the weekly dig – november 10, 2017 - amazon web...

The Weekly Dig – November 10, 2017 Mick Carew, PhD [email protected]

Pierre Vaillancourt416-507-2309 [email protected] Emma Boggio, MSA, CPA, CA604-697-6166 [email protected]

Douglas Ibbitson, CFA| 416-507-2790 | [email protected]

and the Haywood Mining Team Member of the Canadian Investor Protection Fund

Please see page 43 for Analyst Certification, and pages 43 to 52 for Important Information and Legal Disclaimers, Rating Structure, and notes.

Uranium Sector in Focus as the World’s Largest Uranium Mine Plans to Suspend Operations Precious Metals: It was a mixed week for gold as the yellow metal reached 3 week highs on Thursday before taking a sudden plunge late Friday morning as it dropped almost US$10 in 10 minutes. The precious metal finished the week up 0.5% at US$1,276. Silver also dropped on Friday morning before finishing the week at US$16.91. Meanwhile, platinum finished up 0.85% at US$929 and palladium finished down 0.44% at US$997. Base Metals: The base metals were mixed week over week, LME zinc had the only gain on the week, up 0.5% WoW, while copper and nickel were down 1.6% and 4.9% WoW, respectively. According to Bloomberg, the decline in nickel was the result of speculation that China’s top producer of stainless steel cut its prices. The closing price of nickel on Friday represented the lowest since October 31st, losing all of its November gains. Nickel remains the top performer in the quarter and is up 21.0% YTD, in line with the YTD performance of copper (+22.3% YTD) and zinc (+27.7% YTD). Trafigura places $175M bet on Electric Vehicles (EV) with an investment in nickel and cobalt chemicals plant planned Terrafame, as the commodities trader anticipates surging usage in EV batteries. According to Terrafame, the plant will establish the Company as one of the largest producer of nickel sulphate, a key component in lithium-ion batteries. Trafigura’s chief economist, Saad Rahim, expects demand for nickel sulphate will increase by 50% to 3Mt by 2030. He’s been headed with a new inhouse working group to look at investments in the renewables space, including solar, wind and battery projects. Uranium: Uranium equities rallied this week after Cameco (CCO-T; NR) announced plans to temporarily suspend operations at its flagship McArthur River mine/Key Lake mill, the world’s largest uranium mining operation, by the end of January 2018 for a period of 10 months. The news drove the daily uranium price (BAP) above the US$22.00/lb U3O8 level after it had recently tested US$20.00. Our uranium team believes the suspension may last longer than the stated 10 months and that this move could rapidly accelerate the improving supply/demand balance in the uranium market, which has been perennially over-supplied since the Fukushima disaster in 2011. New reactor builds in China and a gradual return to nuclear power by Japan underpin uranium’s demand fundamentals, while production cuts from Kazatomprom and Cameco should rectify the oversupply situation and support higher spot prices. Ultimately, this is a highly positive development for uranium equities where a number of deep value opportunities remain. The Week Ahead: More Q3/17 financial and operating results are expected including Mountain Province Diamonds Inc. (MPVD – T) after-market close on Monday, followed by Trevali Mining Corporation (TV-T), RNC Minerals (RNX-T), and Roxgold Inc. (ROXG -T) after-market close on Tuesday. The Dig is intended to provide general information only and it is written for an institutional audience. It is not a solicitation for the purchase of securities, an offer of securities, or intended as investment research or advice. The information presented, while obtained from sources we believe reliable is not guaranteed against errors or omissions. For Canadian residents: Haywood Securities Inc. is a Canadian registered broker-dealer and a member of the Investment Industry Regulatory Organization of Canada, the Toronto Stock Exchange, the Toronto Venture Exchange and the Canadian Investor Protection Fund. Any Canadian client that wishes further information about anything contained herein should contact a qualified salesperson of Haywood Securities Inc. For U.S. residents: The Dig is distributed in the United States by Haywood Securities (USA) Inc. Weekly Performance

Gold0.6%WoW$1,276/oz

Silver0.4%WoW$16.90/oz

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The Weekly Dig 11/10/17

Haywood Mining [email protected]

Contents Haywood Research: The Week in Review ............................................................................................................. 3

Weekly Commodities ............................................................................................................................................ 8

Commodity Prices and Inventories ....................................................................................................................... 9

Commodity Futures and ETFs .............................................................................................................................11

Upcoming Macroeconomic News .......................................................................................................................13

Weekly Indices .....................................................................................................................................................14

Weekly Equities ....................................................................................................................................................15

Precious Metals Companies ...............................................................................................................................15

Base Metals Companies ......................................................................................................................................17

International Major Miners ................................................................................................................................18

Tables Comparables Tables: Consensus and Haywood forecasts and multiples, plus market valuations for in situ resources ..............................................................................................................................................................19

Precious Metals Companies ...............................................................................................................................19

Base Metals Companies ......................................................................................................................................29

Other Companies (Uranium, Diamond, Cobalt, Uranium, Coal, Iron) ................................................................35

Junior Exploration Companies Review: Performance of Companies Included in Junior X and upcoming Catalysts ..............................................................................................................................................................................40

Haywood Metals and Currencies Forecasts .......................................................................................................42



Haywood Research: The Week in Review – Covered Companies Publications from the Haywood Research team for the week included the following for covered companies:

• Industry Report: Junior Exploration Q4/17 Report

• Asanko Gold Inc. (AKG-T, $1.28): Q3/17 financial results

• Roxgold Inc. (ROXG-T, $1.11): feasibility study

• Copper Mountain Mining Corp. (CMMC-T, $1.75): Q3/17 financial results

• Trevali Mining Corporation (TV-T, C$1.49): PEA results

• Tahoe Resources Inc. (THO-T, TAHO-N, $6.15): Q3/17 financial results

• Barkerville Gold Mines Ltd. (BGM-V, $0.74): drilling results

• B2Gold Corp. (BTO-T, $3.39): Q3/17 financial results

• SEMAFO Inc. (SMF-T, $3.33): Q3/17 results

• Richmont Mines Inc. (RIC-T, $11.04): Q3/17 results

• Osisko Gold Royalties Ltd. (OR-T, $15.65): Q3/17 results

• Endeavour Mining Corp. (EDV-T, $21.42): Q3/17 results

Junior Exploration Q4/17 Report Haywood Mining Team

Markets Buoyant While Mining Stocks Stumble – Since the publication of our last Junior Exploration Report, we have seen global markets continue their impressive run in 2017. This is especially the case in the United States, with both the Dow Jones Industrial Average and the S&P 500 Index continuing their upward trajectories; the Dow has risen more than 35% since the beginning of 2016, and 18% since the beginning of this year.

See Haywood Securities for the full report

Asanko Gold Inc. (AKG-T, $1.28 [Hold Rating, $2.00 Target Price]) – Q3/17 Financials in Line with Expectations Geordie Mark, PhD, FAusIMM, [email protected]; Alvin Islam, GIT, [email protected]

Q3/17 Financials outlined revenues of US$63.7 million on the sale of 50.2 thousand ounces (koz) of gold (reported earlier), with earnings before interest, taxes, depreciation, and amortization (EBITDA) of US$32.3 million, and operating cash flow (before changes in working capital) of US$30.8 million (US$0.15 per share). Operating cash flow (before changes in working capital) well exceeded our estimates of US$14 million (US$0.07 per share), attributable at least partially to higher than expected levels of capitalized stripping during the quarter.


mailto:[email protected]



Roxgold Inc. (ROXG-T, $1.11 [Buy Rating, $1.70 Target Price]) – Bagassi South Feasibility Study Further Boosts Yaramoko’s Production Profile Geordie Mark, PhD, FAusIMM, [email protected]; Alvin Islam, GIT, [email protected]

Roxgold announced the results of a feasibility study for the Bagassi South underground expansion project. The feasibility study indicates greater than expected production growth starting in 2018, and thereafter through the inclusion of Bagassi South.


Copper Mountain Mining Corp. (CMMC-T, C$1.75 [Buy Rating, $2.00 Target Price]) – Improved Copper Price and Decreased Costs Drive Beat of Q3/17 Results Pierre Vaillancourt, [email protected]; Douglas Ibbitson, CFA, [email protected]

Copper Mountain reported Q3/17 financial results. Results beat both our expectations and consensus estimates.


Trevali Mining Corporation (TV-T, C$1.49 [Buy Rating, $2.30 Target Price]) – Positive PEA Results on Halfmile-Stratmat Pierre Vaillancourt, [email protected]; Douglas Ibbitson, CFA, [email protected]

Trevali reported Preliminary Economic Assessment (PEA) results on the Halfmile-Stratmat zinc-lead-silver deposit in New Brunswick. The PEA included a base-case standalone project and an alternate case leveraging Caribou’s infrastructure with post-tax internal rates of return (IRRs) of 19% and 25%, respectively. While the PEA provides clarity and optionality on the project, there is no material impact on our corporate net asset value (NAV). Prior to the announcement, we had a notional value of C$75 million for Halfmile and C$50 million for Stratmat, for a combined C$125 million, which is slightly above the PEA’s base-case and alternate-case post-tax net present value (NPV)8% of C$99 million and C$116 million respectively.


Tahoe Resources Inc. (THO-T, TAHO-N, $6.15 [Hold Rating, $7.25 Target Price]) – Q3/17 Financials Beat Estimates on Gold Production As Escobal Remains on Standby Geordie Mark, PhD, FAusIMM, [email protected]; Alvin Islam, G.I.T, [email protected]

Q3/17 Financial Results and Operations Update – Q3/17 gold division outperforms, but Escobal’s dormant status tethers cash-flow-generation capacity.


Barkerville Gold Mines Ltd. (BGM-V, $0.74 [Buy Rating, $1.60 Target Price]) – More Drilling Results from Shaft Zone Mick Carew, PhD [email protected], Emma Boggio, MSA, CPA, CA, [email protected]

Barkerville announced additional drilling results from the ongoing 160,000-metre Phase II Island Mountain exploration and infill drilling program at the Company’s flagship Cariboo gold project. The latest results are primarily from the recently announced Beta Corridor at the Shaft Zone; all three corridors (Alpha, Beta, and Gamma) represent high-density veins that range from 5 to 35 metres wide and extend to a depth of up to 600 metres.





B2Gold Corp. (BTO-T, $3.39 [Buy Rating, $5.00 Target Price]) – Q3/17 Financials Beat, As Fekola Ramps-up with Commercial Production in Coming Weeks Geordie Mark, PhD, FAusIMM, [email protected]; Alvin Islam, GIT, [email protected]

Q3/17 Financials – Operating cash flow (before changes in working capital) of US$0.04 per share modestly beat our estimates (US$0.06 per share ahead of gold forward commitments), while earnings peer share (EPS) of US$0.01 came in higher than our estimate of $(0.01) and beat consensus. Revenues totalled US$154 million, with EBITDA of US$26 million, on sales of 121.6 koz of gold at an average price of US$1,267 per ounce. Q3/17 Financials and Operating Summary – Financials were broadly in line with expectations and consensus.


SEMAFO Inc. (SMF-T, $3.33 [Buy Rating, $4.50 Target Price]) – SEMAFO Delivers a Strong Quarter Kerry Smith, MBA, PEng, [email protected]; Danny Ochoa, PEng, CFA, [email protected]

Q3/17 Cash Flow Beats Expectations – SEMAFO reported Q3/17 cash flow before working-capital changes of US$34.9 million, or cash flow per share (CFPS) of $0.11, above our estimate and consensus at US$0.08 per share. SEMAFO generated negative free cash flow of $26.3 million (before financing activities) as the buildout of Natougou continues. SEMAFO ended the quarter with a cash balance of US$257 million, down from US$283 million at June 30.


Richmont Mines Inc. (RIC-T, $11.04 [Tender Rating, N/A Target Price]) – Island Delivers a Strong Quarter – Financials Adjusted for Beaufor Sale Kerry Smith, MBA, PEng, [email protected]; Danny Ochoa, PEng, CFA, [email protected]

Q3/17 CFPS Adjusted for Beaufor Sale – Richmont reported Q3/17 cash flow before working-capital changes of $11.5 million, or $0.08 per share, versus consensus of $0.27 and our estimate of $0.29 per share. Financials were impacted by one-time charges associated with the sale of the Beaufor mine during the quarter, and are therefore not directly comparable to our estimate. Adjusting for the $3.1 million loss from the sale of Beaufor would add $0.05 per share, which would still be a miss on expectations. During the quarter, the Company generated negative free cash flow of $1.6 million after total capital expenditures of $11.3 million. The Company’s cash balance decreased slightly to $90 million, from $95.9 million the previous quarter.


Osisko Gold Royalties Ltd. (OR-T, $15.65 [Buy Rating, $19.00 Target Price]) – Osisko Delivers a Miss on Q3/17 Results Owing to One-Time Transaction Costs Kerry Smith, MBA, PEng, [email protected]; Danny Ochoa, PEng, CFA, [email protected]

Q3/17 CFPS Below Consensus – During the quarter, Osisko reported cash flow from operations (before working-capital changes) of $6.2 million, or CFPS of $0.06, below our estimate of $0.14 and consensus at $0.16. The quarter was negatively impacted by one-time charges associated with the acquisition of the Orion portfolio of royalties. The transaction costs related to the acquisition totalled $8.9 million, of which $7.8 million was realized during the quarter. Adjusting for the one-time charges adds $0.07 to CFPS, which would put adjusted CFPS for the quarter at $0.13 per share, slightly below our expectation of $0.14 per share.





Endeavour Mining Corp. (EDV-T, $21.42, [Buy Rating, $32.00 Target Price]) – Seasonal Low Q3/17 Production in-line, but Costs Modestly Higher than Expected Geordie Mark, PhD, FAusIMM, [email protected]; Alvin Islam, GIT, [email protected]

Q3/17 Operations – Consolidated production of 110.7 koz gold (excluding Nzema) at an AISC of US$975/oz (Total Cash Cost: US$793/oz vs Hay. Est. US$733/oz) is modestly lower than our expectations for production (113.7 koz gold) at a slightly lower AISC of US$946/oz. Agbaou: delivered 46.3 koz gold at a cash cost of US$548/oz and AISC of US$638/oz, which were higher than our expectations of 42.1 koz gold at a lower than anticipated cash cost of US$588/oz on higher throughput and better gold recoveries.





Haywood Research: The Week in Review – Uncovered Companies News from the Junior sector this week included the following for uncovered companies:

• Lumina Gold Corp. (LUM-V): updated resource estimate

• Ascot Resources Ltd. (AOT-V): completion of 2017 drill program

• Uranium Sector Comment: Cameco plans to suspend operations

Mining Flashes:

Lumina Gold Corp. (LUM-V, $0.70 [Not Rated]) – Lumina Doubles Resource at Cangrejos with Latest Update Geordie Mark, PhD, FAusIMM, [email protected]; Alvin Islam, G.I.T, [email protected]

Updated Resource Estimate – Lumina Gold announced an updated mineral resource estimate for the Cangrejos gold-copper project in Southern Ecuador. The update highlights a significant increase in the scale of the deposit compared with the maiden mineral resource estimate announced in January 2017.


Ascot Resources Ltd. (AOT-V, $1.41 [Not Rated]) – Ascot Completes 2017 Drill Program Mick Carew, PhD [email protected], Emma Boggio, MSA, CPA, CA, [email protected]

Ascot Resources announced completion of the 2017 drill program at its Premier project in British Columbia. Located a short distance north of Stewart, B.C., the Premier project covers more than 100 km2 and includes the historical Premier mine (a past producer of 2.1 million ounces [Moz] of gold and 44.9 Moz of silver). In total, 379 holes were drilled covering 118,800 metres in 2017.


Uranium Sector Comment – Cameco Plans to Suspend Operations at Major Mine amid Uranium Price Weakness Colin Healey, MBA, [email protected]; Aazan Habib, [email protected]

Cameco (CCO-T, CCJ-NY; not rated) has announced plans to temporarily suspend operations at its flagship McArthur River mine / Key Lake mill by the end of January 2018. The operation was the world’s largest uranium mine last year, and Cameco says it expects the suspension to last “10 months”, but we believe it could be longer and will ultimately be dependent on price.




Weekly Commodities

PRECIOUS METALS

BASE METALS

ENERGY

Source: Haywood Securities and Bloomberg

Name Close 1Wk Δ 1 week % 1 Month % 3 Month % 6 Month % 12 Month % 5 Day Trend 52W H/L 1W H/LGold Spot 1,276 6.29 0.49% (0.9)% (0.8)% 4.7% 1.4% 1,358 1,285 US$/oz 1,123 1,270 Silver Spot 16.90 0.06 0.35% (1.3)% (1.3)% 4.3% (9.2)% 18.85 17.22 US$/oz 15.19 16.84 Platinum Spot 929 7.91 0.85% (0.3)% (5.4)% 2.0% (4.7)% 1,045 938 US$/oz 890 921

Copper Future 3.06 (0.05) (1.64)% 0.7% 5.6% 23.4% 20.9% 3.23 3.15 US$/lb 2.45 3.06 Nickel Spot 5.47 (0.28) (5.20)% 9.8% 10.2% 32.8% 4.9% 5.82 5.84 US$/lb 3.95 5.47 Lead Spot 1.14 0.03 2.25% (1.1)% 7.2% 15.0% 17.4% 1.17 1.14 US$/lb 0.90 1.11 Zinc Spot 1.48 0.01 0.50% (2.5)% 11.7% 26.3% 30.1% 1.53 1.48 US$/lb 0.95 1.45 Aluminum Spot 0.95 (0.04) (3.90)% (2.5)% 2.6% 12.1% 17.8% 0.99 0.98 US$/lb 0.77 0.94 Iron Ore Spot 62 2.14 3.46% 1.4% (15.9)% 1.3% (19.9)% 140 79 US$/t 78 78

Newcastle Coal 95 (2.00) (2.10)% (0.2)% 5.3% 29.3% (4.3)% 99 97 US$/t 73 95 Uranium Spot 22.75 2.45 10.77% 12.9% 9.9% 0.7% 19.4% 27 23 US$/lb 18 20 WTI 57 1.22 2.15% 11.0% 16.0% 16.1% 13.3% 58 57 US$/bbl 43 56 Brent 64 1.56 2.45% 12.9% 22.8% 23.8% 22.7% 65 64 US$/bbl 46 62 Henry Hub 3.22 0.23 7.21% 4.7% 0.2% (10.2)% 3.2% 3.75 3.22 US$/MMBtu 2.85 2.98



Commodities Prices and Inventories Precious Metals


Base Metals


Source: Haywood Securities

Commodities Spot Price $/oz Weekly % YTD % 1 Year %Gold $1,276.10 0.5% 10.7% 1.4%Silver $16.90 0.3% 6.1% -9.2%

Platinum $928.74 0.8% 2.8% -4.8%

Gold Spot

Si lver Spot

Platinum Spot

-5.00%

-4.00%

-3.00%

-2.00%

-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%Precious Metals Weekly Change (12 weeks)

Gold Spot Silver Spot Platinum Spot

3

Commodities LME Spot Price US$/lb Weekly % YTD % 1 Year % LME Inventory Weekly % Total (t)2 YTD %2 1 Year %2 Days of Consumption

Copper $3.06 -1.6% 22.3% 20.9% 260,150 -3.8% 614,520 10% 33% 12.3 Zinc $1.48 0.5% 27.7% 30.1% 235,225 -5.6% 319,070 -45% -48% 10.6

Nickel $5.47 -4.9% 21.0% 4.9% 382,524 -0.4% 428,984 -8% -9% 112.9

Spot Price LME Inventory Total Inventory Excluding Bonded Warehouse Inventory

LME Copper Spot

LME Zinc Spot

LME Nickel Spot

-8.00%

-6.00%

-4.00%

-2.00%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%Base Metals Weekly Change (12 weeks)

LME Copper Spot LME Zinc Spot LME Nickel Spot




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Note: total inventories exclude the bonded warehouse inventorySource: Bloomberg and Haywood Securities

Copper spot price and inventories

SHFE LME Inventories COMEX Copper Price

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Zinc spot price and inventories

LME Inventory SHFE Zinc Price

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Nickel spot prices and inventories

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Lead spot price and inventories

SHFE LME Inventories Lead price



Commodities and ETFs: A Week in Action Gold – 1-Year US$/oz (left) and Total ETF Holdings (right)

Spot: Gain (+0.5%) for the week

ETF Holdings: 69,142,578 ounces, down 43,432 ounces for the week

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



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


ETF Holdings: 2,461,169 ounces, up 1,462 ounces for the week

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

Spot: Loss (-0.4%) for the week


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

Futures: Loss (-1.6%) for the week

LME Copper: 260,150 tonnes, down 10,250 tonnes for the week

$1,000

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$1,200

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$1,400

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

Price100D MA

58

63

68

73

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

$13.00

$16.00

$19.00

$22.00

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

Price

100D MA

630

650

670

690

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

$800

$1,000

$1,200

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

Price

100D MA

2.2

2.4

2.6

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

$460

$660

$860

$1,060

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

Price

100D MA

1.3

1.5

1.7

1.9

2.1

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

$2.00

$2.50

$3.00

$3.50

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

Price

100D MA

130,000

230,000

330,000

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



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

Spot: Loss (-4.9%) for the week

LME Nickel: 382,524 tonnes, down 1,530 tonnes for the week

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


LME Lead: 146,700 tonnes, down 1,775 tonnes for the week

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


LME Zinc: 235,225 tonnes, down 14,025 tonnes for the week

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

Newcastle Thermal Futures: Loss (-1.4%) for the week

62% Fe Iron Ore: Loss (-1.2%) for the week

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

Uranium Spot: Loss (-1.2%) for the week

Uranium Long-Term: Unchanged

Source: Bloomberg, UxC Consulting, and Haywood Securities

$3.70

$4.70

$5.70

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

Price

100D MA

350,000

375,000

400,000

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

$0.70

$0.90

$1.10

$1.30

Nov-16 Nov-1Lead ($/lb)

Price

100D MA

140,000

160,000

180,000

200,000

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

$0.90

$1.40

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

Price

100D MA

210,000

310,000

410,000

510,000

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

$35

$55

$75

$95

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

Price

100D MA

$50

$100

Nov-16 Nov-17Newcastle Therma Coal (USD/t)

Price

100D MA

$18

$23

$28

$33

$38

Nov-16 Uranium Spot ($/lb)

Price

100D MA

$30

$35

$40

Nov-16 Uranium Long-Term ($/lb)

Price

100D MA



Upcoming Macroeconomic News and Events

Source: Bloomberg

Date Event Period Survey Prior Relevance

United States11/13/2017 Monthly Budget Statement Oct -$50.0b -$45.8b 7711/14/2017 NFIB Small Business Optimism Oct 104.5 103 6411/14/2017 PPI Final Demand MoM Oct 0.10% 0.40% 8711/14/2017 PPI Ex Food and Energy MoM Oct 0.20% 0.40% 6811/14/2017 PPI Final Demand YoY Oct 2.40% 2.60% 7011/14/2017 PPI Ex Food and Energy YoY Oct 2.30% 2.20% 6711/15/2017 MBA Mortgage Applications 10-Nov -- 0.00% 9211/15/2017 CPI MoM Oct 0.10% 0.50% 9611/15/2017 CPI Ex Food and Energy MoM Oct 0.20% 0.10% 7711/15/2017 CPI YoY Oct 2.00% 2.20% 7011/15/2017 Empire Manufacturing Nov 26 30.2 8311/15/2017 Retail Sales Advance MoM Oct 0.00% 1.60% 9211/15/2017 Retail Sales Ex Auto MoM Oct 0.20% 1.00% 6511/15/2017 Retail Sales Ex Auto and Gas Oct 0.30% 0.50% 6311/15/2017 Total Net TIC Flows Sep -- $125.0b 6711/15/2017 Net Long-term TIC Flows Sep -- $67.2b 7511/16/2017 Initial Jobless Claims 11-Nov 235k 239k 9811/16/2017 Continuing Claims 4-Nov -- 1901k 6911/16/2017 Philadelphia Fed Business Outlook Nov 24.1 27.9 8011/16/2017 Import Price Index MoM Oct 0.40% 0.70% 8011/16/2017 Industrial Production MoM Oct 0.50% 0.30% 8911/16/2017 Capacity Utilization Oct 76.30% 76.00% 6311/16/2017 Bloomberg Consumer Comfort 12-Nov -- 51.5 6911/17/2017 Housing Starts Oct 1193k 1127k 9011/17/2017 Building Permits Oct 1248k 1225k 63


Canada11/16/2017 Manufacturing Sales MoM Sep -- 1.60% 6711/17/2017 CPI NSA MoM Oct -- 0.20% 8911/17/2017 CPI YoY Oct -- 1.60% 96


China11/13/2017 Retail Sales YoY Oct 10.50% 10.30% 7111/13/2017 Industrial Production YoY Oct 6.20% 6.60% 79



Weekly Indices

Source: Bloomberg and Haywood Securities

S&P/TSX Composite

Index0.1%WoW

S&P/TSX Global Gold Index0.2%WoW

190

191

192

193

194

195

196

197

15,94015,96015,98016,00016,02016,04016,06016,08016,10016,12016,14016,160

11/6 11/10

Gol

d In

dex

Com

posi

te In

dex

S&P/TSX Composite

Index0.1%WoW

S&P/TSX Global Base Metals Index-0.1%WoW

120

121

122

123

124

125

126

127

15,950

16,000

16,050

16,100

16,150

11/6 11/10

Base

Met

als

Inde

x

Com

posi

te In

dex

Russell 2000 Index-1.3%WoW

S&P/TSX Venture Comp Index0.6%WoW

786

788

790

792

794

796

798

1,440

1,450

1,460

1,470

1,480

1,490

1,500

1,510

11/6 11/10

Russ

ell 2

000

Inde

x

Com

posi

te In

dex

2,550

2,560

2,570

2,580

2,590

2,600

11/6 11/10

S&P 500 Index-0.2%WoW

184

186

188

190

192

11/6 11/10

NYSE ARCA Exchange Gold BUGS Index0.5%WoW

610

620

630

640

11/6

NYSE Arca Gold Miners Index0.5%WoW



Weekly Equities Equity Weekly Performance – Precious Metals Companies (S&P/TSX Global Mining Index and Haywood Covered Companies)

Source: Capital IQ and Haywood Securities

9%

9%

8%

7%

5%

5%

5%

5%

4%

4%

Premier Gold Mines Limited

Argonaut Gold Inc.

