, including company websites and regulatory announcements.

Please note, all $ refers to Canadian dollars unless otherwise indicated.

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Focus on cost management continues Canadian mining equities witnessed a slight improvement in performance during the third quarter, but cautious investor sentiment remains. The Canadian Mining Eye index increased 5% in Q3 2013, but has fallen 50% in the past 12 months.

Approximately half the index constituents are gold companies, and in that context we note that gold prices witnessed a moderate recovery during Q3, underpinned by increased demand following speculation of US intervention in Syria. Further, gold prices were supported by the US Federal Reserve’s decision to abstain from decreasing the pace of monthly bond purchases. As the US debt ceiling deadline loomed, gold prices continued to react to changing sentiments around the political machinations. Following the short-term agreement to raise the US debt ceiling, Dagong Global Credit Rating Co. cut its local and foreign currency credit rating for the US to A- from A. This again helped to underpin gold prices.

With muted investments across the mining sector, capital access remains challenging for mining companies.

Amid challenging market conditions, Canadian mining companies are focused on their core business — the business of mining efficiently and thereby focusing on operating costs. Because of this, larger miners continue to focus on disposing non-core assets to optimize their portfolios. Though mining companies are more focused on their balance sheet, deteriorating cash and market capitalization will make raising capital a more challenging task going forward, especially given the muted transactional activity in the sector.

For an industry perspective, read our conversation with Scott Perry, President and CEO of AuRico Gold Inc., on page 5.Jay Patel

Canadian Mining & Metals Transactions Leader +1 416 943 3861 jay.patel@ca.ey.com

Bruce Sprague Canadian Mining & Metals Leader +1 604 891 8415 bruce.f.sprague@ca.ey.com

2 | Canadian Mining Eye Q3 2013

Q3 2013 Mining Eye in review

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Mining Eye index and S&P/TSX Composite index performance over Q3 2013Source: EY, Thomson Datastream

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Mining Eye index and peers over Q3 2013Source: EY, Thomson Datastream

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Mining Eye index and S&P/TSX Composite index performance, last 12 monthsSource: EY, Thomson Datastream

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Canadian Mining Eye index and S&P/TSX Composite index performance over Q3 2013Source: EY, Thomson Datastream.

Canadian Mining Eye index and peers over Q3 2013Source: EY, Thomson Datastream.

Canadian Mining Eye index and S&P/TSX Composite index performance, last 12 monthsSource: EY, Thomson Datastream.

Canadian Mining Eye index and peers, last 12 monthsSource: EY, Thomson Datastream.

Canadian Mining Eye Q3 2013 | 3

The Canadian Mining Eye index gained a moderate 5% over Q3 2013, compared with a 34% decline over Q2 2013 and a 50% decline over the last 12 months. The S&P/TSX Composite index gained 5% over Q3 2013. This indicates that the performance of the Canadian Mining Eye index was in line with the performance of the broader market over the last quarter. The London Metal Exchange index (LMEX) also gained 7% in Q3 2013.

The market witnessed some improvement in metal prices in Q3 2013, as the US Federal Reserve refrained from reducing the pace of monthly bond purchases to stimulate demand. While the performance of metal prices is highly correlated with the expectations from US monetary policy, the Federal Reserve Chairman’s comment that a reduction in asset purchases would depend on economic performance underpinned metal prices in Q3.

Gold prices were up 9% in Q3 2013. Gold prices rebounded to levels above US$1,300 an ounce in the quarter, although sustainability of a recovery is uncertain due to lack of catalysts. Demand for gold has been impacted by India’s decision to increase the import duty on the metal to manage the country’s high current account deficit. India curbed gold imports by increasing the duty on bullion for the third time in 2013 to 10%. Gold prices in India fell 9% year over year in July 2013 in terms of the Indian rupee, as compared to a 19% year-over-year drop in LME prices. As the Indian rupee depreciates against the US dollar, gold is becoming expensive for Indian consumers in their domestic currency, and any change in consumption trends in countries such as India and China will have an impact, although for the time being gold provides Indian consumers with a financial hedge.

