Member of the Canadian Investor Protection Fund Third …cdn.ceo.ca.s3-us-west-2.amazonaws.com/1dlreuo-MMJul... · 2018-07-29 · Information and Legal Disclaimers, Rating Structure,

The Weekly Dig – July 27, 2018 Mick Carew, PhD [email protected]

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

Emma Boggio, MSA, CPA, CA604-697-6166 [email protected]

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

Please see page 37 for Analyst Certification, and pages 37 to 47 for Important Information and Legal Disclaimers, Rating Structure, and notes.

Third Consecutive Week of Losses as Gold Hovers Around 12 Month Low • Precious Metals: After surpassing US$1,265 per ounce on July 9th, gold prices fell for the third consecutive week as the precious

metal hit a low of US$1,217 per ounce Friday afternoon, following Wednesday’s high of US$1,235. Overall, gold finished the week down 0.5% at US$1,224 per ounce, while silver followed suit finishing at US$15.49 per ounce (down 0.1%). Meanwhile platinum registered modest gains finishing up 0.3% at US$831 and palladium rose 3.3% finishing at US$925 per ounce. The S&P/TSX Global Mining index finished slightly up for the week, whereas the S&P/TSX Global Gold index fell 4%. It was a mixed week for gold mining equities with some of the better performers being Endeavour Mining Corp. (EDV-T; BUY rating, $32.00 target, up 3%), OceanaGold Corporation (OGC-T; HOLD rating, $4.20 target, up 3%), and Alamos Gold Inc. (AGI-T; BUY rating, $10.00 target, up 1%) for the producers, while Osisko Mining Inc. (OSK-T; BUY rating, $4.50 target, up 7%), Roxgold Inc. (ROXG-T; BUY rating, $1.90 target, up 6%), and Marathon Gold Corporation (MOZ-T, BUY rating, $1.80 target, up 7%) were three of the better performing equities in the junior exploration space.

• Base Metals: Although base metals remained range-bound this week, copper reached two-week high earlier this week, as the dollar weakened and the market awaited a resolution to wage talks at BHP’s Escondida mine. On Tuesday, BHP made a final offer in talks with the union representing its salaried workers that includes an improved contract signing bonus and a 1.5% increase in wages. The union had requested a 5% salary increase and a bonus of up to $40,000 per worker. The outlook for base metals benefited from the Chinese State Council meeting this week that outlined a package of measures to ease the nation’s slowing economy and protect the country from a trade war. Most notably, the meeting did not mention deleveraging and financial risk control, a focus of Chinese economic policy since late 2017. Among the equities this week, the S&P/TSX diversified metals and mining index was down slightly (-1.2% WoW), while stocks in our base metals coverage universe were mostly flat. FM was the top performer this week (+6% WoW), while NSU improved (+4% WoW) on the back of the formal takeover offer by LUN, and TKO fell another 7% WoW.

• Week Ahead: Endeavour Mining (EDV-T; BUY rating, $32.00) will report Q2/18 financial and operating results pre-market on Wednesday, August 1st, Tahoe Resources (THO-T; SELL rating, $5.50) will report Q2/18 financial and operating results after-market on Wednesday, August 1st and Asanko Gold (AKG-T; HOLD rating, $2.00) will report Q2/18 financial results pre-market on Thursday, August 2nd. 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

1

Source: Bloomberg and Haywood Securities

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Silver -0.3% WoW $15.51/oz Gold -0.7% WoW $1,232/oz

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S&P/TSX Diversified Metals & Mining Index 3.3% WoW

The Weekly Dig 7/27/18

Haywood Mining [email protected] Page 2

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

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

Commodities Prices and Inventories .................................................................................................................... 9

Commodities and ETFs .......................................................................................................................................12

Upcoming Macroeconomic News .......................................................................................................................14

Weekly Indices .....................................................................................................................................................15

Weekly Equities ....................................................................................................................................................16

Precious Metals Companies ...............................................................................................................................16

Base Metals Companies ......................................................................................................................................19

Major International Miners ................................................................................................................................20

Tables Comparables Tables: Consensus and Haywood Forecasts/Multiples, Plus Market Valuations for In Situ Resources .............................................................................................................................................................21

Precious Metals Companies ...............................................................................................................................21

Base Metals Companies ......................................................................................................................................19

Other Companies (Uranium, Diamond, Cobalt, Uranium, Coal, Iron) ................................................................32

Junior Exploration Companies Review: Performance of Companies Included in Junior X and Upcoming Catalysts ..............................................................................................................................................................................35



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

• Copper Mountain Mining Corp. (CMMC-T, C$1.16): Drilling results • RNC Minerals (RNX-T, C$0.10): Second phase of mine sale complete • Roxgold Inc. (ROXG-T, $1.08): Q2/18 operations results • Harte Gold Corp. (HRT-T, C$0.37): Drilling results • Equinox Gold Corp. (EQX-V, $1.00): Ore Stockpiling underway • Lumina Gold Corp. (LUM-V, $0.80): Mining sector reform • Osisko Mining Inc. (OSK-T, $2.16): Drilling results • Alamos Gold Inc. (AGI-T, $7.41): GSM permit received • Marathon Gold Corp. (MOZ-T, $0.89): Drilling results • Barkerville Gold Mines Ltd. (BGM-V, $0.465): Drilling results • Detour Gold Corporation (DGC-T, $12.92): Q2/18 financial results • Barrick Gold Corporation (ABX-T, $15.43): Q2/18 financial results • OceanaGold Corporation (OGC-T, OGC-AU; C$3.92): Q2/18 financial results

Covered Name Reports:

Copper Mountain Mining Corp. (CMMC-T, C$1.16 [Buy Rating, C$2.00 Target Price]) – New Drill Results from New Ingerbelle Pierre Vaillancourt, [email protected]; Douglas Ibbitson, CFA, [email protected]

Copper Mountain announced initial drill results from Phase 2 of its 3-phase drilling program at the New Ingerbelle property near the present operations of Copper Mountain mine. Highlights from 7 drill holes include 1.03% CuEq over 105m, 0.91% CuEq over 63m, and 0.63% CuEq over 165m. The higher grades at New Ingerbelle reflect the fracture-controlled nature of the system with more intensively mineralized stockwork. Most of the remaining mineralized intercepts were closer to the grade of the Inferred resource of 0.31% Cu. A number of key intercepts were from 60m to 240m from surface.

See Haywood Securities for the full report

RNC Minerals (RNX-T, C$0.10 [Hold Rating, C$0.15 Target Price]) – Dumont Interest Drops, Beta Hunt Sale Advances, Reducing Target Price Pierre Vaillancourt, [email protected]; Douglas Ibbitson, CFA, [email protected]

The progress on the sale of Beta Hunt is positive, on the other hand, RNX is being diluted at Dumont. Following the withdrawal of $12M from the Dumont JV and the removal of the conversion cap under the $10M Waterton convertible note announced on June 18, Waterton is exercising its conversion rights for the project. The exercise raises Waterton's interest in the Dumont JV to 72% from 50% and decreases RNC's interest to 28% from 50%.




Roxgold Inc. (ROXG-T, $1.08 [Buy Rating, $1.90 Target Price]) – Operations Summary Shows Yaramoko Once Again Exceeds Expectations Geordie Mark, PhD, FAusIMM, [email protected]; Alvin Islam, GIT, [email protected]

Roxgold released its Q2/18 operations data. Yaramoko continued to demonstrate better than anticipated gold production driven by elevated mill performance and has delivered increasing throughput rates over the last five quarters. At Yaramoko, underground mining extracted 86.83 kt of ore grading 12.96 g/t gold, with 80% of ore sourced from stopes versus development. Mine head grades were in-line with our expectations. Decline development has reached the 4981 level (~350 metres below surface) with 1,124 metres of development completed in the quarter.


Harte Gold Corp. (HRT-T, C$0.37 [Buy Rating, C$0.80 Target Price]) – Encouraging Drill Results and Discovery, Still no Permits Pierre Vaillancourt, [email protected]; Douglas Ibbitson, CFA, [email protected]

Harte Gold released drill results from the Sugar, Middle and Wolf zones, and announced the discovery of the Fox Zone. Although the impact on the stock will likely be limited, the results demonstrate potential for expansion of resources the delay of permits to the end of August is disappointing. The Wolf Zone drilling has extended known mineralization down dip and remains open to depth. Overall, the zone appears to feature wider, lower grade zones with a high grade core. Based on drilling to date, we estimate that the Wolf Zone could add 500koz of gold to the existing total resource of 1.475Moz.


Equinox Gold Corp. (EQX-V, $1.00 [Buy Rating, $2.80 Target Price]) – Ore Stockpiling Underway, Aurizona on Track for Gold Pour by Year-End Kerry Smith, MBA, PEng, [email protected]; Danny Ochoa, PEng, CFA, [email protected]

As of June 30, 2018 construction of Aurizona was 60% complete, with engineering, procurement and construction management 75% complete, plant construction 51% complete, concrete work 82% complete, and all engineering design work 100% complete. The SAG and ball mills, which were the critical path, are now at site and being installed. Concrete work is 92% complete in the crusher area, 93% complete in the grinding area, and has been completed in the leaching area. Overall the construction continues to track well with the schedule and Equinox's construction team has thus far done a good job delivering this mine on schedule and on budget.


Lumina Gold Corp. (LUM-V, $0.80 [Buy Rating, $1.50 Target Price]) – Mining Reform Provides Green Light for Further Exploration at Cangrejos Geordie Mark, PhD, FAusIMM, [email protected]; Alvin Islam, GIT, [email protected]

Lumina announces favourable mining sector reform in Ecuador. The recently enacted agreement enables Lumina to commence early exploration phase drilling at previously untested areas within the Cangrejos 20 and Gran Bestia satellite deposits. Future drilling at these deposits may identify the potential for resource expansion and mine plan enhancement at the existing Cangrejos primary asset. Exploration drilling potential on concessions have taken a significant step forward with the Ecuadorian Minister of Energy and Non-Renewable Natural Resources ratifying a Ministerial agreement which facilitates drilling on early phase exploration projects within defined concessions.


mailto:[email protected]




Osisko Mining Inc. (OSK-T, $2.16 [Buy Rating, $4.50 Target Price]) – Further Drilling Results from Infill Program at Windfall Mick Carew, PhD, [email protected]; Emma Boggio, MSA, CPA, CA, [email protected]

Osisko announced results from its ongoing 800,000 metre drill definition and expansion program, with the recent results targeting the Lynx deposit and Underdog zone. The program is now focused on infill drilling within the main Windfall gold deposit, as well as the Company’s adjacent Lynx deposit (located immediately northeast of Windfall). Additionally, the program is also conducting exploration and expansion drilling on main mineralized zones where the Company reportedly has several deep holes in progress as it investigates the down-plunge areas in and around the Underdog and Lynx zones. Today’s release consisted of 70 intercepts from 33 drill holes and 5 wedges in the Lynx deposit and Underdog zone. See Haywood Securities for the full report

Alamos Gold Inc. (AGI-T, $7.41 [Buy Rating, $10.00 Target Price]) – Finally - Kirazli Project GSM Permit Received Kerry Smith, MBA, PEng, [email protected]; Danny Ochoa, PEng, CFA, [email protected]

The Governor of Canakkale finally granted the Business Opening and Operation (GSM) permit for the development of Alamos' Kirazli project in Turkey, a bit earlier than expected given the snap election in Turkey just finished in late June. The Environmental Impact Study was received in August 2013, the Forestry Permit was received in January 2016, and Alamos applied for the GSM in February 2017. The GSM permit took longer than originally planned, however Alamos now has all permits required for full scale construction activities. The initial capital cost estimate for Kirazli, based on the March 2017 Pre-Feasibility Study, was US$152 million, based on a Turkish Lira exchange rate of 2.9:1 versus the USD. About 60% of the capital and operating costs are Lira based and with the current Lira exchange at 4.8:1, Alamos should be able to bring this project in at, or under budget.


Marathon Gold Corp. (MOZ-T, $0.89 [Buy Rating, $1.80 Target Price]) – Infill Results from Marathon Deposit Mick Carew, PhD, [email protected]; Emma Boggio, MSA, CPA, CA, [email protected]

Marathon Gold announced infill drill results from its 100% owned Valentine Lake Gold Camp in central Newfoundland. The recent release consists of results from 3 drill holes in the Marathon deposit. The current results come from the Company’s ongoing infill drilling program at its Marathon Deposit, where drilling is targeting high-grade gold zones with the objective of upgrading the classification of the Company’s inferred material into the measured and indicated category for the next resource update. Additionally, the Marathon deposit infill drilling is also focused on testing material in the hanging-wall and footwall of the main deposit to decrease the open-pit strip ratio. See Haywood Securities for the full report

Barkerville Gold Mines Ltd. (BGM-V, $0.465 [Buy Rating, $1.60 Target Price]) – High-Grade Infill Drilling Results from Mosquito Creek Mick Carew, PhD, [email protected]; Emma Boggio, MSA, CPA, CA, [email protected]

Barkerville announced infill drilling results from its 50,000 metre 2018 Island Mountain exploration and delineation programs at its Cariboo Gold Project. The latest release consists of results from 30 drill holes at Island Mountain, where the Company’s drill program has a focus on infilling and expanding known vein corridors on the property. Specifically, the program plans to drill 162 holes (50,000 metres) in the Shaft Zone and Mosquito Creek on Island Mountain, where corridors of high-density networks of mineralized quartz veins have been defined from surface to a vertical depth of



600 metres. The corridors remain open for expansion at depth and down plunge. Following the Company’s maiden resource for Cow and Island Mountain released in May of this year, the Company is also continuing exploration and infill drilling on Cow Mountain where mineralization is open at depth and on strike to the southeast towards Barkerville Mountain. See Haywood Securities for the full report

Detour Gold Corporation (DGC-T, $12.92 [Buy Rating, $15.50 Target Price]) – Q2/18 Financials Slightly Better than Expectations Kerry Smith, MBA, PEng, [email protected]; Danny Ochoa, PEng, CFA, [email protected]

Q2/18 cash flow (before non-cash working-capital changes) came in at US$76 million or US$0.43 per share, above our estimate and consensus at US$0.39. For the quarter, Detour produced 154,385 ounces of gold, below our expectation of 158,000 ounces on lower tonnes milled, but above consensus at 149,000 ounces. Total cash costs for the quarter averaged US$723/oz, below our estimate of US$795/oz and below consensus at US$753/oz on better grades. All-in sustaining cost (AISC) came in at US$1,104/oz, below our expectation of US$1,225/oz. Mill throughput during the quarter averaged 55,825 tonnes per day (tpd), which was lower than we anticipated on maintenance issues, although up from 50,860 tpd in Q1/18, but down from an average of 58,508 tpd in 2017. The average head grade for the quarter was 1.06 g/t, which is down 9% from the Q1/18 average, but slightly above plan from higher than expected grades on mining the last portion of the Campbell pit crown pillar.


Barrick Gold Corporation (ABX-T, $15.43 [Hold Rating, $19.50 Target Price]) – Barrick Delivers a Mixed Quarter Kerry Smith, MBA, PEng, [email protected]; Danny Ochoa, PEng, CFA, [email protected]

Barrick reported Q2/18 cash flow (before non-cash working-capital changes) of US$490 million at an average realized gold price of US$1,306/oz, or US$0.42 per share, above our estimate of US$0.40 per share, and in line with consensus at US$0.42 per share. The miss on adjusted earnings per share (EPS), which came in at US$0.07, below our estimate of US$0.11 and consensus at US$0.12, was due to higher than expected general and administrative expense (G&A), exploration, and cash taxes during the quarter. Gold production for the quarter was previously released at 1.07 million ounces (Moz), and cash costs averaged US$605/oz, with an all-in sustaining cost (AISC) at US$856/oz.


OceanaGold Corporation (OGC-T, OGC-AU; C$3.92 [Hold Rating, $4.20 Target Price]) – Q2/18 Financials Remain In-Line; Semi-Annual Dividend Declared Geordie Mark, PhD, FAusIMM, [email protected]; Alvin Islam, GIT, [email protected]

Q2/18 financial results came in-line with our expectations. OceanaGold reported revenues of US$205.7 million, EBITDA of US$107.1 million and OCF (before changes in WC) of US$0.17/sh, which remained in-line compared to our estimates of revenues of US$205.5 million (consensus of US$212.5 million), EBITDA of US$114.6 million (consensus of US$103.5 million) and OCF (before WC) of US$0.18/sh (consensus of US$0.15/sh). Total sales were reported at 138.9 koz gold and 8.82 Mlb copper at a cash cost of US$414 per ounce gold net of copper (Q1/18: US$483/oz) and AISC of US$696 per ounce gold (Q1/18: US$799/oz), compared to our estimates of US$449/oz and US$654/oz respectively. The financial metrics exiting Q2/18 mark a notable improvement from the previous quarter, where Q1/18 metrics outlined a cash balance of US$89.1 million, working capital position of US$63.8 million, total debt of US$256.6 million and a net debt position of US$168 million.





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

• Adventus Zinc Corporation (ADZN-V, $0.90): Drilling results

• Sable Resources Ltd. (SAE-V, $0.29): Drilling results

Mining Flashes:

Adventus Zinc Corporation (ADZN-V, $0.90 [Not Rated]) – Further Infill Drilling at El Domo Yields Additional High-Grade Mineralization Mick Carew, PhD, [email protected]; Emma Boggio, MSA, CPA, CA, [email protected]

Adventus Zinc announced additional drilling results from its 2018 infill drilling program at its Curipamba copper-lead-zinc project. The project is located approximately 50 kilometres south-southwest of Quito and approximately 150 kilometres north-northeast (2.5-hour drive) of Guayaquil in the provinces of Bolivar and Los Rios, Ecuador. The recent results are from the El Domo deposit within the Las Naves concession, where earlier this year the Company announced an updated resource estimate of 11.4 million tonnes grading 1.54% copper, 2.05 g/t gold, 2.21% zinc, 43.0 g/t silver, and 0.24% lead (Indicated and Inferred).


Sable Resources Ltd. (SAE-V, $0.29 [Not Rated]) – Sable Hits High-Grade Silver at Margarita Along Strike of Los Gatos Mine Mick Carew, PhD, [email protected]; Emma Boggio, MSA, CPA, CA, [email protected]

Sable Resources announced assay results from the first two drill holes targeting the Margarita Vein at the Company’s Margarita project in Chihuahua state, Mexico. The project is situated approximately 12 kilometers northwest of Sunshine Silver’s (Private) Los Gatos silver mine (Measured and Indicated 9.2 million tonnes resource containing 178 million ounces silver-equivalent). Encouragingly, of the two holes reported today, both hit the target with one also intercepting a previously unknown structure at depth.