Kirkland Lake Gold Ltd.

Kinross Gold Corporation

Roxgold Inc.

Franco-Nevada Corporation

IAMGOLD Corporation

AngloG old Ashanti Limited

Alacer Gold Corp.

B2Gold Corp.

Top Companies

(26)%

(14)%

(10)%

(10)%

(9)%

(9)%

(9)%

(7)%

(7)%

(7)%

Torex Gold Resources Inc

Klondex Mines Ltd.

SSR Mining Inc.

Pan American Silver Corp.

Hecla Mining Company

Wesdome Gold Mines Ltd.

TMAC Resources Inc.

Tahoe Resources Inc.

Endeavour Mining Corporation

Barkerville Gold Mines Ltd.

Bottom Companies

1Wk 52Wk 1Wk 52WkTicker Company Close $∆ %∆ High Low Ticker Company Close $∆ %∆ High LowTSX:AEM Agnico Eagle Mines Limited 57.05 0.75 1% 68.76 46.91 TSX:LGD Liberty Gold Corp. 0.46 (0.02) (4)% 0.68 0.35 TSX:ASR Alacer Gold Corp. 2.11 0.09 4% 3.11 1.75 TSX:LUG Lundin Gold Inc. 4.93 (0.01) (0)% 6.50 4.59 TSX:AGI Alamos Gold Inc. 7.93 (0.21) (3)% 11.83 7.86 TSX:MAG MAG Silver Corp. 13.91 0.15 1% 21.99 12.75 NYSE:AU AngloGold Ashanti Limited 9.67 0.43 5% 13.68 8.89 TSX:MOZ Marathon Gold Corporation 1.05 0.03 3% 1.36 0.43 TSX:AR Argonaut Gold Inc. 2.42 0.21 9% 2.98 1.48 NYSE:MUX McEwen Mining Inc. 1.95 0.02 1% 4.43 1.88 TSX:AZ Arizona Mining Inc. 3.28 0.07 2% 3.68 1.70 TSX:MAX Midas Gold Corp. 0.75 0.02 3% 1.00 0.62 TSX:AKG Asanko Gold Inc. 1.24 (0.04) (3)% 5.07 0.99 TSX:NCA NewCastle Gold Ltd. 0.79 0.01 1% 1.12 0.52 TSXV:AGB Atlantic Gold Corporation 1.41 (0.04) (3)% 1.87 0.76 TSX:NGD New Gold Inc. 4.27 0.07 2% 5.79 3.11 TSX:BTO B2Gold Corp. 3.35 0.12 4% 4.64 2.69 NYSE:NEM Newmont Mining Corporation 35.52 (0.52) (1)% 39.63 30.19 TSXV:BGM Barkerville Gold Mines Ltd. 0.71 (0.05) (7)% 1.39 0.41 TSX:NG NovaGold Resources Inc. 5.28 0.07 1% 8.15 4.94 TSX:ABX Barrick Gold Corporation 17.71 (0.18) (1)% 27.19 17.63 TSX:OGC OceanaGold Corporation 3.43 (0.01) (0)% 5.00 3.24 TSX:CG Centerra Gold Inc. 7.63 (0.26) (3)% 9.35 5.56 TSX:OR Osisko Gold Royalties Ltd. 15.36 (0.50) (3)% 17.58 11.90 TSX:CGG China Gold International Resources C 2.02 0.02 1% 3.40 1.82 TSX:OSK Osisko Mining Inc. 3.79 (0.11) (3)% 5.65 2.08 NYSE:CDE Coeur Mining, Inc. 7.17 (0.23) (3)% 12.30 7.30 TSX:PAAS Pan American Silver Corp. 18.56 (2.07) (10)% 27.99 18.36 NYSE:BVN Compañía de Minas Buenaventura S. 13.84 (0.55) (4)% 14.96 9.87 TSX:PG Premier Gold Mines Limited 3.64 0.31 9% 4.13 1.87 TSX:CNL Continental Gold Inc. 3.23 0.08 3% 5.75 2.62 TSX:PVG Pretium Resources Inc. 14.46 0.06 0% 16.48 9.17 TSX:DGC Detour Gold Corporation 13.47 0.19 1% 21.48 13.01 TSXV:PGM Pure Gold Mining Inc. 0.50 0.01 2% 0.72 0.40 TSX:ELD Eldorado Gold Corporation 1.52 (0.06) (4)% 5.13 1.49 NasdaqGS:GOLD Randgold Resources Limited 90.55 (0.71) (1)% 108.29 67.54 TSX:EDV Endeavour Mining Corporation 21.16 (1.58) (7)% 28.81 17.37 TSX:RIC Richmont Mines Inc. 10.92 (0.29) (3)% 13.19 7.36 TSX:EDR Endeavour Silver Corp. 2.73 0.09 3% 6.44 2.50 TSX:ROXG Roxgold Inc. 1.16 0.06 5% 1.67 1.03 TSXV:FPC Falco Resources Ltd. 1.01 0.01 1% 1.65 0.77 NasdaqGS:RGLD Royal Gold, Inc. 85.61 (0.39) (0)% 94.39 60.21 TSX:FR First Majestic Silver Corp. 8.42 0.18 2% 14.36 7.51 TSX:SBB Sabina Gold & Silver Corp. 2.32 0.06 3% 2.70 0.84 TSX:FVI Fortuna Silver Mines Inc. 5.17 (0.18) (3)% 9.35 5.33 TSX:SSL Sandstorm Gold Ltd. 5.55 (0.05) (1)% 6.81 4.29 TSX:FNV Franco-Nevada Corporation 106.50 4.91 5% 107.91 71.44 NYSE:SA Seabridge Gold Inc. 12.45 (0.55) (4)% 13.70 7.35 NYSE:GFI Gold Fields Limited 3.96 - - 4.70 2.60 TSX:SMF SEMAFO Inc. 3.36 0.12 4% 5.24 2.68 TSX:G Goldcorp Inc. 16.81 0.10 1% 23.35 15.56 NYSE:SBGL Sibanye Gold Limited 5.58 0.07 1% 10.59 4.27 TSX:GSC Golden Star Resources Ltd. 0.98 (0.03) (3)% 1.33 0.76 TSX:SVM Silvercorp Metals Inc. 3.13 (0.06) (2)% 5.90 2.82 TSX:GUY Guyana Goldfields Inc. 4.43 0.07 2% 8.11 3.96 TSX:SSRM SSR Mining Inc. 11.00 (1.25) (10)% 16.11 10.32 NYSE:HMY Harmony Gold Mining Company Limi 1.83 0.06 3% 2.99 1.56 TSX:THO Tahoe Resources Inc. 5.53 (0.44) (7)% 15.11 5.31 TSX:HRT Harte Gold Corp. 0.45 (0.02) (4)% 0.87 0.25 TSX:TMR TMAC Resources Inc. 7.69 (0.72) (9)% 19.00 6.90 NYSE:HL Hecla Mining Company 4.04 (0.41) (9)% 6.78 4.03 TSX:TXG Torex Gold Resources Inc 13.36 (4.60) (26)% 33.85 12.42 TSX:IMG IAMGOLD Corporation 7.49 0.34 5% 8.87 4.24 TSX:TML Treasury Metals Inc. 0.62 (0.03) (5)% 0.90 0.51 TSX:IVN Ivanhoe Mines Ltd. 4.81 0.03 1% 5.47 2.25 TSXV:TREK Trek Mining Inc. 1.03 0.03 3% 2.02 0.96 TSX:K Kinross Gold Corporation 5.45 0.38 7% 6.29 3.87 TSX:WDO Wesdome Gold Mines Ltd. 1.81 (0.18) (9)% 4.40 1.77 TSX:KL Kirkland Lake Gold Ltd. 18.19 1.36 8% 19.06 6.33 TSX:WPM Wheaton Precious Metals Corp. 25.53 (0.60) (2)% 30.32 22.63 TSX:KDX Klondex Mines Ltd. 3.16 (0.51) (14)% 7.73 3.56 TSX:YRI Yamana Gold Inc. 3.39 0.10 3% 4.80 2.84



Weekly Performance – Precious Metals Companies (Small Cap)


5.45%3.70%

3.00%2.94%

2.04%1.75%

1.35%1.32%1.28%

1.00%-0.20%

-2.59%-2.76%-2.82%

-4.17%-4.62%-4.62%

-6.25%-6.58%

ROXGOLD INCSEMAFO INC

TREK MINING INCMARATHON GOLD CORPPURE GOLD MINING INC

GOLDQUEST MINING CORPMIDAS GOLD CORP

SABINA GOLD & SILVER CORPNEWCASTLE GOLD LTDFALCO RESOURCES LTD

LUNDIN GOLD INCRICHMONT MINES INCATLANTIC GOLD CORP

OSISKO MINING INCLIBERTY GOLD CORP

ASANKO GOLD INCASANKO GOLD INCHARTE GOLD CORP

BARKERVILLE GOLD MINES LTD

Small Cap Precious Metals Weekly Change

Share Price Performance, Small Cap Precious Metals Equities (Source: Bloomberg)

10.29%

1.32%-0.80%

-1.90%-2.04%-2.52%

-3.67%-4.17%

-5.95%-7.16%

-10.14%-10.42%

-10.71%-11.45%

-14.41%-16.47%

-19.44%-20.79%

-21.05%

MIDAS GOLD CORPSABINA GOLD & SILVER CORP

ASANKO GOLD INCTREK MINING INC

SEMAFO INCROXGOLD INC

MARATHON GOLD CORPLIBERTY GOLD CORP

NEWCASTLE GOLD LTDLUNDIN GOLD INC

TREASURY METALS INCRICHMONT MINES INC

PURE GOLD MINING INCOSISKO MINING INC

FALCO RESOURCES LTDBARKERVILLE GOLD MINES LTD

GOLDQUEST MINING CORPATLANTIC GOLD CORP

HARTE GOLD CORP

1-Month Price Change

32.95%15.80%

9.80%6.98%6.42%5.33%4.17%

1.44%-1.59%

-3.85%-7.08%

-9.65%

-13.27%-16.16%

-23.68%-25.74%-26.80%-27.42%

-61.85%

SABINA GOLD & SILVER CORPRICHMONT MINES INC

SEMAFO INCLIBERTY GOLD CORP

ROXGOLD INCNEWCASTLE GOLD LTD

MIDAS GOLD CORPATLANTIC GOLD CORP

TREASURY METALS INCPURE GOLD MINING INCMARATHON GOLD CORP

TREK MINING INCOSISKO MINING INC

LUNDIN GOLD INCGOLDQUEST MINING CORP

FALCO RESOURCES LTDBARKERVILLE GOLD MINES LTD

HARTE GOLD CORPASANKO GOLD INC


12.35%10.71%

4.55%3.70%

2.22%1.75%

0.00%-0.70%-1.25%-1.79%-1.87%

-2.60%-2.88%

-5.50%-13.79%

-17.44%-20.21%

-26.58%

-29.69%

RICHMONT MINES INCASANKO GOLD INC

SABINA GOLD & SILVER CORPSEMAFO INC

LIBERTY GOLD CORPROXGOLD INC

TREASURY METALS INCATLANTIC GOLD CORP

NEWCASTLE GOLD LTDLUNDIN GOLD INC

MARATHON GOLD CORPMIDAS GOLD CORP

FALCO RESOURCES LTDTREK MINING INC

PURE GOLD MINING INCBARKERVILLE GOLD MINES LTD

OSISKO MINING INCGOLDQUEST MINING CORP

HARTE GOLD CORP


88.52%87.50%

57.89%56.61%54.95%

39.22%13.75%

1.00%0.00%0.00%

-3.12%-6.45%

-10.08%-13.51%-14.81%

-22.68%-25.83%

-44.32%

-72.44%

SABINA GOLD & SILVER CORPMARATHON GOLD CORP

HARTE GOLD CORPOSISKO MINING INC

ATLANTIC GOLD CORPBARKERVILLE GOLD MINES LTD

RICHMONT MINES INCFALCO RESOURCES LTDNEWCASTLE GOLD LTDNEWCASTLE GOLD LTDTREASURY METALS INC

GOLDQUEST MINING CORPROXGOLD INC

LUNDIN GOLD INCLIBERTY GOLD CORPMIDAS GOLD CORP

SEMAFO INCTREK MINING INC

ASANKO GOLD INC

1-Year Price Change



Equity Weekly Performance – Base Metals Companies


12.00%

11.63%9.29%

8.27%5.81%

2.64%2.59%

2.07%1.74%

1.13%0.50%

0.12%0.00%0.00%

-1.32%-1.61%

-4.94%

ATALAYA MINING PLCSHERRITT INTERNATIONAL CORP

IMPERIAL METALS CORPFIRST QUANTUM MINERALS LTD

COPPER MOUNTAIN MINING CORPHUDBAY MINERALS INC

TECK RESOURCES LTD-CLS BTREVALI MINING CORP

S&P/TSX DIV MTLS&MIN IDXLUNDIN MINING CORP

LME ZINC SPOT ($)S&P/TSX COMPOSITE INDEX

CAPSTONE MINING CORPTASEKO MINES LTD

NEVSUN RESOURCES LTDLME COPPER SPOT ($)LME NICKEL SPOT ($)

Base Metal Weekly Change

Share Price Performance, Canadian Base Metals Equities (Source: Bloomberg)

19.31%

14.29%9.79%

3.70%3.21%2.92%

1.71%1.69%1.61%

0.71%-0.68%

-1.22%-2.53%

-3.02%-5.14%-6.33%

-16.24%

COPPER MOUNTAIN MINING CORPSHERRITT INTERNATIONAL CORP

LME NICKEL SPOT ($)ATALAYA MINING PLC

FIRST QUANTUM MINERALS LTDLUNDIN MINING CORP

S&P/TSX COMPOSITE INDEXNEVSUN RESOURCES LTD

HUDBAY MINERALS INCLME COPPER SPOT ($)

CAPSTONE MINING CORPS&P/TSX DIV MTLS&MIN IDX

LME ZINC SPOT ($)TECK RESOURCES LTD-CLS B

TASEKO MINES LTDTREVALI MINING CORP

IMPERIAL METALS CORP


124.68%

82.28%81.05%

65.17%42.69%

35.07%32.79%31.30%29.82%27.27%26.34%

23.35%12.12%9.82%

2.60%-4.15%

-48.69%


TASEKO MINES LTDCAPSTONE MINING CORP

LUNDIN MINING CORPFIRST QUANTUM MINERALS LTD

LME NICKEL SPOT ($)HUDBAY MINERALS INCTREVALI MINING CORPATALAYA MINING PLCLME ZINC SPOT ($)

LME COPPER SPOT ($)S&P/TSX DIV MTLS&MIN IDXTECK RESOURCES LTD-CLS BS&P/TSX COMPOSITE INDEX

NEVSUN RESOURCES LTDIMPERIAL METALS CORP


80.21%

73.49%39.90%

31.25%30.23%

26.27%13.85%

11.68%10.54%10.22%10.01%9.09%

6.40%5.63%

0.23%

-3.81%

-6.67%


TASEKO MINES LTDCAPSTONE MINING CORP

ATALAYA MINING PLCFIRST QUANTUM MINERALS LTD

TREVALI MINING CORPLME ZINC SPOT ($)

LUNDIN MINING CORPLME NICKEL SPOT ($)

HUDBAY MINERALS INCNEVSUN RESOURCES LTD

S&P/TSX COMPOSITE INDEXLME COPPER SPOT ($)

S&P/TSX DIV MTLS&MIN IDXTECK RESOURCES LTD-CLS B

IMPERIAL METALS CORP


269.33%

150.72%58.19%53.11%48.48%

42.57%34.55%30.14%26.53%

20.87%8.78%7.55%4.88%

-0.15%

-8.85%

-26.83%-52.50%

TASEKO MINES LTDCOPPER MOUNTAIN MINING CORP

ATALAYA MINING PLCLUNDIN MINING CORP

CAPSTONE MINING CORPSHERRITT INTERNATIONAL CORP

TREVALI MINING CORPLME ZINC SPOT ($)

HUDBAY MINERALS INCLME COPPER SPOT ($)

S&P/TSX COMPOSITE INDEXFIRST QUANTUM MINERALS LTD

LME NICKEL SPOT ($)S&P/TSX DIV MTLS&MIN IDXTECK RESOURCES LTD-CLS B

NEVSUN RESOURCES LTDIMPERIAL METALS CORP

1-Year Price Change



Equity Weekly Performance – Major International Miners


2.59%

2.38%

1.84%

1.49%

0.55%

-0.20%

-2.45%

-3.44%

-8.72%

TECK RESOURCES LTD-CLS B

SOUTHERN COPPER CORP

FREEPORT-MCMORAN INC

BHP BILLITON LTD-SPON ADR

RIO TINTO PLC-SPON ADR

VALE SA-SP ADR

ALUMINUM CORP OF CHINA-ADR

GLENCORE PLC -UNSP ADR

ALCOA CORP

Major International Miner Weekly Change

Share Price Performance, Major International Miner Equities (Source: Bloomberg)

5.68%

3.01%

2.59%

2.55%

0.00%

-0.94%

-3.02%

-8.27%

-17.37%




VALE SA-SP ADR




ALCOA CORP



67.41%

38.38%

30.44%

28.50%

27.57%

22.95%

21.88%

20.45%

9.82%


ALCOA CORP






VALE SA-SP ADR



13.90%

13.84%

13.22%

9.12%

5.32%

5.00%

2.23%

1.84%

-3.81%


ALCOA CORP





VALE SA-SP ADR




73.31%

47.80%

36.41%

30.22%

26.01%

25.88%

12.20%

4.42%

-8.85%


ALCOA CORP




VALE SA-SP ADR




1-Year Price Change



Comparables Tables – Precious Metals

Precious Metals Companies – Market and Valuation Statistics (Consensus Estimates)


Shares Market Working EnterpriseCompany Symbol Price O/S Capitalization Cash Capital Debt Value 2017E 2018E

(millions) (millions) (millions) (millions) (millions) (millions) CFPS CFPS 2017E 2018E 2017E 2018E 2017E 2018E