Majors witnessed a 3% gain in Q3 2013, compared to a 25% decline in Q2 2013. The gain over the last quarter did not benefit investors much due to the significant value erosion in past quarters. With persistent uncertainty in metal prices, companies are more focused on managing their cost and improving operating efficiencies.

The global potash industry stumbled in Q3 2013 after Uralkali, a Russian fertilizer producer, announced its plan to exit a marketing joint venture with Belarus-based producer Belaruskali. Uralkali ended a production restriction that underpinned global prices and decided to sell potash on its own.

Canada’s potash cartel lost its pricing power with the breakdown of its Russian counterparts. Canpotex — the marketing arm of Potash Corp., The Mosaic Co. and Agrium Inc. — is left to react to unconstrained supply. This has and will impact potash equity values.

Against a backdrop of challenging capital access, we note that 55% of the total TSX and TSXV constituents have their market cap at less than or equal to $5m. These mining companies witnessed their market capitalization fall substantially, posing a major threat to investor confidence. With their cash position declining, the ability of these companies to raise capital will be constrained.

Share price movement over Q1 2013 by commodity group

-30% -20% -10% 0% 10% 20% 30%

UraniumFertlilizer minerals

Royalty and streamingDiamonds

Platinum group metalsSilverGold

Base metalsDiversified metals and mining

Technology mineralsCoal and consumable fuels

Chart 5. Share price movement over Q3 2013 by commodity group

36,746 33,297

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Cash 2012 Cash 2013 MC 2012 MC 2013

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Cash and MV analysis

Source: Removed Dakar Resource Corp, James Bay Resources Limited, Searchgold, Fairmile GoldTech Inc, Pro Minerals Inc., Yankee Hat Minerals Ltd, United Uranium Corp

4 | Canadian Mining Eye Q3 2013

OutlookDespite a moderate improvement in the Canadian Mining Eye index this quarter, the near-term performance of the sector remains uncertain. Mining companies have and continue to respond to softer prices by trimming their input costs and rationalizing their asset portfolios, while debt levels on their balance sheet continue to pose risk.

While the sector continues to face headwinds in raising capital, mining companies have started to focus inward on their operations. Companies are preparing themselves for the near-term challenges due to decelerating metal prices. Most miners’ finance teams are working closely with operations management to plan scenarios to manage downside metal price risks. The debt market witnessed a few fundraising deals in the sector, but accessing debt capital at favorable terms will be increasingly tough going forward if market capitalizations continue to erode.

With the near-term outlook for precious metals remaining cautious, investors continue to be restrained. In these uncertain market conditions, we look forward to seeing mining companies sustain portfolio growth and be innovative in their approach to tap any potential funding opportunities available in the market.

with operational efficiency. With cost rationalization a high priority, companies are leveraging their strategic assets and their location. For instance, Glencore and Vale are discussing the potential of combining their nickel operations in Canada’s Sudbury basin to reduce costs.

Cease or delay expenditure The market is not discriminating on costs being reduced as a more short-term cash flow focus takes hold. Because of this, mining companies have begun to reduce exploration expenditure to preserve cash for survival and withstand market pressures. For example, Teranga Gold announced it was changing strategy and reducing exploration and reserve development expenditures.

Alternative financing optionsThe overall market condition remained fragile, with a challenging macro environment discouraging fresh investments into the sector. But there was still some capital available for companies equipped to explore their options. Equity markets remained tough for raising funds, but there was some liquidity.

Focus on cost management continues Mining companies continue to focus on rigorous cost control to withstand turbulent times and respond to uncertainty in commodity prices. Managing cost remains very challenging for majors and mid-tier companies. While M&A transactions remained subdued in the sector over the quarter, miners were looking at strategic options like joint venturing with their counterparts to manage cost, optimize assets and drive operational efficiency. With restricted access to capital, cost pressure and cash burn, companies are eyeing any potential turnaround in the sector and relief in cost pressures.►• ► Managing cost►• ► Cease or delay expenditures►• ► Alternative financing options►• ► Non-core asset disposals

Managing costCompanies are looking out for innovative approaches to manage costs. And while they’re taking a long-term view, the focus is on balancing cost reduction

B2 Gold Corp. raised US$258.75m from qualified institutional buyers through five-year convertible senior subordinated notes to finance general operations. Colossus Minerals raised $37.95m through an overnight marketed public offering to provide financing for its Serra Pelada goldplatinum group metals (PGM) project in order to complete the process plant and for its working capital requirements. Walter Energy announced a private offering of US$450m to qualified institutional buyers to refinance its term loan and fund its business operations. MBAC Fertilizer raised US$35.4m through unsecured loan facilities from Banco Itaú BBA S.A. to provide working capital and financing for its Itafόs operations in Brazil.