Weekly Commodities

Source: Haywood Securities and Bloomberg

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Name Close 1Wk Δ 1 week % 1 Month % 3 Month % 6 Month % 12 Month % 5 Day Trend 52W H/L 1W H/LGold Spot $ 1,224 $ (5.90) (0.5%) (2.3)% (7.6)% (8.7)% (2.8)% $ 1,366 $ 1,232US$/oz $ 1,212 $ 1,223Silver Spot $ 15.49 $ (0.02) (0.1%) (3.5)% (6.2)% (9.7)% (6.6)% $ 18.22 $ 15.61US$/oz $ 15.18 $ 15.38Platinum Spot $ 831 $ 2.48 0.3% (3.1)% (9.2)% (17.4)% (10.1)% $ 1,029 $ 844US$/oz $ 793 $ 825Palladium Spot $ 925 $ 30.43 3.3% (2.8)% (4.8)% (15.1)% 5.3% $ 1,140 $ 940US$/oz $ 861 $ 895

Name Close 1Wk Δ 1 week % 1 Month % 3 Month % 6 Month % 12 Month % 5 Day Trend 52W H/L 1W H/LCopper Future $ 2.85 $ 0.07 2.4% (6.3)% (7.2)% (10.9)% (0.4)% $ 3.32 $ 2.85US$/lb $ 2.71 $ 2.77Nickel Spot $ 6.25 $ 0.15 2.4% (7.0)% (0.4)% 1.1% 36.5% $ 7.14 $ 6.25US$/lb $ 4.58 $ 6.03Lead Spot $ 0.97 $ 0.01 0.6% (12.3)% (9.2)% (17.9)% (6.9)% $ 1.22 $ 0.97US$/lb $ 0.95 $ 0.96Zinc Spot $ 1.20 $ 0.02 1.4% (9.2)% (15.1)% (24.5)% (5.0)% $ 1.64 $ 1.20US$/lb $ 1.15 $ 1.17Aluminum Spot $ 0.93 $ (0.01) (1.2%) (6.0)% (7.5)% (8.8)% 7.2% $ 1.18 $ 0.94US$/lb $ 0.86 $ 0.93Iron Ore Spot $ 64.32 $ 0.43 0.7% (0.6)% (1.6)% (15.2)% (2.4)% $ 140.00 $ 78.80US$/t $ 77.70 $ 77.70

Name Close 1Wk Δ 1 week % 1 Month % 3 Month % 6 Month % 12 Month % 5 Day Trend 52W H/L 1W H/LNewcastle Coal $ 111.20 $ 1.20 1.1% 0.8% 15.5% 3.8% 33.1% $ 114.40 $ 111.60US$/t $ 87.00 $ 109.90Uranium Spot $ 25.65 $ 1.90 7.4% 13.2% 22.4% 11.3% 21.6% $ 25.70 $ 25.65US$/lb $ 22.10 $ 23.75WTI $ 69.05 $ 0.79 1.1% (3.1)% 2.9% 8.5% 38.7% $ 72.98 $ 69.61US$/bbl $ 47.64 $ 67.89Brent $ 74.26 $ 1.19 1.6% (4.1)% 2.1% 8.7% 41.0% $ 80.07 $ 74.54US$/bbl $ 50.85 $ 73.06Henry Hub $ 2.79 $ 0.06 2.0% (5.6)% (0.7)% (5.0)% (2.3)% $ 3.02 $ 2.79US$/MMBtu $ 2.59 $ 2.70

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PRECIOUS METALS

BASE METALS

ENERGY



Commodities Prices and Inventories

Precious Metals


Commodities LME Spot Price Weekly Δ YTD Δ 1 Year ΔGold US$ 1,224 /oz -0.7% 2.5% 2.5%Silver US$ 15.50 /oz -0.2% -8.6% -6.5%

Platinum US$ 831 /oz 0.3% -10.7% -10.2%

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Commodities LME Spot Price Weekly Δ YTD Δ 1 Year ΔCopper US$ 2.85 /lb 2.5% -12.9% -0.4%

Zinc US$ 1.20 /lb 1.4% -20.4% -5.0%Nickel US$ 6.25 /lb 2.5% 8.4% 36.5%

Commodities LME Inventory Weekly Δ Total (t) YTD Δ 1 Year Δ Days of Consumption

Copper 253,525 -0.7% 651,410 19% 3% 10.4 Zinc 243,100 4.2% 291,235 16% -15% 8.0

Nickel 257,502 -0.7% 277,308 -33% -38% 51.0

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Base Metals Weekly Change (12 weeks) LME Copper Spot LME Zinc Spot LME Nickel Spot




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24-Nov-1424-Dec-1424-Jan-1524-Feb-1524-Mar-1524-Apr-1524-May-1524-Jun-1524-Jul-1524-Aug-1524-Sep-1524-Oct-1524-Nov-1524-Dec-1524-Jan-1624-Feb-1624-Mar-1624-Apr-1624-May-1624-Jun-1624-Jul-1624-Aug-1624-Sep-1624-Oct-1624-Nov-1624-Dec-1624-Jan-1724-Feb-1724-Mar-1724-Apr-1724-May-1724-Jun-1724-Jul-1724-Aug-1724-Sep-1724-Oct-1724-Nov-1724-Dec-1724-Jan-1824-Feb-1824-Mar-1824-Apr-1824-May-1824-Jun-18

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50,000

100,000

150,000

200,000

250,000

300,000

$ -

$ 0.20

$ 0.40

$ 0.60

$ 0.80

$ 1.00

$ 1.20

$ 1.40

Tonn

es o

f Inv

ento

ries

Lead

(US

$/lb

)

Lead Price & Inventories

LME LEAD TOTAL Lead Del Stocks/Total LME Lead Price



Commodities and ETFs: A Week in Action

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

• Spot: Loss (-0.5%) for the week • ETF Holdings: 69,355,647 ounces,

down 131,300 ounces for the week

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

• Spot: Loss (-0.1%) for the week • ETF Holdings: 531,202,271 ounces, up

1,882,910 ounces for the week

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

• Spot: Gain (+0.3%) for the week • ETF Holdings: 2,421,737 ounces, up

5,815 ounces for the week

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

• Spot: Gain (+3.4%) for the week • ETF Holdings: 896,047 ounces, down

9,306 ounces for the week

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

• Futures: Gain (+2.5%) for the week • LME Copper: 253,525 tonnes, down

1,800 tonnes for the week

$1,050

$1,150

$1,250

$1,350

$1,450

Jul-17 Jul-18Gold ($/oz)

Price100D MA

61

66

71

76

Jul-17 Jul-18Gold ETF Holdings (Moz)

$13.00

$16.00

$19.00

Jul-17 Jul-18Silver ($/oz)

Price

100D MA

500

520

540

560

Jul-17 Jul-18Silver ETF Holdings (Moz)

$800

$1,000

$1,200

Jul-17 Jul-18Platinum ($/oz)

Price

100D MA

2.2

2.4

2.6

2.8

Jul-17 Jul-18Platinum ETF Holdings (Moz)

$460

$960

$1,460

Jul-17 Jul-18Palladium ($/oz)

Price

100D MA

0.8

1.0

1.2

1.4

1.6

Jul-17 Jul-18Palladium ETF Holdings (Moz)

$2.00

$3.00

$4.00

Jul-17 Jul-18Copper ($/lb)

Price

100D MA

150,000

250,000

350,000

Jul-17 Jul-18LME Copper Inventories (t)



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

• Spot: Gain (+2.5%) for the week • LME Nickel: 257,502 tonnes, down

1,764 tonnes for the week

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

• Spot: Gain (+0.6%) for the week • LME Lead: 127,850 tonnes, down 425

tonnes for the week

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

• Spot: Gain (+1.4%) for the week • LME Zinc: 243,100 tonnes, up 9,900

tonnes for the week

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

• Newcastle Thermal Futures: Gain (+1.9%) for the week

• 62% Fe Iron Ore: Gain (+0.7%) for the week

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

• Uranium Spot: Loss (-2.1%) for the week

• Uranium Long: Gain (+8.0%) for the week

Source: Bloomberg, UxC Consulting, and Haywood Securities

$3.70

$5.70

$7.70

Jul-17 Jul-18Nickel ($/lb)

Price

100D MA

250,000275,000300,000325,000350,000375,000400,000

Jul-17 Jul-18LME Nickel Inventories (t)

$0.90

$1.10

$1.30

Jul-17 Jul-1Lead ($/lb)

Price

100D MA

110,000

130,000

150,000

170,000

190,000

Jul-17 Jul-18LME Lead Inventories (t)

$0.90

$1.40

Jul-17 Jul-18Zinc ($/lb)

Price

100D MA

120,000

220,000

320,000

Jul-17 Jul-18LME Zinc Inventories (t)

$50

$70

$90

Jul-17 Jul-1862% Iron Ore ($/t)

Price

100D MA

$70

$90

$110

Jul-17 Jul-18Newcastle Therma Coal (USD/t)

Price

100D MA

$18

$23

$28

Jul-17 Uranium Spot ($/lb)

Price

100D MA

$29

$33

Jul-17 Uranium Long-Term ($/lb)

Price

100D MA



Upcoming Macroeconomic News and Events

Source: Bloomberg

Date Event Period Survey Prior Relevance

United States07/30/2018 Pending Home Sales MoM Jun 0.20% -0.50% 7707/30/2018 Dallas Fed Manf. Activity Jul 31 36.5 6507/31/2018 Personal Income Jun 0.40% 0.40% 8507/31/2018 Personal Spending Jun 0.40% 0.20% 8507/31/2018 PCE Core MoM Jun 0.10% 0.20% 6007/31/2018 Employment Cost Index 2Q 0.70% 0.80% 7607/31/2018 Chicago Purchasing Manager Jul 61.8 64.1 8207/31/2018 Conf. Board Consumer Confidence Jul 126.5 126.4 9408/01/2018 MBA Mortgage Applications 27-Jul -- -0.20% 9208/01/2018 ADP Employment Change Jul 185k 177k 8708/01/2018 Markit US Manufacturing PMI Jul F 55.5 55.5 9008/01/2018 Construction Spending MoM Jun 0.30% 0.40% 8008/01/2018 ISM Manufacturing Jul 59.3 60.2 9508/01/2018 ISM Prices Paid Jul 75.5 76.8 7308/01/2018 FOMC Rate Decision (Upper Bound) 01-Aug 2.00% 2.00% 9808/02/2018 Initial Jobless Claims 28-Jul 220k 217k 9808/02/2018 Continuing Claims 21-Jul -- 1745k 6908/02/2018 Bloomberg Consumer Comfort 29-Jul -- 59 6808/02/2018 Factory Orders Jun 0.70% 0.40% 8608/02/2018 Durable Goods Orders Jun F -- 1.00% 9308/02/2018 Durables Ex Transportation Jun F -- 0.40% 7408/02/2018 Cap Goods Orders Nondef Ex Air Jun F -- 0.60% 6008/03/2018 Trade Balance Jun -$46.1b -$43.1b 8408/03/2018 Change in Nonfarm Payrolls Jul 193k 213k 9908/03/2018 Change in Manufact. Payrolls Jul 22k 36k 6908/03/2018 Unemployment Rate Jul 3.90% 4.00% 8908/03/2018 Markit US Services PMI Jul F 56.2 56.2 7008/03/2018 Markit US Composite PMI Jul F -- 55.9 7008/03/2018 ISM Non-Manf. Composite Jul 58.6 59.1 78


Canada07/31/2018 Industrial Product Price MoM Jun 0.20% 1.00% 6707/31/2018 Raw Materials Price Index MoM Jun -- 3.80% 5807/31/2018 GDP MoM May 0.30% 0.10% 8408/01/2018 Markit Canada Manufacturing PMI Jul -- 57.1 9008/03/2018 Int'l Merchandise Trade Jun -2.30b -2.77b 65


China07/30/2018 Non-manufacturing PMI Jul 55 55 6507/30/2018 Manufacturing PMI Jul 51.3 51.5 8607/31/2018 Caixin China PMI Mfg Jul 50.9 51 9208/02/2018 Caixin China PMI Composite Jul -- 53 7008/02/2018 Caixin China PMI Services Jul -- 53.9 70



Weekly Indices


.

.

178179180181182183184185186187188189

16,250

16,300

16,350

16,400

16,450

16,500

16,550

Gold

Inde

x

Com

posi

te In

dex

S&P/TSX Composite Index -0.3% WoW

S&P/TSX Global Gold Index -3.6% WoW

119120121122123124125126127128129130

16,250

16,300

16,350

16,400

16,450

16,500

16,550

Base

Met

als

Inde

x

Com

posi

te In

dex

S&P/TSX Composite Index -0.3% WoW

S&P/TSX Global Base Metals Index 4.1% WoW

700

702

704

706

708

710

712

714

716

1,640

1,650

1,660

1,670

1,680

1,690

1,700

1,710

S&P/

TSX

Vent

ure

Com

p In

dex

Russ

ell 2

000

Inde

x

Russell 2000 Index -2.0% WoW

S&P/TSX Venture Comp Index -0.7% WoW

2,770

2,780

2,790

2,800

2,810

2,820

2,830

2,840

2,850

S&P

500

Inde

x

S&P 500 Index 0.6% WoW

162163164165166167168169170171172173

NYSE

ARC

A Ex

chan

ge G

old

BUGS

Ind

ex

NYSE ARCA Exchange Gold BUGS Index -3.7% WoW

585

590

595

600

605

610

NYSE

Arc

a Go

ld M

iner

s Ind

ex

NYSE Arca Gold Miners Index -2.0% 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

11%

10% 7% 7% 7% 7%

6% 6%

5% 5%

Alacer Gold Corp.

TMAC Resources Inc.

Marathon Gold Corporation

Sibanye Gold Limited

Yamana Gold Inc.

Osisko Mining Inc.

Compañía de Minas…

China Gold International…

AngloGold Ashanti Limited

Treasury Metals Inc.

Top Companies

-34%-10%

-10%

-10%

-10%

-8%

-8%

-7%

-6%

New Gold Inc.

Barrick Gold Corporation

Agnico Eagle Mines Limited

Coeur Mining, Inc.

Asanko Gold Inc.

Goldcorp Inc.

Torex Gold Resources Inc

Premier Gold Mines Limited

Detour Gold Corporation

Bottom Companies

1Wk 52Wk 1Wk 52WkTicker Company Close $∆ %∆ High Low Ticker Company Close $∆ %∆ High LowTSX:AEM Agnico Eagle Mines Limited 54.54 (5.84) (10)% 64.84 48.04 TSX:LGD Liberty Gold Corp. 0.43 (0.01) (2)% 0.53 0.39 TSX:ASR Alacer Gold Corp. 2.93 0.30 11% 2.83 1.96 TSX:LUG Lundin Gold Inc. 5.00 0.17 4% 5.57 4.07 TSX:AGI Alamos Gold Inc. 7.29 0.09 1% 10.50 6.19 TSX:MAG MAG Silver Corp. 12.48 (0.01) (0)% 17.27 11.71 NYSE:AU AngloGold Ashanti Limited 8.50 0.42 5% 12.00 7.81 TSX:MOZ Marathon Gold Corporation 0.92 0.06 7% 1.28 0.84 TSX:AR Argonaut Gold Inc. 2.27 (0.07) (3)% 2.92 2.08 NYSE:MUX McEwen Mining Inc. 2.33 (0.12) (5)% 2.86 1.82 TSX:AZ Arizona Mining Inc. 6.17 0.02 0% 6.17 2.60 TSX:MAX Midas Gold Corp. 0.93 (0.02) (2)% 1.21 0.55 TSX:AKG Asanko Gold Inc. 1.33 (0.14) (10)% 1.79 0.55 TSX:NGD New Gold Inc. 1.64 (0.85) (34)% 5.16 1.86 TSXV:AGB Atlantic Gold Corporation 1.86 (0.02) (1)% 1.99 1.30 NYSE:NEM Newmont Mining Corporation 36.89 (0.13) (0)% 42.04 34.20 TSX:BTO B2Gold Corp. 3.31 (0.06) (2)% 4.06 3.01 TSX:NHK Nighthawk Gold Corp. 0.42 - - 1.06 0.41 TSXV:BGM Barkerville Gold Mines Ltd. 0.45 (0.02) (4)% 0.95 0.45 TSX:NG NovaGold Resources Inc. 5.70 (0.14) (2)% 6.47 4.33 TSX:ABX Barrick Gold Corporation 14.66 (1.57) (10)% 22.70 14.26 TSX:OGC OceanaGold Corporation 4.02 0.12 3% 4.12 2.92 TSX:CG Centerra Gold Inc. 5.84 (0.14) (2)% 9.35 5.74 TSX:OR Osisko Gold Royalties Ltd 12.49 (0.05) (0)% 17.58 11.90 TSX:CGG China Gold International Resources C 2.30 0.13 6% 3.19 1.84 TSX:OSK Osisko Mining Inc. 2.25 0.14 7% 5.07 1.61 NYSE:CDE Coeur Mining, Inc. 7.21 (0.76) (10)% 9.87 6.71 TSX:PAAS Pan American Silver Corp. 21.37 (0.27) (1)% 24.27 18.00 NYSE:BVN Compañía de Minas Buenaventura S. 13.61 0.79 6% 16.80 11.67 TSX:PG Premier Gold Mines Limited 2.56 (0.20) (7)% 4.13 2.51 TSX:CNL Continental Gold Inc. 3.95 0.10 3% 4.13 2.84 TSX:PVG Pretium Resources Inc. 10.90 (0.07) (1)% 15.52 7.93 TSX:DGC Detour Gold Corporation 12.57 (0.65) (5)% 17.86 9.11 TSXV:PGM Pure Gold Mining Inc. 0.63 (0.02) (3)% 0.71 0.46 TSX:ELD Eldorado Gold Corporation 1.40 (0.07) (5)% 2.99 1.03 NasdaqGS:GOLD Randgold Resources Limited 72.98 (0.45) (1)% 108.29 71.05 TSX:EDV Endeavour Mining Corporation 23.90 0.66 3% 26.86 20.61 TSX:ROXG Roxgold Inc. 1.12 0.05 5% 1.44 0.98 TSX:EDR Endeavour Silver Corp. 3.81 (0.10) (3)% 4.40 2.50 NasdaqGS:RGLD Royal Gold, Inc. 86.01 (5.90) (6)% 98.53 78.25 TSXV:EQX Equinox Gold Corp. 1.00 - - 1.39 0.88 TSX:SBB Sabina Gold & Silver Corp. 1.51 (0.01) (1)% 2.70 1.48 TSXV:FPC Falco Resources Ltd. 0.49 (0.01) (2)% 1.25 0.47 TSX:SSL Sandstorm Gold Ltd. 5.76 (0.08) (1)% 6.95 4.84 TSX:FR First Majestic Silver Corp. 8.42 (0.26) (3)% 11.09 6.24 NYSE:SA Seabridge Gold Inc. 11.95 (0.10) (1)% 13.70 9.80 TSX:FVI Fortuna Silver Mines Inc. 7.13 (0.08) (1)% 7.78 5.13 TSX:SMF SEMAFO Inc. 3.80 0.01 0% 4.14 2.70 TSX:FNV Franco-Nevada Corporation 95.04 (2.85) (3)% 110.18 85.21 NYSE:SBGL Sibanye Gold Limited 2.33 0.15 7% 6.50 2.07 NYSE:GFI Gold Fields Limited 3.66 0.05 1% 4.70 3.45 TSX:SVM Silvercorp Metals Inc. 3.49 0.01 0% 4.24 2.72 TSX:G Goldcorp Inc. 16.34 (1.51) (8)% 19.32 15.00 TSX:SSRM SSR Mining Inc. 13.52 (0.08) (1)% 14.62 9.66 TSX:GSC Golden Star Resources Ltd. 0.91 0.03 3% 1.17 0.70 TSX:THO Tahoe Resources Inc. 5.78 (0.16) (3)% 8.50 4.75 TSX:GUY Guyana Goldfields Inc. 4.27 0.13 3% 5.42 3.53 TSX:TMR TMAC Resources Inc. 7.15 0.65 10% 12.03 5.19 NYSE:HMY Harmony Gold Mining Company Limi 1.68 0.06 4% 2.53 1.52 TSX:TXG Torex Gold Resources Inc 10.02 (0.89) (8)% 23.04 7.29 TSX:HRT Harte Gold Corp. 0.37 0.01 3% 0.66 0.33 TSX:TML Treasury Metals Inc. 0.42 0.02 5% 0.77 0.38 NYSE:HL Hecla Mining Company 3.15 (0.07) (2)% 5.58 3.20 TSXV:TLG Troilus Gold Corp. 1.29 0.04 3% 2.25 1.20 TSX:IMG IAMGOLD Corporation 7.34 (0.37) (5)% 8.87 6.22 TSX:WDO Wesdome Gold Mines Ltd. 3.50 0.01 0% 3.73 1.64 TSX:IVN Ivanhoe Mines Ltd. 2.43 (0.07) (3)% 5.05 2.45 TSX:WPM Wheaton Precious Metals Corp. 27.36 (0.59) (2)% 29.93 23.18 TSX:K Kinross Gold Corporation 4.69 (0.15) (3)% 5.96 4.44 TSX:YRI Yamana Gold Inc. 3.96 0.25 7% 4.69 3.05 TSX:KL Kirkland Lake Gold Ltd. 28.42 (0.44) (2)% 30.65 12.50



Weekly Performance – Precious Metals Companies (Covered Large Cap)


.

.

3.1%

2.8%

1.3%

0.3%

(0.4%)

(1.8%)

(2.7%)

(4.8%)

(4.9%)

(9.7%)

OCEANAGOLD CORP

ENDEAVOUR MINING CORP

ALAMOS GOLD INC-CLASS A

SEMAFO INC

OSISKO GOLD ROYALTIES LTD

B2GOLD CORP

TAHOE RESOURCES INC

ELDORADO GOLD CORP

DETOUR GOLD CORP

BARRICK GOLD CORP

Weekly Price Change

9.8%

9.4%

8.7%

0.6%

0.3%

(0.3%)

(2.0%)

(2.9%)

(10.7%)

(13.8%)

OCEANAGOLD CORP

ELDORADO GOLD CORP

DETOUR GOLD CORP



SEMAFO INC


B2GOLD CORP

TAHOE RESOURCES INC

BARRICK GOLD CORP

1-Month Price Change

27.6%

18.2%

13.8%

9.0%

4.0%

(1.8%)

(6.6%)

(9.6%)

(10.9%)

(17.2%)

DETOUR GOLD CORP

OCEANAGOLD CORP

ELDORADO GOLD CORP




SEMAFO INC

B2GOLD CORP

TAHOE RESOURCES INC

BARRICK GOLD CORP


15.9%

5.1%

(1.8%)

(7.0%)

(7.3%)

(9.8%)

(11.7%)

(15.2%)

(16.0%)

(19.5%)

OCEANAGOLD CORP

TAHOE RESOURCES INC

SEMAFO INC



DETOUR GOLD CORP


ELDORADO GOLD CORP

B2GOLD CORP

BARRICK GOLD CORP


26.7%

21.8%

1.1%

(0.3%)

(15.6%)

(16.6%)

(19.7%)

(20.3%)

(29.4%)

(53.8%)

SEMAFO INC

OCEANAGOLD CORP


B2GOLD CORP


TAHOE RESOURCES INC

DETOUR GOLD CORP


BARRICK GOLD CORP

ELDORADO GOLD CORP

1-Year Price Change



Weekly Performance – Precious Metals Companies (Covered Small Cap)


.

.