Senior Precious Metals ProducersAgnico Eagle Mines Limited NYSE:AEM C$ 57.09 229.6 US$ 10,334 US$ 989 US$ 1,265 US$ 1,372 US$ 10,442 US$ 3.41 US$ 3.44 8 13.2x 13.1x 13.3x 13.2x 12.0x 11.0xAngloGold Ashanti Limited JSE:ANG C$ 12.32 409.8 US$ 3,982 US$ 171 US$ 422 US$ 2,312 US$ 5,872 US$ 2.03 US$ 2.72 5 4.8x 3.6x 7.1x 5.3x 4.0x 5.5xBarrick Gold Corporation TSX:ABX C$ 17.71 1166.0 US$ 16,277 US$ 2,025 US$ 3,004 US$ 6,346 US$ 19,619 US$ 1.96 US$ 2.33 6 7.1x 6.0x 8.6x 7.2x 4.9x 4.4xCompañía de Minas Buenaventura S.A.A. NYSE:BVN C$ 17.56 254.0 US$ 3,515 US$ 185 US$ 114 US$ 272 US$ 3,673 US$ 1.13 US$ 1.61 3 12.3x 8.6x 12.8x 9.0x 10.8x 10.0xEldorado Gold Corporation TSX:ELD C$ 1.52 792.3 US$ 949 US$ 551 US$ 700 US$ 593 US$ 843 US$ 0.11 US$ 0.22 10 10.7x 5.5x 9.5x 4.9x 4.3x 6.5xEvolution Mining Limited ASX:EVN C$ 2.40 1692.5 US$ 3,202 US$ 29 US$ 75 US$ 294 US$ 3,421 US$ 0.30 US$ 0.30 6 6.3x 6.3x 6.7x 6.7x 7.4x 6.4xFresnillo PLC LSE:FRES C$ 21.75 736.9 US$ 12,634 US$ 885 US$ 1,339 US$ 798 US$ 12,093 US$ 1.12 US$ 1.40 6 15.3x 12.3x 14.7x 11.7x 11.8x 11.1xGold Fields Limited JSE:GFI C$ 5.03 820.6 US$ 3,256 US$ 493 US$ 149 US$ 1,574 US$ 4,681 US$ 0.93 US$ 1.03 6 4.3x 3.8x 6.1x 5.5x 4.0x 4.4xGoldcorp Inc. TSX:G C$ 16.81 867.1 US$ 11,490 US$ 195 (US$ 3) US$ 2,083 US$ 13,576 US$ 1.39 US$ 1.64 17 9.6x 8.1x 11.3x 9.5x 9.4x 9.3xKinross Gold Corporation TSX:K C$ 5.45 1247.0 US$ 5,357 US$ 992 US$ 1,731 US$ 1,732 US$ 5,357 US$ 0.74 US$ 0.85 15 5.8x 5.0x 5.8x 5.0x 4.8x 4.4xNewcrest Mining Limited ASX:NCM C$ 22.54 766.1 US$ 13,610 US$ 493 US$ 585 US$ 1,991 US$ 15,016 US$ 1.51 US$ 1.65 7 11.8x 10.7x 13.0x 11.9x 11.3x 10.9xNewmont Mining Corporation NYSE:NEM C$ 45.06 533.3 US$ 18,944 US$ 3,045 US$ 3,658 US$ 4,035 US$ 19,321 US$ 4.12 US$ 4.17 7 8.6x 8.5x 8.8x 8.7x 6.6x 7.5xRandgold Resources Limited LSE:RRS C$ 115.71 94.1 US$ 8,585 US$ 622 US$ 813 US$ 3 US$ 7,774 US$ 5.45 US$ 5.97 7 16.7x 15.3x 15.2x 13.8x 14.2x 11.5xYamana Gold Inc. TSX:YRI C$ 3.39 948.5 US$ 2,534 US$ 248 (US$ 10) US$ 1,643 US$ 4,187 US$ 0.48 US$ 0.70 15 5.5x 3.8x 9.1x 6.3x 6.5x 6.7x

Group Average - Senior Producers 9.4x 7.9x 10.1x 8.5x 8.0x 7.8xGroup Average - Senior Producers (excluding high/low) 9.2x 7.6x 10.1x 8.3x 7.8x 7.8x

Intermediate Precious Metals ProducersAcacia Mining plc LSE:ACA C$ 2.92 410.1 US$ 944 US$ 176 US$ 390 - US$ 554 US$ 0.60 US$ 1.03 2 3.8x 2.2x 2.3x 1.3x 1.4x 1.9xAlamos Gold Inc. TSX:AGI C$ 7.93 300.7 US$ 1,879 US$ 167.7 US$ 274.4 US$ 1.7 US$ 1,606.6 US$ 0.56 US$ 0.65 9 11.1x 9.6x 9.5x 8.2x 11.2x 9.1xB2Gold Corp. TSX:BTO C$ 3.35 977.5 US$ 2,581 US$ 90 US$ 35 US$ 634 US$ 3,180 US$ 0.22 US$ 0.50 12 12.1x 5.3x 15.0x 6.5x 9.9x 13.1xCentamin Plc LSE:CEY C$ 2.26 1150.0 US$ 2,046 US$ 313.1 US$ 402.6 US$ 0.0 US$ 1,643.4 US$ 0.25 US$ 0.22 5 7.2x 8.3x 5.7x 6.6x 4.4x 4.9xCenterra Gold Inc. TSX:CG C$ 7.63 291.8 US$ 1,755 US$ 352 US$ 616 US$ 248 US$ 1,386 US$ 1.73 US$ 1.35 10 3.5x 4.4x 2.7x 3.5x 3.2x 2.4xDetour Gold Corporation TSX:DGC C$ 13.47 174.8 US$ 1,856 US$ 113.9 US$ 170.5 US$ 297.5 US$ 1,983.1 US$ 1.52 US$ 1.95 15 7.0x 5.4x 7.4x 5.8x 8.7x 7.5xEndeavour Mining Corporation TSX:EDV C$ 21.16 107.0 US$ 1,784 US$ 97 US$ 142 US$ 322 US$ 1,965 US$ 1.97 US$ 3.24 3 8.5x 5.2x 9.3x 5.7x 8.3x 10.2xGuyana Goldfields Inc. TSX:GUY C$ 4.43 173.0 US$ 604 US$ 110.5 US$ 127.9 US$ 44.5 US$ 520.7 US$ 0.44 US$ 0.63 6 7.9x 5.6x 6.8x 4.8x 6.0x 6.5xHarmony Gold Mining Company Limited NYSE:HMY C$ 2.33 440.6 US$ 808 US$ 95 US$ 83 US$ 23 US$ 748 US$ 0.67 US$ 0.57 5 2.7x 3.2x 2.5x 3.0x 2.4x 2.3xHecla Mining Company NYSE:HL C$ 5.13 399.0 US$ 1,612 US$ 205.9 US$ 195.5 US$ 501.9 US$ 1,918.4 US$ 0.39 US$ 0.60 7 10.5x 6.8x 12.5x 8.1x 8.0x 10.5xIAMGOLD Corporation TSX:IMG C$ 7.49 464.8 US$ 2,744 US$ 811 US$ 852 US$ 389 US$ 2,281 US$ 0.65 US$ 0.73 13 9.1x 8.1x 7.6x 6.8x 7.1x 6.9xKirkland Lake Gold Ltd. TSX:KL C$ 18.19 207.5 US$ 2,975 US$ 210.5 US$ 102.1 US$ 0.0 US$ 2,873.4 US$ 1.48 US$ 1.96 8 9.7x 7.3x 9.4x 7.1x 17.8x 8.2xKlondex Mines Ltd. TSX:KDX C$ 3.16 179.6 US$ 447 US$ 21 US$ 17 US$ 15 US$ 445 US$ 0.37 US$ 0.67 3 6.8x 3.7x 6.8x 3.7x 5.6x 5.3xNew Gold Inc. TSX:NGD C$ 4.27 577.8 US$ 1,945 US$ 207.1 US$ 304.5 US$ 977.0 US$ 2,617.2 US$ 0.49 US$ 0.74 11 6.9x 4.5x 9.2x 6.1x 8.8x 8.1xNorthern Star Resources Limited ASX:NST C$ 5.36 603.2 US$ 2,546 US$ 309 US$ 239 - US$ 2,307 US$ 0.45 US$ 0.46 6 9.4x 9.2x 8.6x 8.3x 7.6x 7.0xOceanaGold Corporation TSX:OGC C$ 3.43 615.1 US$ 1,663 US$ 61.2 US$ 19.7 US$ 200.0 US$ 1,843.3 US$ 0.54 US$ 0.55 15 5.0x 5.0x 5.5x 5.5x 6.6x 5.0xPretium Resources Inc. TSX:PVG C$ 14.46 181.3 US$ 2,066 US$ 55 (US$ 13) US$ 690 US$ 2,769 US$ 0.49 US$ 1.79 7 23.5x 6.4x 31.5x 8.5x - 25.1xPremier Gold Mines Limited TSX:PG C$ 3.64 202.2 US$ 580 US$ 137.4 US$ 93.8 US$ 0.0 US$ 486.2 US$ 0.32 US$ 0.11 4 8.9x 26.0x 7.5x 21.8x 13.4x 6.7xRegis Resources Limited ASX:RRL C$ 4.02 504.0 US$ 1,598 US$ 92 US$ 108 - US$ 1,491 US$ 0.32 US$ 0.33 6 10.0x 9.7x 9.4x 9.0x 9.4x 8.0xResolute Mining Limited ASX:RSG C$ 1.04 741.5 US$ 608 US$ 219.2 US$ 288.5 US$ 0.0 US$ 319.3 US$ 0.19 US$ 0.13 4 4.3x 6.5x 2.3x 3.4x 2.1x 2.3xSEMAFO Inc. TSX:SMF C$ 3.36 324.9 US$ 861 US$ 257 US$ 254 US$ 115 US$ 721 US$ 0.33 US$ 0.47 6 8.1x 5.7x 6.8x 4.7x 4.9x 6.3xTahoe Resources Inc. TSX:THO C$ 5.53 312.8 US$ 1,363 US$ 182.4 US$ 178.1 US$ 0.0 US$ 1,185.2 US$ 0.78 US$ 0.99 13 5.6x 4.4x 4.9x 3.8x 3.0x 4.1xTMAC Resources Inc. TSX:TMR C$ 7.69 92.1 US$ 558 US$ 14 US$ 60 US$ 152 US$ 650 (US$ 0.04) US$ 1.07 2 - 5.7x - 6.6x - 109.2xTorex Gold Resources Inc TSX:TXG C$ 13.36 79.9 US$ 841 US$ 66.5 US$ 52.3 US$ 343.0 US$ 1,131.6 US$ 1.88 US$ 2.54 7 5.6x 4.2x 7.5x 5.6x 6.8x 9.3x

Group Average - Intermediate Producers 8.1x 6.8x 8.3x 6.4x 7.1x 11.7xGroup Average - Intermediate Producers (excluding high/low) 7.4x 6.1x 7.2x 6.0x 3.0x 7.7x

Junior Precious Metals ProducersAlacer Gold Corp. TSX:ASR C$ 2.11 293.1 US$ 487 US$ 132 US$ 143 US$ 126 US$ 471 US$ 0.32 US$ 0.25 7 5.2x 6.7x 5.1x 6.5x 13.0x 5.8xAlio Gold Inc. TSX:ALO C$ 4.50 44.7 US$ 158 US$ 68.5 US$ 73.0 US$ 0.0 US$ 85.5 US$ 0.68 US$ 0.76 7 5.2x 4.7x 2.8x 2.5x 2.0x 2.8xArgonaut Gold Inc. TSX:AR C$ 2.42 177.2 US$ 337 US$ 37 US$ 78 - US$ 259 US$ 0.28 US$ 0.45 6 6.9x 4.3x 5.3x 3.3x 6.3x 5.5xAsanko Gold Inc. TSX:AKG C$ 1.24 203.4 US$ 199 US$ 60.8 US$ 47.4 US$ 139.3 US$ 290.8 US$ 0.54 US$ 0.46 4 1.8x 2.1x 2.6x 3.1x 4.1x 2.6xBrio Gold Inc. TSX:BRIO C$ 2.05 117.6 US$ 190 US$ 10 US$ 30 US$ 60 US$ 220 US$ 0.37 US$ 0.86 3 4.4x 1.9x 5.1x 2.2x 3.0x 5.4xDundee Precious Metals Inc. TSX:DPM C$ 2.70 178.5 US$ 380 US$ 22.0 US$ 30.0 US$ 0.0 US$ 349.8 US$ 0.52 US$ 0.67 3 4.1x 3.2x 3.7x 2.9x 5.9x 3.6xGolden Star Resources Ltd. TSX:GSC C$ 0.98 380.6 US$ 294 US$ 30 (US$ 42) US$ 82 US$ 418 US$ 0.19 US$ 0.23 6 4.1x 3.4x 5.9x 4.9x 29.1x 4.9xHighland Gold Mining Limited AIM:HGM C$ 2.45 325.2 US$ 627 US$ 4.3 US$ 48.9 US$ 180.4 US$ 758.7 US$ 0.41 US$ 0.45 1 4.7x 4.3x 5.7x 5.2x 5.7x 4.8xLeagold Mining Corporation TSX:LMC C$ 3.07 151.3 US$ 366 US$ 65 US$ 94 US$ 143 US$ 415 US$ 0.28 US$ 0.50 4 8.6x 4.8x 9.8x 5.5x - 10.1xPrimero Mining Corp. TSX:P C$ 0.09 192.3 US$ 13 US$ 12.1 US$ 15.4 US$ 46.5 US$ 44.0 US$ 0.12 US$ 0.18 8 0.6x 0.4x 2.0x 1.3x 1.3x 1.9xRichmont Mines Inc. TSX:RIC C$ 10.92 63.8 US$ 549 US$ 72 US$ 66 US$ 3 US$ 487 US$ 0.85 US$ 0.83 10 10.2x 10.4x 9.0x 9.2x 13.1x 9.3xRoxgold Inc. TSX:ROXG C$ 1.16 371.5 US$ 340 US$ 49.8 US$ 40.2 US$ 39.1 US$ 338.6 US$ 0.18 US$ 0.22 8 5.1x 4.1x 5.1x 4.1x 17.3x 4.4xTeranga Gold Corporation TSX:TGZ C$ 2.48 107.3 US$ 210 US$ 77 US$ 61 US$ 14 US$ 163 US$ 0.62 US$ 0.64 4 3.1x 3.0x 2.4x 2.4x 1.5x 1.7xWesdome Gold Mines Ltd. TSX:WDO C$ 1.81 133.9 US$ 191 US$ 13.3 US$ 10.3 US$ 0.0 US$ 180.7 US$ 0.14 US$ 0.20 4 10.5x 7.0x 9.9x 6.6x 14.6x -

Group Average - Junior Producers 5.3x 4.3x 5.3x 4.3x 9.0x 4.8xGroup Average - Junior Producers (excluding high/low) 5.3x 4.1x 5.2x 4.1x 7.9x 4.6x

All data sourced from Capital IQ

Number of

Estimates

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



Other Precious Metals Companies – Market and Valuation Statistics (Consensus Estimates)


Shares Market Working EnterpriseCompany Symbol Price O/S Capitalization Cash Capital Debt Value 2017E 2018E Number of

(millions) (millions) (millions) (millions) (millions) (millions) CFPS CFPS Estimates 2017E 2018E 2017E 2018E 2017E 2018E

PGM ProducersImpala Platinum Holdings Limited JSE:IMP C$ 3.52 718.6 US$ 1,996 US$ 599 US$ 946 US$ 544 US$ 1,595 US$ 0.25 US$ 0.26 4 11.0x 10.5x 8.8x 8.4x 6.0x 6.3xLonmin plc LSE:LMI C$ 1.11 283.1 US$ 249 US$ 229 US$ 472 US$ 154 (US$ 69) US$ 0.04 US$ 0.19 6 22.1x 4.6x - - - -North American Palladium Ltd. TSX:PDL C$ 8.59 58.1 US$ 394 US$ 10 US$ 9 US$ 35 US$ 420 - - 0 - - - - - -

Group Average - PGM Producers 16.5x 7.6x 8.8x 8.4x 6.0x 6.3x

Silver ProducersAmericas Silver Corporation TSX:USA C$ 4.82 39.9 US$ 152 US$ 13 US$ 18 US$ 13 US$ 146 US$ 0.37 US$ 0.71 1 10.4x 5.3x 10.0x 5.2x 10.6x 13.8xAurcana Corporation TSXV:AUN C$ 0.23 84.7 US$ 15 US$ 2 US$ 2 - US$ 13 - - 0 - - - - - -Coeur Mining, Inc. NYSE:CDE C$ 9.10 185.6 US$ 1,331 US$ 236 US$ 345 US$ 245 US$ 1,231 US$ 0.85 US$ 1.47 3 8.5x 4.9x 7.8x 4.5x 5.3x 6.7xEndeavour Silver Corp. TSX:EDR C$ 2.73 127.5 US$ 274 US$ 44 US$ 70 - US$ 204 US$ 0.17 US$ 0.30 7 13.0x 7.1x 9.7x 5.3x 5.4x 7.4xFirst Majestic Silver Corp. TSX:FR C$ 8.42 165.7 US$ 1,100 US$ 133 US$ 126 US$ 26 US$ 1,000 US$ 0.48 US$ 0.82 6 14.0x 8.1x 12.7x 7.3x 8.9x 13.1xFortuna Silver Mines Inc. TSX:FVI C$ 5.17 159.5 US$ 650 US$ 197 US$ 198 US$ 40 US$ 492 US$ 0.55 US$ 0.61 3 7.4x 6.7x 5.6x 5.1x 5.7x 4.4xHecla Mining Company NYSE:HL C$ 5.13 399.0 US$ 1,612 US$ 206 US$ 196 US$ 502 US$ 1,918 US$ 0.39 US$ 0.60 7 10.5x 6.8x 12.5x 8.1x 8.0x 10.5xMandalay Resources Corporation TSX:MND C$ 0.29 451.3 US$ 103 US$ 25 US$ 35 US$ 16 US$ 84 US$ 0.07 US$ 0.07 2 3.3x 3.3x 2.7x 2.7x 1.7x 2.5xPan American Silver Corp. TSX:PAAS C$ 18.56 153.2 US$ 2,241 US$ 186 US$ 410 - US$ 1,831 US$ 1.39 US$ 1.86 8 10.5x 7.9x 8.6x 6.4x 6.5x 7.2xSSR Mining Inc. TSX:SSRM C$ 11.00 119.7 US$ 1,038 US$ 534 US$ 684 US$ 230 US$ 584 US$ 1.15 US$ 1.12 7 7.5x 7.8x 4.2x 4.4x 2.8x 3.5xSilvercorp Metals Inc. TSX:SVM C$ 3.13 168.0 US$ 414 US$ 99 US$ 78 - US$ 337 US$ 0.42 US$ 0.45 1 5.9x 5.5x 4.8x 4.5x 8.2x -

Group Average - Silver Producers 8.9x 6.4x 7.9x 5.3x 6.3x 7.7xGroup Average - Silver Producers (excluding high/low) 9.2x 6.5x 7.9x 5.3x 6.4x 7.5x

Diamond ProducersLucara Diamond Corp. TSX:LUC C$ 2.44 382.6 US$ 736 US$ 91 US$ 93 - US$ 643 US$ 0.25 US$ 0.24 4 7.8x 8.2x 6.8x 7.1x 3.4x 5.5xMountain Province Diamonds Inc. TSX:MPVD C$ 3.63 160.2 US$ 458 US$ 9 (US$ 8) US$ 273 US$ 739 US$ 0.33 US$ 0.83 2 8.6x 3.4x 13.9x 5.5x 85.3x 10.3xPetra Diamonds Limited LSE:PDL C$ 1.13 521.1 US$ 465 US$ 190 US$ 60 US$ 698 US$ 1,103 US$ 0.27 US$ 0.33 4 3.4x 2.7x 8.0x 6.4x 6.9x 6.2xStornoway Diamond Corporation TSX:SWY C$ 0.60 830.2 US$ 393 US$ 42 US$ 33 US$ 154 US$ 514 US$ 0.05 US$ 0.06 4 10.4x 7.7x 13.7x 10.1x - 8.5x

Group Average - Diamond Producers 7.6x 5.5x 10.6x 7.3x 31.9x 7.6x

Royalty CompaniesAnglo Pacific Group plc LSE:APF C$ 2.31 180.0 US$ 328 US$ 7 US$ 8 US$ 8 US$ 327 US$ 0.27 US$ 0.20 3 6.8x 9.2x 6.8x 9.2x 14.2x 7.7xAltius Minerals Corporation TSX:ALS C$ 12.16 43.2 US$ 414 US$ 16 US$ 8 US$ 47 US$ 453 US$ 0.44 US$ 0.64 2 21.7x 15.0x 23.7x 16.4x 23.7x 16.5xFranco-Nevada Corporation TSX:FNV C$ 106.50 185.7 US$ 15,591 US$ 546 US$ 632 - US$ 14,960 US$ 2.66 US$ 2.75 13 31.6x 30.5x 30.3x 29.3x 30.9x 28.9xMaverix Metals Inc. TSXV:MMX C$ 1.76 153.6 US$ 213 US$ 7 US$ 8 - US$ 205 US$ 0.07 US$ 0.10 3 20.3x 13.5x 19.5x 13.0x - 18.9xOsisko Gold Royalties Ltd. TSX:OR C$ 15.36 157.0 US$ 1,901 US$ 88 US$ 91 US$ 155 US$ 1,965 US$ 0.32 US$ 0.51 6 37.6x 23.9x 38.9x 24.8x 56.3x 41.7xRoyal Gold, Inc. US:RGLD C$ 108.61 65.5 US$ 5,604 US$ 89 US$ 116 US$ 540 US$ 6,027 US$ 4.14 US$ 4.61 9 20.7x 18.6x 22.3x 20.0x 22.8x 19.2xSandstorm Gold Ltd. TSX:SSL C$ 5.55 182.4 US$ 798 US$ 18 US$ 20 - US$ 777 US$ 0.27 US$ 0.25 9 16.2x 17.4x 15.8x 16.9x 19.0x 16.5xWheaton Precious Metals Corp. TSX:WPM C$ 25.53 442.0 US$ 8,895 US$ 70 US$ 65 US$ 854 US$ 9,684 US$ 1.20 US$ 1.30 10 16.8x 15.5x 18.3x 16.9x 16.6x 17.6x

Group Average - Royalty Companies 22.1x 18.3x 22.5x 18.5x 27.8x 21.3xGroup Average - Royalty Companies (excluding high/low) 22.1x 17.7x 22.3x 18.2x 24.1x 20.0x