Non-core asset disposalA few companies announced the disposal of non-core assets in order to raise cash and focus on core assets. Majors are also following the disciplined approach to capital allocation. For instance, Barrick Gold announced an agreement to dispose of its Yilgarn South assets in Western Australia.

Alacer Gold sold its Australian business unit to a subsidiary of Metals X. Rio Tinto is looking to divest its stake in Canada-based Iron Ore Co. However, a valuation gap is likely expected as iron ore prices have climbed some 29% since the end of May as Chinese steel demand recovers.

Portfolio with high-quality assetsScott, we see a number of mining companies rationalizing their portfolios. Where do you see AuRico in this regard, and what are some insights you can share?

At AuRico, we are fortunate in that after the Northgate transaction we asked ourselves what kind of company we wanted to build. And as part of that strategic review, we focused on four key criteria which all our assets had to meet: be at the lower end of the cost curve, have a long mine life, have organic growth potential, and be located in a politically friendly jurisdiction. Following that review, we divested some assets and distributed US$300 million of capital back to our shareholders. Today, we maintain a long-term perspective on the mining sector, and our criteria for investment remain the same — our assets have to meet all four key criteria.

Capital planningHow have your investment decisions changed with the change in gold prices?

Our investment criteria for our operating assets are unchanged given where our assets are on the cost curve. Equally, our investment criteria for development assets are unchanged, as we maintain a keen focus on de-risking prior to a decision to move forward. We would not move forward on construction at any asset until it is fully permitted. We continue to take a long-term view and focus primarily on, as best possible, maximizing the intrinsic net asset value of our assets. We routinely share and discuss our perspective with our shareholders, who, like us, have confidence in the sector over the long term.

GrowthDo you see AuRico undertaking a major acquisition, given your outlook for the sector and the current buying opportunities from a valuation perspective?

We continue to look for opportunities that meet the four criteria that I mentioned. Our focus remains in the North American time zone, which may suggest that there must be ample buying opportunities. However, we are of the view that only a handful of assets would meet our criteria, and equally, we would want to fully understand a seller’s motivations. After all, sellers are smart, too. In the short term, though, our number-one focus is on the existing asset base and how best to achieve an appropriate level of valuation in terms of what’s being ascribed by the investment community and the wider capital markets.

Cost reductionAre you seeing relief on costs?

Some costs are coming down. As an example, drilling costs are down and availability of drill rigs has improved. We are also seeing some relief on contract mining costs. However, labor costs are sticky. While certain mining costs are widely seen as variable, they actually are not. As an example, power is needed throughout the day for continuous operations. For the industry, increasing metal prices have hidden inefficiencies; as such, efficiency and productivity remain a key lever to bring unit costs down. To this end, we have rethought our compensation mechanisms and are incentivizing relevant metrics. As an example, our reward metrics are now based on meeting development targets as opposed to simply rewarding production. Production at any cost has impacted the industry’s operating and capital costs.

Final wordScott, given your positive outlook on the sector, any final words?

Mining is a long-term business, and so our focus is to make the right decisions as opposed to being influenced by the trend of the day. Like Warren Buffett said, the market is designed to transfer wealth from the impatient to the patient. I remain encouraged as the industry focuses on fundamentals and we return to long-term fundamental investing and management.

Recently, EY Canada partner Brendan Gallagher, leader of the Capital Equipment Valuation practice, met with Scott Perry, President and CEO of AuRico Gold Inc., for an industry perspective. Following are highlights of their conversation.

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Canadian Mining Eye Q3 2013 | 5

6 | Canadian Mining Eye Q3 2013

Winners in Q3 2013

Fallers in Q3 2013

Out of the 100 Mining Eye index constituents, 59 companies realized a net gain in Q3 2013, compared to just four companies in Q2 2013. Positive project updates, along with strong Q2 financial results, were rewarded with share price rises over the quarter.