7.0% 6.6%

5.6% 3.5%

2.8% 2.4% 2.3%

0.0% 0.0%

(0.7%)(1.1%)

(1.2%)(1.8%)

(2.1%)(2.3%)

(2.4%)(3.1%)

(4.3%)(5.8%)

(8.3%)(9.5%)

(10.0%)

MARATHON GOLD CORPOSISKO MINING INC

ROXGOLD INCLUNDIN GOLD INC

HARTE GOLD CORPTREASURY METALS INC

SUPERIOR GOLD INCNIGHTHAWK GOLD CORP

EQUINOX GOLD CORPSABINA GOLD & SILVER CORP

ATLANTIC GOLD CORPLUMINA GOLD CORP

FILO MINING CORPMIDAS GOLD CORP

LIBERTY GOLD CORPTROILUS GOLD CORP

PURE GOLD MINING INCBARKERVILLE GOLD MINES LTD

FALCO RESOURCES LTDGOLDQUEST MINING CORP

ASANKO GOLD INCROYAL NICKEL CORP

Weekly Price Change

33.9% 13.9%

9.4% 8.1%

3.9% 2.8%

2.4% 2.3% 2.2%

1.0% 0.0%

(1.2%)(3.1%)(3.2%)

(3.9%)(4.3%)

(5.3%)(6.1%)(6.2%)

(6.7%)(9.5%)

(13.2%)

OSISKO MINING INCLUNDIN GOLD INC

ATLANTIC GOLD CORPLUMINA GOLD CORPSUPERIOR GOLD INC

HARTE GOLD CORPLIBERTY GOLD CORP

FILO MINING CORPMARATHON GOLD CORP

EQUINOX GOLD CORPROXGOLD INC

NIGHTHAWK GOLD CORPPURE GOLD MINING INC

SABINA GOLD & SILVER CORPFALCO RESOURCES LTD

BARKERVILLE GOLD MINES LTDROYAL NICKEL CORPMIDAS GOLD CORP

TROILUS GOLD CORPTREASURY METALS INC

ASANKO GOLD INCGOLDQUEST MINING CORP


3.6% 3.4%

2.2% 1.6% 1.2%

(0.5%)(1.7%)

(2.4%)(8.3%)(8.7%)(9.1%)

(9.8%)(10.1%)

(11.4%)(12.0%)

(14.8%)(25.8%)(26.1%)

(31.2%)(32.3%)

(32.8%)(58.1%)

LIBERTY GOLD CORPMARATHON GOLD CORP

MIDAS GOLD CORPPURE GOLD MINING INC

LUNDIN GOLD INCATLANTIC GOLD CORP

ROXGOLD INCLUMINA GOLD CORP

ASANKO GOLD INCTREASURY METALS INC

EQUINOX GOLD CORPHARTE GOLD CORP

SABINA GOLD & SILVER CORPSUPERIOR GOLD INC

FILO MINING CORPOSISKO MINING INC

FALCO RESOURCES LTDTROILUS GOLD CORP

GOLDQUEST MINING CORPNIGHTHAWK GOLD CORP

BARKERVILLE GOLD MINES LTDROYAL NICKEL CORP


16.7% 14.5%

10.0% 5.7%

3.9% (2.3%)(2.6%)

(3.4%)(5.1%)

(17.9%)(17.9%)

(19.6%)(21.3%)

(26.0%)(28.8%)

(36.6%)(38.4%)

(40.0%)(40.5%)

(52.4%)(58.7%)

(71.0%)

ASANKO GOLD INCPURE GOLD MINING INC

SUPERIOR GOLD INCATLANTIC GOLD CORP

LUMINA GOLD CORPLUNDIN GOLD INC

ROXGOLD INCLIBERTY GOLD CORPMIDAS GOLD CORP

MARATHON GOLD CORPFILO MINING CORPHARTE GOLD CORP

EQUINOX GOLD CORPSABINA GOLD & SILVER CORP

TREASURY METALS INCOSISKO MINING INC

BARKERVILLE GOLD MINES LTDNIGHTHAWK GOLD CORP

TROILUS GOLD CORPFALCO RESOURCES LTD

GOLDQUEST MINING CORPROYAL NICKEL CORP


32.0% 28.3%

22.4% 19.4%

14.5% 8.5%

4.9% 4.8%

(5.8%)(13.0%)

(15.8%)(16.4%)

(25.6%)(35.4%)(35.7%)

(43.1%)(49.4%)

(50.8%)(52.4%)

(54.3%)(55.0%)

(60.7%)

SUPERIOR GOLD INCATLANTIC GOLD CORP

MIDAS GOLD CORPLUMINA GOLD CORP

PURE GOLD MINING INCLUNDIN GOLD INC

LIBERTY GOLD CORPFILO MINING CORP

ROXGOLD INCEQUINOX GOLD CORP

ASANKO GOLD INCMARATHON GOLD CORP

TROILUS GOLD CORPTREASURY METALS INC

SABINA GOLD & SILVER CORPHARTE GOLD CORP

OSISKO MINING INCBARKERVILLE GOLD MINES LTD

FALCO RESOURCES LTDNIGHTHAWK GOLD CORP

ROYAL NICKEL CORPGOLDQUEST MINING CORP

1-Year Price Change



Equity Weekly Performance – Base Metals Companies


.

.

6.4%

5.7%

4.3%

3.5%

3.4%

3.3%

2.5%

2.5%

1.4%

0.0%

(0.3%)

(0.8%)

(1.0%)

(1.9%)

(2.2%)

(7.8%)

(13.1%)

(13.1%)

FIRST QUANTUM MINERALS LTD

TECK RESOURCES LTD-CLS B

CAPSTONE MINING CORP

COPPER MOUNTAIN MINING CORP

NEVSUN RESOURCES LTD

S&P/TSX DIV MTLS&MIN IDX

LME COPPER SPOT ($)

LME NICKEL SPOT ($)

LME ZINC SPOT ($)

TREVALI MINING CORP

S&P/TSX COMPOSITE INDEX

NEVADA COPPER CORP

SHERRITT INTERNATIONAL CORP

ATALAYA MINING PLC

HUDBAY MINERALS INC

TASEKO MINES LTD

LUNDIN MINING CORP

IMPERIAL METALS CORP

Weekly Price Change

12.0%

1.7%

1.0%

0.3%

(0.2%)

(4.2%)

(5.6%)

(5.9%)

(6.3%)

(7.0%)

(7.8%)

(8.0%)

(9.2%)

(10.0%)

(12.9%)

(15.7%)

(24.9%)

(24.9%)






NEVADA COPPER CORP



LME COPPER SPOT ($)

LME NICKEL SPOT ($)

HUDBAY MINERALS INC

TREVALI MINING CORP

LME ZINC SPOT ($)


ATALAYA MINING PLC

TASEKO MINES LTD

LUNDIN MINING CORP



37.0%

7.1%

6.7%

4.6%

0.3%

(0.4%)

(7.2%)

(7.8%)

(14.7%)

(15.0%)

(15.1%)

(16.8%)

(21.3%)

(22.9%)

(24.5%)

(30.2%)

(33.5%)

(33.5%)






LME NICKEL SPOT ($)

LME COPPER SPOT ($)


NEVADA COPPER CORP


LME ZINC SPOT ($)


ATALAYA MINING PLC

TASEKO MINES LTD

HUDBAY MINERALS INC

TREVALI MINING CORP

LUNDIN MINING CORP



66.1%

8.8%

1.1%

1.0%

0.4%

(6.4%)

(9.2%)

(10.9%)

(12.8%)

(19.9%)

(24.5%)

(25.6%)

(31.4%)

(39.6%)

(42.3%)

(42.3%)

(48.2%)

(50.0%)


ATALAYA MINING PLC

LME NICKEL SPOT ($)





LME COPPER SPOT ($)


NEVADA COPPER CORP

LME ZINC SPOT ($)



HUDBAY MINERALS INC

LUNDIN MINING CORP


TASEKO MINES LTD

TREVALI MINING CORP


85.9%

47.9%

36.5%

36.2%

28.7%

19.0%

15.1%

7.9%

6.1%

(0.4%)

(5.0%)

(16.7%)

(18.6%)

(28.0%)

(35.9%)

(36.7%)

(63.8%)

(63.8%)

ATALAYA MINING PLC


LME NICKEL SPOT ($)







LME COPPER SPOT ($)

LME ZINC SPOT ($)

NEVADA COPPER CORP


HUDBAY MINERALS INC

TASEKO MINES LTD

TREVALI MINING CORP

LUNDIN MINING CORP


1-Year Price Change



Equity Weekly Performance – Major International Miners


.

.

11.7%

10.5%

9.4%

7.2%

5.7%

4.7%

4.2%

2.3%

1.5%

VALE SA-SP ADR

ALUMINUM CORP OF CHINA-ADR

SOUTHERN COPPER CORP

ALCOA CORP


BHP BILLITON LTD-SPON ADR

GLENCORE PLC -UNSP ADR

RIO TINTO PLC-SPON ADR

FREEPORT-MCMORAN INC

Weekly Price Change

15.9%

5.6%

4.1%

2.9%

1.7%

0.2%

(5.4%)

(5.5%)

(11.8%)

VALE SA-SP ADR







ALCOA CORP



9.1%

7.1%

4.4%

3.5%

(0.1%)

(10.1%)

(15.5%)

(16.2%)

(20.6%)




VALE SA-SP ADR




ALCOA CORP



10.1%

1.5%

(2.2%)

(5.4%)

(6.4%)

(18.2%)

(20.0%)

(24.0%)

(39.8%)

VALE SA-SP ADR






ALCOA CORP




53.5%

28.7%

24.4%

21.8%

20.0%

18.9%

10.3%

1.1%

(27.1%)

VALE SA-SP ADR





ALCOA CORP




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 2018E 2019E P/NAV

(millions) (millions) (millions) (millions) (millions) (millions) CFPS CFPS 2018E 2019E 2018E 2019E 2018E 2019E 2018E

Senior Precious Metals ProducersAgnico Eagle Mines Limited NYSE:AEM C$ 54.58 231.5 US$ 9,675 US$ 794 US$ 1,116 US$ 1,721 US$ 10,280 US$ 2.94 US$ 3.56 12 14.2x 11.7x 15.1x 12.5x 12.7x 10.2x 1.6xAngloGold Ashanti Limited JSE:ANG C$ 11.01 411.6 US$ 3,469 US$ 212 US$ 638 US$ 2,230 US$ 5,061 US$ 2.56 US$ 2.96 6 3.3x 2.8x 4.8x 4.1x 3.6x 3.2x 0.7xBarrick Gold Corporation TSX:ABX C$ 14.66 1167.0 US$ 13,101 US$ 2,085 US$ 2,415 US$ 5,712 US$ 16,398 US$ 1.82 US$ 1.95 6 6.2x 5.7x 7.7x 7.2x 4.7x 4.7x 1.0xCompañía de Minas Buenaventura S.A.A. NYSE:BVN C$ 17.77 254.0 US$ 3,457 US$ 359 US$ 410 US$ 50 US$ 3,096 US$ 1.82 US$ 1.83 2 7.5x 7.4x 6.7x 6.7x 7.4x 5.9x 0.8xEvolution Mining Limited ASX:EVN C$ 2.80 1692.6 US$ 3,636 US$ 128 US$ 157 US$ 230 US$ 3,709 US$ 0.29 US$ 0.31 4 7.3x 7.0x 7.4x 7.1x 6.5x 6.0x 1.2xFresnillo PLC LSE:FRES C$ 17.31 736.9 US$ 9,768 US$ 876 US$ 1,321 US$ 799 US$ 9,246 US$ 1.18 US$ 1.31 5 11.3x 10.1x 10.7x 9.6x 7.7x 7.0x 1.1xGold Fields Limited JSE:GFI C$ 4.74 860.6 US$ 3,126 US$ 479 US$ 260 US$ 1,588 US$ 4,454 US$ 1.02 US$ 1.16 6 3.6x 3.1x 5.1x 4.4x 4.2x 3.8x 1.2xGoldcorp Inc. TSX:G C$ 16.34 869.3 US$ 10,877 US$ 159 US$ 7 US$ 2,175 US$ 13,045 US$ 1.41 US$ 2.03 12 8.9x 6.2x 10.6x 7.4x 8.7x 6.0x 1.0xKinross Gold Corporation TSX:K C$ 4.69 1250.2 US$ 4,490 US$ 1,010 US$ 1,710 US$ 1,733 US$ 4,513 US$ 0.83 US$ 0.82 17 4.3x 4.4x 4.3x 4.4x 3.7x 3.8x 1.0xKirkland Lake Gold Ltd. TSX:KL C$ 28.42 211.2 US$ 4,596 US$ 275 US$ 217 - US$ 4,380 US$ 1.96 US$ 2.40 11 11.1x 9.1x 10.6x 8.6x 9.1x 7.4x 1.5xNewcrest Mining Limited ASX:NCM C$ 20.58 766.5 US$ 12,081 US$ 566 US$ 848 US$ 1,992 US$ 13,225 US$ 1.63 US$ 2.00 7 9.7x 7.9x 10.6x 8.6x 9.0x 7.1x 1.0xNewmont Mining Corporation NYSE:NEM C$ 48.17 533.4 US$ 19,677 US$ 3,183 US$ 3,887 US$ 4,101 US$ 19,891 US$ 3.57 US$ 4.32 6 10.3x 8.5x 10.5x 8.6x 7.7x 7.0x 1.4xNorthern Star Resources Limited ASX:NST C$ 7.00 612.8 US$ 3,286 US$ 287 US$ 254 - US$ 3,032 US$ 0.40 US$ 0.52 7 13.3x 10.4x 12.2x 9.6x 9.1x 7.3x 1.3xRandgold Resources Limited LSE:RRS C$ 95.11 94.4 US$ 6,872 US$ 739 US$ 905 US$ 3 US$ 5,970 US$ 5.26 US$ 6.55 4 13.9x 11.1x 12.0x 9.7x 9.3x 8.3x 1.4x

Group Average - Senior Producers 8.9x 7.5x 9.2x 7.8x 7.4x 6.3x 1.2xGroup Average - Senior Producers (excluding high/low) 8.9x 7.6x 9.1x 7.7x 7.3x 6.2x 1.2x

Intermediate Precious Metals ProducersAcacia Mining plc LSE:ACA C$ 2.02 410.1 US$ 635 US$ 121 US$ 131 US$ 28 US$ 532 US$ 0.40 US$ 0.77 5 3.9x 2.0x 3.2x 1.7x 2.3x 1.7x 0.6xAlamos Gold Inc. TSX:AGI C$ 7.29 389.6 US$ 2,175 US$ 243.2 US$ 341.1 US$ 3.6 US$ 1,837.2 US$ 0.62 US$ 0.75 13 8.9x 7.4x 7.6x 6.2x 7.3x 5.8x 0.7xB2Gold Corp. TSX:BTO C$ 3.31 985.9 US$ 2,499 US$ 168 (US$ 77) US$ 343 US$ 2,920 US$ 0.47 US$ 0.53 12 5.4x 4.8x 6.3x 5.6x 4.8x 4.4x 1.2xCentamin plc LSE:CEY C$ 2.01 1153.8 US$ 1,780 US$ 395.6 US$ 476.3 US$ 0.0 US$ 1,303.6 US$ 0.24 US$ 0.27 5 6.6x 5.7x 4.8x 4.2x 4.2x 3.4x 0.8xCenterra Gold Inc. TSX:CG C$ 5.84 291.9 US$ 1,305 US$ 120 US$ 516 US$ 313 US$ 1,103 US$ 1.22 US$ 1.38 10 3.7x 3.2x 3.1x 2.7x 2.6x 2.3x 0.5xDetour Gold Corporation TSX:DGC C$ 12.57 175.1 US$ 1,685 US$ 153 US$ 197 - US$ 1,489 US$ 1.60 US$ 1.46 11 6.0x 6.6x 5.3x 5.8x 5.2x 5.6x 0.7xEldorado Gold Corporation TSX:ELD C$ 1.40 792.3 US$ 849 US$ 434 US$ 573 US$ 595 US$ 871 US$ 0.13 US$ 0.19 12 8.0x 5.8x 8.2x 5.9x 5.5x 5.1x 0.4xEndeavour Mining Corporation TSX:EDV C$ 23.90 107.7 US$ 1,972 US$ 96 US$ 133 US$ 341 US$ 2,180 US$ 2.61 US$ 3.49 11 7.0x 5.2x 7.8x 5.8x 6.3x 4.7x 1.0xGuyana Goldfields Inc. TSX:GUY C$ 4.27 173.3 US$ 567 US$ 76 US$ 99 US$ 35 US$ 502 US$ 0.54 US$ 0.84 6 6.1x 3.9x 5.4x 3.4x 5.2x 3.6x 0.6xHecla Mining Company NYSE:HL C$ 4.11 475.9 US$ 1,499 US$ 247 US$ 250 US$ 534 US$ 1,783 US$ 0.35 US$ 0.54 7 8.9x 5.8x 10.6x 6.9x 8.6x 5.9x 1.2xHighland Gold Mining Limited AIM:HGM C$ 2.38 325.2 US$ 594 US$ 12 US$ 65 US$ 192 US$ 721 US$ 0.43 US$ 0.47 2 4.2x 3.9x 5.1x 4.7x 4.4x 4.1x 0.6xIAMGOLD Corporation TSX:IMG C$ 7.34 466.6 US$ 2,622 US$ 832 US$ 944 US$ 393 US$ 2,071 US$ 0.77 US$ 0.86 15 7.3x 6.5x 5.8x 5.2x 5.1x 4.7x 0.9xNew Gold Inc. TSX:NGD C$ 1.64 578.6 US$ 727 US$ 167 US$ 270 US$ 959 US$ 1,416 US$ 0.52 US$ 0.67 13 2.4x 1.9x 4.7x 3.7x 4.3x 3.3x 0.6xOceanaGold Corporation TSX:OGC C$ 4.02 617.5 US$ 1,901 US$ 129 US$ 150 US$ 200 US$ 1,951 US$ 0.58 US$ 0.53 13 5.3x 5.8x 5.5x 6.0x 5.0x 5.1x 1.2xPretium Resources Inc. TSX:PVG C$ 10.90 182.4 US$ 1,522 US$ 71 (US$ 325) US$ 371 US$ 2,218 US$ 1.11 US$ 1.64 6 7.5x 5.1x 11.0x 7.4x 9.7x 6.4x 0.6xRegis Resources Limited ASX:RRL C$ 4.92 504.4 US$ 1,902 US$ 112 US$ 128 - US$ 1,774 US$ 0.34 US$ 0.35 5 11.1x 10.6x 10.3x 9.9x 8.1x 7.6x 1.2xResolute Mining Limited ASX:RSG C$ 1.27 752.8 US$ 730 US$ 122 US$ 244 - US$ 486 US$ 0.04 US$ 0.12 3 21.7x 7.8x 14.5x 5.2x 8.4x 3.6x 0.7xSEMAFO Inc. TSX:SMF C$ 3.80 325.6 US$ 948 US$ 139 US$ 152 US$ 101 US$ 896 US$ 0.38 US$ 0.81 8 7.7x 3.6x 7.3x 3.4x 6.2x 3.1x 0.9xTahoe Resources Inc. TSX:THO C$ 5.78 313.0 US$ 1,385 US$ 54 US$ 105 - US$ 1,281 US$ 0.52 US$ 1.21 13 8.6x 3.7x 7.9x 3.4x 5.9x 2.9x 0.8xTMAC Resources Inc. TSX:TMR C$ 7.15 91.9 US$ 503 US$ 28 US$ 24 US$ 110 US$ 589 US$ 0.55 US$ 1.32 4 9.9x 4.1x 11.6x 4.8x 8.8x 4.2x 0.7xTorex Gold Resources Inc TSX:TXG C$ 10.02 84.9 US$ 651 US$ 111 US$ 86 US$ 308 US$ 874 US$ 1.93 US$ 2.42 6 4.0x 3.2x 5.3x 4.2x 4.3x 3.2x 0.5xYamana Gold Inc. TSX:YRI C$ 3.96 948.9 US$ 2,877 US$ 123 US$ 27 US$ 1,697 US$ 4,547 US$ 0.56 US$ 0.65 6 5.4x 4.7x 8.5x 7.4x 6.3x 5.4x 1.1x

Group Average - Intermediate Producers 7.3x 5.1x 7.3x 5.2x 5.8x 4.4x 0.8xGroup Average - Intermediate Producers (excluding high/low) 6.8x 4.9x 7.1x 5.1x 5.8x 4.3x 0.8x

Junior Precious Metals ProducersAlacer Gold Corp. TSX:ASR C$ 2.93 293.8 US$ 659 US$ 137 US$ 166 US$ 243 US$ 736 US$ 0.23 US$ 0.70 6 9.9x 3.2x 11.0x 3.6x 18.0x 3.5x 0.7xAlio Gold Inc. TSX:ALO C$ 1.83 83.8 US$ 117 US$ 39.3 US$ 57.7 US$ 0.0 US$ 59.7 US$ 0.53 US$ 0.73 7 2.6x 1.9x 1.3x 1.0x 1.4x 0.7x 0.3xArgonaut Gold Inc. TSX:AR C$ 2.27 177.8 US$ 309 US$ 21 US$ 93 US$ 8 US$ 224 US$ 0.42 US$ 0.56 7 4.1x 3.1x 3.0x 2.2x 2.6x 1.8x 0.5xAsanko Gold Inc. TSX:AKG C$ 1.33 225.8 US$ 230 US$ 38.6 US$ (6.1) US$ 102.7 US$ 338.8 US$ 0.41 US$ 0.39 4 2.5x 2.6x 3.7x 3.8x 3.9x 3.8x 0.5xAtlantic Gold Corporation TSXV:AGB C$ 1.86 225.6 US$ 321 US$ 12 (US$ 18) US$ 72 US$ 412 US$ 0.23 US$ 0.27 7 6.2x 5.3x 8.0x 6.8x 7.7x 5.4x 0.7xBrio Gold Inc. TSX:BRIO C$ 2.78 117.6 US$ 250 US$ 17.5 US$ (26.8) US$ 47.8 US$ 324.8 - - 0 - - - - - - -Dundee Precious Metals Inc. TSX:DPM C$ 3.16 178.5 US$ 432 US$ 15 US$ 23 US$ 33 US$ 442 US$ 0.49 US$ 0.79 4 4.9x 3.1x 5.1x 3.1x 4.4x 2.1x 0.5xGolden Star Resources Ltd. TSX:GSC C$ 0.91 380.8 US$ 265 US$ 26.2 US$ (66.6) US$ 88.3 US$ 420.2 US$ 0.16 US$ 0.27 7 4.4x 2.5x 6.9x 4.0x 4.4x 3.1x 0.6xJaguar Mining Inc. TSX:JAG C$ 0.32 325.1 US$ 78 US$ 14 US$ 11 US$ 3 US$ 70 US$ 0.07 US$ 0.15 1 3.4x 1.7x 3.1x 1.5x 2.0x 1.2x 0.4xLeagold Mining Corporation TSX:LMC C$ 2.53 284.3 US$ 551 US$ 53.0 US$ 77.4 US$ 132.9 US$ 606.3 US$ 0.53 US$ 0.78 8 3.6x 2.5x 4.0x 2.7x 3.8x 2.6x 0.5xPremier Gold Mines Limited TSX:PG C$ 2.56 202.6 US$ 397 US$ 99 US$ 86 - US$ 311 US$ 0.10 US$ 0.12 5 19.9x 16.3x 15.6x 12.7x 15.0x 9.8x 0.6xPrimero Mining Corp. TSX:P C$ 0.31 193.0 US$ 45 US$ 16.3 US$ 24.9 US$ 73.9 US$ 94.1 US$ 0.22 US$ 0.26 1 1.1x 0.9x 2.2x 1.9x - - 1.7xRNC Minerals TSX:RNX C$ 0.09 366.3 US$ 25 US$ 15 (US$ 18) US$ 11 US$ 54 US$ 0.02 US$ 0.02 1 4.5x 3.0x 9.7x 6.5x 5.5x 2.5x 0.2xRoxgold Inc. TSX:ROXG C$ 1.12 373.6 US$ 320 US$ 72.2 US$ 69.9 US$ 32.2 US$ 282.7 US$ 0.20 US$ 0.27 7 4.3x 3.2x 3.8x 2.8x 3.0x 2.3x 0.7xSuperior Gold Inc. TSXV:SGI C$ 1.32 95.8 US$ 97 US$ 24 US$ 13 - US$ 83 US$ 0.30 US$ 0.45 6 3.4x 2.3x 2.9x 2.0x 2.8x 1.8x 0.6xTeranga Gold Corporation TSX:TGZ C$ 4.47 107.3 US$ 367 US$ 61.4 US$ 64.6 US$ 14.4 US$ 317.2 US$ 0.69 US$ 0.58 4 4.9x 5.9x 4.3x 5.1x 2.9x 3.3x 0.6xWesdome Gold Mines Ltd. TSX:WDO C$ 3.50 134.2 US$ 360 US$ 21 US$ 10 - US$ 350 US$ 0.24 US$ 0.27 10 11.1x 9.8x 10.8x 9.5x 11.3x 9.1x 0.9x