All data sourced from Capital IQ




Senior Gold Producers – Production Statistics

Symbol Reserves

Agnico Eagle Mines Limited NYSE:AEM US $10,334 US $1,265 US $10,445 53.8 1.95 59.9 2.17 90% 19.9 2.31 21.5 2.49 93% US $524 33.9 1.79 38.5 2.03 88% 51% 55% US $194 US $174AngloGold Ashanti Limited JSE:ANG US $3,982 US $422 US $5,872 214.7 1.34 241.1 1.50 89% 50.1 0.91 52.2 0.95 96% US $117 164.7 1.57 188.8 1.80 87% 31% 35% US $27 US $24B2Gold Corp. TSX:BTO US $2,581 US $35 US $3,180 22.5 0.74 28.8 0.95 78% 6.9 1.34 6.9 1.34 100% US $460 15.6 0.62 21.9 0.87 71% 46% 58% US $141 US $110Barrick Gold Corporation TSX:ABX US $16,277 US $3,004 US $19,688 187.2 0.79 310.9 1.31 60% 89.9 1.22 123.0 1.67 73% US $219 97.4 0.60 187.8 1.15 52% 35% 34% US $105 US $63Compañía de Minas Buenaventura S.A.A. NYSE:BVN US $3,515 US $114 US $4,099 22.1 0.21 110.7 1.04 20% 3.6 0.11 26.9 0.84 13% US $1,146 15.7 0.26 74.7 1.22 21% 30% 24% US $186 US $37Detour Gold Corporation TSX:DGC US $1,856 US $170 US $1,983 21.5 0.96 21.5 0.96 100% 16.5 0.97 16.5 0.97 100% US $120 5.1 0.96 5.1 0.96 100% 23% 23% US $92 US $92Eldorado Gold Corporation TSX:ELD US $949 US $700 US $843 42.4 0.91 59.1 1.27 72% 18.4 1.23 26.9 1.80 68% US $46 24.0 0.76 32.2 1.02 75% 54% 54% US $20 US $14Evolution Mining Limited ASX:EVN US $3,202 US $75 US $3,428 18.3 0.95 23.6 1.22 78% 7.9 1.24 8.1 1.28 97% US $435 10.5 0.83 15.5 1.23 67% 34% 32% US $187 US $145Fresnillo PLC LSE:FRES US $12,634 US $1,339 US $12,093 37.9 0.79 84.4 1.76 45% 9.6 0.76 22.0 1.75 43% US $1,266 28.0 0.79 62.1 1.75 45% 34% 51% US $319 US $143Gold Fields Limited JSE:GFI US $3,256 US $149 US $4,681 105.7 2.01 126.9 2.41 83% 47.6 2.81 48.7 2.87 98% US $98 58.1 1.63 78.2 2.19 74% 48% 56% US $44 US $37Goldcorp Inc. TSX:G US $11,490 US ($3) US $13,820 136.7 0.64 242.4 1.14 56% 52.0 0.67 104.2 1.34 50% US $266 90.9 0.67 144.4 1.06 63% 28% 30% US $101 US $57IAMGOLD Corporation TSX:IMG US $2,744 US $852 US $2,281 35.2 1.22 35.5 1.23 99% 14.3 1.22 14.3 1.22 100% US $159 20.8 1.21 21.2 1.23 98% 45% 46% US $65 US $64Kinross Gold Corporation TSX:K US $5,357 US $1,731 US $5,357 59.0 0.71 60.4 0.73 98% 25.2 0.73 25.5 0.74 99% US $213 34.6 0.71 35.6 0.73 97% 16% 15% US $91 US $89Newcrest Mining Limited ASX:NCM US $13,610 US $585 US $15,016 129.5 0.60 234.0 1.08 55% 65.0 0.60 122.2 1.14 53% US $231 64.5 0.59 111.0 1.02 58% 22% 22% US $116 US $64Newmont Mining Corporation NYSE:NEM US $18,944 US $3,658 US $19,333 124.0 0.79 164.3 1.05 75% 68.6 0.96 75.8 1.06 91% US $282 55.3 0.65 88.3 1.05 63% 29% 21% US $156 US $118Randgold Resources Limited LSE:RRS US $8,585 US $813 US $7,774 25.6 3.35 25.6 3.35 100% 14.5 3.85 14.5 3.85 100% US $537 11.1 2.86 11.1 2.86 100% 53% 53% US $303 US $303Yamana Gold Inc. TSX:YRI US $2,534 US ($10) US $4,187 59.0 0.54 121.0 1.10 49% 20.6 0.39 57.3 1.08 36% US $203 40.5 0.71 65.7 1.15 62% 40% 51% US $71 US $35Group Average - Total # Companies: 17 US $372 US $130 US $92Equivalency assumptions (US$ / 11-10-17): $1,275/oz Au, $16.88/oz Ag, $929/oz Pt, $996/oz Pd, $3.06/lb Cu, $1.48/lb Zn, $1.14/lb Pb, $5.47/lb Ni, $8.50/lb Mo, $27.56/lb Co, $8,000/t Sb, $20.20/lb U3O8, $0.20/lb Sn, $93.00/t HCC, $61.79/t 62% FeSource: SNL Financial retrieved on November 10, 2017

EV/ozAu

Resources (M&I and Inferred) GlobalAu

(Moz)Au(g/t)

AuEq(Moz)

AuEq(g/t)

% Au % AuInferred

% AuEqInferred

EV/ozAu

EV/ozAuEq

ReservesAu

(Moz)Au(g/t)

AuEq(Moz)

AuEq(g/t)

% Au

MarketCapitalization

(millions)

WorkingCapital

(millions)

EnterpriseValue

(millions)

Global Reserves & ResourcesAu

(Moz)Au(g/t)

AuEq(Moz)

AuEq(g/t)

% Au



Intermediate Gold Producers – Production Statistics

Reserves

Acacia Mining plc LSE:ACA US $944 US $0 US $1,030 27.9 3.97 30.2 4.31 92% 7.6 3.91 8.2 4.21 93% US $135 20.2 4.00 22.0 4.35 92% 57% US $37 US $34Alamos Gold Inc. TSX:AGI US $1,879 US $274 US $1,607 21.6 1.21 22.3 1.25 97% 7.7 1.30 8.1 1.36 95% US $209 13.9 1.17 14.3 1.20 98% 33% US $74 US $72B2Gold Corp. TSX:BTO US $2,581 US $35 US $3,180 22.5 0.74 28.8 0.95 78% 6.9 1.34 6.9 1.34 100% US $460 15.6 0.62 21.9 0.87 71% 46% US $141 US $110Centamin Plc LSE:CEY US $2,046 US $403 US $1,643 11.4 1.19 11.4 1.19 100% 4.4 1.08 4.4 1.08 100% US $374 7.0 1.27 7.0 1.27 100% 40% US $144 US $144Centerra Gold Inc. TSX:CG US $1,755 US $616 US $1,418 29.4 0.51 52.0 0.89 56% 16.1 0.74 21.1 0.97 77% US $88 13.2 0.36 30.9 0.85 43% 44% US $48 US $27China Gold International Resources Corp. Ltd. TSX:CGG US $631 US ($333) US $1,610 9.7 0.15 66.3 1.01 15% 5.0 0.28 25.1 1.42 20% US $323 4.7 0.10 41.1 0.86 11% 28% US $166 US $24Endeavour Mining Corporation TSX:EDV US $1,784 US $142 US $1,973 15.1 1.63 15.1 1.63 100% 6.1 1.65 6.1 1.65 100% US $326 9.1 1.61 9.1 1.61 100% 34% US $131 US $131Guyana Goldfields Inc. TSX:GUY US $604 US $128 US $521 8.6 2.94 8.6 2.94 100% 3.5 2.99 3.5 2.99 100% US $147 5.1 2.91 5.1 2.91 100% 41% US $61 US $61Harmony Gold Mining Company Limited JSE:HAR US $808 US $76 US $755 81.2 1.04 113.2 1.45 72% 23.7 0.66 36.8 1.03 64% US $32 57.5 1.35 75.6 1.78 76% 36% US $9 US $7Kirkland Lake Gold Ltd. TSX:KL US $2,975 US $102 US $2,908 17.9 4.36 17.9 4.36 100% 4.2 8.54 4.2 8.54 100% US $685 13.4 3.69 13.4 3.69 100% 42% US $163 US $163Klondex Mines Ltd. TSX:KDX US $447 US $17 US $445 4.1 1.95 4.3 2.02 96% 0.7 7.22 0.7 7.68 94% US $646 3.4 1.70 3.5 1.76 97% 56% US $108 US $104New Gold Inc. TSX:NGD US $1,945 US $305 US $2,617 23.3 0.75 32.1 1.03 73% 14.7 0.78 18.4 0.98 80% US $178 8.6 0.69 13.7 1.10 63% 24% US $112 US $82Northern Star Resources Limited ASX:NST US $2,546 US $238 US $2,316 11.2 3.37 23.6 7.12 47% 3.5 4.17 3.5 4.17 100% US $665 7.0 2.94 19.5 8.15 36% 61% US $207 US $98OceanaGold Corporation TSX:OGC US $1,663 US $20 US $1,887 14.9 1.58 16.3 1.73 91% 6.4 1.46 7.3 1.68 87% US $296 8.5 1.68 9.0 1.78 95% 46% US $127 US $116Premier Gold Mines Limited TSX:PG US $580 US $92 US $488 10.8 1.67 10.9 1.70 99% 2.8 1.17 2.9 1.19 98% US $174 8.0 1.97 8.0 1.99 99% 50% US $45 US $45Pretium Resources Inc. TSX:PVG US $2,066 US ($13) US $2,769 22.9 0.83 28.0 1.01 82% 8.7 14.63 9.1 15.34 95% US $318 14.2 0.52 18.8 0.69 76% 91% US $121 US $99Regis Resources Limited ASX:RRL US $1,598 US $107 US $1,493 9.7 0.92 9.7 0.92 100% 2.5 1.14 2.5 1.14 100% US $599 7.2 0.86 7.2 0.86 100% 28% US $153 US $153Resolute Mining Limited ASX:RSG US $608 US $288 US $346 11.5 1.40 11.5 1.40 100% 5.2 1.50 5.2 1.50 100% US $67 6.4 1.32 6.4 1.32 100% 39% US $30 US $30SEMAFO Inc. TSX:SMF US $861 US $254 US $746 7.8 2.76 7.8 2.76 100% 2.7 3.31 2.7 3.31 100% US $276 5.1 2.54 5.1 2.54 100% 47% US $96 US $96Tahoe Resources Inc. TSX:THO US $1,363 US $178 US $1,195 18.2 0.68 30.9 1.16 59% 4.0 0.48 10.3 1.26 38% US $302 14.2 0.77 20.5 1.11 69% 55% US $66 US $39TMAC Resources Inc. TSX:TMR US $558 US $59 US $651 6.6 8.12 6.6 8.12 100% 3.6 7.72 3.6 7.72 100% US $180 3.0 8.66 3.0 8.66 100% 57% US $98 US $98Torex Gold Resources Inc TSX:TXG US $841 US $52 US $1,132 8.6 2.65 12.0 3.71 71% 3.3 2.57 3.4 2.62 98% US $343 5.3 2.69 8.7 4.41 61% 85% US $132 US $94Group Average - Total # Companies: 22 US $310 US $103 US $83Equivalency assumptions (US$ / 11-10-17): $1,275/oz Au, $16.88/oz Ag, $929/oz Pt, $996/oz Pd, $3.06/lb Cu, $1.48/lb Zn, $1.14/lb Pb, $5.47/lb Ni, $8.50/lb Mo, $27.56/lb Co, $8,000/t Sb, $20.20/lb U3O8, $0.20/lb Sn, $93.00/t HCC, $61.79/t 62% FeSource: SNL Financial retrieved on November 10, 2017

EnterpriseValue

(millions)Company Symbol


(millions)

WorkingCapital

(millions)

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

(Moz)Au(g/t)

AuEq(Moz)

AuEq(g/t)

% Au

GlobalEV/oz

Au% Au Au

(Moz)Au(g/t)

AuEq(Moz)

AuEq(g/t)

EV/ozAu

EV/ozAuEq

Au(Moz)

Au(g/t)

AuEq(Moz)

AuEq(g/t)

% Au % AuInferred



Junior Gold Producers – Production Statistics

Reserves

Alacer Gold Corp. TSX:ASR US $487 US $143 US $471 7.6 0.39 18.6 0.97 41% 3.7 2.07 5.3 2.97 70% US $127 3.9 0.22 13.3 0.76 29% 52% US $62 US $25Alio Gold Inc. TSX:ALO US $158 US $73 US $85 3.1 0.91 3.1 0.93 99% 1.9 0.89 2.0 0.90 98% US $44 1.1 0.96 1.2 0.97 99% 8% US $28 US $27Argonaut Gold Inc. TSX:AR US $337 US $78 US $259 9.6 0.70 10.5 0.76 91% 3.3 0.81 3.3 0.81 100% US $78 6.3 0.65 7.2 0.74 87% 26% US $27 US $25Asanko Gold Inc. TSX:AKG US $199 US $47 US $291 7.3 1.45 7.3 1.45 100% 4.6 1.58 4.6 1.58 100% US $63 2.7 1.26 2.7 1.26 100% 22% US $40 US $40Azumah Resources Limited ASX:AZM US $11 US $0 US $10 1.9 1.55 1.9 1.55 100% 0.6 2.14 0.6 2.14 100% US $19 1.3 1.38 1.3 1.38 100% 47% US $6 US $6Banro Corporation TSX:BAA US $34 US ($12) US $243 12.1 1.60 12.1 1.60 100% 3.2 2.03 3.2 2.03 100% US $76 8.9 1.49 8.9 1.49 100% 57% US $20 US $20Beadell Resources Limited ASX:BDR US $170 US $1 US $184 4.0 0.44 14.1 1.58 28% 1.6 1.74 1.6 1.74 100% US $117 - - 10.1 1.51 - - US $46 US $13Brio Gold Inc. TSX:BRIO US $190 US $30 US $221 7.4 1.77 7.4 1.77 100% 3.0 1.33 3.0 1.33 100% US $74 4.5 2.25 4.5 2.25 100% 57% US $30 US $30Dundee Precious Metals Inc. TSX:DPM US $380 US $30 US $350 9.8 0.40 19.6 0.79 50% 2.8 3.35 3.8 4.57 73% US $125 7.0 0.29 15.8 0.66 45% 56% US $36 US $18Golden Star Resources Ltd. TSX:GSC US $294 US ($42) US $420 8.3 3.26 8.3 3.26 100% 1.7 3.05 1.7 3.05 100% US $244 6.5 3.32 6.5 3.32 100% 46% US $51 US $51Goldgroup Mining Inc. TSX:GGA US $8 US ($2) US $10 0.5 0.76 0.9 1.52 50% - - - - - - 0.5 0.76 0.9 1.52 50% 41% US $21 US $11Highland Gold Mining Limited AIM:HGM US $627 US $49 US $762 15.6 3.33 15.6 3.33 100% 3.7 7.53 3.7 7.53 100% US $206 11.8 2.83 11.8 2.83 100% 20% US $49 US $49Leagold Mining Corporation TSX:LMC US $366 US $94 US $444 15.7 0.84 17.9 0.95 88% 1.7 1.30 1.8 1.40 93% US $260 14.0 - 16.1 - 87% 29% US $28 US $25McEwen Mining Inc. NYSE:MUX US $649 US $83 US $567 9.5 0.16 58.7 0.96 16% 0.6 1.57 0.8 2.00 78% US $881 8.9 0.15 57.9 0.95 15% 47% US $59 US $10Medusa Mining Limited ASX:MML US $68 US $14 US $57 1.4 4.13 1.4 4.13 100% 0.4 7.00 0.4 7.00 100% US $153 0.4 1.74 0.4 1.74 100% 103% US $41 US $41Metanor Resources Inc. TSXV:MTO US $51 US $11 US $41 1.7 1.54 1.7 1.54 100% 0.2 7.38 0.2 7.38 100% US $205 1.5 1.40 1.5 1.40 100% 79% US $24 US $24Minera IRL Limited BVL:MIRL US $22 US ($72) US $97 2.6 2.62 2.6 2.63 100% 1.0 3.38 1.0 3.38 100% US $97 1.6 2.30 1.6 2.31 100% 73% US $38 US $38Orosur Mining Inc. TSX:OMI US $21 US $2 US $19 1.6 0.68 2.4 0.98 69% 0.1 1.43 0.1 1.43 100% US $151 1.5 0.65 2.2 0.96 67% 5% US $12 US $8Orvana Minerals Corp. TSX:ORV US $22 US $5 US $25 3.3 2.43 4.1 2.97 82% 0.4 3.03 0.5 4.16 73% US $71 3.1 2.38 3.7 2.87 83% 45% US $7 US $6Perseus Mining Limited ASX:PRU US $261 US $10 US $265 16.1 1.25 16.1 1.25 100% 6.3 1.46 6.3 1.46 100% US $42 9.8 1.15 9.8 1.15 100% 37% US $16 US $16Primero Mining Corp. TSX:P US $13 US $15 US $110 6.6 0.82 10.5 1.30 63% 1.3 1.12 2.2 1.87 60% US $82 5.2 0.76 8.3 1.20 64% 25% US $17 US $10Richmont Mines Inc. TSX:RIC US $549 US $65 US $488 5.0 3.81 5.0 3.83 100% 0.8 9.00 0.8 9.00 100% US $612 4.2 3.44 4.2 3.45 100% 62% US $98 US $97Roxgold Inc. TSX:ROXG US $340 US $40 US $344 1.2 16.71 1.2 16.71 100% 0.6 11.46 0.6 11.46 100% US $577 0.6 29.77 0.6 29.77 100% 60% US $282 US $282Shanta Gold Limited AIM:SHG US $34 US $30 US $53 3.2 2.90 3.2 2.90 100% 0.7 4.60 0.7 4.60 100% US $72 2.4 2.60 2.4 2.61 100% 56% US $17 US $17Teranga Gold Corporation TSX:TGZ US $210 US $61 US $163 8.6 1.51 8.6 1.51 100% 3.3 1.39 3.3 1.39 100% US $50 5.3 1.59 5.3 1.59 100% 30% US $19 US $19Torex Gold Resources Inc TSX:TXG US $841 US $52 US $1,132 8.6 2.65 12.0 3.71 71% 3.3 2.57 3.4 2.62 98% US $343 5.3 2.69 8.7 4.41 61% 85% US $132 US $94Wesdome Gold Mines Ltd. TSX:WDO US $191 US $10 US $186 6.3 1.42 6.3 1.42 100% 0.4 5.00 0.4 5.00 100% US $418 5.9 1.34 5.9 1.34 100% 58% US $29 US $29Group Average - Total # Companies: 27 US $199 US $46 US $38Equivalency assumptions (US$ / 11-10-17): $1,275/oz Au, $16.88/oz Ag, $929/oz Pt, $996/oz Pd, $3.06/lb Cu, $1.48/lb Zn, $1.14/lb Pb, $5.47/lb Ni, $8.50/lb Mo, $27.56/lb Co, $8,000/t Sb, $20.20/lb U3O8, $0.20/lb Sn, $93.00/t HCC, $61.79/t 62% FeSource: SNL Financial retrieved on November 10, 2017

EnterpriseValue

(millions)Company Symbol


(millions)

WorkingCapital

(millions)


(Moz)Au(g/t)

AuEq(Moz)

AuEq(g/t)

% Au

Global

% Au Au(Moz)

Au(g/t)

AuEq(Moz)

AuEq(g/t)

EV/ozAu

EV/ozAuEq

Au(Moz)

Au(g/t)

AuEq(Moz)

AuEq(g/t)

% Au % AuInferred

EV/ozAu



Gold Development-Stage Companies (Engineering Study Complete) – Production Statistics