Guyana Goldfields emerged as the top winner this quarter, with a 67% share price appreciation, fuelled by strong ratings from a number of analysts.

SEMAFO’s shares climbed 60% over the quarter on the back of better-than-expected Q2 2013 results, with US$116.4m in cash, US$145.7m in working capital and no debt placing it in a strong financial position.

Orocobre’s share price gained 60% this quarter, largely in response to the announcement of commissioning of its first production wells and the filling of the first evaporation pond at its flagship project, Salar de Olaroz Lithium-Potash-Boron — four weeks ahead of schedule and on budget.

The share price of Centamin climbed 54% during the quarter on the back of strong Q2 2013 results. Gold production stood at better-than-expected 93.6Koz, representing an 8% quarter-on-quarter and 39% year-on-year increase.

Ivanhoe Mines appreciated 45% over the quarter. The company announced that it plans to begin shaft sinking at its Platreef PGM project in South Africa. Ivanhoe also proposed a two-stage development plan for its Kamoa mine.

The share prices of 41 companies included in the 100 Canadian Mining Eye index universe suffered a net decline over the quarter, falling by an average 15%, as a result of company-specific news and quarterly operating and earning updates.

The share price of Karnalyte Resources suffered the largest decline, decreasing 68% in Q3 2013. Karnalyte’s shares were primarily impacted by Uralkali’s withdrawal of its joint marketing venture with Belarusian Potash Company. This move is expected to break the duopoly and result in a fall in potash prices.

Paladin Energy, a uranium exploration and development company, plummeted by 45% during the quarter, mainly due to the termination of its strategic negotiations for the sale of a minority interest in Langer Heinrich.

Lydian International lost 44% over the quarter, following the announcement that the company’s feasibility study for its Amulsar gold project in Armenia was behind schedule. The delay followed an Armenian Government resolution that modified the catchment basin definition of Lake Sevan.

Gabriel Resources fell by 39% this quarter mainly after a mass protest against its Rosia Montana gold project, in which the company holds a majority stake.

Allied Nevada Gold Corp. plummeted 36% over the quarter, following lower-than-expected Q2 results due to lower-than-expected recoveries, and an increase in cash cost per ounce to US$775/oz for the quarter from US$608/oz in Q1 2013 and US$527/oz in Q2 2012.

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Canadian Mining Eye index and S&P/TSX Composite index since 2008Source: EY, Thomson Datastream.

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Mining Eye index, gold, copper and LME Index over Q3 2013Source: EY, Thomson Datastream

Mining Eye LMEX Index (rebased)Gold (rebased) Copper (rebased)

Canadian Mining Eye index, gold, copper and LME Index over Q1 2013Source: EY, Thomson Datastream.

Canadian Mining Eye Q3 2013 | 7

Ins and outs of the TSX & TSXV mining universeThere were no new admissions to the TSX and TSXV in Q3 2013.

Market exits• Strathmore Minerals was delisted

from the TSX on 6 September following the completion of its acquisition by Energy Fuels.

• Cobriza Metals, a mineral exploration company focused on exploration and development of base metal mining projects in Peru and Latin America, was delisted from the TSX Venture Exchange after its acquisition by Candente Copper.

• Patagonia Gold, which is also listed on AIM, decided to delist its shares from the TSX due to limited trading volume, and the costs and administrative efforts associated with maintaining the dual listing.

• Azimuth Resources, a gold explorer with projects in Guyana, was delisted from the TSX on 18 July following the completion of its acquisition by Troy Resources.

• Silvore Fox Minerals Corp. was delisted from the TSXV on 9 August following its amalgamation with Golden Share Mining. The two companies will merge to form a new company, Amalco.

• Kenai Resources shares were delisted from the TSXV effective 22 July following the completion of its acquisition by Serabi Gold.

Changes to the Mining Eye indexThere were eight constituent changes in Q3 2013. Polymet Mining, Golden Star, PMI Gold, Belo Sun, Luna Gold, Aurcana Corporation and Mirabela Nickel exited the index and were replaced by Sulliden, Noranda Income Fund, MagIndustries, General Moly, Ur-energy, Orocobre and Energy Fuels. Alamos Gold moved to the top 25 and was replaced by Detour Gold in our index.