Group Average - Junior Producers 5.7x 4.2x 6.0x 4.3x 5.9x 3.5x 0.6xGroup Average - Junior Producers (excluding high/low) 5.0x 3.6x 5.6x 4.0x 5.3x 3.3x 0.6x

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 2018E 2019E Number of P/NAV

(millions) (millions) (millions) (millions) (millions) (millions) CFPS CFPS Estimates 2018E 2019E 2018E 2019E 2018E 2019E 2018E

PGM ProducersAnglo American Platinum Limited JSE:AMS C$ 39.43 262.2 US$ 7,918 US$ 675 US$ 847 US$ 609 US$ 7,680 US$ 2.60 US$ 2.79 1 11.6x 10.8x 11.2x 10.5x 8.5x 7.8x 1.4xImpala Platinum Holdings Limited JSE:IMP C$ 1.98 702.3 US$ 1,066 US$ 340 US$ 835 US$ 639 US$ 870 US$ 0.22 US$ 0.52 4 6.9x 2.9x 5.7x 2.4x 3.5x 1.9x 0.7xLonmin Plc LSE:LMI C$ 0.67 282.7 US$ 145 US$ 167 US$ 179 - (US$ 34) (US$ 0.00) US$ 0.12 2 - 4.1x 54.0x - 0.7x - 0.4x

Group Average - PGM Producers 9.3x 5.9x 23.6x 6.4x 4.2x 4.9x 0.8x

Silver ProducersAmericas Silver Corporation TSX:USA C$ 3.54 42.7 US$ 116 US$ 3 US$ 11 US$ 10 US$ 114 US$ 0.80 US$ 0.79 4 3.4x 3.4x 3.3x 3.4x 5.6x 3.7x 0.5xCoeur Mining, Inc. NYSE:CDE C$ 9.42 187.1 US$ 1,349 US$ 124 US$ 173 US$ 360 US$ 1,536 US$ 0.59 US$ 1.17 4 12.3x 6.2x 14.0x 7.0x 8.0x 6.0x 1.4xEndeavour Silver Corp. TSX:EDR C$ 3.81 127.5 US$ 372 US$ 37 US$ 67 - US$ 305 US$ 0.31 US$ 0.33 5 9.4x 8.9x 7.8x 7.3x 6.0x 5.9x 1.1xFirst Majestic Silver Corp. TSX:FR C$ 8.42 193.1 US$ 1,245 US$ 258 US$ 236 US$ 130 US$ 1,140 US$ 0.50 US$ 0.82 4 12.9x 7.9x 11.8x 7.2x 13.7x 6.0x 1.2xFortuna Silver Mines Inc. TSX:FVI C$ 7.13 159.6 US$ 872 US$ 218 US$ 220 US$ 40 US$ 691 US$ 0.53 US$ 0.82 5 10.4x 6.7x 8.2x 5.3x 5.8x 4.2x 1.2xFresnillo PLC LSE:FRES C$ 17.31 736.9 US$ 9,768 US$ 876 US$ 1,321 US$ 799 US$ 9,246 US$ 1.18 US$ 1.31 5 11.3x 10.1x 10.7x 9.6x 7.7x 7.0x 0.9xHecla Mining Company NYSE:HL C$ 4.11 475.9 US$ 1,499 US$ 247 US$ 250 US$ 534 US$ 1,783 US$ 0.35 US$ 0.54 7 8.9x 5.8x 10.6x 6.9x 8.6x 5.9x 1.2xMandalay Resources Corporation TSX:MND C$ 0.19 451.6 US$ 64 US$ 23 US$ 9 US$ 16 US$ 71 US$ 0.07 US$ 0.07 1 2.0x 2.0x 2.2x 2.2x 2.9x 2.1x 0.5xPan American Silver Corp. TSX:PAAS C$ 21.37 153.3 US$ 2,509 US$ 225 US$ 449 US$ 21 US$ 2,081 US$ 1.53 US$ 1.82 9 10.7x 9.0x 8.9x 7.5x 7.1x 6.4x 1.2xSSR Mining Inc. TSX:SSRM C$ 13.52 120.0 US$ 1,242 US$ 517 US$ 686 US$ 237 US$ 793 US$ 1.00 US$ 1.31 7 10.4x 7.9x 6.6x 5.0x 5.4x 4.3x 0.9xSilvercorp Metals Inc. TSX:SVM C$ 3.49 167.6 US$ 448 US$ 106 US$ 90 - US$ 358 US$ 0.46 US$ 0.50 1 5.8x 5.4x 4.6x 4.3x 4.3x 3.7x 0.8x

Group Average - Silver Producers 8.9x 6.7x 8.1x 6.0x 6.8x 5.0x 1.0xGroup Average - Silver Producers (excluding high/low) 9.2x 6.8x 8.1x 6.0x 6.5x 5.1x 1.0x

Diamond ProducersLucara Diamond Corp. TSX:LUC C$ 2.21 396.5 US$ 671 US$ 44 US$ 67 - US$ 605 US$ 0.15 US$ 0.20 4 11.5x 8.3x 10.4x 7.5x 6.9x 4.8x 0.9xMountain Province Diamonds Inc. TSX:MPVD C$ 3.28 210.0 US$ 527 US$ 22 US$ 88 US$ 316 US$ 756 US$ 0.70 US$ 0.64 3 3.6x 3.9x 5.1x 5.6x 4.8x 4.2x 0.8xPetra Diamonds Limited LSE:PDL C$ 0.80 865.3 US$ 528 US$ 105 US$ 13 US$ 716 US$ 1,231 US$ 0.18 US$ 0.18 3 3.4x 3.4x 8.0x 7.9x 5.7x 4.7x 0.8xStornoway Diamond Corporation TSX:SWY C$ 0.42 835.9 US$ 269 US$ 40 (US$ 9) US$ 189 US$ 466 US$ 0.02 US$ 0.07 3 21.0x 4.3x 36.4x 7.5x 12.3x 5.2x 0.6x

Group Average - Diamond Producers 9.9x 5.0x 15.0x 7.1x 7.4x 4.7x 0.8x

Royalty CompaniesAnglo Pacific Group plc LSE:APF C$ 2.35 180.0 US$ 324 US$ 11 US$ 19 - US$ 304 US$ 0.25 US$ 0.22 3 7.1x 8.1x 6.6x 7.6x 5.7x 6.7x 0.9xAltius Minerals Corporation TSX:ALS C$ 13.01 43.2 US$ 431 US$ 53 US$ 44 US$ 42 US$ 428 US$ 0.64 US$ 0.74 4 15.5x 13.5x 15.4x 13.5x 10.4x 10.2x 1.3xFranco-Nevada Corporation TSX:FNV C$ 95.04 186.0 US$ 13,540 US$ 88 US$ 165 - US$ 13,375 US$ 2.74 US$ 3.03 15 26.5x 24.0x 26.2x 23.8x 24.8x 22.7x 2.0xMaverix Metals Inc. TSXV:MMX C$ 2.00 214.4 US$ 328 US$ 12 US$ 15 US$ 10 US$ 323 US$ 0.10 US$ 0.11 4 14.8x 13.3x 14.6x 13.1x - 10.8x 1.4xOsisko Gold Royalties Ltd TSX:OR C$ 12.49 156.2 US$ 1,494 US$ 258 US$ 252 US$ 363 US$ 1,604 US$ 0.41 US$ 0.53 16 23.5x 18.2x 25.2x 19.5x 22.6x 17.7x 1.1xRoyal Gold, Inc. US:RGLD C$ 112.32 65.5 US$ 5,630 US$ 109 US$ 108 US$ 422 US$ 5,944 US$ 4.39 US$ 4.85 12 19.6x 17.7x 20.7x 18.7x 17.2x 16.1x 1.9xSandstorm Gold Ltd. TSX:SSL C$ 5.76 184.8 US$ 815 US$ 4 US$ 7 US$ 2 US$ 810 US$ 0.26 US$ 0.31 9 17.1x 14.1x 17.0x 14.0x 17.1x 13.0x 1.1xWheaton Precious Metals Corp. TSX:WPM C$ 27.36 463.7 US$ 9,715 US$ 116 US$ 72 US$ 663 US$ 10,307 US$ 1.16 US$ 1.33 15 18.0x 15.8x 19.1x 16.7x 19.2x 16.7x 1.4x

Group Average - Royalty Companies 17.7x 15.6x 18.0x 15.7x 16.3x 13.9x 1.4xGroup Average - Royalty Companies (excluding high/low) 18.1x 15.4x 18.6x 15.8x 16.8x 13.6x 1.3x

All data sourced from Capital IQ




Senior Gold Producers – Reserves and Resources

Symbol Reserves

Agnico Eagle Mines Limited NYSE:AEM US $9,830 US $1,116 US $10,437 62.2 2.02 68.3 2.22 91% 21.3 2.54 22.5 2.69 94% US $491 40.9 1.83 45.8 2.04 89% 52% 54% US $168 US $153AngloGold Ashanti Limited JSE:ANG US $3,469 US $638 US $5,061 192.5 1.56 218.2 1.77 88% 45.1 1.20 46.9 1.25 96% US $112 147.4 1.81 171.3 2.10 86% 33% 37% US $26 US $23B2Gold Corp. TSX:BTO US $2,522 US ($77) US $2,942 24.4 0.86 30.4 1.07 80% 8.2 1.21 8.2 1.21 100% US $359 16.2 0.75 22.2 1.02 73% 53% 63% US $121 US $97Barrick Gold Corporation TSX:ABX US $12,922 US $2,415 US $16,219 191.0 0.76 323.1 1.28 59% 77.4 1.11 105.3 1.51 73% US $210 113.6 0.62 217.7 1.19 52% 30% 30% US $85 US $50Compañía de Minas Buenaventura S.A.A. NYSE:BVN US $3,370 US $410 US $3,055 23.7 0.31 83.4 1.09 28% 6.0 0.20 27.8 0.92 22% US $508 17.6 0.38 55.5 1.19 32% 23% 16% US $129 US $37Detour Gold Corporation TSX:DGC US $1,732 US $0 US $1,990 20.8 0.96 20.8 0.96 100% 16.0 0.97 16.0 0.97 100% US $124 4.8 0.96 4.8 0.96 100% 23% 23% US $96 US $96Eldorado Gold Corporation TSX:ELD US $831 US $573 US $853 39.6 0.87 55.0 1.21 72% 16.5 1.37 23.9 1.98 69% US $52 23.1 0.69 31.1 0.93 74% 51% 52% US $22 US $16Evolution Mining Limited ASX:EVN US $3,636 US $149 US $3,722 13.8 0.91 17.0 1.12 81% 6.6 0.88 8.6 1.15 76% US $567 7.1 1.24 8.2 1.44 86% 36% 32% US $270 US $219Fresnillo PLC LSE:FRES US $9,768 US $1,321 US $9,246 38.0 0.79 82.3 1.71 46% 9.6 0.76 20.9 1.67 46% US $968 28.1 0.79 61.0 1.72 46% 33% 49% US $243 US $112Gold Fields Limited JSE:GFI US $3,126 US $260 US $4,647 108.2 2.27 124.8 2.62 87% 48.6 2.66 50.4 2.76 96% US $96 59.6 2.02 74.4 2.53 80% 42% 53% US $43 US $37Goldcorp Inc. TSX:G US $10,917 US $7 US $13,322 113.3 0.65 199.2 1.14 57% 53.2 0.65 102.6 1.25 52% US $251 60.1 0.66 96.3 1.05 62% 37% 39% US $118 US $67IAMGOLD Corporation TSX:IMG US $2,569 US $944 US $2,018 37.3 1.19 38.1 1.22 98% 16.6 1.17 16.6 1.17 100% US $121 20.7 1.21 21.5 1.26 96% 50% 51% US $54 US $53Kinross Gold Corporation TSX:K US $4,490 US $1,710 US $4,513 64.0 0.67 65.1 0.68 98% 28.1 0.67 28.8 0.69 98% US $161 35.9 0.67 36.4 0.67 99% 20% 20% US $71 US $69Newcrest Mining Limited ASX:NCM US $12,081 US $848 US $13,225 123.4 0.58 224.3 1.05 55% 62.3 0.60 118.2 1.15 53% US $212 61.1 0.55 106.0 0.95 58% 17% 20% US $107 US $59Newmont Mining Corporation NYSE:NEM US $20,171 US $3,887 US $20,394 111.5 0.80 146.3 1.05 76% 68.8 0.93 76.2 1.03 90% US $296 42.6 0.65 70.2 1.08 61% 32% 21% US $183 US $139Randgold Resources Limited LSE:RRS US $6,872 US $905 US $5,970 24.1 3.37 24.1 3.37 100% 13.9 3.83 13.9 3.83 100% US $430 10.2 2.90 10.2 2.90 100% 45% 45% US $248 US $248Yamana Gold Inc. TSX:YRI US $2,638 US $27 US $4,308 55.5 0.49 119.5 1.06 46% 19.3 0.35 56.9 1.04 34% US $223 36.2 0.63 62.5 1.08 58% 45% 53% US $78 US $36Group Average - Total # Companies: 17 US $305 US $121 US $89Equivalency assumptions (US$ / 07-27-18): $1,223/oz Au, $15.50/oz Ag, $831/oz Pt, $925/oz Pd, $2.85/lb Cu, $1.20/lb Zn, $0.97/lb Pb, $6.25/lb Ni, $11.29/lb Mo, $31.64/lb Co, $0/t Sb, $23.38/lb U3O8, $9.09/lb Sn, $93.00/t HCC, $63.93/t 62% FeSource: SNL Financial retrieved on July 27, 2018

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 – Reserves and Resources

Reserves

Acacia Mining plc LSE:ACA US $635 US $131 US $532 25.7 3.66 27.9 3.99 92% 7.5 3.83 7.9 4.06 94% US $71 18.2 3.60 20.0 3.96 91% 63% US $21 US $19Alamos Gold Inc. TSX:AGI US $2,175 US $341 US $1,837 22.3 1.28 23.0 1.32 97% 9.8 1.50 10.2 1.56 96% US $187 12.4 1.15 12.8 1.18 97% 40% US $82 US $80B2Gold Corp. TSX:BTO US $2,522 US ($77) US $2,942 24.4 0.86 30.4 1.07 80% 8.2 1.21 8.2 1.21 100% US $359 16.2 0.75 22.2 1.02 73% 53% US $121 US $97Centamin plc LSE:CEY US $1,780 US $476 US $1,304 11.4 1.12 11.4 1.12 100% 4.0 1.02 4.0 1.02 100% US $326 7.4 1.18 7.4 1.18 100% 33% US $115 US $115Centerra Gold Inc. TSX:CG US $1,305 US $516 US $1,103 33.5 0.43 64.1 0.82 52% 16.5 0.67 22.8 0.92 73% US $67 17.0 0.32 41.4 0.78 41% 40% US $33 US $17China Gold International Resources Corp. Ltd. TSX:CGG US $683 US $32 US $1,816 10.5 0.16 68.4 1.01 15% 4.6 0.27 24.6 1.45 19% US $396 6.0 0.12 43.8 0.87 14% 44% US $172 US $27Endeavour Mining Corporation TSX:EDV US $1,952 US $133 US $2,239 15.1 1.84 15.1 1.84 100% 7.6 1.77 7.6 1.77 100% US $294 7.5 1.91 7.5 1.91 100% 35% US $148 US $148Guyana Goldfields Inc. TSX:GUY US $567 US $99 US $502 8.4 2.95 8.4 2.95 100% 4.0 2.87 4.0 2.87 100% US $127 4.4 3.03 4.4 3.03 100% 47% US $60 US $60Harmony Gold Mining Company Limited JSE:HAR US $841 US $210 US $839 95.8 1.21 129.2 1.64 74% 24.5 0.68 37.7 1.05 65% US $34 71.3 1.65 91.5 2.12 78% 36% US $9 US $6Kirkland Lake Gold Ltd. TSX:KL US $4,590 US $217 US $4,412 20.6 4.82 20.6 4.82 100% 4.8 10.93 4.8 10.93 100% US $919 15.8 4.12 15.8 4.12 100% 44% US $214 US $214Klondex Mines Ltd. TSX:KLDX US $424 US $39 US $421 6.6 1.52 6.8 1.57 97% 0.5 16.88 0.5 18.37 92% US $885 6.1 1.42 6.3 1.46 97% 54% US $64 US $62Leagold Mining Corporation TSX:LMC US $575 US $77 US $630 25.5 1.04 27.9 1.14 91% 5.6 1.34 5.9 1.40 95% US $112 19.9 8.75 22.0 9.71 90% 45% US $25 US $23New Gold Inc. TSX:NGD US $837 US $270 US $1,527 22.2 0.72 29.0 0.94 77% 14.8 0.79 18.0 0.96 82% US $103 7.4 0.62 11.0 0.92 67% 20% US $69 US $53Northern Star Resources Limited ASX:NST US $3,286 US $241 US $3,055 16.1 2.94 29.0 5.32 55% 4.1 3.62 4.1 3.62 100% US $753 12.0 2.83 24.9 5.89 48% 53% US $190 US $105OceanaGold Corporation TSX:OGC US $1,854 US $150 US $1,937 13.0 1.60 14.2 1.74 92% 5.9 1.42 6.6 1.61 89% US $329 7.1 1.78 7.5 1.88 95% 43% US $149 US $137Premier Gold Mines Limited TSX:PG US $403 US $86 US $317 10.7 1.59 11.0 1.62 98% 3.0 1.22 3.1 1.24 98% US $105 7.7 1.80 7.9 1.84 98% 52% US $29 US $29Pretium Resources Inc. TSX:PVG US $1,560 US ($325) US $2,256 48.8 0.68 64.3 0.90 76% 8.7 14.63 9.1 15.31 96% US $259 40.1 0.56 55.2 0.78 73% 32% US $46 US $35Regis Resources Limited ASX:RRL US $1,902 US $121 US $1,782 8.4 0.90 8.4 0.90 100% 3.8 1.07 3.8 1.07 100% US $472 4.6 0.79 4.6 0.79 100% 44% US $212 US $212Resolute Mining Limited ASX:RSG US $730 US $232 US $526 12.6 1.55 12.6 1.55 100% 4.8 1.41 4.8 1.41 100% US $110 7.8 1.64 7.8 1.64 100% 41% US $42 US $42SEMAFO Inc. TSX:SMF US $930 US $152 US $901 7.0 2.70 7.0 2.70 100% 2.9 3.37 2.9 3.37 100% US $314 4.2 2.37 4.2 2.37 100% 33% US $128 US $128Tahoe Resources Inc. TSX:THO US $1,395 US $105 US $1,296 22.6 0.50 44.2 0.97 51% 3.7 0.56 8.4 1.27 44% US $348 18.9 0.49 35.8 0.92 53% 46% US $57 US $29TMAC Resources Inc. TSX:TMR US $485 US $23 US $572 6.6 8.12 6.6 8.12 100% 3.6 7.72 3.6 7.72 100% US $159 3.0 8.66 3.0 8.66 100% 57% US $87 US $87Torex Gold Resources Inc TSX:TXG US $662 US $86 US $884 8.4 2.67 11.7 3.72 72% 3.3 2.74 3.3 2.80 98% US $270 5.1 2.63 8.4 4.29 61% 85% US $105 US $75Group Average - Total # Companies: 23 US $304 US $95 US $78Equivalency assumptions (US$ / 07-27-18): $1,223/oz Au, $15.50/oz Ag, $831/oz Pt, $925/oz Pd, $2.85/lb Cu, $1.20/lb Zn, $0.97/lb Pb, $6.25/lb Ni, $11.29/lb Mo, $31.64/lb Co, $0/t Sb, $23.38/lb U3O8, $9.09/lb Sn, $93.00/t HCC, $63.93/t 62% FeSource: SNL Financial retrieved on July 27, 2018