Company Reserves

African Gold Group, Inc. TSXV:AGG US $16 US $2 US $14 2.0 1.01 2.0 1.01 100% 0.5 1.25 0.5 1.25 100% US $30 1.5 0.96 1.5 0.96 100% 59% US $7 US $7Almaden Minerals Ltd. TSX:AMM US $93 US $13 US $79 2.4 0.42 5.0 0.87 49% 1.3 0.62 2.3 1.12 55% US $61 1.1 0.31 2.7 0.73 43% 40% US $33 US $16Amarillo Gold Corporation TSXV:AGC US $17 US ($1) US $25 2.1 1.22 2.1 1.22 100% 1.0 1.63 1.0 1.63 100% US $25 1.1 0.99 1.1 0.99 100% 57% US $12 US $12ATAC Resources Ltd. TSXV:ATC US $53 US $13 US $41 0.7 2.35 0.7 2.39 99% - - - - - - 0.7 2.35 0.7 2.39 99% 28% US $60 US $59Atlantic Gold Corporation TSXV:AGB US $212 US ($8) US $310 2.0 1.31 2.0 1.31 100% 0.6 1.43 0.6 1.43 100% US $513 1.4 1.26 1.4 1.26 100% 31% US $153 US $153Avesoro Resources Inc. TSX:ASO US $147 US $6 US $251 2.5 2.48 2.5 2.48 100% 0.8 3.38 0.8 3.38 100% US $302 1.7 2.19 1.7 2.19 100% 68% US $99 US $99Barkerville Gold Mines Ltd. TSXV:BGM US $235 US $29 US $207 3.9* 3.9 100% - 3.9* 3.9 100% US $53 US $53Belo Sun Mining Corp TSX:BSX US $181 US $48 US $133 6.8 1.04 6.8 1.04 100% 3.8 1.02 3.8 1.02 100% US $35 3.0 1.07 3.0 1.07 100% 52% US $20 US $20Chaarat Gold Holdings Limited AIM:CGH US $100 US $14 US $101 7.1 2.53 7.2 2.58 98% - - - - - - 7.1 2.53 7.2 2.58 98% 15% US $14 US $14Chalice Gold Mines Limited ASX:CHN US $41 US $39 US $2 0.2 4.10 0.2 4.10 100% - - - - - - 0.2 4.10 0.2 4.10 100% 83% US $9 US $9Chesapeake Gold Corp. TSXV:CKG US $121 US $17 US $105 19.8 0.49 32.0 0.80 62% 18.3 0.52 29.6 0.83 62% US $6 1.5 0.33 2.4 0.52 64% 53% US $5 US $3Continental Gold Inc. TSX:CNL US $479 US $144 US $381 9.1 9.91 9.7 10.60 93% 3.7 8.41 3.9 8.73 96% US $103 5.4 11.31 5.9 12.34 92% 86% US $42 US $39Dacian Gold Limited ASX:DCN US $341 US $58 US $284 3.3 2.31 3.3 2.31 100% 1.2 2.01 1.2 2.01 100% US $236 2.1 2.52 2.1 2.52 100% 53% US $86 US $86Dalradian Resources Inc. TSX:DNA US $319 US $25 US $294 4.4 10.74 4.4 10.74 100% 1.4 8.54 1.4 8.54 100% US $205 3.0 12.28 3.0 12.28 100% 78% US $67 US $67Falco Resources Ltd. TSXV:FPC US $144 US $30 US $122 5.6 1.54 10.0 2.73 56% - - - - - - 5.6 1.54 10.0 2.73 56% 19% US $22 US $12First Mining Finance Corp. TSX:FF US $231 US $22 US $208 12.4 1.49 12.8 1.54 97% - - - - - - 12.4 1.49 12.8 1.54 97% 41% US $17 US $16Gabriel Resources Ltd. TSX:GBU US $97 US $40 US $102 16.4 1.05 17.4 1.12 94% 8.1 1.46 8.7 1.55 94% US $13 8.3 0.83 8.7 0.87 95% 27% US $6 US $6Gold Road Resources Limited ASX:GOR US $477 US $228 US $249 3.4 1.11 3.5 1.14 97% 1.8 1.20 1.8 1.20 100% US $141 1.6 1.03 1.7 1.10 94% 60% US $74 US $72Golden Queen Mining Co. Ltd. TSX:GQM US $24 US ($4) US $58 0.9 0.53 1.1 0.65 82% 0.5 0.66 0.6 0.81 82% US $118 0.4 0.43 0.5 0.53 81% 30% US $65 US $53Goldquest Mining Corp. TSXV:GQC US $58 US $20 US $38 2.2 2.60 3.5 4.08 64% 0.8 3.72 1.2 5.22 71% US $46 1.4 2.19 2.1 3.38 65% 16% US $17 US $11Hummingbird Resources PLC AIM:HUM US $176 US $67 US $184 6.3 1.63 6.3 1.63 100% 0.6 3.14 0.6 3.14 100% US $323 5.8 1.56 5.8 1.56 100% 53% US $29 US $29International Tower Hill Mines Ltd. TSX:ITH US $69 US $3 US $66 12.6 0.68 12.6 0.68 100% 9.0 0.71 9.0 0.71 100% US $7 3.6 0.60 3.6 0.60 100% 31% US $5 US $5INV Metals Inc. TSX:INV US $66 US $21 US $45 3.1 3.34 3.9 4.24 79% 1.9 4.98 2.2 5.82 86% US $24 1.2 2.23 1.7 3.16 70% 44% US $15 US $11K92 Mining Inc. TSXV:KNT US $62 US ($5) US $70 1.4 8.22 2.0 11.64 71% - - - - - - 1.4 8.22 2.0 11.64 71% 84% US $49 US $34KEFI Minerals Plc AIM:KEFI US $20 US $3 US $18 1.6 1.86 1.6 1.86 100% 0.8 2.12 0.8 2.12 100% US $22 0.8 1.65 0.8 1.65 100% 21% US $11 US $11Lundin Gold Inc. TSX:LUG US $465 US $66 US $562 9.5 8.33 9.7 8.49 98% 4.8 9.67 4.9 9.84 98% US $117 4.7 7.29 4.8 7.44 98% 46% US $59 US $58Lupaka Gold Corp. TSXV:LPK US $12 US ($1) US $14 2.8 1.17 3.2 1.36 86% - - - - - - 2.8 1.17 3.2 1.36 86% 42% US $5 US $4Lydian International Limited TSX:LYD US $194 US $70 US $220 4.8 0.69 5.1 0.74 93% 2.6 0.79 2.8 0.84 94% US $84 2.1 0.60 2.3 0.64 93% 60% US $46 US $43Metals Exploration Plc AIM:MTL US $96 US ($43) US $187 1.7 1.62 2.0 1.90 85% 0.9 1.86 1.0 2.11 88% US $209 0.8 1.43 1.0 1.74 82% 82% US $108 US $92Midas Gold Corp. TSX:MAX US $110 US $24 US $109 6.5 1.57 7.2 1.72 91% 4.6 1.60 5.1 1.77 90% US $24 2.0 1.49 2.1 1.62 92% 55% US $17 US $15Moneta Porcupine Mines Inc. TSX:ME US $36 US $5 US $31 0.8 3.46 0.8 3.63 95% - - - - - - 0.8 3.46 0.8 3.63 95% 47% US $38 US $36NewCastle Gold Ltd. TSX:NCA US $127 US $5 US $122 5.4 0.24 15.0 0.66 36% - - - - - - 5.4 0.24 15.0 0.66 36% 17% US $23 US $8NovaGold Resources Inc. TSX:NG US $1,339 US $87 US $1,340 28.7 0.96 45.6 1.52 63% 19.6 1.18 28.5 1.72 69% US $68 9.1 0.67 17.1 1.27 53% 58% US $47 US $29Orca Gold Inc. TSXV:ORG US $80 US $5 US $75 1.6 1.80 1.6 1.80 100% - - - - - - 1.6 1.80 1.6 1.80 100% 23% US $46 US $46Orezone Gold Corporation TSXV:ORE US $87 US $14 US $73 5.6 0.71 5.6 0.71 100% - - - - - - 5.6 0.71 5.6 0.71 100% 18% US $13 US $13Red Eagle Mining Corporation TSX:R US $91 US ($83) US $175 0.6 3.35 0.6 3.35 100% 0.4 5.19 0.4 5.19 100% US $431 0.2 1.98 0.2 1.98 100% 64% US $285 US $285RTG Mining Inc. TSX:RTG US $17 US $7 US $10 0.4 1.64 0.9 3.85 43% 0.2 2.04 0.5 5.37 38% US $50 0.2 1.34 0.3 2.67 50% 84% US $27 US $12Rubicon Minerals Corporation TSX:RMX US $67 US $22 US $55 0.4 6.39 0.4 6.39 100% - - - - - - 0.4 6.39 0.4 6.39 100% 74% US $133 US $133Sabina Gold & Silver Corp. TSX:SBB US $414 US $30 US $385 7.2 6.21 7.2 6.21 100% 2.5 6.30 2.5 6.30 100% US $154 4.7 6.16 4.7 6.16 100% 40% US $54 US $54Sandspring Resources Ltd. TSXV:SSP US $32 US ($0) US $32 10.4 0.85 11.9 0.96 88% 4.1 1.00 4.6 1.13 89% US $8 6.3 0.77 7.2 0.87 88% 53% US $3 US $3Seabridge Gold Inc. TSX:SEA US $706 US $16 US $690 98.2 0.49 193.0 0.95 51% 45.3 0.61 73.5 1.00 62% US $15 53.0 0.41 119.5 0.93 44% 71% US $7 US $4Sihayo Gold Limited ASX:SIH US $17 US ($0) US $17 1.1 2.60 1.1 2.60 100% 0.4 2.41 0.4 2.41 100% US $42 0.7 2.73 0.7 2.73 100% 43% US $16 US $16Solitario Zinc Corp. AMEX:XPL US $33 US $15 US $18 - - 6.4 8.95 - - - - - - - - - 6.4 8.95 - - - US $3Sulliden Mining Capital Inc. TSX:SMC US $10 US $12 US ($2) 1.4 1.20 1.7 1.38 87% - - - - - - 1.4 1.20 1.7 1.38 87% 26% - - Terraco Gold Corp. TSXV:TEN US $10 US $1 US $16 1.0 0.70 1.0 0.70 100% - - - - - - 1.0 0.70 1.0 0.70 100% 8% US $16 US $16Trek Mining Inc. TSXV:TREK US $144 US $51 US $108 2.5 0.23 11.3 1.03 23% 1.0 1.52 1.0 1.52 100% US $111 1.6 0.15 10.3 1.00 15% 51% US $43 US $10Vast Resources plc AIM:VAST US $37 US ($1) US $44 2.4 1.31 3.2 1.73 76% 0.6 1.83 1.1 3.36 55% US $76 1.8 1.27 2.1 1.44 88% 55% US $18 US $14Victoria Gold Corp. TSXV:VIT US $189 US $28 US $162 4.5 0.65 4.6 0.66 99% 2.7 0.67 2.7 0.67 100% US $61 1.9 0.61 1.9 0.63 97% 30% US $36 US $35Group Average - Total # Companies: 47 US $114 US $43 US $38Group Average - 0 - 20 million ounces # Companies: 45 US $43 US $40Group Average - 20 - 50 million ounces # Companies: 1 US $47 US $16Group Average - +50 million ounces # Companies: 1 US $7 US $4Equivalency assumptions (US$ / 11-10-17): $1,275/oz Au, $16.88/oz Ag, $929/oz Pt, $996/oz Pd, $3.06/lb Cu, $1.48/lb Zn, $1.14/lb Pb, $5.47/lb Ni, $8.50/lb Mo, $27.56/lb Co, $8,000/t Sb, $20.20/lb U3O8, $0.20/lb Sn, $93.00/t HCC, $61.79/t 62% FeSource: SNL Financial retrieved on November 10, 2017

SymbolMarket

Capitalization(millions)

WorkingCapital

(millions)

EnterpriseValue

(millions)

Global Reserves & ResourcesAu

(Moz)Au

(g/t)AuEq(Moz)

AuEq(g/t) % Au

GlobalEV/oz

AuEV/ozAuEq

Resources (M&I and Inferred)Au

(Moz)Au

(g/t)AuEq(Moz) % AuAuEq

(g/t)% Au

InferredEV/oz

Au

ReservesAu

(Moz)Au

(g/t)AuEq(Moz) % AuAuEq

(g/t)



Gold Exploration-Stage Companies (Resource Only) – Production Statistics

Alexandria Minerals Corporation TSXV:AZX US $23 US $4 US $18 1.6 1.82 2.2 2.49 73% - - - - - 1.6 1.82 2.2 2.49 73% 41% US $12 US $8Antler Gold Inc. TSXV:ANTL US $9 US $1 US $6 - - - - - - - - - - - - - - - - - - Atacama Pacific Gold Corporation TSXV:ATM US $46 US $3 US $43 5.9 0.37 5.9 0.37 100% 3.7 0.40 3.7 0.40 100% 2.1 0.33 2.1 0.33 100% 29% US $7 US $7Aurion Resources Ltd. TSXV:AU US $122 US $6 US $115 0.8 0.70 0.8 0.70 100% - - - - - 0.8 0.70 0.8 0.70 100% - US $141 US $141Auris Minerals Limited ASX:AUR US $20 US $2 US $18 - - 0.2 1.51 - - - - - - - - 0.2 1.51 - - - US $105Auryn Resources Inc. TSX:AUG US $129 US $19 US $108 2.3 5.73 2.6 6.55 87% - - - - - 2.3 5.73 2.6 6.55 87% 72% US $47 US $41Balmoral Resources Ltd TSX:BAR US $47 US $7 US $40 0.6 0.76 1.2 1.58 48% - - - - - 0.6 0.76 1.2 1.58 48% 68% US $71 US $34Bellhaven Copper & Gold Inc. TSXV:BHV US $9 US ($0) US $10 - - - - - - - - - - - - - - - - - - Calibre Mining Corp. TSXV:CXB US $30 US $3 US $26 1.9 0.99 2.7 1.39 71% - - - - - 1.9 0.99 2.7 1.39 71% 98% US $14 US $10Cardinal Resources Limited ASX:CDV US $164 US $20 US $142 4.6 1.14 4.6 1.14 100% - - - - - 4.6 1.14 4.6 1.14 100% 80% US $31 US $31Columbus Gold Corp. TSX:CGT US $89 US ($4) US $86 3.4 0.78 4.1 0.95 83% 1.2 1.58 1.2 1.58 100% 2.2 0.61 2.9 0.81 75% 55% US $25 US $21Condor Gold PLC AIM:CNR US $32 US $5 US $27 3.7 3.08 4.1 3.35 92% 0.7 3.04 0.7 3.11 98% 3.1 3.09 3.4 3.40 91% 65% US $7 US $7Coral Gold Resources Ltd. TSXV:CLH US $13 US $15 US ($2) - - - - - - - - - - - - - - - - - - Corvus Gold Inc. TSX:KOR US $98 US $4 US $95 1.8 0.26 1.9 0.28 95% - - - - - 1.8 0.26 1.9 0.28 95% 64% US $54 US $51Eastmain Resources Inc. TSX:ER US $44 US $6 US $36 1.8 4.37 1.8 4.37 100% - - - - - 1.8 4.37 1.8 4.37 100% 34% US $19 US $19Eco Oro Minerals Corp TSX:EOM US $21 US $1 US $18 3.5 4.38 3.7 4.62 95% - - - - - 3.5 4.38 3.7 4.62 95% 37% US $5 US $5GobiMin Inc. TSXV:GMN US $17 US $28 US ($10) 2.9 1.49 2.9 1.50 99% - - - - - 2.9 1.49 2.9 1.50 99% 63% - - Gold Standard Ventures Corp TSX:GSV US $390 US $32 US $357 2.7 0.67 2.9 0.71 94% - - - - - 2.7 0.67 2.9 0.71 94% 67% US $133 US $125Golden Reign Resources Ltd. TSXV:GRR US $43 US $2 US $40 0.9 7.81 1.0 7.98 98% - - - - - 0.9 7.81 1.0 7.98 98% 84% US $43 US $42Granada Gold Mine Inc. TSXV:GGM US $12 US ($4) US $13 5.0 1.23 5.1 1.24 99% - - - - - 5.0 1.23 5.1 1.24 99% 69% US $3 US $3Harte Gold Corp. TSX:HRT US $177 US $1 US $169 0.5 9.47 0.5 9.47 100% - - - - - 0.5 9.47 0.5 9.47 100% 33% US $355 US $355IDM Mining Ltd. TSXV:IDM US $34 US $6 US $26 0.6 8.41 0.7 8.71 97% 0.5 7.53 0.5 7.82 96% 0.2 12.23 0.2 12.59 97% 37% US $40 US $39Jaxon Mining Inc. TSXV:JAX US $14 US $0 US $13 - - - - - - - - - - - - - - - - - - Kasbah Resources Limited ASX:KAS US $12 US ($1) US $11 0.2 0.55 0.3 0.63 88% - - 0.0 0.09 - 0.2 0.90 0.2 0.97 93% - US $49 US $43Kenadyr Mining (Holdings) Corp. TSXV:KEN US $9 US $9 US $4 - - - - - - - - - - - - - - - - - - Liberty Gold Corp. TSX:LGD US $55 US $8 US $56 2.0 0.36 4.5 0.81 45% - - - - - 2.0 0.36 4.5 0.81 45% 35% US $28 US $12Lincoln Mining Corporation TSXV:LMG US $1 US ($2) US $1 0.2 2.14 0.2 2.14 100% - - - - - 0.2 2.14 0.2 2.14 100% 54% US $9 US $9Lion One Metals Limited TSXV:LIO US $42 US $22 US $19 0.7 0.09 12.4 1.59 6% - - - - - 0.7 0.09 12.4 1.59 6% 60% US $26 US $2Marathon Gold Corporation TSX:MOZ US $117 US $15 US $100 2.2 2.06 2.2 2.06 100% - - - - - 2.2 2.06 2.2 2.06 100% 35% US $45 US $45Monarques Gold Corporation TSXV:MQR US $44 US $5 US $38 0.5 7.73 0.5 7.73 100% 0.1 6.77 0.1 6.77 100% 0.3 8.13 0.3 8.13 100% 50% US $82 US $82New Pacific Metals Corp. TSXV:NUAG US $133 US $16 US $121 0.5 6.12 0.6 7.33 84% - - - - - 0.5 6.12 0.6 7.33 84% 45% US $240 US $200Nighthawk Gold Corp. TSX:NHK US $97 US $26 US $70 2.4 1.74 2.4 1.74 100% - - - - - 2.4 1.74 2.4 1.74 100% 88% US $29 US $29Novo Resources Corp. OTCPK:NSRP.F US $909 US $10 US $898 0.8 3.46 0.8 3.63 95% - - - - - 0.8 3.46 0.8 3.63 95% 47% US $1,115 US $1,063Orex Minerals Inc. TSXV:REX US $10 US $4 US $7 0.1 0.32 0.3 1.54 21% - - - - - 0.1 0.32 0.3 1.54 21% 47% US $104 US $22Osisko Mining Inc. TSX:OSK US $618 US $102 US $512 7.4 2.21 7.4 2.21 100% - - - - - 7.4 2.21 7.4 2.21 100% 42% US $69 US $69Osprey Gold Development Ltd. TSXV:OS US $2 US $1 US $1 0.4 3.81 0.4 3.81 100% - - - - - 0.4 3.81 0.4 3.81 100% 92% US $3 US $3Puma Exploration Inc. TSXV:PUM US $14 US ($0) US $14 0.1 0.44 2.0 6.66 7% - - - - - 0.1 0.44 1.9 6.51 7% 5% US $107 US $7Pure Gold Mining Inc. TSXV:PGM US $88 US $4 US $81 1.8 8.91 1.8 8.91 100% - - - - - 1.8 8.91 1.8 8.91 100% 10% US $44 US $44Red Eagle Exploration Limited TSXV:XR US $27 US ($0) US $26 - - - - - - - - - - - - - - - - - - Red Pine Exploration Inc. TSXV:RPX US $25 US $3 US $21 0.7 1.75 0.7 1.75 100% - - - - - 0.7 1.75 0.7 1.75 100% 96% US $31 US $31Redstar Gold Corp. TSXV:RGC US $24 US $4 US $20 0.5 2.94 0.7 3.86 76% - - - - - 0.5 2.94 0.7 3.86 76% 7% US $37 US $28Regulus Resources Inc. TSXV:REG US $107 US $6 US $100 5.7 0.37 19.8 1.28 29% - - - - - 5.7 0.37 19.8 1.28 29% 89% US $17 US $5Reunion Gold Corporation TSXV:RGD US $28 US $3 US $26 0.7 2.10 0.7 2.10 100% - - - - - 0.7 2.10 0.7 2.10 100% - US $36 US $36Rupert Resources Ltd. TSXV:RUP US $69 US $5 US $68 0.2 1.74 0.2 1.74 100% 0.1 1.70 0.1 1.70 100% 0.1 1.77 0.1 1.77 100% 100% US $426 US $426Rye Patch Gold Corp. TSXV:RPM US $77 US ($6) US $83 4.4 0.42 4.9 0.47 89% - - - - - 4.4 0.42 4.9 0.47 89% 29% US $19 US $17Sarama Resources Ltd TSXV:SWA US $11 US ($1) US $11 0.7 1.67 0.7 1.67 100% - - - - - 0.7 1.67 0.7 1.67 100% 100% US $15 US $15Spanish Mountain Gold Ltd. TSXV:SPA US $20 US $1 US $18 8.0 0.33 8.2 0.34 98% - - - - - 8.0 0.33 8.2 0.34 98% 51% US $2 US $2Teras Resources Inc. TSXV:TRA US $16 US $1 US $15 1.1 0.48 1.3 0.56 87% - - - - - 1.1 0.48 1.3 0.56 87% 10% US $13 US $12Treasury Metals Inc. TSX:TML US $57 US $1 US $57 1.6 1.88 1.9 2.28 82% - - - - - 1.6 1.88 1.9 2.28 82% 24% US $37 US $30TriMetals Mining Inc. TSX:TMI US $26 US $3 US $24 1.9 0.07 16.4 0.63 11% - - - - - 1.9 0.07 16.4 0.63 11% 40% US $13 US $1Vendetta Mining Corp. TSXV:VTT US $22 US $1 US $21 - - 1.5 5.73 - - - - - - - - 1.5 5.73 - - - US $14West Kirkland Mining Inc. TSXV:WKM US $18 US ($0) US $18 0.8 0.46 1.0 0.55 83% 0.6 0.58 0.7 0.68 85% 0.2 0.30 0.3 0.38 80% 45% US $23 US $19Group Average - Total # Companies: 44 US $82 US $72Equivalency assumptions (US$ / 11-10-17): $1,275/oz Au, $16.88/oz Ag, $929/oz Pt, $996/oz Pd, $3.06/lb Cu, $1.48/lb Zn, $1.14/lb Pb, $5.47/lb Ni, $8.50/lb Mo, $27.56/lb Co, $8,000/t Sb, $20.20/lb U3O8, $0.20/lb Sn, $93.00/t HCC, $61.79/t 6 Source: SNL Financial retrieved on November 10, 2017

EV/ozAu

EV/ozAuEq

Au(Moz)

Au(g/t)

AuEq(Moz)

AuEq(g/t) % Au

Global

% Au% Au Au(Moz)

Au(g/t)

AuEq(Moz)


(Moz)Au

(g/t)AuEq(Moz)

AuEq(g/t)

AuEq(g/t)

% AuInferred

Company SymbolMarket


WorkingCapital

(millions)

EnterpriseValue

(millions)



Silver – Production Statistics

Reserves

Alexco Resource Corp. TSX:AXR US $128 US $18 US $110 76 475 145 901 53% - - - - - - 76 475 145 901 53% 24% US $1.45 US $0.76Americas Silver Corporation TSX:USA US $152 US $18 US $146 118 137 315 366 37% 31 185 81 484 38% US $4.70 87 125 234 337 37% 39% US $1.24 US $0.46Arizona Mining Inc. TSX:AZ US $789 US $80 US $709 435 82 2,256 425 19% - - - - - - 435 82 2,256 425 19% 28% US $1.63 US $0.31Athena Silver Corp OTCPK:AHNR US $2 US ($2) US $5 43 67 43 67 100% - - - - - - 43 67 43 67 100% - US $0.11 US $0.11Aurcana Corporation TSXV:AUN US $15 US $2 US $13 18 290 18 290 100% - - - - - - 18 290 18 290 100% 37% US $0.75 US $0.75Bear Creek Mining Corporation TSXV:BCM US $171 US $24 US $147 523 41 1,219 95 43% 291 52 695 124 42% US $0.50 232 32 524 73 44% 33% US $0.28 US $0.12Coeur Mining, Inc. NYSE:CDE US $1,331 US $345 US $1,275 571 32 1,140 64 50% 176 21 372 44 47% US $7.23 395 42 769 81 51% 28% US $2.23 US $1.12Defiance Silver Corp. TSXV:DEF US $18 US ($0) US $18 17 182 18 192 95% - - - - - - 17 182 18 192 95% 100% US $1.06 US $1.01Dolly Varden Silver Corporation TSXV:DV US $22 US $4 US $18 43 333 43 333 100% - - - - - - 43 333 43 333 100% 25% US $0.43 US $0.43Endeavour Silver Corp. TSX:EDR US $274 US $70 US $205 158 198 279 351 56% 38 198 64 335 59% US $5.47 120 198 216 356 56% 57% US $1.30 US $0.74First Majestic Silver Corp. TSX:FR US $1,100 US $126 US $1,003 361 142 603 238 60% 95 158 148 247 64% US $10.56 266 138 454 235 59% 69% US $2.77 US $1.66Fortuna Silver Mines Inc. TSX:FVI US $650 US $198 US $493 91 12 536 70 17% 46 16 211 74 22% US $10.77 45 9 325 68 14% 83% US $5.43 US $0.92Golden Arrow Resources Corporation TSXV:GRG US $31 US $17 US $14 51 93 98 177 52% 17 148 25 222 67% US $0.83 18 58 57 183 32% 59% US $0.27 US $0.14Golden Minerals Company AMEX:AUMN US $38 US $5 US $33 82 159 114 222 72% - - - - - - 82 159 114 222 72% 40% US $0.40 US $0.29Hecla Mining Company NYSE:HL US $1,612 US $196 US $1,932 808 72 2,681 239 30% 172 256 545 810 32% US $11.21 635 60 2,136 202 30% 73% US $2.39 US $0.72Investigator Resources Limited ASX:IVR US $10 US $2 US $8 42 140 50 168 84% - - - - - - 42 140 50 168 84% 45% US $0.20 US $0.17Kootenay Silver Inc TSXV:KTN US $25 US $3 US $22 76 62 125 102 61% - - - - - - 76 62 125 102 61% 19% US $0.29 US $0.18Levon Resources Ltd. TSX:LVN US $30 US $7 US $22 - - - - - - - - - - - - - - - - - - - MacPhersons Resources Limited ASX:MRP US $35 US $3 US $32 20 35 64 110 32% 8 178 17 368 48% US $3.82 12 22 47 87 26% 29% US $1.56 US $0.50MAG Silver Corp. TSX:MAG US $886 US $127 US $759 114 50 528 232 22% - - - - - - 114 50 528 232 22% 68% US $6.67 US $1.44Mandalay Resources Corporation TSX:MND US $103 US $35 US $84 65 33 306 155 21% 9 23 76 193 12% US $9.48 56 36 230 146 24% 19% US $1.29 US $0.28Minco Silver Corporation TSX:MSV US $33 US $39 US ($6) 162 158 266 260 61% 50 189 64 243 78% - 112 148 202 266 56% 52% - - Mineworx Technologies Ltd. TSXV:MWX US $19 US $1 US $17 22 9 332 132 7% - - - - - - 22 9 332 132 7% - US $0.78 US $0.05MK2 Ventures Ltd. TSXV:MK.H US $3 US $1 US $2 - - - - - - - - - - - - - - - - - - - Pan American Silver Corp. TSX:PAAS US $2,241 US $410 US $1,839 1,432 88 2,654 163 54% 289 83 668 191 43% US $6.37 1,144 89 1,986 155 58% 22% US $1.28 US $0.69Silver Bear Resources Plc TSX:SBR US $74 US ($6) US $161 60 720 61 726 99% - - - - - - 60 720 61 726 99% 41% US $2.67 US $2.65Silver Bull Resources, Inc. OTCPK:SVBL US $20 US $1 US $20 91 48 543 285 17% - - - - - - 91 48 543 285 17% 0% US $0.21 US $0.04Silvercorp Metals Inc. TSX:SVM US $414 US $78 US $337 228 126 650 360 35% 91 202 204 452 45% US $3.69 137 101 446 330 31% 66% US $1.48 US $0.52SSR Mining Inc. TSX:SSRM US $1,038 US $684 US $584 839 34 2,125 85 40% 58 9 334 53 17% US $10.09 732 40 1,741 96 42% 17% US $0.70 US $0.27Group Average - Total # Companies: 27 US $6.52 US $1.50 US $0.63Equivalency assumptions (US$ / 11-10-17): $1,275/oz Au, $16.88/oz Ag, $929/oz Pt, $996/oz Pd, $3.06/lb Cu, $1.48/lb Zn, $1.14/lb Pb, $5.47/lb Ni, $8.50/lb Mo, $27.56/lb Co, $8,000/t Sb, $20.20/lb U3O8, $0.20/lb Sn, $93.00/t HCC, $61.79/t 62% FeSource: SNL Financial retrieved on November 10, 2017