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Value of TSX & TSXV mining universe and as % of all TSX & TSXV, 2009 - 2013Source: EY analysis of data from TSX and TSXV Market Intelligence Group; market values as at quarter-end

Mining Market Cap Mining as a % of all TSX & TSXV (RH scale)

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Value of TSX & TSXV mining universe and as % of all TSX & TSXV, 2009-2013Source: EY analysis of data from TSX and TSXV Market Intelligence Group; market values as at quarter end.

TSX & TSXV mining admissions and delistings since 2008Source: EY analysis of data from TSX & TSXV Market Intelligence Group; includes placements, introductions and readmissions; excludes transfers between TSX & TSXV.

8 | Canadian Mining Eye Q3 2013

Fundraising in Q3 2013

Total proceeds of $667.2m were raised by TSX- and TSXV-listed mining companies in Q3 2013, which is 38% less than Q2 2013 and 78% less than the same period a year ago.

• Paladin Energy, a uranium company with projects in Australia and Africa, raised $81.6m through an institutional private placement to enhance funding flexibility.

• Polymet Mining, a Canadian-based development stage company focusing on acquisition, exploration and development of natural resource properties, raised US$60.5m through a secondary offering in order for environmental review and permitting, infrastructure maintenance, and engineering and procurement.

• Colossus Minerals, a Canadian company engaged in the exploration and development of gold, raised gross proceeds of $37.9m through a secondary offering to finance the development of the Serra Pelada gold-PGM project.

• Pretium Resources, a company engaged in the acquisition, exploration and development of precious metal resource properties in the Americas raised approximately $25m via two private placement deals in September. The company intends to use these proceeds to advance its Brucejack Project.

• Atico Mining, which is engaged in the acquisition, exploration and development of copper and gold projects in Latin America, raised approximately $19.4m via a private placement deal in Q3 2013. A portion of the proceeds are intended to be used for the exercise of the El Roble property option.

• Corsa Coal, which engages in the mining, processing and selling of metallurgical and thermal coal primarily in the US, raised US$30m via a private placement to repay debt of US$25m owed to Sprott Lending.

• Trevali Mining, a company engaged in the acquisition, exploration and development of mineral properties in Peru and Canada, raised approximately $10.9m via a private placement deal for a variety of projects underway.

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Quarterly trend of funds raised on TSX & TSXV — mining and all sectorsSource: EY analysis of TSX & TSXV Market Intelligence Group.

Canadian Mining Eye Q3 2013 | 9

Fundraising on the TSX and TSXV, 2009–13Source: EY analysis of TSX & TSXV market statistics.

5 Initial public offering (IPO) — TSX and TSXV as primary exchanges of listing.6 Funds raised from follow-on issue of shares and private placements.

Mining All TSX & TSXVMining as % of all TSX &

TSXV

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No. of IPOs5 Proceeds $m

No. of money raising issues

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Proceeds $m

Proceeds $m

Proceeds $m

Proceeds $m

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Q3 2013 0 0 320 667 667 1,645 7,179 8,824 8%