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 – Reserves and Resources

Reserves

Alacer Gold Corp. TSX:ASR US $628 US $166 US $705 7.3 0.66 14.0 1.27 52% 3.7 2.17 5.1 3.02 72% US $193 3.6 0.39 8.9 0.96 40% 54% US $97 US $50Alio Gold Inc. TSX:ALO US $117 US $58 US $60 7.4 0.53 7.9 0.57 93% 1.9 0.89 2.0 0.90 99% US $31 5.4 0.46 6.0 0.51 91% 25% US $8 US $8Argonaut Gold Inc. TSX:AR US $312 US $93 US $227 12.6 0.57 15.5 0.71 81% 4.5 0.62 5.2 0.72 86% US $50 8.1 0.55 10.3 0.70 79% 16% US $18 US $15Asanko Gold Inc. TSX:AKG US $240 US ($6) US $349 6.2 1.46 6.2 1.46 100% 4.7 1.57 4.7 1.57 100% US $75 1.6 1.22 1.6 1.22 100% 15% US $56 US $56Azumah Resources Limited ASX:AZM US $14 US $1 US $13 0.9 1.55 0.9 1.55 100% 0.3 2.14 0.3 2.14 100% US $51 0.6 1.38 0.6 1.38 100% 47% US $15 US $15Beadell Resources Limited ASX:BDR US $59 US ($35) US $94 3.7 0.43 14.7 1.67 25% 1.5 1.83 1.5 1.83 100% US $64 2.3 0.28 13.2 1.66 17% 66% US $25 US $6Dundee Precious Metals Inc. TSX:DPM US $426 US $23 US $453 9.7 0.39 19.6 0.79 50% 2.7 3.35 3.6 4.51 74% US $168 7.0 0.29 15.9 0.67 44% 55% US $47 US $23Fiore Gold Ltd. TSXV:F US $27 US $16 US $11 3.8 0.93 3.8 0.93 100% 0.3 0.52 0.3 0.52 100% US $35 3.5 1.00 3.5 1.00 100% 26% US $3 US $3Golden Star Resources Ltd. TSX:GSC US $260 US ($67) US $416 10.9 3.21 10.9 3.21 100% 1.5 2.55 1.5 2.55 100% US $273 7.6 3.58 7.6 3.58 100% 72% US $38 US $38Goldgroup Mining Inc. TSX:GGA US $9 US ($1) US $10 0.3 0.96 0.8 2.10 46% - - - - - - 0.3 0.96 0.8 2.10 46% 35% US $29 US $13Highland Gold Mining Limited AIM:HGM US $594 US $65 US $724 17.2 2.99 17.2 2.99 100% 5.1 3.26 5.1 3.26 100% US $142 12.1 3.04 12.1 3.04 100% 19% US $42 US $42Jaguar Mining Inc. TSX:JAG US $82 US $11 US $76 3.3 4.22 3.3 4.22 100% 0.3 3.94 0.3 3.94 100% US $236 3.0 4.25 3.0 4.25 100% 52% US $23 US $23McEwen Mining Inc. NYSE:MUX US $806 US $39 US $767 13.2 0.11 87.5 0.72 15% 0.8 1.46 0.9 1.71 85% US $1,021 12.5 0.10 86.7 0.72 14% 46% US $58 US $9Medusa Mining Limited ASX:MML US $68 US $27 US $43 1.3 3.83 1.3 3.83 100% 0.3 6.69 0.3 6.69 100% US $131 1.0 4.07 1.0 4.07 100% 41% US $32 US $32Metanor Resources Inc. TSXV:MTO US $43 US $3 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 $15 US ($74) US $91 2.5 2.17 2.5 2.17 100% 1.1 1.87 1.1 1.87 100% US $84 1.4 2.43 1.4 2.43 100% 76% US $36 US $36Orosur Mining Inc. TSX:OMI US $5 US ($3) US $9 0.6 0.65 1.3 1.47 44% 0.1 1.42 0.1 1.42 100% US $69 0.5 0.57 1.2 1.48 39% 17% US $15 US $7Orvana Minerals Corp. TSX:ORV US $19 US ($4) US $32 2.2 3.90 2.9 5.19 75% 0.3 3.50 0.4 4.30 81% US $93 1.8 3.99 2.5 5.38 74% 47% US $15 US $11Perseus Mining Limited ASX:PRU US $318 US $16 US $335 12.5 1.14 12.5 1.14 100% 4.7 1.45 4.7 1.45 100% US $72 7.8 1.02 7.8 1.02 100% 38% US $27 US $27Roxgold Inc. TSX:ROXG US $320 US $70 US $286 1.2 16.71 1.2 16.71 100% 0.7 11.48 0.7 11.48 100% US $382 0.5 - 0.5 - 100% 80% US $235 US $235Shanta Gold Limited AIM:SHG US $58 US $21 US $81 2.8 2.46 2.8 2.46 100% 0.5 4.40 0.5 4.40 100% US $156 2.3 2.24 2.3 2.24 100% 60% US $29 US $29Teranga Gold Corporation TSX:TGZ US $346 US $65 US $296 8.7 1.56 8.7 1.56 100% 2.4 1.37 2.4 1.37 100% US $121 6.3 1.65 6.3 1.65 100% 29% US $34 US $34Torex Gold Resources Inc TSX:TXG US $662 US $86 US $884 8.4 2.67 11.7 3.72 72% 3.3 2.74 3.3 2.80 98% US $270 5.1 2.63 8.4 4.29 61% 85% US $105 US $75Group Average - Total # Companies: 23 US $178 US $44 US $35Equivalency assumptions (US$ / 07-27-18): $1,223/oz Au, $15.50/oz Ag, $831/oz Pt, $925/oz Pd, $2.85/lb Cu, $1.20/lb Zn, $0.97/lb Pb, $6.25/lb Ni, $11.29/lb Mo, $31.64/lb Co, $0/t Sb, $23.38/lb U3O8, $9.09/lb Sn, $93.00/t HCC, $63.93/t 62% FeSource: SNL Financial retrieved on July 27, 2018

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) – Enterprise Value per Ounce

Company Reserves

African Gold Group, Inc. TSXV:AGG US $10 US $1 US $9 2.0 1.01 2.0 1.01 100% 0.5 1.25 0.5 1.25 100% US $20 1.5 0.96 1.5 0.96 100% 59% US $5 US $5Almaden Minerals Ltd. TSX:AMM US $73 US $9 US $64 2.4 0.42 4.8 0.84 51% 1.3 0.62 2.3 1.09 56% US $49 1.1 0.31 2.5 0.69 45% 40% US $26 US $13Amarillo Gold Corporation TSXV:AGC US $20 US $1 US $29 2.1 1.22 2.1 1.22 100% 1.0 1.63 1.0 1.63 100% US $29 1.1 0.99 1.1 0.99 100% 57% US $14 US $14ATAC Resources Ltd. TSXV:ATC US $60 US $11 US $49 2.4 3.45 2.4 3.46 100% - - - - - - 2.4 3.45 2.4 3.46 100% 79% US $21 US $21Atlantic Gold Corporation TSXV:AGB US $323 US ($18) US $421 1.4 1.32 1.4 1.32 100% 1.0 1.28 1.0 1.28 100% US $418 0.4 1.43 0.4 1.43 100% 73% US $298 US $298Avesoro Resources Inc. TSX:ASO US $258 US $1 US $363 3.9 2.00 3.9 2.00 100% 1.2 2.24 1.2 2.24 100% US $307 2.7 1.91 2.7 1.91 100% 67% US $94 US $94Barkerville Gold Mines Ltd. TSXV:BGM US $152 US $9 US $143 3.8 5.60 3.8 3.75 100% - - - - - - 3.8 5.60 3.8 5.60 100% 57% US $38 US $38Belo Sun Mining Corp TSX:BSX US $78 US $40 US $38 6.8 1.04 6.8 1.04 100% 3.8 1.02 3.8 1.02 100% US $10 3.0 1.07 3.0 1.07 100% 52% US $6 US $6Bluestone Resources Inc. TSXV:BSR US $70 US $29 US $41 1.3 10.09 1.3 10.53 96% - - - - - - 1.3 10.09 1.3 10.53 96% 4% US $32 US $31California Gold Mining Inc. TSXV:CGM US $9 US ($0) US $9 1.3 1.31 1.3 1.31 100% - - - - - - 1.3 1.31 1.3 1.31 100% 32% US $7 US $7Chaarat Gold Holdings Limited AIM:CGH US $118 US ($9) US $142 7.9 2.66 8.1 2.71 98% 0.5 0.91 0.5 0.93 98% US $303 7.5 3.02 7.6 3.08 98% 14% US $18 US $18Chalice Gold Mines Limited ASX:CHN US $31 US $34 US ($3) 0.5 1.21 1.1 2.98 41% - - - - - - 0.5 1.21 1.1 2.98 41% 38% - - Chesapeake Gold Corp. TSXV:CKG US $71 US $14 US $57 19.5 0.51 30.2 0.79 65% 18.3 0.52 28.6 0.81 64% US $3 1.2 0.45 1.6 0.61 74% 53% US $3 US $2Columbus Gold Corp. TSX:CGT US $27 US $3 US $23 2.2 1.42 2.2 1.42 100% 1.2 1.58 1.2 1.58 100% US $19 0.9 1.25 0.9 1.25 100% 47% US $11 US $11Continental Gold Inc. TSX:CNL US $563 US $45 US $591 9.1 9.91 9.7 10.54 94% 3.7 8.41 3.8 8.72 96% US $159 5.4 - 5.8 - 92% 86% US $65 US $61Dacian Gold Limited ASX:DCN US $461 US $28 US $508 3.3 2.31 3.3 2.31 100% 1.2 2.01 1.2 2.01 100% US $423 2.1 2.52 2.1 2.52 100% 53% US $153 US $153Dalradian Resources Inc. TSX:DNA US $395 US $95 US $300 6.1 13.49 6.1 13.49 100% - - - - - - 6.1 13.49 6.1 13.49 100% 50% US $49 US $49Equinox Gold Corp. TSXV:EQX US $335 US $59 US $310 9.5 0.24 27.8 0.72 34% 4.5 0.65 4.5 0.65 100% US $68 4.9 0.16 23.3 0.73 21% 64% US $33 US $11Euro Sun Mining Inc. TSX:ESM US $39 US $1 US $38 7.5 0.54 11.1 0.80 68% - - - - - - 7.5 0.54 11.1 0.80 68% 5% US $5 US $3Falco Resources Ltd. TSXV:FPC US $72 US ($10) US $89 5.9 1.60 9.9 2.68 60% 3.7 1.44 6.3 2.41 60% US $24 2.2 1.98 3.6 3.32 60% 47% US $15 US $9First Mining Gold Corp. TSX:FF US $181 US $12 US $169 11.8 1.48 12.1 1.53 97% - - - - - - 11.8 1.48 12.1 1.53 97% 38% US $14 US $14Gabriel Resources Ltd. TSXV:GBU US $100 US $28 US $122 16.4 1.05 17.4 1.11 95% 8.1 1.46 8.6 1.55 94% US $15 8.3 0.83 8.7 0.87 95% 27% US $7 US $7Gold Road Resources Limited ASX:GOR US $461 US $177 US $285 3.3 1.07 3.4 1.11 97% 1.9 1.20 1.9 1.20 100% US $152 1.4 0.94 1.5 1.02 92% 67% US $88 US $85Golden Queen Mining Co. Ltd. TSX:GQM US $41 US $11 US $61 0.9 0.53 1.1 0.65 82% 0.5 0.66 0.6 0.80 82% US $123 0.4 0.43 0.5 0.52 82% 30% US $68 US $56Goldquest Mining Corp. TSXV:GQC US $33 US $16 US $17 2.2 2.60 3.4 3.99 65% 0.8 3.72 1.2 5.17 72% US $21 1.4 2.19 2.1 3.32 66% 16% US $8 US $5Harte Gold Corp. TSX:HRT US $161 US ($7) US $168 1.5 7.40 1.5 7.40 100% - - - - - - 1.5 7.40 1.5 7.40 100% 52% US $114 US $114Hummingbird Resources PLC AIM:HUM US $139 US $1 US $207 5.6 1.56 5.6 1.56 100% 0.6 3.14 0.6 3.14 100% US $364 5.1 1.48 5.1 1.48 100% 48% US $37 US $37IDM Mining Ltd. TSXV:IDM US $24 US $3 US $21 0.8 7.72 0.8 7.99 97% - - - - - - 0.8 7.72 0.8 7.99 97% 8% US $28 US $27International Tower Hill Mines Ltd. TSX:ITH US $89 US $13 US $76 12.6 0.68 12.6 0.68 100% 9.0 0.71 9.0 0.71 100% US $8 3.6 0.60 3.6 0.60 100% 31% US $6 US $6INV Metals Inc. TSX:INV US $28 US $11 US $17 3.1 3.34 3.9 4.21 79% 1.9 4.98 2.2 5.79 86% US $9 1.2 2.23 1.7 3.13 71% 44% US $6 US $4K92 Mining Inc. TSXV:KNT US $115 US ($2) US $119 2.2 9.59 2.9 12.57 76% - - - - - - 2.2 9.59 2.9 12.57 76% 77% US $54 US $41KEFI Minerals Plc AIM:KEFI US $17 US ($2) US $20 0.4 3.56 0.4 3.56 100% - - - - - - 0.4 3.56 0.4 3.56 100% 92% US $50 US $50Lumina Gold Corp. TSXV:LUM US $160 US $9 US $151 12.5 0.64 16.1 0.82 78% - - - - - - 12.5 0.64 16.1 0.82 78% 90% US $12 US $9Lundin Gold Inc. TSX:LUG US $810 US $460 US $726 9.5 8.33 9.7 8.48 98% 4.9 9.16 4.9 9.16 100% US $147 4.5 7.58 4.5 7.58 100% 47% US $77 US $75Lupaka Gold Corp. TSXV:LPK US $15 US $3 US $13 0.5 4.20 0.7 5.73 73% - - - - - - 0.5 4.20 0.7 5.73 73% 19% US $26 US $19Lydian International Limited TSX:LYD US $168 US ($13) US $384 4.8 0.69 5.1 0.74 94% 2.6 0.79 2.8 0.84 94% US $148 2.1 0.60 2.3 0.64 93% 60% US $81 US $76Metals Exploration plc AIM:MTL US $65 US ($44) US $166 1.7 1.62 2.2 2.01 80% 0.9 1.86 1.1 2.21 84% US $185 0.8 1.43 1.1 1.85 77% 82% US $96 US $77Midas Gold Corp. TSX:MAX US $165 US $10 US $178 6.6 1.60 6.7 1.63 98% - - - - - - 6.6 1.60 6.7 1.63 98% 15% US $27 US $27Minera Alamos Inc. TSXV:MAI US $29 US $1 US $28 0.8 1.64 1.0 2.01 82% - - - - - - 0.8 1.64 1.0 2.01 82% 18% US $33 US $27Moneta Porcupine Mines Inc. TSX:ME US $26 US $1 US $25 4.3 1.17 4.3 1.17 100% - - - - - - 4.3 1.17 4.3 1.17 100% 75% US $6 US $6NovaGold Resources Inc. TSX:NG US $1,447 US $69 US $1,471 28.7 0.96 45.2 1.50 64% 19.7 1.18 28.2 1.70 70% US $75 9.1 0.67 16.9 1.25 54% 58% US $51 US $33Orca Gold Inc. TSXV:ORG US $85 US $2 US $83 2.7 1.28 2.7 1.30 98% - - - - - - 2.7 1.28 2.7 1.30 98% 20% US $31 US $31Orezone Gold Corporation TSXV:ORE US $113 US $8 US $105 5.2 0.67 5.2 0.67 100% 1.0 0.64 1.0 0.64 100% US $101 4.2 0.68 4.2 0.68 100% 22% US $20 US $20Orla Mining Ltd. TSXV:OLA US $188 US $23 US $166 12.2 0.83 17.3 1.18 71% 0.5 0.77 0.5 0.83 93% US $341 11.7 0.84 16.7 1.19 70% 16% US $14 US $10Red Eagle Mining Corporation TSX:R US $61 US ($31) US $152 0.6 3.35 0.6 3.35 100% 0.4 5.19 0.4 5.19 100% US $375 0.2 1.98 0.2 1.98 100% 64% US $248 US $248RTG Mining Inc. TSX:RTG US $44 US $3 US $43 0.4 1.64 0.9 3.78 43% 0.2 2.04 0.5 5.26 39% US $208 0.2 1.34 0.3 2.63 51% 84% US $113 US $49Rubicon Minerals Corporation TSX:RMX US $64 US $18 US $57 1.0 6.09 1.0 6.09 100% - - - - - - 1.0 6.09 1.0 6.09 100% 73% US $55 US $55Sabina Gold & Silver Corp. TSX:SBB US $306 US $61 US $244 7.2 6.21 7.2 6.21 100% 2.5 6.30 2.5 6.30 100% US $98 4.7 6.16 4.7 6.16 100% 40% US $34 US $34Sandspring Resources Ltd. TSXV:SSP US $28 US ($1) US $29 10.4 0.85 11.8 0.96 88% 4.1 1.00 4.6 1.13 89% US $7 6.3 0.77 7.1 0.87 88% 53% US $3 US $2Seabridge Gold Inc. TSX:SEA US $708 US $13 US $695 112.2 0.48 223.2 0.96 50% 45.3 0.61 73.1 0.99 62% US $15 66.9 0.42 150.1 0.94 45% 79% US $6 US $3Sihayo Gold Limited ASX:SIH US $18 US ($1) US $19 1.1 2.62 1.1 2.62 100% 0.4 2.41 0.4 2.41 100% US $46 0.7 2.78 0.7 2.78 100% 42% US $18 US $18Solitario Zinc Corp. AMEX:XPL US $24 US $13 US $11 - - 3.8 7.72 - - - - - - - - - 3.8 7.72 - - US $3 US $3Terraco Gold Corp. TSXV:TEN US $10 US $0 US $18 1.0 0.70 1.0 0.70 100% - - - - - - 1.0 0.70 1.0 0.70 100% 8% US $18 US $18Treasury Metals Inc. TSX:TML US $42 US ($0) US $46 1.6 1.88 1.9 2.25 84% - - - - - - 1.6 1.88 1.9 2.25 84% 24% US $25 US $25Vast Resources plc AIM:VAST US $43 US ($5) US $73 2.5 1.53 3.5 2.13 72% 0.6 1.83 1.0 3.23 57% US $126 1.9 1.54 2.4 1.95 79% 49% US $29 US $21Victoria Gold Corp. TSXV:VIT US $202 US $96 US $106 4.5 0.65 4.6 0.66 98% 2.7 0.67 2.7 0.67 100% US $40 1.9 0.61 1.9 0.63 97% 30% US $24 US $23Group Average - Total # Companies: 55 US $131 US $44 US $39Group Average - 0 - 20 million ounces # Companies: 53 US $45 US $41Group Average - 20 - 50 million ounces # Companies: 1 US $51 US $15Group Average - +50 million ounces # Companies: 1 US $6 US $3Equivalency assumptions (US$ / 07-27-18): $1,223/oz Au, $15.50/oz Ag, $831/oz Pt, $925/oz Pd, $2.85/lb Cu, $1.20/lb Zn, $0.97/lb Pb, $6.25/lb Ni, $11.29/lb Mo, $31.64/lb Co, $0/t Sb, $23.38/lb U3O8, $9.09/lb Sn, $93.00/t HCC, $63.93/t 62% FeSource: SNL Financial retrieved on July 27, 2018

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) – Enterprise Value per Ounce of Gold