EV/ozAg

EV/ozAgEq

Ag(Moz)

Ag(g/t)

AgEq(Moz)

AgEq(g/t)

% Ag

Global

% Ag% Ag Ag(Moz)

Ag(g/t)

AgEq(Moz)

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

(Moz)Ag(g/t)

AgEq(Moz)

AgEq(g/t)

AgEq(g/t)

% AgInferred

EV/ozAg

Company SymbolMarket


WorkingCapital

(millions)

EnterpriseValue

(millions)



Comparables Tables – Base Metals


As of November 10, 2017 Shares Market Working EnterpriseCompany Symbol Price 1-Day 7-Day YTD O/S Capitalization Cash Capital Debt Value 2016 2017E 2018 E

% % (%) (millions) (US$ millions) (US$ millions) (US$ millions) (US$millions)(US$millions) CFPS CFPS CFPS 2017E 2018E 2017E 2018E 2017E 2018E

Large-Cap Base Metals ProducersANGLO AMERICAN PLC LSE:AAL GBp1485 0.1 0.0 28.0 1292 $25,322 $6,051 $5,924 $13,169 $36,336 $3.67 $4.61 $4.56 4.3x 4.3x 6.1x 6.2x 4.5x 4.8xANTOFAGASTA PLC LSE:ANTO GBp967.5 (1.0) (2.3) 43.3 986 $12,586 $716 $1,881 $3,120 $15,201 $1.18 $1.64 $1.40 7.8x 9.1x 9.4x 11.0x 6.7x 6.8xBHP BILLITON LIMITED ASX:BHP AUD28.07 (2.0) 1.4 12.0 3212 $108,721 $14,153 $9,690 $30,474 $130,518 $3.16 $2.89 $2.93 7.4x 7.3x 14.1x 13.9x 6.3x 6.1xFIRST QUANTUM MINERALS LTD TSX:FM CAD16.1 (0.4) 8.3 20.6 689 $8,751 $1,463 $849 $5,844 $14,955 $1.35 $1.53 $2.25 8.3x 5.7x 14.2x 9.7x 13.1x 8.2xFREEPORT-MCMORAN INC NYSE:FCX USD14.41 (2.1) 1.8 9.2 1448 $20,860 $4,245 $6,170 $16,027 $33,942 $2.83 $2.68 $3.35 5.4x 4.3x 8.8x 7.0x 6.2x 4.8xGLENCORE PLC LSE:GLEN GBp362.6 (0.1) (4.3) 32.9 14395 $68,872 $2,508 $45 $33,218 $95,662 $0.40 $0.71 $0.80 6.8x 6.0x 9.4x 8.3x 6.6x 6.3xKGHM POLSKA MIEDZ SA WSE:KGH PLN120.4 (0.2) (1.8) 30.2 200 $6,647 $206 $90 $1,939 $8,489 $5.16 $4.99 $6.17 6.6x 5.4x 8.5x 6.9x 5.5x 4.9xRIO TINTO PLC LSE:RIO GBp3695 0.5 (0.8) 17.0 1350 $89,547 $8,201 $5,686 $17,630 $103,810 $4.71 $7.35 $7.04 6.6x 6.9x 10.5x 10.9x 5.6x 6.4xTECK RESOURCES LTD-CLS B TSX:TCK.B CAD27.28 0.4 2.6 1.5 571 $12,443 $1,046 $1,905 $6,203 $16,745 $3.26 $6.30 $4.98 3.4x 4.3x 4.7x 5.9x 3.8x 4.7xTURQUOISE HILL RESOURCES LT TSX:TRQ CAD3.96 0.0 (1.0) (8.1) 2012 $6,283 $1,418 $2,434 $4,139 $8,073 $0.11 $0.05 $0.09 62.4x 35.5x 80.2x 45.6x 41.5x 29.6xVALE SA-SP ADR NYSE:VALE USD10.07 (0.6) (0.2) 32.2 4998 $53,206 $4,268 $11,349 $29,363 $75,783 - $2.00 $1.68 5.0x 5.9x 7.6x 9.0x 5.2x 5.9xBOLIDEN AB SSE:BOL SEK294.2 (0.1) (1.4) 23.7 274 $9,629 $165 $591 $1,112 $10,259 $2.99 $4.69 $4.91 7.5x 7.1x 8.0x 7.6x 6.7x 6.7xSOUTHERN COPPER CORP NYXE:SCCO USD43.91 (0.4) 2.4 37.5 773 $33,944 $546 $1,567 $5,954 $39,112 $1.19 $2.64 $2.97 16.6x 14.8x 19.2x 17.0x 12.3x 10.7x

Group Average - Large-Cap Producers 11.3x 8.6x 15.8x 12.2x 9.6x 8.0xGroup Average - Large-Cap Producers (excluding high/low) 6.5x 6.1x 9.8x 9.2x 6.6x 6.0x

Mid Tier Base Metals ProducersHUDBAY MINERALS INC TSX:HBM CAD10.11 (1.1) 2.6 31.6 261 $2,083 $147 $122 $1,232 $2,819 $1.48 $1.91 $1.90 4.2x 4.2x 5.7x 5.7x 4.8x 4.2xKAZ MINERALS PLC LSE:KAZ GBp812.5 1.1 (1.5) 127.5 447 $4,790 $1,108 $866 $3,777 $7,234 ($0.20) $1.40 $1.58 7.7x 6.8x 11.6x 10.2x 7.8x 6.2xLUNDIN MINING CORP TSX: LUN CAD9.86 0.4 1.1 54.1 728 $5,656 $715 $2,052 $983 $4,900 $0.40 $1.10 $1.14 7.1x 6.8x 6.1x 5.9x 4.6x 4.9xMMG LTD SEHK:1208 HKD3.84 2.1 5.8 93.0 7958 $3,916 $553 $422 $10,253 $14,408 $0.05 $0.19 $0.19 2.6x 2.5x 9.7x 9.4x 7.6x 7.0xOZ MINERALS LTD ASX:OZL AUD8.66 (0.7) 3.1 9.8 299 $1,981 $473 $555 $0 $1,502 $0.80 $0.75 $0.71 9.0x 9.6x 6.7x 7.1x 4.1x 5.2xVEDANTA RESOURCES PLC LSE:VED GBp840 (1.6) (7.6) (4.5) 270 $2,995 $2,565 ($1,588) $18,229 $18,839 $5.76 - $11.58 - 1.0x - 6.0x 5.9x 4.4x

Group Average - Mid Tier Producers 6.1x 5.2x 7.9x 7.4x 5.8x 5.3xGroup Average - Mid Tier Producers (excluding high/low) 6.3x 5.1x 7.5x 7.1x 5.7x 5.2x

Small Cap Base Metals ProducersAMERIGO RESOURCES LTD TSX:ARG CAD0.82 (1.2) 1.2 137.7 176 $114 $16 $1 $70 $157 $0.11 $0.11 $0.19 5.9x 3.5x 8.1x 4.8x - -ATALAYA MINING PLC TSX:AYM CAD2.8 0.0 12.0 32.7 117 $258 $1 ($27) $0 $255 - $0.26 $0.32 8.6x 7.0x 8.5x 6.9x 4.7x 3.7xCAPSTONE MINING CORP TSX:CS CAD1.47 0.7 0.0 16.7 398 $462 $130 $171 $325 $753 $0.29 $0.29 $0.41 3.9x 2.9x 6.4x 4.7x 5.3x 4.1xCOPPER MOUNTAIN MINING COR TSX:CMMC CAD1.73 (1.1) 5.8 84.0 132 $181 $23 ($1) $272 $456 $0.18 $0.44 $0.50 3.1x 2.7x 7.8x 6.9x 6.3x 5.6xIMPERIAL METALS CORP TSX:III CAD2.94 3.2 9.3 (51.5) 95 $221 $11 ($66) $645 $868 $0.70 $0.60 $0.84 3.8x 2.7x 15.2x 10.9x 13.5x 6.8xWESTERN AREAS LTD AU:WSA AUD3.27 (3.8) 6.5 6.5 273 $683 $108 $116 $0 $576 $0.18 $0.21 $0.16 12.4x 15.6x 10.1x 13.1x 11.9x 10.6xSHERRITT INTERNATIONAL CORP TSX:S CAD1.44 2.9 11.6 8.3 295 $335 $200 $368 $1,657 $1,827 ($0.01) ($0.14) $0.13 - 9.0x - 49.1x 14.9x 12.0xNEVSUN RESOURCES LTD TSX:NSU CAD3 0.0 (1.3) (27.7) 302 $715 $199 $201 $0 $722 $0.18 $0.23 $0.42 10.1x 5.6x 10.2x 5.6x 11.9x 4.8xTASEKO MINES LTD TSX:TKO CAD2.77 (1.8) (0.0) 138.8 227 $495 $66 $82 $289 $684 $0.12 $0.57 $0.36 3.8x 6.1x 5.3x 8.5x 4.9x 6.0xTREVALI MINING CORP TSX:TV CAD1.48 (0.7) 2.1 31.0 825 $963 $11 $8 $80 $1,029 $0.09 $0.22 $0.34 5.4x 3.4x 5.7x 3.6x 6.8x 3.0x

Group Average - Small Cap Producers 6.3x 5.8x 3.3x 11.4x 8.9x 6.3xGroup Average - Small Cap Producers (excluding high/low) 5.9x 5.0x 7.8x 7.7x 8.7x 5.9x

All data sourced from Bloomberg (compiled by Haywood Securities)




Copper Non-Producers – Resource and Market Statistics

Shares Market Working LTD Enterprise CopperCompany Symbol Price O/S Capitalization Capital Value Value Ratio*** Reserve (P&P) Resource (Total)

(million) (million) (million) (million) (million) (% Contained) (CuEq** Mlb) (CuEq** Mlb) Reserve TotalBellhaven Copper and Gold IncTSXV:BHV C$ 0.43 28.3 US$ 9 US$ (0.4) US$ 0.0 US$ 10 Au / Cu 40% - 1,036 - $0.009Candente Copper Corp. TSX:DNT C$ 0.15 177.7 US$ 21 US$ (1.7) US$ 0.0 US$ 23 Cu / Au 89% - 12,427 - $0.002Colorado Resources Ltd. TSXV:CXO C$ 0.23 121.2 US$ 22 US$ 4.3 US$ 0.0 US$ 17 Cu / Au 59% - 1,165 - $0.015Copper Fox Metals Inc TSXV:CUU C$ 0.13 437.0 US$ 45 US$ 0.5 US$ 0.0 US$ 44 Cu / Au 68% 2,375 5,648 $0.019 $0.008Coro Mining Corp. TSX:COP C$ 0.11 649.8 US$ 54 US$ (0.6) US$ 0.3 US$ 55 Cu / Au 84% 195 965 $0.280 $0.057Foran Mining Corporation TSXV:FOM C$ 0.32 99.0 US$ 25 US$ 0.6 US$ 0.0 US$ 24 Cu / Zn 46% - 1,756 - $0.014Getty Copper Inc. TSXV:GTC C$ 0.03 108.4 US$ 2 US$ (0.4) US$ 0.7 US$ 3 Cu / Mo 96% 620 969 $0.005 $0.003Gold Reach Resources Ltd. TSXV:GRV C$ 0.14 48.3 US$ 5 US$ 0.1 US$ 0.0 US$ 5 Cu / Mo 68% - 5,444 - $0.001Highland Copper Co Inc. TSXV:HI C$ 0.14 459.1 US$ 49 US$ 10.6 US$ 7.4 US$ 46 Cu / Ag 96% 871 6,019 $0.052 $0.008Indico Resources Ltd. TSXV:IDI C$ 0.02 147.0 US$ 2 US$ (4.0) US$ 0.0 US$ 6 Cu / - 100% - 410 - $0.014Los Andes Copper Limited TSXV:LA C$ 0.36 244.9 US$ 69 US$ 2.4 US$ 0.0 US$ 66 Cu / Mo 89% - 12,305 - $0.005Nevada Copper Corp. TSX:NCU C$ 0.64 93.2 US$ 47 US$ (1.0) US$ 157.3 US$ 205 Cu / Au 91% 5,791 7,917 $0.035 $0.026NGEx Resources Inc. TSX:NGQ C$ 1.04 213.5 US$ 175 US$ 3.6 US$ 0.0 US$ 171 Cu / Au 76% - 27,655 - $0.006Northern Dynasty Minerals Ltd. TSX:NDM C$ 2.74 303.9 US$ 656 US$ 31.5 US$ 0.0 US$ 625 Cu / Au 57% - 142,635 - $0.004Northisle Copper and Gold Inc. TSXV:NCX C$ 0.10 114.5 US$ 9 US$ 0.6 US$ 0.0 US$ 8 Cu / Au 51% - 4,358 - $0.002NovaCopper Inc. TSX:TMQ C$ 1.23 0.0 US$ 0 US$ 1.2 US$ 0.0 US$ (1) Cu / Zn 83% - 9,685 - -Panoro Minerals Ltd. TSXV:PML C$ 0.37 258.1 US$ 75 US$ 0.3 US$ 2.0 US$ 77 Cu / Au 77% - 10,114 - $0.008Polymet Mining Corp. TSX:POM C$ 0.79 319.2 US$ 199 US$ (116.2) US$ 0.0 US$ 315 Cu / Ni 49% 3,145 10,139 $0.100 $0.031Quaterra Resources Inc. TSXV:QTA C$ 0.07 201.0 US$ 10 US$ 3.9 US$ 0.0 US$ 6 Cu / Ag 96% - 8,247 - $0.001Redhawk Resources, Inc. TSX:RDK C$ 0.04 160.0 US$ 4 US$ (1.3) US$ 1.4 US$ 7 Cu / Mo 92% - 3,835 - $0.002Regulus Resources Inc TSXV:REG C$ 1.97 68.9 US$ 107 US$ 6.2 US$ 0.0 US$ 101 Cu / Au 0% - - - -Serengeti Resources Inc. TSXV:SIR C$ 0.18 86.4 US$ 12 US$ 0.9 US$ 0.0 US$ 11 Cu / Au 67% - 4,153 - $0.003St Augustine Gold and Copper TSX:SAU C$ 0.03 726.8 US$ 17 US$ (2.7) US$ 0.0 US$ 20 Cu / Au 58% 2,131 3,263 $0.009 $0.006Tintina Resources Inc. TSXV:TAU C$ 0.08 503.3 US$ 30 US$ 1.1 US$ 0.0 US$ 29 Cu / Co 86% - 1,538 - $0.019Western Copper and Gold Cor TSX:WRN C$ 1.24 96.7 US$ 94 US$ 3.9 US$ 0.0 US$ 91 Cu / Au 45% 10,033 22,599 $0.009 $0.004Group Average - Total $0.064 $0.011*All reserve and resource data sourced from IntierraRMG, additional data sourced from Capital IQ and Market Q.**CuEq = copper equivalent. Calculated based on Haywood's formal long-term metal price forecasts.***Copper Ratio = value of in situ copper / total value of in situ metals.

Primary / Secondary

Metal

Reserves & Resources* - AttributableEV/lb CuEq** (US$)



Nickel Non-Producers – Resource and Market Statistics

Zinc Non-Producers – Resource and Market Statistics

Shares Market Working LTD Enterprise NickelCompany Symbol Price O/S Capitalization Capital Value Value Ratio*** Reserve (P&P) Resource (Total)

(million) (million) (million) (million) (million) (% Contained) (NiEq** Mlb) (NiEq** Mlb) Reserve TotalAnfield Nickel Corp. TSXV:ANF C$ 0.39 119.2 US$ 37 US$ 20.1 US$ 0.0 US$ 17 Ni / Co 99% 2,169 3,616 $0.008 $0.005Asian Mineral Resources LimiteTSXV:ASN C$ 0.03 788.9 US$ 19 US$ (2.2) US$ 0.0 US$ 21 Ni / Cu 86% 85 146 $0.247 $0.143Canadian Arrow Mines Ltd. TSXV:CRO C$ 0.01 140.0 US$ 1 US$ (0.6) US$ 0.0 US$ 2 Ni / Cu 82% - 141 - $0.012FPX Nickel Corp. TSXV:FPX C$ 0.08 133.8 US$ 8 US$ 1.2 US$ 5.5 US$ 13 Ni / Fe 100% - 5,570 - $0.002Mustang Minerals Corp. TSXV:MUM C$ 0.36 25.8 US$ 7 US$ (0.6) US$ 0.0 US$ 8 Co / Ni 38% 2 1,176 $3.309 $0.007Noront Resources Ltd TSXV:NOT C$ 0.29 345.0 US$ 79 US$ (12.6) US$ 23.2 US$ 115 Ni / Cu 78% 498 851 $0.230 $0.135North American Nickel Inc. TSXV:NAN C$ 0.09 122.2 US$ 8 US$ 7.1 US$ 0.0 US$ 1 Ni / Cu 0% - - - -Northern Shield Resources Inc TSXV:NRN C$ 0.04 205.1 US$ 6 US$ 1.3 US$ 0.0 US$ 4 Ni / Cu 0% - - - -Poseidon Nickel Limited ASX:POS C$ 0.04 1035.1 US$ 35 US$ (2.0) US$ 14.8 US$ 52 Ni / Au 98% 171 1,284 $0.305 $0.041Royal Nickel Corporation TSX:RNX C$ 0.18 307.8 US$ 44 US$ (8.3) US$ 10.6 US$ 63 Ni / Cu 0% - - - -Sama Resources Inc. TSXV:SME C$ 0.37 137.0 US$ 40 US$ 3.3 US$ 0.0 US$ 37 Ni / Cu 71% - 195 - $0.187Strongbow Exploration Inc. TSXV:SBW C$ 0.19 75.2 US$ 11 US$ 0.4 US$ 1.0 US$ 12 Ni / Cu 86% - 417 - $0.028Talon Metals Corporation TSX:TLO C$ 0.08 129.6 US$ 8 US$ 0.9 US$ 18.4 US$ 26 Ni / Fe 56% - 125 - $0.206Group Average - Total $0.820 $0.077*All reserve and resource data sourced from IntierraRMG, additional data sourced from Capital IQ and Market Q.**NiEq = nickel equivalent. Calculated based on Haywood's formal long-term metal price forecasts.***Nickel Ratio = value of in situ nickel / total value of in situ metals.

Primary / Secondary

Metal

Reserves & Resources* - AttributableEV/lb NiEq** (US$)

Shares Market Working LTD Enterprise ZincCompany Symbol Price O/S Capitalization Capital Value Value Ratio*** Reserve (P&P) Resource (Total)

(million) (million) (million) (million) (million) (% Contained) (ZnEq** Mlb) (ZnEq** Mlb) Reserve TotalAquila Resources Inc. TSX:AQA C$ 0.28 281.3 US$ 62 US$ (0.6) US$ 0.0 US$ 63 Au / Zn 19% - 1,587 - $0.039Canada Zinc Metals Corp. TSXV:CZX C$ 0.30 163.1 US$ 38 US$ 6.1 US$ 0.0 US$ 32 Zn / Pb 82% - 6,096 - $0.005Canadian Zinc Corporation TSX:CZN C$ 0.17 266.1 US$ 35 US$ 3.4 US$ 0.0 US$ 31 Zn / Pb 40% 2,525 10,077 $0.012 $0.003El Nino Ventures Inc. TSXV:ELN C$ 0.03 61.6 US$ 1 US$ 0.2 US$ 0.0 US$ 1 Zn / Cu 45% - 1,357 - $0.001Firestone Ventures Inc. TSXV:FV C$ 0.10 46.1 US$ 4 US$ (0.7) US$ 0.0 US$ 4 Zn / Pb 73% - 454 - $0.010Foran Mining Corporation TSXV:FOM C$ 0.32 99.0 US$ 25 US$ 0.6 US$ 0.0 US$ 24 Cu / Zn 33% - 4,962 - $0.005InZinc Mining Ltd. TSXV:IZN C$ 0.12 73.4 US$ 7 US$ 0.2 US$ 0.0 US$ 7 Zn / Cu 77% - 3,873 - $0.002Rathdowney Resources Ltd. TSXV:RTH C$ 0.17 161.7 US$ 21 US$ 0.1 US$ 0.0 US$ 21 Zn / Pb 80% - 3,437 - $0.006Wolfden Resources Corp. TSXV:WLF C$ 0.40 86.1 US$ 27 US$ 1.4 US$ 0.0 US$ 26 Au / Zn 29% - 4,516 - $0.006Group Average - Total $0.012 $0.009*All reserve and resource data sourced from IntierraRMG, additional data sourced from Capital IQ and Market Q.**ZnEq = Zinc equivalent. Calculated based on Haywood's formal long-term metal price forecasts.***Zinc Ratio = value of in situ zinc / total value of in situ metals.