Q2 2013 6 5 284 1,065 1,070 1,537 9,291 10,828 10%

Q1 2013 0 0 415 1,157 1,157 938 8,898 9,836 12%

Q4 2012 19 347 492 2,658 3,005 2,508 12,326 14,834 20%

Q3 2012 6 9 357 2,984 2,993 344 13,430 13,774 22%

Q2 2012 10 11 331 1,125 1,136 1,050 9,778 10,828 10%

Q1 2012 14 23 475 3,132 3,155 506 16,581 17,087 18%

Q4 2011 11 30 410 1,934 1,964 1,041 10,236 11,276 17%

Q3 2011 23 107 366 2,160 2,268 1,315 9,027 10,342 22%

Q2 2011 20 107 467 2,696 2,803 2,887 12,221 15,107 19%

Q1 2011 16 119 678 5,322 5,440 1,656 12,702 14,358 38%

Q4 2010 35 661 860 7,249 7,910 4,616 15,714 20,330 39%

Q3 2010 18 67 420 1,985 2,052 1,615 6,488 8,103 25%

Q2 2010 17 491 499 4,059 4,550 2,977 11,567 14,545 31%

Q1 2010 23 93 536 3,144 3,237 1,826 9,178 11,003 29%

Q4 2009 13 11 760 3,336 3,347 1,850 16,209 18,059 19%

Q3 2009 11 4 589 9,556 9,560 1,617 18,342 19,960 48%

Q2 2009 7 3 457 4,280 4,283 1,102 13,390 14,492 30%

Q1 2009 12 4 373 4,612 4,616 288 12,088 12,376 37%

2012 49 391 1,655 9,899 10,290 4,408 52,115 56,523 18%

2011 70 362 1,921 12,112 12,474 6,899 44,185 51,084 24%

2010 93 1,312 2,315 16,437 17,749 11,034 42,947 53,981 33%

2009 43 23 2,179 21,784 21,806 4,858 60,029 64,887 34%

10 | Canadian Mining Eye Q3 2013

Index constituents selected at quarter endSource: EY, TSX & TSXV Market Intelligence Group.

Q3 2013 MV (CDN$m) Q3 2013 MV (CDN$m) Q3 2013 MV (CDN$m)

HudBay Minerals 1,451 OceanaGold 449 Bear Creek Mining 214 First Majestic Silver 1,427 Allied Nevada Gold 448 Asanko Gold 205 Stillwater Mining 1,350 Endeavour Silver 441 Paramount Gold and Silver 202 Coeur Mining 1,259 Platinum Group Metals 419 Silvercrest Mines 199 Detour Gold 1,206 Taseko Mines 410 North American Palladium 199 China Gold International Resources

1,158 Lucara Diamond 406 Teranga Gold 197

Sherritt International 1,148 Rubicon Minerals 378 Nevada Copper 196 Ivanhoe Mines 1,143 MAG Silver 366 Noranda Income Fund 190 Centerra Gold 1,139 Rio Alto Mining 364 Coalspur Mines 176 Katanga Mining 1,087 MBAC Fertilizer 360 Canada Lithium 175 Dominion Diamond 1,070 Rainy River Resources 357 Copper Mountain Mining 174 AuRico Gold 970 Anglo Pacific Group 339 Largo Resources 170 Capstone Mining 941 Sierra Metals 338 Banro Corporation 169 Imperial Metals 924 Virginia Mines 338 Lake Shore Gold 169 Walter Energy 905 Gabriel Resources 330 Sabina Gold & Silver 166 Argonaut Gold 897 Premier Gold Mines 318 MagIndustries 166 Alacer Gold 886 International Minerals 312 General Moly 157 Centamin 837 Altius Minerals 310 Energy Fuels 151 Torex Gold Resources 807 Augusta Resource 304 Duluth Metals 148 Dundee Precious Metals 791 NGEx Resources 302 Inova Resources 146 NovaGold Resources 744 Sprott Resource 289 Northern Dynasty Minerals 145 McEwen Mining 740 Guyana Goldfields 285 UR-Energy 145 Pretium Resources 727 Endeavour Mining 280 Brigus Gold 144 SEMAFO 678 Tanzanian Royalty Exploration 267 Newmont Mining Corporation

of Canada 144

Nevsun Resources 653 Sulliden Gold Corporation 266 Chesapeake Gold 142 Primero Mining 648 Mandalay Resources 262 Colossus Minerals 140 Thompson Creek Metals Company

633 Orocobre 256 Lydian International 87

Silvercorp Metals 574 Gold Reserve 254 Karnalyte Resources 55 Sandstorm Gold 531 Timmins Gold 251 Mountain Province Diamonds 515 Kirkland Lake Gold 243 Denison Mines 513 Troy Resources 242 Total universe MV $m 251,568 Silver Standard Resources 513 Perseus Mining 238 Top 25 MV $m 193,336 Seabridge Gold 495 Lumina Copper 229 Total universe excl Top 25 MV

$m 58,232

Continental Gold 472 Romarco Minerals 229 MV of Mining Eye constituents 46,645 Fortuna Silver Mines 472 Copper Fox Metals 219 MV of Mining Eye constituents

as a % of MV of Total universe excluding Top 25

80%

Paladin Energy 453 SouthGobi Resources 218

Shading represents index entrants

MV — market value. CGA Mining, Talison Lithium and Northland Resources exited the index during the quarter.Keegan Resources changed its name to Asanko Gold in February 2013.Harry Winston Diamond changed its name to Dominion Diamond in March 2013.