Alexandria Minerals Corporation TSXV:AZX US $18 US ($0) US $18 1.3 2.34 1.9 3.31 71% - - - - - 1.3 2.34 1.9 3.31 71% 44% US $13 US $9Atacama Pacific Gold Corporation TSXV:RIO US $0 US $1 US $0 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% - - Aurion Resources Ltd. TSXV:AU US $44 US $14 US $30 0.8 0.70 0.8 0.70 100% 0.0 5.20 0.0 5.20 100% 0.8 0.70 0.8 0.70 100% - US $37 US $37Auris Minerals Limited ASX:AUR US $20 US $3 US $16 0.0 0.03 0.2 1.67 2% - - - - - 0.0 0.03 0.2 1.67 2% - US $4,305 US $88Auryn Resources Inc. TSX:AUG US $92 US $8 US $83 2.3 5.56 2.6 6.35 88% - - - - - 2.3 5.56 2.6 6.35 88% 72% US $36 US $32Balmoral Resources Ltd TSX:BAR US $18 US $5 US $12 1.2 1.20 1.9 1.91 63% - - - - - 1.2 1.20 1.9 1.91 63% 36% US $10 US $6Calibre Mining Corp. TSXV:CXB US $12 US $1 US $10 2.3 1.18 3.1 1.61 73% - - - - - 2.3 1.18 3.1 1.61 73% 99% US $5 US $3Cardinal Resources Limited ASX:CDV US $120 US $7 US $110 7.0 1.13 7.0 1.13 100% - - - - - 7.0 1.13 7.0 1.13 100% 7% US $16 US $16Condor Gold Plc AIM:CNR US $35 US $3 US $32 3.1 3.68 3.1 3.74 98% 0.7 3.04 0.7 3.11 98% 2.4 3.91 2.4 3.97 98% 55% US $10 US $10Corvus Gold Inc. TSX:KOR US $187 US $3 US $184 2.2 0.30 2.3 0.32 95% - - - - - 2.2 0.30 2.3 0.32 95% 19% US $84 US $80Eastmain Resources Inc. TSX:ER US $33 US $2 US $31 1.7 6.59 1.7 6.65 99% - - - - - 1.7 6.59 1.7 6.65 99% 37% US $18 US $18Eco Oro Minerals Corp CNSX:EOM US $18 US ($12) US $23 3.5 4.38 3.7 4.61 95% - - - - - 3.5 4.38 3.7 4.61 95% 37% US $6 US $6GobiMin Inc. TSXV:GMN US $15 US $21 US ($4) 2.9 1.50 2.9 1.50 100% - - - - - 2.9 1.50 2.9 1.50 100% 63% - - Gold Standard Ventures Corp TSX:GSV US $425 US $34 US $389 3.6 0.80 3.7 0.84 96% - - - - - 3.6 0.80 3.7 0.84 96% 73% US $109 US $104Golden Reign Resources Ltd. TSXV:GRR US $27 US ($0) US $26 0.9 7.81 1.0 7.97 98% - - - - - 0.9 7.81 1.0 7.97 98% 84% US $28 US $27Granada Gold Mine Inc. TSXV:GGM US $9 US ($3) US $10 5.0 1.23 5.1 1.24 99% - - - - - 5.0 1.23 5.1 1.24 99% 69% US $2 US $2Integra Resources Corp. TSXV:ITR US $34 US $7 US $28 2.3 0.46 3.6 0.73 62% - - - - - 2.3 0.46 3.6 0.73 62% 100% US $12 US $8Kasbah Resources Limited ASX:KAS US $11 US $1 US $9 0.2 0.55 1.8 4.32 13% - - 0.7 4.22 - 0.2 0.93 1.1 4.39 21% - US $40 US $5Liberty Gold Corp. TSX:LGD US $58 US $7 US $60 1.6 * 0.66 1.6 0.66 100% - - - - - 1.6 * 0.66 1.6 0.66 100% 24% US $38 US $38Lincoln Mining Corporation TSXV:LMG US $1 US ($1) US $1 0.1 1.91 0.1 1.91 100% - - - - - 0.1 1.91 0.1 1.91 100% 5% US $19 US $19Lion One Metals Limited TSXV:LIO US $43 US $17 US $27 0.7 0.09 13.3 1.70 6% - - - - - 0.7 0.09 13.3 1.70 6% 60% US $36 US $2Marathon Gold Corporation TSX:MOZ US $107 US $2 US $104 3.2 1.99 3.2 1.99 100% - - - - - 3.2 1.99 3.2 1.99 100% 34% US $32 US $32Monarques Gold Corporation TSXV:MQR US $46 US $9 US $32 3.8 2.93 3.8 2.93 100% 0.2 6.70 0.2 6.70 100% 3.6 2.89 3.6 2.89 100% 16% US $9 US $9New Pacific Metals Corp. TSXV:NUAG US $158 US $27 US $131 0.5 6.12 0.6 7.27 84% - - - - - 0.5 6.12 0.6 7.27 84% 45% US $258 US $217Nighthawk Gold Corp. TSX:NHK US $62 US $19 US $42 2.9 1.70 2.9 1.70 100% - - - - - 2.9 1.70 2.9 1.70 100% 90% US $15 US $15Northern Empire Resources Corp. TSXV:NM US $72 US $12 US $60 1.0 1.26 1.0 1.26 100% - - - - - 1.0 1.26 1.0 1.26 100% 3% US $63 US $63Novo Resources Corp. TSXV:NVO US $518 US $50 US $466 0.9 2.83 1.0 3.26 87% - - - - - 0.9 2.83 1.0 3.26 87% 52% US $518 US $449Orex Minerals Inc. TSXV:REX US $9 US $3 US $6 0.1 0.33 0.6 2.96 11% - - - - - 0.1 0.33 0.6 2.96 11% 47% US $95 US $11Osisko Mining Inc. TSX:OSK US $355 US $70 US $284 7.6 2.40 7.6 2.40 100% - - - - - 7.6 2.40 7.6 2.40 100% 53% US $37 US $37Osprey Gold Development Ltd. TSXV:OS US $2 US $1 US $1 0.4 3.56 0.4 3.56 100% - - - - - 0.4 3.56 0.4 3.56 100% 92% US $3 US $3Puma Exploration Inc. TSXV:PUMA US $10 US ($1) US $11 0.0 0.27 0.8 4.96 5% - - - - - 0.0 0.27 0.8 4.96 5% 12% US $277 US $15Pure Gold Mining Inc. TSXV:PGM US $128 US $4 US $122 2.0 8.57 2.0 8.57 100% - - - - - 2.0 8.57 2.0 8.57 100% 15% US $60 US $60Red Pine Exploration Inc. TSXV:RPX US $12 US $2 US $11 0.7 1.75 0.7 1.75 100% - - - - - 0.7 1.75 0.7 1.75 100% 96% US $15 US $15Redstar Gold Corp. TSXV:RGC US $8 US $2 US $6 0.5 2.94 0.7 3.79 78% - - - - - 0.5 2.94 0.7 3.79 78% 7% US $12 US $9Regulus Resources Inc. TSXV:REG US $110 US $0 US $108 5.7 0.37 19.1 1.23 30% - - - - - 5.7 0.37 19.1 1.23 30% 89% US $19 US $6Reunion Gold Corporation TSXV:RGD US $40 US $12 US $28 0.7 2.10 0.7 2.10 100% - - - - - 0.7 2.10 0.7 2.10 100% - US $40 US $40Revival Gold Inc. TSXV:RVG US $23 US $5 US $18 2.0 0.62 2.0 0.62 100% - - - - - 2.0 0.62 2.0 0.62 100% 39% US $9 US $9Rupert Resources Ltd. TSXV:RUP US $88 US $4 US $88 1.1 2.16 1.1 2.16 100% - - - - - 1.1 2.16 1.1 2.16 100% 83% US $82 US $82Sarama Resources Ltd TSXV:SWA US $14 US $2 US $11 1.1 1.75 1.1 1.75 100% - - - - - 1.1 1.75 1.1 1.75 100% 78% US $10 US $10SolGold plc TSX:SOLG US $532 US $74 US $456 10.7 0.36 33.5 1.12 32% - - - - - 10.7 0.36 33.5 1.12 32% 52% US $43 US $14Spanish Mountain Gold Ltd. TSXV:SPA US $12 US $2 US $10 8.0 0.33 8.2 0.34 98% - - - - - 8.0 0.33 8.2 0.34 98% 51% US $1 US $1Teras Resources Inc. TSXV:TRA US $8 US $0 US $8 1.1 0.48 1.3 0.55 87% - - - - - 1.1 0.48 1.3 0.55 87% 10% US $7 US $6TriMetals Mining Inc. TSX:TMI US $12 US ($1) US $12 1.9 0.07 16.3 0.63 12% - - - - - 1.9 0.07 16.3 0.63 12% 40% US $6 US $1Vendetta Mining Corp. TSXV:VTT US $21 US $0 US $21 - - 1.8 4.75 - - - - - - - - 1.1 2.84 - - US $11 US $11West Kirkland Mining Inc. TSXV:WKM US $17 US $1 US $17 0.8 0.46 1.0 0.55 84% 0.6 0.58 0.7 0.68 85% 0.2 0.30 0.3 0.37 80% 45% US $21 US $17Group Average - Total # Companies: 45 US $147 US $37Equivalency assumptions (US$ / 07-27-18): $1,223/oz Au, $15.50/oz Ag, $831/oz Pt, $925/oz Pd, $2.85/lb Cu, $1.20/lb Zn, $0.97/lb Pb, $6.25/lb Ni, $11.29/lb Mo, $31.64/lb Co, $0/t Sb, $23.38/lb U3O8, $9.09/lb Sn, $93.00/t HCC, $63.93/t 62% FeSource: SNL Financial retrieved on July 27, 2018

*Includes only Liberty's Goldstrike and Kinsley Mountain Projects

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 – Enterprise Value per Ounce of Silver

Reserves

Alexco Resource Corp. TSX:AXR US $126 US $14 US $112 86 357 155 642 56% - - - - - - 86 357 155 642 56% 21% US $1.30 US $0.72Americas Silver Corporation TSX:USA US $114 US $11 US $113 136 151 348 385 39% 28 164 76 443 37% US $4.00 108 148 271 372 40% 37% US $0.83 US $0.33Arizona Mining Inc. TSX:AZ US $1,475 US $33 US $1,442 507 83 2,443 399 21% - - - - - - 507 83 2,443 399 21% 30% US $2.84 US $0.59Athena Silver Corporation OTCPK:AHNR US $2 US ($3) US $4 43 67 43 67 100% - - - - - - 43 67 43 67 100% - US $0.10 US $0.10Aurcana Corporation TSXV:AUN US $18 US $0 US $17 18 290 18 290 100% - - - - - - 18 290 18 290 100% 37% US $0.98 US $0.98Bear Creek Mining Corporation TSXV:BCM US $145 US $48 US $98 496 42 1,124 96 44% 288 51 654 115 44% US $0.34 208 34 470 77 44% 33% US $0.20 US $0.09Coeur Mining, Inc. NYSE:CDE US $1,369 US $173 US $1,616 673 26 1,405 55 48% 165 18 398 42 41% US $9.82 509 31 1,009 62 50% 21% US $2.40 US $1.15Defiance Silver Corp. TSXV:DEF US $21 US ($1) US $21 17 182 18 192 95% - - - - - - 17 182 18 192 95% 100% US $1.26 US $1.20Dolly Varden Silver Corporation TSXV:DV US $18 US $4 US $14 43 333 43 333 100% - - - - - - 43 333 43 333 100% 25% US $0.32 US $0.32Endeavour Silver Corp. TSX:EDR US $374 US $67 US $307 156 193 265 328 59% 33 198 58 345 57% US $9.17 123 192 207 324 59% 70% US $1.97 US $1.16First Majestic Silver Corp. TSX:FR US $1,258 US $236 US $1,155 401 161 731 294 55% 133 180 223 303 59% US $8.71 263 153 497 288 53% 77% US $2.88 US $1.58Fortuna Silver Mines Inc. TSX:FVI US $883 US $220 US $703 90 15 492 84 18% 45 15 259 85 17% US $15.68 46 16 234 83 20% 87% US $7.77 US $1.43Golden Minerals Company AMEX:AUMN US $27 US $3 US $25 68 372 97 532 70% - - - - - - 68 372 97 532 70% 8% US $0.36 US $0.25Hecla Mining Company NYSE:HL US $1,542 US $250 US $1,838 751 68 2,534 229 30% 177 221 578 722 31% US $10.38 574 56 1,956 190 29% 78% US $2.45 US $0.73Investigator Resources Limited ASX:IVR US $7 US $3 US $3 42 140 50 166 85% - - - - - - 42 140 50 166 85% 45% US $0.08 US $0.06Kootenay Silver Inc TSXV:KTN US $22 US $4 US $18 76 62 123 100 62% - - - - - - 76 62 123 100 62% 19% US $0.24 US $0.15MacPhersons Resources Limited ASX:MRP US $24 US $2 US $22 20 22 84 92 24% 8 178 16 347 51% US $2.65 12 14 68 78 18% 29% US $1.08 US $0.26MAG Silver Corp. TSX:MAG US $815 US $153 US $662 170 70 672 275 25% - - - - - - 170 70 672 275 25% 55% US $3.88 US $0.98Mandalay Resources Corporation TSX:MND US $64 US $9 US $71 63 31 301 147 21% 8 19 69 166 11% US $9.04 56 39 232 163 24% 19% US $1.11 US $0.23Minco Silver Corporation TSX:MSV US $28 US $38 US ($10) 162 158 263 257 62% 50 189 63 239 79% - 112 148 200 264 56% 52% - - Mineworx Technologies Ltd. TSXV:MWX US $48 US $4 US $45 22 9 365 145 6% - - - - - - 22 9 365 145 6% - US $2.00 US $0.12Pan American Silver Corp. TSX:PAAS US $2,540 US $449 US $2,122 1,446 91 2,235 140 65% 291 93 494 159 59% US $7.29 1,157 90 1,746 136 66% 24% US $1.47 US $0.95Silver Bear Resources Plc TSX:SBR US $103 US $23 US $187 60 704 61 710 99% 22 809 22 809 100% US $8.38 38 655 39 663 99% 63% US $3.09 US $3.07Silver Bull Resources, Inc. OTCPK:SVBL US $27 US ($1) US $28 27 48 148 259 18% - - - - - - 27 48 148 259 18% 0% US $1.04 US $0.19SilverCrest Metals Inc. TSXV:SIL US $193 US $5 US $188 38 257 70 477 54% - - - - - - 38 257 70 477 54% 90% US $5.00 US $2.69Silvercorp Metals Inc. TSX:SVM US $438 US $90 US $347 213 121 581 332 37% 84 202 180 433 47% US $4.13 129 96 401 300 32% 66% US $1.63 US $0.60Group Average - Total # Companies: 25 US $7.77 US $1.86 US $0.81Equivalency assumptions (US$ / 07-27-18): $1,223/oz Au, $15.50/oz Ag, $831/oz Pt, $925/oz Pd, $2.85/lb Cu, $1.20/lb Zn, $0.97/lb Pb, $6.25/lb Ni, $11.29/lb Mo, $31.64/lb Co, $0/t Sb, $23.38/lb U3O8, $9.09/lb Sn, $93.00/t HCC, $63.93/t 62% FeSource: SNL Financial retrieved on July 27, 2018

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 July 27, 2018 Shares Market Working EnterpriseCompany Symbol Price 1-Day 7-Day YTD O/S Capitalization Cash Capital Debt Value 2017 2018E 2019E

% % (%) (millions) (US$ millions) (US$ millions) (US$ millions) (US$millions) (US$millions) CFPS CFPS CFPS 2018E 2019E 2018E 2019E 2018E 2019E

Large-Cap Base Metals ProducersANGLO AMERICAN PLC LSE:AAL GBp 1691.4 0.2 5.7 9.2 1292 $28,666 $7,800 $7,382 $11,971 $37,652 $6.02 $5.08 $5.04 4.4x 4.4x 5.7x 5.8x 4.4x 4.6xANTOFAGASTA PLC LSE:ANTO GBp 983.2 0.5 4.4 (2.2) 986 $12,710 $1,084 $2,068 $2,709 $14,983 $2.23 $1.75 $1.97 7.4x 6.5x 8.7x 7.7x 5.9x 5.1xBHP BILLITON LIMITED ASX:BHP AUD 34.4 2.3 4.5 16.3 3212 $128,984 $14,153 $9,690 $30,474 $149,639 $3.16 $3.30 $3.47 7.7x 7.3x 14.1x 13.4x 6.1x 6.3xFIRST QUANTUM MINERALS LTD TSX:FM CAD 19.05 (1.1) 6.4 8.2 689 $10,050 $1,296 $1,121 $6,871 $16,806 $1.34 $2.48 $2.82 5.9x 5.2x 9.8x 8.7x 8.9x 6.3xFREEPORT-MCMORAN INC NYSE:FCX USD 15.99 0.1 1.5 (15.7) 1449 $23,166 $4,447 $5,741 $13,117 $33,802 $3.24 $3.59 $2.36 4.5x 6.8x 6.5x 9.9x 4.5x 6.7xGLENCORE PLC LSE:GLEN GBp 326 0.9 4.6 (14.8) 14331 $61,265 $2,124 $5,312 $33,934 $92,740 $0.41 $0.84 $0.93 5.1x 4.6x 7.7x 7.0x 5.1x 5.0xKGHM POLSKA MIEDZ SA WSE:KGH PLN 97.48 0.0 7.1 (12.3) 200 $5,307 $169 $618 $2,060 $7,347 $3.85 $5.72 $7.34 4.6x 3.6x 6.4x 5.0x 4.8x 4.3xRIO TINTO PLC LSE:RIO GBp 4162 0.0 1.8 5.6 1310 $96,378 $10,550 $7,823 $15,176 $106,298 $7.77 $7.72 $7.58 7.1x 7.2x 10.5x 10.7x 5.7x 6.1xTECK RESOURCES LTD-CLS B TSX:TCK.B CAD 33.82 (1.0) 5.7 2.9 567 $14,874 $760 $1,706 $5,084 $18,771 $6.15 $6.02 $5.61 4.3x 4.6x 5.5x 5.9x 4.2x 4.7xTURQUOISE HILL RESOURCES LTD TSX:TRQ CAD 3.64 (1.4) (2.2) (15.2) 2012 $5,606 $1,445 $2,662 $4,159 $7,373 $0.06 $0.15 $0.13 18.6x 21.6x 24.4x 28.4x 16.0x 15.1xVALE SA-SP ADR NYSE:VALE USD 14.44 2.3 11.7 18.1 5284 $76,308 $4,323 $5,840 $22,460 $88,760 - $2.11 $2.20 6.9x 6.6x 8.0x 7.6x 5.6x 5.8xBOLIDEN AB SSE:BOL SEK 260.25 (0.3) 0.4 (5.6) 274 $8,051 $307 $728 $653 $8,468 $5.46 $4.97 $4.91 5.9x 6.0x 6.2x 6.3x 5.1x 5.4xSOUTHERN COPPER CORP NYXE:SCCO USD 47.89 0.4 9.4 0.9 773 $37,020 $1,005 $2,002 $5,957 $41,939 $2.56 $3.18 $3.53 15.1x 13.6x 17.1x 15.4x 10.7x 9.6x

Group Average - Large-Cap Producers 6.9x 7.1x 9.8x 10.0x 6.5x 6.4xGroup Average - Large-Cap Producers (excluding high/low) 5.9x 5.9x 8.6x 8.5x 5.7x 5.6x

Mid Tier Base Metals ProducersHUDBAY MINERALS INC TSX:HBM CAD 6.78 (1.2) (2.2) (39.1) 261 $1,356 $356 $251 $1,064 $2,024 $2.00 $1.78 $1.86 2.9x 2.8x 4.4x 4.2x 3.3x 3.1xKAZ MINERALS PLC LSE:KAZ GBp 831.2 0.4 4.9 (7.1) 447 $4,871 $1,821 $1,400 $3,877 $6,927 $1.72 $1.82 $2.02 6.0x 5.4x 8.5x 7.7x 5.3x 5.0xLUNDIN MINING CORP TSX: LUN CAD 7.07 (1.3) (0.8) (15.4) 732 $3,958 $1,567 $1,708 $450 $3,335 $1.15 $0.84 $0.95 6.5x 5.7x 5.5x 4.8x 4.3x 3.8xMMG LTD SEHK:1208 HKD 4.87 1.0 8.0 25.5 8051 $4,996 $936 $194 $9,193 $15,013 $0.25 $0.23 $0.24 2.7x 2.6x 8.1x 7.7x 6.1x 5.8xOZ MINERALS LTD ASX:OZL AUD 9.69 (0.7) 3.4 5.8 322 $2,312 $570 $720 $0 $1,743 $0.88 $0.83 $0.94 8.7x 7.6x 6.5x 5.7x 4.7x 4.9xVEDANTA RESOURCES PLC LSE:VED GBp 780 1.2 0.9 (3.0) 273 $2,794 $1,281 ($2,457) $15,194 $19,240 $5.97 $9.98 $12.12 1.0x 0.8x 7.1x 5.8x 4.9x 4.0x

Group Average - Mid Tier Producers 4.6x 4.1x 6.7x 6.0x 4.7x 4.4xGroup Average - Mid Tier Producers (excluding high/low) 4.5x 4.1x 6.8x 6.0x 4.8x 4.4x

Small Cap Base Metals ProducersAMERIGO RESOURCES LTD TSX:ARG CAD 0.9 (1.1) (0.0) (18.2) 177 $122 $28 ($5) $63 $158 $0.19 $0.14 - 4.9x - 6.4x - - -ATALAYA MINING PLC TSX:AYM CAD 3.7 0.0 (1.9) 46.8 137 $389 $52 $27 $0 $330 - $0.58 $0.79 4.9x 3.6x 4.1x 3.0x 5.5x 3.9xCAPSTONE MINING CORP TSX:CS CAD 0.96 2.1 4.3 (33.3) 399 $293 $116 $189 $271 $586 $0.26 $0.32 $0.35 2.3x 2.1x 4.6x 4.2x 3.7x 3.2xCOPPER MOUNTAIN MINING CORP TSX:CMMC CAD 1.19 0.0 3.5 (22.2) 186 $169 $36 $6 $245 $431 $0.26 $0.34 $0.42 2.7x 2.2x 6.8x 5.5x 5.8x 4.3xIMPERIAL METALS CORP TSX:III CAD 1.39 (1.4) (13.1) (58.9) 118 $125 $41 ($190) $713 $795 $0.21 $0.18 $0.47 5.9x 2.2x 38.0x 14.4x 10.4x 5.8xWESTERN AREAS LTD AU:WSA AUD 3.36 (1.5) 0.9 3.7 273 $680 $108 $116 $0 $577 $0.18 $0.21 $0.34 11.7x 7.3x 9.9x 6.2x 8.7x 5.3xSHERRITT INTERNATIONAL CORP TSX:S CAD 0.99 (1.0) (1.0) (42.4) 397 $301 $148 $268 $658 $659 ($0.04) $0.06 $0.13 12.4x 5.9x 27.2x 13.0x 4.5x 3.9xNEVSUN RESOURCES LTD TSX:NSU CAD 4.85 0.2 3.4 58.5 303 $1,123 $125 $162 $0 $1,137 ($0.07) $0.32 $0.33 11.5x 11.3x 11.6x 11.5x 8.5x 8.9xTASEKO MINES LTD TSX:TKO CAD 1.18 (2.5) (7.8) (59.9) 228 $206 $64 $67 $263 $416 $0.57 $0.24 $0.39 3.7x 2.3x 7.5x 4.7x 5.9x 3.9xTREVALI MINING CORP TSX:TV CAD 0.81 2.5 0.0 (46.7) 831 $515 $94 $144 $161 $584 $0.21 $0.29 $0.28 2.2x 2.2x 2.5x 2.5x 2.1x 2.0x