Primary / Secondary

Metal

Reserves & Resources* - AttributableEV/lb ZnEq** (US$)



Comparables Tables – Other (Uranium, Diamond, Cobalt, Uranium, Coal, Iron)

Uranium Comparables – Consensus Estimates

IBES Shares Market Enterprise Total Reserves IBESCompany (T icker)Haywood Covered Names bold

Share Price

Consensus Target

Implied Return

Outst. (millions)

Capitalization (millions)

Value (USD)(millions)

& Resources (M lb)

USD EV/lb Resource

Consensus NAV

Price / Nav 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018

Cameco Corporation (CCO-T) $11.88 $13.85 17% 396 $4,702 $4,607 $13.39 0.89x $0.98 $1.23 $1.31 12.2x 9.6x 9.0x $0.44 $0.07 $0.39 27.0x 160.0x 30.7xUranium Energy (UEC-US) $1.42 $2.65 87% 156 $221.3 $218.0 $2.56 0.55x ($0.16) ($0.08) ($0.01) ($0.16) ($0.10) ($0.07)Energy Fuels (UUUU-US) $1.69 $4.10 143% 72 $121.7 $134.9 $3.28 0.51x $0.05 ($0.10) ($0.16) 33.8x ($0.51) ($0.29) ($0.29)UR-Energy Inc. (URE-T) $0.82 $1.28 55% 146 $119.7 $112.5 $1.54 0.53x $0.03 $0.08 $0.08 31.1x 10.7x 10.6x ($0.03) $0.01 $0.01 126.2x 102.5xPeninsula Energy (PEN-AU) $0.36 $0.77 117% 232 $82.2 $76.2 $0.64 0.56x ($0.03) ($0.02) $0.02 20.5x ($0.07) ($0.03) ($0.01)Energy Resources (ERA-AU) $0.71 518 $365.0 ($36.4) $0.57 1.24x $0.02 ($0.02) ($0.04) 35.3x ($0.37) ($0.04) ($0.07)Group Average - Producers 0.71x 28.1x 10.2x 13.4x 27.0x 143.1x 66.6x

NexGen Energy (NXE-T) $2.93 $5.40 84% 339 $992 $765.8 $5.63 0.52x ($0.04) ($0.03) ($0.04) ($0.06) ($0.07) ($0.06)Denison Mines (DML-T) $0.67 $0.88 31% 559 $374.6 $259.2 $1.02 0.66x ($0.02) $0.02 ($0.02) 28.7x ($0.02) ($0.02) ($0.02)Fission Uranium (FCU-T) $0.68 $1.60 135% 485 $329.7 $229.8 $1.47 0.46x ($0.02) ($0.02) ($0.01) ($0.02) ($0.02) ($0.02)Berkeley Energia (BKY-AU) $0.84 $1.55 85% 255 $212.5 $136.1 ($0.03) ($0.06) ($0.05) ($0.03) ($0.05) $0.12 7.1xToro Energy (TOE-AU) $0.03 $0.04 21% 2,008 $66.3 $56.5 $0.07 0.47xGoviEx Uranium (GXU-V) $0.24 323 $77.6 $65.4UEX Corporation (UEX-T) $0.24 $0.40 67% 319 $76.6 $55.2 $0.49 0.49x ($0.03) ($0.03) ($0.02) ($0.02)Vimy Resources (VMY-AU) $0.15 $0.44 204% 360 $52.2 $36.1 $0.38 0.38x ($0.02) ($0.02) ($0.02) ($0.05) ($0.02) ($0.02)A-Cap Resources (ACB-AU) $0.06 872 $48.0 $33.6Deep Yellow (DYL-AU) $0.25 190 $47.6 $25.0Summit Resources (SMM-AU) $0.15 218 $32.7 $24.3Western Uranium (WUC-L) $0.99 20 $19.4 $15.3Energy Metals (EME-AU) $0.13 210 $26.2 $4.8Group Average - Developers 0.50x 28.7x 7.1x

Aurania Resources (ARU-V) $2.04 27 $55.8 $42.5Mega Uranium (MGA-T) $0.20 294 $58.9 $45.0Laramide Resources (LAM-T) $0.33 $0.60 82% 115 $38.1 $37.8 $0.72 0.46xBannerman Resources (BMN-AU) $0.05 850 $40.8 $28.4Globex Mining (GMX-T) $0.44 $1.00 127% 50 $22.1 $15.9IsoEnergy Ltd. (ISO-V) $0.33 46 $15.2 $8.7Kivalliq Energy (KIV-V) $0.09 247 $21.0 $14.6Skyharbour Resources (SYH-V) $0.38 $1.01 169% 54 $20.1 $12.8Forsys Metals (FSY-T) $0.15 148 $22.2 $17.3Plateau Uranium (PLU-V) $0.43 58 $25.0 $19.2Azimut Exploration (AZM-V) $0.32 45 $14.5 $9.8Aben Resources (ABN-V) $0.12 56 $6.8 $4.1Melkior Resources (MKR-V) $0.05 147 $6.6 $4.9Fission 3.0 (FUU-V) $0.06 220 $12.1 $7.9Purepoint Uranium (PTU-V) $0.08 189 $14.2 $9.9Blue Sky (BSK-V) $0.25 72 $17.9 $13.5CanAlaska Uranium (CVV-V) $0.35 27 $9.4 $6.3Zadar Ventures (ZAD-V) $0.08 90 $7.2 $5.0Anfield Resources (ARY-V) $0.06 176 $9.7 $7.2Avrupa Minerals (AVU-V) $0.07 87 $5.6 $4.3Cauldron Energy (CXU-AU) $0.05 329 $14.8 $7.692 Resources (NTY-V) $0.12 56 $6.7 $4.7Marenica Energy (MEY-AU) $0.13 44 $5.5 $5.1X-Terra Resources (XTT-V) $0.24 25 $5.9 $3.7U3O8 Corp. (UWE-T) $0.42 20 $8.3 $6.5Tajiri Resources (TAJ-V) $0.12 51 $6.1 $4.6Eros Resources (ERC-V) $0.17 48 $8.0 $2.9Pele Mountain (GEM-V) $0.02 21 $0.4 $3.1Montero Mining (MON-V) $0.16 18 $2.9 $2.3Uracan Resources (URC-V) $0.03 106 $2.6 $2.2Forum Uranium (FDC-V) $0.06 75 $4.5 $2.9enCore Energy (:EU-V) $0.05 111 $5.6 $2.9Uravan Minerals (UVN-V) $0.05 42 $1.9 $1.4Tarku Resources (TKU-V) $0.03 57 $1.7 $1.3Benton Resources (BEX-V) $0.06 79 $4.8 $2.1Roughrider Exploration (REL-V) $0.05 39 $2.0 $1.3Spruce Ridge (SHL-V) $0.02 73 $1.1 $1.0Aldever Resources (ALD-V) $0.03 42 $1.3 $0.9Elysee Development (ELC-V) $0.29 22 $6.3 ($3.9)Group Average - Explorers 0.46x

INVENTORY FUNDSUranium Participation (U-T) $4.03 $4.52 12% 132 $533.77 $418.4 $4.58 0.88x

All data sourced from S&P Capital IQ, SNL Financial, Bloomberg

Earnings CompsConsensus Targets In-Situ Comps - EV/lb U3O8 NAV Comps Cash Flow CompsEPS (LoC) P/EPS

DEVE

LOPE

RSEX

PLOR

ERS

CFPS (LoC) P/CFPS

PROD

UCER

S



Coal Comparables – Consensus Estimates

Large Cap USA Bloomberg Shares Market Daily Enterprise

Company (T icker) Share PriceConsensus

TargetImplied Return β

Outstanding (millions)


Volume (millions)

Weekly Liquidity WACC

Debt (millions)

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

Large Cap USACONSOL ENERGY (CNX-US) US$ 15.73 US$ 19.27 22.5% 1.81 230 US$ 3,620 3.2 5.7% 9.8% US$ 2,774 US$ 6,017 2.79 3.94 4.41 5.6x 4.0x 3.6x 41.1x 20.2x 17.3x 7.4x 5.5x 5.1xFORESIGHT ENERGY (FELP-US) US$ 4.20 US$ 5.00 19.0% 1.44 78 US$ 599 0.0 0.2% 6.8% US$ 1,391 US$ 1,909 6.4x 6.8x 6.6xCORSA COAL (CSO-V) C$ 1.45 C$ 3.75 158.6% 2.42 95 C$ 137 0.1 0.1% 18.1% C$ 43 C$ 159 0.29 0.34 3.9x 3.4x 11.4x 8.8x 3.2x 2.8xWESTMORELAND COAL (WLB-US) C$ 1.88 C$ 4.00 112.8% 1.28 19 C$ 35 0.3 6.0% 4.6% C$ 1,109 C$ 1,059 4.86 4.78 5.81 0.4x 0.4x 0.3x 4.1x 5.2x 5.2xWALTER ENERGY (WLT-US) US$ 0.02 1.95 81 US$ 1 0.1 0.2% 15.9% US$ 3,136 US$- 181CLOUD PEAK (CLD-US) US$ 4.24 US$ 4.33 2.1% 1.69 75 US$ 319 0.9 5.6% 7.7% US$ 483 US$ 611 0.46 0.56 0.58 9.2x 7.6x 7.3x 5.6x 6.3x 7.0xGroup Average - Large Cap USA Avg. -> 4.1x 3.6x 3.6x 19.0x 15.1x 22.4x 5.0x 5.2x 5.9x

Limitied PartnershipsALLIANCE RESOURCE (ARLP-US) US$ 18.95 US$ 25.00 31.9% 1.33 131 US$ 2,477 0.3 1.2% 10.2% US$ 662 US$ 3,042 6.4x 8.9x 9.5x 4.9x 5.1x 5.2xNATURAL RESOURCE (NRP-US) US$ 25.95 US$ 30.00 15.6% 1.61 12 US$ 317 0.0 0.6% 4.9% US$ 1,126 US$ 1,512 6.1x 5.1x 4.6x 6.8x 7.2x 7.4xGroup Average - Limited Partnerships Avg. -> 6.2x 7.0x 7.0x 5.8x 6.1x 6.3x

Large Cap Non-North AmericaNEW HOPE (NHC-AU) A$ 2.14 A$ 2.14 0.2% 0.77 831 A$ 1,779 0.2 0.1% 7.2% A$ 13 A$ 1,554 0.31 0.26 0.17 6.9x 8.2x 12.6x 9.6x 15.4x 18.0x 4.3x 6.6x 8.3xWHITEHAVEN COAL (WHC-AU) A$ 3.82 A$ 3.68 (3.7)% 1.86 1,026 A$ 3,919 7.2 3.5% 12.6% A$ 398 A$ 4,231 0.71 0.52 0.40 5.4x 7.4x 9.5x 9.3x 14.5x 17.7x 5.5x 7.4x 8.7xBANPU PUBLIC (BANPU-SET) ฿ 17.20 ฿ 22.55 31.1% 1.47 5,162 ฿ 88,785 54.9 5.1% 6.3% ฿ 114,111 ฿ 207,247 3.15 3.75 3.80 5.5x 4.6x 4.5x 8.9x 9.1x 9.2x 8.4x 8.7x 9.0xCHINA COAL (1898-HK) HK$ 3.57 HK$ 4.33 21.4% 1.34 4,107 HK$ 77,320 17.5 2.2% 7.0% HK$ 98,178 HK$ 159,602 1.03 1.08 1.15 3.0x 2.8x 2.7x 9.4x 10.8x 9.9x 8.5x 8.8x 8.8xCHINA SHENHUA (1088-HK) HK$ 19.48 HK$ 23.56 21.0% 1.31 3,399 HK$ 484,517 20.8 3.3% 9.6% HK$ 105,981 HK$ 512,119 3.82 3.64 3.61 4.3x 4.6x 4.6x 7.6x 8.5x 8.5x 5.4x 5.7x 5.8xCOAL OF (CZA-AU) A$ 0.04 2,818 A$ 118 0.0 0.0% 8.3% A$ 8 A$ 90 5.4x 2.1xNINE ENTERTAINMENT (NEC-AU) A$ 1.51 A$ 1.33 (11.4)% 1.20 871 A$ 1,311 4.9 3.1% 8.4% A$ 291 A$ 1,536 0.15 0.13 0.15 10.0x 11.2x 10.0x 11.1x 12.0x 12.9x 7.3x 7.7x 8.2xYANZHOU COAL (1171-HK) HK$ 7.86 HK$ 8.68 10.4% 1.31 1,952 HK$ 58,655 16.0 3.6% 6.6% HK$ 65,578 HK$ 112,240 2.09 2.28 2.03 3.2x 2.9x 3.3x 5.1x 6.4x 6.1x 7.4x 7.3x 7.8xGroup Average - Large Cap Non-North-America Avg. -> 5.5x 6.0x 6.7x 8.7x 11.0x 11.0x 6.1x 7.5x 7.3x

Developer/ExplorersEAST ENERGY (EER-AU) A$#N/A N/A 356 #VALUE! 0.0 0.0% 4.1% A$ 23 A$#N/A N/AFORTUNE MINERALS (FT -T) C$ 0.20 C$ 0.40 100.0% 1.42 302 C$ 60.4 0.7 2.0% 13.7% C$ 5 C$ 61JAMESON RESOURCES (JAL-AU) A$ 0.11 0.71 257 A$ 26.9 0.3 0.3% 6.9% A$ 0 A$ 23Group Average - Developers / Explorers Avg. ->

Sundry CompaniesADARO ENERGY (ADRO-JKSE) ¥ 1,815 ¥ 2,265 24.8% 1.24 31,986 ¥ 58,054,521 35.2 0.7% 9.7% ¥ 1,434 ¥ 4,741 0.02 0.02 0.02 5.6x 5.6x 5.6x 8.9x 8.9x 8.9x 3.7x 3.8x 3.8xNLC INDIA (NEYVELILIG-NSEI) रू 99.25 0.83 1,678 रू 166,513 0.9 0.4% 10.9% रू 86,674 रू 254,777SOUTHGOBI RESOURCES (SGQ-T) C$ 0.18 (0.24) 273 C$ 48 0.0 0.0% 6.6% C$ 118 C$ 157TAMBANG BATUBARA (PTBA-JKSE) ¥ 11,875 ¥ 14,563 22.6% 1.27 2,304 ¥ 27,361,566 4.7 0.8% 10.6% ¥ 2,368,524 ¥ 24,683,211 1540.78 1566.88 1533.40 7.7x 7.6x 7.7x 7.9x 8.0x 8.3x 5.2x 5.3x 5.3xGroup Average - Sundry Companies Avg. -> 6.6x 6.6x 6.7x 8.4x 8.5x 8.6x 18.5x 12.8x 4.6xAll data sourced from Bloomberg

EV/EBITDAP/EPSCFPS (LoC) P/CFPS



Iron Comparables – Consensus Estimates

Bloomberg Shares Market Daily Enterprise

Company (T icker) Share PriceConsensus

TargetImplied Return β

Outstanding (millions)


Volume (millions)

Weekly Liquidity WACC

Debt (millions)

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

Diversified Mining HousesVALE SA (VALE3-BZ) R$ 32.77 R$ 40.32 23.0% 1.49 4,998 R$ 173,134 20.2 2.1% 12.3% R$ 95,563 R$ 244,559 6.62 5.55 5.82 5.0x 5.9x 5.6x 8.1x 10.1x 10.4x 5.1x 5.9x 5.9xBHP BILLITON (BHP-AU) A$ 28.07 A$ 28.23 0.6% 1.57 3,212 A$ 141,952 9.1 1.7% 9.6% A$ 30,474 A$ 130,510 3.64 3.82 3.80 7.7x 7.4x 7.4x 16.3x 15.4x 17.9x 6.3x 6.1x 6.5xRIO TINTO (RIO-AU) A$ 72.95 A$ 73.71 1.0% 1.20 424 A$ 116,882 2.3 3.1% 8.3% A$ 17,630 A$ 104,156 9.58 9.17 9.15 7.6x 8.0x 8.0x 11.8x 13.9x 14.5x 5.7x 6.4x 6.6xGroup Average - Diversifed Mining Avg. -> 6.8x 7.1x 7.0x 12.1x 13.1x 14.3x 5.7x 6.1x 6.3x

ProducersKUMBA IRON (KIO-SJE) ZAR 29,432 ZAR 17,780 (39.6)% 1.82 322 ZAR 94,796 0.8 1.3% 9.5% ZAR 4,500 ZAR 91,391 4578 3663 1779 6.4x 8.0x 16.5x 10.4x 16.3x 22.0x 5.0x 7.1x 9.3xFORTESCUE METALS (FMG-AU) A$ 4.86 A$ 5.47 12.6% 1.59 3,114 A$ 15,133 22.9 3.3% 9.8% A$ 4,471 A$ 14,237 1.53 0.88 1.03 3.2x 5.5x 4.7x 5.5x 8.5x 10.6x 2.9x 4.1x 4.5xCLEVELAND-CLIFFS INC (CLF-US) US$ 6.00 US$ 7.36 22.6% 2.05 297 US$ 1,779 10.3 13.8% 11.1% US$ 2,231 US$ 3,254 7.5x 6.9x 10.8x 6.5x 6.7x 8.1xMMX MINERACAO (MMXM3-BRZ) R$ 3.13 0.54 6 R$ 20 0.0 0.4% 11.3% R$ 134 R$ 158 FERREXPO PLC (FXPO-LSE) GBp 258 GBp 239.29 (7.2)% 1.43 589 GBp 1,518 2.9 2.2% 7.3% GBp 734 GBp 2,484 50.41 39.42 38.00 5.1x 6.5x 6.8x 5.4x 7.4x 11.2x 4.7x 5.9x 8.2xMOUNT GIBSON (MGX-AU) A$ 0.42 A$ 0.44 6.0% 0.96 1,097 A$ 455 1.6 1.1% 8.4% A$ 0 A$ 8 0.02 0.01 0.02 23.1x 31.9x 18.9x 18.9xGRANGE RESOURCES (GRR-AU) A$ 0.19 1.01 1,157 A$ 214 1.6 1.3% 8.5% A$ 9 A$ 66 BC IRON (BCI-AU) A$ 0.14 2.12 395 A$ 55 0.9 1.1% 15.4% A$ 0 A$ 19 Group Average - Producers Avg. -> 9.4x 13.0x 11.7x 9.5x 9.8x 13.6x 4.8x 6.0x 7.5x

Advanced Development / Exploration (Select Group)SUNDANCE RESOURCES (SDL-AU) A$ 0.00 1.09 7,626 A$ 30.5 11.9 1.2% 4.8% A$ 100 A$ 101 NEW MILLENNIUM (NML-T) C$ 0.10 1.31 181 C$ 17.2 0.1 0.6% 13.8% C$ 0 C$ 4 ZANAGA IRON (ZIOC-LSE) GBp 10 (0.08) 279 GBp 28.6 2.5 17.3% 3.5% GBp 0 GBp 33 CENTURY GLOBAL (CNT-T) C$ 0.20 98 C$ 19.2 0.0 0.0% 11.0% C$ 0 C$ 13 CHAMPION IRON (CIA-T) C$ 1.27 1.00 422 C$ 536.1 0.3 1.0% 11.3% C$ 44 C$ 568 BLACK IRON (BKI-T) C$ 0.12 0.29 160 C$ 19.2 0.2 1.1% 4.6% C$ 0 C$ 10 OCEANIC IRON (FEO-T) C$ 0.14 1.32 50 C$ 7.0 0.0 0.6% 13.9% C$ 2 C$ 7 MACARTHUR MINERALS (MMS-T) C$ 0.08 0.27 190 C$ 14.3 1.5 2.1% 8.8% C$ 0 C$ 16 Group Average - Developers / Explorers Avg. ->All data sourced from Bloomberg

EV/EBITDAP/EPSCFPS (LoC) P/CFPS



Performance of Companies Included in Junior X


Close Price Market Capitalization

Cash at Quarter End Weekly Performance QTD Performance

Company Ticker (C$) (C$M) (C$M)Junior Exploration Names Aurion Resources Ltd. TSXV:AU 2.25 154.50 12.00 (4.3)% 20.3% 16.1%Auryn Resources Inc. TSX:AUG 2.09 164.02 36.00 2.5% (37.2)% (41.5)%Calibre M ining Corp. TSXV:CXB 0.12 37.52 5.00 0.0% (20.0)% (24.2)%Cordoba Minerals Corp. TSXV:CDB 0.59 108.16 12.84 (1.7)% (22.4)% (26.6)%Fireweed Zinc Ltd. TSXV:FWZ 0.67 11.90 4.10 0.0% (21.2)% (25.4)%Hannan Metals Ltd. TSXV:HAN 0.26 10.47 0.80 (1.9)% (13.3)% (17.6)%IDM Mining Ltd. TSXV:IDM 0.11 43.76 16.57 (4.3)% (18.5)% (22.8)%Jaxon Mining Inc. TSXV:JAX 0.26 17.33 0.24 (7.1)% (12.2)% (16.4)%Kootenay Silver Inc TSXV:KTN 0.19 32.32 4.80 (5.1)% (26.0)% (30.2)%Novo Resources Corp. TSXV:NVO 7.92 1152.77 0.00 6.2% 328.1% 323.9%Osprey Gold Development Ltd. TSXV:OS 0.09 2.51 0.20 (25.0)% (62.5)% (66.7)%Redstar Gold Corp. TSXV:RGC 0.10 29.88 0.00 25.0% (23.1)% (27.3)%Regulus Resources Inc. TSXV:REG 1.97 135.71 10.60 3.7% 24.7% 20.4%Reunion Gold Corporation TSXV:RGD 0.13 35.35 5.72 13.0% (7.1)% (11.4)%Vendetta M ining Corp. TSXV:VTT 0.24 28.41 4.39 4.3% (18.6)% (22.9)%Other Companies in the News No other news for the week

QTD Performance

vs. TSXV Index



Key Catalysts for Companies Featured in the Last Junior Exploration Report


Company Ticker CatalystsJunior Exploration Names

Aurion Resources Ltd. TSXV:AU• Drill results from Kutuvuoma H2 2017• Start of drill program at Risti H2 2017• Prospecting and drilling results from other projects H2 2017

Auryn Resources Inc. TSX:AUG

• Drilling at Homestake (15,000 metres) Q3 2017• Drilling at Committee Bay (25,000 metres) Q2-Q3 2017• Drilling at Sombrero (5,000 metres) Q3-Q4 2017 • Drilling at Banos del Indio (5,000 metres) Q4 2017• Drilling at Huilacollo (5,000 metres) Q3-Q4 2017

Calibre M ining Corp. TSXV:CXB• Maiden drilling program commenced Q2 2017• Additional diamond drilling is scheduled for H2 2017

Cordoba Minerals Corp. TSXV:CDB• Further drill results from Alacran (18,000 metres program) H2 2017• Resource revision at Alacran Q4 2017• PEA at Alacran H1 2018

Fireweed Zinc Ltd. TSXV:FWZ• Drill program commencing (2,000 metres) Q3 2017• Resource update Q4 2017• PEA H1 2018

Hannan Metals Ltd. TSXV:HAN

• Resource expansion drilling ongoing, not included in maiden resource• Results from second stage test semi-regional targets within 1 to 2 km from known mineralization (ongoing)• Infill soil sampling around Kilbricken H2 2017• 25 km regional 2D seismic line and infill 2D seismic lines along the Kilbricken structural trend Q3 2017

IDM Mining Ltd. TSXV:IDM

• Resource expansion and exploration drilling throughout 2017• Permitting: -Application of Environmental Assessment Certificate and Environmental Impact Statement Q2-Q3 2017 -Regulatory review (210 day period, 45 day ministers decision) Q3-Q4 2017 -EA certificate Q1-Q2 2018• Construction H2 2018, H1 2019• Commencement of production H2 2019

Jaxon Minerals Inc. TSXV:JAX

• Detailed follow-up of numerous high-priority targets identified from historic data (Continuous)• Structural interpretation and geological mapping• Evaluation and interpretation of VTEM/Mag airborne survey• New expanded VTEM/Mag survey on newly staked district targets

Kootenay Silver Inc TSXV:KTN

• Ongoing La Cigarra drill program focused on deposit expansion (up to 7,500 metres) - Results H2 2017• La Negra drill program (6,500 metres) by Pan American - Results H2 2017• Silver Fox Project drill program (3,000 metres) by Antofagasta - Results H2 2017• La Cigarra drilling on peripheral targets RAM and Soledad etc. (up to 7,500 metres) Q3 2017• Resource update at La Cigarra Q1 2018• Set timeline for La Cigarra Preliminary Economic Assessment Q1 2018

Novo Resources Corp. TSXV:NVO • Trench results Q3 2017

Osprey Gold Development Ltd. TSXV:OS• Osprey drill program at Goldenville Q3 2017• Update resource incorporating 2017 work Q4 2017

Redstar Gold Corp. TSXV:RGC • Drilling results Q3 2017

Regulus Resources Inc. TSXV:REG• Results from 15-18,000 metres drilling program at AntaKori (ongoing)• Revise resource estimate by Q1 2018• Drilling program at Golden Bre JV in Nevada, delayed due to Sage Grouse protection H2 2017

Reunion Gold Corporation TSXV:RGD• Arema and Haute Mana - geological mapping, trenching, augering and geotechnical sampling H2 2017• Dorlin - infill mapping and geotechnical sampling/trenching at Nivre Zone H2 2017• Drill program at Dorlin 2018

Vendetta M ining Corp. TSXV:VTT• Pegmont lead-zinc resource drilling results to continue into H2 2017• Environmental baseline studies commencing H2 2017• PEA completion Q1 2018



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Analyst Certification We, Mick Carew, Geordie Mark, Colin Healey, Pierre Vaillancourt, and Kerry Smith, hereby certify that the views expressed in this report (which includes the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report) accurately reflect my/our personal views about the subject securities and the issuer. No part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendations.