Canadian Mining Eye Q3 2013 | 11

Area contacts Service line contacts

Canadian contacts

Bruce SpragueCanadian Mining & Metals Leader+1 604 891 8415bruce.f.sprague@ca.ey.com

David RomboughCanadian Advisory Leader+1 519 571 3370david.rombough@ca.ey.com

Evan ShoforostSaskatchewan Managing Partner+ 1 306 649 8242evan.shoforost@ca.ey.com

Tom WhelanCanadian Assurance Leader+1 604 891 8381tom.s.whelan @ca.ey.com

Blake LangillOntario Mining & Metals Leader+1 416 943 3556 blake.w.langill @ca.ey.com

Jim MacLeanCanadian Tax Leader+1 416 943 3674jim.d.maclean @ca.ey.com

Zahid FazalQuebec Mining & Metals Leader+1 514 879 3519zahid.fazal@ca.ey.com

Jay PatelCanadian Mining & Metals Transactions Leader+1 416 943 3861jay.patel@ca.ey.com

Global Mining & Metals Leader Mike Elliott Tel: +61 2 9248 4588 michael.elliott@au.ey.com

Oceania Scott Grimley Tel: +61 3 9655 2509 scott.grimley@au.ey.com

China and Mongolia Peter Markey Tel: +86 21 2228 2616 peter.markey@cn.ey.com

Japan Andrew Cowell Tel: +81 3 3503 3435 cowell-ndrw@shinnihon.or.jp

Europe, Middle East, India and Africa Leader Mick Bardella Tel: +44 20 795 16486 mbardella@uk.ey.com

Africa Wickus Botha Tel: +27 11 772 3386 wickus.botha@za.ey.com

Commonwealth of Independent States Evgeni Khrustalev Tel: +7 495 648 9624 evgeni.khrustalev@ru.ey.com

France and Luxemburg Christian Mion Tel: +33 1 46 93 65 47 christian.mion@fr.ey.com

India Anjani Agrawal Tel: +91 982 061 4141 anjani.agrawal@in.ey.com

United Kingdom & Ireland Lee Downham Tel: +44 20 7951 2178 ldownham@uk.ey.com

Americas and United States Leader Andy Miller Tel: +1 314 290 1205 andy.miller@ey.com

Canada Bruce Sprague Tel: +1 604 891 8415 bruce.f.sprague@ca.ey.com

South America and Brazil Leader Carlos Assis Tel: +55 21 3263 7212 carlos.assis@br.ey.com

Service line contactsGlobal Advisory Leader Paul Mitchell Tel: +86 21 22282300 paul.mitchell@cn.ey.com

Canadian Assurance Leader Tom Whelan Tel: +1 604 891 8381 tom.s.whelan@ca.ey.com

Global IFRS Leader Tracey Waring Tel: +61 3 9288 8638 tracey.waring@au.ey.com

Global Tax Leader Andy Miller Tel: +1 314 290 1205 andy.miller@ey.com

Global Transactions Leader Lee Downham Tel: +44 20 7951 2178 ldownham@uk.ey.com

Area contacts

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www.ey.com/miningmetals

EY’s Global Mining & Metals CenterWith a strong but volatile outlook for the sector, the global mining and metals sector is focused on future growth through expanded production, without losing sight of operational efficiency and cost optimization. The sector is also faced with the increased challenges of changing expectations in the maintenance of its social license to operate, skills shortages, effectively executing capital projects and meeting government revenue expectations.

EY’s Global Mining & Metals Center brings together a worldwide team of professionals to help you succeed — a team with deep technical experience in providing assurance, tax, transactions and advisory services to the mining and metals sector. The Center is where people and ideas come together to help mining and metals companies meet the issues of today and anticipate those of tomorrow. Ultimately it enables us to help you meet your goals and compete more effectively.