Group Average - Small Cap Producers 6.2x 4.3x 11.9x 7.2x 6.1x 4.6xGroup Average - Small Cap Producers (excluding high/low) 5.9x 3.7x 9.8x 6.9x 6.1x 4.3x

. C$/US$ FX Rate: $1.31




Copper Non-Producers – Enterprise Value per Pound of Copper Equivalent

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

(million) (million) (million) (million) (million) (% Contained) (CuEq** Mlb) (CuEq** Mlb) Reserve TotalAbacus Mining & Exploration Corporation TSXV:AME C$ 0.17 43.4 US$ 5 US$ 0.6 US$ 11.4 US$ 16 Cu / Au 70% 763 953 $0.021 $0.017Candente Copper Corp. TSX:DNT C$ 0.09 178.9 US$ 12 US$ (0.7) US$ 0.0 US$ 12 Cu / Au 89% - 12,547 - $0.001Capstone Mining Corp. TSX:CS C$ 0.96 399.4 US$ 294 US$ 184.0 US$ 271.0 US$ 381 Cu / Zn 86% 6,624 17,396 $0.057 $0.022Copper Fox Metals Inc. TSXV:CUU C$ 0.11 449.0 US$ 36 US$ 0.6 US$ 0.0 US$ 35 Cu / Au 70% 2,307 5,478 $0.015 $0.006Coro Mining Corp. TSX:COP C$ 0.10 651.9 US$ 50 US$ (10.8) US$ 0.3 US$ 61 Cu / - 100% - 590 - $0.103Excelsior Mining Corp. TSX:MIN C$ 0.95 206.3 US$ 150 US$ 25.4 US$ 0.0 US$ 125 Cu / - 100% 5,128 8,016 $0.024 $0.016Filo Mining Corp. TSXV:FIL C$ 2.20 72.5 US$ 122 US$ 9.3 US$ 0.0 US$ 113 Cu / Au 53% - 7,913 - $0.014Foran Mining Corporation TSXV:FOM C$ 0.40 134.3 US$ 41 US$ 1.3 US$ 0.0 US$ 39 Cu / Zn 44% - 1,842 - $0.021Getty Copper Inc. TSXV:GTC C$ 0.03 108.4 US$ 2 US$ (0.6) US$ 0.8 US$ 4 Cu / Mo 98% 776 1,216 $0.005 $0.003Highland Copper Company Inc. TSXV:HI C$ 0.07 472.9 US$ 24 US$ 3.4 US$ 8.5 US$ 29 Cu / Ag 99% 1,680 4,490 $0.017 $0.006Indico Resources Ltd. TSXV:IDI C$ 0.01 147.0 US$ 1 US$ (4.1) US$ 0.0 US$ 5 Cu / - 100% - 122 - $0.043Los Andes Copper Ltd. TSXV:LA C$ 0.31 279.5 US$ 65 US$ (0.6) US$ 0.0 US$ 66 Cu / Mo 93% - 11,818 - $0.006Nevada Copper Corp. TSX:NCU C$ 0.56 659.2 US$ 283 US$ 41.9 US$ 97.6 US$ 338 Cu / Au 91% 5,529 7,742 $0.061 $0.044NGEx Resources Inc. TSX:NGQ C$ 1.00 227.6 US$ 174 US$ 5.6 US$ 0.0 US$ 169 Cu / Au 76% - 26,471 - $0.006Northern Dynasty Minerals Ltd. TSX:NDM C$ 0.74 312.1 US$ 177 US$ 38.5 US$ 0.0 US$ 138 Cu / Au 57% - 142,498 - $0.001NorthIsle Copper and Gold Inc. TSXV:NCX C$ 0.12 117.2 US$ 11 US$ 0.2 US$ 0.0 US$ 11 Cu / Au 53% - 4,633 - $0.002Osisko Metals Incorporated TSXV:OM C$ 0.58 115.4 US$ 51 US$ 20.7 US$ 0.0 US$ 31 Zn / Pb 3% - 146 - $0.210Panoro Minerals Ltd. TSXV:PML C$ 0.25 262.8 US$ 50 US$ (0.7) US$ 2.0 US$ 53 Cu / Au 77% - 10,306 - $0.005Philippine Metals Inc. TSXV:PHI C$ 0.07 10.4 US$ 1 US$ (0.1) US$ 0.0 US$ 1 Cu / - 100% - 331 - $0.002PolyMet Mining Corp. TSX:POM C$ 1.03 320.4 US$ 253 US$ (153.9) US$ 0.0 US$ 407 Cu / Ni 46% 3,415 10,789 $0.119 $0.038Quaterra Resources Inc. TSXV:QTA C$ 0.06 201.0 US$ 9 US$ 0.6 US$ 0.0 US$ 9 Cu / - 100% - 3,894 - $0.002Regulus Resources Inc. TSXV:REG C$ 1.90 77.7 US$ 113 US$ 0.5 US$ 0.0 US$ 113 Cu / Au 51% - 8,308 - $0.014Serengeti Resources Inc. TSXV:SIR C$ 0.15 90.4 US$ 10 US$ 0.2 US$ 0.0 US$ 10 Cu / Au 63% - 1,311 - $0.008St. Augustine Gold and Copper Limited TSX:SAU C$ 0.03 726.8 US$ 14 US$ (3.8) US$ 0.0 US$ 18 Cu / Au 56% 4,437 6,842 $0.004 $0.003Trilogy Metals Inc. AMEX:TMQ C$ 2.49 131.5 US$ 251 US$ 16.1 US$ 0.0 US$ 235 Cu / Zn 77% - 5,776 - $0.041Western Copper and Gold Corporation TSX:WRN C$ 1.06 99.6 US$ 81 US$ 4.9 US$ 0.0 US$ 76 Cu / Au 57% 8,232 17,606 $0.009 $0.004Group Average - Total $0.033 $0.025*All reserve and resource data sourced from SNL, additional data sourced from Capital IQ.**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 – Enterprise Value per Pound of Nickel Equivalent

Zinc Non-Producers – Enterprise Value per Pound of Zinc Equivalent

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

(million) (million) (million) (million) (million) (% Contained) (NiEq** Mlb) (NiEq** Mlb) Reserve TotalAsian Mineral Resources Limited TSXV:ASN C$ 0.01 795.9 US$ 6 US$ (7.5) US$ 0.4 US$ 14 Ni / Cu 76% 92 92 $0.153 $0.153CaNickel Mining Limited TSXV:CML C$ 0.16 37.5 US$ 4 US$ (76.5) US$ 0.0 US$ 81 Ni / - 100% 83 397 $0.981 $0.204FPX Nickel Corp. TSXV:FPX C$ 0.14 146.0 US$ 16 US$ 1.4 US$ 5.5 US$ 20 Ni / - 100% - 5,569 - $0.004Giga Metals Corporation TSXV:GIGA C$ 0.26 42.1 US$ 8 US$ 3.3 US$ 0.0 US$ 5 Ni / Co 85% - 6,890 - $0.001Gossan Resources Limited TSXV:GSS C$ 0.06 33.6 US$ 2 US$ 0.5 US$ 0.0 US$ 1 Ni / Cu 54% - 73 - $0.014Hannan Metals Ltd. TSXV:HAN C$ 0.14 47.6 US$ 5 US$ 0.5 US$ 0.2 US$ 5 Ni / Cu 78% - 2,539 - $0.002Nautilus Minerals Inc. TSX:NUS C$ 0.14 684.0 US$ 73 US$ (46.3) US$ 0.0 US$ 120 Ni / Cu 52% - 41,741 - $0.003New Era Minerals Inc. TSXV:NEM C$ 0.08 86.8 US$ 5 US$ (2.1) US$ 0.0 US$ 7 Ni / - 100% - 454 - $0.016Pure Nickel Inc. TSXV:NIC C$ 0.03 68.1 US$ 1 US$ (0.3) US$ 0.0 US$ 2 Ni / Cu 59% - 173 - $0.009RNC Minerals TSX:RNX C$ 0.09 366.3 US$ 25 US$ (17.7) US$ 11.4 US$ 54 Ni / Co 87% 3,855 7,143 $0.014 $0.008Sama Resources Inc. TSXV:SME C$ 0.30 188.4 US$ 43 US$ 3.0 US$ 0.0 US$ 40 Ni / Cu 49% - 286 - $0.141Strongbow Exploration Inc. TSXV:SBW C$ 0.18 86.6 US$ 12 US$ 3.9 US$ 4.2 US$ 12 Ni / Sn 53% - 678 - $0.018Group Average - Total $0.383 $0.048*All reserve and resource data sourced from SNL, additional data sourced from Capital IQ.**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.

EV/lb NiEq** (US$)Primary /

SecondaryMetal

Reserves & Resources* - Attributable

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

(million) (million) (million) (million) (million) (% Contained) (ZnEq** Mlb) (ZnEq** Mlb) Reserve TotalAscendant Resources Inc. TSX:ASND C$ 0.80 76.6 US$ 47 US$ 13.7 US$ 0.0 US$ 33 Zn / Pb 72% 320 1,405 $0.104 $0.024Canadian Zinc Corporation TSX:CZN C$ 0.14 366.1 US$ 39 US$ (1.8) US$ 0.0 US$ 41 Zn / Pb 53% 3,028 7,967 $0.014 $0.005Commander Resources Ltd. TSXV:CMD C$ 0.15 35.3 US$ 4 US$ 2.0 US$ 0.0 US$ 2 Zn / Cu 56% - 25 - $0.083El Nino Ventures Inc. TSXV:ELN C$ 0.05 61.6 US$ 2 US$ 1.4 US$ 0.0 US$ 1 Zn / Cu 60% - 530 - $0.002Firestone Ventures Inc. TSXV:FV C$ 0.08 53.7 US$ 3 US$ (0.1) US$ 0.0 US$ 3 Zn / Pb 77% - 428 - $0.008Fireweed Zinc Ltd. TSXV:FWZ C$ 1.30 34.6 US$ 34 US$ 8.5 US$ 0.0 US$ 26 Zn / Pb 65% - 6,988 - $0.004InZinc Mining Ltd. TSXV:IZN C$ 0.11 108.9 US$ 9 US$ 2.3 US$ 0.0 US$ 6 Zn / Cu 71% - 4,098 - $0.002Karmin Exploration Inc. TSXV:KAR C$ 0.85 76.7 US$ 50 US$ (1.2) US$ 0.0 US$ 51 Zn / Pb 54% - 2,430 - $0.021Osisko Metals Incorporated TSXV:OM C$ 0.58 115.4 US$ 51 US$ 20.7 US$ 0.0 US$ 31 Zn / Pb 71% - 301 - $0.102Rathdowney Resources Ltd. TSXV:RTH C$ 0.12 161.7 US$ 15 US$ (2.5) US$ 0.0 US$ 17 Zn / Pb 83% - 3,590 - $0.005ScoZinc Mining Ltd. TSXV:SZM C$ 0.89 5.3 US$ 4 US$ 0.5 US$ 0.0 US$ 3 Zn / Pb 68% - 1,485 - $0.002Titan Mining Corporation TSX:TI C$ 1.30 102.0 US$ 102 US$ 6.8 US$ 0.0 US$ 95 Zn / - 100% - 1,182 - $0.080Trevali Mining Corporation TSX:TV C$ 0.81 830.1 US$ 515 US$ 179.5 US$ 104.5 US$ 440 Zn / Pb 69% 1,667 14,479 $0.264 $0.030Wolfden Resources Corporation TSXV:WLF C$ 0.40 113.5 US$ 35 US$ 2.4 US$ 0.0 US$ 32 Zn / Au 37% - 3,242 - $0.010Group Average - Total $0.127 $0.027*All reserve and resource data sourced from SNL, additional data sourced from Capital IQ.**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 2017 2018 2019 2017 2018 2019 2017 2018 2019 2017 2018 2019

Cameco Corporation (CCO-T) $14.11 $14.90 6% 396 $5,585 $4,781 1,079 $4.43 $14.00 1.01x $1.25 $1.37 $1.37 11.3x 10.3x 10.3x $0.04 $0.24 $0.11 384.8x 59.1x 132.8xUranium Energy (UEC-US) $1.65 $3.17 92% 160 $264.7 $271.7 112.4 $2.42 $3.60 0.46x ($0.08) ($0.01) ($0.10) ($0.13) ($0.06)Energy Fuels (UUUU-US) $2.74 $3.75 37% 78 $214.4 $242.1 131.6 $1.84 $3.50 0.78x ($0.10) ($0.14) ($0.16) ($0.23) ($0.25) ($0.32)Ur-Energy Inc. (URE-T) $0.98 $1.16 18% 147 $143.8 $119.1 41.9 $2.84 $1.24 0.79x $0.06 $0.02 $0.05 16.3x 49.0x 18.4x $0.02 ($0.01) $0.01 43.6x 130.7xPeninsula Energy (PEN-AU) $0.34 $0.71 110% 234 $79.6 $74.9 95.8 $0.78 $0.59 0.58x ($0.02) ($0.01) ($0.03) ($0.05) ($0.01)Energy Resources (ERA-AU) $0.42 518 $214.9 ($133.8) 436.6 $0.49 0.85x ($0.02) ($0.01) $0.01 41.5x ($0.05) ($0.06) ($0.06)Group Average - Producers $2.46 0.74x 13.8x 29.7x 23.4x 214.2x 59.1x 131.7x

NexGen Energy (NXE-T) $2.55 $5.43 113% 344 $878 $666.7 302.1 $2.21 $5.60 0.46x ($0.02) ($0.04) ($0.06) ($0.05) ($0.05) ($0.06)Denison Mines (DML-T) $0.64 $0.98 53% 559 $357.9 $246.7 145.1 $1.70 $0.95 0.68x $0.02 ($0.03) ($0.03) 28.4x ($0.03) ($0.03) ($0.03)Fission Uranium (FCU-T) $0.68 $2.10 209% 486 $330.2 $227.6 140.6 $1.62 $1.68 0.40x ($0.02) ($0.01) ($0.01) ($0.02) ($0.01) ($0.01)Berkeley Energia (BKY-AU) $0.78 $1.18 52% 258 $201.5 $143.5 89.4 $1.61 $1.10 0.71x ($0.06) ($0.09) ($0.04) ($0.05) $0.03 ($0.05) 24.7xPlateau Energy (PLU-V) $1.36 71 $96.5 $73.4 123.4 $0.59GoviEx Uranium (GXU-V) $0.22 395 $84.9 $68.3 229.4 $0.30UEX Corporation (UEX-T) $0.23 $0.50 117% 348 $80.0 $54.4 86.4 $0.63 $0.60 0.38x ($0.02) ($0.02) ($0.02)Toro Energy (TOE-AU) $0.03 2,161 $62.7 $53.9 63.7 $0.85Deep Yellow (DYL-AU) $0.42 195 $81.8 $51.3 126.5 $0.41Azarga Uranium (AZZ-T) $0.25 $0.31 24% 157 $38.5 $31.1 47.8 $0.65 $0.34 0.71x ($0.03) ($0.02) ($0.03)A-Cap Resources (ACB-AU) $0.05 872 $40.1 $27.8 190.6 $0.15Vimy Resources (VMY-AU) $0.13 $0.44 252% 419 $52.3 $33.4 116.0 $0.29 ($0.02) ($0.02) ($0.01) ($0.02) ($0.02) ($0.01)Summit Resources (SMM-AU) $0.11 218 $24.0 $17.4 84.3 $0.21Western Uranium (WUC-L) $1.03 21 $22.1 $17.3 98.7 $0.18Energy Metals (EME-AU) $0.18 210 $37.7 $13.5 57.1 $0.24Group Average - Developers $0.77 0.56x 28.4x 24.7x

Aurania Resources (ARU-V) $2.01 32 $63.7 $50.5Bannerman Resources (BMN-AU) $0.07 1,030 $71.1 $50.9 257.2 $0.20Laramide Resources (LAM-T) $0.31 $0.60 94% 131 $40.5 $37.3 129.3 $0.29Mega Uranium (MGA-T) $0.15 296 $42.9 $32.2 17.0 $1.89Forsys Metals (FSY-T) $0.23 154 $35.3 $26.7 127.0 $0.21Skyharbour Resources (SYH-V) $0.43 $1.01 135% 55 $23.5 $16.1 7.0 $2.31Globex Mining (GMX-T) $0.38 51 $19.1 $11.9Blue Sky (BSK-V) $0.15 110 $16.5 $12.0 19.1 $0.63IsoEnergy Ltd. (ISO-V) $0.36 55 $19.9 $13.8 8.2 $1.68Aben Resources (ABN-V) $0.20 81 $16.3 $11.4Anfield Energy (AEC-V) $0.38 43 $16.5 $12.6 22.0 $0.57Melkior Resources (MKR-V) $0.06 175 $10.5 $7.8ValOre Metals (VO-V) $0.58 25 $14.3 $9.9 43.5 $0.23Purepoint Uranium (PTU-V) $0.07 205 $14.3 $9.6Azimut Exploration (AZM-V) $0.29 $23.59 8,175% 49 $13.8 $8.9CanAlaska Uranium (CVV-V) $0.37 31 $11.3 $7.6Tajiri Resources (TAJ-V) $0.12 73 $8.4 $6.3Avrupa Minerals (AVU-V) $0.09 94 $8.4 $6.0Marenica Energy (MEY-AU) $0.11 57 $6.3 $5.6 46.0 $0.12Fission 3.0 (FUU-V) $0.14 55 $7.7 $5.5U3O8 Corp. (UWE-T) $0.35 20 $7.1 $5.6 47.7 $0.12Montero Mining (MON-V) $0.22 22 $4.8 $3.6Benton Resources (BEX-V) $0.06 84 $5.0 $2.9enCore Energy (:EU-V) $0.07 114 $8.0 $5.0 56.4 $0.09X-Terra Resources (XTT-V) $0.15 32 $4.8 $3.3Eros Resources (ERC-V) $0.10 48 $4.8 $2.5Forum Energy (FMC-V) $0.05 87 $4.4 $2.7 0.6 $4.22Cauldron Energy (CXU-AU) $0.03 329 $10.5 $2.2 30.9 $0.07Spruce Ridge (SHL-V) $0.03 84 $2.5 $2.292 Resources (NTY-V) $0.04 71 $2.8 $1.8Zadar Ventures (ZAD-V) $0.03 98 $2.9 $2.0Uracan Resources (URC-V) $0.03 106 $2.6 $2.2 43.2 $0.05Uravan Minerals (UVN-V) $0.04 42 $1.7 $1.2Tarku Resources (TKU-V) $0.03 63 $1.6 $1.0Roughrider Exploration (REL-V) $0.13 9 $1.2 $0.8Pele Mountain (GEM-V) $0.04 21 $0.8 $0.6 60.2 $0.01Aldever Resources (ALD-V) $0.06 15 $0.8 $0.6Elysee Development (ELC-V) $0.38 22 $8.3 ($2.9)Group Average - Explorers $0.79

INVENTORY FUNDSUranium Participation (U-T) $4.49 $5.29 18% 137 $616.6 $448.9 17.0 $26.44 $4.71 0.95x

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) 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020

Large Cap USACNX RESOURCES (CNX-US) US$ 15.86 US$ 20.29 27.9% 1.05 218 US$ 3,456 2.4 4.9% 8.1% US$ 2,214 US$ 6,334 3.43 3.84 4.64 4.6x 4.1x 3.4x 24.1x 26.1x 20.2x 6.9x 6.3x 5.4xFORESIGHT ENERGY (FELP-US) US$ 3.72 US$ 4.00 7.5% 0.50 80 US$ 539 0.0 0.0% 5.6% US$ 1,315 US$ 1,823 6.3x 6.4x 6.8xCORSA COAL (CSO-V) C$ 1.24 0.39 95 C$ 118 0.0 0.1% 5.1% C$ 36 C$ 152 0.36 0.40 2.6x 2.4x 6.8x 6.3x 2.6x 2.5xWALTER ENERGY (WLT-US) US$ 0.02 41.41 81 US$ 1 0.0 0.3% 302.0% US$ 3,136 US$- 181CLOUD PEAK (CLD-US) US$ 2.71 US$ 3.13 15.3% 0.64 76 US$ 205 0.6 5.2% 5.5% US$ 410 US$ 520 0.82 0.78 0.62 3.3x 3.5x 4.4x 6.4x 6.4x 7.0xGroup Average - Large Cap USA Avg. -> 3.1x 3.1x 4.5x 13.8x 16.8x 31.1x 5.2x 5.3x 6.4x

Limitied PartnershipsALLIANCE RESOURCE (ARLP-US) US$ 19.00 US$ 24.25 27.6% 0.89 132 US$ 2,513 0.5 1.4% 8.6% US$ 574 US$ 2,996 6.1x 9.2x 10.5x 4.6x 5.1x 5.3xNATURAL RESOURCE (NRP-US) US$ 31.60 US$ 33.00 4.4% 1.03 12 US$ 387 0.0 0.7% 5.5% US$ 809 US$ 1,417 6.6x 6.7x 6.6x 6.6x 6.9x 6.9xGroup Average - Limited Partnerships Avg. -> 6.4x 8.0x 8.6x 5.6x 6.0x 6.1x

Large Cap Non-North AmericaNEW HOPE (NHC-AU) A$ 3.25 A$ 2.55 (21.5)% 0.95 831 A$ 2,701 0.4 0.3% 8.5% A$ 13 A$ 2,360 0.43 0.36 0.28 7.6x 9.0x 11.8x 10.7x 11.3x 19.7x 5.3x 5.6x 9.1xWHITEHAVEN COAL (WHC-AU) A$ 5.59 A$ 5.36 (4.1)% 0.62 1,026 A$ 5,736 6.8 2.7% 6.3% A$ 398 A$ 5,883 0.84 0.86 0.63 6.7x 6.5x 8.9x 10.4x 9.6x 13.6x 6.2x 5.7x 7.8xBANPU PUBLIC (BANPU-SET) ฿ 21.10 ฿ 26.98 27.8% 1.37 5,162 ฿ 108,917 62.2 5.2% 6.3% ฿ 126,066 ฿ 234,641 3.66 4.00 3.45 5.8x 5.3x 6.1x 8.8x 9.0x 9.9x 8.3x 9.0x 9.7xCHINA COAL (1898-HK) HK$ 3.30 HK$ 4.34 31.6% 1.13 4,107 HK$ 65,517 13.9 1.1% 6.4% HK$ 96,534 HK$ 152,549 1.00 1.24 1.68 2.9x 2.3x 1.7x 9.1x 9.2x 8.1x 7.8x 7.9x 7.5xCHINA SHENHUA (1088-HK) HK$ 18.24 HK$ 24.19 32.6% 1.29 3,399 HK$ 411,271 26.0 3.4% 12.5% HK$ 95,198 HK$ 449,104 3.89 4.08 4.65 4.1x 3.9x 3.4x 6.9x 7.1x 7.0x 4.6x 4.6x 4.6xNINE ENTERTAINMENT (NEC-AU) A$ 2.19 A$ 2.19 0.1% 1.20 871 A$ 1,908 5.2 3.8% 9.3% A$ 291 A$ 1,955 0.22 0.24 0.24 10.0x 9.3x 9.1x 12.3x 11.3x 12.2x 7.5x 6.8x 7.0xYANZHOU COAL (1171-HK) HK$ 10.12 HK$ 13.63 34.7% 1.81 1,952 HK$ 61,141 28.2 7.1% 8.7% HK$ 70,361 HK$ 120,802 2.76 2.98 2.79 3.2x 2.9x 3.2x 5.1x 5.6x 6.0x 6.6x 7.3x 7.0xGroup Average - Large Cap Non-North-America Avg. -> 5.8x 5.6x 6.3x 9.1x 9.0x 10.9x 6.6x 6.7x 7.5x

Developer/ExplorersFORTUNE MINERALS (FT -T) C$ 0.15 C$ 0.40 166.7% 0.84 338 C$ 50.8 0.9 0.3% 9.1% C$ 6 C$ 50JAMESON RESOURCES (JAL-AU) A$ 0.23 1.02 264 A$ 59.3 0.2 0.3% 8.9% A$ 0 A$ 56Group Average - Developers / Explorers Avg. ->

Sundry CompaniesADARO ENERGY (ADRO-JKSE) ¥ 1,965 ¥ 2,552 29.9% 1.06 31,986 ¥ 62,852,415 96.6 1.0% 9.7% ¥ 1,377 ¥ 5,138 0.03 0.03 0.03 4.9x 4.7x 4.9x 8.5x 8.0x 8.0x 3.8x 3.7x 3.7xNLC INDIA (NEYVELILIG-NSEI) � 74.20 0.78 1,529 � 113,420 0.3 0.1% 8.7% � 115,109 � 231,701SOUTHGOBI RESOURCES (SGQ-T) C$ 0.13 (0.56) 273 C$ 35 0.0 0.0% 4.5% C$ 124 C$ 146BUKIT ASAM (PTBA-JKSE) ¥ 4,600 ¥ 4,530 (1.5)% 0.93 11,521 ¥ 52,995,033 34.2 1.6% 10.3% ¥ 973,503 ¥ 49,008,272 525.96 491.08 467.14 8.7x 9.4x 9.8x 10.5x 10.0x 10.0x 6.8x 6.5x 6.5xGroup Average - Sundry Companies Avg. -> 6.8x 7.0x 7.4x 7.4x 7.0x 6.9x 4.8x 4.8x 4.9xAll 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) 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020

Diversified Mining HousesVALE SA (VALE3-BZ) R$ 53.45 R$ 57.66 7.9% 0.78 5,284 R$ 282,455 17.3 2.2% 14.1% R$ 74,392 R$ 330,563 7.81 8.17 8.07 6.8x 6.5x 6.6x 9.7x 9.7x 9.8x 5.6x 5.8x 5.9xBHP BILLITON (BHP-AU) A$ 34.40 A$ 33.61 (2.3)% 1.18 3,212 A$ 174,267 8.3 1.3% 8.4% A$ 30,474 A$ 149,645 4.47 4.70 4.62 7.7x 7.3x 7.5x 14.6x 15.0x 16.7x 6.1x 6.3x 6.6xRIO TINTO (RIO-AU) A$ 81.38 A$ 83.76 2.9% 1.07 412 A$ 130,052 2.0 2.7% 8.4% A$ 15,176 A$ 106,282 10.44 10.26 10.63 7.8x 7.9x 7.7x 12.1x 13.6x 13.9x 5.7x 6.1x 6.4xGroup Average - Diversifed Mining Avg. -> 7.4x 7.3x 7.2x 12.1x 12.8x 13.5x 5.8x 6.1x 6.3x

ProducersKUMBA IRON (KIO-SJE) ZAR 28,600 ZAR 22,373 (21.8)% 1.14 322 ZAR 92,117 0.4 0.5% 12.9% ZAR 0 ZAR 90,740 3564 3702 4226 8.0x 7.7x 6.8x 12.7x 13.2x 13.5x 5.7x 6.0x 5.9xFORTESCUE METALS (FMG-AU) A$ 4.35 A$ 4.85 11.4% 0.96 3,114 A$ 13,545 12.8 3.1% 7.1% A$ 4,471 A$ 13,333 0.66 1.02 0.96 6.6x 4.2x 4.5x 9.2x 9.5x 9.6x 4.1x 4.4x 4.4xCLEVELAND-CLIFFS INC (CLF-US) US$ 10.67 US$ 11.01 3.2% 1.75 298 US$ 3,179 10.8 58.0% 10.7% US$ 2,352 US$ 4,682 2.35 2.06 2.02 4.6x 5.2x 5.3x 5.5x 7.5x 9.2x 5.8x 7.1x 7.9xMMX MINERACAO (MMXM3-BRZ) R$ 2.32 0.57 6 R$ 15 0.0 0.5% 11.5% R$ 142 R$ 158 FERREXPO PLC (FXPO-LSE) GBp 195 GBp 185.00 (5.0)% 1.52 589 GBp 1,146 1.9 2.3% 10.3% GBp 501 GBp 1,906 54.16 40.69 41.51 3.6x 4.8x 4.7x 4.4x 6.5x 7.8x 3.8x 5.2x 6.0xMOUNT GIBSON (MGX-AU) A$ 0.44 A$ 0.39 (9.2)% 1.16 1,100 A$ 478 1.5 0.3% 9.8% A$ 0 A$ 1 16.7x 43.5x 48.3xGRANGE RESOURCES (GRR-AU) A$ 0.18 1.18 1,157 A$ 203 0.9 0.3% 9.8% A$ 5 A$ 39 BCI MINERALS (BCI-AU) A$ 0.14 1.61 395 A$ 55 0.4 0.5% 12.6% A$ 0 A$ 36 Group Average - Producers Avg. -> 5.7x 5.5x 5.3x 9.7x 16.0x 17.7x 4.8x 5.7x 6.0x

Advanced Development / Exploration (Select Group)SUNDANCE RESOURCES (SDL-AU) A$ 0.00 1.26 8,126 A$ 32.5 6.7 1.3% 5.4% A$ 100 A$ 109 NEW MILLENNIUM (NML-T) C$ 0.07 1.33 181 C$ 12.7 0.1 0.2% 13.8% C$ 0 C$(1)ZANAGA IRON (ZIOC-LSE) GBp 13 0.70 283 GBp 37.9 0.9 1.3% 10.0% GBp 0 GBp 46 CENTURY GLOBAL (CNT-T) C$ 0.22 98 C$ 21.2 0.0 0.0% 11.0% C$ 0 C$ 14 CHAMPION IRON (CIA-T) C$ 1.40 1.12 416 C$ 582.9 0.5 0.7% C$ 60 C$ 619 BLACK IRON (BKI-T) C$ 0.09 2.07 160 C$ 14.4 0.1 0.2% 20.3% C$ 0 C$ 6 OCEANIC IRON (FEO-T) C$ 0.05 1.28 68 C$ 3.4 0.1 0.6% 11.9% C$ 1 C$ 4 MACARTHUR MINERALS (MMS-T) C$ 0.04 2.54 242 C$ 8.5 0.6 1.0% 7.7% C$ 0 C$ 7 Group Average - Developers / Explorers Avg. ->All data sourced from Bloomberg

EV/EBITDAP/EPSCFPS (LoC) P/CFPS



Performance of Companies from the last Junior Exploration Report

Source: Haywood Securities

Close Price Market Capitalization

Cash at Quarter End Weekly Performance QTD Performance

Company Ticker (C$) (C$M) (C$M)Junior Exploration Names Adventus Zinc Corporation TSXV:ADZN 0.94 66.74 14.00 17.5% 25.3% 36.8%Ascot Resources Ltd. TSXV:AOT 0.96 146.19 16.00 (12.7)% (23.2)% (11.7)%Aurion Resources Ltd. TSXV:AU 0.82 56.75 19.70 3.8% 6.5% 18.0%Chakana Copper Corp. TSXV:PERU 0.60 48.07 14.00 9.1% (36.2)% (24.7)%Evrim Resources Corp. TSXV:EVM 1.01 80.19 8.58 (7.3)% 110.4% 121.9%Fireweed Zinc Ltd. TSXV:FWZ 1.30 44.92 11.05 0.0% (9.1)% 2.4%Juggernaut Exploration Ltd. TSXV:JUGR 0.51 41.29 3.50 (10.5)% 155.0% 166.5%Kutcho Copper Corp. TSXV:KC 0.38 18.20 4.50 0.0% (18.3)% (6.8)%Mawson Resources Limited TSX:MAW 0.27 37.52 15.12 6.0% (47.0)% (35.5)%Oklo Resources Limited ASX:OKU 0.31 109.34 10.90 (3.1)% (31.1)% (19.6)%Osisko Metals Incorporated TSXV:OM 0.58 66.92 30.00 5.5% (3.3)% 8.2%Pan Global Resources Inc. TSXV:PGZ 0.22 19.70 1.80 (4.3)% 4.8% 16.3%Regulus Resources Inc. TSXV:REG 1.90 147.64 4.60 0.5% (2.1)% 9.4%Reunion Gold Corporation TSXV:RGD 0.16 51.19 13.00 14.3% 23.1% 34.6%Sable Resources Ltd. TSXV:SAE 0.27 32.62 4.00 17.4% 0.0% 11.5%Wolfden Resources Corporation TSXV:WLF 0.40 45.41 2.80 9.6% 11.1% 22.6%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

Source: Haywood Securities

Company Ticker CatalystsJunior Exploration Names

Adventus Zinc Corporation TSXV:ADZN• Full-year 2018 –Infill and exploration drilling at Curipamba targeting ~ 20,000 m • Airborne and ground geophysics surveys H1 2018

Ascot Resources Ltd. TSXV:AOT• Following Q1, 2018's NI 43-101 resource, drilling is underway for second resource with additional targets between Premier and Big Missouri planned• Engineering studies underway

Aurion Resources Ltd. TSXV:AU • 15,000 metre drill program to commence Q2 2018

Chakana Copper Corp. TSXV:PERU• Results from Phase 1 - 21,200 metre drill program (14,700 completed), and Phase 2- 13,400 metre drill program – ongoing• Initial mineral resource estimate – Q1/19

Evrim Resources Corp. TSXV:EVM• Mapping, trenching, soil sampling and ground geophysics work at Cuale – Q2/18• Receipt of additional trenching and drilling permits – Q2/18• 3,000 metre drilling program – Q3/18

Fireweed Zinc Ltd. TSXV:FWZ

• Commence large-scale drilling program with three goals (summer 2018): 1. Upgrade priority zones to M&I for prefeasibility 2. Expand known zones through step-outs 3. Drill new targets and prove up entirely new deposits• Extensive regional exploration including geochemistry, geophysics,etc (summer 2018)• Expand baseline environmental to kick off permitting process (summer 2018)

Juggernaut Exploration Ltd. TSXV:JUGR• Geophysics on the Empire and Midas properties - Currently underway • Systematically drill the newly discovered northwest trending King Solomon Gold Zone - upon completion of geophysics

Kutcho Copper Corp. TSXV:KC• Resource conversion & expansion drilling to be completed in 2018• Delivery of feasibility study anticipated Q2-Q3 2019• Construction decision estimated Q1-Q3 2021

Mawson Resources Limited TSX:MAW• Final results from 16,204 metre (75 hole) winter diamond drilling program – Q2/18• 29-line kilometer IP Geophysical Survey – Q3/18• NI 43-101 resource estimate – H2/18

Oklo Resources Limited ASX:OKU• Ongoing 50,000 metre Phase 2 AC, DD and RC drilling program at Seko – Q3/18• Dandoko Gold Corridor AC, RC and DD drilling – H2/18• South and West Mali regional targets geochemistry, auger and AC drilling program – H2/18

Osisko Metals Incorporated TSXV:OM• Current 100,000 metre drill program at BMC and Pine Point Camp• Upgrade to NI 43-101 compliance and expand historic resources at BMC (near term catalyst)

Pan Global Resources Inc. TSXV:PGZ• Phase 1 ~14 drill holes (3,000 metres) to start late Q2, testing Cu and Pb-Zn-Ag targets• Phase 2 follow-up drilling Q3-Q4 2018

Regulus Resources Inc. TSXV:REG• Results from 15-18,000 metres drilling program at AntaKori (ongoing with 3 drill rigs)• Revise resource estimate by H2 2018

Reunion Gold Corporation TSXV:RGD

• Drill results from the Boulanger 3,000 metre drill program – June 2018 • Start of drilling and geophysics at Dorlin – June/July 2018 • Start of drilling at Waiamu – June/July 2018 • Dorlin resource update– end of Q3/18

Sable Resources Ltd. TSXV:SAE• Planned exploration drilling of 9 holes totalling 2,580 metres to test current targets • Drilling planned after permitting process for Q4 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

TSXV:ADZN Adventus Zinc X X X TSX:AGI Alamos Gold Inc. X TSX:AKG Asanko Gold Inc. X TSXV:AGB Atlantic Gold Corp. X X TSX:BTO B2Gold Corp. X X TSXV:BGM Barkerville Gold Mines Ltd. X X TSX:ABX Barrick Gold Corporation X TSXV:BSR Bluestone Resources Inc. X X X X TSX:CS Capstone Mining Corp. X TSXV:KBLT Cobalt 27 Capital Corp. X X TSX:CMMC Copper Mountain Mining Corp. X 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 TSXV:EQX Equinox Gold Corp. X X X TSXV:FPC Falco Resources Ltd. X TSXV:FIL Filo Mining Corp. X 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 X TSX:LUC Lucara Diamond Corp. X X TSXV:LUM Lumina Gold Corp. X X X TSX:LUG Lundin Gold Inc. X TSX:LUN Lundin Mining Corporation X TSX:MOZ Marathon Gold Corp. X X X TSX:MAX Midas Gold Corp. X X TSX:MPVD Mountain Province Diamonds Inc. X X X TSX:NXE NexGen Energy Ltd. X X X X TSX:NCU Nevada Copper Corp. X X TSX:NSU Nevsun Resources Ltd. 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 TSXV:ROG Roxgold Inc. X X TSX:RNX RNC Minerals X X TSX:SBB Sabina Gold and Silver Corp. X TSXV:SAE Sable Resources Ltd. X X X X X TSXV:SGI Superior Gold Inc. TSX:SMF SEMAFO Inc. X TSX:THO Tahoe Resources Inc. X TSX:TML Treasury Metals Inc. X X TSX:TV Trevali Mining Corp. X X TSXV:TLG Trolius Gold Corp. X X AMEX:UEC Uranium Energy Corp. 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

http://haywood.com/what-we-offer/research/research-policy

http://haywood.com/what-we-offer/research/research-policy



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 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 July 27, 2018) IB Clients

% # (TTM) Buy 76.6% 72 92.6% Hold 12.8% 12 3.7% Sell 1.1% 1 0.0% Tender 1.1% 1 3.7% UR (Buy) 0.0% 0 0.0% UR (Hold) 0.0% 0 0.0% UR (Sell) 0.0% 0 0.0% Dropped (TTM) 8.5% 8 0.0%

Price Chart, Rating and Target Price History (as of July 27, 2018) 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 Buy

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

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 Buy

Initiated Coverage 12/11/13

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Atlantic Gold Corporation (AGB-V) Date Target(C$) Rating2-9-18 $1.80 Hold

7-20-17 $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


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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 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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11.21.41.61.8

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Barrick Gold Corporation (ABX-T) Date Target(C$) Rating7-27-18 $19.50 Hold2-16-18 $26.00 Buy

10-17-17 $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

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Bluestone Resources Inc. (BSR-V) Date Target(C$) Rating6-26-18 $2.75 Buy


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Capstone Mining Corp. (CS-T) Date Target(C$) Rating7/10/18 $1.20 Hold4/10/18 $1.50 Hold

10/19/17 $1.75 Hold8/1/17 $1.50 Buy

7/20/17 $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 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$) Rating5-23-18 $17.00 Buy2-23-18 $15.00 Buy

12-19-17 $14.00 Buy8-9-17 $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 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$) Rating7/27/18 $15.50 Buy4/30/18 $15.50 Hold

10/17/17 $26.00 Buy7/20/17 $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 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 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 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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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

Equinox Gold Corp. (EQX-V) Date Target(C$) Rating10-17-17 $2.80 Buy

4-4-17 $3.00 Buy


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Falco Resources Ltd. (FPC-V) Date Target(C$) Rating6-22-18 $1.25 Buy5-11-17 $2.00 Buy


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Filo Mining Corp. (FIL-V) Date Target(C$) Rating4-18-18 $4.60 Buy


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Goldquest Mining Corp. (GQC-V) Date Target(C$) Rating3-29-18 $0.20 Hold

10-11-17 $0.60 Buy


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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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Harte Gold Corp. (HRT-T) Date Target(C$) Rating6-22-18 $0.80 Buy

12-13-17 $0.90 Buy4-12-17 $1.00 Buy


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Hudbay Minerals Inc. (HBM-T) Date Target(C$) Rating7/10/18 $11.50 Buy5/3/18 $12.50 Buy

1/12/18 $13.50 Buy10/19/17 $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 Buy


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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 Buy


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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 Buy


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Lumina Gold Corp. (LUM-V) Date Target(C$) Rating7-3-18 $1.50 Buy

3-15-18 $1.20 Buy


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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$) Rating1-12-18 $9.50 Hold12-1-17 $9.00 Buy

10-19-17 $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 Buy

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

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Marathon Gold Corporation (MOZ-T) Date Target(C$) Rating1/11/18 $1.80 Buy2/27/17 $1.50 Buy1/17/17 $1.10 Buy


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Midas Gold Corp. (MAX-T) Date Target(C$) Rating5-9-18 $1.90 Buy

7-20-17 $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 Hold

Transferred and Re-initiated Coverage 11/05/13

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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 Buy


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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


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Nevada Copper Corp. (NCU-T) Date Target(C$) Rating6/19/18 $1.00 Buy


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Nevsun Resources Ltd. (NSU-T) Date Target(C$) Rating11-1-17 $4.00 Buy7-20-17 $3.70 Hold6-20-17 $3.50 Hold6-30-16 $6.00 Buy4-26-16 $5.00 Buy7-15-15 $5.00 Buy


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


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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 Buy


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Osisko Gold Royalties Ltd (OR-T) Date Target(C$) Rating2-21-18 $18.00 Buy

10-17-17 $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$) Rating5-24-18 $4.50 Buy3-19-18 $6.00 Buy4-6-17 $6.50 Buy

3-17-17 $5.00 Buy10-20-16 $4.00 Buy7-11-16 $4.00 Buy5-31-16 $3.00 Buy2-4-16 $2.00 Buy

12-10-15 $2.50 Buy


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


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Roxgold Inc. (ROXG-T) Date Target(C$) Rating1-3-18 $1.90 Buy

11-1-17 $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 Buy


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RNC Minerals (RNX-T) Date Target(C$) Rating7/24/18 $0.15 Hold9/26/17 $0.25 Hold3/23/18 $0.30 Hold9/25/17 $0.25 Hold

11/15/16 $0.65 Buy4/27/16 $0.75 Buy1/12/16 $0.35 Buy

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

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Sabina Gold & Silver Corp. (SBB-T) Date Target(C$) Rating4-19-18 $2.35 Hold

12-20-17 $2.60 Hold10-19-17 $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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SEMAFO Inc. (SMF-T) Date Target(C$) Rating2-20-18 $5.50 Buy4-25-17 $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 Buy

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Superior Gold Inc. (SGI-V) Date Target(C$) Rating4-3-18 $2.00 Buy

12-12-17 $1.50 Buy


00.20.40.60.8

11.21.41.61.8

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Tahoe Resources Inc. (THO-T) Date Target(C$) Rating3-9-18 $5.50 Sell

2-23-18 $5.50 Hold1-15-18 $7.00 Hold

10-17-17 $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 Buy


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Troilus Gold Corp. (TLG-V) Date Target(C$) Rating2-20-18 $3.25 Buy


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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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Trevali Mining Corporation (TV-T) Date Target(C$) Rating7/10/18 $1.75 Buy

10/19/17 $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 Buy


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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 Buy


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



B: Buy; H: Hold; S: Sell; T: Tender; UR: Under Review Source: Capital IQ and Haywood Securities

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 Buy


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Documents

Member of the Canadian Investor Protection Fund Third …cdn.ceo.ca.s3-us-west-2.amazonaws.com/1dlreuo-MMJul... · 2018-07-29 · Information and Legal Disclaimers, Rating Structure,