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

Ticker Company 1 2 3 4 5 6 7 8

TSX:AGI Alamos Gold Inc. X X X TSX:AKG Asanko Gold Inc. X X TSXV:AOT Ascot Resources Ltd. X X X TSXV:AGB Atlantic Gold Corp. X X X X TSX:BTO B2Gold Corp. X X TSXV:BGM Barkerville Gold Mines Ltd. X X X TSX:ABX Barrick Gold Corporation X TSX:CS Capstone Mining Corp. X TSXV:KBLT Cobalt 27 Capital Corp. X X TSX:CMMC Copper Mountain Mining Corp. X TSX:DML Denison Mines Corp. X X TSX:DGC Detour Gold Corporation X X TSX:ELD Eldorado Gold Corporation X X TSX:EDV Endeavour Mining Corp. X X TSX:EFR Energy Fuels Inc. X X TSXV:FPC Falco Resources Ltd. X X



TSXV:GQC GoldQuest Mining Corp. X ASX:GOR Gold Road Resources Limited X TSX:HRT Harte Gold Corp. X X TSX:HBM Hudbay Minerals, Inc. X X TSX:LGD Liberty Gold Corp. X X TSX:LUC Lucara Diamond Corp. X X TSXV:LUM Lumina Gold X X X X TSX:LUG Lundin Gold Inc. X TSX:LUN Lundin Mining Corporation X TSX:MOZ Marathon Gold Corp. X X X X TSX:MAX Midas Gold Corp. X X X TSX:MPVD Mountain Province Diamonds Inc. X X X TSX:NXE NexGen Energy Ltd. X X X TSXV:NCA NewCastle Gold Ltd. X X X TSX:NSU Nevsun Resources Ltd. X X TSX:NHK Nighthawk Gold Corp. X X TSX:OGC OceanaGold Corporation X TSX:OR Osisko Gold Royalties Ltd. X X TSX:OSK Osisko Mining Corp. X X TSXV:PGM Pure Gold Mining Inc. X X X X TSX:RIC Richmont Mines Inc. X TSXV:ROG Roxgold Inc. X X TSX:RNX RNC Minerals X X X TSX:SBB Sabina Gold and Silver Corp. X X TSX:SMF SEMAFO Inc. X TSX:THO Tahoe Resources Inc. X TSX:TML Treasury Metals Inc. X X TSXV:TREK Trek Mining Inc. X X X X X TSX:TV Trevali Mining Corp. X X X AMEX:UEC Uranium Energy Corp. X X X TSX:U Uranium Participation Corporation X X

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

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

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

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

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

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

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

8 Haywood Securities, Inc. or one of its subsidiaries expects to receive or intends to seek compensation for investment banking services from this company in the next three months

Other material conflict of interest of the research analyst of which the research analyst or Haywood Securities Inc. knows or has reason to know at the time of publication or at the time of public appearance:

n/a



Rating Structure Each company within an analyst’s universe, or group of companies covered, is assigned: (i) a recommendation or rating, usually BUY, HOLD, or SELL; (ii) a 12 month target price, which represents an analyst’s current assessment of a company’s potential stock price over the next year; (iii) an overall risk rating which represents an analyst’s assessment of the company’s overall investment risk; and (iv) specific risk ratings or risk profile parameters which in their aggregate support an analyst’s overall risk rating. These ratings are more fully explained below. Before acting on our recommendation we caution you to confer with your Haywood investment advisor to determine the suitability of our recommendation for your specific investment objectives, risk tolerance and investment time horizon.

Recommendation Rating BUY –The analyst believes that the security will outperform other companies in their sector on a risk adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued) BUY rating.

HOLD – The analyst believes that the security is expected to perform in line with other companies in their sector on a risk adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued) HOLD rating. SELL – Investors are advised to sell the security or hold alternative securities within the sector. Stocks in this category are expected to under-perform other companies on a risk adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued) SELL rating. TENDER – The analyst is recommending that investors tender to a specific offering for the company’s stock. RESEARCH COMMENT – An analyst comment about an issuer event that does not include a rating or recommendation. UNDER REVIEW – Placing a stock Under Review does not revise the current rating or recommendation of the analyst. A stock will be placed Under Review when the relevant company has a significant material event with further information pending or to be announced. An analyst will place a stock Under Review while he/she awaits sufficient information to re-evaluate the company’s financial situation. COVERAGE DROPPED – Haywood Securities will no longer cover the issuer. Haywood will provide notice to clients whenever coverage of an issuer is discontinued. Haywood’s focus is to search for undervalued companies which analysts believe may achieve attractive risk-adjusted returns. This research coverage on potentially undervalued companies may result in an outweighed percentage of companies rated as BUY. Management regularly reviews rating and targets in all sectors to ensure fairness and accuracy. For further information on Haywood Securities’ research dissemination policies, please visit: http://haywood.com/what-we-offer/research/research-policy

Overall Risk Rating Very High Risk: Venture type companies or more established micro, small, mid or large cap companies whose risk profile parameters and/or lack of liquidity warrant such a designation. These companies are only appropriate for investors who have a very high tolerance for risk and volatility and who are capable of incurring temporary or permanent loss of a very significant portion of their investment capital. High Risk: Typically micro or small cap companies which have an above average investment risk relative to more established or mid to large cap companies. These companies will generally not form part of the broad senior stock market indices and often will have less liquidity than more established mid and large cap companies. These companies are only appropriate for investors who have a high tolerance for risk and volatility and who are capable of incurring a temporary or permanent loss of a significant loss of their investment capital. Medium-High Risk: Typically mid to large cap companies that have a medium to high investment risk. These companies will often form part of the broader senior stock market indices or sector specific indices. These companies are only appropriate for investors who have a medium to high tolerance for risk and volatility and who are prepared to accept general stock market risk including the risk of a temporary or permanent loss of some of their investment capital. Moderate Risk: Large to very large cap companies with established earnings who have a track record of lower volatility when compared against the broad senior stock market indices. These companies are only appropriate for investors who have a

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medium tolerance for risk and volatility and who are prepared to accept general stock market risk including the risk of a temporary or permanent loss of some of their investment capital.

Distribution of Ratings (as of November 10, 2017) IB Clients

% # (TTM) Buy 74.5% 73 97.1% Hold 10.2% 10 2.9% Sell 0.0% 0 0.0% Tender 1.0% 1 0.0% UR (Buy) 0.0% 0 0.0% UR (Hold) 0.0% 0 0.0% UR (Sell) 0.0% 0 0.0% Dropped (TTM) 14.3% 14 0.0%

Price Chart, Rating and Target Price History (as of November 10, 2017) Alamos Gold Inc. (AGI-T) Date Target(C$) Rating

7/20/17 $10.00 Buy7/19/17 $11.50 Buy

11/11/16 $13.00 Buy7/7/16 $14.75 Buy

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

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

10/23/14 $11.25 Buy

02468

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

Atlantic Gold Corporation (AGB-V) Date Target(C$) Rating10/17/17 $1.90 Buy7/20/17 $1.80 Buy5/16/17 $1.75 Buy1/25/17 $1.30 Buy12/9/15 $1.35 Buy7/11/16 $1.25 Buy5/19/16 $1.10 Buy3/7/16 $1.00 Buy3/1/16 $0.85 Buy

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

Initiated Coverage 12/9/15

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Asanko Gold Inc. (AKG-T) Date Target(C$) Rating8/4/17 $2.00 Hold

7/20/17 $4.50 Buy2/28/17 $5.20 Buy2/22/17 $5.50 Buy1/25/17 $5.50 Hold7/11/16 $6.50 Buy5/31/16 $5.25 Buy5/3/16 $5.00 Buy4/7/16 $3.50 Buy

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

10/23/14 $3.35 Buy


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B2Gold Corp. (BTO-T) Date Target(C$) Rating7/20/17 $5.00 Buy1/25/17 $5.50 Buy8/5/16 $6.00 Buy8/3/16 $5.00 Buy

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

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

11/17/14 $3.20 Buy10/23/14 $3.45 Buy

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

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Barkerville Gold Mines Ltd. (BGM-V) Date Target(C$) Rating4/20/17 $1.60 Buy3/30/17 $1.00 Buy

Initiated Coverage: 3/30/2017

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Barrick Gold Corporation (ABX-T) Date Target(C$) Rating10/17/17 $28.00 Buy7/20/17 $30.50 Buy4/26/17 $37.00 Buy2/17/17 $38.50 Buy1/25/17 $33.00 Buy7/11/16 $37.50 Buy5/31/16 $25.25 Buy4/27/16 $25.00 Buy4/18/16 $20.50 Buy2/19/16 $19.50 Buy1/12/16 $14.50 Buy8/7/15 $11.00 Buy

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

10/23/14 $17.25 Hold05

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Capstone Mining Corp (CS-T) Date Target(C$) Rating10/19/17 $1.75 Hold

8/1/17 $1.50 Buy7/20/17 $1.40 Buy6/20/17 $1.20 Buy

11/11/16 $1.00 Hold4/28/16 $1.00 Buy4/6/16 $0.80 Buy

2/18/16 $0.60 Buy1/12/16 $0.50 Buy7/9/15 $1.50 Buy

1/27/15 $2.00 Buy

Initiated Coverage 07/10/07; Name change Capstone Mining Corp. 11/25/08; Transferred Coverage 6/20/2017

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Cobalt 27 Capital Corp. (KBLT-V) Date Target(C$) Rating8/9/17 $11.50 Buy


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Copper Mountain Mining Corporation (CMMC-T) Date Target(C$) Rating10/19/17 $2.00 Buy

8/8/17 $1.10 Hold7/20/17 $1.00 Hold6/20/17 $0.90 Hold11/8/16 $0.75 Buy10/7/16 $0.60 Buy5/3/16 $0.60 Hold

1/12/16 $0.60 Buy11/10/15 $1.00 Buy7/15/15 $1.85 Buy1/27/15 $2.00 Buy1/19/15 UR UR(Buy)

Initiated Coverage: 8/26/10; Transferred Coverage 6/20/2017

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

Transferred & Re-initiated Coverage 08/20/12

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Detour Gold Corporation (DGC-T) Date Target(C$) Rating7/20/17 $28.00 Buy3/24/17 $27.50 Buy1/25/17 $32.00 Buy11/3/16 $38.00 Buy7/11/16 $49.00 Buy5/31/16 $32.00 Buy4/15/16 $28.00 Buy3/11/16 $24.00 Buy1/27/16 $19.50 Buy1/12/16 $18.75 Buy7/15/15 $18.50 Buy1/27/15 $14.00 Buy

10/23/14 $13.50 Buy

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Eldorado Gold Corporation (ELD-T) Date Target(C$) Rating10/30/17 $2.50 Buy10/17/17 $5.00 Buy7/20/17 $5.50 Buy6/28/17 $6.50 Buy1/25/17 $8.25 Buy7/29/16 $8.75 Buy7/11/16 $9.25 Buy5/31/16 $7.50 Buy5/13/16 $6.75 Buy1/26/16 $4.50 Buy1/12/16 $6.50 Buy7/15/15 $6.75 Buy2/23/15 $7.75 Buy1/27/15 $9.00 Buy

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Endeavour Mining Corporation (EDV-T) Date Target(C$) Rating10/17/17 $32.00 Buy7/20/17 $35.00 Buy1/25/17 $31.00 Buy

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

10/23/14 $10.50 Buy

Initiated Coverage 08/21/14; 10:1 Prices/Targets adjusted to reflect Stock Consolidation 12/02/15; Transfer of Coverage 10/20/16

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40

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

Targets and prices prior to 11/06/13 adjusted for share consolidation; Transferred & Re-initiated Coverage 08/20/12; Targets prior to 05/31/16 converted to US$ at spot

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



Falco Resources Ltd. (FPC-V) Date Target(C$) Rating5/11/17 $2.00 Buy


0

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1

1.5

2

2.5

Oct14

Jan15

Apr15

Jul15

Oct15

Jan16

Apr16

Jul16

Oct16

Jan17

Apr17

Jul17


Gold Road Resources Limited (GOR-A) Date Target(C$) Rating10/17/17 $0.90 Buy10/20/16 $1.00 Buy9/13/16 $1.00 Buy

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

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1

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2

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3

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Jul15

Oct15

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Apr16

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Oct16

Jan17

Apr17

Jul17


Goldquest Mining Corp. (GQC-V) Date Target(C$) Rating10/11/17 $0.60 Buy


00.10.20.30.40.50.60.70.80.9

Oct14

Jan15

Apr15

Jul15

Oct15

Jan16

Apr16

Jul16

Oct16

Jan17

Apr17

Jul17


Harte Gold Corp. (HRT-T) Date Target(C$) Rating4/12/17 $1.00 Buy


0

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0.4

0.6

0.8

1

1.2

Oct14

Jan15

Apr15

Jul15

Oct15

Jan16

Apr16

Jul16

Oct16

Jan17

Apr17

Jul17


Hudbay Minerals Inc. (HBM-T) Date Target(C$) Rating10/19/17 $12.50 Buy

8/4/17 $12.00 Buy7/20/17 $11.00 Buy6/20/17 $9.00 Buy

11/29/16 $10.00 Buy11/14/16 $8.25 Buy11/9/16 $7.25 Hold3/1/16 $7.25 Buy

1/18/16 $6.75 Buy1/12/16 $8.50 Buy7/15/15 $12.00 Buy5/11/15 $12.00 Hold2/23/15 $11.00 Hold

10/23/14 $11.00 Buy


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12

14

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Oct15

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Jan17

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

10/23/14 $1.70 Buy


00.20.40.60.8

11.21.41.61.8

2

Oct14

Jan15

Apr15

Jul15

Oct15

Jan16

Apr16

Jul16

Oct16

Jan17

Apr17

Jul17


Lucara Diamond Corp. (LUC-T) Date Target(C$) Rating11/3/17 $3.20 Buy1/25/17 $3.50 Buy12/1/16 $3.00 Hold

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

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

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


00.5

11.5

22.5

33.5

44.5

5

Nov14

Feb15

May15

Aug15

Nov15

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May16

Aug16

Nov16

Feb17

May17

Aug17


Lundin Gold Inc. (LUG-T) Date Target(C$) Rating10/17/17 $7.75 Buy1/25/17 $8.25 Buy7/11/16 $8.75 Buy5/31/16 $7.25 Buy12/8/15 $5.00 Buy


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Lundin Mining Corporation (LUN-T) Date Target(C$) Rating10/19/17 $11.50 Buy7/27/17 $11.00 Buy6/20/17 $10.00 Buy12/1/16 $8.50 Buy

11/16/16 $7.50 Buy7/28/16 $6.00 Buy4/29/16 $5.50 Buy3/15/16 $5.00 Buy11/2/15 $7.75 UR (Buy)7/15/15 $7.75 Buy1/27/15 $6.75 Buy

10/23/14 $7.75 Buy

Transferred Coverage: 11/02/15; Transferred Coverage 6/20/2017

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Marathon Gold Corporation (MOZ-T) Date Target(C$) Rating2/27/17 $1.50 Buy1/17/17 $1.10 Buy


00.20.40.60.8

11.21.41.61.8

2

Oct14

Jan15

Apr15

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Apr16

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Midas Gold Corp. (MAX-T) Date Target(C$) Rating7/20/17 $1.50 Buy1/25/17 $1.75 Buy7/11/16 $1.90 Buy5/31/16 $0.95 Buy4/21/16 $0.85 Buy3/11/16 $0.65 Buy1/12/16 $0.45 Hold7/15/15 $0.50 Hold1/27/15 $0.80 Buy1/9/15 $0.85 Buy

10/23/14 $1.15 Buy

Transferred and Re-initiated Coverage 11/05/13

00.20.40.60.8

11.21.41.61.8

2

Sep14

Dec14

Mar15

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Sep16

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Jun17


Mountain Province Diamonds Inc. (MPVD-T) Date Target(C$) Rating4/26/17 $6.30 Buy3/30/17 $7.00 Buy

10/17/16 $10.00 Buy3/31/16 $7.60 Buy1/12/16 $8.00 Buy7/15/15 $8.50 Buy2/19/15 $7.40 Buy2/5/15 $7.70 Buy


0

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Sep14

Dec14

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NewCastle Gold Ltd. (NCA-T) Date Target(C$) Rating10/17/17 $1.50 Buy1/10/17 $1.60 Buy

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

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

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

Initiated Coverage 11/28/13; Name changed to NewCastle Gold 06/30/15; Transfer of Coverage 10/20/2016

00.20.40.60.8

11.21.41.61.8

Oct14

Jan15

Apr15

Jul15

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Apr16

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Nevsun Resources Ltd. (NSU-T) Date Target(C$) Rating7/20/17 $3.70 Hold6/20/17 $3.50 Hold6/30/16 $6.00 Buy4/26/16 $5.00 Buy7/15/15 $5.00 Buy4/29/15 $5.50 Buy


0

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8

Oct14

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NexGen Energy Ltd. (NXE-T) Date Target(C$) Rating2/27/17 $6.00 Buy1/25/17 $4.50 Buy4/14/16 $4.00 Buy3/30/16 $3.20 Buy1/12/16 $2.00 Buy11/5/15 $2.10 Buy


0

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7

Oct14

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Nighthawk Gold Corp. (NHK-T) Date Target(C$) Rating10/20/17 $1.30 Buy


00.20.40.60.8

11.21.41.61.8

Oct14

Jan15

Apr15

Jul15

Oct15

Jan16

Apr16

Jul16

Oct16

Jan17

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OceanaGold Corporation (OGC-T) Date Target(C$) Rating10/17/17 $4.20 Hold7/20/17 $4.40 Hold6/28/17 $5.10 Buy1/25/17 $5.75 Buy7/11/16 $6.50 Buy5/31/16 $4.40 Hold4/29/16 $4.35 Hold3/1/16 $3.80 Hold

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

10/23/14 $3.30 Buy


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Osisko Gold Royalties Ltd. (OR-T) Date Target(C$) Rating10/17/17 $19.00 Buy7/20/17 $19.50 Buy1/25/17 $18.25 Buy

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

12/16/15 $18.75 Buy


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Osisko Mining Inc. (OSK-T) Date Target(C$) Rating4/6/17 $6.50 Buy


12/10/15 $2.50 Buy


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7

Oct14

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Oct15

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Pure Gold Mining Inc. (PGM-V) Date Target(C$) Rating6/28/17 $1.00 Buy


0

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0.8

1

1.2

Nov14

Feb15

May15

Aug15

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May16

Aug16

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Aug17


Richmont Mines Inc. (RIC-T) Date Target(C$) Rating9/12/17 n/a Tender1/25/17 $14.00 Buy7/11/16 $20.00 Buy5/31/16 $15.75 Buy5/13/16 $12.25 Buy4/13/16 $10.00 Buy3/7/16 $8.00 Buy


0

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Oct14

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Oct16

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RNC Minerals (RNX-T) Date Target(C$) Rating9/26/17 $0.25 Hold


Initiated Coverage: 07/05/11; Name Change to RNC Minerals 9/13/2016; Transferred Coverage 9/26/2017

0

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0.8

Oct14

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Oct16

Jan17

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Jul17


Roxgold Inc. (ROXG-T) Date Target(C$) Rating10/17/17 $1.70 Buy7/20/17 $1.80 Buy1/25/17 $2.00 Buy

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


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Nov14

Feb15

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Nov16

Feb17

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Sabina Gold & Silver Corp. (SBB-T) Date Target(C$) Rating10/19/17 $2.50 Hold10/17/17 $2.70 Buy

9/5/17 $2.75 Buy7/19/17 $2.50 Buy1/25/17 $1.70 Buy6/16/16 $1.65 UR (Buy)5/31/16 $1.65 Buy1/12/16 $1.00 Buy

12/15/15 $0.90 Buy

Initiated Coverage 12-15-15

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

Source: Capital IQ

SEMAFO Inc. (SMF-T) Date Target(C$) Rating4/25/17 $4.50 Buy3/9/17 $5.50 Buy

1/25/17 $7.00 Buy11/10/16 $7.50 Buy7/11/16 $8.25 Buy5/12/16 $6.50 Buy2/26/16 $6.00 Buy7/15/15 $5.00 Buy1/27/15 $5.75 Buy

10/23/14 $6.25 Buy

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Tahoe Resources Inc. (THO-T) Date Target(C$) Rating10/17/17 $7.25 Hold9/11/17 $7.75 Hold8/9/17 $6.75 Hold

7/19/17 $7.25 Hold7/6/17 $9.00 Sell5/3/17 $13.00 Hold

3/13/17 $12.00 Hold1/25/17 $14.00 Hold11/4/16 $25.00 Buy8/11/16 $28.00 Buy7/11/16 $25.00 Buy5/9/16 $20.00 Buy

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

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

10/23/14 $17.25 SellInitiated Coverage 11/05/13

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Treasury Metals Inc. (TML-T) Date Target(C$) Rating7/20/17 $1.20 Buy2/23/17 $1.10 Buy


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Oct14

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Trek Mining Inc. (TREK-V) Date Target(C$) Rating10/17/17 $2.80 Buy

4/4/17 $3.00 Buy


0

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Oct14

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Trevali Mining Corporation (TV-T) Date Target(C$) Rating10/19/17 $2.30 Buy7/20/17 $2.00 Buy6/20/17 $1.75 Buy

11/17/16 $1.50 Buy8/15/16 $1.25 Buy7/20/16 $1.00 Buy

11/18/15 $0.75 Buy5/21/15 $1.25 Buy


0

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Oct14

Jan15

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Oct15

Jan16

Apr16

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Oct16

Jan17

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

12/19/16 $5.80 Buy1/12/16 $6.80 Buy7/15/15 $6.50 Buy1/27/15 $6.20 Buy

10/23/14 $5.80 Buy


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8

Oct14

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Uranium Energy Corp. (UEC-AMEX) Date Target(US$) Rating5/11/17 $2.90 Buy2/3/17 $2.40 Buy

1/25/17 $2.00 Buy5/31/16 $1.80 Buy7/15/15 $2.00 Buy6/24/15 $2.10 Hold


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

the weekly dig – november 10, 2017 - amazon web...